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[{"start": "00:00:00", "end": "00:00:04", "text": "All right. So, there is a battle for the"}, {"start": "00:00:02", "end": "00:00:07", "text": "new monetary order between gold and"}, {"start": "00:00:04", "end": "00:00:08", "text": "Bitcoin. Right now, it's not really"}, {"start": "00:00:07", "end": "00:00:11", "text": "looking good for Bitcoin. If"}, {"start": "00:00:08", "end": "00:00:14", "text": ">> if Bitcoin falls 90% for the next four"}, {"start": "00:00:11", "end": "00:00:17", "text": "years, we'll refinance the debt."}, {"start": "00:00:14", "end": "00:00:19", "text": ">> You refinance where, Michael?"}, {"start": "00:00:17", "end": "00:00:20", "text": ">> We'll just roll it forward. I mean,"}, {"start": "00:00:19", "end": "00:00:21", "text": "again,"}, {"start": "00:00:20", "end": "00:00:24", "text": ">> but you you you think banks would lend"}, {"start": "00:00:21", "end": "00:00:27", "text": "to you at that point?"}, {"start": "00:00:24", "end": "00:00:28", "text": "Yeah, because because"}, {"start": "00:00:27", "end": "00:00:30", "text": ">> Okay, so let me explain what's"}, {"start": "00:00:28", "end": "00:00:33", "text": "happening. For the past several decades,"}, {"start": "00:00:30", "end": "00:00:35", "text": "the world worked with a very specific"}, {"start": "00:00:33", "end": "00:00:38", "text": "monetary structure. In order to grow the"}, {"start": "00:00:35", "end": "00:00:41", "text": "economy and expand something called the"}, {"start": "00:00:38", "end": "00:00:43", "text": "GDP, we had to expand the debt. And in"}, {"start": "00:00:41", "end": "00:00:45", "text": "order to expand the debt, we had to grow"}, {"start": "00:00:43", "end": "00:00:47", "text": "the money."}, {"start": "00:00:45", "end": "00:00:49", "text": "And as that system got bigger and"}, {"start": "00:00:47", "end": "00:00:52", "text": "bigger, most of the world's capital"}, {"start": "00:00:49", "end": "00:00:54", "text": "flowed through the US dollar and into"}, {"start": "00:00:52", "end": "00:00:57", "text": "financial assets like the US stock"}, {"start": "00:00:54", "end": "00:00:58", "text": "market. That's also why stocks have"}, {"start": "00:00:57", "end": "00:01:02", "text": "outperformed almost every other"}, {"start": "00:00:58", "end": "00:01:04", "text": "investment. And Bitcoin was born into"}, {"start": "00:01:02", "end": "00:01:07", "text": "this world during this expansionary"}, {"start": "00:01:04", "end": "00:01:10", "text": "period of time, all this endless money"}, {"start": "00:01:07", "end": "00:01:12", "text": "printing. And now that system is sort of"}, {"start": "00:01:10", "end": "00:01:15", "text": "coming to a breaking point because debt"}, {"start": "00:01:12", "end": "00:01:17", "text": "isn't just growing, it is now exploded"}, {"start": "00:01:15", "end": "00:01:19", "text": "and it's starting to outgrow the"}, {"start": "00:01:17", "end": "00:01:22", "text": "economies that are supposed to support"}, {"start": "00:01:19", "end": "00:01:25", "text": "it. And so something called the global"}, {"start": "00:01:22", "end": "00:01:26", "text": "old rules-based order is coming to an"}, {"start": "00:01:25", "end": "00:01:29", "text": "end."}, {"start": "00:01:26", "end": "00:01:32", "text": ">> The international order based on rights"}, {"start": "00:01:29", "end": "00:01:36", "text": "and rules"}, {"start": "00:01:32", "end": "00:01:38", "text": ">> no longer exists. Now, throughout"}, {"start": "00:01:36", "end": "00:01:40", "text": "history, when this happens, money looks"}, {"start": "00:01:38", "end": "00:01:43", "text": "for something called the safest neutral"}, {"start": "00:01:40", "end": "00:01:45", "text": "asset. And what does that mean? A"}, {"start": "00:01:43", "end": "00:01:47", "text": "neutral asset is something that's not"}, {"start": "00:01:45", "end": "00:01:50", "text": "tied to a specific country or a"}, {"start": "00:01:47", "end": "00:01:52", "text": "government. It's outside the system. And"}, {"start": "00:01:50", "end": "00:01:55", "text": "historically, those have been assets"}, {"start": "00:01:52", "end": "00:01:58", "text": "with a finite supply. And for thousands"}, {"start": "00:01:55", "end": "00:02:00", "text": "of years, that was mostly gold. And in"}, {"start": "00:01:58", "end": "00:02:02", "text": "the modern era, a lot of people believed"}, {"start": "00:02:00", "end": "00:02:04", "text": "that Bitcoin, it was supposed to be the"}, {"start": "00:02:02", "end": "00:02:07", "text": "digital equivalent, right? So the world"}, {"start": "00:02:04", "end": "00:02:09", "text": "thought, okay, well, if we don't know"}, {"start": "00:02:07", "end": "00:02:10", "text": "what's going to happen and we don't know"}, {"start": "00:02:09", "end": "00:02:12", "text": "what the new system is going to look"}, {"start": "00:02:10", "end": "00:02:15", "text": "like, then the hardest asset is usually"}, {"start": "00:02:12", "end": "00:02:17", "text": "the safest bet. And because Bitcoin is"}, {"start": "00:02:15", "end": "00:02:19", "text": "digital and portable and finite, a lot"}, {"start": "00:02:17", "end": "00:02:21", "text": "of people also thought it would"}, {"start": "00:02:19", "end": "00:02:24", "text": "outperform everything else, including"}, {"start": "00:02:21", "end": "00:02:26", "text": "gold. Except that's not what's happening"}, {"start": "00:02:24", "end": "00:02:28", "text": "right now. Gold is breaking out to new"}, {"start": "00:02:26", "end": "00:02:31", "text": "highs. Central banks are buying physical"}, {"start": "00:02:28", "end": "00:02:33", "text": "gold at the fastest pace in decades. And"}, {"start": "00:02:31", "end": "00:02:36", "text": "at the same time, Bitcoin has actually"}, {"start": "00:02:33", "end": "00:02:38", "text": "lost value relative to gold. So the"}, {"start": "00:02:36", "end": "00:02:41", "text": "question is, well, if we're really going"}, {"start": "00:02:38", "end": "00:02:43", "text": "into this new multi-olar world, and if"}, {"start": "00:02:41", "end": "00:02:45", "text": "countries and people are really losing"}, {"start": "00:02:43", "end": "00:02:48", "text": "confidence in US treasuries and the"}, {"start": "00:02:45", "end": "00:02:51", "text": "dollar, and maybe even the stock"}, {"start": "00:02:48", "end": "00:02:53", "text": "markets, then why is gold leading right"}, {"start": "00:02:51", "end": "00:02:55", "text": "now? Why is it that the asset that was"}, {"start": "00:02:53", "end": "00:02:58", "text": "to represent the future monetary"}, {"start": "00:02:55", "end": "00:03:01", "text": "standard getting left behind? And if"}, {"start": "00:02:58", "end": "00:03:04", "text": "this keeps going, how low is Bitcoin"}, {"start": "00:03:01", "end": "00:03:07", "text": "going to go? Maybe the most important"}, {"start": "00:03:04", "end": "00:03:10", "text": "question, is this temporary or is this"}, {"start": "00:03:07", "end": "00:03:13", "text": "the start of what some people call a"}, {"start": "00:03:10", "end": "00:03:15", "text": "capital rotation event which could last"}, {"start": "00:03:13", "end": "00:03:18", "text": "for more than a decade? Now, these are"}, {"start": "00:03:15", "end": "00:03:19", "text": "all very interesting questions and I'm"}, {"start": "00:03:18", "end": "00:03:21", "text": "going to try to answer some of them"}, {"start": "00:03:19", "end": "00:03:23", "text": "using the latest data and analytics and"}, {"start": "00:03:21", "end": "00:03:24", "text": "hopefully at the end you'll be able to"}, {"start": "00:03:23", "end": "00:03:27", "text": "better understand what's happening in"}, {"start": "00:03:24", "end": "00:03:29", "text": "this crazy world. So with that said,"}, {"start": "00:03:27", "end": "00:03:30", "text": "let's get into it. Hi, my name is Enri"}, {"start": "00:03:29", "end": "00:03:32", "text": "Jick. Hope you're doing well. Come for"}, {"start": "00:03:30", "end": "00:03:34", "text": "the finance and stay for the gold and"}, {"start": "00:03:32", "end": "00:03:35", "text": "for the bitcoins. So I want to explain"}, {"start": "00:03:34", "end": "00:03:38", "text": "what's happening to gold and bitcoin"}, {"start": "00:03:35", "end": "00:03:40", "text": "through the lens of two big forces. This"}, {"start": "00:03:38", "end": "00:03:42", "text": "will get extra nerdy, but we're going to"}, {"start": "00:03:40", "end": "00:03:44", "text": "use the macro force and something called"}, {"start": "00:03:42", "end": "00:03:47", "text": "the technical force. And the easiest way"}, {"start": "00:03:44", "end": "00:03:49", "text": "to understand what they are is to"}, {"start": "00:03:47", "end": "00:03:52", "text": "compare them and give you an analogy to"}, {"start": "00:03:49", "end": "00:03:53", "text": "physics. Now in physics you have"}, {"start": "00:03:52", "end": "00:03:56", "text": "something called the theory of general"}, {"start": "00:03:53", "end": "00:03:58", "text": "relativity which explains gravity and"}, {"start": "00:03:56", "end": "00:04:00", "text": "the curvature of space and time."}, {"start": "00:03:58", "end": "00:04:04", "text": "Basically it explains the movements of"}, {"start": "00:04:00", "end": "00:04:06", "text": "big objects like planets and galaxies. I"}, {"start": "00:04:04", "end": "00:04:09", "text": "think of this as sort of like the macro"}, {"start": "00:04:06", "end": "00:04:11", "text": "force. It's very slow and it sort of"}, {"start": "00:04:09", "end": "00:04:13", "text": "guides the general direction of things"}, {"start": "00:04:11", "end": "00:04:15", "text": "over a long period of time. Well then"}, {"start": "00:04:13", "end": "00:04:17", "text": "you have something called quantum"}, {"start": "00:04:15", "end": "00:04:19", "text": "mechanics which explains the movements"}, {"start": "00:04:17", "end": "00:04:22", "text": "of tiny particles and atoms. It's very"}, {"start": "00:04:19", "end": "00:04:24", "text": "chaotic and it doesn't make any sense"}, {"start": "00:04:22", "end": "00:04:27", "text": "when you compare it to how the big"}, {"start": "00:04:24", "end": "00:04:30", "text": "things move. And when I think of quantum"}, {"start": "00:04:27", "end": "00:04:32", "text": "mechanics, I think of how investment"}, {"start": "00:04:30", "end": "00:04:34", "text": "markets sometimes work. Like they're"}, {"start": "00:04:32", "end": "00:04:36", "text": "completely unpredictable in the short"}, {"start": "00:04:34", "end": "00:04:39", "text": "term and they don't make any sense at"}, {"start": "00:04:36", "end": "00:04:41", "text": "all to me. So the macro is the big"}, {"start": "00:04:39", "end": "00:04:43", "text": "picture stuff like the monetary order,"}, {"start": "00:04:41", "end": "00:04:45", "text": "sovereign debt levels, geopolitical"}, {"start": "00:04:43", "end": "00:04:47", "text": "changes, right? All those kinds of"}, {"start": "00:04:45", "end": "00:04:49", "text": "things that Ray Dalio talks about when"}, {"start": "00:04:47", "end": "00:04:52", "text": "he explains economics. Now on the other"}, {"start": "00:04:49", "end": "00:04:53", "text": "side of that though is the technical"}, {"start": "00:04:52", "end": "00:04:56", "text": "side of the force which is what people"}, {"start": "00:04:53", "end": "00:04:58", "text": "like Benjamin Cowan and Northstar charts"}, {"start": "00:04:56", "end": "00:05:01", "text": "show us. That's the moving averages, the"}, {"start": "00:04:58", "end": "00:05:04", "text": "support levels, the ratio of Bitcoin"}, {"start": "00:05:01", "end": "00:05:07", "text": "versus gold, right? That's the particle"}, {"start": "00:05:04", "end": "00:05:10", "text": "physics inside the system. Now in this"}, {"start": "00:05:07", "end": "00:05:13", "text": "nerdy framework of ours, gold can be"}, {"start": "00:05:10", "end": "00:05:15", "text": "explained using the macro force, the big"}, {"start": "00:05:13", "end": "00:05:18", "text": "picture stuff. What's happening to gold"}, {"start": "00:05:15", "end": "00:05:21", "text": "right now? It's gone up significantly."}, {"start": "00:05:18", "end": "00:05:23", "text": "And what is the macro evidence of that?"}, {"start": "00:05:21", "end": "00:05:26", "text": "Well, we know that government debt"}, {"start": "00:05:23", "end": "00:05:29", "text": "relative to the GDP is now higher than"}, {"start": "00:05:26", "end": "00:05:31", "text": "almost any point in US history outside"}, {"start": "00:05:29", "end": "00:05:34", "text": "of World War II. and global sovereign"}, {"start": "00:05:31", "end": "00:05:38", "text": "debt at the same time has exploded"}, {"start": "00:05:34", "end": "00:05:39", "text": "faster than economic growth itself. Now"}, {"start": "00:05:38", "end": "00:05:41", "text": "also thanks to the changing world order,"}, {"start": "00:05:39", "end": "00:05:43", "text": "central banks around the world have been"}, {"start": "00:05:41", "end": "00:05:46", "text": "buying physical gold at the fastest pace"}, {"start": "00:05:43", "end": "00:05:49", "text": "in modern history. In a lot of"}, {"start": "00:05:46", "end": "00:05:51", "text": "countries, gold also now makes up a"}, {"start": "00:05:49", "end": "00:05:53", "text": "bigger share of official reserves than"}, {"start": "00:05:51", "end": "00:05:56", "text": "it has in years, which means the"}, {"start": "00:05:53", "end": "00:05:59", "text": "sovereigns or tier one nations with"}, {"start": "00:05:56", "end": "00:06:02", "text": "nuclear weapons are choosing gold over"}, {"start": "00:05:59", "end": "00:06:03", "text": "other assets like US treasuries. So"}, {"start": "00:06:02", "end": "00:06:06", "text": "there's a lot of structural gravity"}, {"start": "00:06:03", "end": "00:06:08", "text": "that's pulling money toward gold, which"}, {"start": "00:06:06", "end": "00:06:10", "text": "is this neutral hard asset. It's outside"}, {"start": "00:06:08", "end": "00:06:13", "text": "of any government or currency. That"}, {"start": "00:06:10", "end": "00:06:17", "text": "gravity says gold should be strong, and"}, {"start": "00:06:13", "end": "00:06:19", "text": "it is. But based on this force, Bitcoin"}, {"start": "00:06:17", "end": "00:06:22", "text": "should be going up as well, but it's"}, {"start": "00:06:19", "end": "00:06:24", "text": "not. So, Bitcoin, I think, is better"}, {"start": "00:06:22", "end": "00:06:27", "text": "explained using the technical side of"}, {"start": "00:06:24", "end": "00:06:30", "text": "the force. Now, either some of that made"}, {"start": "00:06:27", "end": "00:06:33", "text": "sense or none of it did. So, let me"}, {"start": "00:06:30", "end": "00:06:35", "text": "explain it a little easier. One force is"}, {"start": "00:06:33", "end": "00:06:37", "text": "saying hard assets should be winning in"}, {"start": "00:06:35", "end": "00:06:40", "text": "this environment, and one of them is"}, {"start": "00:06:37", "end": "00:06:43", "text": "gold is winning. The other force, the"}, {"start": "00:06:40", "end": "00:06:45", "text": "technical one, is saying Bitcoin might"}, {"start": "00:06:43", "end": "00:06:46", "text": "not be done correcting yet. And that"}, {"start": "00:06:45", "end": "00:06:50", "text": "leaves us with a couple of different"}, {"start": "00:06:46", "end": "00:06:53", "text": "outcomes. Either Bitcoin is about to go"}, {"start": "00:06:50", "end": "00:06:56", "text": "onto a super cycle and form a new high"}, {"start": "00:06:53", "end": "00:06:59", "text": "and follow gold to go way higher, or"}, {"start": "00:06:56", "end": "00:07:02", "text": "we're seeing the early stages of a much"}, {"start": "00:06:59", "end": "00:07:04", "text": "bigger capital rotation event that I"}, {"start": "00:07:02", "end": "00:07:06", "text": "think most people are probably not ready"}, {"start": "00:07:04", "end": "00:07:08", "text": "for. And this is where it gets extra"}, {"start": "00:07:06", "end": "00:07:09", "text": "nerdy. And let me start with gold. But"}, {"start": "00:07:08", "end": "00:07:12", "text": "it's important to remember that when you"}, {"start": "00:07:09", "end": "00:07:15", "text": "look at all this stuff, it's not exact"}, {"start": "00:07:12", "end": "00:07:16", "text": "science. One chart that I show you is"}, {"start": "00:07:15", "end": "00:07:19", "text": "not going to show you what's going to"}, {"start": "00:07:16", "end": "00:07:21", "text": "happen to any one asset. Instead, it's"}, {"start": "00:07:19", "end": "00:07:23", "text": "better to look at as much information as"}, {"start": "00:07:21", "end": "00:07:25", "text": "we can to get a more accurate"}, {"start": "00:07:23", "end": "00:07:26", "text": "understanding of what might be"}, {"start": "00:07:25", "end": "00:07:28", "text": "happening. And a really good example of"}, {"start": "00:07:26", "end": "00:07:31", "text": "what I'm talking about is this chart I"}, {"start": "00:07:28", "end": "00:07:32", "text": "came across from Northstar Charts. By"}, {"start": "00:07:31", "end": "00:07:34", "text": "the way, credit to Natalie Bernell and"}, {"start": "00:07:32", "end": "00:07:36", "text": "her podcast with Northstar Charts. I'll"}, {"start": "00:07:34", "end": "00:07:37", "text": "leave all the links down below for you"}, {"start": "00:07:36", "end": "00:07:39", "text": "to go to the source material and check"}, {"start": "00:07:37", "end": "00:07:42", "text": "this out yourself. But the chart you're"}, {"start": "00:07:39", "end": "00:07:47", "text": "looking at right now measures a concept"}, {"start": "00:07:42", "end": "00:07:49", "text": "called CRA or capital rotation evidence."}, {"start": "00:07:47", "end": "00:07:53", "text": "What does that mean? It's in the name."}, {"start": "00:07:49", "end": "00:07:56", "text": "It's a time of money rotating from one"}, {"start": "00:07:53", "end": "00:07:59", "text": "thing into another. Now, capital"}, {"start": "00:07:56", "end": "00:08:02", "text": "rotation is this idea that money goes"}, {"start": "00:07:59", "end": "00:08:04", "text": "through different cycles and phases of"}, {"start": "00:08:02", "end": "00:08:07", "text": "how and where it gets invested. And"}, {"start": "00:08:04", "end": "00:08:09", "text": "where it goes depends on a couple"}, {"start": "00:08:07", "end": "00:08:11", "text": "different things. Now, this specific"}, {"start": "00:08:09", "end": "00:08:14", "text": "chart measures the capital rotation"}, {"start": "00:08:11", "end": "00:08:17", "text": "evidence for gold. So, it compares a lot"}, {"start": "00:08:14", "end": "00:08:21", "text": "of economic metrics to the price of"}, {"start": "00:08:17", "end": "00:08:24", "text": "gold. And on this chart, everything is"}, {"start": "00:08:21", "end": "00:08:27", "text": "in a bare market relative to gold. It's"}, {"start": "00:08:24", "end": "00:08:29", "text": "all in red, which means this is"}, {"start": "00:08:27", "end": "00:08:33", "text": "favorable or really good for gold. So,"}, {"start": "00:08:29", "end": "00:08:35", "text": "for example, the S&P 500, aka the stock"}, {"start": "00:08:33", "end": "00:08:38", "text": "market versus gold. Gold is winning"}, {"start": "00:08:35", "end": "00:08:41", "text": "right now. The NASDAQ versus gold, gold"}, {"start": "00:08:38", "end": "00:08:45", "text": "is also winning. The dollar versus gold,"}, {"start": "00:08:41", "end": "00:08:47", "text": "gold is winning. M2 money supply versus"}, {"start": "00:08:45", "end": "00:08:50", "text": "gold, the consumer price index, aka"}, {"start": "00:08:47", "end": "00:08:51", "text": "inflation versus gold. Even market"}, {"start": "00:08:50", "end": "00:08:54", "text": "indexes like the Russell or the"}, {"start": "00:08:51", "end": "00:08:57", "text": "Wilshshire versus gold. You get the"}, {"start": "00:08:54", "end": "00:09:02", "text": "idea. Gold is going up faster than any"}, {"start": "00:08:57", "end": "00:09:04", "text": "of these indexes. Now, by themselves,"}, {"start": "00:09:02", "end": "00:09:06", "text": "any one of these squares turning red,"}, {"start": "00:09:04", "end": "00:09:10", "text": "not that big of a deal. Doesn't tell us"}, {"start": "00:09:06", "end": "00:09:13", "text": "much. But Northstar argues that when we"}, {"start": "00:09:10", "end": "00:09:15", "text": "have a lot of these coincidences, in"}, {"start": "00:09:13", "end": "00:09:18", "text": "this case, all the squares have gone red"}, {"start": "00:09:15", "end": "00:09:22", "text": "against gold, that means we are now most"}, {"start": "00:09:18", "end": "00:09:25", "text": "likely in the middle of a major capital"}, {"start": "00:09:22", "end": "00:09:28", "text": "rotation event. In this case, this is"}, {"start": "00:09:25", "end": "00:09:31", "text": "when stock markets go down and"}, {"start": "00:09:28", "end": "00:09:33", "text": "potentially spend 10 or more years"}, {"start": "00:09:31", "end": "00:09:36", "text": "trying to get back to the level they"}, {"start": "00:09:33", "end": "00:09:37", "text": "were at before this event started. Now,"}, {"start": "00:09:36", "end": "00:09:39", "text": "there have been a couple times"}, {"start": "00:09:37", "end": "00:09:41", "text": "throughout history when this has"}, {"start": "00:09:39", "end": "00:09:44", "text": "happened before. And here's a few"}, {"start": "00:09:41", "end": "00:09:45", "text": "examples. During the early 1930s, when"}, {"start": "00:09:44", "end": "00:09:48", "text": "the stock market collapsed and the"}, {"start": "00:09:45", "end": "00:09:50", "text": "dollar wasn't stable, the US went"}, {"start": "00:09:48", "end": "00:09:53", "text": "through a gold re-evaluation thanks to"}, {"start": "00:09:50", "end": "00:09:55", "text": "FDR confiscating it. Gold repriced"}, {"start": "00:09:53", "end": "00:09:59", "text": "higher and outperformed just about"}, {"start": "00:09:55", "end": "00:10:03", "text": "everything. Gold dominated for about 5"}, {"start": "00:09:59", "end": "00:10:06", "text": "to 7 years and the stock market didn't"}, {"start": "00:10:03", "end": "00:10:09", "text": "recover to its all-time high of 1929"}, {"start": "00:10:06", "end": "00:10:11", "text": "until 1954."}, {"start": "00:10:09", "end": "00:10:14", "text": "That's a capital rotation event. Now, it"}, {"start": "00:10:11", "end": "00:10:16", "text": "happened again in the 1970s. That was"}, {"start": "00:10:14", "end": "00:10:19", "text": "the big one, which is when the US had"}, {"start": "00:10:16", "end": "00:10:21", "text": "huge amounts of inflation. The stock"}, {"start": "00:10:19", "end": "00:10:24", "text": "market was basically flat for a decade"}, {"start": "00:10:21", "end": "00:10:26", "text": "in what's called real terms, right? Aka"}, {"start": "00:10:24", "end": "00:10:31", "text": "relative to inflation. And during that"}, {"start": "00:10:26", "end": "00:10:36", "text": "time, gold went up over 2,000%."}, {"start": "00:10:31", "end": "00:10:40", "text": "That lasted from 1971 to about 1980."}, {"start": "00:10:36", "end": "00:10:43", "text": "So gold dominated for about 9 years."}, {"start": "00:10:40", "end": "00:10:47", "text": "That was a capital rotation event. It"}, {"start": "00:10:43", "end": "00:10:50", "text": "happened again in 2002 when the US went"}, {"start": "00:10:47", "end": "00:10:57", "text": "through the.com bust. Gold went from the"}, {"start": "00:10:50", "end": "00:10:59", "text": "mid200s in 2001 to over $1,900 by 2011."}, {"start": "00:10:57", "end": "00:11:02", "text": "That lasted more than a decade. And"}, {"start": "00:10:59", "end": "00:11:05", "text": "commodities went on to what people call"}, {"start": "00:11:02", "end": "00:11:08", "text": "the super cycle. So that's a capital"}, {"start": "00:11:05", "end": "00:11:11", "text": "rotation event. Now these rotations"}, {"start": "00:11:08", "end": "00:11:14", "text": "typically last between 5 to 10 years."}, {"start": "00:11:11", "end": "00:11:17", "text": "And during those times, the stock market"}, {"start": "00:11:14", "end": "00:11:21", "text": "can either collapse or go sideways in"}, {"start": "00:11:17", "end": "00:11:24", "text": "real terms. while hard assets got the"}, {"start": "00:11:21", "end": "00:11:26", "text": "real returns. Now, what Northstar is"}, {"start": "00:11:24", "end": "00:11:28", "text": "suggesting right now is that just about"}, {"start": "00:11:26", "end": "00:11:32", "text": "every major financial metric is going"}, {"start": "00:11:28", "end": "00:11:35", "text": "down relative to gold all at the same"}, {"start": "00:11:32", "end": "00:11:38", "text": "time. And when money starts rotating"}, {"start": "00:11:35", "end": "00:11:41", "text": "like that, it shows us that there might"}, {"start": "00:11:38", "end": "00:11:44", "text": "be a really big change in investor"}, {"start": "00:11:41", "end": "00:11:47", "text": "confidence. And when these investors"}, {"start": "00:11:44", "end": "00:11:51", "text": "prefer neutrality over financial"}, {"start": "00:11:47", "end": "00:11:54", "text": "productive assets aka stocks, that"}, {"start": "00:11:51", "end": "00:11:57", "text": "usually means the system is absorbing"}, {"start": "00:11:54", "end": "00:11:58", "text": "the stress somewhere else, right? Like"}, {"start": "00:11:57", "end": "00:12:00", "text": "the debt levels, inflation, currency"}, {"start": "00:11:58", "end": "00:12:03", "text": "debasement, geopolitical fragmentation,"}, {"start": "00:12:00", "end": "00:12:06", "text": "all these things are going somewhere."}, {"start": "00:12:03", "end": "00:12:09", "text": "Now, in those times of uncertainty,"}, {"start": "00:12:06", "end": "00:12:11", "text": "markets can still go up and what"}, {"start": "00:12:09", "end": "00:12:15", "text": "economists call nominally, meaning the"}, {"start": "00:12:11", "end": "00:12:17", "text": "overall number goes up, but they can"}, {"start": "00:12:15", "end": "00:12:20", "text": "also have a hard time with getting"}, {"start": "00:12:17", "end": "00:12:22", "text": "what's called a real return, right? The"}, {"start": "00:12:20", "end": "00:12:23", "text": "real purchasing power gains. And I know"}, {"start": "00:12:22", "end": "00:12:26", "text": "it sounds kind of complicated, but for"}, {"start": "00:12:23", "end": "00:12:29", "text": "example, if you get a 10% raise in your"}, {"start": "00:12:26", "end": "00:12:33", "text": "income this year, that is your nominal"}, {"start": "00:12:29", "end": "00:12:35", "text": "number. But oops, life is now 11% more"}, {"start": "00:12:33", "end": "00:12:39", "text": "expensive this year, which means your"}, {"start": "00:12:35", "end": "00:12:42", "text": "real income is actually -1%. It's a"}, {"start": "00:12:39", "end": "00:12:46", "text": "loss. Same thing in the markets. Markets"}, {"start": "00:12:42", "end": "00:12:49", "text": "can go up 10%, no problem. But they can"}, {"start": "00:12:46", "end": "00:12:51", "text": "still lose purchasing power in real"}, {"start": "00:12:49", "end": "00:12:54", "text": "terms. So anyway, this chart says if"}, {"start": "00:12:51", "end": "00:12:56", "text": "this rotation continues, that doesn't"}, {"start": "00:12:54", "end": "00:12:59", "text": "mean there's going to be a stock market"}, {"start": "00:12:56", "end": "00:13:02", "text": "crash necessarily. It just means that"}, {"start": "00:12:59", "end": "00:13:04", "text": "real returns get compressed relative to"}, {"start": "00:13:02", "end": "00:13:07", "text": "hard or scarce assets. So the takeaway"}, {"start": "00:13:04", "end": "00:13:10", "text": "is that investors go through different"}, {"start": "00:13:07", "end": "00:13:12", "text": "periods of how they like to invest their"}, {"start": "00:13:10", "end": "00:13:15", "text": "money. Like for example, some eras the"}, {"start": "00:13:12", "end": "00:13:18", "text": "stocks might win and in other eras hard"}, {"start": "00:13:15", "end": "00:13:19", "text": "assets might win and they tend to"}, {"start": "00:13:18", "end": "00:13:22", "text": "alternate. Okay, so that's gold. But"}, {"start": "00:13:19", "end": "00:13:23", "text": "then the question is what about Bitcoin?"}, {"start": "00:13:22", "end": "00:13:24", "text": "And before I show you that, I want to"}, {"start": "00:13:23", "end": "00:13:26", "text": "talk about something that doesn't get"}, {"start": "00:13:24", "end": "00:13:28", "text": "enough attention in personal finance,"}, {"start": "00:13:26", "end": "00:13:29", "text": "which is building your credit. It"}, {"start": "00:13:28", "end": "00:13:31", "text": "determines the interest rate you qualify"}, {"start": "00:13:29", "end": "00:13:33", "text": "for, which directly affects how much"}, {"start": "00:13:31", "end": "00:13:35", "text": "money you keep in your own pocket long"}, {"start": "00:13:33", "end": "00:13:36", "text": "term. And if you're trying to improve or"}, {"start": "00:13:35", "end": "00:13:38", "text": "rebuild your credit, you should check"}, {"start": "00:13:36", "end": "00:13:39", "text": "out Kickoff. Kickoff is a credit"}, {"start": "00:13:38", "end": "00:13:41", "text": "building tool that helps you build"}, {"start": "00:13:39", "end": "00:13:42", "text": "credit safely and easily. Their"}, {"start": "00:13:41", "end": "00:13:44", "text": "affordable monthly plans start at just"}, {"start": "00:13:42", "end": "00:13:46", "text": "$5 a month and are specifically designed"}, {"start": "00:13:44", "end": "00:13:48", "text": "to improve key credit factors like"}, {"start": "00:13:46", "end": "00:13:49", "text": "payment history and utilization. You"}, {"start": "00:13:48", "end": "00:13:51", "text": "build credit simply by keeping your"}, {"start": "00:13:49", "end": "00:13:52", "text": "account open and making on-time"}, {"start": "00:13:51", "end": "00:13:54", "text": "payments. And with Autopay, those"}, {"start": "00:13:52", "end": "00:13:56", "text": "payments are reported to all three major"}, {"start": "00:13:54", "end": "00:13:58", "text": "credit bureaus. Kickoff users who"}, {"start": "00:13:56", "end": "00:14:00", "text": "started with credit under 600 and made"}, {"start": "00:13:58", "end": "00:14:02", "text": "on-time payments saw an average increase"}, {"start": "00:14:00", "end": "00:14:05", "text": "of 25 points in their first month and up"}, {"start": "00:14:02", "end": "00:14:06", "text": "to 86 points after their first year."}, {"start": "00:14:05", "end": "00:14:08", "text": "Now, individual results may vary, but if"}, {"start": "00:14:06", "end": "00:14:10", "text": "your credit is holding you back, Kickoff"}, {"start": "00:14:08", "end": "00:14:12", "text": "is giving my audience 80% off your first"}, {"start": "00:14:10", "end": "00:14:13", "text": "month, and that's as low as a dollar to"}, {"start": "00:14:12", "end": "00:14:14", "text": "get started. Click the link in the"}, {"start": "00:14:13", "end": "00:14:16", "text": "description down below or go to"}, {"start": "00:14:14", "end": "00:14:18", "text": "getkickoff.com/andre"}, {"start": "00:14:16", "end": "00:14:19", "text": "to check it out. Thank you to Kickoff"}, {"start": "00:14:18", "end": "00:14:20", "text": "for sponsoring this segment, and now"}, {"start": "00:14:19", "end": "00:14:23", "text": "let's get back to it. All right. So, if"}, {"start": "00:14:20", "end": "00:14:26", "text": "gold is strong right now and the big"}, {"start": "00:14:23", "end": "00:14:28", "text": "macro force says that Bitcoin should"}, {"start": "00:14:26", "end": "00:14:30", "text": "also be strong, then why isn't it? And"}, {"start": "00:14:28", "end": "00:14:32", "text": "this is where the technical force I"}, {"start": "00:14:30", "end": "00:14:34", "text": "think is more useful in explaining it. A"}, {"start": "00:14:32", "end": "00:14:36", "text": "lot of this framework comes from"}, {"start": "00:14:34", "end": "00:14:38", "text": "Benjamin Cowan. I'll link his work down"}, {"start": "00:14:36", "end": "00:14:40", "text": "below for Into the Cryptoverse where you"}, {"start": "00:14:38", "end": "00:14:42", "text": "can see all of this yourself. But what"}, {"start": "00:14:40", "end": "00:14:45", "text": "really helps explain where Bitcoin is at"}, {"start": "00:14:42", "end": "00:14:47", "text": "right now are a couple things."}, {"start": "00:14:45", "end": "00:14:52", "text": "Historically, Bitcoin has reached the"}, {"start": "00:14:47", "end": "00:14:55", "text": "top or the peak sometime in Q4 of the"}, {"start": "00:14:52", "end": "00:14:58", "text": "posth having year, meaning the year"}, {"start": "00:14:55", "end": "00:15:01", "text": "after the having, which happens every"}, {"start": "00:14:58", "end": "00:15:04", "text": "four years. So, for example, the 2013"}, {"start": "00:15:01", "end": "00:15:08", "text": "cycle reached a peak in November. The"}, {"start": "00:15:04", "end": "00:15:10", "text": "2017 cycle reached a peak in December."}, {"start": "00:15:08", "end": "00:15:14", "text": "The 2021 cycle reached a peak in"}, {"start": "00:15:10", "end": "00:15:17", "text": "November. that Q4 timing has been super"}, {"start": "00:15:14", "end": "00:15:19", "text": "consistent. Now, what's also interesting"}, {"start": "00:15:17", "end": "00:15:22", "text": "is that the year following the Q4 price"}, {"start": "00:15:19", "end": "00:15:25", "text": "peak a lot of times overlaps with the US"}, {"start": "00:15:22", "end": "00:15:27", "text": "midterm election cycle. It's"}, {"start": "00:15:25", "end": "00:15:30", "text": "historically been the start of a bare"}, {"start": "00:15:27", "end": "00:15:31", "text": "market. Now, here's where it really does"}, {"start": "00:15:30", "end": "00:15:33", "text": "start to look like we're living in some"}, {"start": "00:15:31", "end": "00:15:36", "text": "kind of a simulation because the pattern"}, {"start": "00:15:33", "end": "00:15:40", "text": "kind of repeats. In the last two full"}, {"start": "00:15:36", "end": "00:15:46", "text": "cycles, Bitcoin took roughly 1,50"}, {"start": "00:15:40", "end": "00:15:49", "text": "to 1,60 days to go from major cycle lows"}, {"start": "00:15:46", "end": "00:15:53", "text": "to the next high. For example, from the"}, {"start": "00:15:49", "end": "00:15:58", "text": "2015 low to the 2017 high, it took"}, {"start": "00:15:53", "end": "00:16:02", "text": "Bitcoin about 1,50 days. From the 2018"}, {"start": "00:15:58", "end": "00:16:07", "text": "low to the 2021 high, it took Bitcoin"}, {"start": "00:16:02", "end": "00:16:10", "text": "about 1,60 days. And on the way down,"}, {"start": "00:16:07", "end": "00:16:14", "text": "the bare market has historically lasted"}, {"start": "00:16:10", "end": "00:16:19", "text": "about 1 year. For example, from the 2017"}, {"start": "00:16:14", "end": "00:16:24", "text": "high to the 2018 low was exactly 364"}, {"start": "00:16:19", "end": "00:16:28", "text": "days. from the 2021 high to the 2022 low"}, {"start": "00:16:24", "end": "00:16:31", "text": "was about 371 days. So, Bitcoinists"}, {"start": "00:16:28", "end": "00:16:34", "text": "tended to spend about 3 years going up"}, {"start": "00:16:31", "end": "00:16:36", "text": "and then roughly one year going down in"}, {"start": "00:16:34", "end": "00:16:39", "text": "a bare market. Now, let me show you"}, {"start": "00:16:36", "end": "00:16:41", "text": "something that's also interesting."}, {"start": "00:16:39", "end": "00:16:43", "text": "There's two specific indicators that"}, {"start": "00:16:41", "end": "00:16:46", "text": "technical analysts like to look at,"}, {"start": "00:16:43", "end": "00:16:48", "text": "which are the 50week moving averages and"}, {"start": "00:16:46", "end": "00:16:50", "text": "the 200week moving averages. and they're"}, {"start": "00:16:48", "end": "00:16:53", "text": "exactly what they sound like. They're a"}, {"start": "00:16:50", "end": "00:16:56", "text": "rolling average price over the last 50"}, {"start": "00:16:53", "end": "00:16:58", "text": "weeks and last 200 weeks. Now,"}, {"start": "00:16:56", "end": "00:17:02", "text": "historically, Bitcoin has been in a bull"}, {"start": "00:16:58", "end": "00:17:07", "text": "market when the price holds above the"}, {"start": "00:17:02", "end": "00:17:11", "text": "50week moving average price. But once it"}, {"start": "00:17:07", "end": "00:17:13", "text": "closes a few weeks below that level"}, {"start": "00:17:11", "end": "00:17:16", "text": "several times in a row, that is marked"}, {"start": "00:17:13", "end": "00:17:19", "text": "the end of the bull market and the"}, {"start": "00:17:16", "end": "00:17:21", "text": "beginning of the bare market. Now, for"}, {"start": "00:17:19", "end": "00:17:23", "text": "us this cycle, we peaked at around"}, {"start": "00:17:21", "end": "00:17:26", "text": "$126,000."}, {"start": "00:17:23", "end": "00:17:29", "text": "After that peak, the most important"}, {"start": "00:17:26", "end": "00:17:31", "text": "price point to have maintained was the"}, {"start": "00:17:29", "end": "00:17:35", "text": "50we moving average, which was sitting"}, {"start": "00:17:31", "end": "00:17:37", "text": "at around 102 to $13,000."}, {"start": "00:17:35", "end": "00:17:41", "text": "Now, once Bitcoin went below that level"}, {"start": "00:17:37", "end": "00:17:45", "text": "for a few weeks, that's when we started"}, {"start": "00:17:41", "end": "00:17:48", "text": "the bare market. But wait, there's more."}, {"start": "00:17:45", "end": "00:17:50", "text": "Once Bitcoin historically goes below"}, {"start": "00:17:48", "end": "00:17:52", "text": "that 50week moving average, this is"}, {"start": "00:17:50", "end": "00:17:55", "text": "where Benjamin Cowan says, quote, \"A"}, {"start": "00:17:52", "end": "00:17:57", "text": "date with destiny starts to happen.\""}, {"start": "00:17:55", "end": "00:18:00", "text": "Right? That's when we inevitably go"}, {"start": "00:17:57", "end": "00:18:02", "text": "toward the 200E moving average, which is"}, {"start": "00:18:00", "end": "00:18:06", "text": "much lower than the 50week moving"}, {"start": "00:18:02", "end": "00:18:09", "text": "average. The 200 week represents roughly"}, {"start": "00:18:06", "end": "00:18:11", "text": "four years of price history, and it's"}, {"start": "00:18:09", "end": "00:18:14", "text": "always been Bitcoin's kind of long-term"}, {"start": "00:18:11", "end": "00:18:17", "text": "baseline, so to speak. It's not an exact"}, {"start": "00:18:14", "end": "00:18:20", "text": "science, but it's been very close every"}, {"start": "00:18:17", "end": "00:18:22", "text": "single time. So, historically, once"}, {"start": "00:18:20", "end": "00:18:24", "text": "Bitcoin loses that 50week moving"}, {"start": "00:18:22", "end": "00:18:26", "text": "average, which again for us was about"}, {"start": "00:18:24", "end": "00:18:30", "text": "$13,000,"}, {"start": "00:18:26", "end": "00:18:33", "text": "the price compresses toward the 200E"}, {"start": "00:18:30", "end": "00:18:35", "text": "moving average. That means for us around"}, {"start": "00:18:33", "end": "00:18:39", "text": "$58,000."}, {"start": "00:18:35", "end": "00:18:41", "text": "However, we could go as low as the 40s"}, {"start": "00:18:39", "end": "00:18:44", "text": "or depending on what happens maybe even"}, {"start": "00:18:41", "end": "00:18:45", "text": "the high30s. Now, if we use what we"}, {"start": "00:18:44", "end": "00:18:48", "text": "learned from the prior cycles, which is"}, {"start": "00:18:45", "end": "00:18:50", "text": "that it takes Bitcoin about 1 year to go"}, {"start": "00:18:48", "end": "00:18:53", "text": "from peak to bottom, that would put us"}, {"start": "00:18:50", "end": "00:18:57", "text": "at around October of this year to reach"}, {"start": "00:18:53", "end": "00:18:59", "text": "our bottom. But it could also happen as"}, {"start": "00:18:57", "end": "00:19:02", "text": "early as May. Now, if none of what I"}, {"start": "00:18:59", "end": "00:19:04", "text": "said made any sense, here's an easier"}, {"start": "00:19:02", "end": "00:19:06", "text": "way to understand all of this. This"}, {"start": "00:19:04", "end": "00:19:09", "text": "right here shows how far Bitcoin has"}, {"start": "00:19:06", "end": "00:19:12", "text": "dropped at the end of every peak. Right?"}, {"start": "00:19:09", "end": "00:19:15", "text": "You can see every cycle we go down a"}, {"start": "00:19:12", "end": "00:19:18", "text": "little bit less each time. So, let's say"}, {"start": "00:19:15", "end": "00:19:22", "text": "this cycle we go down 7% less than the"}, {"start": "00:19:18", "end": "00:19:24", "text": "previous. So, let's say we go down 70%"}, {"start": "00:19:22", "end": "00:19:26", "text": "from our all-time high, which is about"}, {"start": "00:19:24", "end": "00:19:30", "text": "$126,000."}, {"start": "00:19:26", "end": "00:19:33", "text": "That would put us at roughly $37,800,"}, {"start": "00:19:30", "end": "00:19:34", "text": "which also kind of lines up with"}, {"start": "00:19:33", "end": "00:19:37", "text": "everything else that we just looked at."}, {"start": "00:19:34", "end": "00:19:39", "text": "Now, again, none of this is guaranteed"}, {"start": "00:19:37", "end": "00:19:40", "text": "science, but I think it's something"}, {"start": "00:19:39", "end": "00:19:42", "text": "really important to keep in mind. Okay,"}, {"start": "00:19:40", "end": "00:19:44", "text": "so if you made it this far, let me sort"}, {"start": "00:19:42", "end": "00:19:45", "text": "of put it all together. Also, don't"}, {"start": "00:19:44", "end": "00:19:47", "text": "forget to subscribe because a lot of"}, {"start": "00:19:45", "end": "00:19:48", "text": "people that watch my videos are not"}, {"start": "00:19:47", "end": "00:19:49", "text": "subscribed, which is kind of crazy. So,"}, {"start": "00:19:48", "end": "00:19:51", "text": "if you like this kind of content, let me"}, {"start": "00:19:49", "end": "00:19:54", "text": "know by subscribing and hitting that"}, {"start": "00:19:51", "end": "00:19:56", "text": "bell notification. Now, in this capital"}, {"start": "00:19:54", "end": "00:19:59", "text": "rotation theory we talked about, I think"}, {"start": "00:19:56", "end": "00:20:02", "text": "that's a very real possibility that hard"}, {"start": "00:19:59", "end": "00:20:04", "text": "assets like gold and eventually"}, {"start": "00:20:02", "end": "00:20:07", "text": "commodities like oil could outperform"}, {"start": "00:20:04", "end": "00:20:09", "text": "the stock market and that could last a"}, {"start": "00:20:07", "end": "00:20:12", "text": "while. What if we are actually in one of"}, {"start": "00:20:09", "end": "00:20:15", "text": "those 5 to 10 year scenarios where this"}, {"start": "00:20:12", "end": "00:20:18", "text": "capital rotation happens like the 1970s"}, {"start": "00:20:15", "end": "00:20:22", "text": "or the early 2000s where hard assets"}, {"start": "00:20:18", "end": "00:20:24", "text": "structurally outperform the rest of the"}, {"start": "00:20:22", "end": "00:20:26", "text": "financial market. That's a very real"}, {"start": "00:20:24", "end": "00:20:30", "text": "possibility. And maybe even Bitcoin"}, {"start": "00:20:26", "end": "00:20:33", "text": "falls behind because Bitcoin today is"}, {"start": "00:20:30", "end": "00:20:36", "text": "way more financialized or securitized"}, {"start": "00:20:33", "end": "00:20:40", "text": "than it was in 2015 or 2018, right?"}, {"start": "00:20:36", "end": "00:20:42", "text": "because now it's inside an ETF. It's"}, {"start": "00:20:40", "end": "00:20:44", "text": "used as a collateral, right? It's tied"}, {"start": "00:20:42", "end": "00:20:46", "text": "to these crazy derivatives markets."}, {"start": "00:20:44", "end": "00:20:48", "text": "There's products built on top of these"}, {"start": "00:20:46", "end": "00:20:50", "text": "ETFs. There's companies borrowing"}, {"start": "00:20:48", "end": "00:20:52", "text": "against them. There's miners financing"}, {"start": "00:20:50", "end": "00:20:56", "text": "their operations against it, right? That"}, {"start": "00:20:52", "end": "00:21:00", "text": "just means Bitcoin doesn't necessarily"}, {"start": "00:20:56", "end": "00:21:03", "text": "trade on scarcity. The price discovery"}, {"start": "00:21:00", "end": "00:21:06", "text": "happens because of all these paper"}, {"start": "00:21:03", "end": "00:21:09", "text": "products. So in the short term, the"}, {"start": "00:21:06", "end": "00:21:12", "text": "price of Bitcoin can be suppressed and"}, {"start": "00:21:09", "end": "00:21:14", "text": "it probably is to some degree right now."}, {"start": "00:21:12", "end": "00:21:17", "text": "Now what's interesting is gold was also"}, {"start": "00:21:14", "end": "00:21:20", "text": "securitized but in 2004"}, {"start": "00:21:17", "end": "00:21:23", "text": "and after 2004 you could buy paper gold"}, {"start": "00:21:20", "end": "00:21:26", "text": "through the ETFs. So it was also"}, {"start": "00:21:23", "end": "00:21:29", "text": "suppressed but remember that in the long"}, {"start": "00:21:26", "end": "00:21:32", "text": "term price suppression using derivatives"}, {"start": "00:21:29", "end": "00:21:35", "text": "can only last so long. Eventually, the"}, {"start": "00:21:32", "end": "00:21:38", "text": "asset breaks out and it goes up. Now,"}, {"start": "00:21:35", "end": "00:21:39", "text": "for gold, the macro reasons were there's"}, {"start": "00:21:38", "end": "00:21:40", "text": "a lot of them, right? There's"}, {"start": "00:21:39", "end": "00:21:43", "text": "geopolitical uncertainty, banks"}, {"start": "00:21:40", "end": "00:21:46", "text": "accumulating, technical analysis. Maybe"}, {"start": "00:21:43", "end": "00:21:49", "text": "now it's gold's turn to dominate the"}, {"start": "00:21:46", "end": "00:21:51", "text": "markets. I think the same thing will"}, {"start": "00:21:49", "end": "00:21:53", "text": "happen to Bitcoin someday, but I don't"}, {"start": "00:21:51", "end": "00:21:56", "text": "know how long we'll have to wait to get"}, {"start": "00:21:53", "end": "00:21:58", "text": "there. Hopefully, the next cycle takes"}, {"start": "00:21:56", "end": "00:22:00", "text": "us to those new highs, but it's not a"}, {"start": "00:21:58", "end": "00:22:02", "text": "guarantee. And so there's also something"}, {"start": "00:22:00", "end": "00:22:05", "text": "to be said about Bitcoin's technical"}, {"start": "00:22:02", "end": "00:22:07", "text": "analysis. It seems like, at least for"}, {"start": "00:22:05", "end": "00:22:09", "text": "now, the bull cycle is over and we're"}, {"start": "00:22:07", "end": "00:22:12", "text": "now in the part of the cycle where all"}, {"start": "00:22:09", "end": "00:22:14", "text": "this leverage is getting flushed out,"}, {"start": "00:22:12", "end": "00:22:16", "text": "right? And we might just go sideways for"}, {"start": "00:22:14", "end": "00:22:18", "text": "a while, maybe for the rest of the year."}, {"start": "00:22:16", "end": "00:22:20", "text": "One thing that I'm going to keep in mind"}, {"start": "00:22:18", "end": "00:22:23", "text": "is the wisdom in what Ben said in one of"}, {"start": "00:22:20", "end": "00:22:26", "text": "his videos, which is that bull markets"}, {"start": "00:22:23", "end": "00:22:29", "text": "make everyone a genius. Bare markets"}, {"start": "00:22:26", "end": "00:22:31", "text": "make fools of both bears and bulls."}, {"start": "00:22:29", "end": "00:22:35", "text": "Meaning there could be a point in time"}, {"start": "00:22:31", "end": "00:22:37", "text": "this year when Bitcoin might go up,"}, {"start": "00:22:35", "end": "00:22:40", "text": "maybe even close to that 50week moving"}, {"start": "00:22:37", "end": "00:22:43", "text": "average, close to six figures. That's"}, {"start": "00:22:40", "end": "00:22:45", "text": "when the bears are going to look silly."}, {"start": "00:22:43", "end": "00:22:48", "text": "But then there could be a reversal and"}, {"start": "00:22:45", "end": "00:22:50", "text": "by Q4 we get a huge move down and the"}, {"start": "00:22:48", "end": "00:22:52", "text": "bulls are going to look silly. So bare"}, {"start": "00:22:50", "end": "00:22:55", "text": "markets can make everyone look foolish."}, {"start": "00:22:52", "end": "00:22:56", "text": "That is a very possible scenario. Now,"}, {"start": "00:22:55", "end": "00:22:59", "text": "at this point, you might be like, \"Okay,"}, {"start": "00:22:56", "end": "00:23:01", "text": "well, Andre, if gold is breaking out,"}, {"start": "00:22:59", "end": "00:23:03", "text": "and if Bitcoin is going to go lower, and"}, {"start": "00:23:01", "end": "00:23:05", "text": "if there's a capital rotation in the"}, {"start": "00:23:03", "end": "00:23:07", "text": "markets, then why don't you just sell"}, {"start": "00:23:05", "end": "00:23:09", "text": "everything and put it in gold or"}, {"start": "00:23:07", "end": "00:23:11", "text": "something, right?\" I think it's a very"}, {"start": "00:23:09", "end": "00:23:13", "text": "fair question. And here's how I think"}, {"start": "00:23:11", "end": "00:23:16", "text": "about it. I think there's a difference"}, {"start": "00:23:13", "end": "00:23:19", "text": "between recognizing there's probably a"}, {"start": "00:23:16", "end": "00:23:21", "text": "rotation happening and then trying to"}, {"start": "00:23:19", "end": "00:23:23", "text": "perfectly time it because [snorts]"}, {"start": "00:23:21", "end": "00:23:25", "text": "capital rotations"}, {"start": "00:23:23", "end": "00:23:29", "text": "are not happening in a straight line"}, {"start": "00:23:25", "end": "00:23:32", "text": "even in the 1970s or the early 2000s."}, {"start": "00:23:29", "end": "00:23:34", "text": "There were violent counter rallies."}, {"start": "00:23:32", "end": "00:23:37", "text": "There were fake breakdowns. There was"}, {"start": "00:23:34", "end": "00:23:39", "text": "massive whipsaws. Right? And if Bitcoin"}, {"start": "00:23:37", "end": "00:23:42", "text": "is still in its long-term adoption"}, {"start": "00:23:39", "end": "00:23:45", "text": "phase, if ETFs and sovereign interest"}, {"start": "00:23:42", "end": "00:23:47", "text": "and bank custody is still expanding,"}, {"start": "00:23:45", "end": "00:23:49", "text": "then selling everything into this"}, {"start": "00:23:47", "end": "00:23:51", "text": "technical weakness could be the same"}, {"start": "00:23:49", "end": "00:23:53", "text": "mistake that people made in the last few"}, {"start": "00:23:51", "end": "00:23:56", "text": "cycles. So for me, the better question"}, {"start": "00:23:53", "end": "00:23:59", "text": "is not should I sell everything, the"}, {"start": "00:23:56", "end": "00:24:02", "text": "better question for me is how do I"}, {"start": "00:23:59", "end": "00:24:04", "text": "invest this money so that I survive no"}, {"start": "00:24:02", "end": "00:24:06", "text": "matter what the outcome is. Like if"}, {"start": "00:24:04", "end": "00:24:09", "text": "Bitcoin goes up, I don't want to be left"}, {"start": "00:24:06", "end": "00:24:11", "text": "behind if gold continues to outperform."}, {"start": "00:24:09", "end": "00:24:12", "text": "I don't I don't want to be blind to it."}, {"start": "00:24:11", "end": "00:24:14", "text": "I want to know why it's happening. Maybe"}, {"start": "00:24:12", "end": "00:24:17", "text": "I'll own some of it. That's why instead"}, {"start": "00:24:14", "end": "00:24:20", "text": "of selling everything I have, I've been"}, {"start": "00:24:17", "end": "00:24:22", "text": "diversified. I hold Bitcoin. I've got my"}, {"start": "00:24:20", "end": "00:24:24", "text": "S&P 500. I've got my dividend stocks,"}, {"start": "00:24:22", "end": "00:24:26", "text": "which could do really well in a sideways"}, {"start": "00:24:24", "end": "00:24:29", "text": "market. I'd love to own more tech stocks"}, {"start": "00:24:26", "end": "00:24:31", "text": "than I currently do. Now, I've also sold"}, {"start": "00:24:29", "end": "00:24:32", "text": "my rental because I don't want any debt."}, {"start": "00:24:31", "end": "00:24:35", "text": "I don't want the headache and the"}, {"start": "00:24:32", "end": "00:24:37", "text": "liability. So, I have more cash than I'm"}, {"start": "00:24:35", "end": "00:24:40", "text": "usually comfortable with, but I'll keep"}, {"start": "00:24:37", "end": "00:24:42", "text": "dollar cost averaging across the assets"}, {"start": "00:24:40", "end": "00:24:43", "text": "that I think could be undervalued and"}, {"start": "00:24:42", "end": "00:24:45", "text": "then reinvesting all my dividends back"}, {"start": "00:24:43", "end": "00:24:46", "text": "into the market. Now, if you want to see"}, {"start": "00:24:45", "end": "00:24:48", "text": "my full portfolio, you can go to"}, {"start": "00:24:46", "end": "00:24:49", "text": "funvest.com. I'll leave a link down"}, {"start": "00:24:48", "end": "00:24:51", "text": "below where you can see all of it and"}, {"start": "00:24:49", "end": "00:24:54", "text": "track your own investments. But, I don't"}, {"start": "00:24:51", "end": "00:24:55", "text": "think there's a right answer. So, I'll"}, {"start": "00:24:54", "end": "00:24:57", "text": "leave all the sources down below for you"}, {"start": "00:24:55", "end": "00:24:59", "text": "to look at as well. And I'd love to hear"}, {"start": "00:24:57", "end": "00:25:00", "text": "your thoughts. As always, I hope you"}, {"start": "00:24:59", "end": "00:25:02", "text": "have a wonderful rest of your day. Smash"}, {"start": "00:25:00", "end": "00:25:03", "text": "the like button, subscribe if you"}, {"start": "00:25:02", "end": "00:25:06", "text": "haven't already. I'd love to see you"}, {"start": "00:25:03", "end": "00:25:06", "text": "back here next week. I'll see you soon."}]

[{"start": "00:00:00", "end": "00:00:04", "text": "If you've been in crypto for more than a few�\ndays, then you may well have heard the term��"}, {"start": "00:00:04", "end": "00:00:09", "text": "paper Bitcoin being thrown around. Paper�\nBitcoin refers to investments that give��"}, {"start": "00:00:09", "end": "00:00:16", "text": "indirect exposure to Bitcoin, such as futures,�\nETFs, and even balances held on exchanges. Now,��"}, {"start": "00:00:16", "end": "00:00:24", "text": "many have alleged that there's more paper Bitcoin�\nthan real BTC backing it. And these claims include��"}, {"start": "00:00:24", "end": "00:00:30", "text": "Black Rockck not holding the BTC it claims backs�\nits ETF, Michael Sailor not actually buying��"}, {"start": "00:00:30", "end": "00:00:37", "text": "billions in BTC, or that crypto exchanges don't�\nhave enough BTC to honor withdrawals. At the same��"}, {"start": "00:00:37", "end": "00:00:44", "text": "time, critics say paper Bitcoin has an outsized�\ninfluence on BTC's price, much like derivatives��"}, {"start": "00:00:44", "end": "00:00:50", "text": "do in other markets like precious metals. That's�\nwhy today we're diving deep into paper Bitcoin,��"}, {"start": "00:00:50", "end": "00:00:57", "text": "including what it is and how it could impact BTC's�\nprice as it becomes more common. My name is Guy��"}, {"start": "00:00:57", "end": "00:01:04", "text": "and you're watching the Coin Bureau. So then, what�\nexactly are paper assets anyway? Well, in short,��"}, {"start": "00:01:04", "end": "00:01:11", "text": "it's whenever someone invests in an asset�\nwithout directly touching the asset itself. So,��"}, {"start": "00:01:11", "end": "00:01:16", "text": "take gold for example. In case you didn't know,�\nmost gold trading happens through paper contracts��"}, {"start": "00:01:16", "end": "00:01:23", "text": "such as futures, options, forwards, ETFs, and�\nunallocated accounts. In other words, most gold��"}, {"start": "00:01:23", "end": "00:01:30", "text": "traders aren't buying physical gold, just paper�\ncontracts that give exposure to gold's price.��"}, {"start": "00:01:30", "end": "00:01:36", "text": "Just like with paper gold, paper Bitcoin refers�\nto BTC exposure gained through futures contracts,��"}, {"start": "00:01:36", "end": "00:01:43", "text": "options, and derivatives based ETFs and trusts.�\nAll of which allow investors to trade BTC's price��"}, {"start": "00:01:43", "end": "00:01:50", "text": "action without actually owning the underlying BTC�\ndirectly. And if you don't count crypto exchanges,��"}, {"start": "00:01:50", "end": "00:01:57", "text": "paper Bitcoin has technically been around�\nsince December 2017. This was when the Chicago��"}, {"start": "00:01:57", "end": "00:02:03", "text": "Merkantile Exchange or CME launched Bitcoin�\nfutures, marking the first time institutional��"}, {"start": "00:02:03", "end": "00:02:09", "text": "investors could trade BTC on a regulated exchange.�\nNow, of course, this is pretty common today,��"}, {"start": "00:02:09", "end": "00:02:16", "text": "but back then, this was a hugely bullish step that�\nreshaped the future of the crypto market. In fact,��"}, {"start": "00:02:16", "end": "00:02:22", "text": "its initial launch just happened to coincide�\nwith the very peak of the 2017 bull market.��"}, {"start": "00:02:22", "end": "00:02:30", "text": "Coincidence? I think not. But back to the�\ncrypto exchanges. In Bitcoin's earliest years,��"}, {"start": "00:02:30", "end": "00:02:36", "text": "several crypto exchanges were known to operate in�\nways that ultimately left users unable to access��"}, {"start": "00:02:36", "end": "00:02:43", "text": "their BTC. Take Mount Gox, which once handled�\nroughly 80% of Bitcoin trades globally, and which��"}, {"start": "00:02:43", "end": "00:02:51", "text": "infamously collapsed in 2014 after losing hundreds�\nof thousands of BTC through hacks, mismanagement,��"}, {"start": "00:02:51", "end": "00:02:56", "text": "and accounting failures. Customers who trusted�\nthe exchange with their funds were left with��"}, {"start": "00:02:56", "end": "00:03:04", "text": "paper Bitcoin, basically IUS, which resulted in�\nhuge losses. But Mount Gox wasn't alone. Bitcoin��"}, {"start": "00:03:04", "end": "00:03:11", "text": "was another exchange suffering repeated hacks�\nin 2012, losing tens of thousands of BTC. Bit��"}, {"start": "00:03:11", "end": "00:03:18", "text": "floor was hacked in 2012 as well and eventually�\nclosed down, while Bitfinex was relieved of around��"}, {"start": "00:03:18", "end": "00:03:27", "text": "120,000 BTC in 2016. And of course, there was the�\nnow defunct FTX, which infamously used customer��"}, {"start": "00:03:27", "end": "00:03:34", "text": "money for trades and investments and even company�\nexpenditures and political donations. Meanwhile,��"}, {"start": "00:03:34", "end": "00:03:40", "text": "its loyal customer base was left with paper�\naccount balances that ultimately meant nothing.��"}, {"start": "00:03:40", "end": "00:03:46", "text": "But how does any of this relate to paper Bitcoin?�\nWell, all of these incidents share one thing in��"}, {"start": "00:03:46", "end": "00:03:53", "text": "common. Customer balances were credited on�\nexchange ledgers, but the BTC wasn't actually��"}, {"start": "00:03:53", "end": "00:03:59", "text": "there. Essentially, users were holding paper�\nbalances of BTC rather than anything verifiable��"}, {"start": "00:03:59", "end": "00:04:06", "text": "on chain. Naturally, this has fueled controversy�\naround paper Bitcoin that continues to this day.��"}, {"start": "00:04:06", "end": "00:04:10", "text": "And if you want to keep up with developments�\naround paper bitcoin and indeed the rest of��"}, {"start": "00:04:10", "end": "00:04:15", "text": "the crypto market, then you need to know about�\nthe coin bureau's telegram channel. That's where��"}, {"start": "00:04:15", "end": "00:04:20", "text": "we share the latest breaking news, provide deep�\ndive alpha, and give you the most important market��"}, {"start": "00:04:20", "end": "00:04:26", "text": "updates, all pinged directly to your device so you�\ndon't miss a thing. So, if that sounds good, then��"}, {"start": "00:04:26", "end": "00:04:33", "text": "sign up today using the link in the description�\nor the QR code on screen now. Okay, as you've��"}, {"start": "00:04:33", "end": "00:04:40", "text": "probably gathered, paper Bitcoin is manifested in�\na number of ways. The first and largest category��"}, {"start": "00:04:40", "end": "00:04:47", "text": "is via crypto exchanges which are estimated to�\nhold around 15% of BTC's total supply according��"}, {"start": "00:04:47", "end": "00:04:52", "text": "to glass node. Now crypto exchanges are perhaps�\nthe most notorious category of paper Bitcoin��"}, {"start": "00:04:52", "end": "00:04:59", "text": "issuer because there has long been skepticism that�\nexchanges have the BTC on hand to honor customer��"}, {"start": "00:04:59", "end": "00:05:05", "text": "withdrawals which wouldn't be all that surprising�\ngiven the sector's history of hacks and scams.��"}, {"start": "00:05:05", "end": "00:05:12", "text": "But it wasn't until after the collapse of FTX�\nthat exchanges started doing proof of reserves.��"}, {"start": "00:05:12", "end": "00:05:18", "text": "As the name suggests, proof of reserves provides�\nonchain evidence that exchanges actually hold the��"}, {"start": "00:05:18", "end": "00:05:23", "text": "crypto that they claim to. Proof of reserves�\nhas its own shortfall, such as exchanges not��"}, {"start": "00:05:23", "end": "00:05:30", "text": "regularly updating these balances, but it's better�\nthan nothing and a big step towards transparency.��"}, {"start": "00:05:30", "end": "00:05:36", "text": "Regardless, the second largest category of paper�\nBitcoin issuer is the Bitcoin ETFs. At the time��"}, {"start": "00:05:36", "end": "00:05:44", "text": "of shooting, these ETFs collectively hold almost�\n1.6 million BTC, roughly 7% of the total supply.��"}, {"start": "00:05:44", "end": "00:05:50", "text": "As some of you will know, ETFs hold shares in�\na regulated fund that track BTC's price and are��"}, {"start": "00:05:50", "end": "00:05:56", "text": "managed mainly by asset managers like Black�\nRockck and Fidelity. It's a compliant way to��"}, {"start": "00:05:56", "end": "00:06:02", "text": "gain exposure with just a ticker and a brokerage�\naccount. No self-custody risk, no private keys,��"}, {"start": "00:06:02", "end": "00:06:09", "text": "and no onchain monitoring required. And therein�\nlies the problem. Spot Bitcoin ETF issuers have��"}, {"start": "00:06:09", "end": "00:06:16", "text": "not disclosed their Bitcoin wallet addresses. This�\nmakes it hard to verify if they actually hold the��"}, {"start": "00:06:16", "end": "00:06:23", "text": "BTC that is supposed to back their ETF shares.�\nAlthough granted, some third-party platforms��"}, {"start": "00:06:23", "end": "00:06:28", "text": "like Arkham Intelligence have discovered some�\nof their wallets, so it's not all fairy dust,��"}, {"start": "00:06:28", "end": "00:06:33", "text": "which is certainly good news. Whatever the case,�\nthe third largest category of paper Bitcoin issuer��"}, {"start": "00:06:33", "end": "00:06:41", "text": "is Bitcoin Treasury companies. As I record this,�\nthey collectively hold 1.1 million BTC, or roughly��"}, {"start": "00:06:41", "end": "00:06:46", "text": "5% of the total supply. If you've been keeping up�\nwith the crypto space in recent years, you'll know��"}, {"start": "00:06:46", "end": "00:06:52", "text": "the world's largest Bitcoin treasury company�\nis Strategy, formerly Micro Strategy, which��"}, {"start": "00:06:52", "end": "00:06:59", "text": "started buying BTC in 2020. This made Strategy the�\nfirst Bitcoin treasury company, inspiring hundreds��"}, {"start": "00:06:59", "end": "00:07:06", "text": "of other companies to follow suit. But how does�\nthis fall under the paper Bitcoin category? Well,��"}, {"start": "00:07:06", "end": "00:07:11", "text": "these companies frequently add BTC to their�\nholdings as part of their business. Now,��"}, {"start": "00:07:11", "end": "00:07:17", "text": "when investors buy shares in these companies,�\nthey're betting on the company's success, not the��"}, {"start": "00:07:17", "end": "00:07:23", "text": "underlying BTC. Essentially, they're investing in�\nthe holder, not the holdings. And not only that,��"}, {"start": "00:07:23", "end": "00:07:29", "text": "but just like spot Bitcoin ETF issuers, most�\nBitcoin treasury companies have not disclosed��"}, {"start": "00:07:29", "end": "00:07:35", "text": "their wallet addresses, not even Strategy. This is�\na little concerning, especially when you consider��"}, {"start": "00:07:35", "end": "00:07:41", "text": "that there have been lots of questions about why�\nStrategy's big Bitcoin buys have recently had��"}, {"start": "00:07:41", "end": "00:07:48", "text": "next to zero impact on BTC's price. Some have�\nalleged that this is because no actual BTC is��"}, {"start": "00:07:48", "end": "00:07:54", "text": "being bought. And on that note, the fourth largest�\ncategory of paper Bitcoin issuer is governments.��"}, {"start": "00:07:54", "end": "00:07:59", "text": "As most of you will know, several governments�\nare supposedly sitting on their own national��"}, {"start": "00:07:59", "end": "00:08:06", "text": "stockpiles of BTC, either due to seizures, state�\nmining, or strategic reserve policies. But again,��"}, {"start": "00:08:06", "end": "00:08:12", "text": "it's not clear how much BTC they actually hold, as�\nguess what? Few governments have disclosed their��"}, {"start": "00:08:12", "end": "00:08:20", "text": "wallet addresses. Now, the US is the foremost�\nstate Bitcoin holder with supposedly 328,000 BTC,��"}, {"start": "00:08:20", "end": "00:08:29", "text": "followed by China with 190,000 BTC and the UK�\nwith 61,000 BTC. In total, governments hold��"}, {"start": "00:08:29", "end": "00:08:38", "text": "about 646,000 BTC or roughly 3% of Bitcoin's total�\nsupply. And what makes this category truly unique��"}, {"start": "00:08:38", "end": "00:08:44", "text": "though is that it's paper Bitcoin at the state�\nlevel with the potential to shape geopolitical��"}, {"start": "00:08:44", "end": "00:08:50", "text": "narratives or indeed influence monetary policy.�\nNow the fifth category of paper Bitcoin issuer is��"}, {"start": "00:08:50", "end": "00:08:58", "text": "DeFi, specifically BTC on other chains. Now this�\nmostly takes the form of so-called wrapped bitcoin��"}, {"start": "00:08:58", "end": "00:09:06", "text": "that involves creating an ERC20 token supposedly�\nbacked by actual BTC. These wrapped Bitcoin tokens��"}, {"start": "00:09:06", "end": "00:09:13", "text": "like WBTC or Coinbase's CBTC are then used�\nfor borrowing, lending, liquidity mining,��"}, {"start": "00:09:13", "end": "00:09:20", "text": "or yield farming. Now, unlike other forms of paper�\nBTC, most wrapped Bitcoin protocols do offer proof��"}, {"start": "00:09:20", "end": "00:09:26", "text": "of reserves, which makes it possible to verify�\nthat the BTC is actually there. At the time��"}, {"start": "00:09:26", "end": "00:09:34", "text": "of shooting, wrapped Bitcoin protocols hold over�\n380,000 BTC, just under 2% of the total supply. So��"}, {"start": "00:09:34", "end": "00:09:42", "text": "why does wrapped BTC count as paper Bitcoin? Well,�\nyou basically hand BTC to a custodian expecting to��"}, {"start": "00:09:42", "end": "00:09:48", "text": "redeem it one for one later on. This redemption�\nmay not be guaranteed, though, and as we've��"}, {"start": "00:09:48", "end": "00:09:54", "text": "learned, even proof of reserves isn't perfect. the�\nBTC backing these wrapped tokens might not always��"}, {"start": "00:09:54", "end": "00:10:00", "text": "be there. So, now that we've covered the various�\ntypes of paper Bitcoin, you might wonder how it��"}, {"start": "00:10:00", "end": "00:10:06", "text": "all affects BTC's price. Well, the short answer is�\nthat it's had a very positive impact both directly��"}, {"start": "00:10:06", "end": "00:10:12", "text": "and indirectly. That's because paper Bitcoin has�\nmade BTC more accessible, attracting significantly��"}, {"start": "00:10:12", "end": "00:10:18", "text": "more capital. But to truly understand Paper�\nBitcoin's importance, let's take a look at the��"}, {"start": "00:10:18", "end": "00:10:25", "text": "impact of each category we just covered. Starting�\nwith exchanges. Now, exchanges support BTC's price��"}, {"start": "00:10:25", "end": "00:10:30", "text": "by making it possible for more investors to buy�\nit, which requires a bit of context. You see,��"}, {"start": "00:10:30", "end": "00:10:38", "text": "before Mount Gaus launched in 2010, people mined�\nBTC when mining was much easier or bought it��"}, {"start": "00:10:38", "end": "00:10:45", "text": "directly from others on a peer-to-peer basis. Safe�\nto say, exchanges have made buying BTC far simpler��"}, {"start": "00:10:45", "end": "00:10:51", "text": "and safer, and exchanges have since evolved to�\nprovide a whole bunch of tools and investment��"}, {"start": "00:10:51", "end": "00:10:58", "text": "products like futures, which are essential for�\nprice discovery. Without them, BTC trading would��"}, {"start": "00:10:58", "end": "00:11:04", "text": "be illquid, fragmented, and Bitcoin and indeed�\ncrypto as a whole might have long been forgotten.��"}, {"start": "00:11:04", "end": "00:11:10", "text": "But you'll recall that the first real paper�\nBitcoin emerged with the CME Bitcoin futures��"}, {"start": "00:11:10", "end": "00:11:17", "text": "in 2017. Now, obviously, the CME Bitcoin futures�\ndidn't have a direct impact on BTC's price since��"}, {"start": "00:11:17", "end": "00:11:23", "text": "they didn't involve investing in the underlying�\nasset. However, they did have an indirect effect,��"}, {"start": "00:11:23", "end": "00:11:29", "text": "which was to legitimize Bitcoin and crypto more�\nbroadly as an asset class worthy of institutional��"}, {"start": "00:11:29", "end": "00:11:36", "text": "attention. And whereas the 2017 bull market ended�\nwith paper Bitcoin with the CME futures listing��"}, {"start": "00:11:36", "end": "00:11:42", "text": "marking the top, the 2021 bull market began�\nwith paper Bitcoin. That's because Strategy��"}, {"start": "00:11:42", "end": "00:11:50", "text": "made its first $250 million purchase of BTC on�\nthe 11th of August 2020, becoming the first ever��"}, {"start": "00:11:50", "end": "00:11:57", "text": "Bitcoin treasury company. As such, you could say�\nStrategy's paper Bitcoin had a direct and indirect��"}, {"start": "00:11:57", "end": "00:12:04", "text": "impact on BTC's price. It had a direct impact�\nbecause strategy was buying actual BTC and it��"}, {"start": "00:12:04", "end": "00:12:08", "text": "had an indirect impact which was to further�\nincrease Bitcoin's legitimacy in the eyes of��"}, {"start": "00:12:08", "end": "00:12:14", "text": "investors. It's a similar story with the 2024 bull�\nmarket which was kicked off by the listing of the��"}, {"start": "00:12:14", "end": "00:12:21", "text": "spot Bitcoin ETFs. By now you'll know that the�\nETFs were by far the most bullish paper Bitcoin��"}, {"start": "00:12:21", "end": "00:12:29", "text": "category. They were instrumental in helping push�\nBTC's price to its historic high of $126,000. Now,��"}, {"start": "00:12:29", "end": "00:12:35", "text": "broadly speaking, when spot ETFs experience�\nheavy inflows, BTC's price goes up. And when��"}, {"start": "00:12:35", "end": "00:12:43", "text": "there's heavy outflows, BTC's price goes down. And�\nwith net outflows starting in October last year,��"}, {"start": "00:12:43", "end": "00:12:49", "text": "well, BTC has basically been tanking ever since.�\nAs for the governments, meanwhile, they haven't��"}, {"start": "00:12:49", "end": "00:12:55", "text": "necessarily had a direct impact on BTC since�\nmost of the BTC they hold was seized rather than��"}, {"start": "00:12:55", "end": "00:13:01", "text": "purchased. El Salvador and a few other countries�\nnotwithstanding. That said, though, governments��"}, {"start": "00:13:01", "end": "00:13:07", "text": "indirectly impact BTC's price by reducing its�\nliquid circulating supply. With fewer coins��"}, {"start": "00:13:07", "end": "00:13:13", "text": "available on exchanges, basic supply and demand�\ndynamics take over. If supply drops while demand��"}, {"start": "00:13:13", "end": "00:13:21", "text": "stays constant or rises, prices go up. Continuing�\nto hold BTC also sends a signal to some that these��"}, {"start": "00:13:21", "end": "00:13:27", "text": "governments believe Bitcoin is worth holding�\nas they would have otherwise sold. And speaking��"}, {"start": "00:13:27", "end": "00:13:34", "text": "of which, some countries have done exactly that�\nwith Germany infamously selling its BTC in 2024.��"}, {"start": "00:13:34", "end": "00:13:40", "text": "And when it comes to the wrapped paper Bitcoin,�\nit has had a subtle but direct effect on BTC��"}, {"start": "00:13:40", "end": "00:13:46", "text": "by making it easier for investors to use it as�\ncollateral for loans. This has likely resulted��"}, {"start": "00:13:46", "end": "00:13:53", "text": "in less BTC sales around the margin as investors�\nwill borrow against it instead of selling it.��"}, {"start": "00:13:53", "end": "00:13:59", "text": "The catch though is that when markets are volatile�\nlike they've been recently, this DeFi leverage can��"}, {"start": "00:13:59", "end": "00:14:06", "text": "create lots of liquidations. Now, over the years,�\npaper Bitcoin has sparked plenty of controversy��"}, {"start": "00:14:06", "end": "00:14:12", "text": "with some debating whether it could eventually�\nundermine Bitcoin itself. In most cases,��"}, {"start": "00:14:12", "end": "00:14:19", "text": "allegations center on companies claiming to hold�\nBTC that they might not actually have. The main��"}, {"start": "00:14:19", "end": "00:14:25", "text": "target of these allegations has been strategy.�\nNow, we all know that Michael Sailor is probably��"}, {"start": "00:14:25", "end": "00:14:31", "text": "Bitcoin's biggest permeable, obsessed with buying�\nas much BTC as humanly possible. As I record this,��"}, {"start": "00:14:31", "end": "00:14:40", "text": "his company holds well over 700,000 BTC, which is�\na truly mind-boggling amount. However, skepticism��"}, {"start": "00:14:40", "end": "00:14:46", "text": "has grown over whether Strategy really holds the�\nBTC it claims to, with many asking for proof of��"}, {"start": "00:14:46", "end": "00:14:53", "text": "reserves. What's scary, though, is that Strategy�\nhas repeatedly refused, citing security concerns,��"}, {"start": "00:14:53", "end": "00:14:58", "text": "fears that routine movements could spook the�\nmarket, and a handful of other reasons besides.��"}, {"start": "00:14:58", "end": "00:15:04", "text": "Now, while this reasoning does actually make�\nsome sense, it's also just added fuel to the��"}, {"start": "00:15:04", "end": "00:15:11", "text": "fire. Some critics even claim the company has been�\nbuying Bitcoin derivatives or rehypothecating its��"}, {"start": "00:15:11", "end": "00:15:18", "text": "BTC. And for those unfamiliar, rehypothecation is�\nwhen a custodian or exchange reuses its held BTC��"}, {"start": "00:15:18", "end": "00:15:24", "text": "as collateral or for lending, creating multiple�\npaper claims on the same asset. In other words,��"}, {"start": "00:15:24", "end": "00:15:30", "text": "some critics alleged that Strategies BTC�\nis tied up in loans or collateral rather��"}, {"start": "00:15:30", "end": "00:15:35", "text": "than held directly in wallets under the�\ncompany's control. Anyhow, these questions��"}, {"start": "00:15:35", "end": "00:15:41", "text": "have continued to resurface, leading Sailor to�\nrespond in January this year by saying, quote,��"}, {"start": "00:15:41", "end": "00:15:49", "text": "\"We buy real Bitcoin. We audit our custodians. We�\ndon't rehypothecate. You shouldn't either.\" Now,��"}, {"start": "00:15:49", "end": "00:15:54", "text": "as mentioned earlier, some of Strategy's�\nholdings have been tracked across multiple��"}, {"start": "00:15:54", "end": "00:16:00", "text": "wallets by onchain analysis firms like Arkham.�\nThat said though, the accuracy of this tracking��"}, {"start": "00:16:00", "end": "00:16:07", "text": "isn't 100%. And at least 110,000 BTC remain�\nunaccounted for. To be clear, though, this��"}, {"start": "00:16:07", "end": "00:16:14", "text": "doesn't mean Strategy doesn't hold it, just that�\nit hasn't been identified by onchain sleuths yet.��"}, {"start": "00:16:14", "end": "00:16:19", "text": "Now, as you can imagine, another top target of�\nallegations related to paper Bitcoin have been��"}, {"start": "00:16:19", "end": "00:16:26", "text": "the spot bitcoin ETFs. In late 2023, before this�\nfirst spot ETF even hit the market, some were��"}, {"start": "00:16:26", "end": "00:16:32", "text": "skeptical about whether these funds like Black�\nRockck's iBit would actually hold the BTC they��"}, {"start": "00:16:32", "end": "00:16:37", "text": "claim to, especially given that custodial wallet�\naddresses weren't publicly provided. However,��"}, {"start": "00:16:37", "end": "00:16:44", "text": "these questions were quickly answered by Bloomberg�\nETF analyst James Seafart, who reassured us that��"}, {"start": "00:16:44", "end": "00:16:52", "text": "quote, \"Cash creation does not mean the fund won't�\nhold spot Bitcoin or that a Bitcoin ETF will be a��"}, {"start": "00:16:52", "end": "00:16:59", "text": "fractional reserve product,\" adding that quote,�\n\"the funds will hold spot Bitcoin.\" And just to��"}, {"start": "00:16:59", "end": "00:17:05", "text": "put everyone's mind at ease, Black Rockck's BTC�\nstash can also be spotted on Arkham, which clearly��"}, {"start": "00:17:05", "end": "00:17:13", "text": "shows them holding over 756,000 BTC, the same�\namount backing IBIT. But again, these wallets��"}, {"start": "00:17:13", "end": "00:17:19", "text": "have not been officially verified or disclosed.�\nThird parties had to find them. And more recently,��"}, {"start": "00:17:19", "end": "00:17:24", "text": "there have been accusations made against Coinbase�\nwith critics accusing it of selling paper Bitcoin��"}, {"start": "00:17:24", "end": "00:17:31", "text": "to BlackRock. This allegation was addressed�\nby Coinbase CEO Brian Armstrong in an AMA call��"}, {"start": "00:17:31", "end": "00:17:38", "text": "last month, asserting that the BTC they've been�\nselling is real. And similarly, there have been��"}, {"start": "00:17:38", "end": "00:17:44", "text": "concerns that companies handling paper Bitcoin�\ncould be hacked or exploited. And to be fair,��"}, {"start": "00:17:44", "end": "00:17:51", "text": "history shows us this could indeed happen. Recall�\nthat Mount Gaus and Bitfinex are just two examples��"}, {"start": "00:17:51", "end": "00:17:56", "text": "of exchanges that ran into difficulties after�\nmishandling the funds needed to back customer��"}, {"start": "00:17:56", "end": "00:18:02", "text": "deposits. If something similar were to happen�\ntoday, like a major custodian being hacked,��"}, {"start": "00:18:02", "end": "00:18:10", "text": "it would spark market chaos. BTC would likely�\ntank, not just from compromised BTC being sold,��"}, {"start": "00:18:10", "end": "00:18:15", "text": "but because it would shake confidence among�\ninvestors that the current custodial setups��"}, {"start": "00:18:15", "end": "00:18:20", "text": "are secure. Incidentally, this is something�\nthat Arthur Hayes discussed with us during an��"}, {"start": "00:18:20", "end": "00:18:26", "text": "interview back in June 2024. In his words, quote,�\n\"If I think about the two to threeyear risk,��"}, {"start": "00:18:26", "end": "00:18:33", "text": "I would say a major crypto custodian gets hacked�\nand loses $50 billion to 100 billion in crypto��"}, {"start": "00:18:33", "end": "00:18:38", "text": "and that would be the end of the cycle.\" And by�\nthe way, you can watch that full interview in the��"}, {"start": "00:18:38", "end": "00:18:45", "text": "video right here if you're interested. So then�\nhow will paper Bitcoin shape the crypto market��"}, {"start": "00:18:45", "end": "00:18:52", "text": "going forward? Well, while it may carry the risks�\nwe just discussed, those concerns are deeprooted��"}, {"start": "00:18:52", "end": "00:18:59", "text": "in Bitcoin's earlier years when custodians and�\nexchanges weren't nearly as reputable or as secure��"}, {"start": "00:18:59", "end": "00:19:05", "text": "as they are today. These days, paper Bitcoin plays�\na key role in supporting the crypto ecosystem with��"}, {"start": "00:19:05", "end": "00:19:11", "text": "ETFs driving both adoption and BTC's price�\naction. Now, of course, in an ideal world,��"}, {"start": "00:19:11", "end": "00:19:17", "text": "every crypto enthusiast would fully control their�\nown private keys 100% of the time rather than��"}, {"start": "00:19:17", "end": "00:19:24", "text": "use exchanges as trusted custodians. After all,�\nself-custody embodies the very ethos of Bitcoin.��"}, {"start": "00:19:24", "end": "00:19:30", "text": "True ownership, censorship, resistance, and the�\nprotection against counterparty risk. The problem,��"}, {"start": "00:19:30", "end": "00:19:36", "text": "though, is self-custody remains a huge barrier�\nfor mainstream adoption. Managing private keys is��"}, {"start": "00:19:36", "end": "00:19:43", "text": "often seen as complex and intimidating, especially�\nfor non-technical users. Mistakes can be costly,��"}, {"start": "00:19:43", "end": "00:19:50", "text": "and lost keys result in permanently lost funds.�\nThankfully though, wallets are becoming more��"}, {"start": "00:19:50", "end": "00:19:56", "text": "userfriendly. They can be set up in minutes, and�\nmany now have features that aim to abstract away��"}, {"start": "00:19:56", "end": "00:20:01", "text": "as much complexity as possible. And best of all,�\nthis security doesn't have to cost you an arm and��"}, {"start": "00:20:01", "end": "00:20:06", "text": "a leg. And if you're really not sure where to�\nstart, then don't worry. We've got you covered��"}, {"start": "00:20:06", "end": "00:20:11", "text": "because you'll find plenty of wallet comparisons�\non the Coin Bureau website and even discounts on��"}, {"start": "00:20:11", "end": "00:20:18", "text": "some of the best ones. Link in the description.�\nBut maybe you want an alternative to paper Bitcoin��"}, {"start": "00:20:18", "end": "00:20:24", "text": "that offers more versatility than BTC itself.�\nWell, one option you could consider is wrapped��"}, {"start": "00:20:24", "end": "00:20:30", "text": "Bitcoin, which you'll recall opens the door to�\nDeFi use cases. For instance, you could earn a��"}, {"start": "00:20:30", "end": "00:20:37", "text": "yield with it and reinvest to buy more BTC. And�\nbest of all, wrapped BTC reserves are transparent��"}, {"start": "00:20:37", "end": "00:20:44", "text": "and verifiable on chain, unlike paper Bitcoin,�\nwhich is inherently opaque. As the saying goes,��"}, {"start": "00:20:44", "end": "00:20:50", "text": "don't trust, verify. And then once you're ready,�\nyou could simply redeem your wrapped Bitcoin for��"}, {"start": "00:20:50", "end": "00:20:56", "text": "actual BTC. Sort of like showing your receipt�\nto get a refund. What's crazy though is that��"}, {"start": "00:20:56", "end": "00:21:03", "text": "you can now do this if you hold shares in Bitcoin�\nETFs because in July last year, the SEC approved��"}, {"start": "00:21:03", "end": "00:21:10", "text": "paper Bitcoin ETF shares to be exchanged one to�\none for the physical BTC backing them. Obviously,��"}, {"start": "00:21:10", "end": "00:21:15", "text": "this is a fairly recent development, but logic�\nsuggests that we could see similar things��"}, {"start": "00:21:15", "end": "00:21:20", "text": "happening with other paper Bitcoin derivatives in�\nthe future, and this mechanism could even serve��"}, {"start": "00:21:20", "end": "00:21:26", "text": "as a template for other markets such as precious�\nmetals. For example, gold ETF shares could one��"}, {"start": "00:21:26", "end": "00:21:32", "text": "day be exchanged for the actual gold backing the�\nfund. In other words, traditional markets could��"}, {"start": "00:21:32", "end": "00:21:40", "text": "be massively improved. All thanks to the example�\nset by crypto, which is when you say it out loud,��"}, {"start": "00:21:40", "end": "00:21:45", "text": "kind of ironic. All right, folks. That's all�\nfor today's video. But if you want to see why��"}, {"start": "00:21:45", "end": "00:21:50", "text": "strategy may be under threat, then check out the�\nvideo right over here. And if you want to see how��"}, {"start": "00:21:50", "end": "00:21:56", "text": "Trump's DeFi protocol may have signaled the bare�\nmarket, then check out the video over here. Okay,��"}, {"start": "00:21:56", "end": "00:22:01", "text": "thank you all for watching and I'll see�\nyou again soon. This is Guy signing off."}]

[{"start": "00:00:00", "end": "00:00:02", "text": "Hey guys, Allesia. Hope you're well. So,"}, {"start": "00:00:01", "end": "00:00:04", "text": "in this video, we're going to take a"}, {"start": "00:00:02", "end": "00:00:05", "text": "look chart of Bitcoin and after a"}, {"start": "00:00:04", "end": "00:00:07", "text": "significant and heavy drop in the price"}, {"start": "00:00:05", "end": "00:00:08", "text": "of Bitcoin. We're going to ask the"}, {"start": "00:00:07", "end": "00:00:10", "text": "question, is Bitcoin getting closer to a"}, {"start": "00:00:08", "end": "00:00:12", "text": "potential bottom and what could likely"}, {"start": "00:00:10", "end": "00:00:16", "text": "happen in the next several weeks. All"}, {"start": "00:00:12", "end": "00:00:17", "text": "right, guys, join me."}, {"start": "00:00:16", "end": "00:00:19", "text": "All right, guys. Welcome back. Speaking"}, {"start": "00:00:17", "end": "00:00:21", "text": "to you today from Forest Mir in England."}, {"start": "00:00:19", "end": "00:00:22", "text": "I just came here today for a really"}, {"start": "00:00:21", "end": "00:00:24", "text": "beautiful spot here uh and just going"}, {"start": "00:00:22", "end": "00:00:25", "text": "for a walk. All right, guys. Before we"}, {"start": "00:00:24", "end": "00:00:26", "text": "take a look at the chart of Bitcoin,"}, {"start": "00:00:25", "end": "00:00:27", "text": "there's something important I want to"}, {"start": "00:00:26", "end": "00:00:29", "text": "mention here first. Some of you probably"}, {"start": "00:00:27", "end": "00:00:31", "text": "saying to me right now, hey Allesio,"}, {"start": "00:00:29", "end": "00:00:32", "text": "back a few months ago in December, you"}, {"start": "00:00:31", "end": "00:00:34", "text": "were quite skeptical that we're in a"}, {"start": "00:00:32", "end": "00:00:36", "text": "bare market on Bitcoin. What are you"}, {"start": "00:00:34", "end": "00:00:37", "text": "saying now? So, I want to address this"}, {"start": "00:00:36", "end": "00:00:38", "text": "point. Uh, firstly, as I'm sure most of"}, {"start": "00:00:37", "end": "00:00:40", "text": "you know, look, there's a lot of people"}, {"start": "00:00:38", "end": "00:00:42", "text": "out there making videos on YouTube. And"}, {"start": "00:00:40", "end": "00:00:43", "text": "as I'm sure you know, a lot of these"}, {"start": "00:00:42", "end": "00:00:45", "text": "guys on YouTube just put out a video"}, {"start": "00:00:43", "end": "00:00:46", "text": "simply to get clicks. And then you have"}, {"start": "00:00:45", "end": "00:00:49", "text": "another bunch of people out there who"}, {"start": "00:00:46", "end": "00:00:50", "text": "make videos just by reacting to what's"}, {"start": "00:00:49", "end": "00:00:52", "text": "happening to the price. You know, they"}, {"start": "00:00:50", "end": "00:00:53", "text": "say, \"Oh my goodness, price is crashing."}, {"start": "00:00:52", "end": "00:00:54", "text": "It's the end of the world.\" And things"}, {"start": "00:00:53", "end": "00:00:56", "text": "like that. Now, if you've been watching"}, {"start": "00:00:54", "end": "00:00:57", "text": "my videos for some time, then you"}, {"start": "00:00:56", "end": "00:00:59", "text": "probably know that when I put out a"}, {"start": "00:00:57", "end": "00:01:01", "text": "video, I have to believe in what I'm"}, {"start": "00:00:59", "end": "00:01:03", "text": "saying. So, I have to have confidence"}, {"start": "00:01:01", "end": "00:01:05", "text": "that what I'm saying is correct. So,"}, {"start": "00:01:03", "end": "00:01:06", "text": "that is why I'm often very cautious"}, {"start": "00:01:05", "end": "00:01:08", "text": "about what I say because I like to wait"}, {"start": "00:01:06", "end": "00:01:10", "text": "for evidence and proof about what's"}, {"start": "00:01:08", "end": "00:01:11", "text": "happening on the price action. That is"}, {"start": "00:01:10", "end": "00:01:14", "text": "why in December, I said, look, I'm"}, {"start": "00:01:11", "end": "00:01:16", "text": "waiting until the price of Bitcoin"}, {"start": "00:01:14", "end": "00:01:17", "text": "confirms that we are indeed in a bare"}, {"start": "00:01:16", "end": "00:01:19", "text": "market. Now, how does the price of"}, {"start": "00:01:17", "end": "00:01:21", "text": "Bitcoin confirm that? quite simply by"}, {"start": "00:01:19", "end": "00:01:24", "text": "waiting for a rally, a bounce back"}, {"start": "00:01:21", "end": "00:01:26", "text": "towards the weekly 21 EMA and then"}, {"start": "00:01:24", "end": "00:01:27", "text": "getting rejected from that level. That's"}, {"start": "00:01:26", "end": "00:01:29", "text": "what I said in December. And of course,"}, {"start": "00:01:27", "end": "00:01:31", "text": "that is what Bitcoin did. In January,"}, {"start": "00:01:29", "end": "00:01:33", "text": "Bitcoin rallied back towards the 21"}, {"start": "00:01:31", "end": "00:01:35", "text": "weekly moving average, as you can see"}, {"start": "00:01:33", "end": "00:01:37", "text": "right there, towards the 96K, 97K range"}, {"start": "00:01:35", "end": "00:01:39", "text": "and almost made contact with the"}, {"start": "00:01:37", "end": "00:01:41", "text": "21weekly moving average and then got"}, {"start": "00:01:39", "end": "00:01:43", "text": "deflected, got rejected from that level."}, {"start": "00:01:41", "end": "00:01:45", "text": "And that is why I put out this warning"}, {"start": "00:01:43", "end": "00:01:47", "text": "back in January when I was in Istanbul."}, {"start": "00:01:45", "end": "00:01:49", "text": "Here's a clip. That recent price drop on"}, {"start": "00:01:47", "end": "00:01:52", "text": "the price of Bitcoin seems to indicate"}, {"start": "00:01:49", "end": "00:01:54", "text": "that Bitcoin is now getting rejected"}, {"start": "00:01:52", "end": "00:01:56", "text": "from the 21 weekly moving average or"}, {"start": "00:01:54", "end": "00:01:57", "text": "just close to that level. So guys, as it"}, {"start": "00:01:56", "end": "00:01:59", "text": "stands right now as I'm making this"}, {"start": "00:01:57", "end": "00:02:01", "text": "video, it's not good news for Bitcoin at"}, {"start": "00:01:59", "end": "00:02:03", "text": "the moment. The odds have increased"}, {"start": "00:02:01", "end": "00:02:05", "text": "towards the bearish side. In other"}, {"start": "00:02:03", "end": "00:02:07", "text": "words, as long as Bitcoin stays below"}, {"start": "00:02:05", "end": "00:02:09", "text": "the January highs and below the 21w"}, {"start": "00:02:07", "end": "00:02:11", "text": "weekly, for now sellers or bears have"}, {"start": "00:02:09", "end": "00:02:13", "text": "control. Uh because at the moment, given"}, {"start": "00:02:11", "end": "00:02:15", "text": "that red bar, given the recent price"}, {"start": "00:02:13", "end": "00:02:16", "text": "drop, at the moment the probabilities"}, {"start": "00:02:15", "end": "00:02:19", "text": "are increasing that Bitcoin could"}, {"start": "00:02:16", "end": "00:02:21", "text": "potentially now move to new lows and"}, {"start": "00:02:19", "end": "00:02:23", "text": "potentially below the 80K level and to"}, {"start": "00:02:21", "end": "00:02:24", "text": "the 70s. All right guys, so as you heard"}, {"start": "00:02:23", "end": "00:02:26", "text": "when I was in Istanbul, you probably saw"}, {"start": "00:02:24", "end": "00:02:28", "text": "my video and I issued a warning, a"}, {"start": "00:02:26", "end": "00:02:31", "text": "strong warning that because Bitcoin had"}, {"start": "00:02:28", "end": "00:02:33", "text": "got rejected from the weekly 21 EMA,"}, {"start": "00:02:31", "end": "00:02:34", "text": "which was a strong warning sign. And by"}, {"start": "00:02:33", "end": "00:02:36", "text": "the way, that warning in January came"}, {"start": "00:02:34", "end": "00:02:38", "text": "just in time before the big drop"}, {"start": "00:02:36", "end": "00:02:40", "text": "occurred below 80K. And by the way,"}, {"start": "00:02:38", "end": "00:02:42", "text": "here's what I said in the member video"}, {"start": "00:02:40", "end": "00:02:43", "text": "some weeks ago back in January. At the"}, {"start": "00:02:42", "end": "00:02:45", "text": "moment here, the risk appears to be"}, {"start": "00:02:43", "end": "00:02:48", "text": "higher for a potential breakdown. And as"}, {"start": "00:02:45", "end": "00:02:49", "text": "mentioned, we have to be extra cautious"}, {"start": "00:02:48", "end": "00:02:51", "text": "because Bitcoin seems to be showing"}, {"start": "00:02:49", "end": "00:02:53", "text": "weakness. Again, as long as we stay"}, {"start": "00:02:51", "end": "00:02:56", "text": "below the January highs and below 93"}, {"start": "00:02:53", "end": "00:02:58", "text": "94K, the probability is we're dealing"}, {"start": "00:02:56", "end": "00:03:00", "text": "with a wave five, a wave five decline"}, {"start": "00:02:58", "end": "00:03:03", "text": "below 80K. So there is potential here"}, {"start": "00:03:00", "end": "00:03:07", "text": "that if Bitcoin overshoots then it could"}, {"start": "00:03:03", "end": "00:03:09", "text": "potentially overshoot to firstly 66,550"}, {"start": "00:03:07", "end": "00:03:10", "text": "and potentially even lower to near 63K."}, {"start": "00:03:09", "end": "00:03:12", "text": "All right guys, as you heard in the"}, {"start": "00:03:10", "end": "00:03:14", "text": "member videos, I was warning that"}, {"start": "00:03:12", "end": "00:03:17", "text": "Bitcoin could likely drop in a wave five"}, {"start": "00:03:14", "end": "00:03:19", "text": "towards the downside targets to 70K and"}, {"start": "00:03:17", "end": "00:03:20", "text": "then potentially even lower to 63K and"}, {"start": "00:03:19", "end": "00:03:22", "text": "60K, which is essentially what we've"}, {"start": "00:03:20", "end": "00:03:25", "text": "seen so far. By the way, as some of you"}, {"start": "00:03:22", "end": "00:03:28", "text": "probably know, 63,000 is approximately"}, {"start": "00:03:25", "end": "00:03:30", "text": "the 50% level from the all-time highs of"}, {"start": "00:03:28", "end": "00:03:31", "text": "Bitcoin. So, for example, if you take"}, {"start": "00:03:30", "end": "00:03:34", "text": "the all-time highs of Bitcoin back in"}, {"start": "00:03:31", "end": "00:03:36", "text": "October near 126,296"}, {"start": "00:03:34", "end": "00:03:38", "text": "divided by two, then what you get"}, {"start": "00:03:36", "end": "00:03:40", "text": "approximately is 63,000, which is the"}, {"start": "00:03:38", "end": "00:03:41", "text": "level we dropped down to. And that is"}, {"start": "00:03:40", "end": "00:03:43", "text": "important because in previous major"}, {"start": "00:03:41", "end": "00:03:47", "text": "drops, crashes, and corrections in"}, {"start": "00:03:43", "end": "00:03:49", "text": "Bitcoin in 2022 and in 2018, we've often"}, {"start": "00:03:47", "end": "00:03:51", "text": "seen a drop down to the 50% level. In"}, {"start": "00:03:49", "end": "00:03:53", "text": "other words, the 50% of the all-time"}, {"start": "00:03:51", "end": "00:03:54", "text": "highs of the price of Bitcoin. And"}, {"start": "00:03:53", "end": "00:03:56", "text": "that's quite interesting because"}, {"start": "00:03:54", "end": "00:03:58", "text": "typically the price of Bitcoin finds a"}, {"start": "00:03:56", "end": "00:04:00", "text": "floor or some kind of a bottom near the"}, {"start": "00:03:58", "end": "00:04:02", "text": "50% level. Not always. Sometimes it goes"}, {"start": "00:04:00", "end": "00:04:04", "text": "below that level. But nonetheless,"}, {"start": "00:04:02", "end": "00:04:07", "text": "usually when price of Bitcoin drops by"}, {"start": "00:04:04", "end": "00:04:09", "text": "at least 50% from its all-time highs, it"}, {"start": "00:04:07", "end": "00:04:11", "text": "typically finds a floor or a bottom in"}, {"start": "00:04:09", "end": "00:04:12", "text": "the next several weeks or at least it"}, {"start": "00:04:11", "end": "00:04:14", "text": "means price of Bitcoin could be getting"}, {"start": "00:04:12", "end": "00:04:16", "text": "near a potential bottom. And by the way"}, {"start": "00:04:14", "end": "00:04:17", "text": "guys, before we continue, I'm not trying"}, {"start": "00:04:16", "end": "00:04:19", "text": "to say I got everything perfectly"}, {"start": "00:04:17", "end": "00:04:20", "text": "correct in my analysis. No, I did not."}, {"start": "00:04:19", "end": "00:04:22", "text": "you know, when it comes to the markets"}, {"start": "00:04:20", "end": "00:04:23", "text": "and chart analysis, you know, we're all"}, {"start": "00:04:22", "end": "00:04:25", "text": "students of the market. We're always"}, {"start": "00:04:23", "end": "00:04:27", "text": "learning. Okay, now going back to the"}, {"start": "00:04:25", "end": "00:04:29", "text": "chart of Bitcoin, this drop in the price"}, {"start": "00:04:27", "end": "00:04:31", "text": "of Bitcoin has been pretty severe and"}, {"start": "00:04:29", "end": "00:04:33", "text": "it's been very sharp. It's often called"}, {"start": "00:04:31", "end": "00:04:36", "text": "a waterfall decline. And guess what,"}, {"start": "00:04:33", "end": "00:04:37", "text": "guys? This major drop that occurred uh"}, {"start": "00:04:36", "end": "00:04:40", "text": "recently. What's happened is that the"}, {"start": "00:04:37", "end": "00:04:42", "text": "RSI has now become extremely oversold."}, {"start": "00:04:40", "end": "00:04:44", "text": "So, in the past when Bitcoin has become"}, {"start": "00:04:42", "end": "00:04:46", "text": "so extremely oversold as it has occurred"}, {"start": "00:04:44", "end": "00:04:48", "text": "recently, typically the price of Bitcoin"}, {"start": "00:04:46", "end": "00:04:49", "text": "is getting near capitulation or a"}, {"start": "00:04:48", "end": "00:04:51", "text": "bottom. In fact, what recently happened"}, {"start": "00:04:49", "end": "00:04:53", "text": "as well is we can see extreme"}, {"start": "00:04:51", "end": "00:04:55", "text": "acceleration on the price of Bitcoin."}, {"start": "00:04:53", "end": "00:04:56", "text": "That means the price of Bitcoin is"}, {"start": "00:04:55", "end": "00:04:58", "text": "getting near capitulation. In other"}, {"start": "00:04:56", "end": "00:05:00", "text": "words, a major low or a bottom. Now,"}, {"start": "00:04:58", "end": "00:05:02", "text": "don't get me wrong here. I'm not saying"}, {"start": "00:05:00", "end": "00:05:03", "text": "the price of Bitcoin cannot go lower. It"}, {"start": "00:05:02", "end": "00:05:06", "text": "could, but I think even if the price of"}, {"start": "00:05:03", "end": "00:05:07", "text": "Bitcoin were to drop slightly lower, I"}, {"start": "00:05:06", "end": "00:05:09", "text": "still think we're getting very close to"}, {"start": "00:05:07", "end": "00:05:11", "text": "a potential bottom and capitulation"}, {"start": "00:05:09", "end": "00:05:13", "text": "because the price of Bitcoin essentially"}, {"start": "00:05:11", "end": "00:05:14", "text": "is extremely overstretched. If you"}, {"start": "00:05:13", "end": "00:05:17", "text": "think, for example, of an elastic band,"}, {"start": "00:05:14", "end": "00:05:19", "text": "now take an elastic band and stretch it,"}, {"start": "00:05:17", "end": "00:05:21", "text": "okay? And the more that elastic band"}, {"start": "00:05:19", "end": "00:05:23", "text": "becomes stretched or overstretched, the"}, {"start": "00:05:21", "end": "00:05:24", "text": "more likely it's going to bounce back."}, {"start": "00:05:23", "end": "00:05:27", "text": "So right now, the price of Bitcoin is"}, {"start": "00:05:24", "end": "00:05:29", "text": "extremely overstretched. It's moved too"}, {"start": "00:05:27", "end": "00:05:31", "text": "far too fast to the downside, which"}, {"start": "00:05:29", "end": "00:05:33", "text": "means the probability of some kind of a"}, {"start": "00:05:31", "end": "00:05:35", "text": "bounce back, some kind of a strong rally"}, {"start": "00:05:33", "end": "00:05:37", "text": "is now increasing. By the way, guys,"}, {"start": "00:05:35", "end": "00:05:38", "text": "we're not far away from the 200 weekly"}, {"start": "00:05:37", "end": "00:05:40", "text": "moving average, which is a very"}, {"start": "00:05:38", "end": "00:05:42", "text": "important key support level for the"}, {"start": "00:05:40", "end": "00:05:45", "text": "price of Bitcoin. In the past, usually"}, {"start": "00:05:42", "end": "00:05:47", "text": "the price of Bitcoin finds a floor or"}, {"start": "00:05:45", "end": "00:05:49", "text": "some kind of support. In other words, a"}, {"start": "00:05:47", "end": "00:05:51", "text": "level where it potentially rebounds from"}, {"start": "00:05:49", "end": "00:05:53", "text": "the 200 weekly moving average. So guys,"}, {"start": "00:05:51", "end": "00:05:55", "text": "in my view, the price of Bitcoin has"}, {"start": "00:05:53", "end": "00:05:56", "text": "become extremely oversold. And also, as"}, {"start": "00:05:55", "end": "00:05:58", "text": "I mentioned earlier, we're support"}, {"start": "00:05:56", "end": "00:06:01", "text": "levels where Bitcoin has dropped to a"}, {"start": "00:05:58", "end": "00:06:03", "text": "50% level near 63K and also some key"}, {"start": "00:06:01", "end": "00:06:05", "text": "moving averages. So, what I'm expecting"}, {"start": "00:06:03", "end": "00:06:07", "text": "is a very strong bounce and rally in the"}, {"start": "00:06:05", "end": "00:06:09", "text": "next several weeks and months on the"}, {"start": "00:06:07", "end": "00:06:10", "text": "price of Bitcoin. Other than the reasons"}, {"start": "00:06:09", "end": "00:06:12", "text": "just given you based on the oversold"}, {"start": "00:06:10", "end": "00:06:14", "text": "conditions and overstretched conditions,"}, {"start": "00:06:12", "end": "00:06:16", "text": "we've had now five waves to the"}, {"start": "00:06:14", "end": "00:06:18", "text": "downside. If you go from the all-time"}, {"start": "00:06:16", "end": "00:06:20", "text": "highs of Bitcoin back in October to the"}, {"start": "00:06:18", "end": "00:06:22", "text": "lows we just reached, we can count five"}, {"start": "00:06:20", "end": "00:06:24", "text": "waves to the downside. And that means"}, {"start": "00:06:22", "end": "00:06:27", "text": "this guys, after five waves to the"}, {"start": "00:06:24", "end": "00:06:29", "text": "downside, then we typically see a strong"}, {"start": "00:06:27", "end": "00:06:31", "text": "correction, an ABC correction for"}, {"start": "00:06:29", "end": "00:06:34", "text": "example, and that correction or bounce"}, {"start": "00:06:31", "end": "00:06:36", "text": "after the fivewave drop is usually very"}, {"start": "00:06:34", "end": "00:06:38", "text": "strong, very powerful. So based on the"}, {"start": "00:06:36", "end": "00:06:39", "text": "probabilities, what I'm seeing on the"}, {"start": "00:06:38", "end": "00:06:41", "text": "chart of Bitcoin after the fivewave"}, {"start": "00:06:39", "end": "00:06:43", "text": "drop, I think it's quite probable we're"}, {"start": "00:06:41", "end": "00:06:45", "text": "going to see a very strong powerful"}, {"start": "00:06:43", "end": "00:06:47", "text": "bounce on the price of Bitcoin in the"}, {"start": "00:06:45", "end": "00:06:48", "text": "next several weeks. And by the way guys,"}, {"start": "00:06:47", "end": "00:06:50", "text": "that bounce and rally in the price of"}, {"start": "00:06:48", "end": "00:06:51", "text": "Bitcoin is something that a lot of"}, {"start": "00:06:50", "end": "00:06:53", "text": "people out there are not expecting. You"}, {"start": "00:06:51", "end": "00:06:55", "text": "see guys, a lot of people right now in"}, {"start": "00:06:53", "end": "00:06:57", "text": "the Bitcoin community are very"}, {"start": "00:06:55", "end": "00:06:59", "text": "pessimistic. The sentiment on Bitcoin"}, {"start": "00:06:57", "end": "00:07:00", "text": "right now is extremely negative and"}, {"start": "00:06:59", "end": "00:07:02", "text": "pessimistic. There's a lot of people out"}, {"start": "00:07:00", "end": "00:07:03", "text": "there right now who probably given up"}, {"start": "00:07:02", "end": "00:07:05", "text": "and are very scared about the price of"}, {"start": "00:07:03", "end": "00:07:07", "text": "Bitcoin. So guys, in my view, even if"}, {"start": "00:07:05", "end": "00:07:09", "text": "price of Bitcoin makes a lower low,"}, {"start": "00:07:07", "end": "00:07:10", "text": "again, I'm not trying to say to you that"}, {"start": "00:07:09", "end": "00:07:11", "text": "Bitcoin has definitely bottomed right"}, {"start": "00:07:10", "end": "00:07:14", "text": "now, but even if Bitcoin has not"}, {"start": "00:07:11", "end": "00:07:15", "text": "bottomed and makes a slight lower low, I"}, {"start": "00:07:14", "end": "00:07:17", "text": "still think we're getting very close to"}, {"start": "00:07:15", "end": "00:07:18", "text": "a bottoming formation and capitulation"}, {"start": "00:07:17", "end": "00:07:20", "text": "in the price of Bitcoin. So, I think"}, {"start": "00:07:18", "end": "00:07:22", "text": "we're very close to the conditions we"}, {"start": "00:07:20", "end": "00:07:24", "text": "usually see for a strong bounce and a"}, {"start": "00:07:22", "end": "00:07:26", "text": "rally on the price of Bitcoin. And that"}, {"start": "00:07:24", "end": "00:07:28", "text": "is what I think is quite probable and"}, {"start": "00:07:26", "end": "00:07:29", "text": "quite likely in the next several weeks"}, {"start": "00:07:28", "end": "00:07:31", "text": "and months. And by the way, this should"}, {"start": "00:07:29", "end": "00:07:33", "text": "come as no surprise because even in bare"}, {"start": "00:07:31", "end": "00:07:35", "text": "markets like for example the one we had"}, {"start": "00:07:33", "end": "00:07:37", "text": "in 2022, there were very strong powerful"}, {"start": "00:07:35", "end": "00:07:39", "text": "rallies and bounces like the one you see"}, {"start": "00:07:37", "end": "00:07:40", "text": "here. Uh again, some people think that"}, {"start": "00:07:39", "end": "00:07:43", "text": "in a bare market you cannot have a"}, {"start": "00:07:40", "end": "00:07:44", "text": "bounce or a rally. No, you can. So that"}, {"start": "00:07:43", "end": "00:07:45", "text": "I think is quite likely for the price of"}, {"start": "00:07:44", "end": "00:07:46", "text": "Bitcoin in the next several weeks and"}, {"start": "00:07:45", "end": "00:07:49", "text": "months. And by the way, I'm going to"}, {"start": "00:07:46", "end": "00:07:50", "text": "cover the key targets I'm looking for in"}, {"start": "00:07:49", "end": "00:07:51", "text": "the member video. So make sure you check"}, {"start": "00:07:50", "end": "00:07:53", "text": "that out. And by the way, if you're not"}, {"start": "00:07:51", "end": "00:07:54", "text": "a member, go to the link you see right"}, {"start": "00:07:53", "end": "00:07:56", "text": "there and join. Thank you very much"}, {"start": "00:07:54", "end": "00:07:57", "text": "indeed, guys. If this video has helped,"}, {"start": "00:07:56", "end": "00:07:59", "text": "please give it a like and also subscribe"}, {"start": "00:07:57", "end": "00:08:02", "text": "for future video updates. Thank you very"}, {"start": "00:07:59", "end": "00:08:02", "text": "much indeed. Bye for now."}]

[ {"start": "00:00:00", "text": "So ABCCs their job today is what?"}, {"start": "00:00:03", "text": "We're mining Bitcoin every single day."}, {"start": "00:00:04", "text": "So do you think the CIA is Satoshi and the creator of Bitcoin?"}, {"start": "00:00:08", "text": "I can tell you American Bitcoin is is not mining Bitcoin for the CIA. That's this much I can tell you."}, {"start": "00:00:14", "text": "Well, give me an argument against the quantum computers are going to figure out the code and hack it. Tell me why I don't need to worry about that."}, {"start": "00:00:20", "text": "couple of this topic's come up a lot recently actually. So."}, {"start": "00:00:24", "text": "Or good luck, the IRS is gonna come knock on your door and throw you in jail for money laundering, even though it's an asset that you own. And you look back in three years and five years and ten years. These are going to be the rails that the world operates on."}, {"start": "00:00:35", "text": "What's the chance you're wrong though, Eric? What's the chance it's not parabolic, it's not going to freaking 1 million? You have this new version of gold that exists, but what's better than gold is not just it's more scarce and it's fixed, but it also can transact."}, {"start": "00:00:46", "text": "Bitcoin and asset that's going up, again, 70% historically year year over year. The banks can't steal it, the government can't steal it, you you can ledger it."}, {"start": "00:00:54", "text": "What will the price of Bitcoin be in a four year period of time? I think we'll be a thousand."}, {"start": "00:01:03", "text": "Guys, today I'm with two incredible entrepreneurs, Eric Trump, Asher, these guys are working with American Bitcoin, a lot of exciting things happening. I'm actually an investor with the company. I asked Eric to come in and talk about what you guys are doing with ABTC. I'm gonna ask some questions because I don't know all about this and I'm learning, but I'm very, very curious about the Bitcoin space."}, {"start": "00:01:24", "text": "Eric, you've done a bunch, this is your what third or fourth project?"}, {"start": "00:01:27", "text": "Yeah, that's what we've been in the Bitcoin space. Ever since we start getting into FICO, you and I have talked a lot about the regulatory landscape, banks, we got into cryptocurrency and I absolutely love Bitcoin. I think it's the greatest asset there's been over the last 10 year period of time. It's grown roughly 70% a year year over year over the last decade. Uh, it's unbelievable. I think it's the greatest hedge against hard assets. So you're a hard asset guy, I'm a hard asset guy, but I think it's the greatest. You know, you can"}, {"start": "00:01:47", "text": "Hard asset. So explain to the audience, hard assets mean what to you?"}, {"start": "00:01:50", "text": "Hard assets, IE buildings like like this. This is we're seeing a commercial building right now. Congratulations, you can't move this building. You can't take this building and bring it to London. You can't, you know, this this building could get hit by a tornado. It could get hit by a hurricane. It could, you know, all of a sudden you could have bad politics in a state and you could have a mass exodus. This almost like what you saw in New York. And and hard assets are are tangible. They're illiquid. You know, they're fixed in a a certain location."}, {"start": "00:02:13", "text": "Bitcoin, which we really consider digital gold, kind of fixes all of those problems, right? It's immediately liquid. It's 24 hours a day."}, {"start": "00:02:20", "text": "You consider that a hard asset as well?"}, {"start": "00:02:22", "text": "I I I've come to the point where I consider Bitcoin to be a hard asset. It's it's it's a digital asset. But I like I almost view it as a hard asset."}, {"start": "00:02:30", "text": "Well, they're hard because it's, it's limited. And it's uses energy to be mined. So you have real data centers that are essentially consuming power from the grid and running compute to secure the network. So you actually have to spend a ton of money to produce every coin as well. You can't just go and print it because some person decides I want to go print more tokens."}, {"start": "00:02:50", "text": "And I think this is the problem with guys my age and and people that don't understand that are like, yeah, but I can't see it and I can't touch it. What how's it real?"}, {"start": "00:02:56", "text": "That that was your that was always the problem for all real estate guys, right? But it's actually more real than anything else because you can, listen, Grant, if if, you know, if gold ever went to $20,000 an ounce, you would take down the column right behind me right now. And we would pull gold out of that column, right? You know, Elon Musk was spent sent a spaceship up to Mars and he would find gold on Mars and he'd find. There's always going to be a surplus quantity if that was ever happened, right? Bitcoin is the only"}, {"start": "00:03:22", "text": "If you're saying if the price of that went up, we would find gold. You're always going to explore more, right? As the price goes up, you're always going to go deeper into the earth, you're going to go into harder locations. You're always going to exploit more. But Bitcoin is the only commodity that you literally cannot get more of, right? It's capped to 21 million and everybody around the world wants it. Sovereign wealth funds want it, the wealthiest people want it. It's tradeable 24 hours a day, you can put it on a flash drive, you can go anywhere in the world, right? You can move it. Try and move try and move a couple bricks of gold through, uh, through Miami airport. Good luck. They're gonna throw you in jail. The IRS is gonna come knock on your door and throw you in jail for money laundering, even though it's an asset that you own. It's just Bitcoin is digital gold. I think it's a better version of gold and and that's why it's become one of the greatest stores of value anywhere in the world."}, {"start": "00:04:07", "text": "Yeah, go ahead. I think too is if you think about for folks trying to conceptualize what is this thing, so I'll tell you a funny story. A couple of years ago when we had our early investors, when we first started a company called US Bitcoin Corp that turned into Hut 8 and we'll talk about how that all connects with American Bitcoin, but he called me one day like a year and a half after investing. Old guy, real estate guy and literally a year and a half after investing he calls me, says, Hey, Ashur, quick question. When you guys are mining Bitcoin, are you getting any physical Bitcoin that comes out?"}, {"start": "00:04:37", "text": "And I was like, oh boy, like you've been for six months. For a year and a half and I was like I called him I was like, because he's like when I see these photos on all these articles, you see these coins. Like is there real coins that come out? I'm like, no, it's all digital. And so I think what's good to kind of think through and understand was like when Bitcoin was created, there were a couple key kind of founding principles. One is there's no centralized authority that governs our works. There's the rules that are transcribed, like the 12 commandments. And um, and so, uh"}, {"start": "00:05:07", "text": "Where from? What's your nationality?"}, {"start": "00:05:08", "text": "Uh, half Israeli, half Chinese. So I got a little bit of a mix. And so, um,"}, {"start": "00:05:15", "text": "Which means he's very intelligent. Very. Very intelligent."}, {"start": "00:05:18", "text": "So there the rules that are transcribed and essentially what the rules are with this. There are only 21 million coins ever produced. And there's it's a deflation asset rather than an inflation asset. And what I mean by that is how do those 21 million coins come into the world? Today there are not 21 million coins out there. There's less. So probably 4 or 5 million lost because there's loss, but it's also there's coins that haven't been produced yet. Uh-huh. And so like how do you produce coins? So when Bitcoin was first created, there were no coins out there. There was ever only ever a cap of 21 million but there were zero. And then so they had this thing called mining and what mining was is essentially you get a bunch of computers and you securitize the network. And so what does that mean? Is right now there's millions and millions of computers around the world. And what they do is if you transfer Bitcoin to Eric, all of those computers have to agree that that happened. And then they go onto the next transaction. How do they agree it happened? I'm going to send him something to you. To his wallet. Yes. His electronic wallet that's not real wallet. Correct. So there's two things. There's how do you confirm that specific transaction? Then how do you confirm the historical transactions. So one is, how do you confirm that specific transaction? If you transfer to his wallet, you basically are sending the coins to his wallet and then it's getting into into the ledger. So that's why kind of it's it's not your key, it's not your wallet is the whole thing which is like you have to control where your Bitcoin is and how it's transferred. But the other key thing is, who stops the network from going back and saying, you know what? Five transactions ago, you actually didn't send a Bitcoin to Eric, you sent it to me. How do you prevent that from happening? And so that's what all these computers do. They say, we are verifying, individual independent computers around the whole world, around the whole world. That's right. That's right. So this is an internet, you know, a cryptographic system that they've created to kind of work within the network. And so it's decentralized, which means there's no single point of failure. And so why is that important? Because it's incredibly secure. It's impossible to hack. You can't hack Bitcoin. So then, you know, if you talk about the CIA, they're hacking our network, they're stealing your data, they're doing all the things that they do. But you can't hack Bitcoin. It's impossible to hack. It's secured by cryptography and it's secured by this network of millions of computers that are all working together to verify the transactions. And so you can't hack it. It's like trying to hack the internet. It's impossible. And so, you know, Bitcoin is the ultimate store of value. It's the ultimate hedge against inflation. It's the ultimate form of money. And it's the ultimate form of decentralized money that you can trust because it's not controlled by any single entity. It's controlled by the network. And so you have trust in the network itself. And so that's why Bitcoin is so powerful. It's because it's decentralized, it's secure, it's immutable, and it's scarce. And so it's going to continue to be the future of money. And it's going to continue to be the future of store of value. And it's going to continue to be the future of digital assets. And so, you know, I'm very excited about the future of Bitcoin. I'm very excited about the future of cryptocurrency. And I think it's going to change the world."} ]

[ { "start": "00:01:01", "text": "The rules are only twenty one million Bitcoin ever." }, { "start": "00:01:04", "text": "Every four years, the amount of Bitcoin that get released gets cut in half." }, { "start": "00:01:09", "text": "A is the chairman of American Bitcoin." }, { "start": "00:01:12", "text": "Eric Trump's Bitcoin mining and holding company that went public in September 2025." }, { "start": "00:01:17", "text": "So if you run the math, that's why in 20140, you'll get 21 million Bitcoin and then that's it. That's the amount of Bitcoin that's that's out there." }, { "start": "00:01:23", "text": "The cryptocurrency has exploded in value in the more than 15 years since its launch." }, { "start": "00:01:28", "text": "In data centers like this, servers process payments between Bitcoin users." }, { "start": "00:01:33", "text": "In exchange for lending their computing power, companies like American Bitcoin are rewarded with Bitcoin as currency." }, { "start": "00:01:39", "text": "We mine about 8 to 10 Bitcoin a day." }, { "start": "00:01:40", "text": "Monetarily, we're talking about thousands of dollars or so forth and tens of thousands of dollars." }, { "start": "00:01:45", "text": "And this facility, five football fields in length, is designed to cash in on Bitcoin's skyrocketing price." }, { "start": "00:01:51", "text": "Have you been to this facility before?" }, { "start": "00:01:52", "text": "Yeah, actually my first time here. This is brand new for for us." }, { "start": "00:01:55", "text": "And, and we're building multiple different facilities and we have mining all over the place and, uh, we're growing." }, { "start": "00:02:01", "text": "Growing, we're growing." }, { "start": "00:02:02", "text": "Eric Trump and Goot first met in Southern Florida through mutual friends." }, { "start": "00:02:05", "text": "And I was telling him a bit more of what we were doing and building out Ht eight. And we really jammed over actually building real physical infrastructure. And I showed him photos of this facility, of other facilities that we have." }, { "start": "00:02:15", "text": "And I was like, this is what our intentions are. They said, listen, we're already doing the data center concept. And you love Bitcoin, we love Bitcoin, we believe in Bitcoin. Why don't we use Ht eight's infrastructure?" }, { "start": "00:02:24", "text": "Hut eight is Goot's other company, which operates data centers, power plants, and had a long-standing Bitcoin mining business." }, { "start": "00:02:32", "text": "When Goot and Trump decided to go into business together in March of 2025, Hut eight cleaved off a portion of its Bitcoin mining arm to set up a new entity with Eric Trump." }, { "start": "00:02:42", "text": "They called it American Bitcoin." }, { "start": "00:02:44", "text": "Though its holdings are still smaller than Hut eight's, American Bitcoin has amassed one of the biggest hordes of Bitcoin on a public company's balance sheet, mainly through selling the stock to buy crypto." }, { "start": "00:02:53", "text": "And as of early January, the new company had about $500 million worth of Bitcoin on its balance sheet." }, { "start": "00:02:59", "text": "Enabling it to vault into the top 20 of the largest Bitcoin digital asset treasuries." }, { "start": "00:03:04", "text": "A type of crypto financial play in which companies raise money by issuing debt and equity and then use that cash to buy crypto for their balance sheets." }, { "start": "00:03:11", "text": "The business relies on the assumption that investors will buy the treasury company's stock to profit from the digital assets without owning them directly." }, { "start": "00:03:18", "text": "The financial play became popular last year, but investor enthusiasm for these particular types of companies has waned." }, { "start": "00:03:24", "text": "While some in crypto still believe there's a place for digital asset treasuries that hold Bitcoin, there's also a growing portion of the industry who believe that the model, which was once profitable, isn't sustainable over the long term." }, { "start": "00:03:36", "text": "Hut eight was around a market cap of $1.2 billion. Now, the combined market cap of both companies is around 8 or 9 as of like market close on Friday." }, { "start": "00:03:43", "text": "Is that just the Trump effect?" }, { "start": "00:03:45", "text": "No, I mean, Hut eight owns about a billion dollars of Bitcoin on the balance sheet." }, { "start": "00:03:49", "text": "And we own a gigawatt of assets that we operate today. And then the American Bitcoin, if we think about our company that was started April 1st of this year." }, { "start": "00:03:56", "text": "And the first quarter we released, we did over $60 million of revenue at a 56% margin. And I think that's better than some companies that have been around for 10 plus years." }, { "start": "00:04:05", "text": "Hut eight still operates this data center, owns the land, and employs the technicians. But American Bitcoin owns the tens of thousands of servers that generate the crypto." }, { "start": "00:04:15", "text": "We're the actual data center technicians. We do this stuff all day. They should start blinking here any second now." }, { "start": "00:04:25", "text": "Eric Trump first got interested in crypto around 2021, following the end of his father's first term in office." }, { "start": "00:04:31", "text": "It was around then when Donald Trump was facing mounting legal and financial hurdles that Eric says major banks started closing his family's accounts." }, { "start": "00:04:38", "text": "I have become the most de-banked human being in the history of de-banked human beings." }, { "start": "00:04:42", "text": "Debanking is a term used to describe when banks deny customers access to financial services." }, { "start": "00:04:47", "text": "I have unbelievable assets. Have great cash flow. Never had a default. Never have a breach of any covenant. But because my father was wearing a hat that said, make America great again, they watched pull our accounts. Capital One pulled our accounts. JP Morgan pulled our accounts. Bank of America pulled our accounts." }, { "start": "00:05:01", "text": "All three banks have denied that they'd closed customer accounts because of political stances and would not comment on Eric Trump's specific allegations." }, { "start": "00:05:09", "text": "In general, banks say they weigh a variety of factors when closing accounts, including financial, regulatory, and legal risks." }, { "start": "00:05:16", "text": "We don't de-bank people because of their political religious affiliations." }, { "start": "00:05:20", "text": "Losing their accounts at major banks prompted the Trumps to expand beyond real estate to digital currencies." }, { "start": "00:05:25", "text": "Crypto is worldwide." }, { "start": "00:05:27", "text": "Crypto is 24 hours a day, 7 days a week." }, { "start": "00:05:31", "text": "Go to JP Morgan. Go try and get a loan from them. You're gonna have to go through this and you're gonna have to go through that. And crypto doesn't have any of that." }, { "start": "00:05:36", "text": "Crypto gives you transparency, it gives you efficiency." }, { "start": "00:05:40", "text": "And in 2024, Eric announced the launch of his first crypto business, World Liberty Financial." }, { "start": "00:05:45", "text": "We certainly went into crypto in a very, very big way. It was certainly in reaction to everything that those big banks had done to us." }, { "start": "00:05:50", "text": "And despite the president's previous criticisms," }, { "start": "00:05:52", "text": "Bitcoin, I I just seems like a scam." }, { "start": "00:05:56", "text": "Donald Trump signaled a full pivot to crypto during his 2024 bid for a second presidential term. And as crypto executives donated millions to his campaign." }, { "start": "00:06:04", "text": "And I'm laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world." }, { "start": "00:06:13", "text": "American Bitcoin is just one prong, and the Trump family's growing crypto empire." }, { "start": "00:06:17", "text": "The family has historically made its money from real estate, but according to Fortune's own analysis, over the past year and a half, the Trumps have amassed more than $3 billion on paper through a complex array of coins and companies." }, { "start": "00:06:29", "text": "There's American Bitcoin." }, { "start": "00:06:30", "text": "The company in Vega." }, { "start": "00:06:31", "text": "Eric is a co-founder and chief strategy officer." }, { "start": "00:06:34", "text": "Donald Trump Jr., Trump's eldest son, is an investor." }, { "start": "00:06:38", "text": "World Liberty Financial, one of the Trump's most lucrative ventures on paper. The project has both its own cryptocurrency and stable coin, which is like a digital dollar." }, { "start": "00:06:46", "text": "President Trump and his three sons were listed as co-founders. Trump's special envoy to the Middle East, Steve Wickoff, and his sons were also co-founders." }, { "start": "00:06:54", "text": "Earlier this year, World Liberty Financial applied for a federal banking license." }, { "start": "00:06:58", "text": "Meme coins. President Trump and the first lady have both promoted their own meme coins." }, { "start": "00:07:03", "text": "Think cryptocurrencies whose value is often tied to the popularity of a cultural joke or notable person." }, { "start": "00:07:09", "text": "Trump Media and Technology, the holding company for Truth Social and other projects, which is run by Trump advisor Devon Nunes. It's buying Bitcoin, issuing crypto ETFs and launching its own cryptocurrency. And the fifth is the Trump organization itself." }, { "start": "00:07:22", "text": "We have a lot of crypto on our on our balance sheet. We believe in crypto." }, { "start": "00:07:26", "text": "How much Bitcoin do you have on your balance sheet?" }, { "start": "00:07:27", "text": "We're a private company, so I'm not gonna I'm not gonna mention." }, { "start": "00:07:29", "text": "Would you give me a range?" }, { "start": "00:07:30", "text": "It's substantial." }, { "start": "00:07:32", "text": "More than 100 million?" }, { "start": "00:07:33", "text": "Absolutely." }, { "start": "00:07:34", "text": "More than 500 million?" }, { "start": "00:07:35", "text": "Probably." }, { "start": "00:07:36", "text": "That growth in crypto riches has coincided with Trump's second term in office, where he's pushed a series of pro crypto measures. Trump has signed bipartisan legislation that regulates stable coins, issued crypto friendly executive orders, and he's pardoned several people convicted of crypto related crimes." }, { "start": "00:07:53", "text": "Much of this has raised questions for ethics experts like Richard Berfault, who is a professor of constitutional law and government ethics at Columbia Law School." }, { "start": "00:08:01", "text": "You never know whether they're making the decision on the merits, what they view is the right thing for the country, or because it's good for them and their family, or whether they even see a difference between the two. If you're big in crypto, are you liberalizing the rules on crypto because you think it's a really good industry and people should be involved in it, or because you're doing it because it's good for you, or some hybrid of the two?" }, { "start": "00:08:26", "text": "Eric Trump has said that the president is merely implementing good policy for the US when he focuses on crypto regulation." }, { "start": "00:08:32", "text": "Berfault says the ethical concern isn't that presidents benefit from good policy, they should. It's when that policy appears to favor targeted interests." }, { "start": "00:08:41", "text": "That's a confluence of sort of disproportion that if the president or anybody else's, you know, distinctively benefited by these decisions." }, { "start": "00:08:49", "text": "Those within the crypto industry also recognize the potential for conflicts of interest." }, { "start": "00:08:53", "text": "The value of the Trump brand includes Trump. Right? Like there is no way around that. It's inescapable." }, { "start": "00:09:04", "text": "Austin Campbell is a longtime finance executive who now runs a crypto consulting agency." }, { "start": "00:09:09", "text": "He's also testified in Congress about crypto legislation." }, { "start": "00:09:11", "text": "Eric, I understand wants to be his own person, be involved in these businesses. But the reality is the magnitude of attention and capital and sort of like gravitas that they can have in this space is directly related to Donald Trump and his being president of the United States." }, { "start": "00:09:27", "text": "In a statement, White House Press Secretary Caroline Leavitt echoed Eric, saying in part, neither the president nor his family have ever engaged or will ever engage in conflicts of interest." }, { "start": "00:09:39", "text": "The Trumps aren't just contending with critics. They're also facing a volatile cryptocurrency market." }, { "start": "00:09:44", "text": "American Bitcoin shares have plummeted by more than 70% since it first went public." }, { "start": "00:09:48", "text": "Like other digital asset treasury companies, its shares got hammered when the price of Bitcoin tumbled in October. The Trumps' other crypto assets have seen a downturn as well." }, { "start": "00:09:57", "text": "Obviously the market's crashing now. We're talking about American Bitcoin. Does it shake your confidence at all?" }, { "start": "00:10:02", "text": "Zero. In fact, I've got more conviction on cryptocurrency now than I've ever before. Volatility is our friend in crypto assets." }, { "start": "00:10:10", "text": "But Eric remains optimistic. Their crypto is both good for his pocketbook and for America." }, { "start": "00:10:15", "text": "That's what we are focusing on each and every day. And to have machines like this in American heartlands, in West Texas using American energy, mining, I think one of the great assets of our time, right here in the United States, to not lose that competitive advantage to every country around the world. And they are all sprinting." } ]

[ {"start": "00:00:00", "text": "The holy grail of US crypto regulation was just hours away from a historic vote."}, {"start": "00:01:06", "text": "The one thing that would finally end the tidal wave of institutional capital."}, {"start": "00:01:16", "text": "The one thing that would end the SEC's war on crypto and send us to the moon."}, {"start": "00:01:49", "text": "It was supposed to be the day the Clarity Act moved out of committee and onto the Senate floor."}, {"start": "00:01:59", "text": "But then the industry itself pulled the plug."}, {"start": "00:02:07", "text": "In a twist that few saw coming, one of the biggest players in crypto looked at the bill they'd spent millions of dollars lobbying for and said, no thanks."}, {"start": "00:02:28", "text": "So what exactly happened in those final 48 hours?"}, {"start": "00:02:40", "text": "Did the banks sabotage the bill? Did the politicians try to slip in a Trojan horse?"}, {"start": "00:02:53", "text": "Or did the crypto industry just realize that clarity came at a price they weren't willing to pay?"}, {"start": "00:03:03", "text": "This is the story of how Washington almost codified a catastrophe and why the regulatory vacuum might be here to stay."}, {"start": "00:03:31", "text": "My name is Guy, and this is the Coin Bureau."}, {"start": "00:03:57", "text": "Okay, now before we begin, you need to know that I'm not a financial advisor and nothing in this video is financial or investment advice."}, {"start": "00:04:11", "text": "This is educational content intended to help you navigate the absolute circus that is Capitol Hill."}, {"start": "00:04:27", "text": "If that sounds good, then go ahead and punch that like button like it just tried to ban your stablecoin yield and let's get into it."}, {"start": "00:04:35", "text": "So, to understand why this collapse is such a big deal, we first have to set the stage."}, {"start": "00:04:44", "text": "We're in January 2026."}, {"start": "00:04:47", "text": "The crypto market has been holding its breath for the Digital Asset Market Clarity Act, or just the Clarity Act."}, {"start": "00:05:20", "text": "After the Genius Act was signed into law last year, which finally gave us a framework for payment stablecoins, the Clarity Act was supposed to be the big one."}, {"start": "00:06:00", "text": "This was the market structure bill, and the goal was simple: end the turf war between the SEC and the CFTC."}, {"start": "00:06:33", "text": "For most of the last five years, we'd lived in a world where Gary Gensler claimed that everything except Bitcoin was a security."}, {"start": "00:07:05", "text": "The Clarity Act was supposed to fix that by introducing the concept of a mature blockchain."}, {"start": "00:07:38", "text": "Basically, if a network could prove it was decentralized, meaning no single person or group controlled more than 20% of the tokens or voting power, then it would be classified as a digital commodity under the jurisdiction of the CFTC, rather than the SEC."}, {"start": "00:10:14", "text": "This was the holy grail."}, {"start": "00:10:17", "text": "It meant that truly decentralized crypto projects could finally operate without the constant threat of a Wells notice."}, {"start": "00:11:17", "text": "Senate Banking Committee Chairman Tim Scott had been working on this for months. The White House wanted it. The crypto industry wanted it."}, {"start": "00:11:25", "text": "It looked like a done deal."}, {"start": "00:11:31", "text": "But then came the midnight amendments."}, {"start": "00:11:49", "text": "Late on Monday night, the 12th of January, just three days before the scheduled vote, Senator Scott's office released a 278-page amendment to the bill."}, {"start": "00:12:14", "text": "Now, in Washington, they call this a manager's amendment, and it's supposed to be a cleanup of the text, fixing typos and clarifying language."}, {"start": "00:12:47", "text": "But when the lawyers at Coinbase, Kraken, and A16z started reading the fine print, they realized this wasn't a cleanup."}, {"start": "00:13:05", "text": "Shit."}, {"start": "00:13:10", "text": "It was a rewrite, and it was filled with poison pills."}, {"start": "00:13:14", "text": "The first poison pill was a de facto ban on tokenized equities."}, {"start": "00:13:24", "text": "Now, for the last year, the narrative for 2026 has been real world assets."}, {"start": "00:13:34", "text": "We've been talking about tokenizing stocks, bonds, real estate, and much more besides."}, {"start": "00:13:42", "text": "Coinbase had publicly stated that their strategy for 2026 involved launching a market for tokenized stocks."}, {"start": "00:13:57", "text": "But the new text of the Clarity Act effectively said that you cannot trade a token that represents a security on a blockchain."}, {"start": "00:14:15", "text": "Just think about that. The technology that promises to make markets more efficient, instant, and transparent was about to be banned from touching the stock market."}, {"start": "00:14:26", "text": "It's a bit like banning the internet from being used for mail because the post office exists."}, {"start": "00:14:31", "text": "But that wasn't even the worst part."}, {"start": "00:14:35", "text": "What?"}, {"start": "00:14:37", "text": "The second poison pill was a direct attack on your wallet and a massive gift to the traditional banks."}, {"start": "00:14:58", "text": "We know that the banking lobby has long been terrified of stablecoins. Why is that?"}, {"start": "00:15:05", "text": "Well, because right now, you can hold USDC or USDT, and on some platforms, earn four or five percent yield."}, {"start": "00:15:23", "text": "Banks hate this because they want you to keep your money in one of their crappy savings accounts, earning 0.01%, so they can lend it out at 7%."}, {"start": "00:15:44", "text": "Now, the Genius Act last year banned issuers like Circle from paying interest."}, {"start": "00:15:54", "text": "But the new clarity amendment expanded that ban to everyone."}, {"start": "00:16:01", "text": "It aims to prohibit crypto exchanges and platforms from passing any yield onto customers simply for holding stablecoins."}, {"start": "00:16:20", "text": "Coinbase CEO Brian Armstrong called this out specifically."}, {"start": "00:16:27", "text": "He said it was a provision designed to quote, allow banks to ban their competition."}, {"start": "00:16:36", "text": "If this bill were to pass with this provision, then the crypto industry would lose one of its best user acquisition tools, and the banks would maintain their monopoly on interest."}, {"start": "00:16:52, "text": "It's a classic case of attempted regulatory capture."}, {"start": "00:17:07", "text": "And finally, we have the third poison pill: new powers for the Office of Foreign Assets Control, or OFAC, targeting DeFi."}, {"start": "00:17:30", "text": "The amendment included language that would force DeFi front ends, the websites you use to interact with say Uniswap or Ave, to comply with strict sanctions screening and anti-money laundering rules."}, {"start": "00:18:04", "text": "Now, on the surface, stopping money laundering sounds good. But in practice, this language was so broad that it could require a decentralized exchange to collect your name, address, and social security number before you could even connect your wallet."}, {"start": "00:18:31", "text": "It would effectively turn DeFi into CeFi with extra steps."}, {"start": "00:18:36", "text": "It would kill the privacy and permissionless nature that makes this technology valuable in the first place."}, {"start": "00:18:47", "text": "So, you have a bill that seeks to ban tokenized stocks, kill stablecoin yield, and surveil DeFi."}, {"start": "00:18:56", "text": "And this is where things got interesting."}, {"start": "00:19:01", "text": "Because despite all of this, some parts of the crypto industry still wanted to push ahead."}, {"start": "00:19:06", "text": "There was a rush to vote."}, {"start": "00:19:12", "text": "Leadership in the Senate wanted to jam this bill through before the 2026 mid-term election cycle took over."}, {"start": "00:19:20", "text": "They figured that a bad bill was better than no bill, and that they could fix it in post."}, {"start": "00:19:32", "text": "But one company decided that the price was too high."}, {"start": "00:19:40", "text": "And if you're trading crypto in this volatile environment, you need an exchange that is actually on your side."}, {"start": "00:19:47", "text": "And that is why you have to check out the Coin Bureau deals page."}, {"start": "00:19:53", "text": "This is where we curate the best sign-up bonuses, fee discounts, and cashback offers in the entire industry."}, {"start": "00:20:03", "text": "We're talking about potential sign-up bonuses of up to $100,000, trading fee discounts of up to 50%, and deposit kickbacks of up to 75%."}, {"start": "00:20:18", "text": "So, if you're going to be trading the volatility caused by this regulatory mess, you might as well get paid to do it."}, {"start": "00:20:29", "text": "So, just hit the link in the description or scan the QR code on the screen right now. It'll take you directly to the deals page where you can see all of our vetted partners."}, {"start": "00:20:42", "text": "And now, back to the drama."}, {"start": "00:20:52", "text": "So, on Tuesday, the 14th of January, less than 24 hours before the markup, Coinbase walked."}, {"start": "00:21:03", "text": "Brian Armstrong posted a thread on X that effectively nuked the bill."}, {"start": "00:21:10", "text": "He said, \"We'd rather have no bill than a bad bill.\""}, {"start": "00:21:14", "text": "And this was the turning point."}, {"start": "00:21:22", "text": "Now, you have to understand the power dynamics here."}, {"start": "00:21:28", "text": "Coinbase is the 800-pound gorilla of US crypto lobbying."}, {"start": "00:21:34", "text": "They have spent millions trying to get regulations passed."}, {"start": "00:21:40", "text": "So, for them to publicly withdraw support was a massive signal to every Republican on the committee."}, {"start": "00:21:50", "text": "Armstrong specifically cited the ban on tokenized equities and the stablecoin yield issue."}, {"start": "00:21:59", "text": "He realized that if this bill passed, it would essentially outlaw Coinbase's future business model."}, {"start": "00:22:06", "text": "But here's where it gets really spicy."}, {"start": "00:22:12", "text": "The industry was not united."}, {"start": "00:22:19", "text": "While Coinbase and A16z were slamming the bill for killing DeFi and privacy, other players like Kraken and Ripple were reportedly trying to salvage it."}, {"start": "00:22:36", "text": "Ripple CEO Brad Garlinghouse posted that quote, \"Clarity beats chaos,\" implying that even a flawed bill was better than the endless lawsuits they've been fighting for years."}, {"start": "00:22:47", "text": "Kraken's co-CEO, Arjen Seith, argued that walking away now would leave American companies in limbo while the rest of the world moves forward."}, {"start": "00:22:59", "text": "So, we had a civil war."}, {"start": "00:23:03", "text": "On one side, the purists who refused to accept a bill that crippled innovation."}, {"start": "00:23:12", "text": "On the other side, the pragmatists who were desperate for any kind of legal shield."}, {"start": "00:23:21", "text": "But in the end, Coinbase's withdrawal was the final nail in the coffin."}, {"start": "00:23:28", "text": "Why?"}, {"start": "00:23:33", "text": "Because the politics didn't add up."}, {"start": "00:23:40", "text": "To pass this bill, Senator Tim Scott needed 60 votes in the full Senate."}, {"start": "00:23:47", "text": "That meant he needed bipartisan support."}, {"start": "00:23:51", "text": "But with the industry split, he lost the cover he needed."}, {"start": "00:23:54", "text": "Republicans started getting cold feet."}, {"start": "00:24:00", "text": "They didn't want to be seen celebrating a bill that the biggest crypto company in America was calling anti-innovation."}, {"start": "00:24:09", "text": "Especially with a pro-crypto White House watching closely."}, {"start": "00:24:13", "text": "Meanwhile, on the Democrat side, you had Senator Elizabeth Warren."}, {"start": "00:24:20", "text": "Although she wasn't opposing the bill because it was too harsh, she was opposing it because she thought it was too soft."}, {"start": "00:24:25", "text": "She sent a letter to the SEC just days before warning that the bill didn't do enough to protect consumers from crypto predation."}, {"start": "00:24:34", "text": "So, you had a situation where the Republicans were bailing because the bill was too strict, and the Democrats were bailing because it wasn't strict enough."}, {"start": "00:24:41", "text": "The center collapsed."}, {"start": "00:24:47", "text": "On the evening of Wednesday, the 14th of January, the Senate Banking Committee officially announced that the markup was postponed."}, {"start": "00:24:58", "text": "They didn't say canceled. They said postponed. But let's be honest."}, {"start": "00:25:03", "text": "In Washington, a postponement this close to an election year is often a death sentence."}, {"start": "00:25:11", "text": "So, where does that leave us?"}, {"start": "00:25:14", "text": "Well, we're now back in the regulatory vacuum, and the market reaction was immediate."}, {"start": "00:25:22", "text": "We saw volatility in Bitcoin and Ethereum as traders realized that the regulatory pump wasn't coming."}, {"start": "00:25:33", "text": "Without the Clarity Act, we're stuck with the status quo. And as much as Brian Armstrong said the bill was worse than the status quo, the status quo isn't exactly a picnic."}, {"start": "00:25:49", "text": "It means we could be back to regulation by enforcement."}, {"start": "00:25:54", "text": "Even with a new administration, the SEC still has the authority to investigate and sue crypto projects."}, {"start": "00:26:05", "text": "The difference now is that there are no new rules to stop them."}, {"start": "00:26:11", "text": "The innovation exemption that SEC chair Paul Atkins proposed is still just a promise. It's not law."}, {"start": "00:26:17", "text": "And what about the institutions?"}, {"start": "00:26:20", "text": "Remember, the whole point of this bill was to give big money the confidence to enter the market."}, {"start": "00:26:29", "text": "BlackRock, Fidelity, the pension funds, they all want legislative certainty."}, {"start": "00:26:38", "text": "With the bill in limbo, likely until after the 2026 mid-term elections or even into 2027, that institutional capital might stay on the sidelines a little longer."}, {"start": "00:26:46", "text": "Or, and here's the cynical take, they might just find a way to do it anyway."}, {"start": "00:26:53", "text": "Remember the poison pill about banks, the one that allowed them to custody crypto without holding massive reserves?"}, {"start": "00:27:02", "text": "That was in the bill."}, {"start": "00:27:05", "text": "Now that the bill is stalled, the banks are technically still blocked by SAB 121 rules."}, {"start": "00:27:13", "text": "So, in a weird way, the failure of this bill keeps the banks out of crypto for a bit longer."}, {"start": "00:27:21", "text": "But here is the real lesson from this week."}, {"start": "00:27:27", "text": "In the rush for clarity, Washington almost codified catastrophe."}, {"start": "00:27:35", "text": "And the crypto industry proved something important this week."}, {"start": "00:27:40", "text": "It, or at least some elements of it, at least, proved that it has a spine."}, {"start": "00:27:47", "text": "For years, crypto has been begging for a seat at the table."}, {"start": "00:27:54", "text": "But when they finally got there and saw what was on the menu - a ban on DeFi, a ban on yield, and tokenization - they stood up and walked out."}, {"start": "00:28:06", "text": "That's a sign of maturity."}, {"start": "00:28:09", "text": "It shows that the industry is powerful enough to kill bad legislation, even if it means waiting longer for good legislation."}, {"start": "00:28:18", "text": "Now, there is talk of another markup, scheduled for the 27th of January."}, {"start": "00:28:25", "text": "But let's be real."}, {"start": "00:28:30", "text": "Without the banking committee's support and without a unified industry, that session is looking like a dead man walking."}, {"start": "00:28:38", "text": "The 2026 mid-term elections are looming."}, {"start": "00:28:42", "text": "The legislative window is closing fast."}, {"start": "00:28:46", "text": "If they can't fix the poison pills, if they can't find a way to allow stablecoin yield and tokenized equities, then maybe we won't see a market structure bill until 2027 at the earliest."}, {"start": "00:29:02", "text": "And you know what? That might be okay."}, {"start": "00:29:07", "text": "Because if the alternative is a law that turns crypto into nothing more than a digital database for the big banks, then maybe the wild west isn't so bad after all."}, {"start": "00:29:17", "text": "But I want to know what you folks think."}, {"start": "00:29:21", "text": "Did Coinbase make the right move by killing the bill, or should they have taken the deal to get regulatory clarity?"}, {"start": "00:29:28", "text": "Let me know in the comments below."}, {"start": "00:29:32", "text": "If you want to know which altcoins might actually survive this regulatory purge, then you can check out the video right over here."}, {"start": "00:29:43", "text": "And if you're wondering how the 2026 mid-terms could reshape the entire crypto landscape, well, you can find out in the video over here."}, {"start": "00:29:52", "text": "Okay, thank you all so much for watching, and I'll see you again very soon."}, {"start": "00:29:59", "text": "This is Guy, signing off."} ]

[ {"start": "00:00:00", "text": "The era of financial privacy is ending."}, {"start": "00:01:00", "text": "A new global framework is forcing crypto exchanges to report everything to tax authorities. And what's crazy is that most people have no idea that it's even happening."}, {"start": "00:01:14", "text": "That's why today, we're going to tell you everything you need to know about this secret framework, including where it came from, which countries are implementing it, and just how concerned you should be."}, {"start": "00:01:26", "text": "My name is Lewis and you're watching The Coin Bureau."}, {"start": "00:01:31", "text": "Before we begin, though, you need to know that I am not a financial advisor and nothing in this video is financial or investment advice. It's educational content intended to explain a new global crypto tax framework."}, {"start": "00:01:42", "text": "If you hate taxes as much as I do, then karate chop that like button and let's get going."}, {"start": "00:01:48", "text": "Now, as crypto's adoption has grown, regulators have started sounding the alarm around things like tax evasion. Many have pushed for stricter oversight of the crypto market, and they've finally got what they want."}, {"start": "00:01:00", "text": "It's called CARF, or CARF, and it would mark the end of privacy in crypto."}, {"start": "00:01:07", "text": "CARF stands for the Crypto Asset Reporting Framework. In a nutshell, it's a global initiative modeled on the Common Reporting Standard, or CRS, used in traditional banking."}, {"start": "00:01:18", "text": "For context, CRS requires banks to automatically share information on overseas financial accounts to help combat tax evasion. CARF basically takes the CRS framework and extends it to crypto."}, {"start": "00:01:33", "text": "In practical terms, CARF requires crypto asset service providers, or CASPs, to report user transaction data to tax authorities. These include centralized exchanges, brokers, and some wallet providers."}, {"start": "00:01:46", "text": "Some DeFi intermediaries may also be included, but fully decentralized, non-custodial platforms are generally exempt."}, {"start": "00:01:53", "text": "Put simply, anytime a centralized entity is involved, your transaction data could be reported."}, {"start": "00:02:00", "text": "So then, what data actually gets reported?"}, {"start": "00:02:02", "text": "Well, CASPs must report user identity and tax details to the appropriate regulator. Plus, summarized transaction data, including crypto-to-fiat swaps, crypto-to-crypto trades, and transfers of crypto assets."}, {"start": "00:02:17", "text": "The problem is that this information will be connected to your identity because of the KYC process you did to use your CASP."}, {"start": "00:02:24", "text": "Unsurprisingly, this has become one of the most controversial aspects of CARF, especially for those who came into crypto expecting privacy."}, {"start": "00:02:33", "text": "And this begs the question of who's behind CARF? The answer is the Organisation for Economic Co-operation and Development, or OECD."}, {"start": "00:02:43", "text": "Not surprisingly, the OECD also developed the CRS framework that CARF is based on. For those unfamiliar, the OECD is a global organization made up of 38 of the world's largest economies. Its official goal is to improve economic and social well-being around the world by sharing data and coordinating global policies and regulations, especially around finance."}, {"start": "00:03:06", "text": "But some would argue that its unofficial goal is to increase financial surveillance and control."}, {"start": "00:03:13", "text": "Case in point, the stated goal of CARF is to improve global tax transparency by standardizing how crypto tax data is collected and shared between countries."}, {"start": "00:03:23", "text": "But, as you've probably noticed, that's really just code for collecting more of your data."}, {"start": "00:03:28", "text": "This means that the CARF functions like a global surveillance system built specifically for crypto. However, it's worth noting that the OECD isn't some elite organization or global government. It can't force countries to do anything, can only make recommendations."}, {"start": "00:03:45", "text": "Still, this hasn't stopped 48 jurisdictions from adopting CARF to tax crypto users, including the UK, the EU, and other major countries and jurisdictions."}, {"start": "00:03:55", "text": "Moreover, the global CARF model integrates well with existing regulations in many countries. For example, it aligns with the Travel Rule under the EU's MiCA regulation, which mandates crypto platforms to share sender and receiver info."}, {"start": "00:04:10", "text": "It also fits with the EU's Directive on Administrative Co-operation, or DAC 8, which applies CARF-style reporting across member states."}, {"start": "00:04:19", "text": "So, when will this framework become operational?"}, {"start": "00:04:22", "text": "Well, technically, it already is. The first of January 2026 marked the start of this reporting period, meaning platforms must begin collecting data. However, we should note that the actual reporting and international exchange of the data won't happen until 2027, which isn't really all that far away."}, {"start": "00:04:41", "text": "Now, the good news is that the CARF will only affect centralized platforms. This means that you can protect yourself from CARF by keeping your crypto assets in self-custody. And the best way to do that is to use a hardware wallet. Luckily, you can find discounts on some of the best hardware wallets around on The Coin Bureau deals page."}, {"start": "00:05:00", "text": "You'll also find exchange sign-up bonuses of up to $100,000, trading fee discounts of up to 50%, and deposit cashbacks of up to 75% on the best crypto exchanges."}, {"start": "00:05:11", "text": "Just hit the link in the description below or scan this QR code, which will take you right to the deals page. There, you'll see all of our offers across a range of exchange partners. Then, click one of the sign-up now buttons, then that'll take you right to the deal."}, {"start": "00:05:25", "text": "Remember, though, these deals won't be around forever. So take advantage of them while you still can by using the description below or by scanning on the QR code."}, {"start": "00:05:34", "text": "But now, let's get back to the video. As noted earlier, CARF has sparked plenty of debate around crypto privacy. And, as you'll recall, platforms must now collect KYC data, linking your real-world identity to your account."}, {"start": "00:03:46", "text": "However, CARF doesn't require directly reporting your wallet address. Instead, your account gets a unique identifier, and it's this ID that's shared with tax authorities. But, of course, the end result is still the same."}, {"start": "00:05:58", "text": "Anyone who touches regulated crypto infrastructure, be that an exchange, on or off ramps, or even some crypto-friendly banks, is getting doxxed."}, {"start": "00:06:07", "text": "But it doesn't stop there. Pretty much any aspect of crypto that touches on finance is included under the CARF model."}, {"start": "00:06:15", "text": "So, stablecoin flows, deposits, and withdrawals too. And what's more is that once you interact with a CARF-covered platform, your transaction data and identity isn't just reported to your local government. It's reported to governments worldwide."}, {"start": "00:06:29", "text": "Now, to be fair, the CARF is designed this way to prevent investors from exploiting offshore tax loopholes. But once your identity is reported, there's no taking it back."}, {"start": "00:06:38", "text": "That's concerning on its own. But if any data is wrong, like a misreported transaction or incorrect personal info, it can be incredibly hard to fix. And because this information is shared globally, these mistakes could have serious consequences."}, {"start": "00:06:54", "text": "For instance, a totally innocent person could face unexpected issues around things like visas and financial accounts, or could even face cross-border legal trouble just because they were incorrectly flagged because of CARF rules."}, {"start": "00:07:08", "text": "And the worst part is that even if the shared data is wrong, it will still look like solid evidence on paper. In other words, it could be incredibly hard to disprove and almost impossible to do without doxing yourself anyways."}, {"start": "00:07:20", "text": "Another concern relates to insider abuse. In a nutshell, employees and contractors at exchanges and other intermediaries could access personal and transaction data before it's reported to authorities. Without strict internal controls within these platforms, there's a real risk of insiders leaking users' data, or even their own identities, for their own personal gain."}, {"start": "00:07:51", "text": "Incidentally, similar concerns came up during the rollout of the CRS, with worries about insider abuse and data leaks. And it turns out those fears weren't unfounded. Several issues unfolded, leading to problems ranging from unauthorized sharing of financial info to full-on identity theft. Yikes."}, {"start": "00:08:10", "text": "But the biggest concern of all is that the data shared under CARF is being shared with governments, which, to be polite, aren't always that trustworthy."}, {"start": "00:08:18", "text": "Not only does having so much financial information on a government database make it a prime target for hackers, but there's also the risk of this data being abused by the governments themselves."}, {"start": "00:08:29", "text": "After all, what's stopping governments from using this data later on down the line for things like policing, sanctions, benefit eligibility, and much more besides?"}, {"start": "00:08:38", "text": "This sparks fears that what we're really seeing is a truly dystopian big brother system being rolled out before our very eyes. Keep that in mind for later."}, {"start": "00:08:49", "text": "Now, by this point, you may be thinking that the easiest way to avoid your personal data being traced is to use a non-KYC platform, and you'd be absolutely right. But there's just one problem, though."}, {"start": "00:09:00", "text": "Fiat on-ramping. Even if you use a non-KYC exchange, you'll still need to use a fiat on-ramp, and these almost always require KYC."}, {"start": "00:09:10", "text": "In other words, you may avoid KYC within the crypto ecosystem, but to actually get money in or out of it, you're going to be identified."}, {"start": "00:09:18", "text": "If you think you can evade this with privacy coins or protocols, well, think again. Regulators worldwide are increasingly treating privacy tools like mixers, privacy coins, and privacy-focused wallets as high-risk tools for money laundering, sanctions, evasion, and other illicit activities."}, {"start": "00:09:35", "text": "A prime example of this is the Tornado Cash saga. For anyone unfamiliar, Tornado Cash is a mixing protocol on Ethereum that uses ZK-SNARK cryptography to basically break up transaction links to shield the sender and receiver data of a transaction."}, {"start": "00:09:51", "text": "Tornado Cash launched in 2019 and went on to become one of crypto's biggest mixing protocols. However, in 2022, the protocol was sanctioned by the Treasury Department's Office of Foreign Asset Control, or OFAC."}, {"start": "00:10:05", "text": "Basically, they accused Tornado Cash of allegedly facilitating money laundering, supporting the Lazarus Group, a known Korean hacking collective, and even posing threats to American national security, among other things."}, {"start": "00:10:18", "text": "The thing is, many critics argue that Tornado Cash itself didn't do anything wrong. After all, it's just open-source code, and privacy isn't a crime. In fact, the UN considers it a basic human right."}, {"start": "00:10:31", "text": "In other words, the issue lies with how people use it, not the protocol itself."}, {"start": "00:10:35", "text": "That's why the Tornado Cash saga has become one of the most controversial debates in crypto history. But, of course, Tornado Cash is just one example."}, {"start": "00:10:44", "text": "Privacy-focused mixers, coins, and services are constantly under regulatory scrutiny worldwide."}, {"start": "00:10:51", "text": "Take Samurai Wallet, for instance. A Bitcoin wallet known for its integration of privacy features like Whirlpool and Ricochet. In 2024, the DOJ charged the Samurai Wallet's founders with conspiracy to operate an unlicensed money transmitting business, alleging the platform facilitated more than $2 billion in unlawful transactions and laundering over $100 million in criminal proceeds."}, {"start": "00:11:13", "text": "On top of this, peer-to-peer trading platforms are either shrinking or enforcing stricter KYC. While privacy coins like Monero, Zcash, and Dash face repeated de-listings and regulatory pressure in multiple jurisdictions."}, {"start": "00:11:23", "text": "And while decentralized exchanges are only partially exempt, they're only exempt when they meet the right conditions. Specifically, DEXs are only exempt when there's no identifiable operator that has control or influence over the protocol."}, {"start": "00:11:41", "text": "Now, at this point, it should be clear that increased surveillance and reporting on centralized KYC-based platforms will likely push users who value privacy or censorship resistance towards alternatives."}, {"start": "00:11:54", "text": "As a result, more capital could flow to DeFi, self-custody solutions, or privacy protocols."}, {"start": "00:12:01", "text": "This isn't just speculation, though. A survey from August last year found that 42% of respondents said they would increase their usage of privacy-enhancing technologies because of CARF. While 55% said that they were concerned about government access to transaction data."}, {"start": "12:16", "text": "If this survey is anything to go by, then this means that the demand for privacy-focused projects will likely skyrocket. This could be an incredibly bullish catalyst for cryptos like Monero's XMR, Zcash's ZEC, Dash's Dash, and a whole range of other privacy coins."}, {"start": "12:27", "text": "And, by the way, you could learn more about these cryptos by checking out the video right over here. And if you're wondering what narratives to watch closely in 2026, well, you could check out that video right over here."}, {"start": "12:34", "text": "Thank you all so much for watching. This is Lewis, and I will see you again in another video."} ]

[ { "start": "00:00:00", "text": "Charles Hoskinson is down 2.5 billion dollars in crypto over the last four years." }, { "start": "00:06:584", "text": "Not because the tech failed, not because retail was early." }, { "start": "00:10:304", "text": "It happened while this administration promised clarity, launched meme coins and left the industry stuck between regulation and chaos." }, { "start": "00:17:154", "text": "Retail got wiped out, builders got punished, Bitcoin became institutional and alt coins were horribly left behind." }, { "start": "00:25:054", "text": "So when Charles says 2026 is in a bull market, it's a reset." }, { "start": "00:28:444", "text": "He's not speculating." }, { "start": "00:30:224", "text": "In this conversation, he explains what actually went wrong." }, { "start": "00:33:040", "text": "Trump got elected, and then we all say, oh my God, this is going to be the best thing in the world, and the US government's going to pump our bags as an industry." }, { "start": "00:40:400", "text": "And the first thing that Trump does is he launches Trump Coin, and we didn't get clarity and, you know, all this other stuff happens." }, { "start": "00:46:044", "text": "why government involvement made things worse." }, { "start": "00:48:420", "text": "By definition, cryptocurrency should be politically neutral, geographically neutral, ethnically neutral." }, { "start": "00:53:570", "text": "They're global products." }, { "start": "00:54:780", "text": "There's no such thing as an American crypto." }, { "start": "00:56:590", "text": "The minute you make it an American crypto, it doesn't make any sense at all." }, { "start": "00:59:714", "text": "And why the next version of crypto looks nothing like the last one." }, { "start": "01:03:620", "text": "When you go into Starbucks, you don't say, hey, I want a latte, so here, let me tell you how to make it, step by step by step." }, { "start": "01:09:590", "text": "That's currently where the cryptocurrency space is at." }, { "start": "01:11:060", "text": "To use a dex or whatever, kind of have to understand the underlying platform, wallets, public, private keys, all this stuff, it's a complicated affair." }, { "start": "01:18:550", "text": "Instead, you just want to be like, I want $100 worth of food coin, best available price within an hour." }, { "start": "01:24:60", "text": "That's an intention." }, { "start": "01:25:224", "text": "Stay to the end, because this decides whether crypto becomes Wall Street's product or something entirely different." }, { "start": "01:33:324", "text": "Let's go." }, { "start": "01:47:334", "text": "Everyone's looking for smarter ways to build their Bitcoin stack." }, { "start": "01:50:664", "text": "Well, here's one most people overlook." }, { "start": "01:52:334", "text": "You can earn Bitcoin every single time you spend without ever buying it directly." }, { "start": "01:57:134", "text": "That's where today's video sponsor Gemini comes in." }, { "start": "02:00:234", "text": "The Gemini credit card gives you instant crypto rewards on every purchase and there's no annual fee." }, { "start": "02:06:84", "text": "It's a MasterCard World Elite, so you can use it anywhere MasterCard is accepted." }, { "start": "02:10:144", "text": "Gas, groceries, travel, all of it." }, { "start": "02:13:584", "text": "Now here's the breakdown." }, { "start": "02:15:204", "text": "4% back on gas, rides and transit, 3% on dining, 2% on groceries and 1% on everything else." }, { "start": "02:22:14", "text": "The best part, you're earning Bitcoin or one of 50 plus other cryptocurrencies automatically deposited to your Gemini account." }, { "start": "02:29:724", "text": "For me, it's been a really effortless way to build exposure to Bitcoin just by spending like normal and doing the things that I do every day." }, { "start": "02:37:164", "text": "I've literally earned Bitcoin just from filling up my car with gas." }, { "start": "02:41:224", "text": "And historically, Bitcoin rewards held for one year have appreciated 279% on average." }, { "start": "02:47:364", "text": "You're not just spending, you're building a portfolio." }, { "start": "02:50:474", "text": "This is the Gemini credit card." }, { "start": "02:52:504", "text": "Sleek, straightforward, and one of the easiest ways to turn everyday purchases into long-term value." }, { "start": "02:58:24", "text": "To get started, look at the link in the description and get $200 in Bitcoin when you spend $3,000 in your first 90 days." }, { "start": "03:05:144", "text": "Click the link in the description to apply and start earning instantly." }, { "start": "03:08:924", "text": "See rates and fees in the description for more info." }, { "start": "03:11:580", "text": "Ladies and gentlemen, Charles Hoskinson, thank you." }, { "start": "03:13:920", "text": "All right, well." }, { "start": "03:15:310", "text": "Okay, we're going to start here again." }, { "start": "03:17:660", "text": "Charles, I would love for you to give us in your mind the state of crypto right now, where the industry stands here coming into 2026." }, { "start": "03:25:390", "text": "Well, it's it's kind of like Japan 1946." }, { "start": "03:27:660", "text": "You know, that we've been carpet nuked, all the cities have been firebombed." }, { "start": "03:32:160", "text": "Uh, it's it's pretty grim, but we can rebuild and we'll make it better and eventually we'll get Super Mario, you know, at the uh at the end of the rainbow." }, { "start": "03:39:350", "text": "So, so it's not it's not all doom and gloom, it's just the problem was we spent several years post 2022 in hell." }, { "start": "03:46:790", "text": "You know, we had a hell of a time with FTX and with Luna." }, { "start": "03:51:0", "text": "And then Gary Gensler came around and it was like like that movie It with scary Gary and the sea where he's like, Hi, Georgie, come on down to the sewers." }, { "start": "03:59:0", "text": "And so we had scary Gary for two years and it was horrible." }, { "start": "04:02:680", "text": "And and then Trump got elected, and then we all say, oh my God, this is going to be the best thing in the world." }, { "start": "04:08:440", "text": "And uh we thought, oh man, the US government's going to pump our bags as an industry." }, { "start": "04:12:470", "text": "And the first thing that Trump does is he launches Trump Coin, and we didn't get clarity and, you know, all this other stuff happens." }, { "start": "04:18:280", "text": "And we said, oh my God, the government's now rug pulling us." }, { "start": "04:22:150", "text": "It's like, what the hell is going on?" }, { "start": "04:24:620", "text": "So, it's a mixed bag." }, { "start": "04:26:730", "text": "Um, a lot of great building and progress was done, especially on the zero knowledge side." }, { "start": "04:31:40", "text": "You know, a ton of great milestones were reached amongst many different projects, like Cardano reached full decentralization, full on-chain governance, and, you know, Ethereum had a lot of great milestones, uh, ton of amazing things in the ZK space." }, { "start": "04:44:460", "text": "Uh, but on the other hand, it's very lackluster on the regulation side, and that's why you had a bifurcated recovery." }, { "start": "04:51:30", "text": "So you you had Bitcoin go up because institutions were buying and you have a lot of structured financial products in that world, but none of that trickled into the altcoin space." }, { "start": "04:59:450", "text": "Uh, so the altcoin space kind of stayed stagnant throughout all of 2025 and we just didn't get the bull market that was promised." }, { "start": "05:07:0", "text": "So, now everybody's kind of recovered a little bit, we're a little bitter." }, { "start": "05:10:40", "text": "October, we were supposed to have like Pumptober, we were all excited, and then we got What happened in October?" }, { "start": "05:15:470", "text": "We got again, you know, so uh so it's like uh Jake Paul in uh breaking bad where he's like, you can't keep getting away with this." }, { "start": "05:23:440", "text": "You know, so we were just we were just there mentally." }, { "start": "05:25:950", "text": "So everybody's a little tired, they're a little fatigued." }, { "start": "05:27:780", "text": "The biggest issue is retail doesn't want to come back." }, { "start": "05:31:680", "text": "They're they're they're just like, my wife is going to divorce me if I keep buying this stuff because every time I say it's going to tenx, I just get destroyed, and all the incumbents seem to be doing fine." }, { "start": "05:42:610", "text": "Uh, so 2026 is a reset." }, { "start": "05:44:660", "text": "And I saw this before, you know, with Bitcoin, when we were going from Bitcoin to the Ethereum, everything was stagnant in Bitcoin." }, { "start": "05:51:710", "text": "You know, we had Bitcoin and Litecoin and Feathercoin and Frecoin and this coin and this coin and we didn't have anything new or different." }, { "start": "05:57:490", "text": "It was just all forks of Bitcoin." }, { "start": "05:59:160", "text": "Then the second generation came around, oh, smart contracts, yay." }, { "start": "06:1:780", "text": "All right, we have something new and different." }, { "start": "06:4:460", "text": "And then the third generation came around and delivered Solana and Cardano and all these other things." }, { "start": "06:8:350", "text": "So we're ready for a new generation, and that brings retail back, that brings the excitement back, that gets the conversations and kind of a new place." }, { "start": "06:15:780", "text": "Uh, so in the absence of that, it's just going to stagnate uh right now." }, { "start": "06:19:350", "text": "Bitcoin will continue improving because it's now an institutional asset, it's not a web 3 asset anymore." }, { "start": "06:25:290", "text": "Uh, but for the web 3 space, we need a different narrative for retail to return." }, { "start": "06:29:430", "text": "When you're saying we're ready for a new generation, do you mean a new generation of retail and investors or do you mean a new generation of protocols and improvements?" }, { "start": "06:36:740", "text": "Protocols, yeah." }, { "start": "06:37:600", "text": "Yeah, so for, you know, Bitcoin was just basically, let's push value around in a decentralized way." }, { "start": "06:42:330", "text": "And then the next generation was let's make value programmable, so we have smart contracts." }, { "start": "06:45:570", "text": "And the next generation is we need on-chain governance, so we need like Dows and these things, and we need interoperability, and then we need scalability." }, { "start": "06:52:430", "text": "So in the fourth generation, what I think it is, you know, I'm betting is for putting my money, uh is going to be in rational privacy, so that's privacy with selective disclosure, uh smart compliance, and so that's like taking smart contracts and doing AML and KYC so you can bring real world assets in." }, { "start": "07:08:790", "text": "And then chain abstraction." }, { "start": "07:10:0", "text": "So, the whole industry is moving to intents." }, { "start": "07:12:750", "text": "You know, and and to explain that, like when you go into Starbucks, you don't say, hey, I want a latte, so here, let me tell you how to make it, step by step by step." }, { "start": "07:20:130", "text": "That's currently where the cryptocurrency space is at." }, { "start": "07:21:560", "text": "To use a Dex or whatever, kind of have to understand the underlying platform, wallets, public, private keys, all this stuff, it's a complicated affair." }, { "start": "07:29:560", "text": "Instead, you just want to be like, I want $100 worth of food coin, best available price within an hour." }, { "start": "07:35:50", "text": "That's an intention." }, { "start": "07:36:610", "text": "And so, by 2030, 90% of all Dfi transactions, excuse me, Dex transactions and 60% of all Dfi will be in the intent space." }, { "start": "07:45:260", "text": "So, intents don't care where the transaction settles." }, { "start": "07:49:180", "text": "Uh so they they they uh so everything is changing." }, { "start": "07:51:480", "text": "We're going from one chain to multichain." }, { "start": "07:54:330", "text": "Chains are starting to get privacy, the privacy is becoming programmable, identity is working its way into the industry." }, { "start": "08:00:230", "text": "And then with that you can do regulated products in in tandem with unregulated products." }, { "start": "08:05:540", "text": "They live in the same infrastructure." }, { "start": "08:07:340", "text": "The TAM is huge, it's about $10 trillion." }, { "start": "08:09:850", "text": "So it's going to bring a ton of new users in, and also it means that you can start using cryptocurrencies without having wallets." }, { "start": "08:15:370", "text": "You can use cryptocurrencies from your cell phone and and the consumer rails are all there." }, { "start": "08:20:250", "text": "So the wallet abstraction gets really good in and this chain abstraction world." }, { "start": "08:24:200", "text": "So, that's the next generation, the fourth generation, and it kind of is the merger of Dfi and Tradfi and it's the merger of the traditional web 2 experience with the web 3 experience into one and we should probably see probably a two to three X in user count and a 10 X in assets under management inside the uh inside the ecosystem." }, { "start": "08:42:30", "text": "It's funny because I feel like we've been having the it needs to be simple enough for grandma conversation for seven or eight or nine years already and it's kind of surprising to me in 2025 that we're still having a conversation that it's not usable enough for grandma." }, { "start": "08:54:490", "text": "Well, it's gotten better, it's massively better, but the problem is that you want, grandma now knows how to use a cell phone." }, { "start": "09:00:720", "text": "So the question is, how do you get a cell phone like experience with crypto?" }, { "start": "09:05:240", "text": "And so there you need chain abstraction and wallet abstraction and trusted execution environments and multiparty signatures and multi-chain signatures and threshold cryptography and NPC." }, { "start": "09:14:480", "text": "We've been building it, you know, as an industry and all the standards are starting to get good like ERC 76 83, I think and the OIF and the all this stuff." }, { "start": "09:23:460", "text": "We're it's not like no one's doing anything, it's like billions of dollars have been spent, all the projects are building, but that building doesn't reflect token price." }, { "start": "09:31:320", "text": "So most people tend to ignore it, but that building is an enabling function for large growth inside the space and to bring a lot of people in." }, { "start": "09:38:320", "text": "So the third generation was really just figuring out like what collection of technologies make everything talk to each other, work at scale of millions to billions, and also how to govern that." }, { "start": "09:47:110", "text": "Well, that's a necessary component then for the final generation, which is opening up the retail flow, the institutional flow and all these other things." }, { "start": "09:54:620", "text": "Uh, and when they come on in, they say, well, hang on a second here, I have compliance, I have like, I'm going to get sued or go to prison if I do this, so I need like AML and KYC." }, { "start": "10:3:260", "text": "I need identity, I need privacy, I need this and this and this." }, { "start": "10:7:290", "text": "These are kind of the missing components, and they have to work across all the chains uh for the system to work well." }, { "start": "10:12:280", "text": "So that'll bring them back, it's just a question of how long is it going to take." }, { "start": "10:15:210", "text": "We have midnight, there's espresso, there's Ao, there's all these new projects that are chasing that part of the equation, and it's an upgrade." }, { "start": "10:22:600", "text": "So it's not a replacement for Ethereum or Solana or for Cardano." }, { "start": "10:25:990", "text": "Those are sticky." }, { "start": "10:27:540", "text": "It's more like additional infrastructure that you plug on top, like embedding chat GPT into your application." }, { "start": "10:33:510", "text": "You have an API, you call it, you get something back, and now you have AI enabled application." }, { "start": "10:38:220", "text": "And it just it it's self-evolving, so that black box every six months gets more capable, it gets more ability, and you just call the API and you get your answer back." }, { "start": "10:47:20", "text": "So we should actually have it pretty quickly." }, { "start": "10:48:380", "text": "I'd say the next 12 to 24 months, fourth generation will turn on completely, and it's going to radically augment these things." }, { "start": "10:54:330", "text": "And you're going to see tons of new assets entering the cryptocurrency space." }, { "start": "10:58:200", "text": "So why is Wall Street want to do it? Because it trades 24 hours a day, seven days a week, globally, as opposed to 9 to 5 within one jurisdiction." }, { "start": "11:6:140", "text": "And also, why does the government want it? Because it massively simplifies the regulatory burden of globalization." }, { "start": "11:11:130", "text": "They don't really know how to like have a transaction be under the jurisdiction of 60 countries at the same time and regulate that." }, { "start": "11:17:400", "text": "You need software to handle that, as libraries and these types of things." }, { "start": "11:21:400", "text": "So, fourth generation, everybody wants it, and the US government actually does want it too." }, { "start": "11:25:390", "text": "If you listen to Paul Akins' speech, it said privacy is the big new thing, we got to automate regulation, these types of things." }, { "start": "11:31:940", "text": "So when you have the chairman of the SEC, the US government, Mica framework, all these guys basically saying the same thing, it's going to get done one way or the other." }, { "start": "11:39:620", "text": "It's interesting to me that privacy has once again emerged as a key narrative because obviously that was very important to Bitcoiners from the beginning and and everyone who was there and it seemed to have gotten sort of lost in the shuffle over the years maybe as a result of all the speculation and pumps and excitement around other things." }, { "start": "11:57:0", "text": "We saw kind of this massive move in Zcash." }, { "start": "11:59:10", "text": "I can't explain why it was Zcash specifically or why that happened, but to me watching it happen from the outside, it seemed like, as usual, you got a price move on something that got people excited about a narrative again, and now we're talking about privacy." }, { "start": "12:13:580", "text": "It seems like it should have happened the opposite, like something should move because it's private and new, but Yeah, I'll tell you the inside baseball on that one." }, { "start": "12:20:490", "text": "So, so basically, you have all these big guys, like the Mark and Drecens, the A16Zs, you know, so forth, and they've been investing in privacy preserving technology for a long time." }, { "start": "12:29:430", "text": "And they're getting tired that they keep throwing money at this thing that's absolutely required for the industry." }, { "start": "12:34:250", "text": "So it sounds like they just got together and said, hey, if we do the pump and dump on one of these coins, then everybody's going to pay attention to privacy and then they'll pay attention to like the real privacy because the thing is Zcash is still transactional privacy system that doesn't have smart contracts yet." }, { "start": "12:47:730", "text": "So, uh, they've been pushing pretty aggressively to try to bring that narrative back, and you'll notice that in their blogs and all their statements, all these things, they say privacy, privacy, privacy." }, { "start": "12:57:990", "text": "You know, I do take great pride in the fact that, you know, we did a retail distribution with midnight and gave it to all these different chains, eight different ecosystems, seven blockchains." }, { "start": "13:7:790", "text": "Uh and when it launched the market, actually the market cap was more than ZK Sync, Starkware, Leo and Mina combined." }, { "start": "13:13:310", "text": "And our trading volume actually was like 9 billion a day, and when it first came out uh as a token, so I was pretty happy about that." }, { "start": "13:18:900", "text": "You know, it shows you like retail still has some juice and VCs aren't necessarily masters of the universe, but it's very clear the US government, the VC class, the builder class, all of them want ZK." }, { "start": "13:31:730", "text": "All of them want privacy enhancing technologies, and so we just got to figure out, you know, how to put these things in." }, { "start": "13:37:370", "text": "And I think um combining chain abstraction with privacy enhancing technologies the way to go because you get private intents." }, { "start": "13:43:770", "text": "Because the only problem with intents is, if you tell me, hey, I'm willing to pay between $400,000 and $550,000 for the house, what are you the seller going to offer?" }, { "start": "13:54:490", "text": "$550,000, you know, it takes 50." }, { "start": "13:57:280", "text": "Yeah, exactly." }, { "start": "13:58:630", "text": "You know, Q, right?" }, { "start": "14:0:190", "text": "Uh so intents have to be private because I there's negotiation leverage in the intention and you need to be able to moderate, manage that." }, { "start": "14:7:450", "text": "To do that at the dap by dap level is super hard." }, { "start": "14:10:650", "text": "Because then you're not just a dex anymore or a prediction market or a stable coin, but you're also a privacy coin." }, { "start": "14:16:470", "text": "And it's like saying, hey, I'm going to go build chat GPT to do my language translation app." }, { "start": "14:21:260", "text": "It's like, yeah, okay, so 100 billion dollars later, in eight years and massive infrastructure, congratulations, you have your AI module." }, { "start": "14:27:720", "text": "Or alternatively, you can spend $50 a day on chat GPT calls uh through the API and have that exact same service and every six months it gets better." }, { "start": "14:37:300", "text": "You know, so privacy is a very specialized thing and it's not something you want to do like 400 different ways with 400 different applications." }, { "start": "14:45:330", "text": "You want a small group of maybe three to five different competitors who are highly specialized, they have the scientists, the engineers, the formal methods, these types of things to be able to do that right." }, { "start": "14:54:10", "text": "Because it's super easy to it up." }, { "start": "14:56:690", "text": "And uh and you can't vibe code your way to success with it." }, { "start": "14:58:700", "text": "It's a very, very difficult domain." }, { "start": "15:1:630", "text": "It's interesting that we have Atkins talking about privacy of all things at the head of the SEC, right?" }, { "start": "15:6:270", "text": "Because I think that sentiment or the assumption in the crypto industry has always been that we want privacy and the government wants a window into everything that we do, right?" }, { "start": "15:17:150", "text": "We've long we've long feared the CBDC and uh, you know, certain stable coin issuers and the way that things are created and centralization versus decentralization." }, { "start": "15:26:810", "text": "So, it's nice and encouraging to have an issue to share right now who talks about it, but we know that doesn't last forever." }, { "start": "15:32:890", "text": "That's true." }, { "start": "15:33:400", "text": "I mean you can have both." }, { "start": "15:34:250", "text": "I mean it's a game of 21 questions, like, do I really need to know your name is Scott, you know, or do I just need to know some things about the nature of the transaction?" }, { "start": "15:42:640", "text": "For example, is it under US jurisdiction or not? Are you an accredited investor or not?" }, { "start": "15:47:780", "text": "Um, is it in the state of New York or not? Or these tests." }, { "start": "15:50:350", "text": "These are yes, no questions." }, { "start": "15:52:130", "text": "So you play a game of 21 binary questions as uh selective disclosure with things like non-cred." }, { "start": "15:58:330", "text": "And with zero knowledge proofs, you can basically answer most of those and then they get bundled together and they get transacted and then if it settles, it's compliant." }, { "start": "16:6:380", "text": "Uh but I you haven't really docs yourself." }, { "start": "16:8:30", "text": "You haven't revealed your real life human identity, the counterparty doesn't have any of that information." }, { "start": "16:12:960", "text": "I think that's the intent, the good faith intent of financial regulation." }, { "start": "16:17:630", "text": "The bad faith intent is a financial Panopticon to go and punish and arrest people and these horrible things." }, { "start": "16:23:0", "text": "So, what you do is you build the good faith system and you give it to them and then they're like, but we want more." }, { "start": "16:26:990", "text": "He's like, well, why why why do you need more?" }, { "start": "16:30:10", "text": "You have all the good face stuff satisfied." }, { "start": "16:31:850", "text": "Yeah, but just it would just be really comfortable if we know your real life identity and all this, but that's not what you're asking for." }, { "start": "16:37:440", "text": "You have created two boxes, safe and unsafe, and we just demonstrated there in the safe box." }, { "start": "16:42:380", "text": "Why do you need to know any more?" }, { "start": "16:43:720", "text": "And then on then they're going to have to say the quiet part out loud that they just want to put a dystopian Hellscape and kill all of us." }, { "start": "16:50:350", "text": "Uh and uh and, you know, that's like, okay, well, we're not going to do that." }, { "start": "16:55:0", "text": "Um, and and so reasonable the problem is that how bad people hide is they hide within large systems that are highly complex." }, { "start": "17:5:540", "text": "So bad actors, uh whether they be criminals or criminal bureaucrats, uh they both have the same method." }, { "start": "17:11:350", "text": "And and so what you do is you simplify the system, you modularize the system, and then you ask what is the goal and intention of the system." }, { "start": "17:18:670", "text": "And then what you do is you build each of those modules and you stop before dystopia." }, { "start": "17:22:640", "text": "And they say, there you go, I've satisfied your need." }, { "start": "17:25:210", "text": "And then the bad people, they have nowhere to hide because they're you've kind of exposed them." }, { "start": "17:30:170", "text": "So, taking on rational privacy has been a lot of fun, because, you know, privacy is is always a game of what are you doing?" }, { "start": "17:39:460", "text": "For example, if you're the CEO of a company, you have a different view of that company than the janitor." }, { "start": "17:44:210", "text": "If you're the HR director, you have a different view than the engineer." }, { "start": "17:47:200", "text": "If you're the CFO, you have a different view than, uh, let's say, the marketing director." }, { "start": "17:52:630", "text": "Okay?" }, { "start": "17:53:110", "text": "So that's selective disclosure is contextual to whom and why and under what conditions is it revoked and how and what guarantees do you get about the data province and uh and storage." }, { "start": "18:2:870", "text": "So, once you start getting into that, what you do is you build a base level that's completely anonymous." }, { "start": "18:7:420", "text": "And then you build a dapp level and an identity level, and when you put those two pieces together, then you can build any type of selective disclosure regime that meets your uh that meets your needs." }, { "start": "18:17:510", "text": "Um, otherwise, you have a Panopticon." }, { "start": "18:19:20", "text": "Stable coins have exposed that." }, { "start": "18:21:200", "text": "Every time you buy something with Tether or Circle in its current configuration, it's known forever by everyone everywhere, and it's can be frozen at any time and reversed at any time." }, { "start": "18:32:810", "text": "They're not denying that." }, { "start": "18:33:570", "text": "I mean, that's part of the business, right?" }, { "start": "18:35:480", "text": "And it's an Act." }, { "start": "18:36:500", "text": "I mean, it's like." }, { "start": "18:38:390", "text": "So, I don't really feel comfortable having a money system that has those properties." }, { "start": "18:43:400", "text": "It's not cash." }, { "start": "18:44:740", "text": "It's not cash, right?" }, { "start": "18:45:930", "text": "The whole idea was that we, you know, it'd be like transacting in cash in the old days." }, { "start": "18:49:500", "text": "I you and I meet somewhere, I buy something from you, I give you some cash, nobody knows about it." }, { "start": "18:53:230", "text": "We have true privacy." }, { "start": "18:54:920", "text": "It's kind of shocking that that's not what we have right now on the digital side." }, { "start": "19:0:30", "text": "Right, and that's that's why we built things like midnight, you know, because it would be nice to have a private stable coin." }, { "start": "19:4:230", "text": "How about that?" }, { "start": "19:5:210", "text": "And they say, well, but how do you keep the criminals out?" }, { "start": "19:6:270", "text": "Well, put a disclosure component on it." }, { "start": "19:9:320", "text": "But you you can't have a transparent system." }, { "start": "19:12:140", "text": "You can't." }, { "start": "19:13:280", "text": "It's insane." }, { "start": "19:14:480", "text": "Uh, it's so outside of of any standard." }, { "start": "19:17:150", "text": "And frankly speaking, it feels like it violates the Bank Secrecy Act amongst many other things." }, { "start": "19:22:830", "text": "Um, you know, so there's there's all kinds of uh of things floating around where we're not doing it right as an industry." }, { "start": "19:29:100", "text": "Why have we embraced stable coins? Because that's the retail on ramp." }, { "start": "19:33:40", "text": "Use your credit card or whatever, your bank account, you have a stable coin." }, { "start": "19:35:360", "text": "Now you're not on the standard bank settlement rails, you're in crypto land." }, { "start": "19:39:190", "text": "Once you're in crypto land, it's very easy through a dex to convert to any other asset." }, { "start": "19:43:300", "text": "So that's your entry point for on and off ramps into crypto." }, { "start": "19:46:110", "text": "Traditionally, it was, I have to set up an account with an exchange, go through KYC and AML, I have to wire money from my bank, get my bank account shut down because banks are up." }, { "start": "19:56:470", "text": "And uh then finally, I can use that money after five days or whatever it takes to settle to buy something on the exchange." }, { "start": "20:4:230", "text": "Uh and then once I have it on the exchange, that I send it to my wallet and then I lose it." }, { "start": "20:8:350", "text": "Uh so that's my that's my traditional cryptocurrency experience." }, { "start": "20:12:570", "text": "Oh, and people are like, what do you think great just have stable coin?" }, { "start": "20:14:280", "text": "Your bank treats the stable coin in the same as your bank ledger, and then when we convert out, you can just withdraw to Ethereum or withdraw to Solana." }, { "start": "20:22:450", "text": "Yeah, I really think stable coins truly win or become truly adopted when people just feel like they're sending a dollar." }, { "start": "20:29:550", "text": "You don't know what it's a stable coin, you don't know what network it's on, you don't know what stable coin it is." }, { "start": "20:33:570", "text": "You're just going into your PayPal or your Venmo or bank or wherever you're comfortable, and you send someone a dollar." }, { "start": "20:38:520", "text": "And it's just the rails." }, { "start": "20:40:190", "text": "All over Argentinian developers, they're like, pay me either in Bitcoin, ADA or stable coin." }, { "start": "20:45:120", "text": "They have no desire to be paid in peso." }, { "start": "20:48:80", "text": "We're like, no problem." }, { "start": "20:51:750", "text": "They're being paid in bolivars." }, { "start": "20:53:710", "text": "Um, but what a crazy world uh right now." }, { "start": "20:56:490", "text": "I want to double click." }, { "start": "20:57:300", "text": "I woke up and somebody's like, hey, we have a lot more ocean and beach front property." }, { "start": "21:1:130", "text": "Just to let you know." }, { "start": "21:2:720", "text": "Crazy, man." }, { "start": "21:3:120", "text": "It's it's crazy." }, { "start": "21:3:710", "text": "I don't even know if we want to dig down that rabbit hole." }, { "start": "21:6:140", "text": "I love to double click on something you said earlier sort of in passing because it sounds very important." }, { "start": "21:10:720", "text": "You said Cardano has become fully decentralized." }, { "start": "21:13:950", "text": "You know, sort of in passing, but that seems like a very important." }, { "start": "21:16:470", "text": "So first I would like you to explain what that means." }, { "start": "21:19:640", "text": "I I guess, you know, for people who are listening." }, { "start": "21:22:200", "text": "And then I maybe there's a deeper conversation to be had at this point in 2026." }, { "start": "21:27:10", "text": "How much do people truly care about the levels of decentralization versus centralization when using a protocol?" }, { "start": "21:34:320", "text": "Because it feels like we've gone mainstream enough now that most people just don't even get that side of it." }, { "start": "21:40:990", "text": "Right." }, { "start": "21:41:400", "text": "You know, it's one of those examples of um, you know, you you don't ask for it, but you beg for it when you lose it." }, { "start": "21:48:860", "text": "And uh you face the consequences of it." }, { "start": "21:51:300", "text": "So, uh decentralization is eight different lenses." }, { "start": "21:54:330", "text": "And I don't we don't have time to go through all of them, but we created something called the Edinburgh decentralization index with the University of Edinburgh to measure it." }, { "start": "22:0:980", "text": "Because it's an open question like what the is decentralization?" }, { "start": "22:3:160", "text": "Like there's the distribution of the tokens, there's the consensus nodes inside the sea." }, { "start": "22:8:60", "text": "You can use the genie uh coefficient or the HHI index or you know, all kinds of stuff." }, { "start": "22:13:280", "text": "And then you're running on cloud flare and it all goes down anyway." }, { "start": "22:15:690", "text": "Exactly, you know, so, so it's kind of like a a chain and your weakest link is is the point at which it breaks, and so all eight links have to be very strong." }, { "start": "22:25:20", "text": "So, we started decentralization a long time ago and the consensus side was our number one priority." }, { "start": "22:30:310", "text": "We said, we have to get a network with lots of validators, lots of block producers, uh and that'll be decentralized." }, { "start": "22:35:980", "text": "So we've had that and by by EDI, we're number one uh for a long time." }, { "start": "22:41:490", "text": "But governance is another big component because there's like who pays for development, who makes the decision to hard fork the ecosystem, all this other stuff." }, { "start": "22:49:150", "text": "So that used to be federated, now it's completely decentralized." }, { "start": "22:51:330", "text": "We built a whole government, we wrote a Constitution, 50 countries participated, 1,800 people." }, { "start": "22:56:490", "text": "We had a constitutional convention in Argentina, which was a hell of a lot of fun, very stressful." }, { "start": "23:1:800", "text": "Uh, we ratified a Constitution, uh then we elected an on-chain government, and so we have a constitutional committee and uh we use liquid feedback, liquid democracy for delegated representatives." }, { "start": "23:12:120", "text": "So we have D-reps, we have uh, you know, it's a tri-partite government." }, { "start": "23:16:380", "text": "Um, and uh that government came online and then the government at ratified the first budget." }, { "start": "23:20:530", "text": "So 150 million dollars of on-chain money was spent uh in 2025 uh ratified uh and then also we're already starting to talk about updating the Constitution with problems that have been found." }, { "start": "23:31:390", "text": "And we've already gone through a series of elections and, you know, 100% of the chain is now controlled by members of the community." }, { "start": "23:37:330", "text": "We also had a complete transition to members-based organizations for development." }, { "start": "23:40:480", "text": "So all the code that we worked on at IO was transitioned over to an NBL that's a not for profit called intersect." }, { "start": "23:46:660", "text": "And now there's a product steering committee and a technical steering committee and a community elected board and all these other things." }, { "start": "23:52:670", "text": "So all that's there." }, { "start": "23:53:230", "text": "So it's kind of like Hyperledger or Linux Foundation or any of these other things that do open source projects." }, { "start": "23:59:740", "text": "So all the code lives there, plus there's a competing organization called Pragma, which is also not for profit based in Switzerland, which is building alternative nodes in the Cardano ecosystem." }, { "start": "24:9:280", "text": "So you have node diversification, technology diversification, road map diversification, a community ratified budget, an on-chain Treasury, on-chain governance structure, uh and it all works and it all runs and it's boring and that's the way we like it." }, { "start": "24:23:670", "text": "Uh you know, government should be boring." }, { "start": "24:24:960", "text": "We need we need a little more boring in this industry." }, { "start": "24:28:130", "text": "The excitement doesn't tend to go well for us in my uh in my experience." }, { "start": "24:33:140", "text": "So that it circles back to something we were talking about before, which is obviously kind of the state of the union and obviously that relates to price." }, { "start": "24:41:40", "text": "So, it's an interesting question." }, { "start": "24:42:150", "text": "Do you think that when it gets down to it, a lot of the people who harped on decentralization thought it was important?" }, { "start": "24:47:110", "text": "Do you think it's actually what they care about or have you kind of seen the uh the veil lifted and we've have found out in the last few years that people really just care about the number going up?" }, { "start": "24:57:0", "text": "Well, here's the thing about decentralization." }, { "start": "24:58:30", "text": "If you do it wrong, it hurts your competitiveness." }, { "start": "25:1:20", "text": "If you do it right, it reinforces your competitiveness." }, { "start": "25:4:810", "text": "So we spent two years figuring out how to decentralize governance because here's the problem." }, { "start": "25:9:440", "text": "These protocols, we want them to do more and more and more over time." }, { "start": "25:12:800", "text": "So Bitcoin's very simple by design." }, { "start": "25:14:260", "text": "So you don't have to think a lot about like how do we make radical changes to Bitcoin, because it just won't happen." }, { "start": "25:19:930", "text": "You know, it takes 10 years to get tap root." }, { "start": "25:21:550", "text": "But when you have Ethereum or Cardano or Solana, these are high complexity systems, fat protocols." }, { "start": "25:26:650", "text": "So they have to adopt ZK and new cryptographic primitives and be post-quantum and do smart contracts and on-chain governance and all this other stuff." }, { "start": "25:33:240", "text": "So, here's the problem." }, { "start": "25:35:100", "text": "How do you when you have millions of people coordinate those millions of people to make a decision quickly about the road map and the vision and upgrade the system?" }, { "start": "25:44:260", "text": "So the bigger you get, the more valuable you get, the harder it is to change the system, which is why it took Ethereum eight years to get the proof stake." }, { "start": "25:51:560", "text": "So if you have an on-chain governance system, that's the good way of doing it." }, { "start": "25:55:180", "text": "You in six months can make a decision about a five-year road map and hard fork the network and change protocol parameters, regardless of the token value and the amount of people inside the network." }, { "start": "26:5:280", "text": "That's why you have to have it." }, { "start": "26:6:420", "text": "It's not just about decentralization, it's about competitiveness." }, { "start": "26:9:960", "text": "You can't change the protocol." }, { "start": "26:11:10", "text": "The alternative is you just make a god." }, { "start": "26:13:600", "text": "You say, okay, the foundation's in charge of everything." }, { "start": "26:16:30", "text": "They'll make all the decisions for us and we'll have this leader, but then that's not decentralized." }, { "start": "26:21:490", "text": "And guess it works great for a while, but what happens when your leader, you know, becomes a billionaire and gets addicted to cocaine and hookers and drugs and all this." }, { "start": "26:29:140", "text": "Or what happens when they want to fund something and you don't like it?" }, { "start": "26:32:410", "text": "Everybody can transparently see them selling the tokens to do so, which you can say it's totally fine, but it's just exactly at a layer of complexity." }, { "start": "26:40:60", "text": "So, they fund it by selling something that you need to buy, right?" }, { "start": "26:43:40", "text": "So, yeah." }, { "start": "26:43:720", "text": "And so Cardano will never have that problem." }, { "start": "26:45:900", "text": "Just we got rid of it, you know, and it took two years and all this hard work and it was brutal to get through." }, { "start": "26:51:290", "text": "And and, you know, the price, it's connected to three big anchors on the DFI side." }, { "start": "26:56:560", "text": "You look at MAUs, monthly active users, you look at transaction volume and you look at TVL." }, { "start": "27:2:500", "text": "And so Cardano historically's not been very strong there." }, { "start": "27:4:170", "text": "Why? Because we were late to the market with smart contracts." }, { "start": "27:7:680", "text": "We took a very principled view where we gradually get more expressive over time." }, { "start": "27:11:430", "text": "So couldn't do much in the beginning, then a little bit more, then a little bit more." }, { "start": "27:15:770", "text": "So it's takes about three to five years for that to wake up." }, { "start": "27:17:520", "text": "We're mostly through that cycle, and also Cardano's not yet integrated with a lot of the big bridges and oracles and stable coins and these types of things." }, { "start": "27:25:700", "text": "So it's been able to build a nice kernel of a DFI ecosystem, but it's dormant." }, { "start": "27:30:100", "text": "And there's a big mismatch between the value of ADA and the DFI value inside the system." }, { "start": "27:34:490", "text": "Well, now we got Bitcoin DFI coming, XRP DFI coming, Midnight connects us to all the other blockchains and we add privacy to all those connection points." }, { "start": "27:42:530", "text": "Uh so we have a lot to add and offer and we've shown we can scale like Hydra can scale at a million TPS." }, { "start": "27:47:350", "text": "We showed that with Hydra Doom." }, { "start": "27:48:860", "text": "We got Oroboros coming this year, it's a 60X improvement in throughput of the system." }, { "start": "27:53:300", "text": "But here's the biggest point." }, { "start": "27:55:180", "text": "AI is going to make crypto miserable for the protocol developers." }, { "start": "27:59:360", "text": "And the reason being is to to attack a protocol as your DX, because every protocol has bugs in the code, you need two things." }, { "start": "28:5:700", "text": "You need somebody who has the skill and somebody who has the desire." }, { "start": "28:10:780", "text": "There's plenty of people that want to you and destroy you." }, { "start": "28:13:650", "text": "But how many of them are like turbo autistic Haskell nerds who are experts in formal methods and consensus design and all this other stuff?" }, { "start": "28:21:490", "text": "Maybe five or 10, but then they have to choose, do I you or do I go after Gallwan, their drone stuff or and their stuff or the US government?" }, { "start": "28:31:360", "text": "There's too many targets relative to the supply." }, { "start": "28:33:680", "text": "But now with AI, I can load the entire code base of the cryptocurrency into the AI and then I can say, hey, find a novel attack to bring this entire network down." }, { "start": "28:42:740", "text": "You can vibe code your way to attaching a protocol." }, { "start": "28:44:980", "text": "Exactly." }, { "start": "28:45:900", "text": "And so the problem is that you're going to see an exponential increase in attacks and people are going to be really tired of it." }, { "start": "28:51:240", "text": "So you have to use formal methods." }, { "start": "28:52:430", "text": "It's the only technique to actually try to reduce these things dramatically, and we pre-built that." }, { "start": "28:56:560", "text": "Everything we have is act on Haskell and all this other stuff." }, { "start": "29:0:90", "text": "So eight years, we've only had a few major issues, um, relative to everyone else, it's our up time is phenomenal." }, { "start": "29:7:500", "text": "You know, and so I I think we have the right philosophy in terms of decentralization and governance and we've pre-built some things." }, { "start": "29:12:700", "text": "This is the do or die year for Cardano for supercharging our DFI." }, { "start": "29:16:940", "text": "And we have a 1.5 billion ADA Treasury that's open and the community's ready to go with it to invest in our DFI ecosystem and supercharge it." }, { "start": "29:25:610", "text": "And we have commercially critical integrations coming." }, { "start": "29:27:10", "text": "We just announced uh Piff, and we have more for Oracle, and we have more to come, and then we'll get the stable coins and bridges in and uh and so we'll be able to get liquidity and users and other things from other people." }, { "start": "29:38:350", "text": "So, you know, I do I think we're going to eclipse Ethereum by the end of the year?" }, { "start": "29:40:610", "text": "No, but I do think we're going to see a huge growth in the DFI side of the ecosystem, which should translate to a healthy growth in the ecosystem as a whole." }, { "start": "29:50:50", "text": "It's funny, I've had this conversation so many times about the intersection of AI and cryptocurrency and, you know, all the bullish things that are going to happen when they come together." }, { "start": "29:58:390", "text": "And you just made the point that it's not not all roses and puppies and unicorns when you bring the two together." }, { "start": "30:4:230", "text": "And then I think about how one of the other narratives of late, which I find very stupid is the quantum attacks." }, { "start": "30:11:0", "text": "AI is probably a bigger threat to protocols than quantum is, and everybody's over here, you know, praying to the uh praying to the at the altar of Nvidia." }, { "start": "30:21:40", "text": "Yeah, so the thing is we have solved the quantum issue as an industry and as a society." }, { "start": "30:26:540", "text": "Um, no one wants to pay the price." }, { "start": "30:29:400", "text": "Hash-based crypto, lattice-based crypto, it's five to 10 times larger proof size, five to 10 times more computation if that." }, { "start": "30:36:780", "text": "And you give up a lot." }, { "start": "30:38:10", "text": "So they're quantum resistant, but nobody wants to be the guide to say, hey, I just updated the blockchain and it's 10 times slower." }, { "start": "30:45:340", "text": "No one wants to be that guy." }, { "start": "30:46:750", "text": "So the question is, when do they come?" }, { "start": "30:48:860", "text": "And there's the bullshit and there's reality." }, { "start": "30:51:630", "text": "So DARPA brought a program together called QBI, the Quantum Benchmark Initiative, because the US government asked the military, hey, when are quantum computers going to be like a real threat?" }, { "start": "31:0:860", "text": "When do we need to start prepping for them?" }, { "start": "31:1:800", "text": "The military's like, we have no idea." }, { "start": "31:3:710", "text": "So they went to DARPA because that's where all the smart people are, and they said, can you create a benchmarking initiative where you bring all the companies together and you have a three-phase process and basically, phase by phase by phase, we're going to determine if any of these companies have a viable path to have a working quantum computer at scale by 2033?" }, { "start": "31:20:70", "text": "And let's do it in a public way." }, { "start": "31:21:550", "text": "So there's 11 companies working with DARPA, IBM and Quanium and all these other guys, and all those have already passed phase one, and they're entering phase two and phase three, and by the end of 2027, we'll have a definitive answer, will we have a working quantum computer with greater than 50% probability by 2033?" }, { "start": "31:39:10", "text": "So you can Google it, you can see the website, you can see all the different approaches, whether it be trapped ion or photonic or, you know, topological quantum computers." }, { "start": "31:46:580", "text": "There's 100 different ways to build these damn things." }, { "start": "31:49:580", "text": "But the long and the short is that that is an example of a truth-finding exercise." }, { "start": "31:55:270", "text": "Because then I as a business leader can look at that and say, what's my clock?" }, { "start": "31:58:910", "text": "Do I have the luxury to wait another five years to optimize lattice and hash-based crypto to move to it, or do I urgently have to adopt this now?" }, { "start": "32:8:300", "text": "But you notice no one ever says that when you interview them." }, { "start": "32:10:90", "text": "They're all, well, you know, either they say quantum's nothing, it's never going to be a threat, or it's the biggest thing ever and we have this McGuffin algorithm that we've invented, XYZ, and that's why you should buy our token because we have XYZ and no one else has XYZ." }, { "start": "32:23:450", "text": "And you're just like, okay, under what basis, what first principles are you making the decision of whether this McGuffin's going to exist or not?" }, { "start": "32:30:420", "text": "Uh, you know, because I I just say, okay, who are the people who are subject matter experts in it?" }, { "start": "32:34:730", "text": "And DARPA brought together the best physicists in the world, the best universities in the world, and they created a rigorous benchmarking initiative to basically see if these things work or not, and they've identified 11 companies so far that actually have viable plans." }, { "start": "32:47:380", "text": "And so then those companies are going to prove over the next 24 months whether that's going to yield a quantum computer by 2033 or not." }, { "start": "32:53:360", "text": "If the answer is yes, you know, what am I going to do in the 2027 road map?" }, { "start": "32:57:810", "text": "We got to go to post-quantum." }, { "start": "33:0:50", "text": "And I'm already doing post-quantum stuff." }, { "start": "33:1:120", "text": "We worked with Nist on the FIPS 203, 204, 205 for the standards." }, { "start": "33:5:500", "text": "We also have uh a folding project with the Linux Foundation called Nightstream where we're working on uh lattice-based folding uh schemes uh with zero knowledge, which requires us to have lattice-based signatures, which are post-quantum." }, { "start": "33:18:240", "text": "So we know how to do it, we have the people to do it, we have the cryptographic knowledge, and it's probably six months to 12 months of work to add a post-quantum primitive to Cardano." }, { "start": "33:27:140", "text": "We did that with uh for the classical crypto BLS um 12381." }, { "start": "33:33:120", "text": "So we we added that to Cardano and uh, you know, we added the Bitcoin primitives to Cardano as well." }, { "start": "33:37:780", "text": "So that's it's not that hard to do." }, { "start": "33:39:610", "text": "It's just more is it the right time? Is this the right horse to bet on? Because once you put it in, you have to live with it forever." }, { "start": "33:45:900", "text": "It's like getting married, even if you get divorced, it's not shop tomorrow." }, { "start": "33:48:860", "text": "Like people people act like there's a quantum switch that's just going to be turned on and we have no idea when it's going to happen and then we're all doomed." }, { "start": "33:55:620", "text": "And by the way, they also think that the first thing that happens when quantum is turned on is for some reason someone decides to use that power to go after our thing." }, { "start": "34:3:710", "text": "As opposed to, you know, like the nuclear codes or the banking system or something way more obvious." }, { "start": "34:8:350", "text": "Well, I mean, the president issued meme coins, so strange things have happened." }, { "start": "34:12:440", "text": "Yeah, that's right." }, { "start": "34:13:30", "text": "I quanta, I hope part coin is quantum proof and Trump token, right?" }, { "start": "34:16:30", "text": "Because uh if they're not, we're going to be in trouble." }, { "start": "34:18:780", "text": "The president launching a meme coin." }, { "start": "34:20:560", "text": "I mean, I know we've talked about it, but it still is just mind-blowing to me that that's what we got, right?" }, { "start": "34:26:380", "text": "It's such a push and pull of positive and negative when the government gets involved in this stuff." }, { "start": "34:31:730", "text": "Because you have all the like positive regulation and legislation and I think everybody agrees those are tail wins, we'll probably get clarity." }, { "start": "34:38:620", "text": "But you know that the minute that there's a any change in power, the anti-crypto army is now coming back and they're going to use all those things as examples of why uh we don't deserve to exist." }, { "start": "34:49:120", "text": "Yeah." }, { "start": "34:49:600", "text": "Well, I mean, how they should have done it, first they picked the wrong crypto are." }, { "start": "34:52:950", "text": "You know, uh Sachs was just came out of nowhere." }, { "start": "34:55:40", "text": "He was the chief operating officer under Elon Musk when I think he was running PayPal." }, { "start": "35:0:370", "text": "So he's just one of those crypto Valley guys, Silicon Valley guys, like uh Valley bro." }, { "start": "35:6:270", "text": "And he had no real connections to the industry other than being an investor, and he didn't have the right philosophy or approach." }, { "start": "35:11:150", "text": "Typically when you come in in that role, you spend 180 days, you bring the whole industry together by vertical." }, { "start": "35:15:980", "text": "You look at the exchanges and the DFI people and you look at the wallet builders and the protocol builders and blah, blah, blah." }, { "start": "35:21:840", "text": "And what you do is you say, all right, tell me everything that's going on that's bad and tell me your wish list of all the things you guys want." }, { "start": "35:28:430", "text": "And and then you give everybody a seat at the table and you just go by adoption and so keep it fair." }, { "start": "35:33:100", "text": "You have some objective set of metrics." }, { "start": "35:35:10", "text": "You consolidate all that together and then you get all the regulatory agencies in parallel, the CFTC, the SEC, the DOJ, the FBI, these people." }, { "start": "35:41:890", "text": "You say, tell me all the things that are worrying you about crypto." }, { "start": "35:44:20", "text": "What's problematic right now? What do you guys want?" }, { "start": "35:46:440", "text": "You get all their goodies there." }, { "start": "35:47:970", "text": "Then you go and you talk to key leaders in the Senate in the house, and you say, okay, politically speaking, like what are sacred cows?" }, { "start": "35:54:50", "text": "What can we do, what can't we do?" }, { "start": "35:57:120", "text": "Like can we change the securities exchange Act in 1933?" }, { "start": "35:59:700", "text": "For example." }, { "start": "36:0:500", "text": "Then you take the totality of all that together and you consolidate it into an official strategy of the White House." }, { "start": "36:7:230", "text": "Then you say, this is our vision of where we think we can take this." }, { "start": "36:9:750", "text": "And you have three layers." }, { "start": "36:11:660", "text": "You have the statutory layer, you have the rule making layer, and then you have kind of the the ongoing maintenance, like the SRO stuff and the interaction, the public private partnership component of it." }, { "start": "36:23:440", "text": "So rule making is done by the administrative arms, so the CFTC, the SEC, all these other people, the law making is done by the House and Senate." }, { "start": "36:30:190", "text": "You already kind of know what the industry wants, you know what the government wants, and you know what the political realities are." }, { "start": "36:35:890", "text": "So you know how to sculpt this in a way where you can first gate it well, uh and then you also know what you can, can't do." }, { "start": "36:43:520", "text": "Then you ask a question, can we make this bipartisan?" }, { "start": "36:46:890", "text": "The reason why Trump Coin was so catastrophic, in the same for WF, was that it changed crypto from a bipartisan concern where Democrats are like, my constituents are crypto holders, if we go full Gary, I'm alienating people that donate to me to crypto equals crypto equals bad." }, { "start": "37:2:50", "text": "Never go full Gary." }, { "start": "37:4:390", "text": "Yeah, never go full Gary." }, { "start": "37:5:940", "text": "And so, so that that was the challenge is that it limited the bipartisan capability." }, { "start": "37:10:90", "text": "So we went from a non-controversial, we have 70 votes in the Senate, to maybe we're for lucky, we can get to that 60." }, { "start": "37:17:150", "text": "If we're lucky, we're you know, and we're going to have to use a whole bunch of parliamentary tricks to push this through, regardless of what the text in the bill is, because Democrats are going to run this year anti-crypto." }, { "start": "37:27:140", "text": "Crypto equals Trump equals bad." }, { "start": "37:28:130", "text": "Crypto equals corruption." }, { "start": "37:29:10", "text": "Trump made 5 billion dollars from crypto, crypto Ponzi scheme, blah, blah, blah." }, { "start": "37:33:140", "text": "Everything we've ever done wrong from the last 15 years as an industry is in the ballot box, and the problem is Trump's name's on it." }, { "start": "37:39:10", "text": "So it's really hard to run away from it." }, { "start": "37:40:10", "text": "So you had nothing to do with it, he's not connected to it." }, { "start": "37:42:860", "text": "So Sachs mismanaged the entire situation." }, { "start": "37:45:260", "text": "There was just nothing but chaos." }, { "start": "37:46:170", "text": "They had that round table at the White House, they only did one of them." }, { "start": "37:49:100", "text": "They brought a bunch of people together." }, { "start": "37:50:50", "text": "What what comes of this?" }, { "start": "37:50:660", "text": "It was just it was made for TV." }, { "start": "37:52:10", "text": "We're going to show stuff." }, { "start": "37:53:20", "text": "The Reserve was another example." }, { "start": "37:55:180", "text": "We're going to announce the reserve, but there's no inclusion exclusion standards or principles for that reserve." }, { "start": "38:0:190", "text": "And there's no parliamentary path for that reserve to get into law." }, { "start": "38:4:310", "text": "And the president doesn't have unilateral authority with an executive order to create a reserve." }, { "start": "38:8:190", "text": "The power of the purse string belongs to the Congress." }, { "start": "38:11:30", "text": "So, so there was a misunderstanding of how the government works, how our industry works, and it just became this popularity contest of who donated the most money to get access to basically be able to take a picture at the White House or with the president as opposed to like what's good for the industry." }, { "start": "38:26:400", "text": "Do you mean none of that is ongoing?" }, { "start": "38:27:490", "text": "Like I you know, you you we still see these like press bites of industry leaders talking with senators about clarity Act, for example." }, { "start": "38:37:760", "text": "Sure, and some of them have spent over 25 million." }, { "start": "38:39:600", "text": "You haven't you haven't really seen the round tables anymore." }, { "start": "38:42:850", "text": "It some of them have spent over 25 million dollars in donations and other things to be in those rooms and talk to these people, and some of those are public companies." }, { "start": "38:50:720", "text": "So they kind of need to justify with those press releases that they're making forward progress on this because uh that's bad news if you spend $25 million and you basically been taken for a ride." }, { "start": "38:59:360", "text": "But here's the reality of the situation." }, { "start": "39:0:90", "text": "I don't think clarity Act is going to pass in this quarter and because it's an election year." }, { "start": "39:4:390", "text": "We only have one last window and if the Democrats retake the house, we will not have another opportunity till 2029." }, { "start": "39:10:870", "text": "If it doesn't pass this quarter, I think um uh Sachs should resign." }, { "start": "39:15:330", "text": "He's utterly failed us as an industry." }, { "start": "39:17:10", "text": "We we look at three lenses." }, { "start": "39:18:90", "text": "The price going up, no." }, { "start": "39:20:970", "text": "Adoption going up, no." }, { "start": "39:22:450", "text": "You know, do we have clarity and certainty and do we have a strong foundation to build on?" }, { "start": "39:25:750", "text": "No." }, { "start": "39:27:540", "text": "So if you're the Tsar and you're in charge of this whole thing, I got to judge you by your track record." }, { "start": "39:31:30", "text": "Most cryptos are down 40 to 50% since Trump took office." }, { "start": "39:35:680", "text": "So the industry is unhealthy." }, { "start": "39:37:370", "text": "Yeah, I guess the question is, how could he control what Trump did before he was even in office?" }, { "start": "39:45:10", "text": "Trump token launched three days before, you know, Trump was inaugurated." }, { "start": "39:47:490", "text": "It was Sachs who he was selected before uh Trump launched Trump coin." }, { "start": "39:53:130", "text": "And what what he should have done is say, if you do this, I'm going to resign and publicly protest it and say, there's no path forward for us as an industry if you do this." }, { "start": "40:1:780", "text": "Because here's the irony of it, man." }, { "start": "40:3:20", "text": "Trump could have made two to three times as much money launching Trump coin under the new regulatory structure than just launching Trump coin." }, { "start": "40:10:650", "text": "That's the part of all it is, is that he's so poorly advised by the people around him." }, { "start": "40:15:200", "text": "If his goal is just extractive, there he could have made so much more money doing it after the framework because the new framework would have supercharged the markets and brought a lot of money into the markets and you're launching a coin into a bull market." }, { "start": "40:27:940", "text": "And also the Democrats can't complain because it's in full compliance with the framework they just voted for." }, { "start": "40:33:480", "text": "Then does clarity, okay, obviously you've already said you don't think clarity passes, but let's say that it does." }, { "start": "40:38:620", "text": "Uh if we get the clarity act, then can that still be the catalyst for that bull market that you're talking about because we at least the optics are that things are aligned." }, { "start": "40:47:370", "text": "We got to get off this US dependency of the United States has to solve all the world's crypto problems." }, { "start": "40:52:160", "text": "We live for during the scary Gary era with international growth and non-US growth." }, { "start": "40:58:340", "text": "And I think we just got to get back to that because the thing is, even if they pass clarity, it takes two to three years of rule making for clarity to be realized." }, { "start": "41:5:460", "text": "So clarity will pass, but it doesn't do anything after it's passed." }, { "start": "41:10:530", "text": "There's there's a a grace period of rule making that exists." }, { "start": "41:13:460", "text": "So, it's it's a McGuffin and it certainly will create a short-term spike, just like the Reserve announcement did or other things did, but nothing will compensate for the fact that retail has left." }, { "start": "41:24:260", "text": "You need a new narrative for retail to come back." }, { "start": "41:26:470", "text": "Retail got battered and burned and broken." }, { "start": "41:29:140", "text": "They got in 2022, they got with NFTs, they got with meme coins, they got with the third generation." }, { "start": "41:36:990", "text": "And a lot of these guys are down 70%, 80%." }, { "start": "41:39:270", "text": "How do they go and tell their wife, I'm going to go do it again?" }, { "start": "41:42:360", "text": "And by the way, whoever was left and still at least the speculators, they got on October 10th." }, { "start": "41:48:920", "text": "Yeah." }, { "start": "41:49:180", "text": "And I say this as a person who's lost quite a bit of money in the cryptocurrency space." }, { "start": "41:54:190", "text": "I've lost more than 2 and a half billion dollars over the last four years." }, { "start": "41:57:400", "text": "So so it's like." }, { "start": "41:58:710", "text": "So it's like, oh, well, people like, oh, well, Charles, it's easy for you to say that." }, { "start": "42:1:340", "text": "It's like, yeah, well, yeah, I lost some money too, you son of a." }, { "start": "42:5:310", "text": "More than you will ever know." }, { "start": "42:6:660", "text": "So, so, uh, we've all been badly burned, but I believe in the vision, the technology and where we can go with all this stuff." }, { "start": "42:13:620", "text": "Uh and and we're not going to get a bag pumping through parliamentary procedures of the United States government." }, { "start": "42:18:780", "text": "Uh the the time for US pumping bags was 2025." }, { "start": "42:23:40", "text": "There was a process and approach they could have followed to bring everybody together that felt inclusive and had amazing legislation that was bipartisan and make America the the crypto hub, which would have also required courage." }, { "start": "42:34:910", "text": "We would have to update, modernize the tax law and update, modernize the securities laws at the same time." }, { "start": "42:41:20", "text": "We could have done that if we had the right bipartisan process and the right leadership." }, { "start": "42:44:980", "text": "But Trump took a scorched earth strategy." }, { "start": "42:46:270", "text": "He just said, it's my way or the highway." }, { "start": "42:47:650", "text": "The Congress works for me." }, { "start": "42:49:100", "text": "I just do everything I want to do and I don't give a shit about being bipartisan." }, { "start": "42:54:920", "text": "You know, and he's all and I, you know, a lot of maga people, they say, oh, well, you're just saying that, but the Democrats are evil and they don't want to work with anybody and all these other stuff." }, { "start": "43:2:300", "text": "Well, what incentive do they have to work with you?" }, { "start": "43:4:610", "text": "What incentive?" }, { "start": "43:5:400", "text": "What do they get?" }, { "start": "43:6:200", "text": "If if it turns out good, Trump takes all the credit." }, { "start": "43:9:790", "text": "If it turns out bad, they get all the blame." }, { "start": "43:12:120", "text": "You can't expect people to collaborate with you in a negotiation if there's no offside for them." }, { "start": "43:18:500", "text": "You have to create an upside." }, { "start": "43:19:100", "text": "You have to give them something." }, { "start": "43:20:410", "text": "You know, if I was crypto, what I would have done is gone to all the billionaires." }, { "start": "43:24:250", "text": "I was literally going to say, if you were crypto are." }, { "start": "43:27:720", "text": "I I gave the road map, but also in private, what I would have done is gone all the crypto billionaires and said, all right, how many of you guys are Democrats?" }, { "start": "43:35:550", "text": "Because that helps me a lot." }, { "start": "43:37:340", "text": "So, I want you to go tell your Congress critter and your senator that there's a whole bunch of oligarchs now who are going to be cutting $10 to $50 million checks for Senate campaigns and House campaigns for the left if crypto is uh if they're pro crypto." }, { "start": "43:51:700", "text": "Then suddenly they're like, oh, well, we got to pass this crypto thing cuz it turns out all these young people got really rich and a lot of young people are politically on the left." }, { "start": "44:1:680", "text": "And go figure, maybe that's a donor base for the political left." }, { "start": "44:5:10", "text": "Why the hell are we listening to Elizabeth Warren, the Crip keeper over in Massachusetts?" }, { "start": "44:9:50", "text": "What the are we getting from her?" }, { "start": "44:10:140", "text": "Is she going to be cutting me a $10 million check for my campaign when I'm running in a very competitive race here in my state?" }, { "start": "44:17:230", "text": "No, she's not." }, { "start": "44:18:780", "text": "But uh Sam McGee, the guy who's got 8 billion dollars in food coin, uh he can cut me a $10 million check." }, { "start": "44:25:290", "text": "But he's not on the Forbes list of billionaires." }, { "start": "44:26:990", "text": "Exactly right." }, { "start": "44:27:660", "text": "That's the thing." }, { "start": "44:28:650", "text": "You see, so, so that's all you got to do, and then suddenly the politics, they made a lot more sense." }, { "start": "44:34:520", "text": "Here's another thing that David up on." }, { "start": "44:36:260", "text": "It's so bad." }, { "start": "44:37:20", "text": "It's so bad." }, { "start": "44:38:810", "text": "Okay, we want the government to procure crypto." }, { "start": "44:42:150", "text": "Great." }, { "start": "44:42:730", "text": "What are the standards?" }, { "start": "44:44:360", "text": "He should have walked into Nist in January and said, okay, we need to give you guys some more money, so we can figure out how we can write national standards for things like the centralization and throughput and other things because we're going to be writing RFPs at the State Department and the DOD, and the White House and all these other things are talking to adopt blockchain technology." }, { "start": "45:3:300", "text": "What basis do we write the RFP for?" }, { "start": "45:5:270", "text": "What standard do we refer to?" }, { "start": "45:6:380", "text": "Like when we do post-quantum, Mist has FIPS 203 and 204 and 205." }, { "start": "45:11:510", "text": "And you have all these other FIPS standards for procuring cryptographic devices." }, { "start": "45:15:330", "text": "So when they write the RFP, it says, must be this compliant." }, { "start": "45:18:60", "text": "So, how do we distinguish Solana from Ethereum, from Bitcoin, from Cardano, from anything else from a standards basis, objectively speaking?" }, { "start": "45:26:400", "text": "You can't." }, { "start": "45:27:140", "text": "So it's just bribery." }, { "start": "45:27:940", "text": "It's just basically who has the biggest lobbying department to win the bid for blockchain procurement?" }, { "start": "45:33:570", "text": "You know, so you go to Nist, you have them do that." }, { "start": "45:34:650", "text": "By the way, once Nist is engaged, the Congress and the Senate, what do they have?" }, { "start": "45:38:50", "text": "The House and the Senate." }, { "start": "45:40:90", "text": "They have a group of cryptographers and engineers who are objective and neutral and work for the US government to advise them on cryptocurrency legislation." }, { "start": "45:48:470", "text": "As opposed to members of industry who are by definition biased because they have bags to hold." }, { "start": "45:55:270", "text": "It's just 101 stuff of understanding the competitive dynamics and how all these things come together." }, { "start": "46:0:550", "text": "And and and I guess he's doing that, and he's the AI guy at the same time." }, { "start": "46:4:420", "text": "That's probably I mean, AI is just a bigger job." }, { "start": "46:7:290", "text": "Yes." }, { "start": "46:8:370", "text": "It's just it's just like it's like it's like you're you're going to like regulate this multitrillion dollar industry and this multitrillion dollar industry." }, { "start": "46:14:140", "text": "And what are the KPIs?" }, { "start": "46:16:320", "text": "You know, the KPIs are they're more adoption, is there more clarity, is the price going up, are there more US businesses?" }, { "start": "46:21:40", "text": "When I went to Dubai, uh I went out, excuse me, when I was at Web Summit in Portugal, they had a booth for Dubai there." }, { "start": "46:28:10", "text": "And right on the booth it says, the king has given us a KPI, 500% more blockchain businesses by 2027." }, { "start": "46:37:120", "text": "They have KPIs." }, { "start": "46:38:220", "text": "They actually measure the amount of blockchain businesses entering in and registering with VRA and all these other things." }, { "start": "46:43:520", "text": "So what are the KPIs?" }, { "start": "46:45:340", "text": "That would be the thing of like, if you want to be crypto are, well what are the KPIs for my performance?" }, { "start": "46:49:920", "text": "How do I know if I'm successful in that job or not?" }, { "start": "46:53:300", "text": "But most people would say passing the genius Act and passing clarity." }, { "start": "46:56:550", "text": "I from an outside perspective." }, { "start": "46:58:340", "text": "Sure." }, { "start": "46:58:530", "text": "And and what do we get with genius?" }, { "start": "46:59:710", "text": "We got fan service for banks." }, { "start": "47:2:60", "text": "Basically, genius meant that now we banks can enter in and be stable coin issuers." }, { "start": "47:6:380", "text": "Huzzah." }, { "start": "47:7:290", "text": "Great." }, { "start": "47:8:200", "text": "That that's certainly important for the industry, but by no means is that a retail bill that doesn't take care of Dfi, that doesn't take care of a single layer one, that doesn't take care of any of our innovation, doesn't handle anything as government procurement." }, { "start": "47:20:10", "text": "And you know it does it centralizes the industry around Black Rock and Canter and uh, you know, Goldman Sachs and Morgan Stanley and all these big guys." }, { "start": "47:28:600", "text": "So great." }, { "start": "47:29:40", "text": "We passed the bill to hand Wall Street the keys to the crypto Kingdom." }, { "start": "47:33:630", "text": "And the one thing we needed." }, { "start": "47:34:390", "text": "Remember when we Bitcoin to avoid that." }, { "start": "47:37:680", "text": "Yeah." }, { "start": "47:38:390", "text": "And all the Bitcoin now belongs to like institutions, right?" }, { "start": "47:41:220", "text": "They're they're the ones that actually hold it on behalf of other people." }, { "start": "47:45:490", "text": "So that's the fundamental issue here." }, { "start": "47:46:500", "text": "It's just if you want to do something, you start with emission and then you work your way backwards." }, { "start": "47:51:0", "text": "The Venezuela thing is like perfect example of the Trump administration." }, { "start": "47:55:600", "text": "There's nothing better to to than that moment." }, { "start": "48:0:0", "text": "Okay, you have this dramatic, daring, incredible raid, and Delta Force, by the way, has trained for 40 years to do this type of mission." }, { "start": "48:6:350", "text": "This is like since they were started, this was their mission, man." }, { "start": "48:10:480", "text": "When the Shah got deposed by Kumeni, you know, they were always like, can we get rid of Kumeni and go capture him and bring him back?" }, { "start": "48:17:100", "text": "They were always wanting to do this mission." }, { "start": "48:18:240", "text": "So Trump gave it to him and kudos to Delta Force and to the US military." }, { "start": "48:21:490", "text": "They did a phenomenal job." }, { "start": "48:23:440", "text": "But that's execution." }, { "start": "48:25:280", "text": "You start with principles and philosophy, then you create frameworks, then you create a strategy, then you execute." }, { "start": "48:32:390", "text": "So now they're like, okay, now that we executed, let's come up with the Venezuela strategy." }, { "start": "48:35:570", "text": "Like what do we do next?" }, { "start": "48:37:370", "text": "They're working backwards for the whole thing." }, { "start": "48:40:20", "text": "They're like, we're going to run Venezuela." }, { "start": "48:42:330", "text": "Yeah, but Maduro's government is still in charge." }, { "start": "48:47:650", "text": "I I have a lot of problems with what happened there." }, { "start": "48:49:500", "text": "I know, I know." }, { "start": "48:50:30", "text": "You know." }, { "start": "48:50:570", "text": "And by the way, I I will say this, I've said it on every show and on Twitter and every single time I get the opportunity, two things can be true at once and there's nuance." }, { "start": "48:58:300", "text": "You can be very happy that Maduro is no longer in power for the people, but very unhappy that the United States decided it was their job to do it in this manner." }, { "start": "49:6:660", "text": "Yeah, it's like typically when you do an operation like this, you would have like Delta and team six split." }, { "start": "49:10:480", "text": "Delta captures Maduro." }, { "start": "49:11:420", "text": "Team six goes and decapitates and kills because they're bruers, uh all the generals and high-ranking people." }, { "start": "49:18:960", "text": "And while you're doing it in parallel, you have 50,000 rebels that you've trained up with a counter government, enter the country and take Caracas and take the media and there's no one to oppose them because you've decapitated the command and control structure and degraded the Venezuelan military's ability to respond." }, { "start": "49:34:440", "text": "And within 24 to 48 hours, you have a new government basically in power and that new government has full US backing and you've already pre-talked to the gang of eight, so you have full legislative support and you've pre-talked to the UN, uh so you basically have international recognition of the transition government and then the US works with transition government to install a new elected government and you announce an election in a year or something like that." }, { "start": "49:55:10", "text": "That's how you do a regime change like by the textbook in the green brace train for that." }, { "start": "49:59:70", "text": "The agency train for that." }, { "start": "50:1:220", "text": "You know what the irony is of that?" }, { "start": "50:3:390", "text": "Even if we had done all of that, it's still never worked out." }, { "start": "50:6:380", "text": "It's never worked out." }, { "start": "50:7:500", "text": "Oh yeah, exactly right." }, { "start": "50:8:50", "text": "I think we can argue maybe that Panama like worked out." }, { "start": "50:11:130", "text": "So I mean, Noriega, but like Afghanistan, Iran, Iraq, I mean name every we're we're not good at this." }, { "start": "50:17:340", "text": "Yeah, that's the point." }, { "start": "50:18:50", "text": "It's like that's the way you do it." }, { "start": "50:19:100", "text": "We didn't even do it that way." }, { "start": "50:20:20", "text": "We just like took Maduro and then we're like, we're just going to work with this government and figure this out." }, { "start": "50:24:990", "text": "So so it Venezuela is the perfect example for how that shop runs." }, { "start": "50:29:430", "text": "Doge was another example." }, { "start": "50:30:450", "text": "Elon Musk comes in like a hammer." }, { "start": "50:32:550", "text": "He gets tired and destroys his reputation doing it." }, { "start": "50:35:100", "text": "And then at the end of the day, they're like, yeah, we're just not going to do any of those cuts at all." }, { "start": "50:38:430", "text": "Like the government's going to continue growing." }, { "start": "50:40:20", "text": "We're not going to shut any agencies down or all these other things." }, { "start": "50:44:220", "text": "I the day I knew Doge wasn't serious was I said, okay, here's a list of 16 intelligence agencies." }, { "start": "50:52:160", "text": "At the end of the rainbow, how many do we have left?" }, { "start": "50:53:70", "text": "Five, four, three." }, { "start": "50:55:650", "text": "You know, here's a list of 14 bureaucracies in the US government." }, { "start": "50:58:630", "text": "At the end of the rainbow, how many do you have left?" }, { "start": "50:59:750", "text": "Two, three, four." }, { "start": "51:2:730", "text": "Okay?" }, { "start": "51:2:970", "text": "And they say, no, no, we're not going to shut any agencies down." }, { "start": "51:4:810", "text": "You're not serious." }, { "start": "51:6:30", "text": "You're not serious at all." }, { "start": "51:7:260", "text": "It's not real." }, { "start": "51:7:620", "text": "It's just made for television, it's made for drama, it's made for something to talk about, but it's not made for reality." }, { "start": "51:13:300", "text": "And Trump tried to treat crypto the same way." }, { "start": "51:15:30", "text": "Dramatic meetings at the White House, people flying down to Maralago, you know, all this other stuff." }, { "start": "51:21:40", "text": "But none of that was wrapped up in a philosophy, a framework and all these other stuff." }, { "start": "51:25:210", "text": "You remember the securities Exchange Act of 1933 was passed 92 years ago, which meant that FDR was the president, JFK's dad was the first chairman." }, { "start": "51:35:540", "text": "These laws when you pass them, they live a long time." }, { "start": "51:38:430", "text": "The goal shouldn't be that we absolutely have to pass genius and clarity because the Democrats are evil and they won't do anything." }, { "start": "51:44:490", "text": "The goal should be, let's get the whole industry together to speak with one voice in the US government behind them." }, { "start": "51:49:150", "text": "And even if it takes a little longer to get done, we recognize that what we pass may be around for 92 years." }, { "start": "51:55:10", "text": "So we have to do it in a wise and judicious way." }, { "start": "51:58:390", "text": "And we have to do it in a way that makes sense for all the people here and that doesn't hinder or harm the industry as a whole." }, { "start": "52:4:900", "text": "You know, and and that's what you do as a leader, instead of I just have to pass best available and we can't change any of this stuff." }, { "start": "52:11:400", "text": "We can't touch tax law and we can't change the securities Exchange Act or anything else because it requires more committees and the Democrats won't do it." }, { "start": "52:18:780", "text": "It's like, well, what would it take to get them on board?" }, { "start": "52:19:800", "text": "If they can get money from it, that's a good start." }, { "start": "52:23:490", "text": "If they can get some political upside from it, that's a good start." }, { "start": "52:27:180", "text": "Right?" }, { "start": "52:27:350", "text": "And so the Tsar's job is in that first precious 30 to 90 days to negotiate with them and let them know that there's a lot of money at the end of the rainbow and a lot of credit at the end of the rainbow to help them out." }, { "start": "52:38:620", "text": "You know, and you start with the younger Democrats who are pro crypto, but can't be like Ro, or these others, and you get them on board, and then you use them as proxies to go and talk to the the the older Democrats and be like, guys, this is the future." }, { "start": "52:50:820", "text": "All these young kids own this." }, { "start": "52:52:170", "text": "50 million Americans, half are Democrats." }, { "start": "52:54:140", "text": "We can't alienate 10% of the voting population." }, { "start": "52:57:560", "text": "Can't do it." }, { "start": "52:58:910", "text": "We have to bring them all along and that's one of the reasons we lost in 2024." }, { "start": "53:2:730", "text": "You're talking about bringing the industry together for a common purpose." }, { "start": "53:6:270", "text": "We're not that great at that historically, right?" }, { "start": "53:9:170", "text": "Well, the Tsar could have done it because everybody knows the payoff." }, { "start": "53:11:0", "text": "If it's the US government saying, if you worked with me, you all get a big bag of goodies at the end of the rainbow and you 10x the market, you damn well know everybody at there." }, { "start": "53:19:180", "text": "Right." }, { "start": "53:20:70", "text": "Right." }, { "start": "53:20:290", "text": "I'll ask you, you were around." }, { "start": "53:21:590", "text": "It's not like you were uh absentee uh observer of all of this, right?" }, { "start": "53:26:50", "text": "So, would you say that there was at least a Goldilock's period where the industry did come together for common interest?" }, { "start": "53:32:150", "text": "And would you say now they're doing that or do you think that everybody's lobbying now in their own self interest?" }, { "start": "53:35:710", "text": "Everybody was dumping tons of money, person A was trying to disinvite person B." }, { "start": "53:41:200", "text": "Person A was trying to get access." }, { "start": "53:42:580", "text": "Everybody wanted the picture with Trump, everybody wanted the picture with Sachs, they wanted to be in the White House." }, { "start": "53:47:640", "text": "And you kept saying, okay, great, but okay, let's talk about downstream considerations." }, { "start": "53:50:800", "text": "Like should we set up an SRO or not?" }, { "start": "53:52:430", "text": "Don't care." }, { "start": "53:53:730", "text": "Um, how are we going to participate in the rule making process?" }, { "start": "53:56:220", "text": "Who should be in the room for the rule making process?" }, { "start": "53:57:380", "text": "Should it be a joint commission between the CFTC and the SEC and these other things?" }, { "start": "54:1:40", "text": "Don't care." }, { "start": "54:2:100", "text": "They wanted the picture, they wanted the access because the picture and the access meant token price go up." }, { "start": "54:8:290", "text": "That's their view." }, { "start": "54:8:780", "text": "It's like, oh, well, this I got to buy this token because the US government's going to adopt this token, you know?" }, { "start": "54:13:620", "text": "And I'm not going to name names, but you saw, and some of them, if you go through their Twitter feeds and other things, they were very aggressive uh with this." }, { "start": "54:21:400", "text": "And and it's just like, great, but what's your vision?" }, { "start": "54:24:260", "text": "Where do we want to go?" }, { "start": "54:25:210", "text": "Let's map out digital America 2030." }, { "start": "54:29:100", "text": "And the president cares about some of this stuff." }, { "start": "54:30:840", "text": "Like he told us that the election was stolen in 2020." }, { "start": "54:34:250", "text": "Wonderful, Mr. President." }, { "start": "54:35:630", "text": "Let's talk about a blockchain based voting system by 2030 then." }, { "start": "54:39:770", "text": "And what it would take to actually make that happen." }, { "start": "54:41:880", "text": "So let's go through it." }, { "start": "54:43:720", "text": "Because then they're never going to steal the election again according to the president if he actually believes these things." }, { "start": "54:48:210", "text": "So, so we could have done that as an industry and presented these things step by step." }, { "start": "54:52:710", "text": "You talk about waste fraud and abuse." }, { "start": "54:53:570", "text": "Why weren't we able to connect it to Doge?" }, { "start": "54:56:450", "text": "Why weren't we able to say, we're going to revise these agencies and install blockchain in, so we have real time continuous auditing and we know all the inflows and outflows of the agency." }, { "start": "55:6:300", "text": "Sachs could have been right there with Doge, talking with Elon Musk and saying, let's work together on this and figure this one out." }, { "start": "55:11:790", "text": "Then you have Musk talking to the president at the time when he still had political capital, saying this is an important thing." }, { "start": "55:16:530", "text": "But then you also have Musk going and testifying before the House and the Senate about why we need to blockchain the US government, because it's it's necessary for Doge and waste for reduction and all these other things." }, { "start": "55:27:850", "text": "And then you just get the pork on the bar." }, { "start": "55:29:430", "text": "You know, it's like the military stuff." }, { "start": "55:30:520", "text": "Get Raon, Northrup Grumman and all these other formal blockchain group, and just give them some pork." }, { "start": "55:36:20", "text": "And then the banks, they've already figured out how to get their their pound of inflation pork." }, { "start": "55:38:700", "text": "You get those guys in." }, { "start": "55:40:400", "text": "It's not hard." }, { "start": "55:42:500", "text": "It's not hard." }, { "start": "55:44:0", "text": "It just you have to know how to do it." }, { "start": "55:44:810", "text": "And and you have to." }, { "start": "55:45:950", "text": "So it's so disgusting when you dig into how it all works." }, { "start": "55:49:50", "text": "I mean listen to you describe it, I just remember that that's why I bought Bitcoin in the first place." }, { "start": "55:54:790", "text": "Not about all of what you've just described." }, { "start": "55:58:300", "text": "Yeah." }, { "start": "55:58:650", "text": "So that's why I say like, let's just do it group global." }, { "start": "56:0:930", "text": "You know, the world's a big place." }, { "start": "56:2:530", "text": "Turns out there's like 7 billion people who don't live in the United States." }, { "start": "56:6:730", "text": "You know, so maybe we should just focus on that and grow in those circles and uh there's a lot of very innovative regimes and there's a lot of very innovative ideas." }, { "start": "56:14:400", "text": "And at the end of the day, crypto is not a product of a nation state." }, { "start": "56:16:80", "text": "That was another thing I knew that was just like he said." }, { "start": "56:19:30", "text": "So I said, American cryptos won't pay tax." }, { "start": "56:21:650", "text": "You know, that was against every single thing we stand for as an industry because by definition there shouldn't be an American crypto." }, { "start": "56:28:440", "text": "Cryptocurrency should be a global concern, a global product." }, { "start": "56:32:890", "text": "It shouldn't be an American product." }, { "start": "56:34:260", "text": "You know, and when you start saying, well, we have to make these things American." }, { "start": "56:37:370", "text": "It's like the American crypto, just to close out the thought, you know, that's so against every single thing we stand for as an industry." }, { "start": "56:44:590", "text": "By definition, cryptocurrency should be politically neutral, geographically neutral, ethnically neutral." }, { "start": "56:49:680", "text": "They're global products." }, { "start": "56:51:20", "text": "There's no such thing as an American crypto." }, { "start": "56:52:430", "text": "The minute you make it an American crypto, it doesn't make any sense at all." }, { "start": "56:56:270", "text": "There should be American cryptocurrency companies, but there can't be American cryptocurrency protocols." }, { "start": "57:2:510", "text": "That doesn't make sense." }, { "start": "57:3:430", "text": "And when they started saying that and doing that, saying those American cryptos going to be tax-free." }, { "start": "57:8:40", "text": "It's like these people don't understand or they don't care." }, { "start": "57:11:950", "text": "And uh and this is just a photo op." }, { "start": "57:13:580", "text": "Good sound bites." }, { "start": "57:14:620", "text": "Listen, I know we're right at time." }, { "start": "57:16:320", "text": "If you have to go, I won't ask you another question, but if you have five more minutes, I'll ask you one more." }, { "start": "57:20:800", "text": "Let's take it one more." }, { "start": "57:21:730", "text": "Okay, well, cuz listen, we're we're cynical." }, { "start": "57:23:930", "text": "It's our it's our nature as the uh industry." }, { "start": "57:26:410", "text": "We're obviously skeptics." }, { "start": "57:29:430", "text": "I just want to put a positive sort of ending on on the conversation." }, { "start": "57:33:140", "text": "There have to be some things that you're still really excited about." }, { "start": "57:36:20", "text": "Obviously, you continue to build." }, { "start": "57:37:880", "text": "And, you know, you talk about a $2.5 billion loss, but I assume it's largely on paper and there's a belief that those things can come back, right?" }, { "start": "57:45:610", "text": "So, um, you know, what are you looking forward to?" }, { "start": "57:47:650", "text": "What are you optimistic about even in the context of all the sort of negativity surrounding this conversation?" }, { "start": "57:53:930", "text": "Well, I mean, I I can say or I can do." }, { "start": "57:56:690", "text": "So I, you know, I'll do." }, { "start": "57:58:620", "text": "I'm very excited about the fourth generation." }, { "start": "58:1:30", "text": "I think rational privacy and uh and smart compliance and chain abstraction." }, { "start": "58:5:830", "text": "These are the new pillars that are going to bring a billion people into the industry and 10 trillion dollars of asset value over the next five years." }, { "start": "58:13:300", "text": "Uh and it's also exciting because I get to do new things." }, { "start": "58:15:200", "text": "We've kind of peaked at like consensus protocols and smart contract design and formal methods and these we all kind of know, you know, we've all done it." }, { "start": "58:25:210", "text": "is it really sexy and exciting if your consensus protocol is 30% faster?" }, { "start": "58:30:220", "text": "Whereas the rational privacy world, the smart compliance, these are fundamentally different technologies and I get to think about lattice-based crypto and fully homomorphic encryption and multiparty computation and the nature of trusted execution environments." }, { "start": "58:42:360", "text": "And I get to think very deeply about, you know, zero knowledge cryptography and and how does that work with intense and how does that work with regulation and all this other stuff." }, { "start": "58:51:170", "text": "So it's a it's a fundamentally different uh way of going about things that's really exciting to me." }, { "start": "58:56:200", "text": "Uh so I that's where I'm at." }, { "start": "58:58:340", "text": "And uh and my belief is if we get get that done, we'll have a bull market like we've never seen before." }, { "start": "59:2:860", "text": "The market will be much stronger and and overall there'll be a lot more adoption, but the difference is it's not speculative." }, { "start": "59:10:130", "text": "It's like Amazon 2011 versus Amazon 2000." }, { "start": "59:14:140", "text": "The stock price was a data call." }, { "start": "59:15:470", "text": "Amazon 2000, then we're going, oh god, why?" }, { "start": "59:17:810", "text": "It took 11 years to build back up." }, { "start": "59:20:250", "text": "But the company was radically different in 2011 than it was in 2000." }, { "start": "59:23:690", "text": "2011, it's the everything marketplace." }, { "start": "59:25:740", "text": "It's Amazon web services, you know, it has a billion customers and all this stuff." }, { "start": "59:30:160", "text": "In 2000, there was the hope that it would one day achieve that." }, { "start": "59:33:910", "text": "So I think we'll be 2011 Amazon where crypto markets will have real use utility and uh adoption behind them." }, { "start": "59:39:680", "text": "And also that means we can have fully on-chain Dows." }, { "start": "59:42:710", "text": "It means businesses can be put fully on-chain." }, { "start": "59:45:150", "text": "It means governments can actually fully adopt and enterprises can fully adopt cryptocurrencies." }, { "start": "59:50:370", "text": "Uh all those kinds of things will exist and happen." }, { "start": "59:52:680", "text": "So, this is the make or break year for the soul of crypto." }, { "start": "59:55:680", "text": "If we let it, Wall Street will take it." }, { "start": "59:57:730", "text": "It'll be run by institutions." }, { "start": "59:59:480", "text": "You'll have all these federated protocols, you can't even run them." }, { "start": "60:2:460", "text": "Who cares, you know, and uh everything will be a digital Panopticon." }, { "start": "60:7:290", "text": "And Klaus Schwab will just be furiously masturbating in the corner." }, { "start": "60:10:730", "text": "Or if uh, you know, if if you have the retail revolution and we come in with the fourth generation, we can retake the market, uh and we can force decentralization and we can just think globally and we can get out of these politics of division and politics of uh destruction." }, { "start": "60:25:560", "text": "That's why I left Twitter." }, { "start": "60:27:140", "text": "You know, I was on it for a long, long time, had a million followers." }, { "start": "60:29:410", "text": "I said, I just don't want to do it any more." }, { "start": "60:31:110", "text": "I don't want to be in this toxicity any more." }, { "start": "60:33:140", "text": "I don't want to talk about this stuff that divides us." }, { "start": "60:36:200", "text": "You know, I want to talk about how we can work together and uh and midnight's a reflection of that as is the future road maps of Cardano." }, { "start": "60:42:580", "text": "And I hope uh that there's more of that than the Klaus Schwab masturbating." }, { "start": "60:47:310", "text": "Well, you've given us all an image to have nightmares about into perpetuity after this conversation." }, { "start": "60:52:330", "text": "So that's a perfect uh book ends, I think, but that said, it's not all doom and gloom and I appreciate that you gave the Amazon comparison." }, { "start": "61:0:700", "text": "It's sort of how I view it as well." }, { "start": "61:1:550", "text": "I don't think it's dead, I don't think it's over." }, { "start": "61:4:580", "text": "I think uh we just need to come with real utility and purpose and I think we will." }, { "start": "61:10:390", "text": "Thank you, sir." }, { "start": "61:11:510", "text": "Charles, you're a legend." }, { "start": "61:12:150", "text": "Thank you very much, man." }, { "start": "61:12:750", "text": "I really, really appreciate it." } ]

[ { "start": "00:00:00", "text": "People say Bitcoin is too volatile, and looking at today's price action, that sounds pretty fair. Bitcoin's down more than 30%." }, { "start": "00:00:07", "text": "Fear is everywhere, and calls for another crash to get in louder every day. But what if Bitcoin's volatility isn't the problem at all? What if misunderstanding the volatility is the real reason people keep losing money every single cycle? Well, I'm going to break this down in this volatility masterclass, show you how to use this to build wealth instead of losing it. So, let's go." }, { "start": "00:00:27", "text": "All right, so we're going to jump in today and talk about Bitcoin volatility." }, { "start": "00:00:32", "text": "And again, uh, if you don't like Bitcoin, that's fine. Uh, every asset goes up and down. Every asset has volatility, so apply it to your favorite asset. Uh, but I'm going to use Bitcoin because one of the biggest objections I hear to Bitcoin is it's too volatile. So, Bitcoin is highly volatile, so it's a great asset to use in this. But this is going to give you the entire investing blueprint that you need. But the thing with volatility, first of all, just real quick, is that if you don't learn how to use it properly, then it's going to shake you out. It shakes people out every single cycle." }, { "start": "00:01:03", "text": "Some people would say that it's actually used to consolidate power and strip you of your wealth, strip of your assets, but I don't want you to lose your assets and your wealth. I want you to get more wealthy, and so we want to learn how to use volatility the right way. First of all, what is volatility, and is it really a flaw? So, like, oh, I like Bitcoin. I see that people made a lot of money with Bitcoin. I understand it's the best performing asset in 15 years, 10 years, three years, five years, whatever, but it's too volatile. As if that's a bad thing. So, is it? Is it a flop, or is it a function? Well, volatility scales directly with the opportunity." }, { "start": "00:01:36", "text": "So, the bigger the opportunity, the more volatility there is. Low volatility assets offer stability, but generally provide minimal real growth. So, volatility is the measurement of an asset going up. So, cash is great. It's pretty stable, but it's not going to go up or down, like the US dollars in a bank, or a money market account, or stable coins. There's no growth. It's stable, but there's no growth." }, { "start": "00:02:00", "text": "Recent data from I Shares confirms Bitcoin has a 54% annualized volatility. What does that mean? 54% annualized volatility is roughly 3.5 times that of gold and five times more volatile than equities. So, it's too volatile. Yeah, it's five times more volatile than equities. Yeah, it's 3.5 times more volatile than gold. But volatility is the measurement of the asset going up, but also it's ability to go down." }, { "start": "00:02:30", "text": "So, Bitcoin is going up by about 50, well, in this case, 54% per year. It sort of depends on when you measure it. Right now, the last three years are like 70%. But it goes up about 50% compounding per year. So, that means I have the potential to make 50% on the upside, but I also have to be willing to stomach 50% on the downside. So, when they're saying it's too volatile, they're saying, I don't want an asset that goes up 50%. Cuz that'd be terrible, right? No, what they're saying is I don't want an asset that goes down more than that much. But the problem is, is that it's direct with the opportunity." }, { "start": "00:03:04", "text": "Okay, now, this distinct profile classifies Bitcoin not as risky, but as high energy. So, it's a high energy asset, meaning it moves a lot. So, we have right here, global equities, 10.5%. Gold right here, 15%, and then Bitcoin, 54%. So, I want the 54% on the upside, but I don't know if I can stomach it on the downside. But don't worry, I'm going to show you how we solve this, cuz again, I don't want you getting wiped out. I want you to benefit from volatility." }, { "start": "00:03:30", "text": "What does volatility measure? You might have heard like a 30 vol asset, or a 50 vol asset. Like, what does that even mean? In plain language, it's simply how much an asset moves. That's the volatility. How much does it move over a period of time?" }, { "start": "00:03:46", "text": "Bigger moves don't signal instability, they signal higher energy, and as Michael Saylor would say, they signal vitality. He says volatility volatility is vitality. It's how much energy the asset moves. The liveliness, the movement of it again. We don't want to invest into a dead asset. We wouldn't invest into something that would never go up, because we want to invest into something that goes up. We need it to have the energy, the volatility, the vitality. Bitcoin averages a 30% correction every three to six months. That's normal behavior." }, { "start": "00:04:17", "text": "As a matter of fact, since the last cycle low around 2022, Bitcoin hit about $16,000. From $16,000 to $126,000, it's now in its third pull back of 30%. It's third one. 30% is just par for the course. That's the par for the course to be able to make a right asset from 20,000 to 120,000. I have to be able to stomach a few 30% drawdowns. And so we can see this 30% correction, up, 30% correction, up, 30% correction, and then up. Each one of these is at a higher level." }, { "start": "00:04:54", "text": "So, if you knew this going into it, you'd go, well, okay, I mean, I'm willing to just ride this dip to get to a higher level. That's exactly what's happening with Bitcoin the volatility." }, { "start": "00:05:06", "text": "Okay, now, returns and volatility are the same. You can't separate them. You can't have the 50% upside without the drawdown back to the downside, without the reset. Now, I know a lot of people like with the benefit of hindsight go, well, what if I just sold here and buy back in here? We're going to get to that in a second. But the real people the real reason that people are drawn to Bitcoin is that it's going up 50% a year. That's what they want. They want that 50% a year. But you don't get the 50% compounding without the 50% volatility. You can't separate the two. They're together. So when people say Bitcoin is too volatile, what they're really saying is, uh, I want the returns but I don't want the volatility of the downside. I don't want the liveliness. I don't want the movement. But you can't have both. So, again, you can just sit in cash. You can do that, but you can't take one without the other. If Bitcoin stopped swinging, it wouldn't be high growth asset. The volatility isn't a side effect. The volatility is the engine of the growth. In order to get the big returns, you have to be willing to take ride those big swings. And so you can see right here the Kegar, the compound annual growth rate of assets. So, cash doesn't return anything. There's no compound annual growth rate to cash. Bonds a little bit higher. So cash is about a 0 to 1 vol asset. Bonds is about a 1 to 4. So, it's only going to move by 1 to 4% up or down. So, you're not going to really make any money and you're not going to really lose any money. S&P 500 are about, uh, 10 to 15%. Nasdaq about 15 to 20. And then we have Bitcoin all the way up here, 50. But it swings wildly." }, { "start": "00:06:42", "text": "Why volatility feels like failure? Why do people get shaken out of fear? Humans experience volatility emotionally. So everyone's so emotional into the market, and uh, I don't say this callously as someone who's been in Bitcoin since 2015. I've suffered some big drawdowns. And what I can tell you is that while they get easier, and I'll tell you why they get easier, they get a little bit easier. They don't get easy. And I'm susceptible. My emotions are susceptible, like anybody else. And it's pulling back a 30%, and news headlines are saying that it's over, and it's dead, and quantum is going to come destroy it, or whatever, whatever, the government's captured it, the Wall Street's captured it, they're going to crush it. Like, I'm susceptible too. It's our emotions that get the best of us. It's not mathematics. It's not data, it's emotions. So, we feel, and this is the key piece, because we're humans and we're emotions, we feel the drops two times more than the gains. This is the key piece, because humans are highly attuned to danger. We have to, we have to stay alive. So, you know, if we have to we have to see the snake in the grass. So, it's like, uh, you know, I'm on YouTube, by the way, leave me some nice comments, because I can read like 100 or 200 nice comments, and all of a sudden there's like one mean one, and it's like, uh, because we're so attuned to fear. And so that's why we feel the drop way more. The drop is way harder than the benefit of the game. The mismatch, investors chase the high volatility returns, but unknowingly bring a low volatility expectation. So, I want the 50% upside, but I don't if it goes more than 10%, I'm out. They're coming in with the wrong expectations. And if you've been in any sort of like relationship gambling, you know, it's all about setting those right expectations. This mismatch creates panic, interpreting normal market breathing as catastrophic failure. Like, Bitcoin must be broken. It's dropped 30%. It has to be broken. It has to be because of quantum. It has to be because of Wall Street, something like that. And it looks like this. I call this, really I call volatility the mismatch between perception and reality. Okay, this is reality, but what happens is, oh my gosh, we're going to get rich with Bitcoin. Every nation state's going to buy it. Oh my gosh, quantum's going to break it. Nope, quantum's not going to hear. Look, oh, now more nations are buying it. Oh, nope, now China wants to ban it. And we go back and forth with our expectations with our emotions. Meanwhile, it just keeps on trucking. Once you know this, you start to realize that these are your opportunities." }, { "start": "00:09:09", "text": "The real breaker here is that you have no thesis. I say it all the time. You can't borrow someone else's conviction. So, before you buy any asset, I don't care what the asset is, what is it? Why am I buying it? What am I expecting from it? Why do I think it will go up? Over what time frame? I have to develop my own thesis, and I have to have my own conviction on it. And what happens is, the what breaks people here is they don't have the thesis. Volatility only inflicts pain when you don't understand what you bought or why you bought it. I bought Bitcoin. Why? Well, cuz I thought it was going to go up 50%. Why? Why do I expect that? What do I expect from it? How do I think that's going to work? Let me give you this real estate analogy. I use it all the time. If you've heard it before, I'm sorry in advance. Uh, everyone gets real estate. So, let's just say, when I was a full-time real estate professional, we'd do this. I'd go to the city council, and I'd listen to what their plans are. They're going to rezone things, are they changing things? Where are they investing? And I find out that about, you know, 30, 45 minutes out of town, they're going to build a football stadium. And uh, shoot, and I mean, that's that's like a, you know, open area of land, but if they build a football stadium, that land's going to be in high demand. So, they said, you know, it's going to take about seven years to get that football stadium out there. So, tomorrow morning, I get in my car, I drive out there, I find a couple of pieces of land, and I buy them. Why? What am I buying? Land. Why? Uh, because I think it will be more valuable in the future. Why will it be more valuable? Because they're going to build a football stadium there. When? In seven years. I have my thesis, okay? Now, what happens if a year from now, lots go up for sale next to my lots and they're cheaper? Do I panic? Oh my gosh, why are they cheaper? Do I sell? Do I buy more? I don't know. The first thing I do is I check my thesis. Is the football stadium still in progress? Have they got the permits? Have they got the plans? Have they got the financing? Have they broken ground? If the thesis is still intact, the football stadium is still being built in seven years, then I hold. Maybe I buy the land. Hey, sure, I'll buy some more at a discount, why not? Or I hold. Now, if my thesis has changed or violated. So, let's say, for example, I look and I'm like, oh shoot, they just discovered nuclear waste there. They can't build. My thesis is now broken. It's a breaker. Then what do I do? Well, then I sell, as quick as I can, and I'll and and maybe I take a loss. So, when we have volatility like we have right now, Bitcoin's down 30%. Oh my gosh, what do I do? Well, I don't know. Why did you buy it? What was your thesis? Is your thesis still intact? If your thesis is still intact, then you do nothing. Then you zoom out." }, { "start": "00:11:39", "text": "Serious Capital, the smart money, ask, did the underlying story change? They don't ask, did the price move? They don't look at the price. They look at the underlying story. That's how Warren Buffett would do. Warren Buffett would say, I don't buy stocks, meaning I don't look at the price. I buy companies. The companies happen to be traded publicly, but I I didn't buy the stock. I didn't buy the price. So, is Bitcoin still secure? Is it still a decentralized network? Yes. Is it still still decentralized? It's still secure. Um, why would it go higher? Well, because nations and central banks can keep printing money. And uh, because they keep printing money, they want to control the capital. Okay, so by printing money and and uh, and controlling capital, drive people to buy a decentralized asset like Bitcoin. Right. So, did governments decide to stop, um, printing money and live by by on their means, you know, within their means? No. Um, did they decide to give us all our freedom back and take away capital controls? No. Well, then my thesis is still intact. You could ask yourself, uh, and this is this kind of illustrates that, market price, the thesis value. And and just ask yourself, like, what are the odds, the probabilities that governments stop printing money and live within their means? What are the odds that governments decide to give you all your freedom back and no longer do capital controls? I mean, it's like, you know, less than 1%. But that's the thesis." }, { "start": "00:12:51", "text": "Okay, now, if we apply that lens to Bitcoin, Bitcoin's purpose hasn't changed. Digital scarcity. Digital scarcity remains absolute, regardless of the price. Is there more than 21 million Bitcoin? No. Can they make more than 21 million? No. Now, if they find a way to do it, maybe my thesis changed. As of right now, it's not. Since 2014, it's weathered four drawdowns of more than 50%, some of them 70, 80%, crazy. Each was a redistribution event. It's the key piece. Each was a redistribution event, not the end. What do I mean by redistribution? Well, the old saying in investing is that you're supposed to buy low and sell high, right? Easier said than done. What most people do is they buy high because they're hearing everyone making money, and then they sell low. And they're redistribution, going from the weak hands, the impatient hands, to the strong patient hands. Redistribution. Recoveries take time, six months. But the system rewards endurance over timing. So, we might have to weather in this, we have to weather this drawdown, and it could take six months. So what? Have endurance. Now, one of the first rules of investing, and Warren Buffett says, don't lose money, but you're always going to lose some money in investing. It's impossible. But what that what I think is the most important rule of investing is never be a forced seller. So, what does that mean? That means that if I'm impatient, let's say that, um, I needed the money in uh, 30 days to pay for college tuition or pay my taxes, or pay for a wedding. I needed it in 60 days, 90 days. But then it dips. Shoot, I need the money right now. I don't have the time. I don't have the endurance to wait for it to get back up. I got to sell right now. Well, then I'm going to take the loss. So, what we want to do is we want to think about our time and money and how it relates to volatility. So, what do I mean about time and volatility? So, the lower the volatility, cash being zero to one, bonds one to four, S&P, etc., is the time frame that I have to wait or think about. So, for example, there's been no point in Bitcoin's history that you could have bought any peak and not been back in profit within four years. So, it's like a four-year asset. With real estate, the same was always, don't buy a house that you don't plan to hold at least for five years. So, you want to think about the money that you have and the time frame that you need it. So, for example, again, if I have to pay something in 30, 60, 90 days, I don't want to put that into something highly volatile, a four-year asset. I want to put it into a low vol asset like cash or money market or bonds. If I have money that can sit for longer, a year or two, maybe that goes in like S&P 500 and Nasdaq. If it can sit even longer, four years or more, it can go into Bitcoin. The problem comes when I'm trying to take a high vol asset like Bitcoin, long duration, four years, and apply a three-month or six-month time frame to it. That's the problem." }, { "start": "00:15:37", "text": "Now, the other thing is back to the myth of the perfect timing. So, again, in hindsight, you're like, oh, why don't I just sell here and buy back in here? Here's why. You ever heard the saying, never try to catch a falling knife? That's a term that we talk about in investing is that when markets are going down, we're not trying to time the bottom and catch it perfectly. Typically, in investing, what you want to do is wait for the bottom to form, show that there's signs of of of a bottom forming, and it's coming back up, and then we come back in. So, we're not trying to time the bottom and catch a falling knife. Wait for the knife to hit, and then pick it up. But here's the problem with Bitcoin. The problem with Bitcoin is because it's so volatile, because it's has so much energy, it's has so much vitality, it moves really, really fast. And what happens is, if you miss the the best day, you miss most of the returns. And as a matter of fact, the best day is typically right after the worst day. So, you'd literally be having to catch or trying to catch falling knives constantly to get it. Let me give you an example here. So, in Bitcoin, uh, the 2021 bull market, we saw that over the top 10 days, the return, if I was in in the market during the top 10 days, I made 179% return. If I take the top 10 days out, the other 355 days, I would have lost 43%. So, the cost of sitting out of those days means that I was taking a loss, even in a bull market. Even in this great return, because, remember, the price is going like this. So, if I miss these best days, my returns get cut in half. Now, the same is true in the S&P 500, but it's not as volatile, so it's not as critical. So, S&P 500, historically annualized, is 9.2%. So, in the S&P 500, if you look at it over decades, it's about a 9% return. However, if I missed just the 10 best days in the S&P 500, my returns were cut in half from 9% to 5%. Even in the S&P 500. But again, because Bitcoin is so much more volatile, so much more vital, then just missing the 10 best days take me from a huge profit, 179, not nine, 179, but take me from that to a loss. And that's why we don't want to get out of the market. We just want to hold through the volatility, or even better yet, use the down parts to add to our positions because we have conviction, because we have our own thesis." }, { "start": "00:17:48", "text": "Okay, why waiting feels safe, and it isn't. So, fear convinces investors that waiting is prudent, but volatility says, step aside until it's safe. So, right now, people are like, oh, the market's too dangerous. It it used to be 125, 100 right now, it's I don't know, 85, 88,000, 90,000, but I don't know, it could go lower. It's unsafe right now. So, I I'll wait. I'll wait. I don't want to catch the falling knife. I want to wait till it reforms. But the biggest up days, as I just said, are the the clustered during the highly volatile part. So, when you step aside and you wait, then you're basically saying, I'm willing to just wait and miss the biggest return days. That's what you're basically saying, which of course, you don't want to do that. Let's just reframe this whole narrative just so I can set it right in your brain, okay? Bitcoin's volatility isn't a bug. But it's too volatile. That's a good thing. It's the system working as it's designed. We have a fixed supply asset going through a monetary transition. It's going to be volatile. That's the design. I want it to outperform everything, but I have to uh understand that it's going to be a little bit volatile. It's going to be lively. It represents pure price discovery. That's what we're seeing right now. A fixed supply asset being absorbed by or absorbing the monetary system. If it's occurring under conditions of absolute scarcity, it's the mechanism that redistributes wealth from the impatient who can't stomach the volatility to the patient people like me who are going to sit back and just wait." }, { "start": "00:19:08", "text": "Okay, finally, the final perspective that I want you to leave this with. Volatility, it's always going to exist. It exists in everything. There's never been an asset that I've ever seen in the history of the world that has gone up in a straight line or even down in a straight line. Even when an asset's crashing, it still has bounces. Okay? So, volatility is always going to exist. It's the heartbeat of a living monetary network. It's always going to feel uncomfortable because it's always going to challenge your assumptions. And it's always going to pull on our emotions which are highly attuned to risk and and uh try to remove our rational thought behind it. The market consistently removes participants who rent the price. So, Warren Buffett says, I don't buy stock. I don't buy the price. Those the market business who rent the price versus who own the protocol, who own the asset, who own the company. That's what Warren Buffett said." }, { "start": "00:19:57", "text": "All right, now, if you want to know how I use Bitcoin and it's 50 vol asset, it's high returns to leverage that asset to use the same wealth strategy that the 1% use, that were only available to the 1% until we got the cheat code, what I think Bitcoin is, it's high vol asset. You might want to check out the live event I'm doing called the Wealth Operating System Accelerator. I'm going to go live right from the stage for a couple of days. There's a link down below here if you want to check it out. I'll put a QR code on the screen right here where you'll learn how to take Bitcoin and then put it into a wealth accumulation strategy, and what I call the wealth OS. So, check out the link down below. We're going to do it all live. It's going to be workshop style, so you can do the work while you're watching along. I'm only going to do it one time in 2026, so don't miss it. Check it out. And that's what I got. All right? Don't say your Bitcoin. Hold on. To your success. I'm out." } ]

[{"start": "00:00:00", "end": "00:00:02", "text": "Most people think that Bitcoin is just"}, {"start": "00:00:02", "end": "00:00:04", "text": "having another huge draw down or it's"}, {"start": "00:00:04", "end": "00:00:07", "text": "the start of the 4-year cycle drawdown,"}, {"start": "00:00:07", "end": "00:00:09", "text": "but the truth, it's way bigger. There's"}, {"start": "00:00:09", "end": "00:00:12", "text": "a hidden war that's begun between the"}, {"start": "00:00:12", "end": "00:00:14", "text": "old financial system and the new one."}, {"start": "00:00:14", "end": "00:00:16", "text": "And the crazy part is that almost nobody"}, {"start": "00:00:16", "end": "00:00:19", "text": "sees what's really happening because the"}, {"start": "00:00:19", "end": "00:00:21", "text": "headlines, they're all screaming about"}, {"start": "00:00:21", "end": "00:00:23", "text": "price volatility. But while that was"}, {"start": "00:00:23", "end": "00:00:24", "text": "happening, something else was unfolding"}, {"start": "00:00:24", "end": "00:00:27", "text": "behind the scenes. Something way more"}, {"start": "00:00:27", "end": "00:00:28", "text": "important. We're seeing Wall Street"}, {"start": "00:00:28", "end": "00:00:31", "text": "quietly rolling out a new set of Bitcoin"}, {"start": "00:00:31", "end": "00:00:33", "text": "products, products that look like"}, {"start": "00:00:33", "end": "00:00:35", "text": "Bitcoin. They feel like Bitcoin, but"}, {"start": "00:00:35", "end": "00:00:38", "text": "they never actually touch real Bitcoin."}, {"start": "00:00:38", "end": "00:00:39", "text": "Now, at the same time, Micro Strategy"}, {"start": "00:00:39", "end": "00:00:41", "text": "launched a completely different kind of"}, {"start": "00:00:41", "end": "00:00:44", "text": "financial engine, one that threatens the"}, {"start": "00:00:44", "end": "00:00:46", "text": "entire banking model. Now, these two"}, {"start": "00:00:46", "end": "00:00:48", "text": "moves collided at the exact same moment,"}, {"start": "00:00:48", "end": "00:00:51", "text": "and that's why the price suddenly moved"}, {"start": "00:00:51", "end": "00:00:53", "text": "the way it did. Now, this isn't about"}, {"start": "00:00:53", "end": "00:00:55", "text": "charts. This isn't about hype. This"}, {"start": "00:00:55", "end": "00:00:56", "text": "isn't about control. And once you"}, {"start": "00:00:56", "end": "00:00:58", "text": "understand what's actually happening,"}, {"start": "00:00:58", "end": "00:01:00", "text": "you're going to see this all through a"}, {"start": "00:01:00", "end": "00:01:02", "text": "completely different light. So, let's"}, {"start": "00:01:02", "end": "00:01:06", "text": "go. All right. So, again, this isn't"}, {"start": "00:01:06", "end": "00:01:08", "text": "about emotion, right? This is about the"}, {"start": "00:01:08", "end": "00:01:10", "text": "rails, the old ones that have been in"}, {"start": "00:01:10", "end": "00:01:13", "text": "place since 1913 and the new ones that"}, {"start": "00:01:13", "end": "00:01:15", "text": "Bitcoin just created. So, let's just"}, {"start": "00:01:15", "end": "00:01:17", "text": "start right there. Now, when you strip"}, {"start": "00:01:17", "end": "00:01:19", "text": "all the noise away, the world's being"}, {"start": "00:01:19", "end": "00:01:21", "text": "pulled between two monetary"}, {"start": "00:01:21", "end": "00:01:23", "text": "architectures. On one side, you have"}, {"start": "00:01:23", "end": "00:01:26", "text": "what I'm calling the financialists. All"}, {"start": "00:01:26", "end": "00:01:27", "text": "right? That's the Federal Reserve."}, {"start": "00:01:27", "end": "00:01:29", "text": "That's JP Morgan. That's the big"}, {"start": "00:01:29", "end": "00:01:32", "text": "European banking dynasties. Um, it's the"}, {"start": "00:01:32", "end": "00:01:34", "text": "derivative markets. It's the entire"}, {"start": "00:01:34", "end": "00:01:36", "text": "scaffolding of the synthetic money that"}, {"start": "00:01:36", "end": "00:01:39", "text": "grew out of the backroom deal in 1913."}, {"start": "00:01:39", "end": "00:01:41", "text": "And for over a century, they've"}, {"start": "00:01:41", "end": "00:01:43", "text": "controlled the collateral base, the"}, {"start": "00:01:43", "end": "00:01:46", "text": "yield curve, the price signals, and the"}, {"start": "00:01:46", "end": "00:01:48", "text": "credit system itself. And they do this"}, {"start": "00:01:48", "end": "00:01:51", "text": "not by owning assets, but they do it by"}, {"start": "00:01:51", "end": "00:01:54", "text": "creating claims on assets, euro dollars,"}, {"start": "00:01:54", "end": "00:01:58", "text": "swaps, futures, repo, synthetic layers"}, {"start": "00:01:58", "end": "00:02:00", "text": "stacked on top of synthetic layers. And"}, {"start": "00:02:00", "end": "00:02:03", "text": "that system gives them total control"}, {"start": "00:02:03", "end": "00:02:05", "text": "over the rails and the flow of money."}, {"start": "00:02:05", "end": "00:02:08", "text": "Now, on the other side are what I call"}, {"start": "00:02:08", "end": "00:02:10", "text": "the sovereignists. These are nation"}, {"start": "00:02:10", "end": "00:02:12", "text": "states trying to exit dollar dependency."}, {"start": "00:02:12", "end": "00:02:14", "text": "These are corporations tired of banking"}, {"start": "00:02:14", "end": "00:02:16", "text": "bottlenecks. These are individuals like"}, {"start": "00:02:16", "end": "00:02:19", "text": "you and I choosing self-custody and"}, {"start": "00:02:19", "end": "00:02:21", "text": "permissionless assets. Now, they all"}, {"start": "00:02:21", "end": "00:02:23", "text": "come from different motivations, but"}, {"start": "00:02:23", "end": "00:02:25", "text": "they share one thing. They're exiting"}, {"start": "00:02:25", "end": "00:02:27", "text": "the system that extracts from them. Now,"}, {"start": "00:02:27", "end": "00:02:30", "text": "Bitcoin was the first escape hatch, but"}, {"start": "00:02:30", "end": "00:02:31", "text": "it wasn't Bitcoin that actually"}, {"start": "00:02:31", "end": "00:02:33", "text": "triggered this new war. It's what came"}, {"start": "00:02:33", "end": "00:02:35", "text": "next. Because Bitcoin disrupted the"}, {"start": "00:02:35", "end": "00:02:38", "text": "narrative, right, did that, but Micro"}, {"start": "00:02:38", "end": "00:02:41", "text": "Strategy or strategy disrupted the"}, {"start": "00:02:41", "end": "00:02:43", "text": "power. It proved that Bitcoin could"}, {"start": "00:02:43", "end": "00:02:46", "text": "actually sit inside capital markets as"}, {"start": "00:02:46", "end": "00:02:48", "text": "collateral. And that move, not Bitcoin's"}, {"start": "00:02:48", "end": "00:02:50", "text": "price. It's that move that triggered the"}, {"start": "00:02:50", "end": "00:02:52", "text": "war. All right. Now, to really"}, {"start": "00:02:52", "end": "00:02:54", "text": "understand this, let's jump ahead just a"}, {"start": "00:02:54", "end": "00:02:55", "text": "little bit. Let's talk about a new"}, {"start": "00:02:55", "end": "00:02:58", "text": "product called Stretch, STRC. Now, I've"}, {"start": "00:02:58", "end": "00:03:00", "text": "done a couple videos on this already,"}, {"start": "00:03:00", "end": "00:03:02", "text": "but most people still don't understand"}, {"start": "00:03:02", "end": "00:03:03", "text": "why this single product changed"}, {"start": "00:03:03", "end": "00:03:06", "text": "everything. It's uh Stretch is not just"}, {"start": "00:03:06", "end": "00:03:07", "text": "a bond. It's it's not another yield"}, {"start": "00:03:07", "end": "00:03:09", "text": "gimmick. It's not even a Micro Strategy"}, {"start": "00:03:09", "end": "00:03:12", "text": "innovation. Stretch is the first"}, {"start": "00:03:12", "end": "00:03:15", "text": "regulatory compliant Bitcoin collateral"}, {"start": "00:03:15", "end": "00:03:18", "text": "engine. What that means is basically"}, {"start": "00:03:18", "end": "00:03:20", "text": "lets everyday savers through normal"}, {"start": "00:03:20", "end": "00:03:22", "text": "brokerage accounts earn yield backed by"}, {"start": "00:03:22", "end": "00:03:24", "text": "Bitcoin without ever touching the"}, {"start": "00:03:24", "end": "00:03:26", "text": "banking system, without ever touching"}, {"start": "00:03:26", "end": "00:03:28", "text": "repo, without touching derivatives,"}, {"start": "00:03:28", "end": "00:03:30", "text": "without touching ETFs. And the yield,"}, {"start": "00:03:30", "end": "00:03:32", "text": "well, currently right now it's paying"}, {"start": "00:03:32", "end": "00:03:34", "text": "10.75%."}, {"start": "00:03:34", "end": "00:03:37", "text": "The competition, well, banks, they're"}, {"start": "00:03:37", "end": "00:03:39", "text": "paying you what? 0 to 1%. Money markets"}, {"start": "00:03:39", "end": "00:03:42", "text": "are paying 3 or 4%, you know, depending"}, {"start": "00:03:42", "end": "00:03:44", "text": "on the liquidity. Treasuries around 4%."}, {"start": "00:03:44", "end": "00:03:47", "text": "So, Stretch blows them all out of the"}, {"start": "00:03:47", "end": "00:03:49", "text": "water. And as great as that is, the real"}, {"start": "00:03:49", "end": "00:03:52", "text": "threat isn't even the yield. It's the"}, {"start": "00:03:52", "end": "00:03:54", "text": "monetary feedback loop that it creates."}, {"start": "00:03:54", "end": "00:03:57", "text": "You see, when you invest, Michael Sailor"}, {"start": "00:03:57", "end": "00:04:00", "text": "Strategy buys real Bitcoin. That"}, {"start": "00:04:00", "end": "00:04:02", "text": "tightens up the supply. When the supply"}, {"start": "00:04:02", "end": "00:04:05", "text": "tightens, Bitcoin's price rises. Then"}, {"start": "00:04:05", "end": "00:04:07", "text": "strategy's collateral base strengthens"}, {"start": "00:04:07", "end": "00:04:10", "text": "which means their cost of capital drops"}, {"start": "00:04:10", "end": "00:04:12", "text": "which then means more stretch demand"}, {"start": "00:04:12", "end": "00:04:14", "text": "comes in which then means they buy more"}, {"start": "00:04:14", "end": "00:04:16", "text": "Bitcoin. So it becomes this"}, {"start": "00:04:16", "end": "00:04:18", "text": "self-reinforcing flywheel, this"}, {"start": "00:04:18", "end": "00:04:21", "text": "reinforcing scarcity engine. And here's"}, {"start": "00:04:21", "end": "00:04:23", "text": "why the financialists are panicked about"}, {"start": "00:04:23", "end": "00:04:25", "text": "this. You see, traditional banks can't"}, {"start": "00:04:25", "end": "00:04:27", "text": "replicate this. They can't use Bitcoin"}, {"start": "00:04:27", "end": "00:04:29", "text": "as collateral. They can't settle in"}, {"start": "00:04:29", "end": "00:04:32", "text": "Bitcoin. They can't rehypothecate it 20"}, {"start": "00:04:32", "end": "00:04:34", "text": "different ways. They can't inflate it."}, {"start": "00:04:34", "end": "00:04:36", "text": "They can't freeze it. They can't"}, {"start": "00:04:36", "end": "00:04:38", "text": "fabricate new claims. So, for the first"}, {"start": "00:04:38", "end": "00:04:40", "text": "time in modern history, savers had a way"}, {"start": "00:04:40", "end": "00:04:44", "text": "to bypass the banking systems rails"}, {"start": "00:04:44", "end": "00:04:46", "text": "inside of the regulatory perimeter. And"}, {"start": "00:04:46", "end": "00:04:48", "text": "the moment that became possible, that's"}, {"start": "00:04:48", "end": "00:04:50", "text": "when the first strike hit. Now, of"}, {"start": "00:04:50", "end": "00:04:52", "text": "course, the attack, it didn't start with"}, {"start": "00:04:52", "end": "00:04:54", "text": "headlines, right? They didn't announce"}, {"start": "00:04:54", "end": "00:04:56", "text": "it. Of course, it started very quietly."}, {"start": "00:04:56", "end": "00:04:59", "text": "In July of 2025, there was a single move"}, {"start": "00:04:59", "end": "00:05:02", "text": "by JP Morgan's prime brokerage division."}, {"start": "00:05:02", "end": "00:05:05", "text": "They raised the margin requirements on"}, {"start": "00:05:05", "end": "00:05:09", "text": "strategy from 50% to 95%. Now, to put"}, {"start": "00:05:09", "end": "00:05:10", "text": "that in plain English, if you wanted to"}, {"start": "00:05:10", "end": "00:05:13", "text": "buy, let's say, $100,000 of MSTR, the"}, {"start": "00:05:13", "end": "00:05:17", "text": "stock, you'd have to put up $95,000 of"}, {"start": "00:05:17", "end": "00:05:20", "text": "cash, you could barely borrow. So, what"}, {"start": "00:05:20", "end": "00:05:22", "text": "that did is it suffocated leverage. Now,"}, {"start": "00:05:22", "end": "00:05:24", "text": "they did it right before Strategy"}, {"start": "00:05:24", "end": "00:05:27", "text": "announced their $835 million Bitcoin"}, {"start": "00:05:27", "end": "00:05:29", "text": "purchase, which was its largest in four"}, {"start": "00:05:29", "end": "00:05:31", "text": "months. So then you have all these like"}, {"start": "00:05:31", "end": "00:05:34", "text": "hedge funds who were long MSTR as a"}, {"start": "00:05:34", "end": "00:05:36", "text": "Bitcoin proxy all of a sudden were"}, {"start": "00:05:36", "end": "00:05:39", "text": "forced to unwind their positions. Now"}, {"start": "00:05:39", "end": "00:05:40", "text": "what do you think happened? Well"}, {"start": "00:05:40", "end": "00:05:43", "text": "unwinding selling. So then selling"}, {"start": "00:05:43", "end": "00:05:45", "text": "pressure hit immediately and then of"}, {"start": "00:05:45", "end": "00:05:47", "text": "course the price of MSTR collapsed"}, {"start": "00:05:47", "end": "00:05:50", "text": "immediately. Now this wasn't just a"}, {"start": "00:05:50", "end": "00:05:53", "text": "systemwide adjustment here. JP Morgan"}, {"start": "00:05:53", "end": "00:05:55", "text": "didn't do this to other stocks like"}, {"start": "00:05:55", "end": "00:05:57", "text": "Tesla, Nvidia, Coinbase. Didn't do it to"}, {"start": "00:05:57", "end": "00:06:00", "text": "other high volatility stocks. They only"}, {"start": "00:06:00", "end": "00:06:04", "text": "targeted MSTR. Only MSTR, right? And"}, {"start": "00:06:04", "end": "00:06:06", "text": "then of course then came the synthetic"}, {"start": "00:06:06", "end": "00:06:09", "text": "counter strike. So on November 25th of"}, {"start": "00:06:09", "end": "00:06:11", "text": "this year, JP Morgan filed with the SEC"}, {"start": "00:06:11", "end": "00:06:14", "text": "for a leveraged Bitcoin linked"}, {"start": "00:06:14", "end": "00:06:16", "text": "structured note tied to Black Rockck's"}, {"start": "00:06:16", "end": "00:06:20", "text": "ETF, the IBIT ETF. Now, these things,"}, {"start": "00:06:20", "end": "00:06:21", "text": "they're the perfect example of how Wall"}, {"start": "00:06:21", "end": "00:06:23", "text": "Street uses this old playbook. So"}, {"start": "00:06:23", "end": "00:06:27", "text": "investors pay $1,000 per note. If IBIT"}, {"start": "00:06:27", "end": "00:06:30", "text": "is above a preset level in December of"}, {"start": "00:06:30", "end": "00:06:32", "text": "2026, then JP Morgan can call the note"}, {"start": "00:06:32", "end": "00:06:36", "text": "back and pay you $160. That means you"}, {"start": "00:06:36", "end": "00:06:38", "text": "would lose 84% of your money. If it goes"}, {"start": "00:06:38", "end": "00:06:42", "text": "to maturity in 2028, you'll get 1.5"}, {"start": "00:06:42", "end": "00:06:45", "text": "times upside on Bitcoin. But if it drops"}, {"start": "00:06:45", "end": "00:06:48", "text": "40%, you lose most or maybe all of your"}, {"start": "00:06:48", "end": "00:06:50", "text": "principle. So what this does, it gives"}, {"start": "00:06:50", "end": "00:06:52", "text": "you the illusion of Bitcoin exposure."}, {"start": "00:06:52", "end": "00:06:55", "text": "But really what JP Morgan is doing is"}, {"start": "00:06:55", "end": "00:06:57", "text": "they never buy any Bitcoin. So there's"}, {"start": "00:06:57", "end": "00:07:00", "text": "no supply removed, no collateral's"}, {"start": "00:07:00", "end": "00:07:02", "text": "created. There's no scarcity loop that's"}, {"start": "00:07:02", "end": "00:07:04", "text": "being formed. It's synthetic shadow."}, {"start": "00:07:04", "end": "00:07:06", "text": "It's the same playbook that they use"}, {"start": "00:07:06", "end": "00:07:08", "text": "with gold. And it wasn't just JP Morgan,"}, {"start": "00:07:08", "end": "00:07:11", "text": "right? We see funds like Carisdale and"}, {"start": "00:07:11", "end": "00:07:12", "text": "Chenos. They were running coordinated"}, {"start": "00:07:12", "end": "00:07:16", "text": "long Bitcoin and short MSTR campaigns."}, {"start": "00:07:16", "end": "00:07:19", "text": "Now, by November 2025, there was 27.5"}, {"start": "00:07:19", "end": "00:07:23", "text": "million shares short, over 10.5% of the"}, {"start": "00:07:23", "end": "00:07:25", "text": "float, which was the highest amount that"}, {"start": "00:07:25", "end": "00:07:27", "text": "we'd seen in a year. Then the next piece"}, {"start": "00:07:27", "end": "00:07:31", "text": "came. MSCI stepped in with the index"}, {"start": "00:07:31", "end": "00:07:33", "text": "exclusion threats that could force up to"}, {"start": "00:07:33", "end": "00:07:36", "text": "8.8 billion in passive outflows. And"}, {"start": "00:07:36", "end": "00:07:39", "text": "right when all of this hit, when it all"}, {"start": "00:07:39", "end": "00:07:42", "text": "hit the news, MSTR failures to deliver"}, {"start": "00:07:42", "end": "00:07:44", "text": "shot above 180 million, signaling"}, {"start": "00:07:44", "end": "00:07:46", "text": "massive structural pressure. That's not"}, {"start": "00:07:46", "end": "00:07:48", "text": "competition, right? That's a coordinated"}, {"start": "00:07:48", "end": "00:07:50", "text": "suppression campaign. It's the same"}, {"start": "00:07:50", "end": "00:07:52", "text": "pattern they used against silver back in"}, {"start": "00:07:52", "end": "00:07:55", "text": "1980 when comx raised margin"}, {"start": "00:07:55", "end": "00:07:58", "text": "requirements on silver to 100%. They did"}, {"start": "00:07:58", "end": "00:07:59", "text": "that to break the Hunt brothers who were"}, {"start": "00:07:59", "end": "00:08:01", "text": "trying to corner the silver market back"}, {"start": "00:08:01", "end": "00:08:03", "text": "then. Now, it was a different asset back"}, {"start": "00:08:03", "end": "00:08:06", "text": "then, but it's the exact same playbook."}, {"start": "00:08:06", "end": "00:08:07", "text": "Now, by the way, if you want to make"}, {"start": "00:08:07", "end": "00:08:09", "text": "sense of all this, you want to actually"}, {"start": "00:08:09", "end": "00:08:11", "text": "build a plan to build real wealth around"}, {"start": "00:08:11", "end": "00:08:13", "text": "this and the massive liquidity and AI"}, {"start": "00:08:13", "end": "00:08:16", "text": "shock coming in 2026, you do not want to"}, {"start": "00:08:16", "end": "00:08:18", "text": "miss the biggest event that I'm going to"}, {"start": "00:08:18", "end": "00:08:20", "text": "be doing all year. January 7th through"}, {"start": "00:08:20", "end": "00:08:23", "text": "9th, I'm hosting a 3-day live wealth"}, {"start": "00:08:23", "end": "00:08:25", "text": "operating system accelerator event. If"}, {"start": "00:08:25", "end": "00:08:26", "text": "you want to learn how to build real"}, {"start": "00:08:26", "end": "00:08:28", "text": "wealth, check out the link down below."}, {"start": "00:08:28", "end": "00:08:30", "text": "We'll put a QR code here on the screen"}, {"start": "00:08:30", "end": "00:08:32", "text": "if you want more info. I highly advise"}, {"start": "00:08:32", "end": "00:08:34", "text": "you to check it out. But let's jump back"}, {"start": "00:08:34", "end": "00:08:36", "text": "in and to understand what JP Morgan is"}, {"start": "00:08:36", "end": "00:08:38", "text": "doing with Bitcoin, you have to"}, {"start": "00:08:38", "end": "00:08:39", "text": "understand what they did with gold,"}, {"start": "00:08:39", "end": "00:08:41", "text": "right? So let's go back and sort of look"}, {"start": "00:08:41", "end": "00:08:43", "text": "at it through that lens because the"}, {"start": "00:08:43", "end": "00:08:45", "text": "entire modern gold market is built on"}, {"start": "00:08:45", "end": "00:08:49", "text": "paper, not on metal. On comics, for"}, {"start": "00:08:49", "end": "00:08:51", "text": "every single 1 ounce of real gold,"}, {"start": "00:08:51", "end": "00:08:55", "text": "there's roughly 100, maybe more, 120"}, {"start": "00:08:55", "end": "00:08:58", "text": "ounces of paper gold. And that paper"}, {"start": "00:08:58", "end": "00:08:59", "text": "gold is then traded through futures"}, {"start": "00:08:59", "end": "00:09:02", "text": "contracts. We see daily volumes often"}, {"start": "00:09:02", "end": "00:09:05", "text": "exceeding over 200,000 contracts, which"}, {"start": "00:09:05", "end": "00:09:07", "text": "is 20 million ounces of paper gold. And"}, {"start": "00:09:07", "end": "00:09:08", "text": "that's at the same time while comx"}, {"start": "00:09:08", "end": "00:09:11", "text": "vaults only hold 20 to 30 million ounces"}, {"start": "00:09:11", "end": "00:09:13", "text": "available for delivery. So that"}, {"start": "00:09:13", "end": "00:09:15", "text": "basically means that the price is not"}, {"start": "00:09:15", "end": "00:09:17", "text": "being set by supply and demand of"}, {"start": "00:09:17", "end": "00:09:20", "text": "physical gold. It's being set by paper"}, {"start": "00:09:20", "end": "00:09:22", "text": "claims that almost never settle. Right?"}, {"start": "00:09:22", "end": "00:09:24", "text": "Then you have the LBMA, the London"}, {"start": "00:09:24", "end": "00:09:27", "text": "Bullion Market Association. They're"}, {"start": "00:09:27", "end": "00:09:29", "text": "private. They're opaque. It's a it's a"}, {"start": "00:09:29", "end": "00:09:33", "text": "cartel of banks like JP Morgan, HSBC,"}, {"start": "00:09:33", "end": "00:09:36", "text": "UBS, and Goldman. And they move gold"}, {"start": "00:09:36", "end": "00:09:38", "text": "through these unallocated accounts where"}, {"start": "00:09:38", "end": "00:09:41", "text": "nobody actually owns specific golds. The"}, {"start": "00:09:41", "end": "00:09:43", "text": "structure basically allows them to do"}, {"start": "00:09:43", "end": "00:09:45", "text": "like naked shortselling, unlimited"}, {"start": "00:09:45", "end": "00:09:49", "text": "rehypothecation, synthetic exposure, and"}, {"start": "00:09:49", "end": "00:09:51", "text": "a price governed entirely by paper"}, {"start": "00:09:51", "end": "00:09:53", "text": "instruments. Now, when MF Global"}, {"start": "00:09:53", "end": "00:09:57", "text": "collapsed in 2011, clients with what was"}, {"start": "00:09:57", "end": "00:10:00", "text": "called allocated gold, they learned it"}, {"start": "00:10:00", "end": "00:10:02", "text": "had been rehypothecated several times,"}, {"start": "00:10:02", "end": "00:10:04", "text": "and so they didn't get their gold. They"}, {"start": "00:10:04", "end": "00:10:05", "text": "didn't get their gold back. Now, they"}, {"start": "00:10:05", "end": "00:10:07", "text": "did get cash, but they didn't get the"}, {"start": "00:10:07", "end": "00:10:09", "text": "bars, right? This is the system that"}, {"start": "00:10:09", "end": "00:10:12", "text": "Bitcoin was born into. It was a system"}, {"start": "00:10:12", "end": "00:10:14", "text": "that was built on claims, not"}, {"start": "00:10:14", "end": "00:10:16", "text": "collateral. And that's really the key"}, {"start": "00:10:16", "end": "00:10:18", "text": "here, right? See, Wall Street doesn't"}, {"start": "00:10:18", "end": "00:10:21", "text": "control assets. What they control is"}, {"start": "00:10:21", "end": "00:10:23", "text": "claims on the assets. So they don't have"}, {"start": "00:10:23", "end": "00:10:25", "text": "gold, they control synthetic gold, not"}, {"start": "00:10:25", "end": "00:10:27", "text": "silver, but synthetic silver, synthetic"}, {"start": "00:10:27", "end": "00:10:29", "text": "treasuries, synthetic credit. So of"}, {"start": "00:10:29", "end": "00:10:31", "text": "course, that's what they're trying to"}, {"start": "00:10:31", "end": "00:10:33", "text": "build on top of Bitcoin, synthetic"}, {"start": "00:10:33", "end": "00:10:36", "text": "Bitcoin. Because if Bitcoin stays inside"}, {"start": "00:10:36", "end": "00:10:38", "text": "their paper system, they can win. But if"}, {"start": "00:10:38", "end": "00:10:41", "text": "Bitcoin becomes collateral, if it stays"}, {"start": "00:10:41", "end": "00:10:44", "text": "real, their entire model breaks. And"}, {"start": "00:10:44", "end": "00:10:46", "text": "that's exactly what Stretch threatens."}, {"start": "00:10:46", "end": "00:10:48", "text": "All right. So now, if all of this starts"}, {"start": "00:10:48", "end": "00:10:51", "text": "to sound a little familiar, it's because"}, {"start": "00:10:51", "end": "00:10:52", "text": "it is, right? We've lived through this"}, {"start": "00:10:52", "end": "00:10:54", "text": "exact kind of transition many, many,"}, {"start": "00:10:54", "end": "00:10:56", "text": "many times. Let me just run you back"}, {"start": "00:10:56", "end": "00:10:58", "text": "through like the last hundred years real"}, {"start": "00:10:58", "end": "00:10:59", "text": "quick. I know you love the history"}, {"start": "00:10:59", "end": "00:11:01", "text": "lessons. So, if we go back to like the"}, {"start": "00:11:01", "end": "00:11:03", "text": "early 1900s, the United States was"}, {"start": "00:11:03", "end": "00:11:05", "text": "shifting from a decentralized agrarian"}, {"start": "00:11:05", "end": "00:11:07", "text": "financial system to a centralized"}, {"start": "00:11:07", "end": "00:11:09", "text": "industrial one. Now, the old model, it"}, {"start": "00:11:09", "end": "00:11:11", "text": "couldn't handle the scale anymore,"}, {"start": "00:11:11", "end": "00:11:13", "text": "right? So like local banks, they had uh"}, {"start": "00:11:13", "end": "00:11:15", "text": "inconsistent currencies, fragmented"}, {"start": "00:11:15", "end": "00:11:17", "text": "credit markets, and none of it worked"}, {"start": "00:11:17", "end": "00:11:19", "text": "for a nation that was suddenly"}, {"start": "00:11:19", "end": "00:11:21", "text": "industrializing faster than the monetary"}, {"start": "00:11:21", "end": "00:11:23", "text": "system could keep up. Now, every time"}, {"start": "00:11:23", "end": "00:11:25", "text": "the old system was threatened, the"}, {"start": "00:11:25", "end": "00:11:28", "text": "response looked the same. Centralize the"}, {"start": "00:11:28", "end": "00:11:30", "text": "power, control the narrative, and"}, {"start": "00:11:30", "end": "00:11:32", "text": "suppress anything that stands outside"}, {"start": "00:11:32", "end": "00:11:34", "text": "the new structure. Let's take medicine"}, {"start": "00:11:34", "end": "00:11:38", "text": "for example. In 1910, Rockefeller funded"}, {"start": "00:11:38", "end": "00:11:40", "text": "the Flexner report, which redefined what"}, {"start": "00:11:40", "end": "00:11:43", "text": "legitimate medicine was. Now, not"}, {"start": "00:11:43", "end": "00:11:45", "text": "through science, but through funding."}, {"start": "00:11:45", "end": "00:11:48", "text": "Natural healers, homeopaths, herbalists,"}, {"start": "00:11:48", "end": "00:11:50", "text": "they are all labeled quacks. Medical"}, {"start": "00:11:50", "end": "00:11:52", "text": "schools that didn't align or defunded."}, {"start": "00:11:52", "end": "00:11:55", "text": "They were shut down. By 1920, half of"}, {"start": "00:11:55", "end": "00:11:58", "text": "all medical schools had disappeared. And"}, {"start": "00:11:58", "end": "00:12:00", "text": "the pharmaceutical model had complete"}, {"start": "00:12:00", "end": "00:12:02", "text": "and total control over the narrative."}, {"start": "00:12:02", "end": "00:12:03", "text": "Now, we saw the same thing happen in the"}, {"start": "00:12:03", "end": "00:12:06", "text": "education system. Rockefeller's general"}, {"start": "00:12:06", "end": "00:12:08", "text": "education board pushed standardized"}, {"start": "00:12:08", "end": "00:12:10", "text": "factory-style schooling. Now, if a"}, {"start": "00:12:10", "end": "00:12:13", "text": "district didn't adopt the model, didn't"}, {"start": "00:12:13", "end": "00:12:16", "text": "get any funding. By 1920, the entire"}, {"start": "00:12:16", "end": "00:12:18", "text": "country was running the same top- down"}, {"start": "00:12:18", "end": "00:12:20", "text": "curriculum. We saw the same thing with"}, {"start": "00:12:20", "end": "00:12:22", "text": "agriculture. We saw small farms"}, {"start": "00:12:22", "end": "00:12:25", "text": "collapsed as industrial agriculture got"}, {"start": "00:12:25", "end": "00:12:27", "text": "financing, it got chemicals, got"}, {"start": "00:12:27", "end": "00:12:29", "text": "equipment, it also got subsidies"}, {"start": "00:12:29", "end": "00:12:31", "text": "tailored to the big operators. So then"}, {"start": "00:12:31", "end": "00:12:34", "text": "the food supply centralized into a"}, {"start": "00:12:34", "end": "00:12:35", "text": "handful of corporations and then of"}, {"start": "00:12:35", "end": "00:12:39", "text": "course of course the money. The panic of"}, {"start": "00:12:39", "end": "00:12:41", "text": "1907 gave elites the pretext to do what"}, {"start": "00:12:41", "end": "00:12:43", "text": "they had been planning for years which"}, {"start": "00:12:43", "end": "00:12:46", "text": "was centralized monetary control. By"}, {"start": "00:12:46", "end": "00:12:49", "text": "1913 we had the Federal Reserve. Now"}, {"start": "00:12:49", "end": "00:12:51", "text": "that was drafted at Jackal Island and it"}, {"start": "00:12:51", "end": "00:12:53", "text": "was built by the bankers. It was"}, {"start": "00:12:53", "end": "00:12:56", "text": "designed to move authority from local"}, {"start": "00:12:56", "end": "00:12:59", "text": "banks to a centralized insulated board."}, {"start": "00:12:59", "end": "00:13:01", "text": "Now with this pattern, right, when the"}, {"start": "00:13:01", "end": "00:13:02", "text": "system is threatened, we see it"}, {"start": "00:13:02", "end": "00:13:05", "text": "centralize the rails, control the story,"}, {"start": "00:13:05", "end": "00:13:08", "text": "suppress the alternatives, and now"}, {"start": "00:13:08", "end": "00:13:10", "text": "Bitcoin and now specifically Bitcoin as"}, {"start": "00:13:10", "end": "00:13:12", "text": "collateral. That's the new threat. Now,"}, {"start": "00:13:12", "end": "00:13:14", "text": "by this time, the playbook can't work"}, {"start": "00:13:14", "end": "00:13:17", "text": "the way it used to. And here's why. And"}, {"start": "00:13:17", "end": "00:13:19", "text": "and this is where everything really"}, {"start": "00:13:19", "end": "00:13:21", "text": "comes together because the real battle"}, {"start": "00:13:21", "end": "00:13:24", "text": "isn't Bitcoin versus the dollar, right?"}, {"start": "00:13:24", "end": "00:13:26", "text": "It's not Bitcoin versus Wall Street."}, {"start": "00:13:26", "end": "00:13:29", "text": "Even the real war is over the rails. The"}, {"start": "00:13:29", "end": "00:13:31", "text": "systems that move value into Bitcoin and"}, {"start": "00:13:31", "end": "00:13:34", "text": "move Bitcoin into credit. Control the"}, {"start": "00:13:34", "end": "00:13:37", "text": "rails control the future monetary system"}, {"start": "00:13:37", "end": "00:13:40", "text": "and strategy through their product STRC"}, {"start": "00:13:40", "end": "00:13:41", "text": "stretch. They expose something Wall"}, {"start": "00:13:41", "end": "00:13:43", "text": "Street never wanted the world to"}, {"start": "00:13:43", "end": "00:13:46", "text": "actually see that Bitcoin can actually"}, {"start": "00:13:46", "end": "00:13:49", "text": "function as pristine collateral inside"}, {"start": "00:13:49", "end": "00:13:51", "text": "capital markets. And once that happened,"}, {"start": "00:13:51", "end": "00:13:54", "text": "the financialist model, it all started"}, {"start": "00:13:54", "end": "00:13:56", "text": "to crack apart. You see, for over a"}, {"start": "00:13:56", "end": "00:13:59", "text": "century, their power came from their"}, {"start": "00:13:59", "end": "00:14:01", "text": "ability to multiply collateral. So,"}, {"start": "00:14:01", "end": "00:14:04", "text": "gold, well, they built a system of 100"}, {"start": "00:14:04", "end": "00:14:08", "text": "to1 paper claims. Dollars fractionalized"}, {"start": "00:14:08", "end": "00:14:10", "text": "lending. Treasuries rehypothecated"}, {"start": "00:14:10", "end": "00:14:12", "text": "through the banking system. But Bitcoin"}, {"start": "00:14:12", "end": "00:14:15", "text": "breaks that advantage. You can create"}, {"start": "00:14:15", "end": "00:14:17", "text": "synthetic Bitcoin exposure, but you"}, {"start": "00:14:17", "end": "00:14:19", "text": "can't create synthetic Bitcoin"}, {"start": "00:14:19", "end": "00:14:20", "text": "collateral because every coin is"}, {"start": "00:14:20", "end": "00:14:23", "text": "tracked. Every movement is visible."}, {"start": "00:14:23", "end": "00:14:26", "text": "Nothing can be quietly inflated and the"}, {"start": "00:14:26", "end": "00:14:30", "text": "markets Bitcoin trades on global 24/7 uh"}, {"start": "00:14:30", "end": "00:14:32", "text": "borderless, right? And so they can't be"}, {"start": "00:14:32", "end": "00:14:35", "text": "shut down even when volatility threatens"}, {"start": "00:14:35", "end": "00:14:37", "text": "the structure. There's no, you know,"}, {"start": "00:14:37", "end": "00:14:38", "text": "close the exchange, there's no circuit"}, {"start": "00:14:38", "end": "00:14:41", "text": "breakers to haunt trading. There's no,"}, {"start": "00:14:41", "end": "00:14:43", "text": "you know, allow liquidations only. If"}, {"start": "00:14:43", "end": "00:14:45", "text": "the US or any other country tried to"}, {"start": "00:14:45", "end": "00:14:47", "text": "tighten the rails, then capital just"}, {"start": "00:14:47", "end": "00:14:49", "text": "goes offshore. If Wall Street tried to"}, {"start": "00:14:49", "end": "00:14:51", "text": "cage, you know, Bitcoin inside synthetic"}, {"start": "00:14:51", "end": "00:14:53", "text": "products, then sovereign buyers can just"}, {"start": "00:14:53", "end": "00:14:55", "text": "acquire the real thing. And that's why"}, {"start": "00:14:55", "end": "00:14:57", "text": "stretch is such a threat, right? It"}, {"start": "00:14:57", "end": "00:14:59", "text": "created this loop. It created this loop"}, {"start": "00:14:59", "end": "00:15:01", "text": "that the old system, it can't replicate,"}, {"start": "00:15:01", "end": "00:15:04", "text": "right? When Bitcoin rises, MSTR's"}, {"start": "00:15:04", "end": "00:15:06", "text": "collateral gets stronger. The cost of"}, {"start": "00:15:06", "end": "00:15:08", "text": "capital goes down, which then means they"}, {"start": "00:15:08", "end": "00:15:10", "text": "can buy more Bitcoin. Then the float"}, {"start": "00:15:10", "end": "00:15:12", "text": "tightens up, and then Bitcoin goes up"}, {"start": "00:15:12", "end": "00:15:15", "text": "again. Right? It's that scarcity engine,"}, {"start": "00:15:15", "end": "00:15:17", "text": "one powered by real Bitcoin, not"}, {"start": "00:15:17", "end": "00:15:20", "text": "synthetic exposure. Now, JP Morgan's"}, {"start": "00:15:20", "end": "00:15:22", "text": "IBIT link notes, they don't tighten the"}, {"start": "00:15:22", "end": "00:15:24", "text": "float. ETFs don't strengthen Bitcoin's"}, {"start": "00:15:24", "end": "00:15:26", "text": "collateral base. Futures don't remove"}, {"start": "00:15:26", "end": "00:15:29", "text": "supply. Only real Bitcoin does. And"}, {"start": "00:15:29", "end": "00:15:31", "text": "that's why no matter how aggressive the"}, {"start": "00:15:31", "end": "00:15:33", "text": "old system gets, margin hikes, synthetic"}, {"start": "00:15:33", "end": "00:15:36", "text": "shadows, index exclusion threats,"}, {"start": "00:15:36", "end": "00:15:37", "text": "whatever, right? They're fighting"}, {"start": "00:15:37", "end": "00:15:40", "text": "monetary physics. And in the real world,"}, {"start": "00:15:40", "end": "00:15:44", "text": "physics always win. All right? So, let's"}, {"start": "00:15:44", "end": "00:15:47", "text": "bring this all down from the macro to"}, {"start": "00:15:47", "end": "00:15:49", "text": "you and I to personal because all of"}, {"start": "00:15:49", "end": "00:15:51", "text": "this, the the pressure campaigns, the"}, {"start": "00:15:51", "end": "00:15:53", "text": "synthetic products, the regulatory"}, {"start": "00:15:53", "end": "00:15:56", "text": "maneuvers, it all ultimately lands in"}, {"start": "00:15:56", "end": "00:15:58", "text": "one place, which is how we save our"}, {"start": "00:15:58", "end": "00:16:00", "text": "wealth, right? The old system simply"}, {"start": "00:16:00", "end": "00:16:03", "text": "isn't designed to reward savers anymore."}, {"start": "00:16:03", "end": "00:16:05", "text": "Banks pay nothing. Money markets only"}, {"start": "00:16:05", "end": "00:16:07", "text": "work if treasuries behave, and even"}, {"start": "00:16:07", "end": "00:16:08", "text": "then, they're below the rate of"}, {"start": "00:16:08", "end": "00:16:10", "text": "inflation. Treasuries only work if"}, {"start": "00:16:10", "end": "00:16:13", "text": "inflation stays low. We've already"}, {"start": "00:16:13", "end": "00:16:14", "text": "talked about many times how that's not"}, {"start": "00:16:14", "end": "00:16:16", "text": "going to be the case. Uh multiple cycles"}, {"start": "00:16:16", "end": "00:16:18", "text": "where we've seen where it doesn't stay"}, {"start": "00:16:18", "end": "00:16:19", "text": "below. And when the system gets"}, {"start": "00:16:19", "end": "00:16:22", "text": "stressed, the same people who created"}, {"start": "00:16:22", "end": "00:16:24", "text": "the stress change the rules, right?"}, {"start": "00:16:24", "end": "00:16:27", "text": "You're expected to just absorb that. But"}, {"start": "00:16:27", "end": "00:16:29", "text": "the margin hikes, they hit you. The"}, {"start": "00:16:29", "end": "00:16:31", "text": "synthetic Bitcoin notes, they're aimed"}, {"start": "00:16:31", "end": "00:16:34", "text": "at your returns. The index threats, your"}, {"start": "00:16:34", "end": "00:16:36", "text": "retirement accounts. And it's not"}, {"start": "00:16:36", "end": "00:16:38", "text": "paranoia, it's the system defending"}, {"start": "00:16:38", "end": "00:16:41", "text": "itself because your exit becomes the"}, {"start": "00:16:41", "end": "00:16:43", "text": "problem. Right? In every monetary shift"}, {"start": "00:16:43", "end": "00:16:45", "text": "in history, the people who stayed in the"}, {"start": "00:16:45", "end": "00:16:47", "text": "old rails, they're the ones that paid"}, {"start": "00:16:47", "end": "00:16:49", "text": "the price while the people who moved"}, {"start": "00:16:49", "end": "00:16:52", "text": "early, they benefited for generations."}, {"start": "00:16:52", "end": "00:16:54", "text": "So, you're living through one of those"}, {"start": "00:16:54", "end": "00:16:56", "text": "transitions right now. And we can see"}, {"start": "00:16:56", "end": "00:16:58", "text": "this not in hindsight, not not in some"}, {"start": "00:16:58", "end": "00:17:01", "text": "textbook. We're seeing it happen in real"}, {"start": "00:17:01", "end": "00:17:03", "text": "time. And the question isn't, you know,"}, {"start": "00:17:03", "end": "00:17:05", "text": "is this happening? The question is, are"}, {"start": "00:17:05", "end": "00:17:07", "text": "you positioned for it? Am I ready for"}, {"start": "00:17:07", "end": "00:17:10", "text": "it? Because for the first time in 110"}, {"start": "00:17:10", "end": "00:17:12", "text": "years, you're not trapped inside the old"}, {"start": "00:17:12", "end": "00:17:15", "text": "financial rails anymore. Right? Today,"}, {"start": "00:17:15", "end": "00:17:16", "text": "you don't need permission. You don't"}, {"start": "00:17:16", "end": "00:17:18", "text": "need a policy change. You don't need a"}, {"start": "00:17:18", "end": "00:17:20", "text": "bailout. You don't need the system to"}, {"start": "00:17:20", "end": "00:17:22", "text": "fix itself because none of these attacks"}, {"start": "00:17:22", "end": "00:17:25", "text": "on strategy or attacks on Bitcoin"}, {"start": "00:17:25", "end": "00:17:28", "text": "products, none of the margin hikes, none"}, {"start": "00:17:28", "end": "00:17:30", "text": "of the index threats, none of that is"}, {"start": "00:17:30", "end": "00:17:32", "text": "happening because Bitcoin is weak. It's"}, {"start": "00:17:32", "end": "00:17:34", "text": "happening because Bitcoin is too strong"}, {"start": "00:17:34", "end": "00:17:36", "text": "for the old system to ignore. Right? The"}, {"start": "00:17:36", "end": "00:17:38", "text": "proof is in the behavior. We can see"}, {"start": "00:17:38", "end": "00:17:40", "text": "that Black Rockck launched the fastest"}, {"start": "00:17:40", "end": "00:17:43", "text": "growing ETF in the history of ETFs. And"}, {"start": "00:17:43", "end": "00:17:45", "text": "it wasn't for bonds. It wasn't for"}, {"start": "00:17:45", "end": "00:17:46", "text": "stocks. It wasn't for gold. It was for"}, {"start": "00:17:46", "end": "00:17:49", "text": "Bitcoin. Fidelity jumped in. Franklin"}, {"start": "00:17:49", "end": "00:17:52", "text": "Templeton jumped in. Now JP Morgan, the"}, {"start": "00:17:52", "end": "00:17:53", "text": "same JP Morgan raising margin"}, {"start": "00:17:53", "end": "00:17:55", "text": "requirements and targeting Bitcoin."}, {"start": "00:17:55", "end": "00:17:57", "text": "Treasury companies, they're now racing"}, {"start": "00:17:57", "end": "00:17:59", "text": "to launch a Bitcoin linked structured"}, {"start": "00:17:59", "end": "00:18:03", "text": "note. So just ask yourself why. Well,"}, {"start": "00:18:03", "end": "00:18:05", "text": "the answer because they know exactly"}, {"start": "00:18:05", "end": "00:18:07", "text": "what Bitcoin is becoming, right? The new"}, {"start": "00:18:07", "end": "00:18:09", "text": "collateral layer that's going to absorb"}, {"start": "00:18:09", "end": "00:18:11", "text": "more liquidity than anything else in the"}, {"start": "00:18:11", "end": "00:18:14", "text": "financial system. And so this isn't"}, {"start": "00:18:14", "end": "00:18:16", "text": "fear, right? This is demand. It's demand"}, {"start": "00:18:16", "end": "00:18:19", "text": "from the biggest institutions on Earth."}, {"start": "00:18:19", "end": "00:18:22", "text": "And what they want or rather what they"}, {"start": "00:18:22", "end": "00:18:24", "text": "don't want you to understand is that in"}, {"start": "00:18:24", "end": "00:18:26", "text": "every Wall Street product, every ETF,"}, {"start": "00:18:26", "end": "00:18:28", "text": "every structured note, every synthetic"}, {"start": "00:18:28", "end": "00:18:31", "text": "instrument, they control the rails. They"}, {"start": "00:18:31", "end": "00:18:33", "text": "capture the fees. They take the"}, {"start": "00:18:33", "end": "00:18:36", "text": "convexity. They siphon off the upside."}, {"start": "00:18:36", "end": "00:18:39", "text": "Yes, you you get some exposure, but they"}, {"start": "00:18:39", "end": "00:18:41", "text": "get the economics. You don't have to buy"}, {"start": "00:18:41", "end": "00:18:43", "text": "the synthetic version, though. You don't"}, {"start": "00:18:43", "end": "00:18:45", "text": "have to let a bank hold your hand. You"}, {"start": "00:18:45", "end": "00:18:46", "text": "don't need a structured note or a"}, {"start": "00:18:46", "end": "00:18:49", "text": "custodian or derivatives desk. You can"}, {"start": "00:18:49", "end": "00:18:51", "text": "own Bitcoin directly, which is the real"}, {"start": "00:18:51", "end": "00:18:53", "text": "asset, the scarce collateral, the thing"}, {"start": "00:18:53", "end": "00:18:55", "text": "that Wall Street is scrambling to wrap"}, {"start": "00:18:55", "end": "00:18:58", "text": "and repackage and skim away from you,"}, {"start": "00:18:58", "end": "00:18:59", "text": "right? That's that's the real payoff"}, {"start": "00:18:59", "end": "00:19:02", "text": "here. The financialists, they're not"}, {"start": "00:19:02", "end": "00:19:03", "text": "they're they're not fighting Bitcoin"}, {"start": "00:19:03", "end": "00:19:05", "text": "because it's a threat. They're fighting"}, {"start": "00:19:05", "end": "00:19:07", "text": "for a piece of it, right? Because it's"}, {"start": "00:19:07", "end": "00:19:08", "text": "the next system. They're trying to"}, {"start": "00:19:08", "end": "00:19:10", "text": "control the rails because they know"}, {"start": "00:19:10", "end": "00:19:12", "text": "where the liquidity is going. But you"}, {"start": "00:19:12", "end": "00:19:14", "text": "don't need the rails. Bitcoin already"}, {"start": "00:19:14", "end": "00:19:16", "text": "gives you your own. And the people who"}, {"start": "00:19:16", "end": "00:19:18", "text": "understand that part early, the people"}, {"start": "00:19:18", "end": "00:19:19", "text": "who position themselves before the"}, {"start": "00:19:19", "end": "00:19:21", "text": "transition becomes obvious, they're the"}, {"start": "00:19:21", "end": "00:19:23", "text": "ones who come out on the other side of"}, {"start": "00:19:23", "end": "00:19:25", "text": "the shift on the winning side. And"}, {"start": "00:19:25", "end": "00:19:27", "text": "that's why all of this matters for you,"}, {"start": "00:19:27", "end": "00:19:29", "text": "not in theory, but in your actual"}, {"start": "00:19:29", "end": "00:19:31", "text": "financial life. Because the key is"}, {"start": "00:19:31", "end": "00:19:33", "text": "you're watching a once in a century,"}, {"start": "00:19:33", "end": "00:19:35", "text": "maybe a once in five century monetary"}, {"start": "00:19:35", "end": "00:19:38", "text": "transition unfold in real time. And you"}, {"start": "00:19:38", "end": "00:19:40", "text": "can either observe it from the sidelines"}, {"start": "00:19:40", "end": "00:19:42", "text": "or you can build a system that positions"}, {"start": "00:19:42", "end": "00:19:44", "text": "you on the winning side. All right. Now,"}, {"start": "00:19:44", "end": "00:19:45", "text": "that's one of the reasons why I'm"}, {"start": "00:19:45", "end": "00:19:48", "text": "hosting the live Wealth OS accelerator"}, {"start": "00:19:48", "end": "00:19:50", "text": "event January 7th through 9th. And this"}, {"start": "00:19:50", "end": "00:19:52", "text": "isn't a webinar, right? This is a 3-day"}, {"start": "00:19:52", "end": "00:19:55", "text": "interactive live virtual event training"}, {"start": "00:19:55", "end": "00:19:56", "text": "where I'm going to show you the exact"}, {"start": "00:19:56", "end": "00:19:59", "text": "operating system I built for myself. The"}, {"start": "00:19:59", "end": "00:20:01", "text": "same system that lets me navigate chaos"}, {"start": "00:20:01", "end": "00:20:03", "text": "position to get upside and stay"}, {"start": "00:20:03", "end": "00:20:05", "text": "completely independent from the rails"}, {"start": "00:20:05", "end": "00:20:07", "text": "that are breaking. And so, if you come"}, {"start": "00:20:07", "end": "00:20:08", "text": "hang out with me for the live event,"}, {"start": "00:20:08", "end": "00:20:09", "text": "here's what you're going to walk away"}, {"start": "00:20:09", "end": "00:20:11", "text": "with. a step-by-step plan for how to"}, {"start": "00:20:11", "end": "00:20:13", "text": "build, protect, and grow your wealth"}, {"start": "00:20:13", "end": "00:20:15", "text": "during the transition and not react to"}, {"start": "00:20:15", "end": "00:20:17", "text": "it. We'll simplify your financial world"}, {"start": "00:20:17", "end": "00:20:18", "text": "so you're not guessing, hoping, or"}, {"start": "00:20:18", "end": "00:20:20", "text": "depending on someone else's rails."}, {"start": "00:20:20", "end": "00:20:22", "text": "You'll walk away with a strategy for"}, {"start": "00:20:22", "end": "00:20:24", "text": "turning the Bitcoin and tech shift into"}, {"start": "00:20:24", "end": "00:20:26", "text": "real practical upside. And most"}, {"start": "00:20:26", "end": "00:20:28", "text": "importantly, you'll walk out thinking"}, {"start": "00:20:28", "end": "00:20:30", "text": "like the architect of your own wealth"}, {"start": "00:20:30", "end": "00:20:32", "text": "engine. All right, that's the difference"}, {"start": "00:20:32", "end": "00:20:33", "text": "between people who get crushed by"}, {"start": "00:20:33", "end": "00:20:35", "text": "transitions and the people who build"}, {"start": "00:20:35", "end": "00:20:38", "text": "generational wealth from them. So, make"}, {"start": "00:20:38", "end": "00:20:41", "text": "2026 your best year ever. The year that"}, {"start": "00:20:41", "end": "00:20:43", "text": "changes the rest of your life. I'll put"}, {"start": "00:20:43", "end": "00:20:44", "text": "a link down below if you want to come"}, {"start": "00:20:44", "end": "00:20:46", "text": "check it out. Put a QR code on the"}, {"start": "00:20:46", "end": "00:20:47", "text": "screen. And I hope to see you there"}, {"start": "00:20:47", "end": "00:20:49", "text": "because the next few years are going to"}, {"start": "00:20:49", "end": "00:20:51", "text": "reward the builders. It's going to"}, {"start": "00:20:51", "end": "00:20:53", "text": "reward the people who understand the new"}, {"start": "00:20:53", "end": "00:20:55", "text": "rails before everyone else does. And if"}, {"start": "00:20:55", "end": "00:20:56", "text": "you want to know more about where"}, {"start": "00:20:56", "end": "00:20:58", "text": "Bitcoin's price is projected to go over"}, {"start": "00:20:58", "end": "00:21:01", "text": "the next 10, 15, 20 years, you might"}, {"start": "00:21:01", "end": "00:21:03", "text": "want to watch this video right here. And"}, {"start": "00:21:03", "end": "00:21:06", "text": "I'll see you over there."}]

[{"start": "00:00:23", "end": "00:00:29", "text": "Well, pretty pretty full crowd. Um, well, it's a small room. It's a small"}, {"start": "00:00:29", "end": "00:00:36", "text": "room, but uh I think there's a lot of people upstairs as well. Um well, first of all, Peter, thank you so much for coming. Uh I feel like I'm kind of a"}, {"start": "00:00:36", "end": "00:00:41", "text": "host here. Um so, um I want to keep it a bit civilized at the beginning. Um we'll see"}, {"start": "00:00:41", "end": "00:00:47", "text": "how how it evolves. Um so, first of all, I want to thank you for taking your time to come over here and I think it was"}, {"start": "00:00:47", "end": "00:00:52", "text": "very courageous of you to step on this stage in this crowd. It feels like a there's definitely a home homec court"}, {"start": "00:00:52", "end": "00:00:58", "text": "advantage for me here. Yeah. Well, I got some supporters in the crowd, but absolutely even if they disagree with me on Bitcoin, they agree"}, {"start": "00:00:58", "end": "00:01:05", "text": "with me on a lot of other things. But I definitely appreciate and thank you for uh hosting this event and uh bringing me"}, {"start": "00:01:05", "end": "00:01:11", "text": "out here. And at least uh you had the courage. I mean uh I've been, you know, trying to get Michael Sailor to debate"}, {"start": "00:01:11", "end": "00:01:17", "text": "me for years and he's afraid. But no, you've got no you've got no problem. I can arrange that for later tonight."}, {"start": "00:01:17", "end": "00:01:23", "text": "Try. Is he still in town? He is. He is. Yeah. Yeah. So yeah, I want to give you a little bit of"}, {"start": "00:01:23", "end": "00:01:30", "text": "opportunity first. Um I I know you're doing a digit digit eventually you will do a tokenized gold like a uh project,"}, {"start": "00:01:30", "end": "00:01:38", "text": "right? Yeah, that that's how this whole thing got started because I was talking about that on on a crypto podcast that you I guess"}, {"start": "00:01:38", "end": "00:01:44", "text": "you happen to see it. Yeah. Yeah. Yeah. Um but yeah, so I have you know my website is Told.com."}, {"start": "00:01:44", "end": "00:01:50", "text": "So the T actually is for tokenized gold. Yeah. Um, I was actually surprised Tether never grabbed that URL, but"}, {"start": "00:01:50", "end": "00:01:56", "text": "anyway, I I took it. So, it's t-gold.com and and right now if you go to t-"}, {"start": "00:01:56", "end": "00:02:02", "text": "gold.com, you can buy physical gold and silver. Yeah. And we store it for you."}, {"start": "00:02:02", "end": "00:02:08", "text": "Yeah. And ultimately, um, people who own gold and silver in this form and it's all it's segregated"}, {"start": "00:02:08", "end": "00:02:14", "text": "and vaulted. It's not it's not comingled. It's not, you know, it's it's it's allocated gold, not unallocated"}, {"start": "00:02:14", "end": "00:02:20", "text": "gold. So, you own it. it's stored, you know, in in a vault. Um, but ultimately"}, {"start": "00:02:20", "end": "00:02:26", "text": "there'll be two ways that you can withdraw your gold other than sell it. You can sell it and just get dollars."}, {"start": "00:02:26", "end": "00:02:31", "text": "But one way is to withdraw in physical form. You can take delivery of bars or"}, {"start": "00:02:31", "end": "00:02:37", "text": "coins in whatever denomination that you want or you can also take delivery in"}, {"start": "00:02:37", "end": "00:02:42", "text": "the form of a token. Y and so when you take delivery of the token and now you can deposit it in your"}, {"start": "00:02:42", "end": "00:02:48", "text": "wallet or put it on an exchange to the extent that we get it listed on an exchange but you can withdraw the token"}, {"start": "00:02:48", "end": "00:02:54", "text": "right and what the token represents is ownership of gold. Y"}, {"start": "00:02:54", "end": "00:03:00", "text": "you know you own the gold it's in a vault but the token is the evidence that"}, {"start": "00:03:00", "end": "00:03:06", "text": "you own it. Like if you check uh you know your your your your coat and they give you a a claim check. The claim"}, {"start": "00:03:06", "end": "00:03:12", "text": "check isn't a coat, but it it's redeemable in a code. Sure. Um, and so the the the tokenized gold"}, {"start": "00:03:12", "end": "00:03:18", "text": "now is your your ownership of gold, but if you want, you can transfer that token or any portion of it because it's"}, {"start": "00:03:18", "end": "00:03:24", "text": "divisible. Uh, you can transfer part of that to somebody else. Uh, and now that"}, {"start": "00:03:24", "end": "00:03:29", "text": "other person owns the gold and so you transfer the ownership of the gold rather than the physical gold. The gold"}, {"start": "00:03:29", "end": "00:03:36", "text": "sits in a vault. Uh, but the ownership can change hands. And now you can use your token as a medium of exchange. And"}, {"start": "00:03:36", "end": "00:03:42", "text": "so now you have a viable monetary unit that is a store of value because it's"}, {"start": "00:03:42", "end": "00:03:47", "text": "backed by the gold that that's in the vault that you that anybody can can take"}, {"start": "00:03:47", "end": "00:03:54", "text": "delivery of. But in the meantime, you know, you've taken gold and you've now made it more uh transportable, more"}, {"start": "00:03:54", "end": "00:04:00", "text": "divisible, more funible. you've improved on all of its monetary properties, but"}, {"start": "00:04:00", "end": "00:04:06", "text": "you don't lose the most important property, which is it's a store of value because it's its value is the gold uh"}, {"start": "00:04:06", "end": "00:04:12", "text": "that the token represents. So, what I'm hearing is saying is actually the tokenized gold is actually"}, {"start": "00:04:12", "end": "00:04:17", "text": "almost better than the gold itself in in the ways that it's divisible, it's transferable, transportable, it's a"}, {"start": "00:04:17", "end": "00:04:24", "text": "medium of exchange, etc. Right. Yeah. As for money purposes, yes. Obviously, if you want to actually do"}, {"start": "00:04:24", "end": "00:04:31", "text": "something with the gold, if you're a jeweler, you can't do you have to take the token and redeem it, right? If"}, {"start": "00:04:31", "end": "00:04:37", "text": "you're, you know, if you're manufacturing computer chips and you need gold, you have to redeem the token. But as far"}, {"start": "00:04:37", "end": "00:04:43", "text": "as using it as money, yeah, yes, it improves on on gold just like"}, {"start": "00:04:43", "end": "00:04:50", "text": "the old blacksmiths, right? Originally when people had gold and they would have it stored with a blacksmith, the"}, {"start": "00:04:50", "end": "00:04:56", "text": "blacksmith would write out of IOU, a piece of paper y which could then circulate in place of"}, {"start": "00:04:56", "end": "00:05:02", "text": "gold because it was more convenient and that that was currency. And when governments started currencies, they"}, {"start": "00:05:02", "end": "00:05:10", "text": "were legitimate because they were backed by gold. So instead of um you know engaging in commerce with the gold we"}, {"start": "00:05:10", "end": "00:05:17", "text": "used paper currency but that currency derived its value from the gold that backed it up. Now fiat currency is paper"}, {"start": "00:05:17", "end": "00:05:24", "text": "currency backed by nothing. And so there's nothing that gives it value other than faith and confidence. So"}, {"start": "00:05:24", "end": "00:05:30", "text": "tokenized gold takes that to the digital level where instead of having a paper"}, {"start": "00:05:30", "end": "00:05:36", "text": "representation of ownership, I have a digital representation and I don't have to be in the same room to hand you a"}, {"start": "00:05:36", "end": "00:05:41", "text": "piece of paper, I can transfer it. But what Bitcoin is like, Bitcoin is"}, {"start": "00:05:41", "end": "00:05:47", "text": "like the fiat currency because it's backed by nothing, right? Whereas a tokenized gold is legitimate because"}, {"start": "00:05:47", "end": "00:05:52", "text": "it's backed by something. It deres its value from gold. Bitcoin derives its"}, {"start": "00:05:52", "end": "00:05:58", "text": "value from confidence, from faith. If people think it has value, then they're willing to buy it."}, {"start": "00:05:58", "end": "00:06:03", "text": "We can get to Bitcoin in a second, but I I just want to I think we actually agree on this point that the digitized gold"}, {"start": "00:06:03", "end": "00:06:08", "text": "might be actually better than gold in some in a lot of ways because the the tokenized the the version on the"}, {"start": "00:06:08", "end": "00:06:13", "text": "blockchain is transferable. It's divisible. It's it's more useful, right? As long as the gold is there to back it"}, {"start": "00:06:13", "end": "00:06:20", "text": "up. Correct. Yes. And and and and so it improves on gold. that makes gold better"}, {"start": "00:06:20", "end": "00:06:26", "text": "just like paper made it better except you know once the government came in and corrupted it right then that was a"}, {"start": "00:06:26", "end": "00:06:32", "text": "problem but it wasn't a problem for gold it was just a problem with government but"}, {"start": "00:06:32", "end": "00:06:37", "text": "the um gold that's issued through a token you don't need a government you"}, {"start": "00:06:37", "end": "00:06:43", "text": "don't need a any any private you know entity that has a good"}, {"start": "00:06:43", "end": "00:06:49", "text": "reputation and is trustworthy can tokenize gold it doesn't need to be a U"}, {"start": "00:06:49", "end": "00:06:55", "text": "a government that does it and now people could use that as money and even if there's a lot of different tokens"}, {"start": "00:06:55", "end": "00:07:02", "text": "they're all fungeible because gold is gold. Let's talk about gold for a little bit. Um I have a magic box if um we can get"}, {"start": "00:07:02", "end": "00:07:09", "text": "that up up the stage. Yeah, Tintin, come over. Today is actually the first time meeting Tinting. Tinting is actually a K for"}, {"start": "00:07:09", "end": "00:07:15", "text": "Aster. Yeah, please. Yeah, thank you. Thank you. It's It's pretty heavy. Ah,"}, {"start": "00:07:15", "end": "00:07:20", "text": "so you know I have a nice box here. What is that? It has um some um I think it's Kirk Kirk"}, {"start": "00:07:20", "end": "00:07:26", "text": "Kirkus language. Uh I took it back from Kyrgyzstan. He has a certificate. I I got it I got this"}, {"start": "00:07:26", "end": "00:07:33", "text": "from a very important person from um uh Kyrgystan. Uhhuh. Very recently. Uh just completely by"}, {"start": "00:07:33", "end": "00:07:38", "text": "luck. So we take it out. It's pretty heavy. Um"}, {"start": "00:07:38", "end": "00:07:47", "text": "put this down. You can see like it says um Turk stand 1,00 grams fine gold 99.9"}, {"start": "00:07:47", "end": "00:07:52", "text": "and a serial number. Try it. Yes. Yeah, it's heavy."}, {"start": "00:07:52", "end": "00:07:58", "text": "Is it real gold or no? Well, I don't know. I mean I I you know I mean is this what you're trying to I"}, {"start": "00:07:58", "end": "00:08:04", "text": "mean let's see how it looks. Well, you know the color is a little"}, {"start": "00:08:04", "end": "00:08:10", "text": "This is pure gold. My bracelet is pure gold. So the color looks a little off. Yeah,"}, {"start": "00:08:10", "end": "00:08:16", "text": "you know, but you know, I don't know. I mean, pro probably, you"}, {"start": "00:08:16", "end": "00:08:22", "text": "know, maybe it's not real gold. It's given to me by a really important person. Is that Well, I know, but this is not a mint"}, {"start": "00:08:22", "end": "00:08:29", "text": "that I would recognize. I mean, the the thing about mints is if you know the name of the company that minted it and"}, {"start": "00:08:29", "end": "00:08:35", "text": "you trust them because they have a reputation in the market, right, that they want to protect. But this I mean, I've never I've never"}, {"start": "00:08:35", "end": "00:08:41", "text": "heard of any of this. So, I would have to I would have to probably assay it to know if this was real gold. But it the"}, {"start": "00:08:41", "end": "00:08:46", "text": "color looks a little off compared to my bracelet cuz this Huh. It might be your bracelet that's a"}, {"start": "00:08:46", "end": "00:08:52", "text": "little bit off. I don't know. So, uh it depends. Are you giving it to me?"}, {"start": "00:08:52", "end": "00:08:57", "text": "I I see the Is it a gift? This is the thing. I I wouldn't because if you're if you're if it's a"}, {"start": "00:08:57", "end": "00:09:04", "text": "gift, then I know it's If you're not going to give it to me, it's probably no gold. If it's a gift, then maybe it's How much is this worth? like one one kg"}, {"start": "00:09:04", "end": "00:09:10", "text": "of gold right now. Well, gold's about $4,200 an ounce. So, so I mean that would that would probably"}, {"start": "00:09:10", "end": "00:09:15", "text": "be $50,000. I don't know. Do the math, but I mean it seems like a lot of gold if it was real."}, {"start": "00:09:15", "end": "00:09:20", "text": "AI told me it's like a 130,000ish. Oh, yeah. 130kish."}, {"start": "00:09:20", "end": "00:09:26", "text": "Right or wrong? No. Well, gold is, as I said, it's about $4,200 an ounce. And that's what is that"}, {"start": "00:09:26", "end": "00:09:32", "text": "a It's 1 kg. So, I don't know. A kilogram. How many ounces in a kilogram? 32"}, {"start": "00:09:32", "end": "00:09:38", "text": "32 132 huh 13 132k All right. See, so"}, {"start": "00:09:38", "end": "00:09:43", "text": "I would want to give you I don't see it's 130. I don't want to give the whole piece. I can give a little bit, but I"}, {"start": "00:09:43", "end": "00:09:49", "text": "can't like you know. Well, that's why that's why you tokenize it. Then you can give me half of it, right? But they also make you know we sell it."}, {"start": "00:09:49", "end": "00:09:55", "text": "My company Shift Gold, we sell 10th ounce gold coins, right? Right. You know, you can you can have small"}, {"start": "00:09:55", "end": "00:10:01", "text": "denomination and we sell them in by reputable mints. So you know that they're real. You don't have to you"}, {"start": "00:10:01", "end": "00:10:07", "text": "don't have to guess. You don't have to try to assay it. You look at the coin and you know you can tell if it's been,"}, {"start": "00:10:07", "end": "00:10:12", "text": "you know, monkeyed with. But, you know, see, I want to give it to you, but I don't know if you can take it out of the country."}, {"start": "00:10:12", "end": "00:10:19", "text": "I'm sure I can just How many days are you staying in your You know what? No one's I can put that in my in my in my bag. No one's going to"}, {"start": "00:10:19", "end": "00:10:25", "text": "care. You sure? Yeah. This country will some countries will put you in jail for for carrying that."}, {"start": "00:10:25", "end": "00:10:31", "text": "Yeah. For depends if you declared or not, etc. where you got it, who you got it from, all the sort."}, {"start": "00:10:31", "end": "00:10:36", "text": "Well, if I if I tell him I got it from you, what do you But you'll probably be you probably be"}, {"start": "00:10:36", "end": "00:10:44", "text": "even bigger trouble. But it Huh? But it is real gold. It is given to me by the president of Kirkland. So I do I"}, {"start": "00:10:44", "end": "00:10:50", "text": "have not Well, you probably have some sentimental value now. So you don't want to give it to me. Uh well, especially after this, you have"}, {"start": "00:10:50", "end": "00:10:58", "text": "sentimental value, but we we'll see. So, but the point is though um we if I give you Bitcoin right now, right, you can I"}, {"start": "00:10:58", "end": "00:11:05", "text": "can ver we can verify instantly you got Bitcoin in a number of ways. Yeah, I understand that. Yeah. Right. And also even with digit even"}, {"start": "00:11:05", "end": "00:11:11", "text": "with a tokenized gold, right? So if you send it to someone you you you can verify almost immediately, right?"}, {"start": "00:11:11", "end": "00:11:17", "text": "Yeah. Same same with tokenized gold. Yes. So now I want to address your question about gold. Uh Bitcoin not based on"}, {"start": "00:11:17", "end": "00:11:22", "text": "anything. Um do you use the iPhone or I saw I saw you I have an iPhone. Yeah. Right here. You don't use Android, right?"}, {"start": "00:11:22", "end": "00:11:30", "text": "No, I have an iPhone. And you use the internet obviously. So you use X, Google, Facebook, etc. Um and"}, {"start": "00:11:30", "end": "00:11:35", "text": "uh Google is virtual, right? Excuse me. Every the internet is virtual. The"}, {"start": "00:11:35", "end": "00:11:41", "text": "internet has like nothing physical. Yes. Yes, it is. Yeah. So um when you use X, X is completely"}, {"start": "00:11:41", "end": "00:11:48", "text": "virtual. There's nothing physical about it. But X is worth a lot of money, right? It has value. It's a it's a utility tool, right? So internet has"}, {"start": "00:11:48", "end": "00:11:55", "text": "value, right? Yes. Yeah. There's no disputing that. So, Bitcoin itself actually doesn't exist. I don't know if you if you if"}, {"start": "00:11:55", "end": "00:12:01", "text": "everybody in the audience knows about this or not. There's no Bitcoin on the blockchain physically or virtually. All"}, {"start": "00:12:01", "end": "00:12:07", "text": "all there is is records of transactions on the blockchain. Yes. Right. So, when when people say I send"}, {"start": "00:12:07", "end": "00:12:13", "text": "you one bitcoin, they are not sending one bitcoin. They just one one another transaction on the ledger said I send"}, {"start": "00:12:13", "end": "00:12:20", "text": "you one. Right. Nothing actually moves. There's nothing that actually goes anywhere. I I get that. And the way we calculate the"}, {"start": "00:12:20", "end": "00:12:26", "text": "way we figure out this address has one bitcoin is actually we go through all the transactions on blockchain. We look"}, {"start": "00:12:26", "end": "00:12:31", "text": "at all the inputs and all the receiving and all the all all the sending out and then if there's a difference positive"}, {"start": "00:12:31", "end": "00:12:37", "text": "then you know this address has one blockchain or one bitcoin right so bitcoin actually doesn't exist anywhere"}, {"start": "00:12:37", "end": "00:12:42", "text": "but it doesn't mean that because it's virtual it has no value right so google has a lot of value twitter has a lot of"}, {"start": "00:12:42", "end": "00:12:49", "text": "value um and when we know when uh uh uh there's many virtual things that has"}, {"start": "00:12:49", "end": "00:12:54", "text": "value so a a per a item's value doesn't is not associated with its physical"}, {"start": "00:12:54", "end": "00:13:01", "text": "properties Even even with gold right the industrial like computer chips which use gold the value of gold is much less than"}, {"start": "00:13:01", "end": "00:13:07", "text": "the value of the gold we give because it's a rare commodity uh precious prec precious metal right"}, {"start": "00:13:07", "end": "00:13:13", "text": "yeah well first of all just because something is intangible right I mean there are tangible assets there's"}, {"start": "00:13:13", "end": "00:13:19", "text": "intangible assets I'm not saying that something has to be tangible to have value I mean all companies I mean your"}, {"start": "00:13:19", "end": "00:13:25", "text": "company probably has goodwill that you know that's that has value but it's not something you can touch or deal. Uh,"}, {"start": "00:13:25", "end": "00:13:31", "text": "it's an intangible asset. Um, and what makes Bitcoin worthless, as far as I'm"}, {"start": "00:13:31", "end": "00:13:38", "text": "concerned, is not the fact that I can't touch it or taste it or smell it. You know, it I guess I recognize that things"}, {"start": "00:13:38", "end": "00:13:43", "text": "can be intangible and have value. It's that you don't you can't do anything with it. It it doesn't have a utility"}, {"start": "00:13:43", "end": "00:13:51", "text": "beyond the fact that yes, I can transfer it to you and you can transfer it to somebody else. and the the whole"}, {"start": "00:13:51", "end": "00:13:56", "text": "methodology, the way it works, yes, it's it's very uh uh uh smart. Uh the way the"}, {"start": "00:13:56", "end": "00:14:02", "text": "whole system is set up, I understand that. But at the end of the day, when I transfer my Bitcoin to you, I've"}, {"start": "00:14:02", "end": "00:14:09", "text": "transferred nothing. I have nothing. I give you nothing. Right? When I transfer tokenized gold to you, I've transferred"}, {"start": "00:14:09", "end": "00:14:16", "text": "gold. I've transferred the ownership of the gold. And what gives the gold the value is what you do with it as a metal."}, {"start": "00:14:16", "end": "00:14:23", "text": "Gold has properties that other metals don't have, that other elements don't have, and it's needed. There are, you"}, {"start": "00:14:23", "end": "00:14:28", "text": "know, industries that need gold. They must buy gold. They can't substitute"}, {"start": "00:14:28", "end": "00:14:35", "text": "copper or another metal. There are things that only gold can do. And"}, {"start": "00:14:35", "end": "00:14:41", "text": "companies need gold. Now, because gold is scarce, there's not just an abundant supply of gold. because it's very"}, {"start": "00:14:41", "end": "00:14:49", "text": "valuable, but there's not a lot of it, then it's going to have a high price just by supply and demand. But even if"}, {"start": "00:14:49", "end": "00:14:54", "text": "you know, people say, well, you know, the real price, you know, it's not, you"}, {"start": "00:14:54", "end": "00:15:01", "text": "know, the investment price is $4,000 an ounce, but maybe it's, you know, it's only worth some lesser amount. I don't"}, {"start": "00:15:01", "end": "00:15:06", "text": "know. But the reason for the price, right, price is always going to be"}, {"start": "00:15:06", "end": "00:15:11", "text": "determined by supply and demand. One of the um functions that gold serves for"}, {"start": "00:15:11", "end": "00:15:20", "text": "central banks is it backs up their currency. It's a monetary reserve asset and that's also a use for gold and that"}, {"start": "00:15:20", "end": "00:15:26", "text": "helps determine the price of gold because you have central banks that need it and they have to bid into the market"}, {"start": "00:15:26", "end": "00:15:33", "text": "uh to obtain it. But because gold doesn't decay, right? It doesn't lose"}, {"start": "00:15:33", "end": "00:15:38", "text": "any value over time. When I own gold, I"}, {"start": "00:15:38", "end": "00:15:44", "text": "don't just own what I can do with it today, but I own what somebody else can"}, {"start": "00:15:44", "end": "00:15:51", "text": "do with it in a thousand years, in 10,000 years. Because gold doesn't go away. I mean, the gold that was mined"}, {"start": "00:15:51", "end": "00:15:57", "text": "10,000 years ago, it's still here. I mean, you know, it doesn't go anywhere, and it's no different than it"}, {"start": "00:15:57", "end": "00:16:05", "text": "was in the past. And so gold's price today represents the present value of"}, {"start": "00:16:05", "end": "00:16:12", "text": "all of the uses from now until the end of time. Sure, you don't have that with other commodities that that that that have a"}, {"start": "00:16:12", "end": "00:16:17", "text": "shelf life that decay, they rot. Okay? Right. Gold is unique in the fact that"}, {"start": "00:16:17", "end": "00:16:24", "text": "it never goes anywhere. And that's what makes it a store of value, too. Because when I own gold, I am storing the use of"}, {"start": "00:16:24", "end": "00:16:31", "text": "that gold from now until the end of time. Even if I don't use it myself, if I just hold on to it, somebody somewhere"}, {"start": "00:16:31", "end": "00:16:37", "text": "in the future is going to use that gold. But there are people that also need to use it today in the present."}, {"start": "00:16:37", "end": "00:16:45", "text": "So you said a lot of things there. There's actually a lot of things that are very interesting uh and we're so close uh to get you over. Um so"}, {"start": "00:16:45", "end": "00:16:52", "text": "I wouldn't be so sure about that. So uh so first of all on the gold, right? Um, you said that uh the gold is"}, {"start": "00:16:52", "end": "00:16:59", "text": "always there. How much gold is there in in the world? Well, I don't have to know exactly, but I know it's pretty scarce and the supply"}, {"start": "00:16:59", "end": "00:17:04", "text": "grows relatively slowly. We don't know, right? We don't know. Well, no, I don't know how much is in the earth's crust,"}, {"start": "00:17:04", "end": "00:17:10", "text": "right? So, tomorrow we can find another, you know, China can find can find another big mine and then, you know,"}, {"start": "00:17:10", "end": "00:17:16", "text": "there will be more gold and you know, now there's synthetic diamonds. Later on, we may be advanced enough to in"}, {"start": "00:17:16", "end": "00:17:22", "text": "chemistry to be able to that's a holy grail. Everyone wants to do synthetic gold, but they've had alchemists for centuries"}, {"start": "00:17:22", "end": "00:17:28", "text": "trying to figure out how to make gold. In fact, there was an article recently that somebody figured out how to make a"}, {"start": "00:17:28", "end": "00:17:34", "text": "speck of gold. I don't think that was true though. But the point is though with Bitcoin, we know exactly how how how much they are."}, {"start": "00:17:34", "end": "00:17:40", "text": "All the things you said about gold like till infinity, we know how we know how much gold they know how much Bitcoin"}, {"start": "00:17:40", "end": "00:17:47", "text": "there will be and we know we know exactly where they are, right? So we kind of it's definitely uh a finite"}, {"start": "00:17:47", "end": "00:17:53", "text": "supply. You also mentioned very very interestingly on gold still I'll get to Bitcoin in a second um that the central"}, {"start": "00:17:53", "end": "00:18:00", "text": "banks use gold as to back the currency which we both which we all know that stopped in 1971. Right. So now you know"}, {"start": "00:18:00", "end": "00:18:05", "text": "as you said the currency is not really backed by anything. So gold is no longer used in that capacity."}, {"start": "00:18:05", "end": "00:18:13", "text": "Well it's not used the currencies are not redeemable in gold. Yeah. But if you have currency and if your currency"}, {"start": "00:18:13", "end": "00:18:20", "text": "starts losing value in the market and you need to defend it, you need to prop it up, you need something to sell to buy"}, {"start": "00:18:20", "end": "00:18:26", "text": "back your own currency. And so central banks can use gold to do that to secure the value of their currency in the"}, {"start": "00:18:26", "end": "00:18:32", "text": "market. You can you can sell your gold and buy back your currency and and and and keep it propped up. So that that's"}, {"start": "00:18:32", "end": "00:18:37", "text": "why you the central banks need a reserve asset. So recently when the Bitcoin price oh sorry when the gold price goes"}, {"start": "00:18:37", "end": "00:18:42", "text": "up that means a lot of central banks are probably printing currency to buy gold themselves right"}, {"start": "00:18:42", "end": "00:18:48", "text": "well I mean central banks are printing money all the time that's that's where inflation comes from so you mentioned earlier on the utility"}, {"start": "00:18:48", "end": "00:18:54", "text": "value so you recognize that bitcoin is no it's not uh anything virtual it doesn't have to be tangible to have"}, {"start": "00:18:54", "end": "00:19:00", "text": "value right so and go right it has to have a use it has to do something but the gold's utility in in commercial"}, {"start": "00:19:00", "end": "00:19:06", "text": "use is not where where the value is from go's value derived from it. It's a it's"}, {"start": "00:19:06", "end": "00:19:11", "text": "a it's is a rare commodity, right? And Bitcoin has a lot of utility. Bitcoin is not just for sending and receiving."}, {"start": "00:19:11", "end": "00:19:18", "text": "Bitcoin is a entire industry. It's a is a new technology for money. No, it's it's not a new technology for"}, {"start": "00:19:18", "end": "00:19:24", "text": "money because it's not being used as money and it's not really money because it's not a commodity. It's not, you"}, {"start": "00:19:24", "end": "00:19:31", "text": "know, money by definition is going to be the most liquid commodity. uh and and Bitcoin doesn't really qualify even"}, {"start": "00:19:31", "end": "00:19:36", "text": "though the you know the uh uh government might classify it as a commodity. There's different definitions for levels"}, {"start": "00:19:36", "end": "00:19:42", "text": "for there's a label for money and there's a and there's label for value right Bitcoin is a two trillion two"}, {"start": "00:19:42", "end": "00:19:48", "text": "three trillion dollar asset and it's still growing right Bitcoin has a price I mean there's no no arguing that it has"}, {"start": "00:19:48", "end": "00:19:54", "text": "a price but it has a price because people want to buy it and because a lot of people who own it don't want to sell"}, {"start": "00:19:54", "end": "00:20:00", "text": "it because they think the price is going to keep going up. So, but that doesn't mean that it has any underlying value"}, {"start": "00:20:00", "end": "00:20:06", "text": "just because it has a price, just because people are willing to speculate in it. But that's what Bitcoin is being"}, {"start": "00:20:06", "end": "00:20:11", "text": "used as. It's not being used as money. It's being used as a speculative digital"}, {"start": "00:20:11", "end": "00:20:17", "text": "asset. I mean, to me, people collect Bitcoin and they collect Bitcoin because"}, {"start": "00:20:17", "end": "00:20:23", "text": "they think the collection is going to be more valuable in the future. So, I think you have a very narrow definition of money, which is what you"}, {"start": "00:20:23", "end": "00:20:30", "text": "believe and what governments believe, right? So for example, if we ask the audience here, how many people believe Bitcoin is money? Like let's see, right?"}, {"start": "00:20:30", "end": "00:20:36", "text": "So but this is a this is a this is an unfair crowd here, right? But you know, but this is unfair crowd. But uh but the"}, {"start": "00:20:36", "end": "00:20:42", "text": "point is though many people do recognize Bitcoin as as money. Uh well, whether we call it money, how you define it, we can"}, {"start": "00:20:42", "end": "00:20:49", "text": "debate about that the definitions of it. Well, nothing is priced in Bitcoin. So it's not a a a unit of account when you"}, {"start": "00:20:49", "end": "00:20:55", "text": "you know you the price is relative though like no uh we can reverse calculate like the the price of US dollars in Bitcoin is 0.0"}, {"start": "00:20:55", "end": "00:21:01", "text": "No, but that's like an exchange rate. But I'm talking about merchandise, people that are selling goods and"}, {"start": "00:21:01", "end": "00:21:07", "text": "services, which would include, you know, labor. Nobody quotes wages or prices in"}, {"start": "00:21:07", "end": "00:21:14", "text": "a fixed quantity of Bitcoin, right? You're not going to it doesn't happen anywhere. the to the extent that even"}, {"start": "00:21:14", "end": "00:21:21", "text": "somebody was to get paid in Bitcoin, they would have a salary in dollars or in euros and then when it came time to"}, {"start": "00:21:21", "end": "00:21:26", "text": "get paid, they would try to figure out how many Bitcoin they need to equal that"}, {"start": "00:21:26", "end": "00:21:32", "text": "number of dollars or number of euros. It's not a unit of account like money and it's not being used as a medium of"}, {"start": "00:21:32", "end": "00:21:39", "text": "exchange but people most of the Bitcoin it's like traded on Binance and you know it's you know people gamble with it."}, {"start": "00:21:39", "end": "00:21:45", "text": "They buy it and they sell it. They day trade it or they hodal it. Uh but they're not using it I mean as a medium"}, {"start": "00:21:45", "end": "00:21:51", "text": "of exchange. It's not a unit of account and it's can't be a store of value because you can't store what you don't"}, {"start": "00:21:51", "end": "00:21:57", "text": "have. Uh just because some just because some things uh prices fluctuating doesn't mean you couldn't get paid for it. Um I"}, {"start": "00:21:57", "end": "00:22:03", "text": "got paid in salary in Bitcoin in 2014. So 11. What was your salary? Um was like I don't know wasn't that"}, {"start": "00:22:03", "end": "00:22:10", "text": "high. It was like 100kish at that time. No but no no you said it was in Bitcoin. Was your salary a quantity of Bitcoin?"}, {"start": "00:22:10", "end": "00:22:15", "text": "Uh well, as you said, you we'll rebase every month, right? But yeah, but that's See, that's not the"}, {"start": "00:22:15", "end": "00:22:21", "text": "same thing. If it was money, somebody would have to say my salary is a tenth"}, {"start": "00:22:21", "end": "00:22:28", "text": "of a Bitcoin uh you know, a month and that's all I get. I get that Bitcoin whether it's up or down. That's my"}, {"start": "00:22:28", "end": "00:22:34", "text": "salary. It's fixed in Bitcoin. I can I could actually show you a number of contracts that Binance has. Uh we do"}, {"start": "00:22:34", "end": "00:22:39", "text": "it in Bitcoin, right? So for example, one of the early um investors or uh uh"}, {"start": "00:22:39", "end": "00:22:45", "text": "business partners that wanted to exit, we said, \"Look, we're going to we're going to give you this much money. You can take in US dollars or you can take"}, {"start": "00:22:45", "end": "00:22:50", "text": "in bitcoin.\" And we fix a bitcoin at that at that time. And we hold that. Oh, you fixed the price."}, {"start": "00:22:50", "end": "00:22:56", "text": "We fix we fix in bitcoin. And that person got a lot more bitcoins over time. The same number of bitcoins, but"}, {"start": "00:22:56", "end": "00:23:01", "text": "bitcoin's value went up. Right. We still But that's a unique situation where you have somebody who wants Bitcoin as a"}, {"start": "00:23:01", "end": "00:23:06", "text": "Bitcoin investor and they want to get they're they're just it's a small number but people do"}, {"start": "00:23:06", "end": "00:23:12", "text": "transact in Bitcoin as a unit. It happens. Um well that that's the exception not the"}, {"start": "00:23:12", "end": "00:23:17", "text": "rule. The vast majority I mean not almost all of the Bitcoin transactions"}, {"start": "00:23:17", "end": "00:23:23", "text": "are not uh to buy goods and services. They are people buying and selling"}, {"start": "00:23:23", "end": "00:23:29", "text": "Bitcoin to each other without any work being done, without any goods being being purchased, right? It's just"}, {"start": "00:23:29", "end": "00:23:35", "text": "trading. That's all that's happening. It's not necessarily true, right? So the stock So I think we're getting off topic"}, {"start": "00:23:35", "end": "00:23:42", "text": "a little bit. I'm not arguing whether Bitcoin is money or not. We we're really You said it was money. Uh that well we then we will be arguing"}, {"start": "00:23:42", "end": "00:23:48", "text": "about the definition of money. Uh the different how we define that level. Um but the more important part is whether"}, {"start": "00:23:48", "end": "00:23:54", "text": "Bitcoin is valuable, right? So I think whether it has value and that's the core definition. Well that's the core debate"}, {"start": "00:23:54", "end": "00:24:01", "text": "whereas u I think many many people in this room obviously has recognize bitcoin has value. Um bitcoin has and"}, {"start": "00:24:01", "end": "00:24:07", "text": "the bitcoin value some part of it is come from speculation on binance on other exchange but a large part of it"}, {"start": "00:24:07", "end": "00:24:13", "text": "comes from the utility value of it. The fact that I can use it I can transport it. I move to I move to different"}, {"start": "00:24:13", "end": "00:24:19", "text": "countries all the time right. So with with this piece of gold I won't be a it's not easy for me to take it across"}, {"start": "00:24:19", "end": "00:24:25", "text": "different countries whereas it's a it's a good store of value which which is true but uh bitcoin has reasoning value"}, {"start": "00:24:25", "end": "00:24:32", "text": "not just a store of value has actually gone up in value over the last 15 years. Well first of all tokenized gold solves"}, {"start": "00:24:32", "end": "00:24:37", "text": "that problem because you can take the tokenized gold with you but but the tokenized gold I have to trust a third party."}, {"start": "00:24:37", "end": "00:24:42", "text": "All right well just find a trusted third party. I mean which I which I could but but Bitcoin I"}, {"start": "00:24:42", "end": "00:24:48", "text": "don't have to do that. That's utility. Well, but you have but then you have to trust something more. You have to trust that I trust the technology"}, {"start": "00:24:48", "end": "00:24:54", "text": "people still want but people still want Bitcoin. I mean Yeah. I mean, yes. You know, you mentioned that, you know, there's a"}, {"start": "00:24:54", "end": "00:25:01", "text": "So, it's there's 21 million Bitcoin. It's very easy to trust. Yeah. All right. So, there's 2.1"}, {"start": "00:25:01", "end": "00:25:06", "text": "quadrillion Satoshi's, right? There's there's they're not that scarce when you express it that way, but there's a lot"}, {"start": "00:25:06", "end": "00:25:13", "text": "of Satoshi's out there. But yes, there is some maximum quantity of Satoshi's uh that are out there. But none of it"}, {"start": "00:25:13", "end": "00:25:19", "text": "matters if people don't want them. Look look look at the last few years because Bitcoin today is 40%."}, {"start": "00:25:19", "end": "00:25:26", "text": "How many years have you been saying this though? Well, for a long time, right? But look, mother, Bitcoin today is 40% lower"}, {"start": "00:25:26", "end": "00:25:33", "text": "priced in gold than it was four years ago. Yeah. So over the past four years since Bitcoin peaked, I"}, {"start": "00:25:33", "end": "00:25:41", "text": "Is that true? Yes. I'm not sure if that's true. Yeah. When when when when Bitcoin was 69,0004 years ago, it bought 37.2 ounces"}, {"start": "00:25:41", "end": "00:25:48", "text": "of gold. Today, and I just checked before, it buys 22.15 ounces. So, Bitcoin buys 40% fewer ounces of gold"}, {"start": "00:25:48", "end": "00:25:55", "text": "today than it did four years ago. Gold did better than Bitcoin in the last four years. Four years. A lot better. How about How about eight years?"}, {"start": "00:25:55", "end": "00:26:02", "text": "No. No. But, let me finish the point that I'm making. Right. Over the last four years, think about what's happened"}, {"start": "00:26:02", "end": "00:26:09", "text": "in Bitcoin. First of all, we had all of the Bitcoin ETFs that got launched that didn't exist"}, {"start": "00:26:09", "end": "00:26:15", "text": "to buy Bitcoin. We got all these companies copycat from uh Strategy, but"}, {"start": "00:26:15", "end": "00:26:21", "text": "we also have Strategy that borrowed, you know, $40 billion to buy Bitcoin or"}, {"start": "00:26:21", "end": "00:26:29", "text": "issued stock and debt to buy 40 billion. But we had other crypto companies buying Bitcoin. We had ads at the Super Bowl."}, {"start": "00:26:29", "end": "00:26:34", "text": "We had celebrity endorsements. Uh, we had the NFT craze, we had El Salvador,"}, {"start": "00:26:34", "end": "00:26:40", "text": "we had the Bitcoin strategic reserve. We've had all of this money and hype and"}, {"start": "00:26:40", "end": "00:26:47", "text": "promotion. Unprecedented. That's all anybody talks about. You go on financial news stations. Every guest is talking"}, {"start": "00:26:47", "end": "00:26:52", "text": "about Bitcoin. Every commercial is Bitcoin or crypto. They're the biggest advertisers. They're the biggest"}, {"start": "00:26:52", "end": "00:26:59", "text": "donators to political campaigns. You're only talking about one failed exchange, right? But the price has gone down"}, {"start": "00:26:59", "end": "00:27:04", "text": "during all of this with all of this promotion, all of this hype. It's gone"}, {"start": "00:27:04", "end": "00:27:11", "text": "down. And if Bitcoin has not been able to go up in four years, if it's lost 40%"}, {"start": "00:27:11", "end": "00:27:16", "text": "of its value in real terms, despite all of this, why is it going to why would it"}, {"start": "00:27:16", "end": "00:27:23", "text": "go up in the future? It seems to me Bitcoin four years ago was much lower value though, huh? Bitco Bitcoin four years ago was much"}, {"start": "00:27:23", "end": "00:27:30", "text": "lower value just because No, it's it's down. I just 40% gold. But if you're saying it's digital gold, then"}, {"start": "00:27:30", "end": "00:27:35", "text": "that's the best way to price it. Well, no. If you compare two assets, you can pick any random time period. One"}, {"start": "00:27:35", "end": "00:27:42", "text": "asset. How about random? I'm just picking the high from four years ago. But my point is, you had all of this hype. Why isn't"}, {"start": "00:27:42", "end": "00:27:47", "text": "Bitcoin, look, you have people Michael Sailor is coming out here. Bitcoin is going to be $10 million of Bitcoin. All"}, {"start": "00:27:47", "end": "00:27:53", "text": "right. Well, why isn't it there now? Why why I mean, if it's if it's really that valuable, the market would would would"}, {"start": "00:27:53", "end": "00:28:00", "text": "adjust the price now. You can't just buy it. I mean, he acts like you just buy Bitcoin and you're guaranteed to make"}, {"start": "00:28:00", "end": "00:28:06", "text": "all this money. It's a sure thing. Go out, mortgage your house, bet the farm,"}, {"start": "00:28:06", "end": "00:28:12", "text": "borrow against your business, put everything you have because he said it's a sure thing. Well, if it was a sure thing, the price would already be there."}, {"start": "00:28:12", "end": "00:28:18", "text": "Uh, well, the price takes time to be there. Like even if you say like gold will be worth more later, doesn't mean"}, {"start": "00:28:18", "end": "00:28:23", "text": "that you will be worth. No, I Well, I just think the dollar will be worth less, the euro will be worth less at the end. They keep printing"}, {"start": "00:28:23", "end": "00:28:30", "text": "them. We agree on all of that, right? But it does. But Bitcoin is irrelevant for that. Bitcoin's value is"}, {"start": "00:28:30", "end": "00:28:35", "text": "determined solely by the number of people who want to buy it versus the"}, {"start": "00:28:35", "end": "00:28:42", "text": "people who want to sell it because it there's no user for it. Like there's there's like like with gold, there is"}, {"start": "00:28:42", "end": "00:28:47", "text": "real demand. There are people who need to buy gold and will always buy gold. And if the price of gold goes down,"}, {"start": "00:28:47", "end": "00:28:52", "text": "they're going to buy more if it go. But in in in in Bitcoin, nobody needs it."}, {"start": "00:28:52", "end": "00:28:59", "text": "But people want it, but they want it because they think the price is going to go up. But the minute they stop believing the price is going to go up,"}, {"start": "00:28:59", "end": "00:29:05", "text": "then there's no reason to have it. Let's talk about the future a little bit more. The future generation, the younger"}, {"start": "00:29:05", "end": "00:29:11", "text": "kids. Yes. Do you think they will like Bitcoin more or gold more? Well, they're going to like gold more"}, {"start": "00:29:11", "end": "00:29:17", "text": "because their friends will have lost a lot of money in Bitcoin, you know. And there there's there's there's one really"}, {"start": "00:29:17", "end": "00:29:23", "text": "good thing about young people. How about your son? But he's already sold his. But"}, {"start": "00:29:23", "end": "00:29:29", "text": "but but you know the the good thing about losing a lot of money in Bitcoin"}, {"start": "00:29:29", "end": "00:29:35", "text": "when you're young and and is that when you're young and you lose your money, you have a whole lifetime to earn it"}, {"start": "00:29:35", "end": "00:29:40", "text": "back. And you have a lifetime to benefit from the experience of losing that"}, {"start": "00:29:40", "end": "00:29:46", "text": "money. So, the good news for all the young people that are going to get wiped out in Bitcoin is that it will prevent"}, {"start": "00:29:46", "end": "00:29:54", "text": "you from losing more money in the future, right? Because when you're young, you don't have a lot of money to lose and but as you get older and you"}, {"start": "00:29:54", "end": "00:29:59", "text": "accumulate more, that's when it's more important not to lose your money. And so, this is a valuable lesson."}, {"start": "00:29:59", "end": "00:30:04", "text": "So, Bitcoin went from no value in 20 2010 uh to 50 cents for the first piece"}, {"start": "00:30:04", "end": "00:30:11", "text": "of transaction to now 100,000. Well, 90,000 right now. Yeah. uh you know how"}, {"start": "00:30:11", "end": "00:30:17", "text": "how many people lost money on Bitcoin? How many people made money on Bitcoin?"}, {"start": "00:30:17", "end": "00:30:24", "text": "Well, how many of the people who have their hands up have actually sold their Bitcoin and realized those gains?"}, {"start": "00:30:24", "end": "00:30:30", "text": "A few. A few. Not that many. But look, again, this is a different crowd, right? Obviously. Yes. But there's there's no disputing that"}, {"start": "00:30:30", "end": "00:30:36", "text": "the people who bought Bitcoin back then have made a tremendous amount"}, {"start": "00:30:36", "end": "00:30:41", "text": "of money. I mean, I know a lot of these people who have made hundreds of millions, billions. So, you know them?"}, {"start": "00:30:41", "end": "00:30:47", "text": "Yes. A lot of them are my neighbors, you know, because but the reason they're they can afford to live in my neighborhood is because they sold a lot"}, {"start": "00:30:47", "end": "00:30:53", "text": "of Bitcoin. That's how come they could they could afford it. But the money that they made, a lot of people made a lot of money on"}, {"start": "00:30:53", "end": "00:30:59", "text": "Bitcoin that you know, yes, they got in early. Okay. The people who bought it over the last couple years haven't made any money."}, {"start": "00:30:59", "end": "00:31:05", "text": "These are the people who are losing the money that enabled the early buyers to make money. The people who are making"}, {"start": "00:31:05", "end": "00:31:12", "text": "money are cashing out. All Bitcoin does is enable a transfer of wealth from the"}, {"start": "00:31:12", "end": "00:31:18", "text": "people who buy Bitcoin to the people who sell it. Right? There's no when you when Bitcoin is created, there's no real"}, {"start": "00:31:18", "end": "00:31:24", "text": "wealth. We have like 20 million Bitcoin now that we didn't have 15 years ago. We But that's we're no better off because"}, {"start": "00:31:24", "end": "00:31:31", "text": "those Bitcoin exist. They don't actually do anything. But what has happened is some people have been enriched at the"}, {"start": "00:31:31", "end": "00:31:37", "text": "expense of other people. Now, the people who have lost a lot of money in Bitcoin don't even realize they've lost it yet"}, {"start": "00:31:37", "end": "00:31:44", "text": "because they still have the Bitcoin and the Bitcoin still has a 90, you know, $93,000 price or whatever it is right"}, {"start": "00:31:44", "end": "00:31:51", "text": "now. And so, they don't realize they've lost the money. But if they try to get out, that's when they're going to realize it's lost because if a number if"}, {"start": "00:31:51", "end": "00:31:57", "text": "a large percentage of people who own Bitcoin want to get out of it, there is no market for it. The market will"}, {"start": "00:31:57", "end": "00:32:03", "text": "implode. Uh let me share let me share a a a quick story I shared earlier today."}, {"start": "00:32:03", "end": "00:32:10", "text": "Um when I was going through the US troubles, I got a letter of support, right? So one one of our uh users from"}, {"start": "00:32:10", "end": "00:32:16", "text": "Africa writes me and she says he says um before crypto before Bitcoin it takes"}, {"start": "00:32:16", "end": "00:32:22", "text": "him three days to pay a bill. He had to walk from his village to a place, pay it and walk back. So three three days a"}, {"start": "00:32:22", "end": "00:32:29", "text": "month he had to pay the bill. Uh that that's the amount of time it takes for him to do that. um after crypto after"}, {"start": "00:32:29", "end": "00:32:36", "text": "Binance he has access to crypto and now paying the bill is three minutes and because of that he accumulated over time"}, {"start": "00:32:36", "end": "00:32:42", "text": "$50 $100 a $300 $1,000 $1,000 in some really poor country in Africa it's a lot"}, {"start": "00:32:42", "end": "00:32:48", "text": "of money for for that so that improves people's materially improved his life"}, {"start": "00:32:48", "end": "00:32:54", "text": "yeah I mean that there is some value there but you don't need Bitcoin you can use you can use a stable coin you can"}, {"start": "00:32:54", "end": "00:32:59", "text": "use tokenized gold you know So yeah, you can use a stable coin but stable you still you still need to use the"}, {"start": "00:32:59", "end": "00:33:05", "text": "blockchain technology and the best use case for blockchain technology today the the the best app is still bitcoin right"}, {"start": "00:33:05", "end": "00:33:11", "text": "so bitcoin is the largest market cap uh uh uh coin and u but you're talking"}, {"start": "00:33:11", "end": "00:33:16", "text": "about the blockchain technology the technology is promoted with bitcoin plus other cryptocurrencies you mentioned a"}, {"start": "00:33:16", "end": "00:33:22", "text": "point earlier which I want to touch up on just because anyone can issue a token doesn't mean those tokens have value but"}, {"start": "00:33:22", "end": "00:33:28", "text": "bitcoin is very different bitcoin is already we already have a large community supporting it some of the major cryptocurrencies of course"}, {"start": "00:33:28", "end": "00:33:33", "text": "unbiased um are also closer to to to that category right so uh just because"}, {"start": "00:33:33", "end": "00:33:41", "text": "you issue something uh does not create value but when people use it it has value again so Bitcoin is used by this guy in Africa"}, {"start": "00:33:41", "end": "00:33:46", "text": "uh in many other places so and the use case is increasing it's not decreasing this is not it's not it's not it's not"}, {"start": "00:33:46", "end": "00:33:53", "text": "just one thing that doesn't change anymore it's a technology that keeps I I don't see in fact I remember when"}, {"start": "00:33:53", "end": "00:33:59", "text": "Bitcoin first spiked up to $1,000 in in"}, {"start": "00:33:59", "end": "00:34:05", "text": "was it 20 and you were against it? Of course. Yes. Although at the time I look at the time I thought the price"}, {"start": "00:34:05", "end": "00:34:11", "text": "could go up. I just thought that it was obviously people were buying it and I thought that the bubble could get bigger"}, {"start": "00:34:11", "end": "00:34:18", "text": "before it popped. But you know fundamentally you know nothing has changed about Bitcoin. But the point I'm making is back then, well, back then I"}, {"start": "00:34:18", "end": "00:34:25", "text": "remember a lot of stores I there were a lot of stories where all these companies were coming out, oh, we accept Bitcoin,"}, {"start": "00:34:25", "end": "00:34:31", "text": "we accept Bitcoin, we accept Bitcoin. And the reason that the stores were doing this is because all of a sudden people with Bitcoin had money because"}, {"start": "00:34:31", "end": "00:34:38", "text": "now the Bitcoin was worth something. And so merchants were trying to appeal to the the wealth of the the crypto people"}, {"start": "00:34:38", "end": "00:34:43", "text": "by saying, \"Hey, you can spend your Bitcoin here. You can spend your Bitcoin here.\" There's actually less of that"}, {"start": "00:34:43", "end": "00:34:49", "text": "now. I mean, I I I think the whole idea of using Bitcoin as a currency, it's"}, {"start": "00:34:49", "end": "00:34:55", "text": "even less popular now than it was back then. And in fact, people have even"}, {"start": "00:34:55", "end": "00:35:00", "text": "acknowledged that, you know, it doesn't work very well as a currency. There are other cryptos that are much better."}, {"start": "00:35:00", "end": "00:35:06", "text": "That's when they reinvented it as digital gold because it didn't work as a digital currency. So, they said, \"Okay,"}, {"start": "00:35:06", "end": "00:35:12", "text": "well, it's digital gold.\" Well, it's not digital gold either because it's nothing like gold, right? It's not, you know, a"}, {"start": "00:35:12", "end": "00:35:19", "text": "a I can't, you know, make a picture of a hamburger and then say I have digital food, you know, it's just a it's just an"}, {"start": "00:35:19", "end": "00:35:24", "text": "image of a hamburger. And you know, if you if you if you eat a diet of digital food, you're going to starve to death."}, {"start": "00:35:24", "end": "00:35:31", "text": "Let me check in the crowd. Who has a Binance card on them? I I don't have one with me. Can you can you volunteer?"}, {"start": "00:35:31", "end": "00:35:37", "text": "Um, just have a token, right? BNB is a is a token. No, no, no. The Binance card, uh, which"}, {"start": "00:35:37", "end": "00:35:44", "text": "is Binance is a token, which is a Visa card. Yeah. Yeah. if if you could can somebody bring help bring that. Um"}, {"start": "00:35:44", "end": "00:35:50", "text": "so when you mentioned that uh crypto is not used for payments and you see much less um I actually want to show you"}, {"start": "00:35:50", "end": "00:35:55", "text": "something which is uh no u yeah thank you."}, {"start": "00:35:55", "end": "00:36:02", "text": "Sure. Sure. Yeah. Yeah. You see you see this thing"}, {"start": "00:36:02", "end": "00:36:09", "text": "by Okay. Yeah. Yeah. Well you're but basically what you're saying is you can use this Yeah. And it you're it will sell your"}, {"start": "00:36:09", "end": "00:36:14", "text": "Bitcoin and and and pay a merchant in dollars. Absolutely. It works really well. Yeah."}, {"start": "00:36:14", "end": "00:36:22", "text": "And that Yeah, that's exactly what I'm going to do with gold. Right. But using the blockchain, right?"}, {"start": "00:36:22", "end": "00:36:27", "text": "Doesn't even need to use the blockchain when you're use when I'm using uh a debit card or credit debit card. But"}, {"start": "00:36:27", "end": "00:36:33", "text": "so but but but what what you're doing is you're you're you're selling your Bitcoin and"}, {"start": "00:36:33", "end": "00:36:39", "text": "then you're paying with currency just like I I have a brokerage account and I can issue you a debit card against your"}, {"start": "00:36:39", "end": "00:36:45", "text": "brokerage account and now you could use that, you know, but but you're not using"}, {"start": "00:36:45", "end": "00:36:51", "text": "Bitcoin as money. You're selling Bitcoin to get money and then you're using the money to buy goods and services, not the"}, {"start": "00:36:51", "end": "00:36:59", "text": "Bitcoin. That just that card just ties you in. But what what I want to do with gold, I don't want people ultimately to"}, {"start": "00:36:59", "end": "00:37:04", "text": "sell their gold and pay cash. I'd like to see the gold actually change hands"}, {"start": "00:37:04", "end": "00:37:11", "text": "from buyer to seller so that the entire transaction stays in gold the whole time. We don't need to convert the gold"}, {"start": "00:37:11", "end": "00:37:16", "text": "into fiat. But you're converting your Bitcoin to fiat in order to use it. How many people use gold as payment"}, {"start": "00:37:16", "end": "00:37:22", "text": "today? No, probably hardly anybody uses it as payment. More or less than this. But you're not using Bitcoin there"}, {"start": "00:37:22", "end": "00:37:28", "text": "either. the Bitcoin gets sold. If you use that card, the the whoever is um on"}, {"start": "00:37:28", "end": "00:37:34", "text": "the receiving end of the transaction does not get any of your Bitcoin. All they get is dollars. Yeah. Yeah. So, it's actually two"}, {"start": "00:37:34", "end": "00:37:41", "text": "halves. So, we're we're breaking this process into two halves, right? So, um Bitcoin payments, crypto payments has"}, {"start": "00:37:41", "end": "00:37:47", "text": "historically had this problem where the merchants don't want to accept crypto uh uh or or may or may not want to accept"}, {"start": "00:37:47", "end": "00:37:54", "text": "it. Without the merchants accepting it, then the users couldn't pay. But this solves it because we are now as"}, {"start": "00:37:54", "end": "00:37:59", "text": "intermediaries. The from the user perspective, he just swipes his card and the crypto gets deducted. He doesn't"}, {"start": "00:37:59", "end": "00:38:05", "text": "care about the conversion into crypto currencies and pay it. The merchant gets fiat currencies, right? Or whatever they"}, {"start": "00:38:05", "end": "00:38:12", "text": "choose to get. And we uh in the middle handle the conversion. So we solve both sides of the problem. Yeah. I but I want to do that same thing"}, {"start": "00:38:12", "end": "00:38:18", "text": "with gold. And but the thing is this. I think eventually when when inflation is"}, {"start": "00:38:18", "end": "00:38:25", "text": "a lot more pernitious in the developed world, I believe a lot of merchants will actually prefer to receive gold because"}, {"start": "00:38:25", "end": "00:38:31", "text": "I think that you sure about that? Yes. Because what's going to happen is how many of them accept it today?"}, {"start": "00:38:31", "end": "00:38:36", "text": "They're they're they don't have the ability to accept it. They don't even it's not even an option. But let let's"}, {"start": "00:38:36", "end": "00:38:42", "text": "say you're a merchant, right? And inflation is not, you know, 2% a year."}, {"start": "00:38:42", "end": "00:38:47", "text": "It's two Let me finish the point. Let's say inflation is 2% a week, right? And"}, {"start": "00:38:47", "end": "00:38:52", "text": "so I I I I have inventory that I'm selling, but I sell my inventory and now"}, {"start": "00:38:52", "end": "00:38:59", "text": "when I have to reby it, it costs a lot more because between the time I sold it and the time I restock, the prices have"}, {"start": "00:38:59", "end": "00:39:07", "text": "gone up. But if I can sell my merchandise and get paid in gold, now I can use my gold to restock and the"}, {"start": "00:39:07", "end": "00:39:13", "text": "prices wouldn't have gone up in terms of gold. The gold the gold price dropping the last couple weeks, right? I mean it went"}, {"start": "00:39:13", "end": "00:39:19", "text": "to a high but then it dropped in the last couple weeks. So yeah there you know there are periods of time where gold volatility spikes a"}, {"start": "00:39:19", "end": "00:39:25", "text": "bit but generally it's not that volatile at 10% for some merchants like some merchants margins are 10%. Right."}, {"start": "00:39:25", "end": "00:39:31", "text": "Oh yeah. Well that's well I know and Bitcoin can move 10% in a day you know. You know but my point is there's a few million of"}, {"start": "00:39:31", "end": "00:39:37", "text": "this cards out there. There's a few million users on using Binance card. Yeah. And maybe you maybe I could use"}, {"start": "00:39:37", "end": "00:39:43", "text": "you to do my gold cards. We'll be happy to because I'm talking to banks. I got to see who would be the best issuer"}, {"start": "00:39:43", "end": "00:39:49", "text": "for I'm for Bitcoin. I'm not against gold, but I'm just saying that Bitcoin is a better version of gold. But my"}, {"start": "00:39:49", "end": "00:39:54", "text": "point is you said that people don't use it for payments, but people use it silently. That"}, {"start": "00:39:54", "end": "00:39:59", "text": "but that's not using it for payments. That's But from the user perspective, they are using it for payments. Now the user"}, {"start": "00:39:59", "end": "00:40:04", "text": "doesn't have to worry about selling Bitcoin into cash, converting the currency and then charging that,"}, {"start": "00:40:04", "end": "00:40:10", "text": "right? But I can do that same thing again with gold or anything else. I can do it with my stock portfolio. I mean, I"}, {"start": "00:40:10", "end": "00:40:16", "text": "can I I have customers that have brokerage accounts and I can give them a debit card where every time they use it,"}, {"start": "00:40:16", "end": "00:40:22", "text": "you know, it's it margins their brokerage account and we can sell then we can sell some of their stocks."}, {"start": "00:40:22", "end": "00:40:27", "text": "That's great. But my point is people already using crypto for payments. No, they're not using crypto. They're"}, {"start": "00:40:27", "end": "00:40:33", "text": "using crypto as collateral so that they can sell it to get the currency that they use to make the payment. There's a"}, {"start": "00:40:33", "end": "00:40:38", "text": "difference there. It's not being used uh to make a payment. You're you're"}, {"start": "00:40:38", "end": "00:40:43", "text": "liquidating your Bitcoin and then you're buying something with the proceeds. Again, Peter, you you you're making the"}, {"start": "00:40:43", "end": "00:40:48", "text": "definition that in from the for the user for payments that includes the part that we handle for them."}, {"start": "00:40:48", "end": "00:40:54", "text": "Yes. Right. From the user perspective, he swer card, he gets a good his understand. Right. Right."}, {"start": "00:40:54", "end": "00:41:00", "text": "Right. So, but there is a difference there. But of course, you know, Bitcoin can collapse in price and now, you know, now it's"}, {"start": "00:41:00", "end": "00:41:07", "text": "going to be a big problem for people who are use who are planning on buying stuff with their Bitcoin and now the Bitcoin doesn't buy very much because when they"}, {"start": "00:41:07", "end": "00:41:12", "text": "go to sell it, they're not going to get that much fiat. I think most people in this room will not have that problem because they they"}, {"start": "00:41:12", "end": "00:41:19", "text": "probably pretty much all have enough crypto to they have enough crypto. Well, they have enough at $93,000. I"}, {"start": "00:41:19", "end": "00:41:26", "text": "mean, what if it's $9,000? I mean, you know, the price could be a lot lower. You don't know what it's going to be. I mean, all prices fluctuate. Also even"}, {"start": "00:41:26", "end": "00:41:33", "text": "even if we talk about uh fiat currencies price fluctuates right so against each other right they don't they"}, {"start": "00:41:33", "end": "00:41:39", "text": "yeah there's against each other against real purchasing power right so against purchasing power uh you"}, {"start": "00:41:39", "end": "00:41:44", "text": "know every price fluctuate so one thing is many people think about stable I think stable coin is a complete misnomer"}, {"start": "00:41:44", "end": "00:41:51", "text": "there's nothing stable in this world everything fluctuates fluctuates against everything well it's stable against itself so a"}, {"start": "00:41:51", "end": "00:41:56", "text": "dollar stable coin is stable against the dollar but the dollar has no stability whatsoever."}, {"start": "00:41:56", "end": "00:42:02", "text": "But that's why to me everything that you could do with Bitcoin I can do with gold. And so rather than have a token"}, {"start": "00:42:02", "end": "00:42:08", "text": "backed by nothing, why not have a token backed by something? Why I mean why prefer a fiat cryptocurrency when you"}, {"start": "00:42:08", "end": "00:42:14", "text": "can have legit a real one when you can have one that's backed by gold? You know, it's actually the reverse. What whatever you can do with gold and"}, {"start": "00:42:14", "end": "00:42:20", "text": "fiat, we can do in Bitcoin. No, you can't because you can't store value with Bitcoin. Bitcoin has been a tremendous store of"}, {"start": "00:42:20", "end": "00:42:26", "text": "value. No, it hasn't. It's it's been a great speculative asset that has appreciated"}, {"start": "00:42:26", "end": "00:42:32", "text": "Bitcoin's price has gone up the last 15 years for for it entire existence, right? But that first of all, that's not"}, {"start": "00:42:32", "end": "00:42:38", "text": "a lot of time in in in the scheme of things. But Bitcoin has price. I don't I don't dispute that there is a price for"}, {"start": "00:42:38", "end": "00:42:45", "text": "Bitcoin. But price and value are two completely different things. And you cannot you cannot store a price. Bitcoin"}, {"start": "00:42:45", "end": "00:42:50", "text": "has a price today. I don't know what the price is going to be tomorrow. But it has no value today and it's going to"}, {"start": "00:42:50", "end": "00:42:56", "text": "have no value tomorrow. But that doesn't stop people from buying it. But the value that most people place in Bitcoin"}, {"start": "00:42:56", "end": "00:43:02", "text": "is that they think they're going to get rich if they buy it. They think if I buy this Bitcoin and I just hold on to it"}, {"start": "00:43:02", "end": "00:43:08", "text": "and ride out all the volatility, I'm going to be rich. So that's what people are buying. They're buying that lottery"}, {"start": "00:43:08", "end": "00:43:14", "text": "ticket that's going to pay off. And when people don't want to buy that anymore, when people stop believing in this"}, {"start": "00:43:14", "end": "00:43:19", "text": "fantasy that Bitcoin is going to the moon, then you know there's not going to be any demand for it anymore."}, {"start": "00:43:19", "end": "00:43:24", "text": "You're looking at that purely from a speculators perspective. Well, that's who buys Bitcoin by and"}, {"start": "00:43:24", "end": "00:43:31", "text": "large. Now look, most of the people in this room maybe are diehard Bitcoin maxis that actually believe all this"}, {"start": "00:43:31", "end": "00:43:36", "text": "nonsense. Fine. But the vast majority of people buying, who do you think is"}, {"start": "00:43:36", "end": "00:43:41", "text": "buying Bitcoin? How many people in the audience are developing something in the Bitcoin ecosystem? Developers, you know,"}, {"start": "00:43:41", "end": "00:43:47", "text": "coders, project, not a lot, but no, there there's quite a few developers here, right? So, not"}, {"start": "00:43:47", "end": "00:43:52", "text": "everybody's a speculator. So, speculators. Yes. No, this room this is this is a a biased"}, {"start": "00:43:52", "end": "00:43:58", "text": "sample. Of course, if you exist, right? Yes. But this is a tiny part of"}, {"start": "00:43:58", "end": "00:44:05", "text": "what's driving Bitcoin at this point. If you look at who is buying the Bitcoin ETFs, right, that have been the lion"}, {"start": "00:44:05", "end": "00:44:12", "text": "share of the buying before these corporate treasury companies, these are not, you know, true believers. They are"}, {"start": "00:44:12", "end": "00:44:19", "text": "just buying it because it's going up. They're they're they're they're seeing all the hype and they're being told, you"}, {"start": "00:44:19", "end": "00:44:26", "text": "got to buy this. It's the digital. It's going to go up. It's the new thing. And so people are buying it in their stock"}, {"start": "00:44:26", "end": "00:44:32", "text": "portfolios. They don't care about any of the qualities that you talk about that Bitcoin has. They don't care about any"}, {"start": "00:44:32", "end": "00:44:38", "text": "of that. They don't self-custody it. They're buying it in their brokerage account. It's a symbol and it they're"}, {"start": "00:44:38", "end": "00:44:44", "text": "looking at it to go up. And when it stops going up and it starts going down, they're just going to sell. They're just"}, {"start": "00:44:44", "end": "00:44:50", "text": "going to move on and take their chips and and and and put them in in someplace else. Peter, what you described exists in"}, {"start": "00:44:50", "end": "00:44:56", "text": "stock markets in traditional fiat markets as well. So there's speculators in every market and then there's"}, {"start": "00:44:56", "end": "00:45:01", "text": "builders who are building the ecosystem who are building utility value. The speculators are always loud if that's"}, {"start": "00:45:01", "end": "00:45:07", "text": "why NASDAQ is exists, right? So all the guys were buying Bitcoin ETFs, they already bought stocks, they already have"}, {"start": "00:45:07", "end": "00:45:13", "text": "stock ETFs, uh currency ETFs, etc. So that exists in traditional markets as well. Yeah. Just having them doesn't"}, {"start": "00:45:13", "end": "00:45:18", "text": "mean that Bitcoin has no value. No. Well, yes. Just because there's speculators in the stock market too"}, {"start": "00:45:18", "end": "00:45:24", "text": "doesn't mean that that legitimizes Bitcoin because there are speculators. Look, when when when you're speculating,"}, {"start": "00:45:24", "end": "00:45:30", "text": "it's reverse. Just having speculators does not dele delegitimize. But when when I'm when I'm speculating"}, {"start": "00:45:30", "end": "00:45:37", "text": "on a stock, at least in theory, I'm speculating on a business and I'm making a bet that that business becomes more"}, {"start": "00:45:37", "end": "00:45:45", "text": "valuable in the future than it is today because it has more sales, it has more earnings, it pays a higher dividend. So,"}, {"start": "00:45:45", "end": "00:45:51", "text": "I'm betting on the growth of a business. Just look at this company got Binance growing. Well, Binance is not big. Binance is"}, {"start": "00:45:51", "end": "00:45:56", "text": "again Binance is a great business right now, right? You're the casino. You the house wins, right? No, we're not gambling."}, {"start": "00:45:56", "end": "00:46:01", "text": "We are we are a licensed traditional uh we are licensed financial institution in"}, {"start": "00:46:01", "end": "00:46:07", "text": "30 something countries now. All right. Well, okay. Apart from that, but I'm talking about the people that are just trading trading trading uh"}, {"start": "00:46:07", "end": "00:46:13", "text": "Bitcoin on on the platform. But I now I I just forgot what I was talking about"}, {"start": "00:46:13", "end": "00:46:19", "text": "um before you interrupted. What what was the point that I was about to make? I just don't even remember. We were talking about speculators."}, {"start": "00:46:19", "end": "00:46:26", "text": "Oh, yeah. Right? So, you're speculating on a company becoming more valuable. When I buy Bitcoin, Bitcoin is not going"}, {"start": "00:46:26", "end": "00:46:33", "text": "to generate more income in the future than it does now because it generates no income now. Bitcoin is not a income"}, {"start": "00:46:33", "end": "00:46:38", "text": "producing asset. When I'm speculating on Bitcoin, all I'm doing is betting that"}, {"start": "00:46:38", "end": "00:46:43", "text": "somebody in the future is going to pay a higher price than I did. I'm just betting that there's going to be more"}, {"start": "00:46:43", "end": "00:46:48", "text": "demand for Bitcoin uh in the future than there is now and that the price is going"}, {"start": "00:46:48", "end": "00:46:55", "text": "to be higher. So it's a pure speculation on on price without any other factor and"}, {"start": "00:46:55", "end": "00:47:02", "text": "and and so Bitcoin is is far more speculative in nature than than than what people are"}, {"start": "00:47:02", "end": "00:47:08", "text": "doing in the stock market or in the real estate market. Now you know you could most people when you're buying a stock"}, {"start": "00:47:08", "end": "00:47:14", "text": "I'm I'm buying a business now that generates income that pays dividends. Not all stocks are simply you know"}, {"start": "00:47:14", "end": "00:47:22", "text": "gambling on the growth of a business that may or may not come. But Bitcoin is 100% speculation uh in that I'm buying"}, {"start": "00:47:22", "end": "00:47:28", "text": "it solely because I believe that somebody will pay a higher price. And the only reason that that person is"}, {"start": "00:47:28", "end": "00:47:34", "text": "going to buy it is because they believe that the next person is going to pay a higher price for the exact same thing"}, {"start": "00:47:34", "end": "00:47:39", "text": "even though it hasn't changed at all. But we just established that the speculators only small part of the ecosystem. Even though they're very"}, {"start": "00:47:39", "end": "00:47:46", "text": "loud, they trade a lot. But we just we just discussed this point, right? But that's that's that's what's driving."}, {"start": "00:47:46", "end": "00:47:51", "text": "saying that this small section of speculators represent all of crypto, all of all of Bitcoin. That's not true, right?"}, {"start": "00:47:51", "end": "00:47:57", "text": "Well, that's what drove the price up to 90,000 without all those where do you think Bitcoin's price would be right now"}, {"start": "00:47:57", "end": "00:48:03", "text": "if all this speculative money hadn't poured in uh you know to all these ETFs"}, {"start": "00:48:03", "end": "00:48:08", "text": "and you know all these Bitcoin treasury companies that have been buying up Bitcoin. Without all that speculative"}, {"start": "00:48:08", "end": "00:48:15", "text": "money, where do you think the price would be? I don't think we I don't think I can I can convince you on this. But again you you are taking a small sample of the"}, {"start": "00:48:15", "end": "00:48:21", "text": "population small small big but you're taking a portion of it and sort of overgeneralizing that to"}, {"start": "00:48:21", "end": "00:48:27", "text": "the entire industry. If it's only speculators the price wouldn't be there. There will always be some uh fundamental"}, {"start": "00:48:27", "end": "00:48:34", "text": "holders that supports the price. Well it's mostly I would say over those past four years right where Bitcoin is"}, {"start": "00:48:34", "end": "00:48:39", "text": "down by 40% against gold. I would say that at least half of the people who own"}, {"start": "00:48:39", "end": "00:48:45", "text": "Bitcoin today bought it over the last four years. Uh I'm not sure. Um yeah, I'm not too"}, {"start": "00:48:45", "end": "00:48:51", "text": "sure. And probably and and probably more than half the value half the market cap was purchased in in in these last four"}, {"start": "00:48:51", "end": "00:48:57", "text": "years. Well, every peak the the the more value gets purchased at a later stage. But u people are and and so there's a lot of"}, {"start": "00:48:57", "end": "00:49:02", "text": "people now in terms of number of people. I'm not too sure because uh in this cycle there's a lot of ETF as you as you said"}, {"start": "00:49:02", "end": "00:49:08", "text": "there's a lot right. Well, I'm talking well that includes all the individual shareholders in these ETFs, right? They're, you know,"}, {"start": "00:49:08", "end": "00:49:14", "text": "they they they own Bitcoin through through these ETFs. And so, they've come in recently. Uh"}, {"start": "00:49:14", "end": "00:49:20", "text": "they don't have these big gains that people have that that that came in a long time ago. You can't have big gains just you you"}, {"start": "00:49:20", "end": "00:49:26", "text": "buy any asset, you can't expect big gains like you know. Yes, they are. What do you of course the people that bought Bitcoin expected big"}, {"start": "00:49:26", "end": "00:49:34", "text": "gains. They were told I mean go back to the beginning of the year. What were all the Look, Bitcoin is lower now than it"}, {"start": "00:49:34", "end": "00:49:40", "text": "was January 1st. But if you go back if you go back higher than November last year. Well, yeah, because it sold off before"}, {"start": "00:49:40", "end": "00:49:48", "text": "then. But if you go back to all the forecasts that were made by guys like Sailor Beginning of this year, where was"}, {"start": "00:49:48", "end": "00:49:55", "text": "everybody saying Bitcoin was going to be by the end of the year? I mean, nobody said lower. It was 200,000, 250,000."}, {"start": "00:49:55", "end": "00:50:02", "text": "There were all these, you know, pie in the sky forecasts. So people were buying Bitcoin expecting to go to the moon."}, {"start": "00:50:02", "end": "00:50:08", "text": "They weren't expecting to to lose money which is what which is happening. But there there's a few guys who make forecasts. I usually don't make"}, {"start": "00:50:08", "end": "00:50:14", "text": "forecasts. U but uh but the price goes up down right. So people invest they"}, {"start": "00:50:14", "end": "00:50:19", "text": "need to take the risk or they need to understand the Well, I think a lot of the people Same thing with gold. Same thing with stock markets, right?"}, {"start": "00:50:19", "end": "00:50:24", "text": "Well, but you haven't had a big influx of in of private investors in gold."}, {"start": "00:50:24", "end": "00:50:30", "text": "Look, I've I've been in the gold business. I've had shift gold. 2010. Why is that? And there has been"}, {"start": "00:50:30", "end": "00:50:37", "text": "influx in crypto, but there hasn't been in gold. Because Yeah. Because gold doesn't have a sexy get-rich quick story to it."}, {"start": "00:50:37", "end": "00:50:43", "text": "People But you just said gold will go go higher quicker. Yeah. Well, gold, you know, gold has done a lot better than Bitcoin the last"}, {"start": "00:50:43", "end": "00:50:50", "text": "couple years, last four years. But most people have bought Bitcoin. They haven't bought gold. But central banks are"}, {"start": "00:50:50", "end": "00:50:58", "text": "buying gold. I mean, they know what they're doing. They're buying gold. They're not they're not buying Bitcoin. But eventually I think private investors"}, {"start": "00:50:58", "end": "00:51:05", "text": "will start buying more gold. Uh and I think the air coming out of the crypto bubble uh will help move that process"}, {"start": "00:51:05", "end": "00:51:11", "text": "along. In fact, I think one of the reasons that Bitcoin was able to do so"}, {"start": "00:51:11", "end": "00:51:16", "text": "well um you know from when it started until you know recently was because gold"}, {"start": "00:51:16", "end": "00:51:22", "text": "went sideways for about 12 13 years. Uh you know gold went from and that's exactly the time when Bitcoin"}, {"start": "00:51:22", "end": "00:51:28", "text": "started. Yes. Well, well, because gold gold went from $300 an ounce, under $300 an ounce"}, {"start": "00:51:28", "end": "00:51:36", "text": "in 1999, 2000, and it went up to 1900 in 2011, right? And and so had a big gain"}, {"start": "00:51:36", "end": "00:51:42", "text": "and and it attracted some money as a result of those huge returns, but then it just, you know, kind of went sideways"}, {"start": "00:51:42", "end": "00:51:48", "text": "and Bitcoin comes on the scene and it comes out of nowhere and it's going way up and it's being sold, hey, this is"}, {"start": "00:51:48", "end": "00:51:53", "text": "digital gold. This is better than gold. This is gold 2.0. And as long as gold"}, {"start": "00:51:53", "end": "00:51:59", "text": "wasn't performing, uh, that created an opportunity for Bitcoin to kind of steal some of its"}, {"start": "00:51:59", "end": "00:52:04", "text": "thunder and get money out of gold, out of gold stocks, into crypto, into crypto"}, {"start": "00:52:04", "end": "00:52:12", "text": "stocks. But now that gold has broken out of that consolidation, gold has now doubled in the last two years, and"}, {"start": "00:52:12", "end": "00:52:18", "text": "silver now has caught up, and now silver's at record highs. Silver's almost $60 an ounce. So, it's broken"}, {"start": "00:52:18", "end": "00:52:23", "text": "through its $50 double top. So now we're in another stage of precious metals bull"}, {"start": "00:52:23", "end": "00:52:30", "text": "market where gold and silver are not going sideways. They should continue to go up uh year after year for many many"}, {"start": "00:52:30", "end": "00:52:37", "text": "years to come. And so in that environment I think it's very difficult for Bitcoin to compete because now the"}, {"start": "00:52:37", "end": "00:52:43", "text": "people who have gold have no reason to sell it to buy Bitcoin. And I think people who made the mistake of selling"}, {"start": "00:52:43", "end": "00:52:49", "text": "their Bitcoin a few years ago and buying gold are going to regret that and they're going to try to reverse that trade. They're going to try to sell"}, {"start": "00:52:49", "end": "00:52:56", "text": "their Bitcoin and get back into gold, but that's going to be big problem because there's no buyers for the Bitcoin and so I think the price will"}, {"start": "00:52:56", "end": "00:53:02", "text": "collapse. All right. So, I think we can agree to disagree on that note. Um, I do hope I"}, {"start": "00:53:02", "end": "00:53:07", "text": "do hope go to be successful. I do hope you digitize gold to be successful. Maybe we can work together on that"}, {"start": "00:53:07", "end": "00:53:14", "text": "project. Absolutely. And I want to get my token listed on traded on Binance. Uh, absolutely. So, we welcome you to to"}, {"start": "00:53:14", "end": "00:53:21", "text": "the dig to the blockchain digital world and uh I of course believe completely differently that I think I think gold"}, {"start": "00:53:21", "end": "00:53:26", "text": "will do well uh but I think uh Bitcoin will do even better. Um that's my view but I don't think it will be able to compete"}, {"start": "00:53:26", "end": "00:53:32", "text": "with gold especially when it's you know we'll find out next year. Yeah it will"}, {"start": "00:53:32", "end": "00:53:37", "text": "but lastly thank you Peter for coming over and I wish you all the success in digitizing gold. All right. Well my pleasure. All right."}, {"start": "00:53:37", "end": "00:53:42", "text": "Thank you. Thank you so much. Yeah. Thank you guys."}]

