WEBVTT 00:00:00.000 --> 00:00:11.000 Hey friend, listen. I know the world is scary right now. Corruption, war, inflation, demographics, 00:00:11.000 --> 00:00:17.600 degeneracy, disease, unrest, hatred, and despair. We didn't come here to tell you how it is, 00:00:17.600 --> 00:00:19.400 but that it's going to get way better. 00:00:19.400 --> 00:00:27.400 We've got a good day coming. And it's all I need. Everything I wanted. Just wait and see. 00:00:27.400 --> 00:00:28.400 Better. Bye, Bitcoin. 00:00:35.400 --> 00:00:46.400 Hey, hey. Welcome to the show. Super stoked to be here with Anton and Bandor. Very excited about our topic of the day, 00:00:46.400 --> 00:00:53.400 which is, are you trapped in Bitcoin? There's a couple different ways to be trapped in Bitcoin. 00:00:53.400 --> 00:01:01.400 I think the thing that we were all talking about that's the most difficult and actually unique in terms of being trapped in Bitcoin 00:01:01.400 --> 00:01:09.400 is not necessarily the monetary aspect of it, but the logical aspect of it. I think that's what we want to unpack today. 00:01:09.400 --> 00:01:19.400 How do you find yourself trapped in the Bitcoin mindset? Trapped in a fiat world where people just can't see or understand what you see 00:01:19.400 --> 00:01:31.400 and understand. Trapped around normies. Yeah, I think that's kind of it, right? I'll start this kind of with a quote from Henry Ford. 00:01:31.400 --> 00:01:37.400 It's a great book that I'm reading right now, Henry Ford's autobiography, which is Henry Ford, My Life and Work. 00:01:37.400 --> 00:01:42.400 And one of the things that he talks about, actually, chapter pretty much 11 through 13 is Bitcoin. 00:01:42.400 --> 00:01:50.400 Like Henry Ford actually was the first one to posit Bitcoin back in this fiat world, back right after 1913 when the Federal Reserve happened. 00:01:50.400 --> 00:01:59.400 He was kind of like belaboring this point that we cannot have a centralized monetary aspect because the bankers will just become worse. 00:01:59.400 --> 00:02:12.399 And so what's really interesting that he was saying back then, though, is. I mean, this is probably the way to start off as one of the quotes in the book is 00:02:12.399 --> 00:02:21.399 it is easier to make money from money than it is to make money from business. Don't take the acumen of banksters as any guide for business. 00:02:21.399 --> 00:02:33.399 All they know is money. The fiat mentality is I'm just going to put more money printing into the money machine to make more money. 00:02:33.399 --> 00:02:38.399 That has nothing to do with providing better service, better business, better whatever. 00:02:38.399 --> 00:02:42.399 It's just literally a money lever to solve a money problem. 00:02:42.399 --> 00:02:50.399 What are you guys seeing in what you see all over L.A. or all over your specific industries that are kind of mirroring that? 00:02:50.399 --> 00:02:56.399 Like, how are you trapped in the Bitcoin, the Bitcoin mindset? 00:02:56.399 --> 00:03:02.399 It was a terrible intro, by the way, guys, so thanks for just the three people watching this also with my camera frozen. 00:03:02.399 --> 00:03:06.399 This is just awesome. We're off to a great time. 00:03:06.399 --> 00:03:09.399 Hey, you came up with the phrase trapped by normies. 00:03:09.399 --> 00:03:16.399 Yeah, well, currently I'm trapped by a normal fiat computer brain as my computer does not want to do anything with this stuff. 00:03:16.399 --> 00:03:20.399 Bondor, do you want to go with it? Do you feel trapped by Bitcoin? 00:03:21.399 --> 00:03:26.399 I mean, I definitely feel trapped by Bitcoin in that. 00:03:26.399 --> 00:03:41.399 My economic allegiance is to a Bitcoin denominated reality versus everyone else's economic allegiance, which is to a fiat denominated reality. 00:03:41.399 --> 00:03:52.399 So the way that they process all of the world is in fiat terms, the way that I process all the world is in Bitcoin terms. 00:03:52.399 --> 00:03:57.399 And the differentiation there is massive. 00:03:57.399 --> 00:04:05.399 For instance, in the fiat world, in fiat terms, oh, housing is super expensive. 00:04:06.399 --> 00:04:15.399 In a fiat world, in fiat terms, there's nothing you can do about it apart from make more money or move to somewhere else where housing is cheaper. 00:04:15.399 --> 00:04:18.399 Right. There's almost like no other solution there. 00:04:18.399 --> 00:04:21.399 So what does that do to the culture? 00:04:21.399 --> 00:04:24.399 It says, oh, yeah, you just got to move to somewhere cheaper or you just got to. 00:04:24.399 --> 00:04:27.399 But it never actually solves any of the problems. Right. 00:04:27.399 --> 00:04:32.399 It doesn't say. Well, maybe we should build more houses. 00:04:32.399 --> 00:04:37.399 Well, I mean, that's certainly a solution, but that costs so much more money, too, and the rest of that. 00:04:37.399 --> 00:04:43.399 But what it really does is just say, oh, yeah, you can move, you can exit, you can do, you know, the super fiat things. 00:04:43.399 --> 00:04:47.399 But all that's really doing is just kicking the can down the road. Right. 00:04:47.399 --> 00:04:55.399 It's you. You then move to Tennessee, like the In-N-Out founder or the In-N-Out owner has now is now done. 00:04:55.399 --> 00:04:57.399 There's the big news this week. 00:04:57.399 --> 00:05:05.399 So you're moving to Tennessee, but all you're really doing is just making it more expensive for everyone to live in Tennessee because it's just more demand in Tennessee. 00:05:05.399 --> 00:05:08.399 You're not actually solving any root problems or issues. 00:05:08.399 --> 00:05:12.399 So as a bitcoiner, all I just see is that problem. 00:05:12.399 --> 00:05:15.399 No one's actually solving the root issues here. No one's actually solving the problems. 00:05:15.399 --> 00:05:20.399 I'm like stuck in this mindset of like there's nothing that can be done to fix that. 00:05:20.399 --> 00:05:25.399 Apart from just get on a Bitcoin standard and then all of it changes. 00:05:25.399 --> 00:05:36.399 All of it turns around. All of it says, oh, well, instead of instead of moving somewhere to solve this problem, which doesn't actually solve it for anybody, just makes it worse for everybody. 00:05:36.399 --> 00:05:44.399 If I just denominated Bitcoin, the problem solved, I'm no longer aligned to that ideology that thinks I can move there and figure it out. 00:05:44.399 --> 00:05:48.399 So, yeah, I mean, and then you just you only see that everywhere. 00:05:49.399 --> 00:05:52.399 You're just totally trapped like you see with every single problem. 00:05:52.399 --> 00:05:58.399 You can just like go down the list of like, oh, yeah, well, that's just the fact that people are just stuck on fiat. 00:05:58.399 --> 00:06:02.399 Oh, that's just it's just it's mind boggling. I can go on. 00:06:02.399 --> 00:06:07.399 Yeah, with. OK, let's let's take the in and out founders moving to Nashville. 00:06:07.399 --> 00:06:11.399 I don't know exactly. I know they're they're moving a portion. 00:06:11.399 --> 00:06:14.399 Owner, owner, not founder. But, yeah, they're moving the family there. 00:06:14.399 --> 00:06:20.399 They're not moving the company, right? Yeah, I think the founder is unfortunately tragically passed away a couple like like a decade ago. 00:06:20.399 --> 00:06:27.399 Yeah, it's it's his daughter, I believe. His daughter is worth eight billion dollars. 00:06:27.399 --> 00:06:34.399 I can't remember her name, but so she moving to Nashville is that the idea just she personally is moving there. 00:06:34.399 --> 00:06:38.399 Right. And her family, she's justifying it with like, well, it's cheaper for us. 00:06:38.399 --> 00:06:41.399 It's cheaper for Internet employees like blah, blah, blah. 00:06:41.399 --> 00:06:52.399 Yeah, they don't have a state income tax. And I'm sure some element of the corporate wing of executives, people with a high salary are moving to Nashville. 00:06:52.399 --> 00:07:03.399 So you have a lower cost of living in a place like Nashville than in Southern California, because let's face it, Nashville is cool. 00:07:03.399 --> 00:07:10.399 Tennessee is cool. It's great. It is not as desirable of a geographic region as California is. 00:07:10.399 --> 00:07:13.399 It's just not. California is the best place in America. 00:07:13.399 --> 00:07:23.399 You could argue that somebody somewhere like Hawaii or something is nicer, but it's isolated is an island isolated in the middle of the South Pacific. 00:07:23.399 --> 00:07:29.399 California, continental United States, easy to get anywhere and geographically is the best. 00:07:29.399 --> 00:07:33.399 The climate's the best. The stuff that is here that has been built here is the best. 00:07:33.399 --> 00:07:37.399 The ideas that have come out of it as a result are the best. California is the best place to live. 00:07:37.399 --> 00:07:47.399 But it has an incredibly high state income tax for the income earner. It has other high taxes, burdens on corporations. 00:07:47.399 --> 00:07:55.399 And so for those people like let's take Joe Rogan, for example, his original contract with Spotify was 200 million dollars. 00:07:55.399 --> 00:07:58.399 His second contract was like 230 or 250. 00:07:59.399 --> 00:08:04.399 I looked it up the other day personally by moving to Austin, establishing residency there before he moved. 00:08:04.399 --> 00:08:16.399 He saved and was able to pocket about 60 million dollars, 60 million dollars that would have just gone to the state of California had he not done that. 00:08:16.399 --> 00:08:26.399 So for him, it makes total sense. Even if California is technically the better state to live in, he has an extra 60 million dollars to do whatever he wants to. 00:08:26.399 --> 00:08:33.400 He can add to his personal lifestyle all the things that he's missing from not technically living in California. 00:08:33.400 --> 00:08:38.400 He could buy a private jet and fly to California in a few hours anytime he wants to. 00:08:38.400 --> 00:08:46.400 Like if he wants to go for a trail run in California, he can literally fuel up his private jet, fly to California, go on a run and fly back home to Austin if he wants to. 00:08:46.400 --> 00:08:53.400 But for most people, it's not that much of a benefit. It's just a little bit more of a benefit. 00:08:54.400 --> 00:08:59.400 So yeah, I just want to say that about the whole story about In-N-Out moving to Nashville. 00:08:59.400 --> 00:09:02.400 It's not what people are making of it. 00:09:02.400 --> 00:09:11.400 And for most people who live in California now, I would argue you're going to have a better quality of life if you stay in California. 00:09:12.400 --> 00:09:26.400 As long as California doesn't become absolutely communist and isn't actively taking away your rights, your life is going to be better in California than if you go move to Austin or Nashville for most people, in my opinion. 00:09:27.400 --> 00:09:33.400 You're 100% right. Joe Rogan saved $60 million. 00:09:33.400 --> 00:09:41.400 But again, he's just playing the system too. He's not actually solving any problems for anybody else except for himself. 00:09:41.400 --> 00:09:49.400 So yeah, if you have the extra $60 million, sure. Move to Nashville. Save the $60 million. 00:09:50.400 --> 00:10:00.400 Apply that $60 million to a marketing campaign against the Federal Reserve Bank that just plasters billboards and says the Federal Reserve Bank is evil. 00:10:00.400 --> 00:10:04.400 And then systematically put that into the public conscious. 