WEBVTT

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Hey friend, listen. I know the world is scary right now. Corruption, war, inflation, demographics,

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degeneracy, disease, unrest, hatred, and despair. We didn't come here to tell you how it is,

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but that it's going to get way better.

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I just feel like I'm coming back from Vegas, baby. Let's fucking go, dude.

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Hey man, if that doesn't get you jazzed every time.

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I'm just getting drunk, dude. Let's go.

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Every time.

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Alright, well, I don't host. I'm a bad host. Forgive me, Lord, for I'm about to sin.

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Welcome to the show.

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We're going to do Max Clickbaity bullshit today. We're going to talk about a bunch of shit

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none of us know or are qualified to understand or could possibly accurately predict.

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But we know that you out there listening would like to get some alpha.

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You've made a fucking terrible, terrible mistake clicking on this show.

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Correct.

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So, we're going to talk about what Max Payne looks like for the cycle.

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If you have ever traded markets, particularly Bitcoin, you have no doubt come to the conclusion that it prefers to hurt the most amount of people for the longest amount of time.

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And these little run-ups are short-lived, and I can tell you right now that bull markets are far more challenging than bear markets if this is your first bull market.

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Welcome. Congratulations. You're probably going to fuck something up pretty terribly here in the next six months.

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This guy.

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Before we started rolling, all of us were talking about how we've personally taken out Max's credit card debt and are for sure going to get liquidated by Chase, Citi, Barclays.

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Not financial advice.

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Capital One.

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But definitely fun. Definitely fun.

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Capital One is the worst credit card company I have ever been involved with. I would highly recommend taking out maximum loans with them and buying Bitcoin.

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I just want to know which one we think is going to fail first so we can get all of our loans there.

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I feel like that's the one to think about. I was reading Wells Fargo is not doing great, so they seem like the prime candidate for egregious, stupid financial decisions, but that's just my thing.

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I actually really like that strategy. There's got to be some autists out there that can figure out which bank is likely to fail, but we need to make sure they're small enough that they actually can fail.

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This is true. Like Silicon Valley Bank. Super small bank. Legit. Saw that coming a mile away.

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Well, the thing with Silicon Valley Bank was JP Morgan wanted it. Jamie Dimon just wanted it so they could let it fail, then he bought it. So that's what we need to target.

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And it didn't even fail. It was assassinated. It was taken out back and shot in the head.

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Yeah, and then he got a distressed asset and built it back up, and now it's got the whole client list. That's what you've got to look. You just look at corruption.

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I do think it was taken out back and it double tapped itself in the back of the head, but that's a whole other thing.

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I'm just trying to get some buzzwords and Epstein in here at least once, so that way we can get kicked off of YouTube.

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Trump, Trump, Trump. Trump Democrats. Triggity, Triggity Trump. Maximum pain. Epstein Island.

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Do the Jews control Bitcoin? Do we know?

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Fuck, how did I forget the Jews?

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How did you forget the Jews?

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Oh, man. Jews, Jews.

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It's on our channel for sure.

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On either side. It's a perfect buzzword because it pisses everybody off.

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I've got to pause myself for two seconds. Can you guys dive in?

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Can we dive into that?

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He's out.

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He's out, bro.

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All right. Well, sorry. Like I said, I've never hosted before. It's not going well.

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All right. So the topic is maximum pain in this bull market.

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J.D. and I were talking about this a little bit earlier today, and I have maybe a semi-spicy take here or it could be just lukewarm depending on what's most uncomfortable for you.

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I think that max pain this cycle is actually a stairway to heaven.

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I think that if Bitcoin just slow crawls to a million dollars in the next eight years and we don't see a retracement of less than or sorry, of more than 25 or 30 percent, I actually think that that is maximum pain.

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Because there's a number of reasons, but you're going to have a bunch of impatient Bitcoiners who aren't satisfied with their stack, who are expecting massive drawdowns.

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And I define max pain here as the most Bitcoiners losing the most Bitcoin.

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At this point, we're all used to the drawdowns.

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Even people who are in this market, if you've been orange-pilled by anybody, they have without question drilled into your brain that it's a volatile asset, that it's going to go up and down.

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And so everybody is kind of expecting this volatility, and certainly the Bitcoiners are sitting around just like, yeah, let's bring on some cheap corn, bro.

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He's going to buy some cheap corn.

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But what's going to cause the most pain is there's no more cheap corn.

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It's never happening.

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And you're going to try to sell it some top, some arbitrary fucking number that you think is high, and you're expecting some 30, 40, 50 percent drawdown.

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You're going to owe a bunch of tax.

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The drawdown is never going to come.

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And it's going to do this for years.

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And you're going to get a bunch of impatient Bitcoiners who either can't afford their lifestyle, don't have income, expect a massive drawdown, impatient, whatever.

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And they're going to end up in eight years with significantly less corn than if they had just held on.

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Or if we had even had – let's say we have a massive run-up.

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You know, at this point, it's kind of getting easier, right?

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Like, it's easier to predict.

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If we have some massive run-up that happens very, very quickly, let's say we go to 444K, you know, whatever, over the next nine months, like, it's going to be pretty fucking obvious that that's the point at which you're going to sell.

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And the key thing there being the timeframe.

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If it goes to 444K over the next two or three years, less obvious.

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If it does it next week, for sure a bunch of people are selling.

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So I don't think it's going to happen.

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But if that does happen, it's obvious to sell.

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It's going to crash.

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We buy back more.

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Everybody's used to it.

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It's the same old game.

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Yay.

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Bitcoiners are happy.

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They end up with more coins.

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Not Max Payne.

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I actually think that Max Payne is just an incredibly boring, incredibly slow drive all the way to a million dollars.

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The second reason it's Max Payne is you've got the people who need to sell the Bitcoin to fund their life, and then you've got the people who don't want to sell it and try to borrow against it.

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But nobody wants to – nobody with half a brain wants to borrow against an asset that's at all-time highs all of the time.

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That's just at all-time highs for like five years straight.

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Like that's not – that's a little too scary.

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So then it gets to a million dollars, and everybody's like, okay, we're safe here.

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It's cool.

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It's been grinding up.

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Everybody's going to take out a loan at a million dollars, and it's going to go down 50% in eight or nine years.

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That is absolute Max Payne scenario.

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I don't know.

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Yeah, so it's a super interesting idea because the four-year cycle from the halving, once it happened the third time, to me it became too obvious where I plotted it out at that point.

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I think it was November 2021 when the whole Bitcoin world was like we're ripping up to 100K.

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It's happening right now, and everyone was on board.

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I think I saw one tweet that basically said something similar to what you just said, which was how does everyone get screwed on this?

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Exactly.

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Everyone was agreed, and everything I knew about investing is when everyone's agreed on something, it's wrong, especially something speculative, especially something volatile, and I was still caught up in it.

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I wasn't levered, so it wasn't devastating or anything, but it was devastating from the fact that I had liquidated other assets to put into it because I believed in it long-term.

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I believed in the fundamentals, and I'm looking at this like, oh, my gosh, I'm about to triple my net worth in six months or whatever.

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Then at that moment, what was it, 64, that crazy false top, and then it just tanks, and then it just bleeds down and down and down.

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Then there's the Max Payne there of like, well, this could go down to 8,000 again, and then a lot of people didn't buy back in.

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It comes back.

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That sort of volatility, like you said, is kind of expected, and so it can't be Max Payne once it's expected.

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It's so easy to lay those market cycles over each other, see the similarities, and say, all right, that's what's going to happen again.

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I'm kind of with you that the slow crawl up is the most painful because if we're not talking about the pain of retail, because if we did another boom and bust, new retail would be the ones getting screwed by it.

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The Bitcoiners would be fine, but that sort of volatility now is just exciting to this community.

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It's kind of just like, oh, here we go again.

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I was here for 80% drawdowns.

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This is 35%.

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You haven't seen anything, you children.

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That's kind of what this community is all about now.

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That slow crawl up, especially the other aspect of that stairway to heaven pain scenario is people getting on board, corporations getting on board, sovereign nations, to a smaller extent, getting on board, but the normies coming in and having it just work for them.

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I think that our small community who's been through the pain of up and downs, of screaming into what seems like the void over and over again that this is the future of the world, once that actually starts to happen, some of that identity gets lost a little bit.

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There's a personal pain to that.

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We were this small, condensed community, and now everyone just has a $300,000 Bitcoin, and they've got their stats, and it goes up by 2% a month or whatever.

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I don't know.

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I think existentially, as a Bitcoiner, that doesn't sound that great.

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Selfishly, there's something great about feeling like I'm right and everyone else is wrong.

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When everyone else gets on board, it's like, I don't know.

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Yeah.

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Well said.

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There's going to be a bunch of people who just can't handle how boring it is, can't handle that they're not cool anymore, can't handle that – there's going to be a bunch of impatient noobs who trade themselves out of their Bitcoin stack if Bitcoin just gently goes to a million dollars over 10 years.

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Speaking of impatient noobs who just jump back in randomly after jumping out, sorry.

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I had to handle something quickly, but I found a friend.

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He brought another impatient noob.

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They travel in – they're pack animals.

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They're herd creatures.

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Oh, man.

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So I heard nothing about the Max Payne you guys were talking about before.

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Apologies on that.

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So if we recover stuff – I'm sorry.

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Basically, quick recap for you guys.

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I don't know if you heard what we were saying, Anton, but the idea is the most amount of pain for the most amount of people is a slow and steady grind to a million dollars over the next 8 to 10 years.

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Bitcoiners are expecting volatility at this point.

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They're ready for a massive drawdown.

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They're ready to take out leverage at the bottom.

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The market is more mature for all of those things, and the reality is that that would probably net most Bitcoiners more Bitcoin.

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But that's not likely going to happen.

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In my opinion, the most painful scenario is this slow grind up where we don't see a 25% or 30% reduction.

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You're going to see people trade – try to trade in and out of it.

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They're going to get wrecked in the chop.

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Don't say that.

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They're going to owe tax that they don't manage very well.

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Don't say that.

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I don't want to have that happen.

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They're going to have a lot less Bitcoin.

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That's the core thesis.

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Where are you at with it, Anton?

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Yeah.

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The last 10 years, it was about how many dollars can you get for the Bitcoin that you have?

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I watched this YouTube short.

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This guy walks up to a house, knocks on the door.

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It's a huge mansion.

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He's like, how did you get all your money to buy this mansion?

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This lady comes out, and she's like, oh, I was early in Bitcoin.

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That lady sold all of her Bitcoin.

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She has no Bitcoin.

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She has a giant mansion.

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That was how you had the status of wealth over the last 10 years.

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The next 10 years will be how much Bitcoin can you get?

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Because as Bitcoin gets more and more expensive, people are going to have less and less and less of it.

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All the suckers that think that they're rich because the price went to $125,000 and sell it all,

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and then try to rebuy back in, and now all of a sudden the price is $250,000,

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they're going to have a lot less Bitcoin.

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That's just going to keep happening over and over and over again as the price continues to climb.

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I agree with you.

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I don't know if the time period is eight years or not.

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I don't know.

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I can't predict that.

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It feels like right now that Bitcoin could go to $1 million by the end of the year.

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I think that this market is far more liquid, and there's far more trad5 shenanigans going on in it.

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All you got to do is look at the chart.

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If you pull up the Bitcoin chart, do a monthly or weekly candles, put it in log,

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and you see these very natural, very organic waves up with attention,

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and then it crashes back down as people get fearful,

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and it waves up with attention and crashes back down.

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It feels very organic.

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It feels very circular.

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We are in a completely different paradigm.

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From $16K at this recent bottom all the way up, it's basically now this linear channel pattern.

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It's just straight up and to the right, consolidates, straight up and to the right, consolidates.

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It feels much more sophisticated.

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It's much more programmatic.

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It's much less organic.

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It's like the professionals have arrived.

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They are doing everything they can to acquire as much Bitcoin in this market as humanly possible.

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They control it.

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They control that fear.

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They control that emotion.

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They bottle it up.

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They sell it to other people.

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They profit from it themselves, however you want to look at it.

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We're just not in the same dynamic.

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We're not in the same market.

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I don't think there's enough excess capital sloshing around the system to push us up that far.

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Maybe like $400, $500 would be like, holy crap.

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The ability for the market to short this is greater than it's ever been.

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For big money to come in and pile on and push it down.

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It's just so different than it was in 2017.

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If people weren't around then, it's like 2017, this thing was $1,000.

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The whole market was like $1,000.

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The whole market was hundreds of billions.

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I mean, dudes who took out some leverage and were messing around, who were just kind of OG whales,

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could move the market on a weekend by themselves.

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That is just not the paradigm we're in anymore.

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This is not a retail story anymore.

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It's over.

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It's done.

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You had your shot from zero to $100,000.

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The ball has been handed off.

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The rules are different, man.

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We're playing the Navy Seals at this point.

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We're not playing each other.

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I'm curious your take on this, Corey, of like, J.D., you are muted.

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I can hear him.

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I hear him, too.

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We can hear each other.

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Boo.

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Terrible host.

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Terrible host.

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Somebody kick me out.

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Hilarious.

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Corey's muted, too.

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Am I the only one who's muted?

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No, you just can't hear us.

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You just can't hear us.

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You can't hear us.

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We can hear you.

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Good episode, guys.

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The question I have for you, Corey, is do you have kind of a take on this of like,

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the beach ball is being pushed down by institutions, right?

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And so if the beach ball is being pushed down by institutions,

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how do we see things like we saw this weekend where we see stuff kind of going up

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and we see stuff where we have these big price moves?

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Did somebody miss something or are they playing inside baseball back and forth?

00:17:34.000 --> 00:17:35.000
Like, how does that work?

00:17:35.000 --> 00:17:43.000
I don't know that they can control price action on the level that we saw this weekend, right,

00:17:43.000 --> 00:17:48.000
from $108 to $124, was it, and then back down to $117.

00:17:48.000 --> 00:17:51.000
I'm not sure that they care at that level.

00:17:51.000 --> 00:17:55.000
I think they're, you know, with the amount of money that they have auto buys

00:17:55.000 --> 00:18:00.000
and they have other ways to get in to make sure that it doesn't dip.

00:18:00.000 --> 00:18:04.000
But I think those little dalliances up don't bother them that much.

00:18:04.000 --> 00:18:10.000
I think the institutional buyers that realize that this is hard money,

00:18:10.000 --> 00:18:15.000
which is I think most of them, right, like the Fidelities and BlackRocks,

00:18:15.000 --> 00:18:19.000
that are putting major money into this, they understand that this is hard money,

00:18:19.000 --> 00:18:24.000
that it's more scarce than gold, that when Uganda discovers 31 million tons

00:18:24.000 --> 00:18:27.000
or whatever that was, $12 trillion worth of gold,

00:18:27.000 --> 00:18:31.000
that everything they hold in gold is threatened all of a sudden.

00:18:31.000 --> 00:18:34.000
Like, that's downward pressure on a beach ball.

00:18:34.000 --> 00:18:36.000
There's not that much that they can do.

00:18:36.000 --> 00:18:40.000
They can short it, right, and you can make, when you're big enough,

00:18:40.000 --> 00:18:44.000
you can make a big enough short against a major buying position

00:18:44.000 --> 00:18:47.000
that basically guarantees your purchase price.

00:18:47.000 --> 00:18:48.000
But you can't do that.

00:18:48.000 --> 00:18:51.000
You can't do a ton of that because it's, you know,

00:18:51.000 --> 00:18:55.000
you have limitless losses to the upside if it runs.

00:18:55.000 --> 00:18:59.000
So I think there's temporary things they can do.

00:18:59.000 --> 00:19:03.000
There's, you know, there's Wall Street moving things that, you know,

00:19:03.000 --> 00:19:05.000
price action things that they can do.

00:19:05.000 --> 00:19:08.000
But to me, it's much more like Zach was saying.

00:19:08.000 --> 00:19:10.000
It's all about what they're, you know,

00:19:10.000 --> 00:19:13.000
they're trying to get their hands on as much Bitcoin as possible.

00:19:13.000 --> 00:19:16.000
And if you're buying hundreds of millions a day,

00:19:16.000 --> 00:19:24.000
and you can move the price down $3,000, that helps you a lot, obviously.

00:19:24.000 --> 00:19:27.000
But I don't think they can get it below $100, right?