[{"start": "00:00:00", "end": "00:00:01", "text": "The people were saying that we're"}, {"start": "00:00:01", "end": "00:00:02", "text": "already in a bare market because of"}, {"start": "00:00:02", "end": "00:00:04", "text": "timing cycles. They're saying forget"}, {"start": "00:00:04", "end": "00:00:07", "text": "price. It's all about time now. The time"}, {"start": "00:00:07", "end": "00:00:09", "text": "cycles. Wrong. Wrong. Wrong. Before a"}, {"start": "00:00:09", "end": "00:00:12", "text": "bare market has been accompanied by a"}, {"start": "00:00:12", "end": "00:00:14", "text": "blowoff top, which is shown by price"}, {"start": "00:00:14", "end": "00:00:16", "text": "acceleration. Price acceleration or"}, {"start": "00:00:16", "end": "00:00:18", "text": "extreme acceleration. Guess what? We"}, {"start": "00:00:18", "end": "00:00:20", "text": "didn't get that in 2025. There's only a"}, {"start": "00:00:20", "end": "00:00:23", "text": "25% low probability of the price action"}, {"start": "00:00:23", "end": "00:00:25", "text": "dropping even further into a bare"}, {"start": "00:00:25", "end": "00:00:27", "text": "market."}, {"start": "00:00:27", "end": "00:00:30", "text": "People"}, {"start": "00:00:33", "end": "00:00:35", "text": "are really confused about the situation"}, {"start": "00:00:35", "end": "00:00:37", "text": "right now. We don't know whether we are"}, {"start": "00:00:37", "end": "00:00:39", "text": "in a bare market or still in a bull"}, {"start": "00:00:39", "end": "00:00:41", "text": "market. You put out a very interesting"}, {"start": "00:00:41", "end": "00:00:43", "text": "video not long ago where you were"}, {"start": "00:00:43", "end": "00:00:48", "text": "analyzing a key technical metric that"}, {"start": "00:00:48", "end": "00:00:50", "text": "people should pay attention to. It's the"}, {"start": "00:00:50", "end": "00:00:53", "text": "death cross. The death cross was hit on"}, {"start": "00:00:53", "end": "00:00:55", "text": "November 15. And you were basically"}, {"start": "00:00:55", "end": "00:00:59", "text": "saying that because of that signal there"}, {"start": "00:00:59", "end": "00:01:02", "text": "is a 75% possibility that Bitcoin will"}, {"start": "00:01:02", "end": "00:01:06", "text": "rally higher in the time frame of one to"}, {"start": "00:01:06", "end": "00:01:09", "text": "three months. Do you still stand by your"}, {"start": "00:01:09", "end": "00:01:11", "text": "assessment?"}, {"start": "00:01:11", "end": "00:01:13", "text": "Yeah. Basically my point in that video"}, {"start": "00:01:13", "end": "00:01:16", "text": "was um that we looked at every example."}, {"start": "00:01:16", "end": "00:01:18", "text": "So we looked at every instance of a"}, {"start": "00:01:18", "end": "00:01:20", "text": "death cross signal. So there was a death"}, {"start": "00:01:20", "end": "00:01:22", "text": "cross signal. When the 50 simple moving"}, {"start": "00:01:22", "end": "00:01:25", "text": "average crossed below the 200 simple"}, {"start": "00:01:25", "end": "00:01:27", "text": "moving average there, the gray white"}, {"start": "00:01:27", "end": "00:01:29", "text": "line went below the green and we can see"}, {"start": "00:01:29", "end": "00:01:32", "text": "it actually signaled the bottom on"}, {"start": "00:01:32", "end": "00:01:34", "text": "Bitcoin almost very close to a bottom as"}, {"start": "00:01:34", "end": "00:01:36", "text": "we can see there and then the price"}, {"start": "00:01:36", "end": "00:01:38", "text": "rallied in the next few months. Uh"}, {"start": "00:01:38", "end": "00:01:40", "text": "sometimes it rallies immediately,"}, {"start": "00:01:40", "end": "00:01:41", "text": "sometimes it takes a bit longer but"}, {"start": "00:01:41", "end": "00:01:44", "text": "generally um again in the examples that"}, {"start": "00:01:44", "end": "00:01:46", "text": "I found, let me show you one more. So"}, {"start": "00:01:46", "end": "00:01:48", "text": "this chart from 2024 shows that there"}, {"start": "00:01:48", "end": "00:01:50", "text": "was death cross there and you can see"}, {"start": "00:01:50", "end": "00:01:52", "text": "soon after the death cross signal there"}, {"start": "00:01:52", "end": "00:01:55", "text": "market was about to bottom and I"}, {"start": "00:01:55", "end": "00:01:56", "text": "remember so many videos usually come out"}, {"start": "00:01:56", "end": "00:01:58", "text": "when there's a death cross signal saying"}, {"start": "00:01:58", "end": "00:02:00", "text": "oh it's the end of the world bitcoin is"}, {"start": "00:02:00", "end": "00:02:01", "text": "now in a bare market just because of the"}, {"start": "00:02:01", "end": "00:02:03", "text": "death there's a death cross that is not"}, {"start": "00:02:03", "end": "00:02:05", "text": "the case what I found was that 75% of"}, {"start": "00:02:05", "end": "00:02:08", "text": "the time when there's a death cross"}, {"start": "00:02:08", "end": "00:02:10", "text": "signal going back to 2011 so I looked at"}, {"start": "00:02:10", "end": "00:02:12", "text": "every example of a death cross signal"}, {"start": "00:02:12", "end": "00:02:14", "text": "when the moving averages the the"}, {"start": "00:02:14", "end": "00:02:15", "text": "long-term moving averages cross over in"}, {"start": "00:02:15", "end": "00:02:19", "text": "negative direction. 75% of the time the"}, {"start": "00:02:19", "end": "00:02:22", "text": "Bitcoin price usually is about to bottom"}, {"start": "00:02:22", "end": "00:02:23", "text": "or getting close to a bottom or"}, {"start": "00:02:23", "end": "00:02:25", "text": "capitulation and then rallies in the"}, {"start": "00:02:25", "end": "00:02:27", "text": "next in other words bounces or rallies"}, {"start": "00:02:27", "end": "00:02:29", "text": "is positive for the next one to three"}, {"start": "00:02:29", "end": "00:02:31", "text": "months. By the way, I found that when"}, {"start": "00:02:31", "end": "00:02:34", "text": "the death cross signal occurs after an"}, {"start": "00:02:34", "end": "00:02:36", "text": "all-time high, the probability is"}, {"start": "00:02:36", "end": "00:02:38", "text": "actually even higher. Uh, I did not"}, {"start": "00:02:38", "end": "00:02:40", "text": "discuss this in a video that I made, but"}, {"start": "00:02:40", "end": "00:02:42", "text": "I've we have to remember Bitcoin went"}, {"start": "00:02:42", "end": "00:02:44", "text": "from an all-time high just a few just a"}, {"start": "00:02:44", "end": "00:02:46", "text": "while ago. I think it's October when it"}, {"start": "00:02:46", "end": "00:02:48", "text": "went to an all-time high of just near"}, {"start": "00:02:48", "end": "00:02:51", "text": "126,000. Then it dropped to extreme"}, {"start": "00:02:51", "end": "00:02:53", "text": "oversold conditions with a sudden death"}, {"start": "00:02:53", "end": "00:02:56", "text": "cross. To me, this is even a stronger"}, {"start": "00:02:56", "end": "00:02:59", "text": "probability that we could see positive"}, {"start": "00:02:59", "end": "00:03:01", "text": "returns. So, some kind of a strong rally"}, {"start": "00:03:01", "end": "00:03:03", "text": "or bounce in the next one to three"}, {"start": "00:03:03", "end": "00:03:05", "text": "months. Now, why do I say one to three"}, {"start": "00:03:05", "end": "00:03:08", "text": "months? Why not the next year? Because"}, {"start": "00:03:08", "end": "00:03:10", "text": "again the prob the higher probability"}, {"start": "00:03:10", "end": "00:03:12", "text": "the 75% probability was for the medium"}, {"start": "00:03:12", "end": "00:03:15", "text": "term. The long term is much more"}, {"start": "00:03:15", "end": "00:03:17", "text": "complicated. And for that we'll have to"}, {"start": "00:03:17", "end": "00:03:18", "text": "discuss something else. We'll have to"}, {"start": "00:03:18", "end": "00:03:19", "text": "look at other factors which we'll"}, {"start": "00:03:19", "end": "00:03:22", "text": "discuss with you in this video. So by"}, {"start": "00:03:22", "end": "00:03:24", "text": "the way that's that's the reason why in"}, {"start": "00:03:24", "end": "00:03:25", "text": "that video I said I'm bullish for the"}, {"start": "00:03:25", "end": "00:03:28", "text": "next one to three months. uh and why we"}, {"start": "00:03:28", "end": "00:03:31", "text": "should not suddenly get panicked out uh"}, {"start": "00:03:31", "end": "00:03:32", "text": "because there's only there's only a 25%"}, {"start": "00:03:32", "end": "00:03:35", "text": "low probability of the price action"}, {"start": "00:03:35", "end": "00:03:37", "text": "dropping even further into a bare"}, {"start": "00:03:37", "end": "00:03:39", "text": "market. 25% probability. So I'm going"}, {"start": "00:03:39", "end": "00:03:42", "text": "with a higher probability of being"}, {"start": "00:03:42", "end": "00:03:44", "text": "positive for the next few months."}, {"start": "00:03:44", "end": "00:03:46", "text": "Uh that's very clear. That's a very"}, {"start": "00:03:46", "end": "00:03:48", "text": "interesting outlook. there is usually"}, {"start": "00:03:48", "end": "00:03:52", "text": "another catalyst behind those price"}, {"start": "00:03:52", "end": "00:03:54", "text": "movements and usually that is related to"}, {"start": "00:03:54", "end": "00:03:57", "text": "macro that is related to liquidity that"}, {"start": "00:03:57", "end": "00:04:01", "text": "is related to um other external factors."}, {"start": "00:04:01", "end": "00:04:03", "text": "So what I was wondering is what would"}, {"start": "00:04:03", "end": "00:04:08", "text": "justify such a move higher from here if"}, {"start": "00:04:08", "end": "00:04:12", "text": "we look outside the technical analysis."}, {"start": "00:04:12", "end": "00:04:14", "text": "Yeah, I would say um Giovanni, as you"}, {"start": "00:04:14", "end": "00:04:16", "text": "probably know, I am not a fundamentals"}, {"start": "00:04:16", "end": "00:04:18", "text": "guy. I'm more of a technicals person."}, {"start": "00:04:18", "end": "00:04:20", "text": "And the reason is that I've learned over"}, {"start": "00:04:20", "end": "00:04:23", "text": "the years that whenever I base my own"}, {"start": "00:04:23", "end": "00:04:26", "text": "judgment on fundamentals,"}, {"start": "00:04:26", "end": "00:04:28", "text": "news and stuff like that, I usually get"}, {"start": "00:04:28", "end": "00:04:31", "text": "it wrong. So, usually, majority of the"}, {"start": "00:04:31", "end": "00:04:33", "text": "time, when I focus on technicals, uh I"}, {"start": "00:04:33", "end": "00:04:34", "text": "actually find I'm much more reliable"}, {"start": "00:04:34", "end": "00:04:37", "text": "purely because, uh in my experience, uh"}, {"start": "00:04:37", "end": "00:04:40", "text": "I found that fundamentals tend to lag."}, {"start": "00:04:40", "end": "00:04:43", "text": "So often news and fundamentals can lag"}, {"start": "00:04:43", "end": "00:04:46", "text": "behind the price action and my view is"}, {"start": "00:04:46", "end": "00:04:50", "text": "that price is driven by sentiment by"}, {"start": "00:04:50", "end": "00:04:53", "text": "social mood. Uh so emotions like fear,"}, {"start": "00:04:53", "end": "00:04:57", "text": "greed, panic, um euphoria, these things"}, {"start": "00:04:57", "end": "00:04:59", "text": "are to me much more important and I"}, {"start": "00:04:59", "end": "00:05:01", "text": "think that's really the driver of the"}, {"start": "00:05:01", "end": "00:05:04", "text": "price action much less fundamentals. Now"}, {"start": "00:05:04", "end": "00:05:06", "text": "I understand some people may disagree"}, {"start": "00:05:06", "end": "00:05:07", "text": "with that but that's okay but that's my"}, {"start": "00:05:07", "end": "00:05:10", "text": "view. Um, so for me I I would say the"}, {"start": "00:05:10", "end": "00:05:12", "text": "the one of the major factors I'm"}, {"start": "00:05:12", "end": "00:05:15", "text": "watching right now other than Bitcoin is"}, {"start": "00:05:15", "end": "00:05:18", "text": "the stock market, the S&P, the Dow, but"}, {"start": "00:05:18", "end": "00:05:20", "text": "mostly the S&P. And the stock market"}, {"start": "00:05:20", "end": "00:05:22", "text": "still remains in a bull market. We have"}, {"start": "00:05:22", "end": "00:05:24", "text": "to remember that. Now, it's true the"}, {"start": "00:05:24", "end": "00:05:26", "text": "stock market could be having a is having"}, {"start": "00:05:26", "end": "00:05:28", "text": "a correction right now. And in other"}, {"start": "00:05:28", "end": "00:05:31", "text": "words, a pullback, which we expected, by"}, {"start": "00:05:31", "end": "00:05:33", "text": "the way. It's not a surprise. I expected"}, {"start": "00:05:33", "end": "00:05:35", "text": "this kind of correction or pullback in"}, {"start": "00:05:35", "end": "00:05:37", "text": "the stock market which is now shaping as"}, {"start": "00:05:37", "end": "00:05:39", "text": "we're making this video. U now the stock"}, {"start": "00:05:39", "end": "00:05:41", "text": "market could actually pull back a bit"}, {"start": "00:05:41", "end": "00:05:43", "text": "lower. In other words, we could continue"}, {"start": "00:05:43", "end": "00:05:44", "text": "a bit lower on this correction we're"}, {"start": "00:05:44", "end": "00:05:46", "text": "seeing in the stock market. But I'm not"}, {"start": "00:05:46", "end": "00:05:49", "text": "expecting a bare market on on the S&P or"}, {"start": "00:05:49", "end": "00:05:51", "text": "the stock markets. I think the bull"}, {"start": "00:05:51", "end": "00:05:53", "text": "market on the stock markets as far as"}, {"start": "00:05:53", "end": "00:05:55", "text": "I'm concerned, I think that's going to"}, {"start": "00:05:55", "end": "00:05:58", "text": "continue uh into 2026. I'm not seeing"}, {"start": "00:05:58", "end": "00:06:00", "text": "any signs that the stock market or the"}, {"start": "00:06:00", "end": "00:06:03", "text": "economy even for the next six months or"}, {"start": "00:06:03", "end": "00:06:05", "text": "the next six to 12 months is going to"}, {"start": "00:06:05", "end": "00:06:08", "text": "fall into a crash or a recession. Now,"}, {"start": "00:06:08", "end": "00:06:10", "text": "we might get a recession or a bare"}, {"start": "00:06:10", "end": "00:06:13", "text": "market crash maybe sometime at the end"}, {"start": "00:06:13", "end": "00:06:16", "text": "of next year like 20 at the end of 2026"}, {"start": "00:06:16", "end": "00:06:19", "text": "or going into 2027 even, but not in the"}, {"start": "00:06:19", "end": "00:06:21", "text": "immediate term, not in the next several"}, {"start": "00:06:21", "end": "00:06:22", "text": "months. Now, it's true we're going"}, {"start": "00:06:22", "end": "00:06:24", "text": "through some rough patch right now, bit"}, {"start": "00:06:24", "end": "00:06:26", "text": "of a glitch. Uh, so we're seeing a"}, {"start": "00:06:26", "end": "00:06:28", "text": "correction and and I still think this"}, {"start": "00:06:28", "end": "00:06:31", "text": "drop in Bitcoin is a correction, not a"}, {"start": "00:06:31", "end": "00:06:34", "text": "reversal into a bare market. So I think"}, {"start": "00:06:34", "end": "00:06:35", "text": "that once this correction in Bitcoin and"}, {"start": "00:06:35", "end": "00:06:37", "text": "stock market is out of the way, yeah, I"}, {"start": "00:06:37", "end": "00:06:39", "text": "think that we're next year, as long as"}, {"start": "00:06:39", "end": "00:06:40", "text": "the stock market, as long as the stock"}, {"start": "00:06:40", "end": "00:06:42", "text": "market remains in a bull market and an"}, {"start": "00:06:42", "end": "00:06:44", "text": "uptrend, I'm remaining bullish on"}, {"start": "00:06:44", "end": "00:06:47", "text": "Bitcoin for the next six months going to"}, {"start": "00:06:47", "end": "00:06:49", "text": "next year. when you said that markets"}, {"start": "00:06:49", "end": "00:06:52", "text": "according to you are mainly"}, {"start": "00:06:52", "end": "00:06:56", "text": "moved by uh sentiment and uh I just"}, {"start": "00:06:56", "end": "00:06:58", "text": "wanted to ask you this because I was"}, {"start": "00:06:58", "end": "00:07:00", "text": "looking at the sentiment right now this"}, {"start": "00:07:00", "end": "00:07:03", "text": "indicator fear and greed index."}, {"start": "00:07:03", "end": "00:07:04", "text": "Yes."}, {"start": "00:07:04", "end": "00:07:06", "text": "And it shows that we have been for"}, {"start": "00:07:06", "end": "00:07:10", "text": "several weeks already in a extreme fear"}, {"start": "00:07:10", "end": "00:07:13", "text": "environment. So I was wondering how do"}, {"start": "00:07:13", "end": "00:07:13", "text": "you"}, {"start": "00:07:13", "end": "00:07:15", "text": "Bitcoin or stock market? Sorry"}, {"start": "00:07:15", "end": "00:07:17", "text": "for for Bitcoin. Mhm."}, {"start": "00:07:17", "end": "00:07:19", "text": "So I was just wondering how do you"}, {"start": "00:07:19", "end": "00:07:23", "text": "combine that to what you just said?"}, {"start": "00:07:23", "end": "00:07:25", "text": "Yes, sure. Uh basically"}, {"start": "00:07:25", "end": "00:07:28", "text": "what what I'm referring to is that"}, {"start": "00:07:28", "end": "00:07:31", "text": "sentiment often becomes a very good"}, {"start": "00:07:31", "end": "00:07:33", "text": "contrary indicator contrarian especially"}, {"start": "00:07:33", "end": "00:07:36", "text": "at extremes. What we're seeing right now"}, {"start": "00:07:36", "end": "00:07:38", "text": "and I noticed this on social media and I"}, {"start": "00:07:38", "end": "00:07:41", "text": "think social media is a very good useful"}, {"start": "00:07:41", "end": "00:07:43", "text": "indication when we reach an extreme in"}, {"start": "00:07:43", "end": "00:07:46", "text": "sentiment. So when Bitcoin was at its"}, {"start": "00:07:46", "end": "00:07:48", "text": "all-time high just back in October or"}, {"start": "00:07:48", "end": "00:07:51", "text": "you know September October um the"}, {"start": "00:07:51", "end": "00:07:53", "text": "sentiment was a very positive very"}, {"start": "00:07:53", "end": "00:07:55", "text": "bullish on Bitcoin and the stock market"}, {"start": "00:07:55", "end": "00:07:57", "text": "as well and nobody was expecting a drop"}, {"start": "00:07:57", "end": "00:07:59", "text": "you know everybody was calling higher"}, {"start": "00:07:59", "end": "00:08:01", "text": "higher levels based on fundamentals and"}, {"start": "00:08:01", "end": "00:08:03", "text": "things like that. Now that Bitcoin has"}, {"start": "00:08:03", "end": "00:08:05", "text": "dropped, sentiments turned negative. But"}, {"start": "00:08:05", "end": "00:08:07", "text": "there comes a point, by the way, right"}, {"start": "00:08:07", "end": "00:08:09", "text": "now the sentiment on Bitcoin is so"}, {"start": "00:08:09", "end": "00:08:13", "text": "negative, so pessimistic."}, {"start": "00:08:13", "end": "00:08:14", "text": "Bitcoin has become so hated. Basically,"}, {"start": "00:08:14", "end": "00:08:16", "text": "everybody's calling for much lower"}, {"start": "00:08:16", "end": "00:08:18", "text": "levels. Everybody's saying, \"Oh, it's"}, {"start": "00:08:18", "end": "00:08:20", "text": "now going to I've seen comments on"}, {"start": "00:08:20", "end": "00:08:22", "text": "Bitcoin. I've seen comments from people"}, {"start": "00:08:22", "end": "00:08:25", "text": "saying it's going to go to 10K, to zero,"}, {"start": "00:08:25", "end": "00:08:27", "text": "to $1.\" Uh people saying, \"Forget"}, {"start": "00:08:27", "end": "00:08:30", "text": "Bitcoin, sell it. It's a fiction. It's a"}, {"start": "00:08:30", "end": "00:08:32", "text": "it's a you all.\" Again, I I'll send this"}, {"start": "00:08:32", "end": "00:08:35", "text": "to you so you can show it to people. And"}, {"start": "00:08:35", "end": "00:08:36", "text": "Bitcoin has become extremely hated"}, {"start": "00:08:36", "end": "00:08:38", "text": "probably because a lot of these folks,"}, {"start": "00:08:38", "end": "00:08:39", "text": "people who don't know what they're"}, {"start": "00:08:39", "end": "00:08:40", "text": "doing, they bought Bitcoin at its"}, {"start": "00:08:40", "end": "00:08:42", "text": "alltime near the all-time highs and"}, {"start": "00:08:42", "end": "00:08:44", "text": "they're now feeling a lot of pain. They"}, {"start": "00:08:44", "end": "00:08:46", "text": "probably sold during this crash that"}, {"start": "00:08:46", "end": "00:08:48", "text": "happened. They panicked out. And by the"}, {"start": "00:08:48", "end": "00:08:50", "text": "way, even if Bitcoin continues to drop,"}, {"start": "00:08:50", "end": "00:08:51", "text": "I'm not saying Bitcoin is definitely"}, {"start": "00:08:51", "end": "00:08:54", "text": "bottomed at this point. Even if I should"}, {"start": "00:08:54", "end": "00:08:56", "text": "say I think we're getting close to a"}, {"start": "00:08:56", "end": "00:08:58", "text": "bottom and I explain why. But even if"}, {"start": "00:08:58", "end": "00:09:02", "text": "Bitcoin drops a little bit more, okay,"}, {"start": "00:09:02", "end": "00:09:04", "text": "uh I I think the levels of fear will"}, {"start": "00:09:04", "end": "00:09:06", "text": "become so extreme and they're already"}, {"start": "00:09:06", "end": "00:09:07", "text": "extreme anyway, that we're going to see"}, {"start": "00:09:07", "end": "00:09:09", "text": "capitulation. I think we're very close"}, {"start": "00:09:09", "end": "00:09:11", "text": "to capitulation. People just giving up"}, {"start": "00:09:11", "end": "00:09:14", "text": "probably just closing selling selling"}, {"start": "00:09:14", "end": "00:09:16", "text": "their Bitcoin. Again, these are people"}, {"start": "00:09:16", "end": "00:09:18", "text": "who are not your hardcore believers in"}, {"start": "00:09:18", "end": "00:09:19", "text": "Bitcoin. I mean, these are average"}, {"start": "00:09:19", "end": "00:09:21", "text": "people who probably bought Bitcoin just"}, {"start": "00:09:21", "end": "00:09:24", "text": "for uh you know, as a get-richqu scheme"}, {"start": "00:09:24", "end": "00:09:25", "text": "of some sort. Um, so these people will"}, {"start": "00:09:25", "end": "00:09:27", "text": "probably give up or maybe they have"}, {"start": "00:09:27", "end": "00:09:29", "text": "already given up. Uh, and I think we're"}, {"start": "00:09:29", "end": "00:09:31", "text": "getting close to that's why I'm saying I"}, {"start": "00:09:31", "end": "00:09:32", "text": "think we're getting close to"}, {"start": "00:09:32", "end": "00:09:35", "text": "capitulation and a bottom. The levels of"}, {"start": "00:09:35", "end": "00:09:37", "text": "fear are reaching such an extreme that"}, {"start": "00:09:37", "end": "00:09:39", "text": "it then becomes a good contrary"}, {"start": "00:09:39", "end": "00:09:43", "text": "indication u when these people give up"}, {"start": "00:09:43", "end": "00:09:44", "text": "and they sell."}, {"start": "00:09:44", "end": "00:09:46", "text": "Based on your analysis, what are the"}, {"start": "00:09:46", "end": "00:09:48", "text": "odds that Bitcoin will reach new"}, {"start": "00:09:48", "end": "00:09:52", "text": "all-time highs let's say uh by the end"}, {"start": "00:09:52", "end": "00:09:53", "text": "of the year?"}, {"start": "00:09:53", "end": "00:09:55", "text": "uh by the end of the year I think it's"}, {"start": "00:09:55", "end": "00:09:56", "text": "low. I think it's because we have such a"}, {"start": "00:09:56", "end": "00:09:59", "text": "short amount of time. Uh we only have a"}, {"start": "00:09:59", "end": "00:10:00", "text": "few weeks at the end of the year."}, {"start": "00:10:00", "end": "00:10:02", "text": "However, I am more positive perhaps by"}, {"start": "00:10:02", "end": "00:10:04", "text": "January, February, or March. And here's"}, {"start": "00:10:04", "end": "00:10:06", "text": "why. I'm going to explain to you why I'm"}, {"start": "00:10:06", "end": "00:10:09", "text": "still remaining bullish, cautiously"}, {"start": "00:10:09", "end": "00:10:12", "text": "bullish, I should say. This is the chart"}, {"start": "00:10:12", "end": "00:10:14", "text": "of Bitcoin going back as far as we can"}, {"start": "00:10:14", "end": "00:10:16", "text": "go. I mean, 2011. Okay, as you can see"}, {"start": "00:10:16", "end": "00:10:19", "text": "there, and you'll see something really"}, {"start": "00:10:19", "end": "00:10:22", "text": "interesting here. every top in Bitcoin"}, {"start": "00:10:22", "end": "00:10:25", "text": "going back to 2011 before a bare market"}, {"start": "00:10:25", "end": "00:10:28", "text": "begins, okay? Before a major like"}, {"start": "00:10:28", "end": "00:10:31", "text": "downward cycle begins, notice that each"}, {"start": "00:10:31", "end": "00:10:35", "text": "one of those tops from 2011, 2014, 2018,"}, {"start": "00:10:35", "end": "00:10:39", "text": "2021, 2020, well uh the previous ones,"}, {"start": "00:10:39", "end": "00:10:41", "text": "not the the most recent one. Every one"}, {"start": "00:10:41", "end": "00:10:43", "text": "of those previous tops was accompanied"}, {"start": "00:10:43", "end": "00:10:45", "text": "by a blowoff top where the in other"}, {"start": "00:10:45", "end": "00:10:47", "text": "words where the price goes so high so"}, {"start": "00:10:47", "end": "00:10:51", "text": "extreme that we see price acceleration"}, {"start": "00:10:51", "end": "00:10:54", "text": "extreme acceleration which is shown to"}, {"start": "00:10:54", "end": "00:10:57", "text": "you by those red vertical bars"}, {"start": "00:10:57", "end": "00:11:00", "text": "underneath. Uh maybe you can see that."}, {"start": "00:11:00", "end": "00:11:02", "text": "So let me just u point this out. So"}, {"start": "00:11:02", "end": "00:11:05", "text": "notice every single one of these"}, {"start": "00:11:05", "end": "00:11:07", "text": "particular tops. Let me just increase"}, {"start": "00:11:07", "end": "00:11:10", "text": "the the length here. Every one of them"}, {"start": "00:11:10", "end": "00:11:13", "text": "was accompanied by some kind of a"}, {"start": "00:11:13", "end": "00:11:16", "text": "extreme acceleration signal. You can see"}, {"start": "00:11:16", "end": "00:11:18", "text": "that here. Guess what? We didn't get"}, {"start": "00:11:18", "end": "00:11:20", "text": "that in 2025"}, {"start": "00:11:20", "end": "00:11:22", "text": "except every year except this most"}, {"start": "00:11:22", "end": "00:11:26", "text": "recent one. Now, this is very unusual."}, {"start": "00:11:26", "end": "00:11:29", "text": "So, every time, every previous top in"}, {"start": "00:11:29", "end": "00:11:33", "text": "history, especially 2018, 2021, uh 20"}, {"start": "00:11:33", "end": "00:11:35", "text": "2014, you know, when I say 2018, I I"}, {"start": "00:11:35", "end": "00:11:38", "text": "really mean 2017, sorry. Um, so every"}, {"start": "00:11:38", "end": "00:11:40", "text": "one of these particular highs or tops in"}, {"start": "00:11:40", "end": "00:11:42", "text": "Bitcoin before a bare market has been"}, {"start": "00:11:42", "end": "00:11:44", "text": "accompanied by a blowoff top which is"}, {"start": "00:11:44", "end": "00:11:47", "text": "shown by price acceleration. Price"}, {"start": "00:11:47", "end": "00:11:49", "text": "acceleration or extreme acceleration is"}, {"start": "00:11:49", "end": "00:11:53", "text": "when price moves too far too fast. Okay?"}, {"start": "00:11:53", "end": "00:11:55", "text": "And that's why you get those red bars"}, {"start": "00:11:55", "end": "00:11:57", "text": "underneath. That's much more objective."}, {"start": "00:11:57", "end": "00:11:59", "text": "That's why I look at that particular"}, {"start": "00:11:59", "end": "00:12:01", "text": "indicator. That's what's keeping you"}, {"start": "00:12:01", "end": "00:12:03", "text": "bullish. Because if the majority of the"}, {"start": "00:12:03", "end": "00:12:06", "text": "time, if every single time in history"}, {"start": "00:12:06", "end": "00:12:09", "text": "tops have been accompanied by price"}, {"start": "00:12:09", "end": "00:12:11", "text": "acceleration, extreme acceleration, a"}, {"start": "00:12:11", "end": "00:12:13", "text": "blowoff top, the fact that we didn't get"}, {"start": "00:12:13", "end": "00:12:15", "text": "the fact that we did not get one this"}, {"start": "00:12:15", "end": "00:12:17", "text": "year in 2025,"}, {"start": "00:12:17", "end": "00:12:19", "text": "that's unusual. So, so that means the"}, {"start": "00:12:19", "end": "00:12:22", "text": "higher probability is that we probably"}, {"start": "00:12:22", "end": "00:12:24", "text": "have more to go, more upside to go,"}, {"start": "00:12:24", "end": "00:12:25", "text": "maybe next year, maybe not this year,"}, {"start": "00:12:25", "end": "00:12:28", "text": "but new highs likely if not this year in"}, {"start": "00:12:28", "end": "00:12:31", "text": "January, February or March. and then we"}, {"start": "00:12:31", "end": "00:12:34", "text": "get a blowoff top ex extreme"}, {"start": "00:12:34", "end": "00:12:35", "text": "acceleration shown shown by these red"}, {"start": "00:12:35", "end": "00:12:37", "text": "bars with these red signals and then we"}, {"start": "00:12:37", "end": "00:12:42", "text": "get a top. Okay. Um so that's what's"}, {"start": "00:12:42", "end": "00:12:43", "text": "keeping you bullish. I I don't think"}, {"start": "00:12:43", "end": "00:12:44", "text": "we've reached a top just yet. Take a"}, {"start": "00:12:44", "end": "00:12:46", "text": "look at this. So people are saying we're"}, {"start": "00:12:46", "end": "00:12:48", "text": "in a bare market already. I think"}, {"start": "00:12:48", "end": "00:12:51", "text": "they're jumping the gun. I think they're"}, {"start": "00:12:51", "end": "00:12:53", "text": "they're being impatient. We need to be"}, {"start": "00:12:53", "end": "00:12:56", "text": "patient. We have now reached a trend"}, {"start": "00:12:56", "end": "00:12:58", "text": "line support going back to to the year"}, {"start": "00:12:58", "end": "00:12:59", "text": "2023."}, {"start": "00:12:59", "end": "00:13:02", "text": "The RSI, that purple line underneath is"}, {"start": "00:13:02", "end": "00:13:04", "text": "oversold. Okay? And usually when it's"}, {"start": "00:13:04", "end": "00:13:06", "text": "oversold on the weekly time frame is a"}, {"start": "00:13:06", "end": "00:13:09", "text": "weekly chart. RSI, the seven period"}, {"start": "00:13:09", "end": "00:13:11", "text": "setting is oversold and we're at"}, {"start": "00:13:11", "end": "00:13:13", "text": "support. We're at support. So I think"}, {"start": "00:13:13", "end": "00:13:15", "text": "it's a bit unwise, a bit dangerous to"}, {"start": "00:13:15", "end": "00:13:19", "text": "get too bearish at this point. Okay? So"}, {"start": "00:13:19", "end": "00:13:20", "text": "I think we need to be careful. I think"}, {"start": "00:13:20", "end": "00:13:22", "text": "we're going to see a very strong bounce."}, {"start": "00:13:22", "end": "00:13:24", "text": "I think a big rally or bounce is coming"}, {"start": "00:13:24", "end": "00:13:26", "text": "based on oversold conditions, based on"}, {"start": "00:13:26", "end": "00:13:28", "text": "reaching support. Don't get me wrong"}, {"start": "00:13:28", "end": "00:13:30", "text": "here. I'm not saying that Bitcoin has"}, {"start": "00:13:30", "end": "00:13:32", "text": "definitely bottomed and I I'm not saying"}, {"start": "00:13:32", "end": "00:13:33", "text": "I definitely definitely Bitcoin is going"}, {"start": "00:13:33", "end": "00:13:35", "text": "to rally now. No, I think we're getting"}, {"start": "00:13:35", "end": "00:13:37", "text": "close to a bottom. I think we're getting"}, {"start": "00:13:37", "end": "00:13:39", "text": "close to capitulation and I think the"}, {"start": "00:13:39", "end": "00:13:42", "text": "higher odds, the higher probability is a"}, {"start": "00:13:42", "end": "00:13:45", "text": "strong bounce, a strong rally of 15 to"}, {"start": "00:13:45", "end": "00:13:48", "text": "20% in the next several weeks at the"}, {"start": "00:13:48", "end": "00:13:49", "text": "very minimum towards the end of the"}, {"start": "00:13:49", "end": "00:13:51", "text": "year. I'm not saying it's going to go to"}, {"start": "00:13:51", "end": "00:13:53", "text": "new highs, but we could see a very"}, {"start": "00:13:53", "end": "00:13:56", "text": "strong bounce. Okay, I think new highs"}, {"start": "00:13:56", "end": "00:13:59", "text": "are more likely next year. Now, the only"}, {"start": "00:13:59", "end": "00:14:01", "text": "thing that would make me change my mind,"}, {"start": "00:14:01", "end": "00:14:03", "text": "maybe the only thing that would probably"}, {"start": "00:14:03", "end": "00:14:05", "text": "make me bearish is if Bitcoin falls"}, {"start": "00:14:05", "end": "00:14:09", "text": "below that low that we made in um as you"}, {"start": "00:14:09", "end": "00:14:11", "text": "can see the the the spring low. I think"}, {"start": "00:14:11", "end": "00:14:14", "text": "it's the April low on my chart. If"}, {"start": "00:14:14", "end": "00:14:17", "text": "Bitcoin was to drop below this low at"}, {"start": "00:14:17", "end": "00:14:21", "text": "74,000 74,400 approximately, this yellow"}, {"start": "00:14:21", "end": "00:14:24", "text": "line, that's the only thing. If Bitcoin,"}, {"start": "00:14:24", "end": "00:14:25", "text": "again, it's an if. If Bitcoin was to"}, {"start": "00:14:25", "end": "00:14:29", "text": "fall below that level and as long as"}, {"start": "00:14:29", "end": "00:14:31", "text": "it's not a false signal, as long as it's"}, {"start": "00:14:31", "end": "00:14:33", "text": "not just a temporary thing, that's the"}, {"start": "00:14:33", "end": "00:14:34", "text": "only thing that perhaps would make me"}, {"start": "00:14:34", "end": "00:14:37", "text": "bearish. But let me say this, even if"}, {"start": "00:14:37", "end": "00:14:39", "text": "Bitcoin did drop below this, this yellow"}, {"start": "00:14:39", "end": "00:14:41", "text": "line, it could be a temporary thing. You"}, {"start": "00:14:41", "end": "00:14:44", "text": "know, it could be just a one-time drop"}, {"start": "00:14:44", "end": "00:14:46", "text": "below that level and then Bitcoin"}, {"start": "00:14:46", "end": "00:14:48", "text": "bounces back up again. We have to"}, {"start": "00:14:48", "end": "00:14:49", "text": "remember Bitcoin has done that in the"}, {"start": "00:14:49", "end": "00:14:51", "text": "past. False signals, it takes out a"}, {"start": "00:14:51", "end": "00:14:53", "text": "previous low and bounces back up again."}, {"start": "00:14:53", "end": "00:14:56", "text": "So at this point I think it's a bit too"}, {"start": "00:14:56", "end": "00:14:57", "text": "early to be bearish."}, {"start": "00:14:57", "end": "00:15:00", "text": "One theory says that the fouryear cycle"}, {"start": "00:15:00", "end": "00:15:03", "text": "is broken and you seem to be more closer"}, {"start": "00:15:03", "end": "00:15:06", "text": "to that vision. The second theory says"}, {"start": "00:15:06", "end": "00:15:09", "text": "the four-year cycle is has not been has"}, {"start": "00:15:09", "end": "00:15:13", "text": "not been invalidated because we reached"}, {"start": "00:15:13", "end": "00:15:17", "text": "alltime high and now we are"}, {"start": "00:15:17", "end": "00:15:20", "text": "still going going going lower according"}, {"start": "00:15:20", "end": "00:15:23", "text": "to this theory. Uh basically there is"}, {"start": "00:15:23", "end": "00:15:27", "text": "the same amount of days in between the"}, {"start": "00:15:27", "end": "00:15:30", "text": "top of a bull market to the following"}, {"start": "00:15:30", "end": "00:15:33", "text": "bottom and the same amount of days from"}, {"start": "00:15:33", "end": "00:15:36", "text": "that bottom to the following top. This"}, {"start": "00:15:36", "end": "00:15:38", "text": "theory is based on the on a short time"}, {"start": "00:15:38", "end": "00:15:40", "text": "frame which is the life of Bitcoin which"}, {"start": "00:15:40", "end": "00:15:44", "text": "is relatively short. It's just about um"}, {"start": "00:15:44", "end": "00:15:46", "text": "a few a few cycles. So it's difficult to"}, {"start": "00:15:46", "end": "00:15:51", "text": "base uh a whole theory on on this. But"}, {"start": "00:15:51", "end": "00:15:53", "text": "if we look at the past that has played"}, {"start": "00:15:53", "end": "00:15:57", "text": "out quite um precisely over the t over"}, {"start": "00:15:57", "end": "00:16:00", "text": "the years and according to this theory"}, {"start": "00:16:00", "end": "00:16:04", "text": "essentially the next bottom should be in"}, {"start": "00:16:04", "end": "00:16:07", "text": "October 2026"}, {"start": "00:16:07", "end": "00:16:10", "text": "and until then we're going to see um"}, {"start": "00:16:10", "end": "00:16:12", "text": "basically a downtrend for uh for"}, {"start": "00:16:12", "end": "00:16:17", "text": "Bitcoin. Uh I wanted just to ask you why"}, {"start": "00:16:17", "end": "00:16:19", "text": "don't you find this uh vision"}, {"start": "00:16:19", "end": "00:16:20", "text": "convincing?"}, {"start": "00:16:20", "end": "00:16:23", "text": "Yeah. Uh very simple. The reason I"}, {"start": "00:16:23", "end": "00:16:26", "text": "disagree with the theory that we have to"}, {"start": "00:16:26", "end": "00:16:29", "text": "follow this timing cycle and I have"}, {"start": "00:16:29", "end": "00:16:31", "text": "heard these uh theories that say that"}, {"start": "00:16:31", "end": "00:16:33", "text": "Bitcoin has this four-year cycle and"}, {"start": "00:16:33", "end": "00:16:35", "text": "that we're now in this four-year bare"}, {"start": "00:16:35", "end": "00:16:36", "text": "mark. We have now reached the end of"}, {"start": "00:16:36", "end": "00:16:38", "text": "this bull cycle and we're now falling"}, {"start": "00:16:38", "end": "00:16:40", "text": "into a bare cycle. No. The reason I"}, {"start": "00:16:40", "end": "00:16:42", "text": "don't agree with this view is because"}, {"start": "00:16:42", "end": "00:16:44", "text": "what those theories what those people"}, {"start": "00:16:44", "end": "00:16:46", "text": "who uh who privilege this particular"}, {"start": "00:16:46", "end": "00:16:51", "text": "view what they're forgetting is that"}, {"start": "00:16:51", "end": "00:16:54", "text": "basing your judgment only on time cycles"}, {"start": "00:16:54", "end": "00:16:58", "text": "is very dangerous and highly unreliable."}, {"start": "00:16:58", "end": "00:17:01", "text": "Don't get me wrong here time is a timing"}, {"start": "00:17:01", "end": "00:17:04", "text": "is a good idea using the time axis I use"}, {"start": "00:17:04", "end": "00:17:07", "text": "it too. Uh but I use it in combination"}, {"start": "00:17:07", "end": "00:17:11", "text": "with price action. So one one thing one"}, {"start": "00:17:11", "end": "00:17:13", "text": "thing uh I really believe in is price"}, {"start": "00:17:13", "end": "00:17:16", "text": "above everything else. Price above all"}, {"start": "00:17:16", "end": "00:17:17", "text": "the people who are saying that we're"}, {"start": "00:17:17", "end": "00:17:18", "text": "already in a bare market because of"}, {"start": "00:17:18", "end": "00:17:20", "text": "timing cycles. They're saying forget"}, {"start": "00:17:20", "end": "00:17:23", "text": "price. It's all about time now. The time"}, {"start": "00:17:23", "end": "00:17:26", "text": "cycles. Wrong. Wrong. Wrong. Um nothing"}, {"start": "00:17:26", "end": "00:17:29", "text": "could be more dangerous and unreliable"}, {"start": "00:17:29", "end": "00:17:32", "text": "than relying purely on timing cycles."}, {"start": "00:17:32", "end": "00:17:34", "text": "I've seen plenty of people and analyst"}, {"start": "00:17:34", "end": "00:17:36", "text": "analysts out there who've based their"}, {"start": "00:17:36", "end": "00:17:39", "text": "entire um work and their judgment purely"}, {"start": "00:17:39", "end": "00:17:42", "text": "on time analysis purely on time cycles"}, {"start": "00:17:42", "end": "00:17:44", "text": "and they get it wrong a lot. Why?"}, {"start": "00:17:44", "end": "00:17:45", "text": "Because they're forgetting the price"}, {"start": "00:17:45", "end": "00:17:47", "text": "action. They're forgetting the price"}, {"start": "00:17:47", "end": "00:17:48", "text": "charts and the levels of support"}, {"start": "00:17:48", "end": "00:17:51", "text": "resistance. It's very premature to say"}, {"start": "00:17:51", "end": "00:17:53", "text": "that we're now in a bare market because"}, {"start": "00:17:53", "end": "00:17:55", "text": "it's not yet being given a high"}, {"start": "00:17:55", "end": "00:17:58", "text": "probability. It's it's a possibility,"}, {"start": "00:17:58", "end": "00:18:00", "text": "sure, but that to me at the moment it's"}, {"start": "00:18:00", "end": "00:18:02", "text": "a low probability."}, {"start": "00:18:02", "end": "00:18:05", "text": "Why? Take a look at the 2021 2022 bull"}, {"start": "00:18:05", "end": "00:18:07", "text": "market top and then the bare market."}, {"start": "00:18:07", "end": "00:18:09", "text": "Something really interesting happens"}, {"start": "00:18:09", "end": "00:18:12", "text": "before a bare market begins or before a"}, {"start": "00:18:12", "end": "00:18:14", "text": "bare market gets confirmed. Giovanni,"}, {"start": "00:18:14", "end": "00:18:16", "text": "something really interesting happens."}, {"start": "00:18:16", "end": "00:18:19", "text": "This is a weekly chart. Notice in that"}, {"start": "00:18:19", "end": "00:18:22", "text": "year in 2021, what happened? So, Bitcoin"}, {"start": "00:18:22", "end": "00:18:24", "text": "dropped below its weekly 21 EMA as you"}, {"start": "00:18:24", "end": "00:18:27", "text": "can see. Then what did it do? Then it"}, {"start": "00:18:27", "end": "00:18:31", "text": "bounced back to its weekly 21 EMA. You"}, {"start": "00:18:31", "end": "00:18:33", "text": "see it here. And then it got rejected."}, {"start": "00:18:33", "end": "00:18:36", "text": "It failed to do anything else and just"}, {"start": "00:18:36", "end": "00:18:38", "text": "got rejected and then dropped. The"}, {"start": "00:18:38", "end": "00:18:40", "text": "bounce to the 21 weekly moving average"}, {"start": "00:18:40", "end": "00:18:42", "text": "failed. It happened again. You can see"}, {"start": "00:18:42", "end": "00:18:45", "text": "it here. Uh in the same year, 2022,"}, {"start": "00:18:45", "end": "00:18:50", "text": "Bitcoin bounced to the weekly 21 EMA. It"}, {"start": "00:18:50", "end": "00:18:52", "text": "failed to stay above it. It rolled over"}, {"start": "00:18:52", "end": "00:18:54", "text": "again. And that's how you know you're in"}, {"start": "00:18:54", "end": "00:18:56", "text": "a bare market. You know you're in a bare"}, {"start": "00:18:56", "end": "00:19:00", "text": "market when price gets rejected. When in"}, {"start": "00:19:00", "end": "00:19:01", "text": "other words, when price rallies back to"}, {"start": "00:19:01", "end": "00:19:04", "text": "the 21 EMA and then what does it do? It"}, {"start": "00:19:04", "end": "00:19:07", "text": "gets rejected. It fails to stay above it"}, {"start": "00:19:07", "end": "00:19:09", "text": "and then it gets rejected. It falls over"}, {"start": "00:19:09", "end": "00:19:11", "text": "again. That's how you know you're in a"}, {"start": "00:19:11", "end": "00:19:12", "text": "bare market. There's one more thing I"}, {"start": "00:19:12", "end": "00:19:14", "text": "need to show you. The bounce that"}, {"start": "00:19:14", "end": "00:19:17", "text": "occurred in 2021 2022 you will notice"}, {"start": "00:19:17", "end": "00:19:18", "text": "the bounce"}, {"start": "00:19:18", "end": "00:19:21", "text": "was corrective was three waves. Same"}, {"start": "00:19:21", "end": "00:19:27", "text": "here. Notice again the bounces one A B"}, {"start": "00:19:27", "end": "00:19:29", "text": "C. So, these were corrective bounces."}, {"start": "00:19:29", "end": "00:19:32", "text": "Now, in Elliot wave theory, when you get"}, {"start": "00:19:32", "end": "00:19:35", "text": "a corrective three-wave bounce to"}, {"start": "00:19:35", "end": "00:19:37", "text": "resistance like the 21 weekly moving"}, {"start": "00:19:37", "end": "00:19:40", "text": "average, that's a sign that there's not"}, {"start": "00:19:40", "end": "00:19:42", "text": "much there's there's not much conviction"}, {"start": "00:19:42", "end": "00:19:45", "text": "behind that rally. So, if you if we get"}, {"start": "00:19:45", "end": "00:19:48", "text": "a rally like that this year in 2025, and"}, {"start": "00:19:48", "end": "00:19:50", "text": "by the way, a rally is bound to come."}, {"start": "00:19:50", "end": "00:19:52", "text": "So, if we go back to our chart of the of"}, {"start": "00:19:52", "end": "00:19:55", "text": "Bitcoin now, notice where where are we?"}, {"start": "00:19:55", "end": "00:19:56", "text": "Where is the price at the moment? As as"}, {"start": "00:19:56", "end": "00:19:58", "text": "we're making this video, price is here."}, {"start": "00:19:58", "end": "00:20:01", "text": "So on this trend line near 87K. Where's"}, {"start": "00:20:01", "end": "00:20:03", "text": "the 21 weekly moving average? It's up"}, {"start": "00:20:03", "end": "00:20:05", "text": "here. That's the blue line. That's just"}, {"start": "00:20:05", "end": "00:20:08", "text": "near 100K. That moving average is going"}, {"start": "00:20:08", "end": "00:20:10", "text": "to move lower in the next few weeks."}, {"start": "00:20:10", "end": "00:20:12", "text": "Probably it's going to be near 97 or"}, {"start": "00:20:12", "end": "00:20:14", "text": "something like that. 100K. And here's"}, {"start": "00:20:14", "end": "00:20:16", "text": "the thing. We're going to see a big"}, {"start": "00:20:16", "end": "00:20:19", "text": "rally on Bitcoin, a huge bounce. I'm not"}, {"start": "00:20:19", "end": "00:20:21", "text": "saying it's going to happen immediately,"}, {"start": "00:20:21", "end": "00:20:22", "text": "okay? It could happen in the next few"}, {"start": "00:20:22", "end": "00:20:24", "text": "weeks. probably in the next few two to"}, {"start": "00:20:24", "end": "00:20:27", "text": "three weeks potentially maybe at least"}, {"start": "00:20:27", "end": "00:20:28", "text": "in December then we're going to see a"}, {"start": "00:20:28", "end": "00:20:31", "text": "big rally or bounce about 10 to 15 to"}, {"start": "00:20:31", "end": "00:20:34", "text": "20% minimum I think and and then let's"}, {"start": "00:20:34", "end": "00:20:36", "text": "see what kind of a pattern we get what"}, {"start": "00:20:36", "end": "00:20:39", "text": "kind of a rally we get and will it be"}, {"start": "00:20:39", "end": "00:20:41", "text": "able will that rally be able to get"}, {"start": "00:20:41", "end": "00:20:44", "text": "above that weekly 21 moving average if"}, {"start": "00:20:44", "end": "00:20:46", "text": "it can get above it and stay above it we"}, {"start": "00:20:46", "end": "00:20:48", "text": "know we're we that's a good sign that's"}, {"start": "00:20:48", "end": "00:20:51", "text": "a positive sign but if Bitcoin if that"}, {"start": "00:20:51", "end": "00:20:54", "text": "rally if the next rally fails"}, {"start": "00:20:54", "end": "00:20:57", "text": "and then it rolls over again"}, {"start": "00:20:57", "end": "00:20:59", "text": "then no then we're in a bare market. So"}, {"start": "00:20:59", "end": "00:21:03", "text": "I think again people who are people who"}, {"start": "00:21:03", "end": "00:21:04", "text": "are saying we're we're already in a bare"}, {"start": "00:21:04", "end": "00:21:06", "text": "market. The problem is as I'm sure you"}, {"start": "00:21:06", "end": "00:21:08", "text": "know Javanni as I'm sure you've seen"}, {"start": "00:21:08", "end": "00:21:10", "text": "people nowadays because of social media"}, {"start": "00:21:10", "end": "00:21:11", "text": "they're so impatient. Everything is"}, {"start": "00:21:11", "end": "00:21:14", "text": "about emotion. Everything is about I I"}, {"start": "00:21:14", "end": "00:21:15", "text": "want people want to know information"}, {"start": "00:21:15", "end": "00:21:17", "text": "right now like tell me right now what's"}, {"start": "00:21:17", "end": "00:21:19", "text": "happening. You know sometimes you don't"}, {"start": "00:21:19", "end": "00:21:21", "text": "have all the information. Sometimes you"}, {"start": "00:21:21", "end": "00:21:24", "text": "have to wait for the market to give you"}, {"start": "00:21:24", "end": "00:21:26", "text": "more information. So that's why I'm"}, {"start": "00:21:26", "end": "00:21:28", "text": "saying let's be patient. Let's see what"}, {"start": "00:21:28", "end": "00:21:30", "text": "the market gives us in the next several"}, {"start": "00:21:30", "end": "00:21:32", "text": "weeks in December especially. If that"}, {"start": "00:21:32", "end": "00:21:34", "text": "rally, let's wait for the rally. Let's"}, {"start": "00:21:34", "end": "00:21:36", "text": "wait for the bounce. If the rally or"}, {"start": "00:21:36", "end": "00:21:38", "text": "bounce fails at the weekly 21 moving"}, {"start": "00:21:38", "end": "00:21:40", "text": "average, the blue line, and if the"}, {"start": "00:21:40", "end": "00:21:42", "text": "bounce is corrective, if it's like this,"}, {"start": "00:21:42", "end": "00:21:44", "text": "if it's like a three-wave bounce like we"}, {"start": "00:21:44", "end": "00:21:46", "text": "saw in the years 2021, 2022, for"}, {"start": "00:21:46", "end": "00:21:51", "text": "example, that's how you can know that,"}, {"start": "00:21:51", "end": "00:21:52", "text": "then you can know you're in a bare"}, {"start": "00:21:52", "end": "00:21:54", "text": "market. But I'll be perfectly honest"}, {"start": "00:21:54", "end": "00:21:56", "text": "with you, Javanni. I doubt it. I don't"}, {"start": "00:21:56", "end": "00:21:58", "text": "think we're going to fall into a bare"}, {"start": "00:21:58", "end": "00:21:58", "text": "market."}, {"start": "00:21:58", "end": "00:22:02", "text": "As usual, it's great to hear your"}, {"start": "00:22:02", "end": "00:22:04", "text": "outlook on the market. I'm sure that our"}, {"start": "00:22:04", "end": "00:22:07", "text": "viewers will love it. So again, thanks a"}, {"start": "00:22:07", "end": "00:22:08", "text": "lot for joining our show."}, {"start": "00:22:08", "end": "00:22:10", "text": "Well, thanks very much Javanni. I really"}, {"start": "00:22:10", "end": "00:22:14", "text": "appreciate it and thanks for having me."}]

[{"start": "00:00:04", "end": "00:00:09", "text": "Hi, this is Charles Hoskinson broadcasting live from warm, sunny"}, {"start": "00:00:09", "end": "00:00:15", "text": "Colorado. Always warm, always sunny. Sometimes Colorado, it's about 10:30 at night. Just about to go to bed, but I"}, {"start": "00:00:15", "end": "00:00:21", "text": "wanted to make a video real quickly. It's kind of a postmortem to the postmortem."}, {"start": "00:00:21", "end": "00:00:27", "text": "As many of you guys know, uh Cardano's had a hard week. We've recovered and now"}, {"start": "00:00:27", "end": "00:00:33", "text": "we're in the cleanup mode. And one of the things that I didn't think was going to be controversial at all, but has"}, {"start": "00:00:33", "end": "00:00:40", "text": "become almost a a mocking point right now, uh, is this whole conception of the"}, {"start": "00:00:40", "end": "00:00:46", "text": "involvement of law enforcement when bad things happen. Um, so first and"}, {"start": "00:00:46", "end": "00:00:53", "text": "foremost, code is not law in Cardano. The constitution is law. The Cardano"}, {"start": "00:00:53", "end": "00:00:59", "text": "community came together, they wrote a constitution, and the constitution is onchain. and it's been ratified and"}, {"start": "00:00:59", "end": "00:01:06", "text": "approved. And the Constitution of Cardano outlines the intended use of the network. Okay? So, there's always going"}, {"start": "00:01:06", "end": "00:01:13", "text": "to be a difference between code and intention. And that's what it is. Uh, and the"}, {"start": "00:01:13", "end": "00:01:19", "text": "reason why there's a difference between the two is code is imperfect. It has"}, {"start": "00:01:19", "end": "00:01:25", "text": "bugs in it. It has problems in it. Whereas an intention is aspirational. So, you say things like freedom of"}, {"start": "00:01:25", "end": "00:01:30", "text": "speech and life, liberty, and property. and these types of things. So what we"}, {"start": "00:01:30", "end": "00:01:36", "text": "tried to do in Cardano was evolve beyond the whole well if there's a bug there's a bug you deal with it it is what it is"}, {"start": "00:01:36", "end": "00:01:42", "text": "we just move on and accept the consequences to let's write a constitution so that that will endow and"}, {"start": "00:01:42", "end": "00:01:50", "text": "power an onchain government and an onchain government will then have the ability to do things that impact every"}, {"start": "00:01:50", "end": "00:01:56", "text": "single person in the Cardano ecosystem. uh for example uh one very specific"}, {"start": "00:01:56", "end": "00:02:03", "text": "example they can hard fork the network they can withdraw money from the treasury uh they can raise and lower the"}, {"start": "00:02:03", "end": "00:02:09", "text": "rewards stake pool operators get uh and modify the fundamental properties of the"}, {"start": "00:02:09", "end": "00:02:16", "text": "ledger in ways far beyond other blockchains that's why we have a constitution now is this lawful yes"}, {"start": "00:02:16", "end": "00:02:22", "text": "because it's consent of the government every user of Cardano is agreeing to the"}, {"start": "00:02:22", "end": "00:02:27", "text": "terms of the constitution. So that means there is an intended fair use of the"}, {"start": "00:02:27", "end": "00:02:33", "text": "system. So if something happens that violates the intended fair use of the system, you"}, {"start": "00:02:33", "end": "00:02:38", "text": "could call it a violation of everybody in the system. So despite the fact that"}, {"start": "00:02:38", "end": "00:02:45", "text": "we have this constitution, people are saying, well, no, no, no. The code will supersede it. So if there's a bug or a"}, {"start": "00:02:45", "end": "00:02:52", "text": "design flaw, we're just going to throw away the entire constitution. every single thing it says all the tenants"}, {"start": "00:02:52", "end": "00:02:58", "text": "within it and we'll just go with the buggy code inside the system. So then I"}, {"start": "00:02:58", "end": "00:03:03", "text": "have to ask what's the point of having an onchain constitution then what's the"}, {"start": "00:03:03", "end": "00:03:09", "text": "point of the whole exercise to build a government and where does the legitimacy of that government come from especially"}, {"start": "00:03:09", "end": "00:03:17", "text": "if there are things in the constitution not yet reflected in the code we call this constitutional debt. So if we say"}, {"start": "00:03:17", "end": "00:03:25", "text": "certain things like X Y and Z uh in the voting system must be apparent but the code doesn't reflect that yet. Well then"}, {"start": "00:03:25", "end": "00:03:30", "text": "those things don't exist and they never will exist and you know there you go."}, {"start": "00:03:30", "end": "00:03:37", "text": "The other thing that's extraordinary to me is that there's a world of difference between saying the government should"}, {"start": "00:03:37", "end": "00:03:42", "text": "operate Cardano and saying the users of Cardano who live in certain countries"}, {"start": "00:03:42", "end": "00:03:50", "text": "have rights from those countries. There's not a single person in leadership. There's not a single person"}, {"start": "00:03:50", "end": "00:03:56", "text": "who's serious building Cardano who asserts or says that the government should have control over the ledger,"}, {"start": "00:03:56", "end": "00:04:02", "text": "should run the ledger, should be involved in the operations of the ledger, uh the maintenance of it or the"}, {"start": "00:04:02", "end": "00:04:09", "text": "code. Not a single person and no one has ever said that in any way, shape or form. No one calls any government to say"}, {"start": "00:04:09", "end": "00:04:15", "text": "come save us. You pay taxes."}, {"start": "00:04:15", "end": "00:04:21", "text": "Maybe you don't, but most of you listening do. Most of you listening live in a society. You have renter contracts."}, {"start": "00:04:21", "end": "00:04:27", "text": "You have cars. You have homes. You have jobs."}, {"start": "00:04:27", "end": "00:04:34", "text": "And let me get this straight. Do you live in a lawless society? So, if somebody steals your car, will you just"}, {"start": "00:04:34", "end": "00:04:40", "text": "say, \"Well, that is what it is. It's okay.\" If somebody breaks into your home, you'll say, \"That is what it is."}, {"start": "00:04:40", "end": "00:04:47", "text": "It's okay.\" If somebody does physical harm to you, they show up at your home and beat you up, they murder your dog,"}, {"start": "00:04:47", "end": "00:04:52", "text": "they drown your child, you would say, \"Well, it is what it is. No, no, I hate"}, {"start": "00:04:52", "end": "00:05:02", "text": "the government. Everything about the government's wrong.\" Most rational people with a brain, 99.99999%"}, {"start": "00:05:04", "end": "00:05:12", "text": "of people listening to this thing would pick up the phone and ask for help because you live in a society with laws,"}, {"start": "00:05:12", "end": "00:05:18", "text": "a rule of law. You have life, liberty, and property is the basic foundational conception of all constitutional"}, {"start": "00:05:18", "end": "00:05:26", "text": "republics. You have rights. So you have property that the Cardano"}, {"start": "00:05:26", "end": "00:05:31", "text": "network manages for you. And if that property is stolen, it's adulterated,"}, {"start": "00:05:31", "end": "00:05:37", "text": "damaged, someone attempts to steal that property, that's more likely than not a"}, {"start": "00:05:37", "end": "00:05:45", "text": "crime. So you have the right as a user of that network just like you have the right as"}, {"start": "00:05:45", "end": "00:05:51", "text": "a renter of an apartment, an owner of a car, of your own body"}, {"start": "00:05:51", "end": "00:05:56", "text": "to gain a protection of life, liberty, and property. And what we're basically saying is despite the fact that we have"}, {"start": "00:05:56", "end": "00:06:01", "text": "a constitution, despite the fact that there's an intended use of the system,"}, {"start": "00:06:01", "end": "00:06:07", "text": "despite the fact that we're not talking about the government intervening, running, or saving the system in any"}, {"start": "00:06:07", "end": "00:06:14", "text": "way, if something occurs that deprivives you of your life, liberty, or property,"}, {"start": "00:06:14", "end": "00:06:19", "text": "you should not do not have the right for"}, {"start": "00:06:19", "end": "00:06:24", "text": "your jurisdiction to file a complaint about it."}, {"start": "00:06:24", "end": "00:06:30", "text": "I don't know how to build a society on a blockchain where that's the standard. I"}, {"start": "00:06:30", "end": "00:06:37", "text": "just don't I have a health care clinic. I want to put the medical records of my health"}, {"start": "00:06:37", "end": "00:06:43", "text": "care clinic somehow someway into or adjacent to the blockchain industry. How"}, {"start": "00:06:43", "end": "00:06:50", "text": "exactly do I do that in this world? I would like to see national infrastructure run in the blockchain"}, {"start": "00:06:50", "end": "00:06:57", "text": "industry. How exactly do we run public infrastructure if there's no understanding that the"}, {"start": "00:06:57", "end": "00:07:02", "text": "users of this infrastructure, the consumers of this infrastructure have protections of their life, liberty, and"}, {"start": "00:07:02", "end": "00:07:09", "text": "property? Furthermore, it's a double standard that I can't understand."}, {"start": "00:07:09", "end": "00:07:15", "text": "So, I have to accept the Genius Act and the Clarity Act. I have to accept when"}, {"start": "00:07:15", "end": "00:07:21", "text": "the SEC sends subpoenas to people. I have to accept the laws of the land and"}, {"start": "00:07:21", "end": "00:07:29", "text": "be regulated by them as a company in this ecosystem and just comply or else I go out of"}, {"start": "00:07:29", "end": "00:07:36", "text": "business. I get sued out of oblivion. I get put in handcuffs like Roger Ver did and CZ did and so many other people who"}, {"start": "00:07:36", "end": "00:07:42", "text": "got arrested. But then when the time comes to have the shoe on the other foot"}, {"start": "00:07:42", "end": "00:07:50", "text": "and something bad happens, I'm not allowed to report a crime."}, {"start": "00:07:53", "end": "00:07:58", "text": "If we were talking about a world where I could sign a waiver, a magical waiver"}, {"start": "00:07:58", "end": "00:08:05", "text": "saying you forfeit all your constitutional protections to life, liberty, and property if you use this"}, {"start": "00:08:05", "end": "00:08:10", "text": "system. It's like MadMax. It's escape from New York. It's a it's the land of"}, {"start": "00:08:10", "end": "00:08:17", "text": "the exiles. And when you go there, it's a demilitarized zone. It's international waters. No one is going to save you. No"}, {"start": "00:08:17", "end": "00:08:22", "text": "one's going to protect you. There's no nothing. But on the other hand, you don't pay taxes. On the other hand, you"}, {"start": "00:08:22", "end": "00:08:30", "text": "have no regulation. That would be one thing. Then we could say, okay, there's a carrot in a stick."}, {"start": "00:08:30", "end": "00:08:36", "text": "No one can tell you what to do, but no one can help you when bad things happen."}, {"start": "00:08:36", "end": "00:08:41", "text": "But what I'm basically told by all these people commenting who I just don't"}, {"start": "00:08:41", "end": "00:08:46", "text": "understand the thinking is that when bad things happen we can't have any"}, {"start": "00:08:46", "end": "00:08:54", "text": "protections of life, liberty, and property in our jurisdictions, but yet we still have to comply with the"}, {"start": "00:08:54", "end": "00:09:01", "text": "government's mandates. So we get all the downside, but we get none of the upside."}, {"start": "00:09:04", "end": "00:09:10", "text": "It it's an extraordinary thing. People have to acknowledge there is a"}, {"start": "00:09:10", "end": "00:09:19", "text": "constitution on Cardono which clearly articulates and defines the intended use of the system that supersedes the code."}, {"start": "00:09:19", "end": "00:09:26", "text": "That's the whole point of an onchain constitution. It's the highest law in the system."}, {"start": "00:09:26", "end": "00:09:32", "text": "The code should reflect the intent of the constitution and the deliberations of the governance of Cardano and the"}, {"start": "00:09:32", "end": "00:09:38", "text": "treasury of Cardano is to remove the constitutional debt and get the code closer to the intent of the"}, {"start": "00:09:38", "end": "00:09:46", "text": "constitution. That's why we spent two years with CIP 1694. That's why we all work together to do this. And when"}, {"start": "00:09:46", "end": "00:09:52", "text": "somebody takes an exploit and uses that exploit to deprive the users of the system of their life, liberty, and"}, {"start": "00:09:52", "end": "00:09:58", "text": "property to deny them their access to their ADA, to damage the reputation and"}, {"start": "00:09:58", "end": "00:10:03", "text": "brand of the system, to stop the commercial activity on the system, to"}, {"start": "00:10:03", "end": "00:10:09", "text": "damage the DeFi ecosystem, the bridge ecosystem, and create an opportunity for"}, {"start": "00:10:09", "end": "00:10:15", "text": "funds to be stolen or lost. That person is equivalent to somebody"}, {"start": "00:10:15", "end": "00:10:22", "text": "who has damaged public infrastructure. There is no real difference philosophically speaking between that"}, {"start": "00:10:22", "end": "00:10:27", "text": "person and a hacker who exploits some broken code to shut off the power grid"}, {"start": "00:10:27", "end": "00:10:33", "text": "or shut off the water grid or disrupt traffic and resulting in a huge traffic"}, {"start": "00:10:33", "end": "00:10:39", "text": "jam or cars crashing into each other or hacking the air traffic controllers and"}, {"start": "00:10:39", "end": "00:10:46", "text": "disrupting air traffic. in some cases having planes crash into each other. There is no difference. This is public"}, {"start": "00:10:46", "end": "00:10:53", "text": "infrastructure in the commons. It has an intended purpose. That purpose is explicit. It's written down. The code"}, {"start": "00:10:53", "end": "00:11:00", "text": "tries to live up to it. No code can. There's no conception of perfect code."}, {"start": "00:11:00", "end": "00:11:06", "text": "It's not possible. I've spent 10 years of my life with AGDA and Haskell and"}, {"start": "00:11:06", "end": "00:11:13", "text": "formal methods and peerreview. And you know what? One catastrophic bug every 10 years is pretty [ __ ] good."}, {"start": "00:11:13", "end": "00:11:19", "text": "No one else in this industry has a record that good. But that's still one."}, {"start": "00:11:19", "end": "00:11:26", "text": "And I'm told that, well, it is what it is. Somebody screwed up. We all just have to accept it. You forfeited by"}, {"start": "00:11:26", "end": "00:11:33", "text": "using Cardano, your life, liberty, and property. Someone does harm maliciously to you. You do not have the right of"}, {"start": "00:11:33", "end": "00:11:38", "text": "recourse. You can't sue anybody. You can't use law enforcement. We're just completely divorced of it. but pay your"}, {"start": "00:11:38", "end": "00:11:45", "text": "taxes, but be subject to the Clarity Act, but comply with the law. So, they"}, {"start": "00:11:45", "end": "00:11:54", "text": "can tell us what to do, but they deny us any due process or representation. We have taxation without representation."}, {"start": "00:11:54", "end": "00:12:01", "text": "And exactly where is the FBI saving me, you Twitter [ __ ] trolls? They're not"}, {"start": "00:12:01", "end": "00:12:06", "text": "saving anybody. They're not running the Cardano network. They're not rescuing"}, {"start": "00:12:06", "end": "00:12:12", "text": "the network. We did this ourselves as an ecosystem."}, {"start": "00:12:12", "end": "00:12:19", "text": "It's just we have the right when property is damaged to ask for recourse."}, {"start": "00:12:19", "end": "00:12:27", "text": "And it is not the job of the Cardano ecosystem to do that. How exactly would it? The Cardano ecosystem has no access"}, {"start": "00:12:27", "end": "00:12:32", "text": "to your personal information and your personal records and can conduct an"}, {"start": "00:12:32", "end": "00:12:39", "text": "investigation to determine your intent. The Cardono network doesn't have any access to your money sitting in your"}, {"start": "00:12:39", "end": "00:12:47", "text": "bank account. It doesn't have any access to it doesn't can't detain you in a jail cell. We have no tools in this system."}, {"start": "00:12:47", "end": "00:12:52", "text": "Just like the electric grid doesn't have any tools inside its function to punish"}, {"start": "00:12:52", "end": "00:13:00", "text": "a person that's hacked into it and cause grievous harm to it. That's the entire purpose of law enforcement. That's the"}, {"start": "00:13:00", "end": "00:13:06", "text": "entire purpose of the courts. So, how exactly do we drag that into the"}, {"start": "00:13:06", "end": "00:13:12", "text": "cipher punk world? You tell me. Am I just supposed to program humanoid"}, {"start": "00:13:12", "end": "00:13:17", "text": "robots and have the onchain government deploy them to go kill someone? I mean,"}, {"start": "00:13:17", "end": "00:13:23", "text": "what fantasy world do you [ __ ] live in? It's the least adult thing. And what was"}, {"start": "00:13:23", "end": "00:13:30", "text": "so asinine when I was in a debate with Anatoli is I asked a very direct question that he could not answer"}, {"start": "00:13:30", "end": "00:13:36", "text": "because he knew the answer and he can't say the answer because he's pandering to"}, {"start": "00:13:36", "end": "00:13:43", "text": "the cipher punk crowd for a a few cheap wins with that's absolutely morally and"}, {"start": "00:13:43", "end": "00:13:48", "text": "philosophically bankrupt. They celebrate when all these regulated financial"}, {"start": "00:13:48", "end": "00:13:55", "text": "institutions come onto their infrastructure. But then they say if somebody exploits"}, {"start": "00:13:55", "end": "00:14:01", "text": "their network and causes grievous harm to those regulated financial"}, {"start": "00:14:01", "end": "00:14:08", "text": "institutions, those institutions do not have the right to report a crime."}, {"start": "00:14:08", "end": "00:14:14", "text": "Everybody in Salana land, you just you're so excited about all these payment providers and real world asset"}, {"start": "00:14:14", "end": "00:14:21", "text": "providers and exchanges and other people joining your network and trading on your network. But if your network goes down"}, {"start": "00:14:21", "end": "00:14:27", "text": "and somebody's responsible for it using an exploit against the intention of the system, what you're telling all those"}, {"start": "00:14:27", "end": "00:14:33", "text": "regulated actors is they have no economic rights."}, {"start": "00:14:33", "end": "00:14:38", "text": "Buyer beware. If you lose any money at all, you're not allowed to go to the FBI"}, {"start": "00:14:38", "end": "00:14:47", "text": "and report it. I just It's extraordinary to me. It's"}, {"start": "00:14:47", "end": "00:14:52", "text": "absolutely extraord We all know that they will and we all know that the"}, {"start": "00:14:52", "end": "00:14:58", "text": "requisite jurisdictions will investigate and we all know it's an actual crime"}, {"start": "00:14:58", "end": "00:15:03", "text": "and we all know the people who do did it if they get caught will go to prison."}, {"start": "00:15:03", "end": "00:15:09", "text": "So why are we having this debate? Why why are we why are we babbling like"}, {"start": "00:15:09", "end": "00:15:14", "text": "incoherent children about this? This is so asinine."}, {"start": "00:15:14", "end": "00:15:21", "text": "It's one conflation, one straw man, one one loweffort"}, {"start": "00:15:21", "end": "00:15:31", "text": "pathetic attempt at arguing over another. There's no philosophical core to this. It's bankrupt at its core."}, {"start": "00:15:31", "end": "00:15:39", "text": "Are you advocating for a world of no laws? Are you advocating for society that once"}, {"start": "00:15:39", "end": "00:15:47", "text": "we step into the crypto world, we seed all of our rights? What exactly are we advocating for here?"}, {"start": "00:15:47", "end": "00:15:53", "text": "And then why do you consent to surrender your crypto rights? You take your"}, {"start": "00:15:53", "end": "00:15:58", "text": "cryptocurrencies and you send them over to the exchanges. Now they have custody"}, {"start": "00:15:58", "end": "00:16:04", "text": "of your assets. You tell me, are those exchanges cipher punks?"}, {"start": "00:16:04", "end": "00:16:10", "text": "Do they comply with this bizarro ethos? If they get hacked, will they just not"}, {"start": "00:16:10", "end": "00:16:19", "text": "cooperate with law enforcement? Say like the mafia, we just got to take care of it in the family. Really?"}, {"start": "00:16:19", "end": "00:16:26", "text": "Really? It's an extraordinary thing."}, {"start": "00:16:26", "end": "00:16:33", "text": "You know, I'm not advocating for government control of cryptocurrencies. And you people, you just refuse to"}, {"start": "00:16:33", "end": "00:16:38", "text": "understand the core of the argument I'm saying here. These systems are independent of"}, {"start": "00:16:38", "end": "00:16:44", "text": "governments. They really are. They're global in nature. They don't care what"}, {"start": "00:16:44", "end": "00:16:52", "text": "the United States has to say, what Europe has to say, what China has to say. They just run as they run."}, {"start": "00:16:52", "end": "00:16:58", "text": "You users are not independent of the government. You live somewhere. You have"}, {"start": "00:16:58", "end": "00:17:04", "text": "a home somewhere. You have to eat. You have to sleep. You have to drink water."}, {"start": "00:17:04", "end": "00:17:09", "text": "Wherever you do that at, you are under the jurisdiction of that place. Whether"}, {"start": "00:17:09", "end": "00:17:16", "text": "you like it or not, you're born into it. And you cannot walk up and say, \"I'm not"}, {"start": "00:17:16", "end": "00:17:21", "text": "subject to the land laws of the land that I'm under.\" You can try. Sovereign"}, {"start": "00:17:21", "end": "00:17:26", "text": "citizens do it. All these different groups do it. And every single time they"}, {"start": "00:17:26", "end": "00:17:33", "text": "try to do it, they end up in handcuffs or worse. That's the reality of the world. So somehow you think that when"}, {"start": "00:17:33", "end": "00:17:39", "text": "you use the cryptocurrency, you can magically escape 100% of the"}, {"start": "00:17:39", "end": "00:17:45", "text": "fact that you're a human being in the physical world in a society of laws."}, {"start": "00:17:45", "end": "00:17:50", "text": "And somehow you're just not subject to anything. You can try and for a while"}, {"start": "00:17:50", "end": "00:17:56", "text": "you'll probably get away with it and eventually you'll end up in handcuffs because that's just the way humanity"}, {"start": "00:17:56", "end": "00:18:02", "text": "works. You can't escape. You can't be an island."}, {"start": "00:18:02", "end": "00:18:10", "text": "The whole point of blockchain technology is not to get rid of the government. It's to augment and replace the corrupt"}, {"start": "00:18:10", "end": "00:18:18", "text": "and broken parts of it. It adds integrity and transparency and auditability and immutability"}, {"start": "00:18:18", "end": "00:18:23", "text": "to every transaction. It gives you the ability to know that the votes are the"}, {"start": "00:18:23", "end": "00:18:30", "text": "way they say they are. That people spent the money on the things they said they spent the money on. That the government"}, {"start": "00:18:30", "end": "00:18:35", "text": "can't come in and edit the records. It can't come in and censor the records."}, {"start": "00:18:35", "end": "00:18:40", "text": "this whole Epstein thing about Trump trying to prevent the release of the"}, {"start": "00:18:40", "end": "00:18:45", "text": "Epstein files, the if they existed in the commons of the blockchain space,"}, {"start": "00:18:45", "end": "00:18:52", "text": "there would be no possibility to offiscate or hide them. Not to mention the thousands of other"}, {"start": "00:18:52", "end": "00:18:58", "text": "whistleblowing concerns that exist. And that is crypto and no one can change"}, {"start": "00:18:58", "end": "00:19:04", "text": "that. And when it happens, it happens and that's the intent. And when you have constitutions, you now"}, {"start": "00:19:04", "end": "00:19:11", "text": "know the intent of the system. In the absence of it, the best you can hope for is the code of the system. But it's"}, {"start": "00:19:11", "end": "00:19:18", "text": "primitive because what if the code has an obvious bug? What do you do?"}, {"start": "00:19:19", "end": "00:19:24", "text": "But the real world is different. You live in the real world. You eat, sleep, and breathe in the real world. There's"}, {"start": "00:19:24", "end": "00:19:29", "text": "other people there. There's consequences to your"}, {"start": "00:19:29", "end": "00:19:36", "text": "to your behaviors if you go around just setting fires to people's homes. If you"}, {"start": "00:19:36", "end": "00:19:42", "text": "go around just stealing everything that's not bolted down. If you go around causing harm to human beings. If you're"}, {"start": "00:19:42", "end": "00:19:50", "text": "just a generally toxic piece of [ __ ] human being, there will be consequences to all of that. And crypto can't protect"}, {"start": "00:19:50", "end": "00:19:59", "text": "you. It really can't. Yeah. All these people are dogpiling on."}, {"start": "00:19:59", "end": "00:20:05", "text": "We have to grow up. I'm sorry. Crypto is not going to get to 10 trillion if if we"}, {"start": "00:20:05", "end": "00:20:11", "text": "just keep living in this childish fantasy. There's all these childish fantasies."}, {"start": "00:20:11", "end": "00:20:18", "text": "The memecoin space, if I buy it, it'll go up 100x. The whole degening of everything is"}, {"start": "00:20:18", "end": "00:20:24", "text": "guaranteed to get a 10x and if it's not a 10x, it's a scam immediately."}, {"start": "00:20:24", "end": "00:20:30", "text": "of fantasy metrics of false trading and false heroes."}, {"start": "00:20:30", "end": "00:20:35", "text": "It's not real. The whole point of the technology we"}, {"start": "00:20:35", "end": "00:20:42", "text": "build is to transform and innovate society so that we can live in a more free, more transparent, more honest"}, {"start": "00:20:42", "end": "00:20:47", "text": "society. Not so that we can live in a society without any rules whatsoever"}, {"start": "00:20:47", "end": "00:20:52", "text": "where it's survival of the fittest, the smartest, the most crafty."}, {"start": "00:20:52", "end": "00:21:00", "text": "You don't judge the justness of a society based upon what it does for the greatest, strongest, smartest, and most"}, {"start": "00:21:00", "end": "00:21:07", "text": "capable. You judge the justness of a society by how it treats it the weakest and least"}, {"start": "00:21:07", "end": "00:21:13", "text": "capable, the most vulnerable people. And if you're proposing this survival of the"}, {"start": "00:21:13", "end": "00:21:19", "text": "fittest mentality, what you're basically saying is the strong will prey upon the"}, {"start": "00:21:19", "end": "00:21:25", "text": "weak. How is this any different than barbarians"}, {"start": "00:21:25", "end": "00:21:30", "text": "sprawling the countryside, raiding and raping as they go through? This is the"}, {"start": "00:21:30", "end": "00:21:36", "text": "digital equivalent of barbarism at the highest pursuit."}, {"start": "00:21:36", "end": "00:21:41", "text": "Honestly speaking, it is. I'd like to live in a world where we"}, {"start": "00:21:41", "end": "00:21:48", "text": "care for each other and a world where we have rules and constraints and each and every person is equal under the law. And"}, {"start": "00:21:48", "end": "00:21:56", "text": "I'd like it to live in a world where we use tools for collaboration for collaboration instead of destruction."}, {"start": "00:21:56", "end": "00:22:02", "text": "And if all the cryptocurrency space is is a sandbox for scoundrels to do"}, {"start": "00:22:02", "end": "00:22:08", "text": "scoundrel things, we already have that. It's called Eve Online,"}, {"start": "00:22:08", "end": "00:22:14", "text": "and it's a fun game, but it doesn't have human stakes. Here's"}, {"start": "00:22:14", "end": "00:22:20", "text": "the reality. The Cardano network has stake pool operators. is the Cardano network has DeFi. The Cardano network"}, {"start": "00:22:20", "end": "00:22:27", "text": "has people in it who derive their entire livelihood from the operation of the system. You"}, {"start": "00:22:27", "end": "00:22:32", "text": "cannot tell me it is the intent of the system to allow people to come in and"}, {"start": "00:22:32", "end": "00:22:38", "text": "arbitrarily and capriciously disrupt the entire system depriving all those people"}, {"start": "00:22:38", "end": "00:22:45", "text": "of their life, liberty, and property. And because of a code bug, they should just get away with it."}, {"start": "00:22:45", "end": "00:22:50", "text": "It's an extraordinary thing. There's always going to be a code bug. There's"}, {"start": "00:22:50", "end": "00:22:56", "text": "always going to be a zeroday exploit. This is software."}, {"start": "00:22:56", "end": "00:23:02", "text": "It will always happen at some arbitrary point. Maybe once every 5 years, once"}, {"start": "00:23:02", "end": "00:23:07", "text": "every 10 years, like Cardano, if we're super [ __ ] good at what we do,"}, {"start": "00:23:07", "end": "00:23:15", "text": "and the next time it happens, it could be so catastrophic people could die. And your standard is, well, that's what"}, {"start": "00:23:15", "end": "00:23:20", "text": "the code says. It violated the constitution, which is the highest law of the system. But you know what?"}, {"start": "00:23:20", "end": "00:23:27", "text": "Everybody just gets away with it. [ __ ] all those people. And all those other people, they're narcs if they go to the"}, {"start": "00:23:27", "end": "00:23:32", "text": "FBI or other authorities and complain about their rights being violated. Let's"}, {"start": "00:23:32", "end": "00:23:37", "text": "make Charles the big Karen."}, {"start": "00:23:42", "end": "00:23:49", "text": "Honestly, man, grow the [ __ ] up. Just grow up. Crypto's got to grow up. We got"}, {"start": "00:23:49", "end": "00:23:56", "text": "to get real about this. Do you want a 10 trillion dollar industry or not? Do you want an industry being adopted by"}, {"start": "00:23:56", "end": "00:24:04", "text": "governments, banks, Fortune 500? Do you want us to have a seat at the big table? Or do you want us to be this weirdo cult"}, {"start": "00:24:04", "end": "00:24:11", "text": "that is philosophically and logically inconsistent and utterly incompatible with anything but roving sociopaths and"}, {"start": "00:24:11", "end": "00:24:19", "text": "barbarians. I didn't sign up to enable and empower"}, {"start": "00:24:19", "end": "00:24:25", "text": "endless theft. I didn't sign up to enable and empower a joke."}, {"start": "00:24:25", "end": "00:24:32", "text": "And that's what this industry is becoming if you embrace this mindset. a [ __ ] joke"}, {"start": "00:24:32", "end": "00:24:38", "text": "where the leadership are a bunch of carnival barkers filled with inconsistencies."}, {"start": "00:24:38", "end": "00:24:43", "text": "They wear the hat of cipher punctum while they suck the [ __ ] of black rock"}, {"start": "00:24:43", "end": "00:24:50", "text": "and all these other large institutions and hand away their networks to them to be run by them. You think code is law"}, {"start": "00:24:50", "end": "00:24:56", "text": "when all your validators under OFAC compliance and can censor transactions?"}, {"start": "00:24:56", "end": "00:25:03", "text": "That's what these large networks will do with their Fouian bargains as they collect their silver. But then they"}, {"start": "00:25:03", "end": "00:25:10", "text": "lecture us about the goddamn code is law and cipher punk ethos so the people in"}, {"start": "00:25:10", "end": "00:25:16", "text": "the stands can clap. You going to get real with it? Write a"}, {"start": "00:25:16", "end": "00:25:24", "text": "constitution. You get real with it, have a decentralized government. You want to get real with it, have a decentralized ledger as we do. Cardono didn't stop. It"}, {"start": "00:25:24", "end": "00:25:30", "text": "encountered the worst thing that could ever happen to a blockchain. A hard fork"}, {"start": "00:25:30", "end": "00:25:36", "text": "resulting in a longchain reorganization. Normally with proof of stake, it's game"}, {"start": "00:25:36", "end": "00:25:42", "text": "over, man. You have to just simply stop the network, manually reconstruct it,"}, {"start": "00:25:42", "end": "00:25:50", "text": "checkpoint it, and hard fork every single client meticulously. Some centralized actor. Instead, both chains"}, {"start": "00:25:50", "end": "00:25:55", "text": "operated at the same time and they came back together"}, {"start": "00:25:55", "end": "00:26:00", "text": "and it never stopped and it was done in a totally decentralized way. That's the"}, {"start": "00:26:00", "end": "00:26:05", "text": "first time in history any proofofstake protocol has ever done that. Only proof"}, {"start": "00:26:05", "end": "00:26:11", "text": "of work can do that. Only proof of work. Ethereum cannot do this. Salana cannot"}, {"start": "00:26:11", "end": "00:26:18", "text": "do this. Avalanche cannot do this. only Cardono could. That's a fact. It's a"}, {"start": "00:26:18", "end": "00:26:23", "text": "protocol fact. And it did it in a totally decentralized way when the whole"}, {"start": "00:26:23", "end": "00:26:28", "text": "community came together. That's a triumph."}, {"start": "00:26:31", "end": "00:26:37", "text": "That's a testimony to great engineering. That's a hallmark of a protocol that's"}, {"start": "00:26:37", "end": "00:26:44", "text": "aspiring to be one day worthy of running the world. And part of that is growing up enough to"}, {"start": "00:26:44", "end": "00:26:49", "text": "realize these childish fantasies and these sociopathic desires uh and selfish"}, {"start": "00:26:49", "end": "00:26:56", "text": "desires of saying that everybody's in it for their own and prey upon the weak and vulnerable that we should have a system"}, {"start": "00:26:56", "end": "00:27:02", "text": "instead that respects everybody and integrates into society"}, {"start": "00:27:02", "end": "00:27:09", "text": "and that we're mocked for that. Shame on you."}, {"start": "00:27:09", "end": "00:27:16", "text": "When did we start listening to these people? Honestly speaking, when did we start"}, {"start": "00:27:16", "end": "00:27:21", "text": "listening to these people? When did they get so much power and sway and they have"}, {"start": "00:27:21", "end": "00:27:28", "text": "so much influence over the young? Why do they get to decide this this"}, {"start": "00:27:28", "end": "00:27:34", "text": "world? Is is this it? Have we become so cynical that we just say everybody's in"}, {"start": "00:27:34", "end": "00:27:38", "text": "it for themselves?"}, {"start": "00:27:45", "end": "00:27:52", "text": "We have to grow up as an industry. We really do. We have to become better as an industry. We have to not do these"}, {"start": "00:27:52", "end": "00:27:57", "text": "things anymore. The reason why the price is low is"}, {"start": "00:27:57", "end": "00:28:04", "text": "because institutions got what they wanted. They pumped and dumped the DATs, guys. They sucked out people like"}, {"start": "00:28:04", "end": "00:28:10", "text": "Citadel and others tens of billions of dollars. They pumped it up, shorted it"}, {"start": "00:28:10", "end": "00:28:16", "text": "down and made both sides of the trade. The market makers got squeezed and the"}, {"start": "00:28:16", "end": "00:28:22", "text": "greedy people took greedy money from the president on down. That's why the markets are in the toilet. And it's been"}, {"start": "00:28:22", "end": "00:28:29", "text": "one [ __ ] up thing after another [ __ ] up thing after another [ __ ] up thing and everybody was overleveraged and the"}, {"start": "00:28:29", "end": "00:28:34", "text": "bubble popped. That's why the markets are down. It's the typical standard. You"}, {"start": "00:28:34", "end": "00:28:40", "text": "all got [ __ ] as retail people by the institutions yet again. So where are the"}, {"start": "00:28:40", "end": "00:28:46", "text": "retail people? Why are they not in the markets? Because we didn't learn the lessons of 2021."}, {"start": "00:28:46", "end": "00:28:52", "text": "We lived in a world of irrational exuberance where NFTts had pictures of bananas selling for a million and a half"}, {"start": "00:28:52", "end": "00:28:58", "text": "dollars and a copy of a copy of a copy was worth $5 billion. And we all just"}, {"start": "00:28:58", "end": "00:29:04", "text": "pretended like we're the smartest [ __ ] in the world. We all deserve these gigantic valuations. And"}, {"start": "00:29:04", "end": "00:29:09", "text": "then FTX collapsed and Luna collapsed and the everyday person got wiped out in"}, {"start": "00:29:09", "end": "00:29:16", "text": "the industry. They got destroyed. And then you say to them, please come"}, {"start": "00:29:16", "end": "00:29:21", "text": "back so we can get our gains again. And just to show how serious this"}, {"start": "00:29:21", "end": "00:29:27", "text": "industry was after all that happened, where was the greatest area of growth?"}, {"start": "00:29:27", "end": "00:29:34", "text": "memecoins, an instrument by its very construction, is bereft of any intention to actually"}, {"start": "00:29:34", "end": "00:29:40", "text": "provide real utility. And those went up and up until the"}, {"start": "00:29:40", "end": "00:29:45", "text": "president of the United States did one. And everybody realized how thoroughly uncool and unsustainable this was. And"}, {"start": "00:29:45", "end": "00:29:52", "text": "then they collapsed. And then everybody's like, \"Well, where's retail? Why is retail not here?"}, {"start": "00:29:52", "end": "00:29:57", "text": "Where's uh where's retail? Why is retail not saving us?\" because they're smarter"}, {"start": "00:29:57", "end": "00:30:05", "text": "this time around. And what are we offering them if we're to listen to these carnival barkers on"}, {"start": "00:30:05", "end": "00:30:10", "text": "crypto Twitter? That when your funds get stolen, you have no rights."}, {"start": "00:30:10", "end": "00:30:17", "text": "When you lose things, [ __ ] you. It's your fault. Everything's a scam. Just be the first"}, {"start": "00:30:17", "end": "00:30:23", "text": "person to scam and you'll make some money. Expect high yields until you don't, in"}, {"start": "00:30:23", "end": "00:30:30", "text": "which case you're the sucker. But don't worry, another coin's being launched and it has a 85% insider"}, {"start": "00:30:30", "end": "00:30:36", "text": "distribution with a bunch of VCs behind it, but it's got shiny marketing. So, you just have to buy it."}, {"start": "00:30:36", "end": "00:30:43", "text": "That's what we're offering them. And don't worry, institutions have come in and uh and and they'll save us. Except"}, {"start": "00:30:43", "end": "00:30:49", "text": "for the times they won't because they're manipulating the markets and they can short sell and do all kinds of [ __ ] up"}, {"start": "00:30:49", "end": "00:30:55", "text": "things better than you've ever believed because they've been doing it for over a hundred years and they're smarter than"}, {"start": "00:30:55", "end": "00:30:59", "text": "us and richer than us."}, {"start": "00:31:01", "end": "00:31:06", "text": "And then you ask, gosh, why aren't these people flooding into the industry? Why"}, {"start": "00:31:06", "end": "00:31:12", "text": "are we just not having more people buy our dumped [ __ ]"}, {"start": "00:31:14", "end": "00:31:20", "text": "Do I have to spell it out for you? Is it not honest? Obviously honest for you."}, {"start": "00:31:20", "end": "00:31:24", "text": "[Music]"}, {"start": "00:31:33", "end": "00:31:39", "text": "It's one thing to have fun and have a small cap memecoin and everybody involved in it kind of knows where it's"}, {"start": "00:31:39", "end": "00:31:45", "text": "going and what it's about and they're just doing it as a a thing. It's another thing entirely to try to build an entire"}, {"start": "00:31:45", "end": "00:31:51", "text": "[ __ ] industry's growth on top of it. The growth has to come from real people"}, {"start": "00:31:51", "end": "00:31:56", "text": "doing real things on the ledgers. The growth has to come when governments and"}, {"start": "00:31:56", "end": "00:32:01", "text": "companies stop doing legacy things and they move over to the blockchain space. Which means we have to have serious"}, {"start": "00:32:01", "end": "00:32:07", "text": "adult conversations about identity and privacy and the integration of legacy"}, {"start": "00:32:07", "end": "00:32:13", "text": "laws into the system as a whole. That is where the real growth comes. And"}, {"start": "00:32:13", "end": "00:32:19", "text": "billions of transactions if not trillions live there. And unless and until we get that, we don't deserve"}, {"start": "00:32:19", "end": "00:32:25", "text": "market caps as an industry. We don't. And the only way we get there is we have"}, {"start": "00:32:25", "end": "00:32:31", "text": "an adult conversation about how the stack works. where is the protocol in charge and when does it go to the"}, {"start": "00:32:31", "end": "00:32:39", "text": "jurisdiction and what you're saying is you can never have that conversation and let exploiters always win to the"}, {"start": "00:32:39", "end": "00:32:47", "text": "detriment of everybody who uses the system. I refuse that argument. This industry is a scam if that's the"}, {"start": "00:32:47", "end": "00:32:52", "text": "argument. It is not sustainable. It cannot work and no sane human being"}, {"start": "00:32:52", "end": "00:33:00", "text": "should go into this industry. I can't tell my parents to adopt that. I can't tell my friends to adopt that. That's"}, {"start": "00:33:00", "end": "00:33:05", "text": "like telling people to go to an island of cannibals and hope to God they don't get eaten"}, {"start": "00:33:05", "end": "00:33:12", "text": "alive. Why would anybody tell anyone unless"}, {"start": "00:33:12", "end": "00:33:20", "text": "they're planning to rob or kill them to enter this this insane insane world?"}, {"start": "00:33:20", "end": "00:33:26", "text": "You have to have a system where you've done everything in your power to try to make it simple and easy and safe for"}, {"start": "00:33:26", "end": "00:33:32", "text": "people so they can trust it and use it. Not a system where at any given moment"}, {"start": "00:33:32", "end": "00:33:39", "text": "if somebody gets clever and lucky, especially with AI, because everybody's clever now with AI,"}, {"start": "00:33:39", "end": "00:33:46", "text": "that they can take everything from you. What would you honestly want to live in that world? You're rich when you go to"}, {"start": "00:33:46", "end": "00:33:52", "text": "bed. You're poor when you wake up. And the fruits of your labors are gone forever. You go to work, you're honest."}, {"start": "00:33:52", "end": "00:33:57", "text": "You do your thing for 20 years. You're a carpenter. You've lost fingers from that"}, {"start": "00:33:57", "end": "00:34:03", "text": "job. You've saved and saved and saved. And some 21-year-old piece of [ __ ]"}, {"start": "00:34:03", "end": "00:34:12", "text": "living in god knows where found a protocol flaw and was able to steal 100% of your money. And they go, \"Lh,"}, {"start": "00:34:12", "end": "00:34:17", "text": "it's funny. Ah, you got you got griefed."}, {"start": "00:34:17", "end": "00:34:24", "text": "That's the world. That's your world you want to live in. And and we should tell retail to come"}, {"start": "00:34:24", "end": "00:34:31", "text": "buy that, participate in that, pump our [ __ ] bags. That's what you want."}, {"start": "00:34:31", "end": "00:34:36", "text": "That's what you're creating with this mindset."}, {"start": "00:34:37", "end": "00:34:43", "text": "And it's not real. So get [ __ ] serious. Honestly, get [ __ ] serious."}, {"start": "00:34:43", "end": "00:34:48", "text": "Yes, the code will run as intended and that's the point. And no, governments"}, {"start": "00:34:48", "end": "00:34:56", "text": "don't get a say on how that code runs, but absolutely the users of the system live in jurisdictions and in those"}, {"start": "00:34:56", "end": "00:35:02", "text": "jurisdictions they are entitled to life, liberty, and property. That is a fundamental right we fought and bled for"}, {"start": "00:35:02", "end": "00:35:07", "text": "for hundreds of years and it will not be surrendered. Not today, not tomorrow,"}, {"start": "00:35:07", "end": "00:35:15", "text": "not next year. It is the most foundational right of a free society and those rights must be protected."}, {"start": "00:35:15", "end": "00:35:22", "text": "Absolutely protected. People have died in wars to ensure that those rights don't get violated. They will be"}, {"start": "00:35:22", "end": "00:35:29", "text": "protected. And if someone steals your life, liberty or property, you have recourse. It is not the business of the"}, {"start": "00:35:29", "end": "00:35:36", "text": "blockchain to get it. It's the business of the society that you live in. That's the separation of concerns. And if you"}, {"start": "00:35:36", "end": "00:35:41", "text": "can't get that, go [ __ ] yourself. You're choosing not to get that because"}, {"start": "00:35:41", "end": "00:35:47", "text": "you benefit from that asymmetry. And you're just as bad as all those"}, {"start": "00:35:47", "end": "00:35:54", "text": "people roving around causing harm. And any society that doesn't embrace"}, {"start": "00:35:54", "end": "00:36:00", "text": "that is not worthy of being a great society. We have to get serious. The next five"}, {"start": "00:36:00", "end": "00:36:07", "text": "years are the most important years in the history of this industry. These are the years when all the people are going"}, {"start": "00:36:07", "end": "00:36:13", "text": "to come in and they're either going to come into Google chain that's already made that decision and Microsoft chain that's"}, {"start": "00:36:13", "end": "00:36:21", "text": "already made that decision and Apple chain that's already made that decision or they're going to come into the cryptocurrency space."}, {"start": "00:36:21", "end": "00:36:27", "text": "If you decide to live in this fantasy land, then guess what? They've already won the"}, {"start": "00:36:27", "end": "00:36:33", "text": "Mag 7. And everything we've built over the last 15 years means nothing."}, {"start": "00:36:33", "end": "00:36:39", "text": "nothing at all. And no sane person would want to be part of this. If you decide,"}, {"start": "00:36:39", "end": "00:36:44", "text": "yeah, you know what? We need to figure this out and let's do it in a way that preserves what makes cryptocurrency"}, {"start": "00:36:44", "end": "00:36:51", "text": "special. The transparency, the immutability, the decentralization, the lack of of middlemen inside the system,"}, {"start": "00:36:51", "end": "00:36:58", "text": "the censorship resistance, all of that can be preserved. But you have to also accept that people are people and they"}, {"start": "00:36:58", "end": "00:37:04", "text": "live in societies. And we have to put these two pieces together and figure out the middle ground. for it and it's hard"}, {"start": "00:37:04", "end": "00:37:11", "text": "and you have to write constitutions and you have to do all kinds of things and you know what we did a lot of that hard work in Cardono and it shows with the"}, {"start": "00:37:11", "end": "00:37:18", "text": "strength of the community the decentralization of the community and our ability to recover from the worst hack in the history of proof of stake"}, {"start": "00:37:18", "end": "00:37:24", "text": "and still be here today and not have to shut off the system. Okay,"}, {"start": "00:37:24", "end": "00:37:30", "text": "so I've made my decision. I've made my choice. If you want to mock me for it and if that is just what crypto Twitter"}, {"start": "00:37:30", "end": "00:37:35", "text": "is, I'll just spend less time on it. But I'm not going to change my opinions. I'm not going to change my mission. And I'm"}, {"start": "00:37:35", "end": "00:37:41", "text": "not going to change my advocacy. Not one bit. I'll just know who the bad people"}, {"start": "00:37:41", "end": "00:37:48", "text": "are. And I'll just know who I can't trust. If you advocate praying upon the weak, I"}, {"start": "00:37:48", "end": "00:37:55", "text": "can't trust you. I can't work with you. You're a sociopath. You're a psychopath."}, {"start": "00:37:55", "end": "00:38:00", "text": "You're a horrible human being. You don't deserve success or business."}, {"start": "00:38:00", "end": "00:38:09", "text": "You deserve a cage because no civilized, free society tolerates those who pray upon the weak."}, {"start": "00:38:09", "end": "00:38:15", "text": "We're past that as humans. We should be."}, {"start": "00:38:23", "end": "00:38:31", "text": "Anyway, figured I'd make a video, talk about it. This one, uh, it's it's it's"}, {"start": "00:38:31", "end": "00:38:38", "text": "not the difficult things I expected, uh, people to chew us out for getting hacked and for having a problem."}, {"start": "00:38:38", "end": "00:38:43", "text": "Sure, you know, we wrote the bug. We earned that. We own that. That's fair"}, {"start": "00:38:43", "end": "00:38:50", "text": "game. I didn't expect people to get so bent out over the life, liberty, and property"}, {"start": "00:38:50", "end": "00:38:56", "text": "thing. It's pretty insane to me. It honestly is. And it makes me just look"}, {"start": "00:38:56", "end": "00:39:01", "text": "at this industry in a slightly different light from time to time. It's been a"}, {"start": "00:39:01", "end": "00:39:07", "text": "long time, guys. And I'm tired. I'm just tired. And it's circular. And it's like"}, {"start": "00:39:07", "end": "00:39:14", "text": "dealing with an alcoholic that just keeps relapsing. It's like dealing with a drug addict and they go to rehab and"}, {"start": "00:39:14", "end": "00:39:20", "text": "they get a little bit better and they promise you they're going to be better and then you find them on the side of the street with heroin sticking out of"}, {"start": "00:39:20", "end": "00:39:27", "text": "their arm. And at some point you just got to say, \"I can't do this anymore."}, {"start": "00:39:27", "end": "00:39:34", "text": "I want to move on. I want to move to a different system. I want to move to a different state in the evolution of this"}, {"start": "00:39:34", "end": "00:39:39", "text": "system.\" We're frozen right now as an industry. We shouldn't be here. We"}, {"start": "00:39:39", "end": "00:39:45", "text": "should be growing. We should be evolving. We should be cooperating. And we need to let this nonsense and mess"}, {"start": "00:39:45", "end": "00:39:51", "text": "behind us. It's childish. We have a small window of time to change"}, {"start": "00:39:51", "end": "00:39:57", "text": "the world and do something special. And I've for 15 years been here and been"}, {"start": "00:39:57", "end": "00:40:04", "text": "pushing hard. And I've been through every generation of the blockchain space. The first, the second, the third,"}, {"start": "00:40:04", "end": "00:40:09", "text": "the fourth. I've built four blockchains now. Bitshares was the first algorithmic"}, {"start": "00:40:09", "end": "00:40:15", "text": "stable coin and the first DEX in 2013. Ethereum, everybody seemed to like that"}, {"start": "00:40:15", "end": "00:40:21", "text": "one. Cardano and now Midnight. And every step of the way, they're radically different. They brought new ideas that"}, {"start": "00:40:21", "end": "00:40:28", "text": "have never been seen before and new ways of doing things that have never been seen before. And having been in the room"}, {"start": "00:40:28", "end": "00:40:34", "text": "for all of these things, I can give you some of that insight and wisdom that I've gained. And what I'm trying to tell"}, {"start": "00:40:34", "end": "00:40:40", "text": "you is despite the fact that the technology is evolving, the culture is not."}, {"start": "00:40:40", "end": "00:40:45", "text": "We have to grow up. We have to learn. We have to grow. We have to change. And we"}, {"start": "00:40:45", "end": "00:40:52", "text": "have to accept that we live in a society. And we have to ask ourselves, how do we bring what's best from us? And"}, {"start": "00:40:52", "end": "00:40:58", "text": "how do they bring what's best from them? And how do we work together as one society? That's the whole point of the"}, {"start": "00:40:58", "end": "00:41:04", "text": "fourth generation. And if we're unwilling to do that, we're like that perpetual bachelor that never gets"}, {"start": "00:41:04", "end": "00:41:12", "text": "married, never has kids. You stay frozen in your 20s."}, {"start": "00:41:12", "end": "00:41:19", "text": "You're still in your 20s when you're in your 30s. You're still in your 20s when you're in your 40s. You're still in your 20s when you're in your 50s. All your"}, {"start": "00:41:19", "end": "00:41:26", "text": "friends change. They have kids. They get married. Their lives are radically different. They don't hang out the way"}, {"start": "00:41:26", "end": "00:41:31", "text": "they used to. You ask them to, they say, \"Can't got to do something else.\" You"}, {"start": "00:41:31", "end": "00:41:38", "text": "know what happens? You end up alone. You're stuck. That's where we're at as an industry."}, {"start": "00:41:38", "end": "00:41:44", "text": "And we wonder why the price isn't going up. It would go up if we didn't do these [ __ ] things."}, {"start": "00:41:44", "end": "00:41:51", "text": "So, it's a choice we have to make. We have to change. We have to grow up as an"}, {"start": "00:41:51", "end": "00:41:57", "text": "industry. You have to change the mindset, the culture, and the mentality. Or else we'll just repeat the same"}, {"start": "00:41:57", "end": "00:42:05", "text": "mistakes until the value dwindles away and everything collapses away. There's nothing worth saving in a system that's"}, {"start": "00:42:05", "end": "00:42:11", "text": "survival of the fittest and the strong prey upon the weak. No just society will"}, {"start": "00:42:11", "end": "00:42:18", "text": "invest in that or push for that. [Music]"}]

[{"start": "00:00:00", "end": "00:00:07", "text": "Black Rockck has been quietly preparing to capture  your savings and now their technical solution has"}, {"start": "00:00:07", "end": "00:00:13", "text": "arrived. CEO Larry Frink recently confirmed that  the world's largest asset manager is developing"}, {"start": "00:00:13", "end": "00:00:20", "text": "its own proprietary system to tokenize assets.  But instead of using public blockchains, Black"}, {"start": "00:00:20", "end": "00:00:27", "text": "Rockck is building something far more centralized  and scary. And that's why today we're uncovering"}, {"start": "00:00:27", "end": "00:00:35", "text": "the real $68 trillion reason behind Black Rockck's  tokenization push. How they plan to use crypto for"}, {"start": "00:00:35", "end": "00:00:41", "text": "control and what it all means for the markets.  My name's Nick and you're watching the Coin"}, {"start": "00:00:41", "end": "00:00:46", "text": "Bureau. First up, I'm not a financial adviser  and nothing in this video should be considered"}, {"start": "00:00:46", "end": "00:00:53", "text": "financial advice. It's purely educational content  intended to inform you about BlackRock. And if"}, {"start": "00:00:53", "end": "00:00:59", "text": "that sounds good to you, well, make sure to smash  that like button and let's get into it. Now,"}, {"start": "00:00:59", "end": "00:01:05", "text": "as revealed in the summer of 2025, Black Rockck  CEO Larry Frink has been rolling out what he calls"}, {"start": "00:01:05", "end": "00:01:13", "text": "the quote second draft of globalization. In simple  terms, it's a plan to mobilize global savings and"}, {"start": "00:01:13", "end": "00:01:20", "text": "redirect them into one of the largest investment  programs in history, a $68 trillion infrastructure"}, {"start": "00:01:20", "end": "00:01:26", "text": "push. According to Black Rockck, that's the  amount needed over the coming decades to rebuild"}, {"start": "00:01:26", "end": "00:01:33", "text": "the world's infrastructure and fund the United  Nations Sustainable Development Goals or SDGs."}, {"start": "00:01:33", "end": "00:01:38", "text": "The problem, of course, is that governments and  corporations don't have anywhere near the amount"}, {"start": "00:01:38", "end": "00:01:47", "text": "of capital needed for that. So, where will all  that money come from? Well, from us, the Black"}, {"start": "00:01:47", "end": "00:01:53", "text": "Rockck strategy, which we've already seen take  shape in the EU's proposed savings and investment"}, {"start": "00:01:53", "end": "00:01:59", "text": "union, is to funnel citizens savings into these  projects, often through automatic enrollment in"}, {"start": "00:01:59", "end": "00:02:05", "text": "pension funds. These pension funds naturally are  managed by asset managers like uh Black Rockck,"}, {"start": "00:02:05", "end": "00:02:11", "text": "and the result is that ordinary people end up  financing massive ideological projects they"}, {"start": "00:02:11", "end": "00:02:19", "text": "neither chose nor control. And the size of this  prize is enormous. Black Rockck's target is the"}, {"start": "00:02:19", "end": "00:02:25", "text": "trillions of dollars sitting idly in low yield  savings and money market accounts. In the United"}, {"start": "00:02:25", "end": "00:02:32", "text": "States alone, that's more than $25 trillion worth  another $13 trillion across the European Union."}, {"start": "00:02:32", "end": "00:02:38", "text": "Together, that's roughly $40 trillion in potential  fuel for what could become Black Rockck's global"}, {"start": "00:02:38", "end": "00:02:46", "text": "investment engine. But there's a major problem.  Liquidity. Most of the assets Black Rockck wants"}, {"start": "00:02:46", "end": "00:02:51", "text": "to fund, bridges, power grids, data centers,  ports, and even private equity, are deeply"}, {"start": "00:02:51", "end": "00:02:58", "text": "illquid. They tie up capital for decades. Larry  Frink has even admitted that adding private market"}, {"start": "00:02:58", "end": "00:03:04", "text": "products to retirement portfolios introduces  quote instruments that have less liquidity. And"}, {"start": "00:03:04", "end": "00:03:10", "text": "that's a serious issue. To funnel our savings  into these projects, Black Rockck must satisfy"}, {"start": "00:03:10", "end": "00:03:18", "text": "strict fiduciary standards. Simply put, they have  to justify every single investment and crucially"}, {"start": "00:03:18", "end": "00:03:24", "text": "ensure investors can access liquidity when needed.  But nobody today wants to lock up their savings"}, {"start": "00:03:24", "end": "00:03:30", "text": "for 30 years, especially not in something as  illquid as a bridge or a data center. The money"}, {"start": "00:03:30", "end": "00:03:37", "text": "sits where it does precisely because people need  access to it. And this is the $68 trillion problem"}, {"start": "00:03:37", "end": "00:03:44", "text": "Black Rockck has to solve. A challenge that may  reveal their true motivation for tokenization. To"}, {"start": "00:03:44", "end": "00:03:50", "text": "overcome it, they need a system that makes  illquid long-term investments behave like"}, {"start": "00:03:50", "end": "00:03:56", "text": "liquid assets. And that's where tokenization  comes in. By putting a bridge, a data center,"}, {"start": "00:03:56", "end": "00:04:03", "text": "or a portfolio of private equity on a blockchain,  BlackRock can fractionalize these assets into"}, {"start": "00:04:03", "end": "00:04:09", "text": "thousands of tiny tradable tokens. Suddenly, a  locked up infrastructure investment becomes a"}, {"start": "00:04:09", "end": "00:04:15", "text": "liquid programmable instrument. For Black Rockck,  this isn't a technological experiment. It's a"}, {"start": "00:04:15", "end": "00:04:22", "text": "necessity. Tokenization is the key that unlocks  trillions in pension capital and perhaps the only"}, {"start": "00:04:22", "end": "00:04:28", "text": "way their global investment strategy can truly  work. But liquidity alone isn't enough. Black"}, {"start": "00:04:28", "end": "00:04:33", "text": "Rockck must also make those assets compliant  and controllable. Because when you're dealing"}, {"start": "00:04:33", "end": "00:04:40", "text": "with trillions, oversight becomes everything. And  this is where Black Rockck's proprietary platform"}, {"start": "00:04:40", "end": "00:04:45", "text": "comes in and where the Aladdin system takes center  stage. Earlier this year, Black Rockck acquired"}, {"start": "00:04:45", "end": "00:04:51", "text": "Prequin, the world's largest private market data  company, with the aim of integrating it into their"}, {"start": "00:04:51", "end": "00:04:57", "text": "flagship risk management platform, Aladdin, and  their private markets platform, Efront. Together,"}, {"start": "00:04:57", "end": "00:05:02", "text": "these systems create the analytical backbone  Black Rockck needs to justify every investment to"}, {"start": "00:05:02", "end": "00:05:08", "text": "regulators and fiduciaries. Think of tokenization  as the liquid layer and Aladdin as the compliance"}, {"start": "00:05:08", "end": "00:05:14", "text": "paper trail that makes it all possible. And this  data dominance also gives Black Rockck an edge"}, {"start": "00:05:14", "end": "00:05:20", "text": "in the enormous money market fund industry, a $7  trillion sector that JP Morgan has recently called"}, {"start": "00:05:20", "end": "00:05:27", "text": "quote a significant leap for finance. So as yield  bearing stable coins put pressure on traditional"}, {"start": "00:05:27", "end": "00:05:34", "text": "funds, tokenized versions of these assets have  become essential for trad survival. And that's why"}, {"start": "00:05:34", "end": "00:05:38", "text": "Black Rockck has joined the private permissioned  blockchain initiative led by Goldman Sachs and"}, {"start": "00:05:38", "end": "00:05:45", "text": "BNY Melon. This network allows tokenized money  market funds to operate under full compliance"}, {"start": "00:05:45", "end": "00:05:51", "text": "while keeping everything on highly controlled  rails. In other words, it's about securing a"}, {"start": "00:05:51", "end": "00:05:57", "text": "position at the heart of the financial systems  plumbing. But that raises an important question."}, {"start": "00:05:57", "end": "00:06:04", "text": "Why doesn't BlackRock just use a public blockchain  like Ethereum? Well, the answer is one word,"}, {"start": "00:06:04", "end": "00:06:11", "text": "control. Sure, Black Rockck can influence public  chains through its spot Ethereum ETFs, it can run"}, {"start": "00:06:11", "end": "00:06:16", "text": "validators, and thanks to its close relationship  with Circle, it indirectly controls a significant"}, {"start": "00:06:16", "end": "00:06:25", "text": "share of onchain liquidity via USDC. But there's  one thing even Black Rockck can't fully control,"}, {"start": "00:06:25", "end": "00:06:29", "text": "the social layer. Institutions are hyper  aware that the Ethereum Foundation and its"}, {"start": "00:06:29", "end": "00:06:35", "text": "core developers ultimately hold the final say in  governance decisions. And given the perceptions"}, {"start": "00:06:35", "end": "00:06:40", "text": "of foreign influence, no trillion dollar  firm is going to park politically charged,"}, {"start": "00:06:40", "end": "00:06:45", "text": "regulatory sensitive assets on a network it  doesn't control. And if you'd like a deeper"}, {"start": "00:06:45", "end": "00:06:49", "text": "dive into that, by the way, we've actually covered  it in a separate video which you can watch right"}, {"start": "00:06:49", "end": "00:06:56", "text": "over here. So, as a solution, Black Rockck has  adopted a dual track strategy. On the one hand,"}, {"start": "00:06:56", "end": "00:07:02", "text": "by joining the Goldman BNY network, it's building  its own proprietary rails to tokenize money market"}, {"start": "00:07:02", "end": "00:07:10", "text": "funds and other assets. On the other hand, it's  working to reshape regulation in its favor. Back"}, {"start": "00:07:10", "end": "00:07:17", "text": "in January 2025, Larry Frink publicly urged the  SEC to quote rapidly approve the tokenization of"}, {"start": "00:07:17", "end": "00:07:23", "text": "bonds and stocks. And that's because tokenization  doesn't just make assets efficient. It also solves"}, {"start": "00:07:23", "end": "00:07:29", "text": "one of corporate America's biggest headaches,  proxy voting warfare. With tokenized shares,"}, {"start": "00:07:29", "end": "00:07:36", "text": "ownership is instant and transparent. Every holder  of record can be notified automatically, which"}, {"start": "00:07:36", "end": "00:07:41", "text": "slashes administrative chaos and of course legal  costs. And this ensures they're positioned to lead"}, {"start": "00:07:41", "end": "00:07:47", "text": "the future of reserve management once tokenized  finance becomes the norm. And while Black Rockck"}, {"start": "00:07:47", "end": "00:07:53", "text": "builds its own dystopian version of the future,  if you're looking for non-disystopian realorld"}, {"start": "00:07:53", "end": "00:07:58", "text": "assets, make sure to check out the Coin Bureau  deals page. Over here, you'll find exclusive"}, {"start": "00:07:58", "end": "00:08:05", "text": "signup bonuses of up to $100,000, plus trading fee  discounts of up to 50% and cash backs on deposits"}, {"start": "00:08:05", "end": "00:08:10", "text": "of 75% on some of the best crypto exchanges  around. Just hit the link in the description"}, {"start": "00:08:10", "end": "00:08:15", "text": "or scan this QR code on your screen. Once you're  on the deals page, check out all of our partner"}, {"start": "00:08:15", "end": "00:08:21", "text": "offers and click sign up now to claim your  deal. Now, these deals won't be around forever,"}, {"start": "00:08:21", "end": "00:08:27", "text": "so be sure to take advantage of them ASAP using  the link down below or the QR code. Back to the"}, {"start": "00:08:27", "end": "00:08:33", "text": "video. Now, Black Rockck can't fully benefit from  tokenization if those assets remain locked inside"}, {"start": "00:08:33", "end": "00:08:41", "text": "private silos. It also needs something only crypto  can offer, 24/7 global liquidity. So the question"}, {"start": "00:08:41", "end": "00:08:50", "text": "becomes how do you combine institutional control  with the open composability of DeFi? Well, the"}, {"start": "00:08:50", "end": "00:08:56", "text": "answer lies in Black Rockck's existing products,  specifically tokenized money market fund, Bidd"}, {"start": "00:08:56", "end": "00:09:03", "text": "and its DeFi counterpart SBiddle. Bidd, which now  holds over $2 billion in tokenized US treasuries,"}, {"start": "00:09:03", "end": "00:09:08", "text": "already runs on public blockchains like  Ethereum. It's Black Rockck's proof of concept"}, {"start": "00:09:08", "end": "00:09:14", "text": "that traditional assets can become instantly  tradable and globally accessible. But the real"}, {"start": "00:09:14", "end": "00:09:21", "text": "breakthrough came in May 2025 when BlackRock  and their partner Securitize launched SBiddle"}, {"start": "00:09:21", "end": "00:09:28", "text": "and introduced what's now known as the S token  framework. Before Esbiddle, most tokenized assets"}, {"start": "00:09:28", "end": "00:09:35", "text": "existed purely as static representations on chain,  which means they could be viewed but not used in"}, {"start": "00:09:35", "end": "00:09:42", "text": "DeFi. Siddle changed all of that. It's an ERC20  token that brings US treasuries directly into"}, {"start": "00:09:42", "end": "00:09:48", "text": "protocols like Oiler where they can be used as  collateral for lending and borrowing. In essence,"}, {"start": "00:09:48", "end": "00:09:55", "text": "it's turned a static treasury into a programmable  composable money Lego. But the real purpose of the"}, {"start": "00:09:55", "end": "00:10:02", "text": "S token framework isn't utility. It's control by  code. The S token acts as a programmable wrapper"}, {"start": "00:10:02", "end": "00:10:08", "text": "that enforces transfer limits, ownership rights,  and jurisdictional compliance directly within"}, {"start": "00:10:08", "end": "00:10:15", "text": "the contract itself. In plain English, this gives  BlackRock KYC compliant DeFi. Users can interact"}, {"start": "00:10:15", "end": "00:10:22", "text": "with public blockchains, but if they step outside  of the rules, the code simply switches them off."}, {"start": "00:10:22", "end": "00:10:27", "text": "And this is what makes Black Rockck's approach  a hybrid model. They're building a private"}, {"start": "00:10:27", "end": "00:10:32", "text": "permissioned technology for their own systems  while leveraging public infrastructure like"}, {"start": "00:10:32", "end": "00:10:38", "text": "Ethereum for liquidity and composability. That  design became even clearer in September when"}, {"start": "00:10:38", "end": "00:10:44", "text": "Securitize rolled out an off-ramp for instant  24/7 swaps between Bidd Shares and Ripple USD."}, {"start": "00:10:44", "end": "00:10:50", "text": "In short, Black Rockck is turning open DeFi  into a tightly controlled bridge between"}, {"start": "00:10:50", "end": "00:10:56", "text": "Tradfy and crypto, a regulated programmable  utility layer for its own capital flows,"}, {"start": "00:10:56", "end": "00:11:01", "text": "making permissionless systems play by permission  rules. So, let's actually take a step back because"}, {"start": "00:11:01", "end": "00:11:07", "text": "the idea of putting every asset on one ledger,  each tagged with its own unique ID, isn't new,"}, {"start": "00:11:07", "end": "00:11:13", "text": "and it isn't isolated. It fits perfectly with  what's already been developed by the Bank for"}, {"start": "00:11:13", "end": "00:11:19", "text": "International Settlements or BIS, which is the  so-called Bank for Central Banks. The BIS has"}, {"start": "00:11:19", "end": "00:11:24", "text": "spent years developing private permissioned  blockchain designed to literally encode policy"}, {"start": "00:11:24", "end": "00:11:30", "text": "and regulatory rules into the code itself. The  goal is the ultimate convergence. A system where"}, {"start": "00:11:30", "end": "00:11:37", "text": "central bank digital currencies or CBDC's become  the primary medium of exchange and every asset is"}, {"start": "00:11:37", "end": "00:11:43", "text": "tracked, verified, and programmable. Even City  Bank described this fully tokenized framework"}, {"start": "00:11:43", "end": "00:11:49", "text": "as the quote end state of the financial  system. But tokenization isn't just a way"}, {"start": "00:11:49", "end": "00:11:55", "text": "to make assets liquid. It's the mechanism being  used to fund a much larger ideological agenda."}, {"start": "00:11:55", "end": "00:12:02", "text": "the UN's sustainable development goals or SDGs.  Black Rockck's $68 trillion infrastructure drive"}, {"start": "00:12:02", "end": "00:12:11", "text": "is designed to meet those goals. And at the core  of that system lies the digital ID. Under SDG16,"}, {"start": "00:12:11", "end": "00:12:17", "text": "every country must roll out digital identification  by 2030. In Black Rockck's tokenized future,"}, {"start": "00:12:17", "end": "00:12:23", "text": "your house, your investments, even your  ID are tied to a built-in crypto wallet,"}, {"start": "00:12:23", "end": "00:12:29", "text": "all stored on the same centralized ledger. And  this is how the idea of a own nothing and be happy"}, {"start": "00:12:29", "end": "00:12:37", "text": "could become reality because ownership itself  turns digital and therefore programmable. So if"}, {"start": "00:12:37", "end": "00:12:44", "text": "someone steps outside of accepted norms or defies  a government mandate, access could in theory be"}, {"start": "00:12:44", "end": "00:12:50", "text": "switched off. It's sold as convenience, but in  practice, it's compliance by design. A world where"}, {"start": "00:12:50", "end": "00:12:56", "text": "freedom depends on whether your wallet still  works. And to make sure people accept it, the"}, {"start": "00:12:56", "end": "00:13:02", "text": "elites are playing both sides because they know  the public are sick of establishment politics."}, {"start": "00:13:02", "end": "00:13:08", "text": "We've seen it before. Sudden U-turns on ESG and  libertarian leaning figures like Javier Malay"}, {"start": "00:13:08", "end": "00:13:15", "text": "being embraced by World Economic Forum insiders  despite their rhetoric. Which brings us to the"}, {"start": "00:13:15", "end": "00:13:22", "text": "most important question of all. What does all  of this mean for the markets and for you? Well,"}, {"start": "00:13:22", "end": "00:13:28", "text": "uh despite some of the dystopian undertones, there  are positives to consider. Black Rockck's entry"}, {"start": "00:13:28", "end": "00:13:34", "text": "into crypto represents a major wave of legitimacy  and capital for the entire industry. Their"}, {"start": "00:13:34", "end": "00:13:40", "text": "strategy effectively pushes trillions of compliant  dollars onto blockchain rails, creating one of the"}, {"start": "00:13:40", "end": "00:13:46", "text": "biggest opportunities in modern finance. Case in  pointer, the tokenization market is projected to"}, {"start": "00:13:46", "end": "00:13:51", "text": "surpass $10 trillion by the end of the decade.  And institutional adoption isn't just coming,"}, {"start": "00:13:51", "end": "00:13:57", "text": "it's already here. Black Rockck's IBET Bitcoin  ETF has become its most profitable fund, crossing"}, {"start": "00:13:57", "end": "00:14:04", "text": "$100 billion in assets under management. That  success proves one thing. Treadfire Money isn't"}, {"start": "00:14:04", "end": "00:14:10", "text": "testing crypto anymore. It's monetizing it. As a  result, institutional involvement is translating"}, {"start": "00:14:10", "end": "00:14:15", "text": "directly into real market demand, especially for  the cryptos tied to Black Rockck's ecosystem,"}, {"start": "00:14:15", "end": "00:14:21", "text": "from Bitcoin to Ethereum. Products like the  Bidd Fund, which relies on Ethereum for utility,"}, {"start": "00:14:21", "end": "00:14:28", "text": "only reinforce that trend. So, if you're trying  to anticipate where the money flows next, uh, keep"}, {"start": "00:14:28", "end": "00:14:33", "text": "your eyes on established chains like Ethereum,  Salana, and Avalanche, which currently offer the"}, {"start": "00:14:33", "end": "00:14:39", "text": "only 24/7 liquidity infrastructure for products  like Bidd. Then, keep an eye on purpose-built"}, {"start": "00:14:39", "end": "00:14:44", "text": "chains such as Onondo, which are designed for  institutionalgrade compliance and tokenization"}, {"start": "00:14:44", "end": "00:14:50", "text": "from the ground up. But naturally, there's another  side to the story. While BlackRock clearly values"}, {"start": "00:14:50", "end": "00:14:57", "text": "the technology that underpins crypto, it doesn't  share the decentralized ethos that created it."}, {"start": "00:14:57", "end": "00:15:02", "text": "Once their proprietary infrastructure is fully  operational, their private rails could siphon"}, {"start": "00:15:02", "end": "00:15:08", "text": "institutional volume away from public blockchains,  weakening their network effects and revenues. And"}, {"start": "00:15:08", "end": "00:15:14", "text": "even if their tokens move across public chains,  ultimate control would still rest within their"}, {"start": "00:15:14", "end": "00:15:21", "text": "own system, the opposite of decentralization. So  what can you do if you don't want to become just"}, {"start": "00:15:21", "end": "00:15:28", "text": "another tokenized data point on Black Rockck's  ledger? Well, first question the narrative. Be"}, {"start": "00:15:28", "end": "00:15:34", "text": "wary of believing that Black Rockck or its allies  stand for decentralization. Their closest aligned"}, {"start": "00:15:34", "end": "00:15:39", "text": "assets, especially some stable coins, are the  ones most likely to be weaponized for control."}, {"start": "00:15:39", "end": "00:15:44", "text": "Black Rockck and other big asset managers,  didn't embrace crypto out of goodwill. They"}, {"start": "00:15:44", "end": "00:15:48", "text": "did it because they realized that if they didn't,  the technology would eventually threaten their"}, {"start": "00:15:48", "end": "00:15:54", "text": "monopoly on power. Second, own what can't easily  be tracked. And that means holding physical"}, {"start": "00:15:54", "end": "00:16:00", "text": "assets such as gold and building communities  that value independence over convenience."}, {"start": "00:16:00", "end": "00:16:06", "text": "The strongest defense against digital control  is a network of people who think differently."}, {"start": "00:16:06", "end": "00:16:12", "text": "And finally, support permissionless crypto. At  its core, this technology was built for freedom,"}, {"start": "00:16:12", "end": "00:16:18", "text": "the ability to use your assets whenever you choose  without anyone's approval. The projects that will"}, {"start": "00:16:18", "end": "00:16:24", "text": "matter most are those that preserve privacy,  self-custody, and genuine decentralization,"}, {"start": "00:16:24", "end": "00:16:30", "text": "not the ones slowly being co-opted by traditional  finance. Because while the launch of crypto ETFs"}, {"start": "00:16:30", "end": "00:16:36", "text": "has supercharged interest in crypto, it's  also blurred the lines between adoption and"}, {"start": "00:16:36", "end": "00:16:43", "text": "assimilation. And if we're not careful, the  very tools built to set us free could become"}, {"start": "00:16:43", "end": "00:16:51", "text": "the ones that uh lock us in. So, let's just hope  enough people realize that before it's too late."}, {"start": "00:16:51", "end": "00:16:56", "text": "This is Nick signing off. Thank you guys very  much for watching and I'll see you again soon."}, {"start": "00:16:56", "end": "00:17:01", "text": "Hey folks, before you go, I have a special  announcement to make. If you enjoy the macro"}, {"start": "00:17:01", "end": "00:17:08", "text": "focused content that we post here on Coinbase,  you can now watch it on its own dedicated channel,"}, {"start": "00:17:08", "end": "00:17:14", "text": "Coinbau Finance. So, from now on, we'll be  posting our non-crypto content on this new"}, {"start": "00:17:14", "end": "00:17:20", "text": "channel that's focused on all aspects of modern  finance and investing while keeping this channel"}, {"start": "00:17:20", "end": "00:17:26", "text": "dedicated entirely to crypto. And you can  learn more about Coin Bureau Finance in this"}, {"start": "00:17:26", "end": "00:17:36", "text": "video here. And you can subscribe to the channel  down here. Thanks in advance for your support."}]

[{"start": "00:00:00", "end": "00:00:03", "text": "Bitcoin uh is succeeding. It's"}, {"start": "00:00:03", "end": "00:00:07", "text": "succeeding faster than any any monetary"}, {"start": "00:00:07", "end": "00:00:10", "text": "economic idea in the history of the"}, {"start": "00:00:10", "end": "00:00:13", "text": "world. It's gone from 0 to $1.4 trillion"}, {"start": "00:00:13", "end": "00:00:16", "text": "in 15 years without any support from a"}, {"start": "00:00:16", "end": "00:00:18", "text": "company, without marketing, without"}, {"start": "00:00:18", "end": "00:00:21", "text": "anything. So, so it's growing. It's"}, {"start": "00:00:21", "end": "00:00:24", "text": "going to continue to grow uh because of"}, {"start": "00:00:24", "end": "00:00:27", "text": "the following drivers. One driver is"}, {"start": "00:00:27", "end": "00:00:29", "text": "just education."}, {"start": "00:00:29", "end": "00:00:31", "text": "Information spreads. Like you said, you"}, {"start": "00:00:31", "end": "00:00:33", "text": "know, 10 million people can watch a"}, {"start": "00:00:33", "end": "00:00:36", "text": "YouTube video. 20 30 years ago, if I"}, {"start": "00:00:36", "end": "00:00:38", "text": "retired and I taught college and I"}, {"start": "00:00:38", "end": "00:00:40", "text": "taught a,000 students a semester and I"}, {"start": "00:00:40", "end": "00:00:43", "text": "did it for 20 years, you know, I might"}, {"start": "00:00:43", "end": "00:00:45", "text": "get to 40,000 people. Now, you get that"}, {"start": "00:00:45", "end": "00:00:47", "text": "many a week, you know, while you're"}, {"start": "00:00:47", "end": "00:00:50", "text": "sleeping. So, uh, information is going"}, {"start": "00:00:50", "end": "00:00:53", "text": "to spread and as people realize this is"}, {"start": "00:00:53", "end": "00:00:57", "text": "a safer, better way to protect their"}, {"start": "00:00:57", "end": "00:01:00", "text": "wealth, to store their life savings, and"}, {"start": "00:01:00", "end": "00:01:03", "text": "to create wealth. And as companies"}, {"start": "00:01:03", "end": "00:01:06", "text": "realize it, you're going to see uh"}, {"start": "00:01:06", "end": "00:01:08", "text": "adoption by individuals, by families, by"}, {"start": "00:01:08", "end": "00:01:10", "text": "corporations, by nation states, by"}, {"start": "00:01:10", "end": "00:01:12", "text": "governments, by institutional investors."}, {"start": "00:01:12", "end": "00:01:13", "text": "That just happened. That that is"}, {"start": "00:01:13", "end": "00:01:15", "text": "happening right in front of our face."}, {"start": "00:01:15", "end": "00:01:17", "text": "We're watching it every day. there's"}, {"start": "00:01:17", "end": "00:01:19", "text": "$100 million or more flowing into the"}, {"start": "00:01:19", "end": "00:01:21", "text": "ecosystem."}, {"start": "00:01:21", "end": "00:01:25", "text": "So, uh the second thing that's going to"}, {"start": "00:01:25", "end": "00:01:28", "text": "drive adoption is regulation and"}, {"start": "00:01:28", "end": "00:01:32", "text": "regulatory clarity as um as regulators."}, {"start": "00:01:32", "end": "00:01:34", "text": "Like when the House of Representatives"}, {"start": "00:01:34", "end": "00:01:36", "text": "and the Senate vote pro- crypto, pro"}, {"start": "00:01:36", "end": "00:01:38", "text": "Bitcoin, and if the White House says"}, {"start": "00:01:38", "end": "00:01:41", "text": "we're in favor, that's sending a signal"}, {"start": "00:01:41", "end": "00:01:43", "text": "to the establishment that traditionally"}, {"start": "00:01:43", "end": "00:01:45", "text": "is very conservative,"}, {"start": "00:01:45", "end": "00:01:47", "text": "you know, and people thought, well, it's"}, {"start": "00:01:47", "end": "00:01:49", "text": "tulip bulbs. The the deniers, they go"}, {"start": "00:01:49", "end": "00:01:51", "text": "away. The skeptics go, the government's"}, {"start": "00:01:51", "end": "00:01:54", "text": "going to ban it. Well, they go away"}, {"start": "00:01:54", "end": "00:01:56", "text": "because if the government's embracing"}, {"start": "00:01:56", "end": "00:01:59", "text": "it, then the deniers are out of"}, {"start": "00:01:59", "end": "00:02:02", "text": "consensus. the skeptics are dismissed"}, {"start": "00:02:02", "end": "00:02:04", "text": "and now you're into the traders. Well,"}, {"start": "00:02:04", "end": "00:02:06", "text": "should I buy it? Should I sell it? Well,"}, {"start": "00:02:06", "end": "00:02:08", "text": "that's a big deal to move from skeptic"}, {"start": "00:02:08", "end": "00:02:12", "text": "to trader. And then you get to investors"}, {"start": "00:02:12", "end": "00:02:13", "text": "and eventually, of course, you get to"}, {"start": "00:02:13", "end": "00:02:15", "text": "the maximalists that think it's an"}, {"start": "00:02:15", "end": "00:02:16", "text": "instrument of economic empowerment."}, {"start": "00:02:16", "end": "00:02:19", "text": "Regulatory signals matter. And we've got"}, {"start": "00:02:19", "end": "00:02:23", "text": "28 spot Bitcoin ETFs active today."}, {"start": "00:02:23", "end": "00:02:25", "text": "They're active in Australia, in Hong"}, {"start": "00:02:25", "end": "00:02:27", "text": "Kong. They're active in Europe. They're"}, {"start": "00:02:27", "end": "00:02:29", "text": "active in South America. they're active"}, {"start": "00:02:29", "end": "00:02:32", "text": "in America. Those things are marketing,"}, {"start": "00:02:32", "end": "00:02:33", "text": "legitimizing,"}, {"start": "00:02:33", "end": "00:02:35", "text": "and spreading, and they're creating a"}, {"start": "00:02:35", "end": "00:02:39", "text": "channel. An ETF is like a website. Like"}, {"start": "00:02:39", "end": "00:02:42", "text": "if you have um uh if you have a"}, {"start": "00:02:42", "end": "00:02:44", "text": "restaurant or a museum and you didn't"}, {"start": "00:02:44", "end": "00:02:46", "text": "have a website, people have to call you"}, {"start": "00:02:46", "end": "00:02:48", "text": "on the phone to get information. It's"}, {"start": "00:02:48", "end": "00:02:50", "text": "very inefficient. And then when the web"}, {"start": "00:02:50", "end": "00:02:52", "text": "came along, you create your website, you"}, {"start": "00:02:52", "end": "00:02:53", "text": "know, museum.com,"}, {"start": "00:02:53", "end": "00:02:56", "text": "food.com. I hit the website, I see the"}, {"start": "00:02:56", "end": "00:02:58", "text": "menu, I see the location, I get"}, {"start": "00:02:58", "end": "00:03:01", "text": "directions, I see the photos. It, you"}, {"start": "00:03:01", "end": "00:03:03", "text": "know, maybe I order."}, {"start": "00:03:03", "end": "00:03:05", "text": "Right now, you can't really be a"}, {"start": "00:03:05", "end": "00:03:06", "text": "business without a website. You know,"}, {"start": "00:03:06", "end": "00:03:09", "text": "you need a website. with ETFs."}, {"start": "00:03:09", "end": "00:03:11", "text": "What ETFs did is they said, \"Well, it"}, {"start": "00:03:11", "end": "00:03:12", "text": "used to be you had to go to a mutual"}, {"start": "00:03:12", "end": "00:03:14", "text": "fund and you had it took you like six"}, {"start": "00:03:14", "end": "00:03:16", "text": "weeks to get KYC with the mutual fund"}, {"start": "00:03:16", "end": "00:03:18", "text": "and then you had to study it and then"}, {"start": "00:03:18", "end": "00:03:19", "text": "you had to wire them your money and then"}, {"start": "00:03:19", "end": "00:03:21", "text": "they invested it and if you wanted your"}, {"start": "00:03:21", "end": "00:03:22", "text": "money out, you had to make a request and"}, {"start": "00:03:22", "end": "00:03:24", "text": "you had to wait 30 days and maybe they"}, {"start": "00:03:24", "end": "00:03:26", "text": "don't give you your money back.\" And you"}, {"start": "00:03:26", "end": "00:03:28", "text": "know, it's very complicated and scary"}, {"start": "00:03:28", "end": "00:03:31", "text": "and takes a commitment. And when the ETF"}, {"start": "00:03:31", "end": "00:03:32", "text": "came along, it was like, \"Oh, you want"}, {"start": "00:03:32", "end": "00:03:33", "text": "this? You just punch in those four"}, {"start": "00:03:33", "end": "00:03:36", "text": "letters and hit buy or you change your"}, {"start": "00:03:36", "end": "00:03:41", "text": "mind, hit sell. And and who wired? Every"}, {"start": "00:03:41", "end": "00:03:43", "text": "brokerage in the world, every monitor in"}, {"start": "00:03:43", "end": "00:03:46", "text": "the world is like you type Ibit, you"}, {"start": "00:03:46", "end": "00:03:49", "text": "type FBTC, there it is. So having that"}, {"start": "00:03:49", "end": "00:03:54", "text": "ticker is like having the URL hope.com."}, {"start": "00:03:54", "end": "00:03:55", "text": "It's like all you got to do is say it"}, {"start": "00:03:55", "end": "00:03:58", "text": "and everybody immediately is empowered."}, {"start": "00:03:58", "end": "00:04:01", "text": "So those ETFs,"}, {"start": "00:04:01", "end": "00:04:02", "text": "they're spreading everywhere in the"}, {"start": "00:04:02", "end": "00:04:04", "text": "world and and you're seeing financial"}, {"start": "00:04:04", "end": "00:04:08", "text": "infrastructure get created and what's"}, {"start": "00:04:08", "end": "00:04:09", "text": "the impact of the on-ramp? Well,"}, {"start": "00:04:09", "end": "00:04:11", "text": "billions of dollars and then tens of"}, {"start": "00:04:11", "end": "00:04:13", "text": "billions of dollars, then hundreds of"}, {"start": "00:04:13", "end": "00:04:15", "text": "billions of dollars flow. companies like"}, {"start": "00:04:15", "end": "00:04:17", "text": "Micro Strategies when we when we adopt"}, {"start": "00:04:17", "end": "00:04:21", "text": "Bitcoin as a treasury asset,"}, {"start": "00:04:21", "end": "00:04:24", "text": "we had none and then we had 250 million"}, {"start": "00:04:24", "end": "00:04:27", "text": "and then we raised 7 billion and then we"}, {"start": "00:04:27", "end": "00:04:29", "text": "bought and then we had 15 billion. But"}, {"start": "00:04:29", "end": "00:04:30", "text": "then people will go and they will short"}, {"start": "00:04:30", "end": "00:04:33", "text": "our stock and they will buy 5 billion"}, {"start": "00:04:33", "end": "00:04:37", "text": "more. So there might be $20 billion"}, {"start": "00:04:37", "end": "00:04:39", "text": "probably there's $20 billion or"}, {"start": "00:04:39", "end": "00:04:40", "text": "something like that of Bitcoin that's"}, {"start": "00:04:40", "end": "00:04:42", "text": "that's actually locked down because one"}, {"start": "00:04:42", "end": "00:04:44", "text": "company what happens when the second"}, {"start": "00:04:44", "end": "00:04:45", "text": "company the third company the fourth"}, {"start": "00:04:45", "end": "00:04:48", "text": "company the fifth company so so"}, {"start": "00:04:48", "end": "00:04:51", "text": "corporate adoption as a treasury asset"}, {"start": "00:04:51", "end": "00:04:54", "text": "drives the price up adoption by"}, {"start": "00:04:54", "end": "00:04:57", "text": "individuals drives the price up adop you"}, {"start": "00:04:57", "end": "00:04:59", "text": "know there's company Millennium they"}, {"start": "00:04:59", "end": "00:05:02", "text": "just announced they own $2 billion worth"}, {"start": "00:05:02", "end": "00:05:05", "text": "of spot bitcoin ETFs. That means that"}, {"start": "00:05:05", "end": "00:05:07", "text": "some the ETFs had to buy $2 billion"}, {"start": "00:05:07", "end": "00:05:09", "text": "worth of Bitcoin, right? Just one hedge"}, {"start": "00:05:09", "end": "00:05:11", "text": "fund. They've got $64 billion, right? As"}, {"start": "00:05:11", "end": "00:05:14", "text": "these hedge funds come in, then they"}, {"start": "00:05:14", "end": "00:05:17", "text": "drive adoption. So beyond that, you got"}, {"start": "00:05:17", "end": "00:05:20", "text": "to keep in mind the technology. And so"}, {"start": "00:05:20", "end": "00:05:22", "text": "take out Cash App and look at it. It's"}, {"start": "00:05:22", "end": "00:05:25", "text": "all about Bitcoin. Cash App is used by"}, {"start": "00:05:25", "end": "00:05:28", "text": "more than 50 million people. And they"}, {"start": "00:05:28", "end": "00:05:30", "text": "sell two half billion dollars worth of"}, {"start": "00:05:30", "end": "00:05:32", "text": "Bitcoin a quarter. 10 billion worth of"}, {"start": "00:05:32", "end": "00:05:35", "text": "Bitcoin a year or more via that phone."}, {"start": "00:05:35", "end": "00:05:39", "text": "When companies like Apple and Google and"}, {"start": "00:05:39", "end": "00:05:41", "text": "Microsoft, when they build support for"}, {"start": "00:05:41", "end": "00:05:44", "text": "Bitcoin into their payment apps, into"}, {"start": "00:05:44", "end": "00:05:45", "text": "their mobile phones, into their"}, {"start": "00:05:45", "end": "00:05:47", "text": "operating systems,"}, {"start": "00:05:47", "end": "00:05:49", "text": "that makes Bitcoin more compelling."}, {"start": "00:05:49", "end": "00:05:51", "text": "That'll drive demand. That'll drive up"}, {"start": "00:05:51", "end": "00:05:53", "text": "the price. And and by the way, all of"}, {"start": "00:05:53", "end": "00:05:56", "text": "those are just natural things that the"}, {"start": "00:05:56", "end": "00:06:00", "text": "human race is going to do. You mention a"}, {"start": "00:06:00", "end": "00:06:03", "text": "driver which is chaos."}, {"start": "00:06:03", "end": "00:06:06", "text": "Chaos and and inflation in the world."}, {"start": "00:06:06", "end": "00:06:09", "text": "Yes, that's a driver too. The more"}, {"start": "00:06:09", "end": "00:06:13", "text": "chaotic the society, uh, the less if I"}, {"start": "00:06:13", "end": "00:06:15", "text": "don't trust the currency, I look for an"}, {"start": "00:06:15", "end": "00:06:17", "text": "alternative one. If I don't trust the"}, {"start": "00:06:17", "end": "00:06:20", "text": "bank, I look for an alternative one. If"}, {"start": "00:06:20", "end": "00:06:22", "text": "you lived in Lebanon right now and you"}, {"start": "00:06:22", "end": "00:06:26", "text": "just watched 98% of your wealth frozen"}, {"start": "00:06:26", "end": "00:06:28", "text": "by the bank, debased, and then the bank"}, {"start": "00:06:28", "end": "00:06:30", "text": "wouldn't give you your money back for 20"}, {"start": "00:06:30", "end": "00:06:33", "text": "years. And I said, \"Well, what do you"}, {"start": "00:06:33", "end": "00:06:35", "text": "think about the idea of buying property"}, {"start": "00:06:35", "end": "00:06:37", "text": "that's not in Lebanon, that's not in the"}, {"start": "00:06:37", "end": "00:06:39", "text": "bank, that keeps go up in value, that"}, {"start": "00:06:39", "end": "00:06:41", "text": "you control, and that no one could take"}, {"start": "00:06:41", "end": "00:06:44", "text": "away from you?\" You would think, \"Well,"}, {"start": "00:06:44", "end": "00:06:46", "text": "that's I wish I'd known that 5 years"}, {"start": "00:06:46", "end": "00:06:49", "text": "ago.\" But like you would swear by it. In"}, {"start": "00:06:49", "end": "00:06:51", "text": "those societies, uh, crypto adoption"}, {"start": "00:06:51", "end": "00:06:54", "text": "accelerates. Go to Brazil. They had"}, {"start": "00:06:54", "end": "00:06:56", "text": "hyperinflation. They remember they're"}, {"start": "00:06:56", "end": "00:06:59", "text": "very pro- crypto, pro- Bitcoin. And you"}, {"start": "00:06:59", "end": "00:07:00", "text": "look at people in Venezuela or Cuba."}, {"start": "00:07:00", "end": "00:07:02", "text": "What else are they supposed to do? But I"}, {"start": "00:07:02", "end": "00:07:05", "text": "I think it's important to make uh two"}, {"start": "00:07:05", "end": "00:07:09", "text": "points. One point is you don't need the"}, {"start": "00:07:09", "end": "00:07:12", "text": "world to burn for people to decide that"}, {"start": "00:07:12", "end": "00:07:13", "text": "having all their money on their iPhone"}, {"start": "00:07:13", "end": "00:07:15", "text": "is a good idea. Right? The world doesn't"}, {"start": "00:07:15", "end": "00:07:16", "text": "have to burn for you to take photos with"}, {"start": "00:07:16", "end": "00:07:18", "text": "your iPhone."}, {"start": "00:07:18", "end": "00:07:20", "text": "Apple would be successful regardless."}, {"start": "00:07:20", "end": "00:07:23", "text": "Just happens, right? That the more"}, {"start": "00:07:23", "end": "00:07:25", "text": "chaotic certain parts of the world are,"}, {"start": "00:07:25", "end": "00:07:29", "text": "the more there's a stampede of capital"}, {"start": "00:07:29", "end": "00:07:31", "text": "toward the thing that's safe, everybody"}, {"start": "00:07:31", "end": "00:07:33", "text": "would come, everybody would move to the"}, {"start": "00:07:33", "end": "00:07:36", "text": "United States with all their money if"}, {"start": "00:07:36", "end": "00:07:36", "text": "they could."}, {"start": "00:07:36", "end": "00:07:38", "text": "I'm just curious how much they can't."}, {"start": "00:07:38", "end": "00:07:40", "text": "How much leverage do you feel like is in"}, {"start": "00:07:40", "end": "00:07:42", "text": "the Bitcoin market? Do you ever worry"}, {"start": "00:07:42", "end": "00:07:44", "text": "that maybe with the ETFs buying up"}, {"start": "00:07:44", "end": "00:07:46", "text": "Bitcoin driving up the price that there"}, {"start": "00:07:46", "end": "00:07:48", "text": "is a chance if people overleverage that"}, {"start": "00:07:48", "end": "00:07:51", "text": "could cause a flash crash?"}, {"start": "00:07:51", "end": "00:07:53", "text": "The leverage is in the crypto market."}, {"start": "00:07:53", "end": "00:07:56", "text": "It's it's in all the other altcoins."}, {"start": "00:07:56", "end": "00:07:59", "text": "Like those altcoins are 10x to 100 to"}, {"start": "00:07:59", "end": "00:08:01", "text": "one levered. And so all the leverage is"}, {"start": "00:08:01", "end": "00:08:02", "text": "in the altcoins and most of the"}, {"start": "00:08:02", "end": "00:08:04", "text": "volatility in Bitcoin comes from the"}, {"start": "00:08:04", "end": "00:08:07", "text": "altcoin leverage. The Bitcoin market is"}, {"start": "00:08:07", "end": "00:08:08", "text": "isn't nearly that leverage. people that"}, {"start": "00:08:08", "end": "00:08:10", "text": "are buying Bitcoin are buying Bitcoin as"}, {"start": "00:08:10", "end": "00:08:13", "text": "a long-term store of value and so"}, {"start": "00:08:13", "end": "00:08:15", "text": "they're generally buying it to hold it"}, {"start": "00:08:15", "end": "00:08:18", "text": "forever. But um there's a lot of"}, {"start": "00:08:18", "end": "00:08:20", "text": "speculation in the rest"}, {"start": "00:08:20", "end": "00:08:22", "text": "and you know you can't stop them. It's a"}, {"start": "00:08:22", "end": "00:08:24", "text": "free unregulated market. They do what"}, {"start": "00:08:24", "end": "00:08:26", "text": "they're going to do. I'm not discouraged"}, {"start": "00:08:26", "end": "00:08:30", "text": "by uh the the volatility in Bitcoin"}, {"start": "00:08:30", "end": "00:08:31", "text": "because the volatility makes it the most"}, {"start": "00:08:31", "end": "00:08:34", "text": "interesting asset in the world and"}, {"start": "00:08:34", "end": "00:08:35", "text": "that's what draws all the capital and"}, {"start": "00:08:35", "end": "00:08:37", "text": "that's what draws all the traders and"}, {"start": "00:08:37", "end": "00:08:38", "text": "that's what drives up the demand for it"}, {"start": "00:08:38", "end": "00:08:41", "text": "and that's what drives up the price. So,"}, {"start": "00:08:41", "end": "00:08:44", "text": "in fact, uh, the volatility is a virtue"}, {"start": "00:08:44", "end": "00:08:45", "text": "on Saturday night. If you think there's"}, {"start": "00:08:45", "end": "00:08:48", "text": "a war, you're going to dump what you can"}, {"start": "00:08:48", "end": "00:08:50", "text": "sell, which is Bitcoin. But when you"}, {"start": "00:08:50", "end": "00:08:51", "text": "realize there isn't a war, you're going"}, {"start": "00:08:51", "end": "00:08:53", "text": "to buy back in. And there's going to be"}, {"start": "00:08:53", "end": "00:08:56", "text": "massive trading. And people are people"}, {"start": "00:08:56", "end": "00:08:58", "text": "that understand it are going to say,"}, {"start": "00:08:58", "end": "00:09:00", "text": "\"Hey, that's part of the asset class"}, {"start": "00:09:00", "end": "00:09:02", "text": "just growing and getting more powerful.\""}, {"start": "00:09:02", "end": "00:09:04", "text": "And people that are afraid of volatility"}, {"start": "00:09:04", "end": "00:09:06", "text": "will run from it. But, you know,"}, {"start": "00:09:06", "end": "00:09:08", "text": "Bitcoin, Bitcoin's got a higher sharp"}, {"start": "00:09:08", "end": "00:09:10", "text": "ratio. It's got a you know and it's got"}, {"start": "00:09:10", "end": "00:09:12", "text": "a higher return. It's like do you want"}, {"start": "00:09:12", "end": "00:09:14", "text": "to 5x your money and be on a volatile"}, {"start": "00:09:14", "end": "00:09:15", "text": "way or do you want to lose all your"}, {"start": "00:09:15", "end": "00:09:18", "text": "money in a nonvolatile fashion or do you"}, {"start": "00:09:18", "end": "00:09:20", "text": "want to just 1x your money in a normal"}, {"start": "00:09:20", "end": "00:09:24", "text": "volatile fashion and and that's that's"}, {"start": "00:09:24", "end": "00:09:28", "text": "uh an issue of adoption or education."}, {"start": "00:09:28", "end": "00:09:30", "text": "But coming back to"}, {"start": "00:09:30", "end": "00:09:33", "text": "long term long term what what happens is"}, {"start": "00:09:33", "end": "00:09:36", "text": "this is an idea whose time has come."}, {"start": "00:09:36", "end": "00:09:38", "text": "It's good technology. So every"}, {"start": "00:09:38", "end": "00:09:41", "text": "technology investor and every technology"}, {"start": "00:09:41", "end": "00:09:43", "text": "executive is going to recognize that it"}, {"start": "00:09:43", "end": "00:09:44", "text": "makes their company better. It makes"}, {"start": "00:09:44", "end": "00:09:47", "text": "their offering their their device or"}, {"start": "00:09:47", "end": "00:09:49", "text": "their service more compelling. It's good"}, {"start": "00:09:49", "end": "00:09:51", "text": "economics which means that you inject it"}, {"start": "00:09:51", "end": "00:09:53", "text": "into your mutual fund or into your fixed"}, {"start": "00:09:53", "end": "00:09:55", "text": "income fund or you inject it into your"}, {"start": "00:09:55", "end": "00:09:59", "text": "ETF, right? You know, Larry Fank runs"}, {"start": "00:09:59", "end": "00:10:02", "text": "$10 trillion of assets. on television"}, {"start": "00:10:02", "end": "00:10:04", "text": "the other day, he said, \"Our Bitcoin ETF"}, {"start": "00:10:04", "end": "00:10:07", "text": "is the most successful ETF in the"}, {"start": "00:10:07", "end": "00:10:10", "text": "history of the marketplace.\""}, {"start": "00:10:10", "end": "00:10:11", "text": "Okay. So, you know, people that might"}, {"start": "00:10:11", "end": "00:10:13", "text": "not have a different opinion say this is"}, {"start": "00:10:13", "end": "00:10:15", "text": "good business. Why wouldn't it be good"}, {"start": "00:10:15", "end": "00:10:16", "text": "business? Because it's the highest"}, {"start": "00:10:16", "end": "00:10:20", "text": "quality asset, right? Um, and"}, {"start": "00:10:20", "end": "00:10:24", "text": "it's it's good ethics. You're giving"}, {"start": "00:10:24", "end": "00:10:26", "text": "property rights and freedom to 8 billion"}, {"start": "00:10:26", "end": "00:10:28", "text": "people. What else does it? So it's got a"}, {"start": "00:10:28", "end": "00:10:31", "text": "strong ideological drive. And back to"}, {"start": "00:10:31", "end": "00:10:34", "text": "this, the point that I was making is if"}, {"start": "00:10:34", "end": "00:10:37", "text": "you live in a in Cuba or Africa in a"}, {"start": "00:10:37", "end": "00:10:39", "text": "coup or you live in a hyperinflating"}, {"start": "00:10:39", "end": "00:10:42", "text": "economy in Russia or in South America,"}, {"start": "00:10:42", "end": "00:10:45", "text": "if you could, you would take all your"}, {"start": "00:10:45", "end": "00:10:47", "text": "property, all your money, all your"}, {"start": "00:10:47", "end": "00:10:49", "text": "family, you'd pick up, you'd move to"}, {"start": "00:10:49", "end": "00:10:53", "text": "America. But you can't you can't move"}, {"start": "00:10:53", "end": "00:10:56", "text": "your property from from hyper uh"}, {"start": "00:10:56", "end": "00:10:59", "text": "inflation collapse to America and you"}, {"start": "00:10:59", "end": "00:11:00", "text": "can't move your family. There's there"}, {"start": "00:11:00", "end": "00:11:04", "text": "there are limits to to immigration and"}, {"start": "00:11:04", "end": "00:11:07", "text": "there there are practical limits. The"}, {"start": "00:11:07", "end": "00:11:09", "text": "next best thing is you teleport your"}, {"start": "00:11:09", "end": "00:11:12", "text": "money into cyberspace which is almost"}, {"start": "00:11:12", "end": "00:11:14", "text": "better than moving it to America. I'm"}, {"start": "00:11:14", "end": "00:11:17", "text": "I'm moving it into cyberspace outside of"}, {"start": "00:11:17", "end": "00:11:20", "text": "the reach and outside of the risk zone"}, {"start": "00:11:20", "end": "00:11:22", "text": "of the physical world and the political"}, {"start": "00:11:22", "end": "00:11:25", "text": "world and the economic world. That"}, {"start": "00:11:25", "end": "00:11:30", "text": "that's the appeal of Bitcoin right now."}]

[{"start": "00:00:00", "end": "00:00:03", "text": "The idea of Bitcoin is I'm using"}, {"start": "00:00:03", "end": "00:00:06", "text": "technology to create perfect money. The"}, {"start": "00:00:06", "end": "00:00:09", "text": "first question is, you know, will it be"}, {"start": "00:00:09", "end": "00:00:12", "text": "banned? Will it be copied? Will it be"}, {"start": "00:00:12", "end": "00:00:16", "text": "hacked? Right? Does Bitcoin represent"}, {"start": "00:00:16", "end": "00:00:20", "text": "sound engineering? Does it represent"}, {"start": "00:00:20", "end": "00:00:22", "text": "sound ethics?"}, {"start": "00:00:22", "end": "00:00:26", "text": "Does it represent sound economics? It's"}, {"start": "00:00:26", "end": "00:00:29", "text": "very very difficult to know that in the"}, {"start": "00:00:29", "end": "00:00:31", "text": "first year or the first two years. In"}, {"start": "00:00:31", "end": "00:00:33", "text": "fact, people tried to launch something"}, {"start": "00:00:33", "end": "00:00:35", "text": "like Bitcoin a hundred times before"}, {"start": "00:00:35", "end": "00:00:38", "text": "Bitcoin came along, right? And and all"}, {"start": "00:00:38", "end": "00:00:41", "text": "of those early attempts failed. Bitcoin"}, {"start": "00:00:41", "end": "00:00:45", "text": "caught and it started to flicker and and"}, {"start": "00:00:45", "end": "00:00:47", "text": "you know, for the first year and a"}, {"start": "00:00:47", "end": "00:00:51", "text": "quarter, it traded. No, no one ever did"}, {"start": "00:00:51", "end": "00:00:54", "text": "a transaction with it on pizza day after"}, {"start": "00:00:54", "end": "00:00:57", "text": "a year and a quarter. Uh, Bitcoin traded"}, {"start": "00:00:57", "end": "00:01:00", "text": "for effectively a third of a penny. So,"}, {"start": "00:01:00", "end": "00:01:02", "text": "it was worth a third of a penny to to"}, {"start": "00:01:02", "end": "00:01:04", "text": "half a penny after a year and a half."}, {"start": "00:01:04", "end": "00:01:09", "text": "So, it had um it had a a slow early"}, {"start": "00:01:09", "end": "00:01:12", "text": "germination period. Uh, the ethics of"}, {"start": "00:01:12", "end": "00:01:16", "text": "Bitcoin are Satoshi created away, he"}, {"start": "00:01:16", "end": "00:01:19", "text": "gave it away and he went away. So the"}, {"start": "00:01:19", "end": "00:01:20", "text": "ethics are or what we call the"}, {"start": "00:01:20", "end": "00:01:22", "text": "immaculate conception. Someone gave this"}, {"start": "00:01:22", "end": "00:01:25", "text": "as a gift to the world. And if it if it"}, {"start": "00:01:25", "end": "00:01:28", "text": "wasn't given as a gift to the world, if"}, {"start": "00:01:28", "end": "00:01:31", "text": "if there if Satoshi was still here rich,"}, {"start": "00:01:31", "end": "00:01:35", "text": "you know, and bragging about it and then"}, {"start": "00:01:35", "end": "00:01:38", "text": "and then uttering opinions about how you"}, {"start": "00:01:38", "end": "00:01:39", "text": "ought to change or modify the network,"}, {"start": "00:01:39", "end": "00:01:42", "text": "that would be an ethical failing and and"}, {"start": "00:01:42", "end": "00:01:45", "text": "that would represent unound ethics. The"}, {"start": "00:01:45", "end": "00:01:49", "text": "engineering of Bitcoin is based upon"}, {"start": "00:01:49", "end": "00:01:52", "text": "proof of work Shaw 256 hashing. So the"}, {"start": "00:01:52", "end": "00:01:56", "text": "network has evolved such that it uses"}, {"start": "00:01:56", "end": "00:01:58", "text": "something like 20 gawatt of electricity"}, {"start": "00:01:58", "end": "00:02:02", "text": "which cost $5 billion a year running on"}, {"start": "00:02:02", "end": "00:02:05", "text": "$25 billion or more of semiconductor"}, {"start": "00:02:05", "end": "00:02:07", "text": "hardware. And that hardware is special"}, {"start": "00:02:07", "end": "00:02:10", "text": "purpose single p per purchase purpose."}, {"start": "00:02:10", "end": "00:02:14", "text": "It's like specialized ASIC chips. And"}, {"start": "00:02:14", "end": "00:02:16", "text": "why is that important? Because if it was"}, {"start": "00:02:16", "end": "00:02:19", "text": "CPUs, the network could be attacked by"}, {"start": "00:02:19", "end": "00:02:21", "text": "Google or Facebook or Microsoft that had"}, {"start": "00:02:21", "end": "00:02:25", "text": "more CPUs. And if it was GPUs,"}, {"start": "00:02:25", "end": "00:02:27", "text": "then it might be attacked by the AI data"}, {"start": "00:02:27", "end": "00:02:29", "text": "centers."}, {"start": "00:02:29", "end": "00:02:34", "text": "But because it's it's Shaw 256 A6, those"}, {"start": "00:02:34", "end": "00:02:36", "text": "other types of semiconductors can't be"}, {"start": "00:02:36", "end": "00:02:38", "text": "used to undermine the security of the"}, {"start": "00:02:38", "end": "00:02:40", "text": "Bitcoin network. It is simply put the"}, {"start": "00:02:40", "end": "00:02:42", "text": "most powerful"}, {"start": "00:02:42", "end": "00:02:45", "text": "computer monetary network and maybe the"}, {"start": "00:02:45", "end": "00:02:47", "text": "most powerful computer network in the"}, {"start": "00:02:47", "end": "00:02:50", "text": "world. If you if you calculate power"}, {"start": "00:02:50", "end": "00:02:53", "text": "using the Shaw 256 hash, you know,"}, {"start": "00:02:53", "end": "00:02:56", "text": "running 600 Xahash, you can't dent it"}, {"start": "00:02:56", "end": "00:02:57", "text": "with all the other computer power in the"}, {"start": "00:02:57", "end": "00:03:00", "text": "world. So, just just to clarify, there's"}, {"start": "00:03:00", "end": "00:03:02", "text": "like a place where they have all of this"}, {"start": "00:03:02", "end": "00:03:04", "text": "hardware and data and no one, I'm"}, {"start": "00:03:04", "end": "00:03:05", "text": "guessing, has any idea where it is?"}, {"start": "00:03:05", "end": "00:03:07", "text": "No, it's better than that. The network"}, {"start": "00:03:07", "end": "00:03:10", "text": "is decentralized. If there was a place,"}, {"start": "00:03:10", "end": "00:03:11", "text": "it would be fragile. You don't want it"}, {"start": "00:03:11", "end": "00:03:14", "text": "to be in one place. Um, it's an open"}, {"start": "00:03:14", "end": "00:03:16", "text": "protocol, which means that anybody in"}, {"start": "00:03:16", "end": "00:03:19", "text": "the world can run a Bitcoin mining rig"}, {"start": "00:03:19", "end": "00:03:21", "text": "and anybody in the world can run Bitcoin"}, {"start": "00:03:21", "end": "00:03:24", "text": "nodes. So imagine tens of thousands or"}, {"start": "00:03:24", "end": "00:03:27", "text": "hundreds of thousands of nodes and"}, {"start": "00:03:27", "end": "00:03:29", "text": "millions and millions of different"}, {"start": "00:03:29", "end": "00:03:32", "text": "Bitcoin mining computers spread across"}, {"start": "00:03:32", "end": "00:03:35", "text": "thousands and thousands of locations in"}, {"start": "00:03:35", "end": "00:03:38", "text": "Russia, in China, in Africa, in South"}, {"start": "00:03:38", "end": "00:03:42", "text": "America, in Australia, in North America,"}, {"start": "00:03:42", "end": "00:03:44", "text": "in Iceland, in Scandinavia, everywhere."}, {"start": "00:03:44", "end": "00:03:46", "text": "And imagine that's shifting all the time"}, {"start": "00:03:46", "end": "00:03:50", "text": "and no one can stop it, right? It's uh"}, {"start": "00:03:50", "end": "00:03:52", "text": "it's kind of like where is the cold"}, {"start": "00:03:52", "end": "00:03:54", "text": "virus in the human race?"}, {"start": "00:03:54", "end": "00:03:56", "text": "But back to Graham's question, what is"}, {"start": "00:03:56", "end": "00:04:00", "text": "the best argument against Bitcoin? And"}, {"start": "00:04:00", "end": "00:04:03", "text": "what would it take to convince you that"}, {"start": "00:04:03", "end": "00:04:05", "text": "it's not it? That's"}, {"start": "00:04:05", "end": "00:04:06", "text": "well the best argument against Bitcoin"}, {"start": "00:04:06", "end": "00:04:10", "text": "is you've got a better monetary network."}, {"start": "00:04:10", "end": "00:04:12", "text": "And if you had a better monetary"}, {"start": "00:04:12", "end": "00:04:15", "text": "network, then all the smart money in the"}, {"start": "00:04:15", "end": "00:04:17", "text": "world, all the smart people with money"}, {"start": "00:04:17", "end": "00:04:18", "text": "would be using it, right? So bit, so"}, {"start": "00:04:18", "end": "00:04:22", "text": "Bitcoin has accumulated the most"}, {"start": "00:04:22", "end": "00:04:25", "text": "physical power in terms of electricity,"}, {"start": "00:04:25", "end": "00:04:27", "text": "the most computer power in terms of hash"}, {"start": "00:04:27", "end": "00:04:30", "text": "power. It's accumulated the most"}, {"start": "00:04:30", "end": "00:04:33", "text": "economic power, $7800"}, {"start": "00:04:33", "end": "00:04:36", "text": "billion of real money has been invested"}, {"start": "00:04:36", "end": "00:04:39", "text": "in it. It's got the highest market cap"}, {"start": "00:04:39", "end": "00:04:42", "text": "worth 1.3 1.4 trillion. And it's"}, {"start": "00:04:42", "end": "00:04:45", "text": "accumulated the most political power,"}, {"start": "00:04:45", "end": "00:04:47", "text": "hundreds of millions of people who are"}, {"start": "00:04:47", "end": "00:04:53", "text": "passionate about defending it. And so,"}, {"start": "00:04:53", "end": "00:04:55", "text": "how do you know it's not working? Well,"}, {"start": "00:04:55", "end": "00:04:57", "text": "if someone came along and launched"}, {"start": "00:04:57", "end": "00:05:00", "text": "something that was that was more popular"}, {"start": "00:05:00", "end": "00:05:02", "text": "with intelligent people,"}, {"start": "00:05:02", "end": "00:05:03", "text": "then I guess it wouldn't be working."}, {"start": "00:05:03", "end": "00:05:06", "text": "But, of course, Bitcoin's been growing"}, {"start": "00:05:06", "end": "00:05:08", "text": "first 200% a year, then 100% a year."}, {"start": "00:05:08", "end": "00:05:10", "text": "right now it's still uh growing 40 to"}, {"start": "00:05:10", "end": "00:05:14", "text": "50% a year. So it's a monetary virus"}, {"start": "00:05:14", "end": "00:05:17", "text": "that's spreading and it's it's uh"}, {"start": "00:05:17", "end": "00:05:20", "text": "extracting the capital from all other"}, {"start": "00:05:20", "end": "00:05:23", "text": "capital assets. Right? So that the proof"}, {"start": "00:05:23", "end": "00:05:26", "text": "that Bitcoin is winning is the"}, {"start": "00:05:26", "end": "00:05:28", "text": "performance of Bitcoin is 5x the"}, {"start": "00:05:28", "end": "00:05:30", "text": "performance of the S&P index. If Bitcoin"}, {"start": "00:05:30", "end": "00:05:32", "text": "is outperforming gold, outperforming the"}, {"start": "00:05:32", "end": "00:05:35", "text": "S&P, outperforming every individual"}, {"start": "00:05:35", "end": "00:05:37", "text": "stock, outperforming bonds,"}, {"start": "00:05:37", "end": "00:05:39", "text": "outperforming cash, outperforming real"}, {"start": "00:05:39", "end": "00:05:41", "text": "estate, what do you see? You see"}, {"start": "00:05:41", "end": "00:05:43", "text": "intelligent people with money voting"}, {"start": "00:05:43", "end": "00:05:44", "text": "with their money. And what they're doing"}, {"start": "00:05:44", "end": "00:05:47", "text": "is they're selling the weak assets,"}, {"start": "00:05:47", "end": "00:05:48", "text": "buying the strong asset."}, {"start": "00:05:48", "end": "00:05:51", "text": "And why Bitcoin over Ethereum?"}, {"start": "00:05:51", "end": "00:05:52", "text": "Uh, if you're trying to launch a"}, {"start": "00:05:52", "end": "00:05:55", "text": "monetary network, you need it to be"}, {"start": "00:05:55", "end": "00:05:57", "text": "ethically sound. It needs to be sound"}, {"start": "00:05:57", "end": "00:05:59", "text": "ethics, sound engineering, sound"}, {"start": "00:05:59", "end": "00:06:01", "text": "economics. The economic policy of"}, {"start": "00:06:01", "end": "00:06:06", "text": "Bitcoin is 21 million coins, unchanged,"}, {"start": "00:06:06", "end": "00:06:08", "text": "very difficult to change, extremely"}, {"start": "00:06:08", "end": "00:06:11", "text": "conservative. In fact, no one ever would"}, {"start": "00:06:11", "end": "00:06:13", "text": "ever think you could change the supply"}, {"start": "00:06:13", "end": "00:06:15", "text": "which is transparent. And even the"}, {"start": "00:06:15", "end": "00:06:17", "text": "second order"}, {"start": "00:06:17", "end": "00:06:19", "text": "economics, the the bandwidth of the"}, {"start": "00:06:19", "end": "00:06:22", "text": "network is the subject of bitter bitter"}, {"start": "00:06:22", "end": "00:06:25", "text": "fights. the block size wars was a fight"}, {"start": "00:06:25", "end": "00:06:28", "text": "over whether or not the second order"}, {"start": "00:06:28", "end": "00:06:30", "text": "scarcity should change and whether the"}, {"start": "00:06:30", "end": "00:06:31", "text": "bandwidth should change. And as the"}, {"start": "00:06:31", "end": "00:06:34", "text": "network gets bigger, it it becomes much"}, {"start": "00:06:34", "end": "00:06:38", "text": "more conservative economically. So now"}, {"start": "00:06:38", "end": "00:06:41", "text": "it's it's nearly impossible to change"}, {"start": "00:06:41", "end": "00:06:43", "text": "the economic policies of Bitcoin. And"}, {"start": "00:06:43", "end": "00:06:44", "text": "and if you compare that to Ethereum,"}, {"start": "00:06:44", "end": "00:06:46", "text": "Ethereum changed economic policies with"}, {"start": "00:06:46", "end": "00:06:49", "text": "every hard fork. And so it's changed it"}, {"start": "00:06:49", "end": "00:06:52", "text": "half a dozen times. And so economically"}, {"start": "00:06:52", "end": "00:06:56", "text": "the real question is how much"}, {"start": "00:06:56", "end": "00:06:58", "text": "uh of that asset will there be in a"}, {"start": "00:06:58", "end": "00:07:00", "text": "hundred years or a thousand years and"}, {"start": "00:07:00", "end": "00:07:02", "text": "can anybody change it? And what you"}, {"start": "00:07:02", "end": "00:07:05", "text": "really want is for nobody to be able to"}, {"start": "00:07:05", "end": "00:07:07", "text": "change it and you want you want to know"}, {"start": "00:07:07", "end": "00:07:09", "text": "that you're buying"}, {"start": "00:07:09", "end": "00:07:12", "text": "121 millionth of all the economic energy"}, {"start": "00:07:12", "end": "00:07:14", "text": "in the network a thousand years from"}, {"start": "00:07:14", "end": "00:07:17", "text": "now. So all of the hardware, all of the"}, {"start": "00:07:17", "end": "00:07:19", "text": "semiconductor technology, all of the"}, {"start": "00:07:19", "end": "00:07:21", "text": "electricity that's being used to secure"}, {"start": "00:07:21", "end": "00:07:24", "text": "the network disappears."}, {"start": "00:07:24", "end": "00:07:27", "text": "Now the network is secured simply by the"}, {"start": "00:07:27", "end": "00:07:31", "text": "staking of a token with economic value."}, {"start": "00:07:31", "end": "00:07:33", "text": "But you're going to lose Moors law"}, {"start": "00:07:33", "end": "00:07:35", "text": "because if you have to stake $50 billion"}, {"start": "00:07:35", "end": "00:07:38", "text": "of tokens, you can't make the $50"}, {"start": "00:07:38", "end": "00:07:41", "text": "billion of tokens worth 500 million and"}, {"start": "00:07:41", "end": "00:07:43", "text": "keep the same amount of security over"}, {"start": "00:07:43", "end": "00:07:45", "text": "time. But you see, with uh with Moore's"}, {"start": "00:07:45", "end": "00:07:49", "text": "law and with um a silicon ratchet,"}, {"start": "00:07:49", "end": "00:07:52", "text": "you can actually create $50 billion of"}, {"start": "00:07:52", "end": "00:07:56", "text": "security with $500 million of hardware"}, {"start": "00:07:56", "end": "00:07:58", "text": "over time. Like, let me illustrate a"}, {"start": "00:07:58", "end": "00:07:59", "text": "different way."}, {"start": "00:07:59", "end": "00:08:00", "text": "You have a hundred billionaires in a"}, {"start": "00:08:00", "end": "00:08:03", "text": "room and then one middle class dude with"}, {"start": "00:08:03", "end": "00:08:06", "text": "a $300 gun walks in. Who's the most"}, {"start": "00:08:06", "end": "00:08:09", "text": "powerful person in the room? Right? The"}, {"start": "00:08:09", "end": "00:08:11", "text": "guy with the gun. that that is a very"}, {"start": "00:08:11", "end": "00:08:14", "text": "specialurpose machine for projecting and"}, {"start": "00:08:14", "end": "00:08:16", "text": "channeling energy. If you actually want"}, {"start": "00:08:16", "end": "00:08:18", "text": "to get productivity, if you want to"}, {"start": "00:08:18", "end": "00:08:22", "text": "spend $300 in order to hijack a billion"}, {"start": "00:08:22", "end": "00:08:25", "text": "dollars, right, you do it with a but on"}, {"start": "00:08:25", "end": "00:08:27", "text": "the other hand, if you want to protect a"}, {"start": "00:08:27", "end": "00:08:32", "text": "billion dollars without spending like"}, {"start": "00:08:32", "end": "00:08:34", "text": "without spending 10 or 20 billion, you"}, {"start": "00:08:34", "end": "00:08:36", "text": "protect the billion dollars with the"}, {"start": "00:08:36", "end": "00:08:38", "text": "with the hardware. So, so the"}, {"start": "00:08:38", "end": "00:08:41", "text": "engineering of Bitcoin plugs you into"}, {"start": "00:08:41", "end": "00:08:44", "text": "semiconductor technology to Moors law to"}, {"start": "00:08:44", "end": "00:08:47", "text": "electricity. And what what it also does"}, {"start": "00:08:47", "end": "00:08:49", "text": "is it creates this this very interesting"}, {"start": "00:08:49", "end": "00:08:51", "text": "dynamic where if you have billions of"}, {"start": "00:08:51", "end": "00:08:53", "text": "dollars of Bitcoin in Manhattan, your"}, {"start": "00:08:53", "end": "00:08:56", "text": "Bitcoin is being defended by Bitcoin"}, {"start": "00:08:56", "end": "00:08:58", "text": "mining off of hydroelectric power in"}, {"start": "00:08:58", "end": "00:09:00", "text": "Bhutan. you might be getting defended,"}, {"start": "00:09:00", "end": "00:09:02", "text": "the network is defended by a Bitcoin"}, {"start": "00:09:02", "end": "00:09:05", "text": "mine running on on uh stranded natural"}, {"start": "00:09:05", "end": "00:09:08", "text": "gas in Kazakhstan."}, {"start": "00:09:08", "end": "00:09:11", "text": "And so if your bit if your money is only"}, {"start": "00:09:11", "end": "00:09:15", "text": "defended at a bank in New York and the"}, {"start": "00:09:15", "end": "00:09:16", "text": "mayor of New York wants to seize your"}, {"start": "00:09:16", "end": "00:09:18", "text": "money, he just takes it. What you want"}, {"start": "00:09:18", "end": "00:09:21", "text": "is a very distributed network and you"}, {"start": "00:09:21", "end": "00:09:22", "text": "want incentives"}, {"start": "00:09:22", "end": "00:09:26", "text": "for every nation state and every type of"}, {"start": "00:09:26", "end": "00:09:29", "text": "actor to build massively powerful"}, {"start": "00:09:29", "end": "00:09:31", "text": "centers. If you see these Bitcoin mining"}, {"start": "00:09:31", "end": "00:09:33", "text": "centers there, you know, they're 100"}, {"start": "00:09:33", "end": "00:09:36", "text": "megawatt 200 megawatt data centers and"}, {"start": "00:09:36", "end": "00:09:39", "text": "you think, well, what would incentivize"}, {"start": "00:09:39", "end": "00:09:41", "text": "someone to build such a massively"}, {"start": "00:09:41", "end": "00:09:44", "text": "powerful, you know, defense mechanism?"}, {"start": "00:09:44", "end": "00:09:47", "text": "And the answer is"}, {"start": "00:09:47", "end": "00:09:50", "text": "somebody's got a dam with water flowing"}, {"start": "00:09:50", "end": "00:09:52", "text": "over the dam and no one wants to buy"}, {"start": "00:09:52", "end": "00:09:54", "text": "their electricity. And so they've"}, {"start": "00:09:54", "end": "00:09:57", "text": "decided to build a Bitcoin defense"}, {"start": "00:09:57", "end": "00:10:00", "text": "center in order to monetize the running"}, {"start": "00:10:00", "end": "00:10:03", "text": "water on their dam 8,000 mi away. So"}, {"start": "00:10:03", "end": "00:10:04", "text": "there's a there's a genius to that"}, {"start": "00:10:04", "end": "00:10:06", "text": "engineering because it's continually"}, {"start": "00:10:06", "end": "00:10:10", "text": "expanding, continually growing,"}, {"start": "00:10:10", "end": "00:10:12", "text": "continually becoming more efficient, and"}, {"start": "00:10:12", "end": "00:10:14", "text": "it anchors the Bitcoin network into the"}, {"start": "00:10:14", "end": "00:10:16", "text": "electrical network and into the"}, {"start": "00:10:16", "end": "00:10:18", "text": "technology network of the world. And it"}, {"start": "00:10:18", "end": "00:10:21", "text": "incentivizes good semiconductor"}, {"start": "00:10:21", "end": "00:10:25", "text": "engineers to be thinking all the time"}, {"start": "00:10:25", "end": "00:10:27", "text": "about how to create more efficient"}, {"start": "00:10:27", "end": "00:10:29", "text": "defense mechanisms to keep a hacker from"}, {"start": "00:10:29", "end": "00:10:31", "text": "hacking the network. And that just takes"}, {"start": "00:10:31", "end": "00:10:34", "text": "us to the last point which is ethics."}, {"start": "00:10:34", "end": "00:10:35", "text": "You know, if you want an ethical"}, {"start": "00:10:35", "end": "00:10:40", "text": "monetary network like like"}, {"start": "00:10:40", "end": "00:10:42", "text": "do you want to trust all your money in a"}, {"start": "00:10:42", "end": "00:10:45", "text": "bank run by three people that you know"}, {"start": "00:10:45", "end": "00:10:47", "text": "or do you want to trust all your money"}, {"start": "00:10:47", "end": "00:10:49", "text": "in a bank that's collectively owned by"}, {"start": "00:10:49", "end": "00:10:52", "text": "humanity where nobody in the human race"}, {"start": "00:10:52", "end": "00:10:54", "text": "can possibly"}, {"start": "00:10:54", "end": "00:10:56", "text": "hack the bank? And it's a it's it's one"}, {"start": "00:10:56", "end": "00:10:59", "text": "of them is a protocol beyond the reach"}, {"start": "00:10:59", "end": "00:11:02", "text": "of any individual, any corporation,"}, {"start": "00:11:02", "end": "00:11:05", "text": "any government. You Bitcoin is is a"}, {"start": "00:11:05", "end": "00:11:10", "text": "system so d so diffuse that no one"}, {"start": "00:11:10", "end": "00:11:12", "text": "entity or person is systemically"}, {"start": "00:11:12", "end": "00:11:14", "text": "important or influential,"}, {"start": "00:11:14", "end": "00:11:17", "text": "right? Whereas whereas Ethereum or any"}, {"start": "00:11:17", "end": "00:11:19", "text": "of these other proof ofstake protocols,"}, {"start": "00:11:19", "end": "00:11:20", "text": "if there's a company, if there's a"}, {"start": "00:11:20", "end": "00:11:22", "text": "founder, if there's an engineering team,"}, {"start": "00:11:22", "end": "00:11:24", "text": "if you can identify them, then they can"}, {"start": "00:11:24", "end": "00:11:28", "text": "change it. And and the ability to change"}, {"start": "00:11:28", "end": "00:11:31", "text": "the network undermines the integrity and"}, {"start": "00:11:31", "end": "00:11:33", "text": "the security"}, {"start": "00:11:33", "end": "00:11:36", "text": "and the immutability of the network."}, {"start": "00:11:36", "end": "00:11:39", "text": "The one thing you want with a monetary"}, {"start": "00:11:39", "end": "00:11:42", "text": "network is you want to know that a 100"}, {"start": "00:11:42", "end": "00:11:45", "text": "years from now, 500 years from now, a"}, {"start": "00:11:45", "end": "00:11:48", "text": "thousand years from now, the network's"}, {"start": "00:11:48", "end": "00:11:50", "text": "going to maintain its integrity. And if"}, {"start": "00:11:50", "end": "00:11:53", "text": "it relies upon any individual action,"}, {"start": "00:11:53", "end": "00:11:55", "text": "you've already failed. That's why, for"}, {"start": "00:11:55", "end": "00:11:59", "text": "example, you speak English"}, {"start": "00:11:59", "end": "00:12:01", "text": "and you don't speak the language made up"}, {"start": "00:12:01", "end": "00:12:03", "text": "by your best friend that's a little bit"}, {"start": "00:12:03", "end": "00:12:04", "text": "more efficient, that's got special words"}, {"start": "00:12:04", "end": "00:12:08", "text": "in like you're buying into a a a shared"}, {"start": "00:12:08", "end": "00:12:10", "text": "protocol of all of the smart money in"}, {"start": "00:12:10", "end": "00:12:12", "text": "the human race. And"}, {"start": "00:12:12", "end": "00:12:14", "text": "and the smart idea, if you study"}, {"start": "00:12:14", "end": "00:12:18", "text": "history, is don't trust anybody. Don't"}, {"start": "00:12:18", "end": "00:12:20", "text": "trust yourself, right? Like you could"}, {"start": "00:12:20", "end": "00:12:22", "text": "you could say, \"Michael, would you"}, {"start": "00:12:22", "end": "00:12:24", "text": "rather invest in a network where you"}, {"start": "00:12:24", "end": "00:12:27", "text": "control them?\" I'm like, \"No, right. I'm"}, {"start": "00:12:27", "end": "00:12:29", "text": "the weak link, right? We're all the weak"}, {"start": "00:12:29", "end": "00:12:31", "text": "link at the end of the day.\" So, you"}, {"start": "00:12:31", "end": "00:12:35", "text": "want to you want to um to put your"}, {"start": "00:12:35", "end": "00:12:38", "text": "energy and your support behind a network"}, {"start": "00:12:38", "end": "00:12:40", "text": "which transcends"}, {"start": "00:12:40", "end": "00:12:43", "text": "any institution. That's what secures"}, {"start": "00:12:43", "end": "00:12:45", "text": "you. That's what makes it, you know,"}, {"start": "00:12:45", "end": "00:12:50", "text": "safe and and economically sound."}]

[{"start": "00:00:00", "end": "00:00:02", "text": "So, at the recent Eastern Economic Forum"}, {"start": "00:00:02", "end": "00:00:05", "text": "in Russia, one of Vladimir Putin's"}, {"start": "00:00:05", "end": "00:00:07", "text": "closest advisers said something that got"}, {"start": "00:00:07", "end": "00:00:11", "text": "a lot of attention."}, {"start": "00:00:21", "end": "00:00:24", "text": "He said the United States is preparing"}, {"start": "00:00:24", "end": "00:00:26", "text": "to use crypto and stable coins to"}, {"start": "00:00:26", "end": "00:00:31", "text": "secretly devalue its entire $37 trillion"}, {"start": "00:00:31", "end": "00:00:34", "text": "debt."}, {"start": "00:00:44", "end": "00:00:46", "text": "He says the United States is plotting to"}, {"start": "00:00:46", "end": "00:00:49", "text": "put that debt into a crypto cloud which"}, {"start": "00:00:49", "end": "00:00:52", "text": "would reset the system. Basically"}, {"start": "00:00:52", "end": "00:00:53", "text": "leaving the rest of the world just"}, {"start": "00:00:53", "end": "00:00:56", "text": "holding the bag. Now this might sound"}, {"start": "00:00:56", "end": "00:00:59", "text": "like some crazy theory, but a version of"}, {"start": "00:00:59", "end": "00:01:00", "text": "this story has been said before by"}, {"start": "00:01:00", "end": "00:01:02", "text": "billionaire CEO of Micro Strategy,"}, {"start": "00:01:02", "end": "00:01:05", "text": "Michael Sailor. He actually advised"}, {"start": "00:01:05", "end": "00:01:08", "text": "President Trump to quote, \"Dump all the"}, {"start": "00:01:08", "end": "00:01:10", "text": "US gold and buy Bitcoin."}, {"start": "00:01:10", "end": "00:01:12", "text": "Dump your gold. Sell all the US gold."}, {"start": "00:01:12", "end": "00:01:14", "text": "Buy Bitcoin. Then the trade is free"}, {"start": "00:01:14", "end": "00:01:17", "text": "because you could buy 5 million Bitcoin"}, {"start": "00:01:17", "end": "00:01:19", "text": "for the cost of the gold. You will"}, {"start": "00:01:19", "end": "00:01:22", "text": "demonetize the entire gold asset class"}, {"start": "00:01:22", "end": "00:01:25", "text": "and our enemies hold gold in their"}, {"start": "00:01:25", "end": "00:01:28", "text": "banks. So their assets would go to zero."}, {"start": "00:01:28", "end": "00:01:32", "text": "Our assets would go to hundred trillion."}, {"start": "00:01:32", "end": "00:01:34", "text": "and we would control the world's reserve"}, {"start": "00:01:34", "end": "00:01:36", "text": "capital network as well as the world's"}, {"start": "00:01:36", "end": "00:01:37", "text": "reserve currency network."}, {"start": "00:01:37", "end": "00:01:40", "text": "The $37 trillion question though is is"}, {"start": "00:01:40", "end": "00:01:42", "text": "how realistic is this? And would this"}, {"start": "00:01:42", "end": "00:01:44", "text": "actually work? Because I think the"}, {"start": "00:01:44", "end": "00:01:47", "text": "answer is it's not just going to work."}, {"start": "00:01:47", "end": "00:01:49", "text": "It's going to be inevitable and I think"}, {"start": "00:01:49", "end": "00:01:51", "text": "it's going to happen. Not exactly in"}, {"start": "00:01:51", "end": "00:01:53", "text": "that way, but that's what I'm going to"}, {"start": "00:01:53", "end": "00:01:55", "text": "help explain in today's video. I want to"}, {"start": "00:01:55", "end": "00:01:57", "text": "show you what Putin's adviser exactly"}, {"start": "00:01:57", "end": "00:02:01", "text": "said and how the US will devalue its $37"}, {"start": "00:02:01", "end": "00:02:03", "text": "trillion worth of debt with stable coins"}, {"start": "00:02:03", "end": "00:02:06", "text": "and Bitcoin. It's a really interesting"}, {"start": "00:02:06", "end": "00:02:08", "text": "story. So with that said, let's get into"}, {"start": "00:02:08", "end": "00:02:10", "text": "it. Hi, my name is Hri Jick. Hope you're"}, {"start": "00:02:10", "end": "00:02:12", "text": "doing well. Come for the finance and"}, {"start": "00:02:12", "end": "00:02:14", "text": "stay for the Bitcoin. So, okay, first"}, {"start": "00:02:14", "end": "00:02:16", "text": "question is who is the person that said"}, {"start": "00:02:16", "end": "00:02:19", "text": "all this? Now his name is Anton Kobyakov"}, {"start": "00:02:19", "end": "00:02:23", "text": "and he is the senior adviser to Russia's"}, {"start": "00:02:23", "end": "00:02:25", "text": "president Vladimir Putin and he's been"}, {"start": "00:02:25", "end": "00:02:27", "text": "in that job for over a decade. He"}, {"start": "00:02:27", "end": "00:02:29", "text": "basically helps with Russia's messaging"}, {"start": "00:02:29", "end": "00:02:32", "text": "at big events like the Eastern Economic"}, {"start": "00:02:32", "end": "00:02:35", "text": "Forum. Now in his speech he said that"}, {"start": "00:02:35", "end": "00:02:37", "text": "the US is trying to rewrite the rules of"}, {"start": "00:02:37", "end": "00:02:40", "text": "the gold and crypto markets and that the"}, {"start": "00:02:40", "end": "00:02:42", "text": "ultimate goal of the United States is to"}, {"start": "00:02:42", "end": "00:02:44", "text": "push the whole world into what he called"}, {"start": "00:02:44", "end": "00:02:46", "text": "the crypto cloud. And once the world is"}, {"start": "00:02:46", "end": "00:02:49", "text": "there, he says it's going to move its"}, {"start": "00:02:49", "end": "00:02:53", "text": "huge $37 trillion worth of national debt"}, {"start": "00:02:53", "end": "00:02:55", "text": "into assets like stable coins and then"}, {"start": "00:02:55", "end": "00:02:58", "text": "devalue it, which would essentially wipe"}, {"start": "00:02:58", "end": "00:03:01", "text": "the slate clean. Okay, second question"}, {"start": "00:03:01", "end": "00:03:04", "text": "then is what does it actually mean to"}, {"start": "00:03:04", "end": "00:03:07", "text": "devalue the debt and how does that work?"}, {"start": "00:03:07", "end": "00:03:11", "text": "So here goes. Imagine that the whole"}, {"start": "00:03:11", "end": "00:03:15", "text": "world is just worth this $100 bill."}, {"start": "00:03:15", "end": "00:03:17", "text": "Let's say I borrow all of it, right?"}, {"start": "00:03:17", "end": "00:03:20", "text": "Every single dollar. And now I owe and I"}, {"start": "00:03:20", "end": "00:03:22", "text": "have to pay it back. The problem is"}, {"start": "00:03:22", "end": "00:03:25", "text": "paying it back the hard way means I have"}, {"start": "00:03:25", "end": "00:03:28", "text": "to pay it back and give it back, right?"}, {"start": "00:03:28", "end": "00:03:31", "text": "But luckily, I have a special superpower"}, {"start": "00:03:31", "end": "00:03:33", "text": "because I control the world reserve"}, {"start": "00:03:33", "end": "00:03:36", "text": "currency. So instead of repaying it back"}, {"start": "00:03:36", "end": "00:03:40", "text": "with the same $100 bill I just borrowed,"}, {"start": "00:03:40", "end": "00:03:43", "text": "I could just create another $100 bill"}, {"start": "00:03:43", "end": "00:03:46", "text": "out of thin air. Well, now the world"}, {"start": "00:03:46", "end": "00:03:50", "text": "doesn't just have $100 in circulation"}, {"start": "00:03:50", "end": "00:03:52", "text": "anymore. It now has $200, which is now"}, {"start": "00:03:52", "end": "00:03:55", "text": "trying to buy all the same things in the"}, {"start": "00:03:55", "end": "00:03:58", "text": "world cuz we didn't make more stuff. So"}, {"start": "00:03:58", "end": "00:04:01", "text": "what happens next? The price of all"}, {"start": "00:04:01", "end": "00:04:04", "text": "those things goes up, right? Things like"}, {"start": "00:04:04", "end": "00:04:07", "text": "real estate, stocks, gold, especially"}, {"start": "00:04:07", "end": "00:04:09", "text": "the things everybody wants, they all go"}, {"start": "00:04:09", "end": "00:04:11", "text": "up. The groceries you used to pay a"}, {"start": "00:04:11", "end": "00:04:14", "text": "dollar for now costs, too. Everything"}, {"start": "00:04:14", "end": "00:04:16", "text": "becomes more expensive because again,"}, {"start": "00:04:16", "end": "00:04:18", "text": "the supply of money doubled, but the"}, {"start": "00:04:18", "end": "00:04:21", "text": "supply of stuff stayed the same. That's"}, {"start": "00:04:21", "end": "00:04:24", "text": "inflation. Now, when I go to give you"}, {"start": "00:04:24", "end": "00:04:27", "text": "back your $100, it looks like I just"}, {"start": "00:04:27", "end": "00:04:31", "text": "repaid you back in full. But in reality,"}, {"start": "00:04:31", "end": "00:04:34", "text": "I cheated because now your $100 bill"}, {"start": "00:04:34", "end": "00:04:36", "text": "doesn't buy you the same amount of stuff"}, {"start": "00:04:36", "end": "00:04:40", "text": "because I diluted the money. So it now"}, {"start": "00:04:40", "end": "00:04:44", "text": "only buys you half as much. I devalued"}, {"start": "00:04:44", "end": "00:04:46", "text": "the debt. Now, what most people don't"}, {"start": "00:04:46", "end": "00:04:50", "text": "realize though is that this is literally"}, {"start": "00:04:50", "end": "00:04:52", "text": "the oldest trick in the book. And in a"}, {"start": "00:04:52", "end": "00:04:54", "text": "lot of ways, it's how the United States"}, {"start": "00:04:54", "end": "00:04:57", "text": "has been paying for its debt this whole"}, {"start": "00:04:57", "end": "00:05:01", "text": "time. Devaluing doesn't mean defaulting."}, {"start": "00:05:01", "end": "00:05:03", "text": "It doesn't mean not paying back. It"}, {"start": "00:05:03", "end": "00:05:06", "text": "means to lower the real value of that"}, {"start": "00:05:06", "end": "00:05:09", "text": "debt through inflation or currency"}, {"start": "00:05:09", "end": "00:05:12", "text": "manipulation. And this has happened over"}, {"start": "00:05:12", "end": "00:05:15", "text": "and over again throughout time after"}, {"start": "00:05:15", "end": "00:05:17", "text": "World War II, during the inflationary"}, {"start": "00:05:17", "end": "00:05:20", "text": "1970s, and even more recently after the"}, {"start": "00:05:20", "end": "00:05:23", "text": "pandemic when we created a ton of new"}, {"start": "00:05:23", "end": "00:05:25", "text": "money and then everything went up in"}, {"start": "00:05:25", "end": "00:05:28", "text": "price, right? more dollars chasing the"}, {"start": "00:05:28", "end": "00:05:31", "text": "same amount of stuff. So when Russia's"}, {"start": "00:05:31", "end": "00:05:34", "text": "advisor says that the US might use"}, {"start": "00:05:34", "end": "00:05:37", "text": "crypto to devalue its debt, he's not"}, {"start": "00:05:37", "end": "00:05:39", "text": "telling us anything new, right? He's"}, {"start": "00:05:39", "end": "00:05:40", "text": "describing something the US has been"}, {"start": "00:05:40", "end": "00:05:44", "text": "doing for a really long time now. If you"}, {"start": "00:05:44", "end": "00:05:47", "text": "take that same trick I just explained"}, {"start": "00:05:47", "end": "00:05:49", "text": "and you push it out to the rest of the"}, {"start": "00:05:49", "end": "00:05:52", "text": "world, that's what stable coins let you"}, {"start": "00:05:52", "end": "00:05:54", "text": "do. And just to be clear, this isn't"}, {"start": "00:05:54", "end": "00:05:57", "text": "literally exchanging the 37 trillion"}, {"start": "00:05:57", "end": "00:06:00", "text": "into stable coins. It's using dollar"}, {"start": "00:06:00", "end": "00:06:02", "text": "pegged stable coins backed by treasuries"}, {"start": "00:06:02", "end": "00:06:05", "text": "to spread liabilities globally. When"}, {"start": "00:06:05", "end": "00:06:07", "text": "those dollars are inflated, the loss"}, {"start": "00:06:07", "end": "00:06:09", "text": "gets shared by anyone holding the"}, {"start": "00:06:09", "end": "00:06:11", "text": "tokens, but we'll get into that later."}, {"start": "00:06:11", "end": "00:06:12", "text": "But also, speaking of integrating stable"}, {"start": "00:06:12", "end": "00:06:14", "text": "coins into everyday life, did you know"}, {"start": "00:06:14", "end": "00:06:16", "text": "that it's possible to earn what I think"}, {"start": "00:06:16", "end": "00:06:18", "text": "will be the future world reserve asset"}, {"start": "00:06:18", "end": "00:06:20", "text": "without ever buying it? That's what I've"}, {"start": "00:06:20", "end": "00:06:21", "text": "been doing with the Bitcoin credit card"}, {"start": "00:06:21", "end": "00:06:23", "text": "by Gemini, which is today's sponsor, and"}, {"start": "00:06:23", "end": "00:06:24", "text": "it's a card I've been using for a while"}, {"start": "00:06:24", "end": "00:06:26", "text": "now. All opinions are my own and were"}, {"start": "00:06:26", "end": "00:06:29", "text": "not influenced by Gemini. I use it like"}, {"start": "00:06:29", "end": "00:06:31", "text": "any other regular credit card for gas,"}, {"start": "00:06:31", "end": "00:06:33", "text": "groceries, and I earn Bitcoin every time"}, {"start": "00:06:33", "end": "00:06:34", "text": "I use it. It has no annual fee, and you"}, {"start": "00:06:34", "end": "00:06:36", "text": "can see rates and fees in the"}, {"start": "00:06:36", "end": "00:06:37", "text": "description for more info, but this card"}, {"start": "00:06:37", "end": "00:06:40", "text": "gives you up to 4% back in over 50"}, {"start": "00:06:40", "end": "00:06:41", "text": "cryptocurrencies instantly. You can"}, {"start": "00:06:41", "end": "00:06:43", "text": "choose which one you want. Personally, I"}, {"start": "00:06:43", "end": "00:06:46", "text": "have it set to Bitcoin. That's 4% on"}, {"start": "00:06:46", "end": "00:06:48", "text": "gas, transit, and ride share, 3% on"}, {"start": "00:06:48", "end": "00:06:50", "text": "dining, 2% on groceries, and 1% for"}, {"start": "00:06:50", "end": "00:06:52", "text": "everything else. It's a Mastercard World"}, {"start": "00:06:52", "end": "00:06:54", "text": "Elite, and I've used it internationally"}, {"start": "00:06:54", "end": "00:06:56", "text": "with no issues. And every time I use it,"}, {"start": "00:06:56", "end": "00:06:58", "text": "it adds Bitcoin to my portfolio, which I"}, {"start": "00:06:58", "end": "00:06:59", "text": "plan to hold for the long run. And the"}, {"start": "00:06:59", "end": "00:07:01", "text": "best part is that you're investing as"}, {"start": "00:07:01", "end": "00:07:04", "text": "you spend. In fact, according to Gemini,"}, {"start": "00:07:04", "end": "00:07:05", "text": "card holders who earned and held their"}, {"start": "00:07:05", "end": "00:07:07", "text": "Bitcoin for 1 year saw an average"}, {"start": "00:07:07", "end": "00:07:10", "text": "appreciation of 176%. And those are not"}, {"start": "00:07:10", "end": "00:07:12", "text": "your typical credit card points. So, if"}, {"start": "00:07:12", "end": "00:07:13", "text": "you're interested, click the link in the"}, {"start": "00:07:13", "end": "00:07:16", "text": "description or go to gemini.com/andre"}, {"start": "00:07:16", "end": "00:07:18", "text": "and get $200 in Bitcoin when you spend"}, {"start": "00:07:18", "end": "00:07:21", "text": "$3,000 in your first 90 days. Thank you,"}, {"start": "00:07:21", "end": "00:07:23", "text": "Gemini, for sponsoring this segment. And"}, {"start": "00:07:23", "end": "00:07:25", "text": "now, let's get back to it. But now,"}, {"start": "00:07:25", "end": "00:07:27", "text": "here's arguably the most important thing"}, {"start": "00:07:27", "end": "00:07:29", "text": "you'll ever understand about the"}, {"start": "00:07:29", "end": "00:07:31", "text": "economy. And this is credit to Jeff"}, {"start": "00:07:31", "end": "00:07:33", "text": "Booth for this one. Just remember this"}, {"start": "00:07:33", "end": "00:07:35", "text": "all the time."}, {"start": "00:07:35", "end": "00:07:39", "text": "The natural state of the economy is"}, {"start": "00:07:39", "end": "00:07:42", "text": "deflationary. So, what does that mean?"}, {"start": "00:07:42", "end": "00:07:45", "text": "Well, it means if the amount of money in"}, {"start": "00:07:45", "end": "00:07:48", "text": "the entire world stayed the same, like"}, {"start": "00:07:48", "end": "00:07:51", "text": "let's say there was only ever this $100"}, {"start": "00:07:51", "end": "00:07:54", "text": "bill in the entire world, right? And it"}, {"start": "00:07:54", "end": "00:07:57", "text": "was always that amount. Over time, as"}, {"start": "00:07:57", "end": "00:08:00", "text": "technology gets more efficient, as we"}, {"start": "00:08:00", "end": "00:08:02", "text": "get better and better at making stuff,"}, {"start": "00:08:02", "end": "00:08:04", "text": "the price of everything would naturally"}, {"start": "00:08:04", "end": "00:08:07", "text": "go down. Things would get cheaper"}, {"start": "00:08:07", "end": "00:08:10", "text": "because productivity goes up. But the"}, {"start": "00:08:10", "end": "00:08:14", "text": "money supply stays the same. That is the"}, {"start": "00:08:14", "end": "00:08:16", "text": "natural order of the universe. It's"}, {"start": "00:08:16", "end": "00:08:19", "text": "decay. Things get cheaper over time. And"}, {"start": "00:08:19", "end": "00:08:21", "text": "that's how it should be. But if you"}, {"start": "00:08:21", "end": "00:08:24", "text": "think about it, that's not how the world"}, {"start": "00:08:24", "end": "00:08:26", "text": "we live in actually works for some"}, {"start": "00:08:26", "end": "00:08:29", "text": "reason. And that's because governments"}, {"start": "00:08:29", "end": "00:08:34", "text": "can make more money. And when they do,"}, {"start": "00:08:34", "end": "00:08:36", "text": "that's when you hear, \"Oh, wait a"}, {"start": "00:08:36", "end": "00:08:39", "text": "minute. gold, real estate, stocks,"}, {"start": "00:08:39", "end": "00:08:42", "text": "Bitcoin, that's hit an all-time high."}, {"start": "00:08:42", "end": "00:08:45", "text": "But the reality is it's not really that"}, {"start": "00:08:45", "end": "00:08:48", "text": "those assets are going up in price."}, {"start": "00:08:48", "end": "00:08:51", "text": "What's really happening is that the"}, {"start": "00:08:51", "end": "00:08:53", "text": "dollar is going down cuz we're making"}, {"start": "00:08:53", "end": "00:08:56", "text": "more of them. So, it now takes more of"}, {"start": "00:08:56", "end": "00:08:59", "text": "them to buy the same thing. And when the"}, {"start": "00:08:59", "end": "00:09:02", "text": "new money floods the system, all that"}, {"start": "00:09:02", "end": "00:09:05", "text": "extra liquidity, as it's called, has to"}, {"start": "00:09:05", "end": "00:09:08", "text": "find a home. It has to find a place to"}, {"start": "00:09:08", "end": "00:09:12", "text": "go so that it doesn't become worth less."}, {"start": "00:09:12", "end": "00:09:16", "text": "So, it gets put into things like real"}, {"start": "00:09:16", "end": "00:09:19", "text": "estate, stocks, gold, Bitcoin, which is"}, {"start": "00:09:19", "end": "00:09:23", "text": "also why over the long run, those assets"}, {"start": "00:09:23", "end": "00:09:26", "text": "look like they go up forever. In"}, {"start": "00:09:26", "end": "00:09:29", "text": "reality, they're just holding their"}, {"start": "00:09:29", "end": "00:09:31", "text": "purchasing power while the money that's"}, {"start": "00:09:31", "end": "00:09:34", "text": "underneath all of that gets weaker and"}, {"start": "00:09:34", "end": "00:09:39", "text": "weaker. So then the question is, what if"}, {"start": "00:09:39", "end": "00:09:42", "text": "you can expand this superpower, right?"}, {"start": "00:09:42", "end": "00:09:45", "text": "You could widen the same trick beyond"}, {"start": "00:09:45", "end": "00:09:48", "text": "the US borders. That's where stable"}, {"start": "00:09:48", "end": "00:09:51", "text": "coins come in. Okay, but hold on. If the"}, {"start": "00:09:51", "end": "00:09:54", "text": "US can already devalue its debt with"}, {"start": "00:09:54", "end": "00:09:57", "text": "regular inflation, what does it matter"}, {"start": "00:09:57", "end": "00:09:59", "text": "if it can do the same with stable coins,"}, {"start": "00:09:59", "end": "00:10:02", "text": "right? This is why Russia's adviser"}, {"start": "00:10:02", "end": "00:10:04", "text": "thinks the US will actually do this. The"}, {"start": "00:10:04", "end": "00:10:07", "text": "answer comes down to distribution and"}, {"start": "00:10:07", "end": "00:10:10", "text": "control. You see, when the US inflates"}, {"start": "00:10:10", "end": "00:10:13", "text": "the dollar, the economy starts to feel"}, {"start": "00:10:13", "end": "00:10:15", "text": "the pain right away. We all see the"}, {"start": "00:10:15", "end": "00:10:18", "text": "higher grocery bills, right? the more"}, {"start": "00:10:18", "end": "00:10:20", "text": "expensive house prices, the energy costs"}, {"start": "00:10:20", "end": "00:10:23", "text": "going up, potentially higher interest"}, {"start": "00:10:23", "end": "00:10:26", "text": "rates to cool it down, those CPI and"}, {"start": "00:10:26", "end": "00:10:27", "text": "consumer price index reports go up, and"}, {"start": "00:10:27", "end": "00:10:30", "text": "then people get upset, right? But stable"}, {"start": "00:10:30", "end": "00:10:33", "text": "coins, they change that equation because"}, {"start": "00:10:33", "end": "00:10:36", "text": "stable coins park reserves in short-term"}, {"start": "00:10:36", "end": "00:10:38", "text": "US treasuries. So, the demand for"}, {"start": "00:10:38", "end": "00:10:40", "text": "dollars and treasuries can actually go"}, {"start": "00:10:40", "end": "00:10:43", "text": "up as adoption grows, making the whole"}, {"start": "00:10:43", "end": "00:10:45", "text": "thing kind of self-reinforcing."}, {"start": "00:10:45", "end": "00:10:50", "text": "Every time someone uses USDT or USDC"}, {"start": "00:10:50", "end": "00:10:52", "text": "throughout the rest of the world,"}, {"start": "00:10:52", "end": "00:10:56", "text": "they're basically holding a digital IOU"}, {"start": "00:10:56", "end": "00:10:59", "text": "backed by US treasuries. That means they"}, {"start": "00:10:59", "end": "00:11:03", "text": "are indirectly helping fund America's"}, {"start": "00:11:03", "end": "00:11:07", "text": "debt without actually buying US"}, {"start": "00:11:07", "end": "00:11:11", "text": "treasuries. Right? So if the US devalues"}, {"start": "00:11:11", "end": "00:11:15", "text": "its debt through inflation, the burden"}, {"start": "00:11:15", "end": "00:11:18", "text": "doesn't just hit American citizens, it"}, {"start": "00:11:18", "end": "00:11:21", "text": "gets exported worldwide through the"}, {"start": "00:11:21", "end": "00:11:25", "text": "stable coin system. So inflation then"}, {"start": "00:11:25", "end": "00:11:29", "text": "becomes kind of a shared tax that stable"}, {"start": "00:11:29", "end": "00:11:32", "text": "coin holders everywhere are forced to"}, {"start": "00:11:32", "end": "00:11:35", "text": "pay because their digital dollars also"}, {"start": "00:11:35", "end": "00:11:37", "text": "lose purchasing power at the same time."}, {"start": "00:11:37", "end": "00:11:39", "text": "Now, this is also technically true of"}, {"start": "00:11:39", "end": "00:11:41", "text": "today's system because dollars are"}, {"start": "00:11:41", "end": "00:11:43", "text": "everywhere throughout the world. But"}, {"start": "00:11:43", "end": "00:11:46", "text": "this would become a much bigger market"}, {"start": "00:11:46", "end": "00:11:48", "text": "that would also exist on people's"}, {"start": "00:11:48", "end": "00:11:50", "text": "smartphones. And here's the other piece"}, {"start": "00:11:50", "end": "00:11:54", "text": "of the puzzle. Stable coins can look"}, {"start": "00:11:54", "end": "00:11:58", "text": "neutral because they could be created by"}, {"start": "00:11:58", "end": "00:12:00", "text": "private companies, not just the"}, {"start": "00:12:00", "end": "00:12:03", "text": "government. What that means is they"}, {"start": "00:12:03", "end": "00:12:06", "text": "don't carry the same political baggage"}, {"start": "00:12:06", "end": "00:12:08", "text": "that you know is associated with the"}, {"start": "00:12:08", "end": "00:12:10", "text": "Federal Reserve or the Treasury. And"}, {"start": "00:12:10", "end": "00:12:13", "text": "under the Genius Act, it says only"}, {"start": "00:12:13", "end": "00:12:16", "text": "approved issuers like banks, trust"}, {"start": "00:12:16", "end": "00:12:19", "text": "companies or non-bank firms can get"}, {"start": "00:12:19", "end": "00:12:22", "text": "special approval. They can issue"}, {"start": "00:12:22", "end": "00:12:24", "text": "regulated dollarbacked stable coins in"}, {"start": "00:12:24", "end": "00:12:28", "text": "the United States. So if Apple or Meta"}, {"start": "00:12:28", "end": "00:12:31", "text": "wanted to, they could create their own"}, {"start": "00:12:31", "end": "00:12:33", "text": "currency like Metacoin, right? All they"}, {"start": "00:12:33", "end": "00:12:36", "text": "got to do to get approval is just suck"}, {"start": "00:12:36", "end": "00:12:37", "text": "up to the president a little, right?"}, {"start": "00:12:37", "end": "00:12:39", "text": "How much are you spending uh would you"}, {"start": "00:12:39", "end": "00:12:40", "text": "say over the next few years?"}, {"start": "00:12:40", "end": "00:12:42", "text": "Um I mean I think it's probably going to"}, {"start": "00:12:42", "end": "00:12:44", "text": "be something like"}, {"start": "00:12:44", "end": "00:12:48", "text": "I don't know at least $600 billion. show"}, {"start": "00:12:48", "end": "00:12:49", "text": "your loyalty, spend a little bit of"}, {"start": "00:12:49", "end": "00:12:52", "text": "money, and that's why stable coins are"}, {"start": "00:12:52", "end": "00:12:55", "text": "going to play such a huge role in the"}, {"start": "00:12:55", "end": "00:12:58", "text": "devaluation of our debt. It's kind of"}, {"start": "00:12:58", "end": "00:13:02", "text": "CBDC level of control without the CBDC"}, {"start": "00:13:02", "end": "00:13:05", "text": "brand. Now, here's why the rest of the"}, {"start": "00:13:05", "end": "00:13:08", "text": "world wants no part in any of this. And"}, {"start": "00:13:08", "end": "00:13:10", "text": "we know it doesn't because of how much"}, {"start": "00:13:10", "end": "00:13:13", "text": "gold the world has been buying. That's"}, {"start": "00:13:13", "end": "00:13:14", "text": "what's happening to gold right now."}, {"start": "00:13:14", "end": "00:13:16", "text": "countries are like, \"We don't want your"}, {"start": "00:13:16", "end": "00:13:19", "text": "stable coins. Give us gold.\" Because it"}, {"start": "00:13:19", "end": "00:13:20", "text": "was the agreed upon standard for"}, {"start": "00:13:20", "end": "00:13:22", "text": "thousands of years. So, let's just go"}, {"start": "00:13:22", "end": "00:13:25", "text": "back to that. But why don't they want"}, {"start": "00:13:25", "end": "00:13:28", "text": "any part of this, right? It's because"}, {"start": "00:13:28", "end": "00:13:31", "text": "even though stable coins are supposed to"}, {"start": "00:13:31", "end": "00:13:34", "text": "be backed one to one by real US assets"}, {"start": "00:13:34", "end": "00:13:37", "text": "like dollars or treasuries, in theory,"}, {"start": "00:13:37", "end": "00:13:39", "text": "every single stable coin in circulation"}, {"start": "00:13:39", "end": "00:13:41", "text": "should have a real dollar or bond"}, {"start": "00:13:41", "end": "00:13:43", "text": "equivalent sitting right behind it. The"}, {"start": "00:13:43", "end": "00:13:46", "text": "problem is there's no way for a person"}, {"start": "00:13:46", "end": "00:13:49", "text": "or a foreign government to audit that"}, {"start": "00:13:49", "end": "00:13:52", "text": "claim with 100% certainty."}, {"start": "00:13:52", "end": "00:13:54", "text": "Companies like Tether and Circle release"}, {"start": "00:13:54", "end": "00:13:56", "text": "reports, but you have to trust the"}, {"start": "00:13:56", "end": "00:13:58", "text": "issuer and the auditor, and they're all"}, {"start": "00:13:58", "end": "00:14:01", "text": "mostly US-based. And when it comes to"}, {"start": "00:14:01", "end": "00:14:03", "text": "trust, especially when it comes to"}, {"start": "00:14:03", "end": "00:14:06", "text": "trillions of dollars, that's a big ask"}, {"start": "00:14:06", "end": "00:14:10", "text": "between countries. Even if one day"}, {"start": "00:14:10", "end": "00:14:11", "text": "blockchain technology makes it possible"}, {"start": "00:14:11", "end": "00:14:14", "text": "to fully audit those reserves in real"}, {"start": "00:14:14", "end": "00:14:17", "text": "time, that still doesn't really solve"}, {"start": "00:14:17", "end": "00:14:20", "text": "the bigger problem, which is that the US"}, {"start": "00:14:20", "end": "00:14:23", "text": "can always change the rules. Remember,"}, {"start": "00:14:23", "end": "00:14:24", "text": "the government once promised that"}, {"start": "00:14:24", "end": "00:14:27", "text": "dollars would always be redeemable for"}, {"start": "00:14:27", "end": "00:14:29", "text": "gold. And then in 1971, Nixon just"}, {"start": "00:14:29", "end": "00:14:32", "text": "rugpulls everyone, right? That link was"}, {"start": "00:14:32", "end": "00:14:35", "text": "cut. So from the world's perspective,"}, {"start": "00:14:35", "end": "00:14:36", "text": "that was kind of like the ultimate rule"}, {"start": "00:14:36", "end": "00:14:38", "text": "change, right? That was the promise of"}, {"start": "00:14:38", "end": "00:14:41", "text": "redemption and then just just kidding."}, {"start": "00:14:41", "end": "00:14:44", "text": "So a trust us token isn't really going"}, {"start": "00:14:44", "end": "00:14:46", "text": "to cut it. There's nothing technical"}, {"start": "00:14:46", "end": "00:14:48", "text": "that stops the US from doing the exact"}, {"start": "00:14:48", "end": "00:14:51", "text": "same thing but this time with stable"}, {"start": "00:14:51", "end": "00:14:54", "text": "coins. That's why there is so much"}, {"start": "00:14:54", "end": "00:14:56", "text": "distrust in the world about moving to"}, {"start": "00:14:56", "end": "00:14:59", "text": "this new digital system. So then the"}, {"start": "00:14:59", "end": "00:15:02", "text": "next question is will the US actually do"}, {"start": "00:15:02", "end": "00:15:04", "text": "this? Then now I actually think it's"}, {"start": "00:15:04", "end": "00:15:07", "text": "more possible maybe even inevitable that"}, {"start": "00:15:07", "end": "00:15:09", "text": "the US is already experimenting with"}, {"start": "00:15:09", "end": "00:15:12", "text": "this idea just not in the way that we"}, {"start": "00:15:12", "end": "00:15:13", "text": "hear about it. For example, Michael"}, {"start": "00:15:13", "end": "00:15:16", "text": "Sailor, he was very public, right? He's"}, {"start": "00:15:16", "end": "00:15:19", "text": "advised Donald Trump and his family that"}, {"start": "00:15:19", "end": "00:15:22", "text": "America should have a Bitcoin strategic"}, {"start": "00:15:22", "end": "00:15:25", "text": "reserve. His plan was if the US sold off"}, {"start": "00:15:25", "end": "00:15:27", "text": "all its gold and bought Bitcoin, it"}, {"start": "00:15:27", "end": "00:15:29", "text": "would crush gold prices. It would hurt"}, {"start": "00:15:29", "end": "00:15:31", "text": "competing countries like China and"}, {"start": "00:15:31", "end": "00:15:33", "text": "Russia. And at the same time, it would"}, {"start": "00:15:33", "end": "00:15:35", "text": "send Bitcoin's price way up and"}, {"start": "00:15:35", "end": "00:15:37", "text": "recapitalize America's balance sheet."}, {"start": "00:15:37", "end": "00:15:40", "text": "But in the end, that's not what ended up"}, {"start": "00:15:40", "end": "00:15:42", "text": "happening. Instead, during Trump's"}, {"start": "00:15:42", "end": "00:15:45", "text": "presidency, the idea of this US Bitcoin"}, {"start": "00:15:45", "end": "00:15:48", "text": "Reserve, it ended up being just an idea"}, {"start": "00:15:48", "end": "00:15:50", "text": "that was teased, but it was never fully"}, {"start": "00:15:50", "end": "00:15:53", "text": "something that became real. The US said"}, {"start": "00:15:53", "end": "00:15:55", "text": "it would never use taxpayer dollars to"}, {"start": "00:15:55", "end": "00:15:57", "text": "buy any Bitcoin, and it really hasn't"}, {"start": "00:15:57", "end": "00:15:59", "text": "been buying any, at least not that we"}, {"start": "00:15:59", "end": "00:16:01", "text": "know of publicly. So, I don't think it's"}, {"start": "00:16:01", "end": "00:16:03", "text": "going to happen the way Michael Sailor"}, {"start": "00:16:03", "end": "00:16:07", "text": "was advising publicly would happen. But"}, {"start": "00:16:07", "end": "00:16:10", "text": "this is where the private angle comes in"}, {"start": "00:16:10", "end": "00:16:11", "text": "because while the government might not"}, {"start": "00:16:11", "end": "00:16:14", "text": "be openly buying Bitcoin, there's a back"}, {"start": "00:16:14", "end": "00:16:16", "text": "door. There's another way this could"}, {"start": "00:16:16", "end": "00:16:19", "text": "happen behind the scenes. So, think"}, {"start": "00:16:19", "end": "00:16:22", "text": "about Micro Strategy, right? This stock."}, {"start": "00:16:22", "end": "00:16:24", "text": "The company has basically become a"}, {"start": "00:16:24", "end": "00:16:26", "text": "public Bitcoin proxy with Michael"}, {"start": "00:16:26", "end": "00:16:27", "text": "Sailor. They've been buying Bitcoin"}, {"start": "00:16:27", "end": "00:16:30", "text": "nonstop. They now hold hundreds of"}, {"start": "00:16:30", "end": "00:16:33", "text": "thousands of bitcoins. So what if"}, {"start": "00:16:33", "end": "00:16:35", "text": "instead of the US government buying"}, {"start": "00:16:35", "end": "00:16:38", "text": "Bitcoin directly and then risking global"}, {"start": "00:16:38", "end": "00:16:42", "text": "panic, what if it's easier to just let a"}, {"start": "00:16:42", "end": "00:16:44", "text": "corporation do it first? That way it"}, {"start": "00:16:44", "end": "00:16:46", "text": "doesn't look like some central bank"}, {"start": "00:16:46", "end": "00:16:48", "text": "operation and no one's really paying"}, {"start": "00:16:48", "end": "00:16:51", "text": "attention. And then later if Bitcoin"}, {"start": "00:16:51", "end": "00:16:54", "text": "really does become a strategic asset,"}, {"start": "00:16:54", "end": "00:16:57", "text": "the US government could take in and take"}, {"start": "00:16:57", "end": "00:17:00", "text": "a partial stake in Micro Strategy the"}, {"start": "00:17:00", "end": "00:17:03", "text": "same way it took 10% ownership in"}, {"start": "00:17:03", "end": "00:17:06", "text": "companies like Intel. So this precedent"}, {"start": "00:17:06", "end": "00:17:08", "text": "already exists. I mean, think about it."}, {"start": "00:17:08", "end": "00:17:11", "text": "Why would the US openly risk crashing"}, {"start": "00:17:11", "end": "00:17:13", "text": "the gold market with a trillion dollar"}, {"start": "00:17:13", "end": "00:17:15", "text": "Bitcoin purchase or or forced stable"}, {"start": "00:17:15", "end": "00:17:17", "text": "coin roll out? Why would it sell its"}, {"start": "00:17:17", "end": "00:17:20", "text": "gold if it if it still has any? Right?"}, {"start": "00:17:20", "end": "00:17:23", "text": "It's way easier and much smarter just to"}, {"start": "00:17:23", "end": "00:17:24", "text": "let private companies do the heavy"}, {"start": "00:17:24", "end": "00:17:27", "text": "lifting first. Let them experiment and"}, {"start": "00:17:27", "end": "00:17:29", "text": "then the US government could come in and"}, {"start": "00:17:29", "end": "00:17:33", "text": "adopt what's already working. That's how"}, {"start": "00:17:33", "end": "00:17:35", "text": "the US has always played the game."}, {"start": "00:17:35", "end": "00:17:37", "text": "Innovation starts privately and when it"}, {"start": "00:17:37", "end": "00:17:40", "text": "becomes way too important to ignore, it"}, {"start": "00:17:40", "end": "00:17:42", "text": "gets absorbed nationally. Right? This"}, {"start": "00:17:42", "end": "00:17:44", "text": "way it's way more subtle, way more"}, {"start": "00:17:44", "end": "00:17:47", "text": "gradual and it's kind of deniable until"}, {"start": "00:17:47", "end": "00:17:50", "text": "the day it becomes official. But the"}, {"start": "00:17:50", "end": "00:17:52", "text": "point I'm trying to make is that there's"}, {"start": "00:17:52", "end": "00:17:55", "text": "a lot of ways that this could happen and"}, {"start": "00:17:55", "end": "00:17:57", "text": "probably will happen. So, yes, the"}, {"start": "00:17:57", "end": "00:17:59", "text": "Russian adviser is 100% correct in his"}, {"start": "00:17:59", "end": "00:18:02", "text": "assumption that that's what the US will"}, {"start": "00:18:02", "end": "00:18:04", "text": "most likely do at some point in the"}, {"start": "00:18:04", "end": "00:18:06", "text": "future if it cares about solving its"}, {"start": "00:18:06", "end": "00:18:09", "text": "national debt. But whatever ends up"}, {"start": "00:18:09", "end": "00:18:11", "text": "happening, either way, I'd love to hear"}, {"start": "00:18:11", "end": "00:18:12", "text": "your thoughts. Let me know down in the"}, {"start": "00:18:12", "end": "00:18:14", "text": "comments below. I hope you have a"}, {"start": "00:18:14", "end": "00:18:15", "text": "wonderful rest of your day. Smash the"}, {"start": "00:18:15", "end": "00:18:16", "text": "like button. Subscribe if you haven't"}, {"start": "00:18:16", "end": "00:18:18", "text": "already. I'd love to see you back here"}, {"start": "00:18:18", "end": "00:18:22", "text": "next week. I'll see you soon. Bye-bye."}]

[{"start": "00:00:00", "end": "00:00:04", "text": "February 21st, 2025."}, {"start": "00:00:04", "end": "00:00:07", "text": "Benjo is sitting in his hotel room. He's"}, {"start": "00:00:07", "end": "00:00:10", "text": "reviewing a routine Ethereum transfer."}, {"start": "00:00:10", "end": "00:00:12", "text": "As the CEO of Bybit, one of the biggest"}, {"start": "00:00:12", "end": "00:00:14", "text": "crypto exchanges in the world, he does"}, {"start": "00:00:14", "end": "00:00:17", "text": "it all the time. He has a routine. He"}, {"start": "00:00:17", "end": "00:00:19", "text": "checks the sender, the wallet address,"}, {"start": "00:00:19", "end": "00:00:21", "text": "and the amount. Everything looks right."}, {"start": "00:00:21", "end": "00:00:24", "text": "He hits confirm and approves the"}, {"start": "00:00:24", "end": "00:00:25", "text": "transfer."}, {"start": "00:00:25", "end": "00:00:28", "text": "Ben doesn't know it yet, but he has just"}, {"start": "00:00:28", "end": "00:00:31", "text": "sent $1.5 billion to the wallets of some"}, {"start": "00:00:31", "end": "00:00:34", "text": "of the most wanted hackers on the"}, {"start": "00:00:34", "end": "00:00:36", "text": "planet. Hackers who will use it to"}, {"start": "00:00:36", "end": "00:00:39", "text": "finance weapons of mass destruction."}, {"start": "00:00:39", "end": "00:00:42", "text": "This is the story of the biggest cyber"}, {"start": "00:00:42", "end": "00:00:46", "text": "hack in history."}, {"start": "00:00:55", "end": "00:00:59", "text": "Founded in 2018, Bybit grew fast. By"}, {"start": "00:00:59", "end": "00:01:03", "text": "2025, it had over 60 million users and"}, {"start": "00:01:03", "end": "00:01:05", "text": "was the second largest crypto platform"}, {"start": "00:01:05", "end": "00:01:07", "text": "in the world. Every day, it processed"}, {"start": "00:01:07", "end": "00:01:10", "text": "more than $3.5 billion in transactions"}, {"start": "00:01:10", "end": "00:01:13", "text": "across everything from Bitcoin to"}, {"start": "00:01:13", "end": "00:01:15", "text": "obscure altcoins. To protect all that"}, {"start": "00:01:15", "end": "00:01:18", "text": "money, Bybit relied on strict internal"}, {"start": "00:01:18", "end": "00:01:21", "text": "security. Most assets were kept in cold"}, {"start": "00:01:21", "end": "00:01:23", "text": "wallets offline, isolated from the"}, {"start": "00:01:23", "end": "00:01:25", "text": "internet. Routine transfers needed"}, {"start": "00:01:25", "end": "00:01:28", "text": "multi- signature approval. That means"}, {"start": "00:01:28", "end": "00:01:30", "text": "several top layer executives had to sign"}, {"start": "00:01:30", "end": "00:01:33", "text": "off before funds could move. It wasn't a"}, {"start": "00:01:33", "end": "00:01:36", "text": "perfect system. No system is, but it"}, {"start": "00:01:36", "end": "00:01:39", "text": "worked for 8 years at least. And on that"}, {"start": "00:01:39", "end": "00:01:41", "text": "February morning, it still wasn't"}, {"start": "00:01:41", "end": "00:01:43", "text": "enough. Despite what movies might tell"}, {"start": "00:01:43", "end": "00:01:46", "text": "you, stealing money online doesn't mean"}, {"start": "00:01:46", "end": "00:01:48", "text": "typing fast and breaking into firewalls."}, {"start": "00:01:48", "end": "00:01:50", "text": "You don't even have to hack the target"}, {"start": "00:01:50", "end": "00:01:53", "text": "directly. That's not what happened to"}, {"start": "00:01:53", "end": "00:01:55", "text": "Bybit. The hackers breached one of the"}, {"start": "00:01:55", "end": "00:01:58", "text": "company's trusted software providers,"}, {"start": "00:01:58", "end": "00:02:00", "text": "someone with access to the transaction"}, {"start": "00:02:00", "end": "00:02:02", "text": "system. Then they planted malicious code"}, {"start": "00:02:02", "end": "00:02:04", "text": "that quietly waited for the right"}, {"start": "00:02:04", "end": "00:02:06", "text": "moment. When Benjo reviewed the"}, {"start": "00:02:06", "end": "00:02:08", "text": "transfer, everything looked normal. But"}, {"start": "00:02:08", "end": "00:02:12", "text": "once he hit confirm, the code activated."}, {"start": "00:02:12", "end": "00:02:15", "text": "It swapped the real wallet address with"}, {"start": "00:02:15", "end": "00:02:17", "text": "the one controlled by the hackers. on"}, {"start": "00:02:17", "end": "00:02:20", "text": "his screen. Nothing changed, but the"}, {"start": "00:02:20", "end": "00:02:24", "text": "money, $1.5 billion dollar, was already"}, {"start": "00:02:24", "end": "00:02:26", "text": "gone. Split into hundreds of wallets in"}, {"start": "00:02:26", "end": "00:02:28", "text": "seconds. The hackers then deleted their"}, {"start": "00:02:28", "end": "00:02:31", "text": "code, wiped their tracks, and"}, {"start": "00:02:31", "end": "00:02:33", "text": "disappeared like they were never there."}, {"start": "00:02:33", "end": "00:02:37", "text": "Bybit moved fast. They offered a 10%"}, {"start": "00:02:37", "end": "00:02:39", "text": "bounty on any recovered funds. And"}, {"start": "00:02:39", "end": "00:02:41", "text": "within hours, a well-known crypto"}, {"start": "00:02:41", "end": "00:02:44", "text": "investigator named Zack XBT was on the"}, {"start": "00:02:44", "end": "00:02:46", "text": "case. He's been exposing scammers and"}, {"start": "00:02:46", "end": "00:02:50", "text": "tracing stolen crypto since 2021. Just"}, {"start": "00:02:50", "end": "00:02:52", "text": "24 hours later, he tracked down the"}, {"start": "00:02:52", "end": "00:02:55", "text": "hacker's main wallet. Bybit paid him"}, {"start": "00:02:55", "end": "00:02:58", "text": "$30,000 on the spot. Tracking where the"}, {"start": "00:02:58", "end": "00:03:00", "text": "money would end was a pretty impossible"}, {"start": "00:03:00", "end": "00:03:03", "text": "job. Within 90 minutes of the hack, the"}, {"start": "00:03:03", "end": "00:03:06", "text": "stolen crypto was broken into 40 smaller"}, {"start": "00:03:06", "end": "00:03:09", "text": "wallets, around $28 million each. Then"}, {"start": "00:03:09", "end": "00:03:11", "text": "the hackers used mixers, tools that"}, {"start": "00:03:11", "end": "00:03:13", "text": "scramble crypto across tons of"}, {"start": "00:03:13", "end": "00:03:16", "text": "addresses, making it harder to trace."}, {"start": "00:03:16", "end": "00:03:18", "text": "The coins jumped from wallet to wallet"}, {"start": "00:03:18", "end": "00:03:21", "text": "like a shell game. Still, something was"}, {"start": "00:03:21", "end": "00:03:24", "text": "off. Half the money, about $700 million,"}, {"start": "00:03:24", "end": "00:03:27", "text": "just sat there frozen, like someone got"}, {"start": "00:03:27", "end": "00:03:30", "text": "scared or was waiting for something. The"}, {"start": "00:03:30", "end": "00:03:33", "text": "longer investigators watched, the more"}, {"start": "00:03:33", "end": "00:03:36", "text": "it all looked familiar. Same patterns,"}, {"start": "00:03:36", "end": "00:03:38", "text": "same tricks, same wallet history."}, {"start": "00:03:38", "end": "00:03:40", "text": "Whoever pulled this off had done it"}, {"start": "00:03:40", "end": "00:03:43", "text": "before, and every clue was pointing to"}, {"start": "00:03:43", "end": "00:03:45", "text": "the same place."}, {"start": "00:03:45", "end": "00:03:47", "text": "Most people's idea of North Korea comes"}, {"start": "00:03:47", "end": "00:03:50", "text": "from movies like The Interview or Team"}, {"start": "00:03:50", "end": "00:03:52", "text": "America. The country and its leaders are"}, {"start": "00:03:52", "end": "00:03:55", "text": "often viewed as nothing more than memes,"}, {"start": "00:03:55", "end": "00:03:57", "text": "walking punchlines. But behind those"}, {"start": "00:03:57", "end": "00:04:00", "text": "jokes is a real country. A country that"}, {"start": "00:04:00", "end": "00:04:03", "text": "can be really dangerous and one that's"}, {"start": "00:04:03", "end": "00:04:06", "text": "armed to the teeth. With almost no"}, {"start": "00:04:06", "end": "00:04:08", "text": "exports and no foreign investment, the"}, {"start": "00:04:08", "end": "00:04:12", "text": "regime needed cash fast. So, it turned"}, {"start": "00:04:12", "end": "00:04:14", "text": "to crime, weapon sales, drug"}, {"start": "00:04:14", "end": "00:04:16", "text": "trafficking, counterfeit dollars so"}, {"start": "00:04:16", "end": "00:04:19", "text": "perfect they managed to fool banks. For"}, {"start": "00:04:19", "end": "00:04:22", "text": "a while, it worked. But international"}, {"start": "00:04:22", "end": "00:04:24", "text": "sanctions tightened. Smuggling routes"}, {"start": "00:04:24", "end": "00:04:27", "text": "dried up. The money started running out."}, {"start": "00:04:27", "end": "00:04:30", "text": "So, the regime pivoted. away from"}, {"start": "00:04:30", "end": "00:04:32", "text": "forgery towards something easier to hide"}, {"start": "00:04:32", "end": "00:04:35", "text": "and harder to trace, cyber crime."}, {"start": "00:04:35", "end": "00:04:38", "text": "Hacking would become their new lifeline."}, {"start": "00:04:38", "end": "00:04:41", "text": "And they were just getting started. A"}, {"start": "00:04:41", "end": "00:04:43", "text": "hacker doesn't wake up one day and start"}, {"start": "00:04:43", "end": "00:04:46", "text": "fishing crypto wallets. It takes years"}, {"start": "00:04:46", "end": "00:04:49", "text": "of work. But most hackers start learning"}, {"start": "00:04:49", "end": "00:04:51", "text": "all alone in the privacy of their own"}, {"start": "00:04:51", "end": "00:04:54", "text": "room. Not in North Korea. If a child"}, {"start": "00:04:54", "end": "00:04:57", "text": "shows promise in math or science, the"}, {"start": "00:04:57", "end": "00:05:00", "text": "government takes notice, not with"}, {"start": "00:05:00", "end": "00:05:03", "text": "praise, just quiet notes, silent"}, {"start": "00:05:03", "end": "00:05:07", "text": "tracking, small nudges toward a very"}, {"start": "00:05:07", "end": "00:05:10", "text": "specific future. They're moved into"}, {"start": "00:05:10", "end": "00:05:14", "text": "elite schools like Kim II Sun University"}, {"start": "00:05:14", "end": "00:05:18", "text": "or Kimch Tech. These places don't teach"}, {"start": "00:05:18", "end": "00:05:21", "text": "kids how to get jobs. They teach them"}, {"start": "00:05:21", "end": "00:05:24", "text": "how to breach networks, plan malware,"}, {"start": "00:05:24", "end": "00:05:27", "text": "and vanish without a trace. Some"}, {"start": "00:05:27", "end": "00:05:30", "text": "students get sent abroad. Others stay"}, {"start": "00:05:30", "end": "00:05:33", "text": "under constant watch. Everyone's"}, {"start": "00:05:33", "end": "00:05:36", "text": "performance is monitored."}, {"start": "00:05:36", "end": "00:05:38", "text": "By the time training is done, these"}, {"start": "00:05:38", "end": "00:05:40", "text": "students are full-time government"}, {"start": "00:05:40", "end": "00:05:42", "text": "agents, ready to break into some of the"}, {"start": "00:05:42", "end": "00:05:45", "text": "world's most secure systems, sometimes"}, {"start": "00:05:45", "end": "00:05:49", "text": "for the strangest reasons. Lazarus Group"}, {"start": "00:05:49", "end": "00:05:51", "text": "operates under North Korea's military"}, {"start": "00:05:51", "end": "00:05:54", "text": "intelligence. Their job might be"}, {"start": "00:05:54", "end": "00:05:57", "text": "complex, but the mission is simple."}, {"start": "00:05:57", "end": "00:06:00", "text": "Breach networks, steal as much money as"}, {"start": "00:06:00", "end": "00:06:02", "text": "possible, and funnel it back to the"}, {"start": "00:06:02", "end": "00:06:03", "text": "regime."}, {"start": "00:06:03", "end": "00:06:06", "text": "They started small, targeting banks,"}, {"start": "00:06:06", "end": "00:06:08", "text": "government agencies, and financial"}, {"start": "00:06:08", "end": "00:06:10", "text": "institutions."}, {"start": "00:06:10", "end": "00:06:14", "text": "But in 2014, they hit something much"}, {"start": "00:06:14", "end": "00:06:15", "text": "bigger."}, {"start": "00:06:15", "end": "00:06:18", "text": "That year, Sony Pictures was attacked."}, {"start": "00:06:18", "end": "00:06:21", "text": "Hackers wiped terabytes of data, leaked"}, {"start": "00:06:21", "end": "00:06:23", "text": "thousands of private emails, and"}, {"start": "00:06:23", "end": "00:06:25", "text": "demanded that a movie be pulled from"}, {"start": "00:06:25", "end": "00:06:28", "text": "theaters. The damage was so severe that"}, {"start": "00:06:28", "end": "00:06:32", "text": "Sony had to rebuild its entire IT system"}, {"start": "00:06:32", "end": "00:06:34", "text": "from scratch."}, {"start": "00:06:34", "end": "00:06:37", "text": "After Sony, the group shifted its focus."}, {"start": "00:06:37", "end": "00:06:39", "text": "They weren't just trying to create chaos"}, {"start": "00:06:39", "end": "00:06:43", "text": "anymore. They were after money. Between"}, {"start": "00:06:43", "end": "00:06:47", "text": "January 2023 and December 2024, the"}, {"start": "00:06:47", "end": "00:06:50", "text": "Lazarus Group stole over $2 billion in"}, {"start": "00:06:50", "end": "00:06:54", "text": "67 separate incidents. That's nearly 60%"}, {"start": "00:06:54", "end": "00:06:57", "text": "of all crypto stolen by cyber criminals"}, {"start": "00:06:57", "end": "00:07:00", "text": "during that 2-year span. They don't use"}, {"start": "00:07:00", "end": "00:07:03", "text": "brute force. They don't need to. Fake"}, {"start": "00:07:03", "end": "00:07:05", "text": "job offers get them inside companies."}, {"start": "00:07:05", "end": "00:07:07", "text": "Fishing scams trick employees into"}, {"start": "00:07:07", "end": "00:07:10", "text": "handing over credentials. Sometimes they"}, {"start": "00:07:10", "end": "00:07:13", "text": "just drop a USB stick and let someone"}, {"start": "00:07:13", "end": "00:07:17", "text": "else do the work. Banks, crypto firms,"}, {"start": "00:07:17", "end": "00:07:20", "text": "and entire economies have lost billions,"}, {"start": "00:07:20", "end": "00:07:23", "text": "and it's not sitting in vaults. It's"}, {"start": "00:07:23", "end": "00:07:27", "text": "being spent on missiles, weapons, and"}, {"start": "00:07:27", "end": "00:07:28", "text": "warheads."}, {"start": "00:07:28", "end": "00:07:30", "text": "Sanctions can hurt a totalitarian"}, {"start": "00:07:30", "end": "00:07:33", "text": "regime, but North Korea doesn't just sit"}, {"start": "00:07:33", "end": "00:07:36", "text": "back and take it. For decades, Pyongyang"}, {"start": "00:07:36", "end": "00:07:38", "text": "built a network of shell companies,"}, {"start": "00:07:38", "end": "00:07:42", "text": "middlemen, and secret trade routes."}, {"start": "00:07:42", "end": "00:07:44", "text": "Shipments labeled as farm equipment or"}, {"start": "00:07:44", "end": "00:07:46", "text": "medical supplies often turn out to be"}, {"start": "00:07:46", "end": "00:07:50", "text": "missile parts. A 2024 investigation"}, {"start": "00:07:50", "end": "00:07:53", "text": "found Westernmade microchips inside"}, {"start": "00:07:53", "end": "00:07:55", "text": "North Korean missiles. They didn't come"}, {"start": "00:07:55", "end": "00:07:58", "text": "directly from the US or Europe. They"}, {"start": "00:07:58", "end": "00:08:00", "text": "passed through China, Russia, and"}, {"start": "00:08:00", "end": "00:08:03", "text": "Southeast Asia, then slipped into"}, {"start": "00:08:03", "end": "00:08:05", "text": "Pyongyang."}, {"start": "00:08:05", "end": "00:08:07", "text": "Most of these parts were first sold to"}, {"start": "00:08:07", "end": "00:08:10", "text": "legal buyers and then resold on the"}, {"start": "00:08:10", "end": "00:08:12", "text": "black market with forged paperwork"}, {"start": "00:08:12", "end": "00:08:15", "text": "hiding their true destination."}, {"start": "00:08:15", "end": "00:08:17", "text": "And North Korea isn't just building for"}, {"start": "00:08:17", "end": "00:08:20", "text": "itself. Weapons from Pyongyang have been"}, {"start": "00:08:20", "end": "00:08:24", "text": "found in Ukraine, Yemen, and Syria. In"}, {"start": "00:08:24", "end": "00:08:26", "text": "return, Russia is believed to be sending"}, {"start": "00:08:26", "end": "00:08:29", "text": "advanced tech. Cyber crime funds the"}, {"start": "00:08:29", "end": "00:08:32", "text": "whole thing. With stolen crypto, North"}, {"start": "00:08:32", "end": "00:08:34", "text": "Korea doesn't need banks. Digital"}, {"start": "00:08:34", "end": "00:08:37", "text": "currency moves instantly, fueling"}, {"start": "00:08:37", "end": "00:08:39", "text": "missile tests and weapons development"}, {"start": "00:08:39", "end": "00:08:42", "text": "without a trace. For a country under"}, {"start": "00:08:42", "end": "00:08:45", "text": "heavy sanctions, hacking has become"}, {"start": "00:08:45", "end": "00:08:47", "text": "North Korea's most effective business"}, {"start": "00:08:47", "end": "00:08:51", "text": "model. Since 2017, its cyber units have"}, {"start": "00:08:51", "end": "00:08:54", "text": "stolen over $3 billion. These aren't"}, {"start": "00:08:54", "end": "00:08:57", "text": "small jobs, just fast, well-coordinated"}, {"start": "00:08:57", "end": "00:09:00", "text": "operations that move money instantly"}, {"start": "00:09:00", "end": "00:09:03", "text": "across borders. No customs, no"}, {"start": "00:09:03", "end": "00:09:06", "text": "inspections, no airport checks."}, {"start": "00:09:06", "end": "00:09:09", "text": "The Bybit hack alone brought in $1.5"}, {"start": "00:09:09", "end": "00:09:11", "text": "billion."}, {"start": "00:09:11", "end": "00:09:13", "text": "Each successful breach props up the"}, {"start": "00:09:13", "end": "00:09:17", "text": "regime. Each digital theft turns into"}, {"start": "00:09:17", "end": "00:09:19", "text": "realworld weapons. And the longer it"}, {"start": "00:09:19", "end": "00:09:22", "text": "goes unchecked, the more damage it can"}, {"start": "00:09:22", "end": "00:09:25", "text": "do. For over 20 years, the regime has"}, {"start": "00:09:25", "end": "00:09:28", "text": "tested long range ballistic missiles."}, {"start": "00:09:28", "end": "00:09:30", "text": "Many of those early tests failed,"}, {"start": "00:09:30", "end": "00:09:33", "text": "turning Kim Jong-un into an easy"}, {"start": "00:09:33", "end": "00:09:36", "text": "punchline online. But the jokes didn't"}, {"start": "00:09:36", "end": "00:09:38", "text": "last. Their missile tech has improved"}, {"start": "00:09:38", "end": "00:09:43", "text": "fast, and one reason is simple. Money."}, {"start": "00:09:43", "end": "00:09:46", "text": "lots of it. Major hacks are often"}, {"start": "00:09:46", "end": "00:09:50", "text": "followed by major launches. In 2022,"}, {"start": "00:09:50", "end": "00:09:53", "text": "Lazarus stole $540 million from the"}, {"start": "00:09:53", "end": "00:09:57", "text": "Ronin network. Weeks later, North Korea"}, {"start": "00:09:57", "end": "00:10:00", "text": "fired a series of missiles. In 2023,"}, {"start": "00:10:00", "end": "00:10:04", "text": "they stole $660 million."}, {"start": "00:10:04", "end": "00:10:06", "text": "That same year, a record number of"}, {"start": "00:10:06", "end": "00:10:10", "text": "tests. While there's no direct evidence,"}, {"start": "00:10:10", "end": "00:10:12", "text": "US intelligence is pretty sure this"}, {"start": "00:10:12", "end": "00:10:15", "text": "isn't a coincidence. Crypto gets"}, {"start": "00:10:15", "end": "00:10:17", "text": "converted into hard currency through"}, {"start": "00:10:17", "end": "00:10:19", "text": "shadow networks in China and then"}, {"start": "00:10:19", "end": "00:10:21", "text": "funneled into North Korea's weapons"}, {"start": "00:10:21", "end": "00:10:24", "text": "program. Other countries raise military"}, {"start": "00:10:24", "end": "00:10:27", "text": "budgets through trade and taxes. North"}, {"start": "00:10:27", "end": "00:10:30", "text": "Korea just steals theirs. Their next"}, {"start": "00:10:30", "end": "00:10:33", "text": "attack won't just drain someone's crypto"}, {"start": "00:10:33", "end": "00:10:36", "text": "wallet. It will also help Kim Jong-un"}, {"start": "00:10:36", "end": "00:10:39", "text": "build another warhead. The bibbit hack"}, {"start": "00:10:39", "end": "00:10:42", "text": "wasn't the first. It won't be the last."}, {"start": "00:10:42", "end": "00:10:45", "text": "We can be sure of that. What happens"}, {"start": "00:10:45", "end": "00:10:50", "text": "when the next one is even bigger?"}]

[{"start": "00:00:00", "end": "00:00:07", "text": "I think over the next 5 years, Bitcoin is going to 10 trillion. Um, I think before the end of this bull market, Bitcoin will hit 250,000. I think Swift"}, {"start": "00:00:07", "end": "00:00:12", "text": "is going to die. Uh, and these other large systems are going to die. They just can't sustain themselves. It es and"}, {"start": "00:00:12", "end": "00:00:19", "text": "flows, but remember, cryptocurrencies is going to eat AI and cryptocurrency is going to eat medical records, and there's all these non-financial use"}, {"start": "00:00:19", "end": "00:00:25", "text": "cases that Bitcoin never will have an opinion on and never do. And so, it's kind of silly thing to say, oh, well,"}, {"start": "00:00:25", "end": "00:00:30", "text": "all these other guys will die. this online thing came out and the people who realized that that's a big deal, they"}, {"start": "00:00:30", "end": "00:00:36", "text": "survived. And then the people who didn't realize that was a big deal, they're all dead. And so banks are exactly the same."}, {"start": "00:00:36", "end": "00:00:43", "text": "I'm very pleased to welcome to the show Charles Hoskinson. He's a co-founder of Ethereum and uh one of the most"}, {"start": "00:00:43", "end": "00:00:48", "text": "prominent uh smart contract blockchain originators. He's also developed uh"}, {"start": "00:00:48", "end": "00:00:54", "text": "Cardano uh which we'll talk about in extensive detail. He's currently the CEO and founder of Input Output, the company"}, {"start": "00:00:54", "end": "00:01:00", "text": "behind the Cardano blockchain, which is now a top 10 cryptocurrency by market cap. We'll be talking about his views on"}, {"start": "00:01:00", "end": "00:01:07", "text": "not just Cardano, but overall what the uh crypto ecosystem has in store for investors in 2025 and beyond, and his"}, {"start": "00:01:07", "end": "00:01:13", "text": "outlook on Bitcoin, which we'll get into later on in the interview. Importantly, I've pled a lot of people online on"}, {"start": "00:01:13", "end": "00:01:19", "text": "Twitter and Reddit and in my own community, many Cardano and Ethereum holders alike, what they would like to"}, {"start": "00:01:19", "end": "00:01:26", "text": "ask the founder of Cardano. And so I'll be going over a lot of user questions and viewer feedback in uh this"}, {"start": "00:01:26", "end": "00:01:32", "text": "interview. So comment below if you like to see any questions addressed uh in a"}, {"start": "00:01:32", "end": "00:01:37", "text": "potential follow-up. So thank you very much, Charles, for being on the show. A great honor to host you today. Thank you"}, {"start": "00:01:37", "end": "00:01:42", "text": "for being here. Thank you so much for having me on, David, and congratulations on all your success. Oh, well thank you. Uh it's because of"}, {"start": "00:01:42", "end": "00:01:49", "text": "really good guests like you that we've had a good program. So appreciate you being here. Um I want to start by talking about Big Picture. This is from"}, {"start": "00:01:49", "end": "00:01:55", "text": "uh a user by the name of Fetto Blind on Reddit. I mean, this is a question that a lot of people asked. I'm just using"}, {"start": "00:01:55", "end": "00:02:01", "text": "one example. What's his take on um why BTC is no longer envisioned to be peer-to-peer money rather than a store"}, {"start": "00:02:01", "end": "00:02:07", "text": "of value? We'll start there and then we can talk more about your history and Cardano. I mean, that's a very old school debate."}, {"start": "00:02:07", "end": "00:02:14", "text": "I've been in the space such a long time. I remember the origins of that. It was Bitcoin Cash versus Bitcoin. Um and in"}, {"start": "00:02:14", "end": "00:02:19", "text": "the beginning, Bitcoin had to be everything. It had to be a domain name register. It had to be an asset ledger"}, {"start": "00:02:19", "end": "00:02:26", "text": "to issue assets on. So we had color coins and namecoin. Um, you know, it had to be peer-to-peer money. It had to be a"}, {"start": "00:02:26", "end": "00:02:33", "text": "store of value. And the challenge is that Bitcoin to be everything to everybody would have to upgrade itself to something like Ethereum. It' have to"}, {"start": "00:02:33", "end": "00:02:41", "text": "be a general purpose smart contract ledger. Uh, and that philosophical debate was discussed years ago. really"}, {"start": "00:02:41", "end": "00:02:47", "text": "it was the big block debate because the very first step was expanding the space you can do things in and then upgrading"}, {"start": "00:02:47", "end": "00:02:53", "text": "the programming languages and the accounting model to facilitate that. Uh the big blockers lost and what that"}, {"start": "00:02:53", "end": "00:02:59", "text": "meant was that Bitcoin basically became kind of a store value system which is perfectly fine because it's digital gold"}, {"start": "00:02:59", "end": "00:03:06", "text": "and the value of gold is $10 trillion and the value of Bitcoin is approaching 10 trillion and it'll get there in 5 10"}, {"start": "00:03:06", "end": "00:03:13", "text": "years. uh so it it can live in that space but uh it that means it has to be augmented. So the compromise was first"}, {"start": "00:03:13", "end": "00:03:19", "text": "Segwit and later on Taproot and the idea is that you create a space on Bitcoin where Bitcoin can talk to other systems"}, {"start": "00:03:19", "end": "00:03:25", "text": "whether it be layer 2s or layer 1's and those other systems can backfill those things that you want Bitcoin to be"}, {"start": "00:03:25", "end": "00:03:31", "text": "whether it be a smart contract system or you know some sort of data storage system or an NFT ledger or whatever the"}, {"start": "00:03:31", "end": "00:03:37", "text": "heck it is you can do it over there. And the second part of that is allowing you to pay your transaction fees in Bitcoin"}, {"start": "00:03:37", "end": "00:03:43", "text": "and get your yield back in Bitcoin. And so as long as you can do that, Bitcoin feels like it has all these"}, {"start": "00:03:43", "end": "00:03:49", "text": "capabilities. Even though the base protocol is tremendously simple, that's just the way history worked out. Uh"}, {"start": "00:03:49", "end": "00:03:54", "text": "Roger and Mike Hearn and others were on the other side of it. I uh straddled both sides. I actually held a lot of"}, {"start": "00:03:54", "end": "00:04:00", "text": "Bitcoin Cash and Bitcoin and you know, the space evolved in that direction and it created space for projects like"}, {"start": "00:04:00", "end": "00:04:07", "text": "Ethereum and Cardano to kind of become very large and and prominent. Okay. uh you do have a uh Bitcoin thesis"}, {"start": "00:04:07", "end": "00:04:12", "text": "and we'll talk about why you think it's going to grow to uh trillions of market cap in just a minute. Um we'll talk"}, {"start": "00:04:12", "end": "00:04:19", "text": "about that later in the interview. So stay tuned for um Charles's outlook on Bitcoin and Bitcoin's ecosystem. But"}, {"start": "00:04:19", "end": "00:04:25", "text": "let's just take a step back and talk about Cardano. So you were, as I mentioned in the introduction, one of the co-founders of Ethereum along with"}, {"start": "00:04:25", "end": "00:04:30", "text": "Vitalik and Gavin Woods. Um why did you step back from Ethereum and ultimately"}, {"start": "00:04:30", "end": "00:04:36", "text": "found Cardano? Well, I mean that's something that was 11 years ago and I was only there for 6 months. There was"}, {"start": "00:04:36", "end": "00:04:42", "text": "eight founders and we all had philosophical differences about what needed to be done to build something of"}, {"start": "00:04:42", "end": "00:04:47", "text": "the scale and magnitude of Ethereum. And uh the majority of the founders are gone. There's eight of them. One is left"}, {"start": "00:04:47", "end": "00:04:54", "text": "Vitalic. The other seven we a lot of us went on and created our own blockchains. I created Cardano. Gavin Wood created"}, {"start": "00:04:54", "end": "00:05:00", "text": "Polka Dot. Uh you got Joe Luben with Consensus. said, \"Well, it's not a blockchain. It's certainly a large"}, {"start": "00:05:00", "end": "00:05:06", "text": "ecosystem, mostly in the Ethereum ecosystem, but they they have other interests as well.\" Um, and that's fine."}, {"start": "00:05:06", "end": "00:05:11", "text": "You know, people can have philosophical disagreements. I I thought that it would"}, {"start": "00:05:11", "end": "00:05:18", "text": "be better to start from a Bitcoin oriented view and extend and enhance it based upon ideas that had come from the"}, {"start": "00:05:18", "end": "00:05:23", "text": "Bitcoin space than try to build a completely different paradigm from scratch. uh because Bitcoin had already"}, {"start": "00:05:23", "end": "00:05:30", "text": "thought around a lot of things like how do you do accounting right with UTXO and how do you issue assets and how do you"}, {"start": "00:05:30", "end": "00:05:35", "text": "gradually improve your programmability inside the system. If you go in the other direction, then you'll end up"}, {"start": "00:05:35", "end": "00:05:41", "text": "having a situation where you do too much and you introduce a lot of security problems and then you have to go back to"}, {"start": "00:05:41", "end": "00:05:46", "text": "the drawing board and back to the drawing board and uh and actually ironically Vitalik and I were both right"}, {"start": "00:05:46", "end": "00:05:52", "text": "the success of Cardano and the success of Ethereum and the emergence of Bitcoin DeFi what we've seen is that actually"}, {"start": "00:05:52", "end": "00:05:58", "text": "the space can admit both paradigms and it's taken about 10 years to run that experiment. We've both learned a huge"}, {"start": "00:05:58", "end": "00:06:04", "text": "amount over that those 10 years and um there's a there's a ton of great software and specialized hardware on"}, {"start": "00:06:04", "end": "00:06:12", "text": "both sides to kind of facilitate these ecosystems and get them where they need to be. Um but you know Cardano is kind"}, {"start": "00:06:12", "end": "00:06:18", "text": "of the counterfactual. People often ask like what would have happened had I stayed at Ethereum. the road map would have looked a lot more like what Cardano"}, {"start": "00:06:18", "end": "00:06:25", "text": "Sans uh some ideas from Polka Dot and some ideas from Vitalic and uh maybe it"}, {"start": "00:06:25", "end": "00:06:30", "text": "would have worked out better as a hybrid system but maybe the Ethereum approach was the best approach it's hard to argue"}, {"start": "00:06:30", "end": "00:06:35", "text": "with their commercial success and it's hard to argue with the adoption but you know on the other hand there's been a"}, {"start": "00:06:35", "end": "00:06:42", "text": "lot of missteps as well so you know take it take it with a grain of salt before we continue I want to thank Private"}, {"start": "00:06:42", "end": "00:06:47", "text": "Internet Access for sponsoring this video using the internet without protection is like mailing a letter"}, {"start": "00:06:47", "end": "00:06:55", "text": "without an envelope. Anyone can see what you're sending. A VPN solves that problem. Private Internet Access or PIA"}, {"start": "00:06:55", "end": "00:07:01", "text": "is a VPN that encrypts your internet connection and hides your IP address. That means your browsing activity,"}, {"start": "00:07:01", "end": "00:07:08", "text": "personal data, and location stay private, especially on public Wi-Fi, like at airports or coffee shops where"}, {"start": "00:07:08", "end": "00:07:14", "text": "your information is most vulnerable. PIA also gives you access to content that's restricted based on location. So now I"}, {"start": "00:07:14", "end": "00:07:21", "text": "can watch my favorite shows from anywhere in the world. And you can switch your virtual location in one click and get around those regional"}, {"start": "00:07:21", "end": "00:07:28", "text": "blocks easily. It works across all of my devices. One subscription covers them all and supports unlimited devices. Use"}, {"start": "00:07:28", "end": "00:07:36", "text": "my link in the description down below to get an exclusive 83% off. That's around $2 a month plus four extra months free."}, {"start": "00:07:36", "end": "00:07:43", "text": "There's a 30-day money back guarantee, so it's completely risk-f free. Go to piaavvpn.com/davidin"}, {"start": "00:07:43", "end": "00:07:49", "text": "link down below or scan the QR code here to get started. I will get to Cardano"}, {"start": "00:07:49", "end": "00:07:54", "text": "specific questions in just a bit. But on that note about how Ethereum would have evolved into Cardano, um what is your"}, {"start": "00:07:54", "end": "00:08:00", "text": "view on how Ethereum evolved over time? Specifically, what was your view on the merge 2022 switching from proof of work"}, {"start": "00:08:00", "end": "00:08:06", "text": "to proof of stake? Well, you know, it's kind of funny. We always thought that their proof ofstake pro protocol would have been written by"}, {"start": "00:08:06", "end": "00:08:11", "text": "Ela Shei. You know, we we were competitors with that group. So we we created Ora Boris and she created Snow"}, {"start": "00:08:11", "end": "00:08:17", "text": "White and we were neck andneck and we watched the research that they were doing like fruit chains and sleepy and"}, {"start": "00:08:17", "end": "00:08:22", "text": "these other things and we said well oh that's that's quite obviously what Ethereum is going to do for its proof"}, {"start": "00:08:22", "end": "00:08:29", "text": "ofstake protocol um and we knew that u Ming who was the executive director at the time was friends with Elaine um and"}, {"start": "00:08:29", "end": "00:08:36", "text": "so they had the relationships they had the access and they had first mover advantage and so we thought that they would adopted um Snow White and"}, {"start": "00:08:36", "end": "00:08:41", "text": "hardforked somewhere around you know 2017 2018 2018 uh to uh to proof of"}, {"start": "00:08:41", "end": "00:08:47", "text": "stake. They chose a very weird path. They did this whole Casper thing and kind of meandered for a bit and"}, {"start": "00:08:47", "end": "00:08:54", "text": "eventually they got to the merge and got it done. The big challenge with the merge is that it's a under the hood kind"}, {"start": "00:08:54", "end": "00:09:00", "text": "of sort of custodial non-lquid system. Now they've had to do all this stuff to make it liquid non-custodial and they've"}, {"start": "00:09:00", "end": "00:09:07", "text": "created assets like Lido and you know they have this weird slashing and bonding. But the biggest philosophical"}, {"start": "00:09:07", "end": "00:09:14", "text": "difference has always been you don't need to slash and bond to create a secure network. Cardano has been running"}, {"start": "00:09:14", "end": "00:09:20", "text": "for 8 years 24/7. Uh since uh 2020 we've been running with proof of stake full"}, {"start": "00:09:20", "end": "00:09:26", "text": "true oraorous proof of stake. We've never had an issue and there's no bonding or slashing and you the assets"}, {"start": "00:09:26", "end": "00:09:32", "text": "are liquid. So I think this is the biggest philosophical difference this idea that they have to go out of the way to create a lot of economic security"}, {"start": "00:09:32", "end": "00:09:39", "text": "inside the system. Um, and that was kind of the reason why they put so much extra infrastructure into Ethereum and they're"}, {"start": "00:09:39", "end": "00:09:45", "text": "now following that. Now, under the hood, there's a lot of great things to like. Um, fast FAL is pretty good. They have a"}, {"start": "00:09:45", "end": "00:09:51", "text": "pretty good idea of how to make things faster. They've done some great work on the network protocol side uh to kind of"}, {"start": "00:09:51", "end": "00:09:56", "text": "facilitate their plans and they've kind of kept up with things like the the Dank sharding upgrade and these things"}, {"start": "00:09:56", "end": "00:10:02", "text": "because they their problem is that they have a large L2 ecosystem. And so when you think about Ethereum, you're never"}, {"start": "00:10:02", "end": "00:10:08", "text": "thinking about Ethereum in isolation. You're thinking about Ethereum in Ethereum on off-chain, Ethereum on like"}, {"start": "00:10:08", "end": "00:10:15", "text": "L2s, Ethereum on other networks. And there's there's all these things that are happening. So you have to put a lot more thought into your network stack to"}, {"start": "00:10:15", "end": "00:10:21", "text": "how you do pub sub, how you do event brokering, and these other things. They've been able to keep up with it. And actually, I think the design they"}, {"start": "00:10:21", "end": "00:10:27", "text": "have now is is pretty sensible, and they're going all in on ZK. If you take a look at, you know, the next 5 10"}, {"start": "00:10:27", "end": "00:10:34", "text": "years, the biggest advancements are no longer raw TPS or consensus or network upgrades. It's all zero knowledge and uh"}, {"start": "00:10:34", "end": "00:10:40", "text": "and they're betting heavy on hashes and they they want to get to these gigas, you know, threshold and uh the only way"}, {"start": "00:10:40", "end": "00:10:46", "text": "you're going to get there is with recursion and folding schemes and they're they're betting big with ZKVMs."}, {"start": "00:10:46", "end": "00:10:52", "text": "Uh so that's probably a very sensible road map and and things like Casper become less relevant. You know, we were"}, {"start": "00:10:52", "end": "00:11:00", "text": "talking about high performance BFT protocols and high performance consensus protocols back in like 2020, 2021, 2022"}, {"start": "00:11:00", "end": "00:11:07", "text": "and everybody had something like we did narwhal and tusk, you know, and we have or leos and you know, Ethereum was"}, {"start": "00:11:07", "end": "00:11:13", "text": "looking at like sharding ether. This was the Ethereum 2 road map, but that all fell out of favor for ZK. And now most"}, {"start": "00:11:13", "end": "00:11:19", "text": "people are now talking about ZK's either as rollups recursion or folding and that's their road map. Now"}, {"start": "00:11:19", "end": "00:11:26", "text": "you mentioned slash and bond. What does that mean for the audience? So, slashing and bonding basically means that if if you behave badly, you have"}, {"start": "00:11:26", "end": "00:11:33", "text": "some ether that you've locked and you lose it or you lose access to it for a while. It there's many different ways"}, {"start": "00:11:33", "end": "00:11:40", "text": "you can do these schemes and one could be a temporary loss or a permanent loss and it could be destroyed or could be reallocated to other people. And"}, {"start": "00:11:40", "end": "00:11:45", "text": "basically the idea is it creates an economic incentive for you to be an ICE actor. Um otherwise you have nothing at"}, {"start": "00:11:45", "end": "00:11:50", "text": "stake. So in proof of stake, you want to resolve long range attacks and nothing at stake attacks where if you have"}, {"start": "00:11:50", "end": "00:11:57", "text": "nothing at stake and nothing to lose, you have no incentive not to behave badly. And long-range attacks means it's quite easy to reorganize the um the"}, {"start": "00:11:57", "end": "00:12:03", "text": "chain. Um so we did a lot of work using uh some creative timekeeping and"}, {"start": "00:12:03", "end": "00:12:11", "text": "cryptography to show that you don't need to do that because the downside of bonding uh and slashing and staking this"}, {"start": "00:12:11", "end": "00:12:18", "text": "way is that your money gets tied up. And so the only option you have is to create some synthetic asset that's it's like I"}, {"start": "00:12:18", "end": "00:12:24", "text": "can't believe it's not butter. I can't believe it's not ether, you know. And so you create a synthetic asset and then you trade that you get your liquidity"}, {"start": "00:12:24", "end": "00:12:31", "text": "back. But at the end of the day, your stuff is still locked. And so if you you you have to lock it's really hard to get"}, {"start": "00:12:31", "end": "00:12:36", "text": "more than a, you know, 10 20% of your supply involved in consensus because"}, {"start": "00:12:36", "end": "00:12:42", "text": "people want liquidity. In some cases by law they have to have liquidity like if they're custodial accounts or things"}, {"start": "00:12:42", "end": "00:12:48", "text": "like that. Um, so when you have a liquid non-custodial system where you can stake without locking your stuff, then pretty"}, {"start": "00:12:48", "end": "00:12:55", "text": "much anybody can participate, which is why over 70% of the ADA supply is staked right now, but it doesn't get counted as"}, {"start": "00:12:55", "end": "00:13:02", "text": "TVL by DeFi Lama or other people because it doesn't get locked. Uh, so it's very liquid and you can move it at any time."}, {"start": "00:13:02", "end": "00:13:09", "text": "Okay, let's move on to uh the current macro environment for crypto. This is from uh Treasury Secretary Scott Pent uh"}, {"start": "00:13:09", "end": "00:13:16", "text": "on the announcement of the Genius Act dated July 18th. So last month, he said, \"Stable coins represent a revolution in"}, {"start": "00:13:16", "end": "00:13:21", "text": "digital finance. The dollar has now an internet native payment rail that is fast, frictionless, and free of"}, {"start": "00:13:21", "end": "00:13:27", "text": "middlemen. This groundbreaking technology will buttress the dollar status as the global reserve currency, expand access to the dollar economy for"}, {"start": "00:13:27", "end": "00:13:34", "text": "billions across the globe, and lead to a surge in demand for US treasuries, which back stable coins.\" Well, uh, first of"}, {"start": "00:13:34", "end": "00:13:41", "text": "all, I'd like to respond to that statement. And the followup to that is from a user. Given the federal governments are going to be using stable"}, {"start": "00:13:41", "end": "00:13:48", "text": "coins to keep the US dollar as the global currency, as I just referenced, what part does Cardano play in this big"}, {"start": "00:13:48", "end": "00:13:54", "text": "shift? So, uh, I was just at a round table with the Federal Reserve and it was a really nice inner industry. Uh, so"}, {"start": "00:13:54", "end": "00:14:01", "text": "two of the reserve governors were there. Um and uh I was actually with Anatoli from Salana and Sergey from chain link"}, {"start": "00:14:01", "end": "00:14:07", "text": "and uh Ilia from near and uh Brad from XRP. So it was a very nice uh round"}, {"start": "00:14:07", "end": "00:14:14", "text": "table and we had a chance to directly interact with the Federal Reserve and the Fed is trying to figure out you know what is their role, place and purpose"}, {"start": "00:14:14", "end": "00:14:19", "text": "with the genius act because traditionally the Fed is the payment regulator and they've been doing that"}, {"start": "00:14:19", "end": "00:14:25", "text": "for 120 years give or take. Um the the thing about the Fed uh is that they were"}, {"start": "00:14:25", "end": "00:14:30", "text": "kind of left out of the party. There's three primary regulatory bodies that deal with this. There's the OC, the"}, {"start": "00:14:30", "end": "00:14:37", "text": "FDIC, and the Federal Reserve. The reason this is relevant is that stable coins live in two worlds at the same"}, {"start": "00:14:37", "end": "00:14:43", "text": "time. One, they live in the web 3 world. So they they're tokenized. And we think a lot about, well, how do I get more"}, {"start": "00:14:43", "end": "00:14:49", "text": "liquidity and volume? There's over $250 billion worth of tokens that have been issued, 180 plus million transactions"}, {"start": "00:14:49", "end": "00:14:56", "text": "every month. It's a very dense, beautiful, high velocity space. But those only have value because somebody's"}, {"start": "00:14:56", "end": "00:15:02", "text": "holding an asset on the other side in the legacy world. And the legacy world, it's either at a bank or it's somewhere"}, {"start": "00:15:02", "end": "00:15:08", "text": "else and it's represented some way like as a treasury for example. So genius,"}, {"start": "00:15:08", "end": "00:15:14", "text": "what it did is it created some baseline rules of the road. But now rulemaking has to occur and they have to start"}, {"start": "00:15:14", "end": "00:15:22", "text": "talking about things like can you get a master account with the Fed or how do you ensure these or what are the custodial standards or what is the audit"}, {"start": "00:15:22", "end": "00:15:29", "text": "oversight and how do you audit these accounts and also the grading and scoring of these things. So are all"}, {"start": "00:15:29", "end": "00:15:34", "text": "stable coins created equally or is there some delta between the asset allocations"}, {"start": "00:15:34", "end": "00:15:40", "text": "between tether and circle for example where tether has admitted to have commercial paper cuz while they may"}, {"start": "00:15:40", "end": "00:15:45", "text": "appear to be a dollar they may be very different the other thing is also you'd like to augment these things a little"}, {"start": "00:15:45", "end": "00:15:50", "text": "bit for example can you offer yield with the stable coin so genius was very clear"}, {"start": "00:15:50", "end": "00:15:58", "text": "about this there was a big fight and the non-yield people won and they said you can't offer yield with the genius act."}, {"start": "00:15:58", "end": "00:16:03", "text": "Uh that said, there's a lot of people that are starting to take a step back and say, \"Well, hang on a second. Well, maybe there's some clever mechanisms"}, {"start": "00:16:03", "end": "00:16:10", "text": "where we kind of create a dual token and it's for non- US customers, they can share in the yield, the stable coin or something, and US customers just get the"}, {"start": "00:16:10", "end": "00:16:16", "text": "stable coin.\" And now we're starting to see blended versions like Tether is going to move into the United States with some of their stable coin and some"}, {"start": "00:16:16", "end": "00:16:22", "text": "not. But what's the point? Well, the point is soft dollarization. And there's no greater example of this than"}, {"start": "00:16:22", "end": "00:16:28", "text": "Argentina. There's $700 billion economy and a hundred billion dollars of that economy is in cryptocurrencies with the"}, {"start": "00:16:28", "end": "00:16:36", "text": "majority being in stable coins. So basically this is a place where technically the currency is the peso but"}, {"start": "00:16:36", "end": "00:16:42", "text": "what's happening is the they're dollarizing and they're trading the Argentine central bank for the Federal"}, {"start": "00:16:42", "end": "00:16:48", "text": "Reserve and without the consent of the US government it's just through the hand of the free market and people are"}, {"start": "00:16:48", "end": "00:16:54", "text": "basically transacting in dollars now through stable coins and you're going to see a lot of that happen in Colombia and"}, {"start": "00:16:54", "end": "00:17:00", "text": "Venezuela and all throughout Africa and Southeast Asia and so that soft dollarization is at war with the off"}, {"start": "00:17:00", "end": "00:17:07", "text": "yuanization of the world because a belt road the Chinese government is trying to push a concept of a digital yuan and"}, {"start": "00:17:07", "end": "00:17:12", "text": "these things are fighting in developing nations and uh and uh you know places"}, {"start": "00:17:12", "end": "00:17:18", "text": "that are a little bit off the beaten path and that's really exciting because it means you can now have a direct"}, {"start": "00:17:18", "end": "00:17:24", "text": "financial relationship with those consumers in those markets. So if you're Microsoft and you're dealing with Sri"}, {"start": "00:17:24", "end": "00:17:31", "text": "Lanka, you don't have to go through 14 hops and three forex conversions and other things to get to the local money"}, {"start": "00:17:31", "end": "00:17:37", "text": "and deal with the local person in the local bank. They can just simply pay you in a dollar back stable coin. You have peer-to-p peer relationship and it's"}, {"start": "00:17:37", "end": "00:17:43", "text": "feeless or near free for fees. The velocity of global commerce then is going to increase. So what this means is"}, {"start": "00:17:43", "end": "00:17:49", "text": "you're going to see a huge expansion of the category overall. So you're going to grow from hundreds of billions to trillions of dollars of stable coins"}, {"start": "00:17:49", "end": "00:17:55", "text": "issued and you're going to see a localization of stable coins. We're going to have flavors that are regionalized either a subbrands that are"}, {"start": "00:17:55", "end": "00:18:00", "text": "a big brand like Tether is doing with USD or uh there just regionalization"}, {"start": "00:18:00", "end": "00:18:05", "text": "stuff and uh great markets that provide liquidity here and there. Now, this only"}, {"start": "00:18:05", "end": "00:18:12", "text": "works if there's great regulation, there's great auditability, cuz the minute that a stable coin fails, it"}, {"start": "00:18:12", "end": "00:18:18", "text": "creates catastrophic consequences to the faith and credibility of the system as a whole. So, the hope of genius was to"}, {"start": "00:18:18", "end": "00:18:25", "text": "begin the regulatory conversation. Uh, but by no means is it done. And to be frank, the Fed does need to be brought"}, {"start": "00:18:25", "end": "00:18:32", "text": "in a little bit, if anything, just because of their traditional role in payments. And they've been left out because of CBDC concerns. So, they kind"}, {"start": "00:18:32", "end": "00:18:37", "text": "of have to work it out. And it's a very difficult situation. We in industry, we're already talking about it. And one"}, {"start": "00:18:37", "end": "00:18:42", "text": "of the things we talked about in the round table is this idea of algorithmic regulation. So you can actually have"}, {"start": "00:18:42", "end": "00:18:49", "text": "smart contracts and they are public private partnerships and they handle things like freeze and sees and KYC and"}, {"start": "00:18:49", "end": "00:18:54", "text": "AML and other compliance concerns and they allow for liquidity across nations"}, {"start": "00:18:54", "end": "00:19:00", "text": "and cross networks but some modicum of control in the secondary market. Uh so"}, {"start": "00:19:00", "end": "00:19:08", "text": "it's a challenging very deep situation but it's one of the fastest areas of growth and it's also going to get complicated by uh the fact that large"}, {"start": "00:19:08", "end": "00:19:13", "text": "companies like Google and Microsoft and Apple have very strong incentives to come in because they lose tens of"}, {"start": "00:19:13", "end": "00:19:19", "text": "billions of dollars every year to transaction fees and banking costs and forex fees and they have customers in pretty much every country and three"}, {"start": "00:19:19", "end": "00:19:26", "text": "billion people. So they would much rather cut out middlemen and they already have the payment rails in many cases the licenses to do this. Um, and"}, {"start": "00:19:26", "end": "00:19:31", "text": "then it's also complicated complicated by the legacy banks now wanting to come in like JP Morgan's going to come in and"}, {"start": "00:19:31", "end": "00:19:36", "text": "others are going to come in and they have a lot of blockchain infrastructure waiting to do this. They just have been"}, {"start": "00:19:36", "end": "00:19:41", "text": "waiting for a regulation to give them the ability to do so. And now that genius is there, there's rules of the"}, {"start": "00:19:41", "end": "00:19:47", "text": "road for them to begin the process. But it's going to take several years of rulemaking for all of this to get"}, {"start": "00:19:47", "end": "00:19:53", "text": "completely sorted out. And there's still a lot of open questions and everybody's just trying to figure out how to put the"}, {"start": "00:19:53", "end": "00:19:59", "text": "pieces together. I wonder what's going to happen to the future of custody and um custodial services with the expansion"}, {"start": "00:19:59", "end": "00:20:05", "text": "of stable coins and adoption of stable coins. Do you see the government issuing in in America? I'm talking about the"}, {"start": "00:20:05", "end": "00:20:10", "text": "government of the US issuing something like uh what El Salvador did uh for their citizens, which is a"}, {"start": "00:20:10", "end": "00:20:17", "text": "governmentbacked wallet. Um you know, ultimately what is what are people going to use for holding their stable coins?"}, {"start": "00:20:17", "end": "00:20:24", "text": "Nice if the Fed could just directly issue treasuries onto a blockchain. The minute you do that, then it solves tons"}, {"start": "00:20:24", "end": "00:20:29", "text": "of custodial problems because then you can hold the treasuries as a reserve for"}, {"start": "00:20:29", "end": "00:20:35", "text": "the uh for the stable coins and the stable coins could then trade. uh but it gets a little too close for comfort for"}, {"start": "00:20:35", "end": "00:20:42", "text": "CBDC's but there's got to be some way with the real world asset side of the house because one of the things that's missing and hopefully we can start the"}, {"start": "00:20:42", "end": "00:20:48", "text": "process of getting it in with clarity is we have to have a conversation of how do we handle tokenized securities in"}, {"start": "00:20:48", "end": "00:20:54", "text": "general in our industry and allow them to trade like cryptocurrencies one of the reasons why nobody wanted to be"}, {"start": "00:20:54", "end": "00:21:00", "text": "securities in the cryptocurrency space is many of your security lose all liquidity can't trade on Coinbase can't trade on Binance and so you are at a"}, {"start": "00:21:00", "end": "00:21:06", "text": "massive structural liquidity disadvantage over all the commodity"}, {"start": "00:21:06", "end": "00:21:12", "text": "elements that are trading on the exchanges. So, a lot of people got deeply concerned and they said, well, you know, we can't we can't go down"}, {"start": "00:21:12", "end": "00:21:17", "text": "there. Above and beyond the fact that compliance is impossible because you don't have as an issuer usually the uh"}, {"start": "00:21:17", "end": "00:21:24", "text": "necessary information to file a disclosure because you just don't know what's going on in the network. You couldn't if it's truly decentralized."}, {"start": "00:21:24", "end": "00:21:29", "text": "So, but there's got to be a way to kind of figure out how to bridge that gap and create a tokenized security and then"}, {"start": "00:21:29", "end": "00:21:35", "text": "that solves starting a lot of these problems about stable coins and liquidity because it starts taking"}, {"start": "00:21:35", "end": "00:21:40", "text": "treasuries out of the and dollars out of the local banking system and it puts"}, {"start": "00:21:40", "end": "00:21:46", "text": "them completely into the cryptocurrency system. And if they're in the cryptocurrency system, I can do proof of"}, {"start": "00:21:46", "end": "00:21:52", "text": "reserves because they're on a blockchain and you can see that. So your custodial risk completely goes away and you can"}, {"start": "00:21:52", "end": "00:21:58", "text": "start treating stable coins like real dollars because they're backed by functionally debt of the US government"}, {"start": "00:21:58", "end": "00:22:04", "text": "which is what the US dollar is backed by and you can even add privacy to it if you want to. So in lie of that uh which"}, {"start": "00:22:04", "end": "00:22:10", "text": "I'd say is probably about five years out to seven years out at the current progress we have because you have to pass clarity you have to do the rule"}, {"start": "00:22:10", "end": "00:22:16", "text": "making it'll take two to three years minimum for rule making for clarity and for uh for a genius cuz many of your"}, {"start": "00:22:16", "end": "00:22:23", "text": "listeners might not know this but when you pass a law that's not the end it's the beginning the law has in it like"}, {"start": "00:22:23", "end": "00:22:29", "text": "this agency shall this agency shall and so what they have to do is get together and say what is our interpretation of"}, {"start": "00:22:29", "end": "00:22:35", "text": "the law and then they issue guidelines to the regulated actors Well, fundamentally, how is"}, {"start": "00:22:35", "end": "00:22:41", "text": "how how is what you're proposing now different than a CBDC, which Trump said he will not do? Well, it's not because it's just debt"}, {"start": "00:22:41", "end": "00:22:46", "text": "issued on chain. A CBDC is your nation's currency and they have monopoly over it. So, they say, \"We're going to put a"}, {"start": "00:22:46", "end": "00:22:52", "text": "dollar on chain. It's our dollar that we've issued. It's backed by the face and goodwill of the United States. It's"}, {"start": "00:22:52", "end": "00:22:58", "text": "not a debt instrument. It's like when you hold a dollar, you can't go and get it for something else.\" When when they issue a treasury, they're saying that's"}, {"start": "00:22:58", "end": "00:23:03", "text": "a that's a security. You buy it just like you would anything else. and actually uh you know it has an"}, {"start": "00:23:03", "end": "00:23:09", "text": "obligation for them to pay you a coupon in in dollars. So so you get the government out of the minting business"}, {"start": "00:23:09", "end": "00:23:16", "text": "and you just get them into the security business and they let the industry do the minting side and the minting side can be under any privacy regime. The big"}, {"start": "00:23:16", "end": "00:23:23", "text": "concern that people have with CBDC's is everything you buy is tracked anytime your money can be frozen and in any time"}, {"start": "00:23:23", "end": "00:23:29", "text": "you can be targeted for political reasons or otherwise. If you just issue assets and they're an open market and"}, {"start": "00:23:29", "end": "00:23:36", "text": "anybody holds them and you hold them like you would a security and then you can put them in smart contracts to create another asset, all of those"}, {"start": "00:23:36", "end": "00:23:41", "text": "things are going to be under various different regimes and in fact many cases lighter touch regulation than the"}, {"start": "00:23:41", "end": "00:23:48", "text": "current system because the current system you have banking regulation which is the heaviest regulation possible on"}, {"start": "00:23:48", "end": "00:23:54", "text": "the legacy side and they have some sort of cryptocurrency thing but because you have to bridge them they require you to"}, {"start": "00:23:54", "end": "00:24:00", "text": "put freeze and season and KYC stuff and all these other things. And it gets pretty messy when you actually start"}, {"start": "00:24:00", "end": "00:24:05", "text": "looking at it. And what'll end up happening is it's already occurred. Law enforcement will just start pulling that"}, {"start": "00:24:05", "end": "00:24:12", "text": "and they kind of can unwind the tape and know everything you've ever done since the beginning. And they can do it with much less constitutional protections"}, {"start": "00:24:12", "end": "00:24:19", "text": "than they could if it was done with algorithms. Uh cuz you can you can many cases not have those requirements. So it"}, {"start": "00:24:19", "end": "00:24:24", "text": "takes time you know and we're we're trying to sort all this out and as I said rulem is there but remember"}, {"start": "00:24:24", "end": "00:24:30", "text": "treasuries are just one class of security at the end of the day there's many uh fixed income securities that you"}, {"start": "00:24:30", "end": "00:24:37", "text": "can put on there's all kinds of uh complex uh derivatives or there things that you can put in and we already kind"}, {"start": "00:24:37", "end": "00:24:44", "text": "of sort of have those with the DeFi space they're just not called that but they are and and so we need to rewrite"}, {"start": "00:24:44", "end": "00:24:49", "text": "those rules a bit and and acknowledge that you can have a decentralized security and you can use the blockchain"}, {"start": "00:24:49", "end": "00:24:55", "text": "as the mechanism for settlement, clearing and disclosure. As long as that's the case, you can get rid of the broker dealer and you can go from T2 to"}, {"start": "00:24:55", "end": "00:25:01", "text": "T0 and you can actually have a proper end to end uh global market for this stuff and then you get rid of"}, {"start": "00:25:01", "end": "00:25:08", "text": "traditional stock exchanges and kind of move the dexes and then what the government will do is just say well regulations smart contracts and so if"}, {"start": "00:25:08", "end": "00:25:13", "text": "you want to be compliant with our particular regime or for these particular assets then you have to use"}, {"start": "00:25:13", "end": "00:25:19", "text": "this smart contract to and settlement is compliance. So when I send you it, the transaction doesn't clear if I can't"}, {"start": "00:25:19", "end": "00:25:25", "text": "comply with the regulatory regime of that asset. Sorry, what what do you mean? Back up a minute. What do you mean? Uh traditional"}, {"start": "00:25:25", "end": "00:25:30", "text": "stock markets will change. Uh what what does the future look like exactly? There's no reason to have centralized"}, {"start": "00:25:30", "end": "00:25:36", "text": "exchanges. I just think about how preposterous it is. It's like there's it's the ultimate trust me bro"}, {"start": "00:25:36", "end": "00:25:43", "text": "situation. And they're like, \"We're all just going to give our money to this guy over there and then we're then we're going to trade like imaginary tokens"}, {"start": "00:25:43", "end": "00:25:49", "text": "that are that aren't that money against each other and just hope that that guy is going to settle us up after it's all"}, {"start": "00:25:49", "end": "00:25:55", "text": "said and done. We're also going to hope that that guy's not going to peek at the ledger and trade against us and manipulate the market and give us fake"}, {"start": "00:25:55", "end": "00:26:02", "text": "data feeds and other things like that.\" So, so it's trust me bros is that's why Dexes are so nice because the blockchain"}, {"start": "00:26:02", "end": "00:26:08", "text": "is the bro. And so there you you you have an honest ledger. You have an honest order book. And you kind of know"}, {"start": "00:26:08", "end": "00:26:14", "text": "where the the uh you know the attack vectors are. And it's a sec it's a cryptography problem not a regulation"}, {"start": "00:26:14", "end": "00:26:20", "text": "problem. So why exchanges are among the most regulated actors by design because you have a custodial risk, you have"}, {"start": "00:26:20", "end": "00:26:25", "text": "order book risk, you have front running, you have so many different things that can happen there. Um so regulation tends"}, {"start": "00:26:25", "end": "00:26:31", "text": "to follow what can go wrong. So, the sooner we can get those types of structures into dexes and get those"}, {"start": "00:26:31", "end": "00:26:37", "text": "dexes to be upgraded a little bit, uh, the better for everybody because then you don't have custody risk. You don't"}, {"start": "00:26:37", "end": "00:26:43", "text": "have order book issues or any of these types of things. The other thing is that exchanges have enormous amounts of power"}, {"start": "00:26:43", "end": "00:26:49", "text": "right now in the in the cryptocurrency ecosystem. So, when you're a new project, in many cases, exchanges will charge you"}, {"start": "00:26:49", "end": "00:26:55", "text": "millions to tens of millions of dollars to list. When you're a debt, you don't pay anything. People just trade it and"}, {"start": "00:26:55", "end": "00:27:00", "text": "you create a market for it. So that's very predatory because you end up having a situation where the supposedly"}, {"start": "00:27:00", "end": "00:27:05", "text": "objective people who are supposed to be neutral are now picking winners and"}, {"start": "00:27:05", "end": "00:27:11", "text": "losers based upon who's paying them large sums of money to list. That's not a situation we want to be in as an"}, {"start": "00:27:11", "end": "00:27:18", "text": "industry. So Dex is the more we can do as an industry to move in that particular direction, get people comfortable with it, the the better for"}, {"start": "00:27:18", "end": "00:27:23", "text": "everybody because then you remove that tendency to create issues. Could you could you imagine if only like three"}, {"start": "00:27:23", "end": "00:27:28", "text": "people could ever give you a bank account and they go and say, \"Well, I'm sorry. You have to pay me a million dollars to get a bank account and the"}, {"start": "00:27:28", "end": "00:27:34", "text": "bank account's the only way you can make payroll or any of these types of things.\" That's literally where we're at as an industry. There's only a handful"}, {"start": "00:27:34", "end": "00:27:40", "text": "of these powerful exchanges and they control all liquidity. I I I've talked to several DEX founders um uh during my"}, {"start": "00:27:40", "end": "00:27:46", "text": "interviews and the consensus is that yes, in the future there will be a less reliance on banks. There will become"}, {"start": "00:27:46", "end": "00:27:53", "text": "redundant financial institutions. But if everyone starts using Dexes for example, just hypothetically, won't they become"}, {"start": "00:27:53", "end": "00:28:00", "text": "the next bank? I mean, won't there be calls for governance to be around Dexes and more standardized protocols and more"}, {"start": "00:28:00", "end": "00:28:05", "text": "uh standardized um uh uh regulations"}, {"start": "00:28:05", "end": "00:28:11", "text": "that will basically force them into the pathway of becoming the next bank. Yeah. But the problem is that the medium"}, {"start": "00:28:11", "end": "00:28:16", "text": "is too permissive and porous and um also many of the regulations were designed to resolve things that blockchains don't"}, {"start": "00:28:16", "end": "00:28:23", "text": "suffer from. you don't have custodial risk, you don't have transparency issues, you don't have disclosure issues cuz blockchain does all that for free."}, {"start": "00:28:23", "end": "00:28:31", "text": "And you move to intrinsically a T0 and you're also dealing with the actual asset as opposed to dealing with a synthetic asset. So when I trade Bitcoin"}, {"start": "00:28:31", "end": "00:28:39", "text": "on Coinbase and trade it for ADA on Coinbase, I'm not trading Bitcoin and ADA. I'm trading their version of it and"}, {"start": "00:28:39", "end": "00:28:45", "text": "the person who receives my Bitcoin is hoping that they will be able to withdraw the real the real thing at some"}, {"start": "00:28:45", "end": "00:28:50", "text": "point. But there's no guarantee of that outside of the regulation, faith, and goodwill of those actors. Now, I know"}, {"start": "00:28:50", "end": "00:28:57", "text": "the Coinbase people, they're very good people, and they're tightly regulated people. So, they're probably going to do it right. But the challenge is that"}, {"start": "00:28:57", "end": "00:29:02", "text": "we've had hundreds of exchange failures and um you give too much power to these"}, {"start": "00:29:02", "end": "00:29:09", "text": "people. So, Dex is you don't have any of those risks. You're trading the actual assets. And the the payment system is"}, {"start": "00:29:09", "end": "00:29:15", "text": "the blockchain. The disclosure system is the blockchain, the record keeper is the blockchain. And you can even have dark pools if you want and you can use that"}, {"start": "00:29:15", "end": "00:29:21", "text": "with privacy enhancing systems as uh smart contracts. So you can keep things private but you still get uh disclosure"}, {"start": "00:29:21", "end": "00:29:27", "text": "in that uh it you know that things were done fairly cuz the chain ordered it. So it's just an intrinsically superior"}, {"start": "00:29:27", "end": "00:29:35", "text": "paradigm. The other thing is is is is the market wants to be liquid and they want 24/7 global liquidity. When you do"}, {"start": "00:29:35", "end": "00:29:41", "text": "exchanges, you're intrinsically geotagged. you're stuck in America or you're stuck in Japan and it's hard to"}, {"start": "00:29:41", "end": "00:29:48", "text": "get foreign customers because what you end up having to do is for every country you trade with you have to build basically a mini bank in each of those"}, {"start": "00:29:48", "end": "00:29:55", "text": "countries and comply with an enormous amount of regulation. Dexes don't care. So even if people try to regulate them"}, {"start": "00:29:55", "end": "00:30:03", "text": "because the markets are open and this technology is open, it's much much more difficult to uh to uh install a"}, {"start": "00:30:03", "end": "00:30:08", "text": "draconian regulatory regime to that. And what'll happen instead is you move to algorithmic regulation. So you use smart"}, {"start": "00:30:08", "end": "00:30:15", "text": "contracts and use proofs on the wire and DIDs and these types of things and settlement is compliant. So you so it'll"}, {"start": "00:30:15", "end": "00:30:21", "text": "you can't deposit in the DEX unless you've you've selectively disclosed something to some relevant party that's"}, {"start": "00:30:21", "end": "00:30:26", "text": "in your geography, but it'll be different for each user based upon the origin of funds uh that come through."}, {"start": "00:30:26", "end": "00:30:33", "text": "But the minute you're in the deck, you swap, then when you withdraw, you withdraw and nobody can stop that inside the system. And this is what we"}, {"start": "00:30:33", "end": "00:30:39", "text": "mentioned to the Federal Reserve and you know this is what we've talked to a lot of different regulators about is you know how do we move to algorithmic"}, {"start": "00:30:39", "end": "00:30:44", "text": "regulation and to enable T0 into massively uh massively lower compliance"}, {"start": "00:30:44", "end": "00:30:50", "text": "costs. So what is the future for traditional banks once stable coin adoption becomes mainstream?"}, {"start": "00:30:50", "end": "00:30:55", "text": "Well the banks that adopt the stable coins will make a lot of money and the banks that don't um will go out of"}, {"start": "00:30:55", "end": "00:31:01", "text": "business. You know it's just like new media. You know, if you create a website and you have an you have a you a Twitter"}, {"start": "00:31:01", "end": "00:31:07", "text": "account and all these other things, maybe the New York Times will do pretty good, but nobody's going to read your paper paper anymore. You know, the old"}, {"start": "00:31:07", "end": "00:31:14", "text": "people will, but the young people move over. So, you have to stay up with the technology. And the problem with banking is they got good gig. You know, they"}, {"start": "00:31:14", "end": "00:31:19", "text": "kind of created a monopoly for themselves. They kind of regulated into a wall and they have a model and a way"}, {"start": "00:31:19", "end": "00:31:25", "text": "of doing things. And just like news media had a model and a way of doing things. They had subscriptions. It's the best thing in the world. like Pearson"}, {"start": "00:31:25", "end": "00:31:31", "text": "would a little, you know, 12-year-old ride his bike and throw a paper at your door at 5:00 in the morning and you'd go"}, {"start": "00:31:31", "end": "00:31:38", "text": "and pick up your paper at 6:00 a.m. with your coffee and read it. That was their business model and it worked really well. And then suddenly this online"}, {"start": "00:31:38", "end": "00:31:43", "text": "thing came out and the people who realized that that's a big deal, they survived. And then the people who didn't"}, {"start": "00:31:43", "end": "00:31:48", "text": "realize that was a big deal, they're all dead. And so banks are exactly the same. Um there has to be interoperability and"}, {"start": "00:31:48", "end": "00:31:56", "text": "there's emerging payment protocols like X.42 402 Coinbase created um with Google, you have um you know"}, {"start": "00:31:56", "end": "00:32:02", "text": "modifications the open banking standards uh that have been proposed and pushed but ultimately the the the"}, {"start": "00:32:02", "end": "00:32:07", "text": "interoperability is going to have to be there and I and I think Swift is going to die uh and these other large systems"}, {"start": "00:32:07", "end": "00:32:12", "text": "are going to die. They just can't sustain themselves. There's too many downsides. There's too much legacy"}, {"start": "00:32:12", "end": "00:32:18", "text": "complexity and at the end of the day there's an enormous amount of trust and lack of consumer protection. If nobody"}, {"start": "00:32:18", "end": "00:32:24", "text": "believes me and the bankers are like, \"Oh, well then go to your bank and try to send a wire.\" You notice how many"}, {"start": "00:32:24", "end": "00:32:30", "text": "times they try to talk you out of sending a wire and how many disclosure forms you have to file. Well, there's"}, {"start": "00:32:30", "end": "00:32:35", "text": "wire fraud. Have you checked your account? Terrible system. Exactly. So, so let me let me get this"}, {"start": "00:32:35", "end": "00:32:41", "text": "straight. I I can use like multi-IG and ledger devices and all these things to have tons of security and it's super"}, {"start": "00:32:41", "end": "00:32:46", "text": "easy for any consumer to do that. Well, you could be a multi-billion dollar financial institution and and you have"}, {"start": "00:32:46", "end": "00:32:52", "text": "to put in all these bells and whistles and even still you have some guy call you after you've sent a wire saying,"}, {"start": "00:32:52", "end": "00:32:58", "text": "\"Did you really send that wire? You know, I need to know everything about the transaction to verify that's a wire or else we're going to put a freeze on"}, {"start": "00:32:58", "end": "00:33:04", "text": "it.\" That's just a broken system and it can't survive when its competitor is used just, you know, tap your phone with"}, {"start": "00:33:04", "end": "00:33:11", "text": "trusted hardware in your Google phone or your iPhone and you just use your fingerprint. We know it's you. Well, people are concerned about privacy on"}, {"start": "00:33:11", "end": "00:33:16", "text": "stable coins and here's a question from a user on X stake with pride is a username. How can the Cardano partner"}, {"start": "00:33:16", "end": "00:33:22", "text": "chain Midnight I add privacy to stable coins? So what Midnight does is it gives you"}, {"start": "00:33:22", "end": "00:33:27", "text": "computational privacy back. We call it rational privacy. So you take two things together. You take a smart contract"}, {"start": "00:33:27", "end": "00:33:33", "text": "system and the smart contract system then you combine it with an identity system and you embed within your private"}, {"start": "00:33:33", "end": "00:33:39", "text": "smart contracts DIDs and then you create what's called a selective disclosure regime. So you basically say, who gets"}, {"start": "00:33:39", "end": "00:33:45", "text": "to know my business? Maybe it's just me. That's what Monero and Zcash do. It's just me. It's disclosure of one. Or"}, {"start": "00:33:45", "end": "00:33:51", "text": "maybe it's my brother and I, or maybe it's my brother and my mom and dad and I, or you know, maybe it's my business."}, {"start": "00:33:51", "end": "00:33:58", "text": "Uh, like maybe it's my HR department. Whoever you disclose with, that's the person who gets a transparent"}, {"start": "00:33:58", "end": "00:34:04", "text": "transaction. And then it's private for everyone else. Once you have those primitives in play, you can reconstruct"}, {"start": "00:34:04", "end": "00:34:11", "text": "any financial asset into that paradigm. You can deploy a private stable point. You can deploy a private security. You"}, {"start": "00:34:11", "end": "00:34:16", "text": "can do private trading on a DEX. And uh it's public to those you're disclosing"}, {"start": "00:34:16", "end": "00:34:23", "text": "to and it's private otherwise. So here's a great uh hallucinating example to make it real. So all the time people track uh"}, {"start": "00:34:23", "end": "00:34:29", "text": "addresses for exchanges for when people deposit withdraw money from exchanges and they kind of get a sense of"}, {"start": "00:34:29", "end": "00:34:35", "text": "inventories and other things. Well, what if you could withdraw and deposit to an exchange anonymously? He said, \"Oh,"}, {"start": "00:34:35", "end": "00:34:41", "text": "Charles, you can't do that. But what about the travel rule? They have to comply with the travel rule. Well, what if you have selective disclosure for"}, {"start": "00:34:41", "end": "00:34:46", "text": "travel rule compliance to the requisite agencies, but everybody else that's private? Then nobody can ever see the"}, {"start": "00:34:46", "end": "00:34:52", "text": "things going in and out of Binance or in and out of Coinbase as an example and track those things. This is very"}, {"start": "00:34:52", "end": "00:34:58", "text": "valuable thing. Well, that's what Midnight seeks to do is that we've built a whole stack of technology um and we"}, {"start": "00:34:58", "end": "00:35:06", "text": "created a smart contract system called Kacina. We built it into a privacy stack called Plonc and uh in Halo 2. So Plunk"}, {"start": "00:35:06", "end": "00:35:11", "text": "is the arithmetization and Halo 2's proving system and it basically gives us fully programmable private smart"}, {"start": "00:35:11", "end": "00:35:17", "text": "contracts. And we wrote a beautiful programming language called compact which is based on Typescript. And"}, {"start": "00:35:17", "end": "00:35:23", "text": "Compact basically gives you the ability to write JavaScript like code to build private smart contracts. And you embed"}, {"start": "00:35:23", "end": "00:35:30", "text": "within them your disclosure requirements. And if you have none, it's a private fully private. If you have some, it's to whoever you decide in the"}, {"start": "00:35:30", "end": "00:35:35", "text": "smart smart contract design. This allows you then to capture regulated business"}, {"start": "00:35:35", "end": "00:35:41", "text": "and start thinking about what a real world asset would look like in a highly regulated regime, but have the liquidity"}, {"start": "00:35:41", "end": "00:35:48", "text": "and appearance of a cryptocurrency asset. And this also allows you to add privacy to other assets like Bitcoin or"}, {"start": "00:35:48", "end": "00:35:55", "text": "Ether because what Midnight does is it has bridges uh to seven ecosystems, Bitcoin all the way to B&B and beyond."}, {"start": "00:35:55", "end": "00:36:00", "text": "uh Ethereum, Salana, Cardano, XRP, and you can basically send your assets into"}, {"start": "00:36:00", "end": "00:36:08", "text": "that ledger and use them as fuel to power the smart contracts of Midnight. So, Midnight doesn't have to use its"}, {"start": "00:36:08", "end": "00:36:14", "text": "underlying token, Dust, uh to power things. You can use Bitcoin or Ether, other things. So, that means it's an"}, {"start": "00:36:14", "end": "00:36:20", "text": "extension of your infrastructure. We kind of built it for hybrid applications. We have a public side and a private side. So if you want to"}, {"start": "00:36:20", "end": "00:36:28", "text": "upgrade your decks to trade securities, you could build a regulated DEX that's private on Midnight as an extension of"}, {"start": "00:36:28", "end": "00:36:34", "text": "Uniswap. So you have regular stuff going on in Ethereum and then you have the private stuff going on in in Midnight."}, {"start": "00:36:34", "end": "00:36:39", "text": "And multi-chain signatures give you the ability to just, you know, sort the whole thing out. So there's just a lot"}, {"start": "00:36:39", "end": "00:36:45", "text": "of stuff there that we we we we tried to think around and we thought that was the only way to expand cryptocurrency"}, {"start": "00:36:45", "end": "00:36:52", "text": "because the thing is like we got stuck in this trap of of of like a winner takes all and uh and"}, {"start": "00:36:52", "end": "00:36:59", "text": "network effect and uh you know fastness like my protocols a little faster than your protocol you know like SW a little"}, {"start": "00:36:59", "end": "00:37:05", "text": "faster than Aptos and Apto a little faster than Salana and that's really not where growth is going to occur. it's"}, {"start": "00:37:05", "end": "00:37:11", "text": "going to occur. Who's going to create the bridges between the legacy world and the web 3 world to allow the legacy"}, {"start": "00:37:11", "end": "00:37:17", "text": "world to begin moving into the web 3 world in a safe and effective way? And they have invariance that they can't"}, {"start": "00:37:17", "end": "00:37:24", "text": "change. They can't change bank secrecy act. They can't change GDPR requirements. They can't change broker"}, {"start": "00:37:24", "end": "00:37:29", "text": "dealer regulations. Maybe they can over a 5 or 10 year period through massive amounts of lobbying and industry"}, {"start": "00:37:29", "end": "00:37:35", "text": "participation, but they can't change it today. So you need something where they can program those things in and have an"}, {"start": "00:37:35", "end": "00:37:41", "text": "algorithmic representation of them and then they can then use that to touch Ethereum and touch Bitcoin and touch"}, {"start": "00:37:41", "end": "00:37:47", "text": "Cardano. And by the way, for non-financial use cases as well, there's HIPPA for health records. How would you"}, {"start": "00:37:47", "end": "00:37:52", "text": "build a system to broker the movement of health records between different things? I can't have a blockchain based system"}, {"start": "00:37:52", "end": "00:37:58", "text": "where you know that John Smith is going to the urologist for his gorrhea. I"}, {"start": "00:37:58", "end": "00:38:04", "text": "can't go do that. That's not exactly like uh you know something somebody would sign up for. So probably needs to be private. But on the other"}, {"start": "00:38:04", "end": "00:38:10", "text": "hand, it needs to be immutable and timestamped because John Smith needs to know that unauthorized people can't have"}, {"start": "00:38:10", "end": "00:38:17", "text": "access to his accounts and he needs absolute certainty that uh that uh his accounts have not been tampered with and"}, {"start": "00:38:17", "end": "00:38:23", "text": "people have changed things inside the council. Maybe somebody changes that paternity test and Mory Povich comes out"}, {"start": "00:38:23", "end": "00:38:29", "text": "and says you are the father. you know, you you probably really want some guarantees that if you take a paternity"}, {"start": "00:38:29", "end": "00:38:34", "text": "test that it is what you say it is. So, you need immutability and you need timestamping. You need auditability"}, {"start": "00:38:34", "end": "00:38:40", "text": "inside that system, but you need privacy at the same time. And so, Midnight also covers those non-financial use cases"}, {"start": "00:38:40", "end": "00:38:47", "text": "which are so valuable for supply chains, medical records, uh land registration, as well as the financial use cases like"}, {"start": "00:38:47", "end": "00:38:53", "text": "private stable coins and these types of things. Is AI going to bypass some of this though? I'm just pointing out a real life example. YouTube is now launching"}, {"start": "00:38:53", "end": "00:38:58", "text": "AI age verification in the US which will automatically detect users over 18"}, {"start": "00:38:58", "end": "00:39:04", "text": "regardless of what you've inputed manually. So I mean I don't they say that and how are they doing it?"}, {"start": "00:39:04", "end": "00:39:10", "text": "They're doing it with very sophisticated cookie schemes and browser fingerprinting and probabilistic models"}, {"start": "00:39:10", "end": "00:39:18", "text": "but the real way that you get true verification is through an oncreds and dits. And so you can use AI to"}, {"start": "00:39:18", "end": "00:39:23", "text": "probabilistically understand things and where and when that makes sense that's fine. But it's not an access control"}, {"start": "00:39:23", "end": "00:39:28", "text": "system. And so uh DIDs what they do for you is they give you the ability to"}, {"start": "00:39:28", "end": "00:39:33", "text": "definitively prove you are somebody to somebody who cares. And then with zero"}, {"start": "00:39:33", "end": "00:39:40", "text": "knowledge technology you can prove it to the rest of the world and they as long as they trust that group of people the root of trust then you know that you're"}, {"start": "00:39:40", "end": "00:39:47", "text": "dealing with a real person. As an example let's say you had the passport system. Well, if we have passports as"}, {"start": "00:39:47", "end": "00:39:53", "text": "dids, then you have a zero knowledge system. You can prove you're a US citizen, but you don't have to show your passport to do that. You can prove"}, {"start": "00:39:53", "end": "00:40:00", "text": "you're a credit investor, but you don't have to show how much money you have. So, it's a much more general thing. But age verification is certainly an"}, {"start": "00:40:00", "end": "00:40:05", "text": "attribute we all care about. And uh the porn industry is desperate for this because they're having to blacklist"}, {"start": "00:40:05", "end": "00:40:10", "text": "entire states like Texas and Utah and others because of these age verification requirements. And they're looking for"}, {"start": "00:40:10", "end": "00:40:16", "text": "some technology to do that. And so I think this is this is awesome because also it changes compliance from a game"}, {"start": "00:40:16", "end": "00:40:22", "text": "of being like a data warehouse packrat where you have to store giant amounts of"}, {"start": "00:40:22", "end": "00:40:29", "text": "information and you know in your basement hope to God that you don't need it and file suspicious activity reports to gave it 21 questions. Can I do"}, {"start": "00:40:29", "end": "00:40:35", "text": "business with David? All right. Well, here are my questions. Question A, yes, no. Question B, yes, no. Question C. And"}, {"start": "00:40:35", "end": "00:40:41", "text": "you go down and after 5 10 15 questions, either you get to yes, I can do business with him or no. That's what I mean when"}, {"start": "00:40:41", "end": "00:40:46", "text": "settlement is compliance because as part of the clearing function you'll run that"}, {"start": "00:40:46", "end": "00:40:52", "text": "game zero knowledge proofs will be generated. It'll collect those proofs as a chain of evidence and then once it"}, {"start": "00:40:52", "end": "00:40:57", "text": "passes those proofs it either decides to settle or not settle. So the other thing"}, {"start": "00:40:57", "end": "00:41:04", "text": "that's happening at the same time is the intent revolution. So intents are partial transactions."}, {"start": "00:41:04", "end": "00:41:09", "text": "You tell us your intent. It's not send this thing in Ethereum this exact amount"}, {"start": "00:41:09", "end": "00:41:14", "text": "of blah. It's more like I want to trade five bitcoin for USDC at best available"}, {"start": "00:41:14", "end": "00:41:21", "text": "price. Now notice something. I didn't tell you the price. I didn't tell you the settlement time. I didn't tell you the network. I didn't tell you the"}, {"start": "00:41:21", "end": "00:41:27", "text": "mechanism of settlement. I just told you my intent. What I want. This is where AI is very powerful. And there's uh great"}, {"start": "00:41:27", "end": "00:41:33", "text": "blockchains like Near that are looking into this. And there's Anomia and others. But basically the idea is like AI will figure it out or some automated"}, {"start": "00:41:33", "end": "00:41:39", "text": "system will figure it out and build that transaction for you. So your intent is kind of like what you want to do then"}, {"start": "00:41:39", "end": "00:41:44", "text": "somebody fills in all the cream filling and then processes the transaction and maybe it was Cardano that was lucky and"}, {"start": "00:41:44", "end": "00:41:51", "text": "got that transaction with one of our dexes or maybe it's Ethereum or maybe it's Salana but we got that you know with this and so the the world is moving"}, {"start": "00:41:51", "end": "00:41:57", "text": "to an intent world because that partial transaction for game of 21 questions is regulation. I have an intent to do"}, {"start": "00:41:57", "end": "00:42:04", "text": "business with unis swap. here's the stuff I want to do business with and then there's going to be a challenge response protocol saying well to do"}, {"start": "00:42:04", "end": "00:42:09", "text": "business with us you have to answer these 14 questions with zero knowledge proofs and if you can attach all those"}, {"start": "00:42:09", "end": "00:42:15", "text": "proofs or somebody on your behalf can attach those proofs like your KYC organization like Acuant or something"}, {"start": "00:42:15", "end": "00:42:22", "text": "like that then the transaction settles and then the transactions built as the composite of all those things the value"}, {"start": "00:42:22", "end": "00:42:28", "text": "the cryptographic signatures but also the zero knowledge proofs now on the other side what do I have I don't know"}, {"start": "00:42:28", "end": "00:42:33", "text": "who you are. I don't have your personally identifiable information. I don't know anything about you. I just"}, {"start": "00:42:33", "end": "00:42:39", "text": "have zero knowledge proofs. That's it. And I have some transaction data, but I'm in full compliance because embedded"}, {"start": "00:42:39", "end": "00:42:44", "text": "within those proofs is some way that a regulator could unravel uh you know the"}, {"start": "00:42:44", "end": "00:42:50", "text": "root data and verify that those proofs are correct. Well, going back to Cardano development itself, some people in the"}, {"start": "00:42:50", "end": "00:42:55", "text": "Cardano community are a little bit frustrated at what they perceive is slow"}, {"start": "00:42:55", "end": "00:43:01", "text": "pace of development. And here's a question specifically from a user on X. His name is Jonathan Strange. Why has"}, {"start": "00:43:01", "end": "00:43:06", "text": "Cardano focused so heavily on a researchbacked approach rather than the move fast and break things approach?"}, {"start": "00:43:06", "end": "00:43:12", "text": "What were the downsides to this approach? And I guess to add to that, the upsides, pros,"}, {"start": "00:43:12", "end": "00:43:17", "text": "well, the this the irony is the research actually is pretty fast. It's the"}, {"start": "00:43:17", "end": "00:43:24", "text": "engineering that got really slow. Um, so so we've published over 250 papers and it probably take another 10 years to"}, {"start": "00:43:24", "end": "00:43:29", "text": "implement all those papers if we wanted to. So we're really good at writing papers and going through the peerreview process. That's not the limiting"}, {"start": "00:43:29", "end": "00:43:35", "text": "function. Like I'll give you a great example. We we we published Orworth Genesis back in 2018 and we just rolled"}, {"start": "00:43:35", "end": "00:43:40", "text": "it out this year into Cardano. So the the historical bottleneck was the engineering side and there was a variety"}, {"start": "00:43:40", "end": "00:43:46", "text": "of legacy reasons for that. A no one had ever built these types of systems before. So we were very conservative in"}, {"start": "00:43:46", "end": "00:43:53", "text": "the design and we chose very specialized tools like Haskell uh to to do these types of things. But now that we've"}, {"start": "00:43:53", "end": "00:43:58", "text": "built up, you know, large domain of experience and we've created a large open source project, what Cardono has"}, {"start": "00:43:58", "end": "00:44:04", "text": "turned into is actually one of the fastest moving in terms of development uh projects around. Uh and a great"}, {"start": "00:44:04", "end": "00:44:10", "text": "example would be that while Ethereum took till 2022 to do the merge, we actually did our proof of stake in 2020."}, {"start": "00:44:10", "end": "00:44:15", "text": "So we we beat them by a few years and uh we're speeding up in terms of our"}, {"start": "00:44:15", "end": "00:44:20", "text": "ability to interoperate with other systems, launch other blockchains that are connected to Cardono like Midnight."}, {"start": "00:44:20", "end": "00:44:27", "text": "Um, so we're now a full AVS system as of next year. Uh, you we've added zero knowledge support very rapidly and so"}, {"start": "00:44:27", "end": "00:44:33", "text": "every year we're just like getting major upgrades to the system. It's just it took a while to get the foundations"}, {"start": "00:44:33", "end": "00:44:38", "text": "right. The other thing is that was a lot of firsts. Like we were the first liquid non-custodial staking system, but we"}, {"start": "00:44:38", "end": "00:44:43", "text": "were the first extended UTXO system to add smart contracts to uh UTXO. you know"}, {"start": "00:44:43", "end": "00:44:50", "text": "in the in the Ergo was also there, Nervos was there, but we were like the first at scale like $30 billion and"}, {"start": "00:44:50", "end": "00:44:55", "text": "people actually doing real things. We were the first to implement color coins at the base protocol level with the"}, {"start": "00:44:55", "end": "00:45:00", "text": "Cardono native token standard. Uh so because these things were first, we actually had to figure out the"}, {"start": "00:45:00", "end": "00:45:06", "text": "development model and it took quite a bit of time to build all those toolings because it's not a onetoone match with"}, {"start": "00:45:06", "end": "00:45:12", "text": "Ethereum. You can't just go and deploy an EVM smart contract on Ethereum on Cardano. You actually have to do it"}, {"start": "00:45:12", "end": "00:45:18", "text": "differently. Now the advantage is that long-term we have enormous scalability potential with these things because we"}, {"start": "00:45:18", "end": "00:45:24", "text": "have local determinism. What happens on your computer is the same thing that happens on the global network. This is"}, {"start": "00:45:24", "end": "00:45:29", "text": "not the case with Ethereum or any other system. It's a very rare property in distributed systems but we have that"}, {"start": "00:45:29", "end": "00:45:35", "text": "which means also we have a much stronger layer 2 game. So when you start getting to payment channels, state channels,"}, {"start": "00:45:35", "end": "00:45:40", "text": "roll-ups, these types of things, they work much much better and faster on"}, {"start": "00:45:40", "end": "00:45:45", "text": "Cardono than they would on other systems. So these are trade-offs and locally what it meant is we were slower"}, {"start": "00:45:45", "end": "00:45:51", "text": "out the gate for many things and it hurt our DeFi ecosystem and a lot of adoption and interoperability. But longterm once"}, {"start": "00:45:51", "end": "00:45:58", "text": "you get past those hurdles, you start having a takeoff velocity because you bet on a the right paradigm long term."}, {"start": "00:45:58", "end": "00:46:04", "text": "And what's cool is you see that with Bitcoin DeFi where we fit with Bitcoin really beautifully almost like two"}, {"start": "00:46:04", "end": "00:46:10", "text": "molecules and docking with a with you know like a like a receptor. They're just clicking into each other. Um"}, {"start": "00:46:10", "end": "00:46:16", "text": "whereas it doesn't work very well with Ethereum and Salana as examples because they are a different accounting model"}, {"start": "00:46:16", "end": "00:46:22", "text": "and they have a different security model whereas we can clock together because of the design assumptions that we made."}, {"start": "00:46:22", "end": "00:46:29", "text": "Well, you know over the next 5 years where's the majority of DeFi growth going to be? Is it going to be Ethereum continuing to 10x every year? Or is it"}, {"start": "00:46:29", "end": "00:46:35", "text": "going to be all that dry Bitcoin that institutions hold wanting a yield going in and creating yield? It doesn't take a"}, {"start": "00:46:35", "end": "00:46:41", "text": "meaningful percentage of Bitcoin before you have more TVL than the market cap of Salana. You know, that's Bitcoin DeFi."}, {"start": "00:46:41", "end": "00:46:47", "text": "And it's easy to do because you only have to get like seven or eight financial institutions to start deploying their Bitcoin uh because they"}, {"start": "00:46:47", "end": "00:46:54", "text": "now they hold so much of it into the DeFi markets. and they're going to do that where they can still preserve the security of uh Bitcoin and pay"}, {"start": "00:46:54", "end": "00:46:59", "text": "transactions in Bitcoin. So, uh so you know, we'll see what happens in the next 5 or 10 years and I and I'm very"}, {"start": "00:46:59", "end": "00:47:07", "text": "comfortable with the bets we've taken and the velocity I think is exactly where it needs to be. It's a good mixture of now moving fast but with a"}, {"start": "00:47:07", "end": "00:47:14", "text": "lot of rigor that's behind it and it's also polyglot now. So, we have Rust and we have Go and we have TypeScript and"}, {"start": "00:47:14", "end": "00:47:19", "text": "Haskell in the ecosystem. So, we have a lot of that legacy stuff, but then we have now the mainstream stuff, but we"}, {"start": "00:47:19", "end": "00:47:24", "text": "figured out how to do the mainstream stuff and not break the system, if that makes sense. Uh, the same user, Jonathan"}, {"start": "00:47:24", "end": "00:47:31", "text": "Strange, had a question about the um the philosophy behind the fixed supply. So, Cardano's tokconomics are similar to"}, {"start": "00:47:31", "end": "00:47:36", "text": "Bitcoin with a fixed supply. What was the thought process for that? He said, on top of well, of the top 10 crypto,"}, {"start": "00:47:36", "end": "00:47:42", "text": "when you don't count stable coins, BMP, coin, and XRP, etc., Bitcoin and Cardano are the only cap supply tokens. What was"}, {"start": "00:47:42", "end": "00:47:48", "text": "the thought process behind this? I I mean I that's what I believed in. I was I was a big fan of Ron Paul and"}, {"start": "00:47:48", "end": "00:47:53", "text": "goldbacked money and the whole reason you have goldbacked money is you can't just turn on your money printing press"}, {"start": "00:47:53", "end": "00:47:58", "text": "and print as much as you want whenever it's convenient. I mean if you want a wild graph take a look at the US money"}, {"start": "00:47:58", "end": "00:48:04", "text": "supply over the last 20 years it's like kind of flat kind of flat kind of and then 2008 and then later you know with"}, {"start": "00:48:04", "end": "00:48:10", "text": "co goes way way up. You're like holy what just happened and everybody's like why are homes so expensive? Why are"}, {"start": "00:48:10", "end": "00:48:16", "text": "cars so expensive now? Why does it feel like I'm getting poorer, but my my my paychecks are the same and my taxes"}, {"start": "00:48:16", "end": "00:48:23", "text": "aren't going up, but yet I can't buy as much. Look at shopping carts in 1990 versus 2025 of what you could buy with"}, {"start": "00:48:23", "end": "00:48:30", "text": "$20. It's inflation destroys you. So, you know, a fixed monetary policy is awesome because then it organically"}, {"start": "00:48:30", "end": "00:48:36", "text": "deflates over time. Um, and you know that if you are going to be part of that"}, {"start": "00:48:36", "end": "00:48:43", "text": "ecosystem, nobody's going to show up and debase your money and you want sound money. So, Bitcoin taught us that."}, {"start": "00:48:43", "end": "00:48:50", "text": "Cardono in many ways is a spiritual successor to Bitcoin. You know, they are UTXO. We're extended UTXO. They had color coins. We put them at the protocol"}, {"start": "00:48:50", "end": "00:48:55", "text": "level. We based our proof ofstake protocol on proof of work when we when we uh were designing security properties"}, {"start": "00:48:55", "end": "00:49:01", "text": "called the GKL15 model. So, we also wanted to inherit the monetary policy. Now, Vitalik was thinking much more like"}, {"start": "00:49:01", "end": "00:49:07", "text": "computational fuel. Uh, and he was saying, oh, you know, like fuels like oil, you can always go drill some more, you know, these types of things. And so,"}, {"start": "00:49:07", "end": "00:49:14", "text": "it could be variable. You can have inflationary periods and deflationary periods. The problem is then you introduce a really complicated thing."}, {"start": "00:49:14", "end": "00:49:21", "text": "You start inviting the conversation of monetary policy into your governance. And then you you start having like hawks"}, {"start": "00:49:21", "end": "00:49:27", "text": "and doves. And there's some people saying, for the good of the ecosystem, why don't we, you know, increase inflation? And you have other people"}, {"start": "00:49:27", "end": "00:49:32", "text": "say, \"Well, for the good of the ecosystem, we need to keep it constrained.\" And then you're just fighting every year about your monetary"}, {"start": "00:49:32", "end": "00:49:39", "text": "policy of of where to take it and what to do with it. Whereas, when you're in a deflationary monetary policy, you you can't have the fight. No one is walking"}, {"start": "00:49:39", "end": "00:49:45", "text": "around saying, \"Let's change the Bitcoin emission rate. No, there's no path in Bitcoin to make that happen and have"}, {"start": "00:49:45", "end": "00:49:52", "text": "more than 21 million bitcoins.\" And there's no path in Cardano to change the monetary policy of Cardano. What you see"}, {"start": "00:49:52", "end": "00:49:57", "text": "is what you get. You can optimize around that. So you could disappear for 20 years and come back and it's the same"}, {"start": "00:49:57", "end": "00:50:02", "text": "ADA supply. Another way to look at it then, Charles, if I if I may add, perhaps then you"}, {"start": "00:50:02", "end": "00:50:08", "text": "looked at Cardano as money at the onset instead of something to build applications on because you can point to"}, {"start": "00:50:08", "end": "00:50:14", "text": "the fact that developers are favoring Salana, Ethereum, so on and so forth for building layer 2 over Bitcoin, right?"}, {"start": "00:50:14", "end": "00:50:21", "text": "Yeah. And the other thing is you can always invent a fuel token and back it by sound money or use it with sound"}, {"start": "00:50:21", "end": "00:50:26", "text": "money. It's a lot harder to take a fuel token and turn it into sound money. Uh,"}, {"start": "00:50:26", "end": "00:50:33", "text": "and so you start directionally where you have safety and security and you work your way to utility. And as long as you"}, {"start": "00:50:33", "end": "00:50:40", "text": "have a community that's willing to wait that time, you don't lose anything. If you go in the other direction, it's really really hard to conjure that. Like"}, {"start": "00:50:40", "end": "00:50:46", "text": "I don't think, for example, Bitcoin would be Bitcoin and survived if they tinkered with the monetary policy. If"}, {"start": "00:50:46", "end": "00:50:51", "text": "they said, you know, let's because not a lot of people got in early and Satoshi got too many coins, let's do 30 million"}, {"start": "00:50:51", "end": "00:50:57", "text": "Bitcoin instead of 21, let's change the mining emission rate or something. Bitcoin would have died if that uh if"}, {"start": "00:50:57", "end": "00:51:03", "text": "that happened. Well, let's uh finally segue into Bitcoin itself. Uh this is a user on X. Everybody literally asking"}, {"start": "00:51:03", "end": "00:51:10", "text": "questions he has already answered or questions they know how he will answer. Ask him his thoughts on Michael Sailor"}, {"start": "00:51:10", "end": "00:51:16", "text": "and I guess by extension the Bitcoin treasury companies that are um becoming more mainstream right now. Well, anytime"}, {"start": "00:51:16", "end": "00:51:21", "text": "you can increase liquidity and get more people into the cryptocurrency space, that's intrinsically a good thing to me"}, {"start": "00:51:21", "end": "00:51:27", "text": "as long as it's done in a responsible way and it's done with good governance and good regulation behind it. So,"}, {"start": "00:51:27", "end": "00:51:34", "text": "there's a world of difference between you buying a Bitcoin and having it in a non-custodial wallet you control and"}, {"start": "00:51:34", "end": "00:51:42", "text": "buying a Bitcoin as a regulated product uh through an exchange and there's some third party that's holding that. Um, so"}, {"start": "00:51:42", "end": "00:51:50", "text": "I don't have anything against DATs or for DATs. I think that they're a mechanism. Um, it's more of are there"}, {"start": "00:51:50", "end": "00:51:56", "text": "the appropriate controls in and are these structured in a way where you're not creating a synthetic asset that's"}, {"start": "00:51:56", "end": "00:52:05", "text": "decoupling from your act underlying asset. This was my biggest concern in El Salvador with Shivbo wallet. So back in"}, {"start": "00:52:05", "end": "00:52:10", "text": "2021, we actually traveled El Salvador. I met with Boule and we spent some time there and we brought the coalition"}, {"start": "00:52:10", "end": "00:52:16", "text": "together that ended up creating Shivbo, Alpha Point and these other people. But I I bowed out. We decided not to take"}, {"start": "00:52:16", "end": "00:52:21", "text": "the deal. One of our biggest concerns was that we didn't think that there were appropriate controls connecting the"}, {"start": "00:52:21", "end": "00:52:27", "text": "Shivbo Bitcoin to the actual Bitcoin in custody and we wanted US regulated"}, {"start": "00:52:27", "end": "00:52:33", "text": "entities to audit that is you trade Shivbo in a centralized sense. It's like trading those Coinbase dollars or those"}, {"start": "00:52:33", "end": "00:52:40", "text": "Coinbase Bitcoin. It's like well that only works if you trust people. So if you start engineering financial products"}, {"start": "00:52:40", "end": "00:52:46", "text": "where the share price is different than the underlying asset that's a problem"}, {"start": "00:52:46", "end": "00:52:52", "text": "because the only value of that financial product is the underlying asset and that delta between the two is a bubble and"}, {"start": "00:52:52", "end": "00:52:58", "text": "that can create a problem. So, uh, you have to be careful of these types of things and you have to be, uh, you have"}, {"start": "00:52:58", "end": "00:53:05", "text": "to make sure that you walk into it with both eyes open and you only invest in in, uh, these structures when you, you"}, {"start": "00:53:05", "end": "00:53:12", "text": "think that there's long-term viability, uh, behind them. So, Michael's been phenomenally successful and he's created"}, {"start": "00:53:12", "end": "00:53:18", "text": "one of the greatest mcguffins of all time to acquire Bitcoin. Um, I he's starting to approach Bitcoin levels of"}, {"start": "00:53:18", "end": "00:53:24", "text": "Satoshi. You know, I I I was actually one of the largest uh small holders of Bitcoin for a brief period of time way"}, {"start": "00:53:24", "end": "00:53:31", "text": "back in the day. People forget that when we did the Cardano sale, um the Cardano uh raised in yen, but it was converted"}, {"start": "00:53:31", "end": "00:53:36", "text": "to Bitcoin for uh for transparency. In fact, our audit reports just about come out here and it's going to show the"}, {"start": "00:53:36", "end": "00:53:41", "text": "addresses, but we had 108,000 Bitcoin that was raised for Cardano. So, after"}, {"start": "00:53:41", "end": "00:53:47", "text": "it was all converted. So, so you know, it was at $250 and $700. uh but now"}, {"start": "00:53:47", "end": "00:53:53", "text": "today's prices that'd be like $14 billion or something like that. It's an incredible sum of money. So there is"}, {"start": "00:53:53", "end": "00:54:00", "text": "kind of a moral hazard when you have such a colossal amount of an asset in one hand or one entity and you know a"}, {"start": "00:54:00", "end": "00:54:06", "text": "small perturbation or issue can create a problem. So what you try to do when that"}, {"start": "00:54:06", "end": "00:54:12", "text": "occurs is make sure that the level of scrutiny increases proportionally with the overall holdings and uh the"}, {"start": "00:54:12", "end": "00:54:18", "text": "regulatory structures we have right now are not really as good as they need to be to deal with that and unfortunately"}, {"start": "00:54:18", "end": "00:54:25", "text": "Bitcoin has no recourse. U but you know what we've been there before uh people forget Mount Gaus I remember Mount Gaus"}, {"start": "00:54:25", "end": "00:54:31", "text": "and we survived that and people forget Silk Road. I remember Silk Road we survived that. Okay so we can afford a"}, {"start": "00:54:31", "end": "00:54:37", "text": "collapse of a DAT. we can afford uh 100,000 Bitcoin being stolen or $200,000"}, {"start": "00:54:37", "end": "00:54:42", "text": "Bitcoin being stolen. Bitcoin is so resilient and strong. It's just um these"}, {"start": "00:54:42", "end": "00:54:48", "text": "things aren't Bitcoin. They're synthetic representations of it that are traded on exchanges and they don't have to be on"}, {"start": "00:54:48", "end": "00:54:55", "text": "par with it one to one. Uh so whenever that occurs, be very careful if you don't lose the reins cuz that horse is"}, {"start": "00:54:55", "end": "00:55:04", "text": "going to run away real fast and you're not going to catch it. It's a lot faster than you. Would you be ever opposed to the idea of a Cardano treasury company"}, {"start": "00:55:04", "end": "00:55:09", "text": "concept? It's inevitable and actually it's much more significant meaningful because there's also staking and governance"}, {"start": "00:55:09", "end": "00:55:15", "text": "rights with Cardano. You don't have any of those rights with Bitcoin. So, uh you have a different set of problems. So,"}, {"start": "00:55:15", "end": "00:55:21", "text": "you still have that issue of of losing the reins letting the horse run away. But then also what is the governance"}, {"start": "00:55:21", "end": "00:55:28", "text": "policy of the debt? I'll only support a DAT if a DAT has a means of decentralizing governance, meaning that"}, {"start": "00:55:28", "end": "00:55:34", "text": "the community has some sort of say or control uh over the uh the tokens governance. That's where I draw the line"}, {"start": "00:55:34", "end": "00:55:40", "text": "cuz I don't like the idea of one entity centralizing 10 20% of the supply and then participating in governance and"}, {"start": "00:55:40", "end": "00:55:45", "text": "some unelected group of bankers has a perma vote on uh on where Cardono goes."}, {"start": "00:55:45", "end": "00:55:51", "text": "That would be very problematic, you know, for the system. So, I think they're nice in that they they you know,"}, {"start": "00:55:51", "end": "00:55:57", "text": "because what's a 70-year-old grandma going to do if she wants to be part of the ecosystem? Is she going to go install a wallet on her her non-existent"}, {"start": "00:55:57", "end": "00:56:03", "text": "cell phone and, you know, figure out how public key cryptography works and self custody and this stuff? It's like, no,"}, {"start": "00:56:03", "end": "00:56:08", "text": "you know, give her assets where she can call her broker or something and do that. So, I kind of understand the point"}, {"start": "00:56:08", "end": "00:56:13", "text": "of that in the demographic you're dealing with, but we as an ecosystems have to deal with the moral hazards of"}, {"start": "00:56:13", "end": "00:56:19", "text": "these types of of situations. Then there's some technological innovations and there's social innovations that can"}, {"start": "00:56:19", "end": "00:56:24", "text": "be put through. So DATs and Cardano are inevitable. If I had to predict, I'd say we'll start seeing them within 90 days"}, {"start": "00:56:24", "end": "00:56:30", "text": "to 180 days. Um and uh there's going to be all kinds of flavors that come"}, {"start": "00:56:30", "end": "00:56:36", "text": "through and we'll see debts probably from midnight as well. It's very profitable for people to pursue these things. It's just you have to do them"}, {"start": "00:56:36", "end": "00:56:42", "text": "with the right wisdom and foresight and if you do then they can be very beneficial to the ecosystem. What's your"}, {"start": "00:56:42", "end": "00:56:48", "text": "view on companies adding layer twos on Bitcoin to add a yielding staking feature to generate yield versus"}, {"start": "00:56:48", "end": "00:56:54", "text": "something that natively generates yield through staking? So, uh that's like Babylon for example and David Chi is the"}, {"start": "00:56:54", "end": "00:57:02", "text": "inventor of that and he's a very good friend of mine. He actually is part affiliated with our lab at Stanford um the blockchain lab we have there and"}, {"start": "00:57:02", "end": "00:57:07", "text": "they've done a phenomenal job. I it's called an AVS system, actively validated services. And the whole point is that"}, {"start": "00:57:07", "end": "00:57:13", "text": "you create some asset or you have some asset that has some real value behind it. And then you can repurpose that"}, {"start": "00:57:13", "end": "00:57:19", "text": "asset to basically provide security to another system. And it solves the"}, {"start": "00:57:19", "end": "00:57:24", "text": "bootstrap problem because you all the time want to launch something, but when you launch it, you're very fragile and"}, {"start": "00:57:24", "end": "00:57:30", "text": "everybody has a strong incentive to try to break you. So if you can borrow security from another network and put"}, {"start": "00:57:30", "end": "00:57:36", "text": "that security onto your network, uh then uh then you have the best of both worlds. You get to do something new and"}, {"start": "00:57:36", "end": "00:57:42", "text": "you have total control over that thing, but you have a high security basis for that. And I'm old enough to remember the"}, {"start": "00:57:42", "end": "00:57:50", "text": "merge mining days of Bitcoin where they they would merge, mine, and mine multiple blockchains at the same time with proof of work. So uh what Babylon's"}, {"start": "00:57:50", "end": "00:57:55", "text": "doing or any of these as systems as layer 2 to Bitcoin with Bitcoin staking is a very similar concept. they've just"}, {"start": "00:57:55", "end": "00:58:01", "text": "kind of proof of staked it. Now we formalized that concept with a paper called minotaur and that turned into um"}, {"start": "00:58:01", "end": "00:58:07", "text": "IGEN layer and then Midnight uses Minotaur at its core to show what's called multi-resource consensus. So you"}, {"start": "00:58:07", "end": "00:58:15", "text": "can put multiple consensus algorithms together because the problem with AVS is handoff. I want to use Bitcoin to"}, {"start": "00:58:15", "end": "00:58:20", "text": "bootstrap my network and I'm prepared to pay the Bitcoin holders a fee to do"}, {"start": "00:58:20", "end": "00:58:27", "text": "that. But I don't want to use Bitcoin forever. I want to launch my network and have my own consensus. So, how do I hand"}, {"start": "00:58:27", "end": "00:58:33", "text": "off between a borrowed consensus and an endogenous consensus? And Miniur has a"}, {"start": "00:58:33", "end": "00:58:38", "text": "solution for that. It allows you to link proof of work and proof of stake and other things together into one ledger"}, {"start": "00:58:38", "end": "00:58:45", "text": "and you can change the ratios between them. You have a view on Bitcoin and we'll wrap up here. You have a view on"}, {"start": "00:58:45", "end": "00:58:51", "text": "Bitcoin's uh price uh uh towards the end of uh 2027. uh what's ultimately going"}, {"start": "00:58:51", "end": "00:58:56", "text": "to drive the price upward and adoption? Well, the DATs have brought retail,"}, {"start": "00:58:56", "end": "00:59:02", "text": "sovereign wealth funds are buying Bitcoin. US government holds 212,000 Bitcoin. It's uh it's pretty crazy when"}, {"start": "00:59:02", "end": "00:59:07", "text": "you see it. So, I think over the next 5 years, Bitcoin is going to 10 trillion. Um I think before the end of this bull"}, {"start": "00:59:07", "end": "00:59:13", "text": "market, Bitcoin will hit 250,000. That's kind of the the flag I've put in the ground for the ceiling of it. And the"}, {"start": "00:59:13", "end": "00:59:19", "text": "big driver is going to be Bitcoin DeFi. you know, minute you can get yield and do stuff with your Bitcoin. Uh, it's kind of like I say there's the gold mine"}, {"start": "00:59:19", "end": "00:59:25", "text": "and then there's the gold. Right now, the gold lives at the gold mine. Well, the gold doesn't have to live at the gold mine. The Bitcoin network is the"}, {"start": "00:59:25", "end": "00:59:30", "text": "gold mine. It makes gold. You can take your gold and put in the jewelry shop and the jewelry shops Cardano or"}, {"start": "00:59:30", "end": "00:59:35", "text": "Ethereum or STAX or you know these types of things. Well, the minute you can do that, uh, Bitcoin gets a yield. Bitcoin"}, {"start": "00:59:35", "end": "00:59:42", "text": "gets a yield. It's a very attractive instrument because it's limited downside relative to all these other experimental things and it has equivalent upside in"}, {"start": "00:59:42", "end": "00:59:47", "text": "many cases to other tokens. So the networks that facilitate that are going to be do very well because they're going"}, {"start": "00:59:47", "end": "00:59:53", "text": "to get a ton of TVL. They're going to get a ton of transaction volume. And the thing is under the hood, it creates"}, {"start": "00:59:53", "end": "01:00:00", "text": "consumption for their tokens because people are paying those transaction fees in Bitcoin, but it's it's inevitably has"}, {"start": "01:00:00", "end": "01:00:05", "text": "to be consumed with ADA or near or whatever. Uh so it's like tourism when"}, {"start": "01:00:05", "end": "01:00:10", "text": "you go to the Caribbean and you know you swipe your credit card, you're paying in US dollars. They get the local money,"}, {"start": "01:00:10", "end": "01:00:17", "text": "but that tourism benefits the local economy. So, Bitcoin is going on tour and it's going to leave the high"}, {"start": "01:00:17", "end": "01:00:23", "text": "population, very wealthy country and they're going to go to the Caribbean and Hawaii and all these other places and those are different blockchains and"}, {"start": "01:00:23", "end": "01:00:28", "text": "they'll do cool things. They'll consume cool things and they go back home after they're done. So, once you're done"}, {"start": "01:00:28", "end": "01:00:34", "text": "getting your yield on your Bitcoin, you go back to Bitcoin and uh and you go back to your house. So, uh that's what's"}, {"start": "01:00:34", "end": "01:00:39", "text": "going to be the key driver of getting Bitcoin over 10 trillion because then structured financial products can offer"}, {"start": "01:00:39", "end": "01:00:46", "text": "yields there. they could be uh sliced and diced by Wall Street to be very safe and scored and rated and then people"}, {"start": "01:00:46", "end": "01:00:52", "text": "just by proportion start including it like they do gold in their IAS and their 401ks and these types of things and so"}, {"start": "01:00:52", "end": "01:00:58", "text": "the rule making will let you do it. The minute that clarity is passed and all the rulemaking comes in, Bitcoin will be"}, {"start": "01:00:58", "end": "01:01:04", "text": "treated like any other financial asset from purposes of investment and taxes and at that point um you'll see a"}, {"start": "01:01:04", "end": "01:01:10", "text": "massive flow of money into it because it's a hard asset like gold is. Well, once Bitcoin reaches $10 trillion, is"}, {"start": "01:01:10", "end": "01:01:15", "text": "that the rising tide that lifts all boats? In other words, are all other cryptos going to follow or can you see"}, {"start": "01:01:15", "end": "01:01:20", "text": "Bitcoin dominance just continue to rise uh back to uh pre2021 levels? Here's a"}, {"start": "01:01:20", "end": "01:01:26", "text": "bit, you know, it es and flows, but remember, cryptocurrencies is going to eat AI and cryptocurrency is going to"}, {"start": "01:01:26", "end": "01:01:32", "text": "eat medical records and there's all these non-financial use cases that Bitcoin never will have an opinion on"}, {"start": "01:01:32", "end": "01:01:38", "text": "and never do. And so, it's kind of silly thing to say, oh, well, all these other guys will die. It's like, okay, so where"}, {"start": "01:01:38", "end": "01:01:44", "text": "am I going to go build my medical record system? And doesn't decentralization matter? I call EPS, economic, political,"}, {"start": "01:01:44", "end": "01:01:50", "text": "and social. So, so, so I can't do any political or social things. Like, how do I build a competitor to Facebook and"}, {"start": "01:01:50", "end": "01:01:55", "text": "have a decentralized social network? I want to do this in Bitcoin. It's an absurd thing. Uh, you know, so, so no,"}, {"start": "01:01:55", "end": "01:02:02", "text": "you're you're going to have other standards and you're going to have an internet of blockchains. And I say this as an OG of OGs and I was in it in the"}, {"start": "01:02:02", "end": "01:02:08", "text": "very early days of Bitcoin. and I was the founding chairman of the Bitcoin Foundation's education committee. I mean, I understand a lot about it and I"}, {"start": "01:02:08", "end": "01:02:14", "text": "love that community and ecosystem and there's a lot of value they have, but they chose to be sound money and the"}, {"start": "01:02:14", "end": "01:02:20", "text": "minute that they chose to do that and be a store of value, they have to go win. And winning means Bitcoin has to flip"}, {"start": "01:02:20", "end": "01:02:26", "text": "gold and then it'll become the premier store of value for the entire world. Winning doesn't mean that Bitcoin is"}, {"start": "01:02:26", "end": "01:02:32", "text": "going to be a replacement for Meta or replacement for the Google search engine or you know the private medical record"}, {"start": "01:02:32", "end": "01:02:38", "text": "system of the world or the largest decentralized exchange in the world. That's not what winning means. Winning"}, {"start": "01:02:38", "end": "01:02:44", "text": "means you flip gold and you are the premier digital asset to hold. And so I"}, {"start": "01:02:44", "end": "01:02:50", "text": "think the world is quite compatible with Bitcoin achieving that. But then all these other people doing these things and oh by the way Bitcoin forces the"}, {"start": "01:02:50", "end": "01:02:56", "text": "blockchainification digitalization of things and becomes an alternative banking stack you know indirectly"}, {"start": "01:02:56", "end": "01:03:02", "text": "because it everybody has to start wiring into it and once they're in they're into the rest of the network as well which are far more capable and programmable."}, {"start": "01:03:02", "end": "01:03:09", "text": "We have um this adversarial nature in the blockchain space and there's this maximalism and all these people float"}, {"start": "01:03:09", "end": "01:03:15", "text": "around and it's just so disheartening at times because you know we I'm trying to do real things. I we published 250"}, {"start": "01:03:15", "end": "01:03:21", "text": "papers. We we every day wake up, write code, and we want to solve hard problems. And if I find my network is 5%"}, {"start": "01:03:21", "end": "01:03:28", "text": "more decentralized, I'm 5% happier. If I find out I have another million users, I'm a million users happier. You know,"}, {"start": "01:03:28", "end": "01:03:35", "text": "not because token price goes up, because we are getting people into a world with integrity and a world with principles"}, {"start": "01:03:35", "end": "01:03:40", "text": "and censorship resistance and transparency. So, I'd like to believe that we're philosophically aligned with"}, {"start": "01:03:40", "end": "01:03:45", "text": "Bitcoin. So why should it be sum zero where if Bitcoin is to achieve great heights that's only at the expense of"}, {"start": "01:03:45", "end": "01:03:50", "text": "our growth especially when Bitcoin's playing a different game? Are they going to change your block time from 10"}, {"start": "01:03:50", "end": "01:03:57", "text": "minutes to sub-second blocks? Are they going to go from proof of work to different consensus algorithm? Are they"}, {"start": "01:03:57", "end": "01:04:03", "text": "are they going to allow you to write like super complex smart contracts easily and have lowcost settlement and"}, {"start": "01:04:03", "end": "01:04:08", "text": "these types of thing? No, they're not going to do that. Why should they if they want to be the premier storage of"}, {"start": "01:04:08", "end": "01:04:14", "text": "value for uh for the world? Just like does gold have to wake up and pretend it's silver? Does gold have to go into"}, {"start": "01:04:14", "end": "01:04:20", "text": "your gas tank and let you drive your car? You know, gold can be gold. Sure."}, {"start": "01:04:20", "end": "01:04:26", "text": "Okay, I'll end here. So, what are you working on these days? You you mentioned you're, you know, currently researching a lot of different things. Just give us"}, {"start": "01:04:26", "end": "01:04:32", "text": "some of the projects you're engaged in and uh what you expect to accomplish in the next uh year or two. What can we look forward to, Charles? Oh, huge huge"}, {"start": "01:04:32", "end": "01:04:38", "text": "inroads in interoperability with a lot of different systems and we have some phenomenal partners there like Near for"}, {"start": "01:04:38", "end": "01:04:43", "text": "example. Um and uh so a lot of lot of just unfinished business of fixing broken windows getting things talk to"}, {"start": "01:04:43", "end": "01:04:49", "text": "each other. Um we're doing a lot of protocol upgrades for Cardono like the governance was a huge lift. We went from"}, {"start": "01:04:49", "end": "01:04:56", "text": "federated system to a fully decentralized governance system uh with onchain government even in a constitution and things like that and"}, {"start": "01:04:56", "end": "01:05:02", "text": "that was like two years of my life getting that done and getting that put together. So, we're real excited to bring that to bear and to watch that"}, {"start": "01:05:02", "end": "01:05:10", "text": "fully realize itself. Um, including a full-on chain treasury with 1.8 billion ADA inside of it, which is close to $1.8"}, {"start": "01:05:10", "end": "01:05:17", "text": "billion. We're almost a dollar parody there. So, just a lot of stuff like that. Um, in the nonweb 3 side, I I'm a"}, {"start": "01:05:17", "end": "01:05:23", "text": "bison rancher, got a buffalo ranch, you know, they haven't killed me yet, but there's a few hundred running around. I also run a healthcare clinic with my dad"}, {"start": "01:05:23", "end": "01:05:29", "text": "and brother over in Gillette, Wyoming. We have 15,000 patients and 40 providers. So, we do a lot of work with"}, {"start": "01:05:29", "end": "01:05:36", "text": "uh healthcare, especially rural healthcare and stem cells. So, it's a very um diverse life these days. And I"}, {"start": "01:05:36", "end": "01:05:42", "text": "did this lovely 5-hour interview on Sean Ryan show. If you guys want to see like the totality of all of it, I'd highly"}, {"start": "01:05:42", "end": "01:05:48", "text": "recommend that episode. And you if you have a weekend to spare, you can see the totality of what we're working on. Well, somebody asked you, I've been"}, {"start": "01:05:48", "end": "01:05:54", "text": "following you since 2018. I see you as a spiritual seeker. Do you ever see yourself dropping out of crypto and shifting your main focus onto your"}, {"start": "01:05:54", "end": "01:06:01", "text": "spiritual practice? Well, you know, I'm in crypto. It's like everybody says, they have that meme with the Indian guy in the gold shirt. I'm in"}, {"start": "01:06:01", "end": "01:06:07", "text": "it for the I'm in it for the technology. I'm I'm in crypto for the spiritual side, for the philosophical side. And it"}, {"start": "01:06:07", "end": "01:06:14", "text": "gets lonely, man, cuz I go to all these conferences and everybody's about the money and they're about the connection. I I'm like I get along very well with"}, {"start": "01:06:14", "end": "01:06:19", "text": "some of the old G's in the space because we were all in it before there was any money. And uh I'm still there and I'm"}, {"start": "01:06:19", "end": "01:06:25", "text": "still tilting at windmills like Don Kyote. you know, we say, \"Hey, you know, can we be more decentralized and hey,"}, {"start": "01:06:25", "end": "01:06:30", "text": "can we get power of the people and push it to the edges and get all the non-custodial wallets?\" So, uh, why?"}, {"start": "01:06:30", "end": "01:06:38", "text": "Because it's the moral thing to do. I want to live in a world where the economic, political, and social systems of the world are, uh, fair and"}, {"start": "01:06:38", "end": "01:06:43", "text": "decentralized and they don't have single points of failure. And we have trust and honesty. Again, reality is falling"}, {"start": "01:06:43", "end": "01:06:49", "text": "apart. If you haven't noticed, we can't trust each other anymore, can we? It's like, oh, Trump wins, oh well, the"}, {"start": "01:06:49", "end": "01:06:56", "text": "election's rigged. If Trump loses, oh, the election's rigged. You know, FBI, we we all we if your president's in, you"}, {"start": "01:06:56", "end": "01:07:02", "text": "love him. If your president's out, you hate him. It's the same institution. I'm sorry. You can't have institutions that"}, {"start": "01:07:02", "end": "01:07:08", "text": "every four years you go from we love them to we hate them. I I mean, I wasn't too long ago you had everybody on the"}, {"start": "01:07:08", "end": "01:07:14", "text": "left saying the NIH is the most credible organization in the world and we all should get our vaccines and everything's great. And now they say we can't believe"}, {"start": "01:07:14", "end": "01:07:19", "text": "anything coming out of the NIH because Robert Kennedy is there. I'm sorry. I can't live in that world where there's"}, {"start": "01:07:19", "end": "01:07:25", "text": "no anchors and institutions of objective reality. So, we need systems to keep humans honest because we're no longer"}, {"start": "01:07:25", "end": "01:07:32", "text": "capable of doing it ourselves, especially with generative AI where you can create a fake video or a fake picture of anything you want and within"}, {"start": "01:07:32", "end": "01:07:37", "text": "just, you know, 2 years to four years, it'll be photorealistic and perfect. So,"}, {"start": "01:07:37", "end": "01:07:42", "text": "you can't believe your ears anymore. You can't believe your eyes anymore. So, we need some system to rebalance society."}, {"start": "01:07:42", "end": "01:07:49", "text": "So, this is where I am at and there's no way I'm going to leave. I I I'm on the horse. I'm riding. It's It's getting"}, {"start": "01:07:49", "end": "01:07:54", "text": "harder every day because it keeps getting faster and that horse gets meaner. But there's You'd have to shoot"}, {"start": "01:07:54", "end": "01:08:01", "text": "me to get off the horse because I have a front row seat. I'm riding towards the future of humanity. Within the next 10,"}, {"start": "01:08:01", "end": "01:08:08", "text": "15 years, we're going to completely rebuild our voting systems, our economic systems, our social systems to"}, {"start": "01:08:08", "end": "01:08:13", "text": "blockchain. And the winners and losers and the paradigms that win and lose are going to completely decide the future of"}, {"start": "01:08:13", "end": "01:08:19", "text": "humanity. And the rest of us as spectators, you you're just going to have to accept the consequences of"}, {"start": "01:08:19", "end": "01:08:24", "text": "winners or losers. So we could have CBDC's and financial ponopticons like the"}, {"start": "01:08:24", "end": "01:08:31", "text": "People's Bank of China is doing with the digital yuan. We could have completely free money like Bitcoin or ADA and uh"}, {"start": "01:08:31", "end": "01:08:38", "text": "and have it be completely uh private with human rights embedded inside of it. There's no law of physics that says it"}, {"start": "01:08:38", "end": "01:08:43", "text": "has to be one way or the other way. It's social consensus based on who wins through market conditions. So why you"}, {"start": "01:08:43", "end": "01:08:49", "text": "guys name when I get off the horse and say let somebody else figure that one out? I I want to be in this race because"}, {"start": "01:08:49", "end": "01:08:55", "text": "I want humanity to be liberated from all that. Well, this is this is a perfect segue to my final question. I'll let you go, Charles. This somebody asked uh this is"}, {"start": "01:08:55", "end": "01:09:01", "text": "a great question. I saved this for the last. Uh somebody asked the future of crypto. Um I'll just get the exact"}, {"start": "01:09:01", "end": "01:09:07", "text": "wording. So in the future, uh yeah, how does he"}, {"start": "01:09:07", "end": "01:09:13", "text": "imagine the world? This is from a user on Reddit, MX Karum. How does he imagine a world where there is full crypto"}, {"start": "01:09:13", "end": "01:09:18", "text": "adoption controlled by the governments or controlled by corporations that manage to convince us to relinquish our"}, {"start": "01:09:18", "end": "01:09:24", "text": "keys in return for protection or controlled by whales the 1% kind of a dystopian take on all three scenarios"}, {"start": "01:09:24", "end": "01:09:32", "text": "but who would trade liberty for security desire deserves neither and will lose both never ever trade liberty for"}, {"start": "01:09:32", "end": "01:09:37", "text": "security you have to have liberty and we can't trust people to give it to you either comes from God or from algorithms"}, {"start": "01:09:37", "end": "01:09:43", "text": "those are our two options okay and uh God God hasn't been giving us very much lately, so the algorithms are going to"}, {"start": "01:09:43", "end": "01:09:50", "text": "have to make up the diff. Uh so so I I'm in the game and uh I want to win. I want"}, {"start": "01:09:50", "end": "01:09:57", "text": "the forces of decentralization and censorship resistance and freedom of association and commerce expression to"}, {"start": "01:09:57", "end": "01:10:02", "text": "win. And there's a collections of blockchain technologies that will make that happen. And there's collections of"}, {"start": "01:10:02", "end": "01:10:08", "text": "technologies that won't. And there's no guarantee it's going to go one way or the other. It is everything to do with"}, {"start": "01:10:08", "end": "01:10:15", "text": "how people buy things uh where they store them and ultimately um the decisions they make and the agency that"}, {"start": "01:10:15", "end": "01:10:21", "text": "they take. Everything in the modern world is designed to rob you of agency. The news"}, {"start": "01:10:21", "end": "01:10:27", "text": "robs you of critical thinking and an opinion. Banks rob you of self-custody."}, {"start": "01:10:27", "end": "01:10:33", "text": "You know, uh the central banks rob your money of its value. It says a dollar, but they kill the dollar's value by"}, {"start": "01:10:33", "end": "01:10:41", "text": "debasing it. All these things are pale similacra of their true intended purpose. And uh and so you got to be"}, {"start": "01:10:41", "end": "01:10:48", "text": "skeptical and you got to take a step back and put your time and faith in systems that by their design can't fail,"}, {"start": "01:10:48", "end": "01:10:54", "text": "by their design have integrity, and then build back up society from that. If we're unwilling to do that and we trade"}, {"start": "01:10:54", "end": "01:11:01", "text": "convenience for it, well then we'll lose and we'll end up creating a dystopian panopticonal hellscape that makes Claus"}, {"start": "01:11:01", "end": "01:11:08", "text": "Schwab like hard every day, you know. But I don't I don't want to live in that world, David. I want to live I want to"}, {"start": "01:11:08", "end": "01:11:15", "text": "live in a world where we have freedom and liberty and basic human rights. So uh so by 2035, we'll know. And it'll"}, {"start": "01:11:15", "end": "01:11:21", "text": "come down to what's in the legislation. It'll come down to what technologies win and it'll come down to what systems"}, {"start": "01:11:21", "end": "01:11:27", "text": "dominate. And I can't tell you, all I can tell you is that I'm in the race and along with a few other good people and"}, {"start": "01:11:27", "end": "01:11:34", "text": "we're all fighting hard against people who are also in the race who are not good people. Well, uh we appreciate uh"}, {"start": "01:11:34", "end": "01:11:40", "text": "you and uh what you've done for the community for blockchain and cryptos and uh we hope you continue your good fight."}, {"start": "01:11:40", "end": "01:11:49", "text": "So, thank you very much. Charles, where can we learn more from you? Where can we follow you in the meantime? Oh, my Twitter, IOHK Charles or I guess"}, {"start": "01:11:49", "end": "01:11:54", "text": "X. No, it's hard. I want to call it Twitter, man. I know it slips out of the tongue. It"}, {"start": "01:11:54", "end": "01:12:01", "text": "also you can say I tweeted. You can't see I exed. It does a little bit little bit strange, but um they say it's an X post. Like why would"}, {"start": "01:12:01", "end": "01:12:06", "text": "you give up a tweet? It's like Yeah, but what is the actual verb now? Do we just say I posted on X? It's a little bit"}, {"start": "01:12:06", "end": "01:12:12", "text": "Yeah, exactly. It's just like what are we doing? I can talk to you for hours, Charles. That was honestly a very good"}, {"start": "01:12:12", "end": "01:12:17", "text": "conversation. I hope you had fun and thank you for coming on the show. Thanks, guys. Cheers. Thank you for watching. Don't forget to"}, {"start": "01:12:17", "end": "01:12:20", "text": "like and subscribe."}]

[{"start": "00:00:00", "end": "00:00:07", "text": "I think over the next 5 years, Bitcoin is going to 10 trillion. Um, I think before the end of this bull market, Bitcoin will hit 250,000. I think Swift"}, {"start": "00:00:07", "end": "00:00:12", "text": "is going to die. Uh, and these other large systems are going to die. They just can't sustain themselves. It es and"}, {"start": "00:00:12", "end": "00:00:19", "text": "flows, but remember, cryptocurrencies is going to eat AI and cryptocurrency is going to eat medical records, and there's all these non-financial use"}, {"start": "00:00:19", "end": "00:00:25", "text": "cases that Bitcoin never will have an opinion on and never do. And so, it's kind of silly thing to say, oh, well,"}, {"start": "00:00:25", "end": "00:00:30", "text": "all these other guys will die. this online thing came out and the people who realized that that's a big deal, they"}, {"start": "00:00:30", "end": "00:00:36", "text": "survived. And then the people who didn't realize that was a big deal, they're all dead. And so banks are exactly the same."}, {"start": "00:00:36", "end": "00:00:43", "text": "I'm very pleased to welcome to the show Charles Hoskinson. He's a co-founder of Ethereum and uh one of the most"}, {"start": "00:00:43", "end": "00:00:48", "text": "prominent uh smart contract blockchain originators. He's also developed uh"}, {"start": "00:00:48", "end": "00:00:54", "text": "Cardano uh which we'll talk about in extensive detail. He's currently the CEO and founder of Input Output, the company"}, {"start": "00:00:54", "end": "00:01:00", "text": "behind the Cardano blockchain, which is now a top 10 cryptocurrency by market cap. We'll be talking about his views on"}, {"start": "00:01:00", "end": "00:01:07", "text": "not just Cardano, but overall what the uh crypto ecosystem has in store for investors in 2025 and beyond, and his"}, {"start": "00:01:07", "end": "00:01:13", "text": "outlook on Bitcoin, which we'll get into later on in the interview. Importantly, I've pled a lot of people online on"}, {"start": "00:01:13", "end": "00:01:19", "text": "Twitter and Reddit and in my own community, many Cardano and Ethereum holders alike, what they would like to"}, {"start": "00:01:19", "end": "00:01:26", "text": "ask the founder of Cardano. And so I'll be going over a lot of user questions and viewer feedback in uh this"}, {"start": "00:01:26", "end": "00:01:32", "text": "interview. So comment below if you like to see any questions addressed uh in a"}, {"start": "00:01:32", "end": "00:01:37", "text": "potential follow-up. So thank you very much, Charles, for being on the show. A great honor to host you today. Thank you"}, {"start": "00:01:37", "end": "00:01:42", "text": "for being here. Thank you so much for having me on, David, and congratulations on all your success. Oh, well thank you. Uh it's because of"}, {"start": "00:01:42", "end": "00:01:49", "text": "really good guests like you that we've had a good program. So appreciate you being here. Um I want to start by talking about Big Picture. This is from"}, {"start": "00:01:49", "end": "00:01:55", "text": "uh a user by the name of Fetto Blind on Reddit. I mean, this is a question that a lot of people asked. I'm just using"}, {"start": "00:01:55", "end": "00:02:01", "text": "one example. What's his take on um why BTC is no longer envisioned to be peer-to-peer money rather than a store"}, {"start": "00:02:01", "end": "00:02:07", "text": "of value? We'll start there and then we can talk more about your history and Cardano. I mean, that's a very old school debate."}, {"start": "00:02:07", "end": "00:02:14", "text": "I've been in the space such a long time. I remember the origins of that. It was Bitcoin Cash versus Bitcoin. Um and in"}, {"start": "00:02:14", "end": "00:02:19", "text": "the beginning, Bitcoin had to be everything. It had to be a domain name register. It had to be an asset ledger"}, {"start": "00:02:19", "end": "00:02:26", "text": "to issue assets on. So we had color coins and namecoin. Um, you know, it had to be peer-to-peer money. It had to be a"}, {"start": "00:02:26", "end": "00:02:33", "text": "store of value. And the challenge is that Bitcoin to be everything to everybody would have to upgrade itself to something like Ethereum. It' have to"}, {"start": "00:02:33", "end": "00:02:41", "text": "be a general purpose smart contract ledger. Uh, and that philosophical debate was discussed years ago. really"}, {"start": "00:02:41", "end": "00:02:47", "text": "it was the big block debate because the very first step was expanding the space you can do things in and then upgrading"}, {"start": "00:02:47", "end": "00:02:53", "text": "the programming languages and the accounting model to facilitate that. Uh the big blockers lost and what that"}, {"start": "00:02:53", "end": "00:02:59", "text": "meant was that Bitcoin basically became kind of a store value system which is perfectly fine because it's digital gold"}, {"start": "00:02:59", "end": "00:03:06", "text": "and the value of gold is $10 trillion and the value of Bitcoin is approaching 10 trillion and it'll get there in 5 10"}, {"start": "00:03:06", "end": "00:03:13", "text": "years. uh so it it can live in that space but uh it that means it has to be augmented. So the compromise was first"}, {"start": "00:03:13", "end": "00:03:19", "text": "Segwit and later on Taproot and the idea is that you create a space on Bitcoin where Bitcoin can talk to other systems"}, {"start": "00:03:19", "end": "00:03:25", "text": "whether it be layer 2s or layer 1's and those other systems can backfill those things that you want Bitcoin to be"}, {"start": "00:03:25", "end": "00:03:31", "text": "whether it be a smart contract system or you know some sort of data storage system or an NFT ledger or whatever the"}, {"start": "00:03:31", "end": "00:03:37", "text": "heck it is you can do it over there. And the second part of that is allowing you to pay your transaction fees in Bitcoin"}, {"start": "00:03:37", "end": "00:03:43", "text": "and get your yield back in Bitcoin. And so as long as you can do that, Bitcoin feels like it has all these"}, {"start": "00:03:43", "end": "00:03:49", "text": "capabilities. Even though the base protocol is tremendously simple, that's just the way history worked out. Uh"}, {"start": "00:03:49", "end": "00:03:54", "text": "Roger and Mike Hearn and others were on the other side of it. I uh straddled both sides. I actually held a lot of"}, {"start": "00:03:54", "end": "00:04:00", "text": "Bitcoin Cash and Bitcoin and you know, the space evolved in that direction and it created space for projects like"}, {"start": "00:04:00", "end": "00:04:07", "text": "Ethereum and Cardano to kind of become very large and and prominent. Okay. uh you do have a uh Bitcoin thesis"}, {"start": "00:04:07", "end": "00:04:12", "text": "and we'll talk about why you think it's going to grow to uh trillions of market cap in just a minute. Um we'll talk"}, {"start": "00:04:12", "end": "00:04:19", "text": "about that later in the interview. So stay tuned for um Charles's outlook on Bitcoin and Bitcoin's ecosystem. But"}, {"start": "00:04:19", "end": "00:04:25", "text": "let's just take a step back and talk about Cardano. So you were, as I mentioned in the introduction, one of the co-founders of Ethereum along with"}, {"start": "00:04:25", "end": "00:04:30", "text": "Vitalik and Gavin Woods. Um why did you step back from Ethereum and ultimately"}, {"start": "00:04:30", "end": "00:04:36", "text": "found Cardano? Well, I mean that's something that was 11 years ago and I was only there for 6 months. There was"}, {"start": "00:04:36", "end": "00:04:42", "text": "eight founders and we all had philosophical differences about what needed to be done to build something of"}, {"start": "00:04:42", "end": "00:04:47", "text": "the scale and magnitude of Ethereum. And uh the majority of the founders are gone. There's eight of them. One is left"}, {"start": "00:04:47", "end": "00:04:54", "text": "Vitalic. The other seven we a lot of us went on and created our own blockchains. I created Cardano. Gavin Wood created"}, {"start": "00:04:54", "end": "00:05:00", "text": "Polka Dot. Uh you got Joe Luben with Consensus. said, \"Well, it's not a blockchain. It's certainly a large"}, {"start": "00:05:00", "end": "00:05:06", "text": "ecosystem, mostly in the Ethereum ecosystem, but they they have other interests as well.\" Um, and that's fine."}, {"start": "00:05:06", "end": "00:05:11", "text": "You know, people can have philosophical disagreements. I I thought that it would"}, {"start": "00:05:11", "end": "00:05:18", "text": "be better to start from a Bitcoin oriented view and extend and enhance it based upon ideas that had come from the"}, {"start": "00:05:18", "end": "00:05:23", "text": "Bitcoin space than try to build a completely different paradigm from scratch. uh because Bitcoin had already"}, {"start": "00:05:23", "end": "00:05:30", "text": "thought around a lot of things like how do you do accounting right with UTXO and how do you issue assets and how do you"}, {"start": "00:05:30", "end": "00:05:35", "text": "gradually improve your programmability inside the system. If you go in the other direction, then you'll end up"}, {"start": "00:05:35", "end": "00:05:41", "text": "having a situation where you do too much and you introduce a lot of security problems and then you have to go back to"}, {"start": "00:05:41", "end": "00:05:46", "text": "the drawing board and back to the drawing board and uh and actually ironically Vitalik and I were both right"}, {"start": "00:05:46", "end": "00:05:52", "text": "the success of Cardano and the success of Ethereum and the emergence of Bitcoin DeFi what we've seen is that actually"}, {"start": "00:05:52", "end": "00:05:58", "text": "the space can admit both paradigms and it's taken about 10 years to run that experiment. We've both learned a huge"}, {"start": "00:05:58", "end": "00:06:04", "text": "amount over that those 10 years and um there's a there's a ton of great software and specialized hardware on"}, {"start": "00:06:04", "end": "00:06:12", "text": "both sides to kind of facilitate these ecosystems and get them where they need to be. Um but you know Cardano is kind"}, {"start": "00:06:12", "end": "00:06:18", "text": "of the counterfactual. People often ask like what would have happened had I stayed at Ethereum. the road map would have looked a lot more like what Cardano"}, {"start": "00:06:18", "end": "00:06:25", "text": "Sans uh some ideas from Polka Dot and some ideas from Vitalic and uh maybe it"}, {"start": "00:06:25", "end": "00:06:30", "text": "would have worked out better as a hybrid system but maybe the Ethereum approach was the best approach it's hard to argue"}, {"start": "00:06:30", "end": "00:06:35", "text": "with their commercial success and it's hard to argue with the adoption but you know on the other hand there's been a"}, {"start": "00:06:35", "end": "00:06:42", "text": "lot of missteps as well so you know take it take it with a grain of salt before we continue I want to thank Private"}, {"start": "00:06:42", "end": "00:06:47", "text": "Internet Access for sponsoring this video using the internet without protection is like mailing a letter"}, {"start": "00:06:47", "end": "00:06:55", "text": "without an envelope. Anyone can see what you're sending. A VPN solves that problem. Private Internet Access or PIA"}, {"start": "00:06:55", "end": "00:07:01", "text": "is a VPN that encrypts your internet connection and hides your IP address. That means your browsing activity,"}, {"start": "00:07:01", "end": "00:07:08", "text": "personal data, and location stay private, especially on public Wi-Fi, like at airports or coffee shops where"}, {"start": "00:07:08", "end": "00:07:14", "text": "your information is most vulnerable. PIA also gives you access to content that's restricted based on location. So now I"}, {"start": "00:07:14", "end": "00:07:21", "text": "can watch my favorite shows from anywhere in the world. And you can switch your virtual location in one click and get around those regional"}, {"start": "00:07:21", "end": "00:07:28", "text": "blocks easily. It works across all of my devices. One subscription covers them all and supports unlimited devices. Use"}, {"start": "00:07:28", "end": "00:07:36", "text": "my link in the description down below to get an exclusive 83% off. That's around $2 a month plus four extra months free."}, {"start": "00:07:36", "end": "00:07:43", "text": "There's a 30-day money back guarantee, so it's completely risk-f free. Go to piaavvpn.com/davidin"}, {"start": "00:07:43", "end": "00:07:49", "text": "link down below or scan the QR code here to get started. I will get to Cardano"}, {"start": "00:07:49", "end": "00:07:54", "text": "specific questions in just a bit. But on that note about how Ethereum would have evolved into Cardano, um what is your"}, {"start": "00:07:54", "end": "00:08:00", "text": "view on how Ethereum evolved over time? Specifically, what was your view on the merge 2022 switching from proof of work"}, {"start": "00:08:00", "end": "00:08:06", "text": "to proof of stake? Well, you know, it's kind of funny. We always thought that their proof ofstake pro protocol would have been written by"}, {"start": "00:08:06", "end": "00:08:11", "text": "Ela Shei. You know, we we were competitors with that group. So we we created Ora Boris and she created Snow"}, {"start": "00:08:11", "end": "00:08:17", "text": "White and we were neck andneck and we watched the research that they were doing like fruit chains and sleepy and"}, {"start": "00:08:17", "end": "00:08:22", "text": "these other things and we said well oh that's that's quite obviously what Ethereum is going to do for its proof"}, {"start": "00:08:22", "end": "00:08:29", "text": "ofstake protocol um and we knew that u Ming who was the executive director at the time was friends with Elaine um and"}, {"start": "00:08:29", "end": "00:08:36", "text": "so they had the relationships they had the access and they had first mover advantage and so we thought that they would adopted um Snow White and"}, {"start": "00:08:36", "end": "00:08:41", "text": "hardforked somewhere around you know 2017 2018 2018 uh to uh to proof of"}, {"start": "00:08:41", "end": "00:08:47", "text": "stake. They chose a very weird path. They did this whole Casper thing and kind of meandered for a bit and"}, {"start": "00:08:47", "end": "00:08:54", "text": "eventually they got to the merge and got it done. The big challenge with the merge is that it's a under the hood kind"}, {"start": "00:08:54", "end": "00:09:00", "text": "of sort of custodial non-lquid system. Now they've had to do all this stuff to make it liquid non-custodial and they've"}, {"start": "00:09:00", "end": "00:09:07", "text": "created assets like Lido and you know they have this weird slashing and bonding. But the biggest philosophical"}, {"start": "00:09:07", "end": "00:09:14", "text": "difference has always been you don't need to slash and bond to create a secure network. Cardano has been running"}, {"start": "00:09:14", "end": "00:09:20", "text": "for 8 years 24/7. Uh since uh 2020 we've been running with proof of stake full"}, {"start": "00:09:20", "end": "00:09:26", "text": "true oraorous proof of stake. We've never had an issue and there's no bonding or slashing and you the assets"}, {"start": "00:09:26", "end": "00:09:32", "text": "are liquid. So I think this is the biggest philosophical difference this idea that they have to go out of the way to create a lot of economic security"}, {"start": "00:09:32", "end": "00:09:39", "text": "inside the system. Um, and that was kind of the reason why they put so much extra infrastructure into Ethereum and they're"}, {"start": "00:09:39", "end": "00:09:45", "text": "now following that. Now, under the hood, there's a lot of great things to like. Um, fast FAL is pretty good. They have a"}, {"start": "00:09:45", "end": "00:09:51", "text": "pretty good idea of how to make things faster. They've done some great work on the network protocol side uh to kind of"}, {"start": "00:09:51", "end": "00:09:56", "text": "facilitate their plans and they've kind of kept up with things like the the Dank sharding upgrade and these things"}, {"start": "00:09:56", "end": "00:10:02", "text": "because they their problem is that they have a large L2 ecosystem. And so when you think about Ethereum, you're never"}, {"start": "00:10:02", "end": "00:10:08", "text": "thinking about Ethereum in isolation. You're thinking about Ethereum in Ethereum on off-chain, Ethereum on like"}, {"start": "00:10:08", "end": "00:10:15", "text": "L2s, Ethereum on other networks. And there's there's all these things that are happening. So you have to put a lot more thought into your network stack to"}, {"start": "00:10:15", "end": "00:10:21", "text": "how you do pub sub, how you do event brokering, and these other things. They've been able to keep up with it. And actually, I think the design they"}, {"start": "00:10:21", "end": "00:10:27", "text": "have now is is pretty sensible, and they're going all in on ZK. If you take a look at, you know, the next 5 10"}, {"start": "00:10:27", "end": "00:10:34", "text": "years, the biggest advancements are no longer raw TPS or consensus or network upgrades. It's all zero knowledge and uh"}, {"start": "00:10:34", "end": "00:10:40", "text": "and they're betting heavy on hashes and they they want to get to these gigas, you know, threshold and uh the only way"}, {"start": "00:10:40", "end": "00:10:46", "text": "you're going to get there is with recursion and folding schemes and they're they're betting big with ZKVMs."}, {"start": "00:10:46", "end": "00:10:52", "text": "Uh so that's probably a very sensible road map and and things like Casper become less relevant. You know, we were"}, {"start": "00:10:52", "end": "00:11:00", "text": "talking about high performance BFT protocols and high performance consensus protocols back in like 2020, 2021, 2022"}, {"start": "00:11:00", "end": "00:11:07", "text": "and everybody had something like we did narwhal and tusk, you know, and we have or leos and you know, Ethereum was"}, {"start": "00:11:07", "end": "00:11:13", "text": "looking at like sharding ether. This was the Ethereum 2 road map, but that all fell out of favor for ZK. And now most"}, {"start": "00:11:13", "end": "00:11:19", "text": "people are now talking about ZK's either as rollups recursion or folding and that's their road map. Now"}, {"start": "00:11:19", "end": "00:11:26", "text": "you mentioned slash and bond. What does that mean for the audience? So, slashing and bonding basically means that if if you behave badly, you have"}, {"start": "00:11:26", "end": "00:11:33", "text": "some ether that you've locked and you lose it or you lose access to it for a while. It there's many different ways"}, {"start": "00:11:33", "end": "00:11:40", "text": "you can do these schemes and one could be a temporary loss or a permanent loss and it could be destroyed or could be reallocated to other people. And"}, {"start": "00:11:40", "end": "00:11:45", "text": "basically the idea is it creates an economic incentive for you to be an ICE actor. Um otherwise you have nothing at"}, {"start": "00:11:45", "end": "00:11:50", "text": "stake. So in proof of stake, you want to resolve long range attacks and nothing at stake attacks where if you have"}, {"start": "00:11:50", "end": "00:11:57", "text": "nothing at stake and nothing to lose, you have no incentive not to behave badly. And long-range attacks means it's quite easy to reorganize the um the"}, {"start": "00:11:57", "end": "00:12:03", "text": "chain. Um so we did a lot of work using uh some creative timekeeping and"}, {"start": "00:12:03", "end": "00:12:11", "text": "cryptography to show that you don't need to do that because the downside of bonding uh and slashing and staking this"}, {"start": "00:12:11", "end": "00:12:18", "text": "way is that your money gets tied up. And so the only option you have is to create some synthetic asset that's it's like I"}, {"start": "00:12:18", "end": "00:12:24", "text": "can't believe it's not butter. I can't believe it's not ether, you know. And so you create a synthetic asset and then you trade that you get your liquidity"}, {"start": "00:12:24", "end": "00:12:31", "text": "back. But at the end of the day, your stuff is still locked. And so if you you you have to lock it's really hard to get"}, {"start": "00:12:31", "end": "00:12:36", "text": "more than a, you know, 10 20% of your supply involved in consensus because"}, {"start": "00:12:36", "end": "00:12:42", "text": "people want liquidity. In some cases by law they have to have liquidity like if they're custodial accounts or things"}, {"start": "00:12:42", "end": "00:12:48", "text": "like that. Um, so when you have a liquid non-custodial system where you can stake without locking your stuff, then pretty"}, {"start": "00:12:48", "end": "00:12:55", "text": "much anybody can participate, which is why over 70% of the ADA supply is staked right now, but it doesn't get counted as"}, {"start": "00:12:55", "end": "00:13:02", "text": "TVL by DeFi Lama or other people because it doesn't get locked. Uh, so it's very liquid and you can move it at any time."}, {"start": "00:13:02", "end": "00:13:09", "text": "Okay, let's move on to uh the current macro environment for crypto. This is from uh Treasury Secretary Scott Pent uh"}, {"start": "00:13:09", "end": "00:13:16", "text": "on the announcement of the Genius Act dated July 18th. So last month, he said, \"Stable coins represent a revolution in"}, {"start": "00:13:16", "end": "00:13:21", "text": "digital finance. The dollar has now an internet native payment rail that is fast, frictionless, and free of"}, {"start": "00:13:21", "end": "00:13:27", "text": "middlemen. This groundbreaking technology will buttress the dollar status as the global reserve currency, expand access to the dollar economy for"}, {"start": "00:13:27", "end": "00:13:34", "text": "billions across the globe, and lead to a surge in demand for US treasuries, which back stable coins.\" Well, uh, first of"}, {"start": "00:13:34", "end": "00:13:41", "text": "all, I'd like to respond to that statement. And the followup to that is from a user. Given the federal governments are going to be using stable"}, {"start": "00:13:41", "end": "00:13:48", "text": "coins to keep the US dollar as the global currency, as I just referenced, what part does Cardano play in this big"}, {"start": "00:13:48", "end": "00:13:54", "text": "shift? So, uh, I was just at a round table with the Federal Reserve and it was a really nice inner industry. Uh, so"}, {"start": "00:13:54", "end": "00:14:01", "text": "two of the reserve governors were there. Um and uh I was actually with Anatoli from Salana and Sergey from chain link"}, {"start": "00:14:01", "end": "00:14:07", "text": "and uh Ilia from near and uh Brad from XRP. So it was a very nice uh round"}, {"start": "00:14:07", "end": "00:14:14", "text": "table and we had a chance to directly interact with the Federal Reserve and the Fed is trying to figure out you know what is their role, place and purpose"}, {"start": "00:14:14", "end": "00:14:19", "text": "with the genius act because traditionally the Fed is the payment regulator and they've been doing that"}, {"start": "00:14:19", "end": "00:14:25", "text": "for 120 years give or take. Um the the thing about the Fed uh is that they were"}, {"start": "00:14:25", "end": "00:14:30", "text": "kind of left out of the party. There's three primary regulatory bodies that deal with this. There's the OC, the"}, {"start": "00:14:30", "end": "00:14:37", "text": "FDIC, and the Federal Reserve. The reason this is relevant is that stable coins live in two worlds at the same"}, {"start": "00:14:37", "end": "00:14:43", "text": "time. One, they live in the web 3 world. So they they're tokenized. And we think a lot about, well, how do I get more"}, {"start": "00:14:43", "end": "00:14:49", "text": "liquidity and volume? There's over $250 billion worth of tokens that have been issued, 180 plus million transactions"}, {"start": "00:14:49", "end": "00:14:56", "text": "every month. It's a very dense, beautiful, high velocity space. But those only have value because somebody's"}, {"start": "00:14:56", "end": "00:15:02", "text": "holding an asset on the other side in the legacy world. And the legacy world, it's either at a bank or it's somewhere"}, {"start": "00:15:02", "end": "00:15:08", "text": "else and it's represented some way like as a treasury for example. So genius,"}, {"start": "00:15:08", "end": "00:15:14", "text": "what it did is it created some baseline rules of the road. But now rulemaking has to occur and they have to start"}, {"start": "00:15:14", "end": "00:15:22", "text": "talking about things like can you get a master account with the Fed or how do you ensure these or what are the custodial standards or what is the audit"}, {"start": "00:15:22", "end": "00:15:29", "text": "oversight and how do you audit these accounts and also the grading and scoring of these things. So are all"}, {"start": "00:15:29", "end": "00:15:34", "text": "stable coins created equally or is there some delta between the asset allocations"}, {"start": "00:15:34", "end": "00:15:40", "text": "between tether and circle for example where tether has admitted to have commercial paper cuz while they may"}, {"start": "00:15:40", "end": "00:15:45", "text": "appear to be a dollar they may be very different the other thing is also you'd like to augment these things a little"}, {"start": "00:15:45", "end": "00:15:50", "text": "bit for example can you offer yield with the stable coin so genius was very clear"}, {"start": "00:15:50", "end": "00:15:58", "text": "about this there was a big fight and the non-yield people won and they said you can't offer yield with the genius act."}, {"start": "00:15:58", "end": "00:16:03", "text": "Uh that said, there's a lot of people that are starting to take a step back and say, \"Well, hang on a second. Well, maybe there's some clever mechanisms"}, {"start": "00:16:03", "end": "00:16:10", "text": "where we kind of create a dual token and it's for non- US customers, they can share in the yield, the stable coin or something, and US customers just get the"}, {"start": "00:16:10", "end": "00:16:16", "text": "stable coin.\" And now we're starting to see blended versions like Tether is going to move into the United States with some of their stable coin and some"}, {"start": "00:16:16", "end": "00:16:22", "text": "not. But what's the point? Well, the point is soft dollarization. And there's no greater example of this than"}, {"start": "00:16:22", "end": "00:16:28", "text": "Argentina. There's $700 billion economy and a hundred billion dollars of that economy is in cryptocurrencies with the"}, {"start": "00:16:28", "end": "00:16:36", "text": "majority being in stable coins. So basically this is a place where technically the currency is the peso but"}, {"start": "00:16:36", "end": "00:16:42", "text": "what's happening is the they're dollarizing and they're trading the Argentine central bank for the Federal"}, {"start": "00:16:42", "end": "00:16:48", "text": "Reserve and without the consent of the US government it's just through the hand of the free market and people are"}, {"start": "00:16:48", "end": "00:16:54", "text": "basically transacting in dollars now through stable coins and you're going to see a lot of that happen in Colombia and"}, {"start": "00:16:54", "end": "00:17:00", "text": "Venezuela and all throughout Africa and Southeast Asia and so that soft dollarization is at war with the off"}, {"start": "00:17:00", "end": "00:17:07", "text": "yuanization of the world because a belt road the Chinese government is trying to push a concept of a digital yuan and"}, {"start": "00:17:07", "end": "00:17:12", "text": "these things are fighting in developing nations and uh and uh you know places"}, {"start": "00:17:12", "end": "00:17:18", "text": "that are a little bit off the beaten path and that's really exciting because it means you can now have a direct"}, {"start": "00:17:18", "end": "00:17:24", "text": "financial relationship with those consumers in those markets. So if you're Microsoft and you're dealing with Sri"}, {"start": "00:17:24", "end": "00:17:31", "text": "Lanka, you don't have to go through 14 hops and three forex conversions and other things to get to the local money"}, {"start": "00:17:31", "end": "00:17:37", "text": "and deal with the local person in the local bank. They can just simply pay you in a dollar back stable coin. You have peer-to-p peer relationship and it's"}, {"start": "00:17:37", "end": "00:17:43", "text": "feeless or near free for fees. The velocity of global commerce then is going to increase. So what this means is"}, {"start": "00:17:43", "end": "00:17:49", "text": "you're going to see a huge expansion of the category overall. So you're going to grow from hundreds of billions to trillions of dollars of stable coins"}, {"start": "00:17:49", "end": "00:17:55", "text": "issued and you're going to see a localization of stable coins. We're going to have flavors that are regionalized either a subbrands that are"}, {"start": "00:17:55", "end": "00:18:00", "text": "a big brand like Tether is doing with USD or uh there just regionalization"}, {"start": "00:18:00", "end": "00:18:05", "text": "stuff and uh great markets that provide liquidity here and there. Now, this only"}, {"start": "00:18:05", "end": "00:18:12", "text": "works if there's great regulation, there's great auditability, cuz the minute that a stable coin fails, it"}, {"start": "00:18:12", "end": "00:18:18", "text": "creates catastrophic consequences to the faith and credibility of the system as a whole. So, the hope of genius was to"}, {"start": "00:18:18", "end": "00:18:25", "text": "begin the regulatory conversation. Uh, but by no means is it done. And to be frank, the Fed does need to be brought"}, {"start": "00:18:25", "end": "00:18:32", "text": "in a little bit, if anything, just because of their traditional role in payments. And they've been left out because of CBDC concerns. So, they kind"}, {"start": "00:18:32", "end": "00:18:37", "text": "of have to work it out. And it's a very difficult situation. We in industry, we're already talking about it. And one"}, {"start": "00:18:37", "end": "00:18:42", "text": "of the things we talked about in the round table is this idea of algorithmic regulation. So you can actually have"}, {"start": "00:18:42", "end": "00:18:49", "text": "smart contracts and they are public private partnerships and they handle things like freeze and sees and KYC and"}, {"start": "00:18:49", "end": "00:18:54", "text": "AML and other compliance concerns and they allow for liquidity across nations"}, {"start": "00:18:54", "end": "00:19:00", "text": "and cross networks but some modicum of control in the secondary market. Uh so"}, {"start": "00:19:00", "end": "00:19:08", "text": "it's a challenging very deep situation but it's one of the fastest areas of growth and it's also going to get complicated by uh the fact that large"}, {"start": "00:19:08", "end": "00:19:13", "text": "companies like Google and Microsoft and Apple have very strong incentives to come in because they lose tens of"}, {"start": "00:19:13", "end": "00:19:19", "text": "billions of dollars every year to transaction fees and banking costs and forex fees and they have customers in pretty much every country and three"}, {"start": "00:19:19", "end": "00:19:26", "text": "billion people. So they would much rather cut out middlemen and they already have the payment rails in many cases the licenses to do this. Um, and"}, {"start": "00:19:26", "end": "00:19:31", "text": "then it's also complicated complicated by the legacy banks now wanting to come in like JP Morgan's going to come in and"}, {"start": "00:19:31", "end": "00:19:36", "text": "others are going to come in and they have a lot of blockchain infrastructure waiting to do this. They just have been"}, {"start": "00:19:36", "end": "00:19:41", "text": "waiting for a regulation to give them the ability to do so. And now that genius is there, there's rules of the"}, {"start": "00:19:41", "end": "00:19:47", "text": "road for them to begin the process. But it's going to take several years of rulemaking for all of this to get"}, {"start": "00:19:47", "end": "00:19:53", "text": "completely sorted out. And there's still a lot of open questions and everybody's just trying to figure out how to put the"}, {"start": "00:19:53", "end": "00:19:59", "text": "pieces together. I wonder what's going to happen to the future of custody and um custodial services with the expansion"}, {"start": "00:19:59", "end": "00:20:05", "text": "of stable coins and adoption of stable coins. Do you see the government issuing in in America? I'm talking about the"}, {"start": "00:20:05", "end": "00:20:10", "text": "government of the US issuing something like uh what El Salvador did uh for their citizens, which is a"}, {"start": "00:20:10", "end": "00:20:17", "text": "governmentbacked wallet. Um you know, ultimately what is what are people going to use for holding their stable coins?"}, {"start": "00:20:17", "end": "00:20:24", "text": "Nice if the Fed could just directly issue treasuries onto a blockchain. The minute you do that, then it solves tons"}, {"start": "00:20:24", "end": "00:20:29", "text": "of custodial problems because then you can hold the treasuries as a reserve for"}, {"start": "00:20:29", "end": "00:20:35", "text": "the uh for the stable coins and the stable coins could then trade. uh but it gets a little too close for comfort for"}, {"start": "00:20:35", "end": "00:20:42", "text": "CBDC's but there's got to be some way with the real world asset side of the house because one of the things that's missing and hopefully we can start the"}, {"start": "00:20:42", "end": "00:20:48", "text": "process of getting it in with clarity is we have to have a conversation of how do we handle tokenized securities in"}, {"start": "00:20:48", "end": "00:20:54", "text": "general in our industry and allow them to trade like cryptocurrencies one of the reasons why nobody wanted to be"}, {"start": "00:20:54", "end": "00:21:00", "text": "securities in the cryptocurrency space is many of your security lose all liquidity can't trade on Coinbase can't trade on Binance and so you are at a"}, {"start": "00:21:00", "end": "00:21:06", "text": "massive structural liquidity disadvantage over all the commodity"}, {"start": "00:21:06", "end": "00:21:12", "text": "elements that are trading on the exchanges. So, a lot of people got deeply concerned and they said, well, you know, we can't we can't go down"}, {"start": "00:21:12", "end": "00:21:17", "text": "there. Above and beyond the fact that compliance is impossible because you don't have as an issuer usually the uh"}, {"start": "00:21:17", "end": "00:21:24", "text": "necessary information to file a disclosure because you just don't know what's going on in the network. You couldn't if it's truly decentralized."}, {"start": "00:21:24", "end": "00:21:29", "text": "So, but there's got to be a way to kind of figure out how to bridge that gap and create a tokenized security and then"}, {"start": "00:21:29", "end": "00:21:35", "text": "that solves starting a lot of these problems about stable coins and liquidity because it starts taking"}, {"start": "00:21:35", "end": "00:21:40", "text": "treasuries out of the and dollars out of the local banking system and it puts"}, {"start": "00:21:40", "end": "00:21:46", "text": "them completely into the cryptocurrency system. And if they're in the cryptocurrency system, I can do proof of"}, {"start": "00:21:46", "end": "00:21:52", "text": "reserves because they're on a blockchain and you can see that. So your custodial risk completely goes away and you can"}, {"start": "00:21:52", "end": "00:21:58", "text": "start treating stable coins like real dollars because they're backed by functionally debt of the US government"}, {"start": "00:21:58", "end": "00:22:04", "text": "which is what the US dollar is backed by and you can even add privacy to it if you want to. So in lie of that uh which"}, {"start": "00:22:04", "end": "00:22:10", "text": "I'd say is probably about five years out to seven years out at the current progress we have because you have to pass clarity you have to do the rule"}, {"start": "00:22:10", "end": "00:22:16", "text": "making it'll take two to three years minimum for rule making for clarity and for uh for a genius cuz many of your"}, {"start": "00:22:16", "end": "00:22:23", "text": "listeners might not know this but when you pass a law that's not the end it's the beginning the law has in it like"}, {"start": "00:22:23", "end": "00:22:29", "text": "this agency shall this agency shall and so what they have to do is get together and say what is our interpretation of"}, {"start": "00:22:29", "end": "00:22:35", "text": "the law and then they issue guidelines to the regulated actors Well, fundamentally, how is"}, {"start": "00:22:35", "end": "00:22:41", "text": "how how is what you're proposing now different than a CBDC, which Trump said he will not do? Well, it's not because it's just debt"}, {"start": "00:22:41", "end": "00:22:46", "text": "issued on chain. A CBDC is your nation's currency and they have monopoly over it. So, they say, \"We're going to put a"}, {"start": "00:22:46", "end": "00:22:52", "text": "dollar on chain. It's our dollar that we've issued. It's backed by the face and goodwill of the United States. It's"}, {"start": "00:22:52", "end": "00:22:58", "text": "not a debt instrument. It's like when you hold a dollar, you can't go and get it for something else.\" When when they issue a treasury, they're saying that's"}, {"start": "00:22:58", "end": "00:23:03", "text": "a that's a security. You buy it just like you would anything else. and actually uh you know it has an"}, {"start": "00:23:03", "end": "00:23:09", "text": "obligation for them to pay you a coupon in in dollars. So so you get the government out of the minting business"}, {"start": "00:23:09", "end": "00:23:16", "text": "and you just get them into the security business and they let the industry do the minting side and the minting side can be under any privacy regime. The big"}, {"start": "00:23:16", "end": "00:23:23", "text": "concern that people have with CBDC's is everything you buy is tracked anytime your money can be frozen and in any time"}, {"start": "00:23:23", "end": "00:23:29", "text": "you can be targeted for political reasons or otherwise. If you just issue assets and they're an open market and"}, {"start": "00:23:29", "end": "00:23:36", "text": "anybody holds them and you hold them like you would a security and then you can put them in smart contracts to create another asset, all of those"}, {"start": "00:23:36", "end": "00:23:41", "text": "things are going to be under various different regimes and in fact many cases lighter touch regulation than the"}, {"start": "00:23:41", "end": "00:23:48", "text": "current system because the current system you have banking regulation which is the heaviest regulation possible on"}, {"start": "00:23:48", "end": "00:23:54", "text": "the legacy side and they have some sort of cryptocurrency thing but because you have to bridge them they require you to"}, {"start": "00:23:54", "end": "00:24:00", "text": "put freeze and season and KYC stuff and all these other things. And it gets pretty messy when you actually start"}, {"start": "00:24:00", "end": "00:24:05", "text": "looking at it. And what'll end up happening is it's already occurred. Law enforcement will just start pulling that"}, {"start": "00:24:05", "end": "00:24:12", "text": "and they kind of can unwind the tape and know everything you've ever done since the beginning. And they can do it with much less constitutional protections"}, {"start": "00:24:12", "end": "00:24:19", "text": "than they could if it was done with algorithms. Uh cuz you can you can many cases not have those requirements. So it"}, {"start": "00:24:19", "end": "00:24:24", "text": "takes time you know and we're we're trying to sort all this out and as I said rulem is there but remember"}, {"start": "00:24:24", "end": "00:24:30", "text": "treasuries are just one class of security at the end of the day there's many uh fixed income securities that you"}, {"start": "00:24:30", "end": "00:24:37", "text": "can put on there's all kinds of uh complex uh derivatives or there things that you can put in and we already kind"}, {"start": "00:24:37", "end": "00:24:44", "text": "of sort of have those with the DeFi space they're just not called that but they are and and so we need to rewrite"}, {"start": "00:24:44", "end": "00:24:49", "text": "those rules a bit and and acknowledge that you can have a decentralized security and you can use the blockchain"}, {"start": "00:24:49", "end": "00:24:55", "text": "as the mechanism for settlement, clearing and disclosure. As long as that's the case, you can get rid of the broker dealer and you can go from T2 to"}, {"start": "00:24:55", "end": "00:25:01", "text": "T0 and you can actually have a proper end to end uh global market for this stuff and then you get rid of"}, {"start": "00:25:01", "end": "00:25:08", "text": "traditional stock exchanges and kind of move the dexes and then what the government will do is just say well regulations smart contracts and so if"}, {"start": "00:25:08", "end": "00:25:13", "text": "you want to be compliant with our particular regime or for these particular assets then you have to use"}, {"start": "00:25:13", "end": "00:25:19", "text": "this smart contract to and settlement is compliance. So when I send you it, the transaction doesn't clear if I can't"}, {"start": "00:25:19", "end": "00:25:25", "text": "comply with the regulatory regime of that asset. Sorry, what what do you mean? Back up a minute. What do you mean? Uh traditional"}, {"start": "00:25:25", "end": "00:25:30", "text": "stock markets will change. Uh what what does the future look like exactly? There's no reason to have centralized"}, {"start": "00:25:30", "end": "00:25:36", "text": "exchanges. I just think about how preposterous it is. It's like there's it's the ultimate trust me bro"}, {"start": "00:25:36", "end": "00:25:43", "text": "situation. And they're like, \"We're all just going to give our money to this guy over there and then we're then we're going to trade like imaginary tokens"}, {"start": "00:25:43", "end": "00:25:49", "text": "that are that aren't that money against each other and just hope that that guy is going to settle us up after it's all"}, {"start": "00:25:49", "end": "00:25:55", "text": "said and done. We're also going to hope that that guy's not going to peek at the ledger and trade against us and manipulate the market and give us fake"}, {"start": "00:25:55", "end": "00:26:02", "text": "data feeds and other things like that.\" So, so it's trust me bros is that's why Dexes are so nice because the blockchain"}, {"start": "00:26:02", "end": "00:26:08", "text": "is the bro. And so there you you you have an honest ledger. You have an honest order book. And you kind of know"}, {"start": "00:26:08", "end": "00:26:14", "text": "where the the uh you know the attack vectors are. And it's a sec it's a cryptography problem not a regulation"}, {"start": "00:26:14", "end": "00:26:20", "text": "problem. So why exchanges are among the most regulated actors by design because you have a custodial risk, you have"}, {"start": "00:26:20", "end": "00:26:25", "text": "order book risk, you have front running, you have so many different things that can happen there. Um so regulation tends"}, {"start": "00:26:25", "end": "00:26:31", "text": "to follow what can go wrong. So, the sooner we can get those types of structures into dexes and get those"}, {"start": "00:26:31", "end": "00:26:37", "text": "dexes to be upgraded a little bit, uh, the better for everybody because then you don't have custody risk. You don't"}, {"start": "00:26:37", "end": "00:26:43", "text": "have order book issues or any of these types of things. The other thing is that exchanges have enormous amounts of power"}, {"start": "00:26:43", "end": "00:26:49", "text": "right now in the in the cryptocurrency ecosystem. So, when you're a new project, in many cases, exchanges will charge you"}, {"start": "00:26:49", "end": "00:26:55", "text": "millions to tens of millions of dollars to list. When you're a debt, you don't pay anything. People just trade it and"}, {"start": "00:26:55", "end": "00:27:00", "text": "you create a market for it. So that's very predatory because you end up having a situation where the supposedly"}, {"start": "00:27:00", "end": "00:27:05", "text": "objective people who are supposed to be neutral are now picking winners and"}, {"start": "00:27:05", "end": "00:27:11", "text": "losers based upon who's paying them large sums of money to list. That's not a situation we want to be in as an"}, {"start": "00:27:11", "end": "00:27:18", "text": "industry. So Dex is the more we can do as an industry to move in that particular direction, get people comfortable with it, the the better for"}, {"start": "00:27:18", "end": "00:27:23", "text": "everybody because then you remove that tendency to create issues. Could you could you imagine if only like three"}, {"start": "00:27:23", "end": "00:27:28", "text": "people could ever give you a bank account and they go and say, \"Well, I'm sorry. You have to pay me a million dollars to get a bank account and the"}, {"start": "00:27:28", "end": "00:27:34", "text": "bank account's the only way you can make payroll or any of these types of things.\" That's literally where we're at as an industry. There's only a handful"}, {"start": "00:27:34", "end": "00:27:40", "text": "of these powerful exchanges and they control all liquidity. I I I've talked to several DEX founders um uh during my"}, {"start": "00:27:40", "end": "00:27:46", "text": "interviews and the consensus is that yes, in the future there will be a less reliance on banks. There will become"}, {"start": "00:27:46", "end": "00:27:53", "text": "redundant financial institutions. But if everyone starts using Dexes for example, just hypothetically, won't they become"}, {"start": "00:27:53", "end": "00:28:00", "text": "the next bank? I mean, won't there be calls for governance to be around Dexes and more standardized protocols and more"}, {"start": "00:28:00", "end": "00:28:05", "text": "uh standardized um uh uh regulations"}, {"start": "00:28:05", "end": "00:28:11", "text": "that will basically force them into the pathway of becoming the next bank. Yeah. But the problem is that the medium"}, {"start": "00:28:11", "end": "00:28:16", "text": "is too permissive and porous and um also many of the regulations were designed to resolve things that blockchains don't"}, {"start": "00:28:16", "end": "00:28:23", "text": "suffer from. you don't have custodial risk, you don't have transparency issues, you don't have disclosure issues cuz blockchain does all that for free."}, {"start": "00:28:23", "end": "00:28:31", "text": "And you move to intrinsically a T0 and you're also dealing with the actual asset as opposed to dealing with a synthetic asset. So when I trade Bitcoin"}, {"start": "00:28:31", "end": "00:28:39", "text": "on Coinbase and trade it for ADA on Coinbase, I'm not trading Bitcoin and ADA. I'm trading their version of it and"}, {"start": "00:28:39", "end": "00:28:45", "text": "the person who receives my Bitcoin is hoping that they will be able to withdraw the real the real thing at some"}, {"start": "00:28:45", "end": "00:28:50", "text": "point. But there's no guarantee of that outside of the regulation, faith, and goodwill of those actors. Now, I know"}, {"start": "00:28:50", "end": "00:28:57", "text": "the Coinbase people, they're very good people, and they're tightly regulated people. So, they're probably going to do it right. But the challenge is that"}, {"start": "00:28:57", "end": "00:29:02", "text": "we've had hundreds of exchange failures and um you give too much power to these"}, {"start": "00:29:02", "end": "00:29:09", "text": "people. So, Dex is you don't have any of those risks. You're trading the actual assets. And the the payment system is"}, {"start": "00:29:09", "end": "00:29:15", "text": "the blockchain. The disclosure system is the blockchain, the record keeper is the blockchain. And you can even have dark pools if you want and you can use that"}, {"start": "00:29:15", "end": "00:29:21", "text": "with privacy enhancing systems as uh smart contracts. So you can keep things private but you still get uh disclosure"}, {"start": "00:29:21", "end": "00:29:27", "text": "in that uh it you know that things were done fairly cuz the chain ordered it. So it's just an intrinsically superior"}, {"start": "00:29:27", "end": "00:29:35", "text": "paradigm. The other thing is is is is the market wants to be liquid and they want 24/7 global liquidity. When you do"}, {"start": "00:29:35", "end": "00:29:41", "text": "exchanges, you're intrinsically geotagged. you're stuck in America or you're stuck in Japan and it's hard to"}, {"start": "00:29:41", "end": "00:29:48", "text": "get foreign customers because what you end up having to do is for every country you trade with you have to build basically a mini bank in each of those"}, {"start": "00:29:48", "end": "00:29:55", "text": "countries and comply with an enormous amount of regulation. Dexes don't care. So even if people try to regulate them"}, {"start": "00:29:55", "end": "00:30:03", "text": "because the markets are open and this technology is open, it's much much more difficult to uh to uh install a"}, {"start": "00:30:03", "end": "00:30:08", "text": "draconian regulatory regime to that. And what'll happen instead is you move to algorithmic regulation. So you use smart"}, {"start": "00:30:08", "end": "00:30:15", "text": "contracts and use proofs on the wire and DIDs and these types of things and settlement is compliant. So you so it'll"}, {"start": "00:30:15", "end": "00:30:21", "text": "you can't deposit in the DEX unless you've you've selectively disclosed something to some relevant party that's"}, {"start": "00:30:21", "end": "00:30:26", "text": "in your geography, but it'll be different for each user based upon the origin of funds uh that come through."}, {"start": "00:30:26", "end": "00:30:33", "text": "But the minute you're in the deck, you swap, then when you withdraw, you withdraw and nobody can stop that inside the system. And this is what we"}, {"start": "00:30:33", "end": "00:30:39", "text": "mentioned to the Federal Reserve and you know this is what we've talked to a lot of different regulators about is you know how do we move to algorithmic"}, {"start": "00:30:39", "end": "00:30:44", "text": "regulation and to enable T0 into massively uh massively lower compliance"}, {"start": "00:30:44", "end": "00:30:50", "text": "costs. So what is the future for traditional banks once stable coin adoption becomes mainstream?"}, {"start": "00:30:50", "end": "00:30:55", "text": "Well the banks that adopt the stable coins will make a lot of money and the banks that don't um will go out of"}, {"start": "00:30:55", "end": "00:31:01", "text": "business. You know it's just like new media. You know, if you create a website and you have an you have a you a Twitter"}, {"start": "00:31:01", "end": "00:31:07", "text": "account and all these other things, maybe the New York Times will do pretty good, but nobody's going to read your paper paper anymore. You know, the old"}, {"start": "00:31:07", "end": "00:31:14", "text": "people will, but the young people move over. So, you have to stay up with the technology. And the problem with banking is they got good gig. You know, they"}, {"start": "00:31:14", "end": "00:31:19", "text": "kind of created a monopoly for themselves. They kind of regulated into a wall and they have a model and a way"}, {"start": "00:31:19", "end": "00:31:25", "text": "of doing things. And just like news media had a model and a way of doing things. They had subscriptions. It's the best thing in the world. like Pearson"}, {"start": "00:31:25", "end": "00:31:31", "text": "would a little, you know, 12-year-old ride his bike and throw a paper at your door at 5:00 in the morning and you'd go"}, {"start": "00:31:31", "end": "00:31:38", "text": "and pick up your paper at 6:00 a.m. with your coffee and read it. That was their business model and it worked really well. And then suddenly this online"}, {"start": "00:31:38", "end": "00:31:43", "text": "thing came out and the people who realized that that's a big deal, they survived. And then the people who didn't"}, {"start": "00:31:43", "end": "00:31:48", "text": "realize that was a big deal, they're all dead. And so banks are exactly the same. Um there has to be interoperability and"}, {"start": "00:31:48", "end": "00:31:56", "text": "there's emerging payment protocols like X.42 402 Coinbase created um with Google, you have um you know"}, {"start": "00:31:56", "end": "00:32:02", "text": "modifications the open banking standards uh that have been proposed and pushed but ultimately the the the"}, {"start": "00:32:02", "end": "00:32:07", "text": "interoperability is going to have to be there and I and I think Swift is going to die uh and these other large systems"}, {"start": "00:32:07", "end": "00:32:12", "text": "are going to die. They just can't sustain themselves. There's too many downsides. There's too much legacy"}, {"start": "00:32:12", "end": "00:32:18", "text": "complexity and at the end of the day there's an enormous amount of trust and lack of consumer protection. If nobody"}, {"start": "00:32:18", "end": "00:32:24", "text": "believes me and the bankers are like, \"Oh, well then go to your bank and try to send a wire.\" You notice how many"}, {"start": "00:32:24", "end": "00:32:30", "text": "times they try to talk you out of sending a wire and how many disclosure forms you have to file. Well, there's"}, {"start": "00:32:30", "end": "00:32:35", "text": "wire fraud. Have you checked your account? Terrible system. Exactly. So, so let me let me get this"}, {"start": "00:32:35", "end": "00:32:41", "text": "straight. I I can use like multi-IG and ledger devices and all these things to have tons of security and it's super"}, {"start": "00:32:41", "end": "00:32:46", "text": "easy for any consumer to do that. Well, you could be a multi-billion dollar financial institution and and you have"}, {"start": "00:32:46", "end": "00:32:52", "text": "to put in all these bells and whistles and even still you have some guy call you after you've sent a wire saying,"}, {"start": "00:32:52", "end": "00:32:58", "text": "\"Did you really send that wire? You know, I need to know everything about the transaction to verify that's a wire or else we're going to put a freeze on"}, {"start": "00:32:58", "end": "00:33:04", "text": "it.\" That's just a broken system and it can't survive when its competitor is used just, you know, tap your phone with"}, {"start": "00:33:04", "end": "00:33:11", "text": "trusted hardware in your Google phone or your iPhone and you just use your fingerprint. We know it's you. Well, people are concerned about privacy on"}, {"start": "00:33:11", "end": "00:33:16", "text": "stable coins and here's a question from a user on X stake with pride is a username. How can the Cardano partner"}, {"start": "00:33:16", "end": "00:33:22", "text": "chain Midnight I add privacy to stable coins? So what Midnight does is it gives you"}, {"start": "00:33:22", "end": "00:33:27", "text": "computational privacy back. We call it rational privacy. So you take two things together. You take a smart contract"}, {"start": "00:33:27", "end": "00:33:33", "text": "system and the smart contract system then you combine it with an identity system and you embed within your private"}, {"start": "00:33:33", "end": "00:33:39", "text": "smart contracts DIDs and then you create what's called a selective disclosure regime. So you basically say, who gets"}, {"start": "00:33:39", "end": "00:33:45", "text": "to know my business? Maybe it's just me. That's what Monero and Zcash do. It's just me. It's disclosure of one. Or"}, {"start": "00:33:45", "end": "00:33:51", "text": "maybe it's my brother and I, or maybe it's my brother and my mom and dad and I, or you know, maybe it's my business."}, {"start": "00:33:51", "end": "00:33:58", "text": "Uh, like maybe it's my HR department. Whoever you disclose with, that's the person who gets a transparent"}, {"start": "00:33:58", "end": "00:34:04", "text": "transaction. And then it's private for everyone else. Once you have those primitives in play, you can reconstruct"}, {"start": "00:34:04", "end": "00:34:11", "text": "any financial asset into that paradigm. You can deploy a private stable point. You can deploy a private security. You"}, {"start": "00:34:11", "end": "00:34:16", "text": "can do private trading on a DEX. And uh it's public to those you're disclosing"}, {"start": "00:34:16", "end": "00:34:23", "text": "to and it's private otherwise. So here's a great uh hallucinating example to make it real. So all the time people track uh"}, {"start": "00:34:23", "end": "00:34:29", "text": "addresses for exchanges for when people deposit withdraw money from exchanges and they kind of get a sense of"}, {"start": "00:34:29", "end": "00:34:35", "text": "inventories and other things. Well, what if you could withdraw and deposit to an exchange anonymously? He said, \"Oh,"}, {"start": "00:34:35", "end": "00:34:41", "text": "Charles, you can't do that. But what about the travel rule? They have to comply with the travel rule. Well, what if you have selective disclosure for"}, {"start": "00:34:41", "end": "00:34:46", "text": "travel rule compliance to the requisite agencies, but everybody else that's private? Then nobody can ever see the"}, {"start": "00:34:46", "end": "00:34:52", "text": "things going in and out of Binance or in and out of Coinbase as an example and track those things. This is very"}, {"start": "00:34:52", "end": "00:34:58", "text": "valuable thing. Well, that's what Midnight seeks to do is that we've built a whole stack of technology um and we"}, {"start": "00:34:58", "end": "00:35:06", "text": "created a smart contract system called Kacina. We built it into a privacy stack called Plonc and uh in Halo 2. So Plunk"}, {"start": "00:35:06", "end": "00:35:11", "text": "is the arithmetization and Halo 2's proving system and it basically gives us fully programmable private smart"}, {"start": "00:35:11", "end": "00:35:17", "text": "contracts. And we wrote a beautiful programming language called compact which is based on Typescript. And"}, {"start": "00:35:17", "end": "00:35:23", "text": "Compact basically gives you the ability to write JavaScript like code to build private smart contracts. And you embed"}, {"start": "00:35:23", "end": "00:35:30", "text": "within them your disclosure requirements. And if you have none, it's a private fully private. If you have some, it's to whoever you decide in the"}, {"start": "00:35:30", "end": "00:35:35", "text": "smart smart contract design. This allows you then to capture regulated business"}, {"start": "00:35:35", "end": "00:35:41", "text": "and start thinking about what a real world asset would look like in a highly regulated regime, but have the liquidity"}, {"start": "00:35:41", "end": "00:35:48", "text": "and appearance of a cryptocurrency asset. And this also allows you to add privacy to other assets like Bitcoin or"}, {"start": "00:35:48", "end": "00:35:55", "text": "Ether because what Midnight does is it has bridges uh to seven ecosystems, Bitcoin all the way to B&B and beyond."}, {"start": "00:35:55", "end": "00:36:00", "text": "uh Ethereum, Salana, Cardano, XRP, and you can basically send your assets into"}, {"start": "00:36:00", "end": "00:36:08", "text": "that ledger and use them as fuel to power the smart contracts of Midnight. So, Midnight doesn't have to use its"}, {"start": "00:36:08", "end": "00:36:14", "text": "underlying token, Dust, uh to power things. You can use Bitcoin or Ether, other things. So, that means it's an"}, {"start": "00:36:14", "end": "00:36:20", "text": "extension of your infrastructure. We kind of built it for hybrid applications. We have a public side and a private side. So if you want to"}, {"start": "00:36:20", "end": "00:36:28", "text": "upgrade your decks to trade securities, you could build a regulated DEX that's private on Midnight as an extension of"}, {"start": "00:36:28", "end": "00:36:34", "text": "Uniswap. So you have regular stuff going on in Ethereum and then you have the private stuff going on in in Midnight."}, {"start": "00:36:34", "end": "00:36:39", "text": "And multi-chain signatures give you the ability to just, you know, sort the whole thing out. So there's just a lot"}, {"start": "00:36:39", "end": "00:36:45", "text": "of stuff there that we we we we tried to think around and we thought that was the only way to expand cryptocurrency"}, {"start": "00:36:45", "end": "00:36:52", "text": "because the thing is like we got stuck in this trap of of of like a winner takes all and uh and"}, {"start": "00:36:52", "end": "00:36:59", "text": "network effect and uh you know fastness like my protocols a little faster than your protocol you know like SW a little"}, {"start": "00:36:59", "end": "00:37:05", "text": "faster than Aptos and Apto a little faster than Salana and that's really not where growth is going to occur. it's"}, {"start": "00:37:05", "end": "00:37:11", "text": "going to occur. Who's going to create the bridges between the legacy world and the web 3 world to allow the legacy"}, {"start": "00:37:11", "end": "00:37:17", "text": "world to begin moving into the web 3 world in a safe and effective way? And they have invariance that they can't"}, {"start": "00:37:17", "end": "00:37:24", "text": "change. They can't change bank secrecy act. They can't change GDPR requirements. They can't change broker"}, {"start": "00:37:24", "end": "00:37:29", "text": "dealer regulations. Maybe they can over a 5 or 10 year period through massive amounts of lobbying and industry"}, {"start": "00:37:29", "end": "00:37:35", "text": "participation, but they can't change it today. So you need something where they can program those things in and have an"}, {"start": "00:37:35", "end": "00:37:41", "text": "algorithmic representation of them and then they can then use that to touch Ethereum and touch Bitcoin and touch"}, {"start": "00:37:41", "end": "00:37:47", "text": "Cardano. And by the way, for non-financial use cases as well, there's HIPPA for health records. How would you"}, {"start": "00:37:47", "end": "00:37:52", "text": "build a system to broker the movement of health records between different things? I can't have a blockchain based system"}, {"start": "00:37:52", "end": "00:37:58", "text": "where you know that John Smith is going to the urologist for his gorrhea. I"}, {"start": "00:37:58", "end": "00:38:04", "text": "can't go do that. That's not exactly like uh you know something somebody would sign up for. So probably needs to be private. But on the other"}, {"start": "00:38:04", "end": "00:38:10", "text": "hand, it needs to be immutable and timestamped because John Smith needs to know that unauthorized people can't have"}, {"start": "00:38:10", "end": "00:38:17", "text": "access to his accounts and he needs absolute certainty that uh that uh his accounts have not been tampered with and"}, {"start": "00:38:17", "end": "00:38:23", "text": "people have changed things inside the council. Maybe somebody changes that paternity test and Mory Povich comes out"}, {"start": "00:38:23", "end": "00:38:29", "text": "and says you are the father. you know, you you probably really want some guarantees that if you take a paternity"}, {"start": "00:38:29", "end": "00:38:34", "text": "test that it is what you say it is. So, you need immutability and you need timestamping. You need auditability"}, {"start": "00:38:34", "end": "00:38:40", "text": "inside that system, but you need privacy at the same time. And so, Midnight also covers those non-financial use cases"}, {"start": "00:38:40", "end": "00:38:47", "text": "which are so valuable for supply chains, medical records, uh land registration, as well as the financial use cases like"}, {"start": "00:38:47", "end": "00:38:53", "text": "private stable coins and these types of things. Is AI going to bypass some of this though? I'm just pointing out a real life example. YouTube is now launching"}, {"start": "00:38:53", "end": "00:38:58", "text": "AI age verification in the US which will automatically detect users over 18"}, {"start": "00:38:58", "end": "00:39:04", "text": "regardless of what you've inputed manually. So I mean I don't they say that and how are they doing it?"}, {"start": "00:39:04", "end": "00:39:10", "text": "They're doing it with very sophisticated cookie schemes and browser fingerprinting and probabilistic models"}, {"start": "00:39:10", "end": "00:39:18", "text": "but the real way that you get true verification is through an oncreds and dits. And so you can use AI to"}, {"start": "00:39:18", "end": "00:39:23", "text": "probabilistically understand things and where and when that makes sense that's fine. But it's not an access control"}, {"start": "00:39:23", "end": "00:39:28", "text": "system. And so uh DIDs what they do for you is they give you the ability to"}, {"start": "00:39:28", "end": "00:39:33", "text": "definitively prove you are somebody to somebody who cares. And then with zero"}, {"start": "00:39:33", "end": "00:39:40", "text": "knowledge technology you can prove it to the rest of the world and they as long as they trust that group of people the root of trust then you know that you're"}, {"start": "00:39:40", "end": "00:39:47", "text": "dealing with a real person. As an example let's say you had the passport system. Well, if we have passports as"}, {"start": "00:39:47", "end": "00:39:53", "text": "dids, then you have a zero knowledge system. You can prove you're a US citizen, but you don't have to show your passport to do that. You can prove"}, {"start": "00:39:53", "end": "00:40:00", "text": "you're a credit investor, but you don't have to show how much money you have. So, it's a much more general thing. But age verification is certainly an"}, {"start": "00:40:00", "end": "00:40:05", "text": "attribute we all care about. And uh the porn industry is desperate for this because they're having to blacklist"}, {"start": "00:40:05", "end": "00:40:10", "text": "entire states like Texas and Utah and others because of these age verification requirements. And they're looking for"}, {"start": "00:40:10", "end": "00:40:16", "text": "some technology to do that. And so I think this is this is awesome because also it changes compliance from a game"}, {"start": "00:40:16", "end": "00:40:22", "text": "of being like a data warehouse packrat where you have to store giant amounts of"}, {"start": "00:40:22", "end": "00:40:29", "text": "information and you know in your basement hope to God that you don't need it and file suspicious activity reports to gave it 21 questions. Can I do"}, {"start": "00:40:29", "end": "00:40:35", "text": "business with David? All right. Well, here are my questions. Question A, yes, no. Question B, yes, no. Question C. And"}, {"start": "00:40:35", "end": "00:40:41", "text": "you go down and after 5 10 15 questions, either you get to yes, I can do business with him or no. That's what I mean when"}, {"start": "00:40:41", "end": "00:40:46", "text": "settlement is compliance because as part of the clearing function you'll run that"}, {"start": "00:40:46", "end": "00:40:52", "text": "game zero knowledge proofs will be generated. It'll collect those proofs as a chain of evidence and then once it"}, {"start": "00:40:52", "end": "00:40:57", "text": "passes those proofs it either decides to settle or not settle. So the other thing"}, {"start": "00:40:57", "end": "00:41:04", "text": "that's happening at the same time is the intent revolution. So intents are partial transactions."}, {"start": "00:41:04", "end": "00:41:09", "text": "You tell us your intent. It's not send this thing in Ethereum this exact amount"}, {"start": "00:41:09", "end": "00:41:14", "text": "of blah. It's more like I want to trade five bitcoin for USDC at best available"}, {"start": "00:41:14", "end": "00:41:21", "text": "price. Now notice something. I didn't tell you the price. I didn't tell you the settlement time. I didn't tell you the network. I didn't tell you the"}, {"start": "00:41:21", "end": "00:41:27", "text": "mechanism of settlement. I just told you my intent. What I want. This is where AI is very powerful. And there's uh great"}, {"start": "00:41:27", "end": "00:41:33", "text": "blockchains like Near that are looking into this. And there's Anomia and others. But basically the idea is like AI will figure it out or some automated"}, {"start": "00:41:33", "end": "00:41:39", "text": "system will figure it out and build that transaction for you. So your intent is kind of like what you want to do then"}, {"start": "00:41:39", "end": "00:41:44", "text": "somebody fills in all the cream filling and then processes the transaction and maybe it was Cardano that was lucky and"}, {"start": "00:41:44", "end": "00:41:51", "text": "got that transaction with one of our dexes or maybe it's Ethereum or maybe it's Salana but we got that you know with this and so the the world is moving"}, {"start": "00:41:51", "end": "00:41:57", "text": "to an intent world because that partial transaction for game of 21 questions is regulation. I have an intent to do"}, {"start": "00:41:57", "end": "00:42:04", "text": "business with unis swap. here's the stuff I want to do business with and then there's going to be a challenge response protocol saying well to do"}, {"start": "00:42:04", "end": "00:42:09", "text": "business with us you have to answer these 14 questions with zero knowledge proofs and if you can attach all those"}, {"start": "00:42:09", "end": "00:42:15", "text": "proofs or somebody on your behalf can attach those proofs like your KYC organization like Acuant or something"}, {"start": "00:42:15", "end": "00:42:22", "text": "like that then the transaction settles and then the transactions built as the composite of all those things the value"}, {"start": "00:42:22", "end": "00:42:28", "text": "the cryptographic signatures but also the zero knowledge proofs now on the other side what do I have I don't know"}, {"start": "00:42:28", "end": "00:42:33", "text": "who you are. I don't have your personally identifiable information. I don't know anything about you. I just"}, {"start": "00:42:33", "end": "00:42:39", "text": "have zero knowledge proofs. That's it. And I have some transaction data, but I'm in full compliance because embedded"}, {"start": "00:42:39", "end": "00:42:44", "text": "within those proofs is some way that a regulator could unravel uh you know the"}, {"start": "00:42:44", "end": "00:42:50", "text": "root data and verify that those proofs are correct. Well, going back to Cardano development itself, some people in the"}, {"start": "00:42:50", "end": "00:42:55", "text": "Cardano community are a little bit frustrated at what they perceive is slow"}, {"start": "00:42:55", "end": "00:43:01", "text": "pace of development. And here's a question specifically from a user on X. His name is Jonathan Strange. Why has"}, {"start": "00:43:01", "end": "00:43:06", "text": "Cardano focused so heavily on a researchbacked approach rather than the move fast and break things approach?"}, {"start": "00:43:06", "end": "00:43:12", "text": "What were the downsides to this approach? And I guess to add to that, the upsides, pros,"}, {"start": "00:43:12", "end": "00:43:17", "text": "well, the this the irony is the research actually is pretty fast. It's the"}, {"start": "00:43:17", "end": "00:43:24", "text": "engineering that got really slow. Um, so so we've published over 250 papers and it probably take another 10 years to"}, {"start": "00:43:24", "end": "00:43:29", "text": "implement all those papers if we wanted to. So we're really good at writing papers and going through the peerreview process. That's not the limiting"}, {"start": "00:43:29", "end": "00:43:35", "text": "function. Like I'll give you a great example. We we we published Orworth Genesis back in 2018 and we just rolled"}, {"start": "00:43:35", "end": "00:43:40", "text": "it out this year into Cardano. So the the historical bottleneck was the engineering side and there was a variety"}, {"start": "00:43:40", "end": "00:43:46", "text": "of legacy reasons for that. A no one had ever built these types of systems before. So we were very conservative in"}, {"start": "00:43:46", "end": "00:43:53", "text": "the design and we chose very specialized tools like Haskell uh to to do these types of things. But now that we've"}, {"start": "00:43:53", "end": "00:43:58", "text": "built up, you know, large domain of experience and we've created a large open source project, what Cardono has"}, {"start": "00:43:58", "end": "00:44:04", "text": "turned into is actually one of the fastest moving in terms of development uh projects around. Uh and a great"}, {"start": "00:44:04", "end": "00:44:10", "text": "example would be that while Ethereum took till 2022 to do the merge, we actually did our proof of stake in 2020."}, {"start": "00:44:10", "end": "00:44:15", "text": "So we we beat them by a few years and uh we're speeding up in terms of our"}, {"start": "00:44:15", "end": "00:44:20", "text": "ability to interoperate with other systems, launch other blockchains that are connected to Cardono like Midnight."}, {"start": "00:44:20", "end": "00:44:27", "text": "Um, so we're now a full AVS system as of next year. Uh, you we've added zero knowledge support very rapidly and so"}, {"start": "00:44:27", "end": "00:44:33", "text": "every year we're just like getting major upgrades to the system. It's just it took a while to get the foundations"}, {"start": "00:44:33", "end": "00:44:38", "text": "right. The other thing is that was a lot of firsts. Like we were the first liquid non-custodial staking system, but we"}, {"start": "00:44:38", "end": "00:44:43", "text": "were the first extended UTXO system to add smart contracts to uh UTXO. you know"}, {"start": "00:44:43", "end": "00:44:50", "text": "in the in the Ergo was also there, Nervos was there, but we were like the first at scale like $30 billion and"}, {"start": "00:44:50", "end": "00:44:55", "text": "people actually doing real things. We were the first to implement color coins at the base protocol level with the"}, {"start": "00:44:55", "end": "00:45:00", "text": "Cardono native token standard. Uh so because these things were first, we actually had to figure out the"}, {"start": "00:45:00", "end": "00:45:06", "text": "development model and it took quite a bit of time to build all those toolings because it's not a onetoone match with"}, {"start": "00:45:06", "end": "00:45:12", "text": "Ethereum. You can't just go and deploy an EVM smart contract on Ethereum on Cardano. You actually have to do it"}, {"start": "00:45:12", "end": "00:45:18", "text": "differently. Now the advantage is that long-term we have enormous scalability potential with these things because we"}, {"start": "00:45:18", "end": "00:45:24", "text": "have local determinism. What happens on your computer is the same thing that happens on the global network. This is"}, {"start": "00:45:24", "end": "00:45:29", "text": "not the case with Ethereum or any other system. It's a very rare property in distributed systems but we have that"}, {"start": "00:45:29", "end": "00:45:35", "text": "which means also we have a much stronger layer 2 game. So when you start getting to payment channels, state channels,"}, {"start": "00:45:35", "end": "00:45:40", "text": "roll-ups, these types of things, they work much much better and faster on"}, {"start": "00:45:40", "end": "00:45:45", "text": "Cardono than they would on other systems. So these are trade-offs and locally what it meant is we were slower"}, {"start": "00:45:45", "end": "00:45:51", "text": "out the gate for many things and it hurt our DeFi ecosystem and a lot of adoption and interoperability. But longterm once"}, {"start": "00:45:51", "end": "00:45:58", "text": "you get past those hurdles, you start having a takeoff velocity because you bet on a the right paradigm long term."}, {"start": "00:45:58", "end": "00:46:04", "text": "And what's cool is you see that with Bitcoin DeFi where we fit with Bitcoin really beautifully almost like two"}, {"start": "00:46:04", "end": "00:46:10", "text": "molecules and docking with a with you know like a like a receptor. They're just clicking into each other. Um"}, {"start": "00:46:10", "end": "00:46:16", "text": "whereas it doesn't work very well with Ethereum and Salana as examples because they are a different accounting model"}, {"start": "00:46:16", "end": "00:46:22", "text": "and they have a different security model whereas we can clock together because of the design assumptions that we made."}, {"start": "00:46:22", "end": "00:46:29", "text": "Well, you know over the next 5 years where's the majority of DeFi growth going to be? Is it going to be Ethereum continuing to 10x every year? Or is it"}, {"start": "00:46:29", "end": "00:46:35", "text": "going to be all that dry Bitcoin that institutions hold wanting a yield going in and creating yield? It doesn't take a"}, {"start": "00:46:35", "end": "00:46:41", "text": "meaningful percentage of Bitcoin before you have more TVL than the market cap of Salana. You know, that's Bitcoin DeFi."}, {"start": "00:46:41", "end": "00:46:47", "text": "And it's easy to do because you only have to get like seven or eight financial institutions to start deploying their Bitcoin uh because they"}, {"start": "00:46:47", "end": "00:46:54", "text": "now they hold so much of it into the DeFi markets. and they're going to do that where they can still preserve the security of uh Bitcoin and pay"}, {"start": "00:46:54", "end": "00:46:59", "text": "transactions in Bitcoin. So, uh so you know, we'll see what happens in the next 5 or 10 years and I and I'm very"}, {"start": "00:46:59", "end": "00:47:07", "text": "comfortable with the bets we've taken and the velocity I think is exactly where it needs to be. It's a good mixture of now moving fast but with a"}, {"start": "00:47:07", "end": "00:47:14", "text": "lot of rigor that's behind it and it's also polyglot now. So, we have Rust and we have Go and we have TypeScript and"}, {"start": "00:47:14", "end": "00:47:19", "text": "Haskell in the ecosystem. So, we have a lot of that legacy stuff, but then we have now the mainstream stuff, but we"}, {"start": "00:47:19", "end": "00:47:24", "text": "figured out how to do the mainstream stuff and not break the system, if that makes sense. Uh, the same user, Jonathan"}, {"start": "00:47:24", "end": "00:47:31", "text": "Strange, had a question about the um the philosophy behind the fixed supply. So, Cardano's tokconomics are similar to"}, {"start": "00:47:31", "end": "00:47:36", "text": "Bitcoin with a fixed supply. What was the thought process for that? He said, on top of well, of the top 10 crypto,"}, {"start": "00:47:36", "end": "00:47:42", "text": "when you don't count stable coins, BMP, coin, and XRP, etc., Bitcoin and Cardano are the only cap supply tokens. What was"}, {"start": "00:47:42", "end": "00:47:48", "text": "the thought process behind this? I I mean I that's what I believed in. I was I was a big fan of Ron Paul and"}, {"start": "00:47:48", "end": "00:47:53", "text": "goldbacked money and the whole reason you have goldbacked money is you can't just turn on your money printing press"}, {"start": "00:47:53", "end": "00:47:58", "text": "and print as much as you want whenever it's convenient. I mean if you want a wild graph take a look at the US money"}, {"start": "00:47:58", "end": "00:48:04", "text": "supply over the last 20 years it's like kind of flat kind of flat kind of and then 2008 and then later you know with"}, {"start": "00:48:04", "end": "00:48:10", "text": "co goes way way up. You're like holy what just happened and everybody's like why are homes so expensive? Why are"}, {"start": "00:48:10", "end": "00:48:16", "text": "cars so expensive now? Why does it feel like I'm getting poorer, but my my my paychecks are the same and my taxes"}, {"start": "00:48:16", "end": "00:48:23", "text": "aren't going up, but yet I can't buy as much. Look at shopping carts in 1990 versus 2025 of what you could buy with"}, {"start": "00:48:23", "end": "00:48:30", "text": "$20. It's inflation destroys you. So, you know, a fixed monetary policy is awesome because then it organically"}, {"start": "00:48:30", "end": "00:48:36", "text": "deflates over time. Um, and you know that if you are going to be part of that"}, {"start": "00:48:36", "end": "00:48:43", "text": "ecosystem, nobody's going to show up and debase your money and you want sound money. So, Bitcoin taught us that."}, {"start": "00:48:43", "end": "00:48:50", "text": "Cardono in many ways is a spiritual successor to Bitcoin. You know, they are UTXO. We're extended UTXO. They had color coins. We put them at the protocol"}, {"start": "00:48:50", "end": "00:48:55", "text": "level. We based our proof ofstake protocol on proof of work when we when we uh were designing security properties"}, {"start": "00:48:55", "end": "00:49:01", "text": "called the GKL15 model. So, we also wanted to inherit the monetary policy. Now, Vitalik was thinking much more like"}, {"start": "00:49:01", "end": "00:49:07", "text": "computational fuel. Uh, and he was saying, oh, you know, like fuels like oil, you can always go drill some more, you know, these types of things. And so,"}, {"start": "00:49:07", "end": "00:49:14", "text": "it could be variable. You can have inflationary periods and deflationary periods. The problem is then you introduce a really complicated thing."}, {"start": "00:49:14", "end": "00:49:21", "text": "You start inviting the conversation of monetary policy into your governance. And then you you start having like hawks"}, {"start": "00:49:21", "end": "00:49:27", "text": "and doves. And there's some people saying, for the good of the ecosystem, why don't we, you know, increase inflation? And you have other people"}, {"start": "00:49:27", "end": "00:49:32", "text": "say, \"Well, for the good of the ecosystem, we need to keep it constrained.\" And then you're just fighting every year about your monetary"}, {"start": "00:49:32", "end": "00:49:39", "text": "policy of of where to take it and what to do with it. Whereas, when you're in a deflationary monetary policy, you you can't have the fight. No one is walking"}, {"start": "00:49:39", "end": "00:49:45", "text": "around saying, \"Let's change the Bitcoin emission rate. No, there's no path in Bitcoin to make that happen and have"}, {"start": "00:49:45", "end": "00:49:52", "text": "more than 21 million bitcoins.\" And there's no path in Cardano to change the monetary policy of Cardano. What you see"}, {"start": "00:49:52", "end": "00:49:57", "text": "is what you get. You can optimize around that. So you could disappear for 20 years and come back and it's the same"}, {"start": "00:49:57", "end": "00:50:02", "text": "ADA supply. Another way to look at it then, Charles, if I if I may add, perhaps then you"}, {"start": "00:50:02", "end": "00:50:08", "text": "looked at Cardano as money at the onset instead of something to build applications on because you can point to"}, {"start": "00:50:08", "end": "00:50:14", "text": "the fact that developers are favoring Salana, Ethereum, so on and so forth for building layer 2 over Bitcoin, right?"}, {"start": "00:50:14", "end": "00:50:21", "text": "Yeah. And the other thing is you can always invent a fuel token and back it by sound money or use it with sound"}, {"start": "00:50:21", "end": "00:50:26", "text": "money. It's a lot harder to take a fuel token and turn it into sound money. Uh,"}, {"start": "00:50:26", "end": "00:50:33", "text": "and so you start directionally where you have safety and security and you work your way to utility. And as long as you"}, {"start": "00:50:33", "end": "00:50:40", "text": "have a community that's willing to wait that time, you don't lose anything. If you go in the other direction, it's really really hard to conjure that. Like"}, {"start": "00:50:40", "end": "00:50:46", "text": "I don't think, for example, Bitcoin would be Bitcoin and survived if they tinkered with the monetary policy. If"}, {"start": "00:50:46", "end": "00:50:51", "text": "they said, you know, let's because not a lot of people got in early and Satoshi got too many coins, let's do 30 million"}, {"start": "00:50:51", "end": "00:50:57", "text": "Bitcoin instead of 21, let's change the mining emission rate or something. Bitcoin would have died if that uh if"}, {"start": "00:50:57", "end": "00:51:03", "text": "that happened. Well, let's uh finally segue into Bitcoin itself. Uh this is a user on X. Everybody literally asking"}, {"start": "00:51:03", "end": "00:51:10", "text": "questions he has already answered or questions they know how he will answer. Ask him his thoughts on Michael Sailor"}, {"start": "00:51:10", "end": "00:51:16", "text": "and I guess by extension the Bitcoin treasury companies that are um becoming more mainstream right now. Well, anytime"}, {"start": "00:51:16", "end": "00:51:21", "text": "you can increase liquidity and get more people into the cryptocurrency space, that's intrinsically a good thing to me"}, {"start": "00:51:21", "end": "00:51:27", "text": "as long as it's done in a responsible way and it's done with good governance and good regulation behind it. So,"}, {"start": "00:51:27", "end": "00:51:34", "text": "there's a world of difference between you buying a Bitcoin and having it in a non-custodial wallet you control and"}, {"start": "00:51:34", "end": "00:51:42", "text": "buying a Bitcoin as a regulated product uh through an exchange and there's some third party that's holding that. Um, so"}, {"start": "00:51:42", "end": "00:51:50", "text": "I don't have anything against DATs or for DATs. I think that they're a mechanism. Um, it's more of are there"}, {"start": "00:51:50", "end": "00:51:56", "text": "the appropriate controls in and are these structured in a way where you're not creating a synthetic asset that's"}, {"start": "00:51:56", "end": "00:52:05", "text": "decoupling from your act underlying asset. This was my biggest concern in El Salvador with Shivbo wallet. So back in"}, {"start": "00:52:05", "end": "00:52:10", "text": "2021, we actually traveled El Salvador. I met with Boule and we spent some time there and we brought the coalition"}, {"start": "00:52:10", "end": "00:52:16", "text": "together that ended up creating Shivbo, Alpha Point and these other people. But I I bowed out. We decided not to take"}, {"start": "00:52:16", "end": "00:52:21", "text": "the deal. One of our biggest concerns was that we didn't think that there were appropriate controls connecting the"}, {"start": "00:52:21", "end": "00:52:27", "text": "Shivbo Bitcoin to the actual Bitcoin in custody and we wanted US regulated"}, {"start": "00:52:27", "end": "00:52:33", "text": "entities to audit that is you trade Shivbo in a centralized sense. It's like trading those Coinbase dollars or those"}, {"start": "00:52:33", "end": "00:52:40", "text": "Coinbase Bitcoin. It's like well that only works if you trust people. So if you start engineering financial products"}, {"start": "00:52:40", "end": "00:52:46", "text": "where the share price is different than the underlying asset that's a problem"}, {"start": "00:52:46", "end": "00:52:52", "text": "because the only value of that financial product is the underlying asset and that delta between the two is a bubble and"}, {"start": "00:52:52", "end": "00:52:58", "text": "that can create a problem. So, uh, you have to be careful of these types of things and you have to be, uh, you have"}, {"start": "00:52:58", "end": "00:53:05", "text": "to make sure that you walk into it with both eyes open and you only invest in in, uh, these structures when you, you"}, {"start": "00:53:05", "end": "00:53:12", "text": "think that there's long-term viability, uh, behind them. So, Michael's been phenomenally successful and he's created"}, {"start": "00:53:12", "end": "00:53:18", "text": "one of the greatest mcguffins of all time to acquire Bitcoin. Um, I he's starting to approach Bitcoin levels of"}, {"start": "00:53:18", "end": "00:53:24", "text": "Satoshi. You know, I I I was actually one of the largest uh small holders of Bitcoin for a brief period of time way"}, {"start": "00:53:24", "end": "00:53:31", "text": "back in the day. People forget that when we did the Cardano sale, um the Cardano uh raised in yen, but it was converted"}, {"start": "00:53:31", "end": "00:53:36", "text": "to Bitcoin for uh for transparency. In fact, our audit reports just about come out here and it's going to show the"}, {"start": "00:53:36", "end": "00:53:41", "text": "addresses, but we had 108,000 Bitcoin that was raised for Cardano. So, after"}, {"start": "00:53:41", "end": "00:53:47", "text": "it was all converted. So, so you know, it was at $250 and $700. uh but now"}, {"start": "00:53:47", "end": "00:53:53", "text": "today's prices that'd be like $14 billion or something like that. It's an incredible sum of money. So there is"}, {"start": "00:53:53", "end": "00:54:00", "text": "kind of a moral hazard when you have such a colossal amount of an asset in one hand or one entity and you know a"}, {"start": "00:54:00", "end": "00:54:06", "text": "small perturbation or issue can create a problem. So what you try to do when that"}, {"start": "00:54:06", "end": "00:54:12", "text": "occurs is make sure that the level of scrutiny increases proportionally with the overall holdings and uh the"}, {"start": "00:54:12", "end": "00:54:18", "text": "regulatory structures we have right now are not really as good as they need to be to deal with that and unfortunately"}, {"start": "00:54:18", "end": "00:54:25", "text": "Bitcoin has no recourse. U but you know what we've been there before uh people forget Mount Gaus I remember Mount Gaus"}, {"start": "00:54:25", "end": "00:54:31", "text": "and we survived that and people forget Silk Road. I remember Silk Road we survived that. Okay so we can afford a"}, {"start": "00:54:31", "end": "00:54:37", "text": "collapse of a DAT. we can afford uh 100,000 Bitcoin being stolen or $200,000"}, {"start": "00:54:37", "end": "00:54:42", "text": "Bitcoin being stolen. Bitcoin is so resilient and strong. It's just um these"}, {"start": "00:54:42", "end": "00:54:48", "text": "things aren't Bitcoin. They're synthetic representations of it that are traded on exchanges and they don't have to be on"}, {"start": "00:54:48", "end": "00:54:55", "text": "par with it one to one. Uh so whenever that occurs, be very careful if you don't lose the reins cuz that horse is"}, {"start": "00:54:55", "end": "00:55:04", "text": "going to run away real fast and you're not going to catch it. It's a lot faster than you. Would you be ever opposed to the idea of a Cardano treasury company"}, {"start": "00:55:04", "end": "00:55:09", "text": "concept? It's inevitable and actually it's much more significant meaningful because there's also staking and governance"}, {"start": "00:55:09", "end": "00:55:15", "text": "rights with Cardano. You don't have any of those rights with Bitcoin. So, uh you have a different set of problems. So,"}, {"start": "00:55:15", "end": "00:55:21", "text": "you still have that issue of of losing the reins letting the horse run away. But then also what is the governance"}, {"start": "00:55:21", "end": "00:55:28", "text": "policy of the debt? I'll only support a DAT if a DAT has a means of decentralizing governance, meaning that"}, {"start": "00:55:28", "end": "00:55:34", "text": "the community has some sort of say or control uh over the uh the tokens governance. That's where I draw the line"}, {"start": "00:55:34", "end": "00:55:40", "text": "cuz I don't like the idea of one entity centralizing 10 20% of the supply and then participating in governance and"}, {"start": "00:55:40", "end": "00:55:45", "text": "some unelected group of bankers has a perma vote on uh on where Cardono goes."}, {"start": "00:55:45", "end": "00:55:51", "text": "That would be very problematic, you know, for the system. So, I think they're nice in that they they you know,"}, {"start": "00:55:51", "end": "00:55:57", "text": "because what's a 70-year-old grandma going to do if she wants to be part of the ecosystem? Is she going to go install a wallet on her her non-existent"}, {"start": "00:55:57", "end": "00:56:03", "text": "cell phone and, you know, figure out how public key cryptography works and self custody and this stuff? It's like, no,"}, {"start": "00:56:03", "end": "00:56:08", "text": "you know, give her assets where she can call her broker or something and do that. So, I kind of understand the point"}, {"start": "00:56:08", "end": "00:56:13", "text": "of that in the demographic you're dealing with, but we as an ecosystems have to deal with the moral hazards of"}, {"start": "00:56:13", "end": "00:56:19", "text": "these types of of situations. Then there's some technological innovations and there's social innovations that can"}, {"start": "00:56:19", "end": "00:56:24", "text": "be put through. So DATs and Cardano are inevitable. If I had to predict, I'd say we'll start seeing them within 90 days"}, {"start": "00:56:24", "end": "00:56:30", "text": "to 180 days. Um and uh there's going to be all kinds of flavors that come"}, {"start": "00:56:30", "end": "00:56:36", "text": "through and we'll see debts probably from midnight as well. It's very profitable for people to pursue these things. It's just you have to do them"}, {"start": "00:56:36", "end": "00:56:42", "text": "with the right wisdom and foresight and if you do then they can be very beneficial to the ecosystem. What's your"}, {"start": "00:56:42", "end": "00:56:48", "text": "view on companies adding layer twos on Bitcoin to add a yielding staking feature to generate yield versus"}, {"start": "00:56:48", "end": "00:56:54", "text": "something that natively generates yield through staking? So, uh that's like Babylon for example and David Chi is the"}, {"start": "00:56:54", "end": "00:57:02", "text": "inventor of that and he's a very good friend of mine. He actually is part affiliated with our lab at Stanford um the blockchain lab we have there and"}, {"start": "00:57:02", "end": "00:57:07", "text": "they've done a phenomenal job. I it's called an AVS system, actively validated services. And the whole point is that"}, {"start": "00:57:07", "end": "00:57:13", "text": "you create some asset or you have some asset that has some real value behind it. And then you can repurpose that"}, {"start": "00:57:13", "end": "00:57:19", "text": "asset to basically provide security to another system. And it solves the"}, {"start": "00:57:19", "end": "00:57:24", "text": "bootstrap problem because you all the time want to launch something, but when you launch it, you're very fragile and"}, {"start": "00:57:24", "end": "00:57:30", "text": "everybody has a strong incentive to try to break you. So if you can borrow security from another network and put"}, {"start": "00:57:30", "end": "00:57:36", "text": "that security onto your network, uh then uh then you have the best of both worlds. You get to do something new and"}, {"start": "00:57:36", "end": "00:57:42", "text": "you have total control over that thing, but you have a high security basis for that. And I'm old enough to remember the"}, {"start": "00:57:42", "end": "00:57:50", "text": "merge mining days of Bitcoin where they they would merge, mine, and mine multiple blockchains at the same time with proof of work. So uh what Babylon's"}, {"start": "00:57:50", "end": "00:57:55", "text": "doing or any of these as systems as layer 2 to Bitcoin with Bitcoin staking is a very similar concept. they've just"}, {"start": "00:57:55", "end": "00:58:01", "text": "kind of proof of staked it. Now we formalized that concept with a paper called minotaur and that turned into um"}, {"start": "00:58:01", "end": "00:58:07", "text": "IGEN layer and then Midnight uses Minotaur at its core to show what's called multi-resource consensus. So you"}, {"start": "00:58:07", "end": "00:58:15", "text": "can put multiple consensus algorithms together because the problem with AVS is handoff. I want to use Bitcoin to"}, {"start": "00:58:15", "end": "00:58:20", "text": "bootstrap my network and I'm prepared to pay the Bitcoin holders a fee to do"}, {"start": "00:58:20", "end": "00:58:27", "text": "that. But I don't want to use Bitcoin forever. I want to launch my network and have my own consensus. So, how do I hand"}, {"start": "00:58:27", "end": "00:58:33", "text": "off between a borrowed consensus and an endogenous consensus? And Miniur has a"}, {"start": "00:58:33", "end": "00:58:38", "text": "solution for that. It allows you to link proof of work and proof of stake and other things together into one ledger"}, {"start": "00:58:38", "end": "00:58:45", "text": "and you can change the ratios between them. You have a view on Bitcoin and we'll wrap up here. You have a view on"}, {"start": "00:58:45", "end": "00:58:51", "text": "Bitcoin's uh price uh uh towards the end of uh 2027. uh what's ultimately going"}, {"start": "00:58:51", "end": "00:58:56", "text": "to drive the price upward and adoption? Well, the DATs have brought retail,"}, {"start": "00:58:56", "end": "00:59:02", "text": "sovereign wealth funds are buying Bitcoin. US government holds 212,000 Bitcoin. It's uh it's pretty crazy when"}, {"start": "00:59:02", "end": "00:59:07", "text": "you see it. So, I think over the next 5 years, Bitcoin is going to 10 trillion. Um I think before the end of this bull"}, {"start": "00:59:07", "end": "00:59:13", "text": "market, Bitcoin will hit 250,000. That's kind of the the flag I've put in the ground for the ceiling of it. And the"}, {"start": "00:59:13", "end": "00:59:19", "text": "big driver is going to be Bitcoin DeFi. you know, minute you can get yield and do stuff with your Bitcoin. Uh, it's kind of like I say there's the gold mine"}, {"start": "00:59:19", "end": "00:59:25", "text": "and then there's the gold. Right now, the gold lives at the gold mine. Well, the gold doesn't have to live at the gold mine. The Bitcoin network is the"}, {"start": "00:59:25", "end": "00:59:30", "text": "gold mine. It makes gold. You can take your gold and put in the jewelry shop and the jewelry shops Cardano or"}, {"start": "00:59:30", "end": "00:59:35", "text": "Ethereum or STAX or you know these types of things. Well, the minute you can do that, uh, Bitcoin gets a yield. Bitcoin"}, {"start": "00:59:35", "end": "00:59:42", "text": "gets a yield. It's a very attractive instrument because it's limited downside relative to all these other experimental things and it has equivalent upside in"}, {"start": "00:59:42", "end": "00:59:47", "text": "many cases to other tokens. So the networks that facilitate that are going to be do very well because they're going"}, {"start": "00:59:47", "end": "00:59:53", "text": "to get a ton of TVL. They're going to get a ton of transaction volume. And the thing is under the hood, it creates"}, {"start": "00:59:53", "end": "01:00:00", "text": "consumption for their tokens because people are paying those transaction fees in Bitcoin, but it's it's inevitably has"}, {"start": "01:00:00", "end": "01:00:05", "text": "to be consumed with ADA or near or whatever. Uh so it's like tourism when"}, {"start": "01:00:05", "end": "01:00:10", "text": "you go to the Caribbean and you know you swipe your credit card, you're paying in US dollars. They get the local money,"}, {"start": "01:00:10", "end": "01:00:17", "text": "but that tourism benefits the local economy. So, Bitcoin is going on tour and it's going to leave the high"}, {"start": "01:00:17", "end": "01:00:23", "text": "population, very wealthy country and they're going to go to the Caribbean and Hawaii and all these other places and those are different blockchains and"}, {"start": "01:00:23", "end": "01:00:28", "text": "they'll do cool things. They'll consume cool things and they go back home after they're done. So, once you're done"}, {"start": "01:00:28", "end": "01:00:34", "text": "getting your yield on your Bitcoin, you go back to Bitcoin and uh and you go back to your house. So, uh that's what's"}, {"start": "01:00:34", "end": "01:00:39", "text": "going to be the key driver of getting Bitcoin over 10 trillion because then structured financial products can offer"}, {"start": "01:00:39", "end": "01:00:46", "text": "yields there. they could be uh sliced and diced by Wall Street to be very safe and scored and rated and then people"}, {"start": "01:00:46", "end": "01:00:52", "text": "just by proportion start including it like they do gold in their IAS and their 401ks and these types of things and so"}, {"start": "01:00:52", "end": "01:00:58", "text": "the rule making will let you do it. The minute that clarity is passed and all the rulemaking comes in, Bitcoin will be"}, {"start": "01:00:58", "end": "01:01:04", "text": "treated like any other financial asset from purposes of investment and taxes and at that point um you'll see a"}, {"start": "01:01:04", "end": "01:01:10", "text": "massive flow of money into it because it's a hard asset like gold is. Well, once Bitcoin reaches $10 trillion, is"}, {"start": "01:01:10", "end": "01:01:15", "text": "that the rising tide that lifts all boats? In other words, are all other cryptos going to follow or can you see"}, {"start": "01:01:15", "end": "01:01:20", "text": "Bitcoin dominance just continue to rise uh back to uh pre2021 levels? Here's a"}, {"start": "01:01:20", "end": "01:01:26", "text": "bit, you know, it es and flows, but remember, cryptocurrencies is going to eat AI and cryptocurrency is going to"}, {"start": "01:01:26", "end": "01:01:32", "text": "eat medical records and there's all these non-financial use cases that Bitcoin never will have an opinion on"}, {"start": "01:01:32", "end": "01:01:38", "text": "and never do. And so, it's kind of silly thing to say, oh, well, all these other guys will die. It's like, okay, so where"}, {"start": "01:01:38", "end": "01:01:44", "text": "am I going to go build my medical record system? And doesn't decentralization matter? I call EPS, economic, political,"}, {"start": "01:01:44", "end": "01:01:50", "text": "and social. So, so, so I can't do any political or social things. Like, how do I build a competitor to Facebook and"}, {"start": "01:01:50", "end": "01:01:55", "text": "have a decentralized social network? I want to do this in Bitcoin. It's an absurd thing. Uh, you know, so, so no,"}, {"start": "01:01:55", "end": "01:02:02", "text": "you're you're going to have other standards and you're going to have an internet of blockchains. And I say this as an OG of OGs and I was in it in the"}, {"start": "01:02:02", "end": "01:02:08", "text": "very early days of Bitcoin. and I was the founding chairman of the Bitcoin Foundation's education committee. I mean, I understand a lot about it and I"}, {"start": "01:02:08", "end": "01:02:14", "text": "love that community and ecosystem and there's a lot of value they have, but they chose to be sound money and the"}, {"start": "01:02:14", "end": "01:02:20", "text": "minute that they chose to do that and be a store of value, they have to go win. And winning means Bitcoin has to flip"}, {"start": "01:02:20", "end": "01:02:26", "text": "gold and then it'll become the premier store of value for the entire world. Winning doesn't mean that Bitcoin is"}, {"start": "01:02:26", "end": "01:02:32", "text": "going to be a replacement for Meta or replacement for the Google search engine or you know the private medical record"}, {"start": "01:02:32", "end": "01:02:38", "text": "system of the world or the largest decentralized exchange in the world. That's not what winning means. Winning"}, {"start": "01:02:38", "end": "01:02:44", "text": "means you flip gold and you are the premier digital asset to hold. And so I"}, {"start": "01:02:44", "end": "01:02:50", "text": "think the world is quite compatible with Bitcoin achieving that. But then all these other people doing these things and oh by the way Bitcoin forces the"}, {"start": "01:02:50", "end": "01:02:56", "text": "blockchainification digitalization of things and becomes an alternative banking stack you know indirectly"}, {"start": "01:02:56", "end": "01:03:02", "text": "because it everybody has to start wiring into it and once they're in they're into the rest of the network as well which are far more capable and programmable."}, {"start": "01:03:02", "end": "01:03:09", "text": "We have um this adversarial nature in the blockchain space and there's this maximalism and all these people float"}, {"start": "01:03:09", "end": "01:03:15", "text": "around and it's just so disheartening at times because you know we I'm trying to do real things. I we published 250"}, {"start": "01:03:15", "end": "01:03:21", "text": "papers. We we every day wake up, write code, and we want to solve hard problems. And if I find my network is 5%"}, {"start": "01:03:21", "end": "01:03:28", "text": "more decentralized, I'm 5% happier. If I find out I have another million users, I'm a million users happier. You know,"}, {"start": "01:03:28", "end": "01:03:35", "text": "not because token price goes up, because we are getting people into a world with integrity and a world with principles"}, {"start": "01:03:35", "end": "01:03:40", "text": "and censorship resistance and transparency. So, I'd like to believe that we're philosophically aligned with"}, {"start": "01:03:40", "end": "01:03:45", "text": "Bitcoin. So why should it be sum zero where if Bitcoin is to achieve great heights that's only at the expense of"}, {"start": "01:03:45", "end": "01:03:50", "text": "our growth especially when Bitcoin's playing a different game? Are they going to change your block time from 10"}, {"start": "01:03:50", "end": "01:03:57", "text": "minutes to sub-second blocks? Are they going to go from proof of work to different consensus algorithm? Are they"}, {"start": "01:03:57", "end": "01:04:03", "text": "are they going to allow you to write like super complex smart contracts easily and have lowcost settlement and"}, {"start": "01:04:03", "end": "01:04:08", "text": "these types of thing? No, they're not going to do that. Why should they if they want to be the premier storage of"}, {"start": "01:04:08", "end": "01:04:14", "text": "value for uh for the world? Just like does gold have to wake up and pretend it's silver? Does gold have to go into"}, {"start": "01:04:14", "end": "01:04:20", "text": "your gas tank and let you drive your car? You know, gold can be gold. Sure."}, {"start": "01:04:20", "end": "01:04:26", "text": "Okay, I'll end here. So, what are you working on these days? You you mentioned you're, you know, currently researching a lot of different things. Just give us"}, {"start": "01:04:26", "end": "01:04:32", "text": "some of the projects you're engaged in and uh what you expect to accomplish in the next uh year or two. What can we look forward to, Charles? Oh, huge huge"}, {"start": "01:04:32", "end": "01:04:38", "text": "inroads in interoperability with a lot of different systems and we have some phenomenal partners there like Near for"}, {"start": "01:04:38", "end": "01:04:43", "text": "example. Um and uh so a lot of lot of just unfinished business of fixing broken windows getting things talk to"}, {"start": "01:04:43", "end": "01:04:49", "text": "each other. Um we're doing a lot of protocol upgrades for Cardono like the governance was a huge lift. We went from"}, {"start": "01:04:49", "end": "01:04:56", "text": "federated system to a fully decentralized governance system uh with onchain government even in a constitution and things like that and"}, {"start": "01:04:56", "end": "01:05:02", "text": "that was like two years of my life getting that done and getting that put together. So, we're real excited to bring that to bear and to watch that"}, {"start": "01:05:02", "end": "01:05:10", "text": "fully realize itself. Um, including a full-on chain treasury with 1.8 billion ADA inside of it, which is close to $1.8"}, {"start": "01:05:10", "end": "01:05:17", "text": "billion. We're almost a dollar parody there. So, just a lot of stuff like that. Um, in the nonweb 3 side, I I'm a"}, {"start": "01:05:17", "end": "01:05:23", "text": "bison rancher, got a buffalo ranch, you know, they haven't killed me yet, but there's a few hundred running around. I also run a healthcare clinic with my dad"}, {"start": "01:05:23", "end": "01:05:29", "text": "and brother over in Gillette, Wyoming. We have 15,000 patients and 40 providers. So, we do a lot of work with"}, {"start": "01:05:29", "end": "01:05:36", "text": "uh healthcare, especially rural healthcare and stem cells. So, it's a very um diverse life these days. And I"}, {"start": "01:05:36", "end": "01:05:42", "text": "did this lovely 5-hour interview on Sean Ryan show. If you guys want to see like the totality of all of it, I'd highly"}, {"start": "01:05:42", "end": "01:05:48", "text": "recommend that episode. And you if you have a weekend to spare, you can see the totality of what we're working on. Well, somebody asked you, I've been"}, {"start": "01:05:48", "end": "01:05:54", "text": "following you since 2018. I see you as a spiritual seeker. Do you ever see yourself dropping out of crypto and shifting your main focus onto your"}, {"start": "01:05:54", "end": "01:06:01", "text": "spiritual practice? Well, you know, I'm in crypto. It's like everybody says, they have that meme with the Indian guy in the gold shirt. I'm in"}, {"start": "01:06:01", "end": "01:06:07", "text": "it for the I'm in it for the technology. I'm I'm in crypto for the spiritual side, for the philosophical side. And it"}, {"start": "01:06:07", "end": "01:06:14", "text": "gets lonely, man, cuz I go to all these conferences and everybody's about the money and they're about the connection. I I'm like I get along very well with"}, {"start": "01:06:14", "end": "01:06:19", "text": "some of the old G's in the space because we were all in it before there was any money. And uh I'm still there and I'm"}, {"start": "01:06:19", "end": "01:06:25", "text": "still tilting at windmills like Don Kyote. you know, we say, \"Hey, you know, can we be more decentralized and hey,"}, {"start": "01:06:25", "end": "01:06:30", "text": "can we get power of the people and push it to the edges and get all the non-custodial wallets?\" So, uh, why?"}, {"start": "01:06:30", "end": "01:06:38", "text": "Because it's the moral thing to do. I want to live in a world where the economic, political, and social systems of the world are, uh, fair and"}, {"start": "01:06:38", "end": "01:06:43", "text": "decentralized and they don't have single points of failure. And we have trust and honesty. Again, reality is falling"}, {"start": "01:06:43", "end": "01:06:49", "text": "apart. If you haven't noticed, we can't trust each other anymore, can we? It's like, oh, Trump wins, oh well, the"}, {"start": "01:06:49", "end": "01:06:56", "text": "election's rigged. If Trump loses, oh, the election's rigged. You know, FBI, we we all we if your president's in, you"}, {"start": "01:06:56", "end": "01:07:02", "text": "love him. If your president's out, you hate him. It's the same institution. I'm sorry. You can't have institutions that"}, {"start": "01:07:02", "end": "01:07:08", "text": "every four years you go from we love them to we hate them. I I mean, I wasn't too long ago you had everybody on the"}, {"start": "01:07:08", "end": "01:07:14", "text": "left saying the NIH is the most credible organization in the world and we all should get our vaccines and everything's great. And now they say we can't believe"}, {"start": "01:07:14", "end": "01:07:19", "text": "anything coming out of the NIH because Robert Kennedy is there. I'm sorry. I can't live in that world where there's"}, {"start": "01:07:19", "end": "01:07:25", "text": "no anchors and institutions of objective reality. So, we need systems to keep humans honest because we're no longer"}, {"start": "01:07:25", "end": "01:07:32", "text": "capable of doing it ourselves, especially with generative AI where you can create a fake video or a fake picture of anything you want and within"}, {"start": "01:07:32", "end": "01:07:37", "text": "just, you know, 2 years to four years, it'll be photorealistic and perfect. So,"}, {"start": "01:07:37", "end": "01:07:42", "text": "you can't believe your ears anymore. You can't believe your eyes anymore. So, we need some system to rebalance society."}, {"start": "01:07:42", "end": "01:07:49", "text": "So, this is where I am at and there's no way I'm going to leave. I I I'm on the horse. I'm riding. It's It's getting"}, {"start": "01:07:49", "end": "01:07:54", "text": "harder every day because it keeps getting faster and that horse gets meaner. But there's You'd have to shoot"}, {"start": "01:07:54", "end": "01:08:01", "text": "me to get off the horse because I have a front row seat. I'm riding towards the future of humanity. Within the next 10,"}, {"start": "01:08:01", "end": "01:08:08", "text": "15 years, we're going to completely rebuild our voting systems, our economic systems, our social systems to"}, {"start": "01:08:08", "end": "01:08:13", "text": "blockchain. And the winners and losers and the paradigms that win and lose are going to completely decide the future of"}, {"start": "01:08:13", "end": "01:08:19", "text": "humanity. And the rest of us as spectators, you you're just going to have to accept the consequences of"}, {"start": "01:08:19", "end": "01:08:24", "text": "winners or losers. So we could have CBDC's and financial ponopticons like the"}, {"start": "01:08:24", "end": "01:08:31", "text": "People's Bank of China is doing with the digital yuan. We could have completely free money like Bitcoin or ADA and uh"}, {"start": "01:08:31", "end": "01:08:38", "text": "and have it be completely uh private with human rights embedded inside of it. There's no law of physics that says it"}, {"start": "01:08:38", "end": "01:08:43", "text": "has to be one way or the other way. It's social consensus based on who wins through market conditions. So why you"}, {"start": "01:08:43", "end": "01:08:49", "text": "guys name when I get off the horse and say let somebody else figure that one out? I I want to be in this race because"}, {"start": "01:08:49", "end": "01:08:55", "text": "I want humanity to be liberated from all that. Well, this is this is a perfect segue to my final question. I'll let you go, Charles. This somebody asked uh this is"}, {"start": "01:08:55", "end": "01:09:01", "text": "a great question. I saved this for the last. Uh somebody asked the future of crypto. Um I'll just get the exact"}, {"start": "01:09:01", "end": "01:09:07", "text": "wording. So in the future, uh yeah, how does he"}, {"start": "01:09:07", "end": "01:09:13", "text": "imagine the world? This is from a user on Reddit, MX Karum. How does he imagine a world where there is full crypto"}, {"start": "01:09:13", "end": "01:09:18", "text": "adoption controlled by the governments or controlled by corporations that manage to convince us to relinquish our"}, {"start": "01:09:18", "end": "01:09:24", "text": "keys in return for protection or controlled by whales the 1% kind of a dystopian take on all three scenarios"}, {"start": "01:09:24", "end": "01:09:32", "text": "but who would trade liberty for security desire deserves neither and will lose both never ever trade liberty for"}, {"start": "01:09:32", "end": "01:09:37", "text": "security you have to have liberty and we can't trust people to give it to you either comes from God or from algorithms"}, {"start": "01:09:37", "end": "01:09:43", "text": "those are our two options okay and uh God God hasn't been giving us very much lately, so the algorithms are going to"}, {"start": "01:09:43", "end": "01:09:50", "text": "have to make up the diff. Uh so so I I'm in the game and uh I want to win. I want"}, {"start": "01:09:50", "end": "01:09:57", "text": "the forces of decentralization and censorship resistance and freedom of association and commerce expression to"}, {"start": "01:09:57", "end": "01:10:02", "text": "win. And there's a collections of blockchain technologies that will make that happen. And there's collections of"}, {"start": "01:10:02", "end": "01:10:08", "text": "technologies that won't. And there's no guarantee it's going to go one way or the other. It is everything to do with"}, {"start": "01:10:08", "end": "01:10:15", "text": "how people buy things uh where they store them and ultimately um the decisions they make and the agency that"}, {"start": "01:10:15", "end": "01:10:21", "text": "they take. Everything in the modern world is designed to rob you of agency. The news"}, {"start": "01:10:21", "end": "01:10:27", "text": "robs you of critical thinking and an opinion. Banks rob you of self-custody."}, {"start": "01:10:27", "end": "01:10:33", "text": "You know, uh the central banks rob your money of its value. It says a dollar, but they kill the dollar's value by"}, {"start": "01:10:33", "end": "01:10:41", "text": "debasing it. All these things are pale similacra of their true intended purpose. And uh and so you got to be"}, {"start": "01:10:41", "end": "01:10:48", "text": "skeptical and you got to take a step back and put your time and faith in systems that by their design can't fail,"}, {"start": "01:10:48", "end": "01:10:54", "text": "by their design have integrity, and then build back up society from that. If we're unwilling to do that and we trade"}, {"start": "01:10:54", "end": "01:11:01", "text": "convenience for it, well then we'll lose and we'll end up creating a dystopian panopticonal hellscape that makes Claus"}, {"start": "01:11:01", "end": "01:11:08", "text": "Schwab like hard every day, you know. But I don't I don't want to live in that world, David. I want to live I want to"}, {"start": "01:11:08", "end": "01:11:15", "text": "live in a world where we have freedom and liberty and basic human rights. So uh so by 2035, we'll know. And it'll"}, {"start": "01:11:15", "end": "01:11:21", "text": "come down to what's in the legislation. It'll come down to what technologies win and it'll come down to what systems"}, {"start": "01:11:21", "end": "01:11:27", "text": "dominate. And I can't tell you, all I can tell you is that I'm in the race and along with a few other good people and"}, {"start": "01:11:27", "end": "01:11:34", "text": "we're all fighting hard against people who are also in the race who are not good people. Well, uh we appreciate uh"}, {"start": "01:11:34", "end": "01:11:40", "text": "you and uh what you've done for the community for blockchain and cryptos and uh we hope you continue your good fight."}, {"start": "01:11:40", "end": "01:11:49", "text": "So, thank you very much. Charles, where can we learn more from you? Where can we follow you in the meantime? Oh, my Twitter, IOHK Charles or I guess"}, {"start": "01:11:49", "end": "01:11:54", "text": "X. No, it's hard. I want to call it Twitter, man. I know it slips out of the tongue. It"}, {"start": "01:11:54", "end": "01:12:01", "text": "also you can say I tweeted. You can't see I exed. It does a little bit little bit strange, but um they say it's an X post. Like why would"}, {"start": "01:12:01", "end": "01:12:06", "text": "you give up a tweet? It's like Yeah, but what is the actual verb now? Do we just say I posted on X? It's a little bit"}, {"start": "01:12:06", "end": "01:12:12", "text": "Yeah, exactly. It's just like what are we doing? I can talk to you for hours, Charles. That was honestly a very good"}, {"start": "01:12:12", "end": "01:12:17", "text": "conversation. I hope you had fun and thank you for coming on the show. Thanks, guys. Cheers. Thank you for watching. Don't forget to"}, {"start": "01:12:17", "end": "01:12:20", "text": "like and subscribe."}]