00:10:04.400 --> 00:10:09.400 The reason that I have to do any of this at all is because fiat's evil. 00:10:09.400 --> 00:10:15.400 And therefore, actually start addressing the real problems. 00:10:16.400 --> 00:10:19.400 This just speaks to the general principle. 00:10:19.400 --> 00:10:24.400 I mean, there's another, what's the guy, Andrew Tate, one of his tweets. 00:10:24.400 --> 00:10:28.400 It's like, yeah, once you get to $500 million, there's just nothing to do anymore. 00:10:30.400 --> 00:10:35.400 There's no way to spend your money. You can buy yachts, etc., but then you're just bored. You have yachts. You got the yachts. 00:10:35.400 --> 00:10:37.400 It's like there's nothing to do with your money. 00:10:37.400 --> 00:10:40.400 It's like all you're doing is solving problems for yourself. 00:10:40.400 --> 00:10:53.400 You are not actually pushing society forward or doing anything that's useful or valuable or value add or like, I don't know, helping anybody here on Earth, right, J.D.? 00:10:53.400 --> 00:10:57.400 I totally agree with that. 00:10:57.400 --> 00:11:09.400 And I think actually, you know, as much as I don't wish ill on anybody, but I feel like this is another quote from I really do think Henry Ford's book, you know, My Life and Work is a phenomenal read. 00:11:09.400 --> 00:11:11.400 I highly recommend every Bitcoiner to do it. 00:11:11.400 --> 00:11:20.400 I would say it's as important as a sovereign individual from a perspective of seeing a industrial titan of the early 1900s see Bitcoin. 00:11:20.400 --> 00:11:27.400 You know, again, he was the one who posited it in the New York Times, the New York Tribune at the time, like, you know, really diving into it. 00:11:27.400 --> 00:11:31.400 But it's actually like three chapters of his book talking about monetary stuff. 00:11:31.400 --> 00:11:37.400 And one of the things that he and it's like you can kind of see him getting there and like the culmination is his article in the New York Times. 00:11:37.400 --> 00:11:42.400 But one of the quotes from that is being greedy for money is the surest way not to get it. 00:11:42.400 --> 00:11:51.400 But when one serves for the sake of service, for the satisfaction of doing that, which one believes to be right, then money abundantly takes care of itself. 00:11:51.400 --> 00:11:56.400 And the Andrew Tate example there, you know, his. 00:11:56.400 --> 00:12:02.400 Service right now that is providing to the world is kind of like giving people something to look at. 00:12:02.400 --> 00:12:05.400 And I'm saying look at because I'm not saying it's something to strive for. 00:12:05.400 --> 00:12:08.400 Like, I don't think the Andrew Tate model is something to strive for. 00:12:08.400 --> 00:12:19.400 I do think I do think there is something to be said about having men who. 00:12:19.400 --> 00:12:30.400 You can. Respect different aspects of like I respect how disciplined and how hard he was working when he became a pro level boxer like kickboxer. 00:12:30.400 --> 00:12:35.400 That takes a lot of hard work and discipline. Like, I do have a lot of respect for that. 00:12:35.400 --> 00:12:41.400 What he's doing now with his money and how he's kind of like treating masculinity, I don't really love. 00:12:41.400 --> 00:12:44.400 I know it is more aligned with his religious affiliation. Right. 00:12:44.400 --> 00:12:49.400 But I think one of the things that he's on the way to is on the path to ruin. 00:12:49.400 --> 00:12:53.400 You know, I think that goes back to the question of like, are we trapped in a Bitcoin mindset? 00:12:53.400 --> 00:13:01.400 I think as a Bitcoin like I cannot unsee that, you know, the whole sovereign individual thesis is people are going to flee from a. 00:13:01.400 --> 00:13:08.400 Unjust fiat world into a more just and more libertarian. 00:13:08.400 --> 00:13:12.400 You know, place where they can provide more value. And that's one thing that we're seeing all the time. 00:13:12.400 --> 00:13:21.400 You know, this quote that I just read talks literally about, you know, another quote is like speculation into things already produced. 00:13:21.400 --> 00:13:24.400 That is not business like that is literally the business of government. 00:13:24.400 --> 00:13:31.400 The business of the Fed is to basically like, OK, so the current economic situation is we have this much inflation and we have this much business. 00:13:31.400 --> 00:13:35.400 We have this much GDP. So we've already produced this much. 00:13:35.400 --> 00:13:39.400 So if we just change these levers a little bit more, we'll be able to produce this much more. 00:13:39.400 --> 00:13:42.400 You're not doing anything. You're not producing anything. 00:13:42.400 --> 00:13:47.400 All you're actually doing is adding more hurdles and making it harder for people to do anything. 00:13:48.400 --> 00:13:55.400 Like people who thrive in the business environment of the current day, like Elon Musk and, you know, Jeff Bezos and all these other current like titans. 00:13:55.400 --> 00:14:06.400 They did a really good job of navigating this regulatory capture and navigating this world where at the end of the day, the only thing the government is adding is more regulation and more hurdles. 00:14:06.400 --> 00:14:10.400 But the reason they were able to navigate is because they were the first ones through the door. 00:14:11.400 --> 00:14:17.400 And so what you need to understand as a Bitcoin is that the whole point of the world is to put you in a box. 00:14:17.400 --> 00:14:29.400 And if you can see a way to get out of that box before they put you in that box, the opportunity you have then is you can look around and decide where you actually want to put your resources. 00:14:29.400 --> 00:14:32.400 What boxes do you want to actually fill up or do you want to make your own? 00:14:32.400 --> 00:14:38.400 And so I think that's the thing that's the coolest about being in Bitcoin now is you can kind of understand that. 00:14:38.400 --> 00:14:42.400 But being trapped in that mindset and knowing that, oh, crap, like. 00:14:43.400 --> 00:14:50.400 Most people don't care about getting out of the box is pretty lonely and sad sometimes, especially in L.A. 00:14:52.400 --> 00:14:57.400 I think the other side of that, too, like you're right about the government regulation, but. 00:14:57.400 --> 00:15:06.400 But. You're like the other side of it is the is the safety thing or the zero to one thing safety talks about in. 00:15:08.400 --> 00:15:21.400 Bitcoin standard. That most of the inventions that have impacted our modern life in the 20th century all happened in the 18th century, 1800s or I guess 19th century, 1800s. 00:15:22.400 --> 00:15:26.400 Right. The computer, the toilet, like just really basic stuff. 00:15:27.400 --> 00:15:31.400 All was invented at that point. First programming. Right. 00:15:31.400 --> 00:15:36.400 And the only thing that's really happened, there hasn't really been much actual new inventions. 00:15:37.400 --> 00:15:41.400 The only thing that's really happened is just the optimization of those inventions. 00:15:41.400 --> 00:15:44.400 So on the government side, it's all about how do we regulate? 00:15:44.400 --> 00:15:47.400 How do we control? How do we pull the levers? 00:15:47.400 --> 00:15:54.400 And on the like the business, the quote unquote capitalism side, which is really just at this point totally crony capitalism. 00:15:55.400 --> 00:15:57.400 All they've done is just. 00:15:58.400 --> 00:16:02.400 Made it more efficient. We're not actually going from zero to one much, if at all. 00:16:03.400 --> 00:16:09.400 What we're doing is making microchips smaller and smaller and smaller year over year. 00:16:09.400 --> 00:16:16.400 Year over year. And the consequences of that are life is a little bit deflationary in terms of the technology. 00:16:16.400 --> 00:16:20.400 And then things can kind of work their way through that system. 00:16:20.400 --> 00:16:23.400 But nobody's really inventing a new car. Right. 00:16:24.400 --> 00:16:28.400 Nobody's really going from a car or going from a train to a car. Right. 00:16:29.400 --> 00:16:33.400 Those are those are big leaps. Or from a horse to a car. 00:16:34.400 --> 00:16:40.400 I want to bring it back real quick. You were saying that for specifically for the In-N-Out founder, she's got eight billion dollars. 00:16:41.400 --> 00:16:50.400 And she's kind of like ringing the alarm that California is not doing so well and that, you know, Tennessee is a better place to live for. 00:16:51.400 --> 00:16:56.400 And you were saying that she could take out billboards all over, like on every interstate. 00:16:56.400 --> 00:17:00.400 Yeah, I was saying Rogan. I was saying that for Rogan, but she could do the same thing, too. 00:17:01.400 --> 00:17:13.400 Right. Like just everybody, any any billionaire who leaves California should be like attacking the reason why they can no longer where they should no longer economically live in the best place on Earth. 00:17:14.400 --> 00:17:22.400 Yeah. Most people do not know why inflation is happening. 00:17:23.400 --> 00:17:27.400 They don't even know what the negative consequences of inflation are. 00:17:27.400 --> 00:17:47.400 They certainly don't know about the Cantillon effect, that when there is inflation, the people who hold assets, especially a certain type of assets, the value of those assets increases before the people that don't have assets realize that the inflation has taken place. 00:17:48.400 --> 00:17:51.400 So the people who don't have the assets get poor faster. 00:17:52.400 --> 00:17:54.400 The people who have the assets get rich faster. 00:17:54.400 --> 00:17:55.400 It widens that gap. 00:17:56.400 --> 00:18:03.400 So you would think, OK, well, then if you just have assets, then you are just benefiting from inflation. 00:18:04.400 --> 00:18:05.400 You're just going to get richer and richer and richer. 00:18:06.400 --> 00:18:07.400 So if I just get assets, I'll get richer. 00:18:08.400 --> 00:18:09.400 But inflation affects everybody negatively. 00:18:10.400 --> 00:18:13.400 And that is exactly what the founder of In-N-Out is saying. 00:18:14.400 --> 00:18:16.400 She's saying California is getting worse and worse and worse. 00:18:17.400 --> 00:18:18.400 There's homeless people everywhere. 00:18:19.400 --> 00:18:20.400 The crime is crazy. 00:18:21.400 --> 00:18:26.400 They had to shut down an In-N-Out in Oakland because there was so much crime and people were getting robbed in the parking lot. 00:18:27.400 --> 00:18:30.400 Those are the effects of fiat and of inflation. 00:18:31.400 --> 00:18:34.400 So even for the rich, they're facing consequences as well. 00:18:35.400 --> 00:18:42.400 And then you have the other guy who says he has $500 million, which I kind of don't believe, by the way, and he doesn't know what to do with it. 00:18:43.400 --> 00:18:46.400 The reason he doesn't know what to do with it is because he's only focused on himself. 00:18:47.400 --> 00:18:51.400 He's unhappy and he's just, how can I bring more pleasure to myself? 00:18:52.400 --> 00:18:56.400 Not realizing that it's more blessed to give than to receive. 00:18:57.400 --> 00:18:58.400 He has no concept of that. 00:18:59.400 --> 00:19:00.400 He's not actually trying to educate the world. 00:19:01.400 --> 00:19:08.400 He's trying to get rich off selling programs to younger people to try to tell them how to be scammers. 00:19:09.400 --> 00:19:10.400 He's just like a shit coiner. 