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Feb. 19, 2021 - Freedomain Radio - Stefan Molyneux

01:46:11

Freedomain Investment Roundtable: FAVORITE CRYPTOS (and why)

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	All right, we are good. We are good.
	Hi, everybody. Stefan Molyneux from Free Domain here with, I guess, a holy sextet of Bitcoin jazz and crypto enthusiasts.
	Welcome to our evening show.
	And some people have been here before.
	If you guys want to take a second or two and tell us your story.
	Give us your backstory.
	Flesh it out like you're not a Marvel character of Bitcoin Genius.
	So, Lewis, do you want to kick it off?
	Sure thing. I started getting interest in Bitcoin a little bit out of high school.
	I thought it was something a little curious because it combines cryptography, computer science, and finance.
	And now that I know the argument is freedom all in one, I've always been curious about it in all aspects, finding.
	And yeah, that's why I'm here.
	Well, thank you very much. I appreciate it.
	You joining, and Thomas.
	Uh-oh. Wait. Is that somebody with two first names?
	I've got to tell you, ever since George Michael, I don't trust anyone who's got two first names, but I'll take an exception here.
	Go for it. My middle name is William, so I got...
	Oh, no! Three first names!
	As opposed to Polish Spice French, which is Stefan Basil Molyneux.
	Anyway, go on. So, I'm going to put this.
	Bitcoin is actually the thing that flicked me from being a specialist.
	Oh, I'm sorry, man. I hate to interrupt you just as you're starting, but your audio is beach radio quality.
	I don't know if you've got the right headphone going there.
	Well, I'm just talking on my laptop, Mike.
	Okay, that's fine. Just lean in a little then.
	Sorry, but go for it. So I used to be a socialist.
	I went door knocking for Bernie Sanders.
	And then I discovered Bitcoin.
	And it kind of led me down reading about the free market and economics.
	And I was like, oh, wow, how wrong I was.
	And I'm just a total convert.
	Bitcoin led me to you.
	I wish it would have been the other way around because it would have gotten in earlier.
	Well, here's the funny thing.
	And I'm sorry to interrupt you right in the middle.
	But it's an essential point to make, right?
	I made this point on what used to be a Twitter account and now it's a smoking crater, much like the Library of Alexandria.
	But I made the point, so if you're a socialist and you think that those who own the means of production are taking too much profit and more money should go to the workers, you should be completely devoted to cryptocurrencies.
	You should be completely and utterly devoted to To crypto.
	And the reason for that is that crypto is the people's currency.
	Crypto is, to a large degree, taking money from the privileged money classes, the central banking classes, the financial elite classes, the stockbrokers, the financial managers.
	It's taking money from them!
	We're putting it in the hands of the people.
	It's a beautiful socialist utopia experiment that we're going on.
	And the fact that more socialists, and I made this case many years ago, the fact that more socialists aren't pouring into Bitcoin tells me that their socialism is mostly bullshit.
	It's mostly posturing. If you really care about helping the poor, you want to know an interesting statistic?
	We'll get on to this in a second before I forget.
	If you had just spent the last little while Let's say...
	Oh, I don't know.
	I wrote this down somewhere. Let me just see here.
	Oh, yeah. So for the last six years, let's say that you had taken $2 a day and instead of buying a coffee, you had bought Bitcoin.
	Right? $2 a day.
	Most people, you can afford $2 a day.
	If you've got a Netflix account, you can afford $2 a day, right?
	So if you had, over that time, spent $2 a day buying Bitcoin, how much money do you think you'd have now?
	Millions. Well, not quite that high, because it's only $2 a day, and it's only six years ago, not ten.
	You'd have 250,000 American dollars.
	Wow. I mean, that's a house in most parts of the country.
	So, for the price of a cup of coffee...
	You could have had a house.
	And I'm not saying this to make people feel bad.
	What I'm saying is that it's not over, right?
	I mean, you could still buy two bucks worth of Bitcoin.
	But if you really care about the poor, you would have been evangelizing Bitcoin for many years.
	And I do care about the poor because I grew up among the poor.
	And I would like to help as many people out of poverty as humanly possible.
	And I think I've done a pretty good job, as I'm sure you guys have as well.
	So, sorry, Thomas. I'm going to move on.
	M.K.? The guy's so cool we don't even have names, just initials, like Jay-Z. Wait, that's two letters, isn't it?
	Because I'm a rap guy. Totally.
	Do you want to give a re-intro for those who have not seen past shows?
	Yeah, so I started with crypto in college.
	I was mining on energy provided by my tuition dollars in the dorm rooms.
	So I did that for a couple years.
	Proceeded to lose all those cryptos because they were on a mechanical hard drive.
	But don't worry, I still have some Bitcoin.
	I don't know. I don't see a larger change probably in the next 30 years in terms of technology than taking back the financial system.
	And that's really what crypto is doing, right?
	It's allowing us to actually have property rights again.
	So, yeah, really excited for it.
	Fantastic. All right.
	Tim, formerly a female name, is there something you would want to mention?
	Yeah, so I heard about Bitcoin in 2014.
	And then some people, you have to spend years trying to convince them.
	And then me, it was almost like someone just mentioned it passing me on the street.
	And I was just like, what? And then I was completely in, just from the first time I heard about it.
	And then I discovered Savon's show through The Truth About Bitcoin and the interviews he did.
	And I remember one interview he did where Andreas was talking about the potential of giving real money to the third world.
	It just hit me.
	And I remember going to my wife all night and being like, You need to give me 10,000 bucks.
	I'll take off my shirt, honey.
	I promise. So, from that moment forward, I was just like, as in as I could possibly be.
	I don't have that as part of my career.
	I don't do programming.
	But I study the general idea, and I get the technical aspects decent, even though I don't know the particulars of the code.
	I've just been obsessed with it.
	I check it all the time.
	You can show me a part of the graph of the price, and I can tell you what...
	No, that's right.
	And what happens is your wife then thinks you're having an affair.
	And you say, I am.
	I'm having an affair with the future.
	Yeah. And I just love Bitcoin because it's like, you know, with Bitcoin, you don't have to, you can just, you can take all the risk away out of other, for other people.
	Like, you can try to tell them a new type of money and they're like, I don't know.
	You're like, here's 10 bucks, you know, or $10 worth.
	And they're going, are you just going to give it to me?
	You're like, yeah. So people will take it, you know, if you just hand it away.
	It's a lot easier than handing out a flyer or something, you know.
	The only other thing about me is that the whole Bitcoin, Bitcoin Cash battle war, I was very involved.
	I know a lot about it because I was totally obsessed with it at the time.
	If any of that topic comes up, I have input for that.
	Okay. And also, I've got a Litecoin expert who's going to be joining us next time.
	Nice! So that would be good.
	I'd like to know more...
	About that. Alright.
	Jared! Yes!
	Go! I've been in Bitcoin since...
	I heard about it in 2012. Bought my first one in 2013.
	If anyone was back then, you know the complicated hoops you had to jump through in order to even buy it.
	You kids are lucky these days.
	You've got your Coinbase and your Kraken and all that stuff.
	I had to jump through all kinds of crazy internet money to get Bitcoin back then.
	I've been evangelizing it and explaining it to myself and others ever since then.
	As a matter of fact, I recall I interviewed Stefan Toole, who was T-A-U-L, in 2014, who was part of the Ethereum project.
	And when I applied for a job at Coinbase, they were gaga that I had known about and called how successful Ethereum was going to be way back then.
	I guess they were more Bitcoin maxis back then, but then they jumped on the F board and now they're all crypto in general and stuff like that.
	I've been in crypto for a long time.
	I'm at the cusp of if I play my cards right, crypto could liberate me from the rat race for the rest of my life.
	And that would be excellent. Good job.
	Landry, welcome. You are muted, brother.
	How's it going? Good.
	How you doing? Do you want to give a quick intro?
	Yeah, yeah. So, I mean, I'm still pretty new to the whole process of crypto.
	I've been kind of playing around with it a lot, but I don't have any major investments.
	I kind of was curious about a few things.
	So, there's a question section.
	I mean, I think I'll just go there.
	But yeah, as far as my background, I mean, I got like a few hundred invested and that's about it right now.
	So, still looking to do a lot more.
	Righto, righto. Okay, so if you guys who are watching, if you want to throw your questions in, I'd be happy to go with them.
	I'll wait for a couple of questions to accumulate.
	There's a couple of things, yearning burnings that I got.
	So gold bugs.
	The gold bugs, for those of you who don't know, there are the people who were like, gold is the only real money.
	Everything else is bull word.
	And crypto is not based on anything.
	And gold is it, man, because it's dual use and all of that.
	And the gold bugs are, you know, a good guy to follow in this space, Anthony Pompliano, P-O-M-P-I-L, sorry, P-O-M-P-L-I-A-N-O, Anthony Pompliano.
	And he's pointing out that some of the gold bugs are beginning to...
	To switch, right?
	So right now, gold prices are slumping because investors are piling into Bitcoin.
	It's important, you know, when you look at the Bitcoin space, economically speaking, it's really important to look at the opportunity costs that other people are paying as people pile into the Bitcoin.
	Why? Because that's where the resentment, rage, blowback, counterattacks are all going to be, right?
	So every dollar that goes into Bitcoin, I know that they're creating and printing dollars like crazy, but just given on the face of it, every dollar that goes into Bitcoin is not going into stocks, not going into bonds, not going into gold, not going into savings, not going into game strunks, whatever it is, right?
	So the gold bugs said that – this is based on the Austrian theory, which I think is more than a theory.
	I mean, basically, as money supply increases, prices have to go up.
	As prices go up, things that aren't able to be reproduced so easily, such as gold, will go up in value relative to fiat.
	Okay.
	And this is, you know, the banks in the Weimar Republic, when it came time to exchange the wildly inflated marks for U.S. dollars, they simply didn't have enough.
	Like it was a million to one.
	You've probably seen these, you know, trillion-dollar Zimbabwe notes and all that kind of stuff, and the hyperinflation has hit.
	So the traditional way that you would deal with inflation is to pile into gold.
	For a variety of reasons now, and I can link to the chart in the show, I'm not wildly keen on, I don't exactly know how to share it in this format, but the gold prices are going down.
	Because investors are piling into Bitcoin.
	Now, I shouldn't say because.
	It's simultaneous with, which doesn't mean that it's causal, but I think it's pretty closely related.
	So gold, you know, January, February has gone from U.S. dollars, 1950, down to below 1800, 1780, and so on, right?
	So it's gone down a couple of hundred bucks.
	This is at the same time as crypto has gone from, you know, 20, 25,000 to where it is now, north of 50,000.
	A thousand dollars. Of course, I don't know what it is.
	This moment, there's no point.
	You know, there's this old joke.
	This is an old joke from early in the crypto space where a guy says to his dad, dad says, well, what do you want?
	What do you want for Christmas? And he says, you know, dad, I'd like a Bitcoin.
	He says, a Bitcoin?
	Are you crazy? $1,500 is an absolutely insane amount.
	I can't possibly pay $3,800 for a $1,700 Bitcoin, right?
	Because the price was going all over the place.
