BTC Sessions - WHY ARE WE BULLISH? Blue Collar Bitcoin & The BTC Couple ep233

Episode Date: January 29, 2022

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What's going on everybody? Welcome to the show. Another Friday, another episode of Why Are We Bullish? All new guests this week. Very excited to have everybody on. We'll do some intros in a little bit. Plenty of the chat about this week. That is very bullish. I'm very excited. Lots of fun topics. Before we get started, I want to give a shout out to number one fan of the show. He's back every week. He never misses an episode. I think he just loves it so much. So David Wong, welcome to the chat. Can't wait for this one, buddy. Glad you're here. As always, this is live.

Anything can happen. So I defer to my good friend Bill here. We'll do it live. We'll do it live. Do it live. I'll write it and we'll do it live. The thing sucks. If you haven't already, please like, subscribe, share.

All those things are super important. They really do help the show and they get more eyeballs here. I am Ben with the BTC sessions and this is your daily session. All right, before we bring in our guests, let's take a look at where we are in the market right now. I'm pulling up the Bitbo.io dashboard. We are sitting at $37,700 and some odd dollars and a single US dollar will pick you up 2,651 sats, 90. 2% of all Bitcoin have been mined.

In terms of fees, three sats per byte will do you for the next block. And anything beyond that, one sat per byte should be just fine. Again, I'll mention it again today. We were hitting new all-time highs in the hash rate as of recently. Look at that today. Hash rate in the last 24 hours, up over 200 X hash per second. Awesome. Always good to see.

Network more secure than it's ever been. Quick shout out to sponsors of the show, shakepay.com. If you're in Canada, super easy way to buy Bitcoin, no deposit fees, no withdrawal fees. If you use the link below, after your first $100 purchase, they'll give you $30 for free to stack some extra sats. On top of this, if you refer your friends, you get the same deal, $30 as well. And then once you do, you can shake your phone every single day for free sats. They also have a Satsback Visa card that I'm using daily. I just did a tutorial on it.

So check them out. Links are down below. Leaden.aO, you can use your Bitcoin for a variety of different services. For me, it's super useful whenever I'm in a pinch and I need to get my hands in dollars, but I don't want to sell my Bitcoin. I can deposit Bitcoin, get a loan of dollars to my bank account. And when I pay back those dollars, I get back the same number of sats. They also have savings accounts for Bitcoin in USC and they have their B2X offering.

If you're feeling mega bullish, check them out. I live on Bitcoin. Bit refill helps a ton with this. It's available in a ton of different countries and has every. gift card you can imagine and you can pay via Bitcoin. So you can pay on-chain or with Lightning Network. You earn stats back as you shop and they also have a referral program to earn some extra sets. If you see fit, Keystone, one of my favorite most used hardware wallets. It is 100% air gap meaning you never plug it into anything internet connected. It's all offline via QR code.

And that keeps the keys of your money safe and away from internet connections. I highly recommend you upgrade to the Bitcoin only firmware because then it works with things like Blue wallet, Wasabi wallet, Spectra, Sparrow, and it's badass and a multi-sig setup. So check them out. And finally, if you're backing up any important Bitcoin wallet, paper doesn't cut it, get it in solid steel. This is how I back up my stuff. You know, fire damage, water damage.

I've heard horror stories of people accidentally just discarding their seed phrase because it was a slip of paper just sitting around the office. So give yourself some peace of mind. Get it in steel. And you can check these guys down below as well. Enough of my rambling. We're going to bring in our guests. we've got Josh and Dan from blue collar Bitcoin.

We've got Carla and Walker. I'm going to call you guys the BTC couple, but the crypto couple as well. You have two handles. I actually thought about tweeting that, saying that you actually have two couples on the show today. But I thought people would actually take that serious. Well, I am glad to have you guys all on.

Let's do a round of intros. I'm just going to go in the order I see on my screen. So Josh, Do you want to give yourself a quick little intro, who you are. Sure, sure. I'll just kind of, yeah, so Dan and I are full-time firefighters, and we have been bothering and talking about Bitcoin to people at work for the last four and a half, five years to the point where people were just like,

dude, you guys should just talk about this, like start a podcast or something, have an outlet because you're really fucking annoying everybody. Yeah, everybody fucking hates us. Yeah, and the two of us could go on at length for hours at a time, and we have, and people would just sit and listen and either jump on board or talk. us to fuck off. So we just decided to take this to, you know, the podcast venue and see what happens. It seems like it's working out pretty well so far. You guys have gotten some good reception, right? Yeah, yeah. We're doing, we're doing pretty well, like for having no experience doing this

generally. And, you know, it's been a good time. That's awesome. Well, I'm glad to have you. I guess, Dan, you can give yourself a while we're at a quick intro as well and anything else you want to tag into what Josh said. My name is Dan. I am a bitcoiner, a dad, a, a, a, a father, a coworker of Josh's. Yeah, I echo everything he said. It's been a fun ride this last year. An awesome excuse for us to just explore a topic that we're passionate about and we think is incredibly, incredibly important. Two of us have been in Bitcoin since 2017.

Josh is my Bitcoin daddy. He's the one that introduced me to Bitcoin. Pish is my Bitcoin daddy. Yeah. He's, yeah. Josh is my Bitcoin daddy, though. It's very special. And, you know, the two of us were just regular dudes, but we have had a lifelong interest in finance, economics, philosophy.

