Latest / Simply Bitcoin / The Progressive Case for Bitcoin (Part 3) | EP 514

Transcript

The Progressive Case for Bitcoin (Part 3) | EP 514 · Simply Bitcoin

• 0:04
  Welcome back, everyone. We are simply Bitcoin.
• 0:06
  We break down the news. The daily fail mean review.
• 0:09
  Software releases Hardware releases and the plep sites,
• 0:13
  joining us today. We've got fellow bitcoiners from
• 0:17
  the progressive Bitcoin, ER podcast.
• 0:20
  That's right, we've got Mark and Tom mark, thank you very much
• 0:24
  for joining us. Tom you as well?
• 0:26
  This is gonna be an awesome show.
• 0:28
  Thank you so much for having us. Yeah, great to be here.
• 0:30
  Thank you. Awesome.
• 0:30
  Awesome, let's do it. All right.
• 0:32
  Nico. You know what's happening?
• 0:33
  We're diving into the numbers. Let's go numb.
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  Bitcoin do today at the time of this recording, the block height
• 0:54
  is 740 2013. The Bitcoin price 20,000 265
• 0:59
  chain rewrite day, 773 total public lightning capacity. 3960
• 1:05
  55 Moscow, time 4932 blocks to The Have and a 97 thousand nine
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  hundred eighty seven and the samurai Whirlpool.
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  Unspent capacity, Samurai Whirlpool is a coin or
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  collaborative spend. It is not a mixing service and
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  the unspent capacity for that pool is 4750 9.73 Nico, the
• 1:31
  uneventful numbers once again man.
• 1:34
  But uh, Yeah, the uneventful numbers.
• 1:37
  There was there was there was a lot of blood, not too long ago.
• 1:41
  Anyways so today I want to talk about something that I was
• 1:44
  supposed to bring up yesterday, but we ran out of time.
• 1:47
  And it's this, this Market contagion, right?
• 1:51
  We saw the Celsius collapse. We saw Luna, and we are going to
• 1:56
  see block Phi and block. Phi is a huge company, but it
• 2:00
  looked like, and just, like, in the Fiat world, right?
• 2:02
  It's so the the crypto world and The Fiat world are so similar
• 2:08
  just like in the Fiat World, somebody stepped in and they
• 2:11
  bailed out block Phi and this case it was the CEO of FTX.
• 2:15
  His name is Sam Bank fried. Or is it five minutes freed?
• 2:19
  Thank been freed. Thank you fried, whatever fried
• 2:22
  free Nico. Can't read.
• 2:24
  You guys know the deal. So anyways, this check out this
• 2:27
  article by MarketWatch and it gets into a little bit of the
• 2:30
  details of it. My name is article is crypto
• 2:33
  lender block by gets 250. In bailout from FTX crypto
• 2:38
  lender block, fight announced Tuesday.
• 2:40
  It had received a 250 million dollar revolving line of credit
• 2:44
  from crypto exchange, FTX to help bolster its balance sheet
• 2:49
  to quote. Today's Landmark announcement
• 2:51
  reinforces with a commitment that block Phi has to serving
• 2:54
  its clients and ensuring the, their funds are safeguarded in a
• 2:58
  series of tweets Prince added that their deal further
• 3:01
  bolsters, our balance sheet and platform strength.
• 3:05
  And that the Proceeds of the credit facility are intended to
• 3:08
  be contractually. Subordinate, to all client
• 3:11
  balances across all types account, all across all account
• 3:15
  types. I apologize.
• 3:17
  The credit facility comes after ft x.
• 3:19
  CEO saying bank man, fried freed told NPR over the weekend that
• 3:24
  larger companies such as FTX should help struggling crypto
• 3:28
  companies when they can. I do feel like we have a
• 3:31
  responsibility to seriously consider stepping in even if To
• 3:35
  add a loss to ourselves to stem contagion.
• 3:39
  So is it really I lost yourself? It looks like you want to
• 3:42
  probably upon a prophet up even if we weren't the ones who
• 3:46
  caused it or weren't involved in it.
• 3:48
  I think that's what healthy. That's what healthy for the
• 3:51
  ecosystem. I disagree by the way and I want
• 3:55
  to do what can help it grow. And thrive in a statement
• 3:58
  Tuesday, Bank bank been fried said, block phi's team has
• 4:02
  always demonstrated a strong bias towards pertinent.
• 4:05
  Risk management that's Manhattan.
• 4:08
  And that's why they need 250 million dollars.
• 4:12
  Protecting customer assets is their top priority which allows
• 4:16
  them to operate from a position of strength, look in every
• 4:21
  hypothecated, the funds. Yeah.
• 4:22
  Yeah it look and and what's terrible is that a lot.
• 4:26
  I'm not going to name any names but a lot of predominant crypto
• 4:32
  podcasters, I'll leave it at that.
• 4:35
  I'm sure a lot. People are going to say
• 4:36
  something in the comments, we're advertising this and they were
• 4:40
  pushing it very hard, block Phi. And it was bitcoiners that were
• 4:44
  saying, listen there, rehypothecation your funds right
• 4:48
  there that you, you send your Bitcoin there as collateral and
• 4:52
  then they take that Bitcoin and they gamble with it, right?
• 4:54
  And that's very different than what a Bitcoin company like
• 4:58
  unchain does. For example, when you send their
• 5:00
  collateral to them, it doesn't leave the address that you send
• 5:05
  it to. Right?
• 5:05
  So you could clearly tell you could look at the blockchain and
• 5:08
  see, hey this, this Bitcoin is not going anywhere.
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  In the reason I say that is because there's different ways
• 5:14
  to approach this and what's unfortunate of a block phi's
• 5:18
  that they're not learning from the Hundred Years of this Fiat
• 5:22
  system. They're doing exactly the same
• 5:24
  thing in the tragedy of this. Am the CEO of FTX stepping in.
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  Is that I disagree? This is not healthy at all.
• 5:32
  You should let the market do its thing.
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  Cuz that's how you prop up zombie companies.
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  And that's exactly what was done in the Fiat system specifically
• 5:42
  in 2008, right? The government stepped in and
• 5:45
  build all these companies the so-called too big to fail and
• 5:49
  you didn't let the market cleanse out, the less efficient
• 5:53
  market participants and from from that cleansing.
• 5:56
  And from that destruction comes more and new efficient
• 6:00
  companies, right? So it's like, we're not learning
• 6:03
  from the past, right? And it doesn't surprise prize me
• 6:06
  that this is coming from the crypto Camp, right?
• 6:09
  Oh man, I don't know what to say, dude.
• 6:11
  Like this is just I feel like this is just going to be a
• 6:14
  continuation of the old system Phil and crypto.
• 6:17
  It's the same freaking thing, right?
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  And we have a chance as a species to move on to build
• 6:24
  something. On top of Bitcoins to build the
• 6:25
  new Financial system on top of Bitcoin.
• 6:27
  But no, the crypto guys, apparently they just want to
• 6:31
  continue it. So what are your thoughts?
• 6:33
  Fill the new system a lot like the old system.
• 6:37
  Now, I just want to point out in the article that you just read.
• 6:40
  There was something very important and I think out of
• 6:43
  all, All of that. And if everything you read the
• 6:45
  most important piece to me, was the fact that FTX was letting
• 6:49
  you know, letting us know that they did the right thing, okay?
• 6:54
  Even if it was at a loss to them, okay?
• 6:57
  That to me right there is the virtue signal and I mean don't
• 7:01
  get me wrong, I'm not saying that's like FTX is all of a
• 7:03
  sudden going to go belly-up in like 3 months or something like
• 7:06
  that. But it's part of a very
• 7:09
  interesting story that God forbid they need help in a few
• 7:12
  months. Right.
• 7:13
  And they could say well listen you know we took this position
• 7:15
  helping out blocked by little you know little did we know that
• 7:18
  it was going to affect us this way and of course that's just my
• 7:21
  opinion. I have no evidence of this but I
• 7:23
  just find it very amusing that that's exactly, you know, that
• 7:28
  was exactly the stance that they took and I also want to point
• 7:33
  out that I think it was a Jason Williams.
• 7:35
  Yeah. Because he's one of the the
• 7:37
  cofounders of block fi. He took a very interesting soft
• 7:41
  position against else. It's a couple of days ago in a
• 7:44
  tweet, you know, explaining that you know, he really hopes that
• 7:47
  you know, somebody can help out Celsius and make all the Celsius
• 7:51
  users whole again and I'm sorry I wrote back and I said no I go
• 7:57
  Celsius should get wrecked now just to expand on that right?
• 8:01
  Look, nobody really nobody hopes that somebody else loses money
• 8:05
  in financial product or you know a scam or something like that.
• 8:12
  That's not the way. Way it is.
• 8:13
  But unfortunately, right, this goes back to what we were
• 8:16
  saying, if these companies which are not actually providing
• 8:21
  proper value, okay? If these companies start to
• 8:25
  screw up and they start to go under yes, unfortunately, for
• 8:29
  them, unfortunately, for the people that were invested in it,
• 8:32
  those companies, their assets should then be sold off.
• 8:38
  Go to Stronger players and what's left is a carcass I'm
• 8:44
  sorry and and that's, and that's what happens.
• 8:46
  I mean, this is that those are free market dynamics.
• 8:49
  And, of course, you know, people will always say, well, you know,
• 8:52
  it's easy for you to say because you're not the one little
• 8:55
  missing out on your paycheck or something like that.
• 8:57
  I actually have been in a company where something like
• 9:00
  this happened. Okay.
• 9:01
  And my position was made irrelevant and yeah, it really
• 9:06
  hurts. But you know what happens?
• 9:08
  Take some personal responsibility and you say hey I
• 9:11
  can still do something, I can still provide value.
• 9:14
  I'm going to go and find something else to do because
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  there will be another place. Another company that is growing
• 9:20
  that will most likely need these people's talents or their
• 9:24
  capabilities and they will simply go to the place that
• 9:27
  serves them best. So look, I I just I don't see
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  how all of a sudden, free market dynamics.
• 9:34
  Just no longer work anymore. I don't get it.
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  They've worked up. Until well, they've worked up
• 9:39
  until now in quotations. But what I'm saying is that we
• 9:43
  need to stop this zombification of our economy.
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  We do need to let the free market dynamics, take place
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  because we will never achieve any type of Freedom.
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  If we don't do this and zombie companies, like this are just
• 9:56
  going to stick around Forever. This is their whole their whole
• 9:59
  purpose is preserving their moat.
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  Anyways, just just my thoughts. He did.
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  Phil hate it. So Mark, what are your thoughts
• 10:11
  on? I'm very curious as a
• 10:13
  progressive Bitcoin or what are your thoughts on that?
• 10:15
  Do you think the bailout was justified or do you were, you
• 10:19
  are on our camp. Where it's like, let the free
• 10:22
  market do its thing, let this thing fail and From the Ashes,
• 10:26
  something born in you. I certainly don't think that FTX
• 10:30
  bailed out block 5 for any. Altruistic Reason by any means,
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  and then they garnered something from it.
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  Whether it's been explicitly stated or not.
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  So, and so to that end, I there's got to be some benefit
• 10:49
  to them to have having done this, but I don't know if
• 10:54
  there's necessarily A additional Progressive angle to that, which
• 10:58
  to look at it. I just think What is block Phi
• 11:03
  in my opinion. It's a it's a credit card
• 11:06
  company at this point and we all recall, Jason Williams tweeting
• 11:10
  the photos of him. Earning two hundred plus
• 11:14
  thousand dollars in interest on his Bitcoin, from his deposits
• 11:18
  because he was depositing however much and how many people
• 11:22
  do that draw in? You know, we all got pulled into
• 11:24
  that that enticement and but then as the interest have come
• 11:31
  down Noun 1. Like there's no there's no
• 11:36
  reason to do that to put your money there, your Bitcoin at is
• 11:41
  into I think for many people as they go along their Bitcoin
• 11:46
  Journey again the no not your keys, not your coins gets even
• 11:51
  more solidified. And so it's the understanding
• 11:55
  that one. I'm putting in my Bitcoin at
• 11:58
  risk having it on a centralized exchange to it's not it's for a
• 12:03
  pittance and reward and not worth the risk in three with
• 12:08
  rehypothecation, you know, arguably is a downward price
• 12:12
  pressure. And all those things combined,
• 12:16
  you know, I think there's been a lot of reflection in people who
• 12:19
  have used block by and I've used it, I've used their credit card,
• 12:25
  but over time, you realize this thing just isn't worth it and in
• 12:30
  the end there's not a lot of value there.