	So, It's not causality, but it looks like Bitcoin has gained the public imagination and more importantly dollar allegiance as a reserve currency against inflation.
	In other words, It is a way of dealing with the basic facts that I'm sure you guys have been following the numbers that is going on, which is Bitcoin is at 50,000 plus.
	The government is about to flood the market with another 1.9 trillion dollars.
	Okay? The government is about to flood the market with another 1.9 trillion dollars, which means well north of 40% of all the dollars in creation have been minted in the last 12 months.
	That's completely mental. The COVID effect on the economy is so bizarre.
	It's so bizarre, you know, if you have eyes to see.
	It's kind of like you've got this neighbor, right?
	And you get up and you go to work.
	You battle traffic, you know, back in the days when you used to go into an office.
	You get up and you go to work and it's a drag, right?
	And meanwhile, your neighbor stays up all night yelling at people on the internet.
	Oh, wait, sorry, that was me. Your neighbor stays up all night drinking, and then he sleeps in, he sits by the pool, he has his Mai Tais, and he listens to Dark Side of the Moon over and over again while blowing smoke rings from his ganja.
	And you're sitting there going, man, I feel like an idiot for working because this guy's having a great life, and it's all on credit card debt.
	It's all on credit card debt.
	A friend of a friend of mine once got fired because he was writing a novel at lunch and the main character in his novel was an alcoholic and he tried doing a little bit too much research and would show up in the afternoons drunk.
	He ended up getting canned like tuna and he didn't tell his wife and he just took money out of their savings account and pretended he had a paycheck because they had separate bank accounts and they would deposit and all that.
	And, you know, I mean, A, never be that terrified of your wife.
	That's a very bad thing to do.
	But he was having a fine old time, in a way, until it all came crashing down.
	Everything that has to do with the modern economy post-COVID, during and post-COVID, is all a complete debt mirage.
	Like, you think you have a future, you think it's just a mirage.
	It's all money printing, money borrowing, money creation.
	And this is what is having the effect on Bitcoin fundamentally.
	And normally this money would be pouring into really conservative stuff.
	You know, like really low yield bonds, GICs.
	It would be going into really conservative stocks and it would be going into gold, maybe a little bit into silver.
	People would be buying the kinds of diamonds you can wrap in a condom and jam up your ass or whatever it is that they do.
	I have no idea how these people do it, but I would rather just remember a 12-word phrase.
	But anyway... That's what's going on.
	And this massive money printing, the gold bugs were certain that it was going to go into silver and gold in particular.
	And it's not the case.
	And we do have a lot of people now who are gold bugs who are beginning to change.
	And I'll put a whole, I won't go into all of them deep down.
	I wanted to mention the first Bitcoin ETF in North America is launching in Canada.
	First exchange-traded fund tracking Bitcoin in North America begins trading in Toronto on Thursday.
	Today, I guess, a potential milestone for both the cryptocurrency and ETF industries.
	The Purpose Bitcoin ETF provides exposure to the world's largest cryptocurrency by investing directly in physical-slash-digital Bitcoin, issue of Purpose Investments, said in a statement.
	And Jeffrey Gundlach says Bitcoin may be a better bet than gold.
	Double-line capital LP chief and long-time gold bull Jeffrey Gundlach has changed his mind on the metal and considers Bitcoin a better trade.
	He tweeted he'd been a long-term gold bull and U.S. dollar bear, but has turned neutral on both.
	Bitcoin may well be, quote, the stimulus asset, end quote, he said, a reference to the cryptocurrencies rally amid a wave of cash pumped into the financial system during the pandemic.
	Voters said everybody gets their chicken tendies and spends their stimmy checks on...
	On Bitcoin. Tesla tapped Coinbase for a $1.5 billion Bitcoin buy.
	and I think the world's largest asset holder is now beginning to, as they say, dabble into Bitcoin.
	Now, Bitcoin dabbling is like, I don't know, like a little bit of a whirlpool or, you know, just attempting to water walk on quicksand.
	It gets you down pretty quickly.
	So, I don't There's a bunch of other stuff.
	That's sort of the major news that I wanted to get across.
	The last thing I wanted to mention is, so Bitcoin, anybody following this, how much did it do in on-chain volume in the last 24 hours?
	Anybody want to guess? What was the US dollar volume?
	I'm not sure. I just know it was massive.
	It was big. It was so big.
	It was so big, it makes my biceps look small.
	That's a ridiculous joke for anybody following me on video.
	It's not quite noodle arms, but it's not quite Schwarzenegger arms.
	So Bitcoin did 14.8 billion US dollars.
	In one 24-hour period.
	$14.8 billion.
	Where is that coming from?
	Because it's higher on coin market cap, I can see right now.
	Well, sorry, this was as of 11 hours ago, so it may have gone from there.
	So as of 11 hours ago in the previous 24-hour period, you nitpicker.
	No, that's great. It's 51.
	I really appreciate the correction.
	Thank you. Please correct me more in a live show.
	It's delightful to me. No, that's great.
	So if you take that $14.8 billion and you annualize it, that's more than $5 trillion in annualized transaction volume.
	I mean, that's the Fed's money spigot for 12.8 nanoseconds.
	So that's a huge amount of money.
	And the estimates are, based upon growth, that this should double by year-end.
	And what that means is that Bitcoin will eclipse Visa and MasterCard transaction volume.
	Now, again, these are big volumes.
	This is not the coffee and doughnut stuff that I've been harping on, but by the year-end, Bitcoin could eclipse Visa and MasterCard transaction volume.
	Now, I assume that's not each transaction, that's the total dollar value of transactions, because some of these transactions are very big.
	But for those of us who've been following Bitcoin for many years, this is, I would say, a strategic inflection point based on Andy Grove's old book about Intel, but it's a big-ass moment.
	I don't know how you want to phrase it.
	It's a watershed moment if the watershed was...
	A Saturn V rocket.
	I mean, so it's a big-ass moment when you get close to $15 billion of on-chain volume in a 24-hour period.
	And what did you get from Coinbase?
	Is it even higher now over the last 24 hours?
	Well, on CoinMarketCap, it's 51.
	And I don't know how accurate that is.
	It's what, 51 billion?
	According to CoinMarketCap.com.
	Yeah, I thought that was, like, typical, really.
	Yeah, the 24-hour volume is $51 billion.
	I recall another metric I saw earlier today of saying the average transaction volume right now is $440,000.
	The Bitcoin chain is moving an obscene amount of wealth.
	Well, that's really cool. That's really cool.
	But the problem is, if you're talking about the average transaction volume being $440,000, by this time next year, that will actually be the price of a coffee and donuts in fiat currency.
	So it may seem like a lot now, but there's a lot of water going into that wine.
	Let's just put it that way. The miracle is not going to happen.
	All right. So who else got news, weather, thoughts, issues?
	I'll gather some questions here.
	If someone's got something, jump ahead.
	I have something I'd like to throw out there.
	Go ahead. I was going to say, I have a Zimbabwe trillion or $100 trillion note on my wall.
	Oh, do you? Yeah. I have a bunch of fiat currencies from all across the world.
	I used to keep them by toilet, but they're quite slicey, so I declined.
	They're not even worth it for that.
	In regards to the coffee and donuts problem, there are people, like this is such a bleeding edge, like innovative space, that there are people working on the coffee and donuts problem, and they've gone so far beyond coffee and donuts.
	We're talking microtransactions, like subpenny.
	And there's a few that come to mind.
	IOTA is one, where Bitcoin, no knocking Bitcoin, no knocking Ethereum, it's proof of work.
	And then you have newer coins like Tezos and Cardano that are proof of stake.
	And those are kind of like faster horses.
	All right. So, Thomas, I hate to back you up here, but I'm afraid I can feel myself getting Alexandria Ocasio-Cortez googly eyes.
	So, you know, and we have a lot of people in the audience here to whom you like say proof of work, proof of concept, this and that and the other.
	They're like, I don't know, is it 180 proof?
	Can I drink it? I can totally break those down.
	Back up and, you know, like it's a kindergarten class and I'm actually in the kindergarten class.
	So, you know, feel free to go that way.
	The way the Bitcoin network and Ethereum networks are secured is through a mechanism called proof-of-work, where you dedicate a scarce resource to the network in order to secure it.
	In the case of proof-of-work, that scarce resource is energy, which comes in the form of computation by a computer.
	In a proof-of-stake security mechanism, which is more energy efficient, so you can have more transactions with less power, Proof-of-stake, the scarce resource that you're dedicating to the network to secure it, is the actual token itself.
	Now, there are new coins that aren't quite proven yet, but they're kind of changing the game completely.
	Bitcoin is the first one through the gate, and it works on blockchain technology, which is a form of distributed ledger technology.
	Now, one of the new kids on the block, it's a different form of distributed ledger technology called a directive acyclic graph, or a DAG for short.
	And one of the efficiency gains in the IOTA network, for example, is that it does not process, like...
	It only verifies disputed transactions.
	So if you try to do a double-spend, that transaction will be checked.
	If no double-spend is detected, then that doesn't need the same amount of security attached to it.
	And so they can gain enormous levels of efficiency.
	And IOTA, for example, IOTA and NANO are the only two I'm aware of that are like this that have no fees.
	Where Bitcoin and Ethereum, like an Ethereum transaction right now, correct me if I'm wrong, but yesterday it was $8, which is a huge amount of friction for something like coffee and donuts, like you're saying.
	And so these new coins on the block, they're like the new kids on the block, no pun intended, where it's just innovation in the space marching forward.
	And there's a tremendous amount of opportunity still available for future coins, future investments.
	Like Bitcoin, you're not too late to invest in the space, essentially.
	Right, and there's so much that goes on the B2B level, the business-to-business level.
	The business-to-business level economy, as I've mentioned before, is much larger than the business-to-consumer economy.
	Like, if you think of the loaf of bread in your grocery store, And you think of the number of economic transactions that have to occur for a loaf of bread to be available for you to buy for $1.50 or $2 or whatever it is.
	It's enormous. You know, the farmer's got to have a contract with the landowner.
	He's got to pay his property taxes.
	And then he's got to hire people to or giant machines to harvest it.
	It's got to be transported.
	It's got to be processed.
	It's got to be transported again.
	It's got to be packaged. There's got to be advertisements.
	There's like 20 or 30 or 40 contracts that are going on for every single one of the One contract,
	you have to buy the bread. But even if Bitcoin remains relatively cumbersome, relatively slow, relatively expensive, and by that I mean way cheaper than banking, but still slower than the Lightning Network, slower than Ethereum, slower than Bitcoin Cash or whatever, even if it's a bit slow and a bit bulky, that's perfectly fine for business contracts, which are the vast majority of economic transactions in the free markets, all B2B stuff, right?
	So I just wanted to mention that.
	Sorry, go ahead. It just has to be faster than a check.
	It's right. You know what I mean?
	Yeah, that's right. When you've got 99-year leases, it doesn't matter if it's 20 or 30 minutes that it gets settled in.
	So I just wanted to mention that as well.
	One of the projects that I invested in, that was a failed project, but it was called Nova Token.