[{"end": "00:00:04", "start": "00:00:00", "text": "Breaking news in the Cardano and"}, {"end": "00:00:07", "start": "00:00:02", "text": "Midnight ecosystems. We've officially"}, {"end": "00:00:09", "start": "00:00:04", "text": "got all of the details surrounding the"}, {"end": "00:00:12", "start": "00:00:07", "text": "official mainet launch and the airdrop,"}, {"end": "00:00:14", "start": "00:00:09", "text": "also known as the Glacier drop of the"}, {"end": "00:00:16", "start": "00:00:12", "text": "Night token going out to the Cardano"}, {"end": "00:00:18", "start": "00:00:14", "text": "ecosystem and seven other blockchains."}, {"end": "00:00:20", "start": "00:00:16", "text": "As a part of today's video, we're diving"}, {"end": "00:00:23", "start": "00:00:18", "text": "into the details and giving you all of"}, {"end": "00:00:23", "start": "00:00:20", "text": "the alpha."}, {"end": "00:00:29", "start": "00:00:25", "text": "[Music]"}, {"end": "00:00:31", "start": "00:00:27", "text": "What's up, ADA gang? as I've just laid"}, {"end": "00:00:34", "start": "00:00:29", "text": "down the foundation there. A massive day"}, {"end": "00:00:37", "start": "00:00:31", "text": "here with the Midnight Foundation"}, {"end": "00:00:39", "start": "00:00:34", "text": "releasing all of the tokconomics and all"}, {"end": "00:00:42", "start": "00:00:37", "text": "of the information that you need in"}, {"end": "00:00:44", "start": "00:00:39", "text": "order to join the highly anticipated"}, {"end": "00:00:47", "start": "00:00:42", "text": "night airdrop for the Midnight Network,"}, {"end": "00:00:49", "start": "00:00:44", "text": "a data privacy and data focused"}, {"end": "00:00:51", "start": "00:00:47", "text": "blockchain. Now, if it's your first time"}, {"end": "00:00:53", "start": "00:00:49", "text": "stopping by, my name is Fared. Welcome"}, {"end": "00:00:55", "start": "00:00:51", "text": "in. We're going to be breaking down all"}, {"end": "00:00:57", "start": "00:00:53", "text": "the details. I'll be giving you guys all"}, {"end": "00:00:59", "start": "00:00:55", "text": "the alpha. But before we continue any"}, {"end": "00:01:01", "start": "00:00:57", "text": "further, if you appreciate and want to"}, {"end": "00:01:02", "start": "00:00:59", "text": "support here on the channel, please make"}, {"end": "00:01:05", "start": "00:01:01", "text": "sure to smash that thumbs up on the way"}, {"end": "00:01:06", "start": "00:01:02", "text": "in if you want more content like this,"}, {"end": "00:01:07", "start": "00:01:05", "text": "consider subscribing to the channel here"}, {"end": "00:01:09", "start": "00:01:06", "text": "where we're going to be breaking down"}, {"end": "00:01:11", "start": "00:01:07", "text": "everything when it relates to Bitcoin,"}, {"end": "00:01:13", "start": "00:01:09", "text": "Cardano, and Midnight. And we're also"}, {"end": "00:01:15", "start": "00:01:11", "text": "going to be expanding into other chains"}, {"end": "00:01:16", "start": "00:01:13", "text": "here. And last but not least, if you"}, {"end": "00:01:17", "start": "00:01:15", "text": "have any questions, comments, or"}, {"end": "00:01:19", "start": "00:01:16", "text": "concerns, feel free to voice off down"}, {"end": "00:01:21", "start": "00:01:17", "text": "below. Now, if you want to take your"}, {"end": "00:01:23", "start": "00:01:19", "text": "support even further, consider"}, {"end": "00:01:25", "start": "00:01:21", "text": "delegating your ADA with the official"}, {"end": "00:01:27", "start": "00:01:23", "text": "DAP central stake pools, which will be"}, {"end": "00:01:29", "start": "00:01:25", "text": "midnight operators. Meaning, if you"}, {"end": "00:01:31", "start": "00:01:27", "text": "delegate with the DAP central stake"}, {"end": "00:01:33", "start": "00:01:29", "text": "pools, either one of them, you'll also"}, {"end": "00:01:35", "start": "00:01:31", "text": "be eligible to claim the Knight tokens"}, {"end": "00:01:37", "start": "00:01:33", "text": "as we mint and secure their data privacy"}, {"end": "00:01:39", "start": "00:01:35", "text": "focused blockchain moving forward."}, {"end": "00:01:41", "start": "00:01:37", "text": "Again, so you'll be able to earn ADA as"}, {"end": "00:01:43", "start": "00:01:39", "text": "well as Knight by delegating to the DAP"}, {"end": "00:01:46", "start": "00:01:41", "text": "central stake pools. As always, thank"}, {"end": "00:01:48", "start": "00:01:43", "text": "you very much for the support. Now, this"}, {"end": "00:01:50", "start": "00:01:46", "text": "is going to be a series of videos here."}, {"end": "00:01:52", "start": "00:01:48", "text": "This first one will be focusing more or"}, {"end": "00:01:54", "start": "00:01:50", "text": "less on the night token distribution,"}, {"end": "00:01:56", "start": "00:01:52", "text": "the glacier drop, which has just been"}, {"end": "00:01:58", "start": "00:01:54", "text": "announced. And today, we're going to be"}, {"end": "00:02:00", "start": "00:01:56", "text": "breaking down the three key parts. So,"}, {"end": "00:02:03", "start": "00:01:58", "text": "the first is the glacier drop claim"}, {"end": "00:02:05", "start": "00:02:00", "text": "phase. The second is the scavenger mine"}, {"end": "00:02:08", "start": "00:02:03", "text": "phase, and then the third is the lost"}, {"end": "00:02:10", "start": "00:02:05", "text": "and found claim phase. And so, first and"}, {"end": "00:02:11", "start": "00:02:08", "text": "foremost, we're going to be tackling the"}, {"end": "00:02:13", "start": "00:02:10", "text": "glacier drop. I think that's probably"}, {"end": "00:02:15", "start": "00:02:11", "text": "the one that everybody's excited about."}, {"end": "00:02:17", "start": "00:02:13", "text": "But for anybody who misses out or who's"}, {"end": "00:02:19", "start": "00:02:15", "text": "looking to get even more of the night"}, {"end": "00:02:22", "start": "00:02:17", "text": "token, that's when second phase and the"}, {"end": "00:02:23", "start": "00:02:19", "text": "third phase officially kick in. Now,"}, {"end": "00:02:25", "start": "00:02:22", "text": "before I go any further, I want to"}, {"end": "00:02:27", "start": "00:02:23", "text": "briefly explain something here. And this"}, {"end": "00:02:29", "start": "00:02:25", "text": "is just sort of how their ecosystem"}, {"end": "00:02:32", "start": "00:02:27", "text": "actually works. So, very similar to"}, {"end": "00:02:34", "start": "00:02:29", "text": "Cardano. They have the Midnight"}, {"end": "00:02:36", "start": "00:02:32", "text": "Foundation. Again, that's parallel to"}, {"end": "00:02:39", "start": "00:02:34", "text": "the Cardano Foundation. And so, their"}, {"end": "00:02:41", "start": "00:02:36", "text": "job is to essentially ramp up partners,"}, {"end": "00:02:43", "start": "00:02:39", "text": "ramp up communications, push forward"}, {"end": "00:02:44", "start": "00:02:41", "text": "with business development, etc. And I"}, {"end": "00:02:46", "start": "00:02:43", "text": "want to shout out the foundation here"}, {"end": "00:02:47", "start": "00:02:44", "text": "for actually hosting me and a few other"}, {"end": "00:02:50", "start": "00:02:46", "text": "creators and contributors to the"}, {"end": "00:02:53", "start": "00:02:47", "text": "midnight ecosystem this past week in New"}, {"end": "00:02:54", "start": "00:02:50", "text": "York for a wonderful sort of touch base"}, {"end": "00:02:57", "start": "00:02:53", "text": "with their team and then just the"}, {"end": "00:02:59", "start": "00:02:54", "text": "opportunity to network meet Fami Sed"}, {"end": "00:03:01", "start": "00:02:57", "text": "who's now the um president and the head"}, {"end": "00:03:03", "start": "00:02:59", "text": "of the foundation as well as the"}, {"end": "00:03:05", "start": "00:03:01", "text": "opportunity to speak with Iran Barack"}, {"end": "00:03:08", "start": "00:03:03", "text": "who I believe is the CEO of the shielded"}, {"end": "00:03:10", "start": "00:03:05", "text": "technologies um group who's essentially"}, {"end": "00:03:12", "start": "00:03:08", "text": "in charge of building out the tech. So,"}, {"end": "00:03:14", "start": "00:03:10", "text": "first we've got the Cardano Foundation"}, {"end": "00:03:15", "start": "00:03:12", "text": "or excuse me, the equivalent of the"}, {"end": "00:03:18", "start": "00:03:14", "text": "Cardano Foundation, which is the"}, {"end": "00:03:20", "start": "00:03:15", "text": "Midnight Foundation. Next, we have the"}, {"end": "00:03:24", "start": "00:03:18", "text": "actual Midnight Network, right, which is"}, {"end": "00:03:26", "start": "00:03:20", "text": "again where the actual um uh blockchain"}, {"end": "00:03:28", "start": "00:03:24", "text": "sort of information lives. And then,"}, {"end": "00:03:30", "start": "00:03:26", "text": "like I just mentioned, we also have"}, {"end": "00:03:32", "start": "00:03:28", "text": "Shielded Technologies who's in charge of"}, {"end": "00:03:33", "start": "00:03:30", "text": "actually building or developing the"}, {"end": "00:03:36", "start": "00:03:32", "text": "blockchain. So, this would be the"}, {"end": "00:03:37", "start": "00:03:33", "text": "equivalent of IOG. Now, all three of"}, {"end": "00:03:39", "start": "00:03:36", "text": "these entities have their own website."}, {"end": "00:03:40", "start": "00:03:37", "text": "So, here we've got Shielded"}, {"end": "00:03:41", "start": "00:03:39", "text": "Technologies. You can jump over to the"}, {"end": "00:03:44", "start": "00:03:40", "text": "website and check everything out here."}, {"end": "00:03:46", "start": "00:03:41", "text": "Again, we've got Iran, their CEO, and"}, {"end": "00:03:48", "start": "00:03:44", "text": "then we've also got the U Midnight"}, {"end": "00:03:49", "start": "00:03:46", "text": "Network who has as their own website."}, {"end": "00:03:51", "start": "00:03:48", "text": "And here, what I found to be the most"}, {"end": "00:03:53", "start": "00:03:49", "text": "helpful here was just insider"}, {"end": "00:03:55", "start": "00:03:51", "text": "information in terms of development. And"}, {"end": "00:03:56", "start": "00:03:53", "text": "then they've also got their tokconomics"}, {"end": "00:03:58", "start": "00:03:55", "text": "in their night paper or their light"}, {"end": "00:04:01", "start": "00:03:56", "text": "paper listed here as well. In closing,"}, {"end": "00:04:03", "start": "00:03:58", "text": "we also have the midnight.foundation"}, {"end": "00:04:05", "start": "00:04:01", "text": "website, which breaks down the mission"}, {"end": "00:04:07", "start": "00:04:03", "text": "of the foundation. And again, their job"}, {"end": "00:04:09", "start": "00:04:05", "text": "is to essentially spread the word, get"}, {"end": "00:04:11", "start": "00:04:07", "text": "partners involved, and to grow the"}, {"end": "00:04:13", "start": "00:04:09", "text": "ecosystem. Now that we've got all of"}, {"end": "00:04:15", "start": "00:04:11", "text": "that out of the way, we're jumping right"}, {"end": "00:04:18", "start": "00:04:13", "text": "on into the tokconomics and incentives"}, {"end": "00:04:20", "start": "00:04:15", "text": "paper that was just released on the 23rd"}, {"end": "00:04:24", "start": "00:04:18", "text": "of June of 2025. As you guys can see"}, {"end": "00:04:25", "start": "00:04:20", "text": "there, over 74,000 views, this making"}, {"end": "00:04:28", "start": "00:04:24", "text": "its way here. This is probably one of"}, {"end": "00:04:30", "start": "00:04:25", "text": "the most anticipated documents here as a"}, {"end": "00:04:31", "start": "00:04:28", "text": "part of the Midnight ecosystem for the"}, {"end": "00:04:34", "start": "00:04:30", "text": "last couple of months. If you guys"}, {"end": "00:04:37", "start": "00:04:31", "text": "missed it, Charles broke out um uh"}, {"end": "00:04:40", "start": "00:04:34", "text": "midnight in 2023. I believe it was in"}, {"end": "00:04:42", "start": "00:04:37", "text": "October at the 2023 Cardano Summit. So,"}, {"end": "00:04:44", "start": "00:04:40", "text": "it's been roughly two years and we are"}, {"end": "00:04:47", "start": "00:04:42", "text": "finally getting closer to the mainet"}, {"end": "00:04:49", "start": "00:04:44", "text": "launched. Now, this document is massive"}, {"end": "00:04:51", "start": "00:04:47", "text": "before I jump into the actual claim"}, {"end": "00:04:54", "start": "00:04:49", "text": "phase and the glacier drop. It is over,"}, {"end": "00:04:55", "start": "00:04:51", "text": "let's see here, 44 pages. And so what"}, {"end": "00:04:57", "start": "00:04:54", "text": "I'll be doing is actually breaking this"}, {"end": "00:05:00", "start": "00:04:55", "text": "down here and providing you guys more"}, {"end": "00:05:02", "start": "00:04:57", "text": "up-to-date and more in-depth content now"}, {"end": "00:05:04", "start": "00:05:00", "text": "that we have the content here about the"}, {"end": "00:05:06", "start": "00:05:02", "text": "Midnight blockchain. So if you guys"}, {"end": "00:05:08", "start": "00:05:04", "text": "again do appreciate that, please smash"}, {"end": "00:05:10", "start": "00:05:06", "text": "that thumbs up. It really does mean a"}, {"end": "00:05:11", "start": "00:05:08", "text": "lot. Reviewing the table of contents,"}, {"end": "00:05:13", "start": "00:05:10", "text": "we've got a breakdown of the night"}, {"end": "00:05:15", "start": "00:05:11", "text": "token. I'll briefly highlight that. Keep"}, {"end": "00:05:18", "start": "00:05:13", "text": "in mind that there's also the resource"}, {"end": "00:05:20", "start": "00:05:15", "text": "token. They use a dual token method"}, {"end": "00:05:21", "start": "00:05:18", "text": "which is the dust token and that"}, {"end": "00:05:23", "start": "00:05:20", "text": "actually has no value and that"}, {"end": "00:05:25", "start": "00:05:21", "text": "regenerates. whereas Knight actually"}, {"end": "00:05:27", "start": "00:05:23", "text": "does have value and it does not"}, {"end": "00:05:29", "start": "00:05:25", "text": "regenerate and it's also the Cardano"}, {"end": "00:05:30", "start": "00:05:27", "text": "native token that everybody will be"}, {"end": "00:05:33", "start": "00:05:29", "text": "receiving as a part of the Glacier drop"}, {"end": "00:05:35", "start": "00:05:30", "text": "if you are eligible. Next, they break"}, {"end": "00:05:36", "start": "00:05:33", "text": "down the tokconomics, the block"}, {"end": "00:05:39", "start": "00:05:35", "text": "production and incentives here and there"}, {"end": "00:05:41", "start": "00:05:36", "text": "is a huge huge bit of correlation"}, {"end": "00:05:43", "start": "00:05:39", "text": "between how blocks will be minted and"}, {"end": "00:05:45", "start": "00:05:41", "text": "secured by SPOS on midnight and how"}, {"end": "00:05:47", "start": "00:05:43", "text": "that's also going to work here on the"}, {"end": "00:05:50", "start": "00:05:45", "text": "Cardano blockchain. So, they'll"}, {"end": "00:05:51", "start": "00:05:47", "text": "essentially be leveraging Cardano SPOS,"}, {"end": "00:05:53", "start": "00:05:50", "text": "which I am one of them. again consider"}, {"end": "00:05:56", "start": "00:05:51", "text": "delegating your ADA with the DAB central"}, {"end": "00:05:58", "start": "00:05:53", "text": "stake pools. Not only will you earn ADA,"}, {"end": "00:06:01", "start": "00:05:56", "text": "you also earn any of the um partner"}, {"end": "00:06:03", "start": "00:05:58", "text": "tokens that we participate with in terms"}, {"end": "00:06:06", "start": "00:06:01", "text": "of ISPOS on Cardano, but you'll also be"}, {"end": "00:06:08", "start": "00:06:03", "text": "earning the Knight token as a reward on"}, {"end": "00:06:10", "start": "00:06:06", "text": "the Midnight blockchain. If you are a"}, {"end": "00:06:13", "start": "00:06:08", "text": "delegator to the DAB central stake pools"}, {"end": "00:06:14", "start": "00:06:10", "text": "and as we mint more blocks on their"}, {"end": "00:06:15", "start": "00:06:13", "text": "blockchain, you'll also be able to earn"}, {"end": "00:06:17", "start": "00:06:14", "text": "rewards there."}, {"end": "00:06:19", "start": "00:06:15", "text": "multiple ways to essentially earn some"}, {"end": "00:06:21", "start": "00:06:17", "text": "passive income by supporting creators"}, {"end": "00:06:23", "start": "00:06:19", "text": "and stake poolool operators here in the"}, {"end": "00:06:25", "start": "00:06:21", "text": "ecosystem. Now, this is where things get"}, {"end": "00:06:26", "start": "00:06:23", "text": "juicy. Here's in part number six where"}, {"end": "00:06:28", "start": "00:06:25", "text": "they break down the night token"}, {"end": "00:06:30", "start": "00:06:26", "text": "distribution again where we've got the"}, {"end": "00:06:32", "start": "00:06:28", "text": "glacier drop, the scavenger mine, and"}, {"end": "00:06:33", "start": "00:06:30", "text": "then they talk about the genesis block"}, {"end": "00:06:35", "start": "00:06:32", "text": "in their mainet launch and what we can"}, {"end": "00:06:38", "start": "00:06:33", "text": "expect. And then the very last piece is"}, {"end": "00:06:40", "start": "00:06:35", "text": "discussing the claim phase, also known"}, {"end": "00:06:42", "start": "00:06:38", "text": "as lost and found for anybody who"}, {"end": "00:06:45", "start": "00:06:40", "text": "doesn't participate during the earlier"}, {"end": "00:06:48", "start": "00:06:42", "text": "portions of the actual airdrop. Now,"}, {"end": "00:06:50", "start": "00:06:45", "text": "we've got an official midnight.ggd or"}, {"end": "00:06:52", "start": "00:06:48", "text": "glacier drop website. I'll leave the"}, {"end": "00:06:54", "start": "00:06:50", "text": "link to this down below as well. Again,"}, {"end": "00:06:56", "start": "00:06:52", "text": "this breaks down the distribution and it"}, {"end": "00:06:58", "start": "00:06:54", "text": "talks about their multi-token um"}, {"end": "00:07:00", "start": "00:06:56", "text": "distribution phases again, which I've"}, {"end": "00:07:02", "start": "00:06:58", "text": "just literally broken down, which are"}, {"end": "00:07:03", "start": "00:07:00", "text": "the three separate phases. Now, here"}, {"end": "00:07:06", "start": "00:07:02", "text": "we've got our some beautiful screenshots"}, {"end": "00:07:07", "start": "00:07:03", "text": "here. Again, some pretty nice alpha. Let"}, {"end": "00:07:09", "start": "00:07:06", "text": "me punch in here just a little bit where"}, {"end": "00:07:11", "start": "00:07:07", "text": "we've got the glacier drop where you'll"}, {"end": "00:07:14", "start": "00:07:09", "text": "actually have to um interact with a"}, {"end": "00:07:17", "start": "00:07:11", "text": "smart contract address to verify number"}, {"end": "00:07:18", "start": "00:07:14", "text": "one how much ADA you held during the"}, {"end": "00:07:21", "start": "00:07:17", "text": "time of their snapshot, which was"}, {"end": "00:07:22", "start": "00:07:18", "text": "actually taken on June 11th. Once you do"}, {"end": "00:07:24", "start": "00:07:21", "text": "that, you'll be able to see exactly how"}, {"end": "00:07:27", "start": "00:07:22", "text": "much of the Knight token is allocated to"}, {"end": "00:07:29", "start": "00:07:24", "text": "you, which if you aren't aware, the"}, {"end": "00:07:32", "start": "00:07:27", "text": "whole supply, which I believe is 24"}, {"end": "00:07:34", "start": "00:07:29", "text": "billion tokens, will be available to be"}, {"end": "00:07:36", "start": "00:07:32", "text": "claimed by the community. Now, it's"}, {"end": "00:07:37", "start": "00:07:34", "text": "highly unlikely that everyone's going to"}, {"end": "00:07:39", "start": "00:07:36", "text": "claim, meaning that there's going to be"}, {"end": "00:07:41", "start": "00:07:37", "text": "some night tokens that basically go"}, {"end": "00:07:44", "start": "00:07:39", "text": "unclaimed, and that's where the second"}, {"end": "00:07:45", "start": "00:07:41", "text": "and third phase come in. Now, once"}, {"end": "00:07:48", "start": "00:07:44", "text": "you've actually punched in your address"}, {"end": "00:07:49", "start": "00:07:45", "text": "here, you can see that they verify and"}, {"end": "00:07:51", "start": "00:07:48", "text": "then you've got the ability to claim,"}, {"end": "00:07:52", "start": "00:07:49", "text": "and you're not going to be able to claim"}, {"end": "00:07:55", "start": "00:07:51", "text": "everything all at once. They're going to"}, {"end": "00:07:57", "start": "00:07:52", "text": "be um using what's called a thawing"}, {"end": "00:08:00", "start": "00:07:55", "text": "period, which also sort of ties back to"}, {"end": "00:08:02", "start": "00:07:57", "text": "the name Glacier Drop, meaning that over"}, {"end": "00:08:04", "start": "00:08:00", "text": "the course of a span of time, you'll"}, {"end": "00:08:06", "start": "00:08:02", "text": "have the ability to come in there and"}, {"end": "00:08:08", "start": "00:08:04", "text": "actually claim a portion of the total"}, {"end": "00:08:10", "start": "00:08:06", "text": "allocation. So, in the screenshot here,"}, {"end": "00:08:12", "start": "00:08:08", "text": "we can see that there's um a claim for"}, {"end": "00:08:14", "start": "00:08:10", "text": "roughly 25% or a quarter of the total"}, {"end": "00:08:17", "start": "00:08:12", "text": "allocation here, which is um roughly"}, {"end": "00:08:18", "start": "00:08:14", "text": "around 4,000 night tokens. And then as"}, {"end": "00:08:21", "start": "00:08:17", "text": "time goes on, they'll be able to come"}, {"end": "00:08:23", "start": "00:08:18", "text": "back in and claim even more until"}, {"end": "00:08:26", "start": "00:08:21", "text": "everything is quote unquote thought out."}, {"end": "00:08:28", "start": "00:08:23", "text": "So, essentially a vesting period, for"}, {"end": "00:08:30", "start": "00:08:26", "text": "lack of better terms. Now, let's jump"}, {"end": "00:08:32", "start": "00:08:28", "text": "back into the actual article here, and"}, {"end": "00:08:35", "start": "00:08:30", "text": "we're going to scroll down to page"}, {"end": "00:08:38", "start": "00:08:32", "text": "number 32, which is essentially where"}, {"end": "00:08:39", "start": "00:08:35", "text": "things sort of get really juicy for us"}, {"end": "00:08:41", "start": "00:08:38", "text": "here when it comes to the airdrop."}, {"end": "00:08:43", "start": "00:08:39", "text": "Again, I'm going to have more content"}, {"end": "00:08:44", "start": "00:08:41", "text": "breaking down all these other sections"}, {"end": "00:08:46", "start": "00:08:43", "text": "here. There is so much that it's"}, {"end": "00:08:48", "start": "00:08:44", "text": "basically impossible to cover this in a"}, {"end": "00:08:50", "start": "00:08:46", "text": "single video, but if you do appreciate"}, {"end": "00:08:52", "start": "00:08:48", "text": "it, again, thank you very much. So"}, {"end": "00:08:54", "start": "00:08:50", "text": "before we go any further here, I just"}, {"end": "00:08:57", "start": "00:08:52", "text": "want to briefly recap that Midnight"}, {"end": "00:09:00", "start": "00:08:54", "text": "introduces a dual token model where"}, {"end": "00:09:02", "start": "00:08:57", "text": "Knight is the native utility token,"}, {"end": "00:09:04", "start": "00:09:00", "text": "meaning that it's the equivalent of ADA"}, {"end": "00:09:07", "start": "00:09:02", "text": "on Cardano. They then also have Dust,"}, {"end": "00:09:09", "start": "00:09:04", "text": "which is a renewable shielded resource"}, {"end": "00:09:12", "start": "00:09:07", "text": "used to pay for transactions on the"}, {"end": "00:09:15", "start": "00:09:09", "text": "blockchain. Now, Knight has value where"}, {"end": "00:09:18", "start": "00:09:12", "text": "Dust does not. In addition, Knight"}, {"end": "00:09:21", "start": "00:09:15", "text": "generates dust and dust powers the"}, {"end": "00:09:23", "start": "00:09:18", "text": "network. And so keep in mind that unlike"}, {"end": "00:09:26", "start": "00:09:21", "text": "typical models, Dust is not a token."}, {"end": "00:09:27", "start": "00:09:23", "text": "It's a non-transferable resource"}, {"end": "00:09:29", "start": "00:09:26", "text": "designed to provide predictable"}, {"end": "00:09:32", "start": "00:09:27", "text": "transaction costs and to avoid"}, {"end": "00:09:35", "start": "00:09:29", "text": "speculation and to preserve privacy by"}, {"end": "00:09:37", "start": "00:09:32", "text": "shielding metadata. So everybody will be"}, {"end": "00:09:40", "start": "00:09:35", "text": "able to freely generate dust. It does"}, {"end": "00:09:43", "start": "00:09:37", "text": "expire as long as you hold Knight and"}, {"end": "00:09:45", "start": "00:09:40", "text": "dust has no value. So again, Knight"}, {"end": "00:09:48", "start": "00:09:43", "text": "generates dust for transactions. dust"}, {"end": "00:09:49", "start": "00:09:45", "text": "decays over time and cannot be a store"}, {"end": "00:09:52", "start": "00:09:48", "text": "of value or transferred to other"}, {"end": "00:09:55", "start": "00:09:49", "text": "wallets. And this again helps midnight"}, {"end": "00:09:57", "start": "00:09:52", "text": "transactions to not expose their users"}, {"end": "00:10:01", "start": "00:09:55", "text": "metadata. This is alongside their"}, {"end": "00:10:03", "start": "00:09:57", "text": "privacy first model for compliance. Now"}, {"end": "00:10:05", "start": "00:10:01", "text": "keep in mind that Knight will also play"}, {"end": "00:10:08", "start": "00:10:03", "text": "a key role in this in this ecosystem."}, {"end": "00:10:10", "start": "00:10:05", "text": "Knight will be provided as block"}, {"end": "00:10:12", "start": "00:10:08", "text": "producer rewards. And so again, that's"}, {"end": "00:10:14", "start": "00:10:10", "text": "sort of the very similar model to how"}, {"end": "00:10:16", "start": "00:10:12", "text": "ADA is given out to stake poolool"}, {"end": "00:10:18", "start": "00:10:14", "text": "operators as a form of rewards for what"}, {"end": "00:10:20", "start": "00:10:16", "text": "they're doing, which is securing,"}, {"end": "00:10:22", "start": "00:10:18", "text": "verifying, and producing blocks on the"}, {"end": "00:10:25", "start": "00:10:20", "text": "blockchain. Knight will also be used for"}, {"end": "00:10:27", "start": "00:10:22", "text": "ecosystems incentives, and it'll also,"}, {"end": "00:10:29", "start": "00:10:25", "text": "just like ADA, be used for onchain"}, {"end": "00:10:32", "start": "00:10:27", "text": "governance. Now, scrolling down, when it"}, {"end": "00:10:36", "start": "00:10:29", "text": "comes to the glacier drop, there's the"}, {"end": "00:10:39", "start": "00:10:32", "text": "three phases. The first is called the"}, {"end": "00:10:42", "start": "00:10:36", "text": "glacier drop or claim phase number one."}, {"end": "00:10:44", "start": "00:10:39", "text": "In this particular phase, 100% of the"}, {"end": "00:10:47", "start": "00:10:42", "text": "total supply will be allocated to be"}, {"end": "00:10:48", "start": "00:10:44", "text": "claimed by the community who is eligible"}, {"end": "00:10:51", "start": "00:10:47", "text": "following the criteria that they outline"}, {"end": "00:10:55", "start": "00:10:48", "text": "below. And that's basically anybody who"}, {"end": "00:10:58", "start": "00:10:51", "text": "holds over $100 of the native governing"}, {"end": "00:11:02", "start": "00:10:55", "text": "token for the following ecosystems which"}, {"end": "00:11:06", "start": "00:10:58", "text": "include Cardano, Bitcoin, XRP, BNB,"}, {"end": "00:11:09", "start": "00:11:02", "text": "Avalanche, ETH, Salana, and BAT for the"}, {"end": "00:11:11", "start": "00:11:06", "text": "Brave community or for the Brave browser"}, {"end": "00:11:13", "start": "00:11:09", "text": "token holders."}, {"end": "00:11:15", "start": "00:11:11", "text": "Now scrolling down we have the second"}, {"end": "00:11:17", "start": "00:11:13", "text": "phase which is the scavenger mine which"}, {"end": "00:11:21", "start": "00:11:15", "text": "will allow any prospective participants"}, {"end": "00:11:22", "start": "00:11:17", "text": "to play a role in actually providing um"}, {"end": "00:11:25", "start": "00:11:21", "text": "computational power to solve"}, {"end": "00:11:28", "start": "00:11:22", "text": "computational tasks adding to the launch"}, {"end": "00:11:31", "start": "00:11:25", "text": "of the network. During this process, a"}, {"end": "00:11:33", "start": "00:11:28", "text": "100% of the tokens that were not claimed"}, {"end": "00:11:35", "start": "00:11:31", "text": "from the Glacier Dropper from phase one"}, {"end": "00:11:37", "start": "00:11:33", "text": "will be processed and broken down"}, {"end": "00:11:40", "start": "00:11:35", "text": "between the participants that"}, {"end": "00:11:42", "start": "00:11:37", "text": "participate as a part of the scavenger"}, {"end": "00:11:44", "start": "00:11:40", "text": "mine. So, after that 60-day period,"}, {"end": "00:11:46", "start": "00:11:42", "text": "anybody who doesn't participate in the"}, {"end": "00:11:48", "start": "00:11:44", "text": "Glacier drop, their tokens get um"}, {"end": "00:11:51", "start": "00:11:46", "text": "basically broken down and they're now"}, {"end": "00:11:53", "start": "00:11:48", "text": "eligible to be mined by anybody who"}, {"end": "00:11:55", "start": "00:11:51", "text": "wants to come in the scavenger mine. So"}, {"end": "00:11:58", "start": "00:11:53", "text": "keep in mind even if you didn't have a"}, {"end": "00:12:01", "start": "00:11:55", "text": "massive amount of ADA during um claim"}, {"end": "00:12:03", "start": "00:11:58", "text": "one or during the snapshot period rest"}, {"end": "00:12:05", "start": "00:12:01", "text": "assured if you're willing to provide"}, {"end": "00:12:08", "start": "00:12:03", "text": "that computational service you will be"}, {"end": "00:12:11", "start": "00:12:05", "text": "able to gain some portion of the"}, {"end": "00:12:14", "start": "00:12:08", "text": "unallocated or of the unclaimed portions"}, {"end": "00:12:16", "start": "00:12:11", "text": "of the night token from the glacier"}, {"end": "00:12:18", "start": "00:12:14", "text": "drop. So there is sort of a redemption"}, {"end": "00:12:20", "start": "00:12:16", "text": "opportunity here, no pun intended, for"}, {"end": "00:12:23", "start": "00:12:18", "text": "anybody who misses out or who doesn't"}, {"end": "00:12:25", "start": "00:12:20", "text": "necessarily have a big proportion being"}, {"end": "00:12:27", "start": "00:12:23", "text": "given to them because of the snapshot"}, {"end": "00:12:30", "start": "00:12:25", "text": "taken as a part of phase one or the"}, {"end": "00:12:32", "start": "00:12:27", "text": "glacier drop. Scrolling down to phase"}, {"end": "00:12:33", "start": "00:12:30", "text": "three, this is the final claim phase"}, {"end": "00:12:36", "start": "00:12:32", "text": "which will take some which will take"}, {"end": "00:12:38", "start": "00:12:33", "text": "place sometime after the main uh launch."}, {"end": "00:12:40", "start": "00:12:36", "text": "And this is essentially called lost and"}, {"end": "00:12:42", "start": "00:12:38", "text": "found giving the glacier drop"}, {"end": "00:12:45", "start": "00:12:40", "text": "participants one final chance to be able"}, {"end": "00:12:47", "start": "00:12:42", "text": "to claim a fraction of their original"}, {"end": "00:12:49", "start": "00:12:45", "text": "allocation. So imagine someone who's"}, {"end": "00:12:52", "start": "00:12:47", "text": "eligible for the glacier drop misses out"}, {"end": "00:12:54", "start": "00:12:49", "text": "on that, misses out on the scavenger uh"}, {"end": "00:12:56", "start": "00:12:52", "text": "hunt or the scavenger mine and then"}, {"end": "00:12:58", "start": "00:12:54", "text": "maybe comes back later when midnight's a"}, {"end": "00:13:00", "start": "00:12:56", "text": "lot bigger. they still have an"}, {"end": "00:13:02", "start": "00:12:58", "text": "opportunity to claim a fraction of their"}, {"end": "00:13:04", "start": "00:13:00", "text": "original allocation. So, this team"}, {"end": "00:13:06", "start": "00:13:02", "text": "really making this as fair as possible"}, {"end": "00:13:08", "start": "00:13:04", "text": "and giving people the opportunity if"}, {"end": "00:13:09", "start": "00:13:06", "text": "they have the benefit of the doubt,"}, {"end": "00:13:11", "start": "00:13:08", "text": "right? Or if they're doubting Midnight"}, {"end": "00:13:13", "start": "00:13:09", "text": "to be able to come in way late after the"}, {"end": "00:13:16", "start": "00:13:11", "text": "game in order to actually go ahead and"}, {"end": "00:13:17", "start": "00:13:13", "text": "claim their tokens. Now, this is a very"}, {"end": "00:13:20", "start": "00:13:16", "text": "important piece here, the redemption"}, {"end": "00:13:22", "start": "00:13:17", "text": "piece. In order to actually complete the"}, {"end": "00:13:24", "start": "00:13:20", "text": "process to claim the night tokens, you"}, {"end": "00:13:27", "start": "00:13:22", "text": "will have to transfer them from a"}, {"end": "00:13:29", "start": "00:13:24", "text": "redemption smart contract to an eligible"}, {"end": "00:13:31", "start": "00:13:27", "text": "destination supplied when making that"}, {"end": "00:13:34", "start": "00:13:29", "text": "claim. So that goes back to this picture"}, {"end": "00:13:35", "start": "00:13:31", "text": "here. When you're actually redeeming,"}, {"end": "00:13:38", "start": "00:13:34", "text": "you're going to have to create a Cardano"}, {"end": "00:13:39", "start": "00:13:35", "text": "wallet, which means that massive influx"}, {"end": "00:13:41", "start": "00:13:38", "text": "of Cardano users will come in to create"}, {"end": "00:13:43", "start": "00:13:39", "text": "their wallet. And you're going to have"}, {"end": "00:13:45", "start": "00:13:41", "text": "to interact with this smart contract"}, {"end": "00:13:48", "start": "00:13:43", "text": "given the thaw period and then actually"}, {"end": "00:13:50", "start": "00:13:45", "text": "claim a portion of your tokens."}, {"end": "00:13:56", "start": "00:13:48", "text": "Now, it does break down here that there"}, {"end": "00:13:59", "start": "00:13:50", "text": "are um strict rules regarding custodians"}, {"end": "00:14:01", "start": "00:13:56", "text": "and then potential liabilities. So, keep"}, {"end": "00:14:03", "start": "00:13:59", "text": "in mind that this is not being done for"}, {"end": "00:14:05", "start": "00:14:01", "text": "financial gain. This is just a way to"}, {"end": "00:14:08", "start": "00:14:03", "text": "fairly distribute their token. There's a"}, {"end": "00:14:10", "start": "00:14:05", "text": "breakdown here of the participating"}, {"end": "00:14:13", "start": "00:14:08", "text": "chains again, Cardano, Bitcoin, ETH,"}, {"end": "00:14:15", "start": "00:14:10", "text": "XRP, BNB, Salana, Avalanche, and Brave."}, {"end": "00:14:18", "start": "00:14:13", "text": "And then they talk about the minimum"}, {"end": "00:14:20", "start": "00:14:15", "text": "amount that you need in order to be"}, {"end": "00:14:22", "start": "00:14:18", "text": "eligible. And just for information's"}, {"end": "00:14:24", "start": "00:14:20", "text": "sake, the Cardano community is getting"}, {"end": "00:14:27", "start": "00:14:22", "text": "the majority of the supply. So the"}, {"end": "00:14:31", "start": "00:14:24", "text": "Cardano ecosystem is receiving 50% of"}, {"end": "00:14:33", "start": "00:14:27", "text": "the uh 24 billion tokens. Charles did"}, {"end": "00:14:35", "start": "00:14:31", "text": "keep true to his promise and this is"}, {"end": "00:14:38", "start": "00:14:33", "text": "mainly going towards the Cardano"}, {"end": "00:14:41", "start": "00:14:35", "text": "community. Now, if you are holding ADA"}, {"end": "00:14:43", "start": "00:14:38", "text": "on a centralized exchange, you have to"}, {"end": "00:14:46", "start": "00:14:41", "text": "reach out to the actual centralized"}, {"end": "00:14:48", "start": "00:14:43", "text": "exchange in order to make sure that they"}, {"end": "00:14:50", "start": "00:14:46", "text": "will actually claim the tokens for you"}, {"end": "00:14:52", "start": "00:14:48", "text": "and then distribute them to you. So, for"}, {"end": "00:14:53", "start": "00:14:50", "text": "example, someone like Coinbase, I don't"}, {"end": "00:14:55", "start": "00:14:52", "text": "see them doing that because they"}, {"end": "00:14:57", "start": "00:14:53", "text": "probably got millions of keys that they"}, {"end": "00:15:00", "start": "00:14:55", "text": "manage as a part of their centralized"}, {"end": "00:15:01", "start": "00:14:57", "text": "exchange. But if you hold your own keys,"}, {"end": "00:15:03", "start": "00:15:00", "text": "you'll be able to take your own wallet,"}, {"end": "00:15:05", "start": "00:15:01", "text": "connect it to that smart contract, see"}, {"end": "00:15:06", "start": "00:15:03", "text": "exactly how much of the Glacier Drop"}, {"end": "00:15:08", "start": "00:15:05", "text": "you're eligible to claim, and then"}, {"end": "00:15:10", "start": "00:15:06", "text": "actually sign and verify the transaction"}, {"end": "00:15:12", "start": "00:15:08", "text": "yourself, proving ownership of that"}, {"end": "00:15:14", "start": "00:15:10", "text": "wallet, and then being able to receive"}, {"end": "00:15:16", "start": "00:15:12", "text": "your tokens. That's the key piece with"}, {"end": "00:15:19", "start": "00:15:14", "text": "the centralized exchanges. They"}, {"end": "00:15:21", "start": "00:15:16", "text": "technically hold your cold keys or your"}, {"end": "00:15:22", "start": "00:15:19", "text": "24word seed phrase, meaning that they"}, {"end": "00:15:24", "start": "00:15:21", "text": "actually have to claim the tokens for"}, {"end": "00:15:26", "start": "00:15:22", "text": "you and then take the opportunity to"}, {"end": "00:15:28", "start": "00:15:24", "text": "distribute that back to you on their"}, {"end": "00:15:30", "start": "00:15:26", "text": "centralized exchange. And that's being"}, {"end": "00:15:32", "start": "00:15:28", "text": "done because the team doesn't doesn't"}, {"end": "00:15:33", "start": "00:15:30", "text": "necessarily want to distribute tokens"}, {"end": "00:15:35", "start": "00:15:32", "text": "without people actually proving that"}, {"end": "00:15:39", "start": "00:15:33", "text": "they own the wallets that they say that"}, {"end": "00:15:41", "start": "00:15:35", "text": "they do. And so let's scroll down here"}, {"end": "00:15:43", "start": "00:15:39", "text": "just a little bit more. They break down"}, {"end": "00:15:45", "start": "00:15:41", "text": "and provide the calculation here for the"}, {"end": "00:15:46", "start": "00:15:43", "text": "individual token allocations. And then"}, {"end": "00:15:48", "start": "00:15:45", "text": "they actually talk about the"}, {"end": "00:15:50", "start": "00:15:46", "text": "nightclaiming portal. And then here I"}, {"end": "00:15:52", "start": "00:15:48", "text": "broke down the fact that this is sort of"}, {"end": "00:15:54", "start": "00:15:50", "text": "the centralized exchanges and that you"}, {"end": "00:15:56", "start": "00:15:52", "text": "do have to reach out to them in order to"}, {"end": "00:15:58", "start": "00:15:54", "text": "make sure that this is all something"}, {"end": "00:16:00", "start": "00:15:56", "text": "that they want to support."}, {"end": "00:16:01", "start": "00:15:58", "text": "Here we've got a breakdown here of the"}, {"end": "00:16:04", "start": "00:16:00", "text": "scavenger mine. That's going to last"}, {"end": "00:16:06", "start": "00:16:01", "text": "roughly 30 days. If I scroll back up"}, {"end": "00:16:10", "start": "00:16:04", "text": "here, the glacier drop. Let's double"}, {"end": "00:16:12", "start": "00:16:06", "text": "check here. Will last 60 days, right? So"}, {"end": "00:16:15", "start": "00:16:10", "text": "that's a total of 90 days so far if we"}, {"end": "00:16:16", "start": "00:16:12", "text": "combine both of those. And this is where"}, {"end": "00:16:19", "start": "00:16:15", "text": "again you've got the ability to"}, {"end": "00:16:21", "start": "00:16:16", "text": "essentially mine any of the allocation"}, {"end": "00:16:24", "start": "00:16:19", "text": "that wasn't distributed back uh during"}, {"end": "00:16:26", "start": "00:16:21", "text": "the 60-day period or the first claim."}, {"end": "00:16:28", "start": "00:16:24", "text": "Now, it says here to be eligible to"}, {"end": "00:16:30", "start": "00:16:26", "text": "participate in the scavenger mine,"}, {"end": "00:16:32", "start": "00:16:28", "text": "participants must successfully complete"}, {"end": "00:16:35", "start": "00:16:30", "text": "and provide a cryptographic proof of"}, {"end": "00:16:37", "start": "00:16:32", "text": "solution and computational or two"}, {"end": "00:16:39", "start": "00:16:35", "text": "computational tasks or puzzles require"}, {"end": "00:16:41", "start": "00:16:37", "text": "computing power. So if you've got extra"}, {"end": "00:16:43", "start": "00:16:39", "text": "computing power, you will be able to"}, {"end": "00:16:45", "start": "00:16:41", "text": "participate as a part of the scavenger"}, {"end": "00:16:47", "start": "00:16:43", "text": "mine. And these puzzle will be carefully"}, {"end": "00:16:49", "start": "00:16:45", "text": "designed to ensure accessibility to the"}, {"end": "00:16:51", "start": "00:16:47", "text": "general public and to prevent"}, {"end": "00:16:53", "start": "00:16:49", "text": "concentration of rewards going out to"}, {"end": "00:16:56", "start": "00:16:51", "text": "large mining operators. So again,"}, {"end": "00:16:59", "start": "00:16:53", "text": "keeping things fair. Scrolling down"}, {"end": "00:17:01", "start": "00:16:56", "text": "here, they break down how the scavenger"}, {"end": "00:17:03", "start": "00:16:59", "text": "mine will be rewarded and the individual"}, {"end": "00:17:06", "start": "00:17:01", "text": "allocations. And then if I scroll down"}, {"end": "00:17:09", "start": "00:17:03", "text": "to the very last phase here,"}, {"end": "00:17:11", "start": "00:17:06", "text": "let's see, we've got some talks about"}, {"end": "00:17:13", "start": "00:17:09", "text": "the Genesis block and the mainet launch."}, {"end": "00:17:16", "start": "00:17:11", "text": "And this is where we have the redemption"}, {"end": "00:17:20", "start": "00:17:13", "text": "phase, which lasts roughly around 450"}, {"end": "00:17:21", "start": "00:17:16", "text": "days, roughly about a year and a halfish"}, {"end": "00:17:23", "start": "00:17:20", "text": "for anybody who misses out to be able to"}, {"end": "00:17:25", "start": "00:17:21", "text": "jump in here and actually collect their"}, {"end": "00:17:27", "start": "00:17:23", "text": "tokens. So it states that once the"}, {"end": "00:17:30", "start": "00:17:25", "text": "mainet launches a redemption period"}, {"end": "00:17:32", "start": "00:17:27", "text": "begins during which each glacier drop"}, {"end": "00:17:34", "start": "00:17:30", "text": "and scavenger mine distribution thaw"}, {"end": "00:17:36", "start": "00:17:32", "text": "unlocks following four installment"}, {"end": "00:17:38", "start": "00:17:34", "text": "staggered periods or following four"}, {"end": "00:17:40", "start": "00:17:36", "text": "vesting schedule breakdowns over the"}, {"end": "00:17:42", "start": "00:17:38", "text": "course of a year. Now the date of the"}, {"end": "00:17:45", "start": "00:17:40", "text": "first installment is randomly determined"}, {"end": "00:17:46", "start": "00:17:42", "text": "to fall over a range of 1 to 90 days"}, {"end": "00:17:49", "start": "00:17:45", "text": "with the subsequent installments"}, {"end": "00:17:51", "start": "00:17:46", "text": "following every 90day after that. This"}, {"end": "00:17:52", "start": "00:17:49", "text": "is, I believe, being done in order to"}, {"end": "00:17:54", "start": "00:17:51", "text": "make sure that there's no massive"}, {"end": "00:17:56", "start": "00:17:52", "text": "dumping of the token on the open market"}, {"end": "00:18:00", "start": "00:17:54", "text": "and that this happens randomly for every"}, {"end": "00:18:02", "start": "00:17:56", "text": "user participating within the scavenger"}, {"end": "00:18:04", "start": "00:18:00", "text": "and the glacier drop."}, {"end": "00:18:06", "start": "00:18:02", "text": "Now, the exact date of the first unlock"}, {"end": "00:18:08", "start": "00:18:04", "text": "depends on a random number that is"}, {"end": "00:18:11", "start": "00:18:06", "text": "generated and assigned to each claim"}, {"end": "00:18:13", "start": "00:18:08", "text": "upon their successful claim submission."}, {"end": "00:18:16", "start": "00:18:11", "text": "And so, again, this is just an example"}, {"end": "00:18:18", "start": "00:18:13", "text": "here. Um, if you unlock on day one, then"}, {"end": "00:18:22", "start": "00:18:16", "text": "you then have uh the remaining unlocks"}, {"end": "00:18:24", "start": "00:18:18", "text": "taking place on day 91, 181, and 271. If"}, {"end": "00:18:27", "start": "00:18:22", "text": "your first unlock starts, for example,"}, {"end": "00:18:30", "start": "00:18:24", "text": "on day 25, then the remaining take place"}, {"end": "00:18:32", "start": "00:18:27", "text": "on day 115, 205, and 305. Hopefully that"}, {"end": "00:18:34", "start": "00:18:30", "text": "makes sense there."}, {"end": "00:18:38", "start": "00:18:32", "text": "Let's see here. I believe that that's"}, {"end": "00:18:39", "start": "00:18:34", "text": "really it in terms of the fees. Um, it"}, {"end": "00:18:41", "start": "00:18:38", "text": "states that the night token will be"}, {"end": "00:18:43", "start": "00:18:39", "text": "distributed completely free. However,"}, {"end": "00:18:44", "start": "00:18:41", "text": "the redemption of the glacier drop and"}, {"end": "00:18:47", "start": "00:18:43", "text": "the mine claim require that the"}, {"end": "00:18:49", "start": "00:18:44", "text": "claimants execute a Cardano transaction"}, {"end": "00:18:51", "start": "00:18:47", "text": "and each such transaction incurs a"}, {"end": "00:18:54", "start": "00:18:49", "text": "nominal network transaction to be paid"}, {"end": "00:18:57", "start": "00:18:51", "text": "in the gas fee of ADA. So roughly around"}, {"end": "00:19:00", "start": "00:18:54", "text": "that.16 or that.17 ADA fee which is"}, {"end": "00:19:02", "start": "00:18:57", "text": "extremely extremely low. They actually"}, {"end": "00:19:06", "start": "00:19:00", "text": "break that down there.16 to.17 which is"}, {"end": "00:19:08", "start": "00:19:02", "text": "currently worth right around 9."}, {"end": "00:19:12", "start": "00:19:06", "text": "The portal will sunset after the"}, {"end": "00:19:14", "start": "00:19:08", "text": "redemption period. Um, again with a"}, {"end": "00:19:16", "start": "00:19:12", "text": "90-day grace period where the nightclaim"}, {"end": "00:19:18", "start": "00:19:14", "text": "portal will remain operational, allowing"}, {"end": "00:19:22", "start": "00:19:16", "text": "redemptions to continue beyond the"}, {"end": "00:19:23", "start": "00:19:18", "text": "thawing period of the last tokens."}, {"end": "00:19:24", "start": "00:19:22", "text": "So, I believe that that's really it"}, {"end": "00:19:28", "start": "00:19:23", "text": "here. Again, I'm going to break this"}, {"end": "00:19:30", "start": "00:19:24", "text": "down, but generally speaking, there will"}, {"end": "00:19:33", "start": "00:19:28", "text": "be three phases, and this is all broken"}, {"end": "00:19:36", "start": "00:19:30", "text": "down on their official website. The"}, {"end": "00:19:39", "start": "00:19:33", "text": "first is the glacier drop phase"}, {"end": "00:19:41", "start": "00:19:36", "text": "where 20% of the allocation goes to"}, {"end": "00:19:43", "start": "00:19:39", "text": "Cardano holders, 20% goes to Bitcoin"}, {"end": "00:19:45", "start": "00:19:41", "text": "holders, and 30% is split up amongst the"}, {"end": "00:19:47", "start": "00:19:43", "text": "rest. That's going to last 60 days. Then"}, {"end": "00:19:49", "start": "00:19:45", "text": "we have the scavenger mine where you can"}, {"end": "00:19:51", "start": "00:19:47", "text": "solve puzzles and claim a portion of the"}, {"end": "00:19:53", "start": "00:19:49", "text": "tokens for anybody who didn't"}, {"end": "00:19:55", "start": "00:19:51", "text": "participate in claim one. That's going"}, {"end": "00:19:57", "start": "00:19:53", "text": "to last, I believe that was roughly 30"}, {"end": "00:19:58", "start": "00:19:55", "text": "days. And then we have the lost and"}, {"end": "00:20:01", "start": "00:19:57", "text": "found which is going to last roughly"}, {"end": "00:20:03", "start": "00:19:58", "text": "around 450 days for anybody who missed"}, {"end": "00:20:05", "start": "00:20:01", "text": "out on the two phases giving them an"}, {"end": "00:20:07", "start": "00:20:03", "text": "opportunity to claim a fraction of what"}, {"end": "00:20:09", "start": "00:20:05", "text": "they should have claimed. So that is my"}, {"end": "00:20:11", "start": "00:20:07", "text": "deep dive. Hopefully you guys have found"}, {"end": "00:20:13", "start": "00:20:09", "text": "that to be helpful there. Um again"}, {"end": "00:20:16", "start": "00:20:11", "text": "massive massive information. That's only"}, {"end": "00:20:17", "start": "00:20:13", "text": "one section of the midnight tokconomics"}, {"end": "00:20:19", "start": "00:20:16", "text": "and incentive paper. I'll leave the link"}, {"end": "00:20:20", "start": "00:20:17", "text": "to that down below. But if you found"}, {"end": "00:20:22", "start": "00:20:19", "text": "this to be helpful, if you learn"}, {"end": "00:20:23", "start": "00:20:20", "text": "anything along the way, I would"}, {"end": "00:20:25", "start": "00:20:22", "text": "appreciate you if you could smash that"}, {"end": "00:20:26", "start": "00:20:23", "text": "thumbs up. If you want more, consider"}, {"end": "00:20:28", "start": "00:20:25", "text": "subscribing. And if you have any"}, {"end": "00:20:31", "start": "00:20:26", "text": "questions, comments, or concerns, feel"}, {"end": "00:20:33", "start": "00:20:28", "text": "free to voice off down below. That said,"}, {"end": "00:20:36", "start": "00:20:31", "text": "and as always, I'll see you guys in the"}, {"end": "00:20:36", "start": "00:20:33", "text": "next video."}, {"end": "00:20:46", "start": "00:20:43", "text": "[Music]"}]

[{"end": "00:00:04", "start": "00:00:00", "text": "Following the recent decision from Fed"}, {"end": "00:00:05", "start": "00:00:02", "text": "Chair Powell to keep interest rates"}, {"end": "00:00:07", "start": "00:00:04", "text": "where they currently are, many within"}, {"end": "00:00:09", "start": "00:00:05", "text": "the blockchain and crypto space believe"}, {"end": "00:00:11", "start": "00:00:07", "text": "that altcoin season has been delayed for"}, {"end": "00:00:13", "start": "00:00:09", "text": "just a little bit longer. Now, that"}, {"end": "00:00:15", "start": "00:00:11", "text": "doesn't mean that building is stopped,"}, {"end": "00:00:17", "start": "00:00:13", "text": "especially within the Cardano ecosystem."}, {"end": "00:00:18", "start": "00:00:15", "text": "As a part of today's video, we're going"}, {"end": "00:00:21", "start": "00:00:17", "text": "to be reviewing all of the latest"}, {"end": "00:00:21", "start": "00:00:18", "text": "developments."}, {"end": "00:00:28", "start": "00:00:23", "text": "[Music]"}, {"end": "00:00:29", "start": "00:00:25", "text": "What's up, ADA gang? Welcome into Adapt"}, {"end": "00:00:31", "start": "00:00:28", "text": "Central, your home for everything"}, {"end": "00:00:32", "start": "00:00:29", "text": "blockchain and crypto. I'm your host"}, {"end": "00:00:35", "start": "00:00:31", "text": "here for Reed. As a part of today's"}, {"end": "00:00:38", "start": "00:00:32", "text": "video, a massive set of news updates as"}, {"end": "00:00:41", "start": "00:00:35", "text": "it relates to the Cardano ecosystem, as"}, {"end": "00:00:43", "start": "00:00:38", "text": "well as the Midnight Network and Quantum"}, {"end": "00:00:45", "start": "00:00:41", "text": "Hoski. Now, we're going to talk about"}, {"end": "00:00:47", "start": "00:00:43", "text": "SNE as well, which has broken and paved"}, {"end": "00:00:49", "start": "00:00:45", "text": "the way for Cardano native assets, as"}, {"end": "00:00:52", "start": "00:00:47", "text": "well as project Catalyst funding round"}, {"end": "00:00:53", "start": "00:00:49", "text": "number 14, which is officially underway."}, {"end": "00:00:55", "start": "00:00:52", "text": "We're going to review the timelines and"}, {"end": "00:00:57", "start": "00:00:53", "text": "exactly what Catalyst brings this time"}, {"end": "00:01:00", "start": "00:00:55", "text": "around. And then we're going to talk a"}, {"end": "00:01:02", "start": "00:00:57", "text": "little bit more about Shield USD or the"}, {"end": "00:01:04", "start": "00:01:00", "text": "first ever stable coin to launch on the"}, {"end": "00:01:06", "start": "00:01:02", "text": "Midnight Network, as well as ongoing"}, {"end": "00:01:08", "start": "00:01:04", "text": "governance updates and actions. And then"}, {"end": "00:01:10", "start": "00:01:06", "text": "we're going to close out by reviewing"}, {"end": "00:01:12", "start": "00:01:08", "text": "some miscellaneous updates. Now, before"}, {"end": "00:01:14", "start": "00:01:10", "text": "we go any further, if it's your first"}, {"end": "00:01:15", "start": "00:01:12", "text": "time stopping by the channel, my goal is"}, {"end": "00:01:18", "start": "00:01:14", "text": "to help you find your footing within the"}, {"end": "00:01:19", "start": "00:01:15", "text": "Cardano and Bitcoin ecosystems. And if"}, {"end": "00:01:21", "start": "00:01:18", "text": "you appreciate content like this, I"}, {"end": "00:01:23", "start": "00:01:19", "text": "would appreciate you if you could smash"}, {"end": "00:01:25", "start": "00:01:21", "text": "that thumbs up on the way in. It is by"}, {"end": "00:01:26", "start": "00:01:23", "text": "far one of the easiest ways to show your"}, {"end": "00:01:28", "start": "00:01:25", "text": "support here on the channel. If you"}, {"end": "00:01:29", "start": "00:01:26", "text": "appreciate that and you want more,"}, {"end": "00:01:32", "start": "00:01:28", "text": "consider subscribing. And if you have"}, {"end": "00:01:34", "start": "00:01:29", "text": "any questions, comments, or concerns, or"}, {"end": "00:01:36", "start": "00:01:32", "text": "maybe I missed something, feel free to"}, {"end": "00:01:37", "start": "00:01:34", "text": "voice off down below. Now, if you want"}, {"end": "00:01:40", "start": "00:01:36", "text": "to extend your support for the channel"}, {"end": "00:01:41", "start": "00:01:37", "text": "even further, I am a stake poolool"}, {"end": "00:01:44", "start": "00:01:40", "text": "operator contributing to the DAP central"}, {"end": "00:01:46", "start": "00:01:41", "text": "stake pools, which both share the ticker"}, {"end": "00:01:48", "start": "00:01:44", "text": "DAP."}, {"end": "00:01:50", "start": "00:01:46", "text": "Again, the support and contributions to"}, {"end": "00:01:51", "start": "00:01:48", "text": "the channel as well as the stake pool do"}, {"end": "00:01:54", "start": "00:01:50", "text": "mean a lot, and I want to take the"}, {"end": "00:01:56", "start": "00:01:51", "text": "opportunity to just reiterate my thanks."}, {"end": "00:02:00", "start": "00:01:54", "text": "We're going to jump right on in. We are"}, {"end": "00:02:02", "start": "00:01:56", "text": "officially 3 days away from the official"}, {"end": "00:02:04", "start": "00:02:00", "text": "rare EVO event or 4 days away from the"}, {"end": "00:02:06", "start": "00:02:02", "text": "official Rare EVO event. I'm going to be"}, {"end": "00:02:09", "start": "00:02:04", "text": "there in attendance. We can expect to"}, {"end": "00:02:12", "start": "00:02:06", "text": "see IOG, Midnight, their foundation,"}, {"end": "00:02:14", "start": "00:02:09", "text": "Apex Fusion, World Mobile, the Minutes"}, {"end": "00:02:16", "start": "00:02:12", "text": "Network, representation from Salana,"}, {"end": "00:02:19", "start": "00:02:14", "text": "Polka Dot, Gayscale, Coinbase, the"}, {"end": "00:02:21", "start": "00:02:16", "text": "Cardano Foundation, just to name a few."}, {"end": "00:02:23", "start": "00:02:19", "text": "There's going to be a lot of big banks"}, {"end": "00:02:26", "start": "00:02:21", "text": "there as well. We see City Bank. We also"}, {"end": "00:02:28", "start": "00:02:23", "text": "see the mention of Deote and a lot of"}, {"end": "00:02:30", "start": "00:02:26", "text": "the top DeFi protocols within and"}, {"end": "00:02:31", "start": "00:02:28", "text": "outside the Cardano network. If you've"}, {"end": "00:02:34", "start": "00:02:30", "text": "missed this, this is by far one of the"}, {"end": "00:02:35", "start": "00:02:31", "text": "biggest multi-chain events here. I'll"}, {"end": "00:02:38", "start": "00:02:34", "text": "leave the link to my official discount"}, {"end": "00:02:40", "start": "00:02:35", "text": "code down below, but if you have yet to"}, {"end": "00:02:43", "start": "00:02:38", "text": "pick up your ticket and you want to, you"}, {"end": "00:02:45", "start": "00:02:40", "text": "can pick up either the GA ticket for 350"}, {"end": "00:02:46", "start": "00:02:43", "text": "bucks, the VIP for 1,200, and there's"}, {"end": "00:02:49", "start": "00:02:45", "text": "also the whale pass available for"}, {"end": "00:02:52", "start": "00:02:46", "text": "$10,000. Now, if you want to get an"}, {"end": "00:02:54", "start": "00:02:49", "text": "additional 10% um off of what you see as"}, {"end": "00:02:57", "start": "00:02:52", "text": "the price listed here, make sure to use"}, {"end": "00:02:59", "start": "00:02:54", "text": "the discount code DC10 at checkout. And"}, {"end": "00:03:01", "start": "00:02:57", "text": "again, look forward to seeing you guys"}, {"end": "00:03:03", "start": "00:02:59", "text": "there at the upcoming event. Now, we're"}, {"end": "00:03:06", "start": "00:03:01", "text": "going to dive right on into updates as"}, {"end": "00:03:09", "start": "00:03:03", "text": "it relates to Quantum Husky, which is"}, {"end": "00:03:11", "start": "00:03:06", "text": "essentially uh Charles Hoskinson's new"}, {"end": "00:03:13", "start": "00:03:09", "text": "pet project. Now, I just did a live"}, {"end": "00:03:15", "start": "00:03:11", "text": "stream here for about an hour and a half"}, {"end": "00:03:17", "start": "00:03:13", "text": "with Trim Bruceet, who's actually"}, {"end": "00:03:19", "start": "00:03:15", "text": "leading all of the core development for"}, {"end": "00:03:20", "start": "00:03:17", "text": "this brand new feature, for this brand"}, {"end": "00:03:24", "start": "00:03:19", "text": "new game, I should actually call it,"}, {"end": "00:03:28", "start": "00:03:20", "text": "which will be run using EEG headsets as"}, {"end": "00:03:30", "start": "00:03:24", "text": "well as incorporating AI and some of the"}, {"end": "00:03:33", "start": "00:03:28", "text": "most cutting edge technology when it"}, {"end": "00:03:35", "start": "00:03:30", "text": "comes to quantum um physics and quantum"}, {"end": "00:03:39", "start": "00:03:33", "text": "computing. And so, the official website"}, {"end": "00:03:39", "start": "00:03:35", "text": "is available at quantumhosky.iog.io."}, {"end": "00:03:44", "start": "00:03:39", "text": "io. We are expecting a demo at the"}, {"end": "00:03:46", "start": "00:03:42", "text": "actual rare evo event. So, I'll be"}, {"end": "00:03:48", "start": "00:03:44", "text": "attending and making sure to get you"}, {"end": "00:03:50", "start": "00:03:46", "text": "guys some interesting alpha here. We're"}, {"end": "00:03:53", "start": "00:03:48", "text": "also expecting to hear directly from"}, {"end": "00:03:57", "start": "00:03:50", "text": "Trim and Marcus Vest, the biomed"}, {"end": "00:03:58", "start": "00:03:53", "text": "engineer from IOG. So, again, this is"}, {"end": "00:04:00", "start": "00:03:57", "text": "going to be really interesting. Charles"}, {"end": "00:04:02", "start": "00:03:58", "text": "has teased us this for quite a bit here"}, {"end": "00:04:04", "start": "00:04:00", "text": "and he's talked about not just including"}, {"end": "00:04:07", "start": "00:04:02", "text": "the main memecoin from Cardano which is"}, {"end": "00:04:10", "start": "00:04:04", "text": "Husky but also incorporating and sort of"}, {"end": "00:04:12", "start": "00:04:07", "text": "incentivizing other meme tokens to also"}, {"end": "00:04:14", "start": "00:04:10", "text": "be represented therefore driving their"}, {"end": "00:04:17", "start": "00:04:12", "text": "um communities right to also play around"}, {"end": "00:04:19", "start": "00:04:14", "text": "and to jump into the Quantum Husky game."}, {"end": "00:04:22", "start": "00:04:17", "text": "Now I broke down the fact that I met"}, {"end": "00:04:24", "start": "00:04:19", "text": "with Trim earlier. They did release a"}, {"end": "00:04:26", "start": "00:04:22", "text": "nice 45se secondond teaser or trailer"}, {"end": "00:04:28", "start": "00:04:24", "text": "breaking down some of what they've"}, {"end": "00:04:30", "start": "00:04:26", "text": "already built. Of course, this is all"}, {"end": "00:04:32", "start": "00:04:28", "text": "still currently in the works and so"}, {"end": "00:04:34", "start": "00:04:30", "text": "nothing finalized just yet and no"}, {"end": "00:04:36", "start": "00:04:32", "text": "promises being made in terms of delivery"}, {"end": "00:04:39", "start": "00:04:34", "text": "dates just yet. However, you can expect"}, {"end": "00:04:41", "start": "00:04:36", "text": "the incorporation of EEG headsets like I"}, {"end": "00:04:44", "start": "00:04:39", "text": "mentioned earlier, the inclusion of"}, {"end": "00:04:46", "start": "00:04:41", "text": "quantum computing, dish brains, as well"}, {"end": "00:04:49", "start": "00:04:44", "text": "as AI. So, this is all that we've got so"}, {"end": "00:04:50", "start": "00:04:46", "text": "far. Just a pretty simple landing page."}, {"end": "00:04:51", "start": "00:04:49", "text": "But if you want to go ahead and join the"}, {"end": "00:04:53", "start": "00:04:50", "text": "community, especially the Husky"}, {"end": "00:04:55", "start": "00:04:51", "text": "community, you can go ahead and do so by"}, {"end": "00:04:58", "start": "00:04:53", "text": "following their official Twitter, which"}, {"end": "00:05:00", "start": "00:04:55", "text": "is hosky token. Now, ahead of Rare Evo,"}, {"end": "00:05:01", "start": "00:04:58", "text": "they've prepared a giveaway, which is"}, {"end": "00:05:03", "start": "00:05:00", "text": "pretty simple to actually go ahead and"}, {"end": "00:05:05", "start": "00:05:01", "text": "take advantage of. So, you have to do"}, {"end": "00:05:07", "start": "00:05:03", "text": "three things. The first is to follow the"}, {"end": "00:05:09", "start": "00:05:05", "text": "official Husky account on X. Second,"}, {"end": "00:05:11", "start": "00:05:07", "text": "like and retweet this particular post."}, {"end": "00:05:13", "start": "00:05:09", "text": "I'll leave the link to it down below."}, {"end": "00:05:16", "start": "00:05:11", "text": "And then third, reply in the comments"}, {"end": "00:05:17", "start": "00:05:13", "text": "with the hashtag quantum hosky. It looks"}, {"end": "00:05:19", "start": "00:05:16", "text": "like they're trying to get this trending"}, {"end": "00:05:21", "start": "00:05:17", "text": "here and anything you can do to show"}, {"end": "00:05:23", "start": "00:05:19", "text": "support definitely goes a long way. And"}, {"end": "00:05:28", "start": "00:05:21", "text": "of course, there's the opportunity to"}, {"end": "00:05:32", "start": "00:05:23", "text": "earn an extra $500 in USD."}, {"end": "00:05:34", "start": "00:05:28", "text": "Next, we've got some bittersweet news"}, {"end": "00:05:36", "start": "00:05:32", "text": "when it comes to SNE. So, let's start"}, {"end": "00:05:38", "start": "00:05:34", "text": "off here with the sweet before we go"}, {"end": "00:05:40", "start": "00:05:36", "text": "into the sour. The first bit of news"}, {"end": "00:05:43", "start": "00:05:38", "text": "here is the fact that SNEK is now"}, {"end": "00:05:45", "start": "00:05:40", "text": "officially listed on Crypto.com, which"}, {"end": "00:05:48", "start": "00:05:43", "text": "is one of the biggest exchanges here in"}, {"end": "00:05:51", "start": "00:05:45", "text": "the USA. Now, we've got a listing"}, {"end": "00:05:53", "start": "00:05:48", "text": "already with Kraken. That was a first"}, {"end": "00:05:55", "start": "00:05:51", "text": "for Kraken. Snack being the first ever"}, {"end": "00:05:57", "start": "00:05:53", "text": "Cardano asset listed on a tier one"}, {"end": "00:05:59", "start": "00:05:55", "text": "exchange there, and they're now doing it"}, {"end": "00:06:02", "start": "00:05:57", "text": "again, being the first Cardano native"}, {"end": "00:06:04", "start": "00:05:59", "text": "asset listed on Crypto.com. So, shout"}, {"end": "00:06:06", "start": "00:06:02", "text": "out to the entire SNEK team. a massive"}, {"end": "00:06:08", "start": "00:06:04", "text": "community here which has shown that"}, {"end": "00:06:10", "start": "00:06:06", "text": "there is demand especially for this"}, {"end": "00:06:12", "start": "00:06:08", "text": "memecoin here. And if you've missed it"}, {"end": "00:06:15", "start": "00:06:10", "text": "about maybe a month and a half ago, we"}, {"end": "00:06:17", "start": "00:06:12", "text": "saw IOG, right, Input Output Global"}, {"end": "00:06:19", "start": "00:06:15", "text": "partnering with Snack in order to be"}, {"end": "00:06:22", "start": "00:06:17", "text": "able to boost the visibility of their"}, {"end": "00:06:24", "start": "00:06:19", "text": "community, therefore indirectly boosting"}, {"end": "00:06:26", "start": "00:06:22", "text": "the visibility of Cardano. So that's the"}, {"end": "00:06:27", "start": "00:06:24", "text": "really positive news there. Again,"}, {"end": "00:06:29", "start": "00:06:26", "text": "congrats to the SNEK team. Now, let's"}, {"end": "00:06:32", "start": "00:06:27", "text": "maybe shift gears here into some of the"}, {"end": "00:06:34", "start": "00:06:29", "text": "not so sweet news, and that is the fact"}, {"end": "00:06:37", "start": "00:06:32", "text": "that the Snake team has taken the"}, {"end": "00:06:39", "start": "00:06:34", "text": "opportunity to put in a withdrawal"}, {"end": "00:06:43", "start": "00:06:37", "text": "request from the Cardano Treasury for"}, {"end": "00:06:47", "start": "00:06:39", "text": "about 5 million ADA in order to push"}, {"end": "00:06:49", "start": "00:06:43", "text": "forward additional tier 1 listings um in"}, {"end": "00:06:52", "start": "00:06:47", "text": "including"}, {"end": "00:06:54", "start": "00:06:49", "text": "main on-ramps as well as a listing on a"}, {"end": "00:06:57", "start": "00:06:52", "text": "platform called Hyperlid, which is"}, {"end": "00:06:59", "start": "00:06:54", "text": "essentially a um leverage trading"}, {"end": "00:07:00", "start": "00:06:57", "text": "platform very similar to Strike."}, {"end": "00:07:03", "start": "00:06:59", "text": "However, they support some of the"}, {"end": "00:07:04", "start": "00:07:00", "text": "biggest tokens outside of Cardano."}, {"end": "00:07:06", "start": "00:07:03", "text": "They're a pretty pretty mainstream"}, {"end": "00:07:08", "start": "00:07:04", "text": "platform at this point. Um, but"}, {"end": "00:07:11", "start": "00:07:06", "text": "nonetheless, SNE is essentially putting"}, {"end": "00:07:13", "start": "00:07:08", "text": "in a request to get funds from the"}, {"end": "00:07:16", "start": "00:07:11", "text": "Cardano Treasury and to be able to"}, {"end": "00:07:19", "start": "00:07:13", "text": "continue pushing forward in terms of CNT"}, {"end": "00:07:22", "start": "00:07:16", "text": "asset support or Cardano native asset"}, {"end": "00:07:24", "start": "00:07:19", "text": "support. Now, what makes this a little"}, {"end": "00:07:25", "start": "00:07:22", "text": "bit unfortunate is the fact that the"}, {"end": "00:07:27", "start": "00:07:24", "text": "SNEK team actually skipped a piece of"}, {"end": "00:07:30", "start": "00:07:25", "text": "the process here, which requires for"}, {"end": "00:07:33", "start": "00:07:27", "text": "them to put in an information action,"}, {"end": "00:07:35", "start": "00:07:30", "text": "which needs to be approved um first by"}, {"end": "00:07:37", "start": "00:07:33", "text": "the community before they actually put"}, {"end": "00:07:39", "start": "00:07:35", "text": "in the withdrawal action. Now, if you"}, {"end": "00:07:41", "start": "00:07:37", "text": "aren't aware, anytime that you put in a"}, {"end": "00:07:44", "start": "00:07:39", "text": "particular action, you have to actually"}, {"end": "00:07:46", "start": "00:07:41", "text": "put in a collateral amount of 100,000"}, {"end": "00:07:48", "start": "00:07:44", "text": "ADA. So, let's jump over to the"}, {"end": "00:07:49", "start": "00:07:46", "text": "proposals here. We've got the first one"}, {"end": "00:07:52", "start": "00:07:48", "text": "here, which it looks like they made a"}, {"end": "00:07:54", "start": "00:07:49", "text": "mistake and only requested five ADA. And"}, {"end": "00:07:56", "start": "00:07:52", "text": "as you can see here, their deposit was a"}, {"end": "00:07:59", "start": "00:07:54", "text": "100,000 ADA. And then there was a second"}, {"end": "00:08:01", "start": "00:07:56", "text": "proposal submitted about an hour later"}, {"end": "00:08:04", "start": "00:07:59", "text": "where they actually submitted it for 5"}, {"end": "00:08:06", "start": "00:08:01", "text": "million ADA. And again, another 100,000"}, {"end": "00:08:09", "start": "00:08:04", "text": "ADA was put in for the deposit or as"}, {"end": "00:08:11", "start": "00:08:06", "text": "collateral. Now the problem here is that"}, {"end": "00:08:14", "start": "00:08:09", "text": "this team went and put in a withdrawal"}, {"end": "00:08:17", "start": "00:08:11", "text": "action immediately skipping over the"}, {"end": "00:08:20", "start": "00:08:14", "text": "requiredformational"}, {"end": "00:08:22", "start": "00:08:17", "text": "action. And so because of that both of"}, {"end": "00:08:24", "start": "00:08:20", "text": "these proposals are essentially"}, {"end": "00:08:26", "start": "00:08:22", "text": "unconstitutional. There might be other"}, {"end": "00:08:30", "start": "00:08:24", "text": "um hiccups here with indexual proposals"}, {"end": "00:08:34", "start": "00:08:26", "text": "itself but that alone makes this um not"}, {"end": "00:08:36", "start": "00:08:30", "text": "passable or um unconstitutional. meaning"}, {"end": "00:08:39", "start": "00:08:34", "text": "the 100,000 ADA for both of these"}, {"end": "00:08:40", "start": "00:08:36", "text": "proposals essentially goes away and if"}, {"end": "00:08:42", "start": "00:08:39", "text": "I'm not mistaken actually go straight to"}, {"end": "00:08:44", "start": "00:08:40", "text": "the treasury I'll have to double check"}, {"end": "00:08:46", "start": "00:08:42", "text": "that but we saw big pay actually making"}, {"end": "00:08:48", "start": "00:08:44", "text": "a very similar mistake when governance"}, {"end": "00:08:49", "start": "00:08:46", "text": "officially kicked off he was lucky"}, {"end": "00:08:52", "start": "00:08:48", "text": "enough to be able to get that 100,000"}, {"end": "00:08:54", "start": "00:08:49", "text": "ADA refunded but I'm not sure if that's"}, {"end": "00:08:57", "start": "00:08:52", "text": "going to happen here again with the team"}, {"end": "00:08:58", "start": "00:08:54", "text": "we'll have to stand by and actually see"}, {"end": "00:09:00", "start": "00:08:57", "text": "now the community is torn because some"}, {"end": "00:09:04", "start": "00:08:58", "text": "people think that this particular"}, {"end": "00:09:06", "start": "00:09:00", "text": "proposal um again if it does pass only"}, {"end": "00:09:08", "start": "00:09:04", "text": "talks about snack. It doesn't talk about"}, {"end": "00:09:11", "start": "00:09:06", "text": "listing other assets. And Charles"}, {"end": "00:09:12", "start": "00:09:08", "text": "Hoskinson actually stepped in to weigh"}, {"end": "00:09:14", "start": "00:09:11", "text": "in on what this means to him. So he"}, {"end": "00:09:16", "start": "00:09:12", "text": "states here, it would be interesting to"}, {"end": "00:09:18", "start": "00:09:14", "text": "see if they could actually structure"}, {"end": "00:09:20", "start": "00:09:16", "text": "this proposal as a bond on the SNE"}, {"end": "00:09:22", "start": "00:09:18", "text": "network or based on the network"}, {"end": "00:09:25", "start": "00:09:20", "text": "activities that gradually repays the"}, {"end": "00:09:27", "start": "00:09:22", "text": "treasury in ADA with interest over a"}, {"end": "00:09:29", "start": "00:09:25", "text": "three-year time frame. Charles supports"}, {"end": "00:09:31", "start": "00:09:27", "text": "the SNE community. Of course, IOG's"}, {"end": "00:09:33", "start": "00:09:29", "text": "partnered up with them, but no one, he"}, {"end": "00:09:36", "start": "00:09:31", "text": "states, is getting listing fees,"}, {"end": "00:09:38", "start": "00:09:33", "text": "including Midnight, to be covered by the"}, {"end": "00:09:40", "start": "00:09:36", "text": "Cardano Treasury. So, even if they"}, {"end": "00:09:43", "start": "00:09:38", "text": "resubmit this year and they go through"}, {"end": "00:09:45", "start": "00:09:40", "text": "theformational process first, Charles"}, {"end": "00:09:48", "start": "00:09:43", "text": "still believes that this shouldn't pass"}, {"end": "00:09:50", "start": "00:09:45", "text": "and that no project, including Midnight,"}, {"end": "00:09:52", "start": "00:09:48", "text": "should have their listing fees being"}, {"end": "00:09:56", "start": "00:09:50", "text": "covered using funds coming directly from"}, {"end": "00:09:57", "start": "00:09:52", "text": "the Cardano Treasury. Looking over at"}, {"end": "00:09:59", "start": "00:09:56", "text": "Hoski, he also states here that no"}, {"end": "00:10:00", "start": "00:09:57", "text": "withdrawals from the Cardano blockchain"}, {"end": "00:10:03", "start": "00:09:59", "text": "treasury, and this is coming in here"}, {"end": "00:10:05", "start": "00:10:00", "text": "directly from the constitution in"}, {"end": "00:10:07", "start": "00:10:03", "text": "section three shall be permitted unless"}, {"end": "00:10:09", "start": "00:10:05", "text": "withdrawals have been authorized and are"}, {"end": "00:10:12", "start": "00:10:07", "text": "being made pursuant to a budget for the"}, {"end": "00:10:15", "start": "00:10:09", "text": "Cardano blockchain that is then in"}, {"end": "00:10:17", "start": "00:10:12", "text": "effect. So again, theformational action"}, {"end": "00:10:18", "start": "00:10:15", "text": "missing, this not being a part of the"}, {"end": "00:10:20", "start": "00:10:17", "text": "actual budget, and the fact that this"}, {"end": "00:10:22", "start": "00:10:18", "text": "team just went and submitted it right"}, {"end": "00:10:23", "start": "00:10:20", "text": "away. And with what Charles has"}, {"end": "00:10:26", "start": "00:10:22", "text": "mentioned, it doesn't seem like this"}, {"end": "00:10:28", "start": "00:10:23", "text": "will actually pass, but it started a"}, {"end": "00:10:30", "start": "00:10:26", "text": "really good conversation and I think a"}, {"end": "00:10:33", "start": "00:10:28", "text": "lot of that will come back to um again"}, {"end": "00:10:35", "start": "00:10:30", "text": "give more clarity to community projects,"}, {"end": "00:10:38", "start": "00:10:33", "text": "but then also potentially create the"}, {"end": "00:10:40", "start": "00:10:35", "text": "need to update the Cardano constitution."}, {"end": "00:10:42", "start": "00:10:38", "text": "So, in closing, we've got Utah, one of"}, {"end": "00:10:44", "start": "00:10:40", "text": "the biggest D-Reps here in the Cardano"}, {"end": "00:10:46", "start": "00:10:42", "text": "ecosystem, stating, \"I am increasingly"}, {"end": "00:10:48", "start": "00:10:44", "text": "becoming more and more convinced that"}, {"end": "00:10:50", "start": "00:10:46", "text": "removing the budget information action"}, {"end": "00:10:52", "start": "00:10:48", "text": "from the Cardano constitution would"}, {"end": "00:10:54", "start": "00:10:50", "text": "actually be a good idea. It's"}, {"end": "00:10:56", "start": "00:10:52", "text": "unnecessarily complex and burdens the"}, {"end": "00:10:58", "start": "00:10:54", "text": "ecosystem.\" Again, this is what"}, {"end": "00:11:01", "start": "00:10:56", "text": "governance is all about. We live and we"}, {"end": "00:11:02", "start": "00:10:58", "text": "learn and in and in instances like this,"}, {"end": "00:11:05", "start": "00:11:01", "text": "I'm sure that the Snake team has learned"}, {"end": "00:11:07", "start": "00:11:02", "text": "a lot. And hopefully this is also an"}, {"end": "00:11:08", "start": "00:11:05", "text": "experience and learning opportunity for"}, {"end": "00:11:10", "start": "00:11:07", "text": "others right that were thinking about"}, {"end": "00:11:12", "start": "00:11:08", "text": "putting in proposals on their own to"}, {"end": "00:11:13", "start": "00:11:10", "text": "doublech checkck the constitution to"}, {"end": "00:11:16", "start": "00:11:12", "text": "become familiar with everything that is"}, {"end": "00:11:18", "start": "00:11:13", "text": "required to put in or to happen before"}, {"end": "00:11:19", "start": "00:11:16", "text": "an actual withdrawal action can actually"}, {"end": "00:11:21", "start": "00:11:18", "text": "take place. Now while we're speaking"}, {"end": "00:11:22", "start": "00:11:19", "text": "about governance we're going to dive a"}, {"end": "00:11:25", "start": "00:11:21", "text": "little bit deeper into that in just a"}, {"end": "00:11:28", "start": "00:11:22", "text": "moment. But we do have IOG as well as"}, {"end": "00:11:30", "start": "00:11:25", "text": "Midgard being the first two projects to"}, {"end": "00:11:32", "start": "00:11:28", "text": "be officially funded through an official"}, {"end": "00:11:34", "start": "00:11:30", "text": "withdrawal action from the recent budget"}, {"end": "00:11:37", "start": "00:11:32", "text": "that was approved for I want to say it"}, {"end": "00:11:38", "start": "00:11:34", "text": "was 39 different Cardano um proposals."}, {"end": "00:11:39", "start": "00:11:37", "text": "So, we're going to dive a little bit"}, {"end": "00:11:41", "start": "00:11:38", "text": "deeper into that here in just a moment,"}, {"end": "00:11:45", "start": "00:11:39", "text": "but before we do, we're going to talk"}, {"end": "00:11:47", "start": "00:11:41", "text": "about Midnight. So, Midnight is a data"}, {"end": "00:11:48", "start": "00:11:45", "text": "privacy focused blockchain which is"}, {"end": "00:11:50", "start": "00:11:47", "text": "going to be actually releasing their"}, {"end": "00:11:52", "start": "00:11:48", "text": "Glacier drop any day now. And I've"}, {"end": "00:11:53", "start": "00:11:50", "text": "talked about that here quite a bit on"}, {"end": "00:11:55", "start": "00:11:52", "text": "the channel. I'll leave the link to that"}, {"end": "00:11:57", "start": "00:11:53", "text": "particular content or that video down"}, {"end": "00:11:59", "start": "00:11:55", "text": "below. As always, please, I appreciate"}, {"end": "00:12:00", "start": "00:11:57", "text": "if you guys can watch that content,"}, {"end": "00:12:02", "start": "00:11:59", "text": "smash that thumbs up, and share it,"}, {"end": "00:12:04", "start": "00:12:00", "text": "especially as the Glacier Drop gets"}, {"end": "00:12:06", "start": "00:12:02", "text": "ready to drop here. I personally think"}, {"end": "00:12:09", "start": "00:12:04", "text": "that that's going to be coming sometime"}, {"end": "00:12:11", "start": "00:12:06", "text": "soon, potentially during Rare Evo. We're"}, {"end": "00:12:12", "start": "00:12:09", "text": "going to hear from Bami Sad, the"}, {"end": "00:12:15", "start": "00:12:11", "text": "president of the Midnight Foundation,"}, {"end": "00:12:18", "start": "00:12:12", "text": "who's been teasing when Midnight when"}, {"end": "00:12:20", "start": "00:12:15", "text": "Glacier drop. Now, this article was just"}, {"end": "00:12:23", "start": "00:12:18", "text": "released on the 31st of July. So,"}, {"end": "00:12:25", "start": "00:12:20", "text": "literally just about a day or so ago,"}, {"end": "00:12:29", "start": "00:12:23", "text": "but it breaks down the allocation for"}, {"end": "00:12:31", "start": "00:12:25", "text": "the night token airdrop in particular uh"}, {"end": "00:12:33", "start": "00:12:29", "text": "how many wallets within each ecosystem"}, {"end": "00:12:35", "start": "00:12:31", "text": "will actually be eligible and how much"}, {"end": "00:12:37", "start": "00:12:33", "text": "of the total allocation will be going"}, {"end": "00:12:39", "start": "00:12:35", "text": "towards said ecosystem. So, in terms of"}, {"end": "00:12:41", "start": "00:12:37", "text": "eligibility, you have to have a wallet"}, {"end": "00:12:44", "start": "00:12:39", "text": "address within the following networks."}, {"end": "00:12:47", "start": "00:12:41", "text": "Cardano, Bitcoin, ETH, Salana, XRP, BNB,"}, {"end": "00:12:49", "start": "00:12:44", "text": "Avalanche or Brave or the BAT"}, {"end": "00:12:52", "start": "00:12:47", "text": "blockchain. And then you had to have"}, {"end": "00:12:55", "start": "00:12:49", "text": "during the snapshot at least $100 worth"}, {"end": "00:12:57", "start": "00:12:52", "text": "of set token. So on ADA or on Cardano,"}, {"end": "00:12:58", "start": "00:12:55", "text": "that would have been holding ADA. On"}, {"end": "00:13:00", "start": "00:12:57", "text": "Bitcoin, you would have had to hold at"}, {"end": "00:13:02", "start": "00:12:58", "text": "least $100 of Bitcoin. On ETH, you would"}, {"end": "00:13:04", "start": "00:13:00", "text": "have had to hold at least $100 of ETH in"}, {"end": "00:13:08", "start": "00:13:02", "text": "your wallet and so on for the other"}, {"end": "00:13:10", "start": "00:13:04", "text": "remaining chains. Um mo moving down we"}, {"end": "00:13:12", "start": "00:13:08", "text": "can see exactly how many wallets were"}, {"end": "00:13:14", "start": "00:13:10", "text": "eligible for each particular ecosystem."}, {"end": "00:13:15", "start": "00:13:12", "text": "For the sake of time I won't break all"}, {"end": "00:13:17", "start": "00:13:14", "text": "of this down but it was really good to"}, {"end": "00:13:19", "start": "00:13:15", "text": "be able to see right how much of an"}, {"end": "00:13:21", "start": "00:13:17", "text": "allocation will be going towards each"}, {"end": "00:13:23", "start": "00:13:19", "text": "blockchain. Now shout out here to stake"}, {"end": "00:13:26", "start": "00:13:21", "text": "with pride for breaking all of this math"}, {"end": "00:13:28", "start": "00:13:23", "text": "down giving us a rough idea of how much"}, {"end": "00:13:29", "start": "00:13:26", "text": "of the night token you can expect to get"}, {"end": "00:13:32", "start": "00:13:28", "text": "depending on how much ADA you would have"}, {"end": "00:13:34", "start": "00:13:29", "text": "had when the snapshot was actually taken"}, {"end": "00:13:36", "start": "00:13:32", "text": "back in early June. So, if you hold a"}, {"end": "00:13:39", "start": "00:13:34", "text": "100 ADA or excuse me, 1,000 ADA, you'll"}, {"end": "00:13:41", "start": "00:13:36", "text": "be receiving roughly around 356 or 346"}, {"end": "00:13:44", "start": "00:13:39", "text": "of the Knight tokens. If you hold 10,000"}, {"end": "00:13:46", "start": "00:13:41", "text": "ADA or if you held 10,000 ADA, you'd be"}, {"end": "00:13:49", "start": "00:13:44", "text": "receiving roughly 3,400 of the Knight"}, {"end": "00:13:51", "start": "00:13:46", "text": "tokens. And as you guys can see there,"}, {"end": "00:13:53", "start": "00:13:49", "text": "that ratio going all the way down to a"}, {"end": "00:13:54", "start": "00:13:51", "text": "million ADA, which would reward you with"}, {"end": "00:13:57", "start": "00:13:53", "text": "346,000"}, {"end": "00:13:58", "start": "00:13:54", "text": "of the Knight tokens. Now, going a"}, {"end": "00:14:01", "start": "00:13:57", "text": "little bit deeper into the math, and"}, {"end": "00:14:04", "start": "00:13:58", "text": "shout out here to Yarmir Tasar."}, {"end": "00:14:07", "start": "00:14:01", "text": "He's basically figured out that if you"}, {"end": "00:14:09", "start": "00:14:04", "text": "were holding a particular amount of"}, {"end": "00:14:11", "start": "00:14:07", "text": "Knight tokens, right? And if Knight were"}, {"end": "00:14:13", "start": "00:14:09", "text": "to come in at a penny versus 10 cents"}, {"end": "00:14:16", "start": "00:14:11", "text": "versus a dollar, how much the actual"}, {"end": "00:14:17", "start": "00:14:13", "text": "airdrop amount would be worth. So"}, {"end": "00:14:20", "start": "00:14:16", "text": "looking at the very bottom here, if you"}, {"end": "00:14:23", "start": "00:14:17", "text": "hold or if you held a 100k ADA, that"}, {"end": "00:14:25", "start": "00:14:20", "text": "would give you somewhere around 346"}, {"end": "00:14:28", "start": "00:14:23", "text": "Knight tokens based off of the previous"}, {"end": "00:14:30", "start": "00:14:25", "text": "slide there coming in from um Stake with"}, {"end": "00:14:32", "start": "00:14:28", "text": "Pride. And if Knight were to come in at"}, {"end": "00:14:35", "start": "00:14:30", "text": "a penny, that would be an airdrop amount"}, {"end": "00:14:38", "start": "00:14:32", "text": "of roughly around $2 to $4. If Knight"}, {"end": "00:14:40", "start": "00:14:35", "text": "were to come in at a valuation of 10,"}, {"end": "00:14:42", "start": "00:14:38", "text": "that would equal roughly around 20 to"}, {"end": "00:14:44", "start": "00:14:40", "text": "$40. And if the Knight token were to"}, {"end": "00:14:46", "start": "00:14:42", "text": "come in at a value of a dollar per"}, {"end": "00:14:50", "start": "00:14:44", "text": "token, that would then give you roughly"}, {"end": "00:14:52", "start": "00:14:46", "text": "$200 to $400. So, um, depending on how"}, {"end": "00:14:54", "start": "00:14:50", "text": "much ADA you held, again, we can go up"}, {"end": "00:14:55", "start": "00:14:52", "text": "each particular row here. Um, but as you"}, {"end": "00:14:57", "start": "00:14:54", "text": "guys can see, I mean, this could"}, {"end": "00:15:00", "start": "00:14:55", "text": "definitely be a huge, huge amount for"}, {"end": "00:15:01", "start": "00:14:57", "text": "some of the whales in the ecosystem. Um,"}, {"end": "00:15:04", "start": "00:15:00", "text": "i.e. if you hold roughly around a"}, {"end": "00:15:06", "start": "00:15:01", "text": "million ADA, that could give you"}, {"end": "00:15:09", "start": "00:15:04", "text": "somewhere between a range of $2,000 all"}, {"end": "00:15:11", "start": "00:15:06", "text": "the way to $200,000."}, {"end": "00:15:13", "start": "00:15:09", "text": "Again, depending on the valuation of the"}, {"end": "00:15:15", "start": "00:15:11", "text": "actual Knight token. Now, that is the"}, {"end": "00:15:17", "start": "00:15:13", "text": "missing link here. Nobody knowing"}, {"end": "00:15:19", "start": "00:15:15", "text": "exactly how much this will be worth at"}, {"end": "00:15:20", "start": "00:15:17", "text": "launch. We have seen Charles mentioning"}, {"end": "00:15:22", "start": "00:15:19", "text": "the fact that this could potentially"}, {"end": "00:15:24", "start": "00:15:20", "text": "come in with a market cap. When I say"}, {"end": "00:15:27", "start": "00:15:22", "text": "this, I'm talking about the night token"}, {"end": "00:15:29", "start": "00:15:24", "text": "of a valuation of roughly $10 billion."}, {"end": "00:15:32", "start": "00:15:27", "text": "Cardano right now, I want to say"}, {"end": "00:15:36", "start": "00:15:29", "text": "currently at maybe 15 to20 billion. And"}, {"end": "00:15:37", "start": "00:15:32", "text": "so again, none of this is set in stone."}, {"end": "00:15:40", "start": "00:15:36", "text": "We're going to have to see exactly how"}, {"end": "00:15:41", "start": "00:15:37", "text": "much liquidity there is and how much of"}, {"end": "00:15:44", "start": "00:15:40", "text": "a valuation there is behind the night"}, {"end": "00:15:45", "start": "00:15:41", "text": "token. And once we have an idea of that,"}, {"end": "00:15:47", "start": "00:15:44", "text": "we can revisit some of this math here to"}, {"end": "00:15:50", "start": "00:15:45", "text": "get a better idea of how much the actual"}, {"end": "00:15:52", "start": "00:15:47", "text": "um airdrop will be valued at. Now,"}, {"end": "00:15:54", "start": "00:15:50", "text": "before we continue any further, if"}, {"end": "00:15:55", "start": "00:15:52", "text": "you've been enjoying this type of"}, {"end": "00:15:57", "start": "00:15:54", "text": "content, I would appreciate you if you"}, {"end": "00:15:58", "start": "00:15:55", "text": "could smash that thumbs up. Again, it's"}, {"end": "00:16:00", "start": "00:15:57", "text": "one of the simplest ways to support me"}, {"end": "00:16:01", "start": "00:15:58", "text": "as a content creator. If you want more,"}, {"end": "00:16:03", "start": "00:16:00", "text": "consider subscribing. And if you have"}, {"end": "00:16:06", "start": "00:16:01", "text": "any questions, comments, or concerns,"}, {"end": "00:16:08", "start": "00:16:03", "text": "feel free to voice off down below. Now,"}, {"end": "00:16:09", "start": "00:16:06", "text": "we have to talk about Project Catalyst."}, {"end": "00:16:11", "start": "00:16:08", "text": "For anybody who isn't aware, Project"}, {"end": "00:16:14", "start": "00:16:09", "text": "Catalyst is essentially a way to support"}, {"end": "00:16:16", "start": "00:16:11", "text": "the Cardano ecosystem. And the way that"}, {"end": "00:16:18", "start": "00:16:14", "text": "we're able to do that is by using funds"}, {"end": "00:16:20", "start": "00:16:16", "text": "allocated to Catalyst where there's"}, {"end": "00:16:23", "start": "00:16:18", "text": "going to be a voting process, an"}, {"end": "00:16:25", "start": "00:16:20", "text": "ideation process, and an implementation"}, {"end": "00:16:27", "start": "00:16:23", "text": "process as well. So, initially we're"}, {"end": "00:16:29", "start": "00:16:25", "text": "going to have proposers who um propose"}, {"end": "00:16:30", "start": "00:16:27", "text": "their ideas to the community. If you're"}, {"end": "00:16:32", "start": "00:16:29", "text": "an ADA holder, you've got the"}, {"end": "00:16:34", "start": "00:16:30", "text": "opportunity to actually vote for set"}, {"end": "00:16:36", "start": "00:16:32", "text": "proposals. Once a community votes, we"}, {"end": "00:16:38", "start": "00:16:34", "text": "then have the distribution process in a"}, {"end": "00:16:40", "start": "00:16:36", "text": "milestone approach where projects that"}, {"end": "00:16:42", "start": "00:16:38", "text": "have been funded essentially meet"}, {"end": "00:16:44", "start": "00:16:40", "text": "milestones and as they do, they receive"}, {"end": "00:16:46", "start": "00:16:42", "text": "more funding all the way up until their"}, {"end": "00:16:48", "start": "00:16:44", "text": "entire proposal has been completed and"}, {"end": "00:16:51", "start": "00:16:46", "text": "their idea is released on the Cardano"}, {"end": "00:16:52", "start": "00:16:48", "text": "mainet. We've got some quick stats here"}, {"end": "00:16:54", "start": "00:16:51", "text": "um coming in from the team. They've"}, {"end": "00:16:56", "start": "00:16:52", "text": "released what they call their Catalyst"}, {"end": "00:16:57", "start": "00:16:54", "text": "Horizons report, which breaks this down"}, {"end": "00:17:00", "start": "00:16:56", "text": "in even more detail. I'll leave the link"}, {"end": "00:17:02", "start": "00:16:57", "text": "to the official Catalyst platform down"}, {"end": "00:17:04", "start": "00:17:00", "text": "below. Now, why is this important? Well,"}, {"end": "00:17:07", "start": "00:17:02", "text": "we've got funding round number 14, which"}, {"end": "00:17:10", "start": "00:17:04", "text": "is officially opened up. This was done"}, {"end": "00:17:13", "start": "00:17:07", "text": "on August 1st, and the first round for"}, {"end": "00:17:15", "start": "00:17:10", "text": "submitting your ideas finishes or closes"}, {"end": "00:17:17", "start": "00:17:13", "text": "on the 18th of August. So, we've got"}, {"end": "00:17:19", "start": "00:17:15", "text": "roughly around 3 weeks from the time"}, {"end": "00:17:21", "start": "00:17:17", "text": "that this video is going out in order to"}, {"end": "00:17:24", "start": "00:17:19", "text": "go ahead and actually um ideulate and"}, {"end": "00:17:26", "start": "00:17:21", "text": "make your submissions for funding round"}, {"end": "00:17:29", "start": "00:17:24", "text": "number 14. Now, looking at the official"}, {"end": "00:17:31", "start": "00:17:26", "text": "website, after the proposal submission"}, {"end": "00:17:33", "start": "00:17:29", "text": "phase continues, excuse me, completes,"}, {"end": "00:17:35", "start": "00:17:31", "text": "we have the community review stage"}, {"end": "00:17:38", "start": "00:17:33", "text": "taking place from August 22nd all the"}, {"end": "00:17:40", "start": "00:17:35", "text": "way through September 17th. After that,"}, {"end": "00:17:43", "start": "00:17:38", "text": "we've got community voting from the 22nd"}, {"end": "00:17:45", "start": "00:17:40", "text": "of September all the way to October 6th,"}, {"end": "00:17:46", "start": "00:17:43", "text": "followed by the set of voting results"}, {"end": "00:17:48", "start": "00:17:45", "text": "coming out sometime in the week of"}, {"end": "00:17:51", "start": "00:17:46", "text": "August 6th. And then we've got project"}, {"end": "00:17:54", "start": "00:17:48", "text": "onboarding in the first round of uh ADA"}, {"end": "00:17:57", "start": "00:17:51", "text": "distributions taking place sometime in"}, {"end": "00:17:59", "start": "00:17:54", "text": "late October or November. If you want"}, {"end": "00:18:00", "start": "00:17:57", "text": "more information about Catalyst in"}, {"end": "00:18:02", "start": "00:17:59", "text": "general, I'll leave the link to the"}, {"end": "00:18:04", "start": "00:18:00", "text": "actual launch guide down below. This"}, {"end": "00:18:06", "start": "00:18:02", "text": "breaks down all the details how it"}, {"end": "00:18:08", "start": "00:18:04", "text": "works, how much AD is allocated towards"}, {"end": "00:18:09", "start": "00:18:06", "text": "each category, which I'm going to"}, {"end": "00:18:12", "start": "00:18:08", "text": "briefly highlight here. So we got"}, {"end": "00:18:15", "start": "00:18:09", "text": "Cardano use cases getting 12.5 million"}, {"end": "00:18:17", "start": "00:18:12", "text": "ADA. Cardano open with a total of 6.1"}, {"end": "00:18:19", "start": "00:18:15", "text": "million ADA. Concepts which are"}, {"end": "00:18:21", "start": "00:18:17", "text": "essentially ideas that don't have any"}, {"end": "00:18:24", "start": "00:18:19", "text": "sort of MVP getting a budget of $4"}, {"end": "00:18:27", "start": "00:18:21", "text": "million. We've got developers getting an"}, {"end": "00:18:29", "start": "00:18:24", "text": "allocation of 3 million ADA. Partners"}, {"end": "00:18:32", "start": "00:18:27", "text": "and products essentially big names or"}, {"end": "00:18:33", "start": "00:18:29", "text": "big brand ideas getting roughly $8.5"}, {"end": "00:18:36", "start": "00:18:32", "text": "million ADA. And then we've got the"}, {"end": "00:18:39", "start": "00:18:33", "text": "ecosystem proposals getting a budget of"}, {"end": "00:18:41", "start": "00:18:36", "text": "roughly 3 million ADA. Again, more"}, {"end": "00:18:42", "start": "00:18:39", "text": "information here about Catalyst"}, {"end": "00:18:44", "start": "00:18:41", "text": "Horizons, how many projects and"}, {"end": "00:18:46", "start": "00:18:42", "text": "proposals have been voted on and the"}, {"end": "00:18:48", "start": "00:18:44", "text": "sort of net impact, right? Um, which"}, {"end": "00:18:52", "start": "00:18:46", "text": "hopefully is positive that Catalyst has"}, {"end": "00:18:53", "start": "00:18:48", "text": "had here in the Cardano ecosystem. Next,"}, {"end": "00:18:55", "start": "00:18:52", "text": "we're going to talk a little bit about"}, {"end": "00:18:57", "start": "00:18:53", "text": "stable coins here and the midnight"}, {"end": "00:18:59", "start": "00:18:55", "text": "network. So, we talked about the fact"}, {"end": "00:19:01", "start": "00:18:57", "text": "that the glacier drop is coming and in"}, {"end": "00:19:03", "start": "00:18:59", "text": "preparation, we've got builders,"}, {"end": "00:19:06", "start": "00:19:01", "text": "including the USDM team meeting at the"}, {"end": "00:19:09", "start": "00:19:03", "text": "brand new IoGG office in Buenos Aerys,"}, {"end": "00:19:11", "start": "00:19:06", "text": "Argentina. And so, here we've got the"}, {"end": "00:19:13", "start": "00:19:09", "text": "team here all sort of huddled around"}, {"end": "00:19:15", "start": "00:19:11", "text": "talking and probably going through some"}, {"end": "00:19:18", "start": "00:19:13", "text": "complex issues, you know, when it comes"}, {"end": "00:19:19", "start": "00:19:15", "text": "to privacy and stable coins. And I want"}, {"end": "00:19:22", "start": "00:19:18", "text": "to actually read something here from one"}, {"end": "00:19:24", "start": "00:19:19", "text": "of the CTOs of the USDM team. But again,"}, {"end": "00:19:26", "start": "00:19:22", "text": "additional pictures here. We've got JJ"}, {"end": "00:19:29", "start": "00:19:24", "text": "Syler speaking to the entire crew and"}, {"end": "00:19:32", "start": "00:19:26", "text": "Charles states here, Manetta is rocking"}, {"end": "00:19:33", "start": "00:19:29", "text": "it. Moving over more pictures and a"}, {"end": "00:19:34", "start": "00:19:32", "text": "couple more here and this is where"}, {"end": "00:19:37", "start": "00:19:33", "text": "things get interesting. They start"}, {"end": "00:19:39", "start": "00:19:34", "text": "talking about private stable coins on"}, {"end": "00:19:41", "start": "00:19:37", "text": "the midnight network. Again, a couple"}, {"end": "00:19:44", "start": "00:19:39", "text": "more pictures here where Charles states"}, {"end": "00:19:46", "start": "00:19:41", "text": "amazing workshop down in Buenos Aerys"}, {"end": "00:19:49", "start": "00:19:44", "text": "making progress on the first ever"}, {"end": "00:19:52", "start": "00:19:46", "text": "private stable coin. We've got Pilingham"}, {"end": "00:19:55", "start": "00:19:49", "text": "there, the CTO from Sunday swap. So"}, {"end": "00:19:59", "start": "00:19:52", "text": "again, representation from the mid19,"}, {"end": "00:20:01", "start": "00:19:55", "text": "Cardano, IOGG, and USDM."}, {"end": "00:20:03", "start": "00:19:59", "text": "Now, this leads us to the introduction"}, {"end": "00:20:05", "start": "00:20:01", "text": "of ShieldUSD,"}, {"end": "00:20:07", "start": "00:20:03", "text": "which will be launching on midnight. It"}, {"end": "00:20:09", "start": "00:20:05", "text": "stated that ShieldUSD is a fiatback"}, {"end": "00:20:12", "start": "00:20:07", "text": "privacy stable coin on the midnight"}, {"end": "00:20:16", "start": "00:20:09", "text": "blockchain issued by Manetta Digital"}, {"end": "00:20:20", "start": "00:20:12", "text": "LLC, the creator of USDM, who is also"}, {"end": "00:20:22", "start": "00:20:16", "text": "backed by W3I Software. And so I just"}, {"end": "00:20:24", "start": "00:20:20", "text": "want to read a brief piece here to put"}, {"end": "00:20:27", "start": "00:20:22", "text": "this into context where Andrew Westber"}, {"end": "00:20:29", "start": "00:20:24", "text": "the CTO from USDM or from Manetta states"}, {"end": "00:20:31", "start": "00:20:27", "text": "the stable coin is a small but important"}, {"end": "00:20:33", "start": "00:20:29", "text": "piece of the discussion in Buenos Aerys."}, {"end": "00:20:36", "start": "00:20:31", "text": "That being said, the complexity of doing"}, {"end": "00:20:40", "start": "00:20:33", "text": "this in a private way is 10 to 20 times"}, {"end": "00:20:42", "start": "00:20:36", "text": "that of USDM. So he states here, imagine"}, {"end": "00:20:45", "start": "00:20:40", "text": "doing company payroll where Bob needs to"}, {"end": "00:20:48", "start": "00:20:42", "text": "see and control what he receives. Where"}, {"end": "00:20:51", "start": "00:20:45", "text": "Alice also needs to see and control her"}, {"end": "00:20:53", "start": "00:20:48", "text": "amounts but cannot see Bob's. Where in"}, {"end": "00:20:55", "start": "00:20:51", "text": "Mary who's in the accounting department"}, {"end": "00:20:57", "start": "00:20:53", "text": "also has to have the rights to see both"}, {"end": "00:21:00", "start": "00:20:55", "text": "of their accounts and how much they both"}, {"end": "00:21:02", "start": "00:20:57", "text": "received but not know who they the"}, {"end": "00:21:03", "start": "00:21:00", "text": "actual amounts have gone to. In"}, {"end": "00:21:06", "start": "00:21:02", "text": "addition, Steph, the CFO, needs to be"}, {"end": "00:21:09", "start": "00:21:03", "text": "able to view everything that everyone's"}, {"end": "00:21:11", "start": "00:21:06", "text": "received. And agent Smith needs to be"}, {"end": "00:21:13", "start": "00:21:09", "text": "given access to see everything if he has"}, {"end": "00:21:15", "start": "00:21:11", "text": "a court order during discovery because"}, {"end": "00:21:18", "start": "00:21:13", "text": "the company's currently under"}, {"end": "00:21:20", "start": "00:21:15", "text": "investigation. So you've literally got"}, {"end": "00:21:22", "start": "00:21:18", "text": "all of these different people that are"}, {"end": "00:21:24", "start": "00:21:20", "text": "interacting with the same privacy"}, {"end": "00:21:26", "start": "00:21:22", "text": "focused stable coin, but they all need"}, {"end": "00:21:28", "start": "00:21:24", "text": "to have different levels of access"}, {"end": "00:21:30", "start": "00:21:26", "text": "depending on what they do for a"}, {"end": "00:21:33", "start": "00:21:28", "text": "particular company. And that's where the"}, {"end": "00:21:35", "start": "00:21:30", "text": "complexity comes in. So again, really"}, {"end": "00:21:37", "start": "00:21:33", "text": "cool to see a lot of this stuff at its"}, {"end": "00:21:39", "start": "00:21:35", "text": "very early stages where Charles"}, {"end": "00:21:41", "start": "00:21:37", "text": "Hoskinson mentions Manetta's USDM is"}, {"end": "00:21:43", "start": "00:21:39", "text": "becoming one of the most advanced stable"}, {"end": "00:21:45", "start": "00:21:41", "text": "coins to be ever built. And that was in"}, {"end": "00:21:47", "start": "00:21:43", "text": "response to that tweet there posted by"}, {"end": "00:21:49", "start": "00:21:45", "text": "Andrew Westber that I just got done"}, {"end": "00:21:51", "start": "00:21:47", "text": "reading. In closing, looking at USDM on"}, {"end": "00:21:54", "start": "00:21:49", "text": "Cardano, they've officially broken over"}, {"end": "00:21:56", "start": "00:21:51", "text": "the $12 million milestone. Congrats to"}, {"end": "00:21:58", "start": "00:21:54", "text": "that team as they continue to mint and"}, {"end": "00:22:01", "start": "00:21:56", "text": "burn here pretty frequently within the"}, {"end": "00:22:03", "start": "00:21:58", "text": "Cardano ecosystem. Next, we're talking"}, {"end": "00:22:04", "start": "00:22:01", "text": "about governance where we've got the"}, {"end": "00:22:07", "start": "00:22:03", "text": "first two treasury withdrawals out of"}, {"end": "00:22:09", "start": "00:22:04", "text": "the 39 that were passed by the Intersect"}, {"end": "00:22:12", "start": "00:22:07", "text": "uh budget or by the Intersect committee"}, {"end": "00:22:15", "start": "00:22:09", "text": "here where we've got 96 million ADA"}, {"end": "00:22:18", "start": "00:22:12", "text": "going directly towards IOG where their"}, {"end": "00:22:20", "start": "00:22:15", "text": "engineering firm will be working on the"}, {"end": "00:22:23", "start": "00:22:18", "text": "core developments or the core features"}, {"end": "00:22:25", "start": "00:22:20", "text": "for the year of 2025. And huge congrats"}, {"end": "00:22:27", "start": "00:22:23", "text": "here to the Midgard team who also got"}, {"end": "00:22:30", "start": "00:22:25", "text": "their Treasury withdrawal approved for"}, {"end": "00:22:33", "start": "00:22:27", "text": "roughly 2.1 million ADA to deliver on"}, {"end": "00:22:36", "start": "00:22:30", "text": "their optimistic rollup or their layer 2"}, {"end": "00:22:38", "start": "00:22:33", "text": "which will be a ZK powered platform. Now"}, {"end": "00:22:41", "start": "00:22:36", "text": "jumping over to the official IOG article"}, {"end": "00:22:42", "start": "00:22:38", "text": "about their recent approval. It mentions"}, {"end": "00:22:46", "start": "00:22:41", "text": "that they'll be working to complete"}, {"end": "00:22:49", "start": "00:22:42", "text": "development on oris leos on hydra on"}, {"end": "00:22:51", "start": "00:22:46", "text": "mithril as well as nested transactions"}, {"end": "00:22:53", "start": "00:22:49", "text": "project acropolis and they'll also be"}, {"end": "00:22:55", "start": "00:22:51", "text": "working to make general performance"}, {"end": "00:22:59", "start": "00:22:53", "text": "optimizations including faster sync"}, {"end": "00:23:01", "start": "00:22:55", "text": "times reducing the amount of RAM used by"}, {"end": "00:23:03", "start": "00:22:59", "text": "the Cardano node and reducing other"}, {"end": "00:23:05", "start": "00:23:01", "text": "operational costs per stake pool"}, {"end": "00:23:08", "start": "00:23:03", "text": "operators."}, {"end": "00:23:10", "start": "00:23:05", "text": "Next, we have the fact that the um"}, {"end": "00:23:12", "start": "00:23:08", "text": "update will be coming towards the"}, {"end": "00:23:14", "start": "00:23:10", "text": "constitutional committee. And so, as it"}, {"end": "00:23:17", "start": "00:23:12", "text": "currently stands, we've got I want to"}, {"end": "00:23:20", "start": "00:23:14", "text": "say it's uh IOG, we've got the Cardano"}, {"end": "00:23:22", "start": "00:23:17", "text": "Foundation, we've got Emergo, and a few"}, {"end": "00:23:24", "start": "00:23:20", "text": "uh community-based seats. This"}, {"end": "00:23:28", "start": "00:23:22", "text": "essentially is a huge step because what"}, {"end": "00:23:30", "start": "00:23:24", "text": "this means is that IOG, the Cardano"}, {"end": "00:23:34", "start": "00:23:28", "text": "Foundation, and Emergo could potentially"}, {"end": "00:23:36", "start": "00:23:30", "text": "not be reelected as one of the seven"}, {"end": "00:23:38", "start": "00:23:34", "text": "members um of the constitutional"}, {"end": "00:23:40", "start": "00:23:36", "text": "committee. As it currently stands, they"}, {"end": "00:23:43", "start": "00:23:38", "text": "are uh but that doesn't always mean that"}, {"end": "00:23:44", "start": "00:23:40", "text": "they will be. Um the same could also be"}, {"end": "00:23:46", "start": "00:23:43", "text": "said for the other members of the"}, {"end": "00:23:47", "start": "00:23:44", "text": "constitutional committee. So, let me"}, {"end": "00:23:50", "start": "00:23:46", "text": "actually jump back into the SNEK"}, {"end": "00:23:52", "start": "00:23:47", "text": "proposal here. And if I zoom in just a"}, {"end": "00:23:53", "start": "00:23:50", "text": "little bit, we've got the current"}, {"end": "00:23:56", "start": "00:23:52", "text": "constitutional committee here which"}, {"end": "00:23:58", "start": "00:23:53", "text": "compost or which consists of the Cardano"}, {"end": "00:24:00", "start": "00:23:56", "text": "Atlantic Council, the Eastern Cardano"}, {"end": "00:24:03", "start": "00:23:58", "text": "Council, the Cardano Foundation Emergo"}, {"end": "00:24:06", "start": "00:24:00", "text": "IOG, the Cardano Japan Council, and the"}, {"end": "00:24:07", "start": "00:24:03", "text": "Intersect MBO. So again, all seven of"}, {"end": "00:24:09", "start": "00:24:06", "text": "these seats here will be up for"}, {"end": "00:24:11", "start": "00:24:07", "text": "reelection, and it's going to be up to"}, {"end": "00:24:13", "start": "00:24:09", "text": "the current ADA holders to vote on who"}, {"end": "00:24:15", "start": "00:24:11", "text": "they'd like to see there as a part of"}, {"end": "00:24:17", "start": "00:24:13", "text": "that process. So it states here that the"}, {"end": "00:24:19", "start": "00:24:15", "text": "current ICC or the current interim"}, {"end": "00:24:22", "start": "00:24:17", "text": "constitutional committee will expire at"}, {"end": "00:24:24", "start": "00:24:19", "text": "the end of epoch number 580 and this"}, {"end": "00:24:26", "start": "00:24:22", "text": "particular governance action expiry"}, {"end": "00:24:28", "start": "00:24:24", "text": "aligns with that deadline to ensure a"}, {"end": "00:24:30", "start": "00:24:26", "text": "seamless transition to the new elected"}, {"end": "00:24:32", "start": "00:24:28", "text": "members. Now following the results of"}, {"end": "00:24:35", "start": "00:24:30", "text": "the CC election process, DREPs and"}, {"end": "00:24:37", "start": "00:24:32", "text": "SPOS's will be voting to ratify and to"}, {"end": "00:24:40", "start": "00:24:35", "text": "enact the following seven members. That"}, {"end": "00:24:45", "start": "00:24:37", "text": "includes the Cardano Atlantic Council."}, {"end": "00:24:46", "start": "00:24:40", "text": "Um let's see here. Tin Bard or Tingvard,"}, {"end": "00:24:49", "start": "00:24:45", "text": "I'm not sure who that is. The Eastern"}, {"end": "00:24:52", "start": "00:24:46", "text": "Cardano Council, which both of these two"}, {"end": "00:24:54", "start": "00:24:49", "text": "are already members of the current ICC."}, {"end": "00:24:56", "start": "00:24:52", "text": "We've got Ktors. We've got the Ace"}, {"end": "00:24:58", "start": "00:24:54", "text": "Alliance. Um, and then we've got the"}, {"end": "00:25:00", "start": "00:24:56", "text": "Cardano Japan Council, which is already"}, {"end": "00:25:02", "start": "00:24:58", "text": "a sitting member. And then we've got"}, {"end": "00:25:05", "start": "00:25:00", "text": "Phil, the founder of Anastasia Labs,"}, {"end": "00:25:06", "start": "00:25:02", "text": "who's also going to be joining. So, I do"}, {"end": "00:25:08", "start": "00:25:05", "text": "apologize. It looks like these seven"}, {"end": "00:25:09", "start": "00:25:06", "text": "members have already been selected. It's"}, {"end": "00:25:12", "start": "00:25:08", "text": "just going to be a matter of ratifying"}, {"end": "00:25:15", "start": "00:25:09", "text": "this on chain. Um but again, IOGG"}, {"end": "00:25:17", "start": "00:25:12", "text": "officially stepping aside, the Cardano"}, {"end": "00:25:20", "start": "00:25:15", "text": "Foundation officially stepping aside,"}, {"end": "00:25:22", "start": "00:25:17", "text": "Emergo in the Intersect MB also stepping"}, {"end": "00:25:24", "start": "00:25:20", "text": "aside. So these are the new seven"}, {"end": "00:25:27", "start": "00:25:22", "text": "members or these will be the new seven"}, {"end": "00:25:29", "start": "00:25:24", "text": "members of the Cardano constitutional"}, {"end": "00:25:31", "start": "00:25:27", "text": "committee. Um I believe that that's"}, {"end": "00:25:33", "start": "00:25:29", "text": "really it there. Jumping into the very"}, {"end": "00:25:34", "start": "00:25:31", "text": "last piece, we've got some general"}, {"end": "00:25:36", "start": "00:25:33", "text": "updates here. So if you guys aren't"}, {"end": "00:25:40", "start": "00:25:34", "text": "aware, Emergo used to have what they"}, {"end": "00:25:41", "start": "00:25:36", "text": "call their Emergo Academy. essentially a"}, {"end": "00:25:43", "start": "00:25:40", "text": "platform for learning and understanding"}, {"end": "00:25:45", "start": "00:25:41", "text": "the Cardano blockchain. Um covering"}, {"end": "00:25:47", "start": "00:25:43", "text": "fundamentals and the basics and all of"}, {"end": "00:25:48", "start": "00:25:45", "text": "that content has officially been open"}, {"end": "00:25:50", "start": "00:25:47", "text": "source and will be going towards the"}, {"end": "00:25:52", "start": "00:25:48", "text": "community. And so I'll be breaking that"}, {"end": "00:25:53", "start": "00:25:50", "text": "information down here as they do release"}, {"end": "00:25:55", "start": "00:25:52", "text": "it. But just wanted to at least mention"}, {"end": "00:25:58", "start": "00:25:53", "text": "that for anybody who wants to continue"}, {"end": "00:26:01", "start": "00:25:55", "text": "to consume some of that content. Moving"}, {"end": "00:26:04", "start": "00:25:58", "text": "over, we have the US um White House"}, {"end": "00:26:07", "start": "00:26:01", "text": "who's released a 166-page document"}, {"end": "00:26:10", "start": "00:26:04", "text": "outlining the US's policies and stance"}, {"end": "00:26:12", "start": "00:26:07", "text": "on digital assets. And on page 13,"}, {"end": "00:26:14", "start": "00:26:10", "text": "there's a minor mention of Cardano. I'll"}, {"end": "00:26:15", "start": "00:26:12", "text": "be breaking that down in a separate"}, {"end": "00:26:18", "start": "00:26:14", "text": "video, but here we've got the"}, {"end": "00:26:20", "start": "00:26:15", "text": "strengthening American leadership in"}, {"end": "00:26:22", "start": "00:26:18", "text": "digital financial technology document or"}, {"end": "00:26:27", "start": "00:26:20", "text": "the White House crypto report, which is"}, {"end": "00:26:29", "start": "00:26:22", "text": "roughly 141 pages. So again, massive,"}, {"end": "00:26:31", "start": "00:26:27", "text": "massive, massive document here. This"}, {"end": "00:26:32", "start": "00:26:29", "text": "would definitely require a series of its"}, {"end": "00:26:34", "start": "00:26:31", "text": "own. Um, for the sake of time, I can't"}, {"end": "00:26:35", "start": "00:26:32", "text": "break this down, of course, but"}, {"end": "00:26:36", "start": "00:26:34", "text": "definitely expect some more content"}, {"end": "00:26:38", "start": "00:26:35", "text": "here. And here's that page here, um,"}, {"end": "00:26:40", "start": "00:26:36", "text": "showing some of the assets and top"}, {"end": "00:26:42", "start": "00:26:38", "text": "blockchains with the inclusion of"}, {"end": "00:26:45", "start": "00:26:40", "text": "Cardano. As we get ready to close things"}, {"end": "00:26:47", "start": "00:26:42", "text": "down, we have the Cardano card, which"}, {"end": "00:26:50", "start": "00:26:45", "text": "has been released here. You can find out"}, {"end": "00:26:51", "start": "00:26:47", "text": "more about it at cardanoard.io."}, {"end": "00:26:53", "start": "00:26:50", "text": "This will essentially allow for you to"}, {"end": "00:26:55", "start": "00:26:51", "text": "top the card up with ADA and to be able"}, {"end": "00:26:58", "start": "00:26:53", "text": "to use that like a traditional debit or"}, {"end": "00:27:00", "start": "00:26:55", "text": "credit card at any POSOS or point of"}, {"end": "00:27:02", "start": "00:26:58", "text": "sale system. Now, they've got an ongoing"}, {"end": "00:27:04", "start": "00:27:00", "text": "competition here for designing the"}, {"end": "00:27:06", "start": "00:27:02", "text": "actual card. Um, but if you want to find"}, {"end": "00:27:07", "start": "00:27:04", "text": "out more about it, again, you can head"}, {"end": "00:27:09", "start": "00:27:06", "text": "over to the official website, which is"}, {"end": "00:27:11", "start": "00:27:07", "text": "cardanocard.io."}, {"end": "00:27:13", "start": "00:27:09", "text": "So, it talks about here the power of the"}, {"end": "00:27:16", "start": "00:27:11", "text": "future. Again, being able to leverage"}, {"end": "00:27:18", "start": "00:27:13", "text": "direct access to your hard-earned ADA."}, {"end": "00:27:19", "start": "00:27:16", "text": "You'll be able to stake your ADA balance"}, {"end": "00:27:21", "start": "00:27:18", "text": "and continuously earn rewards even"}, {"end": "00:27:23", "start": "00:27:19", "text": "though or even as you're making"}, {"end": "00:27:25", "start": "00:27:21", "text": "purchases. You'll be able to use this to"}, {"end": "00:27:27", "start": "00:27:23", "text": "borrow stable coins using your ADA as"}, {"end": "00:27:29", "start": "00:27:25", "text": "collateral. In addition, you'll be able"}, {"end": "00:27:32", "start": "00:27:27", "text": "to get access to exclusive airdrops by"}, {"end": "00:27:34", "start": "00:27:29", "text": "holding the card or by using the card"}, {"end": "00:27:36", "start": "00:27:32", "text": "all while maintaining self-custody"}, {"end": "00:27:38", "start": "00:27:34", "text": "privileges. And again, you'll be able to"}, {"end": "00:27:40", "start": "00:27:36", "text": "design or at least right now there is a"}, {"end": "00:27:42", "start": "00:27:38", "text": "design competition um for the community"}, {"end": "00:27:45", "start": "00:27:40", "text": "to be able to sort of guide the vision"}, {"end": "00:27:47", "start": "00:27:42", "text": "or the visual aspects of how this card"}, {"end": "00:27:50", "start": "00:27:45", "text": "actually looks. So, I'll leave the link"}, {"end": "00:27:51", "start": "00:27:47", "text": "to this down below again, but really"}, {"end": "00:27:54", "start": "00:27:50", "text": "excited to see how this is going to come"}, {"end": "00:27:55", "start": "00:27:51", "text": "about. And uh I'll definitely, excuse"}, {"end": "00:27:57", "start": "00:27:54", "text": "me, be reaching out to the Emergo team"}, {"end": "00:27:59", "start": "00:27:55", "text": "who's going to be launching this um to"}, {"end": "00:28:01", "start": "00:27:57", "text": "see if I can get more information from"}, {"end": "00:28:03", "start": "00:27:59", "text": "them about how this is actually going to"}, {"end": "00:28:07", "start": "00:28:01", "text": "roll out, when we can expect for it to"}, {"end": "00:28:10", "start": "00:28:03", "text": "come out, and all of that good stuff."}, {"end": "00:28:12", "start": "00:28:07", "text": "Quite the episode there. I had to pick"}, {"end": "00:28:13", "start": "00:28:10", "text": "up the pace. That was roughly around 30"}, {"end": "00:28:16", "start": "00:28:12", "text": "minutes. Hopefully, you guys have found"}, {"end": "00:28:17", "start": "00:28:13", "text": "this to be helpful. Again, a lot of"}, {"end": "00:28:20", "start": "00:28:16", "text": "things going on here in the Cardano"}, {"end": "00:28:21", "start": "00:28:17", "text": "ecosystem. And if you have found this to"}, {"end": "00:28:23", "start": "00:28:20", "text": "be helpful, I would appreciate you if"}, {"end": "00:28:25", "start": "00:28:21", "text": "you could smash that thumbs up on the"}, {"end": "00:28:26", "start": "00:28:23", "text": "way out. If you want more content like"}, {"end": "00:28:28", "start": "00:28:25", "text": "this, consider subscribing to the"}, {"end": "00:28:30", "start": "00:28:26", "text": "channel. And if you have any questions,"}, {"end": "00:28:33", "start": "00:28:28", "text": "comments, or concerns, feel free to"}, {"end": "00:28:35", "start": "00:28:30", "text": "voice off down below. That said, and as"}, {"end": "00:28:38", "start": "00:28:33", "text": "always, I'll see you guys in the next"}, {"end": "00:28:38", "start": "00:28:35", "text": "video."}]

[{"end": "00:00:03", "start": "00:00:00", "text": "So today I want to help break down some"}, {"end": "00:00:06", "start": "00:00:01", "text": "of the rumors and developments around"}, {"end": "00:00:09", "start": "00:00:03", "text": "XRP which I think are super fascinating."}, {"end": "00:00:11", "start": "00:00:06", "text": "I actually believe"}, {"end": "00:00:13", "start": "00:00:09", "text": "this technology is going to be very"}, {"end": "00:00:15", "start": "00:00:11", "text": "important. Ripple's a a company of"}, {"end": "00:00:17", "start": "00:00:13", "text": "really professional people working"}, {"end": "00:00:19", "start": "00:00:15", "text": "really hard on this. That's why we chose"}, {"end": "00:00:22", "start": "00:00:17", "text": "XRP. We believe in XRP. We're not making"}, {"end": "00:00:23", "start": "00:00:19", "text": "a price prediction, but we do believe"}, {"end": "00:00:28", "start": "00:00:22", "text": "it's a it's a coin that that will have"}, {"end": "00:00:30", "start": "00:00:23", "text": "the most utility out there."}, {"end": "00:00:32", "start": "00:00:28", "text": "Canadian XRP ETFs, for example, which"}, {"end": "00:00:36", "start": "00:00:30", "text": "launched just a few weeks ago, have"}, {"end": "00:00:38", "start": "00:00:32", "text": "already seen roughly $280 million in"}, {"end": "00:00:40", "start": "00:00:36", "text": "trading volume. And Black Rockck, which"}, {"end": "00:00:43", "start": "00:00:38", "text": "is the world's biggest asset manager"}, {"end": "00:00:45", "start": "00:00:40", "text": "with over $10 trillion under management,"}, {"end": "00:00:48", "start": "00:00:43", "text": "is rumored to be exploring XRP's"}, {"end": "00:00:51", "start": "00:00:45", "text": "blockchain technology to tokenize their"}, {"end": "00:00:53", "start": "00:00:48", "text": "global assets. But there's also rumors"}, {"end": "00:00:55", "start": "00:00:51", "text": "of Bank of America potentially"}, {"end": "00:00:56", "start": "00:00:53", "text": "partnering with Ripple. And there's also"}, {"end": "00:00:59", "start": "00:00:55", "text": "breakthroughs like the Genius Act, which"}, {"end": "00:01:01", "start": "00:00:56", "text": "are clearing the way for Ripple's stable"}, {"end": "00:01:03", "start": "00:00:59", "text": "coin, RealUSD. Now, before I get into"}, {"end": "00:01:05", "start": "00:01:01", "text": "it, I like to start these videos by"}, {"end": "00:01:08", "start": "00:01:03", "text": "showing you my portfolio, so you can"}, {"end": "00:01:10", "start": "00:01:05", "text": "judge for yourself exactly how biased I"}, {"end": "00:01:13", "start": "00:01:08", "text": "may or may not be. So, full"}, {"end": "00:01:15", "start": "00:01:10", "text": "transparency, XRP represents a very"}, {"end": "00:01:17", "start": "00:01:13", "text": "small percentage of my portfolio. It's"}, {"end": "00:01:21", "start": "00:01:15", "text": "about 0.1%."}, {"end": "00:01:24", "start": "00:01:17", "text": "So, I'm definitely not allin, but my XRP"}, {"end": "00:01:26", "start": "00:01:21", "text": "holdings have grown by over 10x from my"}, {"end": "00:01:28", "start": "00:01:24", "text": "initial investment. And even if just"}, {"end": "00:01:30", "start": "00:01:26", "text": "some of the predictions were to come"}, {"end": "00:01:33", "start": "00:01:28", "text": "true from this video, it could represent"}, {"end": "00:01:35", "start": "00:01:30", "text": "a much bigger part of my portfolio in"}, {"end": "00:01:37", "start": "00:01:33", "text": "the future. Now, this is just a reminder"}, {"end": "00:01:39", "start": "00:01:35", "text": "that as you're watching this video,"}, {"end": "00:01:41", "start": "00:01:37", "text": "please remember that this will be very"}, {"end": "00:01:43", "start": "00:01:39", "text": "speculative. It'll be exciting. And as"}, {"end": "00:01:45", "start": "00:01:41", "text": "always, please don't treat this as"}, {"end": "00:01:47", "start": "00:01:43", "text": "financial advice because it's not. So,"}, {"end": "00:01:49", "start": "00:01:45", "text": "let me get into exactly why people are"}, {"end": "00:01:52", "start": "00:01:47", "text": "dreaming of these insane price"}, {"end": "00:01:54", "start": "00:01:49", "text": "predictions again and why there might"}, {"end": "00:01:56", "start": "00:01:52", "text": "actually be something real behind all"}, {"end": "00:01:58", "start": "00:01:54", "text": "the hype. So, with that said, let's get"}, {"end": "00:02:00", "start": "00:01:56", "text": "into it. Hi, my name is Andre Jick. Hope"}, {"end": "00:02:03", "start": "00:01:58", "text": "you're doing well. Comfort the finance"}, {"end": "00:02:06", "start": "00:02:00", "text": "and stay for XRP. Now, in the middle of"}, {"end": "00:02:10", "start": "00:02:03", "text": "June this year, Canada became the first"}, {"end": "00:02:13", "start": "00:02:06", "text": "major market to greenlight spot XRP ETFs"}, {"end": "00:02:15", "start": "00:02:10", "text": "with Purpose Investments, ThreeIQ, and"}, {"end": "00:02:17", "start": "00:02:13", "text": "Evolve. They all launched their funds in"}, {"end": "00:02:21", "start": "00:02:15", "text": "the same day. And in just the first"}, {"end": "00:02:24", "start": "00:02:17", "text": "week, those three ETFs traded about 280"}, {"end": "00:02:26", "start": "00:02:21", "text": "million Canadian dollars worth of XRP."}, {"end": "00:02:29", "start": "00:02:24", "text": "What's even more interesting though is"}, {"end": "00:02:32", "start": "00:02:26", "text": "that these ETFs outpaced the initial"}, {"end": "00:02:34", "start": "00:02:29", "text": "volumes that were seen in a lot of the"}, {"end": "00:02:37", "start": "00:02:32", "text": "early Bitcoin and Ethereum funds in"}, {"end": "00:02:40", "start": "00:02:34", "text": "Canada, which means that demand for XRP"}, {"end": "00:02:42", "start": "00:02:37", "text": "is really high right now. Now, at the"}, {"end": "00:02:45", "start": "00:02:40", "text": "same time though, here in the US, there"}, {"end": "00:02:48", "start": "00:02:42", "text": "were 11 separate filings for spot XRP"}, {"end": "00:02:50", "start": "00:02:45", "text": "ETFs. They are now pending with the SEC,"}, {"end": "00:02:54", "start": "00:02:48", "text": "and analysts from Bloomberg are now"}, {"end": "00:02:58", "start": "00:02:50", "text": "assigning a better than 80% chance that"}, {"end": "00:03:00", "start": "00:02:54", "text": "at least one of these US XRP ETFs will"}, {"end": "00:03:02", "start": "00:02:58", "text": "be approved by the end of the year. Now,"}, {"end": "00:03:04", "start": "00:03:00", "text": "if this were to happen though, we could"}, {"end": "00:03:08", "start": "00:03:02", "text": "see the same pattern that happened in"}, {"end": "00:03:10", "start": "00:03:04", "text": "Canada, that the XRP ETFs could see more"}, {"end": "00:03:12", "start": "00:03:08", "text": "money flowing into them than both"}, {"end": "00:03:15", "start": "00:03:10", "text": "Bitcoin and Ethereum ETFs. But next up,"}, {"end": "00:03:17", "start": "00:03:12", "text": "let's talk about regulation and why it"}, {"end": "00:03:20", "start": "00:03:15", "text": "actually matters for XRP's realworld use"}, {"end": "00:03:22", "start": "00:03:17", "text": "cases. Because on July 18th, Congress"}, {"end": "00:03:24", "start": "00:03:20", "text": "passed and the president signed the"}, {"end": "00:03:27", "start": "00:03:22", "text": "Genius Act, which is the first ever"}, {"end": "00:03:29", "start": "00:03:24", "text": "federal framework for dollarbacked"}, {"end": "00:03:31", "start": "00:03:27", "text": "stable coins. Now that this law is in"}, {"end": "00:03:34", "start": "00:03:29", "text": "effect, it's going to require every"}, {"end": "00:03:37", "start": "00:03:31", "text": "stable coin to be 100% backed by liquid"}, {"end": "00:03:39", "start": "00:03:34", "text": "assets, have monthly reserve audits to"}, {"end": "00:03:41", "start": "00:03:37", "text": "make sure that everything's legit, and"}, {"end": "00:03:44", "start": "00:03:39", "text": "stable coins will have to meet strict"}, {"end": "00:03:47", "start": "00:03:41", "text": "consumer protection standards. Now, for"}, {"end": "00:03:49", "start": "00:03:44", "text": "Ripple's XRP, this is huge because it"}, {"end": "00:03:52", "start": "00:03:47", "text": "clears the way for their own stable"}, {"end": "00:03:56", "start": "00:03:49", "text": "coin, RealUSD, to go live on the XRP"}, {"end": "00:03:59", "start": "00:03:52", "text": "ledger without constant uncertainty. Now"}, {"end": "00:04:02", "start": "00:03:56", "text": "once real USD is in circulation, it can"}, {"end": "00:04:05", "start": "00:03:59", "text": "fuel what's called ODL or the ondemand"}, {"end": "00:04:09", "start": "00:04:02", "text": "liquidity which is Ripple's product that"}, {"end": "00:04:12", "start": "00:04:05", "text": "uses XRP as a bridge currency to settle"}, {"end": "00:04:14", "start": "00:04:09", "text": "crossber payments instantly. Now, that's"}, {"end": "00:04:16", "start": "00:04:12", "text": "a lot of complicated words, but imagine"}, {"end": "00:04:20", "start": "00:04:14", "text": "banks or payment providers onramping"}, {"end": "00:04:23", "start": "00:04:16", "text": "dollars into real USD at one end, moving"}, {"end": "00:04:25", "start": "00:04:20", "text": "the value on the ledger in seconds, then"}, {"end": "00:04:28", "start": "00:04:23", "text": "off-ramping back to dollars on the other"}, {"end": "00:04:31", "start": "00:04:25", "text": "side, all without the delays and fees of"}, {"end": "00:04:35", "start": "00:04:28", "text": "traditional banking. And because real"}, {"end": "00:04:39", "start": "00:04:31", "text": "USD sits on the ISO 222 standard, the"}, {"end": "00:04:42", "start": "00:04:35", "text": "XRP ledger has sub 1 second finality,"}, {"end": "00:04:45", "start": "00:04:39", "text": "1,500 transactions per second capacity,"}, {"end": "00:04:48", "start": "00:04:42", "text": "and very, very small fees, which means"}, {"end": "00:04:51", "start": "00:04:45", "text": "it could process billions and billions"}, {"end": "00:04:54", "start": "00:04:48", "text": "in daily volume at a tiny fraction of"}, {"end": "00:04:56", "start": "00:04:51", "text": "today's costs. So, while these ETFs are"}, {"end": "00:04:59", "start": "00:04:54", "text": "making all the headlines, I think the"}, {"end": "00:05:01", "start": "00:04:56", "text": "behindthe-scenes rail upgrades are"}, {"end": "00:05:03", "start": "00:04:59", "text": "really what turns speculation into real"}, {"end": "00:05:05", "start": "00:05:01", "text": "adoption. But now that the Genius Act"}, {"end": "00:05:06", "start": "00:05:03", "text": "has been approved, there's something"}, {"end": "00:05:09", "start": "00:05:05", "text": "really interesting that's happening in"}, {"end": "00:05:11", "start": "00:05:06", "text": "the banking and credit world. Credit"}, {"end": "00:05:14", "start": "00:05:09", "text": "card companies and payment networks will"}, {"end": "00:05:16", "start": "00:05:11", "text": "have to start partnering with crypto"}, {"end": "00:05:18", "start": "00:05:14", "text": "companies. To put the scale into"}, {"end": "00:05:21", "start": "00:05:16", "text": "perspective of just how big that would"}, {"end": "00:05:25", "start": "00:05:18", "text": "be, global crossber payments crossed"}, {"end": "00:05:27", "start": "00:05:21", "text": "around $190 trillion in 2023, and"}, {"end": "00:05:31", "start": "00:05:25", "text": "there's estimates that it would reach"}, {"end": "00:05:34", "start": "00:05:27", "text": "290 trillion by 2030. Now, stable coin"}, {"end": "00:05:37", "start": "00:05:31", "text": "market caps are also estimated to reach"}, {"end": "00:05:40", "start": "00:05:34", "text": "500 billion to a trillion in the next"}, {"end": "00:05:42", "start": "00:05:37", "text": "few years. And even capturing just a"}, {"end": "00:05:44", "start": "00:05:40", "text": "fraction of that market would represent"}, {"end": "00:05:46", "start": "00:05:42", "text": "a huge opportunity. And companies like"}, {"end": "00:05:47", "start": "00:05:44", "text": "Visa have already figured this out."}, {"end": "00:05:50", "start": "00:05:46", "text": "They've already announced plans to"}, {"end": "00:05:53", "start": "00:05:47", "text": "integrate digital payments on its"}, {"end": "00:05:55", "start": "00:05:50", "text": "networks. And there's rumors that Bank"}, {"end": "00:05:58", "start": "00:05:53", "text": "of America is exploring a partnership"}, {"end": "00:06:00", "start": "00:05:55", "text": "with Ripple to leverage ondemand"}, {"end": "00:06:02", "start": "00:05:58", "text": "liquidity and real USD."}, {"end": "00:06:04", "start": "00:06:00", "text": "Bank of America CEO Brian Moahan says"}, {"end": "00:06:07", "start": "00:06:02", "text": "the bank would consider a stable coin if"}, {"end": "00:06:09", "start": "00:06:04", "text": "US regulations allow it. Speaking at the"}, {"end": "00:06:11", "start": "00:06:07", "text": "Economic Club of Washington DC on"}, {"end": "00:06:13", "start": "00:06:09", "text": "Tuesday, Moyahan said it's pretty clear"}, {"end": "00:06:15", "start": "00:06:11", "text": "dollarbacked stable coins will garner"}, {"end": "00:06:17", "start": "00:06:13", "text": "mass adoption. He also said that if the"}, {"end": "00:06:18", "start": "00:06:15", "text": "Trump administration and lawmakers on"}, {"end": "00:06:20", "start": "00:06:17", "text": "Capitol Hill passed stable coin"}, {"end": "00:06:22", "start": "00:06:18", "text": "legislation, Bank of America would go"}, {"end": "00:06:24", "start": "00:06:20", "text": "into the business of stable coins."}, {"end": "00:06:27", "start": "00:06:22", "text": "Now, to be very clear, this is still a"}, {"end": "00:06:29", "start": "00:06:24", "text": "rumor, but if it were to happen, that"}, {"end": "00:06:32", "start": "00:06:27", "text": "would be huge. Now, at the same time"}, {"end": "00:06:35", "start": "00:06:29", "text": "though, Ripple has applied for a US"}, {"end": "00:06:37", "start": "00:06:32", "text": "national bank charter with the OC."}, {"end": "00:06:40", "start": "00:06:35", "text": "they're applying for a bank license and"}, {"end": "00:06:42", "start": "00:06:37", "text": "if it's given it could settle deposits"}, {"end": "00:06:44", "start": "00:06:40", "text": "directly with the Federal Reserve"}, {"end": "00:06:46", "start": "00:06:42", "text": "bypassing traditional banks completely."}, {"end": "00:06:47", "start": "00:06:44", "text": "So when you combine all of this though a"}, {"end": "00:06:50", "start": "00:06:46", "text": "bank license and the potential"}, {"end": "00:06:52", "start": "00:06:47", "text": "partnership with other banks it could"}, {"end": "00:06:54", "start": "00:06:50", "text": "really push XRP and its ledger in the"}, {"end": "00:06:56", "start": "00:06:52", "text": "center of the US financial plumbing"}, {"end": "00:06:58", "start": "00:06:54", "text": "system and that would dramatically"}, {"end": "00:07:01", "start": "00:06:56", "text": "increase the chances that institutions"}, {"end": "00:07:03", "start": "00:06:58", "text": "would adopt the ledger for the next part"}, {"end": "00:07:06", "start": "00:07:01", "text": "that I want to show you which is"}, {"end": "00:07:09", "start": "00:07:03", "text": "tokenization. Now tokenization is going"}, {"end": "00:07:11", "start": "00:07:06", "text": "to change the world and how we invest."}, {"end": "00:07:13", "start": "00:07:09", "text": "I believe the next generation for"}, {"end": "00:07:15", "start": "00:07:11", "text": "markets, the next generation for"}, {"end": "00:07:16", "start": "00:07:13", "text": "securities will be will be tokenization"}, {"end": "00:07:19", "start": "00:07:15", "text": "of securities."}, {"end": "00:07:22", "start": "00:07:16", "text": "The tokenization of financial assets"}, {"end": "00:07:25", "start": "00:07:19", "text": "could reach multiple trillions by 2030."}, {"end": "00:07:27", "start": "00:07:22", "text": "But here's what it means. Tokenization"}, {"end": "00:07:30", "start": "00:07:25", "text": "is the process of taking something of"}, {"end": "00:07:32", "start": "00:07:27", "text": "value, like the stock of a company, a"}, {"end": "00:07:35", "start": "00:07:30", "text": "piece of real estate, or even a piece of"}, {"end": "00:07:38", "start": "00:07:32", "text": "a Pok\u00e9mon card, and turning it into a"}, {"end": "00:07:40", "start": "00:07:35", "text": "digital token on a blockchain. So,"}, {"end": "00:07:42", "start": "00:07:38", "text": "imagine owning a fraction of a beach"}, {"end": "00:07:44", "start": "00:07:40", "text": "house that you think will go up in"}, {"end": "00:07:46", "start": "00:07:42", "text": "value. Instead of buying the whole"}, {"end": "00:07:49", "start": "00:07:44", "text": "house, which most of us can't afford to"}, {"end": "00:07:52", "start": "00:07:46", "text": "do, each token will represent a tiny"}, {"end": "00:07:54", "start": "00:07:49", "text": "slice of that underlying asset. And"}, {"end": "00:07:56", "start": "00:07:52", "text": "because it lives on the blockchain,"}, {"end": "00:07:59", "start": "00:07:54", "text": "these tokens can be traded instantly"}, {"end": "00:08:02", "start": "00:07:56", "text": "anywhere in the world 247 without the"}, {"end": "00:08:04", "start": "00:07:59", "text": "usual layers of brokers, custodians, and"}, {"end": "00:08:06", "start": "00:08:02", "text": "clearing houses that slow everything"}, {"end": "00:08:09", "start": "00:08:04", "text": "down and add cost to traditional"}, {"end": "00:08:12", "start": "00:08:06", "text": "transactions. Now, I can't overestimate"}, {"end": "00:08:14", "start": "00:08:09", "text": "just how big this will be in the future."}, {"end": "00:08:17", "start": "00:08:12", "text": "And believe it or not, Robin Hood is"}, {"end": "00:08:20", "start": "00:08:14", "text": "actually doing this right now. They are"}, {"end": "00:08:24", "start": "00:08:17", "text": "tokenizing the US stock market as a way"}, {"end": "00:08:25", "start": "00:08:20", "text": "to allow the European markets to buy US"}, {"end": "00:08:27", "start": "00:08:24", "text": "stocks."}, {"end": "00:08:30", "start": "00:08:25", "text": "What we announced last Monday in the"}, {"end": "00:08:33", "start": "00:08:27", "text": "south of France are several products for"}, {"end": "00:08:36", "start": "00:08:30", "text": "the EU stock tokens which give exposure"}, {"end": "00:08:39", "start": "00:08:33", "text": "to public uh listed equities. We have"}, {"end": "00:08:41", "start": "00:08:36", "text": "over 200 and those are available 245."}, {"end": "00:08:44", "start": "00:08:39", "text": "Finally giving our European customers"}, {"end": "00:08:48", "start": "00:08:41", "text": "exposure to US stocks. It's kind of like"}, {"end": "00:08:51", "start": "00:08:44", "text": "a backdoor access to US markets without"}, {"end": "00:08:53", "start": "00:08:48", "text": "needing regulatory legal approval. Now,"}, {"end": "00:08:55", "start": "00:08:51", "text": "the rumor though is that Black Rockck,"}, {"end": "00:08:58", "start": "00:08:53", "text": "which again is the world's biggest asset"}, {"end": "00:09:01", "start": "00:08:55", "text": "manager, is quietly looking at"}, {"end": "00:09:04", "start": "00:08:58", "text": "blockchain platforms to be their"}, {"end": "00:09:07", "start": "00:09:01", "text": "backbone for issuing tokenized versions"}, {"end": "00:09:10", "start": "00:09:04", "text": "of not just stocks, but everything from"}, {"end": "00:09:12", "start": "00:09:07", "text": "treasuries to ETFs to fractional real"}, {"end": "00:09:14", "start": "00:09:10", "text": "estate shares. So if Black Rockck or if"}, {"end": "00:09:17", "start": "00:09:12", "text": "any other bluechip asset manager were to"}, {"end": "00:09:19", "start": "00:09:14", "text": "choose the XRP ledger to create and"}, {"end": "00:09:22", "start": "00:09:17", "text": "settle these tokenized assets, it would"}, {"end": "00:09:24", "start": "00:09:19", "text": "instantly validate Ripple's technology."}, {"end": "00:09:26", "start": "00:09:22", "text": "Of course, this is still a very big"}, {"end": "00:09:28", "start": "00:09:24", "text": "rumor, very speculative, and until we"}, {"end": "00:09:31", "start": "00:09:26", "text": "see a joint press release or a"}, {"end": "00:09:34", "start": "00:09:28", "text": "regulatory filing, I would classify this"}, {"end": "00:09:35", "start": "00:09:31", "text": "in the high-risk, highreward category."}, {"end": "00:09:38", "start": "00:09:34", "text": "But that's partially why the price of"}, {"end": "00:09:40", "start": "00:09:35", "text": "XRP is going up. Markets are trying to"}, {"end": "00:09:43", "start": "00:09:38", "text": "predict the future, and they do that by"}, {"end": "00:09:46", "start": "00:09:40", "text": "pricing in at least a part of the"}, {"end": "00:09:48", "start": "00:09:43", "text": "what-if scenario. But now, let's get a"}, {"end": "00:09:50", "start": "00:09:46", "text": "little hypothetical and translate what"}, {"end": "00:09:52", "start": "00:09:48", "text": "all of this could mean for XRP's price"}, {"end": "00:09:54", "start": "00:09:50", "text": "using today's actual numbers. Keep in"}, {"end": "00:09:56", "start": "00:09:52", "text": "mind, all of this is going to be super"}, {"end": "00:09:58", "start": "00:09:54", "text": "speculative. But first, did you know"}, {"end": "00:10:00", "start": "00:09:56", "text": "that you can actually earn XRP without"}, {"end": "00:10:02", "start": "00:09:58", "text": "ever buying it? That's what I've been"}, {"end": "00:10:04", "start": "00:10:00", "text": "doing with Bitcoin credit card by"}, {"end": "00:10:05", "start": "00:10:02", "text": "Gemini, which is today's sponsor and"}, {"end": "00:10:07", "start": "00:10:04", "text": "actually a credit card I've been using"}, {"end": "00:10:09", "start": "00:10:05", "text": "for a while now. So, all opinions are my"}, {"end": "00:10:10", "start": "00:10:07", "text": "own and we're not influenced by Gemini."}, {"end": "00:10:13", "start": "00:10:09", "text": "I use this like any other regular credit"}, {"end": "00:10:15", "start": "00:10:10", "text": "card for gas and groceries. And I earn"}, {"end": "00:10:17", "start": "00:10:13", "text": "Bitcoin every time I use it. It has no"}, {"end": "00:10:18", "start": "00:10:15", "text": "annual fee. You can see the rates and"}, {"end": "00:10:20", "start": "00:10:17", "text": "fees in the description down below for"}, {"end": "00:10:23", "start": "00:10:18", "text": "more info. But this thing gives you up"}, {"end": "00:10:24", "start": "00:10:20", "text": "to 4% back and over 50 cryptocurrencies"}, {"end": "00:10:26", "start": "00:10:23", "text": "instantly. You can choose which one you"}, {"end": "00:10:28", "start": "00:10:24", "text": "want. Personally, I have it set to"}, {"end": "00:10:30", "start": "00:10:26", "text": "Bitcoin, but you can also choose XRP if"}, {"end": "00:10:33", "start": "00:10:28", "text": "you like, but that's 4% on gas, transit,"}, {"end": "00:10:36", "start": "00:10:30", "text": "and ride share, 3% on dining, 2% on"}, {"end": "00:10:37", "start": "00:10:33", "text": "groceries, and 1% for everything else."}, {"end": "00:10:39", "start": "00:10:36", "text": "It's also a Mastercard World Elite, so"}, {"end": "00:10:41", "start": "00:10:37", "text": "I've used it internationally with no"}, {"end": "00:10:43", "start": "00:10:39", "text": "issues. And I like knowing that every"}, {"end": "00:10:44", "start": "00:10:41", "text": "time I swipe, it adds to my stack, which"}, {"end": "00:10:46", "start": "00:10:43", "text": "is something I plan to hold for in the"}, {"end": "00:10:48", "start": "00:10:44", "text": "long term. And here's the magic. You're"}, {"end": "00:10:50", "start": "00:10:46", "text": "investing as you spend. In fact,"}, {"end": "00:10:53", "start": "00:10:48", "text": "according to Gemini, card holders who"}, {"end": "00:10:56", "start": "00:10:50", "text": "earned and held their Bitcoin for 1 year"}, {"end": "00:10:57", "start": "00:10:53", "text": "saw an average appreciation of 176%."}, {"end": "00:10:59", "start": "00:10:56", "text": "Those are not your typical credit card"}, {"end": "00:11:00", "start": "00:10:57", "text": "points. So, if you're interested, click"}, {"end": "00:11:02", "start": "00:10:59", "text": "the link in the description or go to"}, {"end": "00:11:04", "start": "00:11:00", "text": "gemini.com/andre"}, {"end": "00:11:07", "start": "00:11:02", "text": "and get $200 in Bitcoin when you spend"}, {"end": "00:11:08", "start": "00:11:04", "text": "$3,000 in your first 90 days. Thank you"}, {"end": "00:11:10", "start": "00:11:07", "text": "Gemini for sponsoring this segment of"}, {"end": "00:11:12", "start": "00:11:08", "text": "the video. And now, let's get back to"}, {"end": "00:11:16", "start": "00:11:10", "text": "it. As of right now, XRP's market cap"}, {"end": "00:11:19", "start": "00:11:12", "text": "sits at about $188 billion with roughly"}, {"end": "00:11:21", "start": "00:11:16", "text": "59.2 2 billion tokens in circulation."}, {"end": "00:11:24", "start": "00:11:19", "text": "Now, in a conservative scenario, let's"}, {"end": "00:11:29", "start": "00:11:21", "text": "assume that Black Rockck does a test"}, {"end": "00:11:31", "start": "00:11:24", "text": "pilot and they tokenize 5% of their AUM"}, {"end": "00:11:33", "start": "00:11:29", "text": "or assets under management, which"}, {"end": "00:11:36", "start": "00:11:31", "text": "remember they're managing roughly 11.6"}, {"end": "00:11:39", "start": "00:11:33", "text": "trillion. They won't tokenize all of it"}, {"end": "00:11:42", "start": "00:11:36", "text": "at once. That's not realistic, but 5%"}, {"end": "00:11:46", "start": "00:11:39", "text": "that's doable. The question is what"}, {"end": "00:11:49", "start": "00:11:42", "text": "would they back that 5% or $580 billion"}, {"end": "00:11:51", "start": "00:11:46", "text": "worth with? It could be US treasuries."}, {"end": "00:11:52", "start": "00:11:49", "text": "It could be some form of dollars, but"}, {"end": "00:11:54", "start": "00:11:51", "text": "could be a lot of things. But let's"}, {"end": "00:11:57", "start": "00:11:52", "text": "imagine Black Rockck takes a"}, {"end": "00:12:02", "start": "00:11:54", "text": "conservative approach and they take 20%"}, {"end": "00:12:07", "start": "00:11:57", "text": "of that 5% which is $116 billion. So, it"}, {"end": "00:12:10", "start": "00:12:02", "text": "will need $116 billion worth of XRP on"}, {"end": "00:12:13", "start": "00:12:07", "text": "chain, which dividing 116 billion by the"}, {"end": "00:12:18", "start": "00:12:10", "text": "59.2 billion XRP outstanding equals"}, {"end": "00:12:21", "start": "00:12:13", "text": "about $1.96 of incremental demand per"}, {"end": "00:12:24", "start": "00:12:18", "text": "token. Add that to today's $3.19 and"}, {"end": "00:12:26", "start": "00:12:21", "text": "you're looking at roughly $5.15 per XRP."}, {"end": "00:12:28", "start": "00:12:24", "text": "But let's take it a step forward. The"}, {"end": "00:12:30", "start": "00:12:26", "text": "base case, not conservative, but maybe"}, {"end": "00:12:33", "start": "00:12:28", "text": "something more realistic. What if Black"}, {"end": "00:12:37", "start": "00:12:30", "text": "Rockck backs 50% of that pilot program"}, {"end": "00:12:41", "start": "00:12:33", "text": "in XRP? That's $290 billion. And the"}, {"end": "00:12:44", "start": "00:12:37", "text": "math comes out to about $4.90"}, {"end": "00:12:46", "start": "00:12:41", "text": "extra per coin. Stacking that on top of"}, {"end": "00:12:49", "start": "00:12:44", "text": "today's price would put it at roughly"}, {"end": "00:12:51", "start": "00:12:46", "text": "$89. But now, let's imagine a dream case"}, {"end": "00:12:56", "start": "00:12:49", "text": "scenario. Let's say the rumors are true"}, {"end": "00:12:58", "start": "00:12:51", "text": "and they put 100% of that $580 billion"}, {"end": "00:13:01", "start": "00:12:56", "text": "pilot program and they fill it with XRP"}, {"end": "00:13:04", "start": "00:12:58", "text": "demand. That would imply an additional"}, {"end": "00:13:06", "start": "00:13:01", "text": "$9.80 per token. Layer that on top of"}, {"end": "00:13:10", "start": "00:13:04", "text": "today's 319 and you land somewhere"}, {"end": "00:13:13", "start": "00:13:06", "text": "around $13 per coin. Now, keep in mind"}, {"end": "00:13:16", "start": "00:13:10", "text": "this is just institutional tokenization"}, {"end": "00:13:19", "start": "00:13:13", "text": "demand, which alone pushes it between $5"}, {"end": "00:13:22", "start": "00:13:16", "text": "to $13. When you then factor in"}, {"end": "00:13:25", "start": "00:13:19", "text": "continued ETF inflows from Canada, the"}, {"end": "00:13:27", "start": "00:13:22", "text": "potential approval of US ETFs, growing"}, {"end": "00:13:30", "start": "00:13:25", "text": "real USD powered ODL volume under the"}, {"end": "00:13:33", "start": "00:13:27", "text": "Genius Act, and onchain accumulation by"}, {"end": "00:13:35", "start": "00:13:30", "text": "Wales and other investors, the potential"}, {"end": "00:13:37", "start": "00:13:33", "text": "of other bank partnerships, and even"}, {"end": "00:13:40", "start": "00:13:35", "text": "getting their own banking license, and"}, {"end": "00:13:41", "start": "00:13:37", "text": "you can see that the path could be much,"}, {"end": "00:13:43", "start": "00:13:40", "text": "much higher. But having said all that,"}, {"end": "00:13:45", "start": "00:13:41", "text": "this is where I want to balance out the"}, {"end": "00:13:47", "start": "00:13:43", "text": "rest of this video's excitement with"}, {"end": "00:13:49", "start": "00:13:45", "text": "bringing it back to reality. Because a"}, {"end": "00:13:51", "start": "00:13:47", "text": "lot of times in crypto, we're"}, {"end": "00:13:53", "start": "00:13:49", "text": "effectively placing a bet that"}, {"end": "00:13:56", "start": "00:13:51", "text": "everything from here on out will play"}, {"end": "00:13:59", "start": "00:13:53", "text": "out exactly as we hope it will. And in"}, {"end": "00:14:00", "start": "00:13:56", "text": "crypto, that rarely ever happens. And"}, {"end": "00:14:03", "start": "00:13:59", "text": "there are some risks that you should be"}, {"end": "00:14:05", "start": "00:14:00", "text": "aware of. And the first risk is this"}, {"end": "00:14:07", "start": "00:14:03", "text": "video and listening to price"}, {"end": "00:14:11", "start": "00:14:05", "text": "predictions. I've seen price predictions"}, {"end": "00:14:13", "start": "00:14:07", "text": "as high as $2,000 by 2026, which I think"}, {"end": "00:14:16", "start": "00:14:11", "text": "is just super unrealistic. That would"}, {"end": "00:14:18", "start": "00:14:13", "text": "mean the market cap would exceed $100"}, {"end": "00:14:21", "start": "00:14:16", "text": "trillion, which would make it about as"}, {"end": "00:14:23", "start": "00:14:18", "text": "big as the stock market of the entire"}, {"end": "00:14:26", "start": "00:14:21", "text": "world. Now, I know that market caps are"}, {"end": "00:14:28", "start": "00:14:23", "text": "not as directly applicable to settlement"}, {"end": "00:14:30", "start": "00:14:26", "text": "layers and network effects, but there is"}, {"end": "00:14:33", "start": "00:14:28", "text": "still some logic there. So, please don't"}, {"end": "00:14:34", "start": "00:14:30", "text": "listen to price predictions and always"}, {"end": "00:14:37", "start": "00:14:33", "text": "consider the risks. Like another major"}, {"end": "00:14:39", "start": "00:14:34", "text": "risk, for example, is that the XRP"}, {"end": "00:14:42", "start": "00:14:37", "text": "ledger might never become the go-to"}, {"end": "00:14:45", "start": "00:14:39", "text": "platform for tokenization on the scale"}, {"end": "00:14:47", "start": "00:14:42", "text": "that we'd like it to. Take Robin Hood"}, {"end": "00:14:50", "start": "00:14:45", "text": "for example. They are using two"}, {"end": "00:14:51", "start": "00:14:47", "text": "blockchains for their tokenized assets,"}, {"end": "00:14:54", "start": "00:14:50", "text": "Arbitum, and their own layer 2"}, {"end": "00:14:56", "start": "00:14:51", "text": "blockchain that is based on Ethereum."}, {"end": "00:14:58", "start": "00:14:54", "text": "Now, that's Robin Hood. They are not"}, {"end": "00:15:01", "start": "00:14:56", "text": "crypto experts. It might have even made"}, {"end": "00:15:03", "start": "00:14:58", "text": "more sense for them to partner with the"}, {"end": "00:15:05", "start": "00:15:01", "text": "real experts, but they still opted to"}, {"end": "00:15:09", "start": "00:15:03", "text": "build their own system instead of"}, {"end": "00:15:11", "start": "00:15:05", "text": "outsourcing to a third party to trust."}, {"end": "00:15:14", "start": "00:15:09", "text": "Now then ask yourself this question. Why"}, {"end": "00:15:16", "start": "00:15:11", "text": "would a giant like Black Rockck partner"}, {"end": "00:15:18", "start": "00:15:14", "text": "with anyone when it could just spin up"}, {"end": "00:15:21", "start": "00:15:16", "text": "its own ledger and keep every layer"}, {"end": "00:15:23", "start": "00:15:18", "text": "under its own control? Institutions"}, {"end": "00:15:27", "start": "00:15:21", "text": "prefer full ownership of their rails"}, {"end": "00:15:28", "start": "00:15:23", "text": "rather than using a third party. So that"}, {"end": "00:15:31", "start": "00:15:27", "text": "Black Rockck pilot program we talked"}, {"end": "00:15:33", "start": "00:15:28", "text": "about could end up on another custom"}, {"end": "00:15:36", "start": "00:15:31", "text": "blockchain of their own instead of the"}, {"end": "00:15:38", "start": "00:15:33", "text": "XRPL. So yes, all of this is possible,"}, {"end": "00:15:40", "start": "00:15:36", "text": "but as of right now, I think it's highly"}, {"end": "00:15:42", "start": "00:15:38", "text": "improbable. But here's another major"}, {"end": "00:15:44", "start": "00:15:40", "text": "risk to consider. Put yourself in the"}, {"end": "00:15:46", "start": "00:15:42", "text": "shoes of a central bank or a country."}, {"end": "00:15:49", "start": "00:15:44", "text": "Let's say you want to move a billion"}, {"end": "00:15:51", "start": "00:15:46", "text": "dollars of a tokenized commodity to"}, {"end": "00:15:54", "start": "00:15:49", "text": "another country, whatever it is, whether"}, {"end": "00:15:55", "start": "00:15:51", "text": "it's wheat, oil, or gold, right? Why on"}, {"end": "00:15:57", "start": "00:15:54", "text": "earth would you want to use any"}, {"end": "00:16:00", "start": "00:15:55", "text": "cryptocurrency of any kind when they"}, {"end": "00:16:02", "start": "00:15:57", "text": "swing 10% in a day? If you're sending a"}, {"end": "00:16:04", "start": "00:16:00", "text": "billion dollars to the United States,"}, {"end": "00:16:07", "start": "00:16:02", "text": "they better receive a billion dollars"}, {"end": "00:16:09", "start": "00:16:04", "text": "and not a penny less. And that's exactly"}, {"end": "00:16:13", "start": "00:16:07", "text": "why stable coins will dominate that"}, {"end": "00:16:15", "start": "00:16:09", "text": "space. And Ripple's real USD stable coin"}, {"end": "00:16:18", "start": "00:16:13", "text": "or another governmentissued one will do"}, {"end": "00:16:20", "start": "00:16:15", "text": "those transfers instead of any"}, {"end": "00:16:22", "start": "00:16:18", "text": "cryptocurrency. Now, that might still be"}, {"end": "00:16:24", "start": "00:16:20", "text": "good for Ripple the company, but time"}, {"end": "00:16:27", "start": "00:16:22", "text": "will tell if it's any good for XRP, the"}, {"end": "00:16:29", "start": "00:16:24", "text": "cryptocurrency, and therefore XRP"}, {"end": "00:16:31", "start": "00:16:27", "text": "investors. There's a very big difference"}, {"end": "00:16:34", "start": "00:16:29", "text": "between the two. And even though there's"}, {"end": "00:16:37", "start": "00:16:31", "text": "no denying that Ripple has built a very"}, {"end": "00:16:40", "start": "00:16:34", "text": "valuable rail system, how it's going to"}, {"end": "00:16:43", "start": "00:16:37", "text": "translate to the cryptocurrency has yet"}, {"end": "00:16:47", "start": "00:16:40", "text": "to be proven. So, anytime you hear"}, {"end": "00:16:49", "start": "00:16:43", "text": "predictions of $100 or $1,000, yes, it's"}, {"end": "00:16:51", "start": "00:16:47", "text": "possible. But in order to get there, we"}, {"end": "00:16:53", "start": "00:16:49", "text": "need a lot of assumptions to come true."}, {"end": "00:16:55", "start": "00:16:51", "text": "And then on top of those assumptions, we"}, {"end": "00:16:58", "start": "00:16:53", "text": "need to layer another 10. In contrast to"}, {"end": "00:17:01", "start": "00:16:55", "text": "Bitcoin, for example, now that it's over"}, {"end": "00:17:03", "start": "00:16:58", "text": "$100,000, that's only about 8 to 10x"}, {"end": "00:17:05", "start": "00:17:01", "text": "away from a million, which is still an"}, {"end": "00:17:07", "start": "00:17:03", "text": "amazing return, but it's not the same"}, {"end": "00:17:09", "start": "00:17:05", "text": "money maker back when it was just"}, {"end": "00:17:10", "start": "00:17:07", "text": "$1,000."}, {"end": "00:17:13", "start": "00:17:09", "text": "There was a much bigger opportunity back"}, {"end": "00:17:15", "start": "00:17:10", "text": "then because there were more assumptions"}, {"end": "00:17:17", "start": "00:17:13", "text": "that had not come true just yet. But now"}, {"end": "00:17:19", "start": "00:17:15", "text": "that there are less of them on Bitcoin,"}, {"end": "00:17:21", "start": "00:17:17", "text": "the reward has been compressed. Don't"}, {"end": "00:17:23", "start": "00:17:19", "text": "get me wrong though, even Bitcoin has"}, {"end": "00:17:26", "start": "00:17:21", "text": "its mythical narratives about how it's"}, {"end": "00:17:28", "start": "00:17:23", "text": "going to demonetize global assets and"}, {"end": "00:17:31", "start": "00:17:26", "text": "eventually become the base reserve"}, {"end": "00:17:33", "start": "00:17:28", "text": "currency of the future when AI is going"}, {"end": "00:17:36", "start": "00:17:31", "text": "to take over the world and it'll be 13"}, {"end": "00:17:37", "start": "00:17:33", "text": "million a coin by 2040. Now, that's cool"}, {"end": "00:17:39", "start": "00:17:36", "text": "if it's going to happen, but there's a"}, {"end": "00:17:41", "start": "00:17:37", "text": "lot more assumptions that need to come"}, {"end": "00:17:44", "start": "00:17:39", "text": "true first. Which is why it's nowhere"}, {"end": "00:17:46", "start": "00:17:41", "text": "near where people think it will be right"}, {"end": "00:17:48", "start": "00:17:44", "text": "now. That's why, as much as I believe"}, {"end": "00:17:50", "start": "00:17:46", "text": "and invest in this stuff, even Bitcoin"}, {"end": "00:17:53", "start": "00:17:48", "text": "for me is no more than 20 to 30% of my"}, {"end": "00:17:55", "start": "00:17:50", "text": "net worth. It's something, but it's not"}, {"end": "00:17:57", "start": "00:17:53", "text": "everything because I try not to treat"}, {"end": "00:17:59", "start": "00:17:55", "text": "investing like I'm rooting for a sports"}, {"end": "00:18:01", "start": "00:17:57", "text": "team. But here's arguably the most"}, {"end": "00:18:03", "start": "00:17:59", "text": "important takeaway, and it's a lesson"}, {"end": "00:18:06", "start": "00:18:01", "text": "that I learned from making a very big"}, {"end": "00:18:09", "start": "00:18:03", "text": "mistake. Keep in mind this is like 2017,"}, {"end": "00:18:11", "start": "00:18:06", "text": "Andre. But I once put a big part of my"}, {"end": "00:18:15", "start": "00:18:09", "text": "savings into a cryptocurrency I thought"}, {"end": "00:18:17", "start": "00:18:11", "text": "would a,000x and it never did because of"}, {"end": "00:18:20", "start": "00:18:15", "text": "of course it didn't. So I lost a huge"}, {"end": "00:18:23", "start": "00:18:17", "text": "chunk of money chasing that home run."}, {"end": "00:18:26", "start": "00:18:20", "text": "But looking back at it though, I realize"}, {"end": "00:18:29", "start": "00:18:23", "text": "now that I only needed to invest just"}, {"end": "00:18:31", "start": "00:18:26", "text": "enough that if the story came true, I"}, {"end": "00:18:34", "start": "00:18:29", "text": "could turn my savings into a million"}, {"end": "00:18:37", "start": "00:18:31", "text": "dollars. life-changing money, but not"}, {"end": "00:18:40", "start": "00:18:34", "text": "life ruining if it failed. Because think"}, {"end": "00:18:43", "start": "00:18:37", "text": "about it, missing out on the profits"}, {"end": "00:18:46", "start": "00:18:40", "text": "from a million to $5 million or from 5"}, {"end": "00:18:49", "start": "00:18:43", "text": "million to 10 million, it's not a huge"}, {"end": "00:18:52", "start": "00:18:46", "text": "lifestyle upgrade. But the downside of"}, {"end": "00:18:55", "start": "00:18:49", "text": "losing my entire savings could be"}, {"end": "00:18:58", "start": "00:18:52", "text": "catastrophic. That asymmetry is the key."}, {"end": "00:19:00", "start": "00:18:55", "text": "It's so counterintuitive, but big"}, {"end": "00:19:03", "start": "00:18:58", "text": "upsides don't require risking"}, {"end": "00:19:05", "start": "00:19:00", "text": "everything. In fact, they require"}, {"end": "00:19:07", "start": "00:19:03", "text": "risking less. Now, I'm not saying don't"}, {"end": "00:19:10", "start": "00:19:05", "text": "chase your dreams. Crypto is where a lot"}, {"end": "00:19:12", "start": "00:19:07", "text": "of money can obviously be made. Just"}, {"end": "00:19:14", "start": "00:19:10", "text": "don't mortgage your house to do it or"}, {"end": "00:19:16", "start": "00:19:12", "text": "use up all your savings. And if you come"}, {"end": "00:19:18", "start": "00:19:14", "text": "across a video with a million views"}, {"end": "00:19:20", "start": "00:19:16", "text": "predicting something and it's exciting,"}, {"end": "00:19:22", "start": "00:19:18", "text": "please do your own research first. Make"}, {"end": "00:19:24", "start": "00:19:20", "text": "small, smart bets, diversify, and only"}, {"end": "00:19:26", "start": "00:19:22", "text": "risk what you can afford to lose. So,"}, {"end": "00:19:28", "start": "00:19:24", "text": "smash that like button if this made"}, {"end": "00:19:29", "start": "00:19:26", "text": "sense to you. Subscribe if you haven't"}, {"end": "00:19:34", "start": "00:19:28", "text": "already. I'd love to see you back here"}, {"end": "00:19:34", "start": "00:19:29", "text": "next week. I'll see you soon. Bye-bye."}]

[{"start":"00:00:00","end":"00:00:04","text":"And what if I told you that on June 21, 2025, while the world slept, a military operation was executed"},{"start":"00:00:04","end":"00:00:08","text":"to deactivate a nuclear threat, but for some reason,"},{"start":"00:00:08","end":"00:00:13","text":"25% of the Bitcoin network's computational power instantly collapsed."},{"start":"00:00:13","end":"00:00:16","text":"Worldwide. What you're about to discover in this video is not just a the-"},{"start":"00:00:16","end":"00:00:21","text":"ory, these are documented facts, correlations impossible to ignore, and a truth that"},{"start":"00:00:21","end":"00:00:25","text":"those who know it don't want you to discover. My name is Ivan Prats, and today we are going to unravel"},{"start":"00:00:25","end":"00:00:30","text":"how the United States-Israel's Operation Midnight Hammer revealed something much deeper"},{"start":"00:00:30","end":"00:00:32","text":"than a simple coincidence."},{"start":"00:00:32","end":"00:00:40","text":"While Americans were sleeping, seven B-2 Spirit stealth bombers took off"},{"start":"00:00:40","end":"00:00:45","text":"in complete silence. Their cargo: nearly 14-ton bunker-buster bombs designed to"},{"start":"00:00:45","end":"00:00:51","text":"destroy bunkers 100 meters underground. The targets: Fordow, Natanz, and Isfahan."},{"start":"00:00:51","end":"00:00:54","text":"Three names that would mean little to the average citizen, but which hide Iran's"},{"start":"00:00:54","end":"00:00:59","text":"best-kept secret. Trump declared on the same night of the attack that Iran's nuclear facilities"},{"start":"00:00:59","end":"00:01:03","text":"had been completely destroyed. But here's the strange part:"},{"start":"00:01:03","end":"00:01:06","text":"exactly 70 minutes after the announcement, something unthinkable happened."},{"start":"00:01:06","end":"00:01:11","text":"The global hash rate of Bitcoin, which is the measure of the total computational power of the Bitcoin blockchain,"},{"start":"00:01:11","end":"00:01:14","text":"began to collapse, and this was not a gradual drop in terms of percentage"},{"start":"00:01:14","end":"00:01:17","text":"nor in terms of timing. This type of drop is usually common during the months"},{"start":"00:01:17","end":"00:01:22","text":"of the halving, which was in '24. This was not a normal fluctuation at all, where"},{"start":"00:01:22","end":"00:01:28","text":"a catastrophic 25% of the hash rate collapsed. 224 exahashes per second, disappeared."},{"start":"00:01:28","end":"00:01:31","text":"As if someone had turned off a quarter of all the computers in the world"},{"start":"00:01:31","end":"00:01:35","text":"mining Bitcoin. Coincidence? Perhaps, but get ready, because this story is just"},{"start":"00:01:35","end":"00:01:36","text":"beginning."},{"start":"00:01:36","end":"00:01:39","text":"To understand all this, we must first go back to March of this same year."},{"start":"00:01:39","end":"00:01:43","text":"Tulsi Gabbard, Donald Trump's new Director of National Intelligence, appeared before"},{"start":"00:01:43","end":"00:01:45","text":"Congress, and her testimony was categorical."},{"start":"00:01:45","end":"00:01:50","text":"Iran is not building weapons or created them; the program was suspended in '23 and has not been active for"},{"start":"00:01:50","end":"00:01:55","text":"a long time. 18 intelligence agencies, a unanimous consensus: Iran had enriched uranium,"},{"start":"00:01:55","end":"00:01:59","text":"but no active weapons program. So why attack nuclear facilities"},{"start":"00:01:59","end":"00:02:04","text":"that supposedly didn't pose a threat? On June 17, just four"},{"start":"00:02:04","end":"00:02:08","text":"days before the attack, Trump publicly contradicted his own intelligence director."},{"start":"00:02:08","end":"00:02:11","text":"\"I don't care what she says,\" the American president declared. Did Trump"},{"start":"00:02:11","end":"00:02:15","text":"know something his own country's intelligence didn't? Or was there another objective"},{"start":"00:02:15","end":"00:02:17","text":"in those facilities that they didn't want the public to know about?"},{"start":"00:02:18","end":"00:02:20","text":"Pay attention, because here's where the story gets fascinating."},{"start":"00:02:20","end":"00:02:23","text":"The same nuclear facilities attacked:"},{"start":"00:02:23","end":"00:02:28","text":"Fordow, buried 100 meters under a mountain; Natanz, Iran's largest enrichment complex;"},{"start":"00:02:28","end":"00:02:32","text":"and Isfahan, the nuclear conversion plant, shared something more than uranium;"},{"start":"00:02:32","end":"00:02:36","text":"they shared an electrical grid, a network that powered not only centrifuges, but something"},{"start":"00:02:36","end":"00:02:39","text":"much more lucrative. Documents from the National Council of Resistance"},{"start":"00:02:39","end":"00:02:43","text":"of Iran reveal that the Revolutionary Guard Corps controlled two-thirds"},{"start":"00:02:43","end":"00:02:47","text":"of Bitcoin mining devices as well, an operation that consumed 2000 megawatts"},{"start":"00:02:47","end":"00:02:50","text":"daily. And do you know the price of electricity at these facilities?"},{"start":"00:02:50","end":"00:02:56","text":"0.002 dollars per kilowatt-hour, it's the cheapest cost on the entire planet."},{"start":"00:02:56","end":"00:02:58","text":"Are you starting to see the connection, or is this going to get even more interesting?"},{"start":"00:03:04","end":"00:03:08","text":"The first missiles impacted. At that exact moment, Bitcoin's hash rate registered its first"},{"start":"00:03:08","end":"00:03:12","text":"drop: 50 exahashes disappeared in just 60 minutes."},{"start":"00:03:12","end":"00:03:17","text":"Analysts from Glassnode confirmed it. The network dropped from almost 1000 exahashes per second to barely 700,"},{"start":"00:03:17","end":"00:03:20","text":"but here's the data that will make your blood run cold: Iran only controlled, according to"},{"start":"00:03:20","end":"00:03:26","text":"official public data, 3.1% of the global hash rate, approximately 28.5 exahashes."},{"start":"00:03:26","end":"00:03:31","text":"However, the drop was 274. How can 3% cause a 25% drop,"},{"start":"00:03:31","end":"00:03:36","text":"unless those nuclear facilities were not the only ones connected to the network?"},{"start":"00:03:36","end":"00:03:40","text":"Official reports speak of significant damage to Natanz, where 15,000 centrifuges"},{"start":"00:03:40","end":"00:03:44","text":"were left without electricity, but leaked intelligence reports tell another story."},{"start":"00:03:44","end":"00:03:49","text":"Later assessments admitted that the nuclear program was only delayed by a few months,"},{"start":"00:03:49","end":"00:03:54","text":"at most. They spent 75 missiles and 7 B-2 bombers for a delay of only a few"},{"start":"00:03:54","end":"00:03:55","text":"months?"},{"start":"00:03:55","end":"00:03:58","text":"If you study a bit of history between Iran and the West, you realize that the news outlets"},{"start":"00:03:58","end":"00:04:03","text":"have been saying that Iran is about to have a nuclear bomb since the 80s."},{"start":"00:04:03","end":"00:04:07","text":"More than 40 years have passed, and the nuclear bomb has never arrived. Is that strange?"},{"start":"00:04:07","end":"00:04:10","text":"The truth is yes, because it is. Rumors are already circulating online that the real objective"},{"start":"00:04:10","end":"00:04:15","text":"was in the basements, in the hidden mining farms, under the pretext of nuclear research,"},{"start":"00:04:15","end":"00:04:19","text":"operations that generated billions of dollars annually for the Iranian regime."},{"start":"00:04:19","end":"00:04:20","text":"Iranian."},{"start":"00:04:20","end":"00:04:23","text":"Bitcoin allowed them to evade sanctions, finance operations, and move outside the international banking"},{"start":"00:04:23","end":"00:04:28","text":"banking system, very lucrative farms that on June 21, someone decided to shut down."},{"start":"00:04:28","end":"00:04:32","text":"Coincidentally, this hash rate collapse benefited American miners."},{"start":"00:04:32","end":"00:04:36","text":"Foundry USA, based in New York, saw its market share increase while"},{"start":"00:04:36","end":"00:04:39","text":"miners in the Middle East disconnected."},{"start":"00:04:39","end":"00:04:43","text":"The 7 Bitcoin ETFs registered inflows of more than 1.5 billion during the recovery"},{"start":"00:04:43","end":"00:04:47","text":"in the same days of the military operation by Israel and the United States. Who buys"},{"start":"00:04:47","end":"00:04:50","text":"during a crisis? You can be sure the average citizen doesn't. Those who do"},{"start":"00:04:50","end":"00:04:52","text":"are those who know what's coming next."},{"start":"00:04:52","end":"00:04:56","text":"All this shows a connection that I myself cannot decipher, it's as if a piece of the puzzle is missing."},{"start":"00:04:56","end":"00:04:57","text":"is missing."},{"start":"00:04:57","end":"00:05:01","text":"Trump, the pro-crypto president; Gabbard, the intelligence director contradicting the official narrative;"},{"start":"00:05:01","end":"00:05:06","text":"the surgical attacks that coincidentally destroyed the electrical infrastructure,"},{"start":"00:05:06","end":"00:05:10","text":"but didn't quite dismantle the nuclear program. If Iran wasn't building weapons,"},{"start":"00:05:10","end":"00:05:13","text":"if the real objective was Bitcoin, if all this was planned, what else are they not"},{"start":"00:05:13","end":"00:05:14","text":"telling us?"},{"start":"00:05:14","end":"00:05:18","text":"On the last day of the conflict, June 23, Iran responded by attacking US bases,"},{"start":"00:05:18","end":"00:05:22","text":"but Trump declared on social media that he was warned before they did it, and that"},{"start":"00:05:22","end":"00:05:27","text":"no missile actually hit causing damage or casualties, as if there had been some kind of"},{"start":"00:05:27","end":"00:05:28","text":"prior agreement."},{"start":"00:05:28","end":"00:05:31","text":"A few hours later, Trump declared a ceasefire agreed upon by all involved,"},{"start":"00:05:31","end":"00:05:36","text":"ending the conflict. What we witnessed between June 21 and 23 was not just"},{"start":"00:05:36","end":"00:05:40","text":"a military attack; it was potentially the first cryptogeopolitical war in history."},{"start":"00:05:40","end":"00:05:44","text":"A war where bombs don't just destroy bunkers, but computational networks, where"},{"start":"00:05:44","end":"00:05:48","text":"power isn't just measured in megatons, but in exahashes, and here's the part that"},{"start":"00:05:48","end":"00:05:50","text":"should resonate with you: if they can do this with Bitcoin,"},{"start":"00:05:50","end":"00:05:51","text":"what else can they control?"},{"start":"00:05:51","end":"00:05:55","text":"Your digital money, your transactions, your financial future. Where is it all connected?"},{"start":"00:05:55","end":"00:05:56","text":"Everything traceable, everything vulnerable."},{"start":"00:05:56","end":"00:05:59","text":"Operation Midnight Hammer was not the end; it was the beginning."},{"start":"00:05:59","end":"00:06:02","text":"It's the moment when the wars of the future showed their true face, and now that"},{"start":"00:06:02","end":"00:06:04","text":"you know the truth, the question is: what are you going to do with it?"},{"start":"00:06:04","end":"00:06:07","text":"If this video opened your eyes or at least made you think, share it, because"},{"start":"00:06:07","end":"00:06:09","text":"knowledge is the only weapon we have left."},{"start":"00:06:09","end":"00:06:13","text":"Subscribe for more investigations they don't want you to see, hit the bell icon, and remember,"},{"start":"00:06:13","end":"00:06:18","text":"in the world of power, there are no coincidences, only conspiracies that will eventually cease to be so."}]

[{"end": "00:00:04", "start": "00:00:00", "text": "I haven't talked to a lot of people in"}, {"end": "00:00:07", "start": "00:00:02", "text": "finance who like Bitcoin it's a"}, {"end": "00:00:10", "start": "00:00:04", "text": "legitimate asset class it's a version of"}, {"end": "00:00:12", "start": "00:00:07", "text": "digital gold does it concern you at all"}, {"end": "00:00:16", "start": "00:00:10", "text": "that nobody really knows who created it"}, {"end": "00:00:18", "start": "00:00:12", "text": "does it concern me no because to date"}, {"end": "00:00:20", "start": "00:00:16", "text": "Bitcoin you know it's been what a decade"}, {"end": "00:00:24", "start": "00:00:18", "text": "and it's still working just fine how"}, {"end": "00:00:24", "start": "00:00:20", "text": "would blockchain improve the"}, {"end": "00:00:31", "start": "00:00:25", "text": "world what is web"}, {"end": "00:00:36", "start": "00:00:28", "text": "3 well I alluded to uh what I alluded to"}, {"end": "00:00:41", "start": "00:00:31", "text": "earlier uh web3 is decentralized"}, {"end": "00:00:43", "start": "00:00:36", "text": "finance so in simplistic terms"}, {"end": "00:00:44", "start": "00:00:41", "text": "centralized finances everything is at a"}, {"end": "00:00:47", "start": "00:00:43", "text": "central server central"}, {"end": "00:00:52", "start": "00:00:44", "text": "location visa for example has something"}, {"end": "00:00:55", "start": "00:00:47", "text": "called Visa net it is gigantic uh so"}, {"end": "00:00:58", "start": "00:00:52", "text": "it's in it's in the DC area think of"}, {"end": "00:01:01", "start": "00:00:55", "text": "think of a like football fields of"}, {"end": "00:01:05", "start": "00:00:58", "text": "servers that are processing"}, {"end": "00:01:08", "start": "00:01:01", "text": "uh my credit card transaction at"}, {"end": "00:01:10", "start": "00:01:05", "text": "Walgreens or CV whatever uh and so it's"}, {"end": "00:01:13", "start": "00:01:08", "text": "saying Eric is Eric Walgreens is"}, {"end": "00:01:15", "start": "00:01:10", "text": "Walgreens and they're matching these"}, {"end": "00:01:17", "start": "00:01:13", "text": "transactions they're doing using know"}, {"end": "00:01:19", "start": "00:01:15", "text": "your client they're they're making sure"}, {"end": "00:01:22", "start": "00:01:17", "text": "that I have enough credit in my account"}, {"end": "00:01:23", "start": "00:01:19", "text": "to pay that Walgreens is you know so"}, {"end": "00:01:26", "start": "00:01:22", "text": "there's a lot of stuff happening in all"}, {"end": "00:01:28", "start": "00:01:23", "text": "these servers in a centralized location"}, {"end": "00:01:30", "start": "00:01:26", "text": "right check"}, {"end": "00:01:32", "start": "00:01:28", "text": "centralized decentralized imagine"}, {"end": "00:01:35", "start": "00:01:30", "text": "imagine that server"}, {"end": "00:01:36", "start": "00:01:32", "text": "Farm uh what's the right word atomized"}, {"end": "00:01:38", "start": "00:01:35", "text": "uh uh"}, {"end": "00:01:42", "start": "00:01:36", "text": "dispersed along a lot of different"}, {"end": "00:01:44", "start": "00:01:38", "text": "servers everywhere and so my transaction"}, {"end": "00:01:46", "start": "00:01:42", "text": "is not going to a central place it's"}, {"end": "00:01:49", "start": "00:01:44", "text": "bouncing that same transaction is"}, {"end": "00:01:51", "start": "00:01:46", "text": "bouncing upon a lot of different servers"}, {"end": "00:01:53", "start": "00:01:49", "text": "okay so this is only"}, {"end": "00:01:56", "start": "00:01:51", "text": "finance well I mean you can do"}, {"end": "00:01:58", "start": "00:01:53", "text": "decentralized identity right let's"}, {"end": "00:02:02", "start": "00:01:56", "text": "assume at some point you know you're"}, {"end": "00:02:04", "start": "00:01:58", "text": "going to have a a p passport uh an"}, {"end": "00:02:09", "start": "00:02:02", "text": "electronic version of a passport you can"}, {"end": "00:02:12", "start": "00:02:04", "text": "do decentralized identity where uh"}, {"end": "00:02:14", "start": "00:02:09", "text": "your all of your information resides in"}, {"end": "00:02:16", "start": "00:02:12", "text": "lots of different computers"}, {"end": "00:02:20", "start": "00:02:14", "text": "everywhere uh you can decentralize lots"}, {"end": "00:02:23", "start": "00:02:16", "text": "of things but so is it a new"}, {"end": "00:02:27", "start": "00:02:20", "text": "internet it's a it's a new way"}, {"end": "00:02:29", "start": "00:02:23", "text": "of it's a new way of of transacting"}, {"end": "00:02:33", "start": "00:02:27", "text": "between people or between entities or"}, {"end": "00:02:36", "start": "00:02:29", "text": "between institutions yeah"}, {"end": "00:02:38", "start": "00:02:33", "text": "okay um where the transaction eliminates"}, {"end": "00:02:40", "start": "00:02:36", "text": "the"}, {"end": "00:02:42", "start": "00:02:38", "text": "middleman that's super simplistic there"}, {"end": "00:02:44", "start": "00:02:40", "text": "are there you can we can really go into"}, {"end": "00:02:47", "start": "00:02:42", "text": "the weeds and lots of different things"}, {"end": "00:02:51", "start": "00:02:44", "text": "but um getting too technical sometimes"}, {"end": "00:02:54", "start": "00:02:47", "text": "just people zone out MH but"}, {"end": "00:02:55", "start": "00:02:51", "text": "yeah and you can do it in a in a"}, {"end": "00:03:00", "start": "00:02:54", "text": "trustless"}, {"end": "00:03:03", "start": "00:02:55", "text": "environment uh so right now the Visa net"}, {"end": "00:03:05", "start": "00:03:00", "text": "exists this because um I'm a trusted"}, {"end": "00:03:08", "start": "00:03:03", "text": "agent in the system and Walgreens is a"}, {"end": "00:03:11", "start": "00:03:05", "text": "trusted agent in the system uh but in a"}, {"end": "00:03:13", "start": "00:03:08", "text": "world that you know in a trustless"}, {"end": "00:03:16", "start": "00:03:11", "text": "society you can decentralize a lot of"}, {"end": "00:03:18", "start": "00:03:13", "text": "stuff okay"}, {"end": "00:03:21", "start": "00:03:16", "text": "so hence the origin of Bitcoin I would"}, {"end": "00:03:24", "start": "00:03:18", "text": "encourage anybody who's listening to"}, {"end": "00:03:26", "start": "00:03:21", "text": "read the original Bitcoin white paper"}, {"end": "00:03:29", "start": "00:03:24", "text": "it's like eight or nine pages long but"}, {"end": "00:03:31", "start": "00:03:26", "text": "it lays it all out okay it's really good"}, {"end": "00:03:34", "start": "00:03:29", "text": "that's what started at"}, {"end": "00:03:40", "start": "00:03:31", "text": "all I wanted to we had a good discussion"}, {"end": "00:03:40", "start": "00:03:34", "text": "about Bitcoin last night sure and I"}, {"end": "00:03:51", "start": "00:03:40", "text": "was how do I say I was surprised to hear"}, {"end": "00:03:54", "start": "00:03:48", "text": "you seemingly Pro Bitcoin I haven't"}, {"end": "00:03:57", "start": "00:03:51", "text": "talked to a lot of people in finance who"}, {"end": "00:03:59", "start": "00:03:54", "text": "are who are who like"}, {"end": "00:04:02", "start": "00:03:57", "text": "Bitcoin why wouldn't it be it's an asset"}, {"end": "00:04:06", "start": "00:03:59", "text": "class like any other you can go jogging"}, {"end": "00:04:07", "start": "00:04:02", "text": "on the treadmill and watch uh CNBC and"}, {"end": "00:04:09", "start": "00:04:06", "text": "watch you know the stock tickers you"}, {"end": "00:04:11", "start": "00:04:07", "text": "know and you see the prices of gold and"}, {"end": "00:04:14", "start": "00:04:09", "text": "soybeans and and oh guess what Bitcoin"}, {"end": "00:04:17", "start": "00:04:11", "text": "is there it's a real asset class it's a"}, {"end": "00:04:23", "start": "00:04:14", "text": "legitimate asset class uh people are"}, {"end": "00:04:26", "start": "00:04:17", "text": "able to buy Bitcoin ETFs um and so it's"}, {"end": "00:04:30", "start": "00:04:23", "text": "really it's it's a version of digital"}, {"end": "00:04:30", "start": "00:04:26", "text": "gold mhm uh so it's an asset class that"}, {"end": "00:04:33", "start": "00:04:30", "text": "that"}, {"end": "00:04:37", "start": "00:04:30", "text": "um Rises and Falls like any other you"}, {"end": "00:04:40", "start": "00:04:33", "text": "know commodity uh but it's it's a"}, {"end": "00:04:42", "start": "00:04:37", "text": "perfectly legitimate asset class does it"}, {"end": "00:04:45", "start": "00:04:40", "text": "does it concern you at all that nobody"}, {"end": "00:04:45", "start": "00:04:42", "text": "really knows who created"}, {"end": "00:04:52", "start": "00:04:46", "text": "it"}, {"end": "00:04:54", "start": "00:04:48", "text": "um does it concern me no because to date"}, {"end": "00:04:58", "start": "00:04:52", "text": "Bitcoin you know it's been what a decade"}, {"end": "00:05:00", "start": "00:04:54", "text": "and it's still working just fine okay uh"}, {"end": "00:05:02", "start": "00:04:58", "text": "and while there have been hiccups along"}, {"end": "00:05:05", "start": "00:05:00", "text": "the way the hiccups haven't been related"}, {"end": "00:05:08", "start": "00:05:02", "text": "to the Bitcoin architecture"}, {"end": "00:05:10", "start": "00:05:05", "text": "itself the hacks that you hear about"}, {"end": "00:05:13", "start": "00:05:08", "text": "like Mount gaau which was a famous"}, {"end": "00:05:15", "start": "00:05:10", "text": "Exchange in Japan back in the day it's"}, {"end": "00:05:17", "start": "00:05:13", "text": "the exchange that got hacked it's kind"}, {"end": "00:05:18", "start": "00:05:15", "text": "of like saying you know the New York"}, {"end": "00:05:21", "start": "00:05:17", "text": "Stock Exchange got hacked therefore"}, {"end": "00:05:24", "start": "00:05:18", "text": "stocks I'm not going to buy stocks okay"}, {"end": "00:05:26", "start": "00:05:21", "text": "but no the you know you know Bitcoin"}, {"end": "00:05:29", "start": "00:05:24", "text": "itself has maintained its Integrity for"}, {"end": "00:05:34", "start": "00:05:26", "text": "a decade because the architecture was"}, {"end": "00:05:36", "start": "00:05:29", "text": "genius how would blockchain improve the"}, {"end": "00:05:37", "start": "00:05:34", "text": "world well there's a there's a"}, {"end": "00:05:42", "start": "00:05:36", "text": "philosophy that I alluded to earlier"}, {"end": "00:05:44", "start": "00:05:37", "text": "this life after uh Google book uh who"}, {"end": "00:05:47", "start": "00:05:42", "text": "this guy posits"}, {"end": "00:05:48", "start": "00:05:44", "text": "that there's a world of centralized"}, {"end": "00:05:51", "start": "00:05:47", "text": "everything and the world have"}, {"end": "00:05:53", "start": "00:05:48", "text": "decentralized everything in the world of"}, {"end": "00:05:56", "start": "00:05:51", "text": "centralized everything you have a single"}, {"end": "00:05:58", "start": "00:05:53", "text": "point of failure and a single point of"}, {"end": "00:06:02", "start": "00:05:56", "text": "corruption in other words let's assume"}, {"end": "00:06:04", "start": "00:05:58", "text": "you're doing National IDs for a given"}, {"end": "00:06:07", "start": "00:06:02", "text": "country in a centralized"}, {"end": "00:06:09", "start": "00:06:04", "text": "place if the servers go down or an"}, {"end": "00:06:12", "start": "00:06:07", "text": "asteroid hits the server Farm whatever"}, {"end": "00:06:14", "start": "00:06:09", "text": "you know um it's everything disappears"}, {"end": "00:06:16", "start": "00:06:12", "text": "that's a central point of failure"}, {"end": "00:06:18", "start": "00:06:14", "text": "central point of corruption could be"}, {"end": "00:06:22", "start": "00:06:16", "text": "well maybe they want to disappear"}, {"end": "00:06:25", "start": "00:06:18", "text": "somebody and erase them from the role"}, {"end": "00:06:29", "start": "00:06:22", "text": "the the the the records of of humanity"}, {"end": "00:06:31", "start": "00:06:25", "text": "you can do that and so decentralization"}, {"end": "00:06:33", "start": "00:06:29", "text": "means that the data lives in lots of"}, {"end": "00:06:35", "start": "00:06:31", "text": "different places and it can't be"}, {"end": "00:06:36", "start": "00:06:33", "text": "corrupted because if one server goes"}, {"end": "00:06:38", "start": "00:06:35", "text": "down the other server still holds that"}, {"end": "00:06:40", "start": "00:06:36", "text": "info and if that server goes down you"}, {"end": "00:06:43", "start": "00:06:38", "text": "know you have hundreds and thousands of"}, {"end": "00:06:49", "start": "00:06:40", "text": "servers in a decentralized way uh and"}, {"end": "00:06:51", "start": "00:06:43", "text": "you can then protect people from um from"}, {"end": "00:06:53", "start": "00:06:49", "text": "autocratic governments autocratic"}, {"end": "00:06:56", "start": "00:06:51", "text": "companies and I think that"}, {"end": "00:07:00", "start": "00:06:53", "text": "decentralization is the future"}, {"end": "00:07:02", "start": "00:06:56", "text": "for agency Freedom Liberty"}, {"end": "00:07:05", "start": "00:07:00", "text": "and individual autonomy that's my"}, {"end": "00:07:08", "start": "00:07:02", "text": "perspective and so if I can help at the"}, {"end": "00:07:09", "start": "00:07:05", "text": "World Bank to do that and it's if it's"}, {"end": "00:07:13", "start": "00:07:08", "text": "on a public blockchain everybody can see"}, {"end": "00:07:13", "start": "00:07:09", "text": "where the money goes it's"}, {"end": "00:07:20", "start": "00:07:13", "text": "phenomenal I would think you would get a"}, {"end": "00:07:24", "start": "00:07:15", "text": "lot of push back for that am I correct"}, {"end": "00:07:26", "start": "00:07:20", "text": "actually no um a lot of the"}, {"end": "00:07:28", "start": "00:07:24", "text": "countries uh that were getting World"}, {"end": "00:07:31", "start": "00:07:26", "text": "bank loans especially those that were"}, {"end": "00:07:33", "start": "00:07:28", "text": "led by uh folks that had an enlightened"}, {"end": "00:07:35", "start": "00:07:31", "text": "vision of what they wanted to do many"}, {"end": "00:07:38", "start": "00:07:33", "text": "leaders in Emerging Markets or"}, {"end": "00:07:41", "start": "00:07:35", "text": "developing countries they don't want uh"}, {"end": "00:07:43", "start": "00:07:38", "text": "to be corrupt uh the system around them"}, {"end": "00:07:45", "start": "00:07:41", "text": "is corrupt and there's a lot that they"}, {"end": "00:07:47", "start": "00:07:43", "text": "can't do about it because it's it's"}, {"end": "00:07:51", "start": "00:07:45", "text": "ingrained in the"}, {"end": "00:07:54", "start": "00:07:47", "text": "system so they welcome things like this"}, {"end": "00:07:56", "start": "00:07:51", "text": "because nobody campaigns in a given"}, {"end": "00:07:58", "start": "00:07:54", "text": "country saying I'm going to steal less"}, {"end": "00:08:00", "start": "00:07:56", "text": "than the last guy but I'm still going to"}, {"end": "00:08:01", "start": "00:07:58", "text": "steal he's going to campaign on that"}, {"end": "00:08:04", "start": "00:08:00", "text": "they're campaigning on honesty and"}, {"end": "00:08:06", "start": "00:08:01", "text": "integrity and good values uh and so"}, {"end": "00:08:09", "start": "00:08:04", "text": "there was a lot of receptivity from a"}, {"end": "00:08:10", "start": "00:08:06", "text": "number of of countries no matter where"}, {"end": "00:08:13", "start": "00:08:09", "text": "you're watching sha Ryan Show from if"}, {"end": "00:08:16", "start": "00:08:10", "text": "you get anything out of this please like"}, {"end": "00:08:19", "start": "00:08:13", "text": "comment subscribe and most importantly"}, {"end": "00:08:22", "start": "00:08:16", "text": "share this everywhere you possibly can"}, {"end": "00:08:25", "start": "00:08:19", "text": "and if you're feeling extra generous"}, {"end": "00:08:28", "start": "00:08:22", "text": "please leave us a review on Apple and"}, {"end": "00:08:28", "start": "00:08:25", "text": "Spotify podcasts"}]

[{"end": "00:00:04", "start": "00:00:02", "text": "Crypto may finally be going mainstream,"}, {"end": "00:00:07", "start": "00:00:04", "text": "spurred in part by the billion-dollar public debut"}, {"end": "00:00:10", "start": "00:00:07", "text": "of Circle, the issuer of stablecoin USDC,"}, {"end": "00:00:13", "start": "00:00:10", "text": "and the passage of the stablecoin legislation"}, {"end": "00:00:16", "start": "00:00:13", "text": "drafted by the Senate, dubbed the Genius Act."}, {"end": "00:00:18", "start": "00:00:16", "text": "The yays are 68, the nays are 30."}, {"end": "00:00:20", "start": "00:00:18", "text": "The bill, as amended, is passed."}, {"end": "00:00:23", "start": "00:00:21", "text": "Big finance players are getting in on the action."}, {"end": "00:00:26", "start": "00:00:24", "text": "Coinbase, which earns half of the revenue generated by"}, {"end": "00:00:29", "start": "00:00:26", "text": "USDC, launched a new partnership with payment"}, {"end": "00:00:33", "start": "00:00:29", "text": "platform Stripe and e-commerce giant Shopify to"}, {"end": "00:00:36", "start": "00:00:33", "text": "bring USDC payments to merchants around the world."}, {"end": "00:00:39", "start": "00:00:36", "text": "JPMorgan announced its own stablecoin-like product"}, {"end": "00:00:42", "start": "00:00:39", "text": "called JPMD. Payments firm Fiserv announced a"}, {"end": "00:00:45", "start": "00:00:42", "text": "stablecoin to pair with the 90 billion transactions that"}, {"end": "00:00:49", "start": "00:00:45", "text": "it processes every year, and even Walmart and Amazon"}, {"end": "00:00:52", "start": "00:00:49", "text": "are reportedly looking into their own tokens."}, {"end": "00:00:54", "start": "00:00:52", "text": "Treasury Secretary Scott Bessent says the launch of"}, {"end": "00:00:57", "start": "00:00:54", "text": "these dollar-pegged stablecoins could unlock a"}, {"end": "00:00:58", "start": "00:00:57", "text": "$2 trillion market."}, {"end": "00:01:01", "start": "00:00:58", "text": "We are a payments company, and we saw the potential of"}, {"end": "00:01:03", "start": "00:01:01", "text": "this technology to bring the next generation of payment"}, {"end": "00:01:06", "start": "00:01:03", "text": "rails. We didn't know whether it was going to play"}, {"end": "00:01:08", "start": "00:01:06", "text": "out or not, but it was absolutely too important for"}, {"end": "00:01:11", "start": "00:01:08", "text": "a payments company not to have a horse in the race."}, {"end": "00:01:14", "start": "00:01:11", "text": "Cards were this whole new money movement platform that"}, {"end": "00:01:16", "start": "00:01:14", "text": "were created many decades ago,"}, {"end": "00:01:20", "start": "00:01:17", "text": "and they've created trillions of new economic"}, {"end": "00:01:23", "start": "00:01:20", "text": "value. And we think that stablecoins will do the"}, {"end": "00:01:23", "start": "00:01:23", "text": "same."}, {"end": "00:01:25", "start": "00:01:23", "text": "But there are some who believe that these products"}, {"end": "00:01:27", "start": "00:01:25", "text": "aren't ready for prime time."}, {"end": "00:01:30", "start": "00:01:27", "text": "Crypto is still fending off an industrywide reckoning."}, {"end": "00:01:32", "start": "00:01:30", "text": "Their concerns that the rise of stablecoins risks the"}, {"end": "00:01:35", "start": "00:01:32", "text": "financial system stability, and these digital dollars"}, {"end": "00:01:38", "start": "00:01:35", "text": "lock consumers out of lucrative interest payments"}, {"end": "00:01:40", "start": "00:01:38", "text": "because stablecoins aren't allowed to pay yield."}, {"end": "00:01:43", "start": "00:01:41", "text": "So why are some of the biggest companies in the"}, {"end": "00:01:49", "start": "00:01:43", "text": "world going all in on their own crypto tokens?"}, {"end": "00:01:51", "start": "00:01:45", "text": "Stablecoins are cryptocurrencies that aim to"}, {"end": "00:01:53", "start": "00:01:51", "text": "do exactly what their name suggests:"}, {"end": "00:01:55", "start": "00:01:53", "text": "remain stable. Unlike Bitcoin,"}, {"end": "00:01:57", "start": "00:01:55", "text": "which garners investor attention for its huge up"}, {"end": "00:02:00", "start": "00:01:57", "text": "and down side, or NFTs, which often rise in"}, {"end": "00:02:03", "start": "00:02:00", "text": "price based on hype alone, stablecoins are pegged to"}, {"end": "00:02:06", "start": "00:02:03", "text": "the price of another asset, and in many cases,"}, {"end": "00:02:07", "start": "00:02:06", "text": "that's the U.S. dollar."}, {"end": "00:02:10", "start": "00:02:08", "text": "That digital representation of a dollar,"}, {"end": "00:02:12", "start": "00:02:10", "text": "you can move around between two different wallets,"}, {"end": "00:02:14", "start": "00:02:12", "text": "two different entities, two different businesses in"}, {"end": "00:02:16", "start": "00:02:14", "text": "any jurisdiction in the world."}, {"end": "00:02:18", "start": "00:02:16", "text": "Stablecoins are able to keep that one dollar peg because"}, {"end": "00:02:22", "start": "00:02:18", "text": "they hold reserves of real dollars or cash equivalents,"}, {"end": "00:02:23", "start": "00:02:22", "text": "like U.S. treasuries."}, {"end": "00:02:26", "start": "00:02:23", "text": "Those reserves are intended to match the amount of the"}, {"end": "00:02:27", "start": "00:02:26", "text": "stablecoin in circulation."}, {"end": "00:02:31", "start": "00:02:27", "text": "Circle's USDC and Tether's USBT are the biggest"}, {"end": "00:02:35", "start": "00:02:31", "text": "stablecoins by far, with a combined $217 billion"}, {"end": "00:02:36", "start": "00:02:35", "text": "in circulation."}, {"end": "00:02:39", "start": "00:02:36", "text": "Tether is located in El Salvador."}, {"end": "00:02:42", "start": "00:02:39", "text": "They are targeting global customers,"}, {"end": "00:02:44", "start": "00:02:42", "text": "not in the United States in this case."}, {"end": "00:02:48", "start": "00:02:44", "text": "But Circle, located in the United States in New York,"}, {"end": "00:02:52", "start": "00:02:48", "text": "they are under the New York regulatory umbrella,"}, {"end": "00:02:56", "start": "00:02:52", "text": "and they are targeting to United States customers."}, {"end": "00:02:58", "start": "00:02:56", "text": "Now, proponents of these tokens say they have the"}, {"end": "00:03:00", "start": "00:02:58", "text": "potential to overhaul the global financial system."}, {"end": "00:03:03", "start": "00:03:01", "text": "Right now, transactions can take days to complete,"}, {"end": "00:03:07", "start": "00:03:03", "text": "but stablecoins could settle payments instantly day or"}, {"end": "00:03:08", "start": "00:03:07", "text": "night, thanks to the blockchain."}, {"end": "00:03:11", "start": "00:03:08", "text": "But here in the U.S., adoption of stablecoins has"}, {"end": "00:03:13", "start": "00:03:11", "text": "been slow. Many people don't really notice if their"}, {"end": "00:03:16", "start": "00:03:13", "text": "payment on the card is processing for a few days."}, {"end": "00:03:19", "start": "00:03:16", "text": "PayPal, Venmo and Cash App provide sort of instant"}, {"end": "00:03:21", "start": "00:03:19", "text": "transfers for consumers, even if it really takes days"}, {"end": "00:03:23", "start": "00:03:21", "text": "for that money to change hands for the company."}, {"end": "00:03:27", "start": "00:03:24", "text": "A barrier to access to stablecoins is very low,"}, {"end": "00:03:31", "start": "00:03:27", "text": "and this gives unbanked communities people an"}, {"end": "00:03:34", "start": "00:03:31", "text": "opportunity to receive, save and spend U.S."}, {"end": "00:03:36", "start": "00:03:34", "text": "dollars without a bank account."}, {"end": "00:03:38", "start": "00:03:36", "text": "These tokens could allow cheap transactions across"}, {"end": "00:03:42", "start": "00:03:38", "text": "borders, and many people in emerging markets are already"}, {"end": "00:03:44", "start": "00:03:42", "text": "using stablecoins as an alternative to volatile"}, {"end": "00:03:46", "start": "00:03:44", "text": "local currencies."}, {"end": "00:03:48", "start": "00:03:46", "text": "But here in the U.S., adoption of stablecoins has"}, {"end": "00:03:49", "start": "00:03:48", "text": "been slow."}, {"end": "00:03:53", "start": "00:03:49", "text": "You can see today people who are sending money to their"}, {"end": "00:03:54", "start": "00:03:53", "text": "loved ones abroad, and they're using"}, {"end": "00:03:57", "start": "00:03:54", "text": "stablecoins to fund those remittances and avoid any"}, {"end": "00:03:58", "start": "00:03:57", "text": "transaction fees."}, {"end": "00:04:01", "start": "00:03:58", "text": "But you're also going to see stablecoin use cases that"}, {"end": "00:04:03", "start": "00:04:01", "text": "are in the water supply, that are infrastructure and"}, {"end": "00:04:05", "start": "00:04:03", "text": "that are abstracted from the consumer."}, {"end": "00:04:08", "start": "00:04:05", "text": "Many of the users out there today are not aware of"}, {"end": "00:04:10", "start": "00:04:08", "text": "stablecoins or are not interested in stablecoins,"}, {"end": "00:04:11", "start": "00:04:10", "text": "and they should not be."}, {"end": "00:04:14", "start": "00:04:11", "text": "It should just be a way in which you move a value,"}, {"end": "00:04:16", "start": "00:04:14", "text": "and in many cases it's going to be an infrastructure"}, {"end": "00:04:16", "start": "00:04:16", "text": "layer."}, {"end": "00:04:18", "start": "00:04:16", "text": "Corporations, however, see big potential for"}, {"end": "00:04:23", "start": "00:04:18", "text": "stablecoins. The IPO circle,"}, {"end": "00:04:24", "start": "00:04:23", "text": "which is the issuer of USDC,"}, {"end": "00:04:28", "start": "00:04:25", "text": "unlocked billions of dollars in pent-up demand for these"}, {"end": "00:04:32", "start": "00:04:28", "text": "issuers. After raising $1.1 billion during its debut on"}, {"end": "00:04:36", "start": "00:04:32", "text": "June 5th, the company's stock soared more than 700%"}, {"end": "00:04:39", "start": "00:04:36", "text": "just in June. Then, new Circle partnerships and"}, {"end": "00:04:40", "start": "00:04:39", "text": "competition quickly followed."}, {"end": "00:04:42", "start": "00:04:41", "text": "A stablecoin product launches from crypto"}, {"end": "00:04:44", "start": "00:04:42", "text": "exchange Coinbase, Shopify,"}, {"end": "00:04:48", "start": "00:04:45", "text": "French bank Societe Generale and payments platform Fiserv"}, {"end": "00:04:50", "start": "00:04:48", "text": "quickly hit the headlines."}, {"end": "00:04:52", "start": "00:04:50", "text": "We're entering the utility phase right now where the"}, {"end": "00:04:53", "start": "00:04:52", "text": "technology has matured."}, {"end": "00:04:54", "start": "00:04:53", "text": "It's gotten fast, i t's gotten cheap, it's"}, {"end": "00:04:57", "start": "00:04:54", "text": "gotten easy to use, and that's leading to real"}, {"end": "00:04:59", "start": "00:04:57", "text": "world adoption across businesses and consumers,"}, {"end": "00:05:01", "start": "00:04:59", "text": "and stablecoins are at the forefront of it."}, {"end": "00:05:03", "start": "00:05:01", "text": "These announcements all touted the same benefits for"}, {"end": "00:05:06", "start": "00:05:03", "text": "companies: faster payments, the ability to transact"}, {"end": "00:05:10", "start": "00:05:06", "text": "24/7. But corporations are also looking to stablecoins"}, {"end": "00:05:12", "start": "00:05:10", "text": "to cut costs. One big area for savings?"}, {"end": "00:05:14", "start": "00:05:12", "text": "Payment processing fees."}, {"end": "00:05:18", "start": "00:05:14", "text": "Card issuers raked in a record $187 billion in"}, {"end": "00:05:21", "start": "00:05:18", "text": "transaction fees in 2024, according to Nilson."}, {"end": "00:05:24", "start": "00:05:21", "text": "Now, companies issuing their own tokens could decimate"}, {"end": "00:05:26", "start": "00:05:24", "text": "those fees if they can convince consumers to"}, {"end": "00:05:29", "start": "00:05:26", "text": "transact in dollar-pegged tokens instead."}, {"end": "00:05:31", "start": "00:05:29", "text": "In fact, when The Wall Street Journal reported in"}, {"end": "00:05:34", "start": "00:05:31", "text": "June that Walmart and Amazon were considering their own"}, {"end": "00:05:36", "start": "00:05:34", "text": "stablecoins to cut down on fees,"}, {"end": "00:05:39", "start": "00:05:36", "text": "Visa, Mastercard, and American Express all saw"}, {"end": "00:05:40", "start": "00:05:39", "text": "their stocks slide."}, {"end": "00:05:43", "start": "00:05:40", "text": "Maybe the market fears that the interchange revenue will"}, {"end": "00:05:46", "start": "00:05:43", "text": "be disrupted, but people like credit"}, {"end": "00:05:48", "start": "00:05:46", "text": "cards. They like rewards programs,"}, {"end": "00:05:50", "start": "00:05:48", "text": "they like points, so I don't think that's"}, {"end": "00:05:52", "start": "00:05:50", "text": "going away. Maybe there will be some disruption, but as"}, {"end": "00:05:54", "start": "00:05:52", "text": "far as I can tell, Visa and Mastercard are"}, {"end": "00:05:56", "start": "00:05:54", "text": "leaning into the disruption. They're trying to disrupt"}, {"end": "00:05:59", "start": "00:05:56", "text": "themselves, so they seem to be ahead of the curve here."}, {"end": "00:06:02", "start": "00:05:59", "text": "Visa told CNBC that it's embracing stablecoins."}, {"end": "00:06:05", "start": "00:06:02", "text": "We've been enabling people to issue Visa credentials on"}, {"end": "00:06:07", "start": "00:06:05", "text": "top of stablecoins. We've been modernizing our own"}, {"end": "00:06:10", "start": "00:06:07", "text": "settlement infrastructure with stablecoins,"}, {"end": "00:06:12", "start": "00:06:10", "text": "and we have a whole host of innovations that we plan to"}, {"end": "00:06:15", "start": "00:06:12", "text": "deploy around the world, embracing stablecoins."}, {"end": "00:06:18", "start": "00:06:15", "text": "Not to be left behind, Mastercard announced that it"}, {"end": "00:06:21", "start": "00:06:18", "text": "was enabling multiple stablecoin transactions on"}, {"end": "00:06:23", "start": "00:06:21", "text": "its token network with the help of stablecoin issuer"}, {"end": "00:06:26", "start": "00:06:23", "text": "Paxos. And then there's the idea that stablecoins could"}, {"end": "00:06:28", "start": "00:06:26", "text": "speed up the financial system."}, {"end": "00:06:32", "start": "00:06:28", "text": "JPMorgan announced its JPMD deposit token."}, {"end": "00:06:34", "start": "00:06:32", "text": "The bank said it's similar to a stablecoin,"}, {"end": "00:06:36", "start": "00:06:34", "text": "but rather than representing one U.S."}, {"end": "00:06:39", "start": "00:06:36", "text": "dollar, the coin represents a commercial bank deposit."}, {"end": "00:06:41", "start": "00:06:39", "text": "Now it's limited to institutions, but it offers"}, {"end": "00:06:42", "start": "00:06:41", "text": "round-the-clock settlement."}, {"end": "00:06:46", "start": "00:06:43", "text": "Right now, banks pay a roughly 4.3% fee to get"}, {"end": "00:06:47", "start": "00:06:46", "text": "funds from the Fed overnight,"}, {"end": "00:06:50", "start": "00:06:47", "text": "and many transactions can't happen overnight at all."}, {"end": "00:06:54", "start": "00:06:50", "text": "JPMorgan told CNBC, \"The new offering allows"}, {"end": "00:06:56", "start": "00:06:54", "text": "clients to move money around faster,"}, {"end": "00:06:59", "start": "00:06:56", "text": "earn interest and still keep a close tie to the"}, {"end": "00:07:01", "start": "00:06:59", "text": "traditional financial system.\" But as TradFi"}, {"end": "00:07:04", "start": "00:07:01", "text": "quickly embraces these crypto tokens,"}, {"end": "00:07:09", "start": "00:07:04", "text": "some are raising alarm bells about the risks."}, {"end": "00:07:12", "start": "00:07:06", "text": "2023's banking crisis didn't just expose cracks in the"}, {"end": "00:07:13", "start": "00:07:12", "text": "traditional financial system,"}, {"end": "00:07:15", "start": "00:07:13", "text": "it also hit stablecoins."}, {"end": "00:07:17", "start": "00:07:15", "text": "When Silicon Valley Bank collapsed in March,"}, {"end": "00:07:20", "start": "00:07:17", "text": "Circle's USDC lost its peg to the U.S."}, {"end": "00:07:20", "start": "00:07:20", "text": "dollar."}, {"end": "00:07:22", "start": "00:07:20", "text": "So what happened to USDC?"}, {"end": "00:07:26", "start": "00:07:22", "text": "Well, it's issuer C ircle said that it had $3.3"}, {"end": "00:07:29", "start": "00:07:26", "text": "billion worth of cash parked with the now collapsed"}, {"end": "00:07:31", "start": "00:07:29", "text": "Silicon Valley bank."}, {"end": "00:07:33", "start": "00:07:31", "text": "And as a result, this is what happened:"}, {"end": "00:07:34", "start": "00:07:33", "text": "a massive D-peg."}, {"end": "00:07:37", "start": "00:07:34", "text": "When the Federal Reserve Bank of Boston convened to"}, {"end": "00:07:39", "start": "00:07:37", "text": "explore the implications of stablecoins on financial"}, {"end": "00:07:42", "start": "00:07:39", "text": "stability, William Birdthistle,"}, {"end": "00:07:45", "start": "00:07:42", "text": "former SEC Director of the Division of Investment"}, {"end": "00:07:48", "start": "00:07:45", "text": "Management, compared stablecoins to money market"}, {"end": "00:07:51", "start": "00:07:48", "text": "funds. He said that \"in the worst runs on those kind of"}, {"end": "00:07:55", "start": "00:07:51", "text": "funds, investors only lost a penny or two on the dollar."}, {"end": "00:07:56", "start": "00:07:55", "text": "But stablecoins?"}, {"end": "00:07:58", "start": "00:07:56", "text": "Those could fall to zero.\" Now,"}, {"end": "00:08:01", "start": "00:07:58", "text": "the industry saw this with the collapse of the TerraUSD"}, {"end": "00:08:03", "start": "00:08:01", "text": "stablecoin in 2022."}, {"end": "00:08:06", "start": "00:08:03", "text": "That event snowballed into a total crash of the crypto"}, {"end": "00:08:09", "start": "00:08:06", "text": "market as investment firms went under and crypto"}, {"end": "00:08:11", "start": "00:08:09", "text": "exchanges went bankrupt."}, {"end": "00:08:12", "start": "00:08:11", "text": "There's also money laundering risks."}, {"end": "00:08:15", "start": "00:08:12", "text": "A report from the U.S. Treasury in 2021 found"}, {"end": "00:08:18", "start": "00:08:15", "text": "illicit finance concerns with stablecoins,"}, {"end": "00:08:21", "start": "00:08:18", "text": "particularly giving bad actors the ability to skirt"}, {"end": "00:08:24", "start": "00:08:21", "text": "sanctions and anti-money laundering rules."}, {"end": "00:08:26", "start": "00:08:24", "text": "Previous administration of the United States made it"}, {"end": "00:08:28", "start": "00:08:26", "text": "very difficult, you know, Senator Warren"}, {"end": "00:08:30", "start": "00:08:28", "text": "sent letters to the auditors basically suggesting that"}, {"end": "00:08:33", "start": "00:08:30", "text": "they should not touch crypto companies."}, {"end": "00:08:35", "start": "00:08:33", "text": "And the OCC was very against crypto companies,"}, {"end": "00:08:38", "start": "00:08:35", "text": "y ou know, banks were not banking crypto companies."}, {"end": "00:08:40", "start": "00:08:38", "text": "Now, crypto's major collapse and rise in criminal"}, {"end": "00:08:43", "start": "00:08:40", "text": "activity made Congress sit up and pay attention."}, {"end": "00:08:45", "start": "00:08:43", "text": "Now, lawmakers are hoping to pass the first major"}, {"end": "00:08:48", "start": "00:08:45", "text": "regulation to solve some of the problems that"}, {"end": "00:08:51", "start": "00:08:48", "text": "stablecoins exposed."}, {"end": "00:08:53", "start": "00:08:49", "text": "The Senate's advance of its stablecoin regulation,"}, {"end": "00:08:56", "start": "00:08:53", "text": "the Genius Act, was applauded by both crypto"}, {"end": "00:08:58", "start": "00:08:56", "text": "businesses and regulators."}, {"end": "00:09:02", "start": "00:08:58", "text": "We've been embracing and building for years,"}, {"end": "00:09:03", "start": "00:09:02", "text": "preparing for this moment."}, {"end": "00:09:06", "start": "00:09:03", "text": "The Genius Act has now passed the Senate,"}, {"end": "00:09:08", "start": "00:09:06", "text": "as you know, and is expected to pass the House."}, {"end": "00:09:11", "start": "00:09:08", "text": "I think that will give regulatory clarity to"}, {"end": "00:09:12", "start": "00:09:11", "text": "stablecoins."}, {"end": "00:09:13", "start": "00:09:12", "text": "The bill contains key provisions:"}, {"end": "00:09:16", "start": "00:09:13", "text": "protections for consumers, reserve and annual audit"}, {"end": "00:09:18", "start": "00:09:16", "text": "requirements for token issuers,"}, {"end": "00:09:21", "start": "00:09:18", "text": "and it lets the Treasury Department designate foreign"}, {"end": "00:09:23", "start": "00:09:21", "text": "stablecoin issuers as non-compliant."}, {"end": "00:09:26", "start": "00:09:24", "text": "The bill passed with bipartisan support and now"}, {"end": "00:09:27", "start": "00:09:26", "text": "heads to the House, which has been working on"}, {"end": "00:09:29", "start": "00:09:27", "text": "its own stablecoin framework."}, {"end": "00:09:31", "start": "00:09:29", "text": "But the Genius Act still doesn't answer some key"}, {"end": "00:09:34", "start": "00:09:31", "text": "questions about what these companies owe their"}, {"end": "00:09:36", "start": "00:09:34", "text": "customers who hold on to their stablecoins."}, {"end": "00:09:38", "start": "00:09:36", "text": "Now, under the bill, issuers are banned from"}, {"end": "00:09:40", "start": "00:09:38", "text": "providing yield to their customers. So,"}, {"end": "00:09:42", "start": "00:09:40", "text": "unlike a bank account where you would earn interest on"}, {"end": "00:09:44", "start": "00:09:42", "text": "your balance, however small that interest"}, {"end": "00:09:47", "start": "00:09:44", "text": "might be, stablecoin issuers would simply pocket that"}, {"end": "00:09:49", "start": "00:09:47", "text": "yield rather than paying it out to you,"}, {"end": "00:09:52", "start": "00:09:49", "text": "or find a creative kickback like rewards."}, {"end": "00:09:53", "start": "00:09:52", "text": "They'll call it something else."}, {"end": "00:09:56", "start": "00:09:53", "text": "They won't call it \"interest payments.\" They won't be"}, {"end": "00:10:00", "start": "00:09:56", "text": "able to, but we will see a lot of these models develop"}, {"end": "00:10:03", "start": "00:10:00", "text": "where there is that 4.5% yield."}, {"end": "00:10:05", "start": "00:10:03", "text": "Senate Democrats like Massachusetts Senator"}, {"end": "00:10:08", "start": "00:10:05", "text": "Elizabeth Warren also warned the bill doesn't do enough"}, {"end": "00:10:10", "start": "00:10:08", "text": "to address potential conflicts of interest with"}, {"end": "00:10:13", "start": "00:10:10", "text": "President Trump and World Liberty Financial's"}, {"end": "00:10:15", "start": "00:10:13", "text": "stablecoin that launched this year,"}, {"end": "00:10:18", "start": "00:10:15", "text": "USD 1. Now, she pointed to an investment from a United"}, {"end": "00:10:21", "start": "00:10:18", "text": "Arab Emirates firm into that stablecoin as a particular"}, {"end": "00:10:24", "start": "00:10:21", "text": "pain point. The Senate Banking Committee argues the"}, {"end": "00:10:27", "start": "00:10:24", "text": "Genius Act makes it clear that ethics laws apply to"}, {"end": "00:10:29", "start": "00:10:27", "text": "members of Congress and senior executives in the"}, {"end": "00:10:31", "start": "00:10:29", "text": "government. And when asked about the president's ties"}, {"end": "00:10:33", "start": "00:10:31", "text": "to crypto projects in his name,"}, {"end": "00:10:36", "start": "00:10:33", "text": "the White House told CNBC there are no conflicts of"}, {"end": "00:10:38", "start": "00:10:36", "text": "interest and that President Trump's assets are in a"}, {"end": "00:10:40", "start": "00:10:38", "text": "trust managed by his children."}, {"end": "00:10:42", "start": "00:10:40", "text": "The president has urged Congress to send the bill to"}, {"end": "00:10:45", "start": "00:10:42", "text": "his desk, calling digital assets \"the future.\""}, {"end": "00:10:47", "start": "00:10:45", "text": "I think it was a mistake for Trump to have a"}, {"end": "00:10:50", "start": "00:10:47", "text": "Trump-affiliated DeFi project to issue a"}, {"end": "00:10:52", "start": "00:10:50", "text": "stablecoin, I think that really set back his"}, {"end": "00:10:53", "start": "00:10:52", "text": "stablecoin legislative agenda."}, {"end": "00:10:56", "start": "00:10:53", "text": "I think we could do a lot more in terms of tackling"}, {"end": "00:10:59", "start": "00:10:56", "text": "these conflicts of interest, and I completely understand"}, {"end": "00:11:01", "start": "00:10:59", "text": "the Democrats when they try and weed this out."}, {"end": "00:11:03", "start": "00:11:01", "text": "You know, they should be in the business of creating"}, {"end": "00:11:05", "start": "00:11:03", "text": "sound legislation, regulation,"}, {"end": "00:11:08", "start": "00:11:05", "text": "not trying to enrich themselves via the industry"}, {"end": "00:11:09", "start": "00:11:08", "text": "that they're regulating."}, {"end": "00:11:12", "start": "00:11:09", "text": "So, I'm very sympathetic to those COI concerns."}, {"end": "00:11:15", "start": "00:11:12", "text": "Now, when testifying before Congress, Treasury Secretary"}, {"end": "00:11:18", "start": "00:11:15", "text": "Scott Bessent said that stablecoins could become a"}, {"end": "00:11:20", "start": "00:11:18", "text": "$2 trillion business."}, {"end": "00:11:21", "start": "00:11:20", "text": "And as lawmakers debate the Big,"}, {"end": "00:11:24", "start": "00:11:21", "text": "Beautiful budget proposal and what it means for the"}, {"end": "00:11:27", "start": "00:11:24", "text": "nation's skyrocketing debt, Secretary Bessent also said"}, {"end": "00:11:29", "start": "00:11:27", "text": "that stablecoins could unlock a way to manage the"}, {"end": "00:11:31", "start": "00:11:29", "text": "deficit. Bessent sees a world with the rise of"}, {"end": "00:11:34", "start": "00:11:31", "text": "stablecoins from American corporate giants,"}, {"end": "00:11:35", "start": "00:11:34", "text": "could mean a boon for the U.S."}, {"end": "00:11:37", "start": "00:11:35", "text": "Treasury market, which could lower the cost"}, {"end": "00:11:39", "start": "00:11:37", "text": "for the United States to borrow money."}, {"end": "00:11:41", "start": "00:11:39", "text": "We know that China and Japan,"}, {"end": "00:11:43", "start": "00:11:41", "text": "the top two foreign holders of U.S."}, {"end": "00:11:45", "start": "00:11:43", "text": "treasuries, are net sellers,"}, {"end": "00:11:47", "start": "00:11:45", "text": "not buyers in 2024."}, {"end": "00:11:52", "start": "00:11:47", "text": "However, stablecoins issuers are in the top ten buyers as"}, {"end": "00:11:53", "start": "00:11:52", "text": "a total of U.S."}, {"end": "00:11:55", "start": "00:11:53", "text": "treasuries in 2024."}, {"end": "00:11:58", "start": "00:11:55", "text": "This will only increase because the demand for"}, {"end": "00:12:01", "start": "00:11:58", "text": "stablecoins has been decoupled from the crypto"}, {"end": "00:12:05", "start": "00:12:01", "text": "market cycle. The problem is that the United States have"}, {"end": "00:12:09", "start": "00:12:05", "text": "to issue treasuries to refinance the debt."}, {"end": "00:12:11", "start": "00:12:09", "text": "Who's going to buy those treasuries?"}, {"end": "00:12:13", "start": "00:12:12", "text": "Now we have a new buyer."}, {"end": "00:12:16", "start": "00:12:13", "text": "This is not the top buyer, this is not going to save"}, {"end": "00:12:18", "start": "00:12:16", "text": "the U.S. debt problem obviously,"}, {"end": "00:12:20", "start": "00:12:18", "text": "but that's going to alleviate the problem."}]

[{"end": "00:00:05", "start": "00:00:02", "text": "[Music]"}, {"end": "00:00:18", "start": "00:00:07", "text": "[Music]"}, {"end": "00:00:22", "start": "00:00:08", "text": "[Applause]"}, {"end": "00:00:22", "start": "00:00:18", "text": "[Music]"}, {"end": "00:00:32", "start": "00:00:28", "text": "I am uh"}, {"end": "00:00:34", "start": "00:00:30", "text": "I'm delighted to see everybody here"}, {"end": "00:00:37", "start": "00:00:32", "text": "today and the number one reason I'm"}, {"end": "00:00:41", "start": "00:00:34", "text": "delighted is because this speech is for"}, {"end": "00:00:43", "start": "00:00:37", "text": "you. I have I have traveled the world"}, {"end": "00:00:47", "start": "00:00:41", "text": "and I've spoken about Bitcoin and I've"}, {"end": "00:00:50", "start": "00:00:43", "text": "told countries why they needed Bitcoin"}, {"end": "00:00:53", "start": "00:00:47", "text": "and I've told institutional investors"}, {"end": "00:00:56", "start": "00:00:50", "text": "why they needed Bitcoin and I've told"}, {"end": "00:00:58", "start": "00:00:53", "text": "boardrooms and companies and CEOs why"}, {"end": "00:01:01", "start": "00:00:56", "text": "they need Bitcoin."}, {"end": "00:01:03", "start": "00:00:58", "text": "And I've spoken to the disembodied"}, {"end": "00:01:05", "start": "00:01:01", "text": "spirits about why our children's"}, {"end": "00:01:08", "start": "00:01:03", "text": "children's children need"}, {"end": "00:01:12", "start": "00:01:05", "text": "Bitcoin. But my presentation"}, {"end": "00:01:16", "start": "00:01:08", "text": "today is directed at the 8 billion"}, {"end": "00:01:19", "start": "00:01:12", "text": "people on the planet. It's the 21 ways"}, {"end": "00:01:22", "start": "00:01:16", "text": "to wealth for every"}, {"end": "00:01:25", "start": "00:01:19", "text": "individual, every"}, {"end": "00:01:28", "start": "00:01:22", "text": "family, every small business, every"}, {"end": "00:01:32", "start": "00:01:25", "text": "entrepreneur is not for the billiondoll"}, {"end": "00:01:35", "start": "00:01:28", "text": "public companies. It's for everybody."}, {"end": "00:01:39", "start": "00:01:32", "text": "And I focused for quite a while on that."}, {"end": "00:01:39", "start": "00:01:35", "text": "So, this is for you."}, {"end": "00:01:43", "start": "00:01:39", "text": "The 21 ways to"}, {"end": "00:01:50", "start": "00:01:43", "text": "wealth. The first way to"}, {"end": "00:01:53", "start": "00:01:46", "text": "wealth, clarity. Clarity is the"}, {"end": "00:01:55", "start": "00:01:50", "text": "topic. And that that clarity of mind"}, {"end": "00:01:57", "start": "00:01:53", "text": "comes when you"}, {"end": "00:02:02", "start": "00:01:55", "text": "realize that Bitcoin"}, {"end": "00:02:03", "start": "00:01:57", "text": "is capital, perfected capital,"}, {"end": "00:02:08", "start": "00:02:02", "text": "programmable"}, {"end": "00:02:11", "start": "00:02:03", "text": "capital, incorruptible capital."}, {"end": "00:02:14", "start": "00:02:08", "text": "The significance of that is every smart"}, {"end": "00:02:15", "start": "00:02:11", "text": "person, every thoughtful individual"}, {"end": "00:02:19", "start": "00:02:14", "text": "everywhere in the world is going to want"}, {"end": "00:02:23", "start": "00:02:15", "text": "perfected capital. Every every one of"}, {"end": "00:02:27", "start": "00:02:19", "text": "your enemies is going to want"}, {"end": "00:02:31", "start": "00:02:23", "text": "uh incorruptible capital. And all of the"}, {"end": "00:02:33", "start": "00:02:27", "text": "AIs are going to want programmable"}, {"end": "00:02:35", "start": "00:02:31", "text": "capital. The demand for this is huge."}, {"end": "00:02:37", "start": "00:02:33", "text": "What's it worth?"}, {"end": "00:02:41", "start": "00:02:35", "text": "It's worth half of"}, {"end": "00:02:41", "start": "00:02:37", "text": "everything. Half of"}, {"end": "00:02:50", "start": "00:02:44", "text": "everything. The second way to"}, {"end": "00:02:52", "start": "00:02:48", "text": "wealth,"}, {"end": "00:02:54", "start": "00:02:50", "text": "conviction. It starts with the"}, {"end": "00:02:59", "start": "00:02:52", "text": "observation that Bitcoin is going to"}, {"end": "00:03:03", "start": "00:02:54", "text": "appreciate faster than every other asset"}, {"end": "00:03:05", "start": "00:02:59", "text": "because it is engineered to outperform."}, {"end": "00:03:08", "start": "00:03:03", "text": "It's going to grow faster than the S&P."}, {"end": "00:03:11", "start": "00:03:05", "text": "It's going to appreciate faster than"}, {"end": "00:03:11", "start": "00:03:08", "text": "gold. Sorry,"}, {"end": "00:03:17", "start": "00:03:13", "text": "Peter. I should say that again. It's"}, {"end": "00:03:20", "start": "00:03:15", "text": "going to go faster than"}, {"end": "00:03:20", "start": "00:03:17", "text": "gold. Sorry,"}, {"end": "00:03:26", "start": "00:03:22", "text": "Peter. It's going to grow faster than"}, {"end": "00:03:28", "start": "00:03:24", "text": "real estate or collectibles or anything"}, {"end": "00:03:32", "start": "00:03:26", "text": "else you can imagine because it was"}, {"end": "00:03:35", "start": "00:03:28", "text": "engineered that way."}, {"end": "00:03:37", "start": "00:03:32", "text": "And that leads us to our third way to"}, {"end": "00:03:40", "start": "00:03:35", "text": "wealth. If you're going to generate"}, {"end": "00:03:43", "start": "00:03:37", "text": "wealth, if you're going to get rich on"}, {"end": "00:03:46", "start": "00:03:40", "text": "Bitcoin, you're going to need courage."}, {"end": "00:03:48", "start": "00:03:43", "text": "And courage means wealth favors those"}, {"end": "00:03:50", "start": "00:03:46", "text": "who embrace"}, {"end": "00:03:53", "start": "00:03:48", "text": "intelligent"}, {"end": "00:03:53", "start": "00:03:50", "text": "monetary"}, {"end": "00:04:02", "start": "00:03:56", "text": "risk. Satoshi started a fire in"}, {"end": "00:04:06", "start": "00:03:59", "text": "cyberspace. And while the fearful run"}, {"end": "00:04:10", "start": "00:04:02", "text": "from it and fools dance around it, the"}, {"end": "00:04:14", "start": "00:04:06", "text": "faithful feed the flame, dreaming of a"}, {"end": "00:04:15", "start": "00:04:10", "text": "better world, bathed in the warm glow of"}, {"end": "00:04:20", "start": "00:04:14", "text": "cyber"}, {"end": "00:04:21", "start": "00:04:15", "text": "light. What does that mean?"}, {"end": "00:04:23", "start": "00:04:20", "text": "It means that a lot of people that look"}, {"end": "00:04:24", "start": "00:04:21", "text": "at Bitcoin are going to be afraid of it."}, {"end": "00:04:27", "start": "00:04:23", "text": "They'll never touch it. They'll never"}, {"end": "00:04:31", "start": "00:04:24", "text": "been benefit from it. They'll be left"}, {"end": "00:04:33", "start": "00:04:27", "text": "behind. Then others will just juggle it."}, {"end": "00:04:34", "start": "00:04:31", "text": "They will juggle the fire. They will"}, {"end": "00:04:37", "start": "00:04:33", "text": "make fireworks with the"}, {"end": "00:04:39", "start": "00:04:34", "text": "fire. They will create trinkets with the"}, {"end": "00:04:40", "start": "00:04:37", "text": "fire. They will create magic tricks with"}, {"end": "00:04:42", "start": "00:04:39", "text": "the"}, {"end": "00:04:45", "start": "00:04:40", "text": "fire. But those that truly understand it"}, {"end": "00:04:50", "start": "00:04:42", "text": "will feed the fire. How do you feed the"}, {"end": "00:04:53", "start": "00:04:45", "text": "fire? You feed the fire by buying the"}, {"end": "00:04:56", "start": "00:04:50", "text": "Bitcoin. Buy it. Take your fiat"}, {"end": "00:04:59", "start": "00:04:53", "text": "currency, trade it for Bitcoin. Take"}, {"end": "00:05:02", "start": "00:04:56", "text": "your long-term capital, trade it for"}, {"end": "00:05:05", "start": "00:04:59", "text": "Bitcoin. Sell your bonds, trade for"}, {"end": "00:05:08", "start": "00:05:02", "text": "Bitcoin. Sell your inferior equity, sell"}, {"end": "00:05:11", "start": "00:05:05", "text": "your inferior real estate property, buy"}, {"end": "00:05:15", "start": "00:05:08", "text": "Bitcoin. Feed the fire. And what will"}, {"end": "00:05:17", "start": "00:05:11", "text": "come of that? A an extraordinary"}, {"end": "00:05:21", "start": "00:05:15", "text": "explosion in the network, in the power"}, {"end": "00:05:25", "start": "00:05:17", "text": "of the network, and you will have bought"}, {"end": "00:05:29", "start": "00:05:21", "text": "your ticket to prosperity."}, {"end": "00:05:32", "start": "00:05:25", "text": "The fourth way to wealth is"}, {"end": "00:05:34", "start": "00:05:29", "text": "cooperation. And this is very important."}, {"end": "00:05:37", "start": "00:05:32", "text": "You're more powerful not as an"}, {"end": "00:05:40", "start": "00:05:34", "text": "individual but but with a with the"}, {"end": "00:05:42", "start": "00:05:37", "text": "support of your family with your family"}, {"end": "00:05:44", "start": "00:05:40", "text": "aligned around this. If you understand"}, {"end": "00:05:47", "start": "00:05:42", "text": "Bitcoin, you can act as an individual."}, {"end": "00:05:50", "start": "00:05:44", "text": "But when your entire family understands"}, {"end": "00:05:54", "start": "00:05:47", "text": "Bitcoin, you're much more powerful. Your"}, {"end": "00:05:57", "start": "00:05:50", "text": "parents, they have credit, they have"}, {"end": "00:05:59", "start": "00:05:54", "text": "capital. You, you have"}, {"end": "00:06:03", "start": "00:05:57", "text": "capability, you have"}, {"end": "00:06:07", "start": "00:05:59", "text": "conviction, you may have courage. Your"}, {"end": "00:06:10", "start": "00:06:03", "text": "children, they have time, they have"}, {"end": "00:06:14", "start": "00:06:07", "text": "potential. Your 80year-old grandfather"}, {"end": "00:06:16", "start": "00:06:10", "text": "can draw down capital from an IRA, can"}, {"end": "00:06:20", "start": "00:06:14", "text": "borrow money from a bank, has a"}, {"end": "00:06:24", "start": "00:06:16", "text": "portfolio. The secret is transfer that"}, {"end": "00:06:27", "start": "00:06:20", "text": "capital into the hands of the child. The"}, {"end": "00:06:29", "start": "00:06:24", "text": "child's got 80 years ahead of them."}, {"end": "00:06:33", "start": "00:06:27", "text": "Right? When you think in terms of how do"}, {"end": "00:06:35", "start": "00:06:29", "text": "I actually transfer money uh transfer"}, {"end": "00:06:37", "start": "00:06:33", "text": "capital from the past and turn it into"}, {"end": "00:06:40", "start": "00:06:35", "text": "money for the future, it's a"}, {"end": "00:06:43", "start": "00:06:37", "text": "generational thing. So think about the"}, {"end": "00:06:46", "start": "00:06:40", "text": "family. Uh families that work together"}, {"end": "00:06:48", "start": "00:06:43", "text": "are extraordinarily powerful on this"}, {"end": "00:06:48", "start": "00:06:46", "text": "journey."}, {"end": "00:06:58", "start": "00:06:49", "text": "[Applause]"}, {"end": "00:06:59", "start": "00:06:54", "text": "The fifth way to wealth in this day and"}, {"end": "00:07:01", "start": "00:06:58", "text": "age is"}, {"end": "00:07:03", "start": "00:06:59", "text": "capability. And here I could list all"}, {"end": "00:07:06", "start": "00:07:01", "text": "sorts of technologies for you to master"}, {"end": "00:07:09", "start": "00:07:03", "text": "and I thought about it. But at the end"}, {"end": "00:07:12", "start": "00:07:06", "text": "of the day, the overarching compell"}, {"end": "00:07:15", "start": "00:07:09", "text": "compelling observation is you need to"}, {"end": "00:07:16", "start": "00:07:12", "text": "master artificial intelligence if you"}, {"end": "00:07:19", "start": "00:07:15", "text": "would be"}, {"end": "00:07:20", "start": "00:07:16", "text": "wealthy. When in this day and age in the"}, {"end": "00:07:22", "start": "00:07:19", "text": "year"}, {"end": "00:07:26", "start": "00:07:20", "text": "2025, you have at your"}, {"end": "00:07:30", "start": "00:07:22", "text": "fingertips an array of accountants. You"}, {"end": "00:07:33", "start": "00:07:26", "text": "have a group of lawyers. You have a set"}, {"end": "00:07:35", "start": "00:07:30", "text": "of professors, historians. You have at"}, {"end": "00:07:37", "start": "00:07:33", "text": "your fingertips all the collective"}, {"end": "00:07:40", "start": "00:07:35", "text": "wisdom of every great"}, {"end": "00:07:42", "start": "00:07:37", "text": "entrepreneur. You have everything that I"}, {"end": "00:07:45", "start": "00:07:40", "text": "know, everything that any other CE"}, {"end": "00:07:50", "start": "00:07:42", "text": "knows. All you have to do is go to the"}, {"end": "00:07:52", "start": "00:07:45", "text": "AI, put it in deep think mode, plug in"}, {"end": "00:07:54", "start": "00:07:50", "text": "all of your circumstances, all of your"}, {"end": "00:07:58", "start": "00:07:52", "text": "hopes, all your aspirations, all of your"}, {"end": "00:08:00", "start": "00:07:54", "text": "problems, and then start to query it and"}, {"end": "00:08:03", "start": "00:07:58", "text": "then engage with it. I tell all my"}, {"end": "00:08:07", "start": "00:08:00", "text": "executives before you ask a lawyer,"}, {"end": "00:08:11", "start": "00:08:03", "text": "before you ask a banker, before you ask"}, {"end": "00:08:16", "start": "00:08:07", "text": "any expert, go to the AI, ask the AI,"}, {"end": "00:08:19", "start": "00:08:11", "text": "make it think. Grind the Silicon"}, {"end": "00:08:21", "start": "00:08:16", "text": "Overlord. Okay, this is very important"}, {"end": "00:08:23", "start": "00:08:19", "text": "because many of the suggestions I'll"}, {"end": "00:08:27", "start": "00:08:21", "text": "give you next, they were out of the"}, {"end": "00:08:29", "start": "00:08:23", "text": "reach of of the working man. They were"}, {"end": "00:08:30", "start": "00:08:27", "text": "out of the reach of the middle class."}, {"end": "00:08:32", "start": "00:08:29", "text": "You could say, \"Yeah, those"}, {"end": "00:08:34", "start": "00:08:30", "text": "sophisticated trusts or those"}, {"end": "00:08:37", "start": "00:08:32", "text": "sophisticated legal constructs, that's"}, {"end": "00:08:39", "start": "00:08:34", "text": "great, but I don't have the money for"}, {"end": "00:08:42", "start": "00:08:37", "text": "that. I can't afford to spend hundreds"}, {"end": "00:08:46", "start": "00:08:39", "text": "of thousands of dollars on lawyers.\" And"}, {"end": "00:08:49", "start": "00:08:42", "text": "let me tell you a secret. I have dozens"}, {"end": "00:08:52", "start": "00:08:46", "text": "of lawyers that work for me, thousands"}, {"end": "00:08:54", "start": "00:08:49", "text": "of lawyers I've employed, spent hundreds"}, {"end": "00:08:56", "start": "00:08:52", "text": "of millions of dollars on lawyers. The"}, {"end": "00:08:59", "start": "00:08:54", "text": "first thing I do when I have a question"}, {"end": "00:09:02", "start": "00:08:56", "text": "is I go and ask the"}, {"end": "00:09:06", "start": "00:08:59", "text": "AI. After I do"}, {"end": "00:09:09", "start": "00:09:02", "text": "that, I argue with"}, {"end": "00:09:10", "start": "00:09:06", "text": "it. It tells me no. I ask a different"}, {"end": "00:09:13", "start": "00:09:09", "text": "way. I threaten"}, {"end": "00:09:18", "start": "00:09:10", "text": "it. I ask it to give me a"}, {"end": "00:09:19", "start": "00:09:13", "text": "solution. I find I find a 95% solution."}, {"end": "00:09:23", "start": "00:09:18", "text": "I find the"}, {"end": "00:09:25", "start": "00:09:19", "text": "solution and then I and then I take that"}, {"end": "00:09:26", "start": "00:09:23", "text": "solution. And I send the link to my"}, {"end": "00:09:29", "start": "00:09:25", "text": "management team and my lawyers and I"}, {"end": "00:09:30", "start": "00:09:26", "text": "say, \"Look, I solved the problem. This"}, {"end": "00:09:34", "start": "00:09:29", "text": "is what I want to"}, {"end": "00:09:36", "start": "00:09:30", "text": "do. Give me your execution plan.\" And"}, {"end": "00:09:39", "start": "00:09:34", "text": "then I give them anywhere from 2 to 5"}, {"end": "00:09:42", "start": "00:09:36", "text": "days. If you're feeling charitable, give"}, {"end": "00:09:44", "start": "00:09:39", "text": "them 5 days. If you're in a hurry, give"}, {"end": "00:09:46", "start": "00:09:42", "text": "them two days. If your fi if your"}, {"end": "00:09:47", "start": "00:09:44", "text": "financial advisors, if your accountants,"}, {"end": "00:09:49", "start": "00:09:46", "text": "if your lawyers, if your executives"}, {"end": "00:09:51", "start": "00:09:47", "text": "can't if anybody, your friends, your"}, {"end": "00:09:54", "start": "00:09:49", "text": "family, if they can't figure it out in"}, {"end": "00:09:57", "start": "00:09:51", "text": "two to four days, they're going to get"}, {"end": "00:09:57", "start": "00:09:54", "text": "exited from the gene"}, {"end": "00:10:04", "start": "00:09:59", "text": "pool. Change the"}, {"end": "00:10:06", "start": "00:10:02", "text": "lawyer, change the whatever. If someone"}, {"end": "00:10:08", "start": "00:10:04", "text": "said, \"I can't use the telephone. I"}, {"end": "00:10:11", "start": "00:10:06", "text": "can't I can't figure out the web link."}, {"end": "00:10:13", "start": "00:10:08", "text": "You sent me a book, but I can't read.\""}, {"end": "00:10:16", "start": "00:10:11", "text": "you would find someone else to work"}, {"end": "00:10:17", "start": "00:10:13", "text": "with. This is very important. You know,"}, {"end": "00:10:21", "start": "00:10:16", "text": "the path to wealth is through"}, {"end": "00:10:25", "start": "00:10:17", "text": "capability. But 2025 is the year where"}, {"end": "00:10:28", "start": "00:10:21", "text": "every one of you became not a super"}, {"end": "00:10:30", "start": "00:10:25", "text": "genius. Every one of you is collectively"}, {"end": "00:10:32", "start": "00:10:28", "text": "a hundred super geniuses that have read"}, {"end": "00:10:36", "start": "00:10:30", "text": "everything the human race has published."}, {"end": "00:10:40", "start": "00:10:32", "text": "If you have the humility to ask for help"}, {"end": "00:10:44", "start": "00:10:36", "text": "from the AI, don't put your ego first."}, {"end": "00:10:48", "start": "00:10:40", "text": "Put your interest first. Your family"}, {"end": "00:10:48", "start": "00:10:44", "text": "will thank you in years to"}, {"end": "00:10:57", "start": "00:10:51", "text": "come. The sixth way to wealth is"}, {"end": "00:10:59", "start": "00:10:54", "text": "composition. Construct the legal"}, {"end": "00:11:01", "start": "00:10:57", "text": "entities that scale your strategy and"}, {"end": "00:11:03", "start": "00:10:59", "text": "protect your assets. What do I mean by"}, {"end": "00:11:05", "start": "00:11:01", "text": "that?"}, {"end": "00:11:08", "start": "00:11:03", "text": "I mean that you can go and borrow money"}, {"end": "00:11:11", "start": "00:11:05", "text": "against your 401k and maybe you can make"}, {"end": "00:11:14", "start": "00:11:08", "text": "an investment in an IRA and maybe you"}, {"end": "00:11:16", "start": "00:11:11", "text": "can construct an efficient insurance"}, {"end": "00:11:18", "start": "00:11:14", "text": "policy. Perhaps you're going to want to"}, {"end": "00:11:21", "start": "00:11:16", "text": "put together a dynasty trust in Florida"}, {"end": "00:11:23", "start": "00:11:18", "text": "that's good for 300 years, but you may"}, {"end": "00:11:25", "start": "00:11:21", "text": "find that you want the timeless dynasty"}, {"end": "00:11:28", "start": "00:11:23", "text": "trust out of South Dakota that lasts"}, {"end": "00:11:30", "start": "00:11:25", "text": "forever. The normal reaction would be I"}, {"end": "00:11:33", "start": "00:11:28", "text": "don't know how to do any of this. But"}, {"end": "00:11:37", "start": "00:11:30", "text": "that but my observation today is ask the"}, {"end": "00:11:39", "start": "00:11:33", "text": "AI figure it out because if you figure"}, {"end": "00:11:42", "start": "00:11:37", "text": "out the appropriate legal rapper the"}, {"end": "00:11:43", "start": "00:11:39", "text": "corporate container right and and by the"}, {"end": "00:11:45", "start": "00:11:42", "text": "way I'm not giving you the exact answer"}, {"end": "00:11:47", "start": "00:11:43", "text": "because if you live in UAE or Singapore"}, {"end": "00:11:49", "start": "00:11:45", "text": "it's a different answer and if you live"}, {"end": "00:11:51", "start": "00:11:47", "text": "in North Dakota it's a different answer"}, {"end": "00:11:53", "start": "00:11:49", "text": "and depending upon who you are it's a"}, {"end": "00:11:56", "start": "00:11:51", "text": "different answer but what I am telling"}, {"end": "00:11:59", "start": "00:11:53", "text": "you is you go to the web you fire up"}, {"end": "00:12:03", "start": "00:11:56", "text": "your AI and you start to ask it it will"}, {"end": "00:12:06", "start": "00:11:59", "text": "give give you a customized answer. So,"}, {"end": "00:12:08", "start": "00:12:03", "text": "you can work hard or you can work smart."}, {"end": "00:12:10", "start": "00:12:06", "text": "But I got to tell you, you work smart,"}, {"end": "00:12:14", "start": "00:12:08", "text": "you'll go a hundred times as far, it'll"}, {"end": "00:12:15", "start": "00:12:10", "text": "be a lot easier. 10 years ago, someone"}, {"end": "00:12:17", "start": "00:12:14", "text": "would have said, \"It's just too hard. It"}, {"end": "00:12:19", "start": "00:12:15", "text": "takes a year. You know, the lawyers are"}, {"end": "00:12:23", "start": "00:12:17", "text": "too slow. They're too expensive.\" And"}, {"end": "00:12:25", "start": "00:12:19", "text": "you would punt. Not this year. This"}, {"end": "00:12:28", "start": "00:12:23", "text": "year, everybody ought to be as smart as"}, {"end": "00:12:31", "start": "00:12:25", "text": "the most sophisticated, you know, mega"}, {"end": "00:12:33", "start": "00:12:28", "text": "billionaire family would ever be. You"}, {"end": "00:12:36", "start": "00:12:31", "text": "can have the same legal advice they get."}, {"end": "00:12:39", "start": "00:12:33", "text": "You can have the same efficiency if you"}, {"end": "00:12:39", "start": "00:12:36", "text": "decide to pursue"}, {"end": "00:12:48", "start": "00:12:42", "text": "[Applause]"}, {"end": "00:12:51", "start": "00:12:44", "text": "it. Lucky number seven, the seventh way"}, {"end": "00:12:54", "start": "00:12:48", "text": "to wealth is through citizenship."}, {"end": "00:12:57", "start": "00:12:51", "text": "Choose your economic nexus. Doicile"}, {"end": "00:13:00", "start": "00:12:54", "text": "where sovereignty respects your"}, {"end": "00:13:02", "start": "00:12:57", "text": "freedom. What does that mean to you?"}, {"end": "00:13:04", "start": "00:13:00", "text": "Well, it depends on who you are."}, {"end": "00:13:07", "start": "00:13:02", "text": "Everybody's circumstances are different."}, {"end": "00:13:09", "start": "00:13:04", "text": "But I give you a simple prompt. Go to"}, {"end": "00:13:11", "start": "00:13:07", "text": "the AI and ask, \"What are the 10 best"}, {"end": "00:13:13", "start": "00:13:09", "text": "states in the United States for people"}, {"end": "00:13:15", "start": "00:13:11", "text": "that hold Bitcoin?\""}, {"end": "00:13:17", "start": "00:13:13", "text": "Now go to the thing and say why don't"}, {"end": "00:13:20", "start": "00:13:15", "text": "you rank every country in the world"}, {"end": "00:13:23", "start": "00:13:17", "text": "based upon my intention to hold Bitcoin"}, {"end": "00:13:25", "start": "00:13:20", "text": "or invest in it and then describe your"}, {"end": "00:13:28", "start": "00:13:23", "text": "circumstances and it will give you"}, {"end": "00:13:30", "start": "00:13:25", "text": "answers and I would encourage everyone"}, {"end": "00:13:32", "start": "00:13:28", "text": "to think about it because it's different"}, {"end": "00:13:36", "start": "00:13:30", "text": "living in Florida than living in certain"}, {"end": "00:13:39", "start": "00:13:32", "text": "other states. We like Wyoming. We have"}, {"end": "00:13:43", "start": "00:13:36", "text": "the Bitcoin senator from"}, {"end": "00:13:45", "start": "00:13:39", "text": "Wyoming. Thank you. sent the"}, {"end": "00:13:47", "start": "00:13:43", "text": "alumus. I like Florida. I'm from Miami"}, {"end": "00:13:51", "start": "00:13:45", "text": "Beach. But you have to figure out where."}, {"end": "00:13:54", "start": "00:13:47", "text": "At the state level, at the county level,"}, {"end": "00:13:58", "start": "00:13:51", "text": "at the city level, at the country"}, {"end": "00:14:02", "start": "00:13:54", "text": "level. Think deeply. It's not about this"}, {"end": "00:14:04", "start": "00:13:58", "text": "year. It's about this century. Where are"}, {"end": "00:14:08", "start": "00:14:02", "text": "you and your family going to be for the"}, {"end": "00:14:11", "start": "00:14:04", "text": "next 100 years? Your grandchildren will"}, {"end": "00:14:11", "start": "00:14:08", "text": "thank you."}, {"end": "00:14:19", "start": "00:14:12", "text": "Eight. The eighth path to prosperity,"}, {"end": "00:14:23", "start": "00:14:15", "text": "the eighth way to wealth, it's through"}, {"end": "00:14:27", "start": "00:14:19", "text": "civility. Respect the natural power"}, {"end": "00:14:30", "start": "00:14:23", "text": "structures of the world. If you go on"}, {"end": "00:14:34", "start": "00:14:27", "text": "safari, don't wrestle with the"}, {"end": "00:14:37", "start": "00:14:30", "text": "lions. Don't try to outst the"}, {"end": "00:14:40", "start": "00:14:34", "text": "elephants, you know. Don't fall off a"}, {"end": "00:14:43", "start": "00:14:37", "text": "cliff while you're taking a selfie on a"}, {"end": "00:14:46", "start": "00:14:40", "text": "hike. Respect gravity. Respect the force"}, {"end": "00:14:48", "start": "00:14:43", "text": "of nature. I think everybody understands"}, {"end": "00:14:51", "start": "00:14:46", "text": "that. But what I would say beyond that"}, {"end": "00:14:52", "start": "00:14:48", "text": "is if you would generate wealth in the"}, {"end": "00:14:55", "start": "00:14:51", "text": "Bitcoin"}, {"end": "00:14:57", "start": "00:14:52", "text": "universe, think about the way the world"}, {"end": "00:15:00", "start": "00:14:55", "text": "is constructed. And just remember, you"}, {"end": "00:15:03", "start": "00:14:57", "text": "don't have to topple your least favorite"}, {"end": "00:15:06", "start": "00:15:00", "text": "government in the world. You don't have"}, {"end": "00:15:09", "start": "00:15:03", "text": "to change someone's religious beliefs."}, {"end": "00:15:12", "start": "00:15:06", "text": "You don't have to topple any particular"}, {"end": "00:15:15", "start": "00:15:09", "text": "system that exists in this world. You"}, {"end": "00:15:17", "start": "00:15:12", "text": "need to choose your battles, right?"}, {"end": "00:15:22", "start": "00:15:15", "text": "Respect social"}, {"end": "00:15:24", "start": "00:15:17", "text": "norms. Don't don't uh fight"}, {"end": "00:15:28", "start": "00:15:22", "text": "unnecessarily. You're just dissipating"}, {"end": "00:15:29", "start": "00:15:24", "text": "energy. Right? Whenever I look at at the"}, {"end": "00:15:32", "start": "00:15:28", "text": "world, I think there's a hundred things"}, {"end": "00:15:34", "start": "00:15:29", "text": "I'd like to change. And then I think the"}, {"end": "00:15:36", "start": "00:15:32", "text": "world really only cares about my opinion"}, {"end": "00:15:38", "start": "00:15:34", "text": "on one of those"}, {"end": "00:15:40", "start": "00:15:36", "text": "things. And the likelihood that I'm"}, {"end": "00:15:43", "start": "00:15:38", "text": "going to succeed in changing the other"}, {"end": "00:15:46", "start": "00:15:40", "text": "99 things is not"}, {"end": "00:15:48", "start": "00:15:43", "text": "high. Right? If if you would generate"}, {"end": "00:15:51", "start": "00:15:46", "text": "wealth, figure out what you're going to"}, {"end": "00:15:53", "start": "00:15:48", "text": "do. Focus on the thing and be civil."}, {"end": "00:15:56", "start": "00:15:51", "text": "Often times you'll meet people that have"}, {"end": "00:15:57", "start": "00:15:53", "text": "have different religious beliefs,"}, {"end": "00:15:59", "start": "00:15:56", "text": "different political beliefs, different"}, {"end": "00:16:02", "start": "00:15:57", "text": "economic"}, {"end": "00:16:05", "start": "00:15:59", "text": "beliefs, different cultural beliefs than"}, {"end": "00:16:08", "start": "00:16:02", "text": "you. Strive to find common ground with"}, {"end": "00:16:10", "start": "00:16:05", "text": "them and and move forward"}, {"end": "00:16:12", "start": "00:16:08", "text": "because the"}, {"end": "00:16:15", "start": "00:16:10", "text": "inflammation and the"}, {"end": "00:16:19", "start": "00:16:12", "text": "distraction just slows you down as you"}, {"end": "00:16:22", "start": "00:16:15", "text": "move to the future. So civility it will"}, {"end": "00:16:22", "start": "00:16:19", "text": "do you"}, {"end": "00:16:30", "start": "00:16:25", "text": "[Applause]"}, {"end": "00:16:32", "start": "00:16:27", "text": "well. The ninth way to wealth is through"}, {"end": "00:16:35", "start": "00:16:30", "text": "corporation. A well ststructured"}, {"end": "00:16:39", "start": "00:16:32", "text": "corporation is the most powerful wealth"}, {"end": "00:16:42", "start": "00:16:35", "text": "creation engine on earth. So you're an"}, {"end": "00:16:44", "start": "00:16:39", "text": "individual. What's my suggestion? You go"}, {"end": "00:16:47", "start": "00:16:42", "text": "to that AI and you figure out how to"}, {"end": "00:16:49", "start": "00:16:44", "text": "create a company whether it's a small"}, {"end": "00:16:51", "start": "00:16:47", "text": "company or multiple companies. Companies"}, {"end": "00:16:53", "start": "00:16:49", "text": "have advantages. They have special"}, {"end": "00:16:56", "start": "00:16:51", "text": "access to the banking system. Companies"}, {"end": "00:16:58", "start": "00:16:53", "text": "have special rights in every business."}, {"end": "00:17:00", "start": "00:16:56", "text": "Companies come with legal immunities."}, {"end": "00:17:03", "start": "00:16:58", "text": "Companies come with duration. Companies"}, {"end": "00:17:05", "start": "00:17:00", "text": "come with tax efficiencies. Companies"}, {"end": "00:17:06", "start": "00:17:03", "text": "come with all sorts of efficiencies."}, {"end": "00:17:10", "start": "00:17:05", "text": "They're more"}, {"end": "00:17:12", "start": "00:17:06", "text": "creditworthy. Companies can sell equity."}, {"end": "00:17:17", "start": "00:17:10", "text": "Companies can finance the future. A"}, {"end": "00:17:19", "start": "00:17:12", "text": "company could look out 30 years, project"}, {"end": "00:17:24", "start": "00:17:17", "text": "and then draw the economic energy back"}, {"end": "00:17:26", "start": "00:17:19", "text": "to today and invest it now. Individuals"}, {"end": "00:17:29", "start": "00:17:24", "text": "can't do that. So as much as it is"}, {"end": "00:17:31", "start": "00:17:26", "text": "admirable to be an individual, right?"}, {"end": "00:17:35", "start": "00:17:29", "text": "There is no shame in being a company of"}, {"end": "00:17:37", "start": "00:17:31", "text": "one or a company of a family, I would"}, {"end": "00:17:39", "start": "00:17:35", "text": "think about what is your"}, {"end": "00:17:42", "start": "00:17:37", "text": "path. If you look at the hierarchy of"}, {"end": "00:17:44", "start": "00:17:39", "text": "the world and you're ranking it, it's"}, {"end": "00:17:46", "start": "00:17:42", "text": "the individual is at is at the at the"}, {"end": "00:17:49", "start": "00:17:44", "text": "bottom of the hierarchy. The family is"}, {"end": "00:17:52", "start": "00:17:46", "text": "more powerful. The partnership is more"}, {"end": "00:17:55", "start": "00:17:49", "text": "powerful still. The small midsize"}, {"end": "00:17:58", "start": "00:17:52", "text": "private business is more powerful still."}, {"end": "00:18:01", "start": "00:17:55", "text": "The large private company is next. The"}, {"end": "00:18:04", "start": "00:17:58", "text": "the small public company on an OTC"}, {"end": "00:18:06", "start": "00:18:01", "text": "market is next. Then a public company on"}, {"end": "00:18:09", "start": "00:18:04", "text": "a large capital market. than a public"}, {"end": "00:18:11", "start": "00:18:06", "text": "company on NASDAQ or New York Stock"}, {"end": "00:18:15", "start": "00:18:09", "text": "Exchange. Then there's the seasoned"}, {"end": "00:18:17", "start": "00:18:11", "text": "issuer in the US capital markets. And at"}, {"end": "00:18:20", "start": "00:18:15", "text": "the very top of the pyramid is the"}, {"end": "00:18:22", "start": "00:18:17", "text": "well-known seasoned issuer in the US"}, {"end": "00:18:25", "start": "00:18:20", "text": "capital markets. There's a few hundred"}, {"end": "00:18:27", "start": "00:18:22", "text": "of them in the world. What can you do"}, {"end": "00:18:29", "start": "00:18:25", "text": "when you crawl to the top of that"}, {"end": "00:18:30", "start": "00:18:27", "text": "pyramid? You can file a registration"}, {"end": "00:18:34", "start": "00:18:29", "text": "statement and sell a billion dollars of"}, {"end": "00:18:36", "start": "00:18:30", "text": "securities in six hours. That's what you"}, {"end": "00:18:36", "start": "00:18:34", "text": "can do."}, {"end": "00:18:44", "start": "00:18:37", "text": "I want that for each one of"}, {"end": "00:18:48", "start": "00:18:40", "text": "you. I want you to reach your full"}, {"end": "00:18:49", "start": "00:18:44", "text": "potential. And and incorporation is a"}, {"end": "00:18:52", "start": "00:18:48", "text": "start to"}, {"end": "00:18:56", "start": "00:18:49", "text": "that. And"}, {"end": "00:18:58", "start": "00:18:52", "text": "now, can you give me slide"}, {"end": "00:19:02", "start": "00:18:56", "text": "10? My clicker"}, {"end": "00:19:05", "start": "00:18:58", "text": "is jammed. Thank you. The 10th way to"}, {"end": "00:19:08", "start": "00:19:02", "text": "wealth is through focus."}, {"end": "00:19:11", "start": "00:19:05", "text": "Just because you can do a thing doesn't"}, {"end": "00:19:14", "start": "00:19:08", "text": "mean that you should. I have done lots"}, {"end": "00:19:16", "start": "00:19:11", "text": "of things. I have done I am 60 years"}, {"end": "00:19:20", "start": "00:19:14", "text": "old. One of the reasons that I have"}, {"end": "00:19:23", "start": "00:19:16", "text": "embraced Bitcoin with the religious"}, {"end": "00:19:25", "start": "00:19:20", "text": "passion and the ideological fervor that"}, {"end": "00:19:29", "start": "00:19:23", "text": "I have is because I had the opportunity"}, {"end": "00:19:31", "start": "00:19:25", "text": "to do things in my 20s and my 30s and my"}, {"end": "00:19:35", "start": "00:19:29", "text": "40s and my"}, {"end": "00:19:38", "start": "00:19:31", "text": "50s, you know, and uh what you find is"}, {"end": "00:19:40", "start": "00:19:35", "text": "that it's very challenging to change the"}, {"end": "00:19:43", "start": "00:19:38", "text": "world operationally."}, {"end": "00:19:45", "start": "00:19:40", "text": "Most of my great ideas I thought were"}, {"end": "00:19:47", "start": "00:19:43", "text": "infallible, but it turned out that they"}, {"end": "00:19:50", "start": "00:19:45", "text": "didn't work out the way I thought they"}, {"end": "00:19:52", "start": "00:19:47", "text": "would. In fact, if you invent a new"}, {"end": "00:19:56", "start": "00:19:50", "text": "product, a new service, a new whatever,"}, {"end": "00:19:59", "start": "00:19:52", "text": "there's a 90% chance over 5 years it'll"}, {"end": "00:20:02", "start": "00:19:56", "text": "fail. If you invest in Bitcoin on your"}, {"end": "00:20:06", "start": "00:19:59", "text": "balance sheet, there's a 90% chance over"}, {"end": "00:20:09", "start": "00:20:02", "text": "5 years it'll succeed. as I push out to"}, {"end": "00:20:14", "start": "00:20:06", "text": "the 30 or 40year time frame, there's a"}, {"end": "00:20:18", "start": "00:20:09", "text": "99% chance every operational idea fails"}, {"end": "00:20:21", "start": "00:20:14", "text": "and there's a 99% chance every financial"}, {"end": "00:20:23", "start": "00:20:18", "text": "idea that rest upon a foundation of"}, {"end": "00:20:28", "start": "00:20:21", "text": "Bitcoin"}, {"end": "00:20:31", "start": "00:20:23", "text": "succeeds. So don't confuse ambition with"}, {"end": "00:20:33", "start": "00:20:28", "text": "accomplishment, right? Keep in mind that"}, {"end": "00:20:34", "start": "00:20:31", "text": "the property company, the company that"}, {"end": "00:20:39", "start": "00:20:33", "text": "owns the"}, {"end": "00:20:41", "start": "00:20:34", "text": "Bitcoin is looking at a 30 to 60% AR"}, {"end": "00:20:44", "start": "00:20:39", "text": "every year. You're growing 30, 40, 50%"}, {"end": "00:20:46", "start": "00:20:41", "text": "if you do nothing. Now, think about"}, {"end": "00:20:48", "start": "00:20:44", "text": "every operational business, your"}, {"end": "00:20:51", "start": "00:20:46", "text": "restaurant, your hotel, your whatever"}, {"end": "00:20:52", "start": "00:20:48", "text": "you get up on day one of the year and"}, {"end": "00:20:57", "start": "00:20:51", "text": "then you're going to grow the business"}, {"end": "00:21:00", "start": "00:20:52", "text": "30% every year for the next 20 years."}, {"end": "00:21:02", "start": "00:20:57", "text": "It's been done by seven companies. We"}, {"end": "00:21:06", "start": "00:21:00", "text": "called them the magnificent seven."}, {"end": "00:21:08", "start": "00:21:02", "text": "There's 400 million that tried. So in"}, {"end": "00:21:10", "start": "00:21:06", "text": "this particular case, make sure that"}, {"end": "00:21:14", "start": "00:21:08", "text": "when you come up with a strategy, focus"}, {"end": "00:21:14", "start": "00:21:10", "text": "on it. You know, don't get"}, {"end": "00:21:20", "start": "00:21:15", "text": "distracted. The 11th way to wealth is"}, {"end": "00:21:22", "start": "00:21:17", "text": "through equity. What does that mean? It"}, {"end": "00:21:26", "start": "00:21:20", "text": "means share your opportunity with"}, {"end": "00:21:28", "start": "00:21:22", "text": "investors willing to share your risk. A"}, {"end": "00:21:29", "start": "00:21:26", "text": "company can do this. An individual"}, {"end": "00:21:32", "start": "00:21:28", "text": "cannot do"}, {"end": "00:21:34", "start": "00:21:29", "text": "this. Metaplanet has done this."}, {"end": "00:21:37", "start": "00:21:32", "text": "Metaplanet went from 10 million to a"}, {"end": "00:21:40", "start": "00:21:34", "text": "five billion dollar market cap with the"}, {"end": "00:21:42", "start": "00:21:37", "text": "partnership of their equity investors."}, {"end": "00:21:45", "start": "00:21:40", "text": "Without their equity investors, they're"}, {"end": "00:21:47", "start": "00:21:42", "text": "nothing. My company went from a billion"}, {"end": "00:21:49", "start": "00:21:45", "text": "dollar enterprise to a hundred billion"}, {"end": "00:21:50", "start": "00:21:47", "text": "dollar enterprise with the help of our"}, {"end": "00:21:53", "start": "00:21:49", "text": "equity"}, {"end": "00:21:55", "start": "00:21:50", "text": "investors. What are you doing? Right?"}, {"end": "00:21:58", "start": "00:21:53", "text": "You have the company. You have the"}, {"end": "00:22:01", "start": "00:21:55", "text": "strategy. You offer them the"}, {"end": "00:22:04", "start": "00:21:58", "text": "opportunity, right? That what you're"}, {"end": "00:22:07", "start": "00:22:01", "text": "really If you're a dentist and you make"}, {"end": "00:22:10", "start": "00:22:04", "text": "$200,000 a year in cash flow, you can"}, {"end": "00:22:13", "start": "00:22:07", "text": "buy 200,000 of Bitcoin every year for 20"}, {"end": "00:22:16", "start": "00:22:10", "text": "years. And that's not a bad idea. You'll"}, {"end": "00:22:17", "start": "00:22:13", "text": "be the richest dentist on your block."}, {"end": "00:22:20", "start": "00:22:16", "text": "But you can incorporate the dental"}, {"end": "00:22:23", "start": "00:22:17", "text": "practice, get it valued at five times"}, {"end": "00:22:27", "start": "00:22:20", "text": "cash flow, get a million dollar value,"}, {"end": "00:22:30", "start": "00:22:23", "text": "sell 50, sell 33% of it for"}, {"end": "00:22:34", "start": "00:22:27", "text": "$500,000. Take the 500,000, invest in"}, {"end": "00:22:38", "start": "00:22:30", "text": "Bitcoin today, wait a year, raise"}, {"end": "00:22:42", "start": "00:22:34", "text": "another 500,000 at a double market cap,"}, {"end": "00:22:44", "start": "00:22:38", "text": "two, three, four times NAV, invest that,"}, {"end": "00:22:48", "start": "00:22:42", "text": "wait another year, raise 3 million,"}, {"end": "00:22:51", "start": "00:22:44", "text": "invest that, you'll be the first"}, {"end": "00:22:55", "start": "00:22:48", "text": "billionaire dentist on your block. And"}, {"end": "00:22:55", "start": "00:22:51", "text": "what what did you do differently?"}, {"end": "00:23:02", "start": "00:22:56", "text": "you partnered with someone else and you"}, {"end": "00:23:04", "start": "00:22:59", "text": "cut them in, right? That's what that's"}, {"end": "00:23:06", "start": "00:23:02", "text": "that's what Strategy's done. That's what"}, {"end": "00:23:08", "start": "00:23:04", "text": "Metapun has done. That's what Similar is"}, {"end": "00:23:11", "start": "00:23:06", "text": "doing. You can do"}, {"end": "00:23:14", "start": "00:23:08", "text": "it. The 12th way to wealth is through"}, {"end": "00:23:17", "start": "00:23:11", "text": "credit. What does that mean? It"}, {"end": "00:23:19", "start": "00:23:14", "text": "means there are a lot of people in the"}, {"end": "00:23:21", "start": "00:23:17", "text": "world that are afraid of the future."}, {"end": "00:23:23", "start": "00:23:19", "text": "There are a lot of people that want to"}, {"end": "00:23:26", "start": "00:23:21", "text": "protect their money or they want a small"}, {"end": "00:23:29", "start": "00:23:23", "text": "yield. and Japan corporate bonds yield"}, {"end": "00:23:33", "start": "00:23:26", "text": "50 basis points and the US investment"}, {"end": "00:23:36", "start": "00:23:29", "text": "grade bonds yield four 500 basis points."}, {"end": "00:23:39", "start": "00:23:33", "text": "When you as a corporation give creditors"}, {"end": "00:23:42", "start": "00:23:36", "text": "certainty, you give them a fixed coupon."}, {"end": "00:23:44", "start": "00:23:39", "text": "You give them a fixed dividend and you"}, {"end": "00:23:48", "start": "00:23:42", "text": "give them seniority in your capital"}, {"end": "00:23:51", "start": "00:23:44", "text": "structure. You turn that risk into"}, {"end": "00:23:53", "start": "00:23:48", "text": "yield. You're giving them certainty,"}, {"end": "00:23:55", "start": "00:23:51", "text": "security,"}, {"end": "00:23:59", "start": "00:23:53", "text": "yield. And what you're getting back is"}, {"end": "00:24:02", "start": "00:23:55", "text": "the capital. The world's full of people."}, {"end": "00:24:04", "start": "00:23:59", "text": "I'm a retiree. I want a guaranteed 8%. I"}, {"end": "00:24:06", "start": "00:24:02", "text": "don't want to lose my"}, {"end": "00:24:08", "start": "00:24:04", "text": "money. If you give them that"}, {"end": "00:24:10", "start": "00:24:06", "text": "proposition, you're going to get the"}, {"end": "00:24:11", "start": "00:24:08", "text": "money and it's going to compound at 30"}, {"end": "00:24:14", "start": "00:24:10", "text": "to"}, {"end": "00:24:17", "start": "00:24:11", "text": "60%. The worst case is you're capturing"}, {"end": "00:24:20", "start": "00:24:14", "text": "the 22% spread, but it's compounding up"}, {"end": "00:24:23", "start": "00:24:17", "text": "with all the capital up front. And so"}, {"end": "00:24:25", "start": "00:24:20", "text": "credit sometimes is a bad word, but at"}, {"end": "00:24:27", "start": "00:24:23", "text": "the end of the day, you as the"}, {"end": "00:24:29", "start": "00:24:25", "text": "individual creating a company can create"}, {"end": "00:24:31", "start": "00:24:27", "text": "credit."}, {"end": "00:24:35", "start": "00:24:29", "text": "If I want to be the billionaire dentist"}, {"end": "00:24:38", "start": "00:24:31", "text": "on the block, I incorporate. I sell some"}, {"end": "00:24:41", "start": "00:24:35", "text": "equity. I sell some of my"}, {"end": "00:24:43", "start": "00:24:38", "text": "future. I get to I get to stock up and"}, {"end": "00:24:46", "start": "00:24:41", "text": "then I go borrow some money or I sell a"}, {"end": "00:24:49", "start": "00:24:43", "text": "preferred stock or some instrument to"}, {"end": "00:24:52", "start": "00:24:46", "text": "someone that wants less risk, less"}, {"end": "00:24:54", "start": "00:24:49", "text": "return, more certainty. And I rock back"}, {"end": "00:24:58", "start": "00:24:52", "text": "and forth. And and the goal is not to"}, {"end": "00:25:00", "start": "00:24:54", "text": "take $200,000 of cash flow a year or"}, {"end": "00:25:04", "start": "00:24:58", "text": "50,000 of cash flow a year and invest"}, {"end": "00:25:06", "start": "00:25:00", "text": "over 20 years. The goal is to accelerate"}, {"end": "00:25:10", "start": "00:25:04", "text": "a hundred times as much money through"}, {"end": "00:25:12", "start": "00:25:06", "text": "proper financing on my corporate entity"}, {"end": "00:25:16", "start": "00:25:10", "text": "now and invested in the world's greatest"}, {"end": "00:25:16", "start": "00:25:12", "text": "asset which is"}, {"end": "00:25:29", "start": "00:25:21", "text": "Bitcoin. SL here we have 13 weigh 13. 13"}, {"end": "00:25:30", "start": "00:25:26", "text": "is not always a happy number. I use the"}, {"end": "00:25:32", "start": "00:25:29", "text": "word"}, {"end": "00:25:35", "start": "00:25:30", "text": "compliance. You should create the best"}, {"end": "00:25:38", "start": "00:25:32", "text": "company you can create within the rules"}, {"end": "00:25:41", "start": "00:25:35", "text": "of your market. Every market is"}, {"end": "00:25:43", "start": "00:25:38", "text": "different. But think about this. Public"}, {"end": "00:25:46", "start": "00:25:41", "text": "companies have special rights. They can"}, {"end": "00:25:49", "start": "00:25:43", "text": "issue equity and debt. Trust companies"}, {"end": "00:25:52", "start": "00:25:46", "text": "have other special rights. They're more"}, {"end": "00:25:54", "start": "00:25:49", "text": "tax efficient. Insurance companies have"}, {"end": "00:25:57", "start": "00:25:52", "text": "special rights. They can reinvest"}, {"end": "00:25:59", "start": "00:25:54", "text": "annuities and they can assume risk and"}, {"end": "00:26:01", "start": "00:25:57", "text": "they can create very taxefficient"}, {"end": "00:26:04", "start": "00:25:59", "text": "vehicles. A broker dealer has special"}, {"end": "00:26:06", "start": "00:26:01", "text": "rights. An exchange has special rights."}, {"end": "00:26:08", "start": "00:26:04", "text": "The bank has special rights. A bank can"}, {"end": "00:26:12", "start": "00:26:06", "text": "take a million dollars of capital and"}, {"end": "00:26:15", "start": "00:26:08", "text": "print $20 million worth of fiat"}, {"end": "00:26:18", "start": "00:26:12", "text": "currency. They can lever 20 to one."}, {"end": "00:26:20", "start": "00:26:15", "text": "Okay, that's an advantage. So while"}, {"end": "00:26:23", "start": "00:26:18", "text": "compliance sounds like a difficult world"}, {"end": "00:26:25", "start": "00:26:20", "text": "word, if you create a company and you"}, {"end": "00:26:27", "start": "00:26:23", "text": "understand the rules of the road in the"}, {"end": "00:26:31", "start": "00:26:25", "text": "market you function in, you can create a"}, {"end": "00:26:35", "start": "00:26:27", "text": "special very very productive enterprise"}, {"end": "00:26:38", "start": "00:26:31", "text": "and then you can use the power of that"}, {"end": "00:26:42", "start": "00:26:35", "text": "enterprise in order to raise capital,"}, {"end": "00:26:44", "start": "00:26:38", "text": "invest in Bitcoin and create wealth. So,"}, {"end": "00:26:47", "start": "00:26:42", "text": "it's more intricate, but if you have the"}, {"end": "00:26:51", "start": "00:26:44", "text": "talent to do it, you know, uh it will"}, {"end": "00:26:51", "start": "00:26:47", "text": "allow you to go faster and"}, {"end": "00:26:56", "start": "00:26:51", "text": "further."}, {"end": "00:26:56", "start": "00:26:53", "text": "14."}, {"end": "00:27:02", "start": "00:26:56", "text": "Capitalization. Your your goal is to"}, {"end": "00:27:05", "start": "00:26:58", "text": "raise and rein reinvest capital"}, {"end": "00:27:08", "start": "00:27:02", "text": "relentlessly as veloc as fast as you"}, {"end": "00:27:12", "start": "00:27:05", "text": "can. As much as you can, as fast as you"}, {"end": "00:27:15", "start": "00:27:08", "text": "can. the velocity compounds the wealth."}, {"end": "00:27:17", "start": "00:27:12", "text": "So, you know, you create that practice,"}, {"end": "00:27:21", "start": "00:27:15", "text": "the small hotel, you incorporate, you"}, {"end": "00:27:24", "start": "00:27:17", "text": "sell 10% of the equity, you buy"}, {"end": "00:27:27", "start": "00:27:21", "text": "Bitcoin, Bitcoin goes up, the value of"}, {"end": "00:27:28", "start": "00:27:24", "text": "the hotel goes up. You sell 20%, you buy"}, {"end": "00:27:30", "start": "00:27:27", "text": "more Bitcoin, the value of the"}, {"end": "00:27:32", "start": "00:27:28", "text": "enterprise goes up. You borrow a little"}, {"end": "00:27:34", "start": "00:27:30", "text": "bit of money, you buy Bitcoin, the value"}, {"end": "00:27:36", "start": "00:27:32", "text": "of the enterprise goes up. You're"}, {"end": "00:27:38", "start": "00:27:34", "text": "continually raising capital. You have"}, {"end": "00:27:41", "start": "00:27:36", "text": "cash flow, you buy Bitcoin. You have"}, {"end": "00:27:42", "start": "00:27:38", "text": "treasury assets, you buy Bitcoin. You"}, {"end": "00:27:44", "start": "00:27:41", "text": "have a house that doesn't have a"}, {"end": "00:27:47", "start": "00:27:42", "text": "mortgage on it. Okay. Well, good for"}, {"end": "00:27:50", "start": "00:27:44", "text": "you. You could borrow money at 6%"}, {"end": "00:27:54", "start": "00:27:47", "text": "invested at it's been 80 going up 80%"}, {"end": "00:27:58", "start": "00:27:50", "text": "for the past year. So, you can capture"}, {"end": "00:27:59", "start": "00:27:54", "text": "even if you look at a 30 or 20% ARR."}, {"end": "00:28:00", "start": "00:27:58", "text": "You're borrowing at six. You're"}, {"end": "00:28:02", "start": "00:27:59", "text": "investing at 20. You're capturing the"}, {"end": "00:28:04", "start": "00:28:00", "text": "spread. It's"}, {"end": "00:28:06", "start": "00:28:02", "text": "compounding. This is a race to"}, {"end": "00:28:09", "start": "00:28:04", "text": "capitalize on Bitcoin. He who has the"}, {"end": "00:28:11", "start": "00:28:06", "text": "most Bitcoin at the end of the game"}, {"end": "00:28:18", "start": "00:28:09", "text": "wins."}, {"end": "00:28:18", "start": "00:28:11", "text": "[Applause]"}, {"end": "00:28:23", "start": "00:28:19", "text": "communication. No one's going to give"}, {"end": "00:28:26", "start": "00:28:21", "text": "you money if they don't trust"}, {"end": "00:28:28", "start": "00:28:23", "text": "you. The creditors won't give you they"}, {"end": "00:28:30", "start": "00:28:26", "text": "won't take a or give you a loan. They"}, {"end": "00:28:33", "start": "00:28:28", "text": "won't buy your bond. They won't buy your"}, {"end": "00:28:35", "start": "00:28:30", "text": "preferred stock. The equity investors"}, {"end": "00:28:37", "start": "00:28:33", "text": "won't buy your stock. No one will do"}, {"end": "00:28:39", "start": "00:28:35", "text": "business with you. Employees, vendors,"}, {"end": "00:28:43", "start": "00:28:37", "text": "they're not going to trust you. You must"}, {"end": "00:28:45", "start": "00:28:39", "text": "speak with cander. You must act with"}, {"end": "00:28:48", "start": "00:28:43", "text": "transparency. You should repeat that"}, {"end": "00:28:51", "start": "00:28:45", "text": "often using every modern digital"}, {"end": "00:28:53", "start": "00:28:48", "text": "channel. You don't need a complicated"}, {"end": "00:28:55", "start": "00:28:51", "text": "strategy to build wealth in the Bitcoin"}, {"end": "00:28:57", "start": "00:28:53", "text": "universe. You simply need a"}, {"end": "00:29:00", "start": "00:28:55", "text": "straightforward one that you're that"}, {"end": "00:29:03", "start": "00:28:57", "text": "everyone else understands. Once they"}, {"end": "00:29:06", "start": "00:29:00", "text": "understand what you're going to do, they"}, {"end": "00:29:09", "start": "00:29:03", "text": "will they will support you and then they"}, {"end": "00:29:13", "start": "00:29:06", "text": "will make you successful. So,"}, {"end": "00:29:16", "start": "00:29:09", "text": "communicate. Way number 16 is"}, {"end": "00:29:18", "start": "00:29:13", "text": "commitment. Don't allow yourself to be"}, {"end": "00:29:22", "start": "00:29:16", "text": "distracted. A lot of people discovered"}, {"end": "00:29:27", "start": "00:29:18", "text": "Bitcoin before me. People discovered in"}, {"end": "00:29:29", "start": "00:29:22", "text": "2011, 2012, 2013, 2014, and then they"}, {"end": "00:29:32", "start": "00:29:27", "text": "went on to build"}, {"end": "00:29:34", "start": "00:29:29", "text": "Yoyocoin. And then they went on to build"}, {"end": "00:29:36", "start": "00:29:32", "text": "the thing to juggle the Bitcoin. And"}, {"end": "00:29:37", "start": "00:29:34", "text": "then they went on to write the book"}, {"end": "00:29:40", "start": "00:29:36", "text": "about how smart they are about having"}, {"end": "00:29:41", "start": "00:29:37", "text": "discovered the Bitcoin. And then they"}, {"end": "00:29:42", "start": "00:29:40", "text": "created the business and they got a"}, {"end": "00:29:44", "start": "00:29:41", "text": "board of directors that made them sell"}, {"end": "00:29:47", "start": "00:29:42", "text": "the"}, {"end": "00:29:50", "start": "00:29:44", "text": "Bitcoin. Right? So commitment to the"}, {"end": "00:29:53", "start": "00:29:47", "text": "Bitcoin. The Bitcoin is the idea. Don't"}, {"end": "00:29:55", "start": "00:29:50", "text": "feed the trolls when people at you"}, {"end": "00:29:57", "start": "00:29:53", "text": "online and tell you're stupid. Don't"}, {"end": "00:29:59", "start": "00:29:55", "text": "argue with them. Don't chase, By the"}, {"end": "00:30:02", "start": "00:29:57", "text": "way, don't get distracted by your good"}, {"end": "00:30:05", "start": "00:29:59", "text": "ideas. Don't chase your good ideas."}, {"end": "00:30:06", "start": "00:30:02", "text": "Satoshi gave you an idea worth half of"}, {"end": "00:30:08", "start": "00:30:05", "text": "everything on"}, {"end": "00:30:11", "start": "00:30:06", "text": "earth. The most common mistake"}, {"end": "00:30:12", "start": "00:30:08", "text": "entrepreneurs make is they fall in love"}, {"end": "00:30:15", "start": "00:30:11", "text": "with their own"}, {"end": "00:30:18", "start": "00:30:12", "text": "idea and and then they chase"}, {"end": "00:30:20", "start": "00:30:15", "text": "it. You have the world's greatest idea,"}, {"end": "00:30:22", "start": "00:30:18", "text": "the greatest idea in the history of the"}, {"end": "00:30:24", "start": "00:30:20", "text": "human race. It's there. You get you're"}, {"end": "00:30:26", "start": "00:30:22", "text": "living during an age where the majority"}, {"end": "00:30:28", "start": "00:30:24", "text": "of the planet doesn't get it. All you"}, {"end": "00:30:30", "start": "00:30:26", "text": "have to do is figure out how to"}, {"end": "00:30:32", "start": "00:30:28", "text": "capitalize it right now. But there will"}, {"end": "00:30:35", "start": "00:30:30", "text": "be a million other"}, {"end": "00:30:36", "start": "00:30:32", "text": "ideas. Don't fight lost causes. Choose"}, {"end": "00:30:38", "start": "00:30:35", "text": "your"}, {"end": "00:30:41", "start": "00:30:36", "text": "battles. Don't try to fix stuff, you"}, {"end": "00:30:42", "start": "00:30:38", "text": "know, beyond your reach. You might have"}, {"end": "00:30:43", "start": "00:30:41", "text": "an opinion about this and that and the"}, {"end": "00:30:45", "start": "00:30:42", "text": "other thing, and it might make you"}, {"end": "00:30:47", "start": "00:30:43", "text": "really mad, and you might be burning"}, {"end": "00:30:50", "start": "00:30:45", "text": "about it, and you might think this is"}, {"end": "00:30:53", "start": "00:30:47", "text": "just awful. All that is true. I agree"}, {"end": "00:30:54", "start": "00:30:50", "text": "with you. But the truth is, the world"}, {"end": "00:30:57", "start": "00:30:53", "text": "probably doesn't care what you think."}, {"end": "00:31:00", "start": "00:30:54", "text": "And unless you can stop the war yourself"}, {"end": "00:31:01", "start": "00:30:57", "text": "then and if you can stop the war you"}, {"end": "00:31:05", "start": "00:31:00", "text": "know you can do that then you should"}, {"end": "00:31:08", "start": "00:31:01", "text": "focus on that. But if you can't then"}, {"end": "00:31:12", "start": "00:31:05", "text": "don't take your own success for granted."}, {"end": "00:31:15", "start": "00:31:08", "text": "You know avoid dilutive"}, {"end": "00:31:19", "start": "00:31:12", "text": "distractions. Way number 17. Deliver"}, {"end": "00:31:21", "start": "00:31:15", "text": "consistent, precise, reliable execution."}, {"end": "00:31:23", "start": "00:31:19", "text": "Be relentless. Don't take your customer"}, {"end": "00:31:25", "start": "00:31:21", "text": "for granted. Don't take your security"}, {"end": "00:31:28", "start": "00:31:23", "text": "for granted. Don't take your success for"}, {"end": "00:31:31", "start": "00:31:25", "text": "granted. Laserlike focus. The world"}, {"end": "00:31:34", "start": "00:31:28", "text": "wants perfection from you. Or when I"}, {"end": "00:31:40", "start": "00:31:31", "text": "first got to DuPont, they said you are"}, {"end": "00:31:42", "start": "00:31:34", "text": "allowed up to but not including one"}, {"end": "00:31:44", "start": "00:31:40", "text": "mistake. Okay. So maybe you think you"}, {"end": "00:31:47", "start": "00:31:42", "text": "can juggle 10 razor blades and do 20"}, {"end": "00:31:50", "start": "00:31:44", "text": "things while you will pine on 50 topics"}, {"end": "00:31:52", "start": "00:31:47", "text": "on Twitter X. Right?"}, {"end": "00:31:55", "start": "00:31:50", "text": "The person you're competing with is"}, {"end": "00:31:59", "start": "00:31:52", "text": "laser-like focused and the marketplace"}, {"end": "00:31:59", "start": "00:31:55", "text": "will shift to whoever is laser-like"}, {"end": "00:32:06", "start": "00:32:02", "text": "focused."}, {"end": "00:32:09", "start": "00:32:04", "text": "18."}, {"end": "00:32:12", "start": "00:32:06", "text": "Adaptation. Over a long enough timeline,"}, {"end": "00:32:16", "start": "00:32:09", "text": "every counterparty will fail, including"}, {"end": "00:32:18", "start": "00:32:12", "text": "you. Over a hundred years, everybody you"}, {"end": "00:32:21", "start": "00:32:16", "text": "trust, every bank, every company,"}, {"end": "00:32:24", "start": "00:32:18", "text": "everything, every structure that works"}, {"end": "00:32:27", "start": "00:32:21", "text": "now will fail. You will need to adopt"}, {"end": "00:32:29", "start": "00:32:24", "text": "adapt. A wise person is prepared to"}, {"end": "00:32:34", "start": "00:32:27", "text": "abandon their baggage at several times"}, {"end": "00:32:37", "start": "00:32:29", "text": "along the road of life. So be prepared."}, {"end": "00:32:39", "start": "00:32:34", "text": "Have a plan. Work it now. Be monitoring"}, {"end": "00:32:42", "start": "00:32:37", "text": "it every quarter, every year. At at some"}, {"end": "00:32:44", "start": "00:32:39", "text": "point when that is no longer the right"}, {"end": "00:32:48", "start": "00:32:42", "text": "path, you know, don't be ashamed to"}, {"end": "00:32:51", "start": "00:32:44", "text": "change the path. Have a succession plan."}, {"end": "00:32:54", "start": "00:32:48", "text": "Keep your affairs in"}, {"end": "00:32:56", "start": "00:32:51", "text": "order. Way 19,"}, {"end": "00:32:59", "start": "00:32:54", "text": "evolution in build on your core"}, {"end": "00:33:05", "start": "00:32:56", "text": "strengths. Leverage your strongest"}, {"end": "00:33:07", "start": "00:32:59", "text": "assets. Um, your goal is graceful"}, {"end": "00:33:10", "start": "00:33:05", "text": "evolution, not radical"}, {"end": "00:33:13", "start": "00:33:07", "text": "mutation. Right? If you happen to have"}, {"end": "00:33:15", "start": "00:33:10", "text": "skill in a culture, in a capital market,"}, {"end": "00:33:17", "start": "00:33:13", "text": "in a thing, you want to you want a"}, {"end": "00:33:19", "start": "00:33:15", "text": "business that grows based upon"}, {"end": "00:33:21", "start": "00:33:17", "text": "leveraging that. When you get over your"}, {"end": "00:33:23", "start": "00:33:19", "text": "skis or you decide to go do something in"}, {"end": "00:33:28", "start": "00:33:21", "text": "a totally random new area, the risk of"}, {"end": "00:33:28", "start": "00:33:23", "text": "that execution goes up by a hundfold."}, {"end": "00:33:33", "start": "00:33:28", "text": "Way 20,"}, {"end": "00:33:36", "start": "00:33:30", "text": "advocacy. Inspire others to walk the"}, {"end": "00:33:39", "start": "00:33:33", "text": "Bitcoin path. Become an evangelist for"}, {"end": "00:33:41", "start": "00:33:36", "text": "economic freedom. The more individuals,"}, {"end": "00:33:45", "start": "00:33:39", "text": "corporations, governments, institutions,"}, {"end": "00:33:48", "start": "00:33:41", "text": "cities, leaders embrace Bitcoin, the"}, {"end": "00:33:51", "start": "00:33:45", "text": "more likely you are to succeed, the more"}, {"end": "00:33:54", "start": "00:33:48", "text": "likely they are to succeed. The more"}, {"end": "00:33:57", "start": "00:33:51", "text": "likely Bitcoin is to succeed, the more"}, {"end": "00:34:01", "start": "00:33:54", "text": "likely the human race is to succeed."}, {"end": "00:34:01", "start": "00:33:57", "text": "[Applause]"}, {"end": "00:34:05", "start": "00:34:01", "text": "[Music]"}, {"end": "00:34:11", "start": "00:34:06", "text": "21. The way to wealth is through"}, {"end": "00:34:12", "start": "00:34:08", "text": "generosity. When you are successful, and"}, {"end": "00:34:15", "start": "00:34:11", "text": "you will be"}, {"end": "00:34:16", "start": "00:34:12", "text": "successful, get up every morning and and"}, {"end": "00:34:18", "start": "00:34:15", "text": "spread"}, {"end": "00:34:22", "start": "00:34:16", "text": "happiness, share"}, {"end": "00:34:25", "start": "00:34:18", "text": "security, deliver hope to those less"}, {"end": "00:34:27", "start": "00:34:22", "text": "fortunate than you. You found the path"}, {"end": "00:34:30", "start": "00:34:25", "text": "first. You found the way"}, {"end": "00:34:32", "start": "00:34:27", "text": "first. You should spread good"}, {"end": "00:34:35", "start": "00:34:30", "text": "karma. Make sure that you're delivering"}, {"end": "00:34:37", "start": "00:34:32", "text": "that to your employees, your family,"}, {"end": "00:34:39", "start": "00:34:35", "text": "your friends, your customers, your"}, {"end": "00:34:42", "start": "00:34:37", "text": "investors, and your"}, {"end": "00:34:45", "start": "00:34:39", "text": "community. They will see that glow. They"}, {"end": "00:34:48", "start": "00:34:42", "text": "will respect you. They will support you."}, {"end": "00:34:51", "start": "00:34:45", "text": "They will be inspired by you. They will"}, {"end": "00:34:52", "start": "00:34:48", "text": "follow you. It's good for you, good for"}, {"end": "00:34:56", "start": "00:34:51", "text": "business, good for"}, {"end": "00:34:56", "start": "00:34:52", "text": "Bitcoin, good for the world."}, {"end": "00:35:04", "start": "00:34:58", "text": "And I'm going to end with this final"}, {"end": "00:35:09", "start": "00:35:01", "text": "thought. You"}, {"end": "00:35:12", "start": "00:35:04", "text": "know, 16 years later and two trillion"}, {"end": "00:35:15", "start": "00:35:09", "text": "year two trillion dollars of proof"}, {"end": "00:35:17", "start": "00:35:12", "text": "later and after who knows how many"}, {"end": "00:35:20", "start": "00:35:15", "text": "millions of pages of wisdom have been"}, {"end": "00:35:22", "start": "00:35:17", "text": "delivered to the world, I'm able to give"}, {"end": "00:35:24", "start": "00:35:20", "text": "you this speech."}, {"end": "00:35:28", "start": "00:35:22", "text": "But someone much greater than me,"}, {"end": "00:35:31", "start": "00:35:24", "text": "Satoshi, with none of that information,"}, {"end": "00:35:34", "start": "00:35:28", "text": "with none of that proof, with none of"}, {"end": "00:35:37", "start": "00:35:31", "text": "that time, said this many, many years"}, {"end": "00:35:40", "start": "00:35:34", "text": "ago, the most important 12 words in the"}, {"end": "00:35:46", "start": "00:35:37", "text": "English language, it might make sense to"}, {"end": "00:35:50", "start": "00:35:40", "text": "get some in case it catches"}, {"end": "00:35:50", "start": "00:35:46", "text": "on. Thank you."}, {"end": "00:35:53", "start": "00:35:50", "text": "Thank you for your"}, {"end": "00:36:01", "start": "00:35:54", "text": "support. I'm here because of all of you"}, {"end": "00:36:08", "start": "00:35:58", "text": "and I look forward to seeing you next"}, {"end": "00:36:14", "start": "00:36:01", "text": "[Applause]"}, {"end": "00:36:14", "start": "00:36:08", "text": "[Music]"}, {"end": "00:36:26", "start": "00:36:15", "text": "year."}, {"end": "00:36:26", "start": "00:36:17", "text": "[Music]"}, {"end": "00:36:32", "start": "00:36:29", "text": "[Music]"}, {"end": "00:36:35", "start": "00:36:32", "text": "Heat."}, {"end": "00:36:43", "start": "00:36:36", "text": "[Music]"}, {"end": "00:36:43", "start": "00:36:39", "text": "Heat. Heat. Heat."}, {"end": "00:36:51", "start": "00:36:43", "text": "[Music]"}]

