Knowledge Fight Interactive Search Tool

All Episodes

Previous Next

June 9, 2021 - Freedomain Radio - Stefan Molyneux

50:14

Molyneux Livestream: HONEST TALK ABOUT BITCOIN...

Large

Audio Only |

Scroll

Time	Text
	Hit me with a Y if you've got some Bitcoin.
	Or bits of Bitcoin.
	You know, you don't have to buy the whole thing, as you very well know, I'm sure.
	Hit me with a Y if you've got some.
	And I just sort of get a measure of the space because I'm going to tell you what's going on.
	At least in my opinion and perspective.
	And hopefully this will all make sense to you and give you some comfort, some energy, some enthusiasm, and most importantly, my friends, some peace of mind.
	That's right. Peace of mind.
	Hey, Julie. Hey, let's do a couple of highs there while we're waiting for everyone to gather.
	RoboBeast. Hello. FrankYi117.
	Nate. Welcome. Julie.
	GummyBear. Marcus Aurelius.
	Richard Mann. Kaiken.
	I cycle, too.
	Nice to meet you. Yeah, do you have any bits of Bitcoin, Satoshis?
	Are you stacking your sats and staying humble, as the saying goes?
	Because... Well, as you can see, it's been a wee bit of a dip.
	Bitcoin has gone down probably about 50% from its high a couple of months ago.
	Of course, it is still up considerably compared to this time last year, but I wanted to give you perspective because courage...
	Yeah, it's on sale. That's right, Julie.
	Courage is mostly a thing called perspective.
	Good evening. Sweet Joris, nice to see you.
	Thank you for your kind words.
	We love you, Steph.
	I appreciate that. I bathe in the love.
	I wash my scalp in the love and I massage it in places that you can only see in OnlyFans.
	Nice to see you.
	Bitcoin fire sale. Yeah, yeah.
	So... Have you ever...
	Well, I'm sure you guys have, right?
	But have you ever just had something that you had to do that you really felt was going to be impossible?
	That just, it was just not going to happen.
	And everything seemed to be in your way.
	Everything seemed to be stacked and not in a good way.
	Stacked against you and you just had to, it felt like you were climbing Mount Everest using your teeth and toothpicks.
	Been listening to a lot of Depeche Mode since the last DLive.
	Well, I just can't get enough cardinalism.
	Cardano is the way. You put another $100 into Bitcoin today, actually.
	Good. I think that's an interesting thing.
	Your new call with that woman was so entertaining.
	I appreciate that. Freedomand.locals.com.
	I just did a call today with a...
	I thought it was going to be just with the woman who was concerned with her husband's addictive tendencies.
	Turns out he was on the call, too.
	Hey, surprise! And Kava was what...
	He was a wee bit addicted to, and I think, are you worried?
	Yeah, so are you worried? Hit me with a Y if you're, like, a little freaked out about Bitcoin that's going on.
	Hit me with a Y if you're, like, boom!
	Who were you trying to convince, Steph?
	We all know it's going back up.
	See, I'm actually talking to more than just all the people in your head.
	Like, if you having a live stream to all the people in your head, and we, as in you, the collective, as a whole group of people in a Roman amphitheater giving thumbs up, but there are other people out here other than the people in your own head, I'm really trying to talk to them as a whole.
	So, yeah, you guys not too concerned, so maybe this is for you, maybe this is for other people in your life who might be trying to hit the FUD button, wham, the FUD button over and over again.
	Somebody says, see, Bixby says, I said here over a month ago, it always goes into a down cycle after the huge gain, probably in a down cycle for at least eight months.
	Yeah, yeah, yeah.
	So, slightly. Look, I mean, nobody likes looking at it and seeing the price go down.
	So not worried about Bitcoin, but with everything else going on, it just seems like weird timing.
	Yeah, yeah, I can understand that.
	Worried more about the people I've been convincing to buy Bitcoin.
	Been convincing or have convinced?
	Because those two are not quite the same thing exactly.
	All right, I will...
	Tell you my thoughts, and I'm very happy to hear what you guys have to think.
	Because, okay, the first thing to understand is whenever it comes to any revolution, any big sea change, it's always earlier than you think.
	So the people who were the abolitionists, right, wanted to abolish slavery, they talked amongst themselves, they consulted Christian Bible scripture, and they decided that they were going to get rid of Slavery.
	And it took them 40, 50 years or more.
	And, of course, when they were talking amongst themselves, it was like, oh, well, of course it's obvious.
	It's a violation of God's liberties.
	It interferes with free will.
	It treats people as slave animals and chattel.
	And it's an affront to all things good, moral, and Christian.
	It defies universality and so on.
	So they were all talking.
	It's like an echo chamber, right?
	They were all talking amongst themselves. And it's real easy when you're in that kind of echo chamber.
	And there's nothing wrong. Echo chamber sounds bad.
	But no, I mean, you need reinforcement, you know?
	I mean, if you want to have an orchestra, it's really nice if everybody knows how to play music.
	Otherwise, you end up with some godforsaken kazoo box like my grade 7 orchestra.
	Actually, I played violin for 10 years.
	I was actually in an orchestra.
	For those who are just curious about all that.
	So... When you're in the echo chamber, everything seems self-evident, everything seems obvious, and you feel that you're a lot further along than you really are because, why?
	Because everyone agrees with you.
	Now, then what happens is when you step out of the echo chamber, it's like that's when you get a sense of just how early it really is.
	So like you and I and other people, we're all looking at things like, wow, that's a huge amount of money printing.
	The printing press is cranking like nobody's business.
