BTC Sessions - Robert Kiyosaki: BTC $75K, tBTC Shut Down, $3T More Stimulus EP058

Episode Date: May 18, 2020

SUPPORT THE SHOW: MY ALL-ENCOMPASSING GUIDE TO GETTING STARTED WITH BITCOIN https://www.btcsessions.ca/post/how-to-buy-sell-and-use-bitcoin-in-canada Buy Bitcoin in Canada on Coinberry and get $20 after your first $50 purchase https://app.coinberry.com/invite/c5d52730857 Get the Ledger Backup Pack – Includes Ledger Nano X & S https://shop.ledger.com/products/ledger-backup-pack?r=faca LEDN offers Bitcoin backed loans – Sign up and get $50 free https://platform.ledn.io/join/0a00cca3dd61dea5909c95cd41f41685 Get Wasabi wallet and enjoy your privacy https://wasabiwallet.io/ NordVPN helps with your internet privacy – Get 70% off https://nordvpn.org/btcsessions Buy Bitcoin in Canada using Shakepay and get $10 for free after your first $100 purchase: https://shakepay.me/r/HUQFI60 SHOW RESOURCES: Robert Kiyosaki is a Bitcoin bull – says $75K in 3 years https://cointelegraph.com/news/robert-kiyosaki-predicts-bitcoin-will-be-worth-75k-in-3-years JK Rowling is trolling Bitcoiners on twitter https://decrypt.co/29193/jk-rowling-jokes-about-her-significant-ethereum-holdings Bitcoin block speed falling after miner capitulation https://cointelegraph.com/news/bitcoin-block-generation-speed-falls-to-2017-lows Bitcoin fees up, average $5.00+ https://decrypt.co/29112/bitcoin-fees-halving-rise-mempool Mempool: https://mempool.space/ Fees: https://bitcoinfees.earn.com/ BTSE Academy on the importance of miner fees: https://www.academy.btse.com/post/bitcoin-transaction-fees tBTC on Ethereum shuts down after 2 days due to vulnerability https://cointelegraph.com/news/non-custodial-bitcoin-to-ethereum-bridge-shut-down-after-two-days Fed chair Jerome Powell goes on 60 Minutes, says they are not “out of ammunition” https://www.marketwatch.com/story/feds-powell-tells-60-minutes-hes-not-out-of-ammunition-to-fight-the-recession-2020-05-17 $3 Trillion more in stimulus? https://www.forbes.com/sites/sarahhansen/2020/05/15/house-passes-3-trillion-coronavirus-stimulus-but-that-doesnt-mean-more-checks-are-coming/#431f2f056a37 The US monetary base inflating by $4 Trillion (6X) in 12 years https://fred.stlouisfed.org/series/BOGMBASE

Wasabi wallet and fairly private. What's up everyone? I'm Ben with the BTC sessions and this is your daily session. Before we dive in, I want to give a big shout out to sponsors of the show, leaden.io. This is where you can use your Bitcoin for a few different services. And I did have an interview with them on Friday if you want to go back talking about a lot of stuff going on in Latin America and some stuff that they're rolling. rolling out with a focus down there. So be sure to peek back at that episode. But besides the fact, Lead.N.O., you can use your Bitcoin for a few different things there. First thing I ever used them for was their Bitcoin back loans. This is where you can use Bitcoin

as collateral to get a Canadian or US dollar loan. So I was in a pinch. I needed dollars, but I did not want to sell my Bitcoin. I was worried. I wouldn't be able to buy it back at the same price. So I locked my Bitcoin in a dedicated address that I could audit 24-7. I got a loan within 24 hours. And when I paid that back, I got back all. of my Bitcoin. Then they've also just launched, as I said, Bitcoin and USDC savings accounts. Now they had the Bitcoin ones before, USDC is new. You can get up to 7.5% interest with those bad boys.

