WEBVTT 00:00:00.000 --> 00:00:16.000 Hey, welcome back to the show! We are Better Buy Bitcoin and myself, I'm Bondor. This is 00:00:16.000 --> 00:00:22.799 Anton. We wanted to get into talking about the markets and what's going on today with all of the 00:00:22.799 --> 00:00:37.200 the VIX spike up to 50 or 60-ish last night, and tariffs and how Bitcoin plays into that, and yeah, 00:00:37.759 --> 00:00:40.959 there's a whole bunch of stuff going on. People are losing their minds and then 00:00:42.799 --> 00:00:48.560 apparently everyone is just folding overseas. So yeah, it's a pretty good time. 00:00:49.520 --> 00:00:56.240 Yeah, the market, the S&P, for the U.S. was barely down today, but over the last two days 00:00:56.240 --> 00:01:03.919 it was down something like 9%, I think. Pretty big drop, but other countries are down way more. 00:01:06.320 --> 00:01:09.599 Yeah, futures are presently at, looks like we're going to get, 00:01:09.599 --> 00:01:18.800 the futures closed at 5,100, so 5,100, which is down considerably from the peak. 00:01:21.120 --> 00:01:28.639 You know a lot about the VIX. Can you take a second to explain what it is and why it matters? 00:01:29.680 --> 00:01:37.760 So the VIX is basically, it's a measure of volatility, VIX, V-I-X, volatility index, 00:01:37.760 --> 00:01:41.599 if you will. But what it measures is it measures the open interest on 00:01:43.120 --> 00:01:48.559 options, and I'm going to butcher this. I haven't been around trading for a while now, but it, 00:01:50.000 --> 00:01:55.839 basically, somebody opens a contract that says, hey, I want to hedge my downside on that S&P, 00:01:55.839 --> 00:01:59.919 and they say, I want to do it at this level and all this, like this level for this amount, 00:01:59.919 --> 00:02:04.959 et cetera, et cetera. Here's the contract, and the VIX kind of measures how many of those 00:02:04.959 --> 00:02:09.119 contracts are out there in some, it's way more complicated than this, but that's the idea. 00:02:10.639 --> 00:02:18.720 And from that, you can see, oh, well, hey, there's a ton of puts or a ton of calls, 00:02:18.720 --> 00:02:23.600 and that kind of gets you an indication of implied volatility, gets you an indication of 00:02:24.240 --> 00:02:30.399 where people are thinking the market's going to go. And from there, you can kind of draw 00:02:30.399 --> 00:02:37.119 conclusions or draw inferences about what's happening in the market and how much 00:02:40.000 --> 00:02:46.639 uncertainty and FUD there is. So today, the VIX trading at 60 puts it at, 00:02:49.759 --> 00:02:50.720 not on VIX anymore, 00:02:50.720 --> 00:03:02.880 puts it at, like, almost even with the market crash that happened in August of last year. 00:03:03.839 --> 00:03:12.080 And to put some more perspective on that, the COVID crash, the VIX went to 85. The average, 00:03:12.080 --> 00:03:17.759 like the universal average for the VIX is about 17. So if you're below that, you're considering 00:03:17.759 --> 00:03:26.399 an ultra-low volatility paradigm. There's a big, huge thing in 2018 called the Volmageddon. 00:03:26.399 --> 00:03:30.960 That's like when I was actually trading options, and the VIX was traded at the lowest it's ever 00:03:30.960 --> 00:03:36.559 traded ever, which is at eight. So you kind of get a perspective. The highest it's ever been 00:03:41.039 --> 00:03:45.600 for this measurement, it also depends on how you measure it, but for what I'm looking at right now, 00:03:45.600 --> 00:03:55.759 the highest it's ever been was, let's see, that is October 2008 at 96. So we are, and but it's not, 00:03:55.759 --> 00:04:00.639 it's not like a linear measure. It's not like this goes up and down like a stock. It is a complete, 00:04:00.639 --> 00:04:09.440 it is its own class of measurement, if you will. So to put it in perspective, we are looking at 00:04:09.839 --> 00:04:16.640 today, there've been, what happened today over the last 24 hours, there've only been three other 00:04:16.640 --> 00:04:23.760 events in the last 30 years that have had this much volatility. So this is a big event, for sure. 00:04:23.760 --> 00:04:32.239 No doubt about it. Now, why, Anton, why is there such a big market event today? What happened? 00:04:32.799 --> 00:04:43.519 Well, Trump happened, I guess. People are getting what they voted for, generally. And I can't even, 00:04:44.799 --> 00:04:52.640 my opinion of tariffs, which is what caused all this, is that they're generally not great. We 00:04:52.880 --> 00:04:58.720 rely on trading in an even way with various countries that produce things that we need. 00:04:58.720 --> 00:05:04.959 And just personally, I'm kind of against all taxes and tariff is like a tax on a nation 00:05:05.519 --> 00:05:14.720 for importing goods. And so we essentially are charging these countries a lot more money to sell 00:05:15.600 --> 00:05:22.880 their stuff inside of our country. And it just caused the market to freak out. And the question 00:05:22.880 --> 00:05:29.440 is, is it a temporary freak out? Or is it something more permanent? Is this going to cause 00:05:30.160 --> 00:05:38.079 a fundamental change for the next few years and how trade happens across the globe? And 00:05:38.160 --> 00:05:42.239 what do you think? Do you think that it's a more permanent shift? Or do you think this is just a 00:05:42.239 --> 00:05:50.959 temporary thing? So I think it's totally temporary. And I think I posted about it in the 00:05:52.720 --> 00:05:59.040 chat we have last night. But it's basically like, bro, every country, like almost every country on 00:06:00.000 --> 00:06:09.440 Earth has some deep reliance on America, be it security, like economy, just something, 00:06:09.440 --> 00:06:15.600 manufacturing, like consumption goods, America's buying all our stuff. We have family in America, 00:06:15.600 --> 00:06:21.760 like it just goes on and on. The world economy is entirely connected. The fact that tariffs exist at 00:06:21.760 --> 00:06:27.040 all, to your point, is ridiculous. And so I think it's just a temporary thing. And I think it's 00:06:28.000 --> 00:06:34.320 your point is ridiculous. It's the stupidest thing ever. Now, when you bet against America, 00:06:35.679 --> 00:06:43.200 you're going to have a bad time. And everybody knows that, right? So everybody who has a tariff 00:06:43.200 --> 00:06:48.320 in place already is basically just like, well, we bet against America. And nobody in American 00:06:48.320 --> 00:06:54.399 politics, because they're all cowards, have done anything about it for decades. And the thing you 00:06:54.399 --> 00:06:58.880 do about it is you just have a reciprocal tariff. Like, okay, cool, you're going to charge 50% for 00:06:58.880 --> 00:07:04.079 our goods, in addition to what they cost. We're going to charge 50% for your goods, 00:07:04.079 --> 00:07:08.799 in addition to what they cost. And consequently, nobody wins. And so they just, it's just like, 00:07:08.799 --> 00:07:15.359 just collapse the tariffs. Let's do away with this absurdity, right? That's Trump's plan, 00:07:15.359 --> 00:07:20.480 as I understand it. I'm not an expert on Trump. You know, it is what it is, right? 