Nov. 26, 2024

Bitcoin: Trust How It All Works at $100k+ | Gary Leland - Ep 14

Bitcoin: Trust How It All Works at $100k+ | Gary Leland - Ep 14

Can We Trust Bitcoin? A Conversation with Bitcoin Boomer Gary Leland

In this captivating episode of Trust Factor with Rob Greenlee, we sit down with Gary Leland, a visionary entrepreneur, Bitcoin advocate, and podcasting pioneer. As the Co-Founder of...

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Apple Podcasts podcast player iconSpotify podcast player iconYoutube Music podcast player iconRSS Feed podcast player icon

Can We Trust Bitcoin? A Conversation with Bitcoin Boomer Gary Leland

In this captivating episode of Trust Factor with Rob Greenlee, we sit down with Gary Leland, a visionary entrepreneur, Bitcoin advocate, and podcasting pioneer. As the Co-Founder of Bit Block Boom Conference and Podcast Movement, Gary has been at the forefront of the Bitcoin revolution and the evolution of the podcasting industry.

With Bitcoin recently crossing the monumental milestone of $100,000 per coin, we delve into its trustworthiness as a financial hedge against currency devaluation and inflation. Together, we explore the implications for our economic future, the challenges and opportunities in Bitcoin adoption, and Gary's journey of going "all in" on Bitcoin years ago—an inspiring story that nudged Rob into the crypto space.

The conversation covers critical questions:
- Is Bitcoin truly the most reliable cryptocurrency?
- What role does Bitcoin play as a global store of value and medium of exchange?
- How will Bitcoin's fixed supply of 21 million coins shape its future value and adoption?
- Will the world eventually transact in Satoshis, Bitcoin’s fractional denomination?
- How can newcomers safely invest and navigate self-custody challenges?

Join us for an insightful dialogue packed with actionable advice and visionary predictions on the future of money.

Guest: Gary Leland, known as the "Bitcoin Boomer," is a pioneering entrepreneur, podcasting innovator, and early Bitcoin advocate. As the Co-Founder of Podcast Movement and creator of BitBlockBoom.com!

Gary has been at the forefront of podcasting as a Podcast Hall of Fame Inductee (https://podcasthall.com) and Bitcoin revolutions at the conference.

Through his podcasts, including Bitcoin for Boomers and The Bitcoin Boomer Show, he educates audiences on Bitcoin's potential as a financial game-changer, empowering others to navigate the future of digital finance with confidence and knowledge.

Here are his social media profiles and podcast links:

Bitcoin For Boomers with Gary Leland:
- Apple Podcasts: https://podcasts.apple.com/us/podcast/bitcoin-for-boomers-with-gary-leland/id1536200650
- Spotify: https://open.spotify.com/show/7sWf7iLewbvsKbf3STUGvf

BitBlock Boom! Bitcoin Conference in April 2025:
Gary Leland organizes the annual BitBlockBoom! The conference is scheduled for April 3–6, 2025, in Dallas, Texas. This event is the world's longest-running Bitcoin conference, celebrating its 8th year. Attendees can network with fellow Bitcoin enthusiasts and participate in various sessions and activities.

Conference Website: https://bitblockboom.com/

Gary's Website: http://garyleland.com
X/Twitter: https://twitter.com/GaryLeland
LinkedIn: https://linkedin.com/in/GaryLeland
YouTube: https://youtube.com/GaryLeland

Follow Rob Greenlee:
Website: https://robgreenlee.com
X/Twitter:...

WEBVTT

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Well, thank you for being here with me on the

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Trust Factor Show. In our life, it's essential and trust

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is such a big impact on our happiness, our safety,

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and our security in the world today. And I think

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this topic that we're going to cover today is very

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important because trust in our lives is so important now

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and with so many changes happening right now in our

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world and in the future. So that's what this show

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is really has always been about. This is the fourteenth

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episode of this show. My name is Rob Greenley, and

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in today's episode, we're going to discuss bitcoin and the

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fact that it's just it's not just any cybercurrency, it's

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really the foundation of a revolution of sorts and really

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we need to find out why trusting or not using

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bitcoin could shape our financial future good or bad. So

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that's what we're going to find out today and really

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get into the details of bitcoin, the phenomenon that's been

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going on. And to discuss this, we have a fantastic guest.

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He's a bitcoin expert. His name is Gary Leland and

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he runs the bit block Boom conference that's going on

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April of twenty twenty five, and he's also a podcast

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Hall of Famer and was the original one of the

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co founders of the podcast Hall of Fame of which

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I'm the chairperson of now and has been a long

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time video creator and has been creating all sorts of

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content for many years, even like softball and all these

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other types of content that he's been a leader. And

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he's also the co founder of podcast Movement, which has

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been known as the largest podcasting conference in the world,

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and has really been a lifelong leader in business and

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has been a visionary and many years ago he pivoted

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to really focusing on bitcoin, and I think it's such

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a timely time for us to talk about bitcoin right now.

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So Gary, thank you for joining me on the show.

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Oh happy to join. You been the same circles for

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a long time since yea Ontario, Canada, our Ontario California day,

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you know when we had the conference out there. That

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was a long time ago.

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Yeah, And you really pulled me aside at one of

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the podcasting conferences and really was talking about bitcoin with me,

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and it caused me a few years ago to this.

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I think it was back in like twenty twenty ors

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something like that when I started to invest in bitcoin,

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and I think that was still a relatively early time,

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I think the price of bitcoin was quite a bit

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lower than it is today. As we record this, we're

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like right.

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On the cuff, are on the cusp of crossing that

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one hundred thousand.

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Mark could happen during this show. Actually yeah, I mean

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that's like five minutes in bitcoin world.

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Yeah, I can pull this up. There's a bunch of

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different charts, And what's interesting about this is that not

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all of the exchange charts all say the same number,

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which is very interesting to me. I didn't really realize that.

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So here there are few percent to go to Coinbase

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versus River versus anyone else. They're all going to be

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a little different than whenever I'm doing mine, I use

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the worldwide average, so it averages out all the charts

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at all the different exchanges, because the exchange's price is

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going to vary on how much they got to sell.

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I mean, let's face, if you've got one bitcoin left

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they sit in your inventory to sell, it's probably gonna

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be higher than if you have one hundred thousand left

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in your inventory. And right now, inventories are the lowest

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that they've ever been in the history of bigcoin.

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So what do you think that means for the price,

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given that it's the lowest that they've ever been, I mean,

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does that mean that the price is likely to go

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up faster?

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Yeah.

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Yeah, It's a supply and demand. It's simple. A simple

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thing is supplying demand. You know, in the last year

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or so, we've had one big purchaser of bitcoin, for instance,

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her ETFs, you know, electronically traded funds. I'm gonna use

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black Rock as an example because they're the biggest, they

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buy the most every day. But they had a gold ETF.

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Most people are familiar with gold ETFs. They've had that

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for let's say twenty years. Well, Bitcoin, the bitcoin ETF

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has passed the gold ETF in one year, so twenty

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years for that ETF to get where it's at. Bitcoin

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is already pasted it in one year. So and they're

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only one of maybe eleven ETFs that are buying bitcoin.

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Blackrock hall Away ever sells it. I think with Blackrock

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is they have so many funds that people invest in

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that they put their ETFs in those funds. So they

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put their bitcoin ETF, they have that other ETFs they

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owned by their bitcoin ETF, so they're absorbing a massive amount.

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Of it yeah, Gary, this feels like such a massive

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change that is really I think difficult for a lot

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of people to cover him. But could you comment really

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quick about what we're seeing on the screen. Here the

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time chain calendar dot com forward slash e N which

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is English version.

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Yeah, this is calendar. A friend of mine made this

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a few years ago. And this is like a clock

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going around in a circle here and you can fillow

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the wheel and every ten minutes the clock makes a

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full rotation. Because every ten minutes bitcoin closes a block,

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it'll flash. However, you set it up to show you

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block's just been mined. You can look at the block,

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see how many transactions that were in the block. These

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are a lot of things that geeks want to know,

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what mining, who will won the block and they would

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get like three and an eighth bitcoin for that. And

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then at the bottom it has a slider you can

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go all the way back to day one and look

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at every block, look at the price on every block,

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how much bitcoin was there every day. It's got a

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lot of tools like that that a real geeky bitcoiner

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would want to use. This is this is like a

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total geek bitcoin cool the ways more than the average

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person would use.

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Yeah, I think it's it is important to think about

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this is that we are entering a new kind of

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paradigm of the financial system, right and if bitcoin it

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becomes as successful as people think it is, it's going

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to be helpful for people to have a deeper understanding

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of how this all works. Man, it's very complex. So

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what does that number eight seventy one five twenty nine mean.

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This is block number eight hundred and seventy one thousand,

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five hundred and twenty nine.

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So what is this block?

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Well, bitcoin is electronic files on a computer, and all

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the bitcoin, all twenty one million bitcoin, are made. They're

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not being made, they have all been made for twelve years,

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but they're being dished out some every ten minutes. And

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that's how it gets into the ecosystem of the bitcoin world,

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is every ten minutes some more gets dropped out. In

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every four years, the amount of bitcoin it gets dropped

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out or put into the ecosystem gets cut in half.

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So for the first four years you got fifty bitcoins

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if you won a block or a ten minute payout.

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The next four years you got twenty five. Next four

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years you get twelve and a half. In six and

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a quarter. Now it's three in and eighth. So a

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block is all these transactions of bitcoin every ten minutes

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go in this let's just say electronic container. I'm going

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to say, so I got it a toughware job, and

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every time a transaction was made, to throw it in

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that tuughleware jar. And then when the ten minutes is up,

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the lid goes on the templeware jar. And a minor

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somewhere across the world was the first one to do

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the mining process, and they they get paid for confirming

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those transactions, and another block starts on top. Once the

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other block starts on top, that one's sealed. You can't

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get it anymore. It's sealed forever. And that's called the blockchain.

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So the blockchain is continuous blocks being built on top

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of each other that contain all the information from all

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the transactions for the last ten minutes. Each block has

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ten minutes worth of transactions in it, and whoever is

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awarded confirming that block, whatever mining company, they get the reward,

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which I says three in the eighth Right Now, mining

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is a hard thing for people to understand. I have

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a lot of people who talk to me, goes trying

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to understand this bitcoin for I buy any I just

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can't understand that mining. I can't understand how that works.

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And I usually go, do you really know how email works?

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And they'll go know, and I say, okay, Well, unless

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you plan on mining, you really don't understand how it works.

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It's not a big issue. All you really need to

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know is it's been going on for fourteen years now

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and people have been trying to hack it for fourteen

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years and haven't been able to get into it. So

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you can rest assured. If you want to just find

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out about that's fine, but you shouldn't be going I

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need to find that out before I get involved. You

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should go ahead and get involved, and you'll learn that process,

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just because bitcoin's like a rabbit hole. Once you go

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down the bitcoin rabbit hole, you start learning things that

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you had no idea before. You start finding out about banking,

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you start finding out about the Fort Knox, you start

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finding out about the FED, You start finding out about

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what money is. Most people think they know what money is,

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but they don't. They have money, they work for money,

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they spend money, but they really have no idea what

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money is. And once you go down the Bitcoin rabbit hole.

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You start learning these things, you have a desire to

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learn these things, and there's so much stuff you don't know.

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If you're listening to the Bitcoin podcast all the time,

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you'll hear things. I don't know what that word is.

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But as time goes by, you get more educated. And

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only way I have found for people to really get

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into it and get educated is to have some skin

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in the game. You have some skin in the game,

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You're going to make sure and they I'm learning what's

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going on, you don't have any skin in the game.

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You're not and you might, but the odds are you aren't,

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and then they'll pass you by. So the guy who

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created it, so Toshi Nakamoto, as he said, when it

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was like a penny or lower than a penny, he said,

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you might want to buy some of this. You never know,

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I might catch on. Now it's one hundred thousand dollars,

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I'd say call it all. That was a good advance.

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So this term mining has been thrown around bitcoin for

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a long time, and I don't feel like it's widely

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known what that really means. And I guess, how what

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are those servers doing? Because there's very dedicated servers to

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mining for bitcoins.

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So what term actually term mining? They shouldn't call it that.

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Okay, but what are they actually what are those servers

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actually doing.

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There's a the largest computer network in the world is

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the bitcoin mining network. And right now, when it first started,

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you could do it on your laptop. I mean, you

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can be sitting in your doorroom in college using free electricity.

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Didn't take that much electricity even mining on your laptop

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getting fifty bitcoin every other day, and there's a lot

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of people in that situation. But now it's progressed where

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you have to use ACIK minor now a SICK miners

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that stands for application specific mining, and that means this

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miner does one thing. All it does is mine bitcoin.

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Is what I'm gonna get into it. I'm gonna get

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in there. So if you decide to throw that computer

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to do something else with that computer, you can't do it.

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That's why people can't mind freely anymore on the computers,

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00:10:32.720 --> 00:10:35.039
because it's so technical and you've got to have such

218
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proper tools. But really, to be short about it, there's

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a number out there that exists. In every ten minutes,

220
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millions of computers around the world are trying to guess

221
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this number. And that's all they're doing, is trying to

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guess it. They aren't trying to calculate it. They don't

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have time for calculating. They're guessing the thousand guesses a minute.

224
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However many it is, I don't know the amount. But

225
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these computers are sitting there guessing numbers over and over

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and over every second, five billion, seven hundred and twenty whatever.

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And whoever guesses the number first, whoever's computer guesses the

228
00:11:03.440 --> 00:11:06.120
number first, wins the block and right now gets three

229
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and eighth bitcoin.

230
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In an eighth Yeah time, yeah, every.

231
00:11:09.960 --> 00:11:11.960
One to every ten minutes. You used to be fifty,

232
00:11:12.120 --> 00:11:14.639
now it's three and eight. But there are so many

233
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computers guessing now. I mean, like here, just in Texas,

234
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you have Riot Bitcoin. They have the largest bitcoin mining

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facility in the United States. This thing is gig just

236
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football field's worth a mining machine stacked to the twenty

237
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foot tall. Now they're building. That's south of College Station

238
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where Texas a and employees. Now they're building the world's largest.

239
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That's the US's largest. Now they're building the world's largest.

240
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In course of cannon. I was down there six months

241
00:11:42.399 --> 00:11:45.000
ago to see it. The cooling pond for their water

242
00:11:45.080 --> 00:11:47.360
runoff is big enough you can put sailboats in. This

243
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thing is gigantic they're making. But most people don't have

244
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that many mining machines as Riot does, so they really

245
00:11:54.240 --> 00:11:57.639
can't compete with Riot or Marathon Mining or any of

246
00:11:57.679 --> 00:11:59.679
these big guys. They just can't compete with them. So

247
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what they do is they all get together and they

248
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join forces and what's called a mining pool, and maybe

249
00:12:04.440 --> 00:12:07.360
a thousand machines will have joined this pool. Maybe I

250
00:12:07.399 --> 00:12:09.519
have five and I'm gonna use this mining pool. You

251
00:12:09.559 --> 00:12:12.720
could have six. You use the mining pool, and whenever

252
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anyone in that mining pool wins the block, everybody shares

253
00:12:16.000 --> 00:12:19.279
the revenue. Because one mining machine competing against five million

254
00:12:19.320 --> 00:12:21.080
other ones, you really don't have that much of a chance.

255
00:12:21.240 --> 00:12:24.279
You could, but your chance is a swim. So they

256
00:12:24.320 --> 00:12:26.720
all pull together in a mining pool and then they

257
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share the proceeds and then they've increase their odds drastically.

258
00:12:30.120 --> 00:12:34.480
So what's the reason for that activity? Why does that exist?

259
00:12:34.600 --> 00:12:37.159
Well's the social nakamotive believed in proof of work that

260
00:12:37.279 --> 00:12:40.440
money has to be established by doing work, and that

261
00:12:40.679 --> 00:12:43.360
is doing the work for the bitcoin. So people go

262
00:12:43.600 --> 00:12:46.879
what's bitcoin back by is back by thousands of computers

263
00:12:46.919 --> 00:12:49.919
doing work. I mean, if you're running a computer that's

264
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mining bitcoin and it's costing you seventy thousand dollars to

265
00:12:55.639 --> 00:12:58.840
say eighty thousand dollars to mine one bitcoin, well you're

266
00:12:58.840 --> 00:13:00.720
not gonna be selling it for a dollar. So that's

267
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where the value of bitcoin comes in. That's what bitcoin

268
00:13:03.360 --> 00:13:05.840
back is back by proof of work. Now you have

269
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things like ethereum, which is proof of steak, and bitcoin

270
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is one of the only ones that uses proof of work.

271
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Is definitely the only one that size that is, it

272
00:13:12.840 --> 00:13:15.440
uses proof of work, but proof of work is the

273
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only way to do it to me, I mean, it's

274
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like if you're a guy working, you know, you appreciate

275
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your money a lot more if you're working for it

276
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than if it's just given to a lot of people

277
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would just get given money.

278
00:13:23.320 --> 00:13:24.879
It's like labor, right, It's like labor.

279
00:13:25.000 --> 00:13:27.600
In labor, you got to cost, you got to run it,

280
00:13:27.759 --> 00:13:30.039
you got definitely have costs, and so you're selling price

281
00:13:30.080 --> 00:13:32.320
a bitcoin is going to be determined off that. When

282
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bitcoin goes up and they cut in half again in

283
00:13:34.639 --> 00:13:37.039
three more years and you get like one and a

284
00:13:37.039 --> 00:13:38.919
half instead of three and an eighth or one in

285
00:13:39.240 --> 00:13:40.919
I'm not gonna do that math in my head. It's

286
00:13:40.960 --> 00:13:42.679
gonna have to be a lot higher than it is now,

287
00:13:43.080 --> 00:13:45.799
so you can calculate it out. John McAfee I had

288
00:13:45.840 --> 00:13:48.639
talked with him many times before he died. He had

289
00:13:48.679 --> 00:13:52.159
calculated out the price of that bitcoin would have to

290
00:13:52.200 --> 00:13:54.759
be when it hit when it got to like you're

291
00:13:54.799 --> 00:13:56.799
only getting like an eighth of a bitcoin when you're mine.

292
00:13:56.879 --> 00:13:58.279
You know you can do that. You can figure that

293
00:13:58.279 --> 00:13:59.960
out every four years, just cut it down. There's gonna

294
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be a point where you know, I'm gonna use a

295
00:14:02.440 --> 00:14:04.279
tenth have more around them that a tenth of a

296
00:14:04.279 --> 00:14:06.399
bitcoin is gonna have to be, you know, a million

297
00:14:06.440 --> 00:14:08.320
dollars or you can't afford to mine it, you know,

298
00:14:08.360 --> 00:14:10.519
because you'll be spending that much. All these machines. You're

299
00:14:10.559 --> 00:14:12.440
just fighting for an eighth of a bitcoin or tenth

300
00:14:12.440 --> 00:14:14.320
of a bitcoin. So a proof of work is what

301
00:14:14.360 --> 00:14:17.559
that's causing. That's what Bitcoin's back by is the world's

302
00:14:17.639 --> 00:14:21.360
largest mining network on the planet, and the proof of

303
00:14:21.399 --> 00:14:23.399
work is what they're all doing trying to guess the number,

304
00:14:23.399 --> 00:14:24.960
and they try to do a block every ten minutes.

305
00:14:25.000 --> 00:14:27.720
Now people are guessing this number too fast. Let's say

306
00:14:28.159 --> 00:14:31.200
the hash rate is how many computers are guessing basically,

307
00:14:31.399 --> 00:14:33.559
let's say there's so many computers on there that're guessing

308
00:14:33.960 --> 00:14:38.080
the number every five minutes. So that's throwing the bitcoin

309
00:14:38.320 --> 00:14:40.919
blockchain off kilter. It has what's been every ten minutes.

310
00:14:40.960 --> 00:14:44.840
So every two weeks the network will automatically calculate how

311
00:14:44.919 --> 00:14:48.879
long it's been taking to answer the question the mathematical problem,

312
00:14:49.000 --> 00:14:51.600
and if it's eight minutes, it's gonna make it harder, right,

313
00:14:51.840 --> 00:14:53.679
So it brings it back up to every ten minutes.

314
00:14:53.720 --> 00:14:57.639
So the network's automatically changing the how hard to question

315
00:14:57.720 --> 00:15:00.159
it for the people, for the machines to get bit

316
00:15:00.200 --> 00:15:01.759
at ten minutes. I don't know if I explained it

317
00:15:01.759 --> 00:15:04.039
good enough. I know what I'm saying sometimes, and sometimes,

318
00:15:04.440 --> 00:15:06.759
like Trump to a degree, I weave shit in there

319
00:15:06.799 --> 00:15:07.720
that has no romance.

320
00:15:08.960 --> 00:15:10.600
It's okay, I'm glad to came.

321
00:15:10.639 --> 00:15:12.000
With that term, because that's what I do.

322
00:15:12.799 --> 00:15:14.440
Yeah, I think a lot of these concepts are not

323
00:15:14.519 --> 00:15:17.039
clearly understood by large amounts of people. I think they

324
00:15:17.080 --> 00:15:20.080
hear these terms, and they hear this term in reference

325
00:15:20.120 --> 00:15:22.279
to bitcoin, but they don't really understand what's really going

326
00:15:22.279 --> 00:15:24.600
on there. I didn't realize that it was basically a

327
00:15:24.919 --> 00:15:27.159
kind of a network of computers that are all trying

328
00:15:27.200 --> 00:15:30.840
to guess a number that's established by whom is my

329
00:15:30.919 --> 00:15:31.480
next question?

330
00:15:31.639 --> 00:15:34.360
Well, it's about the Bitcoin protocol, I mean the Bitcoin,

331
00:15:34.960 --> 00:15:38.840
the network person. This all happens automatically. It's on every

332
00:15:38.840 --> 00:15:40.360
computer that's mining bitcoin.

333
00:15:40.480 --> 00:15:44.240
Okay, it's a distributed thing, right, the chared across.

334
00:15:44.120 --> 00:15:47.919
Here mining bitcoin. You're downloading the bitcoin and every node

335
00:15:48.000 --> 00:15:50.159
has it. I have it on four or five computers

336
00:15:50.159 --> 00:15:53.639
here at my house. Just backing up to the Bitcoin network.

337
00:15:53.799 --> 00:15:56.720
People were worried about Bitcoin getting hacked a lot, rob

338
00:15:57.000 --> 00:15:59.120
I hear that a lot. Oh they made up money.

339
00:15:59.240 --> 00:16:01.080
Well, it's distributed it right, Yeah.

