1
00:00:11,083 --> 00:00:11,875
Hi, Carrie,

2
00:00:11,875 --> 00:00:13,375
welcome to Honest Money Show.

3
00:00:14,583 --> 00:00:15,000
Hey. Yeah.

4
00:00:15,000 --> 00:00:15,625
And yeah, it's

5
00:00:15,625 --> 00:00:16,500
gorgeous to be here.

6
00:00:16,500 --> 00:00:17,416
Thanks for inviting me.

7
00:00:17,416 --> 00:00:18,625
It's lovely to be here.

8
00:00:19,666 --> 00:00:19,958
Yeah,

9
00:00:19,958 --> 00:00:21,291
just like I was saying to you

10
00:00:21,291 --> 00:00:22,583
before we hit record.

11
00:00:22,833 --> 00:00:24,041
Part of the reason

12
00:00:24,250 --> 00:00:24,958
for inviting

13
00:00:24,958 --> 00:00:26,166
you was entirely selfish.

14
00:00:26,166 --> 00:00:26,875
Because I wanted to

15
00:00:26,875 --> 00:00:28,041
make friends with you.

16
00:00:30,458 --> 00:00:31,250
I mean, I'm

17
00:00:31,250 --> 00:00:31,916
thrilled to be

18
00:00:31,916 --> 00:00:32,750
friends with you.

19
00:00:32,750 --> 00:00:34,000
This is cool.

20
00:00:34,041 --> 00:00:34,875
I love connecting,

21
00:00:34,875 --> 00:00:35,708
particularly with women

22
00:00:35,708 --> 00:00:36,916
in the Bitcoin space.

23
00:00:37,041 --> 00:00:38,125
It's always really

24
00:00:38,125 --> 00:00:39,291
heartening.

25
00:00:39,750 --> 00:00:40,625
Yeah. Yeah. Know.

26
00:00:40,625 --> 00:00:41,541
And we can talk about that

27
00:00:41,541 --> 00:00:42,333
a little bit later.

28
00:00:42,333 --> 00:00:44,458
But I wanted to speak to you

29
00:00:44,458 --> 00:00:45,916
about the company

30
00:00:45,916 --> 00:00:47,250
that you've recently formed

31
00:00:47,250 --> 00:00:48,291
which is Bitcoin

32
00:00:48,291 --> 00:00:49,541
Treasury Solutions.

33
00:00:49,916 --> 00:00:50,916
And I think this

34
00:00:50,916 --> 00:00:52,708
is a really exciting, space

35
00:00:52,708 --> 00:00:53,916
in Australia right now.

36
00:00:53,916 --> 00:00:55,333
There's so much opportunity.

37
00:00:55,375 --> 00:00:57,291
So I'm keen

38
00:00:57,291 --> 00:00:58,541
to hear all about it.

39
00:00:59,208 --> 00:01:00,750
What made you guys start it?

40
00:01:01,250 --> 00:01:02,666
How's it going so far?

41
00:01:05,875 --> 00:01:06,708
What might have started?

42
00:01:06,708 --> 00:01:07,958
Well, it was Chris's idea.

43
00:01:07,958 --> 00:01:08,625
So.

44
00:01:08,625 --> 00:01:09,458
So, Chris space,

45
00:01:09,458 --> 00:01:10,750
some of you know Christy,

46
00:01:11,083 --> 00:01:12,375
and he approached me.

47
00:01:12,375 --> 00:01:13,541
He'd already been in contact

48
00:01:13,541 --> 00:01:13,916
with a couple

49
00:01:13,916 --> 00:01:14,666
of other people,

50
00:01:14,666 --> 00:01:15,500
so it's ended up

51
00:01:15,500 --> 00:01:16,875
being a group of five of us,

52
00:01:16,875 --> 00:01:18,083
in fact.

53
00:01:18,083 --> 00:01:19,625
And, but

54
00:01:19,708 --> 00:01:20,500
but Chris and I

55
00:01:20,500 --> 00:01:21,458
are really driving it

56
00:01:21,458 --> 00:01:22,041
at the moment,

57
00:01:22,041 --> 00:01:24,916
and the idea is really

58
00:01:26,458 --> 00:01:28,541
it feels like a timely idea.

59
00:01:28,583 --> 00:01:29,541
It's a couple of different

60
00:01:29,541 --> 00:01:30,000
things.

61
00:01:30,000 --> 00:01:31,666
It's there's a lot of people

62
00:01:31,666 --> 00:01:32,291
in this space

63
00:01:32,291 --> 00:01:34,375
doing one on one consulting

64
00:01:34,375 --> 00:01:36,291
and coaching and tutoring

65
00:01:36,291 --> 00:01:37,458
and in various ways,

66
00:01:37,458 --> 00:01:38,958
shapes on and forms

67
00:01:39,791 --> 00:01:40,291
mostly

68
00:01:40,291 --> 00:01:41,541
within the Bitcoin community,

69
00:01:41,541 --> 00:01:41,958
people

70
00:01:41,958 --> 00:01:43,041
who are already on board

71
00:01:43,041 --> 00:01:44,166
with Bitcoin people

72
00:01:44,166 --> 00:01:45,500
and then providing

73
00:01:45,500 --> 00:01:46,791
services in,

74
00:01:46,791 --> 00:01:48,208
say, tech or security

75
00:01:48,208 --> 00:01:49,250
or privacy or something

76
00:01:49,250 --> 00:01:50,458
along those lines,

77
00:01:50,666 --> 00:01:52,250
and then teaching people

78
00:01:52,250 --> 00:01:53,666
about Bitcoin as they go.

79
00:01:53,958 --> 00:01:55,250
But there isn't really

80
00:01:55,250 --> 00:01:56,458
any company out there

81
00:01:56,458 --> 00:01:57,833
that specializes

82
00:01:58,375 --> 00:02:00,666
in Bitcoin education

83
00:02:00,666 --> 00:02:02,166
as being the product

84
00:02:02,166 --> 00:02:03,416
unaffiliated with

85
00:02:03,458 --> 00:02:05,000
any other Bitcoin product

86
00:02:05,000 --> 00:02:05,625
or service.

87
00:02:05,625 --> 00:02:06,750
We're not on selling you

88
00:02:06,750 --> 00:02:07,375
anything up.

89
00:02:07,375 --> 00:02:08,250
Selling you anything.

90
00:02:08,250 --> 00:02:09,500
The education is the

91
00:02:09,500 --> 00:02:10,708
service.

92
00:02:10,708 --> 00:02:12,375
And so when Chris

93
00:02:13,708 --> 00:02:14,000
got in

94
00:02:14,000 --> 00:02:15,208
contact with me and we

95
00:02:15,416 --> 00:02:15,916
had a coffee

96
00:02:15,916 --> 00:02:17,208
to chat about it,

97
00:02:18,208 --> 00:02:20,041
my background is 30 years

98
00:02:20,041 --> 00:02:21,375
of corporate training.

99
00:02:21,375 --> 00:02:22,708
So training and education

100
00:02:22,708 --> 00:02:23,541
is what I do.

101
00:02:23,541 --> 00:02:24,750
Training adults,

102
00:02:25,458 --> 00:02:25,833
working

103
00:02:25,833 --> 00:02:27,041
in corporate spaces.

104
00:02:27,041 --> 00:02:29,041
And when he positioned it

105
00:02:29,041 --> 00:02:29,791
as training,

106
00:02:29,791 --> 00:02:31,083
particularly businesses

107
00:02:31,375 --> 00:02:33,083
on why to add bitcoin

108
00:02:33,083 --> 00:02:34,916
to their treasury

109
00:02:34,916 --> 00:02:36,875
reserves and,

110
00:02:37,791 --> 00:02:39,833
and teaching businesses

111
00:02:40,250 --> 00:02:42,291
about what bitcoin is,

112
00:02:42,291 --> 00:02:42,958
what the value

113
00:02:42,958 --> 00:02:44,250
proposition is.

114
00:02:45,875 --> 00:02:47,250
I jumped to I'm like,

115
00:02:47,250 --> 00:02:47,958
I jumped on

116
00:02:47,958 --> 00:02:49,041
that yesterday was hysterical

117
00:02:49,041 --> 00:02:49,583
because Chris

118
00:02:49,583 --> 00:02:50,166
kind of

119
00:02:50,166 --> 00:02:51,166
where I had to go coffee.

120
00:02:51,166 --> 00:02:52,375
And he explained the idea

121
00:02:52,375 --> 00:02:53,916
to me and I just went, yes.

122
00:02:55,250 --> 00:02:55,708
He said,

123
00:02:55,708 --> 00:02:56,750
you don't have to answer

124
00:02:56,750 --> 00:02:57,833
straight away.

125
00:02:57,833 --> 00:02:59,000
He said,

126
00:02:59,166 --> 00:02:59,958
take your time

127
00:02:59,958 --> 00:03:01,166
to think about it.

128
00:03:01,250 --> 00:03:02,916
And I probably sounded like

129
00:03:03,250 --> 00:03:04,250
I probably should have made

130
00:03:04,250 --> 00:03:04,708
my sound

131
00:03:04,708 --> 00:03:05,208
a little less

132
00:03:05,208 --> 00:03:06,416
available or something, but

133
00:03:06,416 --> 00:03:08,083
I was like, I'm home for it.

134
00:03:08,083 --> 00:03:09,291
Why didn't I think of this?

135
00:03:09,791 --> 00:03:11,625
So where's it at

136
00:03:11,625 --> 00:03:12,625
is that we've run

137
00:03:12,625 --> 00:03:13,833
our first pilot workshop.

138
00:03:13,833 --> 00:03:15,958
We had ten people in the room

139
00:03:16,208 --> 00:03:17,791
and four of us traders,

140
00:03:18,208 --> 00:03:20,666
and we took them through

141
00:03:20,875 --> 00:03:22,041
in a way that I just

142
00:03:22,041 --> 00:03:22,416
don't think

143
00:03:22,416 --> 00:03:23,666
the Bitcoin community does

144
00:03:23,666 --> 00:03:24,375
well, like

145
00:03:24,375 --> 00:03:25,791
take on community is divine.

146
00:03:25,791 --> 00:03:27,291
I adore, I adore

147
00:03:27,291 --> 00:03:28,791
bitcoiners, but,

148
00:03:30,000 --> 00:03:31,041
we tend to be really

149
00:03:31,041 --> 00:03:32,583
passionate and excited

150
00:03:32,666 --> 00:03:33,666
all over the place

151
00:03:33,666 --> 00:03:35,916
and nobody goes through

152
00:03:36,166 --> 00:03:37,250
the Bitcoin story.

153
00:03:37,250 --> 00:03:38,125
I shouldn't say no,

154
00:03:38,125 --> 00:03:38,916
that's not true.

155
00:03:38,916 --> 00:03:40,041
You've got people

156
00:03:40,041 --> 00:03:41,458
like Looking Glass Education

157
00:03:41,833 --> 00:03:42,750
who have got

158
00:03:42,750 --> 00:03:43,875
a really organized,

159
00:03:43,875 --> 00:03:45,375
structured way of going

160
00:03:45,375 --> 00:03:46,583
through,

161
00:03:46,958 --> 00:03:48,291
the Bitcoin story.

162
00:03:48,291 --> 00:03:49,083
But there's a

163
00:03:49,083 --> 00:03:50,083
couple of things

164
00:03:50,083 --> 00:03:52,166
about what we are doing

165
00:03:52,166 --> 00:03:53,125
that I think is unique.

166
00:03:53,125 --> 00:03:53,750
Number one, it's

167
00:03:53,750 --> 00:03:54,458
face to face.

168
00:03:54,458 --> 00:03:55,041
We're working

169
00:03:55,041 --> 00:03:56,250
with groups of people.

170
00:03:57,500 --> 00:03:58,750
We're a role

171
00:03:58,750 --> 00:03:59,958
in small business

172
00:04:00,291 --> 00:04:01,500
and a small to medium

173
00:04:01,500 --> 00:04:03,000
business and guiding through

174
00:04:03,000 --> 00:04:04,250
and through the journey.

175
00:04:04,500 --> 00:04:06,500
We're also not starting

176
00:04:06,500 --> 00:04:07,666
with the history of money,

177
00:04:07,666 --> 00:04:08,875
which is we're

178
00:04:09,041 --> 00:04:10,291
trying to logically,

179
00:04:10,500 --> 00:04:11,875
Bitcoin is typically stopped

180
00:04:12,291 --> 00:04:15,625
and I don't think that's

181
00:04:15,625 --> 00:04:16,875
such a brilliant

182
00:04:16,875 --> 00:04:17,666
starting point.

183
00:04:17,666 --> 00:04:19,000
It's a little slow,

184
00:04:19,625 --> 00:04:21,541
it can be a little dull.

185
00:04:22,166 --> 00:04:24,666
And I feel like

186
00:04:24,833 --> 00:04:26,000
it's a better angle

187
00:04:26,000 --> 00:04:27,333
to come in from.

188
00:04:27,625 --> 00:04:28,708
Let's talk about

189
00:04:28,708 --> 00:04:29,958
mainstream investments.

190
00:04:30,458 --> 00:04:32,875
Let's talk about things

191
00:04:32,875 --> 00:04:34,166
like the hurdle rate

192
00:04:34,166 --> 00:04:35,916
and the rate of return

193
00:04:36,083 --> 00:04:37,666
with mainstream investments.

194
00:04:37,958 --> 00:04:39,000
Let's talk about

195
00:04:39,000 --> 00:04:40,166
the risks that,

196
00:04:41,000 --> 00:04:41,875
spoken

197
00:04:42,958 --> 00:04:45,208
and glossed over

198
00:04:46,125 --> 00:04:48,250
by mainstream

199
00:04:48,416 --> 00:04:49,625
financial advisors.

200
00:04:50,666 --> 00:04:53,833
And then let's talk about

201
00:04:54,750 --> 00:04:55,500
why they could

202
00:04:55,500 --> 00:04:56,291
and then you can kind of

203
00:04:56,291 --> 00:04:57,500
get into the history of money

204
00:04:57,500 --> 00:04:59,250
and why Bitcoin exists

205
00:04:59,708 --> 00:05:01,708
and how it can

206
00:05:01,708 --> 00:05:02,875
overcome

207
00:05:03,208 --> 00:05:04,041
inflation

208
00:05:04,041 --> 00:05:05,958
as being the kind of the base

209
00:05:05,958 --> 00:05:06,291
hurdle.

210
00:05:06,291 --> 00:05:07,791
Right, if you like, for your,

211
00:05:08,125 --> 00:05:09,916
for your seemingly

212
00:05:09,916 --> 00:05:11,125
least risky,

213
00:05:11,333 --> 00:05:13,291
your least risky investment,

214
00:05:13,291 --> 00:05:13,916
what would you think

215
00:05:13,916 --> 00:05:14,416
is the least

216
00:05:14,416 --> 00:05:15,625
risky investment tenure

217
00:05:15,625 --> 00:05:16,958
if you had to choose between.

218
00:05:16,958 --> 00:05:18,166
Hang on, let me give you a,

219
00:05:18,333 --> 00:05:19,791
let me give you an ABCd.

220
00:05:21,000 --> 00:05:22,291
If you had to choose between

221
00:05:22,291 --> 00:05:24,083
shares, property, gold

222
00:05:24,833 --> 00:05:26,208
and cash slash

223
00:05:26,250 --> 00:05:27,833
fixed interest term deposit.

224
00:05:27,833 --> 00:05:29,083
So I'm just sticking those

225
00:05:29,083 --> 00:05:30,291
all in one basket.

226
00:05:30,416 --> 00:05:31,583
What would you choose

227
00:05:32,791 --> 00:05:34,041
as these three points.

228
00:05:34,041 --> 00:05:35,250
Not in Bitcoin

229
00:05:35,250 --> 00:05:36,416
is not in the cards.

230
00:05:36,416 --> 00:05:37,333
Not available yet.

231
00:05:37,333 --> 00:05:38,041
We're just talking.

232
00:05:38,041 --> 00:05:39,166
About scope okay.

233
00:05:39,166 --> 00:05:39,625
So I give

234
00:05:39,625 --> 00:05:40,291
you give me the

235
00:05:40,291 --> 00:05:41,083
give me them again

236
00:05:41,083 --> 00:05:41,333
because I

237
00:05:41,333 --> 00:05:42,541
was ready to say Bitcoin.

238
00:05:42,541 --> 00:05:43,500
But that wasn't a choice.

239
00:05:43,500 --> 00:05:45,958
So it was interesting cash

240
00:05:45,958 --> 00:05:47,125
as one

241
00:05:47,375 --> 00:05:48,166
not cash

242
00:05:48,166 --> 00:05:49,375
term deposits.

243
00:05:50,083 --> 00:05:51,750
Then we've got as a cash

244
00:05:51,750 --> 00:05:53,208
slash term deposits slash

245
00:05:53,291 --> 00:05:54,416
fixed interest. Yeah.

246
00:05:54,416 --> 00:05:55,666
So that's a one category

247
00:05:55,916 --> 00:05:57,083
shares

248
00:05:57,208 --> 00:05:58,375
property gold.

249
00:06:00,291 --> 00:06:01,500
Gold slash

250
00:06:01,791 --> 00:06:02,791
commodities gold.

251
00:06:02,791 --> 00:06:04,041
So gold is often

252
00:06:04,041 --> 00:06:05,333
seen as very low

253
00:06:05,333 --> 00:06:06,500
risk.

254
00:06:06,791 --> 00:06:08,083
What would be the risks

255
00:06:08,083 --> 00:06:10,791
involved in illegal

256
00:06:10,916 --> 00:06:12,458
to as an investment.

257
00:06:12,750 --> 00:06:14,208
What are the downsides.

258
00:06:14,208 --> 00:06:15,541
The disadvantages of gold.

259
00:06:16,250 --> 00:06:16,875
Well depends

260
00:06:16,875 --> 00:06:18,083
how you purchase it

261
00:06:18,333 --> 00:06:19,291
I guess as well,

262
00:06:19,291 --> 00:06:21,000
whether you own the physical

263
00:06:21,000 --> 00:06:21,833
gold yourself

264
00:06:21,833 --> 00:06:22,500
or whether you own

265
00:06:22,500 --> 00:06:23,333
paper gold.

266
00:06:23,333 --> 00:06:24,541
So.

267
00:06:24,958 --> 00:06:26,083
Right.

268
00:06:26,083 --> 00:06:26,916
Absolutely.

269
00:06:26,916 --> 00:06:27,750
So paper gold.

270
00:06:27,750 --> 00:06:28,916
What's the risk?

271
00:06:29,458 --> 00:06:30,833
Oh, just everything.

272
00:06:32,833 --> 00:06:33,833
You just entered the gold.

273
00:06:33,833 --> 00:06:34,666
Is there backing it?

274
00:06:34,666 --> 00:06:35,750
Right. Yeah.

275
00:06:35,750 --> 00:06:36,750
You don't know?

276
00:06:36,750 --> 00:06:37,041
Yeah.

277
00:06:37,041 --> 00:06:38,833
You don't know the verses.

278
00:06:39,000 --> 00:06:39,416
You don't know

279
00:06:39,416 --> 00:06:40,333
if it's been audited.

280
00:06:40,333 --> 00:06:41,125
You don't like

281
00:06:41,125 --> 00:06:41,750
the settlement?

282
00:06:41,750 --> 00:06:43,583
Takes a long time.

283
00:06:43,583 --> 00:06:45,000
It's it's cumbersome.

284
00:06:45,000 --> 00:06:46,333
It's costly to

285
00:06:46,333 --> 00:06:47,458
to transfer

286
00:06:47,458 --> 00:06:48,541
in case you need to.

287
00:06:48,541 --> 00:06:49,750
So. Yeah,

288
00:06:50,666 --> 00:06:52,583
100% I went through this

289
00:06:52,583 --> 00:06:54,833
because I had physical gold.

290
00:06:54,833 --> 00:06:56,041
No, I had paper gold

291
00:06:56,125 --> 00:06:56,958
with Teflon.

292
00:06:59,500 --> 00:07:00,708
I wanted it

293
00:07:01,166 --> 00:07:02,708
fabricated, turned into,

294
00:07:02,750 --> 00:07:03,833
you know, I wanted it,

295
00:07:03,833 --> 00:07:05,000
I wanted the real gold.

296
00:07:05,208 --> 00:07:06,916
So then we did that

297
00:07:06,916 --> 00:07:08,500
at enormous cost.

298
00:07:09,083 --> 00:07:11,666
And then the costs

299
00:07:11,666 --> 00:07:13,416
of just insurance.

300
00:07:13,416 --> 00:07:15,166
And so on.

301
00:07:16,000 --> 00:07:17,458
And, storage.

302
00:07:18,041 --> 00:07:20,166
Absolutely wild.

303
00:07:20,250 --> 00:07:21,416
They are crazy.

304
00:07:21,416 --> 00:07:22,583
You're this all,

305
00:07:23,291 --> 00:07:24,291
and so then

306
00:07:24,291 --> 00:07:25,583
I wanted to transfer it

307
00:07:25,583 --> 00:07:26,791
to Melbourne

308
00:07:26,833 --> 00:07:28,833
from Perth again.

309
00:07:28,916 --> 00:07:30,500
Crazy cost,

310
00:07:31,583 --> 00:07:32,375
to get it across.

311
00:07:32,375 --> 00:07:33,291
Said that I could

312
00:07:33,291 --> 00:07:34,583
put some in storage

313
00:07:34,583 --> 00:07:36,208
in a vault in Melbourne.

314
00:07:36,208 --> 00:07:37,833
So it's just it's

315
00:07:37,958 --> 00:07:38,750
there's a lot

316
00:07:38,750 --> 00:07:39,583
of inconvenience

317
00:07:39,583 --> 00:07:40,625
and a lot of cost involved.

318
00:07:40,625 --> 00:07:41,041
Okay.

319
00:07:41,041 --> 00:07:42,708
Which is your second

320
00:07:43,041 --> 00:07:44,500
least risky?

321
00:07:44,500 --> 00:07:46,125
We had gold property,

322
00:07:46,625 --> 00:07:47,458
fixed interest

323
00:07:47,458 --> 00:07:48,625
being cash.

324
00:07:48,958 --> 00:07:50,083
Let's just say cash

325
00:07:50,083 --> 00:07:50,750
in the bank,

326
00:07:50,750 --> 00:07:51,500
which people don't

327
00:07:51,500 --> 00:07:52,291
really think of

328
00:07:52,291 --> 00:07:53,500
as an investment,

329
00:07:53,666 --> 00:07:54,500
but it's somewhere

330
00:07:54,500 --> 00:07:54,833
where you're

331
00:07:54,833 --> 00:07:56,000
storing your money.

332
00:07:56,333 --> 00:07:57,416
So those were the three

333
00:07:57,416 --> 00:07:58,750
that were left property,

334
00:07:59,500 --> 00:08:00,750
fixed interest, cash

335
00:08:01,208 --> 00:08:02,041
or shares.

336
00:08:03,875 --> 00:08:04,875
Well, I want to say

337
00:08:04,875 --> 00:08:05,458
property

338
00:08:05,458 --> 00:08:07,333
because it is an asset class.

339
00:08:07,375 --> 00:08:07,916
It's very much

340
00:08:07,916 --> 00:08:09,291
protected in Australia

341
00:08:09,291 --> 00:08:10,791
like the S&P 500

342
00:08:10,791 --> 00:08:12,916
is in America like properties

343
00:08:12,916 --> 00:08:14,125
what everyone is

344
00:08:14,458 --> 00:08:16,041
economically incentivized

345
00:08:16,041 --> 00:08:17,125
to preserve.

346
00:08:17,125 --> 00:08:18,708
But that being said,

347
00:08:18,708 --> 00:08:19,416
I particularly

348
00:08:19,416 --> 00:08:20,625
don't think it is.

349
00:08:20,875 --> 00:08:21,833
So it's kind of like,

350
00:08:21,833 --> 00:08:23,000
yeah,

351
00:08:23,000 --> 00:08:24,000
I mean, I,

352
00:08:24,000 --> 00:08:25,583
I does biased

353
00:08:25,583 --> 00:08:26,458
because I

354
00:08:26,458 --> 00:08:28,166
like outright ownership.

355
00:08:28,166 --> 00:08:28,916
I don't like having

356
00:08:28,916 --> 00:08:30,416
a leasehold on something.

357
00:08:30,583 --> 00:08:31,791
Yeah,

358
00:08:32,125 --> 00:08:33,333
absolutely.

359
00:08:33,333 --> 00:08:34,166
And, and I'm

360
00:08:34,166 --> 00:08:35,125
with you on that.

361
00:08:35,125 --> 00:08:36,125
But most people, you're

362
00:08:36,125 --> 00:08:36,916
absolutely right,

363
00:08:36,916 --> 00:08:38,208
would perceive property

364
00:08:38,583 --> 00:08:39,791
as being,

365
00:08:40,208 --> 00:08:40,791
you know, low

366
00:08:40,791 --> 00:08:42,000
risk.

367
00:08:42,333 --> 00:08:42,916
But again,

368
00:08:42,916 --> 00:08:43,958
I've got a personal story

369
00:08:43,958 --> 00:08:44,250
on this

370
00:08:44,250 --> 00:08:45,083
because I just sold

371
00:08:45,083 --> 00:08:46,500
an investment unit recently

372
00:08:46,500 --> 00:08:47,875
that I had for

373
00:08:47,875 --> 00:08:49,458
23, 24 years.

374
00:08:50,875 --> 00:08:52,041
I bought it

375
00:08:52,041 --> 00:08:53,708
at 275,000.

376
00:08:53,708 --> 00:08:55,916
And they used to say that

377
00:08:55,916 --> 00:08:57,833
it doubles every ten years,

378
00:08:57,833 --> 00:08:59,708
but I had it for two decades.

379
00:09:00,291 --> 00:09:01,458
And if it had doubled

380
00:09:01,458 --> 00:09:02,291
every ten years,

381
00:09:02,291 --> 00:09:07,000
it would have been worth 550.

382
00:09:07,000 --> 00:09:08,208
Is that right now?

383
00:09:08,208 --> 00:09:09,208
After ten years?

384
00:09:09,208 --> 00:09:09,833
And then it would have been

385
00:09:09,833 --> 00:09:11,458
worth over $1 million in

386
00:09:11,458 --> 00:09:13,125
the second decade, right.

387
00:09:14,125 --> 00:09:16,083
And I ended up selling it for

388
00:09:16,083 --> 00:09:18,083
$690,000 or something

389
00:09:18,083 --> 00:09:18,666
like now.

390
00:09:18,666 --> 00:09:19,875
I tried to sell it

391
00:09:20,333 --> 00:09:22,250
three years earlier,

392
00:09:23,166 --> 00:09:26,041
and there was a problem

393
00:09:26,041 --> 00:09:27,250
because of,

394
00:09:28,500 --> 00:09:29,125
the body cover.

395
00:09:29,125 --> 00:09:29,916
It was on the title.

396
00:09:29,916 --> 00:09:30,875
It was a nightmare.

397
00:09:30,875 --> 00:09:32,000
It took 18 months

398
00:09:32,000 --> 00:09:33,208
to unwind this thing,

399
00:09:33,750 --> 00:09:34,458
doing battle

400
00:09:34,458 --> 00:09:35,958
with the council, etc., etc..

401
00:09:36,791 --> 00:09:39,458
I got a an offer on it

402
00:09:39,458 --> 00:09:40,291
three years ago

403
00:09:40,291 --> 00:09:41,416
when I first tried to sell it

404
00:09:41,416 --> 00:09:42,375
before we discovered

405
00:09:42,375 --> 00:09:43,708
this problem with the title,

406
00:09:44,041 --> 00:09:44,916
I got an offer on it

407
00:09:44,916 --> 00:09:45,958
for 700,000.

408
00:09:45,958 --> 00:09:47,541
So in three years

409
00:09:47,875 --> 00:09:49,041
it went down,

410
00:09:49,083 --> 00:09:50,666
if you like, $10,000.

411
00:09:50,666 --> 00:09:51,625
So this is what

412
00:09:51,625 --> 00:09:52,375
they call now.

413
00:09:52,375 --> 00:09:53,458
What are the other risks

414
00:09:53,458 --> 00:09:54,666
involved in property?

415
00:09:55,041 --> 00:09:55,916
You've you talked

416
00:09:55,916 --> 00:09:57,125
about with gold,

417
00:09:57,333 --> 00:09:58,125
the downside

418
00:09:58,125 --> 00:09:59,375
of the transferability

419
00:09:59,375 --> 00:10:00,083
and the costs.

420
00:10:00,083 --> 00:10:01,291
And the third party.

421
00:10:01,416 --> 00:10:02,083
You know

422
00:10:02,083 --> 00:10:03,666
it's a party risks etc..

423
00:10:03,666 --> 00:10:04,875
What are those similar

424
00:10:04,875 --> 00:10:06,000
risks with property?

425
00:10:08,750 --> 00:10:09,500
In Australia?

426
00:10:09,500 --> 00:10:10,166
Well, it's not

427
00:10:10,166 --> 00:10:11,666
easy to dispose

428
00:10:11,666 --> 00:10:13,333
of like it takes time.

429
00:10:13,333 --> 00:10:13,916
Settlement

430
00:10:13,916 --> 00:10:15,541
also takes a lot of time.

431
00:10:16,750 --> 00:10:17,916
You don't really

432
00:10:17,916 --> 00:10:19,125
own it

433
00:10:19,750 --> 00:10:20,458
like.

434
00:10:20,458 --> 00:10:21,416
Some of what you don't.

435
00:10:21,416 --> 00:10:22,166
That's right.

436
00:10:22,166 --> 00:10:23,291
Yeah.

437
00:10:23,291 --> 00:10:24,208
What do you think about that?

438
00:10:24,208 --> 00:10:24,916
Because I think that's

439
00:10:24,916 --> 00:10:25,375
what might be

440
00:10:25,375 --> 00:10:26,125
interested in that.

441
00:10:26,125 --> 00:10:27,458
Why do why do you say that?

442
00:10:28,750 --> 00:10:30,625
So you essentially

443
00:10:30,625 --> 00:10:32,333
you may own the house

444
00:10:32,333 --> 00:10:33,625
that sits on the land,

445
00:10:33,625 --> 00:10:34,791
but the land belongs

446
00:10:34,791 --> 00:10:35,708
to the crown.

447
00:10:35,708 --> 00:10:36,916
Crown?

448
00:10:38,000 --> 00:10:39,125
So you're right to.

449
00:10:39,125 --> 00:10:40,291
Know that that actually.

450
00:10:40,291 --> 00:10:41,500
But I you. Know,

451
00:10:42,375 --> 00:10:43,541
it's like,

452
00:10:43,541 --> 00:10:45,208
technically you own it.

453
00:10:45,208 --> 00:10:45,833
But, you know,

454
00:10:45,833 --> 00:10:46,833
when you look at the,

455
00:10:46,833 --> 00:10:47,875
the legal terms

456
00:10:47,875 --> 00:10:48,583
and conditions

457
00:10:48,583 --> 00:10:50,000
you don't really own,

458
00:10:50,125 --> 00:10:50,875
not the way,

459
00:10:50,875 --> 00:10:52,166
the same way you own Bitcoin.

460
00:10:52,166 --> 00:10:52,833
So I'm probably not

461
00:10:52,833 --> 00:10:53,458
the best person

462
00:10:53,458 --> 00:10:54,833
for this question because,

463
00:10:55,583 --> 00:10:56,458
don't think like

464
00:10:56,458 --> 00:10:58,083
traditional investors think.

465
00:10:59,708 --> 00:11:00,916
I think you're right.

466
00:11:01,041 --> 00:11:02,375
But that's a risk

467
00:11:02,375 --> 00:11:03,083
that most people

468
00:11:03,083 --> 00:11:03,916
aren't aware of.

469
00:11:03,916 --> 00:11:04,250
And you're

470
00:11:04,250 --> 00:11:05,708
absolutely right about that.

471
00:11:05,750 --> 00:11:07,083
And there's elements of it

472
00:11:07,083 --> 00:11:08,000
that the government

473
00:11:08,000 --> 00:11:09,583
could force a sale.