• 12:32
  Again. It's a credit card company, and
• 12:34
  if it's given me, you know, a nominal, payback and Bitcoin,
• 12:38
  like, what are you probably don't deserve to survive, you
• 12:42
  know, you need to provide Provide more value than a, some
• 12:46
  nominal percent, back on your purchases and Bitcoin.
• 12:50
  And so I think yes there will be a greater contagion will block
• 12:54
  if I go down, I don't know. But certainly always will, and
• 12:57
  they're going to go back to the drawing board, and come up with
• 13:00
  better products, better value to provide customers.
• 13:03
  And I think you're seeing, we already see that in in Swan and
• 13:08
  in a nun chain. And in companies that don't
• 13:10
  rehypothecation, you know, they have a different business model.
• 13:13
  All in its, it feels so much better more comfortable being
• 13:16
  involved in those companies where the value is different,
• 13:23
  for the end user. Then what block fire is offering
• 13:26
  what I'm getting from unchanged or Swan or these other companies
• 13:29
  that are between, only is much more of a trustworthy experience
• 13:35
  in a commitment to protecting my Bitcoin.
• 13:40
  Then other companies. In the value, there is
• 13:45
  magnitudes greater in my opinion than what, our credit card
• 13:48
  company can offer you absolutely.
• 13:51
  I agree with that Tom Yeah, I think this just takes us right
• 13:55
  back to the 2008 financial crisis, right?
• 13:58
  Where it's it's incentivizing and rewarding and bailing out,
• 14:02
  unscrupulous and risky Behavior, right?
• 14:05
  Is they did really risky schemes.
• 14:07
  Trying to make another Buck on top of, you know what they're
• 14:10
  trying to already do and they they were called out, right?
• 14:15
  The market called them out and then somebody came in and bailed
• 14:18
  them out and said it's okay. You can do risky stuff, it's
• 14:22
  fine. We're just going to be right
• 14:23
  here for you. Doesn't matter what you do,
• 14:25
  doesn't matter who you hurt, right?
• 14:27
  And that to me, is kind of the real crime here is, is it's just
• 14:30
  recreating the old system, exactly.
• 14:32
  The way it works, which is why Bitcoin exist in the first place
• 14:36
  is because the old system is criminal in a lot of ways.
• 14:40
  It's you know, it's it incentivizes risky Behavior.
• 14:43
  It incentivizes you know, poor choices and it bills out big
• 14:47
  time players that, you know, have cornered parts of the
• 14:50
  market and and take advantage of people and it's not really
• 14:53
  right. Right.
• 14:55
  Absolutely, I agree. I think that incense is exactly
• 15:00
  you were spot-on. It incentivizes, risky behavior,
• 15:04
  and if you bail them out, they're incentivized to do it
• 15:06
  again because they know, hey, I always got Sam from have TX.
• 15:12
  But anyways, Phil, I was just going to say.
• 15:15
  I think it's even a little more nefarious than just risky,
• 15:17
  right? Because it's perfectly fine,
• 15:19
  right? Because in order to, in order to
• 15:21
  achieve Alpha, there must be some risk taken but I think to
• 15:25
  Tom's Point like, this is, this is beyond risk.
• 15:28
  Like this is actually even malicious because they know or
• 15:33
  at least in my eyes these groups of individuals understand that
• 15:37
  this is unsustainable. Yep.
• 15:39
  No it. Anyways that.
• 15:40
  Yeah, just wanted to add that. Oh man, it is, it's interesting
• 15:44
  to say the least but anyways Phil it's time for the Daily
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• 16:13
  All right, guys. So this is episode 3 of the
• 16:16
  progressive case for Bitcoin. We say many times on the show
• 16:21
  that we are a political, because Bitcoin is a political And it's
• 16:25
  very important to include the entire Community.
• 16:30
  Bitcoin is the most inclusive monetary Network.
• 16:33
  The world has ever seen. Does in the left or right.
• 16:36
  That's just the reality of it. So and we want this thing to be
• 16:41
  a bipartisan movement right? And I think it's very important
• 16:45
  you guys know Phil and I are Libertarians, right?
• 16:48
  So it's it's it's important for us that we bring progressives on
• 16:53
  to the show get their Has pick their brains a little bit to
• 16:57
  kind of get their, their view of this because that's what
• 17:00
  Bitcoins all about. So that being said, first thing
• 17:05
  I want to address is something that we covered in yesterday's
• 17:08
  episode where we were, highly critical of the likes of
• 17:12
  Elizabeth Warren and we've started to notice a very
• 17:16
  troubling pattern and Phil and I are in this unique position
• 17:21
  where we're at would even say privileged position but less
• 17:24
  position. Where we literally get paid to
• 17:29
  cover the pick coin, use every single day.
• 17:32
  And because of that, you start to see patterns emerge, and what
• 17:36
  Phil, and I have noticed over the last year or so is a very
• 17:40
  troubling pattern in the traditional Fiat parties.
• 17:44
  What we've noticed is that the the strongest vocal opponents of
• 17:49
  Bitcoin, and it's not black and white have been left wing,
• 17:53
  Progressive parties, all around the The world and that's
• 17:56
  something that I wanted to ask you guys about.
• 17:58
  Let me pull up some of the receipts so you guys know what
• 18:01
  I'm talking about. Let me pull this up.
• 18:04
  This is a letter from Elizabeth Warren, Tina, Smith job, Jeff
• 18:10
  Merkley, Ed Markley, criticizing Bitcoins, proof-of-work.
• 18:15
  This is the infamous Huffman letter that our friends at the
• 18:20
  Bitcoin policy Institute, wrote a beautiful rebuttal to and the
• 18:24
  Huffman Here, it's all left-wing politicians in there,
• 18:29
  unfortunately. And the infamous Norway, the
• 18:34
  Norwegian case, because with those cases, you could have made
• 18:38
  the argument that listen, they were concerned about the
• 18:41
  environment, right? And you could make that argument
• 18:43
  and I'm still on the fence about that.
• 18:45
  But the reason that I bring up the new region case is because
• 18:49
  here in Norway specifically, I'm not going to read this because I
• 18:53
  read it yesterday in Norway. For audio listeners.
• 18:57
  Electricity 98 percent of electricity is generated by
• 19:00
  renewable energies and a hundred percent of the energy used for
• 19:05
  Bitcoin mining. Comes from renewable energies.
• 19:10
  But Norway's left-leaning parties, including the Socialist
• 19:14
  left party, the red party, and the green party still wanted to
• 19:19
  ban Bitcoin mining. But if it's about the
• 19:22
  environment, why is why did they still want to buy an it if it
• 19:26
  came from 100% renewable energy. So again, it's not black and
• 19:31
  white, there are right-leaning candidates that are against
• 19:33
  Bitcoin and there are left leading candidates that are for
• 19:36
  Bitcoin senator. Brand signed up to the
• 19:39
  bipartisan crypto bill with Senator Cynthia, lummis.
• 19:42
  So I don't want you guys to think it's black and white but
• 19:44
  clearly there's a pattern here and this is something what we
• 19:47
  talked in yesterday's episode. So guys, why why are progressive
• 19:53
  politicians fighting so hard against Bitcoin?
• 19:57
  And could you guys explain the Norway thing?
• 19:59
  Because for me, for us, it's puzzling.
• 20:01
  What's going on there? Mark, you want to go see want to
• 20:04
  start first? Sure.
• 20:06
  So your question, Is why our Progressive politics?
• 20:09
  Why are left-leaning politicians against Bitcoin in general?
• 20:14
  Why are, why does it seem why does it seem like there's more,
• 20:20
  you know, Progressive or left-leaning politicians that
• 20:24
  are against Bitcoin? Like why does it seem this way?
• 20:27
  I don't think it seemed. I think they are.
• 20:29
  I think that's fair to, I was just trying to be.
• 20:31
  I've got to be, you know, a little objective and nice about
• 20:34
  it, but I appreciate that. In.
• 20:37
  I think the answer is pretty straightforward.
• 20:39
  I don't think there's any Grand answer there.
• 20:45
  It's probably twofold one. We know there's no secret that
• 20:50
  the left as much as the right are involved with incumbent
• 20:53
  Industries and you know they're funded by the left is funded by
• 20:58
  Bank in as much as the right and they protect a Wall Street as
• 21:02
  much as the ride and all that. So that is is what it is.
• 21:05
  And so They're protecting incumbent Industries to the
• 21:10
  constituents are behind it yet. And and so, I think it's in a
• 21:16
  way, a lose-lose situation for most democratic politicians to
• 21:22
  come out in favor of Bitcoin crypto a large because because
• 21:30
  of those two reasons Don't push back on the first answer, right?
• 21:35
  Why is the right? If it's funded by Wall Street,
• 21:39
  it's funded by incumbent Industries.
• 21:41
  Like you said, why are they embracing it more than the left?
• 21:45
  What is going on? Because that's the right again.
• 21:51
  Generally speaking is more associated with citing if you
• 21:56
  will with banking industry and with Wall Street and so that
• 22:01
  perspective is less maligned by conservatives again generally
• 22:09
  speaking. And so it's assumed to be a part
• 22:13
  of the narrative. In addition, I think you also
• 22:15
  have a broader support from constituents That makes sense.
• 22:20
  Gotcha, okay. So let's now that we've
• 22:26
  addressed that because I wanted I wanted to wanted you guys say,
• 22:29
  tell him. Do you want to answer that
• 22:30
  question before we move on? Sure.
• 22:32
  I guess, you know I think there is a certain amount of number
• 22:37
  one the Democratic party is not really a left party, right?
• 22:42
  It's really a center sort of right party.
• 22:46
  They're very tight in, like Mark said, well, you know, with bank,
• 22:48
  Making and with corporations and so they're not really a left
• 22:52
  party. And I really think first off the
• 22:54
  progressives who are out there on the ground, right?
• 22:57
  For example, there's a candidate who just lost her regard, her
• 23:01
  runoff election in Texas, Jessica Cisneros, and she's a
• 23:05
  Grassroots funded, really like actual left-leaning candidate.
• 23:09
  And she was crushed by the Democratic party because they
• 23:13
  wanted to keep their pro-abortion Pro, you know, Kind
• 23:18
  of Second Amendment person in that seat and they went, and
• 23:22
  they put a bunch of money towards him and he won.
• 23:25
  And so, in most cases, they're the Democratic party actually
• 23:28
  crushes. The left, they crushed
• 23:30
  progressives and they prevent them from getting in and only in
• 23:33
  rare circumstances to real progressives actually get into
• 23:36
  positions of power in the Democratic party.
• 23:38
  But I think there's also a certain amount of, you know.
• 23:42
  Wow, I hear Democrats hate this, it must be good.
• 23:46
  And, or it must be, I want to Embrace this because it's the
• 23:49
  other side of the issue, right? And I think you see that with,
• 23:52
  you know, Senator Obama's is a good example of that, right
• 23:55
  where she isn't just I'm a full-on Bitcoin or because I
• 23:58
  believe in the system she's kind of more Pro crypto broadly
• 24:02
  right. She's definitely kind of trying
• 24:04
  to embrace that side of it. Ted Cruz I think is kind of
• 24:07
  similar type who seems to kind of understand what's going on
• 24:09
  for the most part. But he absolutely is against the
• 24:12
  Democrats, I think, more than he's four things overall in many
• 24:16
  situations that make sense. So Okay, so let's back up.
• 24:19
  Phil we're going to do a round table.
• 24:21
  I'm not going to read any articles, we're going to have a
• 24:23
  discussion. Okay?
• 24:24
  So the reason that we started this series, the progressive
• 24:27
  case for Bitcoin is because from my perspective right?
• 24:32
  A lot of the progressive causes specifically medicare-for-all
• 24:38
  wealth, redistribution, they all require coercion, right?
