BTC Sessions - Bitcoin DROPS $10,000 - What Should You Do? ep151

Episode Date: February 25, 2021

Calm down, everyone! Enjoy this taste of Zen as myself and a few friends discuss this VERY normal Bitcoin dip. When in doubt, zoom out! 💪 SUPPORT THE SHOW: LEDN Bitcoin backed loans –  get $25 free https://bit.ly/397rlLN Get Wasabi wallet for Bitcoin privacy https://wasabiwallet.io/ Cobo Vault: secure your Bitcoin! https://bit.ly/2GgMFlH BillFodl: get your wallet backups in solid steel. https://privacypros.io/btcsessions Bitrefill: use Bitcoin to purchase gift cards https://www.bitrefill.com/buy/?code=O04UMic9 LIGHTNING tips: https://tippin.me/@BTCsessions Audio-only version of the show: https://anchor.fm/btcsessions Telegram channel: https://t.me/btc_sessions

Wasabi wallet and fairly private. What's going on, everybody? Happy Tuesday. I'm not used to doing lives on Tuesdays, but I thought it was a good occasion. What the fuck is happening? Wow. We've had a little bit of a dip.

Should you panic? Should you sell everything that you own? Oh my God. Are you freaking the fuck out? Don't worry. It's okay. We're going to chat it out. In fact, it's not just me.

There's a few. I've got some friends. I think they're pretty zend out. I think they're going to be able to help you through this. So we're going to be diving in. We're going to be chatting about what's going on with Bitcoin, what's going on with the price, and how you should perhaps handle this.

It's going to be a very zen show. So like, you know, take your Ambien, sit back and just relax. And you're going to chill with us. This will be a nice show. I'm excited because, you know, I was waiting for, I was waiting for the dip. I was waiting for the noobs to freak out. I personally had a few people messes to me today already that are relatively new to Bitcoin and we're maybe freaking out about the price, you know, $10,000 drop.

People aren't used to those. So we're going to chat about that. We're going to talk about this. Now, this is live, of course. So a quick, calm, collected little bit of information from my friend Bill here, just one second. We'll do it live. We'll do it live. Do it live.

I'll write it and we'll do it live. I think he's taking the dip like a champ. I don't know. What do you think? Anyways, guys, welcome to the show. As always, I am Ben with the BTC sessions. And this is your daily session. All right, so let's take a look at where we are in the market

before I start bringing in my special guests for the day. Right now we're sitting around $47,940 per Bitcoin. For a single US dollar, you can scrape up 2086 sats. So that seems like, my friends, it might be a little bit on sale. Perhaps you'd be happy to get some extra sats. 88.75% of all Bitcoin that will ever be mined have currently been mined. And as far as fees go, lots of fees, lots of Bitcoin. zoom in around 165 sats per byte for the next block.

If you're willing to wait an hour, only really drops it down to 127. So if you're looking to do some quick and fast transactions, maybe look into lightning. I have tons of tutorials around that kind of stuff. And of course, before we bring in the panelists and get chatting about this downwards action that we've seen in the past 24 hours, quick shout out to sponsors to the show, leaden. where you can use your Bitcoin for a variety of different services. I've used their Bitcoin back loans to save my ass a few times where I needed to get my hands on dollars, but I didn't want to sell my Bitcoin.

So I was able to deposit, get dollars in my bank account within 24 hours. And when I paid that back, I get back the same amount of Bitcoin. Of course, they've got their savings accounts for Bitcoin and USC. And they've got their B2X offering to use the same loan mechanism and instantly buy you more Bitcoin. If you want to check them out, links are down below. Check them out. And if you click that link and off to get any of their loan products, They'll give you $25 for free into your savings.

Up next, Kobo Vault, one of my regularly used hardware wallets. It is 100% air gap. That's why I love it. It means you actually don't connect it to anything directly connected to the internet. It's all done via QR code and that keeps the keys to your money safe and offline. It has a secure element. It has Bitcoin-only firmware if you choose to use it, which I do recommend. And it's just, it's pretty rad.

I fucking love this thing. And it's great for Multisic too. So be sure to check it out. Links below. I'm using the pro if you're curious. And I do live on Bitcoin. I have to eat and shop and do all those things because most of my income is Bitcoin. And one of the ways I can do that is via Bit Refill.

They have just every friggin gift card you can imagine. You can pay on chain and you can use Lightning Network. And the beauty thing about this is you do earn Sats back as you're shopping. So if you want to treat yourself, check out Bit Refill. Links down below. And finally, and this one comes with a story because, I had somebody call me actually two people in the past two days, call me when Bitcoin was hitting highs at like 58 or something like that.

I had a couple of people call me up and both of them ended up losing the backups to their Bitcoin, one person to the tune of six figures. Gone. Gone, my friends, because they stored that shit on paper. They didn't realize what they were throwing out. And they threw out the backup to their money. They threw up their seed phrase and it is gone forever. Six figures gone. I'm sure that will translate to millions in the coming years. Get your shit on steel because if you got it on paper,

then it's susceptible to fire, water, and you might accidentally throw it out like the person that I just chatted to literally yesterday. Please be careful, backup your wallets properly and test those backups. Bill Fottle over at PrivacyPros.i.o. that is one way you can do such and I do highly recommend because you can't be too careful. Anyways, guys,

shit's crazy. We're gonna be looking at some of these headlines momentarily, but I, you know, I need some Zen in my life. I think I need somebody to just to bring it down,

to breathe a little bit. I wonder if one of these guys, I wonder, oh wow, this guy looks pretty chill. Breck. I feel better already. I don't know about you guys.

You got something in your throat, man? It's the, you know, the mantra, oh, the, the mantra, On Satoshi Nakamoto over and over again. Did I miss something? I've been in here for about 21 hours straight. Did we do with it or something? Might have been a deal.

I don't know. It's not much, man. Let's bring all our friends in here. We got Brecky. We got Jason. We got Slice. And we got the man himself. The silky smooth voice of Bitcoin Audible is here to swoon us all through the dip.

How are you, gents, doing? All right, all right. I'm doing just fine. Wonderful. Fantastic. That's great. I've heard of diamond hands, but that is a diamond aura right there. Yeah.

Just on phase. I suspect that. It's beautiful. Like people are freaking out and it's, it's pretty much par for the course. Like it's, it's hilarious to see. I'm going to, while we're all here, let's take a look at some of the headlines of the day and just kind of see what we've been dealing with. So Elon Musk, Bill Gates and Janet yelling are sending Bitcoin tumbling.

It looks ominous. Gates looks very concerned here. What do we got from Barron's? Bitcoin drops below key, $50,000 level after a warning from, I didn't know 50,000 was key, but it's below it's below it's. That's, yeah, below 50, though, the key is the key's been lost. Nothing, nothing can save it now, especially when Janet Yellen starts commenting. What else do we got here? We got Tesla now strongly linked to Bitcoin drops in value as cryptocurrency plummets.

There's a good one here. Bitcoin tumbles below 50 grand as fear swips, sweeps through crypto. And then this one, if this last one I want to bring up here, if this couldn't be more of a 2014 headline, but holy God, big banks will embrace blockchain.

Yeah. You did your home. Oh, God. It's, it's hilarious. It's hilarious. Okay, but the kicker of everything, I got to give a shout to Ben Kaufman for putting this together. $31,000, this was the headline last month.

Bitcoin plunges more than 20% in three days. It's now in a bear market. At $48,000 within the past 24 hours, Tesla and Bitcoin increasingly tied to together both securities entered a bear market plunging 20% from all time high. Guys, it's only mid-February and we've been through two bear markets. Are you guys okay? Like, how are you doing?

I don't know if I'm going to make it. I don't know if I'm going to make it, guys. I'm feeling like this is really, this is the one. I think the next, the next question that should be coming up, should be standards just like, what does the chart look like? Let me know because, of course, if you look at it one day, you can paint that narrative. It looks terrible. It's a chart that goes down.

Anybody can see that. But like, aside from that, it's like as we zoom out, oh, look at that. Interesting. Like, if we were in. As you're talking, I'm going from the one day to now the seven day. Oh, still looks scary. I'm old enough to remember then. The one month.

There's the one month. Oh, that's not so bad. here's the year to date and here is the one year. Guys, chill the fuck out. Guys, like we had a pandemic last year. I think this year so far for the,

for Bitcoin and just in general, it's been pretty good. Like, let's not get out of ourselves here. It's true. Oh my God. It's, it's crazy.

Like it's, we're doing okay. I think, I think we're doing okay. Uh, has anybody seen the, the, the yelling stuff lately?