474
00:11:11,333 --> 00:11:12,625
You know, local council,

475
00:11:12,625 --> 00:11:13,208
if they're putting a

476
00:11:13,208 --> 00:11:13,833
right through,

477
00:11:13,833 --> 00:11:14,708
you know, they can

478
00:11:14,708 --> 00:11:15,958
they can force the sale

479
00:11:16,333 --> 00:11:17,125
and then there's

480
00:11:17,125 --> 00:11:18,250
all the ongoing cost

481
00:11:18,250 --> 00:11:18,916
to government

482
00:11:18,916 --> 00:11:20,125
that almost feel like you're

483
00:11:20,125 --> 00:11:21,291
renting the,

484
00:11:21,833 --> 00:11:22,750
the, the house

485
00:11:22,750 --> 00:11:23,875
from the local council

486
00:11:23,875 --> 00:11:24,833
with all the ongoing

487
00:11:24,833 --> 00:11:26,000
costs involved.

488
00:11:26,125 --> 00:11:26,958
Okay.

489
00:11:26,958 --> 00:11:28,166
It's

490
00:11:28,416 --> 00:11:30,291
like a depreciation.

491
00:11:31,375 --> 00:11:32,458
Depreciation.

492
00:11:32,458 --> 00:11:33,333
Absolutely.

493
00:11:33,333 --> 00:11:34,291
All of the above.

494
00:11:34,291 --> 00:11:36,666
Okay, let's go to the third.

495
00:11:37,083 --> 00:11:37,500
Hang on.

496
00:11:37,500 --> 00:11:38,166
Where have we gone?

497
00:11:38,166 --> 00:11:39,375
So we've gone

498
00:11:40,166 --> 00:11:41,166
gold for heaven's

499
00:11:41,166 --> 00:11:42,416
on rambunctious.

500
00:11:42,416 --> 00:11:43,041
We've done,

501
00:11:43,041 --> 00:11:43,875
we've done properly.

502
00:11:43,875 --> 00:11:45,000
We've done gold.

503
00:11:45,000 --> 00:11:45,666
What next?

504
00:11:45,666 --> 00:11:48,291
Which is least risky.

505
00:11:48,291 --> 00:11:50,333
Out of cash and shares.

506
00:11:52,833 --> 00:11:53,125
I want

507
00:11:53,125 --> 00:11:54,333
to say cash

508
00:11:55,541 --> 00:11:56,458
I keep myself.

509
00:11:56,458 --> 00:11:56,875
Why didn't

510
00:11:56,875 --> 00:11:58,375
you say cash first?

511
00:11:58,375 --> 00:11:59,416
Why did you think

512
00:11:59,416 --> 00:12:01,583
that gold and property

513
00:12:01,583 --> 00:12:03,083
were less risky than cash?

514
00:12:03,083 --> 00:12:04,291
Well,

515
00:12:04,416 --> 00:12:05,625
You see, with cash.

516
00:12:05,958 --> 00:12:07,958
Because cash is.

517
00:12:07,958 --> 00:12:10,000
I see it as an IOU.

518
00:12:10,000 --> 00:12:10,791
It's not really.

519
00:12:10,791 --> 00:12:11,541
It's like credit.

520
00:12:11,541 --> 00:12:13,166
It's not really an asset.

521
00:12:13,166 --> 00:12:14,000
Like, it's

522
00:12:14,000 --> 00:12:15,000
not really something

523
00:12:15,000 --> 00:12:16,166
tangible.

524
00:12:17,333 --> 00:12:18,416
That's why it's.

525
00:12:18,416 --> 00:12:18,625
That.

526
00:12:18,625 --> 00:12:21,625
Because it's just like digits

527
00:12:21,625 --> 00:12:22,375
on a screen

528
00:12:22,375 --> 00:12:23,750
supposedly in the bank,

529
00:12:23,750 --> 00:12:24,958
but it's not actually

530
00:12:24,958 --> 00:12:26,166
physically there.

531
00:12:26,958 --> 00:12:27,250
Well,

532
00:12:27,250 --> 00:12:28,500
it's, it's it's debt.

533
00:12:28,500 --> 00:12:29,541
So I don't even feel

534
00:12:29,541 --> 00:12:30,750
like it's a real asset

535
00:12:32,291 --> 00:12:32,666
if I've.

536
00:12:32,666 --> 00:12:34,041
Got cash under the mattress.

537
00:12:34,041 --> 00:12:35,291
Is that debt or is that

538
00:12:35,333 --> 00:12:36,500
how do you think of that

539
00:12:36,500 --> 00:12:37,083
playing that?

540
00:12:37,083 --> 00:12:38,000
I think of it

541
00:12:38,000 --> 00:12:39,416
as, as credit

542
00:12:39,416 --> 00:12:40,916
that is going to lose

543
00:12:40,916 --> 00:12:42,583
a lot of value very quickly.

544
00:12:43,500 --> 00:12:44,666
Yes. Okay.

545
00:12:44,875 --> 00:12:46,708
So, do you think most

546
00:12:47,125 --> 00:12:48,333
people see it that way?

547
00:12:48,625 --> 00:12:49,166
No,

548
00:12:50,125 --> 00:12:51,291
no.

549
00:12:51,500 --> 00:12:52,541
So I think a

550
00:12:52,541 --> 00:12:53,833
lot of people consider

551
00:12:53,833 --> 00:12:55,250
cash on term deposits

552
00:12:55,250 --> 00:12:57,750
to be the safest.

553
00:12:58,250 --> 00:12:59,458
Yeah. Right.

554
00:13:00,000 --> 00:13:00,958
Out of the four

555
00:13:00,958 --> 00:13:02,125
that I put to you

556
00:13:02,125 --> 00:13:05,125
that the money in the bank is

557
00:13:06,208 --> 00:13:07,416
safe, right.

558
00:13:09,166 --> 00:13:11,750
And even if, you know,

559
00:13:11,791 --> 00:13:12,958
they feel like government

560
00:13:12,958 --> 00:13:14,000
will guarantee it

561
00:13:14,000 --> 00:13:15,375
if the bank falls over,

562
00:13:15,625 --> 00:13:16,666
but they're not taking

563
00:13:16,666 --> 00:13:17,875
into account

564
00:13:18,500 --> 00:13:19,875
inflation and the loss of.

565
00:13:20,000 --> 00:13:20,750
Yeah, the loss

566
00:13:20,750 --> 00:13:21,541
of purchasing power

567
00:13:21,541 --> 00:13:22,750
that you just talked about.

568
00:13:23,250 --> 00:13:24,291
So that's

569
00:13:24,291 --> 00:13:25,125
an interesting thing.

570
00:13:25,125 --> 00:13:25,958
And then we've left.

571
00:13:25,958 --> 00:13:26,916
Cheers to last

572
00:13:26,916 --> 00:13:28,041
because that seems

573
00:13:28,041 --> 00:13:29,416
inherently riskier

574
00:13:29,458 --> 00:13:30,833
because you're taking a bet

575
00:13:30,833 --> 00:13:32,541
on individual companies.

576
00:13:32,541 --> 00:13:33,000
Is that how

577
00:13:33,000 --> 00:13:34,208
you would say that.

578
00:13:34,250 --> 00:13:35,458
Yeah. Correct.

579
00:13:35,666 --> 00:13:36,750
Yeah. Okay.

580
00:13:36,750 --> 00:13:37,416
And then you've got

581
00:13:37,416 --> 00:13:38,541
a whole bunch of other risks

582
00:13:38,541 --> 00:13:39,208
potentially

583
00:13:39,208 --> 00:13:40,250
with shares again,

584
00:13:40,250 --> 00:13:40,708
that we don't

585
00:13:40,708 --> 00:13:41,458
only talk about.

586
00:13:41,458 --> 00:13:42,541
I'll think about.

587
00:13:42,541 --> 00:13:44,291
And they would be things like

588
00:13:46,166 --> 00:13:47,333
sorts of things.

589
00:13:47,333 --> 00:13:48,375
Mining company

590
00:13:48,375 --> 00:13:49,791
you've got you know,

591
00:13:50,000 --> 00:13:51,375
things can go wrong

592
00:13:51,375 --> 00:13:52,208
in the mines.

593
00:13:52,208 --> 00:13:53,000
Things can happen

594
00:13:53,000 --> 00:13:54,208
to individuals.

595
00:13:54,416 --> 00:13:55,833
They can get flooded.

596
00:13:56,041 --> 00:13:57,625
If you own a mine,

597
00:13:57,625 --> 00:13:58,875
if a mining company owns

598
00:13:58,875 --> 00:14:00,500
a mine over in South America,

599
00:14:00,500 --> 00:14:01,041
they could be

600
00:14:01,041 --> 00:14:02,291
political disruption.

601
00:14:02,291 --> 00:14:04,041
They could be violence.

602
00:14:06,000 --> 00:14:07,000
So that's on the share

603
00:14:07,000 --> 00:14:08,000
side of life.

604
00:14:08,000 --> 00:14:09,208
If you're in the tech,

605
00:14:09,250 --> 00:14:10,625
if you're in the tech sector,

606
00:14:10,916 --> 00:14:12,291
your tech could be made

607
00:14:12,291 --> 00:14:13,041
obsolete.

608
00:14:13,041 --> 00:14:14,458
You've got competition,

609
00:14:14,458 --> 00:14:15,416
you've got really hot

610
00:14:15,416 --> 00:14:16,583
competition,

611
00:14:17,416 --> 00:14:18,625
and you've got

612
00:14:18,916 --> 00:14:20,500
is you've got election.

613
00:14:20,500 --> 00:14:21,541
And what's the government

614
00:14:21,541 --> 00:14:24,041
going to do to your industry?

615
00:14:24,041 --> 00:14:24,416
And are you

616
00:14:24,416 --> 00:14:25,708
going to be hit with tariffs?

617
00:14:25,708 --> 00:14:27,250
And what does that look like?

618
00:14:27,250 --> 00:14:29,250
And you going to be supported

619
00:14:29,250 --> 00:14:29,666
or are you

620
00:14:29,666 --> 00:14:30,875
going to be undermined.

621
00:14:31,041 --> 00:14:32,500
Is ESG going

622
00:14:32,500 --> 00:14:33,833
to cut into your profits

623
00:14:33,833 --> 00:14:35,250
like ESG requirements

624
00:14:35,250 --> 00:14:36,500
and other regulations?

625
00:14:36,958 --> 00:14:38,541
Obviously, various company

626
00:14:38,541 --> 00:14:40,208
taxes are constantly coming

627
00:14:40,208 --> 00:14:41,916
in, just as they are for

628
00:14:41,958 --> 00:14:43,416
personal individual taxes.

629
00:14:43,416 --> 00:14:46,166
But equally and potentially

630
00:14:46,166 --> 00:14:48,625
more so for, for businesses.

631
00:14:48,958 --> 00:14:50,166
So there's a bunch

632
00:14:50,166 --> 00:14:51,750
of risks involved there

633
00:14:52,666 --> 00:14:53,875
the don't normally get

634
00:14:53,875 --> 00:14:54,583
talked about.

635
00:14:54,583 --> 00:14:57,000
And invariably you get people

636
00:14:57,000 --> 00:14:58,416
talking about exchange traded

637
00:14:58,416 --> 00:14:59,625
funds, CDs

638
00:14:59,791 --> 00:15:02,166
as being low risk.

639
00:15:02,166 --> 00:15:03,375
Right.

640
00:15:03,458 --> 00:15:04,666
But actually

641
00:15:05,333 --> 00:15:06,583
they know, you know,

642
00:15:06,958 --> 00:15:07,833
these risks,

643
00:15:07,833 --> 00:15:08,333
there's risks

644
00:15:08,333 --> 00:15:09,708
you're taking on that don't

645
00:15:09,708 --> 00:15:10,916
get discussed.

646
00:15:11,000 --> 00:15:12,250
Okay. So

647
00:15:13,250 --> 00:15:13,750
so then you

648
00:15:13,750 --> 00:15:15,083
could argue that

649
00:15:15,083 --> 00:15:16,333
supposedly if

650
00:15:16,333 --> 00:15:17,541
we had a free market,

651
00:15:17,791 --> 00:15:18,666
the returns

652
00:15:18,666 --> 00:15:21,833
on each of those investments

653
00:15:23,208 --> 00:15:24,833
reflect, let's say,

654
00:15:24,833 --> 00:15:26,000
the risk curve,

655
00:15:26,000 --> 00:15:27,083
let's say most

656
00:15:27,083 --> 00:15:28,250
people think

657
00:15:28,291 --> 00:15:30,541
cash is the least risky

658
00:15:30,916 --> 00:15:31,500
and they're getting

659
00:15:31,500 --> 00:15:32,416
the lowest risk

660
00:15:32,416 --> 00:15:33,125
and they're getting

661
00:15:33,125 --> 00:15:34,333
the lowest rate of return

662
00:15:34,333 --> 00:15:35,291
on that versus

663
00:15:35,291 --> 00:15:36,500
the other investments.

664
00:15:37,125 --> 00:15:39,166
So let's say you're getting

665
00:15:39,416 --> 00:15:42,500
if you're like a 4.5%

666
00:15:42,500 --> 00:15:43,708
on a term deposit

667
00:15:43,958 --> 00:15:45,166
in Australia,

668
00:15:46,166 --> 00:15:48,875
if you're in property,

669
00:15:50,125 --> 00:15:51,291
you're

670
00:15:52,375 --> 00:15:53,541
leaving aside

671
00:15:53,541 --> 00:15:55,333
interest rates and sorry

672
00:15:55,708 --> 00:15:56,583
living side.

673
00:15:56,583 --> 00:15:57,458
Let me try that again.

674
00:15:57,458 --> 00:15:58,750
Leaving aside inflation,

675
00:16:00,583 --> 00:16:01,500
and loss of,

676
00:16:01,500 --> 00:16:02,666
purchasing power,

677
00:16:03,208 --> 00:16:04,291
I was getting

678
00:16:04,291 --> 00:16:05,666
as a, as a,

679
00:16:06,000 --> 00:16:07,500
as a rate

680
00:16:07,500 --> 00:16:08,708
of return

681
00:16:09,125 --> 00:16:10,833
on my investment property

682
00:16:11,125 --> 00:16:12,500
that had no mortgage.

683
00:16:12,500 --> 00:16:14,166
So there was not none of that

684
00:16:14,166 --> 00:16:15,375
collapsed

685
00:16:15,500 --> 00:16:16,708
after a period of time.

686
00:16:19,375 --> 00:16:20,666
Council right,

687
00:16:20,750 --> 00:16:22,291
blah, blah, maintenance

688
00:16:22,291 --> 00:16:23,125
things going

689
00:16:23,125 --> 00:16:24,958
wrong, etc., etc.

690
00:16:24,958 --> 00:16:25,625
and my rate of

691
00:16:25,625 --> 00:16:27,291
return was 2.71%.

692
00:16:28,291 --> 00:16:28,916
Then you're not

693
00:16:28,916 --> 00:16:29,625
going to make it up

694
00:16:29,625 --> 00:16:30,833
with growth.

695
00:16:30,958 --> 00:16:31,875
You know, as you know,

696
00:16:31,875 --> 00:16:32,958
you can get that growth

697
00:16:32,958 --> 00:16:33,416
certainly

698
00:16:33,416 --> 00:16:34,500
in the last three years.

699
00:16:34,500 --> 00:16:35,166
And you could argue

700
00:16:35,166 --> 00:16:36,416
not really in the last ten.

701
00:16:38,208 --> 00:16:38,500
Maybe

702
00:16:38,500 --> 00:16:39,583
I just didn't invest well,

703
00:16:39,583 --> 00:16:40,708
but that really wasn't

704
00:16:40,708 --> 00:16:41,375
the issue for me

705
00:16:41,375 --> 00:16:41,833
because I

706
00:16:41,833 --> 00:16:43,083
lived there for seven years.

707
00:16:43,083 --> 00:16:44,291
So it was, you know,

708
00:16:44,625 --> 00:16:45,666
I didn't really glance

709
00:16:45,666 --> 00:16:46,875
at some investment property,

710
00:16:47,125 --> 00:16:48,416
so maybe I wasn't

711
00:16:48,416 --> 00:16:49,000
smart enough

712
00:16:49,000 --> 00:16:50,000
about that investment.

713
00:16:50,000 --> 00:16:50,875
But I don't think

714
00:16:50,875 --> 00:16:52,083
property is doing

715
00:16:52,375 --> 00:16:53,083
the returns

716
00:16:53,083 --> 00:16:54,125
that it used to do.

717
00:16:54,125 --> 00:16:55,125
And the other risk

718
00:16:55,125 --> 00:16:55,750
that people don't

719
00:16:55,750 --> 00:16:56,958
talk about with property

720
00:16:57,208 --> 00:16:59,583
is that it goes up for

721
00:16:59,583 --> 00:17:02,375
about 14 years on average,

722
00:17:02,375 --> 00:17:03,291
and then it crashes

723
00:17:03,291 --> 00:17:04,500
for about four.

724
00:17:04,500 --> 00:17:05,916
So there's an 18.6

725
00:17:05,916 --> 00:17:07,041
year property cycle

726
00:17:07,041 --> 00:17:08,541
that everyone has forgotten

727
00:17:08,750 --> 00:17:09,416
by the time

728
00:17:09,416 --> 00:17:10,208
the next 18

729
00:17:10,208 --> 00:17:11,416
years comes around.

730
00:17:11,458 --> 00:17:12,458
And if one goes, it's

731
00:17:12,458 --> 00:17:13,666
going up forever,

732
00:17:13,708 --> 00:17:14,666
Laura.

733
00:17:14,666 --> 00:17:15,875
And it just

734
00:17:16,625 --> 00:17:17,833
doesn't. Right.

735
00:17:17,958 --> 00:17:19,166
That's not true.

736
00:17:19,458 --> 00:17:21,416
So, so

737
00:17:21,916 --> 00:17:22,791
but but you know,

738
00:17:22,791 --> 00:17:24,125
that's the propaganda that

739
00:17:24,125 --> 00:17:25,333
the property industry

740
00:17:26,125 --> 00:17:27,208
likes to,

741
00:17:27,208 --> 00:17:28,250
to propagate.

742
00:17:29,333 --> 00:17:31,250
So, so there's,

743
00:17:31,375 --> 00:17:32,875
so that's property.

744
00:17:33,208 --> 00:17:33,750
So now

745
00:17:33,750 --> 00:17:35,875
we're talking about returns.

746
00:17:36,166 --> 00:17:37,416
Leaving aside,

747
00:17:38,375 --> 00:17:39,625
just taking into account

748
00:17:39,625 --> 00:17:40,833
the risk factors,

749
00:17:41,000 --> 00:17:42,041
leaving aside

750
00:17:42,041 --> 00:17:43,250
loss of purchasing power

751
00:17:43,250 --> 00:17:44,458
via inflation.

752
00:17:44,958 --> 00:17:46,166
So then you've got

753
00:17:47,000 --> 00:17:48,500
the rate of return on gold.

754
00:17:48,625 --> 00:17:50,125
Now that went down

755
00:17:50,125 --> 00:17:51,125
or state level

756
00:17:51,125 --> 00:17:53,833
over a 20 year period

757
00:17:54,208 --> 00:17:55,375
through the 1990s.

758
00:17:55,375 --> 00:17:56,083
And 2000.

759
00:17:56,083 --> 00:17:57,541
So maybe it was the 1980s,

760
00:17:57,541 --> 00:17:58,333
in the 1990s,

761
00:17:58,333 --> 00:17:58,791
like I remember

762
00:17:58,791 --> 00:17:59,375
when it started

763
00:17:59,375 --> 00:17:59,958
going up again,

764
00:17:59,958 --> 00:18:00,625
I think it didn't

765
00:18:00,625 --> 00:18:01,875
start really going up again

766
00:18:01,958 --> 00:18:03,208
till about 2015.

767
00:18:03,958 --> 00:18:05,125
So it's really only been

768
00:18:05,125 --> 00:18:06,208
in the last ten years

769
00:18:06,208 --> 00:18:07,500
that we've started to see

770
00:18:07,500 --> 00:18:08,625
that upward trajectory.

771
00:18:08,625 --> 00:18:08,958
And even

772
00:18:08,958 --> 00:18:10,166
there has been sideways

773
00:18:10,166 --> 00:18:11,416
for huge amounts of time.

774
00:18:11,958 --> 00:18:13,583
So gold isn't

775
00:18:13,583 --> 00:18:14,458
guaranteed to go up

776
00:18:14,458 --> 00:18:15,625
and there's no income.

777
00:18:15,625 --> 00:18:16,125
And there's

778
00:18:16,125 --> 00:18:17,208
all those other issues

779
00:18:17,208 --> 00:18:17,791
that you talked

780
00:18:17,791 --> 00:18:19,083
about earlier with,

781
00:18:19,083 --> 00:18:19,500
you know,

782
00:18:19,500 --> 00:18:20,833
simply the physical weight

783
00:18:20,833 --> 00:18:22,000
and the costs of storing

784
00:18:22,000 --> 00:18:23,500
and insurance and holding

785
00:18:23,500 --> 00:18:24,958
and the inconvenience

786
00:18:24,958 --> 00:18:25,166
and the

787
00:18:25,166 --> 00:18:26,916
impracticality, etc., etc..

788
00:18:28,083 --> 00:18:29,291
So

789
00:18:29,875 --> 00:18:30,833
and what have we got left?

790
00:18:30,833 --> 00:18:32,000
And then there is

791
00:18:32,250 --> 00:18:33,416
potentially a higher

792
00:18:33,416 --> 00:18:34,583
rate of return.

793
00:18:35,000 --> 00:18:37,375
You could argue 10%

794
00:18:37,708 --> 00:18:38,750
on average

795
00:18:38,750 --> 00:18:40,916
over the last 10 to 20 years.

796
00:18:40,916 --> 00:18:42,166
Maybe, maybe it's

797
00:18:42,166 --> 00:18:43,333
higher than that.

798
00:18:43,333 --> 00:18:44,541
You know, I don't know

799
00:18:44,541 --> 00:18:47,333
ten, 13, 15% per year.

800
00:18:47,833 --> 00:18:48,625
But then we've got

801
00:18:48,625 --> 00:18:49,541
to take into account

802
00:18:49,541 --> 00:18:51,000
which you've already alluded

803
00:18:51,000 --> 00:18:52,250
to, inflation

804
00:18:53,000 --> 00:18:54,416
and how that erodes

805
00:18:54,416 --> 00:18:55,625
the return.

806
00:18:55,708 --> 00:18:56,875
So

807
00:18:57,583 --> 00:18:58,708
what do you know

808
00:18:58,708 --> 00:19:01,666
what the stated inflation

809
00:19:01,666 --> 00:19:02,958
rate is in Australia?

810
00:19:02,958 --> 00:19:04,416
The official CPI.

811
00:19:05,000 --> 00:19:06,750
Is around 2.5.

812
00:19:07,375 --> 00:19:07,791
Yep.

813
00:19:07,791 --> 00:19:10,458
So 0.4 I think was

814
00:19:10,500 --> 00:19:11,666
you know, according over

815
00:19:11,666 --> 00:19:12,833
the last year,

816
00:19:13,375 --> 00:19:14,125
as stated

817
00:19:14,125 --> 00:19:15,291
in the last quarter.

818
00:19:15,291 --> 00:19:16,583
So you know, it's spot on.

819
00:19:17,083 --> 00:19:18,625
So we've got

820
00:19:18,625 --> 00:19:20,000
maybe a 10% return

821
00:19:20,000 --> 00:19:21,208
on our shares, minus

822
00:19:21,208 --> 00:19:22,500
the 2.4%.

823
00:19:22,500 --> 00:19:24,791
So we've got 7.6%, let's say.

824
00:19:25,375 --> 00:19:26,125
All right.

825
00:19:26,125 --> 00:19:27,416
But you and I know

826
00:19:27,416 --> 00:19:28,791
that 2.4%

827
00:19:28,916 --> 00:19:30,208
is not the real rate

828
00:19:30,208 --> 00:19:31,000
of inflation.

829
00:19:32,958 --> 00:19:35,125
Why do they

830
00:19:35,125 --> 00:19:36,625
deliberately

831
00:19:36,750 --> 00:19:38,291
understate

832
00:19:39,333 --> 00:19:41,250
the rate of inflation?

833
00:19:42,458 --> 00:19:43,625
Why would the government

834
00:19:43,625 --> 00:19:45,500
have a vested interest

835
00:19:46,041 --> 00:19:47,791
in having a lower,

836
00:19:50,000 --> 00:19:51,625
in stating

837
00:19:52,041 --> 00:19:53,666
a lower inflation rate?

838
00:19:53,666 --> 00:19:54,916
The the reality

839
00:19:54,916 --> 00:19:55,666
that we all know

840
00:19:55,666 --> 00:19:57,208
because we buy our groceries

841
00:19:57,208 --> 00:19:58,208
every week, right.

842
00:19:58,208 --> 00:19:59,666
And pay our insurances

843
00:19:59,958 --> 00:20:01,250
once a year, end

844
00:20:01,500 --> 00:20:02,333
our coverage

845
00:20:02,333 --> 00:20:03,500
of inflation and,

846
00:20:03,875 --> 00:20:05,916
you know, like all the stuff,

847
00:20:05,916 --> 00:20:07,750
the petrol every week.

848
00:20:08,125 --> 00:20:10,708
So we know that

849
00:20:10,708 --> 00:20:11,875
that's wrong.

850
00:20:11,916 --> 00:20:13,708
Why are they deliberately

851
00:20:13,708 --> 00:20:14,875
understating it?

852
00:20:16,166 --> 00:20:16,916
I'd like to know

853
00:20:16,916 --> 00:20:18,208
the history of this, but

854
00:20:18,208 --> 00:20:19,708
I know that in New Zealand,

855
00:20:19,708 --> 00:20:23,416
in, 1989,

856
00:20:23,416 --> 00:20:25,041
this new Zealand central bank

857
00:20:25,041 --> 00:20:26,833
has set a 2% target.

858
00:20:26,833 --> 00:20:27,500
And slowly,

859
00:20:27,500 --> 00:20:28,875
after a lot of other

860
00:20:28,875 --> 00:20:29,458
central banks

861
00:20:29,458 --> 00:20:31,041
around the world adopted

862
00:20:31,041 --> 00:20:32,416
this 2% standard.

863
00:20:32,416 --> 00:20:33,291
And now they're all

864
00:20:33,291 --> 00:20:34,958
aiming for 2%.

865
00:20:34,958 --> 00:20:37,416
So maybe it is

866
00:20:37,416 --> 00:20:38,875
to try and match

867
00:20:38,875 --> 00:20:40,583
that as close as possible.

868
00:20:40,583 --> 00:20:42,541
While yeah,

869
00:20:42,541 --> 00:20:43,708
I can't really

870
00:20:43,708 --> 00:20:45,083
speak to intent,

871
00:20:45,083 --> 00:20:46,708
but it is,

872
00:20:46,708 --> 00:20:48,791
I think, designed in a way

873
00:20:48,791 --> 00:20:51,583
to match that 2% target.

874
00:20:51,583 --> 00:20:53,083
So they're not stating it

875
00:20:53,083 --> 00:20:54,625
what it actually is.

876
00:20:55,500 --> 00:20:56,208
Because that would

877
00:20:56,208 --> 00:20:57,000
obviously create

878
00:20:57,000 --> 00:20:57,458
a lot of

879
00:20:57,458 --> 00:20:59,375
mistrust in the system.

880
00:21:00,250 --> 00:21:01,666
I'm 100% okay,

881
00:21:01,916 --> 00:21:02,750
so I didn't know

882
00:21:02,750 --> 00:21:03,458
it was New Zealand

883
00:21:03,458 --> 00:21:04,166
that started that.

884
00:21:04,166 --> 00:21:05,375
So that's really interesting

885
00:21:05,375 --> 00:21:05,958
factually.

886
00:21:05,958 --> 00:21:06,666
I need to

887
00:21:06,666 --> 00:21:07,875
delve into that now.

888
00:21:08,083 --> 00:21:09,500
So, there's

889
00:21:09,625 --> 00:21:10,708
this element of

890
00:21:10,708 --> 00:21:12,291
wanting to look like,

891
00:21:13,291 --> 00:21:13,916
very close

892
00:21:13,916 --> 00:21:15,125
to target.

893
00:21:15,500 --> 00:21:16,541
It also

894
00:21:16,541 --> 00:21:18,125
gives a certain confidence

895
00:21:18,125 --> 00:21:19,333
in the economy

896
00:21:19,333 --> 00:21:20,875
that, oh, inflation

897
00:21:20,875 --> 00:21:22,250
is only 2.4%.

898
00:21:22,250 --> 00:21:23,458
That's very manageable.

899
00:21:24,416 --> 00:21:26,083
And then that gives people

900
00:21:26,083 --> 00:21:27,875
confidence to borrow

901
00:21:27,875 --> 00:21:29,083
when it vest.

902
00:21:29,083 --> 00:21:30,833
You know, and feel like

903
00:21:30,833 --> 00:21:32,041
they can,

904
00:21:32,458 --> 00:21:33,833
they're getting a return

905
00:21:33,833 --> 00:21:35,000
on, on that

906
00:21:35,166 --> 00:21:36,750
a real rate of return

907
00:21:37,166 --> 00:21:38,541
on their borrowings.

908
00:21:38,875 --> 00:21:40,125
So there's all of that.

909
00:21:40,125 --> 00:21:41,333
Then there's the element

910
00:21:41,333 --> 00:21:44,000
of all the government,

911
00:21:44,458 --> 00:21:45,750
which is about 50%

912
00:21:45,750 --> 00:21:46,875
of the Australian

913
00:21:46,875 --> 00:21:48,083
working population,

914
00:21:48,291 --> 00:21:49,875
all the government employees,

915
00:21:50,583 --> 00:21:51,833
I think it's about 40%.

916
00:21:52,458 --> 00:21:55,166
And all of the welfare

917
00:21:55,583 --> 00:21:57,333
is indexed to inflation.

918
00:21:57,583 --> 00:21:58,625
Right.

919
00:21:58,625 --> 00:22:02,125
So if inflation is stated

920
00:22:02,125 --> 00:22:03,333
at the real rate

921
00:22:03,541 --> 00:22:04,875
that they've got to pay

922
00:22:05,583 --> 00:22:07,166
all the government employees,

923
00:22:07,166 --> 00:22:08,541
all the teachers and all the,

924
00:22:09,625 --> 00:22:10,416
nurses

925
00:22:10,416 --> 00:22:12,875
and all the bureaucrats

926
00:22:12,875 --> 00:22:14,458
and public servants and

927
00:22:15,083 --> 00:22:16,250
all the

928
00:22:16,250 --> 00:22:17,666
and everyone who's on welfare

929
00:22:18,416 --> 00:22:20,000
and all the NDIS recipients

930
00:22:20,000 --> 00:22:21,166
and all of that stuff.

931
00:22:21,166 --> 00:22:22,458
All of those people

932
00:22:22,458 --> 00:22:23,750
end into this

933
00:22:24,166 --> 00:22:25,458
staff and caseworkers

934
00:22:25,458 --> 00:22:26,125
and so forth.

935
00:22:26,125 --> 00:22:27,583
All have to be paid

936
00:22:27,791 --> 00:22:29,125
a higher rate year on year

937
00:22:29,541 --> 00:22:31,000
if the inflation rate

938
00:22:31,000 --> 00:22:32,458
is higher. Right?

939
00:22:32,500 --> 00:22:33,750
I hadn't thought about that,

940
00:22:33,833 --> 00:22:35,125
but it makes so much sense

941
00:22:35,125 --> 00:22:36,291
now that that's

942
00:22:36,291 --> 00:22:37,541
another key driver

943
00:22:37,541 --> 00:22:40,166
as to why they keeping it up

944
00:22:40,291 --> 00:22:42,000
at the rate that it is.

945
00:22:42,500 --> 00:22:43,666
Oh well, the stated rate

946
00:22:43,666 --> 00:22:44,208
that it is, they're

947
00:22:44,208 --> 00:22:45,416
not keeping anything.

948
00:22:47,125 --> 00:22:48,041
Absolutely.

949
00:22:48,041 --> 00:22:49,583
So so it's a real factor.