340
00:16:01.120 --> 00:16:04.600
Well yeah, so to get bitcoin to hack the Bitcoin network,

341
00:16:04.759 --> 00:16:09.080
you're going to basically have to have more computers. You're

342
00:16:09.080 --> 00:16:11.639
going to have fifty one percent of the computers that

343
00:16:11.679 --> 00:16:14.399
are mining bitcoin on the network. And if someone's buying

344
00:16:14.600 --> 00:16:18.480
that many computers, that many acic miners, not computers, there's

345
00:16:18.519 --> 00:16:21.840
these are specific things people are buying. If someone's buying

346
00:16:21.960 --> 00:16:25.399
that many miners, everybody is going to know. It's not

347
00:16:25.440 --> 00:16:28.200
like you're going to secretly buy enough minors to control

348
00:16:28.279 --> 00:16:31.120
fifty one percent of the network, and then you're going

349
00:16:31.200 --> 00:16:33.279
to have to start mining with all these you're going

350
00:16:33.320 --> 00:16:38.120
to spend a fortune in electricity mining bitcoin, and then

351
00:16:38.399 --> 00:16:40.399
when you finally got to the point you've done it,

352
00:16:40.480 --> 00:16:43.240
you'd have billions of dollars of bitcoin. So by hacking

353
00:16:43.320 --> 00:16:46.039
the bitcoin network, you would take your billions of dollars

354
00:16:46.080 --> 00:16:48.159
and make them worthless because once it got hacked, no

355
00:16:48.159 --> 00:16:49.840
one would want it. They go, oh, we know this

356
00:16:49.879 --> 00:16:52.120
would get hacked, So you would make billions of dollars

357
00:16:52.120 --> 00:16:53.600
that you would throw away, So it would be a

358
00:16:53.759 --> 00:16:56.519
It would you defeat the purpose of mining you minded

359
00:16:56.559 --> 00:16:59.200
to get. You wanted to hack it to get to bitcoin,

360
00:16:59.240 --> 00:17:01.360
where your bitcoin's going be worthless if you do, and

361
00:17:01.399 --> 00:17:03.080
you're gonna get rid of billions of dollars that you

362
00:17:03.240 --> 00:17:03.679
just made.

363
00:17:03.759 --> 00:17:05.720
Well, the only one that would have a motivation for

364
00:17:05.799 --> 00:17:08.200
doing that would be a large country, right like the

365
00:17:08.279 --> 00:17:08.920
United States.

366
00:17:09.240 --> 00:17:11.119
A large country would have a hard time doing it,

367
00:17:11.160 --> 00:17:14.839
but they still would be It's at the point that's

368
00:17:14.880 --> 00:17:17.640
not going to happen because the miners still would have

369
00:17:17.720 --> 00:17:20.640
to accept the new because basically, by doing fifty one

370
00:17:20.680 --> 00:17:23.119
percent you've made a new four okay a bitcoin. You

371
00:17:23.240 --> 00:17:26.079
said bitcoin's going along, and you've taken fifty one percent

372
00:17:26.119 --> 00:17:28.039
of the powerway, So you've made a fork over here,

373
00:17:28.240 --> 00:17:30.400
and in this fork you own a lot of bitcoin

374
00:17:30.480 --> 00:17:32.359
you just stole. Well, the miners aren't going to sit

375
00:17:32.400 --> 00:17:34.240
back and go, oh the heck with that. They're going

376
00:17:34.279 --> 00:17:36.319
to cut off that fork and stay with the old one.

377
00:17:36.799 --> 00:17:38.880
So they've got to decide to go with that four

378
00:17:39.000 --> 00:17:40.960
I mean, there was a four cores back in twenty

379
00:17:41.039 --> 00:17:44.440
seventeen between bitcoin and bitcoin cash cash forked off and

380
00:17:44.440 --> 00:17:46.519
they thought they should. The people there thought that that

381
00:17:46.599 --> 00:17:49.759
was the better bitcoin, but it lost to regular bitcoin

382
00:17:49.839 --> 00:17:52.279
because most of the miners said, no, that's not true.

383
00:17:52.319 --> 00:17:54.880
We're not going to accept that fort And that's what

384
00:17:54.920 --> 00:17:57.880
would happen with bitcoin if a nation state did do it,

385
00:17:58.000 --> 00:18:00.839
the miners wouldn't accept it. So it's the odds a

386
00:18:00.920 --> 00:18:03.400
bitcoin going to a million or way higher than to

387
00:18:03.440 --> 00:18:05.599
going to a zero. At this everybody's waited too long,

388
00:18:05.680 --> 00:18:09.039
too big. Even if the US tomorrow, which right now

389
00:18:09.079 --> 00:18:11.680
we have going into the government, the most bitcoin pro

390
00:18:11.759 --> 00:18:14.839
bitcoin government we've ever had. But even if tomorrow the

391
00:18:15.079 --> 00:18:18.720
government said we changed our mind bitcoin's illegal. You're only

392
00:18:18.759 --> 00:18:21.160
making it illegal in the US. The rest of the

393
00:18:21.200 --> 00:18:23.519
world is still going to be mining it. China found

394
00:18:23.559 --> 00:18:25.960
that out the hard way. They made mining illegal. Oh,

395
00:18:26.000 --> 00:18:28.000
the mining companies moved to the US. They were there

396
00:18:28.000 --> 00:18:30.680
because electricity was cheaper. They all moved to the US.

397
00:18:30.920 --> 00:18:34.160
Now guess what, five six years later, China realized that

398
00:18:34.279 --> 00:18:36.799
was an idiot move. We controlled half the hash power.

399
00:18:37.079 --> 00:18:38.680
Now we're illegal again.

400
00:18:38.880 --> 00:18:42.359
Oh wow, okay, well, I mean all these countries around

401
00:18:42.359 --> 00:18:44.640
the world. I mean, you think about maybe a shift

402
00:18:44.680 --> 00:18:49.519
to the future of currency on a global level being

403
00:18:49.599 --> 00:18:51.960
based on this kind of a process. But they don't

404
00:18:51.960 --> 00:18:53.119
control right.

405
00:18:53.200 --> 00:18:57.200
Right, right nobody? Yeah, Bitcoin, it's Bitcoin doesn't care if

406
00:18:57.200 --> 00:18:59.240
you're from the US. They don't care. If you're from Africa,

407
00:18:59.279 --> 00:19:01.400
they don't care if you're they don't care if you're white.

408
00:19:01.440 --> 00:19:04.480
Bitcoin doesn't care anything. It's just doing its thing when

409
00:19:04.559 --> 00:19:06.039
it's up to you to get in there and do

410
00:19:06.119 --> 00:19:06.880
it and take it.

411
00:19:06.960 --> 00:19:08.680
Doesn't that a little bit of a threat to the

412
00:19:08.720 --> 00:19:11.519
power of governments on a global scale.

413
00:19:11.200 --> 00:19:13.480
Because they want to control the money. Yeah, that's why

414
00:19:13.519 --> 00:19:15.480
China got rid of it. You control the money, you

415
00:19:15.519 --> 00:19:18.880
control the people. But here in the United States. You

416
00:19:18.960 --> 00:19:21.680
have you're familiar this. You have a thing where there's

417
00:19:21.720 --> 00:19:24.799
a separation between church and state. I personally think there

418
00:19:24.799 --> 00:19:27.839
should be a separation between money and state. But the

419
00:19:27.880 --> 00:19:30.200
federal government doesn't need to produce our money. Yeah, before

420
00:19:30.200 --> 00:19:32.640
the federal government started producing it, every state produced their

421
00:19:32.680 --> 00:19:35.480
own money. I mean, it's not like something that has

422
00:19:35.559 --> 00:19:38.279
to happen. I don't think bitcoin would affect the US

423
00:19:38.319 --> 00:19:40.960
for a long time. But the US, let's face it,

424
00:19:40.960 --> 00:19:43.279
we've been the world currency for one hundred years now.

425
00:19:43.400 --> 00:19:46.640
We've been fiat money since seventy one. The average life

426
00:19:46.640 --> 00:19:49.480
span of a fiat money is fifty years. We've well

427
00:19:49.519 --> 00:19:52.039
passed that, and the life span of a world currency

428
00:19:52.079 --> 00:19:54.880
is one hundred. We've well passed that. We need to

429
00:19:54.880 --> 00:19:57.039
do something pretty quick here. We don't want to lose that,

430
00:19:57.079 --> 00:20:01.440
and by getting bitcoin working with US dollars is the

431
00:20:01.440 --> 00:20:04.480
best way we can save that. I mean, gold kids

432
00:20:04.480 --> 00:20:06.759
don't want gold anymore. I know, peep their gold bugs

433
00:20:06.799 --> 00:20:08.640
and silver bugs, but I mean, and gold is what

434
00:20:08.680 --> 00:20:10.680
are you un lugged around gold bars with you? You're

435
00:20:10.680 --> 00:20:12.759
not getting on an airplane with five gold bars. I

436
00:20:12.799 --> 00:20:14.839
can guarantee you that. But you know, I can in

437
00:20:14.920 --> 00:20:17.240
Hong Kong. Let's use Hong Kong as an example. When

438
00:20:17.319 --> 00:20:19.519
China took over Hong Kong and they didn't take it over,

439
00:20:19.599 --> 00:20:21.240
it was given back to them because it was at

440
00:20:21.279 --> 00:20:25.079
least by UK. But the people who had gold bars,

441
00:20:25.160 --> 00:20:27.759
I guarantee you none of them got on a plane

442
00:20:27.920 --> 00:20:29.559
if they were trying to leave with their wealth, if

443
00:20:29.559 --> 00:20:32.160
they were holding those gold bars and under the combetitor.

444
00:20:32.279 --> 00:20:34.319
But if people had bitcoin, all they had to do

445
00:20:34.440 --> 00:20:36.960
was remember their key phrase. They could get on an airplane,

446
00:20:37.000 --> 00:20:38.960
fly anywhere they want, and when they got there, get

447
00:20:39.000 --> 00:20:40.359
on the computer and there's their bitcoin.

448
00:20:40.480 --> 00:20:43.240
So now are store or stored on a cold storage

449
00:20:43.480 --> 00:20:44.519
drive of sorts?

450
00:20:44.599 --> 00:20:47.079
Right? Yeah, but even if you can't, you don't necessarily

451
00:20:47.160 --> 00:20:48.839
have to take the cold storage drive, which is what

452
00:20:48.839 --> 00:20:49.200
I'm saying.

453
00:20:49.240 --> 00:20:50.880
Oh you don't sure, Yeah, but you.

454
00:20:50.839 --> 00:20:53.359
Get a mnemonic phrase. Everybody who gets a cold big

455
00:20:53.400 --> 00:20:56.119
cooins wallets are made with anomonic phrase that you could

456
00:20:56.160 --> 00:20:59.319
fly from Hong Kong to the US, go buy the

457
00:20:59.359 --> 00:21:03.000
same wallet you had, closed storage device, entered the demonic phrase,

458
00:21:03.119 --> 00:21:05.559
and that's your wallet now destroyed the one before you left.

459
00:21:05.599 --> 00:21:07.799
Because you didn't want anyone at the airport knowing you

460
00:21:07.839 --> 00:21:10.200
had a wallet and saying, hey, you can't leave in

461
00:21:10.279 --> 00:21:12.160
your family can't leave until you give us your password.

462
00:21:12.240 --> 00:21:13.079
Yeah, that's a good point.

463
00:21:13.200 --> 00:21:16.680
Yeah, so you just destroy that, Just memorize twelve words.

464
00:21:16.839 --> 00:21:19.480
You can memorize twelve words. Whatever country you get in,

465
00:21:19.640 --> 00:21:21.599
you can go buy your wallet and rebuild it with

466
00:21:21.640 --> 00:21:23.680
those twelve words. A lot of thoughts been put into this.

467
00:21:23.839 --> 00:21:27.079
Do you think that is a possibility that the just

468
00:21:27.079 --> 00:21:28.920
to use example of the Federal Reserve here in the

469
00:21:29.000 --> 00:21:31.039
United States has a lot of power right now over

470
00:21:31.079 --> 00:21:34.440
the Fiat currency and the monetary system. They would basically

471
00:21:34.480 --> 00:21:37.319
be losing control unless they got in on it.

472
00:21:37.480 --> 00:21:40.079
Right wit a bank, Mellen Camp Bank in New York,

473
00:21:40.160 --> 00:21:42.119
But I think it may be the oldest bank in

474
00:21:42.119 --> 00:21:44.799
the United States, and it's definitely one of the biggest.

475
00:21:45.000 --> 00:21:47.279
They I think they are even no homing thiss. But

476
00:21:47.440 --> 00:21:49.079
you know, the Fed's not owned by the US go

477
00:21:49.319 --> 00:21:52.839
It's owned by fifteen banks across the world, some number

478
00:21:52.839 --> 00:21:55.160
of banks, and I'm wrong, I'm always wrong with my numbers,

479
00:21:55.160 --> 00:21:57.359
but I'm close enough that so it's owned by all

480
00:21:57.400 --> 00:21:59.960
these banks from across the planet, not buy the US government.

481
00:22:00.200 --> 00:22:02.960
So I think the Bank, New York Bank, Melancamp New

482
00:22:03.039 --> 00:22:05.559
York Bank is owned by is the owner of the FED.

483
00:22:05.799 --> 00:22:08.519
They are the only bank in the United States that

484
00:22:08.599 --> 00:22:11.559
can hold bitcoin. They are moving into bitcoin. They passed

485
00:22:11.559 --> 00:22:14.039
the bill banks could hold bitcoin, so you would be

486
00:22:14.079 --> 00:22:16.240
able to walk into your bank or do it online

487
00:22:16.240 --> 00:22:18.519
and say, hey, I want to move one thousand dollars

488
00:22:18.519 --> 00:22:20.400
into bitcoin, and the bank could handle it for you,

489
00:22:20.400 --> 00:22:22.039
and the bank would hold it for you. People are

490
00:22:22.119 --> 00:22:24.079
used to being taken care of in their financial as

491
00:22:24.119 --> 00:22:27.599
systems by bank. And then Biden vetoed it. It passed the

492
00:22:27.640 --> 00:22:30.079
House and passed the Senate, and Biden vetoed it. But

493
00:22:30.200 --> 00:22:32.319
then out of the blue, I think it was Genshur

494
00:22:32.480 --> 00:22:36.200
Gerry Ginshur at sec allowed even though that the bill

495
00:22:36.240 --> 00:22:38.839
didn't pass and banks couldn't hold bitcoin, Bank of New

496
00:22:38.920 --> 00:22:40.960
York own Camp all of a sudden got approved by

497
00:22:41.000 --> 00:22:44.599
Gerry ginslur it a whole bitcoin. So so that's coming.

498
00:22:44.640 --> 00:22:46.319
If one bank's going to do it, they're all going

499
00:22:46.359 --> 00:22:47.960
to do it. And it's a FED. A bank that

500
00:22:48.039 --> 00:22:49.960
owns part of the FED is doing it all. The

501
00:22:49.960 --> 00:22:51.200
bank's own part of the fediguard.

502
00:22:51.359 --> 00:22:53.039
So you think that the FED would do it on

503
00:22:53.079 --> 00:22:54.920
the part of the United States, or you think the

504
00:22:54.920 --> 00:22:57.119
FED would hold their own and the United States would

505
00:22:57.119 --> 00:22:57.640
hold their own.

506
00:22:57.640 --> 00:22:59.200
Bit I think they both would hold their own. We

507
00:22:59.240 --> 00:23:00.920
need to shut down, I mean.

508
00:23:01.119 --> 00:23:04.599
What we need to do. There's no reason for it anymore, right, Yeah, well.

509
00:23:04.519 --> 00:23:06.759
There them there was a reason. Andrew Jackson shut it down.

510
00:23:06.799 --> 00:23:08.319
He said that was the most that was the best

511
00:23:08.319 --> 00:23:10.599
thing he ever did for his presidency for the world

512
00:23:10.640 --> 00:23:12.799
in the United States was shutting down the FED. Then

513
00:23:13.000 --> 00:23:16.720
like nineteen eighteen, all these bankers got together and made

514
00:23:16.720 --> 00:23:18.720
a bill and got it passed there in Christmas. That

515
00:23:18.799 --> 00:23:21.039
recreated the FED. But if people want to find out

516
00:23:21.079 --> 00:23:23.880
about the FED, I recommend they read a book, The

517
00:23:23.960 --> 00:23:28.160
Creature from Jekyl Island. It's Jackyal Island is where it

518
00:23:28.279 --> 00:23:31.400
happened at Jeckel Island, Georgia, and the creature is the FED.

519
00:23:31.599 --> 00:23:34.359
So it's the FED was created at Jekyl Island, so

520
00:23:34.400 --> 00:23:36.720
it's a creature from Jackal Island. It's a great book.

521
00:23:37.000 --> 00:23:38.440
It'll tell you so many things that when you get

522
00:23:38.440 --> 00:23:40.119
through with it, you go, oh my gosh, I really

523
00:23:40.119 --> 00:23:43.119
don't know how this could even exist today, How we

524
00:23:43.200 --> 00:23:46.160
could have an entity that is not controlled by the

525
00:23:46.279 --> 00:23:50.119
US government running our financial situation that's owned by these banks.

526
00:23:50.200 --> 00:23:51.279
I mean, that's yeah.

527
00:23:51.279 --> 00:23:56.240
It's an organization that drives inflation deflation of the currency, right,

528
00:23:56.359 --> 00:23:59.519
And I'm for sure that's a pretty destructive power that

529
00:23:59.599 --> 00:23:59.920
it has.

530
00:24:00.240 --> 00:24:03.759
It's a real destructive power we have. You take the

531
00:24:03.880 --> 00:24:06.559
US dollar. Their charts that you can look at. This

532
00:24:06.599 --> 00:24:09.440
shows the US dollar from like nineteen I'm gonna say

533
00:24:09.519 --> 00:24:11.440
nineteen eighteen. I know them off, but I'm gonna say

534
00:24:11.480 --> 00:24:13.720
nineteen eighteen the FED was created. If you look at

535
00:24:13.720 --> 00:24:16.759
what's happened to the dollar since nineteen eighteen, Oh my gosh,

536
00:24:16.839 --> 00:24:19.359
it's just been going off a cliff. But we're still

537
00:24:19.400 --> 00:24:21.920
plugging along, loving that FED. And then you hear people

538
00:24:22.000 --> 00:24:26.039
go two percent interest, two percent inflation is good. I

539
00:24:26.079 --> 00:24:28.359
don't see anything good about any inflation. But why is

540
00:24:28.359 --> 00:24:30.480
two percent inflation? So if I keep my money in

541
00:24:30.519 --> 00:24:33.839
the bank for twenty years two percent inflation per year,

542
00:24:33.920 --> 00:24:35.400
you lost a lot of money. You got to make

543
00:24:35.440 --> 00:24:36.519
money just to stay even.

544
00:24:36.799 --> 00:24:37.640
That's the world.

545
00:24:37.759 --> 00:24:40.680
Or more inflation if they print more FI currency, right.

546
00:24:41.200 --> 00:24:44.480
And then the chart the government uses for inflation. But

547
00:24:44.519 --> 00:24:47.279
if the price is the price of state goes up,

548
00:24:47.279 --> 00:24:49.599
too much. If everybody's eating full at Mignon and ploy

549
00:24:49.720 --> 00:24:51.880
Mignon goes up to one hundred bucks, Say, the average

550
00:24:51.880 --> 00:24:53.640
person's not eating fil a now, so we're gonna start

551
00:24:53.640 --> 00:24:55.440
putting in the index. We're taking out to pull a

552
00:24:55.759 --> 00:24:58.000
and we're adding hamburger meat. So it I didn't go

553
00:24:58.079 --> 00:25:00.079
up as much as the share because they just replaced it.

554
00:25:00.119 --> 00:25:01.839
You know, they replaced the thing went up a lot

555
00:25:02.000 --> 00:25:05.759
with something that's cheaper. And oh yeah, but now everybody's

556
00:25:05.759 --> 00:25:07.519
eating hamburger. No one's eating flat.

557
00:25:07.319 --> 00:25:09.440
Right, that's right.

558
00:25:10.000 --> 00:25:13.200
Bitcoin flips the coin or no pun intended, but it

559
00:25:13.240 --> 00:25:18.240
flips the churn on that and actually is an appreciating asset, not.

560
00:25:18.240 --> 00:25:22.319
A appreciating appreciating asset. It's a store of value. Some

561
00:25:22.319 --> 00:25:25.160
people call it digital gold, I think, and I think

562
00:25:25.200 --> 00:25:27.759
that's a bad because gold. You took an ounce of

563
00:25:27.799 --> 00:25:30.400
gold and went over the last five hundred years, let's say,

564
00:25:30.440 --> 00:25:32.720
or how many years an ounce of gold used to

565
00:25:32.720 --> 00:25:35.160
buy a suit of armor. An ounce of gold now

566
00:25:35.200 --> 00:25:38.279
buys a super fine minsuit twenty seven hundred ounce. So

567
00:25:38.799 --> 00:25:41.839
that's like a hedge against inflation. It always stays the same.

568
00:25:41.920 --> 00:25:45.640
It's not gaining, it doesn't really build wealth. It just

569
00:25:45.680 --> 00:25:47.240
holds on to wealth exactly.

570
00:25:47.359 --> 00:25:49.799
Gold holds onto wealth. And I'm not knocking people who

571
00:25:49.839 --> 00:25:53.480
are stacking gold. That's not my goal at all. Gold

572
00:25:53.559 --> 00:25:56.240
bitcoiners and gold bugs and silver bugs have a lot

573
00:25:56.279 --> 00:25:59.599
in common. I feel, just don't understand bitcoin, so they're

574
00:25:59.640 --> 00:26:02.319
going for the next for something they do understand, which

575
00:26:02.359 --> 00:26:04.359
is gold and silver. But like I said, it's a

576
00:26:04.400 --> 00:26:07.440
great way to hang on to your wealth. The same

577
00:26:07.480 --> 00:26:09.720
amount of goal probably buys a house now that it

578
00:26:09.759 --> 00:26:12.359
took to buy a house thirty years ago. But where

579
00:26:12.359 --> 00:26:15.160
it took ten years ago one hundred bitcoin a house now,

580
00:26:15.200 --> 00:26:17.559
it takes like three to buy a house. So that's

581
00:26:17.559 --> 00:26:20.079
definitely a big difference in appreciation.

582
00:26:20.319 --> 00:26:23.160
Yeah, well, let's change gears a little bit and talk

583
00:26:23.240 --> 00:26:25.920
about your conference that you're putting on, your bit block

584
00:26:26.039 --> 00:26:30.119
Boom conference. It's at bit block boom dot com. Here

585
00:26:30.279 --> 00:26:32.119
we pull it up on the screen, so if you're

586
00:26:32.160 --> 00:26:34.480
interested in finding out more about it. I mean, I'm

587
00:26:34.480 --> 00:26:38.240
going to continue this conversation and dive into issues related

588
00:26:38.319 --> 00:26:42.319
to trust around bitcoin, and there's all sorts of derivative

589
00:26:42.359 --> 00:26:45.240
issues on that. But I wanted to mention Gary's coin

590
00:26:45.279 --> 00:26:47.680
conference that he's been doing. It's been around here when

591
00:26:47.680 --> 00:26:50.160
we pull it up on the screen, it's been around

592
00:26:50.279 --> 00:26:51.960
for eight years now.

593
00:26:52.039 --> 00:26:54.359
Right right here we are the well. First of all,

594
00:26:54.440 --> 00:26:56.160
it just make sure it's clear this is a bitcoin

595
00:26:56.240 --> 00:27:00.640
conference and you're a bitcoin yeah listening. I talk about bitcoin.

596
00:27:00.799 --> 00:27:03.839
I don't care. There are twenty thousand cryptocurrencies, maybe more

597
00:27:03.839 --> 00:27:06.279
by now. I don't care about any of the nineteen thousand,

598
00:27:06.359 --> 00:27:09.119
nine hundred and ninety or twenty thousand cryptocurrencies. I care

599
00:27:09.160 --> 00:27:11.960
about bitcoin. You got bitcoin and twenty thousand cryptos, so

600
00:27:12.000 --> 00:27:14.160
I care about bitcoins. And my conference is about bitcoin.