00:19:10.400 --> 00:19:27.400 The people that are losing their souls by possibly enriching themselves just trying to do a Ponzi scheme where they scam somebody faster than they can be found out so that they can rug pull before anybody else so that they can take the money that they've stolen from people. 00:19:28.400 --> 00:19:32.400 It's thievery and it sucks your soul dry. 00:19:33.400 --> 00:19:36.400 And also in that guy's case, he says he's Muslim. 00:19:37.400 --> 00:19:38.400 I don't even believe that. 00:19:39.400 --> 00:19:42.400 He's not actually a practicing Muslim. 00:19:43.400 --> 00:19:50.400 He's just looking for things that will pump up his own ego and give him justification for the things that he wants to do. 00:19:51.400 --> 00:19:53.400 And Bitcoin fixes all of that. 00:19:57.400 --> 00:20:04.400 The thing that's coming to mind as you're saying that is, again, the trapped in fiat thing. 00:20:05.400 --> 00:20:06.400 He's trapped in fiat. 00:20:06.400 --> 00:20:11.400 When you attain a certain level of wealth, it's like the same thing with Rogan, the same thing with the In-N-Out founder. 00:20:12.400 --> 00:20:14.400 They're all trapped in the fiat world, the fiat mindset. 00:20:15.400 --> 00:20:23.400 When they attain a certain level of wealth, that necessarily puts them closer to the money printer. 00:20:24.400 --> 00:20:27.400 They get access to the better accounts. 00:20:28.400 --> 00:20:30.400 They get more inside information. 00:20:31.400 --> 00:20:34.400 They're closer to what's happening in terms of the money printer. 00:20:34.400 --> 00:20:44.400 Consequently, why on earth would they ever spend the $60 million on billboards that defame the money printer? 00:20:45.400 --> 00:20:47.400 Now that they're close to the money printer, they like it. 00:20:48.400 --> 00:20:49.400 It's nice up here. 00:20:50.400 --> 00:20:52.400 They're completely trapped by the system. 00:20:53.400 --> 00:20:54.400 Golden handcuffs to the extreme. 00:20:55.400 --> 00:20:56.400 They will never fight the system. 00:20:57.400 --> 00:21:03.400 And it's literally just up to all the people who have exited the system, the Bitcoiners, the plebs, to actually go out there and do it. 00:21:04.400 --> 00:21:09.400 Because nobody, and not get close to the money printer themselves. 00:21:10.400 --> 00:21:15.400 And that's important because a lot, like as we're seeing with all the treasury companies, 00:21:16.400 --> 00:21:18.400 oh yeah, we'll just get as close to the money printer as possible. 00:21:19.400 --> 00:21:21.400 Hey, maybe that's going to work out for you guys. 00:21:22.400 --> 00:21:25.400 Personally, I'm just like, oh my gosh, guys, you've lost your minds. 00:21:26.400 --> 00:21:28.400 But do not get close to the money printer. 00:21:29.400 --> 00:21:31.400 When you get close to the money printer, it's game over for you. 00:21:32.400 --> 00:21:33.400 Your entire mind is just captured. 00:21:34.400 --> 00:21:41.400 It's interesting to me how so many Bitcoiners, they may not even have that much money in Bitcoin. 00:21:42.400 --> 00:21:48.400 But as soon as they understand that there is a way to escape suffering inflation, 00:21:49.400 --> 00:21:53.400 even if they put $5,000 into Bitcoin and they held onto it for a year or two, 00:21:54.400 --> 00:21:58.400 and they've seen that amount in dollar terms increase, 00:21:59.400 --> 00:22:02.400 and they've started to understand the implications of Bitcoin. 00:22:02.400 --> 00:22:06.400 Their life philosophy starts to change as their time preference slows. 00:22:07.400 --> 00:22:12.400 And there are so many people that have a bad life philosophy, 00:22:13.400 --> 00:22:17.400 and more money is never going to change that life philosophy. 00:22:18.400 --> 00:22:23.400 They get richer and richer in fiat, and yet they don't have a good philosophy. 00:22:24.400 --> 00:22:27.400 And so they're not going to go and try to educate people and fight the system. 00:22:28.400 --> 00:22:33.400 Because it's like you have to establish the philosophy first. 00:22:34.400 --> 00:22:38.400 And without that, you're forever going to be missing. 00:22:39.400 --> 00:22:41.400 Yeah, anyway, it's just interesting. 00:22:42.400 --> 00:22:44.400 Bitcoiners so often, it's not the amount of Bitcoin they have. 00:22:45.400 --> 00:22:46.400 It's not how rich they are. 00:22:47.400 --> 00:22:48.400 It's just understanding the implication. 00:22:49.400 --> 00:22:53.400 So before we went on this, JD was like, get some facts together. 00:22:54.400 --> 00:22:55.400 And he wanted to talk about Henry Ford. 00:22:55.400 --> 00:22:59.400 And what instantly popped into my head was, I was like, 00:23:00.400 --> 00:23:05.400 there were a number of people who basically came up with Bitcoin 00:23:06.400 --> 00:23:07.400 way before Bitcoin existed. 00:23:08.400 --> 00:23:09.400 They had no idea how it was going to be accomplished. 00:23:10.400 --> 00:23:14.400 But they could see that once it was discovered how to do it, 00:23:15.400 --> 00:23:16.400 that it was going to change everything. 00:23:17.400 --> 00:23:19.400 And so I put together a little list. 00:23:20.400 --> 00:23:21.400 So I'm just going to read them off real quick. 00:23:22.400 --> 00:23:23.400 So Henry Ford was one of them. 00:23:23.400 --> 00:23:26.400 Henry Ford came up with the concept of energy currency, 00:23:27.400 --> 00:23:29.400 which was a form of money backed by energy units, 00:23:30.400 --> 00:23:32.400 rather than government issued fiat or gold. 00:23:33.400 --> 00:23:36.400 And he suggested that a currency like that would be more stable, 00:23:37.400 --> 00:23:39.400 less prone to manipulation by central authorities. 00:23:40.400 --> 00:23:42.400 Sounds very similar to Bitcoin. 00:23:43.400 --> 00:23:45.400 Another guy, have you ever seen the movie A Beautiful Mind? 00:23:46.400 --> 00:23:49.400 John Nash came up with this concept of ideal money, 00:23:49.400 --> 00:23:53.400 which was a theoretical currency that would be stable and non-inflationary, 00:23:54.400 --> 00:23:56.400 independent of government control and potentially managed 00:23:57.400 --> 00:23:59.400 through mathematical or algorithmic principles. 00:24:00.400 --> 00:24:02.400 Again, it's just Bitcoin. 00:24:03.400 --> 00:24:06.400 David Chom, was he mentioned in the white paper? 00:24:07.400 --> 00:24:08.400 I can't remember. 00:24:09.400 --> 00:24:10.400 He was cited. 00:24:11.400 --> 00:24:12.400 So he came up with e-cash, 00:24:13.400 --> 00:24:16.400 which had blind signatures for untraceable payments. 00:24:16.400 --> 00:24:19.400 You could argue that Bitcoin is traceable, 00:24:20.400 --> 00:24:22.400 but as we all know, there's many ways around that. 00:24:23.400 --> 00:24:25.400 The book, The Sovereign Individual, 00:24:26.400 --> 00:24:32.400 talked about a coming digital cash or cyber cash, 00:24:33.400 --> 00:24:35.400 which was a form of money that could operate outside 00:24:36.400 --> 00:24:38.400 the control of governments and central banks. 00:24:39.400 --> 00:24:41.400 And then two more, Milton Friedman, 00:24:42.400 --> 00:24:43.400 he had a quote where he said, 00:24:43.400 --> 00:24:45.400 I think that the Internet is going to be one of the major forces 00:24:46.400 --> 00:24:47.400 for reducing the role of government. 00:24:48.400 --> 00:24:50.400 The one thing that's missing, but that will soon be developed, 00:24:51.400 --> 00:24:53.400 is a reliable e-cash, even called it e-cash, 00:24:54.400 --> 00:24:57.400 a method whereby on the Internet, 00:24:58.400 --> 00:25:02.400 you can transfer funds from A to B without A knowing B or B knowing A, 00:25:03.400 --> 00:25:05.400 the way I can take a $20 bill and hand it over to you 00:25:06.400 --> 00:25:07.400 and there's no record of where it came from. 00:25:08.400 --> 00:25:10.400 And then Friedrich Hayek, who was also of the Austrian school, 00:25:10.400 --> 00:25:12.400 and there's a video, it's a really short clip, 00:25:13.400 --> 00:25:14.400 if you want to look it up, 00:25:15.400 --> 00:25:19.400 it's called Predicting Bitcoin in 1984, 00:25:20.400 --> 00:25:21.400 a Sly Roundabout Way. 00:25:22.400 --> 00:25:23.400 This is the last thing I'll say. 00:25:24.400 --> 00:25:26.400 He said, I don't believe we shall ever have a good money again 00:25:27.400 --> 00:25:28.400 before we take the thing out of the hands of the government. 00:25:29.400 --> 00:25:31.400 That is, we can't take them violently out of the hands of the government. 00:25:32.400 --> 00:25:34.400 All we can do is by some sly roundabout way, 00:25:35.400 --> 00:25:37.400 introduce something they can't stop. 00:25:38.400 --> 00:25:39.400 Bitcoin. 00:25:40.400 --> 00:25:41.400 And we have that now, it's called Bitcoin. 00:25:42.400 --> 00:25:43.400 Yep. 00:25:46.400 --> 00:25:47.400 Those quotes are all so good. 00:25:48.400 --> 00:25:49.400 I love those. 00:25:50.400 --> 00:25:51.400 Those are all great. 00:25:52.400 --> 00:25:53.400 And I think one of the things that I wanted to bring up 00:25:54.400 --> 00:25:55.400 and see how this works is, 00:25:56.400 --> 00:26:00.400 I just had GPT make a Cantillion Effect graphic, 00:26:01.400 --> 00:26:03.400 but this is pretty much accurate. 00:26:04.400 --> 00:26:08.400 The money creation goes to everybody near the money printer 00:26:09.400 --> 00:26:11.400 and everyone else just kind of gets screwed. 00:26:12.400 --> 00:26:14.400 And so I think what's really interesting though about this 00:26:15.400 --> 00:26:21.400 is if you don't fully grasp the divide, 00:26:22.400 --> 00:26:23.400 this is actually a great breakdown. 00:26:24.400 --> 00:26:25.400 Because at the end of the day, 00:26:28.400 --> 00:26:31.400 they don't want you to know about the money printer 00:26:32.400 --> 00:26:33.400 or rather how the money printer works, 00:26:34.400 --> 00:26:36.400 because that's how the game works. 00:26:37.400 --> 00:26:38.400 What is the game? 00:26:39.400 --> 00:26:41.400 The game is to confuse. 00:26:42.400 --> 00:26:43.400 The game is to divide. 00:26:44.400 --> 00:26:47.400 The game is to make everybody feel alone. 00:26:48.400 --> 00:26:51.400 There's a reason they call options and stocks, 00:26:52.400 --> 00:26:53.400 calls and puts, 00:26:54.400 --> 00:26:55.400 which is different than shorts and longs, 00:26:56.400 --> 00:26:59.400 which is different than CDOs, 00:27:00.400 --> 00:27:01.400 which is different than swaps. 00:27:02.400 --> 00:27:04.400 They come up with a jargon 00:27:05.400 --> 00:27:10.400 that the people within the game understand and live by. 00:27:11.400 --> 00:27:13.400 And that jargon and the understanding of that jargon 00:27:14.400 --> 00:27:15.400 means you understand how the game works. 00:27:16.400 --> 00:27:20.400 And so we get to a really, really interesting place 00:27:21.400 --> 00:27:27.400 when momentum starts to get behind something, 00:27:27.400 --> 00:27:28.400 Bitcoin in this case, 00:27:29.400 --> 00:27:33.400 that breaks your mind free from where you're trapped. 00:27:34.400 --> 00:27:36.400 Because we are all born into a game that we are trapped in. 00:27:37.400 --> 00:27:38.400 Period. 00:27:39.400 --> 00:27:40.400 No one watching this right now, 00:27:41.400 --> 00:27:43.400 no one on this call opted into this system. 00:27:44.400 --> 00:27:45.400 We were just born into the system. 