00:07:20.480 --> 00:07:20.959 Yeah. 00:07:20.959 --> 00:07:29.119 So the plan is, cool, we are going to implement reciprocal tariffs, or close to them, and then 00:07:29.119 --> 00:07:35.359 get people on board with removing all your tariffs. Hey, if you get rid of your tariffs, 00:07:35.359 --> 00:07:40.640 we'll get rid of our tariffs. Now, I don't know. Who knows what's going on in Trump's mind, right? 00:07:40.640 --> 00:07:49.600 Like, not a soul. But if he even knows, that'd be a miracle if he knew. But what the idea is, 00:07:50.239 --> 00:07:57.119 it's a strategic move. We'll get everybody to either, one, remove their tariffs from us, 00:07:57.679 --> 00:08:04.079 or two, we'll just be onshoring all of that industry back into America, because it's going 00:08:04.079 --> 00:08:12.640 to be cheaper. So that's kind of the broad picture of it. Now, what happens next is, well, 00:08:13.279 --> 00:08:18.000 oh, crap, we can't live without America. We can't do the thing, whatever. And so, you see that, 00:08:18.559 --> 00:08:23.600 and I don't know, I just heard the news on it. It's just like the total capitulation from some 00:08:23.600 --> 00:08:26.799 countries. Like, whatever, we'll enter the negotiations right away. Like, this is, 00:08:26.799 --> 00:08:31.040 we can't afford to do this, whatever. It's going to shut down industries that we rely on, etc. 00:08:31.040 --> 00:08:35.760 And then other countries, like China, we're going to, like, increase the tariffs, because, hey, 00:08:35.760 --> 00:08:39.679 we can't stand for this. And then Trump comes back, because Trump is, 00:08:40.000 --> 00:08:44.880 Looney Tunes, just comes back stronger. It's like, okay, well, what are we going to do about that? 00:08:44.880 --> 00:08:53.119 So we'll see, man. It's interesting times. It is interesting times. It's funny, because 00:08:54.000 --> 00:09:02.080 you get people that are so, they're so opinionated, and their hatred of, you know, if it's like a 00:09:02.080 --> 00:09:06.559 Republican in office, and they're more of a Democrat persuasion, they have such a hatred 00:09:06.559 --> 00:09:11.679 that a Republican's in office, but they don't actually do any research on the thing they're 00:09:11.679 --> 00:09:17.280 talking about. They just, they're just, they're just blind, white hot hatred. And I don't think 00:09:17.280 --> 00:09:26.000 a lot of people realize that other countries had tariffs against us already, and tariffs for 00:09:26.000 --> 00:09:32.880 other countries. Like, they just charged a lot to import anything into their countries. People also 00:09:33.039 --> 00:09:39.119 don't know the tax policy of other countries. And I was guilty of this as a younger person. I think 00:09:39.119 --> 00:09:45.359 that I used to think that other countries didn't pay taxes, like the people weren't charged taxes. 00:09:46.159 --> 00:09:52.239 I didn't know about things like in the UK or in Europe that you pay a value added tax. 00:09:52.239 --> 00:09:57.760 You literally pay a 20% sales tax on every single thing you buy. So if you're in England, and you 00:09:57.760 --> 00:10:05.119 buy a MacBook Pro, you're paying 20% extra on top of the cost of the MacBook Pro. Plus, there's 00:10:05.119 --> 00:10:10.960 there's probably an import cost. It's so everything is more expensive to them than it is to us. 00:10:12.000 --> 00:10:18.239 It's like this idea. It's like a, it's like an idea of, like, the only thing I compare it to is 00:10:18.239 --> 00:10:24.719 like the noble savage or something. We think that all these other countries are more noble savage 00:10:24.799 --> 00:10:31.919 We think that all these other countries are more noble than we are. In reality, 00:10:31.919 --> 00:10:37.760 doesn't matter what country you're from, you're roughly paying the same amount of income tax and 00:10:37.760 --> 00:10:42.000 sales tax. It all kind of like factors out the same. I've heard people from the third world that 00:10:42.000 --> 00:10:46.640 I used to work with. I say the third world, they're basically from like South America. 00:10:46.640 --> 00:10:52.880 They were like, and they're all they're all liberal. They would say, I was basically saying 00:10:52.880 --> 00:10:57.760 that I didn't like that we had to pay taxes. I was young, I was just getting charged income tax 00:10:57.760 --> 00:11:03.280 the first time. And they're like, the difference between where you live here in America and where 00:11:03.280 --> 00:11:08.239 I come from is that we both pay taxes, but your taxes go towards something. That was their 00:11:08.239 --> 00:11:11.679 perspective on it. Because in those other countries, you still get charged the tax, 00:11:11.679 --> 00:11:17.039 but the country doesn't just doesn't function well at all. My argument would be for why America 00:11:17.039 --> 00:11:22.799 functions at all. And I used to be on the more much more liberal side, I used to think that 00:11:22.799 --> 00:11:28.559 America didn't have a culture. America absolutely has a culture, America has a really good culture, 00:11:28.559 --> 00:11:37.119 the lineage that our culture comes from is very honorable, it has values. And it's that hard 00:11:37.119 --> 00:11:43.919 working American with a good moral backbone that makes the country function well. And other 00:11:43.919 --> 00:11:49.840 countries that have somewhat of that same moral background backbone also function well. But 00:11:51.200 --> 00:11:58.000 every single one of them levies very, very unfair taxes against their own citizens and 00:11:58.000 --> 00:12:04.239 against other countries. And it makes everything function in a worse way than it should function 00:12:04.239 --> 00:12:07.520 and tariffs are no different. That's just that's my opinion. What do you think? 