601
00:27:14.200 --> 00:27:16.599
And at the moment, at eight years, it's the world's

602
00:27:16.640 --> 00:27:19.480
longest running bitcoin conference. Sure there were some before me,

603
00:27:19.599 --> 00:27:21.480
but they've gone out of business. So as it stands,

604
00:27:21.519 --> 00:27:24.279
I have the longest running bitcoin Conference's four days of

605
00:27:24.400 --> 00:27:28.880
discussion and events with bitcoin. It's in Dallas, Texas in April.

606
00:27:29.000 --> 00:27:31.319
If anyone is interested and they do want to go,

607
00:27:31.440 --> 00:27:34.240
use the code Geary give you a discount tickets. Make

608
00:27:34.279 --> 00:27:36.400
it easy for you. But here's the thing with the

609
00:27:36.759 --> 00:27:39.440
with my conference. Rob is there and this is how

610
00:27:39.480 --> 00:27:41.039
it started. There are a lot of people and I'm

611
00:27:41.079 --> 00:27:43.880
going to use Joe Blow in South Dakota. Joe Blow

612
00:27:43.920 --> 00:27:47.720
in South Dakota got into bitcoin in twenty twelve. He's

613
00:27:47.720 --> 00:27:49.519
got a lot of bitcoin because it was cheap to

614
00:27:49.559 --> 00:27:52.079
get He could even mine it, probably on his laptom.

615
00:27:52.319 --> 00:27:56.240
But he knows nobody in South Dakota who has bitcoin

616
00:27:56.359 --> 00:27:59.839
like he does to talk to in a manner that's

617
00:28:00.000 --> 00:28:02.519
the same relevant. See, they both can relate. If he's

618
00:28:02.559 --> 00:28:04.720
got five hundred bitcoin and he's talking to some guy

619
00:28:04.759 --> 00:28:07.359
who's trying to buy his first eighth first one hundred

620
00:28:07.359 --> 00:28:09.119
dollars worth, they don't have a lot of stuff in

621
00:28:09.119 --> 00:28:11.440
common to talk about, nor do they have the history

622
00:28:11.519 --> 00:28:13.400
to go over of all the things that happened. Well,

623
00:28:13.519 --> 00:28:15.480
he loves coming to my conference every year because all

624
00:28:15.480 --> 00:28:17.920
of a sudden he's around all his pier. So most

625
00:28:17.960 --> 00:28:20.359
of the people come to our conference or old school bitcoiners.

626
00:28:20.440 --> 00:28:22.240
And I've always said in the past, if you weren't

627
00:28:22.279 --> 00:28:24.839
in the bitcoin my conference might not be the best

628
00:28:24.839 --> 00:28:26.720
conference for you to go to because we were not

629
00:28:26.920 --> 00:28:30.559
at the basic instructional level. We were at the higher level.

630
00:28:30.559 --> 00:28:32.720
Because of the kind of people we drew. I mean

631
00:28:32.759 --> 00:28:35.200
I had more people from the Netherlands here before last

632
00:28:35.200 --> 00:28:37.559
than I did from Dallas the same thing Australia. I

633
00:28:37.559 --> 00:28:40.119
had twenty five thirty people from Australia the king. It's

634
00:28:40.160 --> 00:28:43.759
a worldwide event. But now we decided we need to

635
00:28:43.920 --> 00:28:47.039
go down that road and start becoming more basic and educational.

636
00:28:47.079 --> 00:28:49.440
So we've added like a day full of workshops what

637
00:28:49.599 --> 00:28:52.359
is bitcoin? A day fall of workshops what is mining?

638
00:28:52.480 --> 00:28:55.359
So people can find out these questions. So bit block

639
00:28:55.400 --> 00:28:57.279
boom is evolving. But if you want to go to

640
00:28:57.319 --> 00:28:59.799
an event where and no one's trying to sell you

641
00:29:00.079 --> 00:29:01.720
coin at the event, there's no ine iner going I

642
00:29:01.720 --> 00:29:03.799
got some bitcoin by just what matter of fact, someone

643
00:29:03.839 --> 00:29:05.640
comes to me and tells me that I over shout

644
00:29:05.680 --> 00:29:08.000
in them because they probably shouldn't even have a ticket

645
00:29:08.000 --> 00:29:10.160
to my event. So I check it out immediately. So

646
00:29:10.319 --> 00:29:13.559
it's a good safe place. We have Texas Rangers come

647
00:29:13.720 --> 00:29:16.000
for security. We don't just use security guys, we use

648
00:29:16.240 --> 00:29:20.240
official Texas Rangers. So everybody is feels pretty comfortable and secure.

649
00:29:20.359 --> 00:29:22.559
But it's a good place to go and learn about bitcoin,

650
00:29:22.720 --> 00:29:24.599
or even if you know everything about bitcoin, it's a

651
00:29:24.599 --> 00:29:26.440
good place to go and hang out with your peers.

652
00:29:26.720 --> 00:29:29.759
So let's talk now a little bit about trust in bitcoin.

653
00:29:29.839 --> 00:29:32.200
I think a lot of people are hearing what's going

654
00:29:32.240 --> 00:29:35.160
on that it's going to reach this one hundred thousand

655
00:29:35.200 --> 00:29:39.039
dollars threshold a bitcoin, and people are hyped and interested

656
00:29:39.200 --> 00:29:42.039
in getting into it, but they have this historical memory

657
00:29:42.160 --> 00:29:44.680
is that maybe they've heard from a friend that they've

658
00:29:44.720 --> 00:29:48.359
lost their bitcoin, or there's just this kind of maybe

659
00:29:48.640 --> 00:29:51.799
under the carpet kind of feeling that they can't really

660
00:29:51.839 --> 00:29:54.799
trust putting their money into bitcoin. And I guess that

661
00:29:54.920 --> 00:29:58.920
raises all sorts of questions around how to do it

662
00:29:59.359 --> 00:30:02.200
with this long standings kind of skepticism. And there has

663
00:30:02.240 --> 00:30:04.799
been fraudsters in the past, and there is risks, and

664
00:30:05.440 --> 00:30:07.960
I think that the industry has been very straightforward about

665
00:30:07.960 --> 00:30:10.720
that to some degree, and it's been obvious based on

666
00:30:11.039 --> 00:30:13.119
things that have happened in the news that people have

667
00:30:13.200 --> 00:30:15.359
heard about that have maybe soured them a little bit

668
00:30:15.400 --> 00:30:18.240
to trusting this with their hard earned money right as

669
00:30:18.240 --> 00:30:18.720
they think.

670
00:30:18.599 --> 00:30:19.359
To the future.

671
00:30:19.799 --> 00:30:22.559
And so, what do you think that people need to

672
00:30:22.599 --> 00:30:26.240
be thinking about with bitcoin here that will help them

673
00:30:26.279 --> 00:30:29.880
build more of a maybe short to long term kind

674
00:30:29.880 --> 00:30:31.400
of feeling of trust around it.

675
00:30:31.480 --> 00:30:33.880
Well, you're correct, it's a lot of stuff has happened

676
00:30:33.880 --> 00:30:37.559
in bitcoin. But let me also state that bitcoin itself,

677
00:30:37.599 --> 00:30:40.920
the bitcoin network, the bitcoin system, it's never been hacked,

678
00:30:40.920 --> 00:30:43.799
and no bitcoin's ever been stolen from that. Bitcoin has

679
00:30:43.799 --> 00:30:46.960
been stolen from people after they took possession of it,

680
00:30:47.519 --> 00:30:51.680
not from the network. So and here's what typically happened.

681
00:30:51.720 --> 00:30:53.839
For instance, a lot of people buy bitcoin at coin

682
00:30:53.880 --> 00:30:56.480
base and they leave it on that exchange at Coinbase,

683
00:30:56.640 --> 00:30:58.680
and they don't take self custody of it because they

684
00:30:58.680 --> 00:31:00.720
for some reason think that exchange change to the bank

685
00:31:00.759 --> 00:31:05.440
with FDIC. It's not only banks have FDIC, not bitcoin exchange.

686
00:31:05.480 --> 00:31:08.200
So right now, at some point in time, I was

687
00:31:08.200 --> 00:31:10.079
talking to someone yesterday has ad a bitcoin conference and

688
00:31:10.119 --> 00:31:12.640
we were talking about Coinbase was hacked at a time,

689
00:31:12.720 --> 00:31:14.640
and they didn't get any bitcoin from him, but they

690
00:31:14.720 --> 00:31:17.240
got a lot of users information, is what I was told.

691
00:31:17.279 --> 00:31:20.160
Like I said, I haven't investigated this personally. So what

692
00:31:20.200 --> 00:31:22.680
they're doing now is they're calling people because they have

693
00:31:22.720 --> 00:31:25.720
people's information. They know these people have a coin based account,

694
00:31:25.839 --> 00:31:28.240
they know their name, and they have their contact information.

695
00:31:28.359 --> 00:31:30.640
Evidently they have their phone number, and they call them

696
00:31:30.720 --> 00:31:32.880
up and go, Hi, we're with Coinbase. We have a

697
00:31:32.920 --> 00:31:36.279
possible hack going on and we need to help you

698
00:31:36.359 --> 00:31:39.319
secure your bitcoin and they go, oh my gosh, thank you,

699
00:31:39.400 --> 00:31:41.440
and they go, we need to confirm that you are

700
00:31:41.559 --> 00:31:44.119
who we think you are. Please give us your password

701
00:31:44.160 --> 00:31:45.759
and use your name, and they do it, and then

702
00:31:45.759 --> 00:31:47.960
they just log into account and steal their bitcoin, right,

703
00:31:48.039 --> 00:31:50.599
and that's a big thing right now. People usually give

704
00:31:50.720 --> 00:31:53.200
up the information. I was at the seven to eleven

705
00:31:53.240 --> 00:31:55.359
here and I've known him forever. He's like, he gives

706
00:31:55.359 --> 00:31:58.240
me free coffee in the mornings because I will answers

707
00:31:58.279 --> 00:32:00.759
bitcoin questions. One day I came in said, oh, my gosh,

708
00:32:01.039 --> 00:32:04.519
coin Base has stolen my wife's bitcoin. I said what, Yeah,

709
00:32:05.000 --> 00:32:06.680
she went to her account and there's no bitcoin in there.

710
00:32:06.720 --> 00:32:08.680
She's stolen it. They even called her. When they said

711
00:32:08.799 --> 00:32:10.839
they called her, I said yeah, I said, no, I

712
00:32:10.880 --> 00:32:13.519
have a feeling that some hackers called your wife and

713
00:32:13.519 --> 00:32:15.839
that she may have given them the username. Oh no,

714
00:32:15.880 --> 00:32:17.559
she'd never I said, well, you might want to go

715
00:32:17.599 --> 00:32:19.920
home and check on that. Next day, coffee goes, oh

716
00:32:20.000 --> 00:32:21.960
my god, Gar, you're right. Someone called saying they were

717
00:32:22.000 --> 00:32:24.440
coin Base and they needed her account number and password,

718
00:32:24.480 --> 00:32:25.599
and she gave it to him and said, yeah, I

719
00:32:25.599 --> 00:32:28.039
had a feeling that was what had happened. So yeah,

720
00:32:28.079 --> 00:32:32.039
people don't realize here's the deal in a nutshell with bitcoin,

721
00:32:32.319 --> 00:32:34.400
I mean, unless you want to leave it on a

722
00:32:34.440 --> 00:32:38.559
reserve someplace. But for the most part, you're your own bank.

723
00:32:38.599 --> 00:32:40.480
I mean, you are your bank. You don't have a

724
00:32:40.480 --> 00:32:42.519
bank taking care of you, because as I said, at

725
00:32:42.519 --> 00:32:44.680
the moment, it's illegal if a bank's the whole bitcoin

726
00:32:44.720 --> 00:32:47.359
except for the one bank. So you have you are

727
00:32:47.400 --> 00:32:49.920
a bank. Now being a bank is great power. I

728
00:32:49.960 --> 00:32:51.680
mean it's great power. Oh my gosh, why do you

729
00:32:51.680 --> 00:32:53.880
think there's a bank on every corner. I mean, in

730
00:32:53.920 --> 00:32:56.880
a bank is a great power. You can basically print money.

731
00:32:56.960 --> 00:32:59.440
But now you're a bank. You got to realize with

732
00:32:59.480 --> 00:33:02.400
great power or comes great responsibility, whether you want to

733
00:33:02.480 --> 00:33:06.559
quote Voltaire or Uncle Ben. Having great powers a great responsibility,

734
00:33:06.720 --> 00:33:09.880
and most people are not prepared for that responsibility, nor

735
00:33:09.960 --> 00:33:12.599
do they want to take the responsibility. So if you

736
00:33:12.720 --> 00:33:17.279
have you've got a cold card, thing cold, you taken it,

737
00:33:17.720 --> 00:33:21.359
I think. And another thing people do is they go

738
00:33:21.480 --> 00:33:24.079
to for instance, you could go to the treasure where

739
00:33:24.079 --> 00:33:26.000
you got yours, and you could buy it and let's

740
00:33:26.039 --> 00:33:27.839
say it's one hundred dollars at whatever the prices. I

741
00:33:27.839 --> 00:33:29.559
don't know, nor do I care. But then they go

742
00:33:29.559 --> 00:33:32.079
to Amazon and they say, oh, this guy's selling treasures

743
00:33:32.079 --> 00:33:34.519
for twenty five dollars, I'll buy one from him. For

744
00:33:34.680 --> 00:33:37.640
the guy on Amazon selling for twenty five dollars, fifty dollars,

745
00:33:37.640 --> 00:33:40.720
one hundred dollars whatever, there's a chance I'm not knocking

746
00:33:40.720 --> 00:33:43.519
anyone there. But there's a chance they already opened the

747
00:33:43.559 --> 00:33:47.039
package and got modified. Yeah, modified it so that when

748
00:33:47.079 --> 00:33:48.680
you put your bitcoin on it, they can take it

749
00:33:48.720 --> 00:33:50.359
off as fast as you put it on. So if

750
00:33:50.359 --> 00:33:52.519
you do buy a wallet, you have to buy it

751
00:33:52.559 --> 00:33:54.759
from the company that made it. You can't be buying

752
00:33:54.799 --> 00:33:57.039
it from And then I have another friend Rob, this

753
00:33:57.160 --> 00:34:00.000
is Coinbase was getting sued by the sec that was happening.

754
00:34:00.160 --> 00:34:02.359
So I would contact friends I knew that I had

755
00:34:02.440 --> 00:34:05.000
orange piled or talked into bitcoin to tell him, hey,

756
00:34:05.079 --> 00:34:07.119
do you still have your bitcoin on Coinbase And they

757
00:34:07.240 --> 00:34:08.760
go yes, and you need to get it off. You

758
00:34:08.760 --> 00:34:11.039
don't want that lawsuit to go through and then you

759
00:34:11.119 --> 00:34:13.320
lose access to your bitcoin because they've been shut down.

760
00:34:13.400 --> 00:34:15.840
Had a friend he bought I talked him into buying

761
00:34:15.880 --> 00:34:18.159
when it was six thousand, he bought three thousand. He

762
00:34:18.199 --> 00:34:20.440
had half a bitcoin it's fifty thousand dollars right now.

763
00:34:20.559 --> 00:34:23.000
He bought his wallet. He had his son come over

764
00:34:23.039 --> 00:34:24.920
and help him do it. When you buy your wallet,

765
00:34:25.119 --> 00:34:28.000
it makes you write down all the passwords, phrases, and

766
00:34:28.039 --> 00:34:30.079
it'll ask you what was word number eight, what was

767
00:34:30.119 --> 00:34:31.800
word number two? What was word it was to make

768
00:34:31.840 --> 00:34:33.800
sure you've written all this stuff down. So he put

769
00:34:33.800 --> 00:34:36.119
his half bitcoin in there, wrote all his words down,

770
00:34:36.320 --> 00:34:38.960
wrote down his user name, wrote down his password. Done,

771
00:34:39.119 --> 00:34:41.599
said when my son helping me, it wasn't easy. Then

772
00:34:41.639 --> 00:34:44.199
he called me a month ago and goes, the hell

773
00:34:44.239 --> 00:34:46.679
would that treasure? They won't even give me my password?

774
00:34:46.719 --> 00:34:49.119
And I said, Rob, they don't have your password. That's

775
00:34:49.159 --> 00:34:50.559
why he can't give it to you. And goes, well,

776
00:34:50.559 --> 00:34:52.519
i've lost my piece of paper. I'm going you lost

777
00:34:52.559 --> 00:34:54.760
your piece of paper that was pretty important to keep. Yeah,

778
00:34:54.760 --> 00:34:56.239
I know, I just can't remember where I put it at.

779
00:34:56.239 --> 00:34:58.360
So hopefully he finds it someday. But if he doesn't,

780
00:34:58.519 --> 00:35:00.920
he's lost fifty thousand dollars, which could be one hundred

781
00:35:00.920 --> 00:35:03.960
thousand dollars by this time next year. It's a responsibility,

782
00:35:04.039 --> 00:35:06.039
that's what I'm saying. Most people are not prepared for

783
00:35:06.079 --> 00:35:09.039
the responsibility. But that's what it is. But now we

784
00:35:09.119 --> 00:35:12.000
have ETFs still not as good as owning bitcoin. Holding

785
00:35:12.000 --> 00:35:13.760
the asset itself, that's what you really want to do.

786
00:35:13.840 --> 00:35:15.559
But you have ets, you have ways to get into

787
00:35:15.599 --> 00:35:19.159
bitcoin without having to absorb as much responsibility. But the

788
00:35:19.159 --> 00:35:21.480
more responsibility you take, the better off you're going to

789
00:35:21.559 --> 00:35:24.400
be long term my opinion. So that's a bitcoin has

790
00:35:24.480 --> 00:35:27.119
never been hacked. It's safe. It's the sloppiness of the

791
00:35:27.119 --> 00:35:29.719
people who buy the bitcoin is the point I'm trying

792
00:35:29.760 --> 00:35:31.000
to make that has done well.

793
00:35:31.000 --> 00:35:35.880
It's also they're probably not educated about how it all works, right, Yeah, yeah,

794
00:35:35.960 --> 00:35:38.440
I think that's been my experience.

795
00:35:38.599 --> 00:35:41.599
For sure. It's worth your time. This is something that's

796
00:35:41.599 --> 00:35:44.119
worth your time learning. I mean, people spend more time

797
00:35:44.159 --> 00:35:46.400
figuring out how to set up their podcast studio than

798
00:35:46.400 --> 00:35:48.679
they do trying to figure out how to secure their bitcoin.

799
00:35:48.840 --> 00:35:50.920
I mean for real, and they just buy it and

800
00:35:51.039 --> 00:35:53.159
leave it. Okay, I bought it, it's sitting there. Yeah,

801
00:35:53.199 --> 00:35:55.320
it's not ensure, dude, it's one hacks into that. No

802
00:35:55.360 --> 00:35:57.920
matter what it is, You've lost bitcoin and they're gonna go, sorry,

803
00:35:57.920 --> 00:35:59.920
we got hacked and you lost your bitcoin. It's happened.

804
00:36:00.039 --> 00:36:01.760
You know, it's not like it hasn't happened. It's happened.

805
00:36:01.840 --> 00:36:03.280
I don't know how times it's going to happen for

806
00:36:03.320 --> 00:36:05.239
people that the people who had it happened to them though,

807
00:36:05.280 --> 00:36:07.440
But then time goes by, and that's what happened. Time

808
00:36:07.480 --> 00:36:09.559
goes by, new people get in and they all get

809
00:36:09.559 --> 00:36:10.360
taken advantage of.

810
00:36:10.519 --> 00:36:13.719
So let's play out a scenario. Person loads one of

811
00:36:13.760 --> 00:36:16.639
these apps. Right, they're able to go in and invest

812
00:36:16.639 --> 00:36:19.199
a thousand dollars or whatever, and they get a fraction

813
00:36:19.400 --> 00:36:21.599
of a bitcoin, Right, they get a point zero one

814
00:36:21.760 --> 00:36:24.360
or they get point one or whatever that number is

815
00:36:24.360 --> 00:36:27.440
that they invested in, and it's held in a exchange. Right,

816
00:36:27.519 --> 00:36:30.000
that gives you the ability to buy and and you

817
00:36:30.039 --> 00:36:33.039
want to export it out of there into cold storage

818
00:36:33.039 --> 00:36:36.800
like a treasor what is that typical process that enables

819
00:36:36.800 --> 00:36:38.760
that to happen. So when you buy it, you don't

820
00:36:38.800 --> 00:36:41.639
necessarily have to do a bunch of setup before you

821
00:36:41.880 --> 00:36:42.400
export it.

822
00:36:42.960 --> 00:36:46.840
That the exchange has makes your wallet automatically and basically

823
00:36:47.039 --> 00:36:50.000
it's really simple. Your treasure you said, or whatever want

824
00:36:50.039 --> 00:36:52.119
you whatever you use to put it in will have

825
00:36:52.199 --> 00:36:55.440
an address, a public address. Every wallet has a public

826
00:36:55.480 --> 00:36:58.239
address and a private key. Public address is like your

827
00:36:58.280 --> 00:37:01.320
email address. I would send you an email Rob Greenley

828
00:37:01.480 --> 00:37:04.400
at gmail dot com. That's your public address. Your password

829
00:37:04.719 --> 00:37:06.599
is what you enter to read all your email. You

830
00:37:06.599 --> 00:37:08.320
don't want anyone having that. As long as you don't

831
00:37:08.320 --> 00:37:10.360
give anyone that, you're fine. But you would just go

832
00:37:10.440 --> 00:37:13.280
into your wallet, get that public address, copy it, go

833
00:37:13.360 --> 00:37:16.679
over to the exchange, hit send a bitcoin, put in

834
00:37:16.760 --> 00:37:19.320
the address, say send all. Usually tell you how much

835
00:37:19.320 --> 00:37:21.079
you one do, say send all and send it and

836
00:37:21.119 --> 00:37:23.360
that's it. But you do want to make sure you know,

837
00:37:23.519 --> 00:37:25.400
just as a tip to people, when you paste that

838
00:37:25.519 --> 00:37:27.840
in there, when you take that out of your wallet,

839
00:37:27.880 --> 00:37:30.519
that address and you paste it into the exchange, at

840
00:37:30.639 --> 00:37:33.320
least look at the first four letters in the last

841
00:37:33.320 --> 00:37:35.599
four letters on your wallet and make sure you copy

842
00:37:35.679 --> 00:37:37.360
the whole thing. Look at what you just paste it in.

843
00:37:37.639 --> 00:37:40.280
If it starts with B one two five, make sure

844
00:37:40.360 --> 00:37:42.679
that your address is B one two five on the thing.

845
00:37:42.760 --> 00:37:44.599
So if you check the first four and the last four,

846
00:37:44.719 --> 00:37:46.880
it's like ninety nine point nine percent the rest in

847
00:37:46.920 --> 00:37:48.079
the middle of going to be there. You just want

848
00:37:48.079 --> 00:37:49.440
to make sure you don't send it to a wallet

849
00:37:49.480 --> 00:37:51.400
that is missing a number and then then maybe it's

850
00:37:51.480 --> 00:37:54.000
flying out there in the world forever. We were talking

851
00:37:54.039 --> 00:37:56.519
about my friend who lost half a bitcoins. Almost four

852
00:37:56.599 --> 00:38:00.000
million bitcoin they say are lost, gone forever. So while

853
00:38:00.079 --> 00:38:03.320
we have twenty one million bitcoin were created, four MILLIONI

854
00:38:03.400 --> 00:38:05.639
were lost for it by people sending it to wrong wallets.