	One of the reasons I liked it was because it was supposed to be a Magic the Gathering trading card game built on the Ethereum platform.
	And I was like, that is so freaking cool.
	I would love Magic the Gathering on a blockchain.
	It's like a marketplace, you can trade cards, there's a finite amount of them, but it just doesn't work at $8 a transaction.
	It breaks so many use cases.
	On that note, that is something folks are working on, and the Tesla's chain actually has Coase, which is launching.
	It's a similar smart contract platform to Ethereum, and the fees are sub-penny.
	Oh, wow. Okay. Are you guys ready for a troll question?
	Bring it! I just tell you straight up, I don't mean to poison the well here.
	I don't believe this question at all.
	I don't believe it for a moment.
	I do not believe it with green eggs and ham.
	I do not believe it on a mountainside.
	I do not believe it in the bathtub.
	I do not believe it while blowing bubbles.
	So somebody has written, and you know, I could be wrong, but I don't think I am.
	And they said, I'll throw this out to you guys.
	I'm in Texas. Without power and water, can someone let me know how I can use my $200,000 in Bitcoin to buy survival supplies?
	All right. Go.
	Somebody find this. Why do I think it's a troll question?
	Well, for one, if you had $200,000 in Bitcoin, I'm assuming you got some other assets as well, kind of alongside that.
	But yeah, if you have $200,000 in Bitcoin, there's someone that will trade you that for survival supplies.
	And yes, you can settle transactions without the internet, without a blockchain.
	It's more complicated, absolutely, but it can be done.
	You can still sign transactions and move Bitcoin.
	Anybody else want to take a swing at this one?
	Honestly, this is the type of person that buys insurance after their house burns down.
	There's no helping them.
	So, the reason I think it's a troll question is because of this.
	So, if you have the kind of foresight and forethought to buy $200,000 worth of Bitcoin, pretty sure you have the forethought to spend it on survival gear Before the power goes out in a storm that everybody saw coming for a week or two,
	right? So I think this is – so this is a troll question because it's designed to reveal a supposed weakness of – but you see, when the power goes out, Bitcoin is going to be useless.
	It's like, okay. Do you have that much cash in the house that you're going to be wandering around looking for supplies with $10,000 worth of cash in your fanny pack?
	I don't see that as a very secure situation.
	If society is broken down to the point where you can't get anything, are you wandering around with cash doing transactions with strangers?
	Come on. Why don't you just meet people to buy Bitcoin in a parking lot by the jail?
	At midnight, I mean, come on, right?
	Well, I'm willing to bet there's actually more cryptocurrency traded in Texas in the power blackout than precious metal is physically exchanged.
	Yeah, I would imagine. 100%.
	Yeah, so listen, buy, and plus, what's your visa going to do for you?
	Going to order anything from Amazon when you've got no power and water?
	I don't think so. So, if you've got a phone, and here's the thing too, I'm in Texas without power.
	Yet I'm typing on your chat.
	That's, you know, keep pedaling, man.
	Keep pedaling, because that bike machine that's keeping everything going, you just can't run out.
	That's such a troll question.
	I just think it's quite funny.
	And... I just think that if you can type here on this show, why the hell aren't you going to buy some survival supplies with all your Bitcoin?
	Because you've got power and you can use it.
	So anyone who's typing here complaining about power already has power.
	So anyway. Plus, you know, you can get a whole house generator for like $8,000, $10,000, man.
	Whole house generator, man, and you can have it run on propane, you can lay up ladles and lashes of gas, and you can throw it in your car so it doesn't rot in your storage.
	And, you know, if you haven't spent, what is it, less than 5%, right?
	If you haven't spent less than 5% of your Bitcoin to get a whole house generator so that you could use Bitcoin in emergencies, I don't know what to tell you other than I don't think you're investing in the right things, you know?
	I've got all this crypto! I can't eat.
	It's like, dude, you know, we got a hierarchy of needs here, man.
	So I just wanted to mention that.
	If you can power your phone, you can transfer it via QR code as well.
	Yeah, you know, you can get these things.
	They've been around for a long time.
	Long time. There's little solar blankets, man.
	And what you do is you unfold them and you can use them to power up your phone.
	I say, ah, well, what if the entire electricity grid is down?
	And what if the entire internet is down?
	Okay, well, you're not getting anything anyway.
	And given that you know, like you're already thinking that's a possibility, I'm concerned that I won't be able to spend my Bitcoin in the state of complete power grid collapse.
	It's like, well, then you should have food and arms in your basement, right?
	You know that already. So why are you asking me this now?
	It's a total troll question. It's probably a gold bug.
	So I just wanted to...
	Yeah, I was going to say, was it our same troll yesterday that turned out to be a gold bug?
	They were putting crypto down the whole time, calling it a scam, then later come to find out they're heavily invested in gold.
	It's like, oh, I get why you're salty.
	Okay. Wait a minute.
	Jarrett, you absolute manslut.
	What did I do? We didn't do a show yesterday, man.
	Who have you been doing shows with, man?
	You've been cheating on this entire group, you man whore.
	Yeah. You piece of arm candy, man slut, turbo whore.
	I cannot believe you've been hanging out with other crypto people.
	I was on your D-Livestream defending the good name of crypto.
	Wait, did I do a live stream yesterday?
	Maybe. I will take my previous incels under advisement.
	I will have to get back to you on that.
	Yeah, you're right. I did do it. Oh, I ripped off this great speech.
	I just published it. That was awesome.
	That was so good.
	I mean, those kinds of speeches, it's really like possession.
	Like, I'm barely even there. It's just like, let the future and the crypto flow through me.
	Tesla solar battery backups can help with power outages.
	That is correct. Any Robin Hood hearing comments?
	Yeah. Yes, somebody has Robin Hood hearing comments?
	Go for it. I watched as much as I could, but after a few minutes of Maxine Waters, I had to kind of be a little more selective.
	I got to tell you, I apologize for the salty language.
	The fact that someone named Deep fucking Value...
	Is testifying in Congress is a true moment for the ages.
	I know. I was waiting for all, like, the girlfriend's boyfriend, like, lines she brought up.
	Because you have someone named deep fucking value facing people who have the shallowest non-value known to man, as in they're in Congress.
	It's a complete, like, matter and anti-matter.
	Deep fucking value, shallow anti-value, negative value.
	Ah, beautiful. It's honestly, some days I wake up, I feel like I'm in a simulation because it's like, you couldn't script some of this stuff.
	If you're in a simulation, crypto gives you god mode.
	Boom! There's your tagline for the movie.
	Sorry, somebody has asked, thoughts on GBTC? I believe that's a kind of medical marijuana, if I remember correctly.
	Does anybody know what that is? I don't know.
	Wait, what?
	Oh, it's Grayscale Bitcoin Trust.
	I'm pretty sure it's like a mutual fund.
	Yeah. See, now, if we're in the pretty sure phase, I have a feeling we're not going to add much value.
	I believe it's something that epileptics say right before they take their advantage.
	Thomas can probably answer it.
	I'm sorry? I don't know if it counts as an ETF or a mutual fund.
	I couldn't tell you the difference between those two things.
	But it is a way for standard investments, like my dad owns a little bit of it, and it's a way for people to put, like, you can...
	You can put money from your IRA into GBTC. It's like a way to...
	Go ahead. Yeah, if I recall correctly for years, they've been the ones pushing the hardest to get a Bitcoin ETF, and so they've made this investment vehicle as well.
	I also think we're going to get an ETF soon, from my recall.
	The SEC is working with them.
	If we don't have one already.
	Somebody has said here...
	And by the way, just because I sometimes...
	I want to make sure that this is mentioned.
	This is a little bit of...
	Thoughts, advice. None of this is investment advice.
	Nobody should make any decisions about buying anything based on anything that we're saying here.
	Do your own research and so on, right?
	And this is from Anthony Pompliano.
	It was a really good, important message came out yesterday, right?
	So, I know this is going to come as a shock to my friends here.
	Bitcoin is very volatile.
	Bitcoin is so volatile It makes my first girlfriend look like Mother Teresa.
	So I just wanted to point out that Bitcoin is very volatile.
	He says only invest what it is okay to lose.
	And that's important.
	You know, only handle the snapping turtle with the fingers you're prepared to say goodbye to.
	And that's really important.
	Twitter and this show is not investment advice.
	Do not ever, ever, ever, ever, ever, ever, ever take investment advice.
	That's my general perspective.
	Do your own research. Do your own thinking.
	Because here's the thing. Self-ownership, moral responsibility, financial responsibility is the key.
	If you just do what someone tells you to do or what someone suggests to do, you won't feel any particular pride if you succeed because you're just the puppet of somebody else, right?
	And it's going to be purely accidental because if somebody has a real inside skinny on what's going to go up, they're not going to be telling people.
	They're going to be buying it like crazy, right?
	Because they want to get it at a low price.
	If people are telling you to buy something, most times what they're doing Is they hold it, they're hoping a lot of people are going to buy it, and then they're going to sell it.
	And it's a complete and total scam.
	And so don't be a speculator.
	A speculator is somebody who invests based on numbers and rumors and whatever, but they don't invest based upon sort of sound fundamentals and research and a fairly reasonable understanding of the space and the market and the company and the leadership and the capitalization and all that, right? So And the future products and the investment, if you don't know the investment R&D of a company, please don't invest in it, right?
	So, yeah, Twitter is not investment advice.
	And the other thing, too, is that if you take investment advice, if the stock goes up, you won't actually feel that proud.
	You'll just feel like, oh, that was kind of lucky.
	You won't have gained any knowledge.
	And it's like cheating. Taking advice is like cheating on the markets.
	You may do okay, but you haven't learned anything.
	And B, think how mad you're going to be at yourself if you take some advice from someone and then you lose money.
	Just think how incredibly enraged you're going to be.
	Like, you didn't even make the choice and you got host.
	You didn't even do the research. You didn't even find out for yourself and you got host.
	So don't take investment advice.
	That's my general rule as a whole.
	Just do your own knowledge, right?
	He also says, I think this is quite important, do not buy Bitcoin with credit cards.
	Okay, hands up if you've ever bought Bitcoin with credit.
	Oh, two hands! All right, all right.
	Is that your mom's basement?
	No, I'm just kidding, right? Okay, don't do that.
	That's a bad idea because if you're at the point where you're risking 20% interest and bankruptcy to buy Bitcoin, you don't think you're going to make enough to pay it off.
	Keep a long-term horizon.
	If you don't know what HODL means, which is a typo for hold and also holding on for dear life, you've got to have a long-term horizon.
	I think Bitcoin has got so much upside.
	I've always said it's way in the north, hundreds of thousands of dollars, my own personal opinion.
	Do not buy Bitcoin hoping it's going to double tomorrow, in my humble opinion.
	That's just a bad idea and you can sink in pretty quickly.
	Bitcoin can stay volatile a lot longer than you can stay solvent.
	Someone was asking me what my strategy was, and it's basically what you've mentioned there, but like, look, I don't put in what I can't afford to, and whatever I buy, personally, I never sell.
	If I've got to ride it to the bottom, that's fine.