00:27:46.400 --> 00:27:48.400 And the system was created by men 00:27:49.400 --> 00:27:51.400 to keep other men in line 00:27:52.400 --> 00:27:55.400 in such a way that they could be serviced by those men. 00:27:55.400 --> 00:27:56.400 That's it. 00:27:57.400 --> 00:27:58.400 Like at the end of the day, 00:27:59.400 --> 00:28:00.400 you had a group of people in elite 00:28:01.400 --> 00:28:02.400 that were like, all right, cool. 00:28:03.400 --> 00:28:04.400 We want to stay elite. 00:28:05.400 --> 00:28:06.400 We want to stay at the top of control. 00:28:07.400 --> 00:28:08.400 We want to stay for good or bad, right? 00:28:09.400 --> 00:28:10.400 There are people like George Washington who knew, 00:28:11.400 --> 00:28:13.400 hey, if you make me a king, I will be the first king. 00:28:14.400 --> 00:28:15.400 And by the way, I'm going to die because I'm immortal. 00:28:16.400 --> 00:28:17.400 And we don't want a king. 00:28:18.400 --> 00:28:19.400 That's why we left the king. 00:28:20.400 --> 00:28:21.400 And so I think that's the biggest thing 00:28:21.400 --> 00:28:24.400 with what you're talking about before Bond 00:28:25.400 --> 00:28:28.400 or about ideas moving us from zero to one. 00:28:29.400 --> 00:28:31.400 Bitcoin is not a zero to one idea. 00:28:32.400 --> 00:28:33.400 It's not. 00:28:34.400 --> 00:28:35.400 Money was the zero to one. 00:28:36.400 --> 00:28:38.400 A medium of exchange that was not the object 00:28:39.400 --> 00:28:40.400 was the zero to one moment. 00:28:41.400 --> 00:28:43.400 Bitcoin is just the current new 00:28:44.400 --> 00:28:46.400 and best iteration of that zero to one change. 00:28:47.400 --> 00:28:49.400 And so what's really cool about that 00:28:49.400 --> 00:28:51.400 is because Bitcoin is just an optimization, 00:28:52.400 --> 00:28:54.400 eventually everyone will understand it. 00:28:55.400 --> 00:28:56.400 Whether you understand it before 00:28:57.400 --> 00:28:59.400 you're forced into understanding it is your choice. 00:29:06.400 --> 00:29:10.400 So I think we've all made this mistake 00:29:11.400 --> 00:29:13.400 of thinking that people are just idiots 00:29:14.400 --> 00:29:15.400 for not getting Bitcoin. 00:29:16.400 --> 00:29:18.400 But people are not idiots. 00:29:19.400 --> 00:29:21.400 If you understand the bell curve of intelligence, 00:29:22.400 --> 00:29:25.400 most people are kind of of average intelligence. 00:29:26.400 --> 00:29:27.400 And if you're of average intelligence, 00:29:28.400 --> 00:29:31.400 it's very, very simple to understand that, 00:29:32.400 --> 00:29:33.400 especially if you're an American, 00:29:34.400 --> 00:29:35.400 that the government can print 00:29:36.400 --> 00:29:37.400 an endless amount of money. 00:29:38.400 --> 00:29:39.400 They can pay for anything they want to. 00:29:40.400 --> 00:29:41.400 But the faster that they do that, 00:29:42.400 --> 00:29:43.400 the more it devalues the money, 00:29:44.400 --> 00:29:45.400 the more expensive that things will get. 00:29:46.400 --> 00:29:47.400 And your salary cannot keep up 00:29:47.400 --> 00:29:48.400 with how expensive things are getting. 00:29:49.400 --> 00:29:50.400 So they got to be a little careful. 00:29:51.400 --> 00:29:52.400 They can't print too fast 00:29:53.400 --> 00:29:54.400 because then people will get unruly. 00:29:55.400 --> 00:29:56.400 It's very easy to understand that. 00:29:57.400 --> 00:29:58.400 And so I've spent a lot of time just like, 00:29:59.400 --> 00:30:00.400 why are people not getting this? 00:30:01.400 --> 00:30:02.400 How do they not see that Bitcoin 00:30:03.400 --> 00:30:04.400 is the solution to this? 00:30:05.400 --> 00:30:06.400 And the answer is so simple. 00:30:07.400 --> 00:30:08.400 It's that the people who are doing this 00:30:09.400 --> 00:30:10.400 are bad people and they are lying. 00:30:11.400 --> 00:30:12.400 A smart person can figure this out. 00:30:13.400 --> 00:30:14.400 But the thing is, 00:30:14.400 --> 00:30:16.400 if a scam artist, 00:30:17.400 --> 00:30:18.400 if a con artist comes up 00:30:19.400 --> 00:30:20.400 and tells you that their name 00:30:21.400 --> 00:30:22.400 is something that is not really their name, 00:30:23.400 --> 00:30:24.400 or they're from a place 00:30:25.400 --> 00:30:26.400 that is not really where they're from, 00:30:27.400 --> 00:30:28.400 you will believe them 00:30:29.400 --> 00:30:30.400 because you have no reason not to believe them. 00:30:31.400 --> 00:30:32.400 Humans are very, very susceptible 00:30:33.400 --> 00:30:34.400 to being lied to. 00:30:35.400 --> 00:30:36.400 It is very hard to tell 00:30:37.400 --> 00:30:38.400 when somebody is lying to you. 00:30:39.400 --> 00:30:40.400 So what we're doing 00:30:41.400 --> 00:30:42.400 is we're trying to ring the alarm 00:30:42.400 --> 00:30:43.400 that they are being lied to 00:30:44.400 --> 00:30:45.400 by the Federal Reserve. 00:30:46.400 --> 00:30:47.400 They are being lied to by the government 00:30:48.400 --> 00:30:49.400 that is printing more money 00:30:50.400 --> 00:30:51.400 than they say they're printing 00:30:52.400 --> 00:30:53.400 and is devaluing your money 00:30:54.400 --> 00:30:55.400 and making your life worse 00:30:56.400 --> 00:30:57.400 and enriching themselves. 00:30:58.400 --> 00:30:59.400 And that's why people aren't getting it 00:31:00.400 --> 00:31:01.400 because they're being lied to. 00:31:02.400 --> 00:31:03.400 J.D., what you said earlier, 00:31:04.400 --> 00:31:05.400 there is an elite. 00:31:06.400 --> 00:31:07.400 There's always going to be an elite. 00:31:08.400 --> 00:31:09.400 The thing that's nefarious 00:31:10.400 --> 00:31:11.400 about a fiat system 00:31:12.400 --> 00:31:13.400 is that they're going to lie to you 00:31:14.400 --> 00:31:15.400 about the nature of the system. 00:31:16.400 --> 00:31:17.400 And the consequences there 00:31:18.400 --> 00:31:19.400 is that, oh, 00:31:20.400 --> 00:31:21.400 everyone gets to just be free 00:31:22.400 --> 00:31:23.400 and work how they want to work 00:31:24.400 --> 00:31:25.400 and do what they want to do 00:31:26.400 --> 00:31:27.400 and raise their families 00:31:28.400 --> 00:31:29.400 and all this other stuff 00:31:30.400 --> 00:31:31.400 because they're printing money. 00:31:32.400 --> 00:31:33.400 And when they print money 00:31:34.400 --> 00:31:35.400 below the terminal rate 00:31:36.400 --> 00:31:37.400 of massive violent revolution, 00:31:38.400 --> 00:31:39.400 they can just continue this system 00:31:39.400 --> 00:31:40.400 and everybody in the system 00:31:41.400 --> 00:31:42.400 who works for fiat money 00:31:43.400 --> 00:31:44.400 is perpetuating the system 00:31:46.400 --> 00:31:47.400 and enslaving themselves 00:31:48.400 --> 00:31:49.400 at whatever it is, 00:31:50.400 --> 00:31:51.400 10% per year 00:31:52.400 --> 00:31:53.400 because that's the inflation rate. 00:31:54.400 --> 00:31:55.400 You are 10% of your time 00:31:56.400 --> 00:31:57.400 is just slave labor, 00:31:58.400 --> 00:31:59.400 unpaid, 00:32:00.400 --> 00:32:01.400 that you cannot get back, 00:32:02.400 --> 00:32:03.400 that you cannot exit from, 00:32:04.400 --> 00:32:05.400 that you cannot do anything about 00:32:06.400 --> 00:32:07.400 apart from just endure 00:32:07.400 --> 00:32:08.400 the 10% slavery, 00:32:09.400 --> 00:32:10.400 soft totalitarianism. 00:32:12.400 --> 00:32:13.400 What's really wild about that, 00:32:15.400 --> 00:32:16.400 and Henry Ford is talking about this too, 00:32:17.400 --> 00:32:18.400 is actually, 00:32:19.400 --> 00:32:20.400 I think as Bitcoiners, 00:32:21.400 --> 00:32:22.400 we are too idealistic. 00:32:23.400 --> 00:32:24.400 I think we are trapped in this mindset 00:32:25.400 --> 00:32:26.400 that we are very lucky 00:32:27.400 --> 00:32:28.400 that we're around a lot 00:32:29.400 --> 00:32:30.400 of really, really smart people. 00:32:31.400 --> 00:32:32.400 I think you actually do have to be 00:32:33.400 --> 00:32:34.400 on the ends of the bell curve 00:32:35.400 --> 00:32:36.400 to fully grasp Bitcoin 00:32:37.400 --> 00:32:38.400 The lower end, yeah, the lower end. 00:32:39.400 --> 00:32:40.400 You have to be on the lower end. 00:32:41.400 --> 00:32:42.400 I'm on the retarded end. 00:32:43.400 --> 00:32:44.400 I think all of us are. 00:32:45.400 --> 00:32:46.400 Hopefully the 32 people watching right now 00:32:47.400 --> 00:32:48.400 are on the other side 00:32:49.400 --> 00:32:50.400 and they're just feeling sorry for us. 00:32:51.400 --> 00:32:52.400 But the key here is 00:32:53.400 --> 00:32:54.400 you have to be on the ends 00:32:55.400 --> 00:32:56.400 of the spectrum of understanding 00:32:57.400 --> 00:32:58.400 because at the end of the day, 00:32:59.400 --> 00:33:00.400 it's too comfortable 00:33:01.400 --> 00:33:02.400 in the middle. 00:33:03.400 --> 00:33:04.400 And there's comfort 00:33:04.400 --> 00:33:05.400 in knowing that you know 00:33:06.400 --> 00:33:07.400 you're going to get a paycheck on Monday 00:33:08.400 --> 00:33:09.400 or Friday or whatever it is. 00:33:10.400 --> 00:33:11.400 And you have a know 00:33:12.400 --> 00:33:13.400 that you have a place you need to go 00:33:14.400 --> 00:33:15.400 and you know that somebody needs something 00:33:16.400 --> 00:33:17.400 because you don't have to think. 00:33:18.400 --> 00:33:19.400 You don't have to agonize 00:33:20.400 --> 00:33:21.400 over what is my purpose. 00:33:22.400 --> 00:33:23.400 You don't have to agonize over 00:33:23.400 --> 00:33:24.400 how do I help a bunch of people? 00:33:25.400 --> 00:33:26.400 You don't have to agonize 00:33:27.400 --> 00:33:28.400 over a lot of these things 00:33:29.400 --> 00:33:30.400 that all you want to think about 00:33:31.400 --> 00:33:32.400 is just what's going to be on TV 00:33:32.400 --> 00:33:33.400 that's being built by men 00:33:34.400 --> 00:33:35.400 and women 00:33:36.400 --> 00:33:37.400 who want to make the world 00:33:38.400 --> 00:33:39.400 different in some way, 00:33:39.400 --> 00:33:40.400 shape or form. 00:33:41.400 --> 00:33:42.400 And that's not everybody. 00:33:43.400 --> 00:33:44.400 And that's also OK. 00:33:45.400 --> 00:33:46.400 And I think that's the thing that 00:33:46.400 --> 00:33:47.400 as Bitcoin is as tough sometimes 00:33:47.400 --> 00:33:48.400 for us to understand and swallow. 00:33:49.400 --> 00:33:50.400 Not everybody wants to 00:33:51.400 --> 00:33:52.400 be a leader 00:33:53.400 --> 00:33:54.400 and not everybody needs to be a leader. 00:33:55.400 --> 00:33:56.400 And I think right now, 00:33:56.400 --> 00:33:57.400 you know, we're coming up to the wave of, 00:33:58.400 --> 00:33:59.400 you know, we're on the bell curve 00:33:59.400 --> 00:34:00.400 of adoption too, right? 00:34:00.400 --> 00:34:01.400 You know, the way the adoption 00:34:01.400 --> 00:34:02.400 curves goes. 00:34:02.400 --> 00:34:03.400 And I think we're still probably 00:34:03.400 --> 00:34:04.400 at the front end of the bell 00:34:04.400 --> 00:34:05.400 curve of adoption. 00:34:06.400 --> 00:34:07.400 You know, we're definitely not at 00:34:07.400 --> 00:34:08.399 the innovators and, you know, 00:34:08.399 --> 00:34:09.399 we're probably still with the 00:34:09.399 --> 00:34:10.399 trailblazers and maybe we're 00:34:11.399 --> 00:34:12.399 in the early adopters, probably 00:34:12.399 --> 00:34:13.399 closer to the early adopter phase. 00:34:13.399 --> 00:34:15.399 But as soon as we get into 00:34:15.399 --> 00:34:16.399 the mass adoption 00:34:17.399 --> 00:34:18.399 phase of Bitcoin, 00:34:19.399 --> 00:34:20.399 Bitcoin isn't going to be fun 00:34:20.399 --> 00:34:21.399 anymore. 00:34:21.399 --> 00:34:22.399 Bitcoin is just going to be roped. 00:34:23.399 --> 00:34:24.399 Bitcoin is going to be the common 00:34:24.399 --> 00:34:25.399 understanding. 