[{"end": "00:00:37", "start": "00:00:29", "text": "[Music]"}, {"end": "00:00:37", "start": "00:00:31", "text": "[Applause]"}, {"end": "00:00:55", "start": "00:00:39", "text": "[Music]"}, {"end": "00:01:15", "start": "00:00:59", "text": "[Music]"}, {"end": "00:01:29", "start": "00:01:12", "text": "[Applause]"}, {"end": "00:01:29", "start": "00:01:15", "text": "[Music]"}, {"end": "00:01:47", "start": "00:01:37", "text": "[Music]"}, {"end": "00:01:49", "start": "00:01:45", "text": "Remember The Brady Bunch back before our"}, {"end": "00:01:51", "start": "00:01:47", "text": "money was broken you could have one"}, {"end": "00:01:54", "start": "00:01:49", "text": "parent working while supporting a family"}, {"end": "00:01:57", "start": "00:01:51", "text": "with six kids and a live-in maid oh yeah"}, {"end": "00:01:59", "start": "00:01:54", "text": "and a dog tiger what"}, {"end": "00:02:01", "start": "00:01:57", "text": "happened I have directed secretary"}, {"end": "00:02:04", "start": "00:01:59", "text": "Connelly to suspend temporarily the"}, {"end": "00:02:07", "start": "00:02:01", "text": "convertibility of the dollar into gold"}, {"end": "00:02:10", "start": "00:02:04", "text": "or other Reserve assets so President"}, {"end": "00:02:12", "start": "00:02:07", "text": "Nixon in 71 August 15th"}, {"end": "00:02:14", "start": "00:02:10", "text": "1971 took the dollar off the gold"}, {"end": "00:02:17", "start": "00:02:12", "text": "standard so we could print more money so"}, {"end": "00:02:19", "start": "00:02:14", "text": "we could steal your wealth and the"}, {"end": "00:02:22", "start": "00:02:17", "text": "reason that he"}, {"end": "00:02:26", "start": "00:02:19", "text": "decoupled gold from currency was to pay"}, {"end": "00:02:26", "start": "00:02:22", "text": "for the Vietnam War"}, {"end": "00:02:33", "start": "00:02:30", "text": "[Music]"}, {"end": "00:02:35", "start": "00:02:32", "text": "the dollar will dramatically lose its"}, {"end": "00:02:37", "start": "00:02:33", "text": "purchasing power the more they print the"}, {"end": "00:02:39", "start": "00:02:35", "text": "more it gets diluted and you know with"}, {"end": "00:02:41", "start": "00:02:37", "text": "Bitcoin you just can't do that and so"}, {"end": "00:02:44", "start": "00:02:39", "text": "people who understand you know the"}, {"end": "00:02:46", "start": "00:02:41", "text": "concept of money supply being the driver"}, {"end": "00:02:51", "start": "00:02:44", "text": "of inflation uh then they'll understand"}, {"end": "00:02:53", "start": "00:02:46", "text": "why Bitcoin is superior so a single"}, {"end": "00:02:55", "start": "00:02:51", "text": "politician with the ability to print"}, {"end": "00:02:58", "start": "00:02:53", "text": "money can turn employees against"}, {"end": "00:03:01", "start": "00:02:55", "text": "employers can turn the customers against"}, {"end": "00:03:04", "start": "00:02:58", "text": "the vendors they they can turn every"}, {"end": "00:03:06", "start": "00:03:01", "text": "industry against every other industry"}, {"end": "00:03:09", "start": "00:03:04", "text": "they have people rioting in the streets"}, {"end": "00:03:11", "start": "00:03:06", "text": "and typically the people don't realize"}, {"end": "00:03:14", "start": "00:03:09", "text": "that it's the government that's created"}, {"end": "00:03:17", "start": "00:03:11", "text": "the the distress and they blame the"}, {"end": "00:03:19", "start": "00:03:14", "text": "shopkeeper or the policeman or uh the"}, {"end": "00:03:22", "start": "00:03:17", "text": "person in the streets for causing their"}, {"end": "00:03:25", "start": "00:03:19", "text": "problems and so you have um unnecessary"}, {"end": "00:03:27", "start": "00:03:22", "text": "violence you have human tragedy"}, {"end": "00:03:30", "start": "00:03:25", "text": "businesses collapse families collapse"}, {"end": "00:03:33", "start": "00:03:27", "text": "people lose their lives and it's all"}, {"end": "00:03:36", "start": "00:03:30", "text": "because the economy is in essence"}, {"end": "00:03:39", "start": "00:03:33", "text": "collapsing uh because the energy is"}, {"end": "00:03:41", "start": "00:03:36", "text": "being drained out of the"}, {"end": "00:03:43", "start": "00:03:39", "text": "currency there has been so much damage"}, {"end": "00:03:45", "start": "00:03:41", "text": "caused by Broken money over the last 50"}, {"end": "00:03:47", "start": "00:03:43", "text": "years and more and more people are"}, {"end": "00:03:50", "start": "00:03:45", "text": "feeling left"}, {"end": "00:03:52", "start": "00:03:47", "text": "behind if you work for a living you're"}, {"end": "00:03:55", "start": "00:03:50", "text": "paid a salary you're kind of a"}, {"end": "00:03:58", "start": "00:03:52", "text": "slave that's a harsh word it makes us"}, {"end": "00:04:00", "start": "00:03:55", "text": "uncomfortable but it's true in the sense"}, {"end": "00:04:02", "start": "00:03:58", "text": "that you're given a certain amount of"}, {"end": "00:04:05", "start": "00:04:00", "text": "money for your time and"}, {"end": "00:04:07", "start": "00:04:02", "text": "effort therefore you don't have time for"}, {"end": "00:04:09", "start": "00:04:05", "text": "creativity and Innovation because you're"}, {"end": "00:04:12", "start": "00:04:07", "text": "just doing your job just punching your"}, {"end": "00:04:14", "start": "00:04:09", "text": "ticket well part of that is because your"}, {"end": "00:04:16", "start": "00:04:12", "text": "money that you're paid gets less"}, {"end": "00:04:18", "start": "00:04:14", "text": "valuable every day we've been sold a"}, {"end": "00:04:22", "start": "00:04:16", "text": "bill of goods that inflation is good for"}, {"end": "00:04:25", "start": "00:04:18", "text": "us that's nonsense why should the"}, {"end": "00:04:28", "start": "00:04:22", "text": "devaluation of my hard-earned money be"}, {"end": "00:04:30", "start": "00:04:25", "text": "good for me that doesn't make any sense"}, {"end": "00:04:32", "start": "00:04:28", "text": "at all who it's good for is the people"}, {"end": "00:04:34", "start": "00:04:30", "text": "at the tippy top um how in the world are"}, {"end": "00:04:36", "start": "00:04:32", "text": "they going to get ahead if they're"}, {"end": "00:04:38", "start": "00:04:34", "text": "operating on this system that doesn't"}, {"end": "00:04:39", "start": "00:04:36", "text": "preserve their energy and their work and"}, {"end": "00:04:42", "start": "00:04:38", "text": "their"}, {"end": "00:04:44", "start": "00:04:39", "text": "time so it seems like we're all getting"}, {"end": "00:04:47", "start": "00:04:42", "text": "rug pulled I have a sneaky feeling it's"}, {"end": "00:04:50", "start": "00:04:44", "text": "inflation that's taking advantage of us"}, {"end": "00:04:50", "start": "00:04:47", "text": "but what exactly is"}, {"end": "00:04:58", "start": "00:04:51", "text": "[Music]"}, {"end": "00:05:01", "start": "00:04:56", "text": "inflation there are two kinds of"}, {"end": "00:05:04", "start": "00:04:58", "text": "inflation there's inflation due to"}, {"end": "00:05:06", "start": "00:05:01", "text": "unfortunate acts of God Force meure so"}, {"end": "00:05:09", "start": "00:05:04", "text": "if the monetary system is being run"}, {"end": "00:05:11", "start": "00:05:06", "text": "perfectly and if there's a tornado or a"}, {"end": "00:05:13", "start": "00:05:09", "text": "hurricane and there's a temporary"}, {"end": "00:05:16", "start": "00:05:11", "text": "shortage of goods and services then"}, {"end": "00:05:18", "start": "00:05:13", "text": "prices will go up and so that is"}, {"end": "00:05:20", "start": "00:05:16", "text": "physical inflation but there's another"}, {"end": "00:05:22", "start": "00:05:18", "text": "form of inflation which is monetary"}, {"end": "00:05:25", "start": "00:05:20", "text": "inflation and this is much more common"}, {"end": "00:05:28", "start": "00:05:22", "text": "and this is generally the source of"}, {"end": "00:05:30", "start": "00:05:25", "text": "98% of inflation in the world the vast"}, {"end": "00:05:32", "start": "00:05:28", "text": "majority of it and that's when of the"}, {"end": "00:05:34", "start": "00:05:30", "text": "goods and services and Assets in a"}, {"end": "00:05:37", "start": "00:05:32", "text": "society are priced in a currency that is"}, {"end": "00:05:39", "start": "00:05:34", "text": "in of itself inflationary so if I price"}, {"end": "00:05:41", "start": "00:05:37", "text": "things in a in the dollar and I double"}, {"end": "00:05:43", "start": "00:05:39", "text": "the supply of dollars the supply of"}, {"end": "00:05:44", "start": "00:05:41", "text": "houses doesn't increase but the supply"}, {"end": "00:05:47", "start": "00:05:43", "text": "of dollars does increase therefore the"}, {"end": "00:05:49", "start": "00:05:44", "text": "prices will probably double over time"}, {"end": "00:05:52", "start": "00:05:47", "text": "typically especially if you're going"}, {"end": "00:05:55", "start": "00:05:49", "text": "through a hyperinflation wages do not"}, {"end": "00:05:58", "start": "00:05:52", "text": "keep up they do not keep up and so"}, {"end": "00:06:01", "start": "00:05:55", "text": "inflation eats into purchasing power you"}, {"end": "00:06:03", "start": "00:05:58", "text": "can't buy enough uh to feed your family"}, {"end": "00:06:06", "start": "00:06:01", "text": "the average income in this country is"}, {"end": "00:06:09", "start": "00:06:03", "text": "now $5,000 less than the average cost of"}, {"end": "00:06:12", "start": "00:06:06", "text": "living of the cost of basic human needs"}, {"end": "00:06:15", "start": "00:06:09", "text": "food shelter and transportation is now"}, {"end": "00:06:18", "start": "00:06:12", "text": "$5,000 more than the average person"}, {"end": "00:06:21", "start": "00:06:15", "text": "makes which means if you're in that"}, {"end": "00:06:23", "start": "00:06:18", "text": "category which is most Americans you now"}, {"end": "00:06:26", "start": "00:06:21", "text": "cannot make ends me here in the United"}, {"end": "00:06:27", "start": "00:06:23", "text": "States they target 2% inflation they're"}, {"end": "00:06:30", "start": "00:06:26", "text": "literally saying we want to steal about"}, {"end": "00:06:32", "start": "00:06:27", "text": "2% of your purchasing power every year"}, {"end": "00:06:34", "start": "00:06:30", "text": "and then we have years like this where"}, {"end": "00:06:36", "start": "00:06:32", "text": "the inflation rate is s or 8 or 9%"}, {"end": "00:06:38", "start": "00:06:34", "text": "higher than normal that means they're"}, {"end": "00:06:40", "start": "00:06:36", "text": "just stealing our purchasing power even"}, {"end": "00:06:42", "start": "00:06:38", "text": "that much faster so there's no honest"}, {"end": "00:06:44", "start": "00:06:40", "text": "unit of account for them it's just a"}, {"end": "00:06:46", "start": "00:06:42", "text": "credit based system they're just making"}, {"end": "00:06:47", "start": "00:06:44", "text": "different numbers on their spreadsheets"}, {"end": "00:06:48", "start": "00:06:46", "text": "and they say you know what we're going"}, {"end": "00:06:50", "start": "00:06:47", "text": "to create this much more credit this"}, {"end": "00:06:52", "start": "00:06:48", "text": "year we're going to destroy this much"}, {"end": "00:06:54", "start": "00:06:50", "text": "more purchasing power and it's the"}, {"end": "00:06:55", "start": "00:06:52", "text": "citizens of the country that pay for"}, {"end": "00:06:58", "start": "00:06:54", "text": "that we're paying for our government to"}, {"end": "00:07:00", "start": "00:06:55", "text": "make irresponsible decisions so yes I"}, {"end": "00:07:02", "start": "00:06:58", "text": "think that's very immoral at this point"}, {"end": "00:07:03", "start": "00:07:00", "text": "is getting very difficult for people to"}, {"end": "00:07:06", "start": "00:07:02", "text": "catch up we're seeing more people"}, {"end": "00:07:09", "start": "00:07:03", "text": "working multiple jobs just to make ends"}, {"end": "00:07:11", "start": "00:07:06", "text": "meet we see more dual income households"}, {"end": "00:07:13", "start": "00:07:09", "text": "there's less households where you just"}, {"end": "00:07:15", "start": "00:07:11", "text": "have one person that works and one"}, {"end": "00:07:17", "start": "00:07:13", "text": "person that stays home and runs the"}, {"end": "00:07:20", "start": "00:07:15", "text": "household in the family now everybody's"}, {"end": "00:07:22", "start": "00:07:17", "text": "working so let me get this straight we"}, {"end": "00:07:24", "start": "00:07:20", "text": "take our god-given talents and work"}, {"end": "00:07:26", "start": "00:07:22", "text": "really hard and our money buys us less"}, {"end": "00:07:29", "start": "00:07:24", "text": "and less every year I don't like the"}, {"end": "00:07:31", "start": "00:07:26", "text": "sound of that so how does government"}, {"end": "00:07:33", "start": "00:07:29", "text": "create money"}, {"end": "00:07:35", "start": "00:07:31", "text": "we print it digitally so we you know we"}, {"end": "00:07:39", "start": "00:07:33", "text": "as a central bank we have the ability to"}, {"end": "00:07:41", "start": "00:07:35", "text": "create money uh digitally we also print"}, {"end": "00:07:44", "start": "00:07:39", "text": "actual currency and we distribute that"}, {"end": "00:07:44", "start": "00:07:41", "text": "through the Federal Reserve"}, {"end": "00:07:56", "start": "00:07:50", "text": "Banks The Current financial system was"}, {"end": "00:07:59", "start": "00:07:53", "text": "built for the elite it was built to"}, {"end": "00:08:01", "start": "00:07:56", "text": "ensure that those that control"}, {"end": "00:08:04", "start": "00:07:59", "text": "institutions and have a vast amount of"}, {"end": "00:08:07", "start": "00:08:01", "text": "money can make even more profit at the"}, {"end": "00:08:09", "start": "00:08:04", "text": "expense of um Regular citizens that are"}, {"end": "00:08:12", "start": "00:08:07", "text": "uh from the working class The Current"}, {"end": "00:08:15", "start": "00:08:09", "text": "financial system was designed to promote"}, {"end": "00:08:18", "start": "00:08:12", "text": "um the the wealth of a minority which is"}, {"end": "00:08:20", "start": "00:08:15", "text": "why that Minority tries everything"}, {"end": "00:08:21", "start": "00:08:18", "text": "possible to discourage people from using"}, {"end": "00:08:23", "start": "00:08:20", "text": "Bitcoin because they know they will end"}, {"end": "00:08:26", "start": "00:08:21", "text": "up losing that privilege they have been"}, {"end": "00:08:26", "start": "00:08:23", "text": "carrying for"}, {"end": "00:08:32", "start": "00:08:27", "text": "centuries so we can't trust money to"}, {"end": "00:08:35", "start": "00:08:30", "text": "tell us accurately how much value we"}, {"end": "00:08:38", "start": "00:08:32", "text": "create so it's not hard to see how we go"}, {"end": "00:08:40", "start": "00:08:35", "text": "from this to a world where a lot of"}, {"end": "00:08:42", "start": "00:08:38", "text": "people just don't even know how much"}, {"end": "00:08:43", "start": "00:08:40", "text": "they are worth to the world and that"}, {"end": "00:08:46", "start": "00:08:42", "text": "makes it easier for the bullies of the"}, {"end": "00:08:48", "start": "00:08:43", "text": "world to step in and say you know what"}, {"end": "00:08:51", "start": "00:08:46", "text": "we'll tell you how much you're worth a"}, {"end": "00:08:54", "start": "00:08:48", "text": "person who gives themselves to honest"}, {"end": "00:08:56", "start": "00:08:51", "text": "labor and gives an honest days work"}, {"end": "00:08:58", "start": "00:08:54", "text": "deserves a wage that will allow them to"}, {"end": "00:09:01", "start": "00:08:56", "text": "sustain their lifestyle at a basic"}, {"end": "00:09:03", "start": "00:08:58", "text": "standard and and if that's not happening"}, {"end": "00:09:06", "start": "00:09:01", "text": "then we have a problem in terms of the"}, {"end": "00:09:08", "start": "00:09:03", "text": "way our economic structure works and"}, {"end": "00:09:11", "start": "00:09:06", "text": "there are a lot of people who work"}, {"end": "00:09:13", "start": "00:09:08", "text": "multiple jobs in order to meet that"}, {"end": "00:09:15", "start": "00:09:11", "text": "standard and that is probably an"}, {"end": "00:09:18", "start": "00:09:13", "text": "indication that we have a problem it's"}, {"end": "00:09:21", "start": "00:09:15", "text": "not good stewardship to put myself in a"}, {"end": "00:09:24", "start": "00:09:18", "text": "position where I acquire so much debt"}, {"end": "00:09:26", "start": "00:09:21", "text": "that I can't sustain my living and we"}, {"end": "00:09:28", "start": "00:09:24", "text": "have people who are doing that all the"}, {"end": "00:09:30", "start": "00:09:26", "text": "time and we have people who in some ways"}, {"end": "00:09:34", "start": "00:09:28", "text": "promote the idea that you can live this"}, {"end": "00:09:36", "start": "00:09:30", "text": "way the incentives exist for the FED to"}, {"end": "00:09:39", "start": "00:09:34", "text": "provide extremely cheap credit to Banks"}, {"end": "00:09:40", "start": "00:09:36", "text": "and for them to Market up a little bit"}, {"end": "00:09:43", "start": "00:09:39", "text": "cuz profitable for them and then to"}, {"end": "00:09:45", "start": "00:09:40", "text": "offer that credit pretty cheaply and"}, {"end": "00:09:47", "start": "00:09:43", "text": "essentially create you know debt slaves"}, {"end": "00:09:49", "start": "00:09:45", "text": "or indentured servants out of every"}, {"end": "00:09:51", "start": "00:09:47", "text": "American and anyone else around the"}, {"end": "00:09:53", "start": "00:09:49", "text": "world that they can lend to that is"}, {"end": "00:09:55", "start": "00:09:51", "text": "plugged into the Western banking system"}, {"end": "00:09:57", "start": "00:09:53", "text": "that's just the incentives of the system"}, {"end": "00:09:59", "start": "00:09:55", "text": "that we have"}, {"end": "00:10:02", "start": "00:09:57", "text": "today so was our monetary system"}, {"end": "00:10:04", "start": "00:09:59", "text": "designed to siphon away wealth from the"}, {"end": "00:10:04", "start": "00:10:02", "text": "working"}, {"end": "00:10:14", "start": "00:10:05", "text": "[Music]"}, {"end": "00:10:17", "start": "00:10:10", "text": "class uh if we go back to Medieval times"}, {"end": "00:10:19", "start": "00:10:14", "text": "and perhaps a bit earlier uh we can see"}, {"end": "00:10:23", "start": "00:10:17", "text": "how money emerged what happened is that"}, {"end": "00:10:26", "start": "00:10:19", "text": "every local uh Sovereign Nation state or"}, {"end": "00:10:29", "start": "00:10:23", "text": "city state tended to issue its own"}, {"end": "00:10:31", "start": "00:10:26", "text": "currency and um and two things imp"}, {"end": "00:10:34", "start": "00:10:29", "text": "impacted the the reliability the"}, {"end": "00:10:39", "start": "00:10:31", "text": "durability and the effectiveness of that"}, {"end": "00:10:41", "start": "00:10:34", "text": "currency uh one was whether the um the"}, {"end": "00:10:45", "start": "00:10:39", "text": "issuer of the currency whether it was a"}, {"end": "00:10:47", "start": "00:10:41", "text": "nobleman or a king or whether it was a"}, {"end": "00:10:50", "start": "00:10:45", "text": "constituted government whether they"}, {"end": "00:10:53", "start": "00:10:47", "text": "could to use the phrase from Isaiah uh"}, {"end": "00:10:57", "start": "00:10:50", "text": "to resist the temptation to dilute the"}, {"end": "00:10:59", "start": "00:10:53", "text": "currency and it is a huge Temptation"}, {"end": "00:11:00", "start": "00:10:57", "text": "there's no question about it I like to"}, {"end": "00:11:04", "start": "00:10:59", "text": "use"}, {"end": "00:11:08", "start": "00:11:00", "text": "a silver dollar as an example so when"}, {"end": "00:11:10", "start": "00:11:04", "text": "this dollar was created right it was"}, {"end": "00:11:13", "start": "00:11:08", "text": "worth a dollar as a matter of fact for a"}, {"end": "00:11:16", "start": "00:11:10", "text": "while you could take a US silver dollar"}, {"end": "00:11:18", "start": "00:11:13", "text": "note and exchange it for a dollar right"}, {"end": "00:11:20", "start": "00:11:16", "text": "so this used to be a dollar today I just"}, {"end": "00:11:24", "start": "00:11:18", "text": "checked and it takes"}, {"end": "00:11:28", "start": "00:11:20", "text": "$38 paper dollars Federal Reserve Note"}, {"end": "00:11:32", "start": "00:11:24", "text": "dollars to buy $1 of Suber that gives"}, {"end": "00:11:34", "start": "00:11:28", "text": "you an idea of the destruction of the"}, {"end": "00:11:38", "start": "00:11:32", "text": "purchasing power and it's why we're"}, {"end": "00:11:40", "start": "00:11:34", "text": "seeing today in the post lockdown world"}, {"end": "00:11:43", "start": "00:11:38", "text": "all the central banks around the world"}, {"end": "00:11:45", "start": "00:11:40", "text": "printed tons and tons of money that just"}, {"end": "00:11:47", "start": "00:11:43", "text": "doesn't make any sense and so people say"}, {"end": "00:11:49", "start": "00:11:45", "text": "well why are housing prices going crazy"}, {"end": "00:11:51", "start": "00:11:47", "text": "and why are food prices going crazy well"}, {"end": "00:11:53", "start": "00:11:49", "text": "oh it's inflation it's actually not"}, {"end": "00:11:56", "start": "00:11:51", "text": "really inflation inflation is when"}, {"end": "00:11:59", "start": "00:11:53", "text": "there's excess demand for limited Supply"}, {"end": "00:12:01", "start": "00:11:56", "text": "so the price Rises this is currency"}, {"end": "00:12:03", "start": "00:11:59", "text": "Deval valtion so weights and measures"}, {"end": "00:12:05", "start": "00:12:01", "text": "were the way in which you'd say if I got"}, {"end": "00:12:08", "start": "00:12:03", "text": "a pound of something uh I'll give you a"}, {"end": "00:12:11", "start": "00:12:05", "text": "pound of this or the equivalent and"}, {"end": "00:12:13", "start": "00:12:08", "text": "there's a real warning in the scriptures"}, {"end": "00:12:16", "start": "00:12:11", "text": "Deuteronomy Leviticus especially in the"}, {"end": "00:12:18", "start": "00:12:13", "text": "Mosaic law uh and then later in the book"}, {"end": "00:12:21", "start": "00:12:16", "text": "of Isaiah The Book of Proverbs they talk"}, {"end": "00:12:24", "start": "00:12:18", "text": "about things like and they use a lot of"}, {"end": "00:12:27", "start": "00:12:21", "text": "metaphors like diluting the wine with"}, {"end": "00:12:29", "start": "00:12:24", "text": "water I mean how is that for an image of"}, {"end": "00:12:31", "start": "00:12:27", "text": "inflationary policy where you inflate"}, {"end": "00:12:33", "start": "00:12:29", "text": "the amount of money in the economy"}, {"end": "00:12:34", "start": "00:12:31", "text": "because you have control of the printing"}, {"end": "00:12:37", "start": "00:12:33", "text": "presses"}, {"end": "00:12:40", "start": "00:12:34", "text": "unfortunately as governments Abandon All"}, {"end": "00:12:43", "start": "00:12:37", "text": "morality with respect to preserving the"}, {"end": "00:12:45", "start": "00:12:40", "text": "value of the currency for which they"}, {"end": "00:12:47", "start": "00:12:43", "text": "exercise control and"}, {"end": "00:12:49", "start": "00:12:45", "text": "responsibility um it it's it's"}, {"end": "00:12:53", "start": "00:12:47", "text": "increasingly impossible to count on that"}, {"end": "00:12:57", "start": "00:12:49", "text": "kind of stability and uh in that light"}, {"end": "00:12:59", "start": "00:12:53", "text": "we think in terms of whether Bitcoin is"}, {"end": "00:13:01", "start": "00:12:57", "text": "a an investment vehicle or whether it is"}, {"end": "00:13:04", "start": "00:12:59", "text": "an exchange vehicle or maybe we have to"}, {"end": "00:13:04", "start": "00:13:01", "text": "look at it as"}, {"end": "00:13:10", "start": "00:13:07", "text": "[Music]"}, {"end": "00:13:16", "start": "00:13:10", "text": "both there's no actual mechanical"}, {"end": "00:13:17", "start": "00:13:13", "text": "difference at all between you and I"}, {"end": "00:13:20", "start": "00:13:16", "text": "putting together a dollar printing"}, {"end": "00:13:23", "start": "00:13:17", "text": "machine and spinning up some counterfeit"}, {"end": "00:13:24", "start": "00:13:20", "text": "$100 bills and trying to go out take"}, {"end": "00:13:26", "start": "00:13:23", "text": "those into the world and trade them for"}, {"end": "00:13:28", "start": "00:13:24", "text": "goods and services there's no difference"}, {"end": "00:13:31", "start": "00:13:26", "text": "in you and I doing that and what the"}, {"end": "00:13:34", "start": "00:13:28", "text": "Federal Reserve does by the trillion it"}, {"end": "00:13:37", "start": "00:13:31", "text": "is one of the core contributors to the"}, {"end": "00:13:41", "start": "00:13:34", "text": "rich getting richer and the poor getting"}, {"end": "00:13:43", "start": "00:13:37", "text": "poorer the particularly um egregious"}, {"end": "00:13:46", "start": "00:13:41", "text": "thing about fiat currency is that it can"}, {"end": "00:13:49", "start": "00:13:43", "text": "cover up theft in the name of"}, {"end": "00:13:52", "start": "00:13:46", "text": "policymaking uh whereas electronic"}, {"end": "00:13:54", "start": "00:13:49", "text": "currencies based on algorithms can't do"}, {"end": "00:13:57", "start": "00:13:52", "text": "that if you think of the average citizen"}, {"end": "00:13:58", "start": "00:13:54", "text": "it is very hard to plan your life if I"}, {"end": "00:14:00", "start": "00:13:57", "text": "don't know what the central bank is"}, {"end": "00:14:03", "start": "00:13:58", "text": "going to do next month let alone a year"}, {"end": "00:14:05", "start": "00:14:00", "text": "from now 5 years or 10 years from now I"}, {"end": "00:14:09", "start": "00:14:03", "text": "use the example of baby boomers right"}, {"end": "00:14:12", "start": "00:14:05", "text": "baby boomers When We Were Young we"}, {"end": "00:14:15", "start": "00:14:09", "text": "thought $500,000 would be a perfectly"}, {"end": "00:14:18", "start": "00:14:12", "text": "good amount of money to retire on and"}, {"end": "00:14:22", "start": "00:14:15", "text": "now suddenly it looks like"}, {"end": "00:14:25", "start": "00:14:18", "text": "$500,000 is is nowhere near what you"}, {"end": "00:14:27", "start": "00:14:22", "text": "really should have to retire on well the"}, {"end": "00:14:29", "start": "00:14:25", "text": "reason for that is the systemic"}, {"end": "00:14:33", "start": "00:14:27", "text": "systematic destruction of the purchasing"}, {"end": "00:14:36", "start": "00:14:29", "text": "power of those dollars so that makes all"}, {"end": "00:14:38", "start": "00:14:33", "text": "Baby Boomers and all citizens more"}, {"end": "00:14:39", "start": "00:14:36", "text": "dependent on government and that's very"}, {"end": "00:14:42", "start": "00:14:38", "text": "good for"}, {"end": "00:14:43", "start": "00:14:39", "text": "government so not only are people unable"}, {"end": "00:14:47", "start": "00:14:42", "text": "to"}, {"end": "00:14:47", "start": "00:14:43", "text": "retire they can't even get their life"}, {"end": "00:14:59", "start": "00:14:53", "text": "started God's will is for us to be"}, {"end": "00:15:03", "start": "00:14:56", "text": "fruitful and to multiply and one"}, {"end": "00:15:06", "start": "00:14:59", "text": "decision or one factor that impact many"}, {"end": "00:15:09", "start": "00:15:03", "text": "people's decision to have children is"}, {"end": "00:15:12", "start": "00:15:06", "text": "their finances and the state of our"}, {"end": "00:15:16", "start": "00:15:09", "text": "economy has really devastated"}, {"end": "00:15:19", "start": "00:15:12", "text": "particularly young people's savings and"}, {"end": "00:15:21", "start": "00:15:16", "text": "I have a ton of friends who have decided"}, {"end": "00:15:23", "start": "00:15:19", "text": "not to have children or not to have more"}, {"end": "00:15:27", "start": "00:15:21", "text": "children because they feel like they"}, {"end": "00:15:30", "start": "00:15:23", "text": "can't afford it so I do think inflation"}, {"end": "00:15:32", "start": "00:15:27", "text": "can impact some people's decision ision"}, {"end": "00:15:35", "start": "00:15:30", "text": "on if they want to have children or not"}, {"end": "00:15:39", "start": "00:15:32", "text": "and I think that's a really sad"}, {"end": "00:15:41", "start": "00:15:35", "text": "thing I have experienced this in my life"}, {"end": "00:15:43", "start": "00:15:39", "text": "I have put off having a family I've"}, {"end": "00:15:45", "start": "00:15:41", "text": "wondered if I'll ever be able to afford"}, {"end": "00:15:47", "start": "00:15:43", "text": "a home more and more people in my"}, {"end": "00:15:49", "start": "00:15:45", "text": "generation are living at home with their"}, {"end": "00:15:52", "start": "00:15:47", "text": "parents and drowning in student loan"}, {"end": "00:15:53", "start": "00:15:49", "text": "debt Millennials like me are losing hope"}, {"end": "00:15:56", "start": "00:15:52", "text": "that the future is one they'll be able"}, {"end": "00:15:58", "start": "00:15:53", "text": "to afford for the first time we have a"}, {"end": "00:16:00", "start": "00:15:56", "text": "generation that is worse off than the"}, {"end": "00:16:02", "start": "00:15:58", "text": "ones who came before"}, {"end": "00:16:05", "start": "00:16:00", "text": "none of it feels Fair because it isn't"}, {"end": "00:16:08", "start": "00:16:02", "text": "the system is rigged against"}, {"end": "00:16:10", "start": "00:16:05", "text": "us we live in a system where we are"}, {"end": "00:16:13", "start": "00:16:08", "text": "forced to use a certain currency in our"}, {"end": "00:16:15", "start": "00:16:10", "text": "case let's say the US dollar we didn't"}, {"end": "00:16:16", "start": "00:16:13", "text": "choose to use the US dollar we didn't"}, {"end": "00:16:18", "start": "00:16:15", "text": "have a vote about whether we're going to"}, {"end": "00:16:21", "start": "00:16:16", "text": "use the US dollar we're forced to use"}, {"end": "00:16:24", "start": "00:16:18", "text": "the US dollar and that US dollar is"}, {"end": "00:16:27", "start": "00:16:21", "text": "controlled by political organizations"}, {"end": "00:16:29", "start": "00:16:24", "text": "that make political decisions to benefit"}, {"end": "00:16:30", "start": "00:16:27", "text": "themselves at the cost of others Decades"}, {"end": "00:16:32", "start": "00:16:29", "text": "of policies that were probably"}, {"end": "00:16:35", "start": "00:16:30", "text": "well-intentioned have led to the worst"}, {"end": "00:16:38", "start": "00:16:32", "text": "levels of income inequality and wealth"}, {"end": "00:16:40", "start": "00:16:35", "text": "concentration we've seen since the 1920s"}, {"end": "00:16:42", "start": "00:16:38", "text": "and at this point we have politicians"}, {"end": "00:16:44", "start": "00:16:40", "text": "who just throw blame and they come in"}, {"end": "00:16:46", "start": "00:16:42", "text": "and say I'll fix it but unfortunately"}, {"end": "00:16:48", "start": "00:16:44", "text": "they can't fix it because in order to"}, {"end": "00:16:50", "start": "00:16:46", "text": "keep the system going they have to keep"}, {"end": "00:16:51", "start": "00:16:48", "text": "printing money and the more they keep"}, {"end": "00:16:54", "start": "00:16:50", "text": "printing money the more the wealth"}, {"end": "00:16:57", "start": "00:16:51", "text": "concentration grows and the more unfair"}, {"end": "00:16:59", "start": "00:16:54", "text": "and unequal the system"}, {"end": "00:17:01", "start": "00:16:57", "text": "becomes okay so clearly there's a"}, {"end": "00:17:04", "start": "00:16:59", "text": "problem and it feels like there's no way"}, {"end": "00:17:06", "start": "00:17:01", "text": "out but is there if broken money is the"}, {"end": "00:17:10", "start": "00:17:04", "text": "cause how can we fix it more and more"}, {"end": "00:17:13", "start": "00:17:06", "text": "people say the solution is"}, {"end": "00:17:14", "start": "00:17:10", "text": "Bitcoin my perspective uh is that"}, {"end": "00:17:16", "start": "00:17:13", "text": "Bitcoin does fix"}, {"end": "00:17:20", "start": "00:17:14", "text": "everything and Bitcoin is about"}, {"end": "00:17:23", "start": "00:17:16", "text": "Community it feels healthy it feels like"}, {"end": "00:17:26", "start": "00:17:20", "text": "it's doing something good for society"}, {"end": "00:17:29", "start": "00:17:23", "text": "it's something that's nonpolitical it is"}, {"end": "00:17:32", "start": "00:17:26", "text": "not tied to anyone group or another it's"}, {"end": "00:17:34", "start": "00:17:29", "text": "not tied to the Republicans it's not"}, {"end": "00:17:38", "start": "00:17:32", "text": "tied to the Democrats it's not tied to"}, {"end": "00:17:41", "start": "00:17:34", "text": "the Libertarians it's open for everyone"}, {"end": "00:17:43", "start": "00:17:38", "text": "and it's free for everyone anyone can be"}, {"end": "00:17:46", "start": "00:17:41", "text": "a part of the Bitcoin economy it's like"}, {"end": "00:17:49", "start": "00:17:43", "text": "a good church a good church says anyone"}, {"end": "00:17:51", "start": "00:17:46", "text": "come on in come be a part of our"}, {"end": "00:17:54", "start": "00:17:49", "text": "community be a part of our family"}, {"end": "00:17:56", "start": "00:17:51", "text": "Bitcoin is that so we can only trust"}, {"end": "00:17:59", "start": "00:17:54", "text": "systems that cannot be discriminatory"}, {"end": "00:18:01", "start": "00:17:56", "text": "and Bitcoin is powerful in a way that is"}, {"end": "00:18:04", "start": "00:17:59", "text": "is money that does not discriminate"}, {"end": "00:18:07", "start": "00:18:01", "text": "based on race based on gender ethnicity"}, {"end": "00:18:10", "start": "00:18:04", "text": "or even geographic location a person"}, {"end": "00:18:13", "start": "00:18:07", "text": "holding Bitcoin in too today uh will"}, {"end": "00:18:15", "start": "00:18:10", "text": "have the same value as a person holding"}, {"end": "00:18:17", "start": "00:18:13", "text": "the same quantity of Bitcoin in the"}, {"end": "00:18:19", "start": "00:18:15", "text": "United States I'm not techy I'm I'm I'm"}, {"end": "00:18:21", "start": "00:18:17", "text": "really horrible with technology but once"}, {"end": "00:18:24", "start": "00:18:19", "text": "I understood what blockchain was"}, {"end": "00:18:26", "start": "00:18:21", "text": "blockchain's Integrity Bitcoin is based"}, {"end": "00:18:29", "start": "00:18:24", "text": "upon integrity that's why I call it"}, {"end": "00:18:32", "start": "00:18:26", "text": "people's money the government cannot"}, {"end": "00:18:36", "start": "00:18:29", "text": "make it Bitcoin is not this centralized"}, {"end": "00:18:40", "start": "00:18:32", "text": "control of the economy Bitcoin is built"}, {"end": "00:18:43", "start": "00:18:36", "text": "by the people for the people if you"}, {"end": "00:18:47", "start": "00:18:40", "text": "consider how many steps it takes for a"}, {"end": "00:18:49", "start": "00:18:43", "text": "merchant to sell a good to a consumer in"}, {"end": "00:18:54", "start": "00:18:47", "text": "the traditional world today it takes"}, {"end": "00:18:58", "start": "00:18:49", "text": "nine steps and what the Bitcoin network"}, {"end": "00:19:00", "start": "00:18:54", "text": "does is take seven of those steps away"}, {"end": "00:19:04", "start": "00:18:58", "text": "it's peer-to-peer here those steps by"}, {"end": "00:19:08", "start": "00:19:00", "text": "the way are dominated by toll takers"}, {"end": "00:19:11", "start": "00:19:04", "text": "they're taking fees and so up to 3%"}, {"end": "00:19:14", "start": "00:19:08", "text": "sometimes more of the transaction which"}, {"end": "00:19:16", "start": "00:19:11", "text": "actually can be saved by both the"}, {"end": "00:19:18", "start": "00:19:14", "text": "merchant and the consumer one of my"}, {"end": "00:19:21", "start": "00:19:16", "text": "favorite aspects of Bitcoin is the"}, {"end": "00:19:24", "start": "00:19:18", "text": "limited supply of 21 million I think"}, {"end": "00:19:27", "start": "00:19:21", "text": "that having something that can't be"}, {"end": "00:19:29", "start": "00:19:24", "text": "changed makes it so powerful and it"}, {"end": "00:19:33", "start": "00:19:27", "text": "makes people appreciate just like their"}, {"end": "00:19:35", "start": "00:19:29", "text": "time is limited their own personal uh"}, {"end": "00:19:38", "start": "00:19:33", "text": "wealth is limited when they see that the"}, {"end": "00:19:39", "start": "00:19:35", "text": "Bitcoin amount is limited to 21 million"}, {"end": "00:19:42", "start": "00:19:38", "text": "it really makes them understand the"}, {"end": "00:19:44", "start": "00:19:39", "text": "difference between Bitcoin and every"}, {"end": "00:19:48", "start": "00:19:42", "text": "other currency all Fiat currencies which"}, {"end": "00:19:51", "start": "00:19:44", "text": "don't have this limit so that key is"}, {"end": "00:19:53", "start": "00:19:48", "text": "what makes Bitcoin special Bitcoin is a"}, {"end": "00:19:57", "start": "00:19:51", "text": "digital Bearer instrument you can think"}, {"end": "00:20:00", "start": "00:19:53", "text": "of a bear instrument as he who holds it"}, {"end": "00:20:04", "start": "00:19:57", "text": "owns it so if I mock and I find a $10"}, {"end": "00:20:07", "start": "00:20:00", "text": "bill on the ground and I pick it up who"}, {"end": "00:20:08", "start": "00:20:04", "text": "owns it I do cuz I'm now holding it if I"}, {"end": "00:20:12", "start": "00:20:07", "text": "give it to"}, {"end": "00:20:14", "start": "00:20:08", "text": "you now who owns it you own it because"}, {"end": "00:20:17", "start": "00:20:12", "text": "you're holding it that's a bare"}, {"end": "00:20:20", "start": "00:20:14", "text": "instrument she who holds it owns it how"}, {"end": "00:20:23", "start": "00:20:17", "text": "do we make this happen in a digital"}, {"end": "00:20:25", "start": "00:20:20", "text": "world U well it wasn't possible before"}, {"end": "00:20:28", "start": "00:20:23", "text": "Bitcoin because Bitcoin solves What's"}, {"end": "00:20:30", "start": "00:20:25", "text": "called the double spend problem think"}, {"end": "00:20:32", "start": "00:20:28", "text": "about when you take a picture on your"}, {"end": "00:20:34", "start": "00:20:30", "text": "phone and you send a picture to your"}, {"end": "00:20:36", "start": "00:20:32", "text": "friend you still have that picture on"}, {"end": "00:20:39", "start": "00:20:34", "text": "your phone and then on your friend's"}, {"end": "00:20:41", "start": "00:20:36", "text": "phone they have a copy of that picture"}, {"end": "00:20:43", "start": "00:20:39", "text": "if I want to send money to my friend"}, {"end": "00:20:46", "start": "00:20:41", "text": "peer-to peer in a digital way it's"}, {"end": "00:20:48", "start": "00:20:43", "text": "really important that when I send it it"}, {"end": "00:20:50", "start": "00:20:46", "text": "leaves my device and it's only on their"}, {"end": "00:20:52", "start": "00:20:48", "text": "device otherwise you have what's called"}, {"end": "00:20:54", "start": "00:20:50", "text": "a double spend and that's where you can"}, {"end": "00:20:55", "start": "00:20:52", "text": "double spend the same uh piece of"}, {"end": "00:20:58", "start": "00:20:54", "text": "currency over and over again that"}, {"end": "00:21:00", "start": "00:20:55", "text": "doesn't work for money so Bitcoin solved"}, {"end": "00:21:03", "start": "00:20:58", "text": "that de decades old computer science"}, {"end": "00:21:07", "start": "00:21:00", "text": "dilemma called the double spend problem"}, {"end": "00:21:10", "start": "00:21:03", "text": "and that allows for the peer-to-peer"}, {"end": "00:21:13", "start": "00:21:07", "text": "transfer of money in a digital form for"}, {"end": "00:21:15", "start": "00:21:10", "text": "the first time ever what Bitcoin does is"}, {"end": "00:21:18", "start": "00:21:13", "text": "it gives you back that ability to be"}, {"end": "00:21:21", "start": "00:21:15", "text": "your own bank to custody your own funds"}, {"end": "00:21:24", "start": "00:21:18", "text": "to spend money but the way we do with"}, {"end": "00:21:27", "start": "00:21:21", "text": "dollar bills now but in a digital"}, {"end": "00:21:30", "start": "00:21:24", "text": "virtual way that's really"}, {"end": "00:21:32", "start": "00:21:27", "text": "powerful so to recap there are only 21"}, {"end": "00:21:34", "start": "00:21:30", "text": "million Bitcoin and the network gives"}, {"end": "00:21:35", "start": "00:21:32", "text": "you total control over your money and"}, {"end": "00:21:38", "start": "00:21:34", "text": "now some of the most successful"}, {"end": "00:21:40", "start": "00:21:35", "text": "entrepreneurs are into"}, {"end": "00:21:42", "start": "00:21:38", "text": "Bitcoin if you look at what gold is"}, {"end": "00:21:44", "start": "00:21:40", "text": "let's start there nobody carries around"}, {"end": "00:21:45", "start": "00:21:42", "text": "a gold bar but some people just feel"}, {"end": "00:21:47", "start": "00:21:44", "text": "more comfortable holding gold and they"}, {"end": "00:21:50", "start": "00:21:45", "text": "do cash um but the reality is nobody"}, {"end": "00:21:52", "start": "00:21:47", "text": "actually owns gold right they don't"}, {"end": "00:21:55", "start": "00:21:50", "text": "physically own it some people have coins"}, {"end": "00:21:57", "start": "00:21:52", "text": "but that's you know an an exception and"}, {"end": "00:21:59", "start": "00:21:55", "text": "so gold itself is actually just a"}, {"end": "00:22:01", "start": "00:21:57", "text": "digital transaction that's stored on a"}, {"end": "00:22:03", "start": "00:21:59", "text": "ledger somewhere it just happens to be"}, {"end": "00:22:05", "start": "00:22:01", "text": "on a Fiat Ledger where um it's a"}, {"end": "00:22:07", "start": "00:22:03", "text": "traditional database held wherever"}, {"end": "00:22:09", "start": "00:22:05", "text": "you're buying the gold at a bank"}, {"end": "00:22:10", "start": "00:22:07", "text": "Investment Bank whatever it may be there"}, {"end": "00:22:13", "start": "00:22:09", "text": "are a lot of vertically integrated"}, {"end": "00:22:15", "start": "00:22:10", "text": "organizations that control your access"}, {"end": "00:22:18", "start": "00:22:13", "text": "and the distribution and your ability to"}, {"end": "00:22:20", "start": "00:22:15", "text": "use um traditional gold ownership"}, {"end": "00:22:22", "start": "00:22:18", "text": "Bitcoin is very similar in a lot of"}, {"end": "00:22:25", "start": "00:22:20", "text": "respects only the ownership of that is"}, {"end": "00:22:26", "start": "00:22:22", "text": "stored in a wallet which you know if you"}, {"end": "00:22:28", "start": "00:22:25", "text": "have your own wallet is stored on the"}, {"end": "00:22:30", "start": "00:22:26", "text": "Bitcoin blockchain for example dollars"}, {"end": "00:22:31", "start": "00:22:28", "text": "aren AR a great store value because we"}, {"end": "00:22:34", "start": "00:22:30", "text": "have to trust that the government won't"}, {"end": "00:22:36", "start": "00:22:31", "text": "print more uh with gold No One controls"}, {"end": "00:22:39", "start": "00:22:34", "text": "the production of gold so we know that"}, {"end": "00:22:41", "start": "00:22:36", "text": "it's issuance is not controlled by any"}, {"end": "00:22:43", "start": "00:22:39", "text": "one party and it requires work gold is a"}, {"end": "00:22:45", "start": "00:22:41", "text": "proof of work sort of asset where you"}, {"end": "00:22:46", "start": "00:22:43", "text": "have to dig it out of the ground and"}, {"end": "00:22:49", "start": "00:22:45", "text": "Bitcoin has some of these same"}, {"end": "00:22:50", "start": "00:22:46", "text": "characteristics Bitcoin as a store of"}, {"end": "00:22:52", "start": "00:22:49", "text": "value it's great because you can carry"}, {"end": "00:22:55", "start": "00:22:50", "text": "it in your own wallet you can cold carry"}, {"end": "00:22:57", "start": "00:22:52", "text": "it um which is a huge um Advantage you"}, {"end": "00:22:59", "start": "00:22:55", "text": "can be anywhere in the world and there's"}, {"end": "00:23:01", "start": "00:22:57", "text": "an ability to transfer it or use it"}, {"end": "00:23:04", "start": "00:22:59", "text": "that's a huge Advantage you can transfer"}, {"end": "00:23:07", "start": "00:23:01", "text": "it to others or buy it from others in"}, {"end": "00:23:08", "start": "00:23:04", "text": "seconds um that's a huge advantage and"}, {"end": "00:23:10", "start": "00:23:07", "text": "you can transfer it as a method of"}, {"end": "00:23:13", "start": "00:23:08", "text": "payment in a lot of respects and that's"}, {"end": "00:23:16", "start": "00:23:10", "text": "a huge Advantage those advantages are"}, {"end": "00:23:18", "start": "00:23:13", "text": "legit and offer people a good reason to"}, {"end": "00:23:19", "start": "00:23:16", "text": "to use it and you know if you're a"}, {"end": "00:23:21", "start": "00:23:18", "text": "Speculator or you're using it purely as"}, {"end": "00:23:24", "start": "00:23:19", "text": "a store value it's easy to trade store"}, {"end": "00:23:26", "start": "00:23:21", "text": "buy and sell the reason Bitcoin is"}, {"end": "00:23:29", "start": "00:23:24", "text": "better than gold is that it's more"}, {"end": "00:23:32", "start": "00:23:26", "text": "transferable than gold you if you try to"}, {"end": "00:23:34", "start": "00:23:29", "text": "move a billion dollars worth of gold you"}, {"end": "00:23:36", "start": "00:23:32", "text": "need like an army to move that and it's"}, {"end": "00:23:38", "start": "00:23:34", "text": "very expensive if you need to move a"}, {"end": "00:23:43", "start": "00:23:36", "text": "billion doll worth of bitcoin you could"}, {"end": "00:23:45", "start": "00:23:38", "text": "hit a couple Keys hit send in 10 minutes"}, {"end": "00:23:48", "start": "00:23:43", "text": "it's transferred at the speed of light"}, {"end": "00:23:50", "start": "00:23:45", "text": "to anywhere in the world so it's more"}, {"end": "00:23:53", "start": "00:23:48", "text": "portable than gold um it's more"}, {"end": "00:23:56", "start": "00:23:50", "text": "divisible than gold so you could divide"}, {"end": "00:23:59", "start": "00:23:53", "text": "Bitcoin by up to eight decimal points so"}, {"end": "00:24:02", "start": "00:23:56", "text": "the smallest unit is called a Satoshi"}, {"end": "00:24:04", "start": "00:23:59", "text": "so it's more divisible um if you try to"}, {"end": "00:24:07", "start": "00:24:02", "text": "divide a bar of gold or a gold coin to"}, {"end": "00:24:10", "start": "00:24:04", "text": "go pay for Starbucks you can't do it so"}, {"end": "00:24:13", "start": "00:24:07", "text": "more divisible more portable and it's"}, {"end": "00:24:16", "start": "00:24:10", "text": "more verifiable than gold it's hard to"}, {"end": "00:24:19", "start": "00:24:13", "text": "verify gold Bitcoin is easy to verify"}, {"end": "00:24:22", "start": "00:24:16", "text": "you just type the key into a blockchain"}, {"end": "00:24:25", "start": "00:24:19", "text": "Explorer you could verify that you're"}, {"end": "00:24:27", "start": "00:24:22", "text": "Bitcoin so to get this straight Bitcoin"}, {"end": "00:24:29", "start": "00:24:25", "text": "is a digital asset that moves through"}, {"end": "00:24:31", "start": "00:24:27", "text": "the internet without a third party like"}, {"end": "00:24:32", "start": "00:24:29", "text": "a bank or credit card company approving"}, {"end": "00:24:34", "start": "00:24:31", "text": "the"}, {"end": "00:24:37", "start": "00:24:32", "text": "transaction all right let's go a little"}, {"end": "00:24:40", "start": "00:24:34", "text": "deeper you've probably heard of the word"}, {"end": "00:24:43", "start": "00:24:37", "text": "blockchain so what is a"}, {"end": "00:24:46", "start": "00:24:40", "text": "blockchain blockchain just refers to a"}, {"end": "00:24:49", "start": "00:24:43", "text": "ledger so the Bitcoin blockchain is a"}, {"end": "00:24:50", "start": "00:24:46", "text": "digital Ledger of transactions where all"}, {"end": "00:24:54", "start": "00:24:49", "text": "the computers on the network have to"}, {"end": "00:24:56", "start": "00:24:50", "text": "agree to add a block to that ledger so"}, {"end": "00:24:58", "start": "00:24:54", "text": "it's a chain essentially of blocks that"}, {"end": "00:25:00", "start": "00:24:56", "text": "each contain a list of transactions on"}, {"end": "00:25:03", "start": "00:24:58", "text": "the Bitcoin Network and the whole"}, {"end": "00:25:07", "start": "00:25:00", "text": "Community essentially the whole network"}, {"end": "00:25:07", "start": "00:25:03", "text": "verifies that those transactions are"}, {"end": "00:25:12", "start": "00:25:08", "text": "accurate the idea of a digital Ledger"}, {"end": "00:25:14", "start": "00:25:11", "text": "will make more sense if we get a clearer"}, {"end": "00:25:18", "start": "00:25:12", "text": "picture of how ledgers"}, {"end": "00:25:20", "start": "00:25:14", "text": "work The Ledger is nothing new it could"}, {"end": "00:25:22", "start": "00:25:18", "text": "be traced back to the 11th century and"}, {"end": "00:25:24", "start": "00:25:20", "text": "was popularized in Florence Italy during"}, {"end": "00:25:27", "start": "00:25:22", "text": "the Renaissance in the 14th and 15th"}, {"end": "00:25:28", "start": "00:25:24", "text": "centuries it's simply the way we've been"}, {"end": "00:25:31", "start": "00:25:27", "text": "keeping track of who owns what for about"}, {"end": "00:25:33", "start": "00:25:28", "text": "about a th000 years now for example when"}, {"end": "00:25:35", "start": "00:25:31", "text": "you deposit money in your bank account"}, {"end": "00:25:37", "start": "00:25:33", "text": "you have a credit on the right side of"}, {"end": "00:25:38", "start": "00:25:35", "text": "the Ledger the bank has a debit on the"}, {"end": "00:25:40", "start": "00:25:37", "text": "left side of The Ledger because they owe"}, {"end": "00:25:43", "start": "00:25:38", "text": "you that deposit when you want to"}, {"end": "00:25:44", "start": "00:25:40", "text": "withdraw it easy enough it gets a bit"}, {"end": "00:25:46", "start": "00:25:43", "text": "more complicated when you want to buy"}, {"end": "00:25:48", "start": "00:25:44", "text": "something with the money in your bank"}, {"end": "00:25:50", "start": "00:25:46", "text": "account now the bank and the store have"}, {"end": "00:25:52", "start": "00:25:48", "text": "to reconcile your bank account with the"}, {"end": "00:25:54", "start": "00:25:50", "text": "store's bank account to move the money"}, {"end": "00:25:56", "start": "00:25:52", "text": "because they each have their own ledgers"}, {"end": "00:25:58", "start": "00:25:54", "text": "and your Ledger has to reconcile with"}, {"end": "00:26:01", "start": "00:25:56", "text": "their Ledger which can take a few days"}, {"end": "00:26:03", "start": "00:25:58", "text": "or up to 30 days as with credit cards"}, {"end": "00:26:05", "start": "00:26:01", "text": "now multiply this times billions of"}, {"end": "00:26:08", "start": "00:26:03", "text": "people moving their money to buy things"}, {"end": "00:26:11", "start": "00:26:05", "text": "every day and remember the banks on both"}, {"end": "00:26:13", "start": "00:26:08", "text": "sides take a fee all these transaction"}, {"end": "00:26:15", "start": "00:26:11", "text": "fees add up to trillions of dollars each"}, {"end": "00:26:18", "start": "00:26:13", "text": "year that comes out of your pocket and"}, {"end": "00:26:21", "start": "00:26:15", "text": "the store's Pockets the beauty of"}, {"end": "00:26:23", "start": "00:26:18", "text": "Bitcoin is that it's one universal"}, {"end": "00:26:25", "start": "00:26:21", "text": "Ledger that's updated and distributed"}, {"end": "00:26:28", "start": "00:26:23", "text": "around the world every 10 minutes best"}, {"end": "00:26:30", "start": "00:26:25", "text": "of all it requires no middleman like a"}, {"end": "00:26:31", "start": "00:26:28", "text": "bank which gives you complete control of"}, {"end": "00:26:33", "start": "00:26:30", "text": "your"}, {"end": "00:26:36", "start": "00:26:31", "text": "[Music]"}, {"end": "00:26:38", "start": "00:26:33", "text": "money so now that digital ledgers make"}, {"end": "00:26:40", "start": "00:26:36", "text": "sense you might be wondering how you"}, {"end": "00:26:42", "start": "00:26:38", "text": "keep your Bitcoin safe on the"}, {"end": "00:26:45", "start": "00:26:40", "text": "blockchain the way that I would describe"}, {"end": "00:26:48", "start": "00:26:42", "text": "um storing your Bitcoin um on a"}, {"end": "00:26:50", "start": "00:26:45", "text": "blockchain is like a locker system so at"}, {"end": "00:26:53", "start": "00:26:48", "text": "your high school you had a locker and"}, {"end": "00:26:55", "start": "00:26:50", "text": "your locker had both a public address so"}, {"end": "00:26:57", "start": "00:26:53", "text": "my locker was c19 and I can give that"}, {"end": "00:26:59", "start": "00:26:55", "text": "address to everybody hey go put this"}, {"end": "00:27:02", "start": "00:26:57", "text": "envelope in my locker g19 that's my"}, {"end": "00:27:04", "start": "00:26:59", "text": "public address but only I have the key"}, {"end": "00:27:06", "start": "00:27:02", "text": "the private key to open that locker and"}, {"end": "00:27:08", "start": "00:27:04", "text": "move stuff from one to another so"}, {"end": "00:27:09", "start": "00:27:06", "text": "securing my Bitcoin or cryptocurrency"}, {"end": "00:27:10", "start": "00:27:08", "text": "would be the same thing where you have"}, {"end": "00:27:12", "start": "00:27:09", "text": "this blockchain which is like this"}, {"end": "00:27:13", "start": "00:27:10", "text": "digital locker system and there's a"}, {"end": "00:27:14", "start": "00:27:12", "text": "public address and everybody can know"}, {"end": "00:27:17", "start": "00:27:13", "text": "that address and anybody could deposit"}, {"end": "00:27:20", "start": "00:27:14", "text": "into that address but only I have my key"}, {"end": "00:27:23", "start": "00:27:17", "text": "to unlock that and where you're storing"}, {"end": "00:27:25", "start": "00:27:20", "text": "your keys there's typically some secret"}, {"end": "00:27:27", "start": "00:27:23", "text": "phrase that you need to keep in a safe"}, {"end": "00:27:30", "start": "00:27:25", "text": "place which is what's used to create"}, {"end": "00:27:32", "start": "00:27:27", "text": "your secret key the way most people"}, {"end": "00:27:34", "start": "00:27:30", "text": "store this is in what's called a neonic"}, {"end": "00:27:38", "start": "00:27:32", "text": "phrase and you've probably seen this"}, {"end": "00:27:41", "start": "00:27:34", "text": "where it's either a 12 or a 24w phrase"}, {"end": "00:27:43", "start": "00:27:38", "text": "typically and each of those words comes"}, {"end": "00:27:47", "start": "00:27:41", "text": "comes from a specific word list and when"}, {"end": "00:27:49", "start": "00:27:43", "text": "you stack those words together 24 words"}, {"end": "00:27:52", "start": "00:27:47", "text": "is the number most people use which"}, {"end": "00:27:54", "start": "00:27:49", "text": "corresponds about to the number of atoms"}, {"end": "00:27:56", "start": "00:27:52", "text": "in the known universe and so we're uh"}, {"end": "00:27:57", "start": "00:27:54", "text": "storing a tremendous amount of"}, {"end": "00:28:00", "start": "00:27:56", "text": "Randomness there that makes it"}, {"end": "00:28:02", "start": "00:27:57", "text": "computationally impossible to break into"}, {"end": "00:28:05", "start": "00:28:00", "text": "and that's the piece you need to keep"}, {"end": "00:28:08", "start": "00:28:02", "text": "safe okay that was a lot to throw at you"}, {"end": "00:28:11", "start": "00:28:05", "text": "so let's try to keep simplifying it"}, {"end": "00:28:13", "start": "00:28:08", "text": "Bitcoin might seem complicated uh at the"}, {"end": "00:28:14", "start": "00:28:11", "text": "same time I'd argue it's way less"}, {"end": "00:28:16", "start": "00:28:13", "text": "complicated actually if you look"}, {"end": "00:28:19", "start": "00:28:14", "text": "underneath the hood to to figure out how"}, {"end": "00:28:21", "start": "00:28:16", "text": "Banks settle transactions and and but"}, {"end": "00:28:23", "start": "00:28:19", "text": "most of the people don't care right in"}, {"end": "00:28:24", "start": "00:28:21", "text": "traditional Finance you hit the button"}, {"end": "00:28:27", "start": "00:28:23", "text": "it goes somewhere and it just ends up in"}, {"end": "00:28:29", "start": "00:28:24", "text": "my wallet and nobody asks how it got"}, {"end": "00:28:31", "start": "00:28:27", "text": "ultimately from point A to point B"}, {"end": "00:28:33", "start": "00:28:29", "text": "Bitcoin is new and I get that people"}, {"end": "00:28:35", "start": "00:28:31", "text": "have more questions ultimately about it"}, {"end": "00:28:37", "start": "00:28:33", "text": "but over time I feel like the the trust"}, {"end": "00:28:39", "start": "00:28:35", "text": "in kind of the Bitcoin blockchain as"}, {"end": "00:28:41", "start": "00:28:37", "text": "well as the longevity of the technology"}, {"end": "00:28:42", "start": "00:28:39", "text": "and how you know the software has been"}, {"end": "00:28:44", "start": "00:28:41", "text": "up and running for so many years people"}, {"end": "00:28:47", "start": "00:28:42", "text": "will stop asking the question it'll"}, {"end": "00:28:50", "start": "00:28:44", "text": "become very normal to sum this up let's"}, {"end": "00:28:53", "start": "00:28:47", "text": "just hear a simple definition of"}, {"end": "00:28:55", "start": "00:28:50", "text": "Bitcoin so what is bitcoin Bitcoin is a"}, {"end": "00:28:57", "start": "00:28:53", "text": "piece of software that allows two"}, {"end": "00:29:00", "start": "00:28:55", "text": "parties to exchange value over the"}, {"end": "00:29:03", "start": "00:28:57", "text": "internet in a transparent and trustless"}, {"end": "00:29:06", "start": "00:29:00", "text": "fashion as easy as sending an"}, {"end": "00:29:08", "start": "00:29:03", "text": "email so we're free to send Bitcoin"}, {"end": "00:29:10", "start": "00:29:06", "text": "through the internet as money without"}, {"end": "00:29:12", "start": "00:29:08", "text": "permission from any government or bank"}, {"end": "00:29:14", "start": "00:29:10", "text": "but you might be wondering what the"}, {"end": "00:29:16", "start": "00:29:12", "text": "difference is between Bitcoin and the"}, {"end": "00:29:20", "start": "00:29:14", "text": "cbdcs you've been hearing"}, {"end": "00:29:23", "start": "00:29:16", "text": "about what a cbdc is is Central Bank"}, {"end": "00:29:24", "start": "00:29:20", "text": "digital currency now what it is is"}, {"end": "00:29:26", "start": "00:29:23", "text": "they're trying to take and when I say"}, {"end": "00:29:28", "start": "00:29:24", "text": "they I mean central banks in the"}, {"end": "00:29:31", "start": "00:29:26", "text": "government are trying to take the"}, {"end": "00:29:33", "start": "00:29:28", "text": "concept C of fiat currency and digitize"}, {"end": "00:29:36", "start": "00:29:31", "text": "it into a digital dollar now the"}, {"end": "00:29:39", "start": "00:29:33", "text": "challenge with this is that allowing the"}, {"end": "00:29:42", "start": "00:29:36", "text": "state to create these Central Bank"}, {"end": "00:29:46", "start": "00:29:39", "text": "digital currencies it is creating a"}, {"end": "00:29:49", "start": "00:29:42", "text": "mechanism by which the government can"}, {"end": "00:29:51", "start": "00:29:46", "text": "surveil every single transaction that an"}, {"end": "00:29:54", "start": "00:29:49", "text": "individual makes and not only can they"}, {"end": "00:29:57", "start": "00:29:51", "text": "surveil these transactions it allows"}, {"end": "00:29:58", "start": "00:29:54", "text": "them to turn off your bank account if"}, {"end": "00:30:01", "start": "00:29:57", "text": "you start doing something something that"}, {"end": "00:30:03", "start": "00:29:58", "text": "they disagree with this is an extremely"}, {"end": "00:30:05", "start": "00:30:01", "text": "slippery slope that if we allow the"}, {"end": "00:30:08", "start": "00:30:03", "text": "government to go down this path it has"}, {"end": "00:30:10", "start": "00:30:05", "text": "the potential to enslave Humanity in the"}, {"end": "00:30:12", "start": "00:30:08", "text": "long term and I think it's something"}, {"end": "00:30:15", "start": "00:30:10", "text": "that we need to carefully review because"}, {"end": "00:30:17", "start": "00:30:12", "text": "if we go down a cbdc path allowing the"}, {"end": "00:30:20", "start": "00:30:15", "text": "government this level of control it's"}, {"end": "00:30:22", "start": "00:30:17", "text": "unprecedented which is why we should"}, {"end": "00:30:25", "start": "00:30:20", "text": "avoid this at all cost and stick to a"}, {"end": "00:30:27", "start": "00:30:22", "text": "hard money standard like Bitcoin the"}, {"end": "00:30:29", "start": "00:30:25", "text": "Central Bank literally would be in"}, {"end": "00:30:31", "start": "00:30:27", "text": "position to cancel any transaction it"}, {"end": "00:30:33", "start": "00:30:29", "text": "would be permissioned not permission"}, {"end": "00:30:36", "start": "00:30:31", "text": "less and it's one thing you know for"}, {"end": "00:30:37", "start": "00:30:33", "text": "MasterCard for example to know how much"}, {"end": "00:30:39", "start": "00:30:36", "text": "they paid to Walmart last year but it's"}, {"end": "00:30:41", "start": "00:30:37", "text": "another thing for them to tell the world"}, {"end": "00:30:42", "start": "00:30:39", "text": "how much you paid at Walmart last year"}, {"end": "00:30:44", "start": "00:30:41", "text": "and it's a whole different level of"}, {"end": "00:30:47", "start": "00:30:42", "text": "creepy for them to say exactly what did"}, {"end": "00:30:49", "start": "00:30:44", "text": "you buy at Walmart last year and I think"}, {"end": "00:30:51", "start": "00:30:47", "text": "people kind of broadly get that sense of"}, {"end": "00:30:53", "start": "00:30:49", "text": "privacy that's what's at stake here I"}, {"end": "00:30:55", "start": "00:30:51", "text": "think the future of money really is one"}, {"end": "00:30:57", "start": "00:30:53", "text": "of the most important policy debates"}, {"end": "00:30:59", "start": "00:30:55", "text": "we're having today and when you think"}, {"end": "00:31:02", "start": "00:30:57", "text": "about where where people could go with"}, {"end": "00:31:04", "start": "00:30:59", "text": "um kind of an orwellian surveillance"}, {"end": "00:31:06", "start": "00:31:02", "text": "State money system like a central bank"}, {"end": "00:31:09", "start": "00:31:04", "text": "digital currency it really is a good"}, {"end": "00:31:11", "start": "00:31:06", "text": "versus evil and in Bitcoin in this case"}, {"end": "00:31:15", "start": "00:31:09", "text": "is on The Good the countries that are"}, {"end": "00:31:17", "start": "00:31:11", "text": "clinging to a cbdc are trying to control"}, {"end": "00:31:19", "start": "00:31:15", "text": "their people and those are weak"}, {"end": "00:31:21", "start": "00:31:17", "text": "governments weak leaders are the ones"}, {"end": "00:31:23", "start": "00:31:19", "text": "who try to control everybody the"}, {"end": "00:31:26", "start": "00:31:21", "text": "strongest leaders are the ones who trust"}, {"end": "00:31:28", "start": "00:31:23", "text": "people and set them free the problem I"}, {"end": "00:31:31", "start": "00:31:26", "text": "have with cbdcs"}, {"end": "00:31:35", "start": "00:31:28", "text": "is they Marxist and what I mean the"}, {"end": "00:31:37", "start": "00:31:31", "text": "Central Bank Marxism is Central banking"}, {"end": "00:31:39", "start": "00:31:35", "text": "system so that's why I support Bitcoin"}, {"end": "00:31:42", "start": "00:31:37", "text": "because Bitcoin I saw the strength"}, {"end": "00:31:45", "start": "00:31:39", "text": "coming from the people not the"}, {"end": "00:31:48", "start": "00:31:42", "text": "government I think cbdcs wherever they"}, {"end": "00:31:51", "start": "00:31:45", "text": "are a threat to Freedom absolutely"}, {"end": "00:31:53", "start": "00:31:48", "text": "you're seeing cbdcs in China right now"}, {"end": "00:31:56", "start": "00:31:51", "text": "where the populace are trying to go into"}, {"end": "00:31:57", "start": "00:31:53", "text": "a store and they're scanning a QR code"}, {"end": "00:32:00", "start": "00:31:56", "text": "and they're seeing in in their wallet"}, {"end": "00:32:04", "start": "00:31:57", "text": "that it's invalid purchase because maybe"}, {"end": "00:32:07", "start": "00:32:00", "text": "they're from a region that's 100 miles"}, {"end": "00:32:08", "start": "00:32:04", "text": "away or it's they're going to a pharmacy"}, {"end": "00:32:12", "start": "00:32:07", "text": "and they don't want that person to have"}, {"end": "00:32:14", "start": "00:32:08", "text": "access to that type of of uh drug or"}, {"end": "00:32:17", "start": "00:32:12", "text": "medical treatment with a cbdc comes the"}, {"end": "00:32:19", "start": "00:32:14", "text": "programmability and control of the"}, {"end": "00:32:20", "start": "00:32:17", "text": "government saying you're allowed to do"}, {"end": "00:32:22", "start": "00:32:19", "text": "this or you're not allowed to do that"}, {"end": "00:32:24", "start": "00:32:20", "text": "and we've already seen it it rolled out"}, {"end": "00:32:26", "start": "00:32:22", "text": "in China and it looks a little"}, {"end": "00:32:29", "start": "00:32:24", "text": "scary so when you're doing that compare"}, {"end": "00:32:31", "start": "00:32:26", "text": "and contrast between a CBD in Bitcoin"}, {"end": "00:32:33", "start": "00:32:29", "text": "it's all about who's controlling the"}, {"end": "00:32:35", "start": "00:32:31", "text": "actual Ledger one's actually"}, {"end": "00:32:36", "start": "00:32:33", "text": "decentralized the other one is not it's"}, {"end": "00:32:38", "start": "00:32:35", "text": "completely controlled by the"}, {"end": "00:32:41", "start": "00:32:36", "text": "government now that you know the"}, {"end": "00:32:43", "start": "00:32:38", "text": "difference between Bitcoin and a cbdc"}, {"end": "00:32:45", "start": "00:32:41", "text": "let's play a little"}, {"end": "00:32:48", "start": "00:32:43", "text": "game hey everyone time for one of my"}, {"end": "00:32:50", "start": "00:32:45", "text": "favorite games cbdc versus Bitcoin"}, {"end": "00:32:52", "start": "00:32:48", "text": "here's how we play I'll read you a"}, {"end": "00:32:54", "start": "00:32:50", "text": "headline from our not so distant future"}, {"end": "00:32:58", "start": "00:32:52", "text": "and you have to decide am I describing a"}, {"end": "00:33:01", "start": "00:32:54", "text": "cbdc or Bitcoin are you ready okay first"}, {"end": "00:33:04", "start": "00:32:58", "text": "one after criticizing president mcon on"}, {"end": "00:33:06", "start": "00:33:01", "text": "social media French Pilot's digital"}, {"end": "00:33:08", "start": "00:33:04", "text": "wallet is Frozen come on this one's a"}, {"end": "00:33:10", "start": "00:33:06", "text": "no-brainer cbdc or"}, {"end": "00:33:12", "start": "00:33:08", "text": "Bitcoin that's right"}, {"end": "00:33:15", "start": "00:33:10", "text": "[Music]"}, {"end": "00:33:18", "start": "00:33:12", "text": "cbdc next British electrician protests"}, {"end": "00:33:20", "start": "00:33:15", "text": "being denied a pint of logger at local"}, {"end": "00:33:24", "start": "00:33:18", "text": "pub for exceeding his alcohol limit for"}, {"end": "00:33:26", "start": "00:33:20", "text": "the week which is it cbdc"}, {"end": "00:33:29", "start": "00:33:24", "text": "Bitcoin well of course it's a"}, {"end": "00:33:32", "start": "00:33:26", "text": "cbdc all right all right last one are"}, {"end": "00:33:35", "start": "00:33:29", "text": "you ready can I get a drum roll"}, {"end": "00:33:37", "start": "00:33:32", "text": "please after Chinese Invasion Taiwanese"}, {"end": "00:33:39", "start": "00:33:35", "text": "citizens escape with their Savings in"}, {"end": "00:33:42", "start": "00:33:37", "text": "their head border guards are unable to"}, {"end": "00:33:44", "start": "00:33:39", "text": "confiscate their wealth you tell me cbdc"}, {"end": "00:33:47", "start": "00:33:42", "text": "or"}, {"end": "00:33:49", "start": "00:33:44", "text": "Bitcoin that's right Bitcoin for the win"}, {"end": "00:33:51", "start": "00:33:47", "text": "thanks for joining us today folks"}, {"end": "00:33:54", "start": "00:33:49", "text": "Natalie back to"}, {"end": "00:33:56", "start": "00:33:51", "text": "you hopefully by now you're feeling more"}, {"end": "00:33:58", "start": "00:33:54", "text": "assured so let's get back to the idea"}, {"end": "00:34:01", "start": "00:33:56", "text": "that Bitcoin fixes everything and look"}, {"end": "00:34:03", "start": "00:33:58", "text": "at exactly what it can"}, {"end": "00:34:06", "start": "00:34:01", "text": "fix I think that there's a moral case be"}, {"end": "00:34:09", "start": "00:34:03", "text": "made for Bitcoin in that it is for the"}, {"end": "00:34:12", "start": "00:34:06", "text": "end consumer for the citizen it is the"}, {"end": "00:34:15", "start": "00:34:09", "text": "stable form that cannot be stolen or"}, {"end": "00:34:18", "start": "00:34:12", "text": "corrupted or manipulated or inflated and"}, {"end": "00:34:22", "start": "00:34:15", "text": "so for an individual that is a great"}, {"end": "00:34:24", "start": "00:34:18", "text": "thing it doesn't necessarily benefit"}, {"end": "00:34:27", "start": "00:34:22", "text": "certain governments who want the ability"}, {"end": "00:34:30", "start": "00:34:24", "text": "to wipe out with the stroke of a pen or"}, {"end": "00:34:32", "start": "00:34:27", "text": "the the muzzle of a gun the bank"}, {"end": "00:34:35", "start": "00:34:30", "text": "accounts of its citizens so politicians"}, {"end": "00:34:36", "start": "00:34:32", "text": "promise you that they will make your"}, {"end": "00:34:39", "start": "00:34:35", "text": "houses more valuable that you can use"}, {"end": "00:34:40", "start": "00:34:36", "text": "them as ATM and extract value from them"}, {"end": "00:34:42", "start": "00:34:39", "text": "that you'd have cheap borrowing and"}, {"end": "00:34:44", "start": "00:34:40", "text": "cheap leased cars and cheap mobile"}, {"end": "00:34:46", "start": "00:34:42", "text": "phones and you'll just be wasteful and"}, {"end": "00:34:48", "start": "00:34:44", "text": "keep consuming borrowing spending"}, {"end": "00:34:50", "start": "00:34:46", "text": "consuming this is not sustainable it's"}, {"end": "00:34:52", "start": "00:34:48", "text": "not sustainable for human Harmony it's"}, {"end": "00:34:56", "start": "00:34:50", "text": "not sustainable for the planet it leads"}, {"end": "00:34:59", "start": "00:34:52", "text": "to a joyless market society that"}, {"end": "00:35:01", "start": "00:34:56", "text": "measures GDP and exchange value over"}, {"end": "00:35:03", "start": "00:34:59", "text": "experiential value and experiential"}, {"end": "00:35:05", "start": "00:35:01", "text": "value is much more valuable to human"}, {"end": "00:35:07", "start": "00:35:03", "text": "beings we don't measure our literacy"}, {"end": "00:35:11", "start": "00:35:05", "text": "rates our suicide rates our divorce"}, {"end": "00:35:14", "start": "00:35:07", "text": "rates our happiness our pollution within"}, {"end": "00:35:17", "start": "00:35:11", "text": "the GDP metric we only measure exchange"}, {"end": "00:35:19", "start": "00:35:14", "text": "value so as long as people politicians"}, {"end": "00:35:21", "start": "00:35:17", "text": "keep saying oh GDP is going up therefore"}, {"end": "00:35:23", "start": "00:35:19", "text": "we're all doing great that's a massive"}, {"end": "00:35:25", "start": "00:35:21", "text": "problem for human society and it's not"}, {"end": "00:35:28", "start": "00:35:23", "text": "sustainable for our planet so I think"}, {"end": "00:35:30", "start": "00:35:25", "text": "it's extremely important that we"}, {"end": "00:35:33", "start": "00:35:28", "text": "consider a sound form of money as a"}, {"end": "00:35:35", "start": "00:35:30", "text": "fundamental change for our financial and"}, {"end": "00:35:36", "start": "00:35:33", "text": "monetary system because that will put us"}, {"end": "00:35:39", "start": "00:35:35", "text": "back on an even"}, {"end": "00:35:41", "start": "00:35:36", "text": "Keel so how does all this get us back to"}, {"end": "00:35:43", "start": "00:35:39", "text": "the Brady Bunch days you know where a"}, {"end": "00:35:46", "start": "00:35:41", "text": "family can actually live off one income"}, {"end": "00:35:48", "start": "00:35:43", "text": "and have a balanced life Bitcoin can"}, {"end": "00:35:50", "start": "00:35:46", "text": "make life affordable again and allow us"}, {"end": "00:35:53", "start": "00:35:48", "text": "to plan for our future if money actually"}, {"end": "00:35:56", "start": "00:35:50", "text": "held its value imagine the freedom we"}, {"end": "00:35:58", "start": "00:35:53", "text": "would have I think store value is a"}, {"end": "00:36:00", "start": "00:35:56", "text": "really interesting concept that uh"}, {"end": "00:36:03", "start": "00:35:58", "text": "ultimately people are trying to figure"}, {"end": "00:36:04", "start": "00:36:00", "text": "out where can I put my economic value"}, {"end": "00:36:06", "start": "00:36:03", "text": "that I've gotten in exchange for the"}, {"end": "00:36:09", "start": "00:36:04", "text": "work that I've done and I don't just"}, {"end": "00:36:11", "start": "00:36:06", "text": "want it to not go away maybe actually it"}, {"end": "00:36:12", "start": "00:36:09", "text": "should increase in value over time and I"}, {"end": "00:36:14", "start": "00:36:11", "text": "think something like Bitcoin uh"}, {"end": "00:36:16", "start": "00:36:12", "text": "continues to perform over the last 15"}, {"end": "00:36:19", "start": "00:36:14", "text": "years as the best store value on the"}, {"end": "00:36:21", "start": "00:36:16", "text": "planet people view fed monetary easing"}, {"end": "00:36:24", "start": "00:36:19", "text": "as printing money and if you're printing"}, {"end": "00:36:27", "start": "00:36:21", "text": "money it's going to create inflation and"}, {"end": "00:36:29", "start": "00:36:24", "text": "therefore sound money tends to grow in"}, {"end": "00:36:32", "start": "00:36:27", "text": "value just in case you haven't heard of"}, {"end": "00:36:33", "start": "00:36:29", "text": "sound money let's take a moment to learn"}, {"end": "00:36:36", "start": "00:36:32", "text": "what that term really"}, {"end": "00:36:39", "start": "00:36:33", "text": "means what is sound money the term sound"}, {"end": "00:36:41", "start": "00:36:36", "text": "money originated back when we used gold"}, {"end": "00:36:43", "start": "00:36:39", "text": "coins as currency often times as a way"}, {"end": "00:36:46", "start": "00:36:41", "text": "to create more money kings and queens"}, {"end": "00:36:48", "start": "00:36:43", "text": "would mix in common cheaper medals with"}, {"end": "00:36:50", "start": "00:36:46", "text": "gold that way they could create a coin"}, {"end": "00:36:54", "start": "00:36:48", "text": "that looked like it was pure gold but"}, {"end": "00:36:55", "start": "00:36:50", "text": "really it was diluted and that allowed"}, {"end": "00:36:58", "start": "00:36:54", "text": "them to create more coins with the same"}, {"end": "00:37:01", "start": "00:36:55", "text": "amount of gold so instead of 10 o of"}, {"end": "00:37:03", "start": "00:36:58", "text": "gold being able to create 10 coins now"}, {"end": "00:37:06", "start": "00:37:01", "text": "they could use that 10 oz of gold mixed"}, {"end": "00:37:09", "start": "00:37:03", "text": "with junk medals and create 14 coins it"}, {"end": "00:37:12", "start": "00:37:06", "text": "was a very sneaky theft of the people's"}, {"end": "00:37:14", "start": "00:37:09", "text": "money the public got wise to this scam"}, {"end": "00:37:16", "start": "00:37:12", "text": "and found a simple but clever way to"}, {"end": "00:37:18", "start": "00:37:14", "text": "test if their coins were pure if they"}, {"end": "00:37:22", "start": "00:37:16", "text": "dropped them a pure gold coin would make"}, {"end": "00:37:24", "start": "00:37:18", "text": "a different sound than a diluted one"}, {"end": "00:37:27", "start": "00:37:22", "text": "today when we refer to sound money we"}, {"end": "00:37:29", "start": "00:37:24", "text": "mean money that cannot be diluted"}, {"end": "00:37:31", "start": "00:37:27", "text": "Bitcoin coin is the soundest form of"}, {"end": "00:37:34", "start": "00:37:29", "text": "money humans have ever created because"}, {"end": "00:37:36", "start": "00:37:31", "text": "no matter how hard anyone tries you"}, {"end": "00:37:40", "start": "00:37:34", "text": "can't dilute Bitcoin by creating more of"}, {"end": "00:37:42", "start": "00:37:36", "text": "it there will only ever be 21 million"}, {"end": "00:37:44", "start": "00:37:40", "text": "for all of human"}, {"end": "00:37:46", "start": "00:37:42", "text": "history so because Bitcoin can't be"}, {"end": "00:37:49", "start": "00:37:44", "text": "printed out of thin air it gives us"}, {"end": "00:37:51", "start": "00:37:46", "text": "money we can trust and what's more it's"}, {"end": "00:37:52", "start": "00:37:49", "text": "inclusive and open to everyone around"}, {"end": "00:37:55", "start": "00:37:51", "text": "the"}, {"end": "00:37:58", "start": "00:37:52", "text": "world you know if you are one of the 50%"}, {"end": "00:38:00", "start": "00:37:55", "text": "of the planet who does not have a bank"}, {"end": "00:38:02", "start": "00:37:58", "text": "account you are shut off from the global"}, {"end": "00:38:03", "start": "00:38:00", "text": "economy you can't go shopping on the"}, {"end": "00:38:05", "start": "00:38:02", "text": "internet if you don't have access to a"}, {"end": "00:38:07", "start": "00:38:03", "text": "credit card or some form of digital"}, {"end": "00:38:11", "start": "00:38:05", "text": "payment so there's a huge amount of"}, {"end": "00:38:14", "start": "00:38:07", "text": "people around the world that are frozen"}, {"end": "00:38:16", "start": "00:38:11", "text": "out of the financial system and the"}, {"end": "00:38:20", "start": "00:38:14", "text": "ability to improve their life"}, {"end": "00:38:22", "start": "00:38:16", "text": "circumstances Bitcoin it is designed"}, {"end": "00:38:24", "start": "00:38:20", "text": "ultimately to replace both the monetary"}, {"end": "00:38:27", "start": "00:38:22", "text": "system and the financial system it is a"}, {"end": "00:38:29", "start": "00:38:24", "text": "math-based system where at its core it"}, {"end": "00:38:31", "start": "00:38:27", "text": "is trying to remove politics from money"}, {"end": "00:38:33", "start": "00:38:29", "text": "the beautiful part about that is that"}, {"end": "00:38:35", "start": "00:38:31", "text": "anyone anywhere in the world can use"}, {"end": "00:38:38", "start": "00:38:33", "text": "Bitcoin at any time for any reason no"}, {"end": "00:38:39", "start": "00:38:35", "text": "one can censor them no one can stop them"}, {"end": "00:38:43", "start": "00:38:38", "text": "uh no one can tell them that their use"}, {"end": "00:38:45", "start": "00:38:39", "text": "of money is um wrong or not allowed no"}, {"end": "00:38:48", "start": "00:38:43", "text": "one is going to change the rules on them"}, {"end": "00:38:49", "start": "00:38:45", "text": "halfway through and everyone operates by"}, {"end": "00:38:50", "start": "00:38:48", "text": "the same rules it doesn't matter if"}, {"end": "00:38:52", "start": "00:38:49", "text": "you're a billionaire it doesn't matter"}, {"end": "00:38:55", "start": "00:38:50", "text": "if you're a president it doesn't matter"}, {"end": "00:38:57", "start": "00:38:52", "text": "who you are you have the exact same"}, {"end": "00:39:00", "start": "00:38:55", "text": "rights within the Bitcoin system that"}, {"end": "00:39:03", "start": "00:38:57", "text": "the person who makes $1 a day has do I I"}, {"end": "00:39:05", "start": "00:39:00", "text": "believe that it can help people rise up"}, {"end": "00:39:07", "start": "00:39:03", "text": "out of poverty and give them opportunity"}, {"end": "00:39:10", "start": "00:39:05", "text": "to do business where they weren't able"}, {"end": "00:39:12", "start": "00:39:07", "text": "to before yes I do and it's certainly"}, {"end": "00:39:14", "start": "00:39:10", "text": "been the case around the world where"}, {"end": "00:39:15", "start": "00:39:12", "text": "people have had gotten access to a"}, {"end": "00:39:17", "start": "00:39:14", "text": "financial system that they didn't have"}, {"end": "00:39:19", "start": "00:39:15", "text": "access to before for example talk about"}, {"end": "00:39:22", "start": "00:39:17", "text": "financial inclusion for instance the"}, {"end": "00:39:25", "start": "00:39:19", "text": "current um Financial system excludes a"}, {"end": "00:39:27", "start": "00:39:22", "text": "large amount of people from being able"}, {"end": "00:39:30", "start": "00:39:25", "text": "to access Financial Services if you"}, {"end": "00:39:31", "start": "00:39:27", "text": "looked at uh a continent like Africa one"}, {"end": "00:39:33", "start": "00:39:30", "text": "of the reasons they can't crawl out of"}, {"end": "00:39:35", "start": "00:39:31", "text": "poverty is because the currencies in"}, {"end": "00:39:38", "start": "00:39:33", "text": "every country in Africa they're either"}, {"end": "00:39:40", "start": "00:39:35", "text": "broken completely completely defective"}, {"end": "00:39:43", "start": "00:39:38", "text": "or they're impaired and they're"}, {"end": "00:39:45", "start": "00:39:40", "text": "continually sihing economic energy from"}, {"end": "00:39:48", "start": "00:39:43", "text": "the working class and from the"}, {"end": "00:39:50", "start": "00:39:45", "text": "businesses and those economies into the"}, {"end": "00:39:53", "start": "00:39:48", "text": "hands of the politicians that control"}, {"end": "00:39:56", "start": "00:39:50", "text": "the corrupt currencies un assd don't"}, {"end": "00:40:00", "start": "00:39:53", "text": "really have any hope of accumulating"}, {"end": "00:40:03", "start": "00:39:56", "text": "wealth if you're paid in a defective"}, {"end": "00:40:06", "start": "00:40:00", "text": "currency and the currency is continually"}, {"end": "00:40:07", "start": "00:40:03", "text": "collapsing not only does Bitcoin allow"}, {"end": "00:40:10", "start": "00:40:06", "text": "people to be their own bank it is the"}, {"end": "00:40:11", "start": "00:40:07", "text": "only form of money that gives us digital"}, {"end": "00:40:13", "start": "00:40:10", "text": "property"}, {"end": "00:40:14", "start": "00:40:11", "text": "rights Bitcoin is very transformative"}, {"end": "00:40:17", "start": "00:40:13", "text": "because it gives us a new set of"}, {"end": "00:40:18", "start": "00:40:14", "text": "building blocks we don't know all the"}, {"end": "00:40:20", "start": "00:40:17", "text": "things that we can build with those"}, {"end": "00:40:22", "start": "00:40:18", "text": "building blocks but we do know is that"}, {"end": "00:40:25", "start": "00:40:20", "text": "it solved maybe the oldest problem in"}, {"end": "00:40:27", "start": "00:40:22", "text": "humanity which is how do I secure my"}, {"end": "00:40:32", "start": "00:40:25", "text": "property in a way that can't be stolen"}, {"end": "00:40:35", "start": "00:40:27", "text": "the ability of a person to have full"}, {"end": "00:40:38", "start": "00:40:32", "text": "rights to the money that he has earned"}, {"end": "00:40:41", "start": "00:40:35", "text": "that he is brought into being without"}, {"end": "00:40:45", "start": "00:40:38", "text": "interference of any more powerful entity"}, {"end": "00:40:48", "start": "00:40:41", "text": "whether it it is a a band or a gang or a"}, {"end": "00:40:51", "start": "00:40:45", "text": "government or anything else that could"}, {"end": "00:40:54", "start": "00:40:48", "text": "use Force against him that's a huge"}, {"end": "00:40:56", "start": "00:40:51", "text": "advantage and a huge asset coming from"}, {"end": "00:40:59", "start": "00:40:54", "text": "the former Soviet Union uh my parents"}, {"end": "00:41:03", "start": "00:40:56", "text": "brought my family over 1989 I was 7"}, {"end": "00:41:05", "start": "00:40:59", "text": "years old uh along with my sister and um"}, {"end": "00:41:07", "start": "00:41:03", "text": "we left the Soviet Union because uh many"}, {"end": "00:41:09", "start": "00:41:05", "text": "people know it's uh it was a very"}, {"end": "00:41:10", "start": "00:41:07", "text": "oppressive regime things were scarce"}, {"end": "00:41:12", "start": "00:41:09", "text": "goods were scarce people weren't really"}, {"end": "00:41:14", "start": "00:41:10", "text": "free to do what they wanted information"}, {"end": "00:41:16", "start": "00:41:12", "text": "was very strictly controlled uh so what"}, {"end": "00:41:18", "start": "00:41:14", "text": "I found out is that when we left the"}, {"end": "00:41:21", "start": "00:41:16", "text": "government was able to exchange about"}, {"end": "00:41:23", "start": "00:41:18", "text": "$100 per person uh for my family of four"}, {"end": "00:41:25", "start": "00:41:21", "text": "that meant we left with $400 in our"}, {"end": "00:41:27", "start": "00:41:23", "text": "pockets and that's all we could take"}, {"end": "00:41:29", "start": "00:41:25", "text": "with us otherwise our option was to"}, {"end": "00:41:31", "start": "00:41:27", "text": "exchange these Soviet rubles on the"}, {"end": "00:41:34", "start": "00:41:29", "text": "street which basically had no value had"}, {"end": "00:41:37", "start": "00:41:31", "text": "we had Bitcoin back in the Soviet Union"}, {"end": "00:41:38", "start": "00:41:34", "text": "in 1989 we could have actually taken our"}, {"end": "00:41:41", "start": "00:41:37", "text": "hard work and everything that we had"}, {"end": "00:41:43", "start": "00:41:38", "text": "done with us you know that value that we"}, {"end": "00:41:45", "start": "00:41:41", "text": "that we earned you know if you show up"}, {"end": "00:41:48", "start": "00:41:43", "text": "at the airport with all of your money in"}, {"end": "00:41:50", "start": "00:41:45", "text": "any other nation state they either"}, {"end": "00:41:53", "start": "00:41:48", "text": "arrest you they send you home or more"}, {"end": "00:41:55", "start": "00:41:50", "text": "likely they take your money and send you"}, {"end": "00:41:57", "start": "00:41:53", "text": "home right try to walk through an"}, {"end": "00:42:00", "start": "00:41:55", "text": "airport in most countries with the a"}, {"end": "00:42:02", "start": "00:41:57", "text": "million dollars of gold in your backpack"}, {"end": "00:42:04", "start": "00:42:00", "text": "and see how far you get you can't even"}, {"end": "00:42:08", "start": "00:42:02", "text": "walk through with more than 10,000 of"}, {"end": "00:42:11", "start": "00:42:04", "text": "anything governments have um captured"}, {"end": "00:42:13", "start": "00:42:08", "text": "the capital of their citizens and if"}, {"end": "00:42:15", "start": "00:42:11", "text": "they can force you to use the currency"}, {"end": "00:42:17", "start": "00:42:13", "text": "while they've got the capital captured"}, {"end": "00:42:19", "start": "00:42:15", "text": "they can simply seize as much of your"}, {"end": "00:42:21", "start": "00:42:17", "text": "Capital as they wish by debasing the"}, {"end": "00:42:23", "start": "00:42:19", "text": "currency more"}, {"end": "00:42:25", "start": "00:42:21", "text": "aggressively Bitcoin reverses that"}, {"end": "00:42:28", "start": "00:42:23", "text": "balance of power because now for the"}, {"end": "00:42:31", "start": "00:42:25", "text": "first time you could actually store your"}, {"end": "00:42:34", "start": "00:42:28", "text": "capital in a hardware wallet or in a set"}, {"end": "00:42:36", "start": "00:42:31", "text": "of private keys and you don't have to"}, {"end": "00:42:38", "start": "00:42:34", "text": "move it physically through the airport"}, {"end": "00:42:41", "start": "00:42:36", "text": "or on a ship you can actually move it"}, {"end": "00:42:43", "start": "00:42:38", "text": "through cyberspace with 12 words you"}, {"end": "00:42:46", "start": "00:42:41", "text": "could send all the digital capital in"}, {"end": "00:42:48", "start": "00:42:43", "text": "the country over a WhatsApp message you"}, {"end": "00:42:51", "start": "00:42:46", "text": "know there's a famous phrase you know an"}, {"end": "00:42:53", "start": "00:42:48", "text": "armed Society is a poite society uh when"}, {"end": "00:42:56", "start": "00:42:51", "text": "the citizens are disarmed and the"}, {"end": "00:42:59", "start": "00:42:53", "text": "government's the only entity with the"}, {"end": "00:43:03", "start": "00:42:56", "text": "guns then one person can simply steal"}, {"end": "00:43:05", "start": "00:42:59", "text": "all the property and when 95% of the"}, {"end": "00:43:07", "start": "00:43:03", "text": "citizens are starving to death that's"}, {"end": "00:43:09", "start": "00:43:05", "text": "not a problem as long as 1% of the"}, {"end": "00:43:11", "start": "00:43:07", "text": "people love the guns and you feed the 1%"}, {"end": "00:43:13", "start": "00:43:09", "text": "with the guns you could still control"}, {"end": "00:43:17", "start": "00:43:11", "text": "the country and that's what happened in"}, {"end": "00:43:21", "start": "00:43:13", "text": "many nations in North Korea and Cuba and"}, {"end": "00:43:24", "start": "00:43:17", "text": "Zimbabwe Etc Bitcoin economically arms"}, {"end": "00:43:27", "start": "00:43:21", "text": "everybody like for the first time in"}, {"end": "00:43:30", "start": "00:43:24", "text": "history you can fight back you actually"}, {"end": "00:43:34", "start": "00:43:27", "text": "can store your economic energy and"}, {"end": "00:43:38", "start": "00:43:30", "text": "protect it with cryptography and a 300"}, {"end": "00:43:42", "start": "00:43:34", "text": "xash wall of encrypted energy and no"}, {"end": "00:43:44", "start": "00:43:38", "text": "mayor or Governor or country can seize"}, {"end": "00:43:47", "start": "00:43:42", "text": "that from you no matter how much"}, {"end": "00:43:51", "start": "00:43:44", "text": "Weaponry they have and um what happens"}, {"end": "00:43:55", "start": "00:43:47", "text": "then if I can't take it from you by a"}, {"end": "00:43:56", "start": "00:43:51", "text": "force I have to negotiate with you and"}, {"end": "00:43:58", "start": "00:43:55", "text": "that means instead of just losing"}, {"end": "00:44:00", "start": "00:43:56", "text": "everything"}, {"end": "00:44:03", "start": "00:43:58", "text": "I'm going to try to sweet talk you or"}, {"end": "00:44:05", "start": "00:44:00", "text": "negotiate you and giving me half and we"}, {"end": "00:44:07", "start": "00:44:03", "text": "call that tax we want to get people out"}, {"end": "00:44:09", "start": "00:44:05", "text": "of poverty we need to give them property"}, {"end": "00:44:11", "start": "00:44:07", "text": "rights we need to give them savings that"}, {"end": "00:44:13", "start": "00:44:09", "text": "is theirs we need to give them a way to"}, {"end": "00:44:15", "start": "00:44:11", "text": "build wealth to build businesses and to"}, {"end": "00:44:16", "start": "00:44:13", "text": "keep that wealth and to pass it on to"}, {"end": "00:44:18", "start": "00:44:15", "text": "their children so they can build more"}, {"end": "00:44:22", "start": "00:44:16", "text": "wealth and that is uh what Bitcoin"}, {"end": "00:44:24", "start": "00:44:18", "text": "provides uh Bitcoin enables digital"}, {"end": "00:44:28", "start": "00:44:22", "text": "property rights for the first time"}, {"end": "00:44:31", "start": "00:44:24", "text": "because it's the world's first digital"}, {"end": "00:44:34", "start": "00:44:28", "text": "bear instrument it allows people to have"}, {"end": "00:44:36", "start": "00:44:31", "text": "not only ownership but control but what"}, {"end": "00:44:39", "start": "00:44:34", "text": "also is essential to a free Society is"}, {"end": "00:44:42", "start": "00:44:36", "text": "economic freedom if you don't have the"}, {"end": "00:44:45", "start": "00:44:39", "text": "choice of how you spend or save your"}, {"end": "00:44:47", "start": "00:44:42", "text": "money you don't live in a free Society"}, {"end": "00:44:49", "start": "00:44:45", "text": "before cryptocurrency you needed a bank"}, {"end": "00:44:52", "start": "00:44:47", "text": "to allow you to build something and put"}, {"end": "00:44:54", "start": "00:44:49", "text": "it on the internet but now we have money"}, {"end": "00:44:56", "start": "00:44:52", "text": "native to the internet which allows the"}, {"end": "00:45:00", "start": "00:44:54", "text": "whole world to participate in a global"}, {"end": "00:45:04", "start": "00:44:56", "text": "economy oh ultimately Bitcoin is a means"}, {"end": "00:45:06", "start": "00:45:00", "text": "to fight tyranny to fight corruption"}, {"end": "00:45:10", "start": "00:45:04", "text": "when you take control of the monetary"}, {"end": "00:45:12", "start": "00:45:06", "text": "system out of the hands of a few and"}, {"end": "00:45:16", "start": "00:45:10", "text": "make it available to everybody it is a"}, {"end": "00:45:18", "start": "00:45:12", "text": "safer system and Bitcoin provides a way"}, {"end": "00:45:21", "start": "00:45:16", "text": "for the abundance gained from technology"}, {"end": "00:45:23", "start": "00:45:18", "text": "to be broadly distributed to society"}, {"end": "00:45:25", "start": "00:45:21", "text": "that is aligned with the best in"}, {"end": "00:45:29", "start": "00:45:23", "text": "humanity rather than the worst in"}, {"end": "00:45:33", "start": "00:45:25", "text": "humanity Bitcoin is value that everyone"}, {"end": "00:45:36", "start": "00:45:29", "text": "can recognize and already a 100 million"}, {"end": "00:45:38", "start": "00:45:33", "text": "people recognize that value there was"}, {"end": "00:45:41", "start": "00:45:36", "text": "this moment I was sitting there and I"}, {"end": "00:45:44", "start": "00:45:38", "text": "put Bitcoin on a ledger and I looked at"}, {"end": "00:45:46", "start": "00:45:41", "text": "The Ledger and I"}, {"end": "00:45:50", "start": "00:45:44", "text": "thought this is my"}, {"end": "00:45:53", "start": "00:45:46", "text": "money my money's here it's not sitting"}, {"end": "00:45:56", "start": "00:45:50", "text": "out there in some bank waiting for some"}, {"end": "00:45:59", "start": "00:45:53", "text": "Bank Run to run it out of business or"}, {"end": "00:46:02", "start": "00:45:56", "text": "allowing some Banker to make a fortune"}, {"end": "00:46:05", "start": "00:45:59", "text": "off my money it's right here I know"}, {"end": "00:46:07", "start": "00:46:02", "text": "where my money is I think that gives"}, {"end": "00:46:09", "start": "00:46:05", "text": "power to the individual I think that"}, {"end": "00:46:12", "start": "00:46:07", "text": "gives power to the"}, {"end": "00:46:15", "start": "00:46:09", "text": "people this is why people find so much"}, {"end": "00:46:18", "start": "00:46:12", "text": "hope in Bitcoin it gives us back control"}, {"end": "00:46:21", "start": "00:46:15", "text": "over our time our energy and our"}, {"end": "00:46:24", "start": "00:46:18", "text": "lives so I think the most transformative"}, {"end": "00:46:27", "start": "00:46:21", "text": "aspect of Bitcoin is really almost a"}, {"end": "00:46:30", "start": "00:46:24", "text": "social economic experiment you know can"}, {"end": "00:46:32", "start": "00:46:27", "text": "all the the users of a money be in"}, {"end": "00:46:34", "start": "00:46:30", "text": "control of the monetary system right or"}, {"end": "00:46:36", "start": "00:46:32", "text": "do we need a handful of elected people"}, {"end": "00:46:38", "start": "00:46:34", "text": "to tell us what the monetary policy"}, {"end": "00:46:39", "start": "00:46:36", "text": "should be if a majority of the users of"}, {"end": "00:46:42", "start": "00:46:38", "text": "Bitcoin and the people running it decide"}, {"end": "00:46:45", "start": "00:46:39", "text": "to change the monetary policy they can"}, {"end": "00:46:48", "start": "00:46:42", "text": "Bitcoin solved decentralization and"}, {"end": "00:46:50", "start": "00:46:45", "text": "security and it was the first time that"}, {"end": "00:46:53", "start": "00:46:48", "text": "decentralization and security has ever"}, {"end": "00:46:55", "start": "00:46:50", "text": "been solved and for anyone that's gotten"}, {"end": "00:46:58", "start": "00:46:53", "text": "into Bitcoin reading the Bitcoin white"}, {"end": "00:47:01", "start": "00:46:55", "text": "paper is usually the inflection point"}, {"end": "00:47:04", "start": "00:46:58", "text": "where it's a n-page really easily"}, {"end": "00:47:06", "start": "00:47:01", "text": "understood document that lays out what's"}, {"end": "00:47:09", "start": "00:47:04", "text": "now the whole cryptocurrency ecosystem"}, {"end": "00:47:12", "start": "00:47:06", "text": "the fundamental idea that we can have a"}, {"end": "00:47:14", "start": "00:47:09", "text": "financial system where individuals are"}, {"end": "00:47:15", "start": "00:47:12", "text": "really in control of their money you"}, {"end": "00:47:17", "start": "00:47:14", "text": "don't have to have all of the"}, {"end": "00:47:20", "start": "00:47:15", "text": "intermediaries that were problematic in"}, {"end": "00:47:22", "start": "00:47:17", "text": "the 2008 financial collapse when I saw"}, {"end": "00:47:25", "start": "00:47:20", "text": "that as an engineer I thought wow this"}, {"end": "00:47:26", "start": "00:47:22", "text": "is one of the most empowering things"}, {"end": "00:47:29", "start": "00:47:25", "text": "that I could imagine the most important"}, {"end": "00:47:31", "start": "00:47:26", "text": "thing is that way it reorganizes human"}, {"end": "00:47:34", "start": "00:47:29", "text": "behavior right cuz for basically"}, {"end": "00:47:35", "start": "00:47:31", "text": "thousands of years um you know most"}, {"end": "00:47:38", "start": "00:47:34", "text": "things happen in a trusted way you had"}, {"end": "00:47:40", "start": "00:47:35", "text": "to trust somebody in order to conduct a"}, {"end": "00:47:41", "start": "00:47:38", "text": "transaction you had to trust somebody in"}, {"end": "00:47:44", "start": "00:47:40", "text": "order to store your wealth and now you"}, {"end": "00:47:46", "start": "00:47:41", "text": "don't you can use Bitcoin and you don't"}, {"end": "00:47:48", "start": "00:47:44", "text": "actually have to trust anyone you just"}, {"end": "00:47:49", "start": "00:47:46", "text": "have to trust the algorithm you have to"}, {"end": "00:47:51", "start": "00:47:48", "text": "trust the software code you have to"}, {"end": "00:47:54", "start": "00:47:49", "text": "trust the rules of the system and so"}, {"end": "00:47:57", "start": "00:47:51", "text": "Bitcoin is this very transparent system"}, {"end": "00:47:58", "start": "00:47:54", "text": "based on code and based on rules doesn't"}, {"end": "00:47:59", "start": "00:47:57", "text": "require you to trust a bank doesn't"}, {"end": "00:48:01", "start": "00:47:58", "text": "require you to trust the government"}, {"end": "00:48:03", "start": "00:47:59", "text": "doesn't require you to trust your"}, {"end": "00:48:04", "start": "00:48:01", "text": "neighbor even um you can use it to do"}, {"end": "00:48:06", "start": "00:48:03", "text": "business with an enemy you can use it to"}, {"end": "00:48:08", "start": "00:48:04", "text": "do business with the friend I think the"}, {"end": "00:48:10", "start": "00:48:06", "text": "fact that no one can control or"}, {"end": "00:48:12", "start": "00:48:08", "text": "manipulate Bitcoin and that everyone has"}, {"end": "00:48:14", "start": "00:48:10", "text": "to play by the same set of rules and"}, {"end": "00:48:17", "start": "00:48:12", "text": "there's no rulers I think that makes it"}, {"end": "00:48:19", "start": "00:48:14", "text": "inherently very moral uh there's no one"}, {"end": "00:48:20", "start": "00:48:17", "text": "who gets a special unfair advantage in"}, {"end": "00:48:22", "start": "00:48:19", "text": "Bitcoin and that's different than the"}, {"end": "00:48:25", "start": "00:48:20", "text": "current system we have today where"}, {"end": "00:48:26", "start": "00:48:22", "text": "whoever's closest to the money printer"}, {"end": "00:48:28", "start": "00:48:25", "text": "basically disproportionately benefits"}, {"end": "00:48:30", "start": "00:48:26", "text": "from it and so I think Bitcoin can make"}, {"end": "00:48:33", "start": "00:48:28", "text": "the world a better place by making it a"}, {"end": "00:48:34", "start": "00:48:30", "text": "more fair and inclusive system and will"}, {"end": "00:48:36", "start": "00:48:33", "text": "help fix some of the division"}, {"end": "00:48:38", "start": "00:48:34", "text": "polarization and the wealth"}, {"end": "00:48:41", "start": "00:48:36", "text": "concentration we see"}, {"end": "00:48:43", "start": "00:48:38", "text": "today there is so much Bitcoin can heal"}, {"end": "00:48:47", "start": "00:48:41", "text": "it can even prevent those ower from"}, {"end": "00:48:50", "start": "00:48:43", "text": "being able to take our money or silence"}, {"end": "00:48:52", "start": "00:48:47", "text": "us the first thing that happens when you"}, {"end": "00:48:54", "start": "00:48:50", "text": "go against the government that is a"}, {"end": "00:48:55", "start": "00:48:52", "text": "dictatorship they will take away access"}, {"end": "00:48:58", "start": "00:48:54", "text": "to your money and it doesn't even have"}, {"end": "00:49:01", "start": "00:48:55", "text": "to be a dictatorship Justin Trudeau in"}, {"end": "00:49:03", "start": "00:48:58", "text": "Canada worked to use Banks to cut off"}, {"end": "00:49:05", "start": "00:49:01", "text": "money for truckers they were protesting"}, {"end": "00:49:07", "start": "00:49:03", "text": "covid restrictions that were put on them"}, {"end": "00:49:09", "start": "00:49:05", "text": "in Canada and they were using the banks"}, {"end": "00:49:11", "start": "00:49:07", "text": "to do this this was actually considered"}, {"end": "00:49:13", "start": "00:49:09", "text": "illegal in Canada but nevertheless"}, {"end": "00:49:16", "start": "00:49:11", "text": "Trudeau did it Banks complied with it"}, {"end": "00:49:18", "start": "00:49:13", "text": "and they started choking off the protest"}, {"end": "00:49:21", "start": "00:49:16", "text": "by restricting the money the government"}, {"end": "00:49:22", "start": "00:49:18", "text": "taking people who had committed no crime"}, {"end": "00:49:25", "start": "00:49:21", "text": "who were not charged with a crime or of"}, {"end": "00:49:27", "start": "00:49:22", "text": "course never convicted of a crime and"}, {"end": "00:49:30", "start": "00:49:25", "text": "punishing them for critic izing"}, {"end": "00:49:32", "start": "00:49:27", "text": "government policies and punishing them"}, {"end": "00:49:35", "start": "00:49:30", "text": "in away that was almost worse than"}, {"end": "00:49:37", "start": "00:49:32", "text": "imprisonment because if you can't get at"}, {"end": "00:49:40", "start": "00:49:35", "text": "your bank account you can't feed your"}, {"end": "00:49:42", "start": "00:49:37", "text": "children you can't buy gasoline you"}, {"end": "00:49:43", "start": "00:49:40", "text": "can't pay the mortgage on your house"}, {"end": "00:49:46", "start": "00:49:42", "text": "because if the government has the"}, {"end": "00:49:49", "start": "00:49:43", "text": "capacity to starve you to death to keep"}, {"end": "00:49:52", "start": "00:49:46", "text": "you from getting work to keep you from"}, {"end": "00:49:55", "start": "00:49:49", "text": "shelter then it has license essentially"}, {"end": "00:49:58", "start": "00:49:52", "text": "for any atrocity and uh at that point I"}, {"end": "00:50:03", "start": "00:49:55", "text": "began looking more serious at Bitcoin as"}, {"end": "00:50:06", "start": "00:49:58", "text": "a currency that could be used to escape"}, {"end": "00:50:08", "start": "00:50:03", "text": "the government surveillance systems when"}, {"end": "00:50:11", "start": "00:50:06", "text": "working in Moscow when our bank accounts"}, {"end": "00:50:13", "start": "00:50:08", "text": "were blocked by the regime we were able"}, {"end": "00:50:16", "start": "00:50:11", "text": "to continue our activities thanks to"}, {"end": "00:50:18", "start": "00:50:13", "text": "bitcoin savings basically Bitcoin gave"}, {"end": "00:50:20", "start": "00:50:16", "text": "us freedom of action and freedom of"}, {"end": "00:50:22", "start": "00:50:18", "text": "speech at that time the US government"}, {"end": "00:50:24", "start": "00:50:20", "text": "has the discretionary ability to"}, {"end": "00:50:26", "start": "00:50:22", "text": "effectively turn off the savings of"}, {"end": "00:50:28", "start": "00:50:24", "text": "whole Nations at a time that's what they"}, {"end": "00:50:30", "start": "00:50:26", "text": "did with Afghanistan for better for"}, {"end": "00:50:32", "start": "00:50:28", "text": "worse after the Taliban took over that's"}, {"end": "00:50:35", "start": "00:50:30", "text": "what they did with Russia in February of"}, {"end": "00:50:36", "start": "00:50:32", "text": "this year again for better for worse you"}, {"end": "00:50:39", "start": "00:50:35", "text": "might say well these are the Strategic"}, {"end": "00:50:40", "start": "00:50:36", "text": "objectives of the United States that's"}, {"end": "00:50:42", "start": "00:50:39", "text": "fine but what they are doing is"}, {"end": "00:50:45", "start": "00:50:40", "text": "confiscating the savings of entire"}, {"end": "00:50:47", "start": "00:50:42", "text": "nations and it's just a fundamentally"}, {"end": "00:50:49", "start": "00:50:45", "text": "unfair Dynamic right you are blending"}, {"end": "00:50:52", "start": "00:50:47", "text": "political objectives with people's"}, {"end": "00:50:56", "start": "00:50:49", "text": "savings and that leads to misery in my"}, {"end": "00:50:59", "start": "00:50:52", "text": "opinion governments can at any time"}, {"end": "00:51:02", "start": "00:50:56", "text": "decide they don't like you or me or"}, {"end": "00:51:05", "start": "00:50:59", "text": "somebody else and sanction if we called"}, {"end": "00:51:08", "start": "00:51:02", "text": "sanctions what they are right Financial"}, {"end": "00:51:11", "start": "00:51:05", "text": "sanctions Starving Children you're"}, {"end": "00:51:14", "start": "00:51:08", "text": "basically cutting off supplies of goods"}, {"end": "00:51:16", "start": "00:51:11", "text": "and services to a population we probably"}, {"end": "00:51:18", "start": "00:51:14", "text": "wouldn't like it as much but what we"}, {"end": "00:51:21", "start": "00:51:16", "text": "call about economic sanctions whether"}, {"end": "00:51:24", "start": "00:51:18", "text": "it's Venezuelans or Russians or anybody"}, {"end": "00:51:26", "start": "00:51:21", "text": "else governments almost glamorize it"}, {"end": "00:51:29", "start": "00:51:24", "text": "because they're like well we know better"}, {"end": "00:51:30", "start": "00:51:26", "text": "we know what's best but censoring"}, {"end": "00:51:32", "start": "00:51:29", "text": "someone because they have different"}, {"end": "00:51:35", "start": "00:51:30", "text": "views or different lifestyle or"}, {"end": "00:51:37", "start": "00:51:32", "text": "different uh perspective on on how the"}, {"end": "00:51:39", "start": "00:51:35", "text": "world should interact it's not really"}, {"end": "00:51:41", "start": "00:51:37", "text": "our job so PayPal came out with that"}, {"end": "00:51:42", "start": "00:51:39", "text": "policy where they said if you say"}, {"end": "00:51:44", "start": "00:51:41", "text": "anything online we don't like"}, {"end": "00:51:46", "start": "00:51:42", "text": "misinformation which of course as we"}, {"end": "00:51:48", "start": "00:51:44", "text": "found out for the last two years what"}, {"end": "00:51:50", "start": "00:51:46", "text": "was labels misinformation actually came"}, {"end": "00:51:52", "start": "00:51:48", "text": "true but if you do misinformation they"}, {"end": "00:51:54", "start": "00:51:50", "text": "can pull 2500 out of your account it's"}, {"end": "00:51:56", "start": "00:51:52", "text": "not your money of course they got"}, {"end": "00:51:57", "start": "00:51:54", "text": "massive amounts of backlash and they"}, {"end": "00:51:58", "start": "00:51:56", "text": "came out and said W wo"}, {"end": "00:52:00", "start": "00:51:57", "text": "that that was a mistake that was a"}, {"end": "00:52:01", "start": "00:51:58", "text": "mistake and what we're seeing in Canada"}, {"end": "00:52:03", "start": "00:52:00", "text": "what we're seeing with PayPal uh what"}, {"end": "00:52:05", "start": "00:52:01", "text": "we're seeing with the banks is that your"}, {"end": "00:52:07", "start": "00:52:03", "text": "money that you think is your money is"}, {"end": "00:52:09", "start": "00:52:05", "text": "not your money and at any time they can"}, {"end": "00:52:11", "start": "00:52:07", "text": "decide to censor you or block it if they"}, {"end": "00:52:14", "start": "00:52:09", "text": "want and at the end of the day if we"}, {"end": "00:52:16", "start": "00:52:11", "text": "don't have the ability to determine our"}, {"end": "00:52:19", "start": "00:52:14", "text": "own future for oursel for our family on"}, {"end": "00:52:22", "start": "00:52:16", "text": "a monetary basis we don't actually have"}, {"end": "00:52:24", "start": "00:52:19", "text": "any real control of anything in our own"}, {"end": "00:52:27", "start": "00:52:22", "text": "lives Bitcoin puts you back in the"}, {"end": "00:52:29", "start": "00:52:24", "text": "driver seat of your life which is why so"}, {"end": "00:52:30", "start": "00:52:27", "text": "many people see it as the Ultimate Force"}, {"end": "00:52:34", "start": "00:52:29", "text": "for"}, {"end": "00:52:35", "start": "00:52:30", "text": "good I absolutely believe that Bitcoin"}, {"end": "00:52:38", "start": "00:52:34", "text": "already is making the world a better"}, {"end": "00:52:41", "start": "00:52:35", "text": "place and we'll continue to do so in in"}, {"end": "00:52:44", "start": "00:52:38", "text": "the coming years there's been plenty of"}, {"end": "00:52:46", "start": "00:52:41", "text": "examples of currency collapse just in"}, {"end": "00:52:48", "start": "00:52:44", "text": "the last 13 years since Bitcoin has"}, {"end": "00:52:51", "start": "00:52:46", "text": "existed and we get these every single"}, {"end": "00:52:53", "start": "00:52:48", "text": "year so there have been major even"}, {"end": "00:52:55", "start": "00:52:51", "text": "middle inome Nations where the currency"}, {"end": "00:52:58", "start": "00:52:53", "text": "has effectively failed and Bitcoin has"}, {"end": "00:53:00", "start": "00:52:55", "text": "been a life raft for those people when"}, {"end": "00:53:01", "start": "00:52:58", "text": "the war in Ukraine broke out I had"}, {"end": "00:53:03", "start": "00:53:00", "text": "friends there on the ground trying to"}, {"end": "00:53:05", "start": "00:53:01", "text": "help some folks on that were stuck in"}, {"end": "00:53:07", "start": "00:53:03", "text": "bomb shelters uh delivering food and and"}, {"end": "00:53:09", "start": "00:53:05", "text": "water and they asked us to help them"}, {"end": "00:53:12", "start": "00:53:07", "text": "monetarily try to help them buy more"}, {"end": "00:53:13", "start": "00:53:09", "text": "supplies on a Saturday night uh the only"}, {"end": "00:53:15", "start": "00:53:12", "text": "way to get money into Ukraine was"}, {"end": "00:53:17", "start": "00:53:13", "text": "Bitcoin there's no other technology that"}, {"end": "00:53:19", "start": "00:53:15", "text": "can cross borders uh outside of banking"}, {"end": "00:53:21", "start": "00:53:17", "text": "hours so we were actually able to use"}, {"end": "00:53:23", "start": "00:53:19", "text": "Bitcoin to send it over there and get"}, {"end": "00:53:25", "start": "00:53:21", "text": "local currency to people on the ground"}, {"end": "00:53:26", "start": "00:53:23", "text": "and to affect humanitarian Aid and I was"}, {"end": "00:53:28", "start": "00:53:25", "text": "really blown away because Bitcoin was"}, {"end": "00:53:30", "start": "00:53:26", "text": "the only thing that could solve that"}, {"end": "00:53:32", "start": "00:53:28", "text": "problem and in times of War all"}, {"end": "00:53:34", "start": "00:53:30", "text": "philosophical resistance to things like"}, {"end": "00:53:35", "start": "00:53:32", "text": "Bitcoin goes out the window because it"}, {"end": "00:53:37", "start": "00:53:34", "text": "doesn't matter if it solves your problem"}, {"end": "00:53:38", "start": "00:53:35", "text": "you're going to use it and that's what"}, {"end": "00:53:40", "start": "00:53:37", "text": "makes me really excited about it because"}, {"end": "00:53:42", "start": "00:53:38", "text": "there's so many problems in the world"}, {"end": "00:53:44", "start": "00:53:40", "text": "and those people really need the Bitcoin"}, {"end": "00:53:47", "start": "00:53:42", "text": "we um decided to collect some donations"}, {"end": "00:53:48", "start": "00:53:44", "text": "in Bitcoin and Bitcoin was a kind of a"}, {"end": "00:53:52", "start": "00:53:47", "text": "plan B for"}, {"end": "00:53:56", "start": "00:53:48", "text": "us um the very concept of Bitcoin is"}, {"end": "00:53:59", "start": "00:53:52", "text": "tightly connected to the concept of um"}, {"end": "00:54:02", "start": "00:53:56", "text": "Financial Freedom for everyone in the"}, {"end": "00:54:05", "start": "00:53:59", "text": "world and give understanding that"}, {"end": "00:54:07", "start": "00:54:02", "text": "Bitcoin is a significant tool in a fight"}, {"end": "00:54:10", "start": "00:54:05", "text": "against um Global evil you know when"}, {"end": "00:54:12", "start": "00:54:07", "text": "people go to protest um NE it's in"}, {"end": "00:54:14", "start": "00:54:10", "text": "usbekistan in Russia or Belarus or"}, {"end": "00:54:17", "start": "00:54:12", "text": "Ukraine or somewhere it's important that"}, {"end": "00:54:20", "start": "00:54:14", "text": "you know that you have Financial tool"}, {"end": "00:54:22", "start": "00:54:17", "text": "which cannot be turned off in the moment"}, {"end": "00:54:24", "start": "00:54:20", "text": "when you need it when you need to be"}, {"end": "00:54:27", "start": "00:54:22", "text": "able to fight for your freedoms and"}, {"end": "00:54:29", "start": "00:54:24", "text": "shouldn't be naive thinking that someone"}, {"end": "00:54:32", "start": "00:54:27", "text": "in your country would not abuse the"}, {"end": "00:54:33", "start": "00:54:29", "text": "power one day it could happen you have"}, {"end": "00:54:35", "start": "00:54:32", "text": "to be"}, {"end": "00:54:38", "start": "00:54:33", "text": "prepared where you see Bitcoin expanding"}, {"end": "00:54:41", "start": "00:54:35", "text": "really fast is actually Nations that"}, {"end": "00:54:43", "start": "00:54:38", "text": "need it the most right why El Salvador"}, {"end": "00:54:45", "start": "00:54:41", "text": "is a natural is because they're most"}, {"end": "00:54:47", "start": "00:54:43", "text": "punished they're furthest away from the"}, {"end": "00:54:49", "start": "00:54:45", "text": "Monopoly system of money today and so"}, {"end": "00:54:52", "start": "00:54:47", "text": "Nations that have always seen either"}, {"end": "00:54:54", "start": "00:54:49", "text": "hyperinflation or dictators and what"}, {"end": "00:54:57", "start": "00:54:52", "text": "you're seeing is those populations race"}, {"end": "00:55:00", "start": "00:54:54", "text": "into this open monetary protocol call"}, {"end": "00:55:03", "start": "00:54:57", "text": "and nobody can stop them it is"}, {"end": "00:55:05", "start": "00:55:00", "text": "freedom these are places where the"}, {"end": "00:55:07", "start": "00:55:03", "text": "government has failed in some sense and"}, {"end": "00:55:10", "start": "00:55:05", "text": "so a lot of critics think oh well you"}, {"end": "00:55:12", "start": "00:55:07", "text": "know Bitcoin is just something that um"}, {"end": "00:55:15", "start": "00:55:10", "text": "you know Rich westers like and uh it's a"}, {"end": "00:55:17", "start": "00:55:12", "text": "tool to gamble with but really the on"}, {"end": "00:55:19", "start": "00:55:15", "text": "the ground adoption is happening in"}, {"end": "00:55:20", "start": "00:55:17", "text": "places where people actually need it and"}, {"end": "00:55:23", "start": "00:55:19", "text": "I think that's an extremely telling"}, {"end": "00:55:25", "start": "00:55:20", "text": "early data point and so like if you live"}, {"end": "00:55:27", "start": "00:55:23", "text": "in Nigeria Nigeria has among the highest"}, {"end": "00:55:29", "start": "00:55:25", "text": "Bitcoin adoption rates in the world like"}, {"end": "00:55:31", "start": "00:55:27", "text": "more than 30% of people use it it's"}, {"end": "00:55:32", "start": "00:55:29", "text": "actually a very useful tool to do"}, {"end": "00:55:35", "start": "00:55:31", "text": "peer-to-peer"}, {"end": "00:55:36", "start": "00:55:32", "text": "transactions Bitcoin when you look at"}, {"end": "00:55:38", "start": "00:55:35", "text": "its alternative as a as a money where"}, {"end": "00:55:39", "start": "00:55:36", "text": "you don't have to trust anyone and you"}, {"end": "00:55:41", "start": "00:55:38", "text": "can move it across countries you can"}, {"end": "00:55:42", "start": "00:55:39", "text": "send it to your family I've heard tons"}, {"end": "00:55:45", "start": "00:55:41", "text": "of stories from argentinians and how"}, {"end": "00:55:47", "start": "00:55:42", "text": "they use Bitcoin to get around Capital"}, {"end": "00:55:48", "start": "00:55:45", "text": "controls to get around um you know"}, {"end": "00:55:50", "start": "00:55:47", "text": "government restricts the ability to move"}, {"end": "00:55:51", "start": "00:55:48", "text": "dollars in and out of the country and"}, {"end": "00:55:55", "start": "00:55:50", "text": "Bitcoin is this fantastic alternative"}, {"end": "00:55:55", "start": "00:55:51", "text": "for that"}, {"end": "00:56:06", "start": "00:56:03", "text": "my country is ruled by the oldest"}, {"end": "00:56:10", "start": "00:56:04", "text": "military regime in Africa same"}, {"end": "00:56:14", "start": "00:56:06", "text": "government in power for 57 years and"}, {"end": "00:56:17", "start": "00:56:10", "text": "this is a brutal Rogue military regime"}, {"end": "00:56:20", "start": "00:56:14", "text": "that put us under unimaginable amount of"}, {"end": "00:56:24", "start": "00:56:17", "text": "abuse and pain and control activists and"}, {"end": "00:56:26", "start": "00:56:20", "text": "dissidents arrested killed their bodies"}, {"end": "00:56:28", "start": "00:56:24", "text": "dumped in the sea countless of activists"}, {"end": "00:56:30", "start": "00:56:26", "text": "jailed and have been in prison for years"}, {"end": "00:56:32", "start": "00:56:28", "text": "with no trial many others have"}, {"end": "00:56:35", "start": "00:56:30", "text": "disappeared their families have never"}, {"end": "00:56:37", "start": "00:56:32", "text": "seen their body and thousands others"}, {"end": "00:56:40", "start": "00:56:35", "text": "have fled the country living Exile like"}, {"end": "00:56:43", "start": "00:56:37", "text": "myself I see Bitcoin as a tool of"}, {"end": "00:56:46", "start": "00:56:40", "text": "political social and economic Liberation"}, {"end": "00:56:49", "start": "00:56:43", "text": "the reason why is because the ideology"}, {"end": "00:56:53", "start": "00:56:46", "text": "behind Bitcoin in itself is judged"}, {"end": "00:56:56", "start": "00:56:49", "text": "toward giving monetary agency back to"}, {"end": "00:57:00", "start": "00:56:53", "text": "people to Citizens no longer having"}, {"end": "00:57:04", "start": "00:56:56", "text": "people depend on Banks and governments"}, {"end": "00:57:07", "start": "00:57:00", "text": "to control their money and determine its"}, {"end": "00:57:09", "start": "00:57:04", "text": "worth we are also in a situation where"}, {"end": "00:57:12", "start": "00:57:07", "text": "as citizens of our nation our money is"}, {"end": "00:57:15", "start": "00:57:09", "text": "worth absolutely nothing outside of our"}, {"end": "00:57:18", "start": "00:57:12", "text": "borders so when I see Bitcoin I see it"}, {"end": "00:57:21", "start": "00:57:15", "text": "as a tool that can allow us to put an"}, {"end": "00:57:23", "start": "00:57:18", "text": "end to this continuous Colonial uh uh"}, {"end": "00:57:26", "start": "00:57:21", "text": "system that has maintained our countries"}, {"end": "00:57:29", "start": "00:57:23", "text": "and our people in bondage the goal of my"}, {"end": "00:57:33", "start": "00:57:26", "text": "activist is to eventually get to a point"}, {"end": "00:57:35", "start": "00:57:29", "text": "where my people can live freely and in"}, {"end": "00:57:38", "start": "00:57:33", "text": "dignity and that cannot be attained"}, {"end": "00:57:38", "start": "00:57:35", "text": "without Financial"}, {"end": "00:57:44", "start": "00:57:41", "text": "[Music]"}, {"end": "00:57:52", "start": "00:57:46", "text": "Freedom addal s fund which is a my"}, {"end": "00:57:54", "start": "00:57:50", "text": "nonprofit organization of what we do is"}, {"end": "00:57:56", "start": "00:57:52", "text": "trying to empowering young women and"}, {"end": "00:57:57", "start": "00:57:54", "text": "children in developing countries like"}, {"end": "00:57:59", "start": "00:57:56", "text": "Afghanistan"}, {"end": "00:58:01", "start": "00:57:57", "text": "but there was an issue about that there"}, {"end": "00:58:04", "start": "00:57:59", "text": "was an inability to pay this women"}, {"end": "00:58:06", "start": "00:58:01", "text": "because many of these women didn't have"}, {"end": "00:58:08", "start": "00:58:04", "text": "a bank account and we have to actually"}, {"end": "00:58:11", "start": "00:58:06", "text": "send the money to their male relatives"}, {"end": "00:58:13", "start": "00:58:08", "text": "um bank account and many of these women"}, {"end": "00:58:14", "start": "00:58:11", "text": "sometimes says that they never receive"}, {"end": "00:58:17", "start": "00:58:13", "text": "the money because once the money goes in"}, {"end": "00:58:19", "start": "00:58:14", "text": "the hands of the men's and relatives uh"}, {"end": "00:58:23", "start": "00:58:17", "text": "they prefer to not give the money to the"}, {"end": "00:58:26", "start": "00:58:19", "text": "women and why is like that because um in"}, {"end": "00:58:28", "start": "00:58:23", "text": "a conservative communities men's um"}, {"end": "00:58:31", "start": "00:58:26", "text": "summons are trying to control the lives"}, {"end": "00:58:32", "start": "00:58:28", "text": "of the women and obviously the first"}, {"end": "00:58:35", "start": "00:58:31", "text": "things that they don't want that the"}, {"end": "00:58:37", "start": "00:58:32", "text": "woman have the financial Freedom so we"}, {"end": "00:58:40", "start": "00:58:35", "text": "heard about Bitcoin and uh we thought"}, {"end": "00:58:42", "start": "00:58:37", "text": "wow we can use Bitcoin and send to the"}, {"end": "00:58:44", "start": "00:58:40", "text": "women directly and they can have control"}, {"end": "00:58:47", "start": "00:58:42", "text": "of their own finance that was"}, {"end": "00:58:49", "start": "00:58:44", "text": "interesting and we deployed a Bitcoin"}, {"end": "00:58:52", "start": "00:58:47", "text": "wallet in within our system we created"}, {"end": "00:58:54", "start": "00:58:49", "text": "an um userfriendly platform that was"}, {"end": "00:58:57", "start": "00:58:52", "text": "very easy for them to find where their"}, {"end": "00:58:59", "start": "00:58:54", "text": "wallet is how much money they making and"}, {"end": "00:59:01", "start": "00:58:57", "text": "then what they can do with this money"}, {"end": "00:59:04", "start": "00:58:59", "text": "Bitcoin has helped us bypass the"}, {"end": "00:59:06", "start": "00:59:01", "text": "physical and social barriers if you have"}, {"end": "00:59:08", "start": "00:59:04", "text": "a cell phones and uh smartphones and you"}, {"end": "00:59:11", "start": "00:59:06", "text": "have access to Internet you can have"}, {"end": "00:59:13", "start": "00:59:08", "text": "your bank with you everywhere and that's"}, {"end": "00:59:15", "start": "00:59:11", "text": "why uh I think that the magic of the"}, {"end": "00:59:15", "start": "00:59:13", "text": "Bitcoin"}, {"end": "00:59:26", "start": "00:59:20", "text": "is the Jews of Eastern Europe when the"}, {"end": "00:59:28", "start": "00:59:23", "text": "Nazis arrived the Jews of Spain before"}, {"end": "00:59:31", "start": "00:59:26", "text": "that Jews of Arab countries in the uh"}, {"end": "00:59:33", "start": "00:59:28", "text": "late 40s and early 50s uh Jews were"}, {"end": "00:59:36", "start": "00:59:31", "text": "thrown out of Syria in huge numbers"}, {"end": "00:59:38", "start": "00:59:33", "text": "thrown out of Egypt in huge numbers with"}, {"end": "00:59:39", "start": "00:59:36", "text": "nothing literally with nothing gosh if"}, {"end": "00:59:41", "start": "00:59:38", "text": "they could have taken their digital"}, {"end": "00:59:43", "start": "00:59:39", "text": "wallets with them what a beautiful thing"}, {"end": "00:59:43", "start": "00:59:41", "text": "that would have"}, {"end": "00:59:53", "start": "00:59:48", "text": "been I think Bitcoin is as much an"}, {"end": "00:59:57", "start": "00:59:51", "text": "ideology as it is a"}, {"end": "00:59:59", "start": "00:59:53", "text": "technology but because it's an ethical"}, {"end": "01:00:01", "start": "00:59:57", "text": "ideology there are many people that feel"}, {"end": "01:00:04", "start": "00:59:59", "text": "very spiritual about it and others that"}, {"end": "01:00:07", "start": "01:00:01", "text": "view it as a religion if you worship"}, {"end": "01:00:10", "start": "01:00:04", "text": "truth if you worship Integrity if you"}, {"end": "01:00:13", "start": "01:00:07", "text": "worship conservation of energy and"}, {"end": "01:00:14", "start": "01:00:10", "text": "balance in the universe then Bitcoin is"}, {"end": "01:00:17", "start": "01:00:13", "text": "your"}, {"end": "01:00:20", "start": "01:00:14", "text": "religion Bitcoin is ethical but it's"}, {"end": "01:00:23", "start": "01:00:17", "text": "also peaceful it's not a currency that"}, {"end": "01:00:23", "start": "01:00:20", "text": "worships violence"}, {"end": "01:00:29", "start": "01:00:26", "text": "[Music]"}, {"end": "01:00:35", "start": "01:00:30", "text": "from a political standpoint you have"}, {"end": "01:00:38", "start": "01:00:33", "text": "politicians on both sides Republican"}, {"end": "01:00:42", "start": "01:00:35", "text": "Democrat it doesn't matter that are"}, {"end": "01:00:44", "start": "01:00:38", "text": "aggressively trying to vote resources"}, {"end": "01:00:46", "start": "01:00:42", "text": "Financial Resources into their local"}, {"end": "01:00:50", "start": "01:00:44", "text": "jurisdictions in order to support this"}, {"end": "01:00:52", "start": "01:00:46", "text": "war machine that's happening and that's"}, {"end": "01:00:55", "start": "01:00:50", "text": "the game of fiat currency where nobody"}, {"end": "01:00:57", "start": "01:00:52", "text": "is pegged in operating off the same"}, {"end": "01:01:00", "start": "01:00:55", "text": "rules and the same rules set which is"}, {"end": "01:01:02", "start": "01:00:57", "text": "supplied by Bitcoin IT Supplies This"}, {"end": "01:01:06", "start": "01:01:00", "text": "Global rule set that nobody can"}, {"end": "01:01:08", "start": "01:01:02", "text": "manipulate cheat or take advantage of"}, {"end": "01:01:10", "start": "01:01:06", "text": "over the expense of other players in the"}, {"end": "01:01:12", "start": "01:01:08", "text": "global game and that's why bitcoin's so"}, {"end": "01:01:15", "start": "01:01:10", "text": "different and that's why Bitcoin solves"}, {"end": "01:01:17", "start": "01:01:12", "text": "this this massive problem that has been"}, {"end": "01:01:21", "start": "01:01:15", "text": "wrought throughout history between"}, {"end": "01:01:24", "start": "01:01:17", "text": "humanity and violence fat money is used"}, {"end": "01:01:27", "start": "01:01:21", "text": "to fund Wars we've spent $8 trillion on"}, {"end": "01:01:30", "start": "01:01:24", "text": "un regime change Wars over the past 20"}, {"end": "01:01:32", "start": "01:01:27", "text": "years and almost and all those Wars made"}, {"end": "01:01:35", "start": "01:01:30", "text": "America less"}, {"end": "01:01:37", "start": "01:01:32", "text": "safe and less secure and less Rich there"}, {"end": "01:01:40", "start": "01:01:35", "text": "was almost no debate about those Wars uh"}, {"end": "01:01:44", "start": "01:01:37", "text": "beforehand what do we get for those Wars"}, {"end": "01:01:46", "start": "01:01:40", "text": "Iraq is now worse off than we found it"}, {"end": "01:01:49", "start": "01:01:44", "text": "we killed more Iraqis than Saddam"}, {"end": "01:01:52", "start": "01:01:46", "text": "Hussein we killed between 670,000 and a"}, {"end": "01:01:55", "start": "01:01:49", "text": "million Iraqis Iraq is now this in"}, {"end": "01:01:58", "start": "01:01:52", "text": "instead of a Nation it's an incoherent"}, {"end": "01:02:01", "start": "01:01:55", "text": "battle between she and Sun squads we"}, {"end": "01:02:05", "start": "01:01:58", "text": "created Isis in the spillover war into"}, {"end": "01:02:07", "start": "01:02:01", "text": "Syria and we drove 2 million refugees"}, {"end": "01:02:10", "start": "01:02:05", "text": "into Europe and we destabilized every"}, {"end": "01:02:12", "start": "01:02:07", "text": "democracy in Europe that process ended"}, {"end": "01:02:15", "start": "01:02:10", "text": "up with brexit with breaking up the"}, {"end": "01:02:17", "start": "01:02:12", "text": "European Union the riots that we're now"}, {"end": "01:02:19", "start": "01:02:15", "text": "seeing in France are a direct result of"}, {"end": "01:02:23", "start": "01:02:17", "text": "that surge of immigration that was"}, {"end": "01:02:25", "start": "01:02:19", "text": "driven by our Wars so the taxpayer would"}, {"end": "01:02:27", "start": "01:02:23", "text": "never agree to fund those Wars in"}, {"end": "01:02:29", "start": "01:02:25", "text": "advance and the government doesn't want"}, {"end": "01:02:31", "start": "01:02:27", "text": "politicians don't want to go to the"}, {"end": "01:02:33", "start": "01:02:29", "text": "taxpayer and ask that permission oh it's"}, {"end": "01:02:36", "start": "01:02:31", "text": "much easier for them to just declare the"}, {"end": "01:02:38", "start": "01:02:33", "text": "wars and then Finance them by printing"}, {"end": "01:02:41", "start": "01:02:36", "text": "more money but ultimately the people who"}, {"end": "01:02:44", "start": "01:02:38", "text": "pay for that money are the middle class"}, {"end": "01:02:47", "start": "01:02:41", "text": "and they pay through the mechanism of"}, {"end": "01:02:49", "start": "01:02:44", "text": "inflation so when the government's print"}, {"end": "01:02:52", "start": "01:02:47", "text": "money it has the ability to fund the"}, {"end": "01:02:55", "start": "01:02:49", "text": "military industrial complex and create"}, {"end": "01:02:57", "start": "01:02:52", "text": "tremendous Reckless spending so when you"}, {"end": "01:03:00", "start": "01:02:55", "text": "look at Wars throughout history history"}, {"end": "01:03:02", "start": "01:02:57", "text": "that's a very very profitable thing and"}, {"end": "01:03:05", "start": "01:03:00", "text": "central banks can print money to fund"}, {"end": "01:03:08", "start": "01:03:02", "text": "both sides of the war as a person who"}, {"end": "01:03:10", "start": "01:03:05", "text": "was flying attack helicopters in combat"}, {"end": "01:03:13", "start": "01:03:08", "text": "there was almost every single flight I"}, {"end": "01:03:17", "start": "01:03:10", "text": "went on somebody that was being shot at"}, {"end": "01:03:20", "start": "01:03:13", "text": "injured killed providing that support"}, {"end": "01:03:22", "start": "01:03:17", "text": "for people on the ground was uh an"}, {"end": "01:03:25", "start": "01:03:20", "text": "extremely humbling experience to just"}, {"end": "01:03:26", "start": "01:03:22", "text": "see how destructive human beings can be"}, {"end": "01:03:30", "start": "01:03:25", "text": "towards each other"}, {"end": "01:03:33", "start": "01:03:26", "text": "when you go far enough Upstream as to"}, {"end": "01:03:35", "start": "01:03:30", "text": "what's driving this Behavior why why is"}, {"end": "01:03:37", "start": "01:03:33", "text": "this even happening I personally arrived"}, {"end": "01:03:39", "start": "01:03:35", "text": "that it's the money that's causing this"}, {"end": "01:03:42", "start": "01:03:37", "text": "to happen and there's probably nothing"}, {"end": "01:03:44", "start": "01:03:39", "text": "more important for me and in my life"}, {"end": "01:03:45", "start": "01:03:42", "text": "than trying to make sure people can"}, {"end": "01:03:47", "start": "01:03:44", "text": "understand that there's there's a better"}, {"end": "01:03:49", "start": "01:03:45", "text": "way to conduct"}, {"end": "01:03:52", "start": "01:03:47", "text": "exchange and there's a better way to get"}, {"end": "01:03:53", "start": "01:03:49", "text": "along with each other than to have a"}, {"end": "01:03:57", "start": "01:03:52", "text": "trusted Ledger that nobody can"}, {"end": "01:04:01", "start": "01:03:53", "text": "manipulate or change we need to make war"}, {"end": "01:04:03", "start": "01:03:57", "text": "and fear less profitable that's the real"}, {"end": "01:04:07", "start": "01:04:01", "text": "layer 2 solution that we need on top of"}, {"end": "01:04:09", "start": "01:04:03", "text": "Bitcoin it's us not code on a blockchain"}, {"end": "01:04:13", "start": "01:04:07", "text": "but a human society that makes"}, {"end": "01:04:17", "start": "01:04:09", "text": "nonviolence and kindness more profitable"}, {"end": "01:04:17", "start": "01:04:13", "text": "than exploitation and"}, {"end": "01:04:28", "start": "01:04:23", "text": "greed why is nobody in the in the US"}, {"end": "01:04:31", "start": "01:04:26", "text": "concerned that we've been at in these"}, {"end": "01:04:34", "start": "01:04:28", "text": "wars for as long as we have why isn't"}, {"end": "01:04:36", "start": "01:04:31", "text": "anybody asking about the cost of this"}, {"end": "01:04:38", "start": "01:04:34", "text": "just not even human life but like the"}, {"end": "01:04:40", "start": "01:04:36", "text": "financial cost and the reason why is"}, {"end": "01:04:42", "start": "01:04:38", "text": "because it was always paid through the"}, {"end": "01:04:43", "start": "01:04:40", "text": "basement they didn't know they were"}, {"end": "01:04:45", "start": "01:04:42", "text": "paying for it because the bill was"}, {"end": "01:04:47", "start": "01:04:43", "text": "pushed way out into the future through"}, {"end": "01:04:49", "start": "01:04:45", "text": "the depreciation of the currency itself"}, {"end": "01:04:52", "start": "01:04:47", "text": "and so it just didn't seem like there"}, {"end": "01:04:54", "start": "01:04:49", "text": "was a cost and so it's not just the US"}, {"end": "01:04:57", "start": "01:04:52", "text": "that pays for their armed conflicts this"}, {"end": "01:05:00", "start": "01:04:54", "text": "way it's every fiat-based nation state"}, {"end": "01:05:03", "start": "01:04:57", "text": "that pays for their armed conflict this"}, {"end": "01:05:06", "start": "01:05:00", "text": "way if you move to a Bitcoin standard"}, {"end": "01:05:09", "start": "01:05:03", "text": "all of a sudden you can't debase the"}, {"end": "01:05:11", "start": "01:05:06", "text": "cost of conflict away and Bitcoin you"}, {"end": "01:05:13", "start": "01:05:09", "text": "know conversely is the currency of Peace"}, {"end": "01:05:15", "start": "01:05:11", "text": "if you actually have to go to a"}, {"end": "01:05:17", "start": "01:05:13", "text": "population and ask permission to wage"}, {"end": "01:05:20", "start": "01:05:15", "text": "war in most cases they're not going to"}, {"end": "01:05:22", "start": "01:05:17", "text": "give you that that permission you know"}, {"end": "01:05:26", "start": "01:05:20", "text": "it's interesting when a government gets"}, {"end": "01:05:28", "start": "01:05:22", "text": "into trouble and they have to pay for a"}, {"end": "01:05:32", "start": "01:05:26", "text": "war or they have to pay for a pandemic"}, {"end": "01:05:35", "start": "01:05:28", "text": "or they have to pay for some cataclysmic"}, {"end": "01:05:37", "start": "01:05:32", "text": "event they tend to print money and"}, {"end": "01:05:39", "start": "01:05:35", "text": "because you're going to have these"}, {"end": "01:05:42", "start": "01:05:37", "text": "governments printing all this money then"}, {"end": "01:05:44", "start": "01:05:39", "text": "the money is worth less well what if it"}, {"end": "01:05:46", "start": "01:05:42", "text": "were all Bitcoin Not only would that"}, {"end": "01:05:49", "start": "01:05:44", "text": "government not have the ability to print"}, {"end": "01:05:50", "start": "01:05:46", "text": "the money for the war you might not even"}, {"end": "01:05:53", "start": "01:05:49", "text": "have the"}, {"end": "01:05:55", "start": "01:05:50", "text": "war so many people see a world where"}, {"end": "01:05:58", "start": "01:05:53", "text": "Bitcoin reduces War makes it"}, {"end": "01:06:01", "start": "01:05:55", "text": "unaffordable and incentivizes us all to"}, {"end": "01:06:01", "start": "01:05:58", "text": "love and serve one"}, {"end": "01:06:10", "start": "01:06:02", "text": "[Music]"}, {"end": "01:06:13", "start": "01:06:07", "text": "another I believe that Bitcoin is just"}, {"end": "01:06:15", "start": "01:06:10", "text": "money and in in the Bible there are many"}, {"end": "01:06:18", "start": "01:06:13", "text": "examples of what just money is and what"}, {"end": "01:06:20", "start": "01:06:15", "text": "unjust money is without a doubt"}, {"end": "01:06:23", "start": "01:06:18", "text": "government fiat currency is not just"}, {"end": "01:06:26", "start": "01:06:20", "text": "money it it steals from the poor and"}, {"end": "01:06:28", "start": "01:06:23", "text": "gives it to the rich it creates more"}, {"end": "01:06:30", "start": "01:06:26", "text": "income inequality I think God hates the"}, {"end": "01:06:35", "start": "01:06:28", "text": "current system that government Fiat"}, {"end": "01:06:38", "start": "01:06:30", "text": "creates that Elite group of people makes"}, {"end": "01:06:40", "start": "01:06:35", "text": "decisions based on their own portfolios"}, {"end": "01:06:42", "start": "01:06:38", "text": "based on their own set of priorities or"}, {"end": "01:06:45", "start": "01:06:40", "text": "those of their friends and colleagues"}, {"end": "01:06:47", "start": "01:06:42", "text": "who mean a lot to them they're not"}, {"end": "01:06:49", "start": "01:06:45", "text": "really making up more money they're just"}, {"end": "01:06:52", "start": "01:06:47", "text": "taking it very often through"}, {"end": "01:06:55", "start": "01:06:49", "text": "inflationary policies from those who"}, {"end": "01:06:57", "start": "01:06:52", "text": "have earned it it becomes a system of"}, {"end": "01:06:59", "start": "01:06:55", "text": "great Injustice and even"}, {"end": "01:07:02", "start": "01:06:57", "text": "theft uh the United States government"}, {"end": "01:07:05", "start": "01:06:59", "text": "has been printing money like crazy it's"}, {"end": "01:07:06", "start": "01:07:02", "text": "it's the dream solution uh it's it's a"}, {"end": "01:07:09", "start": "01:07:05", "text": "way of stealing money without being"}, {"end": "01:07:10", "start": "01:07:06", "text": "caught and uh you know spending other"}, {"end": "01:07:12", "start": "01:07:09", "text": "people's money is fun that's all there"}, {"end": "01:07:14", "start": "01:07:10", "text": "is to it it's one of the best reasons to"}, {"end": "01:07:16", "start": "01:07:12", "text": "go into politics you get to spend other"}, {"end": "01:07:20", "start": "01:07:14", "text": "people's money and most voters are not"}, {"end": "01:07:23", "start": "01:07:16", "text": "aware that as prices go up reflecting"}, {"end": "01:07:26", "start": "01:07:20", "text": "profound inflation that this is the"}, {"end": "01:07:31", "start": "01:07:23", "text": "doings of an immoral government that uh"}, {"end": "01:07:31", "start": "01:07:26", "text": "is literally stealing the bread off your"}, {"end": "01:07:38", "start": "01:07:31", "text": "table so inflation is theft it steals"}, {"end": "01:07:40", "start": "01:07:35", "text": "from us right under our noses and sadly"}, {"end": "01:07:42", "start": "01:07:38", "text": "the way people keep up with inflation is"}, {"end": "01:07:44", "start": "01:07:40", "text": "to max out their credit cards and take"}, {"end": "01:07:45", "start": "01:07:42", "text": "on more and more debt which only creates"}, {"end": "01:07:53", "start": "01:07:44", "text": "bigger"}, {"end": "01:07:56", "start": "01:07:45", "text": "[Music]"}, {"end": "01:07:59", "start": "01:07:53", "text": "problems we have interest levels today"}, {"end": "01:08:02", "start": "01:07:56", "text": "in our time that far out run inflation"}, {"end": "01:08:04", "start": "01:07:59", "text": "often times and I think that does raise"}, {"end": "01:08:06", "start": "01:08:02", "text": "some ethical questions for us about"}, {"end": "01:08:08", "start": "01:08:04", "text": "about how we handle our money in the"}, {"end": "01:08:10", "start": "01:08:06", "text": "modern world and how we charge people"}, {"end": "01:08:12", "start": "01:08:08", "text": "who pursue credit that kind of thing"}, {"end": "01:08:14", "start": "01:08:10", "text": "because they end up paying a lot just to"}, {"end": "01:08:16", "start": "01:08:12", "text": "make up the credit aspect of what"}, {"end": "01:08:19", "start": "01:08:14", "text": "they've done as opposed to the money"}, {"end": "01:08:23", "start": "01:08:16", "text": "that they've been provided for and alone"}, {"end": "01:08:25", "start": "01:08:19", "text": "so in Islam uh the practice of lending"}, {"end": "01:08:26", "start": "01:08:23", "text": "at interest is forbidden and"}, {"end": "01:08:29", "start": "01:08:25", "text": "specifically speically the word that is"}, {"end": "01:08:31", "start": "01:08:26", "text": "used is riba riba literally means"}, {"end": "01:08:33", "start": "01:08:29", "text": "Surplus or excess and it means any"}, {"end": "01:08:36", "start": "01:08:31", "text": "excess on money so any form of money"}, {"end": "01:08:39", "start": "01:08:33", "text": "creation is forbidden uh riba is"}, {"end": "01:08:42", "start": "01:08:36", "text": "interest it's Usery it's money creation"}, {"end": "01:08:44", "start": "01:08:39", "text": "so um when we talk about sound money in"}, {"end": "01:08:46", "start": "01:08:42", "text": "Islam we're really talking about a form"}, {"end": "01:08:48", "start": "01:08:44", "text": "of money that cannot be created from"}, {"end": "01:08:51", "start": "01:08:46", "text": "nothing and therefore requires proof of"}, {"end": "01:08:53", "start": "01:08:48", "text": "work now one of the problems with Fiat"}, {"end": "01:08:54", "start": "01:08:51", "text": "money is that it doesn't require proof"}, {"end": "01:08:57", "start": "01:08:53", "text": "of"}, {"end": "01:08:58", "start": "01:08:54", "text": "work well that's it interesting let's"}, {"end": "01:09:01", "start": "01:08:57", "text": "see what other religions have to say"}, {"end": "01:09:04", "start": "01:08:58", "text": "about Bitcoin and its"}, {"end": "01:09:06", "start": "01:09:01", "text": "ethics many people question what is the"}, {"end": "01:09:09", "start": "01:09:04", "text": "role of technology in Judaism this is a"}, {"end": "01:09:11", "start": "01:09:06", "text": "tradition and a law which goes back"}, {"end": "01:09:13", "start": "01:09:09", "text": "thousands of years so what could it"}, {"end": "01:09:16", "start": "01:09:11", "text": "possibly have to say about these modern"}, {"end": "01:09:18", "start": "01:09:13", "text": "inventions and Technologies the fact is"}, {"end": "01:09:21", "start": "01:09:16", "text": "that everything that God creates in this"}, {"end": "01:09:23", "start": "01:09:18", "text": "world is all for the purpose of making"}, {"end": "01:09:25", "start": "01:09:21", "text": "the world a better place and serving him"}, {"end": "01:09:26", "start": "01:09:23", "text": "better so all of these Technologies"}, {"end": "01:09:30", "start": "01:09:25", "text": "whether"}, {"end": "01:09:33", "start": "01:09:26", "text": "phone internet video all of these things"}, {"end": "01:09:36", "start": "01:09:30", "text": "Bitcoin can be used and should be used"}, {"end": "01:09:39", "start": "01:09:33", "text": "for the better service of God India was"}, {"end": "01:09:42", "start": "01:09:36", "text": "this fabulously wealthy industrial power"}, {"end": "01:09:44", "start": "01:09:39", "text": "and a spiritual innovator at the same"}, {"end": "01:09:47", "start": "01:09:42", "text": "time and it's largely because its"}, {"end": "01:09:49", "start": "01:09:44", "text": "economics had somewhere in its"}, {"end": "01:09:52", "start": "01:09:47", "text": "foundation the idea that the ultimate"}, {"end": "01:09:55", "start": "01:09:49", "text": "goal is the pursuit of Moka this true"}, {"end": "01:09:58", "start": "01:09:52", "text": "freedom and we can get back to that so"}, {"end": "01:10:01", "start": "01:09:55", "text": "if Bitcoin helps us to get back to a new"}, {"end": "01:10:04", "start": "01:09:58", "text": "kind of capitalism that Fosters both"}, {"end": "01:10:07", "start": "01:10:01", "text": "material well-being and spiritual"}, {"end": "01:10:10", "start": "01:10:04", "text": "Freedom it'll be great but that kind of"}, {"end": "01:10:14", "start": "01:10:07", "text": "new capitalism won't really be that new"}, {"end": "01:10:17", "start": "01:10:10", "text": "it's more like a return to our old"}, {"end": "01:10:19", "start": "01:10:14", "text": "habits so it sounds like Bitcoin can"}, {"end": "01:10:24", "start": "01:10:17", "text": "bring out the best in us let's explore"}, {"end": "01:10:24", "start": "01:10:19", "text": "these religious teachings more deeply"}, {"end": "01:10:28", "start": "01:10:25", "text": "[Music]"}, {"end": "01:10:34", "start": "01:10:29", "text": "when it comes to Judaism being compared"}, {"end": "01:10:36", "start": "01:10:31", "text": "to a blockchain there are so many points"}, {"end": "01:10:39", "start": "01:10:34", "text": "that we can look at besides the word"}, {"end": "01:10:41", "start": "01:10:36", "text": "chain itself the transmission of Torah"}, {"end": "01:10:45", "start": "01:10:39", "text": "and Judaism through the generations is"}, {"end": "01:10:47", "start": "01:10:41", "text": "called hute a chain of descent from"}, {"end": "01:10:50", "start": "01:10:45", "text": "Rabbi to Rabbi and generation to"}, {"end": "01:10:53", "start": "01:10:47", "text": "generation so what every individual can"}, {"end": "01:10:56", "start": "01:10:50", "text": "do is study Torah they become their own"}, {"end": "01:10:59", "start": "01:10:53", "text": "full node they can valid Val all of the"}, {"end": "01:11:02", "start": "01:10:56", "text": "laws and all of the customs and"}, {"end": "01:11:05", "start": "01:10:59", "text": "traditions and then as new situations"}, {"end": "01:11:07", "start": "01:11:02", "text": "arise rabbis have to deal with how does"}, {"end": "01:11:10", "start": "01:11:05", "text": "the Torah have a perspective on these"}, {"end": "01:11:13", "start": "01:11:07", "text": "new technologies on these new questions"}, {"end": "01:11:14", "start": "01:11:10", "text": "that's where proof of work comes in the"}, {"end": "01:11:17", "start": "01:11:13", "text": "rabbis are the most educated and"}, {"end": "01:11:20", "start": "01:11:14", "text": "experienced in analyzing and studying"}, {"end": "01:11:22", "start": "01:11:17", "text": "the Torah so they prove their work"}, {"end": "01:11:25", "start": "01:11:20", "text": "through their study and through their"}, {"end": "01:11:27", "start": "01:11:22", "text": "writings which can then be verified by"}, {"end": "01:11:29", "start": "01:11:25", "text": "every member of the tribe all they have"}, {"end": "01:11:32", "start": "01:11:27", "text": "to do is look into the Torah and"}, {"end": "01:11:34", "start": "01:11:29", "text": "validate that what the rabbis are saying"}, {"end": "01:11:36", "start": "01:11:32", "text": "fits in with the Torah values and Torah"}, {"end": "01:11:39", "start": "01:11:34", "text": "teachings particularly as a Jewish"}, {"end": "01:11:41", "start": "01:11:36", "text": "person who the Jewish people have been"}, {"end": "01:11:43", "start": "01:11:39", "text": "dispersed across the entire world and"}, {"end": "01:11:45", "start": "01:11:41", "text": "have had to move from country to Country"}, {"end": "01:11:48", "start": "01:11:43", "text": "I can appreciate a money that you can"}, {"end": "01:11:51", "start": "01:11:45", "text": "take with you and own and use for your"}, {"end": "01:11:53", "start": "01:11:48", "text": "purposes without it being interfered by"}, {"end": "01:11:55", "start": "01:11:51", "text": "Third parties Bitcoin is just another"}, {"end": "01:11:59", "start": "01:11:53", "text": "step in the technological development of"}, {"end": "01:11:59", "start": "01:11:55", "text": "how we can serve God"}, {"end": "01:12:04", "start": "01:12:01", "text": "[Music]"}, {"end": "01:12:11", "start": "01:12:06", "text": "better Buddhism itself is a"}, {"end": "01:12:13", "start": "01:12:08", "text": "decentralized system in fact it's the"}, {"end": "01:12:15", "start": "01:12:11", "text": "only faith that I know of where the"}, {"end": "01:12:18", "start": "01:12:13", "text": "founder himself said don't trust"}, {"end": "01:12:21", "start": "01:12:15", "text": "anything I say on faith you have to"}, {"end": "01:12:23", "start": "01:12:18", "text": "validate it yourself so what validation"}, {"end": "01:12:25", "start": "01:12:21", "text": "in Buddhism means is that you have to"}, {"end": "01:12:28", "start": "01:12:23", "text": "critically analyze anything anything"}, {"end": "01:12:30", "start": "01:12:25", "text": "that the Buddha himself said so in a way"}, {"end": "01:12:32", "start": "01:12:28", "text": "as a Buddhist you're a kind of block"}, {"end": "01:12:34", "start": "01:12:30", "text": "validator where you yourself have to"}, {"end": "01:12:37", "start": "01:12:32", "text": "relive the Buddhist algorithm Buddhism"}, {"end": "01:12:38", "start": "01:12:34", "text": "is really like an algorithm a set of a"}, {"end": "01:12:40", "start": "01:12:37", "text": "set of rules that the Buddha said if you"}, {"end": "01:12:43", "start": "01:12:38", "text": "follow these you will be happy and you"}, {"end": "01:12:47", "start": "01:12:40", "text": "will create a a kind benevolent and fair"}, {"end": "01:12:49", "start": "01:12:43", "text": "society and so that I find very parallel"}, {"end": "01:12:50", "start": "01:12:47", "text": "to the way that blockchain works because"}, {"end": "01:12:52", "start": "01:12:49", "text": "you wanted to create a system that"}, {"end": "01:12:54", "start": "01:12:50", "text": "benefits all beings you know and not"}, {"end": "01:12:56", "start": "01:12:52", "text": "just some select subset those things I"}, {"end": "01:12:58", "start": "01:12:54", "text": "think are very with this idea of"}, {"end": "01:13:02", "start": "01:12:56", "text": "decentralization so yeah I think"}, {"end": "01:13:02", "start": "01:12:58", "text": "Buddhism is a decentralized"}, {"end": "01:13:14", "start": "01:13:08", "text": "religion if you have centralized"}, {"end": "01:13:17", "start": "01:13:11", "text": "planning that is fewer people who um are"}, {"end": "01:13:20", "start": "01:13:14", "text": "making the decisions"}, {"end": "01:13:23", "start": "01:13:17", "text": "about the the economy as a whole you"}, {"end": "01:13:25", "start": "01:13:20", "text": "have less information if you have a"}, {"end": "01:13:29", "start": "01:13:23", "text": "decentralized economy what you have are"}, {"end": "01:13:31", "start": "01:13:25", "text": "more people more inputs more kind of"}, {"end": "01:13:34", "start": "01:13:29", "text": "connection to the reality of what's"}, {"end": "01:13:38", "start": "01:13:31", "text": "Happening then you would have if you"}, {"end": "01:13:40", "start": "01:13:34", "text": "have a small pullet Bureau a group of"}, {"end": "01:13:43", "start": "01:13:38", "text": "policy advisors who are making these"}, {"end": "01:13:46", "start": "01:13:40", "text": "decisions very often influenced by their"}, {"end": "01:13:49", "start": "01:13:43", "text": "own particular interests so when we ask"}, {"end": "01:13:51", "start": "01:13:46", "text": "what the Bible says about money the the"}, {"end": "01:13:53", "start": "01:13:49", "text": "key thing is that money itself is not"}, {"end": "01:13:56", "start": "01:13:51", "text": "evil sometimes you hear people say money"}, {"end": "01:13:59", "start": "01:13:53", "text": "is evil it's not it's it's a means by"}, {"end": "01:14:01", "start": "01:13:56", "text": "which we manage our relationships and"}, {"end": "01:14:03", "start": "01:13:59", "text": "barter with one another with different"}, {"end": "01:14:06", "start": "01:14:01", "text": "skills and abilities that we have what"}, {"end": "01:14:08", "start": "01:14:03", "text": "the Bible says is is the love of money"}, {"end": "01:14:10", "start": "01:14:06", "text": "that is evil that it is when it moves us"}, {"end": "01:14:12", "start": "01:14:08", "text": "towards greed when it moves us towards"}, {"end": "01:14:15", "start": "01:14:10", "text": "coveted us when it moves us towards"}, {"end": "01:14:17", "start": "01:14:12", "text": "averest when it feeds our pride those"}, {"end": "01:14:20", "start": "01:14:15", "text": "kinds of things that's when money"}, {"end": "01:14:21", "start": "01:14:17", "text": "becomes a problem and actually it isn't"}, {"end": "01:14:25", "start": "01:14:20", "text": "money that's the problem it's how we"}, {"end": "01:14:31", "start": "01:14:21", "text": "deal with money that is the problem"}, {"end": "01:14:35", "start": "01:14:25", "text": "[Music]"}, {"end": "01:14:37", "start": "01:14:31", "text": "now inic economics in ancient times the"}, {"end": "01:14:41", "start": "01:14:35", "text": "ruler who was often elected by the way"}, {"end": "01:14:44", "start": "01:14:37", "text": "even 2,000 3,000 years ago was judged on"}, {"end": "01:14:47", "start": "01:14:41", "text": "a concept called yoga cha which means an"}, {"end": "01:14:48", "start": "01:14:44", "text": "overall material and spiritual"}, {"end": "01:14:51", "start": "01:14:47", "text": "well-being of the citizens particularly"}, {"end": "01:14:54", "start": "01:14:48", "text": "the weakest in society monetary profit"}, {"end": "01:14:56", "start": "01:14:51", "text": "was considered just a byproduct so"}, {"end": "01:14:59", "start": "01:14:54", "text": "fiddling with the money Supply though it"}, {"end": "01:15:02", "start": "01:14:56", "text": "might do some temporary good means that"}, {"end": "01:15:05", "start": "01:14:59", "text": "we are ignoring a lot of the key metrics"}, {"end": "01:15:08", "start": "01:15:02", "text": "of what makes life worth living one"}, {"end": "01:15:10", "start": "01:15:05", "text": "reason we print this money is to get"}, {"end": "01:15:13", "start": "01:15:08", "text": "people to go out and shop with it or to"}, {"end": "01:15:15", "start": "01:15:10", "text": "take on debt at low interest rates so"}, {"end": "01:15:18", "start": "01:15:13", "text": "they can go out and shop with that now I"}, {"end": "01:15:20", "start": "01:15:15", "text": "don't know of any religion or philosophy"}, {"end": "01:15:23", "start": "01:15:18", "text": "that says that the goal of human life is"}, {"end": "01:15:27", "start": "01:15:20", "text": "to consume to the point of death so in a"}, {"end": "01:15:29", "start": "01:15:23", "text": "real sense we are in izing something"}, {"end": "01:15:31", "start": "01:15:27", "text": "that goes against our basic morality and"}, {"end": "01:15:34", "start": "01:15:29", "text": "I'm not sure how long we can continue to"}, {"end": "01:15:37", "start": "01:15:31", "text": "do that the truth is what we really are"}, {"end": "01:15:40", "start": "01:15:34", "text": "is divine beings who have taken human"}, {"end": "01:15:42", "start": "01:15:37", "text": "form in a material world that we"}, {"end": "01:15:46", "start": "01:15:40", "text": "manifest together for a meaningful"}, {"end": "01:15:50", "start": "01:15:42", "text": "purpose to be happy and free that's the"}, {"end": "01:15:54", "start": "01:15:46", "text": "truth and that's the foundation of viic"}, {"end": "01:15:56", "start": "01:15:50", "text": "economics and Bitcoin has a chance to"}, {"end": "01:16:02", "start": "01:15:54", "text": "help us to see our El that"}, {"end": "01:16:02", "start": "01:15:56", "text": "[Music]"}, {"end": "01:16:08", "start": "01:16:03", "text": "way there are sources of scripture in"}, {"end": "01:16:10", "start": "01:16:06", "text": "Islam which are the Quran which is"}, {"end": "01:16:11", "start": "01:16:08", "text": "believed to be the word of God and the"}, {"end": "01:16:14", "start": "01:16:10", "text": "Hadith which are the collection of the"}, {"end": "01:16:16", "start": "01:16:11", "text": "sayings and actions of prophet Muhammad"}, {"end": "01:16:18", "start": "01:16:14", "text": "peace be upon him and there are two very"}, {"end": "01:16:20", "start": "01:16:16", "text": "famous Hadith one regarding price fixing"}, {"end": "01:16:22", "start": "01:16:18", "text": "and the other regarding monopolies uh"}, {"end": "01:16:24", "start": "01:16:20", "text": "the price fixing Hadith goes something"}, {"end": "01:16:25", "start": "01:16:22", "text": "like the following a group of people"}, {"end": "01:16:27", "start": "01:16:24", "text": "came to the prophet and said said to him"}, {"end": "01:16:30", "start": "01:16:25", "text": "would you fix the prices of Commodities"}, {"end": "01:16:32", "start": "01:16:27", "text": "in the marketplace and he considered"}, {"end": "01:16:34", "start": "01:16:30", "text": "this and he said no because he didn't"}, {"end": "01:16:37", "start": "01:16:32", "text": "want to cause an injustice against the"}, {"end": "01:16:40", "start": "01:16:34", "text": "people he said that God is the one who"}, {"end": "01:16:41", "start": "01:16:37", "text": "fixes the price uh in the market so this"}, {"end": "01:16:44", "start": "01:16:40", "text": "thing I think is very important because"}, {"end": "01:16:46", "start": "01:16:41", "text": "it tells us that a a free market economy"}, {"end": "01:16:48", "start": "01:16:44", "text": "is one that is fundamentally a just"}, {"end": "01:16:50", "start": "01:16:46", "text": "economy I think Bitcoin is the most"}, {"end": "01:16:52", "start": "01:16:48", "text": "Islamic form of money ever invented and"}, {"end": "01:16:54", "start": "01:16:50", "text": "therefore you know also the most"}, {"end": "01:16:55", "start": "01:16:52", "text": "abrahamic form of money invented because"}, {"end": "01:16:57", "start": "01:16:54", "text": "actually the the three great"}, {"end": "01:16:59", "start": "01:16:55", "text": "monotheistic faiths share many"}, {"end": "01:17:01", "start": "01:16:57", "text": "characteristics in terms of justice and"}, {"end": "01:17:04", "start": "01:16:59", "text": "equality and fairness and dealing with"}, {"end": "01:17:06", "start": "01:17:01", "text": "one's fellow man so I think that Bitcoin"}, {"end": "01:17:07", "start": "01:17:04", "text": "has those characteristics to be not just"}, {"end": "01:17:09", "start": "01:17:06", "text": "the most Islamic form of money but the"}, {"end": "01:17:11", "start": "01:17:07", "text": "most Jewish and the most Christian form"}, {"end": "01:17:13", "start": "01:17:09", "text": "of money as well uh and I think"}, {"end": "01:17:15", "start": "01:17:11", "text": "therefore it is a it's a very very"}, {"end": "01:17:16", "start": "01:17:13", "text": "powerful concept and one which can"}, {"end": "01:17:19", "start": "01:17:15", "text": "completely overturn our understanding of"}, {"end": "01:17:21", "start": "01:17:16", "text": "the last 100 years of economic history"}, {"end": "01:17:25", "start": "01:17:19", "text": "in a Bitcoin world people would work"}, {"end": "01:17:27", "start": "01:17:21", "text": "together and be free and happy if fixing"}, {"end": "01:17:30", "start": "01:17:25", "text": "our could help us achieve that imagine"}, {"end": "01:17:32", "start": "01:17:27", "text": "the kind of future we could build I like"}, {"end": "01:17:34", "start": "01:17:30", "text": "to kind of think about how the story of"}, {"end": "01:17:36", "start": "01:17:32", "text": "Bitcoin is still being written the story"}, {"end": "01:17:38", "start": "01:17:34", "text": "the chapter one started over a decade"}, {"end": "01:17:40", "start": "01:17:36", "text": "ago and here we are and we have no idea"}, {"end": "01:17:42", "start": "01:17:38", "text": "what kind of the final chapter of the"}, {"end": "01:17:44", "start": "01:17:40", "text": "book ultimately looks like if you think"}, {"end": "01:17:46", "start": "01:17:42", "text": "about Bitcoin taking over the world"}, {"end": "01:17:50", "start": "01:17:44", "text": "right the Bitcoin isation of of the"}, {"end": "01:17:52", "start": "01:17:46", "text": "world and you play that out to its last"}, {"end": "01:17:54", "start": "01:17:50", "text": "element what could that last stage be"}, {"end": "01:17:57", "start": "01:17:52", "text": "from a potential perspective and that is"}, {"end": "01:17:59", "start": "01:17:54", "text": "a World in which there is no other"}, {"end": "01:18:01", "start": "01:17:57", "text": "currency all of the governments have"}, {"end": "01:18:03", "start": "01:17:59", "text": "dropped the dollar and the Yen and the"}, {"end": "01:18:06", "start": "01:18:01", "text": "euros and all there is in the world is"}, {"end": "01:18:08", "start": "01:18:03", "text": "Bitcoin and it is the standard kind of"}, {"end": "01:18:10", "start": "01:18:06", "text": "payments mechanism for for anything a"}, {"end": "01:18:12", "start": "01:18:08", "text": "few steps before that is going to be"}, {"end": "01:18:15", "start": "01:18:10", "text": "central banks around the world adopting"}, {"end": "01:18:17", "start": "01:18:12", "text": "Bitcoin as a reserve currency I'd"}, {"end": "01:18:20", "start": "01:18:15", "text": "actually expect that to happen at the"}, {"end": "01:18:22", "start": "01:18:17", "text": "same time when I started in this space I"}, {"end": "01:18:24", "start": "01:18:20", "text": "thought this might take out centuries"}, {"end": "01:18:27", "start": "01:18:22", "text": "and every single year I feel like my"}, {"end": "01:18:30", "start": "01:18:24", "text": "time frame gets shorter and shorter and"}, {"end": "01:18:31", "start": "01:18:27", "text": "shorter I think if the world went on to"}, {"end": "01:18:34", "start": "01:18:30", "text": "Bitcoins didn't I think what we'd see"}, {"end": "01:18:35", "start": "01:18:31", "text": "would be less Wars we' see government"}, {"end": "01:18:37", "start": "01:18:34", "text": "size drastically reduced because the"}, {"end": "01:18:39", "start": "01:18:35", "text": "ability to tax your citizens becomes"}, {"end": "01:18:41", "start": "01:18:37", "text": "much harder so if Bitcoin is successful"}, {"end": "01:18:42", "start": "01:18:39", "text": "and the world starts to use it we see"}, {"end": "01:18:45", "start": "01:18:41", "text": "the role of government start to shrink"}, {"end": "01:18:47", "start": "01:18:42", "text": "quite a bit and their ability to extract"}, {"end": "01:18:50", "start": "01:18:45", "text": "value from their citizens their ability"}, {"end": "01:18:51", "start": "01:18:47", "text": "to wage war is also dropped too and a"}, {"end": "01:18:54", "start": "01:18:50", "text": "optimistic government should look at"}, {"end": "01:18:56", "start": "01:18:51", "text": "Bitcoin and understand that this is a a"}, {"end": "01:18:58", "start": "01:18:54", "text": "movement that's not going to stop you"}, {"end": "01:18:59", "start": "01:18:56", "text": "can't really ban it and if you do it"}, {"end": "01:19:01", "start": "01:18:58", "text": "doesn't mean that every other country"}, {"end": "01:19:05", "start": "01:18:59", "text": "will either so it's better to get on the"}, {"end": "01:19:06", "start": "01:19:01", "text": "train see this coming versus try to"}, {"end": "01:19:08", "start": "01:19:05", "text": "fight it and try to fight against it"}, {"end": "01:19:11", "start": "01:19:06", "text": "it's sort of like a inevitable sort of"}, {"end": "01:19:14", "start": "01:19:08", "text": "change the things that are happening now"}, {"end": "01:19:17", "start": "01:19:11", "text": "are things that we were only dreaming of"}, {"end": "01:19:20", "start": "01:19:14", "text": "when we were you know on our PCS in"}, {"end": "01:19:22", "start": "01:19:17", "text": "computer class in"}, {"end": "01:19:24", "start": "01:19:20", "text": "1985 this is not just an advancement in"}, {"end": "01:19:26", "start": "01:19:22", "text": "technology or an advancement in"}, {"end": "01:19:29", "start": "01:19:24", "text": "Computing or an advance of a monetary"}, {"end": "01:19:31", "start": "01:19:26", "text": "system in my opinion Bitcoin represents"}, {"end": "01:19:32", "start": "01:19:29", "text": "an evolution of Consciousness beyond"}, {"end": "01:19:35", "start": "01:19:31", "text": "anything we've seen in thousands of"}, {"end": "01:19:37", "start": "01:19:32", "text": "years we are moving towards a digital"}, {"end": "01:19:39", "start": "01:19:35", "text": "future and we are moving towards a"}, {"end": "01:19:42", "start": "01:19:37", "text": "future that's going to require a dis"}, {"end": "01:19:44", "start": "01:19:39", "text": "intermediation between governments Banks"}, {"end": "01:19:46", "start": "01:19:42", "text": "and centralized control and Bitcoin"}, {"end": "01:19:48", "start": "01:19:44", "text": "grants us this power through an open"}, {"end": "01:19:51", "start": "01:19:46", "text": "network that anybody around the world"}, {"end": "01:19:54", "start": "01:19:48", "text": "can participate in it's extremely"}, {"end": "01:19:56", "start": "01:19:51", "text": "powerful and if people adopt it in time"}, {"end": "01:19:58", "start": "01:19:54", "text": "we will see how we will put the power"}, {"end": "01:20:00", "start": "01:19:56", "text": "back in the individual's hands and dis"}, {"end": "01:20:02", "start": "01:19:58", "text": "intermediate those at the top that are"}, {"end": "01:20:05", "start": "01:20:00", "text": "trying to control the human race there"}, {"end": "01:20:09", "start": "01:20:02", "text": "isn't yet a"}, {"end": "01:20:11", "start": "01:20:05", "text": "Bitcoin tangible economy but that may"}, {"end": "01:20:14", "start": "01:20:09", "text": "change and in fact I think on some level"}, {"end": "01:20:16", "start": "01:20:11", "text": "it's already beginning to change so it's"}, {"end": "01:20:17", "start": "01:20:14", "text": "obviously something that uh I think"}, {"end": "01:20:18", "start": "01:20:16", "text": "everybody should watch with great"}, {"end": "01:20:22", "start": "01:20:17", "text": "interest I think it would be a great"}, {"end": "01:20:23", "start": "01:20:18", "text": "mistake to ignore the Bitcoin economy"}, {"end": "01:20:26", "start": "01:20:22", "text": "I'm excited for the future of Bitcoin"}, {"end": "01:20:30", "start": "01:20:23", "text": "because we're just really beginning to"}, {"end": "01:20:32", "start": "01:20:26", "text": "understand all of it and the uses for it"}, {"end": "01:20:34", "start": "01:20:30", "text": "and the advantages of it in a Bitcoin"}, {"end": "01:20:37", "start": "01:20:32", "text": "operating World it'll just be a"}, {"end": "01:20:40", "start": "01:20:34", "text": "completely shifted Dynamic so it will be"}, {"end": "01:20:43", "start": "01:20:37", "text": "more that people can save up and then"}, {"end": "01:20:45", "start": "01:20:40", "text": "invest into a certain business and so in"}, {"end": "01:20:47", "start": "01:20:43", "text": "a short way of putting it it's like"}, {"end": "01:20:49", "start": "01:20:45", "text": "saying we're going to live in a more"}, {"end": "01:20:51", "start": "01:20:47", "text": "equity-based system as opposed to debt"}, {"end": "01:20:53", "start": "01:20:49", "text": "whereas right now it's all about cheap"}, {"end": "01:20:56", "start": "01:20:51", "text": "debt cheap credit is how the thing"}, {"end": "01:20:58", "start": "01:20:53", "text": "expands whereas in the future it will be"}, {"end": "01:21:00", "start": "01:20:56", "text": "more equity and savings based you know"}, {"end": "01:21:03", "start": "01:20:58", "text": "I'm a person who really believes that"}, {"end": "01:21:07", "start": "01:21:00", "text": "everyone should have the right to health"}, {"end": "01:21:10", "start": "01:21:03", "text": "care right to a home uh right to food uh"}, {"end": "01:21:12", "start": "01:21:07", "text": "and so on all the basics um we should"}, {"end": "01:21:15", "start": "01:21:10", "text": "all have our share of the Earth's Bounty"}, {"end": "01:21:18", "start": "01:21:12", "text": "and no political or financial system"}, {"end": "01:21:19", "start": "01:21:15", "text": "we've come up with has yet solved that"}, {"end": "01:21:22", "start": "01:21:18", "text": "problem for Humanity although we're"}, {"end": "01:21:24", "start": "01:21:19", "text": "getting a little bit closer so the idea"}, {"end": "01:21:27", "start": "01:21:22", "text": "of putting it into collectively agreed"}, {"end": "01:21:29", "start": "01:21:24", "text": "algorithms that no individual can change"}, {"end": "01:21:32", "start": "01:21:27", "text": "is very very powerful so these things"}, {"end": "01:21:35", "start": "01:21:29", "text": "are happening all over the world what I"}, {"end": "01:21:37", "start": "01:21:32", "text": "see in the next 10 years is that Bitcoin"}, {"end": "01:21:38", "start": "01:21:35", "text": "is flourishing Bitcoin is solving"}, {"end": "01:21:40", "start": "01:21:37", "text": "problems for people in the places where"}, {"end": "01:21:41", "start": "01:21:38", "text": "they have the problems that could be"}, {"end": "01:21:43", "start": "01:21:40", "text": "currency problems that could be energy"}, {"end": "01:21:45", "start": "01:21:41", "text": "problems that could be being able to"}, {"end": "01:21:47", "start": "01:21:43", "text": "escape from your country and that growth"}, {"end": "01:21:49", "start": "01:21:45", "text": "is something we see every day it's not"}, {"end": "01:21:52", "start": "01:21:47", "text": "shrinking just like the internet just"}, {"end": "01:21:55", "start": "01:21:49", "text": "keeps growing right lots of people ask"}, {"end": "01:21:57", "start": "01:21:52", "text": "um how long will it take for the world"}, {"end": "01:21:59", "start": "01:21:55", "text": "Beyond a Bitcoin standard will will"}, {"end": "01:22:01", "start": "01:21:57", "text": "there ever be a time where Bitcoin is"}, {"end": "01:22:03", "start": "01:21:59", "text": "the world Reserve asset and the world"}, {"end": "01:22:05", "start": "01:22:01", "text": "Reserve currency I think that that's"}, {"end": "01:22:07", "start": "01:22:03", "text": "inevitable I do think that's coming at"}, {"end": "01:22:09", "start": "01:22:05", "text": "some point but I think we're still kind"}, {"end": "01:22:11", "start": "01:22:07", "text": "of a long ways away from that and so"}, {"end": "01:22:13", "start": "01:22:09", "text": "maybe 5 10 years from now I think lots"}, {"end": "01:22:15", "start": "01:22:11", "text": "of the world's government Fiat"}, {"end": "01:22:16", "start": "01:22:13", "text": "currencies are going to dissolve and"}, {"end": "01:22:19", "start": "01:22:15", "text": "that purchasing power is going to be"}, {"end": "01:22:21", "start": "01:22:16", "text": "transferred into either the US dollar"}, {"end": "01:22:23", "start": "01:22:19", "text": "possibly the Chinese Yuan and certainly"}, {"end": "01:22:25", "start": "01:22:21", "text": "Bitcoin in the world will be a more just"}, {"end": "01:22:29", "start": "01:22:23", "text": "a more honest uh and just a better place"}, {"end": "01:22:31", "start": "01:22:25", "text": "to live we consider a sound form of"}, {"end": "01:22:34", "start": "01:22:29", "text": "money as a fundamental change for a"}, {"end": "01:22:36", "start": "01:22:31", "text": "financial and monetary system because"}, {"end": "01:22:38", "start": "01:22:34", "text": "that will put us back on an even Keel"}, {"end": "01:22:40", "start": "01:22:36", "text": "that'll actually put us closer to those"}, {"end": "01:22:43", "start": "01:22:38", "text": "values that were once espoused 2,000"}, {"end": "01:22:45", "start": "01:22:40", "text": "years ago by the abrahamic"}, {"end": "01:22:47", "start": "01:22:43", "text": "faiths one of the other areas that I"}, {"end": "01:22:48", "start": "01:22:45", "text": "just really like about Bitcoin is this"}, {"end": "01:22:51", "start": "01:22:47", "text": "idea that I mentioned earlier where it's"}, {"end": "01:22:52", "start": "01:22:48", "text": "a very unifying technology for us"}, {"end": "01:22:54", "start": "01:22:51", "text": "considering where just considering how"}, {"end": "01:22:56", "start": "01:22:52", "text": "divisive the whole country is the whole"}, {"end": "01:22:58", "start": "01:22:54", "text": "world but especially in the United"}, {"end": "01:23:00", "start": "01:22:56", "text": "States we're at each other's throats and"}, {"end": "01:23:02", "start": "01:22:58", "text": "we don't agree on anything but now all"}, {"end": "01:23:04", "start": "01:23:00", "text": "of a sudden Bitcoin comes in and you"}, {"end": "01:23:07", "start": "01:23:02", "text": "have Republicans and Democrats and"}, {"end": "01:23:09", "start": "01:23:04", "text": "conservatives and Libertarians because"}, {"end": "01:23:11", "start": "01:23:07", "text": "they agree on bitcoin and they agree on"}, {"end": "01:23:13", "start": "01:23:09", "text": "bitcoin because it reflects their values"}, {"end": "01:23:15", "start": "01:23:11", "text": "back at them and they believe that it's"}, {"end": "01:23:17", "start": "01:23:13", "text": "the right path for us to move forward so"}, {"end": "01:23:19", "start": "01:23:15", "text": "all of a sudden now you have this base"}, {"end": "01:23:20", "start": "01:23:17", "text": "layer unifying technology that can"}, {"end": "01:23:21", "start": "01:23:19", "text": "really start to help us have"}, {"end": "01:23:24", "start": "01:23:20", "text": "conversations because the worst thing"}, {"end": "01:23:26", "start": "01:23:21", "text": "that we can do is get into our Echo"}, {"end": "01:23:28", "start": "01:23:24", "text": "Chambers and not talk to the opposite"}, {"end": "01:23:30", "start": "01:23:26", "text": "side anymore now you have Bitcoin"}, {"end": "01:23:31", "start": "01:23:28", "text": "helping to unify these groups and put"}, {"end": "01:23:33", "start": "01:23:30", "text": "them in the same room and have"}, {"end": "01:23:36", "start": "01:23:31", "text": "conversations and I think that's where"}, {"end": "01:23:39", "start": "01:23:33", "text": "progress can be made our money should"}, {"end": "01:23:41", "start": "01:23:36", "text": "reflect actual value creation and not be"}, {"end": "01:23:43", "start": "01:23:39", "text": "sort of given to us by a government"}, {"end": "01:23:45", "start": "01:23:41", "text": "that's just trying to manipulate the"}, {"end": "01:23:48", "start": "01:23:43", "text": "money supply to get us to shop when they"}, {"end": "01:23:50", "start": "01:23:45", "text": "want and go into debt when they want as"}, {"end": "01:23:52", "start": "01:23:48", "text": "long as we're manipulated like that"}, {"end": "01:23:56", "start": "01:23:50", "text": "we're not truly free that's what we need"}, {"end": "01:23:58", "start": "01:23:52", "text": "as a change and Bitcoin gives us a basis"}, {"end": "01:24:00", "start": "01:23:56", "text": "it gives us a tool for creating that"}, {"end": "01:24:04", "start": "01:23:58", "text": "kind of society and that kind of economy"}, {"end": "01:24:05", "start": "01:24:00", "text": "we're at a very transitional time in"}, {"end": "01:24:08", "start": "01:24:04", "text": "history if you look back through the"}, {"end": "01:24:12", "start": "01:24:05", "text": "long lens of History what we see is a"}, {"end": "01:24:15", "start": "01:24:08", "text": "repeating cycle of"}, {"end": "01:24:16", "start": "01:24:12", "text": "Freedom oppression Revolution Freedom"}, {"end": "01:24:19", "start": "01:24:15", "text": "oppression Revolution Freedom oppression"}, {"end": "01:24:21", "start": "01:24:16", "text": "and it just goes through all of history"}, {"end": "01:24:25", "start": "01:24:19", "text": "and I think we're at a point in history"}, {"end": "01:24:27", "start": "01:24:21", "text": "where that cycle could finally break"}, {"end": "01:24:30", "start": "01:24:25", "text": "and I think it could break to one or the"}, {"end": "01:24:33", "start": "01:24:27", "text": "other side and it's going to"}, {"end": "01:24:34", "start": "01:24:30", "text": "happen in the next decade or two and"}, {"end": "01:24:37", "start": "01:24:33", "text": "it's going to be up to us to decide"}, {"end": "01:24:40", "start": "01:24:34", "text": "which way it breaks and I think the"}, {"end": "01:24:42", "start": "01:24:37", "text": "cycle breaks and either one it breaks to"}, {"end": "01:24:44", "start": "01:24:40", "text": "where through cbdcs and social credit"}, {"end": "01:24:46", "start": "01:24:42", "text": "score system like they have in China"}, {"end": "01:24:49", "start": "01:24:44", "text": "through indoctrination through schools"}, {"end": "01:24:52", "start": "01:24:46", "text": "and social media they can indoctrinate"}, {"end": "01:24:55", "start": "01:24:49", "text": "us they can censor us they can lock us"}, {"end": "01:24:57", "start": "01:24:52", "text": "down keep us isolated and potentially"}, {"end": "01:25:01", "start": "01:24:55", "text": "prevent any Revolution from ever"}, {"end": "01:25:02", "start": "01:24:57", "text": "happening again the other option is that"}, {"end": "01:25:03", "start": "01:25:01", "text": "understanding that the source of all"}, {"end": "01:25:06", "start": "01:25:02", "text": "their"}, {"end": "01:25:10", "start": "01:25:03", "text": "power comes from the ability to print"}, {"end": "01:25:11", "start": "01:25:06", "text": "money the money printer is their power"}, {"end": "01:25:14", "start": "01:25:10", "text": "and if we can defeat the money"}, {"end": "01:25:16", "start": "01:25:11", "text": "printer and they have no more ability to"}, {"end": "01:25:19", "start": "01:25:14", "text": "print endless amounts of money then"}, {"end": "01:25:21", "start": "01:25:16", "text": "their entire system falls apart and"}, {"end": "01:25:24", "start": "01:25:19", "text": "Bitcoin is that tool that allows us to"}, {"end": "01:25:26", "start": "01:25:21", "text": "beat the money printer defeat their"}, {"end": "01:25:29", "start": "01:25:24", "text": "system and if we move to a monetary"}, {"end": "01:25:31", "start": "01:25:26", "text": "system that nobody can control that"}, {"end": "01:25:33", "start": "01:25:29", "text": "system never builds up again we defeat"}, {"end": "01:25:34", "start": "01:25:31", "text": "the money printer they never get the"}, {"end": "01:25:37", "start": "01:25:33", "text": "money printer going again and we have a"}, {"end": "01:25:40", "start": "01:25:34", "text": "life with no revolution cycles of Just"}, {"end": "01:25:42", "start": "01:25:37", "text": "Pure Freedom for Humanity from"}, {"end": "01:25:45", "start": "01:25:40", "text": "[Music]"}, {"end": "01:25:47", "start": "01:25:42", "text": "there I see that we do have a choice to"}, {"end": "01:25:51", "start": "01:25:45", "text": "make I always lean into hope and the"}, {"end": "01:25:53", "start": "01:25:47", "text": "good in all of us we should not steal we"}, {"end": "01:25:55", "start": "01:25:51", "text": "should not wage war we should have a"}, {"end": "01:25:58", "start": "01:25:53", "text": "form of money we can trust trust so we"}, {"end": "01:26:00", "start": "01:25:55", "text": "can build a world of prosperity and"}, {"end": "01:26:03", "start": "01:25:58", "text": "abundance for future generations to live"}, {"end": "01:26:09", "start": "01:26:00", "text": "together in peace and Harmony Bitcoin"}, {"end": "01:26:09", "start": "01:26:03", "text": "embodies that hope Purity and Truth"}, {"end": "01:26:53", "start": "01:26:14", "text": "[Music]"}, {"end": "01:26:57", "start": "01:26:54", "text": "see"}, {"end": "01:27:05", "start": "01:27:00", "text": "[Music]"}, {"end": "01:27:28", "start": "01:27:15", "text": "[Music]"}, {"end": "01:27:47", "start": "01:27:39", "text": "[Music]"}, {"end": "01:27:54", "start": "01:27:50", "text": "[Music]"}, {"end": "01:27:54", "start": "01:27:51", "text": "h"}, {"end": "01:28:14", "start": "01:27:55", "text": "h"}, {"end": "01:28:14", "start": "01:27:58", "text": "[Music]"}, {"end": "01:28:31", "start": "01:28:23", "text": "[Music]"}, {"end": "01:28:37", "start": "01:28:34", "text": "[Music]"}, {"end": "01:29:01", "start": "01:28:40", "text": "h"}, {"end": "01:29:01", "start": "01:28:42", "text": "[Music]"}]

[{"end": "00:00:04", "start": "00:00:01", "text": "thank you"}, {"end": "00:00:11", "start": "00:00:08", "text": "do some of my passwords"}, {"end": "00:00:18", "start": "00:00:13", "text": "I used to have a shirt in high school"}, {"end": "00:00:21", "start": "00:00:15", "text": "that said technology must be used to"}, {"end": "00:00:22", "start": "00:00:18", "text": "liberate the individual and I didn't"}, {"end": "00:00:23", "start": "00:00:21", "text": "really know what it meant for years"}, {"end": "00:00:25", "start": "00:00:22", "text": "because I didn't really think about it"}, {"end": "00:00:27", "start": "00:00:23", "text": "but today I look back and I'm like oh"}, {"end": "00:00:28", "start": "00:00:25", "text": "man hell yeah I like that shirt I'm glad"}, {"end": "00:00:30", "start": "00:00:27", "text": "I wore that shirt because it's how I"}, {"end": "00:00:34", "start": "00:00:28", "text": "really feel today"}, {"end": "00:00:38", "start": "00:00:30", "text": "my name is Daniel Moross today is May"}, {"end": "00:00:40", "start": "00:00:34", "text": "3rd 2012."}, {"end": "00:00:41", "start": "00:00:38", "text": "go through college and watch the"}, {"end": "00:00:43", "start": "00:00:40", "text": "internet come and all these different"}, {"end": "00:00:45", "start": "00:00:41", "text": "things and now like Bitcoin"}, {"end": "00:00:46", "start": "00:00:43", "text": "it's just a single technology built on"}, {"end": "00:00:47", "start": "00:00:45", "text": "top of the internet but it's so"}, {"end": "00:00:50", "start": "00:00:46", "text": "fascinating because there's so many"}, {"end": "00:00:51", "start": "00:00:47", "text": "freaking things you can do with it and"}, {"end": "00:00:54", "start": "00:00:50", "text": "it's also just a big experiment there's"}, {"end": "00:00:58", "start": "00:00:51", "text": "no guarantees with it"}, {"end": "00:01:00", "start": "00:00:54", "text": "we might just all be wasting our time"}, {"end": "00:01:02", "start": "00:00:58", "text": "exploring Concepts and ideas it's like"}, {"end": "00:01:06", "start": "00:01:00", "text": "this Crossroads of technology and"}, {"end": "00:01:10", "start": "00:01:02", "text": "philosophy and politics and everything"}, {"end": "00:01:14", "start": "00:01:06", "text": "and just be a part of it it's fun it's"}, {"end": "00:01:14", "start": "00:01:10", "text": "crazy though but it's fun"}, {"end": "00:01:19", "start": "00:01:14", "text": "um first question is what is bitcoin"}, {"end": "00:01:26", "start": "00:01:22", "text": "I can't tell you what Bitcoin is in just"}, {"end": "00:01:28", "start": "00:01:24", "text": "a few sentences"}, {"end": "00:01:30", "start": "00:01:26", "text": "it takes time to understand it"}, {"end": "00:01:32", "start": "00:01:28", "text": "the same way it took people time to"}, {"end": "00:01:35", "start": "00:01:30", "text": "understand what the internet was"}, {"end": "00:01:35", "start": "00:01:32", "text": "back in 1994"}, {"end": "00:01:48", "start": "00:01:43", "text": "internet is uh that massive computer"}, {"end": "00:01:51", "start": "00:01:46", "text": "network the one that's becoming really"}, {"end": "00:01:52", "start": "00:01:48", "text": "big now Allison can you explain what"}, {"end": "00:01:53", "start": "00:01:51", "text": "internet is"}, {"end": "00:01:56", "start": "00:01:52", "text": "foreign"}, {"end": "00:01:59", "start": "00:01:53", "text": "was taking off I was in college at"}, {"end": "00:02:01", "start": "00:01:56", "text": "Virginia Tech studying computer science"}, {"end": "00:02:03", "start": "00:01:59", "text": "looking back it's amazing to think about"}, {"end": "00:02:05", "start": "00:02:01", "text": "how much the world was changing"}, {"end": "00:02:07", "start": "00:02:03", "text": "hey Dan ready for the game I'm just"}, {"end": "00:02:08", "start": "00:02:05", "text": "finishing up here with my new kayaking"}, {"end": "00:02:11", "start": "00:02:07", "text": "friends kayaking friends on your"}, {"end": "00:02:13", "start": "00:02:08", "text": "computer yeah I just got America online"}, {"end": "00:02:15", "start": "00:02:11", "text": "that same type of innovation is"}, {"end": "00:02:17", "start": "00:02:13", "text": "happening again with Bitcoin it's the"}, {"end": "00:02:19", "start": "00:02:15", "text": "smartest people in the room that are the"}, {"end": "00:02:20", "start": "00:02:17", "text": "most excited about this so what are they"}, {"end": "00:02:22", "start": "00:02:19", "text": "seeing"}, {"end": "00:02:23", "start": "00:02:20", "text": "the internet changed the way the world"}, {"end": "00:02:26", "start": "00:02:22", "text": "communicates"}, {"end": "00:02:28", "start": "00:02:23", "text": "Bitcoin changes the way money works you"}, {"end": "00:02:31", "start": "00:02:26", "text": "can basically"}, {"end": "00:02:33", "start": "00:02:28", "text": "put a bank in your pocket"}, {"end": "00:02:35", "start": "00:02:31", "text": "I want to buy some secret stuff there is"}, {"end": "00:02:38", "start": "00:02:33", "text": "now a new note that people are starting"}, {"end": "00:02:41", "start": "00:02:35", "text": "to talk about the Bitcoin the money of"}, {"end": "00:02:41", "start": "00:02:38", "text": "the future"}, {"end": "00:02:47", "start": "00:02:43", "text": "coin was created to provide an"}, {"end": "00:02:48", "start": "00:02:45", "text": "alternative to the banking system we're"}, {"end": "00:02:50", "start": "00:02:47", "text": "in the midst of a serious financial"}, {"end": "00:02:52", "start": "00:02:48", "text": "crisis and the federal government is"}, {"end": "00:02:56", "start": "00:02:50", "text": "responding with decisive action"}, {"end": "00:02:59", "start": "00:02:52", "text": "[Music]"}, {"end": "00:03:01", "start": "00:02:56", "text": "unlike most currencies Bitcoins are"}, {"end": "00:03:04", "start": "00:02:59", "text": "issued according to a set of fixed rules"}, {"end": "00:03:06", "start": "00:03:01", "text": "the idea was to create money whose value"}, {"end": "00:03:07", "start": "00:03:04", "text": "couldn't be manipulated by a central"}, {"end": "00:03:09", "start": "00:03:06", "text": "Authority"}, {"end": "00:03:10", "start": "00:03:07", "text": "the government no matter how many guns"}, {"end": "00:03:13", "start": "00:03:09", "text": "they draw cannot"}, {"end": "00:03:15", "start": "00:03:10", "text": "change a mathematical problem"}, {"end": "00:03:16", "start": "00:03:13", "text": "they can point their guns at two plus"}, {"end": "00:03:21", "start": "00:03:15", "text": "tube is always going to equal four"}, {"end": "00:03:21", "start": "00:03:16", "text": "[Music]"}, {"end": "00:03:26", "start": "00:03:21", "text": "fascinating to imagine what it means to"}, {"end": "00:03:27", "start": "00:03:23", "text": "have Global decentralized money"}, {"end": "00:03:28", "start": "00:03:26", "text": "[Music]"}, {"end": "00:03:36", "start": "00:03:27", "text": "and that's what's happening"}, {"end": "00:03:36", "start": "00:03:28", "text": "[Music]"}, {"end": "00:03:52", "start": "00:03:50", "text": "foreign"}, {"end": "00:03:56", "start": "00:03:52", "text": "[Music]"}, {"end": "00:04:02", "start": "00:03:58", "text": "[Music]"}, {"end": "00:04:09", "start": "00:04:04", "text": "Burgers is ready second round's going on"}, {"end": "00:04:09", "start": "00:04:06", "text": "in a second"}, {"end": "00:04:15", "start": "00:04:12", "text": "first round"}, {"end": "00:04:21", "start": "00:04:15", "text": "Dan's always been an idea guy"}, {"end": "00:04:22", "start": "00:04:18", "text": "bitcoin's perfect combination of how can"}, {"end": "00:04:25", "start": "00:04:21", "text": "I change the world and make it better"}, {"end": "00:04:27", "start": "00:04:22", "text": "but how can I also be a nerd"}, {"end": "00:04:31", "start": "00:04:25", "text": "so mostly I've just been supporting him"}, {"end": "00:04:31", "start": "00:04:27", "text": "and this craziness"}, {"end": "00:04:36", "start": "00:04:32", "text": "Eliza and I met in college and we've"}, {"end": "00:04:39", "start": "00:04:34", "text": "been married for seven years"}, {"end": "00:04:41", "start": "00:04:36", "text": "we live in Pittsburgh where I'm from and"}, {"end": "00:04:42", "start": "00:04:39", "text": "we have three boys"}, {"end": "00:04:45", "start": "00:04:41", "text": "I've spent most of my career as a"}, {"end": "00:04:47", "start": "00:04:42", "text": "database administrator"}, {"end": "00:04:50", "start": "00:04:45", "text": "but for the past two years I've been"}, {"end": "00:04:52", "start": "00:04:47", "text": "consumed with Bitcoin"}, {"end": "00:04:54", "start": "00:04:50", "text": "Bitcoins come into existence through a"}, {"end": "00:04:57", "start": "00:04:52", "text": "process called mining"}, {"end": "00:04:59", "start": "00:04:54", "text": "I build computers to mine for Bitcoins"}, {"end": "00:05:00", "start": "00:04:57", "text": "[Music]"}, {"end": "00:05:02", "start": "00:04:59", "text": "I'm glad that it's finally getting a"}, {"end": "00:05:03", "start": "00:05:00", "text": "little bit cooler up"}, {"end": "00:05:06", "start": "00:05:02", "text": "my wife won't be as angry that the"}, {"end": "00:05:08", "start": "00:05:03", "text": "basements are so hot"}, {"end": "00:05:10", "start": "00:05:06", "text": "still got a bunch of mining rigs running"}, {"end": "00:05:13", "start": "00:05:08", "text": "right now actually they're right down"}, {"end": "00:05:13", "start": "00:05:10", "text": "here if you want to go take a look"}, {"end": "00:05:24", "start": "00:05:20", "text": "here they are"}, {"end": "00:05:31", "start": "00:05:25", "text": "so what is bitcoin Bitcoin is a"}, {"end": "00:05:32", "start": "00:05:28", "text": "revolutionary technology that enables a"}, {"end": "00:05:33", "start": "00:05:31", "text": "new way to send payments over the"}, {"end": "00:05:35", "start": "00:05:32", "text": "internet"}, {"end": "00:05:37", "start": "00:05:33", "text": "you can think of it as an open"}, {"end": "00:05:39", "start": "00:05:35", "text": "accounting system where thousands of"}, {"end": "00:05:41", "start": "00:05:37", "text": "computers all over the world work"}, {"end": "00:05:43", "start": "00:05:39", "text": "together to track ownership of digital"}, {"end": "00:05:45", "start": "00:05:41", "text": "tokens called Bitcoins"}, {"end": "00:05:47", "start": "00:05:43", "text": "when you send someone Bitcoins the"}, {"end": "00:05:48", "start": "00:05:45", "text": "transaction is broadcast to the entire"}, {"end": "00:05:51", "start": "00:05:47", "text": "network"}, {"end": "00:05:53", "start": "00:05:48", "text": "after it's verified it's recorded in a"}, {"end": "00:05:55", "start": "00:05:51", "text": "public Ledger called the blockchain the"}, {"end": "00:05:57", "start": "00:05:53", "text": "blockchain contains a record of every"}, {"end": "00:05:59", "start": "00:05:55", "text": "Bitcoin transaction that has occurred"}, {"end": "00:06:01", "start": "00:05:57", "text": "since the system began and it's shared"}, {"end": "00:06:04", "start": "00:05:59", "text": "and maintained on the network so"}, {"end": "00:06:06", "start": "00:06:01", "text": "everyone keeps the books so to speak"}, {"end": "00:06:08", "start": "00:06:04", "text": "most currencies are issued by a central"}, {"end": "00:06:11", "start": "00:06:06", "text": "Authority that controls the money supply"}, {"end": "00:06:13", "start": "00:06:08", "text": "Bitcoin is a peer-to-peer system so"}, {"end": "00:06:16", "start": "00:06:11", "text": "there is no Central Authority"}, {"end": "00:06:19", "start": "00:06:13", "text": "instead Bitcoins are issued to users who"}, {"end": "00:06:21", "start": "00:06:16", "text": "help process transactions in the network"}, {"end": "00:06:24", "start": "00:06:19", "text": "this is known as Bitcoin mining"}, {"end": "00:06:26", "start": "00:06:21", "text": "Bitcoin miners are specialized computers"}, {"end": "00:06:28", "start": "00:06:24", "text": "that do the work required to verify and"}, {"end": "00:06:30", "start": "00:06:26", "text": "record transactions in the blockchain"}, {"end": "00:06:33", "start": "00:06:28", "text": "as a reward for their work the miners"}, {"end": "00:06:35", "start": "00:06:30", "text": "earn Bitcoins and this is how new"}, {"end": "00:06:37", "start": "00:06:33", "text": "Bitcoins are released into circulation"}, {"end": "00:06:40", "start": "00:06:35", "text": "the system is programmed so that only 21"}, {"end": "00:06:43", "start": "00:06:37", "text": "million Bitcoins will ever exist and as"}, {"end": "00:06:45", "start": "00:06:40", "text": "time goes by the mining reward decreases"}, {"end": "00:06:47", "start": "00:06:43", "text": "the result is a predictable Supply"}, {"end": "00:06:51", "start": "00:06:45", "text": "that's governed by scarcity making"}, {"end": "00:06:52", "start": "00:06:47", "text": "Bitcoin somewhat like a digital gold"}, {"end": "00:06:55", "start": "00:06:51", "text": "it's the first currency of the internet"}, {"end": "00:06:57", "start": "00:06:52", "text": "and everyone is free to use it"}, {"end": "00:07:00", "start": "00:06:55", "text": "with Bitcoin you can send any amount of"}, {"end": "00:07:02", "start": "00:06:57", "text": "money to anyone anywhere in the world as"}, {"end": "00:07:06", "start": "00:07:00", "text": "easily as sending an email"}, {"end": "00:07:06", "start": "00:07:02", "text": "[Music]"}, {"end": "00:07:10", "start": "00:07:06", "text": "my brother Nick is a filmmaker after"}, {"end": "00:07:13", "start": "00:07:09", "text": "hearing me talk about Bitcoin"}, {"end": "00:07:14", "start": "00:07:10", "text": "incessantly for months we decided to"}, {"end": "00:07:16", "start": "00:07:13", "text": "start documenting things"}, {"end": "00:07:18", "start": "00:07:14", "text": "hey I don't think we'll need the small"}, {"end": "00:07:21", "start": "00:07:16", "text": "camera"}, {"end": "00:07:24", "start": "00:07:18", "text": "it hurts I don't"}, {"end": "00:07:29", "start": "00:07:21", "text": "Mark damn you really cramped it up huh"}, {"end": "00:07:31", "start": "00:07:24", "text": "that's not bothering me geez okay"}, {"end": "00:07:33", "start": "00:07:29", "text": "I was convinced that Bitcoin was going"}, {"end": "00:07:35", "start": "00:07:31", "text": "to be huge and I knew there were a lot"}, {"end": "00:07:37", "start": "00:07:33", "text": "of others like me out there"}, {"end": "00:07:38", "start": "00:07:35", "text": "zip my keys in my pocket so don't forget"}, {"end": "00:07:42", "start": "00:07:37", "text": "them later"}, {"end": "00:07:42", "start": "00:07:38", "text": "[Music]"}, {"end": "00:07:53", "start": "00:07:46", "text": "guy named Toshi Nakamoto invented in 09"}, {"end": "00:07:57", "start": "00:07:50", "text": "by a fictitious person named Satoshi"}, {"end": "00:07:59", "start": "00:07:53", "text": "Nakamoto on Halloween 2008 someone using"}, {"end": "00:08:01", "start": "00:07:57", "text": "the name Satoshi Nakamoto posted on a"}, {"end": "00:08:03", "start": "00:07:59", "text": "cryptography mailing list I've been"}, {"end": "00:08:05", "start": "00:08:01", "text": "working on a new electronic cash system"}, {"end": "00:08:07", "start": "00:08:03", "text": "that's fully peer-to-peer with no"}, {"end": "00:08:09", "start": "00:08:05", "text": "trusted third party the post contained a"}, {"end": "00:08:11", "start": "00:08:07", "text": "link to a white paper in which Satoshi"}, {"end": "00:08:12", "start": "00:08:09", "text": "proposed a new type of payment system"}, {"end": "00:08:14", "start": "00:08:11", "text": "for the internet"}, {"end": "00:08:16", "start": "00:08:12", "text": "it described a protocol that used"}, {"end": "00:08:18", "start": "00:08:14", "text": "peer-to-peer networking proof of work"}, {"end": "00:08:20", "start": "00:08:16", "text": "and public key cryptography"}, {"end": "00:08:22", "start": "00:08:18", "text": "[Music]"}, {"end": "00:08:24", "start": "00:08:20", "text": "for years computer scientists had been"}, {"end": "00:08:26", "start": "00:08:22", "text": "experimenting with these Technologies to"}, {"end": "00:08:28", "start": "00:08:24", "text": "create digital money"}, {"end": "00:08:30", "start": "00:08:26", "text": "but Satoshi discovered a way to combine"}, {"end": "00:08:34", "start": "00:08:28", "text": "them that had never been done before"}, {"end": "00:08:35", "start": "00:08:30", "text": "in doing so he invented Bitcoin"}, {"end": "00:08:37", "start": "00:08:34", "text": "there are no records of nakamoto's"}, {"end": "00:08:40", "start": "00:08:35", "text": "existence prior to the creation of"}, {"end": "00:08:43", "start": "00:08:37", "text": "Bitcoin on his profile page he claimed"}, {"end": "00:08:45", "start": "00:08:40", "text": "to be a 34 year old man living in Japan"}, {"end": "00:08:47", "start": "00:08:43", "text": "although Satoshi Nakamoto is a Japanese"}, {"end": "00:08:49", "start": "00:08:45", "text": "name he wrote in perfect English when"}, {"end": "00:08:50", "start": "00:08:47", "text": "communicating online and went through"}, {"end": "00:08:51", "start": "00:08:49", "text": "Great Lengths to keep his identity"}, {"end": "00:08:52", "start": "00:08:50", "text": "unknown"}, {"end": "00:08:54", "start": "00:08:51", "text": "[Music]"}, {"end": "00:08:56", "start": "00:08:52", "text": "nonetheless programmers and"}, {"end": "00:08:58", "start": "00:08:54", "text": "cryptographers all across the world"}, {"end": "00:09:00", "start": "00:08:56", "text": "recognize the Brilliance of satoshi's"}, {"end": "00:09:02", "start": "00:08:58", "text": "design and began collaborating with him"}, {"end": "00:09:05", "start": "00:09:00", "text": "to further develop Bitcoin"}, {"end": "00:09:07", "start": "00:09:02", "text": "in October of 2009 the first exchange"}, {"end": "00:09:10", "start": "00:09:05", "text": "rate was published listing the value of"}, {"end": "00:09:12", "start": "00:09:07", "text": "1 309 Bitcoins at one dollar"}, {"end": "00:09:14", "start": "00:09:10", "text": "Bitcoins were cheap and through the"}, {"end": "00:09:17", "start": "00:09:12", "text": "following year they continued to trade"}, {"end": "00:09:19", "start": "00:09:14", "text": "for fractions of ascent"}, {"end": "00:09:21", "start": "00:09:17", "text": "in the spring of 2010 a Florida man"}, {"end": "00:09:23", "start": "00:09:19", "text": "named Laszlo decided to try using his"}, {"end": "00:09:25", "start": "00:09:21", "text": "Bitcoins to purchase something"}, {"end": "00:09:28", "start": "00:09:23", "text": "he offered 10 000 Bitcoins to anyone who"}, {"end": "00:09:29", "start": "00:09:25", "text": "would buy him Pizza a man in London"}, {"end": "00:09:32", "start": "00:09:28", "text": "accepted and placed a long distance"}, {"end": "00:09:33", "start": "00:09:29", "text": "phone call ordering him two pizzas from"}, {"end": "00:09:35", "start": "00:09:32", "text": "Papa John's this is generally"}, {"end": "00:09:38", "start": "00:09:33", "text": "acknowledged as the first Bitcoin"}, {"end": "00:09:40", "start": "00:09:35", "text": "transaction for a tangible good"}, {"end": "00:09:42", "start": "00:09:38", "text": "Bitcoin was gaining momentum but in"}, {"end": "00:09:44", "start": "00:09:40", "text": "order for it to thrive the coins needed"}, {"end": "00:09:46", "start": "00:09:42", "text": "to be more widely accessible"}, {"end": "00:09:48", "start": "00:09:44", "text": "a tokyo-based exchange named Mount gox"}, {"end": "00:09:50", "start": "00:09:46", "text": "was the first on the scene to take hold"}, {"end": "00:09:51", "start": "00:09:48", "text": "of the marketplace and trading volumes"}, {"end": "00:09:54", "start": "00:09:50", "text": "started to pick up"}, {"end": "00:09:56", "start": "00:09:51", "text": "by November 2010 already 4 million"}, {"end": "00:09:58", "start": "00:09:54", "text": "Bitcoins had been mined and The Exchange"}, {"end": "00:09:59", "start": "00:09:56", "text": "price briefly spiked to 50 cents per"}, {"end": "00:10:01", "start": "00:09:58", "text": "coin"}, {"end": "00:10:03", "start": "00:09:59", "text": "the market awoke and Bitcoin was"}, {"end": "00:10:05", "start": "00:10:01", "text": "starting to look like it might have real"}, {"end": "00:10:09", "start": "00:10:03", "text": "potential as a currency"}, {"end": "00:10:11", "start": "00:10:05", "text": "his name is Julian Assange Assange and"}, {"end": "00:10:12", "start": "00:10:09", "text": "his colleagues collect confidential"}, {"end": "00:10:15", "start": "00:10:11", "text": "information and then make it public the"}, {"end": "00:10:17", "start": "00:10:12", "text": "release of 250 000 State Department"}, {"end": "00:10:19", "start": "00:10:15", "text": "documents no doubt presents a serious"}, {"end": "00:10:21", "start": "00:10:17", "text": "dilemma for this country"}, {"end": "00:10:24", "start": "00:10:19", "text": "following a massive release of secret"}, {"end": "00:10:26", "start": "00:10:21", "text": "U.S diplomatic cables donations to"}, {"end": "00:10:29", "start": "00:10:24", "text": "WikiLeaks were blocked by Bank of"}, {"end": "00:10:32", "start": "00:10:26", "text": "America Visa Mastercard PayPal and"}, {"end": "00:10:34", "start": "00:10:29", "text": "Western Union an article in PC World"}, {"end": "00:10:36", "start": "00:10:32", "text": "suggested that Bitcoin could be used as"}, {"end": "00:10:37", "start": "00:10:34", "text": "a workaround to send donations to"}, {"end": "00:10:40", "start": "00:10:36", "text": "WikiLeaks"}, {"end": "00:10:42", "start": "00:10:37", "text": "one of satoshi's last known posts was in"}, {"end": "00:10:43", "start": "00:10:40", "text": "response to the article and stated it"}, {"end": "00:10:45", "start": "00:10:42", "text": "would have been nice to get this"}, {"end": "00:10:47", "start": "00:10:43", "text": "attention in any other context Wikileaks"}, {"end": "00:10:50", "start": "00:10:45", "text": "has kicked the Hornet's Nest and the"}, {"end": "00:10:52", "start": "00:10:47", "text": "Swarm is headed towards us"}, {"end": "00:10:54", "start": "00:10:50", "text": "shortly after that Satoshi disappeared"}, {"end": "00:10:56", "start": "00:10:52", "text": "from the forums and was never heard from"}, {"end": "00:10:58", "start": "00:10:54", "text": "again"}, {"end": "00:11:01", "start": "00:10:56", "text": "two months later the Silk Road Anonymous"}, {"end": "00:11:03", "start": "00:10:58", "text": "Marketplace was launched it functioned"}, {"end": "00:11:05", "start": "00:11:01", "text": "as an online black market for drugs and"}, {"end": "00:11:07", "start": "00:11:03", "text": "other illicit goods and used Bitcoin"}, {"end": "00:11:10", "start": "00:11:05", "text": "exclusively because it made the money"}, {"end": "00:11:12", "start": "00:11:07", "text": "Trail nearly impossible to trace"}, {"end": "00:11:14", "start": "00:11:10", "text": "the Silk Road caught the attention of"}, {"end": "00:11:16", "start": "00:11:12", "text": "New York Senator Charles Schumer who was"}, {"end": "00:11:17", "start": "00:11:14", "text": "outraged and publicly called for a"}, {"end": "00:11:20", "start": "00:11:16", "text": "Crackdown on the site"}, {"end": "00:11:23", "start": "00:11:17", "text": "heroin opium cannabis ecstasy"}, {"end": "00:11:26", "start": "00:11:20", "text": "psychedelic stimulants it's unbelievable"}, {"end": "00:11:29", "start": "00:11:23", "text": "throughout all this The Exchange price"}, {"end": "00:11:31", "start": "00:11:26", "text": "continued to climb by February of 2011"}, {"end": "00:11:33", "start": "00:11:29", "text": "Bitcoin reached parity with the US"}, {"end": "00:11:37", "start": "00:11:31", "text": "dollar sparking an influx of new users"}, {"end": "00:11:39", "start": "00:11:33", "text": "and speculators by June the price had"}, {"end": "00:11:41", "start": "00:11:37", "text": "soared to a peak of thirty one dollars"}, {"end": "00:11:43", "start": "00:11:39", "text": "before it came crashing down"}, {"end": "00:11:45", "start": "00:11:41", "text": "as the market tanked the mount Cox"}, {"end": "00:11:47", "start": "00:11:43", "text": "exchange was hacked further shaking the"}, {"end": "00:11:49", "start": "00:11:45", "text": "confidence of investors and hammering"}, {"end": "00:11:52", "start": "00:11:47", "text": "the price all the way down to the two"}, {"end": "00:11:54", "start": "00:11:49", "text": "dollar range by October while Bitcoin"}, {"end": "00:11:56", "start": "00:11:52", "text": "enthusiasts kept hope Skeptics were"}, {"end": "00:11:58", "start": "00:11:54", "text": "quick to share their hindsights and"}, {"end": "00:12:00", "start": "00:11:56", "text": "rants on blogs and in news articles"}, {"end": "00:12:02", "start": "00:11:58", "text": "many thought that the party was over and"}, {"end": "00:12:05", "start": "00:12:00", "text": "that Bitcoin was on its way out"}, {"end": "00:12:07", "start": "00:12:02", "text": "I went online and I bought one Bitcoin"}, {"end": "00:12:10", "start": "00:12:05", "text": "last night really"}, {"end": "00:12:14", "start": "00:12:07", "text": "it's the future I don't know it didn't"}, {"end": "00:12:16", "start": "00:12:10", "text": "feel real oh Real's Gonna Change"}, {"end": "00:12:20", "start": "00:12:14", "text": "just watch"}, {"end": "00:12:24", "start": "00:12:16", "text": "today I sent a total of"}, {"end": "00:12:27", "start": "00:12:20", "text": "2700 Bitcoins to Butterfly laps I"}, {"end": "00:12:31", "start": "00:12:24", "text": "purchased basically a custom designed"}, {"end": "00:12:31", "start": "00:12:27", "text": "Bitcoin mining supercomputer if Bitcoin"}, {"end": "00:12:33", "start": "00:12:31", "text": "fails"}, {"end": "00:12:35", "start": "00:12:31", "text": "[Music]"}, {"end": "00:12:38", "start": "00:12:33", "text": "everything I have is worthless and the"}, {"end": "00:12:41", "start": "00:12:35", "text": "the Bitcoins I have the computers the"}, {"end": "00:12:43", "start": "00:12:38", "text": "mining systems was all a waste of money"}, {"end": "00:12:44", "start": "00:12:41", "text": "um"}, {"end": "00:12:46", "start": "00:12:43", "text": "[Music]"}, {"end": "00:12:48", "start": "00:12:44", "text": "but if it succeeds then uh"}, {"end": "00:12:51", "start": "00:12:46", "text": "[Music]"}, {"end": "00:12:53", "start": "00:12:48", "text": "it will have been worth it I think"}, {"end": "00:12:55", "start": "00:12:51", "text": "the Bitcoin economy was a wild west in"}, {"end": "00:12:57", "start": "00:12:53", "text": "cyberspace that was very attractive to"}, {"end": "00:12:59", "start": "00:12:55", "text": "hackers and scammers"}, {"end": "00:13:02", "start": "00:12:57", "text": "over the years tens of thousands of"}, {"end": "00:13:03", "start": "00:12:59", "text": "coins had been stolen and 2012 proved no"}, {"end": "00:13:06", "start": "00:13:02", "text": "different"}, {"end": "00:13:07", "start": "00:13:03", "text": "users had to be careful if somebody"}, {"end": "00:13:09", "start": "00:13:06", "text": "steals your Bitcoins there are no"}, {"end": "00:13:11", "start": "00:13:07", "text": "consumer protections sorry they're gone"}, {"end": "00:13:12", "start": "00:13:09", "text": "you lost your Bitcoins they're gone and"}, {"end": "00:13:14", "start": "00:13:11", "text": "you're not going to get them back"}, {"end": "00:13:17", "start": "00:13:12", "text": "but after months of stagnation on the"}, {"end": "00:13:19", "start": "00:13:14", "text": "exchanges the Bitcoin price was on the"}, {"end": "00:13:22", "start": "00:13:17", "text": "rise again price of Bitcoin today is"}, {"end": "00:13:25", "start": "00:13:19", "text": "around seven dollars USD which has had a"}, {"end": "00:13:27", "start": "00:13:22", "text": "nice little bump this week"}, {"end": "00:13:28", "start": "00:13:25", "text": "by the end of the year the blogging site"}, {"end": "00:13:30", "start": "00:13:27", "text": "WordPress announced it would start"}, {"end": "00:13:33", "start": "00:13:28", "text": "accepting Bitcoin payments"}, {"end": "00:13:35", "start": "00:13:30", "text": "and in early 2013 the discussion forum"}, {"end": "00:13:37", "start": "00:13:33", "text": "Reddit also announced Bitcoin support"}, {"end": "00:13:40", "start": "00:13:35", "text": "they were the first major sites to"}, {"end": "00:13:41", "start": "00:13:37", "text": "incorporate Bitcoin and these Milestones"}, {"end": "00:13:42", "start": "00:13:40", "text": "signaled the beginning of mainstream"}, {"end": "00:13:45", "start": "00:13:41", "text": "acceptance"}, {"end": "00:13:45", "start": "00:13:42", "text": "[Music]"}, {"end": "00:13:54", "start": "00:13:50", "text": "Bitcoin is the most subversive"}, {"end": "00:13:56", "start": "00:13:52", "text": "technology on the planet this is a"}, {"end": "00:13:58", "start": "00:13:54", "text": "system that is growing around the entire"}, {"end": "00:14:01", "start": "00:13:56", "text": "world so if it works if this experiment"}, {"end": "00:14:03", "start": "00:13:58", "text": "continues to grow it doesn't just help a"}, {"end": "00:14:04", "start": "00:14:01", "text": "few of us in this state or in the"}, {"end": "00:14:07", "start": "00:14:03", "text": "country but it actually helps everyone"}, {"end": "00:14:07", "start": "00:14:04", "text": "around the world"}, {"end": "00:14:14", "start": "00:14:08", "text": "as the Bitcoin price hovered around its"}, {"end": "00:14:16", "start": "00:14:11", "text": "previous all-time high of 31 dollars I"}, {"end": "00:14:17", "start": "00:14:14", "text": "visited a Libertarian conference in New"}, {"end": "00:14:21", "start": "00:14:16", "text": "Hampshire"}, {"end": "00:14:23", "start": "00:14:17", "text": "and then it gained 20 in 20 minutes it"}, {"end": "00:14:25", "start": "00:14:21", "text": "was it was selling"}, {"end": "00:14:28", "start": "00:14:23", "text": "Libertarians are among the earliest"}, {"end": "00:14:29", "start": "00:14:25", "text": "adopters of Bitcoin its nature is a"}, {"end": "00:14:31", "start": "00:14:28", "text": "currency that isn't controlled by"}, {"end": "00:14:33", "start": "00:14:29", "text": "central banks makes it attractive to"}, {"end": "00:14:35", "start": "00:14:31", "text": "this community once I was able to kind"}, {"end": "00:14:37", "start": "00:14:33", "text": "of grok the basic concept it was just"}, {"end": "00:14:40", "start": "00:14:35", "text": "like this is the perfect money"}, {"end": "00:14:41", "start": "00:14:37", "text": "this is what a Bitcoin address looks"}, {"end": "00:14:43", "start": "00:14:40", "text": "like think of this long string of"}, {"end": "00:14:45", "start": "00:14:41", "text": "characters as an account number where"}, {"end": "00:14:47", "start": "00:14:43", "text": "your Bitcoins are stored"}, {"end": "00:14:49", "start": "00:14:45", "text": "when you send or receive Bitcoins they"}, {"end": "00:14:51", "start": "00:14:47", "text": "are sent to these addresses the"}, {"end": "00:14:54", "start": "00:14:49", "text": "addresses are long and hard to remember"}, {"end": "00:14:56", "start": "00:14:51", "text": "so using a phone to scan a QR code is a"}, {"end": "00:14:58", "start": "00:14:54", "text": "fast and easy way to read them"}, {"end": "00:15:00", "start": "00:14:56", "text": "another good thing to know is that"}, {"end": "00:15:02", "start": "00:14:58", "text": "Bitcoins can be broken down to eight"}, {"end": "00:15:04", "start": "00:15:00", "text": "decimal places this means that you can"}, {"end": "00:15:07", "start": "00:15:02", "text": "send fractions of a Bitcoin so any"}, {"end": "00:15:10", "start": "00:15:04", "text": "amount of money can be represented"}, {"end": "00:15:12", "start": "00:15:07", "text": "with Bitcoin every transaction is public"}, {"end": "00:15:14", "start": "00:15:10", "text": "everyone can see the amount that's being"}, {"end": "00:15:16", "start": "00:15:12", "text": "sent without necessarily knowing the"}, {"end": "00:15:18", "start": "00:15:14", "text": "identity of the sender"}, {"end": "00:15:21", "start": "00:15:16", "text": "these guys even have one of the first"}, {"end": "00:15:23", "start": "00:15:18", "text": "Bitcoin ATMs you just scan your QR code"}, {"end": "00:15:25", "start": "00:15:21", "text": "on your phone put in the dollar bills"}, {"end": "00:15:29", "start": "00:15:23", "text": "and press the button"}, {"end": "00:15:30", "start": "00:15:25", "text": "bam done perfect you now traded your"}, {"end": "00:15:32", "start": "00:15:29", "text": "worthless piece of paper for real"}, {"end": "00:15:34", "start": "00:15:30", "text": "currencies it's like End the Fed it's"}, {"end": "00:15:35", "start": "00:15:32", "text": "like seriously you're gonna hit the FED"}, {"end": "00:15:37", "start": "00:15:34", "text": "you're not gonna defend you're not going"}, {"end": "00:15:40", "start": "00:15:35", "text": "to change anything about the trans and"}, {"end": "00:15:42", "start": "00:15:37", "text": "bypass them right yeah that's what you"}, {"end": "00:15:43", "start": "00:15:40", "text": "should do my concern is how the"}, {"end": "00:15:46", "start": "00:15:42", "text": "governments will react"}, {"end": "00:15:48", "start": "00:15:43", "text": "they can't kill or stop Bitcoin but they"}, {"end": "00:15:49", "start": "00:15:46", "text": "could impede it and they could get in"}, {"end": "00:15:51", "start": "00:15:48", "text": "the way of its development"}, {"end": "00:15:53", "start": "00:15:49", "text": "[Music]"}, {"end": "00:15:56", "start": "00:15:51", "text": "foreign"}, {"end": "00:15:57", "start": "00:15:53", "text": "a few weeks later across the ocean a"}, {"end": "00:16:00", "start": "00:15:56", "text": "financial crisis was reaching a breaking"}, {"end": "00:16:02", "start": "00:15:57", "text": "point on the island of Cyprus Cyprus is"}, {"end": "00:16:04", "start": "00:16:00", "text": "on the brink of going bus the rest of"}, {"end": "00:16:06", "start": "00:16:02", "text": "Europe has agreed to a bailout but only"}, {"end": "00:16:08", "start": "00:16:04", "text": "if Cyprus raids people's bank accounts"}, {"end": "00:16:10", "start": "00:16:06", "text": "for quick Hard Cash people trying to get"}, {"end": "00:16:12", "start": "00:16:08", "text": "money out of the cash machines but"}, {"end": "00:16:15", "start": "00:16:10", "text": "electronic transfers have been stopped"}, {"end": "00:16:17", "start": "00:16:12", "text": "never did I think that they would in a"}, {"end": "00:16:20", "start": "00:16:15", "text": "completely unprecedented manner resort"}, {"end": "00:16:21", "start": "00:16:17", "text": "to stealing money from People's Bank"}, {"end": "00:16:23", "start": "00:16:20", "text": "account"}, {"end": "00:16:24", "start": "00:16:21", "text": "the cypriots had placed their trust in"}, {"end": "00:16:27", "start": "00:16:23", "text": "the banking system"}, {"end": "00:16:29", "start": "00:16:24", "text": "and it had failed them"}, {"end": "00:16:31", "start": "00:16:27", "text": "as news of the crisis spread around the"}, {"end": "00:16:33", "start": "00:16:29", "text": "world Bitcoin Believers were quick to"}, {"end": "00:16:35", "start": "00:16:31", "text": "point it out as an example of why a"}, {"end": "00:16:38", "start": "00:16:33", "text": "currency free from government control is"}, {"end": "00:16:41", "start": "00:16:35", "text": "needed there's actually Bitcoin ATMs"}, {"end": "00:16:43", "start": "00:16:38", "text": "apparently being set up in Cyprus all of"}, {"end": "00:16:44", "start": "00:16:41", "text": "a sudden Bitcoin looks like an"}, {"end": "00:16:46", "start": "00:16:43", "text": "attractive Prospect"}, {"end": "00:16:48", "start": "00:16:44", "text": "[Music]"}, {"end": "00:16:50", "start": "00:16:46", "text": "while this was happening in Cyprus"}, {"end": "00:16:52", "start": "00:16:48", "text": "Regulators at the U.S treasury weighed"}, {"end": "00:16:54", "start": "00:16:50", "text": "in on bitcoin"}, {"end": "00:16:57", "start": "00:16:52", "text": "the financial crimes enforcement Network"}, {"end": "00:16:58", "start": "00:16:54", "text": "known as fincen issued its first"}, {"end": "00:17:00", "start": "00:16:57", "text": "regulatory guidance on Virtual"}, {"end": "00:17:03", "start": "00:16:58", "text": "currencies"}, {"end": "00:17:05", "start": "00:17:00", "text": "the guidance implied that Bitcoin in and"}, {"end": "00:17:08", "start": "00:17:03", "text": "of itself was not illegal"}, {"end": "00:17:11", "start": "00:17:05", "text": "[Music]"}, {"end": "00:17:13", "start": "00:17:08", "text": "it was The Perfect Storm"}, {"end": "00:17:15", "start": "00:17:11", "text": "the situation in Cyprus suggested that"}, {"end": "00:17:17", "start": "00:17:13", "text": "Bitcoin could function as a financial"}, {"end": "00:17:18", "start": "00:17:15", "text": "Safe Haven"}, {"end": "00:17:21", "start": "00:17:17", "text": "and the approving nod of U.S Regulators"}, {"end": "00:17:23", "start": "00:17:18", "text": "was a green light for investors"}, {"end": "00:17:26", "start": "00:17:21", "text": "the market agreed and The Exchange price"}, {"end": "00:17:29", "start": "00:17:23", "text": "continued to climb"}, {"end": "00:17:31", "start": "00:17:26", "text": "moving from the the super super early"}, {"end": "00:17:32", "start": "00:17:29", "text": "adopter phase to possibly the early"}, {"end": "00:17:34", "start": "00:17:31", "text": "adoption phase"}, {"end": "00:17:35", "start": "00:17:32", "text": "Bitcoin was getting International"}, {"end": "00:17:36", "start": "00:17:34", "text": "exposure"}, {"end": "00:17:39", "start": "00:17:35", "text": "and people were starting to pay"}, {"end": "00:17:39", "start": "00:17:36", "text": "attention"}, {"end": "00:17:46", "start": "00:17:39", "text": "this is actually a live updated map of"}, {"end": "00:17:48", "start": "00:17:43", "text": "the globe and the lines represent uh"}, {"end": "00:17:50", "start": "00:17:46", "text": "Bitcoin clients basically where the"}, {"end": "00:17:53", "start": "00:17:48", "text": "Bitcoin software is running"}, {"end": "00:17:55", "start": "00:17:50", "text": "and uh the length of the line determines"}, {"end": "00:17:58", "start": "00:17:53", "text": "how long it's been online or how active"}, {"end": "00:18:00", "start": "00:17:55", "text": "it's been and every time I look at this"}, {"end": "00:18:01", "start": "00:17:58", "text": "I swear it gets it gets more and more"}, {"end": "00:18:04", "start": "00:18:00", "text": "saturated you can almost see an outline"}, {"end": "00:18:06", "start": "00:18:01", "text": "of the US now South America you're"}, {"end": "00:18:09", "start": "00:18:04", "text": "starting to get it but the big news in"}, {"end": "00:18:13", "start": "00:18:06", "text": "my opinion is this China you used to see"}, {"end": "00:18:16", "start": "00:18:09", "text": "one two three maybe and this is all"}, {"end": "00:18:18", "start": "00:18:13", "text": "within the last you know three weeks or"}, {"end": "00:18:20", "start": "00:18:16", "text": "so that's the most I've ever seen in"}, {"end": "00:18:24", "start": "00:18:18", "text": "China you look down here Indonesia"}, {"end": "00:18:24", "start": "00:18:20", "text": "Singapore Australia New Zealand"}, {"end": "00:18:28", "start": "00:18:25", "text": "foreign"}, {"end": "00:18:34", "start": "00:18:30", "text": "week at snowed in Pittsburgh"}, {"end": "00:18:36", "start": "00:18:32", "text": "I was eagerly awaiting the delivery of"}, {"end": "00:18:38", "start": "00:18:34", "text": "two Avalon Asics"}, {"end": "00:18:40", "start": "00:18:36", "text": "state-of-the-art computers with chips"}, {"end": "00:18:43", "start": "00:18:38", "text": "specifically designed for mining"}, {"end": "00:18:45", "start": "00:18:40", "text": "bitcoins ifuguo is at the Forefront of"}, {"end": "00:18:46", "start": "00:18:43", "text": "the new generation of hardware and is"}, {"end": "00:18:48", "start": "00:18:45", "text": "the first to bring them to Market"}, {"end": "00:18:50", "start": "00:18:46", "text": "everybody including myself has severely"}, {"end": "00:18:53", "start": "00:18:48", "text": "underestimated that the mining Market of"}, {"end": "00:18:55", "start": "00:18:50", "text": "how big it is when Bitcoin began a"}, {"end": "00:18:57", "start": "00:18:53", "text": "standard laptop was powerful enough to"}, {"end": "00:18:58", "start": "00:18:55", "text": "mine hundreds of Bitcoins in a matter of"}, {"end": "00:19:00", "start": "00:18:57", "text": "days"}, {"end": "00:19:02", "start": "00:18:58", "text": "the technology evolved rapidly over the"}, {"end": "00:19:03", "start": "00:19:00", "text": "past couple of years"}, {"end": "00:19:06", "start": "00:19:02", "text": "a lot of people are getting into it"}, {"end": "00:19:06", "start": "00:19:03", "text": "we're still trying to catch up"}, {"end": "00:19:12", "start": "00:19:07", "text": "I was on vacation with my family when"}, {"end": "00:19:14", "start": "00:19:09", "text": "the new miners were scheduled to arrive"}, {"end": "00:19:16", "start": "00:19:12", "text": "the price of Bitcoin had rocketed to 77"}, {"end": "00:19:18", "start": "00:19:14", "text": "dollars so I asked some friends to wait"}, {"end": "00:19:19", "start": "00:19:16", "text": "at my house to get them running as soon"}, {"end": "00:19:22", "start": "00:19:18", "text": "as possible"}, {"end": "00:19:22", "start": "00:19:19", "text": "all right"}, {"end": "00:19:28", "start": "00:19:24", "text": "wow oh definitely"}, {"end": "00:19:31", "start": "00:19:26", "text": "these are new computer parts here"}, {"end": "00:19:33", "start": "00:19:28", "text": "excellent I came from China all right"}, {"end": "00:19:35", "start": "00:19:31", "text": "it's not official till you sign up there"}, {"end": "00:19:35", "start": "00:19:33", "text": "we go"}, {"end": "00:19:40", "start": "00:19:36", "text": "yeah we'll see maybe uh down the road"}, {"end": "00:19:41", "start": "00:19:38", "text": "you guys will start accepting Bitcoin"}, {"end": "00:19:44", "start": "00:19:40", "text": "one day I bet that's cool it's a matter"}, {"end": "00:19:47", "start": "00:19:41", "text": "of time good luck to you guys all right"}, {"end": "00:19:49", "start": "00:19:44", "text": "I notified Dan and he has a little"}, {"end": "00:19:49", "start": "00:19:47", "text": "response here"}, {"end": "00:19:53", "start": "00:19:50", "text": "[Music]"}, {"end": "00:20:06", "start": "00:20:00", "text": "welcome to the financial Renaissance"}, {"end": "00:20:06", "start": "00:20:03", "text": "102"}, {"end": "00:20:12", "start": "00:20:08", "text": "1681.140-255-255-2550-192-1681.1 that's"}, {"end": "00:20:16", "start": "00:20:09", "text": "the default gateway my first pool to be"}, {"end": "00:20:19", "start": "00:20:12", "text": "stratum.ozco.in Port 3333 Port 80 but I"}, {"end": "00:20:21", "start": "00:20:16", "text": "can do 3333 when everything"}, {"end": "00:20:23", "start": "00:20:19", "text": "'s up for at least a little"}, {"end": "00:20:26", "start": "00:20:21", "text": "[Music]"}, {"end": "00:20:27", "start": "00:20:23", "text": "gonna change though after another week"}, {"end": "00:20:29", "start": "00:20:26", "text": "it's going to get dropped down to like"}, {"end": "00:20:30", "start": "00:20:27", "text": "eight just because the difficulty is"}, {"end": "00:20:32", "start": "00:20:29", "text": "just going through the roof because"}, {"end": "00:20:34", "start": "00:20:30", "text": "everybody's clearing these things up so"}, {"end": "00:20:35", "start": "00:20:32", "text": "it's always a race to stay ahead and try"}, {"end": "00:20:36", "start": "00:20:34", "text": "to be the first guy with the hardware"}, {"end": "00:20:40", "start": "00:20:35", "text": "you know"}, {"end": "00:20:43", "start": "00:20:36", "text": "oh I'm getting things yep we're kicking"}, {"end": "00:20:46", "start": "00:20:40", "text": "we are accepting shares it is live"}, {"end": "00:20:46", "start": "00:20:43", "text": "we got the balloon"}, {"end": "00:20:51", "start": "00:20:48", "text": "[Music]"}, {"end": "00:20:57", "start": "00:20:52", "text": "hey that looks like Johann say I'm going"}, {"end": "00:21:01", "start": "00:20:55", "text": "to college because my dad Minds Bitcoins"}, {"end": "00:21:01", "start": "00:20:57", "text": "[Music]"}, {"end": "00:21:13", "start": "00:21:06", "text": "so uh big day today huh big day look at"}, {"end": "00:21:14", "start": "00:21:10", "text": "that 104. current bitcoin price broke"}, {"end": "00:21:19", "start": "00:21:13", "text": "100 today"}, {"end": "00:21:22", "start": "00:21:14", "text": "um it is April Fool's Day price Rising"}, {"end": "00:21:24", "start": "00:21:19", "text": "so insanely high is kind of a little bit"}, {"end": "00:21:27", "start": "00:21:22", "text": "unprecedented so"}, {"end": "00:21:29", "start": "00:21:24", "text": "it's bound to pop a little bit"}, {"end": "00:21:32", "start": "00:21:27", "text": "maybe I don't know maybe it'll be a 225"}, {"end": "00:21:37", "start": "00:21:29", "text": "in a week and a half so who knows but"}, {"end": "00:21:37", "start": "00:21:32", "text": "Bitcoin styles could go up could go down"}, {"end": "00:21:48", "start": "00:21:42", "text": "as the price passed 100 we took a trip"}, {"end": "00:21:48", "start": "00:21:44", "text": "to visit Gavin Andresen"}, {"end": "00:21:53", "start": "00:21:48", "text": "he is known to have worked closely with"}, {"end": "00:21:53", "start": "00:21:50", "text": "Satoshi during bitcoin's early days"}, {"end": "00:21:59", "start": "00:21:55", "text": "[Music]"}, {"end": "00:22:03", "start": "00:21:59", "text": "train tracks and he did say that there"}, {"end": "00:22:05", "start": "00:22:01", "text": "would be train tracks maybe passing"}, {"end": "00:22:05", "start": "00:22:03", "text": "through"}, {"end": "00:22:10", "start": "00:22:05", "text": "there we go this is Gavin's house"}, {"end": "00:22:17", "start": "00:22:14", "text": "Gavin is one of the last people to"}, {"end": "00:22:20", "start": "00:22:15", "text": "communicate with Satoshi before he"}, {"end": "00:22:20", "start": "00:22:17", "text": "disappeared"}, {"end": "00:22:26", "start": "00:22:21", "text": "warning"}, {"end": "00:22:28", "start": "00:22:23", "text": "this is my brother Nick and his wife"}, {"end": "00:22:31", "start": "00:22:26", "text": "Ashley hi nice to meet you found the"}, {"end": "00:22:34", "start": "00:22:28", "text": "place okay so good we're very excited to"}, {"end": "00:22:34", "start": "00:22:31", "text": "be here"}, {"end": "00:22:40", "start": "00:22:36", "text": "at work is where I live"}, {"end": "00:22:44", "start": "00:22:40", "text": "beautiful home"}, {"end": "00:22:47", "start": "00:22:44", "text": "a little higher place right there's"}, {"end": "00:22:48", "start": "00:22:46", "text": "great"}, {"end": "00:22:51", "start": "00:22:47", "text": "got it"}, {"end": "00:22:52", "start": "00:22:48", "text": "how did you first get into Bitcoin tell"}, {"end": "00:22:54", "start": "00:22:51", "text": "us a little bit of the story of how you"}, {"end": "00:22:57", "start": "00:22:52", "text": "got involved I had been working at UMass"}, {"end": "00:22:59", "start": "00:22:54", "text": "as a staff programmer in the computer"}, {"end": "00:23:01", "start": "00:22:57", "text": "science department research group my"}, {"end": "00:23:03", "start": "00:22:59", "text": "wife's a professor at UMass"}, {"end": "00:23:06", "start": "00:23:01", "text": "I actually quit that job before going on"}, {"end": "00:23:08", "start": "00:23:03", "text": "a six-month sabbatical in Australia"}, {"end": "00:23:11", "start": "00:23:06", "text": "I just happened to read a little blurb"}, {"end": "00:23:13", "start": "00:23:08", "text": "on mine in somebody's blog that"}, {"end": "00:23:16", "start": "00:23:11", "text": "mentioned this Bitcoin project which is"}, {"end": "00:23:18", "start": "00:23:13", "text": "an open source attempt to do money"}, {"end": "00:23:21", "start": "00:23:16", "text": "and it caught my interest"}, {"end": "00:23:23", "start": "00:23:18", "text": "I basically just spent a few days"}, {"end": "00:23:25", "start": "00:23:21", "text": "read everything I could about it looked"}, {"end": "00:23:27", "start": "00:23:23", "text": "at the source code downloaded the source"}, {"end": "00:23:29", "start": "00:23:25", "text": "code thought about it and I really"}, {"end": "00:23:31", "start": "00:23:27", "text": "couldn't convince myself that it would"}, {"end": "00:23:34", "start": "00:23:29", "text": "not work it seemed like Satoshi had"}, {"end": "00:23:34", "start": "00:23:31", "text": "thought of everything"}, {"end": "00:23:38", "start": "00:23:34", "text": "it's then"}, {"end": "00:23:39", "start": "00:23:36", "text": "I've just been stuck down the rabbit"}, {"end": "00:23:42", "start": "00:23:38", "text": "hole"}, {"end": "00:23:44", "start": "00:23:39", "text": "Bitcoin is open source software with"}, {"end": "00:23:46", "start": "00:23:42", "text": "open source software the code is"}, {"end": "00:23:48", "start": "00:23:44", "text": "publicly available anyone can look at it"}, {"end": "00:23:50", "start": "00:23:46", "text": "and see how it runs and they can also"}, {"end": "00:23:52", "start": "00:23:48", "text": "contribute their own changes"}, {"end": "00:23:54", "start": "00:23:50", "text": "programmers like Gavin were able to join"}, {"end": "00:23:56", "start": "00:23:52", "text": "Satoshi to work on bitcoin simply"}, {"end": "00:23:59", "start": "00:23:54", "text": "because they were interested over time I"}, {"end": "00:24:01", "start": "00:23:56", "text": "think Satoshi learned to trust me he"}, {"end": "00:24:04", "start": "00:23:59", "text": "could see that I didn't make very many"}, {"end": "00:24:05", "start": "00:24:01", "text": "stupid mistakes I never had any personal"}, {"end": "00:24:07", "start": "00:24:04", "text": "connection with Satoshi it was always"}, {"end": "00:24:10", "start": "00:24:05", "text": "purely business and I think that's"}, {"end": "00:24:12", "start": "00:24:07", "text": "because he was so worried about people"}, {"end": "00:24:13", "start": "00:24:10", "text": "finding out his identity I don't know"}, {"end": "00:24:15", "start": "00:24:12", "text": "why"}, {"end": "00:24:18", "start": "00:24:13", "text": "my last email to him was telling him"}, {"end": "00:24:19", "start": "00:24:15", "text": "that I had agreed to go visit the folks"}, {"end": "00:24:21", "start": "00:24:18", "text": "at the CIA"}, {"end": "00:24:23", "start": "00:24:19", "text": "so"}, {"end": "00:24:25", "start": "00:24:21", "text": "whether that had something to do with"}, {"end": "00:24:26", "start": "00:24:23", "text": "him deciding to cut off communication"}, {"end": "00:24:29", "start": "00:24:25", "text": "with me entirely he had been pulling"}, {"end": "00:24:32", "start": "00:24:26", "text": "away before then but the CIA invited me"}, {"end": "00:24:34", "start": "00:24:29", "text": "to come talk at the CIA and I agreed to"}, {"end": "00:24:36", "start": "00:24:32", "text": "do that"}, {"end": "00:24:39", "start": "00:24:34", "text": "knowing it would surely spark conspiracy"}, {"end": "00:24:41", "start": "00:24:36", "text": "theories Gavin posted an announcement on"}, {"end": "00:24:43", "start": "00:24:39", "text": "the Bitcoin talk discussion forum to"}, {"end": "00:24:45", "start": "00:24:41", "text": "head off any rumors I think accepting"}, {"end": "00:24:47", "start": "00:24:43", "text": "their invitation and being open about"}, {"end": "00:24:50", "start": "00:24:45", "text": "exactly what Bitcoin is will make it"}, {"end": "00:24:52", "start": "00:24:47", "text": "less likely they'll see it as a threat"}, {"end": "00:24:53", "start": "00:24:50", "text": "having taken on the lead developer"}, {"end": "00:24:56", "start": "00:24:52", "text": "position since satoshi's disappearance"}, {"end": "00:24:58", "start": "00:24:53", "text": "Gavin found himself facing an increasing"}, {"end": "00:25:00", "start": "00:24:56", "text": "number of responsibilities in public"}, {"end": "00:25:02", "start": "00:24:58", "text": "scrutiny dear neighbors know that you're"}, {"end": "00:25:05", "start": "00:25:00", "text": "kind of at the center of one of the most"}, {"end": "00:25:07", "start": "00:25:02", "text": "disruptive Technologies I think I think"}, {"end": "00:25:10", "start": "00:25:05", "text": "they know that I do like this wacky"}, {"end": "00:25:12", "start": "00:25:07", "text": "Bitcoin project"}, {"end": "00:25:13", "start": "00:25:10", "text": "I don't think they know quite how big it"}, {"end": "00:25:15", "start": "00:25:12", "text": "is yet"}, {"end": "00:25:18", "start": "00:25:13", "text": "right now"}, {"end": "00:25:19", "start": "00:25:15", "text": "bitcoin's a billion dollar project when"}, {"end": "00:25:22", "start": "00:25:18", "text": "I started it was this tiny little"}, {"end": "00:25:24", "start": "00:25:19", "text": "experiment and as it gets bigger"}, {"end": "00:25:26", "start": "00:25:22", "text": "the pressure"}, {"end": "00:25:29", "start": "00:25:24", "text": "to not screw up"}, {"end": "00:25:29", "start": "00:25:26", "text": "just gets bigger and bigger"}, {"end": "00:25:38", "start": "00:25:32", "text": "two weeks later the price soared past"}, {"end": "00:25:40", "start": "00:25:34", "text": "150. some bitcoiners woke up to find out"}, {"end": "00:25:42", "start": "00:25:38", "text": "they were Bitcoin millionaires"}, {"end": "00:25:45", "start": "00:25:40", "text": "twenty-three-year-old Charlie Schram is"}, {"end": "00:25:46", "start": "00:25:42", "text": "the CEO of a company called bid instant"}, {"end": "00:25:49", "start": "00:25:45", "text": "bit instant was one of the first"}, {"end": "00:25:50", "start": "00:25:46", "text": "startups in the Bitcoin space in"}, {"end": "00:25:53", "start": "00:25:49", "text": "bitcoin's infancy people had to jump"}, {"end": "00:25:54", "start": "00:25:50", "text": "through several Hoops to buy them"}, {"end": "00:25:56", "start": "00:25:53", "text": "one of the only ways was through the"}, {"end": "00:25:58", "start": "00:25:54", "text": "mount gox exchange but this process"}, {"end": "00:26:00", "start": "00:25:56", "text": "required transferring money through"}, {"end": "00:26:01", "start": "00:25:58", "text": "several intermediaries and could take"}, {"end": "00:26:03", "start": "00:26:00", "text": "weeks"}, {"end": "00:26:05", "start": "00:26:01", "text": "Charlie launched bid instant to"}, {"end": "00:26:07", "start": "00:26:03", "text": "streamline this process and to help"}, {"end": "00:26:10", "start": "00:26:05", "text": "people buy Bitcoins quickly"}, {"end": "00:26:13", "start": "00:26:07", "text": "yeah that's good great that's pretty"}, {"end": "00:26:15", "start": "00:26:10", "text": "nice yeah sure"}, {"end": "00:26:18", "start": "00:26:13", "text": "today Charlie's being photographed for"}, {"end": "00:26:18", "start": "00:26:15", "text": "an article in business week"}, {"end": "00:26:22", "start": "00:26:18", "text": "like throwing stuff up in the air and"}, {"end": "00:26:24", "start": "00:26:20", "text": "they're gonna add Bitcoins in later on"}, {"end": "00:26:24", "start": "00:26:22", "text": "yeah"}, {"end": "00:26:27", "start": "00:26:24", "text": "this Bitcoin thing can actually change"}, {"end": "00:26:29", "start": "00:26:26", "text": "the world"}, {"end": "00:26:31", "start": "00:26:27", "text": "but for this thing to succeed you have"}, {"end": "00:26:34", "start": "00:26:29", "text": "to figure out a way to get more money in"}, {"end": "00:26:34", "start": "00:26:31", "text": "and out of the ecosystem"}, {"end": "00:26:39", "start": "00:26:35", "text": "yeah and you can look yeah that's good"}, {"end": "00:26:41", "start": "00:26:38", "text": "it does not show though I'm super"}, {"end": "00:26:42", "start": "00:26:39", "text": "stressed out right now and you know"}, {"end": "00:26:44", "start": "00:26:41", "text": "thousands of orders that are being"}, {"end": "00:26:47", "start": "00:26:42", "text": "processed and I'm bugging out trying to"}, {"end": "00:26:47", "start": "00:26:44", "text": "get the new site launched"}, {"end": "00:26:51", "start": "00:26:47", "text": "I'm trying not to but it's really hard"}, {"end": "00:26:58", "start": "00:26:54", "text": "things have been insane"}, {"end": "00:27:04", "start": "00:26:58", "text": "I haven't slept in days"}, {"end": "00:27:06", "start": "00:27:02", "text": "the price is just Rising so a lot of"}, {"end": "00:27:09", "start": "00:27:04", "text": "people are putting money into it"}, {"end": "00:27:10", "start": "00:27:06", "text": "normally Charlie can get Bitcoins to his"}, {"end": "00:27:12", "start": "00:27:09", "text": "customers in about an hour"}, {"end": "00:27:15", "start": "00:27:10", "text": "but with the recent flood of people"}, {"end": "00:27:17", "start": "00:27:12", "text": "trying to purchase Bitcoins bit instant"}, {"end": "00:27:18", "start": "00:27:15", "text": "can't fill their orders fast enough"}, {"end": "00:27:22", "start": "00:27:17", "text": "when I pulled up our like customer"}, {"end": "00:27:24", "start": "00:27:18", "text": "service interface we have close to 2 000"}, {"end": "00:27:26", "start": "00:27:22", "text": "Open tickets and that's just from"}, {"end": "00:27:29", "start": "00:27:24", "text": "Saturday to this morning nobody was"}, {"end": "00:27:31", "start": "00:27:26", "text": "ready for this kind of volume so"}, {"end": "00:27:35", "start": "00:27:29", "text": "we're trying to catch up uh with the"}, {"end": "00:27:35", "start": "00:27:31", "text": "volume and keep everybody happy"}, {"end": "00:27:43", "start": "00:27:39", "text": "the last week or so saw our our support"}, {"end": "00:27:45", "start": "00:27:41", "text": "staff go from two people to five people"}, {"end": "00:27:47", "start": "00:27:43", "text": "when someone offers you a seat on the"}, {"end": "00:27:50", "start": "00:27:45", "text": "rocket you don't ask where the seat is"}, {"end": "00:27:52", "start": "00:27:47", "text": "you just get on the rocket"}, {"end": "00:27:56", "start": "00:27:50", "text": "further our volume has has basically"}, {"end": "00:27:58", "start": "00:27:52", "text": "tripled in in the past two weeks going"}, {"end": "00:28:00", "start": "00:27:56", "text": "from a few hundred transactions a day to"}, {"end": "00:28:02", "start": "00:27:58", "text": "now two three thousand transactions a"}, {"end": "00:28:04", "start": "00:28:00", "text": "day you just came on board here right"}, {"end": "00:28:07", "start": "00:28:02", "text": "yeah I did actually today is kind of my"}, {"end": "00:28:08", "start": "00:28:04", "text": "first day yeah yeah how does it feel to"}, {"end": "00:28:13", "start": "00:28:07", "text": "be a part of all this madness"}, {"end": "00:28:15", "start": "00:28:08", "text": "um well Madness yeah it's overwhelming"}, {"end": "00:28:16", "start": "00:28:13", "text": "and uh what do you do for Vanessa I'm a"}, {"end": "00:28:19", "start": "00:28:15", "text": "CFO"}, {"end": "00:28:22", "start": "00:28:16", "text": "can you give me like a daily estimate of"}, {"end": "00:28:24", "start": "00:28:19", "text": "how money is moving through your system"}, {"end": "00:28:26", "start": "00:28:22", "text": "um it's in the in the six figures every"}, {"end": "00:28:27", "start": "00:28:24", "text": "day"}, {"end": "00:28:29", "start": "00:28:26", "text": "all right well thanks Kelly I really"}, {"end": "00:28:31", "start": "00:28:27", "text": "appreciate it thank you"}, {"end": "00:28:33", "start": "00:28:29", "text": "I don't know how the government will"}, {"end": "00:28:35", "start": "00:28:31", "text": "react to bitcoin"}, {"end": "00:28:36", "start": "00:28:33", "text": "but I spend thousands of dollars on"}, {"end": "00:28:38", "start": "00:28:35", "text": "lawyers every day just to make sure that"}, {"end": "00:28:41", "start": "00:28:36", "text": "I'm not going to go to jail"}, {"end": "00:28:42", "start": "00:28:38", "text": "it's super terrifying I mean I don't"}, {"end": "00:28:45", "start": "00:28:41", "text": "want to go to jail"}, {"end": "00:28:47", "start": "00:28:42", "text": "uh and I don't it I don't want to become"}, {"end": "00:28:47", "start": "00:28:45", "text": "a martyr either"}, {"end": "00:29:00", "start": "00:28:55", "text": "[Music]"}, {"end": "00:29:02", "start": "00:28:57", "text": "Bitcoin was the Talk of the Town"}, {"end": "00:29:05", "start": "00:29:00", "text": "Charlie was in the Limelight and could"}, {"end": "00:29:07", "start": "00:29:02", "text": "barely keep up with media requests"}, {"end": "00:29:09", "start": "00:29:05", "text": "within hours the price passed two"}, {"end": "00:29:09", "start": "00:29:07", "text": "hundred dollars"}, {"end": "00:29:19", "start": "00:29:13", "text": "first day of spring first day Bitcoin is"}, {"end": "00:29:21", "start": "00:29:16", "text": "over 200. the start of a new era hi nice"}, {"end": "00:29:24", "start": "00:29:19", "text": "to meet you another nice warm loving mom"}, {"end": "00:29:28", "start": "00:29:21", "text": "that makes him live at home because"}, {"end": "00:29:32", "start": "00:29:24", "text": "kids uh we can't apart we have him yet"}, {"end": "00:29:32", "start": "00:29:28", "text": "we love him too much"}, {"end": "00:29:36", "start": "00:29:32", "text": "this is where it all started and this is"}, {"end": "00:29:38", "start": "00:29:34", "text": "where it still goes down"}, {"end": "00:29:40", "start": "00:29:36", "text": "I've been collecting money from all over"}, {"end": "00:29:41", "start": "00:29:38", "text": "the world and it's just like something I"}, {"end": "00:29:43", "start": "00:29:40", "text": "did way before Bitcoin I'm doing this"}, {"end": "00:29:45", "start": "00:29:41", "text": "since I was a kid so it's funny that"}, {"end": "00:29:47", "start": "00:29:43", "text": "like I'm collecting all this fee out"}, {"end": "00:29:50", "start": "00:29:45", "text": "it's not worth anything and then all of"}, {"end": "00:29:50", "start": "00:29:47", "text": "a sudden I get into this Bitcoin thing"}, {"end": "00:29:54", "start": "00:29:50", "text": "I realized during high school that I can"}, {"end": "00:29:57", "start": "00:29:53", "text": "never work for anyone"}, {"end": "00:29:59", "start": "00:29:54", "text": "I made up a term psychologically"}, {"end": "00:30:00", "start": "00:29:57", "text": "unemployable"}, {"end": "00:30:02", "start": "00:29:59", "text": "I started a bit instant while I was"}, {"end": "00:30:05", "start": "00:30:00", "text": "still in my senior year of college"}, {"end": "00:30:07", "start": "00:30:02", "text": "Bitcoin currently is the largest social"}, {"end": "00:30:09", "start": "00:30:05", "text": "economic experiment ever conducted in"}, {"end": "00:30:12", "start": "00:30:07", "text": "the history of the world"}, {"end": "00:30:16", "start": "00:30:09", "text": "2013 possibly 2014 will be the two years"}, {"end": "00:30:18", "start": "00:30:12", "text": "that really make or break Bitcoin"}, {"end": "00:30:22", "start": "00:30:16", "text": "Bitcoin is the first product that's"}, {"end": "00:30:22", "start": "00:30:18", "text": "digital but it's also scarce"}, {"end": "00:30:28", "start": "00:30:24", "text": "I got some good news last night that"}, {"end": "00:30:29", "start": "00:30:26", "text": "part of our licensing deals that we've"}, {"end": "00:30:31", "start": "00:30:28", "text": "been trying to do for the past few"}, {"end": "00:30:34", "start": "00:30:29", "text": "months are finally hopefully coming"}, {"end": "00:30:36", "start": "00:30:31", "text": "through we got approved to be licensed"}, {"end": "00:30:38", "start": "00:30:34", "text": "in 30 of the 48 states in money"}, {"end": "00:30:40", "start": "00:30:36", "text": "transmission"}, {"end": "00:30:42", "start": "00:30:38", "text": "I've been working very hard on trying to"}, {"end": "00:30:45", "start": "00:30:40", "text": "be compliant in the in the legal realm"}, {"end": "00:30:47", "start": "00:30:42", "text": "and with fincen's announcement setting"}, {"end": "00:30:49", "start": "00:30:45", "text": "up a way for Bitcoin companies to"}, {"end": "00:30:52", "start": "00:30:47", "text": "legally exist that really changes the"}, {"end": "00:30:55", "start": "00:30:49", "text": "whole game of Bitcoin and for us it"}, {"end": "00:30:57", "start": "00:30:52", "text": "helped us get that less push that we"}, {"end": "00:30:58", "start": "00:30:55", "text": "needed from all the banks and The"}, {"end": "00:31:00", "start": "00:30:57", "text": "Regulators to finally hopefully get that"}, {"end": "00:31:03", "start": "00:30:58", "text": "licensing that we need"}, {"end": "00:31:05", "start": "00:31:00", "text": "[Music]"}, {"end": "00:31:09", "start": "00:31:03", "text": "today Charlie's meeting with a realtor"}, {"end": "00:31:09", "start": "00:31:05", "text": "to talk about new office space"}, {"end": "00:31:14", "start": "00:31:09", "text": "how are you pleasure got a minute I have"}, {"end": "00:31:16", "start": "00:31:12", "text": "10 minutes for you"}, {"end": "00:31:18", "start": "00:31:14", "text": "we're a company with no boss essentially"}, {"end": "00:31:21", "start": "00:31:16", "text": "everyone has their responsibilities"}, {"end": "00:31:22", "start": "00:31:18", "text": "well it's one big executive board one"}, {"end": "00:31:24", "start": "00:31:21", "text": "person doesn't do their job I don't do"}, {"end": "00:31:26", "start": "00:31:22", "text": "my job these guys are only gonna yell at"}, {"end": "00:31:27", "start": "00:31:24", "text": "me so that's how we do it but we get"}, {"end": "00:31:29", "start": "00:31:26", "text": "things done all right we're outgrowing"}, {"end": "00:31:32", "start": "00:31:27", "text": "the space as you can see here that's a"}, {"end": "00:31:34", "start": "00:31:29", "text": "good problem to have yes now Rachel said"}, {"end": "00:31:37", "start": "00:31:32", "text": "there was a great concern about Security"}, {"end": "00:31:38", "start": "00:31:34", "text": "in this space yeah we're regulated so we"}, {"end": "00:31:42", "start": "00:31:37", "text": "can't like share an office with another"}, {"end": "00:31:43", "start": "00:31:38", "text": "company to get access to us our asset is"}, {"end": "00:31:45", "start": "00:31:42", "text": "our software our software is processing"}, {"end": "00:31:48", "start": "00:31:43", "text": "hundreds of thousands of dollars a day"}, {"end": "00:31:50", "start": "00:31:45", "text": "instantly really quickly and that's on"}, {"end": "00:31:51", "start": "00:31:48", "text": "site here or just no this is on the"}, {"end": "00:31:52", "start": "00:31:50", "text": "cloud it's all in the cloud but we"}, {"end": "00:31:54", "start": "00:31:51", "text": "monitor we have to monitor everything"}, {"end": "00:31:56", "start": "00:31:52", "text": "from here and debug fix take down upload"}, {"end": "00:31:58", "start": "00:31:54", "text": "more put up more videos with a high"}, {"end": "00:32:00", "start": "00:31:56", "text": "volume data that's oriented it's very"}, {"end": "00:32:03", "start": "00:31:58", "text": "very sensitive customer data if it were"}, {"end": "00:32:04", "start": "00:32:00", "text": "not a doorman at the very least the"}, {"end": "00:32:07", "start": "00:32:03", "text": "space would be designed in such a manner"}, {"end": "00:32:09", "start": "00:32:04", "text": "that there'd be a locked reception area"}, {"end": "00:32:12", "start": "00:32:07", "text": "if we want to pursue like the guard at"}, {"end": "00:32:15", "start": "00:32:09", "text": "some point we could have them in that"}, {"end": "00:32:17", "start": "00:32:12", "text": "I absolutely think it it will be at some"}, {"end": "00:32:20", "start": "00:32:15", "text": "point it's just a matter of time"}, {"end": "00:32:22", "start": "00:32:17", "text": "potential for theft is huge it's like"}, {"end": "00:32:25", "start": "00:32:20", "text": "operating a bank essentially"}, {"end": "00:32:30", "start": "00:32:22", "text": "pretty much hit gotcha basic stuff yep"}, {"end": "00:32:32", "start": "00:32:25", "text": "yep all right any other words for me"}, {"end": "00:32:35", "start": "00:32:30", "text": "I think we're good are you willing to"}, {"end": "00:32:35", "start": "00:32:32", "text": "handle the task"}, {"end": "00:32:39", "start": "00:32:36", "text": "sign me up Captain"}, {"end": "00:32:45", "start": "00:32:41", "text": "night the price got as high as 266"}, {"end": "00:32:48", "start": "00:32:44", "text": "dollars"}, {"end": "00:32:51", "start": "00:32:45", "text": "every major news Outlet had taken notice"}, {"end": "00:32:52", "start": "00:32:48", "text": "Bitcoin fever was at an all-time high it"}, {"end": "00:32:54", "start": "00:32:51", "text": "is getting a lot of attention people are"}, {"end": "00:32:55", "start": "00:32:52", "text": "fascinated by anything that makes new"}, {"end": "00:32:57", "start": "00:32:54", "text": "highs every day for weeks on end which"}, {"end": "00:32:58", "start": "00:32:55", "text": "Bitcoin has done in terms of the total"}, {"end": "00:33:00", "start": "00:32:57", "text": "number of the people using the currency"}, {"end": "00:33:02", "start": "00:32:58", "text": "I'm not sure but you can see that"}, {"end": "00:33:06", "start": "00:33:00", "text": "there's a huge amount of fluctuation in"}, {"end": "00:33:08", "start": "00:33:02", "text": "the volume of trading and then the price"}, {"end": "00:33:08", "start": "00:33:06", "text": "crashed"}, {"end": "00:33:14", "start": "00:33:11", "text": "foreign"}, {"end": "00:33:16", "start": "00:33:12", "text": "Bitcoin lost more than half of its value"}, {"end": "00:33:20", "start": "00:33:14", "text": "in six hours"}, {"end": "00:33:22", "start": "00:33:16", "text": "from craze to crash it's the talk of"}, {"end": "00:33:24", "start": "00:33:20", "text": "many people in the Blogger sphere"}, {"end": "00:33:26", "start": "00:33:22", "text": "and it's certainly suffering some"}, {"end": "00:33:29", "start": "00:33:24", "text": "Growing Pains the value of the virtual"}, {"end": "00:33:30", "start": "00:33:26", "text": "currency Bitcoin has plunged it's been a"}, {"end": "00:33:33", "start": "00:33:29", "text": "crazy day today I haven't slept in like"}, {"end": "00:33:33", "start": "00:33:30", "text": "40 hours"}, {"end": "00:33:38", "start": "00:33:34", "text": "your order process I don't understand"}, {"end": "00:33:39", "start": "00:33:36", "text": "why we're still having this conversation"}, {"end": "00:33:41", "start": "00:33:38", "text": "we've refunded the order we sent you"}, {"end": "00:33:43", "start": "00:33:39", "text": "extra Bitcoins"}, {"end": "00:33:45", "start": "00:33:41", "text": "care man when it comes to my money I"}, {"end": "00:33:46", "start": "00:33:43", "text": "don't [\u00a0__\u00a0] her out I know man you need"}, {"end": "00:33:50", "start": "00:33:45", "text": "your stuff I hear you I hear you it"}, {"end": "00:33:50", "start": "00:33:46", "text": "processed your Bitcoins are there man"}, {"end": "00:33:55", "start": "00:33:51", "text": "it's Charlie what's been going on today"}, {"end": "00:33:57", "start": "00:33:52", "text": "crazy day huh yeah I have Mount gox"}, {"end": "00:33:59", "start": "00:33:55", "text": "their whole system pretty much failed"}, {"end": "00:34:00", "start": "00:33:57", "text": "and their whole training engine is is"}, {"end": "00:34:02", "start": "00:33:59", "text": "broken"}, {"end": "00:34:04", "start": "00:34:00", "text": "pretty much caused"}, {"end": "00:34:06", "start": "00:34:02", "text": "almost has to shut down for the day"}, {"end": "00:34:08", "start": "00:34:04", "text": "further the Bitcoin price has just been"}, {"end": "00:34:10", "start": "00:34:06", "text": "wildly swinging up and down it was down"}, {"end": "00:34:12", "start": "00:34:08", "text": "100 today it's gaining back up but"}, {"end": "00:34:14", "start": "00:34:10", "text": "mostly because people can't buy and sell"}, {"end": "00:34:15", "start": "00:34:12", "text": "on they can't withdraw and they can't"}, {"end": "00:34:16", "start": "00:34:14", "text": "deposit"}, {"end": "00:34:17", "start": "00:34:15", "text": "the whole thing is just it's just a"}, {"end": "00:34:19", "start": "00:34:16", "text": "Fritz"}, {"end": "00:34:21", "start": "00:34:17", "text": "so what we're trying to do is figure out"}, {"end": "00:34:22", "start": "00:34:19", "text": "a way to mitigate order somewhere else"}, {"end": "00:34:25", "start": "00:34:21", "text": "for now"}, {"end": "00:34:27", "start": "00:34:22", "text": "with Mount Cox stuck in a nosedive the"}, {"end": "00:34:30", "start": "00:34:25", "text": "ripple effect is creating chaos in the"}, {"end": "00:34:30", "start": "00:34:27", "text": "Bitcoin markets"}, {"end": "00:34:36", "start": "00:34:31", "text": "I'm trying to figure out why our orders"}, {"end": "00:34:38", "start": "00:34:34", "text": "aren't going through Rachel am I allowed"}, {"end": "00:34:39", "start": "00:34:36", "text": "to take another Advil if I took one like"}, {"end": "00:34:41", "start": "00:34:38", "text": "an hour ago"}, {"end": "00:34:43", "start": "00:34:39", "text": "they've been having problems ordering"}, {"end": "00:34:44", "start": "00:34:41", "text": "anything off of you yeah I'm getting a"}, {"end": "00:34:46", "start": "00:34:43", "text": "lot of customers emailing saying it says"}, {"end": "00:34:48", "start": "00:34:44", "text": "executed but it's not showing in the"}, {"end": "00:34:50", "start": "00:34:46", "text": "blockchain does God suspend the trading"}, {"end": "00:34:54", "start": "00:34:48", "text": "really yeah awareness play suspended"}, {"end": "00:34:55", "start": "00:34:50", "text": "until 2100 what time what's 2100 it's 9"}, {"end": "00:34:59", "start": "00:34:54", "text": "p.m oh my God"}, {"end": "00:34:59", "start": "00:34:55", "text": "[Music]"}, {"end": "00:35:06", "start": "00:34:59", "text": "foreign"}, {"end": "00:35:06", "start": "00:35:00", "text": "[Music]"}, {"end": "00:35:14", "start": "00:35:08", "text": "if you bought it 150"}, {"end": "00:35:17", "start": "00:35:11", "text": "and then you're at 260 and then you"}, {"end": "00:35:19", "start": "00:35:14", "text": "watch it dip down back to 150. do you"}, {"end": "00:35:22", "start": "00:35:17", "text": "panic so yeah absolutely I don't know"}, {"end": "00:35:22", "start": "00:35:19", "text": "what a Bitcoin is so I just bought it"}, {"end": "00:35:29", "start": "00:35:23", "text": "you see buy orders people buying"}, {"end": "00:35:30", "start": "00:35:26", "text": "and selling at such a wide range it"}, {"end": "00:35:32", "start": "00:35:29", "text": "doesn't make any sense"}, {"end": "00:35:33", "start": "00:35:30", "text": "the API is just constantly failing is"}, {"end": "00:35:36", "start": "00:35:32", "text": "that what's going on we're not getting"}, {"end": "00:35:36", "start": "00:35:33", "text": "any orders"}, {"end": "00:35:49", "start": "00:35:44", "text": "don't care about the price"}, {"end": "00:35:53", "start": "00:35:46", "text": "speculators can play musical chairs all"}, {"end": "00:35:53", "start": "00:35:49", "text": "day long for all I care I'm I'm long"}, {"end": "00:35:59", "start": "00:35:54", "text": "I was focused on expanding my mining"}, {"end": "00:35:59", "start": "00:35:56", "text": "operation"}, {"end": "00:36:04", "start": "00:35:59", "text": "the only people that are going to be"}, {"end": "00:36:07", "start": "00:36:01", "text": "shaken out by this drop are people that"}, {"end": "00:36:10", "start": "00:36:04", "text": "are new to bitcoin here's The Avalons"}, {"end": "00:36:12", "start": "00:36:07", "text": "spinning away mining away"}, {"end": "00:36:15", "start": "00:36:10", "text": "and if everything goes as planned uh"}, {"end": "00:36:16", "start": "00:36:12", "text": "we'll have 18 more of these guys and a"}, {"end": "00:36:18", "start": "00:36:15", "text": "couple weeks"}, {"end": "00:36:20", "start": "00:36:16", "text": "Bitcoin is a complicated thing you have"}, {"end": "00:36:21", "start": "00:36:18", "text": "to spend some time looking into it and"}, {"end": "00:36:25", "start": "00:36:20", "text": "understanding it before you really care"}, {"end": "00:36:26", "start": "00:36:21", "text": "now there's droves of people that you"}, {"end": "00:36:28", "start": "00:36:25", "text": "know giving it more than just that"}, {"end": "00:36:30", "start": "00:36:26", "text": "glance because the price has gone so"}, {"end": "00:36:32", "start": "00:36:28", "text": "high and they have you know dollar signs"}, {"end": "00:36:34", "start": "00:36:30", "text": "in their eyes like Uncle Scrooge"}, {"end": "00:36:36", "start": "00:36:32", "text": "so much more than that and I think"}, {"end": "00:36:38", "start": "00:36:34", "text": "that's why the people who are mining and"}, {"end": "00:36:40", "start": "00:36:36", "text": "people who believe in it are just kind"}, {"end": "00:36:42", "start": "00:36:38", "text": "of holding strong"}, {"end": "00:36:42", "start": "00:36:40", "text": "foreign"}, {"end": "00:36:49", "start": "00:36:43", "text": "resumed at Mount Cox the price fell even"}, {"end": "00:36:52", "start": "00:36:45", "text": "further to around seventy dollars 71 on"}, {"end": "00:36:52", "start": "00:36:49", "text": "btce"}, {"end": "00:36:59", "start": "00:36:54", "text": "yeah Bitcoin it's a volatile it's gonna"}, {"end": "00:37:01", "start": "00:36:56", "text": "be a long time until we have stability"}, {"end": "00:37:04", "start": "00:36:59", "text": "that's the nature of the Beast price"}, {"end": "00:37:06", "start": "00:37:01", "text": "Discovery uh can be violent and volatile"}, {"end": "00:37:09", "start": "00:37:04", "text": "and there's going to be a lot of people"}, {"end": "00:37:10", "start": "00:37:06", "text": "that come and go and people that scream"}, {"end": "00:37:12", "start": "00:37:09", "text": "off"}, {"end": "00:37:15", "start": "00:37:10", "text": "but at the end of the day the only thing"}, {"end": "00:37:17", "start": "00:37:12", "text": "that really kind of stinks right now is"}, {"end": "00:37:19", "start": "00:37:15", "text": "that everybody's trading on one platform"}, {"end": "00:37:21", "start": "00:37:17", "text": "that isn't doing the greatest job so"}, {"end": "00:37:24", "start": "00:37:19", "text": "over time hopefully we'll see some more"}, {"end": "00:37:26", "start": "00:37:21", "text": "uh exchanges pop up and some more"}, {"end": "00:37:28", "start": "00:37:24", "text": "options and people want to keep using"}, {"end": "00:37:31", "start": "00:37:26", "text": "Bitcoin and I'm sure infrastructure will"}, {"end": "00:37:31", "start": "00:37:28", "text": "come"}, {"end": "00:37:35", "start": "00:37:31", "text": "[Music]"}, {"end": "00:37:49", "start": "00:37:42", "text": "[Music]"}, {"end": "00:37:52", "start": "00:37:47", "text": "[Applause]"}, {"end": "00:37:53", "start": "00:37:49", "text": "it's just gotten ridiculously busy"}, {"end": "00:37:55", "start": "00:37:52", "text": "um"}, {"end": "00:37:57", "start": "00:37:53", "text": "I get an email every two seconds now and"}, {"end": "00:37:58", "start": "00:37:55", "text": "I'm pretty much you know more email than"}, {"end": "00:38:00", "start": "00:37:57", "text": "I uh"}, {"end": "00:38:03", "start": "00:37:58", "text": "that I can keep up with"}, {"end": "00:38:05", "start": "00:38:00", "text": "Jared Kenna is the CEO of tradehill the"}, {"end": "00:38:07", "start": "00:38:03", "text": "first us-based Bitcoin exchange to"}, {"end": "00:38:09", "start": "00:38:05", "text": "compete with Mount Cox"}, {"end": "00:38:11", "start": "00:38:07", "text": "he's also on the list of Bitcoin"}, {"end": "00:38:15", "start": "00:38:09", "text": "millionaires"}, {"end": "00:38:15", "start": "00:38:11", "text": "this is uh Finnegan right here"}, {"end": "00:38:21", "start": "00:38:17", "text": "Jared runs trade Hill out of a 41"}, {"end": "00:38:25", "start": "00:38:19", "text": "bedroom residential hotel called 20"}, {"end": "00:38:25", "start": "00:38:21", "text": "mission that he also owns"}, {"end": "00:38:28", "start": "00:38:26", "text": "foreign"}, {"end": "00:38:34", "start": "00:38:29", "text": "out rooms to attack people start up"}, {"end": "00:38:35", "start": "00:38:32", "text": "people and there's a lot of bitcoiners I"}, {"end": "00:38:36", "start": "00:38:34", "text": "actually accept rent in Bitcoin which is"}, {"end": "00:38:37", "start": "00:38:35", "text": "great because we have a lot of"}, {"end": "00:38:44", "start": "00:38:36", "text": "international people"}, {"end": "00:38:48", "start": "00:38:37", "text": "[Music]"}, {"end": "00:38:53", "start": "00:38:44", "text": "it came to us from the crypto brand it"}, {"end": "00:38:59", "start": "00:38:48", "text": "came out up in there it saved us from"}, {"end": "00:38:59", "start": "00:38:53", "text": "those nasty dollars on one and yen"}, {"end": "00:39:04", "start": "00:38:59", "text": "Bitcoin that's all I got I'm done"}, {"end": "00:39:10", "start": "00:39:05", "text": "digital currency is gonna happen I mean"}, {"end": "00:39:14", "start": "00:39:08", "text": "it's it's I mean it already is happening"}, {"end": "00:39:16", "start": "00:39:10", "text": "and it will be the future whether that's"}, {"end": "00:39:18", "start": "00:39:14", "text": "now 10 years from now 100 years from now"}, {"end": "00:39:20", "start": "00:39:16", "text": "we're going to be using digital"}, {"end": "00:39:22", "start": "00:39:18", "text": "currencies that don't depend on Fiat"}, {"end": "00:39:24", "start": "00:39:20", "text": "government"}, {"end": "00:39:26", "start": "00:39:22", "text": "Jared originally launched trade hell"}, {"end": "00:39:28", "start": "00:39:24", "text": "about two years ago but ran into"}, {"end": "00:39:30", "start": "00:39:26", "text": "problems with a payment processor and"}, {"end": "00:39:33", "start": "00:39:28", "text": "was forced to shut down"}, {"end": "00:39:35", "start": "00:39:30", "text": "recently he met Ryan Singer and together"}, {"end": "00:39:36", "start": "00:39:33", "text": "they are relaunching the exchange the"}, {"end": "00:39:39", "start": "00:39:35", "text": "business we're in is helping people"}, {"end": "00:39:41", "start": "00:39:36", "text": "speculate right markets are price"}, {"end": "00:39:44", "start": "00:39:39", "text": "Discovery mechanisms that's what they're"}, {"end": "00:39:46", "start": "00:39:41", "text": "for people uh they buy they sell there's"}, {"end": "00:39:50", "start": "00:39:44", "text": "the bid there's the ask and the price"}, {"end": "00:39:52", "start": "00:39:46", "text": "moves and when it levels out that's what"}, {"end": "00:39:53", "start": "00:39:50", "text": "the market price is I can't even count"}, {"end": "00:39:54", "start": "00:39:52", "text": "the amount of people that have said"}, {"end": "00:39:56", "start": "00:39:53", "text": "bitcoin's not backed by anything at"}, {"end": "00:39:58", "start": "00:39:54", "text": "least dollars are backed by gold I've"}, {"end": "00:40:00", "start": "00:39:56", "text": "realized that a lot of people believe"}, {"end": "00:40:02", "start": "00:39:58", "text": "that"}, {"end": "00:40:04", "start": "00:40:00", "text": "my grandfather he got me into investing"}, {"end": "00:40:06", "start": "00:40:02", "text": "when I was a kid I was five years old I"}, {"end": "00:40:08", "start": "00:40:04", "text": "could explain a p e ratio and what it"}, {"end": "00:40:09", "start": "00:40:06", "text": "did in an Ask was and difference between"}, {"end": "00:40:11", "start": "00:40:08", "text": "a limit order and a market order and all"}, {"end": "00:40:13", "start": "00:40:09", "text": "that stuff so for me I saw this as a way"}, {"end": "00:40:16", "start": "00:40:11", "text": "the average person could actually take"}, {"end": "00:40:17", "start": "00:40:13", "text": "control of their finances I just grew up"}, {"end": "00:40:19", "start": "00:40:16", "text": "pretty nerdy I don't know I think like"}, {"end": "00:40:21", "start": "00:40:17", "text": "15 like I"}, {"end": "00:40:22", "start": "00:40:19", "text": "years old I decided I didn't want to be"}, {"end": "00:40:24", "start": "00:40:21", "text": "a nerd anymore"}, {"end": "00:40:26", "start": "00:40:22", "text": "which was a mistake"}, {"end": "00:40:30", "start": "00:40:24", "text": "because"}, {"end": "00:40:33", "start": "00:40:26", "text": "now I realize it's pretty awesome"}, {"end": "00:40:34", "start": "00:40:30", "text": "in 1999 I joined the Marines"}, {"end": "00:40:36", "start": "00:40:33", "text": "I was originally with the engineering"}, {"end": "00:40:38", "start": "00:40:34", "text": "unit"}, {"end": "00:40:40", "start": "00:40:36", "text": "2005 I went over to Afghanistan I was"}, {"end": "00:40:41", "start": "00:40:38", "text": "mostly working with the Afghan National"}, {"end": "00:40:45", "start": "00:40:40", "text": "Army"}, {"end": "00:40:45", "start": "00:40:41", "text": "changed me a lot as a person"}, {"end": "00:40:49", "start": "00:40:45", "text": "I've always been interested in economics"}, {"end": "00:40:50", "start": "00:40:47", "text": "and finance and technology and"}, {"end": "00:40:53", "start": "00:40:49", "text": "cryptography"}, {"end": "00:40:55", "start": "00:40:50", "text": "I was on a cryptography Forum somebody I"}, {"end": "00:40:56", "start": "00:40:53", "text": "never met it was anonymously in this"}, {"end": "00:40:59", "start": "00:40:55", "text": "forum that I was chatting with sent me"}, {"end": "00:41:00", "start": "00:40:56", "text": "10 000 Bitcoins just as a way to test"}, {"end": "00:41:01", "start": "00:40:59", "text": "the system out and see how it worked and"}, {"end": "00:41:03", "start": "00:41:00", "text": "I got them and I'm like well that's cool"}, {"end": "00:41:03", "start": "00:41:01", "text": "but uh what can I do with him and he"}, {"end": "00:41:06", "start": "00:41:03", "text": "said"}, {"end": "00:41:08", "start": "00:41:03", "text": "well nothing yet but uh if people"}, {"end": "00:41:10", "start": "00:41:06", "text": "believe it has value it will"}, {"end": "00:41:12", "start": "00:41:08", "text": "at the time there was really only one"}, {"end": "00:41:14", "start": "00:41:10", "text": "Bitcoin exchange it was Mount gox I said"}, {"end": "00:41:15", "start": "00:41:12", "text": "we need an alternative who cares if the"}, {"end": "00:41:17", "start": "00:41:14", "text": "technology is decentralized and the"}, {"end": "00:41:19", "start": "00:41:15", "text": "method of transfer is decentralized and"}, {"end": "00:41:21", "start": "00:41:17", "text": "the people are decentralized if all the"}, {"end": "00:41:23", "start": "00:41:19", "text": "trades are in the same location"}, {"end": "00:41:24", "start": "00:41:21", "text": "I thought that building another exchange"}, {"end": "00:41:27", "start": "00:41:23", "text": "that gave more people access to bitcoin"}, {"end": "00:41:29", "start": "00:41:24", "text": "would be a key part of bitcoin's growth"}, {"end": "00:41:31", "start": "00:41:27", "text": "the day we launched we got a quarter"}, {"end": "00:41:33", "start": "00:41:29", "text": "million dollars in from user deposits"}, {"end": "00:41:36", "start": "00:41:31", "text": "and we said like oh [\u00a0__\u00a0] this is this is"}, {"end": "00:41:36", "start": "00:41:33", "text": "real"}, {"end": "00:41:44", "start": "00:41:40", "text": "we're all fans of The Big Lebowski so"}, {"end": "00:41:46", "start": "00:41:41", "text": "we're going to have a Big Lebowski party"}, {"end": "00:41:48", "start": "00:41:44", "text": "nice"}, {"end": "00:41:51", "start": "00:41:46", "text": "this is uh"}, {"end": "00:41:53", "start": "00:41:48", "text": "very exciting day"}, {"end": "00:41:56", "start": "00:41:51", "text": "30 gallons of white russian and hallway"}, {"end": "00:41:56", "start": "00:41:53", "text": "bowling"}, {"end": "00:42:06", "start": "00:41:58", "text": "we work hard but we party hard too okay"}, {"end": "00:42:06", "start": "00:42:01", "text": "okay I'm good I'm good I'm Not Dead"}, {"end": "00:42:17", "start": "00:42:10", "text": "yeah I'm the first one in the house"}, {"end": "00:42:19", "start": "00:42:13", "text": "that opened the trade Hill account"}, {"end": "00:42:20", "start": "00:42:17", "text": "it took me a long time to visit by the"}, {"end": "00:42:22", "start": "00:42:19", "text": "Bitcoins because it was at the moment"}, {"end": "00:42:24", "start": "00:42:20", "text": "where everything was going really really"}, {"end": "00:42:27", "start": "00:42:22", "text": "you know ballistics"}, {"end": "00:42:28", "start": "00:42:24", "text": "Bitcoins all the time and it was hard to"}, {"end": "00:42:31", "start": "00:42:27", "text": "buy it and it took me like 10 days to"}, {"end": "00:42:33", "start": "00:42:28", "text": "get my Bitcoins from my European bank I"}, {"end": "00:42:35", "start": "00:42:31", "text": "got my Euros over here to open a 10K"}, {"end": "00:42:38", "start": "00:42:33", "text": "account with trade hell at the moment"}, {"end": "00:42:40", "start": "00:42:35", "text": "where they where they were 255 dollars a"}, {"end": "00:42:43", "start": "00:42:38", "text": "Bitcoin"}, {"end": "00:42:45", "start": "00:42:40", "text": "and within one hour they start Plumbing"}, {"end": "00:42:48", "start": "00:42:43", "text": "down and the same day they went down to"}, {"end": "00:42:50", "start": "00:42:45", "text": "99 65 or something or ninety dollars uh"}, {"end": "00:42:54", "start": "00:42:48", "text": "Bitcoin hey stop smiling"}, {"end": "00:42:54", "start": "00:42:50", "text": "[Laughter]"}, {"end": "00:43:05", "start": "00:43:01", "text": "straight out round two we optimized for"}, {"end": "00:43:07", "start": "00:43:03", "text": "Success we launched expecting to have to"}, {"end": "00:43:08", "start": "00:43:05", "text": "do hundreds of thousands of transactions"}, {"end": "00:43:11", "start": "00:43:07", "text": "a second"}, {"end": "00:43:12", "start": "00:43:08", "text": "right now we've got about 15 people in"}, {"end": "00:43:14", "start": "00:43:11", "text": "addition to that we've got about eight"}, {"end": "00:43:16", "start": "00:43:12", "text": "attorneys externally"}, {"end": "00:43:17", "start": "00:43:14", "text": "a lot of people are depositing dollars a"}, {"end": "00:43:19", "start": "00:43:16", "text": "lot of people are passing Bitcoin we're"}, {"end": "00:43:21", "start": "00:43:17", "text": "getting more trading we're pushing that"}, {"end": "00:43:22", "start": "00:43:19", "text": "from the business perspective also we're"}, {"end": "00:43:24", "start": "00:43:21", "text": "talking to people who want to do more"}, {"end": "00:43:26", "start": "00:43:22", "text": "automated trading on our platform get"}, {"end": "00:43:28", "start": "00:43:24", "text": "robots trading against each other"}, {"end": "00:43:30", "start": "00:43:26", "text": "we've stress tested this and we can"}, {"end": "00:43:33", "start": "00:43:28", "text": "handle you know about"}, {"end": "00:43:34", "start": "00:43:30", "text": "500 times as much volume as Mount gox"}, {"end": "00:43:39", "start": "00:43:33", "text": "was seeing so we'll see what happens"}, {"end": "00:43:42", "start": "00:43:34", "text": "here the interest in US is pretty crazy"}, {"end": "00:43:44", "start": "00:43:39", "text": "just the news with Bitcoin has really"}, {"end": "00:43:46", "start": "00:43:42", "text": "kind of validated everything now people"}, {"end": "00:43:47", "start": "00:43:44", "text": "are like oh you're not this crazy person"}, {"end": "00:43:49", "start": "00:43:46", "text": "talking about some digital made-up"}, {"end": "00:43:51", "start": "00:43:47", "text": "currency it's like oh I've read about it"}, {"end": "00:43:54", "start": "00:43:49", "text": "in the Wall Street Journal the New York"}, {"end": "00:43:56", "start": "00:43:51", "text": "Times it's real we had an investor come"}, {"end": "00:43:58", "start": "00:43:54", "text": "in and he said hey I really appreciate"}, {"end": "00:43:59", "start": "00:43:56", "text": "your Scrappy nature and how you're"}, {"end": "00:44:01", "start": "00:43:58", "text": "hustling but I think it's time for you"}, {"end": "00:44:03", "start": "00:43:59", "text": "guys to spend 30 grand a month on rent"}, {"end": "00:44:05", "start": "00:44:01", "text": "when you have you know"}, {"end": "00:44:06", "start": "00:44:03", "text": "billionaire client they want to come"}, {"end": "00:44:08", "start": "00:44:05", "text": "check out your office before they send"}, {"end": "00:44:10", "start": "00:44:06", "text": "you a multi-million dollar wire"}, {"end": "00:44:12", "start": "00:44:08", "text": "asking them to walk past pawn shops is"}, {"end": "00:44:16", "start": "00:44:10", "text": "not always the right field"}, {"end": "00:44:17", "start": "00:44:12", "text": "[Music]"}, {"end": "00:44:19", "start": "00:44:16", "text": "so we're leaving the mission we're"}, {"end": "00:44:21", "start": "00:44:17", "text": "driving into Soma right now we're going"}, {"end": "00:44:23", "start": "00:44:19", "text": "to go take a look at what may be our new"}, {"end": "00:44:25", "start": "00:44:21", "text": "office space"}, {"end": "00:44:30", "start": "00:44:23", "text": "pretty prestigious address one market"}, {"end": "00:44:30", "start": "00:44:25", "text": "[Music]"}, {"end": "00:44:35", "start": "00:44:31", "text": "right now we're trying to forge this"}, {"end": "00:44:37", "start": "00:44:33", "text": "path and we're trying to comply with"}, {"end": "00:44:39", "start": "00:44:35", "text": "existing laws that anticipate future"}, {"end": "00:44:41", "start": "00:44:37", "text": "laws which is extremely expensive and"}, {"end": "00:44:44", "start": "00:44:39", "text": "extremely difficult is there parking"}, {"end": "00:44:47", "start": "00:44:41", "text": "here yes okay is that included with no"}, {"end": "00:44:48", "start": "00:44:44", "text": "of course absolutely right what is that"}, {"end": "00:44:52", "start": "00:44:47", "text": "how much how much does uh how much does"}, {"end": "00:44:56", "start": "00:44:48", "text": "that cost from 450 to 600"}, {"end": "00:44:56", "start": "00:44:52", "text": "it's not terrible whoa"}, {"end": "00:45:02", "start": "00:44:57", "text": "that's pretty sexy"}, {"end": "00:45:05", "start": "00:44:59", "text": "Twitter was here for over a year yeah"}, {"end": "00:45:07", "start": "00:45:02", "text": "Amazon comes and go every single year I"}, {"end": "00:45:09", "start": "00:45:05", "text": "have nice he said I have JCPenney all"}, {"end": "00:45:11", "start": "00:45:07", "text": "the big ones they come over they are"}, {"end": "00:45:11", "start": "00:45:09", "text": "part of the club"}, {"end": "00:45:20", "start": "00:45:15", "text": "sounds good we'll be here tomorrow thank"}, {"end": "00:45:22", "start": "00:45:18", "text": "you appreciate it thanks so much"}, {"end": "00:45:24", "start": "00:45:20", "text": "we're moving tomorrow just like just"}, {"end": "00:45:26", "start": "00:45:22", "text": "like that huh just like that that's how"}, {"end": "00:45:27", "start": "00:45:24", "text": "we roll pretty surprising that that deal"}, {"end": "00:45:28", "start": "00:45:26", "text": "just happened so quickly what was it you"}, {"end": "00:45:30", "start": "00:45:27", "text": "just like the space and you said hey"}, {"end": "00:45:32", "start": "00:45:28", "text": "there's no point in Waiting we'd like"}, {"end": "00:45:33", "start": "00:45:30", "text": "the space we like the address"}, {"end": "00:45:34", "start": "00:45:32", "text": "we don't have the time to spend either"}, {"end": "00:45:35", "start": "00:45:33", "text": "we had all kinds of important stuff"}, {"end": "00:45:37", "start": "00:45:34", "text": "we're working on and you know if we"}, {"end": "00:45:40", "start": "00:45:35", "text": "spend a week trying to find an office"}, {"end": "00:45:43", "start": "00:45:37", "text": "and he and I put 20 hours in 250 hours"}, {"end": "00:45:46", "start": "00:45:40", "text": "until it's a huge waste of time"}, {"end": "00:45:46", "start": "00:45:43", "text": "[Music]"}, {"end": "00:46:03", "start": "00:45:53", "text": "[Music]"}, {"end": "00:46:07", "start": "00:46:00", "text": "I thought they'd be in multiple bags"}, {"end": "00:46:07", "start": "00:46:03", "text": "rather than one big one but hey"}, {"end": "00:46:11", "start": "00:46:07", "text": "foreign"}, {"end": "00:46:13", "start": "00:46:09", "text": "[Music]"}, {"end": "00:46:15", "start": "00:46:11", "text": "I believe that Bitcoin will do to the"}, {"end": "00:46:17", "start": "00:46:13", "text": "banking industry what email did to The"}, {"end": "00:46:19", "start": "00:46:15", "text": "Postal Service"}, {"end": "00:46:21", "start": "00:46:17", "text": "it didn't make it irrelevant"}, {"end": "00:46:24", "start": "00:46:19", "text": "what has forced the post office to do is"}, {"end": "00:46:26", "start": "00:46:21", "text": "concentrate on their strengths and less"}, {"end": "00:46:28", "start": "00:46:24", "text": "so on their weaknesses"}, {"end": "00:46:31", "start": "00:46:26", "text": "Mike Caldwell is the creator of physical"}, {"end": "00:46:33", "start": "00:46:28", "text": "Bitcoins known as cassatious coins"}, {"end": "00:46:35", "start": "00:46:31", "text": "that are often featured in mainstream"}, {"end": "00:46:38", "start": "00:46:33", "text": "media coverage of Bitcoin"}, {"end": "00:46:40", "start": "00:46:35", "text": "they're a novelty item Collectibles that"}, {"end": "00:46:42", "start": "00:46:38", "text": "basically act as physical carriers for"}, {"end": "00:46:46", "start": "00:46:40", "text": "Bitcoins but they do something very"}, {"end": "00:46:49", "start": "00:46:42", "text": "important they give Bitcoin a face"}, {"end": "00:46:49", "start": "00:46:46", "text": "come on in"}, {"end": "00:46:54", "start": "00:46:50", "text": "sorry the kids are sleeping so I'm just"}, {"end": "00:46:54", "start": "00:46:52", "text": "being quiet"}, {"end": "00:46:59", "start": "00:46:55", "text": "each coin has its own Bitcoin address"}, {"end": "00:47:02", "start": "00:46:57", "text": "and the private key required to spend it"}, {"end": "00:47:04", "start": "00:46:59", "text": "is hidden underneath the Hologram this"}, {"end": "00:47:05", "start": "00:47:02", "text": "is where you make the physical Bitcoin"}, {"end": "00:47:07", "start": "00:47:04", "text": "yeah"}, {"end": "00:47:09", "start": "00:47:05", "text": "it's random smattering of things but"}, {"end": "00:47:10", "start": "00:47:07", "text": "pretty careful about the way I managed"}, {"end": "00:47:12", "start": "00:47:09", "text": "you know the"}, {"end": "00:47:13", "start": "00:47:10", "text": "basically this is the credential so this"}, {"end": "00:47:15", "start": "00:47:12", "text": "is the"}, {"end": "00:47:16", "start": "00:47:13", "text": "hologram and the private keys I'm pretty"}, {"end": "00:47:19", "start": "00:47:15", "text": "careful about those and don't keep them"}, {"end": "00:47:20", "start": "00:47:16", "text": "here I normally do them on this mirror"}, {"end": "00:47:23", "start": "00:47:19", "text": "because that helps you know get the"}, {"end": "00:47:25", "start": "00:47:20", "text": "fronts and backs right"}, {"end": "00:47:28", "start": "00:47:23", "text": "there's so many things that cryptography"}, {"end": "00:47:30", "start": "00:47:25", "text": "can do for us that if the world just"}, {"end": "00:47:33", "start": "00:47:28", "text": "knew so many social problems could be"}, {"end": "00:47:36", "start": "00:47:30", "text": "solved cryptography"}, {"end": "00:47:38", "start": "00:47:33", "text": "can bring fairness to elections"}, {"end": "00:47:40", "start": "00:47:36", "text": "it's too difficult for people to"}, {"end": "00:47:42", "start": "00:47:38", "text": "understand and someone needs to bridge"}, {"end": "00:47:44", "start": "00:47:40", "text": "the gap"}, {"end": "00:47:45", "start": "00:47:42", "text": "right now we're using Bitcoin to send"}, {"end": "00:47:47", "start": "00:47:44", "text": "money"}, {"end": "00:47:48", "start": "00:47:45", "text": "but many believe it will revolutionize"}, {"end": "00:47:51", "start": "00:47:47", "text": "much more"}, {"end": "00:47:53", "start": "00:47:48", "text": "the technology behind Bitcoin can be"}, {"end": "00:47:56", "start": "00:47:51", "text": "used to build decentralized systems with"}, {"end": "00:47:59", "start": "00:47:53", "text": "rules that can't be cheated"}, {"end": "00:47:59", "start": "00:47:56", "text": "foreign"}, {"end": "00:48:07", "start": "00:48:02", "text": "my space this is you know awesome it is"}, {"end": "00:48:09", "start": "00:48:06", "text": "what it is"}, {"end": "00:48:10", "start": "00:48:07", "text": "the more time goes by the more"}, {"end": "00:48:12", "start": "00:48:09", "text": "legitimate Bitcoin gets and the more"}, {"end": "00:48:14", "start": "00:48:10", "text": "proud I am to be associated with it and"}, {"end": "00:48:17", "start": "00:48:12", "text": "now what does your wife do"}, {"end": "00:48:18", "start": "00:48:14", "text": "she does crafts she's a lot like me we"}, {"end": "00:48:21", "start": "00:48:17", "text": "just sit around and make things all day"}, {"end": "00:48:23", "start": "00:48:18", "text": "it's just our obsession"}, {"end": "00:48:25", "start": "00:48:21", "text": "no I'm not a drug dealer no I'm not a"}, {"end": "00:48:27", "start": "00:48:23", "text": "criminal no I'm not a terrorist I"}, {"end": "00:48:29", "start": "00:48:25", "text": "believe in the rule of law I believe in"}, {"end": "00:48:32", "start": "00:48:27", "text": "structure that builds Society I believe"}, {"end": "00:48:34", "start": "00:48:29", "text": "in families I believe in corporations I"}, {"end": "00:48:37", "start": "00:48:32", "text": "believe in all the essential elements"}, {"end": "00:48:39", "start": "00:48:34", "text": "that a civilize Society with Law and"}, {"end": "00:48:43", "start": "00:48:37", "text": "Order need to be able to function"}, {"end": "00:48:43", "start": "00:48:39", "text": "focal length matters"}, {"end": "00:48:48", "start": "00:48:43", "text": "cryptography is the basis for us being"}, {"end": "00:48:51", "start": "00:48:46", "text": "able to implement the values we say we"}, {"end": "00:48:51", "start": "00:48:48", "text": "believe in"}, {"end": "00:48:57", "start": "00:48:52", "text": "this idea will never die"}, {"end": "00:48:59", "start": "00:48:55", "text": "the technology that Bitcoin brought to"}, {"end": "00:49:01", "start": "00:48:57", "text": "the Forefront the genie is out of the"}, {"end": "00:49:01", "start": "00:48:59", "text": "bottle"}, {"end": "00:49:13", "start": "00:49:03", "text": "[Music]"}, {"end": "00:49:16", "start": "00:49:10", "text": "since the crash the Bitcoin price has"}, {"end": "00:49:18", "start": "00:49:13", "text": "been hovering around a hundred dollars"}, {"end": "00:49:19", "start": "00:49:16", "text": "Bitcoin seemed to have weathered the"}, {"end": "00:49:21", "start": "00:49:18", "text": "storm"}, {"end": "00:49:23", "start": "00:49:19", "text": "but there's still much controversy"}, {"end": "00:49:25", "start": "00:49:21", "text": "surrounding the currency"}, {"end": "00:49:26", "start": "00:49:23", "text": "the same cryptography that ensures the"}, {"end": "00:49:30", "start": "00:49:25", "text": "user's privacy"}, {"end": "00:49:30", "start": "00:49:26", "text": "also allows it to be used anonymously"}, {"end": "00:49:34", "start": "00:49:31", "text": "[Music]"}, {"end": "00:49:43", "start": "00:49:37", "text": "my father decided to retire and he had"}, {"end": "00:49:44", "start": "00:49:40", "text": "an old failing print shop I basically"}, {"end": "00:49:46", "start": "00:49:43", "text": "took it over and I converted into an"}, {"end": "00:49:48", "start": "00:49:44", "text": "internet place"}, {"end": "00:49:51", "start": "00:49:46", "text": "we're the only place in La that supports"}, {"end": "00:49:51", "start": "00:49:48", "text": "Bitcoin right now"}, {"end": "00:50:00", "start": "00:49:55", "text": "this is my Linux system here"}, {"end": "00:50:01", "start": "00:49:58", "text": "it's a system that also mines for"}, {"end": "00:50:03", "start": "00:50:00", "text": "Bitcoins"}, {"end": "00:50:05", "start": "00:50:01", "text": "makes about a dollar a day I just do it"}, {"end": "00:50:07", "start": "00:50:03", "text": "for fun"}, {"end": "00:50:10", "start": "00:50:05", "text": "like I was really really into the"}, {"end": "00:50:12", "start": "00:50:07", "text": "internet like literally in 1990 1991"}, {"end": "00:50:14", "start": "00:50:10", "text": "1992 and I had the hardest time"}, {"end": "00:50:16", "start": "00:50:12", "text": "describing what the internet was to"}, {"end": "00:50:18", "start": "00:50:14", "text": "people I was tell people well it's like"}, {"end": "00:50:21", "start": "00:50:16", "text": "this network of computers and the"}, {"end": "00:50:22", "start": "00:50:18", "text": "network of computers can talk with other"}, {"end": "00:50:24", "start": "00:50:21", "text": "networks of computers and then you can"}, {"end": "00:50:27", "start": "00:50:22", "text": "exchange information and like people"}, {"end": "00:50:29", "start": "00:50:24", "text": "would have no idea what it was"}, {"end": "00:50:31", "start": "00:50:27", "text": "when people ask me what Bitcoin is I"}, {"end": "00:50:34", "start": "00:50:29", "text": "have the hardest time describing what it"}, {"end": "00:50:38", "start": "00:50:31", "text": "is and I'd surmise it as it's basically"}, {"end": "00:50:39", "start": "00:50:34", "text": "money it's basically an anonymous PayPal"}, {"end": "00:50:42", "start": "00:50:38", "text": "it's one of those things that you have"}, {"end": "00:50:42", "start": "00:50:39", "text": "to use before you understand"}, {"end": "00:50:47", "start": "00:50:43", "text": "politically I'm not a very big fan of"}, {"end": "00:50:50", "start": "00:50:45", "text": "either the banks or Federal Reserve and"}, {"end": "00:50:51", "start": "00:50:47", "text": "Bitcoin allows me to get around that one"}, {"end": "00:50:54", "start": "00:50:50", "text": "of the programs we support is a protocol"}, {"end": "00:50:56", "start": "00:50:51", "text": "called Tor and basically what Tor does"}, {"end": "00:50:58", "start": "00:50:54", "text": "is it allows you to communicate to a"}, {"end": "00:51:00", "start": "00:50:56", "text": "website anonymously Tor is a program"}, {"end": "00:51:03", "start": "00:50:58", "text": "that allows you to get on a Silk Road"}, {"end": "00:51:05", "start": "00:51:00", "text": "and this is Silk Road"}, {"end": "00:51:07", "start": "00:51:03", "text": "basically any drug you want is available"}, {"end": "00:51:10", "start": "00:51:05", "text": "there's a lot of weed there's a lot of"}, {"end": "00:51:11", "start": "00:51:07", "text": "cocaine there's a lot of Ecstasy but"}, {"end": "00:51:14", "start": "00:51:10", "text": "there's also unusual drugs like if you"}, {"end": "00:51:16", "start": "00:51:11", "text": "want some sort of anabolic steroid you"}, {"end": "00:51:17", "start": "00:51:14", "text": "can type steroid you'll get all the"}, {"end": "00:51:20", "start": "00:51:16", "text": "different types of steroids that are"}, {"end": "00:51:22", "start": "00:51:17", "text": "available Silk Road itself is not"}, {"end": "00:51:24", "start": "00:51:20", "text": "selling the drugs this is basically a"}, {"end": "00:51:26", "start": "00:51:22", "text": "Matchmaker between buyer and seller both"}, {"end": "00:51:27", "start": "00:51:24", "text": "the buyer and seller don't know each"}, {"end": "00:51:30", "start": "00:51:26", "text": "other both the buyer and seller are"}, {"end": "00:51:32", "start": "00:51:27", "text": "Anonymous it goes on this web of trust"}, {"end": "00:51:36", "start": "00:51:30", "text": "if you want to let's say buy this"}, {"end": "00:51:36", "start": "00:51:32", "text": "testosterone you click on this"}, {"end": "00:51:41", "start": "00:51:36", "text": "he has a 99.3 positive feedback from"}, {"end": "00:51:43", "start": "00:51:39", "text": "more than 300 transactions so even"}, {"end": "00:51:46", "start": "00:51:41", "text": "though the contracts aren't enforceable"}, {"end": "00:51:49", "start": "00:51:43", "text": "by law the reputation system makes it so"}, {"end": "00:51:50", "start": "00:51:46", "text": "that the the system works pretty well"}, {"end": "00:51:52", "start": "00:51:49", "text": "oh there's a fireworks section now I"}, {"end": "00:51:54", "start": "00:51:50", "text": "didn't know that"}, {"end": "00:51:57", "start": "00:51:52", "text": "Florida ID"}, {"end": "00:52:00", "start": "00:51:54", "text": "1.88 Bitcoins which is around 150"}, {"end": "00:52:02", "start": "00:51:57", "text": "something like that"}, {"end": "00:52:04", "start": "00:52:00", "text": "a forged auto insurance card"}, {"end": "00:52:08", "start": "00:52:02", "text": "forged passport"}, {"end": "00:52:10", "start": "00:52:04", "text": "there was over 9 000 entries for drugs"}, {"end": "00:52:10", "start": "00:52:08", "text": "that's a lot"}, {"end": "00:52:14", "start": "00:52:11", "text": "I would say there's around maybe five"}, {"end": "00:52:15", "start": "00:52:12", "text": "customers that know about it and use it"}, {"end": "00:52:17", "start": "00:52:14", "text": "it's it's a very small percentage of the"}, {"end": "00:52:19", "start": "00:52:15", "text": "people that come in but the people who"}, {"end": "00:52:21", "start": "00:52:17", "text": "do know about it specifically come here"}, {"end": "00:52:21", "start": "00:52:19", "text": "to use it"}, {"end": "00:52:27", "start": "00:52:23", "text": "what the customers do with the computers"}, {"end": "00:52:29", "start": "00:52:24", "text": "is pretty much their business"}, {"end": "00:52:31", "start": "00:52:27", "text": "in that day in the office"}, {"end": "00:52:33", "start": "00:52:29", "text": "if you're going to do drug dealing of"}, {"end": "00:52:35", "start": "00:52:31", "text": "any sort Silk Road is the place to go"}, {"end": "00:52:36", "start": "00:52:33", "text": "how many people are selling cannabis"}, {"end": "00:52:39", "start": "00:52:35", "text": "right now"}, {"end": "00:52:42", "start": "00:52:36", "text": "it looks like 2011 people are selling"}, {"end": "00:52:44", "start": "00:52:39", "text": "calories they call me Mr Bitcoin"}, {"end": "00:52:45", "start": "00:52:42", "text": "I've probably been getting dressed"}, {"end": "00:52:47", "start": "00:52:44", "text": "because I was like 17."}, {"end": "00:52:50", "start": "00:52:45", "text": "[Music]"}, {"end": "00:52:52", "start": "00:52:47", "text": "right now I'm 26."}, {"end": "00:52:54", "start": "00:52:50", "text": "I think it's as a global thing when I'm"}, {"end": "00:52:55", "start": "00:52:52", "text": "on the computer I'm doing business with"}, {"end": "00:52:57", "start": "00:52:54", "text": "the world"}, {"end": "00:53:01", "start": "00:52:55", "text": "let's see they have blue dreams our"}, {"end": "00:53:04", "start": "00:52:57", "text": "diesel pineapple Thai Purple Kush Girl"}, {"end": "00:53:05", "start": "00:53:01", "text": "Scout cookies Purple Haze when I first"}, {"end": "00:53:07", "start": "00:53:04", "text": "heard about it I was laughing about it"}, {"end": "00:53:09", "start": "00:53:05", "text": "it took me a week to just even think"}, {"end": "00:53:11", "start": "00:53:07", "text": "about this for real like I can really"}, {"end": "00:53:12", "start": "00:53:09", "text": "make money off of Internet selling this"}, {"end": "00:53:14", "start": "00:53:11", "text": "type of stuff I mean are you sure about"}, {"end": "00:53:16", "start": "00:53:12", "text": "that"}, {"end": "00:53:17", "start": "00:53:14", "text": "it's something I probably may buy right"}, {"end": "00:53:20", "start": "00:53:16", "text": "here"}, {"end": "00:53:21", "start": "00:53:17", "text": "it has a little like some good kush"}, {"end": "00:53:22", "start": "00:53:20", "text": "and some of these things only take like"}, {"end": "00:53:24", "start": "00:53:21", "text": "a day to get here"}, {"end": "00:53:26", "start": "00:53:22", "text": "with no harassment from nobody instead"}, {"end": "00:53:28", "start": "00:53:24", "text": "of just being on the streets once you"}, {"end": "00:53:29", "start": "00:53:26", "text": "get the hang of it it's actually kind of"}, {"end": "00:53:31", "start": "00:53:28", "text": "fun just looking through different"}, {"end": "00:53:31", "start": "00:53:29", "text": "things"}, {"end": "00:53:35", "start": "00:53:31", "text": "Mr Bitcoin I'm running with it I like"}, {"end": "00:53:37", "start": "00:53:33", "text": "the name you know what I mean I'm not"}, {"end": "00:53:38", "start": "00:53:35", "text": "gonna lie I get booty off this I kind of"}, {"end": "00:53:40", "start": "00:53:37", "text": "like talking about this stuff with girls"}, {"end": "00:53:43", "start": "00:53:38", "text": "like girls like that [\u00a0__\u00a0] hot and like"}, {"end": "00:53:46", "start": "00:53:40", "text": "you're not on your street and you got a"}, {"end": "00:53:48", "start": "00:53:43", "text": "little nerd knowledge this is great"}, {"end": "00:53:52", "start": "00:53:46", "text": "I have like a lot of Bitcoin saved up"}, {"end": "00:53:53", "start": "00:53:48", "text": "already my business is doing good it's a"}, {"end": "00:53:55", "start": "00:53:52", "text": "fun way of doing hustling these days"}, {"end": "00:53:59", "start": "00:53:53", "text": "like the future brung a different way to"}, {"end": "00:53:59", "start": "00:53:55", "text": "hustle and I like it"}, {"end": "00:54:09", "start": "00:54:03", "text": "[Music]"}, {"end": "00:54:15", "start": "00:54:10", "text": "with so many people using Bitcoin in so"}, {"end": "00:54:19", "start": "00:54:13", "text": "many different ways it's becoming"}, {"end": "00:54:19", "start": "00:54:15", "text": "apparent that it can't be ignored"}, {"end": "00:54:26", "start": "00:54:19", "text": "foreign"}, {"end": "00:54:26", "start": "00:54:21", "text": "[Music]"}, {"end": "00:54:30", "start": "00:54:27", "text": "a bureau of the U.S department of the"}, {"end": "00:54:32", "start": "00:54:29", "text": "treasury"}, {"end": "00:54:34", "start": "00:54:30", "text": "despite having released guidance on"}, {"end": "00:54:36", "start": "00:54:32", "text": "Virtual currencies there's still a lot"}, {"end": "00:54:38", "start": "00:54:34", "text": "of uncertainty surrounding their outlook"}, {"end": "00:54:40", "start": "00:54:36", "text": "on the future of Bitcoin regulation"}, {"end": "00:54:42", "start": "00:54:38", "text": "straight ahead in the big fish bowl"}, {"end": "00:54:46", "start": "00:54:40", "text": "looking okay great"}, {"end": "00:54:47", "start": "00:54:42", "text": "[Music]"}, {"end": "00:54:49", "start": "00:54:46", "text": "I'm not going to say what you're going"}, {"end": "00:54:49", "start": "00:54:47", "text": "to have every answer for you today but"}, {"end": "00:54:50", "start": "00:54:49", "text": "the"}, {"end": "00:54:54", "start": "00:54:49", "text": "um"}, {"end": "00:54:54", "start": "00:54:50", "text": "I mean what I do want to say is the"}, {"end": "00:54:57", "start": "00:54:54", "text": "you know we didn't want to shut down"}, {"end": "00:54:58", "start": "00:54:56", "text": "Bitcoin"}, {"end": "00:55:00", "start": "00:54:57", "text": "um you know we didn't want to attack"}, {"end": "00:55:03", "start": "00:54:58", "text": "Bitcoin we think"}, {"end": "00:55:06", "start": "00:55:00", "text": "there's a lot of"}, {"end": "00:55:08", "start": "00:55:03", "text": "social benefit to you know kind of had"}, {"end": "00:55:09", "start": "00:55:06", "text": "the Google alert on my computer for"}, {"end": "00:55:11", "start": "00:55:08", "text": "Bitcoin and"}, {"end": "00:55:14", "start": "00:55:09", "text": "once a month once or twice a month"}, {"end": "00:55:16", "start": "00:55:11", "text": "something pop up but now it's five a day"}, {"end": "00:55:16", "start": "00:55:14", "text": "yeah"}, {"end": "00:55:23", "start": "00:55:18", "text": "Jennifer shasky Calvary came on board as"}, {"end": "00:55:26", "start": "00:55:21", "text": "fincen's director last year"}, {"end": "00:55:27", "start": "00:55:23", "text": "during her career she spent 15 years at"}, {"end": "00:55:29", "start": "00:55:26", "text": "the Department of Justice where she"}, {"end": "00:55:31", "start": "00:55:27", "text": "specialized in fighting money laundering"}, {"end": "00:55:33", "start": "00:55:29", "text": "and organized crime virtual currencies"}, {"end": "00:55:37", "start": "00:55:31", "text": "have been on my radar for a while even"}, {"end": "00:55:39", "start": "00:55:33", "text": "prior to coming to this position because"}, {"end": "00:55:42", "start": "00:55:37", "text": "of unfortunately the abuse of some of"}, {"end": "00:55:44", "start": "00:55:39", "text": "them Bitcoin on the other hand is one"}, {"end": "00:55:47", "start": "00:55:42", "text": "that really didn't come on my radar"}, {"end": "00:55:49", "start": "00:55:44", "text": "probably until I arrived at Vinson"}, {"end": "00:55:51", "start": "00:55:47", "text": "who you speak to the issuance of our"}, {"end": "00:55:52", "start": "00:55:49", "text": "guidance was either the best thing that"}, {"end": "00:55:55", "start": "00:55:51", "text": "ever happened to bitcoin or the worst"}, {"end": "00:55:57", "start": "00:55:52", "text": "thing that ever happened to bitcoin some"}, {"end": "00:55:59", "start": "00:55:55", "text": "accusing us of trying to kill Bitcoin"}, {"end": "00:56:01", "start": "00:55:57", "text": "and others saying that it somehow"}, {"end": "00:56:03", "start": "00:55:59", "text": "legitimized it of course neither of"}, {"end": "00:56:05", "start": "00:56:01", "text": "those things I think is is probably true"}, {"end": "00:56:08", "start": "00:56:03", "text": "and certainly neither of those things"}, {"end": "00:56:10", "start": "00:56:05", "text": "was our intent one of the clear lines is"}, {"end": "00:56:13", "start": "00:56:08", "text": "that if you're a consumer who's using"}, {"end": "00:56:15", "start": "00:56:10", "text": "Bitcoins to buy goods and services the"}, {"end": "00:56:17", "start": "00:56:13", "text": "guidance doesn't pertain to you we're"}, {"end": "00:56:20", "start": "00:56:15", "text": "focused more on the places where we"}, {"end": "00:56:21", "start": "00:56:17", "text": "think we have risks to the U.S financial"}, {"end": "00:56:23", "start": "00:56:20", "text": "system from money laundering and"}, {"end": "00:56:26", "start": "00:56:21", "text": "terrorist financing and I think that"}, {"end": "00:56:28", "start": "00:56:23", "text": "might be kind of a lot of the Bitcoin"}, {"end": "00:56:30", "start": "00:56:26", "text": "Community has a little bit of a fear"}, {"end": "00:56:32", "start": "00:56:28", "text": "that you know Bitcoin may be"}, {"end": "00:56:34", "start": "00:56:30", "text": "characterized in a way so as to tie it"}, {"end": "00:56:36", "start": "00:56:32", "text": "to some bad actor ruining it for"}, {"end": "00:56:37", "start": "00:56:34", "text": "everyone and when a lot of people that"}, {"end": "00:56:39", "start": "00:56:36", "text": "are interested in Bitcoin including"}, {"end": "00:56:41", "start": "00:56:37", "text": "myself see it as just you know this"}, {"end": "00:56:43", "start": "00:56:39", "text": "technology that we don't really don't"}, {"end": "00:56:46", "start": "00:56:41", "text": "want to see it you know falling into the"}, {"end": "00:56:48", "start": "00:56:43", "text": "wrong categorization of with all the"}, {"end": "00:56:52", "start": "00:56:46", "text": "potential that's there sure so that"}, {"end": "00:56:54", "start": "00:56:48", "text": "Innovation around Bitcoin and the"}, {"end": "00:56:56", "start": "00:56:52", "text": "virtual economy"}, {"end": "00:56:59", "start": "00:56:54", "text": "is is really one of the more interesting"}, {"end": "00:57:03", "start": "00:56:56", "text": "aspects I think of this story the idea"}, {"end": "00:57:05", "start": "00:56:59", "text": "that it can be used to potentially serve"}, {"end": "00:57:07", "start": "00:57:03", "text": "the unbanked out there just to provide"}, {"end": "00:57:09", "start": "00:57:05", "text": "some really new services that are"}, {"end": "00:57:12", "start": "00:57:07", "text": "convenient for consumers the flip side"}, {"end": "00:57:14", "start": "00:57:09", "text": "of it though is that to be a part of the"}, {"end": "00:57:16", "start": "00:57:12", "text": "financial system the U.S financial"}, {"end": "00:57:19", "start": "00:57:14", "text": "system the Global Financial system also"}, {"end": "00:57:21", "start": "00:57:16", "text": "comes with some responsibilities and"}, {"end": "00:57:24", "start": "00:57:19", "text": "those responsibilities include not"}, {"end": "00:57:30", "start": "00:57:21", "text": "allowing your institution to be used by"}, {"end": "00:57:30", "start": "00:57:24", "text": "criminals and by terrorists"}, {"end": "00:57:36", "start": "00:57:33", "text": "there's always been a concern that the"}, {"end": "00:57:39", "start": "00:57:35", "text": "government might try to Stamp Out"}, {"end": "00:57:39", "start": "00:57:36", "text": "Bitcoin"}, {"end": "00:57:44", "start": "00:57:39", "text": "but perhaps they see the risk of being"}, {"end": "00:57:44", "start": "00:57:41", "text": "left behind"}, {"end": "00:57:51", "start": "00:57:46", "text": "in May 2013 the biggest Gathering to"}, {"end": "00:57:53", "start": "00:57:49", "text": "date of Bitcoin enthusiasts and"}, {"end": "00:57:54", "start": "00:57:51", "text": "entrepreneurs happened in San Jose"}, {"end": "00:57:57", "start": "00:57:53", "text": "California"}, {"end": "00:57:58", "start": "00:57:54", "text": "we're at Bitcoin 2013. it's the"}, {"end": "00:57:59", "start": "00:57:57", "text": "inaugural Conference of the Bitcoin"}, {"end": "00:58:02", "start": "00:57:58", "text": "Foundation"}, {"end": "00:58:05", "start": "00:57:59", "text": "[Music]"}, {"end": "00:58:07", "start": "00:58:02", "text": "coin is worldwide and the vast majority"}, {"end": "00:58:08", "start": "00:58:05", "text": "of people haven't even heard of Bitcoin"}, {"end": "00:58:10", "start": "00:58:07", "text": "yet"}, {"end": "00:58:14", "start": "00:58:08", "text": "it's more powerful than every computer"}, {"end": "00:58:14", "start": "00:58:10", "text": "on the top 500 list combined"}, {"end": "00:58:19", "start": "00:58:14", "text": "it's an awfully big world uh an awful"}, {"end": "00:58:20", "start": "00:58:16", "text": "lot of things could happen really you"}, {"end": "00:58:23", "start": "00:58:19", "text": "know we've been on a roller coaster ride"}, {"end": "00:58:25", "start": "00:58:20", "text": "and I expect at least for the next few"}, {"end": "00:58:27", "start": "00:58:23", "text": "years we're going to remain on a roller"}, {"end": "00:58:29", "start": "00:58:25", "text": "coaster ride"}, {"end": "00:58:29", "start": "00:58:27", "text": "I happen to enjoy roller coasters I"}, {"end": "00:58:32", "start": "00:58:29", "text": "think they're fun"}, {"end": "00:58:34", "start": "00:58:29", "text": "[Applause]"}, {"end": "00:58:35", "start": "00:58:32", "text": "just a few weeks earlier Cameron and"}, {"end": "00:58:37", "start": "00:58:34", "text": "Tyler Winklevoss known for their"}, {"end": "00:58:39", "start": "00:58:35", "text": "involvement in Facebook announced that"}, {"end": "00:58:41", "start": "00:58:37", "text": "they own a one percent stake of all"}, {"end": "00:58:44", "start": "00:58:39", "text": "Bitcoins in existence worth around 11"}, {"end": "00:58:44", "start": "00:58:41", "text": "million dollars"}, {"end": "00:58:49", "start": "00:58:45", "text": "they also made a 1.5 million dollar"}, {"end": "00:58:52", "start": "00:58:47", "text": "investment in Charlie's company bid"}, {"end": "00:58:55", "start": "00:58:49", "text": "instant we started looking seriously at"}, {"end": "00:58:57", "start": "00:58:52", "text": "it at the end of last summer and started"}, {"end": "00:59:00", "start": "00:58:55", "text": "purchasing around that time I think a"}, {"end": "00:59:01", "start": "00:58:57", "text": "light bulb just went off and said wow"}, {"end": "00:59:03", "start": "00:59:00", "text": "like the implications of this could be"}, {"end": "00:59:04", "start": "00:59:01", "text": "enormous if everyone in the world can"}, {"end": "00:59:07", "start": "00:59:03", "text": "have a Bitcoin address and everyone in"}, {"end": "00:59:10", "start": "00:59:04", "text": "the world could be banked fairly quickly"}, {"end": "00:59:13", "start": "00:59:07", "text": "and when you consider that it's a very"}, {"end": "00:59:15", "start": "00:59:10", "text": "powerful idea and Bitcoin can make that"}, {"end": "00:59:16", "start": "00:59:13", "text": "happen we're going all over the world"}, {"end": "00:59:18", "start": "00:59:15", "text": "we're going to the UK we're going to"}, {"end": "00:59:21", "start": "00:59:16", "text": "Australia we're going to we're already"}, {"end": "00:59:23", "start": "00:59:18", "text": "in Russia we're going to South America"}, {"end": "00:59:26", "start": "00:59:21", "text": "we're already in Brazil now you can buy"}, {"end": "00:59:28", "start": "00:59:23", "text": "Bitcoin at any of our locations it's fun"}, {"end": "00:59:30", "start": "00:59:26", "text": "to think that Satoshi might be here too"}, {"end": "00:59:32", "start": "00:59:28", "text": "I always wonder if somebody is someone"}, {"end": "00:59:35", "start": "00:59:30", "text": "here somewhere is uh yes"}, {"end": "00:59:38", "start": "00:59:32", "text": "I was planning to hack security cameras"}, {"end": "00:59:40", "start": "00:59:35", "text": "for the of the hotel and try to trace"}, {"end": "00:59:42", "start": "00:59:38", "text": "the pattern of walk of some person who"}, {"end": "00:59:45", "start": "00:59:40", "text": "might be Satoshi"}, {"end": "00:59:47", "start": "00:59:42", "text": "what would he do what talks would he be"}, {"end": "00:59:49", "start": "00:59:45", "text": "attending you know"}, {"end": "00:59:51", "start": "00:59:47", "text": "we're seeing the Bitcoin players in the"}, {"end": "00:59:52", "start": "00:59:49", "text": "market meeting with the Venture"}, {"end": "00:59:55", "start": "00:59:51", "text": "capitalists and they're all beginning to"}, {"end": "00:59:56", "start": "00:59:52", "text": "posture and that's very exciting because"}, {"end": "00:59:58", "start": "00:59:55", "text": "it means that there's going to be a lot"}, {"end": "01:00:01", "start": "00:59:56", "text": "more infrastructure built out a lot more"}, {"end": "01:00:03", "start": "00:59:58", "text": "money flowing into the space and it's"}, {"end": "01:00:04", "start": "01:00:01", "text": "really going to be a big bull market for"}, {"end": "01:00:06", "start": "01:00:03", "text": "Bitcoin"}, {"end": "01:00:08", "start": "01:00:04", "text": "one of the companies best known for"}, {"end": "01:00:10", "start": "01:00:06", "text": "making Bitcoin accessible for Commerce"}, {"end": "01:00:12", "start": "01:00:08", "text": "is atlanta-based bitpay"}, {"end": "01:00:14", "start": "01:00:10", "text": "they're Pioneers in Bitcoin and provide"}, {"end": "01:00:16", "start": "01:00:12", "text": "a service that enables Merchants to"}, {"end": "01:00:18", "start": "01:00:14", "text": "accept Bitcoin payments without dealing"}, {"end": "01:00:21", "start": "01:00:16", "text": "with its complexities we have grown"}, {"end": "01:00:22", "start": "01:00:18", "text": "about about a factor of 10 since the"}, {"end": "01:00:23", "start": "01:00:21", "text": "beginning of the year we were doing"}, {"end": "01:00:25", "start": "01:00:22", "text": "about half a million dollars a month"}, {"end": "01:00:26", "start": "01:00:23", "text": "around the turn of the year and now"}, {"end": "01:00:28", "start": "01:00:25", "text": "we're doing about five million dollars a"}, {"end": "01:00:30", "start": "01:00:26", "text": "month this is people using Bitcoins to"}, {"end": "01:00:31", "start": "01:00:28", "text": "buy real goods and services they're not"}, {"end": "01:00:33", "start": "01:00:30", "text": "day trading they're not exchanging"}, {"end": "01:00:34", "start": "01:00:31", "text": "they're actually buying things I'm"}, {"end": "01:00:36", "start": "01:00:33", "text": "confident that Bitcoin is the most"}, {"end": "01:00:37", "start": "01:00:34", "text": "important invention in the entire"}, {"end": "01:00:40", "start": "01:00:36", "text": "history of the world since the internet"}, {"end": "01:00:43", "start": "01:00:37", "text": "Roger Vera is an investor in several"}, {"end": "01:00:45", "start": "01:00:40", "text": "early Bitcoin companies including bitpay"}, {"end": "01:00:48", "start": "01:00:43", "text": "his passion and enthusiasm has earned"}, {"end": "01:00:49", "start": "01:00:45", "text": "him the nickname Bitcoin Jesus it is"}, {"end": "01:00:51", "start": "01:00:48", "text": "going to change everything and all of"}, {"end": "01:00:52", "start": "01:00:49", "text": "you here in this room you're at the very"}, {"end": "01:00:56", "start": "01:00:51", "text": "very Forefront of that"}, {"end": "01:00:58", "start": "01:00:52", "text": "[Applause]"}, {"end": "01:01:01", "start": "01:00:56", "text": "Roger lives in Tokyo but travels the"}, {"end": "01:01:02", "start": "01:00:58", "text": "Earth spreading the good word of Bitcoin"}, {"end": "01:01:04", "start": "01:01:01", "text": "the last couple of days we've been"}, {"end": "01:01:05", "start": "01:01:02", "text": "setting up a business per day to accept"}, {"end": "01:01:07", "start": "01:01:04", "text": "Bitcoin here in the Bay Area today's"}, {"end": "01:01:10", "start": "01:01:05", "text": "business is going to be the Super kill"}, {"end": "01:01:12", "start": "01:01:07", "text": "po Korean supermarket so for you like"}, {"end": "01:01:13", "start": "01:01:10", "text": "you accept credit cards right now the"}, {"end": "01:01:15", "start": "01:01:12", "text": "credit card companies are charging you"}, {"end": "01:01:17", "start": "01:01:13", "text": "two or three percent for Bitcoin you can"}, {"end": "01:01:18", "start": "01:01:15", "text": "do the same thing but they'll only"}, {"end": "01:01:20", "start": "01:01:17", "text": "charge you one percent you'll still get"}, {"end": "01:01:21", "start": "01:01:18", "text": "dollars in your bank account if you want"}, {"end": "01:01:23", "start": "01:01:20", "text": "you can choose to split some of the"}, {"end": "01:01:25", "start": "01:01:21", "text": "payments that you receive into Bitcoins"}, {"end": "01:01:26", "start": "01:01:23", "text": "and then summon the dollars in whatever"}, {"end": "01:01:29", "start": "01:01:25", "text": "ratio you want so you can keep 99"}, {"end": "01:01:30", "start": "01:01:26", "text": "dollars and one percent of Bitcoin or 99"}, {"end": "01:01:34", "start": "01:01:29", "text": "in Bitcoin and one percent dollars"}, {"end": "01:01:36", "start": "01:01:30", "text": "however you want you can decide that"}, {"end": "01:01:38", "start": "01:01:34", "text": "Roger is describing the service provided"}, {"end": "01:01:40", "start": "01:01:36", "text": "by bitpay they take the volatility of"}, {"end": "01:01:42", "start": "01:01:38", "text": "bitcoin's price out of the equation for"}, {"end": "01:01:45", "start": "01:01:40", "text": "merchants by immediately converting"}, {"end": "01:01:46", "start": "01:01:42", "text": "Bitcoins to dollars at the time of sale"}, {"end": "01:01:48", "start": "01:01:45", "text": "so right now we have it set to 100"}, {"end": "01:01:50", "start": "01:01:46", "text": "dollars so anybody that pays here with"}, {"end": "01:01:51", "start": "01:01:48", "text": "Bitcoin they'll deposit the money into"}, {"end": "01:01:53", "start": "01:01:50", "text": "your bank account the very next day with"}, {"end": "01:01:54", "start": "01:01:51", "text": "only a one percent fee and I guarantee"}, {"end": "01:01:56", "start": "01:01:53", "text": "you over the next couple weeks you'll"}, {"end": "01:01:58", "start": "01:01:54", "text": "have lots of computer nerds that love"}, {"end": "01:01:59", "start": "01:01:56", "text": "Bitcoins will be coming in here"}, {"end": "01:02:02", "start": "01:01:58", "text": "specifically to shop at your Supermarket"}, {"end": "01:02:04", "start": "01:01:59", "text": "so that they can pay with Bitcoin"}, {"end": "01:02:07", "start": "01:02:02", "text": "the credit card companies just for"}, {"end": "01:02:08", "start": "01:02:04", "text": "processing the payment they take"}, {"end": "01:02:12", "start": "01:02:07", "text": "anywhere from"}, {"end": "01:02:14", "start": "01:02:08", "text": "1.5 percent to over three percent and"}, {"end": "01:02:16", "start": "01:02:12", "text": "then on certain cards there's even a per"}, {"end": "01:02:19", "start": "01:02:14", "text": "transaction fee like 20 cents per"}, {"end": "01:02:22", "start": "01:02:16", "text": "transaction plus the percentage of the"}, {"end": "01:02:24", "start": "01:02:19", "text": "transaction one two percent is Big we're"}, {"end": "01:02:26", "start": "01:02:22", "text": "talking about eleven twelve thousand"}, {"end": "01:02:28", "start": "01:02:24", "text": "dollars a month on the average that they"}, {"end": "01:02:30", "start": "01:02:26", "text": "just take right out of our account I"}, {"end": "01:02:31", "start": "01:02:28", "text": "honestly think that there's a really"}, {"end": "01:02:32", "start": "01:02:30", "text": "good chance that Bitcoin to be more than"}, {"end": "01:02:34", "start": "01:02:31", "text": "a thousand dollars by the end of the"}, {"end": "01:02:36", "start": "01:02:32", "text": "year because everybody who hears about"}, {"end": "01:02:38", "start": "01:02:34", "text": "wait I can send money to and from anyone"}, {"end": "01:02:40", "start": "01:02:36", "text": "I want it's impossible for anyone to"}, {"end": "01:02:41", "start": "01:02:38", "text": "freeze your account it's impossible for"}, {"end": "01:02:43", "start": "01:02:40", "text": "anyone to block you from sending or"}, {"end": "01:02:45", "start": "01:02:41", "text": "receiving these Bitcoins more polish"}, {"end": "01:02:47", "start": "01:02:43", "text": "Euro so you can see all these different"}, {"end": "01:02:48", "start": "01:02:45", "text": "currency exchanges around the world that"}, {"end": "01:02:49", "start": "01:02:47", "text": "exchange to and from Bitcoins and you"}, {"end": "01:02:52", "start": "01:02:48", "text": "can see there's I don't know maybe"}, {"end": "01:02:53", "start": "01:02:49", "text": "between 50 and 100 exchanges now when I"}, {"end": "01:02:54", "start": "01:02:52", "text": "first heard about Bitcoin and started"}, {"end": "01:02:56", "start": "01:02:53", "text": "telling everybody about it if you looked"}, {"end": "01:02:57", "start": "01:02:54", "text": "at that same page there were less than"}, {"end": "01:02:58", "start": "01:02:56", "text": "10."}, {"end": "01:03:00", "start": "01:02:57", "text": "and there's no central office that they"}, {"end": "01:03:01", "start": "01:02:58", "text": "could rate or anything like that there's"}, {"end": "01:03:03", "start": "01:03:00", "text": "no Central it's amazing there's no"}, {"end": "01:03:05", "start": "01:03:01", "text": "central office there's no central place"}, {"end": "01:03:06", "start": "01:03:03", "text": "they could go to and say take Steve's"}, {"end": "01:03:08", "start": "01:03:05", "text": "Bitcoins or give Steve's Bitcoins to"}, {"end": "01:03:10", "start": "01:03:06", "text": "Kevin or do this or do that that's the"}, {"end": "01:03:12", "start": "01:03:08", "text": "owner of Bitcoins"}, {"end": "01:03:13", "start": "01:03:10", "text": "everybody that owns Bitcoin yeah just"}, {"end": "01:03:15", "start": "01:03:12", "text": "like who's the owner of gold whoever"}, {"end": "01:03:16", "start": "01:03:13", "text": "whoever owns some gold"}, {"end": "01:03:18", "start": "01:03:15", "text": "short of shutting down the entire"}, {"end": "01:03:21", "start": "01:03:16", "text": "internet in the entire world there's no"}, {"end": "01:03:21", "start": "01:03:18", "text": "way to stop Bitcoin"}, {"end": "01:03:29", "start": "01:03:24", "text": "and hit request payment"}, {"end": "01:03:32", "start": "01:03:26", "text": "and that's a QR code for your Bitcoin"}, {"end": "01:03:32", "start": "01:03:29", "text": "address so I'm going to scan that"}, {"end": "01:03:37", "start": "01:03:32", "text": "so now I have your Bitcoin address on my"}, {"end": "01:03:38", "start": "01:03:35", "text": "phone I think this is two dollars"}, {"end": "01:03:40", "start": "01:03:37", "text": "so I'm going to send you two dollars"}, {"end": "01:03:44", "start": "01:03:38", "text": "worth of Bitcoins"}, {"end": "01:03:47", "start": "01:03:40", "text": "[Music]"}, {"end": "01:03:49", "start": "01:03:44", "text": "there it is you just received that many"}, {"end": "01:03:50", "start": "01:03:47", "text": "Bitcoins from me directly with no fee"}, {"end": "01:03:52", "start": "01:03:49", "text": "and if you hit the little green square"}, {"end": "01:03:53", "start": "01:03:50", "text": "it'll show you the equivalent amount in"}, {"end": "01:03:55", "start": "01:03:52", "text": "US dollars"}, {"end": "01:03:56", "start": "01:03:53", "text": "so you just receive two dollars worth of"}, {"end": "01:03:57", "start": "01:03:55", "text": "Bitcoins directly from iPhone to your"}, {"end": "01:04:00", "start": "01:03:56", "text": "phone and you can send money just like"}, {"end": "01:04:01", "start": "01:03:57", "text": "that anywhere in the world you could"}, {"end": "01:04:03", "start": "01:04:00", "text": "have told me your Bitcoin address by"}, {"end": "01:04:06", "start": "01:04:01", "text": "email or post it on Facebook or Twitter"}, {"end": "01:04:08", "start": "01:04:03", "text": "or anywhere so I could print this and"}, {"end": "01:04:09", "start": "01:04:06", "text": "have it at the register yep and you can"}, {"end": "01:04:11", "start": "01:04:08", "text": "you can check right on your phone"}, {"end": "01:04:16", "start": "01:04:09", "text": "anytime that you receive the payment"}, {"end": "01:04:16", "start": "01:04:11", "text": "okay thank you Steve all right thank you"}, {"end": "01:04:23", "start": "01:04:19", "text": "sometimes"}, {"end": "01:04:25", "start": "01:04:21", "text": "one of the newest standouts in the"}, {"end": "01:04:27", "start": "01:04:23", "text": "Bitcoin space is a San Francisco company"}, {"end": "01:04:29", "start": "01:04:25", "text": "named coinbase"}, {"end": "01:04:31", "start": "01:04:27", "text": "they operate a digital wallet service"}, {"end": "01:04:33", "start": "01:04:29", "text": "that makes it simple to buy use and"}, {"end": "01:04:36", "start": "01:04:31", "text": "accept Bitcoin I would not be surprised"}, {"end": "01:04:37", "start": "01:04:33", "text": "at all if Google Square PayPal everybody"}, {"end": "01:04:39", "start": "01:04:36", "text": "is looking at adding Bitcoin in one or"}, {"end": "01:04:40", "start": "01:04:37", "text": "two years by then we need to have 50"}, {"end": "01:04:42", "start": "01:04:39", "text": "million wallets"}, {"end": "01:04:45", "start": "01:04:40", "text": "if we can make this easy to use it's"}, {"end": "01:04:46", "start": "01:04:42", "text": "going to be huge my involvement in"}, {"end": "01:04:50", "start": "01:04:45", "text": "Bitcoin is not politically motivated"}, {"end": "01:04:52", "start": "01:04:46", "text": "yeah dude people are realizing large"}, {"end": "01:04:53", "start": "01:04:50", "text": "capital gains"}, {"end": "01:04:56", "start": "01:04:52", "text": "when professional investors enter the"}, {"end": "01:04:57", "start": "01:04:53", "text": "realm the stakes definitely change we"}, {"end": "01:04:59", "start": "01:04:56", "text": "raised five million dollars from Union"}, {"end": "01:05:02", "start": "01:04:57", "text": "Square Ventures Fred Wilson led the"}, {"end": "01:05:04", "start": "01:04:59", "text": "round there I think Bitcoin is still"}, {"end": "01:05:06", "start": "01:05:02", "text": "actually a little bit under the radar I"}, {"end": "01:05:08", "start": "01:05:04", "text": "think it's moved past the stage where"}, {"end": "01:05:11", "start": "01:05:06", "text": "people dismiss it"}, {"end": "01:05:13", "start": "01:05:08", "text": "but I don't think that it's totally gone"}, {"end": "01:05:15", "start": "01:05:11", "text": "mainstream either I think we're in that"}, {"end": "01:05:17", "start": "01:05:13", "text": "middle stage right now"}, {"end": "01:05:19", "start": "01:05:15", "text": "at the end of the conference Jared from"}, {"end": "01:05:22", "start": "01:05:17", "text": "tradehill threw a party to celebrate how"}, {"end": "01:05:24", "start": "01:05:19", "text": "far things had come you guys are hot"}, {"end": "01:05:26", "start": "01:05:22", "text": "right now dude congratulations on the"}, {"end": "01:05:29", "start": "01:05:24", "text": "race thank you it's good money man it's"}, {"end": "01:05:31", "start": "01:05:26", "text": "well do yeah I mean well"}, {"end": "01:05:34", "start": "01:05:29", "text": "hopefully it's an advancement for the"}, {"end": "01:05:36", "start": "01:05:31", "text": "community I am completely Pro compliance"}, {"end": "01:05:38", "start": "01:05:34", "text": "like I think like if you don't want to"}, {"end": "01:05:41", "start": "01:05:36", "text": "attach your identity this"}, {"end": "01:05:43", "start": "01:05:38", "text": "can't work with you yeah I mean like the"}, {"end": "01:05:45", "start": "01:05:41", "text": "libertarian side of me is like uh yeah"}, {"end": "01:05:48", "start": "01:05:43", "text": "whatever well like from a business"}, {"end": "01:05:49", "start": "01:05:45", "text": "perspective if people don't play by the"}, {"end": "01:05:51", "start": "01:05:48", "text": "rules"}, {"end": "01:05:54", "start": "01:05:49", "text": "you're not gonna last yeah you're gonna"}, {"end": "01:05:56", "start": "01:05:51", "text": "just shut down you're gonna go to jail"}, {"end": "01:05:58", "start": "01:05:54", "text": "noticeably absent from the conference"}, {"end": "01:06:01", "start": "01:05:56", "text": "were representatives of bitcoin's"}, {"end": "01:06:03", "start": "01:05:58", "text": "biggest exchange Mount Cox"}, {"end": "01:06:05", "start": "01:06:01", "text": "just days earlier the Department of"}, {"end": "01:06:09", "start": "01:06:03", "text": "Homeland Security seized more than 5"}, {"end": "01:06:10", "start": "01:06:05", "text": "million dollars from their U.S accounts"}, {"end": "01:06:12", "start": "01:06:09", "text": "the seizure warrant stated that mount"}, {"end": "01:06:15", "start": "01:06:10", "text": "Cox had failed to register as a money"}, {"end": "01:06:18", "start": "01:06:12", "text": "transmitter putting them in violation of"}, {"end": "01:06:18", "start": "01:06:15", "text": "the new fencing guidelines"}, {"end": "01:06:29", "start": "01:06:22", "text": "I'm traveling to Tokyo to meet Mark"}, {"end": "01:06:31", "start": "01:06:25", "text": "karpeles Mount Cox's reclusive CEO"}, {"end": "01:06:33", "start": "01:06:29", "text": "[Music]"}, {"end": "01:06:35", "start": "01:06:31", "text": "no Bitcoins on here"}, {"end": "01:06:37", "start": "01:06:33", "text": "not yet"}, {"end": "01:06:40", "start": "01:06:35", "text": "actually that will make this completely"}, {"end": "01:06:41", "start": "01:06:37", "text": "unnecessary for now it seems kind of"}, {"end": "01:06:43", "start": "01:06:40", "text": "primitive that we're exchanging paper"}, {"end": "01:06:46", "start": "01:06:41", "text": "for paper"}, {"end": "01:06:48", "start": "01:06:43", "text": "and losings and losing that and"}, {"end": "01:06:50", "start": "01:06:46", "text": "someone's taking a cut someone's taking"}, {"end": "01:06:53", "start": "01:06:48", "text": "me a little perceptional"}, {"end": "01:06:55", "start": "01:06:50", "text": "Mark and his business partner gonzag are"}, {"end": "01:06:57", "start": "01:06:53", "text": "French but they operate Mount gox from"}, {"end": "01:07:00", "start": "01:06:55", "text": "offices in Japan"}, {"end": "01:07:02", "start": "01:06:57", "text": "originally Mount gox was in exchange for"}, {"end": "01:07:04", "start": "01:07:00", "text": "trading cards used in a game called"}, {"end": "01:07:07", "start": "01:07:02", "text": "Magic the Gathering"}, {"end": "01:07:09", "start": "01:07:04", "text": "mtgox stood for Magic the Gathering"}, {"end": "01:07:13", "start": "01:07:07", "text": "online Exchange"}, {"end": "01:07:15", "start": "01:07:09", "text": "in 2011 Mark's company tabon bought"}, {"end": "01:07:18", "start": "01:07:13", "text": "Mount gox and his Focus has been Bitcoin"}, {"end": "01:07:18", "start": "01:07:15", "text": "ever since"}, {"end": "01:07:23", "start": "01:07:19", "text": "one of the conditions of my visit is to"}, {"end": "01:07:25", "start": "01:07:21", "text": "refrain from any discussion about the"}, {"end": "01:07:28", "start": "01:07:23", "text": "DHS seizure due to the ongoing"}, {"end": "01:07:28", "start": "01:07:25", "text": "investigation"}, {"end": "01:07:34", "start": "01:07:28", "text": "we've arrived at Mount gox this is Mount"}, {"end": "01:07:38", "start": "01:07:31", "text": "Cox right here there's no no big sign or"}, {"end": "01:07:42", "start": "01:07:34", "text": "anything no no doesn't look like a crazy"}, {"end": "01:07:44", "start": "01:07:38", "text": "commercial establishment despite their"}, {"end": "01:07:46", "start": "01:07:42", "text": "legal problems Mount Cox still handles"}, {"end": "01:07:48", "start": "01:07:44", "text": "more volume than any other exchange and"}, {"end": "01:07:51", "start": "01:07:46", "text": "is processing around 6 million dollars"}, {"end": "01:07:52", "start": "01:07:48", "text": "worth of bitcoin trades every day we are"}, {"end": "01:07:55", "start": "01:07:51", "text": "last year on average of 10 000 new"}, {"end": "01:07:57", "start": "01:07:52", "text": "customers a month January twice twenty"}, {"end": "01:07:59", "start": "01:07:55", "text": "thousand then thirty thousand sixty"}, {"end": "01:08:02", "start": "01:07:57", "text": "thousand one hundred fifty thousand with"}, {"end": "01:08:05", "start": "01:07:59", "text": "what's going on it's going down but we"}, {"end": "01:08:08", "start": "01:08:02", "text": "are reaching 100 000 new customers uh"}, {"end": "01:08:11", "start": "01:08:05", "text": "for May that's amazing in a month in a"}, {"end": "01:08:13", "start": "01:08:08", "text": "month so it was like but still I was"}, {"end": "01:08:16", "start": "01:08:11", "text": "after what happened I thought that a lot"}, {"end": "01:08:18", "start": "01:08:13", "text": "of people will go away or or don't don't"}, {"end": "01:08:20", "start": "01:08:16", "text": "create a new account but still 100 000"}, {"end": "01:08:23", "start": "01:08:18", "text": "new customers it's uh wow"}, {"end": "01:08:26", "start": "01:08:20", "text": "and here we've got the office"}, {"end": "01:08:28", "start": "01:08:23", "text": "so with everyone walking"}, {"end": "01:08:31", "start": "01:08:26", "text": "hopefully"}, {"end": "01:08:34", "start": "01:08:28", "text": "[Music]"}, {"end": "01:08:36", "start": "01:08:31", "text": "Mount Cox employs 18 people"}, {"end": "01:08:40", "start": "01:08:34", "text": "not only is Mark the CEO he's also the"}, {"end": "01:08:42", "start": "01:08:36", "text": "CFO the lead developer and performs all"}, {"end": "01:08:45", "start": "01:08:40", "text": "technical operations to keep the"}, {"end": "01:08:47", "start": "01:08:42", "text": "exchange running what's it written"}, {"end": "01:08:48", "start": "01:08:45", "text": "is that your main is that your main"}, {"end": "01:08:50", "start": "01:08:47", "text": "program"}, {"end": "01:08:52", "start": "01:08:48", "text": "I've got a lot of improvement which is"}, {"end": "01:08:53", "start": "01:08:50", "text": "yeah what's your favorite programming"}, {"end": "01:08:55", "start": "01:08:52", "text": "language really depends what I need to"}, {"end": "01:08:57", "start": "01:08:53", "text": "do like for you took something really"}, {"end": "01:09:00", "start": "01:08:55", "text": "quick and I don't care about performance"}, {"end": "01:09:01", "start": "01:08:57", "text": "I use PHP if I carry templates about"}, {"end": "01:09:04", "start": "01:09:00", "text": "performance I will use C plus plus with"}, {"end": "01:09:07", "start": "01:09:01", "text": "QT for example but if I care a lot about"}, {"end": "01:09:09", "start": "01:09:04", "text": "performance I will use Asm"}, {"end": "01:09:09", "start": "01:09:07", "text": "foreign"}, {"end": "01:09:16", "start": "01:09:10", "text": "cameras down first until we get to your"}, {"end": "01:09:21", "start": "01:09:13", "text": "servers exactly back up okay"}, {"end": "01:09:21", "start": "01:09:16", "text": "[Music]"}, {"end": "01:09:27", "start": "01:09:22", "text": "getting ready to go into the Mad Cox"}, {"end": "01:09:28", "start": "01:09:24", "text": "data center location"}, {"end": "01:09:32", "start": "01:09:27", "text": "camera's down"}, {"end": "01:09:33", "start": "01:09:28", "text": "[Music]"}, {"end": "01:09:36", "start": "01:09:32", "text": "we were allowed to snap a few"}, {"end": "01:09:38", "start": "01:09:33", "text": "photographs"}, {"end": "01:09:40", "start": "01:09:36", "text": "one of the main issue we had during the"}, {"end": "01:09:42", "start": "01:09:38", "text": "second bubble is that volume of trading"}, {"end": "01:09:45", "start": "01:09:40", "text": "was too high compared to what our system"}, {"end": "01:09:49", "start": "01:09:42", "text": "was designed to support to prevent this"}, {"end": "01:09:49", "start": "01:09:45", "text": "is we optimized a lot of the system"}, {"end": "01:09:55", "start": "01:09:49", "text": "can reach a big speed of 70 to 100"}, {"end": "01:09:58", "start": "01:09:53", "text": "orders per second"}, {"end": "01:10:02", "start": "01:09:55", "text": "the new trading engine it can handle"}, {"end": "01:10:02", "start": "01:09:58", "text": "about 100 million orders possible"}, {"end": "01:10:13", "start": "01:10:09", "text": "[Music]"}, {"end": "01:10:15", "start": "01:10:11", "text": "if Mount Cox's new trading engine can"}, {"end": "01:10:17", "start": "01:10:13", "text": "really support 100 million orders per"}, {"end": "01:10:20", "start": "01:10:15", "text": "second it should be able to scale with"}, {"end": "01:10:21", "start": "01:10:17", "text": "the demands of professional Traders but"}, {"end": "01:10:23", "start": "01:10:20", "text": "with complex legal problems and"}, {"end": "01:10:25", "start": "01:10:21", "text": "increasing competition Mark's attention"}, {"end": "01:10:28", "start": "01:10:23", "text": "is pulled in many directions"}, {"end": "01:10:31", "start": "01:10:25", "text": "[Music]"}, {"end": "01:10:31", "start": "01:10:28", "text": "foreign"}, {"end": "01:10:39", "start": "01:10:36", "text": "do you work seven days a week typically"}, {"end": "01:10:42", "start": "01:10:38", "text": "yep"}, {"end": "01:10:45", "start": "01:10:39", "text": "it seems that you do the majority of all"}, {"end": "01:10:50", "start": "01:10:42", "text": "the heavy lifting literally and"}, {"end": "01:10:50", "start": "01:10:45", "text": "to remove your shoes in the entrance"}, {"end": "01:10:56", "start": "01:10:51", "text": "Mark is a talented man and one of the"}, {"end": "01:10:58", "start": "01:10:54", "text": "world's biggest cities"}, {"end": "01:11:00", "start": "01:10:56", "text": "but maybe he should stick the computer"}, {"end": "01:11:11", "start": "01:10:58", "text": "keyboards"}, {"end": "01:11:13", "start": "01:11:00", "text": "[Music]"}, {"end": "01:11:21", "start": "01:11:11", "text": "okay"}, {"end": "01:11:21", "start": "01:11:13", "text": "[Music]"}, {"end": "01:11:33", "start": "01:11:28", "text": "[Music]"}, {"end": "01:11:37", "start": "01:11:34", "text": "foreign"}, {"end": "01:11:42", "start": "01:11:38", "text": "we are here in Northern New Hampshire"}, {"end": "01:11:44", "start": "01:11:40", "text": "for the porcupine Freedom Festival and"}, {"end": "01:11:47", "start": "01:11:42", "text": "this is an event to put on each year by"}, {"end": "01:11:49", "start": "01:11:44", "text": "the free state project"}, {"end": "01:11:51", "start": "01:11:47", "text": "basically it's just a bunch of crazy"}, {"end": "01:11:55", "start": "01:11:49", "text": "anarcho-capitalists libertarian types in"}, {"end": "01:11:56", "start": "01:11:51", "text": "the woods with freedom and Families"}, {"end": "01:11:58", "start": "01:11:55", "text": "pretty much all the vendors except"}, {"end": "01:12:03", "start": "01:11:56", "text": "Bitcoin"}, {"end": "01:12:04", "start": "01:11:58", "text": "[Music]"}, {"end": "01:12:05", "start": "01:12:03", "text": "it's much better when bought with"}, {"end": "01:12:07", "start": "01:12:04", "text": "Bitcoin"}, {"end": "01:12:10", "start": "01:12:05", "text": "thanks guys"}, {"end": "01:12:12", "start": "01:12:07", "text": "soup salads and smoothies"}, {"end": "01:12:15", "start": "01:12:10", "text": "I would say one-third of our sales have"}, {"end": "01:12:17", "start": "01:12:12", "text": "been in Bitcoin it's uh 20 bucks so"}, {"end": "01:12:20", "start": "01:12:15", "text": "you're paying Bitcoin"}, {"end": "01:12:21", "start": "01:12:17", "text": "all right last year was our first year"}, {"end": "01:12:23", "start": "01:12:20", "text": "accepting it"}, {"end": "01:12:25", "start": "01:12:21", "text": "we did maybe 18 transactions 20"}, {"end": "01:12:28", "start": "01:12:23", "text": "transactions at the most and now we're"}, {"end": "01:12:28", "start": "01:12:25", "text": "up to close to 120."}, {"end": "01:12:32", "start": "01:12:29", "text": "[Music]"}, {"end": "01:12:42", "start": "01:12:38", "text": "this community is really one of the"}, {"end": "01:12:44", "start": "01:12:40", "text": "largest groups of people in the U.S I"}, {"end": "01:12:46", "start": "01:12:42", "text": "think that's truly adopting Bitcoin and"}, {"end": "01:12:47", "start": "01:12:44", "text": "using it as a currency because of what"}, {"end": "01:12:49", "start": "01:12:46", "text": "it stands for and because of what it"}, {"end": "01:12:52", "start": "01:12:47", "text": "enables"}, {"end": "01:12:54", "start": "01:12:49", "text": "the world is seriously changing now and"}, {"end": "01:12:57", "start": "01:12:52", "text": "it is changing in a very interesting"}, {"end": "01:12:59", "start": "01:12:54", "text": "very radical decentralized and in my"}, {"end": "01:13:02", "start": "01:12:57", "text": "opinion positive direction"}, {"end": "01:13:04", "start": "01:12:59", "text": "shoot here it is price breaks the"}, {"end": "01:13:07", "start": "01:13:02", "text": "all-time high"}, {"end": "01:13:08", "start": "01:13:04", "text": "vitalik is only 19 years old but he has"}, {"end": "01:13:10", "start": "01:13:07", "text": "a profound understanding of the"}, {"end": "01:13:12", "start": "01:13:08", "text": "complexities of Bitcoin and a gift for"}, {"end": "01:13:15", "start": "01:13:10", "text": "explaining them"}, {"end": "01:13:16", "start": "01:13:12", "text": "as lead writer for Bitcoin magazine he's"}, {"end": "01:13:19", "start": "01:13:15", "text": "been traveling the world covering"}, {"end": "01:13:21", "start": "01:13:16", "text": "Bitcoin for the past year I'm a big fan"}, {"end": "01:13:23", "start": "01:13:19", "text": "of the of the decentralization concept"}, {"end": "01:13:26", "start": "01:13:21", "text": "in principle you know have well have"}, {"end": "01:13:28", "start": "01:13:23", "text": "lots of lots of different societies"}, {"end": "01:13:31", "start": "01:13:26", "text": "operating according to whatever whatever"}, {"end": "01:13:33", "start": "01:13:28", "text": "people's own beliefs are"}, {"end": "01:13:35", "start": "01:13:31", "text": "Bitcoin has unique properties and no"}, {"end": "01:13:38", "start": "01:13:33", "text": "other system in the world has had before"}, {"end": "01:13:40", "start": "01:13:35", "text": "it's really seems like the only"}, {"end": "01:13:43", "start": "01:13:38", "text": "practical way forward"}, {"end": "01:13:44", "start": "01:13:40", "text": "As you move away from cash into your"}, {"end": "01:13:46", "start": "01:13:43", "text": "debit cards and your credit cards you"}, {"end": "01:13:47", "start": "01:13:44", "text": "essentially are giving up a certain"}, {"end": "01:13:49", "start": "01:13:46", "text": "degree of your privacy without even"}, {"end": "01:13:50", "start": "01:13:47", "text": "really knowing it it's important to"}, {"end": "01:13:53", "start": "01:13:49", "text": "understand that Bitcoin is not"}, {"end": "01:13:54", "start": "01:13:50", "text": "automatically perfectly Anonymous but"}, {"end": "01:13:57", "start": "01:13:53", "text": "what it does is it enables you to be"}, {"end": "01:13:59", "start": "01:13:54", "text": "anonymous if you wish to"}, {"end": "01:14:01", "start": "01:13:57", "text": "Eric Voorhees is the founder and part"}, {"end": "01:14:04", "start": "01:13:59", "text": "owner of a hugely popular Bitcoin"}, {"end": "01:14:06", "start": "01:14:01", "text": "gambling site called Satoshi dice"}, {"end": "01:14:08", "start": "01:14:04", "text": "Satoshi dice is the first of a new breed"}, {"end": "01:14:09", "start": "01:14:06", "text": "of provably fair betting games that use"}, {"end": "01:14:12", "start": "01:14:08", "text": "Bitcoin"}, {"end": "01:14:14", "start": "01:14:09", "text": "since all bets are public anyone can"}, {"end": "01:14:17", "start": "01:14:12", "text": "verify the odds and payouts"}, {"end": "01:14:19", "start": "01:14:14", "text": "at its peak Satoshi dice was responsible"}, {"end": "01:14:22", "start": "01:14:17", "text": "for more Bitcoin transactions than all"}, {"end": "01:14:24", "start": "01:14:19", "text": "other uses of Bitcoin combined"}, {"end": "01:14:26", "start": "01:14:22", "text": "played an important role in bitcoin's"}, {"end": "01:14:28", "start": "01:14:24", "text": "development as one of the first"}, {"end": "01:14:30", "start": "01:14:26", "text": "applications to really test what the"}, {"end": "01:14:32", "start": "01:14:28", "text": "Bitcoin Network could handle"}, {"end": "01:14:34", "start": "01:14:30", "text": "recently Eric moved his entire"}, {"end": "01:14:35", "start": "01:14:32", "text": "operations out of the U.S and into"}, {"end": "01:14:37", "start": "01:14:34", "text": "Panama"}, {"end": "01:14:40", "start": "01:14:35", "text": "he started a company called coinapult"}, {"end": "01:14:41", "start": "01:14:37", "text": "that lets you send Bitcoin Via SMS and"}, {"end": "01:14:44", "start": "01:14:40", "text": "email"}, {"end": "01:14:46", "start": "01:14:41", "text": "I think most people at least in America"}, {"end": "01:14:48", "start": "01:14:44", "text": "believe that when they put"}, {"end": "01:14:50", "start": "01:14:46", "text": "a thousand dollars into their Bank the"}, {"end": "01:14:51", "start": "01:14:48", "text": "bank is holding a thousand dollars in"}, {"end": "01:14:54", "start": "01:14:50", "text": "its Vault for them and they don't"}, {"end": "01:14:55", "start": "01:14:51", "text": "realize that 99 of all the dollars are"}, {"end": "01:14:59", "start": "01:14:54", "text": "digital the fact that we have these"}, {"end": "01:15:01", "start": "01:14:55", "text": "tokens called uh paper cash is a is the"}, {"end": "01:15:02", "start": "01:14:59", "text": "exception to the rule people see the"}, {"end": "01:15:04", "start": "01:15:01", "text": "cash and they think that that's what the"}, {"end": "01:15:06", "start": "01:15:02", "text": "money is but it's all digital and it's"}, {"end": "01:15:08", "start": "01:15:04", "text": "been that way for decades you guys moved"}, {"end": "01:15:10", "start": "01:15:06", "text": "your business to Panama what was the"}, {"end": "01:15:13", "start": "01:15:08", "text": "primary driver in that if you're a US"}, {"end": "01:15:15", "start": "01:15:10", "text": "company you have to follow the Arcane"}, {"end": "01:15:16", "start": "01:15:13", "text": "U.S regulations for all of your"}, {"end": "01:15:17", "start": "01:15:15", "text": "customers around the world so if you do"}, {"end": "01:15:19", "start": "01:15:16", "text": "business with some rural farmer in"}, {"end": "01:15:20", "start": "01:15:17", "text": "Africa you're going to need to get a"}, {"end": "01:15:21", "start": "01:15:19", "text": "Social Security number you're going to"}, {"end": "01:15:23", "start": "01:15:20", "text": "need to get all this information that"}, {"end": "01:15:25", "start": "01:15:21", "text": "Washington tells you is important we did"}, {"end": "01:15:28", "start": "01:15:23", "text": "not want to have to apply the U.S"}, {"end": "01:15:30", "start": "01:15:25", "text": "financial regulatory scheme to customers"}, {"end": "01:15:31", "start": "01:15:28", "text": "in sub-Saharan Africa I don't think the"}, {"end": "01:15:33", "start": "01:15:30", "text": "developed world is going to be where"}, {"end": "01:15:35", "start": "01:15:31", "text": "Bitcoin really takes off long term"}, {"end": "01:15:37", "start": "01:15:33", "text": "because our banking systems work"}, {"end": "01:15:38", "start": "01:15:35", "text": "decently well many people around the"}, {"end": "01:15:40", "start": "01:15:37", "text": "world don't have any bank accounts"}, {"end": "01:15:41", "start": "01:15:38", "text": "whatsoever ultimately those are the"}, {"end": "01:15:44", "start": "01:15:40", "text": "types of people who will find the most"}, {"end": "01:15:44", "start": "01:15:41", "text": "value out of Bitcoin"}, {"end": "01:15:52", "start": "01:15:48", "text": "one month later Eric announced that he"}, {"end": "01:15:54", "start": "01:15:50", "text": "had sold Satoshi dice to an anonymous"}, {"end": "01:15:58", "start": "01:15:52", "text": "investor the price"}, {"end": "01:16:02", "start": "01:15:54", "text": "126 315 Bitcoins"}, {"end": "01:16:04", "start": "01:15:58", "text": "worth around 11.5 million dollars"}, {"end": "01:16:06", "start": "01:16:02", "text": "most of the new offices in the city are"}, {"end": "01:16:08", "start": "01:16:04", "text": "in this condition all still what's"}, {"end": "01:16:10", "start": "01:16:06", "text": "called gray not ready no internet no"}, {"end": "01:16:12", "start": "01:16:08", "text": "electricity nothing but we actually got"}, {"end": "01:16:15", "start": "01:16:10", "text": "one that was finished so we moved in and"}, {"end": "01:16:18", "start": "01:16:12", "text": "we are super excited about it"}, {"end": "01:16:20", "start": "01:16:15", "text": "you can see all the skyscrapers of new"}, {"end": "01:16:22", "start": "01:16:18", "text": "Banks and everything getting built up"}, {"end": "01:16:24", "start": "01:16:20", "text": "here this is a financial center for"}, {"end": "01:16:28", "start": "01:16:22", "text": "Central America so it was fitting that"}, {"end": "01:16:30", "start": "01:16:24", "text": "we established ourselves here as well"}, {"end": "01:16:32", "start": "01:16:28", "text": "still setting up the office we've been"}, {"end": "01:16:36", "start": "01:16:30", "text": "here for two weeks we're getting walls"}, {"end": "01:16:38", "start": "01:16:32", "text": "put in we've got furniture and this is"}, {"end": "01:16:41", "start": "01:16:36", "text": "the brains of the operation this is Mr"}, {"end": "01:16:43", "start": "01:16:38", "text": "Ira he can program anything and you can"}, {"end": "01:16:46", "start": "01:16:41", "text": "see all these books he's reading what do"}, {"end": "01:16:49", "start": "01:16:43", "text": "we got here we've got cryptanalysis we"}, {"end": "01:16:51", "start": "01:16:46", "text": "got everyday cryptography"}, {"end": "01:16:52", "start": "01:16:49", "text": "introduction to mathematical"}, {"end": "01:16:54", "start": "01:16:51", "text": "cryptography"}, {"end": "01:16:55", "start": "01:16:52", "text": "I read all these of course when I was"}, {"end": "01:16:58", "start": "01:16:54", "text": "much younger but I was trying to catch"}, {"end": "01:16:58", "start": "01:16:55", "text": "up with me"}, {"end": "01:17:07", "start": "01:17:01", "text": "the Bitcoin phenomenon is trying to take"}, {"end": "01:17:09", "start": "01:17:04", "text": "control of money away from the state and"}, {"end": "01:17:10", "start": "01:17:07", "text": "return it to individuals it's trying to"}, {"end": "01:17:12", "start": "01:17:09", "text": "separate money and state in the same way"}, {"end": "01:17:14", "start": "01:17:10", "text": "and for the same reasons that it was"}, {"end": "01:17:16", "start": "01:17:12", "text": "important to separate church and state"}, {"end": "01:17:18", "start": "01:17:14", "text": "there's a wonderful quote from one of"}, {"end": "01:17:20", "start": "01:17:16", "text": "the Rothschilds giving me control of a"}, {"end": "01:17:21", "start": "01:17:18", "text": "nation's money and I care not who makes"}, {"end": "01:17:23", "start": "01:17:20", "text": "its laws"}, {"end": "01:17:25", "start": "01:17:21", "text": "so I'm trying to play my part in that"}, {"end": "01:17:27", "start": "01:17:23", "text": "narrative"}, {"end": "01:17:29", "start": "01:17:25", "text": "outside of the United States billions of"}, {"end": "01:17:31", "start": "01:17:27", "text": "people don't have access to basic"}, {"end": "01:17:33", "start": "01:17:29", "text": "banking services"}, {"end": "01:17:34", "start": "01:17:31", "text": "Bitcoin can level the playing field and"}, {"end": "01:17:37", "start": "01:17:33", "text": "help bring developing nations into the"}, {"end": "01:17:37", "start": "01:17:34", "text": "global economy"}, {"end": "01:17:45", "start": "01:17:39", "text": "[Music]"}, {"end": "01:17:51", "start": "01:17:48", "text": "eventually people are going to use a"}, {"end": "01:17:53", "start": "01:17:49", "text": "currency that is as free as the internet"}, {"end": "01:17:55", "start": "01:17:51", "text": "because people seek out Freedom wherever"}, {"end": "01:17:56", "start": "01:17:53", "text": "they can and just as the government"}, {"end": "01:17:59", "start": "01:17:55", "text": "can't stop the internet and the freedom"}, {"end": "01:18:01", "start": "01:17:56", "text": "of speech can't stop Bitcoin and the"}, {"end": "01:18:03", "start": "01:17:59", "text": "freedom of money we're just gonna have"}, {"end": "01:18:05", "start": "01:18:01", "text": "to see how hard they try to do it"}, {"end": "01:18:08", "start": "01:18:03", "text": "scary but it's exciting because at the"}, {"end": "01:18:09", "start": "01:18:05", "text": "other end Freedom typically wins I just"}, {"end": "01:18:11", "start": "01:18:08", "text": "have to see how long it takes to get"}, {"end": "01:18:11", "start": "01:18:09", "text": "there"}, {"end": "01:18:22", "start": "01:18:15", "text": "[Music]"}, {"end": "01:18:32", "start": "01:18:24", "text": "[Music]"}, {"end": "01:18:34", "start": "01:18:30", "text": "as summer rolled on the Bitcoin industry"}, {"end": "01:18:35", "start": "01:18:32", "text": "continued to flourish"}, {"end": "01:18:36", "start": "01:18:34", "text": "it's hard to remember the days where I"}, {"end": "01:18:38", "start": "01:18:35", "text": "was running this thing out of my"}, {"end": "01:18:40", "start": "01:18:36", "text": "basement and it was like one or two"}, {"end": "01:18:43", "start": "01:18:38", "text": "people and like bit instant was just a"}, {"end": "01:18:45", "start": "01:18:40", "text": "domain name Charlie and bit instant"}, {"end": "01:18:47", "start": "01:18:43", "text": "moved into their new offices I always"}, {"end": "01:18:48", "start": "01:18:45", "text": "wonder if Satoshi knew that he was going"}, {"end": "01:18:51", "start": "01:18:47", "text": "to build something that would like"}, {"end": "01:18:54", "start": "01:18:48", "text": "Foster my companies like this where"}, {"end": "01:18:56", "start": "01:18:51", "text": "we're actually like company jobs based"}, {"end": "01:18:58", "start": "01:18:54", "text": "on something that someone we don't know"}, {"end": "01:18:59", "start": "01:18:56", "text": "wrote a paper on it's kind of creepy if"}, {"end": "01:19:01", "start": "01:18:58", "text": "you think about it like I wonder if he's"}, {"end": "01:19:03", "start": "01:18:59", "text": "like kind of watching us right now or"}, {"end": "01:19:06", "start": "01:19:01", "text": "something"}, {"end": "01:19:08", "start": "01:19:03", "text": "in San Francisco Jared and tradehill had"}, {"end": "01:19:10", "start": "01:19:06", "text": "moved into their new space as well"}, {"end": "01:19:11", "start": "01:19:08", "text": "sounds funny it's not 100 million dollar"}, {"end": "01:19:13", "start": "01:19:10", "text": "market anymore"}, {"end": "01:19:15", "start": "01:19:11", "text": "it's currently on that"}, {"end": "01:19:16", "start": "01:19:13", "text": "more professional people learning the"}, {"end": "01:19:18", "start": "01:19:15", "text": "space and they're expecting to deal with"}, {"end": "01:19:19", "start": "01:19:16", "text": "other professionals"}, {"end": "01:19:21", "start": "01:19:18", "text": "but just as things were ramping up"}, {"end": "01:19:24", "start": "01:19:19", "text": "Regulators started taking a closer look"}, {"end": "01:19:24", "start": "01:19:21", "text": "at Bitcoin"}, {"end": "01:19:30", "start": "01:19:25", "text": "he's from Bitcoin or"}, {"end": "01:19:32", "start": "01:19:28", "text": "Lori could be"}, {"end": "01:19:33", "start": "01:19:30", "text": "these have been subpoa subpoenaed by New"}, {"end": "01:19:35", "start": "01:19:32", "text": "York's Department of Financial Services"}, {"end": "01:19:36", "start": "01:19:33", "text": "can't be a good thing"}, {"end": "01:19:39", "start": "01:19:35", "text": "[Music]"}, {"end": "01:19:40", "start": "01:19:36", "text": "bid instant bit pay coinbase and"}, {"end": "01:19:43", "start": "01:19:39", "text": "Winklevoss Capital were all issued"}, {"end": "01:19:45", "start": "01:19:40", "text": "subpoenas we want to make sure that as"}, {"end": "01:19:47", "start": "01:19:43", "text": "this Enterprise grows and if it does"}, {"end": "01:19:50", "start": "01:19:45", "text": "become a place where a lot of people are"}, {"end": "01:19:52", "start": "01:19:47", "text": "engaging in financial transactions that"}, {"end": "01:19:54", "start": "01:19:50", "text": "we have sufficient Protections in place"}, {"end": "01:19:56", "start": "01:19:52", "text": "with increased pressure in banking"}, {"end": "01:19:58", "start": "01:19:54", "text": "compliance issues bid instant was forced"}, {"end": "01:20:04", "start": "01:19:56", "text": "to suspend services"}, {"end": "01:20:07", "start": "01:19:58", "text": "[Music]"}, {"end": "01:20:09", "start": "01:20:04", "text": "Jared faced similar battles"}, {"end": "01:20:11", "start": "01:20:07", "text": "due to a lack of Regulation many banks"}, {"end": "01:20:12", "start": "01:20:09", "text": "decided to cut ties with Bitcoin"}, {"end": "01:20:15", "start": "01:20:11", "text": "companies"}, {"end": "01:20:17", "start": "01:20:12", "text": "without a U.S bank account tradehill"}, {"end": "01:20:18", "start": "01:20:15", "text": "can't operate and Jared was forced to"}, {"end": "01:20:22", "start": "01:20:17", "text": "pull the plug"}, {"end": "01:20:26", "start": "01:20:18", "text": "[Music]"}, {"end": "01:20:28", "start": "01:20:22", "text": "regulation typically evolves much more"}, {"end": "01:20:30", "start": "01:20:26", "text": "slowly than Innovation and regulations"}, {"end": "01:20:32", "start": "01:20:28", "text": "cannot keep Pace with the pace of"}, {"end": "01:20:36", "start": "01:20:30", "text": "innovation"}, {"end": "01:20:36", "start": "01:20:32", "text": "explaining Bitcoin to a bank feel"}, {"end": "01:20:40", "start": "01:20:36", "text": "to Barnes Noble"}, {"end": "01:20:42", "start": "01:20:38", "text": "until lawmakers catch up startups like"}, {"end": "01:20:45", "start": "01:20:40", "text": "tradehill and bid instant are left out"}, {"end": "01:20:45", "start": "01:20:42", "text": "on a limb"}, {"end": "01:20:49", "start": "01:20:45", "text": "Banks do not want to bank Bitcoin"}, {"end": "01:20:51", "start": "01:20:47", "text": "companies when you have regulation you"}, {"end": "01:20:52", "start": "01:20:49", "text": "can comply with it when you don't have"}, {"end": "01:20:54", "start": "01:20:51", "text": "you know regulation they're not exactly"}, {"end": "01:20:57", "start": "01:20:52", "text": "sure and if the banks aren't sure they"}, {"end": "01:21:01", "start": "01:20:54", "text": "just default to no new regulation takes"}, {"end": "01:21:04", "start": "01:20:57", "text": "at least one year to develop propose and"}, {"end": "01:21:05", "start": "01:21:01", "text": "adopt and in many cases it can take much"}, {"end": "01:21:07", "start": "01:21:04", "text": "longer than that"}, {"end": "01:21:09", "start": "01:21:05", "text": "[Music]"}, {"end": "01:21:11", "start": "01:21:07", "text": "I won't let this go"}, {"end": "01:21:13", "start": "01:21:09", "text": "I'll fight till the end for Bitcoin"}, {"end": "01:21:15", "start": "01:21:11", "text": "whether I have to work on the street or"}, {"end": "01:21:16", "start": "01:21:13", "text": "sell lemonade the coin is going to"}, {"end": "01:21:18", "start": "01:21:15", "text": "succeed one way or another and I'm going"}, {"end": "01:21:18", "start": "01:21:16", "text": "to be a part of it"}, {"end": "01:21:28", "start": "01:21:23", "text": "over the past several months the Bitcoin"}, {"end": "01:21:30", "start": "01:21:26", "text": "mining landscape has changed"}, {"end": "01:21:30", "start": "01:21:28", "text": "significantly"}, {"end": "01:21:38", "start": "01:21:30", "text": "[Music]"}, {"end": "01:21:39", "start": "01:21:35", "text": "when I started Bitcoin mining was a"}, {"end": "01:21:42", "start": "01:21:38", "text": "hobby for geeks"}, {"end": "01:21:44", "start": "01:21:39", "text": "now it's big business in order to"}, {"end": "01:21:45", "start": "01:21:42", "text": "continue Mining and continue playing in"}, {"end": "01:21:47", "start": "01:21:44", "text": "the game and be competitive and be"}, {"end": "01:21:50", "start": "01:21:45", "text": "profitable I would have to spend"}, {"end": "01:21:53", "start": "01:21:47", "text": "hundreds of thousands of dollars on gear"}, {"end": "01:21:55", "start": "01:21:50", "text": "the 18 miners I ordered from Avalon"}, {"end": "01:21:57", "start": "01:21:53", "text": "never arrived"}, {"end": "01:21:59", "start": "01:21:55", "text": "and the units from butterfly Labs took"}, {"end": "01:22:02", "start": "01:21:57", "text": "over a year to ship"}, {"end": "01:22:04", "start": "01:21:59", "text": "by the time I got them Bitcoin mining"}, {"end": "01:22:05", "start": "01:22:02", "text": "was so competitive that I would never be"}, {"end": "01:22:07", "start": "01:22:04", "text": "able to mine back all the coins I used"}, {"end": "01:22:08", "start": "01:22:05", "text": "to buy them"}, {"end": "01:22:10", "start": "01:22:07", "text": "see that computer that computer makes"}, {"end": "01:22:12", "start": "01:22:08", "text": "Bitcoins and this is"}, {"end": "01:22:14", "start": "01:22:10", "text": "um all the other computers that are"}, {"end": "01:22:16", "start": "01:22:12", "text": "making Bitcoins too and it goes straight"}, {"end": "01:22:18", "start": "01:22:14", "text": "up in the line up in the air and that's"}, {"end": "01:22:20", "start": "01:22:16", "text": "because there's a lot of people that are"}, {"end": "01:22:23", "start": "01:22:18", "text": "making Bitcoins with computers like that"}, {"end": "01:22:25", "start": "01:22:20", "text": "as my new units are arriving I'm selling"}, {"end": "01:22:27", "start": "01:22:23", "text": "them for Bitcoins to try to recoup what"}, {"end": "01:22:30", "start": "01:22:25", "text": "I can you don't mind grabbing those"}, {"end": "01:22:33", "start": "01:22:27", "text": "other cables I'm not coming back up okay"}, {"end": "01:22:35", "start": "01:22:30", "text": "I'm taking a pretty big hit"}, {"end": "01:22:38", "start": "01:22:33", "text": "but overall the mining experience has"}, {"end": "01:22:38", "start": "01:22:35", "text": "still been worth it"}, {"end": "01:22:43", "start": "01:22:38", "text": "[Music]"}, {"end": "01:22:45", "start": "01:22:41", "text": "days may be over but I'm still very"}, {"end": "01:22:48", "start": "01:22:43", "text": "involved with Bitcoin with Bitcoin it's"}, {"end": "01:22:50", "start": "01:22:45", "text": "a money system where it's backed by math"}, {"end": "01:22:52", "start": "01:22:48", "text": "it's backed by the laws of mathematics"}, {"end": "01:22:53", "start": "01:22:50", "text": "and by the rules of the protocol I keep"}, {"end": "01:22:55", "start": "01:22:52", "text": "thinking that there's got to be an"}, {"end": "01:22:57", "start": "01:22:53", "text": "easier way to just set up a secondary"}, {"end": "01:22:59", "start": "01:22:55", "text": "protocol to trade private Keys every"}, {"end": "01:23:01", "start": "01:22:57", "text": "time I log on I see another dot on China"}, {"end": "01:23:02", "start": "01:22:59", "text": "and I'm like this is why right now the"}, {"end": "01:23:05", "start": "01:23:01", "text": "price is gone"}, {"end": "01:23:07", "start": "01:23:02", "text": "the price is nearing 150 again"}, {"end": "01:23:09", "start": "01:23:05", "text": "many attributed to the explosion of"}, {"end": "01:23:11", "start": "01:23:07", "text": "bitcoin's popularity in China what's"}, {"end": "01:23:13", "start": "01:23:09", "text": "happened recently is Chinese people have"}, {"end": "01:23:16", "start": "01:23:11", "text": "really come and adopted Bitcoin"}, {"end": "01:23:18", "start": "01:23:13", "text": "as a culture as a nation Chinese people"}, {"end": "01:23:20", "start": "01:23:16", "text": "are Keen to learn about things that are"}, {"end": "01:23:21", "start": "01:23:18", "text": "on the internet things that involve math"}, {"end": "01:23:23", "start": "01:23:20", "text": "and science"}, {"end": "01:23:25", "start": "01:23:21", "text": "we think that China can really"}, {"end": "01:23:27", "start": "01:23:23", "text": "contribute in the space and help bring"}, {"end": "01:23:28", "start": "01:23:25", "text": "Bitcoin to the mainstream"}, {"end": "01:23:30", "start": "01:23:27", "text": "Germany is another part of the world"}, {"end": "01:23:32", "start": "01:23:28", "text": "where Bitcoin has found a home it's"}, {"end": "01:23:34", "start": "01:23:30", "text": "starting to get normal if one person a"}, {"end": "01:23:37", "start": "01:23:32", "text": "day comes in and buys a coffee with"}, {"end": "01:23:39", "start": "01:23:34", "text": "Bitcoins people are looking for a new"}, {"end": "01:23:40", "start": "01:23:37", "text": "way of paying and not through banks and"}, {"end": "01:23:42", "start": "01:23:39", "text": "not with yours not with dollars"}, {"end": "01:23:45", "start": "01:23:40", "text": "something new"}, {"end": "01:23:47", "start": "01:23:42", "text": "the German Ministry of Finance even"}, {"end": "01:23:49", "start": "01:23:45", "text": "became the first governing body to"}, {"end": "01:23:51", "start": "01:23:47", "text": "officially classify Bitcoin as private"}, {"end": "01:23:54", "start": "01:23:49", "text": "money I believe if we want to get some"}, {"end": "01:23:56", "start": "01:23:51", "text": "justice back into our society we should"}, {"end": "01:24:00", "start": "01:23:54", "text": "reduce the importance of the banks"}, {"end": "01:24:00", "start": "01:23:56", "text": "Bitcoin is banking without banks so here"}, {"end": "01:24:04", "start": "01:24:00", "text": "we go"}, {"end": "01:24:04", "start": "01:24:00", "text": "[Music]"}, {"end": "01:24:09", "start": "01:24:05", "text": "they shut down what it's calling the"}, {"end": "01:24:11", "start": "01:24:07", "text": "most sophisticated Internet site in the"}, {"end": "01:24:14", "start": "01:24:09", "text": "business of selling hard drugs including"}, {"end": "01:24:16", "start": "01:24:11", "text": "heroin cocaine and LSD"}, {"end": "01:24:18", "start": "01:24:14", "text": "in the Sci-Fi section of the San"}, {"end": "01:24:20", "start": "01:24:16", "text": "Francisco Public Library undercover"}, {"end": "01:24:22", "start": "01:24:18", "text": "agents surprised the young man quietly"}, {"end": "01:24:24", "start": "01:24:20", "text": "working on his laptop"}, {"end": "01:24:27", "start": "01:24:22", "text": "they arrested a 29 year old software"}, {"end": "01:24:29", "start": "01:24:24", "text": "engineer named Ross Albright and accused"}, {"end": "01:24:31", "start": "01:24:27", "text": "him of being The Mastermind behind the"}, {"end": "01:24:33", "start": "01:24:29", "text": "Silk Road"}, {"end": "01:24:34", "start": "01:24:31", "text": "people have always tied the Silk Road to"}, {"end": "01:24:37", "start": "01:24:33", "text": "it media has always tied the Silk Road"}, {"end": "01:24:39", "start": "01:24:34", "text": "to it as if like Silk Road is Bitcoin"}, {"end": "01:24:41", "start": "01:24:37", "text": "but it's not this may be a sign that"}, {"end": "01:24:43", "start": "01:24:39", "text": "Bitcoin is growing up"}, {"end": "01:24:45", "start": "01:24:41", "text": "it's funny my friend just iMed me and"}, {"end": "01:24:47", "start": "01:24:43", "text": "said you know it's still core graduated"}, {"end": "01:24:49", "start": "01:24:45", "text": "and the government seized 3.6 million"}, {"end": "01:24:53", "start": "01:24:47", "text": "dollars in Bitcoin is there a way to"}, {"end": "01:24:56", "start": "01:24:49", "text": "invalidate Bitcoins I replied to know"}, {"end": "01:25:00", "start": "01:24:53", "text": "government is now"}, {"end": "01:25:02", "start": "01:24:56", "text": "invested in Bitcoin"}, {"end": "01:25:04", "start": "01:25:00", "text": "people are starting to finally realize"}, {"end": "01:25:06", "start": "01:25:02", "text": "that Bitcoin has nothing to do with how"}, {"end": "01:25:08", "start": "01:25:04", "text": "people use it it's just money it's like"}, {"end": "01:25:10", "start": "01:25:06", "text": "gold"}, {"end": "01:25:11", "start": "01:25:08", "text": "of course not everyone thinks Bitcoin is"}, {"end": "01:25:15", "start": "01:25:10", "text": "the way of the future"}, {"end": "01:25:17", "start": "01:25:11", "text": "Bitcoin will not be able to survive or"}, {"end": "01:25:20", "start": "01:25:15", "text": "Thrive without"}, {"end": "01:25:23", "start": "01:25:17", "text": "becoming legitimate I don't see it"}, {"end": "01:25:24", "start": "01:25:20", "text": "having a serious place in our financial"}, {"end": "01:25:27", "start": "01:25:23", "text": "system"}, {"end": "01:25:30", "start": "01:25:24", "text": "they're really good reasons why we have"}, {"end": "01:25:32", "start": "01:25:27", "text": "central banks that have the power to put"}, {"end": "01:25:34", "start": "01:25:30", "text": "out Financial fires by printing money"}, {"end": "01:25:37", "start": "01:25:32", "text": "I'm"}, {"end": "01:25:39", "start": "01:25:34", "text": "worried about the technology as Darth"}, {"end": "01:25:40", "start": "01:25:37", "text": "Vader once said don't put all your faith"}, {"end": "01:25:42", "start": "01:25:39", "text": "in technology"}, {"end": "01:25:44", "start": "01:25:40", "text": "I think 10 years from now we'll look"}, {"end": "01:25:48", "start": "01:25:42", "text": "back on this and just kind of chuckle at"}, {"end": "01:25:51", "start": "01:25:44", "text": "the Bitcoin fad oh yeah remember Bitcoin"}, {"end": "01:25:53", "start": "01:25:48", "text": "oh yeah I remember that"}, {"end": "01:25:55", "start": "01:25:51", "text": "it's Financial Freedom come on bro this"}, {"end": "01:25:57", "start": "01:25:53", "text": "is the new world bro"}, {"end": "01:25:59", "start": "01:25:55", "text": "others are more optimistic I think"}, {"end": "01:26:01", "start": "01:25:57", "text": "within 10 years you're going to have a"}, {"end": "01:26:02", "start": "01:25:59", "text": "lot of people using Bitcoin but they're"}, {"end": "01:26:03", "start": "01:26:01", "text": "not going to realize that they're using"}, {"end": "01:26:04", "start": "01:26:02", "text": "it because it's going to be a protocol"}, {"end": "01:26:06", "start": "01:26:03", "text": "that's embedded underneath whatever"}, {"end": "01:26:08", "start": "01:26:04", "text": "Financial Service they're using today"}, {"end": "01:26:10", "start": "01:26:06", "text": "and by Bitcoin being open source it's"}, {"end": "01:26:11", "start": "01:26:08", "text": "what can allow all these different"}, {"end": "01:26:13", "start": "01:26:10", "text": "mobile wallets and all these Financial"}, {"end": "01:26:15", "start": "01:26:11", "text": "Technologies to all talk to each other"}, {"end": "01:26:18", "start": "01:26:13", "text": "especially around the world"}, {"end": "01:26:19", "start": "01:26:15", "text": "whoever the hell Satoshi was he should"}, {"end": "01:26:20", "start": "01:26:18", "text": "go down and history as one of the"}, {"end": "01:26:22", "start": "01:26:19", "text": "greatest people or groups of people that"}, {"end": "01:26:25", "start": "01:26:20", "text": "ever existed this is a technology that"}, {"end": "01:26:26", "start": "01:26:22", "text": "mankind has needed for thousands of"}, {"end": "01:26:28", "start": "01:26:25", "text": "years people have been dealing with"}, {"end": "01:26:31", "start": "01:26:26", "text": "monetary Shenanigans since the Roman"}, {"end": "01:26:34", "start": "01:26:28", "text": "Empire clipping gold coins and finally"}, {"end": "01:26:36", "start": "01:26:31", "text": "people can escape it I'm"}, {"end": "01:26:38", "start": "01:26:34", "text": "cautious to try to predict the future we"}, {"end": "01:26:40", "start": "01:26:36", "text": "don't really know"}, {"end": "01:26:42", "start": "01:26:38", "text": "I tend to be a technological Optimist I"}, {"end": "01:26:44", "start": "01:26:40", "text": "see the the democratization of"}, {"end": "01:26:47", "start": "01:26:42", "text": "Technology just being a really positive"}, {"end": "01:26:49", "start": "01:26:44", "text": "thing and I think that's a really"}, {"end": "01:26:52", "start": "01:26:47", "text": "powerful force that is really only just"}, {"end": "01:26:52", "start": "01:26:49", "text": "beginning"}, {"end": "01:26:55", "start": "01:26:52", "text": "foreign"}, {"end": "01:27:14", "start": "01:26:56", "text": "[Music]"}, {"end": "01:27:26", "start": "01:27:20", "text": "[Music]"}, {"end": "01:27:32", "start": "01:27:27", "text": "recently as the price has been floating"}, {"end": "01:27:34", "start": "01:27:30", "text": "around 200 again you know I have a lot"}, {"end": "01:27:36", "start": "01:27:32", "text": "of friends that have that have asked me"}, {"end": "01:27:37", "start": "01:27:34", "text": "you know are you going to cash out some"}, {"end": "01:27:39", "start": "01:27:36", "text": "of your Bitcoins now you know the price"}, {"end": "01:27:41", "start": "01:27:37", "text": "is really high you should you know get"}, {"end": "01:27:43", "start": "01:27:39", "text": "some dollars out of it and"}, {"end": "01:27:44", "start": "01:27:41", "text": "I kind of tell them no like don't you"}, {"end": "01:27:45", "start": "01:27:43", "text": "see it"}, {"end": "01:27:47", "start": "01:27:44", "text": "[Music]"}, {"end": "01:27:48", "start": "01:27:45", "text": "I've met so many interesting people and"}, {"end": "01:27:50", "start": "01:27:47", "text": "there seems to be one thing that kind of"}, {"end": "01:27:53", "start": "01:27:48", "text": "binds a lot of them together and that is"}, {"end": "01:27:55", "start": "01:27:50", "text": "that they're willing to face opposition"}, {"end": "01:27:57", "start": "01:27:53", "text": "and follow through on the ideas that"}, {"end": "01:27:59", "start": "01:27:55", "text": "they believe in"}, {"end": "01:28:01", "start": "01:27:57", "text": "the people who try the crazy ideas often"}, {"end": "01:28:02", "start": "01:27:59", "text": "fail and then everybody likes to point"}, {"end": "01:28:04", "start": "01:28:01", "text": "their fingers and laugh and say that was"}, {"end": "01:28:06", "start": "01:28:02", "text": "such a stupid idea but once in a while"}, {"end": "01:28:08", "start": "01:28:04", "text": "it works out"}, {"end": "01:28:09", "start": "01:28:06", "text": "I think Bitcoin is proving to be one of"}, {"end": "01:28:15", "start": "01:28:08", "text": "those things"}, {"end": "01:28:15", "start": "01:28:09", "text": "[Music]"}, {"end": "01:28:20", "start": "01:28:17", "text": "the decision to bring virtual currency"}, {"end": "01:28:22", "start": "01:28:18", "text": "within the scope of our regulatory"}, {"end": "01:28:24", "start": "01:28:20", "text": "framework should be viewed as a positive"}, {"end": "01:28:26", "start": "01:28:22", "text": "development for this sector I'm here to"}, {"end": "01:28:28", "start": "01:28:24", "text": "testify because I believe that digital"}, {"end": "01:28:30", "start": "01:28:26", "text": "currency represents one of the most"}, {"end": "01:28:32", "start": "01:28:28", "text": "important Technical and economic"}, {"end": "01:28:34", "start": "01:28:30", "text": "Innovations of our time we are"}, {"end": "01:28:36", "start": "01:28:32", "text": "enthusiastic about the potential of"}, {"end": "01:28:38", "start": "01:28:34", "text": "virtual currencies and the digital"}, {"end": "01:28:41", "start": "01:28:36", "text": "economy for social good"}, {"end": "01:28:41", "start": "01:28:38", "text": "[Music]"}, {"end": "01:28:47", "start": "01:28:42", "text": "this latest generation of technology"}, {"end": "01:28:49", "start": "01:28:44", "text": "which we're talking about today takes"}, {"end": "01:28:51", "start": "01:28:47", "text": "things to a whole new level there's a"}, {"end": "01:28:52", "start": "01:28:49", "text": "rather a bit of a shared responsibility"}, {"end": "01:28:55", "start": "01:28:51", "text": "here in trying to figure out how to make"}, {"end": "01:28:57", "start": "01:28:52", "text": "this work it is a little strange that"}, {"end": "01:28:59", "start": "01:28:55", "text": "the Bitcoin we don't know who the"}, {"end": "01:29:01", "start": "01:28:57", "text": "Creator is and so"}, {"end": "01:29:03", "start": "01:28:59", "text": "um that often conjures up the idea that"}, {"end": "01:29:05", "start": "01:29:01", "text": "there's some risk here that we have not"}, {"end": "01:29:08", "start": "01:29:03", "text": "you don't think it was Al Gore to you"}, {"end": "01:29:10", "start": "01:29:05", "text": "[Laughter]"}, {"end": "01:29:14", "start": "01:29:08", "text": "if you think a little broadly this could"}, {"end": "01:29:17", "start": "01:29:10", "text": "again have huge huge implications"}, {"end": "01:29:17", "start": "01:29:14", "text": "foreign"}, {"end": "01:29:25", "start": "01:29:21", "text": "[Music]"}, {"end": "01:29:28", "start": "01:29:23", "text": "was the year Bitcoin first entered the"}, {"end": "01:29:29", "start": "01:29:25", "text": "mainstream and 2014 got off to a"}, {"end": "01:29:31", "start": "01:29:28", "text": "dramatic start"}, {"end": "01:29:33", "start": "01:29:29", "text": "just as we were wrapping things up on"}, {"end": "01:29:35", "start": "01:29:31", "text": "our film Charlie Schram was arrested"}, {"end": "01:29:37", "start": "01:29:33", "text": "after returning from a Bitcoin"}, {"end": "01:29:39", "start": "01:29:35", "text": "conference in Amsterdam"}, {"end": "01:29:41", "start": "01:29:37", "text": "he could be facing up to 30 years in"}, {"end": "01:29:44", "start": "01:29:39", "text": "prison on charges related to his"}, {"end": "01:29:44", "start": "01:29:41", "text": "activities at bid instant"}, {"end": "01:29:52", "start": "01:29:46", "text": "in JFK you walk right off the plane and"}, {"end": "01:29:54", "start": "01:29:50", "text": "you go straight to customs about three"}, {"end": "01:29:56", "start": "01:29:52", "text": "agents in front of me and then four"}, {"end": "01:29:58", "start": "01:29:54", "text": "agents behind me said Mr Shrum please"}, {"end": "01:30:00", "start": "01:29:56", "text": "come with us"}, {"end": "01:30:02", "start": "01:29:58", "text": "they took me to an interrogating room"}, {"end": "01:30:04", "start": "01:30:00", "text": "told me that I'm being arrested on"}, {"end": "01:30:05", "start": "01:30:02", "text": "federal crimes money laundering running"}, {"end": "01:30:08", "start": "01:30:04", "text": "an unlicensed money transmission"}, {"end": "01:30:11", "start": "01:30:05", "text": "business and failing to file suspicious"}, {"end": "01:30:13", "start": "01:30:08", "text": "activity reports the indictment alleged"}, {"end": "01:30:16", "start": "01:30:11", "text": "that Charlie had sold Bitcoins to a"}, {"end": "01:30:18", "start": "01:30:13", "text": "reseller that operated on the Silk Road"}, {"end": "01:30:20", "start": "01:30:16", "text": "what sucks is the house arrest you know"}, {"end": "01:30:21", "start": "01:30:18", "text": "I have to pretty much be here all the"}, {"end": "01:30:23", "start": "01:30:20", "text": "time every day I can't even go outside"}, {"end": "01:30:25", "start": "01:30:21", "text": "unless I'm going to my lawyer's office"}, {"end": "01:30:27", "start": "01:30:23", "text": "which is once or twice a week"}, {"end": "01:30:28", "start": "01:30:25", "text": "I pretty much lost my freedom lost"}, {"end": "01:30:31", "start": "01:30:27", "text": "everything that I've built over the past"}, {"end": "01:30:31", "start": "01:30:28", "text": "year"}, {"end": "01:30:35", "start": "01:30:31", "text": "Charlie's arrest wasn't the only bad"}, {"end": "01:30:37", "start": "01:30:33", "text": "news that rocked the community in the"}, {"end": "01:30:38", "start": "01:30:35", "text": "new year"}, {"end": "01:30:41", "start": "01:30:37", "text": "for months there had been rumors that"}, {"end": "01:30:45", "start": "01:30:38", "text": "mount Cox had become insolvent and in"}, {"end": "01:30:45", "start": "01:30:41", "text": "February the site went offline"}, {"end": "01:31:06", "start": "01:31:02", "text": "the rumors turned out to be true"}, {"end": "01:31:15", "start": "01:31:12", "text": "[Music]"}, {"end": "01:31:26", "start": "01:31:22", "text": "Mount Cox had reportedly been hacked and"}, {"end": "01:31:30", "start": "01:31:24", "text": "nearly half a billion dollars worth of"}, {"end": "01:31:30", "start": "01:31:26", "text": "bitcoin were missing"}, {"end": "01:31:38", "start": "01:31:31", "text": "Mark was forced to step down as CEO and"}, {"end": "01:31:38", "start": "01:31:35", "text": "mount Cox went into bankruptcy"}, {"end": "01:31:47", "start": "01:31:43", "text": "a national magazine claims to have"}, {"end": "01:31:48", "start": "01:31:45", "text": "identified the mysterious founder of the"}, {"end": "01:31:51", "start": "01:31:47", "text": "worldwide digital currency called"}, {"end": "01:31:53", "start": "01:31:48", "text": "Bitcoin tonight he is speaking out but"}, {"end": "01:31:55", "start": "01:31:51", "text": "he says he has nothing whatsoever to do"}, {"end": "01:31:59", "start": "01:31:53", "text": "with Bitcoin why did you create Bitcoin"}, {"end": "01:32:02", "start": "01:31:55", "text": "sir okay no no questions right now"}, {"end": "01:32:06", "start": "01:31:59", "text": "sir can we ask you about Bitcoin"}, {"end": "01:32:09", "start": "01:32:02", "text": "okay I'm not involved in Bitcoin okay"}, {"end": "01:32:09", "start": "01:32:06", "text": "who's involved wait a minute"}, {"end": "01:32:17", "start": "01:32:11", "text": "I want big one"}, {"end": "01:32:20", "start": "01:32:14", "text": "oh okay yeah this would be good"}, {"end": "01:32:22", "start": "01:32:17", "text": "cheese I have some water"}, {"end": "01:32:25", "start": "01:32:20", "text": "hey uh was yours"}, {"end": "01:32:27", "start": "01:32:22", "text": "Newsweek claimed the creator of Bitcoin"}, {"end": "01:32:30", "start": "01:32:25", "text": "had not used a suit in him"}, {"end": "01:32:32", "start": "01:32:27", "text": "they connected the dots to a 64 year old"}, {"end": "01:32:37", "start": "01:32:30", "text": "Japanese man living in Los Angeles"}, {"end": "01:32:39", "start": "01:32:32", "text": "named Dorian Prentice Satoshi Nakamoto"}, {"end": "01:32:41", "start": "01:32:37", "text": "Nakamoto immediately denied the"}, {"end": "01:32:43", "start": "01:32:39", "text": "allegations and said he'd tell a story"}, {"end": "01:32:44", "start": "01:32:41", "text": "to the first reporter who agreed to buy"}, {"end": "01:32:47", "start": "01:32:43", "text": "him lunch"}, {"end": "01:32:50", "start": "01:32:44", "text": "the main reason I'm here is to clear my"}, {"end": "01:32:53", "start": "01:32:47", "text": "name that I have nothing to do with"}, {"end": "01:32:56", "start": "01:32:50", "text": "Bitcoin nothing to do with developing"}, {"end": "01:32:59", "start": "01:32:53", "text": "I was just an engineer doing something"}, {"end": "01:33:02", "start": "01:32:56", "text": "else as the media frenzy escalated"}, {"end": "01:33:04", "start": "01:32:59", "text": "newsweek's claims started to unravel"}, {"end": "01:33:06", "start": "01:33:02", "text": "holes in the story led many to believe"}, {"end": "01:33:08", "start": "01:33:04", "text": "it was nothing more than Sensational"}, {"end": "01:33:10", "start": "01:33:06", "text": "journalism"}, {"end": "01:33:13", "start": "01:33:08", "text": "there was no conclusive evidence tying"}, {"end": "01:33:17", "start": "01:33:10", "text": "Dorian to bitcoin"}, {"end": "01:33:20", "start": "01:33:13", "text": "amidst the uncertainty on that same day"}, {"end": "01:33:23", "start": "01:33:17", "text": "a comment suddenly appeared on satoshi's"}, {"end": "01:33:27", "start": "01:33:20", "text": "Long dormant profile page which read"}, {"end": "01:33:31", "start": "01:33:23", "text": "I am not Dorian Nakamoto"}, {"end": "01:33:31", "start": "01:33:27", "text": "[Music]"}, {"end": "01:33:35", "start": "01:33:31", "text": "maybe we'll never know who created"}, {"end": "01:33:36", "start": "01:33:33", "text": "bitcoin"}, {"end": "01:33:38", "start": "01:33:35", "text": "but the truth is"}, {"end": "01:33:39", "start": "01:33:36", "text": "it doesn't really matter"}, {"end": "01:33:42", "start": "01:33:38", "text": "[Music]"}, {"end": "01:33:46", "start": "01:33:39", "text": "Bitcoin belongs to everyone"}, {"end": "01:33:46", "start": "01:33:42", "text": "and the future is ours to build"}, {"end": "01:33:54", "start": "01:33:50", "text": "[Music]"}, {"end": "01:34:14", "start": "01:34:10", "text": "for that hundred thousand dollars on"}, {"end": "01:34:17", "start": "01:34:12", "text": "Market orders right now all right let's"}, {"end": "01:34:19", "start": "01:34:14", "text": "do it come on come on why what's gonna"}, {"end": "01:34:21", "start": "01:34:17", "text": "happen buy 100K worth of Bitcoins right"}, {"end": "01:34:23", "start": "01:34:19", "text": "now why do it I don't want to do it do"}, {"end": "01:34:25", "start": "01:34:21", "text": "it you owe me a hundred thousand dollars"}, {"end": "01:34:27", "start": "01:34:23", "text": "do it I'll send you a hundred thousand"}, {"end": "01:34:29", "start": "01:34:25", "text": "dollars no you buy buy 100"}, {"end": "01:34:33", "start": "01:34:27", "text": "and I can't floating goggs for volume"}, {"end": "01:34:34", "start": "01:34:29", "text": "closing down for Satoshi Square all"}, {"end": "01:34:38", "start": "01:34:33", "text": "right does this look right"}, {"end": "01:34:45", "start": "01:34:34", "text": "TW yep yep okay and I do 0.2"}, {"end": "01:34:45", "start": "01:34:38", "text": "0.18 this is for Bitcoin t-shirts"}, {"end": "01:34:49", "start": "01:34:45", "text": "great doing business with you I'm gonna"}, {"end": "01:34:50", "start": "01:34:47", "text": "to wear your shirt proudly do it that's"}, {"end": "01:34:51", "start": "01:34:49", "text": "one thing that's interesting about"}, {"end": "01:34:54", "start": "01:34:50", "text": "Bitcoin it's like how do you like"}, {"end": "01:34:55", "start": "01:34:51", "text": "declare losses you know you point to two"}, {"end": "01:34:58", "start": "01:34:54", "text": "transactions that happen on the internet"}, {"end": "01:34:59", "start": "01:34:55", "text": "and you tell the IRS that you own that"}, {"end": "01:35:01", "start": "01:34:58", "text": "you know oh are you still on that and I"}, {"end": "01:35:03", "start": "01:34:59", "text": "lost the private key like you know and"}, {"end": "01:35:05", "start": "01:35:01", "text": "then if you really do lose it how do you"}, {"end": "01:35:07", "start": "01:35:03", "text": "write it off for taxes and stuff that's"}, {"end": "01:35:10", "start": "01:35:05", "text": "going to be interesting"}, {"end": "01:35:10", "start": "01:35:07", "text": "[Applause]"}, {"end": "01:35:17", "start": "01:35:13", "text": "okay guys we're gonna play a special"}, {"end": "01:35:19", "start": "01:35:14", "text": "version of hopscotch called Bitcoin"}, {"end": "01:35:23", "start": "01:35:17", "text": "blockchain hop shot"}, {"end": "01:35:27", "start": "01:35:19", "text": "oh you lost all your Bitcoins"}, {"end": "01:35:28", "start": "01:35:23", "text": "who is Satoshi Nakamoto"}, {"end": "01:35:31", "start": "01:35:27", "text": "hey"}, {"end": "01:35:35", "start": "01:35:28", "text": "girls are not tell you but yeah oh do"}, {"end": "01:35:37", "start": "01:35:31", "text": "you know uh Maybe not maybe oh"}, {"end": "01:35:40", "start": "01:35:35", "text": "you know I have a Bitcoin and a half"}, {"end": "01:35:43", "start": "01:35:37", "text": "myself now which I think probably in 10"}, {"end": "01:35:46", "start": "01:35:40", "text": "years means I'll be really rich"}, {"end": "01:35:47", "start": "01:35:43", "text": "when you think about it hard enough on a"}, {"end": "01:35:50", "start": "01:35:46", "text": "global scale this is a Net game for"}, {"end": "01:35:50", "start": "01:35:47", "text": "Humanity"}]

[{"end": "00:00:05", "start": "00:00:01", "text": "I think that the internet is going to be"}, {"end": "00:00:08", "start": "00:00:03", "text": "one of the major"}, {"end": "00:00:10", "start": "00:00:05", "text": "forces for reducing the role of"}, {"end": "00:00:13", "start": "00:00:08", "text": "government the one thing that's missing"}, {"end": "00:00:16", "start": "00:00:10", "text": "but that will soon be developed is a"}, {"end": "00:00:19", "start": "00:00:13", "text": "reliable ecash a method whereby on the"}, {"end": "00:00:25", "start": "00:00:16", "text": "internet you can transfer funds from A"}, {"end": "00:00:25", "start": "00:00:19", "text": "to B without a knowing b or B knowing a"}, {"end": "00:00:40", "start": "00:00:35", "text": "what is a Bitcoin what is bitcoin what"}, {"end": "00:00:43", "start": "00:00:38", "text": "backs a Bitcoin you put some of your"}, {"end": "00:00:45", "start": "00:00:40", "text": "money real money online and it turns"}, {"end": "00:00:47", "start": "00:00:43", "text": "into Bitcoin I don't even know why we"}, {"end": "00:00:48", "start": "00:00:45", "text": "call them coins except that they call it"}, {"end": "00:00:51", "start": "00:00:47", "text": "coins in a name I think Bitcoin has"}, {"end": "00:00:53", "start": "00:00:48", "text": "turned into a massive multiplayer online"}, {"end": "00:00:55", "start": "00:00:51", "text": "game where speculators are trying to"}, {"end": "00:00:59", "start": "00:00:53", "text": "outs speculate each other is it a a a a"}, {"end": "00:01:02", "start": "00:00:55", "text": "means of exchange or an asset class I"}, {"end": "00:01:06", "start": "00:00:59", "text": "see you taking my real dollars and then"}, {"end": "00:01:08", "start": "00:01:02", "text": "you give me virtual money in"}, {"end": "00:01:09", "start": "00:01:06", "text": "return Thanksgiving dinner my"}, {"end": "00:01:12", "start": "00:01:08", "text": "grandmother asked me what the heck is"}, {"end": "00:01:14", "start": "00:01:09", "text": "this Bitcoin stuff anyway right and I"}, {"end": "00:01:15", "start": "00:01:12", "text": "said to her do you remember when Visa"}, {"end": "00:01:17", "start": "00:01:14", "text": "cards first came out you were used to"}, {"end": "00:01:20", "start": "00:01:15", "text": "paying with cash or with a check and"}, {"end": "00:01:21", "start": "00:01:17", "text": "then a Visa came out it was this weird"}, {"end": "00:01:23", "start": "00:01:20", "text": "payment system that you didn't"}, {"end": "00:01:25", "start": "00:01:21", "text": "understand and she said yeah I remember"}, {"end": "00:01:27", "start": "00:01:23", "text": "that I said well Bitcoin is just the"}, {"end": "00:01:30", "start": "00:01:25", "text": "next evolution of another payment"}, {"end": "00:01:32", "start": "00:01:27", "text": "system Bitcoin by now you've prob"}, {"end": "00:01:34", "start": "00:01:30", "text": "probably heard of it the wild"}, {"end": "00:01:36", "start": "00:01:32", "text": "fluctuations in its price has gained the"}, {"end": "00:01:39", "start": "00:01:34", "text": "attention of the mainstream Financial"}, {"end": "00:01:42", "start": "00:01:36", "text": "media but Bitcoin is much more than just"}, {"end": "00:01:44", "start": "00:01:39", "text": "your average investment beneath all the"}, {"end": "00:01:47", "start": "00:01:42", "text": "hype in hysteria lies what could be the"}, {"end": "00:01:50", "start": "00:01:44", "text": "most important technology of our"}, {"end": "00:01:52", "start": "00:01:47", "text": "lifetimes so what exactly is it to fully"}, {"end": "00:01:54", "start": "00:01:50", "text": "appreciate the characteristics that make"}, {"end": "00:01:56", "start": "00:01:52", "text": "Bitcoin a potentially world changing"}, {"end": "00:01:58", "start": "00:01:54", "text": "technology we first need to understand"}, {"end": "00:02:02", "start": "00:01:56", "text": "what money"}, {"end": "00:02:05", "start": "00:01:58", "text": "is currency started developing uh 6 to"}, {"end": "00:02:07", "start": "00:02:02", "text": "9,000 years ago some sort of medium of"}, {"end": "00:02:10", "start": "00:02:05", "text": "exchange and people used something of"}, {"end": "00:02:13", "start": "00:02:07", "text": "value societies around the world though"}, {"end": "00:02:15", "start": "00:02:10", "text": "started to select gold and silver as"}, {"end": "00:02:20", "start": "00:02:13", "text": "their primary currency about 3,000 years"}, {"end": "00:02:22", "start": "00:02:15", "text": "ago and then about uh 680 BC uh they"}, {"end": "00:02:25", "start": "00:02:20", "text": "became money when they were mitted into"}, {"end": "00:02:27", "start": "00:02:22", "text": "coins of equal weights governments"}, {"end": "00:02:30", "start": "00:02:25", "text": "started creating representative"}, {"end": "00:02:32", "start": "00:02:27", "text": "currencies where uh you deposit your"}, {"end": "00:02:33", "start": "00:02:30", "text": "gold gold and silver or they have gold"}, {"end": "00:02:35", "start": "00:02:32", "text": "and silver in the treasury and they come"}, {"end": "00:02:37", "start": "00:02:33", "text": "out with notes that are basically a"}, {"end": "00:02:39", "start": "00:02:35", "text": "claim check on the gold so they're"}, {"end": "00:02:42", "start": "00:02:37", "text": "supposed to be as good as gold because"}, {"end": "00:02:45", "start": "00:02:39", "text": "you can always convert them into"}, {"end": "00:02:47", "start": "00:02:42", "text": "gold throughout history precious metals"}, {"end": "00:02:49", "start": "00:02:45", "text": "were chosen as money not through"}, {"end": "00:02:52", "start": "00:02:47", "text": "government decree but because of their"}, {"end": "00:02:55", "start": "00:02:49", "text": "unique features gold is rare easily"}, {"end": "00:02:58", "start": "00:02:52", "text": "recognizable portable durable and"}, {"end": "00:03:00", "start": "00:02:55", "text": "divisible Above All Because gold is"}, {"end": "00:03:02", "start": "00:02:58", "text": "difficult to find and labor intensive to"}, {"end": "00:03:06", "start": "00:03:00", "text": "mine refine and mint it has always been"}, {"end": "00:03:06", "start": "00:03:02", "text": "perceived as a store of"}, {"end": "00:03:15", "start": "00:03:10", "text": "value at Breton Woods New Hampshire"}, {"end": "00:03:17", "start": "00:03:12", "text": "delegates from 44 Allied and Associate"}, {"end": "00:03:19", "start": "00:03:15", "text": "countries arrived for the opening of the"}, {"end": "00:03:22", "start": "00:03:17", "text": "United Nations monetary and financial"}, {"end": "00:03:25", "start": "00:03:19", "text": "conference in modern history as World"}, {"end": "00:03:27", "start": "00:03:22", "text": "War II was coming to an end in 1944 the"}, {"end": "00:03:30", "start": "00:03:25", "text": "Allied Nations met at the small town of"}, {"end": "00:03:32", "start": "00:03:27", "text": "Breton Woods New Hampshire here they"}, {"end": "00:03:34", "start": "00:03:30", "text": "drafted a new Financial system which"}, {"end": "00:03:37", "start": "00:03:32", "text": "would stabilize the world's Financial"}, {"end": "00:03:39", "start": "00:03:34", "text": "system once the war ended with the"}, {"end": "00:03:41", "start": "00:03:37", "text": "United States poised to enter a golden"}, {"end": "00:03:44", "start": "00:03:39", "text": "age of prosperity the US dollar was"}, {"end": "00:03:47", "start": "00:03:41", "text": "chosen to be the world's Reserve"}, {"end": "00:03:49", "start": "00:03:44", "text": "currency the Briton Woods system was"}, {"end": "00:03:51", "start": "00:03:47", "text": "created after the second world war at"}, {"end": "00:03:53", "start": "00:03:49", "text": "the Breton Woods conference in New"}, {"end": "00:03:56", "start": "00:03:51", "text": "Hampshire and rather than using gold as"}, {"end": "00:03:58", "start": "00:03:53", "text": "the means of exchange between uh"}, {"end": "00:04:00", "start": "00:03:56", "text": "countries as was the case under the old"}, {"end": "00:04:03", "start": "00:03:58", "text": "gold standard the dollar was going to be"}, {"end": "00:04:06", "start": "00:04:00", "text": "used and the dollar was chosen because"}, {"end": "00:04:08", "start": "00:04:03", "text": "back then it was as good as gold under"}, {"end": "00:04:10", "start": "00:04:06", "text": "this new system the countries of the"}, {"end": "00:04:12", "start": "00:04:08", "text": "world would tie their currencies at a"}, {"end": "00:04:14", "start": "00:04:10", "text": "fixed rate to the US dollar and because"}, {"end": "00:04:17", "start": "00:04:12", "text": "most of the world's gold was held in US"}, {"end": "00:04:21", "start": "00:04:14", "text": "vaults the US dollar would be backed by"}, {"end": "00:04:23", "start": "00:04:17", "text": "gold at a fixed price of $35 per ounce"}, {"end": "00:04:25", "start": "00:04:21", "text": "this created a system where the"}, {"end": "00:04:30", "start": "00:04:23", "text": "currencies of the world were effectively"}, {"end": "00:04:30", "start": "00:04:25", "text": "backed by gold through the US dollar"}, {"end": "00:04:35", "start": "00:04:31", "text": "I have directed secretary connley to"}, {"end": "00:04:38", "start": "00:04:32", "text": "suspend temporarily the convertibility"}, {"end": "00:04:41", "start": "00:04:35", "text": "of the dollar into gold or other Reserve"}, {"end": "00:04:45", "start": "00:04:38", "text": "assets the Breton Woods system lasted"}, {"end": "00:04:47", "start": "00:04:41", "text": "for about 25 years but in August of 1971"}, {"end": "00:04:49", "start": "00:04:45", "text": "president Richard Nixon called for an"}, {"end": "00:04:51", "start": "00:04:47", "text": "emergency press conference where he"}, {"end": "00:04:53", "start": "00:04:49", "text": "announced foreign countries would no"}, {"end": "00:04:54", "start": "00:04:51", "text": "longer be able to convert their US"}, {"end": "00:04:57", "start": "00:04:53", "text": "dollar Holdings into"}, {"end": "00:05:00", "start": "00:04:54", "text": "gold this surprise move would come to be"}, {"end": "00:05:02", "start": "00:04:57", "text": "known as the Nixon shock"}, {"end": "00:05:04", "start": "00:05:00", "text": "with this one announcement President"}, {"end": "00:05:06", "start": "00:05:02", "text": "Nixon effectively created our current"}, {"end": "00:05:09", "start": "00:05:04", "text": "monetary system a system where no"}, {"end": "00:05:13", "start": "00:05:06", "text": "currency is backed by gold or anything"}, {"end": "00:05:16", "start": "00:05:09", "text": "of value this is what is known as a fiat"}, {"end": "00:05:18", "start": "00:05:13", "text": "currency fiat currency is currency"}, {"end": "00:05:20", "start": "00:05:16", "text": "that's backed by nothing except"}, {"end": "00:05:22", "start": "00:05:18", "text": "government promises the word Fiat is a"}, {"end": "00:05:25", "start": "00:05:20", "text": "Latin word and it basically means"}, {"end": "00:05:27", "start": "00:05:22", "text": "currency that's circulating by force if"}, {"end": "00:05:29", "start": "00:05:25", "text": "people have confidence in that currency"}, {"end": "00:05:30", "start": "00:05:27", "text": "and if there's enough government force"}, {"end": "00:05:32", "start": "00:05:29", "text": "that will enable the currency to"}, {"end": "00:05:34", "start": "00:05:30", "text": "circulate for a period of time until"}, {"end": "00:05:37", "start": "00:05:32", "text": "people lose confidence in the currency"}, {"end": "00:05:38", "start": "00:05:34", "text": "money is a medium of exchange and the"}, {"end": "00:05:41", "start": "00:05:37", "text": "way it has evolved is that it's always"}, {"end": "00:05:44", "start": "00:05:38", "text": "something of intrinsic value until the"}, {"end": "00:05:45", "start": "00:05:41", "text": "Modern Age when the politicians say well"}, {"end": "00:05:48", "start": "00:05:44", "text": "we don't need anything of intrinsic"}, {"end": "00:05:50", "start": "00:05:45", "text": "value anymore all we need is political"}, {"end": "00:05:52", "start": "00:05:48", "text": "decree we can say this is money this"}, {"end": "00:05:54", "start": "00:05:50", "text": "piece of paper is money now money has a"}, {"end": "00:05:57", "start": "00:05:52", "text": "new characteristic but Underneath It All"}, {"end": "00:05:59", "start": "00:05:54", "text": "there's the same concept in place that"}, {"end": "00:06:01", "start": "00:05:57", "text": "nobody ever seems to challenge and that"}, {"end": "00:06:04", "start": "00:05:59", "text": "is that governments have a right to"}, {"end": "00:06:06", "start": "00:06:01", "text": "declare something of of no value to be"}, {"end": "00:06:08", "start": "00:06:04", "text": "money and you must accept it that's"}, {"end": "00:06:09", "start": "00:06:06", "text": "really the problem and it's still the"}, {"end": "00:06:11", "start": "00:06:08", "text": "problem"}, {"end": "00:06:14", "start": "00:06:09", "text": "today without anything tangible backing"}, {"end": "00:06:16", "start": "00:06:11", "text": "the currencies we use today governments"}, {"end": "00:06:18", "start": "00:06:14", "text": "around the world have been able to issue"}, {"end": "00:06:20", "start": "00:06:16", "text": "unlimited amounts of new currency"}, {"end": "00:06:22", "start": "00:06:18", "text": "without restraint and with the Advent of"}, {"end": "00:06:27", "start": "00:06:20", "text": "the digital age currencies around the"}, {"end": "00:06:27", "start": "00:06:22", "text": "world are now digits in a global banking"}, {"end": "00:06:33", "start": "00:06:27", "text": "database so what is bitcoin"}, {"end": "00:06:35", "start": "00:06:30", "text": "well simply put it's a digital currency"}, {"end": "00:06:38", "start": "00:06:33", "text": "much like the electronic currency we use"}, {"end": "00:06:40", "start": "00:06:35", "text": "today but it's also the payment Network"}, {"end": "00:06:43", "start": "00:06:38", "text": "which facilitates the transfer of this"}, {"end": "00:06:45", "start": "00:06:40", "text": "new digital currency from one person to"}, {"end": "00:06:48", "start": "00:06:43", "text": "another bitcoin's a new Internet"}, {"end": "00:06:51", "start": "00:06:45", "text": "Protocol that enables the transmission"}, {"end": "00:06:52", "start": "00:06:48", "text": "of value over a Communications Channel"}, {"end": "00:06:55", "start": "00:06:51", "text": "you can think of it like being able to"}, {"end": "00:06:57", "start": "00:06:52", "text": "send a gold coin as easily as you send"}, {"end": "00:07:00", "start": "00:06:55", "text": "an email you can send any amount of"}, {"end": "00:07:01", "start": "00:06:57", "text": "money to anyone in the world any time"}, {"end": "00:07:03", "start": "00:07:00", "text": "time can't be seized can't be"}, {"end": "00:07:06", "start": "00:07:01", "text": "confiscated can't be"}, {"end": "00:07:09", "start": "00:07:03", "text": "frozen uh very useful technology so"}, {"end": "00:07:11", "start": "00:07:06", "text": "Bitcoin is a digital currency uh and it"}, {"end": "00:07:13", "start": "00:07:09", "text": "is a payment system um so it's a payment"}, {"end": "00:07:16", "start": "00:07:11", "text": "system in the same way that uh Bank"}, {"end": "00:07:18", "start": "00:07:13", "text": "networks are or PayPal those are those"}, {"end": "00:07:21", "start": "00:07:16", "text": "are all payment systems but it's also a"}, {"end": "00:07:24", "start": "00:07:18", "text": "currency so PayPal and Banks use the"}, {"end": "00:07:26", "start": "00:07:21", "text": "dollar as their currency the Bitcoin"}, {"end": "00:07:29", "start": "00:07:24", "text": "payment system uses Bitcoins as its"}, {"end": "00:07:31", "start": "00:07:26", "text": "currency so they both have the same name"}, {"end": "00:07:33", "start": "00:07:29", "text": "what is your opin opinion of disruptive"}, {"end": "00:07:35", "start": "00:07:31", "text": "digital currencies such as Bitcoin if"}, {"end": "00:07:37", "start": "00:07:33", "text": "you're looking for the idea that that a"}, {"end": "00:07:38", "start": "00:07:35", "text": "currency doesn't really have to be"}, {"end": "00:07:41", "start": "00:07:37", "text": "something physical it could be something"}, {"end": "00:07:44", "start": "00:07:38", "text": "that's virtual that's the system we"}, {"end": "00:07:48", "start": "00:07:41", "text": "already have you know uh and if you want"}, {"end": "00:07:50", "start": "00:07:44", "text": "it to be I want a way to make payments"}, {"end": "00:07:52", "start": "00:07:48", "text": "um electronically that's you know credit"}, {"end": "00:07:54", "start": "00:07:50", "text": "cards I mean so exactly what it is that"}, {"end": "00:07:56", "start": "00:07:52", "text": "this thing is supposed to be doing that"}, {"end": "00:07:58", "start": "00:07:54", "text": "we don't already mostly do Bitcoin is"}, {"end": "00:08:01", "start": "00:07:56", "text": "different from other Fiat currencies uh"}, {"end": "00:08:02", "start": "00:07:58", "text": "in a couple ways um but not the way"}, {"end": "00:08:04", "start": "00:08:01", "text": "people think so most people think it's"}, {"end": "00:08:06", "start": "00:08:02", "text": "different because it is a digital"}, {"end": "00:08:07", "start": "00:08:04", "text": "currency but Fiat currencies are also"}, {"end": "00:08:09", "start": "00:08:06", "text": "digital right so the dollar is a digital"}, {"end": "00:08:11", "start": "00:08:07", "text": "currency the euro is a digital currency"}, {"end": "00:08:14", "start": "00:08:09", "text": "they're all just ones and zeros in the"}, {"end": "00:08:16", "start": "00:08:11", "text": "banks of the world so it's not that"}, {"end": "00:08:17", "start": "00:08:14", "text": "Bitcoin is digital that makes it unique"}, {"end": "00:08:21", "start": "00:08:16", "text": "it's Unique uh in that it cannot be"}, {"end": "00:08:23", "start": "00:08:17", "text": "created out of thin air so dollars Euros"}, {"end": "00:08:26", "start": "00:08:21", "text": "Yen these can all be created out of thin"}, {"end": "00:08:30", "start": "00:08:23", "text": "air by people who have permission to do"}, {"end": "00:08:31", "start": "00:08:26", "text": "so uh which is generally a central bank"}, {"end": "00:08:35", "start": "00:08:30", "text": "Bitcoin has no ability to create it out"}, {"end": "00:08:38", "start": "00:08:31", "text": "of thin air so it is a scarce digital"}, {"end": "00:08:40", "start": "00:08:35", "text": "asset unlike the banking system we"}, {"end": "00:08:42", "start": "00:08:38", "text": "currently use where bureaucrats meet"}, {"end": "00:08:44", "start": "00:08:40", "text": "behind closed doors and determine and"}, {"end": "00:08:47", "start": "00:08:42", "text": "regulate the supply of new currency"}, {"end": "00:08:50", "start": "00:08:44", "text": "mathematics and cryptography are used to"}, {"end": "00:08:52", "start": "00:08:47", "text": "regulate the creation of new Bitcoins"}, {"end": "00:08:54", "start": "00:08:50", "text": "the Bitcoin network is decentralized"}, {"end": "00:08:56", "start": "00:08:52", "text": "meaning that instead of transactions and"}, {"end": "00:08:58", "start": "00:08:54", "text": "account balances being stored on a"}, {"end": "00:09:00", "start": "00:08:56", "text": "central computer or database bitcoin's"}, {"end": "00:09:03", "start": "00:08:58", "text": "Ledger of accounts more commonly known"}, {"end": "00:09:05", "start": "00:09:00", "text": "as the blockchain is distributed across"}, {"end": "00:09:06", "start": "00:09:03", "text": "tens of thousands of computers around"}, {"end": "00:09:09", "start": "00:09:05", "text": "the"}, {"end": "00:09:10", "start": "00:09:06", "text": "world there's something called Napster"}, {"end": "00:09:11", "start": "00:09:09", "text": "we all remember Napster we could"}, {"end": "00:09:13", "start": "00:09:10", "text": "download music and movies from Napster"}, {"end": "00:09:14", "start": "00:09:11", "text": "but after a while it got so big and"}, {"end": "00:09:16", "start": "00:09:13", "text": "popular the government came in shut it"}, {"end": "00:09:19", "start": "00:09:14", "text": "down because of copyright infringements"}, {"end": "00:09:21", "start": "00:09:16", "text": "no more Napster right so then somebody"}, {"end": "00:09:24", "start": "00:09:19", "text": "created something called the bit torrent"}, {"end": "00:09:26", "start": "00:09:21", "text": "Network what's this this is a a software"}, {"end": "00:09:29", "start": "00:09:24", "text": "people run on their computers that"}, {"end": "00:09:30", "start": "00:09:26", "text": "allows people to file share so if you"}, {"end": "00:09:33", "start": "00:09:29", "text": "run the software you can go to things"}, {"end": "00:09:35", "start": "00:09:30", "text": "like Pirate Bay or views or BT junkie"}, {"end": "00:09:36", "start": "00:09:33", "text": "and you can download any music or any"}, {"end": "00:09:39", "start": "00:09:35", "text": "movies you want and they can't stop it"}, {"end": "00:09:42", "start": "00:09:36", "text": "because it's not a centralized location"}, {"end": "00:09:44", "start": "00:09:39", "text": "well Bitcoin is the currency that runs"}, {"end": "00:09:47", "start": "00:09:42", "text": "on the bit torrent"}, {"end": "00:09:49", "start": "00:09:44", "text": "Network why was gold and silver"}, {"end": "00:09:52", "start": "00:09:47", "text": "considered money for the last 4,000"}, {"end": "00:09:53", "start": "00:09:49", "text": "years is because it took work and effort"}, {"end": "00:09:54", "start": "00:09:52", "text": "to make that nice beautiful coin they"}, {"end": "00:09:56", "start": "00:09:53", "text": "had to dig it out of the ground and"}, {"end": "00:09:58", "start": "00:09:54", "text": "refine it and the crucibles and the"}, {"end": "00:10:00", "start": "00:09:56", "text": "furnaces and stamp it into a nice"}, {"end": "00:10:01", "start": "00:09:58", "text": "beautiful coin and that took work so you"}, {"end": "00:10:04", "start": "00:10:00", "text": "didn't have to trust anybody that they"}, {"end": "00:10:08", "start": "00:10:01", "text": "were going to work for you the work was"}, {"end": "00:10:10", "start": "00:10:04", "text": "already done well Bitcoin proof of work"}, {"end": "00:10:11", "start": "00:10:08", "text": "is the same thing right you have to Hash"}, {"end": "00:10:12", "start": "00:10:10", "text": "away and solve all these math problems"}, {"end": "00:10:14", "start": "00:10:11", "text": "you have to have the chips and the"}, {"end": "00:10:17", "start": "00:10:12", "text": "electricity and Yad yaad y to create a"}, {"end": "00:10:20", "start": "00:10:14", "text": "Bitcoin it cost today about $800 to make"}, {"end": "00:10:24", "start": "00:10:17", "text": "a Bitcoin I believe that Bitcoin has"}, {"end": "00:10:25", "start": "00:10:20", "text": "multiple levels of intrinsic value uh"}, {"end": "00:10:27", "start": "00:10:24", "text": "the properties like being"}, {"end": "00:10:29", "start": "00:10:25", "text": "unconfiscatable"}, {"end": "00:10:33", "start": "00:10:27", "text": "properties like this censorship"}, {"end": "00:10:35", "start": "00:10:29", "text": "resistant value transfer that no one can"}, {"end": "00:10:38", "start": "00:10:33", "text": "stop you from sending uh more"}, {"end": "00:10:42", "start": "00:10:35", "text": "importantly what gives it intrinsic"}, {"end": "00:10:44", "start": "00:10:38", "text": "value is the productive capacity and the"}, {"end": "00:10:47", "start": "00:10:42", "text": "brain power of some of the brightest"}, {"end": "00:10:51", "start": "00:10:44", "text": "developers in the world that have chosen"}, {"end": "00:10:54", "start": "00:10:47", "text": "to work on this opsource protocol and"}, {"end": "00:10:57", "start": "00:10:51", "text": "this productive capacity of some of the"}, {"end": "00:11:00", "start": "00:10:54", "text": "brightest Minds that are building it is"}, {"end": "00:11:02", "start": "00:10:57", "text": "what truly gives it value"}, {"end": "00:11:04", "start": "00:11:00", "text": "all Bitcoin transactions are"}, {"end": "00:11:06", "start": "00:11:02", "text": "cryptographically verified by thousands"}, {"end": "00:11:09", "start": "00:11:04", "text": "of computers on the Bitcoin Network"}, {"end": "00:11:12", "start": "00:11:06", "text": "these very powerful computers known as"}, {"end": "00:11:14", "start": "00:11:09", "text": "miners expend a massive amount of energy"}, {"end": "00:11:16", "start": "00:11:12", "text": "and processing power to verify the"}, {"end": "00:11:19", "start": "00:11:14", "text": "Integrity of each and every"}, {"end": "00:11:21", "start": "00:11:16", "text": "transaction so the miners basically"}, {"end": "00:11:24", "start": "00:11:19", "text": "validate transactions all these"}, {"end": "00:11:26", "start": "00:11:21", "text": "transactions are flying around and um"}, {"end": "00:11:28", "start": "00:11:24", "text": "they have not yet been formally vetted"}, {"end": "00:11:30", "start": "00:11:26", "text": "by the network if the minor believes the"}, {"end": "00:11:32", "start": "00:11:28", "text": "transactions are valid it will uh put"}, {"end": "00:11:34", "start": "00:11:30", "text": "them in the block and the block then"}, {"end": "00:11:37", "start": "00:11:32", "text": "becomes part of the blockchain and over"}, {"end": "00:11:38", "start": "00:11:34", "text": "time that becomes the record of Truth"}, {"end": "00:11:40", "start": "00:11:37", "text": "and so that what that means is that if"}, {"end": "00:11:42", "start": "00:11:38", "text": "you receive Bitcoin and a few blocks"}, {"end": "00:11:43", "start": "00:11:40", "text": "happen after you receive it no one can"}, {"end": "00:11:45", "start": "00:11:42", "text": "ever take that money away from you"}, {"end": "00:11:47", "start": "00:11:43", "text": "because the blocks have been stuck into"}, {"end": "00:11:49", "start": "00:11:45", "text": "the blockchain they can't be reversed"}, {"end": "00:11:50", "start": "00:11:47", "text": "and you know that the money is um is"}, {"end": "00:11:53", "start": "00:11:49", "text": "truly"}, {"end": "00:11:55", "start": "00:11:50", "text": "yours the decentralized nature of the"}, {"end": "00:11:57", "start": "00:11:53", "text": "Bitcoin Network eliminates a single"}, {"end": "00:12:00", "start": "00:11:55", "text": "point of failure and makes it impossible"}, {"end": "00:12:02", "start": "00:11:57", "text": "to be hacked or to be shut down"}, {"end": "00:12:04", "start": "00:12:00", "text": "Bitcoin transactions are transmitted"}, {"end": "00:12:06", "start": "00:12:02", "text": "peer-to-peer without the need for a"}, {"end": "00:12:08", "start": "00:12:04", "text": "third party meaning that the user is in"}, {"end": "00:12:11", "start": "00:12:06", "text": "complete control of their"}, {"end": "00:12:12", "start": "00:12:08", "text": "money it's impossible to be shut down"}, {"end": "00:12:14", "start": "00:12:11", "text": "that's the beautiful thing about it it's"}, {"end": "00:12:16", "start": "00:12:12", "text": "there is no place there is no Bitcoin"}, {"end": "00:12:18", "start": "00:12:14", "text": "place you can't shoot Bitcoins it has no"}, {"end": "00:12:20", "start": "00:12:16", "text": "center of gravity it has no headquarters"}, {"end": "00:12:21", "start": "00:12:18", "text": "you can't shut it down the only way you"}, {"end": "00:12:23", "start": "00:12:20", "text": "could is to shut off the"}, {"end": "00:12:26", "start": "00:12:21", "text": "internet your average person has"}, {"end": "00:12:28", "start": "00:12:23", "text": "absolutely no idea how their email works"}, {"end": "00:12:29", "start": "00:12:26", "text": "but it works and that's all that really"}, {"end": "00:12:31", "start": "00:12:28", "text": "matters and Bitcoin is very similar to"}, {"end": "00:12:34", "start": "00:12:29", "text": "that but as far as what I would do to"}, {"end": "00:12:37", "start": "00:12:31", "text": "tell people or describe to people uh who"}, {"end": "00:12:39", "start": "00:12:34", "text": "don't know about Bitcoin uh what it is I"}, {"end": "00:12:40", "start": "00:12:37", "text": "would say it's a form of money that you"}, {"end": "00:12:42", "start": "00:12:39", "text": "can just use on your phone or your"}, {"end": "00:12:45", "start": "00:12:40", "text": "computer in today's digital age where"}, {"end": "00:12:47", "start": "00:12:42", "text": "everyone's on the internet uh that is"}, {"end": "00:12:50", "start": "00:12:45", "text": "much faster to send uh than most of the"}, {"end": "00:12:53", "start": "00:12:47", "text": "banks uh and it has for at least since"}, {"end": "00:12:56", "start": "00:12:50", "text": "its Inception in 2009 risen in"}, {"end": "00:12:58", "start": "00:12:53", "text": "value for new users the inner workings"}, {"end": "00:13:00", "start": "00:12:56", "text": "of Bitcoin can be quite complex and"}, {"end": "00:13:02", "start": "00:12:58", "text": "daunting but what's important is how"}, {"end": "00:13:04", "start": "00:13:00", "text": "this revolutionary technology changes"}, {"end": "00:13:07", "start": "00:13:02", "text": "how money is transferred"}, {"end": "00:13:10", "start": "00:13:04", "text": "globally right now every single payment"}, {"end": "00:13:11", "start": "00:13:07", "text": "that you make to another person goes"}, {"end": "00:13:15", "start": "00:13:10", "text": "through an"}, {"end": "00:13:18", "start": "00:13:11", "text": "intermediary uh either PayPal or bank or"}, {"end": "00:13:19", "start": "00:13:15", "text": "Visa or Mastercard and more importantly"}, {"end": "00:13:22", "start": "00:13:18", "text": "the governmental"}, {"end": "00:13:24", "start": "00:13:19", "text": "jurisdiction decides if you're allowed"}, {"end": "00:13:26", "start": "00:13:22", "text": "to make that payment that payment could"}, {"end": "00:13:29", "start": "00:13:24", "text": "be stopped halfway through and then you"}, {"end": "00:13:32", "start": "00:13:26", "text": "have to try and get your money back with"}, {"end": "00:13:34", "start": "00:13:29", "text": "Bitcoin Co no one can stop it the moment"}, {"end": "00:13:38", "start": "00:13:32", "text": "you decide to send another person"}, {"end": "00:13:40", "start": "00:13:34", "text": "digital value you can just send it and"}, {"end": "00:13:43", "start": "00:13:38", "text": "there is nobody in your way there's no"}, {"end": "00:13:45", "start": "00:13:40", "text": "one that has to give you permission to"}, {"end": "00:13:47", "start": "00:13:43", "text": "pay another person money and all they"}, {"end": "00:13:50", "start": "00:13:45", "text": "need is an internet connection this has"}, {"end": "00:13:53", "start": "00:13:47", "text": "the potential to displace the need for"}, {"end": "00:13:57", "start": "00:13:50", "text": "banks as a trust institution if you and"}, {"end": "00:14:00", "start": "00:13:53", "text": "I exchange currency or or you know have"}, {"end": "00:14:01", "start": "00:13:57", "text": "Commerce using Bitcoin and it goes on"}, {"end": "00:14:04", "start": "00:14:00", "text": "The Ledger on the blockchain we don't"}, {"end": "00:14:05", "start": "00:14:01", "text": "need a bank to confirm that that is a"}, {"end": "00:14:07", "start": "00:14:04", "text": "valid"}, {"end": "00:14:09", "start": "00:14:05", "text": "transaction one of the differences"}, {"end": "00:14:12", "start": "00:14:07", "text": "between Bitcoin and the banking system"}, {"end": "00:14:15", "start": "00:14:09", "text": "is the it doesn't require a third party"}, {"end": "00:14:17", "start": "00:14:12", "text": "to perform when you make a deposit into"}, {"end": "00:14:19", "start": "00:14:15", "text": "a checking account or a savings account"}, {"end": "00:14:21", "start": "00:14:17", "text": "you are actually loaning the bank your"}, {"end": "00:14:24", "start": "00:14:19", "text": "currency they now have title to it and"}, {"end": "00:14:26", "start": "00:14:21", "text": "they have a liability on their books to"}, {"end": "00:14:29", "start": "00:14:24", "text": "pay you back one day but they get to do"}, {"end": "00:14:31", "start": "00:14:26", "text": "anything they want with it and you have"}, {"end": "00:14:34", "start": "00:14:29", "text": "this intermediary this third party"}, {"end": "00:14:36", "start": "00:14:31", "text": "counterparty that has to perform for you"}, {"end": "00:14:39", "start": "00:14:34", "text": "to be able to get your currency back"}, {"end": "00:14:42", "start": "00:14:36", "text": "cryptocurrencies invert the power"}, {"end": "00:14:44", "start": "00:14:39", "text": "structure uh it isn't a few people at"}, {"end": "00:14:46", "start": "00:14:42", "text": "the top controlling a whole bunch the of"}, {"end": "00:14:49", "start": "00:14:44", "text": "people at the bottom the power goes to"}, {"end": "00:14:53", "start": "00:14:46", "text": "the individual in the same way that the"}, {"end": "00:14:54", "start": "00:14:49", "text": "internet flattened access to information"}, {"end": "00:14:56", "start": "00:14:53", "text": "and allowed anyone in the world with an"}, {"end": "00:14:58", "start": "00:14:54", "text": "internet connection to learn basically"}, {"end": "00:15:00", "start": "00:14:56", "text": "anything they wanted to know and to"}, {"end": "00:15:03", "start": "00:14:58", "text": "communicate with anyone one else on"}, {"end": "00:15:04", "start": "00:15:00", "text": "Earth uh Bitcoin does that with money so"}, {"end": "00:15:08", "start": "00:15:03", "text": "now anyone on the planet no matter their"}, {"end": "00:15:10", "start": "00:15:04", "text": "age or the arbitrary geographic location"}, {"end": "00:15:13", "start": "00:15:08", "text": "in which they were born or the arbitrary"}, {"end": "00:15:16", "start": "00:15:10", "text": "rules of the people that uh govern over"}, {"end": "00:15:17", "start": "00:15:13", "text": "them that person can now engage"}, {"end": "00:15:20", "start": "00:15:16", "text": "economically with anyone else in the"}, {"end": "00:15:22", "start": "00:15:17", "text": "world directly and that's profoundly"}, {"end": "00:15:24", "start": "00:15:20", "text": "powerful um you do not need a bank"}, {"end": "00:15:26", "start": "00:15:22", "text": "account to interact with Bitcoin you do"}, {"end": "00:15:28", "start": "00:15:24", "text": "not need a bank account now to receive"}, {"end": "00:15:30", "start": "00:15:26", "text": "an honest payment from someone else in"}, {"end": "00:15:32", "start": "00:15:28", "text": "the world and know that the money is uh"}, {"end": "00:15:35", "start": "00:15:30", "text": "is legitimate and good and can't be"}, {"end": "00:15:37", "start": "00:15:32", "text": "resented so money now can't be censored"}, {"end": "00:15:39", "start": "00:15:35", "text": "any two people can send it between each"}, {"end": "00:15:41", "start": "00:15:37", "text": "other through"}, {"end": "00:15:45", "start": "00:15:39", "text": "Bitcoin cryptocurrency Bitcoin has once"}, {"end": "00:15:48", "start": "00:15:41", "text": "again defied naysayers by spiking above"}, {"end": "00:15:51", "start": "00:15:45", "text": "$18,000 at one point today Bitcoin hits"}, {"end": "00:15:54", "start": "00:15:48", "text": "a new high we had this incredible runup"}, {"end": "00:15:56", "start": "00:15:51", "text": "in the fall going into the holidays and"}, {"end": "00:15:59", "start": "00:15:54", "text": "then we've seen a pretty big pullback"}, {"end": "00:16:02", "start": "00:15:56", "text": "this is a 30% loss in the week and a 50%"}, {"end": "00:16:05", "start": "00:15:59", "text": "loss in the year the past year has seen"}, {"end": "00:16:07", "start": "00:16:02", "text": "the price of Bitcoin rise and fall in"}, {"end": "00:16:09", "start": "00:16:05", "text": "dramatic fashion getting the attention"}, {"end": "00:16:11", "start": "00:16:07", "text": "of Wall Street and the investment"}, {"end": "00:16:14", "start": "00:16:09", "text": "Community Bitcoin is now seen by the"}, {"end": "00:16:16", "start": "00:16:11", "text": "public as a speculative asset class that"}, {"end": "00:16:20", "start": "00:16:14", "text": "can be traded but the core fundamentals"}, {"end": "00:16:22", "start": "00:16:16", "text": "of this important technology cannot be"}, {"end": "00:16:24", "start": "00:16:20", "text": "overlooked the use of Bitcoin is"}, {"end": "00:16:26", "start": "00:16:22", "text": "particularly vital in the developing"}, {"end": "00:16:28", "start": "00:16:24", "text": "world where billions of people are"}, {"end": "00:16:30", "start": "00:16:26", "text": "without basic banking"}, {"end": "00:16:32", "start": "00:16:28", "text": "services people who see the price all"}, {"end": "00:16:34", "start": "00:16:30", "text": "the time especially in advanced"}, {"end": "00:16:35", "start": "00:16:32", "text": "societies they focus more on the price"}, {"end": "00:16:38", "start": "00:16:34", "text": "and they think that Bitcoin is an"}, {"end": "00:16:40", "start": "00:16:35", "text": "investment solely and that it goes up"}, {"end": "00:16:42", "start": "00:16:38", "text": "and down like a stock based on news and"}, {"end": "00:16:45", "start": "00:16:40", "text": "expectations but the fact is probably"}, {"end": "00:16:47", "start": "00:16:42", "text": "there's more people in these kind of"}, {"end": "00:16:49", "start": "00:16:45", "text": "third economies they don't own a lot but"}, {"end": "00:16:51", "start": "00:16:47", "text": "they own it and they own it because they"}, {"end": "00:16:53", "start": "00:16:49", "text": "need it not because they expect to get"}, {"end": "00:16:55", "start": "00:16:51", "text": "rich or hope to get rich because they"}, {"end": "00:16:58", "start": "00:16:53", "text": "need to protect thems against both"}, {"end": "00:17:00", "start": "00:16:55", "text": "destroyed Fiat currencies and against"}, {"end": "00:17:02", "start": "00:16:58", "text": "Capital controls so when people think of"}, {"end": "00:17:04", "start": "00:17:00", "text": "it as an investment they have to realize"}, {"end": "00:17:06", "start": "00:17:02", "text": "that the reason that Bitcoin is so"}, {"end": "00:17:08", "start": "00:17:04", "text": "exciting is because it's a future money"}, {"end": "00:17:10", "start": "00:17:06", "text": "for the world not because it's something"}, {"end": "00:17:11", "start": "00:17:08", "text": "that could become a great investment it"}, {"end": "00:17:13", "start": "00:17:10", "text": "just so happens to be that both can be"}, {"end": "00:17:17", "start": "00:17:11", "text": "accomplished at the same"}, {"end": "00:17:19", "start": "00:17:13", "text": "time one of the great powers of whether"}, {"end": "00:17:21", "start": "00:17:17", "text": "it's Bitcoin or any other"}, {"end": "00:17:22", "start": "00:17:19", "text": "cryptocurrencies if we can figure out"}, {"end": "00:17:25", "start": "00:17:21", "text": "how to scale the"}, {"end": "00:17:27", "start": "00:17:22", "text": "technology we can solve a lot of"}, {"end": "00:17:29", "start": "00:17:25", "text": "problems in the financial system we can"}, {"end": "00:17:32", "start": "00:17:27", "text": "transact with each other globally very"}, {"end": "00:17:35", "start": "00:17:29", "text": "low cost and very efficiently and"}, {"end": "00:17:37", "start": "00:17:32", "text": "there's tremendous Market power in that"}, {"end": "00:17:40", "start": "00:17:35", "text": "has nothing to do with anyone in the"}, {"end": "00:17:41", "start": "00:17:37", "text": "financial system people want to be able"}, {"end": "00:17:46", "start": "00:17:40", "text": "to communicate and transact with each"}, {"end": "00:17:47", "start": "00:17:41", "text": "other simply and quickly and the hunger"}, {"end": "00:17:50", "start": "00:17:46", "text": "to do that is"}, {"end": "00:17:52", "start": "00:17:47", "text": "enormous today Bitcoin is seen as a"}, {"end": "00:17:54", "start": "00:17:50", "text": "financial asset but as the technology"}, {"end": "00:17:56", "start": "00:17:52", "text": "develops the blockchain that powers"}, {"end": "00:17:58", "start": "00:17:54", "text": "Bitcoin may be used to verify"}, {"end": "00:18:00", "start": "00:17:56", "text": "transactions other than the transfer of"}, {"end": "00:18:02", "start": "00:17:58", "text": "money"}, {"end": "00:18:05", "start": "00:18:00", "text": "each Bitcoin is divisible into a 100"}, {"end": "00:18:08", "start": "00:18:02", "text": "millionth of a Bitcoin called a Satoshi"}, {"end": "00:18:10", "start": "00:18:05", "text": "these tiny fractions of a Bitcoin can be"}, {"end": "00:18:12", "start": "00:18:08", "text": "programmed to represent assets other"}, {"end": "00:18:14", "start": "00:18:10", "text": "than money in this way the Bitcoin"}, {"end": "00:18:17", "start": "00:18:12", "text": "blockchain can be used to verify"}, {"end": "00:18:19", "start": "00:18:14", "text": "transactions of all kinds of items"}, {"end": "00:18:22", "start": "00:18:17", "text": "without the need for a central"}, {"end": "00:18:24", "start": "00:18:19", "text": "Authority the Bitcoin blockchain is a"}, {"end": "00:18:28", "start": "00:18:22", "text": "tremendous technological innovation that"}, {"end": "00:18:31", "start": "00:18:24", "text": "enables uh distributed consensus people"}, {"end": "00:18:36", "start": "00:18:28", "text": "are able to come come to agreement on"}, {"end": "00:18:39", "start": "00:18:31", "text": "what the state of this Ledger should be"}, {"end": "00:18:41", "start": "00:18:36", "text": "and what it is and that enables people"}, {"end": "00:18:45", "start": "00:18:39", "text": "to have trust without"}, {"end": "00:18:48", "start": "00:18:41", "text": "trusting any other party or person or"}, {"end": "00:18:50", "start": "00:18:45", "text": "institution so anywhere we need to have"}, {"end": "00:18:53", "start": "00:18:48", "text": "trust where we need to be able to"}, {"end": "00:18:56", "start": "00:18:50", "text": "verify uh what is the true and correct"}, {"end": "00:18:58", "start": "00:18:53", "text": "state of something that has an"}, {"end": "00:19:02", "start": "00:18:56", "text": "application to be put on the Bitcoin"}, {"end": "00:19:04", "start": "00:18:58", "text": "block chain for 6,000 years of recorded"}, {"end": "00:19:06", "start": "00:19:02", "text": "history we've always had this problem"}, {"end": "00:19:08", "start": "00:19:04", "text": "when we want to engage in consensual"}, {"end": "00:19:10", "start": "00:19:06", "text": "exchange not as if we're strangers can I"}, {"end": "00:19:12", "start": "00:19:08", "text": "trust you and what's happening with"}, {"end": "00:19:15", "start": "00:19:10", "text": "Bitcoin and the blockchain the"}, {"end": "00:19:18", "start": "00:19:12", "text": "technology that powers Bitcoin is is now"}, {"end": "00:19:21", "start": "00:19:15", "text": "possible for us to have trustworthy"}, {"end": "00:19:23", "start": "00:19:18", "text": "exchange without those third parties the"}, {"end": "00:19:25", "start": "00:19:21", "text": "trust is built in through the"}, {"end": "00:19:28", "start": "00:19:23", "text": "cryptography uh that's guarantees the"}, {"end": "00:19:31", "start": "00:19:25", "text": "exchange of value well that means that"}, {"end": "00:19:33", "start": "00:19:28", "text": "there's this technology that is it is as"}, {"end": "00:19:36", "start": "00:19:31", "text": "disruptive as the internet was the"}, {"end": "00:19:39", "start": "00:19:33", "text": "publishing but this is disruptive to"}, {"end": "00:19:41", "start": "00:19:36", "text": "these 100 different institutions that"}, {"end": "00:19:42", "start": "00:19:39", "text": "that really are the the glue that pull"}, {"end": "00:19:45", "start": "00:19:41", "text": "Society together you know everything"}, {"end": "00:19:50", "start": "00:19:42", "text": "from as mundane as notary publics to the"}, {"end": "00:19:51", "start": "00:19:45", "text": "land titling to coining money to voting"}, {"end": "00:19:53", "start": "00:19:50", "text": "all kinds of these things are going to"}, {"end": "00:19:55", "start": "00:19:51", "text": "be recreated in the blockchain in a way"}, {"end": "00:19:57", "start": "00:19:53", "text": "that we will finally be able to fully"}, {"end": "00:19:59", "start": "00:19:55", "text": "trust but what that means is what we've"}, {"end": "00:20:00", "start": "00:19:57", "text": "seen technology do to lots of private"}, {"end": "00:20:04", "start": "00:19:59", "text": "Industries is now going to start doing"}, {"end": "00:20:06", "start": "00:20:00", "text": "the government function the thing for me"}, {"end": "00:20:09", "start": "00:20:04", "text": "is understanding the implications of"}, {"end": "00:20:10", "start": "00:20:06", "text": "what this is you can take a 100 million"}, {"end": "00:20:13", "start": "00:20:09", "text": "bits of a Bitcoin each bit is called a"}, {"end": "00:20:17", "start": "00:20:10", "text": "Satoshi right and you can program that"}, {"end": "00:20:19", "start": "00:20:13", "text": "to be anything of value it can represent"}, {"end": "00:20:22", "start": "00:20:17", "text": "titles to automobiles or real estate or"}, {"end": "00:20:23", "start": "00:20:19", "text": "diamonds or gold or votes in elections"}, {"end": "00:20:25", "start": "00:20:22", "text": "anything of value can now be digitized"}, {"end": "00:20:27", "start": "00:20:23", "text": "and tokenized put up on the blockchain"}, {"end": "00:20:29", "start": "00:20:25", "text": "and transacted can be sent across the"}, {"end": "00:20:31", "start": "00:20:27", "text": "internet without having to go through a"}, {"end": "00:20:33", "start": "00:20:29", "text": "trusted third party I think the"}, {"end": "00:20:34", "start": "00:20:31", "text": "blockchain and Bitcoin it's going to"}, {"end": "00:20:36", "start": "00:20:33", "text": "change the world I think it's going to"}, {"end": "00:20:39", "start": "00:20:34", "text": "change everything in terms of protecting"}, {"end": "00:20:41", "start": "00:20:36", "text": "people's identities allowing people to"}, {"end": "00:20:42", "start": "00:20:39", "text": "own property bitcoin's for the two"}, {"end": "00:20:44", "start": "00:20:41", "text": "billion people that don't have bank"}, {"end": "00:20:46", "start": "00:20:42", "text": "accounts the 5 billion people that can't"}, {"end": "00:20:48", "start": "00:20:44", "text": "prove they exist they don't have title"}, {"end": "00:20:50", "start": "00:20:46", "text": "to real estate and stuff that's what"}, {"end": "00:20:52", "start": "00:20:48", "text": "Bitcoin is going to change the most for"}, {"end": "00:20:54", "start": "00:20:50", "text": "those people is because you know they're"}, {"end": "00:20:56", "start": "00:20:52", "text": "going to jump from the third world to"}, {"end": "00:20:59", "start": "00:20:54", "text": "the first world it's really going to"}, {"end": "00:21:01", "start": "00:20:56", "text": "revolutionize Latin America Africa"}, {"end": "00:21:03", "start": "00:20:59", "text": "southeast Asia uh where people can"}, {"end": "00:21:05", "start": "00:21:01", "text": "finally now own real estate we can have"}, {"end": "00:21:06", "start": "00:21:03", "text": "a transparent election that can't be"}, {"end": "00:21:10", "start": "00:21:05", "text": "hacked imagine that's going to change"}, {"end": "00:21:12", "start": "00:21:06", "text": "the world in and of itself tempers are"}, {"end": "00:21:14", "start": "00:21:10", "text": "beginning to flare these people have"}, {"end": "00:21:17", "start": "00:21:12", "text": "already been in queue for more than"}, {"end": "00:21:20", "start": "00:21:14", "text": "three years now carrying currency notes"}, {"end": "00:21:23", "start": "00:21:17", "text": "the government suddenly bed on Tuesday"}, {"end": "00:21:25", "start": "00:21:20", "text": "night because anyone can start using"}, {"end": "00:21:27", "start": "00:21:23", "text": "Bitcoin by simply installing an app on"}, {"end": "00:21:29", "start": "00:21:25", "text": "their phone Bitcoin can be used by the"}, {"end": "00:21:32", "start": "00:21:27", "text": "developing world to protect their wealth"}, {"end": "00:21:35", "start": "00:21:29", "text": "from unstable currencies and government"}, {"end": "00:21:38", "start": "00:21:32", "text": "control we're seeing it behave as a"}, {"end": "00:21:42", "start": "00:21:35", "text": "crisis currency in Venezuela in uh"}, {"end": "00:21:44", "start": "00:21:38", "text": "Nigeria in Zimbabwe when these countries"}, {"end": "00:21:46", "start": "00:21:42", "text": "can't get a grasp on their own monetary"}, {"end": "00:21:48", "start": "00:21:44", "text": "policy people flood to"}, {"end": "00:21:52", "start": "00:21:46", "text": "bitcoin the fate of the unbanked and"}, {"end": "00:21:54", "start": "00:21:48", "text": "underbanked population no longer lies in"}, {"end": "00:21:56", "start": "00:21:52", "text": "the hands of corrupt governments"}, {"end": "00:21:59", "start": "00:21:54", "text": "centrally planned economies and central"}, {"end": "00:22:02", "start": "00:21:56", "text": "banks it really there's a new option A"}, {"end": "00:22:05", "start": "00:21:59", "text": "Plan B personally I live in the United"}, {"end": "00:22:06", "start": "00:22:02", "text": "States and a lot of people in the US get"}, {"end": "00:22:08", "start": "00:22:05", "text": "bank accounts very easily have credit"}, {"end": "00:22:09", "start": "00:22:06", "text": "cards debit cards and all of that and"}, {"end": "00:22:11", "start": "00:22:08", "text": "they don't find that there are too many"}, {"end": "00:22:14", "start": "00:22:09", "text": "frictions and pain points but in a"}, {"end": "00:22:16", "start": "00:22:11", "text": "country like India there are 233 million"}, {"end": "00:22:18", "start": "00:22:14", "text": "individuals who are unbanked who don't"}, {"end": "00:22:20", "start": "00:22:16", "text": "have access to a traditional Financial"}, {"end": "00:22:22", "start": "00:22:18", "text": "um infrastructure and so they're"}, {"end": "00:22:24", "start": "00:22:20", "text": "operating cash payment to cash payment"}, {"end": "00:22:26", "start": "00:22:22", "text": "but Bitcoin has become a game changer so"}, {"end": "00:22:28", "start": "00:22:24", "text": "individuals in essence can hold on to it"}, {"end": "00:22:29", "start": "00:22:26", "text": "they can spend it they can transfer it"}, {"end": "00:22:30", "start": "00:22:28", "text": "internationally there there's so many"}, {"end": "00:22:33", "start": "00:22:29", "text": "use"}, {"end": "00:22:36", "start": "00:22:30", "text": "cases currently Bitcoin transactions can"}, {"end": "00:22:38", "start": "00:22:33", "text": "sometimes carry a significant fee making"}, {"end": "00:22:41", "start": "00:22:36", "text": "it unsuitable for use for small"}, {"end": "00:22:43", "start": "00:22:38", "text": "transactions but Bitcoin is programmable"}, {"end": "00:22:46", "start": "00:22:41", "text": "money meaning that new layers and"}, {"end": "00:22:48", "start": "00:22:43", "text": "Technologies can be integrated into it"}, {"end": "00:22:50", "start": "00:22:46", "text": "in the near future one such development"}, {"end": "00:22:52", "start": "00:22:48", "text": "called the lightning network will help"}, {"end": "00:22:55", "start": "00:22:50", "text": "reduce the cost of bitcoin"}, {"end": "00:22:58", "start": "00:22:52", "text": "transactions at the moment Bitcoin is"}, {"end": "00:22:59", "start": "00:22:55", "text": "actually suffering from being too"}, {"end": "00:23:02", "start": "00:22:58", "text": "popular"}, {"end": "00:23:06", "start": "00:22:59", "text": "one of the challenges that Bitcoin has"}, {"end": "00:23:09", "start": "00:23:02", "text": "is every transaction needs computational"}, {"end": "00:23:13", "start": "00:23:06", "text": "power to process so at the moment"}, {"end": "00:23:16", "start": "00:23:09", "text": "Bitcoin can settle about 4 to seven"}, {"end": "00:23:19", "start": "00:23:13", "text": "transactions a second and in the future"}, {"end": "00:23:22", "start": "00:23:16", "text": "each of those four to seven transactions"}, {"end": "00:23:25", "start": "00:23:19", "text": "a second can contain a million"}, {"end": "00:23:28", "start": "00:23:22", "text": "transactions within it and that's what"}, {"end": "00:23:31", "start": "00:23:25", "text": "the second layer enlightning is trying"}, {"end": "00:23:34", "start": "00:23:28", "text": "to do it will just make it so much more"}, {"end": "00:23:35", "start": "00:23:31", "text": "efficient and so much cheaper for the"}, {"end": "00:23:37", "start": "00:23:34", "text": "average"}, {"end": "00:23:39", "start": "00:23:35", "text": "person the integration of the lightning"}, {"end": "00:23:42", "start": "00:23:37", "text": "Network into the Bitcoin protocol will"}, {"end": "00:23:45", "start": "00:23:39", "text": "scale Bitcoin into a fast cheap and"}, {"end": "00:23:47", "start": "00:23:42", "text": "efficient payment system once"}, {"end": "00:23:49", "start": "00:23:45", "text": "implemented this will have enormous"}, {"end": "00:23:52", "start": "00:23:47", "text": "implications for the developing"}, {"end": "00:23:53", "start": "00:23:49", "text": "world one of the stumbling blocks to"}, {"end": "00:23:55", "start": "00:23:52", "text": "doing international business is the"}, {"end": "00:23:57", "start": "00:23:53", "text": "payment system and to be honest if"}, {"end": "00:24:01", "start": "00:23:55", "text": "you're taking credit cards from some"}, {"end": "00:24:03", "start": "00:23:57", "text": "countries the the those countries are so"}, {"end": "00:24:05", "start": "00:24:01", "text": "associated with fraud that your your"}, {"end": "00:24:08", "start": "00:24:03", "text": "rates on all credit cards you take just"}, {"end": "00:24:12", "start": "00:24:05", "text": "become astronomical and it becomes"}, {"end": "00:24:14", "start": "00:24:08", "text": "prohibitive something like 33% of the"}, {"end": "00:24:16", "start": "00:24:12", "text": "credit card transactions Coming Out of"}, {"end": "00:24:20", "start": "00:24:14", "text": "Africa are fraudulent so nobody wants to"}, {"end": "00:24:22", "start": "00:24:16", "text": "take business from Africa it's just too"}, {"end": "00:24:25", "start": "00:24:20", "text": "risky with Bitcoin you know the funds"}, {"end": "00:24:27", "start": "00:24:22", "text": "are good so as a merchant yeah pay with"}, {"end": "00:24:29", "start": "00:24:25", "text": "Bitcoin I'll sell anything you want you"}, {"end": "00:24:31", "start": "00:24:27", "text": "know that's legal to Africa that has"}, {"end": "00:24:34", "start": "00:24:29", "text": "tremendous implications you know to be"}, {"end": "00:24:37", "start": "00:24:31", "text": "able to get access to these types of"}, {"end": "00:24:38", "start": "00:24:34", "text": "products and services so"}, {"end": "00:24:41", "start": "00:24:37", "text": "seamlessly"}, {"end": "00:24:45", "start": "00:24:38", "text": "and then they're able to start having"}, {"end": "00:24:48", "start": "00:24:41", "text": "property rights and property rights is"}, {"end": "00:24:49", "start": "00:24:45", "text": "really what's going to help lift them up"}, {"end": "00:24:51", "start": "00:24:48", "text": "out of"}, {"end": "00:24:53", "start": "00:24:49", "text": "poverty closer to home in today's"}, {"end": "00:24:56", "start": "00:24:51", "text": "Digital World governments have started"}, {"end": "00:24:58", "start": "00:24:53", "text": "to phase out cash replacing it with"}, {"end": "00:25:00", "start": "00:24:56", "text": "digital currency in this environment"}, {"end": "00:25:03", "start": "00:24:58", "text": "where concerns over personal privacy are"}, {"end": "00:25:05", "start": "00:25:00", "text": "very real Bitcoin provides monetary"}, {"end": "00:25:06", "start": "00:25:03", "text": "sovereignty outside the control of"}, {"end": "00:25:09", "start": "00:25:05", "text": "government"}, {"end": "00:25:11", "start": "00:25:06", "text": "policy when you have a situation where"}, {"end": "00:25:13", "start": "00:25:09", "text": "the government is trying to control they"}, {"end": "00:25:15", "start": "00:25:11", "text": "don't want people to have the means of"}, {"end": "00:25:17", "start": "00:25:13", "text": "hiding anything from them not just from"}, {"end": "00:25:19", "start": "00:25:15", "text": "a tax standpoint they want to know what"}, {"end": "00:25:21", "start": "00:25:17", "text": "everyone's doing in Big Brother fashion"}, {"end": "00:25:23", "start": "00:25:19", "text": "so you know the way that I look at"}, {"end": "00:25:25", "start": "00:25:21", "text": "Bitcoin is it's the ultimate monetary"}, {"end": "00:25:26", "start": "00:25:23", "text": "weapon uh that the people have never had"}, {"end": "00:25:29", "start": "00:25:25", "text": "in"}, {"end": "00:25:32", "start": "00:25:26", "text": "history every government in the World"}, {"end": "00:25:35", "start": "00:25:29", "text": "wants to go cashless one of the reasons"}, {"end": "00:25:38", "start": "00:25:32", "text": "is that in a cashless Society you are"}, {"end": "00:25:41", "start": "00:25:35", "text": "not able to exit the banking system when"}, {"end": "00:25:42", "start": "00:25:38", "text": "people panic they run to the ATM"}, {"end": "00:25:45", "start": "00:25:41", "text": "machines they run to the bank and they"}, {"end": "00:25:47", "start": "00:25:42", "text": "withdraw money the other thing is the"}, {"end": "00:25:50", "start": "00:25:45", "text": "governments are starting to run out of"}, {"end": "00:25:52", "start": "00:25:47", "text": "money and governments don't build"}, {"end": "00:25:55", "start": "00:25:50", "text": "anything they just use other people's"}, {"end": "00:25:59", "start": "00:25:52", "text": "money so they are treating everyone as a"}, {"end": "00:26:02", "start": "00:25:55", "text": "tax evader I believe the main reason why"}, {"end": "00:26:06", "start": "00:25:59", "text": "Bitcoin is so popular and important is"}, {"end": "00:26:09", "start": "00:26:02", "text": "not because of its finite Supply and"}, {"end": "00:26:12", "start": "00:26:06", "text": "being gold it's because of anti-money"}, {"end": "00:26:14", "start": "00:26:09", "text": "laundering laws preventing people from"}, {"end": "00:26:16", "start": "00:26:12", "text": "doing what they want with their money"}, {"end": "00:26:20", "start": "00:26:14", "text": "one of the main functions of government"}, {"end": "00:26:24", "start": "00:26:16", "text": "is to create currency uh and uh Bitcoin"}, {"end": "00:26:25", "start": "00:26:20", "text": "is uh successful only because of its"}, {"end": "00:26:29", "start": "00:26:24", "text": "potential for"}, {"end": "00:26:31", "start": "00:26:25", "text": "circumvention uh o lack of oversight so"}, {"end": "00:26:33", "start": "00:26:29", "text": "it seems to me it ought to be outlawed"}, {"end": "00:26:36", "start": "00:26:31", "text": "uh it doesn't serve any socially useful"}, {"end": "00:26:39", "start": "00:26:33", "text": "function as to whether or not"}, {"end": "00:26:40", "start": "00:26:36", "text": "Bitcoin is is illegal or should be seen"}, {"end": "00:26:42", "start": "00:26:39", "text": "to be"}, {"end": "00:26:44", "start": "00:26:40", "text": "illegal cash has been used for a whole"}, {"end": "00:26:45", "start": "00:26:42", "text": "heck of a lot more illegal things than"}, {"end": "00:26:48", "start": "00:26:44", "text": "Bitcoin has through the years and still"}, {"end": "00:26:51", "start": "00:26:45", "text": "is today uh cash is"}, {"end": "00:26:53", "start": "00:26:48", "text": "untraceable uh it's easily"}, {"end": "00:26:55", "start": "00:26:51", "text": "transportable nobody knows where that"}, {"end": "00:26:58", "start": "00:26:53", "text": "dollar has been and how it's been moved"}, {"end": "00:27:00", "start": "00:26:55", "text": "from hand to hand to hand so it's just a"}, {"end": "00:27:03", "start": "00:26:58", "text": "matter of making that connection that a"}, {"end": "00:27:05", "start": "00:27:00", "text": "cryptocurrency is really not a new thing"}, {"end": "00:27:07", "start": "00:27:03", "text": "it's just a different version in a"}, {"end": "00:27:10", "start": "00:27:05", "text": "digital form of something that's existed"}, {"end": "00:27:12", "start": "00:27:07", "text": "in our society and legal structures for"}, {"end": "00:27:14", "start": "00:27:10", "text": "Millennia Bitcoin is Shifting the"}, {"end": "00:27:18", "start": "00:27:12", "text": "Paradigm and challenging the Legacy"}, {"end": "00:27:21", "start": "00:27:14", "text": "Financial system recently Jamie Diamond"}, {"end": "00:27:23", "start": "00:27:18", "text": "chairman and CEO of JP Morgan Chase"}, {"end": "00:27:25", "start": "00:27:21", "text": "America's largest bank was quoted"}, {"end": "00:27:28", "start": "00:27:23", "text": "calling Bitcoin a"}, {"end": "00:27:29", "start": "00:27:25", "text": "fraud why is Bitcoin a fraud here's the"}, {"end": "00:27:31", "start": "00:27:28", "text": "reason"}, {"end": "00:27:33", "start": "00:27:29", "text": "governments the first thing they do is"}, {"end": "00:27:35", "start": "00:27:31", "text": "form a currency they like to control the"}, {"end": "00:27:36", "start": "00:27:33", "text": "currency they control it through a"}, {"end": "00:27:40", "start": "00:27:35", "text": "central bank they also like to know who"}, {"end": "00:27:42", "start": "00:27:36", "text": "has it where it is where it's going wait"}, {"end": "00:27:44", "start": "00:27:40", "text": "until someone gets hurt wait until it's"}, {"end": "00:27:45", "start": "00:27:42", "text": "used for elicit purposes which is"}, {"end": "00:27:48", "start": "00:27:44", "text": "somewhat used valicious purposes they"}, {"end": "00:27:50", "start": "00:27:45", "text": "close it down you got people like Jamie"}, {"end": "00:27:51", "start": "00:27:48", "text": "Diamond a serious guy calling it a fraud"}, {"end": "00:27:53", "start": "00:27:50", "text": "um calling a fraud do you mean like"}, {"end": "00:27:55", "start": "00:27:51", "text": "there was hundreds of of billions of"}, {"end": "00:27:58", "start": "00:27:53", "text": "dollars of Securities that Jamie Diamond"}, {"end": "00:27:59", "start": "00:27:55", "text": "sold the public a decade ago called Mort"}, {"end": "00:28:01", "start": "00:27:58", "text": "back security"}, {"end": "00:28:05", "start": "00:27:59", "text": "call Bitcoin a fraud is that going to go"}, {"end": "00:28:06", "start": "00:28:01", "text": "to zero like his that he sold the public"}, {"end": "00:28:08", "start": "00:28:05", "text": "know first first with respect asking a"}, {"end": "00:28:10", "start": "00:28:06", "text": "banker about whether they like Bitcoin"}, {"end": "00:28:13", "start": "00:28:08", "text": "or not that's kind of like asking a king"}, {"end": "00:28:15", "start": "00:28:10", "text": "do you like democracy it it's just so"}, {"end": "00:28:17", "start": "00:28:13", "text": "thoroughly frustrating and insulting"}, {"end": "00:28:19", "start": "00:28:15", "text": "when people who know very little about"}, {"end": "00:28:21", "start": "00:28:17", "text": "what we do watch an upand cominging"}, {"end": "00:28:24", "start": "00:28:19", "text": "technology and have the audacity to call"}, {"end": "00:28:25", "start": "00:28:21", "text": "us all criminals you know we're not the"}, {"end": "00:28:27", "start": "00:28:24", "text": "criminals here the whole damn reason"}, {"end": "00:28:30", "start": "00:28:25", "text": "this ecosystem exists is because they're"}, {"end": "00:28:30", "start": "00:28:27", "text": "the criminals"}, {"end": "00:28:36", "start": "00:28:32", "text": "yeah and you know it doesn't really"}, {"end": "00:28:38", "start": "00:28:34", "text": "matter at this point what he thinks the"}, {"end": "00:28:39", "start": "00:28:36", "text": "Genie's out of the bottle somebody in"}, {"end": "00:28:41", "start": "00:28:38", "text": "this room or somebody at this conference"}, {"end": "00:28:42", "start": "00:28:39", "text": "or somebody around the world is going to"}, {"end": "00:28:44", "start": "00:28:41", "text": "solve the problem of decentralized"}, {"end": "00:28:47", "start": "00:28:42", "text": "lending and value stable currencies and"}, {"end": "00:28:49", "start": "00:28:44", "text": "decentralized exchange and within 5 to"}, {"end": "00:28:52", "start": "00:28:47", "text": "10 years banks will become less and less"}, {"end": "00:28:53", "start": "00:28:49", "text": "relevant just like landline telephones"}, {"end": "00:28:55", "start": "00:28:52", "text": "are becoming less and less relevant and"}, {"end": "00:28:57", "start": "00:28:53", "text": "we're going to wake up one day and we're"}, {"end": "00:28:59", "start": "00:28:55", "text": "going to be in charge of our own money"}, {"end": "00:29:01", "start": "00:28:57", "text": "and Jamie Diamond in retirement can"}, {"end": "00:29:03", "start": "00:28:59", "text": "watch the world as it is not the world"}, {"end": "00:29:06", "start": "00:29:01", "text": "as he would like it to"}, {"end": "00:29:08", "start": "00:29:03", "text": "be the Bitcoin blockchain is built on De"}, {"end": "00:29:11", "start": "00:29:06", "text": "centralized consensus outside the"}, {"end": "00:29:13", "start": "00:29:08", "text": "control of a central party however with"}, {"end": "00:29:15", "start": "00:29:11", "text": "the hype in the rise of cryptocurrencies"}, {"end": "00:29:17", "start": "00:29:13", "text": "such as Bitcoin both central banks and"}, {"end": "00:29:19", "start": "00:29:15", "text": "Commercial banks have started to develop"}, {"end": "00:29:22", "start": "00:29:17", "text": "their own digital currencies under the"}, {"end": "00:29:25", "start": "00:29:19", "text": "guise of what they call blockchain"}, {"end": "00:29:29", "start": "00:29:22", "text": "technology my big fear is that what is"}, {"end": "00:29:32", "start": "00:29:25", "text": "going to happen is blockchain technology"}, {"end": "00:29:35", "start": "00:29:29", "text": "will be adopted by uh governments and"}, {"end": "00:29:37", "start": "00:29:32", "text": "Fiat National currencies will be uh run"}, {"end": "00:29:40", "start": "00:29:35", "text": "on blockchain Technologies and and the"}, {"end": "00:29:43", "start": "00:29:37", "text": "entire Sy the whole monetary system"}, {"end": "00:29:45", "start": "00:29:40", "text": "globally will eventually become cashless"}, {"end": "00:29:47", "start": "00:29:43", "text": "and at that point if it's centralized"}, {"end": "00:29:50", "start": "00:29:45", "text": "and there's an entity that runs the"}, {"end": "00:29:51", "start": "00:29:47", "text": "blockchain they can lock you out of it"}, {"end": "00:29:54", "start": "00:29:50", "text": "if they don't like what you're doing and"}, {"end": "00:29:57", "start": "00:29:51", "text": "they can trace everything that you do"}, {"end": "00:29:59", "start": "00:29:54", "text": "every transaction everywhere you go will"}, {"end": "00:30:01", "start": "00:29:57", "text": "be recorded"}, {"end": "00:30:04", "start": "00:29:59", "text": "and so uh you know if we're not careful"}, {"end": "00:30:08", "start": "00:30:01", "text": "this has the ability to enslave us or"}, {"end": "00:30:10", "start": "00:30:04", "text": "free us I think blockchain or any kind"}, {"end": "00:30:13", "start": "00:30:08", "text": "of open Ledger distributive database"}, {"end": "00:30:16", "start": "00:30:10", "text": "will have a tremendous impact on our"}, {"end": "00:30:19", "start": "00:30:13", "text": "world my fear is that and this is used"}, {"end": "00:30:22", "start": "00:30:16", "text": "to centralize digital"}, {"end": "00:30:25", "start": "00:30:19", "text": "technology gives a banker the ability to"}, {"end": "00:30:28", "start": "00:30:22", "text": "put a chip in you to tax you whenever"}, {"end": "00:30:30", "start": "00:30:25", "text": "they want to interface with a money"}, {"end": "00:30:33", "start": "00:30:28", "text": "system with you physically and to"}, {"end": "00:30:35", "start": "00:30:30", "text": "perfect the collateral so I love the"}, {"end": "00:30:38", "start": "00:30:33", "text": "Innovation and the question for all of"}, {"end": "00:30:39", "start": "00:30:35", "text": "us is how can we innovate and make the"}, {"end": "00:30:43", "start": "00:30:38", "text": "financial system more"}, {"end": "00:30:47", "start": "00:30:39", "text": "efficient and do it in a way at the same"}, {"end": "00:30:49", "start": "00:30:43", "text": "time where we we distribute the power"}, {"end": "00:30:51", "start": "00:30:47", "text": "lines in the political system the"}, {"end": "00:30:52", "start": "00:30:49", "text": "blockchain is a technology which is a"}, {"end": "00:30:53", "start": "00:30:51", "text": "good technology we actually use it it"}, {"end": "00:30:55", "start": "00:30:52", "text": "will be used for a lot of different"}, {"end": "00:30:58", "start": "00:30:53", "text": "things God bless blockchain"}, {"end": "00:31:00", "start": "00:30:55", "text": "cryptocurrencies and digital currencies"}, {"end": "00:31:02", "start": "00:30:58", "text": "I think are also fine you know JP Moore"}, {"end": "00:31:04", "start": "00:31:00", "text": "moves Six Trillion of Dollars around the"}, {"end": "00:31:06", "start": "00:31:02", "text": "world every day we don't do it in cash"}, {"end": "00:31:08", "start": "00:31:04", "text": "it's done digitally if it can be done"}, {"end": "00:31:11", "start": "00:31:06", "text": "digitally with the blockchain so be it"}, {"end": "00:31:13", "start": "00:31:08", "text": "but it still be a dollar crypto"}, {"end": "00:31:16", "start": "00:31:11", "text": "currency a majority of the people are"}, {"end": "00:31:19", "start": "00:31:13", "text": "using the word blockchain and they don't"}, {"end": "00:31:22", "start": "00:31:16", "text": "really care whether it has this"}, {"end": "00:31:23", "start": "00:31:19", "text": "decentralized mining the government is"}, {"end": "00:31:25", "start": "00:31:22", "text": "going to just have a digital"}, {"end": "00:31:27", "start": "00:31:23", "text": "representation of the dollar there they"}, {"end": "00:31:29", "start": "00:31:25", "text": "can call it a blockchain but there's not"}, {"end": "00:31:32", "start": "00:31:27", "text": "going to be mining there's not going to"}, {"end": "00:31:34", "start": "00:31:29", "text": "be decentralization it's going to be a"}, {"end": "00:31:37", "start": "00:31:32", "text": "centralized coin whether they call it a"}, {"end": "00:31:39", "start": "00:31:34", "text": "blockchain or not is a"}, {"end": "00:31:40", "start": "00:31:37", "text": "relevant the whole purpose of a"}, {"end": "00:31:43", "start": "00:31:39", "text": "blockchain is to remove control from a"}, {"end": "00:31:45", "start": "00:31:40", "text": "central party if you're a a central bank"}, {"end": "00:31:47", "start": "00:31:43", "text": "and you make a blockchain for dollars"}, {"end": "00:31:49", "start": "00:31:45", "text": "and then you have dollar coin if you"}, {"end": "00:31:51", "start": "00:31:47", "text": "still have full control over the dollar"}, {"end": "00:31:53", "start": "00:31:49", "text": "coin you can create how much of it you"}, {"end": "00:31:55", "start": "00:31:51", "text": "want you can control where it goes there"}, {"end": "00:31:56", "start": "00:31:53", "text": "was no point in having a blockchain at"}, {"end": "00:31:59", "start": "00:31:55", "text": "all you might as well just have a a"}, {"end": "00:32:00", "start": "00:31:56", "text": "centralized database like a banking"}, {"end": "00:32:02", "start": "00:31:59", "text": "system"}, {"end": "00:32:05", "start": "00:32:00", "text": "um to really use blockchains in any"}, {"end": "00:32:07", "start": "00:32:02", "text": "meaningful way it it means that there is"}, {"end": "00:32:08", "start": "00:32:05", "text": "no person in charge and so a central"}, {"end": "00:32:10", "start": "00:32:07", "text": "bank by definition is the one who is"}, {"end": "00:32:12", "start": "00:32:08", "text": "supposed to be in charge of money and"}, {"end": "00:32:14", "start": "00:32:10", "text": "thus they would never uh create a"}, {"end": "00:32:17", "start": "00:32:12", "text": "blockchain or a cryptocurrency that they"}, {"end": "00:32:18", "start": "00:32:14", "text": "couldn't control so that's why they will"}, {"end": "00:32:20", "start": "00:32:17", "text": "likely be made redundant because the"}, {"end": "00:32:24", "start": "00:32:18", "text": "market can choose what kind of money it"}, {"end": "00:32:26", "start": "00:32:20", "text": "uses and it now has a choice between a a"}, {"end": "00:32:28", "start": "00:32:24", "text": "digital currency that can be controlled"}, {"end": "00:32:31", "start": "00:32:26", "text": "by Central parties and inflated without"}, {"end": "00:32:33", "start": "00:32:28", "text": "limit or a digital currency that cannot"}, {"end": "00:32:35", "start": "00:32:31", "text": "be controlled by any Central party and"}, {"end": "00:32:37", "start": "00:32:33", "text": "that has a fixed amount and can't be"}, {"end": "00:32:40", "start": "00:32:35", "text": "debased over time that's going to be a"}, {"end": "00:32:43", "start": "00:32:37", "text": "very obvious"}, {"end": "00:32:46", "start": "00:32:40", "text": "choice Bitcoin and the blockchain behind"}, {"end": "00:32:49", "start": "00:32:43", "text": "it are incredibly powerful Technologies"}, {"end": "00:32:50", "start": "00:32:46", "text": "as the future unfolds these Technologies"}, {"end": "00:32:53", "start": "00:32:49", "text": "could be used to restructure the"}, {"end": "00:32:55", "start": "00:32:50", "text": "financial system into one of fairness"}, {"end": "00:32:59", "start": "00:32:53", "text": "and equality for all a system outside"}, {"end": "00:33:02", "start": "00:32:55", "text": "the control of the banking Elite"}, {"end": "00:33:03", "start": "00:32:59", "text": "we have millions of people now taking an"}, {"end": "00:33:06", "start": "00:33:02", "text": "interest"}, {"end": "00:33:09", "start": "00:33:03", "text": "in what is money the question of what is"}, {"end": "00:33:12", "start": "00:33:06", "text": "money what should it be and they're"}, {"end": "00:33:16", "start": "00:33:09", "text": "learning especially a lot of young"}, {"end": "00:33:18", "start": "00:33:12", "text": "people precious medals were once money"}, {"end": "00:33:21", "start": "00:33:16", "text": "then came the era of paper money could"}, {"end": "00:33:24", "start": "00:33:18", "text": "we now be entering a golden age of"}, {"end": "00:33:25", "start": "00:33:21", "text": "decentralized digital money only time"}, {"end": "00:33:28", "start": "00:33:24", "text": "will"}, {"end": "00:33:30", "start": "00:33:25", "text": "tell Bitcoin is first and foremost about"}, {"end": "00:33:32", "start": "00:33:28", "text": "changing how the financial system of the"}, {"end": "00:33:34", "start": "00:33:30", "text": "planet"}, {"end": "00:33:36", "start": "00:33:32", "text": "operates uh however Bitcoin is also a"}, {"end": "00:33:38", "start": "00:33:34", "text": "financial asset itself and it goes"}, {"end": "00:33:40", "start": "00:33:36", "text": "through these Bubbles and people have"}, {"end": "00:33:42", "start": "00:33:38", "text": "made many millions of dollars uh when"}, {"end": "00:33:44", "start": "00:33:40", "text": "they buy it low and then it goes up in"}, {"end": "00:33:45", "start": "00:33:42", "text": "value but that's not really what matters"}, {"end": "00:33:47", "start": "00:33:44", "text": "at all what matters is that it's"}, {"end": "00:33:49", "start": "00:33:45", "text": "actually going to change the entire"}, {"end": "00:33:51", "start": "00:33:47", "text": "ecosystem of the planet how all humans"}, {"end": "00:33:55", "start": "00:33:49", "text": "interact with each other and that's a"}, {"end": "00:33:55", "start": "00:33:51", "text": "very exciting thing to be part of"}, {"end": "00:34:31", "start": "00:33:59", "text": "[Music]"}, {"end": "00:34:48", "start": "00:34:35", "text": "[Music]"}]