So I think we both feel like we had kind of just enough to grok this thing back in 2017. And we've been strapped into this bowl for the last four and a half years and don't have any anticipation of popping off of her. So glad to be here. We enjoyed having you on our show, Ben. And thanks for having us on yours. Yeah, glad to have you guys. Let's jump to Carla and Walker next. Whoever wants to take it first.

Ladies first. All right. Well, we're most known as the crypto couple. And now we just launched it as a Bitcoin couple as our educational branch. We started this as sort of an escapist joke. We did not ever expect to ever have an audience or make it onto a podcast. So for us, this is also very new and crazy. So thank you for anyone who does watch our videos.

But yeah. Yeah. We're excited to be here. Again, I'm Walker. And yeah, we're excited to dive in with this. It's a fun format, and I think we should be able to go pretty deep down a few different rabbit holes today. Awesome. Well, yeah, guys.

And I've got to say, I really enjoy your videos. They're fun. They're inventive. How long does it take you when you do one of those things to put one together? Depends on the day, I suppose. And there is someday, well, you can speak to it more. Some days we'll, like, write it, shoot it. she does absolutely all of the production work.

So it's like she's got to be, you know, in front of the camera, behind the camera. I'm like swearing at my computer for like hours a day. Yeah. And so some days, you know, we can pop a shorter one out in a few hours. There are other times if it's like a lot more involved where we do it like over three days. Or I will lose my mind. It's otherwise it's. We still have day jobs.

We work with radio and telecommunications and software. And so this is a nice outlet for us. that's that's awesome yeah it sounds it sounds similar to the uh the my experience doing tutorials some days i can you know bang it out in a few hours other days it's me swearing at my computer swearing at whatever software i'm using trying to figure out what the fuck i'm doing and then like you or i'll get halfway through a tutorial and something won't work and i'm like well i just can't finish it now fuck and then yeah so i feel your pain and i appreciate you working through it. So yeah.

Glad to have everybody on. And anybody watching that is unfamiliar, this is why are we bullish? The show has a very simple premise. And that is that everybody comes with a reason for being bullish. And we go by the

three hours. Somebody gets to drop their reason. Then altogether, we riff on that reason. And then finally, we rotate to the next person until everybody has had a turn. So, So I'm going to start us off with my reason for being bullish. I already see it in the chat here, Gone Gone, is saying,

yo, Arizona bill, what's going on there? Yeah, that was my reason this week that I'm going to touch on. So I'll bring up my screen here. I've actually got the bill in front of me. Okay. So one second here. Yeah. So the long and the short of it is that there's a bill being introduced to make Bitcoin legal tender in Arizona.

And so Senator Wendy Rogers introduced a bill to make Bitcoin a lawful currency in the U.S. state of Arizona. They introduced a bill proposing to make Bitcoin legal tender. The bill seeks to add Bitcoin to a list of instruments considered legal tender in Arizona and make peer-to-peer digital currency a lawful medium of exchange. the bill itself says Bitcoin specifically rather than a general like cryptocurrency blanket statement and it doesn't mention any other digital currency beside Bitcoin. And furthermore to this, we also have similar intentions kind of brewing in Texas. They say that governor candidate Huffins, I'm not sure how to say his last name. He said he will try to make Bitcoin legal tender in his state if he wins the election.

And we've also seen the current governor being very friendly to Bitcoin trying to attract minors to the state and everything. This came right out of left field. And here's the actual bill, by the way, from the Arizona legislature website. And it basically says, is a legal tender in the state consists of all of the following. And it goes through obviously like fiat currencies issued by the government. it talks about also making like gold would be a form of legal tender and then they add Bitcoin and then they specify what they mean by Bitcoin. Yeah, and it's very short.

It's right there for you to read. You can find it online here. I mean, this is the article here is through Bitcoin magazine, but it was reposted through to the NASDAQ. So, I mean, that also gives it further legitimacy. like if you weren't sure if this was at all legitimate, seems to be that whether or not it passes, who knows, but the fact that it's put forth is kind of cool.

Sure is. It is really cool. And it comes kind of out of left field because we see, you know, El Salvador on the opposite end of the spectrum. For them, it kind of, it makes sense, right? They're getting screwed by their dollar system. They didn't have a local currency to, rely on like they don't have their own sovereign currency and so for them it it's naturally was going to be a

dollarized country that didn't have an existing currency that would do something like this first but i i did not see the other end of the spectrum getting in on this so soon and in this way now whether or not again this takes is something totally different but to see it start to eke into the US in various states is a very interesting development. And it kind of echoes the way that we've seen interest in Bitcoin because I find that a lot of people that were super disenfranchised and their currency was not working for them, whether it be that they couldn't move money or they couldn't use the banking system or it was hyperinflation. They got Bitcoin right away and they started using it. And then on the other polar officer,

end of the spectrum, we had people that their job was to preserve capital, right? You get the Michael sailors of the world. You get people like that where they're like, I understand that money isn't working for me as well. And so I need to dive into this too. It's interesting that we're seeing on a global kind of governmental, I guess in that frame of mind, our country do that. And now on the opposite end of the spectrum, like what I would say is the, you know, know, the as polar opposite to El Salvador as possible, like U.S. States, even just thinking of this. So I don't know. I'll open it up. What do you guys think of this? This is like, I think, oh, well, if you want to dive in first.