00:34:25.399 --> 00:34:26.399 It's just like the U.S. dollar 00:34:26.399 --> 00:34:27.399 after Bretton Woods, 00:34:28.399 --> 00:34:29.399 you know, just became the 00:34:29.399 --> 00:34:30.399 understanding. 00:34:30.399 --> 00:34:31.399 This is the business handshake. 00:34:31.399 --> 00:34:32.399 This is the jargon 00:34:33.399 --> 00:34:34.399 of business. 00:34:34.399 --> 00:34:35.399 Bitcoin will become the jargon of 00:34:35.399 --> 00:34:36.399 business and it will be 00:34:37.399 --> 00:34:39.399 boring eventually. 00:34:40.399 --> 00:34:41.399 And you will then be trapped in 00:34:41.399 --> 00:34:43.399 that Bitcoin world, which I think 00:34:43.399 --> 00:34:44.399 all of us would argue would be 00:34:44.399 --> 00:34:45.399 better for you. 00:34:46.399 --> 00:34:47.399 But the challenge is going to be 00:34:47.399 --> 00:34:49.399 how do we get people who 00:34:49.399 --> 00:34:50.399 like being trapped 00:34:51.399 --> 00:34:53.399 to understand that 00:34:54.399 --> 00:34:55.399 the grass isn't greener on the 00:34:55.399 --> 00:34:56.399 other side. 00:34:57.399 --> 00:34:58.399 Going back to the fiat system, 00:34:59.399 --> 00:35:01.399 where you have rulers 00:35:01.399 --> 00:35:03.399 is not actually a better world 00:35:03.399 --> 00:35:04.399 for you. 00:35:04.399 --> 00:35:05.399 And they saw this in Exodus, 00:35:05.399 --> 00:35:06.399 right? 00:35:06.399 --> 00:35:08.399 When the Jews were 00:35:08.399 --> 00:35:09.399 cast out of Egypt and they left 00:35:09.399 --> 00:35:10.399 Egypt and they went through the 00:35:10.399 --> 00:35:11.399 Red Sea. 00:35:11.399 --> 00:35:12.399 If you don't know the story, you 00:35:12.399 --> 00:35:13.399 know, Moses had the Red Sea part 00:35:13.399 --> 00:35:14.399 and the Jews ran through it and 00:35:14.399 --> 00:35:15.399 then the sea came back together 00:35:15.399 --> 00:35:16.399 and it killed all the Egyptians 00:35:16.399 --> 00:35:17.399 were chasing him. 00:35:18.399 --> 00:35:19.399 Great story. 00:35:19.399 --> 00:35:20.399 But. 00:35:21.399 --> 00:35:22.399 They got out of the they got out 00:35:22.399 --> 00:35:23.399 of their oppression. 00:35:23.399 --> 00:35:25.399 They got on the path 00:35:25.399 --> 00:35:27.399 to what God was planning to give 00:35:27.399 --> 00:35:28.399 them, which was the promised land. 00:35:28.399 --> 00:35:29.399 And they just started grumbling. 00:35:30.399 --> 00:35:31.399 And that is what the majority 00:35:31.399 --> 00:35:32.399 people want to do is the majority 00:35:32.399 --> 00:35:33.399 people just want stuff handed to 00:35:33.399 --> 00:35:34.399 them. We see that with welfare. 00:35:34.399 --> 00:35:36.399 We see that with social security 00:35:36.399 --> 00:35:37.399 checks. 00:35:37.399 --> 00:35:39.399 And so I think where we're trapped 00:35:39.399 --> 00:35:40.399 as Bitcoiners is we're trapped in 00:35:40.399 --> 00:35:42.399 this idealized world of, 00:35:42.399 --> 00:35:43.399 oh, everybody wants the best for 00:35:43.399 --> 00:35:44.399 everybody. 00:35:44.399 --> 00:35:45.399 It's just not the case. 00:35:46.399 --> 00:35:48.399 Sally, I love that you I love that 00:35:48.399 --> 00:35:50.399 you bring up the welfare thing, too, 00:35:50.399 --> 00:35:51.399 because we tend to think about like 00:35:51.399 --> 00:35:52.399 as Bitcoiners, we tend to think 00:35:52.399 --> 00:35:54.399 about the quintillion effect, 00:35:54.399 --> 00:35:56.399 the closeness to the money printer 00:35:57.399 --> 00:35:59.399 as like it's all the elite 00:35:59.399 --> 00:36:00.399 billionaires. It's all the 00:36:02.399 --> 00:36:04.399 Elon Musk and Joe Rogan's and 00:36:06.399 --> 00:36:08.399 my gosh, Bill Gates and all the 00:36:08.399 --> 00:36:09.399 rest of them, right. 00:36:09.399 --> 00:36:11.399 The politicians and you just go down 00:36:11.399 --> 00:36:12.399 the list. Right. 00:36:13.399 --> 00:36:14.399 But there's other ways to get close 00:36:14.399 --> 00:36:16.399 to the money printer, one of 00:36:16.399 --> 00:36:17.399 which is welfare. 00:36:18.399 --> 00:36:19.399 Right. 00:36:19.399 --> 00:36:20.399 Hey, that's the shortcut way. 00:36:21.399 --> 00:36:23.399 We just get on the welfare cliff 00:36:23.399 --> 00:36:25.399 because, oh, well, that that's 00:36:25.399 --> 00:36:27.399 all the print a bunch of money and 00:36:27.399 --> 00:36:29.399 it goes to the welfare system. 00:36:29.399 --> 00:36:30.399 And so all the people who are not 00:36:30.399 --> 00:36:33.399 working and just vote for welfare 00:36:33.399 --> 00:36:34.399 check welfare check. 00:36:35.399 --> 00:36:36.399 They are actually closer to the 00:36:36.399 --> 00:36:38.399 money printer than the person who 00:36:39.399 --> 00:36:41.399 is working 60 hours a week, making 00:36:41.399 --> 00:36:43.399 minimum wage, trying to just pay his 00:36:43.399 --> 00:36:44.399 rent. Right. 00:36:44.399 --> 00:36:46.399 The person in the middle there, 00:36:46.399 --> 00:36:48.399 they're the furthest from the money 00:36:48.399 --> 00:36:50.399 printer. The absolute impoverished 00:36:50.399 --> 00:36:51.399 person just relies on the government 00:36:51.399 --> 00:36:53.399 for all of the handouts are 00:36:53.399 --> 00:36:55.399 closer to the money printer than 00:36:57.399 --> 00:36:58.399 the person who is actually trying to 00:36:58.399 --> 00:36:59.399 be a responsible human being. 00:37:01.399 --> 00:37:02.399 Yeah, if you're on Section 8 and 00:37:02.399 --> 00:37:06.399 you're getting EBT, then 00:37:06.399 --> 00:37:07.399 you really got nothing to worry 00:37:07.399 --> 00:37:10.399 about. In fact, usually 00:37:10.399 --> 00:37:12.399 when inflation ramps up, 00:37:13.399 --> 00:37:15.399 the government does these programs 00:37:15.399 --> 00:37:18.399 that only apply to the absolute 00:37:18.399 --> 00:37:20.399 poorest people and gives them more 00:37:20.399 --> 00:37:21.399 free stuff. 00:37:21.399 --> 00:37:23.399 So actually, in a way, as things 00:37:23.399 --> 00:37:25.399 get worse, as inflation gets worse, 00:37:25.399 --> 00:37:28.399 if you are a poor person who's 00:37:28.399 --> 00:37:30.399 on the government dole, you're 00:37:30.399 --> 00:37:31.399 actually getting more. 00:37:34.399 --> 00:37:35.399 Yeah, that's so twisted. 00:37:36.399 --> 00:37:39.399 Yep. It's it's the 00:37:40.399 --> 00:37:42.399 the borrower is slave to the lender 00:37:43.399 --> 00:37:45.399 and borrowing government money, 00:37:46.399 --> 00:37:49.399 i.e. welfare, is not 00:37:49.399 --> 00:37:50.399 the way people think. 00:37:51.399 --> 00:37:53.399 Like, you don't have to be in debt, 00:37:54.399 --> 00:37:55.399 physical debt with a credit card, 00:37:55.399 --> 00:37:57.399 whatever it is, to be slave. 00:37:58.399 --> 00:37:59.399 Welfare makes you a slave. 00:38:01.399 --> 00:38:02.399 It does. That's why they call them 00:38:02.399 --> 00:38:03.399 poverty pimps. 00:38:04.399 --> 00:38:05.399 Because at the end of the day, if 00:38:05.399 --> 00:38:08.399 you're listening to Maxine Waters or 00:38:08.399 --> 00:38:09.399 any of the Republicans to Mitch 00:38:09.399 --> 00:38:10.399 McConnell, doesn't matter. 00:38:11.399 --> 00:38:12.399 It's a uniparty. 00:38:12.399 --> 00:38:15.399 You are stuck in the matrix of red 00:38:15.399 --> 00:38:17.399 versus blue and you are a slave 00:38:18.399 --> 00:38:20.399 mentally. And in some cases, in a 00:38:20.399 --> 00:38:21.399 lot of cases, monetarily and 00:38:21.399 --> 00:38:23.399 physically. And so the only way to 00:38:23.399 --> 00:38:24.399 break free is to start thinking for 00:38:24.399 --> 00:38:27.399 yourself. But that requires two 00:38:27.399 --> 00:38:28.399 things. You want to think for 00:38:28.399 --> 00:38:31.399 yourself, one, and two, you have the 00:38:31.399 --> 00:38:32.399 capacity to think for yourself. 00:38:33.399 --> 00:38:34.399 Henry Ford's book is also 00:38:34.399 --> 00:38:35.399 fascinating because he did a lot of 00:38:35.399 --> 00:38:37.399 work actually trying to help people 00:38:37.399 --> 00:38:38.399 like everybody gives him such a bad 00:38:38.399 --> 00:38:39.399 rap. And like reading this book 00:38:39.399 --> 00:38:40.399 totally blows my mind. 00:38:40.399 --> 00:38:42.399 Like, yes, he's who gave us the 40 00:38:42.399 --> 00:38:43.399 hour work week. But the reason he 00:38:43.399 --> 00:38:45.399 gave us the 40 hour work week is 00:38:45.399 --> 00:38:46.399 because he wanted to provide that 00:38:46.399 --> 00:38:49.399 consistency that men need. 00:38:49.399 --> 00:38:50.399 People crave consistency. 00:38:51.399 --> 00:38:52.399 And one of the things that he talks 00:38:52.399 --> 00:38:53.399 about in the book is actually the 00:38:53.399 --> 00:38:54.399 better way to work would be if you 00:38:54.399 --> 00:38:56.399 come and work for four months in a 00:38:56.399 --> 00:38:58.399 factory, the four months when it's 00:38:58.399 --> 00:38:59.399 snowing and then the rest of the 00:38:59.399 --> 00:39:00.399 time you go out and work in the 00:39:00.399 --> 00:39:02.399 field again, different times. 00:39:02.399 --> 00:39:03.399 Right. We have different machines 00:39:03.399 --> 00:39:05.399 and stuff like that back in the 00:39:05.399 --> 00:39:07.399 1880s, late 1880s and then early 00:39:07.399 --> 00:39:08.399 1900s when it was written. 00:39:09.399 --> 00:39:10.399 But one of the things that he 00:39:10.399 --> 00:39:13.399 talked about is men don't want to 00:39:13.399 --> 00:39:15.399 work, but the ones who do want to 00:39:15.399 --> 00:39:16.399 work will. And so he had all these 00:39:16.399 --> 00:39:18.399 systems where, you know, they 00:39:18.399 --> 00:39:19.399 basically would test people who 00:39:19.399 --> 00:39:21.399 had one arm or one eye or who were 00:39:21.399 --> 00:39:23.399 deaf or bedridden. 00:39:23.399 --> 00:39:25.399 And he's like, the men who had the 00:39:25.399 --> 00:39:28.399 obstacle were far and away 00:39:28.399 --> 00:39:30.399 better performers than the normal 00:39:30.399 --> 00:39:32.399 men. Because if you're bedridden, 00:39:32.399 --> 00:39:35.399 but you need purpose and Ford 00:39:35.399 --> 00:39:36.399 gives you a job at a Ford factory 00:39:36.399 --> 00:39:38.399 like just screwing, tightening a 00:39:38.399 --> 00:39:40.399 nut or whatever it is, you are 00:39:40.399 --> 00:39:42.399 ecstatic that you can have purpose 00:39:42.399 --> 00:39:43.399 and something to do. 00:39:43.399 --> 00:39:44.399 And so the problem we have right 00:39:44.399 --> 00:39:47.399 now is we just have such a dearth 00:39:47.399 --> 00:39:49.399 of purpose. We have so few people 00:39:49.399 --> 00:39:51.399 who who have a desire to do 00:39:51.399 --> 00:39:52.399 something because they don't know 00:39:52.399 --> 00:39:53.399 what to do. 00:39:53.399 --> 00:39:55.399 And, you know, this is such a 00:39:55.399 --> 00:39:56.399 challenge. I challenge you and I'm 00:39:56.399 --> 00:39:57.399 charging myself, too. 00:39:57.399 --> 00:39:58.399 This is one of the things that I'm 00:39:58.399 --> 00:39:59.399 personally working on. 00:39:59.399 --> 00:40:00.399 One of the reasons I'm doing this 00:40:00.399 --> 00:40:01.399 thing is like I'm really trying to 00:40:01.399 --> 00:40:03.399 figure out how I can add value to as 00:40:03.399 --> 00:40:04.399 many people as possible. 