Latest / Simply Bitcoin / Jeff Ross Bullish Bitcoin Update - Simply Bitcoin IRL

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Jeff Ross Bullish Bitcoin Update - Simply Bitcoin IRL · Simply Bitcoin

• 0:01
  Yo, we're going to Simply Bitcoin IRL I, when I started
• 0:06
  when I hold, when I started making Bitcoin content, I
• 0:09
  originally started with just doing interviews and it was a
• 0:14
  lot of fun. And I stopped that for a while.
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  Just to just to focus on the show.
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  And I started doing panels of which Jeff was a part of a
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  couple of them or the the first one that I did and I enjoyed it
• 0:28
  so much. I'm like, why not?
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  Stop doing interviews. So, I'm bringing that back and
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  my first guest to do that with is V.
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  Legendary, the one and only dr. Jeff Ross, how you doing?
• 0:41
  Yeah, doing awesome, Nico. How you doing?
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  I'm good man, pretty tired, another day doing shows back to
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  back. Even though it's been a whole
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  lot of fun and I've seen, you've been quite quite active on
• 0:55
  Twitter. I am causing trouble, you know,
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  just getting out there getting the word out, gives me something
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  to do. So doc, I don't think we've ever
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  sat down, you know, we've always liked had conversations
• 1:10
  basically on the show or you know, on the panel.
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  So it's a little bit more, you know, rehearse to have to
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  prepare except for extension, but I never got to know what
• 1:18
  your Bitcoin Journey was like. I know that you're a doctor, you
• 1:22
  retired, you had your hedge fund.
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  So if you can give us a quick synopsis.
• 1:29
  Sure sure. I like telling it because
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  there's a lot to learn from it. I made a lot of You've been
• 1:33
  mistake so I, you know, like to get into it.
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  So I first got into Bitcoin, probably twenty fifteen, maybe
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  twenty sixteen somewhere in there.
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  So, back at back in the day, I was a pretty wealthy doctor and
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  I, you know, and I was paying attention to lots of different
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  markets. I've always been kind of in a
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  macro different asset classes, so stocks bonds.
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  Commodities currencies, real estate and then and then Along
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  Comes Bitcoin and all of the offshoots of Bitcoin, the crypto
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  world. So like most people and I still
• 2:02
  see people doing this a lot. A lot today.
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  First first, you get into Bitcoin, right?
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  And then you see the shiny objects over there.
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  And you see, like, wow, I make a nice returns, but look at what
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  those people over in crypto land are making.
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  And so I got sucked into all this other stuff, right?
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  So you know, Litecoin Bitcoin cash all this other stuff.
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  And I like to always first of all to to disclaimers one.
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  I didn't do any of this with my veil Shire accounts or else our
• 2:28
  clients. This was just me on my own.
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  So I like to say that. So I wasn't stupid with my
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  client. I need this.
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  Me experimenting. I'm out too.
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  This is before Bitcoin Twitter before I had any sort of
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  Education or Community regarding Bitcoin.
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  And so back then, I didn't know who is going to win the the the
• 2:48
  block size War, basically, you know?
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  So there's a big argument going on like hey, you know, should we
• 2:54
  increase the block size Baba? And I don't have to rehash all
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  this stuff. I didn't know who is going to
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  win personally. So I was of the opinion as an
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  additional Sir like hey, I'm just going to own a basket of
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  these things. I own you know some Bitcoin I
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  own some etherium. I own some of lots and lots of
• 3:09
  other altcoins back in the day. I had no idea what was going to
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  win. I thought it was all kind of
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  cool. Didn't really understand any of
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  it, that's how I was. But the funny thing was then
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  versus how it is today back then everything was paired with
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  Bitcoin. So if you wanted to buy, say
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  etherium or you wanted to buy Litecoin or you wanted to buy
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  Bitcoin cash or Monero or whatever you had that literally
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  sell your Bitcoin to buy these. Other things.
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  So usually I would you know take cash buy Bitcoin with it then
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  take Bitcoin and buy these other things with it.
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  So long story short, this is all kind of 2015 2016, 2017.
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  We had that massive run up that everybody knows who you know,
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  who paid any attention to the Space, by the end of that run,
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  kind of in the second half of 2017, I had sold all of my
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  Bitcoin for all of these other altcoins.
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  And so, then comes 2018 and the Crash happens.
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  And as we all know it, Was crazy, right?
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  It was terrible. Most of the altcoins that I own
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  dropped 90 to 99 percent from their highs.
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  And kicker number two, was, I had a huge tax.
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  Bill for the trades, I had made in 2017.
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  And now, my net worth had known from here down to here.
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  Because of that, at least my crypto related, net worth that
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  was two and three. And most importantly, I was
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  literally left with no Bitcoin had sold all my Bitcoins at zero
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  Bitcoin, a bunch of altcoins at had 92, 99 percent and third
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  kick in the butt. I paid a huge amount of taxes.
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  Okay, so that was a really good lesson learned, for me.
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  That was 2018. I kind of just forgot about the
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  space for several months after that late. 2018, early 2019, I
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  finally started studying Bitcoin.
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  I'm like, you know what, this is different.
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  There's something about this. And, you know, we had these
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  these blockchain wars Bitcoin seems to be winning because it
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  keeps kind of taking market share from the other.
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  Her imitators. And by the way, most crypto are
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  not imitators of Bitcoin, they don't have anything relevant to
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  do with Bitcoin. The things that do have that we
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  should be comparing Bitcoin to at least in the crypto, space
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  are the knock off. So the litecoins, the manero's,
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  the Bitcoin cash, those kind of things, those proof-of-work,
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  commodity money, things that basically who's going to win in
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  the market will decide who's going to win.
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  I think, by now it's clear to basically anybody except those
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  people who are very biased. Because they're heavily invested
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  in these other things, Bitcoin has clearly won, it just, it is
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  the money. It's the it's the magic internet
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  money. It's where where the society is
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  going forward with in the future.
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  All of the rest of crypto is totally separate from that has
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  nothing to do with sound money, okay?
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  So that's so, that's where we are.
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  Went down the rabbit hole, early, 2019, read, Sefa Dean's,
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  book. That's what finally, like push
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  me way over the edge. Okay, so now I like I get it.
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  I get that Bitcoin is like the Apex money for Humanity, you
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  know, everything that gold. Was gold did a commendable job
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  at being a stable store of value for several thousands of years
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  in the analog age. But now we're in the digital
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  age, why is that relevant? Because we couldn't create a
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  more perfect money until we got into the digital age.
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  So, you know, there's the analogy that Bitcoin is like
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  digital gold. It's way better than gold.
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  It's it's 10x 100x better than gold and many ways.
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  We don't really have to get into that but the properties of money
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  Bitcoin just excels in every one of those things.
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  The only thing it doesn't have yet is a really long history.
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  But we're working on that, right?
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  So since 2009 were 13 years into it, it's going to be with us for
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  a very very very long time long after I'm dead.
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  Bitcoin will still be around so that's my story.
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  That's how I got into Bitcoin. It took me a long time.
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  I like to say I was the class of 2016 but I got held back to 2019
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  because I was stupid and I think a lot of people share that
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  story. So that's kind of why I like
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  talking to people when I see people who start in Bitcoin and
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  then diverted down to To the crypto world, I shake my head, I
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  plead with them. I'm like please please, please
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  don't do this and then I'll say something like, you know what
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  you can, it's a free country. If you want to speculate in that
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  other garbage, go for it you know whatever garbage you want
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  to speculate and that's awesome. But please please, please save
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  and Bitcoin because if you don't save in Bitcoin you're
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  eventually going to get wrecked in.
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  You're really going to regret it.
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  I think not owning Bitcoin is the biggest opportunity cost of
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  the literally, not just our lifetimes, but like of all of
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  humanity, like there's never been a more critical.
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  Financial error than not owning Bitcoin for the long run.
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  So that's my story. It's kind of embarrassing, but
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  it gives me a real heart for people that I see kind of stuck
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  over and crypto land. They're going to get wrecked at
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  some point. You know, I'm always begging
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  them and then I hope that they remember when they get wrecked
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  that they're like, oh, yeah, dr. Jeff said I should have saved in
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  Bitcoin, and I should have taken his advice because, you know,
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  Celsius went down, and, you know, Tara Luna went down.
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  And our Voyager went down and I lost everything or most of
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  everything. Dang, you know, so lesson
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  learned. Earned time to pull up your
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  bootstraps, get up and get back into Bitcoin and start
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  understanding why this is literally changes the world
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  technology. Crypto has nothing to do with
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  it. It's just a completely
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  different. All it is is it's just it's
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  literally Venture Capital that's awkwardly.
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  Glued to a blockchain and it focused on an exit strategy with
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  a good marketing team. That's what crypto is Bitcoin.
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  Has changed the world technology.
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  That's why I've kind of devoted the rest of you know my career
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  to bitcoin itself. And you know it gives me
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  something to talk about on Twitter It gives me something to
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  talk about during these conversations, so that's my
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  story man. Now it's crazy, dr.
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  Ross, we are from the same year, 2016, is that right?
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  Yeah, fascinating, are you smarter than me, though?
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  They are. Did you do the same kind of
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  stupid stuff? I did.
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  It's not that I was smarter than you.
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  It's that I got into Bitcoin through mining.
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  So I always had a deeper appreciation for the
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  infrastructure and I always knew that old coins did not compare
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  because I wasn't looking at it from The way that most people
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  look at it, they get into Bitcoin.
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  They're like this thing. Slow, this thing doesn't have
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  this functionality. That doesn't mean I didn't
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  dabble and shit coins. I got totally wrecked in 2018
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  but I still had the majority of my portfolio at the time.
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  You know, possessed e-portfolios and we are right nowadays but
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  you know back then that's the type of thinking that you had I
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  was I was luckily spared because of that somewhat but again it's
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  not because I'm a genius. Not because whatever I just I if
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  you mine Bitcoin you understand the infrastructure behind it.
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  But I also got very terrified because there was a point during
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  the four cores that artificially.
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  They were able to raise the. It was all they were burnt.
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  They're literally lighting money on fire but they were able to
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  surpass the Bitcoin hash rate two or three times and I'm
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  looking at that and I'm like, holy crap.
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  Crap, they're going to win, you know?
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  Because at the end of the day, what is the hash rate represent?
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  Their hash rate represents the amount of computational power
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  you know backing the network and you could make the argument that
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  theoretically that's how that's the that's the.
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  If you want to Brute Force you want to rewrite the chain.
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  That's what the hash rate represents.
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  So it's like that's the value proposition.
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  That's the way that I'm looking at it and there was two or three
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  times of the Bitcoin cash has rights to press that and I'm
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  looking I'm like, holy crap, they're doing it and that was
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  really terrifying. So, but there is another thing
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  that you said there was, I found fascinating and I think we're
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  watching not only a country do this.
