Latest / Simply Bitcoin / $8.1B Man: ''Inflation is Coming, Buy Bitcoin Because.." | EP 1102

Transcript

$8.1B Man: ''Inflation is Coming, Buy Bitcoin Because.." | EP 1102 · Simply Bitcoin

0:00
Yo, I'm going to simply Bitcoin a billionaire worth $8.1 billion
0:04
just went on national news and said the unthinkable.
0:08
Before we get into the clip that everyone has been talking about
0:11
on Bitcoin Twitter, let's not forget that this specific
0:14
billionaire that we're going to be discussing about today
0:16
started the 2020 bull market is history repeating itself.
0:21
Who is the billionaire that we're going to that we're going
0:23
to be talking about? Of course we're talking about
0:25
Paul. Tudor Jones, who's been a
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massive Bitcoin. Bull.
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Here's it's the latest clip. That has been making the rounds
0:32
on Bitcoin Twitter. Because that's how the money is
0:37
going to get raised one way or the other, correct.
0:40
I think we have a screen if we could that I it's up a little
0:43
bit of a menu yes of I don't know if it's options actually
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they may not be No, no there. Are plenty of options.
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There are plenty of. Options.
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There's not many ways to get where you need to go unless you
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start to do some of these things correct.
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So the question is of the of what's on the screen.
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You can. You can let the tax cuts expire.
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That gets you. Can I just say this?
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You have to let the tax cuts expire.
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You have to you have. To let those expire, that's 390
1:08
billion we're going to have again, we're going to, we're
1:13
going to be broke really quickly unless we get serious about
1:19
dealing with our spending issues and and unless we and only we
1:24
can either I, I don't know if we'll be able to cut spending
1:27
that much, 60% of our spending or transfer payments.
1:32
But if you if you're, if you think we're going broke for and,
1:35
and you think Trump is going to be the president, he's not going
1:37
to let those tax cuts expire if he can avoid it.
1:40
The thing? That he does not want the
1:42
corporate tax rate to go to 25% as you're suggesting it'll have
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to. He's suggesting it should go to
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15%. I'm saying that to just to get
1:50
us to the point where we stabilize debt to GDP at where
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it is right now. Here's what you need to do.
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You need to let the Trump tax cuts expire.
1:57
That's 390 billion. You need to raise the payroll
2:00
tax on every single working person 1%.
2:03
That's another big slug. You need to what do.
2:06
You think that does to jobs? We're clearly going to have a
2:11
period of contraction, which hopefully that's why I was going
2:14
to say it's going to be really important for the Fed to be able
2:17
to offset the fiscal contraction area.
2:20
It's going to come. Then you want to increase the
2:23
individual tax rate all the way to the top rate of close to 50%.
2:28
Now hold it. Yep, I don't want to do any of
2:30
this stuff. What I'm telling you is, is that
2:33
we've got to be serious about where we are fiscally.
2:38
And so I'm giving you, there's a whole set of options, right?
2:41
We could go in and cut 25% of the, of the federal workforce.
2:46
Some people may do that. There's, there's a whole,
2:50
there's a website where you can go look and play with all the
2:52
options. You can raise the capital gains
2:53
rate from 21 to 28%. That only gets you $10 billion a
2:57
year. It actually doesn't get you what
3:00
you need. So I'm simply showing some of
3:03
the things that you can do. Yes, you'd have to raise the tax
3:07
rate on the top. I think probably everyone over
3:10
200 grand probably have to raise that to 49 1/2%.
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If you do all these things, all these things, raise the Social
3:17
Security from 65 to 70. If you do all these things means
3:21
test Medicare. If you do all these things, all
3:24
you do is you get to a primary balance.
3:27
What that means is you stabilize that the GDP, you're still
3:31
actually increasing your debt, right?
3:33
You're still actually increasing it because it excludes the
3:36
interest cost, which, oh, by the way, the interest bill this year
3:41
is larger than every single line item except Social Security.
3:44
It's larger than defense spending, larger than Medicare.
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I want to talk about why you're here, which is Robin Hood and
3:50
this conference. But before we do that, is this,
3:52
given all of the things you're saying, are you off buying gold
3:55
and Bitcoin and and I? Think all I think all roads lead
3:59
to inflation. We're going to end up if you so.
4:03
But does all roads lead to inflation?
4:04
Therefore gold is a good investment.
4:05
Is Bitcoin a good investment to you?
4:07
I'm long gold, I'm long Bitcoin. I think commodities are so
4:10
ridiculously under owned, so I'm long commodities.
4:14
I think most young people find their inflation hedges via the
4:17
NASDAQ. That's also been great.
4:19
It's probably some combination. I probably have some basket of
4:23
gold, Bitcoin, commodities and NASDAQ, something like that.
4:26
And on OZ. And ladies and gentlemen,
4:30
there's Paul Tudor Jones again, once again moving the Overton
4:34
window, shifting it over. I'm here with my Co host for
4:38
today, Optimus Fields. Man, I mean, this is this is
4:41
great. This is great that Bitcoin is
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being equated to all these other traditional.
4:49
Assets. And he, he was, and he wasn't
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comfortable about fixed assets either, right?
4:55
He was talking about, he was equating Bitcoin to, you know, a
4:59
lot of these, you know, commodities that have been
5:01
around forever. And this is someone again,
5:03
that's been talking very positively about Bitcoin for
5:07
many years now. One of the last things that I've
5:09
read doing research into him this morning was he, he
5:12
recommended putting up to 5% of your portfolio into Bitcoin.
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And this was back in 2021. Was that really, really good
5:20
advice that would have outperformed and everything
5:21
else? So yeah, I mean, look, it's a
5:24
continuation of a trend. And I just want to remind
5:27
everybody that, you know, the my my favorite statistic, right,
5:31
that there's 21 million Bitcoin, let's say 4 million of them are
5:34
lost. So 17,000,000 Bitcoin that are
5:37
actively available. And there's roughly 50 to 60
5:42
million millionaires around the world.
5:44
So if every millionaire just wanted to buy one Bitcoin, they
5:47
physically couldn't. And I really believe that after
5:50
this cycle, I think Bitcoin is going to be out of the hands.
5:55
Getting to 1 Bitcoin is going to be out of the hands.
5:58
Like it's going to be impossible to reach for most people for 99%
6:02
of the planet. So I think, you know, that
6:04
window of opportunity is slowly closing and once again, you're
6:09
seeing this trend continue. Whether it's Larry Fink, whether
6:12
it's Michael Saylor, whether it's Steve Wozniak, whether it's
6:16
Donald Trump, like it doesn't matter.
6:18
It's like the mainstream consensus is that orange coin is
6:23
good, that Bitcoin is good, that Bitcoin is necessary if.
6:28
You want to continue to protect your purchasing power from the
6:33
fiscal irresponsibility of of governments.
6:36
Opti, what's your take on all this?
6:38
Yeah, I mean, it's very interesting.