• 24:41
  They all require some type of because at the end of the day,
• 24:46
  right? It's a lot easier to well. 03
• 24:48
  distribute, especially in the traditional system, right?
• 24:51
  But if everyone is holding their own keys, right?
• 24:54
  That kind of changes the Dynamics of it, right?
• 24:57
  And not to mention the current taxing system, the way it
• 25:00
  functions. So what would you say to that?
• 25:03
  That how would you have a system?
• 25:06
  How would you support a lot of these Progressive causes without
• 25:10
  using coercion? Because if it's up to, you know,
• 25:13
  voluntary measures, you're going to have half of people saying, I
• 25:16
  just don't want to partake in that.
• 25:18
  How does that work? I'll go ahead and jump in if
• 25:20
  that's okay. I think number one as far as
• 25:24
  wealth to be just abusin goes. I watched the episode y'all did
• 25:27
  a few weeks ago with gin and fumble and I'm going to repeat
• 25:31
  probably some of the things that Jin said because I think they're
• 25:34
  really, you know, spot on for this particular thing right now,
• 25:38
  there's wealth redistribution up, right?
• 25:40
  It's all going up, that's what happened during the pandemic,
• 25:43
  right? You saw, you know, basically a
• 25:45
  four trillion dollar increase in the wealth of the wealthiest And
• 25:48
  you see a four trillion dollar decrease in the wealth of the
• 25:51
  poorest. That is wealth redistribution
• 25:53
  up. So just eliminating some of
• 25:55
  those mechanisms that create that with the Fiat money, the
• 25:58
  way that it's basically handed out for free to really wealthy
• 26:01
  people. Then they raise prices on things
• 26:03
  they buy assets, right? This is wealth redistribution
• 26:06
  up, just a limiting that mechanism is wealth
• 26:08
  redistribution in and of itself. And so that is a redistribution
• 26:12
  down, that's non-coercive, right?
• 26:14
  In fact, you're you're getting rid of the coercion so that
• 26:17
  people have the The actual ability to earn in a respectable
• 26:21
  way, they can, you know, prices can be set more reasonably as
• 26:25
  opposed to being mandated by you know a few people at the top
• 26:28
  right now. And as far as Medicare for all
• 26:32
  the kind of my approach to the progressive case, for Bitcoin is
• 26:36
  that The goal is for everybody to have health care.
• 26:41
  The goal is for people to have a living wage and not be
• 26:45
  struggling. The goal is for people to be
• 26:49
  judged equally by the law in every situation.
• 26:53
  And so the mechanism is that people put forth like Medicare
• 26:57
  for all or the green New Deal to, you know, to try to enhance
• 27:02
  renewable energy infrastructure. This is the mechanism that they
• 27:05
  think is the right thing. I don't know.
• 27:07
  I really think it's the right thing at this point.
• 27:09
  I think, if you get rid of some of these, you know, wealth
• 27:12
  redistribution up and kind of top-down ways of doing things,
• 27:17
  you would actually have these things occur, right?
• 27:19
  If people could take care of each other and not have to just
• 27:22
  work all the time, just to take care of themselves and that's
• 27:24
  it, they wouldn't need a national system of healthcare
• 27:27
  for that to happen, but you could organize communities to
• 27:30
  take care of each other and you'd have the ability to do
• 27:33
  that. If you weren't always being kind
• 27:35
  of Zapped of all your money to the top, that's kind of my
• 27:38
  thing. I just want to, I'm sorry, I
• 27:41
  just want to add to what Tom is saying, because my wife is a
• 27:45
  social worker, we were originally, she was a social
• 27:48
  worker in Massachusetts or tax statutes.
• 27:50
  'It's however you want to call it, but I just want to make a
• 27:53
  point about the the rail, the wealth distribution to the
• 27:56
  upside because I don't disagree with you in terms of that quote,
• 27:59
  unquote, in terms of that market effect.
• 28:03
  But I think what's maybe not necessarily But what's not paid
• 28:09
  attention to is that. So because my wife was a social
• 28:13
  worker, I had some access to not necessarily information, but the
• 28:19
  types of situations and struggles, that the people who
• 28:22
  don't have anything go through, and I can tell you this, okay,
• 28:25
  the wealth distribution, the wealth redistribution, indeed,
• 28:29
  the rich get richer, but I can tell you for a fact that the
• 28:32
  people who have nothing get increasingly more services and
• 28:36
  unfortunately not saying that At every this happens to everybody
• 28:39
  but there is a large portion of those people that become
• 28:42
  entitled and simply become unfortunately mooches on
• 28:46
  society. And if you take a look at who's
• 28:48
  actually being squeezed in this whole situation, it's the most
• 28:53
  productive class that is being wiped out, which is the middle
• 28:57
  class because the middle class gets limited benefits from what
• 29:02
  is offered to the poor and does not get the entire benefits
• 29:07
  offered. The, you know that the rich end
• 29:09
  up gaining. So I think for me what this
• 29:12
  becomes because I hate I and I know I'm not going to change the
• 29:15
  reality for everyone but all of this left, right?
• 29:19
  And all of this stuff, this is this is all bullshit.
• 29:21
  All it is at the end of the day is that there are people who are
• 29:24
  for wealth redistribution regardless of where it goes and
• 29:27
  they're all about the money printer because they can quote
• 29:30
  unquote, fix all the issues that they want.
• 29:32
  And then there's other people who are proponents of a free
• 29:35
  market who understand that. Health care for everyone is
• 29:38
  going to be incredibly difficult to do in terms of if you're not
• 29:45
  taking away, everybody's money in order to fund it.
• 29:48
  So, it becomes a very difficult task.
• 29:50
  It doesn't mean it can't be done.
• 29:52
  It just means that we are going to have to work really hard to
• 29:56
  actually have a valuable solution that a works for its
• 29:59
  constituents and be works for the corporations that are
• 30:02
  offering these services. But the problem is, we've never
• 30:05
  had a proper free market. Dynamic in order to actually
• 30:10
  play this out anyway. Sorry amigo, but that's the kind
• 30:12
  I think that's the case that Tom was making right here.
• 30:15
  Is that if we get rid of the to use your words which I think you
• 30:19
  beautifully, put it, by the way, the wealth redistribution that
• 30:23
  occurs in the Fiat system which is in my opinion.
• 30:26
  It's like the most, the worst tax ever exist that he ever
• 30:30
  existed in the history of mankind, it's a tragedy.
• 30:34
  Every time they print money steals from the poor, and the
• 30:36
  middle class that Have the means to save in real estate and
• 30:40
  equities that benefit from asset inflation every time they pin
• 30:44
  they print and it's a wealth redistribution from the poor
• 30:46
  middle to the upper and the government which is absolutely
• 30:50
  terrible. But the case that you're making
• 30:52
  which is fascinating to me it sounds like you want the free
• 30:54
  market to do its thing. That's that's that's that's the
• 30:57
  that's the that's the vibe that I got from you where it's like
• 31:02
  you're making the argument that if everybody if you pulled out
• 31:05
  that mechanism and I had more money right.
• 31:09
  There would be more in. There would be more nut money
• 31:12
  enough to go around to voluntarily have health care.
• 31:15
  Is that the argument that you're making?
• 31:17
  Yeah, basically, that's kind of how I would put it.
• 31:19
  I mean, this is not health care, but as an example, okay, that's
• 31:22
  it. Exactly.
• 31:22
  I'm just using that as an example because that's the,
• 31:24
  that's the one everyone talks about, you know, persons like
• 31:27
  healthcare for all. No free market, you know, that's
• 31:29
  why I'm bringing it up. Look, what just happened in
• 31:31
  Texas with the school shooting, okay.
• 31:34
  People were trying to go in there and protect those people.
• 31:37
  Oil, but they, the state stop them from doing that.
• 31:41
  And they caused this thing to occur.
• 31:43
  What I've made my point in that is that they have a monopoly on
• 31:47
  this way of doing things. They have all the resources, the
• 31:50
  police take up tons and tons of resources just like, kind of big
• 31:55
  bureaucratic programs take up tons and tons of resources,
• 31:58
  right? And if you were able to
• 32:00
  basically eliminate those programs and eliminate that
• 32:03
  funding in a very narrow way to a much more broad set of
• 32:07
  resources. Is that people could actually
• 32:09
  Implement in their own lives, then they would be able to take
• 32:12
  care of each other and not have to be taken care of in every
• 32:16
  situation. Yeah, I agree.
• 32:18
  Mark. Love to get your thoughts my
• 32:20
  friend. Yeah, so many we touched on very
• 32:24
  complex, topics there, which ultimately is a big part of the
• 32:29
  discussion. That's complexity.
• 32:31
  And what we are failing to see what we are seeing is the
• 32:35
  failure of centralized. Seems to be able to handle
• 32:39
  complex systems and so my whole the whole point of the podcast
• 32:45
  is not to push some ideological political agenda whatsoever.
• 32:50
  But rather is my opinion, it's the Tom's opinion and others
• 32:54
  that Bitcoin can help the most for those people who need it.
• 33:00
  The most meaning, the people who are most disenfranchised, the
• 33:04
  people whose savings and wealth. An eroded over the past Century.
• 33:11
  And so it's certainly my opinion.
• 33:13
  That that's where Bitcoin can help the, most are those
• 33:16
  individuals. We actually that we dedicate a
• 33:20
  large good amount of episodes to covering Venezuelans Cubans
• 33:27
  Afghan. He's right that have been
• 33:29
  completely disenfranchised because the US has weaponized
• 33:33
  the dollar as taken them out of the Global Financial system.
• 33:36
  And it's Awful. Well it's not beautiful their
• 33:38
  situation but it's beautiful to the fact that when everything
• 33:42
  else fails Bitcoin still there and stable coins so give them
• 33:44
  credit even though they pulse they they provide a false
• 33:47
  illusion of sovereignty. But yeah.
• 33:51
  It sounds like honestly Tom and Mark.
• 33:54
  We have a lot of things incompetent.
• 33:58
  Amico, that's a Bitcoin though. Bingo no it exactly.
• 34:03
  I mean that's my Lofty dream. Is that, for the first time
• 34:08
  arguably in history, you've got this one thing.
• 34:14
  That we all for the most part, unless you're a chart a list or
• 34:18
  enough authoritarian you can find benefit in, you can find
• 34:24
  something good in which is more than you could say about any
• 34:30
  political system or any sports team or any religion, Bitcoin
• 34:35
  can cross all boundaries worldwide in that to me is the
• 34:42
  most beautiful. And that's my, you know, hope
• 34:47
  for the the distant future is that it can be a uniting force
• 34:50
  in that manner where we can, we can see that in each other,
• 34:57
  right? You you find Value in Bitcoin in
• 35:01
  there for? You have that coming out, you
• 35:04
  have that bridge. You have that touch point with
• 35:06
  other individuals who may not, otherwise agree with.
• 35:08
  Yeah, yeah, I think that's beautifully.
• 35:11
  Put and it was something that That I said at the end of the,
• 35:17
  when Jim came on the show, I think that fixing the money just
• 35:22
  fixing the money is we're going to agree on 95.9 99.99% of
• 35:29
  issues but I think that we're so divided.
• 35:32
  I mean I think it's honestly for the benefit of the political
• 35:35
  parties because it's a lot easier that's a responsibility.
• 35:37
  It's like it's the other it's the Republicans know, it's the
• 35:40
  Democrats, you know? It's like it's the other guys,
• 35:42
  it's not us. So yeah, it's a lot easier to
• 35:45
  blame other people than to take responsibility.
• 35:47
  And I think that a lot of the suffering poverty, I would even
• 35:52
  make the case that a lot of the social issues that, you know,
• 35:56
  the country is experiencing, I think that the root cause of a
• 35:59
  lot of these problems is the fact that the money is broken.
• 36:02
  Like, I think it's causing so many of these problems and the
• 36:07
  government specifically nation-states their go-to move
• 36:11
  is just divide and conquer, right?
• 36:13
  It. Oh, it's the Other guys it's the
• 36:15
  other guys and then you have this hatred.
• 36:17
  But when as soon as you turn off the Legacy mainstream media
• 36:20
  sources he find that you have a lot more in common with these
• 36:24
  people than you thought that you did it.