	And it's cranking like Sharon Stone in Basic Instinct.
	And so when you step out, you realize that people don't know what's going on.
	They see a little bit of inflation, but they associate that with COVID and, you know, the money printing that maybe even if they associate inflation with money printing, they just think it's all to do with COVID and so on.
	And they don't understand the death throes of the existing system of the current system.
	They just they don't get it.
	They don't get it. And they don't get the connections.
	They don't see over the horizon.
	They barely see past their own toenails.
	And this is true of a lot of people in the finance industry as well.
	So, in the same way that the real anti-communists come from ex-communist countries, boy, like, you want to see the people who were, like, crap scared of communism, it's the people who fled communism to come to places where they feel the communism is now growing, and they're really, really ferocious.
	In their opposition, because they've been through it at a very visceral, powerful, deep, terrifying level.
	And of course, you would imagine, and you would be right to think that countries which have recently experienced significant amounts of hyperinflation are driving the Bitcoin adoption, right?
	Or a lot of that, right?
	As you probably have heard, El Salvador has just announced that they're going to accept Bitcoin as legal tender, not like an investment thing, like full-on legal tender.
	That's a first. And that's a huge thing and really, really important.
	I'll go through some other quick news, then I'll tell you what I think is going on.
	MicroStrategy has upsized their secured note offering from $400 million to $500 million.
	They plan to purchase Bitcoin with the capital.
	The Latin American leaders backing cryptocurrency.
	So the Latin American leaders, they recognize that the US dollar, as is all reserve currencies, is the currency of colonialism.
	Right? Colonialism is when you force the people in the home country to cough up taxes so that warlords and monopolists can gain access to resources in a foreign country.
	Empires are terrible for the domestic population of the empire country and so on.
	And, of course, the Latin Americans, they've had their economies wrecked.
	They've had their governments overthrown by the CIA using the U.S. dollar forcibly extracted at gunpoint from the U.S. population, mostly the unborn population because they're real brave.
	You know, I can beat up a fetus economically is like the e pluribus unum of the United States as a whole.
	So El Salvador, there's a whole bunch of leaders in Latin America backing cryptocurrency because they see that as a way out, as a way out.
	Of the dollar colonialism, right?
	If they can find a way, as you know, as Gaddafi was trying to do, as Saddam Hussein was trying to do to get off the US dollar, they find they're looking desperate for a way to do it.
	So, Latin American leaders El Salvador backing cryptocurrency, Paraguay backing cryptocurrency, Panama, Argentina, Brazil, Colombia, and Mexico.
	Now, if you look at places like Argentina up until the 1930s was about as wealthy as America and then they got their dollar colonialism, they got socialism, and socialism, of course, is entirely funded by fiat currency.
	You cannot, cannot, cannot have...
	Socialism, at least for very long, without fiat currency.
	Because the government has to provide you the sleight of hand delusion that it's somehow adding value to the economic process.
	And the only way it can do that is by printing money, by borrowing money, and so on.
	So that's going on.
	Joe Biden's technology advisor has disclosed that his largest personal investment is in, bing, bing, bing, Bitcoin.
	Bitcoin. Coyne, Joe Biden's technology advisor.
	Must be nice to...
	You know, you see him eating a lot of ice cream.
	It's nice when you can eat an ice cream knowing that there's no brain to freeze.
	A friend of mine, when he would get brain freeze, and, you know, from ice cream really is about the worst thing.
	Post-50, it's just teeth sensitivity, but he would say, you know, if you could find a way to synthesize and will that pain on anyone, you could rule the entire world because it's like the worst thing in the known universe, and that's kind of true.
	So... The Russian finance minister.
	Russia has become the giant basket of dumping ground for American projection of violence, colonialism, meddling in other people's elections.
	The Russians have been that way ever since really the fall of communism, because the leftist communists in America loved Russia when it was a totalitarian dictatorship.
	Now it's a Christian, largely white, nationalist country.
	It must be demonized continually, and you cannot find A bad guy on TV without a Russian accent these days.
	Whereas, of course, when I was growing up and there genuinely were bad guys running Russia, you couldn't find anybody that way.
	And so the Russian finance minister has just stated that the National Wealth Fund will exit all U.S. dollar assets.
	Because they can see the printing press going, man, and they know that whatever they're holding, now is a good time to transfer it.
	Google is going to start allowing crypto companies to advertise to users on their platforms, and that's really targeted stuff and can do a lot of good stuff.
	And so basically what people are doing, and I know I overuse this analogy, but it is so apt, and it is something that people understand as a whole so well.
	But here's the Sorry, this is a question of your youth.
	Hit me with a why if you've seen the film that James Cameron spent $200 million on and barely made a penny because he had to give up all of his residuals to get money to finish the film.
	Hit me with a why if you've seen the movie Titanic.
	Seen the movie Titanic.
	Not the upcoming video on my OnlyFans account, also called Titanic, because of a massive dirigible.
	But you've seen the movie Titanic?
	All right. Just wanted to check.
	Just wanted to check. Tell you a funny story about the movie Titanic.
	So I took a girl to a date, on a date, to go and see Titanic back when I was a single guy.
	And I was an upsizing idiot back then.
	You know, like a bigger drink is always better.
	And so I had this drink somewhat akin to halfway between a barrel and a portable pool for children.
	And I had that drink. And you just – you get into that thing.
	You're watching a movie. You're just kind of sipping and sipping and sipping and sipping.
	And I didn't really realize how long the movie was.
	And my bladder became like – you ever see those – Bullfrogs.
	They do that bullfrog thing and it expands out like that.
	Well, the monkeys also do that with the bulging throat.