	I believe. I make good choices in crypto, and on a long enough timeline, worst case scenario, I'll make my money back.
	It'll have been money in the bank.
	The takeaway from that is that Jared likes riding bottoms.
	Okay, I got that. So that's an important – that may be an overshare, and it may not be investment advice.
	It may just be a personal taste in the late evening, but that's important.
	Someone pull this knife out of my back.
	It's like we're playing Among Us right now.
	You know, this is my financial advice.
	I will give this out for free.
	It has served me well for many years.
	This is my big financial advice to everyone out there.
	This is grade A financial advice.
	Are you ready? That's not financial advice, right?
	No, this is financial advice.
	This is the only time I'm ever going to give financial advice.
	And it's three words.
	This is the sum total of my financial advice.
	Are you ready? Don't spend money.
	Those three words?
	Don't spend money.
	I mean, unless you're building a giant elaborate set like I have here, right?
	No, seriously. Don't spend money.
	This is what it comes down to.
	I had a friend of mine when I was younger.
	And we both started making some money in separate software businesses.
	And he was one of these guys.
	Everybody's known someone like this, right?
	They got this income, and this is their spending, right?
	Income goes up, what happens to their spending?
	Wee! Wee! Wee!
	Wee! Wee! Wee! Don't do that!
	Don't do that! It's a really terrible idea.
	There's an old saying from Charles Dickens from back in the day.
	It always struck me. I read this when I was a kid.
	And it was something like, I'll give you a paraphrase in the modern economy, right?
	If you have an income of $50,000 and you spend $49,500, result?
	Happiness. If you have an income of $50,000 and you spend $50,500, result?
	Absolute misery. Right?
	So... When your income goes up, don't crank up your spending to the moon.
	I'm not saying, you know, live in a shoebox, you know, if you're a zillionaire or whatever, but just don't spend money.
	That is the largest, most important piece of financial advice I'm ever going to give.
	And I'm not saying, you know, don't Howard Hughes yourself into complete oblivion.
	So, but yeah, it's just my big financial advice.
	Just don't spend money. You know, spend it on things you need to and, you know, go on vacation if you need to.
	Buy memories. That's all fine.
	But for heaven's sakes, just try to avoid spending money.
	There's an old joke about me when I was a teenager.
	Are you ready? This was a literal joke my friends had.
	And the joke went something like this.
	Whoa.
	Is that Steph opening up his wallet?
	Because it was so dusty, you see, because I opened it so rarely.
	I'm not entirely Scottish, but obviously there's some of it in the blood.
	So that's my only financial advice.
	Just try not to spend your money.
	Because there's nothing that you can buy that's worth those sleepless nights of worrying whether you can pay your bills.
	It's just nothing. The number of people I've known and a friend of mine...
	Oh, gosh. He bought...
	Oh, man. You guys are too young for this.
	So he bought DVDs and CDs and videotapes of movies and concerts, and he just had this whole wall.
	Like an entire wall, like floor to ceiling, tightly packed.
	And it's like, I remember saying to him, like, there's no way you could ever look and peruse this stuff and look at it all again.
	Like, nobody could live that long.
	Like, I picked something up.
	When did you last listen to this?
	When did you last watch this, right?
	And he calculated it out one day.
	And he's like, oh, man, you know, I have over $30,000 on my wall.
	I've just, you know, each one I just go out and buy and I'm like, oh, I'll listen to this at some point or I'll watch this at some point again and never did and just don't.
	And now, of course, everything's available for free on the Internet, like all the concerts and all of the obscure movies and all of that kind of stuff.
	So, yeah. Sorry for the sidebar there, but that is the financial advice that I would give people.
	Don't spend money. Hopefully that's not too radical.
	Alright. Let's get back to our questions, and I promise not to ramble tangent too much anymore.
	Somebody says, I'm increasingly concerned about having a savings account at a bank.
	I'm starting to believe crypto would be a good solution.
	Yes. Well, governments historically, I mean, didn't it happen in Malta?
	They just seized a bunch of money from people.
	They just gave a haircut at like 10% or something like that.
	I remember doing a show on that years ago.
	And people say, well, gold, you know, what if the government bans crypto?
	Hello. A, they have, and B, you know, they ban gold, right?
	They ban it all the time. Or they'll force value gold below market price.
	They've done that in 1933.
	Nixon went off the gold standard in 1971.
	So gold is not some magical government-proof entity any more than that.
	There was a country that banned Bitcoin, and Bitcoin was trading at a premium in that country.
	Please ban it! Well, another thing with gold, you can't get gold across a closed border.
	You can't. And here's the thing, too.
	Let's say the government bans Bitcoin, right?
	Do you know what else they ban?
	Drugs. Do you know where you can get drugs?
	In a prison. So even if the government turned all of society into a prison, which seems to be their objective, or a medical ward, you can get drugs in prison.
	So even if the government turned all of society into prison, you can still get drugs.
	So this idea that it's bannable when there's almost a trillion dollars of investment in it, I don't know.
	And again, the more of the money classes that pour in, the more they're going to use their influence to make sure that it maintains its value.
	Here's the thing. The network effect and value proposition of Bitcoin requires that other people get involved.
	Right? I mean, if you have gold, other people have to want it for it to have value.
	Now, things like food, you know, consume, all right?
	So, when the financial classes, this is why I'm so excited.
	It's one of the reasons I started this roundtable, because now that the financial classes are all in on Bitcoin, if they ban it, they're blowing up their own asset values.
	And where are they going to put I think?
	And they need portability.
	And, you know, it's a little tough to cross borders with a ton of gold in your fanny pack, right?
	So the more they dive in, they're going to need to make sure that it maintains general network effects.
	In fact, they want to expand it.
	And so the idea that they're going to ban it is going down.
	And it's a funny thing because the only way that it would have been worthwhile to ban was when it wasn't worth banning.
	But once it becomes worth banning, nobody is going to be invested in banning it.
	That's what we talked about in the crypto community five, four, five years ago was, you know, right now we're not rattling too many votes too much and just wait till it's big enough that you can't get rid of it, you know.
	And if we haven't crossed that threshold already, I personally think we have, we're not far from it.
	I honestly think this is going to be the...
	If we look back 20 years from now, we're going to see 2021 was the year that Bitcoin took off, I think.
	Yeah, I've been telling people since probably 2018, because I've been following crypto for a long time and watching it go through what we call crypto winter, where it goes through a two- to four-year period of very little going on.
	And starting in 2018, we would get news coming out It seemed like monthly, weekly of stuff that like, man, a couple years ago we would have gone nuts to hear this.
	Like some kind of validation or some big player coming into the market.
	In 2019, leading up to this, it's like, I don't know what's going on in the marketplace.
	It seems like The kind of news we would have killed for, or, you know, I mean, you know, we would have just loved to have back, you know, four or five years ago, we're getting it every day, and the price isn't going anywhere.
	I don't get it, you know?
	Well, so many people are holding, sorry, somebody asked, how do you pronounce H-O-D-L? It's a bit odd, because there's an accent a goo and an umlaut.
	You pronounce H-O-D-L, freedomain.com forward slash...
	So every time you see H-O-D-L, just say to people, freedomain.com forward slash donate, and they'll totally understand what you mean.
	This is some objective linguistic analysis.
	Oh, sorry, that's straight from Noam Chomsky.
	Absolutely. I do have a bit of an answer to that in that the Hold On For Dear Life is actually a bacronym and was applied to it after the fact.
	Its origin is in a typo.
	This guy was typing drunk.
	And misspelled hold.
	So a lot of people just pronounce it hodl, but I've heard it hodl and hodl, but I pronounce it hodl.
	And hodl makes you yodel!
	There's actually a commercial someone paid the actor from Game of Thrones, who is Hodor, and not Steph, I don't know if you're familiar, but in the story he would always say Hodor, Hodor, Hodor, that's all he could say.
	And so they paid him to do a commercial where it's like, hodl, hodl, hodl, hodl!
	Now that's an effective use of crypto.
	So I had a thought that I wanted to throw out there.
	So y'all sound pretty confident that things are going to go well in the future, and it does look that way right now, but I'm concerned.
	Wait, sorry. I'm sorry to interrupt you, and I do want to get to your question.
	I just want to clarify. I don't want to speak for the others, but I think it's fairly true that collectively we think that things are going to go terribly in the future.
	And that's why crypto is so valuable.
	Well, I mean, well, when it comes to crypto.
	Yes. Yeah, not in things in general.
	So I'm not totally sure that things are going to go well in crypto in the future.
	I think it looks that way now, but I'm concerned.
	And then just to make a quick argument for, just as fast as I can, like, gold...
	It doesn't work as a currency.
	Gold is not limiting the power of governments.
	The existence of gold does not overthrow the dollar.
	And then I would say because it's not a good money.
	It's not transportable, it's expensive.
	And the thing is, Bitcoin proper Gold has basically the same kind of characteristics as gold.
	So then you might think that it's only going to be as successful as gold is.
	And if so, it's not going to overthrow the dollar or really fundamentally change gold.
	I got a good argument for that.
	I disagree with that completely, but you go ahead.
	I think Bitcoin improves on gold in four major ways.
	It's more transportable, easier to secure, easier to divide, and easier to verify authenticity.
	So you can't transport gold across borders, that's been mentioned.
	If you wanted to actually spend it, you're going to bring a gold bar to the grocery store and chip off the amount that you owe.
	And people do make fake gold bars.
	Tungsten on the periodic table...
	I'm sorry, you're crackling like crazy.
	Sorry, if you can just stop moving around while you talk, that'd be great.
	Tungsten on the periodic table is one atom missing from gold.
	And so there are cases where people have wrapped gold bars or tungsten bars with gold on the outside.
	And you need an x-ray machine to even verify that it's fake.
	And so Bitcoin does improve upon these things.
	And while that doesn't necessarily make it indestructible, it isn't as comparable to gold in those metrics.
	If I could just push back on that.
	Yeah, it definitely improves on some properties like divisibility, verifiability.
	But as far as it being more transportable, that's still up for debate, I would say.
	Really? Because I remember when a Bitcoin transaction cost less than a penny, And then I remember when it became a penny and then became 3 cents and 5 cents.
	Now it's like 5 to 10 bucks.
	And I can easily see a future in the next year or two where that goes up to hundreds of dollars or thousands of dollars for one transaction.
	Yeah, but that transaction is basically a house, right?
	That's cheap. If that happens, no one is going to use it on a peer-to-peer level.
	And then the government doesn't have to stop everyone from doing it.
	It only has to stop the banks from doing it.
	No, no.
	There'll be plenty of cryptos that have the same properties as Bitcoin that do the day-to-day transaction stuff, or there'll be second-layer transactions.
	Like, we're out of the phase if it's just Bitcoin.
	We are not dependent on Bitcoin succeeding.
	There is a whole army and ocean of cryptos.
	Whatever problem someone is trying to solve, whether it's identity on the blockchain, reputation networks, there's at least three competing interests trying to solve that same problem, and they're brilliant people.
	And they've largely succeeded for a lot of this stuff.
	It's just waiting for people to want it, to know that it's out there, and then to start adopting it.