00:12:08.479 --> 00:12:21.119 Yep, 100%. I mean, yeah, it's ridiculous. The the way that other nations treat America is, 00:12:21.119 --> 00:12:25.840 is insane. And we just like, let it happen. We're just like, okay, like the bleeding heart liberal 00:12:25.840 --> 00:12:30.479 syndrome again, but like at an international stage, like, oh, of course, of course, we'll 00:12:30.479 --> 00:12:35.919 send you all of all the unbelievable billions of dollars of USAID and like, oh, of course, 00:12:36.000 --> 00:12:42.320 we'll let you just like literally tax all of American industry out of existence, because we 00:12:42.320 --> 00:12:49.200 can't like export, but you guys can just import our like, just it's just bonkers. Like, you guys 00:12:49.200 --> 00:12:54.000 can send your imports to us that we pay for, and they're cheaper, and we'll do it or whatever. And 00:12:54.000 --> 00:12:59.679 it's just, no, it's not a free market. It's not like equitable. It's not. It's like all of these 00:12:59.679 --> 00:13:03.359 things, you go down, like all of the liberal talking points, it's like all of them are just 00:13:03.359 --> 00:13:19.760 violated. Okay, whatever. Yeah. Yeah. Yeah. So I like to think about what should happen versus 00:13:19.760 --> 00:13:26.159 what will happen. And so a lot of a lot of people are stuck in this loop right now. And people that 00:13:26.159 --> 00:13:34.159 I really, really respect, respect, including Bitcoiners, I hear them talking, just kind of 00:13:34.159 --> 00:13:38.320 like the people that voted for Trump, and they're like, I don't like anything he's doing. I'm not a 00:13:38.320 --> 00:13:45.599 fan of this. My portfolio is way down. The Bitcoin price is way down. And I get that I get the 00:13:45.599 --> 00:13:54.080 criticism of it. And I have my own opinions on what I believe should happen. But what I believe 00:13:54.080 --> 00:14:00.799 should happen and what is going to happen aren't necessarily the same thing. So jumping forward a 00:14:00.799 --> 00:14:07.119 little bit, what do you think is going to happen right now? The market, the markets are absolutely 00:14:07.119 --> 00:14:13.119 wrecked. Even the everything's down, the gold price is down, the S&P is down, the price of 00:14:13.119 --> 00:14:18.640 Bitcoin is down. Like, I don't know what it is that right now, but it's down 30% from the all 00:14:18.640 --> 00:14:25.280 time high. What do you think are some of the things that happen next? I think more countries 00:14:25.280 --> 00:14:30.640 capitulate. And I think that that's just imagine you're imagine you're a world leader, right? 00:14:31.200 --> 00:14:36.559 Dealing with Trump, who whether or not you agree with him, it's like, it's the maximum crazy beats 00:14:36.559 --> 00:14:41.760 strong every time, right? He's a crazy person. You can't, you can't negotiate, you can't fight, 00:14:41.760 --> 00:14:48.400 like, what is he going to do? He's like, literally posting videos online of them drone striking 00:14:48.400 --> 00:14:53.679 people in Yemen. It's like, this is literally a madman. So what are you going to do? It's like, 00:14:53.679 --> 00:14:59.760 well, you can go to war with a madman, crazy beats strong. And also, he's probably the strongest, 00:15:00.400 --> 00:15:06.239 because he's got the American military. So what are you going to do, you're going to remove your 00:15:06.239 --> 00:15:12.239 tariffs, and you're going to have to battle him on the economic front. So like, okay, that's what 00:15:12.239 --> 00:15:15.679 that's what I think is going to happen. I think more of that's going to happen. The people who 00:15:15.679 --> 00:15:19.440 come to the negotiation table first, and like, okay, yeah, we can, we can get rid of some of 00:15:19.440 --> 00:15:24.880 these tariffs and blah, blah, blah, they're going to be treated extremely favorably. And then 00:15:26.640 --> 00:15:30.320 the next person in line will say, Oh, well, maybe I'll get a good deal. And so then they'll get 00:15:30.320 --> 00:15:36.320 they'll come in and, you know, and then I'll just kind of, hopefully, most of the tariffs go away, 00:15:36.320 --> 00:15:41.280 not all the tariffs are going to go away. It's going to be a matter of who can who can somebody 00:15:41.280 --> 00:15:46.320 and who can't. Most of the countries out there are led by a bunch of cowards. So they won't be 00:15:46.320 --> 00:15:51.280 able to stomach it at all. China will be able to stomach more, but yeah, who knows? 00:15:52.880 --> 00:15:57.840 In the US, we have the global reserve currency, we have an incredibly high GDP, 00:15:57.840 --> 00:16:02.080 we joke and say that America doesn't make a whole lot, but we still do manufacture things. 00:16:02.080 --> 00:16:08.159 We have a lot of raw materials that we ship out. We're incredibly powerful in the world. And 00:16:08.719 --> 00:16:15.359 so many of the people of like the leftist persuasion who have Trump derangement syndrome, 00:16:16.080 --> 00:16:23.200 they are seeing events through their hatred. And they're not really, they're not understanding 00:16:23.599 --> 00:16:28.479 that in the rest of the world, people don't have an American perspective. They're not seeing things 00:16:28.479 --> 00:16:34.239 the way that we do and world leaders want to negotiate. They're not the world leaders are 00:16:35.200 --> 00:16:40.239 not filled with just a blind hatred the way that they are because they realize that there is 00:16:40.239 --> 00:16:46.080 serious damage that can be done to their countries to their people to their own reputations if they 00:16:46.080 --> 00:16:53.840 don't play ball. And nobody wants the world to get I mean, I guess there are people that want 00:16:53.840 --> 00:16:58.880 the world to get poorer. But in general, people want their countries to do better. They want their 00:16:58.960 --> 00:17:05.920 own portfolio to do better. And world leaders are no different. And they're going we're not at war. 00:17:05.920 --> 00:17:13.119 And so they are going to negotiate the best they can. And, you know, sometimes I'm like, 00:17:13.119 --> 00:17:19.439 is Trump playing for DHS? Is he brilliant? Or is he an idiot savant? I don't know the answer. But 00:17:19.439 --> 00:17:26.560 does it even matter? If the deal still works out? Does it even matter? And it's very, very likely 00:17:27.119 --> 00:17:34.160 that he is going to get a deal worked out. It's not just him. There are a lot of other other people 00:17:34.160 --> 00:17:39.760 who are also negotiating these things. There's there's video of him talking about the tariffs 00:17:39.760 --> 00:17:44.880 in the 80s, that this is something that he would do. So it's not a new idea to him. But I also 00:17:44.880 --> 00:17:53.920 don't think that he came up with this. He has a whole horde of economists who talked him into 00:17:53.920 --> 00:17:59.839 doing this. And he just signed off on it. It's not just his idea. And it's a very old idea. 00:18:01.520 --> 00:18:09.199 So yeah, that's all. Yep. And then so there's also like the knock on effects, right? What's 00:18:09.199 --> 00:18:14.560 going to happen is that like, tariffs don't uniformly apply, they only apply to particular 00:18:14.560 --> 00:18:18.800 goods in particular industries, right? In particular ways. And it's very weird, right? 