	So my bladder was, I don't know, like an elephant sits on a medicine ball or, you know, when you're a kid and you blow that balloon, you want it to be super big and you get it right to like one atom before it explodes.
	That was my bladder. And I'm like, oh man, this movie's been going on for like two hours.
	It's got to be done soon. And, you know, you don't really want to, with your date, you don't want to think about, you don't want to think about peeing or anything like that.
	So I just remember for like, I don't know, like 45 minutes, I'd stopped sipping the drink.
	My bladder was incredibly full.
	And if you know anything about the last 45 minutes of Titanic, what is it?
	Slush, slush, blurk, bloosh, water, water.
	And if you've really got to pee, man, that is a rough movie.
	That's a rough movie to watch when you've got to do that.
	So, I needed to hit the restroom 10 minutes into Titanic.
	Held it all the way. Got Elbert on the way out.
	Nearly exploded. Ooh!
	Ooh! Oh, that's not good.
	That's not good. So...
	Let me just check here how many of y'all have watched Titanic.
	Most of you have watched Titanic.
	Okay. So here's the really cool thing about Titanic, which you need to understand if you're thinking for yourself and so on.
	So y'all remember there was, what's it, Victor Garber from Alias and a bunch of musicals.
	So he played the engineer.
	And they hit the ice and everyone was like, oh, okay, well, that was a bump in the road and all that.
	But Victor Garber...
	The engineer of the Titanic said, like two hours before it sank, it's going to sink.
	Like, it's going to sink, but nobody knew that, except the engineer.
	The captain didn't know it.
	The purser didn't know it.
	Leonardo DiCaprio didn't know it.
	Kate Winslet. You get it, right?
	Nobody knew it except the engineer who'd actually built the thing.
	And he said, here's how it's going.
	Like, there's no turning back.
	We are going to sink.
	We are going to sink.
	But, of course, everyone downstairs is like, boom.
	Oh, that was an odd little bump.
	I spilled my coffee.
	Oh, well. I'm sure everything's fine.
	We probably just scraped up against an iceberg and they go on with the dance.
	So everyone's dancing.
	Everyone's singing. Everyone's having a nap.
	But the engineer is like, we are effed.
	You know, we are going to sink.
	So that, of course, is a pretty obvious analogy to, you know, those of us who are looking at the M1 charts and seeing them just go straight through the roof.
	We're like, ah! You know, here comes a...
	Here comes a mess. Here comes a big, giant mess.
	And it takes a while to spread, right?
	Just like the knowledge of the fact that the ship is going to sink takes a while to spread from people.
	And of course, it's a big question.
	Do you go and tell everyone that the ship is going to sink because there aren't enough lifeboats for everyone?
	And there's not enough Bitcoin for everyone, right?
	There are more millionaires in the world than there are Bitcoins, which means each Bitcoin is probably going to end up being worth well north of a million dollars.
	But... There is not enough lifeboats, so what do you do?
	Well, you go to the people that you care about the most, and you tell them to get the hell into the lifeboats, and then they say, I'm sorry, those lifeboats are way too speculative.
	It's much more comfortable here on the boat.
	It's cold in the lifeboats.
	They don't have any heating. They don't have any, what if it snows?
	What if it, what are we going to just sit in the lifeboat and freeze to death?
	It's cold. Here it's warm and it's cozy.
	It's like, yes, but it's doomed. Minor caveat.
	Warm, cozy, asterisk, doomed.
	A little footnote down there at the bottom.
	So, is this where you playing the violin comes in?
	Yeah, maybe. So, that's kind of what we're up to.
	Persistence is the foundation of excellence.
	You know, success is 1% inspiration and 99% perspiration.
	So excellence and consistency and just stick with it, right?
	It's a huge marathon and you really don't have to run that fast.
	You just have to run for a very long time and you'll be one of the few people...
	Who finishes it and that kind of persistence is really key.
	You know, a really good piece of advice, a really life-changing piece of advice that I got when I was younger is somebody said to me, I don't know, let's say you're in a fight with a girlfriend and she just, she gets up and she storms out of the room and she's just really upset.
	What do you do? Well, she's left the room.
	You sit, you wait for her to come back.
	He said, no, that's not what you do. You get up, you go, and you talk to her.
	And then she says, oh, leave me alone, and she goes to another room.
	And then you go knock on the door and says, no, no, no, I really would like to talk.
	And then she gets really, really angry, tells you to leave her alone.
	What do you do? Well, okay, you go downstairs to the convenience store, you get some flowers, and you come back up and you say, I'm really, really sorry, I really would like to talk.
	And you just...
	Are persistent. Not stalky, but you are persistent.
	And that kind of persistence is really, really important.
	If you want great success in anything, then that level of persistence It's really important.
	So when I was working up north, this is way north, way, like, north you drive to the end of the highway up around Nikina, and then you get a snowplane, or a plane with skis, to take you, like, an hour or two, like, you're right up the edge of the tree line, and you're doing your prospecting and looking for gold and all of that.
	And we had, my friend and I were working up there, and one day...
	We were flying out the next day, and we had one more sample to get.
	We were doing all the big samples in the grid.
	And what you do is you look for gold anomalies, where there's a little bit more gold.
	And the theory we were working with was, hey, we know the glacial patterns up in northern Ontario.
	We know the glacial patterns.
	So if there is gold, then we simply follow, like it's smeared along the bottom of the glacier.
	So we simply follow it back up until we find where there's enough gold to have a mine, and we make a fortune.
	That was sort of the theory.
	And... We had one more to get.
	And, you know, we could have said...