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  I'm talking about nine buchelli in El Salvador, but we're also
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  watching Michael sailor and or this as well.
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  And it's something that we say many times on the show, Bitcoin
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  spares, no one. Everyone has to pay a price of
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  tuition, even if you are, you know, the president of a country
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  or your Michael sailor and just watching Michael Sailors,
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  specifically DJ Jen into Bitcoin.
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  We all did the difference is that we don't have, you know,
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  billions of dollars in purchasing power and I find that
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  fascinating. And if you compare that to the
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  old system, right? Michael sailor would have gotten
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  special treatment, he would have got in a special price, same as
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  name, bouquet lie, and now I'm Bitcoin, everyone's equal and
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  I've really, really find that fascinating.
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  Yeah, and that's what's awesome about it, right?
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  But it takes a while to figure all of this stuff out.
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  So kudos to you for figuring out sooner than I did.
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  But, you know, by the way, just one last tangent on this.
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  This is why one of my pet peeves is when I hear bitcoiners
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  getting into the Trap of comparing Bitcoin to aetherium
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  or talking about even Bitcoin dominance and no offense.
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  If you do I just think Bitcoin has nothing to do with crypto,
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  right? Like again it's all about better
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  money for the world. So so it's we're challenging the
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  Fiat currency system challenging gold.
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  Maybe even you could say challenging these other split
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  offs that the hard Forks, the Bitcoin cash and all these
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  other, you know, like coins and things like that.
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  Bitcoin is clearly going to win that race.
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  And I think the talking about the other altcoin world, crypto
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  world has nothing to do with Bitcoin.
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  So I just think it's kind of a waste of time.
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  I like to focus like kind of head down build on bitcoin
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  educate people about Bitcoin and move ahead and and we're going
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  to win in the end. Like I have no doubt about that.
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  So anyways. That's how I feel about that
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  100%. So I'm going to Pivot here a
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  little bit and we're going to talk about why all you guys came
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  to, you know, see dr. Dr. Ross and that is, let's talk
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  a little bit about the economy. What's going on the recent CPI
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  numbers inflation, all of that. And let me pull this up because
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  this is a pretty scary stuff. This was the recent CPI
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  announcement, right? Of course, we all know they've
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  rigged it as much as humanly possible, but it's still that
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  bad that Rose point, one percent compared to August that led to a
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  crash in the markets, one of the big, I think it was the biggest
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  crash since the 2020s as the start of the pandemic, right?
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  But here's something that people missed, right?
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  The food category is specifically 11.4%.
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  I looked it up that is the highest since 1979, right?
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  And here's a couple, Nico did his research today because he
• 13:24
  had the doc coming on. Here is the Bank of America
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  Global fund manager strategy and basically what they do is that
• 13:32
  they interview a couple hundred panelists and those panelists
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  are fund managers and they have hundreds of billions of dollars
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  under men management. I looked it up it says a little
• 13:43
  shy of a trillion right? And take a look at what their
• 13:47
  expectations are. This is profit expectations and
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  this goes back all the way to 1997 and here's 2022.
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  This is the lowest it's ever been.
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  But also check out this chart as well.
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  This is a small business earnings, right?
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  This comes from wrote it down here.
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  The no I didn't, I must have deleted.
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  Oh, here it is. The natural Federal Federation
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  of Independent businesses. Small businesses are the beating
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  hearts of the US economy. Even Nico knew that and take a
• 14:19
  look at this, right? This looks catastrophic.
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  So I don't know what Jim Cramer's smoking, dr.
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  Ross but this looks bad man. This looks it looks like we're
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  looking down into an abyss like this looks like and you say this
• 14:38
  yourself and your tweets, this is definitely a recession Yeah,
• 14:44
  that's that's a great lead into you know, most people who pay
• 14:48
  attention to the the stuff I tweet and what I talk about.
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  Usually I've been there since January and so people are
• 14:55
  getting sick of hearing me. They call me dr.
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  Bear, I get it. It's you know and which hard for
• 14:59
  me? I got to tell you guys it's hard
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  for me that you call me that because I'm actually an optimist
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  at heart. I just I just look at the data
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  and I'm like, it is so terrible out there and it's I've been
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  there since January. I am much more bearish than I
• 15:12
  was in January. Right now.
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  So it's getting worse. It's not getting better.
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  And we still have a long ways to go.
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  In fact, before this this show, I just tweeted out looking at
• 15:21
  the 10 - 2 treasury yield. So the yield curve inversion and
• 15:25
  then looked also at the three the 10-year - the three-month
• 15:29
  curve which hasn't yet inverted. Why do I look at that?
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  Because that usually happens a little bit later than the 10 - 2
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  year curve inverts. And that's usually a little
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  closer to when we actually have a serious recession.
• 15:42
  So I still think we're And of in the early days of recession
• 15:45
  right now and unfortunately, there's much worse to come.
• 15:48
  So things look very ugly out there.
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  Small businesses, know it, large businesses know, it all
• 15:53
  businesses, know it, why? Because what they're doing is
• 15:55
  they're, they're hiring, they're putting freezes on their hiring
• 15:59
  and they're also, you know, letting go of people.
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  Amazon already. Let go of, I think of 100,000
• 16:04
  employees already that was, that's kind of old news now, but
• 16:06
  but major businesses are feeling the crunch right now and it's
• 16:10
  going to get worse so that the FED Jerome.
• 16:13
  Keeps talking about how you know what employment is still strong.
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  And we need unemployment to rise in order to destroy Adam and
• 16:20
  blah, blah blah. And you know what?
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  He's going to get his wish. It's going to get worse and the
• 16:24
  downside of that and this is what makes me really mad is.
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  This means real people, Real Americans are going to be losing
• 16:30
  their jobs, are going to be getting kicked out of their work
• 16:32
  on their, you know, on their butts onto the street and
• 16:35
  they're gonna be like, sorry, you know, because of this demand
• 16:38
  destruction. We don't have the business that
• 16:40
  we thought we were going to have.
• 16:41
  We need to fire you. And And that's going to be
• 16:44
  really rough for people. And the unfortunate thing of
• 16:47
  this is, it affects the people who are already really
• 16:50
  struggling. So people kind of in the lower
• 16:52
  echelons of the economic spectrum, they already can't
• 16:55
  afford gas and groceries try afford a gas and groceries when
• 16:58
  you're fired too and you don't have any income coming in.
• 17:01
  So it's going to get much worse. And I also like to tell people
• 17:05
  that, you know, we haven't had a serious recession since way back
• 17:08
  in 2007 to 2009. And then before that it was
• 17:11
  the.com crash. The ones we've had since then
• 17:14
  these little minor blips like in 2015 there's a little blip late
• 17:17
  2018, there is a little blip. We had the blip of March of 2020
• 17:21
  with a covid deal. That was a v-shaped recovery.
• 17:24
  It came and went really quickly. That is not how this one is
• 17:27
  going to go. This is going to be like a
• 17:28
  traditional recession. Possibly much worse than
• 17:32
  anything. We've experienced though.
• 17:33
  Where we may be talking about these terrible economic
• 17:36
  conditions a year from now, this may still be going on a year
• 17:39
  from now and we may not have bottomed in the stock market yet
• 17:42
  and risk assets as if At that point.
• 17:45
  So I just kind of tell people like buckle up be smart.
• 17:48
  Like there are strategies you can do as an investor, if you
• 17:51
  have a Fiat job, whatever you're doing for work and you're
• 17:54
  actually getting paid, don't quit your job.
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  Like, this is not the time to quit because you're going to
• 17:58
  have a really hard time getting another job.
• 18:00
  So the economic data looks terrible, the bond yields that I
• 18:03
  look at the treasury market, they're all signaling that the
• 18:06
  worst trouble is still ahead of us.
• 18:09
  We are going to see Sovereign Nations, literally default on
• 18:12
  their debt more. And we normally do and we're
• 18:15
  going to, I think my prediction is before, this is over, we're
• 18:18
  going to see countries, leave the European Union.
• 18:20
  So European nations are going to actually leave the political
• 18:24
  union because they just are, they're either going to get
• 18:26
  kicked out, or they're going to leave, because there's no way
• 18:28
  they can afford their debt with Rising rates.
• 18:32
  I look at the pigs. So Portugal.
• 18:34
  Italy, Greece, Spain. They're the ones that are
• 18:38
  struggling the most keep an eye on those especially Greece and
• 18:40
  Italy. They may be kind of the first to
• 18:43
  have have serious problems and Emerging Markets.
• 18:47
  I like to touch on those to a lot of Emerging Market
• 18:50
  countries. So these are countries that have
• 18:52
  a lot of US debt. They rely on the IMF to give
• 18:54
  them money, which is u.s. denominated debt.
• 18:57
  Now, think about their situation.
• 18:59
  It's bad here in America. Think about their countries,
• 19:02
  they're heading into recession. They're having a Kana me weaker
• 19:04
  already than the United States. They have debt that's
• 19:07
  denominated in u.s. dollars. So their currencies are locally
• 19:11
  getting weaker and weaker. US dollar, which is getting
• 19:14
  stronger and stronger. They have to pay back that debt
• 19:17
  in dollars way up here. So they're the value of their
• 19:19
  currency is way down here. They have to make up extra, they
• 19:23
  have to contribute extra currency to pay back.
• 19:25
  This dollar-denominated debt, but at the same time, they're
• 19:28
  heading into a recession. These countries are going to get
• 19:31
  decimated. Their, we're going to actually
• 19:32
  see the end of some Fiat currencies and probably more
• 19:35
  than we're used to seeing. So I'm just kind of waiting for
• 19:38
  this big tidal wave of defaults to happen on a sovereign level,
• 19:42
  which is incredible to think. About also corporate level.
• 19:44
  Lots of there are lots of zombie companies.
• 19:47
  Zombie companies are those that they can't even afford to pay
• 19:50
  their debt right now. And they've been relying on
• 19:52
  rolling over their debt rolling over their debt.
• 19:54
  During the good times, when interest rates were low as
• 19:56
  interest rates, rise and Banks, start to clamp down and and go
• 20:00
  into self-preservation mode. They're not going to give more
• 20:03
  debt. They're not going to borrow to
• 20:04
  these companies anymore. Those companies are going to go,
• 20:08
  they're going to default, they're going to go belly up and
• 20:10
  go bankrupt, and we have a lot of that coming.
• 20:13
  In the coming months and quarters and I hate to be the
• 20:16
  bearer of bad news but it's going to get much worse before
• 20:18
  it gets better. Wow, I can't explain it that
• 20:23
  well but yes, I agree, you know, based on what I'm seeing as
• 20:27
  well. Now what Jeff, what worries me
• 20:30
  though is the disconnect between the political establishment and
• 20:36
  the the economic reality, right? It's like what they're doing is
• 20:41
  nonsensical again, guys, you know, that we are, you know,
• 20:44
  we're super politically neutral on this show.