00:18:19.280 --> 00:18:27.599 Um, but going forward, you look at the totality of the supply chain, and the totality of the 00:18:27.599 --> 00:18:32.239 supply chain says that you're going to have Apple's supply chain 10,000 inputs or something 00:18:32.239 --> 00:18:40.719 absurd, right? Like, let's say that 10% of those inputs now have variable 30% to 50% 00:18:40.719 --> 00:18:47.839 increases on their cost. That's a big cost. And that affects all Apple end product pricing, 00:18:47.839 --> 00:18:55.119 right? So, okay. What does that mean? Well, it's going to trickle down to the rest of the economy 00:18:55.119 --> 00:19:02.959 like a inflation event. However, it's not monetarily based, it'll feel like an inflation 00:19:02.959 --> 00:19:11.680 event. But it won't be an inflation event. So there's that feeling of it. But the feeling of it 00:19:11.680 --> 00:19:18.719 is enough to push Powell over the edge to lower rates and to lower them faster, 00:19:18.719 --> 00:19:21.920 because the economy is going to start to slow and it's going to start to accelerate in that 00:19:21.920 --> 00:19:29.439 direction, right? So then once the rates are lower, then the quantitative infinity starts again, 00:19:29.439 --> 00:19:36.400 and the whole absurdity of money printing just goes on. And that's when the real inflation starts 00:19:36.400 --> 00:19:42.000 to pick up because money is free again. Hey, it doesn't matter. Again, that's going to be a bit on 00:19:42.000 --> 00:19:48.719 Bitcoin. Bitcoin is not necessarily a hedge against tariffs, but it's definitely a hedge 00:19:48.719 --> 00:19:55.199 against the consequences of tariffs, which are money printing and hey, we're just going to make 00:19:55.199 --> 00:20:02.640 more money and everyone's going to be happy again. It's ridiculous. You brought up inflation. Have 00:20:02.640 --> 00:20:11.119 you ever read Currency Wars by Jim Rickards? I have not, no. So it's just a book on essentially 00:20:13.520 --> 00:20:20.479 why some currencies inflate. So without saying everything happens in the book, I'll just say 00:20:20.479 --> 00:20:25.839 I spend a ton of time looking at various currencies. I'm looking at the euro, I'm looking 00:20:25.839 --> 00:20:33.199 at the pound, I'm looking at the yuan, I'm looking at... I have a child here that has jumped in. 00:20:33.199 --> 00:20:48.640 Can you go inside for a minute? What can you do? Hold on one second. Yeah, yeah, yeah. I'm going 00:20:48.640 --> 00:20:55.040 to amuse myself. Yeah, one of the things that I remember about the Currency War book was that it 00:20:55.040 --> 00:21:02.079 had a... one of the theses was that it's kind of a race to the bottom. Whoever has the worst 00:21:02.079 --> 00:21:08.959 currency kind of wins because they're able to print the most and it devalues less. It's a very 00:21:09.599 --> 00:21:15.040 convoluted kind of thing. It's like getting into the weeds on absurdities of fiat money and how the 00:21:15.040 --> 00:21:20.640 game three plays out, but if you have a better take on it. Well, yeah, so 00:21:23.040 --> 00:21:29.040 we could, we, the United States, we could make our currency not inflate at all. You don't print 00:21:29.040 --> 00:21:33.599 money. Your currency doesn't inflate. People could save their money. They would have a ton of 00:21:34.479 --> 00:21:38.560 value. They'd be able to do the things they want and it's like, why wouldn't you do that? Well, 00:21:38.560 --> 00:21:43.359 there's two reasons why you don't do that. One, if you have a little bit of inflation, 00:21:43.359 --> 00:21:50.239 it makes debt easier to service. Essentially, you take on a big amount of debt. You spread 00:21:50.239 --> 00:21:56.640 those payments out over a number of years. A little bit later on down the road, that number 00:21:56.640 --> 00:22:02.800 doesn't have as much value and so it's easier to pay off. Like when I went to college, 00:22:03.439 --> 00:22:09.040 my four-year degree at a private college was a hundred thousand dollars. That exact same degree 00:22:09.040 --> 00:22:19.199 now costs $350,000. Same degree. It's one year. Yeah. I financed that degree over a 15-year 00:22:19.199 --> 00:22:24.719 period to pay it off and during that, the $600 payment that I had got easier and easier and 00:22:24.719 --> 00:22:32.560 easier to pay because $600 became less of a amount of money essentially. Okay, so that's one reason 00:22:32.560 --> 00:22:40.000 why the Federal Reserve wants 2% inflation. The other reason is that all of these other countries 00:22:40.000 --> 00:22:44.640 are also printing money. Their money is getting devalued. Their money is getting devalued even 00:22:44.640 --> 00:22:51.920 faster than ours. If our currency was too strong, when they want to buy products from us, those 00:22:51.920 --> 00:22:57.599 products become crazy unaffordable to them. If they want to come over to the US and do tourism 00:22:58.239 --> 00:23:05.599 and our currency is really, really strong, they can't go to Disneyland. They can't go to Las Vegas. 00:23:05.599 --> 00:23:10.640 They can't buy a plane ticket to come here. It's just too expensive. We're experiencing that right 00:23:10.640 --> 00:23:17.359 now. You have a ton of Westerners who are moving to Japan right now and everybody's like, yeah, 00:23:17.359 --> 00:23:24.880 Japan's just so cool and they have this subconscious notion that food is really 00:23:24.880 --> 00:23:31.359 cheap here. Hotels are really cheap and the products are really cheap. Not understanding 00:23:31.359 --> 00:23:40.079 that the Japanese currency has just inflated at a faster rate than our currency. It's cheap for us, 00:23:40.079 --> 00:23:46.079 but for a Japanese person to come to the US, it's really expensive. With currency wars, 00:23:47.599 --> 00:23:53.920 these nations purposely devalue their currencies to make the products that they manufacture 00:23:55.119 --> 00:24:02.959 be the right amount for those other countries to be able to afford to buy them so that it's keeping 00:24:02.959 --> 00:24:09.520 the momentum of commerce going. There's multiple reasons why our currencies are inflated. 