	Because it was getting dark, right?
	Now, when it gets dark up north, if it's not...
	If it's cloudy, like if there's no moon in particular, if it's cloudy, man, it's like Bilbo Baggins at the bottom of the mountain black.
	Like, you literally... You can put your hand in front of your eyes.
	You can take it away with your eyes open.
	You can't actually notice any difference.
	It's that dark. And we had a flashlight.
	But we didn't have, like, cell phones or anything like this.
	So... My friend and I were just sitting there going, you know, it's getting dark.
	And it's not like that kind of slow dark that just like it's like dark, dark, dark, and then the lights just go out because the sun just vanishes.
	And we had every reason to not go and get that last sample.
	It was really dark.
	It was late. It was dangerous.
	The plane was coming way early the next morning, so we couldn't even get out.
	We had to pack up the plane to leave, pack up the tent and everything.
	And we were not being paid a fortune.
	We were not making a chunk load of money.
	But there was just this kind of thing which was like, no, let's finish the job.
	Let's finish the job. And so we went and we got the last drill.
	And man, drilling in the dark, it's not as much fun as it is when you're married.
	But yeah, drilling in the dark is a real challenge because we had this pionja drill and you would pound the drill bits down into the ground.
	Then you'd screw another one on, pound that down, screw it, pound it down until you got to the bedrock because gold is so heavy that it always sits around near the bedrock.
	And then you get your soil samples where you're going to get them and analyze and look for.
	Well, actually, you pan them by hand and then you would analyze them after that.
	And so we did all of this work in the dark.
	We were in snowshoes.
	The snow was like waist deep.
	It was crazy. And here's the problem, right?
	Which is you don't even know where the tree branches are.
	It's so dark. So again, we had batteries and batteries started to wear out because it's really cold.
	And it could have been really bad.
	Because up there at nighttime, it would get to like minus 30, minus 35, minus 40 degrees.
	It's really tough to have a living night out there.
	But that's just kind of persistent.
	Like you just, in hindsight, was it the best decision in the world?
	Did the world hinge upon this?
	No, but it felt like just it was an important thing to do.
	We wanted to finish the job. And of course, there was the, you know, maybe this is the sample where we find the gold that leads us to the mine and we all become millionaires and so on, that kind of stuff, right?
	So the reason I'm telling you that story is that that kind of persistence is really, really important.
	If you've ever been involved in a sport or you've ever been involved in something where there's, you know, a significant physical challenge, then you need people who are going to show up for training.
	Not just because they'll train and get healthier and better, but also because, because.
	By showing the persistence to get up early and train, they're showing the persistence to finish the job, whatever it's going to be, to finish the sport, to go the extra mile.
	I'm not a morning person.
	When I was in high school, I would get up at 5.30 in the morning or 6 o'clock in the morning, go out in the minus 15 degree weather.
	I'd walk to school. I would do my swimming training, my water polo training.
	When I was on the cross-country team, I did running training in biotech.
	You just do it.
	You just do it.
	But you need that kind of persistence.
	If you need a whole bunch of people to get to the top of a big mountain, you want to make sure that they're going to go the distance.
	I mean, hit me with a why if you've ever had.
	And I'm trying to think. I'm sure I've been this way a couple of times.
	Nobody's perfect, right? Do you ever have that whiny give up guy?
	You know? That whiny Bill Paxton in Aliens 2, you know?
	Game over, man! It's game over!
	Do you ever have the whiny...
	Quiddy guy? Have you ever been the whiny Quiddy guy?
	I'm sure I have. I'm not perfect that way either, but you've had the whiny Quiddy guy?
	Yeah. You know the whiny-quitty guy, right?
	And, you know, you go watch the movie Apollo 13, right?
	The Ron Howard movie, where everyone's just like, we're getting those guys back.
	We are not losing them.
	And he stopped talking to you.
	You fired him. Yeah.
	Yeah, many times in labor work, people are just like, oh, it's too hard.
	Oh, we forgot this. Oh, it's a problem, right?
	And, yeah, I remember shooting a documentary once, and it was really windy, and we just didn't have the windshield.
	So, of course, I couldn't do the speech, had this great speech prepared, couldn't really do the speech.
	And it was in Hong Kong, so, of course, couldn't speak the local language.
	And we just had to go from store to store looking for anyone who had anything we could use as a windshield.
	And you just, whatever it takes to get the job done, you do it!
	And I wish the whiny, quitty guy was Bill Paxton.
	Right, that would be a step up, right?
	Yeah, look, everyone gets that.
	Everyone gets that from time to time.
	And, you know, maybe you're right.
	Sometimes, you know, maybe if we had a whiny, quitty guy, my friend and I, when we were doing this crazy late night thing.
	And by the way, to finish that story, the only reason we got back alive...
	It was because the other guy who was in the tent waiting for us to show up hung a light out that we could see all the way because we just could see it through the trees.
	It was across a lake, so it wasn't obscured by all the trees, and that's what guided us back home.
	But yeah, I remember walking. I walked like this to feel for this tree so it wouldn't get scratched, and also I covered my eyes because it didn't matter whether they were open or not, and I remember covering my eyes and walking like this.
	And of course, you're carrying an 80-pound drill.
	He's carrying 60 pounds of drill bits somewhere in snowshoes, and you're just...
	Oh man. So it's okay to be the whiny-quitty guy at some point.
	So the reason I'm telling you all of this is that...
	The people who've invested a lot of money into Bitcoin, they're looking to take it all the way up to 100k, 200k, 500k.
	They're looking to take it all the way up.
	They're looking to take it all the way up.
	But you can't...