• 20:47
  We believe that both political parties do the same thing when
• 20:49
  they get. Power specifically in the United
• 20:51
  States, they both print a crap ton of money, right?
• 20:54
  So don't use, I know some people get, you know, they take it
• 20:56
  personally. So that being said, the
• 20:58
  inflation reduction act, man, they printed more money, but
• 21:03
  this it isn't only happening in the United States.
• 21:06
  You saw, it was a Reuters article that I saw one or two
• 21:09
  days ago, the same thing, Justin Trudeau.
• 21:12
  And I swear to God, that's what it said.
• 21:14
  It said we we want another, we want to print.
• 21:19
  My is like a huge pack. Package to help the people on
• 21:22
  the bottom. The most, when that's just going
• 21:23
  to exacerbate the problem, and I have a little clip from Joe
• 21:27
  Biden. I can't describe this.
• 21:30
  It, this is just great TV. Hey, you're listening there to
• 21:34
  President Biden at the White House.
• 21:36
  He's celebrating the passage of the inflation reduction act.
• 21:39
  He says that he's been fighting big Pharma for decades, but
• 21:42
  there is this unfortunate split screen right now with the Dow,
• 21:45
  taking a total beating down more than 1,200 points.
• 21:49
  And so it feels like it's hard to be celebratory for some
• 21:52
  people in the crowd. That is, that's insane.
• 21:57
  Like that. That like what are your thoughts
• 21:59
  on? Why is this happening dr.
• 22:01
  Ross is this just 50 years of this money printer has just made
• 22:07
  the all the, I feel like all they know how to do is print.
• 22:11
  Well, clown World monetary policies lead to a clown world,
• 22:15
  right? I mean and it we have clown
• 22:17
  World politicians. We're seeing the final stages of
• 22:20
  this big Keynesian economic experiment that we've been on
• 22:23
  for many many decades. This is where in that we're in
• 22:26
  the end days and I like to always carry out that I'm not
• 22:28
  saying we're days away like literal days, but we're in the
• 22:31
  final stages of the Keynesian economic experiment.
• 22:34
  And this is what happens. You just have absolute like,
• 22:38
  lunacy going on with our politicians.
• 22:40
  Obviously, they just want they want Power.
• 22:42
  Then they want to stay in power and they want to get reelected,
• 22:44
  right? And they'll do whatever it
• 22:45
  takes. So they just flat out lie.
• 22:47
  They either, they're either really stupid or they're just
• 22:51
  totally lying to the public, right?
• 22:52
  You can't create Eight more debt, spend more money and
• 22:57
  reduce inflation that way, that's just not how things work.
• 22:59
  And so watching all of this in real-time is really painful.
• 23:03
  The what's crazy about it though is about half the population
• 23:06
  believes that these politicians when they speak.
• 23:08
  And so it's very hard to change people.
• 23:11
  And it's very hard to get people to understand that what we
• 23:14
  really need is a stronger Sounder base, money that you
• 23:19
  can't do this. Shh, shh, Cannery with, right?
• 23:21
  You can't just print more of it. You can't just create Endless
• 23:25
  amounts of debt these credit based systems.
• 23:27
  All they do is they make the upswings more and more, and more
• 23:31
  prominent and more powerful. And then that means the busts
• 23:34
  are that much more powerful and devastating.
• 23:36
  And right now we're in the bust phase.
• 23:38
  And again, we're still kind of early days of the bus phase.
• 23:41
  It's going to get much worse. And this is what happens when
• 23:44
  you have a credit-based economic system in the whole world is
• 23:46
  going to go through it and it's going to be painful.
• 23:48
  It's an at at some point. All of this is fantastic
• 23:51
  marketing for Bitcoin. And what Bitcoin is it's why I
• 23:54
  just am. That Bitcoin is going to win
• 23:56
  eventually but it is going to be extremely ugly in the coming
• 23:59
  years. As we get through this system,
• 24:01
  we're going to we're going to continue to see QE Infinity.
• 24:04
  We're going to continue to see Banks just making the good times
• 24:07
  better and better and better until they get.
• 24:09
  So obnoxious in the bubbles, get so huge that we have these
• 24:12
  deflationary buses again and people get rekt.
• 24:15
  People commit suicide because they're out of work and they
• 24:17
  can't pay their bills. All this kind of stuff that goes
• 24:19
  on. That's terrible to watch and
• 24:21
  they pretend like they don't have anything to do with it,
• 24:23
  which is just Nonsense as well. All of this is fantastic
• 24:27
  marketing for Bitcoin for a sound money.
• 24:29
  That's perfectly scarce that you can't just print more of, you
• 24:32
  know, that we're going to have not a credit-based system of
• 24:35
  more of an equity based system. It just creates a better world
• 24:39
  all around a more stable world. For sure.
• 24:42
  It's, I'm very much looking forward to it, but I'm not
• 24:44
  looking forward to the process of getting there.
• 24:46
  It's going to be a better world for our kids and grandkids, but
• 24:49
  it's going to be kind of a tough go of it for us in the meantime.
• 24:52
  No, man. And I agree.
• 24:55
  But I know what a lot of people are thinking.
• 24:57
  And I think that this tweet perfectly encompasses it, let me
• 25:01
  share it. You said a gentle reminder that
• 25:04
  Bitcoin serves not as a hedge against price inflation but
• 25:08
  against monetary inflation. This is frequently confused
• 25:11
  among both professional and Retail investors when liquidity
• 25:14
  diminishes Bitcoin generally Falls and when liquidity expands
• 25:18
  it rises. So what does that mean?
• 25:21
  Dr. Ross See this happen all the time.
• 25:24
  It's a mistake that people make even smart.
• 25:26
  People even bitcoiners who understand Bitcoin of and have
• 25:29
  been in the space longer than I have.
• 25:31
  They say this and this gets thrown around basically on the,
• 25:34
  you know, Financial media, all the time, Bitcoin is a hedge
• 25:37
  against inflation and then they show they show the CPI rising
• 25:40
  and they show in Bitcoin, going down there.
• 25:42
  Like you said, it was a hedge against inflation and on they're
• 25:45
  both going. You know, it's going down and
• 25:47
  I'm getting poorer what's going on.
• 25:49
  And so I tell people like there are two kinds of inflation and
• 25:52
  Gets misconstrued all of the time in popular media,
• 25:56
  especially in financial media. So CNBC does this all the time
• 25:59
  Bloomberg does this all the time Wall Street Journal?
• 26:01
  Does this all the time financial times?
• 26:02
  Does this all the time? There are there's a difference,
• 26:05
  there's price inflation and there's monetary inflation.
• 26:08
  Monetary inflation is basically the same as currency debasement.
• 26:11
  So, what's happening is there's getting more and more of the
• 26:15
  monetary base is getting produced faster than the the
• 26:19
  economy of the world is increasing.
• 26:21
  So and we Can keep it us, Focus, so more and more dollars and
• 26:25
  debt and credit get created faster than the rate of economic
• 26:30
  growth. When that happens, you get
• 26:31
  debasement of your currency. That's different then price
• 26:36
  inflation price. Inflation is the good, the cost
• 26:39
  of goods and services that we buy is going up, right?
• 26:42
  So the higher the number of inflation, the the more
• 26:45
  expensive our gas is getting the more expensive.
• 26:47
  Our groceries are getting the more expensive education,
• 26:49
  Healthcare blah, blah, blah is getting.
• 26:51
  So we get that The problem is, is people misconstrue those two
• 26:55
  things so Bitcoin, literally because of its monetary policy
• 26:59
  of having a fixed perfectly scarce Supply, where you get a
• 27:02
  new block of Bitcoin every 10 minutes or so.
• 27:06
  And we know exactly that there's only going to be 21 million ever
• 27:09
  Bitcoin. That's exactly the opposite of
• 27:12
  the current Fiat system, which has no intrinsic value.
• 27:15
  It only has value by decree. It can be created, this credit
• 27:19
  can be created and increased to Unity.
• 27:22
  So as it gets created to Infinity the value of each
• 27:25
  individual dollar approaches 0 mathematically over time.
• 27:29
  It's literally exact opposite of what Bitcoin does so that
• 27:33
  monetary inflation is what Bitcoin Hedges against.
• 27:36
  So that's what we have to be really careful to discuss with
• 27:40
  people and how we can educate people.
• 27:42
  It is a perfect hedge against monetary inflation of Fiat
• 27:46
  monetary inflation but it's not the same thing as price
• 27:50
  inflation. Price inflation is driven by
• 27:52
  Usually by short-term, like geopolitical issues by Supply
• 27:57
  cited issues, by, when you get direct transfer payments from
• 28:00
  the government to people's bank accounts like we had back in
• 28:03
  2020 and 2021 post covid. If you just do that and you just
• 28:07
  create money and put it into their bank accounts, of course,
• 28:10
  the cost of goods is going to increase.
• 28:12
  We're seeing that right now. And then, on top of that, they
• 28:14
  the world was crippled because of not covid.
• 28:17
  It was crippled because of the response to covid and the
• 28:20
  government shuts. Now, shutdowns that Basically,
• 28:22
  you know, hammered businesses, hammered individuals, close the
• 28:25
  ports. They have all of these Supply
• 28:27
  sided issues that we're still dealing with some of them by the
• 28:30
  way, when we can get into that but there are there's so many
• 28:32
  different things that we can get into but those things lead to
• 28:36
  high price inflation that doesn't have anything to do with
• 28:39
  monetary inflation or monetary debasement.
• 28:42
  Hopefully that makes sense that. So that's what Bitcoin does when
• 28:45
  you hear people talking about that you can explain to them the
• 28:47
  difference that there's price inflation which you're probably
• 28:49
  talking about in BC. And there's Inflation or
• 28:53
  debasement of the currency. This is what Bitcoin has against
• 28:57
  not necessarily this. Why do you think people confuse
• 29:00
  the two? What why, why even even CNBC a
• 29:03
  I've made the mistake myself in the past.
• 29:06
  Right. So why, why is it?
• 29:07
  Why do people get confused? And then one, and I'm going to
• 29:10
  tie in another question with this, right is, why is Bitcoin
• 29:15
  still? It's it clearly is dependent or
• 29:20
  it clearly the price action of A coin at least in the short term
• 29:24
  is affected by the money printer.
• 29:26
  It is if it is affected by Central Bank policy.
• 29:29
  So would it can you make that argument dr.
• 29:32
  Ross said it kind of defeats the purpose.
• 29:35
  Sure. So so how does it work?
• 29:37
  They are connected over the long run so it's very similar to
• 29:40
  investing in stocks when you think about stocks and that's
• 29:42
  the world I come from you think about the intrinsic value of a
• 29:45
  company and the cash flows in the future?
• 29:48
  Cash flows that a company creates versus what is the
• 29:51
  price. In the market today.