950
00:22:49,583 --> 00:22:50,791
So know

951
00:22:51,000 --> 00:22:52,000
you and I know like

952
00:22:52,000 --> 00:22:53,541
and I even I know that

953
00:22:54,708 --> 00:22:55,708
and how they fiddled

954
00:22:55,708 --> 00:22:56,750
the numbers here

955
00:22:56,750 --> 00:22:57,833
with the CPI.

956
00:22:57,833 --> 00:22:59,333
So for instance

957
00:22:59,333 --> 00:23:01,041
with housing

958
00:23:01,041 --> 00:23:03,875
I think they include

959
00:23:05,750 --> 00:23:07,375
they include new homes

960
00:23:07,375 --> 00:23:09,291
but not established dwellings

961
00:23:10,041 --> 00:23:12,291
as much of the CPI figure

962
00:23:12,291 --> 00:23:13,500
basket of goods.

963
00:23:14,666 --> 00:23:17,000
I don't think they include

964
00:23:17,000 --> 00:23:19,125
interest rate increases

965
00:23:19,500 --> 00:23:21,083
as part of the CPI.

966
00:23:21,083 --> 00:23:22,500
So if interest rates go up

967
00:23:22,500 --> 00:23:23,750
and your mortgage goes up,

968
00:23:23,750 --> 00:23:25,375
that doesn't get included.

969
00:23:25,708 --> 00:23:27,375
As part of the CPI,

970
00:23:29,000 --> 00:23:29,625
goods,

971
00:23:29,625 --> 00:23:31,041
they don't account for things

972
00:23:31,041 --> 00:23:32,250
like shrinkage.

973
00:23:32,541 --> 00:23:34,500
So a packet of two terms

974
00:23:34,500 --> 00:23:35,625
that used to have, what,

975
00:23:35,625 --> 00:23:37,000
12 Tim

976
00:23:37,000 --> 00:23:38,458
Tams inside the packet.

977
00:23:38,750 --> 00:23:39,875
Same price,

978
00:23:39,875 --> 00:23:40,625
but only does

979
00:23:40,625 --> 00:23:42,458
10 or 8 biscuits

980
00:23:42,458 --> 00:23:43,666
these days.

981
00:23:43,791 --> 00:23:44,708
It doesn't account

982
00:23:44,708 --> 00:23:45,916
for substitution.

983
00:23:46,166 --> 00:23:48,375
So people go

984
00:23:48,375 --> 00:23:50,750
from steaks to meats

985
00:23:51,125 --> 00:23:52,000
because they can't

986
00:23:52,000 --> 00:23:53,458
afford the steak anymore.

987
00:23:54,625 --> 00:23:56,500
So that's not accounted

988
00:23:56,500 --> 00:23:57,958
for in the,

989
00:23:57,958 --> 00:23:59,000
in the inflation figures.

990
00:23:59,000 --> 00:24:01,125
So there's all clever

991
00:24:01,125 --> 00:24:02,333
ways of,

992
00:24:02,458 --> 00:24:04,083
you stating

993
00:24:04,083 --> 00:24:05,291
is that what I would.

994
00:24:05,458 --> 00:24:06,666
Yeah.

995
00:24:07,250 --> 00:24:08,791
The real rate of inflation.

996
00:24:08,791 --> 00:24:10,166
And so it's very,

997
00:24:10,166 --> 00:24:10,666
very difficult

998
00:24:10,666 --> 00:24:12,208
to keep track of what real

999
00:24:12,500 --> 00:24:14,166
the real inflation rate is.

1000
00:24:14,166 --> 00:24:15,583
But estimates have it out

1001
00:24:15,583 --> 00:24:17,291
closer to 7 or 8%.

1002
00:24:17,875 --> 00:24:19,458
Now if your return

1003
00:24:20,708 --> 00:24:21,916
the sharemarket

1004
00:24:21,958 --> 00:24:22,583
which comes

1005
00:24:22,583 --> 00:24:23,750
with all those risks

1006
00:24:24,083 --> 00:24:26,333
is 10%

1007
00:24:26,750 --> 00:24:27,958
and inflation

1008
00:24:28,000 --> 00:24:29,250
is 7 or 8%,

1009
00:24:29,250 --> 00:24:30,666
your real rate of return

1010
00:24:30,666 --> 00:24:31,875
is 2 or 3%.

1011
00:24:33,625 --> 00:24:35,291
Your real rate of return

1012
00:24:35,625 --> 00:24:36,750
on cash

1013
00:24:36,750 --> 00:24:37,958
and property

1014
00:24:38,000 --> 00:24:39,208
and gold,

1015
00:24:39,750 --> 00:24:40,916
maybe not gold at the moment

1016
00:24:40,916 --> 00:24:42,083
because gold's on a bit of a

1017
00:24:42,208 --> 00:24:43,375
or it has been for

1018
00:24:43,375 --> 00:24:44,958
someone says like that now,

1019
00:24:46,583 --> 00:24:47,875
is negative

1020
00:24:48,833 --> 00:24:50,875
the literally the you

1021
00:24:51,041 --> 00:24:52,791
if you're holding your money

1022
00:24:53,000 --> 00:24:54,083
in any of those

1023
00:24:54,083 --> 00:24:55,375
three asset shares

1024
00:24:55,375 --> 00:24:56,541
and maybe outstripping

1025
00:24:56,541 --> 00:24:57,750
the other three

1026
00:24:58,250 --> 00:24:58,916
gold, you could

1027
00:24:58,916 --> 00:25:00,416
argue, has done extremely

1028
00:25:00,416 --> 00:25:01,666
well over the last

1029
00:25:02,000 --> 00:25:03,208
couple of years.

1030
00:25:03,416 --> 00:25:03,791
But,

1031
00:25:05,416 --> 00:25:06,625
but you're going backwards.

1032
00:25:06,750 --> 00:25:08,166
You're purchasing power,

1033
00:25:08,166 --> 00:25:09,666
you're taking on all

1034
00:25:09,666 --> 00:25:10,875
that risk.

1035
00:25:10,916 --> 00:25:12,625
You're being pushed higher

1036
00:25:12,625 --> 00:25:14,250
and higher up the risk curve

1037
00:25:15,083 --> 00:25:16,708
in the name of,

1038
00:25:16,916 --> 00:25:19,375
in the name of just breaking

1039
00:25:19,375 --> 00:25:21,291
even higher inflation,

1040
00:25:21,833 --> 00:25:23,000
you've got to take bigger

1041
00:25:23,000 --> 00:25:24,208
and bigger risks.

1042
00:25:24,625 --> 00:25:25,666
It used to be

1043
00:25:25,666 --> 00:25:26,125
that you could

1044
00:25:26,125 --> 00:25:27,333
just put your money

1045
00:25:27,541 --> 00:25:29,125
in a term deposit

1046
00:25:29,125 --> 00:25:31,208
or in a ten year bond or in

1047
00:25:31,208 --> 00:25:32,416
a, you know,

1048
00:25:32,458 --> 00:25:33,958
two year bond or whatever.

1049
00:25:34,541 --> 00:25:35,750
And you would,

1050
00:25:36,333 --> 00:25:36,750
you know,

1051
00:25:36,750 --> 00:25:37,958
you'd be able to save,

1052
00:25:39,291 --> 00:25:40,000
not so

1053
00:25:40,000 --> 00:25:40,708
and you'd be able

1054
00:25:40,708 --> 00:25:41,833
to cover costs

1055
00:25:41,833 --> 00:25:43,166
and not sell anymore.

1056
00:25:43,208 --> 00:25:44,458
Now we've all got to go

1057
00:25:44,458 --> 00:25:45,833
into a minimum

1058
00:25:45,833 --> 00:25:48,208
60, 40 portfolio,

1059
00:25:49,125 --> 00:25:49,708
which,

1060
00:25:49,708 --> 00:25:51,000
you know, we could obviously

1061
00:25:51,000 --> 00:25:52,166
argue was mandated,

1062
00:25:52,375 --> 00:25:53,375
but 60%

1063
00:25:53,375 --> 00:25:56,500
shares and 40%, 40%,

1064
00:25:58,583 --> 00:25:59,916
fixed interest, right.

1065
00:26:01,125 --> 00:26:03,208
And but people have

1066
00:26:03,333 --> 00:26:04,791
gone into a higher growth

1067
00:26:04,791 --> 00:26:05,250
fund that

1068
00:26:05,250 --> 00:26:06,958
they keep going for,

1069
00:26:07,416 --> 00:26:08,500
need to make more than that.

1070
00:26:08,500 --> 00:26:08,791
That's

1071
00:26:08,791 --> 00:26:10,583
not going to cover my costs.

1072
00:26:11,250 --> 00:26:12,041
Therefore I'm

1073
00:26:12,041 --> 00:26:13,500
I taking retirees now.

1074
00:26:13,500 --> 00:26:14,000
Therefore

1075
00:26:14,000 --> 00:26:16,125
I've got to go into 85%

1076
00:26:16,708 --> 00:26:17,791
priced shares,

1077
00:26:17,791 --> 00:26:19,000
some 15%.

1078
00:26:19,291 --> 00:26:19,500
Yeah.

1079
00:26:19,500 --> 00:26:20,750
No fixed interest.

1080
00:26:21,458 --> 00:26:22,666
So

1081
00:26:23,041 --> 00:26:24,916
which speaks to the comment

1082
00:26:24,916 --> 00:26:25,750
we were saying before

1083
00:26:25,750 --> 00:26:26,500
that fixed interest

1084
00:26:26,500 --> 00:26:28,250
is considered low risk.

1085
00:26:28,250 --> 00:26:29,458
Right.

1086
00:26:29,458 --> 00:26:30,625
Except that it's it's

1087
00:26:30,625 --> 00:26:31,291
not because you're

1088
00:26:31,291 --> 00:26:32,500
going backwards.

1089
00:26:33,375 --> 00:26:33,958
I don't know where

1090
00:26:33,958 --> 00:26:35,166
all of this started.

1091
00:26:35,416 --> 00:26:36,208
I can't remember

1092
00:26:36,208 --> 00:26:37,416
what was said.

1093
00:26:37,708 --> 00:26:39,333
But I think my point

1094
00:26:39,333 --> 00:26:40,541
was that you

1095
00:26:40,583 --> 00:26:41,583
you were asking about

1096
00:26:41,583 --> 00:26:43,000
the business, and,

1097
00:26:43,250 --> 00:26:45,708
and so I feel like,

1098
00:26:48,500 --> 00:26:49,250
when it comes

1099
00:26:49,250 --> 00:26:50,541
to educating people

1100
00:26:50,541 --> 00:26:51,750
about Bitcoin,

1101
00:26:52,708 --> 00:26:54,416
what we love to do

1102
00:26:54,416 --> 00:26:56,875
in the bitcoin space is

1103
00:26:58,666 --> 00:26:59,208
talk about the

1104
00:26:59,208 --> 00:27:00,416
history of money,

1105
00:27:01,291 --> 00:27:02,708
talk about the broken

1106
00:27:02,708 --> 00:27:04,166
money system

1107
00:27:04,500 --> 00:27:05,875
and the printing of money

1108
00:27:06,541 --> 00:27:08,791
that causes the inflation.

1109
00:27:09,708 --> 00:27:11,583
And we talk about

1110
00:27:12,041 --> 00:27:13,541
how bullish we are on Bitcoin

1111
00:27:13,541 --> 00:27:14,875
and all the amazing models

1112
00:27:14,875 --> 00:27:15,208
that say

1113
00:27:15,208 --> 00:27:16,458
it's going to $1 million

1114
00:27:16,500 --> 00:27:16,958
a coin,

1115
00:27:16,958 --> 00:27:18,250
it's going to $10 million

1116
00:27:18,250 --> 00:27:18,583
a coin.

1117
00:27:18,583 --> 00:27:19,916
No, it's going to that

1118
00:27:19,916 --> 00:27:21,291
$8 million. Yeah.

1119
00:27:21,875 --> 00:27:23,208
So we love to do all of that

1120
00:27:23,208 --> 00:27:24,041
and then break down

1121
00:27:24,041 --> 00:27:25,666
why we're we're doing it

1122
00:27:25,666 --> 00:27:26,541
that way.

1123
00:27:26,541 --> 00:27:28,666
And and then we've got

1124
00:27:28,666 --> 00:27:29,541
all the techies

1125
00:27:29,541 --> 00:27:31,166
like all the, the coders

1126
00:27:31,166 --> 00:27:31,750
and the software

1127
00:27:31,750 --> 00:27:32,958
developers and everyone

1128
00:27:33,083 --> 00:27:34,041
in the Bitcoin space.

1129
00:27:34,041 --> 00:27:35,333
They love to talk about the

1130
00:27:35,500 --> 00:27:36,458
tech side.

1131
00:27:36,458 --> 00:27:38,458
And it's on Drinkability

1132
00:27:38,458 --> 00:27:39,291
and it's on sensor

1133
00:27:39,291 --> 00:27:41,333
ability and, and the,

1134
00:27:41,416 --> 00:27:42,458
the pseudonymous

1135
00:27:42,458 --> 00:27:43,166
nature of it.

1136
00:27:43,166 --> 00:27:44,458
So it's not entirely private,

1137
00:27:44,458 --> 00:27:45,416
but it's somewhat private.

1138
00:27:46,625 --> 00:27:48,750
And and yet I

1139
00:27:49,041 --> 00:27:50,125
don't know that

1140
00:27:50,125 --> 00:27:51,375
we all talk

1141
00:27:51,375 --> 00:27:53,125
in terms of,

1142
00:27:53,916 --> 00:27:54,500
I guess,

1143
00:27:54,500 --> 00:27:55,708
the context

1144
00:27:56,625 --> 00:27:58,875
of mainstream investments

1145
00:27:58,875 --> 00:28:00,333
that mainstream people,

1146
00:28:02,791 --> 00:28:04,000
relate to.

1147
00:28:04,333 --> 00:28:05,750
And so the point of

1148
00:28:05,750 --> 00:28:07,958
the business is to be able

1149
00:28:07,958 --> 00:28:09,166
to run

1150
00:28:09,458 --> 00:28:10,875
one day workshops

1151
00:28:11,833 --> 00:28:12,750
that take people

1152
00:28:12,750 --> 00:28:13,958
through,

1153
00:28:14,000 --> 00:28:15,666
a story of logic.

1154
00:28:15,666 --> 00:28:17,041
And it's very little

1155
00:28:17,041 --> 00:28:18,375
in the way of presenting

1156
00:28:18,375 --> 00:28:19,833
or just talking or lecturing.

1157
00:28:20,333 --> 00:28:21,833
It's really interactive.

1158
00:28:21,833 --> 00:28:23,250
We're playing games

1159
00:28:23,250 --> 00:28:24,958
to see how money

1160
00:28:24,958 --> 00:28:25,916
printing works

1161
00:28:25,916 --> 00:28:26,708
and how it affects

1162
00:28:26,708 --> 00:28:27,916
the prices of things.

1163
00:28:27,958 --> 00:28:29,125
And we're doing

1164
00:28:29,250 --> 00:28:30,375
you know,

1165
00:28:30,375 --> 00:28:31,916
we're doing breakout groups

1166
00:28:31,916 --> 00:28:33,416
and think for yourself

1167
00:28:33,416 --> 00:28:34,666
and work out for numbers

1168
00:28:34,666 --> 00:28:35,875
and, and,

1169
00:28:36,625 --> 00:28:37,916
is it like this?

1170
00:28:37,916 --> 00:28:38,708
Some of the questions

1171
00:28:38,708 --> 00:28:39,291
I asked you,

1172
00:28:39,291 --> 00:28:40,708
we might ask if the group

1173
00:28:40,708 --> 00:28:41,250
and then you get

1174
00:28:41,250 --> 00:28:42,416
a whole lot of interplay

1175
00:28:42,416 --> 00:28:43,958
from ten different people

1176
00:28:43,958 --> 00:28:44,791
in the room,

1177
00:28:44,791 --> 00:28:46,250
trying to get their ideas

1178
00:28:46,250 --> 00:28:47,083
and their personal

1179
00:28:47,083 --> 00:28:48,291
kind of take on it,

1180
00:28:48,458 --> 00:28:49,750
and it becomes

1181
00:28:49,750 --> 00:28:53,875
a really lively journey,

1182
00:28:53,875 --> 00:28:55,583
but you're taking them on

1183
00:28:55,583 --> 00:28:57,125
a really logical journey

1184
00:28:57,125 --> 00:28:59,000
from the problem

1185
00:28:59,625 --> 00:29:00,791
with mainstream

1186
00:29:00,791 --> 00:29:02,000
investment

1187
00:29:02,458 --> 00:29:03,625
through to

1188
00:29:04,916 --> 00:29:05,666
why was

1189
00:29:05,666 --> 00:29:07,125
Bitcoin invented?

1190
00:29:08,250 --> 00:29:09,000
Bearing in

1191
00:29:09,000 --> 00:29:10,125
mind Satoshi knew

1192
00:29:10,125 --> 00:29:11,333
precisely what he was doing

1193
00:29:11,333 --> 00:29:12,583
and why he was doing it

1194
00:29:12,583 --> 00:29:14,041
in light of the broken

1195
00:29:14,041 --> 00:29:15,041
monetary system.

1196
00:29:15,041 --> 00:29:16,791
As you and I understand it.

1197
00:29:17,375 --> 00:29:18,583
Yeah.

1198
00:29:18,625 --> 00:29:20,041
And then setting them

1199
00:29:20,041 --> 00:29:21,458
into, well,

1200
00:29:21,666 --> 00:29:22,916
implementation.

1201
00:29:22,916 --> 00:29:23,791
And that doesn't mean

1202
00:29:23,791 --> 00:29:24,416
we're not even

1203
00:29:24,416 --> 00:29:25,625
taking them through.

1204
00:29:25,833 --> 00:29:27,083
How do you buy

1205
00:29:27,083 --> 00:29:28,666
and how do you store.

1206
00:29:29,541 --> 00:29:31,583
We are simply going through

1207
00:29:31,583 --> 00:29:33,333
what does that look like

1208
00:29:33,625 --> 00:29:34,583
as a percentage

1209
00:29:34,583 --> 00:29:35,750
of your portfolio.

1210
00:29:36,458 --> 00:29:38,125
So if you took your

1211
00:29:38,125 --> 00:29:39,916
traditional 6040 portfolio

1212
00:29:40,083 --> 00:29:42,375
and made it 59

1213
00:29:42,625 --> 00:29:44,833
share, 59% shares

1214
00:29:45,208 --> 00:29:48,291
and 39%

1215
00:29:49,958 --> 00:29:51,125
fixed interest

1216
00:29:51,125 --> 00:29:52,750
and then allocated

1217
00:29:52,750 --> 00:29:54,458
2% to Bitcoin,

1218
00:29:55,250 --> 00:29:55,875
and then if you're

1219
00:29:55,875 --> 00:29:57,208
making 10% on your shares

1220
00:29:57,208 --> 00:29:58,875
and 5% on your fixed interest

1221
00:29:58,875 --> 00:30:00,291
and say, 60%

1222
00:30:01,125 --> 00:30:02,333
on your,

1223
00:30:03,083 --> 00:30:04,500
on your bitcoin,

1224
00:30:04,916 --> 00:30:07,833
then what does your portfolio

1225
00:30:07,833 --> 00:30:08,458
look like?

1226
00:30:08,458 --> 00:30:09,833
What's the return

1227
00:30:10,833 --> 00:30:12,416
if you allocate 2% to

1228
00:30:12,416 --> 00:30:14,625
bitcoin, what's your return.

1229
00:30:14,916 --> 00:30:16,375
If you allocate 10%

1230
00:30:16,375 --> 00:30:17,541
to Bitcoin

1231
00:30:17,583 --> 00:30:18,791
and then

1232
00:30:18,833 --> 00:30:19,916
and then we

1233
00:30:19,916 --> 00:30:20,250
you know

1234
00:30:20,250 --> 00:30:20,541
and then

1235
00:30:20,541 --> 00:30:21,833
part of that discussion

1236
00:30:22,041 --> 00:30:22,958
needs to be

1237
00:30:22,958 --> 00:30:24,500
about the adoption

1238
00:30:24,500 --> 00:30:25,708
curve.

1239
00:30:26,208 --> 00:30:26,750
Let me do

1240
00:30:26,750 --> 00:30:28,166
just a fun exercise

1241
00:30:28,166 --> 00:30:29,208
where I show them

1242
00:30:29,208 --> 00:30:30,083
four different charts

1243
00:30:30,083 --> 00:30:30,541
and I go

1244
00:30:30,541 --> 00:30:31,041
what does the

1245
00:30:31,041 --> 00:30:32,458
typical adoption

1246
00:30:32,458 --> 00:30:33,291
curve look like.

1247
00:30:33,291 --> 00:30:34,625
And I've got one that's like

1248
00:30:34,625 --> 00:30:36,083
a series of steps.

1249
00:30:36,625 --> 00:30:37,333
I've got one

1250
00:30:37,333 --> 00:30:37,583
that's

1251
00:30:37,583 --> 00:30:38,208
just kind of

1252
00:30:38,208 --> 00:30:39,625
all over the place.

1253
00:30:39,666 --> 00:30:41,000
I've got one that's

1254
00:30:41,000 --> 00:30:42,333
I can't remember something

1255
00:30:42,333 --> 00:30:43,541
else.

1256
00:30:45,458 --> 00:30:46,125
Fairly

1257
00:30:46,125 --> 00:30:47,541
sort of standard, I think.

1258
00:30:47,541 --> 00:30:48,750
Implied.

1259
00:30:48,750 --> 00:30:50,375
And then like straight line

1260
00:30:50,750 --> 00:30:51,625
and then I've got the

1261
00:30:51,625 --> 00:30:52,833
S-curve right,

1262
00:30:53,125 --> 00:30:54,375
and I go, which one

1263
00:30:54,666 --> 00:30:55,708
do you think

1264
00:30:55,708 --> 00:30:57,041
typically, like when you're

1265
00:30:57,041 --> 00:30:58,666
taking on a new technology

1266
00:30:58,708 --> 00:30:59,875
again, ABCd

1267
00:31:00,125 --> 00:31:01,458
like I was just doing my git

1268
00:31:01,916 --> 00:31:02,916
which one?

1269
00:31:02,916 --> 00:31:04,208
And you know,

1270
00:31:04,958 --> 00:31:05,458
S-curve

1271
00:31:05,458 --> 00:31:06,666
came up third.

1272
00:31:07,166 --> 00:31:09,291
People thought the steps.

1273
00:31:09,791 --> 00:31:10,708
They thought, yeah,

1274
00:31:10,708 --> 00:31:11,708
people want a good

1275
00:31:11,708 --> 00:31:12,458
why would you not that

1276
00:31:12,458 --> 00:31:13,583
why would it be something

1277
00:31:13,583 --> 00:31:14,791
that you would think about.

1278
00:31:15,125 --> 00:31:15,750
Yeah.

1279
00:31:15,750 --> 00:31:16,833
So so

1280
00:31:16,833 --> 00:31:17,333
then you got to

1281
00:31:17,333 --> 00:31:18,125
talk about adoption

1282
00:31:18,125 --> 00:31:19,291
and then you go

1283
00:31:19,291 --> 00:31:20,500
oh hang on a moment.

1284
00:31:20,625 --> 00:31:22,083
So so let's talk

1285
00:31:22,083 --> 00:31:23,333
about who's adopting here.

1286
00:31:23,875 --> 00:31:24,625
If it's high

1287
00:31:24,625 --> 00:31:25,791
net worth individuals

1288
00:31:26,250 --> 00:31:27,833
who probably know more

1289
00:31:27,833 --> 00:31:28,958
about investment

1290
00:31:28,958 --> 00:31:29,458
than anyone

1291
00:31:29,458 --> 00:31:30,583
in this room, including,

1292
00:31:30,583 --> 00:31:31,125
you know, think

1293
00:31:31,125 --> 00:31:32,000
setting us the,

1294
00:31:32,000 --> 00:31:33,958
the trainers on us Bitcoin us

1295
00:31:34,375 --> 00:31:36,083
so high net worth individuals

1296
00:31:36,375 --> 00:31:37,541
like Ray Dalio

1297
00:31:37,541 --> 00:31:39,041
like standard Camilla.

1298
00:31:39,375 --> 00:31:40,375
These guys

1299
00:31:40,375 --> 00:31:41,583
like the biggest hedge

1300
00:31:41,583 --> 00:31:42,958
fund managers in the world.

1301
00:31:43,791 --> 00:31:44,458
Why are they

1302
00:31:44,458 --> 00:31:45,708
allocating bitcoin.

1303
00:31:45,708 --> 00:31:46,666
Yeah.

1304
00:31:46,666 --> 00:31:47,291
And they're at

1305
00:31:47,291 --> 00:31:48,083
the pointy end.

1306
00:31:48,083 --> 00:31:49,458
We're still at the bottom

1307
00:31:49,458 --> 00:31:51,625
end of the curve.

1308
00:31:52,166 --> 00:31:54,708
And so you've got these

1309
00:31:55,333 --> 00:31:56,458
hedge fund managers.

1310
00:31:56,458 --> 00:31:57,750
You've got these asset

1311
00:31:57,750 --> 00:31:59,333
managers like Blackrock.

1312
00:31:59,333 --> 00:31:59,958
You've got

1313
00:32:02,000 --> 00:32:02,541
you've got

1314
00:32:02,541 --> 00:32:04,125
entire nation states.

1315
00:32:04,375 --> 00:32:05,541
You've got

1316
00:32:05,666 --> 00:32:07,041
Bitcoin treasury businesses.

1317
00:32:07,041 --> 00:32:08,291
So MicroStrategy

1318
00:32:08,291 --> 00:32:09,291
and better plant out and

1319
00:32:09,291 --> 00:32:10,125
and so forth.

1320
00:32:10,125 --> 00:32:11,000
And now we've got like

1321
00:32:11,000 --> 00:32:12,208
AI technologies

1322
00:32:12,208 --> 00:32:13,416
here in Australia.

1323
00:32:15,125 --> 00:32:16,333
So

1324
00:32:17,125 --> 00:32:18,666
what is it that they know

1325
00:32:18,666 --> 00:32:19,875
that you don't.

1326
00:32:20,166 --> 00:32:21,750
Why are they allocating.

1327
00:32:21,958 --> 00:32:23,541
And they feel like

1328
00:32:23,875 --> 00:32:26,166
it's low risk enough

1329
00:32:26,458 --> 00:32:27,291
to allocate

1330
00:32:27,291 --> 00:32:28,500
a small proportion

1331
00:32:28,916 --> 00:32:30,541
of their total portfolio

1332
00:32:30,916 --> 00:32:32,125
to Bitcoin.

1333
00:32:32,500 --> 00:32:34,791
And, and then you kind of go

1334
00:32:34,791 --> 00:32:37,166
and that's still really early

1335
00:32:37,250 --> 00:32:38,458
in the S-curve.

1336
00:32:39,875 --> 00:32:40,791
And we've still got

1337
00:32:40,791 --> 00:32:42,000
this to go.

1338
00:32:42,375 --> 00:32:43,333
And even though

1339
00:32:43,333 --> 00:32:44,666
it looks volatile

1340
00:32:45,500 --> 00:32:46,708
yeah.

1341
00:32:48,708 --> 00:32:49,333
If you're holding

1342
00:32:49,333 --> 00:32:50,083
for the long term,

1343
00:32:50,083 --> 00:32:51,291
as you and I know.

1344
00:32:53,375 --> 00:32:54,208
There's

1345
00:32:54,208 --> 00:32:55,041
that volatile.

1346
00:32:55,041 --> 00:32:55,583
The first of all

1347
00:32:55,583 --> 00:32:56,875
the volatility reduces

1348
00:32:56,875 --> 00:32:57,375
over time.

1349
00:32:57,375 --> 00:32:57,875
I mean, it's far

1350
00:32:57,875 --> 00:32:58,583
more volatile

1351
00:32:58,583 --> 00:33:00,208
than than Amazon

1352
00:33:00,208 --> 00:33:01,916
was in its early days

1353
00:33:01,916 --> 00:33:02,541
in its first

1354
00:33:02,541 --> 00:33:03,833
ten years of existence.

1355
00:33:04,375 --> 00:33:05,333
Nobody's saying I have

1356
00:33:05,333 --> 00:33:06,500
such a problem with that.

1357
00:33:07,583 --> 00:33:08,791
And everybody looks back

1358
00:33:08,791 --> 00:33:10,416
retrospectively and goes, oh,

1359
00:33:10,416 --> 00:33:11,000
I wish I'd told

1360
00:33:11,000 --> 00:33:12,625
my younger self to buy Apple.

1361
00:33:12,875 --> 00:33:14,083
Right?

1362
00:33:14,125 --> 00:33:14,916
So that's like

1363
00:33:14,916 --> 00:33:16,125
an ongoing joke

1364
00:33:16,250 --> 00:33:17,458
in the world.

1365
00:33:17,625 --> 00:33:18,833
And yet

1366
00:33:19,208 --> 00:33:20,416
the people aren't

1367
00:33:20,583 --> 00:33:22,250
quite there with Bitcoin.

1368
00:33:22,541 --> 00:33:24,166
And it's

1369
00:33:24,166 --> 00:33:26,250
interesting that

1370
00:33:26,791 --> 00:33:28,333
there's still all this

1371
00:33:28,333 --> 00:33:29,875
FUD around Bitcoin

1372
00:33:29,875 --> 00:33:31,208
in a way that there wasn't

1373
00:33:31,750 --> 00:33:32,833
the Amazon

1374
00:33:32,833 --> 00:33:33,583
or there,

1375
00:33:33,583 --> 00:33:34,500
that Amazon was

1376
00:33:34,500 --> 00:33:35,125
at least something

1377
00:33:35,125 --> 00:33:36,166
people were familiar with

1378
00:33:36,166 --> 00:33:37,375
because it was a share.

1379
00:33:38,000 --> 00:33:39,541
And so at least it was within

1380
00:33:39,541 --> 00:33:40,458
a framework

1381
00:33:40,458 --> 00:33:41,708
that people understood.

1382
00:33:41,958 --> 00:33:42,750
It's a share

1383
00:33:42,750 --> 00:33:43,583
and it's volatile,

1384
00:33:43,583 --> 00:33:45,000
but at least it's a share.

1385
00:33:45,000 --> 00:33:45,833
And I understand

1386
00:33:45,833 --> 00:33:47,208
the fundamentals of shares.

1387
00:33:47,500 --> 00:33:48,416
And then I can look at

1388
00:33:48,416 --> 00:33:49,625
their balance sheet.

1389
00:33:49,791 --> 00:33:51,291
But I don't get what

1390
00:33:51,291 --> 00:33:52,583
this Bitcoin thing

1391
00:33:52,833 --> 00:33:54,166
actually is.

1392
00:33:55,333 --> 00:33:56,125
Right.

1393
00:33:56,125 --> 00:33:57,083
And I think that's part

1394
00:33:57,083 --> 00:33:58,333
of it is

1395
00:33:58,333 --> 00:33:59,750
well is it a currency.

1396
00:33:59,750 --> 00:34:00,958
I hear you can buy stuff

1397
00:34:00,958 --> 00:34:01,791
with a protagonist

1398
00:34:01,791 --> 00:34:02,666
buying stuff with it.

1399
00:34:02,666 --> 00:34:04,125
I don't see Bitcoin prices

1400
00:34:04,125 --> 00:34:04,791
on my

1401
00:34:04,791 --> 00:34:06,375
goods and services at Kohl's.

1402
00:34:07,916 --> 00:34:09,208
I they don't really

1403
00:34:09,208 --> 00:34:10,625
necessarily understand

1404
00:34:10,625 --> 00:34:12,125
it being a ledger.

1405
00:34:13,583 --> 00:34:14,666
They don't really get

1406
00:34:14,666 --> 00:34:17,125
what that block chain is

1407
00:34:17,541 --> 00:34:19,541
as a, you know,

1408
00:34:19,750 --> 00:34:22,250
a ledger of transactions.