I don't, I like, guys, Swan, Have you, have you, did you see her little, you know, reiteration of her stance on Bitcoin as of late? Um, no, I read, uh, uh, uh, I had like a handful of experts from it, but I didn't actually watch. I didn't see where exactly it was from, but none of it was all that surprised. I'll, I'll read here.

She said, people should be where it, uh, it can be extremely volatile. And I do worry about potential losses that investors could suffer. highly speculative just the same just the same kind of garbage that we've heard from her it's super funny because you know like this dinosaur

that was directly complicit in creating the continued the continued perpetuation of the system that was that created the necessity for Bitcoin to be created in the first place is now commenting on

her replacement. It's, it's, it's, I don't know, it's so ironic. She's worried about our potential losses for investors. What about the potential losses for people who just hold dollars for 30 years?

That's, that's cool. That's fine. You can just, you know, take away our savings year after year after year. No problem. Yeah.

It's, I don't know. Slice, sorry I was cutting you off there. Go ahead. No, I didn't know if that was new from today or if that was from the press conference or whatever it was yesterday that happened.

Yeah. Yesterday. Yesterday. People are assuming that her press conference, well, they're trying to draw any correlation that they can. So Yellen just happens to be one of the things that they're talking about. Oh, she doesn't like Bitcoin. Oh my God.

The market's reacting. I'm shocked. I am completely taken aback. I just knew she was going to embrace it. and that we were going to be on a Bitcoin standard in like a week at the latest. Well, that's why we're all here, right? Isn't it? This has really thrown me for just, it's been such an easy ride.

What do we do now? Yeah, Guy, I see, do you want me to share that screen that you have queued up there? Yeah, yeah. It was actually in response to that exact, the exact tweet. I was like, I got to throw this together. I made a little gift this morning. Oh, that's so great. Guy, I haven't seen this sarcastic side of you before.

I like it. That's so fantastic. So great. So let's look at, you know, it's worth looking historically because there's probably some nobs on here. We've got like 70 people watching right now. So by the way, smash that like button, give this a share. Thanks for joining us. I hope you're not too panicked.

I hope you're doing okay because there's really no reason. reason to worry. I want to show you guys something here. This is a zoomed out snapshot of the previous bull run from the halving to into like the bull in the beginning of the bear of 2018. So and it's not super zoomed, but you get the point. There were six six or seven big pullbacks of around 38% depending on what point in the year and then it just kept on ripping like it's it's this is pretty par for the course

when you see a pullback we just blew through 50K and kept sailing all the way up to 58 of course there's going to be a pullback but it's just the weak hands and the people that don't have the conviction to hold like if the people that have been around that sat through the last

you know, few years, they're not selling because it went from 58 to 48. Are you fucking kidding me? It's it's the people that are they have they don't have the experience. And I had a friend over last like just the other night and we're talking about it. And it's it's his first full cycle. He's just getting to the point where he's completing a full four year cycle. He started joining in right after the peak of the 2017 run. So like January of 2018. And he started kind of buying in then. And he wrote out the entire bear market and he kept on stacking through it all,

which I'm super impressed by. And he did extraordinarily well. And now he's looking back and he's like, you know, looking back, I just wish I would have put more effort into trying to get more sad. And I wish I would have. There's so many things that I could have done and so many stupid expenses that I funneled my money into when I could have been saving for my future. And I'm like, yeah, but, you know, you hadn't been around the block.

Of course. Of course you're going to have that initial reaction. That's why, you know, we laugh at this. But like, we shouldn't diminish the fact that there's a bunch of newcomers here that are going to be looking at this and genuinely panicking. They're, you know, I saw a post today from somebody who was in stonks on, on, on Twitter and they had like a thousand bucks in an account and it had dropped down to to 900. So the person lost like 100 bucks or something today and was actually of like scared.

And I'm but that's the thing. People just getting started grabbing some Bitcoin and they, you know, they put in a few hundred bucks and they see it drop like, you know, they lose. They got a thousand bucks sitting there and they see it drop down to 800. They're probably going to panic a little bit because they've never dealt with stuff like that before. So I don't know. Maybe let's go down the line and see if we can offer some words of

wisdom, some words of advice down the line. Maybe like Breck, like, you've been around the block, you've experienced this a lot, and you're actively educating people. What's your kind of, what are your conversation points

when somebody comes to you at a time like now and they're panicking? Like, what do you say to them? The thing is, panicking never helps in any situation, whether it's Bitcoin, whether it's in life, you know, panicking just doesn't help, right? And I know that's not something good to say in the moment. It's hard, you know, it's difficult to kind of get beyond the panic. But, you know, take a couple breaths, go meditate, do something, get beyond that initial panic stage and then say to yourself, you know, what, what should I be

doing? Is this actually a moment when I should be panicking? Or is it a moment where you're realizing, you know, shit, I just bought something that I don't understand. Maybe it's time for me to really do some learning and then dive kind of dive back in you know i i bought right at the top my very first buy was the top in 2013 and then we crashed and i didn't sell because you know i still had long-term conviction i didn't understand what bitcoin was but i would i said to myself look i sell now well then i'm definitely not getting any upside so what's the point you know sit learn move on like it's it's a difficult moment, right? It always is, but, you know,

what's that famous quote? You know, Satoshi give me the strength to change what I can and Satoshi give me the grace to accept what I cannot change, something like that. Yeah, that's one of those ancient proverbs from years prior. What is that?

That's a good one. That's a good like. to put a spin on. I like that. Which one? I don't know what you were just whatever you were just trying to say, Brecky, I'm pretty sure it's the serenity prayer.

If somebody looked that up. Yeah, it's the, this, the something to change what I can, to accept what I can't, and the wisdom to know the difference. Yeah, that's it. Love it. Something like that.

Jason. Yeah. Jason, have you had anybody reaching out texting you, any signs of panic in your circles? And if so, what have you been saying to people? I've had kind of both ends,

really. Ironically, I had a friend who before the weekend was getting ready to purchase an entire Bitcoin. And this today and yesterday was essentially not able to get a hold of who he's trying to get a hold of because obviously it took a hit. But at the end of the day, the other end is kind of just like I said about the stretched out and the reference.

And these are kind of what we as people involved in the industry kind of have to give back in terms of that experience. Because all of those people that were right or wrong during the 2008 collapse, whoever learned from that, whoever hedge their bets against that exact, like kind of outcome or, or at least subsequent actions that could affect those, like, future outcomes made killing this time around. And I saw somebody talk about people that don't have a plan. And like it's not necessarily even a jotted down plan, but it's like if we're heading towards somewhere. And so with looking at that full chart, it's really like, we're just getting started.

And there's so much now going on that it's like, I don't know. I mentally, I guess, feel like exactly how Brecky was when he's just. just sitting there and meditating. Like it's just, it's, it's water off my back, but it's our, I guess people like us that can kind of make that reference because I don't know, for whatever reason, when I look back at the now December 17 and downwards, that felt a lot worse, I guess, emotionally than whatever dips we've felt leading up to where we're at right now. I don't know if we're just weathered, but I just know that I almost for a year or so,

I almost didn't want to talk about Bitcoin because it was like embarrassing with the after that run. But now there's case uses out there that are just can't even count them. And they're translating into results. So it's something that I think we're all kind of just sitting back now watching because we've, yourself included like just see you see a daily working and doing what it should be doing. So you're not concerned. Well, yeah, it's it's hard to, and I'll pass it a guy here. it's hard to ignore history.

It's hard to ignore a 12-year track record and it flying in the face of what everybody has said for this, you know, and yeah, there's a degree of Lindy to that. There's, but just the fact that it continues to function regardless of what the market sentiment is, there's something to be said for that. So I don't know if you have thoughts. Well, you don't suck if Bitcoin, sorry to interrupt,

but like imagine if the market goes down and then Bitcoin stops producing blocks like obviously doesn't work that way but that's all my bitcoin works it keeps go yeah yeah nothing has changed on the other side um bitcoin bitcoin does its thing i guess um i've been around for a few of these um and uh it just i mean i mean i understand you know coming into this space how vicious and scary it is. And I guess I've just been just immunized to it. You know, like, this is Bitcoin doing its thing. And that's usually my like initial response. Like to become a bitcoiner, you got to get your hold the blood badge and your bear market badge. And, uh, this is kind of the, you know, the bloody dip moment for somebody who just got in at 57,000. So if I get a,

if I get a friend or whatever who hits me up and you're like, oh, my. God, what do I do? I usually first respond with, like, I'll buy like $100 to $200 worth and then send them a screenshot and be like, dude, we're fine. Don't worry about it. I'm not, I'm not freaking out. Like, take the opportunity if you got a little bit extra. Otherwise, just hang on to it.