• 29:53
  So, Charlie Munger actually said it best right in the short-term.
• 29:56
  The stock market is a voting machine, and then the long term,
• 29:59
  it's a weighing machine. It's exactly the same with
• 30:01
  inflation price inflation and monetary inflation.
• 30:04
  Actually converge over the very long run.
• 30:07
  So as you have monetary debasement monetary inflation,
• 30:12
  over time prices will go up and up, and up, and up, and they
• 30:15
  converge in the long run. But in the short run, this
• 30:18
  price. Inflation is a voting machine.
• 30:20
  It's it's based on geopolitical, Events is based on narratives,
• 30:23
  it's based on supply chain issues.
• 30:25
  It's based on, you know, direct transfer payments from the
• 30:27
  government. So, but but that doesn't, that's
• 30:30
  a different effect than because the price of Bitcoin is also a
• 30:33
  voting machine in the short term, it goes up and down, it
• 30:36
  goes up and down. If people are scared, they sell
• 30:37
  it right, the Hedge against it, they do all this kind of stuff
• 30:40
  in the long, run, the intrinsic value meets up with this other
• 30:43
  side and they converge, but in the short run, they basically
• 30:46
  are random and have nothing to do with each other.
• 30:49
  Does that make sense? It does make sense.
• 30:52
  So, the other component of the question may be a bunch too many
• 30:55
  questions at the same time, it's still Bitcoins price action is
• 31:01
  still behaving Bitcoins price. Just just to say it.
• 31:05
  Bluntly is still affected by Central Bank policy.
• 31:10
  And couldn't you make the argument that that defeats the
• 31:12
  purpose? So X.
• 31:14
  So Bitcoins price is a great example.
• 31:16
  It's kind of ghost about what we're talking about in the short
• 31:18
  term. Bitcoin price goes up and down
• 31:20
  its supervisory Little right. It's been, it's been performing
• 31:24
  terribly in 2022. It's it's susceptible to the
• 31:28
  whims of this recession of liquidity.
• 31:31
  So liquidity is drying up its Contracting throughout the
• 31:33
  world. So it's getting withdrawn from
• 31:35
  Bitcoin and and and basically put into the US dollar in the
• 31:39
  long run though, right? That's what people always say.
• 31:41
  Zoom out, zoom out, zoom out. Why do they see zoom out?
• 31:43
  Because if you zoom out, all it does is go up into the right.
• 31:47
  Just like monetary expansion is going up into the right with
• 31:50
  Fiat currencies. So Oh, in the long run.
• 31:52
  It's an amazing hedge against monetary inflation against the
• 31:56
  debasement of currency in the expansion of the money supply.
• 31:59
  But in the short run again it's a voting machine.
• 32:01
  I like to say by the way, for people who don't quite get it
• 32:04
  still Bitcoin is the world's best savings technology store a
• 32:08
  value. It's literally the greatest
• 32:10
  money that's ever been created and I don't think we'll ever
• 32:12
  create a better money. It took like six thousand years
• 32:14
  to make a better money than gold.
• 32:16
  That's because we're in the digital age now in the long.
• 32:21
  That's going to be reflected in the price and we've already seen
• 32:24
  that be reflected in the price, but in the short run, we're
• 32:26
  still in price Discovery phase people.
• 32:29
  Bitcoin has not even come close to achieving its value as the
• 32:34
  world's Reserve currency. The world's Reserve asset where
• 32:38
  I mean, we're literally at least a hundred fold away from that.
• 32:41
  And so that's still going to take time to get to that point.
• 32:44
  And in the meantime, it's going to be exceedingly, volatile.
• 32:46
  It's still going to be treated like a tech stock and still
• 32:48
  going to get treated like a crypto for people who, Don't
• 32:51
  understand the difference between Bitcoin in those other
• 32:54
  things. That's why we have a ton of
• 32:56
  Education to do. I would say at best maybe 1% of
• 32:59
  the world's population understands what Bitcoin is and
• 33:01
  I actually think that's being generous.
• 33:03
  So we're very very early on the adoption phase and the
• 33:06
  understanding phase of what Bitcoin is we still have to go
• 33:09
  through this phase of the s-curve and up to here before
• 33:11
  the majority of the world is using it.
• 33:14
  And understands what it is that it's a Sounder money.
• 33:19
  You're muted. So, dr.
• 33:22
  Ross, you said something about price Discovery and I'm just,
• 33:26
  I'm interested. How long do you think that will
• 33:29
  take? And I agree.
• 33:30
  I think that on the very, I still talk to my Normie friends
• 33:34
  and they're still talking about normal thing.
• 33:37
  Like, just like, oh, this is what I went to on vacation, you
• 33:40
  know, I went to Europe, I went to this and you're like, how you
• 33:43
  doing? And I'm like, it's like it's
• 33:46
  like as if you're a soldier. ER, you know, in this weird
• 33:49
  information War because the kinetic thing isn't, I mean, at
• 33:52
  least, not yet, right? Is it really happening?
• 33:55
  So, it's more of a narrative war.
• 33:57
  And every day, man, it's crazy. And then you see the other side,
• 34:01
  whether it's a government or the IMF, or the UN or, you know, the
• 34:05
  the evil villain, the world economic Forum, they're fighting
• 34:09
  you, they're fighting you in this kind of narrative control,
• 34:12
  right? And then you fight back, you do
• 34:14
  this, this is a war, this is a war for all the marbles right at
• 34:17
  the end of the day. How long is this price Discovery
• 34:21
  going to take. I think a while still I still
• 34:25
  think we're five years at the earliest away from where we're
• 34:29
  Bitcoin. The price Discovery gets to be
• 34:30
  more in line with its intrinsic value and its use case, maybe 10
• 34:35
  years, maybe 15 years or just it's all about education in my
• 34:38
  mind. And so I also think by the way
• 34:41
  that during a recession none of it matters.
• 34:43
  Like people are not willing to take risk, they're not willing
• 34:47
  to do anything. But be hyper conservative banks
• 34:50
  are not lending. So they're not expanding credit,
• 34:52
  they're not expanding the monetary Supply when that
• 34:55
  expands the price of Bitcoin expands along side of it.
• 34:58
  Again, going back to what we're talking about monetary
• 35:00
  inflation. When it's Contracting like it is
• 35:03
  right now and it has been since the late 2021 it gets sucked out
• 35:09
  of all risk assets in general. And again, Bitcoin is being
• 35:12
  treated like a risk asset. It's still in price Discovery
• 35:14
  phase, it's not until the education.
• 35:17
  Will gets to be like at least a large minority of people who
• 35:21
  understand that Bitcoin is just better money and they start
• 35:23
  transferring their purchasing power into it.
• 35:25
  Maybe it's half of the world's population.
• 35:27
  So maybe we're talking four billion, five billion, people
• 35:30
  need to understand what Bitcoin is and that it's better money.
• 35:32
  We're going to get there eventually but it's going to
• 35:34
  take some time. I mean this it's just it's just
• 35:36
  how it is. It's just like the you know,
• 35:38
  hyper internet is a shinai like to say just like hyper Bitcoin
• 35:42
  is Asian. Hyper internet is Asian way back
• 35:44
  in the 90s and early 2000s happened under everybody's nose.
• 35:47
  That noses. And only a few people in Silicon
• 35:50
  Valley and around the world actually understood where it was
• 35:52
  going. Most people like me were totally
• 35:55
  oblivious to it. I thought, you know, emails,
• 35:57
  cool, I guess but I don't know. It's kind of limited use case.
• 36:02
  Like, I'm never going to like, give my credit card to anybody
• 36:05
  online. I don't really trust internet.
• 36:06
  Companies, seems like kind of a scam, a lot of shady business
• 36:09
  going on there and it wasn't until like kind of 2000 like
• 36:12
  kind of the mid-2000s were like, oh this thing is actually legit
• 36:15
  and it's actually taking over the world.
• 36:17
  And we're and then, you know, 2010 ish we're seeing we're
• 36:20
  seeing the Amazon if occasion of the of the United States where
• 36:24
  literally you know brick and mortar retail businesses are
• 36:26
  getting shut down because people just like the convenience of
• 36:29
  e-commerce that same stuff is happening with Bitcoin.
• 36:32
  It's literally expanding right? Under our noses, people are
• 36:35
  using it. People are opening you know
• 36:37
  Bitcoin you know accounts. They're starting to use it as a
• 36:39
  saving vehicle. Most people still use it as a
• 36:42
  speculation vehicle but some people are starting to use it as
• 36:44
  a savings vehicle. It's happening right under
• 36:47
  everyone's everyone's noses and at some point it's just going to
• 36:50
  be like oh my gosh like this has been here this whole time and I
• 36:53
  thought it was going to go away but it's actually kind of taking
• 36:55
  over the world this parallel Financial system and so at that
• 36:58
  point it's going to be very easy to use.
• 37:00
  We're going to be able to use it in any store that we want to.
• 37:02
  You know, the lightning Network, another layer 2 and layer 3
• 37:05
  Technologies are going to be much more expanded.
• 37:07
  The infrastructure will be much more built out at that point be
• 37:11
  very easy to use and at that point it's just going to be kind
• 37:13
  of a no-brainer. We're also going to be to that
• 37:15
  the point where people you don't have to.
• 37:17
  Like we are now, right? Like the kind of the founders of
• 37:20
  Bitcoin. Like, there were people in the
• 37:22
  1990s that literally like they could tell you how the internet
• 37:25
  works, like, they could program stuff they could.
• 37:27
  They could tell you about routers and switches and things
• 37:30
  like that. That's kind of how we are.
• 37:31
  We're in this sort of geeky, techno phase still of Bitcoin.
• 37:34
  At some point, all it is going to be.
• 37:36
  It's just going to be for the for the rest of the world can
• 37:38
  be. It's just a it's just this money
• 37:40
  that we use, it took over. I don't know why.
• 37:42
  But now I just use Bitcoin for everything.
• 37:44
  You know, I trade and buy and sell things and sad.
• 37:47
  That's don't really think much about it.
• 37:49
  Don't really get how it works, don't really care.
• 37:52
  That's the phase we're going to get to, but it's probably 5, 10,
• 37:55
  15 years down the road from now. Ya know, then man, and when you
• 38:00
  paint it out, that way, it makes me incredibly bullish.
• 38:05
  It's hard to see. Now, here's the big difference
• 38:09
  that I see dr. Ross, right?
• 38:11
  The internet disintermediated information, and that was
• 38:14
  already kind of a big deal for governments, right?
• 38:17
  But like I said earlier, this is for all the marbles, right?
• 38:21
  This is disintermediating money, right?
