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Fidelity Just Destroyed All Bitcoin FUD! | SIMPLY ORIGINALS · Simply Bitcoin

• 0:00
  Joining me now, Micro Strategies Executive Chairman Michael
• 0:03
  Saylor. Michael, I got to give you props
• 0:05
  my man. So August 10th, 2020, Micro
• 0:07
  Strategies adopts this Bitcoin strategy.
• 0:10
  The experts called you a fool thus far you're crushing
• 0:13
  everything. I mean I'm looking at the list,
• 0:16
  even Bitcoin you're crushing. But some of these other known
• 0:18
  the S&P. You're destroying Google,
• 0:20
  Microsoft, Apple, you're beating them all by Easley, Oracle.
• 0:24
  So take us back. Take us back to When you made
• 0:27
  this decision, you knew you would be ridiculed.
• 0:30
  Why did you do it? What's up, guys?
• 0:32
  Welcome back. Like we said yesterday, Michael
• 0:34
  Saylor stays winning, Bitcoin stays winning.
• 0:37
  And a major player in the financial industry just
• 0:40
  destroyed the Bitcoin flood one by one.
• 0:43
  Oh yeah, yeah, folks, that's right.
• 0:45
  Jerry and Timmer. Fidelity, the guys that told you
• 0:47
  Bitcoin is exponential gold? Well, they're at it again, and
• 0:50
  they're at it in a major way as Fidelity just put out a report
• 0:54
  basically laying out for you why there is no second best.
• 0:58
  SO. If you think Bitcoin is too
• 0:59
  volatile, that it's failed as a medium of exchange, is wasteful
• 1:04
  or bad for the environment, if maybe you had some leakage
• 1:06
  inside your brain and you think that it's going to be replaced
• 1:09
  by a competitor, Or if you're like Elizabeth Warren and you're
• 1:12
  saying Bitcoin isn't backed by anything, well, we got a good
• 1:15
  show for you and we're about to destroy all that.
• 1:17
  Well, not us. Fidelity did it.
• 1:19
  Hey, we get a lot to cover. Let's get it.
• 1:27
  And here we are. First one up on the chopping
• 1:29
  block. Bitcoin is too volatile to be a
• 1:32
  store value response. Bitcoins volatility is a trade
• 1:35
  off for perfect supply inelasticity and an intervention
• 1:38
  free market. However, with greater adoption
• 1:40
  of Bitcoin and Bitcoin related derivatives and investment
• 1:43
  products, Bitcoins volatility will continue to decrease as
• 1:46
  history has shown. Also guys if they're saying
• 1:49
  bitcoins too volatile, you can always just show them this
• 1:51
  chart. You know, zoom out a little bit.
• 1:53
  You know, Boop boop. We're right back where we were.
• 1:56
  Next up, Moon Topless. The Moon's topless.
• 1:59
  OK, now let's get to #2. Many continue to believe that
• 2:02
  Bitcoin score use case is as a means of payment for everyday
• 2:05
  low value transactions. Believing this, critics suggest
• 2:08
  Bitcoin has failed because it, at least at its base layer, does
• 2:11
  not and cannot currently offer the same transaction throughput
• 2:14
  as legacy payment rails such as Visa, MasterCard or PayPal.
• 2:18
  However, this is MasterCard or Visa is not an apples to apples
• 2:21
  comparison because legacy transaction processors do not
• 2:24
  provide final. Settlement until days later.
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  Whereas Bitcoin's low five to seven transactions per second is
• 2:29
  slower, it represents final settlement, contrary to what
• 2:33
  some people think. Data from Coin Metrics shows
• 2:35
  significant transaction volume on the Bitcoin network with more
• 2:38
  than 3.1 trillion in transactions settled, which was
• 2:41
  just under 40% of what MasterCard processed in the last
• 2:45
  year. This presents a lower bound for
• 2:47
  Bitcoin's use as a means of payment.
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  However, while function as a medium of exchange may not be
• 2:52
  one of Bitcoin's use cases in specific situations.
• 2:55
  It is not bitcoins core nor only function.
• 2:58
  Yeah bitcoins not a medium of exchange.
• 3:00
  What are you going to use A CDC Check out this trash right here.
• 3:04
  So the alternative is not looking good.
• 3:06
  Also Bitcoin Lightning network we we just look at the numbers.
• 3:11
  Bitcoin already is a medium of exchange.
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  Just. Use it also to those medium of
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  exchange doubters, the full power and reach of the Lightning
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  Network growing at a rapid pace. It is going to change how
• 3:22
  Bitcoin will integrate into our day-to-day lives.