	Okay, hit me with a why this.
	Let's analogize the living crap out of this, right?
	It's important to hit this from every angle.
	You ever been on a relay team?
	To hit me with a why, if you've been on a relay team, like a track team, or sometimes it's swimming, you know where you tag and then the guy.
	There's a baton team, sometimes they do it in track and fields and all of that.
	Do you ever been on a relay team?
	Because if you've been on a relay team, you really are.
	You can't win if there's a slow person, right?
	Yeah, a bunch of you guys have been on there, right?
	And good! You're doing the Greek philosophy, which is to train the body as well as the mind, right?
	Oh, you did 400-meter dash?
	Yeah, that's a heart buster, right?
	And so if you've got a slow person in your relay, you simply can't win, which is why you need everyone to just run like Fred Flintstone on the edge of a cliff, you know, just like your blurred legs, like Roadrunner style, right?
	And if you want to...
	Bring Bitcoin, like, up.
	You have to get rid of the paper hands.
	You have to get Bitcoin out of the hands of people who are in it for the short term, who are nervous Nellies, who can't take the heat, who can't take the...
	Like, you just need the people who are going to get the job done to get it to 100, 200, 500K, right?
	You need those people.
	So here's the problem, right?
	There's no way that there's going to be a run On Bitcoin, upwards, in my view, just an opinion, no advice, no financials.
	It's just my particular opinion.
	There's absolutely no way there's going to be a run to 100k, 200k, 500k, while there are still paper hands.
	Because people are just ready.
	They want this thing to run up.
	But you can't run it up if people are going to sell a lot.
	You can only run it up if people aren't going to sell.
	So that when it starts running up, the only way you can get in is to buy in, not to buy in when it's going up.
	And you're going to have to bid like crazy, right?
	Because you can't get Bitcoin to...
	It's obvious, right? You can't get Bitcoin to 100k if people are willing to sell for 50k.
	You can't get Bitcoin to 100k if people are willing to sell for 90k.
	You can't get Bitcoin to a half million.
	You understand how all this works, right?
	So you can see this happening on the blockchain very clearly, very consistently.
	The people who are selling are the short-term people.
	The people who are selling are the people who bought in recently, new coiners six months or less, and the people who are buying tend to be the diamond hands.
	So Bitcoin is slowly moving into an accumulation phase of people who have Oh, it's gone up 10%.
	I'm going to make my money. Or it's doubled.
	I'm going to make my money or whatever. But the people who are really invested in this as a long-term foundational world reserve currency status kind of thing.
	And there's no way that people are going to start a real buying thing when there's a lot of people who are like, oh, wow, it went to 50.
	I'm going to sell, right? Because you just can't run it up that way as a whole.
	And the reason why I think it's a little bit different now is because the institutional investors are in.
	Now, the institutional investors, when they say, well, we're getting into Bitcoin, and they say to all of their clients, but we're going to make sure that you get a good value out of it.
	Well, they can only give a good value to their clients if they're able to run the price up, and they can't run the price up if people have paper hands, right?
	If people are willing to sell for short-term gains.
	Yeah, the whales are still buying more.
	And I'll sell when Steph grows his hair back.
	How about hair on my back?
	Can I offer you hair on your back?
	Bitcoin is much like Forex trading.
	High risk indeed. I don't think so.
	I don't think so. Let's see here.
	One month ago, the whole time of Cardano and Coinbase was 14 days.
	Now it's 25 days. What does that tell you?
	Accumulation and holding strong.
	Right. This is my very second podcast.
	In fact, the very first one I ever did on a car, this is like 15 or 16 years ago, was investors versus speculators.
	Investors versus speculators.
	So an investor is someone who understands the business, understands the industry, has interviewed the management, understands the accounting, understands the product, understands the customer base, understands the skill sets, understands the executive board.
	They really dig in deep.
	Like when I was co-founding a software company, With the guy I co-founded it with, we had to go and convince a lot of people to lend us the $80,000 we needed to start.
	Now, they made, I don't know, 30,000% on their initial investment as things went along, but they really grilled us on everything.
	They grilled, like, hey, what, do you have a history degree in your program?
	They said, yeah, yeah, but I've been programming since I was 11 years old, and I inherited a couple of hundred bucks from my grandmother and bought a computer, and I learned how to program and continue to program and all of that.
	And... So, those are investors.
	The speculators are the people who, oh, I heard a rumor, I bought on price, oh, it's gone up a little bit, it's gone up 20%, I'll sell, right?
	They're people bouncing in and out based upon trends, graphs, mathematics, and they don't understand the basic business case for whatever it is that they're into, right?
	Now, the reason why the stock exchange, and Bitcoin for that matter, but let's talk about the stock exchange.
	The reason why the stock exchange tends to be kind of mental is because you're not supposed to have this many investors in an economy, because investment is a very time-consuming thing to get it right.
	Well, first of all, like 19 out of 20 companies never have a real breakout.
	To learn about the people, to learn about the products, the business, the customers, the trends, the competition, the marketplace, the whatever, right?
	Because you kind of have to meet. The board, and you have to get that people aren't in there for a short-term pump and dump, right?
	They believe in the vision.
	Like the company that I was on co-founded was a software company that helped reduce pollution from Fortune 500 companies around the world.
	And we sold to probably the top 75 of the Fortune 500 companies and really helped them reduce their pollution.
	Which is a good thing to do with your life.
	And I was there for due duration, there for the mission, there for the passion of the thing.
	Not like, oh, I made some money.
	I'm out. I'm going to go pick grapes in Queensland or learn how to mime or something like that, right?