00:19:27.000 --> 00:19:29.000
I think there's too much.

00:19:29.000 --> 00:19:33.000
There's still enough liquidity in the market that wants discounted Bitcoin

00:19:33.000 --> 00:19:37.000
that it has me leaning more and more towards Zach's stairway to heaven theory.

00:19:37.000 --> 00:19:40.000
As long as we don't go too high too quickly,

00:19:40.000 --> 00:19:44.000
that's where I think the institutions, they don't want it to get to $250,

00:19:44.000 --> 00:19:47.000
you know, by the end of August,

00:19:47.000 --> 00:19:49.000
because they've got all this other money flowing into it.

00:19:49.000 --> 00:19:53.000
I think they just keep putting the pressure on in small ways like that.

00:19:53.000 --> 00:19:57.000
But that control where you don't get as much of a blow off top

00:19:57.000 --> 00:20:00.000
means you probably don't get nearly as much of a retracement.

00:20:00.000 --> 00:20:04.000
And like Zach was saying with 2017, and I was saying with 2021,

00:20:04.000 --> 00:20:08.000
there wasn't the steady daily recurring buy

00:20:08.000 --> 00:20:12.000
of hundreds and hundreds of millions of dollars from institutional buyers.

00:20:12.000 --> 00:20:17.000
They click buy, you know, they click their limit buy, they set it up.

00:20:17.000 --> 00:20:22.000
Obviously, it's not a limit buy, but it just keeps flowing in at the price.

00:20:23.000 --> 00:20:26.000
And if it dips a couple thousand, all of a sudden,

00:20:26.000 --> 00:20:29.000
their actuarial tables trigger even more hundreds of millions of dollars.

00:20:29.000 --> 00:20:32.000
And that's the type of thing where the bottom was able to fall out before that.

00:20:32.000 --> 00:20:34.000
I don't I don't think it is.

00:20:34.000 --> 00:20:37.000
It's able to in the same way, unless, like we've been saying,

00:20:37.000 --> 00:20:40.000
it goes up over 400 by the end of the year or something like that.

00:20:40.000 --> 00:20:43.000
Then you can you know, you might see some some massive selling.

00:20:44.000 --> 00:20:48.000
I just think, you know, as we talk about Max Payne

00:20:49.000 --> 00:20:54.000
and Zach defined it as the Max Payne for Bitcoiners, that slow, steady work up.

00:20:55.000 --> 00:20:59.000
If you broaden that to Max Payne for people who are right on the outside

00:20:59.000 --> 00:21:02.000
or maybe a year away from getting into Bitcoin, maybe two,

00:21:02.000 --> 00:21:06.000
like everyone that's going to come into it, that steady climb up, you know,

00:21:07.000 --> 00:21:09.000
you think about the other assets that they're holding, like equities,

00:21:09.000 --> 00:21:14.000
which are priced absolutely insanely right now, like all equities.

00:21:14.000 --> 00:21:17.000
They're priced like we're about to have a major recession.

00:21:17.000 --> 00:21:20.000
But we keep just printing money and pouring money into it.

00:21:20.000 --> 00:21:23.000
So you're purchasing power is getting eroded.

00:21:23.000 --> 00:21:26.000
The real estate market actually is finally going down,

00:21:26.000 --> 00:21:29.000
which I didn't think would happen, you know, for another little while.

00:21:30.000 --> 00:21:32.000
But prices are actually falling.

00:21:32.000 --> 00:21:34.000
Things are staying on the market for an extended period of time.

00:21:34.000 --> 00:21:37.000
And the value that people thought they had in their homes,

00:21:38.000 --> 00:21:40.000
that just, you know, hundreds of thousands of dollars

00:21:40.000 --> 00:21:42.000
that just kind of appeared out of thin air for homeowners

00:21:42.000 --> 00:21:45.000
in the past couple of years is starting to get threatened.

00:21:45.000 --> 00:21:47.000
And a lot of people who have decent debt

00:21:47.000 --> 00:21:49.000
will still have some of that chunk there.

00:21:49.000 --> 00:21:53.000
But for the people who haven't jumped in yet, it's, you know,

00:21:53.000 --> 00:21:56.000
the Bitcoiners are pricing houses in Bitcoin already.

00:21:56.000 --> 00:21:59.000
But for people who are looking at what are the assets

00:21:59.000 --> 00:22:01.000
that are actually going to rise over the next seven years,

00:22:01.000 --> 00:22:03.000
they're going to be holdouts, you know,

00:22:03.000 --> 00:22:05.000
especially boomers who are controlling a lot of the money.

00:22:06.000 --> 00:22:07.000
Maybe equities are going to turn around.

00:22:07.000 --> 00:22:09.000
Maybe the bond market will come back.

00:22:09.000 --> 00:22:11.000
Maybe the Japan reverse carry trade will come back.

00:22:11.000 --> 00:22:13.000
Maybe real estate will come back.

00:22:13.000 --> 00:22:16.000
And right now, looking forward at all of those things,

00:22:16.000 --> 00:22:17.000
especially with the big, beautiful bill,

00:22:17.000 --> 00:22:20.000
I think we all had kind of a six-month dalliance

00:22:20.000 --> 00:22:22.000
that there might be fiscal responsibility coming.

00:22:22.000 --> 00:22:25.000
And then that notion got shattered just immediately.

00:22:26.000 --> 00:22:28.000
Just kind of as soon as they could,

00:22:28.000 --> 00:22:30.000
they shattered that notion.

00:22:30.000 --> 00:22:31.000
They wasted no time.

00:22:31.000 --> 00:22:34.000
So now you're like, okay, so trillions more coming in.

00:22:34.000 --> 00:22:36.000
Trillions more have to be printed.

00:22:36.000 --> 00:22:38.000
The deficit's not going anywhere.

00:22:38.000 --> 00:22:39.000
The way they're handling it,

00:22:39.000 --> 00:22:41.000
we're probably not having a fiscal conservative

00:22:41.000 --> 00:22:44.000
coming into office anytime in the next eight years.

00:22:44.000 --> 00:22:46.000
So if you look at that,

00:22:46.000 --> 00:22:50.000
and this is like a blanket generalization,

00:22:50.000 --> 00:22:51.000
but let's say all of that

00:22:51.000 --> 00:22:53.000
is putting major downward pressure

00:22:53.000 --> 00:22:55.000
on the purchasing power of your dollar

00:22:55.000 --> 00:22:57.000
and the valuing of equities

00:22:57.000 --> 00:22:58.000
and the valuing of real estate,

00:22:58.000 --> 00:23:01.000
which is where most of the wealth of the country is held.

00:23:01.000 --> 00:23:02.000
If you have the stairway to heaven thing

00:23:02.000 --> 00:23:04.000
that Zach's talking about,

00:23:04.000 --> 00:23:06.000
the longer you hold onto your failing asset,

00:23:06.000 --> 00:23:08.000
the less Bitcoin you have.

00:23:08.000 --> 00:23:11.000
And even when you sell it,

00:23:11.000 --> 00:23:12.000
then you're buying an asset

00:23:12.000 --> 00:23:14.000
that's now kind of creeping up

00:23:14.000 --> 00:23:18.000
instead of what we know,

00:23:18.000 --> 00:23:20.000
which is like, oh my gosh, I'm super rich.

00:23:20.000 --> 00:23:22.000
And then you sell and remake your stack.

00:23:22.000 --> 00:23:25.000
So I think it's not only Max Payne for Bitcoiners,

00:23:25.000 --> 00:23:27.000
but it's this new world reality

00:23:27.000 --> 00:23:29.000
where the longer you wait to get on,

00:23:30.000 --> 00:23:32.000
not only do you get less Bitcoin

00:23:32.000 --> 00:23:34.000
for the amount of money that you had,

00:23:34.000 --> 00:23:36.000
but the wealth that you thought you had

00:23:36.000 --> 00:23:39.000
is being eroded faster than ever before.

00:23:40.000 --> 00:23:43.000
I think that's a terribly painful scenario.

00:23:43.000 --> 00:23:45.000
I think you could see retirees

00:23:45.000 --> 00:23:48.000
who thought they were completely set for 20 years,

00:23:48.000 --> 00:23:50.000
10 years in saying, what happened?

00:23:51.000 --> 00:23:54.000
My 401k was worth $2 million.

00:23:54.000 --> 00:23:55.000
What happened?

00:23:55.000 --> 00:23:56.000
I owned Nvidia.

00:23:57.000 --> 00:23:58.000
I thought we were good.

00:23:59.000 --> 00:24:01.000
Yeah, I think that's well said

00:24:01.000 --> 00:24:03.000
with regards to the other side of it,

00:24:03.000 --> 00:24:05.000
which is people still in stocks.

00:24:05.000 --> 00:24:07.000
Because there's no obvious signal for them.

00:24:07.000 --> 00:24:09.000
It's like they just wake up once a year

00:24:09.000 --> 00:24:11.000
and they go, oh, Bitcoin is kind of

00:24:11.000 --> 00:24:13.000
up to another 30% this year

00:24:13.000 --> 00:24:14.000
and then 10 or 15 years go by

00:24:14.000 --> 00:24:16.000
and there's 50% of their wealth

00:24:16.000 --> 00:24:18.000
which has been evaporated.

00:24:19.000 --> 00:24:21.000
50% of their opportunity to maintain

00:24:21.000 --> 00:24:24.000
or increase purchasing power.

00:24:24.000 --> 00:24:27.000
So I do think it's Max Payne for most people.

00:24:27.000 --> 00:24:30.000
Sorry if I missed a bunch of genius comments there.

00:24:30.000 --> 00:24:31.000
I don't know what happened.

00:24:31.000 --> 00:24:34.000
I have a friend who's still in altcoin.

00:24:35.000 --> 00:24:36.000
He's in Monero.

00:24:36.000 --> 00:24:37.000
And I'm on the thread with him

00:24:37.000 --> 00:24:38.000
and he was telling the whole group

00:24:38.000 --> 00:24:40.000
how well he's done in Monero.

00:24:41.000 --> 00:24:44.000
And so I was on the text thread that we're on

00:24:44.000 --> 00:24:46.000
and I had Grok make a little graph

00:24:46.000 --> 00:24:48.000
to show how much he's lost

00:24:48.000 --> 00:24:50.000
in terms of Bitcoin by staying in it.

00:24:50.000 --> 00:24:53.000
And it's like, he just couldn't see it.

00:24:53.000 --> 00:24:56.000
I like to remind myself about stupid shit

00:24:56.000 --> 00:24:58.000
that I bought over the last five years

00:24:58.000 --> 00:25:00.000
for whatever price it was.

00:25:00.000 --> 00:25:01.000
And had I put it in Bitcoin,

00:25:01.000 --> 00:25:03.000
how much money it would be worth.

00:25:03.000 --> 00:25:06.000
Pretty soon the stock enjoyer

00:25:06.000 --> 00:25:08.000
is going to be doing the exact same thing.

00:25:10.000 --> 00:25:12.000
Yeah, and the real estate holder.

00:25:13.000 --> 00:25:16.000
No one sheds a tear for the day trader

00:25:16.000 --> 00:25:17.000
or for the Wall Street guy.

00:25:17.000 --> 00:25:20.000
But for the couple or the young family

00:25:20.000 --> 00:25:23.000
who put all of their savings into their home

00:25:24.000 --> 00:25:25.000
because they just had to

00:25:25.000 --> 00:25:27.000
right over the past four or five years,

00:25:27.000 --> 00:25:29.000
you bought what felt like the top of the market

00:25:29.000 --> 00:25:30.000
and then it kept going up.

00:25:30.000 --> 00:25:32.000
And that was just all you could do

00:25:32.000 --> 00:25:34.000
is the only way to buy a home

00:25:34.000 --> 00:25:36.000
because we're absurdly overpriced.

00:25:36.000 --> 00:25:37.000
And then you think,

00:25:37.000 --> 00:25:39.000
okay, well, it just keeps going up.

00:25:39.000 --> 00:25:41.000
Is it just going to keep going up?

00:25:41.000 --> 00:25:43.000
I don't think there's going to be a real estate crash

00:25:45.000 --> 00:25:48.000
because it's just, it's the middle class's wealth.

00:25:48.000 --> 00:25:50.000
Like I just think they'll pump the money

00:25:50.000 --> 00:25:52.000
the money into the market.

00:25:52.000 --> 00:25:55.000
Everything that every home relief program

00:25:55.000 --> 00:25:57.000
that's been pitched in the past year

00:25:57.000 --> 00:25:59.000
and probably for the past 20 years

00:25:59.000 --> 00:26:00.000
is all on the demand side,

00:26:00.000 --> 00:26:02.000
which just raises prices.

00:26:02.000 --> 00:26:04.000
Yeah, real estate has to be,

00:26:04.000 --> 00:26:06.000
I'm kind of talking out of my ass here.

00:26:06.000 --> 00:26:07.000
Maybe we can grok this or whatever,

00:26:07.000 --> 00:26:12.000
but like real estate mortgage lending has to be,

00:26:12.000 --> 00:26:13.000
if not the biggest,

00:26:13.000 --> 00:26:16.000
like the second biggest vehicle for money

00:26:16.000 --> 00:26:18.000
to find its way into the system.

00:26:18.000 --> 00:26:20.000
Like that is how we bring most of the money.

00:26:20.000 --> 00:26:22.000
Yeah, it's the number one money printer.

00:26:22.000 --> 00:26:24.000
Yeah, no, I've researched this well.

00:26:24.000 --> 00:26:25.000
It's like when you get,

00:26:26.000 --> 00:26:27.000
like at some point,

00:26:27.000 --> 00:26:29.000
if we get away from a fiat system,

00:26:29.000 --> 00:26:31.000
there'll be a rude awakening for everyone

00:26:31.000 --> 00:26:35.000
who realized that when you had a Fannie or Freddie mortgage,

00:26:35.000 --> 00:26:37.000
you weren't actually getting the money.

00:26:37.000 --> 00:26:39.000
If you walk into Wells Fargo or Chase

00:26:39.000 --> 00:26:41.000
or any of the mortgage lenders,

00:26:41.000 --> 00:26:43.000
they're not lending you the money.

00:26:43.000 --> 00:26:44.000
They don't even have the money.

00:26:44.000 --> 00:26:47.000
They carry the paper for two weeks

00:26:47.000 --> 00:26:49.000
and then they send it to the Fed

00:26:49.000 --> 00:26:51.000
and then the Fed invents the money

00:26:51.000 --> 00:26:53.000
and then gives it back to them, right?

00:26:53.000 --> 00:26:54.000
That's the mechanism.

00:26:54.000 --> 00:26:57.000
That's how almost everyone in the country

00:26:57.000 --> 00:27:00.000
has bought a home for the past 25 years.

00:27:00.000 --> 00:27:01.000
That's insanity.

00:27:01.000 --> 00:27:04.000
And how insidious is this

00:27:04.000 --> 00:27:07.000
that they say this is the American dream, right?

00:27:07.000 --> 00:27:09.000
They sell us this is the American dream,

00:27:09.000 --> 00:27:11.000
but really what they were doing was

00:27:11.000 --> 00:27:15.000
they were presenting a prison cell

00:27:15.000 --> 00:27:16.000
and they were like,

00:27:16.000 --> 00:27:19.000
how can we convince them to walk into this willingly?

00:27:19.000 --> 00:27:21.000
That's how fucking insidious that shit is.

00:27:21.000 --> 00:27:23.000
It is totally unconscionable.

00:27:23.000 --> 00:27:25.000
Mortgages in the United States

00:27:25.000 --> 00:27:28.000
are the mechanism by which we are enslaved

00:27:28.000 --> 00:27:30.000
and it's also the mechanism by which

00:27:30.000 --> 00:27:32.000
all of the money finds its way into the system

00:27:32.000 --> 00:27:34.000
and makes all of the other money more expensive.

00:27:34.000 --> 00:27:37.000
It's so fucked up.

00:27:37.000 --> 00:27:38.000
Exactly.

00:27:38.000 --> 00:27:40.000
But this is why if we bring it back to Max Payne,

00:27:40.000 --> 00:27:42.000
not to dominate this point,

00:27:42.000 --> 00:27:46.000
but it's worked for a really long time.