No, no, go ahead. I was going to say this is, this is a great example of like Bitcoin game theory in action. And also really like what we're seeing now happening at a state level and the beauty of states having their own rights and having their own governing bodies. while still being part of the federal system, is that now we have an interesting paradigm coming to play, right, where people can vote with their feet, not just with their votes. They can vote with their dollars or with their Bitcoin, not just with their votes. And you are going to see, I think, more and more states like Texas has been way up on this already. Look at Florida and Miami.

We're seeing this happen all over the place where states are realizing, oh, shit, there is actually a huge coalition of people that we now have to pay attention. do because let's be honest, politicians don't really give a fuck until there's enough people that represent a certain group where they actually control a voting block. And now they do. So now you start to see this panic. And hopefully panic in a good way, like with Arizona, they're like, oh, wait, we have a way to actually attract money, to attract talent, and to attract positive news to our state and be, you know, really be supporters of this nascent, not so nascent anymore technology and use it to attract and strengthen our position within this, you know, within these 50 United States,

we now have something that can make us more powerful than the ones that are going to ignore it and stamp it. And before this news even came out, we are actually going out to Arizona. We're driving out there in the next two weeks, living out there a few weeks to look at pieces of land because we're planning on moving out there. So if that happens, we're going to be the biggest supporters. We're going to try to make this happen if we move out there. And this is all just perfect timing. They must have heard we were coming. And they were like, you know, let's get something on the books, you know,

just to make sure these guys feel at home. Yeah, we got to have them out. I mean, we got to roll out the red carpet for you guys, I think. Dan, you were going to say something. Yeah, I got a couple comments. Obviously, we don't know what is going to happen in Arizona. Like you said, it's just something that's been thrown out there. But it makes you think about just the broader context and implications

when these things are are positive. And that's, first of all, and Walker hinted at it, this jurisdictional arbitrage that we're going to continue to see in, you know, years and centuries to come. There is always going to be a place for this thing to flow to the low ground, right? And the diversity of political perspectives on this asset class is quite hilarious. I mean, you have one spectrum of people that are trying to ban it and get rid of it completely. And on the other side, people are accepting it with open arms. But I think the key

takeaway there is there's always going to be somewhere and someone that's interested in bringing in the industry and benefits that Bitcoin provides. The other thing I think that's worth considering, and I sent a tweet out to this effect, I think yesterday, it's kind of like popcorn. Like, you're going to have a lot of individual kernels going off for a period of time. And then I do envision a future scenario where two minutes later the entire kettle is overflowing with popcorn. And that's kind of how the last 18 months has felt to me is that you've sort of had not to downplay what happened in 2021 because there were some really significant things, but a lot of individual kernel pops that seem significant.

And I think when we look back on the other side of this thing, it's going to make more sense that it was very, as Parker Lewis says, gradually then suddenly with this move. So the more you hear this stuff, yeah, it's not having direct implications on price, which I think in some ways is healthy, but it's significant. And it's going to be interesting to watch this play out just in the United States alone. Yeah, absolutely. Josh, I'm going to go to you in one sec. I just have to, yellow is in, do you guys know who yellow is? Yeah.

Okay, yellow is in the comments. And I have to bring it up. He says, I don't know why, but Carlin Walker looked like they just finished a. ice skating routine and are waiting for their score. I just saw that. Hey, we have nailed it. We're going to throw roses at him. We have a guy.

We have a guy we work with Frank. Frank is obsessed. I mean obsessed with yellow. With ice skating. Yeah, with ice skating. Yellow, your biggest super fan works at the same to fire department we do. His name is Frank. That's awesome.

Awesome. Well, I love that. Go ahead. Sorry. Oh, no, I've heard Pete McCormick comment on this before because living in the UK, it's basically a federated place where there's no jurisdictional arbitrage opportunity. And I just wanted to comment on how fortunate we are. I mean, there's a whole lot of shit hitting the fan everywhere. But like living in a country that's divided into 50 sovereign states. Amen, brother. You know, we have the ability, unfortunately, sessions. I'm not actually sure how you guys work up there. So I'm not going to comment on that. But what I'm getting at is I think you all. know is we can take advantage and lever that jurisdictional arbitrage here in the states and decide, you know what, fuck Illinois, which I think most people with any brains have figured out by now, and we're going to Arizona or Texas or Florida or whatever. The other thing that I wanted to bring up is I was looking at this thing earlier today. So this has got a bunch of different descriptions of different kinds of legal tender, right? So species issued at any time by the United States government

or any other species that is a court competent. I mean, basically all of this verbality here. And then it's just number four, Bitcoin. There's no need for like any verbal, any verbosity here. It's just Bitcoin. Like everybody understands. It doesn't need any description whatsoever. This is it.

It's awesome. I love that. Yeah, it's great. And to your comparison between the U.S. and Canada, you're right. So the federal government here has a lot more kind of pull over our everybody in the countries, how they live their lives. There is some, there is a little bit of give and take depending. Like I live in Alberta, which many people would equate as the Texas of Canada, but it's still Canada. So, you know, like it's, we're most in, like if you had to compare us,

compare us to the rest of the country. That's kind of the threshold that you're look or the lens you're looking at it through. But still like the the prime minister and like the what they can do from the perspective of the federal government is a lot more than they can do down in the states. And so yeah, we don't have as much of that drill stictional arbitrage. When it came to the past couple of years and like how people were able to live their lives, we were one of the least restrictive places. But it's still. still got to the point where it was, you know, it's been a pain in the ass is what I'm saying. It hasn't been super simple. It hasn't been fantastic.