Like, I always position this as a long-term investment. And it's specifically for this reason. Like, it's going to be messy in the middle. Like, nothing has absolutely nothing has changed. And even the headlines and the stupid articles and stuff, they've been saying the same shit since 2011 or 2013 when they started making headlines. And it just, I mean, this isn't even all that bad. Like, you know, we usually have like 40%ish drawdowns. This is like 20, you know, like we could kind of go all the way back down to 40 or 38 or something maybe.

I mean, that'd be nice, actually. Great. Like, because that's kind of where the Bollinger bands are. We got, God, I mean, well, there are a lot of people that were pissed. I got a little bit of dry powder. I could, I could scoop some up. There were a lot of people that were pissed when Elon made those tweets and subsequent,

you know, clubhouse interview, X, Y, and Z. And then when they came out with the Bitcoin purchase, but like, sorry, as things, as we, they continue to produce more and more coins, these purchases are coming up and these fluctuation has happened, but also, like, we've got to also talk about the fact that all of this money is also being printed right now or the last couple months, years, and whatever, I guess, in terms of we've learned in the past in terms of bubbles, like, there's no denying that they're just, like, throwing money onto these fires that are happening right now in the States, particularly, but I know Canada's no better.

And so it's like, I don't know, for me, I'm just kind of, it's interesting how this dip happened, but I'm still waiting for it's like, that's not what I think's going to happen. There's going to be, it's going to be worse than that. And I don't know what's going to happen. But my money is on Bitcoin. Yeah. I mean, it's like to your point, nothing has changed in a macro economic sense that makes Bitcoin relevant, right? Like it's, you know, there's still money printer going burr to the tune of. of like there's there's still I don't know if it's officially is the is the stimulus the 1.9 trill is that approved now is that going forward? It's so hard to tell no probably add another trillion of subsidies aren't funding before they do it. It's happening and then there's a stimulus and then there's like it's not and then there's another trillion happening behind that and it's like it's so hard to tell what's going on.

Yeah it's it's funny with the numbers too like how how how retarded those numbers are. Like, like we're just, it's just rolling off. It's another trillion. I think we'll have another trillion next month. And there's no false.

There's no false starts. Five countries. Just like, you can't help. Yeah. Astronomical amount of money. This number is so stupid. Like,

an unimaginable. Let's try to count to a trillion. I'm sorry. If Bitcoin goes up 30,000, it's going to come back down 15. Like, it just, it just has to.

Like, you know, if you throw a ball up in the air, it's going to, like, it's, it's on a rubber band, man. There's only so much that it can move up before it has to take a break and before all the people who bought it and don't understand it and don't get the fundamentals and don't know how to compare it to Fiat. They just think they're going to make a little bit extra dollars at the end of this. When people who like really get this thing, they're like, I don't, God forbid, I ever have to hold. again, you know, like, this is, this is about an exit. This is about an exit. And the more times we have these little corrections, the better it is.

I kind of get nervous when stuff is going really well. Like when stuff is breaking and everybody's crying doom and gloom and, you know, we get DDoS, Stone Tour, or whatever, those are the times when I kind of get, okay, like, where, Everything's everything's as it should be. Everybody properly hates Bitcoin. It's when things are going well that I get a little bit nervous because, you know, Bitcoin is anti-fragile. If we don't have stressors, we're not producing a strong thing.

And in that same sense, you know, we've got a flood of people who are coming from the legacy system. And, you know, no offense to the nubes, but the legacy system, produces the weakest most pathetic hands that there are. Like, like it's, it is, it is, it literally breeds an atmosphere of the government should come in and save us every single time. There's a little bit of a shake. Um, and people have gotten the impression that prices are just supposed to go up and everybody's supposed to make money and the government's supposed to bail everybody out if that doesn't happen. Sorry, but we have real prices. We have a real economy. don't play that fake trash crap.

And that means volatility. And that means that we breed people who aren't going to just squeal and run and scream. You will the first couple of times. Completely understandable. I certainly did as well. I remember the days when it crashed 90% in three months. And I literally threw up like in the bathroom wanting to cry. Like I've, we have all been there.

It is a right of passage for being a bitconer and being a part of this incredibly massive shift that's happening. I did. I personally did. We were there. Yes. I held it. It was tough. But yeah. Yeah.

There's just. Yeah. My mind always goes to the 100 trillion USD account, like overall chart that. ebb and flow and to add to your point, like there's something about that gratitude that you have by earning something and in order to earn something, there has to be some sort of a struggle, a burn, just like building muscle. But at the same time, like, it just wouldn't be right. I'm not necessarily, like, I'm sure it could just go up or go wherever, but that ebb and flow

in terms of the adoption, the way we're able to now, I guess. talk about all of these projects compared to three years ago when things were kind of peaked stagnant and then went back down that's where i think it's kind of different now i guess where there's this all these now opportunities and it's uh it's pretty crazy and it like there's no resentment i guess in the sense it's just to me i think it's a lot more looking forward versus years ago you were talking like even crashing 90 percent it's like well it could but there's all of these companies now that have had it on their balance sheets that have acquired it at that cost.

It's out there in the open. So that's kind of a lot more reassuring than when something like this happens. And, you know, you're now next week, you're going to hear about another country that adopts it. And all of a sudden, boom, the race is back on.

And one Bitcoin still equals one Bitcoin. It's just that, you know, like I said, the ed, in the terms of the fundamentals, like, like,

like the market that Bitcoin has, like kind of now finally dipped its toe in, like the true like treasury, like treasury reserve asset market. The, the, uh, on the cusp of the Bitcoin as an infrastructure layer, uh, for the financial system. Like we are just, just opening the window on that with strike and nighting and these other, these other systems. You need, you need the volatility to bring in the, the liquidity and the volume to actually kick this thing off. Like I have never been like you actually had to wonder back in 2013, is this thing going to die? Like you had to like really think about it.

Like as far as like is this going to grow and this is this going to be like is this going to be here in five weeks or six months? Like it's an absolute no brainer. This is the easiest bet that ever was. and it gets easier every single day. The fear of like seeing these red candles is just, it's almost universally a lack of knowledge. It's just a lack of information. You fear what you don't know.

You're not sure. You don't have a broad picture of like where this thing is going or a solid understanding of why it matters and really the underlying problem that it's solving. So just just read, just explore, just learn. and take it as an opportunity as, you know, stress is a great motivator to, to figure out why it is that you don't understand something or what it is that you don't know or you're not sure about.

Like it was for me, like after I was done throwing up, like I, that was basically what it is. I was like, you know, I'm here, like, like wanting to cry and curl up and sit in the corner of my room because I realize I don't really know what I got into, iconic bought in on a pipe dream and I just kind of have a vague idea of what this thing is.

So let me learn. Let me, let me see if I can kill the thing. Let me see if does this really have long term potential? Am I just, am I just buying a pipe dream here? And, you know, so I started reading, started getting everything I could like get my hands on, everything I'd get my hands on and learning everything I good about it. And the more I learned, the easier it got. Like, it was just all of these red candles are just, you got to mix up the colors a little bit, you know? Like if it's all green, it just becomes just the same thing over and over and over again. You've got to mix it up. You've got to mix it up. Yeah. It's the colors in trading view. You make them yellow, blue. Oh, that's a good idea. Yeah. Very stupid. Green, different shades of green.

Yeah. You know, optimist. No matter what. Stocks only go up. It's, to what you were saying, guy, it's so true. The more you understand Bitcoin, the less you are concerned. Because if you approach it from the perspective of,

what is Bitcoin trying to do and what's necessary for it to do, or what's necessary in order for it to achieve that. And you just kind of have that set of criteria as you understand it. if something in that way that you believe it needs to play out breaks, then perhaps reason for concern. But historically, once I kind of got to that threshold where I understood, well, this is what the system is for. This is what it's addressing.

This is how it functions. And until any of these things actually breaks, it's still just kind of on its trajectory. And you're able to dispel the bullshit that you see in the news where it's just not factual. It's just, it's such a weight lifted off your shoulders because you, you understand, you can, you can see right through a news story that's trash when it comes up the moment you see the headline. You're like, I already understand why they're wrong and I could like dispel it in two and a half minutes. So you're so right that the more you spend studying, the more time you understand Bitcoin and economics in general, you, you start to just kind of be at ease. And it's hilarious how much this year.

has rhymed with the previous bull market. Like before we went live, I was talking with Breck. It looks like a copy pasta. Like it just, it's really bizarre. It's like I was talking with Breck before we started. I was like, there was a minute there why I thought maybe this year was going to be different. But no, it's the exact book and same. Can you call it copy pasta?