[{"start":"00:00:00","end":"00:00:05","text":"One thing that that that has held me I"},{"start":"00:00:03","end":"00:00:07","text":"just find very kind of odd about Bitcoin"},{"start":"00:00:05","end":"00:00:10","text":"is Satoshi. It's like, okay, there's"},{"start":"00:00:07","end":"00:00:13","text":"this guy who made this beautifully"},{"start":"00:00:10","end":"00:00:15","text":"elegant invention that could one day be"},{"start":"00:00:13","end":"00:00:19","text":"new money, right? Yeah. Digital gold, so"},{"start":"00:00:15","end":"00:00:22","text":"to speak. Nobody knows who he is. Yeah."},{"start":"00:00:19","end":"00:00:24","text":"Like, do we This seems a bit crazy to"},{"start":"00:00:22","end":"00:00:26","text":"me. Like, this has to be deeper than one"},{"start":"00:00:24","end":"00:00:28","text":"man. It has to be bigger than one man,"},{"start":"00:00:26","end":"00:00:30","text":"don't you think? So I mean I I it's"},{"start":"00:00:28","end":"00:00:34","text":"totally logical and I've had the same"},{"start":"00:00:30","end":"00:00:35","text":"thought. I've actually done real work on"},{"start":"00:00:34","end":"00:00:40","text":"this from the very beginning. So when it"},{"start":"00:00:35","end":"00:00:43","text":"first suggested to me I I went to the"},{"start":"00:00:40","end":"00:00:45","text":"source the internet and I typed in who"},{"start":"00:00:43","end":"00:00:49","text":"is Satoshi Nakamoto."},{"start":"00:00:45","end":"00:00:51","text":"Curiously what comes up is intelligence"},{"start":"00:00:49","end":"00:00:54","text":"central. The name Satoshi means"},{"start":"00:00:51","end":"00:00:56","text":"intelligence. Nakamoto is the name of"},{"start":"00:00:54","end":"00:01:00","text":"families from the central provinces of"},{"start":"00:00:56","end":"00:01:04","text":"Japan. Like that's curiously close to"},{"start":"00:01:00","end":"00:01:05","text":"CIA. Yeah. Yeah. Okay. So then you dig a"},{"start":"00:01:04","end":"00:01:08","text":"little further."},{"start":"00:01:05","end":"00:01:10","text":"Curiously in"},{"start":"00:01:08","end":"00:01:12","text":"2006 or seven, I can't remember the"},{"start":"00:01:10","end":"00:01:17","text":"exact year. I think it was seven. There"},{"start":"00:01:12","end":"00:01:21","text":"is a paper sponsored by the NSA written"},{"start":"00:01:17","end":"00:01:23","text":"by Natoshi Sakamoto. You can look this"},{"start":"00:01:21","end":"00:01:26","text":"up. Like that's true. Natoshi Sakamoto"},{"start":"00:01:23","end":"00:01:30","text":"who was the chief technology officer at"},{"start":"00:01:26","end":"00:01:32","text":"NT in Japan and talked about a"},{"start":"00:01:30","end":"00:01:34","text":"peer-to-peer cash system. Curious."},{"start":"00:01:32","end":"00:01:37","text":"Interesting. Okay. Interesting. So I dug"},{"start":"00:01:34","end":"00:01:40","text":"deeper like all right. If you were in"},{"start":"00:01:37","end":"00:01:42","text":"charge of the global reserve currency"},{"start":"00:01:40","end":"00:01:45","text":"and you saw the writing on the wall that"},{"start":"00:01:42","end":"00:01:48","text":"that was going to go away and and the"},{"start":"00:01:45","end":"00:01:50","text":"only endgame was"},{"start":"00:01:48","end":"00:01:53","text":"devaluation. And what I mean by that is,"},{"start":"00:01:50","end":"00:01:58","text":"yeah, once you get into debt, you have"},{"start":"00:01:53","end":"00:02:01","text":"four options. You can pay it back. Okay?"},{"start":"00:01:58","end":"00:02:04","text":"You can restructure it, you can default"},{"start":"00:02:01","end":"00:02:06","text":"on it, or you can devalue it. Can't pay"},{"start":"00:02:04","end":"00:02:09","text":"it back. Like, you could seize all the"},{"start":"00:02:06","end":"00:02:11","text":"assets of every human in America. You"},{"start":"00:02:09","end":"00:02:12","text":"couldn't pay the debt. Not just their"},{"start":"00:02:11","end":"00:02:14","text":"income, but all their assets. You"},{"start":"00:02:12","end":"00:02:17","text":"couldn't pay the debt. So, pay it back"},{"start":"00:02:14","end":"00:02:20","text":"off the table. You can restructure it"},{"start":"00:02:17","end":"00:02:22","text":"like gives people 50 cents, right?"},{"start":"00:02:20","end":"00:02:24","text":"Someone's got to take the other side."},{"start":"00:02:22","end":"00:02:26","text":"Not many takers for that, but but you"},{"start":"00:02:24","end":"00:02:27","text":"could try. You could default."},{"start":"00:02:26","end":"00:02:29","text":"Politicians, what happens if you"},{"start":"00:02:27","end":"00:02:31","text":"default? You're out. Politicians don't"},{"start":"00:02:29","end":"00:02:32","text":"like to be out. I joke called them."},{"start":"00:02:31","end":"00:02:33","text":"There's no left. There's no right."},{"start":"00:02:32","end":"00:02:35","text":"There's no Republicans, Democrat."},{"start":"00:02:33","end":"00:02:38","text":"There's in and out. When you're in, you"},{"start":"00:02:35","end":"00:02:39","text":"do or say whatever it takes to stay in."},{"start":"00:02:38","end":"00:02:41","text":"And when you're out, you do or say"},{"start":"00:02:39","end":"00:02:43","text":"whatever it takes to get in. I mean,"},{"start":"00:02:41","end":"00:02:44","text":"think about it. Ronald Reagan, not a"},{"start":"00:02:43","end":"00:02:46","text":"Republican. He was a lifelong Democrat."},{"start":"00:02:44","end":"00:02:48","text":"He's like, \"I want in. I'm going to be a"},{"start":"00:02:46","end":"00:02:51","text":"Republican.\" Donald Trump, same thing. I"},{"start":"00:02:48","end":"00:02:53","text":"mean, it's in and out. So, they're not"},{"start":"00:02:51","end":"00:02:55","text":"going to default on it because they"},{"start":"00:02:53","end":"00:02:58","text":"don't want to be out. So, you're going"},{"start":"00:02:55","end":"00:03:00","text":"to devalue it. Debates. And that's been"},{"start":"00:02:58","end":"00:03:01","text":"the history. Look, there have been 775"},{"start":"00:03:00","end":"00:03:04","text":"paper currencies in the history of the"},{"start":"00:03:01","end":"00:03:05","text":"world. Three quarters no longer exist."},{"start":"00:03:04","end":"00:03:06","text":"They all went to zero. All the others"},{"start":"00:03:05","end":"00:03:08","text":"are going to zero. Look, the pound"},{"start":"00:03:06","end":"00:03:10","text":"sterling, it's called the pound ster."},{"start":"00:03:08","end":"00:03:12","text":"It's the oldest currency still"},{"start":"00:03:10","end":"00:03:14","text":"surviving. It's like 326 years old,"},{"start":"00:03:12","end":"00:03:17","text":"something like that. It used to be for a"},{"start":"00:03:14","end":"00:03:20","text":"note you got a pound of sterling silver."},{"start":"00:03:17","end":"00:03:22","text":"Today it's like 194 pounds. So yeah,"},{"start":"00:03:20","end":"00:03:24","text":"it's just been devalued to you know"},{"start":"00:03:22","end":"00:03:27","text":"cents on the dollar or fractions of a"},{"start":"00:03:24","end":"00:03:31","text":"cent on a dollar. So the key here is is"},{"start":"00:03:27","end":"00:03:34","text":"it possible that the other one is if you"},{"start":"00:03:31","end":"00:03:37","text":"if you look at Satoshi Nakamoto Saw"},{"start":"00:03:34","end":"00:03:41","text":"comes from Samsung, Tosh comes from"},{"start":"00:03:37","end":"00:03:43","text":"Toshi comes from Toshiba, Nakamichi and"},{"start":"00:03:41","end":"00:03:45","text":"Motorola. So, you could say it was a"},{"start":"00:03:43","end":"00:03:46","text":"bunch of tech companies, but I don't"},{"start":"00:03:45","end":"00:03:48","text":"believe that one. But the but the the"},{"start":"00:03:46","end":"00:03:51","text":"the the central intelligence agency"},{"start":"00:03:48","end":"00:03:52","text":"makes sense to me. Why? Cuz if if I'm"},{"start":"00:03:51","end":"00:03:55","text":"the world reserve currency and I see the"},{"start":"00:03:52","end":"00:03:58","text":"writing on the wall, what if I got"},{"start":"00:03:55","end":"00:04:02","text":"everybody to swap the worthless fiat"},{"start":"00:03:58","end":"00:04:04","text":"into this cool asset and then I seized"},{"start":"00:04:02","end":"00:04:08","text":"it all out the back door. Now, we're"},{"start":"00:04:04","end":"00:04:09","text":"again super lucky. We by happen stance"},{"start":"00:04:08","end":"00:04:11","text":"we have three general partners and then"},{"start":"00:04:09","end":"00:04:13","text":"we have a venture partner and our"},{"start":"00:04:11","end":"00:04:15","text":"venture partner is Scott Stornetta. If"},{"start":"00:04:13","end":"00:04:17","text":"you read the white paper in the back"},{"start":"00:04:15","end":"00:04:19","text":"there are eight footnotes three of them"},{"start":"00:04:17","end":"00:04:21","text":"Scott and his partner Steuart Haber."},{"start":"00:04:19","end":"00:04:24","text":"Scott coined the term blockchain. He and"},{"start":"00:04:21","end":"00:04:26","text":"Stuart this is great. They said you know"},{"start":"00:04:24","end":"00:04:28","text":"if if I lend you money Erin we need a"},{"start":"00:04:26","end":"00:04:31","text":"judge to make sure that we keep our"},{"start":"00:04:28","end":"00:04:33","text":"ledgers the same. Okay. But the problem"},{"start":"00:04:31","end":"00:04:35","text":"is if Mark's unscrupulous he could bribe"},{"start":"00:04:33","end":"00:04:37","text":"the judge to change the number. So we"},{"start":"00:04:35","end":"00:04:38","text":"need a judge to judge the judge. Well"},{"start":"00:04:37","end":"00:04:40","text":"then he could bribe both people. So we"},{"start":"00:04:38","end":"00:04:42","text":"need a judge to judge to judge. He says"},{"start":"00:04:40","end":"00:04:44","text":"well we need everyone in in history."},{"start":"00:04:42","end":"00:04:47","text":"That's a blockchain. So he was brilliant"},{"start":"00:04:44","end":"00:04:50","text":"Stanford and said so he's got three you"},{"start":"00:04:47","end":"00:04:52","text":"know white paper notes. And so I asked"},{"start":"00:04:50","end":"00:04:55","text":"him what do you think of this? He said"},{"start":"00:04:52","end":"00:04:56","text":"interesting theory. Nope. I'm like Scott"},{"start":"00:04:55","end":"00:04:59","text":"come on. You you didn't even think about"},{"start":"00:04:56","end":"00:05:02","text":"it. He says, \"Well, no, I did, but the"},{"start":"00:04:59","end":"00:05:03","text":"way you're thinking about a backdoor is"},{"start":"00:05:02","end":"00:05:07","text":"impossible with Bitcoin because of the"},{"start":"00:05:03","end":"00:05:08","text":"air gap.\" I'm like, but then as soon as"},{"start":"00:05:07","end":"00:05:10","text":"he said it says, but with Ethereum, you"},{"start":"00:05:08","end":"00:05:13","text":"could have a back door. Whole another"},{"start":"00:05:10","end":"00:05:15","text":"story for another day. But that was"},{"start":"00:05:13","end":"00:05:19","text":"really interesting. So, is it possible"},{"start":"00:05:15","end":"00:05:22","text":"it was NSA or CCP? Sure. I don't think"},{"start":"00:05:19","end":"00:05:25","text":"of CCP because CCP is going down their"},{"start":"00:05:22","end":"00:05:27","text":"own digital currency. Digital"},{"start":"00:05:25","end":"00:05:29","text":"currencies, government digital"},{"start":"00:05:27","end":"00:05:31","text":"currencies are evil incarnate, right? I"},{"start":"00:05:29","end":"00:05:32","text":"mean, programmable money. I mean, all"},{"start":"00:05:31","end":"00:05:35","text":"you got to do is watch Austin Karsten's"},{"start":"00:05:32","end":"00:05:39","text":"for even a minute 47, you know, Job of"},{"start":"00:05:35","end":"00:05:40","text":"the Hut or Kingpin. I mean, not good,"},{"start":"00:05:39","end":"00:05:41","text":"right? Of course, we should have the"},{"start":"00:05:40","end":"00:05:45","text":"power to control how you spend your"},{"start":"00:05:41","end":"00:05:48","text":"money. No, you shouldn't. So, is it"},{"start":"00:05:45","end":"00:05:53","text":"possible it was, you know, Natoshi"},{"start":"00:05:48","end":"00:05:56","text":"Sakamoto and NT and the NSA? Sure. Is it"},{"start":"00:05:53","end":"00:05:59","text":"likely that it was one person? No. Yeah."},{"start":"00:05:56","end":"00:06:02","text":"Do I believe it was four people? You"},{"start":"00:05:59","end":"00:06:05","text":"know, maybe, you know, one who passed"},{"start":"00:06:02","end":"00:06:06","text":"away, another one was in jail and and"},{"start":"00:06:05","end":"00:06:09","text":"that's why, you know, multi-IG and you"},{"start":"00:06:06","end":"00:06:12","text":"can't move. Is it Craig, right? Hell to"},{"start":"00:06:09","end":"00:06:15","text":"the no. But I don't think it"},{"start":"00:06:12","end":"00:06:18","text":"matters in that the beauty of the system"},{"start":"00:06:15","end":"00:06:21","text":"is that it is anonymous. Like if there"},{"start":"00:06:18","end":"00:06:23","text":"was a CEO or if it was a company, that"},{"start":"00:06:21","end":"00:06:25","text":"company can be coerced, right? Why does"},{"start":"00:06:23","end":"00:06:27","text":"why does Google get to read all of our"},{"start":"00:06:25","end":"00:06:29","text":"messages? Because they were coerced,"},{"start":"00:06:27","end":"00:06:32","text":"right? The government showed up one day"},{"start":"00:06:29","end":"00:06:36","text":"and said, \"Want to be the biggest? You"},{"start":"00:06:32","end":"00:06:39","text":"will truncate your fiber. One closet for"},{"start":"00:06:36","end":"00:06:41","text":"you, one closet for us.\" Like really? I"},{"start":"00:06:39","end":"00:06:43","text":"mean, like all our data you get to see"},{"start":"00:06:41","end":"00:06:45","text":"for what do we get out of that? You get"},{"start":"00:06:43","end":"00:06:51","text":"to exist. That's a real story. That's"},{"start":"00:06:45","end":"00:06:54","text":"real. So do is it possible? For sure. I"},{"start":"00:06:51","end":"00:06:57","text":"mean the NSA created SHA 256, right? So"},{"start":"00:06:54","end":"00:06:59","text":"or CIA, one of the two. So certainly"},{"start":"00:06:57","end":"00:07:01","text":"possible, but I don't think it matters"},{"start":"00:06:59","end":"00:07:04","text":"because once you"},{"start":"00:07:01","end":"00:07:07","text":"unleash this system into the world, it's"},{"start":"00:07:04","end":"00:07:09","text":"an adaptive biological system. The"},{"start":"00:07:07","end":"00:07:12","text":"miracle was it got to a dollar."},{"start":"00:07:09","end":"00:07:14","text":"Interesting. One to 100, not a miracle."},{"start":"00:07:12","end":"00:07:16","text":"100 to a,000, not a miracle. A,000 to"},{"start":"00:07:14","end":"00:07:18","text":"10,000, not a miracle. The miracle was"},{"start":"00:07:16","end":"00:07:20","text":"that anybody used it at all. Tomorrow is"},{"start":"00:07:18","end":"00:07:22","text":"Bitcoin pizza day. We're going to"},{"start":"00:07:20","end":"00:07:24","text":"celebrate I should remember his name"},{"start":"00:07:22","end":"00:07:26","text":"because it it he is a really really"},{"start":"00:07:24","end":"00:07:29","text":"important person in our history because"},{"start":"00:07:26","end":"00:07:31","text":"he proved that you could use this."},{"start":"00:07:29","end":"00:07:32","text":"Bought a pizza with it, right? Yeah. And"},{"start":"00:07:31","end":"00:07:34","text":"he bought, you know, two pieces for"},{"start":"00:07:32","end":"00:07:37","text":"10,000 which is over a billion dollars."},{"start":"00:07:34","end":"00:07:39","text":"And every such an idiot. No, he's a mad"},{"start":"00:07:37","end":"00:07:44","text":"genius because he proved that this"},{"start":"00:07:39","end":"00:07:48","text":"worked. And so the key is that once you"},{"start":"00:07:44","end":"00:07:52","text":"release a adaptive biological system and"},{"start":"00:07:48","end":"00:07:54","text":"it survives, it thrives and it morphs."},{"start":"00:07:52","end":"00:07:56","text":"And you know, one of the things I love"},{"start":"00:07:54","end":"00:07:58","text":"about about the the debates, you know,"},{"start":"00:07:56","end":"00:08:00","text":"everybody's like, you know, uh Jamie"},{"start":"00:07:58","end":"00:08:01","text":"Diamond says, \"Well, Satoshi, you could"},{"start":"00:08:00","end":"00:08:04","text":"show up tomorrow and change the code.\""},{"start":"00:08:01","end":"00:08:07","text":"and Jameson, I love Jameson, he's like,"},{"start":"00:08:04","end":"00:08:08","text":"\"No, Jamie, here here's the lines and"},{"start":"00:08:07","end":"00:08:12","text":"it's only seven lines, but in order for"},{"start":"00:08:08","end":"00:08:13","text":"that to change, more than 50% of the"},{"start":"00:08:12","end":"00:08:15","text":"nodes would have to agree.\" Now, that"},{"start":"00:08:13","end":"00:08:17","text":"can happen. That's a complex adaptive"},{"start":"00:08:15","end":"00:08:19","text":"system, but one guy can't show up and"},{"start":"00:08:17","end":"00:08:21","text":"change that. It's not the way it works."},{"start":"00:08:19","end":"00:08:24","text":"And so, it's such a beautiful and"},{"start":"00:08:21","end":"00:08:25","text":"elegant system. It actually defies logic"},{"start":"00:08:24","end":"00:08:28","text":"to think that one person could have got"},{"start":"00:08:25","end":"00:08:31","text":"it all right. Like, think about this."},{"start":"00:08:28","end":"00:08:34","text":"the 51% attack will never happen. How do"},{"start":"00:08:31","end":"00:08:36","text":"you engineer that as a single human"},{"start":"00:08:34","end":"00:08:39","text":"being? How could you come up with this"},{"start":"00:08:36","end":"00:08:42","text":"game theory to say there'll never be a"},{"start":"00:08:39","end":"00:08:45","text":"51% attack? Because the moment you"},{"start":"00:08:42","end":"00:08:47","text":"achieve the 51% attack, the value would"},{"start":"00:08:45","end":"00:08:49","text":"go to zero because no all the other"},{"start":"00:08:47","end":"00:08:51","text":"nodes wouldn't acknowledge what you just"},{"start":"00:08:49","end":"00:08:53","text":"stole. So there'll never be a wouldn't"},{"start":"00:08:51","end":"00:08:56","text":"make sense to spend all those resources,"},{"start":"00:08:53","end":"00:08:59","text":"do a 51% attack. Like oh my god, that's"},{"start":"00:08:56","end":"00:09:01","text":"mad genius. So, it doesn't seem logical"},{"start":"00:08:59","end":"00:09:03","text":"that that could be one person, that one"},{"start":"00:09:01","end":"00:09:06","text":"person could be that smart. But maybe,"},{"start":"00:09:03","end":"00:09:11","text":"but I'm at this point I don't care"},{"start":"00:09:06","end":"00:09:11","text":"because it survived."},{"start":"00:09:11","end":"00:09:19","text":"[Music]"}]

[{"start": "00:00:00", "end": "00:00:06", "text": "Could the United States government permanently�\nban the one financial tool that could give them��"}, {"start": "00:00:06", "end": "00:00:12", "text": "complete realtime surveillance over every�\nsingle dollar you spend? It sounds like a��"}, {"start": "00:00:12", "end": "00:00:20", "text": "big old victory for financial freedom. But on the�\n12th of March 2026, when the United States Senate��"}, {"start": "00:00:20", "end": "00:00:27", "text": "voted 89 to10 to do exactly that, they slipped a�\nticking time bomb into the legislation. While many��"}, {"start": "00:00:27", "end": "00:00:34", "text": "in the crypto community are busy celebrating the�\napparent death of the digital dollar, the actual��"}, {"start": "00:00:34", "end": "00:00:41", "text": "legislative text contains a hidden clause designed�\nto bring it back when we least expect it. My name��"}, {"start": "00:00:41", "end": "00:00:51", "text": "is Guy and you're watching the Coin Bureau. So on�\nthe 12th of March 2026, the Senate passed HR644,��"}, {"start": "00:00:51", "end": "00:00:59", "text": "popularly known as the 21st Century Road to�\nHousing Act. This was a sweeping roughly 303 page��"}, {"start": "00:00:59", "end": "00:01:06", "text": "bipartisan housing reform package. But tucked away�\nin the final pages of this massive bill is title��"}, {"start": "00:01:06", "end": "00:01:15", "text": "10 section 1001. This specific section legally�\ndefines a central bank digital currency or CBDC��"}, {"start": "00:01:15", "end": "00:01:22", "text": "and explicitly prohibits the Federal Reserve from�\nissuing a retail CBDC to the general public. It��"}, {"start": "00:01:22", "end": "00:01:29", "text": "also bans the creation of any digital asset that�\nis substantially similar to a CBDC. Now, if you��"}, {"start": "00:01:29", "end": "00:01:35", "text": "read the mainstream financial press, the headlines�\nare entirely focused on this 89 to10 vote as��"}, {"start": "00:01:35", "end": "00:01:41", "text": "a historic defeat for the surveillance state.�\nIndustry groups like the digital chamber and the��"}, {"start": "00:01:41", "end": "00:01:47", "text": "blockchain association are applauding the passage.�\nEven the White House issued a statement supporting��"}, {"start": "00:01:47", "end": "00:01:53", "text": "the provision, claiming it halts the development�\nof a currency that could pose threats to personal��"}, {"start": "00:01:53", "end": "00:01:59", "text": "privacy. To the average retail investor reading�\nthe news, this looks like the total surrender��"}, {"start": "00:01:59", "end": "00:02:05", "text": "of the regulatory state. The official story is�\nthat the crypto lobby has defeated the digital��"}, {"start": "00:02:05", "end": "00:02:11", "text": "dollar. But if you read the actual text of the�\nlegislation, a very different picture emerges.��"}, {"start": "00:02:11", "end": "00:02:17", "text": "Because while the headlines say the war is�\nover, the fine print tells us exactly when��"}, {"start": "00:02:17", "end": "00:02:25", "text": "the next battle is scheduled to begin. Because�\nburied inside section 1,01 is a sunset clause.��"}, {"start": "00:02:25", "end": "00:02:33", "text": "The prohibition on the Federal Reserve issuing a�\nCBDC is not permanent. It explicitly expires on��"}, {"start": "00:02:33", "end": "00:02:40", "text": "the 31st of December, 2030. So let's be precise�\nabout what is actually happening here. This is��"}, {"start": "00:02:40", "end": "00:02:48", "text": "not a ban, but a temporary 4-year moratorum. And�\nto understand why this expiration date exists,��"}, {"start": "00:02:48", "end": "00:02:54", "text": "we have to look at the political maneuvering of�\nthe bill's co-author, Senator Elizabeth Warren.��"}, {"start": "00:02:54", "end": "00:03:00", "text": "As the ranking member of the Senate Banking�\nCommittee, she had direct influence over every��"}, {"start": "00:03:00", "end": "00:03:08", "text": "single word of section 101. According to multiple�\nreports, Senator Warren flatly refused to allow a��"}, {"start": "00:03:08", "end": "00:03:16", "text": "permanent ban on a CBDC during the legislative�\nprocess. She insisted on the 2030 sunset clause��"}, {"start": "00:03:16", "end": "00:03:22", "text": "as the absolute price for her cooperation and�\nfor democratic support. Without her backing,��"}, {"start": "00:03:22", "end": "00:03:28", "text": "the housing bill would have faced a much harder�\npath to the 60 vote filibuster threshold. She��"}, {"start": "00:03:28", "end": "00:03:34", "text": "co-authored the bill. She refused permanence and�\nshe stayed completely silent about the expiration��"}, {"start": "00:03:34", "end": "00:03:42", "text": "date in her joint press releases. And the 2030�\ndate is absolutely not a coincidence. It aligns��"}, {"start": "00:03:42", "end": "00:03:50", "text": "with the next presidential term. If a CBDCfriendly�\nadministration wins in November 2028, they will��"}, {"start": "00:03:50", "end": "00:03:57", "text": "be fully installed and empowered by the time�\nthe ban expires in December 2030. Furthermore,��"}, {"start": "00:03:57", "end": "00:04:04", "text": "Federal Reserve Chair Jerome Pal's term expires�\nin May 2026. So, a new potentially more CBDC��"}, {"start": "00:04:04", "end": "00:04:10", "text": "friendly Fed leadership could be in place for the�\nremainder of the decade. This gives the current��"}, {"start": "00:04:10", "end": "00:04:17", "text": "Congress exactly zero political accountability.�\nThey get to vote against a CBDC today without��"}, {"start": "00:04:17", "end": "00:04:25", "text": "permanently foreclosing it for tomorrow. And this�\nis why Senator Ted Cruz filed Amendment SA4318,��"}, {"start": "00:04:25", "end": "00:04:31", "text": "which was specifically designed to strike the 2030�\nsunset clause and make the ban permanent. But his��"}, {"start": "00:04:31", "end": "00:04:38", "text": "amendment failed. And when it failed, Senator�\nCruz became one of the 10 senators who voted��"}, {"start": "00:04:38", "end": "00:04:44", "text": "no on the final bill. The other senators include�\nRand Paul, Mike Lee, and Ron Johnson. These are��"}, {"start": "00:04:44", "end": "00:04:52", "text": "arguably the strongest anti-surveillance voices in�\nCongress. They voted no because the ban did not go��"}, {"start": "00:04:52", "end": "00:04:58", "text": "far enough. Meanwhile, the 89 yes votes include�\npoliticians who are perfectly comfortable with��"}, {"start": "00:04:58", "end": "00:05:04", "text": "a digital dollar returning in four years time.�\nThe headline victory number completely conceals��"}, {"start": "00:05:04", "end": "00:05:10", "text": "the trap with the sunset clause shifting the�\nlegislative burden entirely. Instead of requiring��"}, {"start": "00:05:10", "end": "00:05:17", "text": "a future Congress to pass a new law to implement�\na CBDC, they only require a future Congress to do��"}, {"start": "00:05:17", "end": "00:05:23", "text": "absolutely nothing. If they just let the clock�\nrun out, the green light turns back on. Privacy��"}, {"start": "00:05:23", "end": "00:05:31", "text": "advocates argue that this creates a false sense�\nof security, legal pre-authorization by inaction.��"}, {"start": "00:05:31", "end": "00:05:35", "text": "And speaking of staying ahead of these massive�\nregulatory traps before they hit the mainstream��"}, {"start": "00:05:35", "end": "00:05:40", "text": "headlines, this is exactly why you need the Coinb�\nTelegram channel in your life. It's where we break��"}, {"start": "00:05:40", "end": "00:05:46", "text": "down these dense 300page congressional bills so�\nthat you don't have to. We provide deep dive alpha��"}, {"start": "00:05:46", "end": "00:05:51", "text": "and give you the most important market updates�\nall pinged directly to your phone so you don't��"}, {"start": "00:05:51", "end": "00:05:58", "text": "miss a thing. So sign up today using the link down�\nbelow or by scanning the QR code on the screen.��"}, {"start": "00:05:58", "end": "00:06:06", "text": "Okay, back to the CBDC ban. Now, while the retail�\nban holds until 2030, the Federal Reserve isn't��"}, {"start": "00:06:06", "end": "00:06:13", "text": "just sitting on its hands. Here's how it works.�\nSection 1001 specifically targets retail CBDC's,��"}, {"start": "00:06:13", "end": "00:06:19", "text": "meaning digital currency accessible to the�\ngeneral public, but it leaves a massive gaping��"}, {"start": "00:06:19", "end": "00:06:26", "text": "legal loophole for wholesale CBDC's. Now these are�\ndigital settlement instruments used exclusively��"}, {"start": "00:06:26", "end": "00:06:33", "text": "between massive financial institutions and central�\nbanks and the Federal Reserve has been actively��"}, {"start": "00:06:33", "end": "00:06:39", "text": "building this exact infrastructure. Take project�\nCEDA a multi-phase research initiative by the New��"}, {"start": "00:06:39", "end": "00:06:46", "text": "York Innovation Center. Phase two of project CEDA�\nsuccessfully demonstrated that crossber settlement��"}, {"start": "00:06:46", "end": "00:06:53", "text": "times could be reduced from multiple business�\ndays to approximately 10 seconds using distributed��"}, {"start": "00:06:53", "end": "00:06:59", "text": "ledger technology. Then you have project pine�\na collaboration with the bank for international��"}, {"start": "00:06:59", "end": "00:07:05", "text": "settlements or bis. Project pine successfully�\nbuilt a generic programmable tokenized policy��"}, {"start": "00:07:05", "end": "00:07:12", "text": "toolkit. Put simply, they built smart contracts�\nthat can automatically execute monetary policy��"}, {"start": "00:07:12", "end": "00:07:18", "text": "decisions. New York Fed President John Williams�\ncalled it a significant advance in exploring how��"}, {"start": "00:07:18", "end": "00:07:25", "text": "central banks can remain effective. Legal experts�\nnote that the ambiguous language in section 101��"}, {"start": "00:07:25", "end": "00:07:31", "text": "allows this wholesale research to continue�\nunabated. The architecture of a future CBDC��"}, {"start": "00:07:31", "end": "00:07:38", "text": "can be built and perfected at the wholesale level�\nwithout ever triggering the retail ban. But that��"}, {"start": "00:07:38", "end": "00:07:43", "text": "is just the central bank side of the equation.�\nThe true Trojan horse is the infrastructure��"}, {"start": "00:07:43", "end": "00:07:50", "text": "being built by the private sector right now. In�\nJuly 2025, the United States government signed��"}, {"start": "00:07:50", "end": "00:07:56", "text": "the Genius Act into law, establishing a federal�\nframework for private stable coins. It requires��"}, {"start": "00:07:56", "end": "00:08:02", "text": "stable coin issuers to back their tokens onetoone�\nwith US dollars or treasury bills. It legally��"}, {"start": "00:08:02", "end": "00:08:09", "text": "classifies them as financial institutions under�\nthe Bank Secrecy Act, mandating strict KYC and��"}, {"start": "00:08:09", "end": "00:08:16", "text": "AML compliance. But most importantly, the Genius�\nAct mandates that issuers must have the technical��"}, {"start": "00:08:16", "end": "00:08:24", "text": "capability to freeze, seize, or burn tokens�\nupon lawful order. So let's be precise about��"}, {"start": "00:08:24", "end": "00:08:30", "text": "what is actually happening here. The government�\nbanned themselves from issuing a retail CBDC, but��"}, {"start": "00:08:30", "end": "00:08:36", "text": "they licensed private companies to build dollar�\ndenominated digital payment rails with mandatory��"}, {"start": "00:08:36", "end": "00:08:42", "text": "government surveillance features built directly�\ninto the code. The distribution between a Fed��"}, {"start": "00:08:42", "end": "00:08:49", "text": "issued CBDC and a bankissued government regulated�\nstable coin is negligible for the end user. Both��"}, {"start": "00:08:49", "end": "00:08:56", "text": "systems enable real time transaction monitoring,�\nfund freezing, and behavioral conditioning.��"}, {"start": "00:08:56", "end": "00:09:01", "text": "Just look at the staggering numbers this private�\ninfrastructure is currently putting on the board.��"}, {"start": "00:09:01", "end": "00:09:09", "text": "The combined stable coin market cap now sits at�\nroughly $262.7 billion. And for reference, that's��"}, {"start": "00:09:09", "end": "00:09:16", "text": "larger than the entire market cap of Ethereum.�\nTether commands over $187.1 billion of that total,��"}, {"start": "00:09:16", "end": "00:09:24", "text": "while Circle's USDC sits at $75.6 billion.�\nAnd Circle is now a publicly traded entity��"}, {"start": "00:09:24", "end": "00:09:33", "text": "on the New York Stock Exchange under the ticker�\nCRCL, reporting $770 million in Q4 2025 revenue.��"}, {"start": "00:09:33", "end": "00:09:38", "text": "It's also built a permissioned blockchain�\ncalled the ARK network specifically to help��"}, {"start": "00:09:38", "end": "00:09:44", "text": "banks achieve favorable capital treatment under�\nBasel standards. They are embedding compliance��"}, {"start": "00:09:44", "end": "00:09:51", "text": "directly into the infrastructure layer. And�\nfurthermore, approximately 98% of AI agent��"}, {"start": "00:09:51", "end": "00:09:58", "text": "payments are reportedly settled in USDC. So this�\npositions circle as the primary infrastructure��"}, {"start": "00:09:58", "end": "00:10:05", "text": "for machineto-achine payments in the future.�\nAnd in 2025 alone, stable coins processed over��"}, {"start": "00:10:05", "end": "00:10:12", "text": "$33 trillion in transactions. And for reference,�\nthat rivals the annual processing volume of Visa��"}, {"start": "00:10:12", "end": "00:10:19", "text": "and Swift. And because these issuers are required�\nto hold reserves, they have become massive net��"}, {"start": "00:10:19", "end": "00:10:25", "text": "purchases of United States government debt.�\nThe government has a selfreinforcing incentive,��"}, {"start": "00:10:25", "end": "00:10:31", "text": "therefore, to keep the stable coin ecosystem�\ngrowing under its regulatory umbrella. By July��"}, {"start": "00:10:31", "end": "00:10:39", "text": "2026, the OC and the Federal Reserve are required�\nto finalize the technical standards for these��"}, {"start": "00:10:39", "end": "00:10:44", "text": "stable coin issuers. They're outsourcing the�\ninfrastructure buildout to the private sector.��"}, {"start": "00:10:44", "end": "00:10:50", "text": "But that's just the plumbing. The harder question�\nis what this means for the broader crypto market��"}, {"start": "00:10:50", "end": "00:10:57", "text": "structure and the geopolitical landscape. Because�\nright now, this temporary CBDC ban is on a massive��"}, {"start": "00:10:57", "end": "00:11:04", "text": "collision course with the rest of the crypto�\nindustry. However, all is not lost because��"}, {"start": "00:11:04", "end": "00:11:09", "text": "over in the House of Representatives, conservative�\nlawmakers are threatening to declare the housing��"}, {"start": "00:11:09", "end": "00:11:16", "text": "bill dead on arrival. Representative Anna Paulina�\nLuna has publicly stated that the legislation must��"}, {"start": "00:11:16", "end": "00:11:24", "text": "be changed to a permanent ban, warning that CBDC's�\nallow for total government control. And more than��"}, {"start": "00:11:24", "end": "00:11:29", "text": "20 House Republicans sent a formal letter to�\nSpeaker Mike Johnson demanding language that��"}, {"start": "00:11:29", "end": "00:11:35", "text": "mirrors the anti-CBDC surveillance state act,�\nwhich explicitly bars the Fed from conducting��"}, {"start": "00:11:35", "end": "00:11:43", "text": "even pilot programs. Representative French Hill�\nnoted that it is critical to mitigate the concerns��"}, {"start": "00:11:43", "end": "00:11:49", "text": "raised by House members. If the House amends�\nthe bill, then it must return to the Senate for��"}, {"start": "00:11:49", "end": "00:11:56", "text": "another vote, creating a legislative traffic jam.�\nHouse hardliners are also blocking Senate passed��"}, {"start": "00:11:56", "end": "00:12:03", "text": "legislation until the Senate also passes the Save�\nAmerica Act, which is a proof of citizenship voter��"}, {"start": "00:12:03", "end": "00:12:10", "text": "registration requirement. So this creates a double�\nblockade. Conservatives want both a permanent CBDC��"}, {"start": "00:12:10", "end": "00:12:18", "text": "ban and unrelated voter ID legislation before they�\nwill let the housing bill proceed. Senate Majority��"}, {"start": "00:12:18", "end": "00:12:24", "text": "Leader John Thun has resisted procedural maneuvers�\nto force this through, entangling the CBDC fight��"}, {"start": "00:12:24", "end": "00:12:31", "text": "with a completely separate political battle. And�\nthis traffic jam is suffocating the Clarity Act.��"}, {"start": "00:12:31", "end": "00:12:38", "text": "Now, the Clarity Act is the comprehensive market�\nstructure bill that passed the House with a 294��"}, {"start": "00:12:38", "end": "00:12:46", "text": "to 134 vote back in July 2025. It's been stalled�\nin the Senate ever since. The primary obstacle��"}, {"start": "00:12:46", "end": "00:12:53", "text": "to the Clarity Act has been the stable coin yield�\ndispute. The banking industry argues that allowing��"}, {"start": "00:12:53", "end": "00:13:00", "text": "crypto platforms to pay interest on stable coins�\ncreates a deposit risk that threatens traditional��"}, {"start": "00:13:00", "end": "00:13:08", "text": "banks. But on the 20th of March 2026, Senators Tom�\nTillis and Angela Olserbrooks reached an agreement��"}, {"start": "00:13:08", "end": "00:13:16", "text": "in principle to ban yield on passive stable coin�\nbalances while allowing activitybased rewards.��"}, {"start": "00:13:16", "end": "00:13:23", "text": "This compromise could unlock the bill, but only�\nif the CBDC fight does not consume all of the��"}, {"start": "00:13:23", "end": "00:13:31", "text": "remaining legislative bandwidth and the political�\ncalendar is completely unforgiving. If the Senate��"}, {"start": "00:13:31", "end": "00:13:38", "text": "Banking Committee does not advance the Clarity�\nAct by late April 2026, the window for floor time��"}, {"start": "00:13:38", "end": "00:13:45", "text": "closes before the Memorial Day recess in May.�\nSenator Bernie Marino warned that if it does��"}, {"start": "00:13:45", "end": "00:13:52", "text": "not advance by May, digital asset legislation may�\nnot receive serious consideration again for years.��"}, {"start": "00:13:52", "end": "00:14:02", "text": "And on the 17th of March 2026, the SEC and CFTC�\nissued joint guidance classifying 16 major crypto��"}, {"start": "00:14:02", "end": "00:14:10", "text": "assets as digital commodities. But that is just�\ninterpretive guidance, not law. If the Clarity��"}, {"start": "00:14:10", "end": "00:14:17", "text": "Act dies in the Senate because all the political�\noxygen was consumed by a fake temporary CBDC ban,��"}, {"start": "00:14:17", "end": "00:14:24", "text": "that commodity classification could be reversed�\nby the very next administration. And that brings��"}, {"start": "00:14:24", "end": "00:14:30", "text": "us to the bitter irony at the center of all this.�\nWhile American politicians are busy fighting over��"}, {"start": "00:14:30", "end": "00:14:37", "text": "a 2030 sunset clause, the rest of the world is�\nrapidly building a parallel financial system.��"}, {"start": "00:14:37", "end": "00:14:43", "text": "Look at the actual data coming out of China. For�\ninstance, by November 2025, China's digital yuan,��"}, {"start": "00:14:43", "end": "00:14:52", "text": "the ECNY, had processed roughly 3.48 billion�\ntransactions worth roughly $2.38 trillion. They��"}, {"start": "00:14:52", "end": "00:15:00", "text": "have over 225 million personal digital wallets.�\nOn the 1st of January 2026, the People's Bank of��"}, {"start": "00:15:00", "end": "00:15:07", "text": "China formally reclassified the ECNY from digital�\ncash to digital deposit money, allowing commercial��"}, {"start": "00:15:07", "end": "00:15:15", "text": "banks to pay interest on verified balances.�\nThey're forcing mass institutional adoption,��"}, {"start": "00:15:15", "end": "00:15:22", "text": "and they're weaponizing it through the Bank for�\nInternational Settlements's Enbridge project.��"}, {"start": "00:15:22", "end": "00:15:31", "text": "Now, Enbridge has already settled roughly $55.5�\nbillion in crossber payments and in 2025 95.3%��"}, {"start": "00:15:31", "end": "00:15:40", "text": "of that transaction value was settled in digital�\nyuan. China and the UAE recently conducted their��"}, {"start": "00:15:40", "end": "00:15:46", "text": "first crossborder energy trade using Enbridge�\ncompletely bypassing the US dollar and the swift��"}, {"start": "00:15:46", "end": "00:15:53", "text": "network. Kevin Walsh, the man earmarked to succeed�\nJerome Powell as chair of the Federal Reserve,��"}, {"start": "00:15:53", "end": "00:16:00", "text": "explicitly warned that China's digital currency�\nproject threatens the dominance of the US dollar.��"}, {"start": "00:16:00", "end": "00:16:07", "text": "The European Central Bank, meanwhile, is targeting�\n2029 for the full issuance of its digital euro.��"}, {"start": "00:16:07", "end": "00:16:17", "text": "And in fact, over 134 countries representing 98%�\nof global GDP are currently exploring CBDC's.��"}, {"start": "00:16:17", "end": "00:16:24", "text": "The United States is creating a self-inflicted�\nvacuum in wholesale finance. So, Wall Street and��"}, {"start": "00:16:24", "end": "00:16:32", "text": "the Federal Reserve have a very clear twotrack�\nstrategy. Track one is the public retail ban.��"}, {"start": "00:16:32", "end": "00:16:39", "text": "They pass an 89 to10 vote that expires on the�\n31st of December 2030. This creates political��"}, {"start": "00:16:39", "end": "00:16:46", "text": "cover and gives the public a completely false�\nsense of security. Then track two is the private��"}, {"start": "00:16:46", "end": "00:16:52", "text": "infrastructure buildout. They use the Genius Act�\nto force private stable coins to build the KYC and��"}, {"start": "00:16:52", "end": "00:16:59", "text": "freeze capabilities commercial scale. They let�\nCircle and Tether process $33 trillion a year,��"}, {"start": "00:16:59", "end": "00:17:05", "text": "integrating dollar stable coins into Visa and�\nSwift. They let Project Pine perfect the smart��"}, {"start": "00:17:05", "end": "00:17:12", "text": "contract monetary policy tools in the background.�\nAnd by the time the ban expires in 2030, analysts��"}, {"start": "00:17:12", "end": "00:17:20", "text": "at Bernstein project the stable coin market will�\nreach between 1.9 trillion and $4 trillion. The��"}, {"start": "00:17:20", "end": "00:17:26", "text": "infrastructure will already be built. The KYC�\ncompliance will be embedded in every transaction.��"}, {"start": "00:17:26", "end": "00:17:33", "text": "The freeze, seize, and burn capabilities will�\nbe live. And so a new Congress will not have��"}, {"start": "00:17:33", "end": "00:17:40", "text": "to pass a single law to create a CBDC. They'll�\njust let the clock run out, step in and co-opt��"}, {"start": "00:17:40", "end": "00:17:47", "text": "the private infrastructure that Circle and Tether�\nwill have already built for them. In other words,��"}, {"start": "00:17:47", "end": "00:17:53", "text": "we have not killed the CBDC. We've just outsourced�\nits development to Wall Street and scheduled its��"}, {"start": "00:17:53", "end": "00:18:00", "text": "arrival for the end of the decade. The Senate's�\n89 to10 vote is undeniably a monumental political��"}, {"start": "00:18:00", "end": "00:18:06", "text": "statement. On the one hand, it formally recognizes�\nthe massive public opposition to a programmable��"}, {"start": "00:18:06", "end": "00:18:11", "text": "surveillance-based digital currency. It prevents�\nthe Federal Reserve from immediately launching a��"}, {"start": "00:18:11", "end": "00:18:18", "text": "retail product that would bypass commercial banks�\nand completely destroy financial privacy. On the��"}, {"start": "00:18:18", "end": "00:18:25", "text": "other hand, though, this legislation is a trap.�\nBy embedding a 2030 expiration date into the text,��"}, {"start": "00:18:25", "end": "00:18:30", "text": "the establishment has simply hit the snooze�\nbutton on the digital dollar. They're using��"}, {"start": "00:18:30", "end": "00:18:37", "text": "this temporary moratorum to let private companies�\nbuild the exact blockchain plumbing that a future��"}, {"start": "00:18:37", "end": "00:18:44", "text": "government will inevitably commandeer. The�\ntrue threat to your financial freedom is not��"}, {"start": "00:18:44", "end": "00:18:51", "text": "just a central bank issuing a token. It's a�\nregulatory framework that mandates CBDC level��"}, {"start": "00:18:51", "end": "00:18:58", "text": "surveillance every single digital dollar�\nin existence regardless of who issues it.��"}, {"start": "00:18:58", "end": "00:19:05", "text": "And if you think the establishment is going to let�\nthat opportunity slip through its fingers, well,��"}, {"start": "00:19:05", "end": "00:19:12", "text": "think again. But what do you think? Is a temporary�\nban on CBDC's a necessary political compromise,��"}, {"start": "00:19:12", "end": "00:19:17", "text": "or is it an insidious trap for our future�\nfinancial privacy? Let me know your thoughts��"}, {"start": "00:19:17", "end": "00:19:22", "text": "in the comments down below. If you want�\nto understand exactly how Wall Street is��"}, {"start": "00:19:22", "end": "00:19:28", "text": "building KYC compliance directly into smart�\ncontracts, well, you can check out our video��"}, {"start": "00:19:28", "end": "00:19:34", "text": "on that right over here. And if you want to�\ndive deeper into how institutional ETF flows��"}, {"start": "00:19:34", "end": "00:19:40", "text": "are impacting Bitcoin's base layer, well, you�\ncan check out that video right over here. Okay,��"}, {"start": "00:19:40", "end": "00:19:46", "text": "thank you all so much for watching and I'll see�\nyou again very soon. This is Guy signing off."}]

[{"start": "00:00:00", "end": "00:00:03", "text": "While the whole world is watching Iran"}, {"start": "00:00:01", "end": "00:00:05", "text": "right now, something happened this week"}, {"start": "00:00:03", "end": "00:00:07", "text": "that most people completely missed."}, {"start": "00:00:05", "end": "00:00:09", "text": "Trump publicly went to war with the"}, {"start": "00:00:07", "end": "00:00:11", "text": "banks. And I don't mean metaphorically,"}, {"start": "00:00:09", "end": "00:00:13", "text": "I mean he called them out by name. And"}, {"start": "00:00:11", "end": "00:00:15", "text": "the reason why this matters to you is"}, {"start": "00:00:13", "end": "00:00:17", "text": "simple. The outcome of this fight will"}, {"start": "00:00:15", "end": "00:00:19", "text": "determine which side of the biggest"}, {"start": "00:00:17", "end": "00:00:21", "text": "wealth transfer of our lifetime you end"}, {"start": "00:00:19", "end": "00:00:23", "text": "up on. So in this video, I'm going to"}, {"start": "00:00:21", "end": "00:00:25", "text": "break down exactly what's happening, why"}, {"start": "00:00:23", "end": "00:00:28", "text": "the banks were terrified, and what you"}, {"start": "00:00:25", "end": "00:00:30", "text": "need to do about it. So let's go. All"}, {"start": "00:00:28", "end": "00:00:32", "text": "right, let's just get going in this."}, {"start": "00:00:30", "end": "00:00:34", "text": "Like right now, everybody is locked in"}, {"start": "00:00:32", "end": "00:00:35", "text": "on the war over in Iran and and they"}, {"start": "00:00:34", "end": "00:00:38", "text": "should. It's important, right? I get"}, {"start": "00:00:35", "end": "00:00:40", "text": "that. Uh war, maybe World War II, you"}, {"start": "00:00:38", "end": "00:00:42", "text": "know, Israel, Iran, China, oil supply,"}, {"start": "00:00:40", "end": "00:00:44", "text": "geopolitical risk, all of that, right?"}, {"start": "00:00:42", "end": "00:00:47", "text": "There's of course plenty of politics to"}, {"start": "00:00:44", "end": "00:00:49", "text": "fight over with that. And of course,"}, {"start": "00:00:47", "end": "00:00:51", "text": "that stuff, it all matters, okay? But"}, {"start": "00:00:49", "end": "00:00:53", "text": "while all the eyes are pointed over"}, {"start": "00:00:51", "end": "00:00:55", "text": "there, something happened this week in"}, {"start": "00:00:53", "end": "00:00:57", "text": "Washington that's part of a much bigger,"}, {"start": "00:00:55", "end": "00:00:59", "text": "much bigger developing story. something"}, {"start": "00:00:57", "end": "00:01:01", "text": "I've been talking about since probably I"}, {"start": "00:00:59", "end": "00:01:02", "text": "don't know the beginning of the year. I"}, {"start": "00:01:01", "end": "00:01:05", "text": "think it's actually more consequential"}, {"start": "00:01:02", "end": "00:01:06", "text": "for your financial life than anything"}, {"start": "00:01:05", "end": "00:01:08", "text": "that's happening in the Middle East"}, {"start": "00:01:06", "end": "00:01:11", "text": "right now. Now, what happened is Trump"}, {"start": "00:01:08", "end": "00:01:13", "text": "went to war, but this time with the"}, {"start": "00:01:11", "end": "00:01:15", "text": "banks. And I'm not talking about like a"}, {"start": "00:01:13", "end": "00:01:18", "text": "a policy disagreement. I'm not talking"}, {"start": "00:01:15", "end": "00:01:20", "text": "about a a strongly worded letter. He"}, {"start": "00:01:18", "end": "00:01:23", "text": "literally posted publicly about this on"}, {"start": "00:01:20", "end": "00:01:26", "text": "his True Social account and he basically"}, {"start": "00:01:23", "end": "00:01:28", "text": "drew a red line and he named the banks"}, {"start": "00:01:26", "end": "00:01:29", "text": "directly and he said, you know, what"}, {"start": "00:01:28", "end": "00:01:32", "text": "they're doing is unacceptable. And the"}, {"start": "00:01:29", "end": "00:01:34", "text": "banks, well, they fired back almost"}, {"start": "00:01:32", "end": "00:01:36", "text": "immediately. Now, most people are going"}, {"start": "00:01:34", "end": "00:01:38", "text": "to see this as, I don't know, some"}, {"start": "00:01:36", "end": "00:01:40", "text": "political noise, right? A fight in"}, {"start": "00:01:38", "end": "00:01:42", "text": "Washington over some crypto stablecoin"}, {"start": "00:01:40", "end": "00:01:44", "text": "bill and think that's boring and"}, {"start": "00:01:42", "end": "00:01:46", "text": "probably skip past this video. But"}, {"start": "00:01:44", "end": "00:01:48", "text": "that's a mistake. I wouldn't be making"}, {"start": "00:01:46", "end": "00:01:49", "text": "this video for you if that's really all"}, {"start": "00:01:48", "end": "00:01:51", "text": "there was because I know that you can"}, {"start": "00:01:49", "end": "00:01:54", "text": "read the news on your own. But I'm here"}, {"start": "00:01:51", "end": "00:01:56", "text": "to help you understand what it means. I"}, {"start": "00:01:54", "end": "00:01:58", "text": "want you to think in second or third or"}, {"start": "00:01:56", "end": "00:02:00", "text": "fourth order effects. I want you to"}, {"start": "00:01:58", "end": "00:02:02", "text": "understand the historical parallels of"}, {"start": "00:02:00", "end": "00:02:04", "text": "what this means because what's actually"}, {"start": "00:02:02", "end": "00:02:06", "text": "underneath this fight, right? The reason"}, {"start": "00:02:04", "end": "00:02:08", "text": "that the banks are spending tens of"}, {"start": "00:02:06", "end": "00:02:10", "text": "millions of dollars to stop this"}, {"start": "00:02:08", "end": "00:02:12", "text": "legislation, it's way bigger. It goes"}, {"start": "00:02:10", "end": "00:02:15", "text": "way deeper than crypto. This is about"}, {"start": "00:02:12", "end": "00:02:18", "text": "who controls money. This is about your"}, {"start": "00:02:15", "end": "00:02:21", "text": "ability to transact. This is about the"}, {"start": "00:02:18", "end": "00:02:22", "text": "monopoly the banks have held since 1913"}, {"start": "00:02:21", "end": "00:02:24", "text": "that's for the first time being"}, {"start": "00:02:22", "end": "00:02:26", "text": "genuinely threatened. And here's why"}, {"start": "00:02:24", "end": "00:02:29", "text": "that should matter to you and I"}, {"start": "00:02:26", "end": "00:02:31", "text": "personally every single time the money"}, {"start": "00:02:29", "end": "00:02:34", "text": "system has restructured at least in"}, {"start": "00:02:31", "end": "00:02:36", "text": "American history. This is this will be"}, {"start": "00:02:34", "end": "00:02:37", "text": "now the third time that we've seen this."}, {"start": "00:02:36", "end": "00:02:39", "text": "The people who understood what was"}, {"start": "00:02:37", "end": "00:02:41", "text": "happening they got wealthy and the"}, {"start": "00:02:39", "end": "00:02:43", "text": "people who didn't well they got left"}, {"start": "00:02:41", "end": "00:02:45", "text": "behind. All right. So, let's talk about"}, {"start": "00:02:43", "end": "00:02:47", "text": "what's actually going on here. And it"}, {"start": "00:02:45", "end": "00:02:49", "text": "really starts with a warning that was"}, {"start": "00:02:47", "end": "00:02:51", "text": "written, I don't know, 200 years ago."}, {"start": "00:02:49", "end": "00:02:53", "text": "What am I talking about? I'm talking"}, {"start": "00:02:51", "end": "00:02:55", "text": "about Thomas Jefferson. He was the third"}, {"start": "00:02:53", "end": "00:02:56", "text": "president of the United States. He was"}, {"start": "00:02:55", "end": "00:02:58", "text": "one of, of course, one of the original"}, {"start": "00:02:56", "end": "00:03:01", "text": "founding fathers. And he warned us all"}, {"start": "00:02:58", "end": "00:03:03", "text": "the way back in 1802. He said, quote,"}, {"start": "00:03:01", "end": "00:03:06", "text": "\"The banking institutions are more"}, {"start": "00:03:03", "end": "00:03:08", "text": "dangerous to our liberties than standing"}, {"start": "00:03:06", "end": "00:03:10", "text": "armies. If the American people ever"}, {"start": "00:03:08", "end": "00:03:13", "text": "allow private banks to control the issue"}, {"start": "00:03:10", "end": "00:03:15", "text": "of their currency, first by inflation,"}, {"start": "00:03:13", "end": "00:03:18", "text": "then by deflation, the banks will"}, {"start": "00:03:15", "end": "00:03:21", "text": "deprive the people of all property until"}, {"start": "00:03:18", "end": "00:03:23", "text": "their children wake up homeless on the"}, {"start": "00:03:21", "end": "00:03:25", "text": "continent their fathers conquered.\" End"}, {"start": "00:03:23", "end": "00:03:27", "text": "quote. All right, so look, obviously"}, {"start": "00:03:25", "end": "00:03:29", "text": "these guys were super smart, right? They"}, {"start": "00:03:27", "end": "00:03:31", "text": "could think in these second and third"}, {"start": "00:03:29", "end": "00:03:33", "text": "and fourth order effects, right? They"}, {"start": "00:03:31", "end": "00:03:35", "text": "understood the real dangers of having a"}, {"start": "00:03:33", "end": "00:03:37", "text": "banking system long before those dangers"}, {"start": "00:03:35", "end": "00:03:40", "text": "were even apparent or visible at the"}, {"start": "00:03:37", "end": "00:03:42", "text": "time. Now, Jefferson didn't say that"}, {"start": "00:03:40", "end": "00:03:44", "text": "banks were greedy, right, which they"}, {"start": "00:03:42", "end": "00:03:46", "text": "are. He didn't say that they charge too"}, {"start": "00:03:44", "end": "00:03:49", "text": "many fees, which they do. He said they"}, {"start": "00:03:46", "end": "00:03:51", "text": "were more dangerous than armies. He said"}, {"start": "00:03:49", "end": "00:03:53", "text": "they would systematically strip citizens"}, {"start": "00:03:51", "end": "00:03:55", "text": "of their property. And he said it would"}, {"start": "00:03:53", "end": "00:03:58", "text": "happen so gradually that most people"}, {"start": "00:03:55", "end": "00:04:00", "text": "wouldn't even see it coming. Now, was he"}, {"start": "00:03:58", "end": "00:04:02", "text": "being dramatic"}, {"start": "00:04:00", "end": "00:04:04", "text": "or was he describing the precise"}, {"start": "00:04:02", "end": "00:04:05", "text": "mechanism of how this works? What's"}, {"start": "00:04:04", "end": "00:04:07", "text": "important to understand is that"}, {"start": "00:04:05", "end": "00:04:09", "text": "Jefferson, he wrote this before the"}, {"start": "00:04:07", "end": "00:04:11", "text": "Federal Reserve even existed, right? He"}, {"start": "00:04:09", "end": "00:04:13", "text": "wrote it before Nixon closed the gold"}, {"start": "00:04:11", "end": "00:04:14", "text": "window. He wrote it before there was any"}, {"start": "00:04:13", "end": "00:04:17", "text": "major restructuring of the American"}, {"start": "00:04:14", "end": "00:04:18", "text": "money system. But he knew it because he"}, {"start": "00:04:17", "end": "00:04:20", "text": "was watching the early formation of"}, {"start": "00:04:18", "end": "00:04:23", "text": "banking power. Right? He was alarmed"}, {"start": "00:04:20", "end": "00:04:25", "text": "enough to write it down as a warning for"}, {"start": "00:04:23", "end": "00:04:27", "text": "future generations. Now, unfortunately"}, {"start": "00:04:25", "end": "00:04:29", "text": "for us today, that warning, it wasn't"}, {"start": "00:04:27", "end": "00:04:31", "text": "taken seriously. So, here we are 200"}, {"start": "00:04:29", "end": "00:04:33", "text": "years later and the system that he was"}, {"start": "00:04:31", "end": "00:04:35", "text": "afraid of, the system he feared, it's"}, {"start": "00:04:33", "end": "00:04:36", "text": "the exact system that we have. All"}, {"start": "00:04:35", "end": "00:04:39", "text": "right? But now that you understand what"}, {"start": "00:04:36", "end": "00:04:40", "text": "Trump is actually fighting for, uh, but"}, {"start": "00:04:39", "end": "00:04:42", "text": "of course, if you're not up to speed on"}, {"start": "00:04:40", "end": "00:04:43", "text": "the specifics, you need a little bit of"}, {"start": "00:04:42", "end": "00:04:45", "text": "context on what's been happening in"}, {"start": "00:04:43", "end": "00:04:47", "text": "Washington over the last year, right?"}, {"start": "00:04:45", "end": "00:04:49", "text": "Because, yeah, this didn't just start"}, {"start": "00:04:47", "end": "00:04:50", "text": "this week, right? This has been going on"}, {"start": "00:04:49", "end": "00:04:52", "text": "at least since the beginning of the"}, {"start": "00:04:50", "end": "00:04:54", "text": "year. It's uh started really when Trump"}, {"start": "00:04:52", "end": "00:04:56", "text": "came back into office. Now, one of his"}, {"start": "00:04:54", "end": "00:04:59", "text": "stated priorities was making the US the"}, {"start": "00:04:56", "end": "00:05:00", "text": "crypto capital of the world. Now, he"}, {"start": "00:04:59", "end": "00:05:01", "text": "actually started delivering on that,"}, {"start": "00:05:00", "end": "00:05:03", "text": "right? So, earlier this year, we saw"}, {"start": "00:05:01", "end": "00:05:06", "text": "Congress passed what's called the Genius"}, {"start": "00:05:03", "end": "00:05:08", "text": "Act, and that was a really big deal. It"}, {"start": "00:05:06", "end": "00:05:10", "text": "was the first federal regulatory"}, {"start": "00:05:08", "end": "00:05:12", "text": "framework for stable coins that was ever"}, {"start": "00:05:10", "end": "00:05:15", "text": "passed in the United States. It was the"}, {"start": "00:05:12", "end": "00:05:17", "text": "first time there were clear rules around"}, {"start": "00:05:15", "end": "00:05:19", "text": "what a stable coin is, how they should"}, {"start": "00:05:17", "end": "00:05:21", "text": "work, and more importantly, who can"}, {"start": "00:05:19", "end": "00:05:23", "text": "issue one. Now, if you're wondering why"}, {"start": "00:05:21", "end": "00:05:25", "text": "stable coins even matter, hang on. I'm"}, {"start": "00:05:23", "end": "00:05:26", "text": "going to get to that in a second because"}, {"start": "00:05:25", "end": "00:05:29", "text": "that's that's really at the heart of"}, {"start": "00:05:26", "end": "00:05:32", "text": "this entire fight. Now, the Genius Act"}, {"start": "00:05:29", "end": "00:05:33", "text": "was just the first step, right? This is"}, {"start": "00:05:32", "end": "00:05:35", "text": "it was the first piece, but the next"}, {"start": "00:05:33", "end": "00:05:37", "text": "piece of legislation is what's called"}, {"start": "00:05:35", "end": "00:05:38", "text": "the Clarity Act. All right? And this is"}, {"start": "00:05:37", "end": "00:05:40", "text": "where it gets even bigger because the"}, {"start": "00:05:38", "end": "00:05:42", "text": "Clarity Act passed already through the"}, {"start": "00:05:40", "end": "00:05:45", "text": "House. It's now sitting in the Senate"}, {"start": "00:05:42", "end": "00:05:47", "text": "Banking Committee and if it's passed, it"}, {"start": "00:05:45", "end": "00:05:50", "text": "creates clear regulatory framework for"}, {"start": "00:05:47", "end": "00:05:52", "text": "the entire digital asset market, which I"}, {"start": "00:05:50", "end": "00:05:55", "text": "know it sounds boring. I get that. But"}, {"start": "00:05:52", "end": "00:05:58", "text": "buried inside this bill is one specific"}, {"start": "00:05:55", "end": "00:06:00", "text": "provision. It's section 404. All right."}, {"start": "00:05:58", "end": "00:06:03", "text": "Now, section 404 is the is is what the"}, {"start": "00:06:00", "end": "00:06:05", "text": "mainstream press are completely missing."}, {"start": "00:06:03", "end": "00:06:07", "text": "Maybe they're completely ignoring, but"}, {"start": "00:06:05", "end": "00:06:09", "text": "it's the reason the banks are spending"}, {"start": "00:06:07", "end": "00:06:12", "text": "tens of millions of dollars to make sure"}, {"start": "00:06:09", "end": "00:06:13", "text": "this bill never sees the Senate vote."}, {"start": "00:06:12", "end": "00:06:15", "text": "Now, President Trump wants these bills"}, {"start": "00:06:13", "end": "00:06:17", "text": "to go through, right? He he wants the US"}, {"start": "00:06:15", "end": "00:06:20", "text": "to lead in everything. He wants the US"}, {"start": "00:06:17", "end": "00:06:22", "text": "to lead in technology and and every area"}, {"start": "00:06:20", "end": "00:06:24", "text": "of technology, including banking. But"}, {"start": "00:06:22", "end": "00:06:26", "text": "the banks, they're quietly lobbying"}, {"start": "00:06:24", "end": "00:06:28", "text": "behind the scenes to kill this"}, {"start": "00:06:26", "end": "00:06:30", "text": "administrative bill, the Clarity Act."}, {"start": "00:06:28", "end": "00:06:32", "text": "They don't want it. Trump certainly has"}, {"start": "00:06:30", "end": "00:06:34", "text": "his hands full right now with everything"}, {"start": "00:06:32", "end": "00:06:36", "text": "that's going on in the world. like right"}, {"start": "00:06:34", "end": "00:06:37", "text": "now, but he's still watching all this"}, {"start": "00:06:36", "end": "00:06:39", "text": "happen and apparently he's had enough,"}, {"start": "00:06:37", "end": "00:06:42", "text": "right? So, he went this week onto True"}, {"start": "00:06:39", "end": "00:06:44", "text": "Social and he posted something that"}, {"start": "00:06:42", "end": "00:06:45", "text": "well, most of what he does we've never"}, {"start": "00:06:44", "end": "00:06:48", "text": "seen from any sitting president. And"}, {"start": "00:06:45", "end": "00:06:49", "text": "certainly what he said here has never"}, {"start": "00:06:48", "end": "00:06:51", "text": "been said by any president, at least"}, {"start": "00:06:49", "end": "00:06:54", "text": "publicly. And he called out the banks"}, {"start": "00:06:51", "end": "00:06:56", "text": "directly. He said the Genius Act is"}, {"start": "00:06:54", "end": "00:06:58", "text": "being threatened and undermined by the"}, {"start": "00:06:56", "end": "00:07:00", "text": "banks and that's unacceptable. He said"}, {"start": "00:06:58", "end": "00:07:01", "text": "that Americans should be earning more"}, {"start": "00:07:00", "end": "00:07:03", "text": "money on their money. He said that the"}, {"start": "00:07:01", "end": "00:07:06", "text": "banks are hitting record profits while"}, {"start": "00:07:03", "end": "00:07:08", "text": "trying to undermine the crypto agenda."}, {"start": "00:07:06", "end": "00:07:10", "text": "And he said the banks should not be"}, {"start": "00:07:08", "end": "00:07:12", "text": "holding the Clarity Act hostage. And he"}, {"start": "00:07:10", "end": "00:07:14", "text": "named them. He called him out right on"}, {"start": "00:07:12", "end": "00:07:17", "text": "his public platform as president of the"}, {"start": "00:07:14", "end": "00:07:18", "text": "United States. Now, a lot of people did,"}, {"start": "00:07:17", "end": "00:07:20", "text": "they read that and they think, \"Oh,"}, {"start": "00:07:18", "end": "00:07:21", "text": "yeah, whatever. Trump's just doing"}, {"start": "00:07:20", "end": "00:07:23", "text": "whatever Trump's doing, right? Political"}, {"start": "00:07:21", "end": "00:07:26", "text": "posturing.\" But the context matters"}, {"start": "00:07:23", "end": "00:07:28", "text": "here. Trump came into office wanting to"}, {"start": "00:07:26", "end": "00:07:31", "text": "make America the crypto capital of the"}, {"start": "00:07:28", "end": "00:07:33", "text": "world. He sees AI. He sees crypto as the"}, {"start": "00:07:31", "end": "00:07:35", "text": "next frontier of American economic"}, {"start": "00:07:33", "end": "00:07:38", "text": "leadership. And so he doesn't want to"}, {"start": "00:07:35", "end": "00:07:40", "text": "let the old guard, right, the technology"}, {"start": "00:07:38", "end": "00:07:42", "text": "adverse banks hold the American people"}, {"start": "00:07:40", "end": "00:07:45", "text": "hostage over it. Now, the most powerful"}, {"start": "00:07:42", "end": "00:07:47", "text": "person on earth has publicly picked a"}, {"start": "00:07:45", "end": "00:07:49", "text": "fight with the bank, right? He's he's"}, {"start": "00:07:47", "end": "00:07:50", "text": "chosen his side. Now, to understand why"}, {"start": "00:07:49", "end": "00:07:52", "text": "the banks are on the other side, why are"}, {"start": "00:07:50", "end": "00:07:54", "text": "they willing to go to war with the"}, {"start": "00:07:52", "end": "00:07:56", "text": "president over a stable coin bill? Well,"}, {"start": "00:07:54", "end": "00:07:58", "text": "you need to understand exactly what it"}, {"start": "00:07:56", "end": "00:08:00", "text": "is that they're protecting. Now, this is"}, {"start": "00:07:58", "end": "00:08:02", "text": "the part where Jefferson, like his"}, {"start": "00:08:00", "end": "00:08:06", "text": "warning, it starts to make sense. Right"}, {"start": "00:08:02", "end": "00:08:08", "text": "now, there's approximately $6.6 trillion"}, {"start": "00:08:06", "end": "00:08:12", "text": "sitting in customer deposits at US"}, {"start": "00:08:08", "end": "00:08:14", "text": "banks. 6.6 trillion. That's your"}, {"start": "00:08:12", "end": "00:08:16", "text": "savings. That's your checking account."}, {"start": "00:08:14", "end": "00:08:18", "text": "That's your emergency fund. And it's all"}, {"start": "00:08:16", "end": "00:08:20", "text": "parked at the bank. And what do they pay"}, {"start": "00:08:18", "end": "00:08:24", "text": "you for the privilege of holding your"}, {"start": "00:08:20", "end": "00:08:26", "text": "money? They pay you about 0.1%"}, {"start": "00:08:24", "end": "00:08:28", "text": "maybe if you're lucky, 10 basis points."}, {"start": "00:08:26", "end": "00:08:30", "text": "Meanwhile, at a minimum, the banks are"}, {"start": "00:08:28", "end": "00:08:33", "text": "making 200 billion a year on that same"}, {"start": "00:08:30", "end": "00:08:35", "text": "money risk-f free. They take your"}, {"start": "00:08:33", "end": "00:08:39", "text": "deposits and then they lend it back out"}, {"start": "00:08:35", "end": "00:08:41", "text": "at six or seven or 8% on mortgages, on"}, {"start": "00:08:39", "end": "00:08:43", "text": "car loans, on credit cards, and then"}, {"start": "00:08:41", "end": "00:08:45", "text": "they pocket the whole difference and"}, {"start": "00:08:43", "end": "00:08:47", "text": "then you earn nothing. Now, Jefferson"}, {"start": "00:08:45", "end": "00:08:50", "text": "called it out, right? He said the banks"}, {"start": "00:08:47", "end": "00:08:53", "text": "are depreciating your wealth slowly,"}, {"start": "00:08:50", "end": "00:08:55", "text": "quietly every single year. Now your bank"}, {"start": "00:08:53", "end": "00:08:56", "text": "tells you that you know your money is"}, {"start": "00:08:55", "end": "00:08:58", "text": "available anytime right it's liquid it's"}, {"start": "00:08:56", "end": "00:09:00", "text": "on demand anytime you can come withdraw"}, {"start": "00:08:58", "end": "00:09:02", "text": "it uh come come withdraw it tomorrow if"}, {"start": "00:09:00", "end": "00:09:04", "text": "you want but the reality is different"}, {"start": "00:09:02", "end": "00:09:07", "text": "right the second you deposit that money"}, {"start": "00:09:04", "end": "00:09:10", "text": "the bank loans it out not for a week not"}, {"start": "00:09:07", "end": "00:09:12", "text": "for a month sometimes 15 years 20 years"}, {"start": "00:09:10", "end": "00:09:14", "text": "sometimes 30 years right that's your"}, {"start": "00:09:12", "end": "00:09:16", "text": "neighbor's mortgage that's a commercial"}, {"start": "00:09:14", "end": "00:09:19", "text": "real estate loan that's a I don't know"}, {"start": "00:09:16", "end": "00:09:21", "text": "seven-year car loan your money has been"}, {"start": "00:09:19", "end": "00:09:24", "text": "deployed it's not stored there at the"}, {"start": "00:09:21", "end": "00:09:26", "text": "bank This is called fractional reserve"}, {"start": "00:09:24", "end": "00:09:28", "text": "banking and and it works as long as"}, {"start": "00:09:26", "end": "00:09:30", "text": "everyone doesn't ask for their money"}, {"start": "00:09:28", "end": "00:09:33", "text": "back at the same time. So here's the"}, {"start": "00:09:30", "end": "00:09:36", "text": "problem, right? The Clarity Act creates"}, {"start": "00:09:33", "end": "00:09:38", "text": "this problem for them where Americans"}, {"start": "00:09:36", "end": "00:09:41", "text": "suddenly have a legal safe alternative"}, {"start": "00:09:38", "end": "00:09:42", "text": "that could pay them yield. That's the"}, {"start": "00:09:41", "end": "00:09:45", "text": "piece. Banks don't want to pay you"}, {"start": "00:09:42", "end": "00:09:48", "text": "anything. But if I can put my money into"}, {"start": "00:09:45", "end": "00:09:52", "text": "stable coins and earn a yield, say 3.6%"}, {"start": "00:09:48", "end": "00:09:53", "text": "6% instead of the 0.1%."}, {"start": "00:09:52", "end": "00:09:54", "text": "Well, then what are we going to do?"}, {"start": "00:09:53", "end": "00:09:57", "text": "We're going to start moving our money"}, {"start": "00:09:54", "end": "00:09:59", "text": "into stable coins. And we're going to"}, {"start": "00:09:57", "end": "00:10:01", "text": "move all our money into stable coins."}, {"start": "00:09:59", "end": "00:10:03", "text": "And when we move all of our money over"}, {"start": "00:10:01", "end": "00:10:05", "text": "there, well, the banks don't have it."}, {"start": "00:10:03", "end": "00:10:07", "text": "They can't just give it back. There is"}, {"start": "00:10:05", "end": "00:10:09", "text": "no money to hand back, right? It's all"}, {"start": "00:10:07", "end": "00:10:11", "text": "sitting in 30-year mortgages. It's it's"}, {"start": "00:10:09", "end": "00:10:13", "text": "in a mortgage in your friend's place in"}, {"start": "00:10:11", "end": "00:10:16", "text": "Phoenix, Arizona. If deposits leave at"}, {"start": "00:10:13", "end": "00:10:17", "text": "scale, well, the banks can't do anything"}, {"start": "00:10:16", "end": "00:10:19", "text": "about it, right? They can't liquidate"}, {"start": "00:10:17", "end": "00:10:21", "text": "those loans overnight to cover the"}, {"start": "00:10:19", "end": "00:10:23", "text": "withdrawals. That's what's called a"}, {"start": "00:10:21", "end": "00:10:25", "text": "bankr run. It's existential, right? They"}, {"start": "00:10:23", "end": "00:10:27", "text": "either they're either forced to compete,"}, {"start": "00:10:25", "end": "00:10:29", "text": "I guess, by paying us the real yield."}, {"start": "00:10:27", "end": "00:10:31", "text": "They could just do that, but that"}, {"start": "00:10:29", "end": "00:10:33", "text": "destroys their profit margin or they"}, {"start": "00:10:31", "end": "00:10:35", "text": "watch their deposits walk out the door,"}, {"start": "00:10:33", "end": "00:10:37", "text": "right? But neither of those options work"}, {"start": "00:10:35", "end": "00:10:38", "text": "for them. That's why they're going to"}, {"start": "00:10:37", "end": "00:10:40", "text": "war. That's why they're going to war"}, {"start": "00:10:38", "end": "00:10:42", "text": "over this. Not because they're going to"}, {"start": "00:10:40", "end": "00:10:45", "text": "make less profit, but because the math"}, {"start": "00:10:42", "end": "00:10:47", "text": "on enough exits doesn't end with a"}, {"start": "00:10:45", "end": "00:10:49", "text": "smaller business, it ends their"}, {"start": "00:10:47", "end": "00:10:51", "text": "business. Now, Jefferson saw this"}, {"start": "00:10:49", "end": "00:10:53", "text": "fragility, right? 200 years ago, he"}, {"start": "00:10:51", "end": "00:10:55", "text": "didn't just have a word for it yet. He"}, {"start": "00:10:53", "end": "00:10:58", "text": "didn't understand the mechanism, but he"}, {"start": "00:10:55", "end": "00:10:59", "text": "knew that. Okay. So, now that you"}, {"start": "00:10:58", "end": "00:11:00", "text": "understand what the banks are"}, {"start": "00:10:59", "end": "00:11:02", "text": "protecting, let's just take a look at"}, {"start": "00:11:00", "end": "00:11:04", "text": "the historical context for why this"}, {"start": "00:11:02", "end": "00:11:07", "text": "moment is so big and so significant."}, {"start": "00:11:04", "end": "00:11:09", "text": "Because the money system, it's only been"}, {"start": "00:11:07", "end": "00:11:11", "text": "restructured twice in the last h 100red"}, {"start": "00:11:09", "end": "00:11:13", "text": "years. This is the third time. Now, both"}, {"start": "00:11:11", "end": "00:11:15", "text": "times previously, the people who"}, {"start": "00:11:13", "end": "00:11:17", "text": "understood what was happening built"}, {"start": "00:11:15", "end": "00:11:19", "text": "generational wealth. The people who"}, {"start": "00:11:17", "end": "00:11:21", "text": "didn't though, they got left behind."}, {"start": "00:11:19", "end": "00:11:23", "text": "First time that we saw all this happen,"}, {"start": "00:11:21", "end": "00:11:25", "text": "restructured was in 1913. That's when"}, {"start": "00:11:23", "end": "00:11:27", "text": "the bankers pressured Congress into"}, {"start": "00:11:25", "end": "00:11:29", "text": "creating, you know, the Federal Reserve."}, {"start": "00:11:27", "end": "00:11:31", "text": "And for the first time in American"}, {"start": "00:11:29", "end": "00:11:34", "text": "history, a central bank controlled the"}, {"start": "00:11:31", "end": "00:11:35", "text": "money supply. This was private banks."}, {"start": "00:11:34", "end": "00:11:37", "text": "Private banks got the keys to the"}, {"start": "00:11:35", "end": "00:11:38", "text": "kingdom, right? They could now create"}, {"start": "00:11:37", "end": "00:11:40", "text": "money out of thin air. They could now"}, {"start": "00:11:38", "end": "00:11:42", "text": "set the price of money, set the rates."}, {"start": "00:11:40", "end": "00:11:44", "text": "They could decide who gets access to"}, {"start": "00:11:42", "end": "00:11:46", "text": "capital. And the average American, they"}, {"start": "00:11:44", "end": "00:11:48", "text": "had no idea, right? They didn't know"}, {"start": "00:11:46", "end": "00:11:50", "text": "what happened. And honestly,"}, {"start": "00:11:48", "end": "00:11:52", "text": "most people still don't, right? If you"}, {"start": "00:11:50", "end": "00:11:54", "text": "care about that, I'd recommend reading"}, {"start": "00:11:52", "end": "00:11:56", "text": "the book called The Creature from Jackal"}, {"start": "00:11:54", "end": "00:11:57", "text": "Island. And if you want me to go deeper"}, {"start": "00:11:56", "end": "00:11:59", "text": "on that, maybe make a video on it. You"}, {"start": "00:11:57", "end": "00:12:00", "text": "could drop a comment down below. Maybe"}, {"start": "00:11:59", "end": "00:12:01", "text": "I'll make a video on that. But the"}, {"start": "00:12:00", "end": "00:12:05", "text": "second time that we saw this"}, {"start": "00:12:01", "end": "00:12:06", "text": "restructured was in 1971. Then President"}, {"start": "00:12:05", "end": "00:12:09", "text": "Richard Nixon, he closed the gold"}, {"start": "00:12:06", "end": "00:12:10", "text": "window. Right? Up until that point,"}, {"start": "00:12:09", "end": "00:12:13", "text": "every single dollar in your pocket or"}, {"start": "00:12:10", "end": "00:12:15", "text": "your bank was backed by actual gold. But"}, {"start": "00:12:13", "end": "00:12:16", "text": "of course, Nixon ended that overnight."}, {"start": "00:12:15", "end": "00:12:19", "text": "Right? So from that point on, money"}, {"start": "00:12:16", "end": "00:12:21", "text": "could be printed with without any limit."}, {"start": "00:12:19", "end": "00:12:22", "text": "Now, of course, of course, the banks"}, {"start": "00:12:21", "end": "00:12:24", "text": "love that, right? Like when you can"}, {"start": "00:12:22", "end": "00:12:27", "text": "create unlimited money, well, the people"}, {"start": "00:12:24", "end": "00:12:29", "text": "who sit closest to the money supply, the"}, {"start": "00:12:27", "end": "00:12:31", "text": "printer, they win, right? That's called"}, {"start": "00:12:29", "end": "00:12:33", "text": "the Cantalon effect. But everybody else,"}, {"start": "00:12:31", "end": "00:12:35", "text": "the savers, the wage earners, and"}, {"start": "00:12:33", "end": "00:12:38", "text": "anybody that holds cash, well, they lose"}, {"start": "00:12:35", "end": "00:12:40", "text": "purchasing power every single year. Now,"}, {"start": "00:12:38", "end": "00:12:42", "text": "both times the money system changed,"}, {"start": "00:12:40", "end": "00:12:44", "text": "there was a window, a small window to"}, {"start": "00:12:42", "end": "00:12:47", "text": "get on the right side of it, maybe a"}, {"start": "00:12:44", "end": "00:12:50", "text": "short window, and most people missed it"}, {"start": "00:12:47", "end": "00:12:52", "text": "both times. And now here we are, 2026. I"}, {"start": "00:12:50", "end": "00:12:54", "text": "believe we're watching the third"}, {"start": "00:12:52", "end": "00:12:55", "text": "restructuring. All right. Now, this is"}, {"start": "00:12:54", "end": "00:12:58", "text": "not because of one tweet or, you know,"}, {"start": "00:12:55", "end": "00:13:00", "text": "one post on True Social. Not because of"}, {"start": "00:12:58", "end": "00:13:03", "text": "just one bill, but because for the first"}, {"start": "00:13:00", "end": "00:13:06", "text": "time since 1913, the infrastructure of"}, {"start": "00:13:03", "end": "00:13:08", "text": "money itself is being cracked open to"}, {"start": "00:13:06", "end": "00:13:10", "text": "competition, right? The banks have had"}, {"start": "00:13:08", "end": "00:13:13", "text": "this monopoly for over a hundred years."}, {"start": "00:13:10", "end": "00:13:15", "text": "And this very week, the walls all"}, {"start": "00:13:13", "end": "00:13:17", "text": "started coming down. And actually on two"}, {"start": "00:13:15", "end": "00:13:18", "text": "fronts, right? So the first Trump joined"}, {"start": "00:13:17", "end": "00:13:20", "text": "the fight, right? We talked about that."}, {"start": "00:13:18", "end": "00:13:22", "text": "But the second one that happened this"}, {"start": "00:13:20", "end": "00:13:23", "text": "week, I think it's even a bigger story,"}, {"start": "00:13:22", "end": "00:13:25", "text": "and I haven't really heard anybody"}, {"start": "00:13:23", "end": "00:13:28", "text": "talking about this, and that is that"}, {"start": "00:13:25", "end": "00:13:31", "text": "Kraken just became the first crypto"}, {"start": "00:13:28", "end": "00:13:33", "text": "company in history to get direct access"}, {"start": "00:13:31", "end": "00:13:35", "text": "to the Federal Reserve's payment system."}, {"start": "00:13:33", "end": "00:13:37", "text": "Now, if you don't know, Kraken's one of"}, {"start": "00:13:35", "end": "00:13:39", "text": "the largest crypto exchanges in the"}, {"start": "00:13:37", "end": "00:13:41", "text": "world, and they were just granted what's"}, {"start": "00:13:39", "end": "00:13:43", "text": "called a Fed master account. Basically,"}, {"start": "00:13:41", "end": "00:13:45", "text": "what that means is that now Kraken can"}, {"start": "00:13:43", "end": "00:13:48", "text": "move money directly through the Federal"}, {"start": "00:13:45", "end": "00:13:49", "text": "Reserve's payment infrastructure. They"}, {"start": "00:13:48", "end": "00:13:51", "text": "don't need a bank intermediary. They"}, {"start": "00:13:49", "end": "00:13:54", "text": "don't need a correspondent bank. They"}, {"start": "00:13:51", "end": "00:13:57", "text": "have direct access. The same access that"}, {"start": "00:13:54", "end": "00:13:59", "text": "until this week only banks had. That"}, {"start": "00:13:57", "end": "00:14:01", "text": "means the monopoly on transactions thing"}, {"start": "00:13:59", "end": "00:14:03", "text": "that Jefferson warned us about, the"}, {"start": "00:14:01", "end": "00:14:05", "text": "thing banks have protected for over 100"}, {"start": "00:14:03", "end": "00:14:09", "text": "years, just got its first real crack in"}, {"start": "00:14:05", "end": "00:14:12", "text": "it. And the bank crack in it. Kraken, no"}, {"start": "00:14:09", "end": "00:14:14", "text": "pun intended. But the banks immediately"}, {"start": "00:14:12", "end": "00:14:16", "text": "have been losing their mind over this."}, {"start": "00:14:14", "end": "00:14:19", "text": "Right? We saw the Bank Policy Institute,"}, {"start": "00:14:16", "end": "00:14:21", "text": "which represents JP Morgan, Bank of"}, {"start": "00:14:19", "end": "00:14:24", "text": "America, Wells Fargo, Goldman Sachs."}, {"start": "00:14:21", "end": "00:14:26", "text": "They said they were deeply concerned,"}, {"start": "00:14:24", "end": "00:14:28", "text": "quote unquote, deeply concerned. The"}, {"start": "00:14:26", "end": "00:14:32", "text": "independent community bankers said it"}, {"start": "00:14:28", "end": "00:14:35", "text": "posed quote risks to the banking system"}, {"start": "00:14:32", "end": "00:14:36", "text": "end quote. Notice what they didn't say."}, {"start": "00:14:35", "end": "00:14:39", "text": "They didn't say it poses risk to"}, {"start": "00:14:36", "end": "00:14:42", "text": "consumers. They didn't say it's uh poses"}, {"start": "00:14:39", "end": "00:14:44", "text": "risk for the economy. They said the RI"}, {"start": "00:14:42", "end": "00:14:46", "text": "it risks the banking system, right?"}, {"start": "00:14:44", "end": "00:14:49", "text": "Which is them basically telling you that"}, {"start": "00:14:46", "end": "00:14:50", "text": "the system that they're in, the system"}, {"start": "00:14:49", "end": "00:14:52", "text": "they have them not be on, that's what"}, {"start": "00:14:50", "end": "00:14:54", "text": "they're worried about. Not you and I,"}, {"start": "00:14:52", "end": "00:14:57", "text": "not our savings, not the economy, right?"}, {"start": "00:14:54", "end": "00:14:59", "text": "We actually have a real world example of"}, {"start": "00:14:57", "end": "00:15:01", "text": "what happens when you open payment"}, {"start": "00:14:59", "end": "00:15:03", "text": "infrastructure to non-banks. This isn't"}, {"start": "00:15:01", "end": "00:15:05", "text": "anything new, just new in the United"}, {"start": "00:15:03", "end": "00:15:07", "text": "States. Over in Europe, they've had it"}, {"start": "00:15:05", "end": "00:15:11", "text": "open. We can see the Bank of England did"}, {"start": "00:15:07", "end": "00:15:14", "text": "this in 2017. Today, there's over 300"}, {"start": "00:15:11", "end": "00:15:16", "text": "non-bank institutions that operate UK in"}, {"start": "00:15:14", "end": "00:15:19", "text": "the UK payment system. And the payments"}, {"start": "00:15:16", "end": "00:15:21", "text": "over there, they got cheaper, they got"}, {"start": "00:15:19", "end": "00:15:22", "text": "faster, they got more competitive across"}, {"start": "00:15:21", "end": "00:15:24", "text": "the board, which is what happens when"}, {"start": "00:15:22", "end": "00:15:27", "text": "you have competition, which is of course"}, {"start": "00:15:24", "end": "00:15:29", "text": "great for consumers. It's terrible for"}, {"start": "00:15:27", "end": "00:15:31", "text": "banks collecting, I don't know, fat fees"}, {"start": "00:15:29", "end": "00:15:34", "text": "on every single transaction. Now, the"}, {"start": "00:15:31", "end": "00:15:36", "text": "legislation is one front of this war."}, {"start": "00:15:34", "end": "00:15:38", "text": "the infrastructure is being built"}, {"start": "00:15:36", "end": "00:15:40", "text": "simultaneously and the banks can't lobby"}, {"start": "00:15:38", "end": "00:15:42", "text": "their way out of what already exists."}, {"start": "00:15:40", "end": "00:15:43", "text": "Now that you sort of understand the"}, {"start": "00:15:42", "end": "00:15:45", "text": "stakes, right? You understand the"}, {"start": "00:15:43", "end": "00:15:46", "text": "historical context. Here's something"}, {"start": "00:15:45", "end": "00:15:48", "text": "that's going to reframe everything"}, {"start": "00:15:46", "end": "00:15:51", "text": "you've watched happen in crypto over the"}, {"start": "00:15:48", "end": "00:15:53", "text": "last seven or eight years. Now, the"}, {"start": "00:15:51", "end": "00:15:55", "text": "banks, they've been here before, right?"}, {"start": "00:15:53", "end": "00:15:57", "text": "Every single time cryptos threaten their"}, {"start": "00:15:55", "end": "00:15:59", "text": "monopoly, they've run the exact same"}, {"start": "00:15:57", "end": "00:16:02", "text": "playbook. Step one, scare the public,"}, {"start": "00:15:59", "end": "00:16:04", "text": "right? Get all the CEOs on TV. Call it a"}, {"start": "00:16:02", "end": "00:16:06", "text": "fraud. Call it, you know, rat poison."}, {"start": "00:16:04", "end": "00:16:08", "text": "Call it a pyramid scheme. Like,"}, {"start": "00:16:06", "end": "00:16:11", "text": "whatever, right? Like, make retail"}, {"start": "00:16:08", "end": "00:16:13", "text": "investors feel stupid for owning it."}, {"start": "00:16:11", "end": "00:16:15", "text": "Make them feel scared, right? And in"}, {"start": "00:16:13", "end": "00:16:17", "text": "2017, Jaime Diamond called Bitcoin a"}, {"start": "00:16:15", "end": "00:16:20", "text": "fraud. Warren Buffett called it rat"}, {"start": "00:16:17", "end": "00:16:23", "text": "poison squared. Uh Howard Marx called it"}, {"start": "00:16:20", "end": "00:16:25", "text": "a pyramid scheme, right? Step two, lobby"}, {"start": "00:16:23", "end": "00:16:27", "text": "Washington, right? Try to try to kill"}, {"start": "00:16:25", "end": "00:16:31", "text": "the legislation. Back in 2017, banks"}, {"start": "00:16:27", "end": "00:16:33", "text": "spent over $65 million lobbying to block"}, {"start": "00:16:31", "end": "00:16:35", "text": "a federal proposal that would have let"}, {"start": "00:16:33", "end": "00:16:37", "text": "crypto firms compete with traditional"}, {"start": "00:16:35", "end": "00:16:39", "text": "banks. And of course, the bill never"}, {"start": "00:16:37", "end": "00:16:42", "text": "made it to the vote. Bitcoin crashed"}, {"start": "00:16:39", "end": "00:16:45", "text": "from 20,000 all the way down to 3,000."}, {"start": "00:16:42", "end": "00:16:47", "text": "Okay, step number three, buy the dip."}, {"start": "00:16:45", "end": "00:16:49", "text": "While retail scared out of their"}, {"start": "00:16:47", "end": "00:16:51", "text": "positions and the price comes down, then"}, {"start": "00:16:49", "end": "00:16:53", "text": "the institutions quietly start to"}, {"start": "00:16:51", "end": "00:16:56", "text": "accumulate. All right. After that"}, {"start": "00:16:53", "end": "00:16:59", "text": "happens, step four, repackage and sell"}, {"start": "00:16:56", "end": "00:17:02", "text": "it. Who do they sell it back to? To you."}, {"start": "00:16:59", "end": "00:17:04", "text": "Put it in a shiny ETF wrapper, right?"}, {"start": "00:17:02", "end": "00:17:07", "text": "Charge a fee. Call it a financial"}, {"start": "00:17:04", "end": "00:17:08", "text": "product. That's the playbook, right? And"}, {"start": "00:17:07", "end": "00:17:10", "text": "and they've run it at least twice. And"}, {"start": "00:17:08", "end": "00:17:12", "text": "we can see it right here. Like look,"}, {"start": "00:17:10", "end": "00:17:14", "text": "Larry Frink, he's the CEO of Black"}, {"start": "00:17:12", "end": "00:17:18", "text": "Rockck, the largest asset manager in the"}, {"start": "00:17:14", "end": "00:17:20", "text": "world, over $10 trillion in assets. and"}, {"start": "00:17:18", "end": "00:17:23", "text": "he called Bitcoin an index of money"}, {"start": "00:17:20", "end": "00:17:26", "text": "laundering back in 2017. But in January"}, {"start": "00:17:23", "end": "00:17:29", "text": "of 2024, Black Rockck launched a spot"}, {"start": "00:17:26", "end": "00:17:33", "text": "Bitcoin ETF. By late 2025, they were"}, {"start": "00:17:29", "end": "00:17:35", "text": "making 20 million a month in fees from"}, {"start": "00:17:33", "end": "00:17:38", "text": "that product alone. In two years, it"}, {"start": "00:17:35", "end": "00:17:40", "text": "became their most profitable ETF ever."}, {"start": "00:17:38", "end": "00:17:42", "text": "Larry Frink, the same man, right? The"}, {"start": "00:17:40", "end": "00:17:44", "text": "same asset, Bitcoin, but a complete"}, {"start": "00:17:42", "end": "00:17:46", "text": "reversal. It happened the moment he"}, {"start": "00:17:44", "end": "00:17:49", "text": "figured out how to monetize it. So scare"}, {"start": "00:17:46", "end": "00:17:52", "text": "you out of it. They buy the dip. They"}, {"start": "00:17:49", "end": "00:17:54", "text": "repackage it and sell it to you. Now"}, {"start": "00:17:52", "end": "00:17:55", "text": "look, he probably knew the whole time."}, {"start": "00:17:54", "end": "00:17:57", "text": "They just wanted to make sure they were"}, {"start": "00:17:55", "end": "00:17:59", "text": "the one selling it to you. And now last"}, {"start": "00:17:57", "end": "00:18:03", "text": "year we can see the bank lobbying hit"}, {"start": "00:17:59", "end": "00:18:05", "text": "$87 million, a 12% jump, the highest"}, {"start": "00:18:03", "end": "00:18:07", "text": "level since 2008 when they were fighting"}, {"start": "00:18:05", "end": "00:18:09", "text": "off the post crisis regulation. Now that"}, {"start": "00:18:07", "end": "00:18:11", "text": "number tells you how threatened they"}, {"start": "00:18:09", "end": "00:18:13", "text": "feel right now. They're running the same"}, {"start": "00:18:11", "end": "00:18:15", "text": "playbook, the same playbook we see all"}, {"start": "00:18:13", "end": "00:18:17", "text": "the time. The same fear, the same"}, {"start": "00:18:15", "end": "00:18:19", "text": "lobbying, the same manufactured"}, {"start": "00:18:17", "end": "00:18:20", "text": "uncertainty, but the difference this"}, {"start": "00:18:19", "end": "00:18:23", "text": "time is that the president of the United"}, {"start": "00:18:20", "end": "00:18:26", "text": "States is actively working against them."}, {"start": "00:18:23", "end": "00:18:27", "text": "All right, so that's the news, that's"}, {"start": "00:18:26", "end": "00:18:30", "text": "the the context, that's the history,"}, {"start": "00:18:27", "end": "00:18:32", "text": "that's the underlying mechanism, that's"}, {"start": "00:18:30", "end": "00:18:35", "text": "the the why behind this banking war that"}, {"start": "00:18:32", "end": "00:18:37", "text": "you see happening right now. But let's"}, {"start": "00:18:35", "end": "00:18:39", "text": "talk about what happens next. What"}, {"start": "00:18:37", "end": "00:18:40", "text": "happens from here? And more importantly,"}, {"start": "00:18:39", "end": "00:18:42", "text": "what should you and I be doing about"}, {"start": "00:18:40", "end": "00:18:44", "text": "this? How how do we think about this?"}, {"start": "00:18:42", "end": "00:18:46", "text": "Now, we have a very recent roadmap for"}, {"start": "00:18:44", "end": "00:18:48", "text": "this. Last year, Congress passed the"}, {"start": "00:18:46", "end": "00:18:50", "text": "Genius Act. All right, this was the"}, {"start": "00:18:48", "end": "00:18:53", "text": "first federal stable coin framework that"}, {"start": "00:18:50", "end": "00:18:56", "text": "went through. Now, what we saw is as the"}, {"start": "00:18:53", "end": "00:18:59", "text": "bill started advancing through Congress,"}, {"start": "00:18:56", "end": "00:19:02", "text": "Bitcoin ran from 74,000 to as high as"}, {"start": "00:18:59", "end": "00:19:05", "text": "126,000. And that's not like a"}, {"start": "00:19:02", "end": "00:19:07", "text": "coincidence. When regulatory uncertainty"}, {"start": "00:19:05", "end": "00:19:10", "text": "clears, capital that's been sitting on"}, {"start": "00:19:07", "end": "00:19:11", "text": "the sideline, it starts coming in. It's"}, {"start": "00:19:10", "end": "00:19:13", "text": "been waiting for clarity and so it comes"}, {"start": "00:19:11", "end": "00:19:16", "text": "in fast. And when the capital moves into"}, {"start": "00:19:13", "end": "00:19:18", "text": "Bitcoin, then it moves the price up. The"}, {"start": "00:19:16", "end": "00:19:19", "text": "Clarity Act, that's the next step,"}, {"start": "00:19:18", "end": "00:19:21", "text": "right? It's way bigger than the Genius"}, {"start": "00:19:19", "end": "00:19:23", "text": "Act because the Clarity Act doesn't just"}, {"start": "00:19:21", "end": "00:19:26", "text": "regulate stable coins. It creates"}, {"start": "00:19:23", "end": "00:19:28", "text": "framework for the entire digital asset"}, {"start": "00:19:26", "end": "00:19:31", "text": "market. It legitimizes the entire"}, {"start": "00:19:28", "end": "00:19:33", "text": "ecosystem. and section 404, the stable"}, {"start": "00:19:31", "end": "00:19:35", "text": "coin yield provision that starts pulling"}, {"start": "00:19:33", "end": "00:19:37", "text": "capital out of the banking system and"}, {"start": "00:19:35", "end": "00:19:40", "text": "into the crypto infrastructure. All"}, {"start": "00:19:37", "end": "00:19:42", "text": "right, so we have a documented recent"}, {"start": "00:19:40", "end": "00:19:44", "text": "example of exactly what happens when"}, {"start": "00:19:42", "end": "00:19:46", "text": "crypto regulation advances. And we can"}, {"start": "00:19:44", "end": "00:19:48", "text": "see the setup. It's all forming right"}, {"start": "00:19:46", "end": "00:19:51", "text": "now. And look, I'm not going to tell you"}, {"start": "00:19:48", "end": "00:19:52", "text": "exactly when this passes or or you know"}, {"start": "00:19:51", "end": "00:19:54", "text": "what Bitcoin's going to do because"}, {"start": "00:19:52", "end": "00:19:56", "text": "obviously I don't know that. Nobody"}, {"start": "00:19:54", "end": "00:19:58", "text": "knows that. We could see more volatility"}, {"start": "00:19:56", "end": "00:19:59", "text": "before the breakout. I'm guessing that's"}, {"start": "00:19:58", "end": "00:20:01", "text": "probably what we'll see, right? That's"}, {"start": "00:19:59", "end": "00:20:04", "text": "the nature of this asset. But here's"}, {"start": "00:20:01", "end": "00:20:06", "text": "what we do know. The 1913 restructuring"}, {"start": "00:20:04", "end": "00:20:08", "text": "created generational wealth for the"}, {"start": "00:20:06", "end": "00:20:10", "text": "people who understood it. The 1971"}, {"start": "00:20:08", "end": "00:20:13", "text": "restructuring, it did the same thing."}, {"start": "00:20:10", "end": "00:20:16", "text": "Both times there was a window and both"}, {"start": "00:20:13", "end": "00:20:18", "text": "times most people missed it. All right?"}, {"start": "00:20:16", "end": "00:20:19", "text": "And we're in that window right now. The"}, {"start": "00:20:18", "end": "00:20:21", "text": "banks are fighting this because they"}, {"start": "00:20:19", "end": "00:20:23", "text": "have to. Trump is pushing this because"}, {"start": "00:20:21", "end": "00:20:26", "text": "he has to. The infrastructure is being"}, {"start": "00:20:23", "end": "00:20:28", "text": "built because the market wants it. The"}, {"start": "00:20:26", "end": "00:20:30", "text": "market demands it. Now, when those three"}, {"start": "00:20:28", "end": "00:20:32", "text": "forces are moving in the same direction"}, {"start": "00:20:30", "end": "00:20:35", "text": "at the same time, that's not"}, {"start": "00:20:32", "end": "00:20:37", "text": "coincidence, that's momentum. So, the"}, {"start": "00:20:35", "end": "00:20:40", "text": "question that I would spend time on, the"}, {"start": "00:20:37", "end": "00:20:43", "text": "question we're spending uh some thought"}, {"start": "00:20:40", "end": "00:20:45", "text": "on isn't whether this happens, it's"}, {"start": "00:20:43", "end": "00:20:47", "text": "whether you understand it well enough to"}, {"start": "00:20:45", "end": "00:20:48", "text": "act before everybody else catches on,"}, {"start": "00:20:47", "end": "00:20:50", "text": "right? And that's exactly what I've been"}, {"start": "00:20:48", "end": "00:20:52", "text": "building inside the Wealth OS. We build"}, {"start": "00:20:50", "end": "00:20:54", "text": "around that. not just owning Bitcoin,"}, {"start": "00:20:52", "end": "00:20:56", "text": "but understanding how to structure your"}, {"start": "00:20:54", "end": "00:20:57", "text": "assets so that when moments like this"}, {"start": "00:20:56", "end": "00:20:59", "text": "play out, you're already on the right"}, {"start": "00:20:57", "end": "00:21:01", "text": "side of the transfer. The war is"}, {"start": "00:20:59", "end": "00:21:03", "text": "underway. Jefferson warned us what's"}, {"start": "00:21:01", "end": "00:21:04", "text": "coming. Right now, you know what's"}, {"start": "00:21:03", "end": "00:21:06", "text": "actually at stake. Now, if you want to"}, {"start": "00:21:04", "end": "00:21:08", "text": "go even deeper on the mechanics of the"}, {"start": "00:21:06", "end": "00:21:10", "text": "banks, the duration mismatch, what this"}, {"start": "00:21:08", "end": "00:21:12", "text": "really means for the financial system"}, {"start": "00:21:10", "end": "00:21:14", "text": "long term, then you might want to watch"}, {"start": "00:21:12", "end": "00:21:17", "text": "this video right here, and I'll see you"}, {"start": "00:21:14", "end": "00:21:17", "text": "over there."}]

[{"start": "00:00:00", "end": "00:00:03", "text": "There's a very high chance the Fed cuts"}, {"start": "00:00:01", "end": "00:00:05", "text": "rates in June. And when that happens,"}, {"start": "00:00:03", "end": "00:00:07", "text": "millions of investors are going to do"}, {"start": "00:00:05", "end": "00:00:09", "text": "the same thing. Move out of bonds and"}, {"start": "00:00:07", "end": "00:00:11", "text": "rotate their portfolios. Now, this move"}, {"start": "00:00:09", "end": "00:00:13", "text": "that everyone makes when rates drop"}, {"start": "00:00:11", "end": "00:00:15", "text": "isn't wrong. It's just not the move that"}, {"start": "00:00:13", "end": "00:00:18", "text": "actually matters. Not right now. Because"}, {"start": "00:00:15", "end": "00:00:20", "text": "there's a 200-year-old mechanism that"}, {"start": "00:00:18", "end": "00:00:22", "text": "most people have never heard of that"}, {"start": "00:00:20", "end": "00:00:24", "text": "draws a very hard line between who"}, {"start": "00:00:22", "end": "00:00:26", "text": "builds wealth when rates drop and who"}, {"start": "00:00:24", "end": "00:00:28", "text": "falls further behind. Now, once you see"}, {"start": "00:00:26", "end": "00:00:30", "text": "this line, the conventional advice"}, {"start": "00:00:28", "end": "00:00:31", "text": "doesn't just look wrong, it looks like a"}, {"start": "00:00:30", "end": "00:00:34", "text": "trap. So, in this video, I'm going to"}, {"start": "00:00:31", "end": "00:00:36", "text": "expose exactly what the mechanism is,"}, {"start": "00:00:34", "end": "00:00:38", "text": "why it matters right now, and how you"}, {"start": "00:00:36", "end": "00:00:40", "text": "can benefit from it. You ready? Let's"}, {"start": "00:00:38", "end": "00:00:41", "text": "go. All right. So, we're going to jump"}, {"start": "00:00:40", "end": "00:00:44", "text": "right in. We're going to talk about the"}, {"start": "00:00:41", "end": "00:00:45", "text": "potential for rates to come down. Now,"}, {"start": "00:00:44", "end": "00:00:47", "text": "at this point, it's sort of like a"}, {"start": "00:00:45", "end": "00:00:48", "text": "foregone conclusion. most of the people"}, {"start": "00:00:47", "end": "00:00:51", "text": "already on that side of the trade. But"}, {"start": "00:00:48", "end": "00:00:53", "text": "what I'm going to tell you today is that"}, {"start": "00:00:51", "end": "00:00:55", "text": "I think most of those people are"}, {"start": "00:00:53", "end": "00:00:56", "text": "misunderstanding what's going on and are"}, {"start": "00:00:55", "end": "00:00:58", "text": "taking the wrong move. But don't worry,"}, {"start": "00:00:56", "end": "00:00:59", "text": "we'll tell you what that right move is."}, {"start": "00:00:58", "end": "00:01:01", "text": "Okay, but let's just take a look at this"}, {"start": "00:00:59", "end": "00:01:02", "text": "real quickly. So, of course, President"}, {"start": "00:01:01", "end": "00:01:04", "text": "Trump has been very outspoken. He wants"}, {"start": "00:01:02", "end": "00:01:05", "text": "rates down. He wants rates down really"}, {"start": "00:01:04", "end": "00:01:07", "text": "bad. He's been fighting against the Fed."}, {"start": "00:01:05", "end": "00:01:09", "text": "He's been calling Jerome Pal all kinds"}, {"start": "00:01:07", "end": "00:01:10", "text": "of names from his first term, his second"}, {"start": "00:01:09", "end": "00:01:12", "text": "term, calling him things like too late."}, {"start": "00:01:10", "end": "00:01:14", "text": "Uh, he wants rates down. Of course,"}, {"start": "00:01:12", "end": "00:01:15", "text": "Jerome Pal's on his way out. I'm"}, {"start": "00:01:14", "end": "00:01:17", "text": "catching you up. Of course, you already"}, {"start": "00:01:15", "end": "00:01:19", "text": "know this. We have a new Fed nominee,"}, {"start": "00:01:17", "end": "00:01:22", "text": "Kevin Worsh, and he is going to take"}, {"start": "00:01:19", "end": "00:01:23", "text": "over the Fed, and he is uh maybe going"}, {"start": "00:01:22", "end": "00:01:24", "text": "to do Trump's bidding. We're going to"}, {"start": "00:01:23", "end": "00:01:27", "text": "take a look at that. So, what we can see"}, {"start": "00:01:24", "end": "00:01:29", "text": "here is that Kevin Worsh is nominated to"}, {"start": "00:01:27", "end": "00:01:32", "text": "come over and take over from Jerome Pal."}, {"start": "00:01:29", "end": "00:01:34", "text": "Now, he's previously made statements"}, {"start": "00:01:32", "end": "00:01:37", "text": "aligning with Trump on interest rates,"}, {"start": "00:01:34", "end": "00:01:39", "text": "criticizing the Fed's hesitancy to cut"}, {"start": "00:01:37", "end": "00:01:41", "text": "rates. So, he's already been critical of"}, {"start": "00:01:39", "end": "00:01:43", "text": "the Fed because they haven't cut rates"}, {"start": "00:01:41", "end": "00:01:44", "text": "as well. Um, so we can see that he said"}, {"start": "00:01:43", "end": "00:01:47", "text": "their hesitancy to cut rates, I think,"}, {"start": "00:01:44", "end": "00:01:48", "text": "is actually quite a mark against them."}, {"start": "00:01:47", "end": "00:01:50", "text": "So again, he thinks they should have cut"}, {"start": "00:01:48", "end": "00:01:53", "text": "rates. He's been critical like Trump"}, {"start": "00:01:50", "end": "00:01:55", "text": "has. Trump wants um them cut down. And"}, {"start": "00:01:53", "end": "00:01:56", "text": "so, of course, Worsh is probably going"}, {"start": "00:01:55", "end": "00:01:58", "text": "to have to comply with that. We can see"}, {"start": "00:01:56", "end": "00:02:00", "text": "here it says that Trump has repeatedly"}, {"start": "00:01:58", "end": "00:02:03", "text": "said he wants the next Fed chair, Worsh,"}, {"start": "00:02:00", "end": "00:02:05", "text": "to deliver lower rates. And on January"}, {"start": "00:02:03", "end": "00:02:07", "text": "30th, 2 days after his policy meeting,"}, {"start": "00:02:05", "end": "00:02:08", "text": "he announced he would nominate Worsh, a"}, {"start": "00:02:07", "end": "00:02:11", "text": "former Fed governor, to take his place."}, {"start": "00:02:08", "end": "00:02:12", "text": "Trump wants him down. He's nominated"}, {"start": "00:02:11", "end": "00:02:14", "text": "Worsh. He nominated Worsh to bring them"}, {"start": "00:02:12", "end": "00:02:16", "text": "down. Worsh has been critical of the Fed"}, {"start": "00:02:14", "end": "00:02:18", "text": "because they wouldn't bring them down."}, {"start": "00:02:16", "end": "00:02:19", "text": "And so we can see that they're coming"}, {"start": "00:02:18", "end": "00:02:22", "text": "down. And we can also see that there's a"}, {"start": "00:02:19", "end": "00:02:24", "text": "lot of cover. Now, while CPI is still in"}, {"start": "00:02:22", "end": "00:02:25", "text": "the 2 and a half range, which is saying,"}, {"start": "00:02:24", "end": "00:02:27", "text": "well, that's higher than what the Fed"}, {"start": "00:02:25", "end": "00:02:29", "text": "wants. We can look at another measure"}, {"start": "00:02:27", "end": "00:02:32", "text": "like true inflation and see that"}, {"start": "00:02:29", "end": "00:02:34", "text": "inflation is actually much lower."}, {"start": "00:02:32", "end": "00:02:35", "text": "Tariffs have been deflationary. AI's"}, {"start": "00:02:34", "end": "00:02:37", "text": "coming on very quickly. That's"}, {"start": "00:02:35", "end": "00:02:39", "text": "deflationary. And the reason why I bring"}, {"start": "00:02:37", "end": "00:02:42", "text": "this up is this is all the cover the Fed"}, {"start": "00:02:39", "end": "00:02:43", "text": "needs in order to cut rates. And so a"}, {"start": "00:02:42", "end": "00:02:44", "text": "lot of people are looking at the wrong"}, {"start": "00:02:43", "end": "00:02:46", "text": "metrics and they're being caught off"}, {"start": "00:02:44", "end": "00:02:49", "text": "guard. Now, if we look at the data, this"}, {"start": "00:02:46", "end": "00:02:52", "text": "is the CME watch tool. And this shows us"}, {"start": "00:02:49", "end": "00:02:55", "text": "that after worse is elected, this shows"}, {"start": "00:02:52", "end": "00:02:57", "text": "a very high probability above average"}, {"start": "00:02:55", "end": "00:02:59", "text": "chance that rates will be coming down."}, {"start": "00:02:57", "end": "00:03:01", "text": "And that's on the CME watch tool. We can"}, {"start": "00:02:59", "end": "00:03:04", "text": "see the betting markets. Uh here on"}, {"start": "00:03:01", "end": "00:03:06", "text": "Paulie, we can see that there's a 51%"}, {"start": "00:03:04", "end": "00:03:08", "text": "chance as of right now that's going to"}, {"start": "00:03:06", "end": "00:03:10", "text": "go up much higher. I believe that Trump"}, {"start": "00:03:08", "end": "00:03:11", "text": "gets his way. He's used to doing that."}, {"start": "00:03:10", "end": "00:03:13", "text": "He says he wants rates by 1%. I think"}, {"start": "00:03:11", "end": "00:03:16", "text": "they're there before he leaves office."}, {"start": "00:03:13", "end": "00:03:18", "text": "So that being said, what does this mean?"}, {"start": "00:03:16", "end": "00:03:21", "text": "What does this mean to us as as"}, {"start": "00:03:18", "end": "00:03:22", "text": "investors, as asset holders? Uh what do"}, {"start": "00:03:21", "end": "00:03:25", "text": "we do with this information? Well, I"}, {"start": "00:03:22", "end": "00:03:27", "text": "want you to understand the mechanical uh"}, {"start": "00:03:25", "end": "00:03:28", "text": "movements behind this so you can"}, {"start": "00:03:27", "end": "00:03:29", "text": "understand this from a first principles"}, {"start": "00:03:28", "end": "00:03:31", "text": "level and then we'll talk about how we"}, {"start": "00:03:29", "end": "00:03:33", "text": "build wealth. So the first thing we have"}, {"start": "00:03:31", "end": "00:03:37", "text": "to understand is what happens when rates"}, {"start": "00:03:33", "end": "00:03:39", "text": "come down. Well, it uh makes borrowing"}, {"start": "00:03:37", "end": "00:03:41", "text": "cheaper. Let's let's explain this for a"}, {"start": "00:03:39", "end": "00:03:42", "text": "second. Now, a lot of people maybe don't"}, {"start": "00:03:41", "end": "00:03:45", "text": "understand this, but it's interesting to"}, {"start": "00:03:42", "end": "00:03:46", "text": "me when I look at Black Friday in the"}, {"start": "00:03:45", "end": "00:03:48", "text": "United States. Black Friday, you know,"}, {"start": "00:03:46", "end": "00:03:50", "text": "between Thanksgiving and Cyber Monday is"}, {"start": "00:03:48", "end": "00:03:52", "text": "one of the biggest shopping days of the"}, {"start": "00:03:50", "end": "00:03:53", "text": "year. Things go on sale, and you'll see"}, {"start": "00:03:52", "end": "00:03:55", "text": "it all over the country. People go to"}, {"start": "00:03:53", "end": "00:03:58", "text": "like Best Buy or Walmart and they'll"}, {"start": "00:03:55", "end": "00:04:00", "text": "stand in line all night just to be able"}, {"start": "00:03:58", "end": "00:04:02", "text": "to buy the TV or whatever it is cheaper."}, {"start": "00:04:00", "end": "00:04:04", "text": "I always find it interesting that when"}, {"start": "00:04:02", "end": "00:04:06", "text": "financial assets go on sale, people are"}, {"start": "00:04:04", "end": "00:04:07", "text": "afraid. Uh it's interesting, but let's"}, {"start": "00:04:06", "end": "00:04:09", "text": "just take a look at this for a second."}, {"start": "00:04:07", "end": "00:04:12", "text": "What I want to show you is that when"}, {"start": "00:04:09", "end": "00:04:13", "text": "things get cheaper, people tend tend to"}, {"start": "00:04:12", "end": "00:04:14", "text": "buy more of them. Let's take let's take"}, {"start": "00:04:13", "end": "00:04:17", "text": "a look at this. So, what we can see"}, {"start": "00:04:14", "end": "00:04:19", "text": "here, daily online spending, typical"}, {"start": "00:04:17", "end": "00:04:21", "text": "days versus holidays, Black Friday and"}, {"start": "00:04:19", "end": "00:04:24", "text": "Cyber Monday. So, what we can see is"}, {"start": "00:04:21", "end": "00:04:26", "text": "that Cyber Monday spending is six times"}, {"start": "00:04:24", "end": "00:04:28", "text": "typical of a regular day, a non-h"}, {"start": "00:04:26", "end": "00:04:31", "text": "holiday day. So, here's an average non-h"}, {"start": "00:04:28", "end": "00:04:33", "text": "holiday day. Here's an average holiday."}, {"start": "00:04:31", "end": "00:04:35", "text": "Non-h holiday."}, {"start": "00:04:33", "end": "00:04:38", "text": "But on Black Friday and Cyber Monday,"}, {"start": "00:04:35", "end": "00:04:40", "text": "look how much higher they are. Why"}, {"start": "00:04:38", "end": "00:04:42", "text": "they're that much higher? Because the"}, {"start": "00:04:40", "end": "00:04:44", "text": "rate of discount. So, check this out."}, {"start": "00:04:42", "end": "00:04:47", "text": "The average Black Friday discount"}, {"start": "00:04:44", "end": "00:04:50", "text": "percentages. So, from 2015 to 2025, we"}, {"start": "00:04:47", "end": "00:04:53", "text": "can see it's about a 40% discount. So"}, {"start": "00:04:50", "end": "00:04:56", "text": "when when prices drop about 40% people"}, {"start": "00:04:53", "end": "00:04:58", "text": "come out in droves to buy as you can see"}, {"start": "00:04:56", "end": "00:04:59", "text": "that. But check this out. So here I have"}, {"start": "00:04:58", "end": "00:05:01", "text": "an iPhone in my hand. I don't know how"}, {"start": "00:04:59", "end": "00:05:03", "text": "much the new iPhone costs. 1,400 bucks"}, {"start": "00:05:01", "end": "00:05:06", "text": "or something like that. Which means it"}, {"start": "00:05:03", "end": "00:05:10", "text": "takes me $1,400"}, {"start": "00:05:06", "end": "00:05:11", "text": "to buy an iPhone. Now if iPhone if Apple"}, {"start": "00:05:10", "end": "00:05:13", "text": "said, \"Hey, we're going to put the"}, {"start": "00:05:11", "end": "00:05:17", "text": "iPhone on sale and we're going to sell"}, {"start": "00:05:13", "end": "00:05:18", "text": "them for $500 um for only 48 hours.\" Do"}, {"start": "00:05:17", "end": "00:05:21", "text": "you think they would sell more of them?"}, {"start": "00:05:18", "end": "00:05:22", "text": "Of course. Of course they would sell"}, {"start": "00:05:21", "end": "00:05:25", "text": "more of them. They're set for sale for"}, {"start": "00:05:22", "end": "00:05:29", "text": "$500 as the data tells us shows us. Now"}, {"start": "00:05:25", "end": "00:05:31", "text": "I can use $1,400 to buy an iPhone. But"}, {"start": "00:05:29", "end": "00:05:36", "text": "what you maybe have never thought of is"}, {"start": "00:05:31", "end": "00:05:39", "text": "I can buy $1,400. I can buy $140,000 or"}, {"start": "00:05:36", "end": "00:05:44", "text": "I could buy $1.4 million. How much does"}, {"start": "00:05:39", "end": "00:05:46", "text": "it cost to buy $140,000?"}, {"start": "00:05:44", "end": "00:05:49", "text": "How much does it cost to buy money? It's"}, {"start": "00:05:46", "end": "00:05:50", "text": "the rate of interest, right? So when the"}, {"start": "00:05:49", "end": "00:05:53", "text": "interest rate goes down, that means"}, {"start": "00:05:50", "end": "00:05:56", "text": "money gets cheaper. If money gets"}, {"start": "00:05:53", "end": "00:05:58", "text": "cheaper, that means more people buy it."}, {"start": "00:05:56", "end": "00:05:59", "text": "Are you following me? So then what"}, {"start": "00:05:58", "end": "00:06:00", "text": "happens? Let's check this out. So"}, {"start": "00:05:59", "end": "00:06:01", "text": "there's a little known mechanism. As I"}, {"start": "00:06:00", "end": "00:06:04", "text": "said, it's about 200 years old. It's"}, {"start": "00:06:01", "end": "00:06:05", "text": "called the Cantalon effect. I'm sure"}, {"start": "00:06:04", "end": "00:06:06", "text": "some of you guys have been watching my"}, {"start": "00:06:05", "end": "00:06:08", "text": "channel for a long time. Have heard me"}, {"start": "00:06:06", "end": "00:06:10", "text": "talk about this in the past. So the"}, {"start": "00:06:08", "end": "00:06:13", "text": "Cantalon effect basically tells us that"}, {"start": "00:06:10", "end": "00:06:15", "text": "whoever's closest to the money supply,"}, {"start": "00:06:13", "end": "00:06:18", "text": "whoever gets the money first has the"}, {"start": "00:06:15", "end": "00:06:20", "text": "biggest advantage. So new money doesn't"}, {"start": "00:06:18", "end": "00:06:22", "text": "reach everybody at the same time. New"}, {"start": "00:06:20", "end": "00:06:23", "text": "money goes out to some people first and"}, {"start": "00:06:22", "end": "00:06:26", "text": "then it trickles through the economy."}, {"start": "00:06:23", "end": "00:06:29", "text": "The early recipients, they buy assets"}, {"start": "00:06:26", "end": "00:06:31", "text": "before prices rise. Everyone else gets"}, {"start": "00:06:29", "end": "00:06:32", "text": "it later when prices go up. Let's look"}, {"start": "00:06:31", "end": "00:06:34", "text": "at this official definition here. The"}, {"start": "00:06:32", "end": "00:06:37", "text": "Cantalon effect describes how new money"}, {"start": "00:06:34", "end": "00:06:38", "text": "injected into an economy causes uneven"}, {"start": "00:06:37", "end": "00:06:40", "text": "uneven price increases because not"}, {"start": "00:06:38", "end": "00:06:43", "text": "everybody gets at the same time,"}, {"start": "00:06:40", "end": "00:06:45", "text": "benefiting those closest to the source"}, {"start": "00:06:43", "end": "00:06:47", "text": "first. Eg. Check this out. But we're"}, {"start": "00:06:45", "end": "00:06:50", "text": "going to this is deep eg banks,"}, {"start": "00:06:47", "end": "00:06:52", "text": "governments and corporations before it"}, {"start": "00:06:50", "end": "00:06:55", "text": "then does what? So first the money goes"}, {"start": "00:06:52", "end": "00:06:58", "text": "to the banks and the people. Then it"}, {"start": "00:06:55", "end": "00:06:59", "text": "inflates prices for the general public."}, {"start": "00:06:58", "end": "00:07:01", "text": "This is named after an 18th century"}, {"start": "00:06:59", "end": "00:07:04", "text": "economist blah blah blah. Early"}, {"start": "00:07:01", "end": "00:07:05", "text": "receivers get to spend money before"}, {"start": "00:07:04", "end": "00:07:07", "text": "prices rise. So they get the money and"}, {"start": "00:07:05", "end": "00:07:08", "text": "get to spend it while prices are still"}, {"start": "00:07:07", "end": "00:07:11", "text": "cheap. And by the time everybody else"}, {"start": "00:07:08", "end": "00:07:12", "text": "gets the money, prices are expensive. So"}, {"start": "00:07:11", "end": "00:07:14", "text": "the first people that get it, their"}, {"start": "00:07:12", "end": "00:07:16", "text": "money buys more. But when everyone else"}, {"start": "00:07:14", "end": "00:07:18", "text": "gets the money, their money buys less."}, {"start": "00:07:16", "end": "00:07:21", "text": "Okay, so check that out. But here's the"}, {"start": "00:07:18", "end": "00:07:24", "text": "thing. Which one are you? Which side are"}, {"start": "00:07:21", "end": "00:07:25", "text": "you? Well, let's break this down. So,"}, {"start": "00:07:24", "end": "00:07:27", "text": "you ever heard the saying, if you can't"}, {"start": "00:07:25", "end": "00:07:30", "text": "beat them, join them. How about that?"}, {"start": "00:07:27", "end": "00:07:32", "text": "So, what we have is whoever gets the"}, {"start": "00:07:30", "end": "00:07:34", "text": "money first, and my uh my my partner at"}, {"start": "00:07:32", "end": "00:07:36", "text": "the Bitcoin opportunity fund, James"}, {"start": "00:07:34", "end": "00:07:38", "text": "Lavish, put this chart out, the"}, {"start": "00:07:36", "end": "00:07:39", "text": "informationist, so I'm stealing it from"}, {"start": "00:07:38", "end": "00:07:42", "text": "him. But he talks about how the Fed"}, {"start": "00:07:39", "end": "00:07:44", "text": "creates the money and it goes here to"}, {"start": "00:07:42", "end": "00:07:45", "text": "level one which is banks, fin"}, {"start": "00:07:44", "end": "00:07:48", "text": "institutions. They get the first access"}, {"start": "00:07:45", "end": "00:07:50", "text": "to the money and they buy assets. So"}, {"start": "00:07:48", "end": "00:07:52", "text": "they get the money, they buy assets."}, {"start": "00:07:50", "end": "00:07:56", "text": "Then it goes to large corporations and"}, {"start": "00:07:52", "end": "00:07:58", "text": "they invest and start to expand. Then it"}, {"start": "00:07:56", "end": "00:08:01", "text": "trickles down to the here and now the"}, {"start": "00:07:58", "end": "00:08:03", "text": "asset prices, homes, shopping, utility"}, {"start": "00:08:01", "end": "00:08:06", "text": "bills all go up. Asset or asset prices"}, {"start": "00:08:03", "end": "00:08:08", "text": "go up first, stocks go up, real estate"}, {"start": "00:08:06", "end": "00:08:10", "text": "goes up, asset prices go first. Then"}, {"start": "00:08:08", "end": "00:08:13", "text": "level four, consumer prices go up. So"}, {"start": "00:08:10", "end": "00:08:14", "text": "then gas goes up, food goes up, things"}, {"start": "00:08:13", "end": "00:08:17", "text": "like that. Everyday costs go up. And"}, {"start": "00:08:14", "end": "00:08:20", "text": "then the people down here at the bottom,"}, {"start": "00:08:17", "end": "00:08:22", "text": "then wages, the how much you make is the"}, {"start": "00:08:20", "end": "00:08:24", "text": "last thing to go up. So by the time the"}, {"start": "00:08:22", "end": "00:08:27", "text": "little bit of money gets to here,"}, {"start": "00:08:24", "end": "00:08:30", "text": "everything else has gone up first. Okay?"}, {"start": "00:08:27", "end": "00:08:32", "text": "Now, while that sounds bad, and it is,"}, {"start": "00:08:30", "end": "00:08:34", "text": "while that sounds bad, and it is, this"}, {"start": "00:08:32", "end": "00:08:36", "text": "is the flywheel that works. So what I"}, {"start": "00:08:34", "end": "00:08:39", "text": "would like to tell you is instead of"}, {"start": "00:08:36", "end": "00:08:40", "text": "looking at things happening to us, maybe"}, {"start": "00:08:39", "end": "00:08:43", "text": "we could think about things happening"}, {"start": "00:08:40", "end": "00:08:45", "text": "for us. And so if we have rates coming"}, {"start": "00:08:43", "end": "00:08:49", "text": "down, money gets cheaper, debt gets"}, {"start": "00:08:45", "end": "00:08:52", "text": "cheaper, but assets go higher"}, {"start": "00:08:49", "end": "00:08:55", "text": "and inflation destroys the debt. So if I"}, {"start": "00:08:52", "end": "00:08:57", "text": "have a 30-year home, a 30-year real"}, {"start": "00:08:55", "end": "00:08:59", "text": "estate property, and my payment is say"}, {"start": "00:08:57", "end": "00:09:01", "text": "3,000 a month, today 3,000 a month is a"}, {"start": "00:08:59", "end": "00:09:03", "text": "lot of money. In 10 years from now,"}, {"start": "00:09:01", "end": "00:09:05", "text": "$3,000 a month is not that much. In 20"}, {"start": "00:09:03", "end": "00:09:07", "text": "years from now, $3,000 a month will"}, {"start": "00:09:05", "end": "00:09:10", "text": "probably be very little. And so what"}, {"start": "00:09:07", "end": "00:09:12", "text": "happens is the money gets cheap, assets"}, {"start": "00:09:10", "end": "00:09:13", "text": "go higher, inflation destroys debt. So"}, {"start": "00:09:12", "end": "00:09:18", "text": "the question I would ask you, question"}, {"start": "00:09:13", "end": "00:09:20", "text": "I'd ask yourself is why are you here?"}, {"start": "00:09:18", "end": "00:09:23", "text": "If the people that get the money first"}, {"start": "00:09:20", "end": "00:09:26", "text": "are the banks and they buy assets and"}, {"start": "00:09:23", "end": "00:09:29", "text": "they have the benefit, then why don't we"}, {"start": "00:09:26", "end": "00:09:32", "text": "partner with the banks to get the money"}, {"start": "00:09:29", "end": "00:09:33", "text": "first and buy the assets?"}, {"start": "00:09:32", "end": "00:09:35", "text": "The reason why is nobody's ever thought"}, {"start": "00:09:33", "end": "00:09:38", "text": "about it like that. You've been stuck"}, {"start": "00:09:35", "end": "00:09:41", "text": "playing the wrong game. So what I'm"}, {"start": "00:09:38", "end": "00:09:43", "text": "saying is I can just go to the bank. And"}, {"start": "00:09:41", "end": "00:09:45", "text": "what do the banks do? The banks create"}, {"start": "00:09:43", "end": "00:09:47", "text": "money. How do they create money? By"}, {"start": "00:09:45", "end": "00:09:50", "text": "issuing debt. So every time they create"}, {"start": "00:09:47", "end": "00:09:52", "text": "debt, money's created. But who do they"}, {"start": "00:09:50", "end": "00:09:53", "text": "issue debt to? People like you and I. As"}, {"start": "00:09:52", "end": "00:09:55", "text": "a matter of fact, every one of you"}, {"start": "00:09:53", "end": "00:09:57", "text": "watching this has debt. The problem is"}, {"start": "00:09:55", "end": "00:09:59", "text": "most of you use debt for the wrong uses."}, {"start": "00:09:57", "end": "00:10:01", "text": "You use debt on your credit card to buy"}, {"start": "00:09:59", "end": "00:10:03", "text": "the vacation. use debt to go buy a car,"}, {"start": "00:10:01", "end": "00:10:04", "text": "it's going to lose value. You use debt"}, {"start": "00:10:03", "end": "00:10:07", "text": "to buy a new wardrobe. You use debt to"}, {"start": "00:10:04", "end": "00:10:08", "text": "do whatever. And so for you, debt is"}, {"start": "00:10:07", "end": "00:10:09", "text": "very dangerous. And for you, you're"}, {"start": "00:10:08", "end": "00:10:10", "text": "like, \"Oh my gosh, that sounds"}, {"start": "00:10:09", "end": "00:10:13", "text": "dangerous. What if I can't pay the"}, {"start": "00:10:10", "end": "00:10:15", "text": "debt?\" But what the wealthy do at the"}, {"start": "00:10:13", "end": "00:10:18", "text": "top of the Cantalon effect is they use"}, {"start": "00:10:15", "end": "00:10:20", "text": "the cheap money when it goes on sale to"}, {"start": "00:10:18", "end": "00:10:22", "text": "buy assets that go up in value. But what"}, {"start": "00:10:20", "end": "00:10:23", "text": "if they can't make the payment? What?"}, {"start": "00:10:22", "end": "00:10:26", "text": "What do you mean not make the payment?"}, {"start": "00:10:23", "end": "00:10:27", "text": "They have the asset."}, {"start": "00:10:26", "end": "00:10:29", "text": "They didn't spend it on frivolous"}, {"start": "00:10:27", "end": "00:10:32", "text": "vacations and wardrobes. They bought the"}, {"start": "00:10:29", "end": "00:10:34", "text": "asset, so they have the money. Now, I"}, {"start": "00:10:32", "end": "00:10:36", "text": "know for most people this seems"}, {"start": "00:10:34", "end": "00:10:37", "text": "completely foreign, but the fact is"}, {"start": "00:10:36", "end": "00:10:39", "text": "whoever's closest to the money gets the"}, {"start": "00:10:37", "end": "00:10:41", "text": "first benefit. And who's closer to the"}, {"start": "00:10:39", "end": "00:10:43", "text": "money? The person that that is there"}, {"start": "00:10:41", "end": "00:10:45", "text": "upon origination"}, {"start": "00:10:43", "end": "00:10:46", "text": "when the debt gets issued. Now, I know"}, {"start": "00:10:45", "end": "00:10:48", "text": "that sounds dangerous. Let's talk about"}, {"start": "00:10:46", "end": "00:10:51", "text": "this for a second. As I said, number"}, {"start": "00:10:48", "end": "00:10:53", "text": "one, when I use debt for the asset, then"}, {"start": "00:10:51", "end": "00:10:55", "text": "I have the money. But, but but but but"}, {"start": "00:10:53", "end": "00:10:58", "text": "what if uh what if the tenants don't pay"}, {"start": "00:10:55", "end": "00:11:00", "text": "the payment? What if the market crashes"}, {"start": "00:10:58", "end": "00:11:02", "text": "and the valuation of the home goes down?"}, {"start": "00:11:00", "end": "00:11:03", "text": "What if all these bad things that could"}, {"start": "00:11:02", "end": "00:11:05", "text": "potentially happen? So, what you're"}, {"start": "00:11:03", "end": "00:11:07", "text": "saying is there's potential risks. So,"}, {"start": "00:11:05", "end": "00:11:09", "text": "what we can do is we can name each one"}, {"start": "00:11:07", "end": "00:11:11", "text": "of those and then we can learn to"}, {"start": "00:11:09", "end": "00:11:13", "text": "mitigate on each one of those. How do we"}, {"start": "00:11:11", "end": "00:11:17", "text": "do that? We do that using what I call"}, {"start": "00:11:13", "end": "00:11:19", "text": "the four layers of liquidity. Now, cash,"}, {"start": "00:11:17", "end": "00:11:22", "text": "most people think money or cash or"}, {"start": "00:11:19", "end": "00:11:25", "text": "savings in the bank is liquidity. Now,"}, {"start": "00:11:22", "end": "00:11:28", "text": "money, cash, savings is liquidity, but"}, {"start": "00:11:25", "end": "00:11:29", "text": "liquidity is not cash. They're not the"}, {"start": "00:11:28", "end": "00:11:31", "text": "same thing. You hear me talk a lot about"}, {"start": "00:11:29", "end": "00:11:33", "text": "the macroeconomics environment. We talk"}, {"start": "00:11:31", "end": "00:11:34", "text": "about the global liquidity. And as the"}, {"start": "00:11:33", "end": "00:11:36", "text": "global liquidity goes up, then we see"}, {"start": "00:11:34", "end": "00:11:39", "text": "asset prices rising, right? Bitcoin is"}, {"start": "00:11:36", "end": "00:11:41", "text": "very sensitive to global liquidity. Now,"}, {"start": "00:11:39", "end": "00:11:43", "text": "global liquidity is not just global M2."}, {"start": "00:11:41", "end": "00:11:45", "text": "It's not just the money in the world."}, {"start": "00:11:43", "end": "00:11:47", "text": "It's the money, but it's also the credit"}, {"start": "00:11:45", "end": "00:11:49", "text": "and the ability to create more money"}, {"start": "00:11:47", "end": "00:11:50", "text": "because money is created through debt"}, {"start": "00:11:49", "end": "00:11:53", "text": "issuance."}, {"start": "00:11:50", "end": "00:11:55", "text": "So liquidity, cash is liquidity."}, {"start": "00:11:53", "end": "00:11:57", "text": "Liquidity is not cash. So it's the"}, {"start": "00:11:55", "end": "00:12:00", "text": "ability to get it. So for example, let"}, {"start": "00:11:57", "end": "00:12:01", "text": "me break this down in layer one. I want"}, {"start": "00:12:00", "end": "00:12:03", "text": "to make sure I have enough money to"}, {"start": "00:12:01", "end": "00:12:04", "text": "operate. So this is all my expenses."}, {"start": "00:12:03", "end": "00:12:06", "text": "This is all my debt, my house payment,"}, {"start": "00:12:04", "end": "00:12:08", "text": "my mortgage payment, my car payment, my"}, {"start": "00:12:06", "end": "00:12:10", "text": "electricity bills, my food, all that. I"}, {"start": "00:12:08", "end": "00:12:11", "text": "have rental properties, all those"}, {"start": "00:12:10", "end": "00:12:13", "text": "payments. I have credit, all the"}, {"start": "00:12:11", "end": "00:12:15", "text": "everything. How much does it cost me to"}, {"start": "00:12:13", "end": "00:12:17", "text": "to operate? And then how many months"}, {"start": "00:12:15", "end": "00:12:20", "text": "should I have as a buffer? three months,"}, {"start": "00:12:17", "end": "00:12:22", "text": "six months, nine months, however much"}, {"start": "00:12:20", "end": "00:12:24", "text": "you think makes it safe for you to"}, {"start": "00:12:22", "end": "00:12:25", "text": "operate. Then below that, what happens"}, {"start": "00:12:24", "end": "00:12:28", "text": "below that? Well, then I can have layer"}, {"start": "00:12:25", "end": "00:12:29", "text": "two. Layer two is what I call my second"}, {"start": "00:12:28", "end": "00:12:30", "text": "layer of liquidity or this is emergency"}, {"start": "00:12:29", "end": "00:12:33", "text": "money. This is not cash. This is not"}, {"start": "00:12:30", "end": "00:12:35", "text": "savings because money in the account is"}, {"start": "00:12:33", "end": "00:12:37", "text": "like a melting ice cube. It's losing."}, {"start": "00:12:35", "end": "00:12:38", "text": "So, I want that in high yield. I want"}, {"start": "00:12:37", "end": "00:12:42", "text": "that earning yield. I want it earning"}, {"start": "00:12:38", "end": "00:12:44", "text": "5%, 10%, 12%. But I need it in like a"}, {"start": "00:12:42", "end": "00:12:46", "text": "cashlike equivalent, meaning I can get"}, {"start": "00:12:44", "end": "00:12:48", "text": "the money in say 7 days. It's not money"}, {"start": "00:12:46", "end": "00:12:50", "text": "in my bank, but I could get the money"}, {"start": "00:12:48", "end": "00:12:52", "text": "within 7 days and there's not much"}, {"start": "00:12:50", "end": "00:12:53", "text": "volatility. So, it's always there when I"}, {"start": "00:12:52", "end": "00:12:56", "text": "need it. That'd be layer two. Now, how"}, {"start": "00:12:53", "end": "00:12:59", "text": "much? So, if we have let's say uh 1 to 3"}, {"start": "00:12:56", "end": "00:13:02", "text": "months here, here I could have say 3 to"}, {"start": "00:12:59", "end": "00:13:04", "text": "6 months maybe to 12 months here. Then"}, {"start": "00:13:02", "end": "00:13:08", "text": "layer three, this is where my assets"}, {"start": "00:13:04", "end": "00:13:10", "text": "are, but the assets are collateral. So,"}, {"start": "00:13:08", "end": "00:13:12", "text": "for example, I have houses, I have uh"}, {"start": "00:13:10", "end": "00:13:14", "text": "apartment complexes, I have Bitcoin, I"}, {"start": "00:13:12", "end": "00:13:17", "text": "have things like that. Now, in there,"}, {"start": "00:13:14", "end": "00:13:19", "text": "those those assets are also collateral"}, {"start": "00:13:17", "end": "00:13:21", "text": "assets. Meaning on the homes that are"}, {"start": "00:13:19", "end": "00:13:22", "text": "here, I could have home equity lines. I"}, {"start": "00:13:21", "end": "00:13:24", "text": "have I have businesses, I could have"}, {"start": "00:13:22", "end": "00:13:25", "text": "business credit lines. I have credit"}, {"start": "00:13:24", "end": "00:13:27", "text": "cards. I could borrow against my"}, {"start": "00:13:25", "end": "00:13:29", "text": "Bitcoin. I have assets that if I needed"}, {"start": "00:13:27", "end": "00:13:31", "text": "to get more money, I could pull against"}, {"start": "00:13:29", "end": "00:13:33", "text": "those assets. I don't do it if I don't"}, {"start": "00:13:31", "end": "00:13:36", "text": "need to, but that's my third line of"}, {"start": "00:13:33", "end": "00:13:37", "text": "defense. And so, if some catastrophic"}, {"start": "00:13:36", "end": "00:13:40", "text": "thing happened where I couldn't make the"}, {"start": "00:13:37", "end": "00:13:42", "text": "payments, I have money here. And if for"}, {"start": "00:13:40", "end": "00:13:43", "text": "some reason it was so bad that this ran"}, {"start": "00:13:42", "end": "00:13:45", "text": "out and I couldn't afford it, well then"}, {"start": "00:13:43", "end": "00:13:47", "text": "I default to this path. And if for some"}, {"start": "00:13:45", "end": "00:13:48", "text": "reason it's so bad that I couldn't even"}, {"start": "00:13:47", "end": "00:13:50", "text": "imagine that not only did I go through"}, {"start": "00:13:48", "end": "00:13:53", "text": "this, I went through this. Now I have"}, {"start": "00:13:50", "end": "00:13:54", "text": "all of this. Then down here is my"}, {"start": "00:13:53", "end": "00:13:56", "text": "non-lquid stuff. So this is my private"}, {"start": "00:13:54", "end": "00:13:59", "text": "equity investments. This is my venture"}, {"start": "00:13:56", "end": "00:14:02", "text": "capital investments. This is land"}, {"start": "00:13:59", "end": "00:14:05", "text": "overseas. And so all of this is built to"}, {"start": "00:14:02", "end": "00:14:06", "text": "protect this. So what I'm saying is"}, {"start": "00:14:05", "end": "00:14:10", "text": "there's a way to engineer this. This is"}, {"start": "00:14:06", "end": "00:14:12", "text": "what banks do. Banks take in assets,"}, {"start": "00:14:10", "end": "00:14:14", "text": "they issue credit on top of those"}, {"start": "00:14:12", "end": "00:14:16", "text": "assets, and they make sure they have the"}, {"start": "00:14:14", "end": "00:14:19", "text": "liquidity to withstand the volatility."}, {"start": "00:14:16", "end": "00:14:21", "text": "That's how the game is played. So"}, {"start": "00:14:19", "end": "00:14:23", "text": "really, when we look at this thing"}, {"start": "00:14:21", "end": "00:14:24", "text": "called the Cantalon effect, which again"}, {"start": "00:14:23", "end": "00:14:26", "text": "has been around for hundreds of years,"}, {"start": "00:14:24", "end": "00:14:28", "text": "we've known this. Most of us just take"}, {"start": "00:14:26", "end": "00:14:31", "text": "this victim approach and we think, woe"}, {"start": "00:14:28", "end": "00:14:32", "text": "is me. Uh the wealthy people, they have"}, {"start": "00:14:31", "end": "00:14:35", "text": "access to the money first and so they"}, {"start": "00:14:32", "end": "00:14:36", "text": "get the proportional benefit and I get"}, {"start": "00:14:35", "end": "00:14:37", "text": "at the very bottom and my wages go up in"}, {"start": "00:14:36", "end": "00:14:40", "text": "price. They're expensive. But what we"}, {"start": "00:14:37", "end": "00:14:42", "text": "could do is say, well, shoot, they get"}, {"start": "00:14:40", "end": "00:14:43", "text": "access to the money first because they"}, {"start": "00:14:42", "end": "00:14:44", "text": "create the money, but they create it"}, {"start": "00:14:43", "end": "00:14:48", "text": "through debt issuance. And who do they"}, {"start": "00:14:44", "end": "00:14:51", "text": "issue the debt for? Oh, that's me."}, {"start": "00:14:48", "end": "00:14:54", "text": "And oh, yes, I use debt, but I'm using"}, {"start": "00:14:51", "end": "00:14:56", "text": "debt completely the wrong way. And I"}, {"start": "00:14:54", "end": "00:14:58", "text": "could use debt to grow my wealth, but"}, {"start": "00:14:56", "end": "00:15:00", "text": "it's dangerous. So, I should think about"}, {"start": "00:14:58", "end": "00:15:01", "text": "the things that are dangerous. And then"}, {"start": "00:15:00", "end": "00:15:04", "text": "I could mitigate those, mitigate those"}, {"start": "00:15:01", "end": "00:15:05", "text": "risks. And I could engineer that. I"}, {"start": "00:15:04", "end": "00:15:07", "text": "could engineer that system. So the"}, {"start": "00:15:05", "end": "00:15:10", "text": "question is which side of that do you"}, {"start": "00:15:07", "end": "00:15:12", "text": "find yourself in? Do we use these tools"}, {"start": "00:15:10", "end": "00:15:14", "text": "or do we not use these tools? This is"}, {"start": "00:15:12", "end": "00:15:16", "text": "how the 1% build wealth. Let's take a"}, {"start": "00:15:14", "end": "00:15:18", "text": "look. Donald Trump before he was"}, {"start": "00:15:16", "end": "00:15:20", "text": "president, he was famous because he was"}, {"start": "00:15:18", "end": "00:15:22", "text": "a billionaire. He famously said, \"I'm"}, {"start": "00:15:20", "end": "00:15:24", "text": "the king of debt. I'm great with debt."}, {"start": "00:15:22", "end": "00:15:26", "text": "Nobody knows debt better than me. I've"}, {"start": "00:15:24", "end": "00:15:28", "text": "made a fortune by using debt and if"}, {"start": "00:15:26", "end": "00:15:30", "text": "things don't work out, I renegotiate the"}, {"start": "00:15:28", "end": "00:15:32", "text": "debt.\""}, {"start": "00:15:30", "end": "00:15:34", "text": "He's repeatedly described leverage as"}, {"start": "00:15:32", "end": "00:15:36", "text": "essential to building his real estate"}, {"start": "00:15:34", "end": "00:15:38", "text": "empire."}, {"start": "00:15:36", "end": "00:15:39", "text": "Donald Trump, the king of debt. Now,"}, {"start": "00:15:38", "end": "00:15:41", "text": "look, a lot of you think that re"}, {"start": "00:15:39", "end": "00:15:42", "text": "building real estate is the key to"}, {"start": "00:15:41", "end": "00:15:44", "text": "building wealth, right? Nobody thinks"}, {"start": "00:15:42", "end": "00:15:45", "text": "that you would buy real estate with"}, {"start": "00:15:44", "end": "00:15:48", "text": "cash. Of course, you use debt. Robert"}, {"start": "00:15:45", "end": "00:15:50", "text": "Kiyosaki, my mentor, constantly"}, {"start": "00:15:48", "end": "00:15:52", "text": "contrasts good debt versus bad debt,"}, {"start": "00:15:50", "end": "00:15:54", "text": "arguing that good debt, borrowed money"}, {"start": "00:15:52", "end": "00:15:56", "text": "used to buy producing assets, is what"}, {"start": "00:15:54", "end": "00:15:58", "text": "makes the rich richer. That's what the"}, {"start": "00:15:56", "end": "00:16:00", "text": "rich do. The canalon effect. They get"}, {"start": "00:15:58", "end": "00:16:02", "text": "the money first. They buy the assets. He"}, {"start": "00:16:00", "end": "00:16:03", "text": "openly says the rich often have large"}, {"start": "00:16:02", "end": "00:16:06", "text": "amounts of debt and calls the idea of"}, {"start": "00:16:03", "end": "00:16:08", "text": "being totally debtree financial insanity"}, {"start": "00:16:06", "end": "00:16:10", "text": "when you can use cheap debt to buy cash"}, {"start": "00:16:08", "end": "00:16:13", "text": "flowing assets. Again, think about this."}, {"start": "00:16:10", "end": "00:16:15", "text": "Think about the mechanism. The"}, {"start": "00:16:13", "end": "00:16:16", "text": "government, Wars, and Trump, they lower"}, {"start": "00:16:15", "end": "00:16:19", "text": "rates. They make money cheaper. When"}, {"start": "00:16:16", "end": "00:16:24", "text": "money gets cheaper, more people buy it."}, {"start": "00:16:19", "end": "00:16:26", "text": "It pushes asset prices higher. And the"}, {"start": "00:16:24", "end": "00:16:28", "text": "inflation that happens destroys the"}, {"start": "00:16:26", "end": "00:16:30", "text": "debt. So they give me the money cheap,"}, {"start": "00:16:28", "end": "00:16:31", "text": "my assets go up and the debt gets"}, {"start": "00:16:30", "end": "00:16:33", "text": "destroyed."}, {"start": "00:16:31", "end": "00:16:35", "text": "That's the plan. That's what they do."}, {"start": "00:16:33", "end": "00:16:37", "text": "Now again, most people are going to do"}, {"start": "00:16:35", "end": "00:16:38", "text": "nothing with this and that's their"}, {"start": "00:16:37", "end": "00:16:40", "text": "choice. But some people will build this."}, {"start": "00:16:38", "end": "00:16:43", "text": "I just urge you to uh build it uh with"}, {"start": "00:16:40", "end": "00:16:44", "text": "proper structure. Recognize the debt or"}, {"start": "00:16:43", "end": "00:16:46", "text": "is dangerous. Mitigate against that"}, {"start": "00:16:44", "end": "00:16:47", "text": "risk. But that's what I got for today."}, {"start": "00:16:46", "end": "00:16:52", "text": "Hopefully this makes sense. As I always"}, {"start": "00:16:47", "end": "00:16:52", "text": "say, to your success, I'm out."}]

[{"start": "00:00:00", "end": "00:00:04", "text": "So there's a theory that the system"}, {"start": "00:00:01", "end": "00:00:05", "text": "we've been living in is going through a"}, {"start": "00:00:04", "end": "00:00:06", "text": "paradox."}, {"start": "00:00:05", "end": "00:00:09", "text": ">> Then why do you think that China's"}, {"start": "00:00:06", "end": "00:00:11", "text": "issued this directive to banks to trim"}, {"start": "00:00:09", "end": "00:00:13", "text": "their exposure to treasuries now?"}, {"start": "00:00:11", "end": "00:00:16", "text": ">> And let me explain. Our economy uses"}, {"start": "00:00:13", "end": "00:00:18", "text": "debt to grow and debt assumes more"}, {"start": "00:00:16", "end": "00:00:21", "text": "workers and more incomes to pay for it."}, {"start": "00:00:18", "end": "00:00:23", "text": "But the markets and their values today"}, {"start": "00:00:21", "end": "00:00:27", "text": "assume that AI is going to rule the"}, {"start": "00:00:23", "end": "00:00:30", "text": "world. AI assumes less workers and less"}, {"start": "00:00:27", "end": "00:00:32", "text": "income in the future. So, how will this"}, {"start": "00:00:30", "end": "00:00:34", "text": "expansionary debt-based system work in"}, {"start": "00:00:32", "end": "00:00:37", "text": "[music] a world where AI and robots eat"}, {"start": "00:00:34", "end": "00:00:39", "text": "the jobs and the incomes? Both can't be"}, {"start": "00:00:37", "end": "00:00:40", "text": "true at the same time. That's the"}, {"start": "00:00:39", "end": "00:00:42", "text": "paradox."}, {"start": "00:00:40", "end": "00:00:45", "text": ">> Are we at the beginning of a new world"}, {"start": "00:00:42", "end": "00:00:46", "text": "order where we move away from Europe and"}, {"start": "00:00:45", "end": "00:00:48", "text": "[music] toward anything else? And"}, {"start": "00:00:46", "end": "00:00:50", "text": "there's a real question about whether"}, {"start": "00:00:48", "end": "00:00:51", "text": "there's a massive shift happening now in"}, {"start": "00:00:50", "end": "00:00:53", "text": "terms of world alliances long term."}, {"start": "00:00:51", "end": "00:00:54", "text": ">> Well, there's definitely, I think, a new"}, {"start": "00:00:53", "end": "00:00:55", "text": "world order. I think the president has"}, {"start": "00:00:54", "end": "00:00:57", "text": "sought to it. There's a new world order"}, {"start": "00:00:55", "end": "00:00:59", "text": "in trade. There's a new world order in"}, {"start": "00:00:57", "end": "00:01:01", "text": "globalization and the way that we invest"}, {"start": "00:00:59", "end": "00:01:03", "text": "[music] in our economy versus, you know,"}, {"start": "00:01:01", "end": "00:01:05", "text": "foreign supply chains. Uh there's a new"}, {"start": "00:01:03", "end": "00:01:06", "text": "world order and and that the president"}, {"start": "00:01:05", "end": "00:01:08", "text": "is willing to shake up some old alliance"}, {"start": "00:01:06", "end": "00:01:14", "text": "structure. Let me try to explain this"}, {"start": "00:01:08", "end": "00:01:16", "text": "idea using four big parts. So part one,"}, {"start": "00:01:14", "end": "00:01:18", "text": "for the last 80 years or so, the global"}, {"start": "00:01:16", "end": "00:01:20", "text": "economy was built on the Keynesian"}, {"start": "00:01:18", "end": "00:01:22", "text": "theory of economics. An easy way to"}, {"start": "00:01:20", "end": "00:01:24", "text": "understand what that means is that"}, {"start": "00:01:22", "end": "00:01:26", "text": "someone has money, you borrow it, and in"}, {"start": "00:01:24", "end": "00:01:29", "text": "order to pay interest on it, we have to"}, {"start": "00:01:26", "end": "00:01:31", "text": "make more money, aka more debt. It's"}, {"start": "00:01:29", "end": "00:01:33", "text": "also why economists call it the debt"}, {"start": "00:01:31", "end": "00:01:36", "text": "based system. Now, in order for that"}, {"start": "00:01:33", "end": "00:01:38", "text": "system to work properly, we need cheap"}, {"start": "00:01:36", "end": "00:01:40", "text": "money in the form of low and stable"}, {"start": "00:01:38", "end": "00:01:42", "text": "interest rates. And we also have to"}, {"start": "00:01:40", "end": "00:01:45", "text": "assume the population of the world goes"}, {"start": "00:01:42", "end": "00:01:47", "text": "up over time. More people with jobs and"}, {"start": "00:01:45", "end": "00:01:49", "text": "incomes will keep rising and that the"}, {"start": "00:01:47", "end": "00:01:52", "text": "price of stuff in the world would go up"}, {"start": "00:01:49", "end": "00:01:56", "text": "slowly at a rate of about 2% per year"}, {"start": "00:01:52", "end": "00:01:59", "text": "aka inflation. Now, low interest rates"}, {"start": "00:01:56", "end": "00:02:02", "text": "in this system eventually lead to"}, {"start": "00:01:59", "end": "00:02:04", "text": "something called leverage."}, {"start": "00:02:02", "end": "00:02:07", "text": "Leverage is the idea that instead of"}, {"start": "00:02:04", "end": "00:02:08", "text": "using only your own money, you borrow"}, {"start": "00:02:07", "end": "00:02:10", "text": "someone else's money so you can make"}, {"start": "00:02:08", "end": "00:02:12", "text": "even more money. And everyone is"}, {"start": "00:02:10", "end": "00:02:14", "text": "encouraged to do that because doesn't"}, {"start": "00:02:12", "end": "00:02:16", "text": "everyone want to make more money? So,"}, {"start": "00:02:14", "end": "00:02:18", "text": "companies take on leverage. [music] They"}, {"start": "00:02:16", "end": "00:02:21", "text": "borrow money to buy back their own"}, {"start": "00:02:18", "end": "00:02:23", "text": "stock. Investors borrow to buy assets."}, {"start": "00:02:21", "end": "00:02:25", "text": "Governments borrow to fund spending. And"}, {"start": "00:02:23", "end": "00:02:28", "text": "the whole system slowly becomes"}, {"start": "00:02:25", "end": "00:02:30", "text": "dependent on borrowing and leverage. Now"}, {"start": "00:02:28", "end": "00:02:32", "text": "that system works for as long as a"}, {"start": "00:02:30", "end": "00:02:34", "text": "couple things stay true. Like for"}, {"start": "00:02:32", "end": "00:02:36", "text": "example, it helps when interest rates"}, {"start": "00:02:34", "end": "00:02:38", "text": "stay low. That's how debt and leverage"}, {"start": "00:02:36", "end": "00:02:40", "text": "spreads through the system. That's also"}, {"start": "00:02:38", "end": "00:02:42", "text": "why for so many years if you were"}, {"start": "00:02:40", "end": "00:02:45", "text": "invested in the markets, everything was"}, {"start": "00:02:42", "end": "00:02:48", "text": "good even though the level of debt was"}, {"start": "00:02:45", "end": "00:02:51", "text": "unsustainable everywhere you looked."}, {"start": "00:02:48", "end": "00:02:53", "text": "Well, then there's part two, which is"}, {"start": "00:02:51", "end": "00:02:56", "text": "what about the future of the system?"}, {"start": "00:02:53", "end": "00:03:00", "text": "Because the debt-based system only works"}, {"start": "00:02:56", "end": "00:03:02", "text": "if the future can reliably pay for the"}, {"start": "00:03:00", "end": "00:03:05", "text": "present. It means people need jobs."}, {"start": "00:03:02", "end": "00:03:07", "text": "Society needs to make money, right? The"}, {"start": "00:03:05", "end": "00:03:09", "text": "amount of people that pay taxes and pay"}, {"start": "00:03:07", "end": "00:03:12", "text": "into the system needs to grow so that"}, {"start": "00:03:09", "end": "00:03:16", "text": "economic activity expands."}, {"start": "00:03:12", "end": "00:03:18", "text": "But now it's 2026 and here's what the"}, {"start": "00:03:16", "end": "00:03:21", "text": "future looks like. You've predicted AI"}, {"start": "00:03:18", "end": "00:03:23", "text": "will disrupt 50% of entry- level white"}, {"start": "00:03:21", "end": "00:03:24", "text": "collar jobs over the next 1 to 5 years."}, {"start": "00:03:23", "end": "00:03:26", "text": "What does that mean for the future of"}, {"start": "00:03:24", "end": "00:03:27", "text": "work? Right? If you have a child who's"}, {"start": "00:03:26", "end": "00:03:30", "text": "graduating high school, thinking about"}, {"start": "00:03:27", "end": "00:03:32", "text": "college, thinking about a trade school,"}, {"start": "00:03:30", "end": "00:03:33", "text": "what what should the future of America"}, {"start": "00:03:32", "end": "00:03:35", "text": "be looking to right now to make sure"}, {"start": "00:03:33", "end": "00:03:38", "text": "they have a job down the line?"}, {"start": "00:03:35", "end": "00:03:40", "text": ">> So, that was the CEO of Anthropic. He's"}, {"start": "00:03:38", "end": "00:03:42", "text": "telling us that about 50% of white"}, {"start": "00:03:40", "end": "00:03:46", "text": "collar work will be replaced in the next"}, {"start": "00:03:42", "end": "00:03:48", "text": "1 to 5 years. And what that means is"}, {"start": "00:03:46", "end": "00:03:51", "text": "that there may not be enough humans in"}, {"start": "00:03:48", "end": "00:03:53", "text": "the workforce who will pay into the"}, {"start": "00:03:51", "end": "00:03:56", "text": "system, who will keep borrowing money to"}, {"start": "00:03:53", "end": "00:03:58", "text": "keep expanding the debt based system. So"}, {"start": "00:03:56", "end": "00:04:01", "text": "investors are like, I've got a question."}, {"start": "00:03:58", "end": "00:04:03", "text": "In a world where robots work and humans"}, {"start": "00:04:01", "end": "00:04:05", "text": "don't, who's doing the borrowing and"}, {"start": "00:04:03", "end": "00:04:08", "text": "where is the cash flow going to come"}, {"start": "00:04:05", "end": "00:04:10", "text": "from? We don't know. That's when this"}, {"start": "00:04:08", "end": "00:04:13", "text": "idea of using other people's money, aka"}, {"start": "00:04:10", "end": "00:04:15", "text": "leverage, gets a lot more dangerous"}, {"start": "00:04:13", "end": "00:04:18", "text": "because this can lead to volatility,"}, {"start": "00:04:15", "end": "00:04:20", "text": "which leads to delever. This cascade of"}, {"start": "00:04:18", "end": "00:04:23", "text": "selling because no one wants to be the"}, {"start": "00:04:20", "end": "00:04:25", "text": "last person holding risky assets when we"}, {"start": "00:04:23", "end": "00:04:28", "text": "don't know things. And that leads us to"}, {"start": "00:04:25", "end": "00:04:30", "text": "part three, which is the geopolitical"}, {"start": "00:04:28", "end": "00:04:32", "text": "story. And what we're seeing right now"}, {"start": "00:04:30", "end": "00:04:34", "text": "is the trust between nations getting"}, {"start": "00:04:32", "end": "00:04:36", "text": "weaker. There's more uncertainty about"}, {"start": "00:04:34", "end": "00:04:39", "text": "what backs the whole system. And so the"}, {"start": "00:04:36", "end": "00:04:42", "text": "question is what is money in this new"}, {"start": "00:04:39", "end": "00:04:45", "text": "world? Is it dollars in the form of"}, {"start": "00:04:42", "end": "00:04:46", "text": "treasuries? Is it yuan? Is it gold? Is"}, {"start": "00:04:45", "end": "00:04:48", "text": "it oil? Is it central bank digital"}, {"start": "00:04:46", "end": "00:04:52", "text": "currencies? We don't know."}, {"start": "00:04:48", "end": "00:04:56", "text": ">> So debt is a global problem. And I think"}, {"start": "00:04:52", "end": "00:04:57", "text": "what the gold rally tells you is markets"}, {"start": "00:04:56", "end": "00:05:00", "text": "have kind of run out of patience."}, {"start": "00:04:57", "end": "00:05:02", "text": "They're looking for safe havens."}, {"start": "00:05:00", "end": "00:05:04", "text": "That's why central banks are"}, {"start": "00:05:02", "end": "00:05:06", "text": "diversifying their reserves and gold is"}, {"start": "00:05:04", "end": "00:05:08", "text": "playing a bigger role here. And in a"}, {"start": "00:05:06", "end": "00:05:11", "text": "world where no one knows what's going to"}, {"start": "00:05:08", "end": "00:05:14", "text": "happen, leverage is not good. And so"}, {"start": "00:05:11", "end": "00:05:16", "text": "what happens next? Part four. The"}, {"start": "00:05:14", "end": "00:05:17", "text": "symptom of these questions is what we"}, {"start": "00:05:16", "end": "00:05:19", "text": "see in the markets."}, {"start": "00:05:17", "end": "00:05:22", "text": ">> Software stocks have become ground zero"}, {"start": "00:05:19", "end": "00:05:24", "text": "for investors anxiety over the possible"}, {"start": "00:05:22", "end": "00:05:26", "text": "disruption coming from AI."}, {"start": "00:05:24", "end": "00:05:29", "text": ">> Uh for a moment seemed like a blood"}, {"start": "00:05:26", "end": "00:05:30", "text": "bath. Then things turned around. We got"}, {"start": "00:05:29", "end": "00:05:32", "text": "Bitcoin. We're all trying to make sense"}, {"start": "00:05:30", "end": "00:05:34", "text": "of of what's exactly happening here,"}, {"start": "00:05:32", "end": "00:05:36", "text": "what is happening in your mind."}, {"start": "00:05:34", "end": "00:05:39", "text": ">> That shows up to us as volatility. And"}, {"start": "00:05:36", "end": "00:05:41", "text": "usually where it shows up the hardest is"}, {"start": "00:05:39", "end": "00:05:43", "text": "[music] in what's called the most liquid"}, {"start": "00:05:41", "end": "00:05:46", "text": "assets, aka the easiest thing to press"}, {"start": "00:05:43", "end": "00:05:48", "text": "the sell button on. That means Bitcoin"}, {"start": "00:05:46", "end": "00:05:51", "text": "tends to move earlier than everything"}, {"start": "00:05:48", "end": "00:05:53", "text": "else because it trades 24/7. It absorbs"}, {"start": "00:05:51", "end": "00:05:56", "text": "risk much faster because you can [music]"}, {"start": "00:05:53", "end": "00:05:58", "text": "panic sell it on a Saturday, smash buy"}, {"start": "00:05:56", "end": "00:06:00", "text": "it on a Sunday, and it's global. And"}, {"start": "00:05:58", "end": "00:06:02", "text": "because everything is connected,"}, {"start": "00:06:00", "end": "00:06:04", "text": "everything in the system kind of reacts"}, {"start": "00:06:02", "end": "00:06:06", "text": "at the same time. Stocks can go crazy,"}, {"start": "00:06:04", "end": "00:06:08", "text": "commodities can go crazy, and all sorts"}, {"start": "00:06:06", "end": "00:06:11", "text": "of interesting things start to happen,"}, {"start": "00:06:08", "end": "00:06:13", "text": "which is kind of what we saw last week."}, {"start": "00:06:11", "end": "00:06:15", "text": "That's a very highlevel but overly"}, {"start": "00:06:13", "end": "00:06:17", "text": "simplified explanation of what I'm"}, {"start": "00:06:15", "end": "00:06:20", "text": "seeing. So, in this video, I want to"}, {"start": "00:06:17", "end": "00:06:22", "text": "explain exactly what's going on, what's"}, {"start": "00:06:20", "end": "00:06:25", "text": "happening to Bitcoin, especially how we"}, {"start": "00:06:22", "end": "00:06:27", "text": "got here, where we might go next, and"}, {"start": "00:06:25", "end": "00:06:29", "text": "how I'm personally investing. So, with"}, {"start": "00:06:27", "end": "00:06:30", "text": "that said, let's get into it. Hi, my"}, {"start": "00:06:29", "end": "00:06:32", "text": "name is Hri Jick. Hope you're doing"}, {"start": "00:06:30", "end": "00:06:35", "text": "well. Comfort the finance and stay for"}, {"start": "00:06:32", "end": "00:06:36", "text": "another very nerdy macroeconomic video."}, {"start": "00:06:35", "end": "00:06:38", "text": "So, let me start with arguably the most"}, {"start": "00:06:36", "end": "00:06:40", "text": "interesting asset right now, which is"}, {"start": "00:06:38", "end": "00:06:43", "text": "Bitcoin, which has been decimated from"}, {"start": "00:06:40", "end": "00:06:45", "text": "its all-time highs. And there's a couple"}, {"start": "00:06:43", "end": "00:06:47", "text": "interesting theories as to why, and this"}, {"start": "00:06:45", "end": "00:06:50", "text": "one really caught my attention. The"}, {"start": "00:06:47", "end": "00:06:53", "text": "theory is that Bitcoin has been captured"}, {"start": "00:06:50", "end": "00:06:56", "text": "by Wall Street using something called"}, {"start": "00:06:53", "end": "00:06:58", "text": "synthetic Bitcoin. What does that mean?"}, {"start": "00:06:56", "end": "00:07:01", "text": "Okay, so Bitcoin originally traded like"}, {"start": "00:06:58", "end": "00:07:03", "text": "a normal scarce asset where price"}, {"start": "00:07:01", "end": "00:07:07", "text": "discovery mostly happened on the"}, {"start": "00:07:03", "end": "00:07:09", "text": "blockchain, meaning real buyers with"}, {"start": "00:07:07", "end": "00:07:12", "text": "real money took custody of their real"}, {"start": "00:07:09", "end": "00:07:14", "text": "coins. And that's what made the price go"}, {"start": "00:07:12", "end": "00:07:16", "text": "up and down, aka price discovery. And if"}, {"start": "00:07:14", "end": "00:07:19", "text": "there was leverage, we could see it on"}, {"start": "00:07:16", "end": "00:07:22", "text": "chain because it wasn't securitized just"}, {"start": "00:07:19", "end": "00:07:24", "text": "yet. But over time, Bitcoin was absorbed"}, {"start": "00:07:22", "end": "00:07:26", "text": "into the traditional financial system."}, {"start": "00:07:24", "end": "00:07:29", "text": "And once that happened, synthetic"}, {"start": "00:07:26", "end": "00:07:32", "text": "bitcoins were created. And so today, the"}, {"start": "00:07:29", "end": "00:07:35", "text": "buyers and sellers of Bitcoin are not"}, {"start": "00:07:32", "end": "00:07:36", "text": "people that are moving coins on chain."}, {"start": "00:07:35", "end": "00:07:38", "text": "Instead, it's the traders and"}, {"start": "00:07:36", "end": "00:07:40", "text": "institutions moving it in what are"}, {"start": "00:07:38", "end": "00:07:42", "text": "called derivatives markets. Those are"}, {"start": "00:07:40", "end": "00:07:44", "text": "things like futures contracts, options"}, {"start": "00:07:42", "end": "00:07:46", "text": "contracts, perpetual swaps, things like"}, {"start": "00:07:44", "end": "00:07:49", "text": "that. And this is where you can get"}, {"start": "00:07:46", "end": "00:07:52", "text": "exposure to Bitcoin financially without"}, {"start": "00:07:49", "end": "00:07:55", "text": "ever touching the asset itself."}, {"start": "00:07:52", "end": "00:07:57", "text": "Therefore, the leverage is not on chain."}, {"start": "00:07:55", "end": "00:07:59", "text": "It's actually invisible. Now, we don't"}, {"start": "00:07:57", "end": "00:08:01", "text": "know how much leverage there is until"}, {"start": "00:07:59", "end": "00:08:02", "text": "something breaks. And I know that sounds"}, {"start": "00:08:01", "end": "00:08:05", "text": "kind of complicated. So, let me just"}, {"start": "00:08:02", "end": "00:08:08", "text": "give you an easy example to follow. This"}, {"start": "00:08:05", "end": "00:08:10", "text": "right here is my birthday Pikachu. There"}, {"start": "00:08:08", "end": "00:08:13", "text": "are many like it, but this one is mine."}, {"start": "00:08:10", "end": "00:08:16", "text": "Now, imagine Wall Street securitizes it."}, {"start": "00:08:13", "end": "00:08:19", "text": "First, they create a Pikachu ETF where"}, {"start": "00:08:16", "end": "00:08:21", "text": "the real card sits in a vault and"}, {"start": "00:08:19", "end": "00:08:23", "text": "investors trade stocks or shares of it,"}, {"start": "00:08:21", "end": "00:08:27", "text": "maybe fractional shares. Well, that"}, {"start": "00:08:23", "end": "00:08:28", "text": "alone means that more people have"}, {"start": "00:08:27", "end": "00:08:31", "text": "trading exposure to Pikachu without"}, {"start": "00:08:28", "end": "00:08:33", "text": "touching the card. Well, then we add"}, {"start": "00:08:31", "end": "00:08:36", "text": "futures, right? So that people can bet"}, {"start": "00:08:33", "end": "00:08:39", "text": "on where Pikachu's price will be next"}, {"start": "00:08:36", "end": "00:08:40", "text": "month without owning it. Then options so"}, {"start": "00:08:39", "end": "00:08:43", "text": "people can speculate on the upside or"}, {"start": "00:08:40", "end": "00:08:45", "text": "downside. Then perpetual swaps, so you"}, {"start": "00:08:43", "end": "00:08:48", "text": "can go long or short Pikachu with"}, {"start": "00:08:45", "end": "00:08:51", "text": "leverage 24/7. Then brokers start"}, {"start": "00:08:48", "end": "00:08:53", "text": "lending Pikachu exposure to hedge funds"}, {"start": "00:08:51", "end": "00:08:56", "text": "and structured portfolios. They bundle"}, {"start": "00:08:53", "end": "00:09:00", "text": "it all inside. At that point, there will"}, {"start": "00:08:56", "end": "00:09:02", "text": "be dozens of financial claims tied to"}, {"start": "00:09:00", "end": "00:09:05", "text": "one physical card. So the card itself"}, {"start": "00:09:02", "end": "00:09:08", "text": "could be like $1,000, but there could be"}, {"start": "00:09:05", "end": "00:09:12", "text": "over $100,000 of value exchanged through"}, {"start": "00:09:08", "end": "00:09:14", "text": "these derivatives. That's synthetic"}, {"start": "00:09:12", "end": "00:09:17", "text": "supply. The card is still rare. There"}, {"start": "00:09:14", "end": "00:09:20", "text": "may still only be one, but price"}, {"start": "00:09:17", "end": "00:09:22", "text": "discovery is now dominated by Paper"}, {"start": "00:09:20", "end": "00:09:24", "text": "Pikachu. That's what's happening to"}, {"start": "00:09:22", "end": "00:09:26", "text": "Bitcoin. Now, unfortunately, I can't"}, {"start": "00:09:24", "end": "00:09:28", "text": "show you concrete evidence of how many"}, {"start": "00:09:26", "end": "00:09:31", "text": "extra Bitcoin there are now. But on the"}, {"start": "00:09:28", "end": "00:09:34", "text": "low end, estimates range anywhere from"}, {"start": "00:09:31", "end": "00:09:36", "text": "between 650,000 Bitcoin, roughly the"}, {"start": "00:09:34", "end": "00:09:39", "text": "size of Michael Sailor's strategy"}, {"start": "00:09:36", "end": "00:09:42", "text": "company, all the way to as high as 2.5"}, {"start": "00:09:39", "end": "00:09:44", "text": "million synthetic Bitcoin. And that is"}, {"start": "00:09:42", "end": "00:09:46", "text": "billions and billions and billions of"}, {"start": "00:09:44", "end": "00:09:48", "text": "dollars that gets absorbed by the paper"}, {"start": "00:09:46", "end": "00:09:51", "text": "version of it. Now, I want to be clear."}, {"start": "00:09:48", "end": "00:09:53", "text": "This is not the spot ETFs like IBIT, for"}, {"start": "00:09:51", "end": "00:09:57", "text": "example, which need to buy the actual"}, {"start": "00:09:53", "end": "00:09:59", "text": "spot bitcoin. But it's the existence of"}, {"start": "00:09:57", "end": "00:10:01", "text": "these ETFs is what allows the"}, {"start": "00:09:59", "end": "00:10:04", "text": "integration of these derivatives that"}, {"start": "00:10:01", "end": "00:10:06", "text": "allow for the short-term control over"}, {"start": "00:10:04", "end": "00:10:08", "text": "Bitcoin's price. Because derivatives"}, {"start": "00:10:06", "end": "00:10:10", "text": "don't have the same supply limit. If"}, {"start": "00:10:08", "end": "00:10:12", "text": "investors want Bitcoin, Wall Street"}, {"start": "00:10:10", "end": "00:10:14", "text": "doesn't need to find the more Bitcoin,"}, {"start": "00:10:12", "end": "00:10:16", "text": "right? They just create more contracts"}, {"start": "00:10:14", "end": "00:10:18", "text": "for things like options trading or"}, {"start": "00:10:16", "end": "00:10:20", "text": "futures markets. So anyway, synthetic"}, {"start": "00:10:18", "end": "00:10:24", "text": "Bitcoin is not fake Bitcoin like a in a"}, {"start": "00:10:20", "end": "00:10:26", "text": "scam sense or more supply sense. It's"}, {"start": "00:10:24", "end": "00:10:29", "text": "real exposure, but it's not constrained"}, {"start": "00:10:26", "end": "00:10:32", "text": "by the 21 million coin limit the same"}, {"start": "00:10:29", "end": "00:10:34", "text": "way onchain Bitcoin is. And this is not"}, {"start": "00:10:32", "end": "00:10:37", "text": "unique to Bitcoin, by the way. This is"}, {"start": "00:10:34", "end": "00:10:40", "text": "what happens to every asset once Wall"}, {"start": "00:10:37", "end": "00:10:42", "text": "Street securitizes it. That's what"}, {"start": "00:10:40", "end": "00:10:44", "text": "happened to gold where the price is now"}, {"start": "00:10:42", "end": "00:10:47", "text": "dominated by paper contracts instead of"}, {"start": "00:10:44", "end": "00:10:50", "text": "physical bars changing hands. That's"}, {"start": "00:10:47", "end": "00:10:53", "text": "also why we see a huge delta or price"}, {"start": "00:10:50", "end": "00:10:55", "text": "difference in silver between the silver"}, {"start": "00:10:53", "end": "00:10:57", "text": "we see in the comx market versus the"}, {"start": "00:10:55", "end": "00:11:00", "text": "Shanghai market where the silver there"}, {"start": "00:10:57", "end": "00:11:02", "text": "is more expensive because it represents"}, {"start": "00:11:00", "end": "00:11:03", "text": "deliverable physical silver. There's a"}, {"start": "00:11:02", "end": "00:11:06", "text": "premium because what would you rather"}, {"start": "00:11:03", "end": "00:11:08", "text": "own? Paper silver or physical silver?"}, {"start": "00:11:06", "end": "00:11:12", "text": "Obviously the physical version. That's"}, {"start": "00:11:08", "end": "00:11:14", "text": "why once an asset enters Wall Street,"}, {"start": "00:11:12", "end": "00:11:16", "text": "the short-term price can be tamed and it"}, {"start": "00:11:14", "end": "00:11:19", "text": "can be suppressed. That's the bad news."}, {"start": "00:11:16", "end": "00:11:22", "text": "The good news is price control using"}, {"start": "00:11:19", "end": "00:11:24", "text": "synthetic supply only works in the short"}, {"start": "00:11:22", "end": "00:11:27", "text": "term. In the long term, Bitcoin cannot"}, {"start": "00:11:24", "end": "00:11:29", "text": "be controlled and it cannot be stopped."}, {"start": "00:11:27", "end": "00:11:30", "text": "But I'll explain how and why later. Now,"}, {"start": "00:11:29", "end": "00:11:33", "text": "the next question I want to help explain"}, {"start": "00:11:30", "end": "00:11:35", "text": "is what happens to everyone's money when"}, {"start": "00:11:33", "end": "00:11:37", "text": "the market goes down at the same time?"}, {"start": "00:11:35", "end": "00:11:40", "text": "Like if everything is losing money,"}, {"start": "00:11:37", "end": "00:11:42", "text": "silver, gold, bitcoins, stocks, where is"}, {"start": "00:11:40", "end": "00:11:44", "text": "that money going? And to answer that"}, {"start": "00:11:42", "end": "00:11:47", "text": "question, I think we have to look at"}, {"start": "00:11:44", "end": "00:11:49", "text": "this in four parts. So let me explain it"}, {"start": "00:11:47", "end": "00:11:51", "text": "starting with part one, which is the"}, {"start": "00:11:49", "end": "00:11:53", "text": "debt based system and leverage. Now, a"}, {"start": "00:11:51", "end": "00:11:54", "text": "quick side note before we keep going"}, {"start": "00:11:53", "end": "00:11:56", "text": "because this actually fits really well"}, {"start": "00:11:54", "end": "00:11:57", "text": "into everything we're talking about."}, {"start": "00:11:56", "end": "00:11:59", "text": "Because when uncertainty is rising and"}, {"start": "00:11:57", "end": "00:12:01", "text": "leverage is coming out of the system,"}, {"start": "00:11:59", "end": "00:12:03", "text": "the smartest thing to do is usually not"}, {"start": "00:12:01", "end": "00:12:05", "text": "something dramatic. It's just lowering"}, {"start": "00:12:03", "end": "00:12:07", "text": "unnecessary exposure. Now, most people"}, {"start": "00:12:05", "end": "00:12:10", "text": "already cover the basics like password"}, {"start": "00:12:07", "end": "00:12:11", "text": "managers and VPNs, but there's a big gap"}, {"start": "00:12:10", "end": "00:12:13", "text": "most people don't think about, which is"}, {"start": "00:12:11", "end": "00:12:15", "text": "your personal information that gets sold"}, {"start": "00:12:13", "end": "00:12:17", "text": "through data brokers. And this includes"}, {"start": "00:12:15", "end": "00:12:19", "text": "things like your name, home address,"}, {"start": "00:12:17", "end": "00:12:21", "text": "phone number, and even relatives. That's"}, {"start": "00:12:19", "end": "00:12:24", "text": "what Delete Me helps with. Since I'm on"}, {"start": "00:12:21", "end": "00:12:25", "text": "YouTube, my information gets sold a lot."}, {"start": "00:12:24", "end": "00:12:27", "text": "And that's why I've personally been a"}, {"start": "00:12:25", "end": "00:12:29", "text": "member since April 2024 and they've"}, {"start": "00:12:27", "end": "00:12:31", "text": "looked at thousands of listings and"}, {"start": "00:12:29", "end": "00:12:33", "text": "found that over 50 brokers have been"}, {"start": "00:12:31", "end": "00:12:35", "text": "selling my info. Thankfully, Delete Me"}, {"start": "00:12:33", "end": "00:12:37", "text": "has removed dozens of them for me and it"}, {"start": "00:12:35", "end": "00:12:39", "text": "runs in the background automatically so"}, {"start": "00:12:37", "end": "00:12:41", "text": "that I don't have to do anything. So, if"}, {"start": "00:12:39", "end": "00:12:43", "text": "you want to start the year off smarter"}, {"start": "00:12:41", "end": "00:12:45", "text": "and safer, it takes about 5 minutes to"}, {"start": "00:12:43", "end": "00:12:48", "text": "set up. I'll leave a link down below or"}, {"start": "00:12:45", "end": "00:12:50", "text": "you can go to joindeme.com/andre20"}, {"start": "00:12:48", "end": "00:12:52", "text": "to get 20% off for new subscribers on"}, {"start": "00:12:50", "end": "00:12:53", "text": "all US consumer plans. Thank you to"}, {"start": "00:12:52", "end": "00:12:55", "text": "Delete Me for sponsoring this segment."}, {"start": "00:12:53", "end": "00:12:58", "text": "And now let's get back to it. So part"}, {"start": "00:12:55", "end": "00:13:00", "text": "one, for most of the last century, the"}, {"start": "00:12:58", "end": "00:13:02", "text": "global economy worked off of a"}, {"start": "00:13:00", "end": "00:13:04", "text": "debt-based system where growth was"}, {"start": "00:13:02", "end": "00:13:06", "text": "pulled from the future. That's why when"}, {"start": "00:13:04", "end": "00:13:08", "text": "you look at stocks today, they have"}, {"start": "00:13:06", "end": "00:13:10", "text": "something called a forward PE ratio."}, {"start": "00:13:08", "end": "00:13:12", "text": "Because the price of stocks you see"}, {"start": "00:13:10", "end": "00:13:15", "text": "today are not what companies are"}, {"start": "00:13:12", "end": "00:13:17", "text": "actually worth today. They're valued at"}, {"start": "00:13:15", "end": "00:13:19", "text": "what their earnings are expected to be"}, {"start": "00:13:17", "end": "00:13:21", "text": "in the future. And so investors will pay"}, {"start": "00:13:19", "end": "00:13:23", "text": "a premium for it. Now, as long as"}, {"start": "00:13:21", "end": "00:13:25", "text": "interest rates stay low and predictable,"}, {"start": "00:13:23", "end": "00:13:28", "text": "which today they are neither low nor"}, {"start": "00:13:25", "end": "00:13:30", "text": "predictable, the system works really"}, {"start": "00:13:28", "end": "00:13:32", "text": "well. If you can borrow cheaply and"}, {"start": "00:13:30", "end": "00:13:34", "text": "invest that money into something that"}, {"start": "00:13:32", "end": "00:13:37", "text": "grows faster than the cost of debt, you"}, {"start": "00:13:34", "end": "00:13:39", "text": "are incentivized, almost forced to do"}, {"start": "00:13:37", "end": "00:13:41", "text": "it. It's free money. And a good example"}, {"start": "00:13:39", "end": "00:13:44", "text": "of this is Michael Sailor's company"}, {"start": "00:13:41", "end": "00:13:47", "text": "Strategy. The whole business model is"}, {"start": "00:13:44", "end": "00:13:49", "text": "borrowing money as cheaply as possible"}, {"start": "00:13:47", "end": "00:13:52", "text": "because the bet is that the long-term"}, {"start": "00:13:49", "end": "00:13:54", "text": "return on Bitcoin will grow faster than"}, {"start": "00:13:52", "end": "00:13:57", "text": "the rate or the cost of his loan. That"}, {"start": "00:13:54", "end": "00:13:59", "text": "is leverage. Ironically, it's also kind"}, {"start": "00:13:57", "end": "00:14:01", "text": "of what leads to the synthetic nature of"}, {"start": "00:13:59", "end": "00:14:03", "text": "Bitcoin in the short term. If Strategy"}, {"start": "00:14:01", "end": "00:14:05", "text": "really wanted Bitcoin's price to go up,"}, {"start": "00:14:03", "end": "00:14:07", "text": "they would buy spot Bitcoin, not OTC,"}, {"start": "00:14:05", "end": "00:14:09", "text": "which happens privately, but that's a"}, {"start": "00:14:07", "end": "00:14:11", "text": "separate story for another time. The"}, {"start": "00:14:09", "end": "00:14:14", "text": "point is almost everyone in this"}, {"start": "00:14:11", "end": "00:14:17", "text": "debt-based system is incentivized to"}, {"start": "00:14:14", "end": "00:14:19", "text": "borrow money which means leverage then"}, {"start": "00:14:17", "end": "00:14:21", "text": "spreads throughout the whole system and"}, {"start": "00:14:19", "end": "00:14:22", "text": "this is where Japan becomes a really"}, {"start": "00:14:21", "end": "00:14:25", "text": "important part of the story because for"}, {"start": "00:14:22", "end": "00:14:28", "text": "decades Japan kept interest rates at"}, {"start": "00:14:25", "end": "00:14:29", "text": "zero sometimes even below zero. Japan"}, {"start": "00:14:28", "end": "00:14:32", "text": "became the cheapest source of money in"}, {"start": "00:14:29", "end": "00:14:35", "text": "the world [music] and their capital or"}, {"start": "00:14:32", "end": "00:14:37", "text": "money flowed out of Japan and into all"}, {"start": "00:14:35", "end": "00:14:38", "text": "the other markets. And what that did was"}, {"start": "00:14:37", "end": "00:14:40", "text": "a few things [music] and it sort of"}, {"start": "00:14:38", "end": "00:14:43", "text": "explains what's happening right now. The"}, {"start": "00:14:40", "end": "00:14:46", "text": "most important thing that it did was it"}, {"start": "00:14:43", "end": "00:14:48", "text": "created an environment where leverage"}, {"start": "00:14:46", "end": "00:14:50", "text": "borrowing money was safe cuz companies"}, {"start": "00:14:48", "end": "00:14:52", "text": "borrowed to buy back their own stock."}, {"start": "00:14:50", "end": "00:14:54", "text": "Investors borrowed to buy assets."}, {"start": "00:14:52", "end": "00:14:57", "text": "Government borrowed to fund spending."}, {"start": "00:14:54", "end": "00:14:59", "text": "And markets got used to this idea that"}, {"start": "00:14:57", "end": "00:15:01", "text": "debt could always be rolled over."}, {"start": "00:14:59", "end": "00:15:03", "text": "Meaning even if your bills came due, you"}, {"start": "00:15:01", "end": "00:15:04", "text": "could just roll that loan into another"}, {"start": "00:15:03", "end": "00:15:08", "text": "loan. Right? As long as the rate stayed"}, {"start": "00:15:04", "end": "00:15:10", "text": "low, that works. So, how did Japan do"}, {"start": "00:15:08", "end": "00:15:13", "text": "this for the world then? Well, for"}, {"start": "00:15:10", "end": "00:15:17", "text": "years, Japan made this possible by"}, {"start": "00:15:13", "end": "00:15:20", "text": "prioritizing its bond market over its"}, {"start": "00:15:17", "end": "00:15:22", "text": "currency. They did that using something"}, {"start": "00:15:20", "end": "00:15:25", "text": "called yield curve control. Basically,"}, {"start": "00:15:22", "end": "00:15:28", "text": "the Bank of Japan promised the world"}, {"start": "00:15:25", "end": "00:15:32", "text": "that their 10year Japanese government"}, {"start": "00:15:28", "end": "00:15:34", "text": "bond wouldn't be allowed to rise above a"}, {"start": "00:15:32", "end": "00:15:37", "text": "certain level. And if it did, the"}, {"start": "00:15:34", "end": "00:15:40", "text": "central bank would step in and buy as"}, {"start": "00:15:37", "end": "00:15:43", "text": "many bonds as necessary to push those"}, {"start": "00:15:40", "end": "00:15:46", "text": "yields back down. That kept borrowing"}, {"start": "00:15:43", "end": "00:15:49", "text": "costs stable, not just for Japan, but"}, {"start": "00:15:46", "end": "00:15:52", "text": "indirectly for the whole world. The"}, {"start": "00:15:49", "end": "00:15:54", "text": "trade-off for Japan was a weaker yen,"}, {"start": "00:15:52", "end": "00:15:56", "text": "right, which steadily declined over"}, {"start": "00:15:54", "end": "00:15:58", "text": "decades. And that's what people mean"}, {"start": "00:15:56", "end": "00:16:01", "text": "when they talk about the yen carry trade"}, {"start": "00:15:58", "end": "00:16:03", "text": "coming to an end because now Japan is"}, {"start": "00:16:01", "end": "00:16:06", "text": "facing a crisis. It's affecting the"}, {"start": "00:16:03", "end": "00:16:09", "text": "whole world. Japan has two options."}, {"start": "00:16:06", "end": "00:16:13", "text": "Option one is to defend their currency,"}, {"start": "00:16:09", "end": "00:16:16", "text": "the yen. Option two is to keep interest"}, {"start": "00:16:13", "end": "00:16:19", "text": "rates low so their debt doesn't become"}, {"start": "00:16:16", "end": "00:16:21", "text": "too expensive. But they can't do both."}, {"start": "00:16:19", "end": "00:16:23", "text": "Now, for years, Japan prioritized their"}, {"start": "00:16:21", "end": "00:16:25", "text": "bonds, which is why their currency"}, {"start": "00:16:23", "end": "00:16:27", "text": "against the dollar has been on a"}, {"start": "00:16:25", "end": "00:16:30", "text": "multi-deade decline. They did that"}, {"start": "00:16:27", "end": "00:16:34", "text": "strategically using that yield curve"}, {"start": "00:16:30", "end": "00:16:37", "text": "control. But now, Japanese bond interest"}, {"start": "00:16:34", "end": "00:16:40", "text": "rates or yields are going up at levels"}, {"start": "00:16:37", "end": "00:16:42", "text": "we haven't seen in decades. And when"}, {"start": "00:16:40", "end": "00:16:44", "text": "yields or interest rates go up, the"}, {"start": "00:16:42", "end": "00:16:47", "text": "government has to spend more just to pay"}, {"start": "00:16:44", "end": "00:16:49", "text": "for its debt. And Japan has a lot of"}, {"start": "00:16:47", "end": "00:16:51", "text": "debt because they buy US treasuries,"}, {"start": "00:16:49", "end": "00:16:54", "text": "right? That's our debt. Which means"}, {"start": "00:16:51", "end": "00:16:56", "text": "stress in Japan's bond market always"}, {"start": "00:16:54", "end": "00:16:58", "text": "spills [music] over into the rest of the"}, {"start": "00:16:56", "end": "00:16:59", "text": "world. Doesn't just stay in Japan."}, {"start": "00:16:58", "end": "00:17:02", "text": ">> I I believe the markets are going down"}, {"start": "00:16:59", "end": "00:17:05", "text": "because the Japanese bond market had a"}, {"start": "00:17:02", "end": "00:17:08", "text": "six standard deviation move for the past"}, {"start": "00:17:05", "end": "00:17:11", "text": "2 days. That would be in their 10-year"}, {"start": "00:17:08", "end": "00:17:14", "text": "bonds. But that's spilling all over into"}, {"start": "00:17:11", "end": "00:17:17", "text": "all bond markets. German yields are up,"}, {"start": "00:17:14", "end": "00:17:21", "text": "French yields are up, US yields are up,"}, {"start": "00:17:17", "end": "00:17:22", "text": "and again, it's mostly the Japanese bond"}, {"start": "00:17:21", "end": "00:17:25", "text": "market."}, {"start": "00:17:22", "end": "00:17:28", "text": ">> Now, if the Bank of Japan steps in and"}, {"start": "00:17:25", "end": "00:17:30", "text": "starts to yield curve control again and"}, {"start": "00:17:28", "end": "00:17:33", "text": "try to lower the rates, it sends a"}, {"start": "00:17:30", "end": "00:17:35", "text": "signal of easy money, which weakens"}, {"start": "00:17:33", "end": "00:17:37", "text": "[music] the yen, the currency, and a"}, {"start": "00:17:35", "end": "00:17:39", "text": "weaker yen makes their imports more"}, {"start": "00:17:37", "end": "00:17:41", "text": "expensive and pushes capital or money"}, {"start": "00:17:39", "end": "00:17:43", "text": "out of their country. They don't want to"}, {"start": "00:17:41", "end": "00:17:46", "text": "do that anymore. On the other hand, if"}, {"start": "00:17:43", "end": "00:17:48", "text": "Japan allows yields to keep rising to"}, {"start": "00:17:46", "end": "00:17:50", "text": "support their currency, stronger"}, {"start": "00:17:48", "end": "00:17:53", "text": "currency and higher rates means higher"}, {"start": "00:17:50", "end": "00:17:56", "text": "carry costs, which leads [music] to an"}, {"start": "00:17:53", "end": "00:17:59", "text": "eventual deleveraging of the debt based"}, {"start": "00:17:56", "end": "00:18:01", "text": "system. And how that looks like to us is"}, {"start": "00:17:59", "end": "00:18:04", "text": "everything goes down. Markets become"}, {"start": "00:18:01", "end": "00:18:06", "text": "volatile, especially Bitcoin, which is"}, {"start": "00:18:04", "end": "00:18:08", "text": "very leveraged. Now, that leads us to"}, {"start": "00:18:06", "end": "00:18:11", "text": "part two of the story, which is that in"}, {"start": "00:18:08", "end": "00:18:14", "text": "this monetary debt-based system, debt"}, {"start": "00:18:11", "end": "00:18:17", "text": "only works if the future can reliably"}, {"start": "00:18:14", "end": "00:18:20", "text": "pay for the present, which is a paradox"}, {"start": "00:18:17", "end": "00:18:22", "text": "if AI displaces everyone. Let me"}, {"start": "00:18:20", "end": "00:18:25", "text": "explain. Remember that PE ratio thing we"}, {"start": "00:18:22", "end": "00:18:26", "text": "talked about? Stocks are worth what we"}, {"start": "00:18:25", "end": "00:18:29", "text": "think a company will make in the future."}, {"start": "00:18:26", "end": "00:18:31", "text": "That's the whole economy. And that means"}, {"start": "00:18:29", "end": "00:18:34", "text": "jobs need to exist, incomes need to"}, {"start": "00:18:31", "end": "00:18:36", "text": "grow, enough people need to participate"}, {"start": "00:18:34", "end": "00:18:39", "text": "in the economy to generate the cash"}, {"start": "00:18:36", "end": "00:18:42", "text": "flows that pays for all the borrowing."}, {"start": "00:18:39", "end": "00:18:44", "text": "Except the thing is jobs are not really"}, {"start": "00:18:42", "end": "00:18:47", "text": "doing good right now. In fact, job"}, {"start": "00:18:44", "end": "00:18:51", "text": "losses are over a 100,000 for January,"}, {"start": "00:18:47", "end": "00:18:54", "text": "which for context is a 17-year high"}, {"start": "00:18:51", "end": "00:18:56", "text": "since January 2009."}, {"start": "00:18:54", "end": "00:18:58", "text": "108,435"}, {"start": "00:18:56", "end": "00:19:00", "text": "job cuts announced in the month of"}, {"start": "00:18:58", "end": "00:19:03", "text": "January. That is the highest January"}, {"start": "00:19:00", "end": "00:19:05", "text": "total since 2009."}, {"start": "00:19:03", "end": "00:19:08", "text": "That's not good. If there's less people"}, {"start": "00:19:05", "end": "00:19:10", "text": "working, less people borrowing, that"}, {"start": "00:19:08", "end": "00:19:11", "text": "means less people buying and investing."}, {"start": "00:19:10", "end": "00:19:13", "text": "Now, we also just recently got something"}, {"start": "00:19:11", "end": "00:19:16", "text": "called the Jolt numbers from the Bureau"}, {"start": "00:19:13", "end": "00:19:19", "text": "of Labor Statistics. And job openings"}, {"start": "00:19:16", "end": "00:19:21", "text": "came in at about 6.5 million. And that's"}, {"start": "00:19:19", "end": "00:19:23", "text": "not only lower than economists expected,"}, {"start": "00:19:21", "end": "00:19:25", "text": "[music] it's also part of a multipleyear"}, {"start": "00:19:23", "end": "00:19:28", "text": "trend that's going down from the peak in"}, {"start": "00:19:25", "end": "00:19:30", "text": "2022. And this matters to investors"}, {"start": "00:19:28", "end": "00:19:32", "text": "because job openings are one of the"}, {"start": "00:19:30", "end": "00:19:34", "text": "easiest things to understand about our"}, {"start": "00:19:32", "end": "00:19:37", "text": "future. That's cuz companies don't post"}, {"start": "00:19:34", "end": "00:19:39", "text": "jobs unless they expect to grow and make"}, {"start": "00:19:37", "end": "00:19:42", "text": "more money. Which means when job"}, {"start": "00:19:39", "end": "00:19:44", "text": "openings fall, it usually means"}, {"start": "00:19:42", "end": "00:19:47", "text": "businesses are pulling back. And that's"}, {"start": "00:19:44", "end": "00:19:49", "text": "not good. And that's before we even talk"}, {"start": "00:19:47", "end": "00:19:51", "text": "about the AI. The job market's already"}, {"start": "00:19:49", "end": "00:19:53", "text": "slowing down. So, what all of this is"}, {"start": "00:19:51", "end": "00:19:57", "text": "telling us is something the markets do"}, {"start": "00:19:53", "end": "00:20:00", "text": "not like. It's starting to challenge our"}, {"start": "00:19:57", "end": "00:20:03", "text": "investor assumption that growth will be"}, {"start": "00:20:00", "end": "00:20:05", "text": "strong enough to support all the current"}, {"start": "00:20:03", "end": "00:20:08", "text": "values and all the current leverage"}, {"start": "00:20:05", "end": "00:20:11", "text": "built into the system, which at least"}, {"start": "00:20:08", "end": "00:20:13", "text": "for now looks like it isn't. Now, let's"}, {"start": "00:20:11", "end": "00:20:16", "text": "layer AI on top of that. Automation and"}, {"start": "00:20:13", "end": "00:20:18", "text": "robotics, those are what economists call"}, {"start": "00:20:16", "end": "00:20:21", "text": "deflationary forces. They make things"}, {"start": "00:20:18", "end": "00:20:24", "text": "cheaper and faster. How do they do that?"}, {"start": "00:20:21", "end": "00:20:26", "text": "They get rid of human beings. Right now,"}, {"start": "00:20:24", "end": "00:20:28", "text": "we don't need more people to work the"}, {"start": "00:20:26", "end": "00:20:29", "text": "jobs. So, we let the robots and AI do"}, {"start": "00:20:28", "end": "00:20:31", "text": "it. And that's why just recently,"}, {"start": "00:20:29", "end": "00:20:33", "text": "executives at companies like Anthropic"}, {"start": "00:20:31", "end": "00:20:34", "text": "have said that a huge portion of white"}, {"start": "00:20:33", "end": "00:20:37", "text": "collar work will be automated in the"}, {"start": "00:20:34", "end": "00:20:38", "text": "next 1 to 5 years. And so my worry is"}, {"start": "00:20:37", "end": "00:20:40", "text": "exactly, you know, if you're if you're"}, {"start": "00:20:38", "end": "00:20:41", "text": "someone, you know, kind of kind of"}, {"start": "00:20:40", "end": "00:20:44", "text": "coming up in the world and just starting"}, {"start": "00:20:41", "end": "00:20:46", "text": "your career, AI is coming at multiple"}, {"start": "00:20:44", "end": "00:20:48", "text": "points and it will make people a lot"}, {"start": "00:20:46", "end": "00:20:50", "text": "more productive. But I think, you know,"}, {"start": "00:20:48", "end": "00:20:52", "text": "that that we can't deny that it will"}, {"start": "00:20:50", "end": "00:20:54", "text": "also eliminate jobs and and pro probably"}, {"start": "00:20:52", "end": "00:20:55", "text": "a large number of them."}, {"start": "00:20:54", "end": "00:20:58", "text": ">> And this sort of lines up with what"}, {"start": "00:20:55", "end": "00:21:01", "text": "we're seeing with the jobs now. Whether"}, {"start": "00:20:58", "end": "00:21:03", "text": "that number is 30, 40, or 50% doesn't"}, {"start": "00:21:01", "end": "00:21:06", "text": "matter. What matters is now there's"}, {"start": "00:21:03", "end": "00:21:08", "text": "uncertainty about what what this paradox"}, {"start": "00:21:06", "end": "00:21:11", "text": "means, right? If current values are"}, {"start": "00:21:08", "end": "00:21:13", "text": "based on future growth, but less people"}, {"start": "00:21:11", "end": "00:21:16", "text": "are working and less people are earning"}, {"start": "00:21:13", "end": "00:21:19", "text": "incomes and therefore less people paying"}, {"start": "00:21:16", "end": "00:21:21", "text": "taxes, what does that mean? That creates"}, {"start": "00:21:19", "end": "00:21:22", "text": "this paradox to the debt-based system"}, {"start": "00:21:21", "end": "00:21:25", "text": "that we're living in. Because the"}, {"start": "00:21:22", "end": "00:21:27", "text": "debt-based system depends on humans"}, {"start": "00:21:25", "end": "00:21:30", "text": "borrowing and working and earning and"}, {"start": "00:21:27", "end": "00:21:32", "text": "spending and producing income over time."}, {"start": "00:21:30", "end": "00:21:35", "text": "In a world where productivity goes up,"}, {"start": "00:21:32", "end": "00:21:37", "text": "but the amount of human labor goes down,"}, {"start": "00:21:35", "end": "00:21:40", "text": "who's going to make the income? Who pays"}, {"start": "00:21:37", "end": "00:21:43", "text": "for the debt? Who's generating the cash"}, {"start": "00:21:40", "end": "00:21:46", "text": "flows that justify today's valuations?"}, {"start": "00:21:43", "end": "00:21:48", "text": "How are we going to justify the capex or"}, {"start": "00:21:46", "end": "00:21:49", "text": "capital expenditures for all these tech"}, {"start": "00:21:48", "end": "00:21:53", "text": "companies that are spending over $und00"}, {"start": "00:21:49", "end": "00:21:55", "text": "billion on technology that people so far"}, {"start": "00:21:53", "end": "00:21:58", "text": "are not paying anywhere near what they"}, {"start": "00:21:55", "end": "00:22:00", "text": "cost to run? So, who then is going to"}, {"start": "00:21:58", "end": "00:22:01", "text": "pay for the promises we made about the"}, {"start": "00:22:00", "end": "00:22:03", "text": "future?"}, {"start": "00:22:01", "end": "00:22:05", "text": "No one knows the answer to that"}, {"start": "00:22:03", "end": "00:22:07", "text": "question. And that leads me to part"}, {"start": "00:22:05", "end": "00:22:09", "text": "three, which is geopolitical"}, {"start": "00:22:07", "end": "00:22:10", "text": "uncertainty. So, part three really"}, {"start": "00:22:09", "end": "00:22:13", "text": "complicates the markets because now"}, {"start": "00:22:10", "end": "00:22:14", "text": "we're looking at much bigger forces. And"}, {"start": "00:22:13", "end": "00:22:16", "text": "this is what I've been talking about in"}, {"start": "00:22:14", "end": "00:22:19", "text": "my last few videos about the new world"}, {"start": "00:22:16", "end": "00:22:21", "text": "order and the new world reserve currency"}, {"start": "00:22:19", "end": "00:22:23", "text": "and all the things Ray Dalio's talked"}, {"start": "00:22:21", "end": "00:22:26", "text": "about. So, let me sort of paraphrase."}, {"start": "00:22:23", "end": "00:22:29", "text": "For decades, the global financial system"}, {"start": "00:22:26", "end": "00:22:32", "text": "worked because everyone more or less"}, {"start": "00:22:29", "end": "00:22:35", "text": "agreed to the rules. That's why we"}, {"start": "00:22:32", "end": "00:22:37", "text": "called it the global rules-based order."}, {"start": "00:22:35", "end": "00:22:39", "text": "Because after World War II, the world"}, {"start": "00:22:37", "end": "00:22:41", "text": "settled into a structure that was"}, {"start": "00:22:39", "end": "00:22:43", "text": "predictable. The United States was at"}, {"start": "00:22:41", "end": "00:22:45", "text": "the center as the issuer of the global"}, {"start": "00:22:43", "end": "00:22:47", "text": "reserve currency and the military backs"}, {"start": "00:22:45", "end": "00:22:50", "text": "stop. China became the factory of the"}, {"start": "00:22:47", "end": "00:22:52", "text": "world. Europe became the consumer and"}, {"start": "00:22:50", "end": "00:22:54", "text": "Japan eventually became the lender. And"}, {"start": "00:22:52", "end": "00:22:57", "text": "that created something markets love,"}, {"start": "00:22:54", "end": "00:23:00", "text": "which is predictability. Predictability"}, {"start": "00:22:57", "end": "00:23:02", "text": "is what allowed this leverage to exist"}, {"start": "00:23:00", "end": "00:23:05", "text": "and to build everywhere without blowing"}, {"start": "00:23:02", "end": "00:23:08", "text": "up the markets. Cuz investors assumed"}, {"start": "00:23:05", "end": "00:23:11", "text": "this would keep going forever. What"}, {"start": "00:23:08", "end": "00:23:14", "text": "changed is our assumption of how long"}, {"start": "00:23:11", "end": "00:23:16", "text": "this rules-based order would go on."}, {"start": "00:23:14", "end": "00:23:19", "text": "That's where we see the trust in the"}, {"start": "00:23:16", "end": "00:23:21", "text": "dollar go down. Right? Over time, this"}, {"start": "00:23:19", "end": "00:23:23", "text": "has gradually been happening. Trade and"}, {"start": "00:23:21", "end": "00:23:25", "text": "sanctions have been weaponized. New"}, {"start": "00:23:23", "end": "00:23:27", "text": "supply chains are being restructured,"}, {"start": "00:23:25", "end": "00:23:30", "text": "right? Countries are making deals with"}, {"start": "00:23:27", "end": "00:23:33", "text": "each other now. And once that starts"}, {"start": "00:23:30", "end": "00:23:36", "text": "happening, countries are like, I have a"}, {"start": "00:23:33", "end": "00:23:39", "text": "question. What backs our money in a"}, {"start": "00:23:36", "end": "00:23:41", "text": "world where there's no guarantees"}, {"start": "00:23:39", "end": "00:23:44", "text": "thanks to the global rules-based order?"}, {"start": "00:23:41", "end": "00:23:46", "text": "Like, if the US is no longer the police"}, {"start": "00:23:44", "end": "00:23:48", "text": "officer of the world, do we need to"}, {"start": "00:23:46", "end": "00:23:50", "text": "rebuild our own military? And do we need"}, {"start": "00:23:48", "end": "00:23:52", "text": "to restart our own nuclear programs?"}, {"start": "00:23:50", "end": "00:23:54", "text": "What money are we going to use? Is it"}, {"start": "00:23:52", "end": "00:23:57", "text": "still US treasuries? Is it commodities?"}, {"start": "00:23:54", "end": "00:23:59", "text": "Is it gold? Is it some form of central"}, {"start": "00:23:57", "end": "00:24:02", "text": "bank digital currency? There's no answer"}, {"start": "00:23:59", "end": "00:24:04", "text": "right now. And that uncertainty is a big"}, {"start": "00:24:02", "end": "00:24:07", "text": "big problem for investors. And this goes"}, {"start": "00:24:04", "end": "00:24:09", "text": "back to leverage and delever because"}, {"start": "00:24:07", "end": "00:24:10", "text": "leverage depends on stability across"}, {"start": "00:24:09", "end": "00:24:12", "text": "countries. It depends on predictable"}, {"start": "00:24:10", "end": "00:24:15", "text": "funding markets and settlement and"}, {"start": "00:24:12", "end": "00:24:17", "text": "currency relationships etc. Right? But"}, {"start": "00:24:15", "end": "00:24:21", "text": "when that breaks down, we see huge"}, {"start": "00:24:17", "end": "00:24:23", "text": "spreads on paper versus physical assets"}, {"start": "00:24:21", "end": "00:24:25", "text": "because we can't agree across the global"}, {"start": "00:24:23", "end": "00:24:27", "text": "market what something is worth right"}, {"start": "00:24:25", "end": "00:24:29", "text": "now. Now, I'm exaggerating a little bit,"}, {"start": "00:24:27", "end": "00:24:32", "text": "but a really good example is the silver"}, {"start": "00:24:29", "end": "00:24:34", "text": "market in the US, which for the ComX or"}, {"start": "00:24:32", "end": "00:24:36", "text": "the paper securitized version of silver"}, {"start": "00:24:34", "end": "00:24:38", "text": "and the Shanghai market, which is the"}, {"start": "00:24:36", "end": "00:24:40", "text": "physical deliverable silver, they're"}, {"start": "00:24:38", "end": "00:24:43", "text": "supposed to be the same price, more or"}, {"start": "00:24:40", "end": "00:24:46", "text": "less, but they're not. There's a huge"}, {"start": "00:24:43", "end": "00:24:49", "text": "difference in price. This is not normal."}, {"start": "00:24:46", "end": "00:24:51", "text": "When nations stop trusting each other,"}, {"start": "00:24:49", "end": "00:24:53", "text": "things start to delever. And I want to"}, {"start": "00:24:51", "end": "00:24:55", "text": "be clear, this is the part of the puzzle"}, {"start": "00:24:53", "end": "00:24:57", "text": "that I'm missing from this story. I"}, {"start": "00:24:55", "end": "00:24:59", "text": "don't know what triggered last week's"}, {"start": "00:24:57", "end": "00:25:01", "text": "sell-off. We won't know until the"}, {"start": "00:24:59", "end": "00:25:03", "text": "headlines. It could be a bank failure,"}, {"start": "00:25:01", "end": "00:25:05", "text": "could be a big hedge fund blowing up."}, {"start": "00:25:03", "end": "00:25:06", "text": "Something happened, right? It's not like"}, {"start": "00:25:05", "end": "00:25:08", "text": "investors just woke up to this knowledge"}, {"start": "00:25:06", "end": "00:25:11", "text": "yesterday. Maybe it was some systemic"}, {"start": "00:25:08", "end": "00:25:14", "text": "fatigue that caused the cascade of"}, {"start": "00:25:11", "end": "00:25:17", "text": "delever. I don't know. What we do know"}, {"start": "00:25:14", "end": "00:25:20", "text": "is that these transitions of uncertainty"}, {"start": "00:25:17", "end": "00:25:23", "text": "are never smooth. And that brings me to"}, {"start": "00:25:20", "end": "00:25:25", "text": "part four, which is what comes out of"}, {"start": "00:25:23", "end": "00:25:27", "text": "this system is what we're seeing. A lot"}, {"start": "00:25:25", "end": "00:25:29", "text": "of the violence shows up in the"}, {"start": "00:25:27", "end": "00:25:32", "text": "investment markets. Things go up and"}, {"start": "00:25:29", "end": "00:25:34", "text": "down really fast. Sometimes things that"}, {"start": "00:25:32", "end": "00:25:37", "text": "shouldn't go up and down that fast, like"}, {"start": "00:25:34", "end": "00:25:40", "text": "gold and silver. And it shows up first"}, {"start": "00:25:37", "end": "00:25:42", "text": "and most violently in markets that are"}, {"start": "00:25:40", "end": "00:25:44", "text": "the most liquid, which are markets like"}, {"start": "00:25:42", "end": "00:25:45", "text": "Bitcoin. And so part four is the"}, {"start": "00:25:44", "end": "00:25:47", "text": "symptom. And this is why I love"}, {"start": "00:25:45", "end": "00:25:50", "text": "investing and talking about this stuff"}, {"start": "00:25:47", "end": "00:25:52", "text": "because in a way all of this stuff,"}, {"start": "00:25:50", "end": "00:25:56", "text": "stocks and crypto and all these markets,"}, {"start": "00:25:52", "end": "00:25:58", "text": "it's a way to peak into the future"}, {"start": "00:25:56", "end": "00:26:00", "text": "because this stress has to show up"}, {"start": "00:25:58", "end": "00:26:02", "text": "somewhere and it shows up in places"}, {"start": "00:26:00", "end": "00:26:04", "text": "where people are betting their money. So"}, {"start": "00:26:02", "end": "00:26:07", "text": "the markets are just a reflection of"}, {"start": "00:26:04", "end": "00:26:10", "text": "what we expect from our future. Okay."}, {"start": "00:26:07", "end": "00:26:11", "text": "Then so if we have no idea what's going"}, {"start": "00:26:10", "end": "00:26:14", "text": "to happen in the future and right now it"}, {"start": "00:26:11", "end": "00:26:16", "text": "seems like probably not good things and"}, {"start": "00:26:14", "end": "00:26:18", "text": "if all the markets are losing money then"}, {"start": "00:26:16", "end": "00:26:20", "text": "where did the money go? And"}, {"start": "00:26:18", "end": "00:26:23", "text": "surprisingly, a lot of it went into the"}, {"start": "00:26:20", "end": "00:26:25", "text": "blue chip stuff, the consumer staples,"}, {"start": "00:26:23", "end": "00:26:27", "text": "the boring dividend paying companies,"}, {"start": "00:26:25", "end": "00:26:30", "text": "the companies I love to buy because yes,"}, {"start": "00:26:27", "end": "00:26:32", "text": "they may not multiply 10fold, but in"}, {"start": "00:26:30", "end": "00:26:35", "text": "markets like this, they're pretty stable"}, {"start": "00:26:32", "end": "00:26:37", "text": "and I feel good because I'm diversified."}, {"start": "00:26:35", "end": "00:26:39", "text": "I own quite a lot of them and they pay"}, {"start": "00:26:37", "end": "00:26:41", "text": "me monthly regardless of what's"}, {"start": "00:26:39", "end": "00:26:43", "text": "happening to the market. I know I'm"}, {"start": "00:26:41", "end": "00:26:45", "text": "pretty safe. Now, if you want to see"}, {"start": "00:26:43", "end": "00:26:46", "text": "specifically what I hold and you want to"}, {"start": "00:26:45", "end": "00:26:48", "text": "track your own investments and see how"}, {"start": "00:26:46", "end": "00:26:50", "text": "safe they are, I have a link down below"}, {"start": "00:26:48", "end": "00:26:53", "text": "where you can see it all. But for the"}, {"start": "00:26:50", "end": "00:26:56", "text": "rest of it, leverage gets unwound really"}, {"start": "00:26:53", "end": "00:26:59", "text": "fast. Loans get closed, right? Positions"}, {"start": "00:26:56", "end": "00:27:01", "text": "get liquidated. And so for Bitcoin,"}, {"start": "00:26:59", "end": "00:27:04", "text": "there's a lot of pessimism. But"}, {"start": "00:27:01", "end": "00:27:06", "text": "remember, in the long term, you cannot"}, {"start": "00:27:04", "end": "00:27:09", "text": "control Bitcoin's price with synthetic"}, {"start": "00:27:06", "end": "00:27:12", "text": "supply because over time, more people"}, {"start": "00:27:09", "end": "00:27:14", "text": "learn about it. They learn about how to"}, {"start": "00:27:12", "end": "00:27:18", "text": "self-custody and more of it gets held on"}, {"start": "00:27:14", "end": "00:27:20", "text": "chain. Like in my Pikachu example, the"}, {"start": "00:27:18", "end": "00:27:23", "text": "only way to break the securitization is"}, {"start": "00:27:20", "end": "00:27:25", "text": "if you take the card out of the system."}, {"start": "00:27:23", "end": "00:27:27", "text": "Like you don't leave it in a vault that"}, {"start": "00:27:25", "end": "00:27:29", "text": "Wall Street can control. You don't let"}, {"start": "00:27:27", "end": "00:27:31", "text": "it sit with someone who can lend against"}, {"start": "00:27:29", "end": "00:27:33", "text": "it or reference it or build products on"}, {"start": "00:27:31", "end": "00:27:35", "text": "top of it. You don't invest through an"}, {"start": "00:27:33", "end": "00:27:37", "text": "ETF. You just physically hold it"}, {"start": "00:27:35", "end": "00:27:39", "text": "yourself. And once it's in your"}, {"start": "00:27:37", "end": "00:27:40", "text": "possession, then it can't be"}, {"start": "00:27:39", "end": "00:27:43", "text": "rehypothecated."}, {"start": "00:27:40", "end": "00:27:46", "text": "No one can write a contract against it."}, {"start": "00:27:43", "end": "00:27:48", "text": "No ETF can claim it, right? You get the"}, {"start": "00:27:46", "end": "00:27:51", "text": "idea. That's the same idea as Bitcoin in"}, {"start": "00:27:48", "end": "00:27:53", "text": "self-custody. Less Bitcoin on the open"}, {"start": "00:27:51", "end": "00:27:55", "text": "market means it gets a lot harder to"}, {"start": "00:27:53", "end": "00:27:56", "text": "manipulate. Now, if you're a long-term"}, {"start": "00:27:55", "end": "00:27:58", "text": "believer of it, like I am, and you want"}, {"start": "00:27:56", "end": "00:28:00", "text": "to learn how to take control over it and"}, {"start": "00:27:58", "end": "00:28:01", "text": "self-custody it, I made an instructional"}, {"start": "00:28:00", "end": "00:28:03", "text": "guide on how to do that that's over 3"}, {"start": "00:28:01", "end": "00:28:05", "text": "and 1/2 hours long. The link is down"}, {"start": "00:28:03", "end": "00:28:07", "text": "below. if you're a complete beginner"}, {"start": "00:28:05", "end": "00:28:10", "text": "teaches you step by step. But this is"}, {"start": "00:28:07", "end": "00:28:11", "text": "why I also stay diversified and I own a"}, {"start": "00:28:10", "end": "00:28:13", "text": "little bit of everything and have some"}, {"start": "00:28:11", "end": "00:28:15", "text": "cash on the sidelines because at the end"}, {"start": "00:28:13", "end": "00:28:17", "text": "of the day, we don't know what we don't"}, {"start": "00:28:15", "end": "00:28:19", "text": "know. And sometimes that means something"}, {"start": "00:28:17", "end": "00:28:21", "text": "as simple as control over our own"}, {"start": "00:28:19", "end": "00:28:24", "text": "emotions, right? If all my money was in"}, {"start": "00:28:21", "end": "00:28:26", "text": "something that lost 50% overnight, how"}, {"start": "00:28:24", "end": "00:28:29", "text": "would I react? I don't know. Maybe I'd"}, {"start": "00:28:26", "end": "00:28:32", "text": "be fine. I'm young now, but if I was"}, {"start": "00:28:29", "end": "00:28:35", "text": "close to retiring and I was a lot older,"}, {"start": "00:28:32", "end": "00:28:36", "text": "maybe not. In the long term though, I"}, {"start": "00:28:35", "end": "00:28:39", "text": "think it's a gift, right? It's an"}, {"start": "00:28:36", "end": "00:28:41", "text": "opportunity for me to buy. This is not"}, {"start": "00:28:39", "end": "00:28:43", "text": "an endorsement to invest in anything,"}, {"start": "00:28:41", "end": "00:28:44", "text": "but personally, I'm still dollar cost"}, {"start": "00:28:43", "end": "00:28:46", "text": "averaging into the market and nothing"}, {"start": "00:28:44", "end": "00:28:48", "text": "has changed about my investing"}, {"start": "00:28:46", "end": "00:28:50", "text": "philosophy. If my time horizon is still"}, {"start": "00:28:48", "end": "00:28:53", "text": "decades away, I can afford to wait it"}, {"start": "00:28:50", "end": "00:28:55", "text": "out while I collect some dividends. Or"}, {"start": "00:28:53", "end": "00:28:57", "text": "if the market goes back up, and maybe it"}, {"start": "00:28:55", "end": "00:28:59", "text": "already has, then great, I bought the"}, {"start": "00:28:57", "end": "00:29:00", "text": "dip. Either way, I'd love to know your"}, {"start": "00:28:59", "end": "00:29:02", "text": "thoughts. Have a wonderful rest of your"}, {"start": "00:29:00", "end": "00:29:03", "text": "day. Smash the like button. Subscribe if"}, {"start": "00:29:02", "end": "00:29:07", "text": "you haven't already. I'd love to see you"}, {"start": "00:29:03", "end": "00:29:07", "text": "back here next week. I'll see you soon."}]

[{"start": "00:00:00", "end": "00:00:04", "text": "So, there's a macro theory out there"}, {"start": "00:00:01", "end": "00:00:07", "text": "that we are moving from a globalized"}, {"start": "00:00:04", "end": "00:00:10", "text": "dollar-based world to a world where"}, {"start": "00:00:07", "end": "00:00:12", "text": "power is more evenly distributed. Now,"}, {"start": "00:00:10", "end": "00:00:14", "text": "in this transition, the role of the"}, {"start": "00:00:12", "end": "00:00:16", "text": "dollar is going to change. So, if you're"}, {"start": "00:00:14", "end": "00:00:18", "text": "wondering what's happening to the dollar"}, {"start": "00:00:16", "end": "00:00:21", "text": "right now, it looks like we are watching"}, {"start": "00:00:18", "end": "00:00:22", "text": "the breaking down of the current"}, {"start": "00:00:21", "end": "00:00:25", "text": "monetary order."}, {"start": "00:00:22", "end": "00:00:28", "text": ">> Let's step back from the sensational and"}, {"start": "00:00:25", "end": "00:00:31", "text": "and be clear about what I mean."}, {"start": "00:00:28", "end": "00:00:34", "text": "the monetary order is breaking down."}, {"start": "00:00:31", "end": "00:00:36", "text": ">> Okay, so what does that mean? So [music]"}, {"start": "00:00:34", "end": "00:00:38", "text": "this right here is a gold certificate"}, {"start": "00:00:36", "end": "00:00:40", "text": "from the year 1928."}, {"start": "00:00:38", "end": "00:00:42", "text": "That meant you could go to the bank,"}, {"start": "00:00:40", "end": "00:00:45", "text": "present the certificate and get some"}, {"start": "00:00:42", "end": "00:00:47", "text": "physical gold for it. Or you could go to"}, {"start": "00:00:45", "end": "00:00:49", "text": "the bank and present something like"}, {"start": "00:00:47", "end": "00:00:51", "text": "this, which is a silver certificate,"}, {"start": "00:00:49", "end": "00:00:53", "text": "which has this blue stamp on it, and get"}, {"start": "00:00:51", "end": "00:00:56", "text": "some silver. That was the original job"}, {"start": "00:00:53", "end": "00:00:58", "text": "of the banks, to protect real money."}, {"start": "00:00:56", "end": "00:01:01", "text": "None of these certificates say Federal"}, {"start": "00:00:58", "end": "00:01:04", "text": "Reserve note anywhere like our money"}, {"start": "00:01:01", "end": "00:01:07", "text": "does today. Now, this was an era in US"}, {"start": "00:01:04", "end": "00:01:09", "text": "history that was known as hard money."}, {"start": "00:01:07", "end": "00:01:12", "text": "But in 1971, when the country was on the"}, {"start": "00:01:09", "end": "00:01:15", "text": "verge of bankruptcy, the US [music] left"}, {"start": "00:01:12", "end": "00:01:18", "text": "the gold standard. So, the world entered"}, {"start": "00:01:15", "end": "00:01:20", "text": "into a new monetary order where the"}, {"start": "00:01:18", "end": "00:01:23", "text": "dollar became the center of everything"}, {"start": "00:01:20", "end": "00:01:25", "text": "without being backed by anything. And"}, {"start": "00:01:23", "end": "00:01:27", "text": "the world came to a new agreement. We"}, {"start": "00:01:25", "end": "00:01:30", "text": "said, \"Okay, all countries will now sell"}, {"start": "00:01:27", "end": "00:01:32", "text": "their stuff and their energy and dollars"}, {"start": "00:01:30", "end": "00:01:35", "text": "and then recycle those dollars back into"}, {"start": "00:01:32", "end": "00:01:37", "text": "US assets like Treasury bonds and the US"}, {"start": "00:01:35", "end": "00:01:39", "text": "stock market.\" So, the stock market went"}, {"start": "00:01:37", "end": "00:01:41", "text": "up forever and Americans got to live"}, {"start": "00:01:39", "end": "00:01:43", "text": "beyond their means. That kept the demand"}, {"start": "00:01:41", "end": "00:01:46", "text": "for the dollar high and it allowed"}, {"start": "00:01:43", "end": "00:01:48", "text": "America to run trade deficits where we"}, {"start": "00:01:46", "end": "00:01:52", "text": "could borrow cheap money, we could"}, {"start": "00:01:48", "end": "00:01:54", "text": "offshore jobs, and we could consume more"}, {"start": "00:01:52", "end": "00:01:57", "text": "than we made. But for that system to"}, {"start": "00:01:54", "end": "00:02:00", "text": "work, the dollar has to stay strong. And"}, {"start": "00:01:57", "end": "00:02:02", "text": "it stayed strong thanks to the"}, {"start": "00:02:00", "end": "00:02:04", "text": "military-industrial complex. And all of"}, {"start": "00:02:02", "end": "00:02:07", "text": "that is changing. And what we saw at the"}, {"start": "00:02:04", "end": "00:02:09", "text": "most recent World Economic Forum was a"}, {"start": "00:02:07", "end": "00:02:13", "text": "conversation about how to divide that"}, {"start": "00:02:09", "end": "00:02:15", "text": "power. The rules-based order is fading."}, {"start": "00:02:13", "end": "00:02:17", "text": "We believe that from the fracture, we"}, {"start": "00:02:15", "end": "00:02:19", "text": "can build something bigger, better,"}, {"start": "00:02:17", "end": "00:02:22", "text": "stronger, more just. And what we're"}, {"start": "00:02:19", "end": "00:02:25", "text": "seeing now are new trade agreements and"}, {"start": "00:02:22", "end": "00:02:27", "text": "countries diversifying their reserves."}, {"start": "00:02:25", "end": "00:02:30", "text": "So instead of holding dollars in the"}, {"start": "00:02:27", "end": "00:02:32", "text": "form of treasuries, they want more forms"}, {"start": "00:02:30", "end": "00:02:34", "text": "of hard money. That's why we're seeing"}, {"start": "00:02:32", "end": "00:02:35", "text": "assets like gold and silver repricing"}, {"start": "00:02:34", "end": "00:02:38", "text": "right now. And there's a lot of"}, {"start": "00:02:35", "end": "00:02:40", "text": "volatility because no one knows where"}, {"start": "00:02:38", "end": "00:02:42", "text": "this is going to go."}, {"start": "00:02:40", "end": "00:02:44", "text": ">> And this is that moment. This is that"}, {"start": "00:02:42", "end": "00:02:46", "text": "hinge point in history that we see every"}, {"start": "00:02:44", "end": "00:02:48", "text": "couple of generations. Doesn't make it"}, {"start": "00:02:46", "end": "00:02:50", "text": "going to be easy. doesn't mean that"}, {"start": "00:02:48", "end": "00:02:51", "text": "every decision is obvious."}, {"start": "00:02:50", "end": "00:02:53", "text": ">> Now, countries are not necessarily"}, {"start": "00:02:51", "end": "00:02:55", "text": "dumping the dollar overnight because"}, {"start": "00:02:53", "end": "00:02:58", "text": "that would negatively affect their own"}, {"start": "00:02:55", "end": "00:03:01", "text": "wallets. But what they are doing is they"}, {"start": "00:02:58", "end": "00:03:03", "text": "are diversifying their reserves. Central"}, {"start": "00:03:01", "end": "00:03:05", "text": "banks are buying more gold instead of"}, {"start": "00:03:03", "end": "00:03:07", "text": "only holding US treasuries. And China"}, {"start": "00:03:05", "end": "00:03:10", "text": "has already built the payment system"}, {"start": "00:03:07", "end": "00:03:12", "text": "that does not rely on US banks. At the"}, {"start": "00:03:10", "end": "00:03:14", "text": "same time, the United States has a huge"}, {"start": "00:03:12", "end": "00:03:18", "text": "debt problem and a shrinking industrial"}, {"start": "00:03:14", "end": "00:03:21", "text": "base, which means it can't keep running"}, {"start": "00:03:18", "end": "00:03:24", "text": "the old model forever, where it imports"}, {"start": "00:03:21", "end": "00:03:26", "text": "everything. It exports paper money while"}, {"start": "00:03:24", "end": "00:03:28", "text": "funding the forever war model around the"}, {"start": "00:03:26", "end": "00:03:31", "text": "world. And that change to the monetary"}, {"start": "00:03:28", "end": "00:03:33", "text": "order is maybe why we're seeing gold and"}, {"start": "00:03:31", "end": "00:03:35", "text": "silver explode and the dollar getting"}, {"start": "00:03:33", "end": "00:03:37", "text": "weaker. So, in this video, I want to"}, {"start": "00:03:35", "end": "00:03:39", "text": "explain exactly what's happening with"}, {"start": "00:03:37", "end": "00:03:42", "text": "the dollar, why the plan might be to"}, {"start": "00:03:39", "end": "00:03:43", "text": "weaken it, and where we might go from"}, {"start": "00:03:42", "end": "00:03:45", "text": "here. Now, a portion of this video is"}, {"start": "00:03:43", "end": "00:03:47", "text": "sponsored by Weeble, but more about them"}, {"start": "00:03:45", "end": "00:03:49", "text": "later. So, with that said, let's get"}, {"start": "00:03:47", "end": "00:03:51", "text": "into it. Hi, my name is Andre Jick. Hope"}, {"start": "00:03:49", "end": "00:03:53", "text": "you're doing well. Come for the finance"}, {"start": "00:03:51", "end": "00:03:56", "text": "and stay for the macro theory that we're"}, {"start": "00:03:53", "end": "00:03:59", "text": "moving from a globalized dollarbased"}, {"start": "00:03:56", "end": "00:04:02", "text": "system to a more regional multi-power"}, {"start": "00:03:59", "end": "00:04:05", "text": "system where lots of countries share"}, {"start": "00:04:02", "end": "00:04:07", "text": "power. And in this transition, the"}, {"start": "00:04:05", "end": "00:04:09", "text": "dollar's role is going to change. And"}, {"start": "00:04:07", "end": "00:04:12", "text": "how that change looks like to us is"}, {"start": "00:04:09", "end": "00:04:14", "text": "currency weakness. And that shows up in"}, {"start": "00:04:12", "end": "00:04:16", "text": "everything that we're watching right"}, {"start": "00:04:14", "end": "00:04:18", "text": "now. In the stock market, in"}, {"start": "00:04:16", "end": "00:04:20", "text": "commodities, in gold, silver, Bitcoin,"}, {"start": "00:04:18", "end": "00:04:23", "text": "everything is experiencing a huge amount"}, {"start": "00:04:20", "end": "00:04:25", "text": "of volatility because no one knows where"}, {"start": "00:04:23", "end": "00:04:29", "text": "this is going to go. Now, the question"}, {"start": "00:04:25", "end": "00:04:31", "text": "is, isn't this kind of bad for the US?"}, {"start": "00:04:29", "end": "00:04:32", "text": "And it's a question that was asked to"}, {"start": "00:04:31", "end": "00:04:35", "text": "Jerome Pal, the guy in charge of the"}, {"start": "00:04:32", "end": "00:04:36", "text": "Federal Reserve, and he gave one of the"}, {"start": "00:04:35", "end": "00:04:39", "text": "strangest answers."}, {"start": "00:04:36", "end": "00:04:41", "text": ">> We've seen quite big movements in the"}, {"start": "00:04:39", "end": "00:04:44", "text": "dollar over recent days. What do you"}, {"start": "00:04:41", "end": "00:04:46", "text": "think is driving the US currency lower?"}, {"start": "00:04:44", "end": "00:04:48", "text": "And have you been at all concerned just"}, {"start": "00:04:46", "end": "00:04:50", "text": "by the extent of the volatility we've"}, {"start": "00:04:48", "end": "00:04:52", "text": "seen this week? Thank you."}, {"start": "00:04:50", "end": "00:04:53", "text": ">> So, Claire, as you probably know, you"}, {"start": "00:04:52", "end": "00:04:55", "text": "know, we we don't comment on the dollar."}, {"start": "00:04:53", "end": "00:04:57", "text": "really the administration, especially"}, {"start": "00:04:55", "end": "00:05:00", "text": "the Treasury Department, has the job of"}, {"start": "00:04:57", "end": "00:05:01", "text": "oversight over over the the currency and"}, {"start": "00:05:00", "end": "00:05:03", "text": "so and exchange rates and all that. We"}, {"start": "00:05:01", "end": "00:05:07", "text": "don't comment on that. It's not our not"}, {"start": "00:05:03", "end": "00:05:08", "text": "our role. Uh so I have nothing for you."}, {"start": "00:05:07", "end": "00:05:12", "text": ">> Now, what's interesting about that"}, {"start": "00:05:08", "end": "00:05:14", "text": "answer is that every single dollar bill"}, {"start": "00:05:12", "end": "00:05:17", "text": "literally says Federal Reserve note at"}, {"start": "00:05:14", "end": "00:05:20", "text": "the top of it because everything the Fed"}, {"start": "00:05:17", "end": "00:05:22", "text": "does moves the dollar, right? One way or"}, {"start": "00:05:20", "end": "00:05:25", "text": "another. And the Fed's influence on the"}, {"start": "00:05:22", "end": "00:05:27", "text": "dollar is huge. But the political"}, {"start": "00:05:25", "end": "00:05:29", "text": "consequences of admitting that would not"}, {"start": "00:05:27", "end": "00:05:31", "text": "be very good. Which is why recently"}, {"start": "00:05:29", "end": "00:05:33", "text": "President Trump threatened Jerome Powell"}, {"start": "00:05:31", "end": "00:05:35", "text": "with criminal charges."}, {"start": "00:05:33", "end": "00:05:37", "text": ">> The threat of criminal charges is a"}, {"start": "00:05:35", "end": "00:05:39", "text": "consequence of the Federal Reserve"}, {"start": "00:05:37", "end": "00:05:42", "text": "setting interest rates based on our best"}, {"start": "00:05:39", "end": "00:05:43", "text": "assessment of what will serve the public"}, {"start": "00:05:42", "end": "00:05:45", "text": "rather than following the preferences of"}, {"start": "00:05:43", "end": "00:05:47", "text": "the president. And the president's"}, {"start": "00:05:45", "end": "00:05:49", "text": "preference is to lower the interest"}, {"start": "00:05:47", "end": "00:05:52", "text": "rates, which he knows Jerome Powell"}, {"start": "00:05:49", "end": "00:05:55", "text": "doesn't want to do. So his plan B is to"}, {"start": "00:05:52", "end": "00:05:56", "text": "potentially weaken the dollar, which is"}, {"start": "00:05:55", "end": "00:05:58", "text": "also why when he was asked about the"}, {"start": "00:05:56", "end": "00:05:59", "text": "weakening dollar in an interview, here's"}, {"start": "00:05:58", "end": "00:06:01", "text": "what he said."}, {"start": "00:05:59", "end": "00:06:03", "text": ">> The current value of the dollar, do you"}, {"start": "00:06:01", "end": "00:06:04", "text": "think it's declined too much?"}, {"start": "00:06:03", "end": "00:06:06", "text": ">> No, I think it's great. I mean, the"}, {"start": "00:06:04", "end": "00:06:08", "text": "value of the dollar, look at the"}, {"start": "00:06:06", "end": "00:06:09", "text": "business we're doing. No, dollar's"}, {"start": "00:06:08", "end": "00:06:10", "text": "dollar's doing great."}, {"start": "00:06:09", "end": "00:06:13", "text": ">> So, let me explain what a weaker dollar"}, {"start": "00:06:10", "end": "00:06:15", "text": "means. And whether it's good or bad"}, {"start": "00:06:13", "end": "00:06:18", "text": "depends on which version of America"}, {"start": "00:06:15", "end": "00:06:21", "text": "we're rooting for because there's really"}, {"start": "00:06:18", "end": "00:06:23", "text": "two different US economies. The first is"}, {"start": "00:06:21", "end": "00:06:25", "text": "the America that we've lived in for the"}, {"start": "00:06:23", "end": "00:06:27", "text": "last 40 years. We can call it the"}, {"start": "00:06:25", "end": "00:06:29", "text": "financialized America. Right? This is"}, {"start": "00:06:27", "end": "00:06:32", "text": "the one that's built on a strong dollar,"}, {"start": "00:06:29", "end": "00:06:36", "text": "cheap imports, rising asset prices, and"}, {"start": "00:06:32", "end": "00:06:38", "text": "expanding debt. Because a strong dollar"}, {"start": "00:06:36", "end": "00:06:41", "text": "leads to cheap imports, which leads to"}, {"start": "00:06:38", "end": "00:06:43", "text": "higher spending power, which leads to"}, {"start": "00:06:41", "end": "00:06:45", "text": "more borrowing, which gives us bigger"}, {"start": "00:06:43", "end": "00:06:47", "text": "and bigger financial markets, right?"}, {"start": "00:06:45", "end": "00:06:49", "text": "It's ultimately more debt. That's the"}, {"start": "00:06:47", "end": "00:06:52", "text": "world we live in right now. In this"}, {"start": "00:06:49", "end": "00:06:55", "text": "system, America's main export, aka the"}, {"start": "00:06:52", "end": "00:06:58", "text": "thing it makes the most of, are dollars,"}, {"start": "00:06:55", "end": "00:07:01", "text": "treasury bonds, financial assets. A"}, {"start": "00:06:58", "end": "00:07:03", "text": "strong dollar made America feel richer"}, {"start": "00:07:01", "end": "00:07:05", "text": "because everything overseas was cheaper"}, {"start": "00:07:03", "end": "00:07:08", "text": "for us to buy. And this was by design"}, {"start": "00:07:05", "end": "00:07:11", "text": "because that system incentivized US"}, {"start": "00:07:08", "end": "00:07:15", "text": "corporations to make the input costs,"}, {"start": "00:07:11", "end": "00:07:16", "text": "aka the labor, as cheap as possible."}, {"start": "00:07:15", "end": "00:07:18", "text": "through things like NAFTA, the North"}, {"start": "00:07:16", "end": "00:07:21", "text": "American Free Trade Agreement, it made"}, {"start": "00:07:18", "end": "00:07:23", "text": "it easier to offshore jobs because using"}, {"start": "00:07:21", "end": "00:07:25", "text": "American labor is expensive. So"}, {"start": "00:07:23", "end": "00:07:28", "text": "companies were like, \"Okay, well, let's"}, {"start": "00:07:25", "end": "00:07:32", "text": "avoid using American labor if possible"}, {"start": "00:07:28", "end": "00:07:34", "text": "and let's instead borrow as much money"}, {"start": "00:07:32", "end": "00:07:38", "text": "as cheaply as possible and then use that"}, {"start": "00:07:34", "end": "00:07:41", "text": "money to pump up our stock values.\" That"}, {"start": "00:07:38", "end": "00:07:44", "text": "model worked really well, but it only"}, {"start": "00:07:41", "end": "00:07:47", "text": "works as long as the rest of the world"}, {"start": "00:07:44", "end": "00:07:49", "text": "keeps buying US debt forever, which are"}, {"start": "00:07:47", "end": "00:07:51", "text": "the US treasuries. [music] That's the"}, {"start": "00:07:49", "end": "00:07:54", "text": "America that benefits most from a"}, {"start": "00:07:51", "end": "00:07:56", "text": "stronger dollar. Well, then there's the"}, {"start": "00:07:54", "end": "00:07:58", "text": "other side of America, the productive"}, {"start": "00:07:56", "end": "00:08:01", "text": "America. This is the version that"}, {"start": "00:07:58", "end": "00:08:03", "text": "actually builds things, produces energy,"}, {"start": "00:08:01", "end": "00:08:05", "text": "runs the factories, right? Makes the"}, {"start": "00:08:03", "end": "00:08:08", "text": "stuff the world needs. But there's a"}, {"start": "00:08:05", "end": "00:08:11", "text": "trade-off. If the US wants to get back"}, {"start": "00:08:08", "end": "00:08:13", "text": "to that America to rebuild its industry,"}, {"start": "00:08:11", "end": "00:08:16", "text": "it doesn't benefit much from a stronger"}, {"start": "00:08:13", "end": "00:08:18", "text": "dollar. Why? Again, a strong dollar"}, {"start": "00:08:16", "end": "00:08:20", "text": "makes your labor more expensive, which"}, {"start": "00:08:18", "end": "00:08:23", "text": "means less incentive for companies to"}, {"start": "00:08:20", "end": "00:08:26", "text": "build in the US. So the same dollar"}, {"start": "00:08:23", "end": "00:08:29", "text": "strength that made consumers feel rich"}, {"start": "00:08:26", "end": "00:08:30", "text": "relative to the rest of the world is"}, {"start": "00:08:29", "end": "00:08:34", "text": "also what hollowed out American"}, {"start": "00:08:30", "end": "00:08:36", "text": "industry. So from that perspective, the"}, {"start": "00:08:34", "end": "00:08:39", "text": "US might want a weaker dollar because it"}, {"start": "00:08:36", "end": "00:08:41", "text": "lowers the real burden of debt over"}, {"start": "00:08:39", "end": "00:08:43", "text": "time, right? It makes making stuff at"}, {"start": "00:08:41", "end": "00:08:47", "text": "home more competitive with the rest of"}, {"start": "00:08:43", "end": "00:08:50", "text": "the world. It pushes money or capital"}, {"start": "00:08:47", "end": "00:08:51", "text": "toward real output and real assets"}, {"start": "00:08:50", "end": "00:08:54", "text": "instead of just more financial"}, {"start": "00:08:51", "end": "00:08:56", "text": "speculation which more so benefits"}, {"start": "00:08:54", "end": "00:08:58", "text": "industries like the banking industry"}, {"start": "00:08:56", "end": "00:09:00", "text": "because the banks profit more from high"}, {"start": "00:08:58", "end": "00:09:02", "text": "interest rates, dollar dominance and"}, {"start": "00:09:00", "end": "00:09:05", "text": "global lending. So the two are kind of"}, {"start": "00:09:02", "end": "00:09:07", "text": "in conflict quite literally because the"}, {"start": "00:09:05", "end": "00:09:08", "text": "president is suing JP Morgan for"}, {"start": "00:09:07", "end": "00:09:11", "text": "debanking his family. But I'm not going"}, {"start": "00:09:08", "end": "00:09:14", "text": "to speculate on that. So a weaker dollar"}, {"start": "00:09:11", "end": "00:09:17", "text": "is both good and bad. It's good because"}, {"start": "00:09:14", "end": "00:09:20", "text": "if you want to win as a country, that's"}, {"start": "00:09:17", "end": "00:09:22", "text": "how you play the game long-term, right?"}, {"start": "00:09:20", "end": "00:09:26", "text": "You build real things. That's what China"}, {"start": "00:09:22", "end": "00:09:28", "text": "did. But a weaker dollar can be bad"}, {"start": "00:09:26", "end": "00:09:31", "text": "because the transition is painful and it"}, {"start": "00:09:28", "end": "00:09:33", "text": "can last decades because Americans got"}, {"start": "00:09:31", "end": "00:09:35", "text": "used to the benefits of the old system"}, {"start": "00:09:33", "end": "00:09:38", "text": "and it takes a long time to fix the"}, {"start": "00:09:35", "end": "00:09:40", "text": "economy. There's a lot of unknowns which"}, {"start": "00:09:38", "end": "00:09:42", "text": "ultimately leads to volatility in all"}, {"start": "00:09:40", "end": "00:09:44", "text": "the markets. Now, before we continue,"}, {"start": "00:09:42", "end": "00:09:46", "text": "markets are always trying to price in"}, {"start": "00:09:44", "end": "00:09:47", "text": "what happens to the world in the future."}, {"start": "00:09:46", "end": "00:09:48", "text": "And now there are markets built"}, {"start": "00:09:47", "end": "00:09:50", "text": "specifically around that idea. I've been"}, {"start": "00:09:48", "end": "00:09:52", "text": "looking at Weeble's prediction markets"}, {"start": "00:09:50", "end": "00:09:55", "text": "where participants can take positions on"}, {"start": "00:09:52", "end": "00:09:57", "text": "outcomes like where the S&P 500 might be"}, {"start": "00:09:55", "end": "00:09:59", "text": "in the next hour, how crypto prices"}, {"start": "00:09:57", "end": "00:10:01", "text": "move, which sports team wins a game, or"}, {"start": "00:09:59", "end": "00:10:03", "text": "even upcoming Fed decisions. Instead of"}, {"start": "00:10:01", "end": "00:10:06", "text": "traditional trades, though, these are"}, {"start": "00:10:03", "end": "00:10:08", "text": "simple yes or no contracts tied to"}, {"start": "00:10:06", "end": "00:10:11", "text": "specific defined outcomes. For example,"}, {"start": "00:10:08", "end": "00:10:13", "text": "if something is trading at 25, the"}, {"start": "00:10:11", "end": "00:10:16", "text": "market is basically implying a 25%"}, {"start": "00:10:13", "end": "00:10:17", "text": "probability of that outcome. And as new"}, {"start": "00:10:16", "end": "00:10:19", "text": "information comes in, those"}, {"start": "00:10:17", "end": "00:10:21", "text": "probabilities update in real time. Now,"}, {"start": "00:10:19", "end": "00:10:22", "text": "this is available through Weeble's"}, {"start": "00:10:21", "end": "00:10:24", "text": "platform via registered futures"}, {"start": "00:10:22", "end": "00:10:26", "text": "commission merchant, meaning the"}, {"start": "00:10:24", "end": "00:10:28", "text": "contracts are exchangeraded and"}, {"start": "00:10:26", "end": "00:10:29", "text": "regulated. Now, event contract trading"}, {"start": "00:10:28", "end": "00:10:32", "text": "is highly speculative and may not be"}, {"start": "00:10:29", "end": "00:10:33", "text": "suitable for all investors. Weeble asks"}, {"start": "00:10:32", "end": "00:10:36", "text": "customers to carefully consider all"}, {"start": "00:10:33", "end": "00:10:38", "text": "risks associated with an investment in"}, {"start": "00:10:36", "end": "00:10:40", "text": "an event contract, including the risks"}, {"start": "00:10:38", "end": "00:10:42", "text": "set forth in the event contract risk"}, {"start": "00:10:40", "end": "00:10:44", "text": "disclosure or other relevant disclosures"}, {"start": "00:10:42", "end": "00:10:45", "text": "at weeble.com/policy"}, {"start": "00:10:44", "end": "00:10:47", "text": "and to consult with a financial"}, {"start": "00:10:45", "end": "00:10:49", "text": "professional or other advisers before"}, {"start": "00:10:47", "end": "00:10:51", "text": "investing. I'm compensated by Weeble"}, {"start": "00:10:49", "end": "00:10:52", "text": "Financial LLC for this promotion, but"}, {"start": "00:10:51", "end": "00:10:53", "text": "check out the link in the description"}, {"start": "00:10:52", "end": "00:10:55", "text": "down below. And now, let's get back to"}, {"start": "00:10:53", "end": "00:10:57", "text": "it. Okay, so now that you hopefully"}, {"start": "00:10:55", "end": "00:10:59", "text": "understand why a weaker dollar could be"}, {"start": "00:10:57", "end": "00:11:01", "text": "good or bad, depending on how you look"}, {"start": "00:10:59", "end": "00:11:03", "text": "at it, here's how you can actually see"}, {"start": "00:11:01", "end": "00:11:05", "text": "this monetary order breaking down in"}, {"start": "00:11:03", "end": "00:11:07", "text": "real life. Let me show you something"}, {"start": "00:11:05", "end": "00:11:10", "text": "that's going to blow your mind. Because"}, {"start": "00:11:07", "end": "00:11:13", "text": "everything we measure is always in"}, {"start": "00:11:10", "end": "00:11:15", "text": "dollars. But if the thing that's losing"}, {"start": "00:11:13", "end": "00:11:18", "text": "value is the dollar, then what happens"}, {"start": "00:11:15", "end": "00:11:20", "text": "to our time? And this is where this"}, {"start": "00:11:18", "end": "00:11:22", "text": "monetary order starts to break. Let me"}, {"start": "00:11:20", "end": "00:11:25", "text": "show you what happens when we measure"}, {"start": "00:11:22", "end": "00:11:27", "text": "time in dollars. Because in the late"}, {"start": "00:11:25", "end": "00:11:31", "text": "1960s, for example, the federal minimum"}, {"start": "00:11:27", "end": "00:11:34", "text": "wage was $1.40 an hour. So a 40-hour"}, {"start": "00:11:31", "end": "00:11:37", "text": "work week made about $56."}, {"start": "00:11:34", "end": "00:11:40", "text": "Now, at the gold price of that time,"}, {"start": "00:11:37", "end": "00:11:45", "text": "around $35 per ounce, that one week of"}, {"start": "00:11:40", "end": "00:11:46", "text": "work bought roughly 1.6 ounces of gold."}, {"start": "00:11:45", "end": "00:11:50", "text": "Today, the federal minimum wage is"}, {"start": "00:11:46", "end": "00:11:52", "text": "obviously higher. It's $7.25 per hour."}, {"start": "00:11:50", "end": "00:11:56", "text": "So, a full week of work makes about"}, {"start": "00:11:52", "end": "00:11:59", "text": "$290. Obviously, a lot more than 56. But"}, {"start": "00:11:56", "end": "00:12:01", "text": "at today's gold price of, let's assume"}, {"start": "00:11:59", "end": "00:12:04", "text": "$4,000 per ounce, just to be"}, {"start": "00:12:01", "end": "00:12:09", "text": "conservative, means that you'd need to"}, {"start": "00:12:04", "end": "00:12:13", "text": "work 22 weeks full-time just to buy that"}, {"start": "00:12:09", "end": "00:12:15", "text": "same 1.6 ounces that used to buy it in"}, {"start": "00:12:13", "end": "00:12:18", "text": "just one week time. Right? That's"}, {"start": "00:12:15", "end": "00:12:21", "text": "because we're measuring the value of"}, {"start": "00:12:18", "end": "00:12:22", "text": "time in weaker and weaker dollars."}, {"start": "00:12:21", "end": "00:12:24", "text": "That's what most people do and that's"}, {"start": "00:12:22", "end": "00:12:27", "text": "why they can never get ahead. Okay then."}, {"start": "00:12:24", "end": "00:12:30", "text": "So the next question is why was the"}, {"start": "00:12:27", "end": "00:12:33", "text": "ruler the dollar allowed to be shrunk in"}, {"start": "00:12:30", "end": "00:12:35", "text": "the first place? Cuz that seems unfair."}, {"start": "00:12:33", "end": "00:12:38", "text": "And it was allowed to do that because"}, {"start": "00:12:35", "end": "00:12:40", "text": "that is the monetary experiment we are"}, {"start": "00:12:38", "end": "00:12:43", "text": "living through right now. That is"}, {"start": "00:12:40", "end": "00:12:45", "text": "Keynesian style economics. That's how a"}, {"start": "00:12:43", "end": "00:12:48", "text": "debt-based monetary system that's built"}, {"start": "00:12:45", "end": "00:12:50", "text": "on credit works. An easy way to"}, {"start": "00:12:48", "end": "00:12:54", "text": "understand it is like this. If I lent"}, {"start": "00:12:50", "end": "00:12:56", "text": "you this $10 bill, let's say this $10"}, {"start": "00:12:54", "end": "00:12:59", "text": "was all the money in the world, just"}, {"start": "00:12:56", "end": "00:13:02", "text": "this $10 for example, but then I charged"}, {"start": "00:12:59", "end": "00:13:05", "text": "you a small 1% interest for borrowing"}, {"start": "00:13:02", "end": "00:13:08", "text": "it. The question is, where will you get"}, {"start": "00:13:05", "end": "00:13:10", "text": "the money to pay me the interest from?"}, {"start": "00:13:08", "end": "00:13:12", "text": "If this is all the money in existence,"}, {"start": "00:13:10", "end": "00:13:14", "text": "where do you get the interest?"}, {"start": "00:13:12", "end": "00:13:17", "text": "you couldn't pay me back. There's no"}, {"start": "00:13:14", "end": "00:13:20", "text": "more base money. So, you have to expand"}, {"start": "00:13:17", "end": "00:13:22", "text": "it, right? You have to make more. Now,"}, {"start": "00:13:20", "end": "00:13:23", "text": "that's an oversimplification, but the"}, {"start": "00:13:22", "end": "00:13:25", "text": "idea is that the system that's built on"}, {"start": "00:13:23", "end": "00:13:29", "text": "credit, growth, and expansion are needed"}, {"start": "00:13:25", "end": "00:13:31", "text": "for stability. That is how for decades"}, {"start": "00:13:29", "end": "00:13:34", "text": "and decades, the US ran what was"}, {"start": "00:13:31", "end": "00:13:37", "text": "basically a consumer of last resort"}, {"start": "00:13:34", "end": "00:13:39", "text": "model. Meaning the world made stuff,"}, {"start": "00:13:37", "end": "00:13:41", "text": "sold it to America, it earned dollars"}, {"start": "00:13:39", "end": "00:13:44", "text": "and recycled those dollars back into US"}, {"start": "00:13:41", "end": "00:13:46", "text": "assets. That kept the dollar strong,"}, {"start": "00:13:44", "end": "00:13:48", "text": "interest rates low, propped up by"}, {"start": "00:13:46", "end": "00:13:50", "text": "countries like Japan, which was the"}, {"start": "00:13:48", "end": "00:13:54", "text": "interest free lender. But that system"}, {"start": "00:13:50", "end": "00:13:57", "text": "depended on other countries wanting to"}, {"start": "00:13:54", "end": "00:13:59", "text": "hold unlimited dollar reserves. Today,"}, {"start": "00:13:57", "end": "00:14:02", "text": "this is changing. Countries and central"}, {"start": "00:13:59", "end": "00:14:05", "text": "banks are diversifying. And now we can"}, {"start": "00:14:02", "end": "00:14:07", "text": "see that gold has actually overtaken"}, {"start": "00:14:05", "end": "00:14:09", "text": "treasuries in central bank foreign"}, {"start": "00:14:07", "end": "00:14:10", "text": "exchange reserves. Think of foreign"}, {"start": "00:14:09", "end": "00:14:12", "text": "exchange reserves, by the way, as a"}, {"start": "00:14:10", "end": "00:14:14", "text": "bank's piggy bank, right? A reserve"}, {"start": "00:14:12", "end": "00:14:15", "text": "wallet where it keeps lots of different"}, {"start": "00:14:14", "end": "00:14:17", "text": "currencies. And this is exactly what"}, {"start": "00:14:15", "end": "00:14:18", "text": "Rayalio is describing in one of his"}, {"start": "00:14:17", "end": "00:14:21", "text": "latest interviews."}, {"start": "00:14:18", "end": "00:14:23", "text": ">> We're going to have a supply demand"}, {"start": "00:14:21", "end": "00:14:25", "text": "problem for debt at the same time as we"}, {"start": "00:14:23", "end": "00:14:28", "text": "have these other problems."}, {"start": "00:14:25", "end": "00:14:30", "text": ">> Supply demand problem for debt. meaning"}, {"start": "00:14:28", "end": "00:14:32", "text": "we have a lot more supply of our debt"}, {"start": "00:14:30", "end": "00:14:35", "text": "and not enough demand around the world"}, {"start": "00:14:32", "end": "00:14:36", "text": "to buy it. Instead, we could see that"}, {"start": "00:14:35", "end": "00:14:38", "text": "central banks have been buying gold"}, {"start": "00:14:36", "end": "00:14:41", "text": "pretty aggressively over the last few"}, {"start": "00:14:38", "end": "00:14:43", "text": "years. They're buying gold so that they"}, {"start": "00:14:41", "end": "00:14:46", "text": "could protect themselves against"}, {"start": "00:14:43", "end": "00:14:49", "text": "whatever system replaces this monetary"}, {"start": "00:14:46", "end": "00:14:50", "text": "experiment we're running. Now, in a more"}, {"start": "00:14:49", "end": "00:14:53", "text": "technical explanation, something called"}, {"start": "00:14:50", "end": "00:14:55", "text": "Basil 3 changed how banks value gold on"}, {"start": "00:14:53", "end": "00:14:57", "text": "their balance sheet as of last year. And"}, {"start": "00:14:55", "end": "00:15:00", "text": "now gold is considered a higher quality"}, {"start": "00:14:57", "end": "00:15:03", "text": "reserve asset valued at the market price"}, {"start": "00:15:00", "end": "00:15:05", "text": "instead of a discounted price. Now that"}, {"start": "00:15:03", "end": "00:15:08", "text": "doesn't mean gold replaces treasuries in"}, {"start": "00:15:05", "end": "00:15:10", "text": "the global plumbing system, but it does"}, {"start": "00:15:08", "end": "00:15:13", "text": "make gold a lot more attractive as a"}, {"start": "00:15:10", "end": "00:15:15", "text": "neutral reserve outside the dollar"}, {"start": "00:15:13", "end": "00:15:17", "text": "system. And as a result of the"}, {"start": "00:15:15", "end": "00:15:20", "text": "debasement, again to us, to normal"}, {"start": "00:15:17", "end": "00:15:23", "text": "people, it looks like the price of"}, {"start": "00:15:20", "end": "00:15:26", "text": "assets goes up forever. Right? That's"}, {"start": "00:15:23", "end": "00:15:29", "text": "the line in black. This is the MSCI"}, {"start": "00:15:26", "end": "00:15:32", "text": "index excluding the US and the same"}, {"start": "00:15:29", "end": "00:15:35", "text": "index including the US. And it looks"}, {"start": "00:15:32", "end": "00:15:37", "text": "like the stock market goes up all around"}, {"start": "00:15:35", "end": "00:15:40", "text": "the world. But if you look at both of"}, {"start": "00:15:37", "end": "00:15:42", "text": "the indexes as measured in gold instead"}, {"start": "00:15:40", "end": "00:15:45", "text": "of dollars, which is shown by the blue"}, {"start": "00:15:42", "end": "00:15:47", "text": "line, you'll see that the market has"}, {"start": "00:15:45", "end": "00:15:51", "text": "actually lost value in comparison to"}, {"start": "00:15:47", "end": "00:15:54", "text": "gold since the year 2000. Again, this is"}, {"start": "00:15:51", "end": "00:15:56", "text": "slightly cherry-picking data, but one"}, {"start": "00:15:54", "end": "00:15:57", "text": "could argue the last 20 years is a good"}, {"start": "00:15:56", "end": "00:15:59", "text": "enough example to prove the point."}, {"start": "00:15:57", "end": "00:16:01", "text": "There's strong evidence of the fact that"}, {"start": "00:15:59", "end": "00:16:03", "text": "this has been accelerated by China and"}, {"start": "00:16:01", "end": "00:16:05", "text": "all the central banks buying tons of"}, {"start": "00:16:03", "end": "00:16:07", "text": "gold so they could build out this"}, {"start": "00:16:05", "end": "00:16:10", "text": "parallel system to the dollar instead of"}, {"start": "00:16:07", "end": "00:16:12", "text": "using only treasuries. What all of this"}, {"start": "00:16:10", "end": "00:16:15", "text": "means then is that the structural demand"}, {"start": "00:16:12", "end": "00:16:18", "text": "for dollars might not grow the way it"}, {"start": "00:16:15", "end": "00:16:19", "text": "did before. And that's exactly what"}, {"start": "00:16:18", "end": "00:16:22", "text": "we're seeing. We're seeing the demand"}, {"start": "00:16:19", "end": "00:16:25", "text": "for dollars gradually going down. That's"}, {"start": "00:16:22", "end": "00:16:27", "text": "what Ray Dolly is describing. Dollars"}, {"start": "00:16:25", "end": "00:16:30", "text": "are debt in the form of treasuries. And"}, {"start": "00:16:27", "end": "00:16:33", "text": "if the demand for them goes down, that"}, {"start": "00:16:30", "end": "00:16:36", "text": "means in the future we might see a lot"}, {"start": "00:16:33", "end": "00:16:37", "text": "more inflation. Peter Schiff is someone"}, {"start": "00:16:36", "end": "00:16:38", "text": "that believes that's exactly what's"}, {"start": "00:16:37", "end": "00:16:41", "text": "going to happen."}, {"start": "00:16:38", "end": "00:16:43", "text": ">> But Peter, people's incomes are pretty"}, {"start": "00:16:41", "end": "00:16:45", "text": "solid. We're starting to see some real"}, {"start": "00:16:43", "end": "00:16:47", "text": "gains in productivity."}, {"start": "00:16:45", "end": "00:16:48", "text": "Call it the coldest. We're we're not"}, {"start": "00:16:47", "end": "00:16:51", "text": "we're not see we're not seeing that,"}, {"start": "00:16:48", "end": "00:16:53", "text": "Liz. Unfortunately, uh the numbers are"}, {"start": "00:16:51", "end": "00:16:55", "text": "not accurate. Uh they're highly skewed."}, {"start": "00:16:53", "end": "00:16:58", "text": "They're going to be revised and a lot of"}, {"start": "00:16:55", "end": "00:17:00", "text": "it is being influenced by inflation. Uh"}, {"start": "00:16:58", "end": "00:17:03", "text": "you know, inflation is going to be much"}, {"start": "00:17:00", "end": "00:17:05", "text": "more uh pernicious uh over the next few"}, {"start": "00:17:03", "end": "00:17:07", "text": "years than it was uh when Biden was"}, {"start": "00:17:05", "end": "00:17:09", "text": "president. Unfortunately, that's what"}, {"start": "00:17:07", "end": "00:17:11", "text": "gold and silver are are telling you."}, {"start": "00:17:09", "end": "00:17:12", "text": "They are a warning. So now that we"}, {"start": "00:17:11", "end": "00:17:14", "text": "hopefully understand the dollar is"}, {"start": "00:17:12", "end": "00:17:17", "text": "getting weaker in relative terms and"}, {"start": "00:17:14", "end": "00:17:19", "text": "that this serves as a structural"}, {"start": "00:17:17", "end": "00:17:22", "text": "economic purpose to make the US more"}, {"start": "00:17:19", "end": "00:17:24", "text": "competitive but that it could also bring"}, {"start": "00:17:22", "end": "00:17:27", "text": "about inflation especially in the asset"}, {"start": "00:17:24", "end": "00:17:29", "text": "space. The next question is who benefits"}, {"start": "00:17:27", "end": "00:17:31", "text": "the most from this kind of a transition."}, {"start": "00:17:29", "end": "00:17:33", "text": "So, let me sort of explain this through"}, {"start": "00:17:31", "end": "00:17:35", "text": "the lens of my last video using the four"}, {"start": "00:17:33", "end": "00:17:37", "text": "power players. Starting with the"}, {"start": "00:17:35", "end": "00:17:39", "text": "financial industrial complex, aka"}, {"start": "00:17:37", "end": "00:17:42", "text": "transnational capital, money that"}, {"start": "00:17:39", "end": "00:17:45", "text": "transcends nations. Remember, this power"}, {"start": "00:17:42", "end": "00:17:47", "text": "comes from controlling the financial"}, {"start": "00:17:45", "end": "00:17:49", "text": "plumbing system. These are things like"}, {"start": "00:17:47", "end": "00:17:52", "text": "the debt markets, the stock markets,"}, {"start": "00:17:49", "end": "00:17:55", "text": "proxy votes, etc. What they want control"}, {"start": "00:17:52", "end": "00:17:58", "text": "over is the flow of capital. They do"}, {"start": "00:17:55", "end": "00:18:00", "text": "this how? with the three asset managers"}, {"start": "00:17:58", "end": "00:18:03", "text": "we mentioned in the last video that"}, {"start": "00:18:00", "end": "00:18:05", "text": "together manage more than $30 trillion."}, {"start": "00:18:03", "end": "00:18:08", "text": "With that money, they use their clients"}, {"start": "00:18:05", "end": "00:18:10", "text": "votes as proxies to influence the"}, {"start": "00:18:08", "end": "00:18:12", "text": "direction of a company and who gets"}, {"start": "00:18:10", "end": "00:18:14", "text": "hired to run them. And then of course"}, {"start": "00:18:12", "end": "00:18:15", "text": "there's the banks which want"}, {"start": "00:18:14", "end": "00:18:17", "text": ">> ECBDC"}, {"start": "00:18:15", "end": "00:18:18", "text": ">> central bank digital currencies. They"}, {"start": "00:18:17", "end": "00:18:21", "text": "want to stay relevant in this"}, {"start": "00:18:18", "end": "00:18:24", "text": "transition. Okay, but why would all"}, {"start": "00:18:21", "end": "00:18:26", "text": "these guys be fine with a weaker dollar?"}, {"start": "00:18:24", "end": "00:18:28", "text": "and they'd be fine because they don't"}, {"start": "00:18:26", "end": "00:18:31", "text": "measure their wealth in dollars. They"}, {"start": "00:18:28", "end": "00:18:33", "text": "measure it in ownership of real assets,"}, {"start": "00:18:31", "end": "00:18:35", "text": "real money, which might be things like"}, {"start": "00:18:33", "end": "00:18:38", "text": "stocks, real estate, infrastructure,"}, {"start": "00:18:35", "end": "00:18:40", "text": "energy, commodities, right? And when a"}, {"start": "00:18:38", "end": "00:18:43", "text": "currency gets weaker, those kinds of"}, {"start": "00:18:40", "end": "00:18:46", "text": "assets tend to rise in what are called"}, {"start": "00:18:43", "end": "00:18:48", "text": "nominal prices. Who it hurts are the"}, {"start": "00:18:46", "end": "00:18:50", "text": "people that rely on their job for income"}, {"start": "00:18:48", "end": "00:18:53", "text": "and who it benefits are those with"}, {"start": "00:18:50", "end": "00:18:55", "text": "assets. Okay. Second player are the"}, {"start": "00:18:53", "end": "00:18:57", "text": "sovereigns. aka the leaders of tier one"}, {"start": "00:18:55", "end": "00:19:00", "text": "nations and that would be the people"}, {"start": "00:18:57", "end": "00:19:02", "text": "with access to nuclear weapons. Now what"}, {"start": "00:19:00", "end": "00:19:05", "text": "they want is more control over their"}, {"start": "00:19:02", "end": "00:19:08", "text": "supply chains, their energy production"}, {"start": "00:19:05", "end": "00:19:10", "text": "and their people. And a slightly weaker"}, {"start": "00:19:08", "end": "00:19:12", "text": "currency helps rebalance trade in their"}, {"start": "00:19:10", "end": "00:19:14", "text": "favor because it makes domestic"}, {"start": "00:19:12", "end": "00:19:16", "text": "production, aka the stuff a country"}, {"start": "00:19:14", "end": "00:19:17", "text": "makes at home cheaper to make and"}, {"start": "00:19:16", "end": "00:19:19", "text": "therefore more competitive when they"}, {"start": "00:19:17", "end": "00:19:22", "text": "sell it overseas. So, while a strong"}, {"start": "00:19:19", "end": "00:19:25", "text": "dollar benefits consumers when we go to"}, {"start": "00:19:22", "end": "00:19:28", "text": "buy stuff overseas, a weaker currency"}, {"start": "00:19:25", "end": "00:19:30", "text": "can benefit nations trying to rebuild"}, {"start": "00:19:28", "end": "00:19:32", "text": "their industries and it reduces their"}, {"start": "00:19:30", "end": "00:19:34", "text": "dependency on the old model where they"}, {"start": "00:19:32", "end": "00:19:36", "text": "have to run deficits to fuel their"}, {"start": "00:19:34", "end": "00:19:38", "text": "growth. So, a sovereign power like the"}, {"start": "00:19:36", "end": "00:19:41", "text": "United States could benefit from the"}, {"start": "00:19:38", "end": "00:19:42", "text": "weaker dollar. I know how insanely"}, {"start": "00:19:41", "end": "00:19:44", "text": "complicated this might sound, but I hope"}, {"start": "00:19:42", "end": "00:19:46", "text": "all of this makes a little bit of sense."}, {"start": "00:19:44", "end": "00:19:48", "text": "Now, I should also mention there's a"}, {"start": "00:19:46", "end": "00:19:50", "text": "slightly deeper layer to all of this,"}, {"start": "00:19:48", "end": "00:19:51", "text": "and I don't like talking about it"}, {"start": "00:19:50", "end": "00:19:55", "text": "because it walks the fine line of"}, {"start": "00:19:51", "end": "00:19:57", "text": "conspiracy, but it's the layer that is"}, {"start": "00:19:55", "end": "00:19:59", "text": "the competition with China for as much"}, {"start": "00:19:57", "end": "00:20:01", "text": "control, especially over society as"}, {"start": "00:19:59", "end": "00:20:04", "text": "possible. Right? That's the China model."}, {"start": "00:20:01", "end": "00:20:07", "text": "This is where the third power player"}, {"start": "00:20:04", "end": "00:20:08", "text": "comes in. That's the tech industrial"}, {"start": "00:20:07", "end": "00:20:12", "text": "complex."}, {"start": "00:20:08", "end": "00:20:14", "text": "As the old monetary order becomes less"}, {"start": "00:20:12", "end": "00:20:17", "text": "dominant, whoever controls the new"}, {"start": "00:20:14", "end": "00:20:19", "text": "systems of technology gets more"}, {"start": "00:20:17", "end": "00:20:21", "text": "influence, it gets more powerful. Now,"}, {"start": "00:20:19", "end": "00:20:23", "text": "in my last video, I saw a comment that"}, {"start": "00:20:21", "end": "00:20:25", "text": "someone asked that I think ties into"}, {"start": "00:20:23", "end": "00:20:27", "text": "this, which is, \"How do mass"}, {"start": "00:20:25", "end": "00:20:30", "text": "deportations benefit the financial"}, {"start": "00:20:27", "end": "00:20:32", "text": "industrial complex?\" It's a really great"}, {"start": "00:20:30", "end": "00:20:33", "text": "question. So, I'll be very careful how I"}, {"start": "00:20:32", "end": "00:20:36", "text": "answer it, but I hope you can read"}, {"start": "00:20:33", "end": "00:20:39", "text": "between the lines. You see, throughout"}, {"start": "00:20:36", "end": "00:20:43", "text": "history, a lot of economic transitional"}, {"start": "00:20:39", "end": "00:20:46", "text": "periods coincided with new systems that"}, {"start": "00:20:43", "end": "00:20:48", "text": "are sold to us as protection, digital"}, {"start": "00:20:46", "end": "00:20:50", "text": "identity tools, financial tracking"}, {"start": "00:20:48", "end": "00:20:52", "text": "systems, and more centralized"}, {"start": "00:20:50", "end": "00:20:55", "text": "infrastructure. That's because"}, {"start": "00:20:52", "end": "00:20:58", "text": "uncertainty in markets, uncertainty in"}, {"start": "00:20:55", "end": "00:21:03", "text": "society increases the demand and the"}, {"start": "00:20:58", "end": "00:21:04", "text": "need for systems to control this unrest."}, {"start": "00:21:03", "end": "00:21:06", "text": "So, let me just say this a little bit"}, {"start": "00:21:04", "end": "00:21:10", "text": "easier. When things get crazy around the"}, {"start": "00:21:06", "end": "00:21:13", "text": "world, technology is sold as the thing"}, {"start": "00:21:10", "end": "00:21:15", "text": "that will make us safer. Technology then"}, {"start": "00:21:13", "end": "00:21:18", "text": "becomes the solution that is offered to"}, {"start": "00:21:15", "end": "00:21:20", "text": "people during times of instability. And"}, {"start": "00:21:18", "end": "00:21:23", "text": "these technologies can change the"}, {"start": "00:21:20", "end": "00:21:26", "text": "architecture of society for better or"}, {"start": "00:21:23", "end": "00:21:29", "text": "sometimes for worse. This is where"}, {"start": "00:21:26", "end": "00:21:32", "text": "digital IDs, social credit scores, car"}, {"start": "00:21:29", "end": "00:21:34", "text": "switches, all that stuff comes in. Now"}, {"start": "00:21:32", "end": "00:21:36", "text": "the fourth player in all of this is the"}, {"start": "00:21:34", "end": "00:21:38", "text": "military-industrial complex and that's"}, {"start": "00:21:36", "end": "00:21:42", "text": "just the layer that enforces all these"}, {"start": "00:21:38", "end": "00:21:44", "text": "changes often times through instability"}, {"start": "00:21:42", "end": "00:21:47", "text": "using for example religion as a"}, {"start": "00:21:44", "end": "00:21:50", "text": "precursor right as a justifier"}, {"start": "00:21:47", "end": "00:21:52", "text": "when there's such a big change in power"}, {"start": "00:21:50", "end": "00:21:55", "text": "and we don't really know the outcome of"}, {"start": "00:21:52", "end": "00:21:57", "text": "this nations tend to do what they invest"}, {"start": "00:21:55", "end": "00:22:01", "text": "more in their defense in their energy"}, {"start": "00:21:57", "end": "00:22:04", "text": "sectors strategic leverage aka"}, {"start": "00:22:01", "end": "00:22:08", "text": "consolidating their regional proxies aka"}, {"start": "00:22:04", "end": "00:22:10", "text": "the land and resource grabs. So that is"}, {"start": "00:22:08", "end": "00:22:11", "text": "the four major power players and how"}, {"start": "00:22:10", "end": "00:22:13", "text": "they benefit. Okay. So then the question"}, {"start": "00:22:11", "end": "00:22:16", "text": "is what does all this mean for the"}, {"start": "00:22:13", "end": "00:22:17", "text": "average person? The honest answer is I"}, {"start": "00:22:16", "end": "00:22:19", "text": "don't know because I haven't lived a"}, {"start": "00:22:17", "end": "00:22:22", "text": "thousand lifetimes. But the way I see it"}, {"start": "00:22:19", "end": "00:22:25", "text": "is there seems to be a fork in the road."}, {"start": "00:22:22", "end": "00:22:28", "text": "One path is the inflation path and the"}, {"start": "00:22:25", "end": "00:22:30", "text": "other is deflation. Now, on path number"}, {"start": "00:22:28", "end": "00:22:33", "text": "one, inflation, that could be triggered"}, {"start": "00:22:30", "end": "00:22:35", "text": "by maybe the new Fed chair, Kevin Worsh,"}, {"start": "00:22:33", "end": "00:22:37", "text": "who's expected to lower rates, but maybe"}, {"start": "00:22:35", "end": "00:22:40", "text": "he doesn't because he's been hawkish in"}, {"start": "00:22:37", "end": "00:22:43", "text": "the past. That means volatility in the"}, {"start": "00:22:40", "end": "00:22:44", "text": "short term. Now, if rates do go down and"}, {"start": "00:22:43", "end": "00:22:47", "text": "it does become easier for people to"}, {"start": "00:22:44", "end": "00:22:49", "text": "borrow money, then it becomes easier for"}, {"start": "00:22:47", "end": "00:22:52", "text": "the country to roll the debt over. And"}, {"start": "00:22:49", "end": "00:22:54", "text": "if the world slowly wants less and less"}, {"start": "00:22:52", "end": "00:22:58", "text": "treasuries and maybe more gold like what"}, {"start": "00:22:54", "end": "00:23:00", "text": "we're seeing, that also means maybe more"}, {"start": "00:22:58", "end": "00:23:03", "text": "dollars stay inside the country. That"}, {"start": "00:23:00", "end": "00:23:05", "text": "means deficits might grow and maybe the"}, {"start": "00:23:03", "end": "00:23:08", "text": "currency weakens. And in that world,"}, {"start": "00:23:05", "end": "00:23:10", "text": "asset prices can still go up. Stocks,"}, {"start": "00:23:08", "end": "00:23:11", "text": "real estate, commodities, right? They"}, {"start": "00:23:10", "end": "00:23:13", "text": "can still go to the moon partially"}, {"start": "00:23:11", "end": "00:23:15", "text": "because that measuring stick we talked"}, {"start": "00:23:13", "end": "00:23:18", "text": "about, it's the dollar, right? It's"}, {"start": "00:23:15", "end": "00:23:20", "text": "shrinking thanks to inflation. So your"}, {"start": "00:23:18", "end": "00:23:22", "text": "portfolio goes up, but maybe your"}, {"start": "00:23:20", "end": "00:23:24", "text": "purchasing power doesn't go up at the"}, {"start": "00:23:22", "end": "00:23:27", "text": "same rate. So life still gets more"}, {"start": "00:23:24", "end": "00:23:30", "text": "expensive for those without assets. Now"}, {"start": "00:23:27", "end": "00:23:32", "text": "the other path may be less optimistic."}, {"start": "00:23:30", "end": "00:23:34", "text": "If investors around the world look at"}, {"start": "00:23:32", "end": "00:23:35", "text": "the US and they're like, \"Oh man, I"}, {"start": "00:23:34", "end": "00:23:39", "text": "don't have confidence in the US"}, {"start": "00:23:35", "end": "00:23:41", "text": "anymore.\" If capital leaves and if"}, {"start": "00:23:39", "end": "00:23:43", "text": "interest rates go to maybe fight"}, {"start": "00:23:41", "end": "00:23:46", "text": "inflation of some sort, then asset"}, {"start": "00:23:43", "end": "00:23:48", "text": "prices could also fall. That's much more"}, {"start": "00:23:46", "end": "00:23:50", "text": "painful of an outcome in the short term."}, {"start": "00:23:48", "end": "00:23:51", "text": "I don't think it's the most likely"}, {"start": "00:23:50", "end": "00:23:54", "text": "outcome necessarily, but I think it's"}, {"start": "00:23:51", "end": "00:23:56", "text": "still a risk. So either way this plays"}, {"start": "00:23:54", "end": "00:23:58", "text": "out, whether it's inflation or deflation"}, {"start": "00:23:56", "end": "00:24:00", "text": "or some other option that we're not"}, {"start": "00:23:58", "end": "00:24:04", "text": "considering, I think this transition"}, {"start": "00:24:00", "end": "00:24:06", "text": "still favors people who own assets more"}, {"start": "00:24:04", "end": "00:24:08", "text": "than people who rely on incomes. That's"}, {"start": "00:24:06", "end": "00:24:10", "text": "the K-shaped world that we've been"}, {"start": "00:24:08", "end": "00:24:13", "text": "living in. And I think that divide will"}, {"start": "00:24:10", "end": "00:24:16", "text": "continue to grow. Now, maybe technology"}, {"start": "00:24:13", "end": "00:24:18", "text": "and AI eventually creates a world that"}, {"start": "00:24:16", "end": "00:24:19", "text": "Elon talks about where robots do"}, {"start": "00:24:18", "end": "00:24:21", "text": "everything for us and it's utopia and"}, {"start": "00:24:19", "end": "00:24:23", "text": "everything's great. Maybe we get a"}, {"start": "00:24:21", "end": "00:24:27", "text": "productivity boom that offsets all of"}, {"start": "00:24:23", "end": "00:24:29", "text": "it. But even if we get there someday,"}, {"start": "00:24:27", "end": "00:24:32", "text": "the point between now and that perfect"}, {"start": "00:24:29", "end": "00:24:34", "text": "future might be painful for the people"}, {"start": "00:24:32", "end": "00:24:37", "text": "who are not prepared for the time that"}, {"start": "00:24:34", "end": "00:24:38", "text": "it takes to get us there. I still"}, {"start": "00:24:37", "end": "00:24:41", "text": "believe in the theory that what we're"}, {"start": "00:24:38", "end": "00:24:42", "text": "seeing is all political theater anyway."}, {"start": "00:24:41", "end": "00:24:44", "text": "the big things have already been"}, {"start": "00:24:42", "end": "00:24:47", "text": "pre-negotiated and what we're watching"}, {"start": "00:24:44", "end": "00:24:48", "text": "is just the show. So, enjoy the show cuz"}, {"start": "00:24:47", "end": "00:24:50", "text": "some of it is kind of funny if you're"}, {"start": "00:24:48", "end": "00:24:52", "text": "paying attention to it. I'd love to hear"}, {"start": "00:24:50", "end": "00:24:53", "text": "your thoughts. If you want to see how"}, {"start": "00:24:52", "end": "00:24:55", "text": "I'm personally investing, I'll leave a"}, {"start": "00:24:53", "end": "00:24:57", "text": "link down below. At some point, I'll"}, {"start": "00:24:55", "end": "00:24:58", "text": "make a video explaining it. But in the"}, {"start": "00:24:57", "end": "00:24:59", "text": "meantime, I hope you have a wonderful"}, {"start": "00:24:58", "end": "00:25:01", "text": "rest of your day. Smash the like button,"}, {"start": "00:24:59", "end": "00:25:02", "text": "subscribe if you haven't already. I'd"}, {"start": "00:25:01", "end": "00:25:06", "text": "love to see you back here next week."}, {"start": "00:25:02", "end": "00:25:06", "text": "I'll see you soon. Bye-bye."}]

[ {"start": "00:00:39", "text": "So Bricks is, Brazil, Russia, India, China, South America, South Africa. Argentina is now part of it. Last time I checked it was, I think it was 22, yeah, at least 22 countries are now part of it and the whole premise is to destabilize. It's to get off the American dollar, get off dependence because what we've done is we've used the power of the dollar is a military tool. And we've used it for example, we're using it against Iran now, but we've used it against Russia, you know, or and we, you know, we hold people's money because their money is is basically therefore Knox is the United States is the, you know, our central banks. And so when they do something bad and we, um, and we then shut off their cash. Countries are just saying we're not going to do that anymore. We're going to, you know, we're gonna start not gonna use petro dollars anymore, we're gonna shift to our own currencies or we're gonna create a global currency, which is one of the things they're trying to do with Bricks. And we're gonna get off the American dollar to take the power away from America. And that if that happens, US economy will go into a free fall. So and you know, it's already happening. The question is how fast is it going to happen and are we going to be able to put safeguards in place to, you know, to avoid it. massive, massive depression. It could make the great depression look like a cakewalk. You'd mentioned Iraq is now proxy time. We have I I I just added that. We have a $34 trillion debt right now. The the service on that debt, the cause of servicing the service on that debt is now bigger than our military budget. It's about a billion dollars a year. And within five years, 50 cents out of every dollar that we collect in taxes is going to go to servicing the debt. Within 10 years, 100%. And that's if interest rates don't rise. If interest rates fall, that happens much, much faster. So we added another trillion dollars to the debt in the last 100 days. President Biden and President Trump are the guys who are most responsible for that. President Trump during his four years, added $8 trillion to the debt. That's more money than was spent by every administration from George Washington to George W. Bush. Every administration before him, 238 years of history. He's spent more in four years. And, um, and then he shut down all the businesses at the same time. So Biden continued those policies, the lockdowns and then, you know, and this, you know, absurd spending, which is unsustainable. And neither of them are talking about it. And we need, you know, we need to start talking about it and we need to. the big problem with the debt is the chronic disease epidemic, which is now costing us 4.3 trillion a year, which is five times our military budget. And then the military budget. Military budget is about, um, $890 billion. But if you include the cause of the wars, which is, you know, 300 billion in in veteran administration and then all the national security cost, it's about 1.3 trillion a year. And, you know, we got, we have to cut that. We have to cut that. We can no longer afford to be the policeman of the world. It's not helping us, it's hurting us in every way. Can can you go into a little detail on who we owe the debt to? China, a lot of it is owed by China, a lot of it is owed by Japan. They're in as much trouble as we are because, you know, they don't want that debt to crash either. But China is now switching away from the dollar. And, um, you know, they're all trying to get away from I, you know, get away from the bomb to get out of the platter zone before the bomb goes off. Um, and, you know, a lot of the debt is just to US investors and banks and, you know, and investment houses who have purchased US bonds, right? And I, I bought some of them after, you know, after I won the I was part of the team that won the Monsanto case and I got a little bit of cash and I put some of that in bonds. Well, that, so some of that debt is owned to me. So, you know, it's it's a, it's a, but I think the biggest creditor is China. You had mentioned Iraq is becoming a proxy to Iran. I'm a former special ops guy, spent a lot of time in Iraq, a lot of time in Afghanistan, and so I have a lot of ties within that community still. And I've heard rumors that we will be going back to Iraq already because of the stuff going on in Israel, Iran getting involved. I mean, it's it was I don't think it was ever stabilized. But, um, what are your do you have any insight on that? No, I mean, we're sending our guys back into another country where we've abandoned lots of weapons. Yeah, I mean, we have 800 bases around the world. China has one base, Russia has one and a half. We have 800 and each one of them is, you know, an opportunity for a new little war. And of course, you have, you know, the big, um, military contractors, um, North Grumman and Boeing and Lockheed and, um, a general dynamics and, you know, these others, they're all owned by one company, which is Black Rock. And Black Rock has the contracts to destroy Ukraine and has the contract to rebuild Ukraine. So, you know, and it's one of the biggest owners of the Republican and Democratic party. And the Ukraine war is really about the expansion of NATO, you know, we wanted to put NATO in and and President Putin and every president before him, have said that's a red line, you can't put NATO in Ukraine. The Russians have been invaded three times through Ukraine. Last time Hitler killed one out of every seven Russians. Oh, you know, we've never experienced an invasion like that. Russians have and everybody remembers it. And they don't want a foreign enemy army in Ukraine. And particularly, and, um, they don't want an army with nuclear weapons. And, you know, we have put nuclear ready systems, these, uh, ages missile systems that Lockheed made in, makes in Romania, Poland. So we made those NATO countries. Why do we want to go into NATO? Here's one of the reasons. Why do we want every country in Europe? We promised in 1992. When Gorbachev said, uh, I'm going to, I'm going to remove the walls in Europe, I'm going to allow you the West to reunite Germany under NATO. And I'm going to move out 450,000 Soviet troops from Germany, from East Germany. And then, um, and then I'm going to, you know, I'm going to allow you to march NATO soldiers into their barracks. Okay? He could never go back to Russia after that. He went back, but he was despised. Nobody went to his funeral. And, um, but he did it because he wanted to end the Cold War. And, um, but he said, I want one promise from you before I do this. He said, this to James Baker, to President Bush at that time, and to John Major. He said, I want one promise, which is after I give you Germany, you cannot move NATO one inch to the East. And James Baker, who was the Secretary of State, famously told Gorbachev, we will not move NATO one inch to the East. And in 1997, Zbigniew Brzezinski, who was the first in the Neocons, says, okay, here's the plan. Moving NATO into every former Soviet territory. And, um, and people go crazy at that time. George Cannon, who's the, you know, the most important diplomat in modern American history, who was the architect of the containment policy during the Cold War. He said, if you do that, you're going to turn Russia into an enemy, you should be treating it as a friend, should be welcoming it to the global community. And using it as a bulwark against Chinese expansion. George Cannon said that, um, um, uh, uh, Bill Perry, who was then the Secretary of Defense, threatened to resign to Clinton. He said, if you do this, I'm going to resign. It's so destabilizing to move NATO to the East. Bill Perry, who was then the US Ambassador to the Soviet Union. He said the same thing. He said, you're forcing Russia into ultimately into a violent response. If you keep moving NATO to the East. What do we do? In 2014, the CIA goes in with USAid and overthrows the elected government of Ukraine. And, um, and we put in a government that's sympathetic to us. The under Secretary of State, Victoria Nuland, who was the top in the Neocons at that time. We now have a tape of her talking to the US ambassador, a month before the coup, picking and picking the cabinet that would replace the, you know, the neutral government. So then we go in there, we overthrow their elected government, we put in a government that's sympathetic to us. Putin immediately says, oh, well, now they're going to put the US fleet in Vladivostok, which was Russia's fleet for 340 years, their only southern port, that's what the US fleet is. In Crimea. And he says, and so he says, if you do this, we're going to go into Crimea. He goes into Crimea. He doesn't fire a shot because the people of Crimea have always wanted to be back with Russia. They voted 90 to 10 to go back to Russia. And then, then there's a revolution, there's, you know, in in this new government comes in and basically illegalizes the Russian language. The, you know, the Russian Ukrainian. Now they say the official language is Ukrainian. You can't speak Russian. We don't teach it in the schools, etc. And then they begin enacting these other oppressive mandates against the Russian ethnic Russians in Dunbas. And, um, and so, so Putin then says, look, I'm not going to invade. He says, I'm going to take Dunbas, and Dunbas votes to join Russia. The Russian Federation. So, um, and, and then, you know, the Ukraine, you know, president, he says, I'm not gonna, I'm not gonna follow the Minsk accords. I'm not going to do anything that was agreed to. And, um, and so, you know, Ukraine wants to join NATO. And Russia says, no, we can't have that. So, um, and then, you know, NATO says, well, we're going to continue to arm Ukraine. And so Russia goes in. And so the whole premise is that this is unprovoked. It's not unprovoked. It's been provoked by 30 years of NATO expansion. And and the fact is that what are we talking about? 300,000 people dead. So, so that's the reality. No matter where you're watching the Sean Ryan show from. If you get anything out of this at all, anything, please like, comment, and subscribe. And most importantly, share this everywhere you possibly can. And if you're feeling extra generous at Apple Podcast and Spotify and leave us a review."}, {"start": "00:15:05", "text": "No matter where you're watching the Sean Ryan show from. If you get anything out of this at all, anything, please like, comment, and subscribe. And most importantly, share this everywhere you possibly can. And if you're feeling extra generous at Apple Podcast and Spotify and leave us a review."} ]

[ { "start": "00:00:10", "text": "The small group of elite who actually pull the levers of the global economy, the puppet masters of this wild world, are packing their bags, fueling their private planes, and route to Switzerland. On January 19th, the World Economic Forum begins its annual meeting in Davos, Switzerland. And their PR slogan for this year is a spirit of dialogue, which couldn't be farther from the truth. It's going to be more like a doctrine of dialogue, featuring the imposition of top down, non-negotiable, bureaucratic authoritarian enforcement, with no room for dissent, debate, much less an actual dialogue. It's a complete and total doctrine of domination when we read the white papers they've been quietly publishing over the last six months. They're not going to Davos to ski, they're going to Davos to finalize the infrastructure for the next decade of control. The global digital IDs, digital money, digital assets, centralized tokenization of assets, regulation of agentic AI, the end of what shreds of privacy, independence and autonomy we have left. They're building a digital cage, a digital prison. And today we are going to explore the blueprints in order to build our exit strategy. Hello, I'm Crypto Casey and this is not a conspiracy theory. This is an official narrative. The World Economic Forum isn't a secret cabal, it's a trade show for the ruling class where CEOs of the biggest banks, heads of state, the central bankers, agree on the official narrative of the year. And this year, the stakes are different. They are the highest in history because the technology they've been dreaming about for decades is finally ready to deploy. Let's hit it." }, { "start": "01:52:13", "text": "The best way to front run the digital prison being built is by setting up our own parallel systems outside of their failing fiat system right now. It's easier than ever to implement and as we will learn throughout this terrifying video, it's now more important than ever to implement. One, we can get a free account with uphold, the best wealth management platform that replaces banks and exchanges. By getting our paychecks direct deposited into uphold and using their new debit cards, we can sever our ties with the traditional financial system, all while earning crypto rewards. Two, we can completely own and control our digital assets outside of their system with Tangem wallet, as well as use our digital assets to buy anything anywhere visa is accepted with Tangem Pay. And three, we can remove ourselves even further away while building passive wealth outside of the fiat system with go baby trade, an AI enhanced robotic, set it forget it crypto trading solution. So scroll down and use links below to redeem all the special offers they have for us to become financially sovereign before it's too late. All right, let's start with Europe. Christine Lagarde, the head of the European Central Bank, Europe's Federal Reserve scam, has been on a media blitz recently, pushing the digital Euro. Check it out." }, { "start": "02:59:08", "text": "The two other big projects that we have worked on and we'll continue to work on in 26 are number one, the digital euro. We have completed the cycle of the preparation. The governing council has given its go ahead to move through the next cycle and now waiting for the European parliament to come up with final legislation that will the go ahead for the pilot phase and then the launch. So, here's the deal. Lagarde has been using buzzwords like autonomy, falsely framing the digital euro as European sovereignty. She says Europe needs its own digital currency to be free from American and Chinese payment rails, free from Visa, Mastercard and Big Tech. A way to have direct connection between European citizens money and by proxy, all the things involved with money. You know, like keeping a roof over your head, paying utilities, buying life essentials, literally keeping food on the table so you can continue to live. A direct connection between Europeans, the government and the private central bank. Because the beauty of it all with digital money. Money laundering and terror financing risks radically decrease. Hallelujah. Wait, so what does this mean for our privacy? Well, good news. Although the new digital euro cannot be anonymous like cash where no one knows how we are using our money. The new digital euro offers confidentiality, which means our neighbors won't know how we are using our money. However, the government and central bank definitely knows everything. And the government and central bank not only know how digital euros are being used, they have complete control over how digital euros can be used. Digital euros are a central bank digital currency that is essentially programmable money. At any point, at any time, whenever they want, they can change how money works. This is the most dangerous aspect for us and the most compelling aspect for them. Check it out. Lagarde point blank says that a central bank digital currency like the new digital euro is necessary for crisis management, which includes capital controls. So for example, if there was a banking crisis and people are making a run on the bank to protect their money, there's no need to close down bank branches. The ECB will just deploy restrictions like freezing the ability for us to withdraw our money. Or if, more likely, when World War is declared, anyone who is trying to flee Europe to protect themselves, well, good luck. The money will be frozen. You won't have any financial means to escape. They can simply restrict our ability to use our money on plane tickets, trains, gas, tolls, anything we would need to flee a war zone. This isn't theory, this is a stated capability of the digital euro they are voting on. And it's already in practice, has been now for decades. If we want to know what crisis management looks like, what programmable control looks like in practice, look no further than China right now. We are seeing reports of a new class of people emerging in China, the financial homeless. These aren't just people who ran out of money. These are people who have been banned from money by China's social credit system. What is a social credit system? A social credit system tracks, monitors, punishes and rewards people based on certain behavior standards created by the government. And since 2014, China has been using a social credit system that ranks people based on certain actions they take in society that determines their creditworthiness, which grants or restricts their access to education, transportation, employment, the internet, healthcare, loans, mortgages, financial services, certain restaurants, renting in certain buildings, actual use of their CBDC and all kinds of basic human conveniences. China punishes people who don't recycle, who drive badly, speak out against the government, protest against injustices, jaywalk across the street, associate with people who behave badly, and even people who use VPNs or virtual private networks. So basically, China's social credit system uses a judgment defalter blacklist, where if anyone's social score drops below a certain level from spreading rumors, not keeping their phone charged above a certain percentage, jaywalking, not paying bills on time, they get put on a blacklist that creates a death spiral. Starting with losing their ability to spend money, losing their ability to travel to find work, losing their ability to secure a place to live. A death spiral that ultimately ends with financial homelessness. These people end up on the streets not because the economy failed them, rather because the database algorithm imprisoned them. Last year alone, over 200,000 people in China were blacklisted. This is the weaponization of the banking system. This is exactly the kind of control grid that central bank digital currencies make possible globally, and it's coming to a country near you for Europeans sooner than later. All right, so what else is on the agenda? Next week, in Davos, they are finalizing digital identities, digital IDs. And it's not just some digital version of our driver's licenses or passports. These digital IDs are what they call wallet-based digital IDs. They want to link our identities with internet access and with our bank accounts where the programmable digital money they have complete control over is stored. They're framing this as convenience and security, to scan your face to access your bank and digital currency, no more passwords, no more fraud. Here's the trap. Once your digital ID is linked to your bank account and your internet access, they have a kill switch. And opting out is not an option. No digital ID, no ability to participate in the economy. The World Economic Forum predicts 2026 will be the breakout year for this tech. So we need to watch out for announcements about global interoperability, which is code for a global checking system. Nice. Here's where things get very interesting. You know how our identities will be wallet-based? Well, not only will our digital money we don't actually own or control be on our wallets at the mercy of the central banks and governments, so will all of our assets via asset tokenization. Our real estate, stocks, bonds, equipment, they are going to tokenize all of our assets, essentially by converting them into digital assets that reside in our wallets where they can be frozen, restricted, seized, just like our money. We've explored real world assets or RWAs on the channel as a way to achieve and maintain financial sovereignty of freedom, which you can check out in this video guide for beginners by clicking on the link above. However, they see real world assets as a way to get control. The WEF agenda explicitly highlights asset tokenization as a key theme this year in 2026. Check it out. In the crypto world, we are working on tokenizing assets on decentralized, transparent, immutable, open blockchain networks that no one person, company, government, or entity has control over. While they want us using their private centralized closed blockchain they completely control and can change at any time. If they don't like what we say, believe, post, do, or don't do, anything they deem as misbehavior, they can freeze, restrict, and seize our assets instantly. These central bank digital currencies and the tokenization of assets on private centralized blockchains will result in massive violations of our privacy, our assets, pretty much every aspect of our life. Now, here's the most terrifying and critical part of the 2026 agenda because it changes the very definition of freedom. Agentic AI. We are entering a world where AI agents have their own wallets and their own digital currencies to spend. Look, agentic AI is not like ChatGPT, a tool we can interact with passively. Agentic AI is a digital employee that acts on its own. It has a wallet, it has goals, it can execute transactions without asking us first. And the World Economic Forum is shookth by this notion, viewing agentic AI as the third workforce. So they don't just want to regulate us humans anymore. They are desperately working on regulating the millions of autonomous bots that will soon be flooding the economy. And here's how this agenda item impacts all of us and why it's a direct threat to financial sovereignty. The WEF knows they cannot control open source code. So their strategy, as discussed in the AI governance alliance papers, is to regulate the identity of the agents. In the future, an AI agent will not be allowed to execute a transaction on the blockchain or access the banking system unless it has a verified digital ID linked to a human. So if we want to run a private sovereign AI that manages important aspects of our lives, it might be blocked. And by proxy, we might be blocked. See, they envision and are actively working towards a world where we own nothing. They want us to only have the ability to rent approved AI agents from their big tech corporate cronies like BlackRock, Google, and Microsoft. And to understand the gravity of this as it relates to us and the future of our lives, we need to realize that we are moving toward machine to machine M2M payments. Imagine our refrigerator in our kitchen has an AI agent that pays the online grocery stores AI agent directly for any food we need. Or imagine our work involves traveling a lot and we have an AI agent that books and pays airlines AI agents directly for our plane tickets, or books and pays hotels AI agents directly for reservations. Sounds insane, however, by late 2026, a huge chunk of GDP will be robots paying robots. And here's the threat to us. The World Economic Forum wants all of these payments to happen with their central bank digital currencies on their private permission payment rails, which means if we are unbanked, have a low social credit score, or whatever, our AI agents will also be deprioritized or blocked. So not only would we be banned from buying a plane ticket, our software would be banned from booking it for us. Our ability to use AI will be restricted while they start using AI for compliance and risk management. They're literally building AI agents to monitor us 24/7, 365. Instead of a human banker flagging our account for suspicious activity, an autonomous AI agent will do it instantly based on opaque algorithms that we can't argue with. It creates a guilty until proven innocent financial system run by corrupt, rigged, secret programmable code that can be changed and manipulated at any time. This is a declaration of war on our future digital twins. They don't want to just control us, they want control over everything that has anything to do with our livelihoods, freedoms, and sovereignty, our ability to simply survive. In 2026, most wealth will not be made from working hard. It will be made from owning and leveraging AI agents that work for us. And the WEF wants to make sure that only they can own AI agents and force us to rent them. So if we aren't leveraging the power of AI yet, we can start building passive wealth outside of the failing fiat system with a set it forget it, AI enhanced robotic trader called Go Baby Trade. Every Wednesday, join us on our live weekly webinar to learn more and ask any questions you may have about how it works by signing up using the link below. Because exiting the traditional financial system before their global digital prison is fully rolled out, should be one of our top priorities for 2026. Everyone in crypto needs a Tangem wallet. It's the simplest way to completely own and control our wealth outside of the traditional financial system. The setup and using it is literally just tapping a card to our phone, only takes like 90 seconds to set up. We can do everything in the cryptoverse, buy, sell, swap, stake, use DeFi, and now we can instantly spend crypto anywhere visa is accepted with the new Tangem Pay feature. And we can secure our wealth with a free uphold account, the next generation of finance. We can ditch our banks entirely with direct deposit, which gives us 4% back in XRP rewards. Uphold just launched US debit cards where we can earn crypto rewards on every dollar spent, and we can spend anything we hold where visa is accepted, cash, Bitcoin, Ethereum, XRP, it's amazing. When we trade $100, we get $20 free, so be sure to scroll down and use links below to check out all the special offers they have for us. If you would like to learn how we can use AI to make passive profits in crypto from the constant up and down price action with Go Baby Trade, check out this video. If you would like to learn how the next generation of banking with Uphold is a way better and safer option for storing our money and managing crypto than banks and exchanges, check out this video. And to sign up for a free Uphold account, click on the link on the screen. Like and subscribe for more. Be safe out there." } ]

[ { "start": "00:00:00", "text": "So silver just crushed" }, { "start": "00:01:00", "text": "everything this year." }, { "start": "00:02:00", "text": "It just became the third most valuable asset in the world." }, { "start": "00:06:00", "text": "And China just did something very strategic." }, { "start": "00:09:00", "text": "They stopped selling silver." }, { "start": "00:11:00", "text": "Why?" }, { "start": "00:12:00", "text": "So, let me just zoom out and explain this from the context of gold and silver." }, { "start": "00:16:00", "text": "So, gold is about bringing back the trust in money." }, { "start": "00:21:00", "text": "It's about the reserve currencies and what backs them, which in China's case will be gold." }, { "start": "00:26:00", "text": "And that's why China spent the last few decades building the Shanghai Gold Exchange." }, { "start": "00:32:00", "text": "They're expanding what people call the gold corridor, and they're publicly buying as much gold as they can." }, { "start": "00:38:00", "text": "And they're doing that to tell the world," }, { "start": "00:41:00", "text": "Hey, if you want a monetary system outside the control of the US dollar and the US Empire," }, { "start": "00:46:00", "text": "this might be the solution." }, { "start": "00:47:00", "text": "A money that is backed by gold, stored in your country's if you want, or in ours." }, { "start": "00:54:00", "text": "One which will consider Basel 3, which means you can use it as collateral to borrow money from us if you want to build your country's economies." }, { "start": "01:03:00", "text": "Okay. Now, silver plays a very different role in this story." }, { "start": "01:08:00", "text": "Silver is not about trust in money." }, { "start": "01:11:00", "text": "Silver's about controlling a very important resource that makes the world work the way it does." }, { "start": "01:17:00", "text": "And that's because silver is used in everything." }, { "start": "01:20:00", "text": "Solar panels and electric cars and data centers, military electronics, satellites," }, { "start": "01:26:00", "text": "everything." }, { "start": "01:27:00", "text": "It's considered one of the best electrical conductors on earth." }, { "start": "01:31:00", "text": "But, unlike gold, when silver gets more expensive," }, { "start": "01:36:00", "text": "industries don't stop buying it." }, { "start": "01:38:00", "text": "They don't just wait for the price to come down because they have to use it." }, { "start": "01:43:00", "text": "Which is also why one of the biggest theories about silver and gold is that for the last few decades," }, { "start": "01:51:00", "text": "their prices have been suppressed and controlled to be as cheap as possible for as long as possible." }, { "start": "01:58:00", "text": "But over the next decade, the demand for silver is expected to go up because of all of these applications like AI and robotics and automation and everything that the government wants control over." }, { "start": "02:10:00", "text": "And because China now controls most of the refining and processing and now the export rules," }, { "start": "02:17:00", "text": "China will have a huge say in who gets access to this material and who doesn't." }, { "start": "02:23:00", "text": "So this story is a lot bigger than silver going up in price and beating everything this year." }, { "start": "02:29:00", "text": "I want to break down exactly what China just did with silver and how all of this fits into the bigger picture of the US-China rivalry, and what it means not just for commodities, but for global markets and investors, even for people who don't own any silver at all." }, { "start": "02:44:00", "text": "So with that said, let's get into it." }, { "start": "02:46:00", "text": "Hi, my name is Andre Jick. Hope you're doing well. Come for the finance and stay for the silver." }, { "start": "02:50:00", "text": "Okay, so here's a very simple question." }, { "start": "02:52:00", "text": "How does anyone know what silver is actually worth?" }, { "start": "02:55:00", "text": "We know because of something called markets, right?" }, { "start": "02:56:00", "text": "Which is where something called price discovery happens." }, { "start": "03:00:00", "text": "And there's a lot of silver markets around the world that do this." }, { "start": "03:04:00", "text": "But the two that really matter are Comex and Shanghai." }, { "start": "03:08:00", "text": "Now, Comex is the main US futures exchange for silver, and it's where prices are discovered." }, { "start": "03:16:00", "text": "And most people trading this are entities like miners hedging their production, manufacturers, or just traders speculating." }, { "start": "03:25:00", "text": "That's the Comex market." }, { "start": "03:26:00", "text": "Now, inside of Comex approved vaults, silver split into two categories." }, { "start": "03:32:00", "text": "The first is eligible silver, which is silver that belongs to someone who's just storing it." }, { "start": "03:38:00", "text": "It is not for sale." }, { "start": "03:40:00", "text": "And the second one is registered silver." }, { "start": "03:42:00", "text": "This means silver that is available for delivery if someone wanted to settle a futures contract with actual physical metal." }, { "start": "03:52:00", "text": "But there's a problem." }, { "start": "03:53:00", "text": "Comex only has about 120 to 130 million ounces of registered silver." }, { "start": "04:00:00", "text": "Silver that's available to settle those transactions." }, { "start": "04:03:00", "text": "And that is only about 10% of the annual global demand, which is about 1.1 to 1.2 billion ounces a year." }, { "start": "04:12:00", "text": "And that means, if every trader who wanted physical silver, wanted delivery of their silver at the same time," }, { "start": "04:19:00", "text": "they would not be able to do that because less than 10% of it is available." }, { "start": "04:24:00", "text": "So, Comex was never designed to supply the world's need for physical silver." }, { "start": "04:29:00", "text": "But it works for now because most contracts are rolled over and most trades are cash settled." }, { "start": "04:36:00", "text": "Most investors don't want their actual silver delivered to them." }, { "start": "04:40:00", "text": "Okay, so why does that matter then?" }, { "start": "04:43:00", "text": "Well, it matters when the behaviors of people change and they start to want their silver." }, { "start": "04:50:00", "text": "And that means we need more silver because we don't have enough." }, { "start": "04:53:00", "text": "So what do we do?" }, { "start": "04:55:00", "text": "Well, this is where the Shanghai market comes in because Shanghai silver prices are actually higher than Comex prices." }, { "start": "05:03:00", "text": "Because Shanghai markets reflect actual physical delivery inside of China." }, { "start": "05:09:00", "text": "While Comex prices are mostly just paper silver prices, right?" }, { "start": "05:13:00", "text": "So, when Shanghai trades a couple dollars above Comex," }, { "start": "05:18:00", "text": "that means the value of guaranteed physical silver is going up faster than the value of paper silver." }, { "start": "05:27:00", "text": "And let me show you how this just happened." }, { "start": "05:30:00", "text": "On December 24th, physical silver in the Shanghai market closed at about $78 an ounce." }, { "start": "05:36:00", "text": "At the same exact time, silver on the Comex market, which remember is the main Western futures market, paper silver," }, { "start": "05:43:00", "text": "that closed at about $72 an ounce." }, { "start": "05:46:00", "text": "That is a huge gap of about $6 per ounce." }, { "start": "05:51:00", "text": "Historically, that kind of price difference is very unusual." }, { "start": "05:56:00", "text": "Because most of the time, the premium between the two markets is way less than a dollar and rarely more than two." }, { "start": "06:03:00", "text": "Why?" }, { "start": "06:05:00", "text": "Well, because of something called arbitrage." }, { "start": "06:07:00", "text": "People see where silver is the cheapest, they buy it, and then they sell it somewhere else where it's more expensive." }, { "start": "06:13:00", "text": "That is arbitrage." }, { "start": "06:15:00", "text": "Arbitrage traders, as they're called, normally erase those premiums, those gaps, almost instantly." }, { "start": "06:21:00", "text": "Again, they buy where silver is cheaper, they sell where it's more expensive, they move the metal, and the prices converge." }, { "start": "06:27:00", "text": "But, when there's a five or a $6 gap and it stays for hours, especially during a low liquidity holiday season like it just did," }, { "start": "06:36:00", "text": "it tells us that the arbitrage isn't really working the way it normally does." }, { "start": "06:42:00", "text": "And that usually means physical silver is not moving as freely." }, { "start": "06:48:00", "text": "Remember, Shanghai pricing reflects what it costs to store actual deliverable physical silver inside of China." }, { "start": "06:54:00", "text": "And that is the silver that is needed for manufacturers to make solar panels, electronics, etc." }, { "start": "07:00:00", "text": "Comex prices here in the West, by comparison, are about financialized markets, right?" }, { "start": "07:05:00", "text": "Where most contracts are never delivered, they're never settled in silver, they're just settled in cash." }, { "start": "07:12:00", "text": "Now, under normal conditions, those two systems stay linked pretty closely." }, { "start": "07:18:00", "text": "But when they start to split and you get these huge price differences," }, { "start": "07:22:00", "text": "it's potentially a sign that the physical supply of silver is becoming constrained or harder to source." }, { "start": "07:30:00", "text": "And this chart shows total silver held in Comex approved vaults." }, { "start": "07:34:00", "text": "This actually includes both silver that's eligible and silver that is registered and available." }, { "start": "07:40:00", "text": "Over time, the trend is that physical silver has been flowing out of Western vaults, not building up." }, { "start": "07:47:00", "text": "And historically, when registered inventory starts to get tighter," }, { "start": "07:52:00", "text": "that's when physical silver becomes more expensive than paper silver." }, { "start": "07:57:00", "text": "It's almost like China's market is forcing the Western market to reprice silver higher." }, { "start": "08:05:00", "text": "Okay, but why?" }, { "start": "08:06:00", "text": "So I talk a lot about staying invested in the market, but I almost never talk about the other side of that, which is what do you do afterward?" }, { "start": "08:13:00", "text": "Because if you stay invested long enough, eventually you cross the finish line and become wealthy." }, { "start": "08:19:00", "text": "Now, even though I don't think you should be showing off how wealthy you are," }, { "start": "08:23:00", "text": "let's be honest." }, { "start": "08:24:00", "text": "There's going to be some signs." }, { "start": "08:26:00", "text": "Like for me, maybe I'll be driving around in a Lamborghini somewhere on the beach." }, { "start": "08:31:00", "text": "Or maybe when Bitcoin finally hits a million dollars, I'm not going to tweet about it, but I might be in the Oval Office shaking the president's hand." }, { "start": "08:38:00", "text": "Or flying somewhere random on a Tuesday on my private plane." }, { "start": "08:43:00", "text": "Actually, I'd be flying to Bali, where I'll be relaxing and working on higgsfield.ai, which is the sponsor of today's video, and it's what I used to create all of this with." }, { "start": "08:51:00", "text": "It's an AI image engine powered by Google's Gemini 3 Pro image model." }, { "start": "08:56:00", "text": "And what makes it so different is that it's not just about making pretty pictures." }, { "start": "09:00:00", "text": "It actually understands structure, text, and realism." }, { "start": "09:04:00", "text": "I had so much fun with it because it can generate clean 4K images of scenarios like cities, travel, cars, environments, and even ads and thumbnails without the usual AI problems like broken text, warped faces, weird hands, and all that stuff." }, { "start": "09:19:00", "text": "And right now, Higgsfield is offering unlimited Nano Banana Pro generations for the entire year if you sign up by the deadline." }, { "start": "09:26:00", "text": "It's also one of the cheapest pro-grade AI platforms out there." }, { "start": "09:28:00", "text": "I'll put the link in the description if you want to check it out." }, { "start": "09:31:00", "text": "Thanks to Higgsfield for sponsoring this segment, and now let's get back to it." }, { "start": "09:34:00", "text": "For most of its modern history, China's economy actually ran on silver, not gold." }, { "start": "09:40:00", "text": "China's taxes were paid in silver, big transactions were all settled in silver, trade balances were all denominated in silver by its weight, not necessarily by its face value." }, { "start": "09:50:00", "text": "So, for a long time, silver was China's money." }, { "start": "09:54:00", "text": "And because of that, China became one of the biggest consumers of silver that the world has ever seen." }, { "start": "10:01:00", "text": "From the 1500s through the 1800s, huge amounts of silver went into China, and if you wanted access to China's production, because China was, and still is, the factory of the world," }, { "start": "10:15:00", "text": "silver was what you had to pay." }, { "start": "10:16:00", "text": "Okay, but what's important here isn't that silver was just money." }, { "start": "10:21:00", "text": "It's also what stabilized their economy, right?" }, { "start": "10:24:00", "text": "It's what stabilized their incomes, their prices, and their taxes, and it worked," }, { "start": "10:31:00", "text": "but there was one big problem." }, { "start": "10:32:00", "text": "And that problem was exposed in the 1930s." }, { "start": "10:36:00", "text": "Because in 1934, the United States passed something called the Silver Purchase Act." }, { "start": "10:42:00", "text": "And it forced the US government to buy huge amounts of silver." }, { "start": "10:46:00", "text": "And what that did was it made the price of silver go way, way up." }, { "start": "10:52:00", "text": "Now, for a country that's based on a silver monetary system, that was actually really bad because as silver prices went up," }, { "start": "11:00:00", "text": "silver was pulled out of China." }, { "start": "11:02:00", "text": "The money started to leave the country." }, { "start": "11:05:00", "text": "The money that was supposed to be used for their economy started to collapse, and how that looked like was," }, { "start": "11:11:00", "text": "the price of their stuff started to go down, deflation." }, { "start": "11:16:00", "text": "Which at first you might be like, wait, isn't that a good thing, prices going down?" }, { "start": "11:20:00", "text": "And it is good at first." }, { "start": "11:21:00", "text": "But in the long run, deflation means people start to expect prices to fall, so they stop spending, they stop investing, and they stop hiring, and the economy starts to eat itself." }, { "start": "11:35:00", "text": "Because if you know that something you want to buy is going to be worth half tomorrow, then why would you buy it today?" }, { "start": "11:41:00", "text": "You would just wait, and wait, and you multiply that across millions of people, and that's what China got." }, { "start": "11:48:00", "text": "So in response to all that, in 1935, China officially left the silver standard and moved to a paper currency standard." }, { "start": "11:57:00", "text": "And it's not because silver failed them as a money." }, { "start": "12:00:00", "text": "It's because China learned a very useful lesson, which is kind of the whole point of this video." }, { "start": "12:06:00", "text": "And what they learned is that if your economy depends on a material that you do not control, other nations can and will weaponize it against you." }, { "start": "12:18:00", "text": "And that's a lesson that I think China didn't forget." }, { "start": "12:20:00", "text": "And when you look at what China's doing today with silver, I think everything starts to make a lot more sense." }, { "start": "12:26:00", "text": "Okay, so the question is, what exactly did they just do?" }, { "start": "12:28:00", "text": "And what are they doing now?" }, { "start": "12:30:00", "text": "And this is a masterclass in the global game of geopolitical chess, and I'm going to help explain it." }, { "start": "12:36:00", "text": "What they did was, China reclassified silver under the dual use export control rules." }, { "start": "12:43:00", "text": "And that means a material that can be used for civilian purposes can now also be used for military and strategic purposes." }, { "start": "12:51:00", "text": "And once something falls under that category, then exports are no longer automatic." }, { "start": "12:58:00", "text": "Instead, they're going to need government approval." }, { "start": "13:00:00", "text": "It's very smart because if China wants to ban silver, like they do Bitcoin all the time, that would create a lot of backlash." }, { "start": "13:08:00", "text": "A ban would force other countries to react." }, { "start": "13:11:00", "text": "The president of the US gets mad, whatever, right?" }, { "start": "13:14:00", "text": "But by relabeling it to strategically important," }, { "start": "13:18:00", "text": "and on paper China can say, well, we're not banning silver, we're not attacking anyone, we're just regulating something important to us." }, { "start": "13:25:00", "text": "Now, of course, in practice, their rules are written so specifically that almost no one's going to qualify for these licenses." }, { "start": "13:33:00", "text": "Only very big producers will be able to, and even then, approvals are going to be completely up to their government." }, { "start": "13:40:00", "text": "And by doing that, it's closing an open market and it starts gatekeeping because China is in the middle of the global silver supply chain." }, { "start": "13:52:00", "text": "So this strategy gives them a lot more power." }, { "start": "13:55:00", "text": "Because remember, most silver is not mined on its own." }, { "start": "13:58:00", "text": "It's produced as a byproduct when companies mine for other metals like lead and zinc." }, { "start": "14:05:00", "text": "And then if any silver's found, that silver has to be processed, it has to be refined and separated." }, { "start": "14:10:00", "text": "And a huge part of that refining happens inside of China." }, { "start": "14:15:00", "text": "So even if silver is found in the grounds of Mexico or Australia," }, { "start": "14:21:00", "text": "there is a very good chance it still passes through Chinese infrastructure before it ever becomes a usable metal." }, { "start": "14:29:00", "text": "And now, starting on January 1st, China will get to decide whether that metal leaves or not." }, { "start": "14:35:00", "text": "Now, what's interesting about all this is that this isn't even China's first time doing this." }, { "start": "14:39:00", "text": "Because over the last 10 years or so, China did the exact same thing but with rare earth elements." }, { "start": "14:46:00", "text": "Today, China controls roughly 80 to 90% of global rare earth refining." }, { "start": "14:52:00", "text": "Why rare earths?" }, { "start": "14:53:00", "text": "Because you need rare earths for electric motors, wind turbines, precision guided missile weapons, all kinds of advanced electronics." }, { "start": "15:02:00", "text": "In the early 2010s, China reclassified them as strategic." }, { "start": "15:08:00", "text": "And they started export quotas and licensing rules, and the prices went way up, and the governments all panicked." }, { "start": "15:14:00", "text": "And only then did the US, Europe, and Japan realize that rebuilding their own refineries was not a short-term problem." }, { "start": "15:26:00", "text": "In a lot of cases, it took more than a decade to partially remake non-Chinese supply chains." }, { "start": "15:34:00", "text": "So what we're seeing in silver today is the exact same thing that's been happening to all the rare earths, but with one major difference." }, { "start": "15:44:00", "text": "Silver is not a specialty metal." }, { "start": "15:46:00", "text": "It's used everywhere." }, { "start": "15:48:00", "text": "But the problem for the West is because of how silver reacts to pricing." }, { "start": "15:53:00", "text": "Roughly 70 to 80% of silver's production comes as a byproduct of mining other things like copper, lead, and zinc." }, { "start": "16:03:00", "text": "That means, even if silver prices doubled, the production doesn't automatically increase unless base metal mining goes up as well." }, { "start": "16:15:00", "text": "We have to mine more of everything else." }, { "start": "16:18:00", "text": "This makes what economists call inelastic supply." }, { "start": "16:23:00", "text": "What does that mean?" }, { "start": "16:24:00", "text": "So think of it like this." }, { "start": "16:25:00", "text": "If coffee doubled in price today, some people would just start drinking less coffee." }, { "start": "16:30:00", "text": "That's elastic, it's responsive." }, { "start": "16:33:00", "text": "But if insulin doubled in price, people would still use it." }, { "start": "16:37:00", "text": "They still need it regardless." }, { "start": "16:38:00", "text": "That's inelastic, right?" }, { "start": "16:40:00", "text": "That's rigid, it doesn't move." }, { "start": "16:41:00", "text": "The demand continues." }, { "start": "16:43:00", "text": "So with all of this in context, right?" }, { "start": "16:45:00", "text": "China is setting up a January 1st, 2026 start date for all these export rules." }, { "start": "16:51:00", "text": "And that's why China's been getting as much silver as possible, getting all the contracts, locking in the supply, while foreign buyers are left exposed to how the markets are reacting, which is what we're seeing today." }, { "start": "17:05:00", "text": "So then the question is, what happens now?" }, { "start": "17:07:00", "text": "And I'll be very clear, this is not a silver price prediction video." }, { "start": "17:11:00", "text": "I don't know where silver is going to be next month, next year, or three years from now, and neither does anyone else." }, { "start": "17:16:00", "text": "But we can look at what has happened historically." }, { "start": "17:21:00", "text": "Because for most of silver's history, it doesn't move much at all." }, { "start": "17:24:00", "text": "It just kind of sits there for years, sometimes decades doing absolutely nothing." }, { "start": "17:30:00", "text": "And then when something changes, silver has a habit of moving very fast." }, { "start": "17:35:00", "text": "And that's because, remember, silver is needed." }, { "start": "17:37:00", "text": "And the industries that need them don't have the luxury of waiting it out until the price goes down." }, { "start": "17:44:00", "text": "And this has happened before several times in history." }, { "start": "17:48:00", "text": "In the late 1960s and 70s, silver doubled more than once." }, { "start": "17:52:00", "text": "In 1979 into 1980, it went from roughly $6 an ounce to over $50 an ounce in just over a year." }, { "start": "18:02:00", "text": "In other periods, it did nothing for a very long time." }, { "start": "18:06:00", "text": "That's the nature of silver." }, { "start": "18:09:00", "text": "Now, this whole story about China and its interest in silver doesn't mean that silver is guaranteed to go up in price." }, { "start": "18:17:00", "text": "Silver reacts very differently to other financial assets." }, { "start": "18:22:00", "text": "Because when stocks get expensive, people can just wait to buy them." }, { "start": "18:26:00", "text": "When bonds look unattractive, the money could move somewhere else." }, { "start": "18:30:00", "text": "But when silver becomes harder to find, factories don't stop their production lines and governments don't shut down everything they're doing." }, { "start": "18:38:00", "text": "So what happens?" }, { "start": "18:39:00", "text": "The price goes way, way up very, very fast." }, { "start": "18:43:00", "text": "And that's when all the investors and speculators get on board and you see an even bigger price spike." }, { "start": "18:50:00", "text": "And that part is the speculation part." }, { "start": "18:52:00", "text": "And after those spikes, silver almost always corrects and goes back down." }, { "start": "18:57:00", "text": "Not because the world suddenly needs less silver, it's because the speculative money that came in starts to leave because they start to take their gains, sell their silver, and move the money somewhere else." }, { "start": "19:09:00", "text": "And once the leverage and excitement gets flushed out, or once people get margin called, prices can go down very fast." }, { "start": "19:16:00", "text": "Which is my very complicated way of saying, I have no idea where we are in this journey." }, { "start": "19:22:00", "text": "Are we in the first phase where the price is catching up to the fundamental reality?" }, { "start": "19:29:00", "text": "Or are we now in the phase of speculation where YouTubers start making videos about this and this could go way higher before it goes way lower?" }, { "start": "19:38:00", "text": "I don't know." }, { "start": "19:39:00", "text": "Some people say silver is finally catching up to reality." }, { "start": "19:42:00", "text": "Some people say be careful buying it here because you're buying at the peak." }, { "start": "19:45:00", "text": "I don't know." }, { "start": "19:46:00", "text": "But what we do know is that once a correction happens, that money looks for the next place it thinks the upside hasn't happened yet." }, { "start": "19:56:00", "text": "Sometimes that's equities, the stock market." }, { "start": "19:59:00", "text": "Sometimes it's energy, sometimes it's emerging markets." }, { "start": "20:03:00", "text": "And in the most recent years, it's been things like Bitcoin and other hard assets." }, { "start": "20:07:00", "text": "Now, we've had the run in gold." }, { "start": "20:09:00", "text": "We've had the run in silver, which could keep going." }, { "start": "20:12:00", "text": "We've had the run in tech, especially AI." }, { "start": "20:16:00", "text": "And because investors are always looking for the next best thing, that money could eventually leave the silver market and go somewhere else." }, { "start": "20:23:00", "text": "Now, whether silver goes to $100 or back down to $50 isn't the most interesting thing." }, { "start": "20:29:00", "text": "The most interesting thing is that this isn't really a story about silver." }, { "start": "20:33:00", "text": "It's a story about something that is at the crossroads of money, power, industry, energy, technology," }, { "start": "20:41:00", "text": "and China learned this lesson about silver the hard way almost 100 years ago when it was used against them." }, { "start": "20:47:00", "text": "And today we're seeing the same lesson, but in reverse." }, { "start": "20:51:00", "text": "Control everything, right?" }, { "start": "20:52:00", "text": "Control the processing, control the exit." }, { "start": "20:54:00", "text": "And that's what the BRICS countries are trying to do." }, { "start": "20:57:00", "text": "Build the trust with money, again using gold, decentralized custody of said gold using the gold corridor, and control the materials that the modern world can't live without." }, { "start": "21:10:00", "text": "That's silver and rare earths." }, { "start": "21:13:00", "text": "And if you do that, you don't just influence the price of those things." }, { "start": "21:17:00", "text": "You influence who gets to build, who has to wait, and who has to ask you for money to fund their economy." }, { "start": "21:27:00", "text": "That's leverage." }, { "start": "21:28:00", "text": "And leverage is the most important currency in a world that's moving away from cooperation." }, { "start": "21:35:00", "text": "What economists call this multipolar world." }, { "start": "21:38:00", "text": "A world where it's not just one country that gets to make all the rules and control the world reserve currency." }, { "start": "21:45:00", "text": "It's not going to be just the US." }, { "start": "21:47:00", "text": "And silver is sort of like the next small domino in this story." }, { "start": "21:53:00", "text": "But I'd love to hear your thoughts on what you think will happen to silver's price and where that money might go next." }, { "start": "21:58:00", "text": "Let me know down in the comments below." }, { "start": "21:59:00", "text": "As always, I hope you have a wonderful rest of your day." }, { "start": "22:01:00", "text": "Smash the like button, subscribe if you haven't already." }, { "start": "22:03:00", "text": "I'd love to see you back here next week, and I'll see you soon." }, { "start": "22:06:00", "text": "Bye bye." } ]

[{"start": "00:00:00", "end": "00:00:02", "text": "If you've been wondering how it is that"}, {"start": "00:00:02", "end": "00:00:04", "text": "the rich keep getting richer in the"}, {"start": "00:00:04", "end": "00:00:06", "text": "middle of an economic crisis, I have a"}, {"start": "00:00:06", "end": "00:00:09", "text": "shocking answer for you today. Now, I"}, {"start": "00:00:09", "end": "00:00:11", "text": "grew up in rural Pennsylvania farmland"}, {"start": "00:00:11", "end": "00:00:13", "text": "and had no history in wealth. It wasn't"}, {"start": "00:00:13", "end": "00:00:16", "text": "until my company went viral in 2022 that"}, {"start": "00:00:16", "end": "00:00:18", "text": "I started to build wealth and learn"}, {"start": "00:00:18", "end": "00:00:21", "text": "about wealth from my peers and the"}, {"start": "00:00:21", "end": "00:00:23", "text": "network I was creating professionally."}, {"start": "00:00:23", "end": "00:00:25", "text": "And what I've learned is absolutely"}, {"start": "00:00:25", "end": "00:00:27", "text": "shocking. What I've learned about how"}, {"start": "00:00:27", "end": "00:00:29", "text": "the wealthy build and protect their"}, {"start": "00:00:29", "end": "00:00:30", "text": "wealth, even in the middle of an"}, {"start": "00:00:30", "end": "00:00:33", "text": "economic crisis, is amazing. And I've"}, {"start": "00:00:33", "end": "00:00:34", "text": "been using their techniques for the last"}, {"start": "00:00:34", "end": "00:00:37", "text": "3 years to protect and grow my small"}, {"start": "00:00:37", "end": "00:00:39", "text": "pocket of wealth as an entrepreneur, as"}, {"start": "00:00:39", "end": "00:00:41", "text": "a business owner, as a father. And I"}, {"start": "00:00:41", "end": "00:00:42", "text": "want to share that with you because you"}, {"start": "00:00:42", "end": "00:00:45", "text": "are trying to protect your own legacy as"}, {"start": "00:00:45", "end": "00:00:46", "text": "well. You're trying to get your kids"}, {"start": "00:00:46", "end": "00:00:48", "text": "through college. You're trying to"}, {"start": "00:00:48", "end": "00:00:49", "text": "protect what assets you've worked so"}, {"start": "00:00:49", "end": "00:00:51", "text": "hard to build. And because of what I've"}, {"start": "00:00:51", "end": "00:00:53", "text": "learned, I know that you have more"}, {"start": "00:00:53", "end": "00:00:55", "text": "uncertainty about your future than I"}, {"start": "00:00:55", "end": "00:00:57", "text": "have about mine. So, let's dig into"}, {"start": "00:00:57", "end": "00:01:00", "text": "exactly how it is that the rich are"}, {"start": "00:01:00", "end": "00:01:02", "text": "using gold versus crypto to not only"}, {"start": "00:01:02", "end": "00:01:04", "text": "protect their current wealth, but to"}, {"start": "00:01:04", "end": "00:01:07", "text": "build more wealth in the face of the"}, {"start": "00:01:07", "end": "00:01:09", "text": "coming economic collapse. To really"}, {"start": "00:01:09", "end": "00:01:11", "text": "understand how it is that the rich are"}, {"start": "00:01:11", "end": "00:01:13", "text": "using gold versus crypto to build and"}, {"start": "00:01:13", "end": "00:01:15", "text": "protect their wealth, you have to look"}, {"start": "00:01:15", "end": "00:01:18", "text": "back to 2020. Now, the 2019 COVID"}, {"start": "00:01:18", "end": "00:01:21", "text": "pandemic crashed the economy worldwide."}, {"start": "00:01:21", "end": "00:01:23", "text": "And in the wake of that crash, the"}, {"start": "00:01:23", "end": "00:01:25", "text": "wealthy were left wondering how they"}, {"start": "00:01:25", "end": "00:01:26", "text": "were going to make more money, how they"}, {"start": "00:01:26", "end": "00:01:28", "text": "were going to protect the assets that"}, {"start": "00:01:28", "end": "00:01:30", "text": "they had now that the entire economic"}, {"start": "00:01:30", "end": "00:01:32", "text": "environment had changed, had"}, {"start": "00:01:32", "end": "00:01:34", "text": "transformed. Venture capital wasn't"}, {"start": "00:01:34", "end": "00:01:37", "text": "working. All the big tech companies like"}, {"start": "00:01:37", "end": "00:01:39", "text": "Google and Salesforce and Tesla were"}, {"start": "00:01:39", "end": "00:01:42", "text": "laying off. We had widespread panic and"}, {"start": "00:01:42", "end": "00:01:44", "text": "an absolute desertion of major tech"}, {"start": "00:01:44", "end": "00:01:47", "text": "cities as people migrated all over the"}, {"start": "00:01:47", "end": "00:01:49", "text": "country away from major cities and into"}, {"start": "00:01:49", "end": "00:01:52", "text": "small towns and even villages across the"}, {"start": "00:01:52", "end": "00:01:55", "text": "nation. Our economy was absolutely"}, {"start": "00:01:55", "end": "00:01:57", "text": "rattled. Nothing was working the same"}, {"start": "00:01:57", "end": "00:01:59", "text": "way and nobody was paying closer"}, {"start": "00:01:59", "end": "00:02:01", "text": "attention to that change than the"}, {"start": "00:02:01", "end": "00:02:03", "text": "wealthy. During the first few dark weeks"}, {"start": "00:02:03", "end": "00:02:06", "text": "of this economic transformation, two"}, {"start": "00:02:06", "end": "00:02:08", "text": "specific markets rose up and became the"}, {"start": "00:02:08", "end": "00:02:10", "text": "center of attention depending on what"}, {"start": "00:02:10", "end": "00:02:12", "text": "headlines you were reading. One market"}, {"start": "00:02:12", "end": "00:02:14", "text": "was the crypto market. The other market"}, {"start": "00:02:14", "end": "00:02:16", "text": "was the gold market. At first, these two"}, {"start": "00:02:16", "end": "00:02:18", "text": "markets were competing against each"}, {"start": "00:02:18", "end": "00:02:19", "text": "other because traditionally two"}, {"start": "00:02:19", "end": "00:02:21", "text": "different types of investor would look"}, {"start": "00:02:21", "end": "00:02:24", "text": "at these two very different markets. The"}, {"start": "00:02:24", "end": "00:02:26", "text": "crypto market was highly volatile. It"}, {"start": "00:02:26", "end": "00:02:28", "text": "was a place for people who were tech"}, {"start": "00:02:28", "end": "00:02:29", "text": "focused. It was a place for people who"}, {"start": "00:02:29", "end": "00:02:31", "text": "were visionary and future focused. It"}, {"start": "00:02:31", "end": "00:02:33", "text": "was a place for people who wanted to"}, {"start": "00:02:33", "end": "00:02:35", "text": "make big gains in short periods of time."}, {"start": "00:02:35", "end": "00:02:37", "text": "The gold market, however, was"}, {"start": "00:02:37", "end": "00:02:39", "text": "time-tested and battle approved. It had"}, {"start": "00:02:39", "end": "00:02:41", "text": "long been a safe haven in times of"}, {"start": "00:02:41", "end": "00:02:43", "text": "economic inflation and economic"}, {"start": "00:02:43", "end": "00:02:45", "text": "uncertainty. So all the wealthy"}, {"start": "00:02:45", "end": "00:02:46", "text": "investors in the world and particularly"}, {"start": "00:02:46", "end": "00:02:48", "text": "in the United States were choosing"}, {"start": "00:02:48", "end": "00:02:51", "text": "between crypto and gold. That's what the"}, {"start": "00:02:51", "end": "00:02:54", "text": "industry looked like from 2020 to about"}, {"start": "00:02:54", "end": "00:02:57", "text": "2022. And then in 2022, wealth analysts"}, {"start": "00:02:57", "end": "00:02:59", "text": "at major institutional investment hubs"}, {"start": "00:02:59", "end": "00:03:01", "text": "around the country started to realize"}, {"start": "00:03:01", "end": "00:03:04", "text": "that while gold and crypto did have"}, {"start": "00:03:04", "end": "00:03:06", "text": "competitive elements, they also had"}, {"start": "00:03:06", "end": "00:03:08", "text": "complimentary elements that were not"}, {"start": "00:03:08", "end": "00:03:11", "text": "being utilized. That changed everything"}, {"start": "00:03:11", "end": "00:03:14", "text": "because in 2023, you saw a widespread"}, {"start": "00:03:14", "end": "00:03:17", "text": "shift away from the individual investor"}, {"start": "00:03:17", "end": "00:03:20", "text": "and into the institutional investor. And"}, {"start": "00:03:20", "end": "00:03:22", "text": "institutional investors are huge with"}, {"start": "00:03:22", "end": "00:03:24", "text": "massive amounts of money that they can"}, {"start": "00:03:24", "end": "00:03:27", "text": "push into gold, push into crypto, and"}, {"start": "00:03:27", "end": "00:03:29", "text": "they can use that wealth to move markets"}, {"start": "00:03:29", "end": "00:03:31", "text": "for their wealthy clients. wealth"}, {"start": "00:03:31", "end": "00:03:33", "text": "analysts at these major institutional"}, {"start": "00:03:33", "end": "00:03:35", "text": "investment hubs discovered that you can"}, {"start": "00:03:35", "end": "00:03:39", "text": "actually use crypto to boost your wealth"}, {"start": "00:03:39", "end": "00:03:42", "text": "and then you can use the earnings from"}, {"start": "00:03:42", "end": "00:03:45", "text": "crypto to safeguard them inside of gold"}, {"start": "00:03:45", "end": "00:03:47", "text": "creating what's known as a wealth"}, {"start": "00:03:47", "end": "00:03:49", "text": "flywheel that continually and"}, {"start": "00:03:49", "end": "00:03:52", "text": "consistently builds wealth not only for"}, {"start": "00:03:52", "end": "00:03:54", "text": "the institutional investor but also for"}, {"start": "00:03:54", "end": "00:03:56", "text": "the individual investor. And this is why"}, {"start": "00:03:56", "end": "00:03:58", "text": "in the middle of a global recession,"}, {"start": "00:03:58", "end": "00:04:01", "text": "with businesses shutting down, with the"}, {"start": "00:04:01", "end": "00:04:03", "text": "dollar reaching an all-time high in"}, {"start": "00:04:03", "end": "00:04:06", "text": "inflation, you actually saw rich people"}, {"start": "00:04:06", "end": "00:04:08", "text": "getting richer faster than they ever"}, {"start": "00:04:08", "end": "00:04:11", "text": "grew wealth in the past because they had"}, {"start": "00:04:11", "end": "00:04:13", "text": "discovered a new wealth-b buildinging"}, {"start": "00:04:13", "end": "00:04:16", "text": "strategy that was contingent on the idea"}, {"start": "00:04:16", "end": "00:04:18", "text": "of a crypto and gold market that were"}, {"start": "00:04:18", "end": "00:04:21", "text": "working in contrast to the overall"}, {"start": "00:04:21", "end": "00:04:24", "text": "economy. Meaning as the overall economy"}, {"start": "00:04:24", "end": "00:04:27", "text": "got worse, the golden crypto markets got"}, {"start": "00:04:27", "end": "00:04:29", "text": "better and that gave wealthy people an"}, {"start": "00:04:29", "end": "00:04:31", "text": "opportunity to change how they were"}, {"start": "00:04:31", "end": "00:04:34", "text": "investing their money to capitalize on"}, {"start": "00:04:34", "end": "00:04:36", "text": "the current economic crisis. If you're"}, {"start": "00:04:36", "end": "00:04:38", "text": "anything like me, then I understand this"}, {"start": "00:04:38", "end": "00:04:40", "text": "can sound confusing at first. So, let me"}, {"start": "00:04:40", "end": "00:04:42", "text": "break it down step by step to explain"}, {"start": "00:04:42", "end": "00:04:45", "text": "exactly how this works. First, wealthy"}, {"start": "00:04:45", "end": "00:04:48", "text": "sources, whether they be banks or hedge"}, {"start": "00:04:48", "end": "00:04:50", "text": "funds or even wealthy individuals, have"}, {"start": "00:04:50", "end": "00:04:52", "text": "a large amount of cash that they have to"}, {"start": "00:04:52", "end": "00:04:54", "text": "deal with. Cash that comes in from their"}, {"start": "00:04:54", "end": "00:04:56", "text": "business, cash that comes in from their"}, {"start": "00:04:56", "end": "00:04:58", "text": "stock market investments, cash that was"}, {"start": "00:04:58", "end": "00:04:59", "text": "given to them by some sort of"}, {"start": "00:04:59", "end": "00:05:01", "text": "inheritance. And they understand that as"}, {"start": "00:05:01", "end": "00:05:04", "text": "economies shrink, as economies collapse,"}, {"start": "00:05:04", "end": "00:05:06", "text": "their cash holdings actually lose value"}, {"start": "00:05:06", "end": "00:05:08", "text": "every day. This is what's called"}, {"start": "00:05:08", "end": "00:05:10", "text": "inflation. the actual value of your"}, {"start": "00:05:10", "end": "00:05:13", "text": "dollar goes down. Meaning that every day"}, {"start": "00:05:13", "end": "00:05:15", "text": "you hold a dollar, it actually is worth"}, {"start": "00:05:15", "end": "00:05:17", "text": "less than a dollar each day that you're"}, {"start": "00:05:17", "end": "00:05:19", "text": "holding on to it. That means wealthy"}, {"start": "00:05:19", "end": "00:05:21", "text": "people don't want to hold cash"}, {"start": "00:05:21", "end": "00:05:24", "text": "denominated dollars. They want to invest"}, {"start": "00:05:24", "end": "00:05:26", "text": "their dollars in some other vehicle that"}, {"start": "00:05:26", "end": "00:05:29", "text": "will grow faster than inflation will"}, {"start": "00:05:29", "end": "00:05:31", "text": "reduce the value of their dollar. So"}, {"start": "00:05:31", "end": "00:05:33", "text": "they take their cash and they push them"}, {"start": "00:05:33", "end": "00:05:35", "text": "into what's known as an appreciating"}, {"start": "00:05:35", "end": "00:05:37", "text": "asset. An appreciating asset is exactly"}, {"start": "00:05:37", "end": "00:05:40", "text": "that, an asset that is physical in"}, {"start": "00:05:40", "end": "00:05:42", "text": "nature that is known to increase in"}, {"start": "00:05:42", "end": "00:05:44", "text": "value over time. This is things like"}, {"start": "00:05:44", "end": "00:05:46", "text": "real estate or treasury notes or"}, {"start": "00:05:46", "end": "00:05:49", "text": "precious metals like gold. When the"}, {"start": "00:05:49", "end": "00:05:51", "text": "wealthy push their cash into these"}, {"start": "00:05:51", "end": "00:05:54", "text": "assets, now they have an asset pool that"}, {"start": "00:05:54", "end": "00:05:56", "text": "they can use as collateral to borrow"}, {"start": "00:05:56", "end": "00:05:58", "text": "against. This is where everything"}, {"start": "00:05:58", "end": "00:06:01", "text": "changes for the wealthy compared to the"}, {"start": "00:06:01", "end": "00:06:02", "text": "everyday person. Because when the"}, {"start": "00:06:02", "end": "00:06:05", "text": "wealthy approach a bank to take a loan"}, {"start": "00:06:05", "end": "00:06:07", "text": "against their existing pool of"}, {"start": "00:06:07", "end": "00:06:10", "text": "appreciating assets, their collateral,"}, {"start": "00:06:10", "end": "00:06:12", "text": "the bank really wants to incentivize"}, {"start": "00:06:12", "end": "00:06:14", "text": "that wealthy person to take the loan. So"}, {"start": "00:06:14", "end": "00:06:16", "text": "they offer them very low, very"}, {"start": "00:06:16", "end": "00:06:19", "text": "competitive interest rates. That means"}, {"start": "00:06:19", "end": "00:06:20", "text": "that a wealthy person has the"}, {"start": "00:06:20", "end": "00:06:23", "text": "opportunity to take a loan at just two"}, {"start": "00:06:23", "end": "00:06:27", "text": "or 3% interest, knowing that the assets"}, {"start": "00:06:27", "end": "00:06:29", "text": "they're using as collateral will very"}, {"start": "00:06:29", "end": "00:06:32", "text": "likely grow between 5 and 7% in the same"}, {"start": "00:06:32", "end": "00:06:34", "text": "period of time. It's a guaranteed win"}, {"start": "00:06:34", "end": "00:06:37", "text": "for the bank and a guaranteed win for"}, {"start": "00:06:37", "end": "00:06:39", "text": "the wealthy. Now, enter into the"}, {"start": "00:06:39", "end": "00:06:41", "text": "equation cryptocurrency, which is highly"}, {"start": "00:06:41", "end": "00:06:44", "text": "volatile with huge gains, but also huge"}, {"start": "00:06:44", "end": "00:06:46", "text": "losses. When a wealthy person takes a"}, {"start": "00:06:46", "end": "00:06:48", "text": "large loan at a very low interest rate"}, {"start": "00:06:48", "end": "00:06:50", "text": "and they invest it wisely into"}, {"start": "00:06:50", "end": "00:06:52", "text": "cryptocurrency, they can actually see"}, {"start": "00:06:52", "end": "00:06:55", "text": "that investment double or triple in a"}, {"start": "00:06:55", "end": "00:06:58", "text": "short period of time. And then they take"}, {"start": "00:06:58", "end": "00:07:00", "text": "the earnings, convert it into cash, pay"}, {"start": "00:07:00", "end": "00:07:02", "text": "the loan off early before they even"}, {"start": "00:07:02", "end": "00:07:04", "text": "incur interest, and then buy more"}, {"start": "00:07:04", "end": "00:07:07", "text": "appreciating assets from which they can"}, {"start": "00:07:07", "end": "00:07:10", "text": "borrow more money to put back into the"}, {"start": "00:07:10", "end": "00:07:12", "text": "crypto market to take another big win."}, {"start": "00:07:12", "end": "00:07:14", "text": "And you can see how this new economic"}, {"start": "00:07:14", "end": "00:07:18", "text": "flywheel grows wealth rapidly. Putting"}, {"start": "00:07:18", "end": "00:07:20", "text": "cash earnings into appreciating assets"}, {"start": "00:07:20", "end": "00:07:21", "text": "is something that the wealth have been"}, {"start": "00:07:21", "end": "00:07:23", "text": "doing for a very long time. But what"}, {"start": "00:07:23", "end": "00:07:24", "text": "makes it so unique to the current"}, {"start": "00:07:24", "end": "00:07:27", "text": "economic situation is that there is one"}, {"start": "00:07:27", "end": "00:07:30", "text": "appreciating asset that is outperforming"}, {"start": "00:07:30", "end": "00:07:32", "text": "all other appreciating assets and that's"}, {"start": "00:07:32", "end": "00:07:35", "text": "gold. Gold is actually outperforming the"}, {"start": "00:07:35", "end": "00:07:38", "text": "stock market in the last 25 years. Gold"}, {"start": "00:07:38", "end": "00:07:43", "text": "is up nearly 60% in just 2025 alone. In"}, {"start": "00:07:43", "end": "00:07:45", "text": "fact, as of December 1st, gold was at a"}, {"start": "00:07:45", "end": "00:07:48", "text": "record-breaking $4,260"}, {"start": "00:07:48", "end": "00:07:52", "text": "an ounce, which was an increase of $200"}, {"start": "00:07:52", "end": "00:07:55", "text": "per ounce in just the last 5 days. Gold"}, {"start": "00:07:55", "end": "00:07:57", "text": "is an appreciating asset that's"}, {"start": "00:07:57", "end": "00:08:00", "text": "absolutely skyrocketing. So the wealthy"}, {"start": "00:08:00", "end": "00:08:03", "text": "have been taking their cash, using it to"}, {"start": "00:08:03", "end": "00:08:07", "text": "buy gold, borrowing against the gold to"}, {"start": "00:08:07", "end": "00:08:09", "text": "invest in cryptocurrency. The"}, {"start": "00:08:09", "end": "00:08:12", "text": "cryptocurrency grows 2 or 300%. The"}, {"start": "00:08:12", "end": "00:08:14", "text": "wealthy people cash out their"}, {"start": "00:08:14", "end": "00:08:17", "text": "cryptocurrency, pay off the original"}, {"start": "00:08:17", "end": "00:08:19", "text": "loan, and then take the excess and buy"}, {"start": "00:08:19", "end": "00:08:22", "text": "more gold, thereby getting more assets"}, {"start": "00:08:22", "end": "00:08:24", "text": "to take a larger loan at another low"}, {"start": "00:08:24", "end": "00:08:27", "text": "interest rate to repeat the cycle again"}, {"start": "00:08:27", "end": "00:08:30", "text": "and again and again. That is how the"}, {"start": "00:08:30", "end": "00:08:32", "text": "rich are getting richer in the middle of"}, {"start": "00:08:32", "end": "00:08:35", "text": "an economic collapse while you and"}, {"start": "00:08:35", "end": "00:08:37", "text": "millions like you are wondering how"}, {"start": "00:08:37", "end": "00:08:38", "text": "you're going to pay for milk, how you're"}, {"start": "00:08:38", "end": "00:08:39", "text": "going to pay for eggs, if you're going"}, {"start": "00:08:39", "end": "00:08:42", "text": "to have a job tomorrow. In fact, this"}, {"start": "00:08:42", "end": "00:08:43", "text": "process of borrowing against precious"}, {"start": "00:08:43", "end": "00:08:46", "text": "metals to take very low interest rate"}, {"start": "00:08:46", "end": "00:08:48", "text": "loans has become so common place there's"}, {"start": "00:08:48", "end": "00:08:50", "text": "a dedicated name for the specific type"}, {"start": "00:08:50", "end": "00:08:53", "text": "of loan. It's called a metals equity"}, {"start": "00:08:53", "end": "00:08:56", "text": "line of credit or an MEC melloc. Melocks"}, {"start": "00:08:56", "end": "00:08:58", "text": "are not available at the average bank."}, {"start": "00:08:58", "end": "00:09:00", "text": "They're not available at the bank down"}, {"start": "00:09:00", "end": "00:09:01", "text": "the street from your house or mine."}, {"start": "00:09:01", "end": "00:09:03", "text": "They're only available at specialty"}, {"start": "00:09:03", "end": "00:09:05", "text": "banks that are reserved for ultra high"}, {"start": "00:09:05", "end": "00:09:07", "text": "net worth and institutional investors."}, {"start": "00:09:07", "end": "00:09:09", "text": "So, the average person doesn't even have"}, {"start": "00:09:09", "end": "00:09:11", "text": "a bank that will allow them to borrow"}, {"start": "00:09:11", "end": "00:09:13", "text": "against their appreciating assets like"}, {"start": "00:09:13", "end": "00:09:15", "text": "their house or their stocks or their"}, {"start": "00:09:15", "end": "00:09:18", "text": "IRA. Instead, you're stuck using"}, {"start": "00:09:18", "end": "00:09:19", "text": "commercial rates from commercial"}, {"start": "00:09:19", "end": "00:09:21", "text": "lenders, which is much, much higher than"}, {"start": "00:09:21", "end": "00:09:23", "text": "what the Melo is worth to the average"}, {"start": "00:09:23", "end": "00:09:26", "text": "wealthy person. A metal's equity line of"}, {"start": "00:09:26", "end": "00:09:28", "text": "credit actually allows the debtor to"}, {"start": "00:09:28", "end": "00:09:31", "text": "take 50 to 70% of the value of their"}, {"start": "00:09:31", "end": "00:09:33", "text": "entire holdings of precious metal and"}, {"start": "00:09:33", "end": "00:09:36", "text": "convert it into a cash loan at a very"}, {"start": "00:09:36", "end": "00:09:39", "text": "low interest rate, 2 or 3%. Then they"}, {"start": "00:09:39", "end": "00:09:41", "text": "have 5 years to pay back the entirety of"}, {"start": "00:09:41", "end": "00:09:43", "text": "the loan they're taking against"}, {"start": "00:09:43", "end": "00:09:46", "text": "themselves. So imagine how many times"}, {"start": "00:09:46", "end": "00:09:48", "text": "they can take that large bucket of money"}, {"start": "00:09:48", "end": "00:09:51", "text": "and pump it into the cryptocurrency"}, {"start": "00:09:51", "end": "00:09:52", "text": "market. When the market goes up, they"}, {"start": "00:09:52", "end": "00:09:53", "text": "take their money out. When the"}, {"start": "00:09:53", "end": "00:09:55", "text": "cryptocurrency crashes again, they put"}, {"start": "00:09:55", "end": "00:09:57", "text": "their money back in. When the market"}, {"start": "00:09:57", "end": "00:09:58", "text": "goes up, they take their money out"}, {"start": "00:09:58", "end": "00:10:00", "text": "again, pumping and increasing their"}, {"start": "00:10:00", "end": "00:10:04", "text": "return on investment four, five, 600%"}, {"start": "00:10:04", "end": "00:10:06", "text": "over the course of those few years. Then"}, {"start": "00:10:06", "end": "00:10:08", "text": "they can take all of that earnings that"}, {"start": "00:10:08", "end": "00:10:11", "text": "they've made, house money, and they can"}, {"start": "00:10:11", "end": "00:10:13", "text": "use it to pay back the loan, buy more"}, {"start": "00:10:13", "end": "00:10:16", "text": "assets, and take a larger loan at the"}, {"start": "00:10:16", "end": "00:10:18", "text": "same competitive interest rate to repeat"}, {"start": "00:10:18", "end": "00:10:20", "text": "the whole cycle again. The Melo is a"}, {"start": "00:10:20", "end": "00:10:22", "text": "game-changing investment tool that's"}, {"start": "00:10:22", "end": "00:10:24", "text": "being used by the wealthy institutional"}, {"start": "00:10:24", "end": "00:10:26", "text": "investors, central banks, national"}, {"start": "00:10:26", "end": "00:10:29", "text": "banks, you name the largecale wealthy"}, {"start": "00:10:29", "end": "00:10:31", "text": "institution and they're using this"}, {"start": "00:10:31", "end": "00:10:33", "text": "technique. Make no mistake, this"}, {"start": "00:10:33", "end": "00:10:36", "text": "strategy is bad news for the average"}, {"start": "00:10:36", "end": "00:10:38", "text": "person, but actually good news for you"}, {"start": "00:10:38", "end": "00:10:40", "text": "because you're learning it here with me"}, {"start": "00:10:40", "end": "00:10:43", "text": "today. If you just look at 2025 and you"}, {"start": "00:10:43", "end": "00:10:46", "text": "just look at one single cryptocurrency,"}, {"start": "00:10:46", "end": "00:10:48", "text": "Bitcoin, you can actually see how this"}, {"start": "00:10:48", "end": "00:10:50", "text": "methodology has proven out through two"}, {"start": "00:10:50", "end": "00:10:52", "text": "wealthb buildinging cycles this year"}, {"start": "00:10:52", "end": "00:10:55", "text": "alone. The first cycle started in April"}, {"start": "00:10:55", "end": "00:10:58", "text": "of 2025 when Bitcoin was at the lowest"}, {"start": "00:10:58", "end": "00:11:01", "text": "price it's been all year, $75,000"}, {"start": "00:11:01", "end": "00:11:04", "text": "approximately. Within 40 days, Bitcoin"}, {"start": "00:11:04", "end": "00:11:09", "text": "went from $75,000 a coin to $111,000"}, {"start": "00:11:09", "end": "00:11:13", "text": "a coin, reaching a new all-time high in"}, {"start": "00:11:13", "end": "00:11:16", "text": "40 days. Why did that happen in those 40"}, {"start": "00:11:16", "end": "00:11:18", "text": "days? Because these largecale investors"}, {"start": "00:11:18", "end": "00:11:21", "text": "were pumping money into Bitcoin. And"}, {"start": "00:11:21", "end": "00:11:23", "text": "with that pumping of money, the supply"}, {"start": "00:11:23", "end": "00:11:25", "text": "went down, the demand went up, and the"}, {"start": "00:11:25", "end": "00:11:28", "text": "price per Bitcoin skyrocketed. Then"}, {"start": "00:11:28", "end": "00:11:30", "text": "immediately after that, you saw a huge"}, {"start": "00:11:30", "end": "00:11:33", "text": "drop in Bitcoin. Why? Because all those"}, {"start": "00:11:33", "end": "00:11:35", "text": "institutional investors saw their"}, {"start": "00:11:35", "end": "00:11:38", "text": "investment jump. They sold out of their"}, {"start": "00:11:38", "end": "00:11:40", "text": "Bitcoin investment. They took their cash"}, {"start": "00:11:40", "end": "00:11:42", "text": "and they flipped it into gold. From May"}, {"start": "00:11:42", "end": "00:11:44", "text": "until about October, you saw these"}, {"start": "00:11:44", "end": "00:11:46", "text": "variations in Bitcoin as the average"}, {"start": "00:11:46", "end": "00:11:48", "text": "investor was trying to understand what"}, {"start": "00:11:48", "end": "00:11:50", "text": "was going on. Then the cycle repeated"}, {"start": "00:11:50", "end": "00:11:53", "text": "itself again in October of 2025 when"}, {"start": "00:11:53", "end": "00:11:56", "text": "Bitcoin went from an all-time high of"}, {"start": "00:11:56", "end": "00:11:58", "text": "$125,000"}, {"start": "00:11:58", "end": "00:12:02", "text": "a coin crashing down to $80,000 a coin,"}, {"start": "00:12:02", "end": "00:12:05", "text": "almost half of its value in just 60"}, {"start": "00:12:05", "end": "00:12:07", "text": "days. Why did you see that massive"}, {"start": "00:12:07", "end": "00:12:09", "text": "sell-off of Bitcoin? Because"}, {"start": "00:12:09", "end": "00:12:11", "text": "simultaneously to that, you saw the"}, {"start": "00:12:11", "end": "00:12:13", "text": "price of gold skyrocket to the highest"}, {"start": "00:12:13", "end": "00:12:16", "text": "it's ever been, $4,200"}, {"start": "00:12:16", "end": "00:12:19", "text": "an ounce. as the money was being pulled"}, {"start": "00:12:19", "end": "00:12:21", "text": "out of the crypto market in that massive"}, {"start": "00:12:21", "end": "00:12:24", "text": "sell-off, it was being pumped into the"}, {"start": "00:12:24", "end": "00:12:26", "text": "gold market, driving up the price of"}, {"start": "00:12:26", "end": "00:12:28", "text": "gold. So, you see how crypto and gold"}, {"start": "00:12:28", "end": "00:12:30", "text": "are being used to push each other back"}, {"start": "00:12:30", "end": "00:12:32", "text": "and forth. But the critical piece of"}, {"start": "00:12:32", "end": "00:12:35", "text": "this is understanding that investors are"}, {"start": "00:12:35", "end": "00:12:38", "text": "buying crypto using debt and they're"}, {"start": "00:12:38", "end": "00:12:40", "text": "buying gold using cash. Because"}, {"start": "00:12:40", "end": "00:12:43", "text": "everybody understands that gold is an"}, {"start": "00:12:43", "end": "00:12:45", "text": "appreciating asset that will be there"}, {"start": "00:12:45", "end": "00:12:47", "text": "now, 10 years from now, 20 years from"}, {"start": "00:12:47", "end": "00:12:49", "text": "now. It will not reduce in value at the"}, {"start": "00:12:49", "end": "00:12:51", "text": "same rate that crypto will reduce in"}, {"start": "00:12:51", "end": "00:12:54", "text": "value. It beats inflation. It's the"}, {"start": "00:12:54", "end": "00:12:56", "text": "long-term play. It's why banks around"}, {"start": "00:12:56", "end": "00:12:58", "text": "the world are doubling down on gold."}, {"start": "00:12:58", "end": "00:13:00", "text": "Wealthy investors are doubling down on"}, {"start": "00:13:00", "end": "00:13:02", "text": "gold. Institutional investors are"}, {"start": "00:13:02", "end": "00:13:05", "text": "doubling down on gold. And you and I are"}, {"start": "00:13:05", "end": "00:13:08", "text": "watching the price per ounce of gold"}, {"start": "00:13:08", "end": "00:13:11", "text": "increase faster than the stock market in"}, {"start": "00:13:11", "end": "00:13:14", "text": "the last 25 years. And it's all because"}, {"start": "00:13:14", "end": "00:13:17", "text": "of this pump and investment strategy"}, {"start": "00:13:17", "end": "00:13:19", "text": "that we're seeing between crypto and"}, {"start": "00:13:19", "end": "00:13:21", "text": "gold. I told you just a minute ago that"}, {"start": "00:13:21", "end": "00:13:23", "text": "this is bad news for the average person,"}, {"start": "00:13:23", "end": "00:13:25", "text": "but good news for you. And you might be"}, {"start": "00:13:25", "end": "00:13:27", "text": "wondering why I say that. If you don't"}, {"start": "00:13:27", "end": "00:13:28", "text": "have access to the same banks that the"}, {"start": "00:13:28", "end": "00:13:30", "text": "wealthy can use, then you can't take a"}, {"start": "00:13:30", "end": "00:13:32", "text": "metal's equity line of credit, a melac."}, {"start": "00:13:32", "end": "00:13:34", "text": "And if you don't have large amounts of"}, {"start": "00:13:34", "end": "00:13:36", "text": "money that you can risk investing in"}, {"start": "00:13:36", "end": "00:13:37", "text": "crypto, then you certainly won't be able"}, {"start": "00:13:37", "end": "00:13:40", "text": "to cash in on the upside of crypto to"}, {"start": "00:13:40", "end": "00:13:41", "text": "buy more gold. So, what are you supposed"}, {"start": "00:13:41", "end": "00:13:44", "text": "to do? This is where the beauty of this"}, {"start": "00:13:44", "end": "00:13:45", "text": "strategy that the wealthy have created"}, {"start": "00:13:45", "end": "00:13:48", "text": "really applies to the everyday person."}, {"start": "00:13:48", "end": "00:13:50", "text": "Because while you may not be able to use"}, {"start": "00:13:50", "end": "00:13:52", "text": "a specialty bank that allows you to take"}, {"start": "00:13:52", "end": "00:13:54", "text": "a metals equity line of credit, you can"}, {"start": "00:13:54", "end": "00:13:57", "text": "absolutely protect your cash, your"}, {"start": "00:13:57", "end": "00:13:59", "text": "savings, your retirement fund by"}, {"start": "00:13:59", "end": "00:14:02", "text": "investing in gold, knowing that the"}, {"start": "00:14:02", "end": "00:14:04", "text": "wealthy people of the world are going to"}, {"start": "00:14:04", "end": "00:14:06", "text": "keep pushing more money into gold, which"}, {"start": "00:14:06", "end": "00:14:09", "text": "will keep increasing the value of gold"}, {"start": "00:14:09", "end": "00:14:11", "text": "over time. You see, while the crypto"}, {"start": "00:14:11", "end": "00:14:13", "text": "market is an unpredictable, volatile"}, {"start": "00:14:13", "end": "00:14:16", "text": "beast, the gold market is not that."}, {"start": "00:14:16", "end": "00:14:18", "text": "Because we know that institutional"}, {"start": "00:14:18", "end": "00:14:21", "text": "investors, national banks, central banks"}, {"start": "00:14:21", "end": "00:14:23", "text": "are pushing more money into gold and"}, {"start": "00:14:23", "end": "00:14:26", "text": "gold is a limited physical asset. It"}, {"start": "00:14:26", "end": "00:14:28", "text": "means that we have higher confidence"}, {"start": "00:14:28", "end": "00:14:30", "text": "that gold will continue to rise over"}, {"start": "00:14:30", "end": "00:14:33", "text": "time, especially as investors pull from"}, {"start": "00:14:33", "end": "00:14:36", "text": "the crypto market to buy more gold. That"}, {"start": "00:14:36", "end": "00:14:38", "text": "gives you a chance to take your cash, to"}, {"start": "00:14:38", "end": "00:14:39", "text": "take your retirement, to take your"}, {"start": "00:14:39", "end": "00:14:42", "text": "savings and put it into the same wealthb"}, {"start": "00:14:42", "end": "00:14:44", "text": "buildinging vehicle that all the wealthy"}, {"start": "00:14:44", "end": "00:14:47", "text": "people of the world are using, gold. You"}, {"start": "00:14:47", "end": "00:14:49", "text": "don't have to take the risk with crypto."}, {"start": "00:14:49", "end": "00:14:52", "text": "You don't have to try to find a melloc."}, {"start": "00:14:52", "end": "00:14:54", "text": "You just have to ride the wave that they"}, {"start": "00:14:54", "end": "00:14:56", "text": "are creating. If you put your money in"}, {"start": "00:14:56", "end": "00:14:58", "text": "gold, then every time wealthy people"}, {"start": "00:14:58", "end": "00:15:01", "text": "increase the value of gold, your total"}, {"start": "00:15:01", "end": "00:15:04", "text": "holdings increase also. That means gold"}, {"start": "00:15:04", "end": "00:15:06", "text": "is a better place for your cash than the"}, {"start": "00:15:06", "end": "00:15:08", "text": "stock market. Gold is a better place for"}, {"start": "00:15:08", "end": "00:15:10", "text": "your cash than the crypto market. Gold"}, {"start": "00:15:10", "end": "00:15:12", "text": "is the best place for your cash because"}, {"start": "00:15:12", "end": "00:15:14", "text": "the rich are showing you it's the best"}, {"start": "00:15:14", "end": "00:15:17", "text": "place for their cash. The math is clear"}, {"start": "00:15:17", "end": "00:15:19", "text": "on this. You can either hold cash and"}, {"start": "00:15:19", "end": "00:15:22", "text": "watch your cash lose value every day"}, {"start": "00:15:22", "end": "00:15:25", "text": "with inflation. or you can gamble your"}, {"start": "00:15:25", "end": "00:15:26", "text": "cash in the stock market or in the"}, {"start": "00:15:26", "end": "00:15:29", "text": "cryptocurrency market. Both of which are"}, {"start": "00:15:29", "end": "00:15:31", "text": "very volatile, unpredictable, and"}, {"start": "00:15:31", "end": "00:15:34", "text": "respond negatively to the economic"}, {"start": "00:15:34", "end": "00:15:36", "text": "uncertainty. The last option you have is"}, {"start": "00:15:36", "end": "00:15:39", "text": "to put your money into gold, which we"}, {"start": "00:15:39", "end": "00:15:41", "text": "know responds well in the face of"}, {"start": "00:15:41", "end": "00:15:43", "text": "economic uncertainty, which we also know"}, {"start": "00:15:43", "end": "00:15:45", "text": "the wealthy are using to protect and"}, {"start": "00:15:45", "end": "00:15:48", "text": "build their own wealth. So, of the three"}, {"start": "00:15:48", "end": "00:15:50", "text": "options, to me, it's crystal clear which"}, {"start": "00:15:50", "end": "00:15:52", "text": "one to choose. The biggest question"}, {"start": "00:15:52", "end": "00:15:55", "text": "isn't which option to choose. It's which"}, {"start": "00:15:55", "end": "00:15:58", "text": "gold provider to trust. Because as the"}, {"start": "00:15:58", "end": "00:16:00", "text": "rich have pushed their wealth into gold,"}, {"start": "00:16:00", "end": "00:16:03", "text": "you've seen a huge rise in fraudulent,"}, {"start": "00:16:03", "end": "00:16:06", "text": "phony charlatan popup gold brokers. And"}, {"start": "00:16:06", "end": "00:16:08", "text": "that can make it very difficult to find"}, {"start": "00:16:08", "end": "00:16:10", "text": "a reputable dealer. I recommend you"}, {"start": "00:16:10", "end": "00:16:12", "text": "start your research by looking at the"}, {"start": "00:16:12", "end": "00:16:13", "text": "same company that the wealthiest people"}, {"start": "00:16:13", "end": "00:16:16", "text": "in the world are using, a company called"}, {"start": "00:16:16", "end": "00:16:18", "text": "Genesis Gold Group. Genesis Gold Group"}, {"start": "00:16:18", "end": "00:16:20", "text": "is the go-to option for many wealthy"}, {"start": "00:16:20", "end": "00:16:22", "text": "individuals because it's rooted in"}, {"start": "00:16:22", "end": "00:16:25", "text": "conservative values and based in"}, {"start": "00:16:25", "end": "00:16:27", "text": "Christian faith. It has an A+ rating"}, {"start": "00:16:27", "end": "00:16:30", "text": "with the Better Business Bureau, a 4.5ar"}, {"start": "00:16:30", "end": "00:16:32", "text": "rating with Trust Pilot. Genesis Gold"}, {"start": "00:16:32", "end": "00:16:34", "text": "Group is globally known and has an"}, {"start": "00:16:34", "end": "00:16:35", "text": "international reputation for"}, {"start": "00:16:35", "end": "00:16:38", "text": "consistently being one of the best gold"}, {"start": "00:16:38", "end": "00:16:41", "text": "brokers in the world. I trust Genesis"}, {"start": "00:16:41", "end": "00:16:43", "text": "Gold Group. My clients trust Genesis"}, {"start": "00:16:43", "end": "00:16:45", "text": "Gold Group. And you have the opportunity"}, {"start": "00:16:45", "end": "00:16:47", "text": "to start learning about gold using their"}, {"start": "00:16:47", "end": "00:16:49", "text": "best-in-class knowledge and service if"}, {"start": "00:16:49", "end": "00:16:52", "text": "you visit edsgold.com"}, {"start": "00:16:52", "end": "00:16:54", "text": "or just click on the first link in the"}, {"start": "00:16:54", "end": "00:16:56", "text": "description below. The cycle of wealthy"}, {"start": "00:16:56", "end": "00:16:57", "text": "people building their wealth using"}, {"start": "00:16:57", "end": "00:16:59", "text": "crypto and then protecting their wealth"}, {"start": "00:16:59", "end": "00:17:01", "text": "using gold is not going to end anytime"}, {"start": "00:17:01", "end": "00:17:04", "text": "soon. Economic uncertainty is virtually"}, {"start": "00:17:04", "end": "00:17:06", "text": "guaranteed. We still have multiple hot"}, {"start": "00:17:06", "end": "00:17:08", "text": "wars. We still have political turmoil."}, {"start": "00:17:08", "end": "00:17:10", "text": "We have a major trade conflict between"}, {"start": "00:17:10", "end": "00:17:12", "text": "the United States and China that's not"}, {"start": "00:17:12", "end": "00:17:14", "text": "going to last for just a few weeks or a"}, {"start": "00:17:14", "end": "00:17:16", "text": "few months. It's going to last for"}, {"start": "00:17:16", "end": "00:17:18", "text": "several more years. So the question"}, {"start": "00:17:18", "end": "00:17:20", "text": "becomes, will you use those years to"}, {"start": "00:17:20", "end": "00:17:23", "text": "build your wealth using gold, or will"}, {"start": "00:17:23", "end": "00:17:26", "text": "you wait and watch other people continue"}, {"start": "00:17:26", "end": "00:17:28", "text": "to build their wealth and take your"}, {"start": "00:17:28", "end": "00:17:30", "text": "wealth away? When I think of this"}, {"start": "00:17:30", "end": "00:17:32", "text": "strategy of the wealthy using"}, {"start": "00:17:32", "end": "00:17:34", "text": "cryptocurrency to pump their wealth and"}, {"start": "00:17:34", "end": "00:17:37", "text": "then carrying their wealth away in gold,"}, {"start": "00:17:37", "end": "00:17:39", "text": "it reminds me of the farm I grew up on"}, {"start": "00:17:39", "end": "00:17:41", "text": "in Pennsylvania. We had this water pump"}, {"start": "00:17:41", "end": "00:17:44", "text": "that connected into a well underneath"}, {"start": "00:17:44", "end": "00:17:46", "text": "the farm. And when you lifted the handle"}, {"start": "00:17:46", "end": "00:17:47", "text": "on the pump, you could hear the water"}, {"start": "00:17:47", "end": "00:17:50", "text": "suck up from the well and into the pipe."}, {"start": "00:17:50", "end": "00:17:52", "text": "And then when you pumped the pump down,"}, {"start": "00:17:52", "end": "00:17:54", "text": "you could actually see the water rush"}, {"start": "00:17:54", "end": "00:17:56", "text": "out of the spigot and into the bucket."}, {"start": "00:17:56", "end": "00:17:57", "text": "And then you could carry the bucket away"}, {"start": "00:17:57", "end": "00:17:59", "text": "and use the water for whatever you"}, {"start": "00:17:59", "end": "00:18:01", "text": "chose. Every day we would come out and"}, {"start": "00:18:01", "end": "00:18:03", "text": "we would pump water from the well, get"}, {"start": "00:18:03", "end": "00:18:05", "text": "it into the bucket and then use the"}, {"start": "00:18:05", "end": "00:18:07", "text": "bucket. That is what the wealthy are"}, {"start": "00:18:07", "end": "00:18:10", "text": "doing every single day. Pumping wealth"}, {"start": "00:18:10", "end": "00:18:13", "text": "out of the economy and carrying it away"}, {"start": "00:18:13", "end": "00:18:15", "text": "in gold. The difference is that on the"}, {"start": "00:18:15", "end": "00:18:17", "text": "farm I grew up on, the well belonged to"}, {"start": "00:18:17", "end": "00:18:20", "text": "my family and it never ran dry. But in"}, {"start": "00:18:20", "end": "00:18:22", "text": "the current economy, the well of wealth"}, {"start": "00:18:22", "end": "00:18:24", "text": "belongs to everybody. So, as the"}, {"start": "00:18:24", "end": "00:18:26", "text": "oncoming economic collapse not only"}, {"start": "00:18:26", "end": "00:18:29", "text": "reduces the value of what's inside the"}, {"start": "00:18:29", "end": "00:18:31", "text": "well, the wealthy take more and more"}, {"start": "00:18:31", "end": "00:18:33", "text": "from the well every day, which leaves"}, {"start": "00:18:33", "end": "00:18:36", "text": "everybody else with not only less value,"}, {"start": "00:18:36", "end": "00:18:38", "text": "but less wealth to go around. You want"}, {"start": "00:18:38", "end": "00:18:40", "text": "to take action today. There is no better"}, {"start": "00:18:40", "end": "00:18:43", "text": "time to get into gold than right now."}, {"start": "00:18:43", "end": "00:18:45", "text": "Yes, gold is at an all-time high. Yes,"}, {"start": "00:18:45", "end": "00:18:47", "text": "the wealthy are buying it in huge"}, {"start": "00:18:47", "end": "00:18:49", "text": "amounts. Those are not reasons to stay"}, {"start": "00:18:49", "end": "00:18:51", "text": "out of gold. Those are the very reasons"}, {"start": "00:18:51", "end": "00:18:54", "text": "why you should invest into gold. Because"}, {"start": "00:18:54", "end": "00:18:56", "text": "the wealthy don't take gamles unless"}, {"start": "00:18:56", "end": "00:18:59", "text": "they know they're going to win. So, you"}, {"start": "00:18:59", "end": "00:19:01", "text": "have a chance to bet on the same horse"}, {"start": "00:19:01", "end": "00:19:03", "text": "that the wealthiest businesses, the"}, {"start": "00:19:03", "end": "00:19:05", "text": "wealthiest investors, the wealthiest"}, {"start": "00:19:05", "end": "00:19:07", "text": "institutions are also using for their"}, {"start": "00:19:07", "end": "00:19:09", "text": "bet right now. Go ahead and click on the"}, {"start": "00:19:09", "end": "00:19:11", "text": "link in the description below or visit"}, {"start": "00:19:11", "end": "00:19:12", "text": "edsgold.com"}, {"start": "00:19:12", "end": "00:19:15", "text": "and start learning for yourself. I'll"}, {"start": "00:19:15", "end": "00:19:18", "text": "see you on the other side, wealthier and"}, {"start": "00:19:18", "end": "00:19:21", "text": "happier."}]