00:24:09.520 --> 00:24:14.000 They're printing money to pay for wars and to make themselves powerful. They're printing money 00:24:14.000 --> 00:24:20.000 to put money in the military industrial complex as a way of money laundering for the super powerful 00:24:20.000 --> 00:24:25.119 rich elites that profit off of those things. They're inflating the currency so that asset 00:24:25.119 --> 00:24:30.880 prices go up because of the quintillion effect so that the people who hold the assets see the 00:24:30.880 --> 00:24:36.880 value of their net worth go up faster than the inflation happens, etc. Basically, 00:24:37.680 --> 00:24:42.800 all countries are inflating their money at all times and are going to keep doing that because 00:24:42.800 --> 00:24:51.520 the incentives for inflating the currencies are just very high incentives. The people, the plebs 00:24:51.520 --> 00:24:57.599 suffer because of that, but they can't make the people suffer too much because if they push it 00:24:57.599 --> 00:25:09.199 too far, then they get hyperinflation. Whatever their regime is will get deposed when that happens 00:25:09.920 --> 00:25:14.160 and it causes too much chaos. There's always this balance of how do we keep 00:25:14.160 --> 00:25:21.199 just enough inflation so that people don't really notice it. That's currency wars. 00:25:24.800 --> 00:25:31.760 Since the global financial crisis, the US was in a situation where they could not get inflation 00:25:31.760 --> 00:25:35.680 to pick up. They were, in a way, losing the currency wars. They were also the 00:25:36.160 --> 00:25:43.439 world reserve currency, which has all sorts of other effects because you just essentially export 00:25:43.439 --> 00:25:48.560 all your inflation because you don't have to suffer the consequences of it when people in 00:25:48.560 --> 00:25:54.880 Cambodia who don't really have access to dollars and are way further down the food chain are like, 00:25:54.880 --> 00:26:01.680 well, okay, cool. We'll just print as much money as we literally can, which is not hard to do. You 00:26:01.680 --> 00:26:08.560 can just print more and we'll distribute it locally. As we're finding out, just distribute 00:26:08.560 --> 00:26:17.680 it internationally too. Why not? America is closer to the money printer, so they benefit first. 00:26:18.400 --> 00:26:22.000 Then all the other countries suffer from the inflation, which is where you get the 00:26:22.000 --> 00:26:28.400 overseas prices being super low. When I lived in Korea, same thing. I've told this story a 00:26:28.400 --> 00:26:34.160 hundred times. I love it. We would go out on a Friday night and we would take a taxi cab there. 00:26:34.160 --> 00:26:40.959 We would eat dinner, drinks, go to karaoke, go back to get some more drinks, go get some more 00:26:40.959 --> 00:26:48.239 food, go to another karaoke spot. We're talking about eight hours of just night on the town with 00:26:48.239 --> 00:26:55.199 a group of 20 people or something. At the end of the night, we'd all pay whatever. 00:26:55.920 --> 00:26:59.680 But at the end of the night, we'd go through the list of, oh, yeah, I paid for this one and that 00:26:59.680 --> 00:27:06.959 one. It's like, wait a second, we only spent like 25 bucks. It's mind-boggling. You try to go out 00:27:06.959 --> 00:27:15.680 and eat at one restaurant in LA and it's a hundred dollars. It's interesting because Korea, clearly, 00:27:17.040 --> 00:27:22.400 no country has a perfect culture. I'm sure that there are things that Korea has culturally that 00:27:22.800 --> 00:27:28.160 if I knew exactly what they were, I'd be like, that's not as good as what we have in America. 00:27:29.439 --> 00:27:33.520 There are some things in America that I can say that we do that are not great. 00:27:35.119 --> 00:27:42.719 Korea is a culture that functions very, very well. Even though their inflation historically has been 00:27:42.719 --> 00:27:49.040 more extreme than our inflation has been, society in South Korea functions pretty well. 00:27:49.280 --> 00:27:53.680 You brought up places like, I don't know, you might say Cambodia, but I was thinking 00:27:53.680 --> 00:28:00.400 like Cameroon and different countries in Africa. The countries that are way further down, 00:28:02.239 --> 00:28:07.280 you have the US dollars, the global reserve currency, then you have the British pound, 00:28:07.280 --> 00:28:12.239 the euro. It used to be, maybe you could say the BRICS countries or something. 00:28:12.640 --> 00:28:18.719 Those countries all kind of trail our inflation. Their inflation runs a little higher than ours 00:28:18.719 --> 00:28:24.160 on average, but you have these other countries where it runs way higher. In our country, 00:28:24.160 --> 00:28:29.280 in the United States, inflation causes a greater and greater separation of the rich and the poor 00:28:29.280 --> 00:28:38.640 because if you have assets, your assets become more valuable faster than the money devalues. 00:28:39.599 --> 00:28:45.119 But when you have a low rate of inflation, it's not that noticeable. When you have a really high 00:28:45.119 --> 00:28:54.719 rate of inflation, it's really, really noticeable so that the people who own the assets, the value 00:28:54.719 --> 00:29:01.199 of it just goes astronomical. The people who are on the lower end, they go to buy lunch 00:29:02.560 --> 00:29:06.319 and they pay one amount. They go to buy dinner and there's already been inflation. 00:29:07.119 --> 00:29:12.479 They literally cannot save a penny. They just have to work and spend that money immediately. 00:29:13.119 --> 00:29:17.359 You have countries, I'm just going to use the whole continent of Africa. This is true almost 00:29:17.359 --> 00:29:25.359 in every single continent. The people who own the assets are essentially warlords or mob bosses. 00:29:25.359 --> 00:29:31.599 They have to fight for their survival with violence to hold on to the power that they have. 00:29:32.560 --> 00:29:40.880 And they're so wealthy that they essentially have slaves because they have so much money, 00:29:40.880 --> 00:29:48.479 they can just completely control everything around them. But in order to hold on to that power, 00:29:48.479 --> 00:29:53.040 they have to hold on to it in this insanely brutal way. 00:29:54.000 --> 00:30:03.199 So that actually, for me, that's one of the reasons that America doesn't have or really 00:30:03.199 --> 00:30:10.160 can export inflation and really doesn't have the same problems of inflation. And you hear this when 00:30:12.560 --> 00:30:15.359 foreigners come and study here or live here or whatever. They're like, 00:30:16.000 --> 00:30:20.959 yo, the reason everyone invests in America is because you guys have rule of law. It's not rule 00:30:20.959 --> 00:30:26.160 of drug lord. It's rule of law. And the consequences of there is that you can have 00:30:26.160 --> 00:30:32.959 peaceful and reputable property rights and value transfer and all the rest of it. 00:30:32.959 --> 00:30:38.959 And that puts a huge bid on assets because especially assets that require a state to 00:30:38.959 --> 00:30:45.839 protect them like real estate. Whereas in Africa, bro, it's just whoever has the biggest 00:30:45.839 --> 00:30:49.839 amount of guns. Not all of Africa, but many countries. 00:30:49.839 --> 00:30:58.479 I gotta tell a quick story. So by trade, I'm a cinematographer. And back in the day, 00:30:58.479 --> 00:31:04.640 I worked on a lot of what were essentially reality shows. And there was a show that I did. 00:31:04.640 --> 00:31:10.800 It was actually about the Obama at the time. It was about his limousine. It was called Presidential 00:31:10.800 --> 00:31:16.400 Beast. You probably still find it. It was a National Geographic show. And so we did all this 00:31:17.280 --> 00:31:27.199 research on the show about how much this armored limo could take. Could it take a 50 millimeter 00:31:27.199 --> 00:31:32.319 round? If somebody tried to blow it up, could it handle that? So we went to this place. It was in 00:31:32.319 --> 00:31:38.160 San Antonio called Texas Armoring Corporation. They had this viral video where the CEO of the 00:31:38.160 --> 00:31:42.800 company is like, I'm the CEO of Texas Armoring Corporation. I'm going to show what it means to 00:31:42.800 --> 00:31:48.000 stand behind my product. And he gets behind the glass. And one of his employees shoots an AK-47 00:31:48.000 --> 00:31:53.520 at the bulletproof glass that they make. And in front of his face, and he gets out and he's like, 00:31:53.520 --> 00:32:00.479 life is valuable, protect it. And that company, Texas Armoring Corporation, is a super interesting 00:32:00.479 --> 00:32:06.000 story because they went bankrupt in a pretty spectacular way. And the story behind that's 00:32:06.000 --> 00:32:10.800 worth looking up. But in the context of the story that I'm telling, they had a giant warehouse. 00:32:11.359 --> 00:32:15.599 And in one warehouse, they were making these cars. So they would have Mercedes G wagons, 00:32:15.599 --> 00:32:20.880 they would have Escalade, they would have Aston Martins, and they would strip the car down to the 00:32:20.880 --> 00:32:26.160 frame. And then they would put bulletproof glass and steel plating behind the car. And these cars 00:32:26.719 --> 00:32:33.119 were paid for up front by dictators around the world. And there's a lot of them. Dictators, 00:32:33.119 --> 00:32:40.560 warlords, cartel bosses. And so you'd have whoever the dictator in Nicaragua was, 00:32:41.280 --> 00:32:46.479 would be like, I want to have five armored Escalades. And so he'd pay for them, and they 00:32:46.479 --> 00:32:51.839 would make them. But these people, and I'm not just talking about dictators, I'm also talking 00:32:51.839 --> 00:32:58.000 about like people that own, you know, gold mines and lithium mines in Africa and stuff like that. 00:32:58.560 --> 00:33:05.280 They would get deposed so quickly, that oftentimes, they would order armored vehicles, 00:33:05.280 --> 00:33:09.439 and they would get deposed before they could take delivery of them. And so they had one warehouse 00:33:09.439 --> 00:33:12.959 where they were making the cars. And then they took us over to this other warehouse, and they 00:33:12.959 --> 00:33:18.239 like rolled up the door. And inside of this warehouse, it looked like a James Bond movie. 00:33:18.239 --> 00:33:25.199 It was giant lifted Escalades, Aston Martins, G wagons that were all fully made. They had 00:33:25.199 --> 00:33:30.959 electrified door handles. They had a thing where it would drop like a transmission fluid 00:33:30.959 --> 00:33:36.160 onto the exhaust pipe and create a huge smoke cloud as a smoke screen. They would drop metal 00:33:36.160 --> 00:33:39.839 tacks out of the back of them. They even had turrets that could pop up so you could have a 00:33:39.839 --> 00:33:45.280 machine gun on top of the car. And they just had all these cars that were sold that they had nobody 00:33:45.280 --> 00:33:49.920 to give them to because the guy had already been deposed. And they already collected all the money. 00:33:49.920 --> 00:33:53.760 They already collected all the money, and yet they still somehow went bankrupt. So you'd have 00:33:53.760 --> 00:33:59.599 to read the article on the Texas Armory Corporation is really fascinating. But yeah, 00:33:59.599 --> 00:34:06.000 that's all just to say that it's really dangerous out there to be a dictator or a crime boss in a 00:34:06.000 --> 00:34:11.600 third world country. But that kind of touches on getting back to tariffs and stuff. It touches on 00:34:11.600 --> 00:34:17.360 this idea of like high time preference, too, because like that industry, all of those people, 00:34:17.360 --> 00:34:22.320 every single thing about that is like, we exist by violence, like we live by the sword, 00:34:22.320 --> 00:34:28.639 die by the sword. If we don't get these trucks ASAP, we're dead. And like literally they're 00:34:28.639 --> 00:34:32.560 dead because they didn't get the truck, right? I mean, in some cases, maybe, I don't know. 00:34:33.120 --> 00:34:35.679 Yeah. No, for sure. I mean, I've watched videos. 