WEBVTT

00:00:00.000 --> 00:00:01.000
any button.

00:00:01.000 --> 00:00:02.000
Hey friend, listen.

00:00:02.000 --> 00:00:03.000
I know the world is scary right now.

00:00:03.000 --> 00:00:04.000
Corruption, war, inflation, demographics, degeneracy, disease, unrest, hatred, and despair.

00:00:04.000 --> 00:00:05.000
We didn't come here to tell you how it is, but that it's going to get way better.

00:00:05.000 --> 00:00:05.000


00:00:30.000 --> 00:00:42.099
Welcome to the show, Better Buy Bitcoin.

00:00:42.099 --> 00:00:47.580
We have myself Bondor, JD, and the illustrious Jordan Bush with us.

00:00:47.580 --> 00:00:48.580
Illustrious.

00:00:48.580 --> 00:00:49.580
I don't know what I'm illustrating, hopefully Jesus.

00:00:49.580 --> 00:00:56.779
This is a pinch hitter, so I'm like, hey, are you free?

00:00:56.779 --> 00:00:57.779
Literally seven minutes ago.

00:00:57.779 --> 00:00:58.779
Yep.

00:00:58.779 --> 00:01:03.660
So I put out a hat and not pants, and here I am.

00:01:03.660 --> 00:01:04.660
Indeed.

00:01:04.660 --> 00:01:10.099
Today, we wanted to talk about practically what does Bitcoin actually help people with?

00:01:10.099 --> 00:01:18.220
Like what is the actual upside of using Bitcoin in a very practical, rubber hits the road,

00:01:18.220 --> 00:01:19.220
reality, right?

00:01:19.419 --> 00:01:23.339
As opposed to like, oh, we're going to solve all the world's banking problems.

00:01:23.339 --> 00:01:25.139
But those are like very distant.

00:01:25.139 --> 00:01:30.540
I mean, they're all real, but they're very distant from the actual individual who's working

00:01:30.540 --> 00:01:35.379
a job who is wondering what the F is this Bitcoin thing?

00:01:35.379 --> 00:01:36.379
Why?

00:01:36.379 --> 00:01:39.260
Why, why, why, why do people keep hammering on this?

00:01:39.260 --> 00:01:40.620
What's the big deal here?

00:01:40.620 --> 00:01:50.580
So I can, I can start us off unless JD, you want to jump in and yeah, let's get into it.

00:01:50.580 --> 00:01:56.379
I'd actually toss it to Jordan first, because I think you have the most well known one.

00:01:56.379 --> 00:01:59.580
I think if we start from the well known and then move to the non well known.

00:01:59.580 --> 00:02:03.900
So like, did you break us down what you've practically seen Bitcoin do?

00:02:03.900 --> 00:02:05.900
Because I know you've, you've got some examples.

00:02:05.900 --> 00:02:06.900
Yeah.

00:02:06.900 --> 00:02:09.020
I mean, and I would just clarify.

00:02:09.059 --> 00:02:14.500
I mean, I have seen, I know Uruguayan people who use Bitcoin, but like, it's not like I,

00:02:14.500 --> 00:02:19.259
you know, I tell the story of there were people in our church when I was a pastor in Uruguay

00:02:19.259 --> 00:02:22.820
and many of them fled from Venezuela to Uruguay.

00:02:22.820 --> 00:02:26.860
But almost, I don't think any of them that I know of use Bitcoin, like it's just like

00:02:26.860 --> 00:02:30.419
in hindsight, like they should have, you know, they could have used Bitcoin if they knew

00:02:30.419 --> 00:02:31.419
about it.

00:02:31.419 --> 00:02:32.419
They just, you know, just didn't.

00:02:32.419 --> 00:02:36.259
But with that being said, like there were plenty of people, actually one of the most

00:02:36.259 --> 00:02:43.020
bullish dudes that I know in terms of Bitcoin, oh gosh, his name is escaping me right now.

00:02:43.020 --> 00:02:44.020
He's my next door neighbor.

00:02:44.020 --> 00:02:50.660
Incredibly, we moved into this new house after living there for two or three years.

00:02:50.660 --> 00:02:54.860
We moved into this other house and, you know, we said hi to our neighbors.

00:02:54.860 --> 00:02:56.660
We're like, hey, you know, good to meet you guys.

00:02:56.660 --> 00:03:01.500
And we'd see them, but just, you know, they're younger and I think he, I think he worked

00:03:01.500 --> 00:03:03.300
at least partially online.

00:03:03.300 --> 00:03:06.300
And so we would see each other in passing, we'd be bringing in groceries, we'd say hi

00:03:06.300 --> 00:03:08.580
to each other.

00:03:08.580 --> 00:03:12.460
And then we like, we wrote Thank God for Bitcoin, we, you know, it gets published.

00:03:12.460 --> 00:03:17.559
I got my first copies shipped to Uruguay and I got them.

00:03:17.559 --> 00:03:26.580
And so one day we're talking and he was into Bitcoin and I'm like, what are the odds?

00:03:26.580 --> 00:03:30.660
In this city where like almost nobody knows about Bitcoin that my next door neighbor is

00:03:30.660 --> 00:03:33.460
into Bitcoin knows like a lot of the same people.

00:03:33.460 --> 00:03:37.059
And just, I mean, just listen to a bunch of things.

00:03:37.059 --> 00:03:47.899
He had actually taken out a loan for, I believe it was like 50K when Bitcoin was around.

00:03:47.899 --> 00:03:50.500
I want to say it was under the all time high.

00:03:50.500 --> 00:03:51.500
I don't know.

00:03:51.500 --> 00:03:55.380
I don't remember how far, but like he took out a loan for 50K and bought Bitcoin with

00:03:55.380 --> 00:03:56.380
it.

00:03:57.380 --> 00:03:58.380
Impressive.

00:03:58.380 --> 00:03:59.380
Exactly.

00:03:59.380 --> 00:04:04.899
The conviction, this is not investing advice, but just in terms of, you know, it just impressed

00:04:04.899 --> 00:04:05.899
me.

00:04:05.899 --> 00:04:06.899
So, yeah.

00:04:06.899 --> 00:04:08.380
So, I mean, there were people who were using it.

00:04:08.380 --> 00:04:11.619
He knew people who were mining Bitcoin.

00:04:11.619 --> 00:04:16.660
But again, the reality is, I mean, just the purchasing power of international currencies

00:04:16.660 --> 00:04:21.220
gets absolutely decimated far more quickly than the dollar does.

00:04:21.220 --> 00:04:26.500
And so it's far more of an urgent problem than, you know, Americans feel.

00:04:26.500 --> 00:04:32.140
So I just remember like from the time that we arrived in Uruguay when we arrived in 2015,

00:04:32.140 --> 00:04:37.220
the peso to the Uruguayan peso to dollar ratio was one to 24.

00:04:37.220 --> 00:04:42.059
And by the time we left, it had gotten as high as 45 or 46.

00:04:42.059 --> 00:04:44.619
And now it's back down to like 44.

00:04:44.619 --> 00:04:47.459
So it's just one of these things where, I mean, again, just the reality by the time we

00:04:47.459 --> 00:04:53.619
left, if you hadn't gotten 100% raise effectively, then you're getting absolutely decimated.

00:04:53.619 --> 00:05:00.820
And so I think that's a big thing that maybe Americans don't appreciate to the same degree.

00:05:00.820 --> 00:05:05.739
It's just like this thing happens because there's so much less demand for these international

00:05:05.739 --> 00:05:06.739
currencies.

00:05:06.739 --> 00:05:12.779
You know, when things start going downhill, they go downhill a lot faster.

00:05:12.779 --> 00:05:18.899
It's wild that practically Bitcoin solves international remittances.

00:05:18.899 --> 00:05:24.100
And we know this because PayPal just said they're going to give people a 90% reduction

00:05:24.100 --> 00:05:27.459
in their international fees if they use crypto and Bitcoin.

00:05:27.459 --> 00:05:28.459
Wild.

00:05:28.459 --> 00:05:32.299
It's one of those things that we're seeing it practically in businesses.

00:05:32.299 --> 00:05:38.100
Practically Bitcoin fixes remittances because it just makes the amount of money a company

00:05:38.100 --> 00:05:42.140
needs to spend to actually settle across border, nothing.

00:05:42.140 --> 00:05:45.940
And so, you know, like, oh, cool, I can charge you 10% and still make money.

00:05:45.940 --> 00:05:46.940
Exactly.

00:05:46.940 --> 00:05:51.739
They're effectively making 9%, you know, off of every trade just by doing that.

00:05:51.739 --> 00:05:56.299
And so, yeah, again, it's better than 30% or whatever with Western Union.

00:05:56.299 --> 00:05:57.299
Or 300%.

00:05:57.299 --> 00:06:01.540
I've got a fun story with that, actually.

00:06:01.540 --> 00:06:03.540
I lived in South Korea.

00:06:03.540 --> 00:06:08.820
And during that time, and we were in like the mountains, like the countryside, the mountains

00:06:08.820 --> 00:06:14.179
of South Korea, and we were teaching English and we had debt in America.

00:06:14.179 --> 00:06:17.339
So we had to send back money to America every month.

00:06:17.339 --> 00:06:20.339
Classic remittance situation, right?

00:06:20.339 --> 00:06:22.059
There are two options, basically.

00:06:22.059 --> 00:06:29.100
The standard option, which was you get on your like moped, scooter, you drive into town,

00:06:29.100 --> 00:06:30.299
takes 30 minutes to get into town.

00:06:30.299 --> 00:06:34.820
You wait in line at the bank for an hour, because you can only do this on the weekends

00:06:34.820 --> 00:06:37.019
and everyone's doing the banking on the weekends.

00:06:37.019 --> 00:06:43.299
You fill out all this paperwork to do an international transfer, which is to say you get your banks,

00:06:43.299 --> 00:06:48.899
you get the bank to approve, I'm going to send $1,000 home, right?

00:06:48.899 --> 00:06:56.899
And it costs you $50 plus all the time, which is something like three hours total, right?

00:06:56.899 --> 00:07:00.179
And then you go home and you have to do it every month over and over and over again.

00:07:01.059 --> 00:07:04.619
I did it like once or twice and I was like, this is so painful.

00:07:04.619 --> 00:07:05.739
It's such a waste of time.

00:07:05.739 --> 00:07:08.660
It's like a complete waste of your Saturday to do this.

00:07:08.660 --> 00:07:13.940
But that was like, this is like, oh, you show up, this is part of the training of how you

00:07:13.940 --> 00:07:14.940
be a teacher.

00:07:14.940 --> 00:07:16.059
Like everyone has to do this.

00:07:16.059 --> 00:07:19.100
Every teacher in Korea has to do this and you just go through the process.

00:07:19.100 --> 00:07:20.700
That's what you do.

00:07:20.700 --> 00:07:25.660
When I was there, it took me like, I was like, nope, I'm not doing that because I know Bitcoin

00:07:25.660 --> 00:07:27.779
exists and I know how to use it.

00:07:27.779 --> 00:07:36.500
And so at that point, they had Corbett, which is a Korean exchange, and I just like signed

00:07:36.500 --> 00:07:37.500
up for a Corbett account.

00:07:37.500 --> 00:07:42.220
I don't know if you can do this anymore because they put in all these regulations with regard

00:07:42.220 --> 00:07:48.940
to foreign nationals or expats in Korea, et cetera, et cetera.

00:07:48.940 --> 00:07:51.660
But like at that point, none of that stuff was there.

00:07:51.660 --> 00:07:57.739
So I was like, great, signed up for Corbett account, transferred money, sent it to Coinbase,

00:07:57.739 --> 00:07:59.700
which was connected to my bank account in America.

00:07:59.700 --> 00:08:05.700
And so the whole process was just, oh yeah, it's one transfer, and then it's like 10 minutes,

00:08:05.700 --> 00:08:08.859
45 minutes later, you're like, good to go.

00:08:08.859 --> 00:08:18.059
The cost difference was the difference between $50 versus a buck 50, right?

00:08:18.059 --> 00:08:19.059
So what was the-

00:08:19.059 --> 00:08:20.059
Absurdly cheap.

00:08:20.059 --> 00:08:21.059
Yeah.

00:08:21.059 --> 00:08:22.820
So what was the path to actually getting your money though?

00:08:22.820 --> 00:08:28.859
Were there local places where you could exchange Bitcoin for local currency or like how did

00:08:28.859 --> 00:08:31.660
you actually, or were you, I mean, I don't think you were using Bitcoin.

00:08:31.660 --> 00:08:32.659
No, I wasn't.

00:08:32.659 --> 00:08:35.179
Well, I was using Bitcoin for remittance, right?

00:08:35.179 --> 00:08:36.179
Sure, sure, sure, sure.

00:08:36.179 --> 00:08:41.619
So like in Korea, I'd get paid direct deposit to my bank account.

00:08:41.619 --> 00:08:42.619
In the US.

00:08:42.619 --> 00:08:45.500
A Korean bank account in Korea.

00:08:45.500 --> 00:08:51.619
And then I connected that Korean bank account to my Corbett account, Bitcoin exchange in

00:08:51.619 --> 00:08:52.619
Korea.

00:08:52.619 --> 00:08:56.900
And then from Corbett, sent that money to Coinbase in America.

00:08:56.900 --> 00:09:05.419
So from Coinbase, then it went to my bank account in America and was able to connect

00:09:05.419 --> 00:09:07.940
to the rest of the financial system in America.

00:09:07.940 --> 00:09:13.739
So there was no, yeah, Korea is like way more advanced than America is in terms of all the

00:09:13.739 --> 00:09:17.299
technology and infrastructure and everything else, which is inclusive of their banking.

00:09:17.299 --> 00:09:21.320
They have cash, but it's like mostly cashless.

00:09:22.020 --> 00:09:25.919
So then you were using, you were using your US debit card or something like that in Korea?

00:09:25.919 --> 00:09:28.359
Is that kind of what you're, that's what you're saying?

00:09:28.359 --> 00:09:29.359
No, no, no.

00:09:29.359 --> 00:09:32.119
Like there was like, it's a completely separate banking system.

00:09:32.119 --> 00:09:38.119
So like when we got off a plane, like we had to go get a Korean debit card and Korean bank

00:09:38.119 --> 00:09:44.200
account and Korean like infrastructure around like Korean SIM card, like the whole thing,

00:09:44.200 --> 00:09:45.200
right?

00:09:45.200 --> 00:09:46.200
Sure.

00:09:46.200 --> 00:09:48.179
You are now connected to the Korean infrastructure and all that stuff.

00:09:48.179 --> 00:09:50.719
So why were you wanting to send dollars back to the US?

00:09:50.719 --> 00:09:52.919
That's what I'm trying to nail down.