855
00:38:05.719 --> 00:38:08.039
Someone threw away a laptop one time that had four

856
00:38:08.039 --> 00:38:10.119
thousand bitcoin on it and they threw away and it's

857
00:38:10.119 --> 00:38:12.559
in a landfill somewhere. Things like that happen all the time,

858
00:38:12.599 --> 00:38:14.519
So that's almoso. Really, if you're trying to figure out

859
00:38:14.519 --> 00:38:16.840
how rare bitcoin is that there's only twenty one million,

860
00:38:16.880 --> 00:38:20.559
really there's only seventeen, right, And the guy who invented bitcoins,

861
00:38:20.559 --> 00:38:23.000
that Toshi Nakamoto, he has a million to he mined.

862
00:38:23.039 --> 00:38:24.760
He didn't even give it to himself. He minded it

863
00:38:24.800 --> 00:38:26.280
just like you and I would. No one even knows

864
00:38:26.280 --> 00:38:28.920
if he's alive anymore because it's never been touched the mood.

865
00:38:28.960 --> 00:38:32.639
So really, what's different about a cold storage device like

866
00:38:32.679 --> 00:38:35.199
a little USB stick is what it's like. What's the

867
00:38:35.199 --> 00:38:37.719
difference between that and a regular USB stick.

868
00:38:37.800 --> 00:38:39.760
I think it's just made more user friendly. For the

869
00:38:39.760 --> 00:38:41.320
most part. You could put it on a USB stick.

870
00:38:41.320 --> 00:38:43.800
There's a thing called an open dime, which is basically

871
00:38:43.880 --> 00:38:46.880
a USB stick. If I want to give someone some bitcoin.

872
00:38:47.360 --> 00:38:49.199
I did something with someone and I owed at fifteen

873
00:38:49.239 --> 00:38:51.559
hundred dollars and they said, hey, paimium vic sure and

874
00:38:51.840 --> 00:38:53.800
they don't have they don't even have a wallet put

875
00:38:53.840 --> 00:38:56.000
bigoin on. So I just put it on this open dime,

876
00:38:56.039 --> 00:38:58.719
which is an upgraded USB stick, and I just handled

877
00:38:58.760 --> 00:39:00.960
him the stick. I can know it's five movies. You say,

878
00:39:01.000 --> 00:39:03.519
here's the credit stick. That's what a wallet basically is.

879
00:39:03.960 --> 00:39:07.000
But you have wallets on exchanges. Then you have wallets

880
00:39:07.000 --> 00:39:09.000
people put on their phone. Those are still hot wallet,

881
00:39:09.039 --> 00:39:10.960
and then you have coal wallets which have to be

882
00:39:11.039 --> 00:39:14.039
plugged into the internet because your keys are on the wallet,

883
00:39:14.079 --> 00:39:16.159
which is a whole separated device. You know it's not

884
00:39:16.239 --> 00:39:17.679
on the net. No one's going to break into your

885
00:39:17.679 --> 00:39:19.760
wallet because not on the net hook to the internet.

886
00:39:19.800 --> 00:39:22.559
So you're that's your top security. Then what a lot

887
00:39:22.559 --> 00:39:24.440
of people doing if you're buying a lot of bigcoin.

888
00:39:24.679 --> 00:39:26.480
Let's say you were buying a million dollars worth of a

889
00:39:26.440 --> 00:39:27.880
big cooin. Not a lot of people go buy a

890
00:39:27.920 --> 00:39:30.000
million dollars. But if you were, You're really not going

891
00:39:30.079 --> 00:39:31.519
on to put it on a little thumb drive. You

892
00:39:31.800 --> 00:39:33.440
have it around where you could lose it or someone

893
00:39:33.440 --> 00:39:35.360
could pick it up, So you'd go to a company

894
00:39:35.480 --> 00:39:39.360
like our top sponsor Unchained. Unchained creates wallets where you

895
00:39:39.440 --> 00:39:42.800
have to have three separate wallets to get into the

896
00:39:42.840 --> 00:39:46.920
main wallet, and so you have two and they have one.

897
00:39:47.079 --> 00:39:48.960
So if you lost one of your wallets or one

898
00:39:48.960 --> 00:39:51.280
of your wallets broken, they can help you out, but

899
00:39:51.320 --> 00:39:53.519
they can't do anything without at least one of your two,

900
00:39:53.599 --> 00:39:56.400
so your bitcoin safe. You know. So a lot of

901
00:39:56.400 --> 00:39:58.960
people with high wealth would rather use a two out

902
00:39:58.960 --> 00:40:01.000
of three multi sig. It's called you have to have

903
00:40:01.039 --> 00:40:04.519
two signatures out of three possible signatures to get into

904
00:40:04.519 --> 00:40:07.320
any bitcoin, and then it'll have safety precautions like you

905
00:40:07.360 --> 00:40:09.280
can set it up and go. I never want anyone

906
00:40:09.280 --> 00:40:11.000
to be able to pull more than five percent out

907
00:40:11.039 --> 00:40:13.440
of this at a time. So if someone does, by

908
00:40:13.480 --> 00:40:16.360
some chance, maybe you got a POS kid and he

909
00:40:16.400 --> 00:40:17.760
knows where you would hide that, and he goes in

910
00:40:17.760 --> 00:40:19.960
there and tries to hijack your bitcoin because he doesn't

911
00:40:19.960 --> 00:40:21.920
care about his parents, because he's a POS. You can't

912
00:40:21.960 --> 00:40:23.880
take more than five percent plus. You can set it

913
00:40:23.960 --> 00:40:25.960
up where the video camera comes on and it gives

914
00:40:25.960 --> 00:40:27.599
you a script and you have to go, Hi, I'm

915
00:40:27.639 --> 00:40:30.320
Gary Lelon, I'm moving five percent of my bitcoin to

916
00:40:30.400 --> 00:40:33.119
this address and say okay, and then they physically review

917
00:40:33.199 --> 00:40:35.880
that video. So there are ways to make sure you're secure.

918
00:40:36.119 --> 00:40:38.239
Just most people don't want to do, as I said earlier,

919
00:40:38.400 --> 00:40:40.840
don't want to do the work, and you have to

920
00:40:40.880 --> 00:40:41.440
do the work.

921
00:40:41.480 --> 00:40:45.679
Do you see that that process getting more standardized and streamlined.

922
00:40:45.880 --> 00:40:46.400
Yeah, and I do.

923
00:40:46.519 --> 00:40:48.480
They're more well understood.

924
00:40:48.719 --> 00:40:51.440
There are quite there are more companies every day coming,

925
00:40:51.559 --> 00:40:54.480
not every day, but every year more companies start offering

926
00:40:54.519 --> 00:40:57.400
a multi sig service. You could use River, you can

927
00:40:57.480 --> 00:41:00.320
use our sponsor Unchained, you can use one Bitcoin. I

928
00:41:00.320 --> 00:41:02.800
mean there's several of them to choose from that. Do

929
00:41:02.880 --> 00:41:04.719
that have you know the two out of three? And

930
00:41:04.760 --> 00:41:09.320
what I recommend people do if they want to explore bitcoin.

931
00:41:09.400 --> 00:41:11.400
And let's say you're not in a situation where you

932
00:41:11.400 --> 00:41:13.840
could throw a thousand dollars or five thousand dollars or

933
00:41:13.880 --> 00:41:16.199
the million we were talking about, go to some place

934
00:41:16.440 --> 00:41:19.280
like Unchained or Swan or River, one of the three,

935
00:41:19.320 --> 00:41:22.239
and you can set up dollar cost averaging DCA.

936
00:41:22.320 --> 00:41:24.440
Yeah, that's how I bought into it, was just buying

937
00:41:24.440 --> 00:41:25.519
one hundred dollars a week for.

938
00:41:25.599 --> 00:41:28.280
Yeah, that's a thing. That's not a real doing thing. Yeah,

939
00:41:28.320 --> 00:41:29.760
you knowing you could do is what it was ten

940
00:41:29.840 --> 00:41:32.039
dollars a week or ten dollars a month, but set

941
00:41:32.119 --> 00:41:34.800
up something just like you did. So you're buying it automatically.

942
00:41:34.880 --> 00:41:36.679
So what happens is you get it when it's high,

943
00:41:36.760 --> 00:41:39.039
you get it when it's low, and hopefully you're averaging

944
00:41:39.079 --> 00:41:41.440
out in the middle, but you're acquiring bitcoin and before

945
00:41:41.440 --> 00:41:43.360
you know it. Here's what really happens, though, Rob with

946
00:41:43.480 --> 00:41:45.400
people who dollar cost average, and I can tell you

947
00:41:45.440 --> 00:41:48.400
this from experience, when your dollar cost average for some place,

948
00:41:48.519 --> 00:41:50.920
most of those places will offer you an optional email,

949
00:41:51.079 --> 00:41:54.480
monthly email, weekly email. As ascribing you want to accept

950
00:41:54.480 --> 00:41:55.800
that and sign up for that, you just got to

951
00:41:55.800 --> 00:41:58.039
click a button and they'll send you emails and there'll

952
00:41:58.079 --> 00:42:01.719
be simple emails and it'll give you information. Almost everybody

953
00:42:01.920 --> 00:42:04.119
I have signed up to do dollar cost averaging or

954
00:42:04.159 --> 00:42:07.679
talked into it, inevidently, after two or three months they've

955
00:42:07.679 --> 00:42:09.960
been getting these emails, they got some skin in the game.

956
00:42:10.000 --> 00:42:12.039
And I talked about how important that was already And

957
00:42:12.039 --> 00:42:14.239
the next thing I know, they're calling me up, going, hey, Gary,

958
00:42:14.320 --> 00:42:16.239
thanks for tell me that that I just bought ten

959
00:42:16.280 --> 00:42:18.440
thousand dollars worth of bitcoin. I understand it now. Or

960
00:42:18.440 --> 00:42:20.280
I just bought one hundred thousand dollars worth of bitcoin.

961
00:42:20.360 --> 00:42:23.599
I understand it now. So by dollar cost averaging, you

962
00:42:23.840 --> 00:42:26.559
have some skin in the game on a reoccurring basis.

963
00:42:26.599 --> 00:42:29.239
That's the thing, a reoccurring basis, and you force yourself

964
00:42:29.280 --> 00:42:31.440
find out about bitcoin. Another friend I had with a

965
00:42:31.480 --> 00:42:33.880
friend that bought the three thousand dollars worth of bitcoin

966
00:42:33.920 --> 00:42:36.920
we talked about earlier. He bought that in twenty seventeen.

967
00:42:37.039 --> 00:42:38.840
I called him in twenty twenty when bitcoin was going

968
00:42:38.880 --> 00:42:40.519
to sixty nine thousand and said, have you looked at

969
00:42:40.519 --> 00:42:42.880
that bitcoin yet? I was, well, I haven't looked at

970
00:42:42.880 --> 00:42:45.719
it since twenty seventeen. So he had not bought anymore,

971
00:42:45.920 --> 00:42:47.559
which he probably would have if he just saw what

972
00:42:47.599 --> 00:42:49.679
was happening. And he said, oh gosh, it's right going

973
00:42:49.719 --> 00:42:51.599
through the roof. And so I said, you need to

974
00:42:51.599 --> 00:42:54.679
start dollar cost averaging, which he did, started buying maybe

975
00:42:54.679 --> 00:42:56.800
fifty dollars a week, and he called me two months

976
00:42:56.880 --> 00:42:58.760
later said I just bought ten thousand dollars because if

977
00:42:58.760 --> 00:43:00.880
he'd have been dollar cost averaging to begin with, though,

978
00:43:00.880 --> 00:43:06.119
he'd about ten thousand dollars, you know, under ten thousand bitcoin, right, yeah, right,

979
00:43:06.199 --> 00:43:08.559
So that was there. Weren't a lot of places offering

980
00:43:08.559 --> 00:43:10.760
that service back then. So that's the best thing to do.

981
00:43:10.800 --> 00:43:11.920
And I don't care where you do it at, but

982
00:43:12.039 --> 00:43:14.320
you start dollar costs. And I tell people who have

983
00:43:14.360 --> 00:43:16.440
a lot of wealth, Let's say you got your old

984
00:43:16.440 --> 00:43:18.519
boomer like me, and you've been working your whole life

985
00:43:18.519 --> 00:43:21.360
and contributing and your company's been matching or whatever, and

986
00:43:21.400 --> 00:43:23.159
you got let's say you got ten million dollars in there.

987
00:43:23.199 --> 00:43:25.239
Let's say you're really doing good. When you wake up

988
00:43:25.239 --> 00:43:27.519
in the morning and you look at your portfolio, do

989
00:43:27.599 --> 00:43:29.639
you really go into a state of shock if it's

990
00:43:29.639 --> 00:43:31.639
down one percent? Do you like pee in your pants

991
00:43:31.679 --> 00:43:33.280
and go, oh my god, it's down one percent today?

992
00:43:33.280 --> 00:43:34.920
What am I going to do? No, you don't even

993
00:43:34.960 --> 00:43:37.159
think about it. You don't even so why not take

994
00:43:37.239 --> 00:43:40.039
one percent and throw it into half a percent. I mean,

995
00:43:40.119 --> 00:43:42.119
it's not like you're going to miss it, but you

996
00:43:42.199 --> 00:43:44.920
might find that it doubles in a couple of years.

997
00:43:44.960 --> 00:43:47.199
Which it would more than double a rate it's been

998
00:43:47.239 --> 00:43:48.719
going in a couple of years. When you said the

999
00:43:48.719 --> 00:43:50.119
beginning of the year here, I think it was like

1000
00:43:50.159 --> 00:43:52.079
twenty thousand dollars and now we're in a hundred. That's

1001
00:43:52.199 --> 00:43:55.440
five five times. You know, I really only tell people

1002
00:43:55.440 --> 00:43:57.480
about bitcoin because I really just I'm not selling them

1003
00:43:57.480 --> 00:43:59.719
any bitcoin, and I'm not even giving out my referralings,

1004
00:43:59.719 --> 00:44:01.599
which I have referral links, but I haven't given those

1005
00:44:01.599 --> 00:44:04.039
out for the exchanges and stuff. I just want people

1006
00:44:04.079 --> 00:44:06.599
to take advantage of this. This is the first thing

1007
00:44:06.840 --> 00:44:10.440
ever since our grandparents were alive, that Joe Blow got

1008
00:44:10.480 --> 00:44:13.199
to front run before the corporation's front running it. Usually

1009
00:44:13.280 --> 00:44:15.920
the banks and corporations invest they front run it and

1010
00:44:15.960 --> 00:44:18.719
after they getting the big money coming in, then peons,

1011
00:44:18.760 --> 00:44:20.400
I guess, get to take advantage of it. But all

1012
00:44:20.400 --> 00:44:22.199
the big money was made by a corporation bank. This

1013
00:44:22.320 --> 00:44:24.480
is the first thing ever that the peons got to

1014
00:44:24.519 --> 00:44:25.400
do first, you know.

1015
00:44:25.920 --> 00:44:26.159
Yeah.

1016
00:44:26.239 --> 00:44:28.840
One big aspect of bitcoin that I don't know that

1017
00:44:28.840 --> 00:44:31.159
a lot of people have deep understanding of is the

1018
00:44:31.199 --> 00:44:35.320
derivative currency that exists around bitcoin called a satoshi, and

1019
00:44:35.719 --> 00:44:40.599
that one bitcoin is really divisible by Satoshi's right, So.

1020
00:44:41.119 --> 00:44:43.159
Right, Yoshi is really a bit. I think that's the

1021
00:44:43.199 --> 00:44:46.079
official name of a Satoshi, a bit, so it's the

1022
00:44:46.119 --> 00:44:49.800
smallest denomination of bitcoin there is, but people renamed it

1023
00:44:49.880 --> 00:44:53.880
satoshi after the inventor of bitcoin, Nakamota Satoci. So I

1024
00:44:53.880 --> 00:44:57.760
think officially it's a bit, but everybody calls it a satoshi,

1025
00:44:57.800 --> 00:45:00.920
and that's pretty much the name everybody uses now is Aisatoshi.

1026
00:45:01.039 --> 00:45:02.920
Yeah, if you can put your kind of futures hat

1027
00:45:03.000 --> 00:45:05.400
on a little bit here and think about the trajectory

1028
00:45:05.440 --> 00:45:08.280
of this, how important do you think that satoshi is

1029
00:45:08.280 --> 00:45:10.440
going to become as part of the kind of the

1030
00:45:10.519 --> 00:45:11.639
global exchange.

1031
00:45:11.719 --> 00:45:14.199
Well, there will be a point in time that it

1032
00:45:14.199 --> 00:45:16.880
would definitely be a penny for satoshi, and people can

1033
00:45:16.920 --> 00:45:18.639
do the math figured it out, so that means a

1034
00:45:18.679 --> 00:45:20.840
bitcoin is going to be a million dollars. I guess

1035
00:45:20.840 --> 00:45:22.239
if it gets to be worth a pain, and there'll

1036
00:45:22.280 --> 00:45:23.880
be a point in time where it's worth a dollar,

1037
00:45:23.960 --> 00:45:25.039
So I guess that's when it gets to be one

1038
00:45:25.079 --> 00:45:27.760
hundred million dollars for a bitcoin, which will happen, and

1039
00:45:27.840 --> 00:45:30.840
you can't while you can't add more bitcoin, you can't

1040
00:45:30.880 --> 00:45:32.880
create more bitcoin. There's twenty one million. That's it. That's

1041
00:45:32.920 --> 00:45:34.400
all that's ever going to be. And as I said,

1042
00:45:34.440 --> 00:45:37.960
seventeen million available. You can add more decimal spots. So

1043
00:45:38.079 --> 00:45:40.760
if a satoshi got to a dollar, you know, somebody

1044
00:45:40.840 --> 00:45:44.079
who's really in a country where a dollar might be

1045
00:45:44.199 --> 00:45:46.360
your day's pay, is it going to have hard time

1046
00:45:46.400 --> 00:45:48.800
buying satoshi. So then it would adapt and they would

1047
00:45:48.800 --> 00:45:50.760
add Bitcoin Core would add because it'd have to be

1048
00:45:50.800 --> 00:45:53.119
approved by all the miners accepted it, which it would be.

1049
00:45:53.159 --> 00:45:55.480
They'd add more decimal coins. So instead of being one

1050
00:45:55.559 --> 00:45:58.559
hundred million satoshi's in a bitcoin, there may be a

1051
00:45:58.599 --> 00:46:01.119
billion satoshi's in a bitcoin. Yeah, still only twenty one

1052
00:46:01.159 --> 00:46:03.440
million bitcoin, but it can be divisible by more.

1053
00:46:03.719 --> 00:46:06.159
Is more divisible, right, and that would make it more

1054
00:46:06.239 --> 00:46:10.599
flexible around various transactions too, right, because it's a smaller

1055
00:46:10.760 --> 00:46:12.280
amount per satoshi.

1056
00:46:12.440 --> 00:46:12.559
Right.

1057
00:46:12.639 --> 00:46:13.679
Yeah, it's like what the.

1058
00:46:13.639 --> 00:46:15.880
Fion currency has been doing forever, where we have a dollar,

1059
00:46:15.920 --> 00:46:18.599
a paper dollar, and then we have quarters, nickels, dimes,

1060
00:46:18.599 --> 00:46:21.079
and pennies. Right, So exactly it's the same kind of

1061
00:46:21.239 --> 00:46:22.880
approach I would think, right, yeah.

1062
00:46:22.719 --> 00:46:25.599
Yeah, for sure, except then the real dollar they're taking away,

1063
00:46:25.599 --> 00:46:28.840
pennies they're going those pennies have no value anymore. We

1064
00:46:28.840 --> 00:46:30.679
need to take those off the market, beca. People don't

1065
00:46:30.679 --> 00:46:32.440
want to mess with him anymore where we're talking about

1066
00:46:32.480 --> 00:46:34.960
bitcoin adding more than that's on pacees, so we can

1067
00:46:35.039 --> 00:46:35.519
keep pennies.

1068
00:46:35.559 --> 00:46:37.320
Yeah, or it's even worse than that that they use

1069
00:46:37.400 --> 00:46:39.440
metals to make those pennies that used to be out

1070
00:46:39.519 --> 00:46:42.199
made out of copper, and now they're deluding that to

1071
00:46:42.239 --> 00:46:45.480
be less copper in them. So you're not actually basing

1072
00:46:45.519 --> 00:46:48.239
that currency on any kind of a backing of sorts.

1073
00:46:48.039 --> 00:46:51.119
Right, Yeah, And then the constitution says that all currency

1074
00:46:51.159 --> 00:46:53.119
has to be backed by silver and goal, but is

1075
00:46:53.159 --> 00:46:56.519
this so actually the currency we uses illegal. Nixon in

1076
00:46:56.639 --> 00:46:59.039
nineteen seventy one took us off the gold standard, and

1077
00:46:59.079 --> 00:47:02.199
when he did it, he announced that it's a temporary measure.

1078
00:47:02.719 --> 00:47:05.280
And I've watched interviews from the people involved with that

1079
00:47:05.320 --> 00:47:07.320
who said, oh, we thought everybody was going to move crazy,

1080
00:47:07.360 --> 00:47:09.079
that this was going to cause riots, and no one

1081
00:47:09.119 --> 00:47:11.960
said a word. There was no slack from the general public.

1082
00:47:12.039 --> 00:47:15.400
So guess what here it is what fifty years later

1083
00:47:15.480 --> 00:47:19.239
and it's still temporarily not back by So yeah, now

1084
00:47:19.440 --> 00:47:21.280
ounce of gold is what you know? You used to

1085
00:47:21.320 --> 00:47:23.079
have silver dollars. They were made out of silver, so

1086
00:47:23.119 --> 00:47:25.280
a dollar was evidently worth an ounce of silver. Now

1087
00:47:25.360 --> 00:47:27.440
ounce of silver's worth thirty dollars. It's like, you know,

1088
00:47:27.480 --> 00:47:28.880
if you go to the bank to get cash and

1089
00:47:28.920 --> 00:47:31.159
you get ten thousand dollars out, they have to report it.

1090
00:47:31.199 --> 00:47:33.679
But really, if you take inflation, that would be equivalent

1091
00:47:33.719 --> 00:47:35.840
to when they made that law, Like taking a thousand

1092
00:47:35.880 --> 00:47:37.679
dollars out the bank, you need to really raise it

1093
00:47:37.760 --> 00:47:39.360
up to a one hundred thousand dollars if they want

1094
00:47:39.360 --> 00:47:42.360
to keep the same purchasing power that's they're reporting.

1095
00:47:42.440 --> 00:47:42.639
Yeah.

1096
00:47:42.719 --> 00:47:45.000
Yeah, So you layer on top of this kind of

1097
00:47:45.039 --> 00:47:48.320
the changing impact of a potential of mass adoption of

1098
00:47:48.400 --> 00:47:52.639
such a revolutionary kind of approach to currency and exchange

1099
00:47:52.639 --> 00:47:56.039
of value in the marketplace today for humans, right, And

1100
00:47:56.679 --> 00:47:59.320
how do you think that's going to impact the wealth

1101
00:47:59.400 --> 00:48:03.039
of an average citizen in the world and the economies

1102
00:48:03.039 --> 00:48:05.159
and the financial system as you look to the future,

1103
00:48:05.480 --> 00:48:07.800
is there going to be like a really rough transition

1104
00:48:08.000 --> 00:48:11.719
between fiat and these digital currencies like bitcoin or are

1105
00:48:11.760 --> 00:48:13.639
they going to or what we're going to see is

1106
00:48:13.760 --> 00:48:17.000
like an intermediary which would be like a US digital

1107
00:48:17.039 --> 00:48:18.159
currency or a.