00:34:37.439 --> 00:34:41.760 But the reason I'm going with this is like the time preference thing is interesting because 00:34:41.760 --> 00:34:46.239 that's where you get a lot of the pushback on the tariffs. Like the low time preference would say, 00:34:47.520 --> 00:34:51.280 we're going to wait it out. We're going to be courageous about this. We're not going to back 00:34:51.280 --> 00:34:56.399 down. We're going to have a backbone about the way we've been treated and stand up for ourselves, 00:34:56.399 --> 00:35:02.320 right? That's going to be our low time preference posture. The high time preference posture is like 00:35:03.280 --> 00:35:09.760 panic. It's time to panic. Like the markets are crashing. Everything is like this is the end of 00:35:09.760 --> 00:35:15.600 the world. All the people, all the manufacturing is never going to come back. We're never going 00:35:15.600 --> 00:35:20.959 to see it ever again, right? It's just, no, that's ultra high time preference. It completely fails to 00:35:20.959 --> 00:35:25.600 understand the game theory. It fails to understand the technology and fail to understand 00:35:25.600 --> 00:35:31.199 supply chains, like the whole thing. No, you have to give it time. Maybe it's going to be a big mess 00:35:31.199 --> 00:35:40.560 failure. I don't know. We're definitely at maximum uncertainty right now. But you can't bet against 00:35:40.560 --> 00:35:50.080 American culture of entrepreneurism and self-made and we're figured out problem solving individualism, 00:35:50.080 --> 00:35:56.639 rugged individualism, like probably betting against that is just, it's going to, it's not 00:35:56.639 --> 00:36:00.879 going to work out most of the time. So what are you going to take? You're going to take the low 00:36:00.879 --> 00:36:04.399 time preference or are you going to take the high time preference view on the tariff situation? 00:36:05.520 --> 00:36:14.479 Like, what are you going to do? I can't say, you know, I would love to say that the market 00:36:15.199 --> 00:36:22.080 just always goes up over the longterm. A giant dip like this is just an incredible opportunity. 00:36:22.080 --> 00:36:26.959 Go out and get a job. Sink all the money into the market. A year from now, you're going to look like 00:36:26.959 --> 00:36:33.520 a genius. I can't say that because I can't predict the future and I don't know how far things will go 00:36:33.520 --> 00:36:39.439 down. You know, could the market continue to dip for another year and drop 50%? I don't know. 00:36:39.439 --> 00:36:46.879 Anything's possible. I tend to think it probably is a pretty good opportunity. If you have money 00:36:46.879 --> 00:36:52.879 in cash to put it into really good stocks, if you see a stock that's dipped, but I'm not going to 00:36:52.879 --> 00:36:58.560 give anybody advice for that. When it comes to Bitcoin, I tend to believe that Bitcoin is going 00:36:58.560 --> 00:37:04.879 to a million. And as we see Bitcoin going down, it's an insane opportunity. My own particular 00:37:04.879 --> 00:37:13.919 strategy is to dollar cost average. And if you think that Bitcoin is one of the most scarce 00:37:13.919 --> 00:37:20.479 assets to ever exist, and you see the price going down and your strategy is to dollar cost average 00:37:20.479 --> 00:37:25.840 and your time preference is years, you're just getting more Bitcoin as time goes by, if the 00:37:25.840 --> 00:37:33.199 price is going down and people just don't understand how valuable Bitcoin is. Now, as far as what 00:37:34.159 --> 00:37:43.520 will, what should happen and will happen, like I said before, what will happen is that the Federal 00:37:43.520 --> 00:37:51.760 Reserve is going to do quantitative easing. The markets are going, have tanked. They are, and 00:37:51.760 --> 00:37:55.199 even if the markets didn't tank, they're going to do this at some point. They're going to print 00:37:55.199 --> 00:38:02.639 money. When money is printed, it goes into the market and goes up by a multiple. And we have 00:38:02.639 --> 00:38:09.439 enough history of Bitcoin to know that when money is printed, it goes harder into Bitcoin because 00:38:09.439 --> 00:38:15.360 there are enough people out there who know, who really know how scarce of an asset Bitcoin is. 00:38:15.360 --> 00:38:23.120 And it is going to go up like crazy when they turn the money printer on. And so if you have 00:38:23.120 --> 00:38:30.320 the ability to get more of it now, and the prices are suppressed because of all this chaos in the 00:38:30.320 --> 00:38:37.439 markets, it stands to reason that it is a really good time, if your time preference is long enough, 00:38:37.439 --> 00:38:43.360 to get as much Bitcoin as you can right now, because they're guaranteed going to turn the 00:38:43.360 --> 00:38:50.399 money printer on and inflation is going to run hot again. Yep. And on top of that, you can like, 00:38:51.120 --> 00:38:55.280 we don't, oh, we don't know if it's going to go up or down. Like, bro, it's going to go up because 00:38:55.280 --> 00:39:01.360 they have to print money. Like, there's a chart that I've been sharing on socials for a couple 00:39:01.360 --> 00:39:10.000 weeks now, because it's just completely ridiculous, which is M1, or it's a S&P divided by M1 or M0, 00:39:10.000 --> 00:39:16.560 which is base money for U.S. base money. Like, what's the balance sheet for the Fed? Like, 00:39:16.560 --> 00:39:23.120 what's the base money, right? Divide that by the S&P 500 or switch that around. 00:39:23.520 --> 00:39:30.639 But what it tells you is, if you were to denominate all of the growth in the S&P 500 00:39:30.959 --> 00:39:41.760 for the last 80 years in M1 or M0, like, units, you see, at the end of the day, you see 00:39:42.320 --> 00:39:47.520 that the entire economy, despite everything we've built, despite everything we've done, 00:39:47.520 --> 00:39:55.679 everything we've done has lost 7% of its value. Now, the interpretation there is that, 00:39:57.120 --> 00:40:02.719 where'd all the value go? Well, one, no value was actually created. It's all just been skimmed off 00:40:02.719 --> 00:40:11.760 the top via inflation, period. Two, what are they going to do? They're going to print, because 00:40:11.760 --> 00:40:17.439 that's the only solution that exists in the legacy environment. That's the only thing they 00:40:17.439 --> 00:40:25.919 can do. It's been the playbook for the last 80 years. It's just so tired. Everyone knows it's 00:40:25.919 --> 00:40:31.120 going to happen. They're going to print, the market's going to rally. None of it's real. 00:40:31.120 --> 00:40:37.040 It's all fake. And once, to your point, once everyone figured out that it's all fake, 00:40:37.600 --> 00:40:41.280 all the money basically just goes to Bitcoin, because it's the only thing that's real. 00:40:42.080 --> 00:40:48.000 Yeah, I went and got a burrito this morning at a place. They used to be cash only. And 00:40:49.600 --> 00:40:54.000 now they do accept credit cards, and they charge you a fee for that. But I'm in the mindset of 00:40:54.000 --> 00:40:58.479 paying cash. I had some cash in my wallet. And so I bought a burrito. When I started buying 00:40:58.479 --> 00:41:04.080 burritos at this place, by the way, they were under $8. And this one was $12.02. 