	Yeah, I don't think it's going to be.
	Yeah, just sorry, to finish my point, is that I believe, and I know we don't like beliefs, but I think there's a good theory to say, if it's not going to be a coffee and donuts currency, it's not going to be more successful than gold.
	It has to be in the hands of everyday people.
	Personally, I disagree.
	Maybe the bitcoin is used for clearing the large transactions, like you want to buy a company or buy a house.
	Or shares or stocks.
	It's the check equivalent.
	What I'm saying, the reason why we went from...
	because originally people had gold and then they deposited in banks because it didn't...
	It becomes more divisible, easy to transport if it's in a bank.
	And then once it was in that state where the real asset was held by a relatively few central institutions, it wasn't that hard for the government to jump in and say, we're going to interfere with all this.
	But if gold could have remained in the hands of the people, and then you don't need the banks, then the government wouldn't have been able to intervene as much.
	Okay, but gold was put into banks because it was expensive and risky and dangerous to transport, right?
	And so the risk of losing it all in transport, especially in the, quote, Wild West or whatever, so people put it into banks and they gave notes instead because the notes were easier and cheaper to transport.
	And so Bitcoin is...
	To gold as the notes were to gold.
	Or in fact, Bitcoin is to the notes as the notes were to gold in that you can walk from one end of the world to the other and have complete access to your Bitcoin account even with no hardware whatsoever.
	You just have to remember a 12-word phrase, right?
	So it is as transportable as you are.
	And listen, your opposition, your questions are greatly welcomed.
	Like, please, keep peppering them.
	I think they're fantastic and really, really important.
	And they're not foolish or silly.
	I don't think you think that they are.
	But they're really, really important to get this kind of stuff out in the open.
	It could be something we missed. It could be something that Bitcoin has missed.
	But the transportability, the infinite divisibility of it, Yeah, I think it's getting too slow.
	I think it's getting too expensive, frankly, to do fairly large transactions.
	It's fast, certainly faster than most things in fiat currency.
	I think it's a little too expensive.
	People are working and trying to solve that problem.
	But here's the thing.
	When you look at the expense of Bitcoin, you have to compare it to its growth in value.
	Right, so let's say, oh my gosh, it cost me $100 to transfer the Bitcoins that have gone up $10,000 in value.
	It's like you're still way ahead.
	You're still $9,900 up, right?
	So the fact that it's still going up in value because gold is subject to a lot of instability, right?
	Because what happens is when the price of gold goes up, you know, the marginal lines go into production.
	People dig through granny's jewelry and go and sell it.
	And so it can be – or, you know, some new – A piece of technology comes along that uses a lot of gold and people will take it out of circulation.
	So there is a certain amount of instability there.
	It is a physical asset.
	It's easier to seize. It's easier to track.
	Anonymous gold ownership is very hard to maintain or achieve unless you're going to do the parking lot transactions, which are going to be limited in size.
	And for some of the very big transactions where I think Bitcoin really shines, you know, the 99-year leases, the buying and selling of airplanes or helicopters or whatever it is, that's where Bitcoin really shines.
	Really shines, I think.
	And of course, the entire ecosystem which can be programmed around Bitcoin, which I know has moved over a little bit more to the Ethereum space, but I think that there are significant steps forward.
	And the fact that you can't dilute it, as you pointed out with Tungsten, it's not just Tungsten, there's pirate or fool's gold.
	You can dilute gold with just about anything.
	This is what happened in the late Roman Empire, where you only ended up with a few percentage points of gold in the gold coins, because they threw a whole bunch of other garbage in there.
	So gold is much more manipulable than Bitcoin is.
	And relative to fiat, you have a limited currency.
	And gold can grow based upon demand.
	Bitcoin, at this point, I would argue, it doesn't really grow based on demand.
	You could argue earlier when it was easier to mine that it would grow based on demand, but I don't think it's happening now.
	And so there is just that physical limitation to Bitcoin, which means each individual one is going to become more valuable.
	As we're seeing, it's not really the case with gold, because there's always more gold that can come about that's either latent or hard to mine, but not impossible.
	And when the price goes up, more comes in.
	That's not the way that Bitcoin works in terms of its growth.
	So... But anyway, bring more.
	And I'm not saying these are perfect answers.
	I mean, I'm just, you know, but bring more or push back this really good stuff.
	I am in complete agreement that fees are the biggest problem to be solved in this space.
	And not to pick on Tezos, but any proof of stake coin, insert proof of stake coin here.
	Like Tezos, for example, they're sub penny fees right now, but what are the fees going to look like if it reaches capacity?
	And, you know, like what if Tezos was the top five coin and tons of people were using it?
	What would fees look like then?
	Sorry, I thought you were done.
	Nano and IOTA are the only two coins that I'm aware of where there are zero fees.
	Zero. No fees.
	So I was just, to respond to Tesla's point, they just recently, it's a governance protocol every three months.
	We upgrade the protocol, it's voted on, and it's working great.
	We just dropped the fees, this last protocol.
	So, I mean, ostensibly, we could keep doing that.
	Like the same thing, like Bitcoin Cash, you know?
	The same demand's not there, but yeah, you can drop the fees.
	And as far as IOTA and the DAGs go, I was just reading an article about how...
	There's definitely a lot of work that still needs to be done with that stuff.
	It's cutting edge. I remember reading about IOTA a couple years ago.
	Stuff needs to be ironed out for sure.
	Yeah, they had to freeze their blockchain because they had problems.
	Well, Bitcoin did too once upon a time.
	Sure, sure. Can I defend the fees?
	Yeah, please. Think about it.
	Right now, Bitcoin is like $52,000.
	Most of the time you're going to do a transaction like that, you're going to pay some sort of escrow.
	Yeah. Do you want to break out escrow the term for people who don't know it?
	So basically, say you're purchasing some real estate.
	You're trading a title on a property for a bunch of money.
	Basically, the escrow is holding that on both parties' part.
	You pay them a small chunk of that fee to make sure that everything goes smoothly.
	That a title is presented before that other person gets the money.
	It's basically the middleman. Yeah.
	And even if you say you want a Bitcoin network that has no fees, at the end of the day, somebody's going to have to, like, you need to pay somebody something to validate that transaction, right?
	And you might be able to get away with it if, you know, you keep growing that cryptocurrency, like, total in circulation because you're giving somebody value that way for mining.
	But if you have one where it's just, there's all, like, say when Bitcoin, all the Bitcoins that are ever going to get mined are mined.
	Those fees are now basically the equivalent of Uber, right?
	You're paying that fee so your money can get from point A to point B. And those fees will go up if there's less people validating those transactions because that resource is scarcer.
	Or if there's more people, those fees will go down.
	I also want to point out that the fees are actually a deterrence against misuse of the network, because a bad actor can just start sending transactions to flood the network.
	Free? Yeah, right, basically.
	So that basically makes the person who's creating the attack, who's spending money on each send, so it keeps bad actors more at bay.
	It's to disincentivize that behavior as well.
	So it's not all bad.
	Go ahead. This is relevant to the topic we're on right now.
	Someone had asked the question a couple calls ago about bringing up inefficiency in the Bitcoin fees and things like that between Bitcoin and Bitcoin Cash.
	And someone had an excellent response to that.
	I hope you guys don't mind if I'll read it.
	And this is actually a friend of mine who's in the crypto world.
	He's been in this longer than I have, and he's great at it.
	So I'll just go ahead and read this real quick.
	He said, Inefficient isn't the right term to describe this issue in regards to Bitcoin's transaction fees.
	Bitcoin Core has an economic inefficiency in the form of a block space production quota that drives inclusion prices up artificially.
	That exacerbates the fact that security is socialized for all downloaders of the blockchain data in that block inclusion is based on transaction data size rather than the amount of value moved per transaction.
	So in simple terms, everyone might be paying $5 fees per transaction, and that will be the case whether you are transferring a penny or a billion dollars.
	So small value transactions will pay a much higher share of the network security than the large value transactions.
	That helps to justify coins like Bitcoin Cash.
	We're committed to removing the artificial block space production quota and thus have low fees comparatively.
	The root problem is that all the various steps in a cryptocurrency blockchain protocol impose a cost on all the users, and it is very difficult to design the system so that the people consuming the most resources are paying for it rather than socializing some of the costs.
	Thanks, guys. All right.
	Tim, hit us.
	Oh, sorry, one other thing.
	The price of gold and silver is wildly manipulated.
	Wildly manipulated. I mean, if they ever decide to short silver, the entire financial system is going to go tits up, in my humble opinion, right?
	So they make GameStop look like a nothing burger.
	So it's a little tougher to manipulate the price of Bitcoin because it's much more democratic.
	You also actually have to deliver the Bitcoin that you say you're going to deliver.
	Yeah, you do actually have to deliver it.
	Although I'm sure they'll find some way to soup and gas that stuff up in some abstract multiple way.
	But yeah, silver and silver prices in particular.
	I mean, it's just silver ghosts chasing silver ghosts with very little real stuff back there.
	So that's a pretty – people are just trying to get away from this insider manipulative thing.
	got all these contracts floating around that never expected to be settled, where people are arbitraging tiny, tiny little things and people.
	And this was the whole shorting of the GameStop stuff, right?
	Which was like, we're just kind of tired of this manipulated game.
	And Bitcoin does a huge amount to solve that manipulated game.
	You can buy and sell millions of dollars without a broker, without a financial expert, without anyone saying yes or no and you actually have to deliver it.
	It's not, you know, you actually have to deliver that.
	It has to actually be real.
	At least at some point, in a way that a lot of this, especially the silver contracts, it's completely ridiculous just how much, how many multiples, I can't remember what the multiples are of silver versus contracts, but it's completely insane, totally manipulated, and people...
	People are just tired of the rigged game.
	They're tired of the rigged game.
	They're tired of this idea that if you're an insider with a special license and you know the right people and you get the right information and you're one degree of Kevin Bacon separation from the Federal Reserve, you get to make a fortune and if you're everyone else, you take it in the shorts.
	And I think that's one of the things that's driving.
	It's just this basic idea that The game is rigged.
	It's not fair. And you see this in the pandemic.
	In the pandemic, rich people are making out like bandits.
	Rich people are getting super rich.
	Middle class is shrinking. Poor people have fallen off, right?
	And this is why I was pointing out.
	You spend two bucks a day on Bitcoin for the last six years.
	You got a quarter of a million dollars.
	And, you know, you try saving for a house in six years at a time when there's a pandemic, right?
	But this would be enough for you to do it.
	And so you can do it very cheaply.
	Can you find a stock you can invest in two bucks a day and end up with a quarter million dollars?
	There's no stock you can really invest two bucks in at a time without paying more in brokerage fees, or at least a significant portion thereof.
	So the friction-free end trader, no...
	I mean, the fact that there's no stock broker involved, there's no stock market, there's no...
	You've got to route everything through to make these kinds of transactions.
	It's incredible. And once they start figuring out how you can use the blockchain to establish stock ownership...
	It's over for...
	Can you imagine? Can you imagine?
	I'm getting a woody just thinking about it.
	Hang on, my camera's going to tilt here.