00:09:52.919 --> 00:09:53.919
Because we had debt.

00:09:53.919 --> 00:09:54.919
Oh, got you.

00:09:54.919 --> 00:09:55.919
Okay.

00:09:55.919 --> 00:09:56.919
American debt.

00:09:56.919 --> 00:09:57.919
Just for other expenses.

00:09:57.919 --> 00:09:58.919
Yeah.

00:09:58.919 --> 00:09:59.919
Like student debt.

00:09:59.919 --> 00:10:03.119
Like, you know, how are we going to, how are we going to pay this $1,000 bill in America

00:10:03.119 --> 00:10:04.119
when we're in Korea?

00:10:04.119 --> 00:10:05.119
Correct.

00:10:05.119 --> 00:10:06.119
Gotcha.

00:10:06.119 --> 00:10:07.119
That totally makes sense.

00:10:07.119 --> 00:10:08.119
Yeah.

00:10:08.119 --> 00:10:11.159
You should have just done the responsible thing and ignored it.

00:10:11.159 --> 00:10:15.880
That's what everyone should be, is just ignored completely.

00:10:16.880 --> 00:10:17.880
Yeah.

00:10:17.880 --> 00:10:24.080
I have a, I have a buddy who basically the IRS owed him a bunch of money.

00:10:24.080 --> 00:10:31.359
They still owe him a bunch of money, but they accidentally sent him another chunk of money.

00:10:31.359 --> 00:10:36.119
And so, so what he did, I'm not advocated, he turned around and just bought Bitcoin with

00:10:36.119 --> 00:10:37.119
all this money.

00:10:37.119 --> 00:10:39.359
He's like, listen, they already owe me money anyhow.

00:10:39.359 --> 00:10:41.919
He's like, so basically I'm just going to buy Bitcoin with it and hold it.

00:10:41.919 --> 00:10:44.559
And I, it is already up like a bunch.

00:10:44.760 --> 00:10:45.760
So yeah, he's taking the risk.

00:10:45.760 --> 00:10:47.479
Like if it goes down, he has to pay for it.

00:10:47.479 --> 00:10:50.919
He's got money to pay for it, but like, it wasn't like he's, he's like living or dying

00:10:50.919 --> 00:10:51.919
on this.

00:10:51.919 --> 00:10:54.200
But again, he's like, the government is super inefficient.

00:10:54.200 --> 00:10:59.239
It would, you know, it would affect me in a, in a way, in a real, you know, negative

00:10:59.239 --> 00:11:00.239
way.

00:11:00.239 --> 00:11:02.760
And so, you know, I'm just doing this.

00:11:02.760 --> 00:11:08.400
Not financial advice, but the exact same story, like on Twitter, some of the guys on Twitter

00:11:08.400 --> 00:11:14.280
are like, yeah, I had, you know, my tax bill last year, let's say it's a $10,000 tax bill.

00:11:15.000 --> 00:11:16.000
But I'm not going to pay that.

00:11:16.000 --> 00:11:18.640
What I'm going to do is I'm going to take $10,000, I'm going to invest in Bitcoin.

00:11:18.640 --> 00:11:21.960
I'm just going to pay, like, I'm going to do a payment plan with the IRS because you

00:11:21.960 --> 00:11:23.200
can, you can do that kind of stuff.

00:11:23.200 --> 00:11:25.880
And I, you know, talk to your tax attorney, blah, blah, blah.

00:11:25.880 --> 00:11:30.200
But like, apparently you can just do something like that where the financing for that is

00:11:30.200 --> 00:11:33.200
5% or something, right?

00:11:33.200 --> 00:11:36.080
I don't know what it is, but it's probably less than Bitcoin's CAGR.

00:11:36.080 --> 00:11:39.400
And so then you're just like, oh yeah, I'm just going to pay this off for, yeah, never.

00:11:39.400 --> 00:11:40.400
I don't care.

00:11:41.400 --> 00:11:44.840
Instead of being paying taxes, I'm just invested in Bitcoin.

00:11:44.840 --> 00:11:45.840
Yeah.

00:11:45.840 --> 00:11:48.760
And this is where, again, like none of these things, like this is, this is where like,

00:11:48.760 --> 00:11:54.400
yeah, it's just like you get into the crazy end, late stage fiat type thing where everything's

00:11:54.400 --> 00:11:55.400
upside down.

00:11:55.400 --> 00:11:56.400
Nothing makes sense.

00:11:56.400 --> 00:12:01.679
And so you just have people who are just trying to figure out how to navigate the absurdity

00:12:01.679 --> 00:12:04.400
of the, of the collapse of the system.

00:12:04.400 --> 00:12:08.440
And I mean, just things that were, like, you just like, who does this serve actually?

00:12:08.479 --> 00:12:12.239
Like this actually doesn't serve anybody except for like middlemen who are just skimming money

00:12:12.239 --> 00:12:13.239
like this.

00:12:13.239 --> 00:12:15.679
Like, what are we even talking about here?

00:12:15.679 --> 00:12:23.200
It's wild the practical things that Bitcoin solves in terms of like cutting out middlemen.

00:12:23.200 --> 00:12:29.719
The first time I learned about Bitcoin, I was standing in Miami when it actually clicked

00:12:29.719 --> 00:12:35.000
and I was watching Jack Mahler's on stage and I have a sibling who is in banking and

00:12:35.000 --> 00:12:36.960
they've been in banking for 15 years.

00:12:36.960 --> 00:12:40.080
The second I got it, I texted them and I was like, hey, you should probably find a

00:12:40.080 --> 00:12:41.080
brand new job.

00:12:41.080 --> 00:12:43.400
This was like three years ago.

00:12:43.400 --> 00:12:45.159
And they just kind of laughed at me.

00:12:45.159 --> 00:12:49.599
And I was like, I'm literally giving you a like, you know, 10 year head start on everybody

00:12:49.599 --> 00:12:53.119
in your industry who's going to be jobless here soon.

00:12:53.119 --> 00:12:54.119
And we're already seeing it.

00:12:54.119 --> 00:12:59.159
You know, I saw the other day, like a lot of insurance companies are starting to use

00:12:59.159 --> 00:13:04.559
AI to just cut out people as much as they can cut it as many middlemen.

00:13:04.559 --> 00:13:06.679
You know, it's happening all over film.

00:13:07.400 --> 00:13:11.960
I'm sure it's happening in nonprofits, it's happening in government, and it's only a matter

00:13:11.960 --> 00:13:17.599
of time before it comes absolutely for everyone, not just AI, but Bitcoin, because at the end

00:13:17.599 --> 00:13:23.359
of the day, if a computer can solve your problem practically, efficiently and quickly, you're

00:13:23.359 --> 00:13:24.359
going to do it.

00:13:24.359 --> 00:13:28.039
And that's exactly what we saw at PayPal this last week where they're just doing the crypto

00:13:28.039 --> 00:13:29.039
payments.

00:13:29.039 --> 00:13:30.039
But like banks are going to do it, too.

00:13:30.039 --> 00:13:33.080
We just saw Citibank, I think, the other day being like, we're going to now recommend this

00:13:33.080 --> 00:13:34.960
and like the only holdout is going to be Vanguard.

00:13:35.280 --> 00:13:38.840
It's going to be 2140 and Vanguard still is not going to let you buy Bitcoin.

00:13:38.840 --> 00:13:40.719
No, they're going to be buying Bitcoin.

00:13:40.719 --> 00:13:44.080
They also they also are one of the largest shareholders in MicroStrategy, so they're

00:13:44.080 --> 00:13:45.080
flaming hypocrites.

00:13:47.440 --> 00:13:48.640
It's classic.

00:13:49.640 --> 00:13:56.559
I believe they're actually the largest stakeholder in MicroStrategy, like other than maybe

00:13:56.559 --> 00:13:57.960
Saylor and stuff like that.

00:13:58.760 --> 00:13:59.760
We got Anton.

00:13:59.960 --> 00:14:00.960
Whoa.

00:14:00.960 --> 00:14:02.080
Anton in the house.

00:14:02.080 --> 00:14:03.080
How's it going, man?

00:14:03.080 --> 00:14:04.080
What's up, y'all?

00:14:05.000 --> 00:14:08.359
Dude, you have always the sexiest voice in the world.

00:14:08.359 --> 00:14:12.119
I'm just like, yeah, man, I wish I need like three octaves lower.

00:14:12.960 --> 00:14:14.599
We should always do this early in the morning.

00:14:15.440 --> 00:14:19.159
In a world, death man says a lot of things.

00:14:22.359 --> 00:14:27.359
And do you have any, you know, interesting, good, like practical, I know, putting you

00:14:27.359 --> 00:14:31.520
on the spot right as you jump in, but, you know, practical ways that Bitcoin has helped

00:14:31.520 --> 00:14:34.359
you. And I'm actually curious, too, because you've traveled a lot.

00:14:35.239 --> 00:14:39.239
But like, are there any instances where it's like Bitcoin is actually like practically

00:14:39.239 --> 00:14:41.679
help solve the problem for you or made something worse?

00:14:42.320 --> 00:14:43.719
You know, there's probably both sides of that.

00:14:44.799 --> 00:14:50.400
Well, for me, the biggest thing Bitcoin has been is just a savings technology.

00:14:51.119 --> 00:14:53.479
So, you know, nothing.

00:14:54.440 --> 00:15:02.039
That exciting other than just allowed me to essentially own little fractions of an asset,

00:15:02.039 --> 00:15:07.760
whereas, you know, I'd wanted to buy rental properties back in the day and I just

00:15:07.760 --> 00:15:11.039
didn't have the down payment for a rental property.

00:15:11.799 --> 00:15:16.320
And Bitcoin is essentially served that same function for me.

00:15:17.559 --> 00:15:23.239
More or less, the one thing that's coming to mind as you say that just the practicality

00:15:23.239 --> 00:15:29.440
of Bitcoin being a savings technology is you can you can actually go back and look like

00:15:29.440 --> 00:15:32.919
what were my monthly expenses like everybody can anybody can do this.

00:15:32.919 --> 00:15:34.400
What were my monthly expenses?

00:15:35.679 --> 00:15:40.400
Last month, what are my monthly expenses before that go back for the last year, get get 12

00:15:40.400 --> 00:15:42.119
months of data and then.

00:15:43.159 --> 00:15:50.880
Like go reprice that data in Bitcoin for that month and you just go back and do the math

00:15:50.880 --> 00:15:56.719
on it and you'll see like over the long haul, you know, some months ago be up in Bitcoin

00:15:56.719 --> 00:16:00.960
terms or more expensive in Bitcoin terms, some are less expensive in Bitcoin terms.

00:16:01.200 --> 00:16:07.159
But over the long haul, you'll see that your expenses in Bitcoin terms, if you're

00:16:07.159 --> 00:16:13.400
denominating in Bitcoin, your expenses will be cheaper every month just by denominating

00:16:13.400 --> 00:16:19.080
in Bitcoin on average, which is to say it's savings technology that allows you to save

00:16:19.080 --> 00:16:25.719
that allows you to beat inflation constantly, regularly with certainty because of its.

00:16:26.760 --> 00:16:31.799
Finite nature and the rest of it, this is a practical rubber hits the road reality of

00:16:31.799 --> 00:16:40.559
Bitcoin. For me, one other thing, practically like practically Bitcoin has been the best

00:16:40.559 --> 00:16:48.960
filter for new friends I've ever experienced, seriously, it's such a shorthand of

00:16:48.960 --> 00:16:52.039
finding an actual big corner like Orange Pill app is actually cool.

00:16:52.039 --> 00:16:53.239
And like shout out to those guys over there.

00:16:53.239 --> 00:16:56.440
I think Matteo and Brian are doing some good stuff over there.

00:16:56.440 --> 00:17:00.039
I know there's a lot of, you know, thoughts around.

00:17:00.039 --> 00:17:01.359
Is it a honeypot or whatever it is?

00:17:01.359 --> 00:17:03.039
I don't think it is. I like those guys.

00:17:03.039 --> 00:17:07.160
But practically, Bitcoin has been the fastest shortcut for me to find people I can

00:17:07.160 --> 00:17:11.359
actually talk with and not get into a screaming match of stupid, because if you're on

00:17:11.359 --> 00:17:14.760
the same page of Bitcoin, you have this base layer of understanding of, hey, we want to

00:17:14.760 --> 00:17:16.280
make the world better for everyone.

00:17:16.479 --> 00:17:17.479
You can talk about anything.

00:17:17.800 --> 00:17:22.319
Like I've had conversations with people who are wildly left and wildly right.

00:17:22.520 --> 00:17:26.400
It doesn't really matter because we can talk about anything and everything, because

00:17:26.400 --> 00:17:30.599
again, we have this foundational understanding of like, hey, if we fix the problem,

00:17:30.599 --> 00:17:33.359
which is the incentive structure, everything gets fixed.

00:17:33.359 --> 00:17:36.800
And so whether you have this belief and I have this belief will actually come to the

00:17:36.800 --> 00:17:39.719
truth, which is probably somewhere in the middle of what we're actually talking about.

00:17:41.800 --> 00:17:46.239
Very, very quickly, once the money's fixed, but the problem is we're operating in this

00:17:46.319 --> 00:17:49.880
world of stupid that won't be fixed until we fix incentives.

00:17:51.000 --> 00:17:55.319
And the cool thing, too, is like, I mean, I mean, in addition, there are some things

00:17:55.319 --> 00:17:59.400
where like the third way is is the way the other thing is like just I mean, there's

00:17:59.400 --> 00:18:04.880
some some cases I've seen many cases where just people become radically different

00:18:05.119 --> 00:18:08.199
people by virtue of getting into Bitcoin.

00:18:08.199 --> 00:18:13.920
They just radically change positions on deeply held, you know, long held position

00:18:13.920 --> 00:18:20.359
just because, you know, this this shift, the shift in like what money is like once

00:18:20.359 --> 00:18:23.359
you once you see that, then all of a sudden that's like this.

00:18:23.560 --> 00:18:26.920
It's like going to the chiropractor and it just like brings all these other things

00:18:26.920 --> 00:18:31.160
into alignment that, you know, previously, you know, you didn't see the importance or

00:18:31.160 --> 00:18:32.880
you didn't see how they connected.

00:18:32.880 --> 00:18:38.239
And and then once you fix this one, I mean, it really does humble you just when you

00:18:38.239 --> 00:18:43.520
just think about the fact that, you know, I just do this all time is you're like, OK,

00:18:43.599 --> 00:18:48.839
the reason I believe this and the reason I did this is because I believed this.

00:18:48.839 --> 00:18:52.959
And as soon as that that belief changed and all of a sudden now I'm like, oh, and now

00:18:52.959 --> 00:18:55.160
I understand how you could get there.