You know, I've traveled to places like Florida. You know, I went down for the conference, well, two of them last year. And it was like night and day. But at the same time, like there were times in the summer where we opened up fully when the rest of the country was like, now fuck that um so it's yeah it is what it is but yeah i very much value what you guys have there because there's much more opportunity to vote with your feet without needing to uh fully leave the country um and that's what i've seen a lot of people do if they if they don't like how things are going here for for people that are that don't live in the united states one thing that

is mind blowing here is the dissimilarity between these regions it is unbelievable I mean, even in the Midwest, so when we're in Illinois, and I think Josh can attest to this, like even going to Michigan or Wisconsin, you feel like you're the perspective on things like COVID is a complete 180. I mean, it is unbelievable what happens when you cross state lines in this country, how much things are viewed in a different light. I'm on the border of Wisconsin and Illinois, and I'll go to stores in Wisconsin purposely because, like, there's no expectation of wearing masks over that imaginary line. It's crazy. It's entirely different. We left Chicago at the, at like in March of 2020. We were planning on going to Wisconsin for three weeks and now it's been two years. Yeah.

But like we drive from downtown to like middle of nor Wisconsin and we choose Wisconsin. I mean, it's wild you would just on the COVID side of things, you would kind of forget that COVID existed in rural Wisconsin because people just go about their days. And you know what? Nothing's ever that packed anywhere in rural Wisconsin. So you really don't have to worry about that. And even when it's frigid cold, Wisconsin, Wisconsinites don't really care about being outside. But it also, you know, it actually has distinct effects because we've chosen now. We're selling our condo.

Like we're fully leaving Illinois. We're leaving Chicago. We don't want this anymore. And all of that part. Look at the drain from California to Texas and other states, right? Like, it's huge. Man, I could riff on California screwing up the best state in the country for hours. Because literally you guys have the whole fucking coastline.

You got the whole fucking coast. You just, you fucked it up. You fucked it up. How do you fuck up the entire coastline? It's insane. You have the most beautiful, like, the entire country is beautiful. But like, wow, you guys really screwed that one up over there. Man, what a shame.

That's too bad. Maybe like 20 years from now, it'll be livable again. I don't know. Yeah. Well, they're all going to go to Texas and fuck Texas up. So I think it's going to be a good time to buy California property in 10 years. Yeah. Tush.

Yeah. Yeah. It'll just be a constant, like, flow of people who fucked up their on state. Yeah, exactly. It's like, and then going, they're going into a public

restroom and just shitting all over the toilet seat and then just leaving and going and shitting on someone else's toilet seat. And then they ask, then they would ask, they'd be like, God, the bathrooms here are so dirty.

Like someone should do something about that. It's like, you get shit all over it, bro. That's great. Well, I think that's a good way to wrap up this topic. Yeah. On that note.

Well, yeah. So, I mean, it'll be interesting to see how Arizona, but I mean, there's been a little, states that have done things. I know Wyoming is doing a lot of friendly things. I know that Kentucky had some tax breaks for minors and things like that coming

through, like, you know, the mayor of Miami kind of aiming towards stuff like that. We've seen stuff out of, what was the other one? Somewhere south, there's another city that I think was, God, I'm trying to remember. I want to say somewhere in Georgia, but I could be mistaken. I'm not sure. Louisville was another one. I can't remember. There's a few like southern areas that a few individual cities that were doing

interesting things trying to Oh, there's like that really young, the really young mayor. I'm trying to remember. Yeah, I'm spacing on the guy's name right now. Yeah. But yeah, there's a lot of interesting things happening happening stateside that I, you know, municipal, I could see state, you know, And when it's talking about legal tender laws, that's interesting to me.

So we'll see how this goes. But nonetheless, the fact that it's even being entertained is bullish in my books. So one of the thing I was going to say is that the truth is once this has dollar signs behind it, everybody's going to want in. I mean, in 1993, you could have been too cool for the internet. But by 2003, that wasn't a possibility. In 1998, Paul Krugman was still too cool for the internet and thought it was as a relevant. just the facts machine. So like you didn't even have to be early 90s. It was like as things were going. But you know, if this protocol does anything close to what the

five of us think it's going to do, there's going to be a day and time in the future where it's no longer a viable position as a politician to exclude this from your jurisdiction. When that comes, I don't know. Well, it's also because the wheels are going to be greased by Bitcoin in the future. So they're going to pay attention when they're getting their wheels greased by Bitcoin or whatever it is, you know. Doesn't matter. Politicians are politicians. Follow the Gracie Wheels.

Exactly. Well, yeah, I'll wrap up my topic so that I give everybody some time to cover theirs. Thanks for all your comments on that one. I guess we'll jump to Josh next. If any, by the way, everybody watching that's in the chat now, thanks for all your comments. I'll try and pull more of them now that I'm not focused on getting any of my points out. But let's jump to Josh.