	And so the stock market is full of people or it's really it's full of money that's been herded there at gunpoint by the government, right?
	Because it's like, well, you can either pay it to us in taxes or you can invest it.
	This is why the rich get richer and the poor get poorer.
	And so there's a huge amount of money just sloshing around looking for every little nook and cranny.
	Oh, this guy had a good quarter.
	Let's invest there. Oh, this guy missed his quarter by 5%.
	Let's sell that. It's all automated and the vast majority of stock trades are...
	Computer programs. And I know I wrote some of those computer programs.
	My first professional job as a COBOL programmer was at a trading company, a stock trading company, and wrote a bunch of code, wrote a bunch of programs on a tandem operating system to buy and sell stocks based on...
	Particular triggers and indicators and so on.
	And so you have all of this money, way too much money that's been herded in there at gunpoint, and it's just the refugees, refugee money hiding out from the tax man in the stock market.
	And it's really, really unstable.
	And that's something to recognize, of course, as a whole.
	And the same thing is true, of course, in a Bitcoin, that you have the people who understand the foundational business case.
	The foundational business case, that it's the value and efficiency of digital combined with the scarcity greater than gold, right?
	It's infinitely more digital than gold, and it's infinitely scarcer than gold because there'll only ever be 21 million bitcoins, and we're, what, 80% of the way there, right?
	And 20% of Bitcoins have been lost.
	So that, I think, is really important to understand that there are people who are bouncing in and out of Bitcoin.
	And while they have a significant proportion of Bitcoin, Bitcoin can't rise that much.
	Because as soon as it rises, people sell and drive the price back down.
	And maybe they buy it a little more and wait for it.
	But the people who understand the fundamental business case...
	And the moral case, the moral case that this is a chance for us to escape the government tyrannical control of currency for the first time in human history.
	First time in human history we can end war, we can end poverty, we can end government power.
	It is just the most liberating lever that human beings have ever been.
	Hand it. And yeah, so Trump trashed it as well.
	And, you know, I mean, he's Trump, right?
	What's he going to be? What's he going to understand about, about Bitcoin, right?
	I mean, so the end of the Fed fantasy, somebody just posted that with the JFK thing, right?
	The end of the Fed fantasy is kind of within our hands.
	And so people think that Bitcoin is a high-risk asset, but that's literally like standing on the Titanic when it's three degrees one side or the other.
	You're standing on that Titanic three degrees one side or the other, and you're saying, oh, I don't know, man.
	The Titanic is only tilted three degrees.
	It's still warm, cozy, comfy.
	There's music playing. There's dancing.
	Nobody seems to be bothered by anything.
	And then you look at the lifeboat in the water.
	You're like, wow, that's really choppy, man.
	Look at this. Ooh, that's like...
	And it's like, well, yeah.
	It is really choppy.
	But you can't just take a snapshot and say, well, the Titanic has only gone 3%.
	The lifeboat's really choppy and it's warm on the Titanic and it's cold there.
	Here there's violin. There's no violin over there.
	Blah, blah, blah, right? And the people who were on the Titanic looking at the lifeboat saying that's choppy and cold, that's unstable, that's unstable.
	Well, there is zero chance.
	There is zero chance for fiat currency to survive.
	Like zero chance in the same way that the engineer says there's zero chance that this ship will be floating in two hours.
	There's no chance. He's the guy who built it.
	And those of us who've studied and understood currency, I can't believe, like, I studied Austrian economics like a crazy person for decades, and then Bitcoin came along and went, ah, now I know what all of that was for.
	Thank you, God of obsession, for giving me some knowledge that I had no use for until it was very useful, right?
	So... Let's see here.
	If you've got questions or comments, I'm happy to hear them and respond to them.
	But I was going to keep this one relatively short.
	Canada was paying one out of every four dollars for debt in the late 90s, but it survived.
	Won't Canada survive again?
	Well, yes, it was.
	But Canada is per capita the highest...
	Immigrant population. Per capita, I think it's about the highest in the Western world, and that's producing a different Canada, a very different Canada.
	And no, because Canada has accumulated a lot of debt since then.
	We've had COVID. See, COVID has, and I talked about this not too long ago, COVID has really wrecked the economy in a way that's almost impossible to start.
	It's so easy to traumatize someone, and it's so hard for them to heal.
	You know, when you traumatize someone, just, you know, loose a barking dog at them.
	I remember when I was a kid, my God, I was staying with a friend of my mom's who had a big backyard and all of that.
	And I was looking for, I could hear a stream.
	I was looking for a stream with a little mason jar because I would collect the tadpoles, which my daughter is now doing as well.
	And anyway, I hear this...
	Behind me and I turned around and I was like, I don't know, maybe six years old and there was this A giant dog.
	It looked like a small pony.
	It was a Great Dane, right? And I just froze up against the tree.
	And the dog just stared at me.
	And, you know, it got that gross saliva coming down.
	And you just, you can see your head and its jaws in your mind's eye.
	And every time I moved, the dog would start growling.
	And I don't know how long I was there for.
	It probably wasn't more than 20 minutes.
	But, you know, it felt like an eternity.
	Eventually, the dog just, I think somebody whistled and the dog kind of wandered off.
	I remember that to this day.
	It's like 50 years later almost, right?
	I remember that to this day. And...
	And so to get people to destroy small to medium businesses, which COVID has largely done, is one thing.
	And then what happens, of course, is people are like, okay, I'm in debt, I'm depressed, I'm anxious, I'm worn out, I'm stressed, I've been stressed for like a year and a half trying to keep this business afloat.
	Let's say the economy starts crawling its way back.