00:40:04.399 --> 00:40:06.399 Like I know what I'm good at, but 00:40:06.399 --> 00:40:08.399 Bitcoin just made me think 00:40:08.399 --> 00:40:09.399 completely differently because at 00:40:09.399 --> 00:40:11.399 the end of the day, how do I make 00:40:11.399 --> 00:40:12.399 the biggest impact the most number 00:40:12.399 --> 00:40:14.399 of people and make everything better 00:40:14.399 --> 00:40:15.399 for as many people as I can? 00:40:16.399 --> 00:40:17.399 I know we like to turn things 00:40:17.399 --> 00:40:19.399 positive after the 30 minute mark 00:40:19.399 --> 00:40:21.399 and we're way over it. 00:40:21.399 --> 00:40:24.399 Have you ever wondered how a 00:40:24.399 --> 00:40:26.399 homeless person sustains a drug 00:40:26.399 --> 00:40:28.399 addiction because drugs? 00:40:28.399 --> 00:40:29.399 I mean, I wouldn't know, but drugs 00:40:29.399 --> 00:40:31.399 are expensive, especially if you're 00:40:31.399 --> 00:40:34.399 doing drugs all day, every day. 00:40:34.399 --> 00:40:36.399 And you've got to pay cash for them. 00:40:36.399 --> 00:40:37.399 Where does a homeless person that 00:40:37.399 --> 00:40:40.399 doesn't have an income get the money 00:40:40.399 --> 00:40:43.399 to sustain a daily drug addiction? 00:40:43.399 --> 00:40:46.399 And why would it's the government? 00:40:46.399 --> 00:40:47.399 Why would the government give them 00:40:47.399 --> 00:40:52.399 money to then turn around and pay 00:40:52.399 --> 00:40:54.399 the drug dealers who are working 00:40:54.399 --> 00:40:56.399 for cartels? 00:40:56.399 --> 00:41:00.399 And I can speak about Los Angeles 00:41:00.399 --> 00:41:01.399 and Los Angeles. 00:41:01.399 --> 00:41:02.399 We have this thing you could call 00:41:02.399 --> 00:41:05.399 the homeless industrial complex. 00:41:05.399 --> 00:41:07.399 The more homelessness that exists, 00:41:07.399 --> 00:41:10.399 the more fiat money that gets 00:41:11.399 --> 00:41:13.399 printed, that gets thrown at the 00:41:13.399 --> 00:41:16.399 problem, that goes first to the 00:41:16.399 --> 00:41:18.399 people who can give favors to their 00:41:18.399 --> 00:41:20.399 crony friends who are supposedly 00:41:20.399 --> 00:41:21.399 running these programs that help 00:41:21.399 --> 00:41:22.399 the homeless people. 00:41:22.399 --> 00:41:25.399 So by increasing the drug addicts, 00:41:25.399 --> 00:41:27.399 giving the money to the drug dealers 00:41:27.399 --> 00:41:29.399 in the cartels, the people who are 00:41:29.399 --> 00:41:33.399 running the show get richer and make 00:41:33.399 --> 00:41:35.399 more money off of the pain and 00:41:35.399 --> 00:41:38.399 suffering of the people. 00:41:39.399 --> 00:41:40.399 Again, it's so twisted. 00:41:40.399 --> 00:41:43.399 It's unbelievable, but it's what it is. 00:41:43.399 --> 00:41:44.399 Did you guys see this? 00:41:44.399 --> 00:41:47.399 The USAID, or not, sorry, 00:41:47.399 --> 00:41:49.399 did you guys see this? 00:41:49.399 --> 00:41:52.399 The Cal Fire concert that raised 00:41:52.399 --> 00:41:55.399 $100 million and had all Lady Gaga, 00:41:55.399 --> 00:41:57.399 all these like big names, 00:41:57.399 --> 00:42:00.399 Billie Eilish, raised $100 million 00:42:00.399 --> 00:42:03.399 and zero of it went to actually 00:42:03.399 --> 00:42:04.399 helping the fire victims in California. 00:42:04.399 --> 00:42:07.399 All of it went to charities. 00:42:08.399 --> 00:42:11.399 In large part, like NAACP, 00:42:11.399 --> 00:42:13.399 like race-based charities, 00:42:13.399 --> 00:42:15.399 advancing black things, 00:42:15.399 --> 00:42:18.399 there's literally nothing to do 00:42:18.399 --> 00:42:20.399 with fire relief at all. 00:42:20.399 --> 00:42:22.399 Marketed as a cause, 00:42:22.399 --> 00:42:24.399 just absolute opportunism. 00:42:24.399 --> 00:42:28.399 Good, good. 00:42:30.399 --> 00:42:34.399 This is also just an artifact of 00:42:34.399 --> 00:42:35.399 the fiat system, 00:42:35.399 --> 00:42:38.399 that if you didn't know, 00:42:38.399 --> 00:42:39.399 this has been around. 00:42:39.399 --> 00:42:41.399 This particular scam, 00:42:41.399 --> 00:42:43.399 which is throw a benefit concert 00:42:43.399 --> 00:42:44.399 for the whatever thing, 00:42:44.399 --> 00:42:46.399 it's been around for a long time. 00:42:46.399 --> 00:42:49.399 One of the famous ones was the 00:42:49.399 --> 00:42:53.399 famous Freddie Mercury concert in 1975, 00:42:53.399 --> 00:42:55.399 which is the ultra, 00:42:55.399 --> 00:42:58.399 like everyone is aware of this concert. 00:42:58.399 --> 00:43:00.399 I'm trying to figure out what the name is. 00:43:00.399 --> 00:43:02.399 Live Aid. 00:43:03.399 --> 00:43:05.399 Live Aid, yeah, 00:43:05.399 --> 00:43:08.399 which went for the purpose of this concert 00:43:08.399 --> 00:43:09.399 was through a huge concert, 00:43:09.399 --> 00:43:11.399 raised tons, millions of dollars 00:43:11.399 --> 00:43:14.399 for the purpose of saving people 00:43:14.399 --> 00:43:17.399 from a crazy famine that was, 00:43:17.399 --> 00:43:19.399 I don't know what the country was, 00:43:19.399 --> 00:43:21.399 but there's a huge famine in Africa, right? 00:43:21.399 --> 00:43:24.399 How much of that money went to 00:43:24.399 --> 00:43:25.399 the famine victims? 00:43:25.399 --> 00:43:28.399 A lot of it went to purchasing guns 00:43:28.399 --> 00:43:29.399 for the government of that country. 00:43:29.399 --> 00:43:31.399 And it's like, 00:43:31.399 --> 00:43:37.399 why is this even making news? 00:43:37.399 --> 00:43:39.399 Why is this $100 million 00:43:39.399 --> 00:43:41.399 for the benefit aid of policy 00:43:41.399 --> 00:43:43.399 or fire victims, et cetera? 00:43:43.399 --> 00:43:46.399 Why are people even upset about this? 00:43:46.399 --> 00:43:48.399 They should have the expectation 00:43:48.399 --> 00:43:50.399 of getting trapped in the fiat mine. 00:43:50.399 --> 00:43:52.399 It's almost like you forgot 00:43:52.399 --> 00:43:55.399 what happened six months before, right? 00:43:55.399 --> 00:43:59.399 Like, no, this particular scam 00:43:59.399 --> 00:44:01.399 has been happening for a long time. 00:44:01.399 --> 00:44:04.399 This is a standard scam. 00:44:04.399 --> 00:44:05.399 And yet here we are. 00:44:05.399 --> 00:44:06.399 We're just trapped in the fiat world. 00:44:06.399 --> 00:44:08.399 Yeah, we're going to raise a bunch of money. 00:44:08.399 --> 00:44:09.399 Everyone's going to be happy. 00:44:09.399 --> 00:44:11.399 We're going to be so good. 00:44:11.399 --> 00:44:12.399 We're going to do such good things. 00:44:12.399 --> 00:44:14.399 So good, so good. 00:44:14.399 --> 00:44:15.399 And here we are. 00:44:15.399 --> 00:44:18.399 The biggest thing about, 00:44:18.399 --> 00:44:20.399 it's actually freaking wild. 00:44:20.399 --> 00:44:22.399 So I just had GPT make me another 00:44:22.399 --> 00:44:23.399 one of these things, 00:44:23.399 --> 00:44:25.399 but I'm going to throw this one up here really quick. 00:44:25.399 --> 00:44:29.399 But the biggest issue with all this stuff, 00:44:29.399 --> 00:44:30.399 this actually goes exactly 00:44:30.399 --> 00:44:32.399 what we're talking about right now, 00:44:32.399 --> 00:44:36.399 is at the end of the day, 00:44:36.399 --> 00:44:39.399 if fiat money died, 00:44:39.399 --> 00:44:42.399 all of our problems would go away. 00:44:42.399 --> 00:44:43.399 They would. 00:44:43.399 --> 00:44:44.399 We would have different problems. 00:44:44.399 --> 00:44:46.399 There would still be problems. 00:44:46.399 --> 00:44:47.399 Problems are going to go away. 00:44:47.399 --> 00:44:49.399 Problems are a piece of life. 00:44:49.399 --> 00:44:51.399 80% of our modern problems 00:44:51.399 --> 00:44:52.399 would definitely go away. 00:44:52.399 --> 00:44:53.399 Yeah. 00:44:53.399 --> 00:44:56.399 And this is actually a great chart to explain that. 00:44:56.399 --> 00:44:58.399 This is the Cantillion effect 00:44:58.399 --> 00:45:01.399 in perfect definition of a bell curve, 00:45:01.399 --> 00:45:04.399 is you have all of the wealthy welfare people 00:45:04.399 --> 00:45:08.399 and then the super poor charity people. 00:45:08.399 --> 00:45:10.399 Actually, I'd probably put wealthy on the right 00:45:10.399 --> 00:45:12.399 and super poor on the left, 00:45:12.399 --> 00:45:13.399 coming off on welfare. 00:45:13.399 --> 00:45:15.399 But it's actually not wrong, right? 00:45:15.399 --> 00:45:18.399 Because the wealthy hide behind 00:45:18.399 --> 00:45:21.399 the welfare that they're providing 00:45:21.399 --> 00:45:22.399 or the charity. 00:45:22.399 --> 00:45:24.399 Yeah, it's backwards, but I'll flip that. 00:45:24.399 --> 00:45:27.399 But this is exactly it. 00:45:27.399 --> 00:45:28.399 And what happens, though, 00:45:28.399 --> 00:45:30.399 is when this is solved, 00:45:30.399 --> 00:45:33.399 this Cantillion effect problem is solved, 00:45:33.399 --> 00:45:34.399 is, yeah, I probably shouldn't throw this up 00:45:34.399 --> 00:45:36.399 because then it messes with stuff for later, 00:45:36.399 --> 00:45:43.399 but we're trapped right now in a fiat world. 00:45:43.399 --> 00:45:49.399 And what that means is there is no escape 00:45:49.399 --> 00:45:51.399 because the point of the fiat system 00:45:51.399 --> 00:45:53.399 is to keep you trapped. 00:45:53.399 --> 00:45:56.399 The point of a Bitcoin system 00:45:56.399 --> 00:45:59.399 is to make you think. 00:45:59.399 --> 00:46:01.399 The beauty is if you don't want to think, 00:46:01.399 --> 00:46:02.399 there will always be people 00:46:02.399 --> 00:46:03.399 who want to give you a job 00:46:03.399 --> 00:46:04.399 so you don't have to think, 00:46:04.399 --> 00:46:05.399 which is actually great. 00:46:05.399 --> 00:46:07.399 There's more opportunity for that 00:46:07.399 --> 00:46:08.399 than a Bitcoin standard. 00:46:08.399 --> 00:46:10.399 The challenge of the fiat system, though, 00:46:10.399 --> 00:46:11.399 which is where we're stuck, 00:46:11.399 --> 00:46:14.399 is that system does not want to die 00:46:14.399 --> 00:46:16.399 because the people at the top of that system, 00:46:16.399 --> 00:46:18.399 they don't want to work. 00:46:18.399 --> 00:46:20.399 And that is a very big problem 00:46:20.399 --> 00:46:22.399 because they know the way to not work 00:46:22.399 --> 00:46:25.399 is to push a button and print some money. 00:46:28.399 --> 00:46:31.399 And the closer you get to the money printer, 00:46:31.399 --> 00:46:34.399 the more inclined you are to believe that 00:46:34.399 --> 00:46:35.399 and dig into that 00:46:35.399 --> 00:46:36.399 and make that your purpose. 00:46:36.399 --> 00:46:38.399 Oh, my purpose is to just, 00:46:38.399 --> 00:46:39.399 I don't need to work anymore. 00:46:39.399 --> 00:46:40.399 I can just print the money. 00:46:40.399 --> 00:46:41.399 I don't have to do it. 00:46:42.399 --> 00:46:45.399 When Bitcoin fully takes over, 00:46:45.399 --> 00:46:47.399 the whole world is not just going 00:46:47.399 --> 00:46:49.399 to turn into utopia overnight. 00:46:49.399 --> 00:46:51.399 We have examples, 00:46:51.399 --> 00:46:53.399 because everything is cyclical, 00:46:53.399 --> 00:46:54.399 of time periods 00:46:54.399 --> 00:46:57.399 when the money was harder 00:46:57.399 --> 00:47:00.399 and art was more beautiful, 00:47:00.399 --> 00:47:03.399 architecture was built with more foresight. 00:47:03.399 --> 00:47:04.399 The things that were built 00:47:04.399 --> 00:47:06.399 in those time periods 00:47:06.399 --> 00:47:07.399 stand the test of time, 00:47:07.399 --> 00:47:09.399 last for centuries, 00:47:09.399 --> 00:47:11.399 sometimes a thousand years. 00:47:11.399 --> 00:47:13.399 It'll be more like that, 00:47:13.399 --> 00:47:17.399 but the issues of human greed 00:47:17.399 --> 00:47:18.399 and jealousy 00:47:18.399 --> 00:47:21.399 and violence and things like that, 00:47:21.399 --> 00:47:24.399 those things will still exist. 