Let us know what you're bullish about this week. So I guess I'm just going to rant a little bit. So I think everybody was kind of surprised yesterday when this AOPP thing popped up on Twitter. And I don't know about the four of you guys, but it has been something I'd never heard of before. So I learned a lot about it last night. It's address ownership proof protocol. So what this is is basically a way for an exchange to verify your private sovereign wallet and verify that it's yours. so that when you withdraw your money from a Bitcoin exchange, they can know for sure that that's

your money and your wallet, and now they can track you. So, Chanalysis companies can now know absolutely for sure that Dan's Bitcoin left Coinbase or whatever, went to Dan's cold storage, and then Dan moved it here or wherever. So this is basically a way for them to be damn sure that you have your Bitcoin, it's mobile, and you are the owner of it. So I dug into this a little bit. And so in November of 2020, the Dutch Central Bank mandated that exchanges require proof of address before withdrawing from their exchanges. And there was, there's an exchange in the Netherlands called Botanic that took legal action and was successful in fighting off this regulation, which is awesome.

Like good on them. That's the way this thing should be approached. Like I think we're all, we're not living under Iraq. We all understand that this stuff's going to get regulated. I mean, the governments of the world want to be able to see where this stuff's going. They want their hands in the honeypot, you know. But I don't think that any of us, I don't think any of us want to make it easy for them. And the thing that I was really, really disappointed to see is that Trezer came out in support of this.

And they said, so basically their rationalization for this was that they believe that not supporting this will tie people on to exchanges. So it'll keep them from withdrawing from the exchanges. to me rings very hollow. Like you didn't, when I have a couple of different treasure wallets myself, I never remember reading or having them tell me, hey, by the way, we're putting this ability in here for them to track you

in an easier, you know, with easier metrics. As far as I'm concerned, those treasure, treasurer wallets at this point are going straight in the garbage can. I was also troubled to see that Sparrow actually had this built in, but they actually came out, I think it was today,

and said that they're going to disable that and the next time they drop when they drop their next update. So that's a good thing. Blue wallet also had this and they're going to also update and get rid of it. So those are good things, but I'm still concerned that Sparrow and Blue Wallet

had AOPP enabled on their wallets whatsoever. So I think, I guess what I'm getting at, this is a full-on attack on privacy, sovereignty, and individual rights, in my opinion. And we should not be, we absolutely should not be enabling this in any way, in any of these wallets without legislation that mandates it. And at that point, it's an entirely different game and we'll have to play a different angle. But yeah, I'm just really disappointed that some of these wallets have enabled this without really telling anybody what it is or how it works. So I'll jump in a little bit here.

So in terms of the spec, I believe that it's, so I think it can be used peer to peer so that I'm trying to think of an instance where you might want to like prove ownership or like maybe say that, oh, this transaction was me or, or, you know, I can prove it without having to move funds or something like that. I don't know if that was the impetus behind even building it, but I think that, you know, like obviously Sparrow, like the guy Craig. Craig Raw. Like that guy is the last guy on Earth I would have expected to have any nefarious purpose behind this. Absolutely. And yeah. I use Sparrow. I love Sparrow. Yeah. And so I don't think that the initial addition of it was necessarily malicious in the case of like Sparrow or Blue, especially given their quick. Yeah, fuck that. We'll get rid of it. Trezor, the way that they came out with the Dems being like, hooray, this is great for everybody. It was such bullshit. I did see somebody on Twitter say, to be fair, they had a GitHub issue open or a commit open for people to comment on for like a year or something. And nobody really said anything until the announcement when they read.

realize what it was being used for. Okay. And then the pushback. But then obviously, and I'll show their, I've got their tweak here. This is them basically saying, all right, we're getting rid of it. As soon as the thing that I love about this the most is that it gives me nostalgia for the block size war. It gives me the nostalgia for all of the individual users being like, yo, fuck that.

We are not having it. Exactly. Again, the spec in and of itself, the ability to, if you wanted to prove that you own an address to an individual or something like that, that isn't necessarily, you know, it's a tool that you can use or not use. But my issue with it is that, like you said, it's making it easier for the regulators to say this is necessary. And by all of these wallets, because after the fact, like, yeah, Trezzer capitulated after the blowback. but like right away sparrow said they're dropping it blue said they're dropping it keystone said they'll never add it. Cold card said they'll never add it foundation passports said they'll never add cold card actually said that they'll shut down before they ever enable anything like that like

they'll close their doors. yeah block stream samurai there was a ton of people that basically came out or a ton of wallets and devices that came out and said yeah we're never going to add this and so setting that precedent means that and like there's other ways that in switzerland they were using for verification which would which would then uh yeah it's going to be a pain in the ass for users in switzerland because you're going to have to like take pictures of your wallet as you're doing shit but it also means that the entities requiring this information are also going to have to now manually verify these pictures they're going to have to have a person looking at these and that's a big

ain't in the ass and that costs them money as well. So if they're going to have this kind of bullshit regulation, then don't make it easy for them. Don't make it simple for somebody to click a button and give up their their financial privacy. Make it difficult for the person, but also make it difficult for the financial entities that will then have to deal with it. Yeah, 100% agreed with that. I don't know enough about this yet. I haven't dug into it as much as Josh or you have sessions. But seeing the backlash yesterday on Twitter, it's,

it just reminds you that if you acquiesce and roll over and get your belly scratched, like a cute little puppy in this space, you get crucified, right? This is an ardent group of independent thinkers that don't fuck around. And so it is good to see backlash be effective, because, yeah, it was very apparent by midday yesterday that, like, this was not looking good for Trezer and they did the right thing. So, you know, hat tip to everybody for kind of backpedaling once this was exposed for sort of what it seems to be. Saying that before really looking into it very closely.