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Of course, if you don't know Paula Tudor Jones, like
6:42
billionaire out there, he obviously has a good grasp on
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what's going on in the macroeconomic landscape.
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And if you are really listening closely to that clip, he's
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basically saying like, I'm going to drop bonds.
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I don't think anyone should be owning bonds.
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There was no conversation of owning bonds.
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And I think this is kind of the trend that we keep seeing, at
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least in Bitcoin Twitter land and obviously amongst
7:05
Bitcoiners, we we do have a bias here and we're always like,
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look, they're dropping U.S. Treasuries.
7:12
It's not the risk off asset that everyone believes it is.
7:15
There may be a fundamental problem with the traditional
7:18
financial system. And you probably want to get
7:20
something that isn't controlled by government, something outside
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of the system, you know, a parallel system, a sly
7:27
roundabout way. And I think anyone that is
7:30
younger is kind of looking at the same landscape if they
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understand anything and they don't, they're not really like,
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you know, fully entrenched in the brainwashing of Keynesian
7:40
economics or traditional trad 5 financial strategies.
7:44
You're looking at Bitcoin and you're realizing that this is
7:46
probably the best thing that I can own besides, you know, gold,
7:50
which, hey, I like wearing gold, but I'm not, I'm not storing my.
7:53
Value in gold. And depend and also all the
7:57
other things that come with gold.
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It's, you know, very heavy. It's hard to store all, all the
8:00
things we constantly talk about. The best thing for most of us,
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if you're, you know, under 35 or something like that, even under
8:07
45 or something is holding Bitcoin and it's, it's really,
8:12
it's open to everyone. It's permission list.
8:14
Anyone can buy some, you can buy, you know, pennies at a
8:16
time, etcetera, etcetera. We talk about it all the time.
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Censorship resistant permission list.
8:21
It's becoming the new trend right now.
8:23
Remember, before BlackRock kind of got into Bitcoin, Bitcoin
8:27
seemed to be like a, you know, it was his career ending.
8:32
If you were starting to embrace Bitcoin.
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And now we're seeing that it's the opposite, that if you aren't
8:37
embracing Bitcoin, at least to us young people, it's becoming
8:40
very suspect on where you know your, your knowledge and
8:44
expertise really is. It's, it's funny, I saw meme the
8:47
other day and it was like something on the lines of I went
8:49
to school to be a financial planner and all I tell everyone
8:53
is just invest in the S&P 500. And like, that's my whole job is
8:57
just telling people to invest in S&P 5 hundreds.
9:00
Now we're like, look, if you aren't at least doing an honest
9:04
dive into Bitcoin and seeing the value of Bitcoin, then are you
9:09
really doing your job? Are you really doing your
9:11
fiduciary responsibility? Because Bitcoin is the only
9:14
thing that will protect us. It's the fastest race in the
9:17
horse. It's been outperforming
9:18
everything for the last 15 years, and now it's becoming the
9:22
trend. Now the narrative is starting to
9:24
shift and everyone is kind of at least slowly but surely waking
9:29
up to this idea that, yeah, I need to own some Bitcoin.
9:32
Because we know what the playbook is.
9:34
We know what the end, the end goal is.
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Of all of the federal debts is they're going to inflate away or
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at least try to inflate away their debt.
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And this nothing stops his train.
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As Lynn Alden keeps saying, they have to.
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Continue to print money. They have to continue to inflate
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away their debt. And if you are an average person
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of average means, what does that mean for you?
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It means you are going to get poorer.
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It means you your life is going to get harder unless you're
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holding Bitcoin or an asset. That they can't debase, which is
10:05
obviously Bitcoin and so. I'm glad that the trend keeps
10:08
coming and more people are talking about this.
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Maybe it doesn't have the impact that it probably should because
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it's coming from a billionaire and a lot of people are like,
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you know, tax the rich and the billionaire class are evil,
10:19
etcetera, etcetera. And I mean, I even tweeted this
10:21
morning, like financial engineering is the death of an
10:24
empire. And this is where we are right
10:25
now. The, the main basically like the
10:28
highest roles in our society right now are financial
10:31
engineers. And we're seeing that they don't
10:33
produce anything. And so if you don't like that,
10:35
you need to opt out. Out of the Fiat system you need
10:38
to start saving in something that they cannot debase which is
10:40
of course Bitcoin but I love that the signal is spreading
10:44
it's been a it's been a grind of a year building that foundation
10:47
for more people to accept the fact that Bitcoin is a
10:50
legitimate thing to be holding and I think next year and you
10:54
know years years ahead of us it's going to completely shift
10:57
as you know right now we're kind of in this like digital asset
11:00
like bitcoin's just a digital asset you know bitcoin's just a
11:04
digital store of value and I think slowly but surely we're
11:06
going to start shifting into no Bitcoin is just the best money
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it's the best medium of exchange unit, of account and store value
11:13
and we're seeing that that trend is starting to pick up so.
11:16
I am very hopeful about the future and obviously very
11:19
hopeful about the future price gains of Bitcoin.
11:22
Again, everything divided by 21 million.
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The signal is spreading. And you know, shout out to Paul
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Tudor Jones going out on Squawk Box and speaking to the boomers
11:30
and being like, yeah, I'm all in gold, Bitcoin and a little bit
11:35
of the NASDAQ here. You should should probably not
11:38
be holding bonds and everyone's like, what are you talking
11:40
about? Why would I buy this Bitcoin
11:42
thing? It's like, well, it's the only
11:44
thing that's outperforming everything in the market.
11:46
And you know, just just tap in a little bit to the 65 IQ
11:50
Bitcoiners out there and just buy Bitcoin, hold Bitcoin and
11:54
continue to save in Bitcoin. This is how you win.
11:57
It's super simple. 100%, yeah. I mean, like, again, in terms of
12:01
shifting the Overton window, I can't emphasize that enough.
12:04
Like definitely moving, moving that window, moving the again,
12:08
it's Bitcoin is treated like every other asset, like we're on
12:12
the verge of something insane. If he said that five years ago,
12:16
you know, they would have left it out of the room.
12:18
But Daddy Fink completely changed that conversation and I
12:23
suspect this trend will continue.
12:24
And you know what, Bitcoin is superior to all those assets.
12:28
It's superior to gold, it's superior to bond.
12:30
So how long are they going to be able to keep this up?
12:33
You know, where they equate Bitcoin to all these inferior
12:37
assets? You know, it's, it's, it's, it's
12:39
insane. Also something that I wanted to
12:41
show you guys as well is, you know, the, the, the inflation
12:44
topic, right? So it's something that we've
12:46
always showed you guys the the M2 money supply chart.
12:50
And of course, if you move on to, you know, they don't like to
12:55
equate the two. They say that the two are not
12:57
related. But if you see the medium sales
13:00
prices of houses sold in the United States, you just see this
13:04
going this just going absolutely freaking parabolic shortly after
13:11
all the money printing. So saying the two are not
13:13
related is is, I think, insane. And you know, Bitcoin again, is,
13:18
is the flight to qualities where you you're going to find safety
13:22
from all this money printing. Anyways, everybody, before we
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well. All right, everybody, let's get
14:37
to numbers. Lots to talk about.