	Okay. But no, it's adoption.
	Like, how many governments are going to even want that transparency?
	That's a great point.
	I remember talking to family years ago, trying to explain Bitcoin.
	This is back in 2013, and saying, well, wait, what if it does become a government's reserve currency?
	That would be amazing.
	They can no longer just, oh, we just took some out of the Social Security account, and then if they do that, everyone's watching to say, excuse me, what's going on over here?
	You can't just move money around in the Bitcoin space without everyone seeing that money move.
	So if governments were using Bitcoin or crypto eventually, reliant on it...
	Well, this was in the context of trading stocks on a blockchain.
	Sure, sure, that too.
	Which still, I don't know how much transparency they want.
	Okay, so on that token, Seth was saying when someone figures it out, Bruce Fenton brought him up many, many times.
	He's worked on Wall Street for two decades.
	He's incredibly knowledgeable about it and crypto.
	He was head of the Bitcoin Foundation back in the day.
	I think he may have started as one of the founding members.
	And he launched the Ravencoin platform, which is made just for that.
	So he knows what is technically required on both ends, the crypto side and the Wall Street side, to get this done.
	And that's what the Ravencoin was made for.
	And I've used it myself. I've launched tokens on Ravencoin.
	It's incredibly simple.
	And eventually that's what will be used, or something like that.
	I foresee it being adopted in a different country other than the U.S. first.
	Yeah, because I'm sure that Bitcoin will be both sexist and racist and therefore crippled in the US. No, you know that's coming.
	You absolutely know that's coming.
	Because, you know, not a lot of, what, non-whites and women here.
	So for sure, without a doubt...
	You know, tidy whities like us.
	It's all privilege and it's all racism and there aren't enough women here.
	It's all sexist.
	And it's like that's, you know, I mean, the way you wage war against America, I mean, China should just invest in more diversity program foundations in America.
	That'll cripple the entire military and everything, right?
	I mean, so you know that Bitcoin is about to make it when it's all racism, all sexism, all the time.
	And we owe Bitcoins to everyone because slavery.
	Or something like that, right?
	That's just going to be the way that's inevitable.
	They've already played that game, and it's come in through the whole women in tech stuff.
	There's initiatives for...
	Yeah, that's well on its way.
	No, listen. We got Bitcoin wallets, and the vast majority of Bitcoin holders, I think, are men.
	But the vast majority of malls are dedicated to women.
	So it's a balance, right?
	They get shoes...
	And we get the currency of future peace.
	I mean, they got juice shops and makeup, and we get the foundations of the future economy.
	It's all about choices.
	When I signed up to Coinbase and Gemini, they did not ask me my gender or my race.
	That's actually very sexist and racist right there.
	Actually, that's a good thing.
	Have you applied to a job lately?
	They'll ask you both. That's true.
	That's right. When I worked at Coinbase, yeah, they're based in San Francisco.
	So yeah, it's full of purple hair and face metal.
	Well, and see, here's the thing though, right?
	is that if there were social justice warriors out there – and listen, some of their goals I agree with, I think it's fine, right?
	I would love to see more wealth generated in historically less wealthy groups.
	I think that would be fantastic, right?
	Which is why I don't ask anyone's race or gender when they want to watch my show.
	It's all available for free and anybody can watch it.
	And I've been talking about this stuff for eight years and like anybody could have – that's fantastic.
	But if the social justice warriors haven't been following Bitcoin and recommending it to marginalized communities, I don't care what they say.
	Like you're not smart enough to help people.
	You're not smart enough to help underprivileged people if you haven't been talking about crypto.
	But apparently it's more challenging to talk about crypto than just complain about toxic whiteness or whatever garbage that is out there at the moment.
	I want to give Coinbase credit where it's due, though.
	The people that were working for them that were the SJW dingbats, you know where I lie on that.
	They were trying to tell Coinbase, you're too white, you're not this, you're not that, calling them out for colonizers, the same old playbook.
	And finally, one day, Coinbase said, we're done.
	Like, we're here to make money.
	We're here to make profit. We're here.
	We've got noble ambitions and goals.
	And this is not a place for, like, political activism.
	If you want that, we're going to help you find another job.
	You know, just let us know.
	And so credit to them that they finally came out and did that.
	Not to be skeptical, but they haven't gone public it either.
	Right. It's not subject to that same kind of pressure, but...
	No, it is very sad.
	And I want to help the poor.
	I want to help the marginalized.
	I want to help what are typically called the underprivileged, which is why I've had tons of advice available for free.
	Don't charge anyone for call-in shows and have given this stuff about crypto out for free for many years.
	I know a lot of people. I get emails from like, hey, man, I didn't think I was ever going to have a hope.
	I didn't have a chance. I invested.
	Good, good. It's fantastic.
	But actually helping people rather than complaining about other people, it's a whole lot more difficult.
	And if all people are into is complaining, I have no time.
	No time. Just go actually do something productive to help people.
	It's like, okay, so San Francisco is their utopia.
	They've got all the power they want to do what they want there, and it's got one of the highest Gini coefficients in the country.
	The Gini coefficient is a measure of relative poverty, okay?
	So imagine a Soviet country.
	You've got everyone on the bottom.
	The welfare state has totally widened the gap between rich and poor, which was supposed to close.
	Why? A government program that does the opposite of its stated goal, whatever next.
	Who knows, right? Okay, let's get back to some questions.
	Concerns. We did address this a little bit last time, but I wanted to take a second round there.
	Concerns about other conflicts with China's...
	Here we go. China, China, China, China.
	Any thoughts on China controlling 51% of Bitcoin's network, hashing power, thus control of Bitcoin?
	Go. Well, Steph, you brought up a great point last time about it's a weird kind of a relationship to be in, but having these authoritarian commies...
	China owns Biden.
	China wants Bitcoin to succeed, therefore Biden won't interfere with Bitcoin.
	Not to say that there's necessarily a free market in electricity generation, but the Bitcoin mining is going to go to wherever electricity is cheapest.
	That's all there is to it.
	China's building a ton of coal plants, they don't have a lot of environment regulations, and they don't have a lot of Greta Thunberg nagers, right?
	And so, yeah, they're just going to be able to produce electricity cheaper.
	And if you are concerned about that, then you've got to push back against the watermelons, right?
	The people who are red on the inside and green on the outside.
	The communism masquerading as concern for the sea otter.
	Now, that's just got to be dealt with.
	And if you're not interested in doing that, again, I don't really care.
	You're just noisemakers who actually aren't interested in achieving anything possible.
	Another thing that's already been tested is, say, China decides to do something, right?
	Like, if you're voting, it'll just fork again.
	Yeah. Right? And then we've got like USD, US Bitcoin, right?
	And then Bitcoin BBTTCCP or whatever.
	Yeah, so talk about this because people have heard about this and I don't think they know how this whole forking things work, right?
	So are there conflicts with China's new national crypto and them doing a 51% attack on Bitcoin?
	Because I think people think that Bitcoin is like a child's toy and one child can snatch it away from the other toy and then they own it and run giggling off into the sewers or something like that.
	Like, how people understand if somebody says, I want Bitcoin to go in a different direction...
	You don't have to go, right?
	I mean, so help people understand what that means.
	People just choose not to go and they've just wasted all that resources, right?
	Yep. Yep.
	Anybody want to sort of break that down a little bit more elegantly than that?
	Yeah, so I'll take a stab at it and please correct me if I make a mistake there.
	So, first of all, can they succeed in making a 51% attack?
	And a 51% attack is where half of the network Over half of the network, essentially, they would have the power and theory to write whatever transactions they wanted to.
	Say, so much Bitcoin from this address came over here, and that person never really did it.
	Or do double spins and things of that nature, though, that would be a lot easier to detect.
	So anyways, they could compromise the network significantly.
	What it would take to do that is an obscene amount of coordination.
	Like you've got these different interests who are running these different mining rigs in China, and you'd have to convince enough of them to be on board with this and keep that conspiracy under wraps long enough.
	Because if the conspiracy gets out...
	Then immediately people start planning a fork.
	So let's say that they do succeed in creating that conspiracy, which would be incredibly difficult because you got to get all these people on the same board and yeah, maybe you could do it with a gun to their head.
	Let's say they succeed in doing that.
	Well, then we find out and we say, we fork the chain and say, great, that's China coin.
	This is the rest of the world.
	And now they have spent all of this money and resources to try to achieve this and essentially gotten just like their split chain.
	Virtually nothing out of it.
	They don't get the ends they want.
	If I could add on to that, a 51% attack, if you can pull that off with that extraordinary amount of electricity, that doesn't mean you own the network now.
	You own it for 10 minutes. You have to continually do the 51% attack in perpetuity in order to maintain it.
	Yep. I would say, why would people let that happen?
	You don't think that interest here in the U.S. would want to keep control more decentralized?
	And every one of us technically has a weapon, i.e.
	your computer. They could just spin up and start mining to provide more power to the network to lessen that 51% attack.
	Yeah, this is one of the reasons if you deposit money onto Binance, for example, that they wait for block confirmations just in case that were to happen.
	Oh, yeah. Yep. Yep.
	Somebody asked when Elon Musk announced his 1.5 billion dollar investment in Bitcoin, is that market manipulation?
	No, it's not.
	So he announced it as part of the company's annual report.
	He announced it, gosh, when was it?
	In early February. And they had actually bought it in January.
	And Tesla said in his annual report that the company made the move as a part of a policy change designed to, and I quote, to provide us with more flexibility to further diversify and maximize returns on our cash.
	See? Diversity.
	It's a good thing. That is not market manipulation.
	That's just kind of a requirement to your investors and to the market as a whole.
	The regulatory requirements, you simply have to say what you spent money on.
	I think they're public, right? It's a public company.
	So, yeah. So, it's not manipulation.
	It's something they actually have to do as a whole.
	And he had already bought it long before he noted it.
	This is an interesting one.
	Somebody said, I would like it if everyone could give their opinion on which coin they think is the best.
	And why? Elevated pitch.
	Go. I'll take it.
	Right now, I think Tezos, as far as long-term upside, they've got...
	It's a smart contract platform.
	It's great as a currency in and of itself.
	It's got a means of upgrading its network to avoid forks, things of that nature.
	And so far, that upgrade process is working like a champ.
	There's voting.
	It's very capitalistic.
	You get vote for property rights.
	You get one bit of property equals one vote.
	So the more skin the game you have, the better, the more influence you have.
	There's all kinds of innovation.
	They've got one of the biggest war chests.
	The Tesla Foundation holds more – it's one of the largest Bitcoin holders in the world.
	and uh I'm sorry to interrupt.
	If you're typing, if you could just mute yourself, please.
	There's many, many tools for developers.
	I was just reading the other day that there's a group launching and developing a DAO system.
	It's a method for individuals to create their own DAOs.
	DAO is a decentralized autonomous organization.
	You and I We could easily and quickly spin up our own organization, whether it's going to be a company or a group or whatever.
	I know I'm a fanboy of it, but I really, really like it.
	So that's my case.
	I'd like to throw out...
	I know it's not...