00:27:46.000 --> 00:27:48.000
It's so hard to orange pill my dad

00:27:48.000 --> 00:27:51.000
because he came up through the money printing

00:27:51.000 --> 00:27:53.000
and was a productive member of society

00:27:53.000 --> 00:27:55.000
and made enough money to retire.

00:27:55.000 --> 00:27:58.000
So he's like, what do I care?

00:27:58.000 --> 00:28:00.000
It works to some extent.

00:28:00.000 --> 00:28:03.000
But for the people who are on the upswing of that,

00:28:03.000 --> 00:28:05.000
looking at their future and saying,

00:28:05.000 --> 00:28:06.000
I did it.

00:28:06.000 --> 00:28:07.000
I bought the house.

00:28:07.000 --> 00:28:09.000
I have the well-paid job.

00:28:09.000 --> 00:28:11.000
This is how I get to retirement.

00:28:11.000 --> 00:28:14.000
It's not the same reality, right?

00:28:14.000 --> 00:28:16.000
The stairway to heaven of Bitcoin is

00:28:16.000 --> 00:28:18.000
it's just eating everybody's lunch,

00:28:18.000 --> 00:28:20.000
but no one gets as much of the lunch

00:28:20.000 --> 00:28:22.000
as they hoped they did.

00:28:22.000 --> 00:28:24.000
And resettling around reality

00:28:24.000 --> 00:28:25.000
when you've been pretending

00:28:25.000 --> 00:28:27.000
there's all this value in the world

00:28:27.000 --> 00:28:28.000
is going to be really painful.

00:28:28.000 --> 00:28:30.000
There's no way around that.

00:28:30.000 --> 00:28:32.000
Yeah, it's the entire world flipping

00:28:32.000 --> 00:28:36.000
from Keynesian to Austrian economic understandings

00:28:36.000 --> 00:28:37.000
of how the world works.

00:28:37.000 --> 00:28:40.000
It's literally real value versus paper value

00:28:40.000 --> 00:28:43.000
and that's going to come in a Max Payne way,

00:28:43.000 --> 00:28:45.000
I think, to every single person.

00:28:45.000 --> 00:28:50.000
Anton, I'm curious your take on that, right?

00:28:50.000 --> 00:28:52.000
Because I feel like that is Max Payne,

00:28:52.000 --> 00:28:53.000
is that understanding,

00:28:53.000 --> 00:28:55.000
getting people in the face.

00:28:55.000 --> 00:28:57.000
But what do you think that looks like?

00:28:57.000 --> 00:28:59.000
Where do you think people who still have

00:28:59.000 --> 00:29:03.000
a Keynesian economic outlook of the world

00:29:03.000 --> 00:29:04.000
and they're looking at Bitcoin

00:29:04.000 --> 00:29:06.000
and they're going to make some foolish decisions

00:29:06.000 --> 00:29:09.000
in the next 12, 6 to 18 months,

00:29:09.000 --> 00:29:12.000
how does that look like in your mind?

00:29:12.000 --> 00:29:15.000
I want to slander boomers real quick

00:29:15.000 --> 00:29:18.000
because they are the ultimate Keynesians.

00:29:18.000 --> 00:29:20.000
Boomers think that they're geniuses

00:29:20.000 --> 00:29:24.000
because they bought their house in 1975

00:29:24.000 --> 00:29:27.000
and made 100x on it.

00:29:27.000 --> 00:29:30.000
You see these memes of boomers

00:29:30.000 --> 00:29:33.000
living on cruise ships.

00:29:33.000 --> 00:29:35.000
They've got a day drinking buzz

00:29:35.000 --> 00:29:38.000
and they're just hitting a digital slot machine,

00:29:38.000 --> 00:29:40.000
just partying their balls off.

00:29:40.000 --> 00:29:42.000
They got five more years to live.

00:29:42.000 --> 00:29:44.000
They sold their house.

00:29:44.000 --> 00:29:45.000
They didn't give it to their kids.

00:29:45.000 --> 00:29:47.000
They left no inheritance.

00:29:47.000 --> 00:29:50.000
They have no concern for generational wealth

00:29:50.000 --> 00:29:52.000
and they just want to spend it to zero.

00:29:52.000 --> 00:29:54.000
And they're the ones that created this.

00:29:54.000 --> 00:29:56.000
They were there

00:29:56.000 --> 00:29:58.000
when we were taking off the gold standard

00:29:58.000 --> 00:30:01.000
and they've benefited from it.

00:30:01.000 --> 00:30:04.000
And everybody knew that all these bills

00:30:04.000 --> 00:30:06.000
were going to be coming due

00:30:06.000 --> 00:30:08.000
when you make money debt.

00:30:08.000 --> 00:30:09.000
And they did it anyway

00:30:09.000 --> 00:30:11.000
and they don't care.

00:30:11.000 --> 00:30:13.000
No, they don't even understand.

00:30:13.000 --> 00:30:15.000
They don't even understand.

00:30:15.000 --> 00:30:17.000
I think the percentage of boomers

00:30:17.000 --> 00:30:18.000
who actually understand

00:30:18.000 --> 00:30:20.000
how the printing works

00:30:20.000 --> 00:30:22.000
and who understand

00:30:22.000 --> 00:30:26.000
the fractional reserve nature of the system,

00:30:26.000 --> 00:30:28.000
I think that percentage is like

00:30:28.000 --> 00:30:32.000
less than one half of 1% of boomers.

00:30:32.000 --> 00:30:33.000
Yeah.

00:30:33.000 --> 00:30:35.000
Yeah, it's the Mark Twain quote, right?

00:30:35.000 --> 00:30:37.000
I'm going to butcher it,

00:30:37.000 --> 00:30:39.000
but it's very hard to get someone

00:30:39.000 --> 00:30:40.000
to believe something

00:30:40.000 --> 00:30:43.000
when their paycheck

00:30:43.000 --> 00:30:46.000
depends on believing the opposite.

00:30:46.000 --> 00:30:49.000
And I think it's a little bit less insidious

00:30:49.000 --> 00:30:50.000
than that with boomers

00:30:50.000 --> 00:30:52.000
because no one was arguing,

00:30:52.000 --> 00:30:56.000
apart from like Rand Paul,

00:30:56.000 --> 00:30:58.000
was anyone arguing?

00:30:58.000 --> 00:31:00.000
Like there were gold bugs here and there

00:31:00.000 --> 00:31:01.000
who kind of foresaw this

00:31:01.000 --> 00:31:02.000
from a long way away,

00:31:02.000 --> 00:31:04.000
but they underestimated how long

00:31:04.000 --> 00:31:06.000
we could keep the Ponzi scheme

00:31:06.000 --> 00:31:08.000
of fiat printing going.

00:31:08.000 --> 00:31:10.000
I think it's just unexamined.

00:31:10.000 --> 00:31:11.000
Like why would they examine it?

00:31:11.000 --> 00:31:13.000
Their number goes up every year,

00:31:13.000 --> 00:31:15.000
with the exception of 08, basically,

00:31:15.000 --> 00:31:16.000
and maybe the dot-com crash

00:31:16.000 --> 00:31:19.000
if they were invested in that way.

00:31:19.000 --> 00:31:21.000
Their number just kind of kept going up.

00:31:21.000 --> 00:31:23.000
And as long as you kept getting moderate raises,

00:31:23.000 --> 00:31:24.000
your house value would go up,

00:31:24.000 --> 00:31:26.000
your stock portfolio would go up,

00:31:26.000 --> 00:31:27.000
and your life

00:31:27.000 --> 00:31:29.000
and your purchasing power over time

00:31:29.000 --> 00:31:31.000
would probably outpace.

00:31:31.000 --> 00:31:32.000
If you were in the asset class,

00:31:32.000 --> 00:31:35.000
it would probably outpace inflation.

00:31:35.000 --> 00:31:36.000
So you felt like your life

00:31:36.000 --> 00:31:38.000
was getting better over time.

00:31:38.000 --> 00:31:40.000
And that house of cards

00:31:40.000 --> 00:31:41.000
has come down in a major way

00:31:41.000 --> 00:31:43.000
with 25% inflation in six years

00:31:43.000 --> 00:31:46.000
and $13 trillion in printing.

00:31:46.000 --> 00:31:47.000
We basically just said,

00:31:47.000 --> 00:31:48.000
this worked before.

00:31:48.000 --> 00:31:49.000
What if we did it a hundred times

00:31:49.000 --> 00:31:51.000
as quickly as we did it before?

00:31:51.000 --> 00:31:54.000
And that's painful, right?

00:31:54.000 --> 00:31:56.000
And there's just no way around that.

00:31:56.000 --> 00:31:58.000
Reality, the brick wall of reality

00:31:58.000 --> 00:32:01.000
has arrived.

00:32:01.000 --> 00:32:03.000
Yeah, the Fed told everybody

00:32:03.000 --> 00:32:06.000
that they were going to make inflation 2%.

00:32:06.000 --> 00:32:08.000
And they said, we can hold it there.

00:32:08.000 --> 00:32:10.000
And then everybody was told

00:32:10.000 --> 00:32:12.000
that they would get roughly an 8%

00:32:12.000 --> 00:32:14.000
annualized return in the stock market.

00:32:14.000 --> 00:32:16.000
And so boomers just did the math

00:32:16.000 --> 00:32:17.000
and they said,

00:32:17.000 --> 00:32:19.000
I'm just going to make a shit ton of money

00:32:19.000 --> 00:32:21.000
if I just hold money in stocks

00:32:21.000 --> 00:32:23.000
or if I buy bonds or whatever,

00:32:23.000 --> 00:32:25.000
and I'll retire, I'll be good to go.

00:32:25.000 --> 00:32:27.000
Who cares what happens after me?

00:32:27.000 --> 00:32:30.000
Who cares?

00:32:30.000 --> 00:32:32.000
Yeah.

00:32:32.000 --> 00:32:36.000
I think we need more boomer slander, personally.

00:32:36.000 --> 00:32:39.000
I tried to,

00:32:39.000 --> 00:32:42.000
it's kind of, what's that,

00:32:42.000 --> 00:32:46.000
what's that phrase for

00:32:46.000 --> 00:32:48.000
people who've been imprisoned

00:32:48.000 --> 00:32:50.000
and then they develop a relationship

00:32:50.000 --> 00:32:51.000
with their captor?

00:32:51.000 --> 00:32:53.000
Stockholm Syndrome.

00:32:53.000 --> 00:32:54.000
Epstein Syndrome.

00:32:54.000 --> 00:32:55.000
Sorry, different.

00:32:55.000 --> 00:32:59.000
No, that's being raped.

00:32:59.000 --> 00:33:01.000
No, like I tried to,

00:33:01.000 --> 00:33:03.000
when I was kind of having my own personal

00:33:03.000 --> 00:33:05.000
financial renaissance

00:33:05.000 --> 00:33:07.000
of understanding how this stuff was working,

00:33:07.000 --> 00:33:10.000
I tried to explain it to my mom one time

00:33:10.000 --> 00:33:14.000
and she couldn't grasp,

00:33:14.000 --> 00:33:15.000
I did the math.

00:33:15.000 --> 00:33:16.000
I went and did the math for her

00:33:16.000 --> 00:33:17.000
and I said, how much did they take out

00:33:17.000 --> 00:33:18.000
of your check for Social Security

00:33:18.000 --> 00:33:19.000
roughly from when you were working

00:33:19.000 --> 00:33:22.000
to when you retired?

00:33:22.000 --> 00:33:23.000
I did the math and basically

00:33:23.000 --> 00:33:24.000
if she had just taken that money

00:33:24.000 --> 00:33:26.000
and invested it in the S&P,

00:33:26.000 --> 00:33:27.000
just basic shit,

00:33:27.000 --> 00:33:30.000
she'd have over a million dollars

00:33:30.000 --> 00:33:31.000
like the numbers were crazy,

00:33:31.000 --> 00:33:32.000
a million, two million dollars,

00:33:32.000 --> 00:33:33.000
something like that

00:33:33.000 --> 00:33:35.000
and that'd be obviously plenty enough

00:33:35.000 --> 00:33:36.000
for her to retire on

00:33:36.000 --> 00:33:38.000
but instead she gets her pittance

00:33:38.000 --> 00:33:39.000
from Social Security or whatever

00:33:39.000 --> 00:33:43.000
and I came to the realization

00:33:43.000 --> 00:33:44.000
and I tried to tell her

00:33:44.000 --> 00:33:47.000
they literally stole your money.

00:33:47.000 --> 00:33:49.000
They took it from you.

00:33:49.000 --> 00:33:51.000
They told you that you were going

00:33:51.000 --> 00:33:53.000
to be taken care of

00:33:53.000 --> 00:33:54.000
and that you needed them

00:33:54.000 --> 00:33:55.000
to take care of you

00:33:55.000 --> 00:33:57.000
because you couldn't do it yourself

00:33:57.000 --> 00:33:59.000
and then they stole your money

00:33:59.000 --> 00:34:01.000
and now you don't have any

00:34:01.000 --> 00:34:05.000
and you're still defending what they did

00:34:05.000 --> 00:34:07.000
because you still don't think

00:34:07.000 --> 00:34:08.000
that you were capable

00:34:08.000 --> 00:34:10.000
of taking care of yourself.

00:34:10.000 --> 00:34:13.000
Like this shit is,

00:34:13.000 --> 00:34:15.000
it's just not okay.

00:34:15.000 --> 00:34:16.000
Like it really,

00:34:16.000 --> 00:34:17.000
it's just not,

00:34:17.000 --> 00:34:20.000
I'm not okay with this shit.

00:34:20.000 --> 00:34:22.000
I have a question for the group

00:34:22.000 --> 00:34:24.000
in terms of,

00:34:24.000 --> 00:34:26.000
let's just keep the boomer slander going

00:34:26.000 --> 00:34:29.000
but when the brick wall of reality

00:34:29.000 --> 00:34:31.000
arrives for the fiat system,

00:34:31.000 --> 00:34:33.000
there's going to be some bag holders

00:34:33.000 --> 00:34:35.000
of stuff that 20 years ago

00:34:35.000 --> 00:34:36.000
was really valuable

00:34:36.000 --> 00:34:38.000
that is worth zero.

00:34:38.000 --> 00:34:41.000
Like golf course property,

00:34:41.000 --> 00:34:42.000
remote golf course property.

00:34:42.000 --> 00:34:43.000
Hey, hey, hey.

00:34:43.000 --> 00:34:44.000
There's always a buyer

00:34:44.000 --> 00:34:46.000
for remote golf course properties.

00:34:46.000 --> 00:34:47.000
Well yeah,

00:34:47.000 --> 00:34:48.000
you and I will be buying it

00:34:48.000 --> 00:34:49.000
for pennies on the dollar.

00:34:49.000 --> 00:34:50.000
Don't get me wrong.

00:34:50.000 --> 00:34:51.000
People will still live there.

00:34:51.000 --> 00:34:53.000
But like the second home market,

00:34:53.000 --> 00:34:54.000
right?

00:34:54.000 --> 00:34:55.000
Yes.

00:34:55.000 --> 00:34:56.000
We're talking about like assets.

00:34:56.000 --> 00:34:57.000
Others are like beanie babies.

00:34:57.000 --> 00:34:58.000
I'm talking about assets.

00:34:58.000 --> 00:34:59.000
I'm talking about people that like

00:34:59.000 --> 00:35:01.000
I finally got the asset

00:35:01.000 --> 00:35:02.000
and this will hold its value.

00:35:02.000 --> 00:35:05.000
I went to a bachelor party in Breckenridge

00:35:05.000 --> 00:35:07.000
at a non-ski-in-ski-out big house

00:35:07.000 --> 00:35:09.000
and it was on the market

00:35:09.000 --> 00:35:11.000
for $14 million.

00:35:11.000 --> 00:35:14.000
And every house on the street

00:35:14.000 --> 00:35:16.000
was on the market.

00:35:16.000 --> 00:35:17.000
And this was only like

00:35:17.000 --> 00:35:18.000
two or three years ago.

00:35:18.000 --> 00:35:20.000
I'm thinking about things like that, right?

00:35:20.000 --> 00:35:22.000
Like when the reality

00:35:22.000 --> 00:35:23.000
of like how much money

00:35:23.000 --> 00:35:24.000
there actually is

00:35:24.000 --> 00:35:26.000
becomes apparent,

00:35:26.000 --> 00:35:29.000
who are the bag holders?