• 38:24
  And money, the ability to just create money out of thin air,
• 38:28
  for governments, gives them a tremendous amount of power,
• 38:32
  right? So, is that something that
• 38:36
  worries you? And again, this is something
• 38:37
  that just because of the nature of Simply Bitcoin and we're kind
• 38:41
  of a new show, we have to cover it and we SLI the nation states,
• 38:47
  right? The the state fighting back in
• 38:49
  its ways, Michael sailor sued microstrategy, what does
• 38:52
  microstrategy have to do with Mike sued?
• 38:54
  Coincidentally on the same month that the US Treasury Place
• 38:58
  sanctions on open source software for the first time in
• 39:01
  its history? So does that worry you at all?
• 39:05
  I was talking to Max and Stacey earlier on today and they're
• 39:09
  like you guys should just move to El Salvador.
• 39:11
  Are we going to be economic refugees?
• 39:15
  You know how people sneak into the u.s. today?
• 39:18
  Right to seek Economic Opportunity are bitcoiners
• 39:21
  eventually going to have to go someplace else.
• 39:27
  But I got like three huge tangents.
• 39:29
  I want to go on from here so I'll try to hopefully I can
• 39:31
  remember them. So, First of all, you keep
• 39:35
  alluding to there basically fighting us, right?
• 39:37
  And I think you're referring to that old adage first.
• 39:39
  They ignore you, then they laugh at you.
• 39:41
  Then they fight you and then you win.
• 39:43
  And so we're in Phase 3 right now?
• 39:44
  Right there, we're starting the then they fight you phase and
• 39:48
  this is where it gets kind of rough.
• 39:49
  And so you really have to know what it is you believe and
• 39:52
  understand because because the u.s. is not going to want to
• 39:56
  give up their Authority and power that they have because
• 40:01
  they control the money supply willingly or Sleepy puppy.
• 40:04
  They're going to fight this for sure.
• 40:06
  So we're in the then they fight you stage.
• 40:08
  I'm convinced we're going to get to the stage 4 which is then we
• 40:10
  win but it's not going to be without a lot of trial and
• 40:15
  despair along the way. So you got to know what you
• 40:17
  believe and think about Bitcoin second.
• 40:21
  I've tweeted about this for several years, it basically
• 40:23
  starting in 2019, when I first started to understand Bitcoin
• 40:26
  and I start my, I started my tweets.
• 40:28
  Like, this money is power, right?
• 40:30
  So whoever controls money and the production of money Has
• 40:34
  ultimate power. The United States has had
• 40:36
  ultimate power. Basically, in this world, since
• 40:39
  basically, WWII we've been the world's Reserve currency and
• 40:42
  then even more power. Once we got it off the gold
• 40:44
  standard because now there was nothing hindering us from just
• 40:47
  printing it to Oblivion creating as much credit as we want to
• 40:50
  basically printing energy, right?
• 40:51
  We could print we could borrow money create credit and get oil
• 40:55
  basically for free and that system is had its Heyday and now
• 41:00
  we're on the decline of that basically.
• 41:02
  We're so over-leveraged we're so in Right now, we're kind of
• 41:05
  stuck. And we're in the end, the
• 41:07
  Federal Reserve and the treasury, they've sort of
• 41:08
  painted themselves into this unrecoverable corner, whoever
• 41:13
  controls the money, has the power.
• 41:16
  So, what Bitcoin does is it removes that power which is
• 41:19
  centrally located in these huge nation states.
• 41:22
  So that that's what caused the immense increase in the size and
• 41:27
  scope of nation state. So all of these countries that
• 41:30
  can print their own money, you know, the u.s. is the primary
• 41:32
  benefactor e. China, the European Union,
• 41:37
  Britain, Japan other countries, that that are like that.
• 41:40
  They this whole nation state power, where they can control
• 41:44
  and create money that has already.
• 41:46
  I think reached its apex and it's on the decline, they're not
• 41:49
  happy about that. They're going to be fighting
• 41:51
  this. What is bitcoin do it literally
• 41:53
  takes that centralized power that creates these massive
• 41:56
  nation-states and it spreads it out to the people.
• 41:59
  So the nation states are going to hate it.
• 42:01
  The people are going to love it because now the people will
• 42:03
  suffer We have a piece of that power.
• 42:07
  I tell people, people think I'm, like, kind of joking about this.
• 42:10
  I think this is as serious, if not more serious than the
• 42:14
  founding of the United States. I think that the Constitution
• 42:18
  and the Declaration of Independence, those are kind of
• 42:21
  like what the the phase were in right now.
• 42:23
  It's with all of these really bright people in these
• 42:26
  Incredible Minds that see this chance to free ourselves from
• 42:30
  this sort of enslavement to these powerful nation states and
• 42:33
  their kind of Anshel and monetary repression, and we can
• 42:36
  actually get out from under it. Like, this is our chance to get
• 42:39
  out from, under a Bitcoin provides that chance, and it's
• 42:43
  pretty amazing. And it literally is going to go
• 42:44
  down in history, as, as important as a separation of
• 42:47
  church and state as the creation of of the United States of
• 42:51
  America, which I would say is probably the biggest, you know,
• 42:53
  geopolitical event in history and then and now we have this
• 42:58
  Bitcoin in separating money from state.
• 43:00
  So it's huge. The nation states are absolutely
• 43:03
  going to. Itís.
• 43:04
  Right China just flat-out, just said, hey, you're out, we ban
• 43:07
  minors, you can't own Bitcoin, get out the United States, may
• 43:11
  do something like that. I think there's going to be lots
• 43:13
  of little Wars along the way, but on the other side of this
• 43:17
  again, we're going to have successfully completed this
• 43:20
  separation of money and state. The power is going to come away
• 43:24
  from these super powerful nation states.
• 43:27
  It's literally literally going to defund them.
• 43:29
  So talk about you want to you want to vote politicians out of
• 43:33
  office for get about the ballot by Bitcoin.
• 43:35
  You literally are defunding United States politicians.
• 43:39
  If you buy Bitcoin, your defunding of the US dollar and
• 43:43
  you're increasing the purchasing power of Bitcoin.
• 43:46
  Yeah. Somebody's the Bitcoin, Dragon,
• 43:48
  good word, peaceful monetary Revolution.
• 43:50
  That's literally what's going to happen is a chance to have an
• 43:52
  absolute worldwide Revolution without kinetic Warfare.
• 43:56
  I'm all about it. I'm here for, I'm ready to fight
• 43:59
  and I say fight like I'm I want to peacefully fight, right?
• 44:03
  I want to create a better world. Old for my kids and my grandkids
• 44:05
  and this is our chance to do it. It's a can't.
• 44:08
  I can't emphasize enough how important this is and how
• 44:11
  serious this is. And that's why I get so
• 44:13
  discouraged when people spend their time.
• 44:15
  Talking about is Bitcoin better than a theorem theorem has
• 44:18
  nothing to do with any of this. I quit talking about etherium
• 44:20
  quit talking about crypto, this is change the world technology,
• 44:23
  this is separate money from State Technology.
• 44:26
  It's going to revolutionize the world and create a better place
• 44:29
  for our kids and our grandkids. That's why I spend my days
• 44:31
  blathering on, and on about it. Amazing and you said something
• 44:36
  about China, right? And you said that, you know,
• 44:39
  they banned it, what would they really did?
• 44:41
  Is that the CCP band themselves? There is actually data that came
• 44:45
  out today that China still is in the top 20 or top ten nations
• 44:51
  with Bitcoin adoption. And when the, you know, the
• 44:55
  mining ban happened, I remember texting one of my friends from
• 44:59
  the mainland. I said, hey like, you know, his
• 45:02
  name is, I call him Tommy, he said Tommy like, you know, like
• 45:05
  aren't you worried. He's like, he's like no Nico,
• 45:08
  you know, obviously had an axe. I'm not going to try to do that
• 45:10
  right now, but he said no Nico again.
• 45:13
  It's a universal thing, said no Nico.
• 45:15
  What, what? Doesn't kill the honey badger
• 45:17
  makes it strong and I'm like holy crap, they say that over
• 45:20
  that to and then a CNN BBC article by Mackenzie sigala she
• 45:25
  does a great job, came out two or three months later and it
• 45:28
  said 20% of the hash rate still estimated to be in China.
• 45:34
  I saw that too. So talk about strong incentives.
• 45:37
  Now, I want to talk about something.
• 45:39
  Well, have this first question for you, then we're going to go
• 45:42
  to the second but doctor what is this new world going to look
• 45:46
  like we're these powerful nation states aren't you know politics,
• 45:52
  take Center Stage. You know, we I think we just
• 45:55
  lived through that and over the last two or three years with the
• 45:57
  whole, you know, however you feel about it politically it's
• 46:00
  still I my point still stands, right?
• 46:02
  The whole Biden and Trump. The whole thing.
• 46:05
  Holy crap, like I'm free. It's like reality TV show every
• 46:08
  single day but it's not because there's a lot at stake, right?
• 46:12
  What is this new world going to look like that?
• 46:15
  The the Democratic vote isn't going to have the power at once,
• 46:20
  had because your ability to coerce, you know, under the
• 46:24
  justification that it was Democratic, right.
• 46:27
  Your ability to coerce individuals is going to be
• 46:29
  greatly diminished. What does that world going to
• 46:31
  look like in your eyes? Well, first of all, it's going
• 46:35
  to be very different and I don't think people really understand
• 46:38
  how different it's going to be. I think if people want to get a
• 46:40
  taste of this, I haven't even finished the book but I read
• 46:43
  most of, it's called the sovereign individual.
• 46:45
  I'm sure you read it too. I think that's more like what
• 46:48
  we're going to see, we're going to see it just a massive shift
• 46:51
  in how the world works and operates and instead of having
• 46:54
  these hugely powerful nation states like we've reached Peak
• 46:58
  powerful nation, state level and now that's on the decline.
• 47:01
  And I think what's going to happen is it's going to get
• 47:04
  spread. Out, the power is going to get
• 47:05
  spread out. That also means responsibility
• 47:07
  is going to get spread out. I'm just telling you, there's
• 47:10
  people who don't like that, there are people who like being
• 47:12
  taken care of, they want to be told what to do.
• 47:15
  We know we call them the sheeple affectionately in the Bitcoin
• 47:19
  Community, but you have to be willing to take responsibility
• 47:22
  for things like governance. You know, if you control the
• 47:25
  money, you control the power. That means you need to start
• 47:28
  thinking about governance and those kind of issues.
• 47:30
  It's just going to be a much more decentralized world but
• 47:34
  we're all Going to be connected again, digitally.
• 47:36
  So the internet's not going away.
• 47:37
  That's only going to increase and expand in our lives.
• 47:39
  We have this new magical, you know, internet money called
• 47:42
  Bitcoin. That's going to be ubiquitous
• 47:44
  throughout this system as well. It's just going to be a very
• 47:47
  different world. There's going to be you know so
• 47:49
  there's going to be pros and cons.
• 47:51
  I don't like to create it or to paint the picture.