And then finally they've got their B2X offering. This used the same loan mechanism to instantly buy you more Bitcoin, effectively doubling your Bitcoin on the spot. So if you want to check them out, there is a link in the show notes down below. And if you use that link, they'll actually, sorry, if you use that link to get a Bitcoin back loan, they'll actually give you 50 bucks worth of Bitcoin for free. So be sure to check them out. Secondly, if you want to help out the show in another way, you can always check out Ledger

Wallet. I have both the NanoS and the NanoX. So if you want to check them out, if you don't already have your Bitcoin secured with a hardware wallet, whatever the hardware wallet may be, whether it be Ledger or Trezor or Cold Card, you need to make sure that it's not just sitting in a hot wallet on your phone or on your computer. Because the keys to your money, are then sitting in that online connected device, and it's much safer to have them offline in a device like a ledger. I'll have a link down below. They've got some deals where you can get like a backup pack

where you get the NanoX and the S together, which I think is pretty good. I use these, I use it on my phone a lot for if I'm transporting more than I'm comfortable with just having easily accessible. I've used the S for years for years, years for just regular long-term holdings alongside other devices like the Cold Card and Treasurer. So be sure to check them out. With that, let's dive into the show. So there has been some, I guess you could say, celebrity mentions of Bitcoin as of late.

There's been a lot of hype in and around the having and since then, a lot of media coverage. Robert Kiyosaki is the author of Rich Dad, Poor Dad, which if you haven't read, it gives a pretty good base of how to think of your money and how to think of assets and liabilities and gives you kind of a good grounding for basing some of your, I guess, monetary and financial decisions in life. So I really enjoyed that book and it's interesting to see Robert Kiyosaki jumping on the Bitcoin train in light of all of the craziness that has been happening with central banks and just printing of money as of late. And so he fielded a prediction.

He said, I'll read his tweet here, but he said, I'd spot more gold, silver, and Bitcoin. Gold currently at $1,700. I predict $3,000 within a year. Silver currently at $17, predict $40 within five years. Bitcoin currently at $9,800. I predict $75,000 in the next three years. So if you're looking at percentage-wise of his predictions, gold, he's thinking a yearly increase of 76%, silver, 19%, and 97% for Bitcoin. So he's placing a lot of faith in Bitcoin.

And again, like, I know everybody's guess as to Bitcoin price, especially given certain timelines, tends to be just a shot in the dark. Really, people just pull these things out of their ass. If I dare say, I think he's low and slow. I think that from what we've seen post-Hexam, having previously the last couple of times, Bitcoin goes to these parabolic rises within 12 to 18 months after the halving as that pinch in new supply gets cut down as miners, which are typically the highest, the most sell pressure on the network now have their income cut in half and are just unable to sell as much because they're not making as much. So I think that we will see a similar thing and I think that 75K in my eyes seems like very easy within the next year and a half.

But again, don't take my word for it. I'm just basing this on kind of what we've seen the last couple of halings. To put that in perspective in 2013, the year after the first halving, it went from double digits, like 10, 15 bucks, all the way up to 1,200. In 2017, the year after the second having, we went from sub 1,000 at the beginning of the year, up to 20K by the end of the year. So, depending on where we're at around the end of this year, I'm, you know, if we get back up to our kind of previous all-time highs, I could easily see us being a few hundred K as like a parabolic blow off top before. And that's when everybody and their grandmother will be buying Bitcoin. It'll be the worst time to be buying.

But yeah, I am inclined to believe we're going to see some of the craziness that we saw in 2017 and 2013 all over again. There'll be a whole new wave of people that are going to be equally kind of uneducated and only buying because the price is going up. And then also filtering out into a bunch of other garbage shit coins that have no real use case. And it'll be frustrating. It'll be exciting and frustrating at the same time, but hey, we'll see. Now, another big name that, unfortunately for her, jumped into the Bitcoin Twitter sphere in the past few days was J.K. Rowling, the author of the Harry Potter series. She tweeted out, I don't understand Bitcoin, please explain it to me. and Twitter obliged in the messiest most ridiculous onslaught of terrible tweets I've ever seen. It was crazy.

She was just inundated. We even had Elon Musk chiming in, which was kind of cool. He was saying like, hey, it looks pretty, Bitcoin is actually pretty solid. It makes sense in terms of what's happening with monetary policy right now. And then he also said that, just to be clear, I only have point. 25 Bitcoin at the time. So that's a good point. You could own more Bitcoin than Elon Musk at the current time.

That's still possible. So just take that for what it is. Anyways, so JK Rowling has now taken to kind of like trolling a little bit. She tweeted out, what did she say? There was a B in Crypto wrote an article. What are your thoughts on J.K. Rowling joining the Bitcoin community? And then she said, this is getting silly. I'm not joining the Bitcoin community.