1409
00:34:23,375 --> 00:34:25,208
And so,

1410
00:34:25,208 --> 00:34:26,000
you know, the

1411
00:34:26,000 --> 00:34:27,208
medium of exchange

1412
00:34:27,416 --> 00:34:28,375
and they don't

1413
00:34:28,375 --> 00:34:29,083
really get the store

1414
00:34:29,083 --> 00:34:29,875
value proposition

1415
00:34:29,875 --> 00:34:31,166
because they don't get the

1416
00:34:31,625 --> 00:34:32,791
broken money

1417
00:34:32,791 --> 00:34:34,041
and the inflation

1418
00:34:34,041 --> 00:34:35,083
and the ever increasing

1419
00:34:35,083 --> 00:34:36,666
inflation and,

1420
00:34:37,791 --> 00:34:39,000
governments,

1421
00:34:39,833 --> 00:34:41,000
forced

1422
00:34:41,250 --> 00:34:43,083
particularly the US because

1423
00:34:43,083 --> 00:34:44,291
of the traffic driven to lie

1424
00:34:44,291 --> 00:34:45,625
about which we can get into

1425
00:34:46,375 --> 00:34:46,833
a force

1426
00:34:46,833 --> 00:34:48,125
to print money and create

1427
00:34:48,125 --> 00:34:49,333
debt, etc., etc..

1428
00:34:49,791 --> 00:34:51,750
So I feel like

1429
00:34:51,750 --> 00:34:52,791
you've got to take them

1430
00:34:52,791 --> 00:34:53,541
through the journey

1431
00:34:53,541 --> 00:34:55,041
of all of that before

1432
00:34:55,041 --> 00:34:56,250
you even get to

1433
00:34:56,541 --> 00:34:57,750
what is it?

1434
00:34:58,083 --> 00:34:59,708
Why is it a store of value?

1435
00:34:59,791 --> 00:35:00,625
How does it work

1436
00:35:00,625 --> 00:35:01,791
as a unit of account?

1437
00:35:02,125 --> 00:35:03,333
How does it work

1438
00:35:03,458 --> 00:35:05,333
as a medium of exchange?

1439
00:35:05,583 --> 00:35:06,083
And then

1440
00:35:06,083 --> 00:35:07,458
you can get into the adoption

1441
00:35:07,458 --> 00:35:09,958
of that and in particularly

1442
00:35:10,333 --> 00:35:12,416
in developing countries,

1443
00:35:12,416 --> 00:35:13,625
etc., etc..

1444
00:35:14,083 --> 00:35:14,333
You know.

1445
00:35:15,541 --> 00:35:16,000
That was

1446
00:35:16,000 --> 00:35:16,750
all in answer

1447
00:35:16,750 --> 00:35:18,708
to your question about why

1448
00:35:18,708 --> 00:35:20,333
and how it has come to this.

1449
00:35:20,333 --> 00:35:21,541
Start.

1450
00:35:22,041 --> 00:35:23,250
Yeah, yeah.

1451
00:35:23,250 --> 00:35:24,416
No, I love it, I love it.

1452
00:35:24,416 --> 00:35:26,166
I'm really curious to know,

1453
00:35:26,166 --> 00:35:27,666
because I think

1454
00:35:27,666 --> 00:35:29,375
the idea of an interactive

1455
00:35:29,375 --> 00:35:30,583
workshop is great,

1456
00:35:30,583 --> 00:35:32,000
and I can totally see

1457
00:35:32,000 --> 00:35:33,333
how that would appeal

1458
00:35:33,333 --> 00:35:35,083
to, to businesses.

1459
00:35:36,083 --> 00:35:36,958
But I'm really curious

1460
00:35:36,958 --> 00:35:38,708
to know, in your experience,

1461
00:35:38,791 --> 00:35:41,166
what is the outcome of

1462
00:35:41,166 --> 00:35:42,375
those workshops, like

1463
00:35:42,416 --> 00:35:44,000
where people start to

1464
00:35:44,000 --> 00:35:44,916
where they end up

1465
00:35:44,916 --> 00:35:45,833
at the end of the day?

1466
00:35:45,833 --> 00:35:46,666
Like what, what,

1467
00:35:46,666 --> 00:35:47,875
what's kind of like been

1468
00:35:47,875 --> 00:35:49,166
some of the common,

1469
00:35:51,500 --> 00:35:52,500
outcomes that.

1470
00:35:52,500 --> 00:35:52,791
What was

1471
00:35:52,791 --> 00:35:54,083
still very early days,

1472
00:35:54,166 --> 00:35:55,208
but feedback

1473
00:35:55,208 --> 00:35:56,416
has been fantastic.

1474
00:35:56,750 --> 00:35:58,166
And the outcomes.

1475
00:35:58,500 --> 00:36:00,708
So we've got a signal group

1476
00:36:01,375 --> 00:36:02,958
for participants.

1477
00:36:03,333 --> 00:36:04,541
First of all,

1478
00:36:04,750 --> 00:36:06,875
they wrote their feedback

1479
00:36:07,041 --> 00:36:08,500
and the feedback

1480
00:36:08,500 --> 00:36:09,708
was like,

1481
00:36:09,958 --> 00:36:11,166
things like,

1482
00:36:11,208 --> 00:36:11,666
oh my God,

1483
00:36:11,666 --> 00:36:12,875
I hadn't understood that.

1484
00:36:13,375 --> 00:36:14,083
That makes a lot

1485
00:36:14,083 --> 00:36:15,416
more sense to me now.

1486
00:36:15,541 --> 00:36:15,916
That's

1487
00:36:15,916 --> 00:36:16,250
giving me

1488
00:36:16,250 --> 00:36:17,250
a lot more confidence.

1489
00:36:17,250 --> 00:36:17,666
And then there was

1490
00:36:17,666 --> 00:36:18,958
some suggestions around.

1491
00:36:18,958 --> 00:36:20,166
I'm still getting questions

1492
00:36:20,166 --> 00:36:20,958
about so-and-so

1493
00:36:20,958 --> 00:36:21,583
that I don't want

1494
00:36:21,583 --> 00:36:23,041
to have to answer, like now

1495
00:36:23,041 --> 00:36:24,250
in my real world.

1496
00:36:24,250 --> 00:36:25,458
And so in the signal group,

1497
00:36:25,458 --> 00:36:26,583
we're giving people answers

1498
00:36:26,583 --> 00:36:27,750
for those things.

1499
00:36:27,750 --> 00:36:28,750
We got feedback

1500
00:36:28,750 --> 00:36:29,291
the other day

1501
00:36:29,291 --> 00:36:30,083
that one of the guys

1502
00:36:30,083 --> 00:36:30,750
has just gone out

1503
00:36:30,750 --> 00:36:31,250
and bought a little

1504
00:36:31,250 --> 00:36:32,958
bit more Bitcoin.

1505
00:36:33,958 --> 00:36:35,375
So he'd already bought some.

1506
00:36:35,375 --> 00:36:36,625
I think he's in early

1507
00:36:36,625 --> 00:36:37,333
two years.

1508
00:36:37,333 --> 00:36:38,375
He hadn't bought Bitcoin.

1509
00:36:38,375 --> 00:36:38,833
Bitcoin.

1510
00:36:38,833 --> 00:36:40,625
He had bought a bitcoin ETF.

1511
00:36:44,166 --> 00:36:45,375
So

1512
00:36:45,500 --> 00:36:46,333
I think there's a

1513
00:36:46,333 --> 00:36:47,666
lot of moments.

1514
00:36:48,083 --> 00:36:48,958
Like we went through

1515
00:36:48,958 --> 00:36:51,541
the process of money printing

1516
00:36:51,958 --> 00:36:52,875
and explained

1517
00:36:52,875 --> 00:36:54,083
how the government stood

1518
00:36:54,875 --> 00:36:55,625
up, you know,

1519
00:36:55,625 --> 00:36:56,625
and explained the,

1520
00:36:56,625 --> 00:36:57,833
the kind of the issuance

1521
00:36:57,833 --> 00:36:59,416
of treasuries and the,

1522
00:37:00,208 --> 00:37:01,083
you know, and then the,

1523
00:37:01,083 --> 00:37:02,541
the, money

1524
00:37:02,541 --> 00:37:03,750
printing

1525
00:37:03,791 --> 00:37:04,416
Fed Reserve

1526
00:37:04,416 --> 00:37:05,750
to buy those treasuries,

1527
00:37:05,958 --> 00:37:06,791
to then distribute

1528
00:37:06,791 --> 00:37:08,833
those treasuries, etc., etc..

1529
00:37:09,208 --> 00:37:10,166
But then we also did

1530
00:37:10,166 --> 00:37:11,333
a piece about,

1531
00:37:12,666 --> 00:37:13,750
banks,

1532
00:37:13,750 --> 00:37:15,208
in effect, printing money

1533
00:37:15,375 --> 00:37:16,416
by creating a

1534
00:37:16,416 --> 00:37:17,625
mortgage out of thin air.

1535
00:37:18,041 --> 00:37:19,250
You,

1536
00:37:21,833 --> 00:37:22,500
paying that.

1537
00:37:22,500 --> 00:37:24,000
So, so they've created it

1538
00:37:24,000 --> 00:37:25,166
out of nothing,

1539
00:37:25,166 --> 00:37:26,916
and then you go out and work

1540
00:37:26,916 --> 00:37:28,125
your guts out

1541
00:37:28,250 --> 00:37:29,500
to pay back

1542
00:37:29,666 --> 00:37:30,791
that mortgage,

1543
00:37:30,791 --> 00:37:32,291
and that real money

1544
00:37:32,291 --> 00:37:33,541
worked for money,

1545
00:37:33,625 --> 00:37:34,791
proof of work

1546
00:37:34,958 --> 00:37:36,000
that you did

1547
00:37:36,000 --> 00:37:37,250
to pay off that mortgage

1548
00:37:37,250 --> 00:37:38,458
becomes the real money

1549
00:37:38,791 --> 00:37:40,708
that you know, banks

1550
00:37:40,708 --> 00:37:42,083
then receive for doing

1551
00:37:42,083 --> 00:37:43,166
absolutely nothing

1552
00:37:43,166 --> 00:37:43,958
other than that,

1553
00:37:43,958 --> 00:37:45,166
like creating,

1554
00:37:45,958 --> 00:37:46,916
digital money

1555
00:37:46,916 --> 00:37:48,125
out of thin air.

1556
00:37:48,166 --> 00:37:49,166
And that was a real

1557
00:37:49,166 --> 00:37:50,375
shock moment.

1558
00:37:50,500 --> 00:37:51,708
So the people in the room,

1559
00:37:51,958 --> 00:37:53,125
like when we said,

1560
00:37:53,458 --> 00:37:54,333
there's no money

1561
00:37:54,333 --> 00:37:55,875
there, that's not money

1562
00:37:56,125 --> 00:37:57,125
that's being laid out

1563
00:37:57,125 --> 00:37:57,666
that somebody

1564
00:37:57,666 --> 00:37:58,625
else has deposited

1565
00:37:58,625 --> 00:37:59,875
that's coming out to you.

1566
00:38:00,208 --> 00:38:01,333
They are literally

1567
00:38:01,333 --> 00:38:02,333
that is just a

1568
00:38:02,333 --> 00:38:03,500
digital printout.

1569
00:38:03,833 --> 00:38:04,833
And there were

1570
00:38:04,833 --> 00:38:06,416
literal gasps

1571
00:38:07,625 --> 00:38:08,125
and that

1572
00:38:08,125 --> 00:38:09,333
faked

1573
00:38:09,666 --> 00:38:10,875
people turn up.

1574
00:38:11,083 --> 00:38:12,291
It's it's amazing

1575
00:38:12,291 --> 00:38:13,708
because this

1576
00:38:13,708 --> 00:38:15,000
information is out there

1577
00:38:15,000 --> 00:38:16,583
for anyone to verify.

1578
00:38:16,583 --> 00:38:18,083
But it's it's

1579
00:38:18,166 --> 00:38:19,708
just baffles me to know.

1580
00:38:19,750 --> 00:38:20,458
And this isn't

1581
00:38:20,458 --> 00:38:21,750
one of those things that are

1582
00:38:21,750 --> 00:38:23,916
taught everywhere in schools.

1583
00:38:23,916 --> 00:38:24,125
Like,

1584
00:38:24,125 --> 00:38:25,541
this is how a system works.

1585
00:38:25,541 --> 00:38:26,750
It impacts our

1586
00:38:26,750 --> 00:38:27,791
everyday lives.

1587
00:38:27,791 --> 00:38:28,250
It impacts

1588
00:38:28,250 --> 00:38:29,458
our decision making.

1589
00:38:29,458 --> 00:38:30,500
It impacts us in more

1590
00:38:30,500 --> 00:38:31,833
ways than we can tell.

1591
00:38:31,833 --> 00:38:33,750
And yet most people wouldn't

1592
00:38:33,750 --> 00:38:34,375
would know

1593
00:38:34,375 --> 00:38:34,791
if you stopped

1594
00:38:34,791 --> 00:38:35,958
someone on the street,

1595
00:38:35,958 --> 00:38:36,958
ask them how it works.

1596
00:38:36,958 --> 00:38:38,125
They'd be like,

1597
00:38:38,875 --> 00:38:39,583
okay.

1598
00:38:39,583 --> 00:38:41,458
So and if they did, no.

1599
00:38:41,458 --> 00:38:42,166
Imagine how

1600
00:38:42,166 --> 00:38:43,750
it would undermine the trust

1601
00:38:44,333 --> 00:38:45,125
in the traditional

1602
00:38:45,125 --> 00:38:46,291
banking system

1603
00:38:46,291 --> 00:38:47,500
in governments,

1604
00:38:47,666 --> 00:38:49,791
in the Federal Reserve,

1605
00:38:49,791 --> 00:38:50,791
in America, the

1606
00:38:50,791 --> 00:38:51,958
the reserve Bank

1607
00:38:51,958 --> 00:38:53,125
in Australia.

1608
00:38:53,250 --> 00:38:53,875
It would

1609
00:38:53,875 --> 00:38:55,125
undermine the whole system

1610
00:38:55,125 --> 00:38:56,791
if people actually knew

1611
00:38:57,000 --> 00:38:58,208
what was going on

1612
00:38:58,416 --> 00:38:59,458
and the degree

1613
00:38:59,458 --> 00:39:01,208
to which it is

1614
00:39:01,208 --> 00:39:02,416
responsible

1615
00:39:02,458 --> 00:39:03,958
for the,

1616
00:39:04,583 --> 00:39:06,375
for the rich, poor

1617
00:39:06,375 --> 00:39:07,791
divide, the increasing

1618
00:39:07,791 --> 00:39:09,708
wealth gap, how that,

1619
00:39:10,666 --> 00:39:12,416
benefits people at the top.

1620
00:39:12,416 --> 00:39:13,000
You know, the,

1621
00:39:13,000 --> 00:39:14,375
the can tell you in effect

1622
00:39:14,375 --> 00:39:15,583
or cancel in effect.

1623
00:39:15,625 --> 00:39:16,041
Would you like

1624
00:39:16,041 --> 00:39:17,250
to pronounce that?

1625
00:39:17,875 --> 00:39:18,750
And, you know,

1626
00:39:18,750 --> 00:39:19,916
we get into that in the,

1627
00:39:19,916 --> 00:39:20,916
the training as well.

1628
00:39:20,916 --> 00:39:22,333
And it's such a luxury

1629
00:39:22,333 --> 00:39:23,541
as a bitcoin,

1630
00:39:23,666 --> 00:39:25,250
to be able to go

1631
00:39:25,583 --> 00:39:26,125
because you know,

1632
00:39:26,125 --> 00:39:26,416
what it's

1633
00:39:26,416 --> 00:39:27,916
like when you go to a party

1634
00:39:27,916 --> 00:39:29,125
and you bring up Bitcoin

1635
00:39:29,625 --> 00:39:30,250
first module,

1636
00:39:30,250 --> 00:39:31,333
the pariah of the room.

1637
00:39:31,333 --> 00:39:32,541
Secondly

1638
00:39:33,666 --> 00:39:35,458
they start hitting you.

1639
00:39:36,375 --> 00:39:38,000
So there's a bloke at the

1640
00:39:38,000 --> 00:39:39,625
the gym I go to and we

1641
00:39:40,708 --> 00:39:41,541
we cross

1642
00:39:41,541 --> 00:39:42,666
over at Taichi

1643
00:39:42,666 --> 00:39:43,833
every everybody.

1644
00:39:43,833 --> 00:39:44,458
And he was a bright

1645
00:39:44,458 --> 00:39:45,750
boy and well

1646
00:39:45,958 --> 00:39:47,666
boy he's, he's older than me

1647
00:39:47,666 --> 00:39:48,958
and that takes some doing.

1648
00:39:48,958 --> 00:39:50,291
But he,

1649
00:39:51,083 --> 00:39:51,833
says to me,

1650
00:39:51,833 --> 00:39:52,708
he goes, what are you up to?

1651
00:39:52,708 --> 00:39:53,041
11.

1652
00:39:53,041 --> 00:39:54,250
Oh my damage

1653
00:39:54,291 --> 00:39:55,375
yesterday I go,

1654
00:39:55,375 --> 00:39:57,083
I went deep down a rabbit

1655
00:39:57,083 --> 00:39:58,791
hole of the technology

1656
00:39:59,000 --> 00:40:00,500
side of just the,

1657
00:40:00,500 --> 00:40:01,416
the coding, the

1658
00:40:01,416 --> 00:40:01,875
that kind of

1659
00:40:01,875 --> 00:40:02,875
coding of bitcoin. A

1660
00:40:04,208 --> 00:40:05,000
and I got on

1661
00:40:05,000 --> 00:40:06,458
and I was chatting with you

1662
00:40:06,458 --> 00:40:07,916
when, if I was young,

1663
00:40:08,375 --> 00:40:09,708
I would spend my whole time

1664
00:40:09,708 --> 00:40:10,083
trying to

1665
00:40:10,083 --> 00:40:11,333
write that Bitcoin thing.

1666
00:40:11,333 --> 00:40:12,791
And one day it'll be broken.

1667
00:40:12,958 --> 00:40:13,791
Right.

1668
00:40:13,791 --> 00:40:15,916
And so I, I,

1669
00:40:15,958 --> 00:40:17,791
I don't know and yet

1670
00:40:17,791 --> 00:40:19,291
I don't know,

1671
00:40:19,375 --> 00:40:20,666
I still don't have a good

1672
00:40:22,250 --> 00:40:22,750
I didn't

1673
00:40:22,750 --> 00:40:23,416
have a good answer

1674
00:40:23,416 --> 00:40:24,208
at the time.

1675
00:40:24,208 --> 00:40:24,500
Yeah.

1676
00:40:24,500 --> 00:40:25,416
And that's what happens

1677
00:40:25,416 --> 00:40:26,625
when you're at a party.

1678
00:40:26,750 --> 00:40:27,875
They come up with something

1679
00:40:27,875 --> 00:40:28,333
like this.

1680
00:40:28,333 --> 00:40:29,875
Some traditional things like

1681
00:40:30,916 --> 00:40:32,333
how much energy users

1682
00:40:32,333 --> 00:40:33,500
I've got

1683
00:40:35,083 --> 00:40:36,291
thought out

1684
00:40:36,375 --> 00:40:37,583
so to that,

1685
00:40:37,791 --> 00:40:38,750
that I'm fine

1686
00:40:38,750 --> 00:40:40,250
tuned over time

1687
00:40:40,250 --> 00:40:40,916
about the use

1688
00:40:40,916 --> 00:40:41,791
of stranded energy,

1689
00:40:41,791 --> 00:40:43,041
about how that energy is

1690
00:40:43,041 --> 00:40:43,333
used.

1691
00:40:43,333 --> 00:40:43,708
That's the

1692
00:40:43,708 --> 00:40:45,125
security of the system.

1693
00:40:45,125 --> 00:40:45,416
That's

1694
00:40:45,416 --> 00:40:46,791
what makes it unbreakable,

1695
00:40:46,791 --> 00:40:48,750
that's what is, etc., etc..

1696
00:40:48,750 --> 00:40:50,000
So I, you know, like,

1697
00:40:50,000 --> 00:40:51,833
I can I can do that answer.

1698
00:40:51,833 --> 00:40:53,833
But it's so,

1699
00:40:55,041 --> 00:40:56,250
reactive

1700
00:40:56,375 --> 00:40:57,583
when you're at a party,

1701
00:40:57,750 --> 00:40:59,541
you don't get to sort of

1702
00:40:59,625 --> 00:41:00,791
hold court

1703
00:41:00,791 --> 00:41:02,250
and take them on the journey

1704
00:41:02,541 --> 00:41:04,166
and start them

1705
00:41:04,166 --> 00:41:05,250
at the beginning.

1706
00:41:05,250 --> 00:41:05,875
And so

1707
00:41:05,875 --> 00:41:07,083
the whole thing is different.

1708
00:41:07,083 --> 00:41:08,166
The people who are coming to

1709
00:41:08,166 --> 00:41:09,041
the workshops

1710
00:41:09,041 --> 00:41:10,666
are genuinely interested.

1711
00:41:10,750 --> 00:41:11,958
So you've got,

1712
00:41:12,250 --> 00:41:13,500
in effect,

1713
00:41:13,916 --> 00:41:15,375
a volunteer group

1714
00:41:16,708 --> 00:41:18,708
who want to know.

1715
00:41:19,416 --> 00:41:20,375
So you've

1716
00:41:20,375 --> 00:41:21,583
you've got

1717
00:41:21,625 --> 00:41:23,625
qualified leads.

1718
00:41:23,625 --> 00:41:23,750
You're

1719
00:41:23,750 --> 00:41:25,583
not they're dealing with some

1720
00:41:26,250 --> 00:41:27,416
they might be cynical

1721
00:41:27,958 --> 00:41:28,791
or skeptical,

1722
00:41:28,791 --> 00:41:30,000
at least.

1723
00:41:31,208 --> 00:41:32,000
But they at least

1724
00:41:32,000 --> 00:41:32,750
want to find out

1725
00:41:32,750 --> 00:41:33,958
they're open minded.

1726
00:41:34,416 --> 00:41:34,625
Yeah.

1727
00:41:34,625 --> 00:41:35,833
And so

1728
00:41:36,291 --> 00:41:37,500
they actually want to know

1729
00:41:37,500 --> 00:41:38,208
the answers.

1730
00:41:38,208 --> 00:41:39,750
They don't want to just

1731
00:41:39,750 --> 00:41:40,958
attach their.

1732
00:42:01,541 --> 00:42:02,791
Yeah, and I'm

1733
00:42:02,791 --> 00:42:03,333
getting really

1734
00:42:03,333 --> 00:42:04,625
good at this carry like

1735
00:42:04,625 --> 00:42:05,875
I I'm getting really good

1736
00:42:05,875 --> 00:42:07,875
at differentiating

1737
00:42:07,875 --> 00:42:10,000
who is asking questions

1738
00:42:10,000 --> 00:42:12,041
out of genuine curiosity

1739
00:42:12,041 --> 00:42:14,041
and who is asking questions

1740
00:42:14,041 --> 00:42:14,625
because they want

1741
00:42:14,625 --> 00:42:15,833
to spar with you,

1742
00:42:16,041 --> 00:42:17,208
or they want to place

1743
00:42:17,208 --> 00:42:18,416
the burden of proof

1744
00:42:18,708 --> 00:42:20,750
for new to explain to them

1745
00:42:20,875 --> 00:42:22,250
why this is a thing.

1746
00:42:22,250 --> 00:42:22,958
And you're like,

1747
00:42:22,958 --> 00:42:24,291
there's no incentive for me

1748
00:42:24,291 --> 00:42:24,916
to do that.

1749
00:42:24,916 --> 00:42:25,666
I will help you

1750
00:42:25,666 --> 00:42:26,458
if you want to know,

1751
00:42:26,458 --> 00:42:27,791
but if you are just

1752
00:42:28,208 --> 00:42:29,208
wanting to like, sort

1753
00:42:29,208 --> 00:42:31,166
of try to embarrass me

1754
00:42:31,166 --> 00:42:33,416
or shame me or enter

1755
00:42:33,416 --> 00:42:33,833
into some

1756
00:42:33,833 --> 00:42:35,250
sort of a disagreement,

1757
00:42:35,250 --> 00:42:36,083
then I don't have time

1758
00:42:36,083 --> 00:42:37,291
for that.

1759
00:42:38,666 --> 00:42:39,291
You know what?

1760
00:42:39,291 --> 00:42:40,666
You're absolutely right.

1761
00:42:41,750 --> 00:42:42,375
I will often

1762
00:42:42,375 --> 00:42:43,250
just ask the question

1763
00:42:43,250 --> 00:42:43,708
outright.

1764
00:42:43,708 --> 00:42:44,041
I go,

1765
00:42:44,041 --> 00:42:45,041
you genuinely interested?

1766
00:42:45,041 --> 00:42:45,875
Do you actually want to know?

1767
00:42:47,708 --> 00:42:48,416
Because I'm really

1768
00:42:48,416 --> 00:42:49,708
happy to explain it to you,

1769
00:42:49,791 --> 00:42:51,083
but it's going

1770
00:42:51,083 --> 00:42:52,291
to take a little bit.

1771
00:42:53,000 --> 00:42:54,958
You come to an interview

1772
00:42:54,958 --> 00:42:56,125
to pitch on Bitcoin.

1773
00:42:57,458 --> 00:42:58,500
Let's say

1774
00:42:58,500 --> 00:42:59,875
you can't do an elevator

1775
00:42:59,875 --> 00:43:00,833
pitch on Bitcoin,

1776
00:43:00,833 --> 00:43:01,375
like, people

1777
00:43:01,375 --> 00:43:02,750
just want you to explain it

1778
00:43:02,750 --> 00:43:04,458
to them in an instant.

1779
00:43:04,458 --> 00:43:05,666
But yeah, the

1780
00:43:05,958 --> 00:43:07,083
a lot of untangling

1781
00:43:07,083 --> 00:43:08,041
that needs to happen.

1782
00:43:08,041 --> 00:43:08,958
And everyone's

1783
00:43:08,958 --> 00:43:10,208
stuck in a different spot.

1784
00:43:10,208 --> 00:43:11,541
And sometimes people

1785
00:43:11,541 --> 00:43:12,458
will ask a question

1786
00:43:12,458 --> 00:43:13,791
that to me might be obvious

1787
00:43:13,791 --> 00:43:15,000
and that will throw me off

1788
00:43:15,000 --> 00:43:15,791
more than anything.

1789
00:43:15,791 --> 00:43:16,916
Like I remember one time

1790
00:43:16,916 --> 00:43:18,208
I would ask this, like,

1791
00:43:18,208 --> 00:43:19,708
understand how Bitcoin is

1792
00:43:19,708 --> 00:43:21,083
in a medium of exchange.

1793
00:43:21,083 --> 00:43:22,375
I can understand how it would

1794
00:43:22,375 --> 00:43:23,583
be a unit of account,

1795
00:43:23,583 --> 00:43:24,208
but how is it

1796
00:43:24,208 --> 00:43:25,083
a store of value

1797
00:43:25,083 --> 00:43:25,708
and I thought like

1798
00:43:25,708 --> 00:43:27,333
that's the most obvious

1799
00:43:27,333 --> 00:43:28,541
one where we are

1800
00:43:28,750 --> 00:43:30,416
in adoption at the moment.

1801
00:43:30,625 --> 00:43:31,833
So that just kind of threw

1802
00:43:31,833 --> 00:43:33,041
me off.

1803
00:43:33,125 --> 00:43:34,041
Just like, what do you mean?

1804
00:43:35,083 --> 00:43:35,541
Right.

1805
00:43:35,541 --> 00:43:36,375
Absolutely.

1806
00:43:36,375 --> 00:43:37,458
I know, and then

1807
00:43:37,458 --> 00:43:38,375
how do you answer

1808
00:43:38,375 --> 00:43:39,583
that question, as you said,

1809
00:43:39,583 --> 00:43:40,791
as an elevator pitch

1810
00:43:40,833 --> 00:43:41,833
without going into

1811
00:43:41,833 --> 00:43:42,416
the whole broken

1812
00:43:42,416 --> 00:43:42,958
money system,

1813
00:43:42,958 --> 00:43:43,750
without going into

1814
00:43:43,750 --> 00:43:44,708
the history of money,

1815
00:43:44,708 --> 00:43:45,625
without saying

1816
00:43:45,625 --> 00:43:47,166
that fundamentally our cash

1817
00:43:47,166 --> 00:43:47,916
is as valuable

1818
00:43:47,916 --> 00:43:49,125
as shells right now,

1819
00:43:49,583 --> 00:43:51,083
because you can basically

1820
00:43:51,083 --> 00:43:52,500
go down to the beach

1821
00:43:52,500 --> 00:43:53,375
and print it up.

1822
00:43:53,375 --> 00:43:54,916
You know, just pick up more,

1823
00:43:55,083 --> 00:43:55,458
at least

1824
00:43:55,458 --> 00:43:56,666
if you're the government.

1825
00:43:56,708 --> 00:43:59,333
So it's a, I

1826
00:43:59,500 --> 00:44:00,833
yeah, I don't I get it

1827
00:44:00,833 --> 00:44:02,125
that the basic questions

1828
00:44:02,125 --> 00:44:03,291
can be the,

1829
00:44:03,375 --> 00:44:04,708
the hardest ones

1830
00:44:04,708 --> 00:44:06,291
that trip you up in a way.

1831
00:44:07,166 --> 00:44:08,500
Because, you know,

1832
00:44:08,500 --> 00:44:09,750
where do I even start

1833
00:44:09,750 --> 00:44:10,041
with that?

1834
00:44:10,041 --> 00:44:10,500
Because it's

1835
00:44:10,500 --> 00:44:11,583
such a big answer.

1836
00:44:11,583 --> 00:44:13,000
And you know how much time

1837
00:44:13,000 --> 00:44:14,208
do I have

1838
00:44:14,250 --> 00:44:15,750
to really go there?

1839
00:44:15,916 --> 00:44:17,375
Yeah, absolutely.

1840
00:44:17,458 --> 00:44:18,291
I had another thought

1841
00:44:18,291 --> 00:44:19,458
just brewing in my mind.

1842
00:44:19,458 --> 00:44:20,333
But I've lost it.

1843
00:44:20,333 --> 00:44:21,208
I've lost it. I.

1844
00:44:24,500 --> 00:44:25,500
Yeah, that's all right.

1845
00:44:25,500 --> 00:44:26,666
I,

1846
00:44:26,750 --> 00:44:28,083
I'm I'm very curious.

1847
00:44:28,083 --> 00:44:29,291
I would love to actually,

1848
00:44:29,875 --> 00:44:30,750
come to one of

1849
00:44:30,750 --> 00:44:32,375
these workshops one day,

1850
00:44:32,375 --> 00:44:33,708
because I also wonder

1851
00:44:33,708 --> 00:44:34,375
if this would be,

1852
00:44:34,375 --> 00:44:37,041
like a good model to copy

1853
00:44:37,041 --> 00:44:38,083
and have, like, in

1854
00:44:38,083 --> 00:44:39,416
community halls.

1855
00:44:39,833 --> 00:44:41,500
I'm always thinking of ways

1856
00:44:41,500 --> 00:44:42,791
that I can engage

1857
00:44:42,791 --> 00:44:44,500
with, like, more people,

1858
00:44:44,500 --> 00:44:45,333
you know, like PetSmart

1859
00:44:45,333 --> 00:44:46,833
and I'm living in Byron and,

1860
00:44:47,666 --> 00:44:48,458
a lot of people

1861
00:44:48,458 --> 00:44:50,083
here are very open minded

1862
00:44:50,083 --> 00:44:52,500
and they feel that there's

1863
00:44:52,500 --> 00:44:53,750
a cost of living crisis,

1864
00:44:53,750 --> 00:44:55,166
but they can't really point

1865
00:44:55,166 --> 00:44:57,000
the finger to the root cause.

1866
00:44:57,500 --> 00:44:58,583
And I know

1867
00:44:58,583 --> 00:44:59,750
they would be very curious

1868
00:44:59,750 --> 00:45:00,541
to learn about it.

1869
00:45:00,541 --> 00:45:01,833
So I'm always thinking of

1870
00:45:01,833 --> 00:45:02,458
ways like,

1871
00:45:02,458 --> 00:45:03,791
how can I introduce

1872
00:45:03,791 --> 00:45:05,000
these,

1873
00:45:05,250 --> 00:45:06,500
can we get the conversation

1874
00:45:06,500 --> 00:45:07,708
started?