Yeah. I heard that before. I love that. Yeah. I think that's this. I think I've bumped into that one on. Reddit, the copy pasta thing everybody would always post in that. Like the Tartron.com or something, something like that.

Also, while I was going to say, while everybody's all concerned, it looks like Square is doubling down because they just bought another $170 million worth and announced that today. So if you sold your fat stack, you sold it to Jack, just a heads up there. sold the sack to Jack. Yeah, it's, you know, guys, you got to, who are you selling to? You know, you know there's people out there that are still buying. You know Sailor's not done buying. You know Elon's not done buying.

You know Jack is still stacking sats. And you know there's a lineup of institutions a fucking mile long that all want your sats. I would say one thing to, like, try. to put people's mind at ease when particularly if it's like a first first dip or first like real painful drop that somebody's experienced um almost always it's when you're hunting through and reading other people's opinions and seeing article headlines and stuff that you really it really starts to oh god oh god oh god what have i done what have i done and uh i'll say unless i've found out that it was actually from almost always, like after I find out it's actually just like some

straight Bitcoiner who did like a guest post or something. I have never, never once seen an informed, thoughtful opinion come from mainstream media. Like never. Like it's almost just flat riddled with shit that you could get off the Wikipedia page error. Like, I mean, just it's awful. And all they're going to do is push whatever sentiment is going to get the most clicks. They are not there to inform you. Please, Jesus, don't listen to Bloomberg or Forbes or CNBC or whatever it is about Bitcoin. They didn't say anything about how great it was going to be in 2013.

They don't explain the fundamentals of the economics, the game theory, or the, the money. They don't know anything about it. All they're doing is looking at some charts. And when there's a bunch of red ones, they scream, oh, shit, everything's bad. And when there's a bunch of green ones, they scream everything's great. That is what they do. They're just going to regurgitate the shit that you already saw on the charts. Just turn that garbage off. But if you also need an update, take notice when guys like Sailor, Pomp and a couple other guys, are on there or girls that are just literally giving them straight up facts in reference to years, like years past and where they've gotten because that's the ultimate kind of like if if everyone

at least is in it long term, that's the ultimately looking back on it and looking forward. Like you can't not see a just the trajectory continues to go upwards. More options are coming in. more people are getting kind of ahead of the fact of being able to then see that gratification of getting multiple outlets where it's not only gaining value but they're maybe getting different interests and different projects that they've been able to invest in. It's just it's the it's like exploding in terms of the options of all these jobs we were supposed to lose.

I'm not saying it's going to cure all that, but it's just another option that we now have available. And it's allowing people like all yourselves that. that I've taken the time out, done a little research, and then kept tabs and then started to just formulate opinions based off of experiences. Yeah. Wow. We all love it now. It's nice seeing there's more, there's more of it where you're seeing people that have a decently informed opinion that are starting to get those spots.

Like, Sailor's been invaluable to be dropped onto CNBC. He really has. Yeah. to see him drop into a show and they try to funnel the questions a certain direction and he's just having none of it. And he's like, no, listen, the fucking deal is that this is the soundest money that humanity has ever seen. It's a way to store value across time and space that nobody can screw with. And he can just fly in this. The other person that I really love is Jack Mallors.

When he gets on an interview, he knocks that shit out of the park, right? he's he just talks about how literally everybody is operating their life at a loss and that this is a way to step out of that hamster wheel and actually get your foot pretty hot lately too as well he's uh like anybody that's really just stirring up like just not necessarily taking these softballs and just hitting them back but these people that are just literally hitting out of the park they're like clear concise you understand where they're going with the their ideas and then you want to check in with them again like a lot of these people that are your message or you're referencing i'm checking in on them on twitter just being like what's

the next thing like what rocket got launched what new division got like what spack did they look at like it's just because what they're doing is they're getting things done in a in a day and age where like where there's a lot of stagnation and not a lot getting done so it's very refreshing yeah this time around at least You know, a lot of people, I went to Facebook for the first time in quite a while. I think it's yesterday, actually. And the comments were a little bit like, we're just a little painful. It's just like, oh, God.

Oh, God, we're still, this is still the mentality. I forget I'm a little bit of my Bitcoin bubble. And this is still what people see and think, okay, let me get a little bit grounded here. but like what strike is building what jack mallors is doing what nydig is doing what stone ridge is getting involved in what black rock um is getting like touching on like what all these companies and and major financial institutions are looking at we're about to enter the phase of bitcoin as a network running a completely alternative financial foundation on a global on a global sphere so what strike is doing is making it able to send a dollar

convert it into a euro from new york to italy um in under a second and with essentially no fee this this is this is the shift from uh communication as an analog tool to communication as a digital tool we saw this with the internet that you use to have long distance, long distance fees, used to have very limited communication. You had very limited time that you could talk, like all of this stuff. And then slowly the back end, you're still using your analog phone, but the back end switched to packets, switch to packet switching. And it became the infrastructure itself became the internet. Even the people who weren't using the internet were using the internet.

And suddenly, they didn't think about it. They didn't know why, but their long distance fees went away. Suddenly, they could call Mexico. Suddenly, they could call the European Union. They didn't have to have a different package. They didn't pay by the minute. You just pick up the phone and you called. And that wasn't the case for a really long time.

This is the phase where money becomes switches from analog to digital. We are going to remittance fees are going to go away. Money transfer three business, three to five business days are going to go away. Forex market trades are going to go away. All of this is going to fall away as Bitcoin, the protocol, finally realizes what market potential it actually has. And strike is literally a drop in the bucket that is just starting. the flood. This little dip is a 20% down before a thousand percent up. There is no way, just the realization of that capacity, which will be realized, regardless of how many governments

don't want it to happen because it's an open source distributed protocol. It will happen. And the only thing that Bitcoin needs to be in order to fulfill it is a $7 trillion asset. It requires trillions of dollars in liquidity to destroy those markets. But the technology does it. What it needs is liquidity. And to get liquidity, it just needs the price to go up. That's what will happen. You know, it's really interesting about strike.

And I actually hadn't made this connection until you were talking about it. is that, and this is a good thing, mind you, strike actually has a shelf life in terms of what it's going to do for the world. And let me explain this. One of the things I love about Bitcoin is sort of the promise of getting rid of all the friction between humans. You know, we have how many national currencies that prevent us from doing business with one another, that there are literally walls up between everyone in terms of commerce. You know, with the internet, you know, the internet broke down a lot of walls for communication, right?

But we still have these financial barriers that I think are to the detriment of everyone. And eventually, I think Bitcoin will be the currency. We'll be using lightning for every day. We'll be using the base layer to settle. But those walls will come down, at which point, strike may put itself out of business, which will be 100 years from now, whatever. But like, that's a really good thing, I think. And what strike is kind of doing is breaking down those walls temporarily until we get to that point where everyone's just using Bitcoin.

Yeah. Well, what's more beautiful than a company that knows that they're working towards their own demise for the betterment of humanity, right? Like that's literally on all the time. Like one day comes out of business, which is fine. Well, that's the thing. Like it's you're there for the moment. You're being part of the peaceful revolution as it proliferates across the globe. You just want to play your part and see it play out.

And if you can have a role in there, somewhere be a footnote in one of the history books. Fantastic, right? I was part of that. I was there for it. I got to see it built. I got to be part of it. Maybe I built a part of it.