• 36:26
  So Phil, yeah, there's just a lot of gas lighting and
• 36:31
  end-to-end to Mark's point, right?
• 36:33
  The it's all about, it's all about the shelling point.
• 36:35
  And this is something that I learned about Bitcoin very early
• 36:38
  on there was a really interesting podcast.
• 36:42
  Once Upon a Time with Pierre, Richard, he's been on so many.
• 36:44
  So good luck to somebody trying to figure out which one it was,
• 36:46
  but he made an amazing argument for the shelling point of
• 36:52
  Bitcoin. And I believe that that's really
• 36:55
  what we need because you see the money.
• 36:58
  The money is our language. The money is the way that we
• 37:00
  convey value. So with every single or if a
• 37:03
  large majority of us can agree on the quality of the money that
• 37:07
  we need to have and that we need to use to your point.
• 37:11
  We I think that we're going to be able to to come to the table
• 37:15
  and actually come up with proper Solutions rather than these
• 37:20
  really easy solutions that are easy on the short-term but very
• 37:25
  painful as we can see on the long term, okay?
• 37:28
  Because think about it, all of these easy solutions is why
• 37:31
  we're sitting here having these conversations today.
• 37:35
  These easy solutions is what made it.
• 37:37
  So the Gen xers were the first ones to earn less and have less
• 37:41
  purchasing power than their parents.
• 37:43
  And, and them Daniel's are hit even worse than the Zoomers are
• 37:46
  hit even worse than them. So I mean look this is what we
• 37:51
  are having is the the trickle-down waterfall effect of
• 37:56
  poor financial decisions. Yep and look, now we have to
• 38:01
  have this discussion now. Bitcoin had to exist, right?
• 38:04
  If there wasn't like the other piece that people don't
• 38:05
  understand, is if we didn't have garbage money, we wouldn't
• 38:09
  actually need Bitcoin. That's the, you know, Bitcoin
• 38:12
  was the answer to A problem. And now we all have to kind of
• 38:16
  look past our walls, right? We have to look past our, you
• 38:20
  know, red and blue and all these different walls that we've
• 38:22
  created and we kind of have to all come together and say
• 38:26
  alright we accept this shelling point.
• 38:28
  Where do we go from here? So something that you said
• 38:32
  earlier, mark, it sounds like your podcast is more interested
• 38:37
  in the inclusivity aspect, right?
• 38:42
  You know, forgetting do Forget the underdog in society and
• 38:46
  that's something that we cover tremendously on this show
• 38:49
  because I think that's one of the best features of Bitcoin,
• 38:51
  right? Let me ask you something.
• 38:54
  Do you believe in the free market?
• 38:56
  Do you believe in capitalism so to speak?
• 38:59
  Or what are your thoughts on that?
• 39:01
  Of course I do. I believe in whatever the best
• 39:03
  solution is to a problem and The problem with that perspective is
• 39:12
  we don't often get the ability to know whether or not a
• 39:18
  centralized solution is in fact the most efficacious, that's one
• 39:23
  of as I've gotten older here and, you know, initially, of
• 39:29
  course, being more left-leaning, I believe that a lot of these
• 39:31
  problems could be solved from a more centralized Authority.
• 39:35
  But over time, I've recognized that that is not It is less
• 39:38
  likely to happen again for again, not only the complexity
• 39:41
  issue, but also because there's no, there's no testing of
• 39:48
  hypotheses. I'm a physician, I believe in
• 39:51
  the ability to test change, your, your, your perspective
• 39:57
  based upon that data. And as the data changes, your
• 40:01
  intervention should change, right?
• 40:03
  But there's some adage and in politics, I want, you know.
• 40:07
  A law is implemented. It's never going away.
• 40:09
  So, even terrible laws that are still, there's regulations, they
• 40:14
  don't get pulled back. Right.
• 40:16
  And so again, I'm most interested in what is going to
• 40:20
  be the most efficacious solution to Any Given problem whether
• 40:25
  that whether or not that is from a government or the free market.
• 40:31
  So, the the way that I see it is that the government is
• 40:37
  inefficient and the what you said about the laws is because
• 40:40
  there's no incentive to change, right?
• 40:43
  Whereas in, for example, from a small business, right?
• 40:46
  If I don't change that go out of business, if I'm a government,
• 40:49
  I'm still receiving taxes or they go to jail, right?
• 40:52
  So there's like, the incentives are are not aligned for this
• 40:57
  top-down approach, right? Because there's, you're not
• 40:59
  getting all this. You're not Millions upon
• 41:01
  Millions. Millions of people making their
• 41:03
  own decisions about what to buy, what not to buy is a much better
• 41:07
  allocator. It's much better, allocating
• 41:10
  resources in this top-down approach and I think history has
• 41:14
  proved that. So I really I'm glad that you
• 41:17
  say that you believe in the free market.
• 41:20
  Tom, what are your thoughts? My friend, I see you smiling and
• 41:23
  smart. I am sparking a little bit and
• 41:26
  when I would play first is that, I am not a capitalist, really,
• 41:30
  an anti-capitalist. Okay.
• 41:32
  And one of the reasons I say that is because I think that
• 41:37
  capitalism cannot exist without the state and being also having
• 41:42
  really become anti-state in a lot of ways because of all these
• 41:45
  issues. I just you know we talked about
• 41:46
  earlier with the centralization of things and how large
• 41:49
  bureaucracies ultimately kind of degrade services and they don't
• 41:53
  they can't deliver properly for people capitalism is centralized
• 42:00
  by Design. Well, I think you're describing
• 42:03
  choir. I think you're describing crony
• 42:05
  capitalism, which is what we've had for a very long time, right?
• 42:09
  Which is like this, this mechanism where like the the
• 42:14
  bankers, and the bureaucrats have this crazy power and they
• 42:20
  could corrupt the system to their advantage, right?
• 42:23
  Whereas in capitalism the way that it should be right?
• 42:28
  Which in my opinion, hasn't been tried before.
• 42:30
  Right? And I It's funny because the the
• 42:33
  Socialist, they say, the same thing.
• 42:34
  So real socialism hasn't been tried before, but the reason
• 42:39
  hasn't been tried before is because the system's bro, its if
• 42:42
  the government controls the money, right?
• 42:45
  But you can't really have free capitalism, right?
• 42:47
  Capitalism is the the free exchange of goods, right?
• 42:50
  So, if, for example, I hire you for your graphic design, you're
• 42:54
  going to want to get paid for that.
• 42:55
  I'm paying you in Bitcoin, that's capitalism.
• 42:58
  Right? The, the other Augustine, the
• 43:00
  other, the other Other option would be this kind of communal
• 43:03
  thing where it's like you live in a which by the way, works on
• 43:06
  a smaller scale where you have like a society.
• 43:11
  Right? The in Israel, I forget what the
• 43:14
  actual communal. The his he wasn't there called
• 43:19
  the keyboards. Yeah, it's right.
• 43:20
  So, it's a community and they, there's no money in the
• 43:23
  community. They all work together.
• 43:26
  And but it's still capitalism because they're still working to
• 43:28
  make things. And from working for me, from
• 43:31
  working from The Profit that they learn making things, right?
• 43:35
  That's how they pay the whole Community.
• 43:36
  But on the smaller scale, everything's free because you
• 43:39
  know, you go there, you have free, you know, daycare and all
• 43:43
  that stuff, but it's not really free because Once still working
• 43:48
  to make things so that they could sell those things so that
• 43:51
  they could pay for things. Sure, of course, I agree.
• 43:54
  That's absolutely right. And so what I would say is that
• 43:58
  my take is that capitalism actually prevents free markets
• 44:01
  from occurring because what it does is it centralizes
• 44:04
  resources, right? People are able to private
• 44:07
  ownership of the means of production are able to
• 44:09
  accumulate resources in a centralized Manner.
• 44:12
  And then what they do with that is over and over as we've seen
• 44:15
  throughout history, is they recreate?
• 44:17
  The state to control and protect those resources and then they
• 44:22
  just govern over people, right? And they actually prevent
• 44:26
  markets from being free and so if you want a free market then
• 44:30
  you can't have the monopolization of resources in
• 44:32
  that way right there has to be a better kind of more natural
• 44:35
  distribution of resources that aren't protected, through
• 44:38
  coercion and violence. But that, that kind of sounds
• 44:43
  like it's leads that that's weird though, because that
• 44:45
  totally sounds like socialism and then it sounds like
• 44:47
  coercion. Why is it?
• 44:49
  Why is that coercion? It just because?
• 44:51
  Like, because you were talking about the, the, the piece of
• 44:55
  centralization, right? So, people are acting on their,
• 44:58
  on their own benefits. Let's say in a in a free market,
• 45:01
  but in this case, in this case, it sounds like they wouldn't be,
• 45:05
  because they would then have to be forced to Not, how could I
• 45:13
  say this? They'd be forced to not go with
• 45:15
  their own incentives and I guess you'd say monopolize, like right
• 45:20
  now, like let's it's for example, you have a company,
• 45:24
  right? You have a company, like a good
• 45:26
  example would be like Procter & Gamble, okay?
• 45:29
  It's Procter & Gamble. Once Upon a Time, you know, they
• 45:32
  made only a few products. And then what happened was was
• 45:34
  that they started to be, they started to be able to buy over
• 45:37
  companies. So there's the example of the
• 45:40
  The increased centralization I believe that you're talking
• 45:43
  about on a smaller scale, right on the company scale.
• 45:46
  So there's an increase of centralization and barring the
• 45:50
  government money. Let's say a business can do
• 45:53
  this. That is a free market mechanism,
• 45:56
  that allows them to do that because they've offered a
• 45:58
  superior product. They've, they've provided value,
• 46:03
  which is subjective and they're being compensated for it.
• 46:07
  So, in a free market system, another player could come Lon
• 46:11
  possibly offering a higher quality product or set of
• 46:15
  products, more value, and ipso facto maybe buying Procter &
• 46:19
  Gamble over. So to me, those are free market
• 46:23
  dynamics. Whereas if we have somebody or a
• 46:26
  group of people deciding to make a decision where we say, you
• 46:29
  know what Procter & Gamble, you're way too big.
• 46:32
  We need to split you up because you're monopolizing resources
• 46:37
  that to me just that that to Media evolves into into.
• 46:40
  Socialism at that point and that becomes this kind of top-down.
• 46:44
  I it's like a made-up term. I'm going to make but this is
• 46:47
  like almost like socio capitalism.
• 46:50
  Right. Where?
• 46:51
  Where it's this, you know this this government that is now
• 46:53
  deciding. Hey wait a second, your business
• 46:56
  has become too powerful. But but if, if my business is
• 46:59
  the best one and I am offering Superior value to the customers,
• 47:03
  do I not deserve to have that like I'm building that.
• 47:07
  So usually so you pumps you believe in Monopoly.
• 47:10
  Phil, you don't believe it's not that I'd be even.
• 47:13
  So that's kind of putting words in my mouth.
• 47:15
  It's not that I believe in monopolies I believe that
• 47:18
  unfortunately right part of the free market mechanism, is that a
• 47:23
  large company or a large group will if they're offering
• 47:27
  Superior value to the constituents will continue to
• 47:31
  grow. Why would they split up?
• 47:35
  Sure, I think I don't know it just and again it's not I'm not
• 47:38
  necessarily saying I'm for or against it.
• 47:40
  I'm just saying objectively this is what it looks like to me.
• 47:43
  You know that. And that's just the way at least
• 47:46
  it seemingly going to work until we can find something else.
• 47:51
  Sure. I think what kind of rebuttal to
• 47:53
  that would be that the reason why I say that capitalism
• 47:58
  inherently recreate centralization in the state is
• 48:01
  because what happens is, as you accumulate more resources, So
• 48:05
  you have a big company and so you're going to open up.
• 48:07
  Now, you're going to open up a new headquarters across the
• 48:10
  country and you need to have resources over there and then
• 48:13
  you're going to open up more, you know, you know, offices all
• 48:18
  over the world. You need to be able to defend
• 48:20
  those resources in some way from people who want to take them
• 48:23
  from you. And so, what you do is you then,
• 48:26
  basically, your Lobby or become part of the, you know, you
• 48:31
  that's crony capitalism. My friend, what you're
• 48:33
  describing is crony capitalism, which is A system we have today,
• 48:36
  right? I understand like corporations.
• 48:38
  They just buy the politicians to change the laws for their favor
• 48:41
  like that's understood. Yeah.
• 48:43
  And so but who put that in place?
• 48:46
  The capitalist it right. The capitalist put in place the
• 48:49
  capitalist have been in charge for a long time and so they
• 48:52
  built it up this way, right? It isn't somebody didn't just
• 48:55
  come in from over here and make it different, right?
• 48:58
  What happened in the USSR as an example, right?
• 49:01
  Is when you're talking about extreme centralization of the
• 49:03
  state and controlling all corporations, Shins that is
• 49:06
  State capitalism, right? They're still doing capitalism.
• 49:09
  It's just that one person is in charge instead of many different
• 49:11
  people are in charge that's worse, right?
• 49:13
  That's way. It's worse than what we have
• 49:15
  now. So that's the wrong direction.
• 49:18
  What I'm saying is that capitalism has created this
• 49:21
  system that we have now, because of the inherent centralization
• 49:25
  of it and the need to protect their resources with a monopoly
• 49:28
  on violence, using the police, using the National Guard with a
• 49:32
  breakup strikes. They break up protests all As of
• 49:35
  things, they have you no money to buy influence and then they
• 49:41
  influence the state and then they retain their power or grow
• 49:44
  their power, right? Let's so, what's the alternative
• 49:47
  that you're suggesting? Like, what is the alternative to
• 49:49
  capitalism? You made the argument that
• 49:52
  China? The USSR that was State
• 49:54
  capitalism, what is the alternative to that system?
• 49:59
  I guess the alternative to that system.
• 50:00
  For me is kind of Brittany. There is a certain amount of
• 50:04
  having to break up. Power, but it's you have to
• 50:08
  break up the way that the state can control everything, right?
• 50:11
  The state picks winners and losers and they ultimately, you
• 50:16
  know, set the direction in which we're going to be going and that
• 50:20
  is inherently anti-freedom, and it needs to be stopped at the
• 50:24
  core. And so, and to me the, this is
• 50:28
  actually why I'm such a bit Corners because Fiat, money is
• 50:31
  the tool of state of states of capitalism, right?
• 50:35
  White people are, who are the capitalist class.
• 50:37
  They receive the free money and they're able to maintain and
• 50:41
  grow their power. But if they didn't have a system
• 50:44
  like that, it would start to erode underneath them because
• 50:47
  they wouldn't be able to make the same kind of poor choices
• 50:50
  that we talked about at the beginning right with block by,
• 50:52
  right? Like you do you use risky
• 50:54
  Behavior, you make bad products, you get bailed out you and then
• 50:59
  you just keep doing it. And that inherently is what's
• 51:01
  causing all kinds of problems. Also, with the Growth of Fiat
• 51:06
  money, right? It's destroying the planet and
• 51:09
  so that whole system needs to go.
• 51:12
  Yeah, that's right. Look, I and I fundamentally
• 51:14
  believe it, but I agree with you Phil and I say this all the
• 51:18
  time, we must separate money from state for exactly the same
• 51:21
  reasons that you're that, you're arguing, but when it all falls,
• 51:26
  right? And we hope that it does what
• 51:29
  what system do you propose like let's say the the powerful DC.
• 51:35
  Cyril government. Its powers diminished because
• 51:37
  everyone's using Bitcoin. It's the state governments that
• 51:40
  have a little bit more power, but it doesn't even come close
• 51:43
  to the DC power. They don't control the money.
• 51:46
  These politicians don't have the ability to print therefore pay
• 51:49
  for Wars and all that stuff. What what system do you propose
• 51:54
  people? Organize themselves around.
• 51:57
  First off, I think that like I said, the Beginning, free
• 52:00
  markets and capitalism are not synonymous, right?
• 52:02
  Markets have existed for a long, long time.
• 52:05
  Tourism has only existed for about 300 years.
• 52:07
  Maybe 400 and so markets predate capitalism meaning that they can
• 52:11
  live after capitalism markets. Are just places where people can
• 52:14
  trade things amongst each other in a free manner.
• 52:16
  Hopefully, right. That's what a free market is.
• 52:19
  And so what I the way I see it is that there'd be more
• 52:22
  community control of resources. There'd be more Community.
• 52:26
  You know, policing of themselves, there would be trade
• 52:30
  amongst communities and there wouldn't be so much of a
• 52:32
  centralization and coercion. That comes with the state
• 52:37
  dictating how the economy functions, okay?
• 52:40
  So let me give you an example, right?
• 52:42
  So I've started to companies, right?
• 52:44
  I've invested my money. I've risked, my money, my
• 52:47
  Capital right into those companies.
• 52:50
  I've took the risk. I've had six failed companies.
• 52:54
  Right? Where I didn't get my money
• 52:55
  back. Now that I started these
• 52:57
  companies, Why would I give up control of my company?
• 53:02
  If I'm the one that took the risk, do you get what I'm
• 53:05
  saying? Why would I give?
• 53:06
  Why would I have communal control of my company?
• 53:09
  If I took to the risk, why should I give a say to someone
• 53:14
  that I hire? If it's my company like that you
• 53:17
  get what? I'm trying to tell you?
• 53:18
  Yes. Absolutely.
• 53:19
  And I think what I'm kind of referring to Millions the scale
• 53:24
  right? Where like if you built your
• 53:26
  company up to the size of Amazon, then there's would be a
• 53:29
  Different conversation perhaps. But it is in a different
• 53:33
  conversation. It's just a bigger scale, right?
• 53:35
  So let me get, so sure. I built a company, right?
• 53:39
  I have, I employ right now in total, between two, like seven
• 53:43
  workers, right? So they could, they could pay
• 53:48
  their, they could pay their families, they can pay their
• 53:50
  health care. I-i'm in Tain them right in
• 53:55
  essence, right? And then they give me their time
• 53:57
  and their effort and their labor In return, right?
• 54:01
  So it Amazon right? Yeah, Jeff Bezos.
• 54:05
  Got crazy Rich, right. But at the same time, I'm able
• 54:10
  to order something online that comes to my doorstep because of
• 54:14
  Jeff Bezos idea, because he took that risk, he quit a hydrant
• 54:18
  high paying job in New York City to go.
• 54:21
  Start a business in the garage. You always hear about the
• 54:24
  success stories, but you never hear about the failures, right?
• 54:27
  The millions of people that are failed, that tried to He did not
• 54:31
  to mention the fact that he took his public cut his company
• 54:34
  public. Therefore any person could buy
• 54:38
  into the Amazon success. Do you even trying to tell you
• 54:41
  like, when you build a company your it's a kites in the name,
• 54:45
  it's a company. So it's all these people that
• 54:48
  are benefiting from that company as well as you are.
• 54:52
  You just happened to be the one that took the most risk because
• 54:55
  you put your money into it. Those people didn't put money
• 54:58
  into Amazon Amazon is giving the op giving them the opportunity
• 55:04
  to earn money. You get one chance value.
• 55:07
  Absolutely. And I think the reason why I
• 55:08
  bring up the scale is because the only way that something like
• 55:11
  Amazon can grow to that size and the way that your company would
• 55:13
  grow to a size like that is because you exploited people by
• 55:17
  basically taking a lot of your use that you're taking more of
• 55:22
  the value than they're getting back by a significant margin.
• 55:27
  Well, it's voluntary, right? Like, they don't have Do it for
• 55:30
  me. They don't have to work for me,
• 55:31
  they could wait for somebody else, right?
• 55:34
  And so right. They're not but they're not
• 55:35
  going to do that because I provide a very good incentive
• 55:39
  right? Like for them, right?
• 55:41
  So they could, for example, they could earn money with me.
• 55:45
  I'm not keeping them. If they want to take the risk
• 55:48
  with the money that they earned with me and start their own
• 55:50
  company, they're totally free to do that.
• 55:54
  But again, the key word is risk here, right?
• 55:56
  Are they willing to take that risk?
• 55:58
  Are they willing? Not to take that risk?
• 55:59
  Uuuuuugh sure, I hear that, absolutely?
• 56:03
  I think there is, you know, the whole way the whole system works
• 56:06
  from the top down is that I, you know, everything has become.
• 56:11
  Come on, come become commoditized.
• 56:13
  So like housing, food prices, go up.
• 56:17
  You know, it's become really difficult to live and you have
• 56:20
  to provide your labor, to a really wealthy person or to a
• 56:24
  business owner in order to to survive, right?
• 56:27
  There's no really other way to do that, and So, I think
• 56:30
  eliminating some of the coercive kind of top-down things will
• 56:34
  make it less difficult to just survive, right?
• 56:37
  This is my main thing is that. It's so difficult to survive.
• 56:40
  It's really an unfair system, and it's very difficult for
• 56:43
  people at the bottom, to rise up to the top.
• 56:45
  There's a, there's an illusion that you can do it.
• 56:47
  But what you saw out, of course, more just wouldn't you say
• 56:50
  that's because of Fiat money and not necessarily because of the
• 56:53
  work, I would say that, as definitely, I think the work
• 56:58
  isn't the problem. It's It's the it's the way that
• 57:00
  the whole system is run, right? And so you're right.
• 57:03
  It is a Fiat money because what happens is people who do the
• 57:08
  most exploitative behaviors, who use them?
• 57:12
  Use the most exploitation to rise to the top that get
• 57:14
  rewarded for that by then having the most money, having the
• 57:18
  biggest proof of stake right in the way that the system works
• 57:22
  and then they get free money from the government for
• 57:25
  basically already being wealthy because they're going to
• 57:27
  continue to do this because it also Brings both to the state,
• 57:31
  but it has an agenda. Hold on a second.
• 57:33
  So I was living on a couch six years ago.
• 57:35
  Okay, we're broke as hell. Okay.
• 57:37
  I, I worked my ass off and I made, and I took risks and those
• 57:42
  risk paid off, right? I'm not exploiting anybody,
• 57:46
  right? It's a voluntary transaction,
• 57:48
  right? It's like, do they want to work
• 57:49
  for me? Do they need to do they want the
• 57:51
  income, right? Or do they not want the income?
• 57:54
  I worked for. I worked for somebody and I used
• 57:57
  that money in order to prop myself up.
• 57:59
  Up and give myself my own opportunity.
• 58:01
  Sure right. So I agree with you on the on
• 58:04
  the top level, I fundamentally agree with you that big
• 58:08
  companies are paying politicians in order to benefit them while
• 58:13
  the little guy gets ft /. I agree with you and that's
• 58:16
  crony capitalism. That's something that I think we
• 58:19
  all want to fall as bitcoiners because it hurts it.
• 58:23
  You're completely spot on. When you say, it hurts the lower
• 58:26
  end, the lower end of the economic spectrum.
• 58:29
  From the most, they get hurt the most but I think that's Fiat
• 58:33
  money. Anyways, Mark, you're a little
• 58:35
  silent. You want to try and chime in, on
• 58:36
  this, my friend. This is a great conversation by
• 58:38
  the way. Yeah, I think Nico.
• 58:41
  Are you getting at like they have the cheat.
• 58:43
  They have the choice to work for you or not.
• 58:47
  They could work for it. What I'm trying to say Mark and
• 58:50
  Tom is that they have a choice, they don't have to work for me,
• 58:54
  right? They can go to someplace else,
• 58:57
  right? And this whole like aspect of
• 59:00
  you know like the the 19th century version of treating your
• 59:04
  worker where it's like they go, they work 12-hour shifts, they
• 59:08
  have no shoes and it's like a coal Factory and they have like
• 59:11
  dirt on their face. It's like no you treat your
• 59:13
  workers, nice, right? You, you know, you give them
• 59:16
  Healthcare. They're in a problem.
• 59:18
  You lend them money, right? You have to be a good person,
• 59:21
  right? And I don't think I'm not
• 59:22
  arguing against that. You have to be a good person but
• 59:25
  that's more so of a moral ethical issue.
• 59:28
  Right. I've had my guy come over for
• 59:30
  Thanksgiving like that but that's about being a good
• 59:33
  person, right? But at the same time, it is a
• 59:35
  voluntary transaction. Right?
• 59:37
  Why is it a voluntary transaction?
• 59:39
  He doesn't have to come work for me.
• 59:40
  He's choosing to work for me. He can go work for somebody
• 59:43
  else, right? But I know he's not going to
• 59:45
  work for somebody else because I treat him really well.
• 59:47
  Right. So it has to, you know, it has
• 59:49
  to do. I think with being a good
• 59:50
  person, are you an ethical person?
• 59:52
  And I think that Fiat money because it's so fucking broken
• 59:57
  brings out the worst in people, right and specifically with
• 1:00:01
  these giant corporations because here's the thing they're not
• 1:00:04
  incentivised to treat people. Well why?
• 1:00:07
  Because they have protection from the politicians.
• 1:00:09
  They don't need to do jack shit right?
• 1:00:11
  But I'm a small business owner, I don't have that protection.
• 1:00:14
  I don't get those benefits. I don't get a lobbying.
• 1:00:17
  Our right? I have to pay my God damn taxes.
• 1:00:19
  Like everybody else, right? So II agree with you, Tom, in
• 1:00:24
  the sense that yeah, you have to the, the whole crony stuff has
• 1:00:29
  to go away. Whether you want to Define that
• 1:00:31
  as capitalism or not, that's up to you, right?
• 1:00:34
  But I disagree with you, in the sense that I still think that
• 1:00:37
  capitalism the voluntary exchange between labor and a
• 1:00:41
  good. I think that's the best system
• 1:00:43
  and I think that it's taken Millions upon millions of A lot
• 1:00:47
  of poverty and no other system has been able to achieve that,
• 1:00:50
  right? And you could look that I don't,
• 1:00:53
  you don't have to believe me, you can look it up, right?
• 1:00:55
  And then the alternative, right is the Socialist model, which by
• 1:00:59
  the way, works on a smaller scale, and there's this amazing
• 1:01:03
  line that I tell fill all the time, right?
• 1:01:06
  I'm a communist with my family. I'm a socialist with my neighbor
• 1:01:09
  and I'm a capitalist with strangers, and I remember a big
• 1:01:13
  believer in that, right, I give my sister thousands of dollars.
• 1:01:17
  Gave her thousands of dollars to make fill a knife.
• 1:01:19
  The freaking thumbnails for, you know, the first month or two of
• 1:01:24
  the show. I was completely over paying but
• 1:01:26
  it's my sister and I want her to have a good opportunity in
• 1:01:29
  Bitcoin. So I again like I'm Mark, what
• 1:01:34
  are your thoughts? Well I was going to say that.
• 1:01:36
  I think maybe the point is that that choice is becoming
• 1:01:40
  increasingly hard because of the system that were in.
• 1:01:45
  So a person can don't leave their job.
• 1:01:49
  The patients that I see don't want to choose between food and
• 1:01:55
  their medications but they have to and and that's that's that's
• 1:02:01
  a complication of again the system that were that were in in
• 1:02:08
  ultimately I almost refrain from getting in the conversations
• 1:02:11
  about the isms as I call it because I think What the Common
• 1:02:17
  Thread is and into your point earlier, Nico, the Socialists a
• 1:02:22
  well, socialism is that has never been implemented as it
• 1:02:25
  should be. And we don't have perfect
• 1:02:27
  capitalism. We've got crony capitalism, in
• 1:02:29
  my opinion, the Common Thread amongst all those things is
• 1:02:32
  human fallibility and we're never going to have this Utopia
• 1:02:38
  that we desire because of that. I am interested in how Bitcoin
• 1:02:43
  can mitigate that fallibilities Through its transparency in
• 1:02:48
  through ability to provide savings for individuals who
• 1:02:54
  otherwise don't have it now. And how does that change your
• 1:02:57
  behavior over time because If you are struggling, if you're
• 1:03:03
  working two or three jobs and you can't afford your bills, how
• 1:03:07
  does that affect your behavior? How does that affect your
• 1:03:10
  interaction between your family and your neighbors?
• 1:03:14
  And of course, of course you can start pointing fingers and of
• 1:03:16
  course you're going to start being an asshole any of us
• 1:03:18
  would. And so, what I'm fascinated with
• 1:03:22
  is the Possibility that Bitcoin could help mitigate some of
• 1:03:28
  that, not only are fallibilities but also from a behavioral
• 1:03:34
  perspective as well. And in you know I agree with you
• 1:03:39
  that you know, capitalism free markets are have brought many
• 1:03:43
  people out of poverty and we've seen that but now we're also
• 1:03:46
  seeing some of the downsides, right?
• 1:03:49
  And so there's a constant inner eight iterations over centuries
• 1:03:52
  and millennia. Of better and better systems.
• 1:03:55
  And I don't think we have any idea what that new system will
• 1:03:58
  be but the point is that there will be a new system and
• 1:04:02
  hopefully more people are under the umbrella than there were
• 1:04:06
  before. I definitely think Bitcoin gives
• 1:04:11
  us Mark. I think you said that very well
• 1:04:13
  and I definitely think that Bitcoin gives us the best chance
• 1:04:16
  at this. And I just want to you know kind
• 1:04:19
  of add to essentially what Tom and you were saying.
• 1:04:22
  But from what I might My takeaway, my takeaway is this,
• 1:04:25
  right? Definitely, I like to stay away
• 1:04:27
  from all the isms and all of that stuff because it inherently
• 1:04:30
  what it does is it forces people into a corner and it forces us
• 1:04:35
  into these US versus them type of conversations, which usually
• 1:04:39
  don't lead anybody anywhere. It just keeps everybody divided,
• 1:04:43
  right? And this is the beauty of the
• 1:04:44
  money printer, because the money printer can keep us perpetually
• 1:04:47
  divided forever fighting. All these tiny little issues.
• 1:04:50
  When really all that's happening, is that all of us are
• 1:04:53
  being devalued, The exact same way.
• 1:04:55
  But the, the point that I wanted to make was, was that it's
• 1:05:00
  interesting. How with quote, unquote
• 1:05:03
  capitalism, right? You can start off doing
• 1:05:06
  something that really comes from the free market and as soon as a
• 1:05:11
  person because again, this goes back to what you said about
• 1:05:13
  people, right? Then people can't be trusted.
• 1:05:15
  As soon as that threshold of power is crossed, I can't lose
• 1:05:20
  this. Hmm.
• 1:05:21
  How do I keep this? How do I maintain This moat.
• 1:05:24
  But you see if it was really, if we took the ability of the
• 1:05:28
  money, printers out of the equation, then these people, the
• 1:05:32
  only thought they could have is how do I continue to provide
• 1:05:37
  value? Mmm.
• 1:05:38
  It's not about maintaining my moat anymore.
• 1:05:40
  It's really about. Hey, how do I continue to
• 1:05:43
  provide value and how do people continue to perceive me as a
• 1:05:47
  person or as a corporation of value which betters their lives?
• 1:05:52
  So it changes Conversation. But again, I see what you're
• 1:05:57
  saying, Phil, but if the, that's the utopian Vision, right?
• 1:06:02
  That's like the libertarian utopian Vision, because even if
• 1:06:06
  you got rid of the big federal government, you would still pay
• 1:06:10
  those goddamn local fish shoes, to give you to give you a to
• 1:06:14
  give you an advantage. So what this is, why we need
• 1:06:17
  Bitcoin, that's why we need to separate the money from state,
• 1:06:19
  to be fair, okay? I think all of us have a lot of
• 1:06:22
  and let me wrap it. Tup I have, well, I think a lot
• 1:06:24
  of us have a tremendous amount in common.
• 1:06:27
  I think we want to separate money from State, all of us do.
• 1:06:31
  And this is a great conversation by the way.
• 1:06:32
  This is one of the best episodes for the progressive case for
• 1:06:35
  Bitcoin. And I see your guys, this point,
• 1:06:39
  I think that we have a lot more in common that we disagree in.
• 1:06:43
  And I think that again a lot of these problems that our people
• 1:06:47
  are suffering that they can't afford health care, they have to
• 1:06:50
  pick, which is absolutely tragic.
• 1:06:52
  By the way, they have to pick Between food and being health
• 1:06:56
  is, it's disgusting. I think a lot of those problems
• 1:06:59
  would go away if you fix the money.
• 1:07:02
  So that's something that we continue to fight for, and we're
• 1:07:06
  happy to be in the trenches with you guys, so to speak.
• 1:07:10
  But anyways, Phil it's time for the daily fail brought to you by
• 1:07:15
  Swan and check them out Swan Bitcoin.com.
• 1:07:18
  That's right. They've got automated Bitcoin
• 1:07:21
  savings plans, instant purchases.
• 1:07:23
  Has an app that's coming out there.
• 1:07:25
  Serving clients of any size, ten dollars, ten million dollars,
• 1:07:29
  doesn't make a difference. It is a stacking site and app by
• 1:07:34
  fellow plebs. The link is down below.
• 1:07:37
  All right, got got a couple of light, little funny fails before
• 1:07:41
  we dive into the main part of the story.
• 1:07:43
  So we're I'm just going to take you through these really
• 1:07:45
  quickly, you know, as we were talking about block Phi and all
• 1:07:48
  that stuff in the numbers, I just wanted to remind everyone
• 1:07:52
  that crypto lender I said manager, Beau Bell Finance is
• 1:07:55
  renegotiating, its massive, three billion dollar loan by a
• 1:07:58
  balance June 17th. The company suspended all
• 1:08:01
  redemptions and withdrawals. Citing severe Market, volatility
• 1:08:05
  alarmingly, it's conducting an emergency assessment of
• 1:08:09
  creditors, cash demands, and of course, they are prohibiting
• 1:08:15
  withdrawals. So again, not your keys, not
• 1:08:19
  your coin, this is what's happening.
• 1:08:21
  When the market gets weak, all of these services, Has, which
• 1:08:24
  looked so promising. I know the feeling, I know the
• 1:08:26
  feeling in the bull market, you're sitting there thinking if
• 1:08:29
  I just put a little more into this, this could become a
• 1:08:31
  paycheck and then I don't have to go to work anymore.
• 1:08:34
  Everyone else was thinking the same thing to everyone else was
• 1:08:37
  pouring their money in thinking the exact same thing.
• 1:08:38
  But the reality is that this type of shit is completely
• 1:08:41
  unsustainable and you only find out when the wheel start to fall
• 1:08:45
  off, okay? That's what happens.
• 1:08:47
  You will start to fall off. You're like wait a second, this
• 1:08:50
  isn't the safest I thought it was.
• 1:08:51
  Then you start to really realize that all your Sitting on this
• 1:08:54
  platform and you can't do anything about it.
• 1:08:57
  Anyways, Moving On, Moving On. Here we go, let's take a look.
• 1:09:01
  This is a this was we were tagged by psy.
• 1:09:04
  Psy tags Us in everything. Thank you so much psi.
• 1:09:07
  Here we go nft NYC in seven seconds, you're not missing
• 1:09:12
  anything. This is a tweet from autism
• 1:09:14
  capital and I got to tell you Miko.
• 1:09:16
  This is very reminiscent of a video that I saw of a theory and
• 1:09:22
  putting on a dance spectacle back in 2018 or 2019, something
• 1:09:27
  some coordinated weird aetherium dance anyways.
• 1:09:30
  So let's take a look at this, right?
• 1:09:32
  Keep in mind, you don't sell the steak.
• 1:09:35
  You sell the sizzle, we wonder to be huh.
• 1:09:40
  I'm not like them. Man, but when he comes, there
• 1:09:46
  you go. So you got the guys rolling out
• 1:09:48
  on the one-wheel, he's doing fantastic, you know, and and hey
• 1:09:53
  Buzz, word decentralized. We all want it to be
• 1:09:56
  decentralized, right? Like your decentralized and FTS
• 1:09:59
  all sitting on the centralized Open Sea platform.
• 1:10:02
  You know, it's fantastic. Okay?
• 1:10:05
  Anyways, just wanted everyone to get a little laugh out of this.
• 1:10:07
  No comments needed. I think the video says it all.
• 1:10:11
  Well, if you're buying this crap, I'm really sorry.
• 1:10:14
  This is not going to be money. This is not an investment.
• 1:10:17
  We've said this before, you are buying the digital Beanie
• 1:10:20
  Babies. Okay.
• 1:10:21
  You are buying them. I just a side note because that
• 1:10:25
  kind of reminds me of the Segway.
• 1:10:27
  It's completely unrelated, but it's a fun fact.
• 1:10:30
  Okay, he's got a light up one wheel.
• 1:10:32
  Nico, what isn't there? Not to like about this.
• 1:10:34
  You guys know that the guy that invented the Segway Do you know
• 1:10:40
  how he died? No, he fell off a cliff riding a
• 1:10:44
  Segway. What?
• 1:10:46
  Yes, I did not know that. Did he did he lean forward and
• 1:10:52
  step back? I don't know laughing.
• 1:10:54
  I shouldn't be laughing because he died my Clash very sad, but
• 1:10:58
  like many ways, it just reminded me of that because the guy was
• 1:11:01
  riding a one wheel and I was expecting him to fall off the
• 1:11:04
  stage but he didn't, well don't get me wrong, that kind of would
• 1:11:08
  have been par for the course with NF tease, you know?
• 1:11:15
  Okay, okay. Oh, all joking.
• 1:11:18
  Aside, let's get into the serious part of the fail.
• 1:11:21
  The serious fail. Okay.
• 1:11:22
  Exactly. Okay, good.
• 1:11:24
  You know what? You know that we had to do this,
• 1:11:26
  you know, that we had to do this.
• 1:11:27
  Okay, so look that's right. It's been a while since we don't
• 1:11:31
  always pick on bsv but when we do, it's always comical.
• 1:11:35
  So here we go. This is an article featured on
• 1:11:39
  coin geek which by the way is owned by Calvin Eyre.
• 1:11:42
  Who is We'll use right-hand man. And in my opinion the person who
• 1:11:49
  funds all of the bsv shenanigans.
• 1:11:51
  I know the people like to think that Craig is Rich.
• 1:11:53
  I think it's just a load of crap and I think it's all Calvin
• 1:11:56
  Eyre. That is my opinion, I digress.
• 1:11:58
  Okay so this article sir Toshi with women of bsv Education
• 1:12:05
  quintessential for Bitcoin and you'll notice with with the bsv
• 1:12:10
  years, they never talk about Bitcoin SV.
• 1:12:13
  They only talk about Out BTC Bitcoin, but they're really
• 1:12:17
  selling you bsv because they've created this.
• 1:12:20
  Insane. Drug-induced illusion that bsv
• 1:12:27
  is actual Bitcoin, even though it's a fork of a fork.
• 1:12:31
  But again, I digress and we continue on into this article.
• 1:12:35
  And, again, says nothing to do with the whole thing about
• 1:12:37
  women, my and what they're trying to convince people of
• 1:12:41
  what this has to do with is the messaging.
• 1:12:42
  So let's dive into the Messaging that's being given from Sir
• 1:12:47
  Toshi. Here we go.
• 1:12:49
  Mentioned in his interview that he did extensive research about
• 1:12:52
  who Satoshi Nakamoto was and discovered that it was obviously
• 1:12:58
  dr. Craig s.
• 1:13:01
  Right? Interesting interesting,
• 1:13:04
  understand the context, hold on. So dude, it's just a
• 1:13:07
  essentially, it's an interview, it's an interview with the women
• 1:13:10
  of BS, V the women of BS, VBS Satoshi AKA Amos.
• 1:13:15
  So where do we making fun of Soto Sheamus defender of of
• 1:13:18
  Bitcoin, right? Okay, yeah, yeah.
• 1:13:20
  He's look it's just that look, dude, it's a shit coiner and
• 1:13:22
  they're having an interview and he's explaining why bsv.
• 1:13:26
  Okay that that's all it is. It's okay, the context is
• 1:13:29
  nonsense because this shit coins nonsense, they're all nonsense,
• 1:13:32
  does it matter? We're just making fun of it.
• 1:13:34
  That's all. So here we go.
• 1:13:36
  The fundamental, the fundamental value is how neutral it is
• 1:13:39
  because the money has to be neutral, so people can trust the
• 1:13:42
  network where know, One has any control over their money.
• 1:13:48
  Okay. So keep in mind, the two points
• 1:13:50
  that have been made. Craig Wright is definitely
• 1:13:52
  Satoshi and the fundamental value is how neutral the money
• 1:13:56
  is. And that people can trust the
• 1:14:00
  network. Keep in mind, actual Bitcoin is
• 1:14:02
  trust minimized, keep in mind satoshi's multiple quotes about
• 1:14:08
  minimizing trust in money. So it's interesting that Craig
• 1:14:12
  Wright, who is Satoshi? Is talking about trusting the
• 1:14:16
  network and not only that but the point of bsv is that we
• 1:14:19
  should be able to trust the network.
• 1:14:21
  Anyways, according to the Bitcoin, white paper, there is
• 1:14:24
  no central point of Authority or control, which means it could be
• 1:14:27
  manipulated, which means it could be manipulated to be
• 1:14:30
  controlled. But if you do that, you
• 1:14:33
  manipulate its value. I don't even understand what I
• 1:14:36
  just read to you. That doesn't make any sense to
• 1:14:38
  me whatsoever. I this is mind-blowing so
• 1:14:43
  somehow if it's deep Centralized and has no central point of
• 1:14:46
  authority. It could be manipulated and
• 1:14:48
  controlled because it doesn't have a central point of
• 1:14:52
  authority, but the authority would manipulate and control, it
• 1:14:55
  doesn't matter. Everyone's confused, I'm
• 1:14:56
  confused as well. So all these BTC people have
• 1:15:00
  done talking about us, by the way, the, the Bitcoin maximalist
• 1:15:03
  that the people that are sticking to the original chain.
• 1:15:06
  Anyways, all these BTC people have done, is they segregated
• 1:15:09
  the signatures which means they centrally control the network.
• 1:15:14
  I'm You these people are smoking.
• 1:15:16
  Crack projection bro. These projections mean, it's
• 1:15:19
  projection, okay, they've turned BTC into a security.
• 1:15:24
  That's a matter of opinion. Bitcoin is not a security.
• 1:15:26
  There was no initial public offering there was no initial
• 1:15:30
  coin offering. Anyways this means they are now
• 1:15:35
  not accountable to anybody. But he just said that it was
• 1:15:39
  centrally could be centrally controlled has no fundamental
• 1:15:43
  value. As And that means all it has got
• 1:15:47
  is the speculative price. Certo she pointed out.
• 1:15:50
  So this is the education that is being given to the quote-unquote
• 1:15:54
  women of bsv. People do not realize this right
• 1:15:57
  now but when education catches up with speculation it's
• 1:16:00
  speculative price will soon match.
• 1:16:02
  It's fun value at 0 and it won't be able to economically sustain
• 1:16:07
  the network that it's support. That is a very interesting point
• 1:16:12
  sustaining the work that it supports.
• 1:16:18
  But Anonymous Network and crypto have no value as money because
• 1:16:22
  nobody knows who are their creators, and who has control
• 1:16:27
  over their money. So one of the great points about
• 1:16:31
  Bitcoin is that there is no Central Authority and that we
• 1:16:34
  don't know who Satoshi is, it's fantastic.
• 1:16:36
  We've taken the human factor out of the money which leaves us
• 1:16:41
  with simply the network. Now, let's dive into some
• 1:16:46
  interesting stuff, right? Because if Craig is indeed
• 1:16:48
  Satoshi, then back in 2020, this couldn't have happened.
• 1:16:53
  Craig Wright called a fraud in a message signed with a Bitcoin
• 1:16:57
  address. He claims to own.
• 1:17:00
  Oh my gosh. No way the credibility of Craig
• 1:17:03
  Wright, the Australian Tech entrepreneur.
• 1:17:05
  Who controversially claims to be Bitcoin pseudonymous inventor,
• 1:17:08
  Satoshi Nakamoto has taken another blow in that was two
• 1:17:11
  years ago. Two years before this garbage
• 1:17:13
  interview was had okay two years before this terrible article was
• 1:17:17
  published after a list of Bitcoin addresses, right?
• 1:17:20
  At provided as being his Holdings in an ongoing Court.
• 1:17:23
  These were briefly and inadvertently made public by
• 1:17:26
  plaintiffs on, May 21st, 145 of those addresses were used to
• 1:17:30
  sign a public message. Both calling write a fraud and
• 1:17:35
  making it plain that he does not.
• 1:17:37
  In fact, own or control them shots fired.
• 1:17:43
  Okay, well, let's continue on, right?
• 1:17:45
  So there was another piece about the network sustaining its
• 1:17:48
  value, right? We're talking about the network
• 1:17:51
  sustaining, its value, okay? Well let's let's let's take a
• 1:17:54
  quick look over here. Alright, let's go over here and
• 1:17:59
  we're going to take a look at the hash rate history.
• 1:18:03
  So does it pulls up? This is Bitcoins hash rate.
• 1:18:07
  Okay I'm just going to scroll up so everybody could see that.
• 1:18:10
  Yeah I'm not making this up. This is Bitcoin trust pool.
• 1:18:13
  Cool little site and take a look at this.
• 1:18:16
  This is the hash rate of Bitcoin.
• 1:18:18
  So clearly the security and the energy and the and the funding
• 1:18:26
  that's going into Bitcoin is ever increasing.
• 1:18:30
  Ipso facto making the network more Here and allowing the
• 1:18:34
  network to grow by contrast. Let's go.
• 1:18:37
  Take a look at bsv for a second. All right.
• 1:18:41
  Take a look at bsv. Let's go.
• 1:18:42
  Take a look at bsp's hash rate. History here for a second.
• 1:18:48
  Or not. Maybe it doesn't even pull up
• 1:18:49
  who knows? Maybe I have to hit refresh and
• 1:18:53
  go to the next one. Phil go.
• 1:18:55
  You could you see the oh they're weak.
• 1:18:57
  No, no no, I was trying to get, I don't know.
• 1:19:00
  Maybe I'll here we go. Okay, now it's actually going to
• 1:19:01
  pull up. Okay sorry about that.
• 1:19:04
  There we go. And here is BS.
• 1:19:07
  V's hash rate That doesn't look like the network is being
• 1:19:12
  secured. Now, this is just a small
• 1:19:14
  Snapshot from 2019. Why Don't We compare the two
• 1:19:17
  which we've done in the past. Okay, we've done this in the
• 1:19:21
  past and we've shown you. So take a look in blue.
• 1:19:24
  Is the Bitcoin hash rate in red is the bsv hash rate and you'll
• 1:19:30
  notice it is completely a flatline.
• 1:19:35
  No one is securing this network. Now, the other piece To this, I
• 1:19:40
  just want to draw attention back to this.
• 1:19:43
  Let's take a look at some of the centralization of these mining
• 1:19:46
  pools, right? So you've got SPI crypto that
• 1:19:48
  owns 27.4%. Of the hash power for bsv.
• 1:19:53
  Sorry, they control or 27.4% of bsp's.
• 1:19:57
  Hash Power is coming through that pool and now you've got
• 1:20:00
  this other one towel.com 24.4%. So just these two pools alone.
• 1:20:07
  Alone can go and dominate, the bsv, hash power, that's actually
• 1:20:12
  pretty scary. If you contrast that back to
• 1:20:14
  bitcoin It's a very different story.
• 1:20:17
  Certainly you have one player Foundry digital at 23%, but none
• 1:20:21
  of the others you've got. You don't have another player
• 1:20:24
  that you can combine that can go in cause any kind of problems.
• 1:20:27
  And the other piece to this is, is that on the Bitcoin Network,
• 1:20:31
  you have the validating notes, okay?
• 1:20:34
  So at the end of the day, you've got the mining Network and you
• 1:20:38
  have the validation Network. So if the Bitcoin core, if the
• 1:20:42
  Bitcoin core software, if you don't choose to Great it to
• 1:20:47
  something else to a fork or whatever.
• 1:20:49
  It is then, guess what? Nobody can do anything.
• 1:20:53
  It's all up to you. And this is one of the reasons
• 1:20:55
  that we tell you that you need to run your own node and just
• 1:21:00
  the the last piece to this K. The last piece to this bsv
• 1:21:02
  nonsense which I thought was absolutely hilarious to tweet
• 1:21:05
  from Peter, Scott Morgan. So it looks like another company
• 1:21:10
  has taken bsv off of their exchange.
• 1:21:15
  So here we go. Block chair.
• 1:21:16
  We are not supporting bsv anymore.
• 1:21:18
  B SV Y, block chair. It's just 99% unprofitable junk
• 1:21:24
  and let's just take a quick look at the screenshots, okay, so
• 1:21:28
  here we go, this is from block chair, please note, we're going
• 1:21:31
  to be dropping full support with guaranteed data consistency for
• 1:21:36
  Bitcoin, SV in the coming weeks. Please use another Bitcoin SV
• 1:21:40
  data provider. If it's crucial to your
• 1:21:43
  business, the announcement will be made through our API.
• 1:21:46
  Versioning system. And a follow-up to that.
• 1:21:51
  The reality is is that 99.99% of Bitcoin SV, transactions are
• 1:21:58
  junk Bitcoin SV constitutes only 0.3% of our visitor numbers.
• 1:22:06
  If you have to buy 10 racks of servers to validate the
• 1:22:09
  blockchain, but you only have ten clients paying trading fees,
• 1:22:15
  you will go bankrupt. So It's a very dangerous
• 1:22:19
  narrative, okay? That these shit coiners like to
• 1:22:22
  spread and especially the bsv crowd, it's incredibly
• 1:22:27
  disingenuous, it's very dangerous.
• 1:22:29
  We just showed you how everything that Certo, she said
• 1:22:33
  in this article to the women of bsv is completely false and
• 1:22:39
  these people have absolutely no, shame, no, shame whatsoever.
• 1:22:44
  It just never stops. There's even one person that
• 1:22:47
  claims to be a Bitcoin historian.
• 1:22:51
  Just not even credentials for that.
• 1:22:52
  There's nothing. None of that is real.
• 1:22:55
  And yet, these people in their illusion, just completely ignore
• 1:22:59
  reality, ignore facts, and just keep going on and on pretending.
• 1:23:04
  And by doing this, they're hurting individual that they're
• 1:23:07
  hurting individuals. Okay.
• 1:23:09
  And believe it or not, they're not only shooting themselves in
• 1:23:12
  the foot. They're also, they're also
• 1:23:15
  actually causing problems for Bitcoin because this creates
• 1:23:20
  confusion And this confusion turns people off.
• 1:23:25
  Anyways, I just had to go through that, I'm sorry, it's
• 1:23:29
  just, I saw that article and it just had me spinning, man.
• 1:23:32
  It had me spin. So another thing right that the
• 1:23:38
  Bitcoin cash, sorry, yeah it could be because maybe bsv
• 1:23:43
  whatever. It's all the same strategy we
• 1:23:45
  got 51 percent attacked because that's how.com it was funny
• 1:23:49
  because we called this A day before it happened, it was like,
• 1:23:52
  it was like 50 percent, they controlled 50% of the hash rate
• 1:23:55
  at one point. And I called that they perform,
• 1:23:57
  like they're gonna get 51%. And that literally happened the
• 1:23:59
  next day it's garbage and he's just projecting and that that
• 1:24:05
  inner in that interview, it's just, it's man, it's despicable,
• 1:24:09
  he's attacking hob, not, it's disgusting.
• 1:24:12
  Yeah, this guy's an enemy of Bitcoin.
• 1:24:14
  Therefore he's an enemy of freedom and Humanity.
• 1:24:16
  Anyways Mark, what are your thoughts?
• 1:24:20
  Give me a, give me an L, so many of the projects outside of
• 1:24:26
  Bitcoin. Start adopting Bitcoin
• 1:24:29
  narratives. We've seen that over the years
• 1:24:30
  like even after we launched a podcast you started seeing Emma
• 1:24:34
  and of tease you know for social justice and cryptos for social
• 1:24:40
  justice etc. Etc.
• 1:24:43
  And etherium you know, again with with their desire to be
• 1:24:49
  claiming What they always end up doing is trying to say that
• 1:24:54
  they're better at the property. Is that Bitcoin is?
• 1:24:57
  And so it's the same same storyline with all these other
• 1:25:00
  things is they try to become better, they don't they don't
• 1:25:05
  try to say that they're better in some unique manner.
• 1:25:07
  But rather the things that Bitcoin is they say that they're
• 1:25:11
  doing better when obviously that's not the case.
• 1:25:13
  But to your point. Yeah, it's deeply destructive
• 1:25:17
  for Bitcoin and And which means its destructive for the people
• 1:25:23
  who are not in Bitcoin because they get scammed out of
• 1:25:29
  everything. Absolutely Tom, what are your
• 1:25:32
  thoughts? My friend, it's morally bankrupt
• 1:25:35
  people trying to make people regular bankrupt very well said,
• 1:25:42
  that's what I got. That's like signal right there.
• 1:25:44
  My crop. But anyways, Phil it's time for
• 1:25:47
  the daily meme review brought to you by sea.
• 1:25:50
  L21, it's the best Bitcoin cultural Zine it's stories
• 1:25:54
  articles Comics by actual bitcoiners is artwork for
• 1:25:57
  volume. Attend is artwork for volume 2
• 1:26:00
  and this is artwork for volume 11.
• 1:26:02
  Volume 2 is almost sold out because there's only 1000
• 1:26:05
  physical copies made per volume. So get your prints of Citadel 21
• 1:26:09
  today before they run out. All right, everybody Welcome to
• 1:26:13
  the Bitcoin review review Bitcoin, memes.
• 1:26:15
  Memes on a plate, in a central role in, not only Bitcoin
• 1:26:19
  culture, but in this Narrative trench warfare that we fight
• 1:26:22
  every day on the Battlegrounds of the internet.
• 1:26:25
  Anyways here's the first mean by Rasmus.
• 1:26:27
  It's the Lord of the Rings template for any for audio
• 1:26:30
  listeners. Inflation.
• 1:26:31
  Stop Printing spending money, destroy it.
• 1:26:34
  Republicans and Democrats know, I chose this one on purpose.
• 1:26:40
  All right. Next one by the Beats
• 1:26:42
  coordinator, you will lose everything, Infinity divided by
• 1:26:46
  21 million. That's right.
• 1:26:47
  Bitcoin is the Lifeboat. Next one, bye Nico bit because
• 1:26:53
  son anyways, simply Bitcoin corn, Acres disguising himself,
• 1:26:57
  driving into the garbage coins, narrative, hiding observing,
• 1:27:01
  preparing to strike and exposing them with one swift blow made
• 1:27:05
  myself a ghillie suit for when Woolworths restarts and I have
• 1:27:08
  to be near Seattle. Know, why did you pick this one?
• 1:27:12
  Right fuckers. Because because I thought it was
• 1:27:14
  hilarious. Manny dressing up and shit
• 1:27:17
  coins, but he's okay. Next one.
• 1:27:19
  Bye. Bye.
• 1:27:20
  Giggles were plebs waiting for the supercycle.
• 1:27:24
  I did sell I thought this dip. Oh man Samuel bringing out the
• 1:27:29
  guns. All right, next one up.
• 1:27:31
  Documenting be quit. Unfortunately deleted the Tweet
• 1:27:33
  but the meme is still there as he watched the price fall from
• 1:27:37
  69,000 to 18K, Joseph was cathartic.
• 1:27:41
  Thanks to his above-average IQ. He was successfully avoided the
• 1:27:45
  Bitcoin scam, since it was only three dollars hahaha.
• 1:27:50
  Alright next one. Bye then delay.
• 1:27:53
  I don't understand why I'm poor. Did you invest in shit coins?
• 1:27:56
  Trying to prove bitcoiners wrong the hug and he's holding a
• 1:28:00
  theory of absolutely. Awesome means for those awesome
• 1:28:03
  memes. I'm going to give it this
• 1:28:05
  awesome score of descriptive. Cloaks graffiti sticker.
• 1:28:09
  That came with the painting that I bought.
• 1:28:11
  What about you feel? Very nice.
• 1:28:13
  Very nice crypto, graffiti does amazing work and I also love his
• 1:28:17
  t-shirts. Good shirts there anyways.
• 1:28:20
  Or the score. I am going to give it this new
• 1:28:24
  ripping dips, Tipper sticker pack, ripping dipsticks, not the
• 1:28:27
  same one as the last sticker pack.
• 1:28:29
  Tom, what would you give those memes?
• 1:28:31
  I'm gonna give those memes my fountain pen right here.
• 1:28:35
  Good one down is mightier than the sword.
• 1:28:37
  This is true. Mark, what would you give those
• 1:28:39
  memes? You made it.
• 1:28:41
  There we go. Memes are only fit fitting for
• 1:28:43
  PAW Patrol. PAW Patrol bag.
• 1:28:46
  All right, I feel feels jealous because he likes all that.
• 1:28:50
  Stuff. Anyways, guys, we want to know
• 1:28:52
  if you agree with their scores, you disagree, let us know down
• 1:28:55
  in the comment section. Make sure to subscribe to us on
• 1:28:58
  alternative video platforms like Rumble.com.
• 1:29:01
  My personal favorite Bitcoin, tv.com and join our telegram
• 1:29:05
  group. It's a party in there.
• 1:29:07
  Yeah. And if you're listening to the
• 1:29:09
  audio version of this show, make sure to stay after the show for
• 1:29:13
  a live Q&A. Anyways Phil it's time for.
• 1:29:16
  No, it's not time for anything. There was an open source
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  software released today. What is everybody about it?
• 1:29:20
  Software releases brought to you by Cipher safe, check them out.
• 1:29:25
  Seifer safe dot IO papers dead. It's not the right way to store
• 1:29:29
  your seed store, your seed, in the all new Cipher Grid or the
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  Cipher wheel. They both come with a
• 1:29:37
  tamper-resistant wire and the grid also comes with a punch
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  tool. All right, we've got Fountain
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  podcast version 0.40. That's right.
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  If you're streaming SATs you are most likely E using Fountain.
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  They've got a new version. The link is down below and guys,
• 1:29:54
  don't forget to check us out on our Audio.
• 1:29:56
  Only platforms Apple podcasts Spotify and anchor.
• 1:30:00
  If you want to stream assets, Fountain dot f m--.
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  You could stream assets to Breeze.
• 1:30:04
  Awesome, thank you for all right guys, that was our show before
• 1:30:07
  we going to give a very special shout-out to our clothing.
• 1:30:09
  Sponsor, represent LTD.com Phil and I wear the hoodies every
• 1:30:13
  single day he makes Bitcoin merch.
• 1:30:16
  He's making simply Bitcoin marriage, it's comfortable its
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  Style. Check out represent LTD.com and
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  take advantage of the promo code down below to get 10% off.
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  Also, check out fellow plebs. Awesome blog.
• 1:30:28
  It's called The Bear Market Diaries where he interviews
• 1:30:32
  plebs about their bear market experience especially if this is
• 1:30:35
  your first bear Market. You definitely want to check
• 1:30:37
  that out. Also want to give a very special
• 1:30:40
  shout-out to our awesome guest Mark and Tom, definitely go
• 1:30:45
  check out their podcast and their Twitter account.
• 1:30:47
  The Twitter account is the progressive Bitcoin ter.
• 1:30:50
  Check out their pod CAD podcast the fountain, I'll put the
• 1:30:53
  fountain link below. Anyways guys, that was our show
• 1:30:56
  if you enjoyed the show, you know, it's due course if you can
• 1:31:00
  see me during the Bitcoin use from the Polly Platt
• 1:31:02
  perspective, catastrophic fails and the memes definitely
• 1:31:05
  consider subscribing. So you simply Bitcoin and we'll
• 1:31:08
  see you tomorrow guys for a brand new episode and a shorter
• 1:31:12
  one to quote, our awesome, one of our awesome guest morally
• 1:31:15
  bankrupt. People making regular people
• 1:31:18
  bankrupt.