	Don't throw everything into this because it's still largely speculative, because it's still unproven technology, but I'm throwing out IOTA again because of the fact that it's fee-less.
	And the market for a fee-less cryptocurrency is, I'd argue, nearly infinitely bigger.
	than a market for a feed cryptocurrency because there is what is effectively infinite demand for this space.
	The only thing blocking its adoption are fees.
	Fees are the biggest source of friction in this space.
	And I think the people who solve it the best, which currently that's looking like IOTA, but maybe they won't.
	But whoever does eventually solve that problem is going to take a huge amount of market share.
	Anybody else?
	I'll jump in. I'll say Ethereum.
	I know it's got a lot of issues right now at 1.0, but what 1.0 product doesn't have issues?
	It's got a lot of momentum already with all the smart contracts and people creating tokens on top of that, like BAT, all the ESR20 derivatives.
	I think it's merely just something we'll look back at in the past and brush off, oh, remember Ethereum 1.0, all those issues, then 2.0 is so much better.
	So I really think the demand is there.
	And the incentive is there, so I think I just gotta wait and 2.0 will be there and fix all those issues.
	So that's my pitch. Non-investment advice, of course.
	Anybody else? Jump in.
	So I wanna pitch Bitcoin Cash.
	Okay, so it's the original Bitcoin.
	It runs the way the white paper said.
	Technically, it's the original, I think.
	Originally, with Bitcoin, they said it's the internet of money.
	There are going to be all these other features put onto it, and then they just took all that away.
	The whole reason Ethereum exists is because Vitalik Buterin said, I know how to put tokens on this system.
	I can do tokens. All I need is this one parameter to not move.
	And then, if anything, you can make it bigger, but don't make it smaller.
	And then, like, right away, they made it smaller.
	And then Vitalik said, I can't possibly do my vision for...
	This upgrade on Bitcoin anymore because you did that change.
	And there was no reason to do it besides where they just said they don't want Ethereum's properties to be on Bitcoin.
	So they spun off Bitcoin's biggest competitor.
	Just because they didn't...
	I don't like it.
	Bitcoin Cash has that original token functionality that Vitalik thought could exist on Bitcoin.
	It is the coffee and donuts thing.
	Like, for me, I don't want to invest anything if I can't walk up to somebody on the street.
	Like, I went to an Indian restaurant the other day, and I just gave everybody their Bitcoin cash.
	You know, because they'll take it and just hand it to them, you know?
	And then I'm like, for me, if you can't just hand it to somebody in two minutes, it's not like...
	How are you going to explain it?
	I do miss that back in the day.
	That was something in Bitcoin.
	Before the fork, you would just go up when you're evangelizing Bitcoin and be like, pull out your phone.
	I'll send you some. That was so great, that experience.
	Five bucks. Here, I'll show you.
	I mean, it would cost you five cents.
	Oh, and less. Yeah.
	And then I'm telling you, I could make the case.
	Bitcoin is choosing to have large fees.
	It's not that they have to. They're choosing it based on some sort of nonsense.
	Based on some sort of nonsense is not much of an explanation if you could break that out.
	People want the large fees.
	There's contradictions all the time and they just move on.
	If I could break that down, the primary difference between Bitcoin Core and Bitcoin Cash is the block size.
	Where Bitcoin Core is stuck with the one megabyte block size, meaning it can't fit as many transactions per block.
	Where Bitcoin Cash, correct me if I'm wrong, I think is 32 megabytes.
	And my only problem with that...
	Where does that stop?
	Gigabyte blocks?
	10 gigabyte blocks?
	On your cell phone? Data plan?
	Totally. You can change the blockchain as you need to.
	That's not the only difference.
	Sorry, pause me if I'm just going off to the bar.
	No. No, no, go, go.
	Let's do more. So, Bitcoin Core or Bitcoin Proctor or whatever, they also made a rule change that makes it easier to double spend.
	Easier. Or SegWit?
	Yeah. So, in Bitcoin Cash, they have the original rule, which is first seen, first accepted.
	And then in Bitcoin Core, they let you change.
	Basically, you can rewrite a transaction a bunch of times until it ends up in a block.
	And that means that you can't pay for something and walk away with Bitcoin Core.
	But with Bitcoin Cash, they have the original rules, so you can just pay and walk away.
	So, clock game donuts.
	Can I explain that on a technical level?
	So what's happening when you do that is these transactions get sent and then they sit in a memory pool until they actually get processed and added to the blockchain.
	So Bitcoin Core added this functionality to where, let's say you have a transaction floating in the memory pool.
	Well, you can send another transaction that cancels that one before it gets put into the blockchain.
	Whereas in Bitcoin Cash, once you send a transaction and it's sitting in the memory pool, you don't get to pull it back.
	Once it does get added to the blockchain, you're done.
	Yeah, so if you're a store owner and then you accept the transaction, you have to ask the question, how do I know when you walk out of the store, you're not going to write a new transaction that sends the money back to yourself?
	You have to ask that question. And then they say, there's no good answer to it.
	So they want you to wait for the 10 minutes or probably the one it takes for a new block to happen before they feel comfortable with you walking away.
	But in Bitcoin Cash, that rule doesn't exist, so when you pay for something, they're fine with you walking away right then.
	So, you know, it has tokens, it has lots of other things going on with it.
	It's also independent of developers.
	Like, you know, in Bitcoin Cash, there's always a lead development team And then they're going to have to switch lead development teams.
	And then it's the only coin that's independent of a lead development team.
	That can go on and on.
	I have nothing against Bitcoin Cash.
	I think it's great that both networks exist.
	And the forking is almost like a feature, not a bug.
	Like, it can go too far. Like, I don't know how you feel about like BSV, for example.
	Like, and then there's Bitcoin Gold.
	The main thing right now is I just love, love So one of the major loves of my life is the fact that we have choice with money.
	So people feel one way to do one thing.
	100%. And market for money.
	We can all just choose differently.
	It's amazing. Yes. It really is.
	Yep. Amen. Anybody else want to jump in with a favorite coin?
	Come on Landry, pimp that bat.
	Well, I mean, I still don't know enough about any of this stuff, but I think one of the questions I have is with tokens, they're based on Ethereum mostly, right?
	Everything seems to be based on Ethereum.
	Correct, yeah. So that, I mean, that sounds like, I mean, there's still such a new, but I've been absorbing a lot of this information.
	It's been really valuable. One thing I wanted to point out is, like, I think that a lot of that physical stuff, I do miss that.
	And it makes me sad that I think a lot of stores are going to be going away from that.
	You know what you're saying about Bitcoin Cash?
	I don't know much about Bitcoin Cash, but you're saying you can do something in-person faster.
	That is really cool, but I think the sad thing is that all these corporations are pushing away from that, like the in-person side.
	So I don't know if that would be worth anything, but I'm just happy to be here and be a sponge.
	Anybody else? Did we hear from MK? I don't think we did.
	Go ahead, MK. My favorite one is Stellar Lumens, and the reason I'm behind that horse is it's based on Ripple.
	So the transaction volume that it can handle is really high.
	Transaction fees are really, really low.
	And it basically solves the coffee and donuts.
	And why I pick it over Ripple is that you can still buy it on Coinbase.
	And that, you know, access to be able to turn your fiat into something is kind of important if you want it to be successful.
	So... I'll just...
	I mean, I'm...
	I like Bitcoin. No, it's the thing.
	So, listen, you guys are glorious propeller heads.
	Like, seriously glorious propeller heads.
	I'm the annoying...
	CFO guy who's like, yeah, the technology is great.
	Market acceptance, penetration, publicity, user knowledge, excitement, buzz.
	You know, I've been a director of technology and a director of marketing.
	So I get the tech stuff fairly well, and not as well as you guys, but the marketing side.
	So Bitcoin is the icebreaker.
	Bitcoin is the big giant hammer that smashes through the indifference and noise of the public and paves the way for the multitude of vessels that will go through the ice-broken stuff, right?
	Behind it. Yeah, I think, you know, all hail to Bitcoin for making the kind of impression, if we didn't have Bitcoin, we would be in a remote dank corner of the universe like Bitcoin was like eight years ago.
	Satoshi be praised.
	Yeah, no, seriously. Like, okay, there's technical limitations, but that's the beta versus, beta max versus VHS argument, right?
	And for those who are like, oh, you know, When it's slow, yeah, I get it.
	I get it. And the technology will catch up.
	You guys are mostly young, right?
	So you don't know what this sound is.
	Hey, get off the phone.
	I'm trying to get on the internet. Right?
	My first computer had a 300-baud modem, which meant when people were replying to you, you saw letters come up one by one.
	Right. So that was the internet back in the day.
	There was an old saying that said all of the time savings from the internet has been more than destroyed by the fact that it takes five minutes for a webpage to load.
	Right? So everything was crazy, cripplingly slow because it was over phone lines.
	And, you know, I remember when the 9600 board came out, 14 4K modems came out with their special compressions, and it felt like you're on a jetpack, right?
	First time I got cable modem, I shat myself because I was just like, I can't live this fast.
	I can't live. What do you mean I can't go make a copy waiting for the web page to load?
	Right? So there are going to be these kinds of things.
	We're still very early on.
	Bitcoin, I know I keep hammering the coffee and donut scenario, and it's an important one.
	But Bitcoin, if it stays in the B2B, if it stays on the big ticket items, it's generating the kind of heat and light that is going to attract people from the darkness.
	And there's no other crypto out there.
	That's the big swinging dick King Kong in the room that is grabbing the attention of headlines around the world.
	It's just not out there. Right.
	I think Bitcoin creates a knowledge of cryptocurrency in the same way that AOL created a knowledge of the internet.
	Maybe a bad example with the AOL. Sorry?
	Maybe a bad example with the AOL. Why is that?
	Well, are they still in business?
	Well, yeah, Bitcoin's still going to be in business in the future.
	I think the analogy holds.
	Is America Online still in business?
	Oh, I don't know.
	I don't know. I didn't mean to interrupt you.
	Sorry. No, it's fine.
	It's fine. Or, you know, MySpace paves the way for Facebook so that, you know, because those child exploitation images aren't just going to share themselves, right?
	So you need Facebook for that.
	Anything's better than the dollar, right?
	Well, yes, absolutely.
	Absolutely. You know, toenails and fecal matter is better than the dollar.
	So I would say that, you know, Bitcoin is just a big giant marketing club that smashes down the indifference of the general population, gets them used to the idea of cryptocurrency, gets them used to the idea of a virtual store of value.
	Now, once that portal opens up in society, You know, here's the thing.
	Bitcoin is not going to be the library.
	Bitcoin is teaching people how to read.
	Now, once people know how to read, they're going to read a whole bunch of books.
	But Bitcoin is teaching them the basic literacy of cryptos.
	And for that, I think we should be pretty grateful, obviously.
	And yeah, it has its limitations.
	But the limitations...
	Are only going to be solved once people understand crypto as a whole and Bitcoin's going to achieve that.
	Sorry, go ahead. Jared, you were going to say?
	Oh, sorry. I was waving bye to MK. I was just saying, yes, AOL still exists.
	And they're making most of their money from subscribers.