00:35:29.000 --> 00:35:30.000
I think this is actually

00:35:30.000 --> 00:35:33.000
a really good thing though.

00:35:33.000 --> 00:35:34.000
Like honestly,

00:35:34.000 --> 00:35:35.000
stocks, who gives a fuck?

00:35:35.000 --> 00:35:38.000
Like get wrecked, you know?

00:35:38.000 --> 00:35:39.000
Like fuck off.

00:35:39.000 --> 00:35:40.000
But housing,

00:35:40.000 --> 00:35:43.000
if housing stays neutral

00:35:43.000 --> 00:35:45.000
to down over the next,

00:35:45.000 --> 00:35:46.000
you know, in real terms,

00:35:46.000 --> 00:35:48.000
it's not going down in nominal terms.

00:35:48.000 --> 00:35:49.000
Like we all know that's going up.

00:35:49.000 --> 00:35:51.000
But let's say it stays neutral

00:35:51.000 --> 00:35:52.000
to down in real terms.

00:35:52.000 --> 00:35:53.000
I think that's actually fantastic.

00:35:54.000 --> 00:35:59.000
Because you're quelling the rage

00:35:59.000 --> 00:36:02.000
at the bottom of the pyramid.

00:36:02.000 --> 00:36:03.000
Like if more people

00:36:03.000 --> 00:36:05.000
can afford more housing

00:36:05.000 --> 00:36:07.000
and it's cheaper in real terms,

00:36:07.000 --> 00:36:08.000
great.

00:36:08.000 --> 00:36:09.000
Honestly, fantastic.

00:36:09.000 --> 00:36:10.000
And if that has to come out of,

00:36:10.000 --> 00:36:13.000
you know, stock market bag holders

00:36:13.000 --> 00:36:15.000
and then all the rest of the energy

00:36:15.000 --> 00:36:16.000
gets sent to the Bitcoiners

00:36:16.000 --> 00:36:19.000
or Bitcoin absorbs that monetary premium

00:36:19.000 --> 00:36:21.000
from the real estate market,

00:36:21.000 --> 00:36:23.000
like great.

00:36:23.000 --> 00:36:24.000
Like I'm all for that.

00:36:24.000 --> 00:36:26.000
I'm into it.

00:36:27.000 --> 00:36:28.000
That's the way that technology

00:36:28.000 --> 00:36:30.000
is supposed to make,

00:36:30.000 --> 00:36:31.000
that's what's supposed to happen.

00:36:31.000 --> 00:36:32.000
Technology is supposed to create

00:36:32.000 --> 00:36:33.000
deflation essentially.

00:36:33.000 --> 00:36:35.000
I mean, look at televisions.

00:36:35.000 --> 00:36:36.000
A television in the 1980s

00:36:36.000 --> 00:36:37.000
or early 90s

00:36:37.000 --> 00:36:38.000
was more expensive

00:36:38.000 --> 00:36:39.000
than a television is today.

00:36:39.000 --> 00:36:41.000
And yet prices have been

00:36:41.000 --> 00:36:42.000
inflating the whole time.

00:36:42.000 --> 00:36:43.000
The reason is because

00:36:43.000 --> 00:36:46.000
the whole production pipeline

00:36:46.000 --> 00:36:50.000
of televisions got more streamlined

00:36:50.000 --> 00:36:52.000
and then the technology

00:36:52.000 --> 00:36:54.000
just made it all a little bit cheaper.

00:36:54.000 --> 00:36:56.000
That same thing could happen with housing.

00:36:56.000 --> 00:36:58.000
So as technology,

00:36:58.000 --> 00:36:59.000
you know,

00:36:59.000 --> 00:37:01.000
whether it's like 3D printed housing

00:37:01.000 --> 00:37:03.000
or I can't even imagine

00:37:03.000 --> 00:37:04.000
all the ways that it's going to be better.

00:37:04.000 --> 00:37:05.000
Theoretically,

00:37:05.000 --> 00:37:07.000
housing should get

00:37:07.000 --> 00:37:10.000
nominally cheaper over time,

00:37:10.000 --> 00:37:12.000
theoretically.

00:37:12.000 --> 00:37:14.000
Yeah, so,

00:37:14.000 --> 00:37:15.000
but okay,

00:37:15.000 --> 00:37:16.000
but let me give one more example though.

00:37:16.000 --> 00:37:18.000
So you were saying,

00:37:18.000 --> 00:37:19.000
what are the things that are,

00:37:19.000 --> 00:37:20.000
you know,

00:37:20.000 --> 00:37:21.000
inflated right now

00:37:21.000 --> 00:37:22.000
that are going to come down?

00:37:22.000 --> 00:37:23.000
I'll give one example.

00:37:23.000 --> 00:37:24.000
Okay, Adam Carolla,

00:37:24.000 --> 00:37:25.000
the comedian,

00:37:25.000 --> 00:37:27.000
he bought a Porsche

00:37:27.000 --> 00:37:30.000
that was driven by Paul Newman

00:37:30.000 --> 00:37:33.000
and he paid $4 million for it

00:37:33.000 --> 00:37:34.000
when he bought it.

00:37:34.000 --> 00:37:35.000
A few years later,

00:37:35.000 --> 00:37:36.000
it was worth $8 million.

00:37:36.000 --> 00:37:38.000
I have no idea how much it's worth now.

00:37:38.000 --> 00:37:39.000
It's probably worth 12

00:37:39.000 --> 00:37:40.000
or something like that.

00:37:40.000 --> 00:37:42.000
That car

00:37:42.000 --> 00:37:44.000
should be a depreciating asset

00:37:44.000 --> 00:37:46.000
because the car,

00:37:46.000 --> 00:37:47.000
he literally has to have

00:37:47.000 --> 00:37:48.000
a crew of people

00:37:48.000 --> 00:37:49.000
working full time

00:37:49.000 --> 00:37:50.000
to maintain

00:37:50.000 --> 00:37:51.000
all the different vehicles

00:37:51.000 --> 00:37:52.000
that he has.

00:37:52.000 --> 00:37:53.000
It shouldn't just be going up

00:37:53.000 --> 00:37:54.000
in value forever.

00:37:54.000 --> 00:37:55.000
So there are things right now

00:37:55.000 --> 00:37:56.000
that are being used

00:37:56.000 --> 00:37:58.000
to preserve wealth

00:37:58.000 --> 00:37:59.000
that are just going up

00:37:59.000 --> 00:38:00.000
as we've seen

00:38:00.000 --> 00:38:01.000
this rampant inflation.

00:38:01.000 --> 00:38:02.000
But eventually,

00:38:02.000 --> 00:38:04.000
those things are going to come down.

00:38:04.000 --> 00:38:06.000
It's just

00:38:06.000 --> 00:38:07.000
the law of thermodynamics.

00:38:07.000 --> 00:38:08.000
Those things are going to break down

00:38:08.000 --> 00:38:09.000
over time.

00:38:09.000 --> 00:38:12.000
So they're going to come down in value.

00:38:12.000 --> 00:38:14.000
The longest term loan

00:38:14.000 --> 00:38:15.000
for a house

00:38:15.000 --> 00:38:16.000
in the early 1900s

00:38:16.000 --> 00:38:17.000
was five years.

00:38:17.000 --> 00:38:18.000
That was the longest

00:38:18.000 --> 00:38:19.000
a bank would lend

00:38:19.000 --> 00:38:20.000
against a house

00:38:20.000 --> 00:38:22.000
because they depreciated

00:38:22.000 --> 00:38:23.000
because the Federal Reserve

00:38:23.000 --> 00:38:25.000
hadn't yet fucked everything up.

00:38:25.000 --> 00:38:26.000
The only reason

00:38:26.000 --> 00:38:29.000
that we have 30-year mortgages

00:38:29.000 --> 00:38:31.000
is because the Ponzi scheme

00:38:31.000 --> 00:38:33.000
has to continue.

00:38:33.000 --> 00:38:34.000
That's it.

00:38:34.000 --> 00:38:35.000
That's it.

00:38:35.000 --> 00:38:36.000
Like you said, Anton,

00:38:36.000 --> 00:38:39.000
these are consumer goods.

00:38:39.000 --> 00:38:41.000
My house gets worth less

00:38:41.000 --> 00:38:42.000
every year

00:38:42.000 --> 00:38:43.000
because it's falling apart

00:38:43.000 --> 00:38:44.000
every year.

00:38:44.000 --> 00:38:45.000
Every time it rains,

00:38:45.000 --> 00:38:46.000
every time it floods,

00:38:46.000 --> 00:38:47.000
every time it snows,

00:38:47.000 --> 00:38:48.000
whatever.

00:38:48.000 --> 00:38:49.000
I got to fix it.

00:38:49.000 --> 00:38:51.000
It's more expensive.

00:38:51.000 --> 00:38:53.000
The only reason

00:38:53.000 --> 00:38:54.000
that these things are going up

00:38:54.000 --> 00:38:56.000
is because it is the mechanism

00:38:56.000 --> 00:38:58.000
by which they enact slavery

00:38:58.000 --> 00:39:01.000
upon the population.

00:39:01.000 --> 00:39:04.000
Is Bitcoin headed for Max Payne?

00:39:04.000 --> 00:39:06.000
I think the answer is yes,

00:39:06.000 --> 00:39:07.000
but I don't think

00:39:07.000 --> 00:39:09.000
it's the way people expect.

00:39:09.000 --> 00:39:11.000
I think Max Payne

00:39:11.000 --> 00:39:13.000
is Bitcoin skyrocketing

00:39:13.000 --> 00:39:16.000
to Samson Mao's $1 million

00:39:16.000 --> 00:39:19.000
and then coming down

00:39:19.000 --> 00:39:20.000
and just wrecking everybody

00:39:20.000 --> 00:39:22.000
the whole way down

00:39:22.000 --> 00:39:24.000
and going to like 50

00:39:24.000 --> 00:39:27.000
or something absolutely stupid.

00:39:27.000 --> 00:39:28.000
The reason I think that

00:39:28.000 --> 00:39:29.000
is because everybody's going to think

00:39:29.000 --> 00:39:30.000
that they're a genius

00:39:30.000 --> 00:39:31.000
for five seconds

00:39:31.000 --> 00:39:33.000
and then the other side of it

00:39:33.000 --> 00:39:34.000
is everybody's going to be

00:39:34.000 --> 00:39:36.000
just lambasted as a fool

00:39:36.000 --> 00:39:38.000
when at the end of the day

00:39:38.000 --> 00:39:40.000
if you jumped on

00:39:40.000 --> 00:39:42.000
in that crazy run

00:39:42.000 --> 00:39:43.000
without an understanding

00:39:43.000 --> 00:39:44.000
of what you were doing,

00:39:44.000 --> 00:39:45.000
you were just grabbing

00:39:45.000 --> 00:39:46.000
the handle of the bus

00:39:46.000 --> 00:39:48.000
and you got flipped by,

00:39:48.000 --> 00:39:49.000
that is going to cause you

00:39:49.000 --> 00:39:50.000
to get wrecked

00:39:50.000 --> 00:39:51.000
and get into the situation

00:39:51.000 --> 00:39:52.000
Corey was talking about

00:39:52.000 --> 00:39:54.000
where you have less Bitcoin.

00:39:54.000 --> 00:39:56.000
The move probably won't be as drastic

00:39:56.000 --> 00:39:58.000
because of the institutions.

00:39:58.000 --> 00:39:59.000
I don't disagree with that,

00:39:59.000 --> 00:40:01.000
but that example I think

00:40:01.000 --> 00:40:03.000
is where we actually get

00:40:03.000 --> 00:40:06.000
this version of FTX

00:40:06.000 --> 00:40:07.000
which is treasury companies

00:40:07.000 --> 00:40:08.000
going under

00:40:08.000 --> 00:40:10.000
because I think a lot of people

00:40:10.000 --> 00:40:11.000
are like,

00:40:11.000 --> 00:40:12.000
oh God, we got to do

00:40:12.000 --> 00:40:13.000
exactly what Saylor's doing

00:40:13.000 --> 00:40:14.000
without an understanding

00:40:14.000 --> 00:40:16.000
of the underlying asset.

00:40:16.000 --> 00:40:18.000
Hashtag the smarter web company.

00:40:18.000 --> 00:40:21.000
And you're just going to get

00:40:21.000 --> 00:40:23.000
to a point where

00:40:23.000 --> 00:40:25.000
people are going to see pensions,

00:40:25.000 --> 00:40:26.000
they're just going to see

00:40:26.000 --> 00:40:27.000
everything going up and to the right

00:40:27.000 --> 00:40:28.000
and they're going to see

00:40:28.000 --> 00:40:29.000
it's not even up to the right,

00:40:29.000 --> 00:40:30.000
it's just a straight line up.

00:40:30.000 --> 00:40:32.000
Like this is what you expect,

00:40:32.000 --> 00:40:33.000
this is what you're going to get

00:40:33.000 --> 00:40:35.000
and everybody's just going to flip out.

00:40:35.000 --> 00:40:36.000
Like I got to jump

00:40:36.000 --> 00:40:37.000
in this thing right now

00:40:37.000 --> 00:40:39.000
and I think that in my mind

00:40:39.000 --> 00:40:40.000
is max pain.

00:40:40.000 --> 00:40:42.000
Is everybody jumping on the lifeboat

00:40:42.000 --> 00:40:43.000
and basically the boat's going to go

00:40:43.000 --> 00:40:44.000
under the water for five seconds

00:40:44.000 --> 00:40:46.000
and then it's going to start to sink

00:40:46.000 --> 00:40:47.000
and then as soon as enough

00:40:47.000 --> 00:40:48.000
people pile off,

00:40:48.000 --> 00:40:49.000
there's still enough buoyancy

00:40:49.000 --> 00:40:50.000
it's going to come back up,

00:40:50.000 --> 00:40:52.000
but max pain in my mind

00:40:52.000 --> 00:40:55.000
is super violent move

00:40:55.000 --> 00:40:56.000
to the upside

00:40:56.000 --> 00:40:58.000
where a lot of people get on,

00:40:58.000 --> 00:40:59.000
leverage in every other way

00:40:59.000 --> 00:41:01.000
and then they just get absolutely wrecked

00:41:01.000 --> 00:41:02.000
because they don't understand

00:41:02.000 --> 00:41:03.000
what they're holding on to.

00:41:03.000 --> 00:41:05.000
I think that already happened

00:41:05.000 --> 00:41:09.000
in 2017, 2020, 2021

00:41:09.000 --> 00:41:11.000
such that everybody in the world

00:41:11.000 --> 00:41:13.000
already knows about Bitcoin.

00:41:13.000 --> 00:41:15.000
It's not a new novel thing

00:41:15.000 --> 00:41:18.000
that they're going to get fooled into,

00:41:18.000 --> 00:41:21.000
aping into and buying.

00:41:21.000 --> 00:41:25.000
The novelty of it has passed

00:41:25.000 --> 00:41:28.000
and most people just don't have

00:41:28.000 --> 00:41:30.000
that much excess money right now.

00:41:30.000 --> 00:41:32.000
Like 2021, 2020,

00:41:32.000 --> 00:41:34.000
that was just such a completely different thing

00:41:34.000 --> 00:41:35.000
because they were literally

00:41:35.000 --> 00:41:37.000
fucking giving out money for free.

00:41:37.000 --> 00:41:39.000
Trillions of it.

00:41:41.000 --> 00:41:43.000
I guess we could talk about the...

00:41:43.000 --> 00:41:45.000
I'd be curious your guys' opinion

00:41:45.000 --> 00:41:49.000
on what the likelihood

00:41:49.000 --> 00:41:52.000
of this new treasury strategy is

00:41:52.000 --> 00:41:55.000
of causing the next major bear.

00:41:58.000 --> 00:42:00.000
I don't really have a strong opinion on it,

00:42:00.000 --> 00:42:01.000
but it makes sense to me

00:42:01.000 --> 00:42:04.000
that these companies

00:42:04.000 --> 00:42:05.000
could be the thing that causes

00:42:05.000 --> 00:42:08.000
the next major leveraged,

00:42:10.000 --> 00:42:12.000
cascading leverage down

00:42:12.000 --> 00:42:14.000
forced liquidation bear market.