1875
00:45:08,458 --> 00:45:09,791
So a community

1876
00:45:09,791 --> 00:45:10,916
event is a great idea.

1877
00:45:10,916 --> 00:45:12,500
And, given

1878
00:45:12,500 --> 00:45:12,958
there's so

1879
00:45:12,958 --> 00:45:14,166
many lefties in Byron,

1880
00:45:14,166 --> 00:45:15,000
you could really

1881
00:45:15,000 --> 00:45:16,166
take that kind of.

1882
00:45:16,375 --> 00:45:17,250
How does Bitcoin

1883
00:45:17,250 --> 00:45:18,416
help the environment

1884
00:45:18,625 --> 00:45:19,333
approach?

1885
00:45:19,333 --> 00:45:19,958
You know,

1886
00:45:19,958 --> 00:45:21,333
how does it support,

1887
00:45:22,333 --> 00:45:23,541
human rights

1888
00:45:23,625 --> 00:45:24,250
across the globe

1889
00:45:24,250 --> 00:45:24,958
across the globe.

1890
00:45:24,958 --> 00:45:25,750
So you take the

1891
00:45:25,750 --> 00:45:26,500
progressive case

1892
00:45:26,500 --> 00:45:28,666
for for Bitcoin as it were.

1893
00:45:29,041 --> 00:45:30,416
Use that as the pain point.

1894
00:45:30,416 --> 00:45:31,250
Like one of the things

1895
00:45:31,250 --> 00:45:32,458
that we're doing is we're

1896
00:45:33,833 --> 00:45:34,291
we're

1897
00:45:34,291 --> 00:45:36,083
targeting accountants.

1898
00:45:36,458 --> 00:45:37,708
And really

1899
00:45:37,708 --> 00:45:39,041
the focus there is,

1900
00:45:40,916 --> 00:45:41,125
you're

1901
00:45:41,125 --> 00:45:42,041
being asked questions,

1902
00:45:42,041 --> 00:45:43,041
so what's their pain point?

1903
00:45:43,041 --> 00:45:44,250
What do they care about?

1904
00:45:44,250 --> 00:45:45,625
You're being asked questions.

1905
00:45:45,625 --> 00:45:46,166
How do you want to

1906
00:45:46,166 --> 00:45:46,875
answer those

1907
00:45:46,875 --> 00:45:48,125
questions confidently

1908
00:45:48,333 --> 00:45:49,541
about Bitcoin.

1909
00:45:49,875 --> 00:45:51,208
So meeting people

1910
00:45:51,208 --> 00:45:52,458
where they're at and talking

1911
00:45:52,458 --> 00:45:53,208
about the things

1912
00:45:53,208 --> 00:45:53,708
that are most

1913
00:45:53,708 --> 00:45:54,916
important to them,

1914
00:45:55,500 --> 00:45:55,958
I think

1915
00:45:55,958 --> 00:45:57,000
becomes a really important

1916
00:45:57,000 --> 00:45:57,541
part of that.

1917
00:45:57,541 --> 00:45:58,333
I just

1918
00:45:58,333 --> 00:45:59,458
I just think

1919
00:45:59,458 --> 00:46:00,916
there are so many great

1920
00:46:00,916 --> 00:46:02,500
communicators in Bitcoin.

1921
00:46:03,875 --> 00:46:06,083
But I think communication

1922
00:46:06,083 --> 00:46:07,291
is different from,

1923
00:46:09,250 --> 00:46:10,458
from

1924
00:46:11,375 --> 00:46:13,458
clear explanation

1925
00:46:14,125 --> 00:46:15,000
in language

1926
00:46:15,000 --> 00:46:16,166
that people

1927
00:46:16,208 --> 00:46:17,541
get in their own way,

1928
00:46:17,750 --> 00:46:18,625
which is different

1929
00:46:18,625 --> 00:46:20,000
from training.

1930
00:46:21,708 --> 00:46:22,416
Right.

1931
00:46:22,416 --> 00:46:23,541
So if I

1932
00:46:23,541 --> 00:46:25,000
was to so I've

1933
00:46:25,000 --> 00:46:26,750
trained in presentation

1934
00:46:26,750 --> 00:46:28,125
skills and business writing

1935
00:46:28,125 --> 00:46:30,041
skills and influencing skills

1936
00:46:30,041 --> 00:46:31,500
and so forth for many,

1937
00:46:31,500 --> 00:46:32,625
many years.

1938
00:46:32,625 --> 00:46:34,500
If I want to teach you

1939
00:46:34,500 --> 00:46:35,041
how to answer

1940
00:46:35,041 --> 00:46:36,250
sort of difficult question,

1941
00:46:36,833 --> 00:46:37,083
hey, that's

1942
00:46:37,083 --> 00:46:37,791
right on the spot.

1943
00:46:37,791 --> 00:46:38,291
Let's say

1944
00:46:38,291 --> 00:46:39,416
somebody says to you, well,

1945
00:46:39,416 --> 00:46:40,500
how does Bitcoin work

1946
00:46:40,500 --> 00:46:41,333
as a store value?

1947
00:46:41,333 --> 00:46:42,541
Right.

1948
00:46:42,541 --> 00:46:44,625
And so the way I would teach

1949
00:46:44,625 --> 00:46:46,125
how to answer a question

1950
00:46:46,125 --> 00:46:46,708
if you're thrown on

1951
00:46:46,708 --> 00:46:48,291
the spot is one

1952
00:46:48,291 --> 00:46:50,166
technique is to break

1953
00:46:50,166 --> 00:46:50,916
the answer down

1954
00:46:50,916 --> 00:46:52,125
into two different parts

1955
00:46:52,541 --> 00:46:53,708
right.

1956
00:46:53,708 --> 00:46:55,458
And so

1957
00:46:56,208 --> 00:46:58,000
you might break it down into

1958
00:46:58,375 --> 00:46:59,458
it's a really good question

1959
00:46:59,458 --> 00:47:00,291
that you've just asked

1960
00:47:00,291 --> 00:47:01,500
there about store value.

1961
00:47:03,250 --> 00:47:03,958
Probably there's

1962
00:47:03,958 --> 00:47:05,708
two parts to that answer.

1963
00:47:05,708 --> 00:47:07,583
There's the problem

1964
00:47:07,750 --> 00:47:08,958
with fiat

1965
00:47:09,333 --> 00:47:11,541
and how Bitcoin solves

1966
00:47:11,541 --> 00:47:12,750
for that.

1967
00:47:13,000 --> 00:47:13,750
Right.

1968
00:47:13,750 --> 00:47:14,500
So I'm giving you

1969
00:47:14,500 --> 00:47:15,416
an example now.

1970
00:47:15,416 --> 00:47:17,125
So this is the difference now

1971
00:47:17,125 --> 00:47:18,416
between an explanation

1972
00:47:18,625 --> 00:47:19,541
and example.

1973
00:47:21,666 --> 00:47:23,333
And a

1974
00:47:24,416 --> 00:47:25,041
I'll give you at a

1975
00:47:25,041 --> 00:47:26,500
moment an exercise.

1976
00:47:26,500 --> 00:47:28,791
And I'll do a training in it

1977
00:47:29,083 --> 00:47:30,000
okay I'm going to

1978
00:47:30,000 --> 00:47:31,208
train you in

1979
00:47:31,208 --> 00:47:32,833
how to answer a question

1980
00:47:32,833 --> 00:47:34,041
in two parts.

1981
00:47:34,250 --> 00:47:35,166
So the

1982
00:47:35,166 --> 00:47:37,250
theoretical explanation is

1983
00:47:37,708 --> 00:47:38,875
and this is the difference

1984
00:47:38,875 --> 00:47:39,750
with training.

1985
00:47:39,750 --> 00:47:40,916
This is what

1986
00:47:40,916 --> 00:47:42,458
we don't really do

1987
00:47:42,666 --> 00:47:43,458
in Bitcoin.

1988
00:47:43,458 --> 00:47:45,791
What we do is explanations.

1989
00:47:46,041 --> 00:47:47,208
And sometimes

1990
00:47:47,208 --> 00:47:48,416
we give examples.

1991
00:47:48,541 --> 00:47:49,750
But we don't often

1992
00:47:49,875 --> 00:47:51,375
train per say.

1993
00:47:51,375 --> 00:47:52,916
We as some people train

1994
00:47:52,916 --> 00:47:54,625
in technology.

1995
00:47:54,750 --> 00:47:56,541
How to use arrow wallet.

1996
00:47:56,875 --> 00:47:58,125
I just attended a fabulous

1997
00:47:58,125 --> 00:47:58,750
little workshop

1998
00:47:58,750 --> 00:47:59,166
down here

1999
00:47:59,166 --> 00:47:59,666
in Melbourne

2000
00:47:59,666 --> 00:48:01,791
for the Women of Victoria,

2001
00:48:01,791 --> 00:48:02,750
which was gorgeous.

2002
00:48:02,750 --> 00:48:04,083
About Sparrow Pilot.

2003
00:48:04,416 --> 00:48:05,291
And sometimes you'll

2004
00:48:05,291 --> 00:48:06,250
get that on a push.

2005
00:48:06,250 --> 00:48:06,833
Someone will do

2006
00:48:06,833 --> 00:48:07,500
a breakout group

2007
00:48:07,500 --> 00:48:08,708
where you do a workshop

2008
00:48:08,750 --> 00:48:09,666
and you, you know,

2009
00:48:09,666 --> 00:48:10,500
you come up with your own

2010
00:48:10,500 --> 00:48:12,083
seed phrase, etc., etc.

2011
00:48:12,083 --> 00:48:13,333
so you might

2012
00:48:13,333 --> 00:48:14,208
get things like that.

2013
00:48:14,208 --> 00:48:16,000
But so if I get

2014
00:48:16,000 --> 00:48:17,208
the explanation,

2015
00:48:17,208 --> 00:48:18,625
if I was to,

2016
00:48:19,791 --> 00:48:21,291
explain how to answer a

2017
00:48:21,291 --> 00:48:22,458
question in two parts,

2018
00:48:22,458 --> 00:48:23,666
I would simply say

2019
00:48:23,666 --> 00:48:25,083
break it down into two parts,

2020
00:48:25,083 --> 00:48:25,375
and with

2021
00:48:25,375 --> 00:48:26,541
each of those sections,

2022
00:48:26,541 --> 00:48:27,333
give a small summary

2023
00:48:27,333 --> 00:48:28,541
at the end of each section,

2024
00:48:28,583 --> 00:48:29,666
and then tie the whole thing

2025
00:48:29,666 --> 00:48:30,083
in together

2026
00:48:30,083 --> 00:48:31,291
with an answer at the end.

2027
00:48:31,500 --> 00:48:34,583
If I was to give an example,

2028
00:48:34,708 --> 00:48:35,750
I'd give the example

2029
00:48:35,750 --> 00:48:36,958
I started giving you now,

2030
00:48:36,958 --> 00:48:38,125
which is

2031
00:48:39,041 --> 00:48:39,250
well,

2032
00:48:39,250 --> 00:48:39,833
there's two parts

2033
00:48:39,833 --> 00:48:40,500
to that answer.

2034
00:48:40,500 --> 00:48:41,125
There's the problem

2035
00:48:41,125 --> 00:48:42,291
and there's the solution.

2036
00:48:42,291 --> 00:48:43,500
In terms of the problem,

2037
00:48:44,000 --> 00:48:44,833
you can argue

2038
00:48:44,833 --> 00:48:46,333
that the current monetary

2039
00:48:46,333 --> 00:48:47,541
system is broken.

2040
00:48:48,625 --> 00:48:49,708
We are tied

2041
00:48:49,708 --> 00:48:50,916
into massive debt.

2042
00:48:50,958 --> 00:48:52,000
The government papers

2043
00:48:52,000 --> 00:48:52,666
over that debt

2044
00:48:52,666 --> 00:48:53,875
by printing money.

2045
00:48:53,916 --> 00:48:55,458
That money in the system,

2046
00:48:56,875 --> 00:48:58,708
creates inflation

2047
00:48:59,458 --> 00:49:01,208
so it serves their purpose to

2048
00:49:01,208 --> 00:49:01,583
pay off

2049
00:49:01,583 --> 00:49:02,250
their debt

2050
00:49:02,250 --> 00:49:03,750
was creating inflation.

2051
00:49:04,041 --> 00:49:05,250
And the reason it creates

2052
00:49:05,250 --> 00:49:06,625
that creates inflation is

2053
00:49:06,625 --> 00:49:07,541
because when there's

2054
00:49:07,541 --> 00:49:08,875
a lot of something,

2055
00:49:09,166 --> 00:49:10,750
it becomes less valuable.

2056
00:49:10,750 --> 00:49:12,125
So that's not really

2057
00:49:12,125 --> 00:49:13,125
it's not inflation

2058
00:49:13,125 --> 00:49:13,583
that we're saying

2059
00:49:13,583 --> 00:49:14,833
as loss of purchasing power

2060
00:49:14,833 --> 00:49:15,541
that we're seeing.

2061
00:49:15,541 --> 00:49:16,750
It's just described

2062
00:49:16,750 --> 00:49:17,958
in a different way.

2063
00:49:18,208 --> 00:49:21,416
So it's the lost of of value.

2064
00:49:21,833 --> 00:49:22,833
So the problem is

2065
00:49:22,833 --> 00:49:24,041
here's my summary point.

2066
00:49:24,125 --> 00:49:25,000
So the problem

2067
00:49:25,000 --> 00:49:26,708
is that,

2068
00:49:28,291 --> 00:49:28,791
the current

2069
00:49:28,791 --> 00:49:30,000
monetary system

2070
00:49:30,500 --> 00:49:31,750
relies on money

2071
00:49:32,458 --> 00:49:33,083
printing

2072
00:49:33,083 --> 00:49:33,958
and the creation

2073
00:49:33,958 --> 00:49:35,625
of inflation to,

2074
00:49:37,125 --> 00:49:38,333
to sustain itself.

2075
00:49:38,750 --> 00:49:39,500
Let's move on to

2076
00:49:39,500 --> 00:49:40,375
the solution.

2077
00:49:40,375 --> 00:49:41,541
Bitcoin is a

2078
00:49:41,541 --> 00:49:42,750
unique asset class.

2079
00:49:42,958 --> 00:49:44,166
It is.

2080
00:49:44,416 --> 00:49:45,000
There is

2081
00:49:45,000 --> 00:49:46,208
no central government

2082
00:49:46,333 --> 00:49:47,458
like a government or

2083
00:49:47,458 --> 00:49:48,666
like a corporation

2084
00:49:48,958 --> 00:49:50,291
who can change.

2085
00:49:50,291 --> 00:49:50,833
What is

2086
00:49:50,833 --> 00:49:52,291
an underlying protocol

2087
00:49:52,291 --> 00:49:55,708
that was put in place in 2008

2088
00:49:55,708 --> 00:49:56,958
with white paper in line

2089
00:49:56,958 --> 00:49:58,083
with the 2009

2090
00:49:58,083 --> 00:49:59,291
for the first block

2091
00:49:59,666 --> 00:50:00,833
Genesis block.

2092
00:50:01,500 --> 00:50:04,083
And the solution

2093
00:50:04,083 --> 00:50:06,000
is fundamentally that it's,

2094
00:50:06,000 --> 00:50:07,208
I have heard, money

2095
00:50:07,291 --> 00:50:08,666
that is unprintable,

2096
00:50:08,791 --> 00:50:10,125
that is unbreakable,

2097
00:50:10,250 --> 00:50:11,875
that keeps a perfect record

2098
00:50:12,250 --> 00:50:13,666
and that can't be changed

2099
00:50:13,666 --> 00:50:14,708
and that can't

2100
00:50:14,708 --> 00:50:15,916
be manipulated.

2101
00:50:16,250 --> 00:50:17,541
And that's why

2102
00:50:17,541 --> 00:50:19,125
it has value

2103
00:50:19,125 --> 00:50:20,375
as a store of value

2104
00:50:20,625 --> 00:50:21,833
is because it's,

2105
00:50:22,500 --> 00:50:23,583
scarce.

2106
00:50:23,583 --> 00:50:25,791
It is limited, it is finite,

2107
00:50:25,791 --> 00:50:27,000
it is kept.

2108
00:50:27,208 --> 00:50:27,875
And if you want

2109
00:50:27,875 --> 00:50:29,791
to discuss the unbreak

2110
00:50:29,791 --> 00:50:31,208
ability of that protocol,

2111
00:50:31,375 --> 00:50:32,000
I'm happy

2112
00:50:32,000 --> 00:50:33,083
to deep dive into that

2113
00:50:33,083 --> 00:50:33,625
with you.

2114
00:50:33,625 --> 00:50:34,833
But in short,

2115
00:50:34,958 --> 00:50:36,250
the answer to your problem

2116
00:50:36,250 --> 00:50:38,208
is, oh, the answer

2117
00:50:38,666 --> 00:50:39,500
the solution.

2118
00:50:39,500 --> 00:50:39,958
The summary

2119
00:50:39,958 --> 00:50:41,166
of the solution part

2120
00:50:41,208 --> 00:50:42,958
is that it's

2121
00:50:43,708 --> 00:50:44,666
unbreakable,

2122
00:50:44,666 --> 00:50:45,833
unanswerable,

2123
00:50:45,958 --> 00:50:47,125
unhackable,

2124
00:50:47,166 --> 00:50:47,958
and limited,

2125
00:50:49,041 --> 00:50:50,250
yet scarce.

2126
00:50:50,333 --> 00:50:50,625
Yeah.

2127
00:50:50,625 --> 00:50:51,958
So so that

2128
00:50:51,958 --> 00:50:52,916
would be my answer

2129
00:50:52,916 --> 00:50:53,708
in two parts.

2130
00:50:53,708 --> 00:50:54,750
Right?

2131
00:50:54,750 --> 00:50:55,583
So now if I'm

2132
00:50:55,583 --> 00:50:57,000
going to train you

2133
00:50:57,208 --> 00:50:58,708
in how to answer

2134
00:50:58,708 --> 00:50:59,750
a question into parts.

2135
00:50:59,750 --> 00:51:00,041
So now

2136
00:51:00,041 --> 00:51:01,250
I've given you an example.

2137
00:51:01,375 --> 00:51:02,583
Yeah.

2138
00:51:02,666 --> 00:51:03,708
If it

2139
00:51:03,708 --> 00:51:04,250
actually, no,

2140
00:51:04,250 --> 00:51:05,083
I'll do a demonstration.

2141
00:51:05,083 --> 00:51:06,041
We'll go from an example

2142
00:51:06,041 --> 00:51:06,916
to a demonstration

2143
00:51:06,916 --> 00:51:08,125
to then the training.

2144
00:51:08,166 --> 00:51:08,583
Okay.

2145
00:51:08,583 --> 00:51:09,791
This is just fun.

2146
00:51:10,708 --> 00:51:12,291
So the demonstration

2147
00:51:12,291 --> 00:51:13,500
goes like this.

2148
00:51:13,500 --> 00:51:14,750
Me a question, any question.

2149
00:51:14,750 --> 00:51:15,500
And I'll answer it

2150
00:51:15,500 --> 00:51:16,250
in two parts

2151
00:51:16,250 --> 00:51:17,458
and give you the summary.

2152
00:51:18,083 --> 00:51:19,250
Any question.

2153
00:51:19,750 --> 00:51:20,583
Any question.

2154
00:51:20,583 --> 00:51:21,750
Try a question, any question.

2155
00:51:21,750 --> 00:51:22,375
It doesn't have to

2156
00:51:22,375 --> 00:51:23,541
even be Bitcoin related.

2157
00:51:23,541 --> 00:51:24,750
But you can if you like.

2158
00:51:24,833 --> 00:51:26,000
Oh of course it has to be

2159
00:51:26,000 --> 00:51:27,250
Bitcoin related carry.

2160
00:51:28,125 --> 00:51:28,583
Let's

2161
00:51:28,583 --> 00:51:29,875
maybe do like some

2162
00:51:29,875 --> 00:51:31,333
of the common FUD.

2163
00:51:32,541 --> 00:51:33,750
So

2164
00:51:35,250 --> 00:51:36,166
what might be

2165
00:51:36,166 --> 00:51:37,500
is Bitcoin a bubble.

2166
00:51:39,416 --> 00:51:40,625
Plastic kind of bubble.

2167
00:51:40,708 --> 00:51:41,541
Excellent question.

2168
00:51:41,541 --> 00:51:42,750
I'm place your asset.

2169
00:51:42,791 --> 00:51:43,625
And yet

2170
00:51:43,625 --> 00:51:44,750
I think there's two parts

2171
00:51:44,750 --> 00:51:45,958
to that answer.

2172
00:51:46,208 --> 00:51:48,041
There's the issue of what

2173
00:51:48,041 --> 00:51:49,250
a traditional bubble

2174
00:51:49,250 --> 00:51:50,458
has looked like.

2175
00:51:51,083 --> 00:51:52,708
And there's the issue

2176
00:51:52,708 --> 00:51:54,000
of value.

2177
00:51:55,583 --> 00:51:56,458
So if we talk about

2178
00:51:56,458 --> 00:51:57,958
traditional bubbles like

2179
00:51:57,958 --> 00:51:59,166
tulip mania,

2180
00:51:59,250 --> 00:52:01,333
it was a single pink.

2181
00:52:02,541 --> 00:52:03,916
And then a blow off top,

2182
00:52:04,791 --> 00:52:05,250
and then it

2183
00:52:05,250 --> 00:52:06,458
collapsed,

2184
00:52:06,500 --> 00:52:07,916
never to be seen again.

2185
00:52:08,541 --> 00:52:09,791
So traditionally

2186
00:52:09,875 --> 00:52:11,416
when there have been bubbles

2187
00:52:11,541 --> 00:52:12,750
and you could argue this

2188
00:52:12,750 --> 00:52:14,125
even with the tech sector

2189
00:52:15,750 --> 00:52:16,958
to some degree

2190
00:52:17,000 --> 00:52:20,125
should kind of blow off top.

2191
00:52:20,875 --> 00:52:23,041
That led to the collapse

2192
00:52:23,041 --> 00:52:23,666
of that sector

2193
00:52:23,666 --> 00:52:24,833
for a period of time.

2194
00:52:25,250 --> 00:52:26,458
So what we've

2195
00:52:26,458 --> 00:52:27,791
seen with Bitcoin,

2196
00:52:27,791 --> 00:52:30,083
however, is already

2197
00:52:30,083 --> 00:52:31,916
four peaks and each one

2198
00:52:31,916 --> 00:52:33,291
just keeps getting higher.

2199
00:52:33,291 --> 00:52:34,708
And higher, albeit

2200
00:52:34,708 --> 00:52:35,791
there's the volatility

2201
00:52:35,791 --> 00:52:37,250
of the substantial drawdowns.

2202
00:52:37,250 --> 00:52:38,541
But even those drawdowns

2203
00:52:38,916 --> 00:52:40,333
are becoming less over time.

2204
00:52:41,000 --> 00:52:42,750
So fundamentally my point

2205
00:52:42,750 --> 00:52:44,000
about the

2206
00:52:44,250 --> 00:52:45,458
traditional blow off

2207
00:52:45,625 --> 00:52:46,791
or the traditional

2208
00:52:46,791 --> 00:52:48,000
kind of bubble

2209
00:52:48,083 --> 00:52:49,291
is that,

2210
00:52:49,916 --> 00:52:50,875
Bitcoin doesn't

2211
00:52:50,875 --> 00:52:52,041
follow the pattern

2212
00:52:52,166 --> 00:52:53,416
of a traditional bubble.

2213
00:52:54,375 --> 00:52:55,500
The second issue

2214
00:52:55,500 --> 00:52:56,666
I was going to talk about

2215
00:52:56,666 --> 00:52:58,166
is can you do tulips

2216
00:52:58,166 --> 00:52:59,375
have intrinsic value?

2217
00:52:59,958 --> 00:53:01,333
And this is an argument

2218
00:53:01,333 --> 00:53:02,666
that we get all the time.

2219
00:53:02,666 --> 00:53:03,958
All the time, you know,

2220
00:53:03,958 --> 00:53:05,166
you would get this pushback.

2221
00:53:05,583 --> 00:53:08,333
It doesn't do anything right.

2222
00:53:08,333 --> 00:53:10,583
It has no intrinsic value.

2223
00:53:11,458 --> 00:53:14,125
And so we've got to address

2224
00:53:14,125 --> 00:53:15,333
that issue.

2225
00:53:15,458 --> 00:53:16,875
Does it have value

2226
00:53:16,875 --> 00:53:18,083
beyond a tulip.

2227
00:53:18,416 --> 00:53:19,625
Does it have value

2228
00:53:19,833 --> 00:53:21,041
beyond

2229
00:53:21,916 --> 00:53:23,833
the trust and the faith

2230
00:53:23,833 --> 00:53:25,041
and the hopes

2231
00:53:25,541 --> 00:53:27,291
of the Bitcoin community?

2232
00:53:30,041 --> 00:53:30,958
And the answer to

2233
00:53:30,958 --> 00:53:32,333
that is in the store value

2234
00:53:32,333 --> 00:53:33,541
that we've just discussed,

2235
00:53:33,625 --> 00:53:34,875
something that represents

2236
00:53:34,875 --> 00:53:35,666
hard money,

2237
00:53:35,666 --> 00:53:37,583
something that can be,

2238
00:53:38,666 --> 00:53:40,375
self sovereign,

2239
00:53:40,708 --> 00:53:42,083
stored, you know,

2240
00:53:42,458 --> 00:53:44,333
held privately,

2241
00:53:44,666 --> 00:53:45,583
untouchable

2242
00:53:45,583 --> 00:53:46,791
by anybody else

2243
00:53:47,125 --> 00:53:48,083
whilst addressing

2244
00:53:48,083 --> 00:53:49,291
the scarcity issue.

2245
00:53:49,583 --> 00:53:51,458
So does it have value

2246
00:53:51,458 --> 00:53:52,666
beyond a tulip?

2247
00:53:53,333 --> 00:53:54,166
And the answer

2248
00:53:54,166 --> 00:53:55,916
to that has to be

2249
00:53:57,083 --> 00:53:58,250
it's,

2250
00:53:58,583 --> 00:54:00,416
money secured

2251
00:54:00,416 --> 00:54:01,583
by energy

2252
00:54:02,500 --> 00:54:03,708
in scarce supply.

2253
00:54:05,625 --> 00:54:06,458
Sunlight.

2254
00:54:06,458 --> 00:54:07,458
So, in short,

2255
00:54:07,458 --> 00:54:08,875
if I was to sum that all up,

2256
00:54:10,458 --> 00:54:11,083
and now

2257
00:54:11,083 --> 00:54:12,500
Bitcoin doesn't meet

2258
00:54:12,500 --> 00:54:14,041
the traditional requirements

2259
00:54:14,041 --> 00:54:15,250
of a bubble.

2260
00:54:15,625 --> 00:54:16,333
Okay, so

2261
00:54:16,333 --> 00:54:17,541
there's my demonstration.

2262
00:54:17,541 --> 00:54:18,125
So now we've had

2263
00:54:18,125 --> 00:54:19,333
an explanation of answering

2264
00:54:19,333 --> 00:54:20,541
a question in two parts.

2265
00:54:20,666 --> 00:54:22,208
We've had had an example

2266
00:54:22,541 --> 00:54:23,750
using

2267
00:54:24,416 --> 00:54:25,625
but

2268
00:54:25,791 --> 00:54:26,875
store value.

2269
00:54:26,875 --> 00:54:27,750
And now we've

2270
00:54:27,750 --> 00:54:28,583
done a demonstration

2271
00:54:28,583 --> 00:54:29,500
where you ask me a question

2272
00:54:29,500 --> 00:54:30,666
and I answer it so that.

2273
00:54:30,666 --> 00:54:31,166
So now

2274
00:54:31,166 --> 00:54:32,250
we're going to do a training.

2275
00:54:32,250 --> 00:54:33,500
We're going to do an exercise

2276
00:54:34,416 --> 00:54:35,750
which reaches the part

2277
00:54:35,750 --> 00:54:36,750
that often doesn't happen

2278
00:54:36,750 --> 00:54:37,708
in the Bitcoin community.

2279
00:54:37,708 --> 00:54:39,666
So now if I were to ask you

2280
00:54:39,666 --> 00:54:40,875
a question,

2281
00:54:41,000 --> 00:54:41,791
I'm going to ask you

2282
00:54:41,791 --> 00:54:43,000
to answer in two parts.

2283
00:54:45,583 --> 00:54:46,666
Yeah.

2284
00:54:46,666 --> 00:54:47,875
Now the trick to this,

2285
00:54:48,500 --> 00:54:50,875
the trick to this is, oh,

2286
00:54:50,916 --> 00:54:52,125
the hardest part of it

2287
00:54:52,208 --> 00:54:53,041
is to name

2288
00:54:53,041 --> 00:54:54,291
both parts up front.

2289
00:54:54,875 --> 00:54:55,916
I'm going to say

2290
00:54:56,875 --> 00:54:58,083
I'm going to say

2291
00:54:58,333 --> 00:54:58,708
I'm going to

2292
00:54:58,708 --> 00:54:59,541
ask the question.

2293
00:54:59,541 --> 00:55:00,833
And your answer

2294
00:55:00,833 --> 00:55:02,000
starts with

2295
00:55:02,375 --> 00:55:03,375
interesting question,

2296
00:55:03,375 --> 00:55:04,166
Carolyn.

2297
00:55:04,166 --> 00:55:05,041
Or carry

2298
00:55:05,041 --> 00:55:07,416
this two parts to that answer

2299
00:55:07,666 --> 00:55:08,875
and you name them both.

2300
00:55:08,916 --> 00:55:10,083
There's the issue of X

2301
00:55:10,083 --> 00:55:11,125
and the issue of Y.

2302
00:55:11,125 --> 00:55:11,625
It doesn't

2303
00:55:11,625 --> 00:55:12,208
actually matter

2304
00:55:12,208 --> 00:55:13,291
what you come up with.

2305
00:55:13,291 --> 00:55:14,541
Right? Okay.

2306
00:55:14,750 --> 00:55:15,500
And then you'll

2307
00:55:15,500 --> 00:55:16,000
and then you're

2308
00:55:16,000 --> 00:55:17,875
going to answer X

2309
00:55:18,250 --> 00:55:19,458
and explain that

2310
00:55:19,958 --> 00:55:20,416
and maybe

2311
00:55:20,416 --> 00:55:21,250
give us some other point

2312
00:55:21,250 --> 00:55:22,458
if you think you can.

2313
00:55:22,541 --> 00:55:24,083
And then you can answer Y

2314
00:55:24,541 --> 00:55:25,500
and try and come up

2315
00:55:25,500 --> 00:55:26,666
with the answer,

2316
00:55:26,791 --> 00:55:28,208
you know, explain that

2317
00:55:28,208 --> 00:55:28,666
and then do

2318
00:55:28,666 --> 00:55:29,583
a little summary point there

2319
00:55:29,583 --> 00:55:30,666
if you can. Okay.

2320
00:55:30,666 --> 00:55:32,083
So your question is.

2321
00:55:33,083 --> 00:55:34,083
Kind of scale.

2322
00:55:34,083 --> 00:55:35,291
This is

2323
00:55:36,625 --> 00:55:37,416
your question is

2324
00:55:37,416 --> 00:55:38,083
let's make it a bit

2325
00:55:38,083 --> 00:55:39,291
kind of question.

2326
00:55:40,708 --> 00:55:41,833
Pick an easy one.

2327
00:55:41,833 --> 00:55:42,958
Why?

2328
00:55:42,958 --> 00:55:44,250
You're kind of an easy one.

2329
00:55:48,750 --> 00:55:49,333
Well, let's

2330
00:55:49,333 --> 00:55:50,541
go to,

2331
00:55:56,333 --> 00:55:57,750
Is it fair for me to ask

2332
00:55:57,750 --> 00:55:59,333
the one that my my bill

2333
00:55:59,333 --> 00:56:00,583
at Tai Chi asked me

2334
00:56:00,625 --> 00:56:01,958
which is which?

2335
00:56:01,958 --> 00:56:03,166
Which? Okay.

2336
00:56:03,875 --> 00:56:04,791
Can it be broken?