	Well, people aren't just going to sit there and say, I can't wait to do this again, right?
	They're not going to want to.
	They're burned out. Like, you've burned out people's optimism, their enthusiasm, their entrepreneurial drive.
	It's just been burned out.
	Just been burned out.
	Oh yeah, man, you're a six-year-old kid.
	I was a pretty small kid. I'm almost six foot tall.
	I'm 190 and I didn't get particularly big until my teens.
	Rottweilers are also terrifying.
	I was also nervous.
	So yeah, you just, you know, I mean, I remember going biking with my daughter, and then these dogs just came charging out.
	And I remember being in Africa with my father, we did a hike through some mountains, we came down and in Africa, there are all these South Africa, all these feral dogs all over the place and wild dogs, and they were attacking us.
	I remember just seeing my dad like hoofing one halfway across the street.
	And yeah, I was just Canada still in lockdown.
	Well, Ontario, yeah, where I am in Ontario is one of the worst lockdowns on the planet.
	So, when are we moving to Bitcoin-friendly El Salvador?
	Well, there is going to be a huge brain drain as well and all of that.
	Putting myself into the shoes of a German family in interwar years, I feel Bitcoin could save us.
	Well, it's a white swan event.
	That could have a huge effect.
	Oh, by the way, speaking of coinage, let me toss out some lemons for you, my brothers and sisters.
	Let's throw out a bunch here.
	Throw some rewards. Throw some rewards.
	Yeah, if you want to know that sort of history, I've got a great free novel, audiobook read by me.
	All of my acting skills poured into it.
	And you can get it at freedomain.com forward slash.
	Almost. Freedomend.com forward slash almost.
	You can just get your feed. You can put it in any podcast catcher and you can listen to this.
	A great book. Great, great book.
	COVID didn't destroy small and medium businesses.
	Politicians had jumped on the opportunity to destroy their political enemies.
	Economy did. Yeah, sure.
	Because small to medium businesses tend to vote conservative because...
	They don't have the dependence on the government that the poor and the big corporations do, and they can't influence the government in the way the big corporations do.
	So yeah, yeah, no, I get it. They're just hitting their political enemies.
	In the same way that COVID in the West largely targets white people because white people tend to be older in the West.
	And so, yeah, it targets alphas and white people.
	But, you know, and isn't it just funny, right?
	I was back, Dr. Cottrell and other, I did a whole case against China back in March last year.
	All of this, yeah, it's, of course, it came from a lab.
	Come on. Ridiculous, right?
	And the media's like, well, there's no proof.
	It's like, you know, called me a white supremacist when I completely reject the entire notion, so don't start talking to me about your big goddamn standards of proof.
	Oh, you mean no proof? No, you just, you're cowards.
	I get it. I get it.
	And so, so anyway, they'll, they'll, They're not going to restart the economy.
	And that's kind of different.
	In the 90s, there was just a lot of overspending.
	They cut back the expending. And the liberals did it.
	But the liberals...
	Now, of course, the problem is...
	So back in the 90s, when Canada was still almost completely majority white, you could cut spending and nobody called you a racist.
	But now, of course, that Canada's gone from like 98% white to 80% white, you have a significant proportion of, say, black and Hispanic people who are on the welfare system.
	Now, if you try and cut welfare, you'll be called a racist.
	And, you know, that, of course, is the word that terrifies people more than anything else.
	Oh, I only have cancer.
	I'm sorry, I thought you called me a racist.
	Oh, cancer. Okay, that's fine. So, yeah, it's not going to be the same.
	It's not going to be the same in terms of...
	with all the fear, uncertainty and doubt, misinformation floating around, what is the one thing to keep in mind to avoid falling for it?
	Well, just avoid it.
	Just avoid it.
	Oh, yeah, that's the other thing too.
	Did you, yeah, didn't the FBI, they claim to have, and I'm sure that they have, right?
	They have recovered a whole bunch of the Bitcoin that was used, that was paid by the gas companies in America.
	Remember, they got hit with this ransomware attack and the gas companies paid a couple of million dollars in Bitcoin to a bunch of hackers.
	And then the Bitcoin, some of the Bitcoin proportion, some significant proportion of the Bitcoin was recovered by the FBI. And so, of course, normies are sitting there going, oh, my God.
	Well, if Bitcoin was recovered by the FBI, then that must mean the FBI is hacked into Bitcoin and can pull back your transaction.
	Like, no, that's not what happened.
	I don't believe that for a second.
	I don't believe that the FBI hacked into Bitcoin at all.
	I think that what happened was, I've had to put my money on it, what happened was, They got someone somehow, somewhere, through some digital trail, and then they leaned upon that person offering them a particular sweetheart deal in order to cough up the private keys for the bitcoins that were taken.
	That was my guess. But yeah, of course, the average person is like, oh my god, the government can crack into your bitcoins and they can take them away.
	Right? So...
	All right. Will any politicians ever go to prison for what happened in 2020?
	They let cities and businesses get burnt down by rioters.
	No one cares. No, no politicians are going to go to prison.
	There's no point being a politician if you've got thrown a prison over your head.
	I mean, the whole point of power is you're exempt from the rules you inflict on others.
	That's the very definition of political power is you're exempt from the rules you inflict on others.
	So, yeah. Oh, yeah.
	Isn't that funny that...
	People are like, well, you know, the Chinese were only engaged in gain-of-function research because they really, really wanted to make sure that they could get ahead of any potential pandemic and develop cures for diseases that didn't even exist yet.
	It's like, yeah, yeah, yeah. Oh, totally.