I think that's what a lot of Bitcoiners are, the ones that have stuck around through bear markets and bull markets. They're excited to just be witness to, this massive inversion of infrastructure and this massive retooling of how humanity works. And the, the, I guess, how do I want to put it? I mean, money is already speech, but it hasn't been free speech. We've given freedom to our speech via Bitcoin, right? we've given the same freedom of interacting one-on-one in a local market with cash,

that same level of freedom of interaction to a global world that already could communicate freely, but now can actually have economies that are truly free. And the world's just kind of grappling with that now. And that's the volatility that we're seeing. Like you don't get from an experiment with a couple nerds on laptops and pseudonyms to a global money for everybody without some ups and downs. So, you know, zoom the fuck out, realize where we're headed and realize that this dip is going to look like a fluid line if you zoom out far enough. you know the four x markets are a a horrific

friction on the global economy it does five trillion dollars in volume a day the use of bitcoin of the bitcoin protocol as a settlement network and the lightning network as the exchange network as the payments network could could clean up a hundred billion

two hundred billion dollars of daily friction the amount of profit and productivity potential in realizing that is just unheard of. And in just attacking one of those markets, you start hitting all the other ones. You creep in on retail payments and merchant fees. You creep in on you, you just, the remittance just just vanishes. You just, it just all just gets wrapped up into one. And this is an open. permissionless protocol. Like what you were talking about is that like speech like money has money is

like that's what it is. But the problem is that in the digital world, there's no way to guarantee the monetary attributes without an authority. It's always been permission to speech. It, it literally requires a keeper of the ledger. And Bitcoin is the first time it's actually been turned into pure information that someone can own rather than someone's authority. to exchange. It's shifted from, as Eric Kaysen says, it's shifted from authority to truth. There's a mathematical proof that is now the authority, and it can't be faked. And doing that is the same thing as taking away the communicatory, like the communication authorities of centralized networks and turning it into the internet, turning it into a decentralized platform where everybody can freely

exit and enter. And even around the great firewall of China, you just need a VPN or you need tour and everybody can sneak through the cracks. And there's no real control. There's there's, there are barriers and there's resistance, but it always moves around control and authority. There's always an avenue out. Can I just say really quick, this is like, guy, this is like some top level shit, but it is like, in the way that you would pitch it to a noob who's like,

what do I do today? There is, there is like this kind of like underlying like Bitcoin is truth answer to that question, you know, and like there's so much misinformation and so much divisiveness. and media outlets and where we look for information. It's like, where do you go for truth?

Did I just drop out of you guys? No, no, I. It's like, where do you go for truth? Like, where I go for truth, you know, is Bitcoin. And not only in everything that you were just describing, but also in price discovery, like the price discovery of Bitcoin is also truth. It's not manipulated at all. because it's just people buying and selling Bitcoin.

And we don't get that in many other markets. We don't get it in any really. Like that's kind of the problem, right? Is that we're moving from a system that has where every time the price is just not what people want it to be, what the authorities don't want it to be. They just cook the books. Yeah, but we get it in like betting markets and probably dark markets. Okay, okay.

There is some like real market activity happening in the world. But I agree with you that a lot of what people use to assess whether or not they're good, making good financial decisions, it is not based on real markets. You know, it's based on the essence of. I want to bring up, I want to bring up a comment here. And the reason I want to bring it up is because it's the kind of sentiment, that we see as pushback to Bitcoin's success. It's continued success. So I want to read this from the comments here.

Some dude, Mr. T. By the way, I did comment back and I said, I pity the fool who believes what Mr. T just said. But besides the fact, he said any currency, besides gold and silver is unconstitutional. We'll get to that in a minute. I was really about to bring this up.

Oh, wait. Yeah. And then he said central banks already circulating, central banks already circulating an illegal currency. They are already. Yeah, okay. And then he said, I think crypto will get hijacked by the Fed. Okay, so there's a lot there.

But Breck, you want to talk about the first? I'll let you take it because you seem very riled up by this. Despite what you saw at the beginning of the show, I'm actually livid, angry right now. I'm not about Bitcoin, but I'm smack dab in the middle of reading the creature from Jekyll Island, and I learned that fiat money, paper money, is actually illegal under the U.S. Constitution of the United States of America. The United States, we can mint coins. That's legal, but money needs to be based off of metal, according to the Constitution. And when I found this out, I was just so angry. I'm actually considering writing my congressmen and

women. I know it won't do anything, but it might make me feel better slightly. All right, rant over. I'm done. Congress and the Senate and everyone for years and years and years have been going on complicit with Fiat money when it is not even allowed. And the founding fathers of America, they unfortunately weren't specific enough in their wording. Well, I don't know. Yeah. So it's not about specificity. It's about the fact that when you create a system. Does it make you happy or mad that Canadians have plastic money?

and colorful money. I'd love to know your We do have lots of colors up here. I'd be like that would be two triggers for you. You'd be like, you know what? Just leave that out of this. Maybe I can go make some more.

Yeah. So to Mr. Pett's point, yeah, there's legal precedent that you know, that the switch from gold-backed to Fiat was was against the Constitution. Now, the part about him saying,

I think... It's not the gold-backed. It's actual paper. Even gold-backed paper is not legal. Really? Individuals and companies, private institutions, could circulate IOUs, but the federal government is not allowed.

Wow. Crazy. The thing is, like, if you compare it side by side to something, let's say that I compare all the time, which is kind of like a real, revolution in like let's say mechanics which is i kind of look at like the 60s and some of the cars that came out that just propelled the technology into where it is now and you can have that appreciation but if you told somebody hey just hold on to that 20 000 car it's going to be worth millions of dollars 50 years from now they feel like whatever and like eventually over that

time of proving its worth over proving its quality over being able to understand that you can't really match what we've been able to achieve, then that propels that worth to just continue to exceed up. And you compare that to Bitcoin or a lot of these other coins, like not to, I'm, you know, I'm not a maxi per se, but like just the ones that are getting the results just like Bitcoin,

you know what? Good. Keep doing what you set out to do because you're then giving that person a better feeling, a better appreciation of when they're making these, larger transactions, they don't care that they lost out on something. They want to not feel like they got the shorter end of that transaction, whatever it might be. So if you're able to use the Lightning Network and not get dinged on fees,

then that kind of dispels those people that say you can't use Bitcoin daily. But then also long term, if you buy X, Y, and Z, you've invested it into your house company, whatever. And you're getting that continued growth in your actual. value, that's where it's then you can see that actual transition to what it's like, well, I'm sorry, but you want to flip that graph around. That's the value of the dollar over the last hundred years compared to Bitcoin, flip it back around, and it's going the opposite way.

That's just it. What was I going to say here? Somebody right away, as soon as you're like, I'm not a maxi per se, get the non-maxi off. get them. You know what I'm saying? In terms of like we talk about it now, you look back on the March, April of last year,

and it was down to five, six thousand. So now we're here and we're talking about a $10,000, like, you know, dip. But yet it's like, but now there's all these options.

There's daily just versus, let's say weekly, monthly. I mean, five years ago, you could get all of the big, players in Bitcoin into a room and throw a rope around them. And now you probably couldn't even get a hundred people into the same room because

there's just so many things going on. It's a lot more sat like the tentacles are kind of pushed out and there's all these projects that are going on. There was a very real worry in the early days that somebody would like sabotage a Bitcoin event and just take out all the good developers in one fell swoop. now it's a little bit more difficult to pull that out. You all brought your hard keys? Yep.

Okay. You're our waltz. Let's go. It's like the most catastrophic boat accident of all time. I heard that every time there was a situation around table. Don't spread fud like that. I just, who's going to get the boat and can we,

I think what we need to do eventually is have a recreation of like the Boston Tea Party, but it'll be the, the Bitcoiners boat party. We're going to do a hoot cruise. We can just go a coin burn into the ocean. Yeah. I love it. So great.

I wonder how many open dimes will have to bring for that. Fair amount. Why is no one, I'm surprised I haven't seen this, but have you ever seen a waterproof hardware wallet or a waterproof hardware wallet case? Obviously, Bitcoiners wouldn't want it because then you can't have a boating accident. Yeah. I think there's just no market for it. We don't care of our keys, but we don't care that much.

You get it ironically to throw it off the sand. No, I'm just making a bad joke. Don't be great. A cold part in the dishwasher. That would be great marketing, though. We're the only hard wallet that's, we're the only hardware wallet that's boating accident safe. Never, and they never sell a single one. I was going to say no one ever buys it.

And just put it in your ad. Nobody buys our hardware wallet because it's because you can't loot it in a boating accident. Great. Yeah, exactly. Have you seen, okay, so there's been, okay, since we're on the topic of hardware, there was a company that contacted me, it was late last year. And their whole pitch was, it was basically like a ballet wallet, but like in a necklace that you just wear around with you all the time forever on your neck. And it had like a QR code etched.

So they clearly like created your private keys before you even get the thing so that they could like etch in the QR code on the back. And then you just, if you open the pendant, then the private key is there. So literally not only do they create the private key for you, but you just wear it around on your neck. Willie, noe as you like live your life. It's just the worst. I was going to say, yeah. Is that malicious or are those guys just ignorant? I think they're ignorant.