14:48
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At the time of recording, the Bitcoin price is 66,910 sats per
15:45
dollar 1495 block height 866,871 Realize monetary inflation 1.28%
15:56
Market capitalization 1.31.32 trillion Bitcoin versus gold
16:02
market cap 6.98% money supply 19,771,255 BTC percentage issued
16:12
94.14% All right. Everybody.
16:15
So we played you a clip. Of Ron Paul.
16:18
Calling out the Federal Reserve on yesterday, on yesterday's
16:22
episode. But we have an even better clip
16:24
for you guys today. Ron Paul asking, getting asked
16:28
the question, could we get rid of of the income tax?
16:33
It's a little bit more of a hot button issue, but our job at
16:36
Simply Bitcoin is to move that Overton window.
16:39
So let's check out what the legendary Ron Paul has to say.
16:43
You. Can't.
16:43
You can't have a government like this without an income tax.
16:45
But we don't want a government like this.
16:47
This is not the kind of government that was designed by
16:49
our founders of the country, is not what was written in the
16:51
Constitution. We've only had an income tax
16:53
since 1913. If you want a welfare state, and
16:57
if you want to police the world and pay for the defense of Japan
16:59
and Germany, send foreign aid to the Soviet Union.
17:02
You not only need the income tax, you need the Federal
17:04
Reserve to print up the money when the deficit is accumulated.
17:07
So we think the government should be much smaller.
17:09
If government is small, then you don't need an income tax.
17:12
You can't. You can't.
17:13
And that's like the concept that like again, this is, I would say
17:18
this is outside the Overton window.
17:19
I think the inflation in the Federal Reserve, I think it's
17:23
sufficiently inside the Overton window.
17:25
It's acceptable when it's acceptable discourse.
17:28
But this is a little slightly out.
17:30
And the whole concept is what should the role of government be
17:34
in people's lives? I think that's the really
17:36
important question, right? Because a lot of this, these
17:41
taxes that we pay aren't even being used efficiently.
17:44
I remember hearing a video of Elon Musk talking about getting
17:49
the permits to launch the Rockets and they were
17:53
essentially, I kid you not, this is real.
17:56
They were asking if the Rockets landing in the ocean, we're
17:59
going to land on sharks. They also wanted to study if
18:04
seals were affected by the by the sounds that the Rockets were
18:10
making. So they literally had to kidnap
18:12
a seal. SpaceX had to do this.
18:14
They had to put headphones on the seal's head, and they had to
18:18
test whether the seal was bothered by the sounds of the
18:22
rocket. And then when they did that,
18:25
they asked, like, what about the whales?
18:27
So again, like, what is the role of government in people's lives?
18:31
I think that's going to be a very important question over the
18:34
next 5-10 years as the separation of money and state
18:37
accelerates. Because as we addressed on
18:40
yesterday's episode, we were talking about the fact that the
18:45
federal government, even with income tax, could not afford to
18:50
spend the way it's been spending.
18:52
The reason that it's able to spend the way it's been spending
18:55
is because of deficit spending, which is what Ron Paul addressed
18:58
here when he said, yeah, I mean, like, we collect income tax,
19:02
it's not enough. the US government spent 1.7 trillion
19:06
more than they collected in tax revenue last year.
19:09
And how did they do that? I mean, they were able to print
19:12
the difference. All right, moving on to the next
19:16
bit. So constitutional amendments,
19:18
Amendment 16, income tax. So what's really interesting too
19:23
is that this amendment which was ratified on February 3rd, 1913,
19:28
it quote, it grants Congress the authority to issue an income tax
19:33
without having to determine it on based on population.
19:36
What's really interesting about this is the year.
19:39
So the year is 1913. You know what was also
19:44
established 1913? The Federal Reserve System.
19:49
By December 23rd, 1913, when President Woodrow Wilson signed
19:53
the Federal Reserve Act into law, it stood as a classic
19:57
example of compromise. A quote a decentralized bank
20:02
that balance the competing interests of private banks and
20:06
populist sentiment. So do I think that the federal
20:09
the income tax being implemented?
20:12
In the year 1913 and the Federal Reserve being born, the is is a
20:17
coincidence. You think that's a coincidence
20:19
that I was born on the same year?
20:20
No, I don't think it's a coincidence at all.
20:23
Halfway across the world where I think that things are going to
20:25
get competitive. And this is the theory that the
20:28
sovereign individual makes is I think over time what's going to
20:34
happen is they're you're gonna start to see competition from
20:40
other countries. So what we saw in Europe, and we
20:43
covered it on, on last week's episode was Norway.
20:47
And what other country was Norway?
20:51
Italy increasing taxes, Italy increasing taxes on Bitcoin on
20:55
on Bitcoin quote UN quote gains. And then you had on the same
20:59
week Dubai announcing that they're getting rid of the taxes
21:03
altogether. So I think you're going to start
21:06
to see jurisdictions compete for your business.
21:10
And This is why you see a lot of governments mentioning exit
21:15
taxes, right? They're essentially holding you
21:18
hostage in a way on basically saying, look, if you leave,
21:22
you're going to have to pay 50% of your net worth, you know,
21:25
hoping that they essentially corral people, keep people,
21:29
which is insane. And again, this leads me to the
21:33
question that I'm at in my Bitcoin rabbit hole journey,
21:36
which is what is the role of government?
21:38
I think the question is not what is money.
21:40
I think the question is what is government, right?
21:43
And what is government without a money printer, right?
21:46
It's very, very interesting conversation.
21:48
Anyways. So in Argentina, Javier Malay
21:53
removed another government agency.
21:55
This is the IRS equivalent in Argentina, so it says Argentine
22:00
President Javier Malay announced plans to shut down the country's
22:03
tax collection collection agency on Monday.
22:06
Presidential spokesman A spokesperson confirmed that the
22:09
administration federal, the federal, the ingredient
22:14
publicos. Argentina's tax Bureau will
22:17
cease to exist. It will be replaced by a newly
22:20
formed agency, the agency the Red Accusion Y Control, which
22:27
will assume some of its functions.
22:29
Throughout its existence, this agency has functioned as a
22:33
political cashbox and as we all know it, many Argentines have
22:37
been subject subject to absolute immoral persecutions.
22:42
Quote, no state bureaucrat should be delegated the power to
22:46
tell an Argentine what to do with his property.
22:50
It goes on to say quote essential to dismantle the
22:53
unnecessary bureaucracy that has hindered the economic and
22:56
commercial freedoms of Argentines.
22:59
The new agency will embody a quote simple, more efficient,
23:03
less costly and less bureaucratic approach to tax
23:06
collection and customs control. Quote aims to reduce the state,
23:11
eliminate unnecessary positions, professionalize the agency,
23:15
dismantle corrupt networks and improve the efficiency of
23:19
revenue collection and customs control by removing privileges
23:23
of the past and optimizing public management.