00:18:55.160 --> 00:19:00.479
I see how you like reverse engineer thinking that if you believe this thing.

00:19:00.839 --> 00:19:03.280
And so like some of this is like it really does.

00:19:03.599 --> 00:19:08.239
By having these more foundational questions, I think you're able to accomplish a lot

00:19:08.280 --> 00:19:14.319
more. You're able to like to have more productive conversations because you realize

00:19:14.319 --> 00:19:18.319
it's not just it's really easy to stay at surface level and be like, you're an idiot.

00:19:18.359 --> 00:19:19.560
No, you're an idiot. You're an idiot.

00:19:19.560 --> 00:19:23.119
And it's like really it's much more profitable to get underneath that and be like, well,

00:19:23.119 --> 00:19:24.800
why do you believe what you believe?

00:19:25.119 --> 00:19:29.680
And so if you believe that, for instance, money is just the positivistic creation of

00:19:29.680 --> 00:19:33.719
the state, like value comes is created by the state.

00:19:33.959 --> 00:19:37.800
Well, then, yeah, sure. You're going to expect you're going to want a government that

00:19:38.079 --> 00:19:41.640
just does everything and that creates money out of thin air and does all these things.

00:19:41.880 --> 00:19:45.319
If you don't believe that, well, then you're not going to want that kind of money.

00:19:45.319 --> 00:19:47.280
You're going to see that as as illegitimate.

00:19:47.959 --> 00:19:55.119
And so I think that, again, we in the name of pragmatism and in the name of really

00:19:55.119 --> 00:20:02.400
just not arguing and in the name of just really just being able to make money, like

00:20:02.400 --> 00:20:03.880
that's really what a lot of this comes down to.

00:20:03.880 --> 00:20:08.400
Why don't why don't businesses want to talk about politics in the workplace or wait a

00:20:08.400 --> 00:20:12.040
while? Because they literally just want you to focus on making them money like they

00:20:12.040 --> 00:20:13.079
don't actually care about you.

00:20:13.079 --> 00:20:14.040
They just want you to focus.

00:20:14.040 --> 00:20:16.000
They shut up, make us money like that.

00:20:16.040 --> 00:20:17.000
That's really what's going on.

00:20:17.000 --> 00:20:23.119
And so I think that having conversations about, you know, more fundamental, more

00:20:23.119 --> 00:20:29.520
fundamental questions is both healthy for people and in the long term, good for for,

00:20:29.640 --> 00:20:32.079
you know, everybody's society more broadly, business more broadly.

00:20:32.760 --> 00:20:34.119
It's a question of time preference.

00:20:35.400 --> 00:20:40.199
One of the things that comes to mind by saying that is the idea that practically

00:20:40.199 --> 00:20:46.479
Bitcoin fixes your commitments and ties to work.

00:20:47.239 --> 00:20:49.959
A lot of times we we have a job.

00:20:50.160 --> 00:20:57.959
We have all of our like eggs in one basket and that basket is our job, which is to say

00:20:58.839 --> 00:21:00.359
if you mess up on the job.

00:21:01.359 --> 00:21:07.439
Next month, potentially you don't have a house, right, like if your employer has

00:21:07.439 --> 00:21:13.959
unbelievable weight over your situation and there's basically almost nothing you can do

00:21:13.959 --> 00:21:19.760
about it, like practically they own you, practically they are, especially if you have

00:21:19.760 --> 00:21:25.640
debt to pay or whatever else, like they are literally the person or the entity that

00:21:25.640 --> 00:21:27.880
controls your life.

00:21:28.199 --> 00:21:33.040
Right. So practically you enter and Bitcoin enters a situation and like there's.

00:21:33.920 --> 00:21:37.560
Oh, man, just with the inflation, you're in salary and everything else like you are

00:21:37.560 --> 00:21:40.719
constantly on this like downward slope, even with your employer.

00:21:40.719 --> 00:21:45.479
So not only does your employer own you, like own your life, and if you make a mistake at

00:21:45.479 --> 00:21:48.079
work, like, well, you might not have a house next month.

00:21:49.439 --> 00:21:54.160
They also are paying you in fiat, so they are also.

00:21:55.000 --> 00:22:03.359
Like you're losing value in fiat practically every day that USD inflates, so it's you're

00:22:03.359 --> 00:22:08.319
becoming more and more of a slave to them, right, you can feel this pressure every time

00:22:08.319 --> 00:22:14.119
that the yearly cost of living increase comes around, like, you know, it's not enough.

00:22:14.880 --> 00:22:17.520
It's kind of like a slap on the slap in the face.

00:22:17.760 --> 00:22:18.280
Right. Yeah.

00:22:18.719 --> 00:22:25.040
OK, so practically Bitcoin solves this by giving you savings, by giving you an exit

00:22:25.040 --> 00:22:30.160
path where it says it releases a little bit of that pressure a little bit more over time.

00:22:30.160 --> 00:22:35.880
Right. And that gives you the ability to say, yeah, sorry, but this is unethical.

00:22:35.880 --> 00:22:40.000
What we're doing, what what you are asking me to do at this job is unethical.

00:22:40.400 --> 00:22:45.119
Right. You can't you can't say that this is unethical if next month you're going to be

00:22:45.119 --> 00:22:51.680
homeless. I mean, some people can do that, but it's very hard to do that if you've got

00:22:51.680 --> 00:22:53.800
kids and debts and all the rest of it.

00:22:53.800 --> 00:22:59.959
Right. It's just going to be you are you're essentially bought and paid for ideologically by

00:22:59.959 --> 00:23:07.000
your job. Unless you have an exit strategy, unless you are able to save and Bitcoin allows

00:23:07.000 --> 00:23:14.560
you to do that. I remember I had a little bit of money to

00:23:14.560 --> 00:23:18.439
invest and I didn't know anything about investing.

00:23:18.760 --> 00:23:23.239
And I went around and asked all these people, you know, how does finance work?

00:23:23.239 --> 00:23:24.880
How does how does stocks work?

00:23:24.880 --> 00:23:27.000
How does real estate investing work?

00:23:27.479 --> 00:23:34.839
And pretty much nobody could explain it to me in a way that it really made logical sense.

00:23:34.839 --> 00:23:39.719
Like the closest one that made logical sense was, OK, if you get a rental property, you

00:23:39.719 --> 00:23:41.280
want this thing called cash flow.

00:23:41.680 --> 00:23:48.400
You want to get a mortgage and then have someone else pay more than your mortgage payment.

00:23:48.400 --> 00:23:50.280
So you make money off that person.

00:23:50.839 --> 00:23:53.040
I was like, OK, that makes sense.

00:23:53.040 --> 00:23:56.640
But how am I actually providing value to that person?

00:23:57.160 --> 00:24:00.560
And so that part of being a landlord didn't make a whole lot of sense to me because I

00:24:00.560 --> 00:24:01.640
wasn't actually providing value.

00:24:01.640 --> 00:24:06.439
I'm like, why don't they just go and get a mortgage and then they're going to pay less

00:24:06.920 --> 00:24:10.119
than I'm charging as I continuously increase rent?

00:24:10.119 --> 00:24:14.040
So it didn't make logical sense to me with Bitcoin.

00:24:14.040 --> 00:24:16.520
I had to go to Bitcoiners and ask them about Bitcoin.

00:24:16.560 --> 00:24:21.199
Have you guys ever gotten in one of these arguments where you start just trying to win

00:24:21.199 --> 00:24:23.880
the argument just for your own pride's sake?

00:24:23.920 --> 00:24:25.520
Well, never one time.

00:24:27.640 --> 00:24:29.959
Never, I've never experienced this phenomenon.

00:24:29.959 --> 00:24:31.040
Please elaborate.

00:24:31.880 --> 00:24:37.479
Bitcoin was super humbling to me because I had nothing to gain in these and arguing

00:24:37.479 --> 00:24:39.239
anything. I was more like, OK.

00:24:39.800 --> 00:24:42.160
You clearly understand this better than I do.

00:24:42.160 --> 00:24:44.680
Please help educate me on this thing.

00:24:45.119 --> 00:24:50.680
And in that sense, there was such more purity with Bitcoiners.

00:24:50.680 --> 00:24:53.280
It was like they weren't trying to prove anything to me.

00:24:53.439 --> 00:24:55.239
Neither party had anything to win.

00:24:55.560 --> 00:24:59.479
It's just like, yeah, if you want to know about this, if I know more than you, I will

00:24:59.479 --> 00:25:01.479
just help educate you on this thing.

00:25:01.880 --> 00:25:08.079
And I find that Bitcoiners have a much more humbled attitude because

00:25:09.280 --> 00:25:13.920
just because it's like in the in the regular finance world, it is sort of a zero sum

00:25:13.920 --> 00:25:15.920
game. Like that's what trading is.

00:25:16.280 --> 00:25:21.280
You're trying to essentially sell somebody something for more than you paid for it and

00:25:21.520 --> 00:25:23.199
constantly play hot potato.

00:25:23.400 --> 00:25:25.400
Yeah, there is none of that in Bitcoin.

00:25:26.160 --> 00:25:29.119
Yeah. And I mean, there is like there is some of that.

00:25:29.119 --> 00:25:32.119
Like there are people, especially at the exchanges and stuff like that.

00:25:32.119 --> 00:25:36.359
But in terms of like the people, like the vast majority of people, I mean, the vast

00:25:36.359 --> 00:25:38.359
majority of coins haven't moved in over a year.

00:25:38.359 --> 00:25:40.959
Like there's something like I think it's down like fifty five percent.

00:25:40.959 --> 00:25:45.359
But still, like that's a ton of coins that aren't moving, that aren't it's not just

00:25:45.359 --> 00:25:46.560
people hopping in and out.

00:25:47.199 --> 00:25:54.359
You know, people there are a lot of ideologically convicted psychos who are just

00:25:54.359 --> 00:25:58.319
like, hey, I never want to sell this, not because I don't ever want to spend it, but

00:25:58.319 --> 00:26:01.640
because I don't ever I'm not like this is long term savings.

00:26:01.640 --> 00:26:06.520
This is this is money that I don't want to ever bring back into this, you know, into

00:26:06.520 --> 00:26:07.640
the fiat system.

00:26:07.680 --> 00:26:12.800
And so I think that, yeah, there yeah, there are just a lot of people who really do see

00:26:12.800 --> 00:26:14.000
the problems here.

00:26:14.000 --> 00:26:16.119
Now, again, they will they will sell if they have to.

00:26:16.119 --> 00:26:17.239
Like they're not insane.

00:26:17.239 --> 00:26:21.040
Like if something you know, if something like I just I was just reading this thing, I

00:26:21.040 --> 00:26:22.119
should find this link.

00:26:22.800 --> 00:26:27.160
But it was a guy who sold three hundred bitcoin.

00:26:28.439 --> 00:26:30.280
So three hundred bitcoin, I don't know when it was.

00:26:30.520 --> 00:26:33.040
It sounds like it was a while, like a number of years ago.

00:26:33.319 --> 00:26:35.839
But his daughter needed an open heart surgery.

00:26:36.319 --> 00:26:40.239
And so he sold three hundred bitcoin to pay for the to pay for the open heart surgery.

00:26:40.239 --> 00:26:41.239
He's like, I would do it again.

00:26:41.959 --> 00:26:43.239
But he's actually running.

00:26:43.239 --> 00:26:47.239
It's a geyser campaign right now that's running where he's basically trying to raise

00:26:47.239 --> 00:26:49.160
money. I can't remember what it was for this time.

00:26:50.319 --> 00:26:53.719
But but, yeah, I mean, just that reality, like things are going to come up where people

00:26:53.719 --> 00:26:57.920
are going to have to sell their bitcoin and thereby demonstrate that there's something

00:26:57.920 --> 00:27:02.319
that they love and want more than the gain that they can make from bitcoin.

00:27:02.359 --> 00:27:05.079
So I think that's a good and natural thing.

00:27:05.719 --> 00:27:11.640
But again, yeah, I do think that for a lot of people, you know, they when when you see

00:27:11.640 --> 00:27:15.439
that you're being scammed, you want other people to see that they're being scammed,

00:27:15.439 --> 00:27:21.599
too. And I think it's easy for for that, the zeal that bitcoiners have to get mistaken

00:27:21.599 --> 00:27:25.839
for. Oh, you just you're really just trying to pump your own bags.

00:27:26.000 --> 00:27:29.359
You know, you really just care about yourself and you getting more wealthy.

00:27:29.359 --> 00:27:31.160
And that's why you want me to buy a coin.

00:27:31.599 --> 00:27:33.800
And it's like, no, that's actually not it.

00:27:33.839 --> 00:27:37.479
You're just getting stolen from your purchasing powers, getting, you know, deleted to

00:27:37.479 --> 00:27:40.640
zero. And I don't want to see that happen to you.

00:27:41.119 --> 00:27:45.199
And but yeah, I just think there's I really have seen it over and over again.

00:27:45.199 --> 00:27:46.839
Same thing that you're describing, Anton.

00:27:48.520 --> 00:27:55.119
Yeah, that's something that for for the tens of thousands of what you could call

00:27:55.319 --> 00:28:01.319
coins, you see people who they do want you to jump in because they want to jump out.

00:28:01.319 --> 00:28:02.680
They're desperate to jump out.

00:28:02.680 --> 00:28:07.079
They're like, please, please pump the price up on this garbage so that I can get out of

00:28:07.079 --> 00:28:16.319
it. Whereas with Bitcoin, people realize that this is it is the only thing worthy of

00:28:16.319 --> 00:28:17.800
being called a cryptocurrency.

00:28:17.800 --> 00:28:19.400
And people aren't trying to get rid of it.

00:28:19.479 --> 00:28:22.239
They're trying to accumulate more of it.

00:28:23.199 --> 00:28:25.359
And so they're like, yeah, hop on in.

00:28:25.880 --> 00:28:28.719
Psychologically, it feels better as the price is going up.

00:28:28.719 --> 00:28:31.560
But for the most part, people aren't just trying to get rid of it.

00:28:31.760 --> 00:28:34.439
It's like people see a long term value in it.

00:28:34.439 --> 00:28:36.839
They have no idea how long of a long term value.

00:28:37.479 --> 00:28:42.000
And yeah, they will sell it when they need it, but they're not just trying to desperately

00:28:42.000 --> 00:28:46.880
get out of it. So it's a it's a completely different mindset between even people holding

00:28:46.880 --> 00:28:50.199
stocks and things like that and people holding Bitcoin.

00:28:50.959 --> 00:28:57.000
Yeah. So yeah, the Bitcoin markets themselves are so deep now, like with with all coins,

00:28:57.000 --> 00:29:00.880
you can it's like, I mean, do the math on it, of course.