Yeah, I think it's just ignorance. I think it's just they're excited about something. And they didn't learn, they didn't properly learn the rules of Bitcoin. And, you know, they wanted to build a thing and contribute. And so that was the thing that they built. And they could come up with a better solution that didn't require. people to trust them. I mean, ballet, like, uh, the ballet wallet is they know a great example of just like, oh, okay. Ballet knew better. Ballet knew better. They, they are at, they are just,

I damn near would call them scammers. That, that is a, that is messed up from the way that they portrayed that. I, I, I, good God, I was telling everybody, do not buy that wallet. That's just idiotic. That's just absolutely idiotic. But you just don't, you just don't buy a private key from somebody. If somebody's touched a private key, you don't, if somebody's got a copy of your cash,

it just doesn't make any sense. It doesn't make any sense. You have to not know what you're getting yourself into to think that that's a good idea. Yeah. And to take one step first, end quote, in quote NVK,

if something makes you put your private seed on your computer, you should also not, use it for storing funds long term, right? Yeah, yeah. If you're having to type it in on anything internet connected, like, again, we're probably having some newcomers that are watching this that aren't privy to a lot of these things. And so, you know, we're on kind of the, the, the, we dove down the backup and hardware security kind of rabbit hole here.

But effectively, if you've got a hardware device, you never want to be in. putting your backup phrase, your 12 to 24 word seed phrase on anything internet connected, you only check and enter it on a hardware device itself to keep it offline and secure. And again, to what I was speaking about earlier, a lot of people not backing up carefully, not doing their backups carefully. They're writing it down and then just tossing it somewhere and forgetting about it. and it's just so insecure. You have to be so mindful of what you do with those backups.

You know, maybe get it on paper at first, but it's a good idea to maybe look at putting it on steel. And regardless, you've got to keep it safe where it's just not like sitting out, where you're not going to throw it out by accident, where it's not going to get damaged or something and keep it separate from the device itself so that if your house burns down, it's got to be somewhere else. You guys see that?

See that little bulge in guy's bed? it looks like it's a bill fottle. Like he put a bill faddle under the mattress and that's the book. Come on. Are you storing that under? Yeah. Everybody get to Guyshouse. I see his private keys.

I think critical thinking is another one too that you get kind of conditioned in the sense of before. There's a lot of great momentum in these bull runs as well as bare markets. I get it. But like step back whenever you're doing anything. And even if you have to like literally write it down on a piece of paper, just figure out what you're trying to get done and ask yourself as to why that would have to even get done. Because a lot of these times like whether these scams are out there, a company is never going to reach out to you and say,

hey, we need you to transfer from one wallet to a wallet. You're just going to, again, I'm not advertising a person. it on an exchange or not, but if it is on something, you're going to have two, three, four wallets that are attached to that coin to help get it off or get it or make it transact. But if they're doing something that it feels like you're almost taking it off of something and putting it onto something, step back, just ask yourself like, what am I doing? And what am I, you know, because a lot of times if you're looking, bearifying those addresses, it'll confirm as to like, well, that's not going to my address or that's not going to

here. Why would I give you that the seed to that? Like it'll answer your question in a way. But for those people that I don't know, I guess maybe they're looking for a very quick fix. It's like just step back that one little instance. Yeah, there's a lot. There's there's so many people that they'll, they'll not realize what information they're giving up, right? They don't realize that those 12 words or 24 words are are so integral and that it gives the credentials of their money to somebody and and all part of the other part is again this we're we're basically switching our financial infrastructure and they don't realize like the personal responsibility that comes along with that and we're so used to being babysat that no matter what you do you can just screw up forever and

because you get down to those first principles where the money can just be printed away to make up for those excuses that's what allows for this kind of coverage of oh i fucked up and you know i i somebody bank and reverse the transaction. Yeah, somebody stole all my money out of my account. Yeah, well, okay, we'll just reverse that because like really there's no, at the end of the day, there's no consequences for irresponsible behavior. It's the opposite of Bitcoin. It centers you in personal responsibility and there's actual consequences to your actions.

Yeah, the legacy system is kind of built around trying to remove responsibility as much as possible. Can I say something? This is like this is something I think about all the time and I think that it is like if we think about me too things all the time I think if we had like good monetary policy with a dollar we would not have to make the decision of what to do with a dollar when we had them when we had extra ones right but because we have shitty monetary policy they forced this decision on us right and then This decision involves risk and people are a terrible, in general, we all suck at assessing risk, right? But I like, I'm a poker player and I kind of like believe that this is one of Nassim Taleb's good points.

It's like a decision does not turn out to be right or wrong. It is right or wrong in the moment that you're making it, right? And there's a probability of it working in your favor or it not. And you learn that later on. And often what we do is we, mistake that decision to be a good one or a bad one. And I think you make the decision to get into Bitcoin, right? And then a price drop makes us question that decision.

And it's really scary. And a guy and probably all of us were saying it earlier, like, what happens is when we question that decision, what you really should do is reassess why you made that decision. And the way we do that is by learning more about Bitcoin. And when we learn more about Bitcoin, we have a lot more conviction about that decision. And over time, when we go through these cycles, that conviction just becomes more ingrained where, like, you hit a point where, like, the most painful part about a cycle is hearing other people question their decisions to get into Bitcoin, right?

And us having to say over and over again, the answer, like the responses to all the headlines that you should at the beginning, Ben, which is just like, all. all the thud that hits us over and over and over again. Thanks for hearing me out. Yeah. I love it. I was really upset a few days ago, not because of price or anything like that, but because of all that energy fud that was flying around.

And I wasn't upset about the guy. Oh, God. By the guy who, I mean, I was slightly upset by the guy who started it. When I was really upset by was when I looked at all the quote tweets, when I looked at all these people, mostly people who are environmentalists, too, who don't understand. that Bitcoin is actually a tool in their arsenal. That Bitcoin can help them, that Bitcoin can help the world. And it bothers me that, you know, this false information is getting out there.

And, you know, it's just going to take that much longer for some of these people to realize what Bitcoin is. Yeah. Well, there are a lot of these people are in the business of throwing money out of problem rather than using technology to solve a problem. They don't think of it the other way. So when they're sitting there, they're just like, like well, what's the budget? What's the outcome? And a lot of time they fall short on those outcomes. But with this case, it's just embedding your, the transparency, having an actual ledger and a quantifiable amount and then building on that amount, building on the technology subsequently that helps you day in and day out as you're flowing through that your technology with that in growing. And it's giving you that exponential value back.

Yeah, basically their permanent mindset is that the solution is where do we swing the stick rather than where do we put the carrot? And that's the shift. And like I'm working on a guy's take. I've got like a big page of notes for this one. But I don't think we should defend Bitcoin. Like Bitcoin does not need a defense. Bitcoin is so much better in every possible respect. make them defend fiat because the implicit assumption is that fiat doesn't pollute is that fiat

doesn't have externalities or negative consequences which is so horrifically slap me in the forehead absurd like it just you you don't have to defend bitcoin bitcoin's energy cost is something that can actually be put in renewables the horrific costs of the wars of the pollution of the waste of the consumption of the consumption of Fiat, you can't make that work. It's a disaster. The Fiat system is absolute hell when you're talking about securing a money. Bitcoin wins a thousandfold, a thousand different ways. You do not have to defend Bitcoin. Make them defend the fact that we've had, we've been at war since 1950 without breaking a sweat. We haven't taken a couple of months break barely. Why is that better than achieving consensus peacefully with, uh, with a, by,

by running a, by running a minor for a few hours. Um, but it just, whew. And I, I could understand. I could understand if, if five, 10 years ago when there weren't these examples of companies, I, I remember listening to a podcast about kind of striving to get the, the one cent kilowatt essentially and getting the price down as much as possible. Company, there's working examples from whether, I know 45 minute drive from where I live, there's a company that's taking the off peak natural gas and converting it to Bitcoin.

There's all these working examples now of getting it done. So it's very weird that some of these people that have these agendas will focus on one wrong example when there is actually a working example to just literally be like we're hedging our bets. If this one is two, three, even one cent eventually per kilowatt, well, that's not what you were talking about whether, where there was 18 cents plus, you know, all that carbon footprint that you were just talking about. So like shifting that based off the working results is going to, I guess, be the next kind of

five years in time because that's all people are going to be talking about. I love the idea that guy was talking about of making them defend Fiat. I love the idea of shifting that narrative and being like, you know, somebody brings up the energy consumption of Bitcoin. Oh, thank God, that isn't going in Fiat. That would be a disaster. You know, why are you using Bitcoin? Oh, because I'm concerned about the environment. You know, I want to make sure I'm doing my best.