00:42:14.000 --> 00:42:16.000
When you said treasury companies,

00:42:16.000 --> 00:42:17.000
I was thinking...

00:42:17.000 --> 00:42:18.000
For some reason in my head,

00:42:18.000 --> 00:42:20.000
I was thinking the new Federal Reserve chair,

00:42:20.000 --> 00:42:21.000
not treasury companies

00:42:21.000 --> 00:42:22.000
because Trump is saying

00:42:22.000 --> 00:42:23.000
he's going to fire Jerome Powell,

00:42:23.000 --> 00:42:25.000
which I didn't think that the president

00:42:25.000 --> 00:42:26.000
had the ability to do it anyway.

00:42:26.000 --> 00:42:27.000
He can't.

00:42:27.000 --> 00:42:28.000
He can't.

00:42:28.000 --> 00:42:30.000
There will be treasury companies that fail.

00:42:30.000 --> 00:42:31.000
No question about it.

00:42:31.000 --> 00:42:33.000
Treasury companies are a shit coin.

00:42:33.000 --> 00:42:35.000
If you're a Bitcoiner,

00:42:35.000 --> 00:42:36.000
buy Bitcoin.

00:42:36.000 --> 00:42:38.000
Don't buy shares in a treasury company.

00:42:38.000 --> 00:42:39.000
That's my opinion.

00:42:39.000 --> 00:42:41.000
My opinion is that Bitcoin is for individuals.

00:42:41.000 --> 00:42:43.000
There are going to be treasury companies

00:42:43.000 --> 00:42:45.000
that just do absolutely retarded,

00:42:45.000 --> 00:42:46.000
dumb things

00:42:46.000 --> 00:42:48.000
and lose their private keys

00:42:48.000 --> 00:42:49.000
or get hacked

00:42:49.000 --> 00:42:50.000
and they're going to go bankrupt.

00:42:50.000 --> 00:42:52.000
That's bound to happen.

00:42:55.000 --> 00:42:58.000
Crazy, crazy, ridiculous question here.

00:42:58.000 --> 00:42:59.000
Who do you guys think

00:42:59.000 --> 00:43:01.000
is going to be the first CEO

00:43:01.000 --> 00:43:03.000
of a publicly traded company

00:43:03.000 --> 00:43:04.000
to disappear

00:43:04.000 --> 00:43:06.000
with the private keys

00:43:06.000 --> 00:43:07.000
of that company's Bitcoin

00:43:07.000 --> 00:43:09.000
and a massive manhunt goes down

00:43:09.000 --> 00:43:12.000
and then the whole regulatory environment

00:43:12.000 --> 00:43:13.000
has to change?

00:43:13.000 --> 00:43:14.000
That's for sure going to happen.

00:43:14.000 --> 00:43:16.000
If you don't know what's going to happen,

00:43:16.000 --> 00:43:17.000
you have not been paying attention.

00:43:17.000 --> 00:43:19.000
There's been so much of that

00:43:19.000 --> 00:43:21.000
over the entire history of Bitcoin.

00:43:21.000 --> 00:43:22.000
There were so many crazy stories like that.

00:43:22.000 --> 00:43:23.000
No, no.

00:43:23.000 --> 00:43:25.000
But of a publicly traded company

00:43:25.000 --> 00:43:27.000
that tells its investors,

00:43:27.000 --> 00:43:28.000
we're going to put Bitcoin

00:43:28.000 --> 00:43:29.000
on the balance sheet.

00:43:29.000 --> 00:43:30.000
We're going to do this thing

00:43:30.000 --> 00:43:32.000
and then just takes the keys

00:43:32.000 --> 00:43:33.000
and disappears.

00:43:33.000 --> 00:43:35.000
I'll do you another one.

00:43:35.000 --> 00:43:36.000
Sorry to jump in.

00:43:36.000 --> 00:43:37.000
I'll do you another one.

00:43:37.000 --> 00:43:38.000
How likely do you think it is

00:43:38.000 --> 00:43:44.000
that the 172,000 Bitcoin

00:43:44.000 --> 00:43:45.000
that the U.S. government

00:43:45.000 --> 00:43:47.000
has seemingly misplaced

00:43:47.000 --> 00:43:49.000
based on what we learned today

00:43:49.000 --> 00:43:51.000
from the U.S. Marshall's office

00:43:51.000 --> 00:43:53.000
that they were not sold

00:43:53.000 --> 00:43:55.000
because they would have had to announce it

00:43:55.000 --> 00:43:58.000
but somebody just procured them

00:43:58.000 --> 00:43:59.000
and ran away with them?

00:43:59.000 --> 00:44:01.000
I think it's probably more likely

00:44:01.000 --> 00:44:02.000
that there's a shit ton of text threads

00:44:02.000 --> 00:44:04.000
going like, oh shit, today

00:44:04.000 --> 00:44:08.000
than there is the U.S. government

00:44:08.000 --> 00:44:10.000
accidentally sold them.

00:44:10.000 --> 00:44:12.000
I think it's actually probably more likely

00:44:12.000 --> 00:44:13.000
somebody just walked away

00:44:13.000 --> 00:44:14.000
because like, oh,

00:44:14.000 --> 00:44:15.000
if people don't understand Bitcoin,

00:44:15.000 --> 00:44:16.000
it was probably five or 10 years ago.

00:44:16.000 --> 00:44:17.000
Like, oh, people don't know what this is.

00:44:17.000 --> 00:44:20.000
Oh, that thumb drive just fell in the trash can.

00:44:20.000 --> 00:44:22.000
Oh, no.

00:44:22.000 --> 00:44:24.000
I'm going to Cabo forever.

00:44:24.000 --> 00:44:27.000
The question I have is

00:44:27.000 --> 00:44:29.000
we know this came from the U.S. Marshall's service

00:44:29.000 --> 00:44:31.000
but certainly the U.S. Marshall's service

00:44:31.000 --> 00:44:33.000
is not the only entity

00:44:33.000 --> 00:44:34.000
in the United States federal government

00:44:34.000 --> 00:44:38.000
that holds the keys to Bitcoin.

00:44:38.000 --> 00:44:40.000
So is this just the Marshall's service

00:44:40.000 --> 00:44:42.000
or are they actually saying

00:44:42.000 --> 00:44:46.000
that the Marshall's hold every sap

00:44:46.000 --> 00:44:48.000
that the federal government owns?

00:44:48.000 --> 00:44:50.000
My understanding is that

00:44:50.000 --> 00:44:52.000
I don't know the answer.

00:44:52.000 --> 00:44:53.000
I'll crack it here in a second.

00:44:53.000 --> 00:44:54.000
My understanding is that

00:44:55.000 --> 00:44:59.000
Treasury doesn't have a vehicle set up for that.

00:44:59.000 --> 00:45:02.000
And so because it's a physical asset,

00:45:02.000 --> 00:45:05.000
it's held with the Marshall's

00:45:05.000 --> 00:45:07.000
versus being held at Treasury.

00:45:07.000 --> 00:45:08.000
Well, then, I mean,

00:45:08.000 --> 00:45:10.000
for sure, some of that's been stolen.

00:45:10.000 --> 00:45:13.000
But hey, this is an immutable public ledger.

00:45:13.000 --> 00:45:14.000
So we'll find out.

00:45:14.000 --> 00:45:15.000
I'll find out though.

00:45:15.000 --> 00:45:16.000
I'm grokking it right now

00:45:16.000 --> 00:45:17.000
because grokking is everything, right?

00:45:17.000 --> 00:45:18.000
If it was sent, you know,

00:45:18.000 --> 00:45:20.000
if it was sent to exchanges and auctioned off,

00:45:20.000 --> 00:45:22.000
you know, because it's like the U.S. Marshall,

00:45:22.000 --> 00:45:23.000
they auction shit, right?

00:45:23.000 --> 00:45:25.000
I mean, they have a common protocol for this stuff.

00:45:25.000 --> 00:45:26.000
They take property,

00:45:26.000 --> 00:45:28.000
they auction it that's been confiscated.

00:45:29.000 --> 00:45:30.000
So that'll be,

00:45:30.000 --> 00:45:31.000
I would imagine that information

00:45:31.000 --> 00:45:33.000
would be quite easy to figure out here

00:45:33.000 --> 00:45:34.000
in the next couple of days

00:45:34.000 --> 00:45:35.000
for somebody sleuthing.

00:45:37.000 --> 00:45:38.000
These people are not dumb.

00:45:38.000 --> 00:45:42.000
I mean, if they were to find some cartel member

00:45:42.000 --> 00:45:45.000
with a billion dollars and hundred dollar bills,

00:45:45.000 --> 00:45:47.000
you don't think they're going to pocket some of it?

00:45:47.000 --> 00:45:48.000
They probably would.

00:45:48.000 --> 00:45:51.000
So you remember when Russ Ulbricht

00:45:51.000 --> 00:45:54.000
was caught by FBI agents.

00:45:54.000 --> 00:45:56.000
So Russ Ulbricht was given a life sentence.

00:45:56.000 --> 00:45:58.000
Russ Ulbricht is out of jail,

00:45:58.000 --> 00:45:59.000
but you know who's in jail?

00:45:59.000 --> 00:46:04.000
Two FBI agents who were on that case.

00:46:05.000 --> 00:46:06.000
They stole,

00:46:06.000 --> 00:46:07.000
I think they stole Bitcoin.

00:46:07.000 --> 00:46:08.000
I'm not,

00:46:08.000 --> 00:46:09.000
you'd have to look this up too.

00:46:09.000 --> 00:46:10.000
I don't know exactly what they did,

00:46:10.000 --> 00:46:14.000
but I'm pretty sure they stole some of the Bitcoin.

00:46:14.000 --> 00:46:15.000
And so this is common.

00:46:15.000 --> 00:46:17.000
Bitcoin is essentially the new cat.

00:46:18.000 --> 00:46:20.000
Wasn't one of them for the entrapment

00:46:20.000 --> 00:46:22.000
where they tried to get them in on a murder plot

00:46:22.000 --> 00:46:23.000
and it was,

00:46:23.000 --> 00:46:24.000
they tried to do a sting

00:46:24.000 --> 00:46:25.000
and it turned out to be entrapment.

00:46:25.000 --> 00:46:27.000
I think I got one of them for that.

00:46:27.000 --> 00:46:28.000
Yup.

00:46:28.000 --> 00:46:29.000
There's a good book on it,

00:46:29.000 --> 00:46:30.000
American Pen Pen.

00:46:30.000 --> 00:46:31.000
It's super,

00:46:31.000 --> 00:46:32.000
if you ask Grock about this,

00:46:32.000 --> 00:46:33.000
it's super confusing.

00:46:33.000 --> 00:46:34.000
Grock can't even tell you.

00:46:34.000 --> 00:46:35.000
It's like,

00:46:35.000 --> 00:46:37.000
did Ross Ulbricht actually try to get a hit man

00:46:37.000 --> 00:46:38.000
to kill somebody?

00:46:38.000 --> 00:46:39.000
And they're like,

00:46:39.000 --> 00:46:40.000
it's kind of inconclusive.

00:46:40.000 --> 00:46:42.000
It's a little hard to figure this out.

00:46:43.000 --> 00:46:46.000
I just imagine there's going to be a Ross video

00:46:46.000 --> 00:46:47.000
like 20 years from now,

00:46:47.000 --> 00:46:48.000
just like that.

00:46:48.000 --> 00:46:50.000
One guy who walks up to the Italian looking dude

00:46:50.000 --> 00:46:51.000
on the beach.

00:46:51.000 --> 00:46:52.000
He's like,

00:46:52.000 --> 00:46:53.000
hey,

00:46:53.000 --> 00:46:54.000
what's your body count?

00:46:54.000 --> 00:46:55.000
And it's like,

00:46:55.000 --> 00:46:56.000
you definitely know that that guy doesn't understand

00:46:56.000 --> 00:46:57.000
what that is.

00:46:57.000 --> 00:46:58.000
And he pauses and he's like,

00:46:58.000 --> 00:46:59.000
uh,

00:46:59.000 --> 00:47:00.000
three.

00:47:00.000 --> 00:47:01.000
And then just like the music starts playing.

00:47:01.000 --> 00:47:02.000
It's going to be one of those things,

00:47:02.000 --> 00:47:03.000
like Ross isn't paying attention

00:47:03.000 --> 00:47:04.000
and they're going to be like,

00:47:04.000 --> 00:47:05.000
you know,

00:47:05.000 --> 00:47:06.000
the new word for,

00:47:06.000 --> 00:47:07.000
for body count in 20 years.

00:47:07.000 --> 00:47:08.000
And he's like,

00:47:08.000 --> 00:47:09.000
I have no idea.

00:47:09.000 --> 00:47:10.000
He's like,

00:47:10.000 --> 00:47:11.000
oh yeah,

00:47:11.000 --> 00:47:12.000
like two.

00:47:12.000 --> 00:47:13.000
Be great.

00:47:13.000 --> 00:47:14.000
But I,

00:47:15.000 --> 00:47:16.000
back to the,

00:47:16.000 --> 00:47:17.000
to the leveraged,

00:47:17.000 --> 00:47:18.000
you know,

00:47:18.000 --> 00:47:19.000
I,

00:47:19.000 --> 00:47:20.000
I don't think that I don't,

00:47:20.000 --> 00:47:21.000
I mean,

00:47:21.000 --> 00:47:22.000
I'm a fucking idiot,

00:47:22.000 --> 00:47:23.000
so I don't know,

00:47:23.000 --> 00:47:24.000
but I don't see how we,

00:47:25.000 --> 00:47:27.000
how we get the price of Bitcoin super,

00:47:27.000 --> 00:47:29.000
super high here,

00:47:30.000 --> 00:47:31.000
uh,

00:47:31.000 --> 00:47:32.000
from a leveraged perspective,

00:47:33.000 --> 00:47:34.000
um,

00:47:34.000 --> 00:47:37.000
without massive corporates just borrowing against

00:47:37.000 --> 00:47:39.000
their current balance sheets.

00:47:40.000 --> 00:47:41.000
Uh,

00:47:41.000 --> 00:47:42.000
you know,

00:47:42.000 --> 00:47:44.000
that that's the kind of stuff that's like money,

00:47:44.000 --> 00:47:45.000
money,

00:47:45.000 --> 00:47:46.000
money printing fervor.

00:47:46.000 --> 00:47:47.000
Um,

00:47:47.000 --> 00:47:48.000
you know,

00:47:48.000 --> 00:47:50.000
where there's a little mania and then a couple of people get

00:47:50.000 --> 00:47:52.000
liquidated cause they go too far.

00:47:52.000 --> 00:47:54.000
And then we have the cascading liquidations.

00:47:54.000 --> 00:47:55.000
But if that doesn't,

00:47:55.000 --> 00:47:57.000
if that doesn't really happen,

00:47:58.000 --> 00:47:59.000
um,

00:48:00.000 --> 00:48:02.000
we could just see this like nom,

00:48:02.000 --> 00:48:03.000
nom,

00:48:03.000 --> 00:48:04.000
nom,

00:48:04.000 --> 00:48:05.000
nom,

00:48:05.000 --> 00:48:06.000
nom,

00:48:06.000 --> 00:48:07.000
chomp,

00:48:07.000 --> 00:48:08.000
chomp,

00:48:08.000 --> 00:48:09.000
chomp,

00:48:09.000 --> 00:48:10.000
chomp,

00:48:10.000 --> 00:48:11.000
chomp.

00:48:11.000 --> 00:48:12.000
You know,

00:48:12.000 --> 00:48:14.000
we're at 400 K and four years or something.

00:48:15.000 --> 00:48:19.000
So no matter how corporations want to leverage debt to try to

00:48:19.000 --> 00:48:20.000
procure Bitcoin,

00:48:20.000 --> 00:48:22.000
there's still only 21 million.

00:48:22.000 --> 00:48:24.000
And on top of that,

00:48:24.000 --> 00:48:28.000
there's usually only about 2 million that are even available to

00:48:28.000 --> 00:48:29.000
purchase.

00:48:29.000 --> 00:48:32.000
And so we talk in these fiat terms where money is essentially

00:48:32.000 --> 00:48:33.000
infinite.