00:29:00.880 --> 00:29:07.599
But like. It can take like if you have a hundred thousand dollars and this is this is a

00:29:07.599 --> 00:29:11.160
thing that happened in the early days, there's actually a I don't know, this is like

00:29:11.160 --> 00:29:13.760
super OG Bitcoin or thing.

00:29:14.520 --> 00:29:17.719
There was a no God PDF.

00:29:17.719 --> 00:29:20.520
Did you guys ever have you ever heard of God PDF?

00:29:20.920 --> 00:29:26.400
So. I've heard of God, too, I think.

00:29:28.560 --> 00:29:34.319
But so it was basically a legacy trader was.

00:29:35.319 --> 00:29:41.880
Getting familiar with the the market depth of the altcoin market in the super early days,

00:29:41.880 --> 00:29:45.119
like 2013 or 14, something like that.

00:29:45.119 --> 00:29:52.199
Right. And they're looking at Dogecoin and all the other all the other early, super early

00:29:52.400 --> 00:29:55.640
forks or altcoins or coins.

00:29:56.560 --> 00:30:00.760
And they're basically come to the conclusion that the markets are so thin that they can

00:30:00.760 --> 00:30:05.760
essentially set the price because they've got deep pockets so they can just set the

00:30:05.760 --> 00:30:10.479
price to here and then like manipulate it down to here and like get the social media

00:30:10.479 --> 00:30:13.400
going, OK, then bring it up, like pump it up again.

00:30:13.400 --> 00:30:16.439
And like they just walked through the entire process.

00:30:16.640 --> 00:30:22.319
This God PDF walked through the entire psychological process that that a legacy trader

00:30:22.319 --> 00:30:25.839
would would go through if he knew he could manipulate the market.

00:30:26.560 --> 00:30:29.319
And that's exactly what happens in all the altcoin things.

00:30:29.319 --> 00:30:34.760
And you've just seen it played over and over and over and over again, which was you

00:30:34.760 --> 00:30:39.479
could just control whatever whatever the narrative, whatever the currency is, because

00:30:39.719 --> 00:30:44.040
you just have 10 times more money than the rest of the people who are getting scammed.

00:30:44.400 --> 00:30:51.319
Yeah. Now with Bitcoin, the markets are so deep and so robust that you cannot do that

00:30:51.319 --> 00:30:55.239
anymore. I mean, you couldn't you probably couldn't do it back back in the day with

00:30:55.239 --> 00:31:00.959
regard to that. But for but today, it's just it's impossible to do that.

00:31:01.280 --> 00:31:07.239
Like we saw just the last week, 80,000 Bitcoin, 70,000 Bitcoin were sold at market and

00:31:07.239 --> 00:31:10.599
the price tanked a couple thousand dollars and is now right back up to where it was

00:31:10.599 --> 00:31:14.000
before. Like it's a completely different ballgame.

00:31:14.239 --> 00:31:15.800
There's no such thing as.

00:31:17.160 --> 00:31:19.359
All coins, it's totally a scam.

00:31:21.599 --> 00:31:27.400
I think that having these conversations about Ripple recently, that thing there are I

00:31:27.400 --> 00:31:28.599
don't even know what the number is.

00:31:28.599 --> 00:31:35.239
It's like tens of billions of Ripple and most of them are held by a select group of

00:31:35.239 --> 00:31:37.880
people. Yeah, it's like a complete scam.

00:31:38.160 --> 00:31:40.400
Didn't he drop like 200 million or something like that?

00:31:40.640 --> 00:31:44.439
Chris Larson, permacellar, Garlinghouse is another one.

00:31:44.439 --> 00:31:46.760
He's made, I think, nine figures in Bitcoin.

00:31:46.959 --> 00:31:49.880
I mean, nine figures by selling Ripple this year.

00:31:50.160 --> 00:31:55.079
Garlinghouse. Yeah, it's it's funny.

00:31:55.439 --> 00:32:01.599
No, what's what's interesting about all that stuff, though, is getting an all the

00:32:02.079 --> 00:32:03.760
getting into all coins.

00:32:03.800 --> 00:32:06.800
Like when I first got in, I was a NFT degen.

00:32:08.800 --> 00:32:10.319
Judge me that story.

00:32:10.359 --> 00:32:12.119
I earned it. Oh, man, I earned it.

00:32:12.160 --> 00:32:19.479
Yeah. But the the thing is, all coins and NFTs and all the scam coins and lower or

00:32:19.479 --> 00:32:21.280
rather increase your time preference.

00:32:21.760 --> 00:32:26.160
All coins make you crazy because you're pumping and dumping.

00:32:26.160 --> 00:32:30.079
You're trying to actually get somebody else on the door before you get out the door on

00:32:30.079 --> 00:32:34.160
the backside. So you can actually like keep your money than like run the scam again.

00:32:34.199 --> 00:32:39.239
It's a traditional real Ponzi Bitcoin, on the other hand, like lowers your time

00:32:39.239 --> 00:32:42.680
preference. The number of times I'm standing at a Starbucks or I'm standing somewhere

00:32:42.680 --> 00:32:46.359
with somebody else and it's like, I'll just take water like I don't really want the

00:32:46.359 --> 00:32:51.479
coffee right now. I'd rather have five dollars more of this increasing asset than

00:32:51.479 --> 00:32:55.520
something else. Like there are things that I've bought, gotten home and I'm like, I

00:32:55.520 --> 00:32:59.479
don't really need this. I'm just going to return it like because even then, you know,

00:32:59.479 --> 00:33:03.199
the practical application is like, do I need this in the next 30 days is the next

00:33:03.199 --> 00:33:04.680
thing. It's like, oh, I don't need this right now.

00:33:04.680 --> 00:33:08.239
Like, sure, I do a trip a month from now, but I don't really need this.

00:33:08.239 --> 00:33:12.959
Like, I would rather actually have the 30 days of appreciation on Bitcoin because, you

00:33:12.959 --> 00:33:14.880
know, we've talked about this on door offline.

00:33:15.560 --> 00:33:19.319
It's like Bitcoin makes its gains in like six days a year, right?

00:33:19.319 --> 00:33:22.000
Like the majority of the games that come out of that, it's like you don't know when

00:33:22.000 --> 00:33:24.800
you're going to be in that six day window.

00:33:24.839 --> 00:33:26.920
I think institutions are going to level it out.

00:33:27.719 --> 00:33:32.680
I hope not as much as it seems, maybe the path to Max Payne, I'm changing from my

00:33:32.680 --> 00:33:37.800
previous podcast of like is just crabbing to the right forever, that would actually

00:33:37.800 --> 00:33:38.920
probably be Max Payne.

00:33:38.920 --> 00:33:46.239
But I really do think, you know, the the most unique aspect of Bitcoin is it focuses

00:33:46.239 --> 00:33:49.839
your time preference of responsibility on the future.

00:33:50.319 --> 00:33:53.839
You know, you're not just focused on how do I spend this paycheck before it's

00:33:53.839 --> 00:33:57.880
evaporated away because I go to the meat store and, you know, steaks are twenty five

00:33:57.880 --> 00:33:59.640
dollars instead of ten like they were last week.

00:34:00.079 --> 00:34:02.839
So it's a really different way of thinking.

00:34:02.839 --> 00:34:04.040
And it's the way you should be thinking.

00:34:04.040 --> 00:34:08.679
Like the reason we don't have cathedrals anymore, the reason we don't have beautiful

00:34:08.679 --> 00:34:12.360
buildings, the reason we don't have a functioning government or any politicians with

00:34:12.360 --> 00:34:14.560
two brain cells to rub together is because the money is broken.

00:34:16.560 --> 00:34:22.080
Yeah, well, yeah, and I would say like, I mean, it is because of just the focus on

00:34:22.080 --> 00:34:22.800
short term action.

00:34:22.800 --> 00:34:27.760
So politicians, I mean, this is a famous thing, but politicians, they spend 50 percent

00:34:27.760 --> 00:34:31.320
of their time on the phone trying to raise money to stay in power.

00:34:32.399 --> 00:34:36.879
Now, again, you're like, well, yes, that's actually might be a good thing, because if

00:34:36.879 --> 00:34:40.320
they have 50 percent more time to do degenerate things and pass degenerate

00:34:40.600 --> 00:34:44.000
legislation, like maybe that actually is a preferable alternative.

00:34:44.639 --> 00:34:47.479
But it's still you have a lot of action like these guys.

00:34:47.679 --> 00:34:49.600
They want to do important things.

00:34:50.199 --> 00:34:53.600
They want to make actions that make people think that they're important so that they

00:34:53.600 --> 00:34:54.520
vote them back in.

00:34:54.800 --> 00:34:59.320
And that is just not a very good incentive, incentive structure, all things

00:34:59.320 --> 00:35:06.040
considered. Like it's and this is why I'm a I'm somebody who I mean, again, obviously

00:35:06.040 --> 00:35:12.280
you don't want to ever you don't want to ever like, you know, idealize any political

00:35:12.280 --> 00:35:16.360
situation. But like, again, the idea of like we're at we're at a point where the vast

00:35:16.360 --> 00:35:22.360
majority of people would see a king reigning as like the most unthinkable, like

00:35:22.360 --> 00:35:23.840
totally backwards thing.

00:35:24.239 --> 00:35:28.399
And meanwhile, I'm just like looking at this thing like, yeah, you know what?

00:35:28.399 --> 00:35:30.959
Actually, it's a lot more efficient.

00:35:31.520 --> 00:35:33.439
There's you know, obviously it can go wrong.

00:35:33.439 --> 00:35:37.639
But like if you have a bunch of people who are just recognizing like, hey, you know

00:35:37.639 --> 00:35:43.560
what? Like there is actually regardless of if it's not stated officially in terms of

00:35:44.320 --> 00:35:47.719
voting or whatever, people have always the people always have power.

00:35:48.080 --> 00:35:50.040
Like they really do always have power.

00:35:50.360 --> 00:35:54.840
And so like, you know, there's just I just think in really realistically, there's not

00:35:54.840 --> 00:35:58.959
much. I mean, still, if you look at today, like the effect, like what are most people

00:35:58.959 --> 00:36:00.560
doing with their political freedom?

00:36:01.080 --> 00:36:05.080
Like what are they actually are they are they actually using it in a way that is like

00:36:05.080 --> 00:36:07.800
discernibly a benefit to say?

00:36:07.800 --> 00:36:11.600
I don't think so. Like there's I mean, you're talking I don't know what percentage of

00:36:11.600 --> 00:36:15.919
people actually vote. There's I mean, like only like I want to say it's like 50 or 60

00:36:15.919 --> 00:36:17.280
percent of people actually vote.

00:36:17.280 --> 00:36:18.600
So you've got 40 percent of people.

00:36:18.800 --> 00:36:24.520
And I just look at the point where really like I think that I mean, you see this in El

00:36:24.520 --> 00:36:28.560
Salvador and again, we can debate about, you know, I know there's I guess there's like a

00:36:28.560 --> 00:36:33.399
hundred journalists and activists who like fled El Salvador in the last few days here

00:36:33.399 --> 00:36:35.919
because apparently, you know, I don't know.

00:36:35.919 --> 00:36:42.719
I was glad seeing the saying that Bukele's people are thieves and they're corrupt and

00:36:42.719 --> 00:36:45.120
they're you know, this is getting exposed.

00:36:45.120 --> 00:36:46.320
And so these people are fleeing.

00:36:46.560 --> 00:36:50.280
So, again, I'm not trying to idealize it and basically say, look, all you have to do is put

00:36:50.280 --> 00:36:55.000
a king in there. But I just I just don't think it's as straightforward as as American

00:36:55.000 --> 00:36:58.560
education would have you believe, where it's like, listen, we just put in the democracy

00:36:58.560 --> 00:36:59.600
and everything gets better.

00:36:59.840 --> 00:37:02.040
It's like, show me that throughout history.

00:37:02.040 --> 00:37:03.040
I don't see that anywhere.

00:37:03.040 --> 00:37:03.679
But sure.

00:37:04.479 --> 00:37:05.719
You must have been homeschooled.

00:37:06.399 --> 00:37:08.080
Yeah, I was definitely homeschooled.

00:37:08.159 --> 00:37:11.320
I'll be schooled. The government will solve all of my problems.

00:37:11.959 --> 00:37:16.280
Yeah. The nobody's sitting here is going to be like, what?

00:37:16.280 --> 00:37:18.479
No democracy.

00:37:18.760 --> 00:37:20.479
Yeah, I'll pray for people watching.

00:37:20.479 --> 00:37:21.600
You're just like, what?

00:37:23.280 --> 00:37:23.520
Yeah.

00:37:25.159 --> 00:37:29.360
Good. Part of part of the problem you're describing here is like.

00:37:30.239 --> 00:37:34.679
One, the public education teaches us, oh, yeah, well, you can do exactly the thing, but

00:37:34.679 --> 00:37:37.879
like to the just the reflexive nature of a democracy.

00:37:37.959 --> 00:37:42.719
Oh, it's good because it's good because you can vote and then change the thing that you

00:37:42.719 --> 00:37:46.479
think. And like, oh, if it's bad, we'll then vote or whatever.

00:37:46.479 --> 00:37:49.600
And we're basically sitting in this this.

00:37:50.679 --> 00:37:58.639
Soup of civilization, if you will, like hardly a building, mostly a soup, and it's like

00:38:00.360 --> 00:38:06.000
people are stuck at a job trying to make their practically people are stuck at a job

00:38:06.000 --> 00:38:07.120
trying to make ends meet.

00:38:07.560 --> 00:38:12.479
And the only valve, the only like pressure gauge that they really have or think that

00:38:12.479 --> 00:38:15.280
they have is to vote in your democracy.

00:38:15.520 --> 00:38:21.239
Right. And it comes out like, oh, just vote for this or vote for everything's terrible

00:38:21.239 --> 00:38:27.080
in California. That's because the Democrats and therefore we to fix California, we have

00:38:27.320 --> 00:38:32.239
to elect Republicans and like everyone just buys into that.

00:38:32.479 --> 00:38:34.639
It's like, why buy into that?

00:38:35.320 --> 00:38:37.840
Well, they buy into it because they don't have any time to actually research it.

00:38:38.280 --> 00:38:41.320
They buy into it because their time preferences are so high.

00:38:41.679 --> 00:38:48.399
They can't they literally can't look back a month, six months, four years previous to

00:38:48.399 --> 00:38:54.840
the previous administration's absolute destruction that they caused on the other side

00:38:54.840 --> 00:38:56.280
of the political spectrum.

00:38:56.520 --> 00:39:00.600
And then it just it just goes in circles and circles and circles and nothing ever gets

00:39:00.600 --> 00:39:02.360
fixed and no problems are ever actually solved.