23:26
I mean, dude, like this is crazy.
23:29
And and then you kind of hear this in the United States a
23:31
little bit too in the recent political discourse when you
23:35
have figures like Elon Musk, which you can make a very solid
23:39
argument, is one of the most popular people on the face of
23:43
the planet right now and he's advocating for a government
23:46
efficiency board. So I think we're heading into
23:49
this future where individuals are going to start to ask the
23:53
question, what is government and am I really getting the value
23:57
that I'm paying for in taxes? And I think it's two separate
24:01
questions, right, which is there's the direct income tax,
24:06
which I feel a certain way about and then there is the inflation.
24:10
Tax. One of them they don't even
24:12
acknowledge. One of them, they pretend like
24:14
it does not exist whatsoever. But it is so important as a
24:19
funding mechanism for the government because I would say
24:23
like, I mean, look at last year in the United States alone one.
24:26
Point $7 trillion, that's more than the GDP of most countries
24:31
than they spent. That's that's more money than
24:33
they spent. They collected in tax revenue.
24:35
How are they able to spend it? Ron Paul said it in the clip
24:38
that we played for you guys. They were able to print the
24:42
difference, right? So anyways, just Brian didn't
24:45
want to bring that up in conversation.
24:47
Opsi wanted to get your thoughts.
24:48
I mean, just just a quick bit here.
24:51
Ron Paul, a man before his time, bro, Did he get it right?
24:56
Did he? Did he get all of this right,
24:58
man? I just think that he didn't have
24:59
the right tool. And of course, that right tool
25:01
is Bitcoin. Yeah, well, Ron Paul is the
25:04
GOAT. He's the OG GOAT out there.
25:07
He's been on this path for a long time, and he, you know, got
25:11
relegated to the corners and no one really took him seriously.
25:14
And here we are. What I I forget how long his
25:17
career is, but decades later, and it seems like everything he
25:20
says is playing out exactly as he said it would.
25:23
And it's just very interesting that he kind of got pushed into
25:26
the corner. And most like in traditional
25:29
discourse, he's like, you know, I'm not, this is not my word.
25:31
But this is just a sentiment. You know, they consider him kind
25:34
of a quack. They're like, well, your, your
25:35
theories won't work. You're, you know, you're, you're
25:38
too far gone. None of this is is feasible.
25:41
And now we're looking back at Ron Paul.
25:43
And it's like, at least there was some politicians out there,
25:46
you know, beating the drum and and saying the correct things.
25:49
And obviously the two party system, or rather, you know, the
25:52
two main parties pushed him out because they're like, yeah,
25:56
we're we're not going to do this.
25:57
But another interesting tax news, Nico, that came out this
26:00
week was in Japan, the Democratic Party of the people
26:04
wants to slash Bitcoin tax rate by 35%.
26:07
So it's very interesting that the conversation on taxes,
26:11
whether it's capital gains tax, whether it's what Malay is
26:14
doing, basically nuking their IRS, It it's becoming one of the
26:18
hot button topics right now. And even Trump has been saying
26:21
similar things, you know, the no tax on tips.
26:23
I think he was saying something thing about like not taxing
26:26
Social Security and stuff like that.
26:28
So you're seeing that this conversation is going towards
26:30
what I think most people would love is just to be like, let's
26:33
eliminate it all in general. Personally, I'm kind of A10, the
26:40
1st 10 of the Constitution kind of guy.
26:43
So I think we should eliminate everything after the first ten
26:46
of the Constitution, basically keeping up the Bill of Rights.
26:48
And I'm and I'm good with that, but obviously that is way
26:51
outside the Overton window as far as most people are
26:55
concerned. But I think this is the
26:57
conversation and anyone that is a bitcoiner, or maybe you're not
27:01
even a Bitcoiner, I think the illusion of taxes is starting to
27:06
be exposed right now. If you just look at the data,
27:08
just pure numbers. The amount of taxes that the
27:12
government takes from the citizen is no way ever going to
27:16
be able to pay for all of the federal debt and the
27:19
liabilities. It's just it's.
27:21
Simply math. It's impossible.
27:23
And yet it seems like most you know, Elizabeth Warren just came
27:26
out this morning saying that billionaires need to pay their
27:29
fair their fair share of taxes. But when you really.
27:31
Look at the data. It's like none of that is going
27:34
to cover all of the money that the government is spending.
27:37
Even even in the beginning, Paul Tudor Jones kind of was throwing
27:40
that idea out. He's like, I don't want this to
27:42
happen, But if that were to happen, it's only going to be
27:45
about $10 billion that the federal government can recoup.
27:48
And it's like we're it's not a tax problem.
27:51
It's not a problem about people not paying their taxes.
27:53
It's a problem of overspending. The government is literally
27:56
pulling from the future to spend now, and it's driving us down
28:01
into a crumbling empire. It's about overspending.
28:05
If an individual ran their balance sheet like a government,
28:08
we would all be burnt, bankrupt and poor.
28:11
And you know, there, there's very, there's a very strong
28:14
argument to make that the US is already bankrupt.
28:17
But you know, hey, well, what do I know?
28:19
I'm just a dude here on YouTube. You know what happened in 1971?
28:23
We're talking about 1913 when the Federal Reserve was created
28:26
that isn't federal and has no reserves.
28:28
And and it seems like this is the status quo.
28:31
It seems like everyone has drink in the elite Kool-aid, the
28:33
international banker Kool-aid, and they think that paper money
28:36
is the only way that we can move forward, when in reality, paper
28:40
money is still an experiment. It it's only been about 100
28:43
years. It's the anomaly.
28:44
When you think about how humans have interacted in society
28:48
throughout time, it's it's a. Small, small dot on the radar of
28:52
how money has worked for the history of man.
28:55
And yet all the Keynesians out there telling us that this this
28:59
is the only way forward. Obviously, this is where our
29:01
system is right now. And we kind of have to take it
29:04
where it's at. And like, yeah, we, we we're all
29:06
doomed because of paper money. But now, you know, we have an
29:09
option. You just opt out and you start
29:11
saving in Bitcoin and this is how we move forward.
29:14
Slowly but surely, gradually, then suddenly Bitcoin is going
29:18
to take over and people will start start dropping their paper
29:21
money. I think we are moving towards a
29:23
more. Like by Metal list future where
29:26
you save and interact with the people you want on Bitcoin, and
29:30
when you got to interact with the state, you're going to use
29:32
this state's Fiat currencies. And I think that's the future
29:35
that we're moving in, at least in the short term.
29:37
But for everyone out there, it's like you're getting poorer.
29:40
Start saving in something that will preserve your purchasing
29:43
power, AKA Bitcoin. 100% All right, everybody, before we move
29:50
on to news, we, we're going to talk some interesting,
29:53
interesting tidbits. And this is this idea that we've
29:56
been talking about like. Rules for the.
