April 18, 2023 - The Adam King Show
21:03
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| All right, everybody, we are coming up to our last guest of the day, the morning. | |
| I'm having so much fun. | |
| I want this to go on forever. | |
| Our next guest is calling in from the United Arab Emirates, founding member of the Crypto Law Partners, Gordon Einstein. | |
| How you doing, my friend? | |
| I am very well. I'm excited to be with you again. | |
| Yeah, it's exciting to have you again. | |
| And you know, for our listeners, Gordon is really like one of these main central speakers and fundamental players in the entire crypto world. | |
| It's really an honor to have him on Infowars to be able to provide such A-list knowledge. | |
| This is the expert on all things crypto. | |
| His law firm is advising some of the biggest whales in the business, including some sovereign funds and whatnot that are invested into crypto. | |
| And we wanted to have him on the show to talk about CBDCs because I don't think that there's anybody who really understands the dangers and what's actually happening with CBDCs more than Gordon Einstein. | |
| So, Gordon, what's your background a little bit for our audience? | |
| And we'll condense that because we only have about eight minutes on this segment. | |
| Eight minutes while? Eight minutes on the first half. | |
| So, how'd you get into crypto? | |
| And let's lead it up to CBDCs. | |
| Sure. So, real fast version is I was running a computer company because I had stopped practicing law. | |
| I met a Ukrainian couple in New York at a conference I was exhibiting at. | |
| They visited me in Los Angeles. | |
| They invited me to Ukraine. | |
| I went, and it's actually the first time I had left the U.S. for 25 years, which is a little bit embarrassing. | |
| This is back in 2014. | |
| I flew to Odessa, Ukraine, and there I got exposed to crypto and blockchain, and it made such an impact on me Because I realized not only was this an interesting area to practice law in, and maybe I should go back into law, but that was like a minor revelation. | |
| The main revelation I had was that law itself, the things I had found distasteful about law and the practice of law, could be addressed through the application of blockchain and crypto. | |
| In other words, there was a chance to reform law. | |
| And I'm a big believer in facilitating human progress and working to make the world a better place, and I saw this opportunity. | |
| So I did... The unheard of thing, which is I went back into the practice of law because of this technology. | |
| So the joke I always make is that's like a prisoner escaping from prison, stopping to practice law, and then checking themselves back into prison because they missed their cellmate and the food. | |
| So here I am practicing law again 10 years thanks to the blockchain and crypto. | |
| So you're back in blockchain and crypto. | |
| CBDCs is a reality. | |
| You live in Dubai. Dubai has heavily adopted CBDCs and is running implementation programs. | |
| What kind of warnings do you have for the American public about CBDCs? | |
| Let me take a step back. | |
| No country on the planet has yet implemented Central Bank We're experimenting with it and running pilots. | |
| And the United Arab Emirates, just to be clear, it's made up of constituent Emirates. | |
| The country is the United Arab Emirates, and then the Emirates are like Dubai, Abu Dhabi, Ras al-Khima as charged with the rest of them. | |
| They're all running experiments with central bank digital currencies. | |
| And I don't see anything that this country is doing wrong specifically. | |
| I'll just talk about the global... It's using how CBDC might affect our way of living in the future just on a global basis, or the US does it, or the EU does it. | |
| Here's the promise, and then I'll take the promise away. | |
| The promise is that you'll have a very efficient and streamlined way of handling transactions. | |
| When you have one centralized database with everyone's bank balance, Or the balance that they have in their wallet, and you have a central place where people can engage in transactions, theoretically, that can become very efficient. | |
| You don't have to clear transactions between parties. | |
| You don't have to carry cash around. | |
| You don't have to necessarily worry about fighting with a credit card company or dealing with fraud quite as much. | |
| There's a chance for great efficiencies. | |
| The problem is that when you have a central bank digital currency, you're Really, what it sounds like, you're centralizing control over your financial life with what's functionally a government agency. | |
| And it depends whether you trust government to treat you correctly at all times or whether you treat you more or less correctly compared to the other alternatives. | |
| When you have cash in your wallet, it's very difficult for the government to take that away. | |
| When you have Bitcoin in your exchange and you have it on your own personal wallet, it's very difficult for the government to take that away. | |
| It's very difficult for the government or anyone else to determine your consumption choices or how to spend it or compel you to spend it. | |
| The problem is, once your money is in a bank, and especially when it's in a central bank database, it's not really in your money anymore. | |
| You have a legal claim on it to a certain extent, but you no longer have physical possession. | |
| Which creates a chance for other people to assert control over your money. | |
| And the classic case that's always given is, you know, suppose we have a country that's more authoritarian, like China, and you have something like a social credit score. | |
| If they don't like you, and they have a central bank digital currency, maybe they stop your ability to pay rent. | |
| Maybe you can't play for heating anymore. | |
| Maybe you can't buy food. And so it's the potential misuse of this technology that's a little bit scary. | |
| Also, by definition, if all your transactions are in the centralized database, you're losing with little privacy and anonymity that you have left with respect to your financial life. | |
| And I'm a big believer that privacy equals political freedom and autonomy. | |
| There's this whole theory that people say that if you have nothing to hide, you should be fine about revealing every little detail of your life. | |
| That's a good theory. Pardon me to digest the camera here. | |
| That's a good theory, but... | |
| The reality is that these tools get misused by people, and no one's perfect, and the danger of this misuse increases when you have a central bank digital currency. | |
| So I really appreciate that for all of our InfoWarriors out there. | |
| InfoWarriors is very in with the whole crypto thing, and we actually have this anonymous crypto whale that keeps making some large donations to help keep us afloat. | |
| Hopefully it's you or one of your friends. | |
| Honestly, it's not me, but now that you've told that to me, I aspire to be number two. | |
| Okay, yeah, man. | |
| We've got to get you on Alex's show. | |
| But I want to ask you, with CBDCs being implemented, a lot of people talk about Bitcoin, BTC being this not necessarily DeFi, decentralized finance. | |
| What is the most DeFi... | |
| What coin that you think is out there right now? | |
| Let me clarify. | |
| There's underlying blockchain like Bitcoin, like Ethereum, like Polygon, like Casper, like Cardano. | |
| Those are like highways. | |
| Those are like streets. | |
| On those highways or on those streets, you can run different vehicles. | |
| You can run different transactions. | |
| The Bitcoin network is reasonably distributed and decentralized, as is Ethereum. | |
| When you go beyond that, you're getting to lower degrees of decentralization, either because the miners or the group of stake operators are concentrated or just because there's not enough of them. | |
| But that's separate from decentralized finance. | |
| Decentralized finance is an application, or if you like, a vehicle that runs on top of these streets, on top of these blockchains. | |
| So there's different layers of decentralization that you need to keep in mind. | |
| There's what's called a layer one blockchain, like Bitcoin, like Ethereum. | |
| It's a basic infrastructure, and then the transactions you run on it are really up to the programs that you run, the smart contracts that you author. | |
| You place those on top of the chain. | |
| You know, there's all the classics to these Uniswap and Aave, and there's a million new DeFi protocols coming up all the time, but they're all running on top of something. | |
| And often, they're running on multiple blockchains. | |
| Yeah, I understand. | |
| Listen, we're about to cut to a commercial break in about 15 seconds. | |
| I want you to stick around for a couple minutes after the break and go a little bit deeper into this. | |
| Because I think our listeners would really benefit from this. | |
| For those tuning in, we're going to take a quick commercial break. | |
| I'm your guest host, Adam King, host of The Adam King Show, and this is The American Journal with Harrison Smith. | |
| All right, welcome back, Info Warriors. | |
| We are joined again after the commercial break with our guest, Gordon Einstein. | |
| We were going deep into CBDCs, and we just have a couple more questions for him before we... | |
| We move on off of this subject. | |
| Gordon, I want to touch on the differences between crypto and CBDC because a lot of people, you know, when the Nigerian lira went on to the eLira, a lot of amateur crypto investors like myself thought maybe we could buy into it and make some money off of it. | |
| But the truth is, is I'm finding out that there are tremendous differences between CBDCs and cryptos. | |
| And I don't think that CBDCs really do cryptos any benefit and almost damages the crypto movement. | |
| Maybe you could get into a little bit of that and give the background of what are the differences between cryptos and CBDCs and, if possible, how to stop CBDC. You say the best for the last. | |
| Okay, so... It's like a family tree or a species tree. | |
| There's money and then there's digital money and non-digital money. | |
| And under digital money, there's what we have now. | |
| There's cryptocurrency and there's CBDCs and there's probably other varieties. | |
| Yes, CBDCs and crypto both are a form of digital money. | |
| And they share some similarities, like the ability to send money from your phone at a distance and have near immediate reconciliation of accounts and things like that. | |
| But when you scratch on the surface, they're very different animals. | |
| It's like a zebra and a horse. | |
| They kind of make the same sound, but they're very different. | |
| Cryptocurrencies fundamentally rely on the distributed or decentralized, what's called a consensus mechanism, In order to agree on who has what. | |
| In order to reach consensus on the state of the network. | |
| Which transactions have happened? | |
| How many Bitcoin or other tokens are in someone's wallet? | |
| I wouldn't call it a trustless environment. | |
| It's an environment that doesn't require trust. | |
| Because you have, in the case of Bitcoin, at least you have math backing it up. | |
| You have cryptography backing it up. | |
| And all these transactions are taking place on the blockchain, which as your viewers almost certainly know, is a distributed database that has sequential blocks containing transaction information that's cryptographically proven to be accurate and reliable. | |
| CBDCs bear some superficial resemblance to this, and they may have a blockchain component to them, But they're not really cryptocurrencies. | |
| They're not really blockchain-based currencies. | |
| They're fundamentally... Sorry, this is my first time doing this on the iPhone, so I'm trying to get my visuals looking good before your production gag kills me. | |
| Just keep your finger on it. | |
| Yeah, don't worry. It's not a problem. | |
| In Dubai, it's not an issue. Central Bank digital currencies are not, they may have a blotting component in the sense that they may have sequential data entries that are linked together, which one came back to the one before, but it's not distributed or decentralized in the way that Bitcoin is. | |
| It's either going to be the central government with one big database, or it's going to be the central bank, central government, and certain government-approved banks holding this. | |
| You're not going to be able to access it in the public. | |
| Like you can in Bitcoin. | |
| For example, with Bitcoin, I have me, this lawyer, started up, downloaded the code for a Bitcoin node, and run a Bitcoin node. | |
| So anyone can join the Bitcoin network, anyone can follow off the network, and that's the case for a lot of networks, one exception being Ripple. | |
| Or in the more modern, if you like, versions of Ethereum and certain other blockchain, you can set up a node to do proof-of-stake as opposed to proof-of-work and join the network at will. | |
| Central bank digital currencies are fairly centralized, and they may use elements of cryptography, they may use elements of blockchain, but it's fundamentally a different story because the government can go in there and change a transaction. | |
| The government can go in there and without asking anyone else's permission, drain an account, move things around, seize an account, freeze it in a way that they simply can't with robust cryptocurrency. | |
| So I think a few years ago, some crypto was stalling out, and people were looking for the hot new thing, and there was all this discussion about central bank digital currencies, and a lot of crypto people jumped on it. | |
| I think because they were basically looking for their next gig after ICOs, and it was poorly thought out. | |
| And I think central bank digital currencies are yet another means of centralized control by political authorities that we have good reason not to necessarily trust. | |
| I mean, the... Even in democratic open systems, you do have abuses by individual people. | |
| And as anyone who's gone on the wrong end of the law in the United States, some of these agencies just don't care about exercising judgment. | |
| They kind of go for, you know, they have to meet their quotas. | |
| They have to write, you know, policemen have to write a certain number of tickets now. | |
| And their point of view is, I'm going to write the ticket and the courts will handle it and it will come out to fail. | |
| Well, the average citizen doesn't know how to maneuver through that system. | |
| Every citizen doesn't have verbal skills and isn't a lawyer. | |
| So, you know, there's a universal push to put people on their back feet. | |
| And, you know, if the central banks... | |
| I have plans to use WISE, for example, or use bank accounts. | |
| They can lose their account through a process called de-risking. | |
| If they look like they're doing something funny or dealing with cryptocurrencies, the bank will say, hey, we're choosing to freeze your account. | |
| Let us know where we want you to send your money. | |
| Well, imagine you're doing payroll. | |
| Imagine a new bank will quickly sign you up where they're asking what's going wrong. | |
| We're running out of time on the show, so we're going to have to have you back to really go deeper into these subjects. | |
| But essentially, I really like what you're saying, and we've got to make sure that these CBDCs don't come and control our lives. | |
| People can find you at your YouTube, Gordon Einstein at YouTube. | |
| You give a lot of information, and they can find you at CryptoLawPartners. | |
| The best thing is, subscribe to my YouTube, please. | |
| That would make me very happy. | |
| I'm trying to get out the message. | |
| We have it up on the screen. | |
| So I'm going to say goodbye. | |
| Thank you for coming on the show today. | |
| And we're going to have you on the Adam King Show and really go deeper into these subjects of CBDCs. | |
| Thank you very much, Gordon. | |
| All right. | |
| Wow. Info Warriors, we had an epic, epic show today. | |
| This was my first time hosting on the live feed. | |
| I want to thank everybody for tuning in. | |
| First and foremost, I want to thank Harrison Smith, Matt Weber, all the production crew at The American Journal. | |
| You guys have been awesome. | |
| This has been so much fun. | |
| Everybody on InfoWars. | |
| I want to go over my guest list. | |
| We had such an epic day. | |
| We started with Roger Stone. | |
| We went to Mark Goldman. | |
| We broke news with David Hakimifar in the city of Beverly Hills. | |
| We had Don Haightley talking about tax reform. | |
| Mudder Zaran talking about revolution in Jordan. | |
| We had Eric Christie calling from prison. | |
| We had Attorney General Patrick Morrissey. | |
| How crazy is that? We got a prisoner and the Attorney General calling in back-to-back from each other. | |
| Talking about all his stuff. | |
| And then we finish with Gordon Einstein talking about crypto, CBDCs. | |
| I mean, this episode was so packed. | |
| I can host again and again. | |
| You know, you guys can all find me at theadamkingshow.com, but really, I like to promote, more than anything, my band.video page. | |
| So if you want to check me out, don't go to YouTube. | |
| They're so lame. Even Rumble's a little bit lame. | |
| But check me out on Band.Video. | |
| The Adam King Show on Band.Video. | |
| That is your one-stop place for all things Adam King. | |
| And, you know, you guys, Alex Jones is coming up next. | |
| How freaking cool is it that I get to be? | |
| I'm like Alex Jones' fluffer today. | |
| This is epic. But, hey, get to Infowars store. | |
| Go buy your Alex Jones for President shirt. | |
| Go buy a Faraday cage. | |
| Go buy some Super Male Vitality. | |
| I'm going to take a quick shot right here before I end this segment. | |
| And I want to remind everybody, check out Turbo Force Plus. | |
| This show would have started off so much more hyped out had I taken Turbo Force Plus in the morning. | |
| I need that Turbo Force Plus. | |
| I'm waiting for my shipment. Next time I host, I'll have... | |
| A couple jars of it, because it does sell out fast, so make sure you get a couple jars of Turbo Force Plus. | |
| You know, they sent me over in the email, like this list, and I have it on my phone right here, this plug for Turbo Force Plus of all the ingredients and everything. | |
| This is insane. | |
| I can't go on reading this, but you've got green tea leaf extract, you've got Coffee berry, koala nut extract, L-tourine, vitamin 6-BC, niacin, thymine, vitamin C, guara seed, yerba mate, LFATP. There is so much you got packed into this TurboForce+. | |
| I want everybody to go to Infowarsstore.com, buy out your TurboForce +, and go buy gifts for people that you love. | |
| It has been... | |
| Such an honor to host this show. | |
| I can't wait to wake up and actually watch the American Journal instead of hosting it. | |
| But Harrison, you need me anytime. | |
| I got you, brother. I got you. | |
| I'm available. Even though it's 6 a.m. | |
| and I'm not a morning person because it's 6 a.m. | |
| civic time. I got you. | |
| This has been a real blast. | |
| I want to thank everybody at InfoWars and the amazing InfoWars community. | |
| You guys are the best of the best. | |
| Together we will stay strong and we will defeat the new world order. | |
| Stay strong, InfoWars. | |
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