00:39:05.679 --> 00:39:10.000
I think one of the other things that's interesting about like the the practical

00:39:10.000 --> 00:39:12.600
applications of Bitcoin in that regard, like.

00:39:14.800 --> 00:39:23.040
The lowering of time preferences for society, I think, will be a shock to most people,

00:39:23.639 --> 00:39:29.639
like especially when we get into an AI world where, you know, I feel we're going to

00:39:29.639 --> 00:39:33.879
learn the Europeans had it right or it's like Pasigata in Italy where people just kind

00:39:33.879 --> 00:39:35.360
of like take a walk in the afternoon.

00:39:35.360 --> 00:39:37.360
They kind of like slow down life.

00:39:38.000 --> 00:39:41.000
I think we're so conditioned to microwave everything.

00:39:41.000 --> 00:39:42.840
We microwave solutions vote harder.

00:39:42.840 --> 00:39:44.959
We microwave like problems.

00:39:44.959 --> 00:39:48.520
Oh, we're going to build this building with like, you know, we're going to 3D print a

00:39:48.520 --> 00:39:50.439
building with concrete. OK, cool.

00:39:50.439 --> 00:39:51.399
You can do that.

00:39:51.520 --> 00:39:54.879
Sure, we just built a skyscraper in China in three minutes.

00:39:55.760 --> 00:39:57.479
But is it pretty? Is it beautiful?

00:39:57.479 --> 00:40:01.399
Like, is it something that people actually like put a lot of thought and effort into

00:40:01.399 --> 00:40:02.399
every inch of?

00:40:02.479 --> 00:40:03.639
No, not at all.

00:40:03.840 --> 00:40:09.320
And I think that's one of the things that we're losing with the current just like

00:40:09.320 --> 00:40:12.520
really like high time preference living.

00:40:13.280 --> 00:40:17.639
And Bitcoin will practically solve that as it continues to become the bedrock of the

00:40:17.639 --> 00:40:18.879
financial institution.

00:40:19.439 --> 00:40:22.840
I think even the finance people are going to have to like change a little bit of the

00:40:22.840 --> 00:40:26.280
way that they think. I think Bitcoin settling every 10 minutes is going to kind of keep

00:40:26.280 --> 00:40:28.840
them in this like, oh, hey, I can do this and be a little bit frenetic.

00:40:29.239 --> 00:40:34.439
But I think in the long term, when finance companies continue to realize, hey, I can

00:40:34.439 --> 00:40:39.080
just hold on to this asset and make an additional billion dollars by doing nothing.

00:40:40.120 --> 00:40:42.439
They're going to they're going to look at that and the nations are going to look at

00:40:42.439 --> 00:40:48.399
that and then just practically it's going to be the biggest kind of like tsunami of

00:40:48.399 --> 00:40:54.040
understanding that sometimes doing nothing is actually the best way to live.

00:40:54.120 --> 00:40:56.639
And so I think that's going to be a really cool thing to see.

00:40:58.320 --> 00:41:00.120
I just don't know how long it's going to take to get there.

00:41:02.399 --> 00:41:09.280
Bondor tweeted something yesterday that kind of blew my mind about nonprofits that it

00:41:09.280 --> 00:41:11.479
was specifically in regards to the L.A.

00:41:11.800 --> 00:41:14.879
There was this concert held for victims of L.A.

00:41:14.879 --> 00:41:19.959
fires and all of the money that was raised essentially went to the nonprofits and none

00:41:19.959 --> 00:41:23.000
of it went to anybody who lost a home in the fires.

00:41:23.919 --> 00:41:29.199
And he was saying most nonprofits, most of the money they take in go to just operating

00:41:29.199 --> 00:41:35.080
the nonprofit. And Bondor, you brought up that if all of the money had been transacted

00:41:35.080 --> 00:41:39.239
in Bitcoin, you would be able to follow and see exactly where it went.

00:41:40.399 --> 00:41:44.199
So you could see if all of it went into an individual's wallet or if it went to the

00:41:44.199 --> 00:41:47.719
company and if it went to the company, what operations it paid for.

00:41:48.399 --> 00:41:52.800
So that's going to be a really interesting development as people start to transact more

00:41:52.800 --> 00:41:57.560
and more in Bitcoin. You can completely hold the government accountable if they charge

00:41:57.560 --> 00:42:02.439
you taxes. You can watch and see exactly where those taxes go.

00:42:03.320 --> 00:42:07.600
There's actually going to be a like, OK, competitive landscape.

00:42:08.840 --> 00:42:12.919
One nonprofit accepts only Bitcoin and publishes their address.

00:42:12.919 --> 00:42:17.679
Hey, this is we're a nonprofit like we're we want to be above board.

00:42:17.679 --> 00:42:21.959
We want to be transparent. We want you to we want to be able to show you that the money

00:42:21.959 --> 00:42:25.600
you give us goes and exactly where it goes.

00:42:25.600 --> 00:42:30.600
Right. The nonprofit that does that is going to be light years ahead of the nonprofit

00:42:30.600 --> 00:42:36.120
who's just like opaque legacy banking, just black box.

00:42:36.159 --> 00:42:38.919
Oh, yeah. Give it to us. We'll we'll we'll take care of it.

00:42:38.919 --> 00:42:41.719
Yeah. Yeah. We'll we'll fix the homeless problem versus.

00:42:41.719 --> 00:42:45.800
Yeah. No. Yeah. You can see like, you know, when you give us money, this is where it goes.

00:42:45.800 --> 00:42:48.280
You can see how it's funneled. You can see our accounts.

00:42:48.320 --> 00:42:52.679
You can see all our salaries, the rest of it, because we're not trying to make money,

00:42:52.679 --> 00:42:57.120
guys. We're out here literally trying to solve the problem and you can actually trace the.

00:42:58.239 --> 00:43:04.320
Money flow. Yeah. And this is there's some really cool precedent for this in a couple

00:43:04.320 --> 00:43:09.600
different ways. So charity water was is a charity basically dig wells all over the world

00:43:09.600 --> 00:43:11.080
and try to provide clean water.

00:43:11.560 --> 00:43:17.199
And one of the things that they like their founder was live for a time as a party promoter

00:43:17.199 --> 00:43:19.320
in New York City. Young guy worked in.

00:43:19.320 --> 00:43:24.199
I mean, he was like, again, probably I think when he first started, he was like 18, moved

00:43:24.199 --> 00:43:28.360
to New York City, partying like strip clubs, like working all these things, just getting

00:43:28.360 --> 00:43:32.120
to know people, became friends with a whole bunch of like models and actors and all kinds

00:43:32.120 --> 00:43:36.080
of people, and then ended up just having like a crisis of faith.

00:43:36.439 --> 00:43:41.760
And just realized after like three days of partying, he's like, man, if I were to die

00:43:41.760 --> 00:43:47.120
right now, he's like, I will have only served myself for my entire adult life.

00:43:47.520 --> 00:43:50.239
And so he just basically started looking for a place to go and serve.

00:43:50.919 --> 00:43:55.040
He hopped on a mercy ship, saw the need for, you know, which is a mercy ship.

00:43:55.040 --> 00:43:59.600
So these things where you can work for them for a period of time, you literally drive

00:43:59.600 --> 00:44:03.520
around in a boat and they pull into ports in poor countries and basically start doing

00:44:03.520 --> 00:44:04.840
free medical service for people.

00:44:05.320 --> 00:44:08.520
And so he just got to the point where he's like, hey, you know, clean water is a real

00:44:08.520 --> 00:44:15.639
need. So as he was trying to set up this nonprofit to provide clean water, he just knew

00:44:15.639 --> 00:44:20.959
that with a lot of the people that he was talking to, trust of institutions was very

00:44:20.959 --> 00:44:26.760
low. And there was a lot of suspicion about giving money to an institution because of

00:44:27.159 --> 00:44:29.320
just the question of where is this money actually going to go?

00:44:29.320 --> 00:44:32.159
Does this actually really affect impact people?

00:44:32.520 --> 00:44:38.479
And so he was trying to figure out, like, how do we structure this nonprofit so that we

00:44:38.479 --> 00:44:43.679
can say that all of the money that comes in goes right back out to water projects?

00:44:44.120 --> 00:44:48.800
And so what he decided to do is he presented this problem to people who were in Silicon

00:44:48.800 --> 00:44:54.120
Valley. And these are people who understand that like you need structure, you need like

00:44:54.159 --> 00:44:59.479
you need back end resources and processes and money to fund all these things.

00:45:00.000 --> 00:45:06.120
And so what he did was he basically found a group of tech founders who were willing to

00:45:06.120 --> 00:45:08.000
pay their operational costs.

00:45:08.639 --> 00:45:11.560
They would donate the money specifically for their operation costs.

00:45:11.879 --> 00:45:18.399
And then every dollar that comes in the door to fund to fund basically that for people

00:45:18.399 --> 00:45:22.479
trying to fund water projects is going right back out the door to fund water projects.

00:45:23.080 --> 00:45:30.919
So I do think I do think on for for many things, Bitcoin will provide the same the same

00:45:30.919 --> 00:45:33.800
sort of flexibility and the same sort of transparency.

00:45:33.840 --> 00:45:35.399
Like there's there's a way to do that.

00:45:36.239 --> 00:45:43.320
At the same time, there will need to be some clandestinality, if that's a word, like to

00:45:43.320 --> 00:45:45.959
do some things that certain nonprofits are doing.

00:45:46.639 --> 00:45:51.919
There are nonprofits that are working to move resources and different things into places

00:45:51.919 --> 00:45:56.800
like North Korea or places in the Middle East and other places where it is illegal to

00:45:56.800 --> 00:46:00.239
do whatever the thing that this nonprofit is doing, even though it's totally above board,

00:46:00.239 --> 00:46:03.560
whether it's humanitarian services, whether it's whatever it is.

00:46:03.919 --> 00:46:10.479
And so there will be need the need for for some lack of you could call it lack of

00:46:10.479 --> 00:46:11.520
transparency.

00:46:12.879 --> 00:46:16.360
But and again, this is something that even Bitcoin does enable with things like the

00:46:16.360 --> 00:46:22.520
Lightning Network and things like other other third layers where you can use Bitcoin, but

00:46:22.520 --> 00:46:24.399
not in a way that's able to be tracked on the blockchain.

00:46:24.439 --> 00:46:28.120
So I do think that there's there's a place for more transparency.

00:46:28.120 --> 00:46:29.679
I do think it would be a benefit.

00:46:30.239 --> 00:46:31.639
And I do think there's opportunity.

00:46:32.320 --> 00:46:36.879
And so, you know, for and so the people who are going to be starting Bitcoin to nominate

00:46:36.879 --> 00:46:41.919
a nonprofit or and running them have a tremendous, even just marketing opportunity to kind

00:46:41.919 --> 00:46:43.800
of talk about this from that perspective.

00:46:43.959 --> 00:46:46.159
That's a beauty of Bitcoin, that there's both.

00:46:46.600 --> 00:46:54.159
Yeah, there's transparency or you can have it not be transparent, you can choose.

00:46:54.399 --> 00:46:54.600
Yep.

00:46:56.600 --> 00:47:00.439
It's interesting, I'm doing a side conversation with AI right now just to try and figure

00:47:00.439 --> 00:47:07.399
out like the philanthropic like benefits that are actually getting to the people that

00:47:07.399 --> 00:47:11.879
they're trying to help. And the fascinating piece about this is like even the AI is like,

00:47:11.879 --> 00:47:16.080
oh, I don't know, like once you get past the first layer in the veil, you have no idea

00:47:16.439 --> 00:47:22.639
because it goes from box A where they're like, oh, 80 percent of box A is going into a

00:47:22.639 --> 00:47:23.840
good charitable box.

00:47:24.040 --> 00:47:28.520
Oh, by the way, it's just going to another box that that box is also 80 percent.

00:47:28.520 --> 00:47:32.439
It's like just these boxes of, you know, the shell game and the shell game is just

00:47:32.439 --> 00:47:36.679
constantly moving the money further and further and further down the hole where people

00:47:36.679 --> 00:47:40.000
are just taking more and more of a cut out of it all the way to where it just kind of

00:47:40.000 --> 00:47:42.080
funnels into the pockets of politicians and other people.

00:47:42.080 --> 00:47:48.000
And even now it's like looking at the different like watchdog organizations is like, oh,

00:47:48.000 --> 00:47:54.239
hey, where do you actually get the money to fund your watchdog organization?

00:47:54.239 --> 00:47:56.399
Oh, from the people that were the watchdog of.

00:47:56.399 --> 00:47:58.959
It's like, oh, oh, really?

00:47:58.959 --> 00:47:59.360
Yes.

00:47:59.360 --> 00:48:04.879
Speaking of Bear Stearns and all these other large organizations that are doing Moody's,

00:48:04.879 --> 00:48:08.080
the funding movies, yeah, Moody's and all these other things.

00:48:08.239 --> 00:48:12.320
Yeah, Moody's and all these other S&P and whatnot standards and poor.

00:48:12.320 --> 00:48:16.719
And so it's just, you know, whenever the government says they're going to audit

00:48:16.719 --> 00:48:18.719
themselves, all you need to do is laugh.

00:48:20.159 --> 00:48:23.840
That's it, because they're not actually going to audit themselves like the only way

00:48:23.840 --> 00:48:27.439
to have a proper audit is to have a unbiased third party.

00:48:27.439 --> 00:48:30.639
Actually, you actually want a biased third party to come in.

00:48:30.639 --> 00:48:35.040
You want somebody who has a vested interest in actually rooting out the rot, because if

00:48:35.040 --> 00:48:41.199
you have an unbiased third party, they can be biased and they will be biased.

00:48:41.199 --> 00:48:43.040
And so I think that's one of the things with Bitcoin.

00:48:43.040 --> 00:48:46.080
Practically, Bitcoin solves all the problems we're talking about with the government,

00:48:46.080 --> 00:48:51.439
because if you can track the wallets all the way back to, hey, I made this donation to

00:48:51.439 --> 00:48:52.479
the government.

00:48:52.479 --> 00:48:56.159
By the way, my money went to the Pentagon, and I know that I just saw the money that

00:48:56.159 --> 00:49:00.479
I donated to the government or spent on my taxes go directly to bombing some kids somewhere

00:49:00.479 --> 00:49:01.360
in the world.

00:49:01.360 --> 00:49:03.120
I might not actually like that.

00:49:03.120 --> 00:49:09.520
And so this obfuscation of the dollars and how they're spent is one of the reasons we

00:49:09.520 --> 00:49:14.639
have such a poorly run government, because they can hide behind things.

00:49:14.639 --> 00:49:18.080
And so I think that's the thing that's going to be solved by Bitcoin.