[{"start": "00:00:00", "end": "00:00:01", "text": "If you've ever wondered why you're still"}, {"start": "00:00:01", "end": "00:00:03", "text": "not rich, even though you work hard, you"}, {"start": "00:00:03", "end": "00:00:05", "text": "save money, you do everything you're"}, {"start": "00:00:05", "end": "00:00:07", "text": "told to do, this video will show you"}, {"start": "00:00:07", "end": "00:00:09", "text": "exactly why. And even better, it's going"}, {"start": "00:00:09", "end": "00:00:10", "text": "to show you how to fix this without"}, {"start": "00:00:10", "end": "00:00:11", "text": "having to work harder, without having to"}, {"start": "00:00:11", "end": "00:00:13", "text": "work longer. Because wealth doesn't just"}, {"start": "00:00:13", "end": "00:00:15", "text": "happen, it's engineered. And the people"}, {"start": "00:00:15", "end": "00:00:18", "text": "who understand how to engineer it never"}, {"start": "00:00:18", "end": "00:00:20", "text": "play by the rules that you were taught."}, {"start": "00:00:20", "end": "00:00:21", "text": "Real quick, my name is Mark Moss. I've"}, {"start": "00:00:21", "end": "00:00:23", "text": "built and sold multiple companies. I'm a"}, {"start": "00:00:23", "end": "00:00:25", "text": "partner at Leading Bitcoin Venture Fund."}, {"start": "00:00:25", "end": "00:00:27", "text": "I've coached over 6,500 people on these"}, {"start": "00:00:27", "end": "00:00:29", "text": "exact wealthb buildinging strategies."}, {"start": "00:00:29", "end": "00:00:32", "text": "So, let's go. Okay. So, from the time"}, {"start": "00:00:32", "end": "00:00:34", "text": "you were a kid, right, they gave you"}, {"start": "00:00:34", "end": "00:00:36", "text": "this script. You know, the one uh go to"}, {"start": "00:00:36", "end": "00:00:38", "text": "school, get good grades, go to college,"}, {"start": "00:00:38", "end": "00:00:40", "text": "get a job, buy a house, save money,"}, {"start": "00:00:40", "end": "00:00:42", "text": "retire someday, right? That was the"}, {"start": "00:00:42", "end": "00:00:45", "text": "plan. That was the American dream. And"}, {"start": "00:00:45", "end": "00:00:47", "text": "that script, it used to work. Now, that"}, {"start": "00:00:47", "end": "00:00:49", "text": "used to work when we had sound money,"}, {"start": "00:00:49", "end": "00:00:51", "text": "when we had low inflation. But that"}, {"start": "00:00:51", "end": "00:00:55", "text": "world, it no longer exists. Today, that"}, {"start": "00:00:55", "end": "00:00:57", "text": "script's not freedom anymore. Now, that"}, {"start": "00:00:57", "end": "00:00:58", "text": "script is a trap, right? Right? It"}, {"start": "00:00:58", "end": "00:01:00", "text": "doesn't create wealth. It creates"}, {"start": "00:01:00", "end": "00:01:02", "text": "dependency on a system. It creates"}, {"start": "00:01:02", "end": "00:01:04", "text": "workers. It creates taxpayers. Creates"}, {"start": "00:01:04", "end": "00:01:07", "text": "debtors, but not owners. Right? Now,"}, {"start": "00:01:07", "end": "00:01:09", "text": "this this system wasn't designed to make"}, {"start": "00:01:09", "end": "00:01:11", "text": "you wealthy. It was designed to make you"}, {"start": "00:01:11", "end": "00:01:14", "text": "predictable. It was a system built to"}, {"start": "00:01:14", "end": "00:01:16", "text": "produce employees who show up. They show"}, {"start": "00:01:16", "end": "00:01:18", "text": "up on time. They pay their taxes. They"}, {"start": "00:01:18", "end": "00:01:20", "text": "spend their paychecks, right? They're"}, {"start": "00:01:20", "end": "00:01:22", "text": "they're consumers. They never question"}, {"start": "00:01:22", "end": "00:01:24", "text": "the rules. And most people, they never"}, {"start": "00:01:24", "end": "00:01:26", "text": "realize they're following this script."}, {"start": "00:01:26", "end": "00:01:28", "text": "So here's what you have to understand."}, {"start": "00:01:28", "end": "00:01:31", "text": "You're either building this system or"}, {"start": "00:01:31", "end": "00:01:32", "text": "the system is building you. You either"}, {"start": "00:01:32", "end": "00:01:35", "text": "design your own life and your wealth"}, {"start": "00:01:35", "end": "00:01:37", "text": "engine or you get designed by somebody"}, {"start": "00:01:37", "end": "00:01:40", "text": "else's. That's why my mantra is build or"}, {"start": "00:01:40", "end": "00:01:42", "text": "be built. You see, most people are being"}, {"start": "00:01:42", "end": "00:01:45", "text": "built. They have no plan. They have no"}, {"start": "00:01:45", "end": "00:01:47", "text": "strategy. They have no control. Now I've"}, {"start": "00:01:47", "end": "00:01:50", "text": "coached thousands of people and they're"}, {"start": "00:01:50", "end": "00:01:51", "text": "all exhausted. They're all working"}, {"start": "00:01:51", "end": "00:01:53", "text": "harder than ever. They're doing"}, {"start": "00:01:53", "end": "00:01:55", "text": "everything right. But the problem is"}, {"start": "00:01:55", "end": "00:01:57", "text": "they're getting nowhere. And the answer"}, {"start": "00:01:57", "end": "00:01:59", "text": "why is pretty obvious because they don't"}, {"start": "00:01:59", "end": "00:02:02", "text": "know they're even playing a game. But"}, {"start": "00:02:02", "end": "00:02:04", "text": "the billionaires, they know exactly what"}, {"start": "00:02:04", "end": "00:02:06", "text": "game they're playing. They know the"}, {"start": "00:02:06", "end": "00:02:08", "text": "rules. They know the players. They know"}, {"start": "00:02:08", "end": "00:02:10", "text": "the objective. They have the strategy."}, {"start": "00:02:10", "end": "00:02:11", "text": "And more importantly, they have the"}, {"start": "00:02:11", "end": "00:02:14", "text": "cheat code. How do you expect to win a"}, {"start": "00:02:14", "end": "00:02:16", "text": "game when you don't even know you're"}, {"start": "00:02:16", "end": "00:02:18", "text": "playing it? The answer is you can't."}, {"start": "00:02:18", "end": "00:02:19", "text": "Right? So, I'm going to show you the"}, {"start": "00:02:19", "end": "00:02:20", "text": "game. I'm going to show you the rules."}, {"start": "00:02:20", "end": "00:02:22", "text": "how the system is engineered to keep you"}, {"start": "00:02:22", "end": "00:02:24", "text": "poor so you can flip the script and you"}, {"start": "00:02:24", "end": "00:02:27", "text": "can win it. All right. So if the system"}, {"start": "00:02:27", "end": "00:02:30", "text": "is engineered to keep you poor then"}, {"start": "00:02:30", "end": "00:02:32", "text": "wealth has to be engineered. It has to"}, {"start": "00:02:32", "end": "00:02:34", "text": "be engineered specifically to set you"}, {"start": "00:02:34", "end": "00:02:37", "text": "free. But first you need to understand"}, {"start": "00:02:37", "end": "00:02:39", "text": "exactly how the trap actually works"}, {"start": "00:02:39", "end": "00:02:41", "text": "because once you see it then you can"}, {"start": "00:02:41", "end": "00:02:43", "text": "avoid it and more importantly you can"}, {"start": "00:02:43", "end": "00:02:45", "text": "flip it. All right. The system keeps you"}, {"start": "00:02:45", "end": "00:02:48", "text": "poor through four specific traps. The"}, {"start": "00:02:48", "end": "00:02:51", "text": "crazy part is that most people fall into"}, {"start": "00:02:51", "end": "00:02:53", "text": "all four without even realizing it."}, {"start": "00:02:53", "end": "00:02:55", "text": "Let's break them down. Trap number one"}, {"start": "00:02:55", "end": "00:02:57", "text": "is something called the debt trap. Now,"}, {"start": "00:02:57", "end": "00:03:00", "text": "the system teaches you to to use debt"}, {"start": "00:03:00", "end": "00:03:03", "text": "the wrong way or not use it at all. All"}, {"start": "00:03:03", "end": "00:03:04", "text": "right? Now, it does this on purpose."}, {"start": "00:03:04", "end": "00:03:06", "text": "They teach you to borrow money for"}, {"start": "00:03:06", "end": "00:03:08", "text": "things that lose value. Borrow money for"}, {"start": "00:03:08", "end": "00:03:10", "text": "cars, for weddings, for degrees,"}, {"start": "00:03:10", "end": "00:03:12", "text": "consumption, lifestyle, right? You"}, {"start": "00:03:12", "end": "00:03:14", "text": "finance the life that you can't afford."}, {"start": "00:03:14", "end": "00:03:16", "text": "you end up with you end up working for"}, {"start": "00:03:16", "end": "00:03:18", "text": "decades to pay off things that are"}, {"start": "00:03:18", "end": "00:03:20", "text": "already gone. But if we're going to use"}, {"start": "00:03:20", "end": "00:03:22", "text": "debt, we want to use debt for things"}, {"start": "00:03:22", "end": "00:03:26", "text": "that last that turn into something"}, {"start": "00:03:26", "end": "00:03:27", "text": "productive. Let me give you an example."}, {"start": "00:03:27", "end": "00:03:29", "text": "Earlier this year, I bought my daughter"}, {"start": "00:03:29", "end": "00:03:30", "text": "a brand new uh car. It was a Ford"}, {"start": "00:03:30", "end": "00:03:33", "text": "Bronco. It's like $50,000. So, I went to"}, {"start": "00:03:33", "end": "00:03:36", "text": "the Ford dealer and I was prepared just"}, {"start": "00:03:36", "end": "00:03:37", "text": "to pay cash for the car. But then the"}, {"start": "00:03:37", "end": "00:03:39", "text": "dealer says, \"Hey, Mark. Um do you want"}, {"start": "00:03:39", "end": "00:03:41", "text": "to look at some finance options?\" And I"}, {"start": "00:03:41", "end": "00:03:43", "text": "sure what are the finance options? He"}, {"start": "00:03:43", "end": "00:03:45", "text": "says, \"Well, we can give you 4.99%"}, {"start": "00:03:45", "end": "00:03:48", "text": "financing for 6 years.\" Now, most people"}, {"start": "00:03:48", "end": "00:03:50", "text": "would say, \"Mark, if you've already got"}, {"start": "00:03:50", "end": "00:03:52", "text": "the cash, why would you take on the"}, {"start": "00:03:52", "end": "00:03:55", "text": "debt?\" Well, the answer is very clear."}, {"start": "00:03:55", "end": "00:03:59", "text": "Because my money can make 50% a year if"}, {"start": "00:03:59", "end": "00:04:01", "text": "I put it into Bitcoin. So, I'll gladly"}, {"start": "00:04:01", "end": "00:04:03", "text": "pay the dealer 4.99%"}, {"start": "00:04:03", "end": "00:04:06", "text": "and keep my money and put my money into"}, {"start": "00:04:06", "end": "00:04:09", "text": "Bitcoin making 50% and I make a 45%"}, {"start": "00:04:09", "end": "00:04:12", "text": "difference. But the question that poor"}, {"start": "00:04:12", "end": "00:04:14", "text": "people would ask is Mark but what if I"}, {"start": "00:04:14", "end": "00:04:16", "text": "can't afford the payments and that but"}, {"start": "00:04:16", "end": "00:04:18", "text": "the thing is I have the money right you"}, {"start": "00:04:18", "end": "00:04:20", "text": "see the poor mentality is that people"}, {"start": "00:04:20", "end": "00:04:23", "text": "borrow for things they can't afford"}, {"start": "00:04:23", "end": "00:04:24", "text": "middle- class people borrow to upgrade"}, {"start": "00:04:24", "end": "00:04:26", "text": "their lifestyle right they buy the"}, {"start": "00:04:26", "end": "00:04:28", "text": "Cadillac the BMW the six-bedroom house"}, {"start": "00:04:28", "end": "00:04:30", "text": "the boat whatever but wealthy people"}, {"start": "00:04:30", "end": "00:04:32", "text": "wealthy mindset they borrow because it's"}, {"start": "00:04:32", "end": "00:04:35", "text": "cheaper to use someone else's money than"}, {"start": "00:04:35", "end": "00:04:38", "text": "it is to use their own that's the"}, {"start": "00:04:38", "end": "00:04:40", "text": "difference the system teaches you debt"}, {"start": "00:04:40", "end": "00:04:42", "text": "is bad. But the thing is, if it's used"}, {"start": "00:04:42", "end": "00:04:45", "text": "correctly, debt is the wealthb"}, {"start": "00:04:45", "end": "00:04:47", "text": "buildinging tool. Now, the wealthy know"}, {"start": "00:04:47", "end": "00:04:49", "text": "this. You don't. That's by design. All"}, {"start": "00:04:49", "end": "00:04:51", "text": "right. Now, trap number two is the"}, {"start": "00:04:51", "end": "00:04:53", "text": "inflation trap. They tell you to save"}, {"start": "00:04:53", "end": "00:04:55", "text": "your money, right? And on the surface,"}, {"start": "00:04:55", "end": "00:04:57", "text": "of course, that sounds like good advice,"}, {"start": "00:04:57", "end": "00:04:59", "text": "right? Except there's one problem. The"}, {"start": "00:04:59", "end": "00:05:01", "text": "money that you save loses value every"}, {"start": "00:05:01", "end": "00:05:04", "text": "year because inflation is not a bug."}, {"start": "00:05:04", "end": "00:05:06", "text": "It's a feature. It's engineered into the"}, {"start": "00:05:06", "end": "00:05:08", "text": "system to move wealth upward. Now, Wall"}, {"start": "00:05:08", "end": "00:05:11", "text": "Street tells you to save maybe in index"}, {"start": "00:05:11", "end": "00:05:13", "text": "funds, uh, you know, mutual funds, just"}, {"start": "00:05:13", "end": "00:05:16", "text": "put your money in the S&P 500 and wait"}, {"start": "00:05:16", "end": "00:05:17", "text": "for 30 years. But here's what they don't"}, {"start": "00:05:17", "end": "00:05:20", "text": "tell you. Since the year 2000, the S&P"}, {"start": "00:05:20", "end": "00:05:23", "text": "500 hasn't made a new all-time high."}, {"start": "00:05:23", "end": "00:05:25", "text": "When you adjust it for the money supply,"}, {"start": "00:05:25", "end": "00:05:27", "text": "when you adjust it for the amount of"}, {"start": "00:05:27", "end": "00:05:28", "text": "money that's been created, as a matter"}, {"start": "00:05:28", "end": "00:05:31", "text": "of fact, it's actually down about 20%."}, {"start": "00:05:31", "end": "00:05:33", "text": "So, yeah, like your account, you look at"}, {"start": "00:05:33", "end": "00:05:35", "text": "it and you feel rich. It looks rich."}, {"start": "00:05:35", "end": "00:05:37", "text": "just says, you know, 200 grand or"}, {"start": "00:05:37", "end": "00:05:38", "text": "whatever, but you don't feel any"}, {"start": "00:05:38", "end": "00:05:40", "text": "wealthier. That's because inflation"}, {"start": "00:05:40", "end": "00:05:42", "text": "stole your gains while Wall Street"}, {"start": "00:05:42", "end": "00:05:44", "text": "collected their fees. You see, you're"}, {"start": "00:05:44", "end": "00:05:45", "text": "getting richer in numbers, but you're"}, {"start": "00:05:45", "end": "00:05:47", "text": "getting poorer in purchasing power. If"}, {"start": "00:05:47", "end": "00:05:49", "text": "you're saving dollars, you're saving ice"}, {"start": "00:05:49", "end": "00:05:52", "text": "cubes like in a sauna. Trap number three"}, {"start": "00:05:52", "end": "00:05:55", "text": "is the tax trap. So, when you trade time"}, {"start": "00:05:55", "end": "00:05:58", "text": "for money, like W2 income, salary,"}, {"start": "00:05:58", "end": "00:06:00", "text": "wages, you're taxed first. depend on"}, {"start": "00:06:00", "end": "00:06:03", "text": "your income level. Sometimes up to 50%"}, {"start": "00:06:03", "end": "00:06:05", "text": "goes to the government before you even"}, {"start": "00:06:05", "end": "00:06:07", "text": "see it. But when your money makes money,"}, {"start": "00:06:07", "end": "00:06:10", "text": "like passive income or capital gains or"}, {"start": "00:06:10", "end": "00:06:13", "text": "business income, you're taxed last or"}, {"start": "00:06:13", "end": "00:06:16", "text": "maybe not taxed at all. You see, the tax"}, {"start": "00:06:16", "end": "00:06:18", "text": "code's not broken. It's working exactly"}, {"start": "00:06:18", "end": "00:06:21", "text": "as designed. It favors builders and"}, {"start": "00:06:21", "end": "00:06:24", "text": "investors, not consumers and employees."}, {"start": "00:06:24", "end": "00:06:26", "text": "Because the government needs people to"}, {"start": "00:06:26", "end": "00:06:28", "text": "build businesses, create jobs, provide"}, {"start": "00:06:28", "end": "00:06:30", "text": "housing. So, if all you do is work your"}, {"start": "00:06:30", "end": "00:06:32", "text": "9 to5, you spend your paycheck on"}, {"start": "00:06:32", "end": "00:06:34", "text": "Netflix, you're a consumer, and"}, {"start": "00:06:34", "end": "00:06:37", "text": "consumers pay the most. Trap number four"}, {"start": "00:06:37", "end": "00:06:40", "text": "is the income trap. And the truth here"}, {"start": "00:06:40", "end": "00:06:43", "text": "is that salaries cap your upside. You"}, {"start": "00:06:43", "end": "00:06:44", "text": "see, whenever you're trading time for"}, {"start": "00:06:44", "end": "00:06:47", "text": "money, that's going to equal linear"}, {"start": "00:06:47", "end": "00:06:48", "text": "growth. That means you have to work more"}, {"start": "00:06:48", "end": "00:06:51", "text": "hours to make more money. But if you're"}, {"start": "00:06:51", "end": "00:06:53", "text": "always limited by the hours in a day,"}, {"start": "00:06:53", "end": "00:06:55", "text": "then how can you really grow? You see,"}, {"start": "00:06:55", "end": "00:06:58", "text": "the wealthy, they don't chase money."}, {"start": "00:06:58", "end": "00:07:00", "text": "They chase time freedom because once you"}, {"start": "00:07:00", "end": "00:07:02", "text": "have the time freedom, making money"}, {"start": "00:07:02", "end": "00:07:04", "text": "becomes easier. But most people are"}, {"start": "00:07:04", "end": "00:07:06", "text": "stuck trading time for money. And time"}, {"start": "00:07:06", "end": "00:07:08", "text": "is the one resource you can never get"}, {"start": "00:07:08", "end": "00:07:10", "text": "back. You can always make more money."}, {"start": "00:07:10", "end": "00:07:12", "text": "You can never make more time. That's why"}, {"start": "00:07:12", "end": "00:07:14", "text": "employees are capped at linear growth."}, {"start": "00:07:14", "end": "00:07:17", "text": "But owners, they build systems that run"}, {"start": "00:07:17", "end": "00:07:20", "text": "without them that exponentially grow. So"}, {"start": "00:07:20", "end": "00:07:22", "text": "the wealthy are then not trading time"}, {"start": "00:07:22", "end": "00:07:24", "text": "for money. They're building these"}, {"start": "00:07:24", "end": "00:07:26", "text": "engines that run on their own. Now, the"}, {"start": "00:07:26", "end": "00:07:27", "text": "reason you have to work so hard is"}, {"start": "00:07:27", "end": "00:07:31", "text": "because your money doesn't. So, do you"}, {"start": "00:07:31", "end": "00:07:33", "text": "see the pattern here? Every trap that we"}, {"start": "00:07:33", "end": "00:07:35", "text": "went through is designed to keep you in"}, {"start": "00:07:35", "end": "00:07:38", "text": "motion but going nowhere. Working hard"}, {"start": "00:07:38", "end": "00:07:41", "text": "but getting nowhere. Earning more,"}, {"start": "00:07:41", "end": "00:07:44", "text": "feeling richer, but not actually being"}, {"start": "00:07:44", "end": "00:07:45", "text": "richer. It's like being on a treadmill."}, {"start": "00:07:45", "end": "00:07:47", "text": "Now, most people spend their entire"}, {"start": "00:07:47", "end": "00:07:49", "text": "lives on it without ever realizing that"}, {"start": "00:07:49", "end": "00:07:51", "text": "they could just step off. Because if the"}, {"start": "00:07:51", "end": "00:07:53", "text": "system's engineered to keep you poor,"}, {"start": "00:07:53", "end": "00:07:54", "text": "then wealth has to be engineered to set"}, {"start": "00:07:54", "end": "00:07:56", "text": "you free. And that starts with"}, {"start": "00:07:56", "end": "00:07:58", "text": "understanding these five rules that the"}, {"start": "00:07:58", "end": "00:08:01", "text": "wealthy know but almost nobody does. So"}, {"start": "00:08:01", "end": "00:08:03", "text": "let's break them down. All right. Rule"}, {"start": "00:08:03", "end": "00:08:06", "text": "number one, never borrow for anything"}, {"start": "00:08:06", "end": "00:08:09", "text": "that won't make you richer. Right? So"}, {"start": "00:08:09", "end": "00:08:12", "text": "basically, don't finance status, finance"}, {"start": "00:08:12", "end": "00:08:13", "text": "growth. You see, most people use debt to"}, {"start": "00:08:13", "end": "00:08:16", "text": "buy things that go down in value."}, {"start": "00:08:16", "end": "00:08:18", "text": "Furniture, vacations, weddings,"}, {"start": "00:08:18", "end": "00:08:20", "text": "lifestyle upgrades. But the wealthy use"}, {"start": "00:08:20", "end": "00:08:23", "text": "debt to buy things that go up in value."}, {"start": "00:08:23", "end": "00:08:24", "text": "real estate, business equipment,"}, {"start": "00:08:24", "end": "00:08:27", "text": "productive assets, Bitcoin, my favorite."}, {"start": "00:08:27", "end": "00:08:29", "text": "But here's the golden rule that I live"}, {"start": "00:08:29", "end": "00:08:33", "text": "by. Always use debt. Always get a loan"}, {"start": "00:08:33", "end": "00:08:36", "text": "when that borrowed money is cheaper than"}, {"start": "00:08:36", "end": "00:08:38", "text": "what your own money can earn elsewhere."}, {"start": "00:08:38", "end": "00:08:40", "text": "You see, that's arbitrage. That's how"}, {"start": "00:08:40", "end": "00:08:43", "text": "the wealthy use debt as a tool and not a"}, {"start": "00:08:43", "end": "00:08:45", "text": "trap. Like the story I told you earlier"}, {"start": "00:08:45", "end": "00:08:46", "text": "about buying my daughter's Bronco,"}, {"start": "00:08:46", "end": "00:08:48", "text": "right? I had the cash, but I could"}, {"start": "00:08:48", "end": "00:08:51", "text": "borrow the money from Ford at 4.99%"}, {"start": "00:08:51", "end": "00:08:54", "text": "and then I could use my money to go make"}, {"start": "00:08:54", "end": "00:08:57", "text": "50%. Which allowed me to make 45% net"}, {"start": "00:08:57", "end": "00:08:59", "text": "gain, right? So that's what we call"}, {"start": "00:08:59", "end": "00:09:01", "text": "smart debt. But if I didn't have the"}, {"start": "00:09:01", "end": "00:09:03", "text": "cash, if I was borrowing because I"}, {"start": "00:09:03", "end": "00:09:04", "text": "couldn't afford it, then that would be"}, {"start": "00:09:04", "end": "00:09:07", "text": "dumb debt, right? That's the trap. So"}, {"start": "00:09:07", "end": "00:09:09", "text": "here's the rule. Borrow for things that"}, {"start": "00:09:09", "end": "00:09:11", "text": "make you richer, like real estate,"}, {"start": "00:09:11", "end": "00:09:13", "text": "right? Real estate generates cash flow."}, {"start": "00:09:13", "end": "00:09:16", "text": "Equipment that increases revenue. assets"}, {"start": "00:09:16", "end": "00:09:18", "text": "that appreciate, but don't borrow for"}, {"start": "00:09:18", "end": "00:09:20", "text": "status, right? Never borrow for"}, {"start": "00:09:20", "end": "00:09:23", "text": "consumption. Rule number two, save at"}, {"start": "00:09:23", "end": "00:09:26", "text": "least 40% of what you make, but save in"}, {"start": "00:09:26", "end": "00:09:28", "text": "real assets. Not the way that they"}, {"start": "00:09:28", "end": "00:09:30", "text": "taught you. What do I mean by that? You"}, {"start": "00:09:30", "end": "00:09:32", "text": "see, most people again, they're saving"}, {"start": "00:09:32", "end": "00:09:33", "text": "in dollars, right? We we just talked"}, {"start": "00:09:33", "end": "00:09:35", "text": "about that. That's like saving ice cubes"}, {"start": "00:09:35", "end": "00:09:37", "text": "in a sauna, as I said, right? But the"}, {"start": "00:09:37", "end": "00:09:39", "text": "wealthy, they save in real assets. So,"}, {"start": "00:09:39", "end": "00:09:41", "text": "they're saving in real estate, in"}, {"start": "00:09:41", "end": "00:09:44", "text": "Bitcoin, in gold, in businesses. Now,"}, {"start": "00:09:44", "end": "00:09:46", "text": "most people consider that investing. And"}, {"start": "00:09:46", "end": "00:09:48", "text": "I'm just using a different word here."}, {"start": "00:09:48", "end": "00:09:50", "text": "I'm thinking about I'm earning my money"}, {"start": "00:09:50", "end": "00:09:51", "text": "in my business, which we're going to"}, {"start": "00:09:51", "end": "00:09:52", "text": "come to another rule. And then I'm"}, {"start": "00:09:52", "end": "00:09:55", "text": "saving it in these other assets, real"}, {"start": "00:09:55", "end": "00:09:57", "text": "estate, Bitcoin, gold, businesses. These"}, {"start": "00:09:57", "end": "00:09:58", "text": "are things that hold their value. These"}, {"start": "00:09:58", "end": "00:10:00", "text": "are things that appreciate over time."}, {"start": "00:10:00", "end": "00:10:02", "text": "Now, I know what you're thinking. Let's"}, {"start": "00:10:02", "end": "00:10:04", "text": "go back to the beginning, Mark, because"}, {"start": "00:10:04", "end": "00:10:07", "text": "you said to save 40%, I can't even save"}, {"start": "00:10:07", "end": "00:10:10", "text": "10%. Well, here's how you do it. You"}, {"start": "00:10:10", "end": "00:10:13", "text": "plug the financial leaks. You optimize"}, {"start": "00:10:13", "end": "00:10:15", "text": "your income. You stop paying more in"}, {"start": "00:10:15", "end": "00:10:18", "text": "taxes than you have to. And you shift"}, {"start": "00:10:18", "end": "00:10:20", "text": "from a spending mindset to an investing"}, {"start": "00:10:20", "end": "00:10:22", "text": "mindset. Most people think their money's"}, {"start": "00:10:22", "end": "00:10:24", "text": "only job is to sit in this bank account"}, {"start": "00:10:24", "end": "00:10:26", "text": "like for like this just in case. But"}, {"start": "00:10:26", "end": "00:10:28", "text": "like I said earlier, the reason you have"}, {"start": "00:10:28", "end": "00:10:29", "text": "to work so hard is because your money"}, {"start": "00:10:29", "end": "00:10:32", "text": "isn't. See, I want my money doing two"}, {"start": "00:10:32", "end": "00:10:34", "text": "jobs or three jobs or five jobs. Every"}, {"start": "00:10:34", "end": "00:10:36", "text": "dollar should be working multiple"}, {"start": "00:10:36", "end": "00:10:38", "text": "shifts, compounding, generating cash"}, {"start": "00:10:38", "end": "00:10:39", "text": "flow, creating tax write-offs,"}, {"start": "00:10:39", "end": "00:10:42", "text": "appreciating in value. That's what I"}, {"start": "00:10:42", "end": "00:10:44", "text": "call the velocity of wealth. Your money"}, {"start": "00:10:44", "end": "00:10:46", "text": "should be in motion, not sitting idle,"}, {"start": "00:10:46", "end": "00:10:48", "text": "right? Not losing value to inflation."}, {"start": "00:10:48", "end": "00:10:51", "text": "So, you need to save aggressively, but"}, {"start": "00:10:51", "end": "00:10:54", "text": "save in assets, not dollars. Now, rule"}, {"start": "00:10:54", "end": "00:10:56", "text": "number three is important to achieve"}, {"start": "00:10:56", "end": "00:10:59", "text": "number two, and that is get onto the"}, {"start": "00:10:59", "end": "00:11:02", "text": "revenue side of a growing business. You"}, {"start": "00:11:02", "end": "00:11:04", "text": "see, you're never going to get rich with"}, {"start": "00:11:04", "end": "00:11:06", "text": "that cap salary. As I said, if you're"}, {"start": "00:11:06", "end": "00:11:07", "text": "trading time for money, that's linear"}, {"start": "00:11:07", "end": "00:11:10", "text": "growth. See, the wealthy are not getting"}, {"start": "00:11:10", "end": "00:11:12", "text": "paid on time. They get paid on growth."}, {"start": "00:11:12", "end": "00:11:15", "text": "So, if you're trading hours for dollars,"}, {"start": "00:11:15", "end": "00:11:16", "text": "you're playing a losing game, right?"}, {"start": "00:11:16", "end": "00:11:18", "text": "There's only so many hours in a day."}, {"start": "00:11:18", "end": "00:11:21", "text": "Your upside is capped. So, what the rich"}, {"start": "00:11:21", "end": "00:11:23", "text": "do is they focus on equity or leverage"}, {"start": "00:11:23", "end": "00:11:26", "text": "or ownership, all of those to get"}, {"start": "00:11:26", "end": "00:11:29", "text": "infinite upside, while employees focus"}, {"start": "00:11:29", "end": "00:11:32", "text": "on hours with a capped upside. Now, this"}, {"start": "00:11:32", "end": "00:11:33", "text": "doesn't mean that you have to go start a"}, {"start": "00:11:33", "end": "00:11:35", "text": "business or own a business, right? You"}, {"start": "00:11:35", "end": "00:11:37", "text": "can do this even with a job. But here's"}, {"start": "00:11:37", "end": "00:11:39", "text": "what you have to do. Go and get a job on"}, {"start": "00:11:39", "end": "00:11:41", "text": "the revenue side of a small to"}, {"start": "00:11:41", "end": "00:11:43", "text": "medium-sized business, maybe"}, {"start": "00:11:43", "end": "00:11:45", "text": "specifically in a growing part of the"}, {"start": "00:11:45", "end": "00:11:48", "text": "economy, maybe in a major city, and then"}, {"start": "00:11:48", "end": "00:11:50", "text": "make sure your income isn't capped. Now,"}, {"start": "00:11:50", "end": "00:11:52", "text": "typically this means you need to look"}, {"start": "00:11:52", "end": "00:11:55", "text": "for positions in sales and marketing or"}, {"start": "00:11:55", "end": "00:11:56", "text": "in maybe product development, something"}, {"start": "00:11:56", "end": "00:11:58", "text": "like that, right? Where your pay is then"}, {"start": "00:11:58", "end": "00:12:00", "text": "linked to the growth of the business"}, {"start": "00:12:00", "end": "00:12:02", "text": "through commissions, profit sharing,"}, {"start": "00:12:02", "end": "00:12:05", "text": "royalties, equity. Now, in order to do"}, {"start": "00:12:05", "end": "00:12:07", "text": "this, you're going to have to trade a"}, {"start": "00:12:07", "end": "00:12:10", "text": "lower salary, but for higher performance"}, {"start": "00:12:10", "end": "00:12:13", "text": "pay, because say like a $60,000 salary"}, {"start": "00:12:13", "end": "00:12:16", "text": "with 20% commission is probably worth"}, {"start": "00:12:16", "end": "00:12:19", "text": "way more than an $80,000 salary with no"}, {"start": "00:12:19", "end": "00:12:22", "text": "upside. See, one caps you, the other"}, {"start": "00:12:22", "end": "00:12:24", "text": "scales with your results. Here's the"}, {"start": "00:12:24", "end": "00:12:26", "text": "road map I learned, and I this is the"}, {"start": "00:12:26", "end": "00:12:27", "text": "one that I followed when I was building"}, {"start": "00:12:27", "end": "00:12:30", "text": "out and building my own wealth. Your"}, {"start": "00:12:30", "end": "00:12:32", "text": "20s, they're for learning, right? This"}, {"start": "00:12:32", "end": "00:12:34", "text": "is when I worked for other people. Your"}, {"start": "00:12:34", "end": "00:12:36", "text": "30s, this is for earning. This is when I"}, {"start": "00:12:36", "end": "00:12:38", "text": "started to build and started to scale my"}, {"start": "00:12:38", "end": "00:12:41", "text": "businesses. Your 40s, that's for owning."}, {"start": "00:12:41", "end": "00:12:42", "text": "This is when I started expanding my"}, {"start": "00:12:42", "end": "00:12:44", "text": "business portfolio. This is when I"}, {"start": "00:12:44", "end": "00:12:46", "text": "started opening up my investment funds."}, {"start": "00:12:46", "end": "00:12:48", "text": "This is when I started um expanding into"}, {"start": "00:12:48", "end": "00:12:50", "text": "other assets. You see, most people try"}, {"start": "00:12:50", "end": "00:12:52", "text": "to start a business way too early in my"}, {"start": "00:12:52", "end": "00:12:54", "text": "opinion. They do this before they have"}, {"start": "00:12:54", "end": "00:12:55", "text": "the knowledge. They don't have the"}, {"start": "00:12:55", "end": "00:12:57", "text": "network. They don't have the capital to"}, {"start": "00:12:57", "end": "00:12:59", "text": "succeed. Now, I'm not talking about side"}, {"start": "00:12:59", "end": "00:13:01", "text": "hustles. I mean primary means of"}, {"start": "00:13:01", "end": "00:13:03", "text": "financial support. Now, if you execute"}, {"start": "00:13:03", "end": "00:13:06", "text": "your career correctly, you won't have to"}, {"start": "00:13:06", "end": "00:13:08", "text": "work anymore by the time you're 35. And"}, {"start": "00:13:08", "end": "00:13:11", "text": "I say have to work. Now, you'll probably"}, {"start": "00:13:11", "end": "00:13:13", "text": "be able to live any way you want by the"}, {"start": "00:13:13", "end": "00:13:16", "text": "time you're 45. But each of these steps"}, {"start": "00:13:16", "end": "00:13:19", "text": "is important. You have to learn, earn,"}, {"start": "00:13:19", "end": "00:13:21", "text": "and then own. All right? Now, a lot of"}, {"start": "00:13:21", "end": "00:13:22", "text": "people, they have a hard time walking"}, {"start": "00:13:22", "end": "00:13:25", "text": "away from the earn part. Right? They get"}, {"start": "00:13:25", "end": "00:13:27", "text": "comfortable. They get that nice salary."}, {"start": "00:13:27", "end": "00:13:29", "text": "They get the title, but you're never"}, {"start": "00:13:29", "end": "00:13:31", "text": "going to be completely independent until"}, {"start": "00:13:31", "end": "00:13:34", "text": "you own your own means of income, your"}, {"start": "00:13:34", "end": "00:13:36", "text": "business. Because ownership is where the"}, {"start": "00:13:36", "end": "00:13:38", "text": "real wealth is built. Not in hours, not"}, {"start": "00:13:38", "end": "00:13:41", "text": "in salary, ownership. And once you own"}, {"start": "00:13:41", "end": "00:13:44", "text": "it, then you can start to implement"}, {"start": "00:13:44", "end": "00:13:46", "text": "other systems like one I call the fast"}, {"start": "00:13:46", "end": "00:13:49", "text": "method. Focus for the F is basically"}, {"start": "00:13:49", "end": "00:13:51", "text": "eliminating everything that doesn't move"}, {"start": "00:13:51", "end": "00:13:53", "text": "the needle. You see, most people are"}, {"start": "00:13:53", "end": "00:13:55", "text": "busy but not productive. So we want to"}, {"start": "00:13:55", "end": "00:13:57", "text": "focus on the 20% that drives 80% of the"}, {"start": "00:13:57", "end": "00:14:00", "text": "results. The A in fast stands for"}, {"start": "00:14:00", "end": "00:14:02", "text": "automation. We can build systems that"}, {"start": "00:14:02", "end": "00:14:05", "text": "run without you. Use AI, use software,"}, {"start": "00:14:05", "end": "00:14:08", "text": "use tools. The goal is to basically try"}, {"start": "00:14:08", "end": "00:14:10", "text": "to remove yourself from the day-to-day"}, {"start": "00:14:10", "end": "00:14:13", "text": "operations. The S is shift. Move from"}, {"start": "00:14:13", "end": "00:14:16", "text": "being in the business to being on the"}, {"start": "00:14:16", "end": "00:14:18", "text": "business, right? Working on strategy,"}, {"start": "00:14:18", "end": "00:14:21", "text": "not the tasks. Be the architect, not the"}, {"start": "00:14:21", "end": "00:14:23", "text": "worker. And then finally, the TN fast is"}, {"start": "00:14:23", "end": "00:14:26", "text": "time. then we can reclaim our most"}, {"start": "00:14:26", "end": "00:14:28", "text": "valuable asset. Time. Time freedom."}, {"start": "00:14:28", "end": "00:14:29", "text": "That's the goal. That's the ultimate"}, {"start": "00:14:29", "end": "00:14:31", "text": "goal for everybody because once you have"}, {"start": "00:14:31", "end": "00:14:33", "text": "time freedom, wealth becomes inevitable."}, {"start": "00:14:33", "end": "00:14:35", "text": "All right. Now, rule number four is uh"}, {"start": "00:14:35", "end": "00:14:36", "text": "so important. It should probably be rule"}, {"start": "00:14:36", "end": "00:14:37", "text": "number one, but we're going to put it"}, {"start": "00:14:37", "end": "00:14:40", "text": "here. Number four, and that is to"}, {"start": "00:14:40", "end": "00:14:42", "text": "accumulate real money. I'm not talking"}, {"start": "00:14:42", "end": "00:14:45", "text": "about dollars. Dollars are paper. Paper"}, {"start": "00:14:45", "end": "00:14:47", "text": "is the money of slaves. Gold is the"}, {"start": "00:14:47", "end": "00:14:49", "text": "money of the free. Bitcoin is the money"}, {"start": "00:14:49", "end": "00:14:51", "text": "of the future. So when you look"}, {"start": "00:14:51", "end": "00:14:53", "text": "throughout human history, gold's been"}, {"start": "00:14:53", "end": "00:14:55", "text": "money because it's scarce, right? It's"}, {"start": "00:14:55", "end": "00:14:57", "text": "durable. It can't be inflated away by"}, {"start": "00:14:57", "end": "00:14:59", "text": "central banks. But Bitcoin, Bitcoin"}, {"start": "00:14:59", "end": "00:15:01", "text": "takes everything gold does and then it"}, {"start": "00:15:01", "end": "00:15:03", "text": "makes it even better. You can't carry a"}, {"start": "00:15:03", "end": "00:15:05", "text": "million dollars in gold across a border,"}, {"start": "00:15:05", "end": "00:15:07", "text": "but you can carry a billion dollars in"}, {"start": "00:15:07", "end": "00:15:10", "text": "Bitcoin in your head with 12 words. Now,"}, {"start": "00:15:10", "end": "00:15:12", "text": "Bitcoin isn't just an investment. It's"}, {"start": "00:15:12", "end": "00:15:14", "text": "the ultimate opt out. It's money that"}, {"start": "00:15:14", "end": "00:15:16", "text": "can't be inflated away. It can't be"}, {"start": "00:15:16", "end": "00:15:18", "text": "confiscated. It can't be controlled. It"}, {"start": "00:15:18", "end": "00:15:20", "text": "takes the foundation of their system,"}, {"start": "00:15:20", "end": "00:15:23", "text": "money, but it gives it back to us. But"}, {"start": "00:15:23", "end": "00:15:24", "text": "we don't need permission. We don't need"}, {"start": "00:15:24", "end": "00:15:27", "text": "any central control and no inflation can"}, {"start": "00:15:27", "end": "00:15:30", "text": "take it. So here's what I do. I stack a"}, {"start": "00:15:30", "end": "00:15:32", "text": "little bit of gold. I stack even more"}, {"start": "00:15:32", "end": "00:15:34", "text": "Bitcoin. And I don't think of them as"}, {"start": "00:15:34", "end": "00:15:35", "text": "investments. As I said earlier, I think"}, {"start": "00:15:35", "end": "00:15:37", "text": "of them as my savings account. All"}, {"start": "00:15:37", "end": "00:15:40", "text": "right? This gives me a it gives me a"}, {"start": "00:15:40", "end": "00:15:42", "text": "more passive mindset, uh, a more"}, {"start": "00:15:42", "end": "00:15:44", "text": "long-term mindset. And finally, rule"}, {"start": "00:15:44", "end": "00:15:48", "text": "number five. Borrow in bad money and"}, {"start": "00:15:48", "end": "00:15:50", "text": "invest in good assets. All right, this"}, {"start": "00:15:50", "end": "00:15:52", "text": "is what we call a speculative attack."}, {"start": "00:15:52", "end": "00:15:54", "text": "It's what separates what the wealthy do"}, {"start": "00:15:54", "end": "00:15:56", "text": "from everybody else. Here's how it"}, {"start": "00:15:56", "end": "00:15:59", "text": "works. Inflation punishes savers, but it"}, {"start": "00:15:59", "end": "00:16:01", "text": "rewards borrowers. If you borrow at say"}, {"start": "00:16:01", "end": "00:16:04", "text": "4%, but your money compounds at 12 or 20"}, {"start": "00:16:04", "end": "00:16:06", "text": "or 50%"}, {"start": "00:16:06", "end": "00:16:09", "text": "getting paid to borrow. Let me give you"}, {"start": "00:16:09", "end": "00:16:10", "text": "a historical example of this. In the"}, {"start": "00:16:10", "end": "00:16:13", "text": "1920s back in Germany during the Weimar"}, {"start": "00:16:13", "end": "00:16:15", "text": "Republic, there was massive inflation."}, {"start": "00:16:15", "end": "00:16:16", "text": "It was like the textbook example of"}, {"start": "00:16:16", "end": "00:16:18", "text": "hyperinflation, right? And there was"}, {"start": "00:16:18", "end": "00:16:21", "text": "this guy named Hugo. Now, at that time,"}, {"start": "00:16:21", "end": "00:16:23", "text": "hyperinflation was destroying the German"}, {"start": "00:16:23", "end": "00:16:25", "text": "mark, their currency at the time. So,"}, {"start": "00:16:25", "end": "00:16:27", "text": "what'd he do? Well, he borrowed as much"}, {"start": "00:16:27", "end": "00:16:29", "text": "of the failing German market as he could"}, {"start": "00:16:29", "end": "00:16:31", "text": "get his hands on. And then he used that"}, {"start": "00:16:31", "end": "00:16:34", "text": "that those loans to buy factories, to"}, {"start": "00:16:34", "end": "00:16:35", "text": "buy gold, to buy commodities, to buy"}, {"start": "00:16:35", "end": "00:16:38", "text": "businesses, assets that were going up in"}, {"start": "00:16:38", "end": "00:16:40", "text": "value. He became one of the richest men"}, {"start": "00:16:40", "end": "00:16:41", "text": "in the world at the time. Fast forward"}, {"start": "00:16:41", "end": "00:16:43", "text": "to today, we can see Michael Sailor's"}, {"start": "00:16:43", "end": "00:16:45", "text": "basically doing the same thing with"}, {"start": "00:16:45", "end": "00:16:46", "text": "Micro Strategy or now Strategy, right?"}, {"start": "00:16:46", "end": "00:16:49", "text": "He's borrowing dollars at 5 to 10% and"}, {"start": "00:16:49", "end": "00:16:51", "text": "then he's buying Bitcoin that's"}, {"start": "00:16:51", "end": "00:16:53", "text": "appreciating at 50% per year. Since"}, {"start": "00:16:53", "end": "00:16:56", "text": "2020, he's turned his company Strategy"}, {"start": "00:16:56", "end": "00:16:58", "text": "into one of the most profitable"}, {"start": "00:16:58", "end": "00:17:00", "text": "companies, one of the um best performing"}, {"start": "00:17:00", "end": "00:17:02", "text": "stocks in the world. He'll probably"}, {"start": "00:17:02", "end": "00:17:04", "text": "become one of the richest men in the"}, {"start": "00:17:04", "end": "00:17:05", "text": "world doing this. Now, you might be"}, {"start": "00:17:05", "end": "00:17:07", "text": "thinking, Mark, I'm not a billionaire. I"}, {"start": "00:17:07", "end": "00:17:11", "text": "can't do that. Yes, you can. Here's how."}, {"start": "00:17:11", "end": "00:17:13", "text": "Buy a rental property. Maybe get a"}, {"start": "00:17:13", "end": "00:17:16", "text": "30-year mortgage on it, say at 6 or 7%."}, {"start": "00:17:16", "end": "00:17:18", "text": "Use the tax depreciation,"}, {"start": "00:17:18", "end": "00:17:21", "text": "write off your income, so you can keep"}, {"start": "00:17:21", "end": "00:17:23", "text": "more of your money that you would have"}, {"start": "00:17:23", "end": "00:17:24", "text": "given to the government. And then you"}, {"start": "00:17:24", "end": "00:17:26", "text": "can use that money to buy Bitcoin,"}, {"start": "00:17:26", "end": "00:17:28", "text": "right? Then you can let the tenant pay"}, {"start": "00:17:28", "end": "00:17:31", "text": "off the property, use the cash flow that"}, {"start": "00:17:31", "end": "00:17:33", "text": "you're getting to dollar cost average"}, {"start": "00:17:33", "end": "00:17:35", "text": "into more Bitcoin. Then you can"}, {"start": "00:17:35", "end": "00:17:38", "text": "refinance, pull equity out tax-free, and"}, {"start": "00:17:38", "end": "00:17:40", "text": "you can do it again. Right? That's how I"}, {"start": "00:17:40", "end": "00:17:42", "text": "used real estate to buy 10 times more"}, {"start": "00:17:42", "end": "00:17:44", "text": "Bitcoin than most crypto investors ever"}, {"start": "00:17:44", "end": "00:17:46", "text": "will. You're borrowing in dollars that"}, {"start": "00:17:46", "end": "00:17:48", "text": "are losing value, and you're buying"}, {"start": "00:17:48", "end": "00:17:50", "text": "assets that are gaining value. You"}, {"start": "00:17:50", "end": "00:17:52", "text": "borrow weak, you buy strong. That's the"}, {"start": "00:17:52", "end": "00:17:54", "text": "whole game. So, there you have it, the"}, {"start": "00:17:54", "end": "00:17:56", "text": "five rules. Rule number one, never"}, {"start": "00:17:56", "end": "00:17:58", "text": "borrow anything that won't make you"}, {"start": "00:17:58", "end": "00:18:00", "text": "richer. Rule number two, save at least"}, {"start": "00:18:00", "end": "00:18:02", "text": "50% but save in real assets. Rule number"}, {"start": "00:18:02", "end": "00:18:04", "text": "three, get on the revenue side of a"}, {"start": "00:18:04", "end": "00:18:07", "text": "growing business. Rule number four,"}, {"start": "00:18:07", "end": "00:18:10", "text": "accumulate real money, gold and Bitcoin."}, {"start": "00:18:10", "end": "00:18:12", "text": "Rule number five, borrowing the bad"}, {"start": "00:18:12", "end": "00:18:15", "text": "money, invest into good assets. Now,"}, {"start": "00:18:15", "end": "00:18:17", "text": "once you understand these rules, maybe I"}, {"start": "00:18:17", "end": "00:18:19", "text": "should say once you actually implement"}, {"start": "00:18:19", "end": "00:18:21", "text": "these five rules, you stop being a pawn"}, {"start": "00:18:21", "end": "00:18:22", "text": "in the game, you start becoming the"}, {"start": "00:18:22", "end": "00:18:23", "text": "player. But knowing the rules isn't"}, {"start": "00:18:23", "end": "00:18:26", "text": "enough. You have to apply them. And so"}, {"start": "00:18:26", "end": "00:18:27", "text": "now that you know the rules, now you"}, {"start": "00:18:27", "end": "00:18:29", "text": "know how the system keeps you poor. And"}, {"start": "00:18:29", "end": "00:18:30", "text": "now you know what the wealthy do"}, {"start": "00:18:30", "end": "00:18:32", "text": "differently, right? You understand that"}, {"start": "00:18:32", "end": "00:18:34", "text": "this isn't just about money. It's about"}, {"start": "00:18:34", "end": "00:18:37", "text": "the game of money. You see, as I said"}, {"start": "00:18:37", "end": "00:18:38", "text": "earlier, most people are playing a game"}, {"start": "00:18:38", "end": "00:18:39", "text": "they don't even understand, right? They"}, {"start": "00:18:39", "end": "00:18:41", "text": "follow the rules, they work harder, they"}, {"start": "00:18:41", "end": "00:18:43", "text": "pay their taxes, and they wonder why"}, {"start": "00:18:43", "end": "00:18:45", "text": "they can't get ahead. But the game was"}, {"start": "00:18:45", "end": "00:18:47", "text": "never meant for you to win the game. The"}, {"start": "00:18:47", "end": "00:18:49", "text": "only way to win is to change the game"}, {"start": "00:18:49", "end": "00:18:51", "text": "entirely. Now, that's what I call"}, {"start": "00:18:51", "end": "00:18:53", "text": "building your wealth operating system."}, {"start": "00:18:53", "end": "00:18:56", "text": "You see, in life, uh, sort of like your"}, {"start": "00:18:56", "end": "00:18:57", "text": "phone, your iPhone, right? Your phone"}, {"start": "00:18:57", "end": "00:18:59", "text": "has this operating system that's built"}, {"start": "00:18:59", "end": "00:19:01", "text": "into it, and that manages all the apps"}, {"start": "00:19:01", "end": "00:19:03", "text": "and keeps everything running smoothly."}, {"start": "00:19:03", "end": "00:19:04", "text": "But most people, they're running their"}, {"start": "00:19:04", "end": "00:19:06", "text": "life with no operating system. There's"}, {"start": "00:19:06", "end": "00:19:08", "text": "no plan. There's no system. There's no"}, {"start": "00:19:08", "end": "00:19:09", "text": "strategy. They're just reacting to"}, {"start": "00:19:09", "end": "00:19:11", "text": "whatever comes their way. The wealth"}, {"start": "00:19:11", "end": "00:19:13", "text": "operating system is your personal engine"}, {"start": "00:19:13", "end": "00:19:15", "text": "that flips the rules into your favor."}, {"start": "00:19:15", "end": "00:19:17", "text": "And it has three core engines that work"}, {"start": "00:19:17", "end": "00:19:19", "text": "together. Engine number one is the time"}, {"start": "00:19:19", "end": "00:19:21", "text": "engine, right? This is where you reclaim"}, {"start": "00:19:21", "end": "00:19:23", "text": "your time using the fast method, right?"}, {"start": "00:19:23", "end": "00:19:25", "text": "Because if you don't control your time,"}, {"start": "00:19:25", "end": "00:19:26", "text": "you don't control your life. Engine"}, {"start": "00:19:26", "end": "00:19:28", "text": "number two is then the income engine."}, {"start": "00:19:28", "end": "00:19:30", "text": "This is where you optimize how money"}, {"start": "00:19:30", "end": "00:19:31", "text": "flows in, how you eliminate financial"}, {"start": "00:19:31", "end": "00:19:34", "text": "leaks, how you restructure debt, how you"}, {"start": "00:19:34", "end": "00:19:37", "text": "engineer tax efficiency, how you make"}, {"start": "00:19:37", "end": "00:19:39", "text": "every dollar coming in work as hard as"}, {"start": "00:19:39", "end": "00:19:40", "text": "possible. And then engine number three"}, {"start": "00:19:40", "end": "00:19:42", "text": "is then the wealth engine. And this is"}, {"start": "00:19:42", "end": "00:19:43", "text": "where you multiply wealth using the"}, {"start": "00:19:43", "end": "00:19:45", "text": "velocity strategy. Making every dollar"}, {"start": "00:19:45", "end": "00:19:48", "text": "do two jobs, three jobs, five jobs. And"}, {"start": "00:19:48", "end": "00:19:50", "text": "when you have all three of these"}, {"start": "00:19:50", "end": "00:19:51", "text": "engines, when they're all running in"}, {"start": "00:19:51", "end": "00:19:53", "text": "sync, that's when wealth becomes"}, {"start": "00:19:53", "end": "00:19:55", "text": "inevitable. Now, I learned all this the"}, {"start": "00:19:55", "end": "00:19:57", "text": "hard way, right? In 2008, when I was 28"}, {"start": "00:19:57", "end": "00:19:59", "text": "years old, I had already built and sold"}, {"start": "00:19:59", "end": "00:20:01", "text": "multiple companies, right? I I thought I"}, {"start": "00:20:01", "end": "00:20:03", "text": "was set. Multi-million dollar real"}, {"start": "00:20:03", "end": "00:20:05", "text": "estate portfolio. I was rich. Then the"}, {"start": "00:20:05", "end": "00:20:07", "text": "market collapsed. And overnight, I went"}, {"start": "00:20:07", "end": "00:20:09", "text": "from feeling rich to being in the hole,"}, {"start": "00:20:09", "end": "00:20:11", "text": "being broke, right? I had no cash flow."}, {"start": "00:20:11", "end": "00:20:14", "text": "I was overleveraged. I had no exit plan."}, {"start": "00:20:14", "end": "00:20:16", "text": "I basically burned my entire financial"}, {"start": "00:20:16", "end": "00:20:18", "text": "house down. It sucked. But that taught"}, {"start": "00:20:18", "end": "00:20:21", "text": "me the most valuable lesson of my entire"}, {"start": "00:20:21", "end": "00:20:24", "text": "career is that I need a system. I need"}, {"start": "00:20:24", "end": "00:20:26", "text": "diversification. I need cash flow. I"}, {"start": "00:20:26", "end": "00:20:28", "text": "need an exit plan. That's why I built"}, {"start": "00:20:28", "end": "00:20:30", "text": "the wealth operating system. You don't"}, {"start": "00:20:30", "end": "00:20:31", "text": "have to learn the hard way like I did."}, {"start": "00:20:31", "end": "00:20:33", "text": "So, here's where you're at right now."}, {"start": "00:20:33", "end": "00:20:34", "text": "You can keep playing the game they"}, {"start": "00:20:34", "end": "00:20:36", "text": "designed for you. You can keep trading"}, {"start": "00:20:36", "end": "00:20:37", "text": "time for money. You can keep watching"}, {"start": "00:20:37", "end": "00:20:40", "text": "your savings lose value. Keep wondering"}, {"start": "00:20:40", "end": "00:20:41", "text": "why you can't get ahead. Or you can"}, {"start": "00:20:41", "end": "00:20:43", "text": "change the game. You can build your own"}, {"start": "00:20:43", "end": "00:20:45", "text": "wealth operating system. You can"}, {"start": "00:20:45", "end": "00:20:47", "text": "engineer your way out. The choice is"}, {"start": "00:20:47", "end": "00:20:49", "text": "yours. Build or rebuild. And if you're"}, {"start": "00:20:49", "end": "00:20:50", "text": "serious about becoming financially"}, {"start": "00:20:50", "end": "00:20:52", "text": "independent and engineering wealth, I"}, {"start": "00:20:52", "end": "00:20:54", "text": "want to invite you to something that I'm"}, {"start": "00:20:54", "end": "00:20:57", "text": "doing. I'm hosting a virtual 3-day live"}, {"start": "00:20:57", "end": "00:20:59", "text": "event called the Wealth Operating System"}, {"start": "00:20:59", "end": "00:21:01", "text": "Accelerator. I'm going to walk you"}, {"start": "00:21:01", "end": "00:21:03", "text": "through this entire framework step by"}, {"start": "00:21:03", "end": "00:21:05", "text": "step. Not just theory, not just"}, {"start": "00:21:05", "end": "00:21:07", "text": "concepts. This is a workshop. We're"}, {"start": "00:21:07", "end": "00:21:09", "text": "going to build your wealth operating"}, {"start": "00:21:09", "end": "00:21:10", "text": "system together. So, here's what we're"}, {"start": "00:21:10", "end": "00:21:12", "text": "going to cover on day one. We're going"}, {"start": "00:21:12", "end": "00:21:13", "text": "to go through the time engine. how to"}, {"start": "00:21:13", "end": "00:21:16", "text": "reclaim 10 to 20 hours per week using"}, {"start": "00:21:16", "end": "00:21:18", "text": "the fast method. Day two, we're going to"}, {"start": "00:21:18", "end": "00:21:19", "text": "talk about the income engine, how to"}, {"start": "00:21:19", "end": "00:21:21", "text": "plug financial leaks, how to optimize"}, {"start": "00:21:21", "end": "00:21:22", "text": "your dollars, how to keep more money"}, {"start": "00:21:22", "end": "00:21:24", "text": "instead of giving it to the tax man. And"}, {"start": "00:21:24", "end": "00:21:26", "text": "on day three, we're going to look at"}, {"start": "00:21:26", "end": "00:21:27", "text": "building the wealth engine. We're going"}, {"start": "00:21:27", "end": "00:21:29", "text": "to put all this together, how to layer"}, {"start": "00:21:29", "end": "00:21:31", "text": "assets for maximum velocity, real"}, {"start": "00:21:31", "end": "00:21:33", "text": "estate, Bitcoin, cash flow strategies,"}, {"start": "00:21:33", "end": "00:21:35", "text": "all of that. I'm going to break down"}, {"start": "00:21:35", "end": "00:21:37", "text": "exactly how all of this works in a"}, {"start": "00:21:37", "end": "00:21:39", "text": "workshop style so you can build this"}, {"start": "00:21:39", "end": "00:21:41", "text": "out. It's live, right? I'll be there"}, {"start": "00:21:41", "end": "00:21:43", "text": "personally. You can ask questions. you"}, {"start": "00:21:43", "end": "00:21:44", "text": "can get clarity. I'm going to walk you"}, {"start": "00:21:44", "end": "00:21:46", "text": "through the exact tools, the frameworks"}, {"start": "00:21:46", "end": "00:21:48", "text": "we use in my highle coaching programs."}, {"start": "00:21:48", "end": "00:21:51", "text": "This isn't some, you know, guru BS. This"}, {"start": "00:21:51", "end": "00:21:52", "text": "is the real playbook, the same"}, {"start": "00:21:52", "end": "00:21:54", "text": "strategies I use. So, click on the link"}, {"start": "00:21:54", "end": "00:21:57", "text": "down below, scan the QR code here on the"}, {"start": "00:21:57", "end": "00:21:59", "text": "screen. So, go grab the 3-day wealth"}, {"start": "00:21:59", "end": "00:22:00", "text": "accelerator. It's going to be the first"}, {"start": "00:22:00", "end": "00:22:03", "text": "week of the year, and these three days"}, {"start": "00:22:03", "end": "00:22:04", "text": "are going to change how you think about"}, {"start": "00:22:04", "end": "00:22:07", "text": "money, time, and freedom forever. So,"}, {"start": "00:22:07", "end": "00:22:08", "text": "I'll see you over there. Let's go build"}, {"start": "00:22:08", "end": "00:22:12", "text": "your wealth operating system."}]

[{"start": "00:00:00", "end": "00:00:01", "text": "So, this is a quick emergency update"}, {"start": "00:00:01", "end": "00:00:03", "text": "video about what's happening to the"}, {"start": "00:00:03", "end": "00:00:05", "text": "market because AI stocks are selling off"}, {"start": "00:00:05", "end": "00:00:07", "text": "and Bitcoin is selling off and it's sort"}, {"start": "00:00:07", "end": "00:00:09", "text": "of leading the way for this huge"}, {"start": "00:00:09", "end": "00:00:12", "text": "correction. Now, even if you're not"}, {"start": "00:00:12", "end": "00:00:14", "text": "interested in Bitcoin, I think you"}, {"start": "00:00:14", "end": "00:00:16", "text": "should still watch this video because"}, {"start": "00:00:16", "end": "00:00:19", "text": "Bitcoin tends to be a leading indicator"}, {"start": "00:00:19", "end": "00:00:22", "text": "for what's about to happen. And Bitcoin"}, {"start": "00:00:22", "end": "00:00:24", "text": "already started to go down before the"}, {"start": "00:00:24", "end": "00:00:27", "text": "rest of the market. And there's a couple"}, {"start": "00:00:27", "end": "00:00:29", "text": "of different theories of why this is"}, {"start": "00:00:29", "end": "00:00:32", "text": "happening. And each of them is extremely"}, {"start": "00:00:32", "end": "00:00:34", "text": "interesting. But arguably the most"}, {"start": "00:00:34", "end": "00:00:36", "text": "interesting one that I've seen is coming"}, {"start": "00:00:36", "end": "00:00:38", "text": "from this technical point of view. And"}, {"start": "00:00:38", "end": "00:00:40", "text": "again, credit to Benjamin Cowan for"}, {"start": "00:00:40", "end": "00:00:41", "text": "this. If you don't follow him, go check"}, {"start": "00:00:41", "end": "00:00:42", "text": "out his YouTube channel. It's"}, {"start": "00:00:42", "end": "00:00:44", "text": "fascinating. And one of the most"}, {"start": "00:00:44", "end": "00:00:46", "text": "interesting things I've learned from him"}, {"start": "00:00:46", "end": "00:00:49", "text": "is this. When the price of Bitcoin falls"}, {"start": "00:00:49", "end": "00:00:52", "text": "below something called the 50week moving"}, {"start": "00:00:52", "end": "00:00:55", "text": "average, the bull cycle, aka the good"}, {"start": "00:00:55", "end": "00:00:59", "text": "days are over, that 50we average price"}, {"start": "00:00:59", "end": "00:01:04", "text": "for this cycle was roughly $13,000,"}, {"start": "00:01:04", "end": "00:01:06", "text": "which we crossed a couple weeks ago. And"}, {"start": "00:01:06", "end": "00:01:09", "text": "that was enough to cause a cascade of"}, {"start": "00:01:09", "end": "00:01:11", "text": "selling from investors that pay"}, {"start": "00:01:11", "end": "00:01:14", "text": "attention to this stuff because to them,"}, {"start": "00:01:14", "end": "00:01:16", "text": "the prophecy has sort of been fulfilled,"}, {"start": "00:01:16", "end": "00:01:18", "text": "right? This also happened while"}, {"start": "00:01:18", "end": "00:01:19", "text": "everything else was still kind of"}, {"start": "00:01:19", "end": "00:01:23", "text": "looking good. We got regulatory clarity,"}, {"start": "00:01:23", "end": "00:01:25", "text": "more Bitcoin treasury companies buying,"}, {"start": "00:01:25", "end": "00:01:28", "text": "positive news about Bitcoin legislation."}, {"start": "00:01:28", "end": "00:01:30", "text": "We had Harvard University buy hundreds"}, {"start": "00:01:30", "end": "00:01:32", "text": "of millions of dollars worth of Bitcoin."}, {"start": "00:01:32", "end": "00:01:34", "text": "Everything around Bitcoin was saying"}, {"start": "00:01:34", "end": "00:01:36", "text": "this thing should be going up, but it"}, {"start": "00:01:36", "end": "00:01:38", "text": "didn't. So, the question is why? And how"}, {"start": "00:01:38", "end": "00:01:41", "text": "does this affect everything else? So, in"}, {"start": "00:01:41", "end": "00:01:42", "text": "this video, I want to share with you all"}, {"start": "00:01:42", "end": "00:01:44", "text": "the super interesting theories about"}, {"start": "00:01:44", "end": "00:01:45", "text": "what's happening. And let me just start"}, {"start": "00:01:45", "end": "00:01:48", "text": "right here. I mentioned this one before,"}, {"start": "00:01:48", "end": "00:01:50", "text": "but I want to repeat it because in the"}, {"start": "00:01:50", "end": "00:01:52", "text": "world of economics, in the world of"}, {"start": "00:01:52", "end": "00:01:55", "text": "investing, there's two major forces that"}, {"start": "00:01:55", "end": "00:01:57", "text": "try to explain what's happening to the"}, {"start": "00:01:57", "end": "00:02:00", "text": "world. The first one is the technical"}, {"start": "00:02:00", "end": "00:02:02", "text": "force, technical analysis. The people"}, {"start": "00:02:02", "end": "00:02:05", "text": "that look at the chart of an investment,"}, {"start": "00:02:05", "end": "00:02:06", "text": "they draw some lines and then they're"}, {"start": "00:02:06", "end": "00:02:08", "text": "able to guess what's going to happen to"}, {"start": "00:02:08", "end": "00:02:10", "text": "the market. Okay, that's force number"}, {"start": "00:02:10", "end": "00:02:14", "text": "one. The other force is the macro force."}, {"start": "00:02:14", "end": "00:02:16", "text": "And this is the force that looks at the"}, {"start": "00:02:16", "end": "00:02:18", "text": "bigger picture of the world. Like for"}, {"start": "00:02:18", "end": "00:02:20", "text": "example, what's happening geopolitically"}, {"start": "00:02:20", "end": "00:02:23", "text": "speaking? Is there a threat of war? Is"}, {"start": "00:02:23", "end": "00:02:25", "text": "there a change to politics? It looks at"}, {"start": "00:02:25", "end": "00:02:27", "text": "the central bank level, at the Fed, at"}, {"start": "00:02:27", "end": "00:02:29", "text": "the interest rates, monetary policy,"}, {"start": "00:02:29", "end": "00:02:32", "text": "things like that. But one of the biggest"}, {"start": "00:02:32", "end": "00:02:34", "text": "questions that we just can't answer"}, {"start": "00:02:34", "end": "00:02:37", "text": "still in the world of economics is which"}, {"start": "00:02:37", "end": "00:02:41", "text": "of these two forces best explains our"}, {"start": "00:02:41", "end": "00:02:44", "text": "reality. So using this point of view, I"}, {"start": "00:02:44", "end": "00:02:46", "text": "want to help explain the theories of"}, {"start": "00:02:46", "end": "00:02:47", "text": "what's happening so you can hopefully"}, {"start": "00:02:47", "end": "00:02:50", "text": "get a better idea of what's about to"}, {"start": "00:02:50", "end": "00:02:52", "text": "happen next. So with that said, let's"}, {"start": "00:02:52", "end": "00:02:54", "text": "get into it. Hi, my name is Audrey Jick."}, {"start": "00:02:54", "end": "00:02:55", "text": "Hope you're doing well. Come for the"}, {"start": "00:02:55", "end": "00:02:57", "text": "finance and stay for the market. So let"}, {"start": "00:02:57", "end": "00:02:59", "text": "me start with the technical side of the"}, {"start": "00:02:59", "end": "00:03:01", "text": "force because I actually think this is"}, {"start": "00:03:01", "end": "00:03:04", "text": "one of the best explanations for what is"}, {"start": "00:03:04", "end": "00:03:05", "text": "happening. Again, this is something I've"}, {"start": "00:03:05", "end": "00:03:07", "text": "been following very closely and I'm"}, {"start": "00:03:07", "end": "00:03:10", "text": "impressed with how accurate all of this"}, {"start": "00:03:10", "end": "00:03:11", "text": "has been. And again, this is full credit"}, {"start": "00:03:11", "end": "00:03:13", "text": "to Benjamin Cowan for sharing this on"}, {"start": "00:03:13", "end": "00:03:16", "text": "his YouTube channel. Now, the whole idea"}, {"start": "00:03:16", "end": "00:03:20", "text": "behind technical analysis is that the"}, {"start": "00:03:20", "end": "00:03:22", "text": "stock market or any market in this case"}, {"start": "00:03:22", "end": "00:03:25", "text": "are just social systems and when they"}, {"start": "00:03:25", "end": "00:03:29", "text": "create a certain pattern, it can trigger"}, {"start": "00:03:29", "end": "00:03:31", "text": "certain things to happen. Now, I'm going"}, {"start": "00:03:31", "end": "00:03:33", "text": "to use Bitcoin as an example, but this"}, {"start": "00:03:33", "end": "00:03:34", "text": "is true of all investments people look"}, {"start": "00:03:34", "end": "00:03:37", "text": "at. First, let me show you this right"}, {"start": "00:03:37", "end": "00:03:39", "text": "here. This is kind of mind-blowing. It"}, {"start": "00:03:39", "end": "00:03:42", "text": "shows you how long it took for Bitcoin"}, {"start": "00:03:42", "end": "00:03:45", "text": "to go from the bottom of the market to"}, {"start": "00:03:45", "end": "00:03:48", "text": "the top of the market. It took roughly"}, {"start": "00:03:48", "end": "00:03:52", "text": "1,50 days for this cycle. But what's"}, {"start": "00:03:52", "end": "00:03:55", "text": "also very interesting is that the last"}, {"start": "00:03:55", "end": "00:03:59", "text": "cycles, cycles 3 and 4, also took the"}, {"start": "00:03:59", "end": "00:04:02", "text": "exact same amount, 1,50ish"}, {"start": "00:04:02", "end": "00:04:05", "text": "days. Now, check this out. I know it"}, {"start": "00:04:05", "end": "00:04:08", "text": "looks complicated, but this chart shows"}, {"start": "00:04:08", "end": "00:04:11", "text": "kind of the same thing. Bitcoins"}, {"start": "00:04:11", "end": "00:04:13", "text": "followed the same pattern, but"}, {"start": "00:04:13", "end": "00:04:16", "text": "alternating from the all-time low to the"}, {"start": "00:04:16", "end": "00:04:18", "text": "all-time high and then all-time high to"}, {"start": "00:04:18", "end": "00:04:21", "text": "the all-time low. So, for example, in"}, {"start": "00:04:21", "end": "00:04:24", "text": "2015, from the all-time low to the"}, {"start": "00:04:24", "end": "00:04:28", "text": "all-time high, it took Bitcoin 1,50ish"}, {"start": "00:04:28", "end": "00:04:30", "text": "days. And then in 2017, from the"}, {"start": "00:04:30", "end": "00:04:33", "text": "all-time high to the all-time low, it"}, {"start": "00:04:33", "end": "00:04:37", "text": "took Bitcoin about a year, 364 days."}, {"start": "00:04:37", "end": "00:04:41", "text": "Then in 2018, from the all-time low to"}, {"start": "00:04:41", "end": "00:04:44", "text": "the all-time high, it took again 1,50ish"}, {"start": "00:04:44", "end": "00:04:47", "text": "days. And again, from the all-time high"}, {"start": "00:04:47", "end": "00:04:52", "text": "in 2021 to the all-time low, it took 364"}, {"start": "00:04:52", "end": "00:04:55", "text": "days. Well, guess how long it took us to"}, {"start": "00:04:55", "end": "00:04:58", "text": "go from the all-time low to the all-time"}, {"start": "00:04:58", "end": "00:05:01", "text": "high in this cycle."}, {"start": "00:05:01", "end": "00:05:05", "text": "150 to 1,64-ish days. Which means if"}, {"start": "00:05:05", "end": "00:05:08", "text": "this pattern continues, we should reach"}, {"start": "00:05:08", "end": "00:05:12", "text": "the all-time low 364"}, {"start": "00:05:12", "end": "00:05:16", "text": "days from our all-time high, which"}, {"start": "00:05:16", "end": "00:05:20", "text": "happened on October 6th of this year."}, {"start": "00:05:20", "end": "00:05:23", "text": "That means we are on around October 5th,"}, {"start": "00:05:23", "end": "00:05:26", "text": "2026 when Bitcoin could reach the"}, {"start": "00:05:26", "end": "00:05:30", "text": "all-time low of this cycle."}, {"start": "00:05:30", "end": "00:05:32", "text": "Now, regardless of what you think about"}, {"start": "00:05:32", "end": "00:05:34", "text": "these kinds of things, I think it's"}, {"start": "00:05:34", "end": "00:05:36", "text": "extremely compelling, and I don't think"}, {"start": "00:05:36", "end": "00:05:37", "text": "we should ignore it. That's just"}, {"start": "00:05:37", "end": "00:05:40", "text": "technical force explanation number one."}, {"start": "00:05:40", "end": "00:05:41", "text": "There's a second thing we should look"}, {"start": "00:05:41", "end": "00:05:43", "text": "at. Now, before I explain it though,"}, {"start": "00:05:43", "end": "00:05:44", "text": "here's something else I've been"}, {"start": "00:05:44", "end": "00:05:45", "text": "personally doing to keep stacking SATs"}, {"start": "00:05:45", "end": "00:05:47", "text": "while all of this plays out with the"}, {"start": "00:05:47", "end": "00:05:49", "text": "Gemini credit card, the sponsor of this"}, {"start": "00:05:49", "end": "00:05:51", "text": "segment. It's a card I've been using for"}, {"start": "00:05:51", "end": "00:05:52", "text": "a while now. All opinions are my own,"}, {"start": "00:05:52", "end": "00:05:54", "text": "and they were not influenced by Gemini."}, {"start": "00:05:54", "end": "00:05:56", "text": "I use it like any regular credit card"}, {"start": "00:05:56", "end": "00:05:58", "text": "for gas, groceries, and travel, but I"}, {"start": "00:05:58", "end": "00:06:00", "text": "earn Bitcoin every time I use it. It has"}, {"start": "00:06:00", "end": "00:06:02", "text": "no annual fee, and you can see rates and"}, {"start": "00:06:02", "end": "00:06:03", "text": "fees in the description down below for"}, {"start": "00:06:03", "end": "00:06:06", "text": "more info. You get up to 4% back in over"}, {"start": "00:06:06", "end": "00:06:08", "text": "50 cryptocurrencies instantly, and you"}, {"start": "00:06:08", "end": "00:06:09", "text": "can choose which one you want."}, {"start": "00:06:09", "end": "00:06:11", "text": "Personally, I have mine set to Bitcoin,"}, {"start": "00:06:11", "end": "00:06:13", "text": "but that's 4% back on gas, transit, and"}, {"start": "00:06:13", "end": "00:06:16", "text": "ride share, 3% on dining, 2% on"}, {"start": "00:06:16", "end": "00:06:18", "text": "groceries, and 1% on everything else."}, {"start": "00:06:18", "end": "00:06:20", "text": "It's a Mastercard World Elite. I've used"}, {"start": "00:06:20", "end": "00:06:22", "text": "it internationally with no issues. And"}, {"start": "00:06:22", "end": "00:06:23", "text": "every time I use it, it adds Bitcoin to"}, {"start": "00:06:23", "end": "00:06:25", "text": "my portfolio. And the best part is"}, {"start": "00:06:25", "end": "00:06:26", "text": "you're investing as you spend. In fact,"}, {"start": "00:06:26", "end": "00:06:28", "text": "according to Gemini, card holders who"}, {"start": "00:06:28", "end": "00:06:30", "text": "earned and held their Bitcoin for 1 year"}, {"start": "00:06:30", "end": "00:06:33", "text": "saw an average appreciation of 279%. And"}, {"start": "00:06:33", "end": "00:06:34", "text": "those are not your typical credit card"}, {"start": "00:06:34", "end": "00:06:36", "text": "points. So, if you're interested, click"}, {"start": "00:06:36", "end": "00:06:38", "text": "the link in the description down below"}, {"start": "00:06:38", "end": "00:06:40", "text": "or go to gemini.com/andre"}, {"start": "00:06:40", "end": "00:06:42", "text": "to get $200 in Bitcoin when you spend"}, {"start": "00:06:42", "end": "00:06:44", "text": "3,000 in your first 90 days. Thank you,"}, {"start": "00:06:44", "end": "00:06:46", "text": "Gemini, for sponsoring this segment. And"}, {"start": "00:06:46", "end": "00:06:47", "text": "now, let's get back to it. Now, the"}, {"start": "00:06:47", "end": "00:06:48", "text": "second part of the technical force"}, {"start": "00:06:48", "end": "00:06:50", "text": "explanation is to look at something"}, {"start": "00:06:50", "end": "00:06:52", "text": "called the 50week moving average. And"}, {"start": "00:06:52", "end": "00:06:54", "text": "here's how this works. If you take the"}, {"start": "00:06:54", "end": "00:06:57", "text": "average closing price, meaning the price"}, {"start": "00:06:57", "end": "00:07:00", "text": "at the end of the week for the last 50"}, {"start": "00:07:00", "end": "00:07:03", "text": "weeks, you get a certain line on a"}, {"start": "00:07:03", "end": "00:07:06", "text": "chart, a price. And what Ben noticed is"}, {"start": "00:07:06", "end": "00:07:10", "text": "that when Bitcoin is in a bull cycle or"}, {"start": "00:07:10", "end": "00:07:12", "text": "a bull market, it has always stayed"}, {"start": "00:07:12", "end": "00:07:15", "text": "above that line. But when Bitcoin's"}, {"start": "00:07:15", "end": "00:07:18", "text": "price went below that 50week moving"}, {"start": "00:07:18", "end": "00:07:20", "text": "average level, that meant it was the end"}, {"start": "00:07:20", "end": "00:07:22", "text": "of the bull cycle and the beginning of"}, {"start": "00:07:22", "end": "00:07:24", "text": "the bare market."}, {"start": "00:07:24", "end": "00:07:27", "text": "And we broke below that price point for"}, {"start": "00:07:27", "end": "00:07:30", "text": "a few weeks in a row now, which is"}, {"start": "00:07:30", "end": "00:07:32", "text": "obviously not good. That price point is"}, {"start": "00:07:32", "end": "00:07:35", "text": "$13,000, which for a few weeks now, we"}, {"start": "00:07:35", "end": "00:07:37", "text": "have been below that point. Now, let's"}, {"start": "00:07:37", "end": "00:07:40", "text": "take a look at the macro force, the big"}, {"start": "00:07:40", "end": "00:07:42", "text": "picture stuff, because this theory says"}, {"start": "00:07:42", "end": "00:07:44", "text": "that what's happening to the markets"}, {"start": "00:07:44", "end": "00:07:46", "text": "right now has nothing to do with what I"}, {"start": "00:07:46", "end": "00:07:48", "text": "just explained. Instead, there's a"}, {"start": "00:07:48", "end": "00:07:51", "text": "bigger force, an invisible force that"}, {"start": "00:07:51", "end": "00:07:53", "text": "moves the markets to behave the way they"}, {"start": "00:07:53", "end": "00:07:56", "text": "do. And according to this theory, this"}, {"start": "00:07:56", "end": "00:07:58", "text": "was all because of what's called a"}, {"start": "00:07:58", "end": "00:08:01", "text": "change to global liquidity. Here's"}, {"start": "00:08:01", "end": "00:08:04", "text": "example number one, Japan. Why does"}, {"start": "00:08:04", "end": "00:08:06", "text": "Japan matter? Well, it matters because"}, {"start": "00:08:06", "end": "00:08:09", "text": "remember how the world is structured. We"}, {"start": "00:08:09", "end": "00:08:11", "text": "have the United States, right? the"}, {"start": "00:08:11", "end": "00:08:13", "text": "police officer who controls the supply"}, {"start": "00:08:13", "end": "00:08:16", "text": "of money exporting mostly the dollar and"}, {"start": "00:08:16", "end": "00:08:19", "text": "technology. But then we have China which"}, {"start": "00:08:19", "end": "00:08:21", "text": "is the global factory of the world. It"}, {"start": "00:08:21", "end": "00:08:24", "text": "makes all the stuff for everyone. And we"}, {"start": "00:08:24", "end": "00:08:27", "text": "had Japan as the biggest interestfree"}, {"start": "00:08:27", "end": "00:08:30", "text": "lender because their interest rates were"}, {"start": "00:08:30", "end": "00:08:33", "text": "zero, actually negative, which meant"}, {"start": "00:08:33", "end": "00:08:36", "text": "something called the carry trade was"}, {"start": "00:08:36", "end": "00:08:39", "text": "possible. Long story short, investors"}, {"start": "00:08:39", "end": "00:08:42", "text": "borrow Japanese yen at low rates. They"}, {"start": "00:08:42", "end": "00:08:44", "text": "take that money and invest it somewhere"}, {"start": "00:08:44", "end": "00:08:46", "text": "else for a bigger return like US"}, {"start": "00:08:46", "end": "00:08:49", "text": "Treasury bonds. Guaranteed difference on"}, {"start": "00:08:49", "end": "00:08:51", "text": "the spread. That's called the carry"}, {"start": "00:08:51", "end": "00:08:54", "text": "trade. But long story short, it was a"}, {"start": "00:08:54", "end": "00:08:57", "text": "very easy and a free way to make a"}, {"start": "00:08:57", "end": "00:09:00", "text": "guaranteed return on your money. But now"}, {"start": "00:09:00", "end": "00:09:02", "text": "that's changed because Japan's interest"}, {"start": "00:09:02", "end": "00:09:05", "text": "rates are going up, which means no more"}, {"start": "00:09:05", "end": "00:09:08", "text": "borrowing free money. and a change of"}, {"start": "00:09:08", "end": "00:09:12", "text": "incentive. Meaning money right now could"}, {"start": "00:09:12", "end": "00:09:15", "text": "be leaving dollar denominated assets and"}, {"start": "00:09:15", "end": "00:09:18", "text": "going back to their homeland where"}, {"start": "00:09:18", "end": "00:09:20", "text": "interest rates are high enough to make"}, {"start": "00:09:20", "end": "00:09:23", "text": "sense keeping that money at home. Now,"}, {"start": "00:09:23", "end": "00:09:24", "text": "yes, technically US interest rates are"}, {"start": "00:09:24", "end": "00:09:27", "text": "higher than Japan's, but once you factor"}, {"start": "00:09:27", "end": "00:09:30", "text": "in the cost of converting yen into"}, {"start": "00:09:30", "end": "00:09:31", "text": "dollars and back and forth and the"}, {"start": "00:09:31", "end": "00:09:33", "text": "currency hedging costs, the yield"}, {"start": "00:09:33", "end": "00:09:35", "text": "advantage basically disappears. In some"}, {"start": "00:09:35", "end": "00:09:38", "text": "cases, it even turns negative. So"}, {"start": "00:09:38", "end": "00:09:40", "text": "whether you're a Japanese pension fund"}, {"start": "00:09:40", "end": "00:09:43", "text": "or a global hedge fund, it now makes"}, {"start": "00:09:43", "end": "00:09:47", "text": "more sense to sort of unwind those"}, {"start": "00:09:47", "end": "00:09:50", "text": "trades and to sell those dollar assets"}, {"start": "00:09:50", "end": "00:09:53", "text": "and to bring the money back home. That"}, {"start": "00:09:53", "end": "00:09:56", "text": "is a very big deal. But there's also a"}, {"start": "00:09:56", "end": "00:09:58", "text": "second change to liquidity. And it"}, {"start": "00:09:58", "end": "00:10:00", "text": "should be good news technically, but"}, {"start": "00:10:00", "end": "00:10:03", "text": "investors perceive this as bad news. And"}, {"start": "00:10:03", "end": "00:10:05", "text": "here's what happened. The Fed announced"}, {"start": "00:10:05", "end": "00:10:07", "text": "that on December 1st they'll be ending"}, {"start": "00:10:07", "end": "00:10:11", "text": "QT or quantitative tightening. Now that"}, {"start": "00:10:11", "end": "00:10:13", "text": "is good, but it's also technically bad"}, {"start": "00:10:13", "end": "00:10:17", "text": "because when the Fed ends QT, it usually"}, {"start": "00:10:17", "end": "00:10:19", "text": "means they are seeing signs that"}, {"start": "00:10:19", "end": "00:10:21", "text": "something somewhere in the financial"}, {"start": "00:10:21", "end": "00:10:24", "text": "system is starting to break or at least"}, {"start": "00:10:24", "end": "00:10:26", "text": "is fragile. Of course, the Fed is not"}, {"start": "00:10:26", "end": "00:10:28", "text": "going to tell us that. So, they're like,"}, {"start": "00:10:28", "end": "00:10:29", "text": "we're just doing this to be ahead of the"}, {"start": "00:10:29", "end": "00:10:31", "text": "curve so we don't end up causing a"}, {"start": "00:10:31", "end": "00:10:34", "text": "recession. But investors are like,"}, {"start": "00:10:34", "end": "00:10:36", "text": "\"Well, we don't really believe you."}, {"start": "00:10:36", "end": "00:10:38", "text": "Circular funding in the AI bubble,"}, {"start": "00:10:38", "end": "00:10:40", "text": "right? The job market is slowing down."}, {"start": "00:10:40", "end": "00:10:42", "text": "Consumer spending is mostly propped up"}, {"start": "00:10:42", "end": "00:10:44", "text": "by the wealthiest people. We have a"}, {"start": "00:10:44", "end": "00:10:47", "text": "K-shaped economy. That's not good.\" But"}, {"start": "00:10:47", "end": "00:10:50", "text": "regardless of what the reasons are, the"}, {"start": "00:10:50", "end": "00:10:53", "text": "point is risk assets, which are things"}, {"start": "00:10:53", "end": "00:10:56", "text": "like Nvidia, things like Bitcoin, they"}, {"start": "00:10:56", "end": "00:10:58", "text": "start to sell off because investors are"}, {"start": "00:10:58", "end": "00:11:00", "text": "like, I'm just going to sit this one out"}, {"start": "00:11:00", "end": "00:11:03", "text": "and wait until all of this cools down."}, {"start": "00:11:03", "end": "00:11:05", "text": "And again, it just so happens that"}, {"start": "00:11:05", "end": "00:11:08", "text": "Bitcoin is the canary in the coal mine,"}, {"start": "00:11:08", "end": "00:11:10", "text": "as they say. It's the first thing to be"}, {"start": "00:11:10", "end": "00:11:13", "text": "affected. Why? Because it's the easiest"}, {"start": "00:11:13", "end": "00:11:16", "text": "investment to sell. It can be sold on"}, {"start": "00:11:16", "end": "00:11:18", "text": "weekends when the markets are closed, so"}, {"start": "00:11:18", "end": "00:11:21", "text": "it reacts first. By comparison, if"}, {"start": "00:11:21", "end": "00:11:23", "text": "you're a real estate investor, you can't"}, {"start": "00:11:23", "end": "00:11:26", "text": "just panic sell in a day. So, some"}, {"start": "00:11:26", "end": "00:11:29", "text": "investments, because they're easier to"}, {"start": "00:11:29", "end": "00:11:34", "text": "sell, aka more liquid, they move first,"}, {"start": "00:11:34", "end": "00:11:37", "text": "which is arguably why Bitcoin started"}, {"start": "00:11:37", "end": "00:11:40", "text": "going down before the rest of the"}, {"start": "00:11:40", "end": "00:11:43", "text": "market. So what you're seeing in the"}, {"start": "00:11:43", "end": "00:11:46", "text": "technicals, these price charts, that is"}, {"start": "00:11:46", "end": "00:11:49", "text": "just a reflection of investors"}, {"start": "00:11:49", "end": "00:11:51", "text": "anticipating all these changes and all"}, {"start": "00:11:51", "end": "00:11:54", "text": "their worries, and that's the macroforce"}, {"start": "00:11:54", "end": "00:11:56", "text": "explanation. Now, there's a third theory"}, {"start": "00:11:56", "end": "00:11:59", "text": "that's neither technical nor macro. It's"}, {"start": "00:11:59", "end": "00:12:02", "text": "more human psychology. It comes directly"}, {"start": "00:12:02", "end": "00:12:04", "text": "from the Bitcoin community themselves."}, {"start": "00:12:04", "end": "00:12:08", "text": "Fun fact, Bitcoin was allegedly on the"}, {"start": "00:12:08", "end": "00:12:10", "text": "Epstein list. Apparently, there was"}, {"start": "00:12:10", "end": "00:12:14", "text": "funding that happened in 2015, which"}, {"start": "00:12:14", "end": "00:12:17", "text": "doesn't look good, but it ties into this"}, {"start": "00:12:17", "end": "00:12:18", "text": "much bigger story. So, here's what"}, {"start": "00:12:18", "end": "00:12:20", "text": "happened. What most people don't"}, {"start": "00:12:20", "end": "00:12:23", "text": "actually know is that for the last few"}, {"start": "00:12:23", "end": "00:12:26", "text": "months, Bitcoin's been fighting itself"}, {"start": "00:12:26", "end": "00:12:29", "text": "over the idea of what it's supposed to"}, {"start": "00:12:29", "end": "00:12:31", "text": "be. Like, what is Bitcoin is the"}, {"start": "00:12:31", "end": "00:12:34", "text": "question. To be or not to be, right? And"}, {"start": "00:12:34", "end": "00:12:37", "text": "most OG Bitcoiners believe that Bitcoin"}, {"start": "00:12:37", "end": "00:12:41", "text": "is supposed to only represent money."}, {"start": "00:12:41", "end": "00:12:43", "text": "That's it. But the newest version of"}, {"start": "00:12:43", "end": "00:12:45", "text": "Bitcoin run by the core development"}, {"start": "00:12:45", "end": "00:12:49", "text": "team, which was allegedly funded by some"}, {"start": "00:12:49", "end": "00:12:51", "text": "sketchy people on that list, made an"}, {"start": "00:12:51", "end": "00:12:54", "text": "update that got rid of an old data"}, {"start": "00:12:54", "end": "00:12:57", "text": "restriction. It's called OP return. Now,"}, {"start": "00:12:57", "end": "00:12:59", "text": "this feature is what allows people to"}, {"start": "00:12:59", "end": "00:13:02", "text": "attach a piece of data to their Bitcoin"}, {"start": "00:13:02", "end": "00:13:05", "text": "transaction. Now, this was always"}, {"start": "00:13:05", "end": "00:13:07", "text": "possible with Bitcoin, but this update"}, {"start": "00:13:07", "end": "00:13:11", "text": "increased the size of how big that data"}, {"start": "00:13:11", "end": "00:13:13", "text": "could be. So, now this new version"}, {"start": "00:13:13", "end": "00:13:16", "text": "that's being pushed says Bitcoin isn't"}, {"start": "00:13:16", "end": "00:13:20", "text": "just money, but data of all sorts,"}, {"start": "00:13:20", "end": "00:13:22", "text": "pictures, videos, whatever. It's an"}, {"start": "00:13:22", "end": "00:13:25", "text": "immutable data transfer protocol. Now, a"}, {"start": "00:13:25", "end": "00:13:27", "text": "lot of Bitcoin investors are really"}, {"start": "00:13:27", "end": "00:13:30", "text": "upset about this because it now"}, {"start": "00:13:30", "end": "00:13:33", "text": "introduces a new way to attack Bitcoin"}, {"start": "00:13:33", "end": "00:13:36", "text": "because now if someone wants to, they"}, {"start": "00:13:36", "end": "00:13:38", "text": "could attach pictures or videos to a"}, {"start": "00:13:38", "end": "00:13:41", "text": "transaction that will forever live on"}, {"start": "00:13:41", "end": "00:13:44", "text": "the blockchain. The problem with that"}, {"start": "00:13:44", "end": "00:13:46", "text": "though is if someone were to attach"}, {"start": "00:13:46", "end": "00:13:49", "text": "something illegal like the people who"}, {"start": "00:13:49", "end": "00:13:51", "text": "might have been funding this project for"}, {"start": "00:13:51", "end": "00:13:53", "text": "their own self-interest in 2015"}, {"start": "00:13:53", "end": "00:13:55", "text": "allegedly that makes it potentially"}, {"start": "00:13:55", "end": "00:13:58", "text": "unusable from an ethical and illegal"}, {"start": "00:13:58", "end": "00:14:02", "text": "point of view. How? Because this opens"}, {"start": "00:14:02", "end": "00:14:03", "text": "the door for people to spam the"}, {"start": "00:14:03", "end": "00:14:06", "text": "blockchain with things like NFTTS and"}, {"start": "00:14:06", "end": "00:14:09", "text": "memes and other random files which over"}, {"start": "00:14:09", "end": "00:14:13", "text": "time not only increases the block size"}, {"start": "00:14:13", "end": "00:14:15", "text": "making it harder to run your own node"}, {"start": "00:14:15", "end": "00:14:18", "text": "and to be decentralized but also changes"}, {"start": "00:14:18", "end": "00:14:20", "text": "the meaning of what Bitcoin is supposed"}, {"start": "00:14:20", "end": "00:14:23", "text": "to be. I can make an entire video"}, {"start": "00:14:23", "end": "00:14:25", "text": "talking about this, but that's how you"}, {"start": "00:14:25", "end": "00:14:27", "text": "can basically co-opt Bitcoin from the"}, {"start": "00:14:27", "end": "00:14:30", "text": "inside. That's how you attack it. Now,"}, {"start": "00:14:30", "end": "00:14:31", "text": "whether you personally care about this"}, {"start": "00:14:31", "end": "00:14:33", "text": "story or not is not really the point."}, {"start": "00:14:33", "end": "00:14:35", "text": "The point is this is another possible"}, {"start": "00:14:35", "end": "00:14:38", "text": "explanation for why some Bitcoin holders"}, {"start": "00:14:38", "end": "00:14:40", "text": "decided to sell. They're like, \"You know"}, {"start": "00:14:40", "end": "00:14:42", "text": "what? I'm going to sit this one out"}, {"start": "00:14:42", "end": "00:14:44", "text": "while Bitcoin figures itself out.\" And"}, {"start": "00:14:44", "end": "00:14:47", "text": "that fear is causing them to sell in"}, {"start": "00:14:47", "end": "00:14:49", "text": "addition to all the other things we just"}, {"start": "00:14:49", "end": "00:14:50", "text": "explained. And the fourth theory that"}, {"start": "00:14:50", "end": "00:14:52", "text": "sort of explains everything that's"}, {"start": "00:14:52", "end": "00:14:53", "text": "happening right now sort of ties"}, {"start": "00:14:53", "end": "00:14:55", "text": "everything together. And full credit to"}, {"start": "00:14:55", "end": "00:14:57", "text": "Jordi Visser for coming up with this,"}, {"start": "00:14:57", "end": "00:15:00", "text": "but his theory says that Bitcoin is"}, {"start": "00:15:00", "end": "00:15:03", "text": "having its equivalent of an IPO moment."}, {"start": "00:15:03", "end": "00:15:05", "text": "Now, an IPO happens in the stock market."}, {"start": "00:15:05", "end": "00:15:07", "text": "It stands for initial public offering,"}, {"start": "00:15:07", "end": "00:15:09", "text": "and it's when a company goes public and"}, {"start": "00:15:09", "end": "00:15:11", "text": "investors could buy shares of that"}, {"start": "00:15:11", "end": "00:15:13", "text": "company. But Bitcoin's obviously not a"}, {"start": "00:15:13", "end": "00:15:15", "text": "company. So, what does that mean? What"}, {"start": "00:15:15", "end": "00:15:19", "text": "it means for Bitcoin is early investors"}, {"start": "00:15:19", "end": "00:15:21", "text": "are cashing out. They're taking their"}, {"start": "00:15:21", "end": "00:15:23", "text": "profits because for the first time in"}, {"start": "00:15:23", "end": "00:15:26", "text": "history, they actually can. There's"}, {"start": "00:15:26", "end": "00:15:28", "text": "enough liquidity. There's enough money"}, {"start": "00:15:28", "end": "00:15:31", "text": "now to sell and get their money out. But"}, {"start": "00:15:31", "end": "00:15:33", "text": "hold on. If Bitcoin is going to a"}, {"start": "00:15:33", "end": "00:15:34", "text": "million, why would they ever sell,"}, {"start": "00:15:34", "end": "00:15:36", "text": "right? Well, it's because what you have"}, {"start": "00:15:36", "end": "00:15:38", "text": "to understand is that there are people"}, {"start": "00:15:38", "end": "00:15:40", "text": "that walk among us right now, and you"}, {"start": "00:15:40", "end": "00:15:41", "text": "don't know who they are. I mean, you"}, {"start": "00:15:41", "end": "00:15:44", "text": "might be one of them, but some of them"}, {"start": "00:15:44", "end": "00:15:46", "text": "are already billionaires. Now, here's a"}, {"start": "00:15:46", "end": "00:15:47", "text": "recent example of a wallet that's been"}, {"start": "00:15:47", "end": "00:15:49", "text": "cashing out hundreds of millions of"}, {"start": "00:15:49", "end": "00:15:52", "text": "dollars worth of Bitcoin. Earlier this"}, {"start": "00:15:52", "end": "00:15:53", "text": "year, there was also Galaxy Digital,"}, {"start": "00:15:53", "end": "00:15:57", "text": "which processed a $9 billion Bitcoin"}, {"start": "00:15:57", "end": "00:16:01", "text": "sale for just one person, one wallet. At"}, {"start": "00:16:01", "end": "00:16:04", "text": "that point, would you care if Bitcoin"}, {"start": "00:16:04", "end": "00:16:07", "text": "went to a million? No. I I'd be happy"}, {"start": "00:16:07", "end": "00:16:09", "text": "with 9 billion. Thank you. Right. But"}, {"start": "00:16:09", "end": "00:16:12", "text": "the point is, if they had tried to sell"}, {"start": "00:16:12", "end": "00:16:14", "text": "their investment even just a couple"}, {"start": "00:16:14", "end": "00:16:17", "text": "years ago, they could have crashed the"}, {"start": "00:16:17", "end": "00:16:19", "text": "entire market, they wouldn't be able to"}, {"start": "00:16:19", "end": "00:16:21", "text": "get what their investment was worth"}, {"start": "00:16:21", "end": "00:16:23", "text": "because there wasn't enough demand to"}, {"start": "00:16:23", "end": "00:16:25", "text": "buy it. Just because you have a billion"}, {"start": "00:16:25", "end": "00:16:27", "text": "dollars worth of something on paper"}, {"start": "00:16:27", "end": "00:16:29", "text": "doesn't mean you'll get a billion"}, {"start": "00:16:29", "end": "00:16:32", "text": "dollars for it. But now, thanks to"}, {"start": "00:16:32", "end": "00:16:34", "text": "Bitcoin ETFs, there are companies buying"}, {"start": "00:16:34", "end": "00:16:36", "text": "Bitcoin. There's countries buying"}, {"start": "00:16:36", "end": "00:16:38", "text": "Bitcoin. And for the first time ever,"}, {"start": "00:16:38", "end": "00:16:41", "text": "those OG Bitcoiners can now sell a"}, {"start": "00:16:41", "end": "00:16:43", "text": "billion dollars worth of Bitcoin without"}, {"start": "00:16:43", "end": "00:16:45", "text": "crashing the price. So, what we're"}, {"start": "00:16:45", "end": "00:16:49", "text": "seeing is a transfer of wealth from the"}, {"start": "00:16:49", "end": "00:16:53", "text": "few early investors to now the masses."}, {"start": "00:16:53", "end": "00:16:56", "text": "This phase is what we're in right now."}, {"start": "00:16:56", "end": "00:16:59", "text": "It's slow. It could take a whole year"}, {"start": "00:16:59", "end": "00:17:01", "text": "for us to reach the point of those"}, {"start": "00:17:01", "end": "00:17:03", "text": "people selling out of their investment,"}, {"start": "00:17:03", "end": "00:17:05", "text": "but this is what it looks like and it's"}, {"start": "00:17:05", "end": "00:17:07", "text": "a long journey down. Again, it could"}, {"start": "00:17:07", "end": "00:17:11", "text": "take us 364 days roughly. So, that's"}, {"start": "00:17:11", "end": "00:17:13", "text": "Jordy Viser's theory and this is"}, {"start": "00:17:13", "end": "00:17:15", "text": "Bitcoin's IPO. I thought it was a very"}, {"start": "00:17:15", "end": "00:17:17", "text": "interesting and very credible theory."}, {"start": "00:17:17", "end": "00:17:18", "text": "Now, if you made it this far, here's"}, {"start": "00:17:18", "end": "00:17:20", "text": "what I'm personally doing. I am not"}, {"start": "00:17:20", "end": "00:17:22", "text": "selling my Bitcoin. I think Bitcoin will"}, {"start": "00:17:22", "end": "00:17:24", "text": "bounce back regardless of what happens"}, {"start": "00:17:24", "end": "00:17:26", "text": "to it externally or internally like the"}, {"start": "00:17:26", "end": "00:17:29", "text": "new updates been going on. And I think"}, {"start": "00:17:29", "end": "00:17:31", "text": "the financial incentives of Bitcoin will"}, {"start": "00:17:31", "end": "00:17:34", "text": "always realign themselves to fix any"}, {"start": "00:17:34", "end": "00:17:37", "text": "issue that it comes across. But I'm also"}, {"start": "00:17:37", "end": "00:17:39", "text": "not selling stocks. I'm not touching my"}, {"start": "00:17:39", "end": "00:17:41", "text": "long-term portfolio at all. My dividend"}, {"start": "00:17:41", "end": "00:17:43", "text": "portfolio is still paying me every"}, {"start": "00:17:43", "end": "00:17:44", "text": "single month. And if we do get in a"}, {"start": "00:17:44", "end": "00:17:46", "text": "sideways market or a down market, the"}, {"start": "00:17:46", "end": "00:17:48", "text": "portfolio should do pretty well. If you"}, {"start": "00:17:48", "end": "00:17:50", "text": "want to see it in full and track your"}, {"start": "00:17:50", "end": "00:17:51", "text": "own dividends, the link is down below."}, {"start": "00:17:51", "end": "00:17:53", "text": "But what's funny to me about all of"}, {"start": "00:17:53", "end": "00:17:56", "text": "these theories is that if everyone knows"}, {"start": "00:17:56", "end": "00:17:59", "text": "about them, will they still be true? And"}, {"start": "00:17:59", "end": "00:18:00", "text": "I don't know the answer to that"}, {"start": "00:18:00", "end": "00:18:02", "text": "question. And also, all of these"}, {"start": "00:18:02", "end": "00:18:05", "text": "theories, I think, could be true, but on"}, {"start": "00:18:05", "end": "00:18:07", "text": "a weighted scale. Like some theories"}, {"start": "00:18:07", "end": "00:18:09", "text": "explain the price today more than"}, {"start": "00:18:09", "end": "00:18:15", "text": "others. If this were uh an S&P 500 index"}, {"start": "00:18:15", "end": "00:18:18", "text": "of all the truths that explain this,"}, {"start": "00:18:18", "end": "00:18:20", "text": "they would be weighted by how important"}, {"start": "00:18:20", "end": "00:18:23", "text": "they are. But what their individual"}, {"start": "00:18:23", "end": "00:18:26", "text": "weights are is a question that I don't"}, {"start": "00:18:26", "end": "00:18:28", "text": "know the answer to. The best I can do is"}, {"start": "00:18:28", "end": "00:18:30", "text": "to explain it to the best of my very"}, {"start": "00:18:30", "end": "00:18:32", "text": "flawed ability. So whatever ends up"}, {"start": "00:18:32", "end": "00:18:34", "text": "happening, I'm going to continue to"}, {"start": "00:18:34", "end": "00:18:36", "text": "dollar cost average into the market. But"}, {"start": "00:18:36", "end": "00:18:37", "text": "I'd love to hear your thoughts about"}, {"start": "00:18:37", "end": "00:18:38", "text": "this. What do you think is happening?"}, {"start": "00:18:38", "end": "00:18:40", "text": "I'd love to know your theory. As always,"}, {"start": "00:18:40", "end": "00:18:41", "text": "I hope you have a wonderful rest of your"}, {"start": "00:18:41", "end": "00:18:43", "text": "day. Smash the like button. Subscribe if"}, {"start": "00:18:43", "end": "00:18:44", "text": "you haven't already. I'd love to see you"}, {"start": "00:18:44", "end": "00:18:48", "text": "back here next week. I'll see you soon."}]

[{"start": "00:00:00", "end": "00:00:02", "text": "The rule is simple. When gold doubles,"}, {"start": "00:00:02", "end": "00:00:04", "text": "empires fall. And it just happened"}, {"start": "00:00:04", "end": "00:00:07", "text": "again. But this isn't just a historical"}, {"start": "00:00:07", "end": "00:00:09", "text": "pattern. It's a mathematical certainty."}, {"start": "00:00:09", "end": "00:00:11", "text": "And while most people are going to focus"}, {"start": "00:00:11", "end": "00:00:13", "text": "on the chaos that follows, what they're"}, {"start": "00:00:13", "end": "00:00:15", "text": "missing is the real story. It's the"}, {"start": "00:00:15", "end": "00:00:17", "text": "single greatest transfer of wealth in"}, {"start": "00:00:17", "end": "00:00:19", "text": "human history that's now been triggered."}, {"start": "00:00:19", "end": "00:00:21", "text": "Now, the fall of an empire creates more"}, {"start": "00:00:21", "end": "00:00:24", "text": "millionaires than its rise, but only for"}, {"start": "00:00:24", "end": "00:00:26", "text": "the few who understand the blueprint."}, {"start": "00:00:26", "end": "00:00:28", "text": "And there's a specific mechanism within"}, {"start": "00:00:28", "end": "00:00:30", "text": "that blueprint hidden in plain sight"}, {"start": "00:00:30", "end": "00:00:32", "text": "that determines who gets wiped out and"}, {"start": "00:00:32", "end": "00:00:35", "text": "who builds generational wealth. Now,"}, {"start": "00:00:35", "end": "00:00:36", "text": "after building and selling companies for"}, {"start": "00:00:36", "end": "00:00:38", "text": "over 25 years and now investing in the"}, {"start": "00:00:38", "end": "00:00:40", "text": "next financial system as an officer of a"}, {"start": "00:00:40", "end": "00:00:42", "text": "publicly traded company, I can tell you"}, {"start": "00:00:42", "end": "00:00:44", "text": "this is the playbook we're using right"}, {"start": "00:00:44", "end": "00:00:46", "text": "now. And I'm going to share it all with"}, {"start": "00:00:46", "end": "00:00:49", "text": "you. So, let's go. All right. Now, we"}, {"start": "00:00:49", "end": "00:00:50", "text": "have a lot to cover. So, let's just go"}, {"start": "00:00:50", "end": "00:00:51", "text": "ahead and just jump right in. But before"}, {"start": "00:00:51", "end": "00:00:54", "text": "we get to the blueprint and the plan, we"}, {"start": "00:00:54", "end": "00:00:55", "text": "have to jump in the time machine. We got"}, {"start": "00:00:55", "end": "00:00:57", "text": "to go back in time so you can see how"}, {"start": "00:00:57", "end": "00:00:59", "text": "this is a repeating blueprint and how"}, {"start": "00:00:59", "end": "00:01:02", "text": "the mechanism and how the plan is almost"}, {"start": "00:01:02", "end": "00:01:04", "text": "always the same. Now let's just look"}, {"start": "00:01:04", "end": "00:01:05", "text": "real quick. We're going to go back to"}, {"start": "00:01:05", "end": "00:01:07", "text": "Rome, Spain, France, Britain, and then"}, {"start": "00:01:07", "end": "00:01:09", "text": "we'll stop in the US. And we're starting"}, {"start": "00:01:09", "end": "00:01:11", "text": "where this whole pattern really starts"}, {"start": "00:01:11", "end": "00:01:13", "text": "with Rome. Now the backbone of Rome's"}, {"start": "00:01:13", "end": "00:01:16", "text": "money was the silver daenerius. It was"}, {"start": "00:01:16", "end": "00:01:19", "text": "introduced around 211 BC. Now at that"}, {"start": "00:01:19", "end": "00:01:22", "text": "time it was about 95% pure silver,"}, {"start": "00:01:22", "end": "00:01:24", "text": "roughly 4 and a half grams of actual"}, {"start": "00:01:24", "end": "00:01:26", "text": "silver. And it quickly became the"}, {"start": "00:01:26", "end": "00:01:28", "text": "trusted money across the empire. And for"}, {"start": "00:01:28", "end": "00:01:31", "text": "almost 300 years, Rome kept that coin"}, {"start": "00:01:31", "end": "00:01:34", "text": "relatively stable. But of course,"}, {"start": "00:01:34", "end": "00:01:36", "text": "governments can never resist the"}, {"start": "00:01:36", "end": "00:01:37", "text": "temptation to spend more than they take"}, {"start": "00:01:37", "end": "00:01:39", "text": "in. By the time of Emperor Nero, around"}, {"start": "00:01:39", "end": "00:01:42", "text": "60 AD, the silver content that had"}, {"start": "00:01:42", "end": "00:01:44", "text": "already been cut down to about 90% under"}, {"start": "00:01:44", "end": "00:01:48", "text": "Trajan, it was now about 85%. Kimotus"}, {"start": "00:01:48", "end": "00:01:51", "text": "dropped it closer to 70%. And by the"}, {"start": "00:01:51", "end": "00:01:53", "text": "Severin dynasty in the early 200s, the"}, {"start": "00:01:53", "end": "00:01:55", "text": "Daenerysius was now only about 50%"}, {"start": "00:01:55", "end": "00:01:57", "text": "silver. And then came the crisis of the"}, {"start": "00:01:57", "end": "00:01:59", "text": "3rd century. It was the real breaking"}, {"start": "00:01:59", "end": "00:02:02", "text": "point. By around 250 AD, the Daenerius"}, {"start": "00:02:02", "end": "00:02:06", "text": "now had less than 5% silver left. It was"}, {"start": "00:02:06", "end": "00:02:09", "text": "basically now a copper coin with a very"}, {"start": "00:02:09", "end": "00:02:11", "text": "thin silver wash around it. Now, of"}, {"start": "00:02:11", "end": "00:02:13", "text": "course, the people knew it, right?"}, {"start": "00:02:13", "end": "00:02:15", "text": "Soldiers started demanding to be paid in"}, {"start": "00:02:15", "end": "00:02:17", "text": "gold instead. Now, historians estimate"}, {"start": "00:02:17", "end": "00:02:21", "text": "that prices rose by over 1,000% in just"}, {"start": "00:02:21", "end": "00:02:23", "text": "a few decades. One gold Aerys, which had"}, {"start": "00:02:23", "end": "00:02:25", "text": "been worth 25 dinari in the early"}, {"start": "00:02:25", "end": "00:02:27", "text": "empire, was now worth thousands of"}, {"start": "00:02:27", "end": "00:02:29", "text": "dinari by the late 200s and eventually"}, {"start": "00:02:29", "end": "00:02:31", "text": "millions by the time Constantine tried"}, {"start": "00:02:31", "end": "00:02:33", "text": "to reform the system with a new gold"}, {"start": "00:02:33", "end": "00:02:36", "text": "coin, the Solidus. And here's where the"}, {"start": "00:02:36", "end": "00:02:38", "text": "pattern comes in. As for the currency"}, {"start": "00:02:38", "end": "00:02:40", "text": "debased, the price of gold in terms of"}, {"start": "00:02:40", "end": "00:02:43", "text": "Daenerius, it skyrocketed. Gold doubled"}, {"start": "00:02:43", "end": "00:02:45", "text": "and then doubled again. And just like"}, {"start": "00:02:45", "end": "00:02:47", "text": "that, Rome's money was worthless and"}, {"start": "00:02:47", "end": "00:02:49", "text": "trade broke down. And it wasn't just"}, {"start": "00:02:49", "end": "00:02:52", "text": "inflation. It was the total collapse of"}, {"start": "00:02:52", "end": "00:02:54", "text": "trust. Cicero even complained that"}, {"start": "00:02:54", "end": "00:02:56", "text": "people no longer knew what their money"}, {"start": "00:02:56", "end": "00:02:59", "text": "was worth. Kakala, one of the emperors"}, {"start": "00:02:59", "end": "00:03:01", "text": "during this period, literally said,"}, {"start": "00:03:01", "end": "00:03:03", "text": "quote, \"Nobody should have any money but"}, {"start": "00:03:03", "end": "00:03:06", "text": "I so that I may bestow it upon the"}, {"start": "00:03:06", "end": "00:03:08", "text": "soldiers.\" End quote. Now, of course,"}, {"start": "00:03:08", "end": "00:03:10", "text": "that was after he raised the military"}, {"start": "00:03:10", "end": "00:03:12", "text": "pay by 50%. Now, that tells you where"}, {"start": "00:03:12", "end": "00:03:14", "text": "the empire's priorities were. So, of"}, {"start": "00:03:14", "end": "00:03:16", "text": "course, this led to massive political"}, {"start": "00:03:16", "end": "00:03:20", "text": "chaos. Between 2035 and 2085 AD, Rome"}, {"start": "00:03:20", "end": "00:03:23", "text": "had something like 20 to 26 emperors in"}, {"start": "00:03:23", "end": "00:03:26", "text": "just 50 years. And all of them died"}, {"start": "00:03:26", "end": "00:03:29", "text": "violently. The empire split apart, trade"}, {"start": "00:03:29", "end": "00:03:31", "text": "broke down, taxes skyrocketed, and by"}, {"start": "00:03:31", "end": "00:03:33", "text": "the end of the century, barter replaced"}, {"start": "00:03:33", "end": "00:03:35", "text": "money in many of the regions because the"}, {"start": "00:03:35", "end": "00:03:37", "text": "money had become worthless. Now, the"}, {"start": "00:03:37", "end": "00:03:39", "text": "lesson here is very clear. When gold"}, {"start": "00:03:39", "end": "00:03:42", "text": "doubled against Rome's money, it wasn't"}, {"start": "00:03:42", "end": "00:03:44", "text": "prosperity. It was the market's vote of"}, {"start": "00:03:44", "end": "00:03:46", "text": "no confidence. It was the signal that"}, {"start": "00:03:46", "end": "00:03:47", "text": "the empire itself was collapsing. And"}, {"start": "00:03:47", "end": "00:03:49", "text": "that's the first clear example of this"}, {"start": "00:03:49", "end": "00:03:51", "text": "blueprint. Currency debasement, gold"}, {"start": "00:03:51", "end": "00:03:53", "text": "doubling, and empire collapse. Okay."}, {"start": "00:03:53", "end": "00:03:56", "text": "Now, after Rome, we see the exact same"}, {"start": "00:03:56", "end": "00:03:58", "text": "blueprint. Repeat again, but this time"}, {"start": "00:03:58", "end": "00:04:00", "text": "it's in Spain. Now, here we are in the"}, {"start": "00:04:00", "end": "00:04:02", "text": "1500s. Spain was the superpower of the"}, {"start": "00:04:02", "end": "00:04:04", "text": "world at the time. They had colonies"}, {"start": "00:04:04", "end": "00:04:06", "text": "stretching across Europe, the Americas,"}, {"start": "00:04:06", "end": "00:04:08", "text": "Asia, and most importantly, they had"}, {"start": "00:04:08", "end": "00:04:11", "text": "something nobody else had. They had"}, {"start": "00:04:11", "end": "00:04:12", "text": "treasure fleets that were pouring in"}, {"start": "00:04:12", "end": "00:04:14", "text": "gold and silver from the new world. The"}, {"start": "00:04:14", "end": "00:04:17", "text": "Spanish gallions hauled unbelievable"}, {"start": "00:04:17", "end": "00:04:19", "text": "amounts of buon silver from the"}, {"start": "00:04:19", "end": "00:04:21", "text": "mountains of Possi in Bolivia, gold from"}, {"start": "00:04:21", "end": "00:04:23", "text": "Mexico and the Caribbean. Now, at its"}, {"start": "00:04:23", "end": "00:04:26", "text": "peak, Spain was importing more than 200"}, {"start": "00:04:26", "end": "00:04:29", "text": "tons of silver a year. Historian Earl"}, {"start": "00:04:29", "end": "00:04:31", "text": "Hamilton, who studied the Spanish"}, {"start": "00:04:31", "end": "00:04:34", "text": "economy from 1500 to 1650, documented"}, {"start": "00:04:34", "end": "00:04:36", "text": "this in great detail. He showed how"}, {"start": "00:04:36", "end": "00:04:40", "text": "prices across Spain and Europe exploded"}, {"start": "00:04:40", "end": "00:04:42", "text": "right alongside the bullion inflows. All"}, {"start": "00:04:42", "end": "00:04:44", "text": "right, that's what we call the price"}, {"start": "00:04:44", "end": "00:04:47", "text": "revolution. From about 1500 to 1600,"}, {"start": "00:04:47", "end": "00:04:50", "text": "prices in Spain rose about four times."}, {"start": "00:04:50", "end": "00:04:52", "text": "Across Europe, prices went up by a"}, {"start": "00:04:52", "end": "00:04:56", "text": "factor of six over 150 years. The poor,"}, {"start": "00:04:56", "end": "00:04:58", "text": "they couldn't keep up. Grain, wool,"}, {"start": "00:04:58", "end": "00:05:01", "text": "rents, they all skyrocketed. Now, for"}, {"start": "00:05:01", "end": "00:05:02", "text": "the average family, it was a complete"}, {"start": "00:05:02", "end": "00:05:04", "text": "disaster. It's important to point out"}, {"start": "00:05:04", "end": "00:05:06", "text": "here though even though they are on a"}, {"start": "00:05:06", "end": "00:05:08", "text": "gold and silver standard when you"}, {"start": "00:05:08", "end": "00:05:11", "text": "increase the money supply inflation this"}, {"start": "00:05:11", "end": "00:05:12", "text": "fast without increasing the production"}, {"start": "00:05:12", "end": "00:05:14", "text": "of goods and services you're going to"}, {"start": "00:05:14", "end": "00:05:17", "text": "get massive price increases. Now also"}, {"start": "00:05:17", "end": "00:05:19", "text": "during this period the crown it borrowed"}, {"start": "00:05:19", "end": "00:05:22", "text": "heavily especially under Philip II. Now"}, {"start": "00:05:22", "end": "00:05:24", "text": "he waged war after war across Europe and"}, {"start": "00:05:24", "end": "00:05:27", "text": "he funded all this with debt and silver"}, {"start": "00:05:27", "end": "00:05:29", "text": "shipments that never seemed to be"}, {"start": "00:05:29", "end": "00:05:32", "text": "enough. By 1557 he defaulted on his"}, {"start": "00:05:32", "end": "00:05:35", "text": "debts. Then again in 1575, again in"}, {"start": "00:05:35", "end": "00:05:39", "text": "1596, and again in607."}, {"start": "00:05:39", "end": "00:05:41", "text": "Four defaults in just 50 years. Now,"}, {"start": "00:05:41", "end": "00:05:44", "text": "some scholars estimate that at times his"}, {"start": "00:05:44", "end": "00:05:48", "text": "debts were over 60% of Spain's GDP,"}, {"start": "00:05:48", "end": "00:05:50", "text": "which sounds crazy except when you"}, {"start": "00:05:50", "end": "00:05:52", "text": "realize that we're running 100% in the"}, {"start": "00:05:52", "end": "00:05:55", "text": "US or over 200% in Japan. But think"}, {"start": "00:05:55", "end": "00:05:57", "text": "about that. The richest empire in the"}, {"start": "00:05:57", "end": "00:06:00", "text": "world drowning in debt and unable to pay"}, {"start": "00:06:00", "end": "00:06:02", "text": "their bills. Now, of course, when things"}, {"start": "00:06:02", "end": "00:06:03", "text": "got really bad, they did what"}, {"start": "00:06:03", "end": "00:06:06", "text": "governments always do. They debased the"}, {"start": "00:06:06", "end": "00:06:09", "text": "money. So, Spain issued copper coins,"}, {"start": "00:06:09", "end": "00:06:11", "text": "right? They called them veon and they"}, {"start": "00:06:11", "end": "00:06:14", "text": "repeatedly altered their content. In"}, {"start": "00:06:14", "end": "00:06:17", "text": "1566, they debased the coinage. In 1641,"}, {"start": "00:06:17", "end": "00:06:18", "text": "they did it again. Well, they would"}, {"start": "00:06:18", "end": "00:06:20", "text": "promise reform and then they would go"}, {"start": "00:06:20", "end": "00:06:22", "text": "back to debasement, of course, when the"}, {"start": "00:06:22", "end": "00:06:24", "text": "money ran out. Now, that destroyed what"}, {"start": "00:06:24", "end": "00:06:26", "text": "little confidence was left in the money."}, {"start": "00:06:26", "end": "00:06:27", "text": "But again, the pattern here is"}, {"start": "00:06:27", "end": "00:06:29", "text": "undeniable. The gold and the silver"}, {"start": "00:06:29", "end": "00:06:32", "text": "doubled in value compared to the wages"}, {"start": "00:06:32", "end": "00:06:34", "text": "that could buy it. The elites protected"}, {"start": "00:06:34", "end": "00:06:36", "text": "themselves by holding hard assets, but"}, {"start": "00:06:36", "end": "00:06:37", "text": "the middle class and the poor, they were"}, {"start": "00:06:37", "end": "00:06:39", "text": "wiped out by inflation and currency"}, {"start": "00:06:39", "end": "00:06:42", "text": "collapse. And of course, what happened"}, {"start": "00:06:42", "end": "00:06:44", "text": "next? Well, Spain lost its dominance."}, {"start": "00:06:44", "end": "00:06:47", "text": "The Dutch and the British rose up. They"}, {"start": "00:06:47", "end": "00:06:49", "text": "took over global leadership. Once again,"}, {"start": "00:06:49", "end": "00:06:51", "text": "just like Rome, the doubling of gold and"}, {"start": "00:06:51", "end": "00:06:53", "text": "silver wasn't a sign of prosperity. It"}, {"start": "00:06:53", "end": "00:06:55", "text": "was the signal that the empire was"}, {"start": "00:06:55", "end": "00:06:57", "text": "finished. All right. Now let's move"}, {"start": "00:06:57", "end": "00:06:59", "text": "forward to France because the pattern"}, {"start": "00:06:59", "end": "00:07:01", "text": "again shows up. Same thing and this is"}, {"start": "00:07:01", "end": "00:07:03", "text": "right before the French Revolution. By"}, {"start": "00:07:03", "end": "00:07:06", "text": "the late 1700s, France was already"}, {"start": "00:07:06", "end": "00:07:08", "text": "drowning in debt. Of course, the"}, {"start": "00:07:08", "end": "00:07:10", "text": "monarchy had spent far beyond its means."}, {"start": "00:07:10", "end": "00:07:11", "text": "They were fighting wars like the Seven"}, {"start": "00:07:11", "end": "00:07:13", "text": "Years War and even funding the American"}, {"start": "00:07:13", "end": "00:07:16", "text": "Revolution. By the 1780s, the state was"}, {"start": "00:07:16", "end": "00:07:18", "text": "effectively bankrupt, right? They"}, {"start": "00:07:18", "end": "00:07:20", "text": "couldn't raise taxes fast enough, so"}, {"start": "00:07:20", "end": "00:07:22", "text": "they turned to a new experiment in paper"}, {"start": "00:07:22", "end": "00:07:25", "text": "money. By 1789, the revolutionary"}, {"start": "00:07:25", "end": "00:07:27", "text": "government began issuing what they"}, {"start": "00:07:27", "end": "00:07:29", "text": "called asats. Now, at first, they were"}, {"start": "00:07:29", "end": "00:07:31", "text": "supposed to be backed by this"}, {"start": "00:07:31", "end": "00:07:33", "text": "confiscated church land that they had."}, {"start": "00:07:33", "end": "00:07:35", "text": "That sounded solid on paper, but of"}, {"start": "00:07:35", "end": "00:07:37", "text": "course, once the printing press started"}, {"start": "00:07:37", "end": "00:07:39", "text": "rolling, there was no break, right?"}, {"start": "00:07:39", "end": "00:07:42", "text": "There was no stopping them. By 1795, in"}, {"start": "00:07:42", "end": "00:07:45", "text": "just 6 years, the French had issued over"}, {"start": "00:07:45", "end": "00:07:48", "text": "45 billion worth of these as mats. Now,"}, {"start": "00:07:48", "end": "00:07:50", "text": "the currency literally collapsed in"}, {"start": "00:07:50", "end": "00:07:52", "text": "value. Just to put this into"}, {"start": "00:07:52", "end": "00:07:53", "text": "perspective, when the asignats were"}, {"start": "00:07:53", "end": "00:07:57", "text": "introduced in 1790, one gold leorior was"}, {"start": "00:07:57", "end": "00:08:01", "text": "worth about 15 lires. By 1795, that same"}, {"start": "00:08:01", "end": "00:08:04", "text": "gold coin was worth about 600 lies."}, {"start": "00:08:04", "end": "00:08:06", "text": "That's a 40fold collapse of the paper"}, {"start": "00:08:06", "end": "00:08:09", "text": "currency in just a few years. In other"}, {"start": "00:08:09", "end": "00:08:11", "text": "words, gold more than doubled. Then it"}, {"start": "00:08:11", "end": "00:08:14", "text": "doubled again and again. And of course,"}, {"start": "00:08:14", "end": "00:08:16", "text": "at this point, the money was worthless."}, {"start": "00:08:16", "end": "00:08:18", "text": "And just like with Rome and just like"}, {"start": "00:08:18", "end": "00:08:20", "text": "with Spain, the consequences were"}, {"start": "00:08:20", "end": "00:08:22", "text": "catastrophic. Hyperinflation came,"}, {"start": "00:08:22", "end": "00:08:23", "text": "destroyed the savings of the middle"}, {"start": "00:08:23", "end": "00:08:26", "text": "class. Wages lagged for years and years"}, {"start": "00:08:26", "end": "00:08:28", "text": "and years. Bread riots broke out all"}, {"start": "00:08:28", "end": "00:08:31", "text": "across Parrot. People literally couldn't"}, {"start": "00:08:31", "end": "00:08:34", "text": "afford food. Confidence in money and the"}, {"start": "00:08:34", "end": "00:08:36", "text": "government completely evaporated and the"}, {"start": "00:08:36", "end": "00:08:38", "text": "political fallout was immediate. The"}, {"start": "00:08:38", "end": "00:08:40", "text": "revolution turned violent. The reign of"}, {"start": "00:08:40", "end": "00:08:42", "text": "terror saw tens of thousands executed,"}, {"start": "00:08:42", "end": "00:08:45", "text": "including the king and queen themselves."}, {"start": "00:08:45", "end": "00:08:46", "text": "Now the entire social and political"}, {"start": "00:08:46", "end": "00:08:49", "text": "order collapsed and France spiraled into"}, {"start": "00:08:49", "end": "00:08:51", "text": "chaos before Napoleon eventually seized"}, {"start": "00:08:51", "end": "00:08:54", "text": "power. Again the pattern can't be more"}, {"start": "00:08:54", "end": "00:08:57", "text": "clear when gold doubled and in this case"}, {"start": "00:08:57", "end": "00:08:59", "text": "against asnats it wasn't prosperity"}, {"start": "00:08:59", "end": "00:09:01", "text": "right it was the market screaming that"}, {"start": "00:09:01", "end": "00:09:04", "text": "the system was breaking down and just"}, {"start": "00:09:04", "end": "00:09:05", "text": "like before it ended with the collapse"}, {"start": "00:09:05", "end": "00:09:07", "text": "of an empire and the rise of a new"}, {"start": "00:09:07", "end": "00:09:09", "text": "order. All right next up is Britain. By"}, {"start": "00:09:09", "end": "00:09:12", "text": "the 1800s, the British pound sterling"}, {"start": "00:09:12", "end": "00:09:14", "text": "was the world's reserve currency and was"}, {"start": "00:09:14", "end": "00:09:16", "text": "backed by gold. London at the time was"}, {"start": "00:09:16", "end": "00:09:19", "text": "the center of global finance. But like"}, {"start": "00:09:19", "end": "00:09:22", "text": "every empire before it, war and debt"}, {"start": "00:09:22", "end": "00:09:24", "text": "started to break the system apart. In"}, {"start": "00:09:24", "end": "00:09:25", "text": "World War I, Britain suspended the gold"}, {"start": "00:09:25", "end": "00:09:29", "text": "standard in 1914 to print more money for"}, {"start": "00:09:29", "end": "00:09:31", "text": "the war. They tried to go back to the"}, {"start": "00:09:31", "end": "00:09:33", "text": "gold standard in the 1920s, but"}, {"start": "00:09:33", "end": "00:09:35", "text": "confidence never came back. By the end"}, {"start": "00:09:35", "end": "00:09:38", "text": "of World War II, Britain was financially"}, {"start": "00:09:38", "end": "00:09:40", "text": "exhausted. They were dependent on US"}, {"start": "00:09:40", "end": "00:09:42", "text": "loans and the pound was under massive"}, {"start": "00:09:42", "end": "00:09:44", "text": "pressure. Then came the breaking point."}, {"start": "00:09:44", "end": "00:09:47", "text": "In September 1949, Britain devalued the"}, {"start": "00:09:47", "end": "00:09:51", "text": "pound by about 30% overnight from $4.3"}, {"start": "00:09:51", "end": "00:09:54", "text": "down to 280. All right, that's how fast"}, {"start": "00:09:54", "end": "00:09:56", "text": "confidence in a reserve currency can"}, {"start": "00:09:56", "end": "00:09:58", "text": "collapse and the effect was immediate."}, {"start": "00:09:58", "end": "00:10:00", "text": "In sterling terms, gold doubled in"}, {"start": "00:10:00", "end": "00:10:02", "text": "value. Even parliament admitted it at"}, {"start": "00:10:02", "end": "00:10:05", "text": "this time. In a 1949 debate, one member"}, {"start": "00:10:05", "end": "00:10:07", "text": "said, quote, \"Because the government"}, {"start": "00:10:07", "end": "00:10:09", "text": "have been obliged to devalue the pound,"}, {"start": "00:10:09", "end": "00:10:12", "text": "thus increasing the value of gold,"}, {"start": "00:10:12", "end": "00:10:13", "text": "instead of the increased value going to"}, {"start": "00:10:13", "end": "00:10:15", "text": "the benefit of the state, the money has"}, {"start": "00:10:15", "end": "00:10:19", "text": "gone into private pockets.\" End quote."}, {"start": "00:10:19", "end": "00:10:21", "text": "Now, in other words, those holding gold"}, {"start": "00:10:21", "end": "00:10:23", "text": "got richer overnight, while ordinary"}, {"start": "00:10:23", "end": "00:10:26", "text": "citizens were left holding weaker money."}, {"start": "00:10:26", "end": "00:10:28", "text": "But this wasn't just a one-off. Britain"}, {"start": "00:10:28", "end": "00:10:30", "text": "went from one sterling crisis to another"}, {"start": "00:10:30", "end": "00:10:33", "text": "through the 50s into the 60s and each"}, {"start": "00:10:33", "end": "00:10:36", "text": "time confidence eroded. Golden pound"}, {"start": "00:10:36", "end": "00:10:39", "text": "terms kept rising. By 1967, another"}, {"start": "00:10:39", "end": "00:10:41", "text": "devaluation triggered international"}, {"start": "00:10:41", "end": "00:10:43", "text": "panic. That even helped break the London"}, {"start": "00:10:43", "end": "00:10:45", "text": "gold pool, which was the last attempt to"}, {"start": "00:10:45", "end": "00:10:47", "text": "keep gold fixed. And the bigger picture"}, {"start": "00:10:47", "end": "00:10:49", "text": "here is that Britain's devaluation"}, {"start": "00:10:49", "end": "00:10:52", "text": "signaled the end of the pound's reign as"}, {"start": "00:10:52", "end": "00:10:53", "text": "the global reserve. At Brettonwoods in"}, {"start": "00:10:53", "end": "00:10:56", "text": "1944, the dollar replaced the pound as"}, {"start": "00:10:56", "end": "00:10:58", "text": "the anchor as the world's monetary"}, {"start": "00:10:58", "end": "00:11:00", "text": "system. And once again, just like Rome,"}, {"start": "00:11:00", "end": "00:11:03", "text": "Spain, and France, when gold doubled"}, {"start": "00:11:03", "end": "00:11:05", "text": "against the currency, it marked the"}, {"start": "00:11:05", "end": "00:11:07", "text": "collapse of the empire's financial"}, {"start": "00:11:07", "end": "00:11:09", "text": "dominance. The torch had passed, this"}, {"start": "00:11:09", "end": "00:11:11", "text": "time to the US dollar. Okay. Now, here's"}, {"start": "00:11:11", "end": "00:11:13", "text": "where the story shifts to America. All"}, {"start": "00:11:13", "end": "00:11:14", "text": "right. This is where the blueprint that"}, {"start": "00:11:14", "end": "00:11:16", "text": "we've been seeing, where it starts to"}, {"start": "00:11:16", "end": "00:11:18", "text": "take a dangerous turn. Now, after World"}, {"start": "00:11:18", "end": "00:11:20", "text": "War II, the world needed a new monetary"}, {"start": "00:11:20", "end": "00:11:22", "text": "order. So the world got together at"}, {"start": "00:11:22", "end": "00:11:26", "text": "Bretonwoods in 1944. The US made a deal."}, {"start": "00:11:26", "end": "00:11:28", "text": "The dollar would be pegged to gold at"}, {"start": "00:11:28", "end": "00:11:31", "text": "$35 per ounce and every other major"}, {"start": "00:11:31", "end": "00:11:33", "text": "currency would peg to the dollar. Now in"}, {"start": "00:11:33", "end": "00:11:35", "text": "theory this made the dollar the world's"}, {"start": "00:11:35", "end": "00:11:37", "text": "reserve money while still providing"}, {"start": "00:11:37", "end": "00:11:38", "text": "stability. And of course it also meant"}, {"start": "00:11:38", "end": "00:11:41", "text": "that the US had to back all those"}, {"start": "00:11:41", "end": "00:11:43", "text": "dollars or at least pretend to. Now in"}, {"start": "00:11:43", "end": "00:11:46", "text": "the beginning it sort of kind of more or"}, {"start": "00:11:46", "end": "00:11:48", "text": "less worked. By the 1960s the cracks"}, {"start": "00:11:48", "end": "00:11:50", "text": "began to stretch wide. The US was"}, {"start": "00:11:50", "end": "00:11:52", "text": "running trade and budget deficits,"}, {"start": "00:11:52", "end": "00:11:54", "text": "printing more dollars than they had the"}, {"start": "00:11:54", "end": "00:11:56", "text": "gold to back it up. Now, of course,"}, {"start": "00:11:56", "end": "00:11:58", "text": "other nations began redeeming dollars"}, {"start": "00:11:58", "end": "00:12:00", "text": "for gold. They understood what was going"}, {"start": "00:12:00", "end": "00:12:02", "text": "on and this put the pressure on the US"}, {"start": "00:12:02", "end": "00:12:04", "text": "gold reserves and it became unbearable."}, {"start": "00:12:04", "end": "00:12:07", "text": "Now, to defend the system in 1961,"}, {"start": "00:12:07", "end": "00:12:09", "text": "several nations, they formed what was"}, {"start": "00:12:09", "end": "00:12:11", "text": "called the London gold pool. It was"}, {"start": "00:12:11", "end": "00:12:13", "text": "basically eight central banks literally"}, {"start": "00:12:13", "end": "00:12:15", "text": "pooling their gold reserves together to"}, {"start": "00:12:15", "end": "00:12:18", "text": "keep the gold price pinned to $35 an"}, {"start": "00:12:18", "end": "00:12:20", "text": "ounce. And it worked for a while, but in"}, {"start": "00:12:20", "end": "00:12:23", "text": "March of 1968, the pool collapsed,"}, {"start": "00:12:23", "end": "00:12:25", "text": "right? The system switched to a two-tier"}, {"start": "00:12:25", "end": "00:12:27", "text": "gold market. There was an official, like"}, {"start": "00:12:27", "end": "00:12:29", "text": "a central bank rate, and that was at"}, {"start": "00:12:29", "end": "00:12:31", "text": "$35. But the private market, well, the"}, {"start": "00:12:31", "end": "00:12:33", "text": "private market was free to float. All"}, {"start": "00:12:33", "end": "00:12:35", "text": "right, that divergence was a warning"}, {"start": "00:12:35", "end": "00:12:38", "text": "sign. Then came August 15th, 1971, and"}, {"start": "00:12:38", "end": "00:12:40", "text": "this was the crucial moment. President"}, {"start": "00:12:40", "end": "00:12:42", "text": "Richard Nixon announced that the US"}, {"start": "00:12:42", "end": "00:12:44", "text": "would no longer allow foreign central"}, {"start": "00:12:44", "end": "00:12:46", "text": "banks to convert dollars into gold. He"}, {"start": "00:12:46", "end": "00:12:48", "text": "literally closed the gold window. Right"}, {"start": "00:12:48", "end": "00:12:50", "text": "now, that move severed the most critical"}, {"start": "00:12:50", "end": "00:12:53", "text": "link in the Bretonwoods design. At the"}, {"start": "00:12:53", "end": "00:12:55", "text": "same time, Nixon slapped a 10% sir"}, {"start": "00:12:55", "end": "00:12:58", "text": "charge on all imports. Thank tariffs."}, {"start": "00:12:58", "end": "00:13:00", "text": "This was a blunt tool and it was used to"}, {"start": "00:13:00", "end": "00:13:02", "text": "pressure other nations to revalue their"}, {"start": "00:13:02", "end": "00:13:04", "text": "currencies and to protect the US dollar."}, {"start": "00:13:04", "end": "00:13:06", "text": "But of course, at that point, confidence"}, {"start": "00:13:06", "end": "00:13:09", "text": "was gone. By 1973, the price of gold had"}, {"start": "00:13:09", "end": "00:13:13", "text": "doubled from $35 to 68. And just like"}, {"start": "00:13:13", "end": "00:13:15", "text": "that, the Brettonwood system, the global"}, {"start": "00:13:15", "end": "00:13:18", "text": "system was done. So here's the pattern"}, {"start": "00:13:18", "end": "00:13:21", "text": "again. Gold gold was pegged. Then a"}, {"start": "00:13:21", "end": "00:13:23", "text": "currency had to break for the system to"}, {"start": "00:13:23", "end": "00:13:26", "text": "survive. Gold doubled, then quadrupled,"}, {"start": "00:13:26", "end": "00:13:28", "text": "quintupled. The doubling moment was the"}, {"start": "00:13:28", "end": "00:13:30", "text": "canary in the coal mine here. And just"}, {"start": "00:13:30", "end": "00:13:32", "text": "like Rome and Spain and France and"}, {"start": "00:13:32", "end": "00:13:34", "text": "Britain, the doubling in dollar terms"}, {"start": "00:13:34", "end": "00:13:36", "text": "signaled the beginning of the end of an"}, {"start": "00:13:36", "end": "00:13:38", "text": "era. All right. And that brings us to"}, {"start": "00:13:38", "end": "00:13:40", "text": "right here today. And here's where"}, {"start": "00:13:40", "end": "00:13:41", "text": "things start to get serious. Because"}, {"start": "00:13:41", "end": "00:13:43", "text": "just like Rome and Spain, just like"}, {"start": "00:13:43", "end": "00:13:45", "text": "France, just like Britain, gold's"}, {"start": "00:13:45", "end": "00:13:47", "text": "doubled again. In just the last two"}, {"start": "00:13:47", "end": "00:13:50", "text": "years, gold priced in US dollars has"}, {"start": "00:13:50", "end": "00:13:52", "text": "gone from around 2,000 an ounce to now"}, {"start": "00:13:52", "end": "00:13:55", "text": "today over $4,000 an ounce. That's not"}, {"start": "00:13:55", "end": "00:13:57", "text": "just a nice little rally, right? This is"}, {"start": "00:13:57", "end": "00:13:59", "text": "the exact same signal that we've seen at"}, {"start": "00:13:59", "end": "00:14:02", "text": "the end of every single empire's run."}, {"start": "00:14:02", "end": "00:14:04", "text": "Now, what most people look at, they see"}, {"start": "00:14:04", "end": "00:14:06", "text": "that chart and they think, \"Wow, gold"}, {"start": "00:14:06", "end": "00:14:08", "text": "must be going up, right?\" But just like"}, {"start": "00:14:08", "end": "00:14:11", "text": "with Rome's Daenerys or Spain's Veyon,"}, {"start": "00:14:11", "end": "00:14:13", "text": "that's not really what's happening."}, {"start": "00:14:13", "end": "00:14:15", "text": "Okay? Gold doesn't change. The dollar is"}, {"start": "00:14:15", "end": "00:14:18", "text": "changing. Gold is the constant. The"}, {"start": "00:14:18", "end": "00:14:20", "text": "dollar, the measuring stick, it's the"}, {"start": "00:14:20", "end": "00:14:22", "text": "one that's shrinking. So remember, under"}, {"start": "00:14:22", "end": "00:14:24", "text": "Bretton Woods, the dollar was pegged at"}, {"start": "00:14:24", "end": "00:14:26", "text": "$35 an ounce. Right? Then after Nixon"}, {"start": "00:14:26", "end": "00:14:28", "text": "closed the gold window, go gold doubled."}, {"start": "00:14:28", "end": "00:14:30", "text": "It tripled. Eventually went up to more"}, {"start": "00:14:30", "end": "00:14:33", "text": "than 20 times by 1980. Now, every"}, {"start": "00:14:33", "end": "00:14:35", "text": "doubling was a flashing red light that"}, {"start": "00:14:35", "end": "00:14:37", "text": "confidence in the system was breaking"}, {"start": "00:14:37", "end": "00:14:39", "text": "down. And again, here we are, right?"}, {"start": "00:14:39", "end": "00:14:41", "text": "Gold has doubled in the reserve currency"}, {"start": "00:14:41", "end": "00:14:44", "text": "of our time, the US dollar. So, what"}, {"start": "00:14:44", "end": "00:14:46", "text": "does that tell us? Well, it tells us"}, {"start": "00:14:46", "end": "00:14:48", "text": "that confidence in the dollar system is"}, {"start": "00:14:48", "end": "00:14:50", "text": "collapsing. Foreign nations are already"}, {"start": "00:14:50", "end": "00:14:52", "text": "reducing their dollar reserves. Central"}, {"start": "00:14:52", "end": "00:14:54", "text": "banks are buying record amounts of gold."}, {"start": "00:14:54", "end": "00:14:58", "text": "We saw that in 2022, 2023, 2024. They're"}, {"start": "00:14:58", "end": "00:15:00", "text": "the biggest years of central bank gold"}, {"start": "00:15:00", "end": "00:15:02", "text": "purchases, right? These are breaking"}, {"start": "00:15:02", "end": "00:15:05", "text": "records. And meanwhile, US debt's been"}, {"start": "00:15:05", "end": "00:15:08", "text": "exploding now past $ 37 trillion with a"}, {"start": "00:15:08", "end": "00:15:11", "text": "$2 trillion deficit every single year."}, {"start": "00:15:11", "end": "00:15:13", "text": "So, of course, the math doesn't work."}, {"start": "00:15:13", "end": "00:15:15", "text": "And the market is starting to realize"}, {"start": "00:15:15", "end": "00:15:17", "text": "this. But yet, for the most part,"}, {"start": "00:15:17", "end": "00:15:19", "text": "nobody's really talking about this. Now,"}, {"start": "00:15:19", "end": "00:15:22", "text": "when Rome collapsed, everyone knew. When"}, {"start": "00:15:22", "end": "00:15:23", "text": "France's money collapsed, there were"}, {"start": "00:15:23", "end": "00:15:25", "text": "bread riots literally in the streets."}, {"start": "00:15:25", "end": "00:15:27", "text": "When Britain devalued, of course, it was"}, {"start": "00:15:27", "end": "00:15:29", "text": "headline news. But today with gold"}, {"start": "00:15:29", "end": "00:15:32", "text": "doubling, the mainstream media has been"}, {"start": "00:15:32", "end": "00:15:34", "text": "pretty silent. Almost not entirely"}, {"start": "00:15:34", "end": "00:15:36", "text": "because even Wall Street is having to"}, {"start": "00:15:36", "end": "00:15:38", "text": "finally admit this. Just about two weeks"}, {"start": "00:15:38", "end": "00:15:40", "text": "ago, JP Morgan, one of the biggest banks"}, {"start": "00:15:40", "end": "00:15:42", "text": "in the world, just put out a report"}, {"start": "00:15:42", "end": "00:15:45", "text": "calling this quote the debasement trade."}, {"start": "00:15:45", "end": "00:15:47", "text": "They said retail and institutions are"}, {"start": "00:15:47", "end": "00:15:50", "text": "piling into gold and Bitcoin to protect"}, {"start": "00:15:50", "end": "00:15:53", "text": "against fiat devaluation. So, while most"}, {"start": "00:15:53", "end": "00:15:55", "text": "people don't see it yet, the biggest"}, {"start": "00:15:55", "end": "00:15:56", "text": "players in the financial world are"}, {"start": "00:15:56", "end": "00:15:58", "text": "already naming what's happening, right?"}, {"start": "00:15:58", "end": "00:16:00", "text": "They're calling it the debasement trade."}, {"start": "00:16:00", "end": "00:16:03", "text": "It's the debasement of the currency. And"}, {"start": "00:16:03", "end": "00:16:05", "text": "of course, as I just showed you, history"}, {"start": "00:16:05", "end": "00:16:08", "text": "tells us that when gold doubles, that's"}, {"start": "00:16:08", "end": "00:16:11", "text": "the sign of the empire in decline. Okay,"}, {"start": "00:16:11", "end": "00:16:13", "text": "so gold's doubled. Wall Street's calling"}, {"start": "00:16:13", "end": "00:16:16", "text": "it literally the debasement trade. But"}, {"start": "00:16:16", "end": "00:16:18", "text": "why does this always have to trigger"}, {"start": "00:16:18", "end": "00:16:20", "text": "collapse? Like, what's the engine?"}, {"start": "00:16:20", "end": "00:16:22", "text": "What's the mechanism behind it? Let's"}, {"start": "00:16:22", "end": "00:16:24", "text": "walk through it real quick. First"}, {"start": "00:16:24", "end": "00:16:26", "text": "principle, governments promise more than"}, {"start": "00:16:26", "end": "00:16:28", "text": "they can collect, right? So welfare,"}, {"start": "00:16:28", "end": "00:16:30", "text": "military, infrastructure, social"}, {"start": "00:16:30", "end": "00:16:32", "text": "programs, taxes alone can't keep up with"}, {"start": "00:16:32", "end": "00:16:34", "text": "that. So when the revenue falls short,"}, {"start": "00:16:34", "end": "00:16:36", "text": "they turn to the central bank, right?"}, {"start": "00:16:36", "end": "00:16:38", "text": "That's enter the debt monetization. So"}, {"start": "00:16:38", "end": "00:16:40", "text": "now the government has to start issuing"}, {"start": "00:16:40", "end": "00:16:42", "text": "debt. The central bank starts to buy it,"}, {"start": "00:16:42", "end": "00:16:44", "text": "right? So it's basically printing money,"}, {"start": "00:16:44", "end": "00:16:46", "text": "right? That's the modern version of what"}, {"start": "00:16:46", "end": "00:16:48", "text": "Rome and Spain did by debasing their"}, {"start": "00:16:48", "end": "00:16:50", "text": "coins. Now that newly printed money"}, {"start": "00:16:50", "end": "00:16:53", "text": "starts to dilute the purchasing power of"}, {"start": "00:16:53", "end": "00:16:55", "text": "existing money. It's invisible theft. So"}, {"start": "00:16:55", "end": "00:16:58", "text": "you know you hold cash in the bank but"}, {"start": "00:16:58", "end": "00:17:00", "text": "it becomes worth less, right? That's the"}, {"start": "00:17:00", "end": "00:17:02", "text": "hidden tax of inflation. The more they"}, {"start": "00:17:02", "end": "00:17:04", "text": "print, the more they steal from savers."}, {"start": "00:17:04", "end": "00:17:06", "text": "It's called seniorage in technical"}, {"start": "00:17:06", "end": "00:17:09", "text": "terms. It's the profit governments make"}, {"start": "00:17:09", "end": "00:17:11", "text": "because they issue money above its cost."}, {"start": "00:17:11", "end": "00:17:14", "text": "And here's what it does. It transfers"}, {"start": "00:17:14", "end": "00:17:16", "text": "value from the public to the issuer. And"}, {"start": "00:17:16", "end": "00:17:18", "text": "the thing with inflation is it doesn't"}, {"start": "00:17:18", "end": "00:17:20", "text": "hit everyone equally. There's something"}, {"start": "00:17:20", "end": "00:17:22", "text": "called the cantalone effect. And this"}, {"start": "00:17:22", "end": "00:17:24", "text": "says that new money doesn't spread"}, {"start": "00:17:24", "end": "00:17:27", "text": "uniformly. Those closest to the source"}, {"start": "00:17:27", "end": "00:17:29", "text": "of printing, so the banks, the bond"}, {"start": "00:17:29", "end": "00:17:30", "text": "holders, the governments, the elite"}, {"start": "00:17:30", "end": "00:17:32", "text": "institutions, they get the money first."}, {"start": "00:17:32", "end": "00:17:34", "text": "And then they can use that money to buy"}, {"start": "00:17:34", "end": "00:17:36", "text": "hard assets. And by the time some of"}, {"start": "00:17:36", "end": "00:17:38", "text": "that money trickles down to you, prices"}, {"start": "00:17:38", "end": "00:17:40", "text": "have already moved. You end up paying"}, {"start": "00:17:40", "end": "00:17:42", "text": "more for the same things they got at"}, {"start": "00:17:42", "end": "00:17:44", "text": "cheaper. On top of that, inflation"}, {"start": "00:17:44", "end": "00:17:47", "text": "redistributes wealth from creditors to"}, {"start": "00:17:47", "end": "00:17:49", "text": "debtors. So that means if you had lent"}, {"start": "00:17:49", "end": "00:17:51", "text": "out money like decades ago, inflation"}, {"start": "00:17:51", "end": "00:17:53", "text": "erodess the real return. Of course, on"}, {"start": "00:17:53", "end": "00:17:55", "text": "the other side, if you owe money,"}, {"start": "00:17:55", "end": "00:17:56", "text": "inflation helps you out. Now, if you"}, {"start": "00:17:56", "end": "00:17:59", "text": "lent money decades ago, inflation"}, {"start": "00:17:59", "end": "00:18:00", "text": "erodess those real returns. Of course,"}, {"start": "00:18:00", "end": "00:18:02", "text": "on the other side, if you owe money,"}, {"start": "00:18:02", "end": "00:18:04", "text": "inflation helps you because you get a"}, {"start": "00:18:04", "end": "00:18:07", "text": "repay with weaker dollars. So, the steps"}, {"start": "00:18:07", "end": "00:18:09", "text": "are one, government overspends by"}, {"start": "00:18:09", "end": "00:18:11", "text": "issuing debt. Number two, central bank"}, {"start": "00:18:11", "end": "00:18:12", "text": "prints more money. That's the debt"}, {"start": "00:18:12", "end": "00:18:14", "text": "monetization part. Three, money supply"}, {"start": "00:18:14", "end": "00:18:16", "text": "inflates and the currency weakens."}, {"start": "00:18:16", "end": "00:18:19", "text": "Number four, we get existing savers."}, {"start": "00:18:19", "end": "00:18:21", "text": "They lose, but the debtors gain. Five,"}, {"start": "00:18:21", "end": "00:18:24", "text": "elites new use this new money to acquire"}, {"start": "00:18:24", "end": "00:18:26", "text": "gold and land and Bitcoin. These are the"}, {"start": "00:18:26", "end": "00:18:28", "text": "hard assets they need to survive. And"}, {"start": "00:18:28", "end": "00:18:31", "text": "then finally, confidence collapses. This"}, {"start": "00:18:31", "end": "00:18:33", "text": "is when the system breaks down. All"}, {"start": "00:18:33", "end": "00:18:34", "text": "right? Now, that's the engine. That's"}, {"start": "00:18:34", "end": "00:18:36", "text": "the mechanism. That's why gold doubling"}, {"start": "00:18:36", "end": "00:18:38", "text": "is more than a signal. It's part of the"}, {"start": "00:18:38", "end": "00:18:40", "text": "mechanism. And by the way, even JP"}, {"start": "00:18:40", "end": "00:18:42", "text": "Morgan sees this, right? They frame gold"}, {"start": "00:18:42", "end": "00:18:44", "text": "and bitcoin together under this"}, {"start": "00:18:44", "end": "00:18:46", "text": "debasement trade logic. Meaning"}, {"start": "00:18:46", "end": "00:18:48", "text": "institutions already know the mechanism"}, {"start": "00:18:48", "end": "00:18:50", "text": "is running. So basically to summarize"}, {"start": "00:18:50", "end": "00:18:52", "text": "all this, the monetary system always"}, {"start": "00:18:52", "end": "00:18:55", "text": "fails when the printing press becomes"}, {"start": "00:18:55", "end": "00:18:57", "text": "the default funding tool and gold"}, {"start": "00:18:57", "end": "00:18:59", "text": "doubling that's the canary in the coal"}, {"start": "00:18:59", "end": "00:19:01", "text": "mine. Right? That's the tipping point."}, {"start": "00:19:01", "end": "00:19:04", "text": "Okay. Okay. So now let's look at how"}, {"start": "00:19:04", "end": "00:19:06", "text": "this mechanism translate into an"}, {"start": "00:19:06", "end": "00:19:09", "text": "absolute wealth transfer and more more"}, {"start": "00:19:09", "end": "00:19:11", "text": "importantly how you can be positioned to"}, {"start": "00:19:11", "end": "00:19:13", "text": "be on the right side of it. Right? So"}, {"start": "00:19:13", "end": "00:19:14", "text": "the question that that you should be"}, {"start": "00:19:14", "end": "00:19:16", "text": "asking right now is how do we get on the"}, {"start": "00:19:16", "end": "00:19:18", "text": "receiving end of the wealth transfer and"}, {"start": "00:19:18", "end": "00:19:20", "text": "not on the losing end. All right. Well"}, {"start": "00:19:20", "end": "00:19:22", "text": "if we look back at the historical"}, {"start": "00:19:22", "end": "00:19:24", "text": "patterns Rome, Spain, France, etc. We"}, {"start": "00:19:24", "end": "00:19:26", "text": "can see that the insiders, the elites,"}, {"start": "00:19:26", "end": "00:19:28", "text": "the people closest to the money"}, {"start": "00:19:28", "end": "00:19:30", "text": "printers, they move their wealth into"}, {"start": "00:19:30", "end": "00:19:33", "text": "hard assets before the collapse, right?"}, {"start": "00:19:33", "end": "00:19:35", "text": "Land, commodities, gold, and they do"}, {"start": "00:19:35", "end": "00:19:37", "text": "this to protect themselves. Meanwhile,"}, {"start": "00:19:37", "end": "00:19:40", "text": "the middle class, the savers, the people"}, {"start": "00:19:40", "end": "00:19:41", "text": "holding the currency, they're the ones"}, {"start": "00:19:41", "end": "00:19:43", "text": "that get wiped out, right? Rome"}, {"start": "00:19:43", "end": "00:19:46", "text": "citizens, Spain's farmers, France's"}, {"start": "00:19:46", "end": "00:19:49", "text": "shopkeepers, Britain's workers, they all"}, {"start": "00:19:49", "end": "00:19:51", "text": "paid the price. That's exactly what's"}, {"start": "00:19:51", "end": "00:19:54", "text": "happening right now. Gold's doubled. The"}, {"start": "00:19:54", "end": "00:19:56", "text": "insiders see it. Central banks have been"}, {"start": "00:19:56", "end": "00:19:58", "text": "buying records amount of gold, more than"}, {"start": "00:19:58", "end": "00:20:00", "text": "any time in modern history. Wall"}, {"start": "00:20:00", "end": "00:20:02", "text": "Street's starting to catch on, right? JP"}, {"start": "00:20:02", "end": "00:20:03", "text": "Morgan literally calling it the"}, {"start": "00:20:03", "end": "00:20:05", "text": "debasement trade. They said investors"}, {"start": "00:20:05", "end": "00:20:07", "text": "are piling into gold and Bitcoin to"}, {"start": "00:20:07", "end": "00:20:10", "text": "protect against currency collapse. And"}, {"start": "00:20:10", "end": "00:20:12", "text": "they even projected a Bitcoin price."}, {"start": "00:20:12", "end": "00:20:15", "text": "They said Bitcoin could reach $165,000"}, {"start": "00:20:15", "end": "00:20:18", "text": "simply by just matching gold on a"}, {"start": "00:20:18", "end": "00:20:20", "text": "volatility adjusted basis. I mean, think"}, {"start": "00:20:20", "end": "00:20:22", "text": "about that. The same banks that"}, {"start": "00:20:22", "end": "00:20:23", "text": "dismissed Bitcoin for over a decade,"}, {"start": "00:20:23", "end": "00:20:25", "text": "they're now openly admitting it could"}, {"start": "00:20:25", "end": "00:20:28", "text": "outperform gold. All right, so what's"}, {"start": "00:20:28", "end": "00:20:29", "text": "the playbook here? Well, there's a"}, {"start": "00:20:29", "end": "00:20:33", "text": "twoprong playbook. First, defense. Let's"}, {"start": "00:20:33", "end": "00:20:35", "text": "play defense first. Gold is the"}, {"start": "00:20:35", "end": "00:20:36", "text": "insurance, right? Gold's been money for"}, {"start": "00:20:36", "end": "00:20:39", "text": "5,000 years. It's the bedrock. It's"}, {"start": "00:20:39", "end": "00:20:40", "text": "preserved wealth through, you know,"}, {"start": "00:20:40", "end": "00:20:42", "text": "every empire collapse throughout"}, {"start": "00:20:42", "end": "00:20:44", "text": "history. Gold doesn't really make you"}, {"start": "00:20:44", "end": "00:20:46", "text": "rich, but it keeps you from being wiped"}, {"start": "00:20:46", "end": "00:20:48", "text": "out. All right. Then comes offense."}, {"start": "00:20:48", "end": "00:20:50", "text": "That's the second part. And for that, we"}, {"start": "00:20:50", "end": "00:20:51", "text": "have Bitcoin. Now, if gold is the"}, {"start": "00:20:51", "end": "00:20:54", "text": "shield, Bitcoin is more like the sword."}, {"start": "00:20:54", "end": "00:20:56", "text": "It's not just another asset. It's a"}, {"start": "00:20:56", "end": "00:20:58", "text": "brand new open-source monetary"}, {"start": "00:20:58", "end": "00:20:59", "text": "technology, and it's being adopted"}, {"start": "00:20:59", "end": "00:21:02", "text": "globally faster than any other asset in"}, {"start": "00:21:02", "end": "00:21:04", "text": "history. Right? This is the asymmetric"}, {"start": "00:21:04", "end": "00:21:06", "text": "opportunity of our lifetime. Gold"}, {"start": "00:21:06", "end": "00:21:08", "text": "doubled. It preserved wealth. That's"}, {"start": "00:21:08", "end": "00:21:10", "text": "great. But Bitcoin can multiply it. So,"}, {"start": "00:21:10", "end": "00:21:12", "text": "you can either watch history repeat and"}, {"start": "00:21:12", "end": "00:21:14", "text": "be on the losing side of the transfer,"}, {"start": "00:21:14", "end": "00:21:16", "text": "or you can frontr run it, right? You can"}, {"start": "00:21:16", "end": "00:21:18", "text": "protect yourself with gold or you can"}, {"start": "00:21:18", "end": "00:21:20", "text": "grow your wealth with Bitcoin just like"}, {"start": "00:21:20", "end": "00:21:22", "text": "the insiders are doing right now. That's"}, {"start": "00:21:22", "end": "00:21:24", "text": "the blueprint. When gold doubles,"}, {"start": "00:21:24", "end": "00:21:26", "text": "empires collapse. It just happened"}, {"start": "00:21:26", "end": "00:21:29", "text": "again. And now for the first time, we"}, {"start": "00:21:29", "end": "00:21:31", "text": "don't have to just survive it. We can"}, {"start": "00:21:31", "end": "00:21:33", "text": "actually use it to build generational"}, {"start": "00:21:33", "end": "00:21:35", "text": "wealth. All right, so just to put this"}, {"start": "00:21:35", "end": "00:21:36", "text": "home, let's just recap real quick,"}, {"start": "00:21:36", "end": "00:21:37", "text": "right? We've seen the pattern through"}, {"start": "00:21:37", "end": "00:21:40", "text": "2,000 years of history. Rome debased the"}, {"start": "00:21:40", "end": "00:21:42", "text": "daenarius, gold doubled. Spain flooded"}, {"start": "00:21:42", "end": "00:21:43", "text": "itself with s silver, gold doubled."}, {"start": "00:21:43", "end": "00:21:46", "text": "France printed a signit. Gold doubled."}, {"start": "00:21:46", "end": "00:21:48", "text": "Britain devalued the sterling. Gold"}, {"start": "00:21:48", "end": "00:21:49", "text": "doubled. Bretton Woods Nixon closed the"}, {"start": "00:21:49", "end": "00:21:51", "text": "gold window. Gold doubled. And now"}, {"start": "00:21:51", "end": "00:21:54", "text": "today, gold just doubled again in the US"}, {"start": "00:21:54", "end": "00:21:56", "text": "dollar. This the signal couldn't be more"}, {"start": "00:21:56", "end": "00:21:59", "text": "clear. So again, choose which side you"}, {"start": "00:21:59", "end": "00:22:01", "text": "want to be on. And I just want to say"}, {"start": "00:22:01", "end": "00:22:02", "text": "this is not about fear, right? This is"}, {"start": "00:22:02", "end": "00:22:04", "text": "not about doom and gloom. It's just"}, {"start": "00:22:04", "end": "00:22:06", "text": "about seeing the signs and knowing what"}, {"start": "00:22:06", "end": "00:22:08", "text": "comes next so we can adjust our"}, {"start": "00:22:08", "end": "00:22:10", "text": "strategies because every collapse"}, {"start": "00:22:10", "end": "00:22:12", "text": "creates opportunities for those who see"}, {"start": "00:22:12", "end": "00:22:13", "text": "the blueprint. Now, if you want to see"}, {"start": "00:22:13", "end": "00:22:15", "text": "exactly what my price targets are for"}, {"start": "00:22:15", "end": "00:22:18", "text": "Bitcoin and gold in 2030, 2040, and"}, {"start": "00:22:18", "end": "00:22:20", "text": "2050, you should probably watch this"}, {"start": "00:22:20", "end": "00:22:22", "text": "video right here, and I'll see you over"}, {"start": "00:22:22", "end": "00:22:25", "text": "there."}]

[{"start": "00:00:00", "end": "00:00:02", "text": "It's impossible not to see all of the"}, {"start": "00:00:02", "end": "00:00:04", "text": "news reports, the news articles, the"}, {"start": "00:00:04", "end": "00:00:06", "text": "content that's being created right now"}, {"start": "00:00:06", "end": "00:00:09", "text": "talking about the pending economic"}, {"start": "00:00:09", "end": "00:00:11", "text": "collapse, not only in the United States,"}, {"start": "00:00:11", "end": "00:00:14", "text": "but worldwide. But what nobody's talking"}, {"start": "00:00:14", "end": "00:00:17", "text": "about is why it is that the rich, the"}, {"start": "00:00:17", "end": "00:00:19", "text": "wealthiest people, not only in the"}, {"start": "00:00:19", "end": "00:00:21", "text": "United States, but around the world, are"}, {"start": "00:00:21", "end": "00:00:23", "text": "actually looking forward to the upcoming"}, {"start": "00:00:23", "end": "00:00:25", "text": "collapse. I came from a very poor"}, {"start": "00:00:25", "end": "00:00:27", "text": "family. I'm a first generation American"}, {"start": "00:00:27", "end": "00:00:29", "text": "citizen. I grew up in rural"}, {"start": "00:00:29", "end": "00:00:31", "text": "Pennsylvania. My parents were crushed by"}, {"start": "00:00:31", "end": "00:00:34", "text": "the economic bubble bursts during the"}, {"start": "00:00:34", "end": "00:00:36", "text": "dotcom era, during the housing bubble"}, {"start": "00:00:36", "end": "00:00:39", "text": "crisis. They have seen their life"}, {"start": "00:00:39", "end": "00:00:41", "text": "savings dwindle and then try to slowly"}, {"start": "00:00:41", "end": "00:00:44", "text": "grow back multiple times. So, it wasn't"}, {"start": "00:00:44", "end": "00:00:46", "text": "until I became the first person in my"}, {"start": "00:00:46", "end": "00:00:49", "text": "family to achieve any significant wealth"}, {"start": "00:00:49", "end": "00:00:51", "text": "that I learned the trick that the rich"}, {"start": "00:00:51", "end": "00:00:54", "text": "are using not only to prepare for the"}, {"start": "00:00:54", "end": "00:00:56", "text": "upcoming collapse, but to actually win"}, {"start": "00:00:56", "end": "00:00:58", "text": "because of it. And that's what I'm here"}, {"start": "00:00:58", "end": "00:01:00", "text": "to share with you today. I want to show"}, {"start": "00:01:00", "end": "00:01:02", "text": "you how the rich are preparing to win"}, {"start": "00:01:02", "end": "00:01:05", "text": "during the upcoming collapse and why it"}, {"start": "00:01:05", "end": "00:01:07", "text": "is that they're looking forward to a"}, {"start": "00:01:07", "end": "00:01:10", "text": "global economic crisis. There's a"}, {"start": "00:01:10", "end": "00:01:12", "text": "fundamental difference between how"}, {"start": "00:01:12", "end": "00:01:16", "text": "wealthy people and notwealthy people see"}, {"start": "00:01:16", "end": "00:01:17", "text": "money. People who are not wealthy tend"}, {"start": "00:01:17", "end": "00:01:19", "text": "to see money as something that they have"}, {"start": "00:01:19", "end": "00:01:21", "text": "to earn in exchange for their time. So"}, {"start": "00:01:21", "end": "00:01:24", "text": "they work hours and they earn an hourly"}, {"start": "00:01:24", "end": "00:01:27", "text": "wage. They work for a year and they earn"}, {"start": "00:01:27", "end": "00:01:29", "text": "an annual salary. So there's a very"}, {"start": "00:01:29", "end": "00:01:32", "text": "natural sense that you have to work in"}, {"start": "00:01:32", "end": "00:01:34", "text": "order to earn. That's how people without"}, {"start": "00:01:34", "end": "00:01:36", "text": "wealth think because that's how all of"}, {"start": "00:01:36", "end": "00:01:38", "text": "us have been conditioned since we were"}, {"start": "00:01:38", "end": "00:01:39", "text": "little. Even when we were kids, we had"}, {"start": "00:01:39", "end": "00:01:42", "text": "to work chores to earn money. And then"}, {"start": "00:01:42", "end": "00:01:44", "text": "we had to work part-time jobs to earn"}, {"start": "00:01:44", "end": "00:01:45", "text": "money. And then we had to work full-time"}, {"start": "00:01:45", "end": "00:01:47", "text": "jobs to get money. And we had to work"}, {"start": "00:01:47", "end": "00:01:48", "text": "our way through college to get money to"}, {"start": "00:01:48", "end": "00:01:50", "text": "pay for college. You've done this your"}, {"start": "00:01:50", "end": "00:01:52", "text": "whole life. You already know. It's a"}, {"start": "00:01:52", "end": "00:01:55", "text": "fundamental truth. The problem is it's"}, {"start": "00:01:55", "end": "00:01:58", "text": "not actually a truth. It's just what"}, {"start": "00:01:58", "end": "00:02:00", "text": "you've been conditioned to believe."}, {"start": "00:02:00", "end": "00:02:03", "text": "Wealthy people understand that money can"}, {"start": "00:02:03", "end": "00:02:06", "text": "be made in a lot of different ways. Yes,"}, {"start": "00:02:06", "end": "00:02:08", "text": "you can trade your time in exchange for"}, {"start": "00:02:08", "end": "00:02:10", "text": "a paycheck, but you can also trade your"}, {"start": "00:02:10", "end": "00:02:12", "text": "money in exchange for money, something"}, {"start": "00:02:12", "end": "00:02:15", "text": "they call investment. You can also use"}, {"start": "00:02:15", "end": "00:02:18", "text": "innovation and ingenuity to create"}, {"start": "00:02:18", "end": "00:02:20", "text": "patents that protect your IP and then"}, {"start": "00:02:20", "end": "00:02:23", "text": "you can use your IP as money. There are"}, {"start": "00:02:23", "end": "00:02:25", "text": "wealthy people out there who rent their"}, {"start": "00:02:25", "end": "00:02:26", "text": "properties for money. There are people"}, {"start": "00:02:26", "end": "00:02:28", "text": "who rent their ideas for money. There"}, {"start": "00:02:28", "end": "00:02:31", "text": "are people who even rent their name in"}, {"start": "00:02:31", "end": "00:02:34", "text": "exchange for money. Our president in the"}, {"start": "00:02:34", "end": "00:02:36", "text": "United States makes a fortune simply by"}, {"start": "00:02:36", "end": "00:02:39", "text": "putting his name on real estate. So,"}, {"start": "00:02:39", "end": "00:02:41", "text": "because wealthy people and not wealthy"}, {"start": "00:02:41", "end": "00:02:43", "text": "people fundamentally see money in two"}, {"start": "00:02:43", "end": "00:02:45", "text": "different ways, they of course see"}, {"start": "00:02:45", "end": "00:02:48", "text": "economic pressure in two different ways."}, {"start": "00:02:48", "end": "00:02:50", "text": "And that's because as the economy starts"}, {"start": "00:02:50", "end": "00:02:52", "text": "to feel pressure, as the economy starts"}, {"start": "00:02:52", "end": "00:02:55", "text": "to shrink, as the economy starts to feel"}, {"start": "00:02:55", "end": "00:02:57", "text": "the pressure of fiscal changes, as"}, {"start": "00:02:57", "end": "00:02:59", "text": "inflation rates go up or go down, as"}, {"start": "00:02:59", "end": "00:03:02", "text": "lending increases or decreases, it makes"}, {"start": "00:03:02", "end": "00:03:04", "text": "it very difficult for the average person"}, {"start": "00:03:04", "end": "00:03:06", "text": "just to make it through daytoday life."}, {"start": "00:03:06", "end": "00:03:09", "text": "You have felt this yourself. As interest"}, {"start": "00:03:09", "end": "00:03:12", "text": "rates increase, it's a net negative for"}, {"start": "00:03:12", "end": "00:03:14", "text": "you because it makes it harder to get a"}, {"start": "00:03:14", "end": "00:03:16", "text": "loan. It makes it more expensive to get"}, {"start": "00:03:16", "end": "00:03:18", "text": "a loan, to get a car. It makes it more"}, {"start": "00:03:18", "end": "00:03:20", "text": "expensive to get a mortgage. It makes it"}, {"start": "00:03:20", "end": "00:03:23", "text": "so that your dollar actually goes less"}, {"start": "00:03:23", "end": "00:03:26", "text": "far because you can't afford to take"}, {"start": "00:03:26", "end": "00:03:28", "text": "loans because loans are so expensive."}, {"start": "00:03:28", "end": "00:03:30", "text": "You probably don't even qualify for a"}, {"start": "00:03:30", "end": "00:03:32", "text": "lot of the loans that are out there. And"}, {"start": "00:03:32", "end": "00:03:34", "text": "when you do qualify, they make up for"}, {"start": "00:03:34", "end": "00:03:36", "text": "your uncertain credit history by"}, {"start": "00:03:36", "end": "00:03:38", "text": "increasing the rate at which they lend"}, {"start": "00:03:38", "end": "00:03:40", "text": "you the money. When I was about 22 years"}, {"start": "00:03:40", "end": "00:03:41", "text": "old, I took a loan coming out of"}, {"start": "00:03:41", "end": "00:03:43", "text": "college. And I remember being excited"}, {"start": "00:03:43", "end": "00:03:45", "text": "that I had enough credit history to take"}, {"start": "00:03:45", "end": "00:03:47", "text": "a loan. I looked right past the fact"}, {"start": "00:03:47", "end": "00:03:50", "text": "that my loan had a 19% interest on it."}, {"start": "00:03:50", "end": "00:03:53", "text": "And because of that 19% interest, I was"}, {"start": "00:03:53", "end": "00:03:55", "text": "actually never able to pay that loan"}, {"start": "00:03:55", "end": "00:03:57", "text": "off. I actually had to go into a debt"}, {"start": "00:03:57", "end": "00:03:59", "text": "consolidation effort when I was in my"}, {"start": "00:03:59", "end": "00:04:02", "text": "early 30s in order to find a way to"}, {"start": "00:04:02", "end": "00:04:05", "text": "actually pay more than I owed into the"}, {"start": "00:04:05", "end": "00:04:07", "text": "loan. You may know what that feels like"}, {"start": "00:04:07", "end": "00:04:09", "text": "yourself. So, the everyday person has a"}, {"start": "00:04:09", "end": "00:04:11", "text": "hard time keeping up with a changing,"}, {"start": "00:04:11", "end": "00:04:14", "text": "shrinking, pressure-filled economy. But"}, {"start": "00:04:14", "end": "00:04:16", "text": "a wealthy person has the opposite"}, {"start": "00:04:16", "end": "00:04:18", "text": "effect. You see, banks want people to"}, {"start": "00:04:18", "end": "00:04:20", "text": "take loans. So, they use the interest"}, {"start": "00:04:20", "end": "00:04:23", "text": "rate as a way to incentivize certain"}, {"start": "00:04:23", "end": "00:04:25", "text": "people to take loans. They don't want"}, {"start": "00:04:25", "end": "00:04:27", "text": "the everyday person to take a loan. They"}, {"start": "00:04:27", "end": "00:04:29", "text": "want the wealthy people to take loans."}, {"start": "00:04:29", "end": "00:04:31", "text": "So even while you were seeing high"}, {"start": "00:04:31", "end": "00:04:33", "text": "interest rates for your car and for your"}, {"start": "00:04:33", "end": "00:04:36", "text": "mortgage, wealthy people had much lower"}, {"start": "00:04:36", "end": "00:04:38", "text": "interest rates that were being offered"}, {"start": "00:04:38", "end": "00:04:40", "text": "to them than what was being offered to"}, {"start": "00:04:40", "end": "00:04:42", "text": "you because the banks saw people with"}, {"start": "00:04:42", "end": "00:04:44", "text": "established wealth, people with large"}, {"start": "00:04:44", "end": "00:04:45", "text": "savings account, people with significant"}, {"start": "00:04:45", "end": "00:04:47", "text": "assets, people that had multiple"}, {"start": "00:04:47", "end": "00:04:49", "text": "mortgages. They saw those individuals as"}, {"start": "00:04:49", "end": "00:04:52", "text": "less risky than the average person. So"}, {"start": "00:04:52", "end": "00:04:54", "text": "while you might have been offered a car"}, {"start": "00:04:54", "end": "00:04:56", "text": "loan at 8%, they were being offered a"}, {"start": "00:04:56", "end": "00:04:59", "text": "car loan at 4% or 5%. So the change in"}, {"start": "00:04:59", "end": "00:05:01", "text": "interest rate and the change in"}, {"start": "00:05:01", "end": "00:05:03", "text": "borrowing behavior between wealthy and"}, {"start": "00:05:03", "end": "00:05:05", "text": "non-wealthy is already immediately"}, {"start": "00:05:05", "end": "00:05:07", "text": "evident because while you were being"}, {"start": "00:05:07", "end": "00:05:10", "text": "discouraged and dissuaded from taking"}, {"start": "00:05:10", "end": "00:05:12", "text": "loans, the wealthy were taking loans."}, {"start": "00:05:12", "end": "00:05:14", "text": "And that's why even as we've watched"}, {"start": "00:05:14", "end": "00:05:16", "text": "interest rates stay high and housing"}, {"start": "00:05:16", "end": "00:05:18", "text": "costs increase, there's still a shortage"}, {"start": "00:05:18", "end": "00:05:21", "text": "of supply because people keep buying"}, {"start": "00:05:21", "end": "00:05:24", "text": "homes. People keep buying cars. There's"}, {"start": "00:05:24", "end": "00:05:26", "text": "a national shortage right now of new"}, {"start": "00:05:26", "end": "00:05:28", "text": "vehicles. Even though the average cost"}, {"start": "00:05:28", "end": "00:05:32", "text": "of a new vehicle has gone up to $50,000,"}, {"start": "00:05:32", "end": "00:05:34", "text": "think about that. The average new car"}, {"start": "00:05:34", "end": "00:05:36", "text": "costs $50,000."}, {"start": "00:05:36", "end": "00:05:40", "text": "I remember when a new car cost $18,000"}, {"start": "00:05:40", "end": "00:05:42", "text": "and I'm not that old. This is one of the"}, {"start": "00:05:42", "end": "00:05:45", "text": "key reasons why the rich get richer in a"}, {"start": "00:05:45", "end": "00:05:47", "text": "time of economic pressure or economic"}, {"start": "00:05:47", "end": "00:05:49", "text": "strain. Because the average person is"}, {"start": "00:05:49", "end": "00:05:51", "text": "forced out of the market, while the"}, {"start": "00:05:51", "end": "00:05:53", "text": "wealthy person is able to not only stay"}, {"start": "00:05:53", "end": "00:05:55", "text": "inside the market, but they're able to"}, {"start": "00:05:55", "end": "00:05:57", "text": "go further with the money they have."}, {"start": "00:05:57", "end": "00:06:00", "text": "They can buy more houses. They can buy"}, {"start": "00:06:00", "end": "00:06:02", "text": "more cars. They can invest more into the"}, {"start": "00:06:02", "end": "00:06:04", "text": "stock market. They can take on more debt"}, {"start": "00:06:04", "end": "00:06:06", "text": "because banks want to lend to them when"}, {"start": "00:06:06", "end": "00:06:09", "text": "they don't want to lend to you. A second"}, {"start": "00:06:09", "end": "00:06:10", "text": "reason why wealthy people are very"}, {"start": "00:06:10", "end": "00:06:12", "text": "comfortable in a shrinking economy is"}, {"start": "00:06:12", "end": "00:06:14", "text": "because they know that they have the"}, {"start": "00:06:14", "end": "00:06:17", "text": "ability to make money almost at will."}, {"start": "00:06:17", "end": "00:06:18", "text": "They can lend their money. They can"}, {"start": "00:06:18", "end": "00:06:19", "text": "invest their money. They can use"}, {"start": "00:06:19", "end": "00:06:22", "text": "businesses as a way to leverage money or"}, {"start": "00:06:22", "end": "00:06:24", "text": "increase money. So they have a way of"}, {"start": "00:06:24", "end": "00:06:26", "text": "turning their ideas and thoughts into"}, {"start": "00:06:26", "end": "00:06:29", "text": "actual currency because they can change"}, {"start": "00:06:29", "end": "00:06:30", "text": "a product. This is one of the key"}, {"start": "00:06:30", "end": "00:06:32", "text": "reasons why even in our shrinking"}, {"start": "00:06:32", "end": "00:06:34", "text": "economy for the last 5 years, you have"}, {"start": "00:06:34", "end": "00:06:37", "text": "seen new innovations in AI, new"}, {"start": "00:06:37", "end": "00:06:39", "text": "technology, new models being released by"}, {"start": "00:06:39", "end": "00:06:40", "text": "some of the biggest brands out there"}, {"start": "00:06:40", "end": "00:06:43", "text": "from Microsoft to Apple. You've seen new"}, {"start": "00:06:43", "end": "00:06:45", "text": "concerts. You've seen new events. You've"}, {"start": "00:06:45", "end": "00:06:47", "text": "seen new live experiences. You've seen"}, {"start": "00:06:47", "end": "00:06:49", "text": "new innovations in travel because"}, {"start": "00:06:49", "end": "00:06:51", "text": "wealthy people understand that in a"}, {"start": "00:06:51", "end": "00:06:53", "text": "shrinking economy, they can innovate."}, {"start": "00:06:53", "end": "00:06:55", "text": "They can turn their ideas into something"}, {"start": "00:06:55", "end": "00:06:57", "text": "that the average person will then"}, {"start": "00:06:57", "end": "00:06:59", "text": "purchase. And because the average person"}, {"start": "00:06:59", "end": "00:07:01", "text": "who can't take loans is spending their"}, {"start": "00:07:01", "end": "00:07:04", "text": "real money on new innovations, all that"}, {"start": "00:07:04", "end": "00:07:07", "text": "money is coming into large established"}, {"start": "00:07:07", "end": "00:07:09", "text": "businesses. And then those large"}, {"start": "00:07:09", "end": "00:07:11", "text": "established businesses being run by very"}, {"start": "00:07:11", "end": "00:07:13", "text": "wealthy people can use that money and"}, {"start": "00:07:13", "end": "00:07:15", "text": "leverage it to get better bank loans and"}, {"start": "00:07:15", "end": "00:07:18", "text": "to increase their business holdings. Not"}, {"start": "00:07:18", "end": "00:07:19", "text": "only by buying property, but sometimes"}, {"start": "00:07:19", "end": "00:07:21", "text": "by actually buying other businesses"}, {"start": "00:07:21", "end": "00:07:23", "text": "themselves. From just these two lenses,"}, {"start": "00:07:23", "end": "00:07:26", "text": "you can see how different life is for"}, {"start": "00:07:26", "end": "00:07:27", "text": "the average person. And I don't mean"}, {"start": "00:07:27", "end": "00:07:29", "text": "like the average poverty-stricken"}, {"start": "00:07:29", "end": "00:07:31", "text": "person. I mean the average middle class"}, {"start": "00:07:31", "end": "00:07:33", "text": "person. You can see how different their"}, {"start": "00:07:33", "end": "00:07:37", "text": "experience is as typical middle class"}, {"start": "00:07:37", "end": "00:07:39", "text": "against somebody who's even on the lower"}, {"start": "00:07:39", "end": "00:07:42", "text": "end of wealth. Somebody who's only worth"}, {"start": "00:07:42", "end": "00:07:44", "text": "a few million, $2 million, $3 million"}, {"start": "00:07:44", "end": "00:07:47", "text": "net worth. There's a massive difference"}, {"start": "00:07:47", "end": "00:07:50", "text": "in how the world sees them and how they"}, {"start": "00:07:50", "end": "00:07:53", "text": "react to economic crisis. Now that you"}, {"start": "00:07:53", "end": "00:07:54", "text": "understand the difference between how"}, {"start": "00:07:54", "end": "00:07:56", "text": "the two think, let's talk about what the"}, {"start": "00:07:56", "end": "00:07:59", "text": "wealthy are doing right now to prepare"}, {"start": "00:07:59", "end": "00:08:01", "text": "to win during the upcoming economic"}, {"start": "00:08:01", "end": "00:08:03", "text": "collapse. I already told you that I grew"}, {"start": "00:08:03", "end": "00:08:06", "text": "up in a poor household. I knew very well"}, {"start": "00:08:06", "end": "00:08:07", "text": "what it was like to be lower middle"}, {"start": "00:08:07", "end": "00:08:09", "text": "class, to be middle class, to be upper"}, {"start": "00:08:09", "end": "00:08:12", "text": "middle class. To watch my parents work"}, {"start": "00:08:12", "end": "00:08:15", "text": "their entire life, to see how their"}, {"start": "00:08:15", "end": "00:08:17", "text": "savings accounts, how their 401ks, how"}, {"start": "00:08:17", "end": "00:08:20", "text": "their retirements completely changed"}, {"start": "00:08:20", "end": "00:08:22", "text": "based off the shifting winds of the"}, {"start": "00:08:22", "end": "00:08:25", "text": "economy in the 1980s and the 1990s. I"}, {"start": "00:08:25", "end": "00:08:27", "text": "watched that happen. And as I became an"}, {"start": "00:08:27", "end": "00:08:30", "text": "adult, I wanted nothing more than to"}, {"start": "00:08:30", "end": "00:08:32", "text": "never have the experiences that I"}, {"start": "00:08:32", "end": "00:08:35", "text": "watched them have when I was a kid. I"}, {"start": "00:08:35", "end": "00:08:38", "text": "actually thought that bankruptcy would"}, {"start": "00:08:38", "end": "00:08:41", "text": "be better than this constant grind to"}, {"start": "00:08:41", "end": "00:08:43", "text": "just barely make it by. And that"}, {"start": "00:08:43", "end": "00:08:47", "text": "experience has shaped my whole life view"}, {"start": "00:08:47", "end": "00:08:49", "text": "not only on the world, not only on"}, {"start": "00:08:49", "end": "00:08:51", "text": "international politics and economy, but"}, {"start": "00:08:51", "end": "00:08:53", "text": "that's why I joined CIA because I wanted"}, {"start": "00:08:53", "end": "00:08:56", "text": "to be outside of that grind. I wanted to"}, {"start": "00:08:56", "end": "00:08:59", "text": "be outside of that bubble that so many"}, {"start": "00:08:59", "end": "00:09:02", "text": "of us find ourselves trapped in beyond"}, {"start": "00:09:02", "end": "00:09:05", "text": "the reach of politicians and beyond the"}, {"start": "00:09:05", "end": "00:09:07", "text": "reach of simple economic pressures that"}, {"start": "00:09:07", "end": "00:09:09", "text": "were being controlled by people who I"}, {"start": "00:09:09", "end": "00:09:11", "text": "didn't even vote for into office. I"}, {"start": "00:09:11", "end": "00:09:14", "text": "wanted to find a way to protect myself"}, {"start": "00:09:14", "end": "00:09:17", "text": "and protect my family from those"}, {"start": "00:09:17", "end": "00:09:19", "text": "changes. And as a result of my"}, {"start": "00:09:19", "end": "00:09:21", "text": "decisions, yes, I found my way into CIA,"}, {"start": "00:09:21", "end": "00:09:24", "text": "but more importantly, after I left CIA,"}, {"start": "00:09:24", "end": "00:09:26", "text": "I found my way into entrepreneurial"}, {"start": "00:09:26", "end": "00:09:28", "text": "business. I found my way into growing a"}, {"start": "00:09:28", "end": "00:09:30", "text": "business. And that business has taken me"}, {"start": "00:09:30", "end": "00:09:33", "text": "into communities of very wealthy people."}, {"start": "00:09:33", "end": "00:09:34", "text": "There's essentially three types of"}, {"start": "00:09:34", "end": "00:09:36", "text": "wealth. There's what we would call"}, {"start": "00:09:36", "end": "00:09:38", "text": "average wealth. Average wealth is people"}, {"start": "00:09:38", "end": "00:09:41", "text": "who actually have a net worth of about"}, {"start": "00:09:41", "end": "00:09:44", "text": "$5 million or less. What is net worth?"}, {"start": "00:09:44", "end": "00:09:47", "text": "Net worth is the sum total of the entire"}, {"start": "00:09:47", "end": "00:09:50", "text": "value of that person's existence. So"}, {"start": "00:09:50", "end": "00:09:52", "text": "yes, that means bank accounts. Yes, that"}, {"start": "00:09:52", "end": "00:09:53", "text": "means checking accounts and savings"}, {"start": "00:09:53", "end": "00:09:55", "text": "accounts. But it also means the business"}, {"start": "00:09:55", "end": "00:09:57", "text": "that they own. It also means the"}, {"start": "00:09:57", "end": "00:09:59", "text": "intellectual property that they have. It"}, {"start": "00:09:59", "end": "00:10:01", "text": "also means the outstanding properties or"}, {"start": "00:10:01", "end": "00:10:03", "text": "real estate assets and and market"}, {"start": "00:10:03", "end": "00:10:05", "text": "investments that they also have. Believe"}, {"start": "00:10:05", "end": "00:10:07", "text": "it or not, many people after the age of"}, {"start": "00:10:07", "end": "00:10:09", "text": "60 start to get into the place where"}, {"start": "00:10:09", "end": "00:10:11", "text": "they have a net worth of a million to $2"}, {"start": "00:10:11", "end": "00:10:14", "text": "million. It takes an entire life to"}, {"start": "00:10:14", "end": "00:10:16", "text": "build the kind of investment foundation"}, {"start": "00:10:16", "end": "00:10:19", "text": "that brings you up to one or $2 million"}, {"start": "00:10:19", "end": "00:10:22", "text": "net worth. And that does classify you as"}, {"start": "00:10:22", "end": "00:10:24", "text": "average wealth, which is different than"}, {"start": "00:10:24", "end": "00:10:26", "text": "upper middle class, middle class, or"}, {"start": "00:10:26", "end": "00:10:28", "text": "lower middle class. The second category"}, {"start": "00:10:28", "end": "00:10:30", "text": "of wealth is something called high net"}, {"start": "00:10:30", "end": "00:10:33", "text": "worth. People of a high net worth have"}, {"start": "00:10:33", "end": "00:10:36", "text": "between $5 million net worth and about"}, {"start": "00:10:36", "end": "00:10:38", "text": "$50 million net worth. There are"}, {"start": "00:10:38", "end": "00:10:40", "text": "thousands of Americans, tens of"}, {"start": "00:10:40", "end": "00:10:43", "text": "thousands of people who have a high net"}, {"start": "00:10:43", "end": "00:10:46", "text": "worth, a net worth of between $5 million"}, {"start": "00:10:46", "end": "00:10:51", "text": "and $50 million. Again, some totaling"}, {"start": "00:10:51", "end": "00:10:52", "text": "all of their bank accounts, all of their"}, {"start": "00:10:52", "end": "00:10:54", "text": "cash, but also their investments, their"}, {"start": "00:10:54", "end": "00:10:56", "text": "properties, their business, their IP,"}, {"start": "00:10:56", "end": "00:10:58", "text": "their reputation, etc. And then the"}, {"start": "00:10:58", "end": "00:11:01", "text": "third category is ultra high net worth."}, {"start": "00:11:01", "end": "00:11:03", "text": "What's called UNHW."}, {"start": "00:11:03", "end": "00:11:05", "text": "Ultra high net worth are people who have"}, {"start": "00:11:05", "end": "00:11:08", "text": "a net worth in excess of $50 million."}, {"start": "00:11:08", "end": "00:11:10", "text": "We've all heard about the people who"}, {"start": "00:11:10", "end": "00:11:13", "text": "have net worths in excess of $1 billion."}, {"start": "00:11:13", "end": "00:11:16", "text": "But there are thousands upon thousands"}, {"start": "00:11:16", "end": "00:11:18", "text": "of people who have net worth in the"}, {"start": "00:11:18", "end": "00:11:21", "text": "hundreds of millions of dollars. $300"}, {"start": "00:11:21", "end": "00:11:24", "text": "million, $600 million. It's insane how"}, {"start": "00:11:24", "end": "00:11:26", "text": "much wealth there is in the United"}, {"start": "00:11:26", "end": "00:11:28", "text": "States. but also how much wealth there"}, {"start": "00:11:28", "end": "00:11:31", "text": "is around the world. And these ultra"}, {"start": "00:11:31", "end": "00:11:34", "text": "high netw worth individuals are in a"}, {"start": "00:11:34", "end": "00:11:36", "text": "completely different category of wealth"}, {"start": "00:11:36", "end": "00:11:39", "text": "than high netw worth and average wealth."}, {"start": "00:11:39", "end": "00:11:41", "text": "Regardless of the three categories of"}, {"start": "00:11:41", "end": "00:11:43", "text": "wealth, however, the behavior across all"}, {"start": "00:11:43", "end": "00:11:45", "text": "three of them is essentially the same."}, {"start": "00:11:45", "end": "00:11:47", "text": "And that's why they're all preparing for"}, {"start": "00:11:47", "end": "00:11:49", "text": "the upcoming economic collapse the same"}, {"start": "00:11:49", "end": "00:11:50", "text": "way. It's why they're all looking"}, {"start": "00:11:50", "end": "00:11:52", "text": "forward to the upcoming economic"}, {"start": "00:11:52", "end": "00:11:54", "text": "collapse because they realize that their"}, {"start": "00:11:54", "end": "00:11:56", "text": "wealth gives them an opportunity that"}, {"start": "00:11:56", "end": "00:11:58", "text": "you and other average citizens just"}, {"start": "00:11:58", "end": "00:12:00", "text": "don't have. The first opportunity that"}, {"start": "00:12:00", "end": "00:12:02", "text": "the wealthy have that makes them look"}, {"start": "00:12:02", "end": "00:12:03", "text": "forward to the upcoming economic"}, {"start": "00:12:03", "end": "00:12:05", "text": "collapse is something called"}, {"start": "00:12:05", "end": "00:12:07", "text": "diversification. They have the ability"}, {"start": "00:12:07", "end": "00:12:10", "text": "to diversify their money into multiple"}, {"start": "00:12:10", "end": "00:12:13", "text": "different asset classes that are"}, {"start": "00:12:13", "end": "00:12:15", "text": "actually going to be insulated against"}, {"start": "00:12:15", "end": "00:12:18", "text": "the oncoming economic collapse. A big"}, {"start": "00:12:18", "end": "00:12:20", "text": "part of understanding this idea of asset"}, {"start": "00:12:20", "end": "00:12:22", "text": "diversification comes from understanding"}, {"start": "00:12:22", "end": "00:12:24", "text": "what actually happens during an economic"}, {"start": "00:12:24", "end": "00:12:26", "text": "collapse. When governments are in"}, {"start": "00:12:26", "end": "00:12:28", "text": "trouble, they start to mess with their"}, {"start": "00:12:28", "end": "00:12:31", "text": "economy to try to save their political"}, {"start": "00:12:31", "end": "00:12:32", "text": "troubles. This is what we're seeing in"}, {"start": "00:12:32", "end": "00:12:34", "text": "the United States right now, what we're"}, {"start": "00:12:34", "end": "00:12:36", "text": "seeing around the world right now. As"}, {"start": "00:12:36", "end": "00:12:38", "text": "governments meddle with their economy,"}, {"start": "00:12:38", "end": "00:12:39", "text": "there's only a few tools they can"}, {"start": "00:12:39", "end": "00:12:41", "text": "actually touch. Interest rates is one of"}, {"start": "00:12:41", "end": "00:12:43", "text": "those things they can mess with, and the"}, {"start": "00:12:43", "end": "00:12:45", "text": "value of the currency is one of the"}, {"start": "00:12:45", "end": "00:12:46", "text": "other things they can mess with. So"}, {"start": "00:12:46", "end": "00:12:48", "text": "they're constantly trying to tweak"}, {"start": "00:12:48", "end": "00:12:51", "text": "interest rates and currency values in"}, {"start": "00:12:51", "end": "00:12:53", "text": "order to find the right combination to"}, {"start": "00:12:53", "end": "00:12:56", "text": "preserve their economy. But in so doing,"}, {"start": "00:12:56", "end": "00:12:58", "text": "they're actually creating secondary and"}, {"start": "00:12:58", "end": "00:13:00", "text": "tertiary effects in the global"}, {"start": "00:13:00", "end": "00:13:02", "text": "marketplace that make foreign money"}, {"start": "00:13:02", "end": "00:13:05", "text": "either come in or foreign investment to"}, {"start": "00:13:05", "end": "00:13:07", "text": "leave the United States. So everything"}, {"start": "00:13:07", "end": "00:13:10", "text": "that we do internally ends up having a"}, {"start": "00:13:10", "end": "00:13:11", "text": "secondary and tertiary effect on what's"}, {"start": "00:13:11", "end": "00:13:13", "text": "happening in external international"}, {"start": "00:13:13", "end": "00:13:15", "text": "markets. That's how it is that you have"}, {"start": "00:13:15", "end": "00:13:18", "text": "Chinese people who own Miami pen houses"}, {"start": "00:13:18", "end": "00:13:20", "text": "when you don't have enough Americans to"}, {"start": "00:13:20", "end": "00:13:22", "text": "even find a home. It's because of this"}, {"start": "00:13:22", "end": "00:13:24", "text": "manipulation of currency values and"}, {"start": "00:13:24", "end": "00:13:26", "text": "interest rates. And sometimes the United"}, {"start": "00:13:26", "end": "00:13:27", "text": "States creates the perfect situation"}, {"start": "00:13:27", "end": "00:13:29", "text": "where foreigners want to buy American"}, {"start": "00:13:29", "end": "00:13:31", "text": "real estate and Americans can't afford"}, {"start": "00:13:31", "end": "00:13:33", "text": "American real estate. Other times it"}, {"start": "00:13:33", "end": "00:13:34", "text": "creates the situation where foreign"}, {"start": "00:13:34", "end": "00:13:36", "text": "countries want to dump their American"}, {"start": "00:13:36", "end": "00:13:38", "text": "dollars. And in dumping those American"}, {"start": "00:13:38", "end": "00:13:40", "text": "dollars, it significantly decreases the"}, {"start": "00:13:40", "end": "00:13:43", "text": "value of the American dollar for you and"}, {"start": "00:13:43", "end": "00:13:45", "text": "me. So when wealthy people diversify"}, {"start": "00:13:45", "end": "00:13:47", "text": "their assets, what it means is they take"}, {"start": "00:13:47", "end": "00:13:50", "text": "part of their US dollars and they put it"}, {"start": "00:13:50", "end": "00:13:53", "text": "into other currencies. They also take"}, {"start": "00:13:53", "end": "00:13:55", "text": "their US dollars and they put it into"}, {"start": "00:13:55", "end": "00:13:58", "text": "other government bonds. They also take"}, {"start": "00:13:58", "end": "00:14:00", "text": "their US dollars and they put it into"}, {"start": "00:14:00", "end": "00:14:02", "text": "physical tangible real estate. Maybe"}, {"start": "00:14:02", "end": "00:14:03", "text": "that's commercial real estate or"}, {"start": "00:14:03", "end": "00:14:05", "text": "residential real estate. And they also"}, {"start": "00:14:05", "end": "00:14:07", "text": "take their real physical dollars and"}, {"start": "00:14:07", "end": "00:14:09", "text": "they put them into alternative assets"}, {"start": "00:14:09", "end": "00:14:12", "text": "like the stock market or cryptocurrency."}, {"start": "00:14:12", "end": "00:14:14", "text": "By diversifying their physical dollars"}, {"start": "00:14:14", "end": "00:14:16", "text": "into these other asset classes, they"}, {"start": "00:14:16", "end": "00:14:19", "text": "protect against losing the value of the"}, {"start": "00:14:19", "end": "00:14:22", "text": "individual dollar. Because when you hold"}, {"start": "00:14:22", "end": "00:14:24", "text": "money as cash, when you actually keep it"}, {"start": "00:14:24", "end": "00:14:25", "text": "in your wallet, when you keep it in your"}, {"start": "00:14:25", "end": "00:14:28", "text": "bank account, every day that goes by, if"}, {"start": "00:14:28", "end": "00:14:30", "text": "the inflation continues to hold steady"}, {"start": "00:14:30", "end": "00:14:33", "text": "or increase, the actual value of your"}, {"start": "00:14:33", "end": "00:14:36", "text": "dollar gets less. So the $300,000 that"}, {"start": "00:14:36", "end": "00:14:38", "text": "you may have been working your whole"}, {"start": "00:14:38", "end": "00:14:41", "text": "life to save is actually worth less than"}, {"start": "00:14:41", "end": "00:14:43", "text": "$300,000."}, {"start": "00:14:43", "end": "00:14:46", "text": "Every day it stays in the bank. So, if"}, {"start": "00:14:46", "end": "00:14:47", "text": "you were a very wealthy person that"}, {"start": "00:14:47", "end": "00:14:50", "text": "might have $5 million in the bank, they"}, {"start": "00:14:50", "end": "00:14:52", "text": "don't want to keep their dollars in a"}, {"start": "00:14:52", "end": "00:14:55", "text": "bank account because they know that"}, {"start": "00:14:55", "end": "00:14:57", "text": "those dollars are literally losing value"}, {"start": "00:14:57", "end": "00:15:00", "text": "every day. So, they can put a million"}, {"start": "00:15:00", "end": "00:15:01", "text": "dollars in real estate, a million"}, {"start": "00:15:01", "end": "00:15:03", "text": "dollars in equities, a million dollars"}, {"start": "00:15:03", "end": "00:15:05", "text": "in cryptocurrency, a million dollars in"}, {"start": "00:15:05", "end": "00:15:08", "text": "foreign currency. They can diversify"}, {"start": "00:15:08", "end": "00:15:11", "text": "their dollars to protect their dollars."}, {"start": "00:15:11", "end": "00:15:12", "text": "There are certain currencies right now"}, {"start": "00:15:12", "end": "00:15:13", "text": "that are doing very well. Currencies"}, {"start": "00:15:13", "end": "00:15:15", "text": "like the euro, currencies like the"}, {"start": "00:15:15", "end": "00:15:17", "text": "runman B, currencies like the Swiss"}, {"start": "00:15:17", "end": "00:15:19", "text": "Frank, these are currencies that are far"}, {"start": "00:15:19", "end": "00:15:23", "text": "more stable than the US dollar. So even"}, {"start": "00:15:23", "end": "00:15:25", "text": "if you didn't want to invest in a stock"}, {"start": "00:15:25", "end": "00:15:28", "text": "like Apple or Lowe's, you could always"}, {"start": "00:15:28", "end": "00:15:30", "text": "literally buy an investment in a foreign"}, {"start": "00:15:30", "end": "00:15:33", "text": "currency. You could buy euros and your"}, {"start": "00:15:33", "end": "00:15:36", "text": "euro would be stronger and more stable"}, {"start": "00:15:36", "end": "00:15:38", "text": "than your US dollar. If you think about"}, {"start": "00:15:38", "end": "00:15:41", "text": "it, this is how wealthy people think. If"}, {"start": "00:15:41", "end": "00:15:44", "text": "they put their US dollar into euros for"}, {"start": "00:15:44", "end": "00:15:46", "text": "the next say two years, the US dollar"}, {"start": "00:15:46", "end": "00:15:49", "text": "decreases in value by 2% but the euro"}, {"start": "00:15:49", "end": "00:15:52", "text": "stays stable. When they sell their euros"}, {"start": "00:15:52", "end": "00:15:54", "text": "in 2 years to gain US dollars, they"}, {"start": "00:15:54", "end": "00:15:56", "text": "actually get more US dollars than what"}, {"start": "00:15:56", "end": "00:15:59", "text": "they originally spent on the euro."}, {"start": "00:15:59", "end": "00:16:02", "text": "That's how wealthy people think. They"}, {"start": "00:16:02", "end": "00:16:03", "text": "don't want to hold on to the cash they"}, {"start": "00:16:03", "end": "00:16:05", "text": "have because they know their cash is"}, {"start": "00:16:05", "end": "00:16:07", "text": "literally losing value every day. So,"}, {"start": "00:16:07", "end": "00:16:10", "text": "they diversify. A second tool that"}, {"start": "00:16:10", "end": "00:16:11", "text": "wealthy people use is actually something"}, {"start": "00:16:11", "end": "00:16:14", "text": "called arbitrage. And they arbitrage"}, {"start": "00:16:14", "end": "00:16:17", "text": "basic loans. Arbitrage is anytime you"}, {"start": "00:16:17", "end": "00:16:20", "text": "buy something low and then sell it high."}, {"start": "00:16:20", "end": "00:16:22", "text": "That's exactly what arbitrage is. So"}, {"start": "00:16:22", "end": "00:16:23", "text": "whenever you think about what you're"}, {"start": "00:16:23", "end": "00:16:24", "text": "supposed to do in the stock market or"}, {"start": "00:16:24", "end": "00:16:26", "text": "what you're supposed to do when you're"}, {"start": "00:16:26", "end": "00:16:28", "text": "uh buying collectibles, you're supposed"}, {"start": "00:16:28", "end": "00:16:29", "text": "to buy something at a low price and then"}, {"start": "00:16:29", "end": "00:16:32", "text": "sell it at a high price. That process is"}, {"start": "00:16:32", "end": "00:16:34", "text": "called arbitrage. The difference is that"}, {"start": "00:16:34", "end": "00:16:36", "text": "wealthy people have the ability to"}, {"start": "00:16:36", "end": "00:16:40", "text": "arbitrage basic loans. What I mean by"}, {"start": "00:16:40", "end": "00:16:42", "text": "that is they can approach a bank and ask"}, {"start": "00:16:42", "end": "00:16:47", "text": "for a $3 million loan. The bank wants to"}, {"start": "00:16:47", "end": "00:16:48", "text": "give them the loan because the bank"}, {"start": "00:16:48", "end": "00:16:50", "text": "knows that that wealthy person is very"}, {"start": "00:16:50", "end": "00:16:53", "text": "likely to pay the loan back. So the bank"}, {"start": "00:16:53", "end": "00:16:55", "text": "will do whatever it can to incentivize"}, {"start": "00:16:55", "end": "00:16:57", "text": "the person to take the loan. So, while"}, {"start": "00:16:57", "end": "00:16:58", "text": "interest rates might say that the"}, {"start": "00:16:58", "end": "00:17:01", "text": "average personal loan costs 12"}, {"start": "00:17:01", "end": "00:17:03", "text": "percentage points in interest, they will"}, {"start": "00:17:03", "end": "00:17:05", "text": "give that loan to a wealthy person for"}, {"start": "00:17:05", "end": "00:17:08", "text": "half that interest rate, 6%. Well, that"}, {"start": "00:17:08", "end": "00:17:09", "text": "wealthy person knows that if they can"}, {"start": "00:17:09", "end": "00:17:13", "text": "get a 6% interest rate on a $3 million"}, {"start": "00:17:13", "end": "00:17:16", "text": "loan, they can then take that $3 million"}, {"start": "00:17:16", "end": "00:17:18", "text": "and invest it in assets like"}, {"start": "00:17:18", "end": "00:17:21", "text": "cryptocurrency or like the stock market"}, {"start": "00:17:21", "end": "00:17:24", "text": "and they'll get a 15 to 20% return on"}, {"start": "00:17:24", "end": "00:17:26", "text": "their investment. So, what the wealthy"}, {"start": "00:17:26", "end": "00:17:28", "text": "person will do is negotiate with the"}, {"start": "00:17:28", "end": "00:17:30", "text": "bank to get a 6% interest rate that"}, {"start": "00:17:30", "end": "00:17:33", "text": "doesn't start until after one year. And"}, {"start": "00:17:33", "end": "00:17:35", "text": "then they'll take that $3 million,"}, {"start": "00:17:35", "end": "00:17:37", "text": "invest it in the stock market when they"}, {"start": "00:17:37", "end": "00:17:38", "text": "know the stock market is going to rise"}, {"start": "00:17:38", "end": "00:17:40", "text": "because they understand what's happening"}, {"start": "00:17:40", "end": "00:17:42", "text": "in an economic collapse. And then"}, {"start": "00:17:42", "end": "00:17:45", "text": "they'll make 12 to 20% interest over the"}, {"start": "00:17:45", "end": "00:17:48", "text": "course of a year on their $3 million."}, {"start": "00:17:48", "end": "00:17:50", "text": "Then they'll cash out of the stock"}, {"start": "00:17:50", "end": "00:17:52", "text": "market and they'll pay back the original"}, {"start": "00:17:52", "end": "00:17:55", "text": "$3 million loan before the interest is"}, {"start": "00:17:55", "end": "00:17:57", "text": "due, which means that they've spent no"}, {"start": "00:17:57", "end": "00:17:59", "text": "interest and none of their own real"}, {"start": "00:17:59", "end": "00:18:02", "text": "money. Meanwhile, they have pocketed 15"}, {"start": "00:18:02", "end": "00:18:04", "text": "to 20% of the value of the $3 million"}, {"start": "00:18:04", "end": "00:18:06", "text": "they already took. Meaning they just"}, {"start": "00:18:06", "end": "00:18:09", "text": "earned about $600,000"}, {"start": "00:18:09", "end": "00:18:11", "text": "for doing nothing. And that's how the"}, {"start": "00:18:11", "end": "00:18:14", "text": "rich get richer in a time of economic"}, {"start": "00:18:14", "end": "00:18:17", "text": "pressure because everybody wants to lend"}, {"start": "00:18:17", "end": "00:18:19", "text": "to them. and they understand how the"}, {"start": "00:18:19", "end": "00:18:21", "text": "economy works with economic pressures."}, {"start": "00:18:21", "end": "00:18:23", "text": "You might be wondering, well, how would"}, {"start": "00:18:23", "end": "00:18:25", "text": "the rich person know that the stock"}, {"start": "00:18:25", "end": "00:18:26", "text": "market's going to increase in an"}, {"start": "00:18:26", "end": "00:18:28", "text": "economic collapse? And the answer there"}, {"start": "00:18:28", "end": "00:18:30", "text": "lies in the fact that wealthy people"}, {"start": "00:18:30", "end": "00:18:32", "text": "think differently about money. Because"}, {"start": "00:18:32", "end": "00:18:34", "text": "the wealthy understand that we are based"}, {"start": "00:18:34", "end": "00:18:36", "text": "on an inflationary economy, they"}, {"start": "00:18:36", "end": "00:18:37", "text": "understand that the stock market is one"}, {"start": "00:18:37", "end": "00:18:39", "text": "of the easiest things to manipulate"}, {"start": "00:18:39", "end": "00:18:41", "text": "using your currency and your interest"}, {"start": "00:18:41", "end": "00:18:43", "text": "rates. Because businesses work just like"}, {"start": "00:18:43", "end": "00:18:45", "text": "people work. So, as interest rates drop,"}, {"start": "00:18:45", "end": "00:18:48", "text": "not only do people take more loans,"}, {"start": "00:18:48", "end": "00:18:50", "text": "businesses take more loans. And as"}, {"start": "00:18:50", "end": "00:18:52", "text": "businesses take their loans, they invest"}, {"start": "00:18:52", "end": "00:18:54", "text": "in their business. And as business"}, {"start": "00:18:54", "end": "00:18:56", "text": "investment increases, so too does the"}, {"start": "00:18:56", "end": "00:18:58", "text": "stock market increase. And the value of"}, {"start": "00:18:58", "end": "00:19:01", "text": "each of those key stocks increases. So,"}, {"start": "00:19:01", "end": "00:19:03", "text": "wealthy people can already predict that"}, {"start": "00:19:03", "end": "00:19:04", "text": "when interest rates go down, the stock"}, {"start": "00:19:04", "end": "00:19:06", "text": "market will go up. You probably already"}, {"start": "00:19:06", "end": "00:19:08", "text": "know that when interest rates go down,"}, {"start": "00:19:08", "end": "00:19:10", "text": "stock markets go up. But that doesn't"}, {"start": "00:19:10", "end": "00:19:12", "text": "mean that the stock market growth is"}, {"start": "00:19:12", "end": "00:19:14", "text": "permanent. It doesn't mean that the"}, {"start": "00:19:14", "end": "00:19:16", "text": "stock market growth is long-term. It"}, {"start": "00:19:16", "end": "00:19:18", "text": "doesn't even mean that that growth is"}, {"start": "00:19:18", "end": "00:19:21", "text": "healthy. It's just a manipulation of the"}, {"start": "00:19:21", "end": "00:19:23", "text": "economy. So, wealthy people want to"}, {"start": "00:19:23", "end": "00:19:26", "text": "invest in the stock market early after"}, {"start": "00:19:26", "end": "00:19:28", "text": "interest rates go down because they know"}, {"start": "00:19:28", "end": "00:19:30", "text": "the value of those stocks will go up"}, {"start": "00:19:30", "end": "00:19:33", "text": "very quickly for a short period of time"}, {"start": "00:19:33", "end": "00:19:35", "text": "and then they will turn and drop again."}, {"start": "00:19:35", "end": "00:19:37", "text": "Just look at what happened during the"}, {"start": "00:19:37", "end": "00:19:39", "text": "dotcom bust. Just look at what happened"}, {"start": "00:19:39", "end": "00:19:41", "text": "during the Great Recession when the real"}, {"start": "00:19:41", "end": "00:19:43", "text": "estate bubble burst. You'll see exactly"}, {"start": "00:19:43", "end": "00:19:45", "text": "the same pattern. A rapid increase and"}, {"start": "00:19:45", "end": "00:19:47", "text": "then a drop. You can even look at what"}, {"start": "00:19:47", "end": "00:19:49", "text": "happened following COVID. A rapid"}, {"start": "00:19:49", "end": "00:19:51", "text": "increase and then a drop. This is what"}, {"start": "00:19:51", "end": "00:19:52", "text": "has been happening in economies going"}, {"start": "00:19:52", "end": "00:19:55", "text": "all the way back to the Ottoman Empire"}, {"start": "00:19:55", "end": "00:19:57", "text": "when governments mess with the economy"}, {"start": "00:19:57", "end": "00:19:59", "text": "to try to please the people and then the"}, {"start": "00:19:59", "end": "00:20:01", "text": "inflationary pressure ultimately"}, {"start": "00:20:01", "end": "00:20:03", "text": "collapses the economy in on the very"}, {"start": "00:20:03", "end": "00:20:06", "text": "same people they were trying to protect."}, {"start": "00:20:06", "end": "00:20:07", "text": "Now you understand that wealthy people"}, {"start": "00:20:07", "end": "00:20:10", "text": "are actually growing their wealth in the"}, {"start": "00:20:10", "end": "00:20:12", "text": "middle of economic chaos. They're"}, {"start": "00:20:12", "end": "00:20:14", "text": "growing through diversification. They're"}, {"start": "00:20:14", "end": "00:20:16", "text": "growing through arbitrage. The third and"}, {"start": "00:20:16", "end": "00:20:18", "text": "final place that they're growing is with"}, {"start": "00:20:18", "end": "00:20:20", "text": "assets. Assets, meaning things that you"}, {"start": "00:20:20", "end": "00:20:22", "text": "buy with your money, have a very"}, {"start": "00:20:22", "end": "00:20:24", "text": "different behavior than cash itself. And"}, {"start": "00:20:24", "end": "00:20:26", "text": "they have a very different behavior than"}, {"start": "00:20:26", "end": "00:20:28", "text": "investment vehicles like stocks. Assets"}, {"start": "00:20:28", "end": "00:20:31", "text": "have the benefit of always having a"}, {"start": "00:20:31", "end": "00:20:33", "text": "limited supply. And because you have a"}, {"start": "00:20:33", "end": "00:20:36", "text": "limited supply of land, of water, of"}, {"start": "00:20:36", "end": "00:20:39", "text": "gold, the inflationary effect of the"}, {"start": "00:20:39", "end": "00:20:41", "text": "economy, meaning the increasing amount"}, {"start": "00:20:41", "end": "00:20:44", "text": "of dollars at decreased dollar values,"}, {"start": "00:20:44", "end": "00:20:47", "text": "has the inverse effect, the opposite"}, {"start": "00:20:47", "end": "00:20:51", "text": "effect on assets. So your house that you"}, {"start": "00:20:51", "end": "00:20:54", "text": "have right now will only go up in value"}, {"start": "00:20:54", "end": "00:20:58", "text": "as the economy suffers inflation. So the"}, {"start": "00:20:58", "end": "00:20:59", "text": "physical property that you have, which"}, {"start": "00:20:59", "end": "00:21:02", "text": "is a limited commodity, will only"}, {"start": "00:21:02", "end": "00:21:04", "text": "increase in value as the economy"}, {"start": "00:21:04", "end": "00:21:06", "text": "continues to collapse because the"}, {"start": "00:21:06", "end": "00:21:07", "text": "government and mortgage companies"}, {"start": "00:21:07", "end": "00:21:09", "text": "understand that as dollars are worth"}, {"start": "00:21:09", "end": "00:21:13", "text": "less per dollar, your property value can"}, {"start": "00:21:13", "end": "00:21:17", "text": "increase to be worth more dollars, but"}, {"start": "00:21:17", "end": "00:21:20", "text": "still actually carry the same core"}, {"start": "00:21:20", "end": "00:21:21", "text": "value. That might be a little bit hard"}, {"start": "00:21:21", "end": "00:21:24", "text": "to understand. As a dollar decreases"}, {"start": "00:21:24", "end": "00:21:27", "text": "from say a dollar value to a 90 cent"}, {"start": "00:21:27", "end": "00:21:29", "text": "value, meaning the dollar in your pocket"}, {"start": "00:21:29", "end": "00:21:31", "text": "yesterday was worth $1, the dollar in"}, {"start": "00:21:31", "end": "00:21:34", "text": "your pocket today is worth 90. As that"}, {"start": "00:21:34", "end": "00:21:36", "text": "dollar value decreases, the value of"}, {"start": "00:21:36", "end": "00:21:38", "text": "your home, the value of your asset, the"}, {"start": "00:21:38", "end": "00:21:40", "text": "value of the gold in your closet,"}, {"start": "00:21:40", "end": "00:21:44", "text": "actually stays the same. The value stays"}, {"start": "00:21:44", "end": "00:21:47", "text": "the same. But the dollar value, meaning"}, {"start": "00:21:47", "end": "00:21:50", "text": "how many dollars it takes to equal the"}, {"start": "00:21:50", "end": "00:21:53", "text": "same value, the dollar value goes up. So"}, {"start": "00:21:53", "end": "00:21:55", "text": "while gold might be worth whatever gold"}, {"start": "00:21:55", "end": "00:21:58", "text": "is worth, it takes more dollars in order"}, {"start": "00:21:58", "end": "00:22:00", "text": "to equal the same amount that gold is"}, {"start": "00:22:00", "end": "00:22:02", "text": "worth. Your house is worth whatever your"}, {"start": "00:22:02", "end": "00:22:04", "text": "house is worth, but it will take more"}, {"start": "00:22:04", "end": "00:22:06", "text": "dollars to equal what your house is"}, {"start": "00:22:06", "end": "00:22:08", "text": "worth. That accounts for about 50% of"}, {"start": "00:22:08", "end": "00:22:10", "text": "the price change you see in your house"}, {"start": "00:22:10", "end": "00:22:12", "text": "and the price of gold and the price of"}, {"start": "00:22:12", "end": "00:22:14", "text": "cryptocurrency. Simply put, the asset"}, {"start": "00:22:14", "end": "00:22:17", "text": "doesn't reduce in value. The asset stays"}, {"start": "00:22:17", "end": "00:22:20", "text": "stable, but the dollar value to buy the"}, {"start": "00:22:20", "end": "00:22:23", "text": "asset increases. Now, secondary to that,"}, {"start": "00:22:23", "end": "00:22:26", "text": "you have the perceived value of the"}, {"start": "00:22:26", "end": "00:22:28", "text": "asset. So, not just the real value, but"}, {"start": "00:22:28", "end": "00:22:31", "text": "the perceived value because as every day"}, {"start": "00:22:31", "end": "00:22:33", "text": "goes by and your dollar continues to be"}, {"start": "00:22:33", "end": "00:22:37", "text": "worth less, the asset not only retains"}, {"start": "00:22:37", "end": "00:22:40", "text": "its value, but it's perceived to be even"}, {"start": "00:22:40", "end": "00:22:43", "text": "more valuable. Because while your 90"}, {"start": "00:22:43", "end": "00:22:45", "text": "dollar might be okay today, tomorrow it"}, {"start": "00:22:45", "end": "00:22:47", "text": "might be a $75 dollar. The day after"}, {"start": "00:22:47", "end": "00:22:49", "text": "that it might be a 70cent dollar, 10"}, {"start": "00:22:49", "end": "00:22:51", "text": "years from now it might be a$10cent"}, {"start": "00:22:51", "end": "00:22:54", "text": "dollar. Well, that makes that gold"}, {"start": "00:22:54", "end": "00:22:55", "text": "investment that makes that"}, {"start": "00:22:55", "end": "00:22:57", "text": "cryptocurrency that makes that home or"}, {"start": "00:22:57", "end": "00:22:59", "text": "that residential building very very"}, {"start": "00:22:59", "end": "00:23:02", "text": "attractive. That's the perceived value."}, {"start": "00:23:02", "end": "00:23:05", "text": "So, not only do assets increase in value"}, {"start": "00:23:05", "end": "00:23:07", "text": "because of the dollar value that it"}, {"start": "00:23:07", "end": "00:23:09", "text": "takes to equal them, but they also"}, {"start": "00:23:09", "end": "00:23:10", "text": "increase in value because of the"}, {"start": "00:23:10", "end": "00:23:14", "text": "perceived value they have as a limited"}, {"start": "00:23:14", "end": "00:23:16", "text": "asset. There is no place that you have"}, {"start": "00:23:16", "end": "00:23:18", "text": "seen this more clearly than in"}, {"start": "00:23:18", "end": "00:23:19", "text": "cryptocurrency,"}, {"start": "00:23:19", "end": "00:23:22", "text": "specifically Bitcoin. Bitcoin is a"}, {"start": "00:23:22", "end": "00:23:24", "text": "cryptocurrency that has a limited number"}, {"start": "00:23:24", "end": "00:23:27", "text": "of total coins. And because it has that"}, {"start": "00:23:27", "end": "00:23:29", "text": "limited number, as the economy shifts"}, {"start": "00:23:29", "end": "00:23:32", "text": "and changes, the perceived value of"}, {"start": "00:23:32", "end": "00:23:34", "text": "Bitcoin shifts and changes. And as we"}, {"start": "00:23:34", "end": "00:23:36", "text": "have seen more and more uncertainty in"}, {"start": "00:23:36", "end": "00:23:39", "text": "the economy, you have seen more and more"}, {"start": "00:23:39", "end": "00:23:42", "text": "perceived value of Bitcoin on the open"}, {"start": "00:23:42", "end": "00:23:44", "text": "market. And that's not just specific to"}, {"start": "00:23:44", "end": "00:23:46", "text": "Bitcoin. That's multiple"}, {"start": "00:23:46", "end": "00:23:48", "text": "cryptocurrencies that you have seen in"}, {"start": "00:23:48", "end": "00:23:50", "text": "the marketplace. The bad news is that"}, {"start": "00:23:50", "end": "00:23:52", "text": "rich people will thrive in the upcoming"}, {"start": "00:23:52", "end": "00:23:54", "text": "economic collapse. And because of that"}, {"start": "00:23:54", "end": "00:23:56", "text": "success, they will further exacerbate"}, {"start": "00:23:56", "end": "00:23:59", "text": "the speed with which that economic"}, {"start": "00:23:59", "end": "00:24:01", "text": "collapse happens. And that's why you see"}, {"start": "00:24:01", "end": "00:24:03", "text": "people all over the world talking about"}, {"start": "00:24:03", "end": "00:24:06", "text": "the upcoming economic collapse. But the"}, {"start": "00:24:06", "end": "00:24:08", "text": "good news is there are things that you"}, {"start": "00:24:08", "end": "00:24:10", "text": "can do to protect yourself. If you own"}, {"start": "00:24:10", "end": "00:24:13", "text": "assets, if you own precious metals, if"}, {"start": "00:24:13", "end": "00:24:15", "text": "you own a home, then your assets are"}, {"start": "00:24:15", "end": "00:24:17", "text": "going to continue to offset the loss of"}, {"start": "00:24:17", "end": "00:24:19", "text": "the economic collapse. If you own your"}, {"start": "00:24:19", "end": "00:24:21", "text": "own business, if you have a way to turn"}, {"start": "00:24:21", "end": "00:24:23", "text": "your ideas into money, then you're going"}, {"start": "00:24:23", "end": "00:24:25", "text": "to be better set for the upcoming"}, {"start": "00:24:25", "end": "00:24:27", "text": "economic pressure than anybody else"}, {"start": "00:24:27", "end": "00:24:29", "text": "because you can innovate and create new"}, {"start": "00:24:29", "end": "00:24:31", "text": "things that nobody else has created. The"}, {"start": "00:24:31", "end": "00:24:33", "text": "person who's going to lose the most, the"}, {"start": "00:24:33", "end": "00:24:35", "text": "person who's going to feel the most pain"}, {"start": "00:24:35", "end": "00:24:36", "text": "is the person who either has little"}, {"start": "00:24:36", "end": "00:24:38", "text": "money or no money. And the person who"}, {"start": "00:24:38", "end": "00:24:41", "text": "has all of their money basically tied in"}, {"start": "00:24:41", "end": "00:24:44", "text": "cash or tied to the stock market because"}, {"start": "00:24:44", "end": "00:24:46", "text": "cash will continue to decline. And of"}, {"start": "00:24:46", "end": "00:24:47", "text": "course, the stock market after it"}, {"start": "00:24:47", "end": "00:24:51", "text": "rallies will have a significant drop as"}, {"start": "00:24:51", "end": "00:24:53", "text": "well. There's not much you can do if you"}, {"start": "00:24:53", "end": "00:24:55", "text": "have no money. One of the key things"}, {"start": "00:24:55", "end": "00:24:58", "text": "that you can do is start acting now to"}, {"start": "00:24:58", "end": "00:25:01", "text": "buy assets. And if you have all of your"}, {"start": "00:25:01", "end": "00:25:03", "text": "money put into cash or put into some"}, {"start": "00:25:03", "end": "00:25:05", "text": "sort of stock market driven engine like"}, {"start": "00:25:05", "end": "00:25:08", "text": "a 401k or like a stock market savings"}, {"start": "00:25:08", "end": "00:25:10", "text": "account or some sort of money market,"}, {"start": "00:25:10", "end": "00:25:12", "text": "you can also move the type of asset that"}, {"start": "00:25:12", "end": "00:25:14", "text": "you're investing in. So you're no longer"}, {"start": "00:25:14", "end": "00:25:16", "text": "tied to the stock market. In fact, one"}, {"start": "00:25:16", "end": "00:25:18", "text": "of the best solutions that I found out"}, {"start": "00:25:18", "end": "00:25:19", "text": "there is provided by something called"}, {"start": "00:25:19", "end": "00:25:22", "text": "Block Trust IRA. Block Trust IRA is a"}, {"start": "00:25:22", "end": "00:25:24", "text": "government approved solution that lets"}, {"start": "00:25:24", "end": "00:25:27", "text": "you move your retirement savings out of"}, {"start": "00:25:27", "end": "00:25:30", "text": "the stock market, out of cash, and into"}, {"start": "00:25:30", "end": "00:25:33", "text": "an AI controlled network of"}, {"start": "00:25:33", "end": "00:25:35", "text": "cryptocurrency investments. better than"}, {"start": "00:25:35", "end": "00:25:38", "text": "Bitcoin itself. Block Trust IRA has"}, {"start": "00:25:38", "end": "00:25:40", "text": "actually outperformed Bitcoin and the"}, {"start": "00:25:40", "end": "00:25:43", "text": "rest of the crypto market by 250%"}, {"start": "00:25:43", "end": "00:25:46", "text": "consistently since 2022. They have an"}, {"start": "00:25:46", "end": "00:25:49", "text": "incredible track record and a fantastic"}, {"start": "00:25:49", "end": "00:25:50", "text": "rating not only among their"}, {"start": "00:25:50", "end": "00:25:52", "text": "cryptocurrency peers, but against"}, {"start": "00:25:52", "end": "00:25:55", "text": "standard banking peers for being able to"}, {"start": "00:25:55", "end": "00:25:57", "text": "protect and increase the investment"}, {"start": "00:25:57", "end": "00:25:58", "text": "benefits to the people who have an"}, {"start": "00:25:58", "end": "00:26:02", "text": "account with Block Trust IRA. I myself"}, {"start": "00:26:02", "end": "00:26:04", "text": "have diversified my accounts not only"}, {"start": "00:26:04", "end": "00:26:06", "text": "into cryptocurrency but also into"}, {"start": "00:26:06", "end": "00:26:08", "text": "physical assets and foreign currency. I"}, {"start": "00:26:08", "end": "00:26:10", "text": "have arranged with Block Trust IRA to"}, {"start": "00:26:10", "end": "00:26:12", "text": "give $2,500"}, {"start": "00:26:12", "end": "00:26:15", "text": "in bonus funding to anybody who watches"}, {"start": "00:26:15", "end": "00:26:18", "text": "this video and then signs up for an"}, {"start": "00:26:18", "end": "00:26:19", "text": "account with them. So they understand"}, {"start": "00:26:19", "end": "00:26:21", "text": "the value of their assets and they"}, {"start": "00:26:21", "end": "00:26:23", "text": "understand that in the coming economic"}, {"start": "00:26:23", "end": "00:26:25", "text": "collapse there will be the people who"}, {"start": "00:26:25", "end": "00:26:28", "text": "hold their cash believe in the stock"}, {"start": "00:26:28", "end": "00:26:29", "text": "market and there will be people who"}, {"start": "00:26:29", "end": "00:26:32", "text": "diversify out of the stock market and"}, {"start": "00:26:32", "end": "00:26:34", "text": "out of cash and they want to support"}, {"start": "00:26:34", "end": "00:26:36", "text": "that group of people. To be clear,"}, {"start": "00:26:36", "end": "00:26:38", "text": "cryptocurrency is not just Bitcoin, and"}, {"start": "00:26:38", "end": "00:26:40", "text": "I'm not a fan of Bitcoin myself for"}, {"start": "00:26:40", "end": "00:26:42", "text": "many, many different reasons. But I am a"}, {"start": "00:26:42", "end": "00:26:45", "text": "fan of cryptocurrency, particularly as"}, {"start": "00:26:45", "end": "00:26:48", "text": "an alternative asset to cash, because"}, {"start": "00:26:48", "end": "00:26:50", "text": "cryptocurrencies are limited in ways"}, {"start": "00:26:50", "end": "00:26:52", "text": "that cash aren't, and because"}, {"start": "00:26:52", "end": "00:26:54", "text": "cryptocurrencies will withstand the"}, {"start": "00:26:54", "end": "00:26:57", "text": "pressure of economic collapse in a way"}, {"start": "00:26:57", "end": "00:26:59", "text": "that cash won't. So, if you've been"}, {"start": "00:26:59", "end": "00:27:01", "text": "looking for a way to protect the savings"}, {"start": "00:27:01", "end": "00:27:04", "text": "that you have, the money that you have,"}, {"start": "00:27:04", "end": "00:27:06", "text": "the legacy and the wealth that you have,"}, {"start": "00:27:06", "end": "00:27:08", "text": "and you know that cash is not going to"}, {"start": "00:27:08", "end": "00:27:10", "text": "be the solution for the future, you've"}, {"start": "00:27:10", "end": "00:27:12", "text": "been looking for what that solution is."}, {"start": "00:27:12", "end": "00:27:14", "text": "That solution is diversification and"}, {"start": "00:27:14", "end": "00:27:16", "text": "modeling your financial behaviors off of"}, {"start": "00:27:16", "end": "00:27:19", "text": "the financial behaviors of high- netw"}, {"start": "00:27:19", "end": "00:27:20", "text": "worth and ultra high net worth"}, {"start": "00:27:20", "end": "00:27:22", "text": "individuals. They are already moving"}, {"start": "00:27:22", "end": "00:27:24", "text": "massive amounts of money into crypto"}, {"start": "00:27:24", "end": "00:27:26", "text": "assets because they understand those"}, {"start": "00:27:26", "end": "00:27:28", "text": "assets will survive the upcoming"}, {"start": "00:27:28", "end": "00:27:30", "text": "economic collapse. You can do the same"}, {"start": "00:27:30", "end": "00:27:32", "text": "thing using Block Trust IRA. All you"}, {"start": "00:27:32", "end": "00:27:34", "text": "have to do is click on the first link in"}, {"start": "00:27:34", "end": "00:27:37", "text": "the description below or visit"}, {"start": "00:27:37", "end": "00:27:38", "text": "edscrypto.com"}, {"start": "00:27:38", "end": "00:27:40", "text": "and sign up today for your Block Trust"}, {"start": "00:27:40", "end": "00:27:43", "text": "IRA account. Whether you choose to move"}, {"start": "00:27:43", "end": "00:27:44", "text": "part of your money, none of your money,"}, {"start": "00:27:44", "end": "00:27:47", "text": "or all of your money into it, you will"}, {"start": "00:27:47", "end": "00:27:49", "text": "find that that asset grows and is"}, {"start": "00:27:49", "end": "00:27:51", "text": "protected better than anything in your"}, {"start": "00:27:51", "end": "00:27:53", "text": "bank account, anything in your wallet,"}, {"start": "00:27:53", "end": "00:27:55", "text": "and anything in the international stock"}, {"start": "00:27:55", "end": "00:27:57", "text": "market. I'll see you there at Block"}, {"start": "00:27:57", "end": "00:27:59", "text": "Trust IRA. I'll see you on the other"}, {"start": "00:27:59", "end": "00:28:02", "text": "side of all this economic bad news where"}, {"start": "00:28:02", "end": "00:28:04", "text": "your wealth and mine have been protected"}, {"start": "00:28:04", "end": "00:28:07", "text": "by assets like Block Trust IRA. And we"}, {"start": "00:28:07", "end": "00:28:09", "text": "will celebrate the fact that we moved"}, {"start": "00:28:09", "end": "00:28:11", "text": "when we moved rather than letting"}, {"start": "00:28:11", "end": "00:28:14", "text": "ourselves get crushed like so many"}, {"start": "00:28:14", "end": "00:28:17", "text": "people around us."}]

[{"start": "00:00:00", "end": "00:00:03", "text": "This is the $300 trillion shift. This is"}, {"start": "00:00:03", "end": "00:00:05", "text": "the move that could put the entire Wall"}, {"start": "00:00:05", "end": "00:00:08", "text": "Street bond market into a brand new"}, {"start": "00:00:08", "end": "00:00:09", "text": "system of money. What we're talking"}, {"start": "00:00:09", "end": "00:00:12", "text": "about is the first new financial asset"}, {"start": "00:00:12", "end": "00:00:14", "text": "in 500 years. Now, for about the last"}, {"start": "00:00:14", "end": "00:00:17", "text": "300 years, the world ran on goldbacked"}, {"start": "00:00:17", "end": "00:00:18", "text": "credit. But now, for the first time in"}, {"start": "00:00:18", "end": "00:00:21", "text": "about 500 years, we have a new base"}, {"start": "00:00:21", "end": "00:00:23", "text": "layer. What we're calling digital"}, {"start": "00:00:23", "end": "00:00:25", "text": "capital, or as Michael Sailor puts it,"}, {"start": "00:00:25", "end": "00:00:27", "text": "Bitcoin is money. Everything else is"}, {"start": "00:00:27", "end": "00:00:30", "text": "credit. Now, we've digitized books,"}, {"start": "00:00:30", "end": "00:00:32", "text": "music, movies, and now it's time for"}, {"start": "00:00:32", "end": "00:00:34", "text": "money itself. And like all things"}, {"start": "00:00:34", "end": "00:00:36", "text": "digital, it's faster, it's stronger, and"}, {"start": "00:00:36", "end": "00:00:38", "text": "it's better. And it's replacing the"}, {"start": "00:00:38", "end": "00:00:40", "text": "fragile financial capital of the"}, {"start": "00:00:40", "end": "00:00:42", "text": "industrial era. And on top of this"}, {"start": "00:00:42", "end": "00:00:44", "text": "digital capital, we can now build"}, {"start": "00:00:44", "end": "00:00:47", "text": "something even bigger, digital credit."}, {"start": "00:00:47", "end": "00:00:48", "text": "Now, I've been building I've been"}, {"start": "00:00:48", "end": "00:00:50", "text": "selling tech companies for decades. I'm"}, {"start": "00:00:50", "end": "00:00:51", "text": "a partner at leading Bitcoin venture"}, {"start": "00:00:51", "end": "00:00:53", "text": "fund. I'm an officer of my own publicly"}, {"start": "00:00:53", "end": "00:00:55", "text": "traded Bitcoin treasury company. And"}, {"start": "00:00:55", "end": "00:00:57", "text": "these aren't just theories, right? This"}, {"start": "00:00:57", "end": "00:00:59", "text": "is the exact playbook that we're running"}, {"start": "00:00:59", "end": "00:01:01", "text": "at the highest level. And in this video,"}, {"start": "00:01:01", "end": "00:01:03", "text": "I'm going to show you how it all works"}, {"start": "00:01:03", "end": "00:01:05", "text": "and what it means for your wealth. So,"}, {"start": "00:01:05", "end": "00:01:08", "text": "let's go. All right. So, jumping right"}, {"start": "00:01:08", "end": "00:01:11", "text": "in. You know, most people think of money"}, {"start": "00:01:11", "end": "00:01:14", "text": "as something like this. Bills, paper"}, {"start": "00:01:14", "end": "00:01:15", "text": "currency, right? Something they'd keep"}, {"start": "00:01:15", "end": "00:01:17", "text": "in their wallet,"}, {"start": "00:01:17", "end": "00:01:19", "text": "numbers on their bank app. But the"}, {"start": "00:01:19", "end": "00:01:21", "text": "majority of what we call dollars,"}, {"start": "00:01:21", "end": "00:01:23", "text": "they're not actually dollars at all."}, {"start": "00:01:23", "end": "00:01:25", "text": "They're credit. You see, bank deposits"}, {"start": "00:01:25", "end": "00:01:28", "text": "are just IUS and they're backed by other"}, {"start": "00:01:28", "end": "00:01:32", "text": "IUs. Like your cash is just a claim on"}, {"start": "00:01:32", "end": "00:01:35", "text": "someone else's balance sheet, right? The"}, {"start": "00:01:35", "end": "00:01:37", "text": "reason why is we're we're in a credit."}, {"start": "00:01:37", "end": "00:01:39", "text": "We're more precisely in a debt-based"}, {"start": "00:01:39", "end": "00:01:41", "text": "monetary system. And new money isn't"}, {"start": "00:01:41", "end": "00:01:43", "text": "created by producing more value like"}, {"start": "00:01:43", "end": "00:01:45", "text": "it's supposed to. Instead, it's being"}, {"start": "00:01:45", "end": "00:01:47", "text": "created through debt issuance. So, every"}, {"start": "00:01:47", "end": "00:01:49", "text": "time the government sells a bond, right,"}, {"start": "00:01:49", "end": "00:01:52", "text": "or a bank makes a loan, more dollars get"}, {"start": "00:01:52", "end": "00:01:54", "text": "created. That means the entire system"}, {"start": "00:01:54", "end": "00:01:57", "text": "rests on a foundation of debt. Now the"}, {"start": "00:01:57", "end": "00:01:59", "text": "problem with that is that when the"}, {"start": "00:01:59", "end": "00:02:01", "text": "foundation of the financial system is"}, {"start": "00:02:01", "end": "00:02:04", "text": "government treasuries, fiat currency,"}, {"start": "00:02:04", "end": "00:02:06", "text": "right, or real estate, you inherit all"}, {"start": "00:02:06", "end": "00:02:09", "text": "the risks of inflation, counterparty"}, {"start": "00:02:09", "end": "00:02:11", "text": "failure, and debasement. Now the capital"}, {"start": "00:02:11", "end": "00:02:14", "text": "itself is deteriorating while more and"}, {"start": "00:02:14", "end": "00:02:17", "text": "more credit is stacked up on top of it."}, {"start": "00:02:17", "end": "00:02:18", "text": "So the real question is this, like what"}, {"start": "00:02:18", "end": "00:02:20", "text": "happens when we rebuild the entire"}, {"start": "00:02:20", "end": "00:02:23", "text": "credit system? but on top of a new form"}, {"start": "00:02:23", "end": "00:02:26", "text": "of capital. And I'm calling this digital"}, {"start": "00:02:26", "end": "00:02:28", "text": "capital. And it can't be printed. It"}, {"start": "00:02:28", "end": "00:02:29", "text": "can't be inflated. And it doesn't"}, {"start": "00:02:29", "end": "00:02:32", "text": "deteriorate. We're talking about a new"}, {"start": "00:02:32", "end": "00:02:34", "text": "foundation built on this new digital"}, {"start": "00:02:34", "end": "00:02:35", "text": "capital, right? And if we think about"}, {"start": "00:02:35", "end": "00:02:37", "text": "it, as I said in the intro, right? We"}, {"start": "00:02:37", "end": "00:02:40", "text": "digitize books. We digitize music."}, {"start": "00:02:40", "end": "00:02:42", "text": "Movies are digital now, right? They"}, {"start": "00:02:42", "end": "00:02:45", "text": "stream. And now we're digitizing money"}, {"start": "00:02:45", "end": "00:02:47", "text": "itself. And like every other digital"}, {"start": "00:02:47", "end": "00:02:50", "text": "transformation that we've seen, it moves"}, {"start": "00:02:50", "end": "00:02:52", "text": "faster, right? It's stronger and it's"}, {"start": "00:02:52", "end": "00:02:54", "text": "much better than anything that came"}, {"start": "00:02:54", "end": "00:02:56", "text": "before it. And so Bitcoin is sort of"}, {"start": "00:02:56", "end": "00:02:58", "text": "like digital gold, but it's so much more"}, {"start": "00:02:58", "end": "00:03:01", "text": "than that. It's something gold could"}, {"start": "00:03:01", "end": "00:03:03", "text": "never be. It's digital, right? It's"}, {"start": "00:03:03", "end": "00:03:05", "text": "digital capital. So this new digital"}, {"start": "00:03:05", "end": "00:03:07", "text": "capital is the base layer of this new"}, {"start": "00:03:07", "end": "00:03:09", "text": "financial system that's being built. And"}, {"start": "00:03:09", "end": "00:03:12", "text": "unlike fiat, it can't be printed. Unlike"}, {"start": "00:03:12", "end": "00:03:14", "text": "real estate, it doesn't deteriorate."}, {"start": "00:03:14", "end": "00:03:16", "text": "Unlike gold, it can be moved at the"}, {"start": "00:03:16", "end": "00:03:18", "text": "speed of light. It can be audited"}, {"start": "00:03:18", "end": "00:03:20", "text": "instantly. And it can be programmed into"}, {"start": "00:03:20", "end": "00:03:22", "text": "any financial system on Earth. It's"}, {"start": "00:03:22", "end": "00:03:25", "text": "incorruptible. It's scarce. It's"}, {"start": "00:03:25", "end": "00:03:27", "text": "permanent. And it's the perfect"}, {"start": "00:03:27", "end": "00:03:28", "text": "collateral for credit."}, {"start": "00:03:28", "end": "00:03:30", "text": "P. Morgan said, \"Gold is money."}, {"start": "00:03:30", "end": "00:03:31", "text": "Everything else is credit.\" This"}, {"start": "00:03:31", "end": "00:03:33", "text": "morning, I said, \"Bitcoin is money."}, {"start": "00:03:33", "end": "00:03:35", "text": "Everything else is credit.\" The success"}, {"start": "00:03:35", "end": "00:03:38", "text": "of gold is indicative of the demand of"}, {"start": "00:03:38", "end": "00:03:41", "text": "mainstream investors to have a bearer"}, {"start": "00:03:41", "end": "00:03:43", "text": "instrument that's a long-term store of"}, {"start": "00:03:43", "end": "00:03:45", "text": "value that's not a currency derivative"}, {"start": "00:03:45", "end": "00:03:47", "text": "and doesn't have counterparty risk to a"}, {"start": "00:03:47", "end": "00:03:49", "text": "corporation."}, {"start": "00:03:49", "end": "00:03:51", "text": "Gold fits that bill. Bitcoin fits that"}, {"start": "00:03:51", "end": "00:03:53", "text": "bill even better. And it's sort of got"}, {"start": "00:03:53", "end": "00:03:55", "text": "the digital upside. You know, you could"}, {"start": "00:03:55", "end": "00:03:57", "text": "you can't teleport gold and you can't"}, {"start": "00:03:57", "end": "00:03:59", "text": "program gold to vibrate it a million"}, {"start": "00:03:59", "end": "00:04:02", "text": "times a second on a computer. So,"}, {"start": "00:04:02", "end": "00:04:05", "text": "Bitcoin is is the technology version of"}, {"start": "00:04:05", "end": "00:04:07", "text": "gold. It's digital gold. It's going to"}, {"start": "00:04:07", "end": "00:04:09", "text": "be, in my opinion, 10x bigger than gold."}, {"start": "00:04:09", "end": "00:04:11", "text": "All right, that's the shift. We're"}, {"start": "00:04:11", "end": "00:04:12", "text": "moving from a world of fragile,"}, {"start": "00:04:12", "end": "00:04:15", "text": "inflationary credit built on top of a"}, {"start": "00:04:15", "end": "00:04:17", "text": "weak foundation to a system where credit"}, {"start": "00:04:17", "end": "00:04:19", "text": "can be issued against the strongest"}, {"start": "00:04:19", "end": "00:04:22", "text": "capital base humanity's ever seen. Now,"}, {"start": "00:04:22", "end": "00:04:24", "text": "Bitcoin is it's like a lot of things,"}, {"start": "00:04:24", "end": "00:04:27", "text": "but what it is is it's digital capital."}, {"start": "00:04:27", "end": "00:04:28", "text": "And this doesn't just improve what we"}, {"start": "00:04:28", "end": "00:04:30", "text": "already have. It unlocks something"}, {"start": "00:04:30", "end": "00:04:33", "text": "entirely new. Now, by the way, if you"}, {"start": "00:04:33", "end": "00:04:34", "text": "want to really understand how this all"}, {"start": "00:04:34", "end": "00:04:36", "text": "plays out, which Bitcoin treasury"}, {"start": "00:04:36", "end": "00:04:38", "text": "companies like Strategy are building"}, {"start": "00:04:38", "end": "00:04:40", "text": "this new layer, this new system on"}, {"start": "00:04:40", "end": "00:04:41", "text": "digital credit, I did put together a"}, {"start": "00:04:41", "end": "00:04:44", "text": "full Bitcoin treasury guide and I'm"}, {"start": "00:04:44", "end": "00:04:45", "text": "walking through it live. I'm going to"}, {"start": "00:04:45", "end": "00:04:46", "text": "show you the charts I'm watching. I want"}, {"start": "00:04:46", "end": "00:04:48", "text": "to show you the companies I'm buying. Uh"}, {"start": "00:04:48", "end": "00:04:49", "text": "I want to answer all your questions"}, {"start": "00:04:49", "end": "00:04:50", "text": "live. There's a link in the description"}, {"start": "00:04:50", "end": "00:04:52", "text": "down below. We'll put a QR code here on"}, {"start": "00:04:52", "end": "00:04:53", "text": "the screen if you want to grab your"}, {"start": "00:04:53", "end": "00:04:55", "text": "spot. It's totally free to come hang"}, {"start": "00:04:55", "end": "00:04:56", "text": "out, but space is limited. So, just uh"}, {"start": "00:04:56", "end": "00:04:58", "text": "check out the link, grab your spot. But"}, {"start": "00:04:58", "end": "00:05:00", "text": "let's take a look at how digital credit"}, {"start": "00:05:00", "end": "00:05:03", "text": "actually works. Okay, so now we have"}, {"start": "00:05:03", "end": "00:05:04", "text": "something new, right? We have this"}, {"start": "00:05:04", "end": "00:05:06", "text": "digital capital. And so now we can build"}, {"start": "00:05:06", "end": "00:05:08", "text": "new things. So whenever we get a new"}, {"start": "00:05:08", "end": "00:05:10", "text": "building block like steel, we can build"}, {"start": "00:05:10", "end": "00:05:12", "text": "things like skyscrapers and bridges."}, {"start": "00:05:12", "end": "00:05:14", "text": "When we get digital capital, we can also"}, {"start": "00:05:14", "end": "00:05:15", "text": "build new things on top of it, right?"}, {"start": "00:05:15", "end": "00:05:18", "text": "Things like digital credit. Now, for"}, {"start": "00:05:18", "end": "00:05:20", "text": "centuries, the world ran on this"}, {"start": "00:05:20", "end": "00:05:23", "text": "goldbacked bonds, mortgages, and credit"}, {"start": "00:05:23", "end": "00:05:25", "text": "was always issued against some form of"}, {"start": "00:05:25", "end": "00:05:27", "text": "collateral. That's why you hear things"}, {"start": "00:05:27", "end": "00:05:30", "text": "like, \"What's Bitcoin backed by?\" Right?"}, {"start": "00:05:30", "end": "00:05:33", "text": "Well, the dollar used to be backed by"}, {"start": "00:05:33", "end": "00:05:35", "text": "gold, right? It was credit. The"}, {"start": "00:05:35", "end": "00:05:36", "text": "collateral was the gold. So, what's the"}, {"start": "00:05:36", "end": "00:05:38", "text": "dollar backed by? Well, it used to be"}, {"start": "00:05:38", "end": "00:05:41", "text": "backed by gold in the bank. Credit and"}, {"start": "00:05:41", "end": "00:05:43", "text": "debt is backed by something. All right?"}, {"start": "00:05:43", "end": "00:05:45", "text": "Now, that hasn't changed. What's changed"}, {"start": "00:05:45", "end": "00:05:47", "text": "now is the collateral. So, instead of"}, {"start": "00:05:47", "end": "00:05:48", "text": "fiat, instead of real estate, instead of"}, {"start": "00:05:48", "end": "00:05:50", "text": "government bonds, we can now issue"}, {"start": "00:05:50", "end": "00:05:52", "text": "credit, the digital credit against"}, {"start": "00:05:52", "end": "00:05:54", "text": "Bitcoin, right? Against the digital"}, {"start": "00:05:54", "end": "00:05:55", "text": "capital. Now, this is what companies"}, {"start": "00:05:55", "end": "00:05:57", "text": "like Strategy, right? They're"}, {"start": "00:05:57", "end": "00:05:59", "text": "pioneering. They issued preferred"}, {"start": "00:05:59", "end": "00:06:01", "text": "equity, perpetual instruments, and they"}, {"start": "00:06:01", "end": "00:06:03", "text": "never come due. They're backed by their"}, {"start": "00:06:03", "end": "00:06:06", "text": "Bitcoin asset holdings. Now, these trade"}, {"start": "00:06:06", "end": "00:06:08", "text": "like money, right? They trade like money"}, {"start": "00:06:08", "end": "00:06:10", "text": "market funds or savings accounts, but"}, {"start": "00:06:10", "end": "00:06:12", "text": "instead of paying you say 4% like a"}, {"start": "00:06:12", "end": "00:06:14", "text": "bank, they're yielding 8, 9, 10, even"}, {"start": "00:06:14", "end": "00:06:17", "text": "11%. And here's why that's important,"}, {"start": "00:06:17", "end": "00:06:18", "text": "right? Traditional credit instruments"}, {"start": "00:06:18", "end": "00:06:21", "text": "like bonds or loans or mortgages,"}, {"start": "00:06:21", "end": "00:06:23", "text": "they're really fragile, right? They rely"}, {"start": "00:06:23", "end": "00:06:26", "text": "on assets that lose value over time. But"}, {"start": "00:06:26", "end": "00:06:27", "text": "digital credit is built on top of an"}, {"start": "00:06:27", "end": "00:06:29", "text": "asset that appreciates in value over"}, {"start": "00:06:29", "end": "00:06:32", "text": "time. An asset that can't be inflated or"}, {"start": "00:06:32", "end": "00:06:34", "text": "debased, right? It's it can be verified"}, {"start": "00:06:34", "end": "00:06:34", "text": "instantly."}, {"start": "00:06:34", "end": "00:06:36", "text": "So treasury companies in essence are"}, {"start": "00:06:36", "end": "00:06:39", "text": "holding digital capital and creating"}, {"start": "00:06:39", "end": "00:06:41", "text": "digital credit instruments on top of"}, {"start": "00:06:41", "end": "00:06:43", "text": "that digital capital. And there's of"}, {"start": "00:06:43", "end": "00:06:46", "text": "course a huge demand for equity and"}, {"start": "00:06:46", "end": "00:06:47", "text": "credit instruments and traditional"}, {"start": "00:06:47", "end": "00:06:50", "text": "capital markets. and and Bitcoin is"}, {"start": "00:06:50", "end": "00:06:52", "text": "emerging as the ideal form of digital"}, {"start": "00:06:52", "end": "00:06:54", "text": "capital to back those instruments."}, {"start": "00:06:54", "end": "00:06:56", "text": "Now, so if you take a look, you can see"}, {"start": "00:06:56", "end": "00:06:58", "text": "what's actually happening here, right?"}, {"start": "00:06:58", "end": "00:07:01", "text": "The volatility of Bitcoin is being"}, {"start": "00:07:01", "end": "00:07:03", "text": "stripped away because these fixed income"}, {"start": "00:07:03", "end": "00:07:06", "text": "investors want the income. They don't"}, {"start": "00:07:06", "end": "00:07:09", "text": "want to see their portfolios swing 40%"}, {"start": "00:07:09", "end": "00:07:11", "text": "with volatility. They want stable yield."}, {"start": "00:07:11", "end": "00:07:13", "text": "They got to pay their bills every single"}, {"start": "00:07:13", "end": "00:07:15", "text": "month. So by issuing perpetual"}, {"start": "00:07:15", "end": "00:07:16", "text": "preferred, these companies can convert"}, {"start": "00:07:16", "end": "00:07:19", "text": "the Bitcoin upside into a credit"}, {"start": "00:07:19", "end": "00:07:21", "text": "instrument with steady returns and no"}, {"start": "00:07:21", "end": "00:07:23", "text": "maturity risk. I mean, if you think"}, {"start": "00:07:23", "end": "00:07:25", "text": "about what this means, there's no"}, {"start": "00:07:25", "end": "00:07:28", "text": "rollover risk. There's no margin calls."}, {"start": "00:07:28", "end": "00:07:30", "text": "There's no forced liquidation even if"}, {"start": "00:07:30", "end": "00:07:32", "text": "Bitcoin drops, right? That's a"}, {"start": "00:07:32", "end": "00:07:34", "text": "fundamentally different structure than"}, {"start": "00:07:34", "end": "00:07:35", "text": "any other credit market that we've ever"}, {"start": "00:07:35", "end": "00:07:38", "text": "seen. But if you're selling a perpetual"}, {"start": "00:07:38", "end": "00:07:40", "text": "instrument, I borrow a billion dollars"}, {"start": "00:07:40", "end": "00:07:43", "text": "forever and I agree to pay you say 10%"}, {"start": "00:07:43", "end": "00:07:45", "text": "dividend yield forever. The principal is"}, {"start": "00:07:45", "end": "00:07:48", "text": "never coming due, right? And the"}, {"start": "00:07:48", "end": "00:07:50", "text": "preferred stock by definition is a"}, {"start": "00:07:50", "end": "00:07:53", "text": "dividend. It's not a coupon. The board"}, {"start": "00:07:53", "end": "00:07:55", "text": "has to create has to have the option to"}, {"start": "00:07:55", "end": "00:07:58", "text": "suspend it in duress. So it's"}, {"start": "00:07:58", "end": "00:08:00", "text": "practically speaking possible to take"}, {"start": "00:08:00", "end": "00:08:04", "text": "your leverage beyond 20% to 30 or 40%"}, {"start": "00:08:04", "end": "00:08:07", "text": "even. But you don't have the kind of"}, {"start": "00:08:07", "end": "00:08:08", "text": "credit risk you have when you have a"}, {"start": "00:08:08", "end": "00:08:10", "text": "bond or a margin."}, {"start": "00:08:10", "end": "00:08:12", "text": "That's that's a massive breakthrough."}, {"start": "00:08:12", "end": "00:08:14", "text": "Digital credit turns Bitcoin into the"}, {"start": "00:08:14", "end": "00:08:18", "text": "foundation of a new fixed income system."}, {"start": "00:08:18", "end": "00:08:20", "text": "And it pays a higher yield. It carries"}, {"start": "00:08:20", "end": "00:08:22", "text": "lower risk and it's structurally more"}, {"start": "00:08:22", "end": "00:08:24", "text": "resilient than the debt based credit"}, {"start": "00:08:24", "end": "00:08:26", "text": "system that we're living in today. And"}, {"start": "00:08:26", "end": "00:08:28", "text": "when you realize that the fixed income"}, {"start": "00:08:28", "end": "00:08:31", "text": "market is over $300 trillion, you start"}, {"start": "00:08:31", "end": "00:08:33", "text": "to see just how big this can get. And"}, {"start": "00:08:33", "end": "00:08:35", "text": "where this starts to get really powerful"}, {"start": "00:08:35", "end": "00:08:37", "text": "is digital credit isn't just another"}, {"start": "00:08:37", "end": "00:08:39", "text": "yield product. It's an engine that"}, {"start": "00:08:39", "end": "00:08:42", "text": "creates a feedback loop between Bitcoin"}, {"start": "00:08:42", "end": "00:08:44", "text": "and the credit markets. So here's how it"}, {"start": "00:08:44", "end": "00:08:47", "text": "works. Step one, a company like Strategy"}, {"start": "00:08:47", "end": "00:08:49", "text": "issues digital credit like a preferred"}, {"start": "00:08:49", "end": "00:08:52", "text": "stock or a perpetual note. Step two, the"}, {"start": "00:08:52", "end": "00:08:54", "text": "dollars raised are now used to buy more"}, {"start": "00:08:54", "end": "00:08:57", "text": "Bitcoin. Step three, that Bitcoin"}, {"start": "00:08:57", "end": "00:08:58", "text": "collateral strengthens their balance"}, {"start": "00:08:58", "end": "00:09:00", "text": "sheet, which allows them to issue even"}, {"start": "00:09:00", "end": "00:09:03", "text": "more credit. And then step four, the"}, {"start": "00:09:03", "end": "00:09:05", "text": "cycle continues to repeat. Now, every"}, {"start": "00:09:05", "end": "00:09:08", "text": "time this loop turns, more dollars are"}, {"start": "00:09:08", "end": "00:09:10", "text": "created, more Bitcoin is taken off the"}, {"start": "00:09:10", "end": "00:09:12", "text": "market, and the value of the remaining"}, {"start": "00:09:12", "end": "00:09:14", "text": "Bitcoin rises. Now, that rising"}, {"start": "00:09:14", "end": "00:09:17", "text": "collateral base means even greater"}, {"start": "00:09:17", "end": "00:09:19", "text": "capacity to issue more credit. It"}, {"start": "00:09:19", "end": "00:09:21", "text": "becomes a flywheel. We're on the verge"}, {"start": "00:09:21", "end": "00:09:24", "text": "of the creation of a digital credit"}, {"start": "00:09:24", "end": "00:09:27", "text": "market that right now it looks like 2030"}, {"start": "00:09:27", "end": "00:09:30", "text": "billion a year. It's 30 billion a year"}, {"start": "00:09:30", "end": "00:09:31", "text": "and the Wall Street Journal and the New"}, {"start": "00:09:31", "end": "00:09:34", "text": "York Times and for they haven't noticed"}, {"start": "00:09:34", "end": "00:09:37", "text": "it exists yet, but we're about to go to"}, {"start": "00:09:37", "end": "00:09:39", "text": "50 billion and a hundred billion and 200"}, {"start": "00:09:39", "end": "00:09:42", "text": "billion. And so think about a trillion"}, {"start": "00:09:42", "end": "00:09:44", "text": "dollars of credit. And when it's a"}, {"start": "00:09:44", "end": "00:09:47", "text": "trillion dollars of credit, it's not 1%"}, {"start": "00:09:47", "end": "00:09:49", "text": "of the credit in the world. And people"}, {"start": "00:09:49", "end": "00:09:52", "text": "still don't notice it exists. And so the"}, {"start": "00:09:52", "end": "00:09:55", "text": "real opportunity for all these companies"}, {"start": "00:09:55", "end": "00:09:58", "text": "is to issue billions then tens of"}, {"start": "00:09:58", "end": "00:09:59", "text": "billions and hundreds of billions of"}, {"start": "00:09:59", "end": "00:10:02", "text": "digital credit. Now this dynamic is"}, {"start": "00:10:02", "end": "00:10:04", "text": "sometimes called a speculative attack on"}, {"start": "00:10:04", "end": "00:10:06", "text": "the dollar because as new dollars are"}, {"start": "00:10:06", "end": "00:10:07", "text": "being created through credit they're"}, {"start": "00:10:07", "end": "00:10:10", "text": "immediately converted into Bitcoin which"}, {"start": "00:10:10", "end": "00:10:12", "text": "then tightens the supply and it drives"}, {"start": "00:10:12", "end": "00:10:14", "text": "up Bitcoin's marginal price. More credit"}, {"start": "00:10:14", "end": "00:10:17", "text": "issuance means more Bitcoin accumulation"}, {"start": "00:10:17", "end": "00:10:19", "text": "and that accelerates the shift away from"}, {"start": "00:10:19", "end": "00:10:21", "text": "the old system. So instead of a fragile"}, {"start": "00:10:21", "end": "00:10:23", "text": "debt-based system where inflation"}, {"start": "00:10:23", "end": "00:10:25", "text": "erodess the savings, you now have a"}, {"start": "00:10:25", "end": "00:10:27", "text": "system where the credit base strengthens"}, {"start": "00:10:27", "end": "00:10:29", "text": "every year and the collateral keeps"}, {"start": "00:10:29", "end": "00:10:32", "text": "getting scarcer. Now if we take a step"}, {"start": "00:10:32", "end": "00:10:35", "text": "back and we look at the scale and we see"}, {"start": "00:10:35", "end": "00:10:36", "text": "what's happening, right? The global"}, {"start": "00:10:36", "end": "00:10:39", "text": "fixed income market, government bonds,"}, {"start": "00:10:39", "end": "00:10:41", "text": "corporate bonds, money market accounts,"}, {"start": "00:10:41", "end": "00:10:44", "text": "savings products, right? It's over $300"}, {"start": "00:10:44", "end": "00:10:46", "text": "trillion. It's the largest asset class"}, {"start": "00:10:46", "end": "00:10:49", "text": "in the world and it's all built entirely"}, {"start": "00:10:49", "end": "00:10:52", "text": "on debt. So, of course, the system's"}, {"start": "00:10:52", "end": "00:10:55", "text": "fragile, right? It's low yielding. It's"}, {"start": "00:10:55", "end": "00:10:57", "text": "being debased by inflation. And in some"}, {"start": "00:10:57", "end": "00:10:59", "text": "countries, the yields are even negative."}, {"start": "00:10:59", "end": "00:11:01", "text": "But digital credit changes the equation."}, {"start": "00:11:01", "end": "00:11:03", "text": "Now, for the first time, the credit can"}, {"start": "00:11:03", "end": "00:11:06", "text": "be issued against an appreciating asset."}, {"start": "00:11:06", "end": "00:11:08", "text": "That's the key piece. Against an"}, {"start": "00:11:08", "end": "00:11:10", "text": "appreciating incorruptible asset,"}, {"start": "00:11:10", "end": "00:11:12", "text": "digital capital. What what if there's a"}, {"start": "00:11:12", "end": "00:11:15", "text": "hundred trillion dollars of digital"}, {"start": "00:11:15", "end": "00:11:18", "text": "credit and hundreds by the way a hundred"}, {"start": "00:11:18", "end": "00:11:20", "text": "trillion in digital credit backed by 200"}, {"start": "00:11:20", "end": "00:11:23", "text": "trillion worth of digital capital would"}, {"start": "00:11:23", "end": "00:11:26", "text": "be not fractional banking right you you"}, {"start": "00:11:26", "end": "00:11:28", "text": "haven't got to one to one you're still"}, {"start": "00:11:28", "end": "00:11:31", "text": "2x over collateralized which would be"}, {"start": "00:11:31", "end": "00:11:33", "text": "better than"}, {"start": "00:11:33", "end": "00:11:36", "text": "but the very best AAA corporate"}, {"start": "00:11:36", "end": "00:11:38", "text": "investment grade debt in the United"}, {"start": "00:11:38", "end": "00:11:40", "text": "States is like two and a half times or"}, {"start": "00:11:40", "end": "00:11:43", "text": "two two and a half times overclocked."}, {"start": "00:11:43", "end": "00:11:46", "text": "So, it's all AAA investment grade, but"}, {"start": "00:11:46", "end": "00:11:51", "text": "with more yield and more transparency."}, {"start": "00:11:51", "end": "00:11:55", "text": "So, I you know, I see the endgame as as"}, {"start": "00:11:55", "end": "00:11:57", "text": "the credit markets are reinvigorated and"}, {"start": "00:11:57", "end": "00:11:59", "text": "digitally transformed to be backed by"}, {"start": "00:11:59", "end": "00:12:01", "text": "Bitcoin. Think about that. Even if just"}, {"start": "00:12:01", "end": "00:12:04", "text": "1% of the fixed income market migrated"}, {"start": "00:12:04", "end": "00:12:07", "text": "into digital credit, that's $3 trillion"}, {"start": "00:12:07", "end": "00:12:10", "text": "flown into Bitcoin. At 5% it's 15"}, {"start": "00:12:10", "end": "00:12:14", "text": "trillion. At 10% we're talking over $30"}, {"start": "00:12:14", "end": "00:12:17", "text": "trillion. I mean, these numbers are so"}, {"start": "00:12:17", "end": "00:12:19", "text": "large they would replace the entire"}, {"start": "00:12:19", "end": "00:12:21", "text": "global financial system. This is why"}, {"start": "00:12:21", "end": "00:12:23", "text": "digital credit isn't just another"}, {"start": "00:12:23", "end": "00:12:26", "text": "financial product. It's the Trojan horse"}, {"start": "00:12:26", "end": "00:12:28", "text": "pulling Wall Street, pension funds,"}, {"start": "00:12:28", "end": "00:12:29", "text": "sovereign wealth funds, all into"}, {"start": "00:12:29", "end": "00:12:32", "text": "Bitcoin, whether they realize it or not."}, {"start": "00:12:32", "end": "00:12:34", "text": "Okay, so now that you see it, what does"}, {"start": "00:12:34", "end": "00:12:37", "text": "all this mean for you? Let's bring it"}, {"start": "00:12:37", "end": "00:12:39", "text": "down. Let's bring it down from the 300"}, {"start": "00:12:39", "end": "00:12:41", "text": "trillion to your own savings account."}, {"start": "00:12:41", "end": "00:12:44", "text": "Okay, so today your choice in fixed"}, {"start": "00:12:44", "end": "00:12:45", "text": "income, they're mostly broken, right?"}, {"start": "00:12:45", "end": "00:12:48", "text": "Savings accounts pay you basically zero,"}, {"start": "00:12:48", "end": "00:12:50", "text": "maybe up to 4%. Bonds lock up your"}, {"start": "00:12:50", "end": "00:12:52", "text": "capital for years and in return, you"}, {"start": "00:12:52", "end": "00:12:54", "text": "know, 2, three, 4%. Some countries, as I"}, {"start": "00:12:54", "end": "00:12:56", "text": "said earlier, they're literally getting"}, {"start": "00:12:56", "end": "00:12:58", "text": "a negative yield, meaning you pay the"}, {"start": "00:12:58", "end": "00:12:59", "text": "bank to hold your money. It's a system"}, {"start": "00:12:59", "end": "00:13:02", "text": "that guarantees you lose to inflation."}, {"start": "00:13:02", "end": "00:13:04", "text": "But again, digital credit flips all this"}, {"start": "00:13:04", "end": "00:13:07", "text": "upside down. So now these companies can"}, {"start": "00:13:07", "end": "00:13:08", "text": "issue perpetual preferred or money"}, {"start": "00:13:08", "end": "00:13:10", "text": "market style instruments backed by"}, {"start": "00:13:10", "end": "00:13:12", "text": "Bitcoin. That means that the yield goes"}, {"start": "00:13:12", "end": "00:13:15", "text": "from the 2 to 4% that doesn't keep up"}, {"start": "00:13:15", "end": "00:13:19", "text": "with inflation to now 9 10 11%. And"}, {"start": "00:13:19", "end": "00:13:21", "text": "instead of being debased away the"}, {"start": "00:13:21", "end": "00:13:24", "text": "collateral right the bitcoin itself goes"}, {"start": "00:13:24", "end": "00:13:26", "text": "up in value over time. So instead of"}, {"start": "00:13:26", "end": "00:13:28", "text": "being risky where most of this debt,"}, {"start": "00:13:28", "end": "00:13:31", "text": "this yield is under collateralized debt,"}, {"start": "00:13:31", "end": "00:13:33", "text": "now you get assets that are five or even"}, {"start": "00:13:33", "end": "00:13:36", "text": "10 times overcolateralized. So it's"}, {"start": "00:13:36", "end": "00:13:38", "text": "safer. You get higher yield. That's"}, {"start": "00:13:38", "end": "00:13:40", "text": "digital credit. All right, that's the"}, {"start": "00:13:40", "end": "00:13:42", "text": "key. You don't even have to be a Bitcoin"}, {"start": "00:13:42", "end": "00:13:44", "text": "believer to benefit from this. If you're"}, {"start": "00:13:44", "end": "00:13:46", "text": "a fixed income investor or just someone"}, {"start": "00:13:46", "end": "00:13:49", "text": "who wants their savings to grow faster,"}, {"start": "00:13:49", "end": "00:13:51", "text": "digital credit is already offering"}, {"start": "00:13:51", "end": "00:13:53", "text": "better yield, better collateral, and"}, {"start": "00:13:53", "end": "00:13:54", "text": "better structure than anything else"}, {"start": "00:13:54", "end": "00:13:56", "text": "that's in the old system. And as more"}, {"start": "00:13:56", "end": "00:14:00", "text": "and more of that $300 trillion pie"}, {"start": "00:14:00", "end": "00:14:02", "text": "shifts into digital credit, the upside"}, {"start": "00:14:02", "end": "00:14:05", "text": "gets amazingly stronger. Okay, so how do"}, {"start": "00:14:05", "end": "00:14:07", "text": "we use this to our own advantage? Let me"}, {"start": "00:14:07", "end": "00:14:09", "text": "break it down. A couple ways we can do"}, {"start": "00:14:09", "end": "00:14:12", "text": "this. So option one, this would be if"}, {"start": "00:14:12", "end": "00:14:13", "text": "I'm like a conservative fixed income"}, {"start": "00:14:13", "end": "00:14:15", "text": "investor, right? So I'm a fixed income"}, {"start": "00:14:15", "end": "00:14:18", "text": "investor. Maybe I'm someone who needs"}, {"start": "00:14:18", "end": "00:14:20", "text": "safer income alternatives, right? I'm"}, {"start": "00:14:20", "end": "00:14:21", "text": "looking for a yield higher than what"}, {"start": "00:14:21", "end": "00:14:24", "text": "treasuries pays me, right? Maybe higher"}, {"start": "00:14:24", "end": "00:14:25", "text": "than money market accounts or corporate"}, {"start": "00:14:25", "end": "00:14:27", "text": "bonds. Then I might consider a product"}, {"start": "00:14:27", "end": "00:14:30", "text": "like Stretch STRC. Now, it trades sort"}, {"start": "00:14:30", "end": "00:14:32", "text": "of like a money market account, meaning"}, {"start": "00:14:32", "end": "00:14:34", "text": "it's pegged at like a 100. It's not"}, {"start": "00:14:34", "end": "00:14:35", "text": "supposed to go up and down very much,"}, {"start": "00:14:35", "end": "00:14:37", "text": "and it's currently paying out about 10"}, {"start": "00:14:37", "end": "00:14:40", "text": "12% yield. Now, another option would be"}, {"start": "00:14:40", "end": "00:14:42", "text": "option two if I'm more of like a balance"}, {"start": "00:14:42", "end": "00:14:44", "text": "balanced like dividend style investor,"}, {"start": "00:14:44", "end": "00:14:46", "text": "right? So, I want some income, but I'm"}, {"start": "00:14:46", "end": "00:14:48", "text": "also willing to stomach a little bit of"}, {"start": "00:14:48", "end": "00:14:50", "text": "volatility because I want my capital to"}, {"start": "00:14:50", "end": "00:14:52", "text": "go up. So, I might buy a dividend stock"}, {"start": "00:14:52", "end": "00:14:54", "text": "like uh IBM or AT&T or something like"}, {"start": "00:14:54", "end": "00:14:56", "text": "that. Now, similar to what that"}, {"start": "00:14:56", "end": "00:14:58", "text": "traditional dividend investor would"}, {"start": "00:14:58", "end": "00:15:00", "text": "expect from stocks, something that goes"}, {"start": "00:15:00", "end": "00:15:01", "text": "up in value and pays a dividend, we now"}, {"start": "00:15:01", "end": "00:15:04", "text": "have an asset like Strike, STRK, or also"}, {"start": "00:15:04", "end": "00:15:08", "text": "Strife, STRF. They give you yield, but"}, {"start": "00:15:08", "end": "00:15:09", "text": "you get a little bit more torque if"}, {"start": "00:15:09", "end": "00:15:11", "text": "Bitcoin goes up in value. All right. And"}, {"start": "00:15:11", "end": "00:15:14", "text": "now option three is if I'm more of like"}, {"start": "00:15:14", "end": "00:15:16", "text": "an aggressive investor and I just want"}, {"start": "00:15:16", "end": "00:15:18", "text": "the pure upside. I don't care about the"}, {"start": "00:15:18", "end": "00:15:20", "text": "yield, right? And so if I'm that person"}, {"start": "00:15:20", "end": "00:15:22", "text": "and I see that this this flywheel effect"}, {"start": "00:15:22", "end": "00:15:23", "text": "is real, I see digital credit pulling"}, {"start": "00:15:23", "end": "00:15:25", "text": "trillions into Bitcoin and I don't need"}, {"start": "00:15:25", "end": "00:15:28", "text": "income. I just want pure upside"}, {"start": "00:15:28", "end": "00:15:30", "text": "exposure, then I might consider the"}, {"start": "00:15:30", "end": "00:15:33", "text": "common stock, right? MSTR um or other"}, {"start": "00:15:33", "end": "00:15:35", "text": "treasury companies maybe Metaplanet"}, {"start": "00:15:35", "end": "00:15:37", "text": "MTPLF"}, {"start": "00:15:37", "end": "00:15:39", "text": "uh maybe you know Strive or Asset"}, {"start": "00:15:39", "end": "00:15:41", "text": "something like that and of course we"}, {"start": "00:15:41", "end": "00:15:43", "text": "should always hold Bitcoin first as our"}, {"start": "00:15:43", "end": "00:15:45", "text": "base layer but in other words no matter"}, {"start": "00:15:45", "end": "00:15:47", "text": "what kind of investor you are whether"}, {"start": "00:15:47", "end": "00:15:48", "text": "you're conservative balanced you're"}, {"start": "00:15:48", "end": "00:15:50", "text": "aggressive there's now a way to"}, {"start": "00:15:50", "end": "00:15:54", "text": "participate in this $300 trillion shift"}, {"start": "00:15:54", "end": "00:15:56", "text": "okay digital credit is creating options"}, {"start": "00:15:56", "end": "00:15:59", "text": "for every single profile and they all"}, {"start": "00:15:59", "end": "00:16:01", "text": "tie back to the same trend"}, {"start": "00:16:01", "end": "00:16:03", "text": "Bitcoin as digital capital. All right."}, {"start": "00:16:03", "end": "00:16:05", "text": "Now, look, we've spent the last 100"}, {"start": "00:16:05", "end": "00:16:08", "text": "years building credit on top of debt, on"}, {"start": "00:16:08", "end": "00:16:10", "text": "top of treasuries, on top of real"}, {"start": "00:16:10", "end": "00:16:12", "text": "estate, on top of fiat currencies. But"}, {"start": "00:16:12", "end": "00:16:14", "text": "for the first time in history, we can"}, {"start": "00:16:14", "end": "00:16:16", "text": "now build credit on top of digital"}, {"start": "00:16:16", "end": "00:16:19", "text": "capital, right? The digital credit. And"}, {"start": "00:16:19", "end": "00:16:21", "text": "more and more of this $300 trillion"}, {"start": "00:16:21", "end": "00:16:23", "text": "fixed income market is going to continue"}, {"start": "00:16:23", "end": "00:16:25", "text": "to shift into this new system. And that"}, {"start": "00:16:25", "end": "00:16:27", "text": "means the upside only gets stronger."}, {"start": "00:16:27", "end": "00:16:28", "text": "Now, if you want to go deeper into this,"}, {"start": "00:16:28", "end": "00:16:30", "text": "I put together a full Bitcoin Treasury"}, {"start": "00:16:30", "end": "00:16:32", "text": "guide that shows you the companies that"}, {"start": "00:16:32", "end": "00:16:34", "text": "are leading the new digital credit"}, {"start": "00:16:34", "end": "00:16:37", "text": "ecosystem. I also want to host a live"}, {"start": "00:16:37", "end": "00:16:38", "text": "workshop where I'm going to break it all"}, {"start": "00:16:38", "end": "00:16:40", "text": "down. I want to show you the charts that"}, {"start": "00:16:40", "end": "00:16:41", "text": "I'm watching. I want to show you the"}, {"start": "00:16:41", "end": "00:16:42", "text": "companies that I'm buying, the"}, {"start": "00:16:42", "end": "00:16:44", "text": "strategies that I'm using right now."}, {"start": "00:16:44", "end": "00:16:45", "text": "It's all going to be live. It's all"}, {"start": "00:16:45", "end": "00:16:47", "text": "going to be free. I'll take all your"}, {"start": "00:16:47", "end": "00:16:48", "text": "questions. I'll help you see, help you"}, {"start": "00:16:48", "end": "00:16:50", "text": "apply this all to your own investments."}, {"start": "00:16:50", "end": "00:16:52", "text": "Um, this is going to be the most"}, {"start": "00:16:52", "end": "00:16:54", "text": "explosive asset class of the next"}, {"start": "00:16:54", "end": "00:16:56", "text": "decade. Now, come hang out. It's free to"}, {"start": "00:16:56", "end": "00:16:58", "text": "free to join, but space is limited. So,"}, {"start": "00:16:58", "end": "00:16:59", "text": "uh there's a link down below, QR code"}, {"start": "00:16:59", "end": "00:17:01", "text": "here on the screen. Just go ahead and"}, {"start": "00:17:01", "end": "00:17:03", "text": "grab a spot and I'll see you there. But"}, {"start": "00:17:03", "end": "00:17:05", "text": "if you want to keep going and you want"}, {"start": "00:17:05", "end": "00:17:06", "text": "to keep learning right now, you want to"}, {"start": "00:17:06", "end": "00:17:08", "text": "learn, you should go watch this video"}, {"start": "00:17:08", "end": "00:17:10", "text": "right here titled Bitcoin's iPhone"}, {"start": "00:17:10", "end": "00:17:12", "text": "moment is here to learn more about"}, {"start": "00:17:12", "end": "00:17:14", "text": "earning 25% more on your money with"}, {"start": "00:17:14", "end": "00:17:15", "text": "digital credit. And I'll see you over"}, {"start": "00:17:15", "end": "00:17:18", "text": "there."}]

[{"start": "00:00:00", "end": "00:00:03", "text": "So for the last few years, China's been"}, {"start": "00:00:03", "end": "00:00:05", "text": "doing something that hasn't been done"}, {"start": "00:00:05", "end": "00:00:08", "text": "ever in modern history, which is to"}, {"start": "00:00:08", "end": "00:00:11", "text": "relink gold directly to its currency. So"}, {"start": "00:00:11", "end": "00:00:15", "text": "in simple terms, China wants to rebuild"}, {"start": "00:00:15", "end": "00:00:18", "text": "how money works. This is probably the"}, {"start": "00:00:18", "end": "00:00:20", "text": "most interesting story that you're going"}, {"start": "00:00:20", "end": "00:00:21", "text": "to hear this year, and it caught my eye"}, {"start": "00:00:21", "end": "00:00:24", "text": "after watching a podcast by TFTC, and it"}, {"start": "00:00:24", "end": "00:00:27", "text": "blew my mind. Now, some people call this"}, {"start": "00:00:27", "end": "00:00:30", "text": "the debasement trade, but this is so"}, {"start": "00:00:30", "end": "00:00:31", "text": "much bigger than that. Here's what's"}, {"start": "00:00:31", "end": "00:00:34", "text": "happening. Over the last few years, the"}, {"start": "00:00:34", "end": "00:00:37", "text": "People's Bank of China has been the"}, {"start": "00:00:37", "end": "00:00:39", "text": "biggest buyer of gold in the world."}, {"start": "00:00:39", "end": "00:00:41", "text": "China and its allies,"}, {"start": "00:00:41", "end": "00:00:42", "text": "That's right."}, {"start": "00:00:42", "end": "00:00:45", "text": "buying gold and selling treasury bonds"}, {"start": "00:00:45", "end": "00:00:47", "text": "in order to damage the dollar's reserve"}, {"start": "00:00:47", "end": "00:00:49", "text": "currency status. Here it is. And at the"}, {"start": "00:00:49", "end": "00:00:51", "text": "same time that they've been buying,"}, {"start": "00:00:51", "end": "00:00:53", "text": "China's also built something called the"}, {"start": "00:00:53", "end": "00:00:56", "text": "Shanghai Gold Exchange, which is already"}, {"start": "00:00:56", "end": "00:00:59", "text": "the biggest physical gold marketplace in"}, {"start": "00:00:59", "end": "00:01:01", "text": "the world. They just opened a new vault"}, {"start": "00:01:01", "end": "00:01:04", "text": "in Hong Kong, and they're building"}, {"start": "00:01:04", "end": "00:01:06", "text": "what's called the gold corridor, which"}, {"start": "00:01:06", "end": "00:01:10", "text": "is this network of vaults across the"}, {"start": "00:01:10", "end": "00:01:12", "text": "bricks countries, and it will allow"}, {"start": "00:01:12", "end": "00:01:15", "text": "those countries that hold the yuan to"}, {"start": "00:01:15", "end": "00:01:19", "text": "trade them in for physical gold."}, {"start": "00:01:19", "end": "00:01:21", "text": "that gives China's currency something"}, {"start": "00:01:21", "end": "00:01:23", "text": "that the dollar lost a long, long time"}, {"start": "00:01:23", "end": "00:01:27", "text": "ago, trust, right? Because gold can't be"}, {"start": "00:01:27", "end": "00:01:30", "text": "frozen, can't be printed. It's much"}, {"start": "00:01:30", "end": "00:01:32", "text": "harder to debase, and it can't default"}, {"start": "00:01:32", "end": "00:01:35", "text": "the same way that treasuries and dollars"}, {"start": "00:01:35", "end": "00:01:40", "text": "can. And as of July 2025 of this year,"}, {"start": "00:01:40", "end": "00:01:43", "text": "gold has officially been reclassified to"}, {"start": "00:01:43", "end": "00:01:48", "text": "what's called a Basil 3 tier 1 asset."}, {"start": "00:01:48", "end": "00:01:52", "text": "That means it now counts the same as"}, {"start": "00:01:52", "end": "00:01:55", "text": "cash or treasuries on a bank's balance"}, {"start": "00:01:55", "end": "00:01:59", "text": "sheet. So the theory is that the next"}, {"start": "00:01:59", "end": "00:02:02", "text": "step is that gold will be upgraded again"}, {"start": "00:02:02", "end": "00:02:05", "text": "to what's called an HQLA, a highquality"}, {"start": "00:02:05", "end": "00:02:10", "text": "liquid asset. That one change is going"}, {"start": "00:02:10", "end": "00:02:13", "text": "to unlock gold's full potential that"}, {"start": "00:02:13", "end": "00:02:16", "text": "will let countries use it for something"}, {"start": "00:02:16", "end": "00:02:19", "text": "called repo and financing which is the"}, {"start": "00:02:19", "end": "00:02:21", "text": "foundation of the entire financial"}, {"start": "00:02:21", "end": "00:02:24", "text": "system. China has been systematically"}, {"start": "00:02:24", "end": "00:02:27", "text": "solving all the problems that countries"}, {"start": "00:02:27", "end": "00:02:31", "text": "had with using their currency."}, {"start": "00:02:31", "end": "00:02:34", "text": "This is a theory of what's about to"}, {"start": "00:02:34", "end": "00:02:36", "text": "happen to the world. There's a parallel"}, {"start": "00:02:36", "end": "00:02:38", "text": "financial system that's being built"}, {"start": "00:02:38", "end": "00:02:41", "text": "right now to compete with dollars. This"}, {"start": "00:02:41", "end": "00:02:44", "text": "goldback strategy will allow China to"}, {"start": "00:02:44", "end": "00:02:48", "text": "build a way to lend and to trade and to"}, {"start": "00:02:48", "end": "00:02:51", "text": "develop outside the dollar and outside"}, {"start": "00:02:51", "end": "00:02:54", "text": "the West. So, in this video, I want to"}, {"start": "00:02:54", "end": "00:02:56", "text": "help explain what's happening to gold"}, {"start": "00:02:56", "end": "00:02:59", "text": "right now and why, what China's gold"}, {"start": "00:02:59", "end": "00:03:02", "text": "corridor actually is and how it works,"}, {"start": "00:03:02", "end": "00:03:04", "text": "and how it's going to be used to fund"}, {"start": "00:03:04", "end": "00:03:07", "text": "the development across the entire world"}, {"start": "00:03:07", "end": "00:03:10", "text": "without ever touching the IMF. I'm going"}, {"start": "00:03:10", "end": "00:03:12", "text": "to talk about what that means for the US"}, {"start": "00:03:12", "end": "00:03:15", "text": "and for the dollar and especially for"}, {"start": "00:03:15", "end": "00:03:17", "text": "investors because this will affect"}, {"start": "00:03:17", "end": "00:03:19", "text": "everything from interest rates to"}, {"start": "00:03:19", "end": "00:03:22", "text": "commodities and even Bitcoin. So with"}, {"start": "00:03:22", "end": "00:03:24", "text": "that said, let's get into it. Hi, my"}, {"start": "00:03:24", "end": "00:03:25", "text": "name is Hri Jick. Hope you're doing"}, {"start": "00:03:25", "end": "00:03:27", "text": "well. Come for the finance and stay for"}, {"start": "00:03:27", "end": "00:03:30", "text": "the gold. So before I get into how China"}, {"start": "00:03:30", "end": "00:03:32", "text": "is rebuilding the entire financial"}, {"start": "00:03:32", "end": "00:03:35", "text": "system, I want to explain the bird's"}, {"start": "00:03:35", "end": "00:03:37", "text": "eyee view of why the world is even"}, {"start": "00:03:37", "end": "00:03:38", "text": "looking at an alternative in the first"}, {"start": "00:03:38", "end": "00:03:41", "text": "place. And it really comes down to the"}, {"start": "00:03:41", "end": "00:03:44", "text": "idea of trust. The trust that countries"}, {"start": "00:03:44", "end": "00:03:47", "text": "used to have in dollars. For example,"}, {"start": "00:03:47", "end": "00:03:50", "text": "around 70% of all the global reserves"}, {"start": "00:03:50", "end": "00:03:54", "text": "were once stored in US dollars. In other"}, {"start": "00:03:54", "end": "00:03:57", "text": "words, countries held their wealth in US"}, {"start": "00:03:57", "end": "00:03:59", "text": "treasuries, bonds, right? Because they"}, {"start": "00:03:59", "end": "00:04:02", "text": "were considered to be the safest assets"}, {"start": "00:04:02", "end": "00:04:04", "text": "on Earth. But then that started to"}, {"start": "00:04:04", "end": "00:04:07", "text": "change sometime in 2022 because that's"}, {"start": "00:04:07", "end": "00:04:10", "text": "when the United States froze about $300"}, {"start": "00:04:10", "end": "00:04:12", "text": "billion worth of Russia's foreign"}, {"start": "00:04:12", "end": "00:04:14", "text": "reserves. Now, regardless of how you"}, {"start": "00:04:14", "end": "00:04:16", "text": "feel about that politically, what it"}, {"start": "00:04:16", "end": "00:04:19", "text": "showed to the rest of the world was if"}, {"start": "00:04:19", "end": "00:04:22", "text": "your reserves are held in dollars,"}, {"start": "00:04:22", "end": "00:04:24", "text": "they're not really yours to begin with."}, {"start": "00:04:24", "end": "00:04:26", "text": "They can be seized, they can be locked,"}, {"start": "00:04:26", "end": "00:04:27", "text": "and we can just turn it off with a click"}, {"start": "00:04:27", "end": "00:04:29", "text": "of a button. So, countries are like,"}, {"start": "00:04:29", "end": "00:04:32", "text": "\"Okay, I have a question. If you can do"}, {"start": "00:04:32", "end": "00:04:35", "text": "that to a nuclear power like Russia,"}, {"start": "00:04:35", "end": "00:04:36", "text": "what happens then if we disagree with"}, {"start": "00:04:36", "end": "00:04:39", "text": "you next?\" Right? So that's why this"}, {"start": "00:04:39", "end": "00:04:41", "text": "change started to accelerate because"}, {"start": "00:04:41", "end": "00:04:44", "text": "there was this loss of trust for paper"}, {"start": "00:04:44", "end": "00:04:47", "text": "assets. Central banks around the world"}, {"start": "00:04:47", "end": "00:04:49", "text": "especially in what are called emerging"}, {"start": "00:04:49", "end": "00:04:53", "text": "markets started to lower their exposure"}, {"start": "00:04:53", "end": "00:04:55", "text": "to US assets and they started selling"}, {"start": "00:04:55", "end": "00:04:57", "text": "off their treasuries and they started"}, {"start": "00:04:57", "end": "00:05:00", "text": "buying gold instead. Slowly at first but"}, {"start": "00:05:00", "end": "00:05:03", "text": "then faster and faster. Check this out."}, {"start": "00:05:03", "end": "00:05:05", "text": "This is fascinating. This is a chart of"}, {"start": "00:05:05", "end": "00:05:08", "text": "how much gold China has. For the longest"}, {"start": "00:05:08", "end": "00:05:10", "text": "time, you can see it didn't really move"}, {"start": "00:05:10", "end": "00:05:12", "text": "anywhere. It's kind of going sideways."}, {"start": "00:05:12", "end": "00:05:13", "text": "They bought some, they sold some, they"}, {"start": "00:05:13", "end": "00:05:16", "text": "bought some. But as soon as President"}, {"start": "00:05:16", "end": "00:05:18", "text": "Trump started the tariff threats, the"}, {"start": "00:05:18", "end": "00:05:21", "text": "chart explodes, right? China starts"}, {"start": "00:05:21", "end": "00:05:24", "text": "publicly accumulating gold and locking"}, {"start": "00:05:24", "end": "00:05:26", "text": "it up in their vaults. It's the fastest"}, {"start": "00:05:26", "end": "00:05:30", "text": "pace of buying in modern history. It's"}, {"start": "00:05:30", "end": "00:05:33", "text": "being done on a scale that's publicly,"}, {"start": "00:05:33", "end": "00:05:36", "text": "this is important, publicly visible to"}, {"start": "00:05:36", "end": "00:05:38", "text": "the rest of the world. Cuz remember,"}, {"start": "00:05:38", "end": "00:05:39", "text": "China could easily be buying this stuff"}, {"start": "00:05:39", "end": "00:05:42", "text": "in private, but they're not. Because"}, {"start": "00:05:42", "end": "00:05:45", "text": "what that does is it telegraphs to all"}, {"start": "00:05:45", "end": "00:05:48", "text": "the other countries that, hey, look at"}, {"start": "00:05:48", "end": "00:05:50", "text": "all the gold we've got. We could now get"}, {"start": "00:05:50", "end": "00:05:53", "text": "off of US treasuries. That gives us the"}, {"start": "00:05:53", "end": "00:05:57", "text": "ability to get off of dollars. You can"}, {"start": "00:05:57", "end": "00:05:59", "text": "actually see this trend on a way bigger"}, {"start": "00:05:59", "end": "00:06:01", "text": "scale here in this chart. According to"}, {"start": "00:06:01", "end": "00:06:04", "text": "Luke Groman, in just a couple of months,"}, {"start": "00:06:04", "end": "00:06:06", "text": "gold's share reserves on the balance"}, {"start": "00:06:06", "end": "00:06:10", "text": "sheet will surpass US treasuries. Again,"}, {"start": "00:06:10", "end": "00:06:13", "text": "just to prove the point even more, on an"}, {"start": "00:06:13", "end": "00:06:15", "text": "even longer time horizon, you can see"}, {"start": "00:06:15", "end": "00:06:17", "text": "the same thing has been happening. The"}, {"start": "00:06:17", "end": "00:06:20", "text": "dollar's share of global reserves have"}, {"start": "00:06:20", "end": "00:06:22", "text": "been falling to the lowest levels in"}, {"start": "00:06:22", "end": "00:06:25", "text": "decades. By the way, officially the"}, {"start": "00:06:25", "end": "00:06:28", "text": "People's Bank of China reports that they"}, {"start": "00:06:28", "end": "00:06:30", "text": "have about 2,300 tons of gold or so, but"}, {"start": "00:06:30", "end": "00:06:33", "text": "the real number is probably way higher."}, {"start": "00:06:33", "end": "00:06:36", "text": "Places like Bloomberg Economics and JP"}, {"start": "00:06:36", "end": "00:06:37", "text": "Morgan and the World Gold Council"}, {"start": "00:06:37", "end": "00:06:40", "text": "estimate that China probably controls"}, {"start": "00:06:40", "end": "00:06:44", "text": "closer to 3 12 to 5,000 tons when you"}, {"start": "00:06:44", "end": "00:06:46", "text": "include the gold held by state banks and"}, {"start": "00:06:46", "end": "00:06:48", "text": "sovereign funds that aren't really"}, {"start": "00:06:48", "end": "00:06:51", "text": "publicly disclosed. Okay, so hopefully"}, {"start": "00:06:51", "end": "00:06:53", "text": "I've established the point that dollar"}, {"start": "00:06:53", "end": "00:06:56", "text": "ownership is going down, gold ownership"}, {"start": "00:06:56", "end": "00:07:01", "text": "is going up. But there was another major"}, {"start": "00:07:01", "end": "00:07:03", "text": "breakthrough that happened to gold that"}, {"start": "00:07:03", "end": "00:07:05", "text": "not a lot of people know about, which is"}, {"start": "00:07:05", "end": "00:07:09", "text": "that in July of this year, it became"}, {"start": "00:07:09", "end": "00:07:13", "text": "what's called a Basil 3 tier 1 asset. So"}, {"start": "00:07:13", "end": "00:07:15", "text": "here's exactly what that means. This is"}, {"start": "00:07:15", "end": "00:07:17", "text": "where it gets really interesting. But"}, {"start": "00:07:17", "end": "00:07:19", "text": "before I explain that, here's what I'm"}, {"start": "00:07:19", "end": "00:07:21", "text": "doing to personally keep stacking SATs"}, {"start": "00:07:21", "end": "00:07:22", "text": "while the rest of this plays out with"}, {"start": "00:07:22", "end": "00:07:24", "text": "the Gemini credit card, which is a"}, {"start": "00:07:24", "end": "00:07:25", "text": "sponsor of today's segment, and it's a"}, {"start": "00:07:25", "end": "00:07:27", "text": "card I've been using for a while now."}, {"start": "00:07:27", "end": "00:07:28", "text": "All opinions are my own, and they were"}, {"start": "00:07:28", "end": "00:07:30", "text": "not influenced by Gemini. I use it like"}, {"start": "00:07:30", "end": "00:07:32", "text": "any regular credit card for gas,"}, {"start": "00:07:32", "end": "00:07:34", "text": "groceries, and travel, but I earn"}, {"start": "00:07:34", "end": "00:07:36", "text": "Bitcoin every time I use it. It has no"}, {"start": "00:07:36", "end": "00:07:37", "text": "annual fee. You can see the rates and"}, {"start": "00:07:37", "end": "00:07:39", "text": "fees in the description for more info,"}, {"start": "00:07:39", "end": "00:07:41", "text": "but you get up to 4% back in over 50"}, {"start": "00:07:41", "end": "00:07:43", "text": "cryptocurrencies instantly, and you can"}, {"start": "00:07:43", "end": "00:07:45", "text": "choose which one you want. Personally, I"}, {"start": "00:07:45", "end": "00:07:47", "text": "have mine set to Bitcoin, but that's 4%"}, {"start": "00:07:47", "end": "00:07:50", "text": "on gas, transit, and ride share, 3% on"}, {"start": "00:07:50", "end": "00:07:52", "text": "dining, 2% on groceries, and 1% on"}, {"start": "00:07:52", "end": "00:07:54", "text": "everything else. It's a Mastercard World"}, {"start": "00:07:54", "end": "00:07:55", "text": "Elite. I've used it internationally with"}, {"start": "00:07:55", "end": "00:07:57", "text": "no issues. And every time I use it, it"}, {"start": "00:07:57", "end": "00:07:59", "text": "adds Bitcoin to my portfolio. And the"}, {"start": "00:07:59", "end": "00:08:01", "text": "best part is you're investing as you"}, {"start": "00:08:01", "end": "00:08:03", "text": "spend. In fact, according to Gemini,"}, {"start": "00:08:03", "end": "00:08:04", "text": "card holders who earned and held their"}, {"start": "00:08:04", "end": "00:08:06", "text": "Bitcoin for 1 year saw an average"}, {"start": "00:08:06", "end": "00:08:10", "text": "appreciation of 279%."}, {"start": "00:08:10", "end": "00:08:11", "text": "Those are not your typical credit card"}, {"start": "00:08:11", "end": "00:08:13", "text": "points. So, if you're interested, click"}, {"start": "00:08:13", "end": "00:08:14", "text": "the link in the description or go to"}, {"start": "00:08:14", "end": "00:08:16", "text": "gemini.com/andre"}, {"start": "00:08:16", "end": "00:08:18", "text": "to get $200 in Bitcoin when you spend"}, {"start": "00:08:18", "end": "00:08:20", "text": "$3,000 in your first 90 days. Thank you"}, {"start": "00:08:20", "end": "00:08:22", "text": "Gemini for sponsoring this segment. And"}, {"start": "00:08:22", "end": "00:08:25", "text": "now, let's get back to it. So, okay, for"}, {"start": "00:08:25", "end": "00:08:27", "text": "decades, gold was actually considered"}, {"start": "00:08:27", "end": "00:08:30", "text": "what's called a tier three asset under"}, {"start": "00:08:30", "end": "00:08:33", "text": "the old Basil banking rules. So, what"}, {"start": "00:08:33", "end": "00:08:35", "text": "does that mean, right? Well, that meant"}, {"start": "00:08:35", "end": "00:08:37", "text": "that if a bank held, for example, let's"}, {"start": "00:08:37", "end": "00:08:41", "text": "say a billion dollars worth of gold, it"}, {"start": "00:08:41", "end": "00:08:42", "text": "could only count about half of that"}, {"start": "00:08:42", "end": "00:08:45", "text": "value on its balance sheet, its piggy"}, {"start": "00:08:45", "end": "00:08:47", "text": "bank, right? The system was literally"}, {"start": "00:08:47", "end": "00:08:50", "text": "designed to make sure that gold stayed"}, {"start": "00:08:50", "end": "00:08:53", "text": "something that banks stored and did not"}, {"start": "00:08:53", "end": "00:08:56", "text": "use. But then Basil 3 came along and it"}, {"start": "00:08:56", "end": "00:08:58", "text": "changed everything. Gold was upgraded to"}, {"start": "00:08:58", "end": "00:09:02", "text": "a tier 1 asset, which means that now"}, {"start": "00:09:02", "end": "00:09:07", "text": "banks can recognize 100% of its value."}, {"start": "00:09:07", "end": "00:09:09", "text": "That's a big deal. But here's the thing."}, {"start": "00:09:09", "end": "00:09:11", "text": "You still can't lend against gold. You"}, {"start": "00:09:11", "end": "00:09:13", "text": "can't borrow with it. You can't use it"}, {"start": "00:09:13", "end": "00:09:16", "text": "for repo. By the way, repo is the"}, {"start": "00:09:16", "end": "00:09:19", "text": "short-term lending system that keeps the"}, {"start": "00:09:19", "end": "00:09:22", "text": "entire global financial system stable."}, {"start": "00:09:22", "end": "00:09:24", "text": "It's where banks borrow from each other"}, {"start": "00:09:24", "end": "00:09:26", "text": "overnight using treasuries. It's"}, {"start": "00:09:26", "end": "00:09:29", "text": "complicated, but what it means is gold"}, {"start": "00:09:29", "end": "00:09:32", "text": "went from being a shiny rock to now a"}, {"start": "00:09:32", "end": "00:09:34", "text": "more valuable shiny rock with better"}, {"start": "00:09:34", "end": "00:09:37", "text": "accounting. Okay, but that's where China"}, {"start": "00:09:37", "end": "00:09:40", "text": "stepped in because the next level above"}, {"start": "00:09:40", "end": "00:09:44", "text": "tier 1 is something called HQLA, which"}, {"start": "00:09:44", "end": "00:09:47", "text": "stands for high quality liquid asset."}, {"start": "00:09:47", "end": "00:09:50", "text": "These assets are so safe, so stable and"}, {"start": "00:09:50", "end": "00:09:53", "text": "so liquid that banks can actually use"}, {"start": "00:09:53", "end": "00:09:57", "text": "them as collateral in financing. Right"}, {"start": "00:09:57", "end": "00:09:59", "text": "now, those assets are basically US"}, {"start": "00:09:59", "end": "00:10:01", "text": "treasuries. It's the plumbing behind"}, {"start": "00:10:01", "end": "00:10:03", "text": "every loan and repo and credit facility"}, {"start": "00:10:03", "end": "00:10:06", "text": "in the world. US treasuries are what's"}, {"start": "00:10:06", "end": "00:10:08", "text": "used for the whole system. Now, if"}, {"start": "00:10:08", "end": "00:10:10", "text": "you're a country and you want to build,"}, {"start": "00:10:10", "end": "00:10:12", "text": "let's say, a a port or a factory or a"}, {"start": "00:10:12", "end": "00:10:14", "text": "power grid, you got to go to the central"}, {"start": "00:10:14", "end": "00:10:16", "text": "bank and you got to say, \"Hey, I need to"}, {"start": "00:10:16", "end": "00:10:17", "text": "borrow some money.\" And they'd be like,"}, {"start": "00:10:17", "end": "00:10:20", "text": "\"Deposit some highquality liquid assets"}, {"start": "00:10:20", "end": "00:10:21", "text": "with us and then we'll lend you the"}, {"start": "00:10:21", "end": "00:10:23", "text": "money.\" Right? Now, again, that"}, {"start": "00:10:23", "end": "00:10:25", "text": "collateral is mostly US treasuries,"}, {"start": "00:10:25", "end": "00:10:26", "text": "which is also why the US dollar has"}, {"start": "00:10:26", "end": "00:10:29", "text": "played such a big role in the world."}, {"start": "00:10:29", "end": "00:10:32", "text": "It's the link to these treasuries. It is"}, {"start": "00:10:32", "end": "00:10:36", "text": "needed to borrow money. Okay? But"}, {"start": "00:10:36", "end": "00:10:40", "text": "imagine what would happen if gold was"}, {"start": "00:10:40", "end": "00:10:43", "text": "able to join that list. Gold would go"}, {"start": "00:10:43", "end": "00:10:46", "text": "from being a passive shiny rock to a"}, {"start": "00:10:46", "end": "00:10:49", "text": "thing that could be used to borrow, to"}, {"start": "00:10:49", "end": "00:10:52", "text": "lend, and to fund infrastructure with,"}, {"start": "00:10:52", "end": "00:10:55", "text": "all without ever touching the dollar. If"}, {"start": "00:10:55", "end": "00:10:58", "text": "gold becomes HQLA,"}, {"start": "00:10:58", "end": "00:11:01", "text": "countries will not need dollars to"}, {"start": "00:11:01", "end": "00:11:04", "text": "finance their economies anymore. And"}, {"start": "00:11:04", "end": "00:11:06", "text": "that brings us to the BRICS summit that"}, {"start": "00:11:06", "end": "00:11:10", "text": "took place in May. So for years, China"}, {"start": "00:11:10", "end": "00:11:11", "text": "has been trying to convince the entire"}, {"start": "00:11:11", "end": "00:11:13", "text": "world, mostly the BRICS countries,"}, {"start": "00:11:13", "end": "00:11:15", "text": "Brazil, Russia, India, South Africa, to"}, {"start": "00:11:15", "end": "00:11:18", "text": "use the yuan in their trades. But"}, {"start": "00:11:18", "end": "00:11:19", "text": "everyone pushed back with the same"}, {"start": "00:11:19", "end": "00:11:22", "text": "question. This is hypothetical, but I"}, {"start": "00:11:22", "end": "00:11:24", "text": "imagine this is how their conversation"}, {"start": "00:11:24", "end": "00:11:26", "text": "was going based on what's happening."}, {"start": "00:11:26", "end": "00:11:28", "text": "China was like, \"Will you guys use our"}, {"start": "00:11:28", "end": "00:11:30", "text": "currency, please?\" And they're like,"}, {"start": "00:11:30", "end": "00:11:33", "text": "\"Okay, we'll use your currency, but"}, {"start": "00:11:33", "end": "00:11:35", "text": "would mostly just rather use the dollar,"}, {"start": "00:11:35", "end": "00:11:37", "text": "but out of curiosity, what are you"}, {"start": "00:11:37", "end": "00:11:39", "text": "backing it with?\" And China's like,"}, {"start": "00:11:39", "end": "00:11:41", "text": "\"Well, we're backing it with our"}, {"start": "00:11:41", "end": "00:11:43", "text": "economy. We're the factory of the world."}, {"start": "00:11:43", "end": "00:11:46", "text": "It's stable, but as an added perk, if"}, {"start": "00:11:46", "end": "00:11:48", "text": "you want, we'll let you convert your"}, {"start": "00:11:48", "end": "00:11:51", "text": "yuan to gold anytime you want.\" They're"}, {"start": "00:11:51", "end": "00:11:54", "text": "like, \"That's cool. Okay, but where's"}, {"start": "00:11:54", "end": "00:11:57", "text": "the gold going to be stored at?\" China's"}, {"start": "00:11:57", "end": "00:11:59", "text": "like, \"China.\" So all the other"}, {"start": "00:11:59", "end": "00:12:00", "text": "countries were like, \"No, we're good"}, {"start": "00:12:00", "end": "00:12:02", "text": "now. We've seen how that played out"}, {"start": "00:12:02", "end": "00:12:03", "text": "before with the US. We're not going to"}, {"start": "00:12:03", "end": "00:12:06", "text": "trust you to hold our gold.\" That was a"}, {"start": "00:12:06", "end": "00:12:08", "text": "conversation that was happening years"}, {"start": "00:12:08", "end": "00:12:11", "text": "ago. But at the most recent bricks"}, {"start": "00:12:11", "end": "00:12:13", "text": "summit, China had a lot of brilliant"}, {"start": "00:12:13", "end": "00:12:16", "text": "ideas to solve a lot of the problems"}, {"start": "00:12:16", "end": "00:12:19", "text": "those countries had with using the yuan."}, {"start": "00:12:19", "end": "00:12:21", "text": "So here's how China is going to get the"}, {"start": "00:12:21", "end": "00:12:24", "text": "developing world to use their currency."}, {"start": "00:12:24", "end": "00:12:26", "text": "So the first problem that they've solved"}, {"start": "00:12:26", "end": "00:12:29", "text": "is trust. Because if you're India or"}, {"start": "00:12:29", "end": "00:12:32", "text": "Brazil or South Africa, you're not just"}, {"start": "00:12:32", "end": "00:12:34", "text": "going to take China's word that they're"}, {"start": "00:12:34", "end": "00:12:36", "text": "going to keep your gold safe, right? You"}, {"start": "00:12:36", "end": "00:12:38", "text": "want to see it, you want to touch it,"}, {"start": "00:12:38", "end": "00:12:40", "text": "and you want to store it somewhere that"}, {"start": "00:12:40", "end": "00:12:43", "text": "you could access. So, China built what's"}, {"start": "00:12:43", "end": "00:12:46", "text": "now being called as the gold corridor."}, {"start": "00:12:46", "end": "00:12:50", "text": "So, think of this as like an analog"}, {"start": "00:12:50", "end": "00:12:52", "text": "version of the blockchain, but instead"}, {"start": "00:12:52", "end": "00:12:57", "text": "of blocks verified by miners, it's a"}, {"start": "00:12:57", "end": "00:13:00", "text": "network of gold vaults verified by"}, {"start": "00:13:00", "end": "00:13:03", "text": "nations. The joke that Serenic had was"}, {"start": "00:13:03", "end": "00:13:05", "text": "like it was a Fred Flintstone chain of"}, {"start": "00:13:05", "end": "00:13:08", "text": "blockchain, right? Each vault is"}, {"start": "00:13:08", "end": "00:13:10", "text": "connected to the Shanghai gold exchange,"}, {"start": "00:13:10", "end": "00:13:14", "text": "the SGE, and it tracks every bar, its"}, {"start": "00:13:14", "end": "00:13:16", "text": "purity, its serial number, who owns it."}, {"start": "00:13:16", "end": "00:13:20", "text": "So that one change fixes the problem of"}, {"start": "00:13:20", "end": "00:13:22", "text": "decentralization and trust because the"}, {"start": "00:13:22", "end": "00:13:24", "text": "gold custody is now geographically"}, {"start": "00:13:24", "end": "00:13:26", "text": "decentralized. It's verifiable,"}, {"start": "00:13:26", "end": "00:13:28", "text": "redeemable, and honorable to an extent."}, {"start": "00:13:28", "end": "00:13:31", "text": "Now, the second problem China had to"}, {"start": "00:13:31", "end": "00:13:34", "text": "solve was something called volatility,"}, {"start": "00:13:34", "end": "00:13:36", "text": "right? Because if you're going to use a"}, {"start": "00:13:36", "end": "00:13:39", "text": "commodity like gold as collateral for"}, {"start": "00:13:39", "end": "00:13:42", "text": "things like loans, trade, or financing,"}, {"start": "00:13:42", "end": "00:13:45", "text": "you can't have price swings every single"}, {"start": "00:13:45", "end": "00:13:48", "text": "day. You can't have something that a"}, {"start": "00:13:48", "end": "00:13:51", "text": "nation with, let's say, a ton of money"}, {"start": "00:13:51", "end": "00:13:54", "text": "could just manipulate the price of. So,"}, {"start": "00:13:54", "end": "00:13:56", "text": "here's how they're going to solve that."}, {"start": "00:13:56", "end": "00:13:58", "text": "They're solving it by using what's"}, {"start": "00:13:58", "end": "00:14:01", "text": "called a moving average to stabilize the"}, {"start": "00:14:01", "end": "00:14:02", "text": "settlement price instead of using what's"}, {"start": "00:14:02", "end": "00:14:05", "text": "called a daily price. In other words,"}, {"start": "00:14:05", "end": "00:14:08", "text": "instead of pricing gold by whatever it's"}, {"start": "00:14:08", "end": "00:14:11", "text": "worth this morning, instead they might"}, {"start": "00:14:11", "end": "00:14:14", "text": "average it out over the last 200 trading"}, {"start": "00:14:14", "end": "00:14:16", "text": "days. So, whatever the price was on"}, {"start": "00:14:16", "end": "00:14:18", "text": "average over the last 200 days is the"}, {"start": "00:14:18", "end": "00:14:21", "text": "price. So that makes gold much more"}, {"start": "00:14:21", "end": "00:14:24", "text": "predictable, less volatile, and it"}, {"start": "00:14:24", "end": "00:14:26", "text": "smooths out the price risk for everyone"}, {"start": "00:14:26", "end": "00:14:28", "text": "using it. Now, here's where it gets even"}, {"start": "00:14:28", "end": "00:14:30", "text": "more interesting. And this is the most"}, {"start": "00:14:30", "end": "00:14:33", "text": "likely thing that China is about to do"}, {"start": "00:14:33", "end": "00:14:36", "text": "next. This is what scares the US big"}, {"start": "00:14:36", "end": "00:14:38", "text": "time."}, {"start": "00:14:38", "end": "00:14:40", "text": "China is going to use this network, this"}, {"start": "00:14:40", "end": "00:14:43", "text": "system that it's building to build other"}, {"start": "00:14:43", "end": "00:14:46", "text": "countries that need financing. So think"}, {"start": "00:14:46", "end": "00:14:48", "text": "about Africa for example. A lot of"}, {"start": "00:14:48", "end": "00:14:50", "text": "countries there are really rich in"}, {"start": "00:14:50", "end": "00:14:52", "text": "natural resources and commodities like"}, {"start": "00:14:52", "end": "00:14:52", "text": "gold."}, {"start": "00:14:52", "end": "00:14:54", "text": "Africa produces between a quarter and a"}, {"start": "00:14:54", "end": "00:14:56", "text": "third of the world's gold with more than"}, {"start": "00:14:56", "end": "00:14:58", "text": "half of the gold extracted on the"}, {"start": "00:14:58", "end": "00:15:00", "text": "continent in 2022 coming from artisal"}, {"start": "00:15:00", "end": "00:15:02", "text": "and smallcale miners."}, {"start": "00:15:02", "end": "00:15:05", "text": "But they don't have the infrastructure"}, {"start": "00:15:05", "end": "00:15:07", "text": "under this system. Those countries will"}, {"start": "00:15:07", "end": "00:15:10", "text": "now be able to deposit their gold into"}, {"start": "00:15:10", "end": "00:15:13", "text": "the SGE, the Shanghai gold exchange, and"}, {"start": "00:15:13", "end": "00:15:15", "text": "then China through something like the"}, {"start": "00:15:15", "end": "00:15:18", "text": "New Development Bank, which is the BRICS"}, {"start": "00:15:18", "end": "00:15:21", "text": "Bank. They'll be able to loan them yuan"}, {"start": "00:15:21", "end": "00:15:24", "text": "against their gold to build anything"}, {"start": "00:15:24", "end": "00:15:26", "text": "they like, roads, airports, power"}, {"start": "00:15:26", "end": "00:15:29", "text": "plants, whatever. China then gets to"}, {"start": "00:15:29", "end": "00:15:32", "text": "finance the development of and build"}, {"start": "00:15:32", "end": "00:15:35", "text": "influence and help countries go around"}, {"start": "00:15:35", "end": "00:15:37", "text": "the west and around the IMF, the"}, {"start": "00:15:37", "end": "00:15:40", "text": "International Monetary Fund, all while"}, {"start": "00:15:40", "end": "00:15:43", "text": "using gold as this high quality liquid"}, {"start": "00:15:43", "end": "00:15:46", "text": "asset. That's where we come full circle,"}, {"start": "00:15:46", "end": "00:15:51", "text": "right? That's how gold gets to HQLA"}, {"start": "00:15:51", "end": "00:15:54", "text": "regardless of what the West wants. So,"}, {"start": "00:15:54", "end": "00:15:56", "text": "gold goes from being just an expensive"}, {"start": "00:15:56", "end": "00:15:58", "text": "shiny rock that sits in a vault to an"}, {"start": "00:15:58", "end": "00:16:00", "text": "actual financial instrument that you can"}, {"start": "00:16:00", "end": "00:16:03", "text": "lend against, borrow, and build on. Now,"}, {"start": "00:16:03", "end": "00:16:06", "text": "so far, this is not official yet, but"}, {"start": "00:16:06", "end": "00:16:09", "text": "that seems to be where we're going. And"}, {"start": "00:16:09", "end": "00:16:11", "text": "here's where it gets even more"}, {"start": "00:16:11", "end": "00:16:13", "text": "interesting. This video just keeps"}, {"start": "00:16:13", "end": "00:16:14", "text": "getting more and more interesting, and"}, {"start": "00:16:14", "end": "00:16:16", "text": "I've probably put everyone to sleep at"}, {"start": "00:16:16", "end": "00:16:18", "text": "this point, but I think the United"}, {"start": "00:16:18", "end": "00:16:20", "text": "States knows exactly what's happening."}, {"start": "00:16:20", "end": "00:16:21", "text": "Like you're not just finding out about"}, {"start": "00:16:21", "end": "00:16:24", "text": "this from me here on YouTube. So, do you"}, {"start": "00:16:24", "end": "00:16:27", "text": "remember how earlier this year the US"}, {"start": "00:16:27", "end": "00:16:29", "text": "started repatriating its gold from"}, {"start": "00:16:29", "end": "00:16:32", "text": "London back to the US? And I remember"}, {"start": "00:16:32", "end": "00:16:33", "text": "making a YouTube video about this and"}, {"start": "00:16:33", "end": "00:16:36", "text": "the official story was that it had to do"}, {"start": "00:16:36", "end": "00:16:39", "text": "with the tariffs or the big Doge audit,"}, {"start": "00:16:39", "end": "00:16:42", "text": "right? The US was calling its gold back"}, {"start": "00:16:42", "end": "00:16:44", "text": "because of the tariff trade or it was"}, {"start": "00:16:44", "end": "00:16:46", "text": "afraid that it was going to have a Fort"}, {"start": "00:16:46", "end": "00:16:49", "text": "Knox audit. But that never really made"}, {"start": "00:16:49", "end": "00:16:52", "text": "100% sense to me. I think what's really"}, {"start": "00:16:52", "end": "00:16:55", "text": "happening is that the US has known that"}, {"start": "00:16:55", "end": "00:16:57", "text": "all of this has been happening. That"}, {"start": "00:16:57", "end": "00:16:59", "text": "China's been building its gold corridor."}, {"start": "00:16:59", "end": "00:17:01", "text": "It's expanding vaults across Asia, the"}, {"start": "00:17:01", "end": "00:17:03", "text": "Middle East, and Africa. And the US is"}, {"start": "00:17:03", "end": "00:17:05", "text": "like, \"Okay, fine. We want our gold"}, {"start": "00:17:05", "end": "00:17:08", "text": "back, too.\" Because if the world is"}, {"start": "00:17:08", "end": "00:17:10", "text": "moving toward a financial system where"}, {"start": "00:17:10", "end": "00:17:14", "text": "gold has to actually physically move and"}, {"start": "00:17:14", "end": "00:17:17", "text": "physically exist, not just on paper but"}, {"start": "00:17:17", "end": "00:17:19", "text": "for real and your partner countries"}, {"start": "00:17:19", "end": "00:17:23", "text": "demand the ability to redeem that gold,"}, {"start": "00:17:23", "end": "00:17:27", "text": "then custody or whoever holds that gold"}, {"start": "00:17:27", "end": "00:17:29", "text": "becomes everything, right? Who keeps the"}, {"start": "00:17:29", "end": "00:17:32", "text": "gold safe? So if the US wants to stay"}, {"start": "00:17:32", "end": "00:17:35", "text": "competitive in this new system,"}, {"start": "00:17:35", "end": "00:17:37", "text": "it needs to control more of its own gold"}, {"start": "00:17:37", "end": "00:17:40", "text": "physically instead of trusting it at"}, {"start": "00:17:40", "end": "00:17:44", "text": "someone else's vault. Now officially the"}, {"start": "00:17:44", "end": "00:17:47", "text": "US holds roughly 8 tons of gold, maybe"}, {"start": "00:17:47", "end": "00:17:49", "text": "more, which is at this time the biggest"}, {"start": "00:17:49", "end": "00:17:52", "text": "stash of gold in the world. But a big"}, {"start": "00:17:52", "end": "00:17:54", "text": "portion of it was stored and accounted"}, {"start": "00:17:54", "end": "00:17:58", "text": "overseas for decades, mainly in London."}, {"start": "00:17:58", "end": "00:18:01", "text": "So bringing the gold back to the US is a"}, {"start": "00:18:01", "end": "00:18:03", "text": "way for it to prepare for this new"}, {"start": "00:18:03", "end": "00:18:07", "text": "potential system without flat out saying"}, {"start": "00:18:07", "end": "00:18:09", "text": "we want our gold back cuz the dollar"}, {"start": "00:18:09", "end": "00:18:12", "text": "might not be around. Right? So if gold"}, {"start": "00:18:12", "end": "00:18:15", "text": "does become a highquality liquid asset,"}, {"start": "00:18:15", "end": "00:18:18", "text": "if it's allowed to be treated like"}, {"start": "00:18:18", "end": "00:18:21", "text": "treasuries, then whoever holds it"}, {"start": "00:18:21", "end": "00:18:25", "text": "physically has real collateral power to"}, {"start": "00:18:25", "end": "00:18:28", "text": "fund the rest of the developing world so"}, {"start": "00:18:28", "end": "00:18:32", "text": "that it can exert its influence on it."}, {"start": "00:18:32", "end": "00:18:34", "text": "Okay. But now on a practical level,"}, {"start": "00:18:34", "end": "00:18:36", "text": "right, what does that mean for gold's"}, {"start": "00:18:36", "end": "00:18:38", "text": "price?"}, {"start": "00:18:38", "end": "00:18:40", "text": "Right now, most financial institutions"}, {"start": "00:18:40", "end": "00:18:42", "text": "like for example central banks and"}, {"start": "00:18:42", "end": "00:18:44", "text": "sovereign wealth funds and pension"}, {"start": "00:18:44", "end": "00:18:47", "text": "funds, they keep somewhere around 20% of"}, {"start": "00:18:47", "end": "00:18:50", "text": "their reserves or their piggy bank"}, {"start": "00:18:50", "end": "00:18:53", "text": "inside of these gold or equivalent hard"}, {"start": "00:18:53", "end": "00:18:56", "text": "assets. But now there's new guidelines"}, {"start": "00:18:56", "end": "00:18:58", "text": "being published at places like Bank of"}, {"start": "00:18:58", "end": "00:19:00", "text": "America, for example, and what they're"}, {"start": "00:19:00", "end": "00:19:03", "text": "saying is that the amount of gold that"}, {"start": "00:19:03", "end": "00:19:06", "text": "should be held in reserves should be"}, {"start": "00:19:06", "end": "00:19:09", "text": "closer to about 30%. Now, that's a 10%"}, {"start": "00:19:09", "end": "00:19:12", "text": "difference. Doesn't sound like much, but"}, {"start": "00:19:12", "end": "00:19:14", "text": "across the entire global financial"}, {"start": "00:19:14", "end": "00:19:17", "text": "system, that is estimated to be about $2"}, {"start": "00:19:17", "end": "00:19:21", "text": "trillion worth of new demand. Now, gold"}, {"start": "00:19:21", "end": "00:19:23", "text": "is not like the dollar, right? you can't"}, {"start": "00:19:23", "end": "00:19:26", "text": "print more of it. So that $2 trillion of"}, {"start": "00:19:26", "end": "00:19:29", "text": "new demand could translate to a much"}, {"start": "00:19:29", "end": "00:19:32", "text": "much higher price of gold than we've"}, {"start": "00:19:32", "end": "00:19:34", "text": "ever seen before. Some people say that"}, {"start": "00:19:34", "end": "00:19:36", "text": "in 5 years we could see gold at double"}, {"start": "00:19:36", "end": "00:19:39", "text": "what it is today. Now I'm not personally"}, {"start": "00:19:39", "end": "00:19:42", "text": "making that prediction, but that is a"}, {"start": "00:19:42", "end": "00:19:43", "text": "very possible reality and it wouldn't"}, {"start": "00:19:43", "end": "00:19:46", "text": "surprise me. So then the question is how"}, {"start": "00:19:46", "end": "00:19:48", "text": "will this affect investors and"}, {"start": "00:19:48", "end": "00:19:51", "text": "specifically something like Bitcoin? So"}, {"start": "00:19:51", "end": "00:19:52", "text": "when you look at this chess game that's"}, {"start": "00:19:52", "end": "00:19:55", "text": "being played through this perspective,"}, {"start": "00:19:55", "end": "00:19:58", "text": "at least to me, it makes a lot of sense"}, {"start": "00:19:58", "end": "00:20:00", "text": "why something like gold or something"}, {"start": "00:20:00", "end": "00:20:03", "text": "like Bitcoin could have been suppressed"}, {"start": "00:20:03", "end": "00:20:06", "text": "in price for so long. Like if I were a"}, {"start": "00:20:06", "end": "00:20:09", "text": "country interested in both options as a"}, {"start": "00:20:09", "end": "00:20:11", "text": "possible alternative, why would I want"}, {"start": "00:20:11", "end": "00:20:14", "text": "the price of any of it to skyrocket"}, {"start": "00:20:14", "end": "00:20:15", "text": "until I had huge amounts of control over"}, {"start": "00:20:15", "end": "00:20:19", "text": "it? So I think what we're seeing is a"}, {"start": "00:20:19", "end": "00:20:22", "text": "split. On one side you have China and"}, {"start": "00:20:22", "end": "00:20:24", "text": "the bricks building a world where money"}, {"start": "00:20:24", "end": "00:20:26", "text": "is again backed by something physical"}, {"start": "00:20:26", "end": "00:20:28", "text": "and old and something people can see and"}, {"start": "00:20:28", "end": "00:20:30", "text": "touch. And on the other side you have"}, {"start": "00:20:30", "end": "00:20:33", "text": "the US which is the world's biggest"}, {"start": "00:20:33", "end": "00:20:36", "text": "exporter of paper money. And if China's"}, {"start": "00:20:36", "end": "00:20:39", "text": "system is collateralized by gold, the US"}, {"start": "00:20:39", "end": "00:20:42", "text": "will eventually have to compete and"}, {"start": "00:20:42", "end": "00:20:44", "text": "counter with something that plays to its"}, {"start": "00:20:44", "end": "00:20:46", "text": "strength, which could also be its gold."}, {"start": "00:20:46", "end": "00:20:48", "text": "I don't know, but it could also be"}, {"start": "00:20:48", "end": "00:20:51", "text": "technology. In other words, if China is"}, {"start": "00:20:51", "end": "00:20:54", "text": "pairing its currency with something like"}, {"start": "00:20:54", "end": "00:20:57", "text": "gold, then the US could one day be"}, {"start": "00:20:57", "end": "00:20:59", "text": "paired with stable coins or maybe"}, {"start": "00:20:59", "end": "00:21:02", "text": "Bitcoin. Because think about it, both"}, {"start": "00:21:02", "end": "00:21:05", "text": "give you the same purpose in different"}, {"start": "00:21:05", "end": "00:21:10", "text": "ways. Gold represents trust through time"}, {"start": "00:21:10", "end": "00:21:11", "text": "because it's thousands of years old."}, {"start": "00:21:11", "end": "00:21:12", "text": "It's physical. It's slow. It doesn't"}, {"start": "00:21:12", "end": "00:21:15", "text": "change much. And Bitcoin represents"}, {"start": "00:21:15", "end": "00:21:18", "text": "trust through energy and math. It's"}, {"start": "00:21:18", "end": "00:21:20", "text": "digital. It's transparent. It's fast."}, {"start": "00:21:20", "end": "00:21:21", "text": "It's borderless. It has its own"}, {"start": "00:21:21", "end": "00:21:22", "text": "advantages."}, {"start": "00:21:22", "end": "00:21:25", "text": "China's system is about control and hard"}, {"start": "00:21:25", "end": "00:21:27", "text": "collateral. The US could also have an"}, {"start": "00:21:27", "end": "00:21:29", "text": "advantage through hard collateral but"}, {"start": "00:21:29", "end": "00:21:32", "text": "openness. So for the first time in"}, {"start": "00:21:32", "end": "00:21:35", "text": "modern history, I think we might be"}, {"start": "00:21:35", "end": "00:21:38", "text": "going into a world where governments"}, {"start": "00:21:38", "end": "00:21:41", "text": "have to compete for influence, for the"}, {"start": "00:21:41", "end": "00:21:45", "text": "better idea of what money is. And that's"}, {"start": "00:21:45", "end": "00:21:46", "text": "something that has never happened before"}, {"start": "00:21:46", "end": "00:21:49", "text": "in history. In the past, there was"}, {"start": "00:21:49", "end": "00:21:51", "text": "always one global standard, one world"}, {"start": "00:21:51", "end": "00:21:54", "text": "reserve currency. But now we can be"}, {"start": "00:21:54", "end": "00:21:56", "text": "going into like this multimonetary phase"}, {"start": "00:21:56", "end": "00:22:00", "text": "of history where gold back money is led"}, {"start": "00:22:00", "end": "00:22:02", "text": "by China and bricks and the digital one"}, {"start": "00:22:02", "end": "00:22:05", "text": "led by the US and the west built around"}, {"start": "00:22:05", "end": "00:22:07", "text": "programmable assets, tokenized assets"}, {"start": "00:22:07", "end": "00:22:11", "text": "and maybe bitcoin. If that happens,"}, {"start": "00:22:11", "end": "00:22:13", "text": "money then becomes something countries"}, {"start": "00:22:13", "end": "00:22:16", "text": "and people can choose. Both are"}, {"start": "00:22:16", "end": "00:22:19", "text": "competing for versions of what comes"}, {"start": "00:22:19", "end": "00:22:21", "text": "after the dollar. And I actually think"}, {"start": "00:22:21", "end": "00:22:23", "text": "both can exist at the same time. And"}, {"start": "00:22:23", "end": "00:22:26", "text": "when if it happens, I think you could"}, {"start": "00:22:26", "end": "00:22:30", "text": "see both asset prices repric very, very"}, {"start": "00:22:30", "end": "00:22:32", "text": "quickly. Now, when I say quickly, I"}, {"start": "00:22:32", "end": "00:22:33", "text": "don't mean this year. That could mean 5"}, {"start": "00:22:33", "end": "00:22:35", "text": "to 10 years from now, which is still"}, {"start": "00:22:35", "end": "00:22:38", "text": "considered very quick on these scales,"}, {"start": "00:22:38", "end": "00:22:40", "text": "but who knows? I want to give a huge"}, {"start": "00:22:40", "end": "00:22:43", "text": "shout out to TFTC21 on his podcast. I'll"}, {"start": "00:22:43", "end": "00:22:44", "text": "leave a link down below. And Serenk, he"}, {"start": "00:22:44", "end": "00:22:46", "text": "also has a newsletter if you want to"}, {"start": "00:22:46", "end": "00:22:47", "text": "check it out, but it really blew my"}, {"start": "00:22:47", "end": "00:22:50", "text": "mind. And my apologies for a very basic"}, {"start": "00:22:50", "end": "00:22:52", "text": "video that has very little editing."}, {"start": "00:22:52", "end": "00:22:53", "text": "Usually my videos have a lot of charts"}, {"start": "00:22:53", "end": "00:22:55", "text": "and things to look at and references,"}, {"start": "00:22:55", "end": "00:22:57", "text": "but this was very storydriven. But it"}, {"start": "00:22:57", "end": "00:22:59", "text": "made so much sense to me that I really"}, {"start": "00:22:59", "end": "00:23:00", "text": "wanted to share it with you. And I hope"}, {"start": "00:23:00", "end": "00:23:02", "text": "you made it this far. And if you did,"}, {"start": "00:23:02", "end": "00:23:03", "text": "I'd love to know what you think. As"}, {"start": "00:23:03", "end": "00:23:05", "text": "always, I hope you have a wonderful rest"}, {"start": "00:23:05", "end": "00:23:06", "text": "of your day. Smash the like button."}, {"start": "00:23:06", "end": "00:23:07", "text": "Subscribe if you haven't already. I'd"}, {"start": "00:23:07", "end": "00:23:09", "text": "love to see you back here next week."}, {"start": "00:23:09", "end": "00:23:13", "text": "I'll see you soon. Bye-bye."}]

[{"start": "00:00:00", "end": "00:00:02", "text": "The 40-year wealth play, it just died."}, {"start": "00:00:02", "end": "00:00:04", "text": "The entire formula that built"}, {"start": "00:00:04", "end": "00:00:07", "text": "retirements, pensions, and fortunes for"}, {"start": "00:00:07", "end": "00:00:09", "text": "an entire generation, it's over. Now,"}, {"start": "00:00:09", "end": "00:00:11", "text": "the painful truth is this. Most people"}, {"start": "00:00:11", "end": "00:00:13", "text": "won't even realize it until it's too"}, {"start": "00:00:13", "end": "00:00:16", "text": "late. Because accepting a paradigm shift"}, {"start": "00:00:16", "end": "00:00:18", "text": "means admitting everything you've been"}, {"start": "00:00:18", "end": "00:00:21", "text": "taught, decades of investing frameworks,"}, {"start": "00:00:21", "end": "00:00:23", "text": "even your identity as investor no longer"}, {"start": "00:00:23", "end": "00:00:26", "text": "works. That's hard. So, people cling to"}, {"start": "00:00:26", "end": "00:00:29", "text": "the familiar. They wait for consensus."}, {"start": "00:00:29", "end": "00:00:32", "text": "But by the time consensus comes, the"}, {"start": "00:00:32", "end": "00:00:34", "text": "opportunity of the shift has already"}, {"start": "00:00:34", "end": "00:00:35", "text": "passed. Now look, I've been building."}, {"start": "00:00:35", "end": "00:00:37", "text": "I've been selling tech companies for"}, {"start": "00:00:37", "end": "00:00:38", "text": "decades. I'm a partner at a leading"}, {"start": "00:00:38", "end": "00:00:40", "text": "Bitcoin venture fund. I invest directly"}, {"start": "00:00:40", "end": "00:00:42", "text": "into Bitcoin Treasury companies. And"}, {"start": "00:00:42", "end": "00:00:44", "text": "what I'm about to show you is exactly"}, {"start": "00:00:44", "end": "00:00:46", "text": "what the smart money sees behind the"}, {"start": "00:00:46", "end": "00:00:48", "text": "curtain. Because if the 40-year wealth"}, {"start": "00:00:48", "end": "00:00:50", "text": "strategy is over, then something"}, {"start": "00:00:50", "end": "00:00:52", "text": "entirely new is taking its place. And if"}, {"start": "00:00:52", "end": "00:00:54", "text": "you see it before everyone else sees it,"}, {"start": "00:00:54", "end": "00:00:56", "text": "this could be the biggest wealth shift"}, {"start": "00:00:56", "end": "00:00:59", "text": "of your lifetime. So let's go. Okay. So"}, {"start": "00:00:59", "end": "00:01:01", "text": "to understand where things are going,"}, {"start": "00:01:01", "end": "00:01:02", "text": "let's first look at the system that"}, {"start": "00:01:02", "end": "00:01:04", "text": "we're leaving behind, right? The old"}, {"start": "00:01:04", "end": "00:01:06", "text": "playbook that everyone still believes in"}, {"start": "00:01:06", "end": "00:01:09", "text": "and of course why it's dead. Now if we"}, {"start": "00:01:09", "end": "00:01:11", "text": "rewind the clock to go back about 40"}, {"start": "00:01:11", "end": "00:01:14", "text": "years, let's go back to 1981. Now in"}, {"start": "00:01:14", "end": "00:01:17", "text": "1981, inflation's raging. It's reaching"}, {"start": "00:01:17", "end": "00:01:19", "text": "14.5%."}, {"start": "00:01:19", "end": "00:01:21", "text": "Right? 1980, Paul Vulker came into the"}, {"start": "00:01:21", "end": "00:01:23", "text": "Fed and uh he was going to fight"}, {"start": "00:01:23", "end": "00:01:24", "text": "inflation. He was going to beat"}, {"start": "00:01:24", "end": "00:01:26", "text": "inflation. He raised rates on the US"}, {"start": "00:01:26", "end": "00:01:30", "text": "Treasury the 10-year to 15%."}, {"start": "00:01:30", "end": "00:01:32", "text": "This means somebody with a few"}, {"start": "00:01:32", "end": "00:01:34", "text": "hundred,000 in savings, say you had"}, {"start": "00:01:34", "end": "00:01:37", "text": "300,000 in savings on retirement, you"}, {"start": "00:01:37", "end": "00:01:40", "text": "could earn about $50,000 per year to"}, {"start": "00:01:40", "end": "00:01:42", "text": "live on a comfortable retirement back in"}, {"start": "00:01:42", "end": "00:01:45", "text": "1980. But from there and for four"}, {"start": "00:01:45", "end": "00:01:48", "text": "straight decades, yields went down, bond"}, {"start": "00:01:48", "end": "00:01:51", "text": "prices went up, every dip for the last"}, {"start": "00:01:51", "end": "00:01:54", "text": "four decades was a buy. Every crisis"}, {"start": "00:01:54", "end": "00:01:56", "text": "made bonds more valuable. It was the"}, {"start": "00:01:56", "end": "00:01:59", "text": "safest trade in history. Retirements,"}, {"start": "00:01:59", "end": "00:02:02", "text": "pensions, entire nations were built on"}, {"start": "00:02:02", "end": "00:02:04", "text": "top of that. But by 2020, the absurdity"}, {"start": "00:02:04", "end": "00:02:06", "text": "reached its peak. The safest investment"}, {"start": "00:02:06", "end": "00:02:08", "text": "in the world, US treasuries, paid so"}, {"start": "00:02:08", "end": "00:02:12", "text": "little that it now took $10 million to"}, {"start": "00:02:12", "end": "00:02:14", "text": "earn the same 50,000 a year that you"}, {"start": "00:02:14", "end": "00:02:17", "text": "could have gotten from just $300,000"}, {"start": "00:02:17", "end": "00:02:19", "text": "before. Now it was much worse in Europe"}, {"start": "00:02:19", "end": "00:02:22", "text": "where there was 17 trillion euros"}, {"start": "00:02:22", "end": "00:02:24", "text": "earning less than nothing negative"}, {"start": "00:02:24", "end": "00:02:26", "text": "yielding bonds. Now the same was true in"}, {"start": "00:02:26", "end": "00:02:28", "text": "Japan. You had over 30% of the"}, {"start": "00:02:28", "end": "00:02:31", "text": "population are retirees that depend on"}, {"start": "00:02:31", "end": "00:02:32", "text": "forced income and yet they were being"}, {"start": "00:02:32", "end": "00:02:34", "text": "forced to literally pay the government"}, {"start": "00:02:34", "end": "00:02:37", "text": "to hold their money. Now this wasn't"}, {"start": "00:02:37", "end": "00:02:39", "text": "done by a free market. It was 40 years"}, {"start": "00:02:39", "end": "00:02:42", "text": "of central bank coordination, central"}, {"start": "00:02:42", "end": "00:02:44", "text": "bank regulation forcing everyone into"}, {"start": "00:02:44", "end": "00:02:48", "text": "bonds. But the pin was co. It hit. The"}, {"start": "00:02:48", "end": "00:02:50", "text": "pin popped the bubble. Inflation came"}, {"start": "00:02:50", "end": "00:02:52", "text": "roaring back. And suddenly bond holders"}, {"start": "00:02:52", "end": "00:02:54", "text": "realized what their grandparents before"}, {"start": "00:02:54", "end": "00:02:57", "text": "them knew. That bonds can lose money. As"}, {"start": "00:02:57", "end": "00:02:58", "text": "a matter of fact, they could lose a lot"}, {"start": "00:02:58", "end": "00:03:01", "text": "of money. That's why today we now have"}, {"start": "00:03:01", "end": "00:03:03", "text": "over 300 trillion in global fixed"}, {"start": "00:03:03", "end": "00:03:06", "text": "income. It's all stuck in a trap."}, {"start": "00:03:06", "end": "00:03:08", "text": "Governments can't afford real yields."}, {"start": "00:03:08", "end": "00:03:11", "text": "They can't afford to raise those. So"}, {"start": "00:03:11", "end": "00:03:13", "text": "bond holders are guaranteed to be"}, {"start": "00:03:13", "end": "00:03:15", "text": "liquidated away. And now the world's"}, {"start": "00:03:15", "end": "00:03:17", "text": "finally waking up to this. Even JP"}, {"start": "00:03:17", "end": "00:03:19", "text": "Morgan just put out a report. They have"}, {"start": "00:03:19", "end": "00:03:20", "text": "a name for it. It's called the"}, {"start": "00:03:20", "end": "00:03:22", "text": "debasement trade. Investors are bailing"}, {"start": "00:03:22", "end": "00:03:24", "text": "out, right? They're bailing out of fiat."}, {"start": "00:03:24", "end": "00:03:26", "text": "They're bailing out of bonds. They're"}, {"start": "00:03:26", "end": "00:03:28", "text": "running into assets that you can't print"}, {"start": "00:03:28", "end": "00:03:30", "text": "more of. Gold and especially Bitcoin."}, {"start": "00:03:30", "end": "00:03:32", "text": "And by the way, if you want to go deeper"}, {"start": "00:03:32", "end": "00:03:34", "text": "into the shift, I'm going to host a"}, {"start": "00:03:34", "end": "00:03:36", "text": "quantum wave investment workshop next"}, {"start": "00:03:36", "end": "00:03:38", "text": "week. It's live. It's free. And I'm"}, {"start": "00:03:38", "end": "00:03:39", "text": "going to walk through the exact charts"}, {"start": "00:03:39", "end": "00:03:41", "text": "that I'm watching. I'll show you the"}, {"start": "00:03:41", "end": "00:03:43", "text": "assets, the stocks that I'm buying, and"}, {"start": "00:03:43", "end": "00:03:45", "text": "I'll show you how I'm profiting as this"}, {"start": "00:03:45", "end": "00:03:47", "text": "old paradigm collapses. I'm going to put"}, {"start": "00:03:47", "end": "00:03:48", "text": "a link in the description down below."}, {"start": "00:03:48", "end": "00:03:49", "text": "We'll put a QR code on the screen right"}, {"start": "00:03:49", "end": "00:03:52", "text": "here. Grab a spot because it's free, but"}, {"start": "00:03:52", "end": "00:03:54", "text": "space is limited. So, I I keep it"}, {"start": "00:03:54", "end": "00:03:55", "text": "limited so I can interact with"}, {"start": "00:03:55", "end": "00:03:56", "text": "everybody. So, don't miss it when this"}, {"start": "00:03:56", "end": "00:03:58", "text": "window is moving super fast. All right."}, {"start": "00:03:58", "end": "00:03:59", "text": "So, why don't most people see this"}, {"start": "00:03:59", "end": "00:04:01", "text": "shift, right? Even when it's happening"}, {"start": "00:04:01", "end": "00:04:02", "text": "right in front of your eyes, because"}, {"start": "00:04:02", "end": "00:04:05", "text": "although when you hear it all laid out"}, {"start": "00:04:05", "end": "00:04:06", "text": "like I just like I laid it out for you,"}, {"start": "00:04:06", "end": "00:04:09", "text": "it seems pretty obvious, right? The bond"}, {"start": "00:04:09", "end": "00:04:11", "text": "bull market is dead. JP Morgan is"}, {"start": "00:04:11", "end": "00:04:13", "text": "literally calling it the debasement"}, {"start": "00:04:13", "end": "00:04:15", "text": "trade. But yet, most people still don't"}, {"start": "00:04:15", "end": "00:04:17", "text": "see it. They don't see it because of"}, {"start": "00:04:17", "end": "00:04:19", "text": "psychology. Accepting a paradigm shift"}, {"start": "00:04:19", "end": "00:04:21", "text": "is painful. It creates what we call"}, {"start": "00:04:21", "end": "00:04:24", "text": "cognitive dissonance. It forces you to"}, {"start": "00:04:24", "end": "00:04:25", "text": "admit that everything you've been taught"}, {"start": "00:04:25", "end": "00:04:27", "text": "is wrong. It forces you to admit that"}, {"start": "00:04:27", "end": "00:04:30", "text": "decades of financial frameworks, advice,"}, {"start": "00:04:30", "end": "00:04:32", "text": "even your identity as investor, it no"}, {"start": "00:04:32", "end": "00:04:33", "text": "longer works. And that's the most"}, {"start": "00:04:33", "end": "00:04:36", "text": "painful part, right? Most people would"}, {"start": "00:04:36", "end": "00:04:39", "text": "rather stay wrong together than be right"}, {"start": "00:04:39", "end": "00:04:41", "text": "alone. I know it sounds crazy, but it's"}, {"start": "00:04:41", "end": "00:04:44", "text": "true. Because humans rely on pattern"}, {"start": "00:04:44", "end": "00:04:46", "text": "recognition. We assume the future looks"}, {"start": "00:04:46", "end": "00:04:48", "text": "like the past. And so, because the past"}, {"start": "00:04:48", "end": "00:04:51", "text": "was 40 years, the pattern was simple,"}, {"start": "00:04:51", "end": "00:04:53", "text": "right? Buy bonds. Trust the 6040"}, {"start": "00:04:53", "end": "00:04:56", "text": "portfolio. Don't fight the Fed. Now,"}, {"start": "00:04:56", "end": "00:04:58", "text": "that script is sort of hardwired in"}, {"start": "00:04:58", "end": "00:05:00", "text": "right now. It's hardwired into the"}, {"start": "00:05:00", "end": "00:05:02", "text": "adviserss, into the pension fund"}, {"start": "00:05:02", "end": "00:05:04", "text": "managers, and it's even wired into your"}, {"start": "00:05:04", "end": "00:05:06", "text": "dinner table conversations. But when the"}, {"start": "00:05:06", "end": "00:05:09", "text": "paradigm shifts, those old rules become"}, {"start": "00:05:09", "end": "00:05:11", "text": "traps. Yet, people cling on to them,"}, {"start": "00:05:11", "end": "00:05:12", "text": "right? They want to hold on to them"}, {"start": "00:05:12", "end": "00:05:15", "text": "either way because they're familiar."}, {"start": "00:05:15", "end": "00:05:17", "text": "They feel safe even when it's broken."}, {"start": "00:05:17", "end": "00:05:19", "text": "And then there's the consensus problem."}, {"start": "00:05:19", "end": "00:05:21", "text": "Most people wait for consensus before"}, {"start": "00:05:21", "end": "00:05:24", "text": "they believe something. But by the time"}, {"start": "00:05:24", "end": "00:05:26", "text": "consensus forms, the opportunity of the"}, {"start": "00:05:26", "end": "00:05:28", "text": "shift, it's already passed. Now, history"}, {"start": "00:05:28", "end": "00:05:30", "text": "is full of smart people that miss these"}, {"start": "00:05:30", "end": "00:05:32", "text": "paradigm shifts in real time. Nobel"}, {"start": "00:05:32", "end": "00:05:36", "text": "Prize winners, CEOs, the media. I mean,"}, {"start": "00:05:36", "end": "00:05:38", "text": "some ones I can think of, Paul Krugman,"}, {"start": "00:05:38", "end": "00:05:40", "text": "right? He's a Nobel Prizewinning"}, {"start": "00:05:40", "end": "00:05:43", "text": "economist. 1998, he said that by 2005 or"}, {"start": "00:05:43", "end": "00:05:45", "text": "so, it will become clear that the"}, {"start": "00:05:45", "end": "00:05:48", "text": "internet's impact on the economy has"}, {"start": "00:05:48", "end": "00:05:50", "text": "been no greater than the fax machine."}, {"start": "00:05:50", "end": "00:05:52", "text": "Clifford Stole, astronomer in 1995,"}, {"start": "00:05:52", "end": "00:05:54", "text": "wrote in Newsweek. He said that the"}, {"start": "00:05:54", "end": "00:05:57", "text": "truth is no online database will replace"}, {"start": "00:05:57", "end": "00:05:59", "text": "your daily newspaper. No computer"}, {"start": "00:05:59", "end": "00:06:01", "text": "network will change the way government"}, {"start": "00:06:01", "end": "00:06:05", "text": "works. Okay. Steve Balmer, Microsoft CEO"}, {"start": "00:06:05", "end": "00:06:08", "text": "2007 said, \"There's no chance the iPhone"}, {"start": "00:06:08", "end": "00:06:10", "text": "is going to get any significant market"}, {"start": "00:06:10", "end": "00:06:12", "text": "share.\""}, {"start": "00:06:12", "end": "00:06:14", "text": "I can keep going. Uh maybe I will. Joe"}, {"start": "00:06:14", "end": "00:06:16", "text": "Norsera, he's a New York Times"}, {"start": "00:06:16", "end": "00:06:19", "text": "columnist. In 1999 he said the idea that"}, {"start": "00:06:19", "end": "00:06:22", "text": "Amazon can be the Walmart of the web is"}, {"start": "00:06:22", "end": "00:06:25", "text": "silly. New York Times 2006 said on about"}, {"start": "00:06:25", "end": "00:06:28", "text": "YouTube a site for home videos a little"}, {"start": "00:06:28", "end": "00:06:30", "text": "weird mostly useless"}, {"start": "00:06:30", "end": "00:06:33", "text": "and here we are on YouTube today. John"}, {"start": "00:06:33", "end": "00:06:35", "text": "Malone Media Mogal 1994 said people will"}, {"start": "00:06:35", "end": "00:06:38", "text": "never watch TV on the internet. H look I"}, {"start": "00:06:38", "end": "00:06:40", "text": "don't want to call these people out but"}, {"start": "00:06:40", "end": "00:06:42", "text": "I just did. But the reason why is"}, {"start": "00:06:42", "end": "00:06:44", "text": "because of the paradigm shift. It's"}, {"start": "00:06:44", "end": "00:06:47", "text": "really hard to see it. Most people would"}, {"start": "00:06:47", "end": "00:06:48", "text": "rather be wrong because it's"}, {"start": "00:06:48", "end": "00:06:50", "text": "comfortable. And that's why over the"}, {"start": "00:06:50", "end": "00:06:52", "text": "last decade, people dismissed Bitcoin as"}, {"start": "00:06:52", "end": "00:06:54", "text": "a scam, right? They missed it under"}, {"start": "00:06:54", "end": "00:06:57", "text": "a,000, 10,000. They missed it at 50,000."}, {"start": "00:06:57", "end": "00:06:58", "text": "Right now, we're living through the same"}, {"start": "00:06:58", "end": "00:07:01", "text": "thing. The world's shifting from bonds"}, {"start": "00:07:01", "end": "00:07:03", "text": "and fiat into the debasement trade into"}, {"start": "00:07:03", "end": "00:07:05", "text": "Bitcoin and gold. But most investors are"}, {"start": "00:07:05", "end": "00:07:07", "text": "still trying to explain today's world"}, {"start": "00:07:07", "end": "00:07:09", "text": "with yesterday's models, right? They're"}, {"start": "00:07:09", "end": "00:07:12", "text": "still looking at asset prices in dollars"}, {"start": "00:07:12", "end": "00:07:13", "text": "or whatever the local fiat currency that"}, {"start": "00:07:13", "end": "00:07:15", "text": "you use. And when you measure it that"}, {"start": "00:07:15", "end": "00:07:17", "text": "way, of course, it looks like a bubble."}, {"start": "00:07:17", "end": "00:07:19", "text": "It looks like, you know, Bitcoin at"}, {"start": "00:07:19", "end": "00:07:21", "text": "125,000 is about to collapse. It looks"}, {"start": "00:07:21", "end": "00:07:24", "text": "like gold at, you know, 3,900 is"}, {"start": "00:07:24", "end": "00:07:25", "text": "overheated. It's overbought. Now, that's"}, {"start": "00:07:25", "end": "00:07:27", "text": "the illusion of measuring everything"}, {"start": "00:07:27", "end": "00:07:29", "text": "against a debasing currency. It's not"}, {"start": "00:07:29", "end": "00:07:31", "text": "that Bitcoin and gold are in a bubble."}, {"start": "00:07:31", "end": "00:07:33", "text": "It's that the denominator is dying,"}, {"start": "00:07:33", "end": "00:07:35", "text": "right? That's why they can't see it."}, {"start": "00:07:35", "end": "00:07:37", "text": "That's why the wealth transfer is going"}, {"start": "00:07:37", "end": "00:07:39", "text": "to happen much faster than people can"}, {"start": "00:07:39", "end": "00:07:41", "text": "even understand. Most people are still"}, {"start": "00:07:41", "end": "00:07:43", "text": "using old models to explain this new"}, {"start": "00:07:43", "end": "00:07:46", "text": "world. Okay, so what are the new models?"}, {"start": "00:07:46", "end": "00:07:47", "text": "Okay, this is where it starts getting"}, {"start": "00:07:47", "end": "00:07:48", "text": "interesting. Uh, you know, I love"}, {"start": "00:07:48", "end": "00:07:52", "text": "cycles. I love watching one cycle end"}, {"start": "00:07:52", "end": "00:07:54", "text": "and the next cycle start and I like the"}, {"start": "00:07:54", "end": "00:07:56", "text": "overlap of each one. We're watching two"}, {"start": "00:07:56", "end": "00:07:59", "text": "cycles, two paradigm shifts converging"}, {"start": "00:07:59", "end": "00:08:01", "text": "at the same time. Now, the first one is"}, {"start": "00:08:01", "end": "00:08:03", "text": "a monetary and a financial revolution"}, {"start": "00:08:03", "end": "00:08:06", "text": "cycle. It happens about every 80 years."}, {"start": "00:08:06", "end": "00:08:08", "text": "Okay, this is about how long the current"}, {"start": "00:08:08", "end": "00:08:10", "text": "bond market took to rise, reach matur"}, {"start": "00:08:10", "end": "00:08:13", "text": "maturity, and then reverse all the way"}, {"start": "00:08:13", "end": "00:08:15", "text": "back down and collapse. Now, at the same"}, {"start": "00:08:15", "end": "00:08:17", "text": "time, we have Bitcoin, which is the"}, {"start": "00:08:17", "end": "00:08:19", "text": "first monetary asset in over 500 years."}, {"start": "00:08:19", "end": "00:08:21", "text": "It's scarce, unconfiscable,"}, {"start": "00:08:21", "end": "00:08:23", "text": "permissionless collateral. That's why"}, {"start": "00:08:23", "end": "00:08:25", "text": "it's no longer just speculation. It's"}, {"start": "00:08:25", "end": "00:08:27", "text": "becoming the foundation of this new"}, {"start": "00:08:27", "end": "00:08:29", "text": "financial system, right? It's the"}, {"start": "00:08:29", "end": "00:08:30", "text": "smartest money in the world isn't just"}, {"start": "00:08:30", "end": "00:08:33", "text": "buying Bitcoin to trade it. They're"}, {"start": "00:08:33", "end": "00:08:35", "text": "building yield products, treasuries,"}, {"start": "00:08:35", "end": "00:08:36", "text": "corporate balance sheets all around"}, {"start": "00:08:36", "end": "00:08:38", "text": "this. They're engineering an entirely"}, {"start": "00:08:38", "end": "00:08:40", "text": "new fixed income market on top of"}, {"start": "00:08:40", "end": "00:08:42", "text": "Bitcoin. Now, the second cycle is"}, {"start": "00:08:42", "end": "00:08:45", "text": "technological. About every 50 years, we"}, {"start": "00:08:45", "end": "00:08:47", "text": "get a quantum leap. We get a convergence"}, {"start": "00:08:47", "end": "00:08:49", "text": "of new technologies. So, right now,"}, {"start": "00:08:49", "end": "00:08:51", "text": "that's Bitcoin and AI. And these are not"}, {"start": "00:08:51", "end": "00:08:53", "text": "just another tech trend. It's an"}, {"start": "00:08:53", "end": "00:08:55", "text": "exponential curve colliding with the"}, {"start": "00:08:55", "end": "00:08:58", "text": "monetary reset. So, AI is driving"}, {"start": "00:08:58", "end": "00:08:59", "text": "productivity. It's disrupting"}, {"start": "00:08:59", "end": "00:09:01", "text": "industries. It's accelerating capital"}, {"start": "00:09:01", "end": "00:09:04", "text": "flows faster than our intuition can even"}, {"start": "00:09:04", "end": "00:09:06", "text": "track it. And when you combine AI's"}, {"start": "00:09:06", "end": "00:09:08", "text": "exponential growth with Bitcoin's"}, {"start": "00:09:08", "end": "00:09:11", "text": "absolute scarcity, you get this flywheel"}, {"start": "00:09:11", "end": "00:09:14", "text": "effect. No previous generation has ever"}, {"start": "00:09:14", "end": "00:09:16", "text": "had access to that. All right. This is"}, {"start": "00:09:16", "end": "00:09:18", "text": "why the so-called debasement trade isn't"}, {"start": "00:09:18", "end": "00:09:20", "text": "just a short-term hedge against deficits"}, {"start": "00:09:20", "end": "00:09:23", "text": "or shutdowns. It's the front row of a"}, {"start": "00:09:23", "end": "00:09:25", "text": "new wealth cycle. It's a cycle where"}, {"start": "00:09:25", "end": "00:09:28", "text": "bonds and fiat aren't the bedrock"}, {"start": "00:09:28", "end": "00:09:30", "text": "anymore. their liabilities. Now, Bitcoin"}, {"start": "00:09:30", "end": "00:09:33", "text": "and AA become the twin engines of"}, {"start": "00:09:33", "end": "00:09:35", "text": "growth, value, and security. All right,"}, {"start": "00:09:35", "end": "00:09:37", "text": "that's the shift. That's the that's"}, {"start": "00:09:37", "end": "00:09:38", "text": "that's what most people can't see at"}, {"start": "00:09:38", "end": "00:09:40", "text": "this point, right? They're still"}, {"start": "00:09:40", "end": "00:09:42", "text": "measuring assets in dollars, still"}, {"start": "00:09:42", "end": "00:09:44", "text": "trying to explain today with yesterday's"}, {"start": "00:09:44", "end": "00:09:46", "text": "models, but the investors who understand"}, {"start": "00:09:46", "end": "00:09:48", "text": "this, who position now are effectively"}, {"start": "00:09:48", "end": "00:09:50", "text": "front running the largest reallocation"}, {"start": "00:09:50", "end": "00:09:53", "text": "of capital in history. So, here's the"}, {"start": "00:09:53", "end": "00:09:55", "text": "bottom line. The 40-year bond bull"}, {"start": "00:09:55", "end": "00:09:58", "text": "market, it's over. the debasement trade,"}, {"start": "00:09:58", "end": "00:10:01", "text": "it's here. The $300 trillion worth of"}, {"start": "00:10:01", "end": "00:10:03", "text": "capital, it's now on the move. So, what"}, {"start": "00:10:03", "end": "00:10:05", "text": "does this mean for us? Well, it means"}, {"start": "00:10:05", "end": "00:10:07", "text": "that if we're still relying on a 6040"}, {"start": "00:10:07", "end": "00:10:09", "text": "portfolio, if you're still trusting"}, {"start": "00:10:09", "end": "00:10:11", "text": "bonds, if your financial advisor still"}, {"start": "00:10:11", "end": "00:10:13", "text": "using the same playbook, then you're"}, {"start": "00:10:13", "end": "00:10:15", "text": "fighting the last war, right? That"}, {"start": "00:10:15", "end": "00:10:16", "text": "strategy, it worked for your parents,"}, {"start": "00:10:16", "end": "00:10:18", "text": "but it's not going to work for you."}, {"start": "00:10:18", "end": "00:10:20", "text": "Here's why. It's a simple but yet"}, {"start": "00:10:20", "end": "00:10:22", "text": "powerful thesis. Governments can't stop"}, {"start": "00:10:22", "end": "00:10:25", "text": "running deficits. They can't raise rates"}, {"start": "00:10:25", "end": "00:10:26", "text": "without bankrupting themselves. They"}, {"start": "00:10:26", "end": "00:10:29", "text": "can't default without political suicide."}, {"start": "00:10:29", "end": "00:10:31", "text": "That leaves one path, financial"}, {"start": "00:10:31", "end": "00:10:33", "text": "repression. What does that mean? That"}, {"start": "00:10:33", "end": "00:10:36", "text": "means savers and bond holders will be"}, {"start": "00:10:36", "end": "00:10:38", "text": "sacrificed as they're liquidated."}, {"start": "00:10:38", "end": "00:10:40", "text": "Inflation is going to run hot. Bonds are"}, {"start": "00:10:40", "end": "00:10:42", "text": "going to have negative yields. And at"}, {"start": "00:10:42", "end": "00:10:44", "text": "the same time, this hot inflation will"}, {"start": "00:10:44", "end": "00:10:46", "text": "increase the dollars in circulation and"}, {"start": "00:10:46", "end": "00:10:47", "text": "your purchasing power is going to"}, {"start": "00:10:47", "end": "00:10:50", "text": "continue to bleed away. And what almost"}, {"start": "00:10:50", "end": "00:10:52", "text": "everyone is missing is even if they get"}, {"start": "00:10:52", "end": "00:10:54", "text": "the first part, but they're still"}, {"start": "00:10:54", "end": "00:10:55", "text": "measuring everything in dollars or or"}, {"start": "00:10:55", "end": "00:10:57", "text": "whatever local currency you're in."}, {"start": "00:10:57", "end": "00:10:59", "text": "That's the problem. That's the illusion."}, {"start": "00:10:59", "end": "00:11:00", "text": "They're measuring wealth against a"}, {"start": "00:11:00", "end": "00:11:03", "text": "debasing currency. It's not that Bitcoin"}, {"start": "00:11:03", "end": "00:11:05", "text": "and gold are in a bubble. It's that the"}, {"start": "00:11:05", "end": "00:11:08", "text": "denominator, the dollar, is dying. And"}, {"start": "00:11:08", "end": "00:11:09", "text": "the longer you keep measuring your"}, {"start": "00:11:09", "end": "00:11:11", "text": "wealth in something designed to lose"}, {"start": "00:11:11", "end": "00:11:13", "text": "value, then the poorer you're going to"}, {"start": "00:11:13", "end": "00:11:15", "text": "feel, right? No, no matter what the"}, {"start": "00:11:15", "end": "00:11:17", "text": "asset price says. So, you got a choice."}, {"start": "00:11:17", "end": "00:11:19", "text": "You can either cling to the old system,"}, {"start": "00:11:19", "end": "00:11:22", "text": "the familiar, and watch your wealth get"}, {"start": "00:11:22", "end": "00:11:24", "text": "slowly liquidated away, or you can build"}, {"start": "00:11:24", "end": "00:11:26", "text": "a new operating system for your money."}, {"start": "00:11:26", "end": "00:11:28", "text": "One designed for the world we're"}, {"start": "00:11:28", "end": "00:11:30", "text": "actually in, not the one we grew up in."}, {"start": "00:11:30", "end": "00:11:32", "text": "All right, so how do you play the"}, {"start": "00:11:32", "end": "00:11:35", "text": "debasement trade? Well, here's three"}, {"start": "00:11:35", "end": "00:11:37", "text": "core principles. Number one, shift your"}, {"start": "00:11:37", "end": "00:11:39", "text": "denominator. You have to stop thinking"}, {"start": "00:11:39", "end": "00:11:41", "text": "in dollars. Start measuring your wealth"}, {"start": "00:11:41", "end": "00:11:43", "text": "in hard assets, Bitcoin, gold,"}, {"start": "00:11:43", "end": "00:11:45", "text": "productive equities, things that can't"}, {"start": "00:11:45", "end": "00:11:47", "text": "be printed away. So, for example,"}, {"start": "00:11:47", "end": "00:11:51", "text": "how much is gold priced in dollars? How"}, {"start": "00:11:51", "end": "00:11:53", "text": "much is gold priced in oil or priced in"}, {"start": "00:11:53", "end": "00:11:55", "text": "Bitcoin? Same for Bitcoin. Is it an"}, {"start": "00:11:55", "end": "00:11:58", "text": "all-time high in dollars or is it an"}, {"start": "00:11:58", "end": "00:12:02", "text": "all-time high in gold or oil? And when"}, {"start": "00:12:02", "end": "00:12:04", "text": "you price it in gold, then you can see"}, {"start": "00:12:04", "end": "00:12:05", "text": "that we're nowhere near the top. We're"}, {"start": "00:12:05", "end": "00:12:07", "text": "nowhere near all-time highs. We have"}, {"start": "00:12:07", "end": "00:12:09", "text": "plenty of room to run. It starts looking"}, {"start": "00:12:09", "end": "00:12:12", "text": "different. Number two, balance scarcity"}, {"start": "00:12:12", "end": "00:12:13", "text": "with cash flow. You see, gold and"}, {"start": "00:12:13", "end": "00:12:16", "text": "Bitcoin preserve value, but they don't"}, {"start": "00:12:16", "end": "00:12:18", "text": "yield by themselves. But if you pair"}, {"start": "00:12:18", "end": "00:12:20", "text": "them with productive assets or new"}, {"start": "00:12:20", "end": "00:12:21", "text": "structures like Bitcoin treasury"}, {"start": "00:12:21", "end": "00:12:24", "text": "products, then they create real income."}, {"start": "00:12:24", "end": "00:12:26", "text": "Or you can harvest the appreciation from"}, {"start": "00:12:26", "end": "00:12:28", "text": "these assets with debt and leverage."}, {"start": "00:12:28", "end": "00:12:31", "text": "Number three, stay early, stay adaptive,"}, {"start": "00:12:31", "end": "00:12:33", "text": "because by the time Wall Street reaches"}, {"start": "00:12:33", "end": "00:12:35", "text": "consensus, the biggest gains, they're"}, {"start": "00:12:35", "end": "00:12:37", "text": "gone. You got to position yourself ahead"}, {"start": "00:12:37", "end": "00:12:39", "text": "of the crowd. Then you keep adapting as"}, {"start": "00:12:39", "end": "00:12:41", "text": "the new system continues to build. All"}, {"start": "00:12:41", "end": "00:12:42", "text": "right, this is how you turn the"}, {"start": "00:12:42", "end": "00:12:44", "text": "debasement trade from a defensive hedge"}, {"start": "00:12:44", "end": "00:12:46", "text": "into an offensive wealth strategy. All"}, {"start": "00:12:46", "end": "00:12:48", "text": "right, now if you really want to"}, {"start": "00:12:48", "end": "00:12:49", "text": "understand the bigger picture, right,"}, {"start": "00:12:49", "end": "00:12:51", "text": "the convergence of AI and Bitcoin, the"}, {"start": "00:12:51", "end": "00:12:53", "text": "two paradigm shifts colliding to create"}, {"start": "00:12:53", "end": "00:12:55", "text": "the next wealth cycle and the exact"}, {"start": "00:12:55", "end": "00:12:56", "text": "assets and stocks that I'm buying right"}, {"start": "00:12:56", "end": "00:12:58", "text": "now to profit from this while the old"}, {"start": "00:12:58", "end": "00:13:00", "text": "paradigm collapses. Come join me live"}, {"start": "00:13:00", "end": "00:13:01", "text": "next week for the quantum wave"}, {"start": "00:13:01", "end": "00:13:03", "text": "investment workshop. It's live. It's"}, {"start": "00:13:03", "end": "00:13:05", "text": "free. I'm going to break all this down,"}, {"start": "00:13:05", "end": "00:13:06", "text": "the charts I'm watching, the companies"}, {"start": "00:13:06", "end": "00:13:08", "text": "I'm positioning to buy right now. Most"}, {"start": "00:13:08", "end": "00:13:09", "text": "importantly, I'm going to answer all"}, {"start": "00:13:09", "end": "00:13:11", "text": "your questions live. I'll put a link in"}, {"start": "00:13:11", "end": "00:13:12", "text": "the description down below. There's a QR"}, {"start": "00:13:12", "end": "00:13:14", "text": "code right here. It's free. Um I do"}, {"start": "00:13:14", "end": "00:13:16", "text": "limit the spot so I can make sure to"}, {"start": "00:13:16", "end": "00:13:18", "text": "interact with everyone. So grab a spot."}, {"start": "00:13:18", "end": "00:13:20", "text": "Don't miss it because the window on this"}, {"start": "00:13:20", "end": "00:13:21", "text": "shift isn't going to stay open forever."}, {"start": "00:13:21", "end": "00:13:23", "text": "And if you want to go deeper right now,"}, {"start": "00:13:23", "end": "00:13:24", "text": "the next video you should watch right"}, {"start": "00:13:24", "end": "00:13:26", "text": "now is titled The Wealth Boom the"}, {"start": "00:13:26", "end": "00:13:28", "text": "Government Doesn't Want You to Keep. And"}, {"start": "00:13:28", "end": "00:13:31", "text": "I'll see you over there."}]

[{"start": "00:00:00", "end": "00:00:02", "text": "This is borrowed directly from Jeff"}, {"start": "00:00:02", "end": "00:00:04", "text": "Booth. This is not my thing, but uh Jeff"}, {"start": "00:00:04", "end": "00:00:06", "text": "Booth says something really really"}, {"start": "00:00:06", "end": "00:00:10", "text": "profound. So he says that the natural"}, {"start": "00:00:10", "end": "00:00:12", "text": "state of the world and the economy is"}, {"start": "00:00:12", "end": "00:00:14", "text": "deflationary. Do you understand what"}, {"start": "00:00:14", "end": "00:00:14", "text": "that means?"}, {"start": "00:00:14", "end": "00:00:17", "text": "Mhm. Yeah. Stuff goes down in prices."}, {"start": "00:00:17", "end": "00:00:19", "text": "Stuff goes down in price. Like if you"}, {"start": "00:00:19", "end": "00:00:21", "text": "were to just have a fixed supply of"}, {"start": "00:00:21", "end": "00:00:22", "text": "money, like let's say I had a"}, {"start": "00:00:22", "end": "00:00:24", "text": "hypothetical $100 bill. I don't have one"}, {"start": "00:00:24", "end": "00:00:26", "text": "to show you, but like I laid it out and"}, {"start": "00:00:26", "end": "00:00:28", "text": "I was like, \"This is the world's money.\""}, {"start": "00:00:28", "end": "00:00:30", "text": "Like it's a $100. there's never going to"}, {"start": "00:00:30", "end": "00:00:33", "text": "be more of it. So naturally, the price"}, {"start": "00:00:33", "end": "00:00:36", "text": "of everything in that world would always"}, {"start": "00:00:36", "end": "00:00:38", "text": "go down forever. It wouldn't go up"}, {"start": "00:00:38", "end": "00:00:41", "text": "because as we get better at producing"}, {"start": "00:00:41", "end": "00:00:42", "text": "stuff, as we get more efficient, we"}, {"start": "00:00:42", "end": "00:00:45", "text": "invent better technologies, the price"}, {"start": "00:00:45", "end": "00:00:48", "text": "goes down, right? But for some reason,"}, {"start": "00:00:48", "end": "00:00:50", "text": "we don't find ourselves living in that"}, {"start": "00:00:50", "end": "00:00:52", "text": "world. We live in a world where prices"}, {"start": "00:00:52", "end": "00:00:54", "text": "of everything goes up forever, right?"}, {"start": "00:00:54", "end": "00:00:56", "text": "That's counterintuitive to how the"}, {"start": "00:00:56", "end": "00:00:58", "text": "universe should work. Why? Well, it's"}, {"start": "00:00:58", "end": "00:01:00", "text": "because the government has this special"}, {"start": "00:01:00", "end": "00:01:02", "text": "ability to make more than just this"}, {"start": "00:01:02", "end": "00:01:05", "text": "$100, right? So now, if we duplicate"}, {"start": "00:01:05", "end": "00:01:07", "text": "that $100, the price of everything now"}, {"start": "00:01:07", "end": "00:01:09", "text": "is essentially doubled because it cost"}, {"start": "00:01:09", "end": "00:01:11", "text": "twice as much to buy that same amount of"}, {"start": "00:01:11", "end": "00:01:13", "text": "stuff because the amount of stuff didn't"}, {"start": "00:01:13", "end": "00:01:15", "text": "double. It was the amount of paper that"}, {"start": "00:01:15", "end": "00:01:16", "text": "doubled. Right with me so far?"}, {"start": "00:01:16", "end": "00:01:17", "text": "Mhm."}, {"start": "00:01:17", "end": "00:01:20", "text": "Okay. So now that money, that excess"}, {"start": "00:01:20", "end": "00:01:23", "text": "piece of paper, all of that economic"}, {"start": "00:01:23", "end": "00:01:24", "text": "energy, it needs to go somewhere to"}, {"start": "00:01:24", "end": "00:01:27", "text": "maintain and preserve its value. So"}, {"start": "00:01:27", "end": "00:01:29", "text": "that's when we hear, \"Oh, did you hear"}, {"start": "00:01:29", "end": "00:01:32", "text": "stocks went up to an all-time high and"}, {"start": "00:01:32", "end": "00:01:33", "text": "gold reached an all-time high? Real"}, {"start": "00:01:33", "end": "00:01:35", "text": "estate reached an all-time high.\""}, {"start": "00:01:35", "end": "00:01:38", "text": "It's because the amount of money keeps"}, {"start": "00:01:38", "end": "00:01:40", "text": "increasing and it's always trying to"}, {"start": "00:01:40", "end": "00:01:43", "text": "find a place to go to preserve its"}, {"start": "00:01:43", "end": "00:01:45", "text": "value, right? So it's basically like the"}, {"start": "00:01:45", "end": "00:01:48", "text": "actual value of something doesn't"}, {"start": "00:01:48", "end": "00:01:49", "text": "necessarily the value of an asset"}, {"start": "00:01:49", "end": "00:01:51", "text": "doesn't necessarily increase over time"}, {"start": "00:01:51", "end": "00:01:55", "text": "but the amount of dollars that purchase"}, {"start": "00:01:55", "end": "00:01:56", "text": "that"}, {"start": "00:01:56", "end": "00:01:56", "text": "does increase."}, {"start": "00:01:56", "end": "00:01:59", "text": "Exactly. Right. So when you compare that"}, {"start": "00:01:59", "end": "00:02:02", "text": "asset to a benchmark like the dollar it"}, {"start": "00:02:02", "end": "00:02:05", "text": "looks like that thing went up in price."}, {"start": "00:02:05", "end": "00:02:08", "text": "Right. You're like oh you know gold went"}, {"start": "00:02:08", "end": "00:02:09", "text": "up or real estate went up and now it"}, {"start": "00:02:09", "end": "00:02:11", "text": "costs more dollars. That's how we"}, {"start": "00:02:11", "end": "00:02:13", "text": "visualize it. But then if you were to"}, {"start": "00:02:13", "end": "00:02:16", "text": "take all of those things, right, and"}, {"start": "00:02:16", "end": "00:02:18", "text": "compare it against Bitcoin, then"}, {"start": "00:02:18", "end": "00:02:21", "text": "literally all of those assets are also"}, {"start": "00:02:21", "end": "00:02:26", "text": "deflationary against Bitcoin. Like take"}, {"start": "00:02:26", "end": "00:02:27", "text": "real estate for example. A couple years"}, {"start": "00:02:27", "end": "00:02:30", "text": "ago when Bitcoin was at what 20,000, it"}, {"start": "00:02:30", "end": "00:02:33", "text": "took 20 Bitcoin to buy a house. Now it's"}, {"start": "00:02:33", "end": "00:02:35", "text": "like four Bitcoin, like a little over"}, {"start": "00:02:35", "end": "00:02:37", "text": "four to buy a house."}, {"start": "00:02:37", "end": "00:02:39", "text": "And it'll continue to be lower and lower"}, {"start": "00:02:39", "end": "00:02:41", "text": "and lower, right? It'll take less and"}, {"start": "00:02:41", "end": "00:02:44", "text": "less Bitcoin. So all assets are being"}, {"start": "00:02:44", "end": "00:02:48", "text": "demonetized against a money that is"}, {"start": "00:02:48", "end": "00:02:51", "text": "fixed. It is the only thing that exists"}, {"start": "00:02:51", "end": "00:02:53", "text": "in this world"}, {"start": "00:02:53", "end": "00:02:56", "text": "that is stationary that is fixed a true"}, {"start": "00:02:56", "end": "00:02:59", "text": "money. And so through the lens and"}, {"start": "00:02:59", "end": "00:03:01", "text": "through the perspective of Bitcoin,"}, {"start": "00:03:01", "end": "00:03:04", "text": "everything is going down against it. So"}, {"start": "00:03:04", "end": "00:03:06", "text": "I have a couple of questions about that"}, {"start": "00:03:06", "end": "00:03:07", "text": "then. What is the difference then"}, {"start": "00:03:07", "end": "00:03:09", "text": "between like bitcoin and gold or bitcoin"}, {"start": "00:03:09", "end": "00:03:11", "text": "and silver or raw materials that there"}, {"start": "00:03:11", "end": "00:03:13", "text": "is a fixed amount of and you could take"}, {"start": "00:03:13", "end": "00:03:15", "text": "the same exact example for gold. It's"}, {"start": "00:03:15", "end": "00:03:18", "text": "like okay with this much gold right now"}, {"start": "00:03:18", "end": "00:03:20", "text": "you could buy like a crazy mansion"}, {"start": "00:03:20", "end": "00:03:22", "text": "probably or a really nice house you know"}, {"start": "00:03:22", "end": "00:03:25", "text": "with uh this much gold back in the day"}, {"start": "00:03:25", "end": "00:03:27", "text": "you could have bought more."}, {"start": "00:03:27", "end": "00:03:28", "text": "Yeah. Well gold has certain qualities"}, {"start": "00:03:28", "end": "00:03:30", "text": "that not quite on par to Bitcoin and"}, {"start": "00:03:30", "end": "00:03:32", "text": "also there's not an exact finite amount"}, {"start": "00:03:32", "end": "00:03:35", "text": "of gold. There's also an inflation to"}, {"start": "00:03:35", "end": "00:03:37", "text": "gold as we discover and as we dig up"}, {"start": "00:03:37", "end": "00:03:38", "text": "more of it. I mean, we could find one on"}, {"start": "00:03:38", "end": "00:03:40", "text": "the meteorite tomorrow for all we know."}, {"start": "00:03:40", "end": "00:03:43", "text": "So, like gold is not necessarily finite."}, {"start": "00:03:43", "end": "00:03:45", "text": "It's funny you say that because we just"}, {"start": "00:03:45", "end": "00:03:49", "text": "had RJ Midi on the podcast and he said"}, {"start": "00:03:49", "end": "00:03:51", "text": "he bought into a penny stock where"}, {"start": "00:03:51", "end": "00:03:53", "text": "apparently they owned the rights to an"}, {"start": "00:03:53", "end": "00:03:54", "text": "asteroid"}, {"start": "00:03:54", "end": "00:03:56", "text": "that is full of gold"}, {"start": "00:03:56", "end": "00:03:58", "text": "that they're going to find a way to"}, {"start": "00:03:58", "end": "00:03:58", "text": "mine."}, {"start": "00:03:58", "end": "00:04:00", "text": "Right. So imagine if you're not going to"}, {"start": "00:04:00", "end": "00:04:02", "text": "but imagine if that were to happen like"}, {"start": "00:04:02", "end": "00:04:05", "text": "what would happen"}, {"start": "00:04:05", "end": "00:04:06", "text": "the value of gold"}, {"start": "00:04:06", "end": "00:04:07", "text": "right the deflation would or the"}, {"start": "00:04:07", "end": "00:04:09", "text": "inflation of gold would increase and"}, {"start": "00:04:09", "end": "00:04:10", "text": "therefore the value would be suppressed."}, {"start": "00:04:10", "end": "00:04:12", "text": "You know what's funny is that they found"}, {"start": "00:04:12", "end": "00:04:14", "text": "a way to make gold"}, {"start": "00:04:14", "end": "00:04:17", "text": "just like you could make a diamond in a"}, {"start": "00:04:17", "end": "00:04:18", "text": "lab like a lab grown diamond."}, {"start": "00:04:18", "end": "00:04:20", "text": "They figured out alchemy."}, {"start": "00:04:20", "end": "00:04:22", "text": "Yes. They found a way to make gold. The"}, {"start": "00:04:22", "end": "00:04:24", "text": "problem, however, because this was a big"}, {"start": "00:04:24", "end": "00:04:26", "text": "discovery, is that"}, {"start": "00:04:26", "end": "00:04:28", "text": "it cost more to make the gold than the"}, {"start": "00:04:28", "end": "00:04:29", "text": "gold is worth, right?"}, {"start": "00:04:29", "end": "00:04:31", "text": "Yes. But the other is that the gold was"}, {"start": "00:04:31", "end": "00:04:34", "text": "very unstable and so they were only able"}, {"start": "00:04:34", "end": "00:04:36", "text": "to make the gold appear for a short"}, {"start": "00:04:36", "end": "00:04:38", "text": "amount of time before it disappeared."}, {"start": "00:04:38", "end": "00:04:38", "text": "Right."}, {"start": "00:04:38", "end": "00:04:40", "text": "But the fact is"}, {"start": "00:04:40", "end": "00:04:43", "text": "there is a possibility."}, {"start": "00:04:48", "end": "00:04:50", "text": "It's like it's just it's it was unstable"}, {"start": "00:04:50", "end": "00:04:53", "text": "enough to to be a solid form for longer"}, {"start": "00:04:53", "end": "00:04:55", "text": "than however many like a fraction of a"}, {"start": "00:04:55", "end": "00:04:57", "text": "second or whatever. But point being is"}, {"start": "00:04:57", "end": "00:04:59", "text": "that they could find a way just to"}, {"start": "00:04:59", "end": "00:05:02", "text": "manufacture gold and have synthetic gold"}, {"start": "00:05:02", "end": "00:05:04", "text": "that would be identical to the real"}, {"start": "00:05:04", "end": "00:05:05", "text": "thing at some point in the future."}, {"start": "00:05:05", "end": "00:05:07", "text": "No, I believe it. Yeah, I believe we"}, {"start": "00:05:07", "end": "00:05:08", "text": "will have the technology someday to make"}, {"start": "00:05:08", "end": "00:05:11", "text": "and reproduce gold on some affordable"}, {"start": "00:05:11", "end": "00:05:14", "text": "economic level. We can't yet, but maybe"}, {"start": "00:05:14", "end": "00:05:17", "text": "in the future we could. But Bitcoin is"}, {"start": "00:05:17", "end": "00:05:19", "text": "programmed to be fixed forever."}, {"start": "00:05:19", "end": "00:05:20", "text": "So then what should the average person"}, {"start": "00:05:20", "end": "00:05:22", "text": "do with this information? If the natural"}, {"start": "00:05:22", "end": "00:05:23", "text": "state of the economy is supposed to be"}, {"start": "00:05:23", "end": "00:05:25", "text": "deflationary, things are supposed to get"}, {"start": "00:05:25", "end": "00:05:27", "text": "cheaper as time goes on, but because"}, {"start": "00:05:27", "end": "00:05:28", "text": "we're working off the dollar, which we"}, {"start": "00:05:28", "end": "00:05:30", "text": "could just print more of, it's costing"}, {"start": "00:05:30", "end": "00:05:33", "text": "more dollars to buy goods and services."}, {"start": "00:05:33", "end": "00:05:35", "text": "If someone has this information, what"}, {"start": "00:05:35", "end": "00:05:36", "text": "should they be doing with their money?"}, {"start": "00:05:36", "end": "00:05:38", "text": "Well, I think it depends contextually"}, {"start": "00:05:38", "end": "00:05:40", "text": "like what that person's situation is."}, {"start": "00:05:40", "end": "00:05:42", "text": "But like for me, um, I've diversified"}, {"start": "00:05:42", "end": "00:05:44", "text": "enough to where if all of this is wrong"}, {"start": "00:05:44", "end": "00:05:46", "text": "and all of this is crazy, I should still"}, {"start": "00:05:46", "end": "00:05:48", "text": "be okay. But for me, Bitcoin is a"}, {"start": "00:05:48", "end": "00:05:51", "text": "roughly 30%"}, {"start": "00:05:51", "end": "00:05:54", "text": "30 to 35% of my net worth. So, it's kind"}, {"start": "00:05:54", "end": "00:05:56", "text": "of high for most people, but it's still"}, {"start": "00:05:56", "end": "00:05:59", "text": "not crazy for most like Bitcoin people."}, {"start": "00:05:59", "end": "00:06:01", "text": "That's pretty conservative if anything."}, {"start": "00:06:01", "end": "00:06:03", "text": "Um, so that's just my approach to it."}, {"start": "00:06:03", "end": "00:06:05", "text": "But it's funny because like when I look"}, {"start": "00:06:05", "end": "00:06:07", "text": "at crypto, I feel like it's such an"}, {"start": "00:06:07", "end": "00:06:09", "text": "appealing industry for a lot of people"}, {"start": "00:06:09", "end": "00:06:11", "text": "because there's this promise of like get"}, {"start": "00:06:11", "end": "00:06:13", "text": "rich quick. It's like it's like a"}, {"start": "00:06:13", "end": "00:06:15", "text": "thousandfold of your money. And what I"}, {"start": "00:06:15", "end": "00:06:17", "text": "find really interesting is that people"}, {"start": "00:06:17", "end": "00:06:20", "text": "make a decision that sounds intuitive,"}, {"start": "00:06:20", "end": "00:06:21", "text": "but it's completely wrong. Like for"}, {"start": "00:06:21", "end": "00:06:24", "text": "example, I see a lot of people that are"}, {"start": "00:06:24", "end": "00:06:26", "text": "like, \"Oh, I think XRP, let's just use"}, {"start": "00:06:26", "end": "00:06:28", "text": "that for example, is going to go to"}, {"start": "00:06:28", "end": "00:06:31", "text": "$1,000.\" Right? It's like once you've"}, {"start": "00:06:31", "end": "00:06:33", "text": "convinced yourself that it's going to go"}, {"start": "00:06:33", "end": "00:06:35", "text": "to the moon like that, you've kind of"}, {"start": "00:06:35", "end": "00:06:36", "text": "already lost. And at that point, when"}, {"start": "00:06:36", "end": "00:06:38", "text": "people have convinced themselves it has"}, {"start": "00:06:38", "end": "00:06:40", "text": "the chance to go 1,000x, they put most"}, {"start": "00:06:40", "end": "00:06:42", "text": "of their money into it, which is"}, {"start": "00:06:42", "end": "00:06:44", "text": "actually completely counterintuitive."}, {"start": "00:06:44", "end": "00:06:47", "text": "What instead you should be doing is"}, {"start": "00:06:47", "end": "00:06:49", "text": "allocating a very small amount to a"}, {"start": "00:06:49", "end": "00:06:51", "text": "conviction like that, right? It makes"}, {"start": "00:06:51", "end": "00:06:52", "text": "sense cuz then you work backwards. You"}, {"start": "00:06:52", "end": "00:06:54", "text": "say, \"Okay, if I think this thing is"}, {"start": "00:06:54", "end": "00:06:56", "text": "going to 1,000x,"}, {"start": "00:06:56", "end": "00:06:58", "text": "I'm not going to mortgage my house and"}, {"start": "00:06:58", "end": "00:07:00", "text": "then put everything into it. I'm going"}, {"start": "00:07:00", "end": "00:07:02", "text": "to instead work backwards and say like,"}, {"start": "00:07:02", "end": "00:07:04", "text": "let's say I put in $10,000 and at 1,000"}, {"start": "00:07:04", "end": "00:07:06", "text": "x's, then I end up with what, a million,"}, {"start": "00:07:06", "end": "00:07:08", "text": "right? Cool. Then I made a lot of"}, {"start": "00:07:08", "end": "00:07:11", "text": "money.\" But if you sell your house or"}, {"start": "00:07:11", "end": "00:07:13", "text": "the equity in your house and let's say"}, {"start": "00:07:13", "end": "00:07:14", "text": "you're like, I'm going to go all in and"}, {"start": "00:07:14", "end": "00:07:16", "text": "I'm going to put in a 100,000 cuz I know"}, {"start": "00:07:16", "end": "00:07:19", "text": "it's going to,000x. Okay, fine."}, {"start": "00:07:19", "end": "00:07:21", "text": "But the difference between you being"}, {"start": "00:07:21", "end": "00:07:23", "text": "right in that scenario is the difference"}, {"start": "00:07:23", "end": "00:07:25", "text": "between making a million, which is still"}, {"start": "00:07:25", "end": "00:07:28", "text": "nice, and making $10 million. There is a"}, {"start": "00:07:28", "end": "00:07:31", "text": "difference there for sure. But the pain"}, {"start": "00:07:31", "end": "00:07:33", "text": "between having a million and having 10"}, {"start": "00:07:33", "end": "00:07:35", "text": "million is way less than the pain of"}, {"start": "00:07:35", "end": "00:07:37", "text": "being completely wrong and losing your"}, {"start": "00:07:37", "end": "00:07:41", "text": "house. Does that make sense?"}, {"start": "00:07:41", "end": "00:07:42", "text": "So, if you really believe this thing's"}, {"start": "00:07:42", "end": "00:07:44", "text": "going to 1,000x, don't put your entire"}, {"start": "00:07:44", "end": "00:07:45", "text": "life savings into it."}, {"start": "00:07:45", "end": "00:07:48", "text": "Put in a smaller amount."}, {"start": "00:07:48", "end": "00:07:48", "text": "Does that make sense?"}, {"start": "00:07:48", "end": "00:07:51", "text": "Yeah. I liked Alex Becker uh his"}, {"start": "00:07:51", "end": "00:07:53", "text": "approach. He made a video a while back"}, {"start": "00:07:53", "end": "00:07:55", "text": "when we were talking a few months ago"}, {"start": "00:07:55", "end": "00:07:56", "text": "with Ethereum."}, {"start": "00:07:56", "end": "00:07:56", "text": "Yeah."}, {"start": "00:07:56", "end": "00:07:58", "text": "And Ethereum at the time I think it was"}, {"start": "00:07:58", "end": "00:08:00", "text": "like $1,500. This is recently when"}, {"start": "00:08:00", "end": "00:08:02", "text": "everything kind of fell. And he says,"}, {"start": "00:08:02", "end": "00:08:04", "text": "\"Guys, I think there's a 50/50 chance"}, {"start": "00:08:04", "end": "00:08:06", "text": "you're going to lose everything. That"}, {"start": "00:08:06", "end": "00:08:08", "text": "Ethereum is going to go from 1,500. It's"}, {"start": "00:08:08", "end": "00:08:09", "text": "you're going to lose all of your money,"}, {"start": "00:08:09", "end": "00:08:10", "text": "right?"}, {"start": "00:08:10", "end": "00:08:12", "text": "But I think there's a 50% chance it's"}, {"start": "00:08:12", "end": "00:08:14", "text": "going to go to 6,000.\""}, {"start": "00:08:14", "end": "00:08:17", "text": "And so that's an asymmetric reward. Yes."}, {"start": "00:08:17", "end": "00:08:19", "text": "risk versus reward that hey you could"}, {"start": "00:08:19", "end": "00:08:22", "text": "it's a 50/50 you lose but in the other"}, {"start": "00:08:22", "end": "00:08:25", "text": "50% you could 3x your investment right"}, {"start": "00:08:25", "end": "00:08:27", "text": "and I thought you know what that's it's"}, {"start": "00:08:27", "end": "00:08:29", "text": "a great phrasing and I invested an"}, {"start": "00:08:29", "end": "00:08:31", "text": "amount where I'm prepared for that 50% I"}, {"start": "00:08:31", "end": "00:08:33", "text": "bought in at 1,500 bucks and now it's"}, {"start": "00:08:33", "end": "00:08:34", "text": "all risk management"}, {"start": "00:08:34", "end": "00:08:36", "text": "4200 that's it's exactly a great point"}, {"start": "00:08:36", "end": "00:08:37", "text": "that you brought up is it's all risk"}, {"start": "00:08:37", "end": "00:08:39", "text": "management so if you see an asymmetric"}, {"start": "00:08:39", "end": "00:08:41", "text": "bet that's exactly what I'm describing"}, {"start": "00:08:41", "end": "00:08:42", "text": "don't put your entire life savings into"}, {"start": "00:08:42", "end": "00:08:45", "text": "it just put enough to where if you lose"}, {"start": "00:08:45", "end": "00:08:46", "text": "it it's not a big deal and if you make"}, {"start": "00:08:46", "end": "00:08:48", "text": "it it's still a lot of money. That's"}, {"start": "00:08:48", "end": "00:08:50", "text": "essentially a roundabout way of saying"}, {"start": "00:08:50", "end": "00:08:50", "text": "that."}, {"start": "00:08:50", "end": "00:08:52", "text": "So, how are you investing your money"}, {"start": "00:08:52", "end": "00:08:55", "text": "now? If you have 30 to 35% in Bitcoin,"}, {"start": "00:08:55", "end": "00:08:57", "text": "what is the other 65% looking like?"}, {"start": "00:08:57", "end": "00:09:00", "text": "It's real estate, cash, stocks,"}, {"start": "00:09:00", "end": "00:09:02", "text": "and miscellaneous things."}, {"start": "00:09:02", "end": "00:09:03", "text": "And what's the best investment you've"}, {"start": "00:09:03", "end": "00:09:04", "text": "ever made?"}, {"start": "00:09:04", "end": "00:09:05", "text": "The best investment definitely by far"}, {"start": "00:09:05", "end": "00:09:08", "text": "Bitcoin. By far."}, {"start": "00:09:08", "end": "00:09:08", "text": "Really?"}, {"start": "00:09:08", "end": "00:09:09", "text": "Yeah."}, {"start": "00:09:09", "end": "00:09:10", "text": "And it's not even close."}, {"start": "00:09:10", "end": "00:09:13", "text": "Not even close."}]

[{"start": "00:00:00", "end": "00:00:01", "text": "The crash that everyone's talking about"}, {"start": "00:00:01", "end": "00:00:05", "text": "right now will be worse than 2008, but"}, {"start": "00:00:05", "end": "00:00:07", "text": "not in the way almost everyone thinks"}, {"start": "00:00:07", "end": "00:00:08", "text": "it's going to happen. You see, the"}, {"start": "00:00:08", "end": "00:00:10", "text": "media's been bracing you for another"}, {"start": "00:00:10", "end": "00:00:12", "text": "crash, right? They're calling for a"}, {"start": "00:00:12", "end": "00:00:14", "text": "housing collapse. They're calling for a"}, {"start": "00:00:14", "end": "00:00:16", "text": "stock market wipeout, but that's not the"}, {"start": "00:00:16", "end": "00:00:19", "text": "real danger. This time, the bubble isn't"}, {"start": "00:00:19", "end": "00:00:20", "text": "in real estate. The bubble's not in"}, {"start": "00:00:20", "end": "00:00:22", "text": "banks. It's in a completely different"}, {"start": "00:00:22", "end": "00:00:24", "text": "sector that no one's watching. And when"}, {"start": "00:00:24", "end": "00:00:26", "text": "it pops, the crash effects will be"}, {"start": "00:00:26", "end": "00:00:27", "text": "nothing like what most people are"}, {"start": "00:00:27", "end": "00:00:30", "text": "preparing for. And here's why this is so"}, {"start": "00:00:30", "end": "00:00:32", "text": "dangerous. When the thing that everyone"}, {"start": "00:00:32", "end": "00:00:35", "text": "thinks is safe is actually the bubble."}, {"start": "00:00:35", "end": "00:00:37", "text": "It means your savings, your retirement,"}, {"start": "00:00:37", "end": "00:00:39", "text": "and even the cash in your pocket,"}, {"start": "00:00:39", "end": "00:00:40", "text": "they're all on the firing line. Now,"}, {"start": "00:00:40", "end": "00:00:42", "text": "real quick, I'm Mark Moss. I've built,"}, {"start": "00:00:42", "end": "00:00:44", "text": "I've invested, I've sold companies"}, {"start": "00:00:44", "end": "00:00:45", "text": "through multiple boom and bus markets."}, {"start": "00:00:45", "end": "00:00:47", "text": "Today, I'm a partner at a leading"}, {"start": "00:00:47", "end": "00:00:49", "text": "Bitcoin venture hedge fund. And this is"}, {"start": "00:00:49", "end": "00:00:51", "text": "the same data that we're looking at to"}, {"start": "00:00:51", "end": "00:00:53", "text": "make decisions. And so I want to give it"}, {"start": "00:00:53", "end": "00:00:55", "text": "to you so you can understand why this"}, {"start": "00:00:55", "end": "00:00:57", "text": "crash is different, what the signs are"}, {"start": "00:00:57", "end": "00:00:59", "text": "that nobody sees, and how you can"}, {"start": "00:00:59", "end": "00:01:01", "text": "protect and even grow your wealth while"}, {"start": "00:01:01", "end": "00:01:03", "text": "everyone else gets blindsided. So let's"}, {"start": "00:01:03", "end": "00:01:06", "text": "go. All right, we got a lot of ground to"}, {"start": "00:01:06", "end": "00:01:07", "text": "cover today, so we're going to go really"}, {"start": "00:01:07", "end": "00:01:09", "text": "quick. Let's just jump right in. And the"}, {"start": "00:01:09", "end": "00:01:12", "text": "big takeaway is this. Most people are"}, {"start": "00:01:12", "end": "00:01:14", "text": "stuck fighting the last war, right? And"}, {"start": "00:01:14", "end": "00:01:16", "text": "in our case, that means most people are"}, {"start": "00:01:16", "end": "00:01:18", "text": "expecting a market crash like we had in"}, {"start": "00:01:18", "end": "00:01:20", "text": "2008. That's the last war. Maybe they're"}, {"start": "00:01:20", "end": "00:01:22", "text": "looking at 2000 or whichever period that"}, {"start": "00:01:22", "end": "00:01:25", "text": "you want to look at. But those were"}, {"start": "00:01:25", "end": "00:01:27", "text": "different. Those were deflationary"}, {"start": "00:01:27", "end": "00:01:29", "text": "crashes. A housing market crash, a"}, {"start": "00:01:29", "end": "00:01:31", "text": "credit bubble crash, a stock market"}, {"start": "00:01:31", "end": "00:01:34", "text": "crash. But when these markets crashed,"}, {"start": "00:01:34", "end": "00:01:36", "text": "we saw stocks drop right by more than"}, {"start": "00:01:36", "end": "00:01:39", "text": "50%. Home prices, they collapsed 30 to"}, {"start": "00:01:39", "end": "00:01:42", "text": "50%. Banks failed, unemployment"}, {"start": "00:01:42", "end": "00:01:44", "text": "skyrocketed. That's what happened. And"}, {"start": "00:01:44", "end": "00:01:46", "text": "as painful as that was, on the other"}, {"start": "00:01:46", "end": "00:01:48", "text": "side of all that, we saw huge growth,"}, {"start": "00:01:48", "end": "00:01:50", "text": "right? Because the crash was sort of"}, {"start": "00:01:50", "end": "00:01:53", "text": "like a reset button. After the crash, if"}, {"start": "00:01:53", "end": "00:01:55", "text": "you still had cash, you could get back"}, {"start": "00:01:55", "end": "00:01:57", "text": "in, right? You could buy that home, you"}, {"start": "00:01:57", "end": "00:01:58", "text": "could buy the stocks much cheaper, and"}, {"start": "00:01:58", "end": "00:02:00", "text": "then you could ride the recovery back"}, {"start": "00:02:00", "end": "00:02:03", "text": "up. That's why a lot of people today are"}, {"start": "00:02:03", "end": "00:02:04", "text": "waiting for that. They're waiting for"}, {"start": "00:02:04", "end": "00:02:06", "text": "the same type of crash. So, they've been"}, {"start": "00:02:06", "end": "00:02:08", "text": "waiting on the sidelines. They've been"}, {"start": "00:02:08", "end": "00:02:10", "text": "holding their cash. Some of these people"}, {"start": "00:02:10", "end": "00:02:12", "text": "have been holding for two or three years"}, {"start": "00:02:12", "end": "00:02:14", "text": "because mainstream media, other"}, {"start": "00:02:14", "end": "00:02:17", "text": "prominent financial channels, online,"}, {"start": "00:02:17", "end": "00:02:19", "text": "some other YouTubers, they continue to"}, {"start": "00:02:19", "end": "00:02:20", "text": "tell you that this market crash is"}, {"start": "00:02:20", "end": "00:02:23", "text": "coming. Look at the debt, they say,"}, {"start": "00:02:23", "end": "00:02:25", "text": "right? Look at the inverted yield curve."}, {"start": "00:02:25", "end": "00:02:27", "text": "Look at all the other reasons. But"}, {"start": "00:02:27", "end": "00:02:29", "text": "here's the thing, that's not what's"}, {"start": "00:02:29", "end": "00:02:30", "text": "coming. And if you're waiting for"}, {"start": "00:02:30", "end": "00:02:33", "text": "another 2008 crash, you're going to get"}, {"start": "00:02:33", "end": "00:02:35", "text": "wiped out. Now, if you've been watching"}, {"start": "00:02:35", "end": "00:02:38", "text": "my channel for I guess the last couple"}, {"start": "00:02:38", "end": "00:02:40", "text": "years, you know that I broke off from"}, {"start": "00:02:40", "end": "00:02:42", "text": "the entire pack back in October of 2022."}, {"start": "00:02:42", "end": "00:02:45", "text": "I made a video titled There is no market"}, {"start": "00:02:45", "end": "00:02:48", "text": "crash coming and here's why. And then I"}, {"start": "00:02:48", "end": "00:02:50", "text": "went on to continue making more videos"}, {"start": "00:02:50", "end": "00:02:53", "text": "telling you, you know, what the Fed did,"}, {"start": "00:02:53", "end": "00:02:55", "text": "what the bank collapse showed us. And"}, {"start": "00:02:55", "end": "00:02:57", "text": "then in August of 2023, I made a video"}, {"start": "00:02:57", "end": "00:03:00", "text": "titled that the bare market is canled."}, {"start": "00:03:00", "end": "00:03:03", "text": "December of 2023, I told you there would"}, {"start": "00:03:03", "end": "00:03:04", "text": "be a crash, but this time it'd be"}, {"start": "00:03:04", "end": "00:03:06", "text": "different. I called it the reverse"}, {"start": "00:03:06", "end": "00:03:08", "text": "market crash because instead of"}, {"start": "00:03:08", "end": "00:03:11", "text": "deflation, we're facing an inflationary"}, {"start": "00:03:11", "end": "00:03:13", "text": "crash. That was almost two years ago."}, {"start": "00:03:13", "end": "00:03:15", "text": "And here's the crazy part. The market"}, {"start": "00:03:15", "end": "00:03:17", "text": "since then has played out exactly as I"}, {"start": "00:03:17", "end": "00:03:19", "text": "said it would. I mean, look at this."}, {"start": "00:03:19", "end": "00:03:20", "text": "Since I made that call in December of"}, {"start": "00:03:20", "end": "00:03:25", "text": "2023, Bitcoin's up 186%. Gold, which so"}, {"start": "00:03:25", "end": "00:03:27", "text": "many wrote off as dead money, has surged"}, {"start": "00:03:27", "end": "00:03:31", "text": "almost 95%. Even the NASDAQ and the S&P"}, {"start": "00:03:31", "end": "00:03:35", "text": "have moved higher, up 52% and 46%."}, {"start": "00:03:35", "end": "00:03:37", "text": "But notice what's lagging. The broader"}, {"start": "00:03:37", "end": "00:03:40", "text": "market indexes like the Russell 2000,"}, {"start": "00:03:40", "end": "00:03:43", "text": "right? It's barely up 30%. So if you'd"}, {"start": "00:03:43", "end": "00:03:44", "text": "been sitting in cash on the sidelines"}, {"start": "00:03:44", "end": "00:03:47", "text": "waiting for another 2008 style crash or"}, {"start": "00:03:47", "end": "00:03:50", "text": "if you'd followed maybe Ray Dallio's"}, {"start": "00:03:50", "end": "00:03:52", "text": "all-weather portfolio, which is the"}, {"start": "00:03:52", "end": "00:03:54", "text": "classic Wall Street playbook, you'd be"}, {"start": "00:03:54", "end": "00:03:56", "text": "way behind right now. Look at the"}, {"start": "00:03:56", "end": "00:03:58", "text": "numbers. A simple equal weight"}, {"start": "00:03:58", "end": "00:04:00", "text": "allocation in the top four assets,"}, {"start": "00:04:00", "end": "00:04:03", "text": "Bitcoin, gold, NASDAQ, and the S&P would"}, {"start": "00:04:03", "end": "00:04:06", "text": "have turned a $100,000 portfolio into"}, {"start": "00:04:06", "end": "00:04:09", "text": "nearly $194,000"}, {"start": "00:04:09", "end": "00:04:12", "text": "by October of 2025. Meanwhile, Ray"}, {"start": "00:04:12", "end": "00:04:14", "text": "Dalio, the all-weather strategy would"}, {"start": "00:04:14", "end": "00:04:17", "text": "have grown to about $118,000."}, {"start": "00:04:17", "end": "00:04:19", "text": "That's a difference of $76,000"}, {"start": "00:04:19", "end": "00:04:23", "text": "in just 2 years. That's a 64%"}, {"start": "00:04:23", "end": "00:04:25", "text": "outperformance just by positioning for"}, {"start": "00:04:25", "end": "00:04:27", "text": "the reverse market crash that I called"}, {"start": "00:04:27", "end": "00:04:30", "text": "back in 2023 instead of clinging to the"}, {"start": "00:04:30", "end": "00:04:32", "text": "old playbook. So, while everyone else"}, {"start": "00:04:32", "end": "00:04:35", "text": "was waiting in cash or trusting their"}, {"start": "00:04:35", "end": "00:04:37", "text": "safe conventional strategies, the people"}, {"start": "00:04:37", "end": "00:04:39", "text": "who followed this thesis were building"}, {"start": "00:04:39", "end": "00:04:42", "text": "wealth at nearly double the pace. Now,"}, {"start": "00:04:42", "end": "00:04:43", "text": "this is the power of understanding the"}, {"start": "00:04:43", "end": "00:04:45", "text": "crash that we're actually in, right? Not"}, {"start": "00:04:45", "end": "00:04:47", "text": "the one everyone thinks is coming. And"}, {"start": "00:04:47", "end": "00:04:49", "text": "if you've been feeling like you can't"}, {"start": "00:04:49", "end": "00:04:50", "text": "afford the same lifestyle that you had a"}, {"start": "00:04:50", "end": "00:04:53", "text": "few years ago, congratulations. You're"}, {"start": "00:04:53", "end": "00:04:55", "text": "already living through the early stages"}, {"start": "00:04:55", "end": "00:04:58", "text": "of this reverse market crash. Okay, so"}, {"start": "00:04:58", "end": "00:05:01", "text": "now the big question is if this isn't"}, {"start": "00:05:01", "end": "00:05:03", "text": "like 2008, where is the real bubble"}, {"start": "00:05:03", "end": "00:05:05", "text": "today? Because remember, every crash"}, {"start": "00:05:05", "end": "00:05:08", "text": "starts with a bubble somewhere. Okay,"}, {"start": "00:05:08", "end": "00:05:10", "text": "well if the bubble's not in housing and"}, {"start": "00:05:10", "end": "00:05:12", "text": "it's not in the stock market, where is"}, {"start": "00:05:12", "end": "00:05:14", "text": "it? Well, the real bubble, it's hiding"}, {"start": "00:05:14", "end": "00:05:16", "text": "in plain sight, right? It's in the one"}, {"start": "00:05:16", "end": "00:05:18", "text": "place that everyone thinks is safe. It's"}, {"start": "00:05:18", "end": "00:05:20", "text": "government bonds and in the dollar"}, {"start": "00:05:20", "end": "00:05:22", "text": "itself. Now think about it. The US"}, {"start": "00:05:22", "end": "00:05:24", "text": "Treasury are supposed to be the safest"}, {"start": "00:05:24", "end": "00:05:27", "text": "asset in the world. The dollar, it's the"}, {"start": "00:05:27", "end": "00:05:29", "text": "foundation of global trade. But today,"}, {"start": "00:05:29", "end": "00:05:32", "text": "both are being inflated by trillions of"}, {"start": "00:05:32", "end": "00:05:34", "text": "dollars in new debt and endless central"}, {"start": "00:05:34", "end": "00:05:36", "text": "bank printing. The US government is"}, {"start": "00:05:36", "end": "00:05:39", "text": "borrowing over two trillion a year just"}, {"start": "00:05:39", "end": "00:05:41", "text": "to stay afloat. And the only buyers that"}, {"start": "00:05:41", "end": "00:05:44", "text": "are left are the Fed and passive flows"}, {"start": "00:05:44", "end": "00:05:45", "text": "that are forced into treasuries by"}, {"start": "00:05:45", "end": "00:05:47", "text": "regulation. Now, there's a recent report"}, {"start": "00:05:47", "end": "00:05:50", "text": "that came out by Air McCann research."}, {"start": "00:05:50", "end": "00:05:51", "text": "And they put it bluntly. They said,"}, {"start": "00:05:51", "end": "00:05:54", "text": "quote, \"The current bubble is not like"}, {"start": "00:05:54", "end": "00:05:57", "text": "2008, which was a credit bubble. It's a"}, {"start": "00:05:57", "end": "00:05:59", "text": "currency and treasury bond bubble. And"}, {"start": "00:05:59", "end": "00:06:01", "text": "when the foundation of the entire"}, {"start": "00:06:01", "end": "00:06:04", "text": "financial system is the bubble, then"}, {"start": "00:06:04", "end": "00:06:06", "text": "everything built on top of it, stocks,"}, {"start": "00:06:06", "end": "00:06:08", "text": "pensions, real estate, even the paycheck"}, {"start": "00:06:08", "end": "00:06:11", "text": "becomes unstable.\" End quote. This is"}, {"start": "00:06:11", "end": "00:06:13", "text": "why I'm saying this crash is going to be"}, {"start": "00:06:13", "end": "00:06:16", "text": "worse than 2008. Because when housing"}, {"start": "00:06:16", "end": "00:06:18", "text": "collapsed, at least the money was still"}, {"start": "00:06:18", "end": "00:06:20", "text": "good. But when money itself becomes the"}, {"start": "00:06:20", "end": "00:06:23", "text": "bubble, there's no safety net. Okay. So,"}, {"start": "00:06:23", "end": "00:06:25", "text": "how do we see that the bubble's in money"}, {"start": "00:06:25", "end": "00:06:28", "text": "and not in stocks, not in real estate?"}, {"start": "00:06:28", "end": "00:06:30", "text": "Well, the clues are everywhere. There"}, {"start": "00:06:30", "end": "00:06:33", "text": "are the signals. There's the symptoms of"}, {"start": "00:06:33", "end": "00:06:35", "text": "capital fleeing fiat. And when you see"}, {"start": "00:06:35", "end": "00:06:37", "text": "them, the market begins to make a lot"}, {"start": "00:06:37", "end": "00:06:39", "text": "more sense. All right. So, just look at"}, {"start": "00:06:39", "end": "00:06:41", "text": "the stock market specifically. Let's"}, {"start": "00:06:41", "end": "00:06:43", "text": "look at the MAG 7. These tech giants"}, {"start": "00:06:43", "end": "00:06:45", "text": "have become so dominant, they now"}, {"start": "00:06:45", "end": "00:06:49", "text": "represent roughly 34% of the S&P 500's"}, {"start": "00:06:49", "end": "00:06:52", "text": "market cap as of August of 2025. In"}, {"start": "00:06:52", "end": "00:06:54", "text": "2024, companies like Nvidia, Meta,"}, {"start": "00:06:54", "end": "00:06:56", "text": "Amazon, Apple, Microsoft, Tesla,"}, {"start": "00:06:56", "end": "00:06:58", "text": "Alphabet, all of those, they drove more"}, {"start": "00:06:58", "end": "00:07:01", "text": "than half of the S&P 500's gains. For"}, {"start": "00:07:01", "end": "00:07:04", "text": "instance, last year in 2024, Nvidia"}, {"start": "00:07:04", "end": "00:07:09", "text": "returned 171%, Meta 85%, Tesla 62%,"}, {"start": "00:07:09", "end": "00:07:11", "text": "Amazon, Alphabet, Apple all posted"}, {"start": "00:07:11", "end": "00:07:14", "text": "double digit gains. These are massive"}, {"start": "00:07:14", "end": "00:07:16", "text": "returns, right? But these aren't bubbles"}, {"start": "00:07:16", "end": "00:07:19", "text": "in those stocks. They're just the places"}, {"start": "00:07:19", "end": "00:07:22", "text": "capital is going away from the cash. Now"}, {"start": "00:07:22", "end": "00:07:24", "text": "these companies, they feel safer, right,"}, {"start": "00:07:24", "end": "00:07:26", "text": "than holding dollars. So people pour"}, {"start": "00:07:26", "end": "00:07:28", "text": "money into them as sort of like this"}, {"start": "00:07:28", "end": "00:07:31", "text": "pseudo safe haven, right? Then you can"}, {"start": "00:07:31", "end": "00:07:33", "text": "look at like other areas like the crypto"}, {"start": "00:07:33", "end": "00:07:35", "text": "NFT market, especially like crypto"}, {"start": "00:07:35", "end": "00:07:36", "text": "punks, right? People are spending"}, {"start": "00:07:36", "end": "00:07:39", "text": "serious money on digital avatars."}, {"start": "00:07:39", "end": "00:07:42", "text": "Like what? Why? Well, the reason is"}, {"start": "00:07:42", "end": "00:07:44", "text": "because when the underlying currency"}, {"start": "00:07:44", "end": "00:07:47", "text": "feels unsafe, then you're willing to"}, {"start": "00:07:47", "end": "00:07:48", "text": "just basically leap into anything that"}, {"start": "00:07:48", "end": "00:07:51", "text": "gives some sense of scarcity and value"}, {"start": "00:07:51", "end": "00:07:53", "text": "outside of fiat. And then of course"}, {"start": "00:07:53", "end": "00:07:55", "text": "there's Bitcoin and gold, right? The"}, {"start": "00:07:55", "end": "00:07:57", "text": "main beneficiaries of capital flight"}, {"start": "00:07:57", "end": "00:07:59", "text": "right now today. We just looked at how"}, {"start": "00:07:59", "end": "00:08:02", "text": "Bitcoin's up 185%, right? That's since"}, {"start": "00:08:02", "end": "00:08:06", "text": "December of 2023. Gold's up 95%. Now,"}, {"start": "00:08:06", "end": "00:08:08", "text": "the fact that these digital and metallic"}, {"start": "00:08:08", "end": "00:08:10", "text": "safe havens have outperformed the bulk"}, {"start": "00:08:10", "end": "00:08:12", "text": "of traditional assets isn't an accident,"}, {"start": "00:08:12", "end": "00:08:15", "text": "right? Onchain flows confirm this. The"}, {"start": "00:08:15", "end": "00:08:18", "text": "massive inflows into Bitcoin are often"}, {"start": "00:08:18", "end": "00:08:20", "text": "predictive of future returns. That means"}, {"start": "00:08:20", "end": "00:08:22", "text": "that people are quietly moving capital"}, {"start": "00:08:22", "end": "00:08:24", "text": "into crypto because they see through the"}, {"start": "00:08:24", "end": "00:08:25", "text": "illusion that cash is safe. So, what"}, {"start": "00:08:25", "end": "00:08:28", "text": "looks irrational like NFTTS and tech"}, {"start": "00:08:28", "end": "00:08:30", "text": "stock mania, cryptobubbles, it's"}, {"start": "00:08:30", "end": "00:08:32", "text": "actually kind of rational when you"}, {"start": "00:08:32", "end": "00:08:34", "text": "understand the context. These are safe"}, {"start": "00:08:34", "end": "00:08:35", "text": "haven bids. They're not speculative"}, {"start": "00:08:35", "end": "00:08:37", "text": "bets. If you view them through the"}, {"start": "00:08:37", "end": "00:08:40", "text": "traditional lens, you call them bubbles."}, {"start": "00:08:40", "end": "00:08:42", "text": "But once you flip the lens, you see that"}, {"start": "00:08:42", "end": "00:08:44", "text": "money is the thing crumbling. Then it"}, {"start": "00:08:44", "end": "00:08:46", "text": "all starts making sense. Now, in another"}, {"start": "00:08:46", "end": "00:08:47", "text": "video I'm going to do, I'm going to go"}, {"start": "00:08:47", "end": "00:08:49", "text": "deeper and I'm going to show you a chart"}, {"start": "00:08:49", "end": "00:08:51", "text": "from Weimar Republic Germany during"}, {"start": "00:08:51", "end": "00:08:53", "text": "hyperinflation when gold looked"}, {"start": "00:08:53", "end": "00:08:55", "text": "volatile. But the real story was the"}, {"start": "00:08:55", "end": "00:08:58", "text": "currency was collapsing underneath it."}, {"start": "00:08:58", "end": "00:09:00", "text": "And of course, once you see that, you'll"}, {"start": "00:09:00", "end": "00:09:01", "text": "never view volatility the same way"}, {"start": "00:09:01", "end": "00:09:03", "text": "again."}, {"start": "00:09:03", "end": "00:09:05", "text": "Okay, so now you understand why this"}, {"start": "00:09:05", "end": "00:09:07", "text": "next crash, it's different, right?"}, {"start": "00:09:07", "end": "00:09:08", "text": "Here's why I say it's going to be worse"}, {"start": "00:09:08", "end": "00:09:11", "text": "than 2008. Because in 2008, when the"}, {"start": "00:09:11", "end": "00:09:13", "text": "bubble and you know, housing and credit"}, {"start": "00:09:13", "end": "00:09:15", "text": "when all that collapsed, as as painful"}, {"start": "00:09:15", "end": "00:09:16", "text": "as it was, as devastating as was, you"}, {"start": "00:09:16", "end": "00:09:18", "text": "guys have heard my story. In 2008, I was"}, {"start": "00:09:18", "end": "00:09:20", "text": "in real estate, I got wiped out, it was"}, {"start": "00:09:20", "end": "00:09:23", "text": "also a reset, right? Homes got cheaper,"}, {"start": "00:09:23", "end": "00:09:25", "text": "stocks went on sale, and eventually"}, {"start": "00:09:25", "end": "00:09:26", "text": "those new buyers could step in. The next"}, {"start": "00:09:26", "end": "00:09:28", "text": "generation had a chance to get back in,"}, {"start": "00:09:28", "end": "00:09:30", "text": "right? And as much as it hurt, at least"}, {"start": "00:09:30", "end": "00:09:32", "text": "there was an opportunity on the other"}, {"start": "00:09:32", "end": "00:09:34", "text": "side. But today, with the bubble not"}, {"start": "00:09:34", "end": "00:09:36", "text": "being in housing or credit, but instead"}, {"start": "00:09:36", "end": "00:09:39", "text": "money itself, when the dollar and the"}, {"start": "00:09:39", "end": "00:09:41", "text": "treasury bonds are the bubble, there's"}, {"start": "00:09:41", "end": "00:09:42", "text": "no reset button, right? There's no"}, {"start": "00:09:42", "end": "00:09:44", "text": "better chance to get in later. There's"}, {"start": "00:09:44", "end": "00:09:47", "text": "no reset. I mean, think about what that"}, {"start": "00:09:47", "end": "00:09:49", "text": "means. That means if you're waiting in"}, {"start": "00:09:49", "end": "00:09:51", "text": "cash for another, I don't know, 2008"}, {"start": "00:09:51", "end": "00:09:53", "text": "style collapse, you're not going to get"}, {"start": "00:09:53", "end": "00:09:55", "text": "it. Instead of asset prices falling to"}, {"start": "00:09:55", "end": "00:09:57", "text": "meet you, they're just going to keep"}, {"start": "00:09:57", "end": "00:09:59", "text": "running away. Housing doesn't get"}, {"start": "00:09:59", "end": "00:10:00", "text": "cheaper, it gets permanently out of"}, {"start": "00:10:00", "end": "00:10:02", "text": "reach. Your savings don't become more"}, {"start": "00:10:02", "end": "00:10:04", "text": "valuable, they get inflated into"}, {"start": "00:10:04", "end": "00:10:07", "text": "nothing. Retirees on fixed income get"}, {"start": "00:10:07", "end": "00:10:08", "text": "crushed. Young families get locked out"}, {"start": "00:10:08", "end": "00:10:10", "text": "of the market. And the middle class,"}, {"start": "00:10:10", "end": "00:10:12", "text": "they get hollowed out. That's why this"}, {"start": "00:10:12", "end": "00:10:15", "text": "time's worse. In 2008, at least you got"}, {"start": "00:10:15", "end": "00:10:17", "text": "another chance. This time, there's no"}, {"start": "00:10:17", "end": "00:10:19", "text": "second chance. Unless you already own"}, {"start": "00:10:19", "end": "00:10:21", "text": "the right assets before the systems"}, {"start": "00:10:21", "end": "00:10:24", "text": "crap. Okay, now I know this sounds bad,"}, {"start": "00:10:24", "end": "00:10:27", "text": "and it is, but it doesn't have to be for"}, {"start": "00:10:27", "end": "00:10:28", "text": "you. doesn't have to be for you and I."}, {"start": "00:10:28", "end": "00:10:30", "text": "What are we going to do about this? How"}, {"start": "00:10:30", "end": "00:10:33", "text": "do you not just survive this reverse"}, {"start": "00:10:33", "end": "00:10:35", "text": "market crash, but actually come out"}, {"start": "00:10:35", "end": "00:10:37", "text": "wealthier than ever before? Well, the"}, {"start": "00:10:37", "end": "00:10:38", "text": "winners in this kind of crash are the"}, {"start": "00:10:38", "end": "00:10:41", "text": "people who frontr run the collapse,"}, {"start": "00:10:41", "end": "00:10:43", "text": "right? They own the scarce assets that"}, {"start": "00:10:43", "end": "00:10:45", "text": "can't be printed away. Assets like"}, {"start": "00:10:45", "end": "00:10:47", "text": "Bitcoin, right? Digital scarcity that"}, {"start": "00:10:47", "end": "00:10:49", "text": "governments can't print. Gold, it's the"}, {"start": "00:10:49", "end": "00:10:51", "text": "order oldest form of hard money. Prime"}, {"start": "00:10:51", "end": "00:10:53", "text": "real estate, collectibles, businesses"}, {"start": "00:10:53", "end": "00:10:55", "text": "with real cash flow that can rise with"}, {"start": "00:10:55", "end": "00:10:58", "text": "inflation. Meanwhile, the losers,"}, {"start": "00:10:58", "end": "00:10:59", "text": "they're the ones sitting in cash."}, {"start": "00:10:59", "end": "00:11:01", "text": "They're the ones hiding in government"}, {"start": "00:11:01", "end": "00:11:02", "text": "bonds. They're the ones that are"}, {"start": "00:11:02", "end": "00:11:04", "text": "thinking that they're playing it safe."}, {"start": "00:11:04", "end": "00:11:06", "text": "Or maybe they're in some other types of"}, {"start": "00:11:06", "end": "00:11:07", "text": "diversified assets that won't keep up"}, {"start": "00:11:07", "end": "00:11:09", "text": "with the rate of money printing,"}, {"start": "00:11:09", "end": "00:11:11", "text": "monetary debasement, or what I call the"}, {"start": "00:11:11", "end": "00:11:14", "text": "real rate of inflation. But for us,"}, {"start": "00:11:14", "end": "00:11:16", "text": "because we see this coming, we don't"}, {"start": "00:11:16", "end": "00:11:17", "text": "have to get wiped out. We don't have to"}, {"start": "00:11:17", "end": "00:11:19", "text": "see the quality of our life decline. In"}, {"start": "00:11:19", "end": "00:11:22", "text": "fact, you can use it as a once in a"}, {"start": "00:11:22", "end": "00:11:23", "text": "generation chance to multiply your"}, {"start": "00:11:23", "end": "00:11:25", "text": "wealth while everyone else is"}, {"start": "00:11:25", "end": "00:11:26", "text": "blindsided. And if you want to see"}, {"start": "00:11:26", "end": "00:11:28", "text": "exactly how the entire financial system"}, {"start": "00:11:28", "end": "00:11:30", "text": "is being rebuilt right in front of our"}, {"start": "00:11:30", "end": "00:11:32", "text": "eyes, you should probably go watch this"}, {"start": "00:11:32", "end": "00:11:34", "text": "video right here and I'll see you over"}, {"start": "00:11:34", "end": "00:11:36", "text": "there."}]