00:47:24.399 --> 00:47:27.399 But you can look at those time periods 00:47:27.399 --> 00:47:29.399 and see that 00:47:29.399 --> 00:47:31.399 some of the things in your life 00:47:31.399 --> 00:47:34.399 that you can just sense are lacking now 00:47:34.399 --> 00:47:37.399 will be fixed by Bitcoin. 00:47:37.399 --> 00:47:38.399 But it is not a magic bullet 00:47:38.399 --> 00:47:40.399 to just create utopia. 00:47:40.399 --> 00:47:41.399 I just want to express that 00:47:41.399 --> 00:47:43.399 because I think sometimes 00:47:43.399 --> 00:47:44.399 people look at Bitcoiners 00:47:44.399 --> 00:47:46.399 as delusional, 00:47:46.399 --> 00:47:47.399 thinking, 00:47:47.399 --> 00:47:49.399 because we say Bitcoin solves this, 00:47:49.399 --> 00:47:50.399 that we think that 00:47:50.399 --> 00:47:52.399 Bitcoin just magically solves 00:47:52.399 --> 00:47:53.399 every single problem 00:47:53.399 --> 00:47:55.399 and death 00:47:55.399 --> 00:47:58.399 and the sinful nature of human beings 00:47:58.399 --> 00:48:00.399 just goes away. 00:48:00.399 --> 00:48:02.399 We're not religious about Bitcoin. 00:48:02.399 --> 00:48:04.399 I just want to express that. 00:48:04.399 --> 00:48:05.399 You might not be. 00:48:05.399 --> 00:48:07.399 I will say it did cure my psoriasis. 00:48:07.399 --> 00:48:09.399 As soon as I got a little bit of Bitcoin, 00:48:09.399 --> 00:48:10.399 it just went away. 00:48:10.399 --> 00:48:12.399 I'm just, you know... 00:48:12.399 --> 00:48:14.399 Not financial advice, though. 00:48:14.399 --> 00:48:16.399 Or a doctor advice. 00:48:18.399 --> 00:48:20.399 One of the things that 00:48:20.399 --> 00:48:22.399 Bitcoin definitely solves 00:48:22.399 --> 00:48:23.399 is the thing, J.D., 00:48:23.399 --> 00:48:24.399 that you were just talking about, 00:48:24.399 --> 00:48:26.399 which is the dearth of purpose. 00:48:26.399 --> 00:48:29.399 Bitcoin brings back purpose 00:48:29.399 --> 00:48:30.399 to people's lives 00:48:30.399 --> 00:48:33.399 because they can actually 00:48:33.399 --> 00:48:35.399 spend their time 00:48:35.399 --> 00:48:38.399 and trade it for value. 00:48:38.399 --> 00:48:40.399 In the fiat-denominated world, 00:48:40.399 --> 00:48:41.399 every time you spend your time 00:48:41.399 --> 00:48:43.399 to trade it for value, 00:48:43.399 --> 00:48:45.399 which you think is value, 00:48:45.399 --> 00:48:47.399 is denominated in money. 00:48:47.399 --> 00:48:49.399 And a part of that money 00:48:49.399 --> 00:48:51.399 is just taken away. 00:48:51.399 --> 00:48:53.399 And so a part of your purpose 00:48:53.399 --> 00:48:55.399 is just taken away. 00:48:55.399 --> 00:48:56.399 It's purposeless. 00:48:56.399 --> 00:48:58.399 There's 90% purpose 00:48:58.399 --> 00:49:01.399 and 10% meaningless slavery 00:49:01.399 --> 00:49:03.399 to somebody who you will never meet 00:49:03.399 --> 00:49:05.399 and who does not care about you 00:49:05.399 --> 00:49:07.399 and actively hates you. 00:49:08.399 --> 00:49:10.399 That's cross-purpose. 00:49:10.399 --> 00:49:13.399 And when you're at a cross-purpose, 00:49:13.399 --> 00:49:16.399 the value of your purpose, 00:49:16.399 --> 00:49:18.399 the intensity of your purpose 00:49:18.399 --> 00:49:20.399 is undermined. 00:49:20.399 --> 00:49:22.399 You are undermining your own purpose 00:49:22.399 --> 00:49:23.399 about what you're doing. 00:49:23.399 --> 00:49:24.399 The consequences of that 00:49:24.399 --> 00:49:26.399 are just a dearth of purpose. 00:49:26.399 --> 00:49:28.399 Bitcoin takes all of that away 00:49:28.399 --> 00:49:30.399 and restores real purpose 00:49:30.399 --> 00:49:31.399 to real people. 00:49:31.399 --> 00:49:34.399 It allows them to expend real effort 00:49:34.399 --> 00:49:36.399 and receive real value in return 00:49:36.399 --> 00:49:38.399 add real value to the world, 00:49:38.399 --> 00:49:40.399 actually fix real problems, 00:49:40.399 --> 00:49:45.399 make real progress about things. 00:49:45.399 --> 00:49:47.399 It's going to be awesome. 00:49:49.399 --> 00:49:51.399 When you get paid in fiat, 00:49:51.399 --> 00:49:53.399 you're taxed four times. 00:49:53.399 --> 00:49:56.399 You're taxed with the trading your time for money. 00:49:56.399 --> 00:49:59.399 You're taxed instantly when you're paid 00:49:59.399 --> 00:50:01.399 by the income taxes 00:50:01.399 --> 00:50:03.399 that you pay on that money. 00:50:03.399 --> 00:50:05.399 You're taxed when you save your money 00:50:05.399 --> 00:50:07.399 because you have a ticking clock. 00:50:07.399 --> 00:50:09.399 You have to spend the money 00:50:09.399 --> 00:50:10.399 because the longer that it sits 00:50:10.399 --> 00:50:11.399 in your checking account, 00:50:11.399 --> 00:50:13.399 the more it's being devalued 00:50:13.399 --> 00:50:14.399 day by day by day. 00:50:14.399 --> 00:50:16.399 And you're taxed a fourth time 00:50:16.399 --> 00:50:18.399 because if you have a salary, 00:50:18.399 --> 00:50:20.399 you are locked in at a fixed rate. 00:50:20.399 --> 00:50:23.399 Let's say your salary is $100,000. 00:50:23.399 --> 00:50:27.399 Every single day of that year, 00:50:27.399 --> 00:50:31.399 that $100,000 is becoming less valuable 00:50:31.399 --> 00:50:32.399 because inflation is taking place. 00:50:32.399 --> 00:50:34.399 The only thing that could counteract that 00:50:34.399 --> 00:50:37.399 is if your salary was increased 00:50:37.399 --> 00:50:40.399 by 3%, 5%, 8%, 10%, 00:50:40.399 --> 00:50:42.399 depending on what the amount of inflation is. 00:50:42.399 --> 00:50:44.399 Every single day that you're working, 00:50:44.399 --> 00:50:46.399 if your salary is increased. 00:50:46.399 --> 00:50:48.399 You start out the year making $100,000 00:50:48.399 --> 00:50:49.399 and at the end of the year, 00:50:49.399 --> 00:50:50.399 you make $130,000. 00:50:50.399 --> 00:50:52.399 The next year, you make $200,000. 00:50:52.399 --> 00:50:53.399 The next year, you make $400,000. 00:50:53.399 --> 00:50:55.399 But that's not the way it works. 00:50:55.399 --> 00:50:56.399 Your salary is fixed. 00:50:56.399 --> 00:50:57.399 And if you want an increase, 00:50:57.399 --> 00:50:59.399 you have to negotiate a year later 00:50:59.399 --> 00:51:02.399 after your salary has already been devalued. 00:51:02.399 --> 00:51:05.399 So you're negotiating just to maintain your salary. 00:51:05.399 --> 00:51:07.399 You're literally taxed four times. 00:51:07.399 --> 00:51:10.399 So when you start saving in Bitcoin, 00:51:10.399 --> 00:51:13.399 you are saving in a money 00:51:13.399 --> 00:51:16.399 that never gets diluted. 00:51:16.399 --> 00:51:18.399 There's only 21 million Bitcoin. 00:51:18.399 --> 00:51:20.399 And this is so hard to understand. 00:51:20.399 --> 00:51:24.399 It's not that there's a trillion dollars 00:51:24.399 --> 00:51:26.399 and one day there'll be $1.2 trillion. 00:51:26.399 --> 00:51:29.399 It's that there's trillions and trillions 00:51:29.399 --> 00:51:30.399 and trillions of dollars 00:51:30.399 --> 00:51:33.399 and one day there'll be infinity trillions of dollars. 00:51:33.399 --> 00:51:36.399 Fiat money gets devalued endlessly. 00:51:36.399 --> 00:51:40.399 There is no top to the devaluation of money. 00:51:40.399 --> 00:51:45.399 But Bitcoin is only 21 million ever. 00:51:45.399 --> 00:51:48.399 Did you guys know they just found 00:51:48.399 --> 00:51:52.399 a way to turn mercury into gold? 00:51:52.399 --> 00:51:54.399 Not the planet, but the element. 00:51:54.399 --> 00:51:57.399 So they're literally doing a new nuclear reaction 00:51:57.399 --> 00:52:01.399 that allows them to change mercury into gold. 00:52:01.399 --> 00:52:03.399 So gold bugs, 00:52:03.399 --> 00:52:05.399 debase the gold, debase it. 00:52:05.399 --> 00:52:06.399 Just gone. 00:52:06.399 --> 00:52:08.399 There's no reason for gold, 00:52:08.399 --> 00:52:10.399 apart from various electronic uses. 00:52:13.399 --> 00:52:16.399 I think the other thing about like, 00:52:16.399 --> 00:52:18.399 are you trapped is like, 00:52:18.399 --> 00:52:21.399 are you like, 00:52:21.399 --> 00:52:23.399 do you feel trapped? 00:52:23.399 --> 00:52:25.399 Like if you feel trapped, 00:52:25.399 --> 00:52:27.399 that means you're trapped in the Bitcoin system. 00:52:27.399 --> 00:52:29.399 Sorry, said that wrong. 00:52:29.399 --> 00:52:30.399 If you feel trapped, 00:52:30.399 --> 00:52:32.399 like if you're feeling trapped, 00:52:32.399 --> 00:52:35.399 you are trapped in the fiat system, period. 00:52:35.399 --> 00:52:41.399 Like feeling trapped is actually a symptom of the fiat system. 00:52:41.399 --> 00:52:43.399 Because in the Bitcoin world, 00:52:43.399 --> 00:52:45.399 all you can see is opportunity. 00:52:45.399 --> 00:52:48.399 There is a world where you can feel trapped 00:52:48.399 --> 00:52:49.399 because you can't do enough. 00:52:49.399 --> 00:52:52.399 I think that's a different form of like, 00:52:52.399 --> 00:52:54.399 you know, obsession, if you will, 00:52:54.399 --> 00:52:58.399 like you see the mortality of your life, 00:52:58.399 --> 00:53:00.399 like the finite nature of your life. 00:53:00.399 --> 00:53:05.399 But I think that's the biggest value Bitcoin can give you. 00:53:05.399 --> 00:53:10.399 Bitcoin moves your time preference from high to low. 00:53:10.399 --> 00:53:18.399 A low or slow time preference is actually a good time preference. 00:53:18.399 --> 00:53:22.399 Because if you're looking at things on a long time horizon, 00:53:22.399 --> 00:53:24.399 you're going to steward it. 00:53:24.399 --> 00:53:25.399 You're going to steward your garden, 00:53:25.399 --> 00:53:26.399 you're going to make it grow. 00:53:26.399 --> 00:53:30.399 You're going to actually like watch your basket of goods 00:53:30.399 --> 00:53:33.399 and make sure that the inflation in that basket of goods 00:53:33.399 --> 00:53:36.399 isn't going way out of whack 00:53:36.399 --> 00:53:38.399 to where you need to remove something from that basket of goods 00:53:38.399 --> 00:53:40.399 so you don't actually count it in CPI, 00:53:40.399 --> 00:53:41.399 so that way you can continue to lie to people 00:53:41.399 --> 00:53:42.399 because you have a high time preference, 00:53:42.399 --> 00:53:45.399 because you want to change what the inflation actually is 00:53:45.399 --> 00:53:47.399 to make sure people feel safe so they can actually spend, 00:53:47.399 --> 00:53:50.399 so CPI can actually stay relatively close to 2% 00:53:50.399 --> 00:53:52.399 when it's actually closer to like 100. 00:53:52.399 --> 00:53:54.399 Like that is the issue we have here, 00:53:54.399 --> 00:53:57.399 is we have a system built on high time preference 00:53:57.399 --> 00:54:01.399 when low time preference is actually the way to do things. 00:54:01.399 --> 00:54:02.399 Like the great Chinese proverb of 00:54:02.399 --> 00:54:04.399 when was the best time to plant an oak tree? 00:54:04.399 --> 00:54:05.399 20 years ago. 00:54:05.399 --> 00:54:06.399 When's the best time now? 00:54:06.399 --> 00:54:07.399 Or when's the next best time? 00:54:07.399 --> 00:54:08.399 Now. 00:54:08.399 --> 00:54:10.399 Bitcoin is now. 00:54:10.399 --> 00:54:11.399 That's it. 00:54:11.399 --> 00:54:13.399 And a Bitcoin is a low time preference. 00:54:13.399 --> 00:54:16.399 I think that that Chinese proverb 00:54:16.399 --> 00:54:18.399 is actually not a Chinese proverb 00:54:18.399 --> 00:54:20.399 because you can like look it up. 00:54:20.399 --> 00:54:21.399 It's not from China. 00:54:21.399 --> 00:54:28.399 I'm pretty sure it is a bona fide Bitcoin proverb. 