2337
00:56:04,791 --> 00:56:06,166
Bitcoin be broken?

2338
00:56:07,041 --> 00:56:07,791
Yeah.

2339
00:56:07,791 --> 00:56:08,875
Okay. Yeah.

2340
00:56:08,875 --> 00:56:10,041
Because I'm not the.

2341
00:56:10,250 --> 00:56:10,666
I can,

2342
00:56:10,666 --> 00:56:12,000
I can make something up

2343
00:56:12,833 --> 00:56:13,125
short.

2344
00:56:13,125 --> 00:56:14,333
Yep.

2345
00:56:15,541 --> 00:56:16,208
Can bitcoin

2346
00:56:16,208 --> 00:56:17,416
be broken.

2347
00:56:17,416 --> 00:56:18,666
That's a great question

2348
00:56:18,666 --> 00:56:19,625
Cory in these

2349
00:56:19,625 --> 00:56:20,875
two parts to that.

2350
00:56:21,375 --> 00:56:23,708
So part one is

2351
00:56:24,375 --> 00:56:25,416
oh gosh

2352
00:56:25,416 --> 00:56:26,625
I know what I want to say

2353
00:56:26,625 --> 00:56:27,083
but I want

2354
00:56:27,083 --> 00:56:28,041
I want to do a good job

2355
00:56:28,041 --> 00:56:28,375
with this.

2356
00:56:28,375 --> 00:56:30,083
So part one would be

2357
00:56:31,791 --> 00:56:32,541
the maturity

2358
00:56:32,541 --> 00:56:34,000
of the protocol itself.

2359
00:56:35,083 --> 00:56:36,416
And part

2360
00:56:36,416 --> 00:56:39,208
two might be previous

2361
00:56:39,208 --> 00:56:40,916
attempts at breaking it.

2362
00:56:42,416 --> 00:56:43,125
I feel like

2363
00:56:43,125 --> 00:56:44,333
did the same thing

2364
00:56:44,500 --> 00:56:45,708
potentially.

2365
00:56:47,083 --> 00:56:48,625
But let us see how you go.

2366
00:56:48,625 --> 00:56:49,791
Yeah. Yep.

2367
00:56:49,791 --> 00:56:51,958
So, essentially

2368
00:56:51,958 --> 00:56:53,750
the network is past

2369
00:56:53,750 --> 00:56:54,291
the point

2370
00:56:54,291 --> 00:56:55,500
where it can be broken.

2371
00:56:55,500 --> 00:56:57,291
There was certainly a time,

2372
00:56:57,291 --> 00:56:58,583
historically speaking,

2373
00:56:58,583 --> 00:56:59,916
while Satoshi was still,

2374
00:56:59,916 --> 00:57:01,500
you know, involved in it,

2375
00:57:02,333 --> 00:57:03,833
where attacks

2376
00:57:03,833 --> 00:57:05,000
such as the 51

2377
00:57:05,291 --> 00:57:06,041
attack, when

2378
00:57:06,041 --> 00:57:07,375
Bitcoin could have,

2379
00:57:08,458 --> 00:57:09,208
broken the

2380
00:57:09,208 --> 00:57:10,375
protocol.

2381
00:57:10,791 --> 00:57:12,375
But again, this goes

2382
00:57:12,375 --> 00:57:13,958
back to the perfect

2383
00:57:14,250 --> 00:57:16,500
inception, like a series of,

2384
00:57:16,791 --> 00:57:18,625
unrepeatable historic events

2385
00:57:19,166 --> 00:57:20,958
that occurred to bring it

2386
00:57:20,958 --> 00:57:22,458
to the to the point

2387
00:57:22,458 --> 00:57:23,541
that where the protocol

2388
00:57:23,541 --> 00:57:24,750
is today, that even,

2389
00:57:25,541 --> 00:57:26,541
worldwide

2390
00:57:26,541 --> 00:57:28,166
coordinated attack

2391
00:57:28,166 --> 00:57:29,791
by governments could not

2392
00:57:29,833 --> 00:57:31,041
dismantle,

2393
00:57:31,166 --> 00:57:32,375
the protocol

2394
00:57:32,416 --> 00:57:34,541
due to its decentralization

2395
00:57:34,541 --> 00:57:35,791
and computing power,

2396
00:57:36,166 --> 00:57:37,375
where it is today.

2397
00:57:38,000 --> 00:57:38,541
I know

2398
00:57:38,541 --> 00:57:39,583
I'm going to get butchered

2399
00:57:39,583 --> 00:57:40,083
by people

2400
00:57:40,083 --> 00:57:41,208
who are very technical

2401
00:57:41,208 --> 00:57:41,875
in this space

2402
00:57:41,875 --> 00:57:42,625
for this answer.

2403
00:57:42,625 --> 00:57:43,958
But I think.

2404
00:57:45,000 --> 00:57:46,041
For an everyday person

2405
00:57:46,041 --> 00:57:47,250
like my my bill.

2406
00:57:47,583 --> 00:57:48,791
Perfectly solid answer.

2407
00:57:48,958 --> 00:57:49,666
Yeah.

2408
00:57:49,666 --> 00:57:50,875
And then what was the.

2409
00:57:51,000 --> 00:57:51,291
Sorry.

2410
00:57:51,291 --> 00:57:52,708
So there were two points.

2411
00:57:52,708 --> 00:57:53,416
The second part

2412
00:57:53,416 --> 00:57:54,000
was going to be

2413
00:57:54,000 --> 00:57:55,250
about previous attempts.

2414
00:57:56,208 --> 00:57:57,416
Previous attempts.

2415
00:57:58,000 --> 00:57:58,541
It wasn't

2416
00:57:58,541 --> 00:58:00,250
so much an intent

2417
00:58:00,250 --> 00:58:02,583
on on the protocol,

2418
00:58:02,583 --> 00:58:03,708
but it was like an attempt

2419
00:58:03,708 --> 00:58:05,166
to ban bitcoin,

2420
00:58:05,208 --> 00:58:05,875
whether that would

2421
00:58:05,875 --> 00:58:06,625
have an impact.

2422
00:58:06,625 --> 00:58:07,500
So like, for example,

2423
00:58:07,500 --> 00:58:08,666
the China ban,

2424
00:58:09,041 --> 00:58:10,500
it did impact the price.

2425
00:58:10,500 --> 00:58:12,083
But long term the

2426
00:58:13,291 --> 00:58:14,125
it's not really

2427
00:58:14,125 --> 00:58:14,791
done anything.

2428
00:58:14,791 --> 00:58:16,083
There's still people in China

2429
00:58:16,083 --> 00:58:16,791
who are mining

2430
00:58:16,791 --> 00:58:17,791
and using Bitcoin.

2431
00:58:17,791 --> 00:58:18,791
And that is the power

2432
00:58:18,791 --> 00:58:21,333
of a decentralized protocol

2433
00:58:21,333 --> 00:58:23,458
where no one can essentially

2434
00:58:23,750 --> 00:58:24,791
ban you from it.

2435
00:58:24,791 --> 00:58:25,500
You can't

2436
00:58:25,500 --> 00:58:26,541
you can't ban Bitcoin.

2437
00:58:26,541 --> 00:58:27,208
You can only ban

2438
00:58:27,208 --> 00:58:28,416
yourself from it.

2439
00:58:31,458 --> 00:58:32,666
But that's very good.

2440
00:58:32,875 --> 00:58:34,083
I'm so embarrassed by this.

2441
00:58:35,500 --> 00:58:36,708
Right I love it.

2442
00:58:36,833 --> 00:58:38,041
So the

2443
00:58:38,250 --> 00:58:39,750
so you broke it down

2444
00:58:39,750 --> 00:58:40,583
into two parts.

2445
00:58:40,583 --> 00:58:41,166
I think that's

2446
00:58:41,166 --> 00:58:42,000
the perfect answer.

2447
00:58:42,000 --> 00:58:43,041
I'm now going to get Bill

2448
00:58:43,041 --> 00:58:43,916
when I say hematite

2449
00:58:43,916 --> 00:58:45,083
check next week.

2450
00:58:45,625 --> 00:58:46,833
And

2451
00:58:47,416 --> 00:58:48,541
and I you

2452
00:58:48,541 --> 00:58:49,458
and you actually didn't

2453
00:58:49,458 --> 00:58:50,291
have overlap

2454
00:58:50,291 --> 00:58:51,625
between the two sections.

2455
00:58:51,625 --> 00:58:52,166
One was more

2456
00:58:52,166 --> 00:58:53,208
about the history

2457
00:58:53,208 --> 00:58:54,041
and the second part

2458
00:58:54,041 --> 00:58:55,250
was more about,

2459
00:58:55,583 --> 00:58:56,666
worked example

2460
00:58:56,666 --> 00:58:57,875
of a government,

2461
00:58:58,916 --> 00:58:59,875
attack,

2462
00:58:59,875 --> 00:59:01,041
if you like.

2463
00:59:01,291 --> 00:59:01,500
Yeah.

2464
00:59:01,500 --> 00:59:03,083
And so I wanted to.

2465
00:59:04,333 --> 00:59:04,708
Yeah.

2466
00:59:04,708 --> 00:59:05,250
Someone more

2467
00:59:05,250 --> 00:59:05,708
technical

2468
00:59:05,708 --> 00:59:06,208
would have done

2469
00:59:06,208 --> 00:59:07,458
a way better job

2470
00:59:07,458 --> 00:59:08,666
at explaining that.

2471
00:59:09,250 --> 00:59:09,833
But yeah, I'm

2472
00:59:09,833 --> 00:59:11,000
not a techie person.

2473
00:59:11,583 --> 00:59:12,125
I'm.

2474
00:59:12,125 --> 00:59:13,750
Do you know what I think?

2475
00:59:13,750 --> 00:59:14,708
We assume that.

2476
00:59:14,708 --> 00:59:16,166
And I think I've.

2477
00:59:18,291 --> 00:59:19,500
You know,

2478
00:59:20,166 --> 00:59:21,708
the best person to teach

2479
00:59:21,708 --> 00:59:23,000
cricket is not necessarily

2480
00:59:23,000 --> 00:59:24,208
the best cricketer.

2481
00:59:24,916 --> 00:59:26,125
The best cricketer.

2482
00:59:26,625 --> 00:59:27,833
It comes so naturally

2483
00:59:27,833 --> 00:59:28,500
to that person

2484
00:59:28,500 --> 00:59:29,083
that they don't know

2485
00:59:29,083 --> 00:59:30,833
how to break it down in,

2486
00:59:31,708 --> 00:59:32,916
in a really simple way

2487
00:59:33,208 --> 00:59:34,416
for a newcomer.

2488
00:59:34,833 --> 00:59:35,791
And like,

2489
00:59:35,791 --> 00:59:36,541
just your grade,

2490
00:59:36,541 --> 00:59:38,500
for your stance or your,

2491
00:59:38,541 --> 00:59:39,791
you know, it's

2492
00:59:39,916 --> 00:59:40,833
I don't know about

2493
00:59:40,833 --> 00:59:41,750
what's involved in cricket.

2494
00:59:41,750 --> 00:59:42,958
I'm making this,

2495
00:59:44,375 --> 00:59:45,333
and I think

2496
00:59:45,333 --> 00:59:46,541
we all assume

2497
00:59:47,166 --> 00:59:48,375
that.

2498
00:59:50,458 --> 00:59:51,625
Someone with my way

2499
00:59:51,625 --> 00:59:52,166
more knowledge

2500
00:59:52,166 --> 00:59:52,875
would do a better job,

2501
00:59:52,875 --> 00:59:53,375
but they often

2502
00:59:53,375 --> 00:59:54,583
don't explain it

2503
00:59:54,750 --> 00:59:56,458
as simply, I don't know

2504
00:59:56,750 --> 00:59:58,125
such basic English

2505
00:59:58,375 --> 00:59:59,000
that someone would

2506
00:59:59,000 --> 01:00:00,208
list information

2507
01:00:00,333 --> 01:00:02,000
in Alcoholics Anonymous.

2508
01:00:02,166 --> 01:00:02,958
They often say

2509
01:00:02,958 --> 01:00:04,250
the person with one week

2510
01:00:04,250 --> 01:00:05,541
sobriety is

2511
01:00:05,541 --> 01:00:06,750
better placed

2512
01:00:07,166 --> 01:00:08,250
to help

2513
01:00:08,250 --> 01:00:09,208
the new person in

2514
01:00:09,208 --> 01:00:10,541
who's got a single day

2515
01:00:11,250 --> 01:00:12,125
than someone who's

2516
01:00:12,125 --> 01:00:13,333
been around for 20 years,

2517
01:00:13,541 --> 01:00:14,416
because the person

2518
01:00:14,416 --> 01:00:15,875
who's been around for a week

2519
01:00:16,333 --> 01:00:17,333
is closer

2520
01:00:17,333 --> 01:00:19,458
to the experience

2521
01:00:19,458 --> 01:00:20,666
of how difficult it is on

2522
01:00:20,666 --> 01:00:21,833
that first day.

2523
01:00:22,000 --> 01:00:22,708
Yeah.

2524
01:00:22,708 --> 01:00:23,875
Then, yeah.

2525
01:00:24,416 --> 01:00:26,166
So I think we need

2526
01:00:26,166 --> 01:00:27,375
to be very careful.

2527
01:00:28,375 --> 01:00:29,583
Ultimately

2528
01:00:29,625 --> 01:00:30,958
in some ways you

2529
01:00:30,958 --> 01:00:32,333
could argue that

2530
01:00:32,333 --> 01:00:33,500
people.

2531
01:00:33,625 --> 01:00:34,375
So I had

2532
01:00:34,375 --> 01:00:35,541
to deep dive yesterday,

2533
01:00:35,541 --> 01:00:38,000
I realized that for my

2534
01:00:38,916 --> 01:00:40,500
few years in Bitcoin,

2535
01:00:40,583 --> 01:00:42,125
I didn't really get

2536
01:00:42,125 --> 01:00:45,291
how a protocol got played out

2537
01:00:45,375 --> 01:00:47,791
in terms of implementation.

2538
01:00:48,208 --> 01:00:49,000
What that

2539
01:00:49,000 --> 01:00:50,375
what languages?

2540
01:00:50,375 --> 01:00:52,250
What were the core languages

2541
01:00:52,250 --> 01:00:53,791
used by Bitcoin

2542
01:00:53,791 --> 01:00:55,000
to create that

2543
01:00:55,000 --> 01:00:56,416
first 30,000

2544
01:00:56,416 --> 01:00:57,708
lines of code?

2545
01:00:58,208 --> 01:00:59,041
Right

2546
01:00:59,041 --> 01:00:59,958
now, a code

2547
01:00:59,958 --> 01:01:01,166
for a coder

2548
01:01:01,291 --> 01:01:02,083
or a software

2549
01:01:02,083 --> 01:01:03,291
developer,

2550
01:01:03,333 --> 01:01:03,833
all of

2551
01:01:03,833 --> 01:01:05,958
that is so innate

2552
01:01:06,583 --> 01:01:07,166
that they

2553
01:01:07,166 --> 01:01:07,750
it wouldn't

2554
01:01:07,750 --> 01:01:08,958
even occur to them

2555
01:01:09,333 --> 01:01:11,375
to explain that

2556
01:01:11,541 --> 01:01:13,375
unbelievably basic level,

2557
01:01:14,000 --> 01:01:15,000
because it's

2558
01:01:15,000 --> 01:01:16,208
such a given.

2559
01:01:17,166 --> 01:01:18,375
Right.

2560
01:01:18,666 --> 01:01:21,083
And I just think that

2561
01:01:21,416 --> 01:01:23,625
they can miss real

2562
01:01:23,625 --> 01:01:24,833
foundational

2563
01:01:24,833 --> 01:01:26,375
core stuff.

2564
01:01:27,250 --> 01:01:27,958
Yeah.

2565
01:01:27,958 --> 01:01:29,125
It touches

2566
01:01:29,125 --> 01:01:30,000
there's so much

2567
01:01:30,000 --> 01:01:31,250
assumed knowledge

2568
01:01:31,250 --> 01:01:31,541
that, you know,

2569
01:01:31,541 --> 01:01:32,250
I don't even

2570
01:01:32,250 --> 01:01:33,458
realize you're assuming.

2571
01:01:33,791 --> 01:01:35,583
That are so that is so true.

2572
01:01:35,583 --> 01:01:36,541
Now that you say that,

2573
01:01:36,541 --> 01:01:37,541
I can totally say that,

2574
01:01:37,541 --> 01:01:38,166
because I know

2575
01:01:38,166 --> 01:01:38,666
there's people

2576
01:01:38,666 --> 01:01:39,375
in the community

2577
01:01:39,375 --> 01:01:40,416
who are very technical,

2578
01:01:40,416 --> 01:01:41,833
who would have gotten into

2579
01:01:41,916 --> 01:01:44,208
stuck into nodes in miners

2580
01:01:44,208 --> 01:01:45,166
and explain it

2581
01:01:45,166 --> 01:01:46,208
from like a very technical

2582
01:01:46,208 --> 01:01:46,708
and just would have

2583
01:01:46,708 --> 01:01:48,208
flown over everyone's head.

2584
01:01:49,041 --> 01:01:49,708
So yes.

2585
01:01:49,708 --> 01:01:53,125
Okay, I'll take it 100%.

2586
01:01:53,416 --> 01:01:54,291
100%.

2587
01:01:54,291 --> 01:01:55,583
And I would suggest

2588
01:01:55,583 --> 01:01:57,583
that maybe your answer

2589
01:01:58,166 --> 01:02:00,208
was clearer

2590
01:02:00,833 --> 01:02:02,375
and simpler

2591
01:02:03,000 --> 01:02:03,583
for someone

2592
01:02:03,583 --> 01:02:04,791
like my, my bill.

2593
01:02:04,958 --> 01:02:05,791
And let's place it.

2594
01:02:05,791 --> 01:02:06,208
That's where

2595
01:02:06,208 --> 01:02:06,625
we're at in

2596
01:02:06,625 --> 01:02:07,833
the adoption curve

2597
01:02:07,958 --> 01:02:09,958
is explaining to people like

2598
01:02:10,208 --> 01:02:11,166
Bill from chain.

2599
01:02:12,916 --> 01:02:14,666
Is it's explaining

2600
01:02:14,708 --> 01:02:15,958
to everyday people

2601
01:02:15,958 --> 01:02:16,500
who don't have

2602
01:02:16,500 --> 01:02:17,541
a financial background,

2603
01:02:17,541 --> 01:02:18,208
who don't have

2604
01:02:18,208 --> 01:02:19,375
a technical background.

2605
01:02:19,750 --> 01:02:20,958
And I don't think

2606
01:02:21,125 --> 01:02:22,291
non techie

2607
01:02:22,291 --> 01:02:22,541
sorry,

2608
01:02:22,541 --> 01:02:23,541
I don't think technical

2609
01:02:23,541 --> 01:02:24,625
and financial people

2610
01:02:24,625 --> 01:02:25,791
really understand

2611
01:02:26,000 --> 01:02:27,500
almost how little

2612
01:02:27,500 --> 01:02:28,708
everyday people,

2613
01:02:29,458 --> 01:02:30,666
everyday people,

2614
01:02:33,291 --> 01:02:34,500
Will have little.

2615
01:02:35,083 --> 01:02:35,708
But anyway,

2616
01:02:35,708 --> 01:02:36,916
just coming back

2617
01:02:36,916 --> 01:02:37,833
so, so again

2618
01:02:37,833 --> 01:02:39,041
it's like okay.

2619
01:02:39,208 --> 01:02:40,041
There is something to say,

2620
01:02:40,041 --> 01:02:41,125
this is the space I'm

2621
01:02:41,125 --> 01:02:42,000
trying to fulfill

2622
01:02:42,000 --> 01:02:42,750
in this podcast.

2623
01:02:42,750 --> 01:02:43,791
Like think of myself

2624
01:02:43,791 --> 01:02:45,000
as the gateway drug.

2625
01:02:45,333 --> 01:02:46,208
Hopefully I'm just like

2626
01:02:46,208 --> 01:02:47,416
the first stepping stone

2627
01:02:47,416 --> 01:02:48,166
on their journey.

2628
01:02:48,166 --> 01:02:48,708
And then,

2629
01:02:48,708 --> 01:02:49,000
you know,

2630
01:02:49,000 --> 01:02:49,666
I can point them

2631
01:02:49,666 --> 01:02:51,291
to more technical people

2632
01:02:51,291 --> 01:02:52,583
in the community like peas

2633
01:02:52,583 --> 01:02:53,791
and kitten that.

2634
01:02:55,166 --> 01:02:56,125
I don't like.

2635
01:02:56,125 --> 01:02:57,791
Let me go on your way.

2636
01:02:58,041 --> 01:02:59,250
Take the on your way,

2637
01:02:59,625 --> 01:03:00,000
you know,

2638
01:03:00,000 --> 01:03:01,208
and we can guide you through

2639
01:03:01,208 --> 01:03:02,500
the next step to some degree.

2640
01:03:02,500 --> 01:03:03,625
And now we need someone else

2641
01:03:03,625 --> 01:03:04,125
to take up.

2642
01:03:04,125 --> 01:03:05,708
So that's absolutely right.

2643
01:03:05,916 --> 01:03:07,125
But anyway, look,

2644
01:03:07,166 --> 01:03:08,250
I guess my

2645
01:03:08,250 --> 01:03:09,625
my whole point in taking you

2646
01:03:09,625 --> 01:03:10,833
through that exercise

2647
01:03:10,833 --> 01:03:11,541
is the difference

2648
01:03:11,541 --> 01:03:12,750
between an explanation

2649
01:03:12,916 --> 01:03:14,125
to an example,

2650
01:03:14,416 --> 01:03:16,166
to a demonstration,

2651
01:03:16,500 --> 01:03:18,750
and to a training exercise,

2652
01:03:19,166 --> 01:03:20,916
for very different processes

2653
01:03:20,916 --> 01:03:22,125
and steps.

2654
01:03:22,333 --> 01:03:24,208
And we

2655
01:03:24,625 --> 01:03:26,166
I don't think we do that

2656
01:03:26,166 --> 01:03:27,083
especially well

2657
01:03:27,083 --> 01:03:28,375
in the Bitcoin community.

2658
01:03:28,875 --> 01:03:29,541
But I

2659
01:03:29,541 --> 01:03:31,375
feel like we're very good

2660
01:03:31,375 --> 01:03:33,000
at explanations.

2661
01:03:33,416 --> 01:03:34,833
We can do

2662
01:03:35,166 --> 01:03:37,041
we can do good examples.

2663
01:03:37,375 --> 01:03:38,666
And sometimes

2664
01:03:38,666 --> 01:03:40,500
we go as far as

2665
01:03:42,041 --> 01:03:43,375
demonstrations.

2666
01:03:43,375 --> 01:03:43,708
So we

2667
01:03:43,708 --> 01:03:44,958
might get a demonstration

2668
01:03:44,958 --> 01:03:46,041
or the Bush batch

2669
01:03:46,041 --> 01:03:47,125
of seed signing

2670
01:03:47,125 --> 01:03:48,291
the peers might do

2671
01:03:48,291 --> 01:03:49,500
for instance,

2672
01:03:49,500 --> 01:03:51,416
or the nick

2673
01:03:51,416 --> 01:03:53,291
might do with frost may.

2674
01:03:54,125 --> 01:03:55,250
So,

2675
01:03:55,250 --> 01:03:56,583
we'll get a demonstration.

2676
01:03:57,750 --> 01:03:58,708
But it's a rare day

2677
01:03:58,708 --> 01:03:59,833
we would get hands on

2678
01:03:59,833 --> 01:04:00,708
and do something

2679
01:04:00,708 --> 01:04:01,916
occasionally.

2680
01:04:02,000 --> 01:04:03,208
But actually physically

2681
01:04:03,208 --> 01:04:04,708
give it a go ourselves.

2682
01:04:05,791 --> 01:04:07,416
And so that's

2683
01:04:07,416 --> 01:04:09,000
really the idea with the,

2684
01:04:09,000 --> 01:04:09,625
the training

2685
01:04:09,625 --> 01:04:11,000
that we are doing is

2686
01:04:11,000 --> 01:04:11,666
get people

2687
01:04:11,666 --> 01:04:13,666
to physically have it,

2688
01:04:13,750 --> 01:04:14,833
not interact

2689
01:04:14,833 --> 01:04:15,708
with the technology.

2690
01:04:15,708 --> 01:04:16,291
We're not going to

2691
01:04:16,291 --> 01:04:17,250
the technology.

2692
01:04:17,250 --> 01:04:18,458
It's having,

2693
01:04:19,791 --> 01:04:21,833
kind of fun interactive games

2694
01:04:21,833 --> 01:04:23,375
that that get them

2695
01:04:23,375 --> 01:04:24,583
involved in

2696
01:04:24,583 --> 01:04:25,750
taking the journey

2697
01:04:25,750 --> 01:04:26,458
and taking the

2698
01:04:26,458 --> 01:04:28,291
leaps themselves, making them

2699
01:04:28,291 --> 01:04:29,333
think through

2700
01:04:29,333 --> 01:04:30,541
the story of logic,

2701
01:04:30,833 --> 01:04:32,333
get them to think about

2702
01:04:32,375 --> 01:04:33,250
what happens

2703
01:04:33,250 --> 01:04:33,791
when you print

2704
01:04:33,791 --> 01:04:34,666
too much money.

2705
01:04:34,666 --> 01:04:35,666
What does that do

2706
01:04:35,666 --> 01:04:36,625
to your money?

2707
01:04:36,625 --> 01:04:37,958
Ask them the question

2708
01:04:37,958 --> 01:04:39,458
to get them to find

2709
01:04:39,458 --> 01:04:41,125
their own conclusions

2710
01:04:41,708 --> 01:04:43,875
rather than just hear it.

2711
01:04:43,875 --> 01:04:44,333
All this.

2712
01:04:44,333 --> 01:04:45,750
Let me explain it to you,

2713
01:04:46,375 --> 01:04:47,291
which becomes

2714
01:04:47,291 --> 01:04:48,583
dry and I would

2715
01:04:48,583 --> 01:04:50,000
argue, requires

2716
01:04:50,000 --> 01:04:51,625
a lot of repetition

2717
01:04:52,541 --> 01:04:53,541
for the retention

2718
01:04:53,541 --> 01:04:54,333
to take place.

2719
01:04:54,333 --> 01:04:55,666
A lot of touch points

2720
01:04:55,666 --> 01:04:56,958
that you've got to listen to,

2721
01:04:57,000 --> 01:04:58,458
which is what we all sort of

2722
01:04:58,458 --> 01:04:59,125
mostly end up

2723
01:04:59,125 --> 01:05:00,416
doing in the Bitcoin space.

2724
01:05:00,750 --> 01:05:01,208
Listening

2725
01:05:01,208 --> 01:05:02,125
to a lot of podcasts,

2726
01:05:02,125 --> 01:05:03,416
reading a lot of newsletters,

2727
01:05:03,416 --> 01:05:04,458
reading books,

2728
01:05:04,458 --> 01:05:05,500
and trying to piece it

2729
01:05:05,500 --> 01:05:06,708
all together into some sort

2730
01:05:06,708 --> 01:05:07,750
of logical format

2731
01:05:07,750 --> 01:05:08,541
in our mind.

2732
01:05:08,541 --> 01:05:09,125
And you could say

2733
01:05:09,125 --> 01:05:09,750
some of the books

2734
01:05:09,750 --> 01:05:10,916
do that, like,

2735
01:05:11,250 --> 01:05:11,791
Broken Money

2736
01:05:11,791 --> 01:05:13,250
by that old and like,

2737
01:05:13,250 --> 01:05:13,666
you know,

2738
01:05:13,666 --> 01:05:15,000
the con standard, etc.

2739
01:05:15,291 --> 01:05:16,041
take us through

2740
01:05:16,041 --> 01:05:18,166
that kind of logical journey.

2741
01:05:18,750 --> 01:05:19,458
But we're still

2742
01:05:19,458 --> 01:05:20,250
sitting, reading,

2743
01:05:20,250 --> 01:05:20,875
trying to figure it

2744
01:05:20,875 --> 01:05:21,708
out for ourselves

2745
01:05:21,708 --> 01:05:22,500
and take it on board

2746
01:05:22,500 --> 01:05:23,250
for ourselves.

2747
01:05:23,250 --> 01:05:24,666
And how nice would it be

2748
01:05:24,666 --> 01:05:25,125
just to have

2749
01:05:25,125 --> 01:05:26,333
someone hold your hand

2750
01:05:26,541 --> 01:05:28,208
and work it out with you?

2751
01:05:28,208 --> 01:05:29,250
And when your questions

2752
01:05:29,250 --> 01:05:29,666
came up,

2753
01:05:29,666 --> 01:05:30,291
you could answer

2754
01:05:30,291 --> 01:05:31,708
the questions on the spot

2755
01:05:31,708 --> 01:05:33,000
and had the luxury of time

2756
01:05:33,000 --> 01:05:34,791
to do that. So

2757
01:05:36,083 --> 01:05:37,250
yeah, that's what

2758
01:05:37,250 --> 01:05:38,000
I really

2759
01:05:38,000 --> 01:05:39,208
like about this format.

2760
01:05:39,666 --> 01:05:40,166
Yeah.

2761
01:05:40,166 --> 01:05:41,500
Yeah, absolutely.

2762
01:05:41,500 --> 01:05:42,833
And another great tip

2763
01:05:42,833 --> 01:05:43,583
that I've received

2764
01:05:43,583 --> 01:05:44,791
was from Bayani.

2765
01:05:44,791 --> 01:05:46,250
And this

2766
01:05:46,250 --> 01:05:47,625
works a finding particularly

2767
01:05:47,625 --> 01:05:49,750
well when someone, asks like,

2768
01:05:49,750 --> 01:05:50,458
what is Bitcoin's

2769
01:05:50,458 --> 01:05:51,666
intrinsic value?

2770
01:05:51,875 --> 01:05:53,416
And before even answering

2771
01:05:53,416 --> 01:05:54,416
that is asking them

2772
01:05:54,416 --> 01:05:55,875
back, like, what do you

2773
01:05:55,875 --> 01:05:57,208
what does intrinsic value

2774
01:05:57,208 --> 01:05:58,416
mean to you?

2775
01:05:58,500 --> 01:06:00,000
And different

2776
01:06:00,000 --> 01:06:01,458
people will have vastly

2777
01:06:01,458 --> 01:06:02,625
different answers.

2778
01:06:02,625 --> 01:06:04,083
Some people might say, like,

2779
01:06:04,083 --> 01:06:05,666
for example, the intrinsic

2780
01:06:05,666 --> 01:06:06,958
value of gold is

2781
01:06:06,958 --> 01:06:08,500
its industrial use.

2782
01:06:08,500 --> 01:06:10,291
So, you know, a side that

2783
01:06:10,291 --> 01:06:11,750
we think it's a pretty shiny

2784
01:06:11,750 --> 01:06:12,958
rock.

2785
01:06:13,000 --> 01:06:14,416
We also, you know, use it

2786
01:06:14,708 --> 01:06:16,375
in dentistry, for example.

2787
01:06:16,625 --> 01:06:17,666
So some people

2788
01:06:17,666 --> 01:06:19,083
define intrinsic value

2789
01:06:19,083 --> 01:06:20,291
that way.

2790
01:06:20,458 --> 01:06:22,083
Other people, funnily

2791
01:06:22,083 --> 01:06:23,250
enough,

2792
01:06:23,250 --> 01:06:24,125
you won't be surprised

2793
01:06:24,125 --> 01:06:24,791
by this at all.

2794
01:06:24,791 --> 01:06:26,375
But, they think intrinsic

2795
01:06:26,375 --> 01:06:28,458
value of fiat is

2796
01:06:28,458 --> 01:06:29,708
that it's backed by gold.

2797
01:06:29,708 --> 01:06:30,500
And we know that

2798
01:06:30,500 --> 01:06:32,416
that's not the case, like

2799
01:06:32,958 --> 01:06:33,750
a lot of people

2800
01:06:33,750 --> 01:06:35,375
still think it is a load of.