29:58
But not for me how the government essentially pick.
30:03
It picks and chooses what laws are convenient for them in terms
30:07
of sometimes bitcoins money when it's convenient for them, and
30:11
then sometimes Bitcoin isn't money when it's inconvenient for
30:14
them. So some interesting news coming
30:17
out of a lawsuit. That was filed against chain
30:21
analysis. Chain analysis is the company
30:23
that does all the on chain surveillance of Bitcoin and it's
30:29
it's just quite interesting. So stay tuned.
30:31
We'll be right back during the new segment.
30:35
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All right, everybody, let's get to today's news.
32:49
So here is Lola. She's been doing she's done some
32:54
incredible just articles just about, you know, freedom tech
32:58
and just the separation of information and state separation
33:02
of money and state. She hangs out on Auster a lot.
33:05
But anyways, so here is I I believe this is a tweet, but
33:09
she's it's court day for chain analysis, baby.
33:11
Chain Analysis is being sued for definition for allegedly
33:15
wrongfully classifying a crypto project as the second largest
33:18
crypto scam and it's 2023 crypto crime report.
33:23
Chain analysis has been trying to get this case thrown out
33:25
since April. If the case is allowed to
33:27
proceed today, it may finally bring some accountability to the
33:32
world of black box blockchain surveillance.
33:35
Right. So you're like, OK, OK, this is
33:38
nice, but let's check out the latest update.
33:42
Judge dismisses defamation suit against gene analysis.
33:46
Of course, the honorable lie E Frank of the New York Supreme
33:50
Court has granted gene analysis motion to dismiss in a
33:55
defamation suit filed against the surveillance firm last
33:59
January by the crypto project yield nodes via its parent
34:03
entity exceptional media. The dismissal is granted on the
34:07
grounds of New York's anti slap laws, initially designed to
34:11
harbor free speech and participation in public
34:14
discourse. There could be no dispute that
34:17
the 2023 crime report involves an issue of public interest.
34:22
Judge Frank in his decision, referring to Jane analysis
34:26
crypto crime report, which classified the yield notes
34:29
project as the second largest scam of 2022.
34:32
In part because the technology and basic concept concept of
34:36
cryptocurrency is so new and because there have not yet been
34:40
a comprehensive regulatory schemes developed, there is a
34:43
strong potential for cryptocurrency scams to inflict
34:47
severe financial damage on the public.
34:50
Reports on the public reports warning the public of potential
34:54
scams would be well within the public interest.
34:57
Furthermore, Judge Franco Pines given chain analysis history of
35:01
advertising and aiding the United States government on
35:04
cryptocurrency scams, the underlying claims clearly
35:08
involves a matter of public interest adds to the crime
35:11
report. Anti slap laws significantly
35:14
shift the burden of proof to the plaintiff, requiring the
35:17
plaintiff to provide substantial evidence that the defendant
35:21
acted recklessly or maliciously. Slaps, also known as strategic
35:25
lawsuits against public participation, are commonly
35:28
employed by wealthy individuals and LARC corporations against
35:32
journalists and other members of the public participating in
35:35
public discourse to silence critique.
35:37
The defendant quote never pleads facts that would Counter Man
35:41
Chain Analysis Description of An Investment Scam quote recites no
35:46
facts that go towards actual knowledge or reckless disregard
35:50
of either statements of falsity by chain analysis.
35:54
Instead, Judge Frank found the plaintiffs case a quote heavy on
35:58
bare conclusionary statements. Quote exceptional has not
36:03
adequately shown a substantial basis in either law or fact.
36:08
Exceptional Media claims that Chain analysis investigation
36:12
softer reactor has flagged the project in 2022, leading
36:16
multiple exchanges to freeze assets associated with the
36:19
project. But Exceptional Media was unable
36:22
to provide the court with specific businesses
36:25
relationships that were harmed due to chain analysis statements
36:29
intended to harm the plaintiff. In a previous hearing,
36:32
Exceptional Media lawyer Tor Eklund claimed that the
36:36
vagueness was a result of chain analysis.
36:39
Closed structure. We're not Privy to who their
36:43
clients were. And Yieldnotes only learned
36:46
about its designation as a scam after exchanges began
36:49
blacklisting the service in response.
36:52
Any alleged statement made with the reactor subscription service
36:56
regarding the nature of yield notes would have been made in
36:59
furtherance of the public interest that chain analysis
37:02
serves by monitoring the nature of the cryptocurrency field.
37:06
Referring to the case of US versus Sterling Gov, a Swedish
37:10
Russian citizen also represented by Erkland, who was found guilty
37:15
of operating an unlicensed money transmitter with the help of
37:19
Chain Analysis reactor, sparking controversy around the
37:24
software's accuracy. Judge Frank states that
37:28
exceptional suit is an and is an attempt for further a reactor
37:32
algorithm discovery and an attempt to chill Chain analysis
37:37
is speech. How convenient a classic slap
37:40
fact pattern citing public statements made by Erkland to
37:44
sue the crap out of chain analysis after the defendant's
37:47
trial concludes. So it's interesting because
37:50
chain analysis, of course, is a huge, huge customer of chain
37:56
analysis is the US government. And when it's not convenient
38:02
for, you know, and when it's not convenient, it's like, oh, you
38:05
know what, No, we, we gotta, we gotta dismiss this case.
38:11
You know, free speech is important here.
38:13
Even though the facts might be not 100% accurate, accurate,
38:19
even though it might hurt individuals and businesses, even
38:24
though we don't know exactly what methods chain analysis is
38:28
used, it's still, you know, freedom of speech is.
38:32
So important. And then this leads me to tie
38:34
into, OK, if freedom of speech is an argument used, Bitcoin
38:39
should be protected by freedom of speech as well, right guys?
38:42
Bitcoins protection under the 1st Amendment.
38:45
But again, I think that this is another example of rules for
38:49
thee, but not for me. So, you know, in certain
38:52
situations, I just love how judges themselves are saying,
38:56
hey, you know what? Freedom of speech is important
39:00
here. But I love how in certain
39:02
situations it's like, no, no, no, actually, you know what?
39:06
Freedom of speech is not important.
39:09
That's misinformation. That's a threat to democracy,
39:12
you know, and, and Bitcoin. Like it's money in the sense
39:17
that yeah, we need all the regulations as it relates to
39:20
money transmitting laws as it relates to KYC, as it relates to
39:25
AML, but. Legal tender, no, Bitcoin
39:28
actually isn't money. So again, I think that like the
39:32
the issue that I have with this was not the ruling.
39:35
The issue that I have with this is a continuation of the trend
39:39
and that trend is, again, it seems like, and again, maybe
39:43
this is too early to say, but we were right about Operation Choke
39:47
Point 2.0. We were calling that way before
39:50
Nick Carter wrote his famous paper.
39:53
So I'm starting to pick up a trend and we might be wrong
39:57
here, but that trend is simple like it's like you can't apply.