• 47:53
  Like it's going to be a Utopia. There's still going to be humans
• 47:56
  involved and we're still going to screw things up, right?
• 47:58
  And humans are sinners and we're stupid.
• 48:00
  And we do dumb things and there's just bad people out
• 48:03
  there that, you know, there's people who People and who steal
• 48:05
  and lie. All of those people are still
• 48:07
  going to be there but it's just going to be a totally different
• 48:10
  Form and Function so it's a great question.
• 48:12
  I don't know the answer. It's to me again, it's kind of
• 48:14
  like asking, like, what is where is the internet going to be the
• 48:18
  years? 1995, where's the where's the
• 48:20
  internet going to be in 25 years?
• 48:22
  It's almost like you can't even think of it because it's going
• 48:24
  to open up whole new worlds and whole new categories that I
• 48:28
  can't even think of as of yet. But I do know it's going to be
• 48:31
  less centralized power more distributed power.
• 48:34
  Our regulations, you know, all that Authority is going to be
• 48:37
  distributed more. How do we deal with that as a
• 48:39
  human society? I'm not totally sure, but it
• 48:42
  will look very different and we're going to be in one other
• 48:44
  thing. I'm confident about 50 years
• 48:47
  from now 100 years from now we're going to look back and say
• 48:49
  this was the transition Point like this is when we transition
• 48:52
  from the analog age to the digital age and from analog
• 48:55
  money to digital money called Bitcoin and it's going to be a
• 49:00
  very pronounced shift and we're just going to know that that's
• 49:04
  it's going to be For obvious in the future.
• 49:05
  But right now, we're living through it.
• 49:06
  So it doesn't look that obvious to most people.
• 49:09
  Yeah. No, I 100% agree that book.
• 49:13
  I've read three times. I think it's a must read book
• 49:17
  and the fact that he accurate, they, it's two people accurately
• 49:22
  predicted. So many things is just
• 49:25
  absolutely mind-blowing and it's just because they just use the
• 49:29
  theory of violence, right? Just the logic of violence, and
• 49:31
  I think it's so appropriate now. You you touched on my, my
• 49:37
  question that I was going to ask you, which is the cons right
• 49:41
  with greater decentralization, you know, less ability for
• 49:46
  government to effectively redistribute wealth.
• 49:49
  And you know, again if the depends how you look at it
• 49:52
  politically speaking in this new world, that is going to be, you
• 49:59
  know, it's not like they do the wealth redistribution
• 50:01
  effectively, they take the majority for themselves but
• 50:04
  Still effective in the sense that it does kind of level the
• 50:07
  planks. Not really, but definitely
• 50:11
  better than the world that we're going into.
• 50:13
  Unless you make the argument that Prosperity is, is going to
• 50:17
  be so great. That even someone on the, you
• 50:20
  know, extremely or lower end of the economic spectrum is still
• 50:23
  going to benefit tremendously that they might not even care.
• 50:26
  You could make that argument the question you touched upon that.
• 50:31
  But the question that I have for you, right is Why do people and
• 50:37
  I think that the last two years were such a great and powerful
• 50:40
  example of that, and it blows my mind.
• 50:43
  Right. How are people still Solis
• 50:46
  seeking solutions from government?
• 50:50
  Even though there's been at least 100 something years of
• 50:55
  clear examples that interventionism wealth
• 50:59
  redistribution, you know, the V this idea that you Implement a
• 51:05
  quality on to a society that requires a tremendous amount of
• 51:10
  coercion. It's like, people are so blind
• 51:13
  to it. Is this a matter of propaganda,
• 51:15
  lack of Education or is it the thing that you said earlier dr.
• 51:19
  Ross right. You buried the lead which is
• 51:22
  just some people like to be governed, right?
• 51:24
  So what are your thoughts on that?
• 51:26
  All of the above? If I can, you know, I mean, and
• 51:29
  this so not to sound crass or mean, but, you know, there's a
• 51:33
  lot of just not super smart. People out there, right for
• 51:35
  everybody who has an IQ above 100, there's another person with
• 51:38
  an IQ below. 100 for everybody who wants to be independent and
• 51:42
  responsible for their own actions.
• 51:43
  There are people who want to be dependent and not responsible
• 51:46
  for their own actions for everybody who wants to work hard
• 51:49
  and make a good life for themselves and their family.
• 51:52
  There's someone else who wants to play video games and get
• 51:55
  checks from the government and there's, that's just how it is.
• 51:57
  And so those people aren't going to necessarily change
• 52:00
  fundamentally, so that's one issue.
• 52:04
  The Issue. Is that?
• 52:08
  So funny. I just lost my train of thought.
• 52:10
  There's there's lots of issues like that though that we have to
• 52:12
  think through, right? And so, so somebody asked in
• 52:15
  the, in the, in the chat, like what about, you know, what about
• 52:19
  people who need help? Like, I think, what's going to
• 52:21
  happen is Charity, Z, logic brought this up and I agree if
• 52:25
  that's what he's saying. I think that Charities are going
• 52:28
  to make a comeback. People just helping their
• 52:29
  neighbors are going to make a comeback.
• 52:31
  Instead of like everybody going on the government Dole, Instead
• 52:34
  of having government redistribution, by the way,
• 52:37
  there are still going to be rich people and they're still going
• 52:39
  to be poor people. It's just a different type of
• 52:41
  rich people and poor people. The people who got rich are
• 52:44
  going to be people who basically work hard and then transfer
• 52:47
  their work units into Bitcoin into money that stores their
• 52:52
  value. Their purchasing power over
• 52:54
  space and time instead of the people who are financially Savvy
• 52:58
  right now. These are the people who are
• 52:59
  rich. So these are the people by the
• 53:01
  way, who hate Bitcoin. It's the people who benefit from
• 53:03
  the current W system. The credit based system
• 53:06
  politicians investment bankers and bankers in general lots of
• 53:11
  investors wall streeters. These type of people you know
• 53:13
  the cantillon effect they benefit from the expansion of
• 53:18
  the credit system of the monetary expansion.
• 53:21
  They don't like this other system as much.
• 53:23
  It's almost hard to Fathom. By the way, how are other, how
• 53:25
  is it? How is the world going to change
• 53:26
  in other ways? We have this credit based system
• 53:29
  right now, think about what you want to do, if you want to buy a
• 53:31
  house, what do you do? You go to a bank?
• 53:33
  You apply for a mortgage? If your credit score is good
• 53:35
  enough, if you have a decent job, you can get a mortgage to
• 53:38
  buy a house of x amount of value.
• 53:39
  Right. What's going to happen on the
• 53:42
  Bitcoin standard is that people are not going to be taking loans
• 53:45
  out to buy houses anymore. They're literally just going to
• 53:48
  work and save up there Bitcoin. And then buy a house with their
• 53:52
  savings. Today, it's almost impossible to
• 53:54
  imagine because we think about Mana house right now like a
• 53:57
  house that I look at. That's even decent and where I
• 53:59
  live, you got to have five hundred thousand dollars.
• 54:01
  I don't have five hundred thousand dollars that would take
• 54:03
  me 50 Is that make that much money?
• 54:05
  That's what a lot of people would think.
• 54:07
  That's the beauty of the Bitcoin system is what's going to
• 54:10
  happen. As assets.
• 54:11
  Are going to quit being a speculative stores of value.
• 54:15
  Like real estate has become an investment class.
• 54:18
  It's going to go back to just being shelter for people.
• 54:21
  If you need a house, the cost of this house in Bitcoin, terms is
• 54:24
  going to get cheaper and cheaper and cheaper until it reaches a
• 54:27
  level that the average man and woman can save up and buy their
• 54:31
  own house or build their own house.
• 54:33
  And it's Ali affordable. So all of these people that use
• 54:36
  these asset classes as vehicles to make money businesses stocks,
• 54:41
  they're all going to come down there, all going to get repriced
• 54:43
  and Bitcoin terms and get cheaper, and cheaper and cheaper
• 54:46
  until regular. People can afford to simply just
• 54:48
  put money into a business as an equity investment or buy a house
• 54:52
  because I need shelter, and it's not going to be something that's
• 54:55
  totally beyond the means, like, right now, housing is absolutely
• 54:58
  beyond the means of Millennials and gen Z years, for the most
• 55:01
  part, they can't afford a five hundred thousand dollar house.
• 55:04
  You know, working at, you know, Chick-fil-A or wherever their
• 55:07
  work. And even if they have a decent
• 55:08
  job, if they live in a big city, it's, you know, seven hundred
• 55:11
  thousand dollars for a house, they can't.
• 55:13
  There's no way they can afford that.
• 55:15
  And that's because the system is so distorted.
• 55:17
  And why is this system so distorted?
• 55:19
  Because the money is so distorted.
• 55:20
  It's, this clown World economic and financial system that we're
• 55:23
  in. That's all going to literally
• 55:25
  come crashing down. In that purchasing power is
• 55:27
  going to get moved over to here. All of these things that are
• 55:30
  just at these just insane, you know, bubble type values.
• 55:34
  Who's are going to come way, way, way, way way down to the
• 55:37
  point where, if you're over on this Bitcoin system, they're
• 55:39
  totally affordable. We're going to move from a
• 55:41
  credit-based system to an equity based system.
• 55:44
  It's almost impossible to imagine right now because prices
• 55:47
  are so high and nobody can imagine being able to actually
• 55:50
  just buy a house with your savings.
• 55:52
  That's the system we're moving to and it's going to be awesome.
• 55:55
  But again I say I say it's going to be awesome.
• 55:57
  There are going to be people who won't like it.
• 55:59
  People who love to get free money, who love to, you know,
• 56:03
  not work hard. They're actually going to get
• 56:05
  kind of left behind and they're not going to have the government
• 56:08
  to back them up into save them. Like we do currently, it's going
• 56:11
  to be a whole different world so I'm excited about it.
• 56:14
  But there are reasons for other people to be concerned about it.
• 56:18
  Yeah. And you were in what you were
• 56:20
  talking about was and Parker Lewis wrote an amazing article
• 56:24
  and the name of the Articles, the great D financialization and
• 56:28
  the argument that he was making doc.
• 56:30
  Was that, you know how the world works today, right?
• 56:33
  You were touching Up on this, right?
• 56:35
  If you're a plumber or dentist, make good money, right?
• 56:37
  You're forced to become a part-time.
• 56:39
  Investor Outsource that responsibility to these giant
• 56:43
  Frankenstein Investment Bank, which by the way, terrible
• 56:49
  service anyways. Yeah.
• 56:52
  So How that changes the entire financial industry, it
• 56:58
  completely gut sit in a way. Absolutely.
• 57:02
  Where's and you, you know, you were the, you were the head
• 57:05
  ahead of a hedge fund. Are you are the head of a hedge
• 57:07
  fund? How do you feel about that?
• 57:11
  I love it and I tell people, and I'm not even kidding.