2801
01:06:35,375 --> 01:06:36,625
But have you also found that

2802
01:06:36,625 --> 01:06:37,916
in your workshops

2803
01:06:37,916 --> 01:06:39,250
that people think fiat is

2804
01:06:39,250 --> 01:06:40,625
still backed by gold?

2805
01:06:41,666 --> 01:06:43,916
I don't think so.

2806
01:06:43,916 --> 01:06:45,208
I think people knew

2807
01:06:45,208 --> 01:06:46,541
it wasn't backed by gold,

2808
01:06:46,541 --> 01:06:48,250
but they assume it's backed

2809
01:06:48,250 --> 01:06:49,875
by government.

2810
01:06:50,291 --> 01:06:51,291
That government

2811
01:06:51,291 --> 01:06:52,583
will guarantee

2812
01:06:54,500 --> 01:06:55,250
that you won't lose

2813
01:06:55,250 --> 01:06:56,208
that in that.

2814
01:06:56,208 --> 01:06:57,416
And at one level that's true.

2815
01:06:57,416 --> 01:06:58,625
If you've got,

2816
01:06:58,666 --> 01:07:00,416
under 250,000 and bank

2817
01:07:00,625 --> 01:07:01,916
in a major banks

2818
01:07:01,916 --> 01:07:03,125
at least,

2819
01:07:03,208 --> 01:07:04,791
they will guarantee that

2820
01:07:04,791 --> 01:07:06,000
if the bank goes under,

2821
01:07:06,125 --> 01:07:07,333
you will get

2822
01:07:07,583 --> 01:07:08,333
I don't know whether it's

2823
01:07:08,333 --> 01:07:09,291
the full amount

2824
01:07:09,291 --> 01:07:10,625
or whether it's a percentage,

2825
01:07:10,625 --> 01:07:11,875
but you're certainly,

2826
01:07:11,875 --> 01:07:12,333
you know,

2827
01:07:12,333 --> 01:07:13,583
you won't get wiped out.

2828
01:07:17,958 --> 01:07:19,875
So and I would

2829
01:07:20,291 --> 01:07:23,166
and and to the degree

2830
01:07:23,750 --> 01:07:25,916
it that all you care about

2831
01:07:25,958 --> 01:07:27,833
is maintaining the dollar

2832
01:07:27,833 --> 01:07:30,000
figure in the bank,

2833
01:07:30,625 --> 01:07:31,666
then that is

2834
01:07:31,666 --> 01:07:32,875
at some level true.

2835
01:07:33,833 --> 01:07:34,250
And that's

2836
01:07:34,250 --> 01:07:35,666
what I think people think.

2837
01:07:35,666 --> 01:07:36,791
Money is backed by

2838
01:07:36,791 --> 01:07:37,875
this government

2839
01:07:37,875 --> 01:07:38,416
and they trust

2840
01:07:38,416 --> 01:07:38,833
their government

2841
01:07:39,875 --> 01:07:40,708
and they

2842
01:07:40,708 --> 01:07:41,875
know about the money printing

2843
01:07:41,875 --> 01:07:42,500
and they don't buy

2844
01:07:42,500 --> 01:07:43,041
that money.

2845
01:07:43,041 --> 01:07:44,291
Printing creates inflation

2846
01:07:44,291 --> 01:07:45,375
like you think.

2847
01:07:45,375 --> 01:07:46,791
Corporate price gouging

2848
01:07:47,333 --> 01:07:48,750
is the cause of inflation.

2849
01:07:48,750 --> 01:07:49,958
Yeah.

2850
01:07:50,333 --> 01:07:51,625
And I,

2851
01:07:52,083 --> 01:07:53,208
I and I'm

2852
01:07:53,208 --> 01:07:54,416
not good at answering that

2853
01:07:54,416 --> 01:07:55,625
because I get angry.

2854
01:07:58,541 --> 01:07:59,750
I like

2855
01:07:59,833 --> 01:08:01,000
how can you think that.

2856
01:08:01,375 --> 01:08:02,333
How can you say that

2857
01:08:02,333 --> 01:08:03,083
private sector

2858
01:08:03,083 --> 01:08:03,625
is the problem.

2859
01:08:03,625 --> 01:08:04,375
It's the government's

2860
01:08:04,375 --> 01:08:05,416
problem is

2861
01:08:05,416 --> 01:08:06,583
and there's a libertarian

2862
01:08:06,583 --> 01:08:06,833
I get

2863
01:08:06,833 --> 01:08:08,041
really upset about that.

2864
01:08:08,041 --> 01:08:09,416
But but then again,

2865
01:08:09,416 --> 01:08:09,625
that's

2866
01:08:09,625 --> 01:08:10,708
what kind of capitalism

2867
01:08:10,708 --> 01:08:11,375
is, right?

2868
01:08:11,375 --> 01:08:12,416
Is that it is

2869
01:08:12,416 --> 01:08:13,625
the big government,

2870
01:08:13,833 --> 01:08:15,333
the big corporations

2871
01:08:15,333 --> 01:08:17,250
in cahoots with government.

2872
01:08:17,250 --> 01:08:17,875
You know that

2873
01:08:17,875 --> 01:08:19,375
there is no clear

2874
01:08:19,875 --> 01:08:22,333
there is no real free

2875
01:08:22,333 --> 01:08:23,833
market these days.

2876
01:08:24,083 --> 01:08:25,291
So they're probably right.

2877
01:08:25,291 --> 01:08:26,666
There probably is an element

2878
01:08:26,666 --> 01:08:27,916
of corporate price gouging

2879
01:08:27,916 --> 01:08:28,583
because the

2880
01:08:28,583 --> 01:08:29,541
government enables it

2881
01:08:29,541 --> 01:08:29,791
and the

2882
01:08:29,791 --> 01:08:30,708
government interferes.

2883
01:08:30,708 --> 01:08:31,958
And every time

2884
01:08:31,958 --> 01:08:32,833
the government interferes,

2885
01:08:32,833 --> 01:08:34,041
you don't have free markets.

2886
01:08:34,708 --> 01:08:36,541
Yeah, yeah yeah

2887
01:08:36,958 --> 01:08:38,708
yeah yeah I, I,

2888
01:08:39,333 --> 01:08:40,791
I'm holding back from

2889
01:08:41,208 --> 01:08:42,041
sharing too much of

2890
01:08:42,041 --> 01:08:43,208
my opinion because like you,

2891
01:08:43,208 --> 01:08:44,625
I do get angry at this.

2892
01:08:44,750 --> 01:08:45,500
Like it's just,

2893
01:08:46,750 --> 01:08:47,583
it's funny.

2894
01:08:47,583 --> 01:08:48,083
I can just

2895
01:08:48,083 --> 01:08:49,500
imagine your colleagues,

2896
01:08:50,458 --> 01:08:51,083
reacting

2897
01:08:51,083 --> 01:08:52,375
to that question,

2898
01:08:52,375 --> 01:08:53,541
like holding you back.

2899
01:08:53,541 --> 01:08:54,208
We'll step in

2900
01:08:54,208 --> 01:08:55,416
and answer this one.

2901
01:08:58,375 --> 01:08:58,875
Yeah.

2902
01:08:58,875 --> 01:08:59,500
It's true.

2903
01:08:59,500 --> 01:09:00,666
That's true.

2904
01:09:00,875 --> 01:09:01,916
And and that's

2905
01:09:01,916 --> 01:09:03,291
actually one of the things

2906
01:09:03,291 --> 01:09:04,500
that I

2907
01:09:05,000 --> 01:09:06,916
am trying to improve in

2908
01:09:06,916 --> 01:09:08,541
my, not not in training,

2909
01:09:09,333 --> 01:09:10,916
but just in day to day

2910
01:09:10,916 --> 01:09:13,041
conversations is just fine.

2911
01:09:13,041 --> 01:09:14,000
I really like that

2912
01:09:14,000 --> 01:09:15,416
it that the ad is giving in

2913
01:09:15,791 --> 01:09:17,041
is that idea

2914
01:09:17,041 --> 01:09:18,291
of just asking a question,

2915
01:09:18,500 --> 01:09:21,208
because it also gives you

2916
01:09:21,208 --> 01:09:22,500
some breathing space.

2917
01:09:22,500 --> 01:09:24,000
If your natural tendency,

2918
01:09:24,000 --> 01:09:24,833
like mine,

2919
01:09:24,833 --> 01:09:26,416
is to get fired up,

2920
01:09:27,750 --> 01:09:28,583
then at least

2921
01:09:28,583 --> 01:09:29,166
by asking

2922
01:09:29,166 --> 01:09:30,250
the question two things.

2923
01:09:30,250 --> 01:09:32,291
Seven what is it?

2924
01:09:32,708 --> 01:09:33,625
Buys you some

2925
01:09:33,625 --> 01:09:35,000
cooling down time.

2926
01:09:35,541 --> 01:09:36,750
And number two,

2927
01:09:37,208 --> 01:09:39,125
it allows you

2928
01:09:39,125 --> 01:09:40,541
to hear the humanity,

2929
01:09:41,583 --> 01:09:42,625
as well as their

2930
01:09:42,625 --> 01:09:43,791
thought process.

2931
01:09:43,875 --> 01:09:45,416
So you get to hear,

2932
01:09:45,750 --> 01:09:46,541
you know, I'll often

2933
01:09:46,541 --> 01:09:47,875
ask people in a presentation

2934
01:09:47,875 --> 01:09:48,625
skills workshop

2935
01:09:48,625 --> 01:09:49,250
and they'll go,

2936
01:09:49,250 --> 01:09:49,541
you know,

2937
01:09:49,541 --> 01:09:50,750
I want to work on my,

2938
01:09:51,208 --> 01:09:51,458
you know,

2939
01:09:51,458 --> 01:09:51,791
what do you want

2940
01:09:51,791 --> 01:09:52,708
to get out of this workshop?

2941
01:09:52,708 --> 01:09:53,958
And they'll say nerves,

2942
01:09:54,000 --> 01:09:54,791
and then it'll come out,

2943
01:09:54,791 --> 01:09:56,250
of course, over the course

2944
01:09:56,250 --> 01:09:57,208
the next two days.

2945
01:09:57,208 --> 01:09:58,583
And it's interesting.

2946
01:09:58,583 --> 01:09:59,750
I'll ask two different people

2947
01:09:59,750 --> 01:10:00,625
in the same workshop.

2948
01:10:00,625 --> 01:10:00,958
Okay.

2949
01:10:00,958 --> 01:10:02,291
What's behind your nerves

2950
01:10:03,041 --> 01:10:04,250
or what is that?

2951
01:10:04,250 --> 01:10:04,916
What's the thought

2952
01:10:04,916 --> 01:10:06,541
process that what is it

2953
01:10:06,541 --> 01:10:08,083
that's worrying you about it?

2954
01:10:08,291 --> 01:10:09,000
And it'll be two

2955
01:10:09,000 --> 01:10:10,208
entirely different things.

2956
01:10:10,416 --> 01:10:11,625
You'd assume that

2957
01:10:11,791 --> 01:10:13,291
nerves as nerves as nerves.

2958
01:10:13,291 --> 01:10:14,000
But one person

2959
01:10:14,000 --> 01:10:14,833
is worried about,

2960
01:10:16,916 --> 01:10:17,333
getting

2961
01:10:17,333 --> 01:10:18,625
questions they can't answer.

2962
01:10:19,041 --> 01:10:19,833
Another person

2963
01:10:19,833 --> 01:10:21,041
is worried about,

2964
01:10:22,000 --> 01:10:23,208
I might not remember

2965
01:10:23,458 --> 01:10:24,083
everything that

2966
01:10:24,083 --> 01:10:25,875
I want to say, but.

2967
01:10:25,875 --> 01:10:27,708
So now you've got to.

2968
01:10:27,708 --> 01:10:28,916
And so it's it's

2969
01:10:28,916 --> 01:10:30,958
a really, really valid idea

2970
01:10:31,291 --> 01:10:32,666
to ask the question

2971
01:10:32,666 --> 01:10:33,875
because you're right.

2972
01:10:34,041 --> 01:10:35,000
What do they mean

2973
01:10:35,000 --> 01:10:36,208
by intrinsic value.

2974
01:10:37,458 --> 01:10:38,000
Yeah.

2975
01:10:38,000 --> 01:10:38,750
Yeah I,

2976
01:10:38,750 --> 01:10:40,166
I find that really helpful.

2977
01:10:41,291 --> 01:10:42,208
But I also like

2978
01:10:42,208 --> 01:10:43,166
answering questions

2979
01:10:43,166 --> 01:10:43,708
in groups.

2980
01:10:43,708 --> 01:10:44,750
I think it's a lot easier

2981
01:10:44,750 --> 01:10:45,083
when there's

2982
01:10:45,083 --> 01:10:46,791
at least one other person,

2983
01:10:47,750 --> 01:10:49,000
then next to you,

2984
01:10:49,000 --> 01:10:50,125
because you know,

2985
01:10:50,125 --> 01:10:51,583
if you have a brain freeze

2986
01:10:51,583 --> 01:10:52,666
or you think you're thinking

2987
01:10:52,666 --> 01:10:53,875
of the best way to answer it,

2988
01:10:54,000 --> 01:10:54,708
they can get the

2989
01:10:54,708 --> 01:10:56,083
conversation started,

2990
01:10:56,250 --> 01:10:56,750
and then you're like,

2991
01:10:56,750 --> 01:10:57,958
oh, I've got something to add

2992
01:10:57,958 --> 01:10:58,875
to this.

2993
01:10:58,875 --> 01:11:00,083
Whereas when

2994
01:11:00,250 --> 01:11:01,250
you're the only person

2995
01:11:01,250 --> 01:11:01,666
answering

2996
01:11:01,666 --> 01:11:01,875
the it's

2997
01:11:01,875 --> 01:11:03,375
a lot of pressure on you

2998
01:11:03,375 --> 01:11:04,250
to just give the best

2999
01:11:04,250 --> 01:11:05,208
possible answer.

3000
01:11:05,208 --> 01:11:05,708
And yeah.

3001
01:11:07,375 --> 01:11:08,333
It always feels like

3002
01:11:08,333 --> 01:11:08,750
there's a lot

3003
01:11:08,750 --> 01:11:09,625
riding on it, right?

3004
01:11:09,625 --> 01:11:10,375
It always feels

3005
01:11:10,375 --> 01:11:11,250
really high stakes

3006
01:11:11,250 --> 01:11:12,208
because I'm

3007
01:11:12,208 --> 01:11:12,875
the one they're faced

3008
01:11:12,875 --> 01:11:13,583
with right now.

3009
01:11:13,583 --> 01:11:14,916
I am the face of Bitcoin

3010
01:11:14,916 --> 01:11:15,666
for them.

3011
01:11:15,666 --> 01:11:16,750
I need to represent

3012
01:11:16,750 --> 01:11:17,958
Bitcoin effectively.

3013
01:11:19,750 --> 01:11:21,041
So it always feels

3014
01:11:21,041 --> 01:11:22,250
really, really high pressure.

3015
01:11:22,375 --> 01:11:23,541
But I mean

3016
01:11:23,541 --> 01:11:24,750
you could argue

3017
01:11:25,041 --> 01:11:26,166
that you could take them

3018
01:11:26,166 --> 01:11:27,541
on the entire journey

3019
01:11:27,541 --> 01:11:28,875
just with leading questions

3020
01:11:29,708 --> 01:11:30,666
and never have to answer

3021
01:11:30,666 --> 01:11:31,875
at all.

3022
01:11:32,333 --> 01:11:33,500
Angles,

3023
01:11:33,750 --> 01:11:35,125
Socratic style questioning

3024
01:11:35,583 --> 01:11:36,833
why do you think this is

3025
01:11:37,958 --> 01:11:38,625
that?

3026
01:11:38,625 --> 01:11:39,833
And you can just get going,

3027
01:11:39,833 --> 01:11:40,250
okay, but

3028
01:11:40,250 --> 01:11:41,041
what's the intrinsic

3029
01:11:41,041 --> 01:11:42,250
value of testing

3030
01:11:42,416 --> 01:11:43,625
and what's the.

3031
01:11:43,708 --> 01:11:44,166
Yeah.

3032
01:11:44,166 --> 01:11:45,958
So and why is that different

3033
01:11:45,958 --> 01:11:47,458
from any other currency

3034
01:11:47,458 --> 01:11:48,333
and why do you use

3035
01:11:48,333 --> 01:11:50,000
Aussie dollars or not pesos.

3036
01:11:50,000 --> 01:11:51,208
And

3037
01:11:52,125 --> 01:11:53,083
I mean you could just keep

3038
01:11:53,083 --> 01:11:54,333
asking questions, right?

3039
01:11:56,250 --> 01:11:56,750
And try

3040
01:11:56,750 --> 01:11:57,250
and lead them

3041
01:11:57,250 --> 01:11:58,166
there without ever.

3042
01:11:58,166 --> 01:11:58,625
And even

3043
01:11:58,625 --> 01:11:58,916
that they're

3044
01:11:58,916 --> 01:12:00,125
for giving an answer.

3045
01:12:00,625 --> 01:12:01,791
Yeah,

3046
01:12:02,083 --> 01:12:02,583
I like that.

3047
01:12:02,583 --> 01:12:02,875
It's very

3048
01:12:02,875 --> 01:12:04,291
exciting times in Bitcoin.

3049
01:12:04,791 --> 01:12:06,333
Yeah I see there's

3050
01:12:06,333 --> 01:12:07,791
so much opportunity

3051
01:12:08,208 --> 01:12:09,041
for your business

3052
01:12:09,041 --> 01:12:09,541
what you guys

3053
01:12:09,541 --> 01:12:10,750
are doing at the moment.

3054
01:12:10,750 --> 01:12:11,666
Do you have any people

3055
01:12:11,666 --> 01:12:12,875
reaching out to you

3056
01:12:12,875 --> 01:12:13,458
or you still

3057
01:12:13,458 --> 01:12:14,041
reaching out,

3058
01:12:14,041 --> 01:12:15,625
like doing the cold calling

3059
01:12:15,625 --> 01:12:16,791
and be like, hey.

3060
01:12:16,791 --> 01:12:17,666
Wait, yeah,

3061
01:12:17,666 --> 01:12:18,916
and it will be that way.

3062
01:12:18,916 --> 01:12:19,708
I would imagine, for

3063
01:12:19,708 --> 01:12:20,583
at least a couple of years.

3064
01:12:20,583 --> 01:12:22,458
Like I just I've started

3065
01:12:22,458 --> 01:12:23,750
training businesses before.

3066
01:12:24,125 --> 01:12:25,500
And to get that momentum

3067
01:12:25,500 --> 01:12:26,708
in the market,

3068
01:12:26,958 --> 01:12:27,708
you need to do

3069
01:12:27,708 --> 01:12:28,625
a lot of reaching out.

3070
01:12:28,625 --> 01:12:30,208
And, I don't know

3071
01:12:30,208 --> 01:12:31,250
that there's any shortcut

3072
01:12:31,250 --> 01:12:32,458
with that.

3073
01:12:32,541 --> 01:12:33,208
Maybe,

3074
01:12:33,208 --> 01:12:33,500
I mean,

3075
01:12:33,500 --> 01:12:34,041
if you have a big

3076
01:12:34,041 --> 01:12:35,541
marketing budget, etc., etc.,

3077
01:12:35,541 --> 01:12:37,375
but I've got no problem

3078
01:12:37,375 --> 01:12:37,750
with that.

3079
01:12:37,750 --> 01:12:39,333
I'm happy reaching out.

3080
01:12:39,333 --> 01:12:41,041
I believe in the cause.

3081
01:12:41,541 --> 01:12:42,333
I,

3082
01:12:43,625 --> 01:12:44,833
I

3083
01:12:46,000 --> 01:12:47,208
yeah, and

3084
01:12:47,375 --> 01:12:48,500
and we're doing it in

3085
01:12:48,500 --> 01:12:50,000
still a very targeted way

3086
01:12:50,250 --> 01:12:51,500
with people who we think,

3087
01:12:52,125 --> 01:12:52,958
most likely.

3088
01:12:52,958 --> 01:12:54,958
So we're doing, a piece

3089
01:12:55,041 --> 01:12:56,666
for an accounting firm

3090
01:12:56,666 --> 01:12:57,125
coming up.

3091
01:12:57,125 --> 01:12:58,000
It's a shorter piece.

3092
01:12:58,000 --> 01:12:59,000
It's not a full day.

3093
01:12:59,000 --> 01:13:00,833
So it's a real introduction

3094
01:13:01,375 --> 01:13:03,333
to like, Bitcoin basics.

3095
01:13:03,333 --> 01:13:04,541
And we're doing

3096
01:13:04,666 --> 01:13:06,208
45 minutes of presentation

3097
01:13:06,208 --> 01:13:07,541
with half an hour of Q&A.

3098
01:13:07,916 --> 01:13:08,875
And the expectation

3099
01:13:08,875 --> 01:13:09,291
is we're going to

3100
01:13:09,291 --> 01:13:10,500
have 40 or 50 people.

3101
01:13:11,125 --> 01:13:12,333
So,

3102
01:13:13,083 --> 01:13:14,291
so

3103
01:13:14,750 --> 01:13:15,500
then you start

3104
01:13:15,500 --> 01:13:15,750
to get

3105
01:13:15,750 --> 01:13:16,541
a little bit of traction

3106
01:13:16,541 --> 01:13:17,500
if you're starting to do

3107
01:13:17,500 --> 01:13:18,750
a number of those events,

3108
01:13:19,083 --> 01:13:19,750
and then you get

3109
01:13:19,750 --> 01:13:20,625
a funnel effect

3110
01:13:20,625 --> 01:13:21,541
for those people

3111
01:13:21,541 --> 01:13:22,541
who want to learn more

3112
01:13:22,541 --> 01:13:22,958
and want to come

3113
01:13:22,958 --> 01:13:24,166
and do the one day.

3114
01:13:24,416 --> 01:13:24,708
Yeah.

3115
01:13:24,708 --> 01:13:25,166
So there's

3116
01:13:25,166 --> 01:13:26,750
a bit of a kind of process

3117
01:13:26,750 --> 01:13:27,958
going on there.

3118
01:13:28,000 --> 01:13:28,791
And then we've also

3119
01:13:28,791 --> 01:13:29,500
got to think about

3120
01:13:29,500 --> 01:13:30,541
what of the follow up,

3121
01:13:30,541 --> 01:13:31,500
you know, do

3122
01:13:31,500 --> 01:13:32,833
you offer membership

3123
01:13:32,833 --> 01:13:33,958
for some sort of lifelong

3124
01:13:33,958 --> 01:13:35,291
ongoing education

3125
01:13:35,291 --> 01:13:36,458
like for signal Group

3126
01:13:36,458 --> 01:13:37,416
that we're doing,

3127
01:13:37,416 --> 01:13:38,125
which is offering

3128
01:13:38,125 --> 01:13:39,083
a lot of value

3129
01:13:39,083 --> 01:13:40,416
to past participants?

3130
01:13:41,291 --> 01:13:42,083
And we're coming up

3131
01:13:42,083 --> 01:13:44,541
with new kind of recorded,

3132
01:13:45,416 --> 01:13:45,833
oh,

3133
01:13:45,833 --> 01:13:46,500
it was a lot of

3134
01:13:46,500 --> 01:13:47,166
ways recorded,

3135
01:13:47,166 --> 01:13:48,791
but some of them like slides

3136
01:13:48,791 --> 01:13:50,791
or explanations for things

3137
01:13:50,791 --> 01:13:52,500
that are like in further

3138
01:13:52,500 --> 01:13:54,083
deep dive, a question

3139
01:13:54,083 --> 01:13:55,250
came up about this

3140
01:13:55,250 --> 01:13:56,416
in the workshop.

3141
01:13:56,416 --> 01:13:57,750
Here's a better explanation

3142
01:13:57,750 --> 01:13:58,958
of it, etc., etc..

3143
01:13:59,750 --> 01:14:00,541
So and then

3144
01:14:00,541 --> 01:14:02,041
and I'm thinking of doing

3145
01:14:02,250 --> 01:14:02,875
something I've,

3146
01:14:02,875 --> 01:14:03,791
I've had this idea in the

3147
01:14:03,791 --> 01:14:05,166
back of my mind for years.

3148
01:14:07,166 --> 01:14:07,875
Well, at least

3149
01:14:07,875 --> 01:14:08,500
a couple of years.

3150
01:14:08,500 --> 01:14:10,041
And I know, Jake,

3151
01:14:10,500 --> 01:14:11,666
Woodhouse has also

3152
01:14:11,875 --> 01:14:12,916
talked about this,

3153
01:14:12,916 --> 01:14:13,791
but I feel like

3154
01:14:13,791 --> 01:14:14,833
I had the idea first,

3155
01:14:14,833 --> 01:14:16,416
which is, one minute,

3156
01:14:16,583 --> 01:14:17,791
one minute education

3157
01:14:18,208 --> 01:14:19,416
students

3158
01:14:19,416 --> 01:14:20,666
like little one minute,

3159
01:14:21,000 --> 01:14:22,166
face to camera.

3160
01:14:22,250 --> 01:14:24,708
His foot is made by protocol.

3161
01:14:24,708 --> 01:14:25,166
He is

3162
01:14:25,166 --> 01:14:27,000
what is it

3163
01:14:27,000 --> 01:14:28,166
is is a unit of time.

3164
01:14:28,166 --> 01:14:29,208
Here's what it is is,

3165
01:14:29,208 --> 01:14:30,666
you know, like etc., etc..

3166
01:14:31,041 --> 01:14:32,000
Like, just keep it

3167
01:14:32,000 --> 01:14:32,625
really short,

3168
01:14:32,625 --> 01:14:33,625
sharp and snappy.

3169
01:14:33,625 --> 01:14:34,833
So the

3170
01:14:35,083 --> 01:14:36,250
so there's lots of ideas

3171
01:14:36,250 --> 01:14:37,208
for kind of growing it

3172
01:14:37,208 --> 01:14:38,416
over time and,

3173
01:14:38,458 --> 01:14:39,750
and getting people on board.

3174
01:14:39,750 --> 01:14:41,625
But we, we kind of anticipate

3175
01:14:41,625 --> 01:14:42,833
that people like the,

3176
01:14:43,250 --> 01:14:44,333
Deloitte's of the world

3177
01:14:44,333 --> 01:14:45,750
will be doing this any time.

3178
01:14:46,125 --> 01:14:47,500
And so we're really wanting

3179
01:14:47,500 --> 01:14:48,041
to get ahead

3180
01:14:48,041 --> 01:14:49,541
of the curve on adoption,

3181
01:14:49,541 --> 01:14:51,250
but also the S-curve

3182
01:14:51,250 --> 01:14:52,750
in monetization of training,

3183
01:14:53,333 --> 01:14:54,500
which we think is coming.

3184
01:14:56,250 --> 01:14:56,750
Yeah.

3185
01:14:56,750 --> 01:14:57,583
It's interesting.

3186
01:14:57,583 --> 01:14:59,000
I always also wonder

3187
01:14:59,000 --> 01:15:00,375
about those consultancies.

3188
01:15:00,375 --> 01:15:02,041
Like I imagine

3189
01:15:02,041 --> 01:15:03,291
they would probably

3190
01:15:03,291 --> 01:15:04,583
be talking more

3191
01:15:04,583 --> 01:15:05,666
the crypto narrative

3192
01:15:05,666 --> 01:15:06,166
as opposed

3193
01:15:06,166 --> 01:15:07,458
to the Bitcoin narrative.

3194
01:15:07,458 --> 01:15:08,375
I can't

3195
01:15:08,375 --> 01:15:09,958
I'm just not imagining

3196
01:15:10,291 --> 01:15:11,083
that they.

3197
01:15:11,083 --> 01:15:12,291
Yeah,

3198
01:15:12,708 --> 01:15:13,500
it's just kind of

3199
01:15:13,500 --> 01:15:14,875
where my head is at that they

3200
01:15:15,458 --> 01:15:16,250
that they might

3201
01:15:16,250 --> 01:15:17,708
potentially be talking more

3202
01:15:17,708 --> 01:15:18,625
about blockchain

3203
01:15:18,625 --> 01:15:21,041
technology and and Lane

3204
01:15:21,041 --> 01:15:22,916
companies in a weird

3205
01:15:22,958 --> 01:15:24,500
sort of down

3206
01:15:24,500 --> 01:15:25,708
a weird path.

3207
01:15:25,708 --> 01:15:26,458
But,

3208
01:15:26,458 --> 01:15:27,541
I had a great question

3209
01:15:27,541 --> 01:15:27,833
for you.

3210
01:15:27,833 --> 01:15:29,000
I hope I didn't lose it.

3211
01:15:31,750 --> 01:15:32,375
I think I did

3212
01:15:32,375 --> 01:15:33,583
lose it, Kerry.

3213
01:15:33,625 --> 01:15:34,083
It was something

3214
01:15:34,083 --> 01:15:35,458
we were just talking about.

3215
01:15:36,291 --> 01:15:37,541
Just now.

3216
01:15:39,041 --> 01:15:39,625
Oh, yes.

3217
01:15:39,625 --> 01:15:41,791
So so in terms of,

3218
01:15:42,625 --> 01:15:43,791
I'm really curious to know

3219
01:15:43,791 --> 01:15:44,125
the people

3220
01:15:44,125 --> 01:15:44,666
that you have

3221
01:15:44,666 --> 01:15:45,875
trained to date,

3222
01:15:46,291 --> 01:15:48,208
how aware is

3223
01:15:48,208 --> 01:15:49,416
the average person

3224
01:15:49,833 --> 01:15:50,666
about the

3225
01:15:50,666 --> 01:15:51,750
Bitcoin developments

3226
01:15:51,750 --> 01:15:53,500
just in the last year alone?

3227
01:15:53,875 --> 01:15:55,416
Like, is the average person

3228
01:15:55,416 --> 01:15:57,416
a way what the US is doing

3229
01:15:57,416 --> 01:15:58,791
that is in

3230
01:15:59,125 --> 01:16:00,875
entire nation states but US.

3231
01:16:02,291 --> 01:16:02,833
Yeah.

3232
01:16:02,833 --> 01:16:04,166
The like are they aware

3233
01:16:04,166 --> 01:16:04,916
that Blackrock

3234
01:16:04,916 --> 01:16:06,500
is recommending to be said.

3235
01:16:06,500 --> 01:16:07,625
Are they aware that Ray

3236
01:16:07,625 --> 01:16:08,833
Dalio is recommending

3237
01:16:08,833 --> 01:16:10,375
15% allocation

3238
01:16:10,833 --> 01:16:12,208
like we are

3239
01:16:12,208 --> 01:16:15,291
not where we were in 2014?

3240
01:16:15,291 --> 01:16:16,625
There is so much more

3241
01:16:16,666 --> 01:16:17,541
like credibility

3242
01:16:17,541 --> 01:16:18,750
from their world.

3243
01:16:19,000 --> 01:16:20,000
They can add weight

3244
01:16:20,000 --> 01:16:21,083
to the argument.

3245
01:16:21,083 --> 01:16:22,500
So is the average person

3246
01:16:22,500 --> 01:16:23,666
aware of this?

3247
01:16:24,291 --> 01:16:25,250
I don't think so.

3248
01:16:25,250 --> 01:16:26,458
Not to the degree,

3249
01:16:26,750 --> 01:16:28,375
that they got smashed.

3250
01:16:28,375 --> 01:16:30,083
I my sense

3251
01:16:30,083 --> 01:16:31,083
from the little bit

3252
01:16:31,083 --> 01:16:32,291
that we've done so far,

3253
01:16:32,333 --> 01:16:33,250
the participants affected

3254
01:16:33,250 --> 01:16:35,708
so far is that it's

3255
01:16:35,916 --> 01:16:36,458
they've heard

3256
01:16:36,458 --> 01:16:37,250
bits and pieces,

3257
01:16:37,250 --> 01:16:38,500
they've seen headlines

3258
01:16:38,875 --> 01:16:40,166
and they don't get,

3259
01:16:40,916 --> 01:16:42,083
but they haven't

3260
01:16:42,083 --> 01:16:43,250
put the whole

3261
01:16:43,375 --> 01:16:44,166
picture together.