I mean, the irony of all this, right, is that we're talking about a completely transparent digital ledger. like there there are no secrets in bitcoin like yes it's not anonymous it's suit anonymous like this is transparent there you can already track basically everything they're just trying to really like go the extra mile here and set a precedent where they can encroach further and further and increasingly just creep in to your personal life in whatever way they want to but it's like guys this is the most transparent monetary system we've ever had like gold is not transparent if you had money is not transparent nothing is really transparent in our world right now except for Bitcoin.

And you can verify it and anyone can verify it. Like that's the whole thing, right? So you see people like trying to put these additional laws on top of stuff. And it's like it's just superfluous. And it's more than that. It's, you know, it's dangerous in a long term view because if you don't have people that fight back against this, then people do just roll over and say, oh, that belly scratch feels really good.

You know, it's like, no. So good thing for the toxicity, I guess, that's sometimes. You know, another thing I think of is, so, I mean, this thing does present an existential threat to dollar hegemony and the current financial system, right, as you look into it. So one thing Josh and I talk a lot about is like, if you're expecting this is going to be completely smooth sailing from here on out, I think you need a reality check. What's interesting, though, is when legislation and restrictions and all this stuff come out that are unworkable, well, that's just what they are. They're unworkable. And it makes me think of we had Joe Carlosare on this year, who's one of the best perspectives in this space. And he was exploring the fact that like when 6102 happened in the United States and they confiscated gold, well, tons of people didn't give up their gold, right? Because think about how difficult it was to, actually carry that out. So I'm not saying disobey and don't follow the law. I'm just saying when a law comes out, when a law comes out that's unworkable, that law will eventually be reversed because, well, it doesn't work. And we have constitutional rights to bear arms to protect us in the

case that they do try and come and take what is not theirs. That's the other point of having an armed populace is that your government can't come and just fuck you whenever they want to, right? Well, if there's anything we've learned, I think, in the last year, it's that people will generally roll over and get their belly scratched, you know, and do whatever they're told. At least the general 80 to 90% of people will. And if this ever think, it's still like a 60102 situation, they'll pick like a handful of people. They'll crucify them in public and then everyone else will fall in line. Like that's exactly the playbook on this. So just keep your head in the hole.

Don't get, don't be the guy that gets slammed by the sledgehammer when, uh, and if it's put in jail or, you know, snowed and you have to hang out in Russia for the rest of your life. Because, uh, good thing we're all out here in a public forum shit. Yeah, right. Yeah, exactly. I'm sure we'll be fine. I don't really have any Bitcoin, though. I just do this for fun. Yeah, I lost all mine in a boating accident.

So it's okay. Yeah. It's still fun to talk about though. Yeah, it is. Yeah. Some is too cold. It's too cold for voting here, but I did lose mine down an ice fishing hole the other day. So, yeah.

I had my 12 seed words in my head and I just can't remember them. Yeah, it's tough. It's tough. Also, guys, just so you know, David Wong would like us to know that once regulations kick in Bitcoin will tank further down.

So thank you, David. I value your input. I'm very glad that you're here every episode. I appreciate you. His middle name's cock. Maybe Kong possibly. I don't know.

I don't know. Just going to watch his life savings be devoured by the largest beast financial markets have ever seen. Could be. Last episode, he let us know that he has never had a problem with any bank.

So just so you know, guys. Wow. Must be nice. I did want to say just while we're on the topic of this, if you don't like any of this stuff,

like this AOPP stuff, and you kind of want to future-proof yourself. Like, let's say right now your exchanges are all good, but you just want to kind of familiarize yourself with alternatives. Check out BISQ, B-I-S-Q. This is a peer-to-peer exchange where you can send dollars in a variety of means, well, a ton of different countries and currencies, actually, in exchange for Bitcoin.

Obviously, there's additional steps. It's more of a learning curve, and you have to be careful to make sure that it's kind of like eBay, there's like a rating system and stuff. So you do have to be cautious, but it's not a bad idea to familiarize yourself with stuff like that, because if everybody already knows about it and generally knows how to use it, then those types of regulations become that much more neutered. Like they don't have as much effect. So learn about that. dive into things like coin join because this will like even in the context of aopp let's say you withdrew from an exchange that required aopp to your aopp address you can then move those coins to something

like sparrow and do coin joins and then those can go through a certain number of rounds you can specify and then it'll auto deposit into your non aopp hardware wallet so you can do a lot of interesting things. You can even, there's a new thing that I've been playing around with called state chains, where it's basically like putting your Bitcoin into a virtual open dime. Basically, it's a way of storing Bitcoin in a private key that you can't make a copy of

digitally and then swapping the keys with people. And so you can basically create like individual UTXOs of like 0.01 Bitcoin or 0.1 Bitcoin or whatever denomination and then you can swap those and there's no there's literally no transaction anywhere on the blockchain. It's just you own different Bitcoin than people thought you originally did. So there's a lot of tools out there. I'm extremely bullish on developers figuring out ways for us to circumvent the state. I'm very bullish on that. Yeah. Here's the here. Go ahead, the other thing I was going to say is and this is going to rub some plugs the wrong way. So don't, don't misunderstand what I'm saying.

But there is a difference between expected regulatory clarity and outright Bitcoin banning. Okay. So I'm not saying I'm a fan for increased regulation. I'm just saying if you don't think they're going to try to regulate this, well, you have your head in the sand and you don't understand financial markets because they regulate fucking everything. They do regulate Bitcoin. They're going to continue to regulate it. It's nation. It's new.