00:41:04.560 --> 00:41:13.360 I don't know why, but the guy gave me $0.98 change. So I gave him $0.20, he gave me $0.05, 00:41:13.360 --> 00:41:21.360 $0.01, and $0.98. And so I'm holding the change in my hand. And all of the coins were the new 00:41:21.360 --> 00:41:27.120 quarters and the new nickels are the ones that I saw. If you have some of this, for anybody 00:41:27.679 --> 00:41:33.840 listening, hold the new quarters and the new nickels in your hand, and you can physically 00:41:33.840 --> 00:41:41.439 look at them. And they look like cheap trash. The fact that he even had that change is, 00:41:42.479 --> 00:41:48.879 it was like I traveled back in time, first of all, to be being handed change. Why not just round to 00:41:48.879 --> 00:41:54.479 the dollar at this point? Like, yeah, there's, there's literally no point in counting the change 00:41:54.959 --> 00:41:59.760 there's, there's literally no point in counting cents anymore, because inflation has taken all 00:41:59.760 --> 00:42:04.560 the value out of those coins. But you can literally physically see that the value has 00:42:04.560 --> 00:42:11.840 been sucked out the coins themselves have been debased. Yep. And a lot of people don't realize 00:42:11.840 --> 00:42:20.159 that yet. Yep. What this I mean, we can probably close on this point. But the idea that all of this 00:42:20.159 --> 00:42:24.879 is real. Oh, it's like the market crash. Oh my goodness. What are we going to do? Everybody 00:42:24.879 --> 00:42:29.919 panic. It's just like, bro, no, just go buy Bitcoin. Get your head right. Like think on a 00:42:29.919 --> 00:42:37.040 long term timeframe. All of it's like the entire legacy economy is just smoke and mirrors ridiculous. 00:42:37.040 --> 00:42:44.000 It's like literally a game that doesn't matter. And you just have to check out of that once you 00:42:44.000 --> 00:42:48.320 check out of that game, then you're checking into the real world. You actually have real 00:42:48.320 --> 00:42:54.639 currency in the real world, which is Bitcoin. And it's actually tied to reality. And the 00:42:54.639 --> 00:43:00.320 consequences there is that your actual wealth is actually stored and you have all of these other 00:43:00.320 --> 00:43:08.639 benefits of having a real functioning economy, not the clown world economy, which is in panic 00:43:08.639 --> 00:43:15.439 mode, apparently today, dude, drop panic mode, it just by Bitcoin, and you're like, easy sailing, 00:43:15.439 --> 00:43:23.199 like, this is fine. We're good to go. It's good, man. Yeah. 100 years ago, you could save 00:43:24.639 --> 00:43:30.879 bills, you could save dollar bills for a long time. And they roughly held their value, 00:43:30.879 --> 00:43:36.639 you could even put them in the bank. And you could get a little bit of interest. And you could get a 00:43:36.639 --> 00:43:42.639 little more stuff over time. That that time has passed. I showed you earlier, one of those apps 00:43:42.639 --> 00:43:49.360 that's it's for women. It's a soap opera thing where you watch these 15 to 30 second videos, 00:43:49.360 --> 00:43:55.199 and they kind of get you hooked. I say you but it's specifically to women because these things 00:43:55.199 --> 00:44:00.239 are, they're the most insane storylines and they're like these romance things. And so it 00:44:00.239 --> 00:44:05.679 shows you and I just did this to test it because I'm interested in the short form filmmaking, 00:44:05.679 --> 00:44:10.639 but it shows you a few of them. And then at a certain point, you have to pay to see more of 00:44:10.639 --> 00:44:19.040 them. But you pay with tokens on the app. And so you get 50 tokens for free when you have the app. 00:44:19.040 --> 00:44:24.879 And you have to spend them and to get more tokens, you have to pay dollars to get the tokens. So 00:44:24.879 --> 00:44:29.280 let's say that you're really into this app. And you have these tokens, and you haven't looked at 00:44:29.280 --> 00:44:34.399 the app for a while. Well, you can get back on the app and use the tokens. But is that a store of 00:44:34.399 --> 00:44:39.360 value? Are these tokens a store of value? No, they're only a store of value for that thing that 00:44:39.360 --> 00:44:44.560 you want to watch for as long as this app exists. And as long as you care about this app. I'm trying 00:44:44.560 --> 00:44:52.320 to make an analogy to that is what dollars are now. Dollars are the tokens. Bitcoin is the money. 00:44:52.320 --> 00:44:59.120 So you want to exchange the tokens for the money, which is Bitcoin and do it quickly. 00:44:59.840 --> 00:45:06.560 That reminds me of the famous meme, which is me trading my cold cat or Cole's cash for Bitcoin. 00:45:06.879 --> 00:45:13.760 Colorized. It's like me trading my cold cash for real short 50 points. It's just it's all 00:45:13.760 --> 00:45:21.280 it's all game money. It's not real. None of it's real. It's not real. And we're being forced to 00:45:21.280 --> 00:45:29.520 gamble it into things like the stock market. And look what just happened. And, and do this, 00:45:30.320 --> 00:45:38.959 go into your little your app on your iPhone for the stock market, this thing, and then go to bit 00:45:38.959 --> 00:45:49.040 go to BTC USB and go to the one year and you look at it and you're like, okay, 15% growth, go to the 00:45:49.040 --> 00:45:58.959 two year 186% growth, go to the five year 1000% growth, go to the 10 year 33,800% growth. Now do 00:45:58.959 --> 00:46:05.760 the same thing with the S&P. And you go to the one year and you're like, oh, it's down 3%. And 00:46:05.760 --> 00:46:14.560 the two year, okay, up 23%. Let's go to the 10 year up 140%. Bitcoin was up 33,000% over the last 00:46:14.560 --> 00:46:20.560 10 years. So here we are, people are gambling on the stock market. And they could just be buying 00:46:20.560 --> 00:46:25.919 Bitcoin. And it'd be just gonna lower those time preferences. Yeah, lower this time preferences. 00:46:26.800 --> 00:46:32.159 All right, guys, we should wrap it up. Anton, thanks for jumping in. 00:46:32.879 --> 00:46:33.360 You got it. 00:46:34.560 --> 00:46:35.760 And we'll see you next time. 00:46:36.959 --> 00:46:37.520 By Bitcoin. 00:46:37.520 --> 00:46:38.879 Better, better by Bitcoin. 00:46:40.080 --> 00:46:52.879 Better. 00:46:55.919 --> 00:46:56.879 By Bitcoin.