00:48:33.000 --> 00:48:35.000
You can leverage as much debt as you want,

00:48:35.000 --> 00:48:37.000
but you can't buy as much Bitcoin as you want.

00:48:37.000 --> 00:48:39.000
And so that,

00:48:39.000 --> 00:48:40.000
I mean,

00:48:40.000 --> 00:48:42.000
this is just more evidence that there's going to be further

00:48:42.000 --> 00:48:45.000
pressure to make the price go higher and higher and higher as demand

00:48:45.000 --> 00:48:46.000
increases.

00:48:46.000 --> 00:48:48.000
Think when nation States are getting involved,

00:48:48.000 --> 00:48:49.000
like right now,

00:48:49.000 --> 00:48:52.000
there's only a few nation States that have tried to buy any massive

00:48:52.000 --> 00:48:53.000
amount of Bitcoin.

00:48:53.000 --> 00:48:55.000
Max Keiser's talked about this in the past,

00:48:55.000 --> 00:48:59.000
but the first country that completely hyper inflates their currency to

00:48:59.000 --> 00:49:01.000
just buy as much Bitcoin as possible wins.

00:49:03.000 --> 00:49:04.000
When that starts happening,

00:49:04.000 --> 00:49:05.000
crazy,

00:49:05.000 --> 00:49:06.000
crazy stuff could happen to the press.

00:49:06.000 --> 00:49:07.000
I,

00:49:07.000 --> 00:49:08.000
I don't,

00:49:08.000 --> 00:49:09.000
you know,

00:49:09.000 --> 00:49:10.000
I'll take the other side of that just for,

00:49:10.000 --> 00:49:11.000
for the interesting argument.

00:49:11.000 --> 00:49:12.000
Like I actually don't,

00:49:12.000 --> 00:49:14.000
I don't see,

00:49:16.000 --> 00:49:20.000
I don't see sovereigns being the primary driver of Bitcoin price.

00:49:20.000 --> 00:49:22.000
I'm not saying they're not going to drive it.

00:49:22.000 --> 00:49:23.000
I'm just,

00:49:23.000 --> 00:49:26.000
I don't think that they're ever going to be the primary driver.

00:49:26.000 --> 00:49:29.000
And part of that is because a,

00:49:29.000 --> 00:49:30.000
you know,

00:49:30.000 --> 00:49:31.000
the corporate,

00:49:31.000 --> 00:49:32.000
the private debt markets,

00:49:32.000 --> 00:49:36.000
debt markets for public companies and private companies are,

00:49:36.000 --> 00:49:39.000
are absolutely gigantic.

00:49:40.000 --> 00:49:41.000
You know,

00:49:41.000 --> 00:49:46.000
like the government printing money is still kind of pales in comparison to

00:49:46.000 --> 00:49:48.000
how much debt is out there.

00:49:48.000 --> 00:49:49.000
Bonds,

00:49:49.000 --> 00:49:50.000
corporate bonds,

00:49:50.000 --> 00:49:51.000
treasuries,

00:49:51.000 --> 00:49:52.000
things like that.

00:49:52.000 --> 00:49:55.000
So corporates drive more money creation.

00:49:55.000 --> 00:50:00.000
And the other thing is the legal structure around a company around,

00:50:00.000 --> 00:50:01.000
around,

00:50:01.000 --> 00:50:05.000
around a country to go buy a bunch of Bitcoin.

00:50:05.000 --> 00:50:07.000
Like this is like even El Salvador,

00:50:07.000 --> 00:50:08.000
like what do you,

00:50:08.000 --> 00:50:10.000
what is Bukele going to do with his Bitcoin?

00:50:10.000 --> 00:50:12.000
What are the internal rules that,

00:50:12.000 --> 00:50:17.000
that dictate the process by which you either borrow against it or you spend

00:50:17.000 --> 00:50:21.000
it for public works processes or whatever there,

00:50:21.000 --> 00:50:22.000
there is there,

00:50:22.000 --> 00:50:25.000
the legal structures for this shit don't exist yet.

00:50:25.000 --> 00:50:28.000
And there might be some like pissant country that,

00:50:28.000 --> 00:50:29.000
you know,

00:50:29.000 --> 00:50:30.000
decides to,

00:50:30.000 --> 00:50:31.000
you know,

00:50:31.000 --> 00:50:34.000
print their own currency of which there really aren't that many to go buy a

00:50:34.000 --> 00:50:35.000
bunch of Bitcoin.

00:50:35.000 --> 00:50:37.000
That's going to like be good for that country.

00:50:37.000 --> 00:50:40.000
Like that doesn't mean that country is well organized or has a culture of

00:50:40.000 --> 00:50:44.000
organization or it can effectively do anything with it in the first place.

00:50:44.000 --> 00:50:45.000
Like,

00:50:45.000 --> 00:50:45.000


00:50:45.000 --> 00:50:45.000


00:50:45.000 --> 00:50:46.000
They got a bunch of Bitcoin in the balance sheet.

00:50:46.000 --> 00:50:48.000
What the fuck are they going to do with it?

00:50:48.000 --> 00:50:48.000


00:50:48.000 --> 00:50:49.000
I think I'm,

00:50:49.000 --> 00:50:50.000
I'm with you to an extent,

00:50:50.000 --> 00:50:51.000
Zach,

00:50:51.000 --> 00:50:52.000
because,

00:50:52.000 --> 00:50:54.000
but I think what we lose sight of is,

00:50:54.000 --> 00:50:57.000
is how much bigger the U S is than every other country.

00:50:57.000 --> 00:50:58.000
And,

00:50:58.000 --> 00:51:00.000
and the level of wealth that we have,

00:51:00.000 --> 00:51:04.000
like Apple is bigger than most countries.

00:51:04.000 --> 00:51:07.000
So like the,

00:51:07.000 --> 00:51:14.000
the top end of the U S corporate market can drive like orders of mag,

00:51:14.000 --> 00:51:16.000
multiple orders of magnitude,

00:51:16.000 --> 00:51:19.000
more price action than El Salvador's entire economy can.

00:51:19.000 --> 00:51:22.000
And that's true of a lot of countries.

00:51:22.000 --> 00:51:24.000
So to me,

00:51:24.000 --> 00:51:28.000
it's if the sovereigns start doing it in a way that knocks the dominoes down

00:51:29.000 --> 00:51:34.000
to the point where China or the EU or the U or U S gets involved,

00:51:34.000 --> 00:51:35.000
then it's,

00:51:35.000 --> 00:51:36.000
then to me,

00:51:36.000 --> 00:51:37.000
sovereigns are really interesting.

00:51:37.000 --> 00:51:40.000
But if it's El Salvador to Turkey,

00:51:40.000 --> 00:51:41.000
to Venezuela,

00:51:41.000 --> 00:51:42.000
to Columbia,

00:51:42.000 --> 00:51:43.000
to Argentina,

00:51:43.000 --> 00:51:45.000
to Zimbabwe,

00:51:45.000 --> 00:51:48.000
like the places that are in max pain with their own currencies right now,

00:51:48.000 --> 00:51:50.000
or Nigeria overthrows their government,

00:51:50.000 --> 00:51:51.000
they do it.

00:51:51.000 --> 00:51:52.000
And jury is enormous,

00:51:52.000 --> 00:51:53.000
but they're,

00:51:53.000 --> 00:51:55.000
they have no economic significance whatsoever.

00:51:55.000 --> 00:51:57.000
You can combine all of them.

00:51:57.000 --> 00:51:59.000
You can combine the massive,

00:51:59.000 --> 00:52:03.000
the biggest buying that all of those countries combined could possibly do.

00:52:03.000 --> 00:52:07.000
And it's like a quarter for one of the magnificent seven.

00:52:07.000 --> 00:52:09.000
So it's,

00:52:09.000 --> 00:52:10.000
it's interesting in this,

00:52:10.000 --> 00:52:11.000
in the sense that it could,

00:52:11.000 --> 00:52:12.000
you know,

00:52:12.000 --> 00:52:14.000
it could create a floor.

00:52:14.000 --> 00:52:19.000
I just don't see it in the short term driving it up.

00:52:19.000 --> 00:52:21.000
There's so much more drama coming.

00:52:21.000 --> 00:52:24.000
I love it from the filmmaker,

00:52:24.000 --> 00:52:26.000
from a story perspective,

00:52:26.000 --> 00:52:30.000
just thinking about one of these shithole countries,

00:52:30.000 --> 00:52:33.000
if they were to go buy as much Bitcoin as they can,

00:52:33.000 --> 00:52:36.000
and then there was a military coup or just somebody went and stole it.

00:52:36.000 --> 00:52:37.000
Like,

00:52:37.000 --> 00:52:43.000
I want to say that Bukele locked up a ledger in an actual safe with

00:52:43.000 --> 00:52:46.000
something like 5,000 Bitcoin on it or $5 billion.

00:52:46.000 --> 00:52:47.000
I forget what it was.

00:52:47.000 --> 00:52:48.000
It's some,

00:52:48.000 --> 00:52:49.000
some number,

00:52:49.000 --> 00:52:50.000
some number.

00:52:50.000 --> 00:52:51.000
It's a lot of Bitcoin.

00:52:51.000 --> 00:52:54.000
And he put it on a little ledger device and locked it in a safe.

00:52:54.000 --> 00:52:58.000
What if somebody cracks that safe and runs off with it and takes it out of

00:52:58.000 --> 00:52:59.000
the country?

00:52:59.000 --> 00:53:01.000
There's so much of that stuff is going to happen.

00:53:01.000 --> 00:53:02.000
It kind of excites me.

00:53:02.000 --> 00:53:03.000
I'm like,

00:53:03.000 --> 00:53:04.000
what's going to happen?

00:53:04.000 --> 00:53:05.000
What's the next thing?

00:53:05.000 --> 00:53:06.000
Yeah.

00:53:06.000 --> 00:53:07.000
And it's,

00:53:07.000 --> 00:53:08.000
it's going to dictate policy,

00:53:08.000 --> 00:53:09.000
you know,

00:53:09.000 --> 00:53:10.000
and maybe some of these things are,

00:53:10.000 --> 00:53:12.000
are manufactured so that the state can,

00:53:12.000 --> 00:53:13.000
can create,

00:53:13.000 --> 00:53:14.000
you know,

00:53:14.000 --> 00:53:18.000
less than advantageous regulations around how governments are,

00:53:18.000 --> 00:53:19.000
are,

00:53:19.000 --> 00:53:22.000
are able to custody and spend and use and borrow against.

00:53:22.000 --> 00:53:23.000
But you said something,

00:53:23.000 --> 00:53:24.000
Anthony,

00:53:24.000 --> 00:53:25.000
man,

00:53:25.000 --> 00:53:26.000
I just,

00:53:26.000 --> 00:53:27.000
it's so,

00:53:27.000 --> 00:53:28.000
it was so succinct,

00:53:28.000 --> 00:53:29.000
you know,

00:53:29.000 --> 00:53:30.000
and I think it's,

00:53:30.000 --> 00:53:31.000
it's just a great meme.

00:53:31.000 --> 00:53:32.000
Bitcoin is for individuals.

00:53:32.000 --> 00:53:39.000
It could be that Bitcoin is rat poison for anything larger than a certain

00:53:39.000 --> 00:53:41.000
corporate size.

00:53:41.000 --> 00:53:42.000
I mean,

00:53:42.000 --> 00:53:47.000
it could be that it because of the fallibility of the individual,

00:53:48.000 --> 00:53:55.000
it could be that Bitcoin just is incompatible with large institutions that

00:53:55.000 --> 00:54:02.000
large bureaucracies that don't have accountability baked into the structure

00:54:02.000 --> 00:54:03.000
of the institution.

00:54:03.000 --> 00:54:04.000
Can I,

00:54:04.000 --> 00:54:05.000
can I give you a max pain for those?

00:54:05.000 --> 00:54:07.000
Cause we haven't really covered what's,

00:54:07.000 --> 00:54:10.000
how do the corporations feel pain with it,

00:54:10.000 --> 00:54:11.000
right?

00:54:11.000 --> 00:54:13.000
Is there a scenario where they start buying Bitcoin?

00:54:13.000 --> 00:54:15.000
Cause I see it as a growth asset,

00:54:15.000 --> 00:54:16.000
but it's,

00:54:16.000 --> 00:54:21.000
the growth of Bitcoin starts to level out and we start to see it just

00:54:21.000 --> 00:54:22.000
returning it to reality.

00:54:22.000 --> 00:54:26.000
And then all of the corporations get a spotlight shown on them because if

00:54:26.000 --> 00:54:29.000
the Bitcoin that they're holding isn't going up in value,

00:54:29.000 --> 00:54:32.000
then they have to do what they were supposed to do as a company in the

00:54:32.000 --> 00:54:33.000
first place,

00:54:33.000 --> 00:54:36.000
which is make a product that creates actual value,

00:54:36.000 --> 00:54:37.000
right?

00:54:37.000 --> 00:54:38.000
They actually have to do work.

00:54:38.000 --> 00:54:40.000
I think the max pain for the corporations,

00:54:40.000 --> 00:54:42.000
even the ones that buy Bitcoin,

00:54:42.000 --> 00:54:45.000
maybe especially so are that they're going to have to figure out how to make

00:54:45.000 --> 00:54:49.000
products again and deliver goods and services that actually create value for

00:54:49.000 --> 00:54:50.000
the world.

00:54:50.000 --> 00:54:52.000
And they can't do financial cannery.

00:54:52.000 --> 00:54:53.000
Like you ever seen the,

00:54:53.000 --> 00:54:58.000
the graph of how much corporate profit went into buybacks in the past 10

00:54:58.000 --> 00:54:59.000
years?

00:54:59.000 --> 00:55:00.000
It's just,

00:55:00.000 --> 00:55:02.000
it was never a thing before.

00:55:02.000 --> 00:55:04.000
And all of a sudden it's like,

00:55:04.000 --> 00:55:07.000
I'm one of the guys on the all in podcast said it well,

00:55:07.000 --> 00:55:08.000
he's like,

00:55:08.000 --> 00:55:09.000
you do as a company,

00:55:09.000 --> 00:55:12.000
you do a buyback when you don't know what else to do with your money.

00:55:12.000 --> 00:55:15.000
And it's basically all Apple's been doing with its excess cash.

00:55:15.000 --> 00:55:17.000
It's got most of the cash.

00:55:17.000 --> 00:55:19.000
Most of their profit is just in cash.

00:55:19.000 --> 00:55:20.000
And what do they do?

00:55:20.000 --> 00:55:23.000
They just pump their own stock price with buybacks.

00:55:23.000 --> 00:55:24.000
It's literally just,

00:55:24.000 --> 00:55:28.000
and then all that does is allow them to sell their stock if they want the

00:55:28.000 --> 00:55:29.000
cash in the future,

00:55:29.000 --> 00:55:32.000
which is like,

00:55:32.000 --> 00:55:33.000
it's a Ponzi scheme.

00:55:33.000 --> 00:55:34.000
Like that's such a Ponzi scheme.

00:55:34.000 --> 00:55:36.000
And then everyone who's holding Apple stock is like,

00:55:36.000 --> 00:55:37.000
all right,

00:55:37.000 --> 00:55:38.000
10% this month.

00:55:38.000 --> 00:55:39.000
But they didn't do anything.

00:55:39.000 --> 00:55:41.000
They didn't make a new product.

00:55:41.000 --> 00:55:42.000
They didn't sell more product.

00:55:42.000 --> 00:55:45.000
They literally just pumped their own stock price.

00:55:45.000 --> 00:55:48.000
That's the nonsense that has to go away.

00:55:48.000 --> 00:55:52.000
We could also end up in a situation where you get it.

00:55:52.000 --> 00:55:53.000
Like you say,

00:55:53.000 --> 00:55:54.000
Corey,

00:55:54.000 --> 00:55:55.000
you know,

00:55:55.000 --> 00:55:56.000
Bitcoin is going to drive competition.

00:55:56.000 --> 00:55:59.000
And at some point you're going to have to be the best at doing what you do.

00:55:59.000 --> 00:56:00.000
You're going to,

00:56:00.000 --> 00:56:01.000
you're not going to survive.

00:56:01.000 --> 00:56:02.000
That's what this comes down to.

00:56:02.000 --> 00:56:04.000
We have to abide by the laws of physics again,

00:56:04.000 --> 00:56:06.000
and we have to be efficient and productive again.