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  It's doing so all over the world as a medium of exchange and mass
• 3:28
  adoption hasn't even started yet.
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  Buckle up. Also, Michael Saylor had some
• 3:33
  really good points, made me think about things a little
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  differently. But really, what is the value in
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  a medium of exchange? Not much store value, very much
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  so and in this natural process. The ability to change in
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  exchange, well, that's kind of negative.
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  It's just kind of a natural order of events that takes place
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  in this transition or in this process of becoming a global
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  money, a global store value, a global medium of exchange and
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  eventually a global unit of account.
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  But first, bitcoins going to eat up everything as a store value.
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  What do you think the value of medium exchange is, Daniel, in
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  the free market? If Bitcoin was as good a medium
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  of exchange as Apple Pay, what would it be worth extra?
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  Nothing. The value of a medium exchange
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  is nothing 0. Nothing because Square, PayPal,
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  Apple, Google. Give it away for free to 7
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  billion people and it works a billion times faster and better
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  than our than Bitcoin Cash or Bitcoin.
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  Satoshi Vision or Bitcoin. It's, it's.
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  It's. An oddity.
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  It's like an interesting, cool thing.
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  It has no commercial value. What's the value of?
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  Like duplicating YouTube's video server on the blockchain?
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  We could do that. Nothing, right?
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  What's the value of the third best social network?
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  Nothing. That's the problem.
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  The best one has all the value. Once Upon a time, they
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  calculated. They calculated the amount of of
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  profit in the mobile phone business and they found that
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  Apple Computer generated 150% of all the profits in the mobile
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  phone business. Another way of saying Apple made
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  all the money and every other mobile phone provider lost money
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  in aggregate competing in the space.
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  The value of being in the business was nothing 0.
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  And so the value of Bitcoin is a store of value is, in theory, up
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  to $250 trillion. The value of Bitcoin as a medium
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  of exchange is nothing. Also, if you think you have a
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  medium of exchange right now, is it censorship resistant?
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  Is it immutable? Is it transparent?
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  Can you send it across the world without intermediaries at the
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  speed of light? Prepare to get fired up.
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  Here comes Andres Antonopoulos. They had some fuel to Fidelity's
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  fire. You cannot use.
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  Money as a medium of exchange. If you cannot exchange your
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  freely with whoever you want, and gradually the corruption
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  spreads and spreads and spreads and now something new arrives on
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  the horizon. A system of money that works on
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  a network that is first and foremost a medium of exchange, a
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  store of value, and one day potentially a unit of account.
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  But will never become a system of control.
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  It refuses to become a system of control.
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  In fact, it's design principle is neutrality, openness,
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  borderless access, censorship, resistance.
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  And So what does the insider group do?
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  What do the regulators do in response to a system that cannot
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  be regulated? They regulate the bits they can,
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  they regulate the exchanges, They regulate the bank accounts,
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  They regulate the national currency side of things.
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  They shut down the on ramps and off ramps.
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  They say we will not let you take your money with you and
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  what do millennials say to that dude?
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  I don't have any fucking money. All I have is my creative
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  potential, my spirit, my productivity and I can sell that
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  directly for Bitcoin without an exchange, without an on ramp,
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  without an off ramp and when I need to buy something I'll use
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  my digital currency directly without re entering your system
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  to which I was never invited. Shut down the on ramps.
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  Shut down the off ramps and I will stay on board.
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  I will stay digital. I won't touch your gilded cage
• 8:10
  anymore because I don't need you.
• 8:13
  I exit. Oh, this one's one of my
• 8:17
  favorite criticism 3. Bitcoin is wasteful and bad for
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  the environment. Those who appreciate the
• 8:22
  importance of the 1st and most provably scarce decentralized,
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  censorship and seizure resistant digital asset that offers
• 8:28
  irreversible settlement would argue that it is Bitcoin's most
• 8:31
  valuable features. Perfect scarcity, immutability,
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  irreversibility of transactions and security are tied directly
• 8:38
  to real world resources used in mining.
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  Bitcoin would not be able to fulfill its role as a secure
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  global value transfer and storage.
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  System without it being costly to mine and maintain.
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  Further powering Bitcoin, a global digital monetary network
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  is considered wasteful. Then what does that make the
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  traditional financial system? Remember this is fidelity.
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  Consider the energy use in carbon footprint on brick and
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  mortar banks and credit unions, corporate office buildings,
• 9:02
  paper credit card statements, plastic credit cards, paper
• 9:04
  promotional offers, mining metals for Fiat coins,
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  harvesting lumber and other materials to print physical
• 9:10
  government issued currency. The human time and energy
• 9:13
  required to keep the treadfy system running and more energy
• 9:17
  is a fundamental requirement for much of modern society, so it is
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  more of a question of where energy comes from and for what
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  purpose it is used. In the long game, there may be
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  no greater, more important use of energy than that which is
• 9:30
  deployed to secure the integrity of a monetary network, and
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  constructively, in this case, the Bitcoin network.
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  Yes, Fidelity did just cite Parker Lewis.
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  Oh, Bitcoin. Yep, Boiling the ocean?
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  Destroying the. World and the planet
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  simultaneously. Bitcoin is actually really great
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  for the environment according to Jeff Booth.
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  It might fix climate change or whatever people call it.
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  You know, I just it's weather. But anyway, you know it is a
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  problem. Gas flaring.
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  You know what fixes it? Bitcoin.
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  So go yourself. As I said, like Bitcoin is
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  really good for the environment. It makes energy abundant.
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  It's going to lead us to an energy abundant future, which in
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  turn. Lowers the cost of energy,
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  allowing people to thrive. I wonder why people attack it so
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  much. It's as if they don't want
• 10:13
  anyone to get ahead. But hey, if you're an
• 10:15
  environmentalist and you don't support Bitcoin, you're a LARP.
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  It's absolutely so when Bitcoin solve climate change, yes.
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  Yes, it does, and it does explain.
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  That because you and I both know, I've said.
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  This before as well and people think that's a crazy statement.
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  Explain. It and and and because it forces
• 10:30
  it. Because it forces a free market.
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  Because it forces technology to allow technology to do its job
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  and save you time and reduce prices.
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  So you're not on a tread wheel racing racing more and more and
• 10:41
  more through A to try to to like why do we work in the 1st place
• 10:46
  right if you if you and I'll go back to but but you're trying
• 10:49
  to. Work to be able to, say, have
• 10:51
  security in your life and to have enough things when you
• 10:55
  retire. So you're going to work 60 years
• 10:56
  of your life to over 50 years of your life to retire with
• 10:59
  hopefully enough to live the last 10 years of your life all
• 11:03
  well, knowing that the goal posts are moving the whole time
• 11:07
  trying to move for it. So if you're in that
• 11:09
  environment, what would you do? You're going to try to take
• 11:11
  risks to get out of this, and you're going to, you're going to
• 11:14
  take, you might leave her up a whole bunch of debt.
• 11:17
  At the wrong time because central bank's policy is changed
• 11:20
  to be able to try to get off the treadmill because you know the
• 11:23
  goal posts are moving further and further away.
• 11:25
  So, so all of the incentives are aligned for everybody to do that
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  to do that job when we wouldn't need to in an exist in in a
• 11:31
  different system, the system itself would would would fix
• 11:34
  that. But this system, that system is
• 11:36
  also responsible for all the climate change, for all the
• 11:39
  climate damage and environmental damage, because it requires more
• 11:42
  and more and more and more forever.
• 11:45
  At more things, more, more, higher prices forever where the
• 11:48
  system collapses, that's it. And that's why I say that system
• 11:51
  collapses imminent anyways, whether through climate, whether
• 11:55
  through centralization of of government, whether through
• 11:57
  revolution, so that that there is a system change coming.
• 12:00
  Bitcoin produces I believe. And by the way when I was going
• 12:04
  through Bitcoin, I was looking for anything else too.
• 12:07
  I was looking for anything that what could be a path to get to
• 12:11
  where technology is taking us that.
• 12:14
  That is a plausible path, and it's only Bitcoin and so that.
• 12:19
  But that's because it allows, it allows for an equitable world.
• 12:24
  It allows for the prices to fall.
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  You're not wasting your time on this treadmill and the
• 12:29
  externalities of that change. Means you get things for for
• 12:33
  less, and it doesn't cause the same damage to the environment
• 12:35
  too if you're talking about ESG. Yeah, Reminder, it's not Bitcoin
• 12:39
  boiling the oceans, Okay. The ocean was literally on fire.
• 12:43
  Like, what was this about a year ago in the Gulf of Mexico?
• 12:47
  An oil pipeline burst. But yes, yes guys, it's Bitcoin.
• 12:51
  Bitcoin boiling the oceans? And destroying the environment,
• 12:54
  I don't know, you ask me, but it looks like the Petro dollar is
• 12:57
  bad for humanity. I'm looking at it right there.
• 12:59
  It's not looking good. Anyone who's trying to push this
• 13:02
  like Greenpeace paid for propaganda agenda about Bitcoin,
• 13:06
  this is what you look like the electricity.
• 13:09
  It's going to kill us all. It's not going to allow us to,
• 13:11
  you know, benefit the lives of. Everyone in existence.
• 13:15
  All right, I really wanted to show you guys this.
• 13:16
  This is my favorite Bitcoin artist, Bitcoin Apex.
• 13:19
  But here's what he had to say. A lot of people think Bitcoin is
• 13:22
  a fraud, that it's bad for the environment or only criminals
• 13:25
  use it. Good for them.
• 13:26
  Bitcoin doesn't care and will always be here for them.
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  No matter if they thought this in 2010, today or in 10 years.
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  Bitcoin does not remember, Bitcoin does not trust.
• 13:36
  Bitcoin does not differentiate, Bitcoin does not prefer, and
• 13:40
  Bitcoin does not change. Bitcoin only does one thing.
• 13:43
  Staying like it is forever unchanged, being a constant we
• 13:46
  have never seen before until the last human on earth is breathing
• 13:50
  and possibly even beyond. You can fight it, stigmatize it,
• 13:54
  hate it all you want. You can think of it what you
• 13:56
  want, and still Bitcoin will survive for the simple reason
• 14:00
  that in the end, humanity always found what's best for.
• 14:04
  All right, we'll try to get through these last ones kind of
• 14:06
  quick here, but Bitcoin being replaced by a competitor?
• 14:09
  Not going to happen. And again to all of you out
• 14:11
  there who think that. There is a second best that
• 14:14
  there will be a flipping well, Michael Saylor and Fidelity and
• 14:17
  simply Bitcoin has been here telling you good luck with that
• 14:20
  shit for a long time and explaining why Bitcoin is the
• 14:24
  true revolution and a sailor laid out earlier.
• 14:27
  There's only going to be 1 king on this mountain.
• 14:44
  Yeah, don't be out here thinking like Lagarde and J Pal, that
• 14:47
  you're only going to hurt yourself in that way, thinking
• 14:49
  that Bitcoin's not backed by anything.
• 14:51
  I don't know, maybe the strongest computing network on
• 14:54
  the planet. It's also, through its
• 14:55
  technology, the soundest, hardest form of money ever
• 14:58
  created or discovered. And you don't have to totally
• 15:00
  listen to me, Listen to Fidelity.
• 15:03
  And we've also got some fun ones here.
• 15:05
  Well, to all the doubters, it may be hard for you to cope
• 15:08
  with, but it's over. Hyper bitcoinization happened.
• 15:10
  It's happening. Now you guys want to.
• 15:12
  The whole world is Bitcoin now. So come on, just tell us, where
• 15:15
  are the unhosted wallets? Are there any unhosted wallets
• 15:18
  in the room with us now? Jen, People just don't learn, do
• 15:20
  they? There is no second best.
• 15:23
  All they can do is try to cope harder.
• 15:24
  But at the end of the day, they're just hurting themselves.
• 15:27
  Oh yeah, the good old government's going to ban
• 15:29
  Bitcoin. That has worked out real well
• 15:31
  for anyone that's attempted it so far.
• 15:33
  Again, you don't ban Bitcoin, you just ban yourself from
• 15:36
  Bitcoin. Which is stupid.
• 15:38
  Leave it to the felons and the people.
• 15:40
  Bankrupting the world to give you financial advice.
• 15:42
  Doesn't seem very sound to me. I think I'll follow sound.
• 15:46
  Money, not central bank cuts. I like this one.
• 15:49
  So Elizabeth Warren, all you guys.
• 15:51
  Well, it's true. Bitcoin isn't backed by
• 15:53
  government, which is a good thing because you people are
• 15:55
  obviously by the numbers, the worst at your jobs.
• 15:58
  Like no one in the world could be worse at their job than you.
• 16:02
  33 trillion in debt. I don't think you have any right
• 16:06
  privilege. Authority to speak on anyone
• 16:09
  else's actions. Look in the mirror, please.
• 16:12
  But you know Bitcoin gains its value from a being
• 16:14
  decentralized. It isn't the subject of
• 16:17
  centralized control of manipulation.
• 16:19
  Drone pal can't fuck with the interest rates, you know, week
• 16:22
  to week and see what happens. I don't know.
• 16:24
  I wonder how many chickens they sacrificed at the Fed this year.
• 16:27
  But hey, the beauty of Bitcoin lies in its digital, borderless
• 16:30
  and secure design. It's unique.
• 16:32
  It's one-of-a-kind. There is no second best.
• 16:35
  Oh yeah, guys, just listen to what he says.
• 16:37
  Don't pay attention to the grocery store or anything like
• 16:40
  that, former ECB president. A euro today is a euro tomorrow.
• 16:44
  the IT is. Why don't you ask those people
• 16:46
  paying rent, paying to heat their homes and trying to eat
• 16:49
  and survive amidst the cost of living crisis that you created.
• 16:53
  All right, a couple of the last ones in the report.
• 16:55
  A bug in bitcoins code could render it worthless.
• 16:58
  Oh yeah, If anyone would like to discover the Bitcoin bug, the
• 17:02
  biggest bounty in the history of mankind is just sitting out
• 17:05
  there for you. About 500 billion.
• 17:07
  There it's. Been sitting there for 14 years.
• 17:09
  Get on board the train or just keep coping harder.
• 17:11
  That's that's that's what you're left with.
• 17:13
  Oh yes, finally. Here we go.
• 17:15
  The good old state and regulations are going to slow
• 17:18
  Bitcoin adoption. Yeah, that's that's not the
• 17:22
  case. In 2020, there are a lot of
• 17:24
  questions. There are questions about
• 17:26
  whether or not this was going to be embraced by regulators,
• 17:30
  whether this would be banned. And here we are in 2022.
• 17:34
  And what you have is a fight between the chair of the SEC and
• 17:38
  the chair of the CFTC to see who gets to regulate it.
• 17:42
  And what's become very clear is you've had the head of the CFTC
• 17:46
  say this is a commodity. You've had the chair of the SEC
• 17:48
  say this is a commodity. You have had the Secretary of
• 17:52
  the Treasury. Janet Yellen recite the legend
• 17:55
  of Satoshi in a speech at American University.
• 17:58
  We've had the chair of the SEC educate the entire working
• 18:02
  group, the entire cabinet and most of Congress as the
• 18:05
  definition of a commodity. So the last 24 months have
• 18:09
  brought, have brought. Mainstream adoption and
• 18:14
  legitimacy. To Bitcoin.
• 18:16
  But hey guys, to reap the reward of Bitcoin and all it has to
• 18:20
  offer, you have to take self custody.
• 18:22
  That is the revolution and simply Bitcoin originals are
• 18:25
  powered by the Bitcoin way and the Bitcoin way.
• 18:28
  As your dedicated Bitcoin IT team, they're here to guide you
• 18:31
  from start to finish on your journey to properly self custody
• 18:34
  your Bitcoin. They've recently introduced 100%
• 18:37
  privacy focused collaborative custody service.
• 18:39
  With that you can benefit from Advanced.
• 18:42
  Multi sig security, inheritance planning and much more while
• 18:45
  remaining 100% in control. Looking to get started?
• 18:48
  Book a free 30 minute call using that link below Man.
• 18:51
  Talk about some interesting stuff, but hey, the winds of
• 18:53
  change are here. Bitcoin is starting to be viewed
• 18:56
  on a larger scale as the store value asset and this is just the
• 19:00
  process. It doesn't happen overnight.
• 19:01
  That would create massive chaos. But Bitcoin and its trajectory
• 19:05
  continues to follow all major technologies.
• 19:08
  As Bill Miller said, you know, like the steam engine and the
• 19:11
  Internet. And things of that nature, We
• 19:13
  are well on our way. Fidelity just broke all the
• 19:16
  Bitcoin FUD. We explained to you why there's
• 19:18
  no second best, and Fidelity obviously sees a very bullish
• 19:22
  future ahead for Bitcoin. You got some education, you got
• 19:25
  the tools to go learn how to use Bitcoin and use best practices
• 19:29
  as well. And hey, we got more stuff here
• 19:31
  so you can continue going down the rabbit hole and building
• 19:33
  that Bitcoin knowledge. Knowledge is power.
• 19:36
  But hey, if you're a Fiat Maxi or a shit corner and you're
• 19:39
  stuck in this. False belief that there actually
• 19:41
  is a second best. Ain't shit I can do for you.
• 19:44
  But for everybody else, keep tuning in.
• 19:46
  Set those notifications. We got a lot of heaters coming,
• 19:49
  baby. And make sure you're following
• 19:50
  us on Twitter for all the breaking news.
• 19:52
  Should be a fun week. Peace if you prefer to go down
• 19:56
  with the ship. Fuck you.