• 57:13
  I'm educating people to go to transfer over to this system
• 57:18
  that will someday replace me and take away.
• 57:21
  The complete need for to your point people.
• 57:24
  Yeah. So why do you why do people use
• 57:26
  investment advisors? Why do they spend their time
• 57:29
  thinking about their 401ks and how to invest in stocks and
• 57:32
  bonds and currencies and real estate and all this stuff?
• 57:34
  It's because we have this fiat currency that's depreciating at
• 57:38
  such a quick rate that you can't count on that savings to provide
• 57:42
  for you and your family long into the future.
• 57:44
  So people have to become Master investors and if they can't
• 57:47
  become a master investors, they hire somebody like me to do the
• 57:50
  master investing for them right there.
• 57:52
  Looking for somebody who can like make Make good gains who
• 57:54
  can generate great returns who can help preserve their
• 57:57
  purchasing power for themselves and for their family and for
• 57:59
  their kids and their grandkids for years and years to come and
• 58:02
  in the current system that's extremely difficult to do.
• 58:05
  And that's why Wall Street exists.
• 58:06
  That's why mutual funds and why investment advisors and
• 58:10
  financial planners and hedge fund managers even exist someday
• 58:13
  on this Bitcoin standard. We're going to have a money that
• 58:17
  actually preserves and protects and appreciates your purchasing
• 58:20
  power over time so that you don't need to do all of these.
• 58:24
  Different things. You can still do these things if
• 58:26
  you want to, but you, people are going to be much more selective
• 58:29
  because they're going to be like, yeah, you know, I have
• 58:31
  this Bitcoin, that's increasing X, you know, percent every year
• 58:34
  in because it's this totally scarce monetary Supply, that the
• 58:37
  world uses, don't think I want to put it into Starbucks or
• 58:40
  apple, or, you know, I don't think I want to buy bonds with
• 58:42
  it, and I don't think I'm going to speculate in real estate in
• 58:45
  that. And because of that, all of
• 58:46
  these things are going to get repriced lower and lower, and
• 58:49
  lower, and lower, and they'll be worth investing in again,
• 58:51
  someday, some businesses will still be worth.
• 58:54
  Sitting in actually believe that businesses 10, 20, 30 years down
• 58:57
  the road, good businesses. That were very selective on will
• 59:01
  actually outperform Bitcoin down the road, but that's down the
• 59:05
  road. We're not to that point.
• 59:06
  We're still in price Discovery phase for Bitcoin, so it's still
• 59:08
  going to appreciate, I think much faster than stocks bonds,
• 59:11
  real estate, all these other asset classes do so hopefully
• 59:14
  that makes sense about what I'm educating people to do is to not
• 59:17
  ever need a person like me ever again.
• 59:19
  Like you too. Once you get once you get it,
• 59:22
  once you've been orange pills and you understand, Coin and
• 59:24
  that is the greatest savings technology that's ever been
• 59:26
  created. And that it's appreciates your
• 59:28
  purchasing power over time and space.
• 59:30
  You won't need people like me. So I'm going to be out of
• 59:32
  business. Probably 5 or 10 or 15 years
• 59:34
  from now and I'm perfectly fine with that.
• 59:37
  I'm happy to help people along the way and and if it puts me
• 59:40
  out of business sooner, that's great.
• 59:42
  So and I'm glad that you brought that up because I, you know, of
• 59:47
  course, you know, we have different people that, you know,
• 59:50
  we're trying to orange pill that we're trying to convert
• 59:54
  Definitely, I'm on the younger side.
• 59:55
  I've been doing this for 6 years man.
• 59:57
  So like you know just trying to Orange Peel orange pill people
• 1:00:02
  but what I've ran into recently is older gentleman wealthier
• 1:00:07
  people and these are people that weren't treated badly by the
• 1:00:15
  Legacy system and those are people that are that are in my
• 1:00:23
  experience have been In the hardest to convert and of course
• 1:00:27
  your kind of under your it's a time thing because you want them
• 1:00:31
  to they buy Bitcoin today it's like buying 2018, right?
• 1:00:37
  So I don't want to be in this position where 34 years for
• 1:00:39
  knots like then that's when they listen.
• 1:00:40
  Cause number go up is the best convincers.
• 1:00:43
  You tell someone you wait a couple years in the like I
• 1:00:45
  remember that one time. Holy crap.
• 1:00:47
  I should have listened to you. What do you recommend?
• 1:00:49
  What what has been the most effective way for you to?
• 1:00:54
  Pitch people on bitcoin, at pitched your clients really on
• 1:00:57
  bitcoin and actually convince them, what has been the best
• 1:01:01
  selling point because they don't care about having money in a
• 1:01:04
  bank like they believe it. That's okay.
• 1:01:06
  Right there. Not militant like, you know,
• 1:01:09
  Opti and I the millennial generation were like Bank, like
• 1:01:12
  no, like I'm taking self custody.
• 1:01:15
  How do you convince those people?
• 1:01:18
  Yeah, that's a great question. It really depends on kind of the
• 1:01:21
  life station. If people depends where, you
• 1:01:23
  know, we're there, At how wealthy are they, or not?
• 1:01:25
  Or do they, are they based in the US or are they in some other
• 1:01:28
  country? So, based on all of those
• 1:01:30
  different things, you have to decide how to approach people.
• 1:01:33
  Most people that I come into contact through Veil share,
• 1:01:35
  right? I run an investment advisory
• 1:01:36
  service, I run a hedge fund. I tend to hang out and talk to a
• 1:01:40
  lot of very wealthy individuals in general.
• 1:01:43
  So when we're talking about the advantages of Bitcoin we're
• 1:01:45
  talking about risk-adjusted returns over time, you know they
• 1:01:49
  they don't like it that Bitcoin is down over 70 percent from its
• 1:01:52
  recent highs you know, back In late, 20 21, but they understand
• 1:01:56
  when you look back far enough that it still has just an
• 1:01:59
  incredible Sharpe ratio, meaning risk-adjusted returns are still
• 1:02:02
  kind of off the charts. So I tell people like, you know
• 1:02:05
  what, if you want to enjoy the benefits from an investment
• 1:02:08
  perspective in your portfolio, it's good to have a good chunk
• 1:02:11
  of your portfolio in Bitcoin. Be aware of the volatility, but
• 1:02:15
  over the long run, will drastically outperformed.
• 1:02:17
  All of these other asset classes?
• 1:02:19
  I do it a little bit differently at Vail.
• 1:02:21
  Sure. I have a long-term trading
• 1:02:22
  system that actually just off. We put into place and have done
• 1:02:25
  some iterations on, but as of kind of mid-june, I have my
• 1:02:29
  final iteration when it's up and running and we're doing great.
• 1:02:33
  What does it do it? Basically, you know, it treats
• 1:02:35
  it based on momentum when it's when assets are in a bearish
• 1:02:38
  trend, we're out of it or shorting things.
• 1:02:41
  When it goes back into bullish Trend, We Buy in right now.
• 1:02:44
  So, just looking today right now, my by into price for
• 1:02:47
  Bitcoin, for our fund, where we'd go in size or come back in
• 1:02:51
  and size would be around 20. And $500 or so.
• 1:02:56
  So, in the meantime, we're just in the meantime, we're sort of
• 1:02:58
  sitting on the sidelines, waiting for this bottom to
• 1:03:01
  occur, that's how I talk to these, kind of people as like an
• 1:03:04
  investment strategy, it's very different from how I talked to
• 1:03:07
  maybe people who aren't who, you know, don't have a lot of money.
• 1:03:09
  What I talk to it. Like friends and family members
• 1:03:12
  who maybe are struggling, financially, all started out
• 1:03:16
  with like, will they usually bring it up, like, man?
• 1:03:18
  I just can't believe how big my grocery bill is like, it's
• 1:03:21
  literally up like $200 more. This week than it was a year ago
• 1:03:26
  and and like, utilities are just crazy.
• 1:03:28
  Like, they're so expensive now. Like what's going on I'll use
• 1:03:32
  that to talk about what is inflation, you know, and why do
• 1:03:34
  we have inflation and talk about, you know, monetary
• 1:03:36
  expansion and, you know the government as they create more
• 1:03:39
  and more and more of this money and even these transfer payments
• 1:03:42
  that happen because a lot of these guys receive payments
• 1:03:45
  following covid, right? They got checks in their bank,
• 1:03:47
  is literally a direct result from this is now prices are
• 1:03:50
  higher because of that. So wouldn't it be nice if we had
• 1:03:52
  a money that It caused inflation.
• 1:03:54
  That was actually disinflationary.
• 1:03:56
  Imagine if you had a money where instead of Life getting more and
• 1:03:59
  more and more expensive year after year after your life
• 1:04:01
  actually got cheaper you're after you're like we can't even
• 1:04:04
  imagine that all of us who have been you know you know whether
• 1:04:07
  you're five years old or 80 years old, we've been in a
• 1:04:10
  system where inflation is just the norm where I look back when
• 1:04:14
  I was a kid and a Snickers bar in a vending machine was 25
• 1:04:17
  cents. Now that same Snickers bar is
• 1:04:18
  smaller in size and it's like a buck 50 you know that's
• 1:04:21
  inflation and we all have grown up with that as being normal.
• 1:04:24
  But on a Bitcoin standard I'll talk about, we actually would be
• 1:04:26
  in a system where prices for food for gas for healthcare for
• 1:04:31
  Education would get cheaper and cheaper and cheaper over time
• 1:04:34
  where we'd get more value for our money over time.
• 1:04:38
  That's what Bitcoin has to offer.
• 1:04:39
  And then the third thing, and I'll just do that real quickly,
• 1:04:41
  if you're in some sort of developing Nation where you have
• 1:04:44
  kind of crony, government, governing officials, running,
• 1:04:47
  controlling the monetary Supply. These guys are literally
• 1:04:49
  default, like Argentina defaults on kind of a semi-regular basis.
• 1:04:53
  These people have built up wealth, they've worked hard.
• 1:04:56
  And then, they've only they've watched it.
• 1:04:57
  Literally go to dust just poof and they're gone.
• 1:04:59
  And they have no more life savings anymore and they have to
• 1:05:02
  start from scratch. And some of them have had to do
• 1:05:03
  that multiple times in their lives and those are the people
• 1:05:06
  who just intrinsically get the value of Bitcoin.
• 1:05:09
  They don't really care about Vic coins, price volatility, they,
• 1:05:11
  you know, sure it's down 70 percent this year because of
• 1:05:14
  this recession that's that's starting out, but they're like,
• 1:05:17
  but that's still way better than having a currency that
• 1:05:19
  hyper-inflated away like the Turkish lira or, you know, pick
• 1:05:23
  your pick. Currency.
• 1:05:24
  That's just basically going going to zero very quickly.