00:56:06.000 --> 00:56:07.000
So there's,

00:56:07.000 --> 00:56:08.000
so there's going to be by like,

00:56:08.000 --> 00:56:10.000
by matter of logic,

00:56:10.000 --> 00:56:12.000
there's going to be a shitload of companies that just try to,

00:56:12.000 --> 00:56:14.000
they're basically zombie companies.

00:56:14.000 --> 00:56:16.000
They're going to try to do this Bitcoin thing.

00:56:16.000 --> 00:56:18.000
They're going to try to pump their stock for the short term,

00:56:18.000 --> 00:56:20.000
but ultimately they're not creating a product.

00:56:20.000 --> 00:56:21.000
Anybody gives a damn about,

00:56:21.000 --> 00:56:24.000
and all of those metrics are going to take a massive dump.

00:56:24.000 --> 00:56:28.000
Their MNAV is going to be negative or whatever below one.

00:56:28.000 --> 00:56:30.000
And they're just going to get bought out.

00:56:30.000 --> 00:56:32.000
Like those companies are going to get bought out,

00:56:32.000 --> 00:56:34.000
not for what they do as companies,

00:56:34.000 --> 00:56:36.000
but because they have a bunch of Bitcoin on their balance sheet.

00:56:36.000 --> 00:56:37.000
That's at a discount.

00:56:37.000 --> 00:56:38.000
Yep.

00:56:40.000 --> 00:56:41.000
It'll be their only value.

00:56:41.000 --> 00:56:43.000
And for MicroStrategy,

00:56:43.000 --> 00:56:44.000
because they're first,

00:56:44.000 --> 00:56:45.000
that'll be fine.

00:56:45.000 --> 00:56:46.000
They've got plenty of value,

00:56:46.000 --> 00:56:47.000
but what about the,

00:56:47.000 --> 00:56:50.000
there's going to be a whole host of corporations that jump on this late and realize

00:56:50.000 --> 00:56:52.000
we haven't actually created real value.

00:56:52.000 --> 00:56:54.000
And like you ever seen this,

00:56:54.000 --> 00:57:00.000
the S&P 500 for the last 25 years versus controlled for money printing from controlled for M2 supply.

00:57:00.000 --> 00:57:02.000
It's a flat line.

00:57:04.000 --> 00:57:05.000
It's insane.

00:57:05.000 --> 00:57:08.000
I think the Max Payne thing you guys are talking about is actually not even just the corporate thing,

00:57:08.000 --> 00:57:09.000
though.

00:57:09.000 --> 00:57:10.000
It's going to be cultural.

00:57:10.000 --> 00:57:15.000
We're going to see a cultural moment of Max Payne where culture,

00:57:15.000 --> 00:57:16.000
as we know it,

00:57:16.000 --> 00:57:22.000
and purpose are going to have to be tied to providing actual value and not just being an administrator,

00:57:22.000 --> 00:57:23.000
not just being a manager,

00:57:23.000 --> 00:57:25.000
not just being a paper pusher,

00:57:25.000 --> 00:57:28.000
not just being somebody who's like ideating like ideas are cheap.

00:57:28.000 --> 00:57:29.000
Like every five seconds,

00:57:29.000 --> 00:57:30.000
I'm getting five,

00:57:30.000 --> 00:57:30.000


00:57:30.000 --> 00:57:31.000
15,

00:57:31.000 --> 00:57:33.000
20 new ideas from other people,

00:57:33.000 --> 00:57:35.000
let alone the ones that I'm generating myself.

00:57:35.000 --> 00:57:36.000
And then they're like,

00:57:36.000 --> 00:57:37.000
you could do this.

00:57:37.000 --> 00:57:38.000
And I'm like,

00:57:38.000 --> 00:57:39.000
I could,

00:57:39.000 --> 00:57:40.000
but that's not helpful.

00:57:40.000 --> 00:57:42.000
Like what I need is actual progress and action.

00:57:42.000 --> 00:57:44.000
I think that's what we're going to see is,

00:57:44.000 --> 00:57:45.000
as you said,

00:57:45.000 --> 00:57:48.000
these corporations are going to be forced and actually doing things again.

00:57:48.000 --> 00:57:51.000
But I think the way in which that happens is,

00:57:51.000 --> 00:57:52.000
you know,

00:57:52.000 --> 00:57:55.000
they're going to hit the brick wall of consequences and the brick wall of consequences.

00:57:55.000 --> 00:57:57.000
You can't just buy your own Ponzi anymore.

00:57:57.000 --> 00:58:00.000
You can't just pump your own bags because guess what?

00:58:00.000 --> 00:58:02.000
There is no more pumping that's going to be happening right now.

00:58:02.000 --> 00:58:07.000
You have a deflationary asset that is now the new base layer.

00:58:07.000 --> 00:58:08.000
And by the way,

00:58:08.000 --> 00:58:11.000
what that means is if you are decreasing in the value you're providing,

00:58:11.000 --> 00:58:14.000
you are decreasing in your own value as well.

00:58:14.000 --> 00:58:17.000
The dildo of consequence will be pumping,

00:58:17.000 --> 00:58:20.000
and it is definitely not lubed.

00:58:20.000 --> 00:58:23.000
I knew that's what you were thinking.

00:58:23.000 --> 00:58:24.000
I knew it.

00:58:24.000 --> 00:58:26.000
Maybe he's pouring his heart out,

00:58:26.000 --> 00:58:29.000
and Zach was just waiting to say dildo.

00:58:29.000 --> 00:58:30.000
I knew it.

00:58:30.000 --> 00:58:31.000
Of consequence.

00:58:32.000 --> 00:58:34.000
J.D.'s point is well taken.

00:58:34.000 --> 00:58:38.000
The Great American Short just dropped.

00:58:40.000 --> 00:58:41.000
Look,

00:58:41.000 --> 00:58:42.000
I got to pump up your numbers,

00:58:42.000 --> 00:58:43.000
guys.

00:58:43.000 --> 00:58:47.000
You need way more retarded shit going on right now.

00:58:47.000 --> 00:58:48.000
I love it.

00:58:48.000 --> 00:58:49.000
Hey,

00:58:49.000 --> 00:58:51.000
I will say you have the best short,

00:58:51.000 --> 00:58:54.000
which was your prepare your anus.

00:58:54.000 --> 00:58:56.000
It was so good.

00:58:56.000 --> 00:58:58.000
You got to send me that one.

00:58:58.000 --> 00:58:59.000
I haven't looked at it.

00:58:59.000 --> 00:59:04.000
Now the new short is the dildo of consequence will not be lubed.

00:59:04.000 --> 00:59:07.000
The dildo of consequence will be pumping.

00:59:07.000 --> 00:59:08.000
Well,

00:59:08.000 --> 00:59:10.000
maybe that's a good segue to read.

00:59:10.000 --> 00:59:11.000
We have one comment.

00:59:11.000 --> 00:59:12.000
Oh,

00:59:12.000 --> 00:59:13.000
here we go.

00:59:13.000 --> 00:59:16.000
We just need to wait for ISM to go above 50,

00:59:16.000 --> 00:59:18.000
and then altcoin season.

00:59:18.000 --> 00:59:21.000
I'm expecting Bitcoin to go stagnant and dip,

00:59:21.000 --> 00:59:23.000
and for altcoins to run.

00:59:23.000 --> 00:59:28.000
I feel there's a pretty big dildo of consequence waiting for this,

00:59:28.000 --> 00:59:29.000
gent.

00:59:29.000 --> 00:59:31.000
Somebody tell me what ISM means.

00:59:31.000 --> 00:59:36.000
International shit coin mobile.

00:59:36.000 --> 00:59:40.000
You're probably not right,

00:59:40.000 --> 00:59:41.000
wrong,

00:59:41.000 --> 00:59:43.000
Robert,

00:59:43.000 --> 00:59:44.000
but I'm also,

00:59:44.000 --> 00:59:45.000
you know,

00:59:45.000 --> 00:59:46.000
oh,

00:59:46.000 --> 00:59:47.000
is that Robert?

00:59:47.000 --> 00:59:48.000
Oh,

00:59:48.000 --> 00:59:49.000
no,

00:59:49.000 --> 00:59:50.000
Biden.

00:59:50.000 --> 00:59:57.000
But I do think we're going to get to a supply institute of supply management.

00:59:57.000 --> 00:59:58.000
Okay,

00:59:58.000 --> 00:59:59.000
got it.

00:59:59.000 --> 01:00:00.000
Okay.

01:00:00.000 --> 01:00:01.000
You're probably not wrong,

01:00:01.000 --> 01:00:02.000
Robert.

01:00:02.000 --> 01:00:03.000
I think the,

01:00:03.000 --> 01:00:04.000
the person who actually,

01:00:04.000 --> 01:00:06.000
I think has been the best on all of this from my take has been income sharks.

01:00:06.000 --> 01:00:08.000
I don't know if you guys have followed that guy on X,

01:00:08.000 --> 01:00:09.000
but guy or girl,

01:00:09.000 --> 01:00:10.000
I have no idea.

01:00:10.000 --> 01:00:11.000
It's just a shark,

01:00:11.000 --> 01:00:13.000
but it's a really good investment shark.

01:00:13.000 --> 01:00:14.000
But actually,

01:00:14.000 --> 01:00:15.000
this is the exact same thesis,

01:00:15.000 --> 01:00:16.000
actually,

01:00:16.000 --> 01:00:20.000
that the income sharks has an income sharks has been pretty spot on about their

01:00:20.000 --> 01:00:21.000
calls.

01:00:21.000 --> 01:00:22.000
And they're like,

01:00:22.000 --> 01:00:23.000
all right,

01:00:23.000 --> 01:00:24.000
next is ETH.

01:00:24.000 --> 01:00:25.000
And then ETH pumped what,

01:00:25.000 --> 01:00:26.000
15% today.

01:00:26.000 --> 01:00:27.000
And then it's like,

01:00:27.000 --> 01:00:28.000
after ETH,

01:00:28.000 --> 01:00:29.000
guess what's coming is all coin season.

01:00:29.000 --> 01:00:33.000
So I think I'm hoping and I'm optimistic that we're going to get a little bit

01:00:33.000 --> 01:00:35.000
more of a Bitcoin pump before that,

01:00:35.000 --> 01:00:37.000
or we're just going to see fricking chaos.

01:00:37.000 --> 01:00:38.000
Because again,

01:00:38.000 --> 01:00:41.000
like I did do a quick research and the U.S.

01:00:41.000 --> 01:00:46.000
marshals is where Bitcoin was traditionally custodied prior to 2025 with the

01:00:46.000 --> 01:00:49.000
executive order is it would be at a different agency,

01:00:49.000 --> 01:00:52.000
but then they would move to custody at the U.S.

01:00:52.000 --> 01:00:54.000
marshals because they have the auction opportunity.

01:00:54.000 --> 01:00:57.000
So they have the way to move it out of the government in,

01:00:57.000 --> 01:00:58.000
in their org.

01:00:58.000 --> 01:01:01.000
But it'll be interesting to see if that is,

01:01:01.000 --> 01:01:05.000
if their ledger is the only ledger of actual Bitcoins on the books,

01:01:05.000 --> 01:01:09.000
because treasury was supposed to create something after the executive order in

01:01:09.000 --> 01:01:10.000
January,

01:01:10.000 --> 01:01:11.000
February,

01:01:11.000 --> 01:01:12.000
whenever it was,

01:01:12.000 --> 01:01:13.000
did they,

01:01:13.000 --> 01:01:15.000
and was anything transferred to them?

01:01:15.000 --> 01:01:16.000
We don't know.

01:01:16.000 --> 01:01:19.000
So what was the read the ISM comment again,

01:01:19.000 --> 01:01:21.000
now that I know what it means,

01:01:21.000 --> 01:01:22.000
I'll put it up.

01:01:23.000 --> 01:01:24.000
Uh,

01:01:24.000 --> 01:01:25.000
not our Robert,

01:01:25.000 --> 01:01:27.000
the ISM to go above 50.

01:01:27.000 --> 01:01:28.000
I'm excited.

01:01:28.000 --> 01:01:30.000
I don't understand macro well enough to.

01:01:30.000 --> 01:01:35.000
So is that saying that things are getting more expensive from supply like

01:01:35.000 --> 01:01:36.000
manufacturing?

01:01:37.000 --> 01:01:38.000
Uh,

01:01:38.000 --> 01:01:40.000
like John Deere is now more expensive.

01:01:40.000 --> 01:01:41.000
Caterpillar.

01:01:41.000 --> 01:01:42.000
I think,

01:01:42.000 --> 01:01:43.000
I think that's the,

01:01:43.000 --> 01:01:44.000
I don't know.

01:01:44.000 --> 01:01:45.000
We can ask,

01:01:45.000 --> 01:01:46.000
we'll ask the Grok,

01:01:46.000 --> 01:01:47.000
but,

01:01:47.000 --> 01:01:48.000
um,

01:01:52.000 --> 01:01:53.000
yeah,

01:01:53.000 --> 01:01:54.000
I,

01:01:54.000 --> 01:01:55.000
I,

01:01:55.000 --> 01:01:56.000
I mean,

01:01:56.000 --> 01:01:57.000
I guess I get,

01:01:57.000 --> 01:01:58.000
you know,

01:01:58.000 --> 01:01:59.000
okay.

01:01:59.000 --> 01:02:00.000
So all of that hypothetically,

01:02:00.000 --> 01:02:01.000
like it always,

01:02:01.000 --> 01:02:02.000
it just kind of comes down to,

01:02:02.000 --> 01:02:03.000
um,

01:02:03.000 --> 01:02:04.000
I really,

01:02:04.000 --> 01:02:05.000
I,

01:02:05.000 --> 01:02:06.000
I do think that I don't,

01:02:06.000 --> 01:02:07.000
I don't think that,

01:02:07.000 --> 01:02:08.000
um,

01:02:08.000 --> 01:02:09.000
the having is relevant anymore.

01:02:09.000 --> 01:02:10.000
I think it's totally,

01:02:10.000 --> 01:02:11.000
I just,

01:02:11.000 --> 01:02:12.000
it's like not relevant.

01:02:12.000 --> 01:02:13.000
Um,

01:02:13.000 --> 01:02:14.000
it's not enough supply for it to matter.

01:02:14.000 --> 01:02:15.000
I disagree actually.

01:02:15.000 --> 01:02:16.000
Uh,

01:02:16.000 --> 01:02:20.000
I disagree specifically because the most important aspect of that is going to be

01:02:21.000 --> 01:02:23.000
is I think it's actually not necessarily going to be a,

01:02:23.000 --> 01:02:24.000
a,

01:02:24.000 --> 01:02:27.000
an impact on the monetary aspect of it,

01:02:27.000 --> 01:02:32.000
but it's going to be more an impact on the mining profitability aspect of it.

01:02:32.000 --> 01:02:36.000
And so I think what's going to be interesting is to see once institutions level

01:02:36.000 --> 01:02:39.000
off is then what happens when it starts to be,

01:02:39.000 --> 01:02:40.000
um,

01:02:40.000 --> 01:02:45.000
what starts to happen when the biggest piece is actually the fee structure on

01:02:46.000 --> 01:02:47.000
the backside.

01:02:47.000 --> 01:02:48.000
Lightning's gonna have an impact on that.

01:02:48.000 --> 01:02:50.000
All these L2s are gonna have an impact on that,

01:02:50.000 --> 01:02:51.000
but it's going to be really,

01:02:51.000 --> 01:02:54.000
really interesting to see as we start getting to a place where sovereigns are

01:02:54.000 --> 01:02:55.000
actually,

01:02:55.000 --> 01:02:55.000


01:02:55.000 --> 01:02:56.000
doing their transactions,

01:02:56.000 --> 01:02:57.000
settled,

01:02:57.000 --> 01:02:58.000
final in Bitcoin.

01:02:58.000 --> 01:03:00.000
You know how much paper Bitcoin comes out.

01:03:00.000 --> 01:03:04.000
Cause I think the biggest thing is going to be how much paper Bitcoin,

01:03:04.000 --> 01:03:06.000
cause paper Bitcoin is already in existence.