It should be perfectly obvious by now that I've been trolling Bitcoin in hopes of boosting my significant Ethereum holdings. Obviously, she was just screwing around. But good to see that she's kind of fitting right in with the trolls on Twitter. And I mean, even just talking about it in general, it's funny to see this even coming up, having J.K. Rowling and Elon Musk talking about Bitcoin on Twitter is weird, funny, amusing. I don't know. Anyways. And I think Pierre Richard put it best when he said, and by the way, I should say this tweet

from Pierre Richard is in response to Eamon. I can't remember what his last name is. Anyways, idiot. He basically was early into Bitcoin, was involved a little bit. and then pivoted because he didn't like the decisions of the community as a whole as the protocol started to harden. And his idea of like big blocks and everything on base layer was not adopted. He did not like that. And went and started building other crappy coins that really nobody wants.

And he said, next time, can we coordinate our efforts when responding to people on Twitter when they ask what Bitcoin is? Pierre Richard said, next time someone famous asked about Bitcoin, can we please do exactly what we did again? It's very important that famous people understand that Bitcoin doesn't have a PR firm to coordinate a response. It's a decentralized money with many independent and opinionated proponents. Perfect. Perfect. I love that because, again, it's just to say let's coordinate our response is the antithesis of what Bitcoin is. If you want to coordinate something, this is not the place for you. Bitcoin can be used by anyone and nobody can say specifically what it is. And if you want to do that, then jog on and make your own shit coin.

Let's move on a little bit. So as expected, post-having, given that the reward for miners is now cut in half. So instead of getting 12 and a half Bitcoin, every 10 minutes, miners are rewarded with 6. $1.25 Bitcoin every 10 minutes. Now, because of that, many miners that were inefficient, ones running old hardware or running on electricity that was more expensive, or both have dropped off the network. And so we've seen a decline in miners mining on the network

and producing blocks and confirming transactions. And the way that Bitcoin works is if there's a drop, then it does indeed slow down block. and transactions going through, and that retargets after typically two weeks, but that will be lengthened because of the drop in miners. So that means that we've seen a slow in Bitcoin blocks. We're not seeing them every 10 minutes. There was only 95 blocks mined on Sunday due to the recent halving.

So, you know, miners, some miners, can't generate profit because they're warranted as efficient. They dropped off. Now, the difficulty adjustment is coming up pretty soon here. So we should see some relief, but it may not fully encapsulate all of the miners that have dropped off because it was the having happened in the middle of the retargeting cycle. So it's going to be kind of divvied up between the two of them. So we may still see slower blocks for the next couple of weeks following this retargeting difficulty adjustment soon. Because of that, we've seen an increase in Bitcoin fees.

Well, that could be twofold. Number one is slower blocks because of miners dropping off the network. Number two is there's an increase in, obviously, people like J.K. Rowling and other people talking about Bitcoin in the media, and that has driven some interest. A lot of people using it and moving it and doing on-chain transactions. and so Bitcoin fees have increased quite a bit. Now, it's not to say that you can't send a Bitcoin transaction and pay a cheap fee, but you will be probably waiting to do so.

If you want it quick, you're going to have to pay because there is scarce block space in which to include your transaction. And if you need it fast, you're going to have to pay for that. So Bitcoin's average fees have soared the they have hit an 11 month high, an average of $5.16 as of May 14th. And the Mampool, now this is out of date. I will show you. The Bitcoin Mampool is now backed up by 95 megabytes or 72 blocks worth of transactions waiting to be put through. So odds are if you're in a rush, you're going to be paying to get through quickly. But just keep in mind that you can always put through a transaction with a lower fee and then bump it later if you're in a rush.

So first, what I just pulled up here if you're watching and not listening on the podcast is mempool. dot space, M-E-M-P-O-O-L-D-Space. And this shows you how many transactions are waiting to go through. It shows you an average of how many SATs per byte people are paying in fees to get through into that particular block of transactions. And then it shows previously mined blocks. And then it has a rolling tally of how many megabytes worth of transactions are waiting to be cleared.