00:49:18.080 --> 00:49:23.600
And just the move towards cryptocurrencies is we're going to have a lot more efficiency.

00:49:23.600 --> 00:49:26.479
But that's actually why you need to use Bitcoin, because at the end of the day, they're

00:49:26.479 --> 00:49:30.879
going to use Monero or they're going to use any of these other cryptos that are actually

00:49:30.879 --> 00:49:32.560
just scams.

00:49:32.560 --> 00:49:35.679
And then they know that they can hide behind the scam, because the biggest scam is the

00:49:35.679 --> 00:49:36.239
US dollar.

00:49:37.360 --> 00:49:44.000
So all of the transparency point is super valid.

00:49:44.000 --> 00:49:50.719
Obviously, you want to have, as Jordan notes, you want to have some obfuscation in particular

00:49:50.719 --> 00:49:51.280
situations.

00:49:52.080 --> 00:49:57.040
But there's another side to it as well, which is you can think of it almost like the opposite

00:49:57.040 --> 00:50:05.840
side, which is when you donate to a nonprofit, you want to be sure that they can actually

00:50:05.840 --> 00:50:09.919
execute on the intended purpose, right?

00:50:10.959 --> 00:50:15.040
For instance, the truckers in Canada.

00:50:15.679 --> 00:50:23.280
If you're donating to the truckers in Canada via a bank account, and the government who

00:50:23.360 --> 00:50:28.479
they're protesting can shut down their bank accounts, you're not donating any money to

00:50:28.479 --> 00:50:29.120
the truckers.

00:50:29.120 --> 00:50:31.120
You're donating money to the government, right?

00:50:31.120 --> 00:50:35.199
Or to the banks or whoever else is confiscating the end result there, right?

00:50:35.199 --> 00:50:45.600
So you need something that is both transparent and obfuscatable and permissionless.

00:50:45.600 --> 00:50:46.479
You can't shut it down.

00:50:47.919 --> 00:50:48.800
Which is Bitcoin.

00:50:49.360 --> 00:50:52.320
This is the whole Bitcoin solves this problem.

00:50:52.320 --> 00:51:02.239
Bitcoin practically brings permissionlessness to a nonprofit or a cause or an organization

00:51:02.239 --> 00:51:08.000
that allows them to operate independently without risk of being debanked or shut down.

00:51:09.199 --> 00:51:12.800
Yeah, I do think, again, beyond that, there are some other things that...

00:51:12.800 --> 00:51:17.919
So I mean, the fact that an increasing percentage of donations to nonprofits,

00:51:17.919 --> 00:51:21.919
denominated in fiat, are going towards operations, that shouldn't surprise anybody,

00:51:21.919 --> 00:51:23.360
because that's like fiat's fault.

00:51:23.360 --> 00:51:27.679
I mean, there comes a point at which, yeah, okay, this is just what happens.

00:51:27.679 --> 00:51:31.280
Everything goes up in price, denominated in fiat.

00:51:31.280 --> 00:51:33.360
And so then it also shouldn't surprise us.

00:51:33.360 --> 00:51:34.800
I was texting back and forth.

00:51:34.800 --> 00:51:37.199
JD sent me the tweet that you sent.

00:51:37.199 --> 00:51:40.639
And I was like, well, it's like, part of this is fiat's problem.

00:51:40.639 --> 00:51:42.479
Part of this is California's problem.

00:51:42.479 --> 00:51:47.360
Because if you've got nonprofits specifically related to the fire money, it's like, if you've

00:51:47.360 --> 00:51:50.800
got nonprofits that are operating in California, they're going to have much higher operating

00:51:50.800 --> 00:51:53.919
budgets, because their salaries are going to need to be higher to be able to pay insane

00:51:54.479 --> 00:51:56.080
California real estate prices.

00:51:56.080 --> 00:52:00.800
And so it wouldn't surprise me in order to see a nonprofit exodus from California.

00:52:02.560 --> 00:52:04.479
Some of this might already be happening.

00:52:05.360 --> 00:52:06.639
That's just making it worse.

00:52:06.639 --> 00:52:12.080
So if you're founding, if you've got the nonprofit that's based in Wyoming or whatever,

00:52:13.439 --> 00:52:15.120
that's just a way to make even more money.

00:52:15.120 --> 00:52:20.560
But definitely, if your nonprofit organization is founded in California, you're going to still,

00:52:21.520 --> 00:52:25.600
if you're trying to pay Californians, you're going to need to pay them a lot more than

00:52:25.600 --> 00:52:27.600
somebody who's living in Iowa or something like that.

00:52:28.479 --> 00:52:30.000
So again, this is my argument.

00:52:30.000 --> 00:52:32.800
I was like, see, listen, so part of this is we just need to adopt Bitcoin.

00:52:32.800 --> 00:52:35.040
The other part is we just need to abandon California.

00:52:35.040 --> 00:52:41.040
So as he says this to two people who are actively in California.

00:52:41.040 --> 00:52:42.399
That's the joke, yeah.

00:52:42.479 --> 00:52:46.560
But again, that problem is solved by Bitcoin.

00:52:46.560 --> 00:52:53.040
Practically, Bitcoin reduces real estate prices because it takes out monetary premium on real

00:52:53.040 --> 00:52:53.679
estate.

00:52:53.679 --> 00:53:01.520
So both Anton and I have been following real estate in LA and California for a long time.

00:53:01.520 --> 00:53:04.159
Just it's part of what you have to do to live here, right?

00:53:05.040 --> 00:53:08.239
And I'm already seeing it over the last six months.

00:53:08.239 --> 00:53:10.239
Prices in real estate are coming down.

00:53:10.239 --> 00:53:12.479
Now, is that because of Bitcoin?

00:53:12.479 --> 00:53:14.320
It's probably because the interest rate is really high.

00:53:14.320 --> 00:53:19.919
But when you price it all in Bitcoin, it's coming down even more, right?

00:53:20.479 --> 00:53:21.040
Yeah.

00:53:21.040 --> 00:53:23.280
Just from the last six months of Bitcoin bull run.

00:53:24.239 --> 00:53:28.239
If you're saving in Bitcoin, if you're denominating in Bitcoin, real estate is just getting cheaper

00:53:28.239 --> 00:53:29.600
and cheaper and cheaper and cheaper.

00:53:30.239 --> 00:53:34.959
And practically, that's a huge thing because everyone's like, well, I need a place to live.

00:53:34.959 --> 00:53:36.320
Everybody needs a place to live.

00:53:37.280 --> 00:53:40.959
Every, like in California, every other person is homeless.

00:53:40.959 --> 00:53:46.239
Well, gosh, like you see these, wow, this is connecting some dots on some practical

00:53:46.239 --> 00:53:47.199
solutions to things.

00:53:48.479 --> 00:53:52.159
I'm seeing something slightly different than that.

00:53:52.159 --> 00:54:00.399
Whereas real estate has been falling in price in nominal terms for some properties, it's

00:54:00.399 --> 00:54:02.479
been going up for other properties.

00:54:02.479 --> 00:54:08.239
And what I believe is happening, and this could be happening as a result of Bitcoin,

00:54:10.000 --> 00:54:14.800
properties, if they are truly valuable, remain valuable.

00:54:15.840 --> 00:54:19.280
But it's revealing which properties aren't as valuable.

00:54:19.280 --> 00:54:19.919
So you'll have a-

00:54:19.919 --> 00:54:21.199
Speculative or something.

00:54:21.199 --> 00:54:21.840
Yeah.

00:54:21.840 --> 00:54:24.560
You'll literally have a house that is on the freeway.

00:54:25.280 --> 00:54:30.560
And it had been used as essentially almost like an altcoin before.

00:54:30.560 --> 00:54:36.080
It's like a place to put your money because real estate prices just go up forever in California.

00:54:36.080 --> 00:54:40.800
It's just like buy any piece of real estate, you can park a little bit of money for there,

00:54:40.800 --> 00:54:43.520
and you will be able to sell it for more money a little bit down the road.

00:54:44.320 --> 00:54:46.399
That's how real estate has been treated here.

00:54:46.399 --> 00:54:53.360
It's why people will not give deals on real estate to friends or family or anything like

00:54:53.360 --> 00:54:58.959
that because everybody's like, I have an absolute jackpot sitting here if I own this house.

00:54:59.919 --> 00:55:07.520
And as Bitcoin becomes more and more the standard, and people realize that they can park their

00:55:07.520 --> 00:55:12.080
wealth in Bitcoin rather than having to speculate in all these different markets,

00:55:12.080 --> 00:55:16.639
it is going to reveal true value, which is exactly what is happening.

00:55:16.639 --> 00:55:20.719
And so we're going to see more and more and more of that, which is kind of cool.

00:55:21.600 --> 00:55:22.639
Absolutely.

00:55:22.639 --> 00:55:26.399
One thing we're getting to the close to the end of the show.

00:55:26.399 --> 00:55:28.959
We still got maybe five, 10 minutes left, but I wanted to bring this up because

00:55:29.520 --> 00:55:35.040
this is a hugely practical thing that a lot of people struggle with with regard to Bitcoin,

00:55:35.040 --> 00:55:41.360
which is you are working four jobs.

00:55:41.360 --> 00:55:43.679
You have 80 hours a week.

00:55:43.679 --> 00:55:45.520
You have all these expenses.

00:55:45.520 --> 00:55:49.199
You have zero ability to save or invest, right?

00:55:49.760 --> 00:55:55.360
Practically, you think Bitcoin is not for me because there's nothing I can do.

00:55:55.360 --> 00:56:01.760
There's no amount of time or energy or money or any kind of possible resource that I can

00:56:01.760 --> 00:56:05.760
actually put into Bitcoin, even if it's like an hour a week of research.

00:56:06.479 --> 00:56:07.919
I cannot do this, right?

00:56:08.639 --> 00:56:11.760
So practically, how does Bitcoin solve this problem?

00:56:11.760 --> 00:56:16.800
Now, I've gotten into a whole bunch of arguments with people about this online.

00:56:16.800 --> 00:56:24.399
I think this is the end result, and I've gone down this path for a while.

00:56:24.399 --> 00:56:26.239
Okay, so here's the idea.

00:56:26.800 --> 00:56:33.840
The idea is that if you negotiate your salary because you're getting paid, you've admitted

00:56:33.840 --> 00:56:34.719
you're getting paid, right?

00:56:34.719 --> 00:56:37.199
Like you have to meet your bills, you're getting paid.

00:56:37.199 --> 00:56:44.479
So if you renegotiate your salary into a flat rate in Bitcoin terms, a flat rate Bitcoin salary

00:56:44.479 --> 00:56:47.919
where you're not taking a pay cut or you're not asking for more money, you're just getting paid

00:56:47.919 --> 00:56:52.560
in Bitcoin at a flat rate, whatever your current salary is or your current income.

00:56:53.360 --> 00:56:59.919
That is how you get access to everything we're talking about, because what's going to happen

00:56:59.919 --> 00:57:07.520
is that your salary is then going to be tied to Bitcoin and no longer tied to inflation or USD.

00:57:08.560 --> 00:57:09.520
What are the consequences there?

00:57:09.520 --> 00:57:12.639
Well, your salary is going to be more volatile.

00:57:12.639 --> 00:57:17.600
Okay, so you would ask in your negotiation for your salary, you would ask for a minimum

00:57:18.560 --> 00:57:20.159
exchange rate, right?

00:57:21.280 --> 00:57:23.439
Over like the next six months or a year or something.

00:57:24.159 --> 00:57:33.520
And you would also concede with your employer as a negotiation tactic, as a part of asking

00:57:33.520 --> 00:57:39.120
for a salary in no longer a fiat salary, but a flat rate Bitcoin salary.

00:57:39.120 --> 00:57:43.760
You would concede to your employer that at the end of every year, we get to renegotiate

00:57:43.760 --> 00:57:48.800
my salary, bring it up to, or bring it down to where, what is the

00:57:50.320 --> 00:57:54.959
copacetic agreement about what my salary should be at the end of the year, right?

00:57:55.679 --> 00:57:57.840
But why does this matter?

00:57:58.959 --> 00:58:00.000
Why should you do this?

00:58:00.719 --> 00:58:07.679
This completely inverts the dynamic that we talked about earlier, where your employer owns you.

00:58:08.639 --> 00:58:16.719
This changes it from you now have the upper hand against your employer because your salary

00:58:16.719 --> 00:58:18.639
is going to beat inflation.

00:58:18.639 --> 00:58:24.479
Your salary is going to become a liability to them if they don't address it and renegotiate

00:58:24.479 --> 00:58:25.280
with you.

00:58:25.280 --> 00:58:31.600
Okay, so, oh, well, practically, again, getting back to practically, does this actually work?

00:58:31.600 --> 00:58:33.040
So I ran the numbers on it.

00:58:33.840 --> 00:58:42.479
Here's a graph that basically on the top in the orange, this is a projected Monte Carlo

00:58:42.479 --> 00:58:50.560
simulation for Bitcoin's price using the meme, three green, one red, which is to say Bitcoin

00:58:50.560 --> 00:58:57.679
on average goes up three years in a row and then crashes for one year.

00:58:57.679 --> 00:59:03.280
So up 20%, up 40%, up 60%, down 40%, right?

00:59:03.280 --> 00:59:08.719
So that's the orange going up is the Bitcoin projected Bitcoin price starting from today.

00:59:09.280 --> 00:59:18.639
And then the green line is your savings if you're getting paid in Bitcoin and your expenses

00:59:19.439 --> 00:59:22.159
are denominated in fiat.

00:59:22.479 --> 00:59:28.560
So as you can see, after about 2.5 years, there are no simulations, in which case, or

00:59:28.560 --> 00:59:39.120
no simulations where you are no longer broke, no longer without savings.

00:59:41.120 --> 00:59:48.639
And the reason that works is because you like the amount of money you're getting paid exceeds

00:59:48.800 --> 00:59:58.080
exceeds the inflation that your lifestyle will naturally engender and your just cost

00:59:58.080 --> 00:59:58.800
of living stuff.

00:59:59.439 --> 01:00:00.239
Yeah, right.

01:00:00.879 --> 01:00:03.280
So this is a very practical thing.

01:00:03.280 --> 01:00:04.320
You can do this today.

01:00:04.320 --> 01:00:06.800
You don't even need to buy Bitcoin or invest or anything.

01:00:06.800 --> 01:00:08.800
Just renegotiate your salary into a flat rate.

01:00:09.600 --> 01:00:10.479
Jordan, thoughts?

01:00:11.199 --> 01:00:12.320
I like the idea.

01:00:13.120 --> 01:00:19.280
It's going to get, again, somebody's going to be a genius and get this in writing and

01:00:19.280 --> 01:00:23.600
they're going to hit it at the perfect timing and absolutely make a killing and their employer's

01:00:23.600 --> 01:00:28.239
head's going to explode when they realize like, oh, shoot, what did we do?