01:03:06.000 --> 01:03:11.000
The question is going to be how much paper Bitcoin is going to be tolerated by

01:03:11.000 --> 01:03:12.000
the system.

01:03:12.000 --> 01:03:13.000
What does that have to do with the having?

01:03:13.000 --> 01:03:15.000
I'm talking about from a price perspective.

01:03:15.000 --> 01:03:16.000
Um,

01:03:16.000 --> 01:03:19.000
I don't think the having is going to impact Bitcoin price.

01:03:19.000 --> 01:03:21.000
I think that's because there's just going to be less,

01:03:21.000 --> 01:03:22.000
um,

01:03:22.000 --> 01:03:23.000
um,

01:03:25.000 --> 01:03:32.000
because there's going to be less available new supply.

01:03:32.000 --> 01:03:33.000
I don't know.

01:03:33.000 --> 01:03:33.000


01:03:33.000 --> 01:03:34.000
it's going to be interesting.

01:03:34.000 --> 01:03:35.000
I just say,

01:03:35.000 --> 01:03:36.000
I do think here,

01:03:36.000 --> 01:03:37.000
here's a hot day.

01:03:37.000 --> 01:03:38.000
We're going to still have a,

01:03:38.000 --> 01:03:39.000
still a take.

01:03:39.000 --> 01:03:40.000
I think,

01:03:40.000 --> 01:03:44.000
I think governments are going to get in here and they're going to,

01:03:44.000 --> 01:03:46.000
they're going to start to mine at a loss.

01:03:46.000 --> 01:03:50.000
And I'm not sure that the security budget matters at all.

01:03:50.000 --> 01:03:55.000
Like we're worried about the fees happening and miners protecting the fees.

01:03:55.000 --> 01:03:56.000
Um,

01:03:56.000 --> 01:04:01.000
when a government can come in there and mine Bitcoin at a loss and create it,

01:04:01.000 --> 01:04:02.000
their own templates,

01:04:02.000 --> 01:04:05.000
like it doesn't even like,

01:04:05.000 --> 01:04:06.000
it doesn't matter.

01:04:06.000 --> 01:04:11.000
Like no one cares that they're losing money mining.

01:04:11.000 --> 01:04:12.000
They're not paying for it anyway.

01:04:13.000 --> 01:04:14.000
And they're printing money.

01:04:14.000 --> 01:04:16.000
That's what Bhutan has been doing.

01:04:16.000 --> 01:04:17.000
Right.

01:04:17.000 --> 01:04:19.000
Bhutan has been mining at a loss and they've mined,

01:04:19.000 --> 01:04:20.000
I don't know,

01:04:20.000 --> 01:04:21.000
over 8,000 Bitcoin.

01:04:21.000 --> 01:04:22.000
Yeah.

01:04:22.000 --> 01:04:23.000
Yeah.

01:04:23.000 --> 01:04:24.000
And nobody knows who holds it,

01:04:24.000 --> 01:04:25.000
by the way.

01:04:25.000 --> 01:04:26.000
Nope.

01:04:26.000 --> 01:04:27.000
Nobody knows what they're doing with it.

01:04:27.000 --> 01:04:28.000
No Bhutanese have Bitcoin.

01:04:28.000 --> 01:04:29.000
I know people in Bhutan,

01:04:29.000 --> 01:04:30.000
they're like,

01:04:30.000 --> 01:04:31.000
nobody uses it.

01:04:31.000 --> 01:04:32.000
Can't buy it here.

01:04:32.000 --> 01:04:33.000
This,

01:04:33.000 --> 01:04:34.000
that's,

01:04:34.000 --> 01:04:35.000
it's exactly what I was trying to get at earlier.

01:04:35.000 --> 01:04:37.000
Like all of these sovereign shenanigans,

01:04:37.000 --> 01:04:38.000
uh,

01:04:38.000 --> 01:04:39.000
for smaller countries,

01:04:39.000 --> 01:04:41.000
like there's no structure in place.

01:04:41.000 --> 01:04:42.000
There's no expectation.

01:04:42.000 --> 01:04:45.000
Like these Bitcoin are just going to be stolen.

01:04:45.000 --> 01:04:46.000
Like,

01:04:46.000 --> 01:04:47.000
I don't,

01:04:47.000 --> 01:04:48.000
Bitcoin,

01:04:48.000 --> 01:04:50.000
aside from transacting,

01:04:50.000 --> 01:04:53.000
aside from having the ability to transact or a first world country,

01:04:53.000 --> 01:04:54.000
like the United States,

01:04:54.000 --> 01:04:56.000
that does have some ability now,

01:04:56.000 --> 01:04:57.000
I'm not saying it's perfect,

01:04:57.000 --> 01:05:01.000
but does have some ability to create a regulatory structure around the custody

01:05:01.000 --> 01:05:02.000
of the asset.

01:05:02.000 --> 01:05:03.000
That is,

01:05:03.000 --> 01:05:04.000
you know,

01:05:04.000 --> 01:05:06.000
somewhat visible by the public.

01:05:06.000 --> 01:05:07.000
Okay.

01:05:07.000 --> 01:05:08.000
That's one thing.

01:05:08.000 --> 01:05:09.000
And even then,

01:05:09.000 --> 01:05:11.000
I'm still not sure what the purpose is other than,

01:05:11.000 --> 01:05:12.000
Hey,

01:05:12.000 --> 01:05:13.000
uh,

01:05:13.000 --> 01:05:14.000
we're,

01:05:14.000 --> 01:05:15.000
we're defending our place on the ledger,

01:05:15.000 --> 01:05:16.000
but man,

01:05:16.000 --> 01:05:18.000
Bitcoin really isn't for,

01:05:18.000 --> 01:05:20.000
it really is for individuals.

01:05:20.000 --> 01:05:23.000
Like having these small little countries on this stuff just means a couple of

01:05:23.000 --> 01:05:27.000
rich people at the top stole a bunch of money from their population and bought

01:05:27.000 --> 01:05:30.000
it for themselves or mind it for themselves or whatever.

01:05:30.000 --> 01:05:31.000
You know,

01:05:31.000 --> 01:05:32.000
I just don't,

01:05:32.000 --> 01:05:33.000
I don't see it,

01:05:33.000 --> 01:05:34.000
um,

01:05:34.000 --> 01:05:35.000
as a positive thing.

01:05:35.000 --> 01:05:36.000
I agree.

01:05:36.000 --> 01:05:38.000
Or just sits there,

01:05:38.000 --> 01:05:39.000
right?

01:05:39.000 --> 01:05:42.000
Like uninvested money and in the current system,

01:05:42.000 --> 01:05:44.000
uninvested money that sits in a,

01:05:44.000 --> 01:05:45.000
in cash or,

01:05:45.000 --> 01:05:46.000
you know,

01:05:46.000 --> 01:05:47.000
it's,

01:05:47.000 --> 01:05:48.000
it's essentially useless.

01:05:48.000 --> 01:05:50.000
It means nothing to the economy.

01:05:50.000 --> 01:05:51.000
And I could see the,

01:05:51.000 --> 01:05:54.000
the country of Bhutan not moving their Bitcoin,

01:05:54.000 --> 01:05:55.000
just sitting on it,

01:05:55.000 --> 01:05:56.000
never selling it,

01:05:56.000 --> 01:05:58.000
mining at a small amount.

01:05:58.000 --> 01:05:59.000
To me,

01:05:59.000 --> 01:06:00.000
that's essentially like a lost key,

01:06:00.000 --> 01:06:01.000
you know,

01:06:01.000 --> 01:06:04.000
let me know when someone moves it.

01:06:04.000 --> 01:06:09.000
I think the most important thing that we need to do in the next decade is get

01:06:09.000 --> 01:06:11.000
sailor to agree to rock,

01:06:11.000 --> 01:06:12.000
paper,

01:06:12.000 --> 01:06:12.000


01:06:12.000 --> 01:06:15.000
his own keys to everyone in the world,

01:06:15.000 --> 01:06:16.000
uh,

01:06:16.000 --> 01:06:17.000
before he dies.

01:06:17.000 --> 01:06:20.000
So we can pick one champion to play a game of rock,

01:06:20.000 --> 01:06:21.000
paper,

01:06:21.000 --> 01:06:21.000


01:06:21.000 --> 01:06:22.000
And if they lose,

01:06:22.000 --> 01:06:24.000
he can take his keys to a grave.

01:06:24.000 --> 01:06:26.000
But if they win,

01:06:26.000 --> 01:06:30.000
we have to find some other fun mechanism to distribute his Bitcoin to the rest

01:06:30.000 --> 01:06:31.000
of the world.

01:06:31.000 --> 01:06:32.000
I'm game if he takes it with him,

01:06:32.000 --> 01:06:33.000
right?

01:06:33.000 --> 01:06:36.000
But it needs to be fun.

01:06:36.000 --> 01:06:38.000
Is that still his family?

01:06:38.000 --> 01:06:40.000
Is he maintaining that he's going to take his keys to the grave?

01:06:40.000 --> 01:06:41.000
Yeah,

01:06:41.000 --> 01:06:42.000
that's correct.

01:06:42.000 --> 01:06:43.000
That's his current stance.

01:06:43.000 --> 01:06:46.000
So either that or he's going to give it to like Natalie Brunel or something like

01:06:46.000 --> 01:06:47.000
that.

01:06:47.000 --> 01:06:48.000
Oh,

01:06:48.000 --> 01:06:49.000
entertaining.

01:06:49.000 --> 01:06:50.000
Would it be though?

01:06:50.000 --> 01:06:51.000
If micro strategy,

01:06:51.000 --> 01:06:57.000
somehow there was some sort of breach and they lost a huge amount of Bitcoin.

01:06:57.000 --> 01:06:58.000
Well,

01:06:58.000 --> 01:06:59.000
it's just Coinbase.

01:06:59.000 --> 01:07:00.000
They,

01:07:00.000 --> 01:07:01.000
they custody at Coinbase.

01:07:01.000 --> 01:07:03.000
Their own Bitcoin from one of the large ones.

01:07:03.000 --> 01:07:07.000
And like I bit and everything else like that is fidelity.

01:07:07.000 --> 01:07:10.000
Fidelity is the only one that custody is their own Bitcoin.

01:07:10.000 --> 01:07:14.000
And so we're kind of in this interesting thing about like the,

01:07:14.000 --> 01:07:15.000
the,

01:07:15.000 --> 01:07:16.000
the black box,

01:07:16.000 --> 01:07:18.000
the centralization risk that we was talking about is Coinbase.

01:07:18.000 --> 01:07:22.000
Like Coinbase is the problem and they are the new Fort Knox.

01:07:22.000 --> 01:07:23.000
Um,

01:07:23.000 --> 01:07:24.000
I,

01:07:24.000 --> 01:07:25.000
I,

01:07:25.000 --> 01:07:28.000
I'm of the opinion that Coinbase was basically sanctioned by the U S by the

01:07:28.000 --> 01:07:29.000
feds.

01:07:29.000 --> 01:07:33.000
Like they were basically chosen and tell agencies and,

01:07:33.000 --> 01:07:34.000
you know,

01:07:34.000 --> 01:07:35.000
banks went,

01:07:35.000 --> 01:07:36.000
okay,

01:07:36.000 --> 01:07:37.000
this one's the winner.

01:07:37.000 --> 01:07:38.000
They're farthest ahead.

01:07:38.000 --> 01:07:39.000
We're basically going to capture them.

01:07:39.000 --> 01:07:41.000
Brian Armstrong is ours.

01:07:41.000 --> 01:07:42.000
Make him shave his head,

01:07:42.000 --> 01:07:43.000
make him do the humiliation ritual.

01:07:43.000 --> 01:07:44.000
I mean,

01:07:44.000 --> 01:07:45.000
his,

01:07:45.000 --> 01:07:46.000
his,

01:07:46.000 --> 01:07:47.000
uh,

01:07:47.000 --> 01:07:49.000
his attire is the easiest mission impossible mask ever.

01:07:49.000 --> 01:07:50.000
Right.

01:07:50.000 --> 01:07:51.000
Right.

01:07:51.000 --> 01:07:52.000
I mean,

01:07:52.000 --> 01:07:53.000
literally it's just like,

01:07:53.000 --> 01:07:54.000
we can use the same mask.

01:07:54.000 --> 01:07:55.000
Oh,

01:07:55.000 --> 01:07:56.000
we have a mask.

01:07:56.000 --> 01:07:57.000
We screwed up.

01:07:57.000 --> 01:07:58.000
We can just turn into a Brian Armstrong head.

01:07:58.000 --> 01:07:59.000
Right.

01:07:59.000 --> 01:08:01.000
I think that that institution is already entirely captured by the U S.

01:08:01.000 --> 01:08:02.000
I don't know.

01:08:02.000 --> 01:08:05.000
And I think they were given the green light to grow and to do everything

01:08:05.000 --> 01:08:06.000
they're doing.

01:08:06.000 --> 01:08:07.000
You know,

01:08:07.000 --> 01:08:08.000
like you can't,

01:08:08.000 --> 01:08:10.000
who knows where the money comes from for,

01:08:10.000 --> 01:08:14.000
for them to have grown and succeed and taken market share and do what

01:08:14.000 --> 01:08:15.000
they're doing.

01:08:15.000 --> 01:08:16.000
Like,

01:08:16.000 --> 01:08:17.000
this is the problem with money printing.

01:08:17.000 --> 01:08:19.000
This is the problem with black money.

01:08:19.000 --> 01:08:21.000
We don't know where it's going or where it came from.

01:08:21.000 --> 01:08:22.000
Yeah.

01:08:22.000 --> 01:08:24.000
That was a term for dark money,

01:08:24.000 --> 01:08:25.000
by the way,

01:08:25.000 --> 01:08:27.000
talking specific about the color of the money,

01:08:27.000 --> 01:08:28.000
um,

01:08:28.000 --> 01:08:29.000
less exposed.

01:08:29.000 --> 01:08:30.000
Um,

01:08:30.000 --> 01:08:31.000
but anyway,

01:08:31.000 --> 01:08:32.000
but,

01:08:32.000 --> 01:08:33.000
uh,

01:08:33.000 --> 01:08:35.000
I think I have to jump.

01:08:35.000 --> 01:08:36.000
So if we have anything else,

01:08:36.000 --> 01:08:37.000
maybe we can,

01:08:37.000 --> 01:08:38.000
uh,

01:08:38.000 --> 01:08:39.000
um,

01:08:39.000 --> 01:08:40.000
maybe wrap up.

01:08:40.000 --> 01:08:41.000
Anybody have any last thoughts?

01:08:41.000 --> 01:08:46.000
I think Corey wins for the coolest background.

01:08:46.000 --> 01:08:51.000
This castle was built by the Maltese Knights about a thousand years ago.

01:08:51.000 --> 01:08:53.000
And now it is an apartment that I stay in,

01:08:53.000 --> 01:08:54.000
in Southern Italy.

01:08:54.000 --> 01:08:55.000
It's awesome.

01:08:55.000 --> 01:08:59.000
So I could lose all my Bitcoin and probably still,

01:08:59.000 --> 01:09:00.000
still be all right.

01:09:00.000 --> 01:09:01.000
You probably will.

01:09:01.000 --> 01:09:03.000
They're going to steal it from you in your sleep.

01:09:03.000 --> 01:09:04.000
It was definitely Freemasons.

01:09:04.000 --> 01:09:05.000
Um,

01:09:05.000 --> 01:09:07.000
my life yesterday for six euros.

01:09:07.000 --> 01:09:08.000
So good.

01:09:08.000 --> 01:09:09.000
Fuck.

01:09:09.000 --> 01:09:10.000
All right.

01:09:10.000 --> 01:09:11.000
Well,

01:09:11.000 --> 01:09:12.000
Hey,

01:09:12.000 --> 01:09:13.000
thank you everybody for joining in.

01:09:13.000 --> 01:09:15.000
See you next time.

01:09:15.000 --> 01:09:16.000
Deuces.

01:09:25.000 --> 01:09:27.000
Thanks for tuning into better by Bitcoin.

01:09:27.000 --> 01:09:29.000
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01:09:29.000 --> 01:09:32.000
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01:09:32.000 --> 01:09:34.000
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01:09:34.000 --> 01:09:35.000
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01:09:35.000 --> 01:09:36.000
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01:09:36.000 --> 01:09:38.000
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