• 1:05:28
  It still is a much better alternative and especially if
• 1:05:30
  you kind of back up and look over the long term perspective,
• 1:05:33
  you're preserving or purchasing power unlike what government
• 1:05:36
  Fiat currencies do. So those are super long winded
• 1:05:38
  answer to say, it depends on who I'm talking to, but I'll kind of
• 1:05:42
  focus my orange pill discussion based on kind of their station
• 1:05:45
  in life and what I think though grasp and understand.
• 1:05:48
  Absolutely. So we're almost getting to the
• 1:05:51
  time but I got a couple more questions based It on what you
• 1:05:54
  were saying, Doc, and it's this. And the first time this happened
• 1:06:00
  to me, I was, I forgot who I was pitching, but it was an older
• 1:06:03
  gentleman, pretty successful. And you know, I do my, my usual
• 1:06:08
  Nico Jones, bit like, separate money from stay like, blah,
• 1:06:11
  blah, blah, and he looks at me. And this was this gave me a lot
• 1:06:15
  of information. He said, Nico.
• 1:06:19
  Not the revolution but the investment right.
• 1:06:21
  So and doc I think you know both I think you're very well versed
• 1:06:26
  in both. How is it separating the two?
• 1:06:29
  How are you? How do you go with your clients
• 1:06:31
  and then keep that separate in your head?
• 1:06:33
  So they're not looking, you're like a crazy person.
• 1:06:36
  I think I've just generally been pretty good at reading my
• 1:06:38
  audience and so it's that's really all it is so when I talk
• 1:06:41
  to people who are into, you know, they're talking about and
• 1:06:43
  the fed and they talking about, you know, Anarchy and they hit
• 1:06:46
  the government. And then that's when Go down
• 1:06:48
  that route. I'm like hey man, wouldn't it be
• 1:06:50
  awesome if we could? Literally not just vote these
• 1:06:53
  politicians out but literally defend them permanently so that
• 1:06:56
  they don't have this power over us.
• 1:06:58
  This is what Bitcoin offers it's literally the separation of
• 1:07:01
  money and state. It literally takes the power
• 1:07:03
  away from these super powerful nation states that just ruin and
• 1:07:06
  wreck Our Lives all the time and it gives that power back to the
• 1:07:10
  people. So when I'm talking to people
• 1:07:11
  like that, I go down that route a lot, it just really depends on
• 1:07:14
  who you're talking to, right? And if you're talking to some
• 1:07:17
  rich, dude that it is looking at Bell Shire because they want to
• 1:07:20
  make a lot of money. I'll talk about the risk
• 1:07:22
  adjusted returns, they don't really care about the.
• 1:07:24
  In fact, they probably don't want the separation of money
• 1:07:26
  from State. They'd be like, well why would I
• 1:07:28
  do that? I'm super rich.
• 1:07:29
  You know, Warren Buffett doesn't want that because he's a
• 1:07:31
  billionaire. He's totally, you know,
• 1:07:32
  benefited from, you know, the cantillon effect and being close
• 1:07:36
  to the money printer and all this kind of stuff.
• 1:07:37
  So, just got to read your audience.
• 1:07:39
  I know, you know, that to you're super smart, dude.
• 1:07:42
  So, that's what I do. There's lots of different ways
• 1:07:44
  to approach, Bitcoin. It's so multifaceted.
• 1:07:46
  It's super simple on the one hand, but it's Incredibly
• 1:07:48
  complex, on the other hand, you know, you can talk about
• 1:07:51
  property rights. That Bitcoin offers you to
• 1:07:53
  instantly confers property rights to the 28 billion
• 1:07:57
  citizens in the world. Unlike other governments that
• 1:07:59
  just take your property away from you or unlike the US which
• 1:08:02
  taxes you on your property, you know?
• 1:08:04
  And so anyways, just depends on who I'm talking to.
• 1:08:07
  You can kind of go down in your out and when we've been in this
• 1:08:09
  space long enough you can kind of read the situation, read the
• 1:08:12
  person, and then and then go down that path with them.
• 1:08:15
  Absolutely okay, last question. Question and I'm going to start
• 1:08:20
  asking the same question to, you know, future guests of this new
• 1:08:24
  format. What is the difference between
• 1:08:28
  Bitcoin and share coins? And why does it matter?
• 1:08:34
  Okay, so back. So, full circle.
• 1:08:36
  Where are we? So, so at the beginning of the
• 1:08:38
  discussion and, and I'll bring it back to say, there are two
• 1:08:41
  types and I like to use altcoins, I'm a family friendly
• 1:08:43
  guy, so altcoins two types, right?
• 1:08:45
  There's, there's the ones that are basically the Bitcoin
• 1:08:48
  spin-offs. Those are like the light coin
• 1:08:50
  bit coin, cash, bsv Monaro. You know, the things that were
• 1:08:55
  more prominent back in kind of 2016 2017 they were kind of
• 1:08:58
  battling against Bitcoin to be the world's magic internet money
• 1:09:01
  and then there's All over the rest of what I can just call
• 1:09:04
  crypto, which is basically technology multifunctional
• 1:09:08
  technology platforms that are basically, you know, Venture
• 1:09:12
  capitalists glom onto them there.
• 1:09:14
  Awkwardly glued to a blockchain even though they don't need a
• 1:09:16
  blockchain necessarily, they're focused on exit strategies.
• 1:09:20
  What's the difference? There's not a lot of difference
• 1:09:22
  between Bitcoin and Litecoin and Bitcoin and bch and Bitcoin and
• 1:09:26
  bsv and Bitcoin and mineiro and all that.
• 1:09:28
  They have slight different unique properties, but the
• 1:09:31
  market has clearly, Chosen Bitcoin.
• 1:09:34
  That's why I chose Bitcoin is because the market has made it
• 1:09:37
  clear that there's a front-runner that it's Bitcoin
• 1:09:40
  that the properties of Bitcoin that the fact that it can be
• 1:09:42
  totally distributed that nodes are easy to run that.
• 1:09:46
  The power gets disseminated over time, decentralized over time,
• 1:09:49
  instead of centralized like these other protocols do Market,
• 1:09:53
  the market has chosen Bitcoin. All of this other stuff has
• 1:09:57
  nothing to do with Bitcoin when we talk about dominance of
• 1:10:01
  Bitcoin. If to crypto that's a false
• 1:10:04
  narrative, it's like comparing the sun to a mosquito.
• 1:10:07
  It doesn't matter. They have nothing to do with
• 1:10:09
  each other. Quit talking about crypto, don't
• 1:10:11
  go in rooms where they're comparing Bitcoins etherium
• 1:10:13
  because a theorem has nothing to do with Bitcoin.
• 1:10:15
  A big cerium is going to go away it.
• 1:10:18
  I want to tell people this to people talk about the flipping,
• 1:10:22
  what if Bitcoin was flipped by aetherium in market cap, it
• 1:10:26
  doesn't matter. It does not matter.
• 1:10:28
  They have nothing to do with each other.
• 1:10:30
  It's like saying, what if Apple the company Flips, Bitcoin.
• 1:10:33
  It already has, who cares? There's nothing to do.
• 1:10:36
  You know. It doesn't matter.
• 1:10:37
  They don't have anything to do with each other.
• 1:10:38
  A theorem is just a little tech company.
• 1:10:41
  It should be proof of stake because that's
• 1:10:43
  shareholder-friendly it is an unregistered Securities.
• 1:10:47
  So it should just registers his security because it's just a
• 1:10:49
  tech company. That's kind of distributed
• 1:10:51
  around to people. That's getting more centralized
• 1:10:53
  over time. It doesn't matter to bitcoiners,
• 1:10:55
  so, sorry about that answer. But again, they have nothing to
• 1:10:59
  do with each other, focus on what's important focus on world
• 1:11:02
  changing. Do you focus on separating money
• 1:11:04
  from State? And you'll do well over time I
• 1:11:07
  absolutely agree with you and the reason I ended with that
• 1:11:11
  question is because everyone depending on their expertise and
• 1:11:17
  what walks of life they come from is going to answer that
• 1:11:20
  question differently and I think it's appropriate for the very
• 1:11:24
  end anyways, dr. Ross, I really enjoyed this like
• 1:11:29
  I said guy, looks like it's doing pretty well is also.
• 1:11:32
  So I'm going to keep doing these types of interviews.
• 1:11:35
  No prep. It's not, I don't prep the way
• 1:11:37
  that I used for the show to show requires a tremendous amount of
• 1:11:41
  prep, tremendous amount of research.
• 1:11:43
  This is more of a conversation and I really enjoyed it.
• 1:11:46
  And doc thank you for coming to the first interview man.
• 1:11:51
  I really really enjoyed this. Thanks for having me nigga.
• 1:11:54
  You do a great job with the interview, so I really hope you
• 1:11:56
  do more of these. You have a, you know, you're
• 1:11:58
  always self-deprecating self-effacing but you're
• 1:12:01
  actually, you know, You have a ton of knowledge across all
• 1:12:04
  different aspects of Finance, economics monetary history, and
• 1:12:09
  especially Bitcoin. So I mean you're a great host
• 1:12:12
  and I look forward to watching your views in the future, and
• 1:12:15
  any time you want me back, I'm happy to come back and join your
• 1:12:17
  show. I really, really appreciate you
• 1:12:19
  saying that dock. Where can people find you on
• 1:12:22
  social media? What are you working on now?
• 1:12:23
  They sure. So I'm always on Twitter at Vail
• 1:12:26
  shower cap. I'm always you know, doing a
• 1:12:27
  space or tweeting some nonsense about something, you know,
• 1:12:30
  tweeting something about Bitcoin.
• 1:12:31
  So Love love talking about this stuff left, talk about
• 1:12:34
  investing, love helping the plebs and I'm totally serious
• 1:12:37
  about this, like I want to, you know, defund Wall Street as
• 1:12:41
  well, and put people like me out of business so that we get onto
• 1:12:44
  a Bitcoin standard. So come find me over on Twitter
• 1:12:47
  if you want to know in the meantime, so say, you're, you
• 1:12:49
  know, you're into Bitcoin but you're not 100% fully into
• 1:12:51
  Bitcoin yet. I look at Vail, Shire my
• 1:12:54
  business as well, share as a bridge between, you know, no
• 1:12:58
  coiners who become bitcoiners all the way over to being full.
• 1:13:02
  Bitcoiners 100%. So for those people in the
• 1:13:05
  middle, that's what Veil Shire does.
• 1:13:06
  I still invest in stocks and bonds and manage IRAs for people
• 1:13:10
  and brokerage accounts if you want to learn more about that.
• 1:13:12
  And what I do as an investor, you can email me directly info
• 1:13:16
  at Vale Shire.com and I'll get back to you personally.
• 1:13:20
  Awesome. All right guys, thank you so
• 1:13:22
  much and of course we'll see you tomorrow for the Regular Show.
• 1:13:24
  Bye everybody.