1108
00:48:18.440 --> 00:48:20.800
Let's hope we don't have a US digital currency. Trump

1109
00:48:20.840 --> 00:48:23.519
has said that he will never allow that under his presidency,

1110
00:48:23.880 --> 00:48:27.760
that continues past his presidency with whoever Republican or Democrat,

1111
00:48:27.840 --> 00:48:32.119
because for instance, in China, they have China Chinese digital currency.

1112
00:48:32.280 --> 00:48:34.880
When if you're doing something that they don't agree with,

1113
00:48:35.079 --> 00:48:38.639
you're posting things against the country, they just can fuck

1114
00:48:38.719 --> 00:48:40.440
up your account and you can't get that where at

1115
00:48:40.480 --> 00:48:42.559
least ways of paper dollars, you could have paper dollars

1116
00:48:42.559 --> 00:48:43.960
and you can still spend your money. You know, it

1117
00:48:43.960 --> 00:48:46.440
really does I think control the population too much, having

1118
00:48:46.440 --> 00:48:48.920
that much control over money. But they'll never state that

1119
00:48:49.000 --> 00:48:50.679
what it can do. But that's what it could do

1120
00:48:50.800 --> 00:48:52.679
to me. But I think, rob we're getting ready to

1121
00:48:52.679 --> 00:48:54.639
see the well, no, this isn't a think. We're in

1122
00:48:54.639 --> 00:48:57.000
the process of seeing the biggest wealth transfer that has

1123
00:48:57.000 --> 00:48:59.960
ever happened. While the boomers are dying eventually, gradually slow.

1124
00:49:00.119 --> 00:49:02.559
I'm seventy when I got twenty years left. If I'm lucky,

1125
00:49:02.599 --> 00:49:04.280
probably if I made it one hundred, I wouldn't even

1126
00:49:04.320 --> 00:49:06.679
care about that last ten. But all the boomers are dying,

1127
00:49:06.840 --> 00:49:09.519
and again it's a fact boomers grew up and the

1128
00:49:09.559 --> 00:49:12.880
best financial conditions the gut world has ever had. I think,

1129
00:49:13.199 --> 00:49:16.280
you know, an employment was low, everything was just great.

1130
00:49:16.400 --> 00:49:18.519
Most of them have, not most of them, but a

1131
00:49:18.679 --> 00:49:24.719
large percentage compared to other age groups, millennials, Generation X

1132
00:49:24.760 --> 00:49:26.719
or whatever. There's a lot of money in the bank

1133
00:49:26.840 --> 00:49:30.840
that these boomers own. And as these boomers die and

1134
00:49:30.920 --> 00:49:34.639
their kids get this money, well, they aren't going to

1135
00:49:34.719 --> 00:49:37.119
want to keep this stuff. The boomers have got their

1136
00:49:37.159 --> 00:49:39.599
money in, they're going to move it all into cryptocurrencies

1137
00:49:39.639 --> 00:49:42.480
because they understand it. Boomers might not understand it, but

1138
00:49:42.559 --> 00:49:45.239
the younger generations do, and they're going to put it

1139
00:49:45.280 --> 00:49:47.239
into there. They probably aren't going to be buying gold

1140
00:49:47.239 --> 00:49:49.000
because they don't want to lug that stuff around that's

1141
00:49:49.039 --> 00:49:51.400
their granddaddy's money. But they're going to put it into

1142
00:49:51.559 --> 00:49:55.119
money that they understand. And so we're gonna see that

1143
00:49:55.159 --> 00:49:58.559
shift right there. Even if boomers don't get into it,

1144
00:49:58.599 --> 00:50:00.280
all their money is going to go into it, sooner

1145
00:50:00.400 --> 00:50:01.880
or later. It's just going to be their kids or

1146
00:50:01.880 --> 00:50:05.000
grandkids that are putting it into it. So you know,

1147
00:50:05.159 --> 00:50:08.400
when you've got bitcoin, here's the deal. You got a dollar,

1148
00:50:08.480 --> 00:50:10.599
I'll give you kind of a scenario here you have

1149
00:50:10.639 --> 00:50:14.280
the US dollar. Then you have sites like PayPal that's

1150
00:50:14.320 --> 00:50:17.159
a layer over the dollar. That's a layer. You got

1151
00:50:17.199 --> 00:50:19.920
base layers a dollar, you PayPal, all these things. Then

1152
00:50:19.920 --> 00:50:22.639
you have another layer credit cards and all these companies.

1153
00:50:22.679 --> 00:50:25.800
That's another layer. Then you have another layer that's ets

1154
00:50:25.800 --> 00:50:27.559
and stocks and stuff. So you have all these layers

1155
00:50:27.559 --> 00:50:30.079
that are based off of, you know, using the US dollar,

1156
00:50:30.119 --> 00:50:32.360
which is the world currency, is their base layer that's

1157
00:50:32.400 --> 00:50:37.280
being built right now. You have bitcoin, Then you have exchanges,

1158
00:50:37.480 --> 00:50:40.079
then you have bitcoin et s, and then you have

1159
00:50:40.159 --> 00:50:42.480
companies that will let you store your bitcoin there and

1160
00:50:42.519 --> 00:50:45.199
they'll give you a card, credit card, go buy something

1161
00:50:45.199 --> 00:50:46.800
and you use the credit card behind the scenes that

1162
00:50:46.840 --> 00:50:49.360
converts your bitcoin the dollars and pays them. So all

1163
00:50:49.360 --> 00:50:52.159
these layers are being built. This is a big thing.

1164
00:50:52.280 --> 00:50:54.960
This isn't like people A lot of people understand bitcoin

1165
00:50:55.000 --> 00:50:57.840
thinks it's just some guys in the basement that doesn't

1166
00:50:57.880 --> 00:51:01.559
be going what's into the joe. This is a major industry.

1167
00:51:01.679 --> 00:51:03.280
And so that's why I say the odds have been

1168
00:51:03.280 --> 00:51:06.039
going to zero? Are the odds have been going to

1169
00:51:06.079 --> 00:51:08.320
a million or way more than going to zero. Now

1170
00:51:08.360 --> 00:51:11.199
there's too many big corporations and companies and too many

1171
00:51:11.239 --> 00:51:12.760
people that have it for that to happen.

1172
00:51:13.400 --> 00:51:16.559
So, speaking of boomers, that is a generation that's approaching

1173
00:51:16.639 --> 00:51:19.599
retirement right. And I've also seen a lot of statistics

1174
00:51:19.599 --> 00:51:21.599
that have pointed to the fact that a lot of

1175
00:51:21.639 --> 00:51:27.039
boomers haven't really adequately prepared for retirement and having enough

1176
00:51:27.079 --> 00:51:31.199
money in their iras or their investments. And it is

1177
00:51:31.239 --> 00:51:35.559
bitcoin a potential solution to this retirement dilemma? And is

1178
00:51:35.599 --> 00:51:36.599
it too late to get in?

1179
00:51:36.960 --> 00:51:38.880
It's not too late to get in. People are scared

1180
00:51:38.880 --> 00:51:41.119
of that. Let's put it this way. It's one hundred

1181
00:51:41.159 --> 00:51:43.880
thousand dollars. But you know, the people who bought it

1182
00:51:43.960 --> 00:51:47.039
a dollar said I was late. I could have got

1183
00:51:47.039 --> 00:51:50.360
it in a nickel. People bought it one hundred dollars.

1184
00:51:50.400 --> 00:51:51.920
I said, no, I'm late. I could have got it

1185
00:51:51.920 --> 00:51:54.440
at a dollar. People buy it a thousand dollars, said

1186
00:51:54.440 --> 00:51:56.000
I was late. I could have got into a hundred

1187
00:51:56.159 --> 00:51:58.400
People ten thousand said that, And the people at one

1188
00:51:58.440 --> 00:52:01.559
hundred thousand will say that no one. I don't believe

1189
00:52:01.880 --> 00:52:05.559
anyone in the history of bitcoin has bought bitcoin and said,

1190
00:52:05.639 --> 00:52:07.199
oh my gosh, this is the best time ever. I

1191
00:52:07.239 --> 00:52:09.239
am so smart, I got it, except for the people

1192
00:52:09.280 --> 00:52:11.079
who are mining it when it was a penny and

1193
00:52:11.119 --> 00:52:13.039
they didn't know if it would even have a value. Ever,

1194
00:52:13.079 --> 00:52:15.079
they were just geeks that were just doing it because

1195
00:52:15.119 --> 00:52:17.199
it was it could be done. So no one has

1196
00:52:17.239 --> 00:52:20.079
ever bought bitcoin thinking it is the best time, but

1197
00:52:20.599 --> 00:52:22.559
everybody has thought they were related to the game. Who's

1198
00:52:22.559 --> 00:52:28.480
ever bought bitcoin? And only like three percent maybe of

1199
00:52:28.519 --> 00:52:33.639
the planet even has any bitcoin. So if only three

1200
00:52:33.639 --> 00:52:36.599
percent of the planet, I truly believe and I may

1201
00:52:36.599 --> 00:52:39.400
be dead before this happens because I said, I'm getting old,

1202
00:52:39.679 --> 00:52:42.320
but I believe that if you bought bitcoin still at

1203
00:52:42.360 --> 00:52:46.280
one hundred thousand dollars ten years from now, your grandkids

1204
00:52:46.320 --> 00:52:49.880
will go granddaddy, how did you know to buy that bitcoin?

1205
00:52:50.400 --> 00:52:53.480
Because we're all like getting our colleges paid for and

1206
00:52:53.639 --> 00:52:56.119
our house is paid for and stuff. How did you

1207
00:52:56.239 --> 00:52:58.440
know that? And that's what's going to happen even at

1208
00:52:58.440 --> 00:53:00.719
one hundred thousand dollars because I said, only three percent

1209
00:53:00.719 --> 00:53:02.119
of the population has n.

1210
00:53:02.719 --> 00:53:04.480
Yeah, so how do you think that this is going

1211
00:53:04.559 --> 00:53:06.599
to go? I mean, how are more people going to

1212
00:53:06.639 --> 00:53:10.599
be able to participate in this? Because if we're transitioning

1213
00:53:10.639 --> 00:53:14.159
over to having an economy that's based on really transactions

1214
00:53:14.199 --> 00:53:17.440
related to bitcoin, then we're gonna need to have everybody involved.

1215
00:53:17.519 --> 00:53:20.400
Right, Well, everybody will get involved sooner or later, because

1216
00:53:20.440 --> 00:53:23.360
everybody gets the price they deserve. Is the same if

1217
00:53:23.400 --> 00:53:25.039
you don't want to take the time, if you want

1218
00:53:25.039 --> 00:53:28.440
to be the little boy who cried cheap, keep missing it,

1219
00:53:29.079 --> 00:53:31.199
that that's fine, but you're gonna get a worse price.

1220
00:53:31.519 --> 00:53:36.159
Like I said, it certainly is not expensive to buy bitcoin.

1221
00:53:36.880 --> 00:53:39.199
I mean, yeah, a whole big coin one hundred thousand dollars,

1222
00:53:39.199 --> 00:53:40.639
not a lot of people for that. But if by

1223
00:53:40.679 --> 00:53:43.960
five dollars worth of bitcoin it's not expensive to buy bigcoin,

1224
00:53:44.559 --> 00:53:47.519
you will buy it sooner or later. But yeah, it's

1225
00:53:47.519 --> 00:53:49.000
just cording to whether you how much you want to

1226
00:53:49.000 --> 00:53:50.039
get for your money.

1227
00:53:50.039 --> 00:53:52.280
Right, And that's kind of part of my bigger question

1228
00:53:52.440 --> 00:53:54.519
is that as we look to the future now, granted,

1229
00:53:54.519 --> 00:53:58.400
boomers have a shorter life expectancy than like maybe a

1230
00:53:58.400 --> 00:54:01.360
Gen Z or somebody like that, or a Gen X

1231
00:54:01.480 --> 00:54:04.159
or any of those folks have much more time ahead

1232
00:54:04.159 --> 00:54:07.599
of them. But do you think is increasingly going to

1233
00:54:07.639 --> 00:54:12.719
be important for participation in the economy to have everybody

1234
00:54:12.800 --> 00:54:14.960
have a piece of bitcoin, and how much do you

1235
00:54:15.000 --> 00:54:19.400
think they should own today or in the next year

1236
00:54:19.719 --> 00:54:25.760
to make sure that they're participating in this anti inflationary medium.

1237
00:54:25.840 --> 00:54:28.440
Well, it used to be that everybody's goal was to

1238
00:54:28.480 --> 00:54:31.960
get twenty one bitcoins. That was the goal. Because you

1239
00:54:32.000 --> 00:54:34.599
had twenty one only a million people could have twenty

1240
00:54:34.599 --> 00:54:37.719
one bitcoin. So that used to be the goal, and

1241
00:54:37.760 --> 00:54:40.760
then that got hard to do for so for some reason, right,

1242
00:54:40.920 --> 00:54:43.440
I think the number was twelve point nine. I don't

1243
00:54:43.440 --> 00:54:45.239
know where and how that came from, but that was

1244
00:54:45.239 --> 00:54:49.079
the number everyone's banding around. Now it's one. Your goal

1245
00:54:49.159 --> 00:54:51.440
is to try to get to one bitcoin. But a

1246
00:54:51.480 --> 00:54:53.440
lot of people are saying your goal is to get

1247
00:54:53.480 --> 00:54:56.239
to point one bitcoin. So we're starting to see that

1248
00:54:56.360 --> 00:55:01.880
come up. That point one bitcoin can make years your retirement,

1249
00:55:01.920 --> 00:55:03.760
whether you retire or not, that you could retire in

1250
00:55:03.800 --> 00:55:07.119
ten years on point one bitcoin. The problem is, though,

1251
00:55:07.639 --> 00:55:11.159
is people confuse it with a stock and it go oh,

1252
00:55:11.239 --> 00:55:13.039
I'm gonna buy this, and I'm gonna sell it when

1253
00:55:13.039 --> 00:55:15.400
it hits one hundred and rebuy it and sell it

1254
00:55:15.440 --> 00:55:17.320
and rebuy it. Well, first of all, it's a twenty

1255
00:55:17.320 --> 00:55:19.800
four hour a day, seven day a week market. It's

1256
00:55:19.800 --> 00:55:22.599
not like a stock market opens up at nine thirty

1257
00:55:22.639 --> 00:55:25.360
and closes at four or whatever. This is twenty four hours,

1258
00:55:25.440 --> 00:55:27.800
seven days a week. And then if you take every

1259
00:55:27.920 --> 00:55:31.199
year for bitcoin, and as I keep saying, my numbers

1260
00:55:31.199 --> 00:55:34.079
will be wrong, but it's something like there are twenty

1261
00:55:34.159 --> 00:55:37.320
days out of the year that bitcoin makes fifty percent

1262
00:55:37.320 --> 00:55:41.000
of its growth, or maybe even a higher percentage than that. Like,

1263
00:55:42.440 --> 00:55:46.079
so if you're not in on those days, you're not

1264
00:55:46.119 --> 00:55:49.679
gonna make the money you should make. So really, I'm

1265
00:55:49.679 --> 00:55:52.360
not a straider. I don't buy and sell bitcoin and

1266
00:55:52.400 --> 00:55:54.599
try to I'm an investor. I buy it for the

1267
00:55:54.639 --> 00:55:57.400
long hunt, and I'm seventy. I bought bitcoin yesterday. I've

1268
00:55:57.400 --> 00:55:59.559
been buying it since twenty seventeen, and I bought some

1269
00:55:59.679 --> 00:56:02.239
yes day because I wanted to buy some at ninety thousand,

1270
00:56:02.280 --> 00:56:04.400
I realized I hadn't bought any ninety thousand. I will

1271
00:56:04.400 --> 00:56:06.800
always buy it the high personally, because I know it's

1272
00:56:06.840 --> 00:56:08.480
going to go higher. So there's no point in time

1273
00:56:08.519 --> 00:56:10.480
I'm going to go it's too high. I can't buy

1274
00:56:10.480 --> 00:56:13.480
it anymore. It's I'm always going to buy bitcoin because

1275
00:56:13.480 --> 00:56:16.159
it's always going to go higher. It'll go higher until

1276
00:56:16.159 --> 00:56:18.559
I'm dead, and then it'll continue going higher and I

1277
00:56:18.559 --> 00:56:19.800
won't care about it anymore.

1278
00:56:21.039 --> 00:56:24.159
So was there any point or what would trigger you

1279
00:56:24.440 --> 00:56:26.239
to sell some of your bitcoin?

1280
00:56:26.519 --> 00:56:28.559
Well, that's a good question. I was talking to someone

1281
00:56:28.639 --> 00:56:31.639
the other day who has been in bitcoin gosh since

1282
00:56:31.679 --> 00:56:35.400
it was probably five dollars, so we can relatively say

1283
00:56:35.440 --> 00:56:36.400
they have a lot of bitcoin.

1284
00:56:36.840 --> 00:56:37.719
There's an upside.

1285
00:56:37.920 --> 00:56:41.119
Yeah, and they have sold none. I've never sold any.

1286
00:56:41.440 --> 00:56:44.239
I've only acquired. I'm fortunate. I'm in the business, or

1287
00:56:44.360 --> 00:56:46.840
have been in the business where I made enough money

1288
00:56:46.840 --> 00:56:48.639
to live off of and I didn't need the bitcoin,

1289
00:56:48.800 --> 00:56:51.039
and I could take my excess and by bitcoin. So

1290
00:56:51.039 --> 00:56:54.360
that's very fortunate. Which she's been very fortunate. And we

1291
00:56:54.360 --> 00:56:57.199
were talking this. I had never heard this. This actually

1292
00:56:57.239 --> 00:56:59.480
made me leaft. She goes, Gary, I am sick of

1293
00:56:59.519 --> 00:57:04.119
being bitcoin poor. So because she's got millions of dollars

1294
00:57:04.159 --> 00:57:06.880
worth of bitcoin, I mean, I wouldn't be surprised if

1295
00:57:06.880 --> 00:57:08.840
it was twenty million dollars worth of bitcoin as long

1296
00:57:08.840 --> 00:57:11.360
as she's been in it, But she doesn't have any

1297
00:57:11.400 --> 00:57:13.719
money except for what she makes it work because she

1298
00:57:13.760 --> 00:57:15.400
doesn't want it to says every time I tell some

1299
00:57:15.480 --> 00:57:16.920
people I'm going to sell it. They go, no, you

1300
00:57:16.960 --> 00:57:19.559
can't sell it, you can't sell it. But you know, really,

1301
00:57:19.639 --> 00:57:21.199
I'm waiting to see her again because I think I

1302
00:57:21.199 --> 00:57:23.719
came up with a solution for her. She's at the

1303
00:57:23.719 --> 00:57:27.400
point now she has so much bitcoin she could pull

1304
00:57:27.440 --> 00:57:30.840
out five percent a year. So she's gonna pull out

1305
00:57:30.880 --> 00:57:33.800
a million dollars a year. I'm just guessing in numbers here,

1306
00:57:33.800 --> 00:57:36.119
I'm not doing the math, but her bitcoin is gonna

1307
00:57:36.159 --> 00:57:39.559
go up fifty percent a year, so pulling out five

1308
00:57:39.559 --> 00:57:41.440
percent a year, she could never run out of money.

1309
00:57:41.679 --> 00:57:44.079
I mean literally, she could never run out of bitcoin.

1310
00:57:44.119 --> 00:57:47.679
I mean literally, because she's going to you know, it's

1311
00:57:47.719 --> 00:57:49.559
going up at a much higher rate than she's pulling out.

1312
00:57:49.599 --> 00:57:51.280
So let's say she pulled out a million this year,

1313
00:57:51.440 --> 00:57:53.360
Bitcoin double again. Next year she brought up five percent.

1314
00:57:53.400 --> 00:57:55.920
She's pulling out two percent too. May So I think

1315
00:57:56.000 --> 00:57:59.519
that's if you're doing a long term, you'll want to

1316
00:57:59.559 --> 00:58:01.440
save it. You want to buy as much as you

1317
00:58:01.440 --> 00:58:03.000
can and save it as long as you can. But

1318
00:58:03.039 --> 00:58:05.480
then there'd be a point where you go, Okay, I'm

1319
00:58:05.519 --> 00:58:07.519
ready to start living, I'm ready to start traveling. Maybe

1320
00:58:07.519 --> 00:58:08.760
you want to be able to take your family to

1321
00:58:08.800 --> 00:58:11.400
Europe for a week and pay for everybody's flights at

1322
00:58:11.400 --> 00:58:13.960
hotel rooms once a year. Maybe you want to build

1323
00:58:13.960 --> 00:58:17.280
these memories. You're certainly still at that point going to

1324
00:58:17.400 --> 00:58:21.360
leave your kids plenty of bitcoin, plus they'll have all

1325
00:58:21.400 --> 00:58:26.239
these great memories because really, you know, yeah, I feel

1326
00:58:26.239 --> 00:58:27.880
like I have a long time to go, but I'll

1327
00:58:27.920 --> 00:58:30.719
probably start doing a strategy like that soon where I

1328
00:58:30.760 --> 00:58:32.920
can I live fine now, I have a final life,

1329
00:58:32.920 --> 00:58:35.079
but yeah, I'm not flying my whole family to Europe

1330
00:58:35.079 --> 00:58:38.880
for two weeks at a moment. I still fly regular class,

1331
00:58:38.920 --> 00:58:41.360
not even first class. I believe that you need to.

1332
00:58:41.400 --> 00:58:44.440
If you're a young person, you need to quit going

1333
00:58:44.440 --> 00:58:48.719
out spending money on liquor or pot or e cigarettes,

1334
00:58:49.119 --> 00:58:52.199
our stupid stuff, going to concerts. You need to for

1335
00:58:52.280 --> 00:58:55.360
the next If you're twenty five years old, you need

1336
00:58:55.400 --> 00:58:58.480
the next for the next ten years, save every penny

1337
00:58:58.519 --> 00:59:01.880
you can save and and just buy bitcoin with it.

1338
00:59:02.360 --> 00:59:04.639
If you do that for ten years, quit peeing away

1339
00:59:04.639 --> 00:59:05.840
your money. And that's what you do when you go

1340
00:59:05.840 --> 00:59:10.440
out drinking, You're peeing away your money. Literally, you need

1341
00:59:10.480 --> 00:59:13.119
to quit peeing away your money and put it into bitcoin,

1342
00:59:13.400 --> 00:59:15.639
something that's gonna grow and you're not gonna miss it.

1343
00:59:15.639 --> 00:59:18.719
And yeah, maybe you can't fly to a wedding and

1344
00:59:19.159 --> 00:59:21.880
Denver for your buddy that was like just a buddy,

1345
00:59:21.960 --> 00:59:24.239
not your best friend. Maybe you can't do somethings. Maybe

1346
00:59:24.239 --> 00:59:27.920
you can't buy two hundred dollars pair of jeans. Maybe

1347
00:59:27.920 --> 00:59:29.880
you can't buy a new car every year. Hey, I

1348
00:59:29.880 --> 00:59:31.840
can afford any car I want. I mean, I literally

1349
00:59:31.880 --> 00:59:33.320
can afford any car I want to buy. And I'm

1350
00:59:33.360 --> 00:59:36.039
driving like a fifteen year old Mercedes. And that why

1351
00:59:36.039 --> 00:59:38.639
because I'd rather put my money in the bitcoin that car.