[{"start": "00:00:00", "end": "00:00:02", "text": "At the recent economic forum, one of"}, {"start": "00:00:02", "end": "00:00:03", "text": "Putin's closest advisers dropped a"}, {"start": "00:00:03", "end": "00:00:05", "text": "bombshell. He said that the US is"}, {"start": "00:00:05", "end": "00:00:08", "text": "preparing to use crypto and stable coins"}, {"start": "00:00:08", "end": "00:00:11", "text": "to secretly devalue its entire $37"}, {"start": "00:00:11", "end": "00:00:14", "text": "trillion debt. Now, he claims America"}, {"start": "00:00:14", "end": "00:00:16", "text": "will put that debt into a crypto cloud"}, {"start": "00:00:16", "end": "00:00:18", "text": "they would then use to reset the system."}, {"start": "00:00:18", "end": "00:00:20", "text": "So, basically leaving the rest of the"}, {"start": "00:00:20", "end": "00:00:22", "text": "world holding the bag. Now, this is"}, {"start": "00:00:22", "end": "00:00:24", "text": "Anton Kobyakov, right? We're talking"}, {"start": "00:00:24", "end": "00:00:26", "text": "about he's a senior adviser to Vladimir"}, {"start": "00:00:26", "end": "00:00:28", "text": "Putin for over a decade. This isn't some"}, {"start": "00:00:28", "end": "00:00:31", "text": "random official. This is Putin's guy."}, {"start": "00:00:31", "end": "00:00:33", "text": "And you know what? He's actually right."}, {"start": "00:00:33", "end": "00:00:35", "text": "But it's just not in the way that you"}, {"start": "00:00:35", "end": "00:00:37", "text": "would think. You see, Russia thinks"}, {"start": "00:00:37", "end": "00:00:39", "text": "we're going to print digital dollars out"}, {"start": "00:00:39", "end": "00:00:41", "text": "of thin air. But that's not actually how"}, {"start": "00:00:41", "end": "00:00:43", "text": "this works. But the devaluation part,"}, {"start": "00:00:43", "end": "00:00:45", "text": "the reset part, that's absolutely"}, {"start": "00:00:45", "end": "00:00:48", "text": "happening. Now, real quick, I'm Mark"}, {"start": "00:00:48", "end": "00:00:50", "text": "Moss. I've been tracking these monetary"}, {"start": "00:00:50", "end": "00:00:52", "text": "resets since the last one. And what's"}, {"start": "00:00:52", "end": "00:00:54", "text": "about to happen with stable coins and"}, {"start": "00:00:54", "end": "00:00:56", "text": "the genius act that was just passed"}, {"start": "00:00:56", "end": "00:00:58", "text": "through is way bigger than what Russia"}, {"start": "00:00:58", "end": "00:01:01", "text": "even understands. So let's break down"}, {"start": "00:01:01", "end": "00:01:03", "text": "what's really going on. You ready? Let's"}, {"start": "00:01:03", "end": "00:01:04", "text": "go."}, {"start": "00:01:04", "end": "00:01:06", "text": "All right. So let's look at exactly what"}, {"start": "00:01:06", "end": "00:01:08", "text": "Russia is saying here. Back at the"}, {"start": "00:01:08", "end": "00:01:10", "text": "Eastern Economic Forum again, Anton"}, {"start": "00:01:10", "end": "00:01:12", "text": "Kobyakov, and remember this is Putin's"}, {"start": "00:01:12", "end": "00:01:14", "text": "senior economic adviser, right? For over"}, {"start": "00:01:14", "end": "00:01:16", "text": "a decade now. He's been in the room for"}, {"start": "00:01:16", "end": "00:01:18", "text": "every major Russian economic decision."}, {"start": "00:01:18", "end": "00:01:21", "text": "He's laid out this theory again. He said"}, {"start": "00:01:21", "end": "00:01:24", "text": "the US is trying to rewrite the rules of"}, {"start": "00:01:24", "end": "00:01:26", "text": "the gold and crypto markets. His exact"}, {"start": "00:01:26", "end": "00:01:29", "text": "words were that America's ultimate goal"}, {"start": "00:01:29", "end": "00:01:31", "text": "is to push the whole world into what he"}, {"start": "00:01:31", "end": "00:01:33", "text": "called the crypto cloud. Now think about"}, {"start": "00:01:33", "end": "00:01:36", "text": "that phrase crypto cloud. He's saying"}, {"start": "00:01:36", "end": "00:01:38", "text": "once the world's money is digital, once"}, {"start": "00:01:38", "end": "00:01:41", "text": "it's in stable coins, once the US moves"}, {"start": "00:01:41", "end": "00:01:44", "text": "its 37 trillion national debt into these"}, {"start": "00:01:44", "end": "00:01:47", "text": "digital assets and then boom, devalues"}, {"start": "00:01:47", "end": "00:01:49", "text": "it, wipes the slate clean while everyone"}, {"start": "00:01:49", "end": "00:01:51", "text": "else is holding the bag. But here's why"}, {"start": "00:01:51", "end": "00:01:53", "text": "this matters. This isn't just some"}, {"start": "00:01:53", "end": "00:01:55", "text": "conspiracy theory from our enemies,"}, {"start": "00:01:55", "end": "00:01:57", "text": "right? He's he's been architecting"}, {"start": "00:01:57", "end": "00:02:00", "text": "Russia's economic strategy since 2012."}, {"start": "00:02:00", "end": "00:02:03", "text": "So when he speaks, it's not speculation."}, {"start": "00:02:03", "end": "00:02:05", "text": "It's what Russia's leadership actually"}, {"start": "00:02:05", "end": "00:02:07", "text": "believes. And like I said, like he's"}, {"start": "00:02:07", "end": "00:02:09", "text": "kind of right about devaluation. He's"}, {"start": "00:02:09", "end": "00:02:12", "text": "actually dead right. The US absolutely"}, {"start": "00:02:12", "end": "00:02:14", "text": "plans to devalue the debt. Now, we've"}, {"start": "00:02:14", "end": "00:02:16", "text": "done it before. We've done it actually"}, {"start": "00:02:16", "end": "00:02:18", "text": "multiple times, but I think Russia just"}, {"start": "00:02:18", "end": "00:02:20", "text": "misunderstands it a little bit, right?"}, {"start": "00:02:20", "end": "00:02:22", "text": "They think we're going to create stable"}, {"start": "00:02:22", "end": "00:02:24", "text": "coins out of thin air like we like we"}, {"start": "00:02:24", "end": "00:02:25", "text": "print dollars. But that's not how stable"}, {"start": "00:02:25", "end": "00:02:27", "text": "coins work. It it's actually way more"}, {"start": "00:02:27", "end": "00:02:28", "text": "powerful. So, let me show you what's"}, {"start": "00:02:28", "end": "00:02:31", "text": "really happening."}, {"start": "00:02:31", "end": "00:02:35", "text": "1933 Executive Order 6102,"}, {"start": "00:02:35", "end": "00:02:37", "text": "President Roosevelt. He doesn't ask"}, {"start": "00:02:37", "end": "00:02:40", "text": "Congress. He doesn't negotiate. He signs"}, {"start": "00:02:40", "end": "00:02:42", "text": "one piece of paper, the executive order,"}, {"start": "00:02:42", "end": "00:02:45", "text": "and boom, confiscates America's gold at"}, {"start": "00:02:45", "end": "00:02:47", "text": "$2067"}, {"start": "00:02:47", "end": "00:02:49", "text": "per ounce. And then what happens?"}, {"start": "00:02:49", "end": "00:02:53", "text": "Overnight, he revalues it to $35 an"}, {"start": "00:02:53", "end": "00:02:55", "text": "ounce. Now, if you do the math, that's a"}, {"start": "00:02:55", "end": "00:03:00", "text": "69% devaluation. one signature, 69% is"}, {"start": "00:03:00", "end": "00:03:01", "text": "gone. Think about what that means. You"}, {"start": "00:03:01", "end": "00:03:04", "text": "had $100 in savings and now it buys you"}, {"start": "00:03:04", "end": "00:03:07", "text": "$31 worth of stuff. But the government's"}, {"start": "00:03:07", "end": "00:03:10", "text": "debt, they just got 69% cheaper to pay"}, {"start": "00:03:10", "end": "00:03:12", "text": "it back. Now, it's not the only time"}, {"start": "00:03:12", "end": "00:03:13", "text": "it's happened. It's happened many times"}, {"start": "00:03:13", "end": "00:03:16", "text": "since then. If we fast forward to 1971,"}, {"start": "00:03:16", "end": "00:03:18", "text": "President Richard Nixon closed the gold"}, {"start": "00:03:18", "end": "00:03:20", "text": "window. He basically rugpulled the"}, {"start": "00:03:20", "end": "00:03:22", "text": "entire world by removing the gold"}, {"start": "00:03:22", "end": "00:03:24", "text": "backing of US dollars. And since then,"}, {"start": "00:03:24", "end": "00:03:28", "text": "the dollar's lost 96% of its purchasing"}, {"start": "00:03:28", "end": "00:03:30", "text": "power. 96%."}, {"start": "00:03:30", "end": "00:03:33", "text": "Again, 1985, the Plaza Accords. We had"}, {"start": "00:03:33", "end": "00:03:36", "text": "five countries get together and agree to"}, {"start": "00:03:36", "end": "00:03:39", "text": "again devalue the dollar by 25% in two"}, {"start": "00:03:39", "end": "00:03:43", "text": "years. And it worked. A 25% devaluation."}, {"start": "00:03:43", "end": "00:03:45", "text": "It was coordinated. It was planned. It"}, {"start": "00:03:45", "end": "00:03:47", "text": "was executed. So when Russia says we're"}, {"start": "00:03:47", "end": "00:03:50", "text": "about to reset the system again, they're"}, {"start": "00:03:50", "end": "00:03:52", "text": "looking back at history, right? They see"}, {"start": "00:03:52", "end": "00:03:55", "text": "the pattern. They understand why it has"}, {"start": "00:03:55", "end": "00:03:58", "text": "to happen. Now, about every 40 to 50"}, {"start": "00:03:58", "end": "00:04:00", "text": "year cycles, they see this coming due."}, {"start": "00:04:00", "end": "00:04:03", "text": "And right now, we're due. But what"}, {"start": "00:04:03", "end": "00:04:05", "text": "they're maybe not understanding so much"}, {"start": "00:04:05", "end": "00:04:08", "text": "is that we don't need gold confiscation"}, {"start": "00:04:08", "end": "00:04:09", "text": "this time, right? We don't need"}, {"start": "00:04:09", "end": "00:04:11", "text": "international agreements. We have a new"}, {"start": "00:04:11", "end": "00:04:13", "text": "mechanism and it's already in motion."}, {"start": "00:04:13", "end": "00:04:15", "text": "How do you devalue dollars when you're"}, {"start": "00:04:15", "end": "00:04:18", "text": "not on a gold standard? Well, it's"}, {"start": "00:04:18", "end": "00:04:19", "text": "simple, right? You just continue to"}, {"start": "00:04:19", "end": "00:04:21", "text": "expand the money supply. If we look at"}, {"start": "00:04:21", "end": "00:04:24", "text": "the M2 chart, uh, just from January"}, {"start": "00:04:24", "end": "00:04:27", "text": "2020, we had $15.5"}, {"start": "00:04:27", "end": "00:04:32", "text": "trillion. Today, we have $21.9 trillion."}, {"start": "00:04:32", "end": "00:04:35", "text": "That's a 40% expansion in just 4 years."}, {"start": "00:04:35", "end": "00:04:37", "text": "40% in four years. If we look at"}, {"start": "00:04:37", "end": "00:04:40", "text": "everything else, gas prices up 50%, home"}, {"start": "00:04:40", "end": "00:04:43", "text": "prices up 50%. The median home in"}, {"start": "00:04:43", "end": "00:04:47", "text": "America costs 50% more. Hm, pretty"}, {"start": "00:04:47", "end": "00:04:50", "text": "interesting. Property insurance up 70%."}, {"start": "00:04:50", "end": "00:04:55", "text": "Gold 35%, Bitcoin, it's up over $250."}, {"start": "00:04:55", "end": "00:04:57", "text": "See the pattern? When you create $6"}, {"start": "00:04:57", "end": "00:05:00", "text": "trillion, new dollars out of thin air,"}, {"start": "00:05:00", "end": "00:05:02", "text": "but you don't create any new houses, you"}, {"start": "00:05:02", "end": "00:05:05", "text": "don't create any new oil, any new"}, {"start": "00:05:05", "end": "00:05:06", "text": "anything, right? Then the prices start"}, {"start": "00:05:06", "end": "00:05:09", "text": "to adjust. The dollars start chasing the"}, {"start": "00:05:09", "end": "00:05:12", "text": "same goods and prices go up. So your"}, {"start": "00:05:12", "end": "00:05:14", "text": "grocery bill, food's up, right? 25 to"}, {"start": "00:05:14", "end": "00:05:17", "text": "30%. Steak, milk, eggs, it's all up 30%"}, {"start": "00:05:17", "end": "00:05:19", "text": "plus. Now, that's not inflation. It's"}, {"start": "00:05:19", "end": "00:05:23", "text": "devaluation. Your dollar buys you less."}, {"start": "00:05:23", "end": "00:05:26", "text": "And here's the key. That $37 trillion of"}, {"start": "00:05:26", "end": "00:05:30", "text": "debt, it's still $37 trillion on paper."}, {"start": "00:05:30", "end": "00:05:32", "text": "But what does 37 trillion buy today"}, {"start": "00:05:32", "end": "00:05:35", "text": "versus what it bought in 2020? It buys"}, {"start": "00:05:35", "end": "00:05:38", "text": "40% less, right? The government just cut"}, {"start": "00:05:38", "end": "00:05:42", "text": "the real debt burden by 40%. Without"}, {"start": "00:05:42", "end": "00:05:44", "text": "paying back a single dollar, right?"}, {"start": "00:05:44", "end": "00:05:45", "text": "Without without having to default,"}, {"start": "00:05:45", "end": "00:05:47", "text": "without having to negotiate with"}, {"start": "00:05:47", "end": "00:05:48", "text": "anybody. They just printed their way"}, {"start": "00:05:48", "end": "00:05:50", "text": "out. But here's the problem. The world,"}, {"start": "00:05:50", "end": "00:05:52", "text": "of course, sees this, right? It's not"}, {"start": "00:05:52", "end": "00:05:54", "text": "that China and Russia don't understand"}, {"start": "00:05:54", "end": "00:05:56", "text": "this. It's why China's dumping"}, {"start": "00:05:56", "end": "00:05:58", "text": "treasuries. It's why Japan's dumping"}, {"start": "00:05:58", "end": "00:05:59", "text": "treasuries. It's why foreign ownership"}, {"start": "00:05:59", "end": "00:06:04", "text": "of US debt dropped from 34% to 23%. Sort"}, {"start": "00:06:04", "end": "00:06:06", "text": "of like when Nixon had to close the gold"}, {"start": "00:06:06", "end": "00:06:10", "text": "window. So, the US needs new buyers of"}, {"start": "00:06:10", "end": "00:06:13", "text": "debt. Cue it in. Enter the stable coins."}, {"start": "00:06:13", "end": "00:06:14", "text": "Russia thinks we're going to print"}, {"start": "00:06:14", "end": "00:06:16", "text": "stable coins like we print dollars. But"}, {"start": "00:06:16", "end": "00:06:18", "text": "of course, that's not how this works,"}, {"start": "00:06:18", "end": "00:06:22", "text": "right? Every USDT or every USDC,"}, {"start": "00:06:22", "end": "00:06:25", "text": "somebody has to deposit a real dollar to"}, {"start": "00:06:25", "end": "00:06:26", "text": "get back a stable coin, right? It's a"}, {"start": "00:06:26", "end": "00:06:28", "text": "one one peg or one one backed. Now, the"}, {"start": "00:06:28", "end": "00:06:30", "text": "Genius Act that was just passed this"}, {"start": "00:06:30", "end": "00:06:33", "text": "year, it mandates every stable coin must"}, {"start": "00:06:33", "end": "00:06:36", "text": "be backed by US treasuries or cash. No"}, {"start": "00:06:36", "end": "00:06:38", "text": "exceptions. Okay, so wait, if we can't"}, {"start": "00:06:38", "end": "00:06:41", "text": "print them, if every stable coin needs a"}, {"start": "00:06:41", "end": "00:06:44", "text": "real dollar behind it, then how do we"}, {"start": "00:06:44", "end": "00:06:46", "text": "devalue the debt, right? How does this"}, {"start": "00:06:46", "end": "00:06:48", "text": "actually help the US government? This is"}, {"start": "00:06:48", "end": "00:06:49", "text": "the part maybe Russia doesn't seem to"}, {"start": "00:06:49", "end": "00:06:51", "text": "get right. They're thinking about it"}, {"start": "00:06:51", "end": "00:06:52", "text": "just a little bit wrong. It's not about"}, {"start": "00:06:52", "end": "00:06:54", "text": "printing. It's about what those dollars"}, {"start": "00:06:54", "end": "00:06:57", "text": "are doing and where they're coming from."}, {"start": "00:06:57", "end": "00:06:59", "text": "You see, when you give Tether a dollar,"}, {"start": "00:06:59", "end": "00:07:00", "text": "they don't just put it in a vault. They"}, {"start": "00:07:00", "end": "00:07:02", "text": "go buy US treasuries with it. When"}, {"start": "00:07:02", "end": "00:07:04", "text": "Circle gets a dollar, same thing. They"}, {"start": "00:07:04", "end": "00:07:06", "text": "go buy treasuries with it. So, this"}, {"start": "00:07:06", "end": "00:07:09", "text": "creates a perpetual demand for US debt."}, {"start": "00:07:09", "end": "00:07:11", "text": "Now, the more the stable coins grow, the"}, {"start": "00:07:11", "end": "00:07:13", "text": "more the treasuries they have to go buy,"}, {"start": "00:07:13", "end": "00:07:15", "text": "right? It's automatic. gets built into"}, {"start": "00:07:15", "end": "00:07:17", "text": "the system. But that's just part one."}, {"start": "00:07:17", "end": "00:07:19", "text": "The real trick is where those dollars"}, {"start": "00:07:19", "end": "00:07:21", "text": "are going to come from. And that's what"}, {"start": "00:07:21", "end": "00:07:25", "text": "I want to show you. If stable coins need"}, {"start": "00:07:25", "end": "00:07:28", "text": "real dollars, how does this help the US?"}, {"start": "00:07:28", "end": "00:07:30", "text": "Well, it's simple. Every stable coin"}, {"start": "00:07:30", "end": "00:07:32", "text": "issuer has to buy treasuries. That's"}, {"start": "00:07:32", "end": "00:07:34", "text": "that's the law under the New Genius Act."}, {"start": "00:07:34", "end": "00:07:36", "text": "You want to issue a billion dollars in"}, {"start": "00:07:36", "end": "00:07:38", "text": "USDT? Well, you need a billion dollars"}, {"start": "00:07:38", "end": "00:07:40", "text": "in T bills. If you look at the numbers"}, {"start": "00:07:40", "end": "00:07:43", "text": "right now, Tether's holding 127 billion"}, {"start": "00:07:43", "end": "00:07:46", "text": "in US treasuries. Circle holds 55"}, {"start": "00:07:46", "end": "00:07:49", "text": "billion. Combined, they're the 18th"}, {"start": "00:07:49", "end": "00:07:51", "text": "largest holder of US debt globally,"}, {"start": "00:07:51", "end": "00:07:53", "text": "bigger than Germany, bigger than South"}, {"start": "00:07:53", "end": "00:07:55", "text": "Korea. And where it starts to get"}, {"start": "00:07:55", "end": "00:07:56", "text": "interesting is Scott Bent, he's the"}, {"start": "00:07:56", "end": "00:07:58", "text": "Trump's, you know, Treasury Secretary."}, {"start": "00:07:58", "end": "00:08:01", "text": "He projects stable coins to hit $3.7"}, {"start": "00:08:01", "end": "00:08:05", "text": "trillion by 2030. China's been dumping"}, {"start": "00:08:05", "end": "00:08:08", "text": "treasuries down 1 trillion to 756"}, {"start": "00:08:08", "end": "00:08:10", "text": "billion. Japan's selling foreign"}, {"start": "00:08:10", "end": "00:08:14", "text": "ownership dropped from 34% to 25%. But"}, {"start": "00:08:14", "end": "00:08:16", "text": "stable coins, they have to buy it,"}, {"start": "00:08:16", "end": "00:08:19", "text": "right? It's required. Every dollar that"}, {"start": "00:08:19", "end": "00:08:22", "text": "goes into USDT or USDC becomes demand"}, {"start": "00:08:22", "end": "00:08:25", "text": "for US debt. So that person in Argentina"}, {"start": "00:08:25", "end": "00:08:27", "text": "trying to escape inflation, they buy"}, {"start": "00:08:27", "end": "00:08:29", "text": "stable coins, USDT. That business in"}, {"start": "00:08:29", "end": "00:08:32", "text": "Turkey avoiding the LRA, they use USDC."}, {"start": "00:08:32", "end": "00:08:35", "text": "They all become Treasury buyers, right?"}, {"start": "00:08:35", "end": "00:08:37", "text": "They're funding the deficit without even"}, {"start": "00:08:37", "end": "00:08:40", "text": "knowing it. 3.7 trillion in guaranteed"}, {"start": "00:08:40", "end": "00:08:42", "text": "Treasury demand. That's the plan. But"}, {"start": "00:08:42", "end": "00:08:44", "text": "here's the question. Where do all those"}, {"start": "00:08:44", "end": "00:08:47", "text": "dollars actually come from? Now, I made"}, {"start": "00:08:47", "end": "00:08:49", "text": "a video a few months ago where I talked"}, {"start": "00:08:49", "end": "00:08:50", "text": "about this. Um, let's let's go ahead and"}, {"start": "00:08:50", "end": "00:08:52", "text": "just play it. Let's check it out. We're"}, {"start": "00:08:52", "end": "00:08:54", "text": "talking about sterilized reserves. What"}, {"start": "00:08:54", "end": "00:08:56", "text": "we're talking about is that the Federal"}, {"start": "00:08:56", "end": "00:08:58", "text": "Reserve has given the banks a bunch of"}, {"start": "00:08:58", "end": "00:09:00", "text": "money, but they don't want the money to"}, {"start": "00:09:00", "end": "00:09:02", "text": "get into the economy because it would"}, {"start": "00:09:02", "end": "00:09:04", "text": "cause massive inflation. If you dump all"}, {"start": "00:09:04", "end": "00:09:06", "text": "this money into the economy and people"}, {"start": "00:09:06", "end": "00:09:08", "text": "go start spending it on vacations and"}, {"start": "00:09:08", "end": "00:09:09", "text": "trips and cars and going out to eat and"}, {"start": "00:09:09", "end": "00:09:11", "text": "things like that, the prices will rise."}, {"start": "00:09:11", "end": "00:09:13", "text": "So, what they've done is they pay the"}, {"start": "00:09:13", "end": "00:09:16", "text": "banks to leave it there, keep it out of"}, {"start": "00:09:16", "end": "00:09:17", "text": "circulation. That's why it's called"}, {"start": "00:09:17", "end": "00:09:19", "text": "sterilized. All right, there it is."}, {"start": "00:09:19", "end": "00:09:21", "text": "Sterilized reserves. Let me break down"}, {"start": "00:09:21", "end": "00:09:23", "text": "what that means. Now, right now, US"}, {"start": "00:09:23", "end": "00:09:27", "text": "banks have $3.2 trillion sitting at the"}, {"start": "00:09:27", "end": "00:09:29", "text": "Fed, right? This is excess reserves."}, {"start": "00:09:29", "end": "00:09:31", "text": "This is money that's been parked there"}, {"start": "00:09:31", "end": "00:09:33", "text": "since back in quantitative easing back"}, {"start": "00:09:33", "end": "00:09:35", "text": "in 2008 for 14 years. And it's kind of"}, {"start": "00:09:35", "end": "00:09:37", "text": "like dead money, right? It can't be"}, {"start": "00:09:37", "end": "00:09:39", "text": "lent, right? It's not it's not in"}, {"start": "00:09:39", "end": "00:09:42", "text": "circulation. It just sits there earning"}, {"start": "00:09:42", "end": "00:09:44", "text": "OER or interest on excess reserves. And"}, {"start": "00:09:44", "end": "00:09:47", "text": "that's about 0.5%."}, {"start": "00:09:47", "end": "00:09:50", "text": "And here's the mechanism. The Genius Act"}, {"start": "00:09:50", "end": "00:09:52", "text": "says that banks can use these Fed"}, {"start": "00:09:52", "end": "00:09:54", "text": "deposits as stable coin backing. They"}, {"start": "00:09:54", "end": "00:09:57", "text": "could take a billion in excess reserves,"}, {"start": "00:09:57", "end": "00:09:59", "text": "back a billion in stable coins, and it's"}, {"start": "00:09:59", "end": "00:10:02", "text": "the same money, but now it's moving. 3.2"}, {"start": "00:10:02", "end": "00:10:04", "text": "trillion, right? That's been frozen"}, {"start": "00:10:04", "end": "00:10:06", "text": "since 2008. But now it can start to"}, {"start": "00:10:06", "end": "00:10:09", "text": "enter the market. Not new money, the"}, {"start": "00:10:09", "end": "00:10:12", "text": "same money, but just moved, activated."}, {"start": "00:10:12", "end": "00:10:14", "text": "Now, when the 3.2 trillion starts"}, {"start": "00:10:14", "end": "00:10:16", "text": "circulating, prices start to adjust,"}, {"start": "00:10:16", "end": "00:10:19", "text": "right? the dollar starts to weaken. The"}, {"start": "00:10:19", "end": "00:10:21", "text": "$37 trillion in debt, it starts to get"}, {"start": "00:10:21", "end": "00:10:24", "text": "devalued, but not through printing,"}, {"start": "00:10:24", "end": "00:10:26", "text": "through activation of reserves. Right?"}, {"start": "00:10:26", "end": "00:10:28", "text": "That's maybe the part Russia seems to"}, {"start": "00:10:28", "end": "00:10:30", "text": "misunderstand. Right? We're not creating"}, {"start": "00:10:30", "end": "00:10:32", "text": "more money. We're unleashing what's been"}, {"start": "00:10:32", "end": "00:10:34", "text": "trapped. Now, if we look back at the"}, {"start": "00:10:34", "end": "00:10:35", "text": "rest of the world and what they're"}, {"start": "00:10:35", "end": "00:10:37", "text": "doing, we can see that they understand"}, {"start": "00:10:37", "end": "00:10:41", "text": "this. Gold just hit $3,777"}, {"start": "00:10:41", "end": "00:10:43", "text": "an ounce in September. It's an all-time"}, {"start": "00:10:43", "end": "00:10:45", "text": "high. Central banks are buying gold at"}, {"start": "00:10:45", "end": "00:10:48", "text": "the fastest pace since 1967."}, {"start": "00:10:48", "end": "00:10:51", "text": "Four straight years, over 1,000 tons. I"}, {"start": "00:10:51", "end": "00:10:54", "text": "mean, think about this. 2022, 1,082"}, {"start": "00:10:54", "end": "00:10:56", "text": "tons. That was the highest since ' 67."}, {"start": "00:10:56", "end": "00:10:59", "text": "But then again, 2023, 1,037 tons. 2024,"}, {"start": "00:10:59", "end": "00:11:04", "text": "1,045 tons. 2025 already sitting at 669"}, {"start": "00:11:04", "end": "00:11:07", "text": "tons. That's just through Q3. Now, this"}, {"start": "00:11:07", "end": "00:11:09", "text": "is on pace for another,000 ton year. And"}, {"start": "00:11:09", "end": "00:11:12", "text": "who's buying? Well, everybody's buying,"}, {"start": "00:11:12", "end": "00:11:14", "text": "right? Poland bought 67 tons this year."}, {"start": "00:11:14", "end": "00:11:16", "text": "They're the biggest buyer of 2025. The"}, {"start": "00:11:16", "end": "00:11:19", "text": "Czech Republic, they bought gold 29"}, {"start": "00:11:19", "end": "00:11:20", "text": "straight months. They tripled their"}, {"start": "00:11:20", "end": "00:11:24", "text": "reserve since 2023. Turkey, 26 times"}, {"start": "00:11:24", "end": "00:11:27", "text": "consecutive months of buying. And China,"}, {"start": "00:11:27", "end": "00:11:29", "text": "well, they've added at least, I don't"}, {"start": "00:11:29", "end": "00:11:32", "text": "know, 36 tons in nine straight months."}, {"start": "00:11:32", "end": "00:11:33", "text": "And that's just what they report, right?"}, {"start": "00:11:33", "end": "00:11:35", "text": "The real numbers probably double or"}, {"start": "00:11:35", "end": "00:11:38", "text": "triple that. These aren't gold bugs."}, {"start": "00:11:38", "end": "00:11:39", "text": "These are central banks, right? These"}, {"start": "00:11:39", "end": "00:11:41", "text": "are the most conservative institutions"}, {"start": "00:11:41", "end": "00:11:44", "text": "on earth and they're all doing the same"}, {"start": "00:11:44", "end": "00:11:47", "text": "thing, dumping dollars and buying gold."}, {"start": "00:11:47", "end": "00:11:49", "text": "Why? Because of course they see what's"}, {"start": "00:11:49", "end": "00:11:51", "text": "coming, right? When Poland triples their"}, {"start": "00:11:51", "end": "00:11:53", "text": "gold reserves, they're not speculating"}, {"start": "00:11:53", "end": "00:11:55", "text": "on price, right? When Turkey buys for 26"}, {"start": "00:11:55", "end": "00:11:57", "text": "straight months, they're not trading"}, {"start": "00:11:57", "end": "00:11:58", "text": "that, right? They're protecting"}, {"start": "00:11:58", "end": "00:12:00", "text": "themselves. That the sterilized"}, {"start": "00:12:00", "end": "00:12:03", "text": "reserves, the 3.7 trillion in stable"}, {"start": "00:12:03", "end": "00:12:05", "text": "coins, they see all that, right? They"}, {"start": "00:12:05", "end": "00:12:07", "text": "know the dollar is about to get devalued"}, {"start": "00:12:07", "end": "00:12:08", "text": "and they're not going to wait around to"}, {"start": "00:12:08", "end": "00:12:10", "text": "hold the bag. That's why gold's at"}, {"start": "00:12:10", "end": "00:12:13", "text": "$3,700 an ounce, right? The world sees"}, {"start": "00:12:13", "end": "00:12:16", "text": "what's happening here. Now, what about"}, {"start": "00:12:16", "end": "00:12:18", "text": "Bitcoin? What about the strategic"}, {"start": "00:12:18", "end": "00:12:19", "text": "Bitcoin reserves everyone's talking"}, {"start": "00:12:19", "end": "00:12:22", "text": "about? Well, the reality is Scott Bent,"}, {"start": "00:12:22", "end": "00:12:24", "text": "Treasury Secretary, he kind of killed"}, {"start": "00:12:24", "end": "00:12:26", "text": "it, right? He said, quote, \"No taxpayer"}, {"start": "00:12:26", "end": "00:12:30", "text": "dollars for Bitcoin.\" So, the SBR bill"}, {"start": "00:12:30", "end": "00:12:32", "text": "is it dead on arrival? Well, think about"}, {"start": "00:12:32", "end": "00:12:35", "text": "it this way. In 2022, the Chips Act, it"}, {"start": "00:12:35", "end": "00:12:37", "text": "passed. And the reason why is because"}, {"start": "00:12:37", "end": "00:12:39", "text": "the US government needed semiconductors."}, {"start": "00:12:39", "end": "00:12:41", "text": "But did they just go buy Intel stock?"}, {"start": "00:12:41", "end": "00:12:44", "text": "No. They gave Intel $50 billion in"}, {"start": "00:12:44", "end": "00:12:46", "text": "subsidies and grants. And then they took"}, {"start": "00:12:46", "end": "00:12:49", "text": "warrants. They took an equity position"}, {"start": "00:12:49", "end": "00:12:52", "text": "in Intel. It's the same playbook here."}, {"start": "00:12:52", "end": "00:12:53", "text": "Look at this pattern here. Um, private"}, {"start": "00:12:53", "end": "00:12:55", "text": "innovation happens first, like SpaceX"}, {"start": "00:12:55", "end": "00:12:58", "text": "goes and builds the rockets, then NASA"}, {"start": "00:12:58", "end": "00:13:00", "text": "contracts them, right? Amazon goes and"}, {"start": "00:13:00", "end": "00:13:03", "text": "builds AWS and then the CI uses the"}, {"start": "00:13:03", "end": "00:13:04", "text": "servers, right? We have the private"}, {"start": "00:13:04", "end": "00:13:06", "text": "sector takes the risk and then the"}, {"start": "00:13:06", "end": "00:13:09", "text": "government is able to use or capture the"}, {"start": "00:13:09", "end": "00:13:11", "text": "value. So the strategic Bitcoin reserve,"}, {"start": "00:13:11", "end": "00:13:13", "text": "maybe it's not dead, maybe it's just not"}, {"start": "00:13:13", "end": "00:13:15", "text": "happening the way you think. Maybe it"}, {"start": "00:13:15", "end": "00:13:17", "text": "was never going to work the way that you"}, {"start": "00:13:17", "end": "00:13:18", "text": "thought. Maybe we're already building"}, {"start": "00:13:18", "end": "00:13:20", "text": "the Bitcoin reserves through companies"}, {"start": "00:13:20", "end": "00:13:22", "text": "like Micro Strategy and Marathon and"}, {"start": "00:13:22", "end": "00:13:25", "text": "Riot and through the ETFs. Maybe the"}, {"start": "00:13:25", "end": "00:13:27", "text": "government just hasn't taken their cut"}, {"start": "00:13:27", "end": "00:13:29", "text": "yet. All right, but let's just bring"}, {"start": "00:13:29", "end": "00:13:31", "text": "this all full circle, right? Putin's"}, {"start": "00:13:31", "end": "00:13:33", "text": "adviser is right. We're going to devalue"}, {"start": "00:13:33", "end": "00:13:35", "text": "the debt, but not by printing stable"}, {"start": "00:13:35", "end": "00:13:37", "text": "coins by activating the 3.7 trillion in"}, {"start": "00:13:37", "end": "00:13:41", "text": "the sterilized reserves. By creating 3.7"}, {"start": "00:13:41", "end": "00:13:43", "text": "trillion in Treasury demand by exporting"}, {"start": "00:13:43", "end": "00:13:45", "text": "the inflation globally. And when is this"}, {"start": "00:13:45", "end": "00:13:48", "text": "going to happen? Well, Scott Bassen said"}, {"start": "00:13:48", "end": "00:13:50", "text": "by 2030, but I think it's going to"}, {"start": "00:13:50", "end": "00:13:52", "text": "happen much faster. Stable coins are"}, {"start": "00:13:52", "end": "00:13:54", "text": "growing rapidly. As a matter of fact,"}, {"start": "00:13:54", "end": "00:13:57", "text": "they grew 32% in just 7 months. So, at"}, {"start": "00:13:57", "end": "00:13:59", "text": "that rate, we're going to hit 3.7"}, {"start": "00:13:59", "end": "00:14:02", "text": "trillion by 2027. And of course, the"}, {"start": "00:14:02", "end": "00:14:04", "text": "world sees it coming. That's why gold's"}, {"start": "00:14:04", "end": "00:14:06", "text": "at $3,700 an ounce. That's why central"}, {"start": "00:14:06", "end": "00:14:09", "text": "banks bought 4,000 tons in four years."}, {"start": "00:14:09", "end": "00:14:11", "text": "That's why China is buying gold and not"}, {"start": "00:14:11", "end": "00:14:13", "text": "US treasuries. Right? The reset's"}, {"start": "00:14:13", "end": "00:14:16", "text": "happening. It's not an event, it's a"}, {"start": "00:14:16", "end": "00:14:17", "text": "process. All the pieces are being put"}, {"start": "00:14:17", "end": "00:14:20", "text": "into place right now. The Genius Act,"}, {"start": "00:14:20", "end": "00:14:22", "text": "it's already law. The reserves are"}, {"start": "00:14:22", "end": "00:14:24", "text": "already there. The mechanisms already in"}, {"start": "00:14:24", "end": "00:14:26", "text": "place. Okay. So, what are you and I"}, {"start": "00:14:26", "end": "00:14:28", "text": "going to do about this? Well, simple."}, {"start": "00:14:28", "end": "00:14:30", "text": "Sort of like the central banks, we don't"}, {"start": "00:14:30", "end": "00:14:32", "text": "hold cash. We don't hold US dollars. We"}, {"start": "00:14:32", "end": "00:14:33", "text": "don't hold US treasuries. We don't hold"}, {"start": "00:14:33", "end": "00:14:35", "text": "fiat currency. We're holding hard"}, {"start": "00:14:35", "end": "00:14:37", "text": "assets. We're holding gold. We're"}, {"start": "00:14:37", "end": "00:14:39", "text": "holding Bitcoin. Of course, minerals"}, {"start": "00:14:39", "end": "00:14:40", "text": "like lithium, right? They've all been"}, {"start": "00:14:40", "end": "00:14:43", "text": "doing great. Real estate works, but of"}, {"start": "00:14:43", "end": "00:14:44", "text": "course, Bitcoin. Bitcoin is my favorite"}, {"start": "00:14:44", "end": "00:14:46", "text": "because it moves the fastest when"}, {"start": "00:14:46", "end": "00:14:48", "text": "liquidity expands, right? It always has."}, {"start": "00:14:48", "end": "00:14:51", "text": "The last major reset we saw was in 1971"}, {"start": "00:14:51", "end": "00:14:53", "text": "when the dollar was rugpulled from gold."}, {"start": "00:14:53", "end": "00:14:55", "text": "During that time, we saw gold go from"}, {"start": "00:14:55", "end": "00:14:59", "text": "$35 to $800 an ounce 23 times. Bitcoin's"}, {"start": "00:14:59", "end": "00:15:02", "text": "doing that every four years. So, plan"}, {"start": "00:15:02", "end": "00:15:03", "text": "your positions accordingly. And if you"}, {"start": "00:15:03", "end": "00:15:05", "text": "want to see exactly how Bitcoin"}, {"start": "00:15:05", "end": "00:15:07", "text": "correlates to stable coin growth and"}, {"start": "00:15:07", "end": "00:15:09", "text": "global liquidity cycles, then you"}, {"start": "00:15:09", "end": "00:15:10", "text": "probably want to watch this video right"}, {"start": "00:15:10", "end": "00:15:14", "text": "here. And I'll see you over there."}]

[{"start": "00:00:00", "end": "00:00:02", "text": "The entire financial system is being"}, {"start": "00:00:02", "end": "00:00:04", "text": "rebuilt right in front of our eyes. And"}, {"start": "00:00:04", "end": "00:00:07", "text": "99% of people have no idea it's even"}, {"start": "00:00:07", "end": "00:00:08", "text": "happening. Now, while the US government"}, {"start": "00:00:08", "end": "00:00:11", "text": "hemorrhages one trillion in debt every"}, {"start": "00:00:11", "end": "00:00:13", "text": "100 days, literally, it's melting your"}, {"start": "00:00:13", "end": "00:00:15", "text": "savings like an ice cube in the sun,"}, {"start": "00:00:15", "end": "00:00:17", "text": "there's a small group of companies that"}, {"start": "00:00:17", "end": "00:00:19", "text": "just discovered something that changes"}, {"start": "00:00:19", "end": "00:00:21", "text": "everything. They're creating infinite"}, {"start": "00:00:21", "end": "00:00:24", "text": "capital using new technology and"}, {"start": "00:00:24", "end": "00:00:26", "text": "integrating it into the old traditional"}, {"start": "00:00:26", "end": "00:00:28", "text": "financial system. And the same"}, {"start": "00:00:28", "end": "00:00:30", "text": "institutions that said this would never"}, {"start": "00:00:30", "end": "00:00:32", "text": "work are now scrambling to get in. I"}, {"start": "00:00:32", "end": "00:00:34", "text": "know because I'm a partner at a leading"}, {"start": "00:00:34", "end": "00:00:36", "text": "venture fund. I'm investing directly"}, {"start": "00:00:36", "end": "00:00:38", "text": "into these companies right now. I'm an"}, {"start": "00:00:38", "end": "00:00:40", "text": "officer of a publicly traded company"}, {"start": "00:00:40", "end": "00:00:42", "text": "using this exact strategy and what I'm"}, {"start": "00:00:42", "end": "00:00:45", "text": "seeing behind closed doors will surprise"}, {"start": "00:00:45", "end": "00:00:46", "text": "you. So, in this video, I want to break"}, {"start": "00:00:46", "end": "00:00:48", "text": "down everything you need to know about"}, {"start": "00:00:48", "end": "00:00:51", "text": "how money is becoming obsolete and why"}, {"start": "00:00:51", "end": "00:00:53", "text": "the next 18 months will determine"}, {"start": "00:00:53", "end": "00:00:55", "text": "whether you're on the winning or the"}, {"start": "00:00:55", "end": "00:00:56", "text": "losing side of the greatest wealth"}, {"start": "00:00:56", "end": "00:01:00", "text": "transfer in human history. So, let's go."}, {"start": "00:01:00", "end": "00:01:01", "text": "All right, we're going to jump right in"}, {"start": "00:01:01", "end": "00:01:03", "text": "and we are going to talk about the trap"}, {"start": "00:01:03", "end": "00:01:05", "text": "that we are in. Of course, I talked"}, {"start": "00:01:05", "end": "00:01:07", "text": "about how we can't afford a recession."}, {"start": "00:01:07", "end": "00:01:09", "text": "And I know the first thing that comes to"}, {"start": "00:01:09", "end": "00:01:12", "text": "your mind is probably but but Mark,"}, {"start": "00:01:12", "end": "00:01:14", "text": "don't you know about the economy? Don't"}, {"start": "00:01:14", "end": "00:01:16", "text": "you see the credit card debt? And don't"}, {"start": "00:01:16", "end": "00:01:18", "text": "you see the delinquencies going? And"}, {"start": "00:01:18", "end": "00:01:20", "text": "don't you Yes. Don't you understand the"}, {"start": "00:01:20", "end": "00:01:22", "text": "economy? Don't you understand? Yes."}, {"start": "00:01:22", "end": "00:01:25", "text": "Unemployment tariffs. Yes. I get it. I"}, {"start": "00:01:25", "end": "00:01:28", "text": "talk about all the time. But what if"}, {"start": "00:01:28", "end": "00:01:30", "text": "what if there's bad news is good news."}, {"start": "00:01:30", "end": "00:01:33", "text": "What if there's a a a cycle that we're"}, {"start": "00:01:33", "end": "00:01:35", "text": "in right now where the cycles are gone?"}, {"start": "00:01:35", "end": "00:01:37", "text": "What am I talking about? Well, let's"}, {"start": "00:01:37", "end": "00:01:38", "text": "take a look at some charts here. I'm"}, {"start": "00:01:38", "end": "00:01:40", "text": "going to be using some data from Michael"}, {"start": "00:01:40", "end": "00:01:42", "text": "How. I think he's the goat when it comes"}, {"start": "00:01:42", "end": "00:01:44", "text": "to global liquidity. I reference his"}, {"start": "00:01:44", "end": "00:01:46", "text": "work all the time, Capital Wars. You"}, {"start": "00:01:46", "end": "00:01:47", "text": "might want to check him out. Of course,"}, {"start": "00:01:47", "end": "00:01:48", "text": "I'm going to bring in a bunch of other"}, {"start": "00:01:48", "end": "00:01:49", "text": "stuff so I can show you what we're"}, {"start": "00:01:49", "end": "00:01:51", "text": "talking about here. But what we're"}, {"start": "00:01:51", "end": "00:01:52", "text": "looking at right here is the world"}, {"start": "00:01:52", "end": "00:01:56", "text": "business cycle going from 1998 all the"}, {"start": "00:01:56", "end": "00:01:58", "text": "way to 2025. And of course, you can see"}, {"start": "00:01:58", "end": "00:02:00", "text": "it's volatile, right? We go through"}, {"start": "00:02:00", "end": "00:02:01", "text": "these cycles. We go through these"}, {"start": "00:02:01", "end": "00:02:03", "text": "periods. Now, what he's done here is"}, {"start": "00:02:03", "end": "00:02:05", "text": "pretty ingenious. He's got the black"}, {"start": "00:02:05", "end": "00:02:07", "text": "lines, which is like an AI projected"}, {"start": "00:02:07", "end": "00:02:09", "text": "model that he has. The orange line is"}, {"start": "00:02:09", "end": "00:02:12", "text": "the actual world business cycle and the"}, {"start": "00:02:12", "end": "00:02:15", "text": "dotted line is the JPM and the S&P world"}, {"start": "00:02:15", "end": "00:02:16", "text": "PMI. All right, so these are the"}, {"start": "00:02:16", "end": "00:02:18", "text": "business cycles that we're looking at."}, {"start": "00:02:18", "end": "00:02:20", "text": "And the part that I want to draw our"}, {"start": "00:02:20", "end": "00:02:22", "text": "attention to is we had this COVID crash"}, {"start": "00:02:22", "end": "00:02:25", "text": "here. We had the sugar rush stimulus"}, {"start": "00:02:25", "end": "00:02:27", "text": "where tens of trillions of dollars were"}, {"start": "00:02:27", "end": "00:02:29", "text": "pumped into the system which shot that"}, {"start": "00:02:29", "end": "00:02:32", "text": "way higher. And since then we've"}, {"start": "00:02:32", "end": "00:02:36", "text": "basically had almost no volatility. The"}, {"start": "00:02:36", "end": "00:02:39", "text": "cycles have been gone. for over five"}, {"start": "00:02:39", "end": "00:02:41", "text": "years now. Now, typically we see this"}, {"start": "00:02:41", "end": "00:02:44", "text": "happening quite often. We've now gone"}, {"start": "00:02:44", "end": "00:02:47", "text": "from this cycles of business going up"}, {"start": "00:02:47", "end": "00:02:51", "text": "and down to an R ro, which is basically"}, {"start": "00:02:51", "end": "00:02:53", "text": "risk on or risk off, right? You hear"}, {"start": "00:02:53", "end": "00:02:56", "text": "about risk on assets, riskoff assets."}, {"start": "00:02:56", "end": "00:02:57", "text": "So, um that's what we're talking about."}, {"start": "00:02:57", "end": "00:02:59", "text": "And we're in these cycles where we're"}, {"start": "00:02:59", "end": "00:03:01", "text": "either in risk on, risk off. Now, in the"}, {"start": "00:03:01", "end": "00:03:04", "text": "textbook, when you're a Warren Buffett,"}, {"start": "00:03:04", "end": "00:03:06", "text": "you're a Benjamin Graham disciple, the"}, {"start": "00:03:06", "end": "00:03:08", "text": "textbook tells you that stocks are"}, {"start": "00:03:08", "end": "00:03:10", "text": "backed by earnings, which is why back to"}, {"start": "00:03:10", "end": "00:03:12", "text": "the economy, most people keep thinking"}, {"start": "00:03:12", "end": "00:03:15", "text": "about the economy. But, but but the"}, {"start": "00:03:15", "end": "00:03:17", "text": "economy, right, if they're backed by"}, {"start": "00:03:17", "end": "00:03:19", "text": "earnings and the economy crashes and the"}, {"start": "00:03:19", "end": "00:03:19", "text": "companies don't have as good of"}, {"start": "00:03:19", "end": "00:03:21", "text": "earnings, then the stock market has to"}, {"start": "00:03:21", "end": "00:03:23", "text": "crash, right? Well, what I would say is"}, {"start": "00:03:23", "end": "00:03:25", "text": "just go back to 2020 and just look at"}, {"start": "00:03:25", "end": "00:03:27", "text": "when the entire global economy"}, {"start": "00:03:27", "end": "00:03:30", "text": "businesses literally got shut down."}, {"start": "00:03:30", "end": "00:03:31", "text": "Asset prices made new all-time highs."}, {"start": "00:03:31", "end": "00:03:34", "text": "And so in this ro cycle that we're in"}, {"start": "00:03:34", "end": "00:03:38", "text": "now, assets, asset markets are dominated"}, {"start": "00:03:38", "end": "00:03:42", "text": "by not the underlying economy, not the"}, {"start": "00:03:42", "end": "00:03:44", "text": "earnings, but they're dominated by the"}, {"start": "00:03:44", "end": "00:03:47", "text": "global liquidity. All right, let's take"}, {"start": "00:03:47", "end": "00:03:48", "text": "a look at the setup behind the scenes"}, {"start": "00:03:48", "end": "00:03:50", "text": "that kind of explain what Michael How's"}, {"start": "00:03:50", "end": "00:03:52", "text": "talking about here. So, we have this $"}, {"start": "00:03:52", "end": "00:03:56", "text": "37 trillion dilemma, $ 37 trillion"}, {"start": "00:03:56", "end": "00:03:58", "text": "prison. Uh, the United States government"}, {"start": "00:03:58", "end": "00:04:03", "text": "is in $37 trillion of debt. Now, this is"}, {"start": "00:04:03", "end": "00:04:04", "text": "not just the United States in this"}, {"start": "00:04:04", "end": "00:04:09", "text": "predicament. China, Japan, the ECB,"}, {"start": "00:04:09", "end": "00:04:11", "text": "everyone's in the same problem. We're"}, {"start": "00:04:11", "end": "00:04:13", "text": "all looking at incred incredible amounts"}, {"start": "00:04:13", "end": "00:04:16", "text": "of debt. And so, we have 37 trillions of"}, {"start": "00:04:16", "end": "00:04:18", "text": "debt in the United States. And I put a"}, {"start": "00:04:18", "end": "00:04:20", "text": "couple lines here so you could see this."}, {"start": "00:04:20", "end": "00:04:22", "text": "So, what I want you to see here is"}, {"start": "00:04:22", "end": "00:04:25", "text": "looking at this debt chart, we can see"}, {"start": "00:04:25", "end": "00:04:26", "text": "this red line, which is this trend line,"}, {"start": "00:04:26", "end": "00:04:29", "text": "and you can see how it was going up, but"}, {"start": "00:04:29", "end": "00:04:30", "text": "we would end up right here. But what you"}, {"start": "00:04:30", "end": "00:04:33", "text": "can see is it got steeper here, and then"}, {"start": "00:04:33", "end": "00:04:36", "text": "we got onto a steeper trajectory here,"}, {"start": "00:04:36", "end": "00:04:37", "text": "and then we got onto a steeper"}, {"start": "00:04:37", "end": "00:04:39", "text": "trajectory here, and now we got onto a"}, {"start": "00:04:39", "end": "00:04:41", "text": "steeper trajectory. How much steeper can"}, {"start": "00:04:41", "end": "00:04:44", "text": "we get? Can we get going straight"}, {"start": "00:04:44", "end": "00:04:46", "text": "vertical? Because that's what's coming"}, {"start": "00:04:46", "end": "00:04:48", "text": "next. You can see that. Now, to kind of"}, {"start": "00:04:48", "end": "00:04:50", "text": "put this into some numbers so you can"}, {"start": "00:04:50", "end": "00:04:52", "text": "understand just how quick I should say"}, {"start": "00:04:52", "end": "00:04:55", "text": "how eyepopping this is happening is"}, {"start": "00:04:55", "end": "00:04:58", "text": "we're basically adding $1 trillion"}, {"start": "00:04:58", "end": "00:05:01", "text": "to the national debt every hundred days."}, {"start": "00:05:01", "end": "00:05:03", "text": "Now, what this shows right here is it"}, {"start": "00:05:03", "end": "00:05:05", "text": "shows how that's changed over time. So,"}, {"start": "00:05:05", "end": "00:05:08", "text": "in the 2000s, we were adding a trillion"}, {"start": "00:05:08", "end": "00:05:11", "text": "dollars of debt every 700 days on"}, {"start": "00:05:11", "end": "00:05:13", "text": "average every couple of years. In the"}, {"start": "00:05:13", "end": "00:05:16", "text": "2010s, we went to $1 trillion of debt"}, {"start": "00:05:16", "end": "00:05:20", "text": "every 331 days, so about every one year."}, {"start": "00:05:20", "end": "00:05:23", "text": "And now in the 2020s, we got to a"}, {"start": "00:05:23", "end": "00:05:26", "text": "trillion dollars every 150 days. And now"}, {"start": "00:05:26", "end": "00:05:29", "text": "we're down to a trillion dollars every"}, {"start": "00:05:29", "end": "00:05:31", "text": "100 days. You start to see the"}, {"start": "00:05:31", "end": "00:05:33", "text": "difference in the time frames and how"}, {"start": "00:05:33", "end": "00:05:35", "text": "fast this is going up. Now, why does"}, {"start": "00:05:35", "end": "00:05:38", "text": "that matter? Well, it matters for a lot"}, {"start": "00:05:38", "end": "00:05:41", "text": "of reasons. Uh, one of which is that the"}, {"start": "00:05:41", "end": "00:05:43", "text": "debt has to be paid. you got to make the"}, {"start": "00:05:43", "end": "00:05:45", "text": "payments on the debt. So, there's a"}, {"start": "00:05:45", "end": "00:05:47", "text": "problem. Obviously, as the debt gets"}, {"start": "00:05:47", "end": "00:05:50", "text": "higher, the payments go up, but we also"}, {"start": "00:05:50", "end": "00:05:52", "text": "have the interest rate that we have to"}, {"start": "00:05:52", "end": "00:05:53", "text": "pay on the debt. So, those are two"}, {"start": "00:05:53", "end": "00:05:55", "text": "things. Can we bring the debt down or"}, {"start": "00:05:55", "end": "00:05:57", "text": "can we bring the interest rates down?"}, {"start": "00:05:57", "end": "00:05:58", "text": "Now, you know why Donald Trump is"}, {"start": "00:05:58", "end": "00:06:00", "text": "pounding on Jerome Powell at the Fed to"}, {"start": "00:06:00", "end": "00:06:02", "text": "lower rates. We got to make this cheaper"}, {"start": "00:06:02", "end": "00:06:04", "text": "because we can't afford it. As a matter"}, {"start": "00:06:04", "end": "00:06:07", "text": "of fact, what this shows is the payments"}, {"start": "00:06:07", "end": "00:06:08", "text": "on the debt. And you can see, of course,"}, {"start": "00:06:08", "end": "00:06:11", "text": "as the debt goes up, the payments go up."}, {"start": "00:06:11", "end": "00:06:13", "text": "And right now, here we are in 2025. The"}, {"start": "00:06:13", "end": "00:06:17", "text": "payments are over $1.1 trillion dollar"}, {"start": "00:06:17", "end": "00:06:20", "text": "per year just on the payments of this."}, {"start": "00:06:20", "end": "00:06:20", "text": "All right. Now, there's a couple things"}, {"start": "00:06:20", "end": "00:06:22", "text": "that I want to draw your attention to"}, {"start": "00:06:22", "end": "00:06:25", "text": "that matter. First of all, the CBO, the"}, {"start": "00:06:25", "end": "00:06:27", "text": "Congressional Budget Office, the ones"}, {"start": "00:06:27", "end": "00:06:29", "text": "that set the the budget, the forecast"}, {"start": "00:06:29", "end": "00:06:31", "text": "for the government, they project out for"}, {"start": "00:06:31", "end": "00:06:32", "text": "the next 30 years what we would expect"}, {"start": "00:06:32", "end": "00:06:35", "text": "debt to be, deficit spending to be, debt"}, {"start": "00:06:35", "end": "00:06:37", "text": "to GDP, all of these things. And what"}, {"start": "00:06:37", "end": "00:06:39", "text": "they said is that looking at the"}, {"start": "00:06:39", "end": "00:06:41", "text": "long-term budget, this was released in"}, {"start": "00:06:41", "end": "00:06:43", "text": "March of 2025. Looking at the long-term"}, {"start": "00:06:43", "end": "00:06:45", "text": "budget outlook, it says the federal"}, {"start": "00:06:45", "end": "00:06:48", "text": "budget is on a quote unquote"}, {"start": "00:06:48", "end": "00:06:51", "text": "unsustainable path. Unsustainable path"}, {"start": "00:06:51", "end": "00:06:54", "text": "meaning it can't go on. Why? Couple"}, {"start": "00:06:54", "end": "00:06:55", "text": "things. One, they're projecting that"}, {"start": "00:06:55", "end": "00:06:58", "text": "debt will surge past record levels. So"}, {"start": "00:06:58", "end": "00:06:59", "text": "there's no end in sight. This is only"}, {"start": "00:06:59", "end": "00:07:01", "text": "going to surge to levels we haven't seen"}, {"start": "00:07:01", "end": "00:07:03", "text": "before. Number two, deficits will rise"}, {"start": "00:07:03", "end": "00:07:06", "text": "even higher. So the amount of money, the"}, {"start": "00:07:06", "end": "00:07:08", "text": "difference in the spending versus income"}, {"start": "00:07:08", "end": "00:07:10", "text": "coming in is going to continue to get"}, {"start": "00:07:10", "end": "00:07:12", "text": "wider. The revenue is not going to go up"}, {"start": "00:07:12", "end": "00:07:15", "text": "as fast as the spending will go up."}, {"start": "00:07:15", "end": "00:07:17", "text": "Three, spending will continue to outpace"}, {"start": "00:07:17", "end": "00:07:18", "text": "revenue, which of course is why the"}, {"start": "00:07:18", "end": "00:07:21", "text": "deficits go up. Interest costs will"}, {"start": "00:07:21", "end": "00:07:23", "text": "explode. Of course, they're going to"}, {"start": "00:07:23", "end": "00:07:24", "text": "explode because as the debt goes up,"}, {"start": "00:07:24", "end": "00:07:26", "text": "there's more interest. And with rates"}, {"start": "00:07:26", "end": "00:07:27", "text": "being high, it makes it even worse. And"}, {"start": "00:07:27", "end": "00:07:30", "text": "then social security, sorry to break it"}, {"start": "00:07:30", "end": "00:07:32", "text": "to you, uh is is only eight years away"}, {"start": "00:07:32", "end": "00:07:35", "text": "from insolveny. Meaning if you're"}, {"start": "00:07:35", "end": "00:07:36", "text": "counting on social security for your"}, {"start": "00:07:36", "end": "00:07:38", "text": "retirement, it's probably not going to"}, {"start": "00:07:38", "end": "00:07:40", "text": "work out too well for you. So this is"}, {"start": "00:07:40", "end": "00:07:41", "text": "the rate that we're on. This is the"}, {"start": "00:07:41", "end": "00:07:43", "text": "government's own office breaking that"}, {"start": "00:07:43", "end": "00:07:45", "text": "down for you. And I want to show you one"}, {"start": "00:07:45", "end": "00:07:47", "text": "more thing. This is why we can't afford"}, {"start": "00:07:47", "end": "00:07:50", "text": "a recession. Well, one of many reasons."}, {"start": "00:07:50", "end": "00:07:53", "text": "This is showing you the amount of tax"}, {"start": "00:07:53", "end": "00:07:56", "text": "receipts that the government brings in."}, {"start": "00:07:56", "end": "00:07:58", "text": "So the problem is that the debt keeps"}, {"start": "00:07:58", "end": "00:08:00", "text": "growing. The problem is that we keep"}, {"start": "00:08:00", "end": "00:08:02", "text": "spending more than we're bringing in."}, {"start": "00:08:02", "end": "00:08:03", "text": "The problem is that that is going to"}, {"start": "00:08:03", "end": "00:08:05", "text": "continue to widen. But what happens if"}, {"start": "00:08:05", "end": "00:08:07", "text": "the amount we're bringing in actually"}, {"start": "00:08:07", "end": "00:08:09", "text": "collapses? How much worse does it make"}, {"start": "00:08:09", "end": "00:08:11", "text": "the unsustainable path that we're on?"}, {"start": "00:08:11", "end": "00:08:13", "text": "Well, let's take a look. So what we can"}, {"start": "00:08:13", "end": "00:08:14", "text": "see, these gray bars are recession"}, {"start": "00:08:14", "end": "00:08:16", "text": "lines. And you can see in a time of"}, {"start": "00:08:16", "end": "00:08:20", "text": "recession, the tax receipts plunge. Of"}, {"start": "00:08:20", "end": "00:08:22", "text": "course, if you don't make as much money,"}, {"start": "00:08:22", "end": "00:08:23", "text": "you don't pay as much taxes. If your"}, {"start": "00:08:23", "end": "00:08:24", "text": "business doesn't make as much money, you"}, {"start": "00:08:24", "end": "00:08:26", "text": "don't pay as much taxes. If your"}, {"start": "00:08:26", "end": "00:08:27", "text": "investments don't go up, you don't pay"}, {"start": "00:08:27", "end": "00:08:29", "text": "capital gains taxes. We can see the next"}, {"start": "00:08:29", "end": "00:08:32", "text": "recession, interest rate or tax receipts"}, {"start": "00:08:32", "end": "00:08:34", "text": "plunged. This one, it happened so"}, {"start": "00:08:34", "end": "00:08:36", "text": "quickly. It plunged, but it happened so"}, {"start": "00:08:36", "end": "00:08:38", "text": "quickly. So, what happens in another"}, {"start": "00:08:38", "end": "00:08:40", "text": "recession? Well, typically we could see"}, {"start": "00:08:40", "end": "00:08:44", "text": "tax receipts plunge 15 to 20%. We're"}, {"start": "00:08:44", "end": "00:08:47", "text": "talking trillions of dollars more in a"}, {"start": "00:08:47", "end": "00:08:50", "text": "time that we can't afford that. Okay,"}, {"start": "00:08:50", "end": "00:08:52", "text": "let's go back behind the scenes a little"}, {"start": "00:08:52", "end": "00:08:53", "text": "bit so you can kind of see what's"}, {"start": "00:08:53", "end": "00:08:55", "text": "already happening that they're not"}, {"start": "00:08:55", "end": "00:08:58", "text": "really telling you about. So, while"}, {"start": "00:08:58", "end": "00:08:59", "text": "you're waiting, while most people have"}, {"start": "00:08:59", "end": "00:09:01", "text": "been waiting for the the the recession"}, {"start": "00:09:01", "end": "00:09:03", "text": "to happen, the tightening is happening."}, {"start": "00:09:03", "end": "00:09:04", "text": "Don't you know that the Fed is not"}, {"start": "00:09:04", "end": "00:09:06", "text": "loosening rates? You know, Trump is"}, {"start": "00:09:06", "end": "00:09:07", "text": "trying to get him to, but he's not doing"}, {"start": "00:09:07", "end": "00:09:10", "text": "that. Well, behind the scenes, it's not"}, {"start": "00:09:10", "end": "00:09:12", "text": "tightening. Behind the scenes, it's"}, {"start": "00:09:12", "end": "00:09:13", "text": "actually exploding higher. So, this is"}, {"start": "00:09:13", "end": "00:09:15", "text": "again another chart we're looking at"}, {"start": "00:09:15", "end": "00:09:17", "text": "from Michael How, and this is global"}, {"start": "00:09:17", "end": "00:09:19", "text": "liquidity. This is not the United"}, {"start": "00:09:19", "end": "00:09:21", "text": "States. It's global. Why does this"}, {"start": "00:09:21", "end": "00:09:22", "text": "matter? See, most people are looking at"}, {"start": "00:09:22", "end": "00:09:25", "text": "US debt or US M2 uh things like that. We"}, {"start": "00:09:25", "end": "00:09:27", "text": "want to look at it globally. The reason"}, {"start": "00:09:27", "end": "00:09:29", "text": "why is because money moves globally,"}, {"start": "00:09:29", "end": "00:09:30", "text": "especially when we're talking about"}, {"start": "00:09:30", "end": "00:09:32", "text": "commodities. We're talking about gold,"}, {"start": "00:09:32", "end": "00:09:34", "text": "we're talking about Bitcoin, we're"}, {"start": "00:09:34", "end": "00:09:35", "text": "talking about uranium, we're talking"}, {"start": "00:09:35", "end": "00:09:37", "text": "about wheat, we're talking about oil. So"}, {"start": "00:09:37", "end": "00:09:39", "text": "these are global commodities and also"}, {"start": "00:09:39", "end": "00:09:41", "text": "money moves around the world. So when"}, {"start": "00:09:41", "end": "00:09:43", "text": "China unleashes the money printers, a"}, {"start": "00:09:43", "end": "00:09:45", "text": "lot of that money comes and buys US real"}, {"start": "00:09:45", "end": "00:09:47", "text": "estate, US stocks, US businesses, etc."}, {"start": "00:09:47", "end": "00:09:51", "text": "And what we can see is this is a weekly"}, {"start": "00:09:51", "end": "00:09:52", "text": "global liquidity chart. And so this is"}, {"start": "00:09:52", "end": "00:09:54", "text": "where it bottomed in 2022. If you've"}, {"start": "00:09:54", "end": "00:09:56", "text": "been watching my channel for any period"}, {"start": "00:09:56", "end": "00:09:57", "text": "of time, you know that I've referenced"}, {"start": "00:09:57", "end": "00:09:59", "text": "this date because I started making"}, {"start": "00:09:59", "end": "00:10:01", "text": "videos here, here, here, here telling"}, {"start": "00:10:01", "end": "00:10:03", "text": "you there was no market crash coming."}, {"start": "00:10:03", "end": "00:10:04", "text": "And the reason why is because global"}, {"start": "00:10:04", "end": "00:10:06", "text": "liquidity was taking off. And we can see"}, {"start": "00:10:06", "end": "00:10:08", "text": "that we're still making new all-time"}, {"start": "00:10:08", "end": "00:10:11", "text": "highs. So, while certainly Trump wants"}, {"start": "00:10:11", "end": "00:10:13", "text": "Pal to lower rates to get the liquidity"}, {"start": "00:10:13", "end": "00:10:15", "text": "going in the United States, it's going"}, {"start": "00:10:15", "end": "00:10:18", "text": "at record speeds right now globally. All"}, {"start": "00:10:18", "end": "00:10:21", "text": "right, the daily market liquidity index"}, {"start": "00:10:21", "end": "00:10:23", "text": "is also at an all-time high and they"}, {"start": "00:10:23", "end": "00:10:25", "text": "can't stop flooding the system. Here's"}, {"start": "00:10:25", "end": "00:10:27", "text": "another chart. This is from my friend"}, {"start": "00:10:27", "end": "00:10:29", "text": "Nick Body over at the Bitcoin layer. And"}, {"start": "00:10:29", "end": "00:10:30", "text": "again, you can see the same thing back"}, {"start": "00:10:30", "end": "00:10:33", "text": "to October 2022 and look at these levels"}, {"start": "00:10:33", "end": "00:10:35", "text": "that we have. There's more money"}, {"start": "00:10:35", "end": "00:10:37", "text": "slloshing around the system at a faster"}, {"start": "00:10:37", "end": "00:10:39", "text": "and faster pace than we've ever seen."}, {"start": "00:10:39", "end": "00:10:40", "text": "They can't stop flooding the system."}, {"start": "00:10:40", "end": "00:10:44", "text": "Why? Because they can't stop spending"}, {"start": "00:10:44", "end": "00:10:47", "text": "money. And we can't afford a recession."}, {"start": "00:10:47", "end": "00:10:48", "text": "And when I say they can't afford a"}, {"start": "00:10:48", "end": "00:10:50", "text": "recession, let me let me let me explain"}, {"start": "00:10:50", "end": "00:10:51", "text": "that to you a little bit better. You"}, {"start": "00:10:51", "end": "00:10:53", "text": "see, let's think about this for a"}, {"start": "00:10:53", "end": "00:10:55", "text": "minute. When the government is spending"}, {"start": "00:10:55", "end": "00:10:57", "text": "$2 trillion more per year than they're"}, {"start": "00:10:57", "end": "00:10:59", "text": "bringing in, when they're pumping money"}, {"start": "00:10:59", "end": "00:11:02", "text": "in the system to keep it up, then the"}, {"start": "00:11:02", "end": "00:11:04", "text": "only way we let the system fall is if"}, {"start": "00:11:04", "end": "00:11:06", "text": "they stop spending more money and they"}, {"start": "00:11:06", "end": "00:11:08", "text": "stop pumping it up. So then it would"}, {"start": "00:11:08", "end": "00:11:10", "text": "almost seem like any chance of us having"}, {"start": "00:11:10", "end": "00:11:14", "text": "a recession is by policy decision. Like"}, {"start": "00:11:14", "end": "00:11:15", "text": "they're going to get together, they, you"}, {"start": "00:11:15", "end": "00:11:17", "text": "know, the government, Trump, the Trump"}, {"start": "00:11:17", "end": "00:11:18", "text": "administration, the Federal Reserve,"}, {"start": "00:11:18", "end": "00:11:19", "text": "etc. They're going to get together and"}, {"start": "00:11:19", "end": "00:11:21", "text": "say, \"Ah, we've had a good run, boys."}, {"start": "00:11:21", "end": "00:11:23", "text": "Pack it up. Let the system crash. You"}, {"start": "00:11:23", "end": "00:11:25", "text": "see, it's a policy decision right now to"}, {"start": "00:11:25", "end": "00:11:28", "text": "continue to inject $2 trillion in the"}, {"start": "00:11:28", "end": "00:11:30", "text": "system. And why would they decide to"}, {"start": "00:11:30", "end": "00:11:32", "text": "remove the punch bowl? What policy"}, {"start": "00:11:32", "end": "00:11:34", "text": "choice? Who's going to make that policy"}, {"start": "00:11:34", "end": "00:11:36", "text": "choice? Okay, let's look a little bit"}, {"start": "00:11:36", "end": "00:11:38", "text": "deeper. Let's see the secret pattern"}, {"start": "00:11:38", "end": "00:11:40", "text": "that most people are completely missing."}, {"start": "00:11:40", "end": "00:11:42", "text": "So, we have different types of data. We"}, {"start": "00:11:42", "end": "00:11:44", "text": "have soft data and that's sentiment. So,"}, {"start": "00:11:44", "end": "00:11:46", "text": "there's lots of polls that go on and we"}, {"start": "00:11:46", "end": "00:11:47", "text": "gauge how businesses feel about the"}, {"start": "00:11:47", "end": "00:11:49", "text": "economy and how consumers feel about the"}, {"start": "00:11:49", "end": "00:11:51", "text": "economy. Then, we have hard data. Then,"}, {"start": "00:11:51", "end": "00:11:52", "text": "we have the economic indicators. We have"}, {"start": "00:11:52", "end": "00:11:54", "text": "the employment data, right? We have"}, {"start": "00:11:54", "end": "00:11:55", "text": "spending patterns, things like that. And"}, {"start": "00:11:55", "end": "00:11:57", "text": "what we want to do is we want to look at"}, {"start": "00:11:57", "end": "00:11:59", "text": "the difference of the hard data and the"}, {"start": "00:11:59", "end": "00:12:01", "text": "soft data. So, we want to look at the"}, {"start": "00:12:01", "end": "00:12:03", "text": "business sentiment and we want to see"}, {"start": "00:12:03", "end": "00:12:04", "text": "how that's going to affect things. You"}, {"start": "00:12:04", "end": "00:12:06", "text": "see, when the business sentiment, when"}, {"start": "00:12:06", "end": "00:12:08", "text": "the business cycle is lagging, when it's"}, {"start": "00:12:08", "end": "00:12:11", "text": "stuck in sort of like a holding pattern,"}, {"start": "00:12:11", "end": "00:12:12", "text": "what's going to happen? Well, the"}, {"start": "00:12:12", "end": "00:12:15", "text": "government wants to increase that. They"}, {"start": "00:12:15", "end": "00:12:17", "text": "want to stimulate that. And so, they try"}, {"start": "00:12:17", "end": "00:12:19", "text": "to do things like making money cheaper"}, {"start": "00:12:19", "end": "00:12:21", "text": "by putting more money in. and it gets"}, {"start": "00:12:21", "end": "00:12:23", "text": "the central banks to ease to get that"}, {"start": "00:12:23", "end": "00:12:25", "text": "sentiment to get the consumer spending"}, {"start": "00:12:25", "end": "00:12:27", "text": "back up. Now, this chart right here sort"}, {"start": "00:12:27", "end": "00:12:28", "text": "of predicts it, as a matter of fact,"}, {"start": "00:12:28", "end": "00:12:30", "text": "it's been predicting it for over 30"}, {"start": "00:12:30", "end": "00:12:32", "text": "years. Now, what Michael How has done,"}, {"start": "00:12:32", "end": "00:12:35", "text": "he's a genius here, is he's offset the"}, {"start": "00:12:35", "end": "00:12:38", "text": "hard and soft data by 6 months. So, we"}, {"start": "00:12:38", "end": "00:12:40", "text": "have in the black line the world central"}, {"start": "00:12:40", "end": "00:12:42", "text": "bank liquidity and then the orange line"}, {"start": "00:12:42", "end": "00:12:44", "text": "is the hard minus the soft data. And"}, {"start": "00:12:44", "end": "00:12:46", "text": "again, that's set back by six months"}, {"start": "00:12:46", "end": "00:12:48", "text": "because there's a lag. It's not like a"}, {"start": "00:12:48", "end": "00:12:49", "text": "they turn the spigot on and everything"}, {"start": "00:12:49", "end": "00:12:52", "text": "starts taking off. And you can see how"}, {"start": "00:12:52", "end": "00:12:55", "text": "closely this all comes together. Now,"}, {"start": "00:12:55", "end": "00:12:57", "text": "again, there's a six-month lag. So, what"}, {"start": "00:12:57", "end": "00:12:58", "text": "do you think is probably going to happen"}, {"start": "00:12:58", "end": "00:13:00", "text": "for the next six months? Well, it's"}, {"start": "00:13:00", "end": "00:13:02", "text": "going to continue following the"}, {"start": "00:13:02", "end": "00:13:03", "text": "liquidity, and the market cycle will"}, {"start": "00:13:03", "end": "00:13:06", "text": "continue going up. It's predicted every"}, {"start": "00:13:06", "end": "00:13:08", "text": "single boom bust for the next 30 years."}, {"start": "00:13:08", "end": "00:13:11", "text": "Okay? And there's another thing. This is"}, {"start": "00:13:11", "end": "00:13:13", "text": "what's underneath all of the surface."}, {"start": "00:13:13", "end": "00:13:14", "text": "You've heard me talk about this quite"}, {"start": "00:13:14", "end": "00:13:16", "text": "often. It's the volatility trap. And one"}, {"start": "00:13:16", "end": "00:13:18", "text": "thing we want to look at is the"}, {"start": "00:13:18", "end": "00:13:20", "text": "government needs to spend more money"}, {"start": "00:13:20", "end": "00:13:22", "text": "they take in. In order to do that, they"}, {"start": "00:13:22", "end": "00:13:23", "text": "have to get more debt. In order to get"}, {"start": "00:13:23", "end": "00:13:25", "text": "more debt, they have to sell the"}, {"start": "00:13:25", "end": "00:13:26", "text": "treasuries. That's what Scott Basin's"}, {"start": "00:13:26", "end": "00:13:28", "text": "job is, to sell the treasuries. The"}, {"start": "00:13:28", "end": "00:13:30", "text": "problem is is he can't have the"}, {"start": "00:13:30", "end": "00:13:32", "text": "volatility move up too high or people"}, {"start": "00:13:32", "end": "00:13:34", "text": "don't want to buy the treasuries. And"}, {"start": "00:13:34", "end": "00:13:36", "text": "so, we want to keep an eye on the move"}, {"start": "00:13:36", "end": "00:13:38", "text": "index. The move index charts the"}, {"start": "00:13:38", "end": "00:13:40", "text": "volatility in that in the bond market."}, {"start": "00:13:40", "end": "00:13:42", "text": "And we can see right now that we are"}, {"start": "00:13:42", "end": "00:13:45", "text": "sitting at a 2year low of this market."}, {"start": "00:13:45", "end": "00:13:48", "text": "again going back to 2022"}, {"start": "00:13:48", "end": "00:13:51", "text": "when they started inject injecting lots"}, {"start": "00:13:51", "end": "00:13:52", "text": "more liquidity into the system. So what"}, {"start": "00:13:52", "end": "00:13:54", "text": "happened here? Well, we injected a bunch"}, {"start": "00:13:54", "end": "00:13:56", "text": "of liquidity. What do you think happens"}, {"start": "00:13:56", "end": "00:13:59", "text": "right here? Even more liquidity. We have"}, {"start": "00:13:59", "end": "00:14:01", "text": "to get that down. We're setting up"}, {"start": "00:14:01", "end": "00:14:02", "text": "perfectly for that liquidity to come in."}, {"start": "00:14:02", "end": "00:14:04", "text": "Another thing that we can see perfectly"}, {"start": "00:14:04", "end": "00:14:05", "text": "for the liquidity to start coming back"}, {"start": "00:14:05", "end": "00:14:08", "text": "into the system is the RRP, the reverse"}, {"start": "00:14:08", "end": "00:14:10", "text": "repo window. Now, we see that this"}, {"start": "00:14:10", "end": "00:14:13", "text": "started cranking up when 2021, right"}, {"start": "00:14:13", "end": "00:14:15", "text": "before 2022, when the Fed had to start"}, {"start": "00:14:15", "end": "00:14:18", "text": "injecting that money to keep the banking"}, {"start": "00:14:18", "end": "00:14:20", "text": "system from collapsing overnight. So, we"}, {"start": "00:14:20", "end": "00:14:23", "text": "can see that dwindled from 2.5 trillion"}, {"start": "00:14:23", "end": "00:14:26", "text": "down to 57 billion today. Now, where"}, {"start": "00:14:26", "end": "00:14:28", "text": "does that go? Well, that money channels"}, {"start": "00:14:28", "end": "00:14:31", "text": "back into money market accounts. It goes"}, {"start": "00:14:31", "end": "00:14:33", "text": "back into banks. It goes back into"}, {"start": "00:14:33", "end": "00:14:35", "text": "assets that can pay more money. This is"}, {"start": "00:14:35", "end": "00:14:37", "text": "liquidity going right back into the"}, {"start": "00:14:37", "end": "00:14:38", "text": "system."}, {"start": "00:14:38", "end": "00:14:42", "text": "And we can see here more policy choices"}, {"start": "00:14:42", "end": "00:14:43", "text": "that are being made. The US Treasury"}, {"start": "00:14:43", "end": "00:14:46", "text": "keeps notes, bonds, auction sizes steady"}, {"start": "00:14:46", "end": "00:14:49", "text": "and it's increasing its debt buyback. So"}, {"start": "00:14:49", "end": "00:14:51", "text": "if not enough people want to buy the buy"}, {"start": "00:14:51", "end": "00:14:53", "text": "the debt, well, I guess we'll just buy"}, {"start": "00:14:53", "end": "00:14:54", "text": "it on our own. Again, increasing"}, {"start": "00:14:54", "end": "00:14:56", "text": "liquidity into the system. And then"}, {"start": "00:14:56", "end": "00:14:59", "text": "again, more policy choices right here."}, {"start": "00:14:59", "end": "00:15:01", "text": "We can see that they the Fed wants to"}, {"start": "00:15:01", "end": "00:15:05", "text": "change the SLR rules to allow big US"}, {"start": "00:15:05", "end": "00:15:09", "text": "banks to hold more treasuries. So again,"}, {"start": "00:15:09", "end": "00:15:10", "text": "we need more people to buy them. Let's"}, {"start": "00:15:10", "end": "00:15:12", "text": "keep the liquidity low. We'll buy them"}, {"start": "00:15:12", "end": "00:15:13", "text": "back if we have to. As a matter of fact,"}, {"start": "00:15:13", "end": "00:15:15", "text": "why don't we just go change the rules"}, {"start": "00:15:15", "end": "00:15:17", "text": "that allows banks to buy even more. And"}, {"start": "00:15:17", "end": "00:15:19", "text": "enhance supplementary leverage ratio."}, {"start": "00:15:19", "end": "00:15:21", "text": "That's the SLR. And this is just done."}, {"start": "00:15:21", "end": "00:15:24", "text": "This is August 26th of 2025. This is"}, {"start": "00:15:24", "end": "00:15:26", "text": "when this comments have to be done by."}, {"start": "00:15:26", "end": "00:15:28", "text": "They're trying to get this through all"}, {"start": "00:15:28", "end": "00:15:31", "text": "right now. Why? More liquidity. It's all"}, {"start": "00:15:31", "end": "00:15:34", "text": "coming. And it's all because we can't"}, {"start": "00:15:34", "end": "00:15:36", "text": "afford a recession. Now, this is the new"}, {"start": "00:15:36", "end": "00:15:39", "text": "game. Again, if you're Warren Buffett,"}, {"start": "00:15:39", "end": "00:15:40", "text": "Benjamin Graham disciple, I get it."}, {"start": "00:15:40", "end": "00:15:41", "text": "You're still looking at the economy,"}, {"start": "00:15:41", "end": "00:15:43", "text": "waiting for the economy to bring the"}, {"start": "00:15:43", "end": "00:15:44", "text": "markets down. But this is the new game."}, {"start": "00:15:44", "end": "00:15:47", "text": "Forget the business cycle. Instead,"}, {"start": "00:15:47", "end": "00:15:48", "text": "think in terms of liquidity. Think in"}, {"start": "00:15:48", "end": "00:15:50", "text": "terms of risk on and risk off. Think in"}, {"start": "00:15:50", "end": "00:15:52", "text": "terms of liquidity is rising or"}, {"start": "00:15:52", "end": "00:15:54", "text": "liquidity is dropping. That's how we"}, {"start": "00:15:54", "end": "00:15:55", "text": "have to think about it. Only the"}, {"start": "00:15:55", "end": "00:15:57", "text": "liquidity cycle seems to matter right"}, {"start": "00:15:57", "end": "00:15:59", "text": "now. And we're really in this situation,"}, {"start": "00:15:59", "end": "00:16:01", "text": "in this paradox. I've been talking about"}, {"start": "00:16:01", "end": "00:16:05", "text": "good news and bad news. Good news is bad"}, {"start": "00:16:05", "end": "00:16:06", "text": "news and bad news is good news. What"}, {"start": "00:16:06", "end": "00:16:09", "text": "does that mean? Well, things are good"}, {"start": "00:16:09", "end": "00:16:10", "text": "and bad at the same time. What this"}, {"start": "00:16:10", "end": "00:16:13", "text": "means is that if the economy does bad,"}, {"start": "00:16:13", "end": "00:16:16", "text": "then the government and the Fed has to"}, {"start": "00:16:16", "end": "00:16:18", "text": "stimulate markets, which is good for"}, {"start": "00:16:18", "end": "00:16:22", "text": "asset prices. Bad news in the economy,"}, {"start": "00:16:22", "end": "00:16:24", "text": "more unemployment, right? Bad news in"}, {"start": "00:16:24", "end": "00:16:27", "text": "the economy means good news for assets."}, {"start": "00:16:27", "end": "00:16:29", "text": "Good news in the economy means bad news"}, {"start": "00:16:29", "end": "00:16:30", "text": "for assets. You're starting to"}, {"start": "00:16:30", "end": "00:16:32", "text": "understand that now when this is"}, {"start": "00:16:32", "end": "00:16:34", "text": "happening, when we're in this phase,"}, {"start": "00:16:34", "end": "00:16:36", "text": "when we're in this ro, we have to"}, {"start": "00:16:36", "end": "00:16:37", "text": "understand there's a different playbook"}, {"start": "00:16:37", "end": "00:16:40", "text": "that's required. All right. A couple"}, {"start": "00:16:40", "end": "00:16:41", "text": "things I want to show you here. Uh the"}, {"start": "00:16:41", "end": "00:16:43", "text": "Federal Reserve is expecting three"}, {"start": "00:16:43", "end": "00:16:46", "text": "interest rate cuts this year. Again,"}, {"start": "00:16:46", "end": "00:16:48", "text": "more liquidity, right? We can see this"}, {"start": "00:16:48", "end": "00:16:50", "text": "is coming from every angle. We can also"}, {"start": "00:16:50", "end": "00:16:52", "text": "see the sentiment index which I think is"}, {"start": "00:16:52", "end": "00:16:54", "text": "pretty interesting right here. What we"}, {"start": "00:16:54", "end": "00:16:58", "text": "can see the blue is the business index"}, {"start": "00:16:58", "end": "00:17:01", "text": "sentiment index and the red is the"}, {"start": "00:17:01", "end": "00:17:04", "text": "consumer index. And it's interesting to"}, {"start": "00:17:04", "end": "00:17:05", "text": "see the divergence right here. So while"}, {"start": "00:17:05", "end": "00:17:07", "text": "consumers are feeling constrained"}, {"start": "00:17:07", "end": "00:17:09", "text": "they're thinking oh man the economy is"}, {"start": "00:17:09", "end": "00:17:10", "text": "pretty bad. I don't know if I want to"}, {"start": "00:17:10", "end": "00:17:12", "text": "spend money. The business cycles"}, {"start": "00:17:12", "end": "00:17:14", "text": "thinking that things are pretty good"}, {"start": "00:17:14", "end": "00:17:16", "text": "right the the employment is high right"}, {"start": "00:17:16", "end": "00:17:18", "text": "the PMI is high. And so we have this"}, {"start": "00:17:18", "end": "00:17:20", "text": "divergence here and this is what the Fed"}, {"start": "00:17:20", "end": "00:17:21", "text": "is trying to stimulate. They want to get"}, {"start": "00:17:21", "end": "00:17:24", "text": "more out there. So when we're in this,"}, {"start": "00:17:24", "end": "00:17:25", "text": "what's the playbook? We have to"}, {"start": "00:17:25", "end": "00:17:27", "text": "understand that we want to go into"}, {"start": "00:17:27", "end": "00:17:29", "text": "things with an inelastic supply. Those"}, {"start": "00:17:29", "end": "00:17:31", "text": "are the assets that are going to win."}, {"start": "00:17:31", "end": "00:17:33", "text": "We're talking about gold. We're talking"}, {"start": "00:17:33", "end": "00:17:35", "text": "about silver. We're talking about land."}, {"start": "00:17:35", "end": "00:17:36", "text": "We're talking about fine art. We're"}, {"start": "00:17:36", "end": "00:17:38", "text": "talking about Bitcoin, cryptocurrencies,"}, {"start": "00:17:38", "end": "00:17:42", "text": "and things like that. All right. Why"}, {"start": "00:17:42", "end": "00:17:44", "text": "Bitcoin? Of course, if you watch my"}, {"start": "00:17:44", "end": "00:17:45", "text": "channel, you know I talk about it all"}, {"start": "00:17:45", "end": "00:17:46", "text": "the time. And it's because it's the only"}, {"start": "00:17:46", "end": "00:17:50", "text": "asset with a fixed supply. Now, if we"}, {"start": "00:17:50", "end": "00:17:52", "text": "look at some other assets, actually,"}, {"start": "00:17:52", "end": "00:17:54", "text": "I'll have this one up. If we compare"}, {"start": "00:17:54", "end": "00:17:55", "text": "this against some of these other assets"}, {"start": "00:17:55", "end": "00:17:57", "text": "with finite supplies, we have Bitcoin"}, {"start": "00:17:57", "end": "00:18:00", "text": "with a 0% uh zero fixed increase in"}, {"start": "00:18:00", "end": "00:18:01", "text": "supply. There's never going to be more"}, {"start": "00:18:01", "end": "00:18:04", "text": "than 21 million. Absolute scarcity. Yes."}, {"start": "00:18:04", "end": "00:18:06", "text": "Uh versus real estate. Obviously, we can"}, {"start": "00:18:06", "end": "00:18:08", "text": "still build more real estate. Gold, we"}, {"start": "00:18:08", "end": "00:18:10", "text": "get more gold out of the ground. About 1"}, {"start": "00:18:10", "end": "00:18:12", "text": "to 2% of the gold supply increases per"}, {"start": "00:18:12", "end": "00:18:14", "text": "year. But more importantly than that, in"}, {"start": "00:18:14", "end": "00:18:16", "text": "this cycle that we're in, all eyes on"}, {"start": "00:18:16", "end": "00:18:18", "text": "global liquidity, we can see that"}, {"start": "00:18:18", "end": "00:18:21", "text": "Bitcoin maps almost perfectly with"}, {"start": "00:18:21", "end": "00:18:23", "text": "global liquidity. Look at this movement"}, {"start": "00:18:23", "end": "00:18:25", "text": "that we have right here. So in the"}, {"start": "00:18:25", "end": "00:18:27", "text": "green, we have the global M2 liquidity."}, {"start": "00:18:27", "end": "00:18:30", "text": "In the blue, we have the Bitcoin price."}, {"start": "00:18:30", "end": "00:18:32", "text": "And again, they're following perfectly"}, {"start": "00:18:32", "end": "00:18:34", "text": "with a lag. And so when we have global"}, {"start": "00:18:34", "end": "00:18:36", "text": "liquidity shoot up, where do you think"}, {"start": "00:18:36", "end": "00:18:39", "text": "Bitcoin goes next? And so we want to go"}, {"start": "00:18:39", "end": "00:18:41", "text": "with assets that are the most sensitive"}, {"start": "00:18:41", "end": "00:18:43", "text": "to global liquidity when we're in this"}, {"start": "00:18:43", "end": "00:18:47", "text": "type of a cycle. All right. So what are"}, {"start": "00:18:47", "end": "00:18:48", "text": "we going to do with all this? Now that"}, {"start": "00:18:48", "end": "00:18:51", "text": "you understand the picture, now that you"}, {"start": "00:18:51", "end": "00:18:52", "text": "understand that the government's policy"}, {"start": "00:18:52", "end": "00:18:56", "text": "choice is to spend $2 trillion more per"}, {"start": "00:18:56", "end": "00:18:58", "text": "year, their choice is to stimulate the"}, {"start": "00:18:58", "end": "00:19:00", "text": "economy to keep things going. when you"}, {"start": "00:19:00", "end": "00:19:01", "text": "understand that the money is coming,"}, {"start": "00:19:01", "end": "00:19:03", "text": "they've already changed, they're"}, {"start": "00:19:03", "end": "00:19:05", "text": "changing the policies on banks, uh,"}, {"start": "00:19:05", "end": "00:19:07", "text": "buying treasuries and, um, the money"}, {"start": "00:19:07", "end": "00:19:09", "text": "sitting in the RRP, all these things are"}, {"start": "00:19:09", "end": "00:19:10", "text": "being done. And so, while everyone's"}, {"start": "00:19:10", "end": "00:19:14", "text": "waiting for a recession, holding cash,"}, {"start": "00:19:14", "end": "00:19:15", "text": "knowing our cash is being diluted by 10%"}, {"start": "00:19:15", "end": "00:19:18", "text": "a year, we want to position ourselves in"}, {"start": "00:19:18", "end": "00:19:20", "text": "inelastic assets. And the last thing is"}, {"start": "00:19:20", "end": "00:19:22", "text": "we want to understand that there are new"}, {"start": "00:19:22", "end": "00:19:24", "text": "rules to the game. If you're still"}, {"start": "00:19:24", "end": "00:19:26", "text": "reading Benjamin Graham's books on"}, {"start": "00:19:26", "end": "00:19:28", "text": "investing, you're probably not"}, {"start": "00:19:28", "end": "00:19:30", "text": "understanding that we are playing a new"}, {"start": "00:19:30", "end": "00:19:32", "text": "game. In this new game, it's risk on or"}, {"start": "00:19:32", "end": "00:19:33", "text": "risk off. In this new game, it's"}, {"start": "00:19:33", "end": "00:19:35", "text": "liquidity is easing or liquidity is"}, {"start": "00:19:35", "end": "00:19:37", "text": "tightening. If you understand the rules"}, {"start": "00:19:37", "end": "00:19:39", "text": "of that game, you're going to have much"}, {"start": "00:19:39", "end": "00:19:40", "text": "better success. And if you want to"}, {"start": "00:19:40", "end": "00:19:42", "text": "understand what's about to happen in"}, {"start": "00:19:42", "end": "00:19:44", "text": "this new game, you might want to watch"}, {"start": "00:19:44", "end": "00:19:45", "text": "this video about Trump's new executive"}, {"start": "00:19:45", "end": "00:19:47", "text": "order right here. And I'll see you over"}, {"start": "00:19:47", "end": "00:19:50", "text": "there."}]

[{"end": "00:00:04", "start": "00:00:00", "text": "So, this is bad. This might be one of"}, {"end": "00:00:07", "start": "00:00:03", "text": "the most obvious signs that the US"}, {"end": "00:00:07", "start": "00:00:04", "text": "economy is in a lot more trouble than we"}, {"end": "00:00:09", "start": "00:00:07", "text": "thought."}, {"end": "00:00:10", "start": "00:00:07", "text": "President Trump has fired the"}, {"end": "00:00:12", "start": "00:00:09", "text": "commissioner of labor statistics after"}, {"end": "00:00:14", "start": "00:00:10", "text": "today's weaker thanex expected jobs"}, {"end": "00:00:16", "start": "00:00:12", "text": "report. He's accusing her without"}, {"end": "00:00:19", "start": "00:00:14", "text": "evidence of falsifying the data ahead of"}, {"end": "00:00:21", "start": "00:00:16", "text": "the 2024 election to help elect Kala"}, {"end": "00:00:22", "start": "00:00:19", "text": "Harris and calling today's report into"}, {"end": "00:00:24", "start": "00:00:21", "text": "question."}, {"end": "00:00:26", "start": "00:00:22", "text": "Breaking news. The new jobs report and"}, {"end": "00:00:30", "start": "00:00:24", "text": "the president's tariffs are dragging"}, {"end": "00:00:33", "start": "00:00:26", "text": "down US markets at this moment. In early"}, {"end": "00:00:35", "start": "00:00:30", "text": "summer 2025, the government told us the"}, {"end": "00:00:39", "start": "00:00:33", "text": "jobs market was still growing. They"}, {"end": "00:00:44", "start": "00:00:35", "text": "reported that the US added 144,000 jobs"}, {"end": "00:00:47", "start": "00:00:39", "text": "in May and 147,000 more in June. Now, to"}, {"end": "00:00:50", "start": "00:00:44", "text": "put this in context, the US needs to add"}, {"end": "00:00:53", "start": "00:00:47", "text": "somewhere between 80 to 100,000 jobs per"}, {"end": "00:00:55", "start": "00:00:50", "text": "month just to keep up with population"}, {"end": "00:00:57", "start": "00:00:53", "text": "growth. But just a couple days ago, the"}, {"end": "00:01:00", "start": "00:00:55", "text": "Bureau of Labor Statistics came out and"}, {"end": "00:01:02", "start": "00:00:57", "text": "quietly changed those numbers. Now,"}, {"end": "00:01:04", "start": "00:01:00", "text": "that's not that big of a deal. Revisions"}, {"end": "00:01:07", "start": "00:01:02", "text": "happen all the time as the government"}, {"end": "00:01:10", "start": "00:01:04", "text": "collects more data. But this revision"}, {"end": "00:01:15", "start": "00:01:07", "text": "was huge. May's jobs numbers went down"}, {"end": "00:01:18", "start": "00:01:10", "text": "from 144,000 to just 19,000. And June"}, {"end": "00:01:22", "start": "00:01:15", "text": "was revised from 147,000 down to only"}, {"end": "00:01:25", "start": "00:01:18", "text": "14. Combined, that's over a quarter of a"}, {"end": "00:01:28", "start": "00:01:22", "text": "million jobs erased from existence. This"}, {"end": "00:01:31", "start": "00:01:25", "text": "was one of the biggest 2-month revisions"}, {"end": "00:01:34", "start": "00:01:28", "text": "since the 2008 financial crisis, and"}, {"end": "00:01:36", "start": "00:01:31", "text": "it's second only to 2020. And if you"}, {"end": "00:01:38", "start": "00:01:34", "text": "actually exclude the jobs added in"}, {"end": "00:01:40", "start": "00:01:36", "text": "healthcare and government, which"}, {"end": "00:01:42", "start": "00:01:38", "text": "accounted for almost all the new jobs"}, {"end": "00:01:46", "start": "00:01:40", "text": "for July, then the private sector"}, {"end": "00:01:49", "start": "00:01:42", "text": "actually saw a net job loss. Now, why is"}, {"end": "00:01:51", "start": "00:01:46", "text": "that such a big deal? Right? It's a big"}, {"end": "00:01:55", "start": "00:01:49", "text": "deal because in a lot of recessions, the"}, {"end": "00:01:58", "start": "00:01:51", "text": "first sign is not a stock market crash"}, {"end": "00:02:00", "start": "00:01:55", "text": "or a wave of layoffs. Instead, it's a"}, {"end": "00:02:02", "start": "00:01:58", "text": "spike in unemployment. And now the"}, {"end": "00:02:04", "start": "00:02:00", "text": "Federal Reserve is looking at a very"}, {"end": "00:02:06", "start": "00:02:02", "text": "different picture of the US economy than"}, {"end": "00:02:09", "start": "00:02:04", "text": "we thought, which also partially"}, {"end": "00:02:11", "start": "00:02:06", "text": "explains the US stock market and Bitcoin"}, {"end": "00:02:13", "start": "00:02:09", "text": "and why a lot of other investments are"}, {"end": "00:02:15", "start": "00:02:11", "text": "probably down right now. So, in this"}, {"end": "00:02:17", "start": "00:02:13", "text": "video, we're going to look at what's"}, {"end": "00:02:20", "start": "00:02:15", "text": "really going on, why the jobs numbers"}, {"end": "00:02:22", "start": "00:02:17", "text": "were so wrong in the first place, and"}, {"end": "00:02:24", "start": "00:02:20", "text": "what the government tells us was their"}, {"end": "00:02:26", "start": "00:02:22", "text": "reason why. And then I'll explain some"}, {"end": "00:02:28", "start": "00:02:24", "text": "of the more interesting theories as to"}, {"end": "00:02:30", "start": "00:02:26", "text": "why it might have actually happened. I"}, {"end": "00:02:32", "start": "00:02:28", "text": "also want to talk about the recession,"}, {"end": "00:02:33", "start": "00:02:30", "text": "the Federal Reserve, interest rates, and"}, {"end": "00:02:35", "start": "00:02:32", "text": "what I'm personally doing with my"}, {"end": "00:02:37", "start": "00:02:33", "text": "portfolio and how I'm preparing for all"}, {"end": "00:02:40", "start": "00:02:35", "text": "of this. So, with that said, let's get"}, {"end": "00:02:41", "start": "00:02:37", "text": "into it. Hi, my name is Andre Jick. Hope"}, {"end": "00:02:44", "start": "00:02:40", "text": "you're doing well. come for the finance"}, {"end": "00:02:46", "start": "00:02:41", "text": "and stay for the jobs. Now, here's why"}, {"end": "00:02:48", "start": "00:02:44", "text": "all of this is so important. Take a look"}, {"end": "00:02:49", "start": "00:02:46", "text": "at this chart right here. This is"}, {"end": "00:02:52", "start": "00:02:48", "text": "directly from the Federal Reserve's"}, {"end": "00:02:53", "start": "00:02:49", "text": "official database. Each one of these"}, {"end": "00:02:56", "start": "00:02:52", "text": "little shaded areas right here"}, {"end": "00:02:59", "start": "00:02:53", "text": "represents a recession. And what do you"}, {"end": "00:03:01", "start": "00:02:56", "text": "notice right before or during every"}, {"end": "00:03:04", "start": "00:02:59", "text": "single one of them? There's a spike in"}, {"end": "00:03:06", "start": "00:03:01", "text": "unemployment. From the 1970s oil shock"}, {"end": "00:03:09", "start": "00:03:04", "text": "to the 2008 financial crisis to the"}, {"end": "00:03:11", "start": "00:03:06", "text": "COVID crash in 2020, the pattern is"}, {"end": "00:03:13", "start": "00:03:09", "text": "almost always the same. The job market"}, {"end": "00:03:15", "start": "00:03:11", "text": "starts to break, unemployment starts to"}, {"end": "00:03:17", "start": "00:03:13", "text": "go up, and then all of a sudden we find"}, {"end": "00:03:19", "start": "00:03:15", "text": "ourselves in a recession. Now, right"}, {"end": "00:03:24", "start": "00:03:17", "text": "now, the unemployment rate sits at"}, {"end": "00:03:26", "start": "00:03:19", "text": "around 4.2% as of July 2025. Now, that's"}, {"end": "00:03:28", "start": "00:03:24", "text": "not really something to worry about yet,"}, {"end": "00:03:30", "start": "00:03:26", "text": "but when you combine all of that with"}, {"end": "00:03:34", "start": "00:03:28", "text": "the May and June job numbers, which show"}, {"end": "00:03:36", "start": "00:03:30", "text": "essentially zero net job growth, then it"}, {"end": "00:03:38", "start": "00:03:34", "text": "starts to really paint a scary picture."}, {"end": "00:03:40", "start": "00:03:36", "text": "And this is what economists and"}, {"end": "00:03:43", "start": "00:03:38", "text": "investors are afraid of. Now, if these"}, {"end": "00:03:46", "start": "00:03:40", "text": "two months lost us over a quarter"}, {"end": "00:03:48", "start": "00:03:43", "text": "million jobs, it makes people wonder,"}, {"end": "00:03:50", "start": "00:03:46", "text": "maybe we're already in a recession, and"}, {"end": "00:03:52", "start": "00:03:48", "text": "did the Fed miss cutting interest rates?"}, {"end": "00:03:54", "start": "00:03:50", "text": "So, there's a lot of really interesting"}, {"end": "00:03:58", "start": "00:03:52", "text": "theories here, but what seems to be true"}, {"end": "00:04:00", "start": "00:03:54", "text": "is that we lost around 89% of jobs in"}, {"end": "00:04:03", "start": "00:03:58", "text": "just May and June. And the first"}, {"end": "00:04:04", "start": "00:04:00", "text": "question is what was the reason for how"}, {"end": "00:04:07", "start": "00:04:03", "text": "much the government changed their"}, {"end": "00:04:09", "start": "00:04:04", "text": "numbers? And here's what they're telling"}, {"end": "00:04:11", "start": "00:04:07", "text": "us so far. According to the Bureau of"}, {"end": "00:04:14", "start": "00:04:09", "text": "Labor Statistics, these revisions were"}, {"end": "00:04:17", "start": "00:04:11", "text": "just part of the normal process. Every"}, {"end": "00:04:18", "start": "00:04:14", "text": "month, the BLS gets more complete data"}, {"end": "00:04:21", "start": "00:04:17", "text": "from businesses, government agencies,"}, {"end": "00:04:24", "start": "00:04:18", "text": "and payroll companies, and they update"}, {"end": "00:04:26", "start": "00:04:21", "text": "the numbers as that data comes in. So,"}, {"end": "00:04:28", "start": "00:04:24", "text": "the story that they're sticking to is"}, {"end": "00:04:29", "start": "00:04:26", "text": "the first numbers were based on just"}, {"end": "00:04:32", "start": "00:04:28", "text": "early guesstimates of what they thought"}, {"end": "00:04:34", "start": "00:04:29", "text": "it would be. And once more employers"}, {"end": "00:04:36", "start": "00:04:32", "text": "submitted their info, the revised total"}, {"end": "00:04:38", "start": "00:04:34", "text": "came in way lower. They also pointed out"}, {"end": "00:04:41", "start": "00:04:36", "text": "to something called seasonal"}, {"end": "00:04:43", "start": "00:04:38", "text": "adjustments, which is a statistical"}, {"end": "00:04:45", "start": "00:04:41", "text": "model that's used to smooth out things"}, {"end": "00:04:47", "start": "00:04:43", "text": "like school activities and holidays and"}, {"end": "00:04:50", "start": "00:04:45", "text": "weather and things like that. Now, in"}, {"end": "00:04:52", "start": "00:04:47", "text": "theory, these adjustments are supposed"}, {"end": "00:04:55", "start": "00:04:50", "text": "to help us see the trend, but in"}, {"end": "00:04:57", "start": "00:04:52", "text": "reality, especially in 2025 with"}, {"end": "00:04:59", "start": "00:04:55", "text": "changing immigration policies and"}, {"end": "00:05:02", "start": "00:04:57", "text": "tariffs and remote work and automation"}, {"end": "00:05:04", "start": "00:04:59", "text": "still changing our economy, these models"}, {"end": "00:05:06", "start": "00:05:02", "text": "might be completely off. And that's"}, {"end": "00:05:08", "start": "00:05:04", "text": "where the real problem is because the"}, {"end": "00:05:10", "start": "00:05:06", "text": "Federal Reserve has been telling us that"}, {"end": "00:05:12", "start": "00:05:08", "text": "the labor market is too strong to"}, {"end": "00:05:14", "start": "00:05:10", "text": "justify cutting rates."}, {"end": "00:05:16", "start": "00:05:12", "text": "Despite elevated uncertainty, the"}, {"end": "00:05:18", "start": "00:05:14", "text": "economy is in a solid position. The"}, {"end": "00:05:20", "start": "00:05:16", "text": "unemployment rate remains low and the"}, {"end": "00:05:21", "start": "00:05:18", "text": "labor market is at or near maximum"}, {"end": "00:05:24", "start": "00:05:20", "text": "employment."}, {"end": "00:05:27", "start": "00:05:21", "text": "But what if it's not? What if the only"}, {"end": "00:05:30", "start": "00:05:24", "text": "reason we didn't get lower interest"}, {"end": "00:05:32", "start": "00:05:27", "text": "rates is because the jobs numbers are"}, {"end": "00:05:35", "start": "00:05:30", "text": "completely wrong? So, the question is"}, {"end": "00:05:37", "start": "00:05:32", "text": "then, what might be the real reason that"}, {"end": "00:05:40", "start": "00:05:35", "text": "they got it so wrong? And here's where"}, {"end": "00:05:42", "start": "00:05:37", "text": "it gets really interesting. Now, before"}, {"end": "00:05:43", "start": "00:05:40", "text": "I get into the more nerdy and technical"}, {"end": "00:05:45", "start": "00:05:42", "text": "reason why this might have happened,"}, {"end": "00:05:47", "start": "00:05:43", "text": "which will put you to sleep, I want to"}, {"end": "00:05:49", "start": "00:05:45", "text": "first explain what President Trump said"}, {"end": "00:05:52", "start": "00:05:47", "text": "was the reason why this happened,"}, {"end": "00:05:54", "start": "00:05:49", "text": "according to him. Because on August 1st,"}, {"end": "00:05:56", "start": "00:05:52", "text": "President Trump posted this on Truth"}, {"end": "00:06:00", "start": "00:05:54", "text": "Social. and he says that the jobs"}, {"end": "00:06:02", "start": "00:05:56", "text": "numbers were manipulated on purpose, not"}, {"end": "00:06:05", "start": "00:06:00", "text": "just recently, but going back to March"}, {"end": "00:06:09", "start": "00:06:02", "text": "2024 when he says that the BLS"}, {"end": "00:06:11", "start": "00:06:05", "text": "overstated jobs by 818,000"}, {"end": "00:06:14", "start": "00:06:09", "text": "and again right before the election in"}, {"end": "00:06:16", "start": "00:06:11", "text": "August and September by another 112,000."}, {"end": "00:06:18", "start": "00:06:14", "text": "Why would they do that? He asks. Because"}, {"end": "00:06:21", "start": "00:06:16", "text": "maybe they wanted the Democratic party"}, {"end": "00:06:23", "start": "00:06:18", "text": "to look strong in the economy and win."}, {"end": "00:06:25", "start": "00:06:21", "text": "Now, fast forward to today, and"}, {"end": "00:06:28", "start": "00:06:23", "text": "President Trump's argument is this"}, {"end": "00:06:32", "start": "00:06:25", "text": "latest downward revision of 258,000 jobs"}, {"end": "00:06:33", "start": "00:06:28", "text": "was intentional sabotage, meant to make"}, {"end": "00:06:35", "start": "00:06:32", "text": "the economy look weaker under his"}, {"end": "00:06:37", "start": "00:06:33", "text": "leadership. That's also why President"}, {"end": "00:06:39", "start": "00:06:35", "text": "Trump fired the person in charge of the"}, {"end": "00:06:41", "start": "00:06:37", "text": "Bureau of Labor Statistics. Now, here's"}, {"end": "00:06:44", "start": "00:06:39", "text": "the thing. Depending on where you get"}, {"end": "00:06:45", "start": "00:06:41", "text": "your news from, you probably saw a very"}, {"end": "00:06:47", "start": "00:06:44", "text": "different version of that story. For"}, {"end": "00:06:49", "start": "00:06:45", "text": "example, when I was researching for this"}, {"end": "00:06:51", "start": "00:06:47", "text": "video, I realized there were 651"}, {"end": "00:06:53", "start": "00:06:49", "text": "different news articles from the left,"}, {"end": "00:06:56", "start": "00:06:51", "text": "the center, and the right with the same"}, {"end": "00:06:58", "start": "00:06:53", "text": "headline. And the breakdown of the bias"}, {"end": "00:07:00", "start": "00:06:56", "text": "is super interesting because"}, {"end": "00:07:02", "start": "00:06:58", "text": "left-leaning sources described it as a"}, {"end": "00:07:03", "start": "00:07:00", "text": "meltdown, saying that Trump was just"}, {"end": "00:07:06", "start": "00:07:02", "text": "punishing the messenger without any"}, {"end": "00:07:07", "start": "00:07:03", "text": "evidence. Right-leaning sources agreed"}, {"end": "00:07:09", "start": "00:07:06", "text": "with President Trump that the jobs"}, {"end": "00:07:11", "start": "00:07:07", "text": "numbers were rigged and that this was"}, {"end": "00:07:12", "start": "00:07:09", "text": "the right thing to do to restore"}, {"end": "00:07:14", "start": "00:07:11", "text": "integrity. and center media reports"}, {"end": "00:07:16", "start": "00:07:12", "text": "stayed neutral on the economy without"}, {"end": "00:07:18", "start": "00:07:14", "text": "using emotional narratives. So, if you"}, {"end": "00:07:20", "start": "00:07:16", "text": "want to understand the economy without"}, {"end": "00:07:22", "start": "00:07:18", "text": "falling into a political filter bubble,"}, {"end": "00:07:23", "start": "00:07:20", "text": "I recommend checking out Ground News,"}, {"end": "00:07:25", "start": "00:07:22", "text": "which is also the sponsor of today's"}, {"end": "00:07:27", "start": "00:07:23", "text": "video. Ground News is a platform that I"}, {"end": "00:07:29", "start": "00:07:25", "text": "personally use to see how every side is"}, {"end": "00:07:30", "start": "00:07:27", "text": "covering the same story. Just go to"}, {"end": "00:07:32", "start": "00:07:29", "text": "ground.news/jick"}, {"end": "00:07:34", "start": "00:07:30", "text": "or click the link in the description to"}, {"end": "00:07:36", "start": "00:07:32", "text": "get 40% off the Vantage plan, which is"}, {"end": "00:07:37", "start": "00:07:34", "text": "what I use to research my videos. So,"}, {"end": "00:07:39", "start": "00:07:36", "text": "now let's take a look at the real reason"}, {"end": "00:07:41", "start": "00:07:37", "text": "that I think the government got this so"}, {"end": "00:07:43", "start": "00:07:39", "text": "wrong and why the truth might actually"}, {"end": "00:07:44", "start": "00:07:41", "text": "be a little bit more boring than the"}, {"end": "00:07:46", "start": "00:07:43", "text": "conspiracy. So, if you're still here,"}, {"end": "00:07:48", "start": "00:07:44", "text": "congrats. You've officially made it to"}, {"end": "00:07:51", "start": "00:07:46", "text": "the very boring part. But here are the"}, {"end": "00:07:54", "start": "00:07:48", "text": "two most likely explanations for what"}, {"end": "00:07:56", "start": "00:07:51", "text": "really happened. So, there's something"}, {"end": "00:07:58", "start": "00:07:54", "text": "called seasonal adjustments and there's"}, {"end": "00:07:59", "start": "00:07:56", "text": "something called the birth death model,"}, {"end": "00:08:02", "start": "00:07:58", "text": "which sounds really depressing, but it's"}, {"end": "00:08:04", "start": "00:07:59", "text": "not what you think it is. So, first,"}, {"end": "00:08:07", "start": "00:08:02", "text": "seasonal adjustments. The idea goes"}, {"end": "00:08:09", "start": "00:08:04", "text": "something like this. The job market has"}, {"end": "00:08:11", "start": "00:08:07", "text": "predictable patterns like teachers go on"}, {"end": "00:08:14", "start": "00:08:09", "text": "summer break, stores hire for the"}, {"end": "00:08:18", "start": "00:08:11", "text": "holidays, construction slows down in the"}, {"end": "00:08:21", "start": "00:08:14", "text": "wintertime. So the BLS runs the jobs"}, {"end": "00:08:24", "start": "00:08:18", "text": "data through a statistical filter to try"}, {"end": "00:08:27", "start": "00:08:21", "text": "to remove the noise and show the trend."}, {"end": "00:08:32", "start": "00:08:24", "text": "But here's the problem. The world isn't"}, {"end": "00:08:35", "start": "00:08:27", "text": "predictable in 2025. Because in 2025, we"}, {"end": "00:08:37", "start": "00:08:32", "text": "got remote work, AI displacing jobs,"}, {"end": "00:08:40", "start": "00:08:35", "text": "aggressive immigration policies, tariffs"}, {"end": "00:08:43", "start": "00:08:37", "text": "disrupting entire supply chains. So, if"}, {"end": "00:08:45", "start": "00:08:40", "text": "you're using a model that's based on"}, {"end": "00:08:47", "start": "00:08:43", "text": "what the labor market looked like a"}, {"end": "00:08:49", "start": "00:08:45", "text": "couple years ago, then it's going to"}, {"end": "00:08:52", "start": "00:08:47", "text": "give you numbers that are not"}, {"end": "00:08:54", "start": "00:08:49", "text": "representative of reality in today's"}, {"end": "00:08:56", "start": "00:08:52", "text": "world. Now, the second problem is the"}, {"end": "00:08:58", "start": "00:08:54", "text": "birth death model. And this is where it"}, {"end": "00:09:01", "start": "00:08:56", "text": "gets a little weird because you see the"}, {"end": "00:09:04", "start": "00:08:58", "text": "government doesn't track in real time"}, {"end": "00:09:06", "start": "00:09:01", "text": "how many small businesses open or close"}, {"end": "00:09:09", "start": "00:09:04", "text": "every month. It doesn't have the"}, {"end": "00:09:11", "start": "00:09:06", "text": "resources to do that. So instead, they"}, {"end": "00:09:14", "start": "00:09:09", "text": "guesstimate. They're like, \"Well, based"}, {"end": "00:09:16", "start": "00:09:11", "text": "on past trends, a certain number of new"}, {"end": "00:09:19", "start": "00:09:14", "text": "businesses are going to be created and"}, {"end": "00:09:21", "start": "00:09:16", "text": "they're going to be creating new jobs.\""}, {"end": "00:09:24", "start": "00:09:19", "text": "The problem with that though is what if"}, {"end": "00:09:26", "start": "00:09:21", "text": "that assumption is totally wrong? In a"}, {"end": "00:09:29", "start": "00:09:24", "text": "high interest rate environment like the"}, {"end": "00:09:31", "start": "00:09:26", "text": "one that we're in right now, it's very"}, {"end": "00:09:34", "start": "00:09:29", "text": "possible that more businesses are"}, {"end": "00:09:37", "start": "00:09:31", "text": "closing than opening. But their model"}, {"end": "00:09:39", "start": "00:09:34", "text": "might still be adding phantom invisible"}, {"end": "00:09:42", "start": "00:09:37", "text": "jobs to the total because of these bad"}, {"end": "00:09:44", "start": "00:09:39", "text": "assumptions. And when the BLS finally"}, {"end": "00:09:47", "start": "00:09:42", "text": "gets the real data from tax filings,"}, {"end": "00:09:49", "start": "00:09:44", "text": "updated surveys, they're like, \"Ah, just"}, {"end": "00:09:51", "start": "00:09:47", "text": "kidding. We didn't really add any jobs"}, {"end": "00:09:53", "start": "00:09:49", "text": "in May or June after all. So for now,"}, {"end": "00:09:56", "start": "00:09:51", "text": "that's probably the most likely"}, {"end": "00:09:58", "start": "00:09:53", "text": "explanation instead of some deep state"}, {"end": "00:10:00", "start": "00:09:56", "text": "reasons. I guess we'll know at some"}, {"end": "00:10:03", "start": "00:09:58", "text": "point maybe. But I think the real"}, {"end": "00:10:05", "start": "00:10:00", "text": "problem is not what the real reason is."}, {"end": "00:10:07", "start": "00:10:03", "text": "The real problem is that the tools we're"}, {"end": "00:10:09", "start": "00:10:05", "text": "using to measure the economy are"}, {"end": "00:10:12", "start": "00:10:07", "text": "fundamentally outdated and they're"}, {"end": "00:10:15", "start": "00:10:09", "text": "wrong. It almost makes me want to"}, {"end": "00:10:17", "start": "00:10:12", "text": "believe an insider deep state because"}, {"end": "00:10:20", "start": "00:10:15", "text": "that's less of a consequence. But if our"}, {"end": "00:10:23", "start": "00:10:17", "text": "economic models are wrong, the biggest"}, {"end": "00:10:25", "start": "00:10:20", "text": "question then is what does this mean for"}, {"end": "00:10:28", "start": "00:10:23", "text": "the Federal Reserve? Because the Fed"}, {"end": "00:10:30", "start": "00:10:25", "text": "uses these job numbers to decide what to"}, {"end": "00:10:33", "start": "00:10:28", "text": "do with interest rates, how expensive it"}, {"end": "00:10:35", "start": "00:10:30", "text": "is for us to borrow money. And if the"}, {"end": "00:10:37", "start": "00:10:33", "text": "job market is way weaker than we"}, {"end": "00:10:40", "start": "00:10:35", "text": "thought, well, that changes everything."}, {"end": "00:10:42", "start": "00:10:37", "text": "And here's what it really changed. This"}, {"end": "00:10:44", "start": "00:10:40", "text": "right here, this is the CME Fed Watch"}, {"end": "00:10:46", "start": "00:10:42", "text": "tool. And for the several years that"}, {"end": "00:10:48", "start": "00:10:44", "text": "I've had it on my channel, it has never"}, {"end": "00:10:51", "start": "00:10:46", "text": "been wrong in its prediction of interest"}, {"end": "00:10:54", "start": "00:10:48", "text": "rates. And right now, it's predicting a"}, {"end": "00:10:56", "start": "00:10:51", "text": "90% chance that the Fed will start to"}, {"end": "00:10:58", "start": "00:10:54", "text": "lower rates by at least a quarter of a"}, {"end": "00:11:01", "start": "00:10:56", "text": "basis point. That's the first major"}, {"end": "00:11:03", "start": "00:10:58", "text": "change. Now, the second one is the July"}, {"end": "00:11:06", "start": "00:11:01", "text": "jobs report, which is the most recent"}, {"end": "00:11:11", "start": "00:11:03", "text": "one we have on file, and it came in at"}, {"end": "00:11:14", "start": "00:11:06", "text": "only 73,000 jobs added. That's not only"}, {"end": "00:11:16", "start": "00:11:11", "text": "way lower than expectations, that's the"}, {"end": "00:11:18", "start": "00:11:14", "text": "lowest monthly number since the"}, {"end": "00:11:19", "start": "00:11:16", "text": "pandemic. And after what we just"}, {"end": "00:11:24", "start": "00:11:18", "text": "learned, you kind of have to ask"}, {"end": "00:11:26", "start": "00:11:19", "text": "yourself, is 73,000 jobs actually 7,000"}, {"end": "00:11:29", "start": "00:11:24", "text": "jobs later once it's revised? So, if"}, {"end": "00:11:31", "start": "00:11:26", "text": "we're consistently coming in below the"}, {"end": "00:11:34", "start": "00:11:29", "text": "numbers that we need, which is 80 to"}, {"end": "00:11:36", "start": "00:11:31", "text": "100,000 jobs just to stay flat, that"}, {"end": "00:11:39", "start": "00:11:34", "text": "means the job market is actually getting"}, {"end": "00:11:41", "start": "00:11:36", "text": "smaller. And when that happens, these"}, {"end": "00:11:44", "start": "00:11:39", "text": "happen, recessions. And believe it or"}, {"end": "00:11:46", "start": "00:11:41", "text": "not, the Fed actually knows this because"}, {"end": "00:11:49", "start": "00:11:44", "text": "at their July meeting, there were two"}, {"end": "00:11:50", "start": "00:11:46", "text": "Fed governors, Christopher Waller and"}, {"end": "00:11:52", "start": "00:11:49", "text": "Michelle Bowman, and they actually"}, {"end": "00:11:55", "start": "00:11:50", "text": "disagreed with the majority of the Fed"}, {"end": "00:11:57", "start": "00:11:52", "text": "because they wanted a rate cut at that"}, {"end": "00:11:59", "start": "00:11:55", "text": "meeting, arguing the labor market was"}, {"end": "00:12:02", "start": "00:11:57", "text": "actually showing signs of stress. One of"}, {"end": "00:12:04", "start": "00:11:59", "text": "them said that once the expected"}, {"end": "00:12:06", "start": "00:12:02", "text": "revisions come in, job growth will be a"}, {"end": "00:12:08", "start": "00:12:04", "text": "lot smaller than we think. Governors"}, {"end": "00:12:10", "start": "00:12:06", "text": "Waller and Bowman continuing that"}, {"end": "00:12:12", "start": "00:12:08", "text": "tradition of explaining their dissents"}, {"end": "00:12:14", "start": "00:12:10", "text": "on the Friday after the meeting and uh"}, {"end": "00:12:16", "start": "00:12:12", "text": "they're both saying why they uh wanted"}, {"end": "00:12:19", "start": "00:12:14", "text": "or preferred a quarter point rate cut"}, {"end": "00:12:21", "start": "00:12:16", "text": "which is as far as we know was exactly"}, {"end": "00:12:23", "start": "00:12:19", "text": "right and that changes the equation for"}, {"end": "00:12:25", "start": "00:12:21", "text": "the Fed because remember the Fed has a"}, {"end": "00:12:28", "start": "00:12:23", "text": "dual mandate meaning they've got two"}, {"end": "00:12:31", "start": "00:12:25", "text": "goals to keep inflation under control"}, {"end": "00:12:34", "start": "00:12:28", "text": "and to support maximum employment. So,"}, {"end": "00:12:36", "start": "00:12:31", "text": "if inflation is cooling, and it is, and"}, {"end": "00:12:38", "start": "00:12:34", "text": "now that the labor market is slowing"}, {"end": "00:12:40", "start": "00:12:36", "text": "down, then they have more than enough"}, {"end": "00:12:43", "start": "00:12:38", "text": "reasons to start lowering interest"}, {"end": "00:12:45", "start": "00:12:40", "text": "rates. And Wall Street, the stock"}, {"end": "00:12:47", "start": "00:12:43", "text": "market's already betting on it. And"}, {"end": "00:12:48", "start": "00:12:45", "text": "that's the CME Fed watch tool I just"}, {"end": "00:12:50", "start": "00:12:47", "text": "showed you, which you can check"}, {"end": "00:12:51", "start": "00:12:48", "text": "yourself. Having said all that though,"}, {"end": "00:12:53", "start": "00:12:50", "text": "here's what I'm doing and how I'm"}, {"end": "00:12:55", "start": "00:12:51", "text": "personally preparing for the market. So,"}, {"end": "00:12:57", "start": "00:12:53", "text": "the first thing that I noticed is after"}, {"end": "00:12:59", "start": "00:12:55", "text": "the news came out, the market went down"}, {"end": "00:13:02", "start": "00:12:57", "text": "across the board. And that's because the"}, {"end": "00:13:04", "start": "00:12:59", "text": "market did exactly what it always does."}, {"end": "00:13:06", "start": "00:13:02", "text": "After the bad news comes out, they"}, {"end": "00:13:08", "start": "00:13:04", "text": "panic, they sell, and then they're like,"}, {"end": "00:13:10", "start": "00:13:06", "text": "\"Wait, but what happens after this?\" The"}, {"end": "00:13:12", "start": "00:13:08", "text": "Fed comes in to save the day, right? And"}, {"end": "00:13:14", "start": "00:13:10", "text": "they try to frontr run the Fed and get"}, {"end": "00:13:16", "start": "00:13:12", "text": "ahead of it. Now, if the markets are up"}, {"end": "00:13:18", "start": "00:13:14", "text": "by the time you're watching this video,"}, {"end": "00:13:20", "start": "00:13:16", "text": "that's probably why. And the bad dip"}, {"end": "00:13:23", "start": "00:13:18", "text": "might have already happened, and now"}, {"end": "00:13:25", "start": "00:13:20", "text": "we're pricing in a recovery. Now, for me"}, {"end": "00:13:27", "start": "00:13:23", "text": "personally though, I'm not a reactive"}, {"end": "00:13:30", "start": "00:13:25", "text": "investor like that. I try to understand"}, {"end": "00:13:32", "start": "00:13:27", "text": "the economy so that I don't panic. But I"}, {"end": "00:13:34", "start": "00:13:30", "text": "generally don't make decisions on my"}, {"end": "00:13:37", "start": "00:13:32", "text": "predictions because even if I'm right"}, {"end": "00:13:38", "start": "00:13:34", "text": "once, I'm never right twice at the"}, {"end": "00:13:41", "start": "00:13:37", "text": "perfect time. That's why I'm doing the"}, {"end": "00:13:43", "start": "00:13:38", "text": "same thing I've always done. I'm dollar"}, {"end": "00:13:45", "start": "00:13:41", "text": "cost averaging into the broad market."}, {"end": "00:13:47", "start": "00:13:43", "text": "I'm not going allin on anything right"}, {"end": "00:13:49", "start": "00:13:45", "text": "now. I'm not selling anything, but I am"}, {"end": "00:13:51", "start": "00:13:47", "text": "paying close attention to the next Fed"}, {"end": "00:13:53", "start": "00:13:49", "text": "meeting, and I'm building up a little"}, {"end": "00:13:54", "start": "00:13:51", "text": "bit more cash than usual just in case we"}, {"end": "00:13:56", "start": "00:13:53", "text": "see a bigger pullback. But I'm also"}, {"end": "00:13:59", "start": "00:13:54", "text": "watching Bitcoin closely. And if the Fed"}, {"end": "00:14:01", "start": "00:13:56", "text": "does cut rates, that could weaken the"}, {"end": "00:14:04", "start": "00:13:59", "text": "dollar and it could send risk assets"}, {"end": "00:14:06", "start": "00:14:01", "text": "like Bitcoin much higher, but only if"}, {"end": "00:14:07", "start": "00:14:04", "text": "the economy doesn't fall off a cliff."}, {"end": "00:14:10", "start": "00:14:06", "text": "So, I'm just trying to understand"}, {"end": "00:14:13", "start": "00:14:07", "text": "instead of overreact because if the jobs"}, {"end": "00:14:14", "start": "00:14:10", "text": "numbers are really right, then maybe we"}, {"end": "00:14:16", "start": "00:14:13", "text": "didn't get the soft landing that we were"}, {"end": "00:14:18", "start": "00:14:14", "text": "promised. But who knows, maybe President"}, {"end": "00:14:20", "start": "00:14:16", "text": "Trump is really on to something."}, {"end": "00:14:22", "start": "00:14:18", "text": "Personally, if I was the president right"}, {"end": "00:14:24", "start": "00:14:20", "text": "now, I would not be fighting this data."}, {"end": "00:14:26", "start": "00:14:22", "text": "I'd be like, \"Yes, the economy is indeed"}, {"end": "00:14:28", "start": "00:14:24", "text": "bad. Drone pow, lower interest rates.\" I"}, {"end": "00:14:29", "start": "00:14:26", "text": "would just swallow my pride and let it"}, {"end": "00:14:31", "start": "00:14:28", "text": "happen. But I'd love to know your"}, {"end": "00:14:32", "start": "00:14:29", "text": "thoughts. Let me know down in the"}, {"end": "00:14:34", "start": "00:14:31", "text": "comments below. And as always, I hope"}, {"end": "00:14:35", "start": "00:14:32", "text": "you have a wonderful rest of your day."}, {"end": "00:14:37", "start": "00:14:34", "text": "Smash the like button. Subscribe if you"}, {"end": "00:14:39", "start": "00:14:35", "text": "haven't already. I'd love to see you"}, {"end": "00:14:41", "start": "00:14:37", "text": "back here next week. I'll see you soon."}, {"end": "00:14:41", "start": "00:14:39", "text": "Bye-bye."}]

[{"end": "00:00:06", "start": "00:00:00", "text": "President Donald Trump just officially"}, {"end": "00:00:08", "start": "00:00:03", "text": "ended the penny. The Treasury says the"}, {"end": "00:00:10", "start": "00:00:06", "text": "US Mint has made its final order of"}, {"end": "00:00:13", "start": "00:00:08", "text": "penny blanks. It will stop making"}, {"end": "00:00:17", "start": "00:00:10", "text": "pennies when those run out. And that is"}, {"end": "00:00:19", "start": "00:00:13", "text": "the first time in almost 170 years that"}, {"end": "00:00:21", "start": "00:00:17", "text": "America has gotten rid of one of its own"}, {"end": "00:00:23", "start": "00:00:19", "text": "coins from circulation. And while this"}, {"end": "00:00:25", "start": "00:00:21", "text": "seems kind of insignificant at first"}, {"end": "00:00:27", "start": "00:00:23", "text": "because it it's just a penny, not"}, {"end": "00:00:30", "start": "00:00:25", "text": "everyone's using it, so who cares? But"}, {"end": "00:00:32", "start": "00:00:27", "text": "here's why this matters way more than"}, {"end": "00:00:34", "start": "00:00:30", "text": "you might think. This could be the"}, {"end": "00:00:36", "start": "00:00:32", "text": "beginning of a movement to modernize our"}, {"end": "00:00:39", "start": "00:00:34", "text": "economy, save millions in taxpayer"}, {"end": "00:00:43", "start": "00:00:36", "text": "dollars, and even condition us toward a"}, {"end": "00:00:45", "start": "00:00:39", "text": "fully digital cashless society. That's"}, {"end": "00:00:49", "start": "00:00:43", "text": "because each year taxpayers have been"}, {"end": "00:00:52", "start": "00:00:45", "text": "losing $85 million just to make the"}, {"end": "00:00:55", "start": "00:00:49", "text": "pennies. Even though statistics show on"}, {"end": "00:00:59", "start": "00:00:52", "text": "average every single year we throw away"}, {"end": "00:01:01", "start": "00:00:55", "text": "$68 million worth of coins. President"}, {"end": "00:01:03", "start": "00:00:59", "text": "Trump wants to make the penny extinct."}, {"end": "00:01:05", "start": "00:01:01", "text": "Pennies are just not cost effective to"}, {"end": "00:01:09", "start": "00:01:03", "text": "make because in order to make just one"}, {"end": "00:01:10", "start": "00:01:05", "text": "penny, it costs almost four pennies. And"}, {"end": "00:01:13", "start": "00:01:09", "text": "the penny is something the government"}, {"end": "00:01:15", "start": "00:01:10", "text": "has tried to get rid of as early as"}, {"end": "00:01:19", "start": "00:01:13", "text": "1989,"}, {"end": "00:01:21", "start": "00:01:15", "text": "2001, again in 2006, and again in 2017."}, {"end": "00:01:22", "start": "00:01:19", "text": "Anytime we're spending more money on"}, {"end": "00:01:25", "start": "00:01:21", "text": "something that people don't actually"}, {"end": "00:01:27", "start": "00:01:22", "text": "use, that's an example of something we"}, {"end": "00:01:29", "start": "00:01:25", "text": "should probably change. But this time,"}, {"end": "00:01:32", "start": "00:01:27", "text": "they're actually doing it because last"}, {"end": "00:01:35", "start": "00:01:29", "text": "month, the Treasury Department placed"}, {"end": "00:01:38", "start": "00:01:32", "text": "its last order of blanks of flat metal"}, {"end": "00:01:40", "start": "00:01:35", "text": "discs to make those pennies. The"}, {"end": "00:01:43", "start": "00:01:38", "text": "question is, what exactly does this mean"}, {"end": "00:01:45", "start": "00:01:40", "text": "for our money? And will stores start"}, {"end": "00:01:47", "start": "00:01:43", "text": "rounding up their prices to the nearest"}, {"end": "00:01:49", "start": "00:01:45", "text": "dollar and we're going to pay more for"}, {"end": "00:01:52", "start": "00:01:47", "text": "everything? Are we going to see a new"}, {"end": "00:01:53", "start": "00:01:49", "text": "era of digital money? And are the old"}, {"end": "00:01:56", "start": "00:01:52", "text": "pennies that we have going to become"}, {"end": "00:01:58", "start": "00:01:53", "text": "worthless, or are they about to"}, {"end": "00:02:00", "start": "00:01:56", "text": "skyrocket in value and become"}, {"end": "00:02:02", "start": "00:01:58", "text": "collectibles? In this video, I'm going"}, {"end": "00:02:05", "start": "00:02:00", "text": "to explain the history of the penny, and"}, {"end": "00:02:06", "start": "00:02:02", "text": "show you what's about to change, why"}, {"end": "00:02:08", "start": "00:02:05", "text": "this matters way more than you might"}, {"end": "00:02:12", "start": "00:02:06", "text": "think, and what it means about the"}, {"end": "00:02:14", "start": "00:02:08", "text": "future of the system of money itself."}, {"end": "00:02:16", "start": "00:02:12", "text": "So, with that said, let's get into it."}, {"end": "00:02:17", "start": "00:02:14", "text": "Hi, my name is Andre Jick. Hope you're"}, {"end": "00:02:19", "start": "00:02:16", "text": "doing well. come for the finance and"}, {"end": "00:02:20", "start": "00:02:17", "text": "stay for the end of the penny. Now,"}, {"end": "00:02:23", "start": "00:02:19", "text": "right now, President Trump has"}, {"end": "00:02:28", "start": "00:02:20", "text": "officially ended a coin that's been part"}, {"end": "00:02:29", "start": "00:02:23", "text": "of our economy since the year 1792."}, {"end": "00:02:32", "start": "00:02:28", "text": "This is kind of a turning point in how"}, {"end": "00:02:33", "start": "00:02:29", "text": "America thinks about money. Because"}, {"end": "00:02:36", "start": "00:02:32", "text": "here's the thing that most people don't"}, {"end": "00:02:38", "start": "00:02:33", "text": "really think about. It actually costs"}, {"end": "00:02:41", "start": "00:02:36", "text": "money to make money. And there's a name"}, {"end": "00:02:44", "start": "00:02:38", "text": "for it. The difference between the face"}, {"end": "00:02:47", "start": "00:02:41", "text": "value of a coin and the cost to make"}, {"end": "00:02:50", "start": "00:02:44", "text": "that coin is called seniorage. Last"}, {"end": "00:02:54", "start": "00:02:47", "text": "year, for example, taxpayers spent about"}, {"end": "00:02:58", "start": "00:02:50", "text": "$56 million making pennies because each"}, {"end": "00:03:00", "start": "00:02:54", "text": "one cost 3.7 pennies to make. Even"}, {"end": "00:03:04", "start": "00:02:58", "text": "though, again, the pennies only worth 1"}, {"end": "00:03:06", "start": "00:03:00", "text": "cent, not 3.7. And that means the penny"}, {"end": "00:03:09", "start": "00:03:04", "text": "has had what's called a negative"}, {"end": "00:03:11", "start": "00:03:06", "text": "seniorage for almost 20 years. And of"}, {"end": "00:03:13", "start": "00:03:09", "text": "course, part of the reason why that is"}, {"end": "00:03:15", "start": "00:03:11", "text": "is because zinc, which is the material"}, {"end": "00:03:18", "start": "00:03:13", "text": "used to make a penny, has gone up"}, {"end": "00:03:20", "start": "00:03:15", "text": "significantly over that period of time."}, {"end": "00:03:22", "start": "00:03:18", "text": "But the problem is that no one's using"}, {"end": "00:03:24", "start": "00:03:20", "text": "the coin. That's actually true of most"}, {"end": "00:03:28", "start": "00:03:22", "text": "coins. Here's something that's going to"}, {"end": "00:03:32", "start": "00:03:24", "text": "blow your mind. 60% of all coins are"}, {"end": "00:03:35", "start": "00:03:28", "text": "just sitting unused in jars and drawers."}, {"end": "00:03:38", "start": "00:03:32", "text": "And that amount is worth roughly $14"}, {"end": "00:03:40", "start": "00:03:35", "text": "billion. But why that really matters is"}, {"end": "00:03:42", "start": "00:03:38", "text": "because if you pay with cash, a lot of"}, {"end": "00:03:45", "start": "00:03:40", "text": "transactions will now be rounded up to"}, {"end": "00:03:47", "start": "00:03:42", "text": "the nearest 5 cents because there's no"}, {"end": "00:03:49", "start": "00:03:45", "text": "more pennies. And for some people, that"}, {"end": "00:03:52", "start": "00:03:47", "text": "could be a real problem, especially for"}, {"end": "00:03:54", "start": "00:03:49", "text": "older and lower income Americans. But"}, {"end": "00:03:57", "start": "00:03:52", "text": "that's not all because guess what else"}, {"end": "00:03:59", "start": "00:03:54", "text": "is on the chopping block? The nickel."}, {"end": "00:04:01", "start": "00:03:57", "text": "Because it costs more to make a nickel"}, {"end": "00:04:03", "start": "00:03:59", "text": "than the value of the nickel itself. So"}, {"end": "00:04:06", "start": "00:04:01", "text": "the next question is how does this"}, {"end": "00:04:08", "start": "00:04:03", "text": "actually affect us in real life? Like"}, {"end": "00:04:10", "start": "00:04:06", "text": "what happens to the pennies we already"}, {"end": "00:04:12", "start": "00:04:08", "text": "have? Are those jars of loose change"}, {"end": "00:04:14", "start": "00:04:10", "text": "going to be worthless or are some of"}, {"end": "00:04:16", "start": "00:04:12", "text": "them going to become collectibles? And"}, {"end": "00:04:18", "start": "00:04:14", "text": "are we going to start paying more for"}, {"end": "00:04:20", "start": "00:04:16", "text": "everything because of this new concept"}, {"end": "00:04:22", "start": "00:04:18", "text": "of rounding? So let's start with the"}, {"end": "00:04:24", "start": "00:04:20", "text": "first big question that everyone's"}, {"end": "00:04:26", "start": "00:04:22", "text": "probably thinking about, which is what"}, {"end": "00:04:28", "start": "00:04:24", "text": "happens to all the pennies we already"}, {"end": "00:04:30", "start": "00:04:26", "text": "have? And here's the good news. All of"}, {"end": "00:04:32", "start": "00:04:28", "text": "those pennies that we've collected over"}, {"end": "00:04:35", "start": "00:04:30", "text": "the years are still going to be"}, {"end": "00:04:37", "start": "00:04:32", "text": "considered legal tender, meaning we can"}, {"end": "00:04:40", "start": "00:04:35", "text": "still keep using them at the store. We"}, {"end": "00:04:42", "start": "00:04:37", "text": "can still deposit them at our bank and"}, {"end": "00:04:44", "start": "00:04:40", "text": "we can still trade them in for cash at"}, {"end": "00:04:46", "start": "00:04:42", "text": "coin counting machines. That's not going"}, {"end": "00:04:49", "start": "00:04:44", "text": "away. And that was really the only way"}, {"end": "00:04:52", "start": "00:04:46", "text": "to do it because right now it's"}, {"end": "00:04:55", "start": "00:04:49", "text": "estimated there's over 114 billion"}, {"end": "00:04:57", "start": "00:04:52", "text": "pennies still in circulation. That's"}, {"end": "00:05:00", "start": "00:04:55", "text": "more than a billion dollars worth of"}, {"end": "00:05:02", "start": "00:04:57", "text": "pennies scattered across the country."}, {"end": "00:05:04", "start": "00:05:00", "text": "Now, to put that in perspective, that's"}, {"end": "00:05:08", "start": "00:05:02", "text": "enough for every single person in"}, {"end": "00:05:10", "start": "00:05:04", "text": "America to have around $30 pennies or"}, {"end": "00:05:12", "start": "00:05:08", "text": "about $3 worth. Now, even though our"}, {"end": "00:05:14", "start": "00:05:10", "text": "pennies are not going to lose their face"}, {"end": "00:05:16", "start": "00:05:12", "text": "value overnight, they're also probably"}, {"end": "00:05:18", "start": "00:05:14", "text": "not going to become super valuable"}, {"end": "00:05:20", "start": "00:05:16", "text": "collectibles either, or at least not"}, {"end": "00:05:24", "start": "00:05:18", "text": "right away, because historically only a"}, {"end": "00:05:26", "start": "00:05:20", "text": "handful of pennies, like the famous 1943"}, {"end": "00:05:28", "start": "00:05:24", "text": "copper penny, ever reached truly"}, {"end": "00:05:30", "start": "00:05:26", "text": "collectible grail status. But there's"}, {"end": "00:05:31", "start": "00:05:28", "text": "also a catch, and this is something you"}, {"end": "00:05:33", "start": "00:05:30", "text": "should probably pay attention to the"}, {"end": "00:05:37", "start": "00:05:31", "text": "next time you see your pennies. Because"}, {"end": "00:05:41", "start": "00:05:33", "text": "pennies minted before 1982 were made"}, {"end": "00:05:44", "start": "00:05:37", "text": "from 95% copper, and those pennies are"}, {"end": "00:05:46", "start": "00:05:41", "text": "already worth about 2 to 3 cents each"}, {"end": "00:05:48", "start": "00:05:44", "text": "because of the metal content alone. Now,"}, {"end": "00:05:50", "start": "00:05:46", "text": "before you get any ideas of melting"}, {"end": "00:05:53", "start": "00:05:48", "text": "pennies for their metal and then selling"}, {"end": "00:05:55", "start": "00:05:50", "text": "it, that's actually illegal. So, don't"}, {"end": "00:05:57", "start": "00:05:53", "text": "do it publicly. But for now, your"}, {"end": "00:05:59", "start": "00:05:55", "text": "pennies are perfectly spendable. So,"}, {"end": "00:06:00", "start": "00:05:57", "text": "here's what happens next, and it's"}, {"end": "00:06:04", "start": "00:05:59", "text": "something that might affect your wallet"}, {"end": "00:06:05", "start": "00:06:00", "text": "every single day. It's called rounding"}, {"end": "00:06:08", "start": "00:06:04", "text": "because pennies are not going to be made"}, {"end": "00:06:11", "start": "00:06:05", "text": "anymore. So, cash transactions at stores"}, {"end": "00:06:12", "start": "00:06:08", "text": "will soon be rounded to the nearest"}, {"end": "00:06:15", "start": "00:06:11", "text": "nickel. And here's exactly how it's"}, {"end": "00:06:19", "start": "00:06:12", "text": "going to work. If your total ends in 1"}, {"end": "00:06:22", "start": "00:06:15", "text": "or 2 cents, the cashier rounds down to"}, {"end": "00:06:25", "start": "00:06:19", "text": "the nearest zero. But if it ends in"}, {"end": "00:06:28", "start": "00:06:22", "text": "three or four cents, it rounds up to the"}, {"end": "00:06:33", "start": "00:06:25", "text": "nearest 5 cents. So the question then"}, {"end": "00:06:35", "start": "00:06:28", "text": "is, does that mean every single $4.99"}, {"end": "00:06:37", "start": "00:06:33", "text": "coffee transaction always gets rounded"}, {"end": "00:06:40", "start": "00:06:35", "text": "up to the nearest $5, costing us more"}, {"end": "00:06:42", "start": "00:06:37", "text": "money in the long run? Yes and no."}, {"end": "00:06:44", "start": "00:06:40", "text": "Surprisingly, it's not necessarily going"}, {"end": "00:06:46", "start": "00:06:42", "text": "to be the case all the time because"}, {"end": "00:06:47", "start": "00:06:44", "text": "studies from countries like Canada,"}, {"end": "00:06:50", "start": "00:06:46", "text": "which also got rid of their penny in"}, {"end": "00:06:53", "start": "00:06:47", "text": "2013, found that rounding usually"}, {"end": "00:06:56", "start": "00:06:50", "text": "balances itself out. Half the time"}, {"end": "00:06:58", "start": "00:06:53", "text": "prices round up and half the time they"}, {"end": "00:07:01", "start": "00:06:56", "text": "round down, meaning customers overall"}, {"end": "00:07:03", "start": "00:06:58", "text": "don't end up paying significantly more."}, {"end": "00:07:05", "start": "00:07:01", "text": "And keep in mind, if you're someone who"}, {"end": "00:07:07", "start": "00:07:03", "text": "pays with things like credit cards or"}, {"end": "00:07:10", "start": "00:07:05", "text": "debit cards or even apps like Apple Pay"}, {"end": "00:07:13", "start": "00:07:07", "text": "or Venmo, this change will not affect"}, {"end": "00:07:16", "start": "00:07:10", "text": "you at all because digital payments"}, {"end": "00:07:19", "start": "00:07:13", "text": "still count every penny. There's no"}, {"end": "00:07:21", "start": "00:07:16", "text": "rounding happening in digital payments."}, {"end": "00:07:23", "start": "00:07:19", "text": "So, the real world impact on your"}, {"end": "00:07:25", "start": "00:07:21", "text": "finances is probably going to be way"}, {"end": "00:07:28", "start": "00:07:23", "text": "less dramatic than most people think."}, {"end": "00:07:30", "start": "00:07:25", "text": "But there are some bigger theories on"}, {"end": "00:07:32", "start": "00:07:28", "text": "why this is actually happening. When"}, {"end": "00:07:34", "start": "00:07:30", "text": "this story about ending the penny came"}, {"end": "00:07:35", "start": "00:07:32", "text": "out, I wanted to understand not just"}, {"end": "00:07:37", "start": "00:07:34", "text": "what happened, but how it was being"}, {"end": "00:07:39", "start": "00:07:35", "text": "reported. So, I turned to ground News,"}, {"end": "00:07:40", "start": "00:07:37", "text": "which is the sponsor of today's video,"}, {"end": "00:07:42", "start": "00:07:39", "text": "which lets you compare how different"}, {"end": "00:07:45", "start": "00:07:40", "text": "news outlets across the political"}, {"end": "00:07:46", "start": "00:07:42", "text": "spectrum covered the exact same story."}, {"end": "00:07:49", "start": "00:07:45", "text": "And take a look. Ground News combined"}, {"end": "00:07:51", "start": "00:07:46", "text": "all 388 articles on this topic. And this"}, {"end": "00:07:53", "start": "00:07:49", "text": "is how the left-leaning sources framed"}, {"end": "00:07:55", "start": "00:07:51", "text": "it. They focused on cost savings and"}, {"end": "00:07:57", "start": "00:07:53", "text": "taxpayer benefits. The right-leaning"}, {"end": "00:08:00", "start": "00:07:55", "text": "sources, they covered it from a more"}, {"end": "00:08:02", "start": "00:07:57", "text": "fiscal conservative angle, framing it as"}, {"end": "00:08:04", "start": "00:08:00", "text": "part of Trump's directive to cut waste."}, {"end": "00:08:06", "start": "00:08:02", "text": "And the center, they played it pretty"}, {"end": "00:08:08", "start": "00:08:04", "text": "straight, reporting on the timelines and"}, {"end": "00:08:10", "start": "00:08:06", "text": "the legislative details without a lot of"}, {"end": "00:08:12", "start": "00:08:08", "text": "emotional language either way. But the"}, {"end": "00:08:14", "start": "00:08:10", "text": "most fascinating tab is this one. It"}, {"end": "00:08:16", "start": "00:08:12", "text": "highlights how different our media"}, {"end": "00:08:19", "start": "00:08:14", "text": "actually is. Left-leaning headlines"}, {"end": "00:08:21", "start": "00:08:16", "text": "emphasize modernization. Right-leaning"}, {"end": "00:08:23", "start": "00:08:19", "text": "outlets evoke Lincoln and patriotism."}, {"end": "00:08:25", "start": "00:08:21", "text": "And ground news shows you all of that"}, {"end": "00:08:27", "start": "00:08:23", "text": "side by side. I actually used ground"}, {"end": "00:08:29", "start": "00:08:25", "text": "news as part of my research for this"}, {"end": "00:08:31", "start": "00:08:27", "text": "video and it helped me to see how each"}, {"end": "00:08:33", "start": "00:08:29", "text": "side shaped the story and why so that I"}, {"end": "00:08:34", "start": "00:08:31", "text": "could show you all the facts. And if"}, {"end": "00:08:36", "start": "00:08:33", "text": "you're someone who wants to see all the"}, {"end": "00:08:38", "start": "00:08:34", "text": "angles without falling into an echo"}, {"end": "00:08:40", "start": "00:08:36", "text": "chamber, I highly recommend checking"}, {"end": "00:08:42", "start": "00:08:38", "text": "them out. Go to ground.news/jick"}, {"end": "00:08:45", "start": "00:08:40", "text": "or click the link down below to get 40%"}, {"end": "00:08:46", "start": "00:08:42", "text": "off on the same unlimited access Vantage"}, {"end": "00:08:48", "start": "00:08:45", "text": "plan I use to get my news about the"}, {"end": "00:08:50", "start": "00:08:46", "text": "economy. Supporting them not only"}, {"end": "00:08:52", "start": "00:08:48", "text": "supports independent journalism, it"}, {"end": "00:08:54", "start": "00:08:50", "text": "supports this channel and the work I do."}, {"end": "00:08:55", "start": "00:08:52", "text": "Now, there are two theories behind why"}, {"end": "00:08:57", "start": "00:08:54", "text": "they're actually getting rid of the"}, {"end": "00:09:00", "start": "00:08:55", "text": "penny. And the first is so they could"}, {"end": "00:09:02", "start": "00:08:57", "text": "speed up transactions at the stores"}, {"end": "00:09:05", "start": "00:09:00", "text": "because no one wants to wait for a cash"}, {"end": "00:09:07", "start": "00:09:02", "text": "buyer to count their pennies. And"}, {"end": "00:09:09", "start": "00:09:05", "text": "speeding up those transactions could"}, {"end": "00:09:11", "start": "00:09:07", "text": "actually mean huge benefits for the"}, {"end": "00:09:14", "start": "00:09:09", "text": "economy. Think about it. Every single"}, {"end": "00:09:17", "start": "00:09:11", "text": "day, millions of Americans spend extra"}, {"end": "00:09:19", "start": "00:09:14", "text": "time at the checkout, counting pennies,"}, {"end": "00:09:21", "start": "00:09:17", "text": "dropping coins, and waiting while the"}, {"end": "00:09:22", "start": "00:09:19", "text": "cashier counts them all out. And a"}, {"end": "00:09:25", "start": "00:09:21", "text": "Harvard economist actually estimated"}, {"end": "00:09:29", "start": "00:09:22", "text": "that this process cost the US economy"}, {"end": "00:09:32", "start": "00:09:25", "text": "about $1 billion every year in lost"}, {"end": "00:09:33", "start": "00:09:29", "text": "productivity, which is time and effort"}, {"end": "00:09:37", "start": "00:09:32", "text": "that could otherwise go towards"}, {"end": "00:09:40", "start": "00:09:33", "text": "something a lot more useful. But there's"}, {"end": "00:09:42", "start": "00:09:37", "text": "also a second theory that's much much"}, {"end": "00:09:44", "start": "00:09:40", "text": "bigger. And this theory is something"}, {"end": "00:09:46", "start": "00:09:42", "text": "that most people aren't talking about"}, {"end": "00:09:48", "start": "00:09:44", "text": "yet, but maybe might have thought about"}, {"end": "00:09:50", "start": "00:09:46", "text": "because getting rid of the penny might"}, {"end": "00:09:53", "start": "00:09:48", "text": "just be the government's first small"}, {"end": "00:09:56", "start": "00:09:50", "text": "step in getting rid of cash entirely."}, {"end": "00:09:57", "start": "00:09:53", "text": "Think about it. The nickel already costs"}, {"end": "00:10:00", "start": "00:09:56", "text": "even more money to produce than the"}, {"end": "00:10:03", "start": "00:09:57", "text": "penny. About 14 cents per coin, which is"}, {"end": "00:10:05", "start": "00:10:00", "text": "almost three times its face value. And"}, {"end": "00:10:07", "start": "00:10:03", "text": "if we're getting rid of pennies because"}, {"end": "00:10:10", "start": "00:10:05", "text": "they lose money, it makes sense that"}, {"end": "00:10:12", "start": "00:10:07", "text": "nickels will eventually follow. But"}, {"end": "00:10:14", "start": "00:10:10", "text": "here's why this matters way more than"}, {"end": "00:10:16", "start": "00:10:12", "text": "people realize. This might also be"}, {"end": "00:10:19", "start": "00:10:14", "text": "signaling that we are subtly"}, {"end": "00:10:22", "start": "00:10:16", "text": "conditioning ourselves toward a fully"}, {"end": "00:10:23", "start": "00:10:19", "text": "digital economy. In fact, governments"}, {"end": "00:10:26", "start": "00:10:22", "text": "around the world have already started"}, {"end": "00:10:28", "start": "00:10:23", "text": "going down this path. Sweden, for"}, {"end": "00:10:31", "start": "00:10:26", "text": "example, is quickly becoming cashless."}, {"end": "00:10:33", "start": "00:10:28", "text": "Over 90% of their transactions are"}, {"end": "00:10:36", "start": "00:10:31", "text": "digital and a lot of stores are not even"}, {"end": "00:10:39", "start": "00:10:33", "text": "accepting cash at all. And while all of"}, {"end": "00:10:41", "start": "00:10:36", "text": "that is happening, China introduced a"}, {"end": "00:10:44", "start": "00:10:39", "text": "digital version of their own known as"}, {"end": "00:10:47", "start": "00:10:41", "text": "the digital yuan. And they are actively"}, {"end": "00:10:50", "start": "00:10:44", "text": "testing it across millions of people and"}, {"end": "00:10:52", "start": "00:10:47", "text": "their goal is to digitize their entire"}, {"end": "00:10:55", "start": "00:10:50", "text": "monetary supply within just a couple"}, {"end": "00:10:57", "start": "00:10:52", "text": "years. Programmable money that if you"}, {"end": "00:10:59", "start": "00:10:55", "text": "don't use it, you might lose it. And"}, {"end": "00:11:02", "start": "00:10:57", "text": "here in the US, something kind of"}, {"end": "00:11:04", "start": "00:10:59", "text": "similar is also quietly taking place."}, {"end": "00:11:07", "start": "00:11:02", "text": "The Federal Reserve launched its Fed Now"}, {"end": "00:11:09", "start": "00:11:04", "text": "program back in July 2023. And that's a"}, {"end": "00:11:12", "start": "00:11:07", "text": "real-time digital payment system that's"}, {"end": "00:11:14", "start": "00:11:09", "text": "designed to process and settle payments"}, {"end": "00:11:16", "start": "00:11:12", "text": "instantly, 24 hours a day, 7 days a"}, {"end": "00:11:19", "start": "00:11:14", "text": "week. Federal Reserve announcing it has"}, {"end": "00:11:21", "start": "00:11:16", "text": "gone live with its new Fed Now instant"}, {"end": "00:11:23", "start": "00:11:19", "text": "payment system. A system that should"}, {"end": "00:11:25", "start": "00:11:21", "text": "allow households and businesses to send"}, {"end": "00:11:28", "start": "00:11:23", "text": "payments and receive money immediately"}, {"end": "00:11:30", "start": "00:11:25", "text": "without those troubling 3-day holds on"}, {"end": "00:11:32", "start": "00:11:28", "text": "checks and waiting for payments to clear"}, {"end": "00:11:34", "start": "00:11:30", "text": "in the sender's account. And the Fed Now"}, {"end": "00:11:36", "start": "00:11:32", "text": "system is an instant payment system."}, {"end": "00:11:39", "start": "00:11:34", "text": "It's available 24/7. Faster payments."}, {"end": "00:11:41", "start": "00:11:36", "text": "Good for consumer, right, Steve? I think"}, {"end": "00:11:44", "start": "00:11:39", "text": "so, Sarah. Now, the Fed now is not a"}, {"end": "00:11:47", "start": "00:11:41", "text": "digital dollar yet, but a lot of people"}, {"end": "00:11:50", "start": "00:11:44", "text": "see it as a stepping stone toward the"}, {"end": "00:11:52", "start": "00:11:47", "text": "Federal Reserve eventually creating a"}, {"end": "00:11:56", "start": "00:11:50", "text": "fully digital currency or what's called"}, {"end": "00:11:58", "start": "00:11:52", "text": "a CBDC, a central bank digital currency."}, {"end": "00:12:00", "start": "00:11:56", "text": "Even Jerome Pal, who is the guy in"}, {"end": "00:12:03", "start": "00:11:58", "text": "charge of America's main central bank,"}, {"end": "00:12:05", "start": "00:12:00", "text": "the Federal Reserve, has openly said"}, {"end": "00:12:08", "start": "00:12:03", "text": "that the Fed is actively exploring a"}, {"end": "00:12:10", "start": "00:12:05", "text": "digital dollar. Are you considering a"}, {"end": "00:12:12", "start": "00:12:08", "text": "digital dollar in order to compete with"}, {"end": "00:12:15", "start": "00:12:10", "text": "the cryptocurrencies that are out there"}, {"end": "00:12:18", "start": "00:12:12", "text": "already like Bitcoin? I think it's"}, {"end": "00:12:20", "start": "00:12:15", "text": "possible is all I would say. So what's"}, {"end": "00:12:23", "start": "00:12:18", "text": "happening right now is we're removing"}, {"end": "00:12:25", "start": "00:12:20", "text": "coins that are not coste effective while"}, {"end": "00:12:27", "start": "00:12:23", "text": "at the same time we're building the"}, {"end": "00:12:30", "start": "00:12:25", "text": "infrastructure that's needed for this"}, {"end": "00:12:33", "start": "00:12:27", "text": "digital currency. So it might not just"}, {"end": "00:12:35", "start": "00:12:30", "text": "be about pennies and nickels. This could"}, {"end": "00:12:38", "start": "00:12:33", "text": "be the beginning of a very historic"}, {"end": "00:12:41", "start": "00:12:35", "text": "pivot towards a digital economy, which"}, {"end": "00:12:43", "start": "00:12:38", "text": "would be a huge change to how we spend"}, {"end": "00:12:45", "start": "00:12:41", "text": "money, how we save money, and how we"}, {"end": "00:12:46", "start": "00:12:43", "text": "think about money completely. But with"}, {"end": "00:12:48", "start": "00:12:45", "text": "that though, there's obviously going to"}, {"end": "00:12:51", "start": "00:12:46", "text": "be some major questions, too, like does"}, {"end": "00:12:54", "start": "00:12:48", "text": "going digital mean more convenience or"}, {"end": "00:12:56", "start": "00:12:51", "text": "potentially more government control and"}, {"end": "00:12:58", "start": "00:12:54", "text": "less financial privacy? In other words,"}, {"end": "00:13:00", "start": "00:12:56", "text": "the end of the penny might just be the"}, {"end": "00:13:02", "start": "00:12:58", "text": "beginning of something a lot bigger. So,"}, {"end": "00:13:04", "start": "00:13:00", "text": "if you made it this far into the video,"}, {"end": "00:13:06", "start": "00:13:02", "text": "here's my personal thoughts about all of"}, {"end": "00:13:08", "start": "00:13:04", "text": "this. Getting rid of the penny is"}, {"end": "00:13:10", "start": "00:13:06", "text": "probably a good idea because no one's"}, {"end": "00:13:12", "start": "00:13:08", "text": "really using it and it is costing"}, {"end": "00:13:15", "start": "00:13:10", "text": "taxpayers a lot of money for absolutely"}, {"end": "00:13:17", "start": "00:13:12", "text": "no reason. But we're also kind of at a"}, {"end": "00:13:20", "start": "00:13:15", "text": "crossroads because on one hand, digital"}, {"end": "00:13:23", "start": "00:13:17", "text": "currencies promise convenience and speed"}, {"end": "00:13:24", "start": "00:13:20", "text": "and instant payments and hopefully"}, {"end": "00:13:27", "start": "00:13:23", "text": "they'll be able to make it easier for us"}, {"end": "00:13:29", "start": "00:13:24", "text": "to pay taxes. But on the other hand,"}, {"end": "00:13:31", "start": "00:13:27", "text": "digital money could mean less privacy,"}, {"end": "00:13:34", "start": "00:13:29", "text": "more government oversight, and"}, {"end": "00:13:37", "start": "00:13:31", "text": "potentially losing the simple freedom to"}, {"end": "00:13:40", "start": "00:13:34", "text": "anonymously pay for everyday things. So,"}, {"end": "00:13:41", "start": "00:13:37", "text": "as we watch the penny disappear, we"}, {"end": "00:13:43", "start": "00:13:40", "text": "should probably ask ourselves the"}, {"end": "00:13:45", "start": "00:13:41", "text": "question of what else is going to"}, {"end": "00:13:47", "start": "00:13:43", "text": "disappear with it. Personally, I've"}, {"end": "00:13:48", "start": "00:13:45", "text": "always been interested in digital"}, {"end": "00:13:50", "start": "00:13:47", "text": "payments because I use them every single"}, {"end": "00:13:53", "start": "00:13:48", "text": "day and they've definitely made my life"}, {"end": "00:13:56", "start": "00:13:50", "text": "a lot easier. But I'm also cautious"}, {"end": "00:13:58", "start": "00:13:53", "text": "because once cash is gone, there's going"}, {"end": "00:14:01", "start": "00:13:56", "text": "to be no going back. Maybe our kids or"}, {"end": "00:14:03", "start": "00:13:58", "text": "our grandkids will go to a museum in the"}, {"end": "00:14:05", "start": "00:14:01", "text": "future sometime and they're going to see"}, {"end": "00:14:07", "start": "00:14:03", "text": "dollar bills hidden behind a glass wall"}, {"end": "00:14:09", "start": "00:14:05", "text": "and study how we used to use physical"}, {"end": "00:14:11", "start": "00:14:07", "text": "money. That's probably going to happen"}, {"end": "00:14:13", "start": "00:14:09", "text": "sometime in the future. But as always,"}, {"end": "00:14:14", "start": "00:14:11", "text": "I'd love to get your thoughts. I hope"}, {"end": "00:14:16", "start": "00:14:13", "text": "you have a wonderful rest of your day."}, {"end": "00:14:17", "start": "00:14:14", "text": "Smash the like button. Subscribe if you"}, {"end": "00:14:20", "start": "00:14:16", "text": "haven't already. I'd love to see you"}, {"end": "00:14:22", "start": "00:14:17", "text": "back here next week. I'll see you soon."}, {"end": "00:14:22", "start": "00:14:20", "text": "Bye-bye."}]

[{"end": "00:00:04", "start": "00:00:00", "text": "how money and banking work and why"}, {"end": "00:00:07", "start": "00:00:03", "text": "they're broken"}, {"end": "00:00:09", "start": "00:00:04", "text": "today there are over 160 currencies in"}, {"end": "00:00:12", "start": "00:00:07", "text": "the world today and the money supply"}, {"end": "00:00:14", "start": "00:00:09", "text": "from most of them increases rapidly"}, {"end": "00:00:17", "start": "00:00:12", "text": "which persistently and invisibly dilutes"}, {"end": "00:00:19", "start": "00:00:14", "text": "people's savings and wages and siphons"}, {"end": "00:00:21", "start": "00:00:17", "text": "that value away towards"}, {"end": "00:00:23", "start": "00:00:19", "text": "others money can be printed or lent into"}, {"end": "00:00:26", "start": "00:00:21", "text": "existence for corporate interests"}, {"end": "00:00:27", "start": "00:00:23", "text": "Bankers or corrupt officials and this"}, {"end": "00:00:29", "start": "00:00:26", "text": "purchasing power is taken away from the"}, {"end": "00:00:32", "start": "00:00:27", "text": "public in ways that are purposely more"}, {"end": "00:00:34", "start": "00:00:29", "text": "subtle and harder to detect than"}, {"end": "00:00:36", "start": "00:00:32", "text": "Taxation and as people try to reach"}, {"end": "00:00:38", "start": "00:00:34", "text": "outside of their regions for better"}, {"end": "00:00:40", "start": "00:00:36", "text": "money elsewhere Capital controls and"}, {"end": "00:00:42", "start": "00:00:38", "text": "other points of friction are often used"}, {"end": "00:00:45", "start": "00:00:40", "text": "to keep them in even in wealthy"}, {"end": "00:00:47", "start": "00:00:42", "text": "countries all is not well while"}, {"end": "00:00:49", "start": "00:00:45", "text": "inflation may not be as high the money"}, {"end": "00:00:52", "start": "00:00:47", "text": "concentrates toward a smaller and"}, {"end": "00:00:54", "start": "00:00:49", "text": "smaller number of hands over time and"}, {"end": "00:00:57", "start": "00:00:52", "text": "more and more debt is piled up on the"}, {"end": "00:00:59", "start": "00:00:54", "text": "government Ledger political polarization"}, {"end": "00:01:01", "start": "00:00:57", "text": "grows as nobody can agree on who is"}, {"end": "00:01:03", "start": "00:00:59", "text": "causing it or why it's happening"}, {"end": "00:01:05", "start": "00:01:01", "text": "improving technology should make things"}, {"end": "00:01:07", "start": "00:01:03", "text": "cheaper over time but Central bank's"}, {"end": "00:01:10", "start": "00:01:05", "text": "inflation mandates are to ensure that"}, {"end": "00:01:12", "start": "00:01:07", "text": "prices continually increase instead by"}, {"end": "00:01:15", "start": "00:01:10", "text": "continually expanding the amount of"}, {"end": "00:01:17", "start": "00:01:12", "text": "money in the system money affects us all"}, {"end": "00:01:19", "start": "00:01:15", "text": "it's how we make contracts how we"}, {"end": "00:01:21", "start": "00:01:17", "text": "coordinate economic activity and how we"}, {"end": "00:01:23", "start": "00:01:19", "text": "store our purchasing power for the"}, {"end": "00:01:26", "start": "00:01:21", "text": "future and while the world has improved"}, {"end": "00:01:30", "start": "00:01:23", "text": "in many ways money itself continues to"}, {"end": "00:01:32", "start": "00:01:26", "text": "be broken for most people worldwide"}, {"end": "00:01:35", "start": "00:01:30", "text": "I'm Len Alden and this is a problem I"}, {"end": "00:01:37", "start": "00:01:32", "text": "have invested countless hours into"}, {"end": "00:01:39", "start": "00:01:35", "text": "understanding I grew up in poverty which"}, {"end": "00:01:41", "start": "00:01:37", "text": "from a young age gave me a strong"}, {"end": "00:01:43", "start": "00:01:39", "text": "interest in Saving and investing in my"}, {"end": "00:01:45", "start": "00:01:41", "text": "adult life my husband and I split our"}, {"end": "00:01:48", "start": "00:01:43", "text": "time each year between the United States"}, {"end": "00:01:51", "start": "00:01:45", "text": "and Egypt since our shared Roots"}, {"end": "00:01:53", "start": "00:01:48", "text": "families and friends are in both places"}, {"end": "00:01:56", "start": "00:01:51", "text": "so I see firsthand the troubles that"}, {"end": "00:01:59", "start": "00:01:53", "text": "broken money can cause both subtly in a"}, {"end": "00:02:01", "start": "00:01:56", "text": "developed country and more overtly in a"}, {"end": "00:02:03", "start": "00:01:59", "text": "developing one"}, {"end": "00:02:05", "start": "00:02:01", "text": "I currently analyze and invest in the"}, {"end": "00:02:07", "start": "00:02:03", "text": "Global Financial system as a profession"}, {"end": "00:02:10", "start": "00:02:05", "text": "but before that I was an engineer"}, {"end": "00:02:13", "start": "00:02:07", "text": "building taking apart and understanding"}, {"end": "00:02:16", "start": "00:02:10", "text": "complex systems I view money as another"}, {"end": "00:02:18", "start": "00:02:13", "text": "system I must take apart to understand"}, {"end": "00:02:20", "start": "00:02:16", "text": "this video aims to distill the knowledge"}, {"end": "00:02:24", "start": "00:02:18", "text": "I've gathered on this topic for a deeper"}, {"end": "00:02:26", "start": "00:02:20", "text": "dive refer to my book broken money why"}, {"end": "00:02:27", "start": "00:02:24", "text": "are Financial system is failing Us and"}, {"end": "00:02:30", "start": "00:02:26", "text": "how we can make it"}, {"end": "00:02:32", "start": "00:02:27", "text": "better for us to understand our monetary"}, {"end": "00:02:35", "start": "00:02:30", "text": "system from the top down we must start"}, {"end": "00:02:37", "start": "00:02:32", "text": "at the bottom and work our way up let's"}, {"end": "00:02:40", "start": "00:02:35", "text": "rip away the complexities and pose a"}, {"end": "00:02:42", "start": "00:02:37", "text": "fundamental question what is"}, {"end": "00:02:45", "start": "00:02:40", "text": "money trading Goods on the spot is a"}, {"end": "00:02:48", "start": "00:02:42", "text": "challenge as there are more ways a trade"}, {"end": "00:02:51", "start": "00:02:45", "text": "can fail than succeed if you have extra"}, {"end": "00:02:54", "start": "00:02:48", "text": "Spears but lack Furs and I have extra"}, {"end": "00:02:57", "start": "00:02:51", "text": "Furs but lack Spears that's a relatively"}, {"end": "00:02:59", "start": "00:02:54", "text": "rare scenario where our needs align when"}, {"end": "00:03:01", "start": "00:02:57", "text": "this barter system scales to an economy"}, {"end": "00:03:04", "start": "00:02:59", "text": "that produces five different products it"}, {"end": "00:03:06", "start": "00:03:01", "text": "results in 10 unique trading pairs with"}, {"end": "00:03:09", "start": "00:03:04", "text": "20 different products there are 190"}, {"end": "00:03:11", "start": "00:03:06", "text": "trading Pairs and with 100 different"}, {"end": "00:03:13", "start": "00:03:09", "text": "products that number of trading pairs"}, {"end": "00:03:16", "start": "00:03:11", "text": "grows to"}, {"end": "00:03:18", "start": "00:03:13", "text": "4,950 clearly a more efficient trading"}, {"end": "00:03:20", "start": "00:03:16", "text": "method is needed one way to address this"}, {"end": "00:03:23", "start": "00:03:18", "text": "is by making the timing of a transaction"}, {"end": "00:03:25", "start": "00:03:20", "text": "more flexible suppose you have extra"}, {"end": "00:03:27", "start": "00:03:23", "text": "Spears and are short on Furs while I"}, {"end": "00:03:30", "start": "00:03:25", "text": "have extra Spears and Furs but I don't"}, {"end": "00:03:32", "start": "00:03:27", "text": "need anything from you if you ask me for"}, {"end": "00:03:35", "start": "00:03:30", "text": "refers I could give you some in exchange"}, {"end": "00:03:37", "start": "00:03:32", "text": "for an unspecified favor at a later date"}, {"end": "00:03:39", "start": "00:03:35", "text": "this is called flexible social Credit in"}, {"end": "00:03:42", "start": "00:03:37", "text": "settings with family and friends gifts"}, {"end": "00:03:44", "start": "00:03:39", "text": "are exchanged as a form of social credit"}, {"end": "00:03:47", "start": "00:03:42", "text": "with no specific expectation of"}, {"end": "00:03:49", "start": "00:03:44", "text": "repayment and outside of close relations"}, {"end": "00:03:51", "start": "00:03:47", "text": "people keep track of who is helpful and"}, {"end": "00:03:53", "start": "00:03:49", "text": "who is a burden when a well-liked"}, {"end": "00:03:55", "start": "00:03:51", "text": "Community member needs help others are"}, {"end": "00:03:56", "start": "00:03:53", "text": "more generous with their offerings"}, {"end": "00:03:59", "start": "00:03:55", "text": "because of the social history attached"}, {"end": "00:04:02", "start": "00:03:56", "text": "to the person in need in larger settings"}, {"end": "00:04:05", "start": "00:03:59", "text": "credit systems adhere to a more formal"}, {"end": "00:04:07", "start": "00:04:02", "text": "type of credit in these systems a person"}, {"end": "00:04:09", "start": "00:04:05", "text": "can borrow some value in the present but"}, {"end": "00:04:12", "start": "00:04:07", "text": "they must promise to repay it later and"}, {"end": "00:04:14", "start": "00:04:09", "text": "there's often some local Authority that"}, {"end": "00:04:17", "start": "00:04:12", "text": "sets the rules regarding how credit is"}, {"end": "00:04:19", "start": "00:04:14", "text": "handled suppose a baker needs meat from"}, {"end": "00:04:22", "start": "00:04:17", "text": "a butcher but the butcher already has"}, {"end": "00:04:24", "start": "00:04:19", "text": "bread the baker can create quote bread"}, {"end": "00:04:26", "start": "00:04:22", "text": "credits where each credit is a promise"}, {"end": "00:04:28", "start": "00:04:24", "text": "that could be exchanged for bread in the"}, {"end": "00:04:30", "start": "00:04:26", "text": "future if the butcher trusts these bread"}, {"end": "00:04:33", "start": "00:04:28", "text": "credits will hold that promise they make"}, {"end": "00:04:36", "start": "00:04:30", "text": "a transaction still the butcher takes on"}, {"end": "00:04:38", "start": "00:04:33", "text": "some risks in this case trusting that"}, {"end": "00:04:40", "start": "00:04:36", "text": "the baker will remain in business"}, {"end": "00:04:42", "start": "00:04:38", "text": "another solution is to use a commodity"}, {"end": "00:04:45", "start": "00:04:40", "text": "as money rather than finding a person"}, {"end": "00:04:46", "start": "00:04:42", "text": "who has what you specifically need and"}, {"end": "00:04:48", "start": "00:04:45", "text": "where you also have what they"}, {"end": "00:04:51", "start": "00:04:46", "text": "specifically need people can use a"}, {"end": "00:04:54", "start": "00:04:48", "text": "portable divisible durable scarce and"}, {"end": "00:04:56", "start": "00:04:51", "text": "widely desired Universal good as one"}, {"end": "00:04:59", "start": "00:04:54", "text": "side of every transaction among hunter"}, {"end": "00:05:01", "start": "00:04:56", "text": "gatherers shell jewelry beads served as"}, {"end": "00:05:04", "start": "00:04:59", "text": "a common form of money they were small"}, {"end": "00:05:06", "start": "00:05:01", "text": "long lasting wearable hard to make and"}, {"end": "00:05:08", "start": "00:05:04", "text": "widely desirable people frequently found"}, {"end": "00:05:10", "start": "00:05:06", "text": "use in acquiring more shell jewelry than"}, {"end": "00:05:12", "start": "00:05:08", "text": "they currently possessed due to its size"}, {"end": "00:05:16", "start": "00:05:10", "text": "wearability aesthetic appeal and the"}, {"end": "00:05:18", "start": "00:05:12", "text": "value it holds over time so if you find"}, {"end": "00:05:20", "start": "00:05:16", "text": "yourself short on Spears and I have no"}, {"end": "00:05:23", "start": "00:05:18", "text": "immediate need for your goods I might"}, {"end": "00:05:25", "start": "00:05:20", "text": "request shell jewelry in exchange even"}, {"end": "00:05:28", "start": "00:05:23", "text": "if it's not an immediate necessity for"}, {"end": "00:05:30", "start": "00:05:25", "text": "me I can wear the jewelry and later when"}, {"end": "00:05:33", "start": "00:05:28", "text": "I come across something I desire I can"}, {"end": "00:05:36", "start": "00:05:30", "text": "offer the jewelry for trade as commodity"}, {"end": "00:05:38", "start": "00:05:33", "text": "money evolved gold and silver coins"}, {"end": "00:05:40", "start": "00:05:36", "text": "gained popularity across numerous"}, {"end": "00:05:43", "start": "00:05:38", "text": "Empires these slender discs adhere to"}, {"end": "00:05:46", "start": "00:05:40", "text": "standardized shapes weights and finess"}, {"end": "00:05:48", "start": "00:05:43", "text": "simplifying their ability to be verified"}, {"end": "00:05:50", "start": "00:05:46", "text": "by anyone using them which in turn"}, {"end": "00:05:53", "start": "00:05:48", "text": "enhance the efficiency of"}, {"end": "00:05:55", "start": "00:05:50", "text": "transactions coins establish dominance"}, {"end": "00:05:58", "start": "00:05:53", "text": "over all other forms of commodity money"}, {"end": "00:06:00", "start": "00:05:55", "text": "for three primary reasons first gold and"}, {"end": "00:06:02", "start": "00:05:58", "text": "silver are harder to INE increase the"}, {"end": "00:06:05", "start": "00:06:00", "text": "supply of relative to other Commodities"}, {"end": "00:06:08", "start": "00:06:02", "text": "due to their unique properties second"}, {"end": "00:06:10", "start": "00:06:05", "text": "coinage with guaranteed size and Purity"}, {"end": "00:06:13", "start": "00:06:08", "text": "makes gold and silver easier to use in"}, {"end": "00:06:15", "start": "00:06:10", "text": "transactions than raw bits of metal"}, {"end": "00:06:16", "start": "00:06:13", "text": "third the acceptance and liquidity of"}, {"end": "00:06:18", "start": "00:06:15", "text": "coins issued domestically would"}, {"end": "00:06:21", "start": "00:06:16", "text": "generally be higher than that of foreign"}, {"end": "00:06:23", "start": "00:06:18", "text": "coins which would ensure widespread"}, {"end": "00:06:25", "start": "00:06:21", "text": "acceptance of a standardized unit within"}, {"end": "00:06:28", "start": "00:06:23", "text": "that region ultimately the answer to the"}, {"end": "00:06:30", "start": "00:06:25", "text": "question of what is money is that money"}, {"end": "00:06:32", "start": "00:06:28", "text": "is a ledger for payments and savings"}, {"end": "00:06:34", "start": "00:06:30", "text": "ancient monetary systems usually"}, {"end": "00:06:36", "start": "00:06:32", "text": "consisted of a blend of commodity money"}, {"end": "00:06:38", "start": "00:06:34", "text": "and credit commodity money represents a"}, {"end": "00:06:41", "start": "00:06:36", "text": "ledger whose attributes and constraints"}, {"end": "00:06:43", "start": "00:06:38", "text": "are governed by the laws of nature and"}, {"end": "00:06:45", "start": "00:06:41", "text": "was useful for determining a society"}, {"end": "00:06:47", "start": "00:06:43", "text": "standard unit that transactions would be"}, {"end": "00:06:50", "start": "00:06:45", "text": "denominated in holding commodity money"}, {"end": "00:06:52", "start": "00:06:47", "text": "in one's own possession also served as a"}, {"end": "00:06:55", "start": "00:06:50", "text": "way to store value independently without"}, {"end": "00:06:58", "start": "00:06:52", "text": "relying on anyone else's ongoing memory"}, {"end": "00:07:00", "start": "00:06:55", "text": "or liability meanwhile various credit"}, {"end": "00:07:02", "start": "00:06:58", "text": "agreements represent a shared LED"}, {"end": "00:07:04", "start": "00:07:00", "text": "governed by humans either orally or in"}, {"end": "00:07:06", "start": "00:07:02", "text": "writing and were used to make"}, {"end": "00:07:08", "start": "00:07:04", "text": "transactions more efficient either"}, {"end": "00:07:10", "start": "00:07:06", "text": "between known entities or at the backing"}, {"end": "00:07:13", "start": "00:07:08", "text": "of a shared Authority and this is what"}, {"end": "00:07:15", "start": "00:07:10", "text": "led to the rise of"}, {"end": "00:07:17", "start": "00:07:13", "text": "banking in medieval times a popular"}, {"end": "00:07:19", "start": "00:07:15", "text": "paper-based Financial instrument in the"}, {"end": "00:07:21", "start": "00:07:17", "text": "Middle East and North Africa was the"}, {"end": "00:07:23", "start": "00:07:19", "text": "suaga playing a pivotal role in the"}, {"end": "00:07:26", "start": "00:07:21", "text": "development of a system known as"}, {"end": "00:07:29", "start": "00:07:23", "text": "haala under this Arrangement a hawaladar"}, {"end": "00:07:30", "start": "00:07:26", "text": "money changer operated in one city while"}, {"end": "00:07:33", "start": "00:07:29", "text": "their business part partner worked at"}, {"end": "00:07:35", "start": "00:07:30", "text": "another to transfer money between cities"}, {"end": "00:07:37", "start": "00:07:33", "text": "an individual could deposit gold with"}, {"end": "00:07:39", "start": "00:07:35", "text": "their local hallar and either they or"}, {"end": "00:07:41", "start": "00:07:37", "text": "their recipient could redeem the same"}, {"end": "00:07:43", "start": "00:07:39", "text": "amount of gold from a hawaladar in"}, {"end": "00:07:44", "start": "00:07:41", "text": "another city this system relied on a"}, {"end": "00:07:47", "start": "00:07:43", "text": "network of trust and credit among"}, {"end": "00:07:49", "start": "00:07:44", "text": "hawaladars enhancing the efficiency and"}, {"end": "00:07:51", "start": "00:07:47", "text": "safety of long-distance money transfers"}, {"end": "00:07:53", "start": "00:07:49", "text": "hawaladars with established"}, {"end": "00:07:54", "start": "00:07:51", "text": "relationships conducted regular credit"}, {"end": "00:07:57", "start": "00:07:53", "text": "based transactions on behalf of their"}, {"end": "00:07:59", "start": "00:07:54", "text": "clients while settling with each other"}, {"end": "00:08:01", "start": "00:07:57", "text": "less frequently but under more secure"}, {"end": "00:08:03", "start": "00:07:59", "text": "conditions without this system Merchants"}, {"end": "00:08:06", "start": "00:08:01", "text": "would have had to transport bulky and"}, {"end": "00:08:07", "start": "00:08:03", "text": "unsafe quantities of gold between cities"}, {"end": "00:08:09", "start": "00:08:06", "text": "more"}, {"end": "00:08:11", "start": "00:08:07", "text": "frequently this idea of a paper-based"}, {"end": "00:08:13", "start": "00:08:09", "text": "credit system eventually made its way"}, {"end": "00:08:14", "start": "00:08:11", "text": "into Europe through trade and warfare"}, {"end": "00:08:16", "start": "00:08:13", "text": "interactions between Christians and"}, {"end": "00:08:18", "start": "00:08:14", "text": "Muslims with the Advent of the"}, {"end": "00:08:20", "start": "00:08:16", "text": "Renaissance in Europe the development of"}, {"end": "00:08:21", "start": "00:08:18", "text": "Double Entry bookkeeping facilitated"}, {"end": "00:08:23", "start": "00:08:20", "text": "increasingly intricate credit"}, {"end": "00:08:25", "start": "00:08:21", "text": "arrangements and the emergence of"}, {"end": "00:08:27", "start": "00:08:23", "text": "well-known financial institutions the"}, {"end": "00:08:29", "start": "00:08:25", "text": "invention of the printing press further"}, {"end": "00:08:31", "start": "00:08:27", "text": "enabled the creation of more complex"}, {"end": "00:08:33", "start": "00:08:29", "text": "fincial paper instruments based around"}, {"end": "00:08:36", "start": "00:08:31", "text": "increasing levels of"}, {"end": "00:08:38", "start": "00:08:33", "text": "negotiability in financial jargon"}, {"end": "00:08:40", "start": "00:08:36", "text": "negotiability means that a financial"}, {"end": "00:08:41", "start": "00:08:38", "text": "instrument can be transferred to another"}, {"end": "00:08:44", "start": "00:08:40", "text": "party which makes it more broadly"}, {"end": "00:08:47", "start": "00:08:41", "text": "applicable and liquid in the initial"}, {"end": "00:08:49", "start": "00:08:44", "text": "stage a simplistic non-negotiable paper"}, {"end": "00:08:51", "start": "00:08:47", "text": "instrument can only be Redeemed by the"}, {"end": "00:08:54", "start": "00:08:49", "text": "specific party as specified in its"}, {"end": "00:08:56", "start": "00:08:51", "text": "original Creation in the second stage a"}, {"end": "00:08:58", "start": "00:08:54", "text": "paper instrument is issued to a specific"}, {"end": "00:09:00", "start": "00:08:56", "text": "party and is intended for their"}, {"end": "00:09:02", "start": "00:08:58", "text": "Redemption yet it possesses"}, {"end": "00:09:04", "start": "00:09:00", "text": "negotiability allowing it to be signed"}, {"end": "00:09:06", "start": "00:09:02", "text": "over to another party who can then"}, {"end": "00:09:09", "start": "00:09:04", "text": "redeem it instead this involves a more"}, {"end": "00:09:11", "start": "00:09:06", "text": "intricate and trusted Financial Network"}, {"end": "00:09:13", "start": "00:09:09", "text": "connecting a larger number of"}, {"end": "00:09:15", "start": "00:09:11", "text": "counterparties in the third stage a"}, {"end": "00:09:17", "start": "00:09:13", "text": "paper instrument such as a bank note is"}, {"end": "00:09:19", "start": "00:09:15", "text": "an asset that is owned by whoever"}, {"end": "00:09:22", "start": "00:09:17", "text": "possesses it enabling it to be freely"}, {"end": "00:09:24", "start": "00:09:19", "text": "exchanged between parties with no need"}, {"end": "00:09:27", "start": "00:09:22", "text": "for ownership transfer Beyond physical"}, {"end": "00:09:29", "start": "00:09:24", "text": "possession this third form relies on the"}, {"end": "00:09:30", "start": "00:09:27", "text": "existence of large and widely recognized"}, {"end": "00:09:32", "start": "00:09:29", "text": "Institution"}, {"end": "00:09:33", "start": "00:09:30", "text": "otherwise Merchants would not accept"}, {"end": "00:09:35", "start": "00:09:32", "text": "these Bank"}, {"end": "00:09:37", "start": "00:09:33", "text": "notes the foundational issue with"}, {"end": "00:09:39", "start": "00:09:35", "text": "banking lies in the necessity for"}, {"end": "00:09:42", "start": "00:09:37", "text": "customers to Trust Banks to effectively"}, {"end": "00:09:44", "start": "00:09:39", "text": "manage their reserves in the gold-based"}, {"end": "00:09:46", "start": "00:09:42", "text": "banking systems of past centuries"}, {"end": "00:09:48", "start": "00:09:44", "text": "customers expected that their deposits"}, {"end": "00:09:51", "start": "00:09:46", "text": "and Bank notes could be redeemed on"}, {"end": "00:09:53", "start": "00:09:48", "text": "demand however Bankers frequently"}, {"end": "00:09:55", "start": "00:09:51", "text": "betrayed that trust as they recognized"}, {"end": "00:09:58", "start": "00:09:53", "text": "that most individuals did not redeem all"}, {"end": "00:10:00", "start": "00:09:55", "text": "their gold at once which allowed Bankers"}, {"end": "00:10:03", "start": "00:09:58", "text": "to lend out some of their gold while"}, {"end": "00:10:05", "start": "00:10:00", "text": "maintaining only a fraction for customer"}, {"end": "00:10:07", "start": "00:10:03", "text": "redemptions one way around this problem"}, {"end": "00:10:09", "start": "00:10:05", "text": "is with full Reserve banking in this"}, {"end": "00:10:12", "start": "00:10:07", "text": "approach all demand deposits which can"}, {"end": "00:10:14", "start": "00:10:09", "text": "be Redeemed by depositors at any time"}, {"end": "00:10:16", "start": "00:10:12", "text": "must be fully backed by liquid reserves"}, {"end": "00:10:19", "start": "00:10:14", "text": "and any loans that a bank makes must"}, {"end": "00:10:22", "start": "00:10:16", "text": "instead be funded by time deposits with"}, {"end": "00:10:24", "start": "00:10:19", "text": "an equal or longer duration so if a bank"}, {"end": "00:10:26", "start": "00:10:22", "text": "offers a 2-year loan it should be"}, {"end": "00:10:28", "start": "00:10:24", "text": "supported by certificates of deposit"}, {"end": "00:10:31", "start": "00:10:26", "text": "with at least 2 years of duration this"}, {"end": "00:10:33", "start": "00:10:28", "text": "practice of M matching durations leads"}, {"end": "00:10:34", "start": "00:10:31", "text": "to a more stable system because it"}, {"end": "00:10:37", "start": "00:10:33", "text": "avoids making commitments about"}, {"end": "00:10:39", "start": "00:10:34", "text": "liquidity that cannot always be"}, {"end": "00:10:40", "start": "00:10:37", "text": "fulfilled much of History has decided"}, {"end": "00:10:42", "start": "00:10:39", "text": "against full Reserve banking in favor of"}, {"end": "00:10:45", "start": "00:10:40", "text": "fractur Reserve banking where demand"}, {"end": "00:10:47", "start": "00:10:42", "text": "deposits can be redeemed at any time"}, {"end": "00:10:48", "start": "00:10:45", "text": "even though only a fraction of them are"}, {"end": "00:10:50", "start": "00:10:47", "text": "kept in reserves for immediate"}, {"end": "00:10:52", "start": "00:10:48", "text": "Redemption this approach hinges on the"}, {"end": "00:10:55", "start": "00:10:50", "text": "assumption that not many people will"}, {"end": "00:10:57", "start": "00:10:52", "text": "redeem or withdraw their money at the"}, {"end": "00:11:00", "start": "00:10:55", "text": "same time however during crisis they"}, {"end": "00:11:02", "start": "00:10:57", "text": "often do when money is borrowed from a"}, {"end": "00:11:04", "start": "00:11:00", "text": "bank it leads to the creation of"}, {"end": "00:11:06", "start": "00:11:02", "text": "additional fractionally reserved"}, {"end": "00:11:08", "start": "00:11:04", "text": "deposits these deposits can then be"}, {"end": "00:11:10", "start": "00:11:06", "text": "placed in another bank where they're"}, {"end": "00:11:12", "start": "00:11:08", "text": "once again subject to fractural reserve"}, {"end": "00:11:15", "start": "00:11:10", "text": "practices and can be lent out"}, {"end": "00:11:17", "start": "00:11:12", "text": "immediately repeating the process this"}, {"end": "00:11:19", "start": "00:11:15", "text": "cycle results in the double counting"}, {"end": "00:11:22", "start": "00:11:17", "text": "triple counting quadruple counting and"}, {"end": "00:11:24", "start": "00:11:19", "text": "so on for base money causing the system"}, {"end": "00:11:27", "start": "00:11:22", "text": "to be burdened with many times more gold"}, {"end": "00:11:29", "start": "00:11:24", "text": "claims than there is actual gold while"}, {"end": "00:11:31", "start": "00:11:27", "text": "this system functions well most of the"}, {"end": "00:11:33", "start": "00:11:29", "text": "time it occasionally experiences"}, {"end": "00:11:35", "start": "00:11:31", "text": "catastrophic"}, {"end": "00:11:37", "start": "00:11:33", "text": "failures central banks were established"}, {"end": "00:11:39", "start": "00:11:35", "text": "to mitigate the impact of fractional"}, {"end": "00:11:41", "start": "00:11:37", "text": "Reserve banking crises and to provide"}, {"end": "00:11:43", "start": "00:11:39", "text": "financial support to governments during"}, {"end": "00:11:45", "start": "00:11:41", "text": "times of conflict in the absence of a"}, {"end": "00:11:48", "start": "00:11:43", "text": "central bank a system is typically"}, {"end": "00:11:50", "start": "00:11:45", "text": "referred to as free banking under a free"}, {"end": "00:11:53", "start": "00:11:48", "text": "banking Arrangement Banks Safeguard"}, {"end": "00:11:55", "start": "00:11:50", "text": "their own gold issue deposits and"}, {"end": "00:11:56", "start": "00:11:53", "text": "distribute Bank notes redeemable for"}, {"end": "00:11:58", "start": "00:11:55", "text": "gold although they still normally have"}, {"end": "00:12:01", "start": "00:11:56", "text": "to follow regulations placed on them by"}, {"end": "00:12:03", "start": "00:11:58", "text": "the government in contrast when a"}, {"end": "00:12:05", "start": "00:12:01", "text": "central bank is established and granted"}, {"end": "00:12:07", "start": "00:12:03", "text": "Monopoly status by the government all"}, {"end": "00:12:09", "start": "00:12:05", "text": "banks are required to deposit their"}, {"end": "00:12:12", "start": "00:12:07", "text": "reserves with the central bank which"}, {"end": "00:12:14", "start": "00:12:09", "text": "holds the gold on their behalf this"}, {"end": "00:12:16", "start": "00:12:12", "text": "setup involves fractional Reserve"}, {"end": "00:12:18", "start": "00:12:14", "text": "practices even within the central bank"}, {"end": "00:12:20", "start": "00:12:16", "text": "that manages the reserves when a"}, {"end": "00:12:22", "start": "00:12:18", "text": "fractional Reserve Bank faces a run on"}, {"end": "00:12:24", "start": "00:12:20", "text": "its reserves it can borrow from other"}, {"end": "00:12:27", "start": "00:12:22", "text": "Banks using its loan assets as"}, {"end": "00:12:29", "start": "00:12:24", "text": "collateral but during Financial crises"}, {"end": "00:12:32", "start": "00:12:27", "text": "Mutual distrust among Banks can lead to"}, {"end": "00:12:34", "start": "00:12:29", "text": "system failures due to excessive claims"}, {"end": "00:12:36", "start": "00:12:32", "text": "on money compared to available reserves"}, {"end": "00:12:39", "start": "00:12:34", "text": "to counter this central banks often"}, {"end": "00:12:42", "start": "00:12:36", "text": "resort to printing more currency causing"}, {"end": "00:12:45", "start": "00:12:39", "text": "currency devaluation breaking gold picks"}, {"end": "00:12:47", "start": "00:12:42", "text": "and inflation eventually many central"}, {"end": "00:12:49", "start": "00:12:45", "text": "banks and governments abandoned gold"}, {"end": "00:12:52", "start": "00:12:47", "text": "back currency alog together to create a"}, {"end": "00:12:54", "start": "00:12:49", "text": "new type of Global Financial"}, {"end": "00:12:56", "start": "00:12:52", "text": "system the rails that move money and"}, {"end": "00:12:58", "start": "00:12:54", "text": "credit are highly intricate and their"}, {"end": "00:13:00", "start": "00:12:56", "text": "structure evolves over time due to"}, {"end": "00:13:03", "start": "00:12:58", "text": "technological Advan ments and shifts in"}, {"end": "00:13:05", "start": "00:13:00", "text": "geopolitical Dynamics at its core the"}, {"end": "00:13:07", "start": "00:13:03", "text": "Global Financial system facilitates"}, {"end": "00:13:09", "start": "00:13:05", "text": "international trade settlement and"}, {"end": "00:13:11", "start": "00:13:07", "text": "external financing between different"}, {"end": "00:13:13", "start": "00:13:09", "text": "countries in a system where each country"}, {"end": "00:13:16", "start": "00:13:11", "text": "maintained its own separate Central Bank"}, {"end": "00:13:18", "start": "00:13:13", "text": "currency Ledger often with mutual"}, {"end": "00:13:21", "start": "00:13:16", "text": "distrust regarding the soundness of each"}, {"end": "00:13:22", "start": "00:13:18", "text": "other's currency a global Reserve asset"}, {"end": "00:13:26", "start": "00:13:21", "text": "becomes essential to unify various"}, {"end": "00:13:28", "start": "00:13:22", "text": "currencies for international trade since"}, {"end": "00:13:31", "start": "00:13:26", "text": "1871 this system has undergone three"}, {"end": "00:13:32", "start": "00:13:28", "text": "structural transformations"}, {"end": "00:13:34", "start": "00:13:31", "text": "after the First Transformation the"}, {"end": "00:13:36", "start": "00:13:32", "text": "modern Financial era began with the"}, {"end": "00:13:39", "start": "00:13:34", "text": "international gold standard which"}, {"end": "00:13:42", "start": "00:13:36", "text": "spanned from 1871 until the early 20th"}, {"end": "00:13:44", "start": "00:13:39", "text": "century by the 1860s the telegraph"}, {"end": "00:13:46", "start": "00:13:42", "text": "revolutionized communication with the"}, {"end": "00:13:48", "start": "00:13:44", "text": "completion of the first cross-atlantic"}, {"end": "00:13:51", "start": "00:13:46", "text": "cable enabling instant communication"}, {"end": "00:13:53", "start": "00:13:48", "text": "across continents a feat previously"}, {"end": "00:13:57", "start": "00:13:51", "text": "unimaginable the end of the Franco"}, {"end": "00:13:59", "start": "00:13:53", "text": "Prussian war in 1871 marked the onset of"}, {"end": "00:14:02", "start": "00:13:57", "text": "a period of European peace and the wise"}, {"end": "00:14:04", "start": "00:13:59", "text": "adoption of the international gold"}, {"end": "00:14:06", "start": "00:14:02", "text": "standard at the same time the United"}, {"end": "00:14:08", "start": "00:14:04", "text": "States centralized its banking system"}, {"end": "00:14:11", "start": "00:14:06", "text": "during the Civil War and joined Europe"}, {"end": "00:14:13", "start": "00:14:08", "text": "in adopting the gold standard while the"}, {"end": "00:14:16", "start": "00:14:11", "text": "telegraph created new possibilities it"}, {"end": "00:14:18", "start": "00:14:13", "text": "also introduced a challenge transactions"}, {"end": "00:14:20", "start": "00:14:16", "text": "could now occur at the speed of light"}, {"end": "00:14:22", "start": "00:14:18", "text": "across countries and continents but"}, {"end": "00:14:23", "start": "00:14:20", "text": "physical settlements of money were"}, {"end": "00:14:26", "start": "00:14:22", "text": "constrained by the limitations of"}, {"end": "00:14:28", "start": "00:14:23", "text": "physical matter this mismatch created"}, {"end": "00:14:31", "start": "00:14:26", "text": "Arbitrage opportunities which banks and"}, {"end": "00:14:33", "start": "00:14:28", "text": "central banks capitalized on they held a"}, {"end": "00:14:35", "start": "00:14:31", "text": "monopoly over fast longdistance value"}, {"end": "00:14:37", "start": "00:14:33", "text": "transfers utilizing paper and"}, {"end": "00:14:39", "start": "00:14:35", "text": "telegraphic communication to update each"}, {"end": "00:14:42", "start": "00:14:37", "text": "other's ledgers with minimal need to"}, {"end": "00:14:46", "start": "00:14:39", "text": "ever physically send and verify actual"}, {"end": "00:14:48", "start": "00:14:42", "text": "gold in 1875 William Stanley Jans"}, {"end": "00:14:49", "start": "00:14:46", "text": "published a book titled money and the"}, {"end": "00:14:52", "start": "00:14:48", "text": "mechanism of"}, {"end": "00:14:55", "start": "00:14:49", "text": "exchange similar to my 2023 book broken"}, {"end": "00:14:57", "start": "00:14:52", "text": "money jevans explored the history of"}, {"end": "00:14:59", "start": "00:14:55", "text": "money and the technological advancements"}, {"end": "00:15:00", "start": "00:14:57", "text": "surrounding it he highlighted that"}, {"end": "00:15:03", "start": "00:14:59", "text": "thanks to to the Telegraph and other"}, {"end": "00:15:05", "start": "00:15:00", "text": "rapid communication methods transactions"}, {"end": "00:15:07", "start": "00:15:03", "text": "could frequently occur with minimal"}, {"end": "00:15:10", "start": "00:15:05", "text": "Reliance on physical metal the Global"}, {"end": "00:15:12", "start": "00:15:07", "text": "Financial system was gravitating towards"}, {"end": "00:15:14", "start": "00:15:10", "text": "centralization particularly around"}, {"end": "00:15:16", "start": "00:15:12", "text": "London where Bankers could efficiently"}, {"end": "00:15:19", "start": "00:15:14", "text": "transact through a centralized Clearing"}, {"end": "00:15:21", "start": "00:15:16", "text": "House jbans also recognized the"}, {"end": "00:15:23", "start": "00:15:19", "text": "substantial risks accompanying this"}, {"end": "00:15:25", "start": "00:15:21", "text": "growing efficiency he emphasizes that"}, {"end": "00:15:28", "start": "00:15:23", "text": "there are approximately 20 times more"}, {"end": "00:15:30", "start": "00:15:25", "text": "claims for gold than actual gold"}, {"end": "00:15:32", "start": "00:15:28", "text": "reserves he caution that Bankers should"}, {"end": "00:15:35", "start": "00:15:30", "text": "never forget that these fractionally"}, {"end": "00:15:37", "start": "00:15:32", "text": "reserved claims essentially represented"}, {"end": "00:15:41", "start": "00:15:35", "text": "promises for gold even though they were"}, {"end": "00:15:43", "start": "00:15:37", "text": "rarely redeemed as such even if just 5%"}, {"end": "00:15:46", "start": "00:15:41", "text": "of people simultaneously demanded their"}, {"end": "00:15:48", "start": "00:15:43", "text": "gold the system would crumble fast"}, {"end": "00:15:51", "start": "00:15:46", "text": "forward four decades and this scenario"}, {"end": "00:15:53", "start": "00:15:48", "text": "unfolded during World War I the era of"}, {"end": "00:15:56", "start": "00:15:51", "text": "European peace came to an end leading to"}, {"end": "00:15:58", "start": "00:15:53", "text": "money printing for wartime purposes and"}, {"end": "00:16:00", "start": "00:15:56", "text": "widespread defaults on gold Redemption"}, {"end": "00:16:03", "start": "00:15:58", "text": "within a heavily leverag Financial"}, {"end": "00:16:04", "start": "00:16:00", "text": "system taxing for Wars is unpopular and"}, {"end": "00:16:08", "start": "00:16:03", "text": "can lead to revolts and revolutions by"}, {"end": "00:16:10", "start": "00:16:04", "text": "the people so governments often turn to"}, {"end": "00:16:13", "start": "00:16:08", "text": "currency dilution and other less"}, {"end": "00:16:15", "start": "00:16:10", "text": "transparent methods to pay for them in"}, {"end": "00:16:17", "start": "00:16:13", "text": "earlier centuries when governments aimed"}, {"end": "00:16:20", "start": "00:16:15", "text": "to De base their currency for war"}, {"end": "00:16:22", "start": "00:16:17", "text": "financing the process unfolded slowly"}, {"end": "00:16:25", "start": "00:16:20", "text": "there is no Swift method to diminish the"}, {"end": "00:16:29", "start": "00:16:22", "text": "value of coins held by people instead it"}, {"end": "00:16:32", "start": "00:16:25", "text": "requireed taxation melting renting and"}, {"end": "00:16:32", "start": "00:16:29", "text": "re introducing lower quality coins into"}, {"end": "00:16:35", "start": "00:16:32", "text": "the"}, {"end": "00:16:37", "start": "00:16:32", "text": "economy however in a scenario where"}, {"end": "00:16:39", "start": "00:16:35", "text": "individuals predominantly hold deposits"}, {"end": "00:16:41", "start": "00:16:37", "text": "and paper claims backed by gold stored"}, {"end": "00:16:43", "start": "00:16:39", "text": "in Central Bank faults the ability to"}, {"end": "00:16:45", "start": "00:16:41", "text": "sever gold Redemption becomes a matter"}, {"end": "00:16:48", "start": "00:16:43", "text": "of a stroke of a pen allowing for the"}, {"end": "00:16:50", "start": "00:16:45", "text": "rapid printing of vast amounts of money"}, {"end": "00:16:52", "start": "00:16:48", "text": "governments were no longer restricted by"}, {"end": "00:16:54", "start": "00:16:50", "text": "the quantity of gold in their reserves"}, {"end": "00:16:56", "start": "00:16:52", "text": "they could continue fighting until they"}, {"end": "00:16:57", "start": "00:16:54", "text": "depleted the liquid Savings of their"}, {"end": "00:16:59", "start": "00:16:56", "text": "entire"}, {"end": "00:17:01", "start": "00:16:57", "text": "citizenry the second period of the"}, {"end": "00:17:04", "start": "00:16:59", "text": "modern Financial era unfolded after"}, {"end": "00:17:08", "start": "00:17:01", "text": "World War II and extended until"}, {"end": "00:17:10", "start": "00:17:04", "text": "1971 during the War years gold pegs"}, {"end": "00:17:12", "start": "00:17:08", "text": "collapsed worldwide with some Nations"}, {"end": "00:17:15", "start": "00:17:10", "text": "even outlawing gold ownership for their"}, {"end": "00:17:17", "start": "00:17:12", "text": "citizens following the war most"}, {"end": "00:17:21", "start": "00:17:15", "text": "countries except the United States faced"}, {"end": "00:17:23", "start": "00:17:17", "text": "severe Devastation so the United States"}, {"end": "00:17:26", "start": "00:17:21", "text": "representing over 40% of the global"}, {"end": "00:17:30", "start": "00:17:23", "text": "economy assumed a central role in a new"}, {"end": "00:17:33", "start": "00:17:26", "text": "International Financial system in 1944"}, {"end": "00:17:35", "start": "00:17:30", "text": "as the Allied Forces neared Victory"}, {"end": "00:17:37", "start": "00:17:33", "text": "representatives from 44 countries"}, {"end": "00:17:39", "start": "00:17:35", "text": "convened in Bretton Woods New Hampshire"}, {"end": "00:17:42", "start": "00:17:37", "text": "to design the future Global Financial"}, {"end": "00:17:44", "start": "00:17:39", "text": "system Britain advocated for a system"}, {"end": "00:17:47", "start": "00:17:42", "text": "centered around a neutral Reserve asset"}, {"end": "00:17:49", "start": "00:17:44", "text": "called a banker while the United States"}, {"end": "00:17:51", "start": "00:17:47", "text": "pushed for pegging all currencies to the"}, {"end": "00:17:55", "start": "00:17:49", "text": "dollar with the dollar itself tied to"}, {"end": "00:17:56", "start": "00:17:51", "text": "Gold the US proposal prevailed leading"}, {"end": "00:18:00", "start": "00:17:55", "text": "to the establishment of what we now"}, {"end": "00:18:02", "start": "00:17:56", "text": "recognize as the Breton wood system"}, {"end": "00:18:04", "start": "00:18:00", "text": "under this system it remained illegal"}, {"end": "00:18:06", "start": "00:18:02", "text": "for Americans to own gold and they"}, {"end": "00:18:10", "start": "00:18:04", "text": "couldn't redeem dollars for gold but"}, {"end": "00:18:11", "start": "00:18:06", "text": "foreign central banks had that privilege"}, {"end": "00:18:14", "start": "00:18:10", "text": "the creation of the World Bank and"}, {"end": "00:18:16", "start": "00:18:11", "text": "international monetary fund followed the"}, {"end": "00:18:18", "start": "00:18:14", "text": "Breton Woods conference serving as key"}, {"end": "00:18:22", "start": "00:18:16", "text": "components for enticing enforcing and"}, {"end": "00:18:23", "start": "00:18:18", "text": "regulating the system once again the"}, {"end": "00:18:27", "start": "00:18:22", "text": "Achilles heel was fractional Reserve"}, {"end": "00:18:29", "start": "00:18:23", "text": "banking between 1950 and 1970 the number"}, {"end": "00:18:32", "start": "00:18:27", "text": "of dollars in circulation tripled due to"}, {"end": "00:18:34", "start": "00:18:29", "text": "bank lending and government deficits"}, {"end": "00:18:37", "start": "00:18:32", "text": "even as us gold reserves diminished"}, {"end": "00:18:39", "start": "00:18:34", "text": "through foreign redemptions offshore"}, {"end": "00:18:41", "start": "00:18:37", "text": "dollars further multiplied essentially"}, {"end": "00:18:45", "start": "00:18:39", "text": "forming one fractional Reserve System on"}, {"end": "00:18:46", "start": "00:18:41", "text": "top of another by the late 1960s it"}, {"end": "00:18:49", "start": "00:18:45", "text": "became evident that the system was"}, {"end": "00:18:53", "start": "00:18:46", "text": "destined to fail prompting President"}, {"end": "00:18:53", "start": "00:18:49", "text": "Nixon to terminate gold redeemability in"}, {"end": "00:18:58", "start": "00:18:53", "text": "1971 the third and current ERA of the"}, {"end": "00:19:00", "start": "00:18:56", "text": "modern Financial system commenced in the"}, {"end": "00:19:04", "start": "00:18:58", "text": "1970s following the collapse of the"}, {"end": "00:19:06", "start": "00:19:00", "text": "bretonwood system after 1971 the world"}, {"end": "00:19:08", "start": "00:19:04", "text": "found itself in an entirely unbacked"}, {"end": "00:19:11", "start": "00:19:06", "text": "monetary system marking a significant"}, {"end": "00:19:13", "start": "00:19:08", "text": "departure from previous eras while"}, {"end": "00:19:15", "start": "00:19:11", "text": "governments could compel their citizens"}, {"end": "00:19:17", "start": "00:19:13", "text": "to use currency for domestic"}, {"end": "00:19:19", "start": "00:19:15", "text": "transactions the challenge lay in"}, {"end": "00:19:22", "start": "00:19:17", "text": "trusting other government's unback"}, {"end": "00:19:24", "start": "00:19:19", "text": "ledgers for global trade during this"}, {"end": "00:19:27", "start": "00:19:22", "text": "period the United States still held the"}, {"end": "00:19:29", "start": "00:19:24", "text": "world's largest economy military power"}, {"end": "00:19:33", "start": "00:19:27", "text": "and Global dollar Network effects from"}, {"end": "00:19:34", "start": "00:19:29", "text": "the Breton Woods era in 1974 the Nixon"}, {"end": "00:19:37", "start": "00:19:33", "text": "Administration struck a deal with the"}, {"end": "00:19:39", "start": "00:19:34", "text": "Kingdom of Saudi Arabia requiring that"}, {"end": "00:19:41", "start": "00:19:37", "text": "Saudi Arabia would exclusively sell its"}, {"end": "00:19:44", "start": "00:19:39", "text": "oil in dollars accumulate dollar"}, {"end": "00:19:47", "start": "00:19:41", "text": "surpluses and invest those surpluses in"}, {"end": "00:19:49", "start": "00:19:44", "text": "US government bonds as reserves in"}, {"end": "00:19:52", "start": "00:19:47", "text": "return the US would offer lucrative arms"}, {"end": "00:19:54", "start": "00:19:49", "text": "deals and Military protection this"}, {"end": "00:19:56", "start": "00:19:52", "text": "practice extended to other OPEC"}, {"end": "00:19:58", "start": "00:19:54", "text": "countries giving rise to the Petra"}, {"end": "00:20:01", "start": "00:19:56", "text": "dollar system and for a substantial"}, {"end": "00:20:04", "start": "00:19:58", "text": "period almost all Global energy trade"}, {"end": "00:20:06", "start": "00:20:01", "text": "was denominated in dollars throughout"}, {"end": "00:20:08", "start": "00:20:04", "text": "these three eras the gold standard where"}, {"end": "00:20:10", "start": "00:20:06", "text": "Nation supported their currencies with"}, {"end": "00:20:12", "start": "00:20:08", "text": "gold reserves the BR and wood system"}, {"end": "00:20:13", "start": "00:20:10", "text": "characterized by the United States"}, {"end": "00:20:15", "start": "00:20:12", "text": "substantial gold Holdings and other"}, {"end": "00:20:18", "start": "00:20:13", "text": "countries pecking their currencies to"}, {"end": "00:20:19", "start": "00:20:15", "text": "the dollar and the Petra dollar system"}, {"end": "00:20:21", "start": "00:20:18", "text": "where the US dollar and US government"}, {"end": "00:20:24", "start": "00:20:19", "text": "bonds serve as the pillars of global"}, {"end": "00:20:27", "start": "00:20:21", "text": "trade one can see a gradual shift toward"}, {"end": "00:20:29", "start": "00:20:24", "text": "two defining features centralization and"}, {"end": "00:20:31", "start": "00:20:27", "text": "abstraction"}, {"end": "00:20:33", "start": "00:20:29", "text": "[Music]"}, {"end": "00:20:35", "start": "00:20:31", "text": "since the invention and deployment of"}, {"end": "00:20:38", "start": "00:20:33", "text": "the telegraph in the latter half of the"}, {"end": "00:20:40", "start": "00:20:35", "text": "19th century the Global Financial system"}, {"end": "00:20:43", "start": "00:20:38", "text": "has witnessed a consolidation of power"}, {"end": "00:20:44", "start": "00:20:40", "text": "and a separation from reality the"}, {"end": "00:20:46", "start": "00:20:43", "text": "ability for transactions to occur"}, {"end": "00:20:48", "start": "00:20:44", "text": "globally at the speed of light while"}, {"end": "00:20:51", "start": "00:20:46", "text": "physical monetary settlements can only"}, {"end": "00:20:53", "start": "00:20:48", "text": "happen at the pace of material transfer"}, {"end": "00:20:53", "start": "00:20:51", "text": "requires a level of credit abstraction"}, {"end": "00:20:56", "start": "00:20:53", "text": "to"}, {"end": "00:20:59", "start": "00:20:53", "text": "work this shift granted Banks and"}, {"end": "00:21:01", "start": "00:20:56", "text": "central banks significant power as they"}, {"end": "00:21:04", "start": "00:20:59", "text": "effectively monopolize fast longdistance"}, {"end": "00:21:05", "start": "00:21:01", "text": "value transfers eventually they could"}, {"end": "00:21:08", "start": "00:21:04", "text": "just drop material transfer from the"}, {"end": "00:21:11", "start": "00:21:05", "text": "system altogether and to find money"}, {"end": "00:21:12", "start": "00:21:08", "text": "entirely around Central Bank ledgers"}, {"end": "00:21:13", "start": "00:21:11", "text": "central banks took on the role of"}, {"end": "00:21:16", "start": "00:21:12", "text": "managing the ledgers for their"}, {"end": "00:21:18", "start": "00:21:13", "text": "respective countries and notably the"}, {"end": "00:21:20", "start": "00:21:16", "text": "bank of England in the past and the US"}, {"end": "00:21:23", "start": "00:21:18", "text": "Federal Reserve in the present have also"}, {"end": "00:21:26", "start": "00:21:20", "text": "served as the global ledgers that bound"}, {"end": "00:21:28", "start": "00:21:23", "text": "International Trade together as a result"}, {"end": "00:21:30", "start": "00:21:26", "text": "there are approximately 160 different"}, {"end": "00:21:32", "start": "00:21:28", "text": "currencies world wide each holding a"}, {"end": "00:21:34", "start": "00:21:30", "text": "local Monopoly within its own"}, {"end": "00:21:37", "start": "00:21:32", "text": "jurisdiction with limited or no"}, {"end": "00:21:39", "start": "00:21:34", "text": "acceptance Beyond its borders currencies"}, {"end": "00:21:42", "start": "00:21:37", "text": "of wealthy Nations tend to lose value"}, {"end": "00:21:44", "start": "00:21:39", "text": "slowly While most currencies lose value"}, {"end": "00:21:45", "start": "00:21:42", "text": "quickly the anchor of This Global"}, {"end": "00:21:48", "start": "00:21:44", "text": "Financial architecture between all these"}, {"end": "00:21:50", "start": "00:21:45", "text": "currencies is the US dollar countries"}, {"end": "00:21:53", "start": "00:21:48", "text": "maintain dollar denominated assets in"}, {"end": "00:21:55", "start": "00:21:50", "text": "reserves denominate significant portions"}, {"end": "00:21:57", "start": "00:21:53", "text": "of international trade contracts in"}, {"end": "00:22:00", "start": "00:21:55", "text": "dollars and access dollar denominated"}, {"end": "00:22:02", "start": "00:21:57", "text": "financing from forign creditors this"}, {"end": "00:22:04", "start": "00:22:00", "text": "greatly benefits the United States"}, {"end": "00:22:06", "start": "00:22:02", "text": "geopolitically even though it doesn't"}, {"end": "00:22:09", "start": "00:22:04", "text": "necessarily benefit all Americans for"}, {"end": "00:22:10", "start": "00:22:06", "text": "instance the United States can devalue"}, {"end": "00:22:12", "start": "00:22:09", "text": "the dollar through softer monetary"}, {"end": "00:22:15", "start": "00:22:10", "text": "policies thereby diminishing the"}, {"end": "00:22:18", "start": "00:22:12", "text": "purching power of currency reserves held"}, {"end": "00:22:19", "start": "00:22:15", "text": "by creditor Nations or the United States"}, {"end": "00:22:22", "start": "00:22:18", "text": "can strengthen the dollar through"}, {"end": "00:22:24", "start": "00:22:19", "text": "tighter monetary policies increasing the"}, {"end": "00:22:27", "start": "00:22:22", "text": "value of liabilities owed by dettor"}, {"end": "00:22:29", "start": "00:22:24", "text": "Nations and sending them into financial"}, {"end": "00:22:32", "start": "00:22:27", "text": "crisis the failure failure rate for"}, {"end": "00:22:34", "start": "00:22:29", "text": "currencies around the world is very high"}, {"end": "00:22:37", "start": "00:22:32", "text": "in the 1990s Brazil at the time the"}, {"end": "00:22:39", "start": "00:22:34", "text": "fifth most populous country in the world"}, {"end": "00:22:42", "start": "00:22:37", "text": "experienced severe hyperinflation since"}, {"end": "00:22:45", "start": "00:22:39", "text": "the 1980s or later hyperinflation has"}, {"end": "00:22:48", "start": "00:22:42", "text": "impacted other nations such as Argentina"}, {"end": "00:22:53", "start": "00:22:45", "text": "Yugoslavia Zimbabwe Venezuela Poland"}, {"end": "00:22:55", "start": "00:22:48", "text": "Kazakhstan Peru Bulgaria Ukraine Lebanon"}, {"end": "00:22:59", "start": "00:22:53", "text": "and several others additionally"}, {"end": "00:23:01", "start": "00:22:55", "text": "countries like Israel Mexico Vietnam"}, {"end": "00:23:03", "start": "00:22:59", "text": "Ecuador Costa Rica and turkey grappled"}, {"end": "00:23:05", "start": "00:23:01", "text": "with triple digit inflation during this"}, {"end": "00:23:07", "start": "00:23:03", "text": "period which is on the brink of"}, {"end": "00:23:09", "start": "00:23:05", "text": "hyperinflation many other countries"}, {"end": "00:23:12", "start": "00:23:07", "text": "experienced recurring periods of double-"}, {"end": "00:23:14", "start": "00:23:09", "text": "Digit inflation Nigeria with a"}, {"end": "00:23:15", "start": "00:23:12", "text": "population of over 200 million people"}, {"end": "00:23:18", "start": "00:23:14", "text": "has witnessed an annualized price"}, {"end": "00:23:21", "start": "00:23:15", "text": "inflation rate of 133% over the past"}, {"end": "00:23:23", "start": "00:23:18", "text": "decade turkey and Argentina both"}, {"end": "00:23:26", "start": "00:23:21", "text": "esteemed members of the G20 nations with"}, {"end": "00:23:28", "start": "00:23:23", "text": "a combined population exceeding 130"}, {"end": "00:23:31", "start": "00:23:26", "text": "million people have struggled with"}, {"end": "00:23:34", "start": "00:23:28", "text": "runaway inflation for years in 2016"}, {"end": "00:23:36", "start": "00:23:31", "text": "Egypt home to over 100 million people"}, {"end": "00:23:38", "start": "00:23:34", "text": "drastically devalued its currency by"}, {"end": "00:23:40", "start": "00:23:36", "text": "half relative to the dollar and repeated"}, {"end": "00:23:43", "start": "00:23:38", "text": "this devaluation again in"}, {"end": "00:23:46", "start": "00:23:40", "text": "2022 both actions taken at the bidding"}, {"end": "00:23:48", "start": "00:23:43", "text": "of the international monetary fund when"}, {"end": "00:23:50", "start": "00:23:46", "text": "such devaluations occur not only do"}, {"end": "00:23:53", "start": "00:23:48", "text": "people see their savings lose value but"}, {"end": "00:23:57", "start": "00:23:50", "text": "their ongoing wages denominated in local"}, {"end": "00:23:59", "start": "00:23:53", "text": "currency units also suffer over the past"}, {"end": "00:24:01", "start": "00:23:57", "text": "50 years very few develop ing countries"}, {"end": "00:24:03", "start": "00:23:59", "text": "have attained developed status the"}, {"end": "00:24:05", "start": "00:24:01", "text": "absence of currency stability forces"}, {"end": "00:24:08", "start": "00:24:03", "text": "them to rely on external currency"}, {"end": "00:24:09", "start": "00:24:05", "text": "financing which ironically contribut"}, {"end": "00:24:11", "start": "00:24:08", "text": "significantly to their currency"}, {"end": "00:24:13", "start": "00:24:09", "text": "instability creating a destructive and"}, {"end": "00:24:15", "start": "00:24:11", "text": "nearly inescapable"}, {"end": "00:24:18", "start": "00:24:13", "text": "cycle even in wealthy countries money"}, {"end": "00:24:21", "start": "00:24:15", "text": "often doesn't make sense from 2016 to"}, {"end": "00:24:23", "start": "00:24:18", "text": "2021 Europe and Japan grappled with"}, {"end": "00:24:26", "start": "00:24:21", "text": "negative yielding bonds valued at over"}, {"end": "00:24:28", "start": "00:24:23", "text": "18 trillion instead of earning interest"}, {"end": "00:24:29", "start": "00:24:26", "text": "for Lending to governments and major"}, {"end": "00:24:31", "start": "00:24:28", "text": "corporations"}, {"end": "00:24:33", "start": "00:24:29", "text": "individuals had to pay for this"}, {"end": "00:24:36", "start": "00:24:31", "text": "privilege this upheaval in the financial"}, {"end": "00:24:38", "start": "00:24:33", "text": "system inverted incentives and a global"}, {"end": "00:24:40", "start": "00:24:36", "text": "inflation surge in the ensuing years"}, {"end": "00:24:44", "start": "00:24:38", "text": "greatly eroded the purching power for"}, {"end": "00:24:46", "start": "00:24:40", "text": "those Bond holders between 2020 and 2022"}, {"end": "00:24:49", "start": "00:24:44", "text": "the United States increased its public"}, {"end": "00:24:51", "start": "00:24:46", "text": "debt by over $8 trillion a significant"}, {"end": "00:24:53", "start": "00:24:49", "text": "portion of which was effectively printed"}, {"end": "00:24:54", "start": "00:24:51", "text": "by the country's Central Bank this"}, {"end": "00:24:58", "start": "00:24:53", "text": "equates to more than"}, {"end": "00:25:00", "start": "00:24:54", "text": "$60,000 per American household however"}, {"end": "00:25:02", "start": "00:24:58", "text": "the average American family has not"}, {"end": "00:25:05", "start": "00:25:00", "text": "received anywhere near this amount of"}, {"end": "00:25:07", "start": "00:25:02", "text": "stimulus with more than 160 currency"}, {"end": "00:25:08", "start": "00:25:05", "text": "jurisdictions worldwide these"}, {"end": "00:25:11", "start": "00:25:07", "text": "governments including the United States"}, {"end": "00:25:13", "start": "00:25:08", "text": "possess substantial authority to erode"}, {"end": "00:25:16", "start": "00:25:11", "text": "the value of people's savings and wages"}, {"end": "00:25:18", "start": "00:25:13", "text": "often channeling this value opaquely to"}, {"end": "00:25:19", "start": "00:25:16", "text": "various parties situated closer to the"}, {"end": "00:25:22", "start": "00:25:18", "text": "source of money"}, {"end": "00:25:25", "start": "00:25:19", "text": "creation as money is continually diluted"}, {"end": "00:25:26", "start": "00:25:22", "text": "with ever growing Supply sometimes value"}, {"end": "00:25:29", "start": "00:25:25", "text": "is funnel to corrupt government"}, {"end": "00:25:31", "start": "00:25:26", "text": "officials other times it is is funnel"}, {"end": "00:25:33", "start": "00:25:29", "text": "toward Finance years with privileged"}, {"end": "00:25:35", "start": "00:25:31", "text": "access to credit and bailouts the"}, {"end": "00:25:37", "start": "00:25:33", "text": "details vary by country and although"}, {"end": "00:25:39", "start": "00:25:35", "text": "there is plenty of blame to go around"}, {"end": "00:25:41", "start": "00:25:37", "text": "the important point is that the"}, {"end": "00:25:43", "start": "00:25:39", "text": "incentives themselves are corrupt the"}, {"end": "00:25:45", "start": "00:25:41", "text": "heart of the problem does not lie with"}, {"end": "00:25:47", "start": "00:25:43", "text": "specific individuals taking advantage of"}, {"end": "00:25:49", "start": "00:25:45", "text": "the system or even those maintaining the"}, {"end": "00:25:52", "start": "00:25:47", "text": "system the problem is that the system"}, {"end": "00:25:54", "start": "00:25:49", "text": "itself is simply broken and outdated"}, {"end": "00:25:56", "start": "00:25:52", "text": "perhaps what is needed is an entirely"}, {"end": "00:25:58", "start": "00:25:54", "text": "new system one that cannot be changed at"}, {"end": "00:26:00", "start": "00:25:56", "text": "the flip of a switch one that is"}, {"end": "00:26:03", "start": "00:25:58", "text": "decentralized ized one that is"}, {"end": "00:26:05", "start": "00:26:00", "text": "permissionless one that is open"}, {"end": "00:26:07", "start": "00:26:03", "text": "source since the development of the"}, {"end": "00:26:09", "start": "00:26:05", "text": "internet cryptographers have sought"}, {"end": "00:26:12", "start": "00:26:07", "text": "methods for creating decentralized"}, {"end": "00:26:14", "start": "00:26:09", "text": "digital currency in 1982 David cha"}, {"end": "00:26:16", "start": "00:26:12", "text": "published a research paper on how"}, {"end": "00:26:18", "start": "00:26:14", "text": "mutually distrustful groups could use"}, {"end": "00:26:21", "start": "00:26:16", "text": "cryptography to maintain a shared"}, {"end": "00:26:24", "start": "00:26:18", "text": "database or Ledger during the 1990s and"}, {"end": "00:26:28", "start": "00:26:21", "text": "early 2000s figures like Adam back Nick"}, {"end": "00:26:31", "start": "00:26:24", "text": "Zabo and Hal fny explored ways to create"}, {"end": "00:26:33", "start": "00:26:28", "text": "digital tokens supported by electricity"}, {"end": "00:26:36", "start": "00:26:31", "text": "and processing power a concept known as"}, {"end": "00:26:38", "start": "00:26:33", "text": "proof of work in 2008 an anonymous"}, {"end": "00:26:40", "start": "00:26:36", "text": "programmer using the name Satoshi"}, {"end": "00:26:43", "start": "00:26:38", "text": "Nakamoto published the Bitcoin white"}, {"end": "00:26:45", "start": "00:26:40", "text": "paper which expanded on these earlier"}, {"end": "00:26:48", "start": "00:26:43", "text": "ideas it outlined a method for creating"}, {"end": "00:26:49", "start": "00:26:45", "text": "a decentralized digital currency using a"}, {"end": "00:26:51", "start": "00:26:48", "text": "distributed network of nodes and"}, {"end": "00:26:54", "start": "00:26:49", "text": "transaction timestamping through"}, {"end": "00:26:56", "start": "00:26:51", "text": "cryptography and proof of work in 2009"}, {"end": "00:26:59", "start": "00:26:54", "text": "Nakamoto released the open source"}, {"end": "00:27:02", "start": "00:26:56", "text": "application to implement his design and"}, {"end": "00:27:04", "start": "00:26:59", "text": "thus the Bitcoin time chain was"}, {"end": "00:27:07", "start": "00:27:02", "text": "born what makes Bitcoin remarkable is"}, {"end": "00:27:09", "start": "00:27:04", "text": "its ability to enable beer asset final"}, {"end": "00:27:11", "start": "00:27:07", "text": "settlements at the speed of light it"}, {"end": "00:27:13", "start": "00:27:09", "text": "effectively closes the speed gap between"}, {"end": "00:27:16", "start": "00:27:11", "text": "transactions and settlements that has"}, {"end": "00:27:18", "start": "00:27:13", "text": "persisted since the late 19th century in"}, {"end": "00:27:20", "start": "00:27:16", "text": "other words it's the first workable way"}, {"end": "00:27:22", "start": "00:27:18", "text": "to quickly send money long distances"}, {"end": "00:27:24", "start": "00:27:20", "text": "without relying on centralized"}, {"end": "00:27:27", "start": "00:27:22", "text": "intermediaries and credit and it comes"}, {"end": "00:27:30", "start": "00:27:24", "text": "with its own finite unit of account that"}, {"end": "00:27:33", "start": "00:27:27", "text": "cannot be diluted for the past 15 years"}, {"end": "00:27:34", "start": "00:27:30", "text": "Bitcoin has been refined in various ways"}, {"end": "00:27:37", "start": "00:27:33", "text": "tested to see how robust it issue"}, {"end": "00:27:39", "start": "00:27:34", "text": "attacks and copied by competitors to see"}, {"end": "00:27:41", "start": "00:27:37", "text": "if there's any way to do it better so"}, {"end": "00:27:44", "start": "00:27:39", "text": "far it has continuously remained the"}, {"end": "00:27:46", "start": "00:27:41", "text": "largest most liquid most decentralized"}, {"end": "00:27:47", "start": "00:27:44", "text": "and most secure"}, {"end": "00:27:50", "start": "00:27:46", "text": "cryptocurrency although it has been"}, {"end": "00:27:52", "start": "00:27:47", "text": "volatile Bitcoin has reached higher"}, {"end": "00:27:55", "start": "00:27:50", "text": "highs and higher lows of market value"}, {"end": "00:27:57", "start": "00:27:52", "text": "and adoption cycle after"}, {"end": "00:28:00", "start": "00:27:55", "text": "cycle Bitcoin works because anyone can"}, {"end": "00:28:03", "start": "00:27:57", "text": "run an open node on a simple device such"}, {"end": "00:28:05", "start": "00:28:00", "text": "as a laptop and these nodes all store"}, {"end": "00:28:07", "start": "00:28:03", "text": "the full history of The Ledger users"}, {"end": "00:28:10", "start": "00:28:05", "text": "possess private Keys enabling them to"}, {"end": "00:28:12", "start": "00:28:07", "text": "sign transactions and pay fees to move"}, {"end": "00:28:14", "start": "00:28:10", "text": "coins or fractional coins between"}, {"end": "00:28:16", "start": "00:28:12", "text": "addresses miners contribute electricity"}, {"end": "00:28:18", "start": "00:28:14", "text": "and processing power to add new"}, {"end": "00:28:20", "start": "00:28:16", "text": "transaction blocks to The Ledger in"}, {"end": "00:28:23", "start": "00:28:18", "text": "exchange for receiving transaction fees"}, {"end": "00:28:25", "start": "00:28:20", "text": "and new coins that are generated in each"}, {"end": "00:28:28", "start": "00:28:23", "text": "new block during the early years of the"}, {"end": "00:28:30", "start": "00:28:25", "text": "network no individual entity including"}, {"end": "00:28:33", "start": "00:28:28", "text": "the network Net's Creator can change the"}, {"end": "00:28:36", "start": "00:28:30", "text": "rules dilute people's coins or censor"}, {"end": "00:28:37", "start": "00:28:33", "text": "transactions the network can however be"}, {"end": "00:28:40", "start": "00:28:36", "text": "updated over time in a backwards"}, {"end": "00:28:42", "start": "00:28:37", "text": "compatible Way by a revolving set of"}, {"end": "00:28:43", "start": "00:28:40", "text": "contributing open source developers"}, {"end": "00:28:46", "start": "00:28:42", "text": "Whenever there is enough consensus by"}, {"end": "00:28:48", "start": "00:28:43", "text": "the node operators and the miners to do"}, {"end": "00:28:51", "start": "00:28:46", "text": "so while additional layers can enhance"}, {"end": "00:28:53", "start": "00:28:48", "text": "Bitcoin speed transaction throughput or"}, {"end": "00:28:55", "start": "00:28:51", "text": "programmability the base layer remains"}, {"end": "00:28:59", "start": "00:28:53", "text": "simple and robust with an eventual fixed"}, {"end": "00:29:01", "start": "00:28:55", "text": "supply of 21 million Bitcoins generated"}, {"end": "00:29:04", "start": "00:28:59", "text": "by miners over time in a pre-programmed"}, {"end": "00:29:05", "start": "00:29:01", "text": "deflationary pattern since Inception"}, {"end": "00:29:07", "start": "00:29:04", "text": "value can be sent to anyone with an"}, {"end": "00:29:10", "start": "00:29:05", "text": "internet connection or brought with"}, {"end": "00:29:11", "start": "00:29:07", "text": "anyone globally Bitcoin is decentralized"}, {"end": "00:29:14", "start": "00:29:10", "text": "digital money offering a viable"}, {"end": "00:29:16", "start": "00:29:11", "text": "alternative to inflationary centralized"}, {"end": "00:29:18", "start": "00:29:14", "text": "banking ledgers this technology is"}, {"end": "00:29:20", "start": "00:29:16", "text": "helping to pierce the 160 different fiat"}, {"end": "00:29:23", "start": "00:29:18", "text": "currency bubbles that people are trapped"}, {"end": "00:29:25", "start": "00:29:20", "text": "in cash and gold can be blocked in"}, {"end": "00:29:27", "start": "00:29:23", "text": "airports and Bank transfers are tightly"}, {"end": "00:29:30", "start": "00:29:25", "text": "controlled but people can send Bitcoins"}, {"end": "00:29:31", "start": "00:29:27", "text": "directly to other across Borders or"}, {"end": "00:29:33", "start": "00:29:30", "text": "bring their Bitcoins with them as they"}, {"end": "00:29:36", "start": "00:29:31", "text": "move around the world just by writing"}, {"end": "00:29:38", "start": "00:29:33", "text": "down or memorizing 12 words representing"}, {"end": "00:29:40", "start": "00:29:36", "text": "their private key people can protect"}, {"end": "00:29:41", "start": "00:29:38", "text": "themselves against monetary dilution and"}, {"end": "00:29:44", "start": "00:29:40", "text": "financial"}, {"end": "00:29:46", "start": "00:29:41", "text": "censorship in a world where half of the"}, {"end": "00:29:48", "start": "00:29:44", "text": "population lives under varying shades of"}, {"end": "00:29:50", "start": "00:29:46", "text": "authoritarianism and billions of people"}, {"end": "00:29:52", "start": "00:29:48", "text": "live with persistently High inflation"}, {"end": "00:29:55", "start": "00:29:50", "text": "the ability to fracture these 160"}, {"end": "00:29:56", "start": "00:29:52", "text": "currency silos and connect them together"}, {"end": "00:29:58", "start": "00:29:55", "text": "should not be"}, {"end": "00:30:00", "start": "00:29:56", "text": "underestimated however this te"}, {"end": "00:30:02", "start": "00:29:58", "text": "technology has also catalyzed the"}, {"end": "00:30:04", "start": "00:30:00", "text": "development of more centralized digital"}, {"end": "00:30:06", "start": "00:30:02", "text": "currencies private stable coins for"}, {"end": "00:30:08", "start": "00:30:04", "text": "instance enable collateralized dollar"}, {"end": "00:30:10", "start": "00:30:06", "text": "tokens to trade on multiple blockchains"}, {"end": "00:30:12", "start": "00:30:08", "text": "providing people in numerous highly"}, {"end": "00:30:15", "start": "00:30:10", "text": "inflationary countries easier access to"}, {"end": "00:30:17", "start": "00:30:12", "text": "US dollars for savings additionally"}, {"end": "00:30:20", "start": "00:30:15", "text": "governments have explored and sometimes"}, {"end": "00:30:22", "start": "00:30:17", "text": "launched Central Bank digital currencies"}, {"end": "00:30:25", "start": "00:30:20", "text": "which are digitally native even more"}, {"end": "00:30:27", "start": "00:30:22", "text": "centralized versions of Fiat currencies"}, {"end": "00:30:29", "start": "00:30:25", "text": "this era marks a fork in the road"}, {"end": "00:30:31", "start": "00:30:27", "text": "offering two distinct paths going"}, {"end": "00:30:33", "start": "00:30:29", "text": "forward over the past Century and a half"}, {"end": "00:30:35", "start": "00:30:31", "text": "within the telecommunication age the"}, {"end": "00:30:37", "start": "00:30:33", "text": "Global Financial system has gravitated"}, {"end": "00:30:40", "start": "00:30:35", "text": "toward increased centralization"}, {"end": "00:30:41", "start": "00:30:37", "text": "abstraction and inflation driven by the"}, {"end": "00:30:43", "start": "00:30:40", "text": "Gap and speed between transactions and"}, {"end": "00:30:47", "start": "00:30:41", "text": "settlements and relying on ever"}, {"end": "00:30:48", "start": "00:30:43", "text": "expanding credit to bridge this Gap most"}, {"end": "00:30:50", "start": "00:30:47", "text": "Technologies in the past that made money"}, {"end": "00:30:52", "start": "00:30:48", "text": "more efficient have come at the cost of"}, {"end": "00:30:55", "start": "00:30:50", "text": "making it more centralized and"}, {"end": "00:30:57", "start": "00:30:52", "text": "controlled on One path going forward"}, {"end": "00:30:59", "start": "00:30:55", "text": "Central Bank digital currencies can"}, {"end": "00:31:01", "start": "00:30:57", "text": "continue the prior trend of ever more"}, {"end": "00:31:04", "start": "00:30:59", "text": "centralized systems that enable precise"}, {"end": "00:31:06", "start": "00:31:01", "text": "control and authority and dilution by"}, {"end": "00:31:08", "start": "00:31:04", "text": "nation states over their citizens on the"}, {"end": "00:31:10", "start": "00:31:06", "text": "other path the emergence of Bitcoin and"}, {"end": "00:31:12", "start": "00:31:08", "text": "other open- source cryptographic"}, {"end": "00:31:14", "start": "00:31:10", "text": "Technologies facilitating rapid digital"}, {"end": "00:31:16", "start": "00:31:12", "text": "settlements without the need for credit"}, {"end": "00:31:18", "start": "00:31:14", "text": "in a peer-to-peer manner charts a course"}, {"end": "00:31:21", "start": "00:31:16", "text": "that diverges from this trend leading"}, {"end": "00:31:24", "start": "00:31:18", "text": "toward a more decentralized streamlined"}, {"end": "00:31:26", "start": "00:31:21", "text": "and deflationary monetary system money"}, {"end": "00:31:28", "start": "00:31:24", "text": "is a shared Ledger prompting the central"}, {"end": "00:31:30", "start": "00:31:26", "text": "question of who governs this Ledger"}, {"end": "00:31:33", "start": "00:31:28", "text": "early Credit Systems were governed by"}, {"end": "00:31:35", "start": "00:31:30", "text": "local communities commodity money abided"}, {"end": "00:31:37", "start": "00:31:33", "text": "by natural laws Fiat currencies came"}, {"end": "00:31:39", "start": "00:31:35", "text": "under the jurisdiction of Banks and"}, {"end": "00:31:41", "start": "00:31:37", "text": "nation states and open- Source"}, {"end": "00:31:43", "start": "00:31:39", "text": "decentralized money like Bitcoin is"}, {"end": "00:31:47", "start": "00:31:41", "text": "governed by its users and selected by"}, {"end": "00:31:48", "start": "00:31:43", "text": "market forces in modern times our money"}, {"end": "00:31:52", "start": "00:31:47", "text": "has been broken because it has been"}, {"end": "00:31:54", "start": "00:31:48", "text": "centralized closed and corrupted in 160"}, {"end": "00:31:56", "start": "00:31:52", "text": "different ways if we're going to fix it"}, {"end": "00:31:58", "start": "00:31:54", "text": "in the digital age a powerful method"}, {"end": "00:32:00", "start": "00:31:56", "text": "would be to make it more decentralized"}, {"end": "00:32:02", "start": "00:31:58", "text": "open and transparent so that it can"}, {"end": "00:32:04", "start": "00:32:00", "text": "strengthen people as individuals while"}, {"end": "00:32:06", "start": "00:32:02", "text": "at the same time shattering the"}, {"end": "00:32:09", "start": "00:32:04", "text": "financial silos that separate us with"}, {"end": "00:32:11", "start": "00:32:06", "text": "open- Source money anyone can hold it"}, {"end": "00:32:13", "start": "00:32:09", "text": "anyone can send it anyone can bring it"}, {"end": "00:32:15", "start": "00:32:11", "text": "with them anyone can build new"}, {"end": "00:32:17", "start": "00:32:13", "text": "technologies that make it better and"}, {"end": "00:32:20", "start": "00:32:15", "text": "everyone across borders can be connected"}, {"end": "00:32:22", "start": "00:32:17", "text": "by it if you enjoyed this video share it"}, {"end": "00:32:24", "start": "00:32:20", "text": "with a friend if you want to learn more"}, {"end": "00:32:26", "start": "00:32:22", "text": "about these topics check out my book"}, {"end": "00:32:31", "start": "00:32:24", "text": "broken money why our financial system is"}, {"end": "00:32:31", "start": "00:32:26", "text": "failing Us and how we can make it better"}]

[{"end": "00:00:08", "start": "00:00:07", "text": "CHARLES: EARLIER TODAY VICE"}, {"end": "00:00:10", "start": "00:00:08", "text": "PRESIDENT J.D. VANCE, JUST A"}, {"end": "00:00:12", "start": "00:00:08", "text": "SHORT TIMING AGO, IN FACT,"}, {"end": "00:00:13", "start": "00:00:10", "text": "SAYING CRYPTO AND BITCOIN ARE"}, {"end": "00:00:15", "start": "00:00:12", "text": "PART OF THE MAINSTREAM ECONOMY."}, {"end": "00:00:16", "start": "00:00:13", "text": "AND, BY THE WAY, THEY ARE HERE"}, {"end": "00:00:17", "start": "00:00:15", "text": "TO STAY."}, {"end": "00:00:18", "start": "00:00:16", "text": "JOINING ME NOW FROM THE BITCOIN"}, {"end": "00:00:20", "start": "00:00:17", "text": "CONFERENCE WHERE VICE PRESIDENT"}, {"end": "00:00:22", "start": "00:00:18", "text": "VANCE SPOKE, FLORIDA CONGRESSMAN"}, {"end": "00:00:23", "start": "00:00:21", "text": "BYRON DONALDS."}, {"end": "00:00:23", "start": "00:00:22", "text": "CONGRESSMAN, THANKS FOR JOINING"}, {"end": "00:00:25", "start": "00:00:23", "text": "US."}, {"end": "00:00:26", "start": "00:00:23", "text": "9 I JUST WANT TO GET YOUR SENSE"}, {"end": "00:00:29", "start": "00:00:25", "text": "OF THE FEEL THERE."}, {"end": "00:00:29", "start": "00:00:26", "text": "IT FEELS ELECTRIC RIGHT NOW OVER"}, {"end": "00:00:31", "start": "00:00:29", "text": "THERE."}, {"end": "00:00:33", "start": "00:00:29", "text": ">> LISTEN, IT'S REALLY ELECTRIC"}, {"end": "00:00:34", "start": "00:00:31", "text": "HERE."}, {"end": "00:00:36", "start": "00:00:33", "text": "THIS CONFERENCE, IT'S ONE OF THE"}, {"end": "00:00:36", "start": "00:00:34", "text": "BIGGEST I'VE EVER SEEN."}, {"end": "00:00:39", "start": "00:00:36", "text": "GREAT CONFERENCE."}, {"end": "00:00:41", "start": "00:00:36", "text": "SO MANY PEOPLE HERE, ALL WALKS"}, {"end": "00:00:42", "start": "00:00:39", "text": "OF LIFE TRYING TO GET THEIR"}, {"end": "00:00:43", "start": "00:00:41", "text": "FOOTHOLD IN THE NEXT WAVE OF"}, {"end": "00:00:45", "start": "00:00:42", "text": "AMERICA'S ECONOMY."}, {"end": "00:00:51", "start": "00:00:43", "text": "SO I AGREE WITH VICE PRESIDENT"}, {"end": "00:00:52", "start": "00:00:45", "text": "VANCE AND WITH PRESIDENT TRUMP,"}, {"end": "00:00:54", "start": "00:00:51", "text": "FIN-TECHS, DIGITAL ASSETS,"}, {"end": "00:00:55", "start": "00:00:53", "text": "BITCOIN, CRYPTO, STABLE COIN, IT"}, {"end": "00:00:57", "start": "00:00:55", "text": "IS HERE TO STAY."}, {"end": "00:00:58", "start": "00:00:55", "text": "IT'S ONLY GOING TO TO GET BIGGER"}, {"end": "00:00:59", "start": "00:00:57", "text": "FROM HERE."}, {"end": "00:01:01", "start": "00:00:58", "text": "CHARLES: OVER THE WEEKEND I WAS"}, {"end": "00:01:02", "start": "00:00:59", "text": "IN MIAMI, AND I COULD SEE, YOU"}, {"end": "00:01:04", "start": "00:01:01", "text": "KNOW, THE TRANSFORMATION OVER"}, {"end": "00:01:06", "start": "00:01:02", "text": "THE LAST 20 YEARS, AND YOU WERE"}, {"end": "00:01:06", "start": "00:01:04", "text": "SAYING, HEY, YOU AIN'T SEEN"}, {"end": "00:01:09", "start": "00:01:06", "text": "NOTHING YET."}, {"end": "00:01:10", "start": "00:01:06", "text": "YOU WANT TO MAKE FLORIDA THE"}, {"end": "00:01:12", "start": "00:01:09", "text": "FINANCIAL CAPITAL OF THE WORLD."}, {"end": "00:01:14", "start": "00:01:10", "text": ">> ABSOLUTELY."}, {"end": "00:01:15", "start": "00:01:12", "text": "AND BECAUSE, ONE, DIGITAL ASSETS"}, {"end": "00:01:16", "start": "00:01:14", "text": "HAS ALREADY FOUND A HOME IN"}, {"end": "00:01:17", "start": "00:01:15", "text": "MIAMI, AND IT CONTINUE TOSS"}, {"end": "00:01:18", "start": "00:01:17", "text": "GROW."}, {"end": "00:01:20", "start": "00:01:17", "text": "TWO, IN FLORIDA WE'RE GOING TO"}, {"end": "00:01:22", "start": "00:01:18", "text": "MAKE SURE THAT BITCOIN IS A"}, {"end": "00:01:23", "start": "00:01:20", "text": "PIECE OF OUR RESERVES, AND WE'RE"}, {"end": "00:01:24", "start": "00:01:22", "text": "GOING TO HOLD SOME OF THAT IN"}, {"end": "00:01:25", "start": "00:01:23", "text": "FLORIDA."}, {"end": "00:01:27", "start": "00:01:24", "text": "THREE, WE WANT TO MAKE SURE THAT"}, {"end": "00:01:29", "start": "00:01:25", "text": "WE ARE THE INNOVATION HUB WHEN"}, {"end": "00:01:31", "start": "00:01:27", "text": "IT COMES TO DIGITAL ASSETS,"}, {"end": "00:01:32", "start": "00:01:29", "text": "CRYPTO, STABLE COINS."}, {"end": "00:01:33", "start": "00:01:31", "text": "FRACTIONALIZED EXCHANGES."}, {"end": "00:01:34", "start": "00:01:32", "text": "AND I THINK THIS IS ONE THAT"}, {"end": "00:01:36", "start": "00:01:33", "text": "MOST PEOPLE AREN'T REALLY"}, {"end": "00:01:38", "start": "00:01:34", "text": "THINKING ABOUT, A FRACTIONALIZED"}, {"end": "00:01:39", "start": "00:01:36", "text": "EXCHANGE WHERE YOU CAN TOKEN"}, {"end": "00:01:42", "start": "00:01:38", "text": "REAL WORLD ASSETS."}, {"end": "00:01:43", "start": "00:01:39", "text": "PEOPLE WHO ARE AT ANY PART OF"}, {"end": "00:01:44", "start": "00:01:42", "text": "OUR ECONOMIC SPECTRUM, IF THEY"}, {"end": "00:01:46", "start": "00:01:43", "text": "HAVE DOLLARS, THEY CAN ACTUALLY"}, {"end": "00:01:47", "start": "00:01:44", "text": "BUY A PIECE OF SOME OF THESE"}, {"end": "00:01:48", "start": "00:01:46", "text": "GREAT COMPANIES VERY DIFFERENT"}, {"end": "00:01:50", "start": "00:01:47", "text": "THAN STOCKS."}, {"end": "00:01:54", "start": "00:01:48", "text": "YOU CAN BUY PIECES OF REAL WORLD"}, {"end": "00:01:56", "start": "00:01:50", "text": "ASSETS THAT ARE TOKENNIZED,"}, {"end": "00:01:56", "start": "00:01:54", "text": "REVOLUTIONIZING ECONOMICS,"}, {"end": "00:01:58", "start": "00:01:56", "text": "DEMOCRATIZING ECONOMICS."}, {"end": "00:01:59", "start": "00:01:57", "text": "AND SO FLORIDA'S GOING TO BE THE"}, {"end": "00:02:00", "start": "00:01:58", "text": "HOME FOR THAT."}, {"end": "00:02:02", "start": "00:01:59", "text": "THAT'S GOING TO BE THE GOAL AS"}, {"end": "00:02:04", "start": "00:02:01", "text": "THE STATE'S NEXT GOVERNOR."}, {"end": "00:02:06", "start": "00:02:02", "text": "CARLS CARLS ARE YOU SURPRISED AT"}, {"end": "00:02:07", "start": "00:02:04", "text": "WHAT YOU'VE SEEN IN JUST, LIKE,"}, {"end": "00:02:09", "start": "00:02:06", "text": "THE LAST ARE THREE YEARS WITH --"}, {"end": "00:02:10", "start": "00:02:07", "text": "FIRST, THERE WAS THIS MASSIVE"}, {"end": "00:02:13", "start": "00:02:09", "text": "RESISTANCE PARTICULARLY FROM"}, {"end": "00:02:13", "start": "00:02:10", "text": "WALL STREET AND FROM A LOT OF"}, {"end": "00:02:16", "start": "00:02:13", "text": "POLITICIANS, AND NOW ALL OF A"}, {"end": "00:02:16", "start": "00:02:14", "text": "SUDDEN EVERYBODY WANTS IN ON THE"}, {"end": "00:02:17", "start": "00:02:16", "text": "ACT."}, {"end": "00:02:19", "start": "00:02:16", "text": ">> I'M NOT SURPRISED."}, {"end": "00:02:21", "start": "00:02:18", "text": "LISTEN, FIRST OF ALL, EVERYTHING"}, {"end": "00:02:23", "start": "00:02:19", "text": "RISES AND FALLSEN TO LEADERSHIP."}, {"end": "00:02:24", "start": "00:02:22", "text": "SO WHEN PRESIDENT TRUMP LAST"}, {"end": "00:02:26", "start": "00:02:23", "text": "YEAR AT THE BITCOIN CONFERENCE"}, {"end": "00:02:28", "start": "00:02:24", "text": "SAID THAT HE WANTED TO BE A"}, {"end": "00:02:31", "start": "00:02:26", "text": "PRESIDENT THAT WILL ALLOW"}, {"end": "00:02:32", "start": "00:02:28", "text": "BITCOIN AND CRYPTOCURRENCIES AND"}, {"end": "00:02:33", "start": "00:02:31", "text": "DIGITAL ASSETS TO FLOURISH IN"}, {"end": "00:02:35", "start": "00:02:33", "text": "THE UNITED STATES, THAT WAS A"}, {"end": "00:02:37", "start": "00:02:33", "text": "SIGNAL TO EVERYBODY ELSE THAT"}, {"end": "00:02:39", "start": "00:02:35", "text": "THE TIME OF TRYING TO LIVE IN"}, {"end": "00:02:41", "start": "00:02:37", "text": "THE PAST IS OVER."}, {"end": "00:02:42", "start": "00:02:39", "text": "ACTUALLY EMBRACE THE TECHNOLOGY,"}, {"end": "00:02:44", "start": "00:02:41", "text": "LET'S EMBRACE THE FUTURE, LET'S"}, {"end": "00:02:46", "start": "00:02:42", "text": "LEAD AND MAKE SURE THAT WE ARE"}, {"end": "00:02:48", "start": "00:02:44", "text": "REGULATING BUT IN A SOUND AND"}, {"end": "00:02:49", "start": "00:02:46", "text": "APPROPRIATE WAY, NOT DOING WHAT"}, {"end": "00:02:51", "start": "00:02:48", "text": "THE BIDEN ADMINISTRATION DID"}, {"end": "00:02:52", "start": "00:02:49", "text": "WHERE YOU HAD OPERATION"}, {"end": "00:02:55", "start": "00:02:51", "text": "CHOKEPOINT 2.0."}, {"end": "00:02:56", "start": "00:02:53", "text": "YOU HAD THEM USING THE AGENCIES"}, {"end": "00:02:58", "start": "00:02:55", "text": "TO UNDERMINE THIS INDUSTRY WHEN"}, {"end": "00:03:00", "start": "00:02:57", "text": "THE TRUTH IS THEY DIDN'T KNOW"}, {"end": "00:03:01", "start": "00:02:58", "text": "WHAT THIS INDUSTRY WAS, THEY"}, {"end": "00:03:03", "start": "00:03:00", "text": "DIDN'T KNOW ANYTHING ABOUT IT,"}, {"end": "00:03:03", "start": "00:03:01", "text": "BUT THEY WERE JUST SCARED OF THE"}, {"end": "00:03:05", "start": "00:03:03", "text": "FUTURE."}, {"end": "00:03:06", "start": "00:03:03", "text": "DONALD TRUMP HAS LED, AND THAT"}, {"end": "00:03:07", "start": "00:03:05", "text": "IS WHY PEOPLE NOW ARE SAYING,"}, {"end": "00:03:09", "start": "00:03:06", "text": "YOU KNOW WHAT?"}, {"end": "00:03:12", "start": "00:03:07", "text": "LET'S GET IN ON THIS AT THE"}, {"end": "00:03:13", "start": "00:03:09", "text": "GROUND FLOOR, LET'S MAKE SURE WE"}, {"end": "00:03:15", "start": "00:03:12", "text": "HAVE A THRIVING DIGITAL ASSETS"}, {"end": "00:03:17", "start": "00:03:13", "text": "ECONOMY IN THE UNITED STATES."}, {"end": "00:03:18", "start": "00:03:15", "text": "CHARLES: SPEAKING OF LEADERSHIP,"}, {"end": "00:03:20", "start": "00:03:17", "text": "PRESIDENT TRUMP SAYING I'M"}, {"end": "00:03:22", "start": "00:03:18", "text": "TAKING FANNIE AND FREDDIE PUBLIC"}, {"end": "00:03:23", "start": "00:03:20", "text": "WITH IMPLICIT GUARANTEE."}, {"end": "00:03:24", "start": "00:03:22", "text": "THIS IS ANOTHER AREA THAT YOU'VE"}, {"end": "00:03:27", "start": "00:03:23", "text": "TALKED ABOUT FOR A LONG TIME."}, {"end": "00:03:28", "start": "00:03:25", "text": "YOUR THOUGHTS ON THIS LATEST"}, {"end": "00:03:30", "start": "00:03:27", "text": "DEVELOPMENT."}, {"end": "00:03:33", "start": "00:03:28", "text": ">> OH, LISTEN, I THINK THAT THE"}, {"end": "00:03:34", "start": "00:03:30", "text": "TIME HAS LONG SINCE PASSED."}, {"end": "00:03:35", "start": "00:03:33", "text": "THIS IS THE RIGHT MOVE BY"}, {"end": "00:03:38", "start": "00:03:34", "text": "PRESIDENT TRUMP."}, {"end": "00:03:39", "start": "00:03:35", "text": "LOOK, THESE COMPANIES, THESE"}, {"end": "00:03:40", "start": "00:03:38", "text": "INSTITUTIONS, MIND YOU, THEY"}, {"end": "00:03:41", "start": "00:03:39", "text": "USED TO BE PUBLIC."}, {"end": "00:03:46", "start": "00:03:40", "text": "WE KNOW WHAT HAPPENED IN 2008."}, {"end": "00:03:46", "start": "00:03:41", "text": "THEY WANT -- WENT INTO"}, {"end": "00:03:48", "start": "00:03:46", "text": "CONSERVATORSHIP."}, {"end": "00:03:50", "start": "00:03:46", "text": "IT'S TIME TO LET THEM IN GO BACK"}, {"end": "00:03:51", "start": "00:03:48", "text": "OUT TO THE MARKETS, LET THEM"}, {"end": "00:03:51", "start": "00:03:50", "text": "LIVE AND FALL UNDER THEIR OWN"}, {"end": "00:03:52", "start": "00:03:51", "text": "WEIGHT."}, {"end": "00:03:54", "start": "00:03:52", "text": "WE HAVE TO MAKE SURE THAT THE"}, {"end": "00:03:56", "start": "00:03:52", "text": "CREDIT QUALITY AT FANNIE, AT"}, {"end": "00:03:58", "start": "00:03:55", "text": "FREDDIE REMAINS SOUND."}, {"end": "00:04:01", "start": "00:03:56", "text": "WE CANNOT GO BACK TO THE ERA OF"}, {"end": "00:04:02", "start": "00:03:58", "text": "THE LATE '90s, EARLY TO"}, {"end": "00:04:05", "start": "00:04:01", "text": "2000s WHEN THEY WERE LETTING"}, {"end": "00:04:06", "start": "00:04:02", "text": "ANY TYPE OF UNDERWRITING HAPPEN"}, {"end": "00:04:07", "start": "00:04:05", "text": "WHICH MEANT THERE WAS NO"}, {"end": "00:04:08", "start": "00:04:07", "text": "UNDERWRITING."}, {"end": "00:04:09", "start": "00:04:07", "text": "WE SAHWAH THAT DID TO OUR"}, {"end": "00:04:10", "start": "00:04:09", "text": "ECONOMY."}, {"end": "00:04:13", "start": "00:04:09", "text": "THAT'S THE STUFF YOU CAN'T DO,"}, {"end": "00:04:14", "start": "00:04:10", "text": "BUT THEY NEED TO GET BACK IN THE"}, {"end": "00:04:15", "start": "00:04:13", "text": "PUBLIC MARKETS, LET PEOPLE HAVE"}, {"end": "00:04:16", "start": "00:04:14", "text": "A PIECE OF THAT ACTION."}, {"end": "00:04:17", "start": "00:04:15", "text": "CHARLES: YEAH."}, {"end": "00:04:19", "start": "00:04:16", "text": "YOU KNOW, IT WAS ALL THE"}, {"end": "00:04:21", "start": "00:04:17", "text": "COMMUNITY REINVESTMENT ACT AND"}, {"end": "00:04:22", "start": "00:04:19", "text": "SOCIAL JUSTICE AND IT PUT THE"}, {"end": "00:04:24", "start": "00:04:21", "text": "ENTIRE INDUSTRY IN JEOPARDY AND,"}, {"end": "00:04:25", "start": "00:04:23", "text": "OF COURSE, WALL STREET DID THEIR"}, {"end": "00:04:27", "start": "00:04:24", "text": "PART AS WELL."}, {"end": "00:04:27", "start": "00:04:25", "text": "I'VE GOT TO ASK YOU ABOUT THE"}, {"end": "00:04:29", "start": "00:04:27", "text": "BUDGET."}, {"end": "00:04:29", "start": "00:04:27", "text": "MUSK IS UPSET WITH THE DOGE"}, {"end": "00:04:31", "start": "00:04:29", "text": "PARTS OF IT."}, {"end": "00:04:32", "start": "00:04:30", "text": "THERE ARE OTHER REPUBLICANS WHO"}, {"end": "00:04:33", "start": "00:04:31", "text": "ARE UPSET WITH THE SPENDING PART"}, {"end": "00:04:36", "start": "00:04:33", "text": "OF IT."}, {"end": "00:04:37", "start": "00:04:33", "text": "HOW DO YOU SEE IT RESOLVING,"}, {"end": "00:04:39", "start": "00:04:36", "text": "BEING RESOLVED?"}, {"end": "00:04:41", "start": "00:04:37", "text": ">> WELL, LOOK, THE NAT NOW HAS"}, {"end": "00:04:42", "start": "00:04:40", "text": "THE BILL, THEY'RE -- THE SENATE"}, {"end": "00:04:45", "start": "00:04:41", "text": "NOW HAS THE BILL."}, {"end": "00:04:45", "start": "00:04:42", "text": "HEIR GOING TO MAKE SOME CHANGES,"}, {"end": "00:04:46", "start": "00:04:45", "text": "PROBABLY."}, {"end": "00:04:48", "start": "00:04:45", "text": "I THINK AT THE END OF THE DAY,"}, {"end": "00:04:50", "start": "00:04:46", "text": "PRESIDENT TRUMP'S TAX POLICY, WE"}, {"end": "00:04:52", "start": "00:04:48", "text": "MADE SO MUCH OF IT PERMANENT,"}, {"end": "00:04:55", "start": "00:04:50", "text": "NEW ITEMS, NO TAX ON TIPS, NO"}, {"end": "00:04:56", "start": "00:04:52", "text": "TAX ON OVERTIME, 100% EXPENSING,"}, {"end": "00:04:57", "start": "00:04:55", "text": "THAT STUFF'S ALL IN THE BILL,"}, {"end": "00:04:59", "start": "00:04:56", "text": "GREAT STUFF."}, {"end": "00:05:00", "start": "00:04:57", "text": "SECURING THE BORDER, MODERNIZING"}, {"end": "00:05:03", "start": "00:04:59", "text": "THE DEFENSE DEPARTMENT, MAKING"}, {"end": "00:05:04", "start": "00:05:00", "text": "SURE THAT TOM HOMAN AND KRISTI"}, {"end": "00:05:06", "start": "00:05:03", "text": "NOEM HAVE THE RESOURCES AND THE"}, {"end": "00:05:08", "start": "00:05:05", "text": "BED SPACE TO SEND CRIMINAL"}, {"end": "00:05:09", "start": "00:05:06", "text": "ILLEGALS BACK HOME TO THEIR"}, {"end": "00:05:11", "start": "00:05:08", "text": "COUNTRIES GETTING OUT OF THE"}, {"end": "00:05:11", "start": "00:05:09", "text": "UNITED STATES, THAT'S ALL GREAT"}, {"end": "00:05:14", "start": "00:05:11", "text": "STUFF."}, {"end": "00:05:16", "start": "00:05:11", "text": "BUT WE HAVE TO MANAGE OUR"}, {"end": "00:05:17", "start": "00:05:14", "text": "LONG-TERM FISCAL OBLIGATIONS."}, {"end": "00:05:18", "start": "00:05:16", "text": "WE CANNOT TURN A BLIND EYE TO"}, {"end": "00:05:19", "start": "00:05:17", "text": "THAT."}, {"end": "00:05:21", "start": "00:05:18", "text": "THE TREASURY AUCTION THAT"}, {"end": "00:05:24", "start": "00:05:19", "text": "HAPPENED ABOUT A WEEK AGO WHEN"}, {"end": "00:05:26", "start": "00:05:21", "text": "WE SAW THE 20-YEAR BOND GO OVER"}, {"end": "00:05:28", "start": "00:05:24", "text": "500 BASIS POINTS, GOING OVER 5%,"}, {"end": "00:05:30", "start": "00:05:26", "text": "THAT IS A SIGNAL TO EVERY"}, {"end": "00:05:31", "start": "00:05:28", "text": "ELECTED OFFICIAL, NOT"}, {"end": "00:05:34", "start": "00:05:30", "text": "REPUBLICANS, NOT DEMOCRATS, TO"}, {"end": "00:05:35", "start": "00:05:31", "text": "ALL OF US WE HAVE TO GET THE"}, {"end": "00:05:37", "start": "00:05:34", "text": "FISCAL HOUSE IN ORDER."}, {"end": "00:05:38", "start": "00:05:36", "text": "WE CANNOT LET THE UNITED STATES"}, {"end": "00:05:41", "start": "00:05:37", "text": "GO DOWN IN THIS ROAD."}, {"end": "00:05:42", "start": "00:05:38", "text": "IF THE BOND MARKET STARTS"}, {"end": "00:05:43", "start": "00:05:41", "text": "RAISING INTEREST RATES ON US"}, {"end": "00:05:45", "start": "00:05:42", "text": "BECAUSE WE JUST CAN'T BE"}, {"end": "00:05:45", "start": "00:05:43", "text": "RESPONSIBLE, EVERY AMERICAN WILL"}, {"end": "00:05:47", "start": "00:05:45", "text": "SUFFER."}, {"end": "00:05:49", "start": "00:05:45", "text": "THE AMERICANS WHO SUFFER MOST,"}, {"end": "00:05:51", "start": "00:05:47", "text": "THOSE AT THE BOTTOM."}, {"end": "00:05:52", "start": "00:05:49", "text": "AND, CHARLES, I WANT TO"}, {"end": "00:05:53", "start": "00:05:51", "text": "ILLUSTRATE THIS POINT."}, {"end": "00:05:56", "start": "00:05:52", "text": "PEOPLE NEED TO UNDERSTAND"}, {"end": "00:05:57", "start": "00:05:54", "text": "TREASURY RATES ARE THE FLOOR FOR"}, {"end": "00:05:59", "start": "00:05:56", "text": "EVERY OTHER RATE IN OUR SOCIETY."}, {"end": "00:06:02", "start": "00:05:58", "text": "SO PEOPLE SHOULDN'T JUST LOOK AT"}, {"end": "00:06:03", "start": "00:05:59", "text": "THIS AND SAY, OH, IT COST 500"}, {"end": "00:06:04", "start": "00:06:02", "text": "BASIS POINTS."}, {"end": "00:06:07", "start": "00:06:03", "text": "NO, CAR NOTES GO UP, MORTGAGES"}, {"end": "00:06:08", "start": "00:06:05", "text": "GO UP, BUSINESS LOANS GO UP,"}, {"end": "00:06:09", "start": "00:06:07", "text": "CORPORATE DEBT GOES UP."}, {"end": "00:06:11", "start": "00:06:08", "text": "IT HAPPENS AT EVERY LEVEL."}, {"end": "00:06:12", "start": "00:06:09", "text": "WE HAVE TO GET THE FISCAL HOUSE"}, {"end": "00:06:13", "start": "00:06:11", "text": "IN ORDER."}, {"end": "00:06:14", "start": "00:06:12", "text": "CHARLES: WELL, YOU'RE THE MAN TO"}, {"end": "00:06:14", "start": "00:06:13", "text": "DO IT."}, {"end": "00:06:16", "start": "00:06:14", "text": "YOUR LEADERSHIP IN THE TIME"}, {"end": "00:06:17", "start": "00:06:14", "text": "YOU'VE BEEN IN D.C. HAS BEEN"}, {"end": "00:06:18", "start": "00:06:16", "text": "ABSOLUTELY REMARKABLE."}, {"end": "00:06:20", "start": "00:06:17", "text": "I APPRECIATE YOU COMING ON."}, {"end": "00:06:20", "start": "00:06:18", "text": "YOU'RE AT THE FOREFRONT OF A LOT"}, {"end": "00:06:20", "start": "00:06:20", "text": "OF EXCIT"}]

[{"start":"00:00:00","end":"00:00:03","text":"While the media tells you that markets"},{"start":"00:00:02","end":"00:00:05","text":"are crashing and global trade is"},{"start":"00:00:03","end":"00:00:08","text":"unraveling, what if I told you that"},{"start":"00:00:05","end":"00:00:11","text":"chaos isn't a failure, but a master"},{"start":"00:00:08","end":"00:00:14","text":"strategy? Not to save the system, but to"},{"start":"00:00:11","end":"00:00:16","text":"reset it. Now, here's the thing. A reset"},{"start":"00:00:14","end":"00:00:18","text":"means there's a new system coming. Now,"},{"start":"00:00:16","end":"00:00:20","text":"most people will be completely"},{"start":"00:00:18","end":"00:00:22","text":"blindsided by this, but for those of us"},{"start":"00:00:20","end":"00:00:24","text":"who see it coming, who understand it,"},{"start":"00:00:22","end":"00:00:26","text":"and position early, this could be the"},{"start":"00:00:24","end":"00:00:29","text":"biggest wealth transfer opportunity in"},{"start":"00:00:26","end":"00:00:30","text":"the last 50 years. I'm Mark Moss. I've"},{"start":"00:00:29","end":"00:00:32","text":"built and sold multiple companies"},{"start":"00:00:30","end":"00:00:34","text":"through three boom and bust markets."},{"start":"00:00:32","end":"00:00:36","text":"I've studied every major monetary reset"},{"start":"00:00:34","end":"00:00:38","text":"in history. And in this video, I'm going"},{"start":"00:00:36","end":"00:00:40","text":"to show you what's really happening"},{"start":"00:00:38","end":"00:00:42","text":"behind the headlines and what comes next"},{"start":"00:00:40","end":"00:00:44","text":"and what you can do to stay ahead of it."},{"start":"00:00:42","end":"00:00:46","text":"So, let's"},{"start":"00:00:44","end":"00:00:49","text":"go. All right. So, we're talking about"},{"start":"00:00:46","end":"00:00:51","text":"the next reset. Now, if you uh you know,"},{"start":"00:00:49","end":"00:00:54","text":"your computer is not working properly,"},{"start":"00:00:51","end":"00:00:56","text":"it's too slow, uh you can reset it. Uh a"},{"start":"00:00:54","end":"00:00:57","text":"video game, you can reset it. You're"},{"start":"00:00:56","end":"00:00:59","text":"basically starting a new game, right?"},{"start":"00:00:57","end":"00:01:01","text":"You're starting a new one. And so on the"},{"start":"00:00:59","end":"00:01:03","text":"other side of the reset is something"},{"start":"00:01:01","end":"00:01:05","text":"new, a new system. I've been talking"},{"start":"00:01:03","end":"00:01:07","text":"about this quite quite a lot because for"},{"start":"00:01:05","end":"00:01:09","text":"me I think it's amazing that we are"},{"start":"00:01:07","end":"00:01:11","text":"alive right now for when history books"},{"start":"00:01:09","end":"00:01:13","text":"rewritten. Uh you know I talk a lot"},{"start":"00:01:11","end":"00:01:15","text":"about history so we talk about 1913 the"},{"start":"00:01:13","end":"00:01:17","text":"creation of the Federal Reserve in 1944"},{"start":"00:01:15","end":"00:01:21","text":"Brettonwoods agreement 1971 the Nixon"},{"start":"00:01:17","end":"00:01:23","text":"shock 1985 Plaza Accord and now we have"},{"start":"00:01:21","end":"00:01:25","text":"a new one. Now uh this is all around"},{"start":"00:01:23","end":"00:01:27","text":"Trump's tariffs but really what is he"},{"start":"00:01:25","end":"00:01:28","text":"using the tariffs for? I've done a bunch"},{"start":"00:01:27","end":"00:01:30","text":"bunch of videos. If you want to go deep"},{"start":"00:01:28","end":"00:01:31","text":"on that, I'll link to them down in the"},{"start":"00:01:30","end":"00:01:33","text":"show description down below because I'm"},{"start":"00:01:31","end":"00:01:35","text":"not going to go back through all of"},{"start":"00:01:33","end":"00:01:38","text":"that. But ultimately, the end goal is"},{"start":"00:01:35","end":"00:01:39","text":"not tariffs. The end goal isn't even to"},{"start":"00:01:38","end":"00:01:42","text":"bring manufacturing back to the United"},{"start":"00:01:39","end":"00:01:44","text":"States. It's not rebalancing trade. It's"},{"start":"00:01:42","end":"00:01:46","text":"about something called the Marloago"},{"start":"00:01:44","end":"00:01:49","text":"Accords. Now, accords being like the"},{"start":"00:01:46","end":"00:01:52","text":"Plaza Accords from 1985, which was a"},{"start":"00:01:49","end":"00:01:55","text":"globally coordinated event that allowed"},{"start":"00:01:52","end":"00:01:56","text":"the US to devalue the dollar. Okay. So,"},{"start":"00:01:55","end":"00:01:57","text":"Mara Alago accords. Again, we'll link to"},{"start":"00:01:56","end":"00:01:58","text":"the videos that I've done on all these"},{"start":"00:01:57","end":"00:02:01","text":"things down below if you want to go"},{"start":"00:01:58","end":"00:02:03","text":"deeper. So, it's really a modern-day"},{"start":"00:02:01","end":"00:02:05","text":"Plaza Accord. That's really what's"},{"start":"00:02:03","end":"00:02:07","text":"happening. Now, what does that mean? Let"},{"start":"00:02:05","end":"00:02:10","text":"me give you the cliffnotes of that."},{"start":"00:02:07","end":"00:02:13","text":"Okay. The Mara Lago accord is a"},{"start":"00:02:10","end":"00:02:16","text":"blueprint, a plan to recreate the Plaza"},{"start":"00:02:13","end":"00:02:18","text":"Accords that happened in 1985. It's a"},{"start":"00:02:16","end":"00:02:21","text":"it's an intervention designed to correct"},{"start":"00:02:18","end":"00:02:24","text":"the US trade deficit through deliberate"},{"start":"00:02:21","end":"00:02:27","text":"dollar weakening. Okay, listen to that"},{"start":"00:02:24","end":"00:02:29","text":"deliberate dollar weakening. Why? The"},{"start":"00:02:27","end":"00:02:32","text":"strong US dollar continues to make"},{"start":"00:02:29","end":"00:02:34","text":"American exports less competitive. How"},{"start":"00:02:32","end":"00:02:35","text":"can we balance trade when exports are"},{"start":"00:02:34","end":"00:02:38","text":"are too competitive, too expensive,"},{"start":"00:02:35","end":"00:02:40","text":"right? And poses a major obstacle to"},{"start":"00:02:38","end":"00:02:42","text":"reshoring manufacturing and rebalancing"},{"start":"00:02:40","end":"00:02:44","text":"trade. So again, the tariffs are a way"},{"start":"00:02:42","end":"00:02:47","text":"to help get the rebalancing of trade and"},{"start":"00:02:44","end":"00:02:49","text":"help to reonshore. But the ultimate goal"},{"start":"00:02:47","end":"00:02:51","text":"is then to get that through these"},{"start":"00:02:49","end":"00:02:54","text":"Maraago accords which allow the US to"},{"start":"00:02:51","end":"00:02:56","text":"devalue the currency. Uh Mirren's"},{"start":"00:02:54","end":"00:02:57","text":"blueprint, we'll come back to Mirren in"},{"start":"00:02:56","end":"00:03:00","text":"a second. Mirren's blueprint for a weak"},{"start":"00:02:57","end":"00:03:03","text":"dollar policy attempt to retrof retrofit"},{"start":"00:03:00","end":"00:03:06","text":"economic theory into Trump's tariff"},{"start":"00:03:03","end":"00:03:07","text":"first agenda. So the tariffs are the"},{"start":"00:03:06","end":"00:03:09","text":"first thing we need to do to trigger the"},{"start":"00:03:07","end":"00:03:11","text":"rest of this. We'll break that down in a"},{"start":"00:03:09","end":"00:03:12","text":"minute. Underlying fundamentals point to"},{"start":"00:03:11","end":"00:03:14","text":"further dollar weakness. again dollar"},{"start":"00:03:12","end":"00:03:16","text":"weakness dollar weakness dollar weakness"},{"start":"00:03:14","end":"00:03:19","text":"to make the exports to make US"},{"start":"00:03:16","end":"00:03:21","text":"manufacturing more competitive um an"},{"start":"00:03:19","end":"00:03:23","text":"additional 3 to 5% so 3 to 5% more"},{"start":"00:03:21","end":"00:03:24","text":"weakness in the US dollar I think it's"},{"start":"00:03:23","end":"00:03:26","text":"more than that we'll come back to that"},{"start":"00:03:24","end":"00:03:29","text":"if elements of the Mara Lago playbook"},{"start":"00:03:26","end":"00:03:31","text":"are initiated they already are uh"},{"start":"00:03:29","end":"00:03:32","text":"further downside pressure on the dollar"},{"start":"00:03:31","end":"00:03:34","text":"could form it already is I'm going to"},{"start":"00:03:32","end":"00:03:36","text":"show you just how far the dollar could"},{"start":"00:03:34","end":"00:03:37","text":"go down and what that ultimately means"},{"start":"00:03:36","end":"00:03:39","text":"and we're going to map it out as some"},{"start":"00:03:37","end":"00:03:41","text":"predict predictions projections of price"},{"start":"00:03:39","end":"00:03:44","text":"it's going to be super fun but back to"},{"start":"00:03:41","end":"00:03:46","text":"Mirren So he wrote this paper before"},{"start":"00:03:44","end":"00:03:48","text":"Trump was elected president. This is a"},{"start":"00:03:46","end":"00:03:51","text":"Hudson Bay Capital and it's a user's"},{"start":"00:03:48","end":"00:03:53","text":"guide to restructuring the global"},{"start":"00:03:51","end":"00:03:54","text":"trading system. It's a great report. I"},{"start":"00:03:53","end":"00:03:56","text":"recommend you go read it if you want to"},{"start":"00:03:54","end":"00:03:57","text":"dig into the weeds on this. And"},{"start":"00:03:56","end":"00:03:59","text":"basically before Trump even became"},{"start":"00:03:57","end":"00:04:02","text":"president, he laid out the entire"},{"start":"00:03:59","end":"00:04:03","text":"process and he coined the term Mara logo"},{"start":"00:04:02","end":"00:04:05","text":"Accords. This is where it came from and"},{"start":"00:04:03","end":"00:04:08","text":"he just happens to be Trump's economic"},{"start":"00:04:05","end":"00:04:10","text":"adviser today and we just happen to be"},{"start":"00:04:08","end":"00:04:12","text":"doing the steps that were laid out in"},{"start":"00:04:10","end":"00:04:13","text":"this paper. So, if you want to know"},{"start":"00:04:12","end":"00:04:16","text":"where things are going, you just got to"},{"start":"00:04:13","end":"00:04:18","text":"read this because this is exactly what's"},{"start":"00:04:16","end":"00:04:20","text":"going on. Well, if we know what's going"},{"start":"00:04:18","end":"00:04:22","text":"on and what the paper says and where"},{"start":"00:04:20","end":"00:04:24","text":"things are going, then what happens"},{"start":"00:04:22","end":"00:04:26","text":"next? Don't you want to know? Well,"},{"start":"00:04:24","end":"00:04:28","text":"stick around. Let's break that down."},{"start":"00:04:26","end":"00:04:30","text":"Okay. So, first of all, we understand"},{"start":"00:04:28","end":"00:04:32","text":"that history rhymes. Cause and effect."},{"start":"00:04:30","end":"00:04:34","text":"If you do about the same things, you get"},{"start":"00:04:32","end":"00:04:35","text":"about the same results, right? Not"},{"start":"00:04:34","end":"00:04:36","text":"always exactly, but about the same. So,"},{"start":"00:04:35","end":"00:04:39","text":"in"},{"start":"00:04:36","end":"00:04:40","text":"1944, about about 80 years ago, I talk"},{"start":"00:04:39","end":"00:04:43","text":"about these 80-year financial revolution"},{"start":"00:04:40","end":"00:04:45","text":"cycles. About 80 years ago, the world"},{"start":"00:04:43","end":"00:04:46","text":"got together and agreed on a new"},{"start":"00:04:45","end":"00:04:52","text":"monetary"},{"start":"00:04:46","end":"00:04:53","text":"system. 19 Oops. 1985, the Plaza Accord."},{"start":"00:04:52","end":"00:04:55","text":"Not the whole world, most of the big"},{"start":"00:04:53","end":"00:04:56","text":"countries of the world got together and"},{"start":"00:04:55","end":"00:04:58","text":"again agreed to a new global monetary"},{"start":"00:04:56","end":"00:05:01","text":"system that would allow the US dollar to"},{"start":"00:04:58","end":"00:05:03","text":"devalue itself. The parallel to now is"},{"start":"00:05:01","end":"00:05:06","text":"sort of the same thing. US debt is"},{"start":"00:05:03","end":"00:05:08","text":"unpayable. the the def deficits are too"},{"start":"00:05:06","end":"00:05:09","text":"big, the debt to income ratios are too"},{"start":"00:05:08","end":"00:05:11","text":"big, debt to GDP, it's unpayable at"},{"start":"00:05:09","end":"00:05:13","text":"current rates. So we need to bring that"},{"start":"00:05:11","end":"00:05:14","text":"down. Competitiveness in the United"},{"start":"00:05:13","end":"00:05:17","text":"States is collapsing. So Trump wants to"},{"start":"00:05:14","end":"00:05:18","text":"fix that. So this is the plan. We have"},{"start":"00:05:17","end":"00:05:21","text":"to go back and run the same playbook to"},{"start":"00:05:18","end":"00:05:22","text":"in in order to fix those things. Okay."},{"start":"00:05:21","end":"00:05:24","text":"Now, real quick, I don't want to rehash"},{"start":"00:05:22","end":"00:05:26","text":"a bunch of old data, but just so you can"},{"start":"00:05:24","end":"00:05:28","text":"understand the Plaza Accords as it's"},{"start":"00:05:26","end":"00:05:30","text":"relevant to this video, we can"},{"start":"00:05:28","end":"00:05:32","text":"understand that the Plaza chord was"},{"start":"00:05:30","end":"00:05:34","text":"meant to push down the US dollar. That's"},{"start":"00:05:32","end":"00:05:36","text":"the key mechanism I want you to key on"},{"start":"00:05:34","end":"00:05:38","text":"to. That's what it was intended to do."},{"start":"00:05:36","end":"00:05:40","text":"Push down the US dollar. All parties,"},{"start":"00:05:38","end":"00:05:42","text":"the countries that were in the in the"},{"start":"00:05:40","end":"00:05:44","text":"Plaza accord agreed to directly"},{"start":"00:05:42","end":"00:05:46","text":"intervene in currency markets. They were"},{"start":"00:05:44","end":"00:05:48","text":"all going to intervene in their own"},{"start":"00:05:46","end":"00:05:50","text":"currency markets to allow this to happen"},{"start":"00:05:48","end":"00:05:52","text":"to correct current account imbalances."},{"start":"00:05:50","end":"00:05:54","text":"Trade imbalances. Sound familiar?"},{"start":"00:05:52","end":"00:05:58","text":"Leading up to the Plaza Accord, the US"},{"start":"00:05:54","end":"00:06:00","text":"dollar had appreciated by 47.9%. So the"},{"start":"00:05:58","end":"00:06:01","text":"dollar was getting way too strong and it"},{"start":"00:06:00","end":"00:06:03","text":"was like a wrecking ball throughout the"},{"start":"00:06:01","end":"00:06:05","text":"rest of the world. That put pressure on"},{"start":"00:06:03","end":"00:06:07","text":"the US manufacturing industry because it"},{"start":"00:06:05","end":"00:06:09","text":"made imported goods relatively cheaper."},{"start":"00:06:07","end":"00:06:11","text":"So it was so cheap to import, but it was"},{"start":"00:06:09","end":"00:06:13","text":"way too expensive to export. Trade"},{"start":"00:06:11","end":"00:06:15","text":"imbalances were off. The dollar was too"},{"start":"00:06:13","end":"00:06:16","text":"strong. Let's get together. Let's weaken"},{"start":"00:06:15","end":"00:06:18","text":"the dollar. Do you understand the"},{"start":"00:06:16","end":"00:06:20","text":"mechanism that we're talking about here?"},{"start":"00:06:18","end":"00:06:22","text":"Fast fact. After the Plaza cord"},{"start":"00:06:20","end":"00:06:25","text":"happened, the dollar depreciated, went"},{"start":"00:06:22","end":"00:06:29","text":"down by as much as 25.69%"},{"start":"00:06:25","end":"00:06:30","text":"69% in two years that followed 25%."},{"start":"00:06:29","end":"00:06:32","text":"Remember that number because we're going"},{"start":"00:06:30","end":"00:06:35","text":"to come back and project out where maybe"},{"start":"00:06:32","end":"00:06:37","text":"asset prices could go. Okay, it went"},{"start":"00:06:35","end":"00:06:40","text":"down 25%. All right. Now, before I tell"},{"start":"00:06:37","end":"00:06:41","text":"you why the dollar being so strong is"},{"start":"00:06:40","end":"00:06:42","text":"such a problem and it's wrecking the"},{"start":"00:06:41","end":"00:06:44","text":"economy, uh talking about history and"},{"start":"00:06:42","end":"00:06:47","text":"rhyming, we know that about every 50"},{"start":"00:06:44","end":"00:06:48","text":"years, for the last 300, about every 50"},{"start":"00:06:47","end":"00:06:50","text":"years, we have this technological wave"},{"start":"00:06:48","end":"00:06:52","text":"called the quantum wave. and it gives us"},{"start":"00:06:50","end":"00:06:54","text":"a once in a generation buying"},{"start":"00:06:52","end":"00:06:56","text":"opportunity for assets if you know"},{"start":"00:06:54","end":"00:06:57","text":"exactly what to buy. I'm going to break"},{"start":"00:06:56","end":"00:06:59","text":"that whole process down the quantum wave"},{"start":"00:06:57","end":"00:07:02","text":"50-year cycle. How it's a repeatable"},{"start":"00:06:59","end":"00:07:04","text":"four-step process and how it shows us"},{"start":"00:07:02","end":"00:07:06","text":"exactly what assets to buy through each"},{"start":"00:07:04","end":"00:07:07","text":"step. It's about 100 charts. We'll go"},{"start":"00:07:06","end":"00:07:09","text":"through it all live. We'll go to"},{"start":"00:07:07","end":"00:07:10","text":"hangout. We'll do live Q&A so you can"},{"start":"00:07:09","end":"00:07:12","text":"understand exactly how to apply what"},{"start":"00:07:10","end":"00:07:14","text":"we're teaching to your own portfolio so"},{"start":"00:07:12","end":"00:07:15","text":"you can take advantage of what's coming."},{"start":"00:07:14","end":"00:07:17","text":"It's all free. There's a link down"},{"start":"00:07:15","end":"00:07:18","text":"below. Come hang out with me. But let's"},{"start":"00:07:17","end":"00:07:20","text":"talk about now why the US dollar getting"},{"start":"00:07:18","end":"00:07:22","text":"strong is wrecking the whole economy. So"},{"start":"00:07:20","end":"00:07:24","text":"really what we're seeing just like plaza"},{"start":"00:07:22","end":"00:07:29","text":"accord just like the other interventions"},{"start":"00:07:24","end":"00:07:31","text":"is a a strong dollar crisis. The the US"},{"start":"00:07:29","end":"00:07:33","text":"dollar got its guns out. It's way too"},{"start":"00:07:31","end":"00:07:36","text":"strong. It's overvalued which again same"},{"start":"00:07:33","end":"00:07:38","text":"thing as before makes it too cheap and"},{"start":"00:07:36","end":"00:07:40","text":"easy to import and too hard and"},{"start":"00:07:38","end":"00:07:42","text":"expensive to export. The US dollar is"},{"start":"00:07:40","end":"00:07:44","text":"overvalued. Now, what we can see if we"},{"start":"00:07:42","end":"00:07:46","text":"look at the Dixie, the dollar index,"},{"start":"00:07:44","end":"00:07:48","text":"where it measures the US dollar against"},{"start":"00:07:46","end":"00:07:51","text":"a basket of other currencies, we're"},{"start":"00:07:48","end":"00:07:55","text":"right around here, around 100. Now,"},{"start":"00:07:51","end":"00:07:57","text":"that's right here, and it's nowhere near"},{"start":"00:07:55","end":"00:07:58","text":"as high as we were in 1985 at the Plaza"},{"start":"00:07:57","end":"00:08:00","text":"Accord. So, a lot of people like, \"No,"},{"start":"00:07:58","end":"00:08:01","text":"there's no way that this is going to"},{"start":"00:08:00","end":"00:08:03","text":"happen. The dollar is not as strong as"},{"start":"00:08:01","end":"00:08:04","text":"it was during the Plaza Accords.\" I"},{"start":"00:08:03","end":"00:08:06","text":"think that's taking the wrong view. I'm"},{"start":"00:08:04","end":"00:08:07","text":"going to show you another chart, but"},{"start":"00:08:06","end":"00:08:11","text":"let's just say that"},{"start":"00:08:07","end":"00:08:15","text":"maybe this might be sort of more maybe"},{"start":"00:08:11","end":"00:08:17","text":"maybe 90 maybe 90 is like a historic"},{"start":"00:08:15","end":"00:08:19","text":"range that we're in. Maybe 88 80 90 that"},{"start":"00:08:17","end":"00:08:21","text":"might be a more historic range. So maybe"},{"start":"00:08:19","end":"00:08:23","text":"we're a little overheated assuming that"},{"start":"00:08:21","end":"00:08:26","text":"this is you take out this outlier. So"},{"start":"00:08:23","end":"00:08:30","text":"that bring us down from 100 down to 90 a"},{"start":"00:08:26","end":"00:08:32","text":"10% drop maybe down to 85 a 15% drop."},{"start":"00:08:30","end":"00:08:33","text":"Okay, remember those numbers. We're"},{"start":"00:08:32","end":"00:08:34","text":"going to come back to that. But the"},{"start":"00:08:33","end":"00:08:37","text":"reason why that chart is a little bit"},{"start":"00:08:34","end":"00:08:40","text":"off is because it doesn't take into"},{"start":"00:08:37","end":"00:08:42","text":"account other things like purchasing"},{"start":"00:08:40","end":"00:08:45","text":"power parody other things like that. So"},{"start":"00:08:42","end":"00:08:48","text":"here here's a chart from the BIS, the"},{"start":"00:08:45","end":"00:08:51","text":"Bureau of International Settlements."},{"start":"00:08:48","end":"00:08:53","text":"This is the US dollar real effective the"},{"start":"00:08:51","end":"00:08:55","text":"the real effective exchange rate. So"},{"start":"00:08:53","end":"00:08:56","text":"this is like inflation adjusted. And"},{"start":"00:08:55","end":"00:08:58","text":"when we look at it like this, what we"},{"start":"00:08:56","end":"00:09:02","text":"can see going back to"},{"start":"00:08:58","end":"00:09:04","text":"1966, here's 1985 Plaza Accords. We're"},{"start":"00:09:02","end":"00:09:06","text":"all the way back up here. Now, we're not"},{"start":"00:09:04","end":"00:09:08","text":"at the peak. We're not the peak of the"},{"start":"00:09:06","end":"00:09:10","text":"Plaza Accords, but we're pretty dang"},{"start":"00:09:08","end":"00:09:12","text":"high. All right, this is the adjusted"},{"start":"00:09:10","end":"00:09:14","text":"dollar amount per the BIS. So, again,"},{"start":"00:09:12","end":"00:09:16","text":"this dotted line right here is more of"},{"start":"00:09:14","end":"00:09:18","text":"the mean. And what happens is when you"},{"start":"00:09:16","end":"00:09:20","text":"go too far below, you snap back above."},{"start":"00:09:18","end":"00:09:23","text":"When you go too high, you snap back even"},{"start":"00:09:20","end":"00:09:25","text":"further. And so we're due for a"},{"start":"00:09:23","end":"00:09:28","text":"correction to the mean somewhere around"},{"start":"00:09:25","end":"00:09:32","text":"here somewhere from 110 to"},{"start":"00:09:28","end":"00:09:34","text":"95 20% sort of like the Plaza Accord saw"},{"start":"00:09:32","end":"00:09:36","text":"25%. So we're due for some sort of a"},{"start":"00:09:34","end":"00:09:38","text":"snap back back to here. This is what"},{"start":"00:09:36","end":"00:09:40","text":"Trump wants to do. I've given you all"},{"start":"00:09:38","end":"00:09:42","text":"the reasons why that is a mean reversion"},{"start":"00:09:40","end":"00:09:43","text":"just getting us back to the mean the"},{"start":"00:09:42","end":"00:09:45","text":"historical standard. Now typically a"},{"start":"00:09:43","end":"00:09:46","text":"mean reversion would actually go too far"},{"start":"00:09:45","end":"00:09:49","text":"but just getting back to that historical"},{"start":"00:09:46","end":"00:09:51","text":"standard is about a 20 to 30% drop."},{"start":"00:09:49","end":"00:09:53","text":"Okay. So now we understand that we"},{"start":"00:09:51","end":"00:09:55","text":"understand the setup we understand the"},{"start":"00:09:53","end":"00:09:58","text":"data but do we understand the mechanism?"},{"start":"00:09:55","end":"00:10:00","text":"So the dollar versus global M2 the"},{"start":"00:09:58","end":"00:10:01","text":"global monetary supply we have to"},{"start":"00:10:00","end":"00:10:05","text":"understand there's an inverse"},{"start":"00:10:01","end":"00:10:08","text":"correlation. When the dollar gets weaker"},{"start":"00:10:05","end":"00:10:10","text":"the monetary system expands it's why"},{"start":"00:10:08","end":"00:10:13","text":"asset prices go up. When the dollar gets"},{"start":"00:10:10","end":"00:10:15","text":"stronger currency goes down. Asset"},{"start":"00:10:13","end":"00:10:18","text":"prices go down. Dollar down equals"},{"start":"00:10:15","end":"00:10:20","text":"global money supply up."},{"start":"00:10:18","end":"00:10:21","text":"DD dollarization as nations are gooding"},{"start":"00:10:20","end":"00:10:24","text":"away from the dollar putting more into"},{"start":"00:10:21","end":"00:10:26","text":"gold for example that only accelerates"},{"start":"00:10:24","end":"00:10:28","text":"this process. Now the problem for some"},{"start":"00:10:26","end":"00:10:30","text":"people who are not paying attention to"},{"start":"00:10:28","end":"00:10:33","text":"this it's a problem because inflation"},{"start":"00:10:30","end":"00:10:35","text":"risks start taking off. The dollar gets"},{"start":"00:10:33","end":"00:10:38","text":"weaker, the money supply expands, asset"},{"start":"00:10:35","end":"00:10:40","text":"prices start going higher and inflation"},{"start":"00:10:38","end":"00:10:41","text":"starts rising. So people who aren't"},{"start":"00:10:40","end":"00:10:44","text":"prepared, they get wiped out. The poor"},{"start":"00:10:41","end":"00:10:45","text":"get poor unfortunately but so do asset"},{"start":"00:10:44","end":"00:10:48","text":"prices. So for those of us that are"},{"start":"00:10:45","end":"00:10:50","text":"investors and we understand this, we can"},{"start":"00:10:48","end":"00:10:52","text":"make way more money than we're losing to"},{"start":"00:10:50","end":"00:10:55","text":"inflation. That's our opportunity if we"},{"start":"00:10:52","end":"00:10:57","text":"catch this. This is the tide that lifts"},{"start":"00:10:55","end":"00:10:59","text":"some boats. Not all boats are going to"},{"start":"00:10:57","end":"00:11:00","text":"go up. Which boats are going to go up?"},{"start":"00:10:59","end":"00:11:02","text":"Some go up faster than others. Let's"},{"start":"00:11:00","end":"00:11:05","text":"model that out. Okay. So when we think"},{"start":"00:11:02","end":"00:11:07","text":"about asset prices are rising, so as"},{"start":"00:11:05","end":"00:11:09","text":"liquidity rises, as the water rushes in,"},{"start":"00:11:07","end":"00:11:11","text":"so to speak, the liquidity comes in."},{"start":"00:11:09","end":"00:11:13","text":"Asset prices go up like boats. However,"},{"start":"00:11:11","end":"00:11:15","text":"they don't all move at the same the same"},{"start":"00:11:13","end":"00:11:16","text":"speed. So a smaller lighter boat is"},{"start":"00:11:15","end":"00:11:19","text":"going to move faster than a big heavier"},{"start":"00:11:16","end":"00:11:21","text":"boat for example. And so we understand"},{"start":"00:11:19","end":"00:11:22","text":"already I broke down there's an inverse"},{"start":"00:11:21","end":"00:11:24","text":"correlation to the dollar. The dollar"},{"start":"00:11:22","end":"00:11:27","text":"gets weaker. Asset prices are going to"},{"start":"00:11:24","end":"00:11:30","text":"go up. But as I said some assets are"},{"start":"00:11:27","end":"00:11:32","text":"more sensitive to liquidity coming in."},{"start":"00:11:30","end":"00:11:34","text":"Some boats move faster. Here's a chart"},{"start":"00:11:32","end":"00:11:36","text":"that sort of breaks this down for us. So"},{"start":"00:11:34","end":"00:11:39","text":"here we go. A chart from Bitwise here."},{"start":"00:11:36","end":"00:11:43","text":"The green lines here are since uh 2010."},{"start":"00:11:39","end":"00:11:47","text":"We have the the uh dark gray line since"},{"start":"00:11:43","end":"00:11:48","text":"2017 and this blue line is since 2020."},{"start":"00:11:47","end":"00:11:50","text":"They're all about the same. We have"},{"start":"00:11:48","end":"00:11:52","text":"Bitcoin right here and you can see it's"},{"start":"00:11:50","end":"00:11:54","text":"moved up the fastest. It's the fastest"},{"start":"00:11:52","end":"00:11:56","text":"boat. Now, you can see since 2020, it's"},{"start":"00:11:54","end":"00:11:58","text":"been a faster rising boat. It's more"},{"start":"00:11:56","end":"00:12:01","text":"sensitive to liquidity than it was in"},{"start":"00:11:58","end":"00:12:04","text":"2017 or it was in 2010. But in all these"},{"start":"00:12:01","end":"00:12:06","text":"areas, it was much faster. A much faster"},{"start":"00:12:04","end":"00:12:08","text":"boat than the S&P 500, a much faster"},{"start":"00:12:06","end":"00:12:10","text":"boat than the MSCI, just a big basket,"},{"start":"00:12:08","end":"00:12:12","text":"and even much faster than gold. So these"},{"start":"00:12:10","end":"00:12:14","text":"are all the different assets, S&P 500,"},{"start":"00:12:12","end":"00:12:18","text":"gold, Bitcoin. And this shows the"},{"start":"00:12:14","end":"00:12:20","text":"sensitivities or how fast they move as"},{"start":"00:12:18","end":"00:12:21","text":"liquidity rushes in. So if you want to"},{"start":"00:12:20","end":"00:12:23","text":"run from a rushing tide, a tsunami is"},{"start":"00:12:21","end":"00:12:25","text":"coming on shore, you want to get into"},{"start":"00:12:23","end":"00:12:28","text":"the fastest boat possible, and Bitcoin"},{"start":"00:12:25","end":"00:12:30","text":"shows us that. Now we can also see as I"},{"start":"00:12:28","end":"00:12:32","text":"said like this is inversely correlated."},{"start":"00:12:30","end":"00:12:35","text":"So here's a chart of the dollar index"},{"start":"00:12:32","end":"00:12:36","text":"and the global monetary supply inverted."},{"start":"00:12:35","end":"00:12:38","text":"So what we can see is the global"},{"start":"00:12:36","end":"00:12:40","text":"monetary supply is inversely correlated"},{"start":"00:12:38","end":"00:12:42","text":"with the changes in the dollar. So what"},{"start":"00:12:40","end":"00:12:45","text":"we can see here the green is the dollar"},{"start":"00:12:42","end":"00:12:47","text":"index and the black line is the global"},{"start":"00:12:45","end":"00:12:50","text":"money supply. So when the dollar index"},{"start":"00:12:47","end":"00:12:52","text":"goes down this goes up right? When this"},{"start":"00:12:50","end":"00:12:55","text":"goes down this goes up. So we can"},{"start":"00:12:52","end":"00:12:57","text":"overlay the charts to understand where"},{"start":"00:12:55","end":"00:13:00","text":"these are coming. So let me show you"},{"start":"00:12:57","end":"00:13:02","text":"what this looks like. All right. So we"},{"start":"00:13:00","end":"00:13:05","text":"can see when we overlay now the global"},{"start":"00:13:02","end":"00:13:07","text":"money supply with asset prices. So this"},{"start":"00:13:05","end":"00:13:09","text":"is the global money supply in green with"},{"start":"00:13:07","end":"00:13:11","text":"the Bitcoin price in black and it's"},{"start":"00:13:09","end":"00:13:12","text":"adjusted for a threemonth lag. If you"},{"start":"00:13:11","end":"00:13:13","text":"watch my videos regularly, you"},{"start":"00:13:12","end":"00:13:14","text":"understand I talk about the global"},{"start":"00:13:13","end":"00:13:16","text":"liquidity all the time and how there's"},{"start":"00:13:14","end":"00:13:18","text":"about a threemonth lag. I'll put put a"},{"start":"00:13:16","end":"00:13:20","text":"link to a video down below that sort of"},{"start":"00:13:18","end":"00:13:21","text":"breaks that down in more detail. Now"},{"start":"00:13:20","end":"00:13:23","text":"what we can see at just for a"},{"start":"00:13:21","end":"00:13:26","text":"three-month lag is that these move"},{"start":"00:13:23","end":"00:13:28","text":"almost in lock step. What we can see is"},{"start":"00:13:26","end":"00:13:29","text":"that here the global money supply has"},{"start":"00:13:28","end":"00:13:32","text":"taken"},{"start":"00:13:29","end":"00:13:36","text":"off. Bitcoin is just trying to start"},{"start":"00:13:32","end":"00:13:38","text":"catching up, but it hasn't all the way."},{"start":"00:13:36","end":"00:13:39","text":"So, looking at these charts, where do"},{"start":"00:13:38","end":"00:13:42","text":"you think it goes next? Well, I think it"},{"start":"00:13:39","end":"00:13:44","text":"seems pretty obvious. Now, another"},{"start":"00:13:42","end":"00:13:47","text":"factor is that what we can see when we"},{"start":"00:13:44","end":"00:13:49","text":"map out the global money supply moves,"},{"start":"00:13:47","end":"00:13:51","text":"the dollar index strength compared to an"},{"start":"00:13:49","end":"00:13:53","text":"asset that's very sensitive to liquidity"},{"start":"00:13:51","end":"00:13:55","text":"like Bitcoin. What we can see is a chart"},{"start":"00:13:53","end":"00:13:58","text":"like this that when Bitcoin moves in its"},{"start":"00:13:55","end":"00:14:01","text":"let's let's break it down to 8020. When"},{"start":"00:13:58","end":"00:14:04","text":"it's the top 20% um strongest move in"},{"start":"00:14:01","end":"00:14:06","text":"the dollar index or the the bottom 20"},{"start":"00:14:04","end":"00:14:09","text":"move on the dollar index, Bitcoin has"},{"start":"00:14:06","end":"00:14:11","text":"its strongest moves. And so if the US"},{"start":"00:14:09","end":"00:14:14","text":"dollar gets very very weak very quickly,"},{"start":"00:14:11","end":"00:14:16","text":"Bitcoin moves even faster. If the dollar"},{"start":"00:14:14","end":"00:14:19","text":"gets very strong very quickly, then"},{"start":"00:14:16","end":"00:14:21","text":"Bitcoin draws down even faster. But"},{"start":"00:14:19","end":"00:14:24","text":"what's the policy of the Mara Lago"},{"start":"00:14:21","end":"00:14:26","text":"accords to weaken it? How much? Well, it"},{"start":"00:14:24","end":"00:14:28","text":"should revert to the mean, which could"},{"start":"00:14:26","end":"00:14:32","text":"be 20 or 30%. How much did it happen"},{"start":"00:14:28","end":"00:14:33","text":"last time? 25%. That's an extremely fast"},{"start":"00:14:32","end":"00:14:36","text":"move, which means we might expect"},{"start":"00:14:33","end":"00:14:38","text":"Bitcoin to move extremely fast in the"},{"start":"00:14:36","end":"00:14:40","text":"other direction, if that makes sense."},{"start":"00:14:38","end":"00:14:42","text":"Okay. Now, let's try to model that out a"},{"start":"00:14:40","end":"00:14:44","text":"little bit now that we've sort of built"},{"start":"00:14:42","end":"00:14:47","text":"that house of cards. if we model the"},{"start":"00:14:44","end":"00:14:50","text":"move. So if the US dollar is overvalued"},{"start":"00:14:47","end":"00:14:51","text":"by 20 to 30%. And again, this is a chart"},{"start":"00:14:50","end":"00:14:52","text":"from the BIS, the Bank of International"},{"start":"00:14:51","end":"00:14:55","text":"Settlements, they're the they're the"},{"start":"00:14:52","end":"00:14:57","text":"central bank of all central banks. So if"},{"start":"00:14:55","end":"00:14:59","text":"it could revert to the mean right here,"},{"start":"00:14:57","end":"00:15:01","text":"again, it'll probably snap past and come"},{"start":"00:14:59","end":"00:15:04","text":"back. But if it just comes back to the"},{"start":"00:15:01","end":"00:15:06","text":"mean, we're looking at a 20 to 30% drop."},{"start":"00:15:04","end":"00:15:08","text":"It went down 25% in the coordinated"},{"start":"00:15:06","end":"00:15:10","text":"fashion after the Mara log accords."},{"start":"00:15:08","end":"00:15:13","text":"Maybe it goes down 10 or 15%, we don't"},{"start":"00:15:10","end":"00:15:15","text":"know. But what we do know from mapping"},{"start":"00:15:13","end":"00:15:19","text":"these things out is that for every"},{"start":"00:15:15","end":"00:15:22","text":"10point drop in the dollar index, we get"},{"start":"00:15:19","end":"00:15:24","text":"a two to 4x in Bitcoin, there's a range."},{"start":"00:15:22","end":"00:15:26","text":"Typically, Bitcoin would move two to"},{"start":"00:15:24","end":"00:15:29","text":"four times for every 10% drop. Okay? So,"},{"start":"00:15:26","end":"00:15:32","text":"if we put this math together, Bitcoin is"},{"start":"00:15:29","end":"00:15:33","text":"sitting at about 100,000 right now. 93,"},{"start":"00:15:32","end":"00:15:35","text":"95, 97, somewhere in that range. Call it"},{"start":"00:15:33","end":"00:15:38","text":"100,000. And let's say we get a 20%"},{"start":"00:15:35","end":"00:15:40","text":"decline in the dollar index. Then we"},{"start":"00:15:38","end":"00:15:41","text":"multiply that times a four or eight"},{"start":"00:15:40","end":"00:15:44","text":"times"},{"start":"00:15:41","end":"00:15:48","text":"move. Well, why four or eight? Because"},{"start":"00:15:44","end":"00:15:50","text":"we get two to four for every 10. So 10"},{"start":"00:15:48","end":"00:15:51","text":"would be 20. So a four eight times move."},{"start":"00:15:50","end":"00:15:53","text":"So that would mean I'm not real good at"},{"start":"00:15:51","end":"00:15:55","text":"math. That's why I use general numbers."},{"start":"00:15:53","end":"00:15:59","text":"Uh 100,000"},{"start":"00:15:55","end":"00:16:04","text":"* 4 equals"},{"start":"00:15:59","end":"00:16:07","text":"400K. 100,000 * 8 equals 800,000K."},{"start":"00:16:04","end":"00:16:10","text":"So if we see liquidity, the dollar index"},{"start":"00:16:07","end":"00:16:12","text":"devalued by 20%, like has been history,"},{"start":"00:16:10","end":"00:16:14","text":"like would be the reversion to the mean,"},{"start":"00:16:12","end":"00:16:15","text":"this could be a potential catalyst that"},{"start":"00:16:14","end":"00:16:17","text":"we could see Bitcoin move up to this"},{"start":"00:16:15","end":"00:16:20","text":"level. Then we can add in other things"},{"start":"00:16:17","end":"00:16:23","text":"on top of that. For example, massive ETF"},{"start":"00:16:20","end":"00:16:25","text":"flows coming into Bitcoin, having cycles"},{"start":"00:16:23","end":"00:16:26","text":"come into play, sovereign adoption like"},{"start":"00:16:25","end":"00:16:28","text":"the United States strategic Bitcoin"},{"start":"00:16:26","end":"00:16:31","text":"reserve, other nations doing their own"},{"start":"00:16:28","end":"00:16:33","text":"Bitcoin reserve. So then we start to add"},{"start":"00:16:31","end":"00:16:36","text":"other things that even compound onto"},{"start":"00:16:33","end":"00:16:39","text":"this and you all of a sudden start to"},{"start":"00:16:36","end":"00:16:41","text":"realize which one is the fastest boat."},{"start":"00:16:39","end":"00:16:43","text":"Now this is again another chart here"},{"start":"00:16:41","end":"00:16:45","text":"from the BIS again the bank of"},{"start":"00:16:43","end":"00:16:46","text":"international settlements and what"},{"start":"00:16:45","end":"00:16:48","text":"they're doing here is predicting the US"},{"start":"00:16:46","end":"00:16:51","text":"dollar performance over the next 5"},{"start":"00:16:48","end":"00:16:55","text":"years. Uh and uh do you see this line"},{"start":"00:16:51","end":"00:16:57","text":"going down? This is what the BIS is"},{"start":"00:16:55","end":"00:16:59","text":"planning for. This is what the policy of"},{"start":"00:16:57","end":"00:17:01","text":"the Trump administration is and this is"},{"start":"00:16:59","end":"00:17:05","text":"most likely where the world is going."},{"start":"00:17:01","end":"00:17:07","text":"Okay. So, where are we at? We understand"},{"start":"00:17:05","end":"00:17:10","text":"that we're going through a monetary"},{"start":"00:17:07","end":"00:17:12","text":"reset. It's not that uncommon. This is"},{"start":"00:17:10","end":"00:17:17","text":"what presidents do. Several presidents"},{"start":"00:17:12","end":"00:17:21","text":"have done this in the past. 1913, 1944,"},{"start":"00:17:17","end":"00:17:23","text":"1971, 1985, and here we are 2025. That's"},{"start":"00:17:21","end":"00:17:26","text":"happening again. We're living through"},{"start":"00:17:23","end":"00:17:28","text":"history of monetary reset. The reset"},{"start":"00:17:26","end":"00:17:30","text":"happens and we get something new."},{"start":"00:17:28","end":"00:17:33","text":"There's one thing they have in common."},{"start":"00:17:30","end":"00:17:35","text":"There's a new system. Those of them who"},{"start":"00:17:33","end":"00:17:37","text":"those of you who don't see that new"},{"start":"00:17:35","end":"00:17:39","text":"system and move, then you get left"},{"start":"00:17:37","end":"00:17:41","text":"behind. Those who do see the changes and"},{"start":"00:17:39","end":"00:17:44","text":"move to get in front of that to frontr"},{"start":"00:17:41","end":"00:17:46","text":"run that benefit the most. It's not a"},{"start":"00:17:44","end":"00:17:49","text":"crash. It's a transition into a new"},{"start":"00:17:46","end":"00:17:51","text":"system. Now, the tariffs that we see all"},{"start":"00:17:49","end":"00:17:52","text":"over the news are leverage. It's not"},{"start":"00:17:51","end":"00:17:54","text":"about goods. It's not about"},{"start":"00:17:52","end":"00:17:56","text":"manufacturing. It's leveraged to devalue"},{"start":"00:17:54","end":"00:17:59","text":"the dollar for the entire monetary"},{"start":"00:17:56","end":"00:18:01","text":"system. The Mara Lago accords that you"},{"start":"00:17:59","end":"00:18:03","text":"hear about ultimately is about bringing"},{"start":"00:18:01","end":"00:18:06","text":"the dollar down just like we saw in the"},{"start":"00:18:03","end":"00:18:08","text":"Paris Accords. And that's not a bug."},{"start":"00:18:06","end":"00:18:09","text":"People think the dollar's strength has"},{"start":"00:18:08","end":"00:18:11","text":"to be its feature. It's not. Bringing it"},{"start":"00:18:09","end":"00:18:13","text":"down is not a bug. It's the plan. It is"},{"start":"00:18:11","end":"00:18:16","text":"the feature to bring the dollar down"},{"start":"00:18:13","end":"00:18:17","text":"through these negotiations. And in that"},{"start":"00:18:16","end":"00:18:19","text":"we understand that as the dollar goes"},{"start":"00:18:17","end":"00:18:21","text":"down, global liquidity goes up. We want"},{"start":"00:18:19","end":"00:18:23","text":"to move into assets and different assets"},{"start":"00:18:21","end":"00:18:25","text":"float at different rates. and Bitcoin"},{"start":"00:18:23","end":"00:18:28","text":"moves the fastest. It's not just a hedge"},{"start":"00:18:25","end":"00:18:30","text":"anymore. It is the what we call the"},{"start":"00:18:28","end":"00:18:32","text":"global life raft. Now, we also"},{"start":"00:18:30","end":"00:18:34","text":"understand that in context of these"},{"start":"00:18:32","end":"00:18:36","text":"50-year quantum wave cycles. And this"},{"start":"00:18:34","end":"00:18:38","text":"would also tell us that the only place"},{"start":"00:18:36","end":"00:18:41","text":"to invest right now is right here, which"},{"start":"00:18:38","end":"00:18:42","text":"is a convergence of Bitcoin and AI. Of"},{"start":"00:18:41","end":"00:18:44","text":"course, it's no wonder that's where all"},{"start":"00:18:42","end":"00:18:46","text":"the money is going. That's why I study"},{"start":"00:18:44","end":"00:18:48","text":"these cycles in great detail. There's"},{"start":"00:18:46","end":"00:18:50","text":"four distinct phases that you want to"},{"start":"00:18:48","end":"00:18:51","text":"invest through in this cycle. If you"},{"start":"00:18:50","end":"00:18:53","text":"want to see me break all that down so"},{"start":"00:18:51","end":"00:18:54","text":"you can understand what the blueprint is"},{"start":"00:18:53","end":"00:18:56","text":"so you can invest along, come hang out"},{"start":"00:18:54","end":"00:18:57","text":"with me live next week. We'll break it"},{"start":"00:18:56","end":"00:18:59","text":"all down. I'll go through all the"},{"start":"00:18:57","end":"00:19:00","text":"charts, all the graphs. We'll do a live"},{"start":"00:18:59","end":"00:19:03","text":"Q&A so you can understand how to apply"},{"start":"00:19:00","end":"00:19:04","text":"it to your own portfolio. But if you"},{"start":"00:19:03","end":"00:19:06","text":"really want to understand more about the"},{"start":"00:19:04","end":"00:19:07","text":"Mara logo chords and where those going,"},{"start":"00:19:06","end":"00:19:09","text":"you probably want to watch this whole"},{"start":"00:19:07","end":"00:19:11","text":"video right here where I break it down"},{"start":"00:19:09","end":"00:19:14","text":"in more detail. And I hope to see you"},{"start":"00:19:11","end":"00:19:14","text":"over there."}]

[{"start":"00:00:00","end":"00:00:05","text":"A liquidity tsunami is coming. A5"},{"start":"00:00:03","end":"00:00:07","text":"trillion dollar wave about to hit"},{"start":"00:00:05","end":"00:00:09","text":"Bitcoin and stocks. But right now,"},{"start":"00:00:07","end":"00:00:10","text":"everyone's they're staring at Trump."},{"start":"00:00:09","end":"00:00:12","text":"They're staring at the tariffs. They're"},{"start":"00:00:10","end":"00:00:14","text":"staring at the headlines. But they're"},{"start":"00:00:12","end":"00:00:16","text":"missing the real driver behind markets."},{"start":"00:00:14","end":"00:00:19","text":"It's quiet. It's hidden. And it moves"},{"start":"00:00:16","end":"00:00:21","text":"prices with a threemonth lag. And if you"},{"start":"00:00:19","end":"00:00:24","text":"miss it, then you're just replaying the"},{"start":"00:00:21","end":"00:00:25","text":"quarter 1 crash. But if you catch it,"},{"start":"00:00:24","end":"00:00:28","text":"you're perfectly positioned for what's"},{"start":"00:00:25","end":"00:00:30","text":"about to unfold. I'm Mark Moss. I've"},{"start":"00:00:28","end":"00:00:32","text":"spent years breaking down macro trends,"},{"start":"00:00:30","end":"00:00:34","text":"Bitcoin cycles, and in the next 8"},{"start":"00:00:32","end":"00:00:36","text":"minutes, I'm going to show you exactly"},{"start":"00:00:34","end":"00:00:38","text":"how this liquidity wave works, the key"},{"start":"00:00:36","end":"00:00:41","text":"signals to be watching, and the crucial"},{"start":"00:00:38","end":"00:00:43","text":"piece that everyone else is overlooking."},{"start":"00:00:41","end":"00:00:45","text":"So, let's"},{"start":"00:00:43","end":"00:00:47","text":"go. All right, so we're going to jump"},{"start":"00:00:45","end":"00:00:49","text":"right in to show you what the"},{"start":"00:00:47","end":"00:00:50","text":"undercurrent is that's driving markets"},{"start":"00:00:49","end":"00:00:52","text":"because, of course, we're all worried"},{"start":"00:00:50","end":"00:00:53","text":"about Trump and tariffs, and of course,"},{"start":"00:00:52","end":"00:00:55","text":"I've been doing lots of videos on that"},{"start":"00:00:53","end":"00:00:57","text":"because it's very important. But as if"},{"start":"00:00:55","end":"00:00:58","text":"you watch those other videos on tariffs"},{"start":"00:00:57","end":"00:01:01","text":"and what I've been saying is that"},{"start":"00:00:58","end":"00:01:03","text":"tariffs isn't really the objective. It's"},{"start":"00:01:01","end":"00:01:05","text":"a lever to get other things done. Some"},{"start":"00:01:03","end":"00:01:06","text":"really really big things done. If you"},{"start":"00:01:05","end":"00:01:07","text":"missed those videos, we'll link to them"},{"start":"00:01:06","end":"00:01:10","text":"in the description down below. Just go"},{"start":"00:01:07","end":"00:01:13","text":"watch them. All right. Now, they are a"},{"start":"00:01:10","end":"00:01:14","text":"lever to make something else happen, but"},{"start":"00:01:13","end":"00:01:16","text":"really there's something underneath the"},{"start":"00:01:14","end":"00:01:18","text":"undercurrent that's really driving"},{"start":"00:01:16","end":"00:01:20","text":"everything. But let's just start here."},{"start":"00:01:18","end":"00:01:22","text":"The first 100 days of Trump's term. Here"},{"start":"00:01:20","end":"00:01:24","text":"we are in the first 100 days, and it has"},{"start":"00:01:22","end":"00:01:26","text":"been turbulent to say the least, right?"},{"start":"00:01:24","end":"00:01:27","text":"Uh, lots of noise. Maybe he's an idiot."},{"start":"00:01:26","end":"00:01:29","text":"Maybe he doesn't know what he's doing."},{"start":"00:01:27","end":"00:01:32","text":"Maybe. We don't know. But what we do"},{"start":"00:01:29","end":"00:01:34","text":"know is that we've seen 10 days and 10"},{"start":"00:01:32","end":"00:01:37","text":"trillion dollar market swings. So, we've"},{"start":"00:01:34","end":"00:01:40","text":"been seeing massive volatility as things"},{"start":"00:01:37","end":"00:01:44","text":"go up and down as Trump is basically"},{"start":"00:01:40","end":"00:01:46","text":"trying to reorganize the entire global"},{"start":"00:01:44","end":"00:01:49","text":"monetary system. Not a small feat. Now,"},{"start":"00:01:46","end":"00:01:51","text":"we can see that in that time, I put this"},{"start":"00:01:49","end":"00:01:53","text":"green mark here. We can say the markets"},{"start":"00:01:51","end":"00:01:55","text":"came all the way down, came back up,"},{"start":"00:01:53","end":"00:01:57","text":"went down, went back up, and currently"},{"start":"00:01:55","end":"00:02:00","text":"right now they're down about 10%. This"},{"start":"00:01:57","end":"00:02:02","text":"is the S&P 500 down about 10%. Now, with"},{"start":"00:02:00","end":"00:02:03","text":"all of this happening, and he's an"},{"start":"00:02:02","end":"00:02:06","text":"idiot, he's wrecking the economy and all"},{"start":"00:02:03","end":"00:02:07","text":"these things, we're down 10%. Now, just"},{"start":"00:02:06","end":"00:02:10","text":"for a little bit of historical"},{"start":"00:02:07","end":"00:02:13","text":"perspective, uh, here we were down 10%"},{"start":"00:02:10","end":"00:02:15","text":"here. Here we were down 6% here. Here we"},{"start":"00:02:13","end":"00:02:18","text":"were down 10% here. Here we were down"},{"start":"00:02:15","end":"00:02:20","text":"10% here. You see, 10% isn't all that"},{"start":"00:02:18","end":"00:02:22","text":"uncommon. So, we're seeing that, but"},{"start":"00:02:20","end":"00:02:24","text":"yes, it has been volatile. It's been"},{"start":"00:02:22","end":"00:02:26","text":"back and forth. But here's the thing."},{"start":"00:02:24","end":"00:02:29","text":"While that has been wiped out, there's"},{"start":"00:02:26","end":"00:02:31","text":"an undercurrent that really shows us"},{"start":"00:02:29","end":"00:02:32","text":"what's really going on. And this is what"},{"start":"00:02:31","end":"00:02:34","text":"you need to know if you want to navigate"},{"start":"00:02:32","end":"00:02:36","text":"these markets. Okay? So, if you really"},{"start":"00:02:34","end":"00:02:38","text":"want to navigate these markets like a"},{"start":"00:02:36","end":"00:02:40","text":"true pro, then you need to know what"},{"start":"00:02:38","end":"00:02:41","text":"you're looking at. Now, if you've been"},{"start":"00:02:40","end":"00:02:43","text":"watching my videos for any amount of"},{"start":"00:02:41","end":"00:02:46","text":"time, then you know I always talk about"},{"start":"00:02:43","end":"00:02:48","text":"liquidity. Liquidity. Liquidity is what"},{"start":"00:02:46","end":"00:02:50","text":"drives asset prices. So, we want to keep"},{"start":"00:02:48","end":"00:02:52","text":"our eyes on liquidity. So, let me show"},{"start":"00:02:50","end":"00:02:55","text":"you what I'm talking about. In 2024,"},{"start":"00:02:52","end":"00:02:58","text":"last year before Trump took office, in"},{"start":"00:02:55","end":"00:03:00","text":"the last quarter, quarter 4 of 2024, we"},{"start":"00:02:58","end":"00:03:02","text":"saw declining liquidity. Liquidity was"},{"start":"00:03:00","end":"00:03:04","text":"draining out of the system and that"},{"start":"00:03:02","end":"00:03:08","text":"pushed asset prices down. Now, for the"},{"start":"00:03:04","end":"00:03:10","text":"first quarter of 2025, quarter 1, we've"},{"start":"00:03:08","end":"00:03:11","text":"seen rising liquidity. All right. Now,"},{"start":"00:03:10","end":"00:03:14","text":"I'm going to use a bunch of charts from"},{"start":"00:03:11","end":"00:03:16","text":"Michael How. I want to link to his"},{"start":"00:03:14","end":"00:03:17","text":"newsletter down below. I subscribe to"},{"start":"00:03:16","end":"00:03:18","text":"It's a paid newsletter. I'll link it"},{"start":"00:03:17","end":"00:03:20","text":"down below if you want to subscribe to"},{"start":"00:03:18","end":"00:03:21","text":"it. I've had him on my show. Actually,"},{"start":"00:03:20","end":"00:03:23","text":"we'll link to the interview of me and"},{"start":"00:03:21","end":"00:03:25","text":"Michael down there as well. Uh, great"},{"start":"00:03:23","end":"00:03:27","text":"work. But what we can see here is here's"},{"start":"00:03:25","end":"00:03:30","text":"2024. And what we can see here in"},{"start":"00:03:27","end":"00:03:34","text":"September of 2024, we had a high of"},{"start":"00:03:30","end":"00:03:36","text":"global liquidity at $175 trillion. $175"},{"start":"00:03:34","end":"00:03:40","text":"trillion. And what we can see is through"},{"start":"00:03:36","end":"00:03:43","text":"the end of 2024, we went from 175, 173,"},{"start":"00:03:40","end":"00:03:46","text":"172, 171. Liquidity was draining out of"},{"start":"00:03:43","end":"00:03:48","text":"the system. And you're like, \"But Mark,"},{"start":"00:03:46","end":"00:03:50","text":"that is uh last year. We're talking"},{"start":"00:03:48","end":"00:03:52","text":"about the last, you know, 6 weeks, 8"},{"start":"00:03:50","end":"00:03:54","text":"weeks.\" Okay, we'll come back to that."},{"start":"00:03:52","end":"00:03:58","text":"So the quid is draining down. Then here"},{"start":"00:03:54","end":"00:04:03","text":"we have uh 2025 and we started January"},{"start":"00:03:58","end":"00:04:08","text":"with 171 obviously carrying over 171 171"},{"start":"00:04:03","end":"00:04:11","text":"172 172 172 172 173 174 174"},{"start":"00:04:08","end":"00:04:12","text":"176 liquidity has been going up. Now"},{"start":"00:04:11","end":"00:04:13","text":"you're saying, \"But Mark, I don't"},{"start":"00:04:12","end":"00:04:15","text":"understand this.\" Because you're saying"},{"start":"00:04:13","end":"00:04:16","text":"liquidity went down last year, but the"},{"start":"00:04:15","end":"00:04:17","text":"price has been going down this year, but"},{"start":"00:04:16","end":"00:04:18","text":"you're saying prices going down when"},{"start":"00:04:17","end":"00:04:20","text":"liquidity is going up. I don't"},{"start":"00:04:18","end":"00:04:22","text":"understand what's going on. Well, let me"},{"start":"00:04:20","end":"00:04:25","text":"break it down for you. So, we have a"},{"start":"00:04:22","end":"00:04:26","text":"$176 trillion of global equity as of"},{"start":"00:04:25","end":"00:04:30","text":"last week per"},{"start":"00:04:26","end":"00:04:32","text":"Michael. That is a positive gain of $5"},{"start":"00:04:30","end":"00:04:36","text":"trillion. Hence the title of the video,"},{"start":"00:04:32","end":"00:04:37","text":"$5 trillion tsunami. $5 trillion year to"},{"start":"00:04:36","end":"00:04:40","text":"date has been added. That's how much"},{"start":"00:04:37","end":"00:04:41","text":"it's gone up. The reason why you're not"},{"start":"00:04:40","end":"00:04:44","text":"understanding the linkage is because"},{"start":"00:04:41","end":"00:04:46","text":"there's about a 10 to 12 week lag in"},{"start":"00:04:44","end":"00:04:49","text":"between that. So liquidity draining out"},{"start":"00:04:46","end":"00:04:52","text":"in quarter 4 of last year, we saw the"},{"start":"00:04:49","end":"00:04:54","text":"impacts of it in quarter 1 of 2025,"},{"start":"00:04:52","end":"00:04:57","text":"mostly towards the end because of the"},{"start":"00:04:54","end":"00:05:00","text":"lag. All the quity we seen rush in this"},{"start":"00:04:57","end":"00:05:02","text":"year, this first quarter, will be seen"},{"start":"00:05:00","end":"00:05:03","text":"next quarter. And we're already starting"},{"start":"00:05:02","end":"00:05:05","text":"to see that. Let me show you a couple"},{"start":"00:05:03","end":"00:05:08","text":"charts here. So here's a couple more"},{"start":"00:05:05","end":"00:05:10","text":"charts from Michael How. And here we"},{"start":"00:05:08","end":"00:05:13","text":"have global liquidity mapped out from"},{"start":"00:05:10","end":"00:05:15","text":"June of 2021. We'll just put 21 right"},{"start":"00:05:13","end":"00:05:17","text":"here. Now, I started using this chart"},{"start":"00:05:15","end":"00:05:18","text":"right around here. If you've been"},{"start":"00:05:17","end":"00:05:19","text":"watching my channel for any amount of"},{"start":"00:05:18","end":"00:05:21","text":"time, you know that when the whole world"},{"start":"00:05:19","end":"00:05:23","text":"was going to end and everyone needs to"},{"start":"00:05:21","end":"00:05:26","text":"get out of the markets back in 2022"},{"start":"00:05:23","end":"00:05:27","text":"because it was the low right here. I"},{"start":"00:05:26","end":"00:05:29","text":"started making videos. Go check out my"},{"start":"00:05:27","end":"00:05:30","text":"channel. I said there is no market crash"},{"start":"00:05:29","end":"00:05:32","text":"coming. Here's why. It's time to start"},{"start":"00:05:30","end":"00:05:34","text":"buying. Here's why I'm buying new"},{"start":"00:05:32","end":"00:05:36","text":"assets. And it's because I understood"},{"start":"00:05:34","end":"00:05:38","text":"this. And since then, the markets have"},{"start":"00:05:36","end":"00:05:40","text":"been on an absolute tear because that"},{"start":"00:05:38","end":"00:05:42","text":"was the bottom of liquidity. Now, these"},{"start":"00:05:40","end":"00:05:44","text":"things typically move in a four-year"},{"start":"00:05:42","end":"00:05:47","text":"cycle. So, we've had about four good"},{"start":"00:05:44","end":"00:05:49","text":"years of runs. Nothing goes up and down"},{"start":"00:05:47","end":"00:05:52","text":"in a straight line. Obviously, we've had"},{"start":"00:05:49","end":"00:05:53","text":"four straight years of runs. Now, let me"},{"start":"00:05:52","end":"00:05:55","text":"zoom in a little bit and look a little"},{"start":"00:05:53","end":"00:05:58","text":"bit closer. I want you to see this. So,"},{"start":"00:05:55","end":"00:06:00","text":"here's what we have now over the last"},{"start":"00:05:58","end":"00:06:03","text":"year. So, what we had is last year,"},{"start":"00:06:00","end":"00:06:05","text":"2024, the last quarter liquidity was"},{"start":"00:06:03","end":"00:06:06","text":"draining down. in the first quarter of"},{"start":"00:06:05","end":"00:06:08","text":"this year, it's going up. I'm going to"},{"start":"00:06:06","end":"00:06:10","text":"zoom in a little bit so we can see this."},{"start":"00:06:08","end":"00:06:12","text":"And this is what we're talking about"},{"start":"00:06:10","end":"00:06:14","text":"happen the $5 trillion that we'll see"},{"start":"00:06:12","end":"00:06:16","text":"next quarter. But let's just take a look"},{"start":"00:06:14","end":"00:06:19","text":"at this and see how else we can see this"},{"start":"00:06:16","end":"00:06:20","text":"data. So here is the Dixie, the dollar"},{"start":"00:06:19","end":"00:06:22","text":"index, and it measures the dollar"},{"start":"00:06:20","end":"00:06:26","text":"against other currencies. Now, this goes"},{"start":"00:06:22","end":"00:06:29","text":"back until 2019. And what we can see is"},{"start":"00:06:26","end":"00:06:31","text":"that the dollar got stronger into 2020,"},{"start":"00:06:29","end":"00:06:34","text":"then it got weaker, then it got really"},{"start":"00:06:31","end":"00:06:37","text":"strong into 2022."},{"start":"00:06:34","end":"00:06:39","text":"which is when liquidity drained out and"},{"start":"00:06:37","end":"00:06:40","text":"asset prices crashed. And then as the"},{"start":"00:06:39","end":"00:06:43","text":"dollar got"},{"start":"00:06:40","end":"00:06:46","text":"weaker, liquidity went up, asset prices"},{"start":"00:06:43","end":"00:06:49","text":"went up. We chop back and forth. And you"},{"start":"00:06:46","end":"00:06:52","text":"can see as of right now, Q1, well, let's"},{"start":"00:06:49","end":"00:06:56","text":"look here. Q4 of last year, I'll write"},{"start":"00:06:52","end":"00:06:59","text":"that here. Q4 of last year, draining. Q1"},{"start":"00:06:56","end":"00:07:01","text":"of this year, it's been going"},{"start":"00:06:59","end":"00:07:02","text":"down, which means liquidity has been"},{"start":"00:07:01","end":"00:07:05","text":"rushing back in. Now we can see this in"},{"start":"00:07:02","end":"00:07:08","text":"asset prices. If we look at Bitcoin for"},{"start":"00:07:05","end":"00:07:11","text":"example right here, same time period. So"},{"start":"00:07:08","end":"00:07:13","text":"we can see when the dollar index went"},{"start":"00:07:11","end":"00:07:16","text":"down, liquidity went up, Bitcoin went"},{"start":"00:07:13","end":"00:07:18","text":"down, it dropped down. We can see here"},{"start":"00:07:16","end":"00:07:20","text":"that last quarter as the dollar index"},{"start":"00:07:18","end":"00:07:22","text":"got stronger, liquidity went down,"},{"start":"00:07:20","end":"00:07:23","text":"Bitcoin dropped with it, and now we"},{"start":"00:07:22","end":"00:07:25","text":"can't really see it here, but now"},{"start":"00:07:23","end":"00:07:27","text":"Bitcoin has made a big turnaround. I"},{"start":"00:07:25","end":"00:07:28","text":"think it's up 10 12% in just like the"},{"start":"00:07:27","end":"00:07:30","text":"last two days at the time of this"},{"start":"00:07:28","end":"00:07:32","text":"recording. U and you can see the same"},{"start":"00:07:30","end":"00:07:35","text":"thing in NASDAQ over the same time"},{"start":"00:07:32","end":"00:07:37","text":"period. You see the same movement as the"},{"start":"00:07:35","end":"00:07:39","text":"dollar and the global liquidity moves up"},{"start":"00:07:37","end":"00:07:41","text":"and down. The prices come up, it drops"},{"start":"00:07:39","end":"00:07:43","text":"down, and now we're starting to revert"},{"start":"00:07:41","end":"00:07:46","text":"because that first core liquidity is"},{"start":"00:07:43","end":"00:07:47","text":"just starting to come into the system."},{"start":"00:07:46","end":"00:07:49","text":"All right. Now, we have to understand"},{"start":"00:07:47","end":"00:07:51","text":"these metrics and how this works on a"},{"start":"00:07:49","end":"00:07:53","text":"lag so we can really start to position"},{"start":"00:07:51","end":"00:07:54","text":"ourselves because what we're seeing"},{"start":"00:07:53","end":"00:07:57","text":"right now is a lot of people are"},{"start":"00:07:54","end":"00:07:59","text":"fearful. A lot of people exit out of the"},{"start":"00:07:57","end":"00:08:01","text":"system. A lot of people are waiting for"},{"start":"00:07:59","end":"00:08:03","text":"the next leg to drop. They think the"},{"start":"00:08:01","end":"00:08:04","text":"world is coming to an end. Like as if"},{"start":"00:08:03","end":"00:08:06","text":"the world is more uncertain than it was"},{"start":"00:08:04","end":"00:08:08","text":"in the pandemic of 2020 when the whole"},{"start":"00:08:06","end":"00:08:10","text":"world was going to die and shipping"},{"start":"00:08:08","end":"00:08:12","text":"lanes and businesses were shut down. Or"},{"start":"00:08:10","end":"00:08:14","text":"it's more uncertain than it was in 2008"},{"start":"00:08:12","end":"00:08:16","text":"when the great financial crash, the"},{"start":"00:08:14","end":"00:08:18","text":"global financial system melted down."},{"start":"00:08:16","end":"00:08:20","text":"Certainly not. We can look at it here."},{"start":"00:08:18","end":"00:08:22","text":"Gold. So we have assets. If you want to"},{"start":"00:08:20","end":"00:08:25","text":"know why gold is taking off so rapidly"},{"start":"00:08:22","end":"00:08:27","text":"right now, it's because gold and Bitcoin"},{"start":"00:08:25","end":"00:08:30","text":"hard assets with limited supplies,"},{"start":"00:08:27","end":"00:08:31","text":"scarce supplies are more sensitive to"},{"start":"00:08:30","end":"00:08:34","text":"liquidity. So what we can see is that"},{"start":"00:08:31","end":"00:08:37","text":"gold on a again a 10 to 12 week lag"},{"start":"00:08:34","end":"00:08:39","text":"moves about the same because it's more"},{"start":"00:08:37","end":"00:08:41","text":"sensitive and it also rises and falls"},{"start":"00:08:39","end":"00:08:44","text":"liquidity. So here we have a chart again"},{"start":"00:08:41","end":"00:08:46","text":"from Michael How global liquidity in"},{"start":"00:08:44","end":"00:08:49","text":"orange right here and the gold price in"},{"start":"00:08:46","end":"00:08:52","text":"black. And so we can see these moves and"},{"start":"00:08:49","end":"00:08:53","text":"the lag that we have in them. And so"},{"start":"00:08:52","end":"00:08:55","text":"we're seeing right now with the global"},{"start":"00:08:53","end":"00:08:57","text":"liquidity ticking up and the price of"},{"start":"00:08:55","end":"00:08:59","text":"gold is going up and eventually these"},{"start":"00:08:57","end":"00:09:01","text":"lines will catch up. We can see the same"},{"start":"00:08:59","end":"00:09:04","text":"thing if we look at it in Bitcoin terms"},{"start":"00:09:01","end":"00:09:06","text":"as well. So for example, Bitcoin is"},{"start":"00:09:04","end":"00:09:07","text":"similar except for it's a fixed supply,"},{"start":"00:09:06","end":"00:09:09","text":"not a scarce supply, right? There will"},{"start":"00:09:07","end":"00:09:11","text":"never be more than 21 million which"},{"start":"00:09:09","end":"00:09:12","text":"makes it much more sensitive. Not to"},{"start":"00:09:11","end":"00:09:13","text":"mention, not just because the scarcity,"},{"start":"00:09:12","end":"00:09:16","text":"but also because of the size of the"},{"start":"00:09:13","end":"00:09:18","text":"market cap. It's much harder to move a"},{"start":"00:09:16","end":"00:09:20","text":"$14 trillion market cap than it is a $2"},{"start":"00:09:18","end":"00:09:22","text":"trillion market cap. So, we can see that"},{"start":"00:09:20","end":"00:09:24","text":"Bitcoin is very similar except in this"},{"start":"00:09:22","end":"00:09:26","text":"case, it's also much more sensitive"},{"start":"00:09:24","end":"00:09:28","text":"because of the liquidity and the overall"},{"start":"00:09:26","end":"00:09:30","text":"size. And again, we have the global"},{"start":"00:09:28","end":"00:09:32","text":"liquidity in the orange line right here."},{"start":"00:09:30","end":"00:09:34","text":"And we can see how we're ticking up"},{"start":"00:09:32","end":"00:09:36","text":"right here, but the Bitcoin price hasn't"},{"start":"00:09:34","end":"00:09:38","text":"responded yet."},{"start":"00:09:36","end":"00:09:40","text":"Why? Oh, yeah. Because there's a"},{"start":"00:09:38","end":"00:09:43","text":"three-month lag."},{"start":"00:09:40","end":"00:09:46","text":"So this right here in January, we'll"},{"start":"00:09:43","end":"00:09:47","text":"start to see right here in April. And we"},{"start":"00:09:46","end":"00:09:50","text":"already have. We've already gone from"},{"start":"00:09:47","end":"00:09:52","text":"about 80 to over 90,000 in just two"},{"start":"00:09:50","end":"00:09:55","text":"days. So we're starting to see this"},{"start":"00:09:52","end":"00:09:56","text":"moving in really, really rapidly. Now,"},{"start":"00:09:55","end":"00:09:58","text":"we can see this. Here's another chart"},{"start":"00:09:56","end":"00:10:00","text":"from Ralph Paul. Uh I've also had Ralph"},{"start":"00:09:58","end":"00:10:01","text":"Paul on my show. We've talked about this"},{"start":"00:10:00","end":"00:10:04","text":"extensively. We'll link to that down"},{"start":"00:10:01","end":"00:10:06","text":"below in the description as well. And he"},{"start":"00:10:04","end":"00:10:08","text":"shows this in a similar way, but he"},{"start":"00:10:06","end":"00:10:11","text":"adjusts it for the lag. So, for example,"},{"start":"00:10:08","end":"00:10:14","text":"what we have right here in the white"},{"start":"00:10:11","end":"00:10:17","text":"line is we have the global liquidity"},{"start":"00:10:14","end":"00:10:19","text":"adjusted for a 12-week lag. And then in"},{"start":"00:10:17","end":"00:10:21","text":"the green line, we have Bitcoin. And"},{"start":"00:10:19","end":"00:10:24","text":"what we can see is that they overlay"},{"start":"00:10:21","end":"00:10:26","text":"almost exactly when you adjust it for"},{"start":"00:10:24","end":"00:10:27","text":"the 3-month lag. And what we can see is"},{"start":"00:10:26","end":"00:10:29","text":"that we've been in this bottoming zone"},{"start":"00:10:27","end":"00:10:32","text":"right here, both in the Bitcoin price"},{"start":"00:10:29","end":"00:10:34","text":"and the global liquidity because, as I"},{"start":"00:10:32","end":"00:10:36","text":"said, it was drained out last year or"},{"start":"00:10:34","end":"00:10:39","text":"I'm sorry, last year, last quarter. And"},{"start":"00:10:36","end":"00:10:41","text":"now that global liquidity is taking off,"},{"start":"00:10:39","end":"00:10:43","text":"we expect or we're seeing already the"},{"start":"00:10:41","end":"00:10:45","text":"Bitcoin price is following it. So you"},{"start":"00:10:43","end":"00:10:47","text":"can see this over and over and over"},{"start":"00:10:45","end":"00:10:50","text":"through all of these charts. Now I want"},{"start":"00:10:47","end":"00:10:51","text":"to just draw your attention back to the"},{"start":"00:10:50","end":"00:10:53","text":"main topic that's dominating news"},{"start":"00:10:51","end":"00:10:55","text":"headlines. It's been dominating my"},{"start":"00:10:53","end":"00:10:56","text":"YouTube feed. So if you watch my videos"},{"start":"00:10:55","end":"00:10:59","text":"regularly, it's been dominating what you"},{"start":"00:10:56","end":"00:11:01","text":"see as well. But the reason why we talk"},{"start":"00:10:59","end":"00:11:03","text":"about what Scott Bent is doing and"},{"start":"00:11:01","end":"00:11:06","text":"Howard Lutnik is doing and Trump is"},{"start":"00:11:03","end":"00:11:08","text":"doing is because they're trying"},{"start":"00:11:06","end":"00:11:09","text":"to do something monumental. They're"},{"start":"00:11:08","end":"00:11:12","text":"trying to change the entire global"},{"start":"00:11:09","end":"00:11:14","text":"monetary system and they're using"},{"start":"00:11:12","end":"00:11:16","text":"tariffs to do this and using trade"},{"start":"00:11:14","end":"00:11:17","text":"negotiations to do this. But there's a"},{"start":"00:11:16","end":"00:11:21","text":"couple things that I want to draw your"},{"start":"00:11:17","end":"00:11:23","text":"attention to. Mainly read and listen."},{"start":"00:11:21","end":"00:11:26","text":"Why? Because typically we've had, you"},{"start":"00:11:23","end":"00:11:28","text":"know, politicians and Fed board"},{"start":"00:11:26","end":"00:11:30","text":"governors, they try to sort of hide what"},{"start":"00:11:28","end":"00:11:31","text":"they're doing. They try to mislead us so"},{"start":"00:11:30","end":"00:11:33","text":"we don't frontr run the markets. We"},{"start":"00:11:31","end":"00:11:35","text":"don't frontr run them. But the Trump"},{"start":"00:11:33","end":"00:11:38","text":"administration has done something much"},{"start":"00:11:35","end":"00:11:39","text":"differently. They're laying it all out"},{"start":"00:11:38","end":"00:11:41","text":"there for you. And if you read and"},{"start":"00:11:39","end":"00:11:43","text":"listen to it, you'll hear exactly what"},{"start":"00:11:41","end":"00:11:45","text":"they're having to say. Um um Trump's"},{"start":"00:11:43","end":"00:11:48","text":"head of his head u economic advisory"},{"start":"00:11:45","end":"00:11:51","text":"board um Hudson Bay Capital wrote this"},{"start":"00:11:48","end":"00:11:53","text":"executive summary in November of 2024"},{"start":"00:11:51","end":"00:11:54","text":"when Trump was running for president"},{"start":"00:11:53","end":"00:11:57","text":"when he was winning the presidential"},{"start":"00:11:54","end":"00:11:59","text":"cycle before he was there. And this this"},{"start":"00:11:57","end":"00:12:03","text":"report you can find it online. It lays"},{"start":"00:11:59","end":"00:12:05","text":"out exactly what Trump is doing to a"},{"start":"00:12:03","end":"00:12:07","text":"teen is talking about it. Now, what we"},{"start":"00:12:05","end":"00:12:09","text":"can hear now is that, well, if you read"},{"start":"00:12:07","end":"00:12:12","text":"the report, the goal was to push the"},{"start":"00:12:09","end":"00:12:13","text":"tariffs and then bring them back. Use"},{"start":"00:12:12","end":"00:12:15","text":"the tariffs for negotiations and bring"},{"start":"00:12:13","end":"00:12:16","text":"them back. And already, this is exactly"},{"start":"00:12:15","end":"00:12:18","text":"what we're seeing all over the news"},{"start":"00:12:16","end":"00:12:20","text":"headlines are Trump's caving. He's"},{"start":"00:12:18","end":"00:12:22","text":"always going to cave. Yeah, that was"},{"start":"00:12:20","end":"00:12:24","text":"always the plan. If you read the art of"},{"start":"00:12:22","end":"00:12:26","text":"the deal, you anchor high, you negotiate"},{"start":"00:12:24","end":"00:12:28","text":"off with us. It was in the report right"},{"start":"00:12:26","end":"00:12:30","text":"here in this video last night. Scott"},{"start":"00:12:28","end":"00:12:32","text":"Bent was saying, \"Hey, we have these"},{"start":"00:12:30","end":"00:12:34","text":"deals. They're coming together. We've"},{"start":"00:12:32","end":"00:12:36","text":"got the negotiations here. We have a"},{"start":"00:12:34","end":"00:12:38","text":"tweet that I put up the other day and I"},{"start":"00:12:36","end":"00:12:39","text":"said India tell me there's a trade deal"},{"start":"00:12:38","end":"00:12:41","text":"coming without telling me there's a"},{"start":"00:12:39","end":"00:12:42","text":"trade deal coming because we have the"},{"start":"00:12:41","end":"00:12:43","text":"president of India over here in the"},{"start":"00:12:42","end":"00:12:45","text":"United States. We got JD Vance over"},{"start":"00:12:43","end":"00:12:48","text":"there visiting him all this favorable"},{"start":"00:12:45","end":"00:12:51","text":"talk like the deals are coming and while"},{"start":"00:12:48","end":"00:12:54","text":"everybody's focused on that on uh 2D"},{"start":"00:12:51","end":"00:12:56","text":"chess the undercurrent is the global"},{"start":"00:12:54","end":"00:12:58","text":"liquidity that's really driving things."},{"start":"00:12:56","end":"00:12:59","text":"And regardless of what happens here we"},{"start":"00:12:58","end":"00:13:01","text":"know more liquidity is rushing into the"},{"start":"00:12:59","end":"00:13:02","text":"system. It's why I've been talking about"},{"start":"00:13:01","end":"00:13:05","text":"it over and over and over for the last"},{"start":"00:13:02","end":"00:13:06","text":"two years now or so. If we keep our eyes"},{"start":"00:13:05","end":"00:13:08","text":"focused on that and sort of start to"},{"start":"00:13:06","end":"00:13:10","text":"ignore the noise, we can see what"},{"start":"00:13:08","end":"00:13:12","text":"liquidity is doing and we have time. We"},{"start":"00:13:10","end":"00:13:13","text":"have a three-month lag to get in"},{"start":"00:13:12","end":"00:13:15","text":"position or out of position. Now you're"},{"start":"00:13:13","end":"00:13:17","text":"out of time because now the m the tide's"},{"start":"00:13:15","end":"00:13:18","text":"already rushing back in. Bitcoin's"},{"start":"00:13:17","end":"00:13:22","text":"already up over"},{"start":"00:13:18","end":"00:13:23","text":"$10,000. If you miss those $10,000 days,"},{"start":"00:13:22","end":"00:13:26","text":"you miss most of your gains. So, we want"},{"start":"00:13:23","end":"00:13:28","text":"to get in position before the tide runs,"},{"start":"00:13:26","end":"00:13:30","text":"not after. This is how I'm watching it."},{"start":"00:13:28","end":"00:13:31","text":"Just uh for your reference, he makes"},{"start":"00:13:30","end":"00:13:33","text":"Michael How makes his own proprietary"},{"start":"00:13:31","end":"00:13:35","text":"charts. I think they're the best in the"},{"start":"00:13:33","end":"00:13:37","text":"business. Uh my friend Nick Bia, he"},{"start":"00:13:35","end":"00:13:38","text":"makes one at the Bitcoin layer. They"},{"start":"00:13:37","end":"00:13:40","text":"make one that's really really good as"},{"start":"00:13:38","end":"00:13:42","text":"well. It tracks almost perfectly. Ralph"},{"start":"00:13:40","end":"00:13:44","text":"Paul at Realvision makes one as well."},{"start":"00:13:42","end":"00:13:46","text":"Tracks it perfectly. Um not perfectly,"},{"start":"00:13:44","end":"00:13:48","text":"but but very closely. If you want a very"},{"start":"00:13:46","end":"00:13:51","text":"rough way to do it, you can just look at"},{"start":"00:13:48","end":"00:13:53","text":"global M2, not US M2, but Global M2."},{"start":"00:13:51","end":"00:13:54","text":"It's not as good, not as high def, but"},{"start":"00:13:53","end":"00:13:55","text":"still pretty good. Those are ways that"},{"start":"00:13:54","end":"00:13:57","text":"you can track this on your own. And of"},{"start":"00:13:55","end":"00:13:58","text":"course, just watch my channel cuz I'm"},{"start":"00:13:57","end":"00:14:00","text":"going to report it to you all the time."},{"start":"00:13:58","end":"00:14:01","text":"Let me know what you think about this in"},{"start":"00:14:00","end":"00:14:02","text":"the comments down below. Of course, as"},{"start":"00:14:01","end":"00:14:03","text":"always, give me a thumbs up if you like"},{"start":"00:14:02","end":"00:14:04","text":"it, thumbs down if you don't. That's"},{"start":"00:14:03","end":"00:14:06","text":"okay. Either way, let me know. And"},{"start":"00:14:04","end":"00:14:10","text":"that's what I got. All right. To your"},{"start":"00:14:06","end":"00:14:10","text":"success. I'm out."}]

[{"start": "00:00:00", "end": "00:00:04", "text": "So, about 2 months ago, I made a video"}, {"start": "00:00:02", "end": "00:00:06", "text": "saying that Iran would be next after"}, {"start": "00:00:04", "end": "00:00:10", "text": "Venezuela. And I wish I was wrong, but"}, {"start": "00:00:06", "end": "00:00:12", "text": "on February 27th, Iran agreed to nuclear"}, {"start": "00:00:10", "end": "00:00:14", "text": "inspections. And then one day later, the"}, {"start": "00:00:12", "end": "00:00:18", "text": "United States bombed them."}, {"start": "00:00:14", "end": "00:00:20", "text": ">> Over the past 36 hours, the United"}, {"start": "00:00:18", "end": "00:00:24", "text": "States and its partners have launched"}, {"start": "00:00:20", "end": "00:00:27", "text": "Operation Epic Fury, one of the largest,"}, {"start": "00:00:24", "end": "00:00:29", "text": "most complex, most overwhelming military"}, {"start": "00:00:27", "end": "00:00:30", "text": "offensives."}, {"start": "00:00:29", "end": "00:00:33", "text": "That means the US is now at war with a"}, {"start": "00:00:30", "end": "00:00:35", "text": "country of 92 million people. That's"}, {"start": "00:00:33", "end": "00:00:36", "text": "what's happening right now. The question"}, {"start": "00:00:35", "end": "00:00:38", "text": "that I think we're all trying to"}, {"start": "00:00:36", "end": "00:00:41", "text": "understand is why. Because official"}, {"start": "00:00:38", "end": "00:00:44", "text": "explanation doesn't make any sense. The"}, {"start": "00:00:41", "end": "00:00:46", "text": "official explanation is this was not a"}, {"start": "00:00:44", "end": "00:00:49", "text": "regime change war, but their regime is"}, {"start": "00:00:46", "end": "00:00:52", "text": "gone. And that the nuclear program was"}, {"start": "00:00:49", "end": "00:00:54", "text": "the threat, but we already destroyed it"}, {"start": "00:00:52", "end": "00:00:57", "text": "8 months ago with Operation Midnight"}, {"start": "00:00:54", "end": "00:00:58", "text": "Hammer. that Iran was about to attack"}, {"start": "00:00:57", "end": "00:01:01", "text": "the US because they had the capability"}, {"start": "00:00:58", "end": "00:01:04", "text": "to make nuclear weapons, but the Senate"}, {"start": "00:01:01", "end": "00:01:06", "text": "Intelligence Committee says they saw no"}, {"start": "00:01:04", "end": "00:01:11", "text": "evidence of any threat."}, {"start": "00:01:06", "end": "00:01:13", "text": ">> There was no imminent threat to the"}, {"start": "00:01:11", "end": "00:01:15", "text": "United States of America by the"}, {"start": "00:01:13", "end": "00:01:17", "text": "Iranians."}, {"start": "00:01:15", "end": "00:01:20", "text": ">> That's why all of this is so confusing"}, {"start": "00:01:17", "end": "00:01:21", "text": "because nothing makes any logical sense."}, {"start": "00:01:20", "end": "00:01:24", "text": "And that's why I wanted to make this"}, {"start": "00:01:21", "end": "00:01:27", "text": "video because the truth is that all of"}, {"start": "00:01:24", "end": "00:01:31", "text": "this is very logical because it has been"}, {"start": "00:01:27", "end": "00:01:32", "text": "planned for the last 30 years. And I'm"}, {"start": "00:01:31", "end": "00:01:34", "text": "going to show you the four different"}, {"start": "00:01:32", "end": "00:01:37", "text": "power players that all wanted this to"}, {"start": "00:01:34", "end": "00:01:40", "text": "happen and what their interests actually"}, {"start": "00:01:37", "end": "00:01:42", "text": "are. If we follow the money far enough,"}, {"start": "00:01:40", "end": "00:01:45", "text": "we'll come to a theory that connects all"}, {"start": "00:01:42", "end": "00:01:48", "text": "of this. And that theory has to do with"}, {"start": "00:01:45", "end": "00:01:50", "text": "something called the control grid and"}, {"start": "00:01:48", "end": "00:01:53", "text": "power over the flow of money. So with"}, {"start": "00:01:50", "end": "00:01:55", "text": "that said, let me explain who this"}, {"start": "00:01:53", "end": "00:01:57", "text": "benefits, how this affects investors,"}, {"start": "00:01:55", "end": "00:01:59", "text": "and what the heck is happening. Let's"}, {"start": "00:01:57", "end": "00:02:00", "text": "get into it. Hi, my name is Andre Jick."}, {"start": "00:01:59", "end": "00:02:02", "text": "Hope you're doing well. Come for the"}, {"start": "00:02:00", "end": "00:02:04", "text": "finance and stay for the geopolitical"}, {"start": "00:02:02", "end": "00:02:06", "text": "rabbit holes that keep me up at night."}, {"start": "00:02:04", "end": "00:02:08", "text": "So let's talk about why this is"}, {"start": "00:02:06", "end": "00:02:10", "text": "happening beyond the official narrative"}, {"start": "00:02:08", "end": "00:02:13", "text": "that we're told about. There are four"}, {"start": "00:02:10", "end": "00:02:16", "text": "major theories that explain it. There's"}, {"start": "00:02:13", "end": "00:02:19", "text": "four interest groups all with credible"}, {"start": "00:02:16", "end": "00:02:22", "text": "evidence. And let me just start with the"}, {"start": "00:02:19", "end": "00:02:24", "text": "elephant in the room which is Israel."}, {"start": "00:02:22", "end": "00:02:27", "text": "Okay. So why do people think Israel"}, {"start": "00:02:24", "end": "00:02:30", "text": "forced the US to go to war? Evidence"}, {"start": "00:02:27", "end": "00:02:32", "text": "number one is a video of Marco Rubio"}, {"start": "00:02:30", "end": "00:02:34", "text": "explaining why this happened. He"}, {"start": "00:02:32", "end": "00:02:35", "text": ">> We knew that there was going to be an"}, {"start": "00:02:34", "end": "00:02:37", "text": "Israeli action. We knew that that would"}, {"start": "00:02:35", "end": "00:02:39", "text": "precipitate an attack against American"}, {"start": "00:02:37", "end": "00:02:41", "text": "forces. And we knew that if we didn't"}, {"start": "00:02:39", "end": "00:02:43", "text": "preemptively go after them before they"}, {"start": "00:02:41", "end": "00:02:45", "text": "launched those attacks, we would suffer"}, {"start": "00:02:43", "end": "00:02:46", "text": "higher casualties and perhaps even hire"}, {"start": "00:02:45", "end": "00:02:49", "text": "those killed."}, {"start": "00:02:46", "end": "00:02:51", "text": ">> So Mara told Congress, \"We knew there"}, {"start": "00:02:49", "end": "00:02:54", "text": "was going to be an Israeli action.\" So"}, {"start": "00:02:51", "end": "00:02:55", "text": "we struck preemptively. He's saying"}, {"start": "00:02:54", "end": "00:02:59", "text": "Israel was going to do this no matter"}, {"start": "00:02:55", "end": "00:03:01", "text": "what. And once Israel hit Iran, Iran was"}, {"start": "00:02:59", "end": "00:03:05", "text": "going to retaliate against the US by"}, {"start": "00:03:01", "end": "00:03:08", "text": "attacking US military bases. And because"}, {"start": "00:03:05", "end": "00:03:10", "text": "Israel made this inevitable choice, the"}, {"start": "00:03:08", "end": "00:03:13", "text": "US was forced into it as a preemptive"}, {"start": "00:03:10", "end": "00:03:15", "text": "action. Now, another piece of evidence"}, {"start": "00:03:13", "end": "00:03:18", "text": "is an incredible interview with a former"}, {"start": "00:03:15", "end": "00:03:21", "text": "CIA officer, John Keryaku. I'll leave a"}, {"start": "00:03:18", "end": "00:03:24", "text": "link down below to the podcast, but John"}, {"start": "00:03:21", "end": "00:03:28", "text": "claims that Israel essentially gave the"}, {"start": "00:03:24", "end": "00:03:31", "text": "US an ultimatum. his words, Israel said"}, {"start": "00:03:28", "end": "00:03:34", "text": "to the US, \"Bomb Iran's nuclear"}, {"start": "00:03:31", "end": "00:03:36", "text": "facilities or we will use our own"}, {"start": "00:03:34", "end": "00:03:39", "text": "weapons to do it.\" The reason though,"}, {"start": "00:03:36", "end": "00:03:43", "text": "I'm told that Donald Trump decided to"}, {"start": "00:03:39", "end": "00:03:46", "text": "bomb Iran was that the Israelis said for"}, {"start": "00:03:43", "end": "00:03:48", "text": "the first time, if you don't bomb Iran"}, {"start": "00:03:46", "end": "00:03:51", "text": "to take out these deep bunkers, we're"}, {"start": "00:03:48", "end": "00:03:53", "text": "going to use nuclear weapons."}, {"start": "00:03:51", "end": "00:03:56", "text": "And they had never threatened that"}, {"start": "00:03:53", "end": "00:03:59", "text": "before. And so Trump said bombing Iran"}, {"start": "00:03:56", "end": "00:04:02", "text": "might actually save us from the start of"}, {"start": "00:03:59", "end": "00:04:04", "text": "World War II if it keeps the Israelis"}, {"start": "00:04:02", "end": "00:04:07", "text": "from using nuclear weapons. That's the"}, {"start": "00:04:04", "end": "00:04:08", "text": "whole reason behind Operation Midnight"}, {"start": "00:04:07", "end": "00:04:12", "text": "Hammer, the initial strikes against"}, {"start": "00:04:08", "end": "00:04:14", "text": "Iran, which was to prevent World War II"}, {"start": "00:04:12", "end": "00:04:16", "text": "or an all-out nuclear war from starting."}, {"start": "00:04:14", "end": "00:04:18", "text": "Right now, Israel has never officially"}, {"start": "00:04:16", "end": "00:04:21", "text": "acknowledged having nuclear weapons, but"}, {"start": "00:04:18", "end": "00:04:23", "text": "a lot of experts believe they do, even"}, {"start": "00:04:21", "end": "00:04:26", "text": "though they've never said it. So, if"}, {"start": "00:04:23", "end": "00:04:29", "text": "John Kyaku's source is accurate, Israel"}, {"start": "00:04:26", "end": "00:04:31", "text": "threatened to use weapons it has never"}, {"start": "00:04:29", "end": "00:04:34", "text": "admitted to having, which forced the"}, {"start": "00:04:31", "end": "00:04:37", "text": "United States into a war to prevent a"}, {"start": "00:04:34", "end": "00:04:39", "text": "potentially much bigger one involving"}, {"start": "00:04:37", "end": "00:04:41", "text": "nuclear weapons from starting. That's a"}, {"start": "00:04:39", "end": "00:04:43", "text": "huge claim. It hasn't been independently"}, {"start": "00:04:41", "end": "00:04:45", "text": "verified, but it does have a lot of"}, {"start": "00:04:43", "end": "00:04:47", "text": "credible evidence. Now, even if we"}, {"start": "00:04:45", "end": "00:04:49", "text": "discount him and we don't believe him,"}, {"start": "00:04:47", "end": "00:04:52", "text": "the third piece of evidence comes from"}, {"start": "00:04:49", "end": "00:04:55", "text": "the source from Prime Minister Benjamin"}, {"start": "00:04:52", "end": "00:04:59", "text": "Netanyahu, who has been pushing for an"}, {"start": "00:04:55", "end": "00:05:01", "text": "attack and a regime change in Iran since"}, {"start": "00:04:59", "end": "00:05:03", "text": "the mid 1990s."}, {"start": "00:05:01", "end": "00:05:06", "text": ">> The deadline for attaining this goal is"}, {"start": "00:05:03", "end": "00:05:09", "text": "getting extremely is extremely close."}, {"start": "00:05:06", "end": "00:05:11", "text": "And Iran, by the way, is also outpacing"}, {"start": "00:05:09", "end": "00:05:13", "text": "Iraq in the development of ballistic"}, {"start": "00:05:11", "end": "00:05:14", "text": "missile systems that they hope will"}, {"start": "00:05:13", "end": "00:05:18", "text": "reach the eastern seabboard of the"}, {"start": "00:05:14", "end": "00:05:20", "text": "United States within 15 years. By next"}, {"start": "00:05:18", "end": "00:05:23", "text": "spring, at most by next summer at"}, {"start": "00:05:20", "end": "00:05:25", "text": "current enrichment rates, they will have"}, {"start": "00:05:23", "end": "00:05:28", "text": "finished from there. It's only a few"}, {"start": "00:05:25", "end": "00:05:31", "text": "months, possibly a few weeks. the"}, {"start": "00:05:28", "end": "00:05:33", "text": "foremost sponsor of global terrorism"}, {"start": "00:05:31", "end": "00:05:36", "text": "could be weeks away from having enough"}, {"start": "00:05:33", "end": "00:05:39", "text": "enriched uranium for an entire arsenal"}, {"start": "00:05:36", "end": "00:05:42", "text": "of nuclear weapons. That would place a"}, {"start": "00:05:39", "end": "00:05:46", "text": "militant Islamic terror regime weeks"}, {"start": "00:05:42", "end": "00:05:49", "text": "away from having the file material for"}, {"start": "00:05:46", "end": "00:05:51", "text": "an entire arsenal of nuclear bombs. If"}, {"start": "00:05:49", "end": "00:05:54", "text": "not stopped, Iran could produce a"}, {"start": "00:05:51", "end": "00:05:56", "text": "nuclear weapon in a very short time. It"}, {"start": "00:05:54", "end": "00:05:58", "text": "could be a year. It could be within a"}, {"start": "00:05:56", "end": "00:06:00", "text": "few months, less than a year."}, {"start": "00:05:58", "end": "00:06:03", "text": ">> So, if you've been paying attention at"}, {"start": "00:06:00", "end": "00:06:05", "text": "all, this has been the project for 30"}, {"start": "00:06:03", "end": "00:06:08", "text": "years. This was the goal and it"}, {"start": "00:06:05", "end": "00:06:11", "text": "happened. So, that's power player number"}, {"start": "00:06:08", "end": "00:06:15", "text": "one. Israel wanted Iran's regime gone"}, {"start": "00:06:11", "end": "00:06:17", "text": "and they got it with American firepower,"}, {"start": "00:06:15", "end": "00:06:20", "text": "American service members, and American"}, {"start": "00:06:17", "end": "00:06:23", "text": "money. And in the grand context of"}, {"start": "00:06:20", "end": "00:06:25", "text": "power, who does this benefit? It"}, {"start": "00:06:23", "end": "00:06:27", "text": "benefits the military-industrial"}, {"start": "00:06:25", "end": "00:06:29", "text": "complex, which some people call the"}, {"start": "00:06:27", "end": "00:06:32", "text": "neocons. Right? That's power player"}, {"start": "00:06:29", "end": "00:06:34", "text": "number one. The second theory is even"}, {"start": "00:06:32", "end": "00:06:35", "text": "more interesting. But before we"}, {"start": "00:06:34", "end": "00:06:38", "text": "continue, this video is brought to you"}, {"start": "00:06:35", "end": "00:06:40", "text": "by T Mobile. If you've been paying $50,"}, {"start": "00:06:38", "end": "00:06:42", "text": "$60, or $80 a month for your phone plan,"}, {"start": "00:06:40", "end": "00:06:45", "text": "you should hear this. T's unlimited plan"}, {"start": "00:06:42", "end": "00:06:47", "text": "is $25 a month. That's it. You get"}, {"start": "00:06:45", "end": "00:06:50", "text": "unlimited talk, unlimited text, 50 gigs"}, {"start": "00:06:47", "end": "00:06:51", "text": "of high-speed data, 10 gigs of hotspot,"}, {"start": "00:06:50", "end": "00:06:54", "text": "and you're running on 5G on America's"}, {"start": "00:06:51", "end": "00:06:56", "text": "largest network. There's no contract, no"}, {"start": "00:06:54", "end": "00:06:58", "text": "hidden fees, no call to cancel nonsense."}, {"start": "00:06:56", "end": "00:07:00", "text": "You bring your own phone, you keep your"}, {"start": "00:06:58", "end": "00:07:02", "text": "own phone number, and you build the plan"}, {"start": "00:07:00", "end": "00:07:03", "text": "exactly the way you want it. They even"}, {"start": "00:07:02", "end": "00:07:06", "text": "include free stuff that other carriers"}, {"start": "00:07:03", "end": "00:07:07", "text": "charge extra for, like Wi-Fi calling,"}, {"start": "00:07:06", "end": "00:07:09", "text": "international calls to over 60"}, {"start": "00:07:07", "end": "00:07:10", "text": "countries, eim support, and"}, {"start": "00:07:09", "end": "00:07:12", "text": "international roaming. Now, personally,"}, {"start": "00:07:10", "end": "00:07:14", "text": "I'm skeptical of everything, but T has"}, {"start": "00:07:12", "end": "00:07:16", "text": "over 14,000 reviews on Trust Pilot with"}, {"start": "00:07:14", "end": "00:07:18", "text": "a 4.6 rating, which is basically unheard"}, {"start": "00:07:16", "end": "00:07:20", "text": "of for a phone carrier. So, if you want"}, {"start": "00:07:18", "end": "00:07:21", "text": "to stop overpaying for wireless, check"}, {"start": "00:07:20", "end": "00:07:23", "text": "out T at the link in my description down"}, {"start": "00:07:21", "end": "00:07:25", "text": "below. Thank you, T for sponsoring this"}, {"start": "00:07:23", "end": "00:07:26", "text": "segment. And now, let's get back to it."}, {"start": "00:07:25", "end": "00:07:29", "text": "Now, let's talk about the second theory,"}, {"start": "00:07:26", "end": "00:07:32", "text": "which says the reason why all of this is"}, {"start": "00:07:29", "end": "00:07:34", "text": "happening has all to do with China."}, {"start": "00:07:32", "end": "00:07:36", "text": "Because the number one goal of the"}, {"start": "00:07:34", "end": "00:07:39", "text": "United States right now is to"}, {"start": "00:07:36", "end": "00:07:42", "text": "destabilize the rise of China's economy."}, {"start": "00:07:39", "end": "00:07:44", "text": "How do we know this? We know this"}, {"start": "00:07:42", "end": "00:07:47", "text": "because this was documented in the Don"}, {"start": "00:07:44", "end": "00:07:50", "text": "Row doctrine, like the Monroe Doctrine,"}, {"start": "00:07:47", "end": "00:07:52", "text": "but Donald Trump's version. The way to"}, {"start": "00:07:50", "end": "00:07:55", "text": "disrupt China's economy and get leverage"}, {"start": "00:07:52", "end": "00:07:57", "text": "is, for example, cutting China off the"}, {"start": "00:07:55", "end": "00:07:59", "text": "cheap oil they were getting from"}, {"start": "00:07:57", "end": "00:08:02", "text": "Venezuela and the cheap silver they were"}, {"start": "00:07:59", "end": "00:08:05", "text": "getting from Latin America and now the"}, {"start": "00:08:02", "end": "00:08:07", "text": "cheap oil they were getting from Iran."}, {"start": "00:08:05", "end": "00:08:09", "text": "This is where something called the"}, {"start": "00:08:07", "end": "00:08:11", "text": "Strait of Hermuz comes in. There's this"}, {"start": "00:08:09", "end": "00:08:13", "text": "body of water between Iran and the"}, {"start": "00:08:11", "end": "00:08:16", "text": "Arabian Peninsula called the Straight of"}, {"start": "00:08:13", "end": "00:08:18", "text": "Hermuz. It's very narrow, but about a"}, {"start": "00:08:16", "end": "00:08:21", "text": "quarter of the world's supply of oil"}, {"start": "00:08:18", "end": "00:08:23", "text": "passes through this tiny little point."}, {"start": "00:08:21", "end": "00:08:26", "text": "And as of right now, it's shut down."}, {"start": "00:08:23", "end": "00:08:29", "text": "Traffic has dropped 70%. There's over"}, {"start": "00:08:26", "end": "00:08:31", "text": "150 ships just sitting there waiting."}, {"start": "00:08:29", "end": "00:08:34", "text": "And insurance companies have suspended"}, {"start": "00:08:31", "end": "00:08:36", "text": "their coverage, which is basically a"}, {"start": "00:08:34", "end": "00:08:38", "text": "financial kill switch. Because if you"}, {"start": "00:08:36", "end": "00:08:40", "text": "can't get insurance,"}, {"start": "00:08:38", "end": "00:08:44", "text": "they can't ship their oil to places like"}, {"start": "00:08:40", "end": "00:08:47", "text": "China. So, as a result, oil has gone up"}, {"start": "00:08:44", "end": "00:08:49", "text": "in price. And analysts are saying if"}, {"start": "00:08:47", "end": "00:08:53", "text": "this close lasts more than a couple"}, {"start": "00:08:49", "end": "00:08:56", "text": "weeks, we could see $100 or higher for a"}, {"start": "00:08:53", "end": "00:08:57", "text": "barrel of oil. Gas prices at the pump"}, {"start": "00:08:56", "end": "00:09:00", "text": "are also projected to go up 10 to 30"}, {"start": "00:08:57", "end": "00:09:03", "text": "cents a gallon in the short term. That's"}, {"start": "00:09:00", "end": "00:09:06", "text": "the optimistic scenario. Now, hold on."}, {"start": "00:09:03", "end": "00:09:10", "text": "How does this benefit the US? This"}, {"start": "00:09:06", "end": "00:09:13", "text": "benefits the US because this hurts Iran."}, {"start": "00:09:10", "end": "00:09:17", "text": "What hurts Iran hurts China because"}, {"start": "00:09:13", "end": "00:09:19", "text": "China buys a lot of Iranian oil. So from"}, {"start": "00:09:17", "end": "00:09:20", "text": "a sovereign powers perspective, right?"}, {"start": "00:09:19", "end": "00:09:23", "text": "So from the perspective of the United"}, {"start": "00:09:20", "end": "00:09:28", "text": "States, this is a strategic win because"}, {"start": "00:09:23", "end": "00:09:30", "text": "it makes China more dependent on US oil."}, {"start": "00:09:28", "end": "00:09:32", "text": "And if the US can control the supplies"}, {"start": "00:09:30", "end": "00:09:35", "text": "of oil around the world, that is"}, {"start": "00:09:32", "end": "00:09:37", "text": "leverage. Now, obviously, US oil"}, {"start": "00:09:35", "end": "00:09:40", "text": "companies will also benefit. Exon"}, {"start": "00:09:37", "end": "00:09:42", "text": "Mobile, Chevron, Kico Phillips, their"}, {"start": "00:09:40", "end": "00:09:45", "text": "costs will stay the same, but the price"}, {"start": "00:09:42", "end": "00:09:48", "text": "of what they're selling is going up."}, {"start": "00:09:45", "end": "00:09:51", "text": "Every dollar increase in crude oil"}, {"start": "00:09:48", "end": "00:09:53", "text": "translates to higher profit margins for"}, {"start": "00:09:51", "end": "00:09:57", "text": "them, aka those companies make more"}, {"start": "00:09:53", "end": "00:10:00", "text": "money. But this also benefits the dollar"}, {"start": "00:09:57", "end": "00:10:03", "text": "because oil is still priced in dollars."}, {"start": "00:10:00", "end": "00:10:05", "text": "So when oil prices go up, global demand"}, {"start": "00:10:03", "end": "00:10:07", "text": "for dollars goes up with it. And we can"}, {"start": "00:10:05", "end": "00:10:09", "text": "even see that in the data when we look"}, {"start": "00:10:07", "end": "00:10:11", "text": "at the Dixie index, which measures the"}, {"start": "00:10:09", "end": "00:10:13", "text": "strength of the dollar relative to other"}, {"start": "00:10:11", "end": "00:10:16", "text": "currencies that is getting stronger."}, {"start": "00:10:13", "end": "00:10:18", "text": "Some people argue this is a way of"}, {"start": "00:10:16", "end": "00:10:21", "text": "saving the global hegeimon that is the"}, {"start": "00:10:18", "end": "00:10:23", "text": "dollar system. Now, if this theory"}, {"start": "00:10:21", "end": "00:10:27", "text": "sounds crazy to you, believe it or not,"}, {"start": "00:10:23", "end": "00:10:30", "text": "this was predicted on video by a Russian"}, {"start": "00:10:27", "end": "00:10:32", "text": "politician as early as 2013."}, {"start": "00:10:30", "end": "00:10:34", "text": ">> So, what's their plan?"}, {"start": "00:10:32", "end": "00:10:37", "text": "They still need to occupy seven more"}, {"start": "00:10:34", "end": "00:10:39", "text": "Arab countries, crush Syria, and destroy"}, {"start": "00:10:37", "end": "00:10:42", "text": "Iran with a military strike. America"}, {"start": "00:10:39", "end": "00:10:45", "text": "needs to weaken China. If Iran is"}, {"start": "00:10:42", "end": "00:10:48", "text": "struck, oil prices will soar to $200 per"}, {"start": "00:10:45", "end": "00:10:49", "text": "barrel. The Chinese economy won't be"}, {"start": "00:10:48", "end": "00:10:51", "text": "able to withstand that."}, {"start": "00:10:49", "end": "00:10:55", "text": "and the European Union won't withstand"}, {"start": "00:10:51", "end": "00:10:58", "text": "it either. So by striking Iran, America"}, {"start": "00:10:55", "end": "00:11:00", "text": "weakens both the EU and China. So higher"}, {"start": "00:10:58", "end": "00:11:03", "text": "oil prices and flow controls benefits"}, {"start": "00:11:00", "end": "00:11:05", "text": "the dollar, the US corporations and"}, {"start": "00:11:03", "end": "00:11:08", "text": "hurts adversaries like China and the"}, {"start": "00:11:05", "end": "00:11:10", "text": "European Union and that was planned a"}, {"start": "00:11:08", "end": "00:11:13", "text": "long time ago. So that is the second"}, {"start": "00:11:10", "end": "00:11:15", "text": "theory. The third theory is that this is"}, {"start": "00:11:13", "end": "00:11:17", "text": "all to benefit the financial industrial"}, {"start": "00:11:15", "end": "00:11:19", "text": "complex, which are the real powers"}, {"start": "00:11:17", "end": "00:11:20", "text": "behind the people who got the president"}, {"start": "00:11:19", "end": "00:11:23", "text": "elected. So, who am I talking about"}, {"start": "00:11:20", "end": "00:11:26", "text": "specifically? This is the big money"}, {"start": "00:11:23", "end": "00:11:30", "text": "donors. This is a list of Trump's top 20"}, {"start": "00:11:26", "end": "00:11:33", "text": "donors. There's $635 million in total."}, {"start": "00:11:30", "end": "00:11:35", "text": "Look at this as a map of every interest"}, {"start": "00:11:33", "end": "00:11:37", "text": "we just talked about. For example,"}, {"start": "00:11:35", "end": "00:11:39", "text": "number one, Timothy Melon, old banking"}, {"start": "00:11:37", "end": "00:11:41", "text": "and transportation dynasty, financial"}, {"start": "00:11:39", "end": "00:11:45", "text": "industrial complex. Number two, Elon"}, {"start": "00:11:41", "end": "00:11:47", "text": "Musk. Tesla, SpaceX, Starlink, XAI. His"}, {"start": "00:11:45", "end": "00:11:50", "text": "companies hold billions and billions in"}, {"start": "00:11:47", "end": "00:11:52", "text": "Pentagon contracts, and his AI company"}, {"start": "00:11:50", "end": "00:11:54", "text": "just entered a program to build"}, {"start": "00:11:52", "end": "00:11:56", "text": "autonomous drone swarms for the"}, {"start": "00:11:54", "end": "00:11:57", "text": "military. That's the technological"}, {"start": "00:11:56", "end": "00:11:59", "text": "industrial complex and the"}, {"start": "00:11:57", "end": "00:12:01", "text": "military-industrial complex in one"}, {"start": "00:11:59", "end": "00:12:04", "text": "person. There's number three, Miriam"}, {"start": "00:12:01", "end": "00:12:06", "text": "Adlesen. She has spent decades as the"}, {"start": "00:12:04", "end": "00:12:08", "text": "single biggest pro-Israel donor in"}, {"start": "00:12:06", "end": "00:12:11", "text": "American politics. She's been pushing"}, {"start": "00:12:08", "end": "00:12:14", "text": "for regime change in Iran. That's $105"}, {"start": "00:12:11", "end": "00:12:17", "text": "million towards the policy we just"}, {"start": "00:12:14", "end": "00:12:19", "text": "watched happen. Right. Number seven, Ike"}, {"start": "00:12:17", "end": "00:12:21", "text": "Pearlmutter, former chairman of Marvel,"}, {"start": "00:12:19", "end": "00:12:23", "text": "served on Trump's informal defense"}, {"start": "00:12:21", "end": "00:12:26", "text": "advisory council. Number nine, Robert"}, {"start": "00:12:23", "end": "00:12:28", "text": "Bigalow, Bigalow Aerospace Defense and"}, {"start": "00:12:26", "end": "00:12:30", "text": "Space, right? These are"}, {"start": "00:12:28", "end": "00:12:34", "text": "military-industrial complex adjacent"}, {"start": "00:12:30", "end": "00:12:36", "text": "donors. Number 10, Kelsey Warren runs"}, {"start": "00:12:34", "end": "00:12:38", "text": "energy transfer partners, one of the"}, {"start": "00:12:36", "end": "00:12:41", "text": "biggest oil and gas pipeline companies"}, {"start": "00:12:38", "end": "00:12:43", "text": "in the country. Higher oil prices from a"}, {"start": "00:12:41", "end": "00:12:45", "text": "Hermuse shutdown goes straight to his"}, {"start": "00:12:43", "end": "00:12:48", "text": "bottom line. That's the oil interest,"}, {"start": "00:12:45", "end": "00:12:50", "text": "right? Number 15, Howard Lutnik."}, {"start": "00:12:48", "end": "00:12:52", "text": "Indirect ties to Counter Fitzgerald. Has"}, {"start": "00:12:50", "end": "00:12:55", "text": "huge interests in Tether and whose"}, {"start": "00:12:52", "end": "00:12:58", "text": "company allegedly bet against the tariff"}, {"start": "00:12:55", "end": "00:13:00", "text": "policy while advising the president on"}, {"start": "00:12:58", "end": "00:13:02", "text": "the same policies. Right? He's now the"}, {"start": "00:13:00", "end": "00:13:04", "text": "commerce secretary. It's number 16. Paul"}, {"start": "00:13:02", "end": "00:13:07", "text": "Singer runs one of the most powerful"}, {"start": "00:13:04", "end": "00:13:09", "text": "hedge funds on Earth. His fund's most"}, {"start": "00:13:07", "end": "00:13:12", "text": "recent public filings show hundreds of"}, {"start": "00:13:09", "end": "00:13:15", "text": "millions of dollars in defense and"}, {"start": "00:13:12", "end": "00:13:17", "text": "energy index funds which all went up the"}, {"start": "00:13:15", "end": "00:13:21", "text": "moment the strike started. So here we"}, {"start": "00:13:17", "end": "00:13:24", "text": "have tech, defense, right? Oil, finance,"}, {"start": "00:13:21", "end": "00:13:26", "text": "Israel, every interest group that is"}, {"start": "00:13:24", "end": "00:13:29", "text": "represented here. This is their return"}, {"start": "00:13:26", "end": "00:13:31", "text": "on investment and this is only what we"}, {"start": "00:13:29", "end": "00:13:33", "text": "know publicly. Now some people also"}, {"start": "00:13:31", "end": "00:13:35", "text": "believe this has all been pre-arranged,"}, {"start": "00:13:33", "end": "00:13:37", "text": "right? Like the deal was made a while"}, {"start": "00:13:35", "end": "00:13:41", "text": "ago and what we're watching on TV and"}, {"start": "00:13:37", "end": "00:13:42", "text": "social media is all just theater. Now,"}, {"start": "00:13:41", "end": "00:13:45", "text": "if you assume for a moment that this is"}, {"start": "00:13:42", "end": "00:13:48", "text": "true, maybe it is, maybe it isn't, I"}, {"start": "00:13:45", "end": "00:13:50", "text": "don't know. But if it's true, then why"}, {"start": "00:13:48", "end": "00:13:52", "text": "bomb a whole country? If this was"}, {"start": "00:13:50", "end": "00:13:55", "text": "pre-negotiated, why just not do it"}, {"start": "00:13:52", "end": "00:13:57", "text": "peacefully? And the answer from the"}, {"start": "00:13:55", "end": "00:14:00", "text": "military-industrial complex perspective"}, {"start": "00:13:57", "end": "00:14:02", "text": "is that this operation was a live"}, {"start": "00:14:00", "end": "00:14:04", "text": "product demonstration. What does that"}, {"start": "00:14:02", "end": "00:14:07", "text": "mean? It means every weapon system just"}, {"start": "00:14:04", "end": "00:14:10", "text": "got used, right? B2 bombers, Tomahawk"}, {"start": "00:14:07", "end": "00:14:12", "text": "cruise missiles, F-22s, F-35s. This has"}, {"start": "00:14:10", "end": "00:14:15", "text": "all been shown on every news network and"}, {"start": "00:14:12", "end": "00:14:18", "text": "social media in the world. You could not"}, {"start": "00:14:15", "end": "00:14:19", "text": "buy this kind of advertising. Every"}, {"start": "00:14:18", "end": "00:14:21", "text": "country watching this is now thinking"}, {"start": "00:14:19", "end": "00:14:24", "text": "about what they need to buy, either to"}, {"start": "00:14:21", "end": "00:14:26", "text": "do what America just did or to defend"}, {"start": "00:14:24", "end": "00:14:29", "text": "against it. That is worth hundreds of"}, {"start": "00:14:26", "end": "00:14:31", "text": "billions of dollars in future sales and"}, {"start": "00:14:29", "end": "00:14:34", "text": "billions more in stock appreciation. Cuz"}, {"start": "00:14:31", "end": "00:14:36", "text": "we know war is good for business. So,"}, {"start": "00:14:34", "end": "00:14:38", "text": "that's theory and power player number"}, {"start": "00:14:36", "end": "00:14:40", "text": "three. Now, if you made it this far,"}, {"start": "00:14:38", "end": "00:14:43", "text": "congratulations because this is the"}, {"start": "00:14:40", "end": "00:14:44", "text": "fourth theory and it is by far the most"}, {"start": "00:14:43", "end": "00:14:48", "text": "interesting one. It's going to tie all"}, {"start": "00:14:44", "end": "00:14:49", "text": "of this together. This theory says the"}, {"start": "00:14:48", "end": "00:14:52", "text": "reason why all of this is happening is"}, {"start": "00:14:49", "end": "00:14:56", "text": "because of the technological industrial"}, {"start": "00:14:52", "end": "00:14:57", "text": "complexes digital control grid. So, let"}, {"start": "00:14:56", "end": "00:15:00", "text": "me tell you something crazy that just"}, {"start": "00:14:57", "end": "00:15:02", "text": "happened. The US military used an AI"}, {"start": "00:15:00", "end": "00:15:05", "text": "called Claude, made by a company called"}, {"start": "00:15:02", "end": "00:15:08", "text": "Anthropic. It was used to help plan"}, {"start": "00:15:05", "end": "00:15:11", "text": "these strikes for target identification,"}, {"start": "00:15:08", "end": "00:15:12", "text": "battle simulations, and intelligence"}, {"start": "00:15:11", "end": "00:15:14", "text": "analysis."}, {"start": "00:15:12", "end": "00:15:17", "text": ">> Sources tell CBS News the US military"}, {"start": "00:15:14", "end": "00:15:19", "text": "used Claude for its attack on Iran over"}, {"start": "00:15:17", "end": "00:15:22", "text": "the weekend. Now, the Pentagon's ongoing"}, {"start": "00:15:19", "end": "00:15:24", "text": "use of Anthropic's AI model comes"}, {"start": "00:15:22", "end": "00:15:27", "text": "despite a falling out with the company"}, {"start": "00:15:24", "end": "00:15:30", "text": "over its refusal to grant the military"}, {"start": "00:15:27", "end": "00:15:33", "text": "unrestricted access to the technology."}, {"start": "00:15:30", "end": "00:15:37", "text": "Which means we are now living in a time"}, {"start": "00:15:33", "end": "00:15:40", "text": "when AI helps plan a war. Like, just sit"}, {"start": "00:15:37", "end": "00:15:42", "text": "with that for a second. That is crazy."}, {"start": "00:15:40", "end": "00:15:44", "text": "Here's where it gets crazier. Just hours"}, {"start": "00:15:42", "end": "00:15:47", "text": "after the strikes, Trump signed an"}, {"start": "00:15:44", "end": "00:15:50", "text": "executive order banning federal agencies"}, {"start": "00:15:47", "end": "00:15:53", "text": "from using Anthropics technology. Why"}, {"start": "00:15:50", "end": "00:15:56", "text": "was it banned? It was banned because the"}, {"start": "00:15:53", "end": "00:16:00", "text": "CEO of Anthropic, Daario Amade, publicly"}, {"start": "00:15:56", "end": "00:16:01", "text": "said no to the government. He said no to"}, {"start": "00:16:00", "end": "00:16:04", "text": "fully autonomous weapons and mass"}, {"start": "00:16:01", "end": "00:16:06", "text": "domestic surveillance. The US responded"}, {"start": "00:16:04", "end": "00:16:09", "text": "by saying, \"All right, you are now a"}, {"start": "00:16:06", "end": "00:16:12", "text": "supply chain risk to national security.\""}, {"start": "00:16:09", "end": "00:16:14", "text": "That's a label normally reserved for"}, {"start": "00:16:12", "end": "00:16:18", "text": "foreign companies, but this has never"}, {"start": "00:16:14", "end": "00:16:21", "text": "been used against a US company before."}, {"start": "00:16:18", "end": "00:16:23", "text": "And on the exact same day, Open AI,"}, {"start": "00:16:21", "end": "00:16:26", "text": "which is Anthropic's biggest competitor,"}, {"start": "00:16:23", "end": "00:16:27", "text": "signed a deal with the Pentagon."}, {"start": "00:16:26", "end": "00:16:30", "text": ">> Now, hours after the Trump"}, {"start": "00:16:27", "end": "00:16:32", "text": "administration ditched Anthropic over"}, {"start": "00:16:30", "end": "00:16:34", "text": "the dispute, Open AI swooped in and"}, {"start": "00:16:32", "end": "00:16:36", "text": "struck its own deal with the Pentagon."}, {"start": "00:16:34", "end": "00:16:39", "text": "So the message to every AI company in"}, {"start": "00:16:36", "end": "00:16:41", "text": "the world right now is that if you say"}, {"start": "00:16:39", "end": "00:16:43", "text": "yes to the military and yes to the US"}, {"start": "00:16:41", "end": "00:16:46", "text": "government, you will get the contract."}, {"start": "00:16:43", "end": "00:16:49", "text": "But if you say no, you will be treated"}, {"start": "00:16:46", "end": "00:16:53", "text": "like a foreign enemy. Hold on. It gets"}, {"start": "00:16:49", "end": "00:16:55", "text": "way crazier. When Iran retaliated,"}, {"start": "00:16:53", "end": "00:16:58", "text": "guess what they attacked? One of their"}, {"start": "00:16:55", "end": "00:17:01", "text": "targets was Amazon Web Services data"}, {"start": "00:16:58", "end": "00:17:04", "text": "centers in the UAE and Bahrain. Not"}, {"start": "00:17:01", "end": "00:17:06", "text": "military bases. Iran attacked the cloud"}, {"start": "00:17:04", "end": "00:17:09", "text": "computing infrastructure."}, {"start": "00:17:06", "end": "00:17:13", "text": ">> AWS has confirmed objects struck the"}, {"start": "00:17:09", "end": "00:17:15", "text": "site. Sparks, fire. The UAE fire"}, {"start": "00:17:13", "end": "00:17:17", "text": "department cut the power to the entire"}, {"start": "00:17:15", "end": "00:17:19", "text": "building. That is the first time in"}, {"start": "00:17:17", "end": "00:17:21", "text": "history that commercial data centers"}, {"start": "00:17:19", "end": "00:17:23", "text": "have been physically targeted. By the"}, {"start": "00:17:21", "end": "00:17:24", "text": "way, those are the servers that run huge"}, {"start": "00:17:23", "end": "00:17:27", "text": "parts of the internet like you know"}, {"start": "00:17:24", "end": "00:17:30", "text": "banking data and host businesses. And"}, {"start": "00:17:27", "end": "00:17:32", "text": "these are now military targets. People"}, {"start": "00:17:30", "end": "00:17:35", "text": "are calling this the beginning of"}, {"start": "00:17:32", "end": "00:17:38", "text": "technofudal wars where the military uses"}, {"start": "00:17:35", "end": "00:17:41", "text": "AI to plan the attack and the enemy"}, {"start": "00:17:38", "end": "00:17:43", "text": "retaliates by bombing the servers"}, {"start": "00:17:41", "end": "00:17:46", "text": "which means our digital and physical"}, {"start": "00:17:43", "end": "00:17:49", "text": "worlds are now colliding."}, {"start": "00:17:46", "end": "00:17:50", "text": "So what happens next? Well, this needs"}, {"start": "00:17:49", "end": "00:17:53", "text": "to be a separate video, but I want to"}, {"start": "00:17:50", "end": "00:17:56", "text": "give credit to Katherine Austin Fitz."}, {"start": "00:17:53", "end": "00:17:58", "text": "Who is that? She was the assistant"}, {"start": "00:17:56", "end": "00:18:00", "text": "secretary of housing under George HW"}, {"start": "00:17:58", "end": "00:18:02", "text": "Bush. She managed hundreds of billions"}, {"start": "00:18:00", "end": "00:18:05", "text": "of dollars in government money. She ran"}, {"start": "00:18:02", "end": "00:18:07", "text": "a Wall Street investment bank. And she"}, {"start": "00:18:05", "end": "00:18:11", "text": "has a theory that connects all of these"}, {"start": "00:18:07", "end": "00:18:12", "text": "wars into one grand theory. This is"}, {"start": "00:18:11", "end": "00:18:13", "text": "something I've talked about in my last"}, {"start": "00:18:12", "end": "00:18:17", "text": "few videos, so I hope you've been"}, {"start": "00:18:13", "end": "00:18:20", "text": "subscribed. But here's the theory. She"}, {"start": "00:18:17", "end": "00:18:23", "text": "says, \"What's being built right now is a"}, {"start": "00:18:20", "end": "00:18:26", "text": "global financial control grid. It has"}, {"start": "00:18:23", "end": "00:18:28", "text": "three parts to it. The first part is"}, {"start": "00:18:26", "end": "00:18:30", "text": "programmable money, aka money with"}, {"start": "00:18:28", "end": "00:18:33", "text": "rules. Money that knows where it can be"}, {"start": "00:18:30", "end": "00:18:36", "text": "spent, when it expires, who's spending"}, {"start": "00:18:33", "end": "00:18:38", "text": "it, and can be shut off remotely. The"}, {"start": "00:18:36", "end": "00:18:40", "text": "second part is the control grid, right?"}, {"start": "00:18:38", "end": "00:18:42", "text": "The digital identity system that is"}, {"start": "00:18:40", "end": "00:18:45", "text": "linked to that money, digital IDs,"}, {"start": "00:18:42", "end": "00:18:46", "text": "right? Most likely using biometric data"}, {"start": "00:18:45", "end": "00:18:49", "text": "like fingerprints, retinal scans, things"}, {"start": "00:18:46", "end": "00:18:51", "text": "like that. And the third part is the"}, {"start": "00:18:49", "end": "00:18:54", "text": "physical infrastructure. Things like"}, {"start": "00:18:51", "end": "00:18:57", "text": "data centers, cameras, satellites, fiber"}, {"start": "00:18:54", "end": "00:19:00", "text": "optic networks. Hold on. How does this"}, {"start": "00:18:57", "end": "00:19:03", "text": "all fit into Iran? Well, here's a fun"}, {"start": "00:19:00", "end": "00:19:05", "text": "fact. Iran's central bank is not part of"}, {"start": "00:19:03", "end": "00:19:07", "text": "the Western financial system. It sits"}, {"start": "00:19:05", "end": "00:19:10", "text": "outside this control grid. And Iran's"}, {"start": "00:19:07", "end": "00:19:13", "text": "oil going to China in non dollar"}, {"start": "00:19:10", "end": "00:19:15", "text": "currencies is not good for that system"}, {"start": "00:19:13", "end": "00:19:17", "text": "because it's not controlled by the"}, {"start": "00:19:15", "end": "00:19:20", "text": "Western financial infrastructure."}, {"start": "00:19:17", "end": "00:19:22", "text": "Iran is the last piece of this puzzle"}, {"start": "00:19:20", "end": "00:19:26", "text": "because it's what puts pressure and"}, {"start": "00:19:22", "end": "00:19:29", "text": "challenges the ultimate adversary in"}, {"start": "00:19:26", "end": "00:19:31", "text": "this tech race, which is China. How do"}, {"start": "00:19:29", "end": "00:19:35", "text": "we know this? We know this because in"}, {"start": "00:19:31", "end": "00:19:37", "text": "2007, the former NATO Supreme Commander,"}, {"start": "00:19:35", "end": "00:19:41", "text": "General Wesley Clark, shortly after"}, {"start": "00:19:37", "end": "00:19:44", "text": "9/11, was shown a memo at the Pentagon"}, {"start": "00:19:41", "end": "00:19:49", "text": "listing seven countries to be taken down"}, {"start": "00:19:44", "end": "00:19:53", "text": "in 5 years. That list included Iraq,"}, {"start": "00:19:49", "end": "00:19:55", "text": "Syria, Lebanon, Somalia, Sudan, and"}, {"start": "00:19:53", "end": "00:19:58", "text": "Iran. We have now been involved in all"}, {"start": "00:19:55", "end": "00:19:59", "text": "of them. Iran was the last one on that"}, {"start": "00:19:58", "end": "00:20:00", "text": "list."}, {"start": "00:19:59", "end": "00:20:02", "text": ">> We've got a good military and we can"}, {"start": "00:20:00", "end": "00:20:05", "text": "take down governments. And um he said,"}, {"start": "00:20:02", "end": "00:20:06", "text": "\"I guess if the only tool you have is a"}, {"start": "00:20:05", "end": "00:20:08", "text": "hammer, every problem has to look like a"}, {"start": "00:20:06", "end": "00:20:10", "text": "nail.\""}, {"start": "00:20:08", "end": "00:20:13", "text": "So I came back to see him a few weeks"}, {"start": "00:20:10", "end": "00:20:14", "text": "later and by that time we were bombing"}, {"start": "00:20:13", "end": "00:20:16", "text": "in Afghanistan. And I said, \"Are we"}, {"start": "00:20:14", "end": "00:20:18", "text": "still going to war with Iraq?\" And he"}, {"start": "00:20:16", "end": "00:20:19", "text": "said, \"Oh, it's worse than that.\" He"}, {"start": "00:20:18", "end": "00:20:21", "text": "said, he reached over on his desk. He"}, {"start": "00:20:19", "end": "00:20:23", "text": "picked up a piece of paper. He said, \"I"}, {"start": "00:20:21", "end": "00:20:24", "text": "just\" He said, \"I just got this down"}, {"start": "00:20:23", "end": "00:20:26", "text": "from upstairs,\" meaning the Secretary of"}, {"start": "00:20:24", "end": "00:20:28", "text": "Defense's office today. And he said,"}, {"start": "00:20:26", "end": "00:20:31", "text": "\"This is a memo that describes how we're"}, {"start": "00:20:28", "end": "00:20:33", "text": "going to take out seven countries in 5"}, {"start": "00:20:31", "end": "00:20:36", "text": "years, starting with Iraq and then"}, {"start": "00:20:33", "end": "00:20:38", "text": "Syria, Lebanon, Libya, Somalia, Sudan,"}, {"start": "00:20:36", "end": "00:20:40", "text": "and finishing off Iran.\""}, {"start": "00:20:38", "end": "00:20:44", "text": ">> Okay. So then the question is, when does"}, {"start": "00:20:40", "end": "00:20:46", "text": "this control grid take effect? What now?"}, {"start": "00:20:44", "end": "00:20:48", "text": "Nobody knows. But there might be more"}, {"start": "00:20:46", "end": "00:20:51", "text": "regional wars and special operations."}, {"start": "00:20:48", "end": "00:20:53", "text": "For example, Taiwan is of very specific"}, {"start": "00:20:51", "end": "00:20:56", "text": "interest, but that's another video for"}, {"start": "00:20:53", "end": "00:20:58", "text": "another time. Right now, there is bills"}, {"start": "00:20:56", "end": "00:21:00", "text": "in Congress that will make this"}, {"start": "00:20:58", "end": "00:21:01", "text": "possible, like the Genius Act, which"}, {"start": "00:21:00", "end": "00:21:03", "text": "creates a legal framework for stable"}, {"start": "00:21:01", "end": "00:21:05", "text": "coins, and the Clarity Act, which"}, {"start": "00:21:03", "end": "00:21:08", "text": "creates a framework for tokenizing"}, {"start": "00:21:05", "end": "00:21:10", "text": "financial assets. Katherine Fitz argues"}, {"start": "00:21:08", "end": "00:21:13", "text": "these are the legal building blocks for"}, {"start": "00:21:10", "end": "00:21:14", "text": "programmable money. You don't need a"}, {"start": "00:21:13", "end": "00:21:17", "text": "governmentissued central bank digital"}, {"start": "00:21:14", "end": "00:21:19", "text": "currency if private stable coins will do"}, {"start": "00:21:17", "end": "00:21:22", "text": "the exact same thing. And this is"}, {"start": "00:21:19", "end": "00:21:24", "text": "exactly what Larry Frink, the CEO of"}, {"start": "00:21:22", "end": "00:21:26", "text": "Black Rockck, the biggest asset manager"}, {"start": "00:21:24", "end": "00:21:28", "text": "on the planet, has been saying for"}, {"start": "00:21:26", "end": "00:21:29", "text": "years, even at the most recent World"}, {"start": "00:21:28", "end": "00:21:31", "text": "Economic Forum."}, {"start": "00:21:29", "end": "00:21:33", "text": ">> We believe the next step going forward"}, {"start": "00:21:31", "end": "00:21:36", "text": "will be the tokenization of financial"}, {"start": "00:21:33", "end": "00:21:39", "text": "assets. And that means every stock,"}, {"start": "00:21:36", "end": "00:21:42", "text": "every bond will have its own basically"}, {"start": "00:21:39", "end": "00:21:44", "text": "QIP. it'll be on one general ledger."}, {"start": "00:21:42", "end": "00:21:48", "text": ">> He wants to tokenize every financial"}, {"start": "00:21:44", "end": "00:21:51", "text": "asset in the world as fast as possible,"}, {"start": "00:21:48", "end": "00:21:54", "text": "which means in the very near future,"}, {"start": "00:21:51", "end": "00:21:57", "text": "we're going to see corporations issuing"}, {"start": "00:21:54", "end": "00:22:00", "text": "their own programmable money. And if you"}, {"start": "00:21:57", "end": "00:22:04", "text": "remember, this is exactly what Russia"}, {"start": "00:22:00", "end": "00:22:07", "text": "accused the US of preparing to do, where"}, {"start": "00:22:04", "end": "00:22:12", "text": "allegedly the US will dump the entire"}, {"start": "00:22:07", "end": "00:22:12", "text": "debt burden on the rest of the world."}, {"start": "00:22:30", "end": "00:22:35", "text": "The US will not be paying anything back."}, {"start": "00:22:33", "end": "00:22:37", "text": "It will just redistribute the debt"}, {"start": "00:22:35", "end": "00:22:40", "text": "throughout the world using these stable"}, {"start": "00:22:37", "end": "00:22:43", "text": "coins and CBDC's by giving the powers of"}, {"start": "00:22:40", "end": "00:22:47", "text": "the banking system to the corporations."}, {"start": "00:22:43", "end": "00:22:49", "text": "Right? This is the legacy of the dollar."}, {"start": "00:22:47", "end": "00:22:52", "text": "I don't think the dollar is going to go"}, {"start": "00:22:49", "end": "00:22:53", "text": "away quietly. That's its last frontier."}, {"start": "00:22:52", "end": "00:22:55", "text": "In the meantime, I'd love to hear your"}, {"start": "00:22:53", "end": "00:22:57", "text": "thoughts and theories on what you think"}, {"start": "00:22:55", "end": "00:22:59", "text": "is happening and how you're investing."}, {"start": "00:22:57", "end": "00:23:01", "text": "If you want to see my portfolio, you can"}, {"start": "00:22:59", "end": "00:23:02", "text": "go to funvast.com and sign up to track"}, {"start": "00:23:01", "end": "00:23:03", "text": "your own investments as well as mine."}, {"start": "00:23:02", "end": "00:23:05", "text": "But as always, I hope you have a"}, {"start": "00:23:03", "end": "00:23:06", "text": "wonderful rest of your day. Smash the"}, {"start": "00:23:05", "end": "00:23:07", "text": "like button. Subscribe if you haven't"}, {"start": "00:23:06", "end": "00:23:12", "text": "already. I'd love to see you back here"}, {"start": "00:23:07", "end": "00:23:12", "text": "next week. I'll see you soon. Bye-bye."}]