	Somebody said, the sea of white in this Zoom call can be seen from space.
	Okay, I want you to join me in the top left here, okay?
	Join me in the top left here because this is kind of important, right?
	So, let me just see.
	Can I zoom this in?
	I don't know why this is zoomed in or not.
	Okay, it doesn't really matter. Okay, so listen.
	This is something that the great economist Dr.
	Thomas Sowell predicted many years ago.
	As a white male, we're told that we are toxic, that we are racist, that we are sexist and misogynistic, and responsible for just about all the world's ills.
	So you understand crypto is galt's gulch.
	We're like, hey man, you don't want us in the economy.
	You don't want to promote us.
	You don't want us to be in management.
	You don't want to pay us.
	You don't want to hire us. Okay, well we can go to crypto.
	We can go to some alternative economy.
	We can take our toxic whiteness out of the equation and you guys can have the wonderful world of fiat all to yourself.
	But you know what's going to happen.
	It's the wonderful world of fear that's going to fall apart, particularly without white males.
	And then people are going to be like, oh, well, now we're going to bludgeon the world of crypto with sexism until we get free stuff and racism until we get free stuff.
	But this is where we go.
	And Dr. Sowell predicted this many years ago.
	He said what's going to happen with affirmative action is white males are going to go and become entrepreneurs because you can't get ahead in the corporate world anymore.
	So white males have gone into the entrepreneurial space and the road to success in the traditional economy has been largely blocked off.
	So we've become entrepreneurs. We've become investors.
	We've become online personalities.
	We've become crypto enthusiasts.
	Okay, that's, you know, you damn water.
	It doesn't just stop. You know, it's not a glacier.
	It goes around. It finds some other trajectory, some other path.
	So if you want to look at this and say, well, this is a lot of white males, and I don't even know if we're all white males.
	I don't know. It could be lighting for all I know, right?
	Pretty sure of myself, but I haven't been out in the sun lately, so I can't tell.
	If you want to complain about this, then you've got to look at affirmative action.
	Because for a lot of people, if there was a traditional career path that's open, it would have been pretty interesting.
	It would have been something to explore.
	But a lot of that stuff has been dammed off, and we're withdrawing our efforts from the mainstream economy because who wants to sit there and be yelled at for white privilege in a meeting where you're going to get fired next week to make way for some other person, right?
	Nobody wants that. So yeah, we've gone entrepreneurial.
	We've gone crypto. We've gone off the grid.
	And some of that has been a failure and some of that has been a great success.
	But if society wants to complain about racism and sexism, the horrible attitude toward white males is where it should look.
	But of course, the whole purpose is to try and get stuff for free, like guilting people like mad priests rather than doing anything productive in society.
	So just wanted to mention that.
	That's just a basic reality.
	All right. One last question or two.
	And let's see here.
	You know, on that note, I'd say, like, being very aware of that, like, how, like, the world's not for me, or the corporate world, and the world in general, is down with all this racism shit.
	It's like, great, gotcha. You hate me.
	I'm out. Rock on. Yeah, yeah. Do you want to spend the rest of your life with complaints from you from HR? No.
	No, absolutely not. And going forward, I've already planned.
	If I ever did start a business, I would try to make it so that I had to have as few employees as possible.
	Yeah, yeah. Absolutely. Absolutely.
	Because the possibility of lawsuits and complaints and investigations, forget it, right?
	This is what's driving a lot of this.
	I'm not speaking for anyone other than myself here, but I think that there is certainly that aspect.
	If you're shooting at the deer, don't blame the deer for hiding.
	You can get mad if you want, but that's the way the game plays.
	That's also kind of why I'm splitting off a bit into real estate.
	I want at least three means of income.
	Some job, developing, working in crypto.
	My crypto itself as a means of income.
	And then some real estate. So that, God forbid, because one day someone's going to come after me as a Nazi, homophobic, racist, whatever.
	And if they do undermine one leg, I've got two to fall back on for my family.
	Steph's managed to get his regular haircuts in spite of COVID. Well, I actually have an at-home thing, believe it or not.
	Bitcoin Cash is the gay stepbrother of Bitcoin.
	And the problem with that is what?
	Gay stepbrothers can be super cool.
	Are you saying it's fabulous?
	No. You're not saying it's fabulous.
	You're saying it's fabulous.
	That is a perfect example of some of my contention with the Bitcoin maximalist community.
	Oh, really? It's just a shit fest.
	Yeah. All right.
	How much physical gold and or silver do the folks on the panel own as a hedge?
	You may get people on the internet to talk about their holdings, but not on this channel.
	So, all right, let's see here.
	What was the famous phrase, enjoy being poor?
	What was that? Was that something that came out of something recently?
	Was that a Bitcoin thing or something else?
	I just saw that, but I don't.
	Yeah, it's like a meme that just goes around.
	It's like, enjoy being poor.
	It's like someone's not investing in Bitcoin or something.
	Ah, yeah. I do think that the world is going to be divided.
	I mean, you know, there are two kinds of people in the world.
	It's a very common cliche, but I think the world is going to be divided between Bitcoin people or crypto people and not crypto people.
	I don't mind alluding to how much precious metals I keep.
	The way I look at it is, crypto is for production, productivity, transactions.
	Lead is for keeping the commies away.
	And gold is if you fail and you have to pay to escape.
	Having the hot girl load one pixel at a time has a sort of excitement to it.
	Oh. I'm sure I don't know to what you are referring.
	No idea. All right.
	Degree of anonymity.
	It's generally not anonymous, but there's ways that you can do it, and you can just do a research Google on Bitcoin anonymity.
	Monero is much more anonymous, of course, and there are other cryptos specifically focused on anonymity and so on, right?
	Yeah. All right.
	I think Max Keiser deserves his props.
	Yeah, so Max Keiser apparently has been quite pro-Bitcoin and, again, wonderful things in the world.
	I'm sure he's been really, really helpful.
	So, all right. Well, listen, we've had a good old chit-chat.
	I really appreciate that. Any closing thoughts?
	Anything that anybody's got a yearning, burning that they want to get off their chest before we close?
	I'd just like to share an anecdotal personal experience that's related to crypto.
	So I am getting into real estate investment development and I was meeting with a local guy who's got way more experience than I do.
	He's already established and there's amazing people in this community.
	You find the right ones. They're happy to help out, give you their contacts.
	You know, because they want more people in the area with similar values.
	This gentleman's 70 years old, well-established, and he's telling me about getting into real estate, and I'm telling him about getting into cryptocurrency.
	That's great. Yeah.
	That's great. Yeah, it was wonderful.
	Youth boom and knowledge transfer. Beautiful.
	Yeah. All right. Anything else?
	Anything else people wanted to mention?
	I wanted to... Like, so one thought I had was...
	Like, so something that's kind of strange about crypto is it's like the first time where...
	You have, like, an economic theory about how things should work, and then you're actually watching that thing happen, like, in real time.
	So, like, you know, maybe most of us are Austrians, and we go with the Austrian business cycle, and then, but that's kind of hard to see sometimes, you know?
	But this is like, you know, you tell people, and they don't believe you, and then it happens, and then you're like, I know what I'm talking about, you know?
	And then so I was just thinking that's really kind of a weird thing to see your theory, like actually start to manifest in the real world.
	Yeah, because you have the theory of inflation versus fiat, which has failed to materialize in gold.
	But it is materializing in Bitcoin and other cryptos.
	And that's because it's less open to manipulation and so on, right?
	And seeing that praxeological proof manifest in real time, it is really like reading a ghost story in a bathtub and feeling a cold tap on your shoulder.
	Anyway. All right.
	That's a dad joke for you there, just in case you missed it.
	Anybody else? I don't have any closing thoughts, but I wanted to hand it over to you guys if you do.
	I just think that I really love the crypto space.
	I think this is the first time in human history where we've had competition in money and a true free market in monetary policy.
	And I just think it's amazing.
	And this was awesome.
	Sorry, go ahead Landry.
	So I just wanted to mention, I brought this up to, I think, Luis is his name, I believe?
	Lewis. Lewis, okay.
	Yeah, so my dad, he's got all his investments in USD, and I was curious if you guys would be welcome to have him on the roundtable at some point in the future, just as a person who's very, he's owned his own business, he started from the bottom up, and just kind of somebody who could really use some of this advice.
	Yeah. Listen, this is an open forum.
	If people want to join, I'm not vetting anybody.
	You know, like Satan himself would show up, and I'm sure he'd have something good to say about Fiat.
	So, yeah, absolutely.
	This is open. People are welcome to join, and I'm happy to have, you know, the more voices, the better.
	You know, we can end up looking like a Matisse painting here with as many people as we want.
	I'm happy to wrangle as many people who want to come in.
	So, yeah, absolutely. He's welcome to join.
	Thanks. All right.
	Well, listen, anybody else again?
	I don't want anyone to go to sleep like, oh, I should have said that, man.
	I got two things. Yeah.
	Okay. So, like, one is, I think, like, one thing about crypto that's different than before is that it's something that you can kind of explain to young people.
	Like, if you try to explain to young people, like, why Disney is valued the way it is, or Apple, like, you can't really explain it.
	But there's not a good answer to that.
	But so, like, young people are, like, able to comprehend Some value of a thing in a way that I think makes much more sense than everything else.
	Yeah, they've been trading digital stuff since they were wee kids.
	I don't understand Disney.
	Nothing talks about any other price in the world makes really a lot of sense.
	No, listen, once you've bought and sold Thor's hammer in World of Warcraft, Bitcoin is like nothing.
	I mean, they've been trading digital assets.
	I mean, they have Magic the Gathering cards.
	They've been trading physical and digital assets, non-fiat currency based.
	I mean, you've got people who are burning out their backup batteries to go catch a critter in Pokemon Go.
	So, for young people, the idea of there being value in the digital, as I sort of pointed out, a lot of people have more vivid memories of video games than vacations.
	So, there being value in the digital is completely – people have met their wives digitally.
	People have summoned their wives digitally.
	So, yeah, the idea that there's value in the digital – It's pretty easy to sell to the younger generation, to the older generation who didn't join the modern internet revolution and simply just sort of browsing web pages.
	It's like, okay, well, you know, this website.com is, you know, it's a faster newspaper, but this is not better fiat.
	This is the opposite of fiat. All right.
	Thanks everyone so much. A real great pleasure.
	I really, really thank you guys enormously for sharing your wisdom and enthusiasm with the crowd as a whole.
	I really thank everyone for fantastic questions.
	I hope you will join me again in the randomly non-scheduled get-together, which, you know, we'll try and figure out something more solid.
	Maybe we can talk offline about that.
	But this seems to be working so far, although I guess it's tough to plan for anyone.
	But thanks everyone so much for watching.
	And freedoman.com forward slash donate if you want to help out the show.
	I really appreciate that. And it was a great pleasure talking with you all this evening.
	We will, I guess, be back in your grill, he said, using his rap lingo.
	Big Chatty Forehead is my rap name, for those who didn't know.
	But we will be back in your grill relatively soon, in your hood, talking to your home fellows.
	All right. Thanks, guys.
	Have a great evening. We'll talk to you soon.

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