I got to, I got to use the most. How are you going to solve this problem without Bitcoin? Are you saying that the complete political non-solution that we've been fighting over for decades? That's where you're really, really, the incompetent politicians that can't send Americans a thousand-dollar check without 5,700 pages of bomb making and foreign subsidies and corporate bailouts and all of this horrible, horrible crap. They're going to be the ones that solve our environmental crisis. Are you kidding me? Without Bitcoin, you have no hope. You have no solution.

Your practical solution is a pipe dream on steroids. You aren't going to solve this. We actually possibly can. So good luck. Go ahead, defend it. I love the Gladstein's latest piece that came out yesterday, I think. Going to be in audio soon. Awesome.

I haven't read it yet. I won't ruin it. But the only thing I will ruin is that he used. uses a really great turn of phrase. I think it was the Davos-led economic. What was it again? It was the Davos. Basically, it's all over Davos and the organization that runs the world, essentially.

But it was a great turn of phrase. Yeah. So, Guy, I would say that when you say we don't have to defend Bitcoin, of all the people sitting in this room, I feel like you're the guy that defends Bitcoin the most of them. Dush. Which I appreciate. Which I appreciate. I fully appreciate. There are so many articles that I would not take in if it weren't for you. So thank you.

Let me make a differentiation here, which I think is lost on a lot of people sometimes, is that for Bitcoin to succeed, we don't have to do anything. Bitcoin, in my opinion, it's inevitable. It's going to succeed. The people that we're saving. Well, that's the thing. We're trying to save people, not Bitcoin. We're trying to get Bitcoin to as many people as possible to these people who are lost or don't. believe in Bitcoin or think it's a scam or that it's ruining the environment. Those are the people that that that we should try to get to, I think. Yeah. Yeah. Yeah, exactly. And like what better place to do that is to then to start with your close circles, right? Like, you know, some of us, I guess all of us here have some sort of an online presence. And so it's kind of like reached out a little bit more than just our inner circles. But if you're watching this and you're like, what the hell can I do? Well, just get get your friends and friends and

family interested. Those are the people that you want to insulate from the current financial infrastructure, right? Those are the people that you want to save from having their time and the fruits of their labor devalued and just constant running on this hamster wheel. Those are the people that you're trying to educate and help. And so just just start there and see what people become in. And I'm guarantee you're going to have more people asking right now than previously, but you know, try and hone in on that interest and try to send them down the right, the, the right pathways so they don't get sucked in by the gambling aspects of, of shitcoin casinos and get them on to the real underlying issues that we're trying to be

solved with the, the creation of Bitcoin in the first place. I think, yeah, I would say, I would get you. Sorry, I was going to say the zoomed out chart, though, is like literally the metaphor that explains Bitcoin in terms of it's just. a gathering of a snowball, essentially, you're going uphill. And as you acquire, like, you can, you want to take any quick approach that sounds almost too good to be true. Like, we're now actually getting to 12 years now with Bitcoin, right?

We're at 12 years now. Over 12. Of a working example versus these new products that are trying to get something done. Okay. But you haven't proven yourself necessarily. So these examples that, you know, you're going to get. these quick, maybe quick results. They're also equally unstable and they're going to kind of, you know, part of the learning

solution, by all means be curious, look into them. But it's got to be then proven time and time again. And this is work, you know, this was created in 2008, 2009 to solve a problem, you know, just like a lot of these other technologies that are out there. And so once you buy into that, once you become a working example, like a lot of us are. and day in and day out or through monthly, whatever it is that we benefit from it in terms of just getting something worth more value

as we see it through. It's completely opposite of what everybody else is not doing, which is just holding it into an account, getting nothing and paying their bills and not getting anything in return, unless they're really savvy, unless they're like the 1% and they're on a, you know,

one of those like network channels about their extreme habits that they're doing. But aside from that, nobody lives like that. Yeah, nobody wants to, the issue is because our money has been so shitty and people are scraping to get by, nobody wants to step backwards and actually have a lower quality of life than they used to.

And so what they've done to maintain that quality of life is introduce mountains of debt. And so we see that in our debt culture, whereas before you'd have somebody. that would, you know, they'd save for a few years. They'd be able to purchase a house over a number of years, and it was relatively reasonable. Now people are saddled with mountains of student debt. Their homes are like 30-year mortgages

that are just so insane, the valuations of the actual real estate as well. There's just people are just buying all of the shit to try and maintain the previous standard of living. and they think that because they have the same standard of living, it's like they have the blinders on and they don't realize how much they've screwed themselves later in life or screwed their kids later in life to achieve that.

If you just simply let them, you know, money do what it's supposed to do instead of trying to inject these reallocations of capital, or these reallocations of what the people at the top deem should be valuable where the value should be. If we would just step back and let the money and the free market do what it would, we just wouldn't be exposed to these kinds of problems. Like it's so infuriating a lot.

And I think what Brecky said was really important about the displacement of the barriers in the sense of now we have the opportunity of spending a fraction of what we have in terms of our like Bitcoin that we have in order to make a purchase, get cash back or get it even back in a coin like in bitcoin again and being able to run that through our our daily lives like can like i guess there's going to be more likely that people have these working examples versus you know like i guess it's the equivalence of these people that were able to get and stream on the internet it was a handful 10 20 years ago but now you know any 12 year old with an ipod can literally get streaming online

within a matter of seconds, but this is an actual value of transaction added on top of that. So it's not just easy access, but it's actually monetary value mixed into the technology. So, you know, like it's the next level, I guess. And I don't know.

It's weird that there's not been embracing of it. It's just more or less like, what are all the problems? Like, no, we're actively solving this problem, while we can then solve those other additional problems that you say are coming up rather than, you know, it's that weird little mentality of, I don't know, I guess,

like the bureaucrats that just are used to just saying like throwing money out the problem versus simultaneously solving the problem while bettering the technology. So I've got a problem that needs fixing. There's nothing to do with any of this. But while we've got waistlights here, I figured I'm going to, I'm going to shoot my shot. I've got some bison ribs and there's not a lot on them. How do I get them real soft without drying them out? slice. Do they have much meat on them? Yeah,

just not a heavy fat slab on top. Yeah. The combo, but I would definitely go with a braise, like have like a lid on there and have some sort of like trapped moisture method. Oh,

I've got one of those, those big French ceramic Dutch oven things that go in the oven. Yeah, totally. Like almost exactly what I would do is like, just, I don't know, are you adhering?

to any sort of like regimen right now like our oh keto yeah i would i would look into just like straight up julia child's bourgon like beef borgignon recipe and just apply it to that she puts potatoes and flour in it i think but like just omit that stuff all right i'll just put a bottle one bunch of butter and throw in the oven call it down so happy about the range you've created in this segment today so great from the the zen startup all the way to the closing It's not even an ad. It's just advice on how to cook something. I think everybody that's watching this right now

was probably waiting for that part to happen so that they could start prepping dinner. We're all better on so many levels. Wait, hold on. He's not done. He's not done. Yeah, just look at that recipe first. It's a good, it's like the, I think that recipe, the Julia Child Beef Borgenia recipe,

everyone should make it once in their life. It's really good. I love. We're getting the nobs that don't understand the correlation here. Look, I thought this is a Bitcoin session. Oh, it is. Drop off of the

viewers. It is. It is to like do something to take your mind off the price, right? Yeah. John Baker became a holder today. Yeah. There's a lot of, there's a lot of to like the cooking of beef within the Bitcoin community or

different, I guess, you know, that went really, I was very impressed. actually that was more like a chef versus beef but you're not eating the industrial sludge right you're partaking in in a quality a quality uh food item as opposed to uh the fiat foods that you that you can pick up in that are so plentiful over at the the corner store there don't get get my fill of meat now because bill gates said that we should all eat synthetic meat so right yeah I'd watch out for that. I will leave this country. You know what? It's going to be only the Bitcorners left having steak because the price

of steak will go up so much and only the hodlers from like this era will be able to afford the beef. I'm going to have my own herd of bison on my Citadel. I was going to say there's going to be enough enough rain ran ranches or citadels are going to be out there. I feel like You know, that's sad that like vegans always use where it takes, you know, X amount of acres to raise a pound of beef. It's total bullshit.

It's like you have, you can raise, you can raise cattle on, in places you can't grow corn and soybeans, right? Like, and that's where you should be raising cattle, right? Because,

because they can eat, they can eat off that land and like, turn that, essentially turn that sunlight into like delicious protein for us right and more importantly is you need the cows how the hell where are you going to get the manure to grow your corn like that's your freaking fertilizer like corn is all going to die if we don't eat the beef that's the thing is like we put fences across america and you know everywhere

so cows can't roam free and uh is this going to somehow turn into a mind thing where we're taking the waste and turning into energy. Is that where we're heading? I'm ready for this. I love all the meat comments now. All the meat, meat, corn.