It doesn't work the way the old system does. So they're going to invent new bullshit ways to regulate it. It's national security now. Yeah. So expect attempts to regulate as this thing does what it does over the next 10 years. That doesn't mean they're going to make it outright illegal. In my humble opinion, and I'm not here to be bombastic or definitive, but I think this thing has crossed the Rubicon in the sense that you have, and we touched on it at the front of the show, you have S&P 500 companies stacking. this. You have pension stacking this. You have endowment stacking this. You have hedge fund stacking

this. You have a lot of mainstream individuals interested in and engaged with Bitcoin. Politicians, you know, back to the Arizona thing. I do think that the out, the idea that Western nations are going to outright ban Bitcoin at this point for me is entering the garbage can of viable risks. There's people that would have different opinions and I totally respect that. But I just wanted to make that point that just because they're trying new things with regulation doesn't mean that this thing is going to be outright illegal. And I think for Josh and I, it does go back to like, the safest thing you can do is just have this cold stored in a good fashion and hunker down for the winter. Just the fact that they are, they're actually saying this is a, you know, a point of national

security is an outright admission that this is threatening them. And I mean, I can't think of many more things bullish than that. Like, if you are threatened by, I mean, what is the old saying like first they laugh at you, you know, first they ignore you, then they laugh at you, then they attack you, and then you win. Like that's, that's the slope we're on right now. And Bitcoin is just this mirror. It's this litmus test for authoritarianism, right? So it's like, you can very easily tell how authoritarian your country is by their reaction to Bitcoin. How does China feel about Bitcoin? Well, I think we all know very clearly, right? Like I think that China banning mining is also going to be one of the, probably the, probably the,

biggest geopolitical blunder that maybe gives the rest of the world a chance to not be completely fucked by them. But this is a litmus test for authoritarianism. It's like, let's dip that Bitcoin in and let's see how much of a fucking authoritarian you are. This shows it very clearly. It holds a mirror up to your system and shows you how corrupt it is. The best thing is that they banned it outright and it didn't make a lick of fucking difference. It was like water. It flowed the path of least resistance. It went like all the hash rate. Like we've been hitting hash right all time high, as I was saying off the top of the show. And some of the hash rate is still going in China.

Like, some of it's still there. And people don't think Bitcoin transactions are happening in China. They've got their head up their ass. Like, they are absolutely happening. So, I mean, it's, yeah, it's not not just out in the open. But, like, you don't, you've taken all of that Bitcoin activity where they might have, like, been able to gain some sort of an idea of what's happening within the country. And now it's all gone underground.

There's some alpha plebs in China. If you're still mining in China, knowing that they'll probably like drag you out into the courtyard and throw, you know, cut your head off in front of everybody or whatever they do over there. Like you've got to be, you've got to have a serious ball sack to keep mining when the CCP tells you to stop. Alpha plebe. We had sessions. We had Odawa on this last year and we called him Alpha Plebe. And you could see like he, he's like, me like you. You know, Matt, if you're listening, you are.

an alpha club, my friend. That's great. You liked it. Yeah. No, I'm not going to, I'm not going to bring up his comments for now. I'm going to rotate. Okay, so that was an awesome topic, by the way. I'm going to keep the show rolling.

I'm going to jump to our next topic. So is it okay if I round that out? Anybody have any final thoughts there? No, I'm good. All good. Okay, awesome. I'm going to jump to Walker now. and I'm going to let you have a little rant.

What are you feeling this week? What's exciting? Boy, be careful what you wish for. So what really, let's say, piqued my interest this week was a speech by somebody at the Bank of International Settlements. So if you don't know what the Bank of International Settlements is, it's the central bank for central banks. Google them right now and read Wikipedia and figure out exactly what they do. I'm going to read a little quote from this speech. And the speech was titled Digital Currencies and the Soul of Money. So he says, this is Augustine Cartin.

I don't know if he's French or something else, but either way. The soul of money belongs neither to a big tech nor an anonymous ledger. The soul of money is trust. So the question becomes, which institution is best place to generate trust? I will argue that central banks have been and continue to be the institutions placed to provide trust in the digital age. This is also the best way to ensure an efficient and inclusive financial system to the benefit of all. And he goes on to say, central banks and public authorities are still the glue that holds our monetary and financial system together. So why am I bullish on this?

Because this is central bank hopium. Like this is literally, or copium, maybe a little bit of both. But like compare that to a quote that maybe people on this session will be familiar with, which is the root problem with conventional currencies, all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. That is Satoshi Nakamoto. So you compare those two statements from just this was January 18th that the speech came out from the central bank of central banks. like they are saying they are so still yeah there you go they are still so in love with themselves and the own idea of what they do that they cannot see what is coming like there's this this old

which is classic there's this old proverb that's like if you want to know what water is don't ask the fish and the central banks are fish and money is water and these fucking fish swim in it they don't know what it is but they are the ones who control it and it flows around them and to them It's like they don't know what fucking water is. Like they don't know what money is and they cannot see. Like, can you imagine being a central banker right now and being like, you know what? I think what the world has the most of right now is trust in bureaucratic institutions. Yep, the last two years have taught me nothing except that the world really trusts unelected bureaucrats.