Now, there's another website called Bitcoinfees.earn.com. And this shows you the number of unconfirmed transactions at a particular fee rate and the number of transactions today at the particular fee rate. So what you can do with this information is kind of go through and see, okay, how many transactions have been done at a particular fee today and how many did not get through in a single day. And so even just looking at the rate of around three, between three and four Satoshis per byte, there's been around 16.5,000 transactions done at that fee rate and only 2,200 of them haven't gone through yet. So you can kind of use those numbers to take a look at roughly how long

you might be waiting at given fee rates. Now, the insane thing to me is, I mean, there's a lot of people paying around 150 sats per byte, but if you scroll down, there's so many people that are paying way more than they need to, paying like 230 plus Satoshis per byte, which could be insanely expensive. That's, it's about 50,000 sats per transaction or, and by the way, if you're unfamiliar, there is a hundred million Satoshi's in one Bitcoin. Okay. Yeah. So it's, it's, people are definitely overpaying. I recommend using a good Bitcoin wallet where you can actually use dynamic fees. So one instance of that would be blue wallet. Now I did a, a walkthrough of that. You can search that up easily on YouTube. Just hit BTC Sessions Blue

wallet. And so this gives you the option. When you send a transaction, you can go back into the transaction after the fact. And there's a little button that just says bump fee. And you can, they'll give you some options of potential fees that you could pay or you can manually put in a different level. And that will bump the fee on your transaction and get it through quicker. So you may as well pay less and then only pay more if you feel it's taken too long or if you suddenly need those funds quickly. Why pay more? the gate, unless you need it right away, why not utilize something like this? And the nice thing about Blue Wallet, too, is it uses very, very, it uses Beck 32 addresses, which just means it uses

less data on the Bitcoin blockchain and thus costs you less money to send a transaction. So they utilize a bunch of stuff. They also have a Lightning wallet, which essentially, once you have money on Lightning, it's basically free to use. It's, you know, very, very nice. negligible fees on there, a few sats maybe. I definitely recommend playing around with lightning, starting to learn about these layer two solutions. And I do recommend you take a look at this article that we dropped on the Bitsy Academy last week. It's talking about transaction fees and why they're important and why it's important that they actually do come up in the long run in order to fully fund minors. Because eventually,

the subsidy of new Bitcoin coming into the ecosystem will diminish so much that the miners need to rely on transaction fees to do their job and actually secure the network. If you don't have decent fees for the base layer, miners will not secure the network and the security of Bitcoin just goes to shit. And so that's where regular users end up utilizing layer two solutions, layer three solutions like liquid or like lightning or whatever other solutions that we end up having and the base layer ends up being very very optimized kind of batching transactions that settle the entire network and allow people to audit the monetary base at all times and make sure there's no more than 21 million Bitcoin while also utilizing other payment mechanisms to use that sound

money. So do check that out. I'll link to this article down below, but it's very good Gustavo over at the team at Verify, wrote that for us. And it's pretty in-depth. It's very nice, highly recommend. Now, I'm going to move on a little bit here to a layered approach that I'm not as much a fan of, but mostly because of their method in which they enact very, very complicated measures. So there is a quote-unquote non-custodial Bitcoin to Ethereum bridge that went live on the main net of Ethereum the other day and then was promptly pulled two days after. So I'm going to read a little bit about what it's called. It's called TBTC. So TBTC uses a maker-Dal-like system of collateral bonds that must be put up by signer groups.

The signers are responsible for holding the Bitcoin on the Bitcoin blockchain. and facilitating any redemption processes. So if somebody wants their Bitcoin back, each Bitcoin deposited is secured by Ethereum, collateral bonded by the signers, initially amounting to 150% of the original deposit. Should they fail to execute a bridging transaction, the collateral will be liquidated and converted into TBTC,

according to the current exchange rate. The system uses non-fungible tokens or NFTs to represent the specific Bitcoin deposits would generally expire after six months. During this period, the owner of the non-fundable token or NFT can redeem the specific deposit that created it. Deposits are also restricted to specific denominations like one Bitcoin, as it is necessary to ease the redemption process. Some users have noted that the system is very complex, which likely made it difficult to catch the bug before launch. So what happened is there seems to be some sort of vulnerability, and that's why they shut it down so quickly after a couple days.

And so Matt Luongo is the one that created it. He said all depositor funds are safe now, but they might not be if they aren't withdrawn within the 10-day new deposit pause. Now, he went on a thread kind of about what happened and what they're trying to do. but the one thing that he said that that drew a lot of interest from people he said this was supposed to be like a decentralized way of doing this like trustless and his first tweet here tbTC lasted on mainnet two days alas it was born before it's time good night sweet prints. We've pulled the red lever, pausing deposits for the next 10 days, and are helping users drain funds. We'll publish a full postmortem when confirmed, and we will rise again. So the thing that I

like to highlight is, we've pulled the red lever. If this is a decentralized thing, then how is there are a red lever in the first place. It's inherently centralized in that sense that if you can stop it or shut it down, it's not really a decentralized finance application, really. I worry about this kind of stuff because of how quickly it gets put together. And Ethereum has this ethos of move fast and break things. The thing is, when you're locking up your Bitcoin and you're using protocols that move fast and break things, you might move fast and lose all your Bitcoin. And I very much, you know, this is the difference I find between people working on