We're coming full circle. You'll get used to the taste of synthetic beep from Bill. Everyone check your big bingo cards. You will eat nothing and you will eat nothing and you will be hungry and you will be happy. No, Betty, you're not ending the show.

We're having too much fun. I'm going to make a steak. I'm hungry. You're going to hijacked. So what we're going to do is we'll quickly go down the line and leave one last, like, you know, single sentence of wisdom or a couple sentences of wisdom each. Whatever you pair, whatever you care to bestow upon the plebs watching the show. For me, I will say, this is all par for the course and use these dips to, I mean, I'm assuming your dollar cost averaging as always.

So then you don't have to worry. But use these dips to look away from news coverage and focus on your personal security. That's my tidbit there. You know, focus on your backups, check your backups, make sure you're secure, make sure you're doing things right. make sure you still have access to your coins because I've seen a lot of that lately where people have lost a lot of money because they weren't careful in the beginning. So please do that now. Breck, what do you got to say for people today? Oh, my God. I'm going to use a do a Dalai Lama quote. Let's see what we got here. We don't need more money. We don't need greater success or fame. We don't need the perfect body or even the perfect mate.

Right now at this very moment, we have a mind, which is all the basic account. equipment we need to achieve happiness. Ooh, I like it. So deep. How do we follow that? I don't know, but Jason, you got to. You're up. Go.

Yeah, we have to finish with Bracki, though, just as a breakout, cool-down session of what's called, sorry. Yeah, breakout session. That's how it's going to finish. My thing is, just bottom line is, remember the working examples this time around versus this last time around, which is like, honestly, like, that's the only point of reference that we have,

but it's also the the turnaround where the pivot happened where I think a lot of, like, use cases weren't really out there for Bitcoin years ago, where this time around, whatever traction is happening, those who are new, like, just look around and just see all, every day in the news, it's happening where people are committing to it versus, you know, years ago, that wasn't necessarily the case. You had a lot of less things to grab on two years ago. Yeah. Awesome. Love it. Guy, what do you got for people? So I'll say two things. Is one for like all the Bitcoiners who have been through, you know, the rallies and the crashes, is focus local, you know, focus on your trusted circles. I, I'm very proud to

say that genuinely every single person in my close friends and family circle is allocated. And that took a long time and it took many, many planting of seeds and sparks and all sorts of things over very, very long period. But everybody is fine. Nobody's worried about the crash. Everybody's got a, you know, stash. Everybody's got a little piece of it. that you can make all the difference in the world by being the bickoiner for your group

and that's where you're going to have the greatest return that's where you're going to have the greatest impact because there's people who already trust and know you so if you're a bickoner be that that's that's where you're that's where your top focus should be now if you're new and you're you're having to deal with the red candles enjoy them enjoy them. The, the bull markets are kind of exhausting.

There's, there's a lot to be, there's a lot to be really thankful about with red candles. One is at every single time you go through another dip, your conviction builds, and you get a perspective

when you see the Forbes and the, the, the FT headlines and all the nonsense. Like, you get this, you start to see things a lot clear every single time this happens. And honestly, they're few and far between a lot of the times. And they're great moments. I've gotten to where, like, people shut up about certain things.

And it's just nice to enjoy it when it's down. And people are calling it dead because, you know, you get things done when the price is falling. Like, you people leave you alone for a little bit. and you can focus on the things that really matter and that will really move us into this next phase. So honestly, big red candles are pretty rare. Enjoy it. I'm still here, by the way.

It's just my camera guy. Slice, take it away. I mean, I would, I, I keep coming. It keeps going back to decisions for me. Like, eliminate the decisions, you know, like, the less decisions you make, the less mistakes you'll make, right? And it goes like, dollar cost average. Like there's no, you can't judge when you should buy and when you should sell.

Make the decision to buy Bitcoin, right? Which in my opinion is the right decision. And then dollar cost average and like, don't look back. Don't check the price. Don't check the price when you go to bed. Don't check the price when you wake up. Just know that like you're constantly stacking. because selling

selling is buying and selling is a decision as well right like if you bought it you decided to buy it if you sell it that's also a decision right it's not you're not selling it because it turned out that buying was a mistake selling will turn out to be a mistake right like I feel like that's the lesson that Bitcoin teaches you

so just the decision is buy Bitcoin and and just that's it Can I tack on one thing to that? Please. I think for new people who are new, selling is not actually a decision. It's a reaction. And it should never be a reaction. If you're going to sell, which I don't think you should, it should be a decision.

Settled difference. And your decision that you're making there is you're actually buying dollars. You're buying dollars. Why? Why would you want to do that? Oh, God. I would push back against that, Brett. because you

have to react sometimes, right? More like an instinctive reaction. Yeah, like, I'm not, a thoughtful reaction is different than a gut. You just do it without thinking about it, right? Sure. Yeah, but that's what I think it is.

It becomes, like, a reaction becomes like a, like a, what's the word I'm looking for? Like an involuntary. Your condition to do it as a way. Yeah. Yeah, it's like going through Navy SEALs training, right? Like, you just, you get all these muscle memory instant reaction.

My reaction to like a red candle is like to laugh, you know? Like I'm not going to lie. I am not a price checker, but I was looking at the price last night. When I fucking rolled over in bed this morning at like 5.30, I opened my phone for some reason because I was like trying to figure out what the time was. And I saw that it was 45 and I was like, oh, I got to get out of bed and stack. Fucking goddamn. I had to like wake up and go downstairs.

make coffee and like crack open the computer and just start square. Do I have anything to sell? Seriously. Do I have chairs left? I like shut the app down and open it back up. I was like, I think it was wrong.

I think how much longer will my choose last? One other thing by the way, there is a way, there's an easy way for number to always go up. Just dollar cost average. The number that you want to go up is your stack, All right? If your staff can always go up and that's a good thing.

I love it. I'm going to cap it there. I want to say thank you all for joining me. If you're in the chat, if you're new, smash that like button, give this a share, subscribe because I'm always on here chatting.

Unroll your yoga mat. I can get ready for racky. We can hold your hand through the dips and through the wrist. Way down. You're back. Exactly. So yeah, smash the like button. Give this a subscribe and a share. Gentlemen, thank you for spending the afternoon into the evening with me, depending on where you are. I appreciate your time. I'm glad that we can all just chill and kind of relax through the dip and appreciate it for what it is.

If you're worried, I hope you're no longer worried. I hope this was a nice little Zen session of fun for you guys. I am going to just once down the line let people know where they can find you. Breck, where can people find you? I'm on Twitter at BVBTC or on a clubhouse most days of the week. Yes, awesome. Yes, Clubhouse. That's been a new time vampire for me. Jason, where can people find you?

Both Twitter and LinkedIn, but Twitter's easy and definitely lurking around in Clubhouse as well, learning a lot and having some good laughs on there. And, you know, it's part of my daily, daily balance. Awesome. Awesome. Guy, take it away. Yeah, yeah. You can get all my social media on Guy Swan, and that's Swan with two ends.

So it's like the bird with an extra in.com. And, yeah, I'm on Twitter and check out both my podcasts. I got the popular Bitcoin Audible and Shikcoin Insider, the more recent show that's my little guilty pleasure of picking on all the worst projects in the space. Low hanging fruit. Yeah, that's great.

Slice, where can people find you? I'm just away slice on Twitter. Hit me up. Ben, thank you for having us all. This was awesome. Yes, absolutely. No worries. I had a good time.

I'm going to cut your guys audio and video. Um, feel free to bounce. But if you stick around, I'll say a quick goodbye after we go offline. Uh, thank you. Thank you, gents. Um, and everybody watching again, once again, thank you so much for joining me. It's always nice to spend a day with you guys and chat about Bitcoin, whatever direction it's going.

Uh, it was a good time. Uh, if you're here on YouTube, please do hit, like, subscribe, share all of those things help so much. It gets this in front of way more people. And you've been doing it because I can see more people watching the. these days. So thank you for that. If you want to help out the show in another way, you can hit up my, uh, you can hit up the previously mentioned sponsors down below. That is Leden. That is cobo. That is bit refill and that is privacy pros.io. And if you really liked what you saw, if you

want to send some appreciation my way, you can hit me up with a Bitcoin Lightning Network tip at my tipin.m, me page. That is tipin.m.m.com.com.com. BTC sessions. With that, I'm out. Have yourselves a wonderful day, a wonderful evening, wherever you may be, and I will see you next time for your daily session.