Like if that is your takeaway from everything that's going on in the world right now, God, like that makes me bullish because they're kind of fucked, right? Like, this is a situation. where they are literally what they say as their core value proposition of why they are useful is exactly the problem with them. So when your value proposition is in fact the pain point of the people that you are supposed to serve, that's a huge issue. And so this just makes me incredibly, incredibly bullish because, and perhaps also a little bit worried that when they finally do figure out what's going on, they're going to react in some wild way. But I think that this is fascinating. like for them to literally come out and say like no you know the reason we're important is because

people need to trust us it's narcissism it's like wow that is just like it's so backwards i can't even handle it and if you want to really go down a rabbit hole that i won't go into on this but a slight tangent please just like do a little bit of research in the bank of international settlements on their relationship with germany during world war two uh on what they did to a lot of different gold reserves that germany they're confiscated from central banks or or took out of people's teeth when they had them detained in concentration camps. This is what we do on date. Melted down and funneled it through the Bank of International settlements.

These people, how the fuck can you be expected to trust a group of unelected, like true, like global elites that have no one's interest. Like, what is this efficient and inclusive financial system to the benefit of all? First of all, we know that it's not to the benefit of all. Like, we can see that. The rich are getting richer and the poor getting poorer. There's nothing wrong with people accumulating more wealth. But when we see the disparities happening because of the Cantillon effect, which you don't know what that is, please Google it also.

But when you see the old, you know, they're basing their entire premise around the like epitome of trickle-down monetary theory, which is let's funnel money in through these banks at the top. It'll work its way down to the people. And you know what? Just in case to keep them happy and shut them the fuck up, we'll give them a stimulus check. Even though the value of that stimulus check has been so much degraded because we just pre-exam. at 40% of our total supply in the last 18 months. But hey, who's fucking counting, right? Anyway, I'll stop the rant there.

I'll leave it open for discussion. They're pretty toned up, hey. Like, when the ethos of the entire space is don't trust verify and they're touting, you know, we're the ones to trust. And it reminds me of, if you guys have read the fourth turning, but it's very kind of fourth turning vibes, right? because one of the main things, and the whole premise of the fourth turning is that, is that good times create weak men, weak men create hard times, hard times create strong men,

strong men create good times. And it's like this cycle, and depending on where you're born in this cycle through the generations, depends largely how you would react to certain stimuli. And so we're kind of at, you know, if the thesis kind of continues to play out, we're at this fourth turning where it ends up that our generation, particularly kind of in and around the millennial age, just all trust is lost in major institutions like the Bank of International Settlement, central banks, even just governments in general. A lot of trust is being lost. And so it's a period of a crisis. And then the, what's the, I can't remember the term for after the fourth turning.

what the next turning is called like the first turning. I can't remember the term for it, but it's a period of rebuilding, remaking our institutions for something that better reflects the values of society. And so I think we've seen so much of that in the past few years here where just trust in government, regardless of who's in power, the trust in government has been completely eroded,

the trust in our financial institutions, the trust in our health institutions, all of it has very much kind of gone out the window. And we're in a period of, okay, we don't trust these things. They still exist. They still kind of have control over how we live our lives. And we're, again, if that thesis continues to play through, there may be kind of a dismantling of those current institutions

and a building of new ones in their stead. And hopefully on the financial side, Bitcoin comes out the other side. Yeah, this, to me, just rings of hubris, you know. It's almost like the Marie Antoinette, let them eat cake. And, you know, before you know it, you're getting, I can't believe how many times I've said people getting their heads cut off in this during during this, but I'm about to say it again. Like they. The plebes dragged them all, you know, the royals out into the courtyard in France and they cut their heads off. But this actually kind of goes back to the Austrian econ thoughts about government influencing money, where.

basically it's the idea how capitalism and socialism, how the reason that capitalism is a better way to allocate resources, true capitalism, not what we're crony capitalism we deal with today. But the reasoning for that is that, I mean, a good example would be a butcher. Like the butcher knows his input costs and what his profit margins are on the outside. And he can allocate his capital appropriately when he knows that he has stable prices to work with. And these banks and these central banks when they manipulate our money, the butcher no longer has a stable price signal. So his business is now literally in a situation where it can't depend on any input or output costs because they're completely fluid now. So the reason what it boils down to is that in a socialist economy or communism, the price signals are so distorted that nobody can count on any input or output costs. and this debilitates the entire capital stack.

So, I mean, there's probably a lot of other existential reasons why our supply chains are failing at this point. I think there's a lot of reasons. But I think one of the primary ones is that the price of money has been so completely fucked at this point that nobody can actually get an accurate picture of what things are going to cost tomorrow, let alone a month from now or a year from now. So we're at a point where there can be no long-term cost. in general. So you can't run a business that way. You can't, you can't run a business and have

some idea of what your costs are going to be nine months to 12 months from now, which is probably what most companies are using as a way to figure what, how much money they need to keep in, you know, in their coffers in order to run their business properly. There's just no way to make proper price calculations. And that is indicative of a socialist system that is going to fail. Like, in a capitalist system again, to reiterate all of this, you have proper price signals because those, the money is not manipulated is really what I'm trying to get at. There's a good quote.

Jeff Booth was on the show, the show that I did at Christmas. And he had a really good, he went into the panel that we were doing was on Bitcoin as a mechanism for truth. And so he, he went on a rant and one of the quotes that he had during his rant, he said, when you have theft at the base layer money, every other economic calculation and everything else is corrupted as a result of that.

So when your base measuring stick is already corrupted, you cannot get an accurate measurement of anything in an economy from there on it. And I would. That's so well said. And like one of the things that's just I struggle with when you're like, you're trying to explain Bitcