Latest / Simply Bitcoin / Jeff Booth | Bitcoin Saves Humanity | Simply Bitcoin IRL

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Jeff Booth | Bitcoin Saves Humanity | Simply Bitcoin IRL · Simply Bitcoin

0:01
Hello everybody. Welcome to another episode of
0:05
Simply Bitcoin IRL. Today, we have Jeff, both the
0:10
one and only Jeff both, but before I bring them on stage, I
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Anyways, I want to bring Jeff on stage, Jeff, I'm super thrilled
0:39
and frankly, super honored to, to have you on simply Bitcoin
0:43
IRL you've been on the Regular Show before but because of that
0:46
specific format, it doesn't allow for basically just normal
0:51
conversation. So I've really been looking
0:53
forward to this. You're looking forward to
0:56
looking forward to it, too. Just just got off the ski hill.
1:00
Please, I was just skiing as well.
1:01
I was, I was just very small town in Colorado called
1:04
Telluride, I was there for about ten days.
1:07
Yeah, so that's awesome. Really, really cool.
1:10
So Jeff, I'm gonna rip off the Band-Aid right from the rip and
1:13
this is something that I've been debating in my head for the last
1:16
six months, right? And frankly, the other side has
1:22
either, you can call it propaganda, you can call it,
1:24
whatever it is, but I'm just going to ask you directly do you
1:27
believe. Inflation is necessary and And
1:30
if not why I don't believe that's true.
1:34
I don't believe inflation is necessary.
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It's very and I think first you'd have to prove why why
1:43
would that be true? Why would money losing value
1:47
each year? Be necessary for productive
1:50
economy? I know it's built.
1:52
I know our economy is built that way, but I do not believe that's
1:56
true at all. I think the Activity games that
2:02
humans naturally take on through, finding new better ways
2:07
to solve problems. Would be broadly distributed to
2:11
society in the best way without inflation.
2:15
In other words, there would be no theft and money, there'd be
2:17
no, transfer of money, it would raise up, it would raise some
2:21
other. What happens typically, what
2:25
governments like is. Okay?
2:27
What happens when in an inn A downturn, how do we gain more
2:32
control? How do we protect people?
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But what they don't know what, they don't know what they do by
2:38
doing that? Is they make these bubbles
2:40
bigger and they make the inevitable collapse of the
2:44
bubble Baker's? Well, it were system.
2:47
Is where is this system? Is?
2:49
Designed to fail spectacularly. That's where we are today.
2:52
Unfortunately. Yeah, so, but so, the other side
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would be, would say, basically, you know, to play devil's,
2:58
advocate of course, because I I completely agree with.
3:01
Let's do that. Like so it's it's easier to what
3:06
is the debate and let's play it. Plays Devil's Advocate, and
3:09
we'll talk about absolutely. So because I agree with you,
3:12
right? But they would say right, like,
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how else do we incentivize people to spend?
3:20
Okay, well, let's deal with that one first.
3:23
So so I guess if yours is saying that people here, say assuming
3:29
people will not spend unless there's theft and money.
3:33
I don't believe that's true. So so will they spend less?
3:38
Will they say it? Will they save more?
3:41
That they'll save more. But so will they still buy food?
3:47
Will they still buy things? They need.
3:49
There's deflation. Ation today in consumer
3:51
electronics, consumer electronics, get more powerful
3:54
every year and that means if you waited, you could buy more for
3:59
Less. Why do people why don't people
4:01
wait for the phone? Why do they buy a new phone when
4:04
they want a new phone rather than keep on waiting forever and
4:09
go without a phone? So so yes, there is an argument
4:14
that says people spend more when their money is losing Because
4:20
they're scared of that money losing value as a really
4:23
terrible way to build an economy because it because it protects
4:29
its deter. It's essentially says, the only
4:32
reason people will spend is because you're sealing their
4:36
money if it's if it's in savings, I don't believe that.
4:40
I don't believe economy should be built that way.
4:43
So and then and I agree with you.
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But and then the other component is the men should have the
4:50
ability to, you know, I set this up as cific Bitcoin, right?
4:53
As and I've been going down this Rabbit Hole really, for the last
4:57
six months. The government should have this
5:00
privilege to create money for free that everybody else has to
5:04
work for, right? That's really the other argument
5:06
and it's like you know the famous cliche saying right?
5:10
How will the roads be built right?
5:12
So what would be your response to that they would they would
5:17
still be built and this is this summer. these lions and
5:21
specially in Bitcoin kind of get there's black and white, no
5:25
taxes or should be no taxes or I want to be careful of stepping
5:32
in that because we're a long way from this system that should be
5:36
versus where we are where we are today but but I personally maybe
5:44
that's better way to say. I personally would vote for a
5:48
government telling me the truth and saying we need this to pay
5:56
for these services that you require that you that you want.
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I prefer not to vote for a government that is just theater
6:06
saying we're going to hide that we're stealing this much money
6:09
and inflation. And and we want this was just
6:14
so. So I still, I do what I would
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Advocate is on on bitcoin. You have, you have governments
6:23
designed around truth, you'd have governments who have
6:26
officials designed. Everyone has to tell the truth,
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and they might have a different way of solving a problem and
6:35
then then you might want, but they would have to tell the
6:40
truth on that because you, there's Free lunch on the
6:42
Manhattan, making up money. So could you elaborate on that a
6:46
little bit? Because it's funny Jeff.
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What I've noticed is a lot of bitcoiners we end up getting two
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very similar conclusions, we just approach it from different
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angles, right? A lot of people say Bitcoin is
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truth and I fundamentally agree with that and I think in this
7:03
world of lies and Chaos, it really provides us Oasis and the
7:08
Sea of garbage and that's really what I see it.
7:11
Michael A sailor has the domain right?
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Hope.com or hope dot-org. So I really agree with that.
7:18
But why is it Jeff that governments would be forced to
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tell the truth? And I'll add another question to
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that. Is it even possible for
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governments to tell the truth today?
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If they have access to a money printer here?
7:33
I tackle that in a different way.
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I say, if the emergent complex behavior of all Society, trade
7:41
globally, The emergent complex behavior of all Society was
7:45
based on theft. And it is, what would, what
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would the emergent complex society of society?
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Look, like, what would the mirror image reflecting back to
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society look like, who would win out of that game?
7:58
And who would lose out of that game?
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And when you look at the world today, declared call It clown
8:04
world. It is hard to.
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Look at many things in the world today and not agree.
8:08
With that statement. It's clown world.
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Who would rise to the top in a world like that?
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And you didn't, who would win, who would, who would win in
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politics? Like that, who, who would be,
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who would be cheerleading? Those politicians that would win
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in, in, in a world like that. And you just see a mirror
8:28
reflection of the world, we live in today, because it's based on
8:31
an emergent, complex Behavior. That's based on theft to, that
8:34
has to get worse and worse, and worse and worse to save the
8:38
system. The system is unsolvable from
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the system. And and we all look through that
8:46
same system on, not realizing that us trying to make more
8:52
money within that system actually makes that system
8:55
worse. So, all the incentives are
8:57
aligned that to that. It gets worse and worse on a, on
9:01
a new system. That operates entirely is, it's
9:05
a 180 degree shift from the existing system.
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The existing system You by you, by you try to buy more and more
9:11
Real estate because the real estate because the real value of
9:14
the dollar is going down real estate as a store of value
9:17
against that. So it's not necessarily the real
9:20
estate's going up, it's it's the dollars are going down.
9:24
And the real estate is a store value against that in a
9:28
different system. The real estate will fall to its
9:32
to, to its utility value is so. So those two systems are one
9:39
system, you get Wealthy by Saving, And investing or
9:43
creating value for others. And in one's the system, you get
9:48
Wealthy by investing and kind of building Financial
9:55
infrastructure to take from others.
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Yeah, and it's interesting you said It reminds me of the
10:03
interview or the fireside chat that you had with not Pernell in
10:08
Pacific Bitcoin. And it's this concept where the
10:11
abundance of money or she's everyone to basically be a part.
10:15
I'm putting this in my own words, of course, to be a
10:17
part-time investor just to retain their wealth rights.
10:20
It's an unintended consequence. Think of think of how many, how
10:27
many people do they that that our investors that the world
10:31
looks up to that are that have turned that just when the FED
10:36
speaks everybody stops and waits that we the world waits for all
10:42
of what everybody is going to say about the words that the FED
10:44
said that is really just when am I going to destroy money?
10:47
Again the value of again, it whole whole thing and how much
10:52
power we give to the system trying to MIT to save our money?
10:58
Being eroded to Orange crate, more money, that's being eroded.
11:03
Who's going to give me in sight into that broken mess.
11:07
Some when. And so that is still today,
11:11
largely. What happens like I have that
11:14
for me I've just had to spend as little time.
11:18
You notice even how much I tweet about that to anymore.
11:22
I just had to ratchet down my time.
11:26
In that whole nonsense, just because it's going, it's going
11:29
to get worse person. Worst people are going to only
11:33
lose a bunch of money into that in that system thinking that
11:36
they found a savior for a minute and then it's going to switch on
11:39
them. Well Bitcoin is repricing that
11:42
entire system over time and that's where we're a lot of
11:45
people get confused. They think you and I have talked
11:49
about this before but they think of Bitcoin being priced in
11:54
whatever fiat currency they have.
11:55
Have and they think about the risk of Bitcoin when it is, in
12:00
fact, Bitcoin repricing that entire existing system that's
12:03
actually happening. Absolutely.
12:06
So Jeff you said something that and again I don't know why it
12:10
was. I guess the you know, the old
12:13
saying that there is no end to the Bitcoin rabbit hole and then
12:16
every couple of months you just you realize a different truth.
12:20
But how is and this is where I'm at currently how how could you
12:25
make the I meant that the US economy is not centrally planned
12:29
because it's exactly what you said.
12:30
If, if it's all based on what a gentleman has to say a Wednesday
12:35
on every so often how is that any different than Central
12:39
planning so communism and capitalism are the same system
12:43
under printed money? And I wish, I wish that wasn't
12:49
the fairy tale that we live in a free market.
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A lot of people want to believe that because cuz they don't want
12:56
to check their bias against what we're talking about right now
12:59
and often outside a Bitcoin people have haven't gone down
13:03
the rabbit. Hole are still stuck in there
13:05
and they still believe that they live in a free market, but if
13:08
you actually ask a couple of questions, like what would
13:12
happen if the FED didn't manipulate interest rates, or
13:15
koror QE or out here, what would happen to to, to their wealth,
13:23
or their houses, or any everything.
13:26
And if you poke on that they'll they'll realize that.
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Okay. The system does require higher
13:35
manipulation when there but then they'll Angel conflate those
13:40
things and say in floor. Fired for productive economy it
13:43
because I think what's happening is it's such a shock to people
13:48
system. It's such a shock to a system
13:50
that's provided their wealth, their entire life and they
13:52
believed that they were living in a free market that that they
13:57
don't want to face the facts that they don't.
14:00
And so those systems get worse, and worse than a it capitalism
14:03
communism, or the same system under printed money, it gets it
14:06
gets worse over time, and that centralization has to has to To
14:11
steal from the femur, it has to. It has its allocate Capital
14:17
because the free market is much better, arbitrary, value of
14:22
what's going to win and so that the government has to keep on
14:25
reaching in to distort, the free market.
14:27
So it's just a, it's a, it is something that because of the
14:32
structure of the system has to get worse.
14:34
And that's where we are today. Do you believe, you know, so in
14:39
history this has repeated itself over and over again.
14:42
Money Stouts, starts off, relatively sound.
14:45
And then over the decades, you know, they start cutting Corners
14:48
every so, you know, every so little but it starts to
14:50
accumulate. So is this, you know, some
14:53
people call it the crack of boom?
14:54
I saw Rand Paul say that the other day it is this time any
14:58
different? What's different this time?
15:01
What's really different? This time is is with Bitcoin
15:07
Europe's government can run Financial repression against
15:10
you. So this I'm is very different
15:12
from theirs. It's very different from a
15:14
number of different reasons throughout history.
15:17
But typically, if you've followed Elio Del e, would go to
15:23
the u.s. lead that change in kind of 1890, free market that
15:32
driven around hard money, that of the none.
15:34
Other on him, he's got a bunch of the technologies that were
15:42
Built the u.s. to into it and and now if you followed DeLeo
15:48
Delhi would say. Now, China is going to take that
15:50
place. I don't believe that tall.
15:53
I think we're living in it in a very different time and the
15:56
client provides a way of away from that Financial repression
16:00
for anyone on the planet because it's an open network.
16:04
And it's a network effect. And the effect will gain in
16:08
strength and add more and more users to both Bitcoin is the
16:14
asset as a network in the protocol in the value driver, on
16:18
top of that like lightning, but everything else that's coming on
16:21
top of light, lightning, literally Unstoppable to me.
16:24
It's literally Unstoppable and and and so yes, Bitcoin Bitcoin
16:32
is so different. In in these changes, these
16:38
changes is solved through War and the winner of their War,
16:41
rights history books and and resets the rules on typically
16:45
hard money. We promise not to do it again
16:48
and then over time it happens again but coin provides a way
16:52
out of that mess forever. Yeah so you so who stands I
16:59
would I come from the angle that everyone everyone stands to win
17:03
but you know power The eyes of a lot of these, I don't want to
17:08
mention anyone specifically, I would just say Powers alluring.
17:11
So who stands to lose in a sound money system again?
17:17
I don't know if loses the correct word, right?
17:22
But I'll preface it with this Jeff.
17:25
You know, Corey Clips in has the piece erase to avoid the war.
17:30
Michael Seiler said famously. I want to be a winner, not a
17:34
martyr, right? And then then I'll add the
17:37
recent moves by Elizabeth Warren taking advantage of the FTX blow
17:41
up right to introduce, it's very hostile legislation that would
17:46
force software developers to register with the state to write
17:49
kotick. It's so absurd, right?
17:51
So what it, what are your thoughts on this?
17:54
Because and and again, I'm in Bitcoin media.
17:56
So I have to be a slave to the new cycle and pay attention to
17:59
what is actually happening on a daily basis.
18:02
And I see dark ominous clouds on the horizon.
18:05
Getting slick. Getting closer Ever.
18:07
So slowly. So what are your thoughts on
18:10
that? Yeah, so and I've said this on
18:13
many podcast, I wrote the book specifically because and, and
18:16
one of the chapters and the price of Tomorrow focuses on US
18:20
versus them, and what ends up happening when you have broken
18:22
money in a system like this, and how it's easy to turn people
18:27
against people. In fact, even in Bitcoin
18:30
community, that happens because claim a system problem on people
18:36
It's easier to see a hero. It's easier to see eight.
18:39
It's easier to actually drive more more value to you if
18:44
somebody else agrees with you about somebody else who hate.
18:47
And so you can create a whole bunch of power, or short term
18:50
power and social media, by by screaming at the clouds and
18:54
what's happening in a system, but it's largely a system
18:57
problem. Now, in that system, there's a
19:01
whole bunch of people that lose I would say.
19:03
And then, when I am going to qualify, I lose first.
19:06
I'll say what I was going to say.
19:08
So anybody who doesn't provide value to other people?
19:13
They lose if you're just a rent Seeker on top of the system.
19:17
And you think your value comes from rent-seeking, or being
19:20
political class today, by controlling, a whole bunch of
19:23
other people you lose now. Do you actually lose or do you
19:30
actually in a new system where productivity is Flowing to the
19:36
masses and over and over and over and things are getting
19:39
cheaper and your life at a continually everyone's a winner
19:46
because it incense human behavior that we cooperate.
19:50
We were forced to cooperate and we cooperate.
19:53
And you see totally different emergent company.
19:57
Lex behavior. On top of, on top, if you want
20:01
to talk to me, if you can the wealth, then then there's kind
20:06
of political class, media and financial class that lose from
20:14
in this, unless they're hedging their bets on that coin as well.
20:20
So and and they're obviously fighting it, they're fighting it
20:23
tooth and nail. Does that worry you at all?
20:26
And I now I know I'll tie this in with recent events.
20:29
Right? Again guys, you know, we're
20:32
completely politically neutral and simply Bitcoin, we try to
20:35
stay right down the middle. But the recent news that came
20:38
out about the Twitter files where it was confirmed that the
20:42
u.s. government supposedly can't do this in the first amendment,
20:45
pressured a private company to censor American citizens.
20:49
Is that a representation of what you're talking about?
20:54
It's exactly representation of what I'm talking about.
20:56
Now remember the system we live in the system that you're
20:58
talking about, when you're listening to mainstream Media or
21:03
largely. Any media is the system we live
21:06
in. We measure our world by is 100.
21:10
Sorry, is 10,000 times bigger forwarders magnitude Bitcoin
21:15
today. And so, it has a much bigger
21:17
impact on on your Life then. And maybe not all that Corners,
21:23
because there's a lot of people like me who are measuring value
21:27
of Bitcoin. It were measuring, might
21:30
dominant, currency is Bitcoin. And I think about Bitcoin,
21:33
everything priced and Bitcoin. As you start to do that more,
21:38
you start to you, start to see this truth.
21:44
What if you're pricing everything out of the existing
21:46
system, which Ninety-nine percent of population is whether
21:51
whatever that system is, whatever currency their
21:53
denominating. And they're also pricing their
21:58
the world that what about money? Just being information?
22:04
And if you manipulate money, you're manipulating information
22:07
nation and the world isn't it? Misinformation.
22:11
And they're all things being that they have the answer in the
22:14
misinformation and and there's some Being pulled apart by my
22:19
answers, right? Answered this answers, right
22:21
answer. And the whole system requires
22:25
more manipulation. So obviously or manipulation you
22:31
have to control the media channels.
22:33
You have to control what people see, what they eat, what they
22:37
what they talk about, you have to control it.
22:40
It's just a structure of the information information or
22:42
misinformation in the system, but it is a ten thousand times
22:46
bigger. Then Bitcoin is today.
22:49
So obviously people are going to be confused world, so the, you
22:57
know, in most of the pushback that I've gone online is, you
23:00
know, it's good. That some people got the
23:03
platform. It's good that some people got
23:05
censored because, you know, they were hurting other people with
23:10
the misinformation my response to that is you're really
23:14
emboldening a group of people to have that.
23:17
Or in history has shown that that group of people will abuse
23:21
that power for political means, right?
23:23
So yeah, play it. What you just said forward with
23:27
like, we look at chat GPT, right?
23:30
We look at we look at what's happening in artificial
23:32
intelligence and I wrote two chapters in the book about
23:35
artificial intelligence and really close to that factor.
23:39
But his play is play a model where artificial intelligence
23:43
and Robotics are merging and you could do anything.
23:47
Better at some point, doesn't have to be tomorrow, doesn't
23:51
have to respect. The trend is that is removing
23:53
all of labor. Now, if the thing that makes up
23:58
our economies is the labor and that gives us the money and that
24:01
efficiency gain from Robotics and artificial intelligence as a
24:06
couple of the Technology's, not all the technologies that are
24:08
coming, but a couple of the Technologies, remove that remove
24:12
that labor, then if the product productivity gains, For
24:17
happening don't flow to society through deflation.
24:21
What it means is, you have to concentrate that up into a small
24:26
group of people who make the rules for everybody else.
24:29
And to do that along, the way, they have to remove every
24:32
individual, right and freedom. You have a lot along the way.
24:36
So, see these, these is just a natural path in that
24:40
centralization. All of these things are natural
24:43
path and that centralization because Tech.
24:47
Technology or or innovation what we do to try to solve problems,
24:52
which cannot be stopped is inherently deflationary, it
24:57
should be making things better if we're going to use that same
25:00
technology then then and that's what the free market says.
25:06
Then we're voting with our time to those better so that that
25:13
those two things are on a collision course.
25:15
There have been on a collision course for a long time but there
25:17
Completely opposing forces. One and that inflation is
25:23
concentrating wealth, all of that product, all of those
25:26
productivity gains in few hands because of that.
25:30
Yeah, absolutely. So Jeff do you write?
25:35
And and I heard you talking about this to right?
25:38
It's the in correct me. If you think I'm wrong, it's the
25:41
centralization versus decentralization, the natural
25:45
path for them to maintain power. Keep control is more and more.
25:49
More and more and more and more centralization.
25:53
How long until this thing breaks like?
25:55
And of course, this is a total like speculation.
25:58
There's absolutely no way to know this, but I'm sure that you
26:01
have some feelings about it. It's already broken or anyway,
26:07
even on these, but I just been more time and where the world's
26:11
going, like, get to work with the entrepreneurs, the building
26:14
on decentralization new building on top of it coin.
26:18
If you look at Noster what's happening there, once these
26:23
things happen, once these the centralization has 2D platformer
26:26
one group of people. And you, if you get a different
26:29
leader that you do, we have D platforms.
26:31
A different group of people. There is no way.
26:34
There is no possible way to actually create a centralized
26:40
system that works for everybody. You.
26:44
So over time, these teeth to type of things, go in waves and
26:50
it, and you moved him in a decentralized and a
26:53
decentralized system has more Innovation.
26:56
If you just, here's an easy way to look at it if you think of
27:01
about a big company and if anybody spend a listening to
27:06
this, his thought about working at a big company, what ends up
27:10
happening is most of the times of big company, they end up
27:13
Ovation gets stifled because of this because of the
27:18
centralization, a lot of people sitting around telling other
27:21
people what to do and and the growth rate slows down,
27:25
typically now Allah, that a monopoly can live for a long
27:28
time because the Monopoly power because of that, but it stops to
27:33
stops to work at stops to innovate.
27:35
And then it's open up, it's opened to Shropshire from, from
27:39
a Nimble team that can move faster.
27:42
And that's the, Thing right now that's happening, money, it's
27:46
happening at, it's happening to society in general, where you're
27:50
moving from these centralized power that powers to, to
27:54
decentralization, which is going to build more robust Frameworks,
28:01
going forward. So Jeff one and, you know, my
28:06
girlfriend, it's a Bitcoin or whatever.
28:08
But one of the things and this was such an astute comment,
28:11
right? Which is like Nico.
28:13
The incentives are better, everything's good.
28:16
Look, people are stupid and that was such a very powerful
28:18
comment. And why, why believe there was
28:20
such a powerful common and I connected the dots, right?
28:24
So Jeff. I've been educating people
28:26
Bitcoin, six years now and one of the patterns that I've picked
28:29
up is in developing World pitching Bitcoin developed
28:34
World. Pitching Bitcoin is a lot more
28:37
difficult than pitching Bitcoin in the developing world and
28:40
developing world. It's more of a necessity.
28:43
It's basically one of the best Alternatives and what I suspect
28:48
is happening is in the west, the bread and circuses are very
28:51
powerful the rails are developed enough and the inflation is ever
28:55
so slight. So people don't completely
28:58
understand that they're being stolen from versus developing
29:01
world. It's so it's so blatant right
29:03
that it's like yeah okay I'm gonna I'm definitely going to
29:06
try something else. Does that worry you at all that
29:09
Pete. So much people are still asleep
29:12
to the bro. Okin system and they seek
29:15
Solutions and politics. Right?
29:16
So the Democratic Party in the United States, blames the
29:18
Republican Party, the Republican Party brings a Democratic party
29:21
and everyone thinks it's the opposing party.
29:23
When in reality, it's the money printer.
29:25
The the system itself is broken but no one really understands
29:29
that they're asleep to it. The number one Monopoly is fail
29:37
from the, from the farthest away.
29:39
Typically, the people closest to Monopoly, win all your talking
29:42
about in Game of, in the Monopoly of money, is people and
29:48
US, Canada, Euro Europe. Japan are closer to the the
29:52
money printer then people in the, in the global South and and
29:57
typically, those people don't see Innovation or something that
30:01
disrupts the Monopoly is. This is as fast as other is
30:07
because the people farthest away or hurt more saying, but if you
30:12
run any single technology company and he's single
30:15
technology disruption. He was codec, for instance,
30:19
Kodak tried to protect their film business because that's
30:23
where they made majority, be the prophets.
30:26
And even though, Steve sodac invented, the digital camera,
30:29
went twice to his, to the executives to Try to say this is
30:35
the future product would was killed by the digital camera,
30:40
and as because the people farthest away, use it for a
30:43
first and that's what's, that's all that's happening here.
30:46
So, so if If us isn't smart about this, if people citizens
30:53
in the u.s. aren't smart about this, this is going to be the
30:56
greatest wealth transition or greatest wealth transfer ever in
31:00
history to from the global North to the global South because they
31:05
have more benefit. And we see that In ego death
31:09
Capital. We see some where these
31:11
companies that were funding or being founded and where these,
31:15
and what's happening all over the world.
31:17
So, so it's, it's Unstoppable. The question is, how fast people
31:24
understand? And, and the, I would go and you
31:28
go to, to kind of what you said, but because I don't know if
31:32
people are stupid. Yeah, I don't, I don't typically
31:35
it's easy to think that when you're when you're understand
31:40
both, you understand where we're going on the new system.
31:43
And with what you do with what I do, I have a front seat view of
31:48
what's coming. So I'm not measuring where we
31:51
are today. I'm measuring kind of the future
31:54
that's being built onto this and built under.
31:56
This is super powerful Network effect.
31:59
Now, remember where the definition of a network effect
32:03
or effect both on bitcoin is the pristine Bearer asset but also a
32:07
network of to Rimmed what's going to be built on top.
32:11
The definition of a network effect is every additional user
32:15
creates, more more, more value, for all users.
32:19
So it is clear that we have a network effect that's growing
32:23
and getting stronger on on bitcoin where every additional
32:27
users creating more values and that's literally Unstoppable.
32:30
What's cool about it is it's Unstoppable forever because of
32:34
the design of the system and we had a net Network effect on the
32:40
US dollar for a long time that did crew for each additional
32:45
user until the point where it had to be centralized in Stowe.
32:49
You start abusing money and now your credit.
32:52
Now it creates - Network effect where where it's actually by
32:58
using it. You're losing value.
33:00
So it's not it doesn't it's not a network effect anymore.
33:03
Still powerful for some time. It's not going to die tomorrow.
33:07
But But what one failing makes the other stronger and that
33:14
Network effect over time. We'll we'll just transition
33:18
systems, do you think? And and I just want to caveat,
33:21
right? It wasn't me.
33:22
That said that right? But her comment made me open my
33:26
eyes to a lot of things that I've been noticing, right?
33:29
So the bread and circuses comment about the developed
33:33
world, I loved your answer. What do you have to say about?
33:36
Do you believe, you know, we Describe this in the, in the, in
33:39
the Bitcoin Community, I know. Feta Mintz is an attempt to
33:42
solve this issue. Do you believe that people are
33:47
willing to take personal responsibility and actually self
33:51
custody their Bitcoin? Because if they Outsource that
33:54
to somebody else, I don't you could make the Gnar.
33:58
You can make the argument that that won't change.
34:00
I think the the change and I would love to hear your thoughts
34:03
on this. Jeff is going to come from
34:06
Millions upon Millions upon millions of Those taking their
34:09
wealth back into their own hands, right?
34:11
And I think that's Kate, that's possible.
34:14
You know Bitcoin made that possible and self custody made
34:17
that possible. What are your thoughts on that
34:19
job? I agree.
34:23
But I'd started even had a higher level.
34:26
I'd say the world we live in is a construct of an idea.
34:29
And if we believe that the global we we believe that
34:34
inflation is required for a productive economy and And we
34:39
can win in that in that system, we will continue to advocate for
34:44
that system and continue to build that build that system.
34:47
And that's the system we live in.
34:49
And if we, you me start spending more time in another system and
34:55
build value and another their system in Great Value.
34:58
Another system that on boards millions and then billions of
35:01
other people will live in that world and it's just a different
35:04
idea. And so it's all up to us.
35:08
Yes, it's a it's an interesting thing.
35:12
If you go back to that Network effect, I know people don't see
35:15
it yet and they're measuring Bitcoin is the bearer asset
35:18
without understanding the network effect on the second
35:22
layer at a mentor others on all the value to come.
35:26
So they're measuring it with a lack of what they thought it was
35:30
unable to see what it's turning into.
35:33
And so, On this transition or a whole bunch of people in that
35:37
transition. Yes, some are going to trust
35:39
because they always trusted a bank and they trusted a bank
35:43
that was destroying their value, their money and charging them
35:47
fees to be able to do so. But they trusted other people.
35:52
And this is such a huge from from that they have to trust
35:55
themselves. And, and then understand that
35:59
it, now I talked to a lot of these people every day and I
36:02
understand, Using you said earlier on how everybody comes
36:08
into Bitcoin from a different View and then something else
36:10
clicks and something else clicks.
36:12
And that's true for everybody. It's true for me, it's true for
36:15
you. It's true for everybody.
36:17
You talk to and so I'd is some people just haven't gone down
36:23
the rabbit. Hole is deep and they haven't
36:25
chosen to for me. I've chosen, I've gone down the
36:28
rabbit hole so deep I've chosen to spend the majority of my time
36:33
in this new system. And chosen not to spend my time
36:37
in the other system. But five years ago, I don't know
36:43
if I would have been ready times.
36:44
I didn't know this. It was still there.
36:47
I just didn't know it and so so but that's actually what I'm
36:50
talking about. The network of fact now that I
36:52
know it and I see that value, I'm one node your anode, we're
36:58
all nodes, and that's creating more and more value for every
37:01
new node and every new human being that starts.
37:04
To understand the system and how much value they can create it.
37:10
So Jeff, I want to change it up on this and here's something
37:16
that's REI. The must have been me.
37:18
So, Jeff, I want to ask you this, you're successful
37:22
entrepreneur, you led builddirect for two decades.
37:26
How do you think that experience would have been different under
37:30
a Bitcoin standard it, you could have made, you can make the
37:33
argument that it would have been easier.
37:35
Maybe is that safe to say? I don't know that one
37:39
specifically, I don't know. It was a that was trying to
37:44
build essentially an Amazon, a building supplies and I would
37:51
have probably built one of the things that is interesting in
37:56
that build is and I don't know if I knew this, when I started,
38:00
how much of the financial system that you're dealing with as
38:03
well? How much of it is an
38:07
entrepreneur? Wait, I have an idea and I can
38:09
create value for For other people and if I, if I create
38:12
value, then I win too. But you don't realize when
38:17
you're starting that business, how much of the meta level that
38:21
you're playing in? And if you didn't raise money in
38:24
the right time, then you're going to get killed by like
38:30
competitors who did and then that window closes because of
38:35
Nate, or something else, and you get wiped out on the other side.
38:39
So you didn't But I didn't realize the meta level that I
38:43
was playing in as well. Think you're just building a
38:46
business and you're thinking free market, it was anything.
38:50
But so the business is built-in, in the Bitcoin, ecosystem are
38:56
going to be different in this way.
38:59
It's going to be hard to build barriers to entry.
39:03
And that means you're going to have to continue to provide
39:05
value and that value because it because Typically what happens
39:11
in in ecology or anything that caught price Falls to its
39:15
marginal cost of production. So price falling into its
39:18
marginal cost of production. Let's say let's use Ai and if AI
39:22
is free, then prices of a lot of things will be free.
39:26
Same reason, your calculator app is free on your phone is because
39:29
there's, I'm sure there's not a lot of entrepreneurs that want
39:33
to create the next great calculator app because price
39:36
Falls to its marginal cost of production which means in A
39:39
Bitcoin said system where that price is all and you can't build
39:44
these giant mopes around your business, and your open up for
39:47
attack from all different Zone. Entrepreneurs, if you tried to
39:50
create moats around your business, Then then pull then
39:57
you're going to have to create more value somewhere else.
39:59
So so it's a very different system than the system where I
40:04
built that first technology company.
40:07
It almost sounds like you are basically taking away the
40:12
ability, not, you specifically, but Bitcoin or this new system
40:15
takes away the ability to successfully rent.
40:19
Seek is what I'm hearing. That's, that's exactly what it
40:22
does. You cannot.
40:24
Bitcoin rewards the value creators period.
40:29
So Phi as defined by other people, consume it at you.
40:33
Using that utilizing that value, this is fascinating.
40:37
So if you can go back in time, just start, let me just finish
40:40
that. Go ahead, go ahead because that
40:42
statement left alone will get have a whole bunch of people
40:46
scared to death as what do I do? Well, what ends up happening to
40:51
the rest of the things is price fall to zero and your life gets
40:55
cheaper and cheaper. So, in one in one system, you
40:58
have to work harder and harder to keep up with inflation rate.
41:01
That's maybe you're on a mouse wheel moving faster and faster.
41:04
And you probably most people even listening to, this can feel
41:07
that system that having me work harder and harder for the for
41:11
the money all the time. It never goes away so it
41:15
actually looks like modern-day slavery from as designed.
41:21
That way the other way, it works the exact opposite over time.
41:26
Your time becomes more valuable your the things dropped it.
41:31
It doesn't go to free tomorrow. Every single thing, it's a trend
41:35
towards free of everything, got you, and it's amazing.
41:40
So Jeff right? If again, hypothetical question
41:43
but I'm really interested. You can go back in time and you
41:48
you were given a choice, right? This magical land near like
41:51
Jeff. What system would you prefer to
41:53
build your business in and why what system would you choose?
41:59
That's obvious some and because that's what I'm doing with all
42:03
my time. Today I'm betting on the
42:06
builders, I'm spending the majority of my time in the
42:12
Bitcoin system, so that's an easy choice.
42:14
And so the benefit is you can create a whole bunch of value
42:18
for people. But But the value that you're
42:21
creating also lets the world win, and lets the world, he'll
42:25
because it is a system based on truth.
42:28
Hoping abundance. That's the trend.
42:30
That's where we're going. That's the, if we want to live
42:33
in that world. Then we each have the choice to
42:36
spend more of our time that system building that system.
42:41
So in this reminds me of this tweet that you made November
42:45
30th, it says quote, it is amazing to me how people could
42:48
fully realize the And they relied on for their well-being
42:51
was based on a hidden theft, but also concurrently believe that a
42:54
system like that could be based on integrity and I of course, I
42:59
didn't say, you know. So so nicely put like you said
43:03
it, but I said anyone who's defending government currencies
43:07
has Stockholm syndrome and to me it's fascinating is you're
43:10
attacking Bitcoin but what you don't really mean not you
43:13
specifically, but people don't realize what it is.
43:15
They're actually defending. Yeah, that that I have.
43:21
Hard time. And when I say, I understand how
43:26
hard that what we're talking about is for people to First
43:29
for, see it. But if you either if you get
43:33
through the first part, if the system is based on theft so
43:38
Lisbon, say most people will either have a have a push back
43:48
against that, but if they They can overcome that push, I can
43:51
actually realize that this is lying on is based on theft.
43:56
Then the second question really becomes Do you bury your head in
44:00
the sand and say that's okay. Somebody else has it.
44:04
Where do you do something about it?
44:06
And for the people in what I love about the bitcoiners is all
44:10
of those people are doing something about it, every single
44:13
one of them and and if you start doing something about it by just
44:19
accumulating Bitcoin, that might be a start and that might help.
44:23
But then you start to realize, wait, I could do more, I could
44:26
build this and I could create more value.
44:29
By doing more. Because because I'm in front of
44:33
the 99% of people that don't have to and I can build where
44:38
we're going from this. Absolutely.
44:41
And you speaking of this and it also reminded me of another
44:44
quote or tweet that you had said, if everyone who's out
44:47
protesting instead went and bought Bitcoin, it would all be
44:51
over very quickly. I would add to that and say and
44:55
if they took self custody of the reclaim my fresh, right?
44:59
So so could you explain why? Why would be over so quickly?
45:06
Yeah, because the the it would remove their power from the
45:09
state to manipulate money, the system would change faster,
45:12
we're dealing with a system that's 10,000 times, bigger that
45:15
worrying, that the things that were doing marching yelling at
45:21
Powell. Doing all of these things are
45:23
just making, or actually driving against Democrat ends.
45:28
Either side. Getting our person elected.
45:32
I'm a qualified a bit cleaner. But but that whole theater of
45:39
got politics today, everything within that system is so giving
45:45
more strength yelling at the system.
45:48
Turnt you yelling at people within the system now is just
45:55
driving that system stronger and stronger.
45:58
All the financialization of that system, I think 25 percent of
46:02
the economy is built on financial markets today.
46:06
The. And so it would be system were
46:10
25% of all financial markets. If I am, is essentially the
46:17
financialization of markets, it, that is the market.
46:22
And so, people are looking inside that system and giving
46:25
more power to Talking Heads within that system that it,
46:31
that, that all are making that systems drunk.
46:35
Are the faster they make the other system, the faster the
46:38
other system builds. Yeah.
46:42
And so it's interesting. And I said this to you earlier,
46:45
right? Is that a lot of bitcoiners they
46:47
come at it from different angles, and they reach, very
46:50
similar conclusions. And I, this point in the
46:53
conversation, I had Matt Hill, which is CEO of start9 on the
46:57
other day and the argument that he had to make because I told
47:00
him was like, like, man, like, I'm disheartened is people like
47:04
they just, you know, defending the doctor, the felling, the
47:06
thing that's stealing from them, and they would rather live in
47:09
that in that reality and he told me something, he's like Nico,
47:12
the reality is that this transition might take it
47:17
specifically said three generations to fully complete
47:21
and I don't know about you Jeff but I maybe it's a long time but
47:25
specifically in the west I see that as plausible maybe in the
47:29
developing world or you said the global South that's a completely
47:32
you know the the the most A Mystic case, right?
47:36
Is the case of Nigeria, right? Trying to roll out the CBD sees,
47:41
no and Bitcoins. Popularity is just it's just
47:44
blowing up, right? So that to me, it's like
47:47
incentives are winning over coercion there, but people
47:50
again, and we were talking about this earlier people in the west
47:53
seemed to be asleep. And then the argument that you
47:54
were making was that the people farther away from the
47:57
monopolies, are going to be the ones looking for a better
48:01
alternative first. Do you believe it's going to
48:03
take that long? Do you do?
48:05
What are your thoughts on that? I don't believe it'll take three
48:08
generations. I I also would qualify may be
48:11
wrong. There's a couple things that
48:13
could happen on the way through the here's what I would say is
48:18
probable case that I would say would happen on the way through
48:23
some countries will denominator in Bitcoin, some countries will
48:26
demand dominating fear over time more and more countries will to
48:30
nominate Bitcoin. And on top of that, More and
48:36
more are coming on top of Bitcoin.
48:37
And some of the companies that you're just beginning to using,
48:41
on top of pick one using the rails, you won't even know it'll
48:44
fade off in the background and that's going to wrap, provide
48:46
more and more value to that whole ecosystem.
48:51
It's to break other currencies. Currencies will have a choice to
48:56
end in. If you tried to create a CDC and
49:00
a fiat currency based CDC, Which that's what it would look like
49:05
outside of Bitcoin. Then that's what what would
49:07
happen over time, as you're going to be the real market rate
49:11
globally will turn into Bitcoin and that.
49:16
And if you tried to stop that in a country, and we're trying to
49:19
drive inflation because that system would allow the
49:23
productivity gains to be distributed society.
49:26
And if you tried to stop that in this in a country and and do the
49:30
opposite, it means your currency would fail faster.
49:34
And that cycle. So that could take.
49:38
Ten years is that Cycle One systems, providing deflation
49:42
ones and fighting against that and people start to see behind
49:46
the curtain faster and more and more people because Bitcoins and
49:51
open network more and more people just start moving over
49:54
which would make other currencies fail faster.
49:59
So that's what I would suspect is going to happen through this
50:03
and and along the way currencies might say like there.
50:07
There could really I know I'm not in Gold, do see it as as a
50:17
plausible try. I don't, I don't think a lower
50:20
probability, some people would give that probability a lot way
50:25
higher odds, but but you could reframed gold as well.
50:34
Now to do that, you'd have to say Okay ciao.
50:37
China Russia and Germany and and and the u.s. get together and
50:42
say Here's what we're going to do and to Gold.
50:46
I suspect that's not going to happen in this environment and I
50:50
suspect what's going to happen. In fact, the high think a higher
50:53
probability is a u.s. goes into Bitcoin earlier.
50:58
Mmm why do you think that is? Jeff because it's their only way
51:02
to stop the it's the only way to stop China from Gaining that
51:06
power. Okay.
51:10
This is very fascinating. So Jeff, another thing that I've
51:14
ran into during my rabbit hole journey of last six months
51:18
really is, there is whole swaths of the population that really do
51:24
believe in wealth redistribution, right?
51:28
And if you put the taxation argument aside, a lot of people
51:32
feel very passionate about that. So I'm not going to get into
51:33
that but the because it's not the reality is a lot of these
51:38
things that they promise. Can't be paid for with tax
51:41
revenue alone. It's paid a lot of it as paid
51:44
for, I would say, a very big majority of it is paid for by
51:48
deficit spending money printing, right?
51:51
And you can make the argument that printing money is a form of
51:55
wealth redistribution, right? It's just, I think a lot of
51:57
people do, here's an eighteen. Hundred dollar stimmy check.
52:00
A lot of people don't like think about the consequences of being
52:05
able to provide that to so many people in the public.
52:08
Yeah, it's just insane. So if that incentive comes from
52:11
theft and that theft makes some people poorer and some people
52:15
richer that that short term incentive most people, so the
52:19
same people that are getting most hurt by this.
52:23
What would they naturally do? So they would vote for a
52:27
government who is going to give them more free, money unaware.
52:30
That free money is coming from their own pockets and making
52:33
them poor or removing their individually.
52:35
The end of that removing their individual rights and freedoms
52:39
while along the way is that's where it's it's coming from but
52:47
it's why socialism arises is why socialism get stronger and
52:50
stronger. People are hurting and they
52:52
can't those people won't investigate when you're in pain
52:58
when you're living your life in fear, you tip really can't
53:03
invent. You trying to in a pay, you're
53:05
trying to run from the light lying.
53:07
You're not try you, you're not hiring.
53:09
Order thinking and what is the system?
53:11
Look like you're trying to feed your family and in in that
53:16
environment where fear is dominant, if you look at media
53:22
today, if you look at government today, if you look at fear is
53:24
dominant and and society and its just dominant in society because
53:29
a way to keep people in Peru, Perpetual fear is they'll vote
53:33
for you. So, and that's something else
53:39
that I've really ran into down. The rabbit hole is, is Bitcoin
53:45
even compatible with that philosophy.
53:48
I do not think it is right. I think it's an individual, it's
53:52
an individual thing, and it makes it very difficult to
53:56
implement that type of system. Even with just the incentives
53:59
provided by Bitcoin alone. And then right, you can make the
54:04
argument that at, in some, in a way, it is, the natural enemy of
54:09
that system. And if you look at what the
54:12
Chinese Communist party and their outlook on bitcoin, right,
54:16
it it's already happening, right?
54:18
They see the writing's on the wall is what I'm trying to say.
54:23
So that system and again that's where you'd have just say if a
54:28
system was ten thousand times bigger than Bitcoin and
54:31
everything in that system was going to go away.
54:35
All of the Power broke person that system lot of power that
54:39
they had from a new system. Would it be easier to tell
54:46
yourself a lie that said? And it has to be me.
54:51
I'm the one helping these people.
54:53
Those poor poor people, the bottom without me here, they
54:57
wouldn't be helped. I'm the, I'm the Savior.
54:59
I'm the hero and it's easy. I think there's a lot of people
55:02
in that existing system that actually believe that.
55:05
That's true and and they believe it because they get so much
55:10
feedback, positive response feedback or love from their base
55:13
that tells them that without you, I would be lost.
55:17
But it is Will based on a lie, it's based on the entire thing
55:20
is, based on the theft and in that system, you'll have a whole
55:23
bunch more people feeding back into that system, to be able to
55:27
rise to the top of broken broken system.
55:30
Bitcoin is exactly it redistributes, it read.
55:35
Tribute? Well through they and and and if
55:38
you don't provide value in that system, prices still fall for
55:44
me. Fall everywhere for you.
55:46
Yeah I'm the so so so you have she and redistribution of wealth
55:53
to the value creators versus the rent.
55:55
Seekers. I completely agree.
55:58
But I don't think they'll see it that way.
56:01
Here's the, here's the thing it doesn't matter.
56:04
It actually. Makes no difference.
56:06
This transition is going to happen.
56:07
Anyway, will not live in the system, we live in because the
56:10
system we live in, if you actually just played it to its
56:14
its finality if we didn't go to war before but we would.
56:19
So the system we live in will destroy our world because we'll
56:22
go to war before if we didn't go to war.
56:25
Pick the person sitting on top of AI and Robotics pick the face
56:30
that you want to control all of society.
56:33
To make all rules for society because that's the way that
56:37
system looks. The one person not the whole
56:41
bunch of people around that person.
56:43
That pick the one person. You want to contribute?
56:45
Consolidate? All, all of the productive
56:49
capacity of the world into who makes the decisions for
56:53
everybody else. That's what the society looks
56:55
like, because because technology will not stop now.
57:03
So, That is the choice. And because that's the choice
57:07
people are eventually going to get this, right?
57:10
It's going to get a lot worse for people in depending on where
57:13
they are in the world, but they're going to get us and
57:16
they're going to get that. We have two separate money and
57:20
State. So you just said something very
57:24
powerful Jeff, and I'm going to, I'm going to, I'm going to
57:27
translate it into Nico, right? You just said that Bitcoin saved
57:32
Humanity From Slavery, that essentially, that's, that's what
57:36
it does. That's what it does, it a lot
57:39
and when you when you just said that, I feel like I've been
57:44
saying the same thing forever, but sometimes when I say it's
57:47
somebody else has the but but yes that's exactly what it does.
57:52
Because the our ideas are the society we live in.
57:59
So when we all have all of those differentiating ideas compete
58:03
and we create more value and then we create more value, that
58:06
that, that competition, it destroys old monopolies.
58:10
Yes, but that competition of value in a free market is, is
58:17
our living standards. It is one in the same, the value
58:22
that Create is our is our living standards.
58:25
So if you're going to rob that value created great created,
58:29
which is deflation Airy, you're going to steal that and transfer
58:33
it to a smaller and smaller group of people who decide the
58:36
rules for everybody else. Then that's what Society is
58:40
going to look like. It's going to look like a very
58:43
small one. Eventually person sitting on top
58:46
of AI system. That tells everybody in the
58:50
world how much they can. Eat what they can do with what
58:54
their world looks like. I suspect there's no chance
58:58
human beings will go along with that system is.
59:02
So it's just an it's inevitable, it's just a matter of time.
59:05
It's just how fast, who understands, how fast, what do
59:11
they do about it? How much time are they spend
59:14
building the new system? So do you believe that?
59:18
Do you believe in the theory presented in?
59:21
You know, one of the Of the most famous books for Bitcoin is
59:24
right? The sovereign individual do you
59:25
believe in the case of we're going to see the death of
59:29
politic, not the debt that can the the death of the importance
59:33
of politics better said. Yeah.
59:36
So that's the that's eventually. What's going to happen is
59:40
there's going to be a Resurgence of re-emergence of Truth in
59:43
politics around the system. And right now, you can see If
59:49
Bitcoin isn't a isn't in this election or in upcoming 11 that
59:58
where it's a, it's a Swing Vote. Where if you're not a bit
1:00:02
cleaner, you won't get elected. It's coming soon.
1:00:05
That's going to come in a lot of different regions in the world
1:00:09
and so and what I said before is done, you're going to be
1:00:15
electing governments that are telling you the truth.
1:00:18
Just a natural. That is so unbelievable at this
1:00:23
moment, but I completely agree. I think the the voter base is
1:00:29
going to be so big that you're not, and you already starting to
1:00:32
see this. You're starting to see big
1:00:34
politicians that are running on the Bitcoin platform already.
1:00:38
This is already happening. It's already happening and it
1:00:41
that'll just accelerate The ends remember this transition could
1:00:45
is going to take some time and there's going to be a lot of a
1:00:51
lot of things that are being thrown against this, but just
1:00:54
for bitcoiners you would have to assume it is for something to
1:00:59
withstand where we they Tick Tock.
1:01:02
Next book is just protocol, going nothing stopping.
1:01:05
If you look at it adoption rates of people not price, adoption
1:01:09
rates of people, business is being built to it.
1:01:12
What's happening? It's exploding.
1:01:14
How do you look at the system and then realizing system?
1:01:18
That's 10,000 times bigger would have to do everything at their
1:01:23
everything possible to try to kill it.
1:01:25
And it keeps on getting stronger and stronger and stronger with
1:01:29
more decentralized today, more secure today.
1:01:31
More people growing exponentially provided on a
1:01:35
network effect. That's providing more and more
1:01:37
value. Yes, not everybody can see that
1:01:39
value yet? Because all those companies
1:01:42
aren't for me. Armed yet.
1:01:43
So it's still, it's still early, but that that value build, I
1:01:49
cannot believe if you see it, if you're inside it, you can't
1:01:53
believe. I can't believe that I get to
1:01:55
spend that much time inside it, and instead of an existing world
1:02:00
because I cannot try to, I cannot figure out how to create
1:02:04
that type of value in the existing system.
1:02:08
So this new, you know, this new Brave New World that we're
1:02:14
heading into Jeff, is it going to be is the power structure
1:02:19
going to be based on Merit rather than I don't know what
1:02:25
else? But I don't know what it's based
1:02:27
on today. Yeah.
1:02:28
So we have a lot of biases. Human beings have so many
1:02:31
different biases that we take shortcuts to.
1:02:35
So we don't have to work. So biases are a lot of short
1:02:40
expert bias where we trust an expert or we have biases.
1:02:44
Where we somebody has more money will defer to their bias or
1:02:50
authority bias. And so on says, we have to work
1:02:52
through and those biases in the existing system might have
1:02:56
protected Us in the existing City and existing system and in
1:03:00
the new system, a lot of those biases, you're going to have to
1:03:03
remove those biases because it does come down to value.
1:03:07
You could Great Value wherever you are.
1:03:10
It's a global equalizer. Um, you know, have think about
1:03:14
some of the other things that are happening to cities had to
1:03:17
be centralized. In is a centralized you have to
1:03:20
run central power to cities to be able to have enough power for
1:03:27
the city. So you let me in your energy
1:03:29
systems had to be centralized and your your communication
1:03:33
systems and then those cities outperform, those bigger cities
1:03:37
Armed smaller regions because they had more humans connected
1:03:42
trying new things. So they out performed today, you
1:03:46
could get a starlink, you could have energy anywhere you could
1:03:50
because Bitcoin is chasing chasing decentralized energy.
1:03:54
You can you can now start to decentralize that and you can
1:03:57
tie into the global talent pool from anywhere in the world and
1:04:02
work at a Bitcoin company or any, for a technology company
1:04:05
from anywhere. And so, The company look for
1:04:08
they would hire the best person anywhere in the world, and it
1:04:12
doesn't matter where you are anymore.
1:04:14
And so you could get, you don't need the city and all of the
1:04:17
centralized offerings of the city, to be able to, to plug in
1:04:23
the global talent pool provide provide value.
1:04:27
But that change makes a whole bunch of other changes naturally
1:04:31
happen. We're early in that change but
1:04:34
it's that, that that's part of this change that's happening.
1:04:37
It would, it would lower wages in some countries and it would
1:04:41
raise wages Another Country. Bingo, so you have Bitcoin,
1:04:45
which is a neutral Reserve currency, which, which will
1:04:50
naturally do that over time. Yeah.
1:04:54
Well Jeff, I really enjoyed this.
1:04:56
Thank you so much for taking the time to speak with me today.
1:05:02
What are some things that you're working on nowadays?
1:05:07
I know. Why don't you talk a little bit
1:05:08
about ego death Capital? That's getting a lot of my time
1:05:13
and it's getting a lot of my time because I'm enjoying it so
1:05:16
much, so it's just we've made for Investments now going to
1:05:22
make a bunch more, but I think we've we've seen over 300
1:05:27
companies. Now maybe 350 companies and in
1:05:31
the space on a lot of them and just super, we can't say yes to
1:05:36
everything. Obviously and we'll say no to
1:05:40
things that that will also win. We just have to.
1:05:45
So it's not it's not a just freaking necessity that because
1:05:49
an entrepreneur has an idea and you go death doesn't investment
1:05:52
that is not going to win so we'll be wrong on things as well
1:05:56
but but I cannot believe how how exciting it is.
1:06:02
I can't some of this, I could be careful how much I say but I'd
1:06:06
like to Go beyond what's coming out on fed amend or fetty and
1:06:13
it's it's a you just going to be very, very exciting.
1:06:18
Lots of these lots of these companies that are that were
1:06:22
benches. Really excited about what's
1:06:25
happening? It's absolutely awesome.
1:06:27
Can I ask you about the name? Why did you name it ego?
1:06:29
Death Capital. The truth is that wasn't even me
1:06:33
who came up with a name? Nico and Nicolas came up with
1:06:38
the name and it just it was perfect.
1:06:41
If it fits I find it really interesting that name and
1:06:47
specifically what you know what it does.
1:06:50
Anyways, I really enjoyed this Jeff.
1:06:53
Thank you so much for joining me on simply Bitcoin IRL guys.
1:06:57
The live show will be back tomorrow 12:15 p.m.
1:06:59
Eastern Standard Time. And of course I'll put all of
1:07:02
Jeff's info in the video description.
1:07:04
Love you all. I'll see you.
1:07:06
I'll see you tomorrow. Thanks.
1:07:04
Love you all. I'll see you.
1:07:06
I'll see you tomorrow. Thanks.