1352
00:59:38.760 --> 00:59:40.400
That's fine. I don't need I don't need to show

1353
00:59:40.400 --> 00:59:42.880
off to anybody. You don't need to. You don't need

1354
00:59:42.960 --> 00:59:45.320
to buy a Rolex watch, buy more bitcoin with it,

1355
00:59:45.360 --> 00:59:47.000
buy more bitcoin with it. In ten years, with it,

1356
00:59:47.039 --> 00:59:50.559
you can buy the presidential Rolex instead of the starting Rolex.

1357
00:59:51.400 --> 00:59:53.679
That's what I try to tell people. Quit pissing your

1358
00:59:53.679 --> 00:59:56.719
money away and just for ten years, put it in

1359
00:59:56.760 --> 00:59:59.559
the bitcoin, and your life will change drastically.

1360
01:00:00.800 --> 01:00:03.159
So how do you think this is going to impact

1361
01:00:03.440 --> 01:00:04.960
value in the market? Right?

1362
01:00:05.039 --> 01:00:06.880
So as you think about so, let's say I own

1363
01:00:07.239 --> 01:00:09.960
one bitcoin, It's ten years from now, it's worth a

1364
01:00:10.000 --> 01:00:14.480
million dollars or yeah, I mean that's a possibility that

1365
01:00:14.559 --> 01:00:17.880
it could be. And how does that cause the world

1366
01:00:18.000 --> 01:00:22.679
to maintain I guess value? Right, So if you think

1367
01:00:22.719 --> 01:00:27.239
about do you think that'll create a world where the

1368
01:00:27.280 --> 01:00:29.440
cost of buy things will escalate?

1369
01:00:29.559 --> 01:00:29.719
Right?

1370
01:00:29.760 --> 01:00:31.840
So instead of like today being able to buy a

1371
01:00:31.880 --> 01:00:36.000
car for fifty thousand US dollars as well as fifty

1372
01:00:36.039 --> 01:00:39.119
thousand dollars worth of bitcoin, do you think that having

1373
01:00:39.280 --> 01:00:44.519
all this wealth and abundance in bitcoin will inflate the

1374
01:00:44.559 --> 01:00:48.000
market and then actually be reduce the buying power of

1375
01:00:48.039 --> 01:00:49.000
those that convert.

1376
01:00:49.400 --> 01:00:52.159
Yeah, I don't really see that happening as it could be.

1377
01:00:52.199 --> 01:00:58.199
But I see more as bitcoin as not creating more wealth,

1378
01:00:58.320 --> 01:01:01.199
it's redistributing the wealth for morere it's at now, That's

1379
01:01:01.239 --> 01:01:04.960
what I saw, So that's in my picture is Okay,

1380
01:01:05.199 --> 01:01:08.920
there's still all this money out there basically same about

1381
01:01:08.920 --> 01:01:11.480
but now it's gone into the hands of people who

1382
01:01:11.519 --> 01:01:12.920
would have never had it before. And that's what I

1383
01:01:12.960 --> 01:01:15.400
got through earlier. Common Joe's got to front run this,

1384
01:01:15.880 --> 01:01:18.239
not corporations to just make it so if this bitcoin

1385
01:01:18.280 --> 01:01:20.079
had been known by all the corporations for it's just

1386
01:01:20.119 --> 01:01:22.719
like a stop using this example, as a stock, would

1387
01:01:22.719 --> 01:01:24.960
we be worried about, Oh, they this new stock came

1388
01:01:25.000 --> 01:01:26.719
out and they all made all the money off of it.

1389
01:01:27.000 --> 01:01:28.559
So I'm gonna have a lot of inflation because these

1390
01:01:28.599 --> 01:01:31.400
banks made all these money. So I don't see that.

1391
01:01:31.559 --> 01:01:33.400
Like I said, that's the thing. Is this the first

1392
01:01:33.400 --> 01:01:35.960
time we've had a chance to be the victors to

1393
01:01:36.039 --> 01:01:40.000
take advantage of something. So so I don't see it

1394
01:01:40.000 --> 01:01:42.559
happening that way, which I guess it could, but I

1395
01:01:42.559 --> 01:01:43.280
haven't visioned that.

1396
01:01:44.039 --> 01:01:47.480
Yeah, So if there's a chunk of the population, let's

1397
01:01:47.480 --> 01:01:50.519
say a third of the whole world population never gets

1398
01:01:50.519 --> 01:01:53.719
connected to bitcoin or Satoshi's or anything things like that,

1399
01:01:54.280 --> 01:01:57.920
is that a catastrophic outcome for a big chunk of

1400
01:01:57.960 --> 01:02:00.000
the world as we move into the future here.

1401
01:02:00.199 --> 01:02:02.559
No, because I still think they will get involved because

1402
01:02:02.559 --> 01:02:04.599
we'll add more zeros and make it cheaper for them

1403
01:02:04.639 --> 01:02:08.360
to get involved. So so Bitcoin will pretty much, I think,

1404
01:02:08.400 --> 01:02:11.800
always be affordable to get into. It's just the amount

1405
01:02:11.800 --> 01:02:14.360
you're getting is not as much, and it's going to

1406
01:02:14.440 --> 01:02:17.000
take more time, and there will be a point, let's face,

1407
01:02:17.079 --> 01:02:18.679
there'll be a point that it's going to quit going

1408
01:02:18.760 --> 01:02:22.039
up four hundred percent a year the higher the number is,

1409
01:02:22.119 --> 01:02:25.679
the higher the number it is, the less volatility there

1410
01:02:25.760 --> 01:02:26.920
is when it gets.

1411
01:02:27.280 --> 01:02:30.599
With starks too. Starks have that dynamic to them too.

1412
01:02:31.719 --> 01:02:33.760
So yeah, when it gets to a million dollars, it's

1413
01:02:33.760 --> 01:02:35.239
not gonna be near as volatile as it was when

1414
01:02:35.280 --> 01:02:39.360
it was one hundred and Actually now you have, now

1415
01:02:39.360 --> 01:02:41.639
that you have the ets s and stuff, they're not

1416
01:02:41.800 --> 01:02:45.440
like in these corporations buying these banks. They're not like trading.

1417
01:02:46.199 --> 01:02:50.400
They're investing. Retirement fund goes into our state. Right now,

1418
01:02:50.440 --> 01:02:54.559
the state of Texas is talking about buying a strategic reserve.

1419
01:02:55.119 --> 01:02:59.039
Pennsylvania's putting together a program for street, Wyoming's putting together.

1420
01:02:59.400 --> 01:03:01.119
I was talking to the guy yesterday who did all the

1421
01:03:01.119 --> 01:03:04.280
writing for the putting this strategic reserve for Wyoming. They

1422
01:03:04.320 --> 01:03:06.519
want to be the first state to have the reserve,

1423
01:03:06.920 --> 01:03:09.000
to have a state reserve. Texas is the same thing.

1424
01:03:09.280 --> 01:03:11.239
They want to be the first state. This is gonna happen.

1425
01:03:11.519 --> 01:03:13.320
These states are fighting to be the first one to

1426
01:03:13.360 --> 01:03:16.320
have a strategic reserve. When he gets those people aren't selling,

1427
01:03:16.760 --> 01:03:19.519
they aren't buying bitcoin to trade. So as all that

1428
01:03:19.519 --> 01:03:23.760
bitcoin gets with these entities, the amount of ups and

1429
01:03:23.800 --> 01:03:25.920
downs and ups and downs is gonna drop. The volatility

1430
01:03:26.000 --> 01:03:28.599
is gonna drop drastically. So that's why people need to

1431
01:03:28.599 --> 01:03:32.920
get in now. Volatility is a good thing. People to volna. Yeah,

1432
01:03:32.960 --> 01:03:35.119
it is volatile. That's why everybody's making so much money.

1433
01:03:35.639 --> 01:03:38.480
It wasn't volna. Everybody went me getting rich off of

1434
01:03:39.360 --> 01:03:42.800
right could. But so volatility to me is a good thing. Now,

1435
01:03:43.039 --> 01:03:44.920
are you familiar with micro strategies?

1436
01:03:45.480 --> 01:03:46.480
I am? I am?

1437
01:03:46.519 --> 01:03:50.840
You know mstr someone if someone has money, yeah, because

1438
01:03:50.880 --> 01:03:54.679
one thing that does happen, rob If you've got all

1439
01:03:54.719 --> 01:03:57.880
this money in retirement you're a boomer, and you pull

1440
01:03:57.920 --> 01:04:00.000
it out and cash it out, you're paying capital game,

1441
01:04:00.480 --> 01:04:03.360
long term capital gains, so you're taking a hit. So

1442
01:04:03.400 --> 01:04:04.719
you're taking a hit to pull it out and put

1443
01:04:04.760 --> 01:04:06.119
it in a bitcoin. But right right off the bat,

1444
01:04:06.159 --> 01:04:08.639
you're in a hole. If you paid the capital gains,

1445
01:04:08.760 --> 01:04:11.480
you could put your bitcoin into micro strategies. For instance,

1446
01:04:11.679 --> 01:04:16.079
micro Strategy owns three hundred and twenty thousand bitcoin. Their

1447
01:04:16.119 --> 01:04:18.800
a whole purpose of being a corporation just about is

1448
01:04:18.840 --> 01:04:21.960
to buy and hold bitcoin. They're never selling their bitcoin.

1449
01:04:22.119 --> 01:04:25.079
They just buy bitcoin is all they do. That stock

1450
01:04:25.199 --> 01:04:27.159
is going up like no tomorrow. I mean, it's already

1451
01:04:27.159 --> 01:04:29.559
had a ten for one split, it'll probably have another

1452
01:04:29.559 --> 01:04:32.119
ten for one split. So I recommend people look at that.

1453
01:04:32.199 --> 01:04:34.599
And let me do say this. I'm not a financial advisor.

1454
01:04:34.960 --> 01:04:37.760
I'm just telling people things that I look at. Make

1455
01:04:37.800 --> 01:04:40.239
your own, but I'm not telling you anything. I'm telling

1456
01:04:40.280 --> 01:04:42.559
you what I know of the past, what I think

1457
01:04:42.599 --> 01:04:45.119
about the future, and you can use that information just

1458
01:04:45.119 --> 01:04:46.840
to educate yourself and go do whatever you want to.

1459
01:04:46.880 --> 01:04:51.159
But micro strategies, I think is an excellent way, or

1460
01:04:51.199 --> 01:04:53.039
even an ETF. You got to get some skin in

1461
01:04:53.079 --> 01:04:54.119
the game, you really do.

1462
01:04:55.760 --> 01:04:58.280
I've heard some people say that maybe a good way

1463
01:04:58.440 --> 01:05:01.480
of taking out your value out of bitcoin would be

1464
01:05:01.599 --> 01:05:06.159
to take a loan against it. Would you advise against them?

1465
01:05:06.239 --> 01:05:09.320
I've done that. And here's the thing about taking a

1466
01:05:09.360 --> 01:05:12.760
loan against your bitcoin that you have to be concerned about.

1467
01:05:12.880 --> 01:05:16.239
Number One, you're putting your bitcoin up as collateral. Right,

1468
01:05:16.320 --> 01:05:18.159
Let's say you want one hundred thousand dollars you're going

1469
01:05:18.199 --> 01:05:20.360
to put up, They're probably going to make you put

1470
01:05:20.440 --> 01:05:22.559
up three hundred thousand dollars worth of bitcoin, maybe four

1471
01:05:22.639 --> 01:05:24.920
hundred thousand dollars worth of bitcoin to get that hundred thousand,

1472
01:05:25.360 --> 01:05:27.679
because if bitcoin does go for a drop and a

1473
01:05:27.679 --> 01:05:30.840
bear market, you'll have a call. They want to be

1474
01:05:30.880 --> 01:05:32.960
covered on that. But it could to a point in

1475
01:05:33.039 --> 01:05:35.960
time I did it. Bitcoin was forty thousand, and I

1476
01:05:35.960 --> 01:05:38.000
thought it was going to continue going up. I said, okay,

1477
01:05:38.039 --> 01:05:40.840
it's a great time, and no it didn't. The bottom

1478
01:05:40.920 --> 01:05:43.880
dropped out of it. So all my extra reserves I

1479
01:05:43.920 --> 01:05:47.000
had weren't enough. Luckily, I had enough bitcoin that when

1480
01:05:47.000 --> 01:05:50.559
they called me and said, hey, you don't have enough

1481
01:05:50.559 --> 01:05:52.920
bitcoin in here, you need to add more, I was

1482
01:05:53.000 --> 01:05:55.119
able to add it. If not, I lost all my bitcoin.

1483
01:05:55.800 --> 01:05:58.119
So people need to make sure they're aware of that.

1484
01:05:58.440 --> 01:06:00.840
While bitcoin seems to always be on it upward trajectory

1485
01:06:00.920 --> 01:06:03.440
does have bear markets. There are bear and bull markets

1486
01:06:03.519 --> 01:06:05.960
every four years. There's a cycle, and you can look

1487
01:06:05.960 --> 01:06:06.199
at this.

1488
01:06:06.280 --> 01:06:08.519
All you have to do is look at the long

1489
01:06:08.599 --> 01:06:10.559
term chart on it and you can see it and

1490
01:06:10.559 --> 01:06:11.079
you can see.

1491
01:06:10.960 --> 01:06:13.920
We're at the beginning of the bull run. So you

1492
01:06:14.000 --> 01:06:16.920
need you just need to be aware of that. And

1493
01:06:16.960 --> 01:06:19.880
another thing you have to consider is someone else is

1494
01:06:19.880 --> 01:06:23.360
holding your bitcoin and we've alwa and that is the

1495
01:06:23.400 --> 01:06:27.199
most valuable asset on the planet. It's only twenty one million.

1496
01:06:27.440 --> 01:06:30.480
Nothing is as limited as that. Gold is not that limited.

1497
01:06:30.639 --> 01:06:32.800
Guess what when gold goes at the five thousand an ounce,

1498
01:06:33.000 --> 01:06:35.679
I guarantee you they'll be getting more than gold then

1499
01:06:35.679 --> 01:06:37.719
they could because they can't afford to mind this particular

1500
01:06:37.760 --> 01:06:40.000
goal at two thousand ounces, but they can afford it

1501
01:06:40.000 --> 01:06:42.840
at five thousand dollars an ounce. So gold more expensive,

1502
01:06:42.880 --> 01:06:44.800
gold gets some more gold it comes on the market,

1503
01:06:45.119 --> 01:06:47.519
but bitcoin doesn't matter what happens. No more's coming on

1504
01:06:47.559 --> 01:06:50.480
the market. It's it's right, you know, cutting stone, so

1505
01:06:51.159 --> 01:06:53.320
you can do that. It's just like I said, you

1506
01:06:53.400 --> 01:06:55.840
need to just be safe. Two things. Number one, you

1507
01:06:55.880 --> 01:06:58.119
got to have enough bitcoin for the calls in case

1508
01:06:58.119 --> 01:07:00.199
the drops. The number two you got to realize you're

1509
01:07:00.199 --> 01:07:03.800
giving someone else your bitcoin and they have control your bitcoin,

1510
01:07:03.960 --> 01:07:04.480
not you.

1511
01:07:05.280 --> 01:07:06.960
Yeah, so all you have to do is look at

1512
01:07:06.960 --> 01:07:09.119
the chart. I've got the chart up on the screen

1513
01:07:09.159 --> 01:07:11.719
here and you can see what I'm talking about or

1514
01:07:11.760 --> 01:07:15.440
what we're talking about here. The volatility is very significant.

1515
01:07:15.559 --> 01:07:18.159
This goes all the way back to twenty eleven.

1516
01:07:19.119 --> 01:07:22.159
Well, look, Joe, but go to twenty eleven. Push you

1517
01:07:22.280 --> 01:07:25.679
back in twenty eleven for me. Yeah, is that eleven?

1518
01:07:26.159 --> 01:07:29.519
Since yeah, yeah, okay, now come out here to twenty seventeen.

1519
01:07:29.920 --> 01:07:34.800
Put it on twenty seventeen. That's what I right here. Okay,

1520
01:07:35.039 --> 01:07:37.920
this is twenty seventeen you're looking at. Now. This is

1521
01:07:37.960 --> 01:07:42.599
the year that on Thanksgiving it was seven thousand dollars.

1522
01:07:43.039 --> 01:07:46.559
Christmas Day it was nineteen thousand dollars, and it seemed

1523
01:07:46.599 --> 01:07:48.440
like the end of the world when that drop happened.

1524
01:07:48.880 --> 01:07:51.199
Oh my gosh, it was the biggest thing going. It

1525
01:07:51.239 --> 01:07:53.239
was as big as this candle here for today, the

1526
01:07:53.280 --> 01:07:54.880
one all the way to the right at the time.

1527
01:07:55.159 --> 01:07:59.679
But now look at that candle. We're dropped from twenty down.

1528
01:08:00.719 --> 01:08:01.679
You can't even tell.

1529
01:08:02.440 --> 01:08:03.920
It's nothing right, it's gone.

1530
01:08:04.119 --> 01:08:05.880
Yeah, it's a blimp on the thing. And it went

1531
01:08:05.920 --> 01:08:09.559
that year from seven thousand Thanksgiving to nineteen thousand my

1532
01:08:09.639 --> 01:08:14.639
Christmas and then dropped to three thousand dollars. That's the

1533
01:08:15.000 --> 01:08:15.679
and it's a blip.

1534
01:08:16.800 --> 01:08:20.560
That's the low point right there. Yeah, thirty two hundred

1535
01:08:20.560 --> 01:08:23.159
dollars was the what was the low point after being

1536
01:08:23.159 --> 01:08:24.159
at seventeen thousand?

1537
01:08:24.399 --> 01:08:27.560
He were And actually that's this particular change. I think

1538
01:08:27.600 --> 01:08:29.960
most people would agree it hit nineteen thousand into high.

1539
01:08:30.840 --> 01:08:31.079
Yeah.

1540
01:08:31.119 --> 01:08:33.000
So, like I said, that's just a but and I

1541
01:08:33.079 --> 01:08:35.760
know how many people sold their stuff at that and well,

1542
01:08:35.840 --> 01:08:39.479
actually Todd Cochran sawd his at twenty thousand dollars and

1543
01:08:39.600 --> 01:08:41.640
he prope We talked about that online on the show,

1544
01:08:41.680 --> 01:08:43.760
I believe. So I don't think that's the secret. You

1545
01:08:43.840 --> 01:08:45.560
might check with him. You might need to cut that out.

1546
01:08:45.600 --> 01:08:47.520
I don't want to make them look bad, that's okay.

1547
01:08:48.479 --> 01:08:50.399
But he said it online, so I feel like it

1548
01:08:50.680 --> 01:08:51.399
he did.

1549
01:08:51.159 --> 01:08:53.720
Did he said it to me before? And then also

1550
01:08:54.199 --> 01:08:57.439
twenty twenty, it looks like it was at like ten thousand,

1551
01:08:57.479 --> 01:09:00.640
a little over ten thousand, and then immediately it shot

1552
01:09:00.760 --> 01:09:05.600
up to what the piece sixty nine sixty thousand, Yeah,

1553
01:09:05.960 --> 01:09:07.680
you know, in one year.

1554
01:09:07.880 --> 01:09:11.159
I remember that. Yeah, that was quite an exciting year. Actually,

1555
01:09:11.640 --> 01:09:15.199
that was an exciting year. And so when it jumps,

1556
01:09:15.439 --> 01:09:17.960
it really does when it crashes. But one thing you

1557
01:09:18.000 --> 01:09:20.680
can see, though, if you look at this chart, that

1558
01:09:20.720 --> 01:09:24.039
the crashes every time every four year cycle are not

1559
01:09:24.279 --> 01:09:27.840
as high. While we did have it go from twenty

1560
01:09:27.920 --> 01:09:31.680
thousand or nineteen thousand, whatever it said seventeen to three

1561
01:09:31.880 --> 01:09:35.920
thirty two that was whatever percent, that was seventy percent

1562
01:09:35.960 --> 01:09:38.720
or whatever. The next time, maybe it went down sixty percent.

1563
01:09:39.239 --> 01:09:41.520
A stat that I saw this week that I did

1564
01:09:41.560 --> 01:09:44.840
not know is that whatever the price a bitcoin was

1565
01:09:46.159 --> 01:09:48.600
for bitcoin, always the end of the happening, first of all,

1566
01:09:48.680 --> 01:09:52.359
is always on the presidential election year. First of all,

1567
01:09:52.840 --> 01:09:55.439
so every having ends in a new one starts where

1568
01:09:55.479 --> 01:09:57.479
the price of the amount of bitcoin you're rewarded from

1569
01:09:57.520 --> 01:10:00.640
minus cutsinat is election year. So first, well, so every

1570
01:10:00.640 --> 01:10:03.640
four years there's an election year, and whatever the price

1571
01:10:03.640 --> 01:10:07.600
of bitcoin was when the president was elected, bitcoin has

1572
01:10:07.640 --> 01:10:08.920
never gone below that again.

1573
01:10:10.600 --> 01:10:12.199
Right, So if.

1574
01:10:12.079 --> 01:10:14.199
Bitcoin was eighty thousand dollars, I don't even know what

1575
01:10:14.199 --> 01:10:17.279
the price was when. Or let's go back further, when

1576
01:10:17.520 --> 01:10:20.560
Biden was elected, if it was like thirty thousand dollars,

1577
01:10:21.199 --> 01:10:23.760
it never dropped below that. Again. If when Obama was

1578
01:10:23.800 --> 01:10:26.760
elected it was twenty thousand dollars, it never dropped below that. Again.

1579
01:10:27.000 --> 01:10:29.880
Now we're probably talking I'm going to guess seventy five

1580
01:10:29.920 --> 01:10:32.720
thousand dollars when Trump was elected, So we can pretty

1581
01:10:32.800 --> 01:10:37.159
much feel it past history continues, it shouldn't drop below

1582
01:10:37.199 --> 01:10:39.800
that again. So, yeah, I just heard this. Yeah, I

1583
01:10:39.800 --> 01:10:40.600
didn't know that's that.

1584
01:10:41.680 --> 01:10:43.359
Yeah, And I think if you look at the chart,

1585
01:10:43.439 --> 01:10:46.640
I think it was it rate here at the lowest point,

1586
01:10:47.039 --> 01:10:50.680
was at the high point back in twenty twenty seventeen,

1587
01:10:51.800 --> 01:10:55.600
so you could say it doesn't drop below the last

1588
01:10:55.640 --> 01:11:00.000
high right back in the past, and then ever since then,

1589
01:11:00.000 --> 01:11:03.880
and it's been very volatile, but it's been steadily going up, right, Yeah.

1590
01:11:03.720 --> 01:11:05.960
And like I said, the higher it gets, the less

1591
01:11:06.039 --> 01:11:09.199
volatility that's going to be. It's just a numbers thing.

1592
01:11:09.600 --> 01:11:14.000
It's like some people. It's something to do with big numbers. Yeah. Also,

1593
01:11:14.119 --> 01:11:16.079
there's a thing and I can't think of the name

1594
01:11:16.119 --> 01:11:19.399
of it now, Gosh, you can't name it. There's lots

1595
01:11:19.439 --> 01:11:23.039
of these laws or rules of finance and things of

1596
01:11:23.079 --> 01:11:25.960
the world that people quote that are true. And there's

1597
01:11:25.960 --> 01:11:27.840
a thing I can't remember the name of it. But

1598
01:11:27.880 --> 01:11:31.439
it has to do with big numbers. That the more

1599
01:11:31.520 --> 01:11:35.000
valuable something is, the more people want it. Now the

1600
01:11:35.000 --> 01:11:37.760
big coins one hundred thousand dollars, more people want it

1601
01:11:38.520 --> 01:11:40.680
than it did when it was one hundred dollars. It's

1602
01:11:40.680 --> 01:11:43.520
like Louis with Tom persons. More people want to leave

1603
01:11:43.520 --> 01:11:46.359
with Tom persons than they do just the regular purse.

1604
01:11:46.680 --> 01:11:50.520
Some theory of high numbers, right, and people feel more

1605
01:11:50.520 --> 01:11:53.439
confident when the incoming president of the United States says

1606
01:11:53.479 --> 01:11:55.880
that the US government's going to get on board, and

1607
01:11:56.119 --> 01:11:58.800
all these big companies and other countries around the world

1608
01:11:58.840 --> 01:12:02.880
are interested in stockpiling bitcoin. That tells you that there's

1609
01:12:02.960 --> 01:12:07.159
momentum behind this that is far beyond what a normal

1610
01:12:07.199 --> 01:12:08.279
cryptocurrency has.

1611
01:12:08.399 --> 01:12:09.479
Right, yeah, we're.

1612
01:12:09.279 --> 01:12:11.600
Talking right now. I'm stuck. And he wants to buy

1613
01:12:12.199 --> 01:12:14.279
uh what's with the help of Center and a Lummus

1614
01:12:14.279 --> 01:12:16.800
out of Wyoming, she submitted the bill. They want to

1615
01:12:16.800 --> 01:12:20.199
buy two hundred thousand bitcoin, not two hundred thousand dollars worth,

1616
01:12:20.199 --> 01:12:23.039
two hundred thousand bitcoin per year for the next five years.

1617
01:12:23.239 --> 01:12:25.840
Get us a strategic reserve of five of a million

1618
01:12:25.880 --> 01:12:29.640
bitcoin so that the US government is holding so that

1619
01:12:29.720 --> 01:12:32.840
and then now he's also talking about having a cryptosar

1620
01:12:33.279 --> 01:12:36.520
someone to be running that part of the economy, the

1621
01:12:36.560 --> 01:12:41.239
cryptocurrency economy. So this has got to be the most

1622
01:12:41.279 --> 01:12:46.680
friendly bitcoin team or yeah whatever. Not necessarily the president

1623
01:12:47.640 --> 01:12:49.880
get the whole head of it. I mean, I think

1624
01:12:49.960 --> 01:12:55.159
almost everybody who's involved owns a bitcoin. I mean, then

1625
01:12:55.279 --> 01:12:58.039
everybody does, so they're not like going, oh, this is

1626
01:12:58.119 --> 01:13:01.840
terrible stuff. It's make it illegal. So this is gonna be.

1627
01:13:02.479 --> 01:13:05.039
I feel bitcoin should do as good as it has

1628
01:13:05.079 --> 01:13:08.479
ever done. I's not better under this group of people

1629
01:13:08.760 --> 01:13:11.760
as far as bigcoin goes. Whether everything else goes good

1630
01:13:11.840 --> 01:13:14.079
or not, I'm not saying, but I do think bitcoin

1631
01:13:14.840 --> 01:13:16.560
this is the best thing that could happen to bitcoin.

1632
01:13:16.640 --> 01:13:19.000
I think Bitcoin was gonna do great anyway, no matter

1633
01:13:19.039 --> 01:13:21.399
who one rob because I don't think it can be

1634
01:13:21.399 --> 01:13:24.479
stopped at this point. I just think with this group

1635
01:13:24.520 --> 01:13:26.880
in there, it's gonna do great faster because they're all

1636
01:13:26.920 --> 01:13:29.840
so pro bitcoin that it's gonna do even faster. But

1637
01:13:29.880 --> 01:13:31.399
I think when it comes to a year or two

1638
01:13:31.439 --> 01:13:33.680
years from now, it was gonna do good anyway. It

1639
01:13:33.680 --> 01:13:35.600
doesn't matter because you can't kill it. Even if you

1640
01:13:35.640 --> 01:13:39.199
cut the Internet off for the whole planet, whenever you

1641
01:13:39.239 --> 01:13:41.560
turn it back on, your bitcoin would be there. And

1642
01:13:41.600 --> 01:13:43.399
if that cut off, you got way more to worry

1643
01:13:43.439 --> 01:13:44.359
about than your bitcoin.

1644
01:13:46.279 --> 01:13:47.960
I would say that the people that should be worried

1645
01:13:47.960 --> 01:13:50.279
as probably people inside of the Federal Reserve.

1646
01:13:52.039 --> 01:13:54.840
Well, because yeah.

1647
01:13:54.159 --> 01:13:56.359
They should be. I wish, I said, I wish they

1648
01:13:56.399 --> 01:13:57.279
could just shut it down.

1649
01:13:57.880 --> 01:14:00.520
Yeah, Well that maybe the almost been.

1650
01:14:00.399 --> 01:14:02.199
Just trying to audit it his whole life.

1651
01:14:02.239 --> 01:14:05.680
I think you know, well, then that might be the result.

1652
01:14:06.119 --> 01:14:08.600
It may take many a decade or so maybe for

1653
01:14:08.640 --> 01:14:11.560
that to happen, but it's it that actually may be

1654
01:14:11.680 --> 01:14:14.119
the outcome. We may be seeing the birth of an

1655
01:14:14.279 --> 01:14:16.000
entirely new financial system.

1656
01:14:16.119 --> 01:14:18.399
Well, I said, Andrew Jackson said, that was the greatest

1657
01:14:18.399 --> 01:14:20.479
thing he ever did was under his presidency, was get

1658
01:14:20.520 --> 01:14:25.039
rid of the FED. Then they their head evn't came back.

1659
01:14:25.279 --> 01:14:26.560
They didn't kill it enough.

1660
01:14:27.159 --> 01:14:30.119
All right, all right, Well we'll see what happens. I

1661
01:14:30.119 --> 01:14:32.520
think that probably will happen after you and I are

1662
01:14:32.520 --> 01:14:33.119
probably gone.

1663
01:14:33.119 --> 01:14:35.079
But I think I never know.

1664
01:14:35.279 --> 01:14:37.720
I mean, it just depends on how all in everybody

1665
01:14:37.760 --> 01:14:38.600
gets sure.

1666
01:14:38.600 --> 01:14:42.279
But all right, said, this is the most revolutionary thing

1667
01:14:42.319 --> 01:14:45.000
that's ever happened to finance. I mean, let's face it,

1668
01:14:45.159 --> 01:14:47.960
I agree with It's the first time you had money

1669
01:14:48.199 --> 01:14:51.239
that can't be inflated away. This first time you had

1670
01:14:51.239 --> 01:14:54.119
money that you are in control of. No one can

1671
01:14:54.119 --> 01:14:57.079
take your money from you, know, but they can if

1672
01:14:57.079 --> 01:14:59.640
you're foolish, but if you're smart about it. It's the

1673
01:14:59.640 --> 01:15:02.000
first time you've been able to I know a guy

1674
01:15:02.039 --> 01:15:05.079
whose family, I know a couple guys, and actually I

1675
01:15:05.119 --> 01:15:07.199
know quite a few people now I'm thinking about that

1676
01:15:07.279 --> 01:15:10.479
their families when they were little kids fled Russia for

1677
01:15:10.520 --> 01:15:12.920
the United States and they were able to leave with

1678
01:15:13.000 --> 01:15:16.000
like ten dollars. They had to leave everything behind, where

1679
01:15:16.079 --> 01:15:18.920
if bitcoin had been around, they wouldn't need to carry

1680
01:15:18.920 --> 01:15:20.279
anything with them. All they got to do is get

1681
01:15:20.279 --> 01:15:22.640
to their destination and they would arrive in the US

1682
01:15:23.319 --> 01:15:26.720
with their fortunes intact, instead of having five dollars and

1683
01:15:26.800 --> 01:15:29.520
starting all over from scratch. And really, don't we want

1684
01:15:29.560 --> 01:15:32.000
all that money coming into the US instead of US

1685
01:15:32.000 --> 01:15:34.760
sending it out all the time? Bitcoin should be great

1686
01:15:34.800 --> 01:15:37.439
for the US because as people come, they're coming with

1687
01:15:37.479 --> 01:15:40.319
all their wealth, not having to leave everything behind because

1688
01:15:40.359 --> 01:15:42.119
the government wouldn't let me go on the airplane with

1689
01:15:42.159 --> 01:15:47.640
their wealth. So it actually the US should be controlling pickcloining.

1690
01:15:48.199 --> 01:15:50.960
We should be controlling pickcoin. We should want it all here.

1691
01:15:51.479 --> 01:15:53.239
This has gotten me about a years that's being so

1692
01:15:53.359 --> 01:15:56.359
negative as a country toward bitcoin. We need to embrace

1693
01:15:56.399 --> 01:15:58.359
it and adopt it and get it all in the

1694
01:15:58.479 --> 01:16:01.800
United States and control where the world money supply. Well,

1695
01:16:01.800 --> 01:16:04.640
Bitcoin's kind of world money. We need to have it all.

1696
01:16:04.520 --> 01:16:08.079
Here right, well, all of the citizens of the United

1697
01:16:08.119 --> 01:16:12.319
States as well as all the organizations are that exist

1698
01:16:12.359 --> 01:16:15.000
in the United States, owning share of this will create

1699
01:16:15.079 --> 01:16:18.199
a robust economy I think ultimately in the long run.

1700
01:16:18.239 --> 01:16:20.920
And you start thinking about the technology layer that's coming

1701
01:16:20.920 --> 01:16:25.439
with robotics and automation and also, I mean you can

1702
01:16:25.680 --> 01:16:29.680
envision this this thought that Elon has put out. Elon Musk,

1703
01:16:29.760 --> 01:16:34.680
the CEO of x and Tesla, his vision for what

1704
01:16:34.720 --> 01:16:37.840
the future looks like is excessive abundance, right, So you

1705
01:16:37.880 --> 01:16:46.039
combine bitcoin with robotics and automation and unlimited energy of sorts,

1706
01:16:46.119 --> 01:16:48.640
and you can really see how we might be in

1707
01:16:48.680 --> 01:16:52.239
the early stage of formulating a whole new type of

1708
01:16:52.920 --> 01:16:58.520
civilization that's that's very self sustaining, very solid. People have

1709
01:16:58.800 --> 01:17:02.920
the ability to live good quality lies. My worry is

1710
01:17:02.920 --> 01:17:04.680
that there's going to be people left behind.

1711
01:17:05.159 --> 01:17:07.720
Yeah, And like I said, I think people will always

1712
01:17:07.720 --> 01:17:10.640
be able to get into it, but you're right, there's

1713
01:17:10.640 --> 01:17:13.239
going to be people who are not buying it now,

1714
01:17:13.920 --> 01:17:16.840
who won't buy it when it's two hundred thousand, that

1715
01:17:16.920 --> 01:17:18.840
won't buy it when it's a million dollars, and they're

1716
01:17:18.840 --> 01:17:21.399
definitely going to be getting less of it than they

1717
01:17:21.800 --> 01:17:24.159
could have gotten. So they will and in case be

1718
01:17:24.359 --> 01:17:27.159
left behind. Something else that we haven't covered is that

1719
01:17:27.560 --> 01:17:31.840
I don't think a lot of people understand that bitcoin is.

1720
01:17:32.279 --> 01:17:35.560
Let me say, the Internet has a ton of protocolscually.

1721
01:17:35.600 --> 01:17:38.359
There's a protocol for audio, there's a protocol for video,

1722
01:17:38.399 --> 01:17:42.760
there's a protocol for photos, there's a protocol for everything.

1723
01:17:43.159 --> 01:17:46.159
Everything has a protocol. But what was the one protocol

1724
01:17:46.840 --> 01:17:50.159
that the Internet did not have that no one had built,

1725
01:17:50.319 --> 01:17:51.800
no one could figure out how to build it, no

1726
01:17:51.840 --> 01:17:54.760
matter how many of them tried. It was a protocol

1727
01:17:54.840 --> 01:17:59.760
for money. And bitcoin was the protocol, the missing protocol

1728
01:18:00.359 --> 01:18:02.920
that needed to be out there a protocol from money.

1729
01:18:02.960 --> 01:18:04.880
Sure there was money you could use PayPal, but that

1730
01:18:04.920 --> 01:18:08.279
wasn't Internet protocol. That's a third party doing it. So

1731
01:18:08.800 --> 01:18:12.479
that is what is so fascinating about bitcoin is somebody

1732
01:18:12.880 --> 01:18:15.279
finally figured out how to make the missing protocol. So

1733
01:18:15.840 --> 01:18:18.319
if you were like me, I started building e commerce

1734
01:18:18.319 --> 01:18:21.159
sites back in ninety six, you were really interested in

1735
01:18:21.199 --> 01:18:23.520
a protocol that didn't exist for the Internet. I mean

1736
01:18:23.560 --> 01:18:25.159
that's what got me into it. I didn't get into

1737
01:18:25.159 --> 01:18:27.800
it because they go, oh, maybe you can make a

1738
01:18:27.800 --> 01:18:29.760
lot of money someday. But I started finding out it

1739
01:18:29.760 --> 01:18:32.680
was an Internet protocol that was missing. That was like,

1740
01:18:32.680 --> 01:18:35.600
oh wow, this is definitely gonna be successful. And that

1741
01:18:35.640 --> 01:18:38.000
sounds like a pretty simplistic way to think about it,

1742
01:18:38.000 --> 01:18:40.079
but that's how I thought about it originally. It's just

1743
01:18:40.119 --> 01:18:42.000
the fact that it was an Internet protocol and that

1744
01:18:42.000 --> 01:18:44.600
protocol did not exist, and it was a protocol that

1745
01:18:44.640 --> 01:18:47.159
was needed. So that's a big deal to me.

1746
01:18:48.199 --> 01:18:51.119
Yeah, I agree. Well, Gary, it's been great to have

1747
01:18:51.199 --> 01:18:53.800
you on the show on trust Factor.

1748
01:18:53.840 --> 01:18:54.520
I think we've.

1749
01:18:54.319 --> 01:18:59.279
Hopefully built a little trust out there about bitcoin and

1750
01:18:59.319 --> 01:19:02.640
maybe the upside potential of what we're seeing happen in

1751
01:19:02.680 --> 01:19:05.920
the world today. And those that invested in it early

1752
01:19:06.119 --> 01:19:09.520
are transforming their lives as we see bitcoin go up.

1753
01:19:09.880 --> 01:19:12.600
But they if you don't need to realize it's still early.

1754
01:19:13.239 --> 01:19:15.920
See that's yeah. I guess people at one hundred dollars

1755
01:19:15.920 --> 01:19:18.720
thought they were late. Aren't they happy now? And the

1756
01:19:18.720 --> 01:19:20.800
people who buy it one hundred they're going to be

1757
01:19:20.840 --> 01:19:23.439
happy to I truly believe. I guess I just bought

1758
01:19:23.520 --> 01:19:26.720
yesterday at ninety seven thousand dollars. I don't believe.

1759
01:19:26.960 --> 01:19:29.800
Yeah, I know, I bought some just we could go

1760
01:19:29.880 --> 01:19:32.039
myself when and was really high as well because I

1761
01:19:32.399 --> 01:19:34.840
do have that same level of optimism about what's going

1762
01:19:34.880 --> 01:19:39.840
on here and its impact, and all these other large organizations, governments, whatever,

1763
01:19:39.960 --> 01:19:43.399
coming in and stockpiling it is going to be an

1764
01:19:43.439 --> 01:19:45.800
interesting dynamic to play out, and it's going to drive

1765
01:19:45.880 --> 01:19:47.239
the value of it up.

1766
01:19:47.399 --> 01:19:49.800
It's a new it's a new dynamic for sure. It's

1767
01:19:49.840 --> 01:19:53.359
a definitely dude that incorporation's buying it. Two of those

1768
01:19:53.520 --> 01:19:56.640
those are going to drastically shift it, and I just

1769
01:19:56.880 --> 01:20:01.560
like you, hope that more more and more people get

1770
01:20:01.600 --> 01:20:03.960
into it before they can't afford it, or before what

1771
01:20:04.039 --> 01:20:06.239
they get is a pittance compared to what they could

1772
01:20:06.239 --> 01:20:08.399
have had. I truly do That's the only reason I

1773
01:20:08.439 --> 01:20:12.079
do these shows. That's the only reason I do anything

1774
01:20:12.119 --> 01:20:14.600
public about bitcoin is really, like I said, I'm not

1775
01:20:14.640 --> 01:20:17.079
doing it. I'm not giving out a code where I

1776
01:20:17.079 --> 01:20:19.079
can get a disc referral fee. I'm just trying to

1777
01:20:19.119 --> 01:20:21.760
like educate people that bitcoin because I think it's that important.

1778
01:20:22.079 --> 01:20:25.000
And then the thing that is something I also like

1779
01:20:25.000 --> 01:20:27.399
can say which I haven't said, and we went over

1780
01:20:27.439 --> 01:20:30.359
this a little bit earlier. You have bitcoiners, you have bitcoin,

1781
01:20:30.840 --> 01:20:35.479
and you have twenty thousand shit coins cryptocurrencies. People that

1782
01:20:35.560 --> 01:20:39.920
buy cryptocurrencies, want to make money. Everybody wants to make money,

1783
01:20:39.960 --> 01:20:41.920
so don't get me wrong, I'm not knocking that, but

1784
01:20:42.039 --> 01:20:44.600
that's their whole goal is I want to make money.

1785
01:20:44.760 --> 01:20:50.359
I can trade ethereum for Solano or for Cardono or whatever,

1786
01:20:50.439 --> 01:20:52.479
and I can make all this money. But people who

1787
01:20:52.520 --> 01:20:57.000
invest in bitcoin, pretty much all the hardcore bitcoiners that

1788
01:20:57.079 --> 01:21:01.000
have existed through time, realize they can make money, but

1789
01:21:01.039 --> 01:21:04.159
they're going to change the world. And they think it's

1790
01:21:04.199 --> 01:21:06.840
as important to change the world as it is to

1791
01:21:06.840 --> 01:21:10.399
make money. And bitcoin is going to change the world.

1792
01:21:10.800 --> 01:21:14.359
So I ask why, I say, it's going to change everything.

1793
01:21:14.720 --> 01:21:17.479
So I'm more worried about bringing as many people on

1794
01:21:17.560 --> 01:21:20.279
the boat with me as I can. I want all

1795
01:21:20.359 --> 01:21:22.640
the boats to rise. I want that tie to take

1796
01:21:22.680 --> 01:21:25.920
everybody up, not just the corporations and the companies and

1797
01:21:25.960 --> 01:21:28.319
the people who got it in a long time ago. And

1798
01:21:28.359 --> 01:21:31.520
so in that thought pattern, we both do agree. But

1799
01:21:31.960 --> 01:21:36.760
they've got to start spending at least five minutes a

1800
01:21:36.800 --> 01:21:40.960
week investigating this. Right, no one's fault but their own.

1801
01:21:41.199 --> 01:21:43.640
I mean it is. I mean, because like I said,

1802
01:21:43.399 --> 01:21:46.840
bitcoin doesn't care who you are, don't care where you live,

1803
01:21:47.119 --> 01:21:49.960
It has no rules or guidance. It just does its thing.

1804
01:21:50.319 --> 01:21:54.439
If you want to participate, jump on in. Everybody's inviting you.

1805
01:21:54.760 --> 01:21:56.399
No one's saying keep out, you know.

1806
01:21:57.640 --> 01:22:00.800
Yeah, So I think it's very important at the stage

1807
01:22:00.960 --> 01:22:05.000
to get education out there about bitcoin. Deeper understanding by

1808
01:22:05.039 --> 01:22:06.800
more people is a good thing. It's certainly a good

1809
01:22:06.880 --> 01:22:10.239
role for podcasts. It's a good role for YouTube or

1810
01:22:10.439 --> 01:22:12.960
content creators out there to be talking about this. That's

1811
01:22:13.000 --> 01:22:15.039
why I invited you on because I think this is

1812
01:22:15.079 --> 01:22:17.199
a time that people really have to have a better

1813
01:22:17.279 --> 01:22:18.760
understanding of what's going on here.

1814
01:22:19.319 --> 01:22:22.039
And I'm and I enjoy I mean, I do the

1815
01:22:22.079 --> 01:22:24.760
Bitcoin boomer Show every week. If someone should check that out,

1816
01:22:24.760 --> 01:22:27.560
where we talk about bitcoin. But you know I have

1817
01:22:27.760 --> 01:22:30.079
I never turned down anyone that wants to talk about bitcoin.

1818
01:22:30.119 --> 01:22:31.920
I wouldn't have turned you down anyway, no matter what

1819
01:22:32.039 --> 01:22:33.680
you wanted to talk about. We've known each other way

1820
01:22:33.720 --> 01:22:37.279
too long. But I enjoy being on people's podcast because

1821
01:22:37.319 --> 01:22:39.800
I want to share the word. It's a weird thing

1822
01:22:39.800 --> 01:22:42.079
to say, but it's oh, gosh, I can't I can't think.

1823
01:22:42.239 --> 01:22:45.880
I can't think of this now, not the gosh, I can't.

1824
01:22:46.039 --> 01:22:50.960
There there's a religious group out there that I can't

1825
01:22:50.960 --> 01:22:52.760
think of their name. And I'm not knocking this religion

1826
01:22:52.800 --> 01:22:56.520
by any means, but they think that only like one

1827
01:22:56.560 --> 01:23:00.199
hundred thousand people can go to heaven. Oh okay, my

1828
01:23:00.239 --> 01:23:02.199
friend is a member of this and I've told me say, well,

1829
01:23:02.239 --> 01:23:05.239
you're not going that's the case because I know you

1830
01:23:05.600 --> 01:23:07.479
and there. You are not even gonna rank up with

1831
01:23:07.880 --> 01:23:10.600
all the people from the history of Christianity. You will

1832
01:23:10.600 --> 01:23:12.880
never break it to the top one hundred thousand, no

1833
01:23:12.880 --> 01:23:18.399
matter what you do. And he says, but he goes

1834
01:23:19.239 --> 01:23:22.640
every Wednesday, goes from house to house down the street,

1835
01:23:22.640 --> 01:23:26.039
talking about his religion, trying to convert people. And he

1836
01:23:26.159 --> 01:23:30.439
converts people not because he thinks he's gonna go to heaven,

1837
01:23:30.560 --> 01:23:32.720
because he realizes he's not gonna go to heaven. He's

1838
01:23:32.720 --> 01:23:34.840
not gonna be one hundred thousand, no matter how many

1839
01:23:34.840 --> 01:23:38.520
people have converted. But he wants everybody to be living,

1840
01:23:38.560 --> 01:23:42.600
everlasting on earth. To me, I'm trying to get people

1841
01:23:42.600 --> 01:23:45.600
into bitcoin, not because it's gonna make my bitcoin higher.