[{"start": "00:00:00", "end": "00:00:01", "text": "So, there's a war happening that no"}, {"start": "00:00:01", "end": "00:00:02", "text": "one's really talking about, and it's not"}, {"start": "00:00:02", "end": "00:00:04", "text": "actually in the Middle East."}, {"start": "00:00:04", "end": "00:00:05", "text": "So, tonight I want to talk about going"}, {"start": "00:00:05", "end": "00:00:08", "text": "to war. Going to war, not with China,"}, {"start": "00:00:08", "end": "00:00:10", "text": "not with Iran, but going to war with"}, {"start": "00:00:10", "end": "00:00:12", "text": "Venezuela, because it could be coming"}, {"start": "00:00:12", "end": "00:00:14", "text": "sooner than you think. Take a look at"}, {"start": "00:00:14", "end": "00:00:15", "text": "this."}, {"start": "00:00:15", "end": "00:00:17", "text": "Breaking news. A dramatic US-led"}, {"start": "00:00:17", "end": "00:00:20", "text": "escalation in the Caribbean. What the"}, {"start": "00:00:20", "end": "00:00:22", "text": "Navy calls the largest warship ever"}, {"start": "00:00:22", "end": "00:00:25", "text": "built along with fighter jets heading to"}, {"start": "00:00:25", "end": "00:00:28", "text": "the waters off Latin America. So, for a"}, {"start": "00:00:28", "end": "00:00:30", "text": "few months now, the US has been working"}, {"start": "00:00:30", "end": "00:00:32", "text": "on something that kind of looks a lot"}, {"start": "00:00:32", "end": "00:00:35", "text": "like a regime change in Venezuela. And"}, {"start": "00:00:35", "end": "00:00:37", "text": "this story caught my attention because"}, {"start": "00:00:37", "end": "00:00:39", "text": "as I'm getting older, I see the same"}, {"start": "00:00:39", "end": "00:00:43", "text": "story told again and again, but this"}, {"start": "00:00:43", "end": "00:00:44", "text": "time it's a lot easier for me to see"}, {"start": "00:00:44", "end": "00:00:46", "text": "through the narrative. And it's really"}, {"start": "00:00:46", "end": "00:00:49", "text": "interesting to break down the psychology"}, {"start": "00:00:49", "end": "00:00:53", "text": "of how a government sells a story and an"}, {"start": "00:00:53", "end": "00:00:56", "text": "idea to its people. So, why is the US so"}, {"start": "00:00:56", "end": "00:00:58", "text": "interested in Venezuela? Why is it"}, {"start": "00:00:58", "end": "00:01:00", "text": "happening right now? Let me explain. The"}, {"start": "00:01:00", "end": "00:01:04", "text": "news tells us it's about democracy. It's"}, {"start": "00:01:04", "end": "00:01:06", "text": "about human rights, the war on drugs."}, {"start": "00:01:06", "end": "00:01:08", "text": "The Maduro regime is not the legitimate"}, {"start": "00:01:08", "end": "00:01:10", "text": "government of Venezuela. It is a narco"}, {"start": "00:01:10", "end": "00:01:11", "text": "terror cartel."}, {"start": "00:01:11", "end": "00:01:13", "text": "Nicolas Maduro is an indicted drug"}, {"start": "00:01:13", "end": "00:01:14", "text": "trafficker."}, {"start": "00:01:14", "end": "00:01:18", "text": "I announced $50 million reward for his"}, {"start": "00:01:18", "end": "00:01:19", "text": "capture."}, {"start": "00:01:19", "end": "00:01:22", "text": "But there is another story. The story is"}, {"start": "00:01:22", "end": "00:01:26", "text": "about oil and power and the war to stop"}, {"start": "00:01:26", "end": "00:01:28", "text": "China and Russia from getting control"}, {"start": "00:01:28", "end": "00:01:31", "text": "over the idea of what money will be in"}, {"start": "00:01:31", "end": "00:01:33", "text": "the future. And Venezuela is a very"}, {"start": "00:01:33", "end": "00:01:36", "text": "important part of this story. Venezuela"}, {"start": "00:01:36", "end": "00:01:39", "text": "happens to be a country with the biggest"}, {"start": "00:01:39", "end": "00:01:41", "text": "oil reserves on Earth, even more than"}, {"start": "00:01:41", "end": "00:01:44", "text": "Saudi Arabia. But going to war is very"}, {"start": "00:01:44", "end": "00:01:47", "text": "unpopular. So how do you sell the idea"}, {"start": "00:01:47", "end": "00:01:50", "text": "of war to people? And there's a couple"}, {"start": "00:01:50", "end": "00:01:52", "text": "different ways that the government does"}, {"start": "00:01:52", "end": "00:01:55", "text": "this. For example, if the drug war"}, {"start": "00:01:55", "end": "00:01:57", "text": "narrative doesn't convince you cuz"}, {"start": "00:01:57", "end": "00:01:59", "text": "you're like, I don't really care about"}, {"start": "00:01:59", "end": "00:02:02", "text": "that, then maybe an economic angle will"}, {"start": "00:02:02", "end": "00:02:04", "text": "resonate better. We're doing it to fight"}, {"start": "00:02:04", "end": "00:02:06", "text": "the socialists because capitalism is"}, {"start": "00:02:06", "end": "00:02:08", "text": "clearly better, right? But if that"}, {"start": "00:02:08", "end": "00:02:10", "text": "doesn't work, maybe appealing to your"}, {"start": "00:02:10", "end": "00:02:13", "text": "patriotism and your values will. We're"}, {"start": "00:02:13", "end": "00:02:15", "text": "fighting for democracy, protecting"}, {"start": "00:02:15", "end": "00:02:18", "text": "freedom, stopping human rights abuses."}, {"start": "00:02:18", "end": "00:02:22", "text": "Right? There's always some moral angle"}, {"start": "00:02:22", "end": "00:02:25", "text": "to sell an unpopular idea so that we can"}, {"start": "00:02:25", "end": "00:02:27", "text": "step in and fix all the wrongs in this"}, {"start": "00:02:27", "end": "00:02:29", "text": "world. This time it's not Iraq, it's not"}, {"start": "00:02:29", "end": "00:02:32", "text": "Libya, it's Venezuela, which again is a"}, {"start": "00:02:32", "end": "00:02:34", "text": "country that happens to be sitting on"}, {"start": "00:02:34", "end": "00:02:37", "text": "more oil than anyone else on Earth. It's"}, {"start": "00:02:37", "end": "00:02:39", "text": "also a country that happens to be very"}, {"start": "00:02:39", "end": "00:02:42", "text": "closely aligned with China, Russia, and"}, {"start": "00:02:42", "end": "00:02:46", "text": "even Iran, which are all against US"}, {"start": "00:02:46", "end": "00:02:49", "text": "interests. Because keep in mind this is"}, {"start": "00:02:49", "end": "00:02:52", "text": "happening in a time when the US is"}, {"start": "00:02:52", "end": "00:02:55", "text": "losing control over strategic resources"}, {"start": "00:02:55", "end": "00:02:59", "text": "and losing control over dollar leverage."}, {"start": "00:02:59", "end": "00:03:01", "text": "Every barrel of oil that goes to China,"}, {"start": "00:03:01", "end": "00:03:05", "text": "every shipment that bypasses the dollar"}, {"start": "00:03:05", "end": "00:03:07", "text": "effectively weakens the influence of the"}, {"start": "00:03:07", "end": "00:03:09", "text": "United States. That's what this is"}, {"start": "00:03:09", "end": "00:03:12", "text": "really about. But the official story"}, {"start": "00:03:12", "end": "00:03:14", "text": "sounds like something you might have"}, {"start": "00:03:14", "end": "00:03:16", "text": "heard before. the president of"}, {"start": "00:03:16", "end": "00:03:18", "text": "Venezuela, Nicholas Madora's regime is"}, {"start": "00:03:18", "end": "00:03:21", "text": "corrupt. He's starving his people,"}, {"start": "00:03:21", "end": "00:03:23", "text": "destroying his economy, silencing"}, {"start": "00:03:23", "end": "00:03:25", "text": "journalists and rigging elections. And"}, {"start": "00:03:25", "end": "00:03:29", "text": "all of that is true. Venezuela has"}, {"start": "00:03:29", "end": "00:03:31", "text": "collapsed. People are hungry. Millions"}, {"start": "00:03:31", "end": "00:03:33", "text": "of people want to leave the country. It"}, {"start": "00:03:33", "end": "00:03:36", "text": "is one of the worst humanitarian crises"}, {"start": "00:03:36", "end": "00:03:38", "text": "out there right now. But the"}, {"start": "00:03:38", "end": "00:03:40", "text": "uncomfortable truth is that that's not"}, {"start": "00:03:40", "end": "00:03:43", "text": "why the US cares. If this was about"}, {"start": "00:03:43", "end": "00:03:46", "text": "human rights, we'd see the same anger"}, {"start": "00:03:46", "end": "00:03:48", "text": "toward countries like Saudi Arabia and"}, {"start": "00:03:48", "end": "00:03:52", "text": "Egypt and other places. So then why"}, {"start": "00:03:52", "end": "00:03:53", "text": "aren't we told the real reason this is"}, {"start": "00:03:53", "end": "00:03:56", "text": "happening? It's because if you tell"}, {"start": "00:03:56", "end": "00:03:59", "text": "people this is about oil and controlling"}, {"start": "00:03:59", "end": "00:04:02", "text": "China's access to energy, very few"}, {"start": "00:04:02", "end": "00:04:04", "text": "people would support that. But if you"}, {"start": "00:04:04", "end": "00:04:07", "text": "say it's about saving people, then you"}, {"start": "00:04:07", "end": "00:04:09", "text": "start to feel good. It's an appeal to"}, {"start": "00:04:09", "end": "00:04:13", "text": "your morality. And Venezuela, whether it"}, {"start": "00:04:13", "end": "00:04:16", "text": "realizes it or not, is caught in the"}, {"start": "00:04:16", "end": "00:04:19", "text": "middle of a much bigger story. And"}, {"start": "00:04:19", "end": "00:04:21", "text": "that's the story I want to explain in"}, {"start": "00:04:21", "end": "00:04:23", "text": "today's video. So, with that said, let's"}, {"start": "00:04:23", "end": "00:04:25", "text": "get into it. Hi, my name is Hri Jick."}, {"start": "00:04:25", "end": "00:04:26", "text": "Hope you're doing well. Come for the"}, {"start": "00:04:26", "end": "00:04:29", "text": "finance and stay for the oil. Now,"}, {"start": "00:04:29", "end": "00:04:31", "text": "before I explain what's actually"}, {"start": "00:04:31", "end": "00:04:33", "text": "happening, I want to first share with"}, {"start": "00:04:33", "end": "00:04:35", "text": "you the official story. And it's the"}, {"start": "00:04:35", "end": "00:04:38", "text": "story that we're all told about. And the"}, {"start": "00:04:38", "end": "00:04:39", "text": "goal of this video is for you to just"}, {"start": "00:04:39", "end": "00:04:42", "text": "understand that a lot of things can all"}, {"start": "00:04:42", "end": "00:04:46", "text": "be true at once, but some things are"}, {"start": "00:04:46", "end": "00:04:48", "text": "more true than others. And you'll see"}, {"start": "00:04:48", "end": "00:04:50", "text": "what I mean throughout the video. So,"}, {"start": "00:04:50", "end": "00:04:52", "text": "let me start with what we're told. The"}, {"start": "00:04:52", "end": "00:04:54", "text": "official story, which is finally"}, {"start": "00:04:54", "end": "00:04:56", "text": "starting to be talked about. The first"}, {"start": "00:04:56", "end": "00:04:59", "text": "angle is arguably the one that's going"}, {"start": "00:04:59", "end": "00:05:02", "text": "to appeal to most people's common sense"}, {"start": "00:05:02", "end": "00:05:05", "text": "values, and that's the war on drugs. The"}, {"start": "00:05:05", "end": "00:05:07", "text": "US government says Venezuela has become"}, {"start": "00:05:07", "end": "00:05:10", "text": "a hub for narot terrorism. Drug"}, {"start": "00:05:10", "end": "00:05:12", "text": "traffickers are using the country to"}, {"start": "00:05:12", "end": "00:05:15", "text": "flood the US with cocaine and fentinel."}, {"start": "00:05:15", "end": "00:05:18", "text": "Now on paper that sounds like something"}, {"start": "00:05:18", "end": "00:05:20", "text": "we can all get behind because that would"}, {"start": "00:05:20", "end": "00:05:22", "text": "be a national security threat, right?"}, {"start": "00:05:22", "end": "00:05:24", "text": "But there's a problem because according"}, {"start": "00:05:24", "end": "00:05:27", "text": "to the DEA's own data, almost all"}, {"start": "00:05:27", "end": "00:05:31", "text": "fentinel in the US comes from Mexico,"}, {"start": "00:05:31", "end": "00:05:32", "text": "not Venezuela."}, {"start": "00:05:32", "end": "00:05:35", "text": "And what does come through Venezuela is"}, {"start": "00:05:35", "end": "00:05:37", "text": "just a fraction of what's trafficked"}, {"start": "00:05:37", "end": "00:05:40", "text": "around the world, maybe 10% at most. In"}, {"start": "00:05:40", "end": "00:05:42", "text": "fact, you might even remember earlier"}, {"start": "00:05:42", "end": "00:05:45", "text": "this year, the president was punishing"}, {"start": "00:05:45", "end": "00:05:48", "text": "Canada for being a proxy of fentinel."}, {"start": "00:05:48", "end": "00:05:51", "text": "The fentinol coming through Canada is"}, {"start": "00:05:51", "end": "00:05:53", "text": "massive. The fentinol coming through"}, {"start": "00:05:53", "end": "00:05:57", "text": "Mexico is massive. So, Canada is"}, {"start": "00:05:57", "end": "00:05:59", "text": "arguably the bigger offender here. But"}, {"start": "00:05:59", "end": "00:06:01", "text": "we're told that Venezuela is the new"}, {"start": "00:06:01", "end": "00:06:05", "text": "Colombia, right? And why is that? It's"}, {"start": "00:06:05", "end": "00:06:07", "text": "because of the way it's framed. Because"}, {"start": "00:06:07", "end": "00:06:10", "text": "if you call something a drug problem,"}, {"start": "00:06:10", "end": "00:06:12", "text": "then that's a small law enforcement"}, {"start": "00:06:12", "end": "00:06:15", "text": "issue. But if you call it narot"}, {"start": "00:06:15", "end": "00:06:18", "text": "terrorism, then that's a pretense for a"}, {"start": "00:06:18", "end": "00:06:21", "text": "war. And once you declare a war, you do"}, {"start": "00:06:21", "end": "00:06:23", "text": "not need approval from Congress. You"}, {"start": "00:06:23", "end": "00:06:24", "text": "don't need evidence. you can just go to"}, {"start": "00:06:24", "end": "00:06:25", "text": "war."}, {"start": "00:06:25", "end": "00:06:26", "text": "On inauguration day, President Trump"}, {"start": "00:06:26", "end": "00:06:28", "text": "signed an executive order paving the way"}, {"start": "00:06:28", "end": "00:06:31", "text": "to label drug cartels as foreign"}, {"start": "00:06:31", "end": "00:06:33", "text": "terrorist organizations."}, {"start": "00:06:33", "end": "00:06:35", "text": "So, it's very important that the first"}, {"start": "00:06:35", "end": "00:06:38", "text": "step of any story like this one is that"}, {"start": "00:06:38", "end": "00:06:40", "text": "you have to reclassify the threat to a"}, {"start": "00:06:40", "end": "00:06:43", "text": "group of terrorists, not criminals,"}, {"start": "00:06:43", "end": "00:06:46", "text": "because that gives the US legal and"}, {"start": "00:06:46", "end": "00:06:48", "text": "political cover to launch operations in"}, {"start": "00:06:48", "end": "00:06:51", "text": "Venezuela and even allow drone strikes,"}, {"start": "00:06:51", "end": "00:06:53", "text": "which the US has also been doing. So,"}, {"start": "00:06:53", "end": "00:06:56", "text": "step one, always the same. Create a"}, {"start": "00:06:56", "end": "00:06:58", "text": "boogeyman, call it a threat, and get the"}, {"start": "00:06:58", "end": "00:07:01", "text": "public to support the idea that this is"}, {"start": "00:07:01", "end": "00:07:03", "text": "about morality. It's the right thing to"}, {"start": "00:07:03", "end": "00:07:07", "text": "do, right? Okay. But maybe some of us"}, {"start": "00:07:07", "end": "00:07:08", "text": "don't really care all that much about"}, {"start": "00:07:08", "end": "00:07:10", "text": "the drug problem because it doesn't"}, {"start": "00:07:10", "end": "00:07:12", "text": "really personally affect us. So, who"}, {"start": "00:07:12", "end": "00:07:15", "text": "cares? And that's why there's another"}, {"start": "00:07:15", "end": "00:07:17", "text": "narrative that we're told about, and"}, {"start": "00:07:17", "end": "00:07:19", "text": "that's the narrative of socialism. This"}, {"start": "00:07:19", "end": "00:07:21", "text": "is the part of the story that says"}, {"start": "00:07:21", "end": "00:07:24", "text": "Venezuela is living proof that socialism"}, {"start": "00:07:24", "end": "00:07:27", "text": "could never work. The country collapsed"}, {"start": "00:07:27", "end": "00:07:29", "text": "because of corruption and bad planning"}, {"start": "00:07:29", "end": "00:07:32", "text": "and government control. And that is"}, {"start": "00:07:32", "end": "00:07:34", "text": "true. Venezuela has been through one of"}, {"start": "00:07:34", "end": "00:07:36", "text": "the worst economies in modern history."}, {"start": "00:07:36", "end": "00:07:39", "text": "Their hyperinflation has destroyed"}, {"start": "00:07:39", "end": "00:07:41", "text": "anyone who's tried to save money. Their"}, {"start": "00:07:41", "end": "00:07:44", "text": "currency has become worthless. Millions"}, {"start": "00:07:44", "end": "00:07:46", "text": "of people have left the country. And"}, {"start": "00:07:46", "end": "00:07:49", "text": "yes, that happened under a corrupt"}, {"start": "00:07:49", "end": "00:07:51", "text": "socialist government. But here's the"}, {"start": "00:07:51", "end": "00:07:54", "text": "part I think less people know about."}, {"start": "00:07:54", "end": "00:07:56", "text": "Because while it is true that socialism"}, {"start": "00:07:56", "end": "00:07:58", "text": "and corruption played a role in it, it"}, {"start": "00:07:58", "end": "00:08:01", "text": "is also true that the US never really"}, {"start": "00:08:01", "end": "00:08:04", "text": "wanted Venezuela to succeed because"}, {"start": "00:08:04", "end": "00:08:07", "text": "sanctions made by the US made everything"}, {"start": "00:08:07", "end": "00:08:10", "text": "a lot worse. Over the years, the US has"}, {"start": "00:08:10", "end": "00:08:13", "text": "imposed more than"}, {"start": "00:08:13", "end": "00:08:16", "text": "150 separate sanctions on Venezuela. It"}, {"start": "00:08:16", "end": "00:08:18", "text": "did things like block its ability to"}, {"start": "00:08:18", "end": "00:08:21", "text": "trade with other countries. The US did"}, {"start": "00:08:21", "end": "00:08:24", "text": "not want it to sell oil and it did not"}, {"start": "00:08:24", "end": "00:08:28", "text": "want it to access global markets. By"}, {"start": "00:08:28", "end": "00:08:30", "text": "2020, Venezuela's GDP went down by about"}, {"start": "00:08:30", "end": "00:08:34", "text": "30%. Which is pretty much catastrophic."}, {"start": "00:08:34", "end": "00:08:36", "text": "Now, while all of that was happening,"}, {"start": "00:08:36", "end": "00:08:39", "text": "the media was also showing us videos of"}, {"start": "00:08:39", "end": "00:08:41", "text": "empty grocery shelves and starving"}, {"start": "00:08:41", "end": "00:08:45", "text": "families as proof that socialism has"}, {"start": "00:08:45", "end": "00:08:47", "text": "failed and they need to be rescued. But"}, {"start": "00:08:47", "end": "00:08:50", "text": "it's also left out that those same"}, {"start": "00:08:50", "end": "00:08:52", "text": "families couldn't import food or"}, {"start": "00:08:52", "end": "00:08:55", "text": "medicine because US restrictions were"}, {"start": "00:08:55", "end": "00:08:57", "text": "there. So yes, it is true the Venezuelan"}, {"start": "00:08:57", "end": "00:08:59", "text": "government created their own crisis, but"}, {"start": "00:08:59", "end": "00:09:02", "text": "the sanctions made sure that they didn't"}, {"start": "00:09:02", "end": "00:09:05", "text": "have the tools to recover, but it didn't"}, {"start": "00:09:05", "end": "00:09:07", "text": "really matter, right? Because the story"}, {"start": "00:09:07", "end": "00:09:10", "text": "was so effective because I think it fits"}, {"start": "00:09:10", "end": "00:09:13", "text": "perfectly into the story that most"}, {"start": "00:09:13", "end": "00:09:15", "text": "Americans kind of already believe, which"}, {"start": "00:09:15", "end": "00:09:17", "text": "is capitalism is freedom and that"}, {"start": "00:09:17", "end": "00:09:19", "text": "countries that reject our system are"}, {"start": "00:09:19", "end": "00:09:22", "text": "sort of destined to fail. It's a really"}, {"start": "00:09:22", "end": "00:09:25", "text": "powerful psychological technique that"}, {"start": "00:09:25", "end": "00:09:28", "text": "reinforces that we were right all along."}, {"start": "00:09:28", "end": "00:09:31", "text": "So when I hear politicians say we got to"}, {"start": "00:09:31", "end": "00:09:34", "text": "help Venezuela, it sort of selfservingly"}, {"start": "00:09:34", "end": "00:09:37", "text": "a way of saying we got to save them from"}, {"start": "00:09:37", "end": "00:09:39", "text": "themselves. Again, it reinforces this"}, {"start": "00:09:39", "end": "00:09:41", "text": "idea that there's only one model left"}, {"start": "00:09:41", "end": "00:09:43", "text": "standing that could ever work, which is"}, {"start": "00:09:43", "end": "00:09:46", "text": "of course our own. Now let's say you're"}, {"start": "00:09:46", "end": "00:09:47", "text": "like, \"Okay, I don't really care though"}, {"start": "00:09:47", "end": "00:09:50", "text": "about any of this. not the economics,"}, {"start": "00:09:50", "end": "00:09:51", "text": "not about the drugs part, none of that"}, {"start": "00:09:51", "end": "00:09:53", "text": "really concerns me. Well, that's fine"}, {"start": "00:09:53", "end": "00:09:55", "text": "because there's a third narrative that's"}, {"start": "00:09:55", "end": "00:09:57", "text": "going to convince anyone who's left. And"}, {"start": "00:09:57", "end": "00:09:59", "text": "here's the third narrative. This is the"}, {"start": "00:09:59", "end": "00:10:01", "text": "one that's arguably the most powerful of"}, {"start": "00:10:01", "end": "00:10:04", "text": "all because it is the simplest. Now,"}, {"start": "00:10:04", "end": "00:10:06", "text": "before I explain it, here is something"}, {"start": "00:10:06", "end": "00:10:08", "text": "I've been personally doing to stack SATs"}, {"start": "00:10:08", "end": "00:10:09", "text": "while this plays out with the Gemini"}, {"start": "00:10:09", "end": "00:10:11", "text": "credit card, the sponsor of this"}, {"start": "00:10:11", "end": "00:10:12", "text": "segment, and it's a card I've been using"}, {"start": "00:10:12", "end": "00:10:14", "text": "for a while now. All opinions are my"}, {"start": "00:10:14", "end": "00:10:15", "text": "own, and they were not influenced by"}, {"start": "00:10:15", "end": "00:10:17", "text": "Gemini. I use it like any other regular"}, {"start": "00:10:17", "end": "00:10:19", "text": "credit card for gas, groceries, and"}, {"start": "00:10:19", "end": "00:10:21", "text": "travel, but I earn Bitcoin every time I"}, {"start": "00:10:21", "end": "00:10:23", "text": "use it. It has no annual fee, and you"}, {"start": "00:10:23", "end": "00:10:24", "text": "can see the rates and fees in the"}, {"start": "00:10:24", "end": "00:10:26", "text": "description down below for more info,"}, {"start": "00:10:26", "end": "00:10:28", "text": "but you get up to 4% back in over 50"}, {"start": "00:10:28", "end": "00:10:30", "text": "cryptocurrencies instantly, and you can"}, {"start": "00:10:30", "end": "00:10:32", "text": "choose which one you want. Personally, I"}, {"start": "00:10:32", "end": "00:10:34", "text": "have mine set to Bitcoin, but that's 4%"}, {"start": "00:10:34", "end": "00:10:36", "text": "on gas, transit, and ride share, 3% on"}, {"start": "00:10:36", "end": "00:10:39", "text": "dining, 2% on groceries, and 1% for"}, {"start": "00:10:39", "end": "00:10:40", "text": "everything else. It's a Mastercard World"}, {"start": "00:10:40", "end": "00:10:43", "text": "Elite. I've used it internationally with"}, {"start": "00:10:43", "end": "00:10:45", "text": "no problems and every time I use it, it"}, {"start": "00:10:45", "end": "00:10:47", "text": "adds Bitcoin to my portfolio. The best"}, {"start": "00:10:47", "end": "00:10:49", "text": "part is you're investing as you spend."}, {"start": "00:10:49", "end": "00:10:50", "text": "In fact, according to Gemini, card"}, {"start": "00:10:50", "end": "00:10:52", "text": "holders who earned and held their"}, {"start": "00:10:52", "end": "00:10:54", "text": "Bitcoin for 1 year saw an average"}, {"start": "00:10:54", "end": "00:10:57", "text": "appreciation of 279%."}, {"start": "00:10:57", "end": "00:10:58", "text": "Those are not your typical credit card"}, {"start": "00:10:58", "end": "00:11:00", "text": "points. So, if you're interested, click"}, {"start": "00:11:00", "end": "00:11:01", "text": "the link in the description down below"}, {"start": "00:11:01", "end": "00:11:03", "text": "or go to gemini.com/andre"}, {"start": "00:11:03", "end": "00:11:05", "text": "to get $200 in Bitcoin when you spend"}, {"start": "00:11:05", "end": "00:11:08", "text": "3,000 in your first 90 days. Thank you,"}, {"start": "00:11:08", "end": "00:11:09", "text": "Gemini, for sponsoring this segment. And"}, {"start": "00:11:09", "end": "00:11:12", "text": "now, let's get back to it. So here is"}, {"start": "00:11:12", "end": "00:11:14", "text": "the most powerful narrative of the"}, {"start": "00:11:14", "end": "00:11:18", "text": "three. It's the one that appeals to your"}, {"start": "00:11:18", "end": "00:11:21", "text": "morality and values not just as an"}, {"start": "00:11:21", "end": "00:11:23", "text": "American but as a human being. The value"}, {"start": "00:11:23", "end": "00:11:26", "text": "of freedom and democracy. This is the"}, {"start": "00:11:26", "end": "00:11:29", "text": "part of the story that says Venezuela is"}, {"start": "00:11:29", "end": "00:11:32", "text": "not just a failed economy. It's a"}, {"start": "00:11:32", "end": "00:11:34", "text": "dictatorship and we need to fight for"}, {"start": "00:11:34", "end": "00:11:36", "text": "democracy. We need to stand up for"}, {"start": "00:11:36", "end": "00:11:38", "text": "people's freedom and their right to vote"}, {"start": "00:11:38", "end": "00:11:40", "text": "and the right to live without"}, {"start": "00:11:40", "end": "00:11:42", "text": "oppression. It's the kind of story that"}, {"start": "00:11:42", "end": "00:11:44", "text": "makes you feel good and noble to"}, {"start": "00:11:44", "end": "00:11:47", "text": "support. And that's partially because"}, {"start": "00:11:47", "end": "00:11:50", "text": "there's truth to it. Nicholas Maduro has"}, {"start": "00:11:50", "end": "00:11:52", "text": "consolidated power. The leaders who"}, {"start": "00:11:52", "end": "00:11:54", "text": "opposed him have been arrested."}, {"start": "00:11:54", "end": "00:11:57", "text": "Protesters have been crushed. Elections"}, {"start": "00:11:57", "end": "00:12:00", "text": "have been heavily controlled. And there"}, {"start": "00:12:00", "end": "00:12:02", "text": "is a long, long history of corruption."}, {"start": "00:12:02", "end": "00:12:06", "text": "Those things are all very real. But"}, {"start": "00:12:06", "end": "00:12:08", "text": "here's what's also real. The United"}, {"start": "00:12:08", "end": "00:12:11", "text": "States doesn't care about any of that."}, {"start": "00:12:11", "end": "00:12:13", "text": "When it happens to countries that"}, {"start": "00:12:13", "end": "00:12:17", "text": "support its interests, Saudi Arabia,"}, {"start": "00:12:17", "end": "00:12:19", "text": "Egypt, Qatar, none of those are"}, {"start": "00:12:19", "end": "00:12:22", "text": "democracies, but they are allies. We"}, {"start": "00:12:22", "end": "00:12:24", "text": "don't call them dictatorships. We just"}, {"start": "00:12:24", "end": "00:12:27", "text": "call them partners. It's very selective"}, {"start": "00:12:27", "end": "00:12:29", "text": "in how it goes about it. It's about"}, {"start": "00:12:29", "end": "00:12:31", "text": "who's allowed to have power and who's"}, {"start": "00:12:31", "end": "00:12:34", "text": "allowed to sell their oil and to whom."}, {"start": "00:12:34", "end": "00:12:37", "text": "Because when a country like Venezuela"}, {"start": "00:12:37", "end": "00:12:40", "text": "teams up with countries like China or"}, {"start": "00:12:40", "end": "00:12:43", "text": "Russia, then all of the sudden their"}, {"start": "00:12:43", "end": "00:12:44", "text": "elections start to become really"}, {"start": "00:12:44", "end": "00:12:47", "text": "important for some reason. All of the"}, {"start": "00:12:47", "end": "00:12:49", "text": "sudden human rights become a priority"}, {"start": "00:12:49", "end": "00:12:51", "text": "and there's an urgency to fix the"}, {"start": "00:12:51", "end": "00:12:54", "text": "problem. It's the same pattern we've"}, {"start": "00:12:54", "end": "00:12:57", "text": "seen again and again. Iraq, Libya,"}, {"start": "00:12:57", "end": "00:13:00", "text": "Afghanistan, even Syria. And I remember"}, {"start": "00:13:00", "end": "00:13:04", "text": "noticing this first back in like 2008."}, {"start": "00:13:04", "end": "00:13:06", "text": "The more victories you amass, the easier"}, {"start": "00:13:06", "end": "00:13:08", "text": "the next victory becomes. The first"}, {"start": "00:13:08", "end": "00:13:10", "text": "victory in Afghanistan makes the second"}, {"start": "00:13:10", "end": "00:13:13", "text": "victory in Iraq that much easier. The"}, {"start": "00:13:13", "end": "00:13:16", "text": "second victory in Iraq will make the"}, {"start": "00:13:16", "end": "00:13:18", "text": "third victory that much easier, too."}, {"start": "00:13:18", "end": "00:13:21", "text": "Now, looking back at it, it's so obvious"}, {"start": "00:13:21", "end": "00:13:24", "text": "how the same story just keeps repeating."}, {"start": "00:13:24", "end": "00:13:26", "text": "The invasion of Iraq, for example, was"}, {"start": "00:13:26", "end": "00:13:28", "text": "sold to us partially under the guise of"}, {"start": "00:13:28", "end": "00:13:31", "text": "freedom and democracy. Libya, same"}, {"start": "00:13:31", "end": "00:13:33", "text": "thing. It was about protecting people"}, {"start": "00:13:33", "end": "00:13:36", "text": "from Gaddafi, but it turned into another"}, {"start": "00:13:36", "end": "00:13:39", "text": "power vacuum. Then Syria, Afghanistan,"}, {"start": "00:13:39", "end": "00:13:41", "text": "which was supposed to end terrorism and"}, {"start": "00:13:41", "end": "00:13:43", "text": "rebuild democracy. Every one of these"}, {"start": "00:13:43", "end": "00:13:46", "text": "conflicts started with the same premise,"}, {"start": "00:13:46", "end": "00:13:50", "text": "doing the right moral thing. And every"}, {"start": "00:13:50", "end": "00:13:53", "text": "time the results always the same,"}, {"start": "00:13:53", "end": "00:13:55", "text": "instability and another country left in"}, {"start": "00:13:55", "end": "00:13:58", "text": "ruins. More immigration and refugees"}, {"start": "00:13:58", "end": "00:14:00", "text": "coming to the US to seek asylum. So the"}, {"start": "00:14:00", "end": "00:14:03", "text": "point is to sell a story to as many"}, {"start": "00:14:03", "end": "00:14:06", "text": "people as possible. There have to be"}, {"start": "00:14:06", "end": "00:14:10", "text": "multiple appeals to value in order to"}, {"start": "00:14:10", "end": "00:14:12", "text": "convince someone that going to war is a"}, {"start": "00:14:12", "end": "00:14:13", "text": "good idea."}, {"start": "00:14:13", "end": "00:14:16", "text": "So then the question is, if all of those"}, {"start": "00:14:16", "end": "00:14:17", "text": "narratives are what they want us to"}, {"start": "00:14:17", "end": "00:14:21", "text": "think, what's the real reason then? And"}, {"start": "00:14:21", "end": "00:14:22", "text": "the real reason is the same thing I've"}, {"start": "00:14:22", "end": "00:14:24", "text": "been mentioning in all my videos. It's"}, {"start": "00:14:24", "end": "00:14:28", "text": "about getting control over resources,"}, {"start": "00:14:28", "end": "00:14:31", "text": "holding on to influence and keeping oil"}, {"start": "00:14:31", "end": "00:14:34", "text": "out of China's hands and sort of"}, {"start": "00:14:34", "end": "00:14:36", "text": "reminding the rest of the world, even if"}, {"start": "00:14:36", "end": "00:14:39", "text": "the US can't control everything anymore,"}, {"start": "00:14:39", "end": "00:14:41", "text": "it can still punish those who step out"}, {"start": "00:14:41", "end": "00:14:43", "text": "of line. So, let me explain what I mean"}, {"start": "00:14:43", "end": "00:14:46", "text": "by this because it's both complex and"}, {"start": "00:14:46", "end": "00:14:48", "text": "very, very simple. And here's the simple"}, {"start": "00:14:48", "end": "00:14:49", "text": "explanation."}, {"start": "00:14:49", "end": "00:14:51", "text": "How about we're buying oil from"}, {"start": "00:14:51", "end": "00:14:52", "text": "Venezuela?"}, {"start": "00:14:52", "end": "00:14:55", "text": "When I left, Venezuela was ready to"}, {"start": "00:14:55", "end": "00:14:57", "text": "collapse. We would have taken it over."}, {"start": "00:14:57", "end": "00:14:58", "text": "We would have gotten all that oil. It"}, {"start": "00:14:58", "end": "00:15:00", "text": "would have been right next door."}, {"start": "00:15:00", "end": "00:15:02", "text": "Obviously, it's always been about oil,"}, {"start": "00:15:02", "end": "00:15:05", "text": "but it's also something bigger. It's"}, {"start": "00:15:05", "end": "00:15:08", "text": "about influence over the world. It's"}, {"start": "00:15:08", "end": "00:15:10", "text": "control of who gets to decide the price"}, {"start": "00:15:10", "end": "00:15:13", "text": "of oil and the price and the strength of"}, {"start": "00:15:13", "end": "00:15:15", "text": "a currency and eventually the balance of"}, {"start": "00:15:15", "end": "00:15:19", "text": "world power. Now, Venezuela again sits"}, {"start": "00:15:19", "end": "00:15:20", "text": "on the biggest proven oil reserves in"}, {"start": "00:15:20", "end": "00:15:23", "text": "the world, roughly 300 billion barrels,"}, {"start": "00:15:23", "end": "00:15:25", "text": "more than Saudi Arabia, more than Iran,"}, {"start": "00:15:25", "end": "00:15:27", "text": "more than anyone. And that's what makes"}, {"start": "00:15:27", "end": "00:15:30", "text": "it so valuable and so important. For"}, {"start": "00:15:30", "end": "00:15:34", "text": "decades, the US has relied on this cheap"}, {"start": "00:15:34", "end": "00:15:37", "text": "energy and the dominance of the US"}, {"start": "00:15:37", "end": "00:15:41", "text": "dollar to settle these oil transactions"}, {"start": "00:15:41", "end": "00:15:44", "text": "and it helped reinforce that system."}, {"start": "00:15:44", "end": "00:15:46", "text": "That's where the term petro dollar comes"}, {"start": "00:15:46", "end": "00:15:48", "text": "from. Every barrel traded through this"}, {"start": "00:15:48", "end": "00:15:51", "text": "petrod dollar system has strengthened"}, {"start": "00:15:51", "end": "00:15:53", "text": "America's position. But over the last"}, {"start": "00:15:53", "end": "00:15:55", "text": "few years, I think we've seen the"}, {"start": "00:15:55", "end": "00:15:58", "text": "acceleration of this sort of crack."}, {"start": "00:15:58", "end": "00:16:00", "text": "China and Russia, for example, have been"}, {"start": "00:16:00", "end": "00:16:01", "text": "building their own network and teaming"}, {"start": "00:16:01", "end": "00:16:04", "text": "up so that they could bypass the dollar."}, {"start": "00:16:04", "end": "00:16:05", "text": "That's why we keep hearing about"}, {"start": "00:16:05", "end": "00:16:08", "text": "ddollarization and bricks expansion. And"}, {"start": "00:16:08", "end": "00:16:10", "text": "while all of this is happening, the US"}, {"start": "00:16:10", "end": "00:16:13", "text": "was sanctioning Venezuelan oil. So,"}, {"start": "00:16:13", "end": "00:16:14", "text": "China was like, \"Hey, we'll help you"}, {"start": "00:16:14", "end": "00:16:16", "text": "out, right? We'll lend you the money.\""}, {"start": "00:16:16", "end": "00:16:19", "text": "China becomes Venezuela's biggest"}, {"start": "00:16:19", "end": "00:16:22", "text": "creditor. So far, it has lent at least"}, {"start": "00:16:22", "end": "00:16:25", "text": "$60 billion to keep its economy alive,"}, {"start": "00:16:25", "end": "00:16:27", "text": "at least that we know of publicly. And"}, {"start": "00:16:27", "end": "00:16:30", "text": "in return, China got long-term access to"}, {"start": "00:16:30", "end": "00:16:35", "text": "that oil. So every barrel Venezuela has"}, {"start": "00:16:35", "end": "00:16:37", "text": "strengthens China's energy security. It"}, {"start": "00:16:37", "end": "00:16:40", "text": "weakens US leverage. That's why when the"}, {"start": "00:16:40", "end": "00:16:43", "text": "two presidents met recently, Xi didn't"}, {"start": "00:16:43", "end": "00:16:45", "text": "even look like he needed or wanted to be"}, {"start": "00:16:45", "end": "00:16:48", "text": "there. That's a position of power."}, {"start": "00:16:48", "end": "00:16:50", "text": "That's a problem. It's not necessarily"}, {"start": "00:16:50", "end": "00:16:53", "text": "that Venezuela is corrupt or its economy"}, {"start": "00:16:53", "end": "00:16:55", "text": "is bad or that they mistreat their"}, {"start": "00:16:55", "end": "00:16:57", "text": "people. Regardless if those things are"}, {"start": "00:16:57", "end": "00:17:00", "text": "true or not, when you combine that with"}, {"start": "00:17:00", "end": "00:17:02", "text": "what's happening around the world with"}, {"start": "00:17:02", "end": "00:17:04", "text": "Saudi Arabia joining bricks and Russia"}, {"start": "00:17:04", "end": "00:17:07", "text": "weaponizing its energy exports and China"}, {"start": "00:17:07", "end": "00:17:09", "text": "making oil deals and yuan backed by"}, {"start": "00:17:09", "end": "00:17:11", "text": "gold, the US sort of watching its"}, {"start": "00:17:11", "end": "00:17:14", "text": "influence in the world slowly disappear."}, {"start": "00:17:14", "end": "00:17:18", "text": "That's really scary for a country whose"}, {"start": "00:17:18", "end": "00:17:20", "text": "global power has been built on the"}, {"start": "00:17:20", "end": "00:17:22", "text": "ability to control the flow of that"}, {"start": "00:17:22", "end": "00:17:26", "text": "energy and the value of money."}, {"start": "00:17:26", "end": "00:17:28", "text": "Now I did say though at the start of"}, {"start": "00:17:28", "end": "00:17:30", "text": "this part that the real answer was was"}, {"start": "00:17:30", "end": "00:17:33", "text": "both complicated and very very simple."}, {"start": "00:17:33", "end": "00:17:36", "text": "So that was the simple explanation but I"}, {"start": "00:17:36", "end": "00:17:37", "text": "also think there's a slightly more"}, {"start": "00:17:37", "end": "00:17:40", "text": "complicated nuanced answer for why all"}, {"start": "00:17:40", "end": "00:17:44", "text": "of this is sort of happening."}, {"start": "00:18:15", "end": "00:18:18", "text": "So that was a criticism of one of"}, {"start": "00:18:18", "end": "00:18:20", "text": "American America's most powerful allies."}, {"start": "00:18:20", "end": "00:18:22", "text": "Now, I'm not saying that that is the"}, {"start": "00:18:22", "end": "00:18:24", "text": "reason the US has a bounty on"}, {"start": "00:18:24", "end": "00:18:26", "text": "Venezuela's president, which it does,"}, {"start": "00:18:26", "end": "00:18:28", "text": "but I think it's one of many powerful"}, {"start": "00:18:28", "end": "00:18:31", "text": "incentives that make this story what it"}, {"start": "00:18:31", "end": "00:18:34", "text": "is. And in a way, the story is sort of"}, {"start": "00:18:34", "end": "00:18:37", "text": "about what happens in the modern day to"}, {"start": "00:18:37", "end": "00:18:40", "text": "a country that defies very powerful"}, {"start": "00:18:40", "end": "00:18:42", "text": "interests. And what's even more"}, {"start": "00:18:42", "end": "00:18:44", "text": "interesting is how the US is going about"}, {"start": "00:18:44", "end": "00:18:47", "text": "this because we're not seeing troops on"}, {"start": "00:18:47", "end": "00:18:49", "text": "the ground. The US doesn't need to"}, {"start": "00:18:49", "end": "00:18:51", "text": "invade anyone. It just has to cut them"}, {"start": "00:18:51", "end": "00:18:54", "text": "off. For some countries, that works."}, {"start": "00:18:54", "end": "00:18:56", "text": "Like in the case of Venezuela. And for"}, {"start": "00:18:56", "end": "00:18:58", "text": "some countries, it doesn't. Countries"}, {"start": "00:18:58", "end": "00:19:00", "text": "like Russia and China. They're just too"}, {"start": "00:19:00", "end": "00:19:02", "text": "big and too independent at this point."}, {"start": "00:19:02", "end": "00:19:04", "text": "But by leaving Venezuela out of the"}, {"start": "00:19:04", "end": "00:19:06", "text": "global banking system, the US made it"}, {"start": "00:19:06", "end": "00:19:08", "text": "almost impossible for the country to"}, {"start": "00:19:08", "end": "00:19:11", "text": "trade and to ship oil or even buy parts"}, {"start": "00:19:11", "end": "00:19:13", "text": "for its infrastructure. Insurance"}, {"start": "00:19:13", "end": "00:19:15", "text": "companies don't want to touch them."}, {"start": "00:19:15", "end": "00:19:18", "text": "Ships avoid their ports. So, yeah, of"}, {"start": "00:19:18", "end": "00:19:19", "text": "course, their economy is going to"}, {"start": "00:19:19", "end": "00:19:21", "text": "collapse into corruption. We're like,"}, {"start": "00:19:21", "end": "00:19:22", "text": "see, you guys need freedom and"}, {"start": "00:19:22", "end": "00:19:25", "text": "capitalism. But I think there's an irony"}, {"start": "00:19:25", "end": "00:19:27", "text": "to all of this, which is the harder the"}, {"start": "00:19:27", "end": "00:19:32", "text": "US squeezes, the more Venezuela turns to"}, {"start": "00:19:32", "end": "00:19:34", "text": "countries like China and Russia and Iran"}, {"start": "00:19:34", "end": "00:19:37", "text": "for help. That's how new alliances are"}, {"start": "00:19:37", "end": "00:19:39", "text": "created here. It's not cuz they share"}, {"start": "00:19:39", "end": "00:19:42", "text": "the same values. It's because the enemy"}, {"start": "00:19:42", "end": "00:19:44", "text": "of my enemy is my friend. Every time the"}, {"start": "00:19:44", "end": "00:19:46", "text": "US pushes someone out of the dollar"}, {"start": "00:19:46", "end": "00:19:49", "text": "system, that country joins a long list"}, {"start": "00:19:49", "end": "00:19:51", "text": "of countries that are like, \"Yo, join"}, {"start": "00:19:51", "end": "00:19:53", "text": "the club.\" Right? So that's exactly what"}, {"start": "00:19:53", "end": "00:19:55", "text": "we're watching right now. It's the"}, {"start": "00:19:55", "end": "00:19:58", "text": "creation of a new energy/monetary"}, {"start": "00:19:58", "end": "00:20:01", "text": "system that runs without the US in the"}, {"start": "00:20:01", "end": "00:20:03", "text": "middle of it. Saudi Arabia is joining"}, {"start": "00:20:03", "end": "00:20:07", "text": "bricks. China signing oil deals in yuan"}, {"start": "00:20:07", "end": "00:20:09", "text": "backed by gold. Now Russia's trading"}, {"start": "00:20:09", "end": "00:20:11", "text": "energy through its own payment networks."}, {"start": "00:20:11", "end": "00:20:14", "text": "Venezuela sort of helping energize that"}, {"start": "00:20:14", "end": "00:20:16", "text": "system by shipping oil to China outside"}, {"start": "00:20:16", "end": "00:20:20", "text": "the dollar. All of it over time, I"}, {"start": "00:20:20", "end": "00:20:22", "text": "think, contributes"}, {"start": "00:20:22", "end": "00:20:25", "text": "to this chart, the slow erosion of US"}, {"start": "00:20:25", "end": "00:20:27", "text": "dollar leverage. And once you lose"}, {"start": "00:20:27", "end": "00:20:29", "text": "control of that, you lose control of"}, {"start": "00:20:29", "end": "00:20:31", "text": "everything. And every time something"}, {"start": "00:20:31", "end": "00:20:34", "text": "like this happens, the story is always"}, {"start": "00:20:34", "end": "00:20:36", "text": "kind of the same, right? It becomes an"}, {"start": "00:20:36", "end": "00:20:39", "text": "appeal to your moral values, whatever"}, {"start": "00:20:39", "end": "00:20:43", "text": "they may be, to justify a conflict that"}, {"start": "00:20:43", "end": "00:20:46", "text": "resets this game. Now, if you made it"}, {"start": "00:20:46", "end": "00:20:48", "text": "this far, here's my personal thoughts. I"}, {"start": "00:20:48", "end": "00:20:50", "text": "understand that it's really easy for me"}, {"start": "00:20:50", "end": "00:20:53", "text": "to be an armchair critic of geopolitics."}, {"start": "00:20:53", "end": "00:20:54", "text": "I can't even begin to understand what it"}, {"start": "00:20:54", "end": "00:20:57", "text": "takes to run a country, let alone a"}, {"start": "00:20:57", "end": "00:21:00", "text": "superpower. Being a leader is hard, and"}, {"start": "00:21:00", "end": "00:21:02", "text": "making those decisions is very hard. And"}, {"start": "00:21:02", "end": "00:21:04", "text": "as a completely irrelevant creator"}, {"start": "00:21:04", "end": "00:21:06", "text": "that's not even in the top 500 on a"}, {"start": "00:21:06", "end": "00:21:09", "text": "particular social media platform, I'm"}, {"start": "00:21:09", "end": "00:21:11", "text": "not here to tell you whether any of this"}, {"start": "00:21:11", "end": "00:21:14", "text": "is good or bad. That's way beyond my pay"}, {"start": "00:21:14", "end": "00:21:18", "text": "grade. But if I had to guess, I think"}, {"start": "00:21:18", "end": "00:21:19", "text": "we're going to see more and more of"}, {"start": "00:21:19", "end": "00:21:21", "text": "these types of conflicts. Whether or not"}, {"start": "00:21:21", "end": "00:21:23", "text": "we declare them as a war or not, I think"}, {"start": "00:21:23", "end": "00:21:26", "text": "we'll see more of them. My goal is just"}, {"start": "00:21:26", "end": "00:21:28", "text": "to try to understand what's happening to"}, {"start": "00:21:28", "end": "00:21:30", "text": "the world generally and directionally"}, {"start": "00:21:30", "end": "00:21:33", "text": "speaking, so that I can critically think"}, {"start": "00:21:33", "end": "00:21:35", "text": "about these things for myself, and I"}, {"start": "00:21:35", "end": "00:21:37", "text": "hope it's helped you do that, too. As"}, {"start": "00:21:37", "end": "00:21:38", "text": "always, I hope you have a wonderful rest"}, {"start": "00:21:38", "end": "00:21:39", "text": "of your day. Smash the like button,"}, {"start": "00:21:39", "end": "00:21:41", "text": "subscribe if you haven't already. I'd"}, {"start": "00:21:41", "end": "00:21:43", "text": "love to see you back here next week."}, {"start": "00:21:43", "end": "00:21:46", "text": "I'll see you soon. Bye-bye."}]

[ { "start": "00:01:21", "text": "And we're back. Welcome to the Mom podcast. I just want to give a quick shout out to all the Mom members that are crushing it in Miranda, especially Am, pretty much dominating the top 10 on every competition. So, shout out to all you guys, but today we're going to be talking about Star Atlas. We're bringing my favorite Web 3 gaming CEO, the greatest Web 3 gaming CEO, the most resilient Web 3 gaming CEO, his name is Michael Wagner. Welcome back." }, { "start": "00:30:45", "text": "Always great to be here with you, virtual. Thanks for having me on." }, { "start": "00:34:10", "text": "Yeah, and uh we always bring you back when there's a lot of updates and there has been a ton of updates since the last podcast that we did. We're going to be showing some incredible UE5 footage today, which you released yesterday. It's absolutely mind-blowing. So, very excited for that. And we're going to be talking about some, again, just some monster releases. So, let's get right into it. Let's talk about zinc. Uh Michael, first of all, what is zinc? Why zinc? And what can zinc do for people?" }, { "start": "01:05:43", "text": "Yeah, well, Zinc is an SVM L1 uh with a digital identity wrapper. uh kind of a bunch of uh acronyms and buzzwords in there, but essentially SVM is the Solana Virtual Machine. So, we're using the codebase of Solana itself. and we're building our own blockchain using that technology. We're uh we have been and still are big proponents and advocates of the technology that Solana is building. We think it's best in class and the metrics would really demonstrate that Solana is is biggest in growth, in innovation and development, in app developers, in users, in transactions. Um, so again, we we deeply believe in the technology that Solana is building and and the numbers prove uh that our thesis on that, going all the way back to 2020, was uh was correct. Uh L1 is the blockchain side. And the digital identity wrapper leverages our player profile primitive, which we've rebranded into Z profile. And that gives us on-chain digital identity with status, reputation, um, and historical references that we can build confidence around. uh, the the true individuality of uh of a non-chain person, uh that they're a real person. Um, and uh, you know, pretty pretty excited about what we're building there. Now, as you know, we built this largely out of necessity. This was to resolve some outstanding problems that we had at the beginning of 2025 with respect to uh network reliability and performance and uh transaction fees and how that negatively impacted Star Atlas users. And so, uh we spent the better part of our year preparing, planning, and uh launching Zink and and now going into the Zink origin season and airdrop campaign." }, { "start": "02:57:42", "text": "Yeah, let's talk a little bit about just some context. So, when you release Sage, which was the first real version of a of the 4X strategy game in Star Atlas, I don't think you guys anticipated how much transaction volume would occur. I think at our peak, we were what? 10, 12% of all Solana volume, something like that?" }, { "start": "03:20:46", "text": "But it hit us high as 20% at one point. Yeah, and it was averaging 17% for a while. Now we're we're about 1 to 2% today. So, it's down substantially and that's a combination of uh just to be trashy meme coins. Well, yeah, so so two sides. One, you have a lot more activity uh happening natively on Solana right now. So, there was an increase in activity on Solana. Uh and then there was a decrease in activity specifically from the Star Atlas side. So, we're a bit lower, but considering how much is happening on Solana right now for a single application with relatively low users to be uh consuming or or producing, depending on how you want to think about it, 1 to 2% of all transactions on that network is is still very impressive." }, { "start": "04:06:05", "text": "No, it it it is and something that's worth highlighting that I think a lot of people are not aware of. Sage is the only true Web 3 game where every movement, mining, transport, crafting, all of these actions are on-chain. I mean, that's such a massive innovation. And then we're going to get into C4 in a minute, but that's going to probably be like a 50 or a 100x in terms of the complexity, all the new programs you guys have built. So, you know, kudos to you guys. I I I feel like you guys don't get enough compliments and, you know, just acknowledgement for building a true Web 3 game. I mean, almost every game that's been built is Web 2.1 to 2.5 where you you buy an NFT and you're really playing a Web 2 game." }, { "start": "04:57:84", "text": "Yeah, I totally agree. Now, I I'm not familiar with every single product or project out there. So, there are some other uh called studios that are trying to build more natively on-chain, but I I do think it would be fair to say that we are the most sophisticated fully on-chain gaming architecture and backend game server that exists today. And, you know, rather than comparing ourselves or benchmarking ourselves against other studios, I I just want to make note of why that is important. And it goes all the way back to our original ethos and philosophy of building a truly decentralized cybernation and player owned uh game. And this this also ties into the forever game concept as well as this narrative around stop killing games. Uh Jacob, our CTO often brings this up, but there's there's this whole movement where uh traditional studios would shut down games because they just weren't profitable for them anymore, which makes sense from a business standpoint. They stop running the servers. Uh and players, you know, have a desire to still engage in that game that they love so much. Well, in our case, there is no there's never a moment where the servers are shut down unless, of course, you know, Solana were somehow to disappear. Um, then that would be true. But the point is, we as a studio don't even have the ability to shut the game down because these are permanent on-chain programs that live on Solana. They will live on forever. And that's true whether Automate is around, whether, you know, uh like whether we're around or not, those game systems live on Solana and anybody can interact with those at any point in the future to whatever extent Solana is around. Uh so we truly are building this forever universe that will never disappear that can a a legacy of which can be continued on forever." }, { "start": "06:55:76", "text": "I just want to show the zinc website. Um, and let's talk about the airdrop because obviously this is what people are probably the most excited about. So, you guys are doing a massive airdrop campaign where people can basically play for free. There's we'll get into the specific game modes, but you can basically play certain game modes for free and earn some zinc. And you talk a little bit about the airdrop campaign design, please." }, { "start": "07:25:70", "text": "Yeah, I mean, there there's uh so there's several different Star Atlas game mechanics that you can engage in that will earn you a proportional share of this 10% total token allocation that's going to the initial Zink origin campaign. Uh again, as you know, virtual, we we ran an alpha season that allowed us to test out a lot of these mechanics and um really harden them, battle harden them over uh the previous six weeks. But in effect, there as of right now, there's uh I think six mechanics that you can engage in. All Star Atlas centric, uh that you let you earn ZXP, experience points towards your Z profile. uh from the free-to-play aspect and maybe moving from kind of the least value producing up to the most value producing. Uh so the first of which is is Holo Sim, which is our full free-to-play version of Sage. uh that lives in browser, lower fidelity 2D RTS MMO on-chain. Um, now there's certainly ways that you can enhance the amount of XP that you get from that through things like purchasing the battle pass uh in Holo Sim specifically. But um, but if you don't want to spend any money, you can get into Holo Sim, play the game and earn some ZXP. Uh the next free-to-play uh aspect would be engaging in Unreal Engine gameplay modes like racing and arena shooter. Once again, it there are ways to enhance the amount of uh XP that you get in Unreal Engine, which directly translates into higher XP in Zink as well. And that would be uh notably purchasing crew of various uh rarities. So, if you own a legendary crew, you get an XP boost in Unreal Engine, that translates directly into an XP boost in Zink. Um, otherwise, uh it it does get into more uh purchasing components. So, things like buying Atlas and Polis and staking those in the lockers at the DAO. Uh, that will give you both of those, um, either Polis or Atlas or the combination of the two, will give you uh fairly sizable amount of ZXP. I I I probably should have mentioned trying to go from the least to most. Uh claim stakes was a new addition for the Zink origin campaign. So, if you own claim stakes and you uh enlist those in faction claims as you're producing resources, so you're earning value off of those claim stakes, you're also earning ZXP. Um, and uh, and then additionally, you can also purchase game assets from us on the primary marketplace. And that's the most uh valuable mechanic. Uh, with the highest multiplier. So, for every dollar you spend, there's there's a certain amount of ZXP you get. Um, and then on top of that, we have, you know, we have our premium subscription plans. That's the Zink club, uh with the Alpha, Aura, Apex tiers that's $10, $20, and $30 per month. And uh each of those has an associate associated uh ZXP multiplier. So, anywhere from 1.25x up to 2x. Uh and the daily uh check-ins, which can give you an additional 25% multiplier." }, { "start": "01:46:27", "text": "Couple of things I want to highlight, and we're going to show some UE5 in a in just a minute. But first of all, you can just go play UE5, earn some ZXP, and you can also earn something called Ink. And Ink is a resource that you can sell to Star Atlas players. So, I've been buying Ink. A lot of people are buying Ink. So, you're actually earning on two levels. And again, you don't need to buy a crew. However, as Michael said, if you go to Tensor, and I'll drop all the links in the in the description. If you go to Tensor and you buy a legendary crew, and right now they're selling for maybe 80 to 100 bucks. You'll get a 25% boost to your ZXP and your Ink earnings. And it's a lot of fun. I mean, the shooter is a blast. Um, racing is a blast. And then there's some new game modes that we're going to show in just a second that are coming very soon that are incredible as well. And then Holo Sim is a free-to-play 4X strategy game. It's basically Sage on steroids. Uh, people can play the game, experience what Sage is like, what C4's going to be like, and uh, have a lot of fun. People, a lot of people got really hooked and addicted to Holo Sim, which is, you know, what you want. And same thing on UE5. A lot of people are just grinding and playing racers and UE5 shooter modes, you know, as much as they possibly can. Shout out to Oni Zuka, who I think was the who's logged in the most hours in UE5." }, { "start": "02:30:86", "text": "Yeah, and that's what I think is really powerful about this Zink campaign. And we designed the origin season specifically around the synergy between Star Atlas and Zink given, you know, the roots both emerging from Automata, our studio. Um, and and maybe if if I make just a quick side note, we definitely see this um evolving over time wherein different projects launching on Zink are incorporating their own value into the Zink club membership into various airdrop campaigns and into growth strategies for themselves. Uh so this is really a starting point, but it was um we had this great opportunity to promote and drive and funnel users into Star Atlas as a way of earning this uh Zink token distribution, but at the same time, Zink benefits substantially from having Sage C4 being the first product and and application to run on the network. And, you know, we were just talking about volume of transactions and the potential there. Well, Zink is going to be bootstrapped with Sage C4 and solve the cold start problem and have uh significant and maybe more than just about every other blockchain out there except for Solana itself, uh natively on day one. So, that that's, you know, a really great synergy between the two. But what I think is really powerful here about uh the campaign is that simply engaging in Star Atlas is also earning you value. So, there's layers and layers of value that we're producing. You mentioned Ink, you know, with respect to Holo Sim, that's being able to uh participate in the leaderboard and earn some rewards from the leaderboard if you if you spend time and are dedicated to uh competing over the course of the season. Uh claim stakes, you're earning resources that have value. Sage, you're obviously earning Atlas as you play. Um, the lockers, when you're locked, you're earning Polis emissions plus, you know, unlocking the ability to vote and participate in governance. And on the, you know, on the Atlas side, also reducing marketplace fees, uh, depending on the locker that you're uh, the locker tier that you're in. So, there there's already significant value that you can extract just by engaging in the Star Atlas mechanics. And now we're adding the layer of the Zink token airdrop on top of that. So, feels feels pretty good from my standpoint." }, { "start": "04:55:76", "text": "Yeah, Zink's a massive win, no matter what happens. I mean, it's going to be a massive win for existing Star Atlas players and like you said, um, all the the layers and the player profile elements could be very attractive to other projects. So, let's take a quick look at some UE5 footage here that was released yesterday." }, { "start": "05:15:26", "text": "Um, so, yeah, you'll come in as you're as yourself, whatever you choose. And, uh, since I'm here, let's look at these new weapons. So, I look at the rocket launcher first. Nice, awesome new rocket launcher. Uh, nothing to shoot at, but um, I'm out of weapon, or ammo. I'm sure I think I could can I use the codes here? No, this will not. Wait. Yeah, the rocket launcher is awesome. It's beastly. I mean, it's Oh, here you go. Oh, heck, I was in here. Sorry, bro. That was awesome. Um, obviously beautiful gameplay. You know, I think the movement, I mean, the compliment, we have a lot of people playing UE5 shooter and they they've been playing shooters forever and the most common compliment is around movement, where the jetty pack, the palm boosters, the boobies, all of these things. Um, and it's really intuitive. You know, I had some friends come over a few weeks ago and and they they played Call of Duty primarily and they had never played this. And within two minutes, they had a hang of it. So, you know, kudos to the UE5 team for really creating something that, you know, it's it's kind of like poker. Takes five minutes to learn, a lifetime to master, I think. That's what you guys have achieved here on the UE5 side." }, { "start": "06:49:50", "text": "I I think it's worth emphasizing here. And a lot of our community already knows this, but um, you know, in fairness, the shooter modes and even the racing modes, these aren't fully fleshed out individual games. But that that's also not our ambition is to build a full-on racing game or a full-on arena shooter game. Uh, these are foundational building blocks towards the uh development of mechanics that are going to be um necessary throughout the MMO gameplay experience. And so, the movement that you're referencing, what we're doing is refining movement gameplay that will, again, be uh critical for how you play the game in the future. Now, we've been able, I think, to build some fun experiences around it, but certainly these are not uh fully polished um uh uh game modalities that are intended to compete with the likes of Call of Duty or Battlefield or something like that. You know, this is we we want to uh first release something that gives people an experience in the game so they can continuously engage in it. We want to reward people, and we want people to uh get emotionally invested in the visual identity of Star Atlas. And so, with this release, with all of the skin updates, um, you know, I think that's a a pretty big motivator. That's kind of driving crews. You're getting the uh Unreal Engine XP multiplier, plus you get to look at a really cool crew member. Those effectively become skins in the game. And so, uh, you know, I I like where we're at, but just want to note that these are really just building blocks towards the larger cohesive version of Star Atlas that incorporate all of the mechanics we're uh building and releasing in these mini-games right now." }, { "start": "07:37:92", "text": "And again, you guys need more kudos around giving us playable game slices as you're building the Mega Vision, right? I mean, you guys could have just hid in a room for 10 years and come out with the game. But the the other benefit of releasing these game slices is that you guys get a ton of feedback from the community. So, you guys iterate constantly based on that feedback. So, every single layer gets better based on actual player feedback. And I think that's a big challenge sometimes with product development. I've built a lot of products in my career and a lot of times you're you're building it in a vacuum, and you release it and then you're there's things that you you miss. There's things you didn't think about. There's feedback that you you never even imagined and then you're like, well, shit, you know. So, the iterative releases and feedback and up updates. I think is a a really powerful way to build this type of product. So, kudos." }, { "start": "07:44:27", "text": "Yeah, thank you. I I the the feedback I can't overstate the significance of the feedback. It is really helpful in in how we evolve and refine the product over time. Obviously, the other side of that coin is it it definitely opens us up to criticism. And I think in some cases, there's a misunderstanding of what it is that we're building and why, and what we're releasing, and what it's intended to accomplish. And so, um, balancing those two elements is that that's, you know, what we need to be able to do internally is understand when the feedback is actually contributory to improving the product versus this is criticism from someone who doesn't necessarily understand that this is not a full product. This is a mini-game that lets us test movement, for example, that we can polish and refine and then incorporate into again, the wider, full vertical of the game." }, { "start": "07:39:69", "text": "Let's let's take a look at the racer, which, man, this this map blew my mind. So, this is a new map called Exanate. Absolutely gorgeous." }, { "start": "08:52:62", "text": "But this is really a stunning. I love the this kind of top area, starting starting zone. It's just so epic and It's just so cool. May through improvements on this, Danny. Yeah, I was watching the, uh, uh, the the North Stream, and I'm like, man, I wish you guys had the new map. Why do you guys stream in it because it it's just night and day. Like, uh, spend some time appreciating this. It's it's huge. It's beautiful work played by the environment team and the the level designer. You guys are killing it. Um, just really showing what we can do. Um, so let me pull up a uh, it looks awesome. You know, just make it first in cool mid-HUD. You guys are all probably pretty familiar with Math when you've been playing with it. Yeah, here's another look at a more polish version. You know, I'm sure I can speak for them. They they, you know, would have wanted a little more time to push on certain things, but it's it's in a really good spot. So, we're happy to release and allow people to to play at this fidelity. Uh, So, yeah. Now, check it out. Beautiful honor, beautiful. Again, the work done here, you can see some of these structures. We can take that into Agony CSS. Right? So, it's all building on that. Asset library for only uh, specifically sideman. Like some of these abs will be kind of look like this. We're still some stages. We can push it further, but I mean, it's cool to start getting a sense of, you know, you're seeing some areas in Oni CSS that kind of look like this. You know, uh, in blockout form, and now you can kind of get a sense what the final look will be. It's all building blocks, you know. Hope you guys have some fun along the way. So, that's that's the point of this. It's always best to put it in like a real scenario, like an actual playable game. So, you what what is the moment to moment like the gamer is experiencing and the periphery, all that kind of thing. To realize how much we should put into the different types of assets. Like, look at these waterfalls. Like, this cool mist and that just, you know, adds a lot to this section. Um, but it's not a waterfall game, so you're not going to like make it like water physics and all that. So, these are the things that when you get in a real cool playable game mode reveals for us along the way." }, { "start": "10:11:08", "text": "Absolutely amazing. Uh huge shout out to uh my knight, King Buddha, who won the first major racing tournament a few days ago. He's so good, they thought he was cheating. They had him they had him rerun the race and film his hands. And uh when they saw what he was doing, they uh they said, okay, this guy's legit. So, he is an amazing gamer and he will kick all of your asses in UE5. So, yeah, he's he's my boy. But yeah, amazing." }, { "start": "10:42:58", "text": "I just want to say our our environments, our art, I genuinely think is unrivaled, particularly in Web 3, but I I I would put our game assets, game design, and art production up against the biggest and best studios uh out there. Uh but absolutely stunning, beautiful environments that we're rolling out." }, { "start": "10:05:54", "text": "I I think that was the main thing that sucked me into Star Atlas. If we go back to the beginning, like Danny's sense of aesthetics and his vision is to me, it's next level. Like it's it's a world I want to live in. That's the truth. And, you know, it's amazing to see it get fleshed out, you know, layer by layer and it's it's beautiful, it's awesome. So, let's get into I think this was the biggest surprise of the day. I go ahead." }, { "start": "10:36:20", "text": "I I just want to say and at the risk of sounding like Fugazi, uh you know, the you're in sales, you know this this uh this phrase, but you don't sell the steak, you sell the sizzle. Uh, you know, and to me, the art is the sizzle and the gameplay is the steak. And the reality for us is in order for us to cook that steak, we, you know, we we obviously need to crowd fund as we go. And so, I'm not surprised that that pulled you in. It's it's what's pulled a lot of people in. But at the end of the day, that fully immersive, gorgeous uh sandbox open world MMO, that is our North Star, that's what we're building towards. And and yeah, having something beautiful to look at is a great way to attract users into the ecosystem." }, { "start": "10:24:00", "text": "So, let's get into what was the I think the biggest surprise of of the day yesterday during the town hall. Any, do you want to frame what we're about to see here for Siege? Or should we just look at the footage and talk about it?" }, { "start": "10:38:22", "text": "Uh yeah, I don't know that there's there's too much framing that I need to do outside of uh you know, I communicate that this is kind of the next step of progress in our road map. And this is going to be a comprehensive upgrade and new gameplay mode that we're rolling out. And even this is an iterative step towards something larger that we call Conquest mode. But uh we'll let you take it away with the video and then we can elaborate from there." }, { "start": "10:06:56", "text": "Push and pull in different directions over time. Um, I didn't see my position that I was in before. All right. Now, I guess there's nothing position. There's different spell points. Um, so, yeah, awesome. Want to hear some feedback. Um, on the new flight model. And uh, yeah, this is the this is Lar 4. It's a it's a mining node. Um, and like I said, these guys have really outdone themselves. Like, this cool massive asteroid and the structure built around it. It's just beautiful, beautiful work. I just take some time to take it in because this these guys have really pushed it beyond. What is this stuff? It's brilliant. I didn't expect that train. That was a that was a cool new bonus. Was the train run you over? I don't know if I've been training, right? Uh, Okay, so we'll do an A.I. Um, let's see if I can get run over. Oh, I don't know if it knocked me, right? I'm sure it's pretty good. Yeah, take it out. Check out the scope structure. One of the things I'll say about this map is it's extremely well-tuned for this flight model. Um, so, the way like, uh, you know, all these corridors and and, uh, where you seek around and and even through the, uh, uh, through the actual asteroid. Um, it's cool. Crystals. Uh-oh, yeah, okay. There's just This is the scope pitch. Um, yeah, it's extremely well-tuned. I think it's it's like one of the best. I would say it's the best dogfight uh arena map I've ever seen. It's so extremely well-tuned. So, you'll see it once you get in and and start playing with it. It's just going to work super well for multiplayer uh dogfighting arena. It's all sorts of little things you can get into, ways to escape. Uh, ways to get in with little dogfights. Have fun with it. It's extremely beautiful map. Now, with the mode, with Siege mode, it wasn't intended to just be a team deathmatch. That was just where we settled on to that So, so this is part of a uh uh an objective. So, so the Siege mode that we're working here. This is guys, this is guys. Everybody pay attention. Yeah, so the the Siege mode is actually, uh, an objective-based game mode. And and what Mike's getting at is Siege is also a building block towards another bigger one called Conquest. But let me just first talk about Siege. So, Siege, um, will have uh, actually some roles in in in in this game and some objectives. What it's going to be is we'll have a couple of C9s on either side and your goal is to defend the C9, uh, for your team. And and there are a couple of structures as well that, uh, uh, you can get some objects like, uh, repair kits and um, re-ammos and um, and turret structures. That like anti-spacecraft turret structures. Um, so you'll you'll own the structures. It's kind of like a zones game mode. Uh, and then as you own these structures, they output some of those those crates that you can use to either repair, uh, your C9 or, uh, you get like this extra points to choose different types of ships, uh, with different uh, abilities. Like like one's faster, one's more of a tank, one's more of a, uh, a cargo freighter. And and you'll use them and and and as as different roles to achieve the goal of thinking over the uh, the enemy's C9, destroying it. So, so that brings together a lot of role-based uh, ship play into one arena. Uh, uh, uh, repairing, damaging, uh, freighting, uh, yeah. And and and ownable objectives. Like taking over little zones. So, that adds a lot for us to to start tuning the ships, tuning the how the the different roles interact with each other in a in a nice tight close quarter. Um, and then the next step for that is now we have all the pieces in place for our arena shooter on foot with all the handheld weapons. And the dogfight, which And the dogfight, uh, for in-flight flight mode. Uh, roles and dogfighting combat. And then, oh, one thing I forgot to say in the racing. And so, the last piece is the racing. So, that's the hover, um, the hover tuning, the hover speeds and movement and and and combat. So, racing now also has combat. So, you can shoot your other, uh, players in the race. And so, it's effectively combat racing. So, that that has a nice um, change up to to how those game modes play out. Um, so, as I was getting to Conquest, I said, we have racing, so we have hover. We've got the the dogfight, so flight mode. And then we've got the on-foot for the arena shooter, which all blending together to something that we internally just call Conquest mode. And Conquest mode merges all those together. Where uh, because in in this mode, I can't land and get out. So, uh, this is just purely flight. Um, but Conquest brings it all together. You can fly, hover, on foot with objectives. Um, and you have much bigger maps. You know, still using some of these uh art zoos that we've established. And um, if you guys have played like Battlefront 2 or even Battlefield, it's similar kind of an approach, just using all of our Star Atlas type assets and and highly refined game modes, I would say." }, { "start": "10:50:47", "text": "Pretty mind-blowing." }, { "start": "10:55:04", "text": "Yeah, and I I think you know, Danny made a a number of great points. I mean, what he was demonstrating and communicating there was again, this concept of building blocks. We release mini-game features, we test out mechanics, we refine those mechanics, we incorporate those into the next iteration of whatever it is that we release. And so, uh, Siege mode will be the next iteration and a mini-game that we roll out. Uh, that has a couple of stages. That gets into Conquest mode, which incorporates both on-foot and vehicle combat in an immersive map, like you're seeing with Lar 4 there. But uh, really excited about this one. And what's really what's really cool about Lar 4 is, you know, we get the question of I I thought Star Atlas was a space game. We have arena shooter and we have racing. I thought it was a space game. Well, now we get to actually bring people out into space into a new mode of of gameplay." }, { "start": "10:47:97", "text": "Yeah, speaking of space, it's Macho Man wants to say space is the place. Yeah. Um, let's talk about C4. So, C4 is going to be in my opinion the most in-depth, complex 4X strategy game ever built. Um, maybe give us a little bit of of your take on it, what excites you about it. And then I'm going to share the SES Galaxy Map just to show to give people a a bit of an idea. But yeah, go ahead." }, { "start": "11:22:15", "text": "Well, C4, let's just first define it. So, it it's combat, it's claim stakes, it's crafting haves, and it's uh council rank. To me, the Excuse me, the the two most exciting components of that are council rank, which is the progression system and skill tree system. So, as you're earning XP, you're going to unlock various skills. That let's you expand your skill tree. That let's you really refine and uh specialize in in various aspects of gameplay itself. This is going to lead to a massive diversity of play styles and um would be less reliant on what assets do you own and how many assets do you own. And more dependent on uh how do you specialize in your gameplay itself. And so, I think council rank is one of the biggest pieces of this. Um, and then the combat systems, which you know, I think that's going to drive dopamine levels like we haven't seen before. We actually have a sense of how immersive combat can be because of how we've implemented it into Holo Sim itself. Um, but uh, one of the one of the challenges that we faced or obstacles that we faced with say Starbase for example, where we could we could immediately plug combat into Starbase if we wanted to. Uh however, there are no restrictions on your ability to navigate the map and attack people while they might be passively um, or in an automated fashion, earning off of their assets. To me, that would be a big net negative to the ecosystem because a lot of our users are very much motivated and driven by financial incentives. Um, uh, without any restrictions or boundaries or borders on the map at all, it creates a pretty chaotic and uncertain environment for people to deploy their game assets in in Starbase specifically. But we have the concept of uh regions and blockaded regions in C4. And so, and this was absolutely critical to me. This is why I've pushed back on introducing combat into Starbase is at least with C4, with the region system, there are mechanics that players need to engage in and progress through in order to unlock a territory. Um, to be able to engage in combat in that system. And so, um, a player can have some degree of confidence, if not 100%, at least some high degree of confidence that depending on the region that they're operating in, um, uh, that that they can still operate passively. And the way I see this really working is while you're engaged in active gameplay, you might go on uh attack missions where you're invading regions, or you're attacking the blockades of a of a currently blockaded region. Uh, with the intent of capturing it and destroying any of the opposing fleets that exist within that region. But when you're ready to quote-unquote sign off for the night, um, and I'll you know, I'll I'll say there is no uh there is no logging out in Star Atlas. This is intrinsic to the fully on-chain architecture. Your game assets are always active on the map. Uh, but when you want to sign off for uh for the evening or the day, or your play session, uh you can just move those assets back into a safer blockaded region. Let them work on your behalf. And so, we protect the integrity of being able to earn financial incentives while also giving people the opportunity to engage in more active gameplay as they go. Um, not to and and and no, I think those are the two most powerful components, not to diminish what we're doing with crafting Haps and claim stakes. I think claim stakes is going to be incredibly uh and incredibly cool uh mostly passive mechanic, but it it's almost pure production and logistics. Uh from claim stakes. Uh, and there's a ton of deep mechanics on how those are going to work. But yeah, you've got the map pulled up here. This is going to be uh really immersive gameplay on how you engage uh in in Sage, Star Atlas Golden Era as we move forward." }, { "start": "11:40:34", "text": "Yeah, the map is is mind-blowing. And you can see spinning around. Um, Now, now I should caveat that this is just a galaxy viewer that you have pulled up right now. This is not the design of the map in Sage C4. Uh, I would love if we could get to a point where this is what the actual in-browser gameplay looks like. But there's a ton of technical challenges in being able to uh deliver this type of experience to players. So, uh, but nevertheless, this is available in the Sage editor suite, s.starless.com. You can access this. And uh, it'll it it does give you a sense of the map layout and map design. Uh, just it's not the it it's not going to be the same graphical interface that you get in Sage C4." }, { "start": "12:25:95", "text": "Yeah, it's it's incredible and going to be a vast world, over 100 resources. I think what 4,000 plus recipes. We're going to have combat, territorial control, almost every ship in the game is going to have unique utility. So, yeah, I think there's never been anything like it in terms of complexity that I'm aware of. So, incredible." }, { "start": "12:52:43", "text": "And I was speaking to gameplay mechanics, but you just brought up a great point, which is the economy itself and the diversity of the economy and the number of resources and the number of recipes. Um, and all of this ties right back into council rank and your ability to specialize in a particular category of production. Uh, you you know this virtual, but our ultimate goal is to create a universe where earnings potential is driven by peer-to-peer trade. And um, to eventually mature out of this emission curve or this subsidy curve where we have inflation as a way of rewarding players for gameplay. Um, now, caveat, there there is the potential for a long-term perpetual inflation rate of Atlas uh currency into the game. But ultimately, where we achieve true stability and equilibrium in the economy is when players are producing resources and selling them to other players. Uh, or or otherwise producing assets, crafting ships for example and and selling them to other players. And this relies on two factors. One, having really fun gameplay that people want to engage in, and having it at least some proportion of our user base that isn't uh playing because they're trying to maximize their earnings, but because they're having fun, and that are willing to spend a little bit of money in the game. You know, so when you have players that are perhaps in Conquest mode that don't want to have to go out and mine resources and and craft items, but are actually willing to purchase those resources and items from other players so that they can just go in and have fun. And that might translate to, hey, maybe they're spending $10 a month, or $20 a month. Um, that kind of conforms with the conventional MMO model where you're paying a subscription fee to access the MMO itself. Um, what's different about us, what's different about Web 3, I would say broadly, but really specific to us is we're not sitting it sitting at the middle of that and saying, okay, all of this new money that's coming into the game is going to direct to us as a studio. Uh, that's bypassing us entirely and it's going direct to the peer-to-peer markets." }, { "start": "13:12:44", "text": "It's it's the future of gaming and it is inevitable. I'm wearing a shirt that says that right now. Let's talk a little bit about I did a survey last year. I shared the data with you and Danny around the game mode that the people are the most excited about. And it is the MMO component. So, I'm going to share a little bit of footage about it. It's kind of the beginning of the MMO side of it. And uh, yeah, let's take a look at some footage and then we can talk about some really exciting things that you hinted about yesterday. That I think uh is really going to be massive. So, this is called Project Galia." }, { "start": "13:53:57", "text": "Um, so this is late in the intro mission. Um, just quickly background. You've crashed landed on this planet. You you were sent to this system to investigate, uh, an an HRZ artifact. I won't spoil too much about that. But as soon as you arrive, you're ambushed by the Yorvic. You have to jettison and you land in an escape pod on this planet. And I'm trying to get off this planet. Um, we we kind of showed this in the in the brew where I went into this cave to mine some luminate that I needed. Um, so I've mined that luminate. And now I'm I'm going to head back to this abandoned claim stake that we found. Um, and uh to craft something we need to get off the planet. So, that's where we're at." }, { "start": "14:40:99", "text": "All right, generator is this way. Now, we may have one final problem. You can't just repair your bike for free. This system requires payment. How is that a problem? We've got plenty of Atlas. Star systems this far out don't always use Atlas. Hectaria has its own currency. The good news is there's a vending machine here, so we can sell some items we don't need and hopefully earn enough for the repairs. If not, I spotted some more copper notes out back. So, this is a little vending machine I can I can sell. Um, so if I click and drag an item, this is some extra luminate I mind. I can sell it. Um, don't need this copper. That should do it. Now, take your bike to the landing pad, then pull up the station menu." }, { "start": "14:39:66", "text": "I'm going to stop it there cuz uh I know we're we got like 14 minutes left and there's a couple of key topics I want to get into. But pretty mind-blowing. Again, this these are all just really uh small slices of what's coming down the line. Anything you want to add for Project Galia?" }, { "start": "14:56:49", "text": "Uh no, I mean, there was there was a lot to Brad's presentation there. I just encourage everyone to go watch the uh Star Atlas TV um uh recording of the Brew, which was three hours uh of the town hall, which was three hours. Uh a lot to what Brad has worked on uh largely as a one-man army on that. So, very impressive work. But um, this this helps us achieve kind of the onboarding experience for users who are most interested in Unreal Engine because now we have a tutorial system in place and an immersive immersive mission system that people can go through, learn the ropes, learn how to play and start to get more deeply involved in Star Atlas. So, I think that's really exciting stuff on the Galia side as well." }, { "start": "14:41:40", "text": "All right, let's talk about something you hinted and hopefully you can uh reveal a little bit more. You you know when you're on this podcast. I got to press you a little bit. You hinted that you've got a partner that is going to build a planet. So, what else can you share about that? Cuz to me, that was one of the biggest news bits you released yesterday." }, { "start": "15:05:43", "text": "Yeah, I'm really excited about this relationship. And I've I've formed a great connection with the CEO of uh this studio. He happens to live very close to me and and got connected as a referral through uh one of our ex-employees. And um, I think on a on a personal level, we relate uh quite nicely. But I I I do have to be conservative in what I share at the moment. We are looking to make a formal announcement on the partnership as we uh get into the new year. But these are these are guys and a team that are deeply experienced in this concept of tangential world development. And what that means is really co-creation of um uh of a game experience with the core studio or primary studio developing it. Uh it's effectively a licensing uh system and tangential worlds is something that we've talked about for a long time. Wherein we can license our planet tech, give people give these third-party studios the ability to develop out a custom environment with custom gameplay mechanics, uh custom game loops, uh with custom economics. Uh but ultimately, having those experiences live within the universe of Star Atlas. What's really cool about a space game is uh, you know, we we have this infinite universe that can be developed. And within that infinite universe, we can effectively have games within our game. And that's what a tangential world is. It's a custom planet that somebody's built. Um, that lives in that Star Atlas universe that can be navigated to by any of our existing and future players. Um, I guess I'll make one final point on this and this is uh, you know, something that you and I kind of discussed um, prior to the call, or prior to this interview, but um, I what I think is really positive for us is this is a uh non-direct compensation relationship. And again, I don't want to get into any of the specifics of that. Uh, but effectively, this is a team that sees the potential in Star Atlas and is willing to invest their own time, capital, and resources into building this planet out. Um, and and so they're essentially in a way an extension of our own production team. Uh, but using their own resources to do it. And you know, of course, there's ways that they they do get compensated, but um, I I just think it's very encouraging to see somebody or to have somebody that sees the potential in us and is willing to make that capital investment, uh, um, and and build out these experiences." }, { "start": "15:42:26", "text": "Yeah, that's massive, massive. Again, uh, having someone who's been operating in the space on a very, very deep level for a long time, willing to spend their own capital, resources, expertise, to basically help build out the universe Star Atlas is incredibly bullish. So, anyway, very excited to hear more about it in 2026. Um, can you maybe hint around when we could hear more?" }, { "start": "16:11:38", "text": "Uh not just yet, only because there's there's one piece that um kind of a back-end system that we need to get in place to fully activate them. But uh, if I had to guess, I would say sometime in Q1 next year we we'd make the official announcement." }, { "start": "16:28:44", "text": "Awesome. Let's touch on AI. Um, in my own company, I built a a crack team of of developers that are building some really next-gen tools. I just want to explain what an MCP is, a model context protocol. And this is really most people at this point have used LLMs, you know, chat GPT or Grok or whatever. What an MCP is, is you can start chaining things together using things like N8N plus four or five different LLMs and create workflows essentially. Essentially, you're creating a factory that can create different types of assets, whether it's design, videos, copy, and in your case, obviously, there's uh, you know, UE5 assets and things. So, yeah, maybe talk about how you guys are using AI and let's fast forward 12, 24 months. What do you think is possible in terms of acceleration?" }, { "start": "16:30:46", "text": "Yeah, to be honest, I'm probably the most behind the curve on adoption of various forms of AI technology, but that's not true of the rest of the team. Uh both uh Jacob and Danny, our co-founders, our CPO and CTO are uh some of the most advanced guys that I've seen that are working with various forms of AI tech today. Um, and that's uh you know, starting with with the technology piece of this under Jacob's camp. Um, for virtually everything that we're building today, there is a big movement within the team to embrace uh leveraging AI coding tools to accelerate the pace at which we can build and ship code. Um, now a lot of that is backend stuff, but that can actually work for blockchain programs as well. And to some extent, being leveraged on front-end systems. Uh, but really what we're doing is encouraging the team and providing the tools to the team to be able to leverage these in their day-to-day processes so that they can accelerate the amount of code that gets released. Um, for the people that have embraced it the most, we might see a 10 to 20x increase in the amount of code production, uh today. That's today. Uh, now it's not without its own criticisms and and uh risks in using, but uh again, we are fully embracing that on the technology side on the team now. Um, and then even on the on the product side, depending on the content that we're interested in producing, uh it's already proving out how it can be useful. Chip, for example, and Brad, for example, are leveraging AI coding tools to um convert blueprints from Unreal Engine itself into C++ code. Uh, which allows us to modify and customize much more than you can with the blueprint systems. Uh, where we're not seeing uh any immediate use, where we don't think it's necessarily to the level that we wanted to be yet, is is in full-on art asset production for uh for UE5 just yet. But I I mean, the space is evolving so quickly. Uh, you know, I think probably within within a year and that might be a conservative estimate. Uh we can start employing the tech uh more comprehensively across the entire company." }, { "start": "17:52:62", "text": "You joke that uh Danny's probably going to be able to vibe code the entire universe pretty soon, so." }, { "start": "18:01:23", "text": "There's there's some other special projects that we have going on and and uh Danny's kind of one-manning it. I mean, the whole Sage editor suite, uh which again is a pretty comprehensive application with a number of different tools that people can go in to analyze uh Sage C4, uh was one-manned by him over the course of a couple of weeks. And truly, I I mean, being the CEO of technology companies for the better part of 10 years now, uh that tool itself would probably have taken a team of, you know, five to 10 developers, nine months to a year to build. So, for one person with the capabilities of leveraging AI to build that over a couple of weeks, uh gives you a sense of the magnitude at which um you can accelerate the development process." }, { "start": "18:50:38", "text": "Two quick things I want to touch on. One is the state of Web 3 gaming. Um, it has been a a challenging year to say the least. You know, I think we are in the the trough of disillusionment. And just the only story I want to share is in 2014, I think I had 150 million or so doge coins. And I remember just dumping them for fractions of a fractions of pennies because I'm like, yeah, meme coins will never be anything. Now, it it did take six years. I think it was 2020, 2021 where doge exploded. And, you know, that I I I lost a lot of money there. I lost a lot of money selling XRP too early. And I feel that's where we're at with Web 3 gaming specifically Star Atlas where, yeah, you know, the charts don't look great, but it's just a matter of time before the sentiment changes. How much time? no one can predict that, right? Timing is the hardest thing to predict in in any market. But um, yeah, we'd love to hear you maybe some quick thoughts. And then I just got one final question for you after that." }, { "start": "18:54:33", "text": "Yeah, I I mean, I'll be relatively brief here. You and I did chat about this a bit again before the conversation here. But uh maybe worth repeating. I I actually think and you and I have both in the been in the crypto space for a long time, you know, 13 years for me. And it feels like a very transformative stage in crypto. On the one hand, you have this institutional adoption and institutional investment vehicles and accessibility to crypto um uh to retail via brokerage platforms at a scale that we've never seen before. And we see uh we we're we're seeing regulations start to be not only uh permissive but embracing of crypto and blockchain technology. Um, but what what we what we still kind of exist within, at least from the application level is kind of this echo chamber, this closed group of people who are very passionate um uh of of crypto itself. Um, that isn't permeating into the wider global audience. You know, maybe people who are looking to invest in crypto are getting access to it, but those people are not converting into users of various applications. Now, with all of that said, I mean, gaming is kind of getting the worst of it right now. It's very much out of uh the core narrative. A lot of the narrative that has been successful has been pure speculation, gambling, um, uh, uh, uh, you know, mostly and and memes to an extent, which is really a form of of gambling. Um, but what I genuinely believe to this day and what we believed at the beginning and our thesis at the beginning is that gaming itself is probably the single best application uh that will lead to the mass onboarding of mainstream into crypto because we're releasing applications that are attractive and entertaining that people want to engage in. And so, uh, it's just a matter of time until a product like Star Atlas hits the market, uh, that's really attractive to a wide audience that starts to bring people back into, or bring people into the space." }, { "start": "19:02:12", "text": "Inevitable. Last question. What are you the most excited about in regards to Star Atlas for 2026, personally?" }, { "start": "19:09:59", "text": "There's so much. I mean, it's really difficult to say, but I I would say Sage C4. I would say that. I know that's probably what the community is most excited about. But honestly, I think if I look at the totality of of the possibilities of 2026, I would say this Conquest mode. Because Conquest mode, when we get there, is going to be the most cohesive version of Star Atlas that ties together everything we've been building in Unreal Engine, everything we've been building in Sage, all of the economic enhancements and all of the economic possibilities. Um and so, this crossover potential that caters to many different uh play styles, whether that is the 4X RTS player, uh the economic incentivized player, or the deeply immersive MMO Unreal Engine player. All of these things come together. And I think that would position us to have a an official public access release that we could market to the mainstream. Uh that could really see explosive growth in Star Atlas. So, I'm going to say Conquest, uh with the caveat that there's a a lot of uncertainty around when and whether or not we can get that shipped in 2026. But it is a real possibility, especially if we start to see some early success in 2026 that can allow us to to scale our team up." }, { "start": "20:36:58", "text": "Or scale AI. Thank you, Michael, for your time, your energy. Super appreciative of you hopping on. Happy holidays to you and the entire team. Hope you guys recharge and and have a great holiday, bro. Thank you." }, { "start": "20:51:75", "text": "Same to you, virtual. Yeah, Merry Christmas. Happy holidays. Happy New Year's. Uh thanks for having me on. The universe is on the edge of war. After the cataclysm, everything changed. Earth is gone. The remaining humans, the alien species, and the sentient robots are heading towards a galactic collision. The battle for supremacy and dominance is going to ignite the greatest war of all time. Which side will you choose? Which side will you fight? Choose wisely, because your life and the fate of the galaxy depend on it." } ]

[{"start":"00:00:00","end":"00:00:28","text":"I'm going to call on Darwin to bring that song back."},{"start":"00:00:28","end":"00:00:30","text":"We need to finish that track."},{"start":"00:00:30","end":"00:00:38","text":"And we lost Sonti."},{"start":"00:00:38","end":"00:00:48","text":"Can anyone hear Sonti?"},{"start":"00:00:48","end":"00:00:50","text":"Yeah, Sonti."},{"start":"00:00:50","end":"00:00:52","text":"Yeah, Sonti."},{"start":"00:00:52","end":"00:00:56","text":"The one time in history, man."},{"start":"00:00:56","end":"00:01:00","text":"We actually aren't joking."},{"start":"00:01:00","end":"00:01:02","text":"All right."},{"start":"00:01:02","end":"00:01:10","text":"He's back."},{"start":"00:01:10","end":"00:01:12","text":"Sonti is rugging everyone right now."},{"start":"00:01:18","end":"00:01:32","text":"All right."},{"start":"00:01:32","end":"00:01:34","text":"All right, guys."},{"start":"00:01:34","end":"00:01:40","text":"Listen, this is the list handsome and tall version of Sonti making its way to stage right now."},{"start":"00:01:40","end":"00:01:42","text":"GM everybody."},{"start":"00:01:42","end":"00:01:44","text":"Thank you guys so much for joining us."},{"start":"00:01:44","end":"00:01:46","text":"The first town hall of 2025."},{"start":"00:01:46","end":"00:01:52","text":"I'm up here, Philabustin until Sonti gets back."},{"start":"00:01:52","end":"00:01:54","text":"And then we'll kick off this town hall."},{"start":"00:01:54","end":"00:01:56","text":"GM everybody."},{"start":"00:01:56","end":"00:01:58","text":"I see everybody in here."},{"start":"00:01:58","end":"00:02:04","text":"I see Atlas Theory, Torender, Info, Fire Knight, Drunk Carlos, GM everybody, GM, GM GM."},{"start":"00:02:04","end":"00:02:06","text":"First town hall of 2025."},{"start":"00:02:06","end":"00:02:08","text":"You guys are not going to want to miss this whole town hall."},{"start":"00:02:08","end":"00:02:10","text":"It's going to be a long one."},{"start":"00:02:10","end":"00:02:12","text":"I'm not going to lie. It's definitely going to be a long one."},{"start":"00:02:12","end":"00:02:14","text":"But I think you guys are in for a treat."},{"start":"00:02:14","end":"00:02:18","text":"Talking about a whole bunch of good stuff."},{"start":"00:02:18","end":"00:02:22","text":"It's not, it's not 7 p.m."},{"start":"00:02:22","end":"00:02:24","text":"It's 11 a.m. here."},{"start":"00:02:24","end":"00:02:26","text":"11 a.m. here."},{"start":"00:02:26","end":"00:02:28","text":"Gochak. Yeah, this is the first time you've been here on time."},{"start":"00:02:28","end":"00:02:30","text":"Crazy."},{"start":"00:02:30","end":"00:02:34","text":"You're doing it nice."},{"start":"00:02:34","end":"00:02:36","text":"Nice."},{"start":"00:02:36","end":"00:02:38","text":"You go."},{"start":"00:02:38","end":"00:02:40","text":"Exactly."},{"start":"00:02:40","end":"00:02:44","text":"Dom, can I just say, man, you make a beautiful bear."},{"start":"00:02:44","end":"00:02:46","text":"We've seen the images."},{"start":"00:02:46","end":"00:02:48","text":"We've seen the posts."},{"start":"00:02:48","end":"00:02:50","text":"We've seen the AI."},{"start":"00:02:50","end":"00:02:51","text":"Oh my god."},{"start":"00:02:51","end":"00:02:53","text":"Where's that image?"},{"start":"00:02:53","end":"00:02:55","text":"I had to."},{"start":"00:02:55","end":"00:02:58","text":"I showed that image to my mom."},{"start":"00:02:58","end":"00:03:02","text":"And she was not good."},{"start":"00:03:02","end":"00:03:04","text":"There's one more thing you would want to do."},{"start":"00:03:04","end":"00:03:06","text":"Dude, wait, let me find that."},{"start":"00:03:06","end":"00:03:08","text":"Let me find that."},{"start":"00:03:08","end":"00:03:11","text":"I have to find that now."},{"start":"00:03:11","end":"00:03:16","text":"Guys, if you're just joining us, we're having slight technical difficulties with"},{"start":"00:03:16","end":"00:03:18","text":"Santi on discord."},{"start":"00:03:18","end":"00:03:20","text":"We are figuring it out."},{"start":"00:03:20","end":"00:03:22","text":"We are figuring it out."},{"start":"00:03:22","end":"00:03:23","text":"I promise."},{"start":"00:03:23","end":"00:03:25","text":"Oh, Santi's on stage. Hello, Santi."},{"start":"00:03:25","end":"00:03:26","text":"Hello, hello."},{"start":"00:03:26","end":"00:03:28","text":"Hi."},{"start":"00:03:28","end":"00:03:30","text":"Oh, man."},{"start":"00:03:30","end":"00:03:34","text":"Santi, you're saving me because I was about to tell a really bad dad joke."},{"start":"00:03:34","end":"00:03:36","text":"Oh, really?"},{"start":"00:03:36","end":"00:03:38","text":"Yes."},{"start":"00:03:38","end":"00:03:40","text":"I was trying to hear that actually."},{"start":"00:03:40","end":"00:03:42","text":"You've been saving that one for a while."},{"start":"00:03:42","end":"00:03:44","text":"I haven't saved that one for a while."},{"start":"00:03:44","end":"00:03:46","text":"All right."},{"start":"00:03:46","end":"00:03:48","text":"I'm not fun, everybody."},{"start":"00:03:48","end":"00:03:50","text":"Get excited."},{"start":"00:03:50","end":"00:03:52","text":"I'm just going to turn my camera on now."},{"start":"00:03:52","end":"00:03:54","text":"In case I crash."},{"start":"00:03:54","end":"00:03:57","text":"I'm not gonna do it for you, but the way I can see, man, that's why I didn't"},{"start":"00:03:57","end":"00:03:59","text":"compete in the Dyson sphere, guys."},{"start":"00:03:59","end":"00:04:01","text":"It's not because of a skill issue."},{"start":"00:04:01","end":"00:04:04","text":"It's because of this."},{"start":"00:04:04","end":"00:04:06","text":"Let's see."},{"start":"00:04:06","end":"00:04:08","text":"Can you guys see me now?"},{"start":"00:04:08","end":"00:04:10","text":"Wait, we can't hear Santi."},{"start":"00:04:10","end":"00:04:12","text":"Can anyone hear Santi?"},{"start":"00:04:12","end":"00:04:13","text":"No, no, no."},{"start":"00:04:13","end":"00:04:14","text":"Don't do that."},{"start":"00:04:14","end":"00:04:17","text":"Look at the t-shirt that I'm rocking today."},{"start":"00:04:17","end":"00:04:19","text":"The metaverse nomads."},{"start":"00:04:19","end":"00:04:21","text":"They're back."},{"start":"00:04:21","end":"00:04:22","text":"They're back."},{"start":"00:04:22","end":"00:04:23","text":"The legends."},{"start":"00:04:23","end":"00:04:25","text":"It's great to have them back, man."},{"start":"00:04:25","end":"00:04:27","text":"Part of history."},{"start":"00:04:27","end":"00:04:29","text":"Part of history, for sure."},{"start":"00:04:29","end":"00:04:33","text":"But yeah, Michael, how are you feeling today, sir?"},{"start":"00:04:33","end":"00:04:35","text":"Feeling good?"},{"start":"00:04:35","end":"00:04:39","text":"As always, we've got a huge, huge update today for everyone, so"},{"start":"00:04:39","end":"00:04:43","text":"stoked to jump in, stoked to get started, but things are going well, man."},{"start":"00:04:43","end":"00:04:47","text":"Yeah, it's the first town hall since almost"},{"start":"00:04:47","end":"00:04:51","text":"or more than six months actually. First town hall of 2025 as a whole,"},{"start":"00:04:51","end":"00:04:55","text":"and Michael, we've been BC this year. We've been super BC."},{"start":"00:04:55","end":"00:04:57","text":"Like three UE5 releases."},{"start":"00:04:57","end":"00:05:01","text":"The team has been shipping like never before."},{"start":"00:05:01","end":"00:05:05","text":"The velocity is probably the highest it's ever been on the team."},{"start":"00:05:05","end":"00:05:07","text":"Yeah, we've got out three Unreal Engine releases."},{"start":"00:05:07","end":"00:05:11","text":"We've rolled out Elite Rentals in March."},{"start":"00:05:11","end":"00:05:15","text":"We've had a number of smaller iterative updates to star based."},{"start":"00:05:15","end":"00:05:19","text":"Those are just the things that people are seeing on the front end."},{"start":"00:05:19","end":"00:05:23","text":"What we'll be getting in today is obviously everything else that we've"},{"start":"00:05:23","end":"00:05:25","text":"been working on behind the scenes."},{"start":"00:05:25","end":"00:05:29","text":"Again, it is action packed and information packed agenda today,"},{"start":"00:05:29","end":"00:05:31","text":"but super proud of the team."},{"start":"00:05:31","end":"00:05:37","text":"I mean, it's incredible to just see the momentum that we're bringing right now."},{"start":"00:05:37","end":"00:05:43","text":"In the face of what is really pretty negative sentiment out there generally in gaming."},{"start":"00:05:43","end":"00:05:47","text":"You're seeing a lot of projects shut down and markets are just kind of flat and"},{"start":"00:05:47","end":"00:05:51","text":"stalling, but for us that doesn't really matter."},{"start":"00:05:51","end":"00:05:53","text":"We've got our vision. We have our goals and our objectives."},{"start":"00:05:53","end":"00:05:57","text":"We've just been diligently working through those and working towards those."},{"start":"00:05:57","end":"00:05:59","text":"Over the last what four and a half years now."},{"start":"00:05:59","end":"00:06:03","text":"Again, feeling really good about all of the progress we've made."},{"start":"00:06:03","end":"00:06:05","text":"Excited to share all of that with you guys."},{"start":"00:06:05","end":"00:06:09","text":"There's so much stuff behind the scenes that's been going on."},{"start":"00:06:09","end":"00:06:11","text":"Yeah."},{"start":"00:06:11","end":"00:06:13","text":"We'll get right on it."},{"start":"00:06:13","end":"00:06:15","text":"Just so everyone knows this is going to be a great deal."},{"start":"00:06:15","end":"00:06:19","text":"This is going to be information packed as Michael was saying."},{"start":"00:06:19","end":"00:06:23","text":"I know I did it on X and we've been saying it in announcements as well."},{"start":"00:06:23","end":"00:06:27","text":"But Ben and paper ready guys, because we're sharing everything about C4."},{"start":"00:06:27","end":"00:06:33","text":"Everything the team knows so far. Literally we're being completely open today."},{"start":"00:06:33","end":"00:06:37","text":"But don't don't stress out. We got you."},{"start":"00:06:37","end":"00:06:42","text":"We will also be publishing a town hall summary written town hall summary article."},{"start":"00:06:42","end":"00:06:46","text":"So you guys can read everything that we go through later."},{"start":"00:06:46","end":"00:06:50","text":"So pen and paper but don't stress out. We got you."},{"start":"00:06:50","end":"00:06:58","text":"Then also another thing is if you don't understand English or English is not your native language."},{"start":"00:06:58","end":"00:07:00","text":"Don't worry."},{"start":"00:07:00","end":"00:07:03","text":"If you go to the top of the Discord server, there are events."},{"start":"00:07:03","end":"00:07:10","text":"And in this week and next week we're going to have Bruce in French, German, Italian, Turkish, Spanish,"},{"start":"00:07:10","end":"00:07:16","text":"and Portuguese to break down everything that we're talking about today."},{"start":"00:07:16","end":"00:07:22","text":"So if you don't really understand English and it's not your native language,"},{"start":"00:07:22","end":"00:07:26","text":"you can find your community in Star Atlas, go to the top of the server, pick your language."},{"start":"00:07:26","end":"00:07:34","text":"And there will be a brew in your specific language with the community leaders explaining everything we're about to talk here."},{"start":"00:07:34","end":"00:07:38","text":"So don't worry. We got you."},{"start":"00:07:38","end":"00:07:47","text":"Also be careful posting gifts in the chat. If you're not level three, there's a permission to issue that if you're not level three and you post a gift, you make it banned."},{"start":"00:07:47","end":"00:07:52","text":"So be careful with the gifts. Make sure you're level three before posting anything."},{"start":"00:07:52","end":"00:07:55","text":"Is that a feature or is that a bug?"},{"start":"00:07:55","end":"00:07:58","text":"It's a bug. We don't want that to happen."},{"start":"00:07:58","end":"00:08:03","text":"But we have like many security layers. So yeah, it happens."},{"start":"00:08:03","end":"00:08:10","text":"We'll play it as a feature. But yeah, one last thing is that we are also live streaming on X."},{"start":"00:08:10","end":"00:08:22","text":"So I don't know if you have the link, but if you have the link and can post it in the chat, you can go read with our live stream on X and comment."},{"start":"00:08:22","end":"00:08:32","text":"And we'll be giving away a Fimbo lobby for someone who comments and retweets the X link that don't just share it in the chat."},{"start":"00:08:32","end":"00:08:39","text":"So go do that now. You have a chance to win a Fimbo lobby if you go retweet and comment."},{"start":"00:08:39","end":"00:08:45","text":"And I see Kepler in the chat saying that he's actually translating to Spanish live right now."},{"start":"00:08:45","end":"00:08:53","text":"So if you speak Spanish and you want to get the news live, Kepler net will be live streaming literally right now."},{"start":"00:08:53","end":"00:08:56","text":"He's live. So make sure to tune into his stream."},{"start":"00:08:57","end":"00:09:01","text":"But with that said, I think we can get straight to business, Michael."},{"start":"00:09:01","end":"00:09:07","text":"This is likely a two hour plus town hall. We also have Daniel stage."},{"start":"00:09:07","end":"00:09:14","text":"So first topic, something everyone wants to know more about will be straight into business."},{"start":"00:09:14","end":"00:09:25","text":"We'll be talking about C4. So Michael, do you want to give a brief introduction for people who may be joining our next or who are not in touch daily with the stratus community on what?"},{"start":"00:09:25","end":"00:09:30","text":"C4 and what we're doing with that product?"},{"start":"00:09:30","end":"00:09:38","text":"I do, but before we're actually getting into business and this will be a long town hall, but I want to mention we have a couple of great guests with us today."},{"start":"00:09:38","end":"00:09:42","text":"They'll be doing a lot of the heavy lifting here. You mentioned Danny already."},{"start":"00:09:42","end":"00:09:49","text":"Co-founder chief product officer. We have Brett VP of engineering. We have chip VP of game."},{"start":"00:09:49","end":"00:09:59","text":"Jose, John Rieve, they're all going to be joining us to share some do some screen share of various products things that we'll be talking about over the course of the day."},{"start":"00:09:59","end":"00:10:04","text":"I think we're going to keep a little mystery in the actual agenda itself, right?"},{"start":"00:10:04","end":"00:10:09","text":"I mean, we know we're getting into C4 first, but we won't be sharing too much about what's coming later."},{"start":"00:10:09","end":"00:10:14","text":"I do recommend everybody stays until the end because we great content throughout."},{"start":"00:10:14","end":"00:10:26","text":"I just want to start with with one comment, which is really just goals and objectives that we had over the course of this year and a lot of the planning and items that we're executing on now."},{"start":"00:10:26","end":"00:10:33","text":"We're formulated back in Q4 of last year following a break point and the impact summit."},{"start":"00:10:33","end":"00:10:45","text":"We pulled leadership together for a retreat over in Singapore and we started putting some consideration into what would, you know, what does a solid 2025 look like for us?"},{"start":"00:10:45","end":"00:10:51","text":"What do we want to build? What do we think is going to have the largest impact and what are the timelines around those things?"},{"start":"00:10:51","end":"00:10:58","text":"We've pulled back heavily on sharing any types of dates. It's got a bittersweet."},{"start":"00:10:58","end":"00:11:03","text":"I personally love sharing information about what our projections are."},{"start":"00:11:03","end":"00:11:06","text":"That has come back to bite us in times past."},{"start":"00:11:06","end":"00:11:13","text":"Our philosophy has largely just been, you know what, let's just build in the shadows and when it's ready, we're just going to roll it out."},{"start":"00:11:13","end":"00:11:20","text":"We haven't been hyping things up much and I think that that's actually the appropriate approach. It's not about building hype."},{"start":"00:11:20","end":"00:11:24","text":"It's about execution and quality of the products that are being released."},{"start":"00:11:24","end":"00:11:42","text":"And I think beyond that, just the pace that the team is moving, we mentioned the Unreal Engine patches over the course of this year, you know, rolling out products like fleet rentals, which I think has significant impact, especially over the long term to satisfy a lot of different use of the products."},{"start":"00:11:42","end":"00:11:53","text":"There's a lot of different user demographics. This is new player acquisition, lower barrier to entry, as well as catering to an investor mentality."},{"start":"00:11:53","end":"00:12:04","text":"People that might not have any interest in actually playing in Star At List, but see the potential in investing in capital assets that have cashflow or revenue generating potential."},{"start":"00:12:04","end":"00:12:18","text":"And they see this market, which I might add, has proven to have significant demand. In fact, demand right now on fleet rentals significantly outpaces the supply that's available."},{"start":"00:12:18","end":"00:12:31","text":"And we're seeing that in the data with, I don't have the latest numbers, but the number that I am familiar with is more than 80% of all of the fleets that get listed on the fleet rental platform are being rented out."},{"start":"00:12:31","end":"00:12:38","text":"I think there's a strong case that could be made that the remaining 20% are simply mispriced, perhaps overpriced."},{"start":"00:12:38","end":"00:12:49","text":"And we're seeing 1.2 million Atlas per day, change hands on a pure, peer-to-peer basis. That's users that are paying to rent these fleets out and use them within Sage."},{"start":"00:12:49","end":"00:13:12","text":"That's extremely powerful. Big shout out to Anthony, by the way, he's here in the audience. I see him and it was a groove and Anthony from Sly alongside a couple of additional partners that really built out the fleet rental platform and worked with us on security and auditing analysis and then implementation into portal or that play dot star at the comm platform."},{"start":"00:13:12","end":"00:13:22","text":"So that was a lot actually just on fleet rentals, but I am really excited about the potential for this feature and this product on the platform and seeing where it goes in the future."},{"start":"00:13:22","end":"00:13:40","text":"But generally speaking, our philosophy over the course of this year was really about simplifying user onboarding, creating great experiences and reducing the barrier to entry overall, as well as elevating all of the products that we have available today to create."},{"start":"00:13:40","end":"00:14:01","text":"We're deeply engaging, deeply immersive, really fun experiences and I think we've already succeeded in that with some of the Unreal Engine releases. What we'll get in today with C4 and beyond, I think we'll kind of confirm that that approach is successful."},{"start":"00:14:01","end":"00:14:13","text":"And we did in Q4 of last year, we did make the strategic decision. We're going to extend the timeline a little bit on the release so that we can incorporate more features."},{"start":"00:14:13","end":"00:14:29","text":"And with that said, I think that's probably a nice segue into C4. Now for anyone who to Sonti's point has not been following along with us closely. C4 is just a project name that's internal working title."},{"start":"00:14:29","end":"00:14:54","text":"It describes the next major update to our Sage Star Atlas Golden Era products. We now Sage today exists largely in browser. It's 2D RTS MMO and the Star-based releases is centered largely on collective effort of factions to upgrade star bases with some other earnings avenues in the game."},{"start":"00:14:54","end":"00:15:13","text":"Now we do have some early stage of fleet command, which is the fully immersive 3D version of the Sage feature set that lives inside Unreal Engine. Now C4 is the expansion of this. It's its council rank. So that is your progression, XP and skill tree system."},{"start":"00:15:13","end":"00:15:32","text":"It's claim stakes and cultivation claims. You'll see the deprecation of faction claims in portal and the transition of full claim stake construction build out and development within Sage itself and will be introducing cultivation claims alongside the release."},{"start":"00:15:32","end":"00:15:57","text":"It is crafting haves, which is a way that players can leverage the crafting benches and crafting haves that they've acquired through owning CSS and land plots and be able to operate those in a very similar fashion to how claim stakes work, but operating directly off of star bases and then the big one that a lot of people have been begging for for a long time."},{"start":"00:15:57","end":"00:16:13","text":"And that's combat systems and a lot of thought has gone into this. I think it's incredibly important that we execute combat in a way that creates a fun and rewarding experience and not a punishing experience."},{"start":"00:16:13","end":"00:16:28","text":"And so the team has done a tremendous job designing this out, laying out the regions, laying out territories, but this is going to open up the door for people to capture enemy territory across factions."},{"start":"00:16:28","end":"00:16:36","text":"And I can't wait to see the space battles that take place as we as we get into the C4 release."},{"start":"00:16:36","end":"00:16:45","text":"There's a lot more here, but we do have a phenomenal couple of guests with us here. So let me turn it back over to you, maybe to bring them up and kick this off for sure."},{"start":"00:16:45","end":"00:16:57","text":"Just to to piggyback from what you were saying, Michael, it can also be said that C4 is likely one of the, if not the biggest real game economy ever created."},{"start":"00:16:57","end":"00:17:14","text":"And that also we are doubling down on blockchain tech at the same time. Well, you see like the Web 3 gaming market and some people just getting out of it, some projects getting out of the market, the startless believes in blockchain tech."},{"start":"00:17:14","end":"00:17:25","text":"And in fact, it's doubling down on blockchain tech, leveraging it for C4. But we can get into the topic so people really understand what we're building here."},{"start":"00:17:26","end":"00:17:40","text":"Since you mentioned it, I do just want to elaborate on that. It's a bold statement, but I would go so far as to say there is not a single team that embraces blockchain tech with the integration of gaming to the extent that we do."},{"start":"00:17:40","end":"00:17:50","text":"And I would argue we're an order of magnitude beyond the next closest team that looks at integrating crypto and blockchain into any of the products that we're releasing."},{"start":"00:17:50","end":"00:18:10","text":"So yes, we've absolutely doubled down on that. That has been our ethos that has been our philosophy from the beginning. We've seen the benefits of ecosystem expansion from different groups and different teams and developers building out building out their own tooling that are of incredible benefit to our own community."},{"start":"00:18:10","end":"00:18:26","text":"So we didn't mention it. We don't have much to talk about on it today, but the Dow has been absolutely talking along. We had another, you know, the second council election and five council members that got brought in earlier this year."},{"start":"00:18:26","end":"00:18:35","text":"And I think we're on, I should have checked this actually, but I think we're on pip 17 or 18 right now. 17 I believe. Yeah, 18 coming."},{"start":"00:18:35","end":"00:18:55","text":"So and the Dow and the council are achieving exactly what we would want to see right now, which is a relatively restricted set of objectives and authority, but that is to take advantage of this financial mechanic that we've built into"},{"start":"00:18:55","end":"00:19:15","text":"kind of our overall corporate structure, which is the Dow is able to capture revenue via taxation off of game systems and that taxation is largely driven right now through sage and supplemented by a share of the marketplace fees that are going to the Dow as well."},{"start":"00:19:15","end":"00:19:31","text":"But taking advantage of this treasury and of this ecosystem fund to support those developers and creators and other people that are building alongside us here financially via pips and distribution of funds to them."},{"start":"00:19:31","end":"00:19:41","text":"So all of that's been going on as well and fortunately is working largely autonomously, which is what you would expect and hope for out of the Dow."},{"start":"00:19:41","end":"00:20:01","text":"For sure, for sure. So yeah, if you are a builder or trying to build something in Star Atlas, don't hesitate to reach out to council member and they will help you prepare a policy improvement proposal so you can leverage the ecosystem fund and start building using this catalyst tools programs and IP."},{"start":"00:20:01","end":"00:20:19","text":"So yeah, I like that you mentioned that Michael. Okay, is everyone ready? Do you guys have your drinks next to you? Some snacks? Is everyone ready? I want to make sure that everybody's comfortable and feeling good before we get on the main topics for today."},{"start":"00:20:19","end":"00:20:38","text":"I'm sorry, one more thing. One more thing. Somebody out there did place a bet that we wouldn't clear 100 attendees in this town hall and I just want to proudly point out we have 302 people in the audience in the depths of the bear market right now."},{"start":"00:20:38","end":"00:20:46","text":"So I think that someone's going to need to pay out on that."},{"start":"00:20:47","end":"00:21:00","text":"But yeah, we can get started. We have two wonderful guests on stage. I'll be introducing them right now. First, Danny Floyd, CPO at Star Atlas, Danny, how are you doing, man?"},{"start":"00:21:00","end":"00:21:13","text":"I don't think doing well. Apologies in advance. I'm currently at an Airbnb in Greece. So the connection might be up and down just heads up."},{"start":"00:21:14","end":"00:21:21","text":"But yeah, things start going just interrupt me."},{"start":"00:21:21","end":"00:21:41","text":"I appreciate you joining. I appreciate you joining the town hall. Guys, Danny has some pretty cool things prepared for us. We'll be turning the cameras off just because of a stream bandwidth and will be skin sharing some of the things. Also, so you guys don't make any more gifts of us. So yeah, we appreciate that. I'm joking. We love those."},{"start":"00:21:41","end":"00:21:48","text":"And then we have also bread on stage bread. My friend, how are you doing?"},{"start":"00:21:48","end":"00:21:54","text":"Doing well. We're looking forward to this. Something we've been working on for a while. So really excited to share it."},{"start":"00:21:54","end":"00:22:06","text":"Yes, we've been we haven't been sharing anything about C4 and you know how hard that was on Michael guys. He didn't share. But he was sharing something here and there."},{"start":"00:22:06","end":"00:22:27","text":"But we never really got into the real details for C4 and that's what we're going to be doing now. So I know Brett you and Danny have some things prepared for us. I know if you want to give a brief intro from your end bread Danny on C4 and then we can get on the specifics."},{"start":"00:22:27","end":"00:22:33","text":"Yeah, we can kind of kick this off by just saying what's the form."},{"start":"00:22:33","end":"00:22:42","text":"Yes, we can hear you. I think you may have a little bit of delay, but we can hear you."},{"start":"00:22:42","end":"00:22:46","text":"All right, sorry. Yeah, big delay."},{"start":"00:22:46","end":"00:23:01","text":"Yeah, so I just wanted to kind of give a quick prep on this what we're about to share. But C4 if anyone doesn't know is kind of finally where sage sage labs."},{"start":"00:23:01","end":"00:23:17","text":"Turns into a full 4x game and what that means is well 4x game and like a usually a in space games it's an exploration which we kind of already have."},{"start":"00:23:17","end":"00:23:28","text":"But you know, we're going to have some more things with scanning and the amount of systems that the map is turning into expansion which also we kind of have."},{"start":"00:23:28","end":"00:23:45","text":"But we're just turning it up like orders of magnitude more with the claim stakes and the haves and then exploitation which is again with the claim stakes and being able to like."},{"start":"00:23:45","end":"00:23:56","text":"What the resources crafting and and you'll see the crafting it's it's again gone up order of magnitude."},{"start":"00:23:56","end":"00:24:11","text":"And then the biggest one is extermination which is the combat system. So C4 is meant to turn sage into 4x and we'll kind of get into that and see a little bit behind the curtain."},{"start":"00:24:11","end":"00:24:15","text":"So I just want to mention anything before we hop in."},{"start":"00:24:15","end":"00:24:30","text":"Now the big thing is why call it C4 it's just the big items here are claim stakes crafting haves combat and counseling so for big sees that we're going to be releasing all together."},{"start":"00:24:30","end":"00:24:50","text":"Nice nice I think that was a perfect intro and I know you guys have some map updates that we teased a little bit before we shared a little sneak peak with the community but I think that will be a great starting point if you guys want on what is changing from the current sage map."},{"start":"00:24:51","end":"00:25:03","text":"Yeah, yeah, I'll pull that up. I want to give a little bit of a primer here to let's see."},{"start":"00:25:04","end":"00:25:08","text":"Here we go."},{"start":"00:25:08","end":"00:25:18","text":"So as we saw it's already kind of out there that the map is just gotten much much bigger."},{"start":"00:25:19","end":"00:25:35","text":"Before you know in sage labs and even star based we tooling wasn't available to us as accessible as it is now with AI now tooling is trivial."},{"start":"00:25:35","end":"00:25:47","text":"So we're taking full advantage of that like before we'd have to use Google sheets and it quickly would even make the Google sheets slow down with so much data and all these like custom formulas."},{"start":"00:25:48","end":"00:25:56","text":"That are everywhere it would actually start hitting like performance issues in Google sheets."},{"start":"00:25:56","end":"00:26:10","text":"So with this new c4 effort we just wanted to scale up insanely and so one of the things I've been doing is creating tools to help that."},{"start":"00:26:11","end":"00:26:25","text":"And it's similar to like as an artist you want if you're making a character or something you want to see what it looks like in in the game right so you make the character you put in the game you run around with it test as a silhouette look good as a read."},{"start":"00:26:25","end":"00:26:38","text":"How does it feel from a game is perspective and so this is kind of what the tools are great for you know it's hard to get that sense when you're just looking at a spreadsheet and you try to make it look as close as possible but."},{"start":"00:26:39","end":"00:27:05","text":"Instead having these custom tools which would take weeks or months to get to this level of fidelity just to start spitting out content now AI assistance coding you can do it in a couple days with one person and then you have a full editor and you're spinning out like actual content that goes directly into the game and it's just a nice clean pipeline."},{"start":"00:27:06","end":"00:27:28","text":"So you know I'm kind of showing these tools to the team as we give updates and they thought it was a good idea to maybe show the community as well and get a nice peak behind the curtain so that's where this whole sage editor sweet kind of came in and again this even this landing page took an hour to put together to tie the tools together."},{"start":"00:27:28","end":"00:27:35","text":"So we're we're using this to to our benefit for star at list and."},{"start":"00:27:37","end":"00:27:43","text":"Because the amount of output now that we're seeing with the amount of new systems and resources."},{"start":"00:27:44","end":"00:27:46","text":"I don't know if a tiny."},{"start":"00:27:47","end":"00:27:50","text":"Team like this could even manage."},{"start":"00:27:51","end":"00:27:57","text":"I don't know if it's possible for a brain to put all that in your head so we need these systems so anyway."},{"start":"00:27:58","end":"00:28:01","text":"Pop into the map I mean that's kind of like the coolest."},{"start":"00:28:02","end":"00:28:18","text":"Sorry to interrupt you then you just like clarification for the audience this is not the sage see for you I but we're showing you guys as Nick big behind the curtains on how the editor tools look like this is not the UI that you will see what's for."},{"start":"00:28:18","end":"00:28:32","text":"Exactly right yeah this is just behind the scenes raw development tools not a lot of care into like the looks just enough to get the right impression or."},{"start":"00:28:33","end":"00:28:40","text":"Any of us on the team to quickly make edits and and to see what it looks like just."},{"start":"00:28:40","end":"00:28:56","text":"You know from top down so yeah so we have this map editor tool load in the map a little bit crazy but let me just turn off some of these filters."},{"start":"00:28:58","end":"00:29:08","text":"So the biggest thing obviously is the amount of system so every dot here is now a new system."},{"start":"00:29:10","end":"00:29:14","text":"And we're breaking into the region so so the difference."},{"start":"00:29:15","end":"00:29:20","text":"We go from 51 systems to now 69 regions."},{"start":"00:29:21","end":"00:29:30","text":"So you kind of can think of regions the same way systems now in the current map and we'll get into more detailed later but you can see."},{"start":"00:29:31","end":"00:29:38","text":"How we kind of setting it up and I was able to manually place all these systems and then check to see if."},{"start":"00:29:38","end":"00:29:49","text":"You know system counts match up and we have a nice even distribution between the different factions but the point is also to not."},{"start":"00:29:51","end":"00:30:01","text":"Well with combat and the way the systems are coming out most of them will be will be neutral from the start so there's going to be plenty of place to go and and find."},{"start":"00:30:01","end":"00:30:13","text":"And take over new territory and so so another crazy thing is and you saw those labels when I first dropped it but those are all the."},{"start":"00:30:14","end":"00:30:29","text":"The new resources so fair to zoom in starting to lag now with the summer things and return off the so I said is all these tools now we can throw in there like I even have a a heat map checker so you can see certain."},{"start":"00:30:32","end":"00:30:40","text":"Like say if I want to see a heat map of hydrogen you can see it getting caught in the middle so so one of the things we wanted to do."},{"start":"00:30:42","end":"00:30:48","text":"Was the very outskirts where the the safe zones are will have low richness."},{"start":"00:30:49","end":"00:30:54","text":"And then as you get closer to the middle to zero zero will have high richness."},{"start":"00:30:54","end":"00:31:02","text":"And so I'm working with Chris and you know we're talking about how to distribute things."},{"start":"00:31:03","end":"00:31:17","text":"But the point is to like you know let people want to come in and take over territories of different richnesses and and and collide in the middle with combat becomes very interesting you know to want to do that."},{"start":"00:31:17","end":"00:31:28","text":"So anyway by zoom in like say here you can kind of see the amount of new resources that are."},{"start":"00:31:29","end":"00:31:42","text":"This is I don't I don't think this is all of them this is in the final list which we're tailing we're tailing it every day so yeah things will update and change and."},{"start":"00:31:47","end":"00:32:00","text":"Link together with these new things these these these warplanes and then core systems comes into the combat and owning a territory so we'll get into all that but I just kind of wanted to."},{"start":"00:32:01","end":"00:32:10","text":"Throw a quick overview of like the new map that we're working with and the stats are pretty easy let me pull that up so we got."},{"start":"00:32:10","end":"00:32:15","text":"940.5 total systems."},{"start":"00:32:16","end":"00:32:24","text":"Like I said I evenly distributed it between the different factions as if we were you know taking the current map and it's walking it over."},{"start":"00:32:25","end":"00:32:37","text":"3,656 total planets stars and everything like this bunch of stats you know again the great thing about AI is it's automating a lot of this stuff."},{"start":"00:32:37","end":"00:32:46","text":"And there's even some binary systems and if you're lucky you can find a try and airy system let me see."},{"start":"00:32:51","end":"00:32:58","text":"No no try and airy's right now anyway I'll I take over and stuff you."},{"start":"00:32:59","end":"00:33:03","text":"We can keep that up if you can just to give people a reference as well."},{"start":"00:33:03","end":"00:33:08","text":"Just be able to point it but yeah so."},{"start":"00:33:09","end":"00:33:28","text":"Couple of big things there that you may have noticed so starting getting into more of the mechanics of how all this is working so there's no longer what we called sectors where like currently in saves is a big grid right on the map that you know in your ship is like in a grid square or it's moving now we're basically going to a decimal point number system."},{"start":"00:33:29","end":"00:33:34","text":"And it's 64 bit if you look at the numbers out that means there's enough."},{"start":"00:33:35","end":"00:33:57","text":"There's enough points basically across the entire real world galaxy for us to differentiate each ship by an animator 64 bit numbers are crazy so we can basically increase the density of galaxy infinitely now just by increasing each or by putting more things in between slowing ships down like you can make the galaxy feel bigger so we've got a ton more variation there."},{"start":"00:33:58","end":"00:34:06","text":"That also means ships in our no longer interact like within the same sector they have a range of interaction call the interaction range that'll come up more with combat later on."},{"start":"00:34:08","end":"00:34:16","text":"So a couple of the numbers there that Danny was saying like all the all the 69 regions all the systems planets like multiple different types of planets all over the place."},{"start":"00:34:18","end":"00:34:23","text":"Danny could you pull up the like region map again just a show off."},{"start":"00:34:23","end":"00:34:30","text":"So what you're going to do is regret how are you going to tell people how they can own a region yes we are."},{"start":"00:34:32","end":"00:34:34","text":"This is important pay attention."},{"start":"00:34:39","end":"00:34:40","text":"It's loading."},{"start":"00:34:43","end":"00:34:46","text":"Yeah here we go just a bit laggy."},{"start":"00:34:49","end":"00:34:50","text":"Still loading a little bit."},{"start":"00:34:50","end":"00:34:55","text":"Yeah so a little bit of privacy."},{"start":"00:34:56","end":"00:35:00","text":"So loading up there goes now it works."},{"start":"00:35:01","end":"00:35:13","text":"Yep so you'll notice that all the systems are organized into regions region owned so you'll so each system has a singular star base basically on it."},{"start":"00:35:13","end":"00:35:17","text":"You can conquer each one of those star bases to the combat system when we'll talk about that a bit later."},{"start":"00:35:18","end":"00:35:26","text":"But the biggest thing is how we kind of have border regions and safer regions."},{"start":"00:35:27","end":"00:35:34","text":"So the regions are connected together by those by the star paths there were planes for what we're calling them now."},{"start":"00:35:35","end":"00:35:38","text":"So that kind of tells you what what regions neighbor each other."},{"start":"00:35:39","end":"00:35:46","text":"So for to own a region you need to own all of the core systems so all those little like castles that Danny has here."},{"start":"00:35:47","end":"00:35:55","text":"Those are the core systems those are the ones you want to protect the ones you want to build up right if somebody comes in and conquer those systems they can steal your region from you right."},{"start":"00:35:56","end":"00:36:01","text":"So owning the whole region what that does is it allows you to make regions behind it safe."},{"start":"00:36:01","end":"00:36:08","text":"So the rules are a region is a border region if it's if it has any neighboring regions that are not owned by you."},{"start":"00:36:08","end":"00:36:12","text":"Or if there's any systems inside of it that are owned by an opposing faction as well."},{"start":"00:36:13","end":"00:36:25","text":"So the the advantages of having a safe region are that you enemies cannot enter those regions they cannot attack they can't come in and try it in mind they are asteroids they can't do anything right."},{"start":"00:36:25","end":"00:36:32","text":"So they want so you're going to have these kind of like safe regions that can become border regions again as they start conquering closer and closer to you."},{"start":"00:36:33","end":"00:36:38","text":"So you've got to so you get that option of do you want to participate in that BVP or not right."},{"start":"00:36:39","end":"00:36:42","text":"I will all at Danny talk about it anymore that if he wants to but like the logic find it."},{"start":"00:36:42","end":"00:36:59","text":"Yeah, I mean so so one of the coolest thing is first off you have your every faction has their five star which are permanently safe."},{"start":"00:36:59","end":"00:37:22","text":"And then you know as you move out you have the option to expand that safe region essentially as long as you have these like border lines or or front lines that are also owned completely then you essentially expand this is like an entire safe region."},{"start":"00:37:22","end":"00:37:34","text":"And you know just what I've been jokingly calling cold attack is safe you all have to do is own that one and then this one's completely safe just as an easy way to understand it."},{"start":"00:37:35","end":"00:37:45","text":"So yeah that's going to be a night because then you can just you know send out things and fleets without having to worry about like security exports and stuff like that."},{"start":"00:37:45","end":"00:38:05","text":"So it strikes a nice balance between there there's still options for people to attack so it's not just like the first few star bases that you can attack you can still have tactical like if there's a border there you can go around and attack the back of their region right so you can still have these tactical plays going around and still be able to cut off supplies to the very front lines."},{"start":"00:38:05","end":"00:38:22","text":"But it also allows players to kind of feel safe by staying in the safe regions for getting having their assets still productive out there but of course the borders are going to be where the richest resources are so you're going to want to go out there and take the risk right protect your assets conquer all of that."},{"start":"00:38:23","end":"00:38:30","text":"So lots lots of trade-offs there that you get to play around with and coordinate with your faction on."},{"start":"00:38:31","end":"00:38:48","text":"So mentioned before we have the warplanes now so the biggest movement changes so like now we have a decimal point system on the map you can click anywhere on the map and go there right down to effectively nanometer scale on the map you're not going to care that much about going that far."},{"start":"00:38:48","end":"00:39:17","text":"But now we have warplanes is the third type of movement so we still have subwarp fuel efficient very slow can be and the other part about that is you can be attacked while you're subwarping if you're in a region in an area we we still warping we've added a warps pool at the beginning so basically your ships stays idle for a little bit then goes into warping then arrives right and then there's a warp cool down as well the warps pool is basically you can't just work to get out of an attack range they can still attack."},{"start":"00:39:18","end":"00:39:41","text":"You want your warps pooling so you got to be careful there and then there's the warplanes so warplanes you have to own both ends both star bases on both ends of it but then they just charge you an atlas fee to travel in the warplane rather than you having to spend fuel so it's kind of the highways of the of the galaxy so and it's also the great beach heads right so if you're attacking a sector you want to take the warplane on the other side so your ships can get in there much more easily."},{"start":"00:39:41","end":"00:39:55","text":"But there was a question bread on it and it was if you can only travel through warplanes or you can get anywhere however you want basically like just traveling there."},{"start":"00:39:55","end":"00:40:04","text":"Yeah so you can still travel anywhere you want using subwarp warp like when you're if you don't if you're trying to go from like say that orange one to the green one over there that I'm looking at."},{"start":"00:40:04","end":"00:40:27","text":"You don't own the warplane on the other side yet so you need to go take the warplane on the other side to be able to actually take the star base on the other side to be able to activate that right so you do have to travel across the void there and can be attacked while you're in there all that can still happen right and it's a trade off right you spend at list to pay for the warplanes and they're faster versus spending fuel to."},{"start":"00:40:27","end":"00:40:33","text":"Warper subwarp yourself right so there's a bunch of options there you get to pick."},{"start":"00:40:33","end":"00:40:50","text":"Nice I still saw another question about is this in Solana code yet yeah it is if we've got the map is done we're still working on some other parts of it for C4 but yeah the map is map part is done the movement it's actually was relatively easy to convert over so."},{"start":"00:40:51","end":"00:41:08","text":"And I just want to make a quick comment on the warplane fees those are will be consistent with the rest of the systems of taxation within sage which is to say that any of the revenue collected via warplane or star path fees will go directly to the Dow as well."},{"start":"00:41:09","end":"00:41:36","text":"So yeah other things on the map maybe noticed all of these resources so updated numbers most recent numbers still subject to change 86 different raw resources 229 intermediate components and 145 ingredients are currently what we're looking at on the map so those raw resources are spread across the map everywhere."},{"start":"00:41:36","end":"00:41:46","text":"Then everything else is going to be craftable so of course subject to change they're changing a lot depending on what new things need to be supported and all of that."},{"start":"00:41:46","end":"00:42:02","text":"Another big thing that I think everybody will be happy about star base upkeep no longer thing neither toolkits nor food so that's all going to be handled in other ways no more no more just everybody having to pay food follow the whales around and paying food there."},{"start":"00:42:06","end":"00:42:24","text":"Nice I think that covers most for when it comes to the map right yeah I think that's the major things on here yeah there's not going to be a higher zone we're not going to be able that just yet just want to mention that it's all going to be medium or zone or lower zone so."},{"start":"00:42:26","end":"00:42:28","text":"Maybe we'll turn on eventually."},{"start":"00:42:29","end":"00:42:31","text":"We have people you too."},{"start":"00:42:36","end":"00:42:42","text":"But should we transition to combat I think people want to learn about combat and how that will work."},{"start":"00:42:43","end":"00:43:04","text":"Yeah so we can start out with a little bit of just some of the details about how combat works so it's not going to be like tactical type of battles or like flying around ships flying over each other it's going to be rather simplified to start out here just to kind of get us started and make make it easier for development like we want to get this actually out at some point right."},{"start":"00:43:04","end":"00:43:22","text":"So the combat's going to be what we call atomic the idea being you basically a ship chooses a target to attack the attack instantly and the results are calculated there that's it results meaning not meaning like when ship always die and like we're going to run 50 attacks in that instant it's like."},{"start":"00:43:22","end":"00:43:35","text":"Ships will take damage maybe one of them dies maybe both of them die right but it's going to it's going to be a ship chooses another ship or ship chooses a star based to attack right so that's how that works i'm."},{"start":"00:43:36","end":"00:43:46","text":"There's going to be loot so when you when you blow up a ship you will there cargo pod will drop so all the cargo items you'll be able to take a portion of those items some of them will get burned of course but."},{"start":"00:43:46","end":"00:43:54","text":"You'll get a portion of those items and salvage ships will be able to see more of those items so there's a very good reason to have salvage ships right."},{"start":"00:43:56","end":"00:44:04","text":"So there's also there for all of this there's an action range so."},{"start":"00:44:04","end":"00:44:15","text":"Now that we are in a floating point system like before how you would do it is basically say okay if you're in the same square you're allowed to attack anybody else in the same square now what it is is there's a global action range or."},{"start":"00:44:16","end":"00:44:39","text":"Interact range whatever you want to call out there but that that global range you can kind of think of it right now is point five a you which is the one squares one a you so basically if you draw a circle around that any anything within that range of your ship you can interact with and everybody has the same one so there's not like ranging with each other like you're not one ship doesn't have higher range and it's just kidding like that gets a little complicated on chain so you just want to avoid that completely."},{"start":"00:44:39","end":"00:44:51","text":"So the as long as you're within that range you can attack you can loot and you can repair as well repair ships can also actively repair allied ships and star bases."},{"start":"00:44:54","end":"00:45:06","text":"So another system that's not going to go too far into details because pretty complicated and like implications and everything but basically there's an action point system that basically says how."},{"start":"00:45:06","end":"00:45:34","text":"How much can you attack are you reloading if you loot something basically your weapons get reset so like you have to take that trade off of you'll be vulnerable if you try to loot something but so you need to clear out other enemies around you also forgot to mention it like loot will be locked to the last hitter so if you hit if you are the one that kills the ship you get the loot locked to yourself for at least a period and then it'll be open open season for that but there's the."},{"start":"00:45:34","end":"00:45:54","text":"The AP system that it also plays into preventing like large ships aren't going to be just blasting small ships but a small ships blast a large ship it'll be able to defend itself that sort of thing so you can kind of think of it more as just like there's an energy bar it gets spent up if you repair or loot and it gets partially spent if you attack or defend."},{"start":"00:45:54","end":"00:46:00","text":"Another part about this as well on the atomic combat doesn't really matter who starts the attack."},{"start":"00:46:01","end":"00:46:13","text":"It both ships will shoot back at each other so there's not just a click fest and like whoever gets the click first right it's both ships attack each other will attack each other whenever you hit each other."},{"start":"00:46:14","end":"00:46:22","text":"So I think the next big thing is the ship configurator to kind of tell you about some of the stats that are being worked on and."},{"start":"00:46:22","end":"00:46:25","text":"Man I think the committee is going to love this part Fred."},{"start":"00:46:25","end":"00:46:27","text":"Absolutely Matt."},{"start":"00:46:28","end":"00:46:34","text":"Yeah this is where things get very interesting you needed that combat breakfast understand where this goes but yeah."},{"start":"00:46:35","end":"00:46:49","text":"Yeah a combat is kind of the next big tool as you see I have a coming soon section so I want to bring basically what we build in these tools leading up to the combat simulator."},{"start":"00:46:49","end":"00:47:15","text":"And you mentioned loot so that's where we start we start with loot because this is kind of the basis of everything so I have this this tool that we can I can easily list out every single individual component you know in the size and tiers and each one needs to be its own like individual item right."},{"start":"00:47:15","end":"00:47:25","text":"And this was not I couldn't use notion I couldn't use Google sheets so I just built this thing to handle this volume of data and there's."},{"start":"00:47:26","end":"00:47:35","text":"We ended up with about 3900 items and these are like the all the all the crafts that we're going to going to be craftable in C4."},{"start":"00:47:36","end":"00:47:45","text":"And and then I can export this out and use it in these other tools and I'll show you how that that works."},{"start":"00:47:46","end":"00:47:57","text":"So this on the back end to we have like you know all the different items in a sheet and that's referenced here in a conditional sort of format."},{"start":"00:47:58","end":"00:48:08","text":"So then I exported out of the loot matrix and then I bring it into the ship configurator now let me just load that up."},{"start":"00:48:12","end":"00:48:26","text":"So the ship can fit big takes all that components modules ship weapons countermeasures missiles."},{"start":"00:48:27","end":"00:48:34","text":"And as all goes towards configuring your ship and each each one of these components."},{"start":"00:48:36","end":"00:48:39","text":"You know is a positive negative into a certain degree."},{"start":"00:48:41","end":"00:48:46","text":"The the actual stats and I can kind of show you how that looks like."},{"start":"00:48:47","end":"00:48:56","text":"So now you can take every ship and bring it into this comparison table and here's a set of the stats it's not totally final like all stats that go into."},{"start":"00:48:57","end":"00:49:10","text":"So it's not going to be the combat simulator but a lot of these base stats are already live and then we're you know upgrading them and with these configs so right now every ship just has like a."},{"start":"00:49:12","end":"00:49:19","text":"Configuration and what that looks like is say I can't run a greenator is these are all."},{"start":"00:49:19","end":"00:49:26","text":"Even Joseph at you."},{"start":"00:49:28","end":"00:49:31","text":"Oh we're losing."},{"start":"00:49:32","end":"00:49:40","text":"We can still see the screen we can still see the screen now we can continue you can continue you can continue."},{"start":"00:49:41","end":"00:49:43","text":"It's a really bad king."},{"start":"00:49:43","end":"00:49:56","text":"So what I'll do is I'll take a ship I'll create a configuration I'll actually load in the CSV from notion so it's the same information that we've already planned on."},{"start":"00:49:57","end":"00:50:04","text":"And then slot in weapons and countermeasures to match the ship you know let me know if I'm getting lost again."},{"start":"00:50:04","end":"00:50:18","text":"And so paints takenly went in brought in all that data into the setager and set these all up and and you can see in real time."},{"start":"00:50:18","end":"00:50:35","text":"If I were to change any of them let's add a let's see about that the ship can support it but the large kinetic and then you'll see the the kinetic energy kind of or kinetic damage update real time."},{"start":"00:50:36","end":"00:50:47","text":"So I'll go through that and so this is basically a shopping list now or a crafting list that for this specific config."},{"start":"00:50:48","end":"00:50:53","text":"So I'll go through the same thing with the Calico evac tier one config."},{"start":"00:50:54","end":"00:51:10","text":"What you'll need to do is go through the crafting process or buy it on the secondary market and get each one of these upgraded components and a lot of people you know already with those component bundles you're going to get some of these or at least yeah."},{"start":"00:51:10","end":"00:51:17","text":"And then you'll be able to slot these in and activate this tier one configuration."},{"start":"00:51:18","end":"00:51:24","text":"And so you get these upgraded stats if you apply that specific configuration."},{"start":"00:51:25","end":"00:51:33","text":"Now I did the one through five and these are just like scaling up so it's all the same items and they're scaling up."},{"start":"00:51:33","end":"00:51:47","text":"And then what that looks like is we have a couple of scaling formulas that apply the class scale and then tier scale and you can actually see that when you go into like how is how is fuel capacity affected here."},{"start":"00:51:48","end":"00:52:01","text":"Oh, I got a fuel of module and here's the formula that actually you know takes the base value that I input and then multiply it by class and then multiply it by tier and then you're ended up with plus 244."},{"start":"00:52:01","end":"00:52:12","text":"And these aren't final stats. These aren't final values. So now that I've got everything imported imported and slotted in."},{"start":"00:52:13","end":"00:52:16","text":"Now as we're where we go in and we do some compare."},{"start":"00:52:17","end":"00:52:25","text":"I also put together this like these ship scores that show like, okay, how does it do on cargo compared to all the ships and has a due on."},{"start":"00:52:25","end":"00:52:49","text":"Support utility aspect the mobility combat mining score and then it shows you like what stats and how awesome they are and they're all weighted separately goes towards giving you that score and then I'll go through and and you know take different classes of ships and compare these scores to each other."},{"start":"00:52:49","end":"00:52:56","text":"Also a bunch of analysis tools to make sure I'm."},{"start":"00:52:57","end":"00:53:02","text":"So yeah, lots going on here."},{"start":"00:53:02","end":"00:53:09","text":"Again, it's work of progress, but oh, so my last thing I wanted to do here."},{"start":"00:53:09","end":"00:53:15","text":"Well, two more things get all the stats, we've got 61 ships."},{"start":"00:53:15","end":"00:53:29","text":"All the configs are working nicely and would be as expected and then build a bunch more configs."},{"start":"00:53:29","end":"00:53:32","text":"So right now we have a bunch of different damage types."},{"start":"00:53:32","end":"00:53:36","text":"We're now able to turn on a bunch of different damage types."},{"start":"00:53:36","end":"00:53:48","text":"So with all the different weapons, we can turn on different damage types and how I'm anticipating that's going to work is you have all these different damage types, but all these different counter types and each type of damage has a counter."},{"start":"00:53:48","end":"00:53:51","text":"And so you do something like it just to simplify."},{"start":"00:53:51","end":"00:54:00","text":"You know, gray goo has a certain damage amount and then the healing nanobots is the counter to gray goo."},{"start":"00:54:00","end":"00:54:09","text":"So if you have counter measure of healing nanobots and some of us are shooting some gray goo at you, then you're blocking it just probably just one to one."},{"start":"00:54:09","end":"00:54:14","text":"And then any remainder."},{"start":"00:54:14","end":"00:54:19","text":"And then your whole points something like that just to understand basics of combat."},{"start":"00:54:19","end":"00:54:23","text":"So there's a lot more opportunity for us to."},{"start":"00:54:23","end":"00:54:28","text":"You know, you know, you know, you know, just keep going."},{"start":"00:54:28","end":"00:54:31","text":"And make it a more interesting."},{"start":"00:54:31","end":"00:54:35","text":"Combat battlefield basically."},{"start":"00:54:35","end":"00:54:40","text":"I want to do like, you know, gray goo heavy."},{"start":"00:54:40","end":"00:54:44","text":"Configure something where you just like slot in all the gray goo weapons."},{"start":"00:54:44","end":"00:54:47","text":"And then you just want to do that."},{"start":"00:54:47","end":"00:54:52","text":"Or if you want to just, you know, now you're in you have this expanded safe zone region."},{"start":"00:54:52","end":"00:54:56","text":"So you just want to focus purely on mining and you have no."},{"start":"00:54:56","end":"00:54:57","text":"Just."},{"start":"00:54:57","end":"00:55:01","text":"Here's the mining that just like maximizes everything for."},{"start":"00:55:01","end":"00:55:08","text":"And then you go and you you create that configuration and then you get all these parts and you slot them in and boom."},{"start":"00:55:08","end":"00:55:12","text":"Now you're activating all these different configurations and just for fun."},{"start":"00:55:12","end":"00:55:15","text":"Let's suck it there."},{"start":"00:55:15","end":"00:55:20","text":"I loaded all ships and now it's lagging."},{"start":"00:55:20","end":"00:55:23","text":"Let me remove them."},{"start":"00:55:23","end":"00:55:30","text":"Then if people are asking what happens with components if a ship is destroyed."},{"start":"00:55:30","end":"00:55:33","text":"Okay."},{"start":"00:55:33","end":"00:55:38","text":"So I just wanted to show this is this is just funny."},{"start":"00:55:38","end":"00:55:43","text":"You can see the difference in weapon counts."},{"start":"00:55:43","end":"00:55:47","text":"And types of weapons and countermeasures when you go all the way up to Titan."},{"start":"00:55:47","end":"00:55:56","text":"Anyway, so that's the fun part about all this crafting and and components is permanent loss."},{"start":"00:55:56","end":"00:55:57","text":"Oh, not permanent."},{"start":"00:55:57","end":"00:56:04","text":"Actually, some of it will be dropped as lute, but you lose it."},{"start":"00:56:04","end":"00:56:07","text":"Yeah, so you're you're good at respond without any of this."},{"start":"00:56:07","end":"00:56:15","text":"You take with the configs and it sounds like a lot of of it sounds like a lot of pain, but."},{"start":"00:56:15","end":"00:56:20","text":"You'll quickly realize how beneficial it is to have these slide it and upgraded."},{"start":"00:56:20","end":"00:56:22","text":"So you're going to want to do it."},{"start":"00:56:22","end":"00:56:25","text":"Despite the risk of losing it."},{"start":"00:56:25","end":"00:56:28","text":"Can I can I just jump in here for one second?"},{"start":"00:56:28","end":"00:56:33","text":"I don't want to steal thunder, but man, I do want to emphasize the."},{"start":"00:56:33","end":"00:56:37","text":"I want to make implications of this new system."},{"start":"00:56:37","end":"00:56:44","text":"All of these components are going to have recipes and they will be purely craftable by players."},{"start":"00:56:44","end":"00:56:46","text":"So we do have the ship parts bundles."},{"start":"00:56:46","end":"00:56:53","text":"There's going to be a process to convert those into raw resources which go into crafting these components."},{"start":"00:56:53","end":"00:57:00","text":"But ultimately, this is such a massive enhancement to the way that the player economy is going to work."},{"start":"00:57:00","end":"00:57:07","text":"It's very conceivable that an individual player is not able to craft all of these underlying components that they want to equip on their assets."},{"start":"00:57:07","end":"00:57:17","text":"And then on top of this, when the war machine is rolling and you have combat and you have, you know, faction conflict, all of these components are just getting."},{"start":"00:57:17","end":"00:57:23","text":"Regularly destroyed and there will be a requirement to rebuild, reconstruct those and."},{"start":"00:57:23","end":"00:57:32","text":"And I'm just thinking about the way that that is going to enhance trade and drive peer-to-peer trade and revenue opportunities for players."},{"start":"00:57:32","end":"00:57:43","text":"Absolutely massive as a sink and also as a new way for players to participate in the economy and pick up some revenue by servicing those that require these components."},{"start":"00:57:43","end":"00:57:56","text":"I also just want to take one moment here, Danny and perhaps pull Brett in to talk a little bit about how the ship configuration system is going to work."},{"start":"00:57:56","end":"00:58:01","text":"Because it's not, it's not necessarily full customizability right now."},{"start":"00:58:01","end":"00:58:10","text":"There are pre pre fab configurations that people can target and they will have to craft all of the underlying components."},{"start":"00:58:10","end":"00:58:19","text":"And then Brett, maybe you can jump in here once you craft the components, you essentially form a new asset with all of the components applied."},{"start":"00:58:19","end":"00:58:21","text":"Can you expand on that?"},{"start":"00:58:21","end":"00:58:23","text":"Yeah, so."},{"start":"00:58:23","end":"00:58:30","text":"As Michael was saying here, it's a bit complicated to do where you have every ship can be configured infinitely right."},{"start":"00:58:30","end":"00:58:36","text":"That's eventually what's going to be happening, but to get C4 in a reasonable amount of time so that you guys can actually play it."},{"start":"00:58:36","end":"00:58:42","text":"It's going to be just the preset configs where we're targeting about like 15 to 20 configs per ship."},{"start":"00:58:42","end":"00:58:48","text":"So as Danny was shown here, like you have to hear one through five, he's wanting to do some of the more specialist configs as well."},{"start":"00:58:48","end":"00:58:54","text":"So you could do, there could be configs like mining config for a ship that takes off the weapons puts on drills or something like that, right."},{"start":"00:58:54","end":"00:59:03","text":"So there's going to be a bunch of pre second things and we can add more over time if there's a lot of demand for certain ones or if saunty wants to do some fun things."},{"start":"00:59:03","end":"00:59:15","text":"So the that those presets basically what will happen is we're not going to have like the configured ship as a token that makes the that blows up the marketplace like crazy."},{"start":"00:59:15","end":"00:59:24","text":"And we don't have that kind of NFT style right now would be an individual token per and you basically have a separate market for each of 20 different ships like 20 Xing our ship market is."},{"start":"00:59:24","end":"00:59:28","text":"That would reduce the liquidity for too much so what we're looking at here is that."},{"start":"00:59:28","end":"00:59:37","text":"You still have the base ship token when you add a ship to a fleet you pick which config you want to add to that fleet and it takes a certain amount of tokens depending on what you do."},{"start":"00:59:37","end":"00:59:42","text":"So let's say you have an X4 that takes four guns and takes more stuff to but."},{"start":"00:59:42","end":"00:59:44","text":"And you pick the configuration that has four guns on it."},{"start":"00:59:44","end":"00:59:52","text":"You need to have those four guns in your in your star base when you had it to the fleet and then it's added to the fleet in that configuration and each configuration is completely separate stats they can."},{"start":"00:59:52","end":"01:00:01","text":"Had full they have full control on Danny side of what each config does from every single value that a ship can have right."},{"start":"01:00:01","end":"01:00:15","text":"So when the at the moment you put your ship into the fleet that's when you decide what config it is when it comes out of the fleet it comes out when you disband the fleet it comes out with the ship and the tokens that form that ship."},{"start":"01:00:15","end":"01:00:21","text":"Should the fleet die from self destruct or from a hospital action."},{"start":"01:00:21","end":"01:00:33","text":"Then that the components will be burned and your fleet and your ships will respond back at the CSS so fleets no longer respond ships respond right also on the bundles."},{"start":"01:00:33","end":"01:00:41","text":"The probably what's going to happen here is that the bundles are going to result in multiple sets of components since they are a bit more usable now."},{"start":"01:00:41","end":"01:00:47","text":"So kind of keep in line with how we communicate the bundles as this is enough components to out for your ship right."},{"start":"01:00:47","end":"01:00:59","text":"So as a result in multiple multiple there or higher level than but we'll we'll make that correct with how we communicate it when we originally want to ship bundles."},{"start":"01:01:00","end":"01:01:18","text":"I'll mention one additional consequence here of this extensive ship configuration is particularly given we have these atomic combat systems one of the concerns early on was that you know big player big fleet can just easily destroy small fleet."},{"start":"01:01:18","end":"01:01:45","text":"This this configurability actually does make combat more dynamic and it does make it feasible that if a player strategically configures a smaller fleet and perhaps focuses on combat a combat configuration versus a player that has a larger or higher VWAP fleet but is misconfigured for combat or defense that that smaller player can actually win this engagement."},{"start":"01:01:45","end":"01:01:54","text":"So it kind of evens the playing field to some extent in in this mode."},{"start":"01:01:54","end":"01:02:04","text":"Yeah and there's also an element of randomness in here so when when that combat's happening there will be some random roles that occur so it's not always I know I'm going to win like there."},{"start":"01:02:04","end":"01:02:18","text":"There's some random chance that they get a critical hit blow you up or you get a critical hit blow them up or you have many ships attacking them and there's a lot more strategy involved and just is my stab lot bigger."},{"start":"01:02:18","end":"01:02:41","text":"So yeah I think we saw there but it was like 3,900 components or ish is what they currently have so all of those are going to be craftable all of those are new tokens basically in the game and are going to take various resources across everything so there's going to be some markets for that and building up all of those things."},{"start":"01:02:42","end":"01:03:10","text":"Yeah and then the next step from here for me like I said this was the editor to get all the stats together and now I can export this out as another JSON that goes into the combat simulator so without the editing capabilities and as much of editing capabilities that I can pit them against each other and see if it's balanced and you know."},{"start":"01:03:10","end":"01:03:21","text":"Yeah you can see the steps as they're leading to this big thing here so cool."},{"start":"01:03:22","end":"01:03:38","text":"Also want to be clear that the combat numbers are like the combat damage types and all those numbers those are the biggest influx items like we can do since we're doing a atomic combat we can make it very complicated inside of that atomic equation like we can do a lot of different math as long as it's all solvable instantly."},{"start":"01:03:38","end":"01:03:44","text":"So there can be a number of changes that we can do very easily in there so."},{"start":"01:03:45","end":"01:04:07","text":"And I saw Chris make a comment in the chat by the way and we all know Chris is the most evil economist on the planet but does some really incredible work for us and there is a heavy waiting in LP loyalty points which will still be a factor in in the daily epoch."},{"start":"01:04:08","end":"01:04:34","text":"Emissions of Atlas out the players but combat systems will be heavily waited in LP further encouraging those engagements and also there's it's less rewarding to go attack smaller fleets than it is for a smaller fleet to destroy a larger fleet so trying to maintain some balance there and avoid some some griefing to the extent that that's possible with the blockade and region system."},{"start":"01:04:38","end":"01:04:44","text":"Right I think we could talk about attacking the starbase."},{"start":"01:04:44","end":"01:05:07","text":"Yeah so fleets attack fleets that's kind of a given here but the next big thing is attacking a starbase right so that's actual territory conquest basically it's what it is is you just choose the starbase as another target it pulls up a different equation because star bases are not the same as ships right like bombers may have higher damage against starbase."},{"start":"01:05:08","end":"01:05:13","text":"All that sort of thing all goes into the combat equation that Danny's designing here."},{"start":"01:05:13","end":"01:05:37","text":"But star bases are basically just giant stat blocks is the idea here what happens is when you blow up say a tear for starbase everybody's attacking that the health gets down to zero the starbase becomes tier three right so it's kind of think of it as a segment at health bar so you knock it to your four down to three to three down to two to your two to one and then one goes to zero."},{"start":"01:05:37","end":"01:05:57","text":"To your zero if you if you blow up a starbase and it becomes tier zero after the attack you conquer it basically so it becomes your starbase your ships can dock there you can do upgrades on it you can do everything a starbase can do everything that's at least available at that level of starbase in that system so like local markets may not be available until certain starbase level."},{"start":"01:05:58","end":"01:06:14","text":"So that's really the like that that's the main territory control aspect the system itself is not owned until you upgrade that to level one so you do have to get it upgraded right if you blow up a tier zero it becomes a tier zero of yours."},{"start":"01:06:15","end":"01:06:25","text":"Yeah I think that's that's the main things to have to do with there so there's a lot of strategy involved of do you attack the starbase and while the other ships are attacking you do you like come in and try to strike it real quick."},{"start":"01:06:25","end":"01:06:54","text":"Doing all those sorts of actions the other part about this is repair ships so repair ships can target ships or star bases and they choose to say but that's basically what you do to repair you can pay toolkits to repair a ship in space or repair starbase it adds to basically a pending pool so if you've ever played I think it's the devil is a good example here where you take a potion it says okay your health's going to go up to here but you heal at a rate the same thing happens with the starbase and the starbase and the starbase is the same thing."},{"start":"01:06:55","end":"01:07:04","text":"So you it's not like an instant repair that you can just like dump a ton of repair on it has to repair over time but it has a repair value that's going to go up to."},{"start":"01:07:06","end":"01:07:12","text":"So you can out damage a starbase is possible repairs if you have enough ships right or out damage of lead as well."},{"start":"01:07:15","end":"01:07:23","text":"Another cool part about this if someone if the if another faction is upgrading from tier zero to tier one and you blow up the tier zero you get a portion of that upgrade."},{"start":"01:07:23","end":"01:07:33","text":"So if they're like 99% you blow them up you might get 80 you you you conquer it and you have 80% upgrade progress so it comes a lot cheaper for you."},{"start":"01:07:36","end":"01:07:47","text":"Anything else here did you mention what happens when a when a starbase is basically when it changes hands to the resources that are in there."},{"start":"01:07:47","end":"01:08:05","text":"Oh yeah when the starbase changes hands any resources that are within that starbase are burnt so local markets crafting any any storage all that's burnt so I'm really looking forward to see the local market prices as a starbase is about to blow up."},{"start":"01:08:07","end":"01:08:14","text":"So see those ships that come in to try to get the super cheap prices and get out before they get blown up themselves right that's going to be super cool to watch."},{"start":"01:08:14","end":"01:08:38","text":"So yeah protect your starbase is not just for the resources on I'm realizing here in our agenda we don't actually have any coverage specifically of the implication of starbase tiers and the features that that unlocks and the benefits that a faction receives for having a leveled up starbase."},{"start":"01:08:38","end":"01:09:01","text":"I might also take an opportunity just to confirm here that any of the starbase upgrades that exist in starbase within those regions now the map is expanding as you guys have seen but for any of those starbase upgrades that have taken place in starbase those will persist through into C4 so you will actually receive those benefits."},{"start":"01:09:01","end":"01:09:11","text":"So I think that's the benefit of the benefits bread or Danny can one of you guys maybe speak to just some of the benefits that you get by having a leveled up starbase."},{"start":"01:09:11","end":"01:09:14","text":"Yeah so one of the things."},{"start":"01:09:14","end":"01:09:30","text":"Brett just quick I have one of the things I wanted to mention there is part of the owning a region is owning all the core systems and I was actually talking with fun cracker just a little bit ago but about the amount of systems."},{"start":"01:09:30","end":"01:09:54","text":"I think I would like to come back to what the system is blowing insanely what we're talking about and this isn't totally fine but I think everyone's kind of aligned with this is even within a region there's there's a few core systems but we want to make one which I'm just calling a king system right now and that's where the local market."},{"start":"01:09:54","end":"01:10:04","text":"And we're going to test it to see if that works, but the point is to not dilute to every single system and every starbase has its own local market."},{"start":"01:10:04","end":"01:10:12","text":"So you still want to like, you know, stay within close contact with that one king system that is also a core system."},{"start":"01:10:12","end":"01:10:20","text":"And that's the one I'm thinking will also trans for over from current star bases and then you own that one."},{"start":"01:10:20","end":"01:10:25","text":"Of course, there's more regions per faction."},{"start":"01:10:25","end":"01:10:34","text":"So there's new totally neutral ones, but the ones that currently are there trans for over and you'll get the king system with the local market."},{"start":"01:10:34","end":"01:10:37","text":"So that's all I want to say."},{"start":"01:10:37","end":"01:10:43","text":"Yeah, and this is all dynamic as well. It's going to be very easy for us to say we have an increase in number of players."},{"start":"01:10:43","end":"01:10:46","text":"We need more local markets because we're not too worried about liquidity anymore."},{"start":"01:10:46","end":"01:10:53","text":"We can create we can add more local market systems, right? We can we can change a lot of this on the fly as well."},{"start":"01:10:53","end":"01:11:00","text":"So on the on the benefits of grading starbase, there's LP benefits. I think Chris is still having those numbers out."},{"start":"01:11:00","end":"01:11:05","text":"I don't want to step on him there because it's not finalized."},{"start":"01:11:05","end":"01:11:19","text":"But you do unlock the the local markets and you also unlock either a referring fee on the on the warplanes."},{"start":"01:11:19","end":"01:11:23","text":"So if you leave from a higher level star base, it's less expensive."},{"start":"01:11:23","end":"01:11:33","text":"And then you also get more claim stake and crafting have plots as the star base levels up and unlocking even more tiers as well."},{"start":"01:11:33","end":"01:11:38","text":"I believe Danny you had a few of those that were like zero until they get a certain level."},{"start":"01:11:38","end":"01:11:48","text":"So it's quite a bit that you get by upgrading a star base."},{"start":"01:11:48","end":"01:11:57","text":"I think this is all that you had that you were going to add and then we can transition to next see."},{"start":"01:11:57","end":"01:12:01","text":"You also get the higher stat block, right? So as you upgrade the star base, you get."},{"start":"01:12:01","end":"01:12:06","text":"Okay, I've leveled from level three to level four. Now you get the higher stat block. It's more defended, right?"},{"start":"01:12:06","end":"01:12:13","text":"It takes much harder to crack larger surveys."},{"start":"01:12:13","end":"01:12:24","text":"Cool. I think it's a good transition into we're only at the first sea of C4 by the way, but we can go to claim stakes now and how that's going to work."},{"start":"01:12:27","end":"01:12:31","text":"Yeah."},{"start":"01:12:31","end":"01:12:46","text":"Yeah, next tool is is claim stakes and this one was done by Joseph. It's not fully done, but you can definitely see a lot of how it works."},{"start":"01:12:46","end":"01:12:59","text":"And like like I was saying, you know, you own the star base. Now you're unlocking plots across that system plots, crust, the whole region, I guess."},{"start":"01:12:59","end":"01:13:03","text":"Yeah, no, no, the service system. Yeah."},{"start":"01:13:03","end":"01:13:10","text":"It's it's within the system and then you still have to own the region though to even start that."},{"start":"01:13:10","end":"01:13:25","text":"So, so yeah, this is kind of what it's going to be like. You have all these different planets and these different claim, well, claim stakes that, you know, unlock different things on different planets."},{"start":"01:13:25","end":"01:13:41","text":"And you can see like what resources are available and like slots and and tier and all that and the types of buildings that can be built on that particular claim stake."},{"start":"01:13:41","end":"01:13:49","text":"So the simulator actually lets you play through it. So you purchase that claim stake and then it starts producing."},{"start":"01:13:49","end":"01:14:00","text":"Again, we're still refining all these numbers and resources that are actually being extracted during this process."},{"start":"01:14:00","end":"01:14:08","text":"But nice to have a simulator where you can go in and and build these out currently."},{"start":"01:14:08","end":"01:14:16","text":"I wanted to build this. It would cost 50 steel and 25 electronics, but I don't have that."},{"start":"01:14:16","end":"01:14:26","text":"And that's what the, you know, we have the feature that you just like give yourself that so you can build it, but it's not currently in right now."},{"start":"01:14:26","end":"01:14:35","text":"So you just kind of take a look at like what it produces, what it consumes and then what it would cost to build and the different upgrades as well."},{"start":"01:14:35","end":"01:14:46","text":"So there are a ton of buildings and a ton of things that can be crafted."},{"start":"01:14:46","end":"01:14:54","text":"And the biggest thing with claim stakes is the auto crafting. So as long as you're in a safe region, you can basically set it and forget it."},{"start":"01:14:54","end":"01:14:58","text":"At a certain point becomes sustainable."},{"start":"01:14:58","end":"01:15:08","text":"But yeah, you're going to want to keep these safe because pretty just destructive if you lose that starbase."},{"start":"01:15:08","end":"01:15:21","text":"Yeah, that's just kind of a quick overview. As you can see, the different things that would be producing for this particular claim stake."},{"start":"01:15:21","end":"01:15:32","text":"And then just kind of, you know, in the, at some point we do want to make this available so people can theory craft all the different things you can do."},{"start":"01:15:32","end":"01:15:41","text":"But we want to get everything nailed down. So there's a lot of craft recipes that are still in progress."},{"start":"01:15:41","end":"01:15:48","text":"So it's not ready to send out yet. Unfortunately, anything else you want to go over?"},{"start":"01:15:48","end":"01:16:10","text":"Probably worth mentioning here. And Chris, you're out there in the audience. If you feel free to jump up on stage, if you'd like to comment on any of these, any of the economic design elements, but worth noting that if a starbase in region is captured, any of the claim stakes within that region are effectively destroyed as well."},{"start":"01:16:10","end":"01:16:23","text":"Now all of the buildings and structures that you place on the claim stake will be destroyed. The claim stakes themselves will be returned to Brett, maybe correct me if I'm wrong here, but go back to the CSS."},{"start":"01:16:23","end":"01:16:31","text":"So you do not lose your claim stake, but any of the effort and resources that you put into constructing that claim stake will be destroyed."},{"start":"01:16:31","end":"01:16:33","text":"Yes, that's correct."},{"start":"01:16:33","end":"01:16:47","text":"So even more reason to protect regions and protect star bases because it's very likely that you have logistical operations established using claim stakes."},{"start":"01:16:47","end":"01:16:52","text":"And if that region is gone, that whole operation is gone as well."},{"start":"01:16:52","end":"01:17:05","text":"There's also ways you can lose even on a down level because basically each planet has a table of starbase level versus claim stake tier, have how many slots are available and assuming increase, right."},{"start":"01:17:05","end":"01:17:15","text":"So a tier one has 100 and a tier two has 200. If you are the number 102 and you're not too to, I'm sorry, a level two starbase has 200."},{"start":"01:17:15","end":"01:17:25","text":"So if you're number 102 and the starbase goes from level two to level one, then your claim stake is lost and that will return to the local starbase."},{"start":"01:17:25","end":"01:17:30","text":"It's it'll respond at the CSS if it's completely lost."},{"start":"01:17:30","end":"01:17:44","text":"Yeah, thank you. And then so on top of that, there are now the claim stakes also give you an option to Danny. I might have missed it if you covered this, but it's not only extracting resources, but you can have structures that auto craft various outputs."},{"start":"01:17:44","end":"01:18:01","text":"Not everything you will still need to go to star bases to craft certain components, but yeah, you'll have automation of crafting now with that crafting you don't have to pay crafting fees because you own the claim stake itself."},{"start":"01:18:01","end":"01:18:13","text":"You're not using the star base facility. So therefore you avoid that 7% fee. However, your claim stakes are subject to varying degrees of rent that you'll have to pay periodically."},{"start":"01:18:13","end":"01:18:24","text":"The rent is a function of the tier of the claim stake itself, as well as the tier of the star base that it's operating within anything you want to add to that."},{"start":"01:18:24","end":"01:18:36","text":"Yeah, I could start going down my list of all mechanics here as well. Jumping on me, but no, I'm just so excited."},{"start":"01:18:36","end":"01:18:44","text":"Yeah, so the like I'll just kind of go down this list here, but the claim stakes you put them on planets, right? So claim stakes go on planets."},{"start":"01:18:44","end":"01:18:56","text":"They're player own extraction and production facilities. So they there's a bunch of different mining drills that can mine resources from the planets running on planets richness, right? So planet as we saw earlier could have like Krypton or Rokin Hall."},{"start":"01:18:57","end":"01:19:10","text":"Richness and you build an extractor on that it'll get multiplied by that richness basically. So at 15 per second at Danny's showing there that the planet has two richness that would get 30 per second, for example, or if it has point five richness, it would have some point five per second."},{"start":"01:19:10","end":"01:19:20","text":"So and then you have production, which there's kind of two different outputs. There's an extractive output and then just normal output. So if you have like a farm that would have normal output of food or something like that."},{"start":"01:19:21","end":"01:19:25","text":"And then you can also have a negative input where like a power generator maybe needs to take fuel or something."},{"start":"01:19:26","end":"01:19:37","text":"So you're you kind of build up this balancing of all of your different stats. Anything that you're negative on, you need to supply the claim stake with by sending your ships down to supply things too. So like if you're"},{"start":"01:19:37","end":"01:19:50","text":"if you need to take fuel to power it, then you need to supply some fuel or there where he has consumes it takes 10 electromagnets and you're not locally producing those, then you need to deliver those to the claim stake, right, to keep functioning."},{"start":"01:19:51","end":"01:19:55","text":"So there's there's a ton of different resources in and outputs there."},{"start":"01:19:56","end":"01:20:06","text":"So there's a bunch of different stats as well that are not just resources. So there's power. You need to have certain buildings consume power, start building produce power."},{"start":"01:20:06","end":"01:20:16","text":"You need to stay positive or zero power, right, net neutral. So either building like solar farms or power generators or whatever else that take up a certain number of slots on the claims."},{"start":"01:20:17","end":"01:20:21","text":"The buildings take slots and you're depending on the size of your claim stake. You only have so many building slots, right."},{"start":"01:20:22","end":"01:20:28","text":"So like a solar panel may produce some power for free, but it takes more space than a gas generator or something like that."},{"start":"01:20:28","end":"01:20:43","text":"Then there's also crew number. So like your crew need places to live. So you got to build barracks, but also some things then take crew or maybe there's a low crew variant of a building that is a little less efficient, but takes no crew."},{"start":"01:20:44","end":"01:20:56","text":"Like there's a whole bunch of different trade-offs you're able to take in here. And there to be clear, I'm not saying what we're going to be launching with that's more dandy side of like what the designs are, but these are all things that can be done and can be added later as well."},{"start":"01:20:56","end":"01:21:04","text":"So the other part, so when you place your claim stake, you basically you put your claim stake, you claim that spot."},{"start":"01:21:05","end":"01:21:11","text":"And that that's like the initial point you have no buildings on it. It's not really doing anything. Then you go into the design phase where you can design."},{"start":"01:21:12","end":"01:21:19","text":"Add in buildings, track buildings, all of that and you can redesign it anytime. It takes some time for it to construct before it starts producing depending on how many changes you're making."},{"start":"01:21:19","end":"01:21:28","text":"But you can swap in buildings, swap out trade out for things, add more storage so it can store more before it has to be picked up or delivered. Right."},{"start":"01:21:29","end":"01:21:42","text":"There's a ton of different options you have there. It's meant to be like something you could spend a lot of time on designing out the perfect claim stake for all these things, especially on the tier five. So like there's going to be a ton of building slots on those that you're going to be."},{"start":"01:21:42","end":"01:21:50","text":"There's a ton of different ways you can design these out and suddenly we release any release that has more buildings and now you got to redo all that work. It's going to be great."},{"start":"01:21:52","end":"01:22:10","text":"Brett, can I can I just interrupt you for one second. I actually saw a comment from sauntie and I do think it's pretty important because there might be some impulse behavior taking place. We're going to mention this at the end of claim stakes, but there was a question on whether or not there that you can craft claim stakes. No, you will not be able to craft claim stakes."},{"start":"01:22:10","end":"01:22:23","text":"We're also not going to allow you to upgrade the tier of a claim stake. Of course, you can select the various tiers of buildings and structures that you place on there, but they will be confined to the amount of slots available."},{"start":"01:22:23","end":"01:22:36","text":"But I just want to mention here we are going to list and sell another tranche of claim stakes as we approach the release of C4 more on that release strategy later."},{"start":"01:22:36","end":"01:22:46","text":"But the recommendation is not to go out and purchase claim stakes at a premium right now because we will be introducing more inventory later."},{"start":"01:22:46","end":"01:22:56","text":"So that's a fair warning. Again, don't go purchase above origination price. We'll have another sale at some point in the not too distant future. Back to you."},{"start":"01:22:56","end":"01:23:09","text":"Yeah, so what do you do with all the resources and all the assumptions as I said your fleets have together. They fleets are going to basically be nursing these claim stakes to deliver and take resources back."},{"start":"01:23:09","end":"01:23:18","text":"And as these fleets are delivering things if you're not in a safe zone, you can be blown up. Right. So there's cargo ships that are picking up and delivering from claim stakes. You can blow them up."},{"start":"01:23:18","end":"01:23:31","text":"Attack wise though, you can't directly attack a claim stake. The real way to attack a claim stake is down leveling the starbase and that will kick the claim stake out. Right. So yeah, then."},{"start":"01:23:31","end":"01:23:39","text":"So the other part to talk about here is rent. So by having your claim stake on the planet, you will be having to pay rent to the doubt."},{"start":"01:23:39","end":"01:23:51","text":"The rent is based on as Michael was saying, the tier and of the claim stake and the level of the starbase each each planet has a different rent value like based on that table each planet can have a unique table."},{"start":"01:23:51","end":"01:23:58","text":"So you have to look at the specific planets and evaluate for yourself with the best place to put your claim stake is."},{"start":"01:23:59","end":"01:24:15","text":"If you run out, if you run out of rent, basically you're kind of supplying a bank of rent. If you run out of rent, you have a grace period, haven't decided how long that is yet, but there will be a grace period where your claim stake is not producing or act actively working, but you still hold the slot and you're not immediately evicted."},{"start":"01:24:15","end":"01:24:16","text":"Right."},{"start":"01:24:16","end":"01:24:30","text":"But if you have not played your a paid you were rent by the time the claim stake, but if you haven't paid your rent by the time your grace periods over, you can be evicted by someone else trying to take your spot."},{"start":"01:24:30","end":"01:24:37","text":"So the planets do have limited spots, right. So get a pay for your spot."},{"start":"01:24:37","end":"01:24:44","text":"I think that's all the major things on claim stakes for the other major questions on to that I missed."},{"start":"01:24:44","end":"01:25:00","text":"I think you covered pretty much everything, Brett. There's a lot just so people know next week at the brew on Wednesday, we will we'll have you Brett and formally inviting you to the stage."},{"start":"01:25:00","end":"01:25:08","text":"So we will cover C4 at that brew. And honestly, I think Bob just had me. Yeah, we'll need a couple of Bruce just to go over everything."},{"start":"01:25:08","end":"01:25:15","text":"But don't worry, like we will have team members joining the Bruce and replying to questions from you guys."},{"start":"01:25:15","end":"01:25:19","text":"I did see one about ship mining ship mining is still a thing. There are asteroids."},{"start":"01:25:19","end":"01:25:28","text":"This is another way to mine. I think I believe that the design is calling for like ship mine to be reduced quite a bit. Fighters now have other things to do besides mining."},{"start":"01:25:28","end":"01:25:37","text":"So there there is still asteroids out there. The other thing now is that you can mine asteroids at hostile areas if you can access them."},{"start":"01:25:37","end":"01:25:44","text":"That's up to you. You can take that risk. So."},{"start":"01:25:44","end":"01:25:55","text":"All right, we're at the second C now, so we can keep moving, Brett. If you want, we can get on crafting halves now."},{"start":"01:25:55","end":"01:26:03","text":"Crafting halves are very similar to claim stakes. They have a very similar building system, very similar rent system."},{"start":"01:26:03","end":"01:26:10","text":"They're just on a star based level. So you build crafting halves on star bases instead of on planets, like you do with claim stakes."},{"start":"01:26:10","end":"01:26:17","text":"And instead of extracting, they have crafting effects that allow you that adjust your crafting capabilities."},{"start":"01:26:17","end":"01:26:24","text":"So it's still the same slot system is just per star base. It's still the same rent system just on star base."},{"start":"01:26:24","end":"01:26:31","text":"And instead of extraction also there's no power because the star base for rights of power, so you don't have to worry about power generation."},{"start":"01:26:31","end":"01:26:39","text":"The main effect of a crafting habit is when you when you go into choose a craft, you can choose a crafting habit to use on that on that craft."},{"start":"01:26:39","end":"01:26:47","text":"So crafting halves can affect things like efficiency crew required new recipes,"},{"start":"01:26:47","end":"01:26:56","text":"fee reductions, things like that. So the real stats that you have to adjust are all of those things as well as capacity for the crafting have."},{"start":"01:26:56","end":"01:27:02","text":"So crafting have can only affect so many jobs at the same time. Right. So if you're crafting, so you need to build more storage."},{"start":"01:27:02","end":"01:27:09","text":"So you get to do that trade off of if you have a big crafting habit, you add more, you can add more storage or add more effects, right."},{"start":"01:27:09","end":"01:27:19","text":"And which one do you want. So you have a big trade off there and some effects may be negative, right. Like they go in both directions. You may take one negative effect and exchange for another effect. Right."},{"start":"01:27:19","end":"01:27:30","text":"It also can unlock new recipes may you may require certain buildings to even build a recipe like there's a special recipe that allows you to turn iron or into copper plates, something like that."},{"start":"01:27:30","end":"01:27:40","text":"If you have to have the alchemist building or something, right. So the recipes can be unlocked by certain, by certain buildings on crafting apps."},{"start":"01:27:40","end":"01:27:51","text":"Other than that, it's very similar to claim stakes. So it's, but it's has much more effect than we're spending time on here by changing up crafting."},{"start":"01:27:51","end":"01:28:01","text":"Crafting itself is like wildly different now with how many recipes there are and how much effects you can get out of just certain crafting facilities."},{"start":"01:28:01","end":"01:28:04","text":"So."},{"start":"01:28:07","end":"01:28:09","text":"Okay."},{"start":"01:28:09","end":"01:28:13","text":"Do we cover everything there? That was a speed run for crafting house."},{"start":"01:28:13","end":"01:28:18","text":"Yeah, they share a lot of stuff. They share a lot of code too, which is also very nice."},{"start":"01:28:18","end":"01:28:28","text":"Nice. Nice. Okay. We're moving. We're moving. And you guys are missing one last see, which is council rank."},{"start":"01:28:28","end":"01:28:32","text":"And we can get on council rank right now."},{"start":"01:28:32","end":"01:28:40","text":"Yeah. So council rank also encompasses research notes. That's what Danny has here of, of a to be to be designed. It's still in the design process."},{"start":"01:28:40","end":"01:28:50","text":"But council rank is kind of now the entire progression system for the game. So we've talked about it before being like for okay, you need certain rank to fly certain chips and all of that sort of thing."},{"start":"01:28:50","end":"01:29:02","text":"It's also applying to basically unlock everything across the game now. So it's you earn certain you are an XP in, in different categories like the have now."},{"start":"01:29:02","end":"01:29:13","text":"There's more categories that are also going to be showing up such as like mining and building. I think mining is already at building and combat or no combat was."},{"start":"01:29:13","end":"01:29:20","text":"I forget there's some other categories that are coming in with it. You also earn renown, which is your overall council rank here."},{"start":"01:29:20","end":"01:29:27","text":"So that and all of these points can be spent to unlock new research notes. So research notes can cost can have dependencies on each other."},{"start":"01:29:27","end":"01:29:40","text":"They can cost resources. They can cost renown or XP to be researched and they can unlock all of these things. So like buildings will be behind research notes ship configs will be behind research notes."},{"start":"01:29:40","end":"01:29:50","text":"Different tiers of claim stay you need to get to certain research node levels ship size can be behind is behind research nodes."},{"start":"01:29:50","end":"01:30:00","text":"How big of a ship you can pilot so piloting skill is behind research nodes. How many fleets you can have on a single account. That's behind a research node."},{"start":"01:30:00","end":"01:30:07","text":"All of these can be unlocked. Do want to cover that we all the XP you are getting."},{"start":"01:30:07","end":"01:30:18","text":"It will you will have access to majority of your stuff if you've been playing for a very long time. So don't worry too much there about starting out."},{"start":"01:30:18","end":"01:30:45","text":"We will Chris specifically and Garrett working through the mapping of XP but I'm glad you brought that up. I think it's important to emphasize people who are OGs who have been playing sage for you know since the beginning or even recently any of the XP that you get now both on the kind of global level as well as on the individual sub license level will carry over."},{"start":"01:30:45","end":"01:30:58","text":"The goal is to structure that in a way so that players who have been actively engaged in pre leveling do get the benefit of that and in most cases should be able to bring most of their assets into the game."},{"start":"01:30:58","end":"01:31:08","text":"We don't want to punish people that have been playing for a long time and prevent them from taking advantage of all the assets they own."},{"start":"01:31:08","end":"01:31:18","text":"And on rentals as well you'll you'll be able to form fleets that you can't fly. The limitation is on whether you can actually use those fleets right so you can still form the fleets and rent them out."},{"start":"01:31:18","end":"01:31:27","text":"So if you want to go by a Titan and you have no no account yet you can still build that Titan into a fleet and rent that out to other people that can fly a type for example."},{"start":"01:31:27","end":"01:31:36","text":"Which is huge which I mean not a such a big audience for us I mentioned it at the beginning but I think the fleet rental system over time given how much demand is there."},{"start":"01:31:36","end":"01:31:44","text":"We could see people come into the ecosystem just to buy a large quantity of game assets with the pure intent of renting it out to other players."},{"start":"01:31:44","end":"01:31:54","text":"This makes sure that they're not restricted from forming fleets within the game just from using them if they don't have the sufficient rank in game to do so."},{"start":"01:31:55","end":"01:31:58","text":"Yeah another big change here."},{"start":"01:31:58","end":"01:32:04","text":"We're introducing new scanning patterns is another thing that can be unlocked through the Council rank system and the research notes."},{"start":"01:32:04","end":"01:32:12","text":"So right now we just we basically have one scanning pattern and it has its own galactic winds map and everything that people have noticed."},{"start":"01:32:12","end":"01:32:16","text":"It has its own like basically loot table right."},{"start":"01:32:16","end":"01:32:21","text":"Oh Danny's leaking even more."},{"start":"01:32:21","end":"01:32:34","text":"But the it has it now we can have more scanning patterns with more with more types of loot that will be unlocked and takes different resources than just toolkits."},{"start":"01:32:34","end":"01:32:36","text":"Yeah food."},{"start":"01:32:36","end":"01:32:38","text":"We changed that so much."},{"start":"01:32:38","end":"01:32:48","text":"But there's going to be more scanning patterns different costs different maps behind them so there may be wildly different areas that you need to scan for certain things so."},{"start":"01:32:48","end":"01:32:51","text":"Scanning is going to become even more interesting."},{"start":"01:32:51","end":"01:32:54","text":"Nice."},{"start":"01:32:54","end":"01:32:55","text":"Nice."},{"start":"01:32:55","end":"01:33:04","text":"Yeah more scanning patterns for scanners that's actually in more loot for the runners as well."},{"start":"01:33:04","end":"01:33:19","text":"And the good news is if you're in a blockaded region which is effectively a safe zone you can still have those passively scanning in that region without fear of loss."},{"start":"01:33:19","end":"01:33:20","text":"True."},{"start":"01:33:20","end":"01:33:26","text":"The risk lower award right."},{"start":"01:33:26","end":"01:33:36","text":"So anything else on council rank anything we missed."},{"start":"01:33:36","end":"01:33:42","text":"Yeah I see one question on the cut yeah different cosmic currents depending on your scanning pattern so there'll be."},{"start":"01:33:42","end":"01:33:47","text":"It's not just one giant cosmic currents there's a bunch of different ones going on."},{"start":"01:33:47","end":"01:33:52","text":"I love it cosmic currents."},{"start":"01:33:52","end":"01:33:56","text":"Anything else Brett before we keep moving."},{"start":"01:33:56","end":"01:34:15","text":"One question on the border regions that I see to the if a region is safe enemy ships cannot enter it you need to take over region but the definition of a safe region is all regions neighboring are also owned by you right so you need to take over one of the region's neighboring it then you can go into that region."},{"start":"01:34:15","end":"01:34:22","text":"So we'll be clear on that."},{"start":"01:34:22","end":"01:34:28","text":"Michael I think we have an announcement to make are we."},{"start":"01:34:28","end":"01:34:57","text":"Big rudging Lee begrudging Lee but by popular demand given all of the changes that have taken place to data runners in star based recently as well as these up and coming features and enhancements to data runners as we get into C4 by popular demand and by request of the community we have decided to launch a sale of data runners so that will consist of both the Rangers and the Ray Femps right now for which we have primary inventory."},{"start":"01:34:57","end":"01:35:17","text":"We're going to be offering a 50% discount for both the limited time and limited quantities so right now data that data runner sale at 50% off will run to the earliest of either Monday of next week will probably dial in a specific time but I assume it'll be something like nine or 10 a.m."},{"start":"01:35:17","end":"01:35:41","text":"PST so that'll run through the weekend effectively the quantities are limited we have 280 Rangers on the market we have 400 Ray Femps that will be eligible for that 50% discount so if you've been holding out wanting to pick up a data runner or two that that discount is applied and live on the marketplace right now."},{"start":"01:35:41","end":"01:36:05","text":"Do we have the link there anyone maybe Dom or official link poster can link it in the chat so people can go check that out right now I think it's live already on the marketplace so yeah no I see someone asking for the card the on the garden is not the data runner this is Ray Femps and Rangers."},{"start":"01:36:06","end":"01:36:11","text":"So you guys can go check that out right now if you want."},{"start":"01:36:13","end":"01:36:14","text":"Okay."},{"start":"01:36:14","end":"01:36:29","text":"Yeah the only other data runner specialized ship is is the visa so pod but the opod right now is well was sold out many many years ago so this is primary market inventory from our team."},{"start":"01:36:29","end":"01:36:44","text":"So yeah sale is live right now limited time limited quantity so link has been posted on the minor on the announcements channel so you can go check that out."},{"start":"01:36:45","end":"01:36:58","text":"Should we keep moving here I think we want to cover a bit of the infrastructure improvements that we're making and then we can get on the c4 rollout approach."},{"start":"01:37:00","end":"01:37:12","text":"Yeah start talking a little bit about more of the back end technical type of stuff going on behind this so starcom has gone through a major rewrite to support c4 so especially with the"},{"start":"01:37:12","end":"01:37:41","text":"basically over 100 Xing of the amount of stuff going on in c4 we really need something that can support that so it's far more scalable now we written it in a different way now where we have basically like a database that kind of stores the current state and we initialize a bunch of servers off of that the servers are live listening to a stream of data that we have in those each of those servers is running a sequel light database internally and we have a lot of data that we have."},{"start":"01:37:41","end":"01:38:08","text":"Database internally so we can actually run some very complicated queries and it also changes our dev workflow from being where like starcom specifies here's all things that a client can request being the client says I want to request these things and we can starcom can effectively serve those requests much more easily so the client code becomes a lot simpler the starcom code just becomes how you need to write these queries the whole thing flows a lot better and it's already a lot."},{"start":"01:38:08","end":"01:38:37","text":"It's a lot easier to work in as we're building at c4 here so it should perform a ton better than the current starcom system there a lot more observability in there a lot more able to observe like able to see like oh this this was missed we can catch that we can compare like each each one of the client facing servers to the like main database and see where the issues are coming between the two so a lot we've had a lot of issues with observability that now we have now we're fixing so we're able to find these issues a lot more easily."},{"start":"01:38:38","end":"01:38:49","text":"It used to be a ton of work to still is a ton of work to trace any of those issues that live yet that's coming still working on that but it's coming with c4."},{"start":"01:38:50","end":"01:39:04","text":"Another big thing we talked about it a bit in like community developers channel but something we call starframe so if you know how programs are developed on slana the general system that's used is something called anchor or it's a library."},{"start":"01:39:04","end":"01:39:20","text":"Anchors great it works well we ended up with writing sage adding about three times as much code on top of anchors library of our own library stuff to get just sage working and so finally got to the point where we need to rewrite it like basically."},{"start":"01:39:20","end":"01:39:33","text":"Tara and anchor make her own thing that works a ton better for the start frame so it allows us to have much more complicated account structures much more complicated data going on we were we were able to get rid of a ton of like."},{"start":"01:39:34","end":"01:39:49","text":"Things that I bet people have noticed like redundant token accounts are done in cargo bots those are just gone now cargo bots are just in the fleet account if you're a developer probably don't want to deal with all of the token accounts that are all over the place and all the cargo bots it's it's a ton of work on our."},{"start":"01:39:50","end":"01:39:53","text":"Client and on our on our dev team to so."},{"start":"01:39:54","end":"01:40:05","text":"Now we're able to reduce all of that a lot of accounts have been merged so there's now just we can have lists of lists inside of accounts and are super fast access though a lot of development has been."},{"start":"01:40:06","end":"01:40:14","text":"Streamline like crazy we were basically able to rewrite sage with reference but able to rewrite all of the things we've done in sage over the past like year."},{"start":"01:40:14","end":"01:40:23","text":"In about a couple weeks right so star frame is a massive speed up for us and it's what's letting us do all of these things and see for that in this short amount of time."},{"start":"01:40:24","end":"01:40:32","text":"There's a lot of a lot of instructions are also heavily simplified due to that like a lot of things have gone from like 14 accounts to four like transferring cargo is no longer like."},{"start":"01:40:32","end":"01:40:41","text":"One of the different accounts just to transfer things reminding is not doesn't need to be split into two transactions were able to do that all in one and like intersections can press a ton more so it's going to be a lot easier."},{"start":"01:40:41","end":"01:40:51","text":"Ideal is also compatible now where it wasn't before like the there was a bunch there's a section missing that made it harder on like developers on slide everything so."},{"start":"01:40:52","end":"01:40:58","text":"We will that the ideal is now actually compatible you're able to read that it's becomes a lot easier to interact with."},{"start":"01:40:59","end":"01:41:06","text":"So another big thing that we've done is we've integrated something called coherent UI into our unreal workflow."},{"start":"01:41:06","end":"01:41:31","text":"And what that is is basically allows us to put web code as as like UI elements in unreal so there's actually quite a lot of UI sharing that is happening now between unreal and web that makes it a lot easier all over all over we can do a we make a lot more progress with a lot less work right so we're able to like right now there's components in unreal that are being pulled into the UI right now that are literally pointing to the same code."},{"start":"01:41:31","end":"01:41:39","text":"So makes it a lot easier on us it's it's very common to in the game industry to have something like that to do your UI and."},{"start":"01:41:40","end":"01:41:43","text":"So some big improvements coming."},{"start":"01:41:44","end":"01:41:47","text":"People are already seeing also better."},{"start":"01:41:48","end":"01:41:52","text":"Success with star comment transactions and everything so."},{"start":"01:41:53","end":"01:41:55","text":"I saw couple guys pointing that out in the chat."},{"start":"01:41:56","end":"01:42:05","text":"Yeah there's still work going on but the large portion of the team is working on these these big changes that are going to be coming out with C4."},{"start":"01:42:07","end":"01:42:10","text":"Nice nice."},{"start":"01:42:10","end":"01:42:18","text":"And we can get on the C4 rollout rollout approach on a bread or Michael who wants to cover it."},{"start":"01:42:19","end":"01:42:23","text":"So the committee can know how this is going to be faced out."},{"start":"01:42:24","end":"01:42:33","text":"Yeah I'm pretty straightforward we've we've touched on this but this is going to roll out initially as a PTR player test range or."},{"start":"01:42:34","end":"01:42:42","text":"We've also used player test realm but it's essentially a beta version of this that's going to be accessible to the community."},{"start":"01:42:43","end":"01:42:51","text":"To play test through without having any of the main net or you know live economic rewards while we go through that testing refinement polish."},{"start":"01:42:52","end":"01:43:01","text":"And gather feedback from players on how it's performing in functionality and any rebalancing requests that might exist in there so it's it's going to start."},{"start":"01:43:02","end":"01:43:11","text":"As a PTR we anticipate a couple of months of testing on that could be quicker could be longer just depends on how the play test goes."},{"start":"01:43:12","end":"01:43:34","text":"And from there it will roll out as a sage we're actually dropping the labs moniker from this once we get to see for we think it's at a state of maturity that we've evolved beyond the labs denotation and just moving direct into sage and that'll be in browser as as you access sage star based today."},{"start":"01:43:35","end":"01:43:53","text":"And then ultimately we'll be working over the course of the year on a full integration and feature parity in fleet command as well so if you prefer to access the sage feature set in a more immersive 3d environment and on relengine 5 you'll be able to do that as well."},{"start":"01:43:54","end":"01:44:07","text":"I think probably worth noting here and more to come on this later we won't share too much but this is going to be launching on our own dedicated network you guys have heard us refer to that is Atlas net."},{"start":"01:44:07","end":"01:44:17","text":"But if there's anything you'd like to expand upon with that list net and how this is going to launch initially as a C4 PTR happy to hear from you now."},{"start":"01:44:18","end":"01:44:37","text":"Yeah we're looking at this as a test where we can do like it's very similar to like the Blizzard concept of like start a deploy it try a whole bunch of different crazy numbers try a bunch of different ways of how things work see what works best see which areas people really like and improve on those areas that sort of thing."},{"start":"01:44:37","end":"01:44:47","text":"So it's meant to be as a big test there's a ton of changes of course I mean I saw a bunch of people worried about sort of changes and like this is why we released this as a PTR so we can try these things out see it."},{"start":"01:44:47","end":"01:44:50","text":"Hey this actually doesn't work when we have a lot of players so."},{"start":"01:44:52","end":"01:44:58","text":"Yeah it'll be fully on Atlas net full it'll be free so completely free for everybody to participate in."},{"start":"01:44:59","end":"01:45:20","text":"I think we probably still need to sort out how we'll be distributing assets to players on Atlas net for C4 PTR most likely just a fixed bundle of game assets I would think but it's possible that we could just replicate whatever assets you have on main net and bring those into this separate network as well."},{"start":"01:45:21","end":"01:45:24","text":"There are longer term."},{"start":"01:45:25","end":"01:45:49","text":"Yeah no worries just quickly here there are some longer term implications for Atlas net we had a discussion about this pretty early in the year but I won't share too much more about that we still have a long town hall ahead of us I'll just say we are already preparing for another big town hall and we'll be talking more about the future of Atlas net in that town hall the next one that's up in the next year."},{"start":"01:45:50","end":"01:46:02","text":"So this is also going to give us a lot of data about the performance of that network itself and how we potentially utilize that going forward."},{"start":"01:46:03","end":"01:46:14","text":"And one question that we're asking is if they are going to need to migrate to a new game ID like it happened before I know if we have the answer already but so it's okay."},{"start":"01:46:14","end":"01:46:25","text":"We're not going to go too into detail on the actual release time as we get closer there we'll talk more about it but right now we're just just talking about the PTR which is free net so."},{"start":"01:46:26","end":"01:46:34","text":"Sounds good and but it absolutely will be a new game ID when we get to see for main that launch."},{"start":"01:46:34","end":"01:46:59","text":"Alright alright I think with that we covered everything see for related I think we will skip the Q&A at this town hall and we'll keep it for tomorrow at the conform and next week at the Atlas brew because we're literally just at one third of the town hall so we have to keep moving but."},{"start":"01:46:59","end":"01:47:04","text":"Brad man thank you so much for joining us on stage. Thanks for having me."},{"start":"01:47:04","end":"01:47:06","text":"It's always a pleasure to have you."},{"start":"01:47:06","end":"01:47:09","text":"A lot of fun. Have a good rest your town hall guys."},{"start":"01:47:09","end":"01:47:21","text":"Yeah thanks Brad incredible work on the engineering side I was going to say the same things Auntie Danny dropped is probably getting late for him but really appreciate him jumping up and sharing insights as well."},{"start":"01:47:22","end":"01:47:33","text":"Yes thank you Danny for joining as well and sharing all the all the dev tools there or the game design tools you guys got a real sneak peek behind the curtains."},{"start":"01:47:33","end":"01:47:47","text":"But Michael we have to keep moving I think this is a good moment for the audience to go grab a glass of water some beer whatever you want some snacks because we still have a star Atlas Stone whole we still have."},{"start":"01:47:47","end":"01:48:05","text":"At least one more hour I think so we'll keep going but the next thing that we will be talking about is our on rail engine five product and for that we want to get cheap though on stage and also Dominic Bain."},{"start":"01:48:07","end":"01:48:14","text":"Welcome fellas welcome to the stage chip how are you doing friend hello hello how are you sound."},{"start":"01:48:14","end":"01:48:28","text":"You sound good okay good yeah I'm I'm I'm I hadn't gotten my own full rundown of all the C4 stuff and I'm just blown away so like really really tough act to follow but I think I have some cool stuff to share today so."},{"start":"01:48:28","end":"01:48:43","text":"Yeah yeah nice nice I think people are saying that you sound a bit bad but it may be just I don't know if you're using the right mic but you still you still we can still understand."},{"start":"01:48:45","end":"01:48:47","text":"Let me double check my mic one sec."},{"start":"01:48:47","end":"01:49:16","text":"Yeah Dominic Bain how are you doing friends dude this town all this town was epic it's gonna be like is this the longest town all ever three hours probably going to be three hours for sure the longest town will ever yes my favorite my favorite thing about what was just happening is he said I don't I sound you were like he sound good everyone else was like man he sounds like scratch."},{"start":"01:49:17","end":"01:49:22","text":"It's always if I can understand what people are saying that's good enough for me you know."},{"start":"01:49:26","end":"01:49:42","text":"I'm just here to stream say I'm I'm tripped those assistant here I switched mics is it better oh yeah oh yeah way better okay yeah all right wait can anyone here chip."},{"start":"01:49:42","end":"01:49:47","text":"We should have to dry ran this all right all cool."},{"start":"01:49:50","end":"01:49:55","text":"Loud and clear chip though we can get home what is coming for you."},{"start":"01:49:59","end":"01:50:02","text":"All right we are we have an over to my segment or any other comments."},{"start":"01:50:02","end":"01:50:07","text":"Yeah I think we can we can get your segment."},{"start":"01:50:07","end":"01:50:30","text":"Yeah just want to briefly mention and we've said it before that we the velocity at which the UE team has been developing has significantly increased this year and we've we've opted for more higher cadence frequent release schedule with the with the caveat that we do take some times and maybe extend the releases out a month or so far there are a lot of things that we can do."},{"start":"01:50:32","end":"01:50:46","text":"We can't just go out just to accommodate chunkier features and what I want to do today is talk about our next major mid your release coming up in the coming months."},{"start":"01:50:46","end":"01:50:56","text":"I want to go through the scope and some something some just updates that we have planned so before I dive into that."},{"start":"01:50:56","end":"01:51:18","text":"The solution that this mid your release is going to be our next major strong push surrounding our multiplayer gameplays or our arena racing before we kind of recalibrate the latter half of the year and and put a lot more depth effort on fleek command so expect another big chunky update as you'll see."},{"start":"01:51:18","end":"01:51:37","text":"I'm polishing and updating arena and multiplayer and dedicated server support and then you'll see the team after this next mid your release start to really focus and show the love towards fleek command because you guys saw what's coming to see for we want to get fleek command caught up as quickly as possible so that's the strategy going into the rest of the year."},{"start":"01:51:37","end":"01:52:00","text":"I just wanted to lay that out there and the other thing I want to mention before we get into it is that what I'm about to talk about for mid your release is all it's all tentative it's all work and progress I don't don't take it all as gospel yet things can change in the next between now and and the release but we thought we might as well show it for you and get your excited so without further do let's hop into it."},{"start":"01:52:00","end":"01:52:29","text":"The first that I think the focus of this next mid your release is progression right now we have some pretty sticky pretty fun game modes we even have grassroots esports tournaments going on people are really enjoying our arena gameplay and but we want to we want to give players a reason to come back and a player and give players a sense of progression and a way to even kind of express the amount of time they put into the game and the way we're going to do that is what we're calling it."},{"start":"01:52:30","end":"01:52:46","text":"We're doing preseason character group rank so don't you go ahead and share your screen and and we have we want to show our current mockups for some of the UI elements that that show this progression."},{"start":"01:52:46","end":"01:52:49","text":"Give me a second to load their loading loading."},{"start":"01:52:56","end":"01:52:59","text":"Oh, Tom time for the joke."},{"start":"01:53:02","end":"01:53:07","text":"Oh he dropped he dropped I think he crashed I think he crashed. No way."},{"start":"01:53:07","end":"01:53:13","text":"Well, while Dom's wrestling with with that I'm just going to go ahead and start outlining what."},{"start":"01:53:13","end":"01:53:31","text":"The first one is the progress in the release so we have this concept of preseason character group rank and what that means is we're splitting up your your crew into character groups by species and gender so."},{"start":"01:53:32","end":"01:53:41","text":"For instance, high puna males or sogmean females or human males all the you will progress."},{"start":"01:53:42","end":"01:53:59","text":"Your character group ranks based on that category and the reason why we're doing that is because until we have the concept of on chain crew like individual crew progression we wanted to wait for you to kept like still we wanted to wait for you to still be able to progress."},{"start":"01:53:59","end":"01:54:19","text":"At the crew level and we didn't want to build out this whole that like server infrastructure that is like off chain that that is like a proxy for crew leveling up so what we're doing is we're using epic online services stats which limits it to like 1000 stats per account."},{"start":"01:54:19","end":"01:54:41","text":"And leveraging that so that you just level up the the human male track or the put not high put not female track as one collective group so if you if you play with a high put not female any of that any any of them that you own they will all XP that's earned while playing with them will go towards that track."},{"start":"01:54:41","end":"01:54:46","text":"So that's the that's the context of what preseason character group rank is there's going to be 20 levels."},{"start":"01:54:48","end":"01:55:05","text":"And you're going to and when you hit level 20 with a character group rank we're going to allow you to prestige it up to 10 times so you'll be able to reset the rank and I keep going and you'll be able to show your your prestige badge flare in game and we have mockup showing you what that looks like but waiting for down to get back in here."},{"start":"01:55:06","end":"01:55:11","text":"Yeah, just so because they are they are already posting crazy pictures on the."},{"start":"01:55:12","end":"01:55:15","text":"So I'm explain."},{"start":"01:55:16","end":"01:55:34","text":"Preseason character group rank 20 levels prestige prestige it up to 10 times you get and the way you're going to get XP is by playing matches on dedicated servers so we're going to allow you to boot up your own lobby go kill your friend a hundred times and get a bunch of XP where you're going to need it."},{"start":"01:55:35","end":"01:55:49","text":"You'll get in an official dedicated server match and kills weapon upgrades and gun game capturing a zone and zones depositing tags and surge all those will have XP events associated with them."},{"start":"01:55:50","end":"01:56:04","text":"And another cool thing is you'll be able to get bonus XP bait from different different avenues so rarity of your of the crew that you're currently playing with will matter and higher rarity will mean just."},{"start":"01:56:05","end":"01:56:20","text":"I mean higher XP rates you will also be able to do daily check ins and as you play consecutive days in a row you will build up a an XP boost streak."},{"start":"01:56:21","end":"01:56:30","text":"And then the season or any other ones and then as you prestige will also get more higher XP rates so so we have some XP boosts that we're planning for."},{"start":"01:56:30","end":"01:56:59","text":"Let's see but then I talked about character group rank now why do you want to why do you want to rank up like what's the point so there's a there's several things first we have this concept of your jet pack slots so you have a jet pack hands slot and a jet pack souls slot and then you have a shield or we're calling a booby slot so jet jet packs in our games are."},{"start":"01:57:00","end":"01:57:29","text":"They're called jetties shields are called boobies so you have a jetty soul slot a jetty palm slot and a booby slot you will be able to unlock different variants of those equipables as you level up a character group rank so as you hit say you hit level 10 and you unlock a new booby and you shield here we go I think we're online now okay we I see it's why I see it's why I'm going to step back and just talk about what you're seeing here so these are our current working progress mockups."},{"start":"01:57:30","end":"01:57:59","text":"You can see if you like at the top if you zoom in on that right there those are the prestige what our current working progress prestige player where we're we're going to use those up a bit and make them a bit popier when you as you get higher up and rank but you can see that you'll be able to showcase your your prestige and then the second number so that 1.10 is a prestige 1 rank 10 and character group rank 2 is prestige 2."},{"start":"01:58:00","end":"01:58:29","text":"10 goes all the way to rank 20 so and then zoom back out and go down a little bit dumb and then as you're as you're navigating through your your crew and your game you could you'll be able to see the the XP boost on the card there based on the rarity as well as so based on the rarity for stage you can see like plus 45% XP there and I think that's all going to show there can you zoom out and see if there's anything else."},{"start":"01:58:29","end":"01:58:57","text":"We want to talk about yeah let's go over to the end of match flow real quick so at the end of a match we also here's mockups on like okay I got a bunch of XP you know here we there's just going to be a really nice and sticky kind of end of match progression flow where you you get some nice animations you see what XP you get you see your progress towards the next group character group rank."},{"start":"01:58:57","end":"01:59:26","text":"So yeah really great job from our UI team there so and then what's neat about this page right here is we are planning for some on chain rewards based on your progression here what we're going to what the current plan is we're going to be setting thresholds for say we're leading towards total number of character group rank for stages and you'll be able to"},{"start":"01:59:26","end":"01:59:55","text":"hit thresholds for getting air dropped to your wallet coupacts we've been thinking about a I don't know if this changed but last I heard we're thinking about a different a different tier of crew pack or different type of crew pack for this for these rewards and we're also planning for a unreal engine specific resource and we're we're calling it internally the nano box."},{"start":"01:59:56","end":"02:00:22","text":"It's not goo but it's that black goo you see around the weapons spawners that's that's its own resource and that resource will be earned exclusively unreal book it will be used in recipes and see for so you can there's going to be some crossovers some economic crossovers between you again play and see for stage economy so that's exciting let's see."},{"start":"02:00:22","end":"02:00:51","text":"Okay so I show this up very exciting yeah i mean you ran over that one quickly but i'm really stoked both on the progression as well as this idea that there is an exotic resource that creates a crossover between gameplay of both stage and and our unrelangent client i think it's super cool it's a way to create the economic integration and again crossover between play i also think that it probably in a lot of ways."},{"start":"02:00:52","end":"02:01:11","text":"Encourages those players who have been engaged in say arena shooter matches earning this exotic resource to maybe purchase some some other ship assets or other you know claim stakes any of the other asset categories we have and start participating in c4 or fleet command maybe even in between matches."},{"start":"02:01:11","end":"02:01:19","text":"To can further enhance their ability to take advantage of that resource that they're earning."},{"start":"02:01:19","end":"02:01:37","text":"100% i mean it implications are huge here and just the cross pollination between you and say just something we haven't seen yet and it's something that is going to be extremely powerful tool for us as we build up content in both so yeah totally agreed."},{"start":"02:01:37","end":"02:01:47","text":"Dom right now is a good time to bring up the table i want to explain what the preseason group rank."},{"start":"02:01:47","end":"02:01:54","text":"Is what what the unlock schedule looks like."},{"start":"02:01:54","end":"02:02:09","text":"Let's do it. I think this will really help kind of solidify this nebulous concept into something more stable so start you so i'll explain it you start at level one right for say your human female track."},{"start":"02:02:09","end":"02:02:20","text":"And you start out we're switching to a loadout system where you have weapons lots so you have four weapons lots and imagine that a pistol takes up one slot a raw auto rifle takes up two slots."},{"start":"02:02:20","end":"02:02:30","text":"As sniper will take up four slots right but you don't have a sniper unlock it so you start out with just having a kinetic pistol in the auto rifle unlocked."},{"start":"02:02:30","end":"02:02:49","text":"And you use up three of those four slots and then at level two you unlock a starter grenade and now you can equip for human females in matches a starting grenade and now you're using all four of your weapons slots and then at level three and before we get to level three you already have default equipment so you have the basic."},{"start":"02:02:49","end":"02:03:09","text":"Jedi souls jedi jedi palms and bubble shield so essentially like what you are used to playing with now consider that default equipment okay and you're ready equipped that and those don't take up slots what what takes up weapon or from six lots are weapons and grenades."},{"start":"02:03:10","end":"02:03:21","text":"But you can only have one jedi soul equipped at any given time or one jedi palm equipped at any given time and i'll show that in game here in a second but level three you unlock a soul jade."},{"start":"02:03:21","end":"02:03:26","text":"We're calling it dasher and imagine that that allows you to."},{"start":"02:03:26","end":"02:03:47","text":"Dash and slide at for lower cost so you can dash and slide more often but maybe it has less less speed for hungry right so we're gonna work we want to do is want to create these variants that are have trade offs where you gain some you lose some we don't want to make it so that."},{"start":"02:03:47","end":"02:03:57","text":"We'll try to make a some that one isn't like dominant or better than the other so you can see just going all the down level 20 you could you continue to unlock weapons for your."},{"start":"02:03:57","end":"02:04:15","text":"Weapons slots you unlock different jetties bubbies and then at level 10 or not level where at level five you unlock two or weapons lots you have six and then at level 10 you have eight total so now you can probably you can equip that."},{"start":"02:04:15","end":"02:04:44","text":"You can equip those heavier weapons at once you have those like weapons slots now if players don't like this or we find that we have tournament rules you know don't mesh well with this we are making it a match setting to turn the system on and off so if we turn the system off players will start out with the default two weapons and there will be weapon pickups in in the arena and you can and it'll essentially play this the way it's."},{"start":"02:04:44","end":"02:05:08","text":"Now but in the context of turning this on will remove the weapon pickups on the map players will have their their starter weapon configs and then you pick up ammo for their weapons so if I have a shotgun in my config I don't start out with just 12 shots from a shotgun i'll have to go pick up the ammo and the ammo will respond on the arena."},{"start":"02:05:08","end":"02:05:21","text":"So we're currently turning this we're play testing it as of this week and it all get exciting because it played well with our current progression system we're laying out here."},{"start":"02:05:21","end":"02:05:37","text":"Okay so I think that's enough on this I hope that paints a better picture on like what it means to progress the character group rank the last thing I'll mention is when you prestige from level 20 get reset the back to level one you keep everything you've you unlocked."},{"start":"02:05:37","end":"02:05:58","text":"But you just reset your your level so you'll still have your sniper rifle unlocked for that group rank and well as we as we add more content new weapons new jetties things like that will add new drops to the prestige levels so maybe you will knock something new at prestige to rank five right."},{"start":"02:05:58","end":"02:06:00","text":"Okay."},{"start":"02:06:00","end":"02:06:03","text":"Chip take a breather for a second yeah go ahead."},{"start":"02:06:03","end":"02:06:20","text":"Yeah I just want to jump in I just want to jump in I'm I'm really really excited about this progression element I've played a bunch of looters shooters I mean division two and we all played destiny to fairly recently I guess it's been a little while now but."},{"start":"02:06:20","end":"02:06:49","text":"You know I think this this new mechanic and feature introduces it's kind of a separate track you from an esports style arena shooter gameplay where everyone is on level footing right and then you have more of the MMO style looter shooter where your progression in game actually contributes to your performance in some way and for a guy like me that needs to get good you know might not"},{"start":"02:06:49","end":"02:07:16","text":"be as good at clicking on heads I love the idea that I can build a loadout based on my progression and even customize my performance and specialize in different facets of gameplay that just that makes it makes me more competitive you know and I know that the time that I put into the game to leveling up is actually contributing to my success in these modes as well super exciting for me really stoked to see this."},{"start":"02:07:16","end":"02:07:45","text":"Yeah and and we're building the foundation for MMO still we're not like deviating extremely far and deciding we are now the next big arena shooter what we're still doing is building out our foundational game systems and with loadouts those will be used in our open world MMO elements but imagine that maybe arenas you you cap out at eight weapons lots but open world as you continue to level up your crew you can get like 30 weapons lots."},{"start":"02:07:46","end":"02:08:12","text":"But that's some that's like broken in an arena but in open world it feels great because you can carry around a lot more weapons right so that that's the direction we're going with and we're just continuing to build these foundational game systems while still creating you know compelling and repeatable and fun game experiences like now right with with the arena shooter so yeah a lot of exciting stuff with with with implementing these systems."},{"start":"02:08:12","end":"02:08:31","text":"Okay I'm going to keep pressing because I still got more to get through so we heard your feedback on on our scoreboards in our matches especially with recent tournaments and just wanted to show you guys that we are took a chance to redesign our scoreboards and this is what they're going to look like now in game."},{"start":"02:08:31","end":"02:09:00","text":"So now when you hold tab in game you'll have a translucent scoreboard overlay and it'll give you much more detailed up to date stats including all of the players on on the team and we're we'll also support an assist now and assist will get you XP so we're adding an assist system and they there you can see reverses blue team you'll see everybody on the same screen instead of stuck at top three players or."},{"start":"02:09:01","end":"02:09:30","text":"Only your team so yeah I think this will be a really welcomed a refinement to our distinct scoreboard system okay I think that's that's good there kudos to the UI team really great job on that okay let's see we talked about the the ammo pickups I think now is yeah the next the next thing I wanted to talk about yeah I want to do a live demo."},{"start":"02:09:31","end":"02:10:00","text":"So let me open up my on religion and I'm going to segue into just something I'm really excited about and some some of our Ventara playtesters could shout out to them they're really excited about they've got to they've been able to play test and sneak peek on one about the show you but what I'm talking about our current arena shooter one of our"},{"start":"02:10:00","end":"02:10:29","text":"one of our unique selling points is our movement right people really love the jetpacking the dashing the freedom that comes with just being able to hover over it right so we're leaning into that a bit more and we added some new mechanics for movement and I want to show okay so I'm sharing my screen now let me know if the screen quality is good let me just log into my dev wallet looks good looks good okay"},{"start":"02:10:30","end":"02:10:59","text":"all right so here I am with my crew member my trusty air bite let me just showcase real quick so just to kind of reinforce what I showed earlier here here you can see the new slots right and so this is still working progress I just have numbers there but you can see I can slot in different different puppies you know different souls so I'm going to give myself the runner souls which I'm pretty sure that gives me faster running speed"},{"start":"02:11:00","end":"02:11:29","text":"thirsty I'll let you guys see your craft on what that one does okay so I just want to show that real quick we're ready play testing be different jetty variants but I want to show you guys our new movement mechanics and we're leaning into momentum conservation momentum preservation so let me so once we load in here I want to showcase these"},{"start":"02:11:30","end":"02:11:44","text":"live demo alerts yeah I don't know why my last station is taking so long to load here classic oh my gosh I swear this didn't happen earlier let me go"},{"start":"02:11:44","end":"02:11:59","text":"classic that's it I'm probably gonna I'm probably gonna switch to the different level to load I think it's because I'm streaming is why I didn't practice streaming earlier"},{"start":"02:11:59","end":"02:12:21","text":"on sec it's all part of the town hall experience so good man all right getting back in one second I think if I get into the level first and then start streaming it'll be a bit more stable since a lot"},{"start":"02:12:21","end":"02:12:43","text":"happens when you first load into a level so that's my at least that's my suspicion it makes sense it does make sense wouldn't be a town hall with at least four crashes true I think everyone was on stream already crashed except Michael so far you will need to you"},{"start":"02:12:43","end":"02:13:13","text":"need to fulfill the prophecy Michael I'll be streaming my actual sage star based account at the end of the town hall we're at the half the town hall by the way okay please please don't crash I'm gonna share my screen now let's go all right you guys see my we're good we're"},{"start":"02:13:13","end":"02:13:43","text":"see okay I'm in a lot station all right so yeah I want to a couple things have changed mostly around a momentum graduation first thing up point out is well for the I'm like I'm running way faster because I got my runners on check that out I think I'm I don't know I think it's like 20 30% faster but anyways when you release hover now one of one of our polish items is you you get a bit of momentum"},{"start":"02:13:43","end":"02:14:01","text":"there at the end so you keep going upward and it just has a better feel and that's one of our smaller kind of refinements but I think one of our made bigger refinements is around slide and we we just completely rework the the impulse around slide so now it it's"},{"start":"02:14:01","end":"02:14:15","text":"very much faster and and just takes better just is much more fluid and and much more what you expect and the other thing we did was what's"},{"start":"02:14:15","end":"02:14:22","text":"sliding is the knees don't steer as much on the on the slope and you just continue in the direction of motion so like here"},{"start":"02:14:22","end":"02:14:39","text":"you saw that instead of the knees you know starting to steer me down the slope I just continue at an angle so sliding feels a lot better feels a lot more fluid and there there will be"},{"start":"02:14:39","end":"02:14:52","text":"jetty variants that you know enhancer slight in ways but another thing we added is bunny hopping so you can see here now I'm able to keep that momentum"},{"start":"02:14:55","end":"02:15:04","text":"with jumping before you would slow down immediately but now I'm keeping some of my momentum with each bunny hop so it's really fun and then here's this other"},{"start":"02:15:04","end":"02:15:14","text":"interesting thing is I can farm momentum by doing a bunch of slide cancels which is intentional so we anticipate players that are really into the movement they're"},{"start":"02:15:14","end":"02:15:34","text":"going to be playing and having a you know having a time with with with some hands movement preservation or momentum preservation so yeah yeah high level recap just better feel with ending hover and and jetty boost"},{"start":"02:15:35","end":"02:15:44","text":"and then sliding is improved and then bunny hopping was added so yeah that's live demo I wanted to showcase there"},{"start":"02:15:46","end":"02:15:52","text":"okay let's get back into the rest of the July updates"},{"start":"02:15:54","end":"02:16:03","text":"okay uh okay yeah um we're also working on persistent regional dedicated server lobbies so and those"},{"start":"02:16:03","end":"02:16:10","text":"are going to be the ones that are XP enabled and with those so they we will have game modes rotating on a"},{"start":"02:16:10","end":"02:16:19","text":"weekly basis we'll call those like spotlight game modes we're integrating easy amputee and actually I think easy"},{"start":"02:16:19","end":"02:16:25","text":"and to shoot was already enabled in the build I was just showing casing now so we're pretty I think we're we're we have it"},{"start":"02:16:25","end":"02:16:36","text":"integrated if not we're really close next bullet item spectator mode so we heard you we we love the the grassroots esports"},{"start":"02:16:36","end":"02:16:44","text":"tournaments that are emerging from the community and we want to prioritize spectator mode in our next release so we're we're"},{"start":"02:16:44","end":"02:16:52","text":"working on that we're going to get it in we're going and we're going to make it so that the cameraman can can really follow along with with the action"},{"start":"02:16:53","end":"02:17:00","text":"um so that's a big feature that we're we're adding next what piezoos arena we're going to take that to a"},{"start":"02:17:00","end":"02:17:05","text":"hundred percent so right now consider it 80 percent we're gonna we're gonna add that last 20 bit of"},{"start":"02:17:05","end":"02:17:13","text":"polish things like the crowds gonna throw like little confetti and and like trash at you so there's"},{"start":"02:17:13","end":"02:17:17","text":"going to be like you're gonna see you're gonna see like things raining from the crowds kind of like"},{"start":"02:17:17","end":"02:17:22","text":"an actual gladiator arena you're gonna see moss vegetation on the walls you can see scum in the water"},{"start":"02:17:22","end":"02:17:28","text":"you're gonna see um you're gonna hear waterfall sounds outside and fly by sounds from the from the"},{"start":"02:17:28","end":"02:17:36","text":"ships that are flying around in the um up in the atmosphere uh better transition between like outside"},{"start":"02:17:36","end":"02:17:42","text":"sounds versus inside crowd-changing sounds um but just a general polish pass because what we want to do"},{"start":"02:17:42","end":"02:17:48","text":"is we want to show off to what level of fidelity we can we can really build our environments so um"},{"start":"02:17:48","end":"02:17:53","text":"we're prioritizing piezoos arena the you know as Dalmatto say the instant classic we're gonna get"},{"start":"02:17:53","end":"02:18:00","text":"that to show it to show an all its glory um the other thing we're doing is we're replacing track B"},{"start":"02:18:00","end":"02:18:09","text":"with a fully brand new track called x and 8 um and it's gonna be it's gonna be sobbing themed and um"},{"start":"02:18:09","end":"02:18:14","text":"we're ready in play testing an early block out of it now so really excited about that"},{"start":"02:18:14","end":"02:18:21","text":"main menu refresh so we're we're gonna be refreshing the salt flats background scene with a with an"},{"start":"02:18:21","end":"02:18:27","text":"updated um more visually compelling scene and we're also gonna be re-styling some of the UI"},{"start":"02:18:29","end":"02:18:34","text":"and then uh joystick gamepad support so we got most of the way there with our last release but"},{"start":"02:18:34","end":"02:18:40","text":"we're still not 100% we we recognize that you know some of you that tried hooking up your your"},{"start":"02:18:40","end":"02:18:46","text":"your hotel's um you know our joysticks it wasn't fully compatible yet so we're working on that"},{"start":"02:18:46","end":"02:18:53","text":"we're we made significant progress and with that we want to show off um just a demo of it"},{"start":"02:18:53","end":"02:19:00","text":"working already so go ahead and and play the brad's clip. Good legend."},{"start":"02:19:01","end":"02:19:14","text":"so kudos to brad for uh for recording this for us after that but yeah this is the same"},{"start":"02:19:15","end":"02:19:25","text":"playing the latest on his own uh setup."},{"start":"02:19:31","end":"02:19:33","text":"right on. oh really cool to see."},{"start":"02:19:34","end":"02:19:40","text":"very cool yeah and then uh yeah thank you brad for for that and thank you in advance for this"},{"start":"02:19:40","end":"02:19:45","text":"next video we're gonna show but let me let me preface it by saying that um you guys love what we're"},{"start":"02:19:45","end":"02:19:54","text":"doing in galea especially with the with the mining gameplay so um we decided we want to we want to"},{"start":"02:19:54","end":"02:20:01","text":"prototype and lean into another career path so we've been spending some time on our scanning gameplay"},{"start":"02:20:01","end":"02:20:08","text":"in galea and um what we've done is we prototype this concept of scanning while you're subwarping and"},{"start":"02:20:08","end":"02:20:15","text":"finding a you know a a signal and what can happen when you find that signal and investigate so go"},{"start":"02:20:15","end":"02:20:23","text":"ahead and play uh the video and can you raise the volume on it if possible"},{"start":"02:20:26","end":"02:20:33","text":"that's still loud as it could be right okay so brad just scanned um in scanning mode in subwarp"},{"start":"02:20:33","end":"02:20:39","text":"and he found a uh a distress signal and he's approaching it as we speak as it got closer we we"},{"start":"02:20:39","end":"02:20:44","text":"got more details and it looks like the assistance is required"},{"start":"02:21:40","end":"02:21:40","text":"you"},{"start":"02:21:51","end":"02:21:51","text":"you"},{"start":"02:22:09","end":"02:22:11","text":"you"},{"start":"02:22:39","end":"02:22:41","text":"super generous"},{"start":"02:22:41","end":"02:23:04","text":"yeah big shout out to Brad he put this whole prototype together himself and not only is"},{"start":"02:23:04","end":"02:23:11","text":"an excellent prototype for he's a comedian because he I think he wrote all of that text and the script and"},{"start":"02:23:11","end":"02:23:20","text":"voice acted it himself. So yeah, W's and Chafer Brad that amazing work there. So you can see where we're going, we're"},{"start":"02:23:20","end":"02:23:30","text":"prototyping, scanning, but also random encounters and different mini-quest you can engage within and"},{"start":"02:23:30","end":"02:23:32","text":"That's just one of the ones he's done."},{"start":"02:23:32","end":"02:23:35","text":"I think we have several other things already created."},{"start":"02:23:35","end":"02:23:37","text":"So we want to get these in for the next release"},{"start":"02:23:37","end":"02:23:40","text":"so that you can play us and have fun with them."},{"start":"02:23:40","end":"02:23:42","text":"Chip, the burning question though,"},{"start":"02:23:42","end":"02:23:45","text":"is what is the credit to Atlas exchange rate?"},{"start":"02:23:46","end":"02:23:49","text":"6.5 to one."},{"start":"02:23:51","end":"02:23:52","text":"We won't over commit here."},{"start":"02:23:52","end":"02:23:54","text":"Oh, 6.5 Atlas, okay."},{"start":"02:23:54","end":"02:23:55","text":"So that was the score."},{"start":"02:23:55","end":"02:23:57","text":"Yeah, super generous."},{"start":"02:23:57","end":"02:24:00","text":"All right, I think that's it for my segment."},{"start":"02:24:01","end":"02:24:03","text":"Yeah, a lot planned for this upcoming release."},{"start":"02:24:03","end":"02:24:07","text":"I'm really excited to get this in the hands of the community"},{"start":"02:24:07","end":"02:24:10","text":"and the players, but I hope you guys are excited as I am"},{"start":"02:24:10","end":"02:24:13","text":"because we got really great momentum"},{"start":"02:24:13","end":"02:24:16","text":"and the UE, the dev team is killing it,"},{"start":"02:24:16","end":"02:24:21","text":"so we're continuing to press and just deliver."},{"start":"02:24:23","end":"02:24:25","text":"So thanks for having me, guys."},{"start":"02:24:25","end":"02:24:26","text":"I think that's it for me."},{"start":"02:24:26","end":"02:24:28","text":"Good stuff, Chip."},{"start":"02:24:28","end":"02:24:29","text":"Fantastic."},{"start":"02:24:29","end":"02:24:31","text":"Chip, thanks for coming up and sharing all of that"},{"start":"02:24:31","end":"02:24:34","text":"and a lot of exciting updates coming here."},{"start":"02:24:34","end":"02:24:38","text":"You guys are absolutely crushing it on the product side."},{"start":"02:24:38","end":"02:24:42","text":"And we announced it,"},{"start":"02:24:43","end":"02:24:45","text":"which is, I don't even remember how long ago,"},{"start":"02:24:45","end":"02:24:49","text":"many months ago, but moving you over into that VP"},{"start":"02:24:49","end":"02:24:53","text":"of game production role was a great transition"},{"start":"02:24:53","end":"02:24:55","text":"and you've done a great job leading that team, man."},{"start":"02:24:55","end":"02:24:57","text":"Well done."},{"start":"02:24:57","end":"02:24:58","text":"Appreciate it, thanks, guys."},{"start":"02:24:58","end":"02:24:59","text":"All right, well, good luck to the rest of town,"},{"start":"02:24:59","end":"02:25:01","text":"how we're two thirds of the way through."},{"start":"02:25:01","end":"02:25:04","text":"So, how about now, cheers."},{"start":"02:25:04","end":"02:25:05","text":"Thank you, Chip."},{"start":"02:25:05","end":"02:25:06","text":"Crushin' it, man."},{"start":"02:25:06","end":"02:25:08","text":"Dull is in the chat for Chip, everyone."},{"start":"02:25:08","end":"02:25:09","text":"W is in the chat for Chip."},{"start":"02:25:10","end":"02:25:11","text":"The legend."},{"start":"02:25:13","end":"02:25:15","text":"Oh, swag, man."},{"start":"02:25:15","end":"02:25:16","text":"We're still going."},{"start":"02:25:16","end":"02:25:17","text":"We're still going."},{"start":"02:25:18","end":"02:25:21","text":"Yeah, I think it's only an hour and a half left."},{"start":"02:25:22","end":"02:25:22","text":"Yes."},{"start":"02:25:22","end":"02:25:26","text":"But yeah, if you made it to this part, guys,"},{"start":"02:25:26","end":"02:25:28","text":"you want to be disappointed."},{"start":"02:25:28","end":"02:25:29","text":"Let me tell you that."},{"start":"02:25:29","end":"02:25:31","text":"You want to be disappointed."},{"start":"02:25:31","end":"02:25:33","text":"Because we are now moving"},{"start":"02:25:34","end":"02:25:36","text":"into the last part of this town hall,"},{"start":"02:25:36","end":"02:25:39","text":"which is about Holosim."},{"start":"02:25:40","end":"02:25:44","text":"So, we, I think, Michael,"},{"start":"02:25:44","end":"02:25:45","text":"for the people that have no idea,"},{"start":"02:25:45","end":"02:25:48","text":"I think we probably need to preface a little bit"},{"start":"02:25:48","end":"02:25:50","text":"what Holosim is and what is it about?"},{"start":"02:25:53","end":"02:25:55","text":"Yeah, I mean, people have heard us talking about this,"},{"start":"02:25:55","end":"02:25:57","text":"if you're a member of the community,"},{"start":"02:25:57","end":"02:25:58","text":"we've kind of teased a little bit of it."},{"start":"02:25:58","end":"02:26:01","text":"I think we've shared some screenshots."},{"start":"02:26:02","end":"02:26:05","text":"But obviously we've revealed the name previously,"},{"start":"02:26:05","end":"02:26:10","text":"but Holosim is our full free to play"},{"start":"02:26:10","end":"02:26:14","text":"simulated universe implementation of the Sage feature set."},{"start":"02:26:14","end":"02:26:17","text":"Now, we have a demo for you guys today,"},{"start":"02:26:17","end":"02:26:21","text":"and so there will, you will actually get to see"},{"start":"02:26:21","end":"02:26:23","text":"some of the stark differences"},{"start":"02:26:23","end":"02:26:27","text":"that are already integrated into this Holosim product."},{"start":"02:26:27","end":"02:26:32","text":"But I noted at the very start of the town hall"},{"start":"02:26:32","end":"02:26:35","text":"that we had a corporate wide objectives and goals"},{"start":"02:26:35","end":"02:26:36","text":"that we wanted to accomplish this year."},{"start":"02:26:36","end":"02:26:41","text":"And by and large, many of those were tailored towards"},{"start":"02:26:41","end":"02:26:43","text":"reducing the barrier to entry,"},{"start":"02:26:43","end":"02:26:45","text":"simplifying the onboarding experience"},{"start":"02:26:45","end":"02:26:48","text":"and really trying to achieve and target"},{"start":"02:26:48","end":"02:26:52","text":"casting a wide net and building this large top of funnel"},{"start":"02:26:52","end":"02:26:56","text":"to user acquisition pipeline for Star Atlas."},{"start":"02:26:56","end":"02:27:00","text":"Now, internally we've kind of had this theme"},{"start":"02:27:00","end":"02:27:03","text":"of breaking out of the echo chamber,"},{"start":"02:27:03","end":"02:27:05","text":"one of the challenges that we've faced over the years."},{"start":"02:27:05","end":"02:27:09","text":"And I will attribute a good portion of this"},{"start":"02:27:09","end":"02:27:12","text":"to just market dynamics that we're all navigating here"},{"start":"02:27:12","end":"02:27:15","text":"as we build towards a more mature product"},{"start":"02:27:15","end":"02:27:18","text":"that will be attractive to an audience"},{"start":"02:27:18","end":"02:27:21","text":"outside of this native Web3 crypto user."},{"start":"02:27:23","end":"02:27:28","text":"And I say that and we genuinely love you guys,"},{"start":"02:27:28","end":"02:27:30","text":"our community, well, most of you guys,"},{"start":"02:27:30","end":"02:27:35","text":"but joking, of course."},{"start":"02:27:35","end":"02:27:39","text":"But in order for us to achieve success"},{"start":"02:27:39","end":"02:27:44","text":"and to truly see the fruits of all of the labor here,"},{"start":"02:27:44","end":"02:27:48","text":"blossom, it's important for us to grow the user base,"},{"start":"02:27:48","end":"02:27:50","text":"the community, the ecosystem substantially."},{"start":"02:27:51","end":"02:27:53","text":"Without going off on too far of a tangent here,"},{"start":"02:27:53","end":"02:27:56","text":"I see the total addressable market,"},{"start":"02:27:56","end":"02:28:00","text":"the TAM or potential audience for Star Atlas."},{"start":"02:28:00","end":"02:28:04","text":"Not like I don't benchmark it against any traditional"},{"start":"02:28:04","end":"02:28:06","text":"video game or even Web3 game,"},{"start":"02:28:06","end":"02:28:09","text":"I think with everything that we have to offer"},{"start":"02:28:09","end":"02:28:10","text":"and this idea of a cyber nation,"},{"start":"02:28:10","end":"02:28:13","text":"the global borderless digital economy"},{"start":"02:28:13","end":"02:28:15","text":"and real labor markets that exist,"},{"start":"02:28:15","end":"02:28:19","text":"I see this as being something that can attract"},{"start":"02:28:19","end":"02:28:22","text":"potentially hundreds of millions of participants"},{"start":"02:28:22","end":"02:28:22","text":"over time."},{"start":"02:28:22","end":"02:28:24","text":"That's a very ambitious goal and something"},{"start":"02:28:24","end":"02:28:27","text":"that would take quite a while to achieve,"},{"start":"02:28:27","end":"02:28:29","text":"but how do we make progress towards that?"},{"start":"02:28:29","end":"02:28:33","text":"And part of it is recognizing that something like Sage"},{"start":"02:28:33","end":"02:28:36","text":"is quite a challenging product to get into."},{"start":"02:28:36","end":"02:28:38","text":"It has a steep learning curve."},{"start":"02:28:38","end":"02:28:42","text":"It also has a pretty significant cost of entry"},{"start":"02:28:42","end":"02:28:43","text":"to get into."},{"start":"02:28:43","end":"02:28:47","text":"And alternatively, we have our very immersive"},{"start":"02:28:47","end":"02:28:49","text":"and relenging product that's still pretty early stage."},{"start":"02:28:49","end":"02:28:54","text":"And a major focus there was working on a core gameplay loop"},{"start":"02:28:54","end":"02:28:56","text":"or a couple of loops that really consist"},{"start":"02:28:56","end":"02:29:00","text":"of arena shooter and racing modules"},{"start":"02:29:00","end":"02:29:02","text":"that can create a deep level of engagement"},{"start":"02:29:02","end":"02:29:05","text":"and replayability and fun."},{"start":"02:29:05","end":"02:29:08","text":"But we also know where some of the things we're lacking"},{"start":"02:29:08","end":"02:29:11","text":"there are economic integrations and character progression."},{"start":"02:29:11","end":"02:29:13","text":"And as Chip just discussed,"},{"start":"02:29:13","end":"02:29:14","text":"those are a couple of the core features"},{"start":"02:29:14","end":"02:29:18","text":"that we're focused on going into mid-year here"},{"start":"02:29:18","end":"02:29:21","text":"for the next major release of that unrelentient client."},{"start":"02:29:21","end":"02:29:26","text":"But as we assess all of that and we think about our goals,"},{"start":"02:29:26","end":"02:29:28","text":"we kind of had the fortunate circumstance"},{"start":"02:29:28","end":"02:29:31","text":"of a free-to-play product getting developed."},{"start":"02:29:31","end":"02:29:34","text":"I do want to give a special mention here"},{"start":"02:29:34","end":"02:29:40","text":"to Jacob, our CTO and co-founder for largely vibe-coding"},{"start":"02:29:40","end":"02:29:44","text":"Apollo Sim on nights and weekends."},{"start":"02:29:44","end":"02:29:47","text":"I think he got the product 50 or 60%"},{"start":"02:29:47","end":"02:29:48","text":"of the way to where it is now."},{"start":"02:29:48","end":"02:29:51","text":"Now it's seen a significant amount of development"},{"start":"02:29:51","end":"02:29:55","text":"and contributions from people like Exco,"},{"start":"02:29:55","end":"02:29:59","text":"this John Reeve, Michael Cain, Jeff Wagner, Jos�,"},{"start":"02:29:59","end":"02:30:01","text":"all participating in polishing this out"},{"start":"02:30:01","end":"02:30:03","text":"and bringing it to where it is now."},{"start":"02:30:03","end":"02:30:08","text":"But I mentioned that specifically because as we've talked"},{"start":"02:30:08","end":"02:30:10","text":"about Apollo Sim, there have been some questions"},{"start":"02:30:10","end":"02:30:14","text":"about how many resources this is consuming from the team"},{"start":"02:30:14","end":"02:30:17","text":"and how much is it pulling away from some"},{"start":"02:30:17","end":"02:30:18","text":"of our other development efforts."},{"start":"02:30:18","end":"02:30:21","text":"And the reality is that this Holo Sim product"},{"start":"02:30:21","end":"02:30:25","text":"is actually required minimal resources"},{"start":"02:30:25","end":"02:30:27","text":"relative to everything else that we work on"},{"start":"02:30:27","end":"02:30:31","text":"and really proud of what the team has accomplished"},{"start":"02:30:31","end":"02:30:34","text":"with it already."},{"start":"02:30:34","end":"02:30:39","text":"But in essence, our product goals on Holo Sim"},{"start":"02:30:39","end":"02:30:41","text":"were first of all to create a fun experience."},{"start":"02:30:41","end":"02:30:45","text":"It is free to play, it doesn't require any capital investment."},{"start":"02:30:46","end":"02:30:48","text":"And we want to make sure that what we release here"},{"start":"02:30:48","end":"02:30:51","text":"is fun and engaging because it also doesn't have"},{"start":"02:30:51","end":"02:30:54","text":"the benefits of a live real cash economy."},{"start":"02:30:54","end":"02:30:58","text":"Like we have in Sage, for example."},{"start":"02:30:58","end":"02:31:00","text":"Fun experience was number one."},{"start":"02:31:01","end":"02:31:06","text":"We wanted, as I noted, a very low resource cost"},{"start":"02:31:06","end":"02:31:08","text":"from the team side so we can continue"},{"start":"02:31:08","end":"02:31:10","text":"to focus on our other major product lines"},{"start":"02:31:10","end":"02:31:12","text":"and feature releases."},{"start":"02:31:12","end":"02:31:15","text":"And importantly, we wanted to create"},{"start":"02:31:15","end":"02:31:18","text":"an experience that essentially created zero barrier"},{"start":"02:31:18","end":"02:31:20","text":"to entry for any new participant."},{"start":"02:31:20","end":"02:31:23","text":"And so in the case of Holo Sim, that means"},{"start":"02:31:23","end":"02:31:25","text":"that you're not burdened with creating a wallet."},{"start":"02:31:25","end":"02:31:28","text":"Although a wallet is technically created in the background,"},{"start":"02:31:28","end":"02:31:30","text":"it's in browser."},{"start":"02:31:32","end":"02:31:35","text":"But the user isn't exposed to that wallet creation process"},{"start":"02:31:35","end":"02:31:38","text":"because there's no asset requirement either,"},{"start":"02:31:38","end":"02:31:41","text":"which means we've eliminated the financial cost"},{"start":"02:31:41","end":"02:31:42","text":"of barrier to play."},{"start":"02:31:42","end":"02:31:47","text":"And then otherwise there's no user registration process"},{"start":"02:31:47","end":"02:31:48","text":"on this either."},{"start":"02:31:48","end":"02:31:51","text":"You simply go to the website, you go to the domain"},{"start":"02:31:51","end":"02:31:54","text":"and you're immediately ready to start playing."},{"start":"02:31:54","end":"02:31:58","text":"Now what we see this creating is a way for us to ultimately"},{"start":"02:31:58","end":"02:32:00","text":"start to expand and reach out to a mainstream user"},{"start":"02:32:00","end":"02:32:06","text":"or a web-to-user because we're eliminating those friction"},{"start":"02:32:06","end":"02:32:10","text":"points and we're also creating a fun free-to-play product"},{"start":"02:32:10","end":"02:32:13","text":"that we certainly hope is engaging."},{"start":"02:32:13","end":"02:32:17","text":"Now along the way, assuming we can capture this audience,"},{"start":"02:32:17","end":"02:32:21","text":"we've also integrated tutorial systems"},{"start":"02:32:21","end":"02:32:27","text":"and mission systems that really familiarize these new users"},{"start":"02:32:27","end":"02:32:29","text":"with the way that Sage works."},{"start":"02:32:29","end":"02:32:31","text":"Now we see an opportunity here to ultimately bridge"},{"start":"02:32:31","end":"02:32:34","text":"some of these free-to-play users into Sage"},{"start":"02:32:34","end":"02:32:38","text":"and into the live economy, but at least as a starting point,"},{"start":"02:32:38","end":"02:32:42","text":"we're teaching them how to play with really no risk whatsoever."},{"start":"02:32:42","end":"02:32:47","text":"So that will let them test all of the features of Sage"},{"start":"02:32:47","end":"02:32:49","text":"and again teach them how to play."},{"start":"02:32:49","end":"02:32:53","text":"Now in the meantime, we're also able to leverage this platform"},{"start":"02:32:53","end":"02:32:57","text":"as a way for us to introduce new mechanics and features"},{"start":"02:32:57","end":"02:33:01","text":"and test that out for ourselves and gather feedback on that."},{"start":"02:33:01","end":"02:33:04","text":"Now a lot of the systems that they're going to demo today"},{"start":"02:33:04","end":"02:33:09","text":"on the call, I am quite confident there will be demand for."},{"start":"02:33:09","end":"02:33:12","text":"I think immediately following this town hall,"},{"start":"02:33:12","end":"02:33:14","text":"we're actually going to get requests from people"},{"start":"02:33:14","end":"02:33:18","text":"to port those features in that functionality into Sage."},{"start":"02:33:18","end":"02:33:20","text":"And in many cases, we will be doing that,"},{"start":"02:33:20","end":"02:33:25","text":"but this is an opportunity for us to test out new features,"},{"start":"02:33:25","end":"02:33:27","text":"almost like a PTR environment."},{"start":"02:33:27","end":"02:33:31","text":"So it's a test of a test, which Sage Labs really was"},{"start":"02:33:31","end":"02:33:33","text":"in the first place."},{"start":"02:33:33","end":"02:33:38","text":"We also are testing new infrastructure here."},{"start":"02:33:38","end":"02:33:43","text":"We talked about AtlasNet earlier on as where C4 PTR will"},{"start":"02:33:43","end":"02:33:44","text":"be launched."},{"start":"02:33:44","end":"02:33:48","text":"And in the same way, we're actually using that same clone"},{"start":"02:33:48","end":"02:33:52","text":"of the Salona SVM that we've been working off of to test"},{"start":"02:33:52","end":"02:33:55","text":"all of our on-chain programs internally."},{"start":"02:33:55","end":"02:33:59","text":"We're leveraging that network now as VNetwork that will host"},{"start":"02:33:59","end":"02:34:02","text":"Hallos Sims, as well as C4 PTR."},{"start":"02:34:02","end":"02:34:05","text":"Again, pretty big implications for how"},{"start":"02:34:05","end":"02:34:07","text":"that resolves going into the future."},{"start":"02:34:07","end":"02:34:11","text":"But in the near term, it means very fast transactions,"},{"start":"02:34:11","end":"02:34:14","text":"high network reliability, and zero cost"},{"start":"02:34:14","end":"02:34:17","text":"for anybody who's transaction cost for anybody who's"},{"start":"02:34:17","end":"02:34:19","text":"on that network."},{"start":"02:34:19","end":"02:34:21","text":"And finally, I'll finish with this,"},{"start":"02:34:21","end":"02:34:23","text":"because I'm sure everybody's eager to jump in"},{"start":"02:34:23","end":"02:34:27","text":"and see these demos from both John and Jose here."},{"start":"02:34:27","end":"02:34:33","text":"But for us, this actually creates a new revenue stream"},{"start":"02:34:33","end":"02:34:34","text":"potential as well."},{"start":"02:34:34","end":"02:34:39","text":"Treating it more as a web2 product with web2 monetization"},{"start":"02:34:39","end":"02:34:40","text":"means we can couple this with things"},{"start":"02:34:40","end":"02:34:45","text":"like a battle pass or subscription fee that's a monthly service,"},{"start":"02:34:45","end":"02:34:49","text":"as well as adding various degrees of micro transactions"},{"start":"02:34:49","end":"02:34:50","text":"to this."},{"start":"02:34:50","end":"02:34:53","text":"And if it's a really fun product, which we think it will be,"},{"start":"02:34:53","end":"02:34:58","text":"and it attracts this web2 mainstream audience in,"},{"start":"02:34:58","end":"02:35:02","text":"and we can secure some new cash flows as a result of this"},{"start":"02:35:02","end":"02:35:05","text":"with potential for large user acquisition and growth."},{"start":"02:35:05","end":"02:35:10","text":"Then that obviously supports automatites, supports the studio,"},{"start":"02:35:10","end":"02:35:13","text":"and it gives us a lot more flexibility and decision-making"},{"start":"02:35:13","end":"02:35:17","text":"that we make around things like asset release structure"},{"start":"02:35:17","end":"02:35:20","text":"strategy and the other ways that we monetize all"},{"start":"02:35:20","end":"02:35:21","text":"of our web3 products."},{"start":"02:35:21","end":"02:35:25","text":"So I think this is an incredibly powerful product,"},{"start":"02:35:25","end":"02:35:28","text":"really excited just to introduce the team here"},{"start":"02:35:28","end":"02:35:32","text":"and turn it over to them to show off what we've been building."},{"start":"02:35:32","end":"02:35:38","text":"Michael, before we do that, and while you get a sip of water,"},{"start":"02:35:38","end":"02:35:41","text":"I think people are losing the statiness in the chat,"},{"start":"02:35:41","end":"02:35:43","text":"and they want to know a release date for this."},{"start":"02:35:47","end":"02:35:50","text":"Well, should we, how about we do this?"},{"start":"02:35:50","end":"02:35:53","text":"How about we go through the demo first?"},{"start":"02:35:53","end":"02:35:53","text":"Don't tell."},{"start":"02:35:53","end":"02:35:54","text":"OK."},{"start":"02:35:54","end":"02:35:55","text":"Makes sense."},{"start":"02:35:55","end":"02:35:56","text":"We don't tell them yet."},{"start":"02:35:56","end":"02:35:57","text":"Yeah, yeah, yeah."},{"start":"02:35:57","end":"02:35:58","text":"Makes sense."},{"start":"02:35:58","end":"02:36:00","text":"They won't believe us, anyways."},{"start":"02:36:00","end":"02:36:03","text":"You can lose the statiness."},{"start":"02:36:03","end":"02:36:04","text":"You can lose the statiness."},{"start":"02:36:04","end":"02:36:07","text":"We'll keep going."},{"start":"02:36:07","end":"02:36:10","text":"I will address one question really quickly here."},{"start":"02:36:10","end":"02:36:15","text":"So Krabby in the chat mentioned, put this free to play on phone,"},{"start":"02:36:15","end":"02:36:16","text":"and you'll get a ton of new folks."},{"start":"02:36:16","end":"02:36:20","text":"Well, part of the benefit of this obfuscation of wallet"},{"start":"02:36:20","end":"02:36:23","text":"tech, for example, and transactions taking place"},{"start":"02:36:23","end":"02:36:27","text":"in the background on AtlasNet is that it is a lot easier"},{"start":"02:36:27","end":"02:36:29","text":"for us to port over to mobile, and we've actually"},{"start":"02:36:29","end":"02:36:31","text":"been preparing for that."},{"start":"02:36:31","end":"02:36:33","text":"And there is the possibility for us"},{"start":"02:36:33","end":"02:36:37","text":"to have this as a standalone app on both the App Store"},{"start":"02:36:37","end":"02:36:38","text":"and Google Play Store."},{"start":"02:36:38","end":"02:36:43","text":"So part of the bigger operational objective"},{"start":"02:36:43","end":"02:36:47","text":"of securing new user acquisition, deploying this product"},{"start":"02:36:47","end":"02:36:50","text":"to mobile is very much in the roadmap."},{"start":"02:36:52","end":"02:36:53","text":"Nice."},{"start":"02:36:53","end":"02:36:55","text":"Nice."},{"start":"02:36:55","end":"02:37:00","text":"Does that Xcode you guys are ready for a live demo alert?"},{"start":"02:37:00","end":"02:37:03","text":"Oh my god, let's do it, Santi."},{"start":"02:37:03","end":"02:37:04","text":"GM."},{"start":"02:37:04","end":"02:37:06","text":"GM, everyone."},{"start":"02:37:06","end":"02:37:08","text":"My painring bones are trembling."},{"start":"02:37:08","end":"02:37:13","text":"I am super excited to be here talking about Holocene."},{"start":"02:37:13","end":"02:37:16","text":"And while John pulls out the string,"},{"start":"02:37:16","end":"02:37:18","text":"I would like to do a very brief introduction"},{"start":"02:37:18","end":"02:37:22","text":"to another side of Holocene."},{"start":"02:37:22","end":"02:37:26","text":"Michael did a great presentation on the many aspects"},{"start":"02:37:26","end":"02:37:28","text":"of this product."},{"start":"02:37:28","end":"02:37:33","text":"It is indeed a product with many different levels for our company."},{"start":"02:37:33","end":"02:37:35","text":"It's an onboarding product."},{"start":"02:37:35","end":"02:37:41","text":"It is a tutorial mechanism to get people familiar with Sage,"},{"start":"02:37:41","end":"02:37:45","text":"but also, and I think this is the most important aspect"},{"start":"02:37:45","end":"02:37:46","text":"of Holocene."},{"start":"02:37:46","end":"02:37:51","text":"It's a space for us to experiment and go wild."},{"start":"02:37:51","end":"02:37:53","text":"So what is Holocene?"},{"start":"02:37:53","end":"02:37:59","text":"Holocene is a simulator of realities in Star Atlas."},{"start":"02:37:59","end":"02:38:03","text":"Every season of Holocene will be based on a scenario"},{"start":"02:38:03","end":"02:38:09","text":"where we will define a specific set of rules for the game"},{"start":"02:38:09","end":"02:38:11","text":"to play out."},{"start":"02:38:11","end":"02:38:15","text":"And the players, you guys, will compete in those scenarios"},{"start":"02:38:15","end":"02:38:19","text":"according to the rules of that season of that scenario."},{"start":"02:38:19","end":"02:38:21","text":"And we will try to perform across the leaderboards."},{"start":"02:38:21","end":"02:38:24","text":"You guys will try the new mechanics."},{"start":"02:38:24","end":"02:38:27","text":"You guys will experiment the different factions, elements,"},{"start":"02:38:27","end":"02:38:32","text":"and the many cool stuff that we have reserved for you guys."},{"start":"02:38:32","end":"02:38:35","text":"So for example, in one season of the Holocene,"},{"start":"02:38:35","end":"02:38:38","text":"we could go back all the way to the days of the convergence"},{"start":"02:38:38","end":"02:38:44","text":"war and replay the battle that you guys read about in core."},{"start":"02:38:44","end":"02:38:46","text":"In another season of Holocene, we"},{"start":"02:38:46","end":"02:38:49","text":"could have an entire different logic"},{"start":"02:38:49","end":"02:38:51","text":"from what we have on Sage right now."},{"start":"02:38:51","end":"02:38:55","text":"And we have all the factions being in the same side"},{"start":"02:38:55","end":"02:39:00","text":"under the console of Peace and fighting threats"},{"start":"02:39:00","end":"02:39:03","text":"from the high-risk zone."},{"start":"02:39:03","end":"02:39:07","text":"And well, there are some even more exotic scenarios."},{"start":"02:39:07","end":"02:39:09","text":"But I'm not going to talk about those now."},{"start":"02:39:09","end":"02:39:13","text":"I'm going immediately give you guys some highlights"},{"start":"02:39:13","end":"02:39:17","text":"about the scenario that we have developed for you guys"},{"start":"02:39:17","end":"02:39:20","text":"in this soft early access of Holocene."},{"start":"02:39:24","end":"02:39:30","text":"We have prepared for this scenario a race between the factions."},{"start":"02:39:31","end":"02:39:34","text":"The logic of this first scenario of Holocene"},{"start":"02:39:34","end":"02:39:37","text":"is that every faction, every player,"},{"start":"02:39:37","end":"02:39:42","text":"is competing to fulfill faction contracts"},{"start":"02:39:42","end":"02:39:48","text":"of different types across all the star bases in Galic space."},{"start":"02:39:48","end":"02:39:50","text":"It looks simple."},{"start":"02:39:50","end":"02:39:55","text":"Yeah, John is showcasing this on the interface right now."},{"start":"02:39:55","end":"02:39:57","text":"We have arrow jail contracts."},{"start":"02:39:57","end":"02:39:58","text":"We have crystal contracts."},{"start":"02:39:58","end":"02:40:00","text":"We have data contracts."},{"start":"02:40:00","end":"02:40:04","text":"And even though it's seen simple on the surface,"},{"start":"02:40:04","end":"02:40:07","text":"well, we never do things that people expect here"},{"start":"02:40:07","end":"02:40:08","text":"in Star Atlas."},{"start":"02:40:08","end":"02:40:12","text":"So we added a couple of rules, a couple of twists,"},{"start":"02:40:12","end":"02:40:17","text":"that will make the experience a lot more interesting."},{"start":"02:40:17","end":"02:40:21","text":"The first one of those is that Holocene"},{"start":"02:40:21","end":"02:40:26","text":"incorporates into Star Atlas a quest system."},{"start":"02:40:26","end":"02:40:29","text":"And this quest system allows players"},{"start":"02:40:29","end":"02:40:34","text":"to specialize in four different in-game careers."},{"start":"02:40:34","end":"02:40:36","text":"So while you play Holocene, you'll"},{"start":"02:40:36","end":"02:40:39","text":"be able to become a soldier, a data runner,"},{"start":"02:40:39","end":"02:40:42","text":"a miner, or a merchant."},{"start":"02:40:42","end":"02:40:44","text":"And the way that we designed the game"},{"start":"02:40:44","end":"02:40:48","text":"is that while you progress, while you do the quest,"},{"start":"02:40:48","end":"02:40:51","text":"you choose one specialization path."},{"start":"02:40:51","end":"02:40:54","text":"And these will unlock recipes for you"},{"start":"02:40:55","end":"02:40:57","text":"in that specialization path."},{"start":"02:40:57","end":"02:40:59","text":"And the cool thing about these systems"},{"start":"02:40:59","end":"02:41:04","text":"that every specialization is necessary for you"},{"start":"02:41:04","end":"02:41:08","text":"to fulfill parts of the game in order for your faction"},{"start":"02:41:08","end":"02:41:14","text":"to keep advancing towards the end goal of the game."},{"start":"02:41:14","end":"02:41:16","text":"Sorry if I'm going a little too fast."},{"start":"02:41:16","end":"02:41:19","text":"John, I'm getting super hyped here."},{"start":"02:41:19","end":"02:41:21","text":"But John is showing right now, for example,"},{"start":"02:41:21","end":"02:41:24","text":"one of the ship crafting recipes"},{"start":"02:41:24","end":"02:41:27","text":"that we get from specializing combat."},{"start":"02:41:27","end":"02:41:29","text":"So for example, if you become a soldier,"},{"start":"02:41:29","end":"02:41:35","text":"you open up the Greek amic, you open up the tripe it,"},{"start":"02:41:35","end":"02:41:40","text":"you open up capital ships that are specializing in combat."},{"start":"02:41:40","end":"02:41:43","text":"If you go, for example, to the miners career,"},{"start":"02:41:43","end":"02:41:47","text":"you have access to the Armstrong line of ships."},{"start":"02:41:47","end":"02:41:49","text":"Each and as you guys have guessed it,"},{"start":"02:41:49","end":"02:41:55","text":"each one of them will excel at their different gameplay loops."},{"start":"02:41:55","end":"02:41:57","text":"This is a very important topic here"},{"start":"02:41:57","end":"02:42:03","text":"because we have played it with the ship stats in game."},{"start":"02:42:03","end":"02:42:06","text":"So whenever you guys pick a ship in Holocene,"},{"start":"02:42:06","end":"02:42:10","text":"you guys will notice that they are widely different"},{"start":"02:42:10","end":"02:42:13","text":"from your normal side ships."},{"start":"02:42:13","end":"02:42:17","text":"The merchant ships, their cargo,"},{"start":"02:42:17","end":"02:42:20","text":"will be absurdly better."},{"start":"02:42:20","end":"02:42:24","text":"They will perform really well on hauling cargo,"},{"start":"02:42:24","end":"02:42:29","text":"trading, minor ships will be extremely good at mining,"},{"start":"02:42:29","end":"02:42:34","text":"but their combat ability will be very, very low."},{"start":"02:42:34","end":"02:42:37","text":"So the game is designed to highlight the differences"},{"start":"02:42:37","end":"02:42:42","text":"between ships and allow them to drive in their specializations."},{"start":"02:42:42","end":"02:42:46","text":"Of course, you still have access to normal ships"},{"start":"02:42:46","end":"02:42:48","text":"that perform other tasks,"},{"start":"02:42:48","end":"02:42:54","text":"but you can't compete in terms of quality and efficiency"},{"start":"02:42:54","end":"02:42:58","text":"with the ships that comes from the specializations"},{"start":"02:42:58","end":"02:43:00","text":"in their specific tasks."},{"start":"02:43:00","end":"02:43:05","text":"There's another very cool feature of Holocene"},{"start":"02:43:05","end":"02:43:08","text":"that the players of Star Atlas have been"},{"start":"02:43:08","end":"02:43:12","text":"desiring from day zero on stage."},{"start":"02:43:12","end":"02:43:16","text":"John, can you show them the chat system?"},{"start":"02:43:16","end":"02:43:19","text":"I think this is something that we have been waiting for"},{"start":"02:43:19","end":"02:43:22","text":"for a long time to coordinate."},{"start":"02:43:22","end":"02:43:26","text":"Yes, we'll have Shats, we'll be able to talk"},{"start":"02:43:26","end":"02:43:28","text":"with our members of our faction."},{"start":"02:43:28","end":"02:43:34","text":"And this is vital for the faction success in Holocene"},{"start":"02:43:34","end":"02:43:37","text":"because many of the quests revolves around"},{"start":"02:43:37","end":"02:43:40","text":"a big rating star bases, deploying resources,"},{"start":"02:43:40","end":"02:43:43","text":"coordinating attacks."},{"start":"02:43:43","end":"02:43:45","text":"So yeah, you can see the chat."},{"start":"02:43:45","end":"02:43:47","text":"It's live now."},{"start":"02:43:47","end":"02:43:50","text":"So players will be talking with each other."},{"start":"02:43:50","end":"02:43:53","text":"They will be chat system."},{"start":"02:43:53","end":"02:43:56","text":"They will be deciding their strategies."},{"start":"02:43:56","end":"02:44:01","text":"They will be defending their fellow members of their factions."},{"start":"02:44:01","end":"02:44:06","text":"This is super exciting."},{"start":"02:44:06","end":"02:44:11","text":"And yeah, this opens up a whole new level of gameplay."},{"start":"02:44:11","end":"02:44:15","text":"Another thing that I noticed, notice it, during this town hall,"},{"start":"02:44:15","end":"02:44:20","text":"is that players have been saying, man, C4 is growing so big,"},{"start":"02:44:20","end":"02:44:26","text":"so complex that I might need an AI to play the game."},{"start":"02:44:26","end":"02:44:31","text":"And well, Holocene God is covered for you."},{"start":"02:44:31","end":"02:44:34","text":"Now, Holocene introduces Artificial Intelligence"},{"start":"02:44:34","end":"02:44:38","text":"technology to Sage."},{"start":"02:44:38","end":"02:44:42","text":"During the gameplay of Holocene, one of your crew members"},{"start":"02:44:42","end":"02:44:45","text":"is your ship, personal AI."},{"start":"02:44:45","end":"02:44:47","text":"You unlock it through the quest system."},{"start":"02:44:47","end":"02:44:51","text":"And she will be there providing you"},{"start":"02:44:51","end":"02:44:57","text":"with resources, information, general information"},{"start":"02:44:57","end":"02:45:02","text":"about Star Atlas, about the lore, about the game mechanisms,"},{"start":"02:45:02","end":"02:45:06","text":"gameplay loops, Sage will be your loyal."},{"start":"02:45:06","end":"02:45:12","text":"And your loyal crew member,"},{"start":"02:45:12","end":"02:45:15","text":"and she will help you go through the game"},{"start":"02:45:15","end":"02:45:20","text":"and perform the best way possible."},{"start":"02:45:20","end":"02:45:32","text":"Finally, finally, this wouldn't be complete without combat,"},{"start":"02:45:32","end":"02:45:39","text":"Holocene introduces the combat V0 mechanic"},{"start":"02:45:39","end":"02:45:41","text":"to the Star Atlas ecosystem."},{"start":"02:45:41","end":"02:45:46","text":"So if Star Atlas Sage was already interesting,"},{"start":"02:45:46","end":"02:45:54","text":"now we have mechanics that allows us to ambush other players,"},{"start":"02:45:54","end":"02:45:57","text":"to attack other fleets."},{"start":"02:45:57","end":"02:46:03","text":"And there's a very interesting thing about combat in Holocene"},{"start":"02:46:03","end":"02:46:09","text":"is that in this season, combat is high risk zone."},{"start":"02:46:09","end":"02:46:13","text":"So this is one of the twists that we added to this scenario"},{"start":"02:46:13","end":"02:46:15","text":"of Holocene."},{"start":"02:46:15","end":"02:46:19","text":"Combat is completely obliteration."},{"start":"02:46:19","end":"02:46:24","text":"If you die, if your fleet dies, you lose the fleet,"},{"start":"02:46:24","end":"02:46:26","text":"you lose the crew."},{"start":"02:46:26","end":"02:46:29","text":"And you need to build another thing,"},{"start":"02:46:29","end":"02:46:34","text":"you need to regroup, you need to rethink our strategy,"},{"start":"02:46:34","end":"02:46:37","text":"because it's totally on."},{"start":"02:46:37","end":"02:46:40","text":"And remember when I said that Holocene is"},{"start":"02:46:40","end":"02:46:42","text":"based on the delivery of contracts?"},{"start":"02:46:42","end":"02:46:45","text":"When you queue players from opposing factions,"},{"start":"02:46:45","end":"02:46:50","text":"and they have, for example, faction contracts"},{"start":"02:46:50","end":"02:46:55","text":"in their loot box, in their cargo holds, those contracts,"},{"start":"02:46:55","end":"02:46:58","text":"they will be drop it in game."},{"start":"02:46:58","end":"02:47:03","text":"And when they are drop it, you can loot those contracts"},{"start":"02:47:03","end":"02:47:07","text":"and retain you for your faction benefit."},{"start":"02:47:07","end":"02:47:10","text":"So this creates a very interesting dynamic."},{"start":"02:47:10","end":"02:47:14","text":"You need miners in-game to gather the resources"},{"start":"02:47:14","end":"02:47:19","text":"for your faction, to then craft the contracts."},{"start":"02:47:19","end":"02:47:22","text":"You need the merchants to be able to haul cargo"},{"start":"02:47:22","end":"02:47:26","text":"across the different systems, and provide liquidity"},{"start":"02:47:26","end":"02:47:29","text":"and resources to support your start-based operations,"},{"start":"02:47:29","end":"02:47:34","text":"to support your battles in the front of Gale Expense."},{"start":"02:47:34","end":"02:47:38","text":"You need data runners to acquire SDUs,"},{"start":"02:47:38","end":"02:47:42","text":"and to be able to craft data contracts."},{"start":"02:47:42","end":"02:47:45","text":"That's one of the types of contracts that we'll have."},{"start":"02:47:45","end":"02:47:49","text":"And finally, we'll have the combat people"},{"start":"02:47:49","end":"02:47:52","text":"that will defend their fellow crew members,"},{"start":"02:47:52","end":"02:47:57","text":"and we'll attack the enemies to steal their contracts."},{"start":"02:47:57","end":"02:48:04","text":"So right now, on stage, you see one of my fleets."},{"start":"02:48:04","end":"02:48:08","text":"This is not what we planned."},{"start":"02:48:08","end":"02:48:10","text":"I'll send you something."},{"start":"02:48:13","end":"02:48:15","text":"Is Jusek getting destroyed?"},{"start":"02:48:15","end":"02:48:17","text":"Yeah, John turned the tables on me."},{"start":"02:48:17","end":"02:48:21","text":"He said, Jusek, I'm going to let you destroy on stage"},{"start":"02:48:21","end":"02:48:23","text":"a very nub ship."},{"start":"02:48:23","end":"02:48:25","text":"Don't worry, you look nice."},{"start":"02:48:25","end":"02:48:29","text":"But then I see that he ambushed my penguins ref"},{"start":"02:48:29","end":"02:48:34","text":"with his CLF, the dream of Orcas, and the badger fleet."},{"start":"02:48:34","end":"02:48:35","text":"No, you can destroy my fleet, John."},{"start":"02:48:35","end":"02:48:37","text":"It's for the people."},{"start":"02:48:37","end":"02:48:40","text":"I want them to see live how they're doing."},{"start":"02:48:40","end":"02:48:44","text":"I want you to engage this fleet in sub-work first"},{"start":"02:48:44","end":"02:48:49","text":"with the first new Topia, because I have a transport passing"},{"start":"02:48:49","end":"02:48:52","text":"you, and I want people to see that they can attack."},{"start":"02:48:52","end":"02:48:55","text":"They can be ambushed while in sub-work."},{"start":"02:48:55","end":"02:48:57","text":"Yeah, this is something really important."},{"start":"02:48:57","end":"02:49:01","text":"Movement is super important in holosing."},{"start":"02:49:01","end":"02:49:05","text":"If you are warping, you can't be attacked."},{"start":"02:49:05","end":"02:49:10","text":"But if you are sub-warping and someone warps over you,"},{"start":"02:49:10","end":"02:49:11","text":"they can go and do this."},{"start":"02:49:14","end":"02:49:17","text":"You guys see, I just tried his shield"},{"start":"02:49:17","end":"02:49:20","text":"with just the first hit of my feast of Nautopia."},{"start":"02:49:20","end":"02:49:22","text":"And then I'll go and attack him again."},{"start":"02:49:23","end":"02:49:25","text":"His life is decreasing."},{"start":"02:49:25","end":"02:49:27","text":"He's trying to flee the system, but he's"},{"start":"02:49:27","end":"02:49:29","text":"just loading you in time."},{"start":"02:49:29","end":"02:49:34","text":"And finally, I have destroyed his fleet."},{"start":"02:49:34","end":"02:49:38","text":"It is Victor for the penguin."},{"start":"02:49:38","end":"02:49:43","text":"Our cargo loot here will show to me."},{"start":"02:49:43","end":"02:49:44","text":"You know what?"},{"start":"02:49:44","end":"02:49:48","text":"I think it left the system just as you were about to destroy it."},{"start":"02:49:48","end":"02:49:50","text":"No way, John."},{"start":"02:49:50","end":"02:49:53","text":"It had one hit point, and it got there."},{"start":"02:49:53","end":"02:49:54","text":"Really?"},{"start":"02:49:54","end":"02:49:55","text":"Yeah."},{"start":"02:49:55","end":"02:49:58","text":"He caught me at the tail end."},{"start":"02:49:58","end":"02:50:01","text":"You guys literally fighting live?"},{"start":"02:50:01","end":"02:50:03","text":"Yeah, this is live."},{"start":"02:50:03","end":"02:50:04","text":"Yeah."},{"start":"02:50:04","end":"02:50:05","text":"I'll hunt him down."},{"start":"02:50:05","end":"02:50:06","text":"Hold on."},{"start":"02:50:06","end":"02:50:09","text":"I'll demonstrate an actual, this, how a ship"},{"start":"02:50:09","end":"02:50:12","text":"should get destroyed with the dream of workers here."},{"start":"02:50:12","end":"02:50:14","text":"So I'm going to choose attack."},{"start":"02:50:14","end":"02:50:17","text":"And then we attack Penguin's wrath."},{"start":"02:50:17","end":"02:50:19","text":"Hopefully, attack."},{"start":"02:50:19","end":"02:50:20","text":"Maybe, maybe not."},{"start":"02:50:20","end":"02:50:22","text":"Maybe he's immune to me."},{"start":"02:50:22","end":"02:50:25","text":"He's protected by the cosmic currents."},{"start":"02:50:25","end":"02:50:29","text":"I might actually, I or somebody protecting him."},{"start":"02:50:29","end":"02:50:33","text":"Let me see if I can add something to it."},{"start":"02:50:33","end":"02:50:34","text":"Yeah."},{"start":"02:50:34","end":"02:50:35","text":"You know what I'm going to do?"},{"start":"02:50:35","end":"02:50:37","text":"I'm going to escape you people."},{"start":"02:50:37","end":"02:50:38","text":"You're going to escape."},{"start":"02:50:38","end":"02:50:39","text":"Yeah, yeah."},{"start":"02:50:39","end":"02:50:40","text":"Yeah."},{"start":"02:50:40","end":"02:50:43","text":"Hold on."},{"start":"02:50:43","end":"02:50:44","text":"Hang on."},{"start":"02:50:44","end":"02:50:45","text":"Let me refresh."},{"start":"02:50:50","end":"02:50:52","text":"Can't give away too much here."},{"start":"02:50:52","end":"02:50:53","text":"Let's refresh."},{"start":"02:50:53","end":"02:50:54","text":"Yeah."},{"start":"02:50:58","end":"02:50:59","text":"I'll give you some time."},{"start":"02:50:59","end":"02:51:05","text":"Otherwise, I was cake."},{"start":"02:51:05","end":"02:51:07","text":"Not working."},{"start":"02:51:07","end":"02:51:09","text":"Maybe not."},{"start":"02:51:09","end":"02:51:11","text":"Maybe not."},{"start":"02:51:11","end":"02:51:12","text":"It's a life."},{"start":"02:51:12","end":"02:51:13","text":"I'm alert."},{"start":"02:51:13","end":"02:51:14","text":"Yeah."},{"start":"02:51:14","end":"02:51:16","text":"Yeah, but don't worry."},{"start":"02:51:16","end":"02:51:17","text":"It is working."},{"start":"02:51:17","end":"02:51:19","text":"It's like this is a minor bug."},{"start":"02:51:19","end":"02:51:25","text":"But the thing is, the interesting thing about combat in Holocene is that if you are sub-warping,"},{"start":"02:51:25","end":"02:51:28","text":"you can be intercepted by other players."},{"start":"02:51:28","end":"02:51:35","text":"And what happens is that they can attack you as long as you are in that system."},{"start":"02:51:35","end":"02:51:43","text":"The thing is, if you warp to engage them, you have of course your warp cool down when you're gone."},{"start":"02:51:43","end":"02:51:44","text":"I needed to reload."},{"start":"02:51:44","end":"02:51:45","text":"That was the problem."},{"start":"02:51:46","end":"02:51:47","text":"Oh, you didn't have ammo."},{"start":"02:51:47","end":"02:51:48","text":"I see."},{"start":"02:51:48","end":"02:51:49","text":"No."},{"start":"02:51:49","end":"02:51:50","text":"Yeah."},{"start":"02:51:50","end":"02:51:53","text":"Now I've destroyed the new and I have his loot."},{"start":"02:51:53","end":"02:51:55","text":"You get 800 food on board."},{"start":"02:51:55","end":"02:51:59","text":"So I'm going to loot that wreckage."},{"start":"02:51:59","end":"02:52:04","text":"And I now have should have 800 food."},{"start":"02:52:04","end":"02:52:09","text":"In addition to the 1000 that I had on board."},{"start":"02:52:09","end":"02:52:11","text":"And that's the cool thing guys."},{"start":"02:52:11","end":"02:52:14","text":"Like for example, you can be ambushed."},{"start":"02:52:14","end":"02:52:15","text":"But I'm not ambushed."},{"start":"02:52:15","end":"02:52:24","text":"But if you have your cool down, if you have the warp free, you can escape after the first hit."},{"start":"02:52:24","end":"02:52:29","text":"So you need to understand the movements of the fleets going around."},{"start":"02:52:29","end":"02:52:36","text":"And one important thing after you warp, there's a cool down to dock in star bases."},{"start":"02:52:36","end":"02:52:39","text":"So you can just escape to your star base."},{"start":"02:52:39","end":"02:52:42","text":"There will be a time where you are still vulnerable."},{"start":"02:52:42","end":"02:52:45","text":"And you can still be attacked by this logic."},{"start":"02:52:45","end":"02:52:53","text":"So we created all this system in order to foster combat, in order to enable you guys to test this mechanic."},{"start":"02:52:53","end":"02:52:56","text":"To give us feedback."},{"start":"02:52:56","end":"02:53:01","text":"And really go after your friends for the first time in Star Atlas history."},{"start":"02:53:01","end":"02:53:07","text":"You'll be able to kill each other, loot each other and have fun together."},{"start":"02:53:07","end":"02:53:10","text":"But there's a lot more to follow."},{"start":"02:53:10","end":"02:53:15","text":"Like this is barely scratching the the surface of the game."},{"start":"02:53:15","end":"02:53:19","text":"As we spoke before, we also have quests."},{"start":"02:53:19","end":"02:53:22","text":"Right John? Can you show them the quest interface real quick?"},{"start":"02:53:22","end":"02:53:26","text":"Yes sir. Yes sir."},{"start":"02:53:26","end":"02:53:28","text":"So there you go."},{"start":"02:53:28","end":"02:53:42","text":"Awesome. The way that this work, guys, is that we have a tutorial first where we teach players the newcomers and people that don't know, for example, one of the gameplay loops in Star Atlas."},{"start":"02:53:42","end":"02:53:46","text":"Every single aspect of the game."},{"start":"02:53:46","end":"02:53:55","text":"So for example, when you go to the first quest, they teach you the concepts like paste station."},{"start":"02:53:55","end":"02:54:03","text":"As you can see, there is a summary of the quest you are currently on in the right side of the screen."},{"start":"02:54:03","end":"02:54:06","text":"The tutorial step. Click expand to the tails."},{"start":"02:54:06","end":"02:54:13","text":"Click expand the tails to progress. John, if you want to show them how this work."},{"start":"02:54:13","end":"02:54:22","text":"Once John click at this button, it open up the quest reward so you can loot it and it moves automatically to the next quest."},{"start":"02:54:22","end":"02:54:27","text":"So next quest is to form a fleet and we also have some surprises."},{"start":"02:54:27","end":"02:54:36","text":"Guys, turn on the volume so you guys can hear the voice of your assistant sage in the transmission."},{"start":"02:54:36","end":"02:54:41","text":"And it is time we create your first fleet to start your adventures in this scenario."},{"start":"02:54:41","end":"02:54:46","text":"On the left side of your screen, you will see your sector interface."},{"start":"02:54:46","end":"02:54:51","text":"You will show your fleets once we form them and all other fleets in the sector."},{"start":"02:54:51","end":"02:55:00","text":"On the bottom of this interface, there is the hanger button. Click it and on this new window that popped, hit form a fleet."},{"start":"02:55:00","end":"02:55:06","text":"Everyone starts the scenario one humble air bike as per the standard configuration."},{"start":"02:55:06","end":"02:55:11","text":"Name your fleet, select the ship and click confirm."},{"start":"02:55:11","end":"02:55:18","text":"It is a small start, captain. But this is the foundation of your galactic empire."},{"start":"02:55:18","end":"02:55:22","text":"Let's go! This is super cool."},{"start":"02:55:22","end":"02:55:30","text":"So every quest has this voice over. This is the tutorial environment so you learn the basics of the game."},{"start":"02:55:30","end":"02:55:35","text":"Sage will walk you through and we have lots of quests."},{"start":"02:55:35","end":"02:55:45","text":"At this point, just for the soft release that we are doing now, we already have 72 quests lined up."},{"start":"02:55:45","end":"02:55:54","text":"And the idea is to take you guys from forming your first fleet all the way to building titan ships."},{"start":"02:55:54","end":"02:56:04","text":"But we are not sure you guys are going to reach there because the trigger condition to finish this first season of holosing is the..."},{"start":"02:56:05","end":"02:56:11","text":"is the depletion, the redemption of all the contracts in the mid-Jourish zone."},{"start":"02:56:11","end":"02:56:22","text":"So I am really looking forward to let you guys explore this product, to see the different quests, to specialise in different things, things in different careers,"},{"start":"02:56:22","end":"02:56:37","text":"to try the gameplay loops that we have designed it, and to see for yourselves the possibilities, the endless possibilities that we have for Sage, holosing free to play."},{"start":"02:56:37","end":"02:56:40","text":"Anything else, Jon? That would like to add..."},{"start":"02:56:40","end":"02:56:43","text":"Oh, yeah, yeah, yeah."},{"start":"02:56:44","end":"02:56:59","text":"I will take you guys through a couple of the really departures from this age star based UI, things that we have taken advantage of because transaction fees are nothing and because transactions are instantaneous."},{"start":"02:56:59","end":"02:57:06","text":"One of the big ones is every fleet you form can be given basic instructions."},{"start":"02:57:06","end":"02:57:09","text":"And you can see when docking."},{"start":"02:57:09","end":"02:57:12","text":"That is this settings cogwheel at the top here."},{"start":"02:57:12","end":"02:57:25","text":"I am telling this fleet every time you dock, refuel, rearm, make sure you have food, and then you can set how much food as a percentage of your cargo hold, and reload, or unload the cargo."},{"start":"02:57:25","end":"02:57:36","text":"And so every fleet that you move for mining purposes will automatically just unload and refuel itself every time it docks at a nearby location."},{"start":"02:57:36","end":"02:57:53","text":"So if I start at the central space station and I send it to mine, and then I bring it back in dock, there's no more like unloading cargo and managing cargo, it just empties everything out and fills itself back up again, and then you can send it off to mine again."},{"start":"02:57:53","end":"02:58:07","text":"So that basic automation kind of there's I don't know there's about six actions that are taken there and normally you'd have to pay for those on main net and we're not sure if everybody wants those things, but here on on out there's no cost."},{"start":"02:58:07","end":"02:58:14","text":"So we figured we'd provide that as an option right off the bat."},{"start":"02:58:14","end":"02:58:19","text":"That leads us into the what we're calling the route manager."},{"start":"02:58:19","end":"02:58:29","text":"So once you've completed the tutorial, you reach level five and you unlock the route manager, and you can see that in the fleet menu, there's a new icon here."},{"start":"02:58:29","end":"02:58:39","text":"And if I select that air bike fleet that I just created at the central space station and I enable a route, I can choose a mining or a transport loop."},{"start":"02:58:39","end":"02:58:53","text":"And I can just tell it I want to mine at Aurora, I can choose the resource that's at Aurora, which is carbon, and then I can tell it to bring it back to Exodus, the much central space station and I assigned that role."},{"start":"02:58:53","end":"02:59:08","text":"The route manager will kick in you'll see this little yellow light here and whenever it gets into the queue about all these other routes going on, but whenever it gets into the queue that one air bike will fill itself up, it'll end up."},{"start":"02:59:08","end":"02:59:18","text":"And I'm talking to head to Aurora to begin mining and then it'll bring it back and it'll unload itself. So."},{"start":"02:59:18","end":"02:59:28","text":"Yeah, Joe, and just to highlight something, all the names in the map are lore names. So we are forcing you guys to learn the lore names deal with it."},{"start":"02:59:28","end":"02:59:52","text":"Exactly. We still have the old names very small under the lore names, but it is lore based. It's a scenario. We want the lore to be expanded across gameplay loops. So yeah, we are focusing on delivering the best game with the most lore integration possible. So it starts here with housing."},{"start":"02:59:52","end":"03:00:04","text":"Yep. A couple other low hanging things. The crafting interface got a nice, a nice upgrade. You can now search for recipes."},{"start":"03:00:04","end":"03:00:14","text":"I don't know what's nice on the hero, like the Caligaw hero. You get stats about the ships and how they perform against other ships in their category."},{"start":"03:00:14","end":"03:00:24","text":"The ship stats are specific to their class. So you're not going to be mining with your multi-roll ship as effectively as you would with a minor."},{"start":"03:00:24","end":"03:00:29","text":"You're not going to be mining at all with your fighters because they actually burn."},{"start":"03:00:29","end":"03:00:37","text":"You're basically going to trade a full bank of ammo for an equal number of whatever you're mining. It's very inefficient."},{"start":"03:00:37","end":"03:01:00","text":"Your miners are vulnerable to attack though. And so you're going to want to pair them with fighters as escorts. Otherwise, your liners and your transport ships that that are not robust fighters that don't have the shields that don't have the fighting capabilities that they're going to be vulnerable to attack. So it's not just everybody specializes in their own role."},{"start":"03:01:00","end":"03:01:08","text":"When you come in here and you want to craft something, you can now click on click on the item that you don't have. Like in this case, I don't have enough frameworks."},{"start":"03:01:08","end":"03:01:15","text":"And it will auto populate that framework requirement for you. And then you can assign the number of crew that you want to it."},{"start":"03:01:15","end":"03:01:21","text":"And you can click start and then you can go back to what you were doing before and say, okay, maybe I need electronics now."},{"start":"03:01:21","end":"03:01:30","text":"If I want an F electronics for a full full ship, I'd need more polymer coming here and assign a few crew to that that job as well."},{"start":"03:01:30","end":"03:01:36","text":"And yeah, then you can go about go about your objectives."},{"start":"03:01:36","end":"03:01:44","text":"I think I created a few new ships here. You'll notice everything super smooth. There's no there's no delay and anything getting proved."},{"start":"03:01:44","end":"03:01:48","text":"Everything's pretty pretty much instant."},{"start":"03:01:48","end":"03:01:54","text":"And what else do you have here that's pretty awesome."},{"start":"03:01:54","end":"03:02:00","text":"I know that it's about the crew, right? Let's tell them about the crew system."},{"start":"03:02:00","end":"03:02:01","text":"Sure."},{"start":"03:02:01","end":"03:02:04","text":"Yeah, so it starts the game. Yeah, no, go on, go on, Joe."},{"start":"03:02:04","end":"03:02:10","text":"Yeah, sure. So everybody starts with 21 crew."},{"start":"03:02:10","end":"03:02:15","text":"You get a daily air drop of an additional 21 crew."},{"start":"03:02:15","end":"03:02:23","text":"These numbers aren't set in stone. You'll notice none of these numbers are set in stone. So you may wake up tomorrow and your ship might get you might get changed."},{"start":"03:02:23","end":"03:02:28","text":"Like the whole point of this sandbox is first to have fun."},{"start":"03:02:28","end":"03:02:37","text":"And second to like see, provide our community with something that they can interact with with us in while we're doing development."},{"start":"03:02:37","end":"03:02:43","text":"It's all the mechanics are here all the underlying systems are the same."},{"start":"03:02:43","end":"03:02:49","text":"But we've either added something that we've dreamed about doing for a long time that we wanted."},{"start":"03:02:49","end":"03:02:55","text":"You know, your opinion on or if we wanted to test or."},{"start":"03:02:55","end":"03:02:57","text":"Yeah."},{"start":"03:02:57","end":"03:03:06","text":"The crew actually there they're they're they're also different than you don't need as many crews you would on main net."},{"start":"03:03:06","end":"03:03:09","text":"But your crew died when your ships die."},{"start":"03:03:09","end":"03:03:16","text":"So be very careful with with your crew. If your crew are blown up, you're going to be you're going to be losing those crew, right?"},{"start":"03:03:16","end":"03:03:20","text":"So you can get them through the quest."},{"start":"03:03:20","end":"03:03:23","text":"There's a daily check in quest to come to the daily's tab and check in."},{"start":"03:03:23","end":"03:03:26","text":"You'll get your 100 Atlas, your 21 crew."},{"start":"03:03:26","end":"03:03:33","text":"And yeah, they're they're a big they're a big part of this equation."},{"start":"03:03:33","end":"03:03:35","text":"So use them wisely."},{"start":"03:03:35","end":"03:03:37","text":"Don't get them blown up."},{"start":"03:03:37","end":"03:03:43","text":"Yeah, it's surely the bottleneck of hollowsing the resource that's most precious in the game."},{"start":"03:03:43","end":"03:03:44","text":"It's screwed for sure."},{"start":"03:03:44","end":"03:03:46","text":"Yeah, so they care of them."},{"start":"03:03:46","end":"03:03:48","text":"Yeah."},{"start":"03:03:48","end":"03:03:52","text":"Power power levels are roughly three to one."},{"start":"03:03:52","end":"03:04:01","text":"So like you'd need three medium ships and a fleet to challenge a large of the same class like three medium fighters are a match for a large fighter."},{"start":"03:04:01","end":"03:04:03","text":"The large fighter has an advantage."},{"start":"03:04:03","end":"03:04:07","text":"Three small ships, small fighters versus a medium fighter."},{"start":"03:04:07","end":"03:04:11","text":"The medium fighter has the advantage, but that's roughly."},{"start":"03:04:11","end":"03:04:15","text":"That's roughly the stats and then."},{"start":"03:04:15","end":"03:04:19","text":"You know, sub sub warp speed is nice and slow."},{"start":"03:04:19","end":"03:04:23","text":"That gives people opportunity to participate in combat in many different ways."},{"start":"03:04:23","end":"03:04:26","text":"Warp cooldowns are significantly reduced."},{"start":"03:04:26","end":"03:04:29","text":"Warp ranges are."},{"start":"03:04:29","end":"03:04:32","text":"Are different than they are in main net and they're."},{"start":"03:04:32","end":"03:04:34","text":"I think they're they're a little bit less."},{"start":"03:04:34","end":"03:04:36","text":"But the cool down is is also significantly less."},{"start":"03:04:36","end":"03:04:40","text":"We want you to be able to warp around and."},{"start":"03:04:40","end":"03:04:43","text":"And burn fuel without without thinking about it."},{"start":"03:04:43","end":"03:04:49","text":"Your range, your ultimate range is what should limit you during combat as a fighter."},{"start":"03:04:49","end":"03:04:52","text":"You should be warping in doing combat and getting back out."},{"start":"03:04:52","end":"03:04:59","text":"If you if you want to loot really valuable cargo, you're going to need to bring a transport ship with you to loot that cargo."},{"start":"03:04:59","end":"03:05:03","text":"Otherwise, you're just going to leave it there in space and some other."},{"start":"03:05:03","end":"03:05:05","text":"Some other person."},{"start":"03:05:05","end":"03:05:07","text":"Can come along and they can."},{"start":"03:05:07","end":"03:05:09","text":"They can loot it instead."},{"start":"03:05:09","end":"03:05:12","text":"Yeah, there's one less thing that I think it's important."},{"start":"03:05:12","end":"03:05:14","text":"We talk about XP as well, right?"},{"start":"03:05:14","end":"03:05:15","text":"Sure."},{"start":"03:05:15","end":"03:05:16","text":"Yeah."},{"start":"03:05:16","end":"03:05:17","text":"Yeah."},{"start":"03:05:17","end":"03:05:18","text":"Okay."},{"start":"03:05:18","end":"03:05:21","text":"So we just reset the global leaderboard."},{"start":"03:05:21","end":"03:05:26","text":"And I'm gaining XP here now, but I think I think the reset actually."},{"start":"03:05:26","end":"03:05:27","text":"Throw bug in there."},{"start":"03:05:27","end":"03:05:31","text":"So the leaderboard, which was working quite well."},{"start":"03:05:31","end":"03:05:32","text":"Has only just a few people on it."},{"start":"03:05:32","end":"03:05:35","text":"So we'll have to get the we'll have to get that sorted out."},{"start":"03:05:35","end":"03:05:36","text":"But."},{"start":"03:05:36","end":"03:05:39","text":"Yeah, you guys come in and."},{"start":"03:05:39","end":"03:05:44","text":"You'll be you'll be able to participate in the leaderboard."},{"start":"03:05:44","end":"03:05:47","text":"You'll get the majority of your quests through."},{"start":"03:05:47","end":"03:05:53","text":"So you'll get the majority of your XP through questing for the tutorial and for."},{"start":"03:05:53","end":"03:05:54","text":"For the whole storyline."},{"start":"03:05:54","end":"03:05:57","text":"I don't know if we touched on the storyline, but."},{"start":"03:05:57","end":"03:06:02","text":"After your tutorial, you go into your your career special specialization."},{"start":"03:06:02","end":"03:06:05","text":"Yeah, the majority of the XP comes to requesting."},{"start":"03:06:05","end":"03:06:09","text":"And that's to allow the automations to run in the background without really affecting."},{"start":"03:06:09","end":"03:06:12","text":"Without really affecting your your progression."},{"start":"03:06:12","end":"03:06:13","text":"Yeah."},{"start":"03:06:13","end":"03:06:19","text":"And your level gates the resources and recipes that you have access in game."},{"start":"03:06:19","end":"03:06:21","text":"Yeah, you need to level up to."},{"start":"03:06:21","end":"03:06:25","text":"To get access to higher level."},{"start":"03:06:25","end":"03:06:27","text":"Resources ships and et cetera."},{"start":"03:06:27","end":"03:06:28","text":"You need to grind."},{"start":"03:06:28","end":"03:06:29","text":"Yeah."},{"start":"03:06:29","end":"03:06:33","text":"Yeah, so I can cover that a little bit loosely."},{"start":"03:06:33","end":"03:06:36","text":"So I can just line up with the levels that you need."},{"start":"03:06:36","end":"03:06:38","text":"Starbase upgrading is going to be a thing."},{"start":"03:06:38","end":"03:06:43","text":"We'll sort of the Atlas emissions for that in a couple days."},{"start":"03:06:43","end":"03:06:47","text":"Tier level five unlocks the route manager."},{"start":"03:06:47","end":"03:06:49","text":"It unlocks extra small ships."},{"start":"03:06:49","end":"03:06:53","text":"And then every five levels after that unlocks."},{"start":"03:06:53","end":"03:06:55","text":"The infrastructure contract."},{"start":"03:06:55","end":"03:06:58","text":"For the next zone."},{"start":"03:06:58","end":"03:07:02","text":"And so at level level five you unlock infrastructure contracts for the safe zone and medium zone early medium."},{"start":"03:07:02","end":"03:07:10","text":"And then at level 10 you can refine the resources that are necessary to make those contracts and you unlock ships at level 10 for small ships."},{"start":"03:07:10","end":"03:07:16","text":"And then at level 15 you have access to the medium risk zone contracts."},{"start":"03:07:16","end":"03:07:20","text":"And though those are the same raw resources that you need to make."},{"start":"03:07:20","end":"03:07:25","text":"Large and medium ships and then at level."},{"start":"03:07:25","end":"03:07:29","text":"So that's at level 15 and then at level 20 you unlock."},{"start":"03:07:29","end":"03:07:36","text":"Medium ships and 25 you unlock higher contracts, which are the the basis for the large and capital ships."},{"start":"03:07:36","end":"03:07:44","text":"And then at level 20 you unlock the large ships 25 higher resources level 30 commanderships and so on capital ships or anything."},{"start":"03:07:44","end":"03:07:46","text":"So."},{"start":"03:07:46","end":"03:07:47","text":"All right."},{"start":"03:07:47","end":"03:07:50","text":"I think that's it, John, because we don't want to disclose everything."},{"start":"03:07:50","end":"03:07:54","text":"Let them figure out the rest of the things by themselves by playing."},{"start":"03:07:54","end":"03:07:55","text":"All the same."},{"start":"03:07:55","end":"03:07:56","text":"It's released right."},{"start":"03:07:56","end":"03:07:58","text":"I've got two things."},{"start":"03:07:58","end":"03:08:01","text":"Make sure you update your browser."},{"start":"03:08:01","end":"03:08:09","text":"We're using a version of one of these salana packages for our wallet adapter that requires a really up to date version of your browser."},{"start":"03:08:09","end":"03:08:15","text":"That's sort of one of the one of the problems with leading edge tech."},{"start":"03:08:15","end":"03:08:17","text":"So you got to do that."},{"start":"03:08:17","end":"03:08:19","text":"Make sure you do your daily check in."},{"start":"03:08:19","end":"03:08:23","text":"If for whatever reason you don't have crew, the daily check in will give it to you."},{"start":"03:08:23","end":"03:08:25","text":"I'm not to give away."},{"start":"03:08:25","end":"03:08:27","text":"Anything else here."},{"start":"03:08:27","end":"03:08:35","text":"And I do. I actually wanted to say thank you to Jacob or CTO for putting the energy and."},{"start":"03:08:35","end":"03:08:40","text":"Taking like this, this, this, this game came about through community feedback."},{"start":"03:08:40","end":"03:08:42","text":"We want to be part of testing."},{"start":"03:08:42","end":"03:08:45","text":"Turing, you made that PIP request."},{"start":"03:08:45","end":"03:08:46","text":"The."},{"start":"03:08:46","end":"03:08:50","text":"For the Dow and last year in August, I think it was."},{"start":"03:08:50","end":"03:08:54","text":"And it was like, OK, well, this is the highest upvoted request."},{"start":"03:08:54","end":"03:08:57","text":"That we have. What can we do with this?"},{"start":"03:08:57","end":"03:09:01","text":"It's not really Dow related, but, but our community really wants to be more involved in testing."},{"start":"03:09:01","end":"03:09:02","text":"So."},{"start":"03:09:02","end":"03:09:05","text":"This is us inviting you to Atlas net to be part of testing."},{"start":"03:09:05","end":"03:09:07","text":"No wallet required."},{"start":"03:09:07","end":"03:09:08","text":"No fees."},{"start":"03:09:08","end":"03:09:09","text":"Just fun."},{"start":"03:09:09","end":"03:09:12","text":"Just like experimenting with new new features."},{"start":"03:09:12","end":"03:09:15","text":"So thank you for to Jacob for doing that."},{"start":"03:09:15","end":"03:09:17","text":"To Michael Cain for putting in."},{"start":"03:09:17","end":"03:09:22","text":"Hours and hours and days and days on the on the questing system and Jose on the law."},{"start":"03:09:22","end":"03:09:25","text":"This wouldn't have existed without them."},{"start":"03:09:25","end":"03:09:28","text":"For with to Jim for the."},{"start":"03:09:28","end":"03:09:31","text":"For the faction chat and the agent AI stuff."},{"start":"03:09:31","end":"03:09:35","text":"And yeah, and to Wagner for letting us do it."},{"start":"03:09:35","end":"03:09:38","text":"It's been pretty awesome working on this for the last couple months."},{"start":"03:09:38","end":"03:09:39","text":"So."},{"start":"03:09:39","end":"03:09:40","text":"And to you as well."},{"start":"03:09:40","end":"03:09:42","text":"You push it this so hard."},{"start":"03:09:42","end":"03:09:46","text":"This only happened guys because John was there pushing everyone forward."},{"start":"03:09:46","end":"03:09:48","text":"Double zoomed the chat for John."},{"start":"03:09:48","end":"03:09:51","text":"This is a huge achievement for the company."},{"start":"03:09:51","end":"03:09:54","text":"Values."},{"start":"03:09:54","end":"03:09:58","text":"Teams done a really good job rallying around this."},{"start":"03:09:58","end":"03:10:00","text":"And I just."},{"start":"03:10:00","end":"03:10:02","text":"I couldn't be more impressed with."},{"start":"03:10:02","end":"03:10:09","text":"How far along this product this project has progressed in a very short period of time with virtually no resources."},{"start":"03:10:09","end":"03:10:11","text":"You know, and I say virtually no."},{"start":"03:10:11","end":"03:10:18","text":"I mean, their team effort has gone into it, but again, relative to the big picture of everything that we're building and all the people we have on the team."},{"start":"03:10:18","end":"03:10:21","text":"And I think that's why we're building a lot of things."},{"start":"03:10:21","end":"03:10:24","text":"Like a lot was done here in a very short period of time."},{"start":"03:10:24","end":"03:10:28","text":"So a really great job and a big thank you to play testers as well."},{"start":"03:10:28","end":"03:10:35","text":"This was opened up a couple weeks ago to play testers in a dedicated discord server and."},{"start":"03:10:35","end":"03:10:38","text":"The feedback and."},{"start":"03:10:38","end":"03:10:42","text":"Responses from them has informed how this has evolved over time."},{"start":"03:10:42","end":"03:10:45","text":"So many thanks for that as well."},{"start":"03:10:45","end":"03:10:48","text":"So I'm going to launch it."},{"start":"03:10:48","end":"03:10:51","text":"You do it, John, you do it."},{"start":"03:10:51","end":"03:10:52","text":"Yeah, we're doing it."},{"start":"03:10:52","end":"03:10:55","text":"You know live."},{"start":"03:10:55","end":"03:10:58","text":"Well, before you do that."},{"start":"03:10:58","end":"03:10:59","text":"Okay."},{"start":"03:10:59","end":"03:11:01","text":"Actually go ahead, John."},{"start":"03:11:01","end":"03:11:02","text":"Go ahead."},{"start":"03:11:02","end":"03:11:03","text":"Share the date."},{"start":"03:11:03","end":"03:11:05","text":"It's live."},{"start":"03:11:05","end":"03:11:06","text":"It's live."},{"start":"03:11:06","end":"03:11:07","text":"There's the URL there."},{"start":"03:11:07","end":"03:11:08","text":"Hallacim.star Atlas.com."},{"start":"03:11:08","end":"03:11:10","text":"We've been playing on the live server."},{"start":"03:11:10","end":"03:11:12","text":"So that's open to everybody."},{"start":"03:11:12","end":"03:11:13","text":"Sorry."},{"start":"03:11:13","end":"03:11:15","text":"I'm excited."},{"start":"03:11:15","end":"03:11:16","text":"Bindes."},{"start":"03:11:16","end":"03:11:18","text":"Let's go around."},{"start":"03:11:18","end":"03:11:20","text":"Good."},{"start":"03:11:20","end":"03:11:21","text":"Roots."},{"start":"03:11:21","end":"03:11:22","text":"Yeah."},{"start":"03:11:22","end":"03:11:23","text":"Tori?????."},{"start":"03:11:23","end":"03:11:27","text":"He's reckless."},{"start":"03:11:27","end":"03:11:30","text":"He's reckless."},{"start":"03:11:30","end":"03:11:33","text":"Yeah, I have a few more things that want to talk about on this."},{"start":"03:11:33","end":"03:11:36","text":"Just as we as we round it out."},{"start":"03:11:36","end":"03:11:39","text":"One of address of the questions that are out there in the community is, as"},{"start":"03:11:39","end":"03:11:47","text":"The first thing to note on this is that the UI here is a little bit behind what you see in Sage."},{"start":"03:11:47","end":"03:11:54","text":"Sage is actually behind on some of the work that we've been doing with Coherent, a toolset"},{"start":"03:11:54","end":"03:11:57","text":"that Brett referenced much, much earlier in the town hall now."},{"start":"03:11:57","end":"03:12:06","text":"But ultimately there will be a goal to bring consistency across all of the game UIs from"},{"start":"03:12:06","end":"03:12:12","text":"Fleet Command and Unreal Engine and the UI elements there into Sage C4 and then ultimately"},{"start":"03:12:12","end":"03:12:14","text":"into Pallosim as well."},{"start":"03:12:14","end":"03:12:17","text":"That's work that's going to be taking place over the course of the year."},{"start":"03:12:17","end":"03:12:21","text":"So a little bit disparate right now, a little bit spread out right now, but everything converges"},{"start":"03:12:21","end":"03:12:27","text":"onto a single unified design language as we get into the later part of the year."},{"start":"03:12:27","end":"03:12:34","text":"I would also note that Pallosim, Jose touched on this, but the concept here is that it"},{"start":"03:12:34","end":"03:12:42","text":"is a holographic simulated version of the Gallea Expans."},{"start":"03:12:42","end":"03:12:48","text":"So this is a meta game that exists within and across Star Atlas."},{"start":"03:12:48","end":"03:12:55","text":"So when you're in Unreal Engine and as we work on feature parity of C4 into Fleet Command,"},{"start":"03:12:55","end":"03:13:02","text":"players will have that option of selecting the Hallosim and engaging in this game directly"},{"start":"03:13:02","end":"03:13:05","text":"within."},{"start":"03:13:05","end":"03:13:06","text":"Thank you Brad."},{"start":"03:13:06","end":"03:13:07","text":"Thank you for calling that out."},{"start":"03:13:07","end":"03:13:08","text":"Really appreciate it."},{"start":"03:13:08","end":"03:13:12","text":"Well, that is the target audience."},{"start":"03:13:12","end":"03:13:17","text":"But you'll be able to engage in Hallosim directly within Fleet Command as well."},{"start":"03:13:17","end":"03:13:22","text":"And that's, you know, we'll figure out exactly what the UX is there, but this is another"},{"start":"03:13:22","end":"03:13:30","text":"opportunity to expose players to 4x RTS-style gameplay in Unreal Engine and something that"},{"start":"03:13:30","end":"03:13:32","text":"they could even do in their downtime."},{"start":"03:13:32","end":"03:13:39","text":"Again, I'm thinking to whatever extent there's any time in between matches, say in Arena"},{"start":"03:13:39","end":"03:13:45","text":"Shooter, we've talked about this idea that you can very quickly toggle between macro management"},{"start":"03:13:45","end":"03:13:46","text":"down to the micro level."},{"start":"03:13:46","end":"03:13:51","text":"And maybe you're engaged in some Arena Shooter matches, you're earning your XP, you're"},{"start":"03:13:51","end":"03:13:59","text":"leveling up your characters, you're getting some nano goo that is an exotic resource."},{"start":"03:13:59","end":"03:14:03","text":"And while you wait for that instance to load, you just go into macro map view, pull up"},{"start":"03:14:03","end":"03:14:10","text":"Hallosim and you play this in between, so kind of a time killer in a gap."},{"start":"03:14:10","end":"03:14:16","text":"Now I will say I don't think that our community is necessarily the target audience for this,"},{"start":"03:14:16","end":"03:14:20","text":"although this is going to be the first opportunity that you have to engage in combat."},{"start":"03:14:20","end":"03:14:25","text":"Now, the combat systems are going to operate a bit different in C4, so you'll definitely"},{"start":"03:14:25","end":"03:14:28","text":"want to engage in C4 PTR."},{"start":"03:14:29","end":"03:14:33","text":"At least this is a chance for you guys to get that first experience and first taste"},{"start":"03:14:33","end":"03:14:35","text":"of combat in a game."},{"start":"03:14:35","end":"03:14:40","text":"What this is really about is, again, casting that wide net and reaching a new audience,"},{"start":"03:14:40","end":"03:14:46","text":"breaking outside of the echo chamber, bringing more people into Star Atlas in a way that"},{"start":"03:14:46","end":"03:14:51","text":"has zero friction, zero cost, and zero financial investment."},{"start":"03:14:51","end":"03:14:54","text":"I think that's appropriate for a Web 2 audience."},{"start":"03:14:54","end":"03:14:59","text":"I think that we could go after mainstream gamer, we could go after the mobile space exploration"},{"start":"03:14:59","end":"03:15:03","text":"gamer when we get this implemented into the mobile app stores."},{"start":"03:15:03","end":"03:15:09","text":"But I also think that this is a great opportunity for us to reach other communities across Web"},{"start":"03:15:09","end":"03:15:12","text":"3 and introduce them into Star Atlas."},{"start":"03:15:12","end":"03:15:19","text":"And part of the way that we'll be encouraging that type of activity is that Hallosim is"},{"start":"03:15:19","end":"03:15:25","text":"probably going to be the first time where there's a kind of a play to airdrop concept"},{"start":"03:15:25","end":"03:15:27","text":"that is introduced in Star Atlas."},{"start":"03:15:27","end":"03:15:37","text":"Since inception, we have always coupled financial and capital investment into the game with"},{"start":"03:15:37","end":"03:15:39","text":"your earnings potential."},{"start":"03:15:39","end":"03:15:45","text":"Now, what that means is, eventually we are going to add some incentives and rewards to"},{"start":"03:15:45","end":"03:15:49","text":"this, and we can do that through a couple of different tracks."},{"start":"03:15:49","end":"03:15:54","text":"It could be leaderboard based with seasonal content and those who place highest on the"},{"start":"03:15:54","end":"03:15:59","text":"leaderboard get some main net asset reward."},{"start":"03:15:59","end":"03:16:07","text":"It could also be kind of randomness based, which would be introducing something like the"},{"start":"03:16:07","end":"03:16:11","text":"golden carnival where progression earned you tickets."},{"start":"03:16:11","end":"03:16:17","text":"And then those tickets can be used during a periodic drawing like we did with golden carnival"},{"start":"03:16:17","end":"03:16:18","text":"again."},{"start":"03:16:18","end":"03:16:22","text":"It could also be progression based."},{"start":"03:16:22","end":"03:16:27","text":"And so for somebody that completes all of the underlying objectives and missions, including"},{"start":"03:16:27","end":"03:16:30","text":"the tutorial, there's a welcome bundle that they received."},{"start":"03:16:30","end":"03:16:36","text":"Now part of the purpose of doing that is bridging them then over to main net because they will"},{"start":"03:16:36","end":"03:16:42","text":"need to have a salon of wallet at that point to receive the assets and the goal is to bridge"},{"start":"03:16:42","end":"03:16:45","text":"them over into the live economy."},{"start":"03:16:45","end":"03:16:51","text":"Now we see a big opportunity here in eventually communicating and converting people into main"},{"start":"03:16:51","end":"03:16:53","text":"net economy users."},{"start":"03:16:53","end":"03:17:00","text":"Well, main net game users because this potential for real earnings, which just simply doesn't"},{"start":"03:17:00","end":"03:17:07","text":"exist, at least not at the scale that it does in sage and broader star Atlas ecosystem."},{"start":"03:17:07","end":"03:17:12","text":"So really excited about all of those things."},{"start":"03:17:12","end":"03:17:18","text":"Again, I think it's super cool that we've been able to integrate the chat system, Jim"},{"start":"03:17:18","end":"03:17:23","text":"Carter, big shout out there as well as on the sage AI system."},{"start":"03:17:23","end":"03:17:27","text":"Jim Carter has also been pivotal in the development of those."},{"start":"03:17:27","end":"03:17:31","text":"Also want to shout out Chris, I don't think we actually mentioned him, but Chris was obviously"},{"start":"03:17:31","end":"03:17:35","text":"involved on economic design elements of this game as well."},{"start":"03:17:35","end":"03:17:41","text":"So worth calling him out there."},{"start":"03:17:41","end":"03:17:43","text":"I think that was everything I wanted to cover."},{"start":"03:17:43","end":"03:17:49","text":"But again, really excited about the potential for this to attract both a web three audience"},{"start":"03:17:49","end":"03:17:54","text":"that's maybe interested in main net incentives and rewards and getting them integrated into"},{"start":"03:17:54","end":"03:18:02","text":"star Atlas engaged in this product and then ultimately moving over into sage itself and"},{"start":"03:18:02","end":"03:18:08","text":"then largely even if even if all of that failed guys, one of the big things to note here is"},{"start":"03:18:08","end":"03:18:14","text":"even if all of that failed, but it was successful at attracting a mainstream gamer audience."},{"start":"03:18:14","end":"03:18:20","text":"We still have the separate monetization hooks that we're going to be integrating into it."},{"start":"03:18:20","end":"03:18:23","text":"That's really good for the studio and anything that's good for the studio is good for our"},{"start":"03:18:23","end":"03:18:29","text":"future and it can help us grow and scale and continue building this dream of star Atlas."},{"start":"03:18:29","end":"03:18:34","text":"So a lot of promising stuff here, John Jose, great job presenting all of this amazing work"},{"start":"03:18:34","end":"03:18:38","text":"across the board and across the team."},{"start":"03:18:38","end":"03:18:39","text":"Thank you, Michael."},{"start":"03:18:39","end":"03:18:40","text":"Thank you, everyone."},{"start":"03:18:40","end":"03:18:41","text":"Excellent tall hall."},{"start":"03:18:41","end":"03:18:42","text":"See you guys."},{"start":"03:18:42","end":"03:18:43","text":"Thank you guys."},{"start":"03:18:43","end":"03:18:44","text":"Thanks everyone."},{"start":"03:18:44","end":"03:18:45","text":"Thank you guys."},{"start":"03:18:45","end":"03:18:55","text":"Crazy town hall, man."},{"start":"03:18:55","end":"03:18:57","text":"Crazy town hall."},{"start":"03:18:57","end":"03:19:03","text":"I think we downplayed it as much as we could too."},{"start":"03:19:03","end":"03:19:04","text":"We did."},{"start":"03:19:04","end":"03:19:05","text":"We did."},{"start":"03:19:05","end":"03:19:07","text":"It's nighttime already for me."},{"start":"03:19:07","end":"03:19:11","text":"There was sunlight when we started."},{"start":"03:19:11","end":"03:19:13","text":"Started in the morning."},{"start":"03:19:13","end":"03:19:15","text":"And you missed your gym session, I bet."},{"start":"03:19:15","end":"03:19:17","text":"I miss my gym session."},{"start":"03:19:17","end":"03:19:19","text":"Yes, that's true."},{"start":"03:19:19","end":"03:19:20","text":"That's true."},{"start":"03:19:20","end":"03:19:21","text":"But it's very well worth it for sure."},{"start":"03:19:21","end":"03:19:22","text":"Very well worth it."},{"start":"03:19:22","end":"03:19:27","text":"I think this was one of the best downholes that we ever hosted."},{"start":"03:19:27","end":"03:19:31","text":"Again, as Michael was saying, we're not hyping anything up."},{"start":"03:19:31","end":"03:19:34","text":"We could have done it for this one for sure."},{"start":"03:19:34","end":"03:19:36","text":"We estimated over two hours."},{"start":"03:19:36","end":"03:19:37","text":"What is it?"},{"start":"03:19:37","end":"03:19:43","text":"Three hours and 20 minutes now of pure information drop and even a product release."},{"start":"03:19:43","end":"03:19:48","text":"So I think it was a fantastic one."},{"start":"03:19:48","end":"03:19:52","text":"Thanks to all the Star Atlas team members that joined the stage and helped us explain"},{"start":"03:19:52","end":"03:19:57","text":"everything we have going on and also to all the Star Atlas team members as a whole."},{"start":"03:19:57","end":"03:20:03","text":"Even if they didn't join the stage, they're working every single day, every single hour"},{"start":"03:20:03","end":"03:20:07","text":"almost to get this mission further along."},{"start":"03:20:07","end":"03:20:13","text":"So and thanks to everyone who joined and who was here also for the for the three hours"},{"start":"03:20:13","end":"03:20:16","text":"for the three full hours."},{"start":"03:20:16","end":"03:20:17","text":"We love you guys."},{"start":"03:20:17","end":"03:20:22","text":"Over 200 people here, over 220 people for the whole show for three hours."},{"start":"03:20:22","end":"03:20:27","text":"Plus, I think like 3000 views or more on X."},{"start":"03:20:27","end":"03:20:33","text":"And I saw around 50 people watching live on Stratlist TV on YouTube."},{"start":"03:20:33","end":"03:20:37","text":"So that's a pretty amazing, some believable."},{"start":"03:20:37","end":"03:20:40","text":"And I hope you guys are happy with everything that we shared."},{"start":"03:20:40","end":"03:20:43","text":"Michael, how are you feeling?"},{"start":"03:20:43","end":"03:20:44","text":"I'm good."},{"start":"03:20:44","end":"03:20:49","text":"I mean, really great to get all of this out."},{"start":"03:20:49","end":"03:20:53","text":"We've had to fight hard to keep this all under wraps, but I think you make a great point."},{"start":"03:20:53","end":"03:20:55","text":"We're not focused on hyping anything up."},{"start":"03:20:55","end":"03:21:01","text":"We're really letting our work speak for itself and it's shouting from the rooftops right"},{"start":"03:21:01","end":"03:21:02","text":"now."},{"start":"03:21:02","end":"03:21:11","text":"So incredible progress over the course of this year in spite of what is otherwise chaos"},{"start":"03:21:11","end":"03:21:13","text":"out there and graveyards out there."},{"start":"03:21:13","end":"03:21:16","text":"But we're here to stay."},{"start":"03:21:16","end":"03:21:23","text":"I would go so far as to say, there's no potential future where this idea of Stratlist doesn't"},{"start":"03:21:23","end":"03:21:24","text":"exist."},{"start":"03:21:24","end":"03:21:29","text":"And teams just extremely passionate and dedicated to achieving those goals."},{"start":"03:21:29","end":"03:21:34","text":"And again, the work really speaks for itself."},{"start":"03:21:34","end":"03:21:37","text":"So great town hall."},{"start":"03:21:37","end":"03:21:38","text":"Great town hall, man."},{"start":"03:21:38","end":"03:21:39","text":"Nothing to add to that."},{"start":"03:21:39","end":"03:21:42","text":"I think it's been fantastic."},{"start":"03:21:42","end":"03:21:45","text":"I think everyone is super excited about it."},{"start":"03:21:45","end":"03:21:50","text":"And this is, it's been a lot of information, but don't worry, we got you covered."},{"start":"03:21:50","end":"03:21:54","text":"There will be many ways in which you can digest everything that we shared."},{"start":"03:21:54","end":"03:22:00","text":"First, I see someone already shared that link, but tomorrow we have this Rattles Economic Forum"},{"start":"03:22:00","end":"03:22:07","text":"where we will have Chris and Gareth on stage and they will be doing a C4 Q&A for economic."},{"start":"03:22:07","end":"03:22:12","text":"So if you're into stage at all, I think you should definitely join that one."},{"start":"03:22:12","end":"03:22:13","text":"Don't miss it."},{"start":"03:22:13","end":"03:22:19","text":"And then next week we'll have a Brett on stage with us at the brew for a C4 specific"},{"start":"03:22:19","end":"03:22:20","text":"brewer."},{"start":"03:22:20","end":"03:22:25","text":"He will be replying also Q&A passion probably."},{"start":"03:22:25","end":"03:22:30","text":"And also there are brews in many, many languages over the course of this week and the next"},{"start":"03:22:30","end":"03:22:31","text":"one as well."},{"start":"03:22:31","end":"03:22:39","text":"So if you either speak Spanish, Portuguese, French, I think Turkish as well, Italian, there's"},{"start":"03:22:39","end":"03:22:46","text":"probably a brew in your respective Discord chat, your Discord language community."},{"start":"03:22:46","end":"03:22:49","text":"So stay tuned for that."},{"start":"03:22:49","end":"03:22:56","text":"And yeah, we'll be posting, we'll also be posting a medium article that summarizes everything"},{"start":"03:22:56","end":"03:22:58","text":"that we shared here today."},{"start":"03:22:58","end":"03:23:02","text":"So thanks everyone for joining."},{"start":"03:23:02","end":"03:23:05","text":"Thank you for staying with us for the three full hours and for supporting Star Atlas as"},{"start":"03:23:05","end":"03:23:07","text":"always."},{"start":"03:23:07","end":"03:23:10","text":"And hope you enjoyed this as much as we did."},{"start":"03:23:10","end":"03:23:12","text":"It's been amazing."},{"start":"03:23:12","end":"03:23:18","text":"Yeah, just to close out, we're not giving any dates on C4."},{"start":"03:23:18","end":"03:23:26","text":"We are still anticipating probably a couple more months before we roll out the C4 PTR."},{"start":"03:23:26","end":"03:23:30","text":"So I mentioned that because a couple of people are talking about transferring assets back"},{"start":"03:23:30","end":"03:23:33","text":"to the CSS."},{"start":"03:23:33","end":"03:23:36","text":"I do want to emphasize, we have a transition plan."},{"start":"03:23:36","end":"03:23:41","text":"I'd actually encourage you to continue playing Sage Star based and wait until we announce"},{"start":"03:23:41","end":"03:23:47","text":"what that migration or transition plan looks like before making any critical decisions"},{"start":"03:23:47","end":"03:23:48","text":"there."},{"start":"03:23:48","end":"03:23:54","text":"So as to save yourself some time and avoid some frustration, we're already planning on"},{"start":"03:23:54","end":"03:23:57","text":"another big town hall not to downplay this one."},{"start":"03:23:57","end":"03:24:03","text":"It was absolutely massive, but we're already preparing for that and future releases."},{"start":"03:24:03","end":"03:24:07","text":"And thinking about the latter half of the year, we didn't touch on anything surrounding"},{"start":"03:24:07","end":"03:24:09","text":"tokenomics on this."},{"start":"03:24:09","end":"03:24:15","text":"I think we have fundamentally some of the best tokenomics that exist in any Web 3 game."},{"start":"03:24:15","end":"03:24:20","text":"And seeing the traction and success of that largely relies on some growth."},{"start":"03:24:20","end":"03:24:25","text":"And so beyond or other objectives this year around simplifying onboarding and creating"},{"start":"03:24:25","end":"03:24:29","text":"those fun and engaging products, it's about growing the user base."},{"start":"03:24:29","end":"03:24:33","text":"And as we get into the latter half of the year, we have some thoughts on pull us into"},{"start":"03:24:33","end":"03:24:36","text":"integration into C4."},{"start":"03:24:36","end":"03:24:41","text":"We also have some thoughts around getting work put into the Atlas Locker Addendum and"},{"start":"03:24:41","end":"03:24:44","text":"bringing some of those benefits for having Atlas Locked."},{"start":"03:24:44","end":"03:24:50","text":"So we think comprehensively about the entire ecosystem, about every asset and every token."},{"start":"03:24:50","end":"03:24:54","text":"But those are all to come."},{"start":"03:24:54","end":"03:24:56","text":"Just going to take a little bit of time."},{"start":"03:24:56","end":"03:24:59","text":"But otherwise, hope you guys enjoy all of them."},{"start":"03:24:59","end":"03:25:00","text":"Thank you very much."},{"start":"03:25:00","end":"03:25:01","text":"Thank you very much."},{"start":"03:25:01","end":"03:25:02","text":"Thank you for being with us."},{"start":"03:25:02","end":"03:25:03","text":"I'm very happy to be here."},{"start":"03:25:03","end":"03:25:04","text":"Thank you for the team."},{"start":"03:25:04","end":"03:25:05","text":"Thank you for tuning in."},{"start":"03:25:05","end":"03:25:06","text":"Until the next one."},{"start":"03:25:06","end":"03:25:07","text":"Yeah."},{"start":"03:25:07","end":"03:25:11","text":"Take advantage of the data runner sale right now, guys."},{"start":"03:25:11","end":"03:25:15","text":"And we'll close with some music for you guys."},{"start":"03:25:15","end":"03:25:16","text":"Nice."},{"start":"03:25:16","end":"03:25:17","text":"Bye bye."},{"start":"03:25:17","end":"03:25:18","text":"Thank you."},{"start":"03:25:59","end":"03:26:00","text":"Bye."}]

[{"start":"00:00:00","end":"00:00:24","text":"Hello."},{"start":"00:00:24","end":"00:00:28","text":"Hello. Hello."},{"start":"00:00:28","end":"00:00:30","text":"We can hear you."},{"start":"00:00:30","end":"00:00:32","text":"Thank you. Thank you."},{"start":"00:00:32","end":"00:00:38","text":"Let me do a quick announcement that we're starting."},{"start":"00:00:50","end":"00:00:52","text":"GM everyone in the chat."},{"start":"00:00:52","end":"00:00:54","text":"I'm Zaina or Zana."},{"start":"00:00:54","end":"00:00:56","text":"I don't know what's the ripenization."},{"start":"00:00:56","end":"00:00:58","text":"Crash. Chris."},{"start":"00:00:58","end":"00:01:00","text":"Both."},{"start":"00:01:00","end":"00:01:02","text":"Nakaar."},{"start":"00:01:02","end":"00:01:04","text":"Timber."},{"start":"00:01:04","end":"00:01:06","text":"Tear."},{"start":"00:01:06","end":"00:01:08","text":"Shaddix."},{"start":"00:01:08","end":"00:01:10","text":"I see a green name there."},{"start":"00:01:10","end":"00:01:12","text":"But I don't know who you are."},{"start":"00:01:12","end":"00:01:14","text":"Tango Mike."},{"start":"00:01:14","end":"00:01:16","text":"PG. NDR."},{"start":"00:01:16","end":"00:01:18","text":"How's everyone doing?"},{"start":"00:01:18","end":"00:01:20","text":"Agent Solace."},{"start":"00:01:20","end":"00:01:22","text":"GM."},{"start":"00:01:22","end":"00:01:24","text":"I am doing well."},{"start":"00:01:24","end":"00:01:26","text":"I told you earlier."},{"start":"00:01:26","end":"00:01:30","text":"I was surprised at how big the town hall was yesterday."},{"start":"00:01:30","end":"00:01:34","text":"I didn't expect the amount of stuff that we were sharing."},{"start":"00:01:34","end":"00:01:38","text":"The good news is now I can just say whatever I want."},{"start":"00:01:38","end":"00:01:40","text":"I think we've spoiled pretty much everything."},{"start":"00:01:40","end":"00:01:46","text":"I can talk with no limitations."},{"start":"00:01:46","end":"00:01:48","text":"Yeah."},{"start":"00:01:48","end":"00:01:50","text":"I'm unsackled."},{"start":"00:01:50","end":"00:01:52","text":"True."},{"start":"00:01:52","end":"00:01:56","text":"Except for when you can say everything else."},{"start":"00:01:56","end":"00:01:58","text":"Yeah. No, that's fair."},{"start":"00:01:58","end":"00:02:04","text":"It was crushing me when people were like when is hollow sim coming out in the chat yesterday."},{"start":"00:02:04","end":"00:02:08","text":"And I was like, I was like, wouldn't you like to know?"},{"start":"00:02:08","end":"00:02:10","text":"It comes out in a few minutes."},{"start":"00:02:10","end":"00:02:14","text":"Actually it was live for the vast majority of the presentation."},{"start":"00:02:14","end":"00:02:18","text":"I was seeing that we were getting traffic."},{"start":"00:02:18","end":"00:02:22","text":"I didn't know that the link was live."},{"start":"00:02:22","end":"00:02:24","text":"I randomly typed in hollows."},{"start":"00:02:24","end":"00:02:28","text":"I didn't even know that that was actually the link."},{"start":"00:02:28","end":"00:02:30","text":"It was nice."},{"start":"00:02:30","end":"00:02:32","text":"We're seeing transactions flowing."},{"start":"00:02:32","end":"00:02:36","text":"We have a stream."},{"start":"00:02:36","end":"00:02:38","text":"A data stream for AtlasNet."},{"start":"00:02:38","end":"00:02:40","text":"Which is really, really cool."},{"start":"00:02:40","end":"00:02:42","text":"This is all stuff that we'll talk about during the presentation."},{"start":"00:02:42","end":"00:02:46","text":"Yeah, it's been a very energetic 24 hours."},{"start":"00:02:46","end":"00:02:48","text":"I just had a shot of espresso."},{"start":"00:02:48","end":"00:02:52","text":"So hopefully I'll kick in in the next five to 10 minutes."},{"start":"00:02:52","end":"00:02:54","text":"It will."},{"start":"00:02:54","end":"00:02:56","text":"It will."},{"start":"00:02:56","end":"00:02:58","text":"It's going through the slides."},{"start":"00:02:58","end":"00:03:00","text":"You know, gets the juices flowing."},{"start":"00:03:00","end":"00:03:02","text":"I'm pretty, we just have one slide."},{"start":"00:03:02","end":"00:03:04","text":"Garrett just put a big slide that said Q&A."},{"start":"00:03:04","end":"00:03:06","text":"So."},{"start":"00:03:06","end":"00:03:08","text":"I'm just kidding."},{"start":"00:03:08","end":"00:03:10","text":"Now we've got a couple, couple slides."},{"start":"00:03:10","end":"00:03:14","text":"Yeah, Garrett, my friend, Econinja."},{"start":"00:03:14","end":"00:03:16","text":"How are you doing?"},{"start":"00:03:16","end":"00:03:18","text":"Doing well, man."},{"start":"00:03:18","end":"00:03:20","text":"Yeah, as Chris said, it's, uh, we put a lot out there."},{"start":"00:03:20","end":"00:03:22","text":"Definitely not everything."},{"start":"00:03:22","end":"00:03:24","text":"A lot of surprises in store."},{"start":"00:03:24","end":"00:03:28","text":"But, uh, yeah, a lot more than I anticipated as well."},{"start":"00:03:28","end":"00:03:32","text":"A lot of big topics that people have been talking about."},{"start":"00:03:32","end":"00:03:36","text":"Which again, we'll touch on in the presentation."},{"start":"00:03:36","end":"00:03:42","text":"Um, but yeah, excited to jump in."},{"start":"00:03:42","end":"00:03:48","text":"Garrett, something tells me you're not using your, uh, your mic."},{"start":"00:03:48","end":"00:03:52","text":"I am. I tried to reset it before I joined here and I will again."},{"start":"00:03:52","end":"00:03:53","text":"Oh, I see."},{"start":"00:03:53","end":"00:03:56","text":"To start here, but, uh, yeah, sorry about that."},{"start":"00:03:56","end":"00:04:00","text":"It's, uh, no words to, I guess, from the town hall."},{"start":"00:04:00","end":"00:04:02","text":"You're so good."},{"start":"00:04:02","end":"00:04:05","text":"Yeah, dude, it sounds amazing."},{"start":"00:04:05","end":"00:04:06","text":"It's Chris."},{"start":"00:04:06","end":"00:04:08","text":"Beautiful."},{"start":"00:04:08","end":"00:04:10","text":"Um, all right."},{"start":"00:04:10","end":"00:04:11","text":"Should we get into it?"},{"start":"00:04:11","end":"00:04:14","text":"Santi, I'm sure we are going to have a packed, uh, schedule today."},{"start":"00:04:14","end":"00:04:15","text":"So let me just."},{"start":"00:04:15","end":"00:04:16","text":"Absolutely."},{"start":"00:04:16","end":"00:04:17","text":"Yeah, let's get straight into it."},{"start":"00:04:17","end":"00:04:22","text":"I think the community cannot wait for more information to be dropped at them."},{"start":"00:04:22","end":"00:04:24","text":"But this is more of a, of a digest, right?"},{"start":"00:04:24","end":"00:04:25","text":"Chris is not that."},{"start":"00:04:25","end":"00:04:32","text":"Yeah, I mean, I don't know if we're going to be giving out too much alpha."},{"start":"00:04:32","end":"00:04:34","text":"I think it'll mostly just be answering questions."},{"start":"00:04:34","end":"00:04:39","text":"Uh, and in that way, it might be, you know, new information that wasn't clarified yesterday."},{"start":"00:04:39","end":"00:04:46","text":"But obviously with the C4 update coming out at the end of the year, there's, I mean, it's probably 10,"},{"start":"00:04:46","end":"00:04:48","text":"Xing the size of the game."},{"start":"00:04:48","end":"00:04:54","text":"Uh, it's certainly 10, Xing the size of the, the number of resources and, and assets in the game."},{"start":"00:04:54","end":"00:05:01","text":"Uh, but it's also significantly, you know, blowing up the scope of different things you can do, uh, in terms of like the mining crafting loops."},{"start":"00:05:01","end":"00:05:04","text":"Uh, and, and other, other things like combat."},{"start":"00:05:04","end":"00:05:09","text":"So I think it's worthwhile to go through a pretty extensive Q&A of just answering questions."},{"start":"00:05:09","end":"00:05:11","text":"There were a ton of questions yesterday in the town hall."},{"start":"00:05:11","end":"00:05:16","text":"So I think today would be a good opportunity to answer some of those."},{"start":"00:05:16","end":"00:05:21","text":"Uh, did I already say something I shouldn't have said?"},{"start":"00:05:21","end":"00:05:23","text":"Uh, I don't know."},{"start":"00:05:23","end":"00:05:27","text":"I see S.D.U. horror with, anyway."},{"start":"00:05:27","end":"00:05:30","text":"Um, all right. So this is the 13th monthly Star Atlas economics forum."},{"start":"00:05:30","end":"00:05:38","text":"For those of you who don't know, this is an opportunity for us on a monthly basis to, uh, have a one-on-one with the community."},{"start":"00:05:38","end":"00:05:49","text":"Uh, it's a very fast-paced environment, the Star Atlas economy, and it's very easy to get bogged down in the details or just miss something important that you might, uh, have wanted to know about."},{"start":"00:05:49","end":"00:05:54","text":"Uh, so, um, that's the purpose of these, uh, these calls, these meetings."},{"start":"00:05:54","end":"00:05:59","text":"We go over, typically we'll go over, you know, the last month of data, any updates that happen."},{"start":"00:05:59","end":"00:06:08","text":"Um, while we did have a few updates go out this last month, um, I don't really think that they're important enough or interesting enough to spend any time on today."},{"start":"00:06:08","end":"00:06:18","text":"I'd prefer to talk about C4, hollow SIM, uh, some new and exciting changes to our, our data, uh, that we provide to the community."},{"start":"00:06:18","end":"00:06:21","text":"And even internally that data that we use."},{"start":"00:06:21","end":"00:06:24","text":"Um, so yeah, that's, that's where you're at."},{"start":"00:06:24","end":"00:06:27","text":"Um, just so everybody knows that they're in the right place."},{"start":"00:06:27","end":"00:06:38","text":"Um, I am going to pass it over to Gareth, who is going to tell you guys about an update that happened to the community dashboard."},{"start":"00:06:38","end":"00:06:40","text":"Thanks, Chris."},{"start":"00:06:40","end":"00:06:47","text":"Maybe a slight improvement to my mic, but, uh, yeah, for some reason it completely resets every day."},{"start":"00:06:47","end":"00:06:50","text":"So we're just going to have to go with the flow here."},{"start":"00:06:50","end":"00:06:51","text":"Um, yeah."},{"start":"00:06:51","end":"00:07:02","text":"So, uh, aside from all the awesome stuff from the town hall the other day, um, an update did go up in the background from, uh, I believe it was late last week."},{"start":"00:07:02","end":"00:07:10","text":"If I remember correctly, but, um, we are slowly building out, um, better UI and UX for the community dashboards."},{"start":"00:07:10","end":"00:07:23","text":"Um, big shout out to Jeff from the design team and Ryan from our front end team for, uh, helping us push this out, but, um, obviously before it was tucked away in the more section."},{"start":"00:07:23","end":"00:07:29","text":"Now we actually have our own header tab for economics on the downsides."},{"start":"00:07:29","end":"00:07:32","text":"So a bit more navigatable."},{"start":"00:07:32","end":"00:07:38","text":"And, uh, you'll also see the menu is a bit more attractive as well."},{"start":"00:07:38","end":"00:07:46","text":"Um, you know, this is a very small group of people working on this and it's not a, you know, a massive priority all the time."},{"start":"00:07:46","end":"00:07:51","text":"So improvements will be coming out to increase clarity and usability."},{"start":"00:07:51","end":"00:08:02","text":"But this, this is a huge step forward for us, um, reducing one of the, maybe two, uh, two clicks to reach the dashboards now."},{"start":"00:08:02","end":"00:08:08","text":"Um, yeah, excited about that. We also have the, uh, reports easily accessible."},{"start":"00:08:08","end":"00:08:14","text":"Um, you know, not most people go straight to play dot star atlas."},{"start":"00:08:14","end":"00:08:20","text":"A lot of people skip star atlas.com, which is where, um, we used to store the reports in the past."},{"start":"00:08:20","end":"00:08:25","text":"And they were buried in newsroom and, um, you know, not as easy as we'd have liked."},{"start":"00:08:25","end":"00:08:36","text":"So, um, hopefully this Dow sectional will build out and not just host dashboards and reports, but, uh, other insights and other papers and, um, who knows what else."},{"start":"00:08:36","end":"00:08:40","text":"But, uh, this, this will be the new, uh, economy hub on the front end."},{"start":"00:08:40","end":"00:08:49","text":"And, uh, yeah, we're super excited to release more dashboards and continue to, uh, push updates to this."},{"start":"00:08:49","end":"00:08:52","text":"Chris, if you want to add anything, feel free."},{"start":"00:08:52","end":"00:08:57","text":"Uh, no, not, not really. I know that you've been kind of, uh, spearheading this project."},{"start":"00:08:57","end":"00:09:02","text":"Uh, but yeah, economy, the economy team is finally rising up in the world."},{"start":"00:09:02","end":"00:09:07","text":"We have our own tab on the, uh, on the website. Amazing."},{"start":"00:09:07","end":"00:09:16","text":"You no longer have to click, uh, other and more and scroll down on the, uh, the star atlas website in order to find out that there's an economy team."},{"start":"00:09:16","end":"00:09:26","text":"So, uh, really excited about this. Also shout out to, uh, Jeff on the team. He's the, he's one of our, uh, super, super important, um, uh, web designers."},{"start":"00:09:26","end":"00:09:33","text":"And he's, he's basically, uh, solely responsible for getting this out in the time, uh, that it got out."},{"start":"00:09:33","end":"00:09:42","text":"We thought we were going to have to wait on this for quite a while. So it's really cool to see all of our different dashboards, all of our reports in a very nice cohesive, uh, flow."},{"start":"00:09:42","end":"00:09:48","text":"So yeah, super excited about that. Don't forget that you can go to the community dashboard in order to learn more about."},{"start":"00:09:48","end":"00:09:54","text":"So I was economy prices, volume, active users, the rental market, all sorts of amazing information in there."},{"start":"00:09:54","end":"00:10:00","text":"And again, this is all on chain data. So all of this is technically, uh, this is not proprietary data."},{"start":"00:10:00","end":"00:10:03","text":"This is all available on chain. It's all publicly accessible data."},{"start":"00:10:03","end":"00:10:09","text":"Um, so, you know, it's not like, uh, if you could technically go out and do this your own."},{"start":"00:10:09","end":"00:10:20","text":"There are other community run dashboards like the AP a dashboard, uh, or dashboards, I should say that do an amazing job at giving even more detail than these ones."},{"start":"00:10:20","end":"00:10:25","text":"So yeah, um, are you comfortable to move on, Garrett?"},{"start":"00:10:25","end":"00:10:27","text":"Uh, yeah, I guess just."},{"start":"00:10:27","end":"00:10:34","text":"Sorry, if you guys still take suggestions for things people want to see."},{"start":"00:10:34","end":"00:10:45","text":"Yeah, definitely. Um, yeah. So the last big dashboard update we had was like a former two ago. So a month or two ago."},{"start":"00:10:45","end":"00:10:51","text":"A lot of stuff, obviously, as you guys can see from the town halls has come up and, you know, quarterly reports coming up soon."},{"start":"00:10:51","end":"00:11:00","text":"So, um, and I was away for a week, uh, which was another thing. But, uh, yeah, well, dashboards are still being worked on."},{"start":"00:11:00","end":"00:11:12","text":"So, um, it's coming soon. Um, a lot of stuff happening on our back end as well with respect to our data providers, um, going through updates and things that, you know, we're up to do QA for and stuff."},{"start":"00:11:12","end":"00:11:21","text":"So, um, definitely still taking suggestions. Um, a lot of older suggestions are in the works and pretty much almost done."},{"start":"00:11:21","end":"00:11:29","text":"And so, yeah, feel free to drop stations in the chat and also something to note, Chris just slightly before we move on."},{"start":"00:11:29","end":"00:11:42","text":"So, um, it's these tab pages or the new design basically gives us a lot more room. Um, her dashboard. So basically, uh, vertical space on the page to add more charts and insights."},{"start":"00:11:42","end":"00:11:53","text":"So before, uh, it was a bit crammed. Um, we had to fit. Um, you know, everything into a, uh, YouTube full screen size aspect ratio."},{"start":"00:11:53","end":"00:12:16","text":"Now we can, we have almost infinite vertical space to, uh, add insights per category. So, um, yeah, a lot of stuff that we hide basically omitted, um, from the, from the designs previously I can now add back in and, um, hopefully we can get a lot more micro, uh, in some of these sections, um, with that new space."},{"start":"00:12:16","end":"00:12:25","text":"Yeah. I give us suggestions. We'd love to hear them and, um, they'll be put on the list to get at it as we continue to build this out."},{"start":"00:12:25","end":"00:12:36","text":"Yeah. And, you know, I, I, I think that this entire dashboarding, uh, interface could be, there's so much more we plan to do and we want to do."},{"start":"00:12:36","end":"00:12:54","text":"Um, but do keep in mind like if we were a full scale organization, there would be like a team of two or three people whose whole entire job was to maintain, uh, these dashboards. So, you know, keep, uh, keep that in mind and bear with us as we try to get more and more, um, you know, fidelity here."},{"start":"00:12:54","end":"00:13:03","text":"I would love to create a holocim dashboard. I think that'd be really cool. Uh, you can keep track of the leaderboard. You can keep track of, of actions and different stuff like that."},{"start":"00:13:03","end":"00:13:17","text":"Um, so on the note of holocim, uh, let's go through a town, town hall, uh, economics recap. Um, so the only reason there's a stick figure in the middle is because the slide looked so bad."},{"start":"00:13:17","end":"00:13:28","text":"Um, and I was bimoning the fact that we don't have any like artists helping us make, uh, slide shows. And then there was this blank space in the middle."},{"start":"00:13:28","end":"00:13:36","text":"I didn't feel like going to find something. So I just put this. Um, this is just your average start out with employee after the town hall yesterday."},{"start":"00:13:36","end":"00:13:55","text":"Uh, so, you know, happy, very happy smile, uh, two different size eyes. This is probably Michael Wagner actually, uh, but, you know, who could say I did, I just, I just made it, uh, you know, on a whim. Just trying to see if Michael's in the audience."},{"start":"00:13:55","end":"00:14:10","text":"Yeah, I thought this Chris. Yeah, this is actually the studio jibbly chat you P T output. I know it's pretty impressive. This is my animated. This is what an anime by Chris would look like anyway. Sorry."},{"start":"00:14:10","end":"00:14:19","text":"Uh, okay. So there's actually important stuff on the outside on the outer ring of this presentation. So a lot of stuff happened yesterday in the town hall."},{"start":"00:14:19","end":"00:14:31","text":"Um, so much stuff. I mean, it was three and a half hours. There's so much content covered that we're not going to get to it all today. Um, I want to hit the broad most important strokes, especially from economics perspective."},{"start":"00:14:31","end":"00:14:47","text":"The very first thing, uh, even though you would think we're going to go here, we're going to go over here. There's a data runner sale going on. Remember 50% off on the data runner ships. That is your Opal Ray fam and your Femble BIOS Ranger. Those ships are both 50% off."},{"start":"00:14:47","end":"00:15:00","text":"Uh, so I believe the Ranger is something around a thousand bucks and then the, the Ray fam is something around, I don't know, 400, 375 something like that. So these are extremely powerful ships in the game."},{"start":"00:15:00","end":"00:15:13","text":"Uh, you know, don't, uh, if you have been wanting to get a data runner to improve your S. Do you load out? Please don't forget to go over there and snag one while they're on super steep discount."},{"start":"00:15:13","end":"00:15:31","text":"Um, you'll recall we also had a couple of updates to the game. Uh, main net sage, I should say, where data runners now have, uh, I'm blanking on the actual changes. They now have reduced cooldowns for scanning."},{"start":"00:15:31","end":"00:15:41","text":"They have reduced food consumption. In fact, I believe the food consumption zero. And then we also boosted the number of S. Use that they found. Uh, it's 50% cooldown. Yeah."},{"start":"00:15:41","end":"00:15:53","text":"So a couple of really great, um, kind of game updates to the data runners recently. And we've really seen the labor force for S. Do production shift over to data runnerships, which is kind of cool to see."},{"start":"00:15:53","end":"00:16:05","text":"Uh, okay. So now the really interesting stuff, uh, probably the most exciting thing that I think happened yesterday was the announcement of hollow sim star at was hollow."},{"start":"00:16:05","end":"00:16:21","text":"And the whole idea behind hollow sim is that it is a simulation of the real on chain sage, but free to play. So it's still an on chain version of the sage game. Um, but it's on a copy of the salana blockchain."},{"start":"00:16:21","end":"00:16:33","text":"It's on a side chain. We call that side chain atlas net. It's basically an internal testing chain that we use to test all of our stuff. It's not decentralized, but it is immutable."},{"start":"00:16:33","end":"00:16:45","text":"It is, um, it is, it is, um, uh, you know, uh, publicly readable. It's got all those great features that you like about a blockchain. It just is not fully decentralized."},{"start":"00:16:45","end":"00:17:01","text":"Uh, because again, it's an internal testing platform. So the cool thing about hollow sim is unlike sage. It's not on a primary. It's not on a major blockchain. And so when you do actions on a blockchain, those actions are going to incur a fee."},{"start":"00:17:01","end":"00:17:16","text":"Uh, you know, the, the gas fee and on the atlas net blockchain, you don't actually have to pay that gas fee. So it's completely free to play not just in the sense that you don't have to purchase your ships, but also in the sense that doing stuff doesn't cost you money."},{"start":"00:17:16","end":"00:17:32","text":"Um, this is an extremely powerful retention, um, mechanic. So if you're a long, long time, you know, sage star atlas player, um, you're going to like this because this is going to introduce people who have never been, uh, in the star atlas ecosystem into the star atlas ecosystem."},{"start":"00:17:32","end":"00:17:47","text":"So this is going to be your Southeast Asians who maybe don't have as much income as us, Westerners, um, and you know, maybe this is your people from the road ecosystem who are more familiar with those kind of free to play loops like in pixels."},{"start":"00:17:47","end":"00:18:08","text":"Um, so this really opens up the number of people that we can introduce into the star atlas ecosystem. And that is going to lead to any positive attribution that hollosom can give to the main net product is, is massive because we know that sage players are extremely valuable in terms of the value that they generate in game."},{"start":"00:18:08","end":"00:18:23","text":"Um, and then hollosom is eventually going to be a monetized product in and of itself. So we are planning on doing your classic kind of, you know, retention mechanics, trying to get people to stick around micro transactions, all this stuff that you would expect from like a mobile game."},{"start":"00:18:23","end":"00:18:41","text":"So we do plan on monetizing it, but this is a test phase. This is a alpha test phase for the free to play product, the hollosom game. So we're not monetizing it yet because there will probably be server not server resets, but there will probably be reset where we reset everybody's accounts."},{"start":"00:18:41","end":"00:19:00","text":"And we kill old accounts just because this is still very much the test phase. We're trying to understand retention. We're trying to understand the economy, because again, this is a very different economy than the on chain, the Salana version of star atlas, which is on sage."},{"start":"00:19:00","end":"00:19:14","text":"Which is sage. So just a couple of stats on hollosom. I know I saw a few unfamiliar faces in the crowd. That's kind of why I thought it would be good idea to go over what is hollosom and how does it differ from the main product."},{"start":"00:19:14","end":"00:19:23","text":"So I know some of you guys have no exactly what I'm talking about. So I apologize for, you know, reiterating stuff you're already familiar with."},{"start":"00:19:23","end":"00:19:34","text":"A couple of interesting stats. We are just now starting to ingest and and and process data from atlasnet, which is a very exciting prospect in and of itself."},{"start":"00:19:34","end":"00:19:45","text":"But I'll get on a little bit more on that later. So we've got 863 users that have joined the game thus far. This number is increasing pretty quickly."},{"start":"00:19:45","end":"00:19:55","text":"It increased, you know, I ran it earlier this morning and it was at 700 and then I ran it a couple of about an hour ago before this presentation. It was at 863."},{"start":"00:19:55","end":"00:20:13","text":"So we're seeing our user growth, you know, almost match what we have on mainnet, which is really, really cool. Now obviously anybody can spin up multiple counts if you are, you know, if you're somebody who maybe wants to join all three factions or something like that."},{"start":"00:20:13","end":"00:20:20","text":"You know, you can have multiple counts. There's nothing saying you can't. So who knows if these are distinct users, but this is the number of player accounts that we have."},{"start":"00:20:20","end":"00:20:30","text":"You can see the number of distinct users per hour over here on the y-axis. So you can see this is during our test phase. The game has been live for quite some time."},{"start":"00:20:30","end":"00:20:42","text":"And this is after we launched yesterday. We had about a peak 160 in the first hour and then that fell and we've been since climbing. We're at about 100 users per hour."},{"start":"00:20:42","end":"00:20:54","text":"This will probably equate to around at least this first day, probably 750 to 800 unique daily active users, which is really cool to have that kind of reception."},{"start":"00:20:54","end":"00:21:09","text":"All we did was announce this in the town hall and post this on our Twitter. So or on our ex. So it's a very, very good reception in my opinion based on very little marketing."},{"start":"00:21:09","end":"00:21:28","text":"And then 103,000 transactions. So I didn't plot the transactions over here because it pretty much mimics this users per hour chart. But 103 unique transactions since the games since the game was launched yesterday is a really powerful metric because it tells us a couple of different things."},{"start":"00:21:28","end":"00:21:49","text":"So the first one is the game is more transaction efficient than Sage main net. You'll know that with about a thousand or 1200 between between nine and 1200 daily active users. We typically do anywhere from one to one to 1.75 million transactions on the main salana."},{"start":"00:21:49","end":"00:22:06","text":"So the fact that we're doing one 10th with not that many fewer users is actually pretty pretty powerful. And again, that's because we're being a little bit more efficient with with the way transactions are bundled together."},{"start":"00:22:07","end":"00:22:19","text":"The cool thing is even with this 103 transactions, I've got this. You'll notice that you have atlas in your in your hollow semi count and you can use that to participate in the marketplace."},{"start":"00:22:20","end":"00:22:35","text":"And and actually don't think they're crafting fees. So you can just participate in the marketplace through Atlas. We call that Z Atlas or is that Atlas. We're going to call the the staking token for our on chain our kind of blockchain."},{"start":"00:22:36","end":"00:22:47","text":"The the the side net that we're running hollow semon. We're going to call that Z sole just for simplicity. If we were to sum up all the fees that have been paid on these transactions to about 5.16."},{"start":"00:22:48","end":"00:23:04","text":"If that were on the real blockchain, that would be hundreds or thousands of dollars, which is really, really cool to think about that our players are I ran this calculation before I joined you guys, but our players are on average hourly saving 30 cents per hour."},{"start":"00:23:04","end":"00:23:11","text":"So the average player saving 30 cents playing the game compared to what they would be paying if they were playing on chain."},{"start":"00:23:12","end":"00:23:23","text":"So you can see the power of the free to play and the power of of of this product that in terms of providing people with a completely free way to engage in a web three game is pretty powerful."},{"start":"00:23:23","end":"00:23:37","text":"And it's a fully on chain game again. It's not fully decentralized, but there is no such thing as a fully on chain free to play game out there period full stop. There's no such thing as that, especially not one with this many players."},{"start":"00:23:38","end":"00:23:46","text":"I'm sure you could find some fringe example so don't even bother, but not one with this many players and not one with such a valuable user base as the star."},{"start":"00:23:46","end":"00:24:02","text":"So that is hollow. So a couple of initial facts there. Very exciting. One thing I wanted to talk about briefly, and this is only interesting to the few data bros out there in the audience."},{"start":"00:24:02","end":"00:24:21","text":"The A.F. you guys, you know, the the I don't know if Steven Spill is in the audience, but you know our core kind of data obsessed web three folks. We are ingesting, we are ingesting Atlas net data into our data environment."},{"start":"00:24:21","end":"00:24:45","text":"Now we had tradition of previously we had only gotten data through a third party called Hello moon. Hello moon is effectively a blockchain data aggregator. They pull in thousands of different programs that are happening on chain in particular a lot of Solana programs, including stage, including score, including all the different products that we at star out as put out."},{"start":"00:24:45","end":"00:24:55","text":"And we've traditionally gone through them and we've looked just hooked directly into into an RPC and we just we just read that data out with a very simple single endpoint."},{"start":"00:24:56","end":"00:25:09","text":"And that's great, but it means we're beholden to that, you know, that provider in terms of what they're able to get us. Hey, if we launch a new program and they're not able to get that program ingested into our data feed, we're not able to read it."},{"start":"00:25:09","end":"00:25:23","text":"So the really cool thing that happened with Atlas net and holosim is that we are now ingesting on our own using our own proprietary tools that were developed by our all star data engineer, Daniel."},{"start":"00:25:24","end":"00:25:32","text":"We are now ingesting Atlas net data or blockchain data natively as a company. So we have no third party. We're just doing it all ourselves."},{"start":"00:25:32","end":"00:25:46","text":"It's actually a huge feat. You know, you could imagine obviously we're not doing it quite at the scale as something like flip side or dune, but we're ingesting a lot of data just straight from the blockchain. It's really cool to see that happen."},{"start":"00:25:47","end":"00:25:57","text":"It's difficult to work with these data as they come in raw. It's just a literal string of random digits. And then you need to translate those string of random digits into human readable."},{"start":"00:25:57","end":"00:26:17","text":"JSON files, human readable data. So really, really great kind of technological accomplishment happening. And you know, we're already digging into obviously high level metrics in terms of number of users, transaction rates, successes, failures, how many fees are being collected."},{"start":"00:26:17","end":"00:26:29","text":"But we also have all of the actual game data that's happening in the game. So how many iron ore have been mined up? How many iron have been produced, etc. So just an amazing wealth of data that was just opened up."},{"start":"00:26:29","end":"00:26:36","text":"And we're going to be digging into this over the next month or two, probably just going crazy. So it's like Christmas morning for us over here."},{"start":"00:26:36","end":"00:26:54","text":"One final thing I wanted to chat about, but maybe we'll save this for the Q&A because I don't have any specific thought. I don't have anything specific to say on it, but I did want to just open it up for discussion because I know it was discussed yesterday at the town hall was UE5 economics."},{"start":"00:26:54","end":"00:27:21","text":"So if you have any questions about UE5 economics, I can provide kind of insight, you know, they are, they are working through the technical components of, okay, how do we get blockchain earning in the UE5 product? How do we get, you know, what are the actions that can be performed in order to get this, this loop working in terms of the how much and when and those types of things."},{"start":"00:27:21","end":"00:27:37","text":"I'm happy to speculate, but in terms of the actual, you know, what exactly is it going to look like? We don't know that yet because we're still experimenting with all the architecture, but I can tell you scanning and mining are kind of the two big ones that have been thrown around."},{"start":"00:27:37","end":"00:27:56","text":"But yeah, feel free to ask me more about that in the Q&A. I think without further ado, we are about halfway through the session. So I think it's good time to go into C4 and you guys, most of you probably saw the presentation yesterday, but C4 is the next iteration of sage."},{"start":"00:27:56","end":"00:28:10","text":"There's a few don't know sage is the economy game at Star Atlas. It's we it's called the short for Star Atlas golden era. Basically, it's just an MMO space MMO with a grand kind of strategy economy."},{"start":"00:28:10","end":"00:28:25","text":"As kind of the main the main selling point and C4 is a massive update that will introduce for key gameplay components that have not previously been in the on chain game."},{"start":"00:28:25","end":"00:28:49","text":"Those are claim stakes, which are a new way to mine up materials from planets beyond just ships. Those are crafting habs, which are a new way to process materials that goes beyond the traditional way of doing it in sage, which was star bases combat, which is actually active in hollow, but not active on chain for a number of reasons."},{"start":"00:28:49","end":"00:28:59","text":"And then the final one is council rank. So we'll finally have a fully fledged kind of experience points leveling up scheme and and and"},{"start":"00:28:59","end":"00:29:12","text":"skill tree in the main that product again, some of these are already active in hollow, but they are kind of web two of five and they're they're a little bit, you know, half baked compared to what will be in C4."},{"start":"00:29:12","end":"00:29:29","text":"But yeah, an absolutely massive update coming your guys's way the number of materials I'm sure you, you know, heard some headline figures yesterday in the presentation, but we'll probably be looking at about 5,000 new assets in game right now."},{"start":"00:29:29","end":"00:29:41","text":"I think we've got somewhere around, I don't know, 50 or 60 in game assets between raw materials components, you know, and and S to use in all these different types of items that we have."},{"start":"00:29:41","end":"00:29:54","text":"So this will blow it up to about 5,000 now a lot of those assets are final goods or what we refer to as final goods and final goods are things that are either burnt or used for productive capabilities."},{"start":"00:29:54","end":"00:30:03","text":"So a building that you place on your claim stake is an example of a final good and there are literally hundreds of different buildings that you can put on your claim stake."},{"start":"00:30:03","end":"00:30:11","text":"So that's where like, you know, a thousand of the recipes are going to be buildings and then two to 3,000 of those recipes are going to be ship components."},{"start":"00:30:11","end":"00:30:21","text":"As you probably saw yesterday, every ship is now going to have 10, 20 some some number of unique configurations that you can apply to that ship."},{"start":"00:30:21","end":"00:30:27","text":"So maybe it's a mining configuration. Maybe it's a combat configuration. Maybe it's a defensive configuration."},{"start":"00:30:27","end":"00:30:37","text":"So each ship now has 20 different iterations that it can take and all of those iterations require different ship parts in order to build."},{"start":"00:30:37","end":"00:30:42","text":"So that's where a lot of those new recipes are going to come in are ship parts."},{"start":"00:30:42","end":"00:30:51","text":"You're going to have, you know, a thousand different weapons, a thousand different armaments, a thousand different components, just tons and tons of variety."},{"start":"00:30:51","end":"00:30:59","text":"And you're going to use those and all their different tiers and combine them in order to make your ships and your fleets more powerful in sage."},{"start":"00:30:59","end":"00:31:11","text":"So that's why there are so many in terms of what we think of as like an ingredient in sage. So your radiation absorbers, your arrow gels, your iron."},{"start":"00:31:11","end":"00:31:24","text":"There's probably going to be about two to 300 of those. And I keep I keep throwing round, you know, ranges. And that's just because it's it's something that we are currently in the throws of finalizing."},{"start":"00:31:24","end":"00:31:35","text":"So a lot of materials are being thrown around and we have, you know, we have our our lists and with that many materials, there's a lot of decisions to be made about."},{"start":"00:31:35","end":"00:31:41","text":"So when do we introduce this, when do we not it? When, when, you know, which ones do we want to introduce, which ones do we not want to introduce?"},{"start":"00:31:41","end":"00:31:46","text":"But we're probably looking at, you know, two to 300 new kind of intermediate inputs."},{"start":"00:31:46","end":"00:31:58","text":"There'll be about just shy of 100 raw materials. So right now there's only I think there's like what 11, 12 raw materials in the game."},{"start":"00:31:58","end":"00:32:12","text":"That's going to blow up to about 75 or 80 raw materials. And then there'll be about 150 intermediate goods that those raw materials will be crafted into and then those intermediate goods will be used to make thousands upon thousands of final goods."},{"start":"00:32:12","end":"00:32:17","text":"And a critical component of those final goods is that they're blown up in combat."},{"start":"00:32:17","end":"00:32:28","text":"The vast majority of ship parts, when a ship is destroyed, the configuration is destroyed. So all the ship parts that were used, all the parts that were used to make that config are destroyed."},{"start":"00:32:28","end":"00:32:38","text":"The ship itself is not destroyed because because the ship is actually worth, you know, a significant amount of capital upfront."},{"start":"00:32:38","end":"00:32:53","text":"So the idea is, okay, we'll let you blow up. Let's say $500 worth of, you know, configuration materials that you crafted, but we're not going to blow up your $100,000 commander, for example."},{"start":"00:32:53","end":"00:33:04","text":"So that's the idea behind this config. So it creates this. I call it the, you know, it's going to be a war industry. Basically, it's just going to be hopefully a lot of combat, a lot of destruction and a lot of crafting."},{"start":"00:33:04","end":"00:33:18","text":"The war machine is the term that we're kind of using for C4, but yeah, I've mowned on for long enough. I will pause there. Now that I've kind of given you an overview."},{"start":"00:33:18","end":"00:33:22","text":"Superfotter Chris. Yeah, I, I got a espresso."},{"start":"00:33:22","end":"00:33:25","text":"I was guessing."},{"start":"00:33:25","end":"00:33:28","text":"Yeah."},{"start":"00:33:28","end":"00:33:34","text":"Should I ask you some questions that came in the chat Chris? Yeah, yeah, let's do it."},{"start":"00:33:34","end":"00:33:51","text":"There's one coming from virtual asking why apply high-risk zone dynamics to the medium-risk zone, like any relation of ship components and any relation of resources at blown up starvases."},{"start":"00:33:51","end":"00:34:10","text":"He thinks he knows your answer. It's good for the econ, but is it ideal for the players and a question below from the late north that it's also related to it is maybe adding a chance for components to not blow up like a dice roll."},{"start":"00:34:11","end":"00:34:27","text":"Okay, let me address the second question first, because then it's a little bit more straightforward. So the idea that there would be a random role for determining whether something gets destroyed when the ship is destroyed."},{"start":"00:34:27","end":"00:34:40","text":"I'm not opposed to that. I suppose we could introduce something like that. It would certainly make things interesting, and it might be a little bit disheartening if you know for sure that you're going to lose all your material."},{"start":"00:34:40","end":"00:34:44","text":"I'll make a note of it. I don't know how difficult that is to do."},{"start":"00:34:44","end":"00:34:54","text":"How we're handling RNG for combat is on the looting side of the equation. So once your ship is destroyed, your cargo is dropped as loot on the map."},{"start":"00:34:54","end":"00:35:06","text":"And right now, the way that we're doing all this because it's all on chain, we are going to have the last hit be the determining factor on whether or not you get the reward and access to the cargo."},{"start":"00:35:06","end":"00:35:16","text":"So there's going to be a period of time after a ship is destroyed where the person who got the last hit has early access to get to get to those cargo materials."},{"start":"00:35:16","end":"00:35:31","text":"And then after that time period is up, everybody else can go and get access to those materials. And the way that that works is every time you would loot, we roll a die to see which materials in there are destroyed."},{"start":"00:35:31","end":"00:35:43","text":"And that is a lever that we have to determine kind of the destruction rate of cargo in the game. So we might roll the die and we actually haven't determined the final probabilities."},{"start":"00:35:43","end":"00:35:54","text":"But you know, it'll, you know, me it'll probably be pretty punishing, but basically you'll lose some portion of the materials in the cargo that were dropped by the destroyed ship."},{"start":"00:35:54","end":"00:36:04","text":"That's the only form of RNG that we have currently planned. I'm not, again, I'm not opposed to having RNG for the ship components. I think that's a cool idea."},{"start":"00:36:04","end":"00:36:17","text":"That said, I think once the claim stake industry starts to get rolling and people realize just how aggressively they can power this war machine."},{"start":"00:36:17","end":"00:36:24","text":"I don't think it'll be as much of a concern. That said, we of course want to also consider things beyond just the economy."},{"start":"00:36:24","end":"00:36:31","text":"We want to consider player sentiment. We want to consider, you know, like also just user retention."},{"start":"00:36:31","end":"00:36:44","text":"Like if you're a, if you're somebody who's, you know, and you know, put a thousand bucks into this game and you go in and you lose, you know, $100 worth of configuration materials, which is a humongous that that's probably not how much you would lose."},{"start":"00:36:44","end":"00:36:51","text":"Let's say a config for a thousand dollars ship. Let's say it config is worth ten bucks on the secondary market."},{"start":"00:36:51","end":"00:37:03","text":"You know, it could be discouraging to lose that ten dollars for sure. And so I like the idea of randomness, but that said randomness on the blockchain is pretty damn tough."},{"start":"00:37:03","end":"00:37:08","text":"So I'm not 100% sure if we'd be able to do something like that, but I'll definitely take a note of it."},{"start":"00:37:08","end":"00:37:15","text":"And then the second part was a boaties not voting, a virtual question."},{"start":"00:37:15","end":"00:37:27","text":"And I can't remember. I don't see it in the list. Why apply high risk on dynamics to the immediately sound like an inhalation of ship components and inhalation of resources that blown up star bases?"},{"start":"00:37:27","end":"00:37:38","text":"Yeah, I mean, to be completely frank, that's maybe more of a Danny question. At the end of the day, he's kind of the game master. He's the one who determines how territory control works."},{"start":"00:37:38","end":"00:37:55","text":"And frankly, you guys know I'll never turn down an opportunity to blow stuff up. So I didn't really fight back very hard on that. Now that said, obviously there's this idea of there are two different two different versions of risk at play here."},{"start":"00:37:55","end":"00:38:08","text":"So there's obviously the literal defined zones in the game on the game map that says, high risk zone low risk, you know, faction zone and then and then your medium risk zone."},{"start":"00:38:08","end":"00:38:23","text":"So those will have different mechanics active in them. And I don't know what the exact restrictions are on destruction of ship components in, for example, the like the"},{"start":"00:38:23","end":"00:38:44","text":"what are currently the numbered zones like mud one, mud two, mud three, mud four, mud five. I'm not sure what that looks like. I'm assuming we'll have some sort of, you know, safety net for players who are very deep into their zone. But the other component here is beyond the actual physical constraints of the game are the strategic constraints."},{"start":"00:38:44","end":"00:38:51","text":"And reality is if you're an enemy let's say you're a player who's in, you know, very, very deep in your own territory."},{"start":"00:38:51","end":"00:38:57","text":"The chances that you get blown up are exceptionally low because somebody would have to get through all of your defenses."},{"start":"00:39:14","end":"00:39:30","text":"That's never happened."},{"start":"00:39:30","end":"00:39:42","text":"That's not the last time."},{"start":"00:39:42","end":"00:39:48","text":"That's crazy. That's sick."},{"start":"00:39:48","end":"00:40:02","text":"Yeah, but anyway, so there's this additional component of safety where if you're very close to, you know, if you're if you're in very deep in your own territory, you're not the chances of you getting blown up or extremely thin."},{"start":"00:40:02","end":"00:40:09","text":"Now the other thing is there's also restrictions on where you are able to physically go."},{"start":"00:40:09","end":"00:40:23","text":"I can't remember right now how the blockchain logic works, but I'm quite certain you're physically not allowed to go deeper than an outer territory into enemy territory."},{"start":"00:40:23","end":"00:40:35","text":"And I can't remember the exact logic there, but basically the way that the map dominance is going to work is you have to take one star base at a time and get closer and closer to the, you can't just go straight for."},{"start":"00:40:35","end":"00:40:42","text":"It's physically impossible on chain for you to take over the only central space station if you're mud, for example."},{"start":"00:40:42","end":"00:40:52","text":"So there's a sense of safety if you're close to the center of your, your, your, your faction."},{"start":"00:40:52","end":"00:41:06","text":"But yeah, I mean, the whole idea behind the high risk zone was that you would actually lose your entire ship. That was originally the plan. I don't know if we are going to, I don't know if we're going to do that."},{"start":"00:41:06","end":"00:41:21","text":"Now that we have this new config system in place, the config system was actually something that we came up with pretty recently, I would say, as a really solid solution to this."},{"start":"00:41:21","end":"00:41:37","text":"Issue that is, OK, how do we, how do we get people to fight each other without the consequences of combat being so astronomical, right? It's much scarier if you have $100,000 asset and you're going and it gets blown up."},{"start":"00:41:37","end":"00:41:46","text":"Then it is if you have $100,000 asset that has $200 worth of material on it that gets blown up. It's still risky, but it's no one near kind of that level of risk."},{"start":"00:41:46","end":"00:41:59","text":"Now, why would we want, why do we want this risk? I think it goes without saying we need, we need risk, right? There has to be risk associated with combat."},{"start":"00:41:59","end":"00:42:15","text":"Now, I will say the benefits of getting into combat, this is going to be a very, very important balance to strike. How, how valuable is winning compared to how difficult, how bad is it to lose?"},{"start":"00:42:15","end":"00:42:31","text":"That's going to be tough because, and this is a game theory problem, this is an incentive compatibility problem, but if the reward for blowing up, let's say a config is worth, you know, $100 bucks or $5 bucks and you blow up that config."},{"start":"00:42:31","end":"00:42:44","text":"And the reward is worth, I'm using secondary market prices here, I shouldn't, I shouldn't be using dollars. Let's say that a config is worth 500 Atlas and the reward for blowing up that config."},{"start":"00:42:44","end":"00:42:50","text":"So you see somebody float in out in space and you say, ooh, if I blow that guy up, I'll get 600 Atlas."},{"start":"00:42:50","end":"00:43:00","text":"There is arbitrage there to be had and that you'll blow yourself up and that you'll go out and you'll say, okay, well, I have a config that's worth."},{"start":"00:43:00","end":"00:43:09","text":"Oh, no, really? Can you hear me? Test, test."},{"start":"00:43:09","end":"00:43:21","text":"Oh, okay. Yeah, I can hear you. It's just, it's just saunty. Jesus saunty."},{"start":"00:43:21","end":"00:43:26","text":"Okay, cool. Sorry, saunty."},{"start":"00:43:26","end":"00:43:42","text":"Our moderator is silenced. Oh, Jesus Christ. Can't hear anybody."},{"start":"00:43:42","end":"00:43:47","text":"Oh, I'm good. Hello."},{"start":"00:43:47","end":"00:43:52","text":"I can hear you. Can you hear me? I can hear you now, but."},{"start":"00:43:52","end":"00:43:58","text":"Okay. Okay. All right. Well, we'll see if we can get through this."},{"start":"00:43:58","end":"00:44:07","text":"There's an incentive compatibility issue with combat that if the reward for blowing up a config is too large, then you will go out and blow up your own config."},{"start":"00:44:07","end":"00:44:15","text":"So you'll go in an enemy faction, you'll manufacture a configuration, you'll blow it up in order to get the reward."},{"start":"00:44:15","end":"00:44:27","text":"So that's something that that is a very, very difficult problem to solve and it's going to require a lot of, it's going to require a lot of experimentation in order to strike the balance."},{"start":"00:44:27","end":"00:44:38","text":"Now that said, there will be, there will be long term consequences to blowing up a ship because it's obviously out of commission."},{"start":"00:44:38","end":"00:44:45","text":"So you don't just lose the config, you lose access to the ship for a specific period of time."},{"start":"00:44:45","end":"00:44:52","text":"Now, we actually still have yet to calculate the exact durations for ship respawn."},{"start":"00:44:52","end":"00:44:59","text":"There will be an option to pay to respawn. I believe it's either respawned in a very short period of time or respawn instantly."},{"start":"00:44:59","end":"00:45:05","text":"But you can rest assured that we'll make sure that there's no arbitrage to be had there."},{"start":"00:45:05","end":"00:45:14","text":"So, so that is kind of the incentive mechanism behind combat."},{"start":"00:45:14","end":"00:45:28","text":"There's another, there's another layer of combat that involves the star bases and without the, without the risks associated with the medium risk zone, star base combat becomes kind of trivial."},{"start":"00:45:28","end":"00:45:48","text":"You know, it's just like, oh, well, if there's no consequences, I'm just going to, you know, go back and forth and then it, it turns into just who can throw more bodies at the problem and how quickly can they respawn versus, okay, who's got the, who's got the production pipeline in order to, in order to maintain this battle."},{"start":"00:45:48","end":"00:45:58","text":"You can imagine the star base battles are probably going to be the main form of combat, kind of where the actual strategy is."},{"start":"00:45:58","end":"00:46:06","text":"Yeah, could I go and blow up somebody in order to get a reward and maybe I can blow myself up for an arbitrage opportunity."},{"start":"00:46:06","end":"00:46:19","text":"But I don't anticipate that that's actually going to be where the real, where the real strategy is happening because of the way that the Atlas emissions curve is going to work with combat."},{"start":"00:46:19","end":"00:46:29","text":"And I won't, I'll, I'll answer another question before I get into Atlas emissions in C4."},{"start":"00:46:29","end":"00:46:35","text":"There were a bunch of questions about, you need to scroll up a lot."},{"start":"00:46:35","end":"00:46:48","text":"Yeah. Let's see if we can find one."},{"start":"00:46:48","end":"00:46:54","text":"Fun cracker says so far we were always told that claim stakes would be upgradable."},{"start":"00:46:54","end":"00:46:59","text":"Did this change due to block Jane constraints or econ reasons."},{"start":"00:46:59","end":"00:47:06","text":"So there's a lot of complexity to unpack about claim stake upgradability."},{"start":"00:47:06","end":"00:47:16","text":"I know Wagner on the call yesterday at the town hall said that claim stakes would not be upgradable and not be craftable."},{"start":"00:47:16","end":"00:47:22","text":"That is, there's no blockchain reason why that can't be why that's the case."},{"start":"00:47:22","end":"00:47:28","text":"But there are some very, very profound economic reasons why we believe that should be now."},{"start":"00:47:28","end":"00:47:34","text":"I will caveat this with nothing is final and we haven't really like made a final decision on it."},{"start":"00:47:35","end":"00:47:47","text":"But one of the main reasons that making claim stakes upgradable is dangerous is that there's a limited amount of space on the map for claim stake tier 5s."},{"start":"00:47:47","end":"00:47:55","text":"So if all the claim stakes, you can imagine this kind of theoretical edge case where every claim stake becomes a tier 5 for one reason or another."},{"start":"00:47:56","end":"00:48:02","text":"And I can tell you what we've got enough whales in this economy to be able to make every claim stake a tier 5."},{"start":"00:48:02","end":"00:48:05","text":"No matter how hard we make it, they would be able to do it."},{"start":"00:48:05","end":"00:48:14","text":"And so you have the situation where you want to avoid this edge case where there are nowhere near enough spaces for the number of claim stakes."},{"start":"00:48:14","end":"00:48:21","text":"Because a tier 5 claim stake cannot go in a tier 4 slot on a planet. It must go in a tier 5 slot."},{"start":"00:48:22","end":"00:48:31","text":"So you can end up in a situation where, let's suppose we just have upgrading no creation, no crafting of claim stakes."},{"start":"00:48:31","end":"00:48:42","text":"That's a bit of a scary situation because you could actually end up in a situation where there are no tier 1 claim stakes, for example, and only tier 5 claim stakes."},{"start":"00:48:42","end":"00:48:44","text":"And you can't put them anywhere."},{"start":"00:48:44","end":"00:48:50","text":"You kind of get it, get yourself into like an unwinnable situation."},{"start":"00:48:50","end":"00:48:58","text":"So that's one risk. The other risk is, and this is more on the, so this is more on the econ side."},{"start":"00:48:58","end":"00:49:11","text":"One of the reasons I'm not completely, completely against claim stake crafting and claim stake upgrading is because we can make it so."},{"start":"00:49:12","end":"00:49:16","text":"We all know what a claim stake tier 4 costs. We all know what a claim stake tier 5 costs."},{"start":"00:49:16","end":"00:49:23","text":"It can't be the case that you're able to craft that in a way that would make it cost less."},{"start":"00:49:23","end":"00:49:28","text":"So we all see the secondary market. Suppose we were to make claim stakes craftable right now."},{"start":"00:49:28","end":"00:49:32","text":"This is one of the tricky things that we have with the current ship crafting recipes."},{"start":"00:49:32","end":"00:49:41","text":"One of the reasons that's been a bit of a challenge to balance is that let's suppose we sold a claim stake tier 5 for $7,700."},{"start":"00:49:41","end":"00:49:47","text":"And then we make them craftable for $200. That crashes the claim stake tier 5 market."},{"start":"00:49:47","end":"00:49:59","text":"Now, obviously we can make the recipe so extremely expensive, so astronomical that we maintain that price structure, which is fine."},{"start":"00:49:59","end":"00:50:02","text":"Eventually the inflation of those assets does reduce the price over time."},{"start":"00:50:02","end":"00:50:12","text":"Now, this is less of an issue when we have 100,000 players and, you know, autonomous is generating revenue to keep the doors open."},{"start":"00:50:12","end":"00:50:20","text":"But it's more of an issue when we have, when we're not getting that residual revenue from secondary market sales, so the secondary transaction fees."},{"start":"00:50:20","end":"00:50:26","text":"So it's a very nuanced problem. I only addressed really two of the potential issues."},{"start":"00:50:26","end":"00:50:35","text":"And, you know, to be completely honest with you front cracker, when claim stakes were originally kind of launched."},{"start":"00:50:35","end":"00:50:41","text":"This was like 2021, I think it was a really long time ago. It was before my time."},{"start":"00:50:41","end":"00:50:50","text":"So I don't want to talk too much about, you know, historical, what was said historically, just because I wasn't really a part of that discussion."},{"start":"00:50:50","end":"00:51:01","text":"So hopefully that kind of gives you an answer. I know if he has very big into producing ships and goods and stuff like that."},{"start":"00:51:01","end":"00:51:06","text":"Yeah."},{"start":"00:51:06","end":"00:51:09","text":"Yeah, that's, that's."},{"start":"00:51:09","end":"00:51:20","text":"Do you want to know all good? No, no, that's fine."},{"start":"00:51:20","end":"00:51:27","text":"Do you want me to pick another question, Chris? Sorry. Yeah. Yeah. Sorry. Yeah. So learn or is asking."},{"start":"00:51:27","end":"00:51:35","text":"So the town who was observed yesterday, and I'm sure a lot is still working progress as far as economics and balancing slash implementation."},{"start":"00:51:35","end":"00:51:40","text":"But I have a question about the real removal that C4 will present."},{"start":"00:51:40","end":"00:51:48","text":"Will we have some sort of comprehensive guides as far as what does what recipes, resources, locations, et cetera."},{"start":"00:51:48","end":"00:51:54","text":"We will clearly explore impossibilities. And of course, skill is now rewarded."},{"start":"00:51:54","end":"00:52:03","text":"But how do you see sage transition into C4 as far as economics go from a player perspective?"},{"start":"00:52:03","end":"00:52:17","text":"Yeah. So I think that learn or is asking a question about complexity. I think it's like how are people supposed to manage all this?"},{"start":"00:52:17","end":"00:52:24","text":"And I'll answer the question kind of with respect to that or that framing."},{"start":"00:52:24","end":"00:52:29","text":"So obviously the game is is going to kind of blow up in terms of complexity."},{"start":"00:52:29","end":"00:52:39","text":"And it's arguably already a pretty confusing game to play. And some of that is due to the fact that it's just a difficult game to understand."},{"start":"00:52:39","end":"00:52:49","text":"The UX could be improved. Our UX for sage, at least as it's currently designed, was created by a bunch of engineers."},{"start":"00:52:49","end":"00:52:59","text":"So while I think it's an awesome product, it's not like it's, you know, we're not going to win any UI competitions with sage, I don't think."},{"start":"00:52:59","end":"00:53:06","text":"So that is that is one thing that's kind of not helping is that it's just a little bit confusing to actually play."},{"start":"00:53:06","end":"00:53:14","text":"But then in terms of the economic complexity, there's multiple angles that you can approach this question from."},{"start":"00:53:14","end":"00:53:20","text":"The first one is I'm a new player. I just got in. What the hell do I do?"},{"start":"00:53:20","end":"00:53:30","text":"I think that the counter-ank system and, you know, and even potentially a cute little quest system on top of it helps a lot with that."},{"start":"00:53:30","end":"00:53:35","text":"Hey, go do this thing. If you guys have played Hall of Sim, it is so much easier to play Hall of Sim than sage."},{"start":"00:53:35","end":"00:53:43","text":"Maynet because Hall of Sim tells you what to do. It says, go make a fleet. Go minus this asteroid. Come back to the starbase. Craft something."},{"start":"00:53:43","end":"00:53:49","text":"You know, it teaches you at handholds you. So that's that's one thing that could help a lot with this transition."},{"start":"00:53:49","end":"00:54:02","text":"Now in terms of our, you know, very economically savvy and, you know, financially literate players who are trying to get the edge."},{"start":"00:54:02","end":"00:54:10","text":"For me, obviously the complexity is a good thing. I think that if we could create a game because it's all on chain, there's a lot less randomness."},{"start":"00:54:10","end":"00:54:15","text":"There's a lot less flexibility that we can have with creating this game economy."},{"start":"00:54:15","end":"00:54:25","text":"Complexity is one of the ways that we can make it so that we hit our gold, our north star. And our north star is not everybody can do everything."},{"start":"00:54:25","end":"00:54:42","text":"You know, I think I've said that on a number of occasions. So my hope is that the complexity will not be overwhelming for new players, but be too broad for veteran big, you know, big asset holders."},{"start":"00:54:42","end":"00:54:50","text":"You know, we can almost think of the two categories of players. And we have players and then we have star outland at last ends or whatever."},{"start":"00:54:50","end":"00:54:54","text":"What do we call our people? Gallians, yeah, sorry, sorry."},{"start":"00:54:54","end":"00:55:04","text":"So, you know, we want to satisfy the new player, the person who's just casually interested who wants to spend 20, 30, 100 bucks."},{"start":"00:55:04","end":"00:55:11","text":"And then we also want to create an interesting challenge for those people who have those multi thousand dollar fleets."},{"start":"00:55:11","end":"00:55:24","text":"So it is a concern, obviously. But yeah, I mean, if we got to a situation where some of our bigger players weren't able to do everything, I'd be a pretty happy camper personally."},{"start":"00:55:24","end":"00:55:34","text":"I think I've said that in the past. So hopefully I did your question justice, Lauren or, but we're going to move on to another question."},{"start":"00:55:34","end":"00:55:36","text":"We've got four minutes left."},{"start":"00:55:36","end":"00:55:39","text":"You were asking about the Atlas emissions topic."},{"start":"00:55:39","end":"00:55:52","text":"Oh, yes. So, yeah. So the Atlas emissions, I'm actually been, that's, that has been something I've been working on for the last week."},{"start":"00:55:52","end":"00:55:56","text":"And I think I'm really happy with where it's at."},{"start":"00:55:56","end":"00:56:15","text":"So, a couple of notes, obviously, this is all, you know, none of this is final typical caveats, typical disclaimers. This is all just the current, the current design, how it's currently being implemented."},{"start":"00:56:15","end":"00:56:36","text":"The first thing is we are hoping to do away with fix in exchange for ship config. Basically, if you want kind of this, this, this passive way to earn earn atlas on the market, you can create ship configs and sell them into the market for warlords."},{"start":"00:56:36","end":"00:56:45","text":"So, Warlord can just go to the marketplace by their ship config, outfit their ships and then go to war. They don't have to worry about, you know, bothering with the whole entire crafting process."},{"start":"00:56:45","end":"00:57:00","text":"So, we're hoping that the ship config, the war machine will replace fix. That's the idea. Now, that means that our, our old enemy, LP, is going to, is going to make it come back."},{"start":"00:57:00","end":"00:57:15","text":"Now, it's not going to be as bad as you think it is. All right. We are, first of all, going to, because LP will be the only atlas emissions loop at this stage."},{"start":"00:57:15","end":"00:57:22","text":"And who knows, honestly, at this stage, we may have finally shut down score. We've been saying we're going to do that for, you know, years at this stage."},{"start":"00:57:22","end":"00:57:36","text":"But, at this point, LP will be the only emissions mechanic for atlas. And with that being the only emissions mechanic for atlas, we can greatly increase the LP pool."},{"start":"00:57:36","end":"00:57:49","text":"So, we have, at least currently, we have an LP, sorry, an atlas emissions target of 8.5 million atlas per day. Now, that's going to slowly go down over time."},{"start":"00:57:49","end":"00:58:01","text":"Atle, you know, that's what it was about six months ago is 8.5 million. And that's why I've been, you know, losing a little bit of sleep over the atlas emissions we're seeing right now, because we are, we are above that target."},{"start":"00:58:01","end":"00:58:13","text":"So, the idea is we remove fix, which is basically unlimited amounts of atlas emissions. There's no limit to the amount of atlas that can be emitted via fix. It's as limited as players productive capabilities."},{"start":"00:58:13","end":"00:58:32","text":"With LP, there's a fixed amount of atlas that goes out each day. That's really nice in a tokenomic sense. It's not really nice in terms of user growth in terms of user growth, because, you know, hey, why would I want to add somebody to my team if, you know, if atlas, if that means I'm going to get less atlas."},{"start":"00:58:32","end":"00:58:53","text":"Now, there's a lot of interesting things we can do with the that mechanic. That's something I'm going to work hard to counteract. I don't want to talk too much about that, because that's still nascent, still kind of working through the logic on how we can break away from this negative feedback loop of, hey, more players equals less atlas from me. That's not what we want."},{"start":"00:58:53","end":"00:59:07","text":"But I do want to get into how LP will work with combat systems. So, first of all, the current plan is that LP will drop upon the destruction of a ship, and it will drop in a big, big, big way."},{"start":"00:59:07","end":"00:59:21","text":"The amount of LP that's going to be dropped for combat will absolutely make all other LP earnings mechanics seem trivial. And the idea is you're putting up a lot of risk in order to earn this LP, you should be rewarded handsomely."},{"start":"00:59:21","end":"00:59:32","text":"And then you can get a lot of risk associated with going out and mining up biomass creating food and then putting it in for upkeep. There is risk associated with going out and trying to blow somebody's ship up."},{"start":"00:59:32","end":"00:59:44","text":"So, you will be rewarded handsomely with LP. We'll still have some other LP loops, of course, we'll still have upgrading. We'll still have upkeep, in fact. And we may even have some other LP loops."},{"start":"00:59:44","end":"01:00:05","text":"There's really nice interplay here. First of all, the more careers you can take in order to earn LP, the more democratized LP will be. And the less right now, we've got a genie coefficient of about, you know, for LP of about 75 or 80 as the highest of any country in the world."},{"start":"01:00:05","end":"01:00:16","text":"And that's not good. That's high, high, high income inequality. And it just means that it's very difficult for somebody who's small to kind of amass any sort of wealth or at least that's what it indicates."},{"start":"01:00:16","end":"01:00:34","text":"So what this more kind of decentralized market will mean, okay, there's ways for me to go and I can earn LP through combat. I can earn LP through scanning. I can earn LP through upgrading star bases. I can earn LP through upkeep. All these different careers will hopefully smooth out that income inequality."},{"start":"01:00:34","end":"01:00:42","text":"And make it more attractive for smaller players to participate in LP. So that's kind of the first thing."},{"start":"01:00:42","end":"01:01:02","text":"I'm curious, what did you diminishing efficiency as players LP increases? Oh, that's interesting. So that's like one component. The other big component that I've been kind of hinting at is the way that the Atlas emissions curve will shift and shape based on the state of the map."},{"start":"01:01:02","end":"01:01:21","text":"It's kind of I think it's a really cool mechanic still in the testing phase. So, you know, TBD on whether this is actually what we end up doing, but every single additional star base, a, a faction yields will give them diminishing marginal return to star bases."},{"start":"01:01:21","end":"01:01:38","text":"So the very first star base that a faction takes over will be the most valuable star base they ever receive in terms of their LP Atlas emissions. So each faction will have an Atlas emissions pool that is equal to the number of regions they control on the map."},{"start":"01:01:38","end":"01:01:53","text":"Or it's a function of the number of regions they control on the map. And because of this diminishing marginal returns, the first region you control is worth the most, the second region is worth the second most third region third most and so on and so forth."},{"start":"01:01:53","end":"01:02:07","text":"And what this does is it creates a natural balancing mechanism that makes it so that let's say, let's say mud has completely dominated the map and they've got 65% of the map covered."},{"start":"01:02:07","end":"01:02:28","text":"Now mud is still better off than if they were at 33% of the map covered. They still have more Atlas emissions than they would, but everybody else is worse off because every time if we think about a one third one third one third split, that is actually the optimum Atlas emissions on the Atlas emissions curve because everybody has an equal amount of control."},{"start":"01:02:28","end":"01:02:47","text":"The moment mud takes this region away from only, for example, only loses more Atlas than mud gains because of the diminishing marginal returns. So just as you're each additional star base you earn earns you fewer Atlas in the LP pool."},{"start":"01:02:47","end":"01:03:07","text":"It's the opposite when you lose a star base when you lose a star base, that's the least valuable star base you can you can lose. So there's this natural balancing mechanism that will hopefully it basically increases the incentive the worse off your ours a faction the higher incentive you have to fight back and to earn more Atlas."},{"start":"01:03:07","end":"01:03:25","text":"Now one of the other reasons that this mechanic is important is so that there's no dominant faction right if it was the case that every region was worth the same amount of Atlas. Then why wouldn't you all just get into one big faction and just you know beef up the Atlas emissions pool."},{"start":"01:03:25","end":"01:03:53","text":"So there's this natural balancing mechanism now at the same time how do you get LP you blow shit up you blow star bases up you blow your opponents up that's how you get LP so there's an incentive to blow people up because you want to get LP to earn Atlas but there's also an incentive to keep the map balance so I'm like I said we're still going through simulations and making sure that there's not any unintended consequences but it seems like a probably the way that we're going to go about it."},{"start":"01:03:53","end":"01:04:12","text":"Again, you know the critical part for me is to make sure that the marginal player is having a good time that the marginal person the person who comes in and starts playing sage is having a good time and and the people who are already in sage are happy that that person joined that's the bigger problem I think that we need to solve."},{"start":"01:04:12","end":"01:04:23","text":"Again, we have we have solutions that were thinking about but I thought it'd be cool to talk about how Atlas will grow and and twist and shape as the map changes."},{"start":"01:04:23","end":"01:04:28","text":"Actually, oh good I'm not sharing my screen okay I'm gonna."},{"start":"01:04:28","end":"01:04:32","text":"I think I've got a chart that will be cool."},{"start":"01:04:34","end":"01:04:36","text":"People love charts."},{"start":"01:04:36","end":"01:04:39","text":"Yeah, I might not have it readily available."},{"start":"01:04:40","end":"01:04:43","text":"How are you doing on time Chris can you stay a couple minutes more?"},{"start":"01:04:43","end":"01:04:50","text":"Yeah, yeah, I know we're five minutes over so that might not be good for other people but."},{"start":"01:04:50","end":"01:04:54","text":"Other people audience they like you to keep going."},{"start":"01:04:54","end":"01:05:08","text":"Okay, so here's a here's I just posted a chart in the chat that shows the total Atlas emissions in a very very basic simulation and you can see this is from MUDS."},{"start":"01:05:08","end":"01:05:16","text":"Perspective so this is the Atlas emissions for mud in blue and Atlas emissions in the total game in red."},{"start":"01:05:16","end":"01:05:28","text":"Ignore a green for now so what this says is that up to 23 star bases both the total game emissions and mud emissions are growing and you can you might notice that."},{"start":"01:05:28","end":"01:05:57","text":"23 23 23 23 is where every single faction owns the same number of star bases and all star bases are claimed because there are 69 regions sorry I keep saying starbase in C4 will there these will be massive regions that all contain dozens and dozens of star bases that there will be like a major starbase which is kind of the king of that region so if you control that major starbase you control the region but that's that's a whole other discussion that will take a long time to get through but."},{"start":"01:05:57","end":"01:06:25","text":"Basically if you control 23 23 regions within the ecosystem Atlas emissions peak just over 8 million you know around 8.15 million and then each faction gets basically the exact same of Atlas every single day now what we're going to do is we're going to progress along the x axis and we're going to have this number of star bases that mud controls grow and let's look at for example 50 at 50 star bases mud owns."},{"start":"01:06:25","end":"01:06:54","text":"The majority of the star bases in the galaxy but that means that only and us there have lost star bases and because they've lost more than mud has gained the total emissions that red line has actually gone down now I've also got a green line there cold so you can see real quick before I get to the green line you can see the maximum you know the minimum number of star bases the minimum Atlas emissions which is the minimum number of star bases."},{"start":"01:06:55","end":"01:07:24","text":"So if all star bases being controlled is just over 4 million which is pretty much half of what it would be at its peak that green line that final line is the number of emissions if two factions were dominant so basically it says okay after you get past 23 mud takes only from only and not from Easter so Easter maintains 23 and then where that little kink is in the green line that's where mud has taken all of."},{"start":"01:07:25","end":"01:07:39","text":"Of Ooster's planets are of Ooster's regions and now it's starting to dig into only and so that's why you know you kind of see that at kink so just two different kinds of simulations there but that's generally how the curve will probably look."},{"start":"01:07:44","end":"01:07:46","text":"How to prevent mass faction exits."},{"start":"01:07:46","end":"01:07:57","text":"Is this an example or a vision of the future this is an example this is not this isn't really this isn't really."},{"start":"01:07:58","end":"01:08:08","text":"This is this is planned to be implemented on chain so this is within kind of the scope how to prevent mass faction exits so the whole point of."},{"start":"01:08:08","end":"01:08:35","text":"Coutier has a question about mass faction exits so one of the risks associated with having equal weight for every single star base is that if every star base is worth let's say 100 at least or 1000 at least what happens when one of the factions has let's say each faction has 100 players and the biggest faction controls 90% of the map so they've got you know 90% of the emissions well everybody's going to pile into that faction."},{"start":"01:08:35","end":"01:08:50","text":"But in fact the way it works is that there's a kind of a much larger marginal return to gaining a star base if you're in one of the smaller factions than there is if you're in the big faction and then once every moves over into that bigger faction now the bigger faction has."},{"start":"01:08:51","end":"01:09:04","text":"Lower atless per player because there's the larger denominator and so this should be some nice balancing that happens there in order to encourage the factions to balance out and no mass exiting."},{"start":"01:09:05","end":"01:09:28","text":"Is there a plan to sunset fix before see for right now there's no plan to sunset fix but do expect this is this is more of an update do expect to change to fix in the next couple of weeks in a further effort to try and get atless under control."},{"start":"01:09:28","end":"01:09:57","text":"Chris there's a good question there do you know who gets the LP what multiple fleets attack the same fleets yeah so that that is going to fall unfortunately it's going to follow the same logic as the final hit for cargo and we know that's not ideal we know that has not worked super well historically for MMOs but as it currently stands with the blockchain logic that's that's our best bet."},{"start":"01:09:58","end":"01:10:27","text":"The alternative is to some damage and use that the issue with some damage is that obviously if somebody's gained health you know how do you determine okay well you dealt a thousand damage but did you deal a thousand damage of the current health bar so it's very difficult to actually calculate how much each person should earn it also requires an on chain calculation to be requires an actual formula to be like a value to be calculated which is which is a little bit more."},{"start":"01:10:28","end":"01:10:32","text":"It's a little bit tough things that go beyond."},{"start":"01:10:32","end":"01:10:57","text":"Summing in transaction data are difficult so with those for example we wanted to keep track of how much each person had dealt we would need to keep that in an account on chain and then we would have to read that account run a calculation and spit the number out which is a much more involved system than just saying okay look this guy was last hit now that's not the way we want it to be permanently but that is kind of the current way that we're going to be able to implement it but yeah."},{"start":"01:10:57","end":"01:11:04","text":"Okay that was my guess as well yeah."},{"start":"01:11:04","end":"01:11:12","text":"Any other questions Chris do you have like five more minutes or."},{"start":"01:11:12","end":"01:11:17","text":"Sure let's do one more questions one more question."},{"start":"01:11:17","end":"01:11:21","text":"Let's see if anything comes in."},{"start":"01:11:21","end":"01:11:28","text":"How are you balancing everything."},{"start":"01:11:28","end":"01:11:44","text":"Well I've actually employed the help of Gareth this time around in the past I pretty much been able to do most of the econ balancing myself but this was just this was just to to large a task to do you know as one person so."},{"start":"01:11:44","end":"01:12:13","text":"So Gareth and I have been working together on this I'm really excited about that he is actually currently doing a comprehensive analysis of all of the of all the crafting recipes in the game the buildings all that different stuff to make sure that that is a nice well well-wailed machine and it's a rewarding system so he's working on the crafting stuff and then I'm doing kind of that LP the combat system and then defining extraction rates kind of at the very base level."},{"start":"01:12:13","end":"01:12:27","text":"So a lot of lot of moving parts obviously we're trying to do it as programmatically and algorithmically as possible we're not going in and you know manually placing numbers on every single building we're creating"},{"start":"01:12:27","end":"01:12:54","text":"heuristics and stuff like that in order to do this so yeah it's it's a big task and you know it's funny we talk about AI all the time I've tried to use AI I don't find it does a good job so unfortunately we're not really at least Gareth and I are not employing AI all that much for our for our part."},{"start":"01:12:54","end":"01:13:14","text":"So I'm going to give you a good answer and there's a suggestion coming from Salax saying fighter mining rate needs to depreciate over time before c4 launches because if you wait for c4 launch date the negative emotion of losing all the mining rate is going to far exceed the positive emotions of getting a new game."},{"start":"01:13:14","end":"01:13:43","text":"That's a good that's a really good point and that's one of the we know and this is why so there's obviously a bunch of numbers to calculate that's that's like to be honest like that's a trivialize it that's the easy part the easy part is coming up with numbers and you know hey here's what a production possibilities frontier looks looks like an economic theory we just apply that that's easy the hard part is making sure that this economy with this multi million dollar economy that we currently have built does not craft"},{"start":"01:13:44","end":"01:14:13","text":"that's a good question burn the moment we introduced this new economy for example we're going to be moving from a ship based economy which is 125 million dollar asset class we're going to move over to a claim stake based economy which is a 5 million dollar asset class right so what happens if we were to for example have a one to one production rate between the old game and the new game using only claim stakes all the sudden our market crashes because the claim stake is only worth 5 million dollars while we're going to be able to do that."},{"start":"01:14:14","end":"01:14:36","text":"So we're trying to maintain value for value in that way in order to balance old economy with new economy so yeah it's it's it's a definitely I lost that question."},{"start":"01:14:37","end":"01:14:40","text":"Which one Chris the one about."},{"start":"01:14:42","end":"01:14:46","text":"Oh, Zallie the one from Zallie sorry sorry the one."},{"start":"01:14:46","end":"01:15:04","text":"So yeah so so so we're trying to balance that and in in there is the fact that ships are going to see a least fighting ships and probably all ships except for mining ships are going to see a massive reduction in their in their mining rates."},{"start":"01:15:05","end":"01:15:22","text":"Right now the ideas about and I probably won't say that but yeah they will they will receive a reduction and then obviously they will they will receive a huge boost win combat is live now I like the idea slowly weaning people off of"},{"start":"01:15:22","end":"01:15:43","text":"fighterships Zallie but here's the risk we work at a business we work at a company that has lots of moving parts and while I might have this perfect plan in my head that's like okay we're going to reduce the emissions rate of ships by 5% over the next six months or you know every month for the next six months and and blah blah blah and I'll end on this date."},{"start":"01:15:43","end":"01:16:12","text":"If the games not released then all we've done is reduce ship value by you know some massive amount and we don't have anything to replace it so I do like this idea Zallie but I do get scared because the reality is you guys are extremely keen and you're not yeah it's like oh sure I know that fighting is going to be valuable soon but it's not valuable right now I'm going to sell my fightership and I'm going to go buy an S.U. data runner I'm going to buy a mining ship."},{"start":"01:16:13","end":"01:16:29","text":"Because I don't want to deal with this in the short run so we have the risk of accidentally crashing the ship market in the short run so that's like my biggest fear about messing with ship stats before C4 launches but I do really appreciate the the idea there."},{"start":"01:16:30","end":"01:16:37","text":"Nice nice and Chris I saw a question the only one week had from U.F.I."},{"start":"01:16:37","end":"01:16:46","text":"Eklan and sage and we can close with this one if you want yeah how big will be the U.F.I."},{"start":"01:16:46","end":"01:16:53","text":"Go or whatever resources use impact on sage."},{"start":"01:16:54","end":"01:17:09","text":"So we'll probably handle this in the same way in terms of the asset class we'll handle it the same way as we're handling the C4 transition right so we we want to make sure that we don't make U.E. 5"},{"start":"01:17:09","end":"01:17:38","text":"2 valuable or not valuable enough same thing with claims takes if claims takes are broken good then it's going to crash the ship market if claims takes are broken bad then nobody's going to care about C4 and it's going to be a huge disaster so you know one of the ideas we have had rolling in the back of our heads is that because you have to go in and physically play U.E. 5 there will definitely be an effort premium in U.E. 5 like a certain effort premium."},{"start":"01:17:39","end":"01:17:52","text":"Now I'm sure there are ways to automate you know U.E. 5 actions but it's not as easy to automate as the sage game because the sage game is you know it's a web browser you just you just click."},{"start":"01:17:52","end":"01:18:06","text":"But you know there's also the risk that people will be able to invoke the U.E. 5 instructions on the blockchain directly and not even have to go through the U.E. 5 steps so there's a bit of some risk management we need to do in in order to make sure that."},{"start":"01:18:06","end":"01:18:08","text":"And increased."},{"start":"01:18:08","end":"01:18:23","text":"Reward mechanism in U.E. 5 is not exploitable but yeah the idea would be that U.E. 5 would be significantly more rewarding how much more rewarding we still have to determine I said significantly you know that could be."},{"start":"01:18:23","end":"01:18:46","text":"We literally don't have any data on it we need to do the analysis it could be anywhere from you know 10% all the way to 3x who knows we still need to do that balancing analysis I'm waiting for those guys to kind of finish up and be ready to go before we really dive into that is we got plenty of work to be done on C4."},{"start":"01:18:46","end":"01:19:04","text":"All right I think we covered a lot well you covered a lot in get covered a lot here Chris we can begin closing anything you want to share before we close this stage."},{"start":"01:19:04","end":"01:19:09","text":"It seems like there's a lot of a lot of interesting discussion going on in the chat."},{"start":"01:19:09","end":"01:19:18","text":"Yeah thank you guys for listening I know I can I can drone on and on so I appreciate you sitting around and listening."},{"start":"01:19:18","end":"01:19:24","text":"But yeah thank you guys so much and we'll definitely see you next month I don't know if you're has any closing thoughts."},{"start":"01:19:24","end":"01:19:41","text":"Yeah no thanks as always and great explanations Chris obviously a lot more still on the table to talk about but hopefully we can slowly answer those questions over time so thanks again everyone."},{"start":"01:19:41","end":"01:19:52","text":"Yeah yeah thank you guys as always and if you want to learn more about C4 next week we'll have bread at the Atlas Brew."},{"start":"01:19:52","end":"01:20:10","text":"I just posted the event link in case you want to go Margas interested in as always first Thursday of each month we'll have the confirm so thanks everyone for joining and thank you Chris and guys as always for all the information."},{"start":"01:20:10","end":"01:20:13","text":"Cheers guys bye guys."}]