01:00:30.000 --> 01:00:33.040
And then at that point, I mean, it's just one of those things at that point.

01:00:33.040 --> 01:00:35.199
It's like, well, can they just fire you?

01:00:35.199 --> 01:00:38.320
If it gets to the point where you're literally making three times more than you were supposed

01:00:38.320 --> 01:00:42.000
to, are they just going to fire you and then they don't have to worry about it?

01:00:42.320 --> 01:00:43.760
It's just one of these things where-

01:00:43.760 --> 01:00:44.879
That's exactly it.

01:00:44.879 --> 01:00:46.800
But again, you can write that in the contract.

01:00:46.800 --> 01:00:51.120
Hey, if it exceeds this amount, that triggers a renegotiation process.

01:00:51.120 --> 01:00:51.520
Sure.

01:00:51.520 --> 01:00:52.399
Okay, yeah.

01:00:52.399 --> 01:00:55.360
And it's like, yeah, but you can just plan for all of that stuff.

01:00:55.360 --> 01:00:59.439
And then the company's like, well, what's the cost for us?

01:01:00.639 --> 01:01:03.520
If you're willing to set the minimum exchange rate-

01:01:03.520 --> 01:01:05.679
And it goes down, it could be, yeah.

01:01:05.679 --> 01:01:10.719
If you're willing to set that 10% below your current salary, well, the company's going

01:01:10.719 --> 01:01:13.760
to be like, well, wait a second, we might be able to save 10%.

01:01:15.520 --> 01:01:16.800
We're bearish on Bitcoin.

01:01:16.800 --> 01:01:18.239
We don't believe in this thing, whatever.

01:01:18.879 --> 01:01:22.080
I want to save 10% on my employee salary.

01:01:22.080 --> 01:01:23.840
Absolutely, let's do it.

01:01:23.840 --> 01:01:26.879
And it's like, no, but that could catch up to them at the end of the year.

01:01:27.760 --> 01:01:31.600
But you can kind of see how this plays out.

01:01:31.600 --> 01:01:37.120
You're like, wait a second, this could actually solve a lot of the issues with regard to,

01:01:37.360 --> 01:01:39.840
yeah, I have zero savings.

01:01:39.840 --> 01:01:40.879
I have zero time.

01:01:40.879 --> 01:01:43.840
I have zero ability to pay attention to any of this stuff.

01:01:43.840 --> 01:01:45.840
I have like, just, you just go through it.

01:01:45.840 --> 01:01:46.879
You're like, oh, interesting.

01:01:46.879 --> 01:01:49.520
Yeah, I would be more dubious that even that would work.

01:01:49.520 --> 01:01:54.320
Because again, even if it's, again, because the point is, when it starts to disadvantage

01:01:54.320 --> 01:01:59.840
the company, like even if they're like, oh, look, we saved 10% and we can fire him when

01:01:59.840 --> 01:02:03.439
it gets to me, or like, it's just one of these things where I just feel like there's going

01:02:03.439 --> 01:02:05.199
to be a lot of cynical people.

01:02:05.520 --> 01:02:08.879
Cynical people, like there might be some people in the beginning, depending on, really, it

01:02:08.879 --> 01:02:10.879
comes down to the character of your employer, right?

01:02:10.879 --> 01:02:14.560
And it depends, like, I mean, the other thing, it's one thing if your employer is like cash

01:02:14.560 --> 01:02:18.479
rich and they're making, you have a really, you have really good profit margins on your

01:02:18.479 --> 01:02:19.280
product.

01:02:19.280 --> 01:02:22.399
But like, if you're barely, if you as a business, if you're working for somebody who's like

01:02:22.399 --> 01:02:27.600
margins are tighter, then like, you know, there's, I feel like there is a limit to the

01:02:27.600 --> 01:02:32.719
effectiveness of, you know, of like some of this, I don't know, I don't want to call it

01:02:32.719 --> 01:02:36.719
cute, but like some of this like system gaming, like there is a sense in which like this,

01:02:36.719 --> 01:02:37.919
this is going to take longer.

01:02:37.919 --> 01:02:39.040
It's going to be systemic.

01:02:40.399 --> 01:02:43.840
Again, like I think where it could work too, is if you're working for like a big company,

01:02:43.840 --> 01:02:48.800
like if you have a lawyer and, you know, you're, you're working for Apple or something like

01:02:48.800 --> 01:02:49.040
that.

01:02:49.040 --> 01:02:52.879
And, you know, you can, where they, again, you're a, you're a rounding error.

01:02:52.879 --> 01:02:55.360
Like you can kind of disappear and go under the radar.

01:02:56.159 --> 01:02:58.000
I think someplace like that, it's going to work.

01:02:58.000 --> 01:03:02.159
But like, I feel like your average, your average place, even if, you know, unless you're

01:03:02.159 --> 01:03:07.760
capping it, it's something, you know, something like a 10% above or, or I could, you know,

01:03:07.760 --> 01:03:08.320
something like that.

01:03:08.320 --> 01:03:12.479
I feel like it's going to, I don't think it's going to work the way in practicality, the

01:03:12.479 --> 01:03:16.159
way that it would seem to be able to work on paper.

01:03:16.159 --> 01:03:18.080
But again, happy to be wrong.

01:03:18.080 --> 01:03:20.479
There's no point, there's no hurt in having the conversation.

01:03:21.040 --> 01:03:21.760
For sure.

01:03:21.760 --> 01:03:25.439
Here's one other thing that I think is fascinating and interesting about this idea.

01:03:25.520 --> 01:03:31.840
And I think you bring it up nicely, which is, wait a second, how much of your business

01:03:31.840 --> 01:03:39.120
model itself is predicated on just enslaving your employees at a fraction of their time,

01:03:39.120 --> 01:03:39.360
right?

01:03:39.360 --> 01:03:39.919
Yep.

01:03:39.919 --> 01:03:44.399
Because you're just, oh, well, the company is literally just benefiting from the inflation

01:03:44.399 --> 01:03:48.479
because they don't have to pay as much for their salaries year after year, provided they

01:03:48.479 --> 01:03:54.000
don't offer the cost of living increase, which is commensurate with the actual inflation

01:03:54.000 --> 01:03:57.840
that their employee is experiencing, which no company does.

01:03:57.840 --> 01:04:02.080
They just say, oh, the inflation rate is whatever the interest rate is, right?

01:04:02.080 --> 01:04:05.520
Like, oh, that's going to be, and they can contractually, well, if I'm just contractually

01:04:05.520 --> 01:04:09.280
write that into the thing, but like, no, no, no, that's, that's actually a bad business

01:04:09.280 --> 01:04:09.840
model.

01:04:09.840 --> 01:04:10.080
Yeah.

01:04:10.080 --> 01:04:14.639
That's saying that you're just going to cheat your way to the, to your, to your quote unquote

01:04:14.639 --> 01:04:15.280
profits.

01:04:15.280 --> 01:04:16.800
That's just total fiat mindset.

01:04:16.800 --> 01:04:17.840
That's not real.

01:04:17.840 --> 01:04:19.760
That's not a real actual business.

01:04:19.760 --> 01:04:21.280
You guys aren't actually making money.

01:04:21.280 --> 01:04:28.879
You're just arbitraging employment or, or even if you are like, you can still be like,

01:04:28.879 --> 01:04:31.760
even if you are making money and let's say the employer is keeping more of it.

01:04:31.760 --> 01:04:35.679
Like, you know, he's got a couple of employees, he's making out like a King and he just doesn't

01:04:35.679 --> 01:04:36.879
want to share that with his employees.

01:04:36.879 --> 01:04:40.239
Well, again, if they're skilled, if it's skilled labor, then they're going to look up, they're

01:04:40.239 --> 01:04:40.959
going to look elsewhere.

01:04:40.959 --> 01:04:45.120
And so you're going to have to, like, it's going to be a higher cost to, you know, hire

01:04:45.120 --> 01:04:45.840
somebody else.

01:04:45.840 --> 01:04:48.560
And you know, just the efficiency, it's going to go down.

01:04:48.560 --> 01:04:52.239
So like there really are real incentives towards taking care of your employees and acting

01:04:52.239 --> 01:04:52.800
ethically.

01:04:54.560 --> 01:04:58.159
But yeah, it really is fascinating when you start thinking about, again, all the game

01:04:58.159 --> 01:04:58.479
theory.

01:04:58.479 --> 01:05:02.000
It's like you can choose your actions, you can't choose your consequences.

01:05:02.000 --> 01:05:07.760
And the more that you, you know, the more that you try to shortcut and try to not treat

01:05:07.760 --> 01:05:10.719
your employees effectively, you know, there's, there's costs to doing that.

01:05:11.600 --> 01:05:17.679
And as, as employees, as a particular skilled workers come to understand Bitcoin as, as

01:05:17.679 --> 01:05:22.239
everyone is, is on the path to doing, they're going to be like, wait a second.

01:05:22.239 --> 01:05:23.040
It's unethical.

01:05:23.040 --> 01:05:29.600
I mean, my last gig was like, you guys, this is your inflation rate, which was nominally

01:05:29.600 --> 01:05:33.600
2%, but it was obviously like 8% or something.

01:05:33.600 --> 01:05:38.239
It was like, you know, I wrote letters to the company, you guys, I know what's happening.

01:05:39.199 --> 01:05:44.639
I know that you are not meeting the cost of living appropriately.

01:05:44.639 --> 01:05:47.520
It's, it's, it's a disgusting practice.

01:05:47.600 --> 01:05:49.120
Honestly, it's unethical.

01:05:49.679 --> 01:05:51.360
Consequently, what are you going to do about it?

01:05:51.360 --> 01:05:53.439
No response naturally.

01:05:53.439 --> 01:05:54.159
Yep.

01:05:54.159 --> 01:05:54.320
Right.

01:05:54.320 --> 01:05:59.360
And this is, I do think Bitcoin like has a radically, it has the ability to radically

01:05:59.360 --> 01:06:02.560
shift things like this for wealthy people.

01:06:02.560 --> 01:06:08.560
So like one of the examples, I've got a buddy who runs a nonprofit who is, is denominating

01:06:08.560 --> 01:06:10.560
things in, in Bitcoin.

01:06:10.560 --> 01:06:15.919
And like one of the things that they, that they started to look at is, you know, like

01:06:16.000 --> 01:06:16.959
10% raises.

01:06:18.080 --> 01:06:22.959
Like if we hold a big enough percentage of our balance sheet in Bitcoin, like then we

01:06:22.959 --> 01:06:26.000
can, we can do that happily and easily.

01:06:26.000 --> 01:06:27.919
Like that, that's not a big deal.

01:06:28.560 --> 01:06:31.840
Again, if you start with a big enough treasury, you know, that you do these kinds of things,

01:06:31.840 --> 01:06:36.080
like you can, you can actually take care of your people and it not affect your bottom

01:06:36.080 --> 01:06:36.639
line.

01:06:36.639 --> 01:06:42.000
And so what this incentivizes is again, it incentivizes moving towards sound money as

01:06:42.000 --> 01:06:43.120
fast as you can.

01:06:43.120 --> 01:06:46.399
The people who move, the faster you move, the easier it is and the better that you're

01:06:46.399 --> 01:06:50.000
going to be able to treat, you know, your, your customers, your, your employees, all

01:06:50.000 --> 01:06:51.120
these kinds of things.

01:06:51.120 --> 01:06:55.120
And so again, I just think that, and again, you could get to the point where if you get

01:06:55.120 --> 01:06:58.080
the tail end of this thing, you start seeing runaway hyperinflation.

01:06:58.800 --> 01:06:59.679
Oh, that's okay.

01:06:59.679 --> 01:07:03.439
Well, we still have, we have enough Bitcoin that's increased in value enough that we

01:07:03.439 --> 01:07:05.040
can, you can do 20% raises.

01:07:05.040 --> 01:07:10.239
You know, we can, we can actually keep pace with even hyperinflation because of how, like

01:07:10.239 --> 01:07:11.600
because of how Bitcoin works.

01:07:11.600 --> 01:07:15.439
And so, and because of just the way reality works and scarcity works.

01:07:15.439 --> 01:07:21.040
And so again, I think the more that all these nonprofit organizations, in addition to all

01:07:21.040 --> 01:07:26.159
the businesses, like obviously on a business end, but on the nonprofit end, like they,

01:07:26.159 --> 01:07:31.840
they are, you know, even more incentivized to stop, like to start plugging the holes

01:07:31.840 --> 01:07:34.479
in their leaky bucket, you know, as soon as possible.

01:07:35.199 --> 01:07:39.760
It's important to note that people can do this for themselves now.

01:07:39.760 --> 01:07:40.320
Yeah.

01:07:40.320 --> 01:07:42.719
They don't have to wait to get paid in Bitcoin.

01:07:42.719 --> 01:07:45.840
You can take your salary and you can convert it to Bitcoin now.

01:07:45.840 --> 01:07:46.340
Yep.

01:07:46.639 --> 01:07:50.879
So in, in the future, we will have sound money.

01:07:51.439 --> 01:07:57.679
Bitcoin is the future, but do you ever think about the 1920s era in America?

01:07:57.679 --> 01:07:59.919
And you just can't even believe that it ever existed.

01:07:59.919 --> 01:08:04.320
There were actual coinage that had precious metals in them.

01:08:05.199 --> 01:08:09.199
The money was more or less sound during that time period.

01:08:09.199 --> 01:08:10.159
And what did we get?

01:08:10.159 --> 01:08:12.320
We got art deco buildings.

01:08:12.320 --> 01:08:16.560
Sometimes I'll drive through Los Angeles and you drive over these incredibly ornate

01:08:16.560 --> 01:08:21.040
bridges and you're just like, how, how did the government ever build this?

01:08:21.839 --> 01:08:25.600
Why, why were they building things that were aesthetically pleasing that a hundred years

01:08:25.600 --> 01:08:26.879
later are still standing?

01:08:26.879 --> 01:08:30.959
And when we have sound money, again, we will get back to that, to that place.

01:08:30.959 --> 01:08:33.359
It's funny looking at bond doors graph.

01:08:33.919 --> 01:08:34.640
I'm looking at it.

01:08:34.640 --> 01:08:40.879
I'm like, well, if we had sound money, if our money didn't inflate and you just could

01:08:40.879 --> 01:08:47.200
make more money than you had to spend to live, and you just put it in a bank account and

01:08:47.200 --> 01:08:52.879
it grew with interest and that interest compounded over time, then you'd have the same thing.

01:08:52.879 --> 01:08:56.160
But we haven't had sound money in our entire lifetimes.