1842
01:23:46.079 --> 01:23:48.319
I mean, gosh, someone buys a billion dollars worth a

1843
01:23:48.359 --> 01:23:49.920
bitcoin at hard that goes up. So if you buying

1844
01:23:49.920 --> 01:23:51.800
five dollars a month it's not gonna make my bitcoin

1845
01:23:51.880 --> 01:23:54.279
worth more. I just want you on for the ride

1846
01:23:54.319 --> 01:23:59.079
when it's over. So it's a lot of similarities between prophesizing,

1847
01:23:59.239 --> 01:24:00.880
is what I'm trying to say. You know, I feel

1848
01:24:01.119 --> 01:24:04.159
prophesizing not because I'm going to get more money, because

1849
01:24:04.319 --> 01:24:06.439
it's what I should do to help people out.

1850
01:24:07.439 --> 01:24:10.000
Yeah, I think it is a path to get on

1851
01:24:10.279 --> 01:24:14.239
the trajectory of growing value instead of being in a

1852
01:24:14.319 --> 01:24:17.840
currency that's about depreciating value. I think that's the real

1853
01:24:18.800 --> 01:24:21.239
simple way to think about this is that bitcoin is

1854
01:24:21.239 --> 01:24:25.600
a path towards I think, increasing prosperity, where currency is

1855
01:24:25.640 --> 01:24:29.159
a path toward decreasing prosperity. So which side do you

1856
01:24:29.199 --> 01:24:29.760
want to be on?

1857
01:24:30.199 --> 01:24:33.039
And actually, like we said earlier, I don't care about

1858
01:24:33.119 --> 01:24:36.479
I don't care how poor you are. I mean I

1859
01:24:36.520 --> 01:24:38.720
say that and I have money. So but to me,

1860
01:24:39.239 --> 01:24:40.960
it seems like no matter how poor you are, you

1861
01:24:41.000 --> 01:24:44.000
could buy a dollar's worth of bitcoin a month if

1862
01:24:44.039 --> 01:24:46.399
you gave up a habit, maybe you give up lottery

1863
01:24:46.399 --> 01:24:48.359
cards or something. And not everybody does this. So I'm

1864
01:24:48.359 --> 01:24:50.479
not trying to be I'm not trying to be that

1865
01:24:50.479 --> 01:24:53.760
guy who's not in the situation and not understanding, but

1866
01:24:53.800 --> 01:24:56.000
I truly believe that anyone could come up with it.

1867
01:24:56.119 --> 01:24:57.960
You could go outside of seven to eleven and look around

1868
01:24:57.960 --> 01:25:00.880
at the ground and find a dollar and by dollars

1869
01:25:00.880 --> 01:25:02.920
worth of bitcoin, because you can buy that small amount.

1870
01:25:03.239 --> 01:25:05.479
And I think that people who don't have a lot

1871
01:25:06.000 --> 01:25:08.239
are the ones that need to really start getting into

1872
01:25:08.319 --> 01:25:11.159
it with whatever they can afford, because it's an asset

1873
01:25:11.319 --> 01:25:14.279
that they can get into. They don't have a bank account,

1874
01:25:14.760 --> 01:25:17.720
they can't go get into stock market, they can't take

1875
01:25:17.760 --> 01:25:21.119
advantage of those opportunities, but they can still take advantage

1876
01:25:21.119 --> 01:25:24.359
of this opportunity. And hopefully I'm not coming off as

1877
01:25:24.399 --> 01:25:27.199
real harsh, because that's not my goal that I'm trying.

1878
01:25:27.199 --> 01:25:29.199
That's not what point I'm trying to make. I'm trying

1879
01:25:29.239 --> 01:25:32.680
to make the point that people who have little or

1880
01:25:32.680 --> 01:25:35.760
no assets can get into this where they can't get

1881
01:25:35.800 --> 01:25:39.840
into other ways of making money. They can't participate in

1882
01:25:39.920 --> 01:25:42.680
what other people with money can participate in, but in

1883
01:25:42.720 --> 01:25:43.199
this they can.

1884
01:25:45.399 --> 01:25:48.560
I think that the future looks bright when you equate

1885
01:25:48.880 --> 01:25:54.079
bitcoin into our future, so it's definitely a positive thing. Gary,

1886
01:25:54.119 --> 01:25:56.279
thank you so much for spending so much time with me,

1887
01:25:56.479 --> 01:25:59.039
time to educate people and hopefully we'll get a lot

1888
01:25:59.039 --> 01:26:01.880
of people watching this that can that can pick up

1889
01:26:01.920 --> 01:26:04.560
a lot of tips around what is going on with bitcoin.

1890
01:26:04.800 --> 01:26:07.399
So thank you for inviting me, and thank you also

1891
01:26:07.600 --> 01:26:10.560
for taking over on the post of making sure that

1892
01:26:10.640 --> 01:26:14.560
the Bitcoin Hall of Fame continues. Really started the podcast

1893
01:26:14.560 --> 01:26:17.760
Hall of Fame as person who started that, that is

1894
01:26:17.880 --> 01:26:19.359
near and dear to my heart. So I'm glad to

1895
01:26:19.359 --> 01:26:22.479
see it wasn't something that had a five year run

1896
01:26:23.039 --> 01:26:25.960
and pittered out when that first year, as I told you,

1897
01:26:26.000 --> 01:26:28.159
were in appreciow. I just picked all the people for

1898
01:26:28.199 --> 01:26:29.960
the first year. I'd hate to see them have to

1899
01:26:30.000 --> 01:26:31.920
go through all that or maybe not even get in

1900
01:26:31.920 --> 01:26:34.079
the Hall of Fame because now they're not known because

1901
01:26:34.079 --> 01:26:35.680
so much time has gone by, and then you have

1902
01:26:36.039 --> 01:26:38.319
just these celebrities that are known big time. Getting in

1903
01:26:38.600 --> 01:26:42.039
podcasting was another thing that regular folks got the front run.

1904
01:26:42.640 --> 01:26:44.960
Right, right, So when are you going to start the

1905
01:26:45.399 --> 01:26:46.439
Bitcoin Hall of Fame?

1906
01:26:47.760 --> 01:26:50.880
I didn't know how you do that. I'm through. I

1907
01:26:50.920 --> 01:26:52.720
always said that. I used to say that I was

1908
01:26:52.760 --> 01:26:55.439
really good at seeing what was going to come up.

1909
01:26:55.560 --> 01:26:57.560
Things are gonna be hot, Like I started building e

1910
01:26:57.600 --> 01:26:59.560
commerce sites in ninety six when people told me I

1911
01:26:59.600 --> 01:27:02.359
was stupid. People wouldn't buy stuff on the interset. And

1912
01:27:02.439 --> 01:27:04.079
I remember in two thousand and four I started telling

1913
01:27:04.079 --> 01:27:06.439
people about podcasting, said that's stupid. You can listen to

1914
01:27:06.439 --> 01:27:08.399
your car radio. Why would you listen to a podcast?

1915
01:27:08.840 --> 01:27:11.039
And now I'm telling people about bitcoin and they're going, ah,

1916
01:27:11.039 --> 01:27:13.640
it's made up money. So this is probably at seventy

1917
01:27:13.720 --> 01:27:18.199
My last Hurrah is just educating people about bitcoin, which

1918
01:27:18.199 --> 01:27:20.560
is what my conference is. It's really just educating about

1919
01:27:20.560 --> 01:27:24.359
people about bitcoin. But Rob, thank you for taking over

1920
01:27:24.399 --> 01:27:27.720
the podcasting Hall of Fame and making sure that keeps going.

1921
01:27:27.880 --> 01:27:30.399
That's pretty exciting to me. Now, I know there are

1922
01:27:30.439 --> 01:27:32.600
more people than you involved, but I'm talking to you

1923
01:27:32.720 --> 01:27:33.680
right now, so I'm just.

1924
01:27:33.680 --> 01:27:35.159
Sure sure you sure?

1925
01:27:35.199 --> 01:27:38.239
Well, yeah, there's definitely a growing list of people that

1926
01:27:38.279 --> 01:27:39.319
are involved in it now.

1927
01:27:39.479 --> 01:27:40.439
So what's the.

1928
01:27:40.319 --> 01:27:43.279
Best path for someone that's watching this that wants to

1929
01:27:43.479 --> 01:27:47.279
get into bitcoin and also learn more about what you're

1930
01:27:47.319 --> 01:27:49.800
doing and how other resources?

1931
01:27:50.119 --> 01:27:53.479
Well, if you want to follow me, I'm pretty much

1932
01:27:53.560 --> 01:27:56.720
just Gary Leland everywhere, so I'm pretty easy find. But

1933
01:27:56.880 --> 01:27:59.960
the best path to do is basically what I say.

1934
01:28:00.079 --> 01:28:04.880
That's number one, Go read the bitcoin white paper that

1935
01:28:05.079 --> 01:28:08.800
is explaining what bitcoin is Seducina Kamoto wrote that, as

1936
01:28:08.840 --> 01:28:13.239
you released bitcoin, and that'll take you twenty minutes to read.

1937
01:28:13.359 --> 01:28:16.680
If twenty minutes it's not that complicated, read that and

1938
01:28:16.720 --> 01:28:20.039
you get an understanding of the idea behind bitcoin. I

1939
01:28:20.119 --> 01:28:22.000
was in a bitcoin like two years forever bought them

1940
01:28:22.039 --> 01:28:23.840
to read it, so I was like, oh, this is

1941
01:28:23.880 --> 01:28:28.239
really educational. Read that and then go to swan or

1942
01:28:28.279 --> 01:28:31.880
go to River or go to unchained and set up

1943
01:28:31.920 --> 01:28:35.840
to start doing some dollar cost averaging and buy yourself.

1944
01:28:37.039 --> 01:28:39.760
Figure out how much money you can afford per week

1945
01:28:39.840 --> 01:28:42.319
or per month to do. Some people that's gonna be

1946
01:28:42.359 --> 01:28:45.279
five dollars, some people that's going to be five thousand dollars.

1947
01:28:45.479 --> 01:28:47.760
But figure out what you can afford to do. And

1948
01:28:47.800 --> 01:28:49.319
like I said, if you have to quit a habit

1949
01:28:50.119 --> 01:28:53.760
or peeing money away to do it, quit that and

1950
01:28:53.840 --> 01:28:57.119
do it and put something away every month. In bitcoin,

1951
01:28:57.800 --> 01:28:59.560
you can do it and not even notice it. And

1952
01:28:59.600 --> 01:29:04.199
believe me, giving up cigarettes or e cigarettes or liquor

1953
01:29:04.680 --> 01:29:07.319
is way better to own bitcoin than have those, I

1954
01:29:07.399 --> 01:29:12.039
promise you. And then between reading the white paper, signing

1955
01:29:12.079 --> 01:29:15.000
it for dollar cost averaging, I would gamble to say

1956
01:29:15.079 --> 01:29:18.760
within a year. You've gone down the rabbit hole and

1957
01:29:18.840 --> 01:29:22.000
you understand bitcoin, and you're going to be sending me

1958
01:29:22.039 --> 01:29:24.600
an email thanks for being on Rob Show. I now

1959
01:29:24.640 --> 01:29:26.960
have bitcoin, and I would never have this much wealth

1960
01:29:26.960 --> 01:29:27.760
as was for you.

1961
01:29:28.760 --> 01:29:32.039
Yeah, my future looks financially bright because of it, right.

1962
01:29:32.039 --> 01:29:35.760
Right, exactly. Yeah, it changes everything you start. That rabbit

1963
01:29:35.760 --> 01:29:37.359
hole is a deep rabbit hole and you'll be in

1964
01:29:37.439 --> 01:29:40.279
it for you. All I watch is bitcoin content now,

1965
01:29:40.880 --> 01:29:43.319
Oh I watch, well, I watched TV. It's on YouTube,

1966
01:29:43.319 --> 01:29:46.159
and I'm watching bitcoin content all day because you can

1967
01:29:46.279 --> 01:29:48.479
never it's never a never ending rabbit hole.

1968
01:29:49.079 --> 01:29:51.359
Well, and there is a lot of bitcoin content on

1969
01:29:51.439 --> 01:29:53.199
YouTube that is very helpful.

1970
01:29:53.199 --> 01:29:53.439
I know.

1971
01:29:53.479 --> 01:29:56.239
I've been watching them quite a bit more lately and

1972
01:29:56.279 --> 01:29:59.239
it's helped me understand, yeah, more about what's going on

1973
01:29:59.279 --> 01:30:01.479
than I had paid a attention to before. Even though

1974
01:30:01.479 --> 01:30:03.479
I owned bitcoin, it wasn't like I was paying attention

1975
01:30:03.520 --> 01:30:07.359
to it for multiple years. And I also bought mine

1976
01:30:07.399 --> 01:30:09.760
through Swan, just like which you had mentioned. It seems

1977
01:30:09.800 --> 01:30:13.119
like a really credible company and we do a nice job.

1978
01:30:13.119 --> 01:30:16.119
And all openness and tend to me openest I do.

1979
01:30:16.600 --> 01:30:19.439
I am an early investor in Swan but I'm not

1980
01:30:19.520 --> 01:30:21.640
in Unchained and I'm not in River, so I was

1981
01:30:21.720 --> 01:30:24.199
naming the top three, so I don't want come. I go,

1982
01:30:24.199 --> 01:30:26.199
oh yeah, everybody go to Swan. He owns part of

1983
01:30:26.199 --> 01:30:29.039
that as our early advisor. They gave me stock for

1984
01:30:29.439 --> 01:30:32.880
my participation. So but I'm just saying it because I

1985
01:30:32.880 --> 01:30:34.640
think it's a good company. I wouldn't have been involved

1986
01:30:34.640 --> 01:30:36.720
with them, but I gave you two other ones also.

1987
01:30:37.319 --> 01:30:39.279
Yeah, yeah, no, I think it is. I mean my

1988
01:30:39.359 --> 01:30:40.720
experience with it has been good.

1989
01:30:40.960 --> 01:30:42.960
So I had my sister.

1990
01:30:43.279 --> 01:30:46.000
My sister uses him, and she's seventy five, so I

1991
01:30:46.000 --> 01:30:48.119
would not have my sister use it.

1992
01:30:48.159 --> 01:30:53.119
But that says a lot, actually, because that's exactly some

1993
01:30:53.159 --> 01:30:55.079
of the people that need to embrace this, as ones

1994
01:30:55.119 --> 01:30:56.560
that are in their sixties.

1995
01:30:56.119 --> 01:31:00.720
And actually soryous. My sister call me up the other

1996
01:31:00.800 --> 01:31:04.600
day in a panic, going, all my bitcoins missing from

1997
01:31:04.640 --> 01:31:07.199
my account. There's no bitcoin in there, and I went

1998
01:31:07.239 --> 01:31:09.119
to their contact page. What a piece of shit. You

1999
01:31:09.119 --> 01:31:11.439
can only send him an email, you can't call like, well,

2000
01:31:11.439 --> 01:31:13.039
I'll send me. That's pretty much the way the whole

2001
01:31:13.039 --> 01:31:16.039
world is now. She was, but my biscoin missing is missing,

2002
01:31:16.119 --> 01:31:19.640
So you know, I know people there since who I am?

2003
01:31:19.720 --> 01:31:22.279
And so I sent a message and Corey said, well,

2004
01:31:22.319 --> 01:31:25.159
we've never lost anyone's bitcoin. I'm sure it's there. Turns

2005
01:31:25.199 --> 01:31:28.760
out she changed her email address and forgot it was

2006
01:31:28.800 --> 01:31:30.640
logging in with her own email address, and it was

2007
01:31:30.640 --> 01:31:33.359
an account that had no bitcoin in it. She had

2008
01:31:33.600 --> 01:31:36.640
good So so they do have customer service. She would

2009
01:31:36.680 --> 01:31:38.239
have got to help, but she just got it faster

2010
01:31:38.359 --> 01:31:40.199
because I had to make sure my sister didn't have.

2011
01:31:40.199 --> 01:31:40.680
A heart at time.

2012
01:31:40.760 --> 01:31:44.279
Now. Yeah, so I noticed on Swan if you invested

2013
01:31:44.319 --> 01:31:47.960
in bitcoin, like four or five years ago, those investment

2014
01:31:48.039 --> 01:31:52.680
accounts in Swan are considered now to be legacy accounts

2015
01:31:53.000 --> 01:31:54.720
or wire only accounts.

2016
01:31:54.720 --> 01:31:54.960
I'm not.

2017
01:31:55.680 --> 01:31:59.520
And then recently I invested new funds into it and

2018
01:31:59.560 --> 01:32:01.960
it creates did a new account? Do you happen to

2019
01:32:02.000 --> 01:32:04.479
know what the differences between a legacy account and a

2020
01:32:04.520 --> 01:32:05.199
new account?

2021
01:32:05.439 --> 01:32:06.039
I do not.

2022
01:32:06.319 --> 01:32:06.960
I do not know.

2023
01:32:07.119 --> 01:32:07.479
You don't.

2024
01:32:07.880 --> 01:32:09.479
I don't keep up on the day to day with that.

2025
01:32:09.920 --> 01:32:10.640
Ah, got it.

2026
01:32:10.680 --> 01:32:13.359
I was just curious if it was a common practice. Yeah,

2027
01:32:13.640 --> 01:32:16.399
that earlier were investing was differently.

2028
01:32:16.680 --> 01:32:19.520
I do know they were using. They don't, they're not.

2029
01:32:20.000 --> 01:32:23.039
They don't hold bitcoin. You're never gonna have to worry

2030
01:32:23.079 --> 01:32:27.680
about someone hacking into Swan are stealing their computers. They

2031
01:32:27.760 --> 01:32:31.600
use a third party that's a vault company. They always

2032
01:32:31.680 --> 01:32:34.159
used to hold your bitcoin, so it's being held to

2033
01:32:34.239 --> 01:32:35.640
keep them out of the loop so you don't have

2034
01:32:35.640 --> 01:32:39.239
to worry about them. So I do know that maybe

2035
01:32:39.439 --> 01:32:43.119
a year and a half ago, I'm saying they switched

2036
01:32:43.319 --> 01:32:48.279
vault companies. Maybe the people who have legacy accounts still

2037
01:32:48.319 --> 01:32:52.039
have a vault with the old company and the other

2038
01:32:52.039 --> 01:32:53.760
ones have a vault with the new company because they

2039
01:32:53.800 --> 01:32:57.119
switched walt companies. So I'm just guessing though, so they'll

2040
01:32:57.119 --> 01:32:57.680
hold me to that.

2041
01:32:57.880 --> 01:33:00.479
Well, that's the impression I've gotten in the inner faces

2042
01:33:00.560 --> 01:33:03.640
that there there was a different kind of storage methodology

2043
01:33:03.680 --> 01:33:06.239
in the past, and that this new one is newer

2044
01:33:06.239 --> 01:33:08.920
and it seems to be maybe a little bit better.

2045
01:33:09.359 --> 01:33:11.479
Yeah, I think maybe it was an upgrade, or maybe

2046
01:33:11.520 --> 01:33:16.279
they felt since they even though they don't hold your bitcoin,

2047
01:33:16.439 --> 01:33:19.359
if something happens all the bitcoin, they're gonna get blamed

2048
01:33:19.560 --> 01:33:21.840
because you paid them for your bitcoin, you know what

2049
01:33:21.880 --> 01:33:24.600
I mean. So I think they keep up with what's

2050
01:33:24.640 --> 01:33:26.960
going on, and maybe they felt that the newer service

2051
01:33:27.720 --> 01:33:30.039
was more secure. I'm not sure. Like I said, I

2052
01:33:30.039 --> 01:33:31.920
don't keep up with that yet because I don't keep

2053
01:33:31.920 --> 01:33:34.159
any bitcoin on an exchange I transfer.

2054
01:33:35.079 --> 01:33:38.359
Yeah, so I need to, Yeah, I need to transfer

2055
01:33:38.399 --> 01:33:41.199
it from the legacy account over to something else. I'm

2056
01:33:41.239 --> 01:33:44.039
not exactly sure how to do that, so well.

2057
01:33:43.960 --> 01:33:46.520
Cut definitely want walk you through that, just send them

2058
01:33:46.520 --> 01:33:49.079
an email on their sheet. But you know, and also

2059
01:33:49.640 --> 01:33:51.560
a little typically, but you don't want to be transferring

2060
01:33:51.600 --> 01:33:54.079
around fifteen to twenty dollars worth of bitcoin their fees

2061
01:33:54.079 --> 01:33:56.600
every time you transfer it, because that's how the mining

2062
01:33:56.640 --> 01:34:00.199
companies make money, is transferring bitcoin. So maybe and it

2063
01:34:00.239 --> 01:34:03.680
gets to definitely over one hundred dollars, I try not

2064
01:34:03.720 --> 01:34:05.920
to transfer a bigcoin until it's one thousand dollars. You

2065
01:34:05.960 --> 01:34:11.840
want to many the least amount of transactions that in

2066
01:34:11.880 --> 01:34:14.760
your wallet is possible. So if I'm buying something for

2067
01:34:14.800 --> 01:34:18.359
one thousand dollars and it takes forty transactions that I

2068
01:34:18.479 --> 01:34:20.199
made to buy that, it's going to take up more

2069
01:34:20.279 --> 01:34:23.840
room in the block, it's going to cost more. So yeah,

2070
01:34:23.880 --> 01:34:25.479
so you want big tran That's a good way to

2071
01:34:25.560 --> 01:34:27.359
wait till it gets a good amount and then transferred

2072
01:34:27.399 --> 01:34:29.520
over those transferred every time it gets to be twenty

2073
01:34:29.560 --> 01:34:33.039
five dollars. Yeah, if it's my dollars, you're not probably

2074
01:34:33.159 --> 01:34:34.600
gonna die if you lose.

2075
01:34:34.399 --> 01:34:38.000
It, right, Yeah, all right, Gary, Well, thank you, and

2076
01:34:38.039 --> 01:34:41.079
I appreciate everybody that's that watched this full video to

2077
01:34:41.119 --> 01:34:43.479
the end that this is part of a series of

2078
01:34:43.880 --> 01:34:46.399
shows that I've done I called Trust Factor, and it's

2079
01:34:47.079 --> 01:34:50.479
on my YouTube channel at Rob Greenley. And then it's

2080
01:34:50.520 --> 01:34:54.600
also an audio podcast that's available in Apple Podcasts and Spotify.

2081
01:34:54.720 --> 01:34:57.159
So if you wanted to, you know, follow some of

2082
01:34:57.199 --> 01:34:59.760
the older episodes that I've had. I've talked about a

2083
01:35:00.239 --> 01:35:02.199
in the last episode, and then prior to that, I

2084
01:35:02.279 --> 01:35:06.720
talked about like aliens and other types of secret societies

2085
01:35:06.920 --> 01:35:10.680
around trust and so so definitely follow the show, and

2086
01:35:11.199 --> 01:35:12.600
thank you so much. And I've got a bunch of

2087
01:35:12.600 --> 01:35:15.079
other content on my YouTube channel too, So thank you

2088
01:35:15.159 --> 01:35:17.880
very much, Gary, Thanks for spending so much time with me.

2089
01:35:18.640 --> 01:35:20.479
Enjoyed us. It's a long time spent a long time

2090
01:35:20.560 --> 01:35:21.239
since we've talked.

2091
01:35:21.880 --> 01:35:26.039
Yeah, we made all right, We did all right. Bye, everybody,