40:02
Laws that are convenient to certain things and then not
40:07
apply those same laws that are inconvenient to other things.
40:12
Like you can't, you can't pick between the two.
40:15
And if they're using a First Amendment argument like, OK, so
40:19
Bitcoin should be protected by the 1st Amendment.
40:21
But that's not the case according to the US Treasury.
40:24
According to the US Treasury, certain software should be
40:30
allowed to be sanctioned even though it's speech, right?
40:33
So again, it's like it's, it's like it's, it's not due process
40:40
under the law. It's selective process based on
40:44
what is most convenient. That's what I'm seeing here,
40:48
right? And again, coincidentally, of
40:52
course, total coincidence, who is chain analysis is one of one
40:56
of their biggest customers, the US government, right?
41:00
So it begs the question if that wasn't chain analysis that was
41:05
on trial, let's say it was a Bitcoin privacy developer and
41:09
they used the same argument that, hey, you know what?
41:13
I was just writing code. Code is a form of speech.
41:18
You know what? What?
41:19
Like, what's the difference? Right?
41:21
What's the difference Anyways? I see Opti has something pulled
41:23
up here. Yeah, just doubling down on
41:25
this. Lola leads on Twitter literally
41:28
basically said the same thing. So she's, quote, tweeting one of
41:31
her own tweets and goes. A New York judge has just
41:33
compared chain chain analysis surveillance software to private
41:36
Facebook groups claiming that the software enjoys
41:39
constitutional free speech protections.
41:42
And then she goes on to say one of these two software projects
41:46
enjoys free speech protections. When the law can be applied one
41:49
way to a multi billion dollar government surveillance
41:51
contractor and another to a Foss project bringing financial
41:55
privacy to the world, You might just get the idea.
41:58
We're living in a Banana Republic in the various truest
42:00
sense of the world. And of course, chain analysis
42:03
right here in the tornado cash logo and tornado cash and
42:06
samurai. So like again like the the
42:08
problem here is the. The problem here is the.
42:12
Like it it it. I I can't take it seriously
42:16
because you can't. Have it both.
42:18
Ways you can't say, OK, conveniently, you know, the,
42:24
the, the chain, the, the person that sells all the surveillance
42:29
to the US government, they get free speech protections, the
42:33
open source developers that are writing code that, you know,
42:37
criminals just have it's like as if, and they're trying to do
42:41
this. It's like the gun manufacturers,
42:43
like if they get charged for the, you know, crimes that get
42:48
committed with the prop because of the products they produce.
42:51
Like that doesn't make sense. That doesn't make sense
42:53
whatsoever. So again, it's it's a double
42:56
standard. It doesn't surprise me, but it's
42:59
important to arm yourselves with the facts and arm.
43:02
Yourselves with the truth. Opti, what's your take on this
43:05
before we move on to the culture?
43:07
Yeah. Well, I mean, I think you
43:08
covered it really well. It's obviously, I think this
43:11
year, well, really, you know, in the last four, 4:00-ish, five
43:14
years, actually maybe eight years, you know, it's somewhere
43:18
around there. It's becoming very clear that
43:20
there is a 2 tiered justice system right now.
43:23
And obviously for us people that aren't part of the group, we
43:28
don't get the benefits of basically saying, yeah, Bitcoin
43:31
is protected into free speech. They're still fighting us on
43:33
that regards. But yeah, a government
43:36
contractor known as chain analysis, Like no, this is
43:38
actually covered under free speech.
43:39
It's software, bro. Like trust us, you know, rules
43:42
for thee but not for me type stuff.
43:44
So. I mean, I think it's just.
43:45
Another example of the hypocrisy coming out of the justice system
43:48
and why so many people are upset and why so many people are
43:51
losing trust in the system. And I think we're just going to
43:54
constantly get more and more examples of this.
43:56
And of course, like, you know, we just got the ECB attack on
43:59
Bitcoin as well. And you're seeing all of this
44:02
year the attacks on free speech because in my opinion, it's it's
44:06
the powers that be, the great leviathan is losing their power
44:10
over the masses. And now they're scrambling and
44:12
try to regain that control. And of course, they're going to
44:15
be using law fair. They're going to use whatever
44:16
they can to try to gaslight the population and keep them in
44:20
check. And I think this is a further
44:21
example of this. And shout out to Lola.
44:24
She's been on the beat for a long time.
44:27
She's been doing great, great work over with her new media
44:30
publication, The Rage. She's, you know, very in tune
44:33
with what's going on in the privacy sector.
44:35
So I highly recommend you guys go follow her as well.
44:37
But yeah, man, this is, I don't know, it feels like par for the
44:41
course as far as I'm concerned. But hopefully soon enough we'll
44:46
get to the point that we all believe we'll inevitably end up
44:49
at is that Bitcoin is protected in the free speech.
44:52
Obviously there's going to be some trickery in regards to
44:55
actually making that happen, but.
44:58
We're in the then they. Fight you stage we we should be
45:01
ready for this and understand what what what is at stake. 100%
45:06
All right, everybody, stay tuned for the culture.
45:08
We have lots to cover. Let's check it out.
45:23
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All right, everybody, let's get to the culture.
46:27
We have lots to get to today. Let's check it out.
46:30
Yeah, so I think this is a trend that Nico, that we've been
46:33
talking about for a while and I think it's starting to heat up
46:37
now that we got these these central bank attacks on Bitcoin.
46:41
And of course, ever since politics has landed on Bitcoins
46:44
door, you know, Nico, you and I have been kind of talking about
46:47
this constantly. We've been getting a lot of
46:48
Flack back on in the chat and in comments and people on Twitter.
46:52
But I saw this Noster note from Hoddle, which I think makes the
46:58
point that we try to make here very clearly.
47:01
And so I want to I want to bring this up.
47:03
We're going to read it and then we'll we'll chat about it a
47:05
little bit. So over here.
47:07
Wait, where'd it go? Sorry, guys, too many tabs open
47:10
right now. All right, we got Hoddle on I'm
47:13
on using primal, but he's you know, I don't know what he's
47:15
using. He's on Noster.
47:17
So he goes quote, I'm not political quote voting is a
47:19
scam. Allow me to be blunt here.
47:22
The most recent ECB paper made clear something many of us has
47:25
known for a while. When the price of Bitcoin goes
47:28
up, regular people are going to want to imprison you and do
47:32
worse than that to you. The state is also going to do
47:36
something similar. They will be deeply aligned on
47:38
the solution to the problem being to put you in a box and do
47:43
further violence upon you. Don't say it won't happen.
47:45
It has happened in every society on earth.
47:47
It will happen. You're not political.
47:49
Grow up Peter Pan, Count Chocula.
47:52
It's not Halloween. Be serious.
47:54
This is big boy shit. The state.
47:56
Is a weapon people are going to want to yield it against you.
47:59
What you're going to do, what are you going to do about that
48:01
quote? I'm not political.
48:02
Yeah, well, I am. I have to be.