	Because if there's one thing that characterizes a hundred million plus dead psycho-communism, it's a massive, massive desire to protect the lives of everyone on the planet.
	Yeah, that's really the hallmark of communism.
	It's just its universal benevolence and its absolute willingness to sacrifice its own security in order to save human lives.
	That's communism in a nutshell.
	Yeah, rules for thee, not for me, of course, yeah.
	Absolutely, absolutely.
	Remember to share this stream and tell people they can re-watch it, freedomain.com.
	Yes, you can. And if you wanted to...
	So I assume you've discussed all of this gain-of-function testing that has happened in the U.S. labs, right?
	So my understanding is it was happening.
	I think it was banned under Obama, and they simply shifted the funding and the research to China to continue with this gain-of-function.
	It's all bioweapon stuff, as far as I can tell, right?
	I mean, I'm no expert on this, but it seems like...
	Why on earth would you develop this thing?
	Why on earth would you try to develop a deadly virus with the hopes that you could create a cure?
	I mean, that's like shooting yourself in the foot and then, well, it makes me a better surgeon because now I can fix my foot.
	That's crazy. That's crazy.
	Keys stored on server put pressure on the company to give it up.
	The actual hackers are smarter and kept their 15%.
	Yeah, I don't know.
	Wouldn't they transfer it off the server onto some totally private keys, totally off-chain?
	Anyway, so... So, yeah, a guy sent me a book that viruses don't exist, and Pasteur faked most of his data, as far as I can tell, and that seems to be pretty legit.
	But, yeah, the viruses don't exist stuff.
	I wish I had the expertise to follow this stuff as a whole, but it's a little bit beyond my pay grade as far as that kind of stuff.
	But, yeah, I know that there's a lot of theories out there that viruses don't exist.
	And what is it, all 5G? Is that the theory as to what's going on?
	I don't know. I don't know.
	Let's see here, Steph, the old companies that got hacked said they didn't have any employees that knew how to run their systems and the ones that did retired.
	Well, I mean, so if you're a black guy trying to get into Harvard, if you have the same SAT scores as an Asian guy, East Asian guy, you're 10 times more likely as the black guy to get into Harvard.
	So they're promoting people who don't have the scores.
	And so it's part of the great slowdown.
	You ever notice just things stop working.
	Software stops working. Hardware stops working.
	I'm using Zoom for this broadcast because it's the only piece of software that will recognize my new amp.
	Everyone else says, I can't access your software.
	Can't access your sound system.
	Well, Audacity can and Windows can, but OBS can't, XSplit can't, StreamYard can't.
	They just can't do it.
	And so Zoom is the only one that can.
	So it's great that the The Chinese software is the only one that can get my microphone.
	I'm sure that's just a coincidence.
	So yeah, it's just part of the great slowdown.
	Everything's just going to stop working over time because it's not a meritocracy anymore, right?
	It's a political promotion, diversity promotion.
	There's no meritocracy anymore.
	And so this entire...
	I mean, this is why you've got to read Dalton's book, At Her Wits End, which is...
	The reason the space program stopped is they're just not smart enough to run the space program.
	The reason why the Concorde couldn't fly anymore is because they're just not smart enough to maintain it.
	We have a society built by brilliant people, and now we're keeping brilliant people from running that society.
	Slow, slow, slow, slow down.
	All right. Dutton is great, yeah.
	Any other questions?
	That's really all I wanted to mention, that you've got to shake the short-termers out of the long-term goal, right?
	If people aren't going to make it up to the top of the mountain, then you don't want them even starting, right?
	So you've got to shake them off in base camp.
	You've got to shake them off in training and make sure that they won't be there, right?
	All right. Somebody says, I've been buying a lot of Bitcoin in the 30 to 40k range.
	I've been in the game since 2017.
	2017? Noob.
	No, that's great. I think good for you.
	Yeah, I'm good for you. I'm pleased that philosophy can provide this benefit to people.
	I really, really, I really am.
	All right. Yeah, Americans ought to be careful blaming Fauci's sword swings both ways.
	China can then blame an American.
	Yeah. Yeah.
	Do you know about the Bitcoin vulnerability?
	I don't know what that means.
	Do you stake your altcoins into stake pools and what do you think of stake pools in general?
	I don't have any particular opinion on those.
	All right. Okay. Well, thanks everyone.
	FreeDomain.com forward slash donate.
	If you find this stuff helpful and useful, if I've helped you gather a wee bit of wealth over the years, I would really, really appreciate a wee thank you note and maybe a wee donation.
	FreeDomain.com forward slash donate to help out the show.
	And you can also, FreeDomain.com forward slash almost for my free novel.
	FreeDomain.com forward slash documentaries to check out my free documentaries.
	Really great stuff. I'm really looking forward to getting back out in the world and getting some stuff like that done.
	Again, I would really appreciate that.
	Oh, it's nearly 3 a.m.
	where you are. Oh, now that song's stuck in my head.
	So, yeah, you can just catch us on the replay.
	And I really appreciate everyone's time tonight.
	I really appreciate your attention.
	I love you guys and what we're able to do together as a community.
	It is a great joy and a great pleasure to be part of this amazing podcast.
	And I wish you a wonderful week.
	Of course, I'll be back online, same bat time, same bat channel, tomorrow night, 7 p.m.
	Eastern Standard Time for my regular Wednesday night live live stream.
	You can watch this. Yeah, I'll post this, freedomand.com.
	But on the channel, I think there are replays that you can see as well.
	So have a great evening.
	Lots of love, everyone. I will talk to you soon.
	I'll talk to you tomorrow. And thanks for dropping back tonight.

▲