01:08:56.160 --> 01:08:58.319
And so it looks like magic to us.

01:08:58.319 --> 01:09:04.640
We're like, what are, we could have more wealth later as opposed to less, our, our

01:09:04.640 --> 01:09:11.439
lifestyle could actually increase as opposed to just, we get poorer and poorer and poorer

01:09:11.439 --> 01:09:12.399
until the day we die.

01:09:12.399 --> 01:09:16.640
It's like, we're conditioned to have a fiat mindset.

01:09:16.640 --> 01:09:21.680
And so when we get presented with the idea of a fiat mindset, we're like, okay, well,

01:09:21.680 --> 01:09:24.319
we get presented with the idea of sound money.

01:09:24.879 --> 01:09:28.640
It, it looks like this impossible science fiction, but it's not science fiction.

01:09:28.640 --> 01:09:29.359
It's Bitcoin.

01:09:30.799 --> 01:09:32.240
And, and it was gold.

01:09:32.240 --> 01:09:37.359
Like this, I, this is the thing that just blows people, blows my mind is the average

01:09:37.359 --> 01:09:45.120
salary in the United States in 19, sorry, in 1913 was $800, $800 per year.

01:09:45.120 --> 01:09:45.359
Okay.

01:09:46.080 --> 01:09:51.680
That equated to, uh, let's see, 38.7 ounces of gold.

01:09:52.399 --> 01:09:52.640
Okay.

01:09:53.200 --> 01:09:59.759
So if you, if you now take 38.7 ounces of gold times, I believe gold's around $3,400,

01:09:59.759 --> 01:10:00.640
$3,300.

01:10:00.640 --> 01:10:04.560
If you multiply it by $3,400, that's $129,200.

01:10:05.680 --> 01:10:07.520
And so it's just like, no, again, that's average.

01:10:07.520 --> 01:10:11.279
The average salary, I think in the United States is somewhere around 80, 80 K, something

01:10:11.279 --> 01:10:11.839
like that.

01:10:11.839 --> 01:10:15.520
So you're still, you're talking about losing roughly a hundred, you know, roughly 50 K,

01:10:16.160 --> 01:10:20.640
you know, 50 K of, I mean, so almost half, like you're approaching half, you have half

01:10:20.640 --> 01:10:21.200
as much.

01:10:21.200 --> 01:10:23.120
And again, for a lot of people, it's way worse than that.

01:10:23.120 --> 01:10:24.240
For some people, it's not as bad.

01:10:24.959 --> 01:10:30.399
But again, like the, the purchasing power is just, just disappearing because of the fact

01:10:30.399 --> 01:10:36.000
that you're, we're operating and living our lives in a deficient money, a deficient currency

01:10:36.000 --> 01:10:36.399
system.

01:10:36.399 --> 01:10:41.279
And so, again, as you move to, to a currency system that, you know, actually gets more

01:10:41.279 --> 01:10:46.640
valuable over time because of its scarcity and because of its adoption rate, you know,

01:10:46.640 --> 01:10:49.520
you're going to start seeing this thing go the other way and it's going to appear like

01:10:49.520 --> 01:10:50.080
magic.

01:10:50.080 --> 01:10:53.759
People are just going to be like, oh, you know, you just got lucky, all this.

01:10:53.759 --> 01:10:56.640
It's like, no, we didn't get lucky in the truest sense.

01:10:56.640 --> 01:11:00.560
Like maybe, again, we were fortunate to have our attention called to this thing at some

01:11:00.560 --> 01:11:00.959
point.

01:11:00.959 --> 01:11:05.680
But again, there's, there's a ton of work that goes into understanding it and just curiosity

01:11:05.680 --> 01:11:07.680
that goes into, into understanding these things.

01:11:07.680 --> 01:11:09.919
And so your curiosity is a commodity.

01:11:10.560 --> 01:11:11.919
Your attention is a commodity.

01:11:11.919 --> 01:11:16.160
And if you're giving it away willy nilly to all kinds of ridiculous things, then yeah,

01:11:16.160 --> 01:11:22.399
you're, you're not going to have spare, you know, excess attention to be able to give

01:11:22.399 --> 01:11:28.319
to, to things that could, you know, value that could contribute and help you economically,

01:11:28.319 --> 01:11:33.200
whether it's Bitcoin or whether it's even just other economic, other economic opportunities.

01:11:33.200 --> 01:11:34.319
There's tons of people.

01:11:34.319 --> 01:11:35.520
We all have the same amount of time.

01:11:35.520 --> 01:11:37.600
We all have the same amount of attention, more or less.

01:11:38.479 --> 01:11:41.439
And again, but just people choose to steward it differently.

01:11:41.439 --> 01:11:44.000
And those, those actions compound and have consequences.

01:11:45.439 --> 01:11:52.560
I think Anton had a like excellent tweet on this exact phenomenon, like prove it.

01:11:55.919 --> 01:11:57.200
So this is Anton, this is you.

01:11:57.839 --> 01:12:02.720
I have watched people discover Bitcoin and become more conservative and grow deeper in

01:12:02.720 --> 01:12:04.000
relationship with Jesus Christ.

01:12:04.560 --> 01:12:11.120
At the same time, I've watched other people gamble on altcoins and fall away into secular

01:12:11.120 --> 01:12:11.919
progressivism.

01:12:12.479 --> 01:12:14.959
And I basically say, I 100% agree.

01:12:15.520 --> 01:12:17.120
I'm convinced this is now me.

01:12:18.080 --> 01:12:23.759
That Bitcoin is the underlying reason the vibe shift has gone from degeneracy to less

01:12:23.759 --> 01:12:25.759
degeneracy for the first time in a hundred years.

01:12:26.720 --> 01:12:35.359
Over the last 100 years, we have literally seen everyone's agency erode, slowly erode,

01:12:35.359 --> 01:12:38.000
their time preferences erode, slowly erode.

01:12:38.799 --> 01:12:42.640
One generation is like a little bit more degenerate than the previous, a little bit more

01:12:42.640 --> 01:12:43.120
degenerate.

01:12:43.120 --> 01:12:50.879
And we're now at the point where, wait a second, the vibe shift has literally shifted.

01:12:51.279 --> 01:12:57.600
Like the next iteration is not more degeneracy.

01:12:58.720 --> 01:13:02.640
The next iteration is now literally a little bit less degeneracy.

01:13:03.200 --> 01:13:08.000
Like we care a little bit more about beauty than we did before.

01:13:08.000 --> 01:13:12.479
We care a little bit more about stable relationships than we did before.

01:13:12.479 --> 01:13:16.720
We care a little bit more about conservative values than we did before.

01:13:17.279 --> 01:13:22.640
And I think, you know, like people say, oh, that's because we've all voted Republican.

01:13:22.640 --> 01:13:26.640
It's like, no, one, not everybody voted Republican.

01:13:26.640 --> 01:13:32.879
Two, there's a really strong case to be made that the only reason Trump won was because

01:13:32.879 --> 01:13:36.560
of his engagement with Bitcoin and the crypto community.

01:13:37.600 --> 01:13:45.600
This is a real economic powerhouse that's pushing civilization in a new direction,

01:13:46.240 --> 01:13:50.479
unlike the direction that the Federal Reserve has been pushing civilization for the last

01:13:50.479 --> 01:13:53.839
100 years towards degeneracy.

01:13:53.839 --> 01:13:56.080
We're now pushing away from degeneracy.

01:13:56.080 --> 01:14:00.879
Now, of course, as we're all well aware, we're all still very much in the soup of

01:14:00.879 --> 01:14:03.759
degeneracy, but we're going in a different direction.

01:14:04.799 --> 01:14:07.839
Yeah, I think one of the things that the story that comes to mind is the story of the

01:14:07.839 --> 01:14:10.879
prodigal sons, like the parable.

01:14:10.959 --> 01:14:15.439
And you get you have the one son who grows up in wealth, grows up and having everything

01:14:15.439 --> 01:14:20.319
he needs is he gets to the point where he demands his inheritance from his father, which

01:14:20.319 --> 01:14:23.600
is effectively telling his dad that he wishes he was dead so that he could get his money.

01:14:24.160 --> 01:14:27.520
And so then his father incredibly gives him a share of the inheritance.

01:14:27.520 --> 01:14:31.839
He runs off and he blows it on, you know, hookers and blow and, you know, all kinds

01:14:31.839 --> 01:14:33.359
of all kinds of things.

01:14:33.359 --> 01:14:38.959
And he wakes up and comes to his senses and basically says, how many of my father's hired

01:14:38.959 --> 01:14:40.479
servants have a better life than I have?

01:14:41.120 --> 01:14:46.000
And so I think that just culturally, you know, obviously, I think the point that you made

01:14:46.000 --> 01:14:49.279
about Bitcoin afflicting, you know, tipping the election, I think that's true.

01:14:49.279 --> 01:14:52.959
You know, there's like apparently five percent if you get if these numbers are to be believed,

01:14:52.959 --> 01:14:56.560
five percent of voters were single issue Bitcoin voters or crypto voters.

01:14:57.200 --> 01:15:00.560
And so I do see that being like a potentially a tipping point thing.

01:15:00.560 --> 01:15:06.479
I do think in addition to that, there is and there was there's this a fatigue like sin

01:15:06.479 --> 01:15:09.520
in degeneracy has a shelf life like you can.

01:15:09.759 --> 01:15:16.000
There's a tipping point to where the degeneracy and the pain that comes from, you know, sin

01:15:16.000 --> 01:15:23.359
and prolonged insanity, prolonged exposure to insanity gets tiring and people just react

01:15:23.359 --> 01:15:24.240
against it.

01:15:24.240 --> 01:15:26.879
And so I think that that's part of what we've experienced.

01:15:26.879 --> 01:15:32.640
I don't think we've experienced anything like an actual, you know, actual meaningful

01:15:32.640 --> 01:15:37.520
cultural repentance where we've really seen like we've come to the end of our rope.

01:15:37.520 --> 01:15:44.799
I don't see that really to any degree, but I do think I mean, again, just a lot of the

01:15:44.799 --> 01:15:49.839
a lot of the shaming, like a lot of the, you know, the left leaning stuff of like you can't

01:15:49.839 --> 01:15:50.799
joke about these topics.

01:15:50.799 --> 01:15:56.640
You can't do all these things like it's just all the just the, you know, just cold, dead

01:15:56.640 --> 01:15:57.359
restrictions.

01:15:57.359 --> 01:15:59.600
People are just like, shut up and go away.

01:15:59.600 --> 01:16:03.600
Like there's just a lot of people who are not religious, who are not conservative, who

01:16:03.600 --> 01:16:08.479
just were like, dude, I'm so sick of your harping on us and not letting us do stuff.

01:16:09.439 --> 01:16:13.359
And so, again, at the same time, I'm hopeful that we're going to see more, you know, real

01:16:13.359 --> 01:16:18.319
actual change over time, because, again, I still think there's still plenty of degeneracy

01:16:18.319 --> 01:16:19.839
that people are still getting fatigued of.

01:16:21.279 --> 01:16:25.919
But yeah, I really do think it's one of these things that there's multiple factors that

01:16:25.919 --> 01:16:27.120
are that are coming into play.

01:16:28.160 --> 01:16:32.080
And again, we just have the opportunity to, you know, with Bitcoin and with, you know,

01:16:32.160 --> 01:16:32.799
lives.

01:16:32.799 --> 01:16:36.720
I mean, you know, as I'm speaking as a Christian, like, you know, we just go along.

01:16:36.720 --> 01:16:40.640
There's we just keep living our lives and there's keep compounding consequences to the

01:16:40.640 --> 01:16:43.120
way that you're living, you know, positively or negatively.

01:16:43.120 --> 01:16:46.879
And, you know, this is something of what, you know, what the Book of Revelation says.

01:16:47.600 --> 01:16:51.680
It says basically, let the let the righteous continue to live righteously.

01:16:51.680 --> 01:16:54.319
Let the unrighteous continue to live unrighteously.

01:16:54.319 --> 01:16:56.399
And basically, time will go by.

01:16:56.399 --> 01:16:57.200
Things will compound.

01:16:57.200 --> 01:17:02.479
And basically it'll become clear, you know, it'll become clear what what the way of what

01:17:02.479 --> 01:17:03.759
the proper way of living is.

01:17:04.720 --> 01:17:08.080
And so, you know, it's not that we need to run around and scream at the top of our lungs

01:17:08.080 --> 01:17:09.359
for people to change.

01:17:09.359 --> 01:17:12.560
Like there's some of this change that, you know, hey, you know, we'll see.

01:17:12.560 --> 01:17:16.000
We'll see where we're both at in 10 years, 15 years and go from there.

01:17:17.520 --> 01:17:21.520
Well said, guys, I think that we are coming up on the end here.

01:17:22.160 --> 01:17:24.560
Anton, if you have any last words, go for it.

01:17:24.560 --> 01:17:26.240
Otherwise, I'm going to shut us down.

01:17:27.919 --> 01:17:28.959
Jordan said it pretty well.

01:17:29.520 --> 01:17:33.439
And yeah, things will compound and they'll compound for the better or they will compound

01:17:33.439 --> 01:17:34.000
for the worse.

01:17:35.359 --> 01:17:44.479
And when everyone is cheating, there's this feeling that you're only cheating yourself

01:17:44.479 --> 01:17:45.919
if you're not cheating.

01:17:45.919 --> 01:17:53.839
And with Beyot, we've all been cheated and we've been lied to for so long that it has

01:17:53.839 --> 01:17:57.040
just led to a culture of lying and cheating.

01:17:57.759 --> 01:18:04.720
And hopefully Bitcoin, because it is it is just true.

01:18:06.080 --> 01:18:06.799
It's just math.

01:18:07.439 --> 01:18:08.879
It's something that is provable.

01:18:09.759 --> 01:18:13.520
It is going to usher in a time period of truth.

01:18:15.200 --> 01:18:15.700
Indeed.

01:18:16.560 --> 01:18:17.120
All right, guys.

01:18:17.839 --> 01:18:20.160
Thank you so much, Jordan, for popping on here.

01:18:20.160 --> 01:18:21.680
Anton, always seeing you around.

01:18:22.399 --> 01:18:22.899
Peace.

01:18:24.720 --> 01:18:33.120
Thanks for tuning in to Better Buy Bitcoin.

01:18:33.120 --> 01:18:34.959
Bitcoin makes everything better.

01:18:34.959 --> 01:18:38.560
Like, subscribe and follow us on X at Better B Y BTC.

01:18:38.560 --> 01:18:40.640
YouTube at Better B Y Bitcoin.

01:18:40.640 --> 01:18:42.080
Not financial advice.

01:18:42.080 --> 01:18:47.680
Mathematical certainty.