48:04
I want the world to reflect my values and respect my light to
48:08
my right to life, liberty and property.
48:10
We have to protect ourselves from what's coming.
48:12
And believe me when I say it's definitely coming.
48:15
So Nico and I have been saying this for a long time and I said
48:19
it even yesterday. After this ECB report and the
48:21
Fed report, it's becoming very clear that they are going.
48:24
To a set. They're basically essentially
48:27
laying the groundwork to to blame bitcoiners for all of the
48:31
Fiat systems problem. And of course, you know, I say
48:34
it all the time on on the show, it's not left versus right.
48:36
It's a state and the state. Hates you.
48:38
This is where we are right now. The state has the monopoly on
48:41
violence and as Bitcoiners, I think it is very important for
48:44
us to get involved not only on a community level, but if we do
48:48
have more Bitcoin politicians out there, like true Bitcoin
48:51
politician, then we can actually start to infiltrate from the
48:54
inside out. But first of all, it all comes
48:57
down to what Nico and I always talk about, what is politics?
49:00
Politics is a projection of power.
49:02
Well, where do they get the power from?
49:04
It comes from the money. And so for most of us here,
49:07
since we're not really in a position to gain political power
49:10
yet, what we need to do is basically start to tough in our
49:16
ranks here, start start to to bulk up our ranks here.
49:19
And how do we do that is by of course, saving in Bitcoin,
49:22
making sure that we are financially free, that we do
49:24
have financial power. But once we get to that point,
49:27
you know, once Bitcoin becomes the world's best money and it's
49:30
recognized on that level, then the next step is definitely us
49:34
trying to gain some political power because, hey, you may not
49:37
like politics, but politics does have an interest in you.
49:41
And I think this kind of hit me because I've definitely been the
49:43
guy for a long time that like I'm not political.
49:46
I, I even have said in the past that one of the main reasons
49:49
that I really love Bitcoin was that it was apolitical.
49:52
But the longer I've been in Bitcoin and the more I learn and
49:56
the more I see what's coming out of the federal government, it's
49:59
becoming very obvious that because Bitcoin is a political,
50:03
that means it is a huge political movement.
50:06
And I think it is very naive for all of us to just be like, let
50:09
me dig my head in the sand. Like I'm going to live off the
50:11
grid. I don't know about you guys, but
50:13
I like living in the city. I am a city boy.
50:16
I enjoy living in the city and I do not want to basically go off
50:20
the grid completely and live on some commune like that's not for
50:24
me. I want a world that aligns with
50:26
my political views. And so as we start to build our
50:30
ranks here and build financial capital, the next move is
50:35
obviously getting political power.
50:38
And as we're seeing right now, politics has landed on Bitcoins
50:41
door and. So.
50:42
Now, I think it's very important.
50:44
You know, as much as I've trolled Dennis Porter, I think,
50:48
I think what he's doing does have some noble cause to it of
50:51
trying to communicate with these people and try to educate them.
50:54
Obviously we can argue and have a conversation about their
50:58
corruption and where their incentives lie, but I think it's
51:01
very important for us to kind of engage with politics at this
51:05
point. And hopefully it might not be
51:07
this year. You know, Trump has been talking
51:09
a good game. There has been a lot of good
51:11
rhetoric in regards to Bitcoin in the crypto industry.
51:14
But I still think we are very early in the, the, the game in
51:18
regards to Bitcoin being political.
51:20
So hopefully we can lay the groundwork this next four years
51:24
and by the next, you know, election, the next cycle, it
51:27
it's becoming very clear that you can't fight Bitcoin that
51:30
especially in America that Bitcoin is American aligned with
51:33
the American values. Bitcoin is freedom, and I think
51:36
we're. Starting to see.
51:37
Slowly but surely that that signal is starting to infiltrate
51:41
popular culture and more people are waking up to the political
51:44
power of having a non sovereign money, something that cannot be
51:47
controlled, something that is apolitical, something that they
51:50
can't censor, censor you off of. Even Tucker kind of came out the
51:53
other day was basically saying like, it's very important for us
51:57
to have a a money that isn't controlled by a monopoly because
52:00
if you try to dissent against the very system that controls
52:04
the money, they just completely cut you off from that system.
52:07
And so Bitcoin has both of these things playing out in its favor.
52:11
It's a money that they can't control.
52:13
And of course it's the best money in the world.
52:15
And what is politics but a projection of power, which is?
52:18
Basically, he who? Owns the money, controls
52:21
politics. And so on another note, you
52:23
know, shout out to David Bailey for engaging with politics ticks
52:26
this year and doing the whole crypto pack and, and, you know,
52:33
donating a lot of money to the Trump campaign and etcetera.
52:36
And you can even argue like, you know, SBF kind of did that last
52:39
year and there's some good and bad there.
52:41
But it's becoming very clear guys, that we definitely can't
52:46
just dig our heads in the sand and to now and be like, like
52:49
bitcoins going to do its own thing.
52:51
We're winning. We don't have to worry about it.
52:53
It's like, no, I, I think it's becoming clear to all of us that
52:56
this is very important to do. Yeah, what's your?
53:00
Thoughts. 100% So like, OK, so there's a very naive conception
53:07
by a lot of bitcoiners, which is this idea that this idea that,
53:14
OK, don't trust politicians, don't trust the process, voting
53:21
doesn't matter. The whole system is corrupt.
53:23
It's a very kind of nihilistic view.
53:26
Rightly so, because politics is ugly.
53:29
It's the literal if the definition is the organization
53:32
of power, right? And you either have the men with
53:37
guns on your side or you don't have the men with guns on your
53:41
side. If you don't have the men with
53:44
guns on your side and they're persecuting you, that tends to
53:49
lead to bad things in a historical context.
53:51
So how do you get the men with guns on your side?
53:55
You get the politicians that control the men with guns on on
54:00
on your side, on the side of the Bitcoiners.
54:02
You do this in the United States with the lobbying effort that
54:06
was. Just.
54:06
Started we are becoming a major lobbying arm in DC and as time
54:13
accelerates, I mean as time progresses and more Bitcoiners
54:18
become part of the donor class, we are going to have more and
54:23
more influence in Washington DC. This is exactly why the ECB may
54:29
mentioned it in the research paper.
54:30
They were terrified. They're like, Oh my God, the
54:32
Bitcoiners can get pro Bitcoin politicians in office.
54:37
Holy cow. We need to get people like
54:40
Elizabeth Warren out of power. She is against our 'cause if she
54:45
had her way, she would make self custody legal, right?
54:49
So you can pretend it doesn't exist.
54:52
You can put your head in the sand and say, you know what,
54:55
orange orange man is bad because he doesn't pass my purity test.
55:00
He is not Bitcoin only. He supports crypto.
55:04
My response to that is it's a two party system.
55:09
You have two choices. You have the crypto, pro crypto
55:14
candidate, it's not pure Bitcoin, I get that, I
55:17
acknowledge that or you have the collectivist.
55:20
Which one do would you decide to choose?