3262
01:16:44,166 --> 01:16:45,791
So we've literally got

3263
01:16:45,791 --> 01:16:46,541
a whole section

3264
01:16:46,541 --> 01:16:48,041
on regulation adoption

3265
01:16:48,291 --> 01:16:49,250
where we just

3266
01:16:49,250 --> 01:16:50,625
bang, bang, bang,

3267
01:16:50,625 --> 01:16:51,458
like, here's

3268
01:16:51,458 --> 01:16:52,416
all new regulations

3269
01:16:52,416 --> 01:16:53,000
that are in place.

3270
01:16:53,000 --> 01:16:53,333
Here's

3271
01:16:53,333 --> 01:16:53,875
what's going on

3272
01:16:53,875 --> 01:16:54,833
on the adoption side.

3273
01:16:54,833 --> 01:16:55,500
Here's what's happening

3274
01:16:55,500 --> 01:16:56,458
on the right hand side. Side.

3275
01:16:56,458 --> 01:16:57,208
The corporate side

3276
01:16:57,208 --> 01:16:58,416
did a little,

3277
01:16:58,458 --> 01:16:59,333
you know, just

3278
01:16:59,333 --> 01:17:00,000
and then it's

3279
01:17:00,000 --> 01:17:01,166
like pieced together

3280
01:17:01,250 --> 01:17:02,500
almost in a ten minute

3281
01:17:02,500 --> 01:17:03,708
segment

3282
01:17:03,833 --> 01:17:04,500
that's

3283
01:17:04,500 --> 01:17:06,125
almost overwhelming

3284
01:17:06,625 --> 01:17:07,583
deliberately

3285
01:17:07,583 --> 01:17:09,750
so in terms of,

3286
01:17:10,041 --> 01:17:12,291
you aware of all of this

3287
01:17:12,291 --> 01:17:13,500
that's going on.

3288
01:17:13,583 --> 01:17:14,458
Right.

3289
01:17:14,458 --> 01:17:15,916
And and keeping it,

3290
01:17:15,958 --> 01:17:17,250
what I think is really useful

3291
01:17:17,250 --> 01:17:18,000
is keeping it,

3292
01:17:18,000 --> 01:17:18,750
which as we know,

3293
01:17:18,750 --> 01:17:19,916
Bitcoin is a political.

3294
01:17:20,333 --> 01:17:20,666
But,

3295
01:17:21,750 --> 01:17:22,250
you know, it's

3296
01:17:22,250 --> 01:17:23,000
still it's

3297
01:17:23,000 --> 01:17:24,083
considered a little bit

3298
01:17:24,083 --> 01:17:25,583
more well, certainly

3299
01:17:25,583 --> 01:17:26,750
libertarian

3300
01:17:26,958 --> 01:17:28,583
and in sailing libertarianism

3301
01:17:28,583 --> 01:17:30,041
at least old school.

3302
01:17:30,041 --> 01:17:30,833
Right wing ism.

3303
01:17:30,833 --> 01:17:32,375
That used to be about

3304
01:17:32,375 --> 01:17:33,750
kind of frugality

3305
01:17:33,750 --> 01:17:34,750
in terms of government

3306
01:17:34,750 --> 01:17:36,041
spending, etc., etc.

3307
01:17:36,416 --> 01:17:37,250
but to say it

3308
01:17:37,250 --> 01:17:38,041
in a completely

3309
01:17:38,041 --> 01:17:39,875
apolitical way and just go,

3310
01:17:40,166 --> 01:17:41,625
this is not about

3311
01:17:41,958 --> 01:17:43,166
any one government

3312
01:17:43,416 --> 01:17:44,625
anywhere in the world.

3313
01:17:44,666 --> 01:17:45,833
This is simply

3314
01:17:46,041 --> 01:17:47,208
what is happening

3315
01:17:47,208 --> 01:17:48,000
and what it means

3316
01:17:48,000 --> 01:17:49,208
for Bitcoin,

3317
01:17:49,500 --> 01:17:51,625
regardless of what

3318
01:17:51,625 --> 01:17:52,833
you think.

3319
01:17:52,958 --> 01:17:53,541
Yeah, well,

3320
01:17:53,541 --> 01:17:54,208
one of the things

3321
01:17:54,208 --> 01:17:55,583
I love about, I follow

3322
01:17:55,583 --> 01:17:55,916
a couple

3323
01:17:55,916 --> 01:17:57,416
of technical analysis,

3324
01:17:57,625 --> 01:17:59,000
analysis people,

3325
01:17:59,708 --> 01:18:00,750
so they're

3326
01:18:00,750 --> 01:18:01,916
not guilt by actually,

3327
01:18:02,416 --> 01:18:03,000
do you know, Joe,

3328
01:18:03,000 --> 01:18:04,166
someone like Posner.

3329
01:18:04,916 --> 01:18:05,833
Know I'm going

3330
01:18:05,833 --> 01:18:07,041
to write this down.

3331
01:18:07,166 --> 01:18:08,250
Two brothers,

3332
01:18:08,250 --> 01:18:09,750
once in Brisbane, once in,

3333
01:18:11,333 --> 01:18:12,000
Gold Coast.

3334
01:18:12,000 --> 01:18:12,916
I think.

3335
01:18:12,916 --> 01:18:14,958
And I started following them

3336
01:18:14,958 --> 01:18:16,041
when I was into crypto,

3337
01:18:16,041 --> 01:18:16,833
when I started trying

3338
01:18:16,833 --> 01:18:17,666
to do a bit of trading.

3339
01:18:17,666 --> 01:18:18,458
So it was before

3340
01:18:18,458 --> 01:18:19,583
I really fell down

3341
01:18:19,583 --> 01:18:20,375
the Bitcoin rabbit hole.

3342
01:18:20,375 --> 01:18:21,708
But I still really like

3343
01:18:21,708 --> 01:18:22,916
their technical analysis.

3344
01:18:23,166 --> 01:18:23,875
One of the things

3345
01:18:23,875 --> 01:18:24,916
that I absolutely loved

3346
01:18:24,916 --> 01:18:26,375
about this slide based,

3347
01:18:26,708 --> 01:18:27,500
but they

3348
01:18:27,500 --> 01:18:28,833
they always talk about,

3349
01:18:30,875 --> 01:18:31,583
the looks,

3350
01:18:31,583 --> 01:18:32,250
the headlines that

3351
01:18:32,250 --> 01:18:32,875
look at the news,

3352
01:18:32,875 --> 01:18:33,208
they're not

3353
01:18:33,208 --> 01:18:34,166
terribly interested

3354
01:18:34,166 --> 01:18:35,875
in the news because

3355
01:18:35,875 --> 01:18:36,666
ultimately they're

3356
01:18:36,666 --> 01:18:37,583
following the charts

3357
01:18:37,583 --> 01:18:38,750
and the charts in some ways

3358
01:18:38,750 --> 01:18:40,000
lead the news.

3359
01:18:40,750 --> 01:18:42,083
But I love that

3360
01:18:42,083 --> 01:18:42,958
they just don't.

3361
01:18:42,958 --> 01:18:44,125
They go,

3362
01:18:44,125 --> 01:18:45,208
we don't really care

3363
01:18:45,208 --> 01:18:46,291
about the politics

3364
01:18:46,291 --> 01:18:47,250
or the noise

3365
01:18:47,250 --> 01:18:48,375
or the headlines.

3366
01:18:48,375 --> 01:18:49,583
We care about

3367
01:18:49,583 --> 01:18:51,041
making money out of it.

3368
01:18:51,833 --> 01:18:53,125
But I,

3369
01:18:54,583 --> 01:18:56,000
I just,

3370
01:18:56,750 --> 01:18:57,208
well, that's

3371
01:18:57,208 --> 01:18:57,750
why most

3372
01:18:57,750 --> 01:18:58,291
people are going

3373
01:18:58,291 --> 01:18:59,166
to get into bitcoin

3374
01:18:59,166 --> 01:18:59,750
right now.

3375
01:18:59,750 --> 01:19:01,041
Go up the old

3376
01:19:01,250 --> 01:19:02,666
the old phrase is

3377
01:19:03,000 --> 01:19:04,333
I got into energy.

3378
01:19:04,333 --> 01:19:05,833
You and I stayed

3379
01:19:05,833 --> 01:19:06,625
for the revolution.

3380
01:19:06,625 --> 01:19:07,791
Right.

3381
01:19:08,000 --> 01:19:09,583
And, you know,

3382
01:19:09,583 --> 01:19:11,000
maybe we never get there

3383
01:19:11,041 --> 01:19:12,416
with mainstream normies.

3384
01:19:13,250 --> 01:19:14,291
The revolution,

3385
01:19:14,291 --> 01:19:15,541
maybe the only ever

3386
01:19:15,541 --> 01:19:16,250
get into it.

3387
01:19:16,250 --> 01:19:17,458
Change you.

3388
01:19:17,791 --> 01:19:19,250
And if that's the case,

3389
01:19:19,250 --> 01:19:19,666
that's what

3390
01:19:19,666 --> 01:19:20,875
we're going to focus on

3391
01:19:21,000 --> 01:19:21,916
in our orange

3392
01:19:21,916 --> 01:19:22,625
pilling efforts,

3393
01:19:22,625 --> 01:19:24,125
in our trading efforts is

3394
01:19:24,291 --> 01:19:25,500
let's just talk about

3395
01:19:25,666 --> 01:19:27,000
why it does have value.

3396
01:19:27,250 --> 01:19:28,708
And my number

3397
01:19:28,708 --> 01:19:29,916
is likely to go up

3398
01:19:30,291 --> 01:19:31,500
over the long term.

3399
01:19:31,625 --> 01:19:32,458
And that doesn't mean

3400
01:19:32,458 --> 01:19:32,833
there won't be

3401
01:19:32,833 --> 01:19:33,875
drawdowns along the way.

3402
01:19:34,916 --> 01:19:35,750
And you know,

3403
01:19:35,750 --> 01:19:36,291
like it's so

3404
01:19:36,291 --> 01:19:37,583
tempting to pull out like,

3405
01:19:38,333 --> 01:19:39,166
I got a friend

3406
01:19:39,166 --> 01:19:40,375
into Bitcoin

3407
01:19:40,541 --> 01:19:41,750
a few years,

3408
01:19:42,750 --> 01:19:44,458
when it was 57,000,

3409
01:19:44,458 --> 01:19:45,708
when it hit that peak of

3410
01:19:45,708 --> 01:19:46,958
about 61 or

3411
01:19:46,958 --> 01:19:48,208
62,000 last cycle.

3412
01:19:48,208 --> 01:19:48,875
And then it came

3413
01:19:48,875 --> 01:19:50,125
crashing down right

3414
01:19:50,583 --> 01:19:52,500
to whatever it was like.

3415
01:19:52,500 --> 01:19:54,000
Oh 15 16,000.

3416
01:19:54,000 --> 01:19:54,750
Right.

3417
01:19:54,750 --> 01:19:57,583
So she got in at 57,000

3418
01:19:57,583 --> 01:19:58,958
and then it crashed to 16,

3419
01:19:59,958 --> 01:20:00,500
right.

3420
01:20:00,500 --> 01:20:01,708
Or 15 or whatever it was.

3421
01:20:02,166 --> 01:20:05,416
And she rang me at 15

3422
01:20:05,416 --> 01:20:06,625
or 16 and said,

3423
01:20:06,625 --> 01:20:07,833
I feel like I check it out

3424
01:20:08,166 --> 01:20:08,875
like before

3425
01:20:08,875 --> 01:20:10,083
it goes to zero.

3426
01:20:10,208 --> 01:20:11,375
And I said,

3427
01:20:11,375 --> 01:20:12,458
you told me

3428
01:20:12,458 --> 01:20:13,375
you would hang in there

3429
01:20:13,375 --> 01:20:14,541
for ten years.

3430
01:20:16,083 --> 01:20:16,708
What I know

3431
01:20:16,708 --> 01:20:18,291
is you don't buy at the top

3432
01:20:18,291 --> 01:20:19,500
and sell at the bottom.

3433
01:20:20,791 --> 01:20:21,666
Are you going to hang in

3434
01:20:21,666 --> 01:20:22,375
for ten years

3435
01:20:23,750 --> 01:20:24,500
even.

3436
01:20:24,500 --> 01:20:25,708
Yes.

3437
01:20:26,291 --> 01:20:27,583
Now obviously I want to stay,

3438
01:20:27,916 --> 01:20:28,416
to stay in

3439
01:20:28,416 --> 01:20:29,625
for longer than ten years.

3440
01:20:30,208 --> 01:20:31,541
And thank God she did.

3441
01:20:31,541 --> 01:20:32,375
Right.

3442
01:20:32,375 --> 01:20:33,333
And now

3443
01:20:33,333 --> 01:20:34,166
I'm dealing

3444
01:20:34,166 --> 01:20:35,875
only thing up as high as 120.

3445
01:20:36,416 --> 01:20:37,791
So U.S.

3446
01:20:38,208 --> 01:20:39,416
So

3447
01:20:40,041 --> 01:20:42,458
that thing of yours

3448
01:20:42,541 --> 01:20:43,958
she is in it for number one.

3449
01:20:44,333 --> 01:20:45,791
She doesn't give us stuff.

3450
01:20:46,833 --> 01:20:47,416
So you've just

3451
01:20:47,416 --> 01:20:48,000
got to ride out

3452
01:20:48,000 --> 01:20:49,583
the volatility and,

3453
01:20:50,625 --> 01:20:51,958
and you know,

3454
01:20:52,041 --> 01:20:52,791
numbers go up

3455
01:20:52,791 --> 01:20:53,208
and they don't

3456
01:20:53,208 --> 01:20:54,416
want to have the,

3457
01:20:54,416 --> 01:20:56,416
the crazy gains that I've had

3458
01:20:56,416 --> 01:20:56,875
in the first

3459
01:20:56,875 --> 01:20:58,541
ten years of its existence.

3460
01:20:59,458 --> 01:21:00,041
But it's still

3461
01:21:00,041 --> 01:21:01,458
likely to at least

3462
01:21:01,500 --> 01:21:02,916
outpace inflation

3463
01:21:03,208 --> 01:21:04,708
and likely outpace

3464
01:21:04,708 --> 01:21:06,083
every other mainstream asset.

3465
01:21:06,958 --> 01:21:08,125
Yeah. Yeah.

3466
01:21:08,208 --> 01:21:09,250
I'm just really curious

3467
01:21:09,250 --> 01:21:09,625
to see

3468
01:21:09,625 --> 01:21:10,333
what's going to happen

3469
01:21:10,333 --> 01:21:12,125
with adoption and even just

3470
01:21:12,125 --> 01:21:13,416
the rest of this, like, well,

3471
01:21:13,416 --> 01:21:15,208
I don't have any idea

3472
01:21:15,208 --> 01:21:16,125
what to expect,

3473
01:21:16,125 --> 01:21:18,708
but I have lowered

3474
01:21:18,708 --> 01:21:20,000
my expectations to

3475
01:21:20,000 --> 01:21:21,625
150, being the top

3476
01:21:23,291 --> 01:21:23,750
because I'm

3477
01:21:23,750 --> 01:21:24,958
just like, I.

3478
01:21:27,291 --> 01:21:28,708
Is a seller, right.

3479
01:21:28,708 --> 01:21:30,416
And and the thing

3480
01:21:30,416 --> 01:21:31,666
is, what does it matter

3481
01:21:31,666 --> 01:21:32,916
anyway if you're holding

3482
01:21:33,041 --> 01:21:34,250
the long term?

3483
01:21:34,916 --> 01:21:36,625
If you're going okay

3484
01:21:36,666 --> 01:21:37,875
for this cycle,

3485
01:21:38,333 --> 01:21:39,875
I've had the top in mind

3486
01:21:39,875 --> 01:21:40,791
for 135.

3487
01:21:40,791 --> 01:21:41,583
For some reason.

3488
01:21:41,583 --> 01:21:42,416
I've been saying that

3489
01:21:42,416 --> 01:21:43,250
for about two years.

3490
01:21:43,250 --> 01:21:43,583
In fact,

3491
01:21:43,583 --> 01:21:44,666
I was probably influenced

3492
01:21:44,666 --> 01:21:45,291
by the passing

3493
01:21:45,291 --> 01:21:46,500
of the brothers

3494
01:21:46,500 --> 01:21:47,333
that I had in mind.

3495
01:21:47,333 --> 01:21:48,500
I have and 35.

3496
01:21:48,500 --> 01:21:49,000
Funnily enough,

3497
01:21:49,000 --> 01:21:50,083
they reinforced that again

3498
01:21:50,083 --> 01:21:51,666
recently, looking at it.

3499
01:21:51,708 --> 01:21:52,916
Yes.

3500
01:21:53,541 --> 01:21:55,375
And so

3501
01:21:55,375 --> 01:21:56,583
and like, well,

3502
01:21:56,666 --> 01:21:57,541
and the only reason

3503
01:21:57,541 --> 01:21:58,750
that's valid for me

3504
01:21:58,916 --> 01:22:00,333
is that I

3505
01:22:00,333 --> 01:22:01,791
then get to wait

3506
01:22:02,250 --> 01:22:03,416
even longer

3507
01:22:03,416 --> 01:22:04,583
until it comes down

3508
01:22:04,583 --> 01:22:05,750
again, like so.

3509
01:22:05,750 --> 01:22:06,958
I do expect a drawdown

3510
01:22:06,958 --> 01:22:07,541
from there.

3511
01:22:07,541 --> 01:22:08,458
And then I'll wait

3512
01:22:08,458 --> 01:22:09,708
for the casinos to tell me.

3513
01:22:09,708 --> 01:22:10,625
But most importantly,

3514
01:22:10,625 --> 01:22:11,541
I tend to watch the Fear

3515
01:22:11,541 --> 01:22:12,750
and Greed index.

3516
01:22:13,041 --> 01:22:14,541
And when it's under 15,

3517
01:22:14,750 --> 01:22:15,958
I know it's time to stack.

3518
01:22:16,666 --> 01:22:17,125
So,

3519
01:22:18,875 --> 01:22:20,083
so what

3520
01:22:20,083 --> 01:22:21,291
does the top mean to me?

3521
01:22:21,458 --> 01:22:22,666
Doesn't mean anything.

3522
01:22:22,833 --> 01:22:24,083
It just means

3523
01:22:24,458 --> 01:22:25,333
I've got to wait

3524
01:22:25,333 --> 01:22:26,916
another year or 18 months

3525
01:22:26,916 --> 01:22:28,125
before I start

3526
01:22:28,250 --> 01:22:29,250
stacking beyond.

3527
01:22:29,250 --> 01:22:30,875
Okay? Right.

3528
01:22:30,958 --> 01:22:31,125
Yeah.

3529
01:22:31,125 --> 01:22:31,666
I'm putting in

3530
01:22:31,666 --> 01:22:32,875
more than my regular,

3531
01:22:33,416 --> 01:22:34,625
my regular.

3532
01:22:35,000 --> 01:22:35,333
Yeah.

3533
01:22:35,333 --> 01:22:36,208
Looking around your house,

3534
01:22:36,208 --> 01:22:37,416
what else can I sell?

3535
01:22:37,875 --> 01:22:38,791
Yeah, yeah yeah, yeah.

3536
01:22:38,791 --> 01:22:40,083
Yeah, absolutely.

3537
01:22:40,333 --> 01:22:40,875
Exactly.

3538
01:22:40,875 --> 01:22:41,541
How much is this

3539
01:22:41,541 --> 01:22:42,750
not worth to me?

3540
01:22:43,500 --> 01:22:44,166
Can I sell it

3541
01:22:44,166 --> 01:22:45,583
on Facebook Marketplace?

3542
01:22:46,791 --> 01:22:47,833
Yeah.

3543
01:22:47,833 --> 01:22:49,041
Yeah.

3544
01:22:49,208 --> 01:22:50,625
Well, yeah.

3545
01:22:51,000 --> 01:22:52,416
I wanted to ask Kerry,

3546
01:22:52,416 --> 01:22:53,666
do you have any final

3547
01:22:53,666 --> 01:22:54,833
thoughts?

3548
01:22:54,833 --> 01:22:55,958
Anything you want to discuss

3549
01:22:55,958 --> 01:22:57,291
before we wrap up?

3550
01:22:59,208 --> 01:23:01,041
No, I think the

3551
01:23:01,208 --> 01:23:02,125
the message is loud

3552
01:23:02,125 --> 01:23:02,583
and clear.

3553
01:23:02,583 --> 01:23:03,833
I think I think there's two

3554
01:23:03,833 --> 01:23:04,583
different messages

3555
01:23:04,583 --> 01:23:05,458
going on here.

3556
01:23:05,458 --> 01:23:06,666
If you're not into Bitcoin,

3557
01:23:06,791 --> 01:23:07,916
learn about it.

3558
01:23:07,916 --> 01:23:09,208
There's there's

3559
01:23:09,500 --> 01:23:10,708
a plethora

3560
01:23:10,708 --> 01:23:12,041
of folk

3561
01:23:12,041 --> 01:23:13,166
in the bitcoin community

3562
01:23:13,166 --> 01:23:15,125
who are busting at the seams

3563
01:23:15,500 --> 01:23:17,125
to try and help you out

3564
01:23:17,125 --> 01:23:18,666
and hold your hand

3565
01:23:18,666 --> 01:23:19,791
and get you over the line

3566
01:23:19,791 --> 01:23:20,375
and guide you

3567
01:23:20,375 --> 01:23:21,333
through the use case

3568
01:23:21,333 --> 01:23:21,791
and guide you

3569
01:23:21,791 --> 01:23:23,000
through the process

3570
01:23:23,041 --> 01:23:23,541
of buying

3571
01:23:23,541 --> 01:23:24,750
and storing Bitcoin.

3572
01:23:24,958 --> 01:23:25,375
And then

3573
01:23:25,375 --> 01:23:26,750
I've got a separate message,

3574
01:23:26,750 --> 01:23:28,250
which is for any bitcoiners

3575
01:23:28,250 --> 01:23:29,416
who are listening

3576
01:23:29,416 --> 01:23:30,416
and who

3577
01:23:30,416 --> 01:23:31,500
may still be listening,

3578
01:23:31,500 --> 01:23:31,916
which is

3579
01:23:31,916 --> 01:23:32,416
really about

3580
01:23:32,416 --> 01:23:33,291
the communication

3581
01:23:33,291 --> 01:23:34,416
and thinking about,

3582
01:23:37,041 --> 01:23:38,333
are there ways of packing

3583
01:23:38,333 --> 01:23:40,000
packaging up this message

3584
01:23:40,000 --> 01:23:42,000
in a way that I go beyond

3585
01:23:42,666 --> 01:23:43,791
explaining

3586
01:23:43,791 --> 01:23:46,166
beyond examples?

3587
01:23:46,458 --> 01:23:48,666
Two demonstrations,

3588
01:23:48,833 --> 01:23:50,166
leading questions,

3589
01:23:50,416 --> 01:23:52,291
and even training

3590
01:23:52,625 --> 01:23:53,833
that,

3591
01:23:54,208 --> 01:23:54,833
you know,

3592
01:23:54,833 --> 01:23:55,666
really impromptu

3593
01:23:55,666 --> 01:23:56,291
the simple way.

3594
01:23:56,291 --> 01:23:57,208
But is there a way

3595
01:23:57,208 --> 01:23:58,291
of getting someone

3596
01:23:58,291 --> 01:23:59,583
to interact with this thing?

3597
01:23:59,791 --> 01:24:01,000
Which is why,

3598
01:24:02,125 --> 01:24:02,500
you know,

3599
01:24:02,500 --> 01:24:03,958
with and,

3600
01:24:04,666 --> 01:24:05,875
comrades,

3601
01:24:06,083 --> 01:24:08,250
of, of orange Peel,

3602
01:24:08,250 --> 01:24:10,125
so many people is just

3603
01:24:10,458 --> 01:24:11,458
set up a wallet.

3604
01:24:11,458 --> 01:24:13,291
Here's five bucks of Bitcoin.

3605
01:24:13,291 --> 01:24:14,541
You're on your way, you know,

3606
01:24:14,541 --> 01:24:15,750
because that's

3607
01:24:15,750 --> 01:24:16,583
a form of training.

3608
01:24:16,583 --> 01:24:18,291
It's it's interactive.

3609
01:24:18,291 --> 01:24:18,833
It's and

3610
01:24:18,833 --> 01:24:20,750
it's probably more effective

3611
01:24:21,250 --> 01:24:22,458
at orange

3612
01:24:22,583 --> 01:24:23,291
killing people

3613
01:24:23,291 --> 01:24:23,916
than trying to give

3614
01:24:23,916 --> 01:24:24,166
all the

3615
01:24:24,166 --> 01:24:25,375
explanation, technical

3616
01:24:25,375 --> 01:24:27,250
or financial, in the world.

3617
01:24:27,250 --> 01:24:29,666
So I think I didn't take that

3618
01:24:29,666 --> 01:24:31,750
as seriously when was and,

3619
01:24:32,291 --> 01:24:33,291
Bill has told me that,

3620
01:24:34,416 --> 01:24:36,000
but I

3621
01:24:36,375 --> 01:24:37,375
the more I have around

3622
01:24:37,375 --> 01:24:38,791
the space, the more valuable

3623
01:24:38,791 --> 01:24:40,000
I think that it is

3624
01:24:40,041 --> 01:24:40,958
as an orange

3625
01:24:40,958 --> 01:24:42,166
peeling technique.

3626
01:24:42,541 --> 01:24:43,166
Yeah,

3627
01:24:43,166 --> 01:24:44,125
yeah, for sure.

3628
01:24:44,125 --> 01:24:45,958
I've had so many people

3629
01:24:45,958 --> 01:24:47,958
utilize that and it does work

3630
01:24:48,083 --> 01:24:49,250
very well for them.

3631
01:24:50,000 --> 01:24:50,875
Because then, yeah, people

3632
01:24:50,875 --> 01:24:52,041
start obsessing about it.

3633
01:24:52,166 --> 01:24:52,750
Keep looking back.

3634
01:24:52,750 --> 01:24:53,000
It was like,

3635
01:24:53,000 --> 01:24:54,208
what's Bryce doing today?

3636
01:24:55,000 --> 01:24:56,208
Like.

3637
01:24:56,333 --> 01:24:57,000
And yeah.

3638
01:24:57,000 --> 01:24:59,125
Just it's interesting, right?

3639
01:24:59,375 --> 01:25:00,208
Yeah.

3640
01:25:00,208 --> 01:25:00,750
It's like

3641
01:25:00,750 --> 01:25:02,083
weighing yourself every day

3642
01:25:02,083 --> 01:25:03,833
or watching your lavender

3643
01:25:03,833 --> 01:25:05,166
plant grow in the garden

3644
01:25:05,166 --> 01:25:06,375
every day. Right.

3645
01:25:07,208 --> 01:25:07,875
There are days

3646
01:25:07,875 --> 01:25:08,458
when it's flat.

3647
01:25:08,458 --> 01:25:09,041
There are days

3648
01:25:09,041 --> 01:25:10,250
it looks like it's wilting

3649
01:25:10,250 --> 01:25:11,458
in the summer sun.

3650
01:25:11,458 --> 01:25:12,583
Yeah, right.

3651
01:25:12,583 --> 01:25:13,791
And,

3652
01:25:13,791 --> 01:25:15,041
and it's it's

3653
01:25:15,041 --> 01:25:15,958
just not helpful.

3654
01:25:15,958 --> 01:25:16,666
You've just got to.

3655
01:25:16,666 --> 01:25:17,000
Yeah.

3656
01:25:17,000 --> 01:25:17,708
I mean, we know

3657
01:25:17,708 --> 01:25:18,916
people in the bitcoin space

3658
01:25:19,000 --> 01:25:20,458
who refuse to look at price,

3659
01:25:21,166 --> 01:25:21,833
who you try

3660
01:25:21,833 --> 01:25:23,708
to avoid every allusion

3661
01:25:23,708 --> 01:25:25,125
to price possible

3662
01:25:25,125 --> 01:25:25,791
and just try

3663
01:25:25,791 --> 01:25:26,958
and live their lives

3664
01:25:26,958 --> 01:25:28,041
without ever

3665
01:25:28,041 --> 01:25:29,125
acknowledging the price.

3666
01:25:29,125 --> 01:25:30,000
And I think there's something

3667
01:25:30,000 --> 01:25:31,500
extremely healthy about that.

3668
01:25:32,416 --> 01:25:33,833
Yeah for sure one

3669
01:25:33,833 --> 01:25:35,375
bitcoin equals one bitcoin.

3670
01:25:38,333 --> 01:25:39,541
That's perfect.

3671
01:25:40,083 --> 01:25:40,583
Nice way

3672
01:25:40,583 --> 01:25:41,791
to finish up.

3673
01:25:42,000 --> 01:25:42,500
Yeah.

3674
01:25:42,500 --> 01:25:43,708
Let me know Carrie

3675
01:25:43,708 --> 01:25:45,416
how can people find you.

3676
01:25:45,583 --> 01:25:46,375
What's the best way

3677
01:25:46,375 --> 01:25:47,541
to reach out to you.

3678
01:25:48,125 --> 01:25:48,958
So great.

3679
01:25:48,958 --> 01:25:51,666
So the new email address is

3680
01:25:51,666 --> 01:25:53,500
Carrie and be treasury

3681
01:25:53,583 --> 01:25:54,791
accommodate you

3682
01:25:55,375 --> 01:25:56,833
at be treasury.com today.

3683
01:25:56,833 --> 01:25:58,250
You and our website

3684
01:25:58,250 --> 01:25:59,333
which is being updated at

3685
01:25:59,333 --> 01:26:01,416
the moment is w w w dot

3686
01:26:02,500 --> 01:26:03,208
bitcoin Treasury

3687
01:26:03,208 --> 01:26:04,416
solutions.com.

3688
01:26:05,791 --> 01:26:07,791
Nice nice lovely

3689
01:26:07,791 --> 01:26:08,291
I can't

3690
01:26:08,291 --> 01:26:09,625
wait to watch your

3691
01:26:09,625 --> 01:26:10,791
journey unfold.

3692
01:26:10,791 --> 01:26:12,083
And yeah like I feel like

3693
01:26:12,083 --> 01:26:13,041
I already learned a lot

3694
01:26:13,041 --> 01:26:13,958
from this session.

3695
01:26:13,958 --> 01:26:15,166
It's given me ideas of

3696
01:26:15,375 --> 01:26:16,208
what we can start,

3697
01:26:16,208 --> 01:26:16,500
you know,

3698
01:26:16,500 --> 01:26:17,333
implementing back

3699
01:26:17,333 --> 01:26:18,208
in the Northern Rivers

3700
01:26:18,208 --> 01:26:19,916
community as well.

3701
01:26:19,916 --> 01:26:21,375
We already do some like quite

3702
01:26:21,416 --> 01:26:22,833
interactive meetups,

3703
01:26:22,833 --> 01:26:23,791
but I think we could just

3704
01:26:23,791 --> 01:26:24,500
level it up.

3705
01:26:24,500 --> 01:26:25,708
So thanks.

3706
01:26:27,083 --> 01:26:28,166
Fantastic.

3707
01:26:28,166 --> 01:26:29,166
Well, stay in contact with me

3708
01:26:29,166 --> 01:26:30,041
and let me know how you go,

3709
01:26:30,041 --> 01:26:31,041
because I'd really like to.

3710
01:26:31,041 --> 01:26:31,708
If there's some way

3711
01:26:31,708 --> 01:26:33,166
I can support you with slides

3712
01:26:33,166 --> 01:26:34,125
or with information

3713
01:26:34,125 --> 01:26:34,958
or whatever,

3714
01:26:34,958 --> 01:26:35,875
let's just swap notes

3715
01:26:35,875 --> 01:26:36,625
and see if we can make

3716
01:26:36,625 --> 01:26:37,791
that happen

3717
01:26:37,833 --> 01:26:38,583
for sure.

3718
01:26:38,583 --> 01:26:39,958
Thank you so much, Carrie.

3719
01:26:41,208 --> 01:26:41,708
So just to

3720
01:26:41,708 --> 01:26:42,416
spend some time,

3721
01:26:42,416 --> 01:26:42,708
thank you

3722
01:26:42,708 --> 01:26:43,916
for having us on the show.

3723
01:26:44,250 --> 01:26:45,416
Cheers. Thanks.