Ethereum and people working on Bitcoin. Bitcoiners tend to be, as far as development goes, much, much more conservative. Base layer protocol changes or even just soft forks that are backwards compatible are so slow to come to fruition. And there's good reason for that because you're playing with a $100 plus billion dollar monetary base. and if you screw up, you screw up $100 billion for people, and that could be much more in the future. So you better be careful. But even when it comes to stuff like Lightning,

yes, there is a fair amount of funds sitting on the Lightning Network right now, but I believe that some of the wrapped Bitcoin and some of the Bitcoin allocated on Ethereum is already above that of funds sitting on Lightning right now. which doesn't really speak to the lack of utility for lightning, but more so the conservatism of people using actual Bitcoin and layers atop it, whereas Ethereum, I just don't think shares in that mindset of let's be careful with our money and have a slow measured approach and make sure nothing is wrong before we move ahead.

It just doesn't seem to be built into. Everybody's thinking in terms of we're just building an app. We're just building an app. And if something goes wrong, like if something goes wrong with your email app or something goes wrong with like a dating app, then okay, what the hell ever. But there's real money at stake now. And now when you have a digital money that can be sent and moved and is not recoverable, there's real consequences to moving fast and breaking things.

in the process. And I just don't think that that mindset has carried over to a lot of people on Ethereum. I wanted to move on to a little bit of kind of macro economic stuff in the news lately before we wrap up here. Jerome Powell from the Federal Reserve was on 60 minutes the other night. And man, it was crazy to watch. It was really crazy to watch to see him speaking so frankly about how they literally just flooded the entire system with money and how easily they just print money and can do whatever the hell they want. Marty Bentz shared a clip of it here on Twitter, which was, again, eye-opening. But again, what they're talking about is insane as far as what they're prepared to do. So Powell said, I'm reading this from Market Watch, by the way,

Powell said the Fed could enlarge existing lending programs or start new ones. The central bank's balance sheet is already approaching $7 trillion. The central bank could try to lower interest rates to make commitments about the future path of policy, a strategy called forward guidance, or could also change our asset purchase strategy. That was a quote, Powell said. That's a reference to the hundreds of billions of dollars of treasury and mortgage-backed securities the Fed has been buying. He repeated that Congress is likely to need to spend more money to keep businesses and households from becoming insolvent. Powell said, now is not the time to worry about the long-term consequences of this debt spree. And that's pretty much that last quote there is very much

the thinking that got us to where we are today, don't think about the debt and how it will impact us later. Just think about making us not hurt now. Somebody else will deal with us. We'll deal with it later or more likely we'll kick the can down the road. And when we're dead and gone, our children and our grandchildren, we'll just have to deal with it and figure this shit out. That is, in a nutshell, exactly how we've gotten to where we are now. You know, Nixon takes us off the gold standard in 71, and it's very much a problem for later, a problem for other generations. And it just, the can keeps getting kicked down the road. And this, we don't educate ourselves about money in school.

I imagine most of you, you get to the end of high school and you have no idea how money works, where it comes from, how any of these programs happen. I bet a lot of people still believe money is backed by gold. It is 100% not. And we have this culture of accumulating debt to pay for things now and not thinking about the consequences of that debt later. again when you see the way that governments and central banks approach deficits if you apply that if you just take that same ethos and you apply that to a single family household it sounds insane like if you were up to your eyeballs in debt and you were trying to figure out what to do you had a hundred thousand dollars in debt in what world is the solution get another credit card, right?

You have to work, you have to consume less than your spending. You have to consume less than your earning, and you have to use the excess to pay down the debt that you currently have. Whereas, you know, you see central banks and the Fed and the economy as a whole, they're just, well, let's get another credit card. And further to that,

the House has now, they've just passed another $3 trillion coronavirus stimulus, although that may be stopped out as the Senate is probably not likely to pass it. This is very much Democrat led, and the Senate is a majority of Republicans, so they're probably not going to let it pass. But besides the fact, they are stewing new ways to print more money. and I'm sure at some point it will happen. But just as a little summary of what's kind of happened so far, in this bill, they said it was an 1,800-page bill, which who the hell? Nobody read that. Nobody's reading it.

But besides the fact, 875 billion for state and local governments and 20 billion each for tribal governments and U.S. territories. the bill includes another round of $1,200 stimulus checks for eligible adults and would expend the pool of people who could receive them. There's also another $75 billion for testing, new provisions for hazard pay for essential workers, $75 billion for mortgage relief, $100 billion for rental assistance, another $25 billion for the Postal Service, student loan forgiveness, up to $10,000 per borrower, and expansion of, to federal nutrition and unemployment programs. Yeah, just, just wild. The other thing about what they've done so far, there's just been so much spending.

They've already, they already had a $2.2 trillion stimulus package early on. They had hundreds of billions going into treasuries, buying up mortgage-backed securities. It's just, it's unprecedented seeing this kind of spending. It's really just unbelievable. And then Marty Bent sent me this, and this was one of the most eye-opening things that I didn't realize it was this bad, but it was economic research from the Federal Reserve Bank of St. Louis,

and it's tracking the monetary base, the total. So what a monetary base is is it's the total amount of actual base currency, real currency, that has been created by the central bank. And when I see real currency, I mean not the fractional reserve stuff that happens with commercial banks. So a commercial bank will have base money lent to it by the Fed. And that base money can then be lent out to other people. but they don't have to lend it one for one. They do fractional reserve.

So if you have $1, you can technically lend out $10 or more. And actually, that's changed now because the United States, in the recent coronavirus stimulus package, in that bill, was included a provision that allowed commercial banks to no longer have any reserve ratio, meaning you need to have, as a bank, you need to have zero dollars in order to lend money out. You can create money out of nothing if you're a bank. That is a real thing. Here in Canada, our reserve ratio is not much better.

It's like a fraction of a percent. I think it's 0.2%. I could be mistaken there, but it's laughably low. It would be like if you had $2, you could lend out $1,000. It's like, it's something ridiculous like that. But so the monetary base, I digress, the monetary base. Before the financial crisis in 2008, the monetary base was around $840 billion. $840 billion for the entire monetary base of the United States for the U.S. dollar.

currently our monetary base is 4.8, 4.8 trillion dollars. In 12 years, the monetary base grew from 840 billion to basically add 4 trillion dollars to everything. 840 billion plus another 4 trillion dollars. It's really unbelievable. It's, it's, it's, in 12 years to see that. And before that, the chart, it's, it's, you know, the line is rising, but it's relatively, it's a decent slope, but it's not scary looking. And then all of a sudden 2008 happens and it's just a solid ride up. And then as soon as they started tightening in kind of like late, early 2018, you see the monitor. base start to shrink. And that didn't stand for long because late 2019, they started pumping money into the repo markets and you just see it balloon. And as soon as March happened of this year,

from $3.8 trillion, which was already ridiculous to $4.8, we added a trillion dollars to the monetary base. No problem. And this is only, this was updated May 7th. So we're lagging a little bit here. And I mean, it hockey sticks straight up. And it doesn't show signs of stopping. The Fed, I mean, Jerome Powell has said as much. He's not planning on stopping anything anytime soon. So I guess to wrap this up, I know that's a bit of rambling, but when you get into what's happening with the money, it's insane.

So to wrap this up, a tweet from Nick Carter, who, if you don't follow him on Twitter, you should, at Nick NIC, underscore Carter. he said, Bitcoin is a high-tech implementation of 19th century economic ideas. It's a restorative, not progressive technology. This is why I like to describe it as revanchist, effectively taking back what we once had. And obviously he's referring to being on a global gold standard, a sound money standard where you cannot inflate away your hard work. Again, money is meant to be a representation of your labor.

It's meant to be a way of you capturing your hard work in a medium that can then be utilized later to purchase goods and services, right? You work so that you can then obtain goods and services later because you can't barter easily with your labor from person to person. And when the money can be printed out of nothing and thus lose purchasing power, what's really happening is somebody is exploiting you and your labor and saying that the labor that you executed at one point for a certain amount of reciprocation is dwindling and being whittled away over time.

and they're able to just do that out of nowhere. You have no control over that. And so Bitcoin is a way of opting out of the monetary base that devalues your labor over time and opting into one that, at least in the long term, is never meant to be devalued. So, again, it's hard to explain to a new person to Bitcoin, but Bitcoin is there to to basically spit in the face of the perversion of our money that we see nowadays. Anyways, guys, I'm going to wrap it up there. Thank you guys so much for watching and or listening.

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Good rest of your day. see you guys next time for your daily session