00:54:28.399 --> 00:54:30.399 Like didn't exist until Bitcoin came about. 00:54:30.399 --> 00:54:33.399 And it's only ever used in Bitcoin circles. 00:54:33.399 --> 00:54:34.399 Like it's just, 00:54:34.399 --> 00:54:37.399 it's a cultural phenomenon that you can see changing. 00:54:37.399 --> 00:54:42.399 And it reminds me of just what, 00:54:42.399 --> 00:54:45.399 like how do you frame this? 00:54:46.399 --> 00:54:56.399 There's this zeitgeist in the fiat world, right? 00:54:56.399 --> 00:54:57.399 And in this zeitgeist, 00:54:57.399 --> 00:54:59.399 there's particular things that are appropriate, 00:54:59.399 --> 00:55:02.399 not appropriate. 00:55:02.399 --> 00:55:04.399 One of those things that's not appropriate 00:55:04.399 --> 00:55:06.399 is this idea of, oh, well, 00:55:06.399 --> 00:55:07.399 when was the best time to plant things? 00:55:07.399 --> 00:55:08.399 20 years ago. 00:55:08.399 --> 00:55:09.399 What's the best time? 00:55:09.399 --> 00:55:10.399 Plant it now. 00:55:10.399 --> 00:55:11.399 That's just, it doesn't, 00:55:11.399 --> 00:55:12.399 like there's no reality to that 00:55:12.399 --> 00:55:14.399 because in a fiat world, 00:55:14.399 --> 00:55:16.399 there's no such thing as 20 years ago. 00:55:16.399 --> 00:55:18.399 It didn't exist, right? 00:55:18.399 --> 00:55:20.399 Like the 1984 version of like, 00:55:20.399 --> 00:55:21.399 there is no past, 00:55:21.399 --> 00:55:22.399 there is no future. 00:55:22.399 --> 00:55:25.399 It's just the eternal now of, 00:55:25.399 --> 00:55:26.399 oh yeah, 00:55:26.399 --> 00:55:27.399 we just rewrite the past, 00:55:27.399 --> 00:55:28.399 doesn't matter. 00:55:28.399 --> 00:55:29.399 So there's no 20 years ago in a fiat world, 00:55:29.399 --> 00:55:30.399 but there is in a Bitcoin world. 00:55:30.399 --> 00:55:32.399 It's like connected to reality. 00:55:32.399 --> 00:55:34.399 It's connected to a timeline. 00:55:34.399 --> 00:55:36.399 So part of that, 00:55:36.399 --> 00:55:37.399 which I think is interesting, 00:55:37.399 --> 00:55:41.399 is that fiat, 00:55:41.399 --> 00:55:46.399 the fiat system has the psychist, 00:55:46.399 --> 00:55:47.399 that, I'm pronouncing that word wrong. 00:55:47.399 --> 00:55:49.399 I don't know how to pronounce it. 00:55:49.399 --> 00:55:50.399 Zeitgeist. 00:55:50.399 --> 00:55:52.399 Zeitgeist. 00:55:52.399 --> 00:55:54.399 And part of that is there's the Overton window. 00:55:54.399 --> 00:55:55.399 There's things that are appropriate 00:55:55.399 --> 00:55:56.399 and there's things that are not appropriate 00:55:56.399 --> 00:56:00.399 and there's various like borders 00:56:00.399 --> 00:56:05.399 around the appropriateness. 00:56:05.399 --> 00:56:08.399 In a fiat world, 00:56:08.399 --> 00:56:11.399 the window is perpetually shifting 00:56:11.399 --> 00:56:13.399 towards higher time preference. 00:56:13.399 --> 00:56:14.399 Me here now, 00:56:14.399 --> 00:56:15.399 drug, 00:56:15.399 --> 00:56:16.399 sex, 00:56:16.399 --> 00:56:17.399 violence, 00:56:17.399 --> 00:56:18.399 like just the debasement of everything, 00:56:18.399 --> 00:56:20.399 absolute absurdity, 00:56:20.399 --> 00:56:21.399 unabsurdity, 00:56:21.399 --> 00:56:22.399 right? 00:56:22.399 --> 00:56:25.399 In a Bitcoin world, 00:56:25.399 --> 00:56:28.399 which we are already seeing, 00:56:28.399 --> 00:56:29.399 the Zeitgeist, 00:56:29.399 --> 00:56:31.399 the Overton window, 00:56:31.399 --> 00:56:32.399 pushes in the other direction. 00:56:32.399 --> 00:56:34.399 It lowers the time preferences, 00:56:34.399 --> 00:56:35.399 right? 00:56:35.399 --> 00:56:37.399 And I'm convinced that we are actually 00:56:37.399 --> 00:56:42.399 seeing this in the actual culture. 00:56:42.399 --> 00:56:44.399 It's not appropriate to do these kinds 00:56:44.399 --> 00:56:45.399 of things anymore. 00:56:45.399 --> 00:56:47.399 We actually see that in real time, 00:56:47.399 --> 00:56:48.399 right? 00:56:48.399 --> 00:56:53.399 This is what happened on the left's 00:56:53.399 --> 00:56:55.399 mistakes with about what you could do 00:56:55.399 --> 00:56:56.399 with COVID, right? 00:56:56.399 --> 00:56:59.399 There's all these Bitcoiners. 00:56:59.399 --> 00:57:00.399 Before Bitcoin, 00:57:00.399 --> 00:57:02.399 you couldn't just speak out 00:57:02.399 --> 00:57:04.399 and it'd be like, 00:57:04.399 --> 00:57:05.399 okay. 00:57:06.399 --> 00:57:07.399 But with Bitcoin, 00:57:07.399 --> 00:57:09.399 you could speak out because you couldn't 00:57:09.399 --> 00:57:10.399 get shut down. 00:57:10.399 --> 00:57:14.399 That's a change of how society and how 00:57:14.399 --> 00:57:16.399 culture functions. 00:57:16.399 --> 00:57:20.399 So we actually see the culture being 00:57:20.399 --> 00:57:21.399 affected by Bitcoin. 00:57:21.399 --> 00:57:24.399 We actually see this ultra slow moving 00:57:24.399 --> 00:57:29.399 Titanic level turnaround or just insane 00:57:29.399 --> 00:57:32.399 mass that is actually changing course. 00:57:32.399 --> 00:57:33.399 And in terms of, 00:57:33.399 --> 00:57:34.399 hey, 00:57:34.399 --> 00:57:35.399 Bitcoin makes everything better. 00:57:35.399 --> 00:57:36.399 Like, 00:57:36.399 --> 00:57:37.399 yeah, 00:57:37.399 --> 00:57:38.399 this is exactly what it's doing. 00:57:38.399 --> 00:57:41.399 It is affecting culture in ways that 00:57:41.399 --> 00:57:44.399 are slow and often imperceptible, 00:57:44.399 --> 00:57:47.399 but absolutely real and quantifiable. 00:57:47.399 --> 00:57:48.399 And it's winning. 00:57:48.399 --> 00:57:50.399 It's actually pushing culture forward. 00:57:50.399 --> 00:57:52.399 It's actually breaking the fiat trap. 00:57:52.399 --> 00:57:56.399 It's undoing this damage that has been 00:57:56.399 --> 00:58:00.399 assaulting human conscious for a hundred 00:58:00.399 --> 00:58:01.399 years. 00:58:01.399 --> 00:58:02.399 It's incredible. 00:58:02.399 --> 00:58:04.399 Ultra bullish. 00:58:06.399 --> 00:58:09.399 A lot of people think that what we're 00:58:09.399 --> 00:58:12.399 saying about inflation is some sort of 00:58:12.399 --> 00:58:13.399 conspiracy theory. 00:58:13.399 --> 00:58:15.399 They just don't buy it. 00:58:15.399 --> 00:58:18.399 That inflation is as high as what we are 00:58:18.399 --> 00:58:19.399 saying that it is. 00:58:19.399 --> 00:58:23.399 The truth is that the Federal Reserve 00:58:23.399 --> 00:58:25.399 and through a bunch of processes, 00:58:25.399 --> 00:58:27.399 it's not only the Federal Reserve. 00:58:27.399 --> 00:58:30.399 They are printing trillions of dollars 00:58:30.399 --> 00:58:35.399 that money will go into scarce assets. 00:58:35.399 --> 00:58:38.399 So scarce assets are things like really 00:58:38.399 --> 00:58:41.399 valuable real estate or old vintage cars 00:58:41.399 --> 00:58:43.399 that are one of a kind that are well 00:58:43.399 --> 00:58:47.399 maintained or watches or gold and silver, 00:58:47.399 --> 00:58:49.399 things like this. 00:58:49.399 --> 00:58:53.399 So eventually this incredible pressure 00:58:53.399 --> 00:58:55.399 is going to go into something we're 00:58:55.399 --> 00:58:58.399 saying it's going to go into Bitcoin. 00:58:58.399 --> 00:59:00.399 Bitcoin is going to suck it up like a 00:59:00.399 --> 00:59:02.399 black hole. 00:59:02.399 --> 00:59:06.399 And I just want people to know that, 00:59:06.399 --> 00:59:09.399 that the price of Bitcoin, 00:59:09.399 --> 00:59:12.399 it may sound insane to say that Bitcoin 00:59:12.399 --> 00:59:13.399 is going to a million dollars. 00:59:13.399 --> 00:59:16.399 But the longer that this last, 00:59:16.399 --> 00:59:18.399 the more money that is printed, 00:59:18.399 --> 00:59:22.399 that number becomes more and more huge. 00:59:22.399 --> 00:59:25.399 And there is no number that is too big 00:59:25.399 --> 00:59:27.399 of a number because they will print 00:59:27.399 --> 00:59:29.399 forever. 00:59:29.399 --> 00:59:31.399 So the longer that we go and this 00:59:31.399 --> 00:59:33.399 doesn't happen, 00:59:33.399 --> 00:59:35.399 I would say this is my opinion, 00:59:35.399 --> 00:59:37.399 obviously not financial advice. 00:59:37.399 --> 00:59:39.399 Bitcoin is either going to go to 00:59:39.399 --> 00:59:42.399 infinity in dollar terms or something's 00:59:42.399 --> 00:59:43.399 going to happen. 00:59:43.399 --> 00:59:44.399 Bitcoin is going to break and it's going 00:59:44.399 --> 00:59:47.399 to go to zero. 00:59:47.399 --> 00:59:49.399 I would argue it's much more likely that 00:59:49.399 --> 00:59:51.399 it goes to infinity than it goes to zero. 00:59:51.399 --> 00:59:57.399 So I am also ultra bullish. 00:59:57.399 --> 01:00:00.399 What's really exciting about the world 01:00:00.399 --> 01:00:02.399 right now and about Bitcoin is Bitcoin 01:00:02.399 --> 01:00:05.399 is going to bring about a resurgence of 01:00:05.399 --> 01:00:07.399 100 year cathedrals. 01:00:07.399 --> 01:00:08.399 If you're not familiar with it, 01:00:08.399 --> 01:00:11.399 the cathedral in Milano in Italy took 01:00:11.399 --> 01:00:13.399 about 250 years to build. 01:00:13.399 --> 01:00:17.399 And there are currently only one 01:00:17.399 --> 01:00:20.399 hundred year cathedral project being 01:00:20.399 --> 01:00:21.399 built. 01:00:21.399 --> 01:00:22.399 And it's not even that it's being built, 01:00:22.399 --> 01:00:24.399 it's actually just being completed. 01:00:24.399 --> 01:00:28.399 And so the big thing right now is when 01:00:28.399 --> 01:00:30.399 we have people start operating on a 01:00:30.399 --> 01:00:33.399 system that is a low time preference 01:00:33.399 --> 01:00:34.399 system, 01:00:34.399 --> 01:00:35.399 they're going to start thinking about 01:00:35.399 --> 01:00:37.399 100 year cathedrals. 01:00:37.399 --> 01:00:38.399 They're going to start thinking about 01:00:38.399 --> 01:00:41.399 solving problems that they will never see 01:00:41.399 --> 01:00:42.399 solved. 01:00:42.399 --> 01:00:45.399 Elon Musk operates on that wavelength 01:00:45.399 --> 01:00:46.399 already. 01:00:46.399 --> 01:00:48.399 He may never see us get to Mars, 01:00:48.399 --> 01:00:51.399 but he is working on that 100 year 01:00:51.399 --> 01:00:52.399 problem. 01:00:52.399 --> 01:00:55.399 And so what's going to be interesting 01:00:55.399 --> 01:00:57.399 when you start reflecting on it is now 01:00:57.399 --> 01:01:00.399 they talk about 10 years ago, 01:01:00.399 --> 01:01:01.399 if you hadn't bought that Nintendo 01:01:01.399 --> 01:01:02.399 Switch, 01:01:02.399 --> 01:01:04.399 you would have 5000 Bitcoin, 01:01:04.399 --> 01:01:06.399 whatever it is. 01:01:06.399 --> 01:01:07.399 I think the better way to think about 01:01:07.399 --> 01:01:11.399 that is 100 years from now, 01:01:11.399 --> 01:01:14.399 if you have one Bitcoin today, 01:01:14.399 --> 01:01:17.399 what seeds could you be planting that 01:01:17.399 --> 01:01:20.399 that Bitcoin has grown into? 01:01:27.399 --> 01:01:30.399 I think that about wraps us up over 01:01:30.399 --> 01:01:31.399 here. 01:01:31.399 --> 01:01:32.399 Um, 01:01:32.399 --> 01:01:33.399 those are some, 01:01:33.399 --> 01:01:33.399 01:01:33.399 --> 01:01:34.399 final, 01:01:34.399 --> 01:01:35.399 good final last words, 01:01:35.399 --> 01:01:36.399 everybody. 01:01:36.399 --> 01:01:37.399 Um, 01:01:37.399 --> 01:01:38.399 and we should probably just, 01:01:38.399 --> 01:01:39.399 uh, 01:01:39.399 --> 01:01:43.399 just leave it at that. 01:01:43.399 --> 01:01:44.399 Cheers, 01:01:44.399 --> 01:01:45.399 Joe. 01:01:45.399 --> 01:01:46.399 All right. 01:01:46.399 --> 01:01:47.399 Peace.