55:23
I would go with the pro Bitcoin candidate because we have been
55:27
under the current administration for last three and a 3 1/2 years
55:31
and they've literally wanted to destroy our industry.
55:35
So it gets to a point where if you want the men with guns not
55:41
to persecute you, not to kick down your your door, not to
55:46
arrest Bitcoin privacy developers, not to have this two
55:51
tier legal system as was presented today in the news that
55:55
we covered, then you want pro Bitcoin politicians on your
56:00
side. You know how you get pro Bitcoin
56:03
politicians on your side? You get political and you get
56:06
active and you call it out. Bitcoin has had the luxury of
56:11
being able to live in the shadows for most of his most of
56:15
it, most of its existence. But if we are serious about the
56:20
separation of money and state, think about that statement,
56:23
separation of money and state. By definition, that is extremely
56:29
political, right? So you want politicians that are
56:34
pro industry, You don't want politicians that are anti
56:37
industry. That's not to say that Bitcoin
56:41
needs politicians. That's not to say that Bitcoin
56:45
can be stopped by a politician, but what I will say is that a
56:50
politician can and has and will make your life a living hell.
56:58
If they are anti industry they will debank the banks that are
57:03
pro Bitcoin. They will pass hostile Bitcoin
57:06
regulation. They will pass a specific types
57:10
of taxes that are anti Bitcoin, like the tax that got passed in
57:15
Italy. That will continue to happen.
57:18
It was written in the ECB paper. The ECB paper was calling for
57:24
people that weren't holding Bitcoin to elect candidates that
57:29
are anti Bitcoin industry. And they're proposing that one
57:32
of the ways that we de incentivize people to adopt A
57:36
Bitcoin is to get it is to get politicians to tax it.
57:41
So this is what I want people to understand is that just because
57:46
you pretend that the system isn't there and that you take
57:50
the High Road and you say, you know what, I'm holier than thou.
57:53
I don't need politics. I could just, you know, build
57:57
these this freedom tech and everything's gonna like we're
58:00
gonna listen. They control the men with guns.
58:04
They have the monopoly on violence.
58:07
If you had a choice between having some influence over the
58:12
men with guns over not having influence over the men with
58:16
guns, what would be the better choice?
58:19
Obviously you'd want to have some influence.
58:22
Is it perfect? No.
58:24
Are you going to get perfect individuals?
58:27
No. Human beings are inherently
58:29
flawed. But you will be able to take
58:34
some agency over your life and some action as an individual and
58:39
as a whole. We can have influence over the
58:44
over certain political outcomes that are going to be more
58:48
favorable for you as a bitcoiner.
58:51
If not go go to China, go to China.
58:55
If not, go to a country that has anti Bitcoin regulation and
59:00
compare it to a country that has pro Bitcoin regulation.
59:03
Compare the lifestyle that you're going to live in the two
59:07
countries. It's going to be night and day.
59:10
So unless you have the means and unless you're open minded enough
59:15
to continue moving from jurisdiction to jurisdiction,
59:20
eventually you're going to have to make the decision as to
59:23
whether you want to hold the line or not.
59:29
If you don't hold the line, move.
59:32
But eventually you're going to run out of places to move.
59:35
And fundamentally, it comes down to this and I'm going to wrap
59:38
it. Up with this.
59:39
This is the separation of money and state.
59:43
By definition, it is inherently political.
59:47
You can choose not to participate and your debt, your
59:52
political destiny will be, you know, written out for you or you
59:57
can choose to get involved. I remember getting into some
1:00:02
some Twitter fights with with with people, right, and they
1:00:05
were basically saying, you know, Trump isn't going to keep his
1:00:09
promise. He's just he's he's he's
1:00:12
scamming you. He's not going to free Ross.
1:00:15
He's not going to create favorable Bitcoin jurisdiction
1:00:19
laws. You know he's not going to
1:00:22
protect the right to self. Custody, he's just.
1:00:24
Saying that to get votes, he's pandering.
1:00:27
It's like, no shit he's pandering.
1:00:29
That's what politicians do. They pander to get votes.
1:00:33
Now, am I putting faith in the orange man to keep his promise?
1:00:38
Yes. Could he break his promise?
1:00:41
Absolutely. But he could also keep his
1:00:43
promise and that is a much better alternative to the other
1:00:48
side, which I know what they've been doing for the last 3 1/2
1:00:53
years. And it's been extremely negative
1:00:55
towards the industry. You heard Brian Armstrong
1:00:58
himself in a tweet we read to you yesterday when Brian
1:01:01
Armstrong was advocating for getting Elizabeth Warren out of
1:01:05
office. He literally said it.
1:01:06
They tried to destroy the industry.
1:01:10
So if, if you have a choice between someone who's saying I'm
1:01:15
going to protect the right to self custody, I'm going to fire
1:01:17
Gary Gensler. I'm going to make sure that you
1:01:20
guys all get rich and this goes to the moon or you have a choice
1:01:23
between the other side. That's like, I want to get rid
1:01:26
of rid of this to create a monopoly for central bank
1:01:29
digital currencies. It's an obvious choice.
1:01:32
So I forget the Plato the exact quote, but I'm going to
1:01:37
paraphrase it. You might not care about
1:01:40
politics, but it sure as hell cares about you.
1:01:44
And we're entering into the then they fight you stage and you can
1:01:50
choose to ignore it or you can choose to stand up and hold the
1:01:55
line. Is it perfect?
1:01:57
No. Are the candidates perfect?
1:01:59
No. They're human beings.
1:02:01
They're in flawed. And I'll tell you something
1:02:02
about politics, guys, because I'm a political junkie.
1:02:05
It is ugly. It is nasty.
1:02:08
Morality goes out the window. It is literally the definite,
1:02:13
the organization of power. Of course, all of that shit is
1:02:18
going to go out the window. But I'll tell you what, we have
1:02:22
a powerful donor base and we have incentives on our side and
1:02:27
the money that we're advocating for and the system that we're
1:02:30
advocating for is inclusive and it benefits everyone equally.
1:02:35
The system that they're advocating for is an exclusive
1:02:39
system that only benefits a SELECT.
1:02:42
Few. So I'm telling you, we have
1:02:45
incentives on our side, we have the money on our side.
1:02:48
It's just a matter of having the courage to stand up and fight
1:02:53
for what you believe is your right and fight for what you
1:02:57
believe is the right thing to do.
1:02:59
Anyways guys, this was simply Bitcoin live for October.
1:03:04
October 22nd, 2024 I'm your host Nico.
1:03:07
This is my legendary Co host Optimus fields.
1:03:10
We'll be back tomorrow for another episode of simply
1:03:13
Bitcoin live. If you guys enjoyed the show,
1:03:15
smash the like button, consider subscribing and share this
1:03:18
episode. If you guys enjoyed it, stay
1:03:20
tuned for an episode of Bitcoin Simply by Dante dropping later
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this afternoon to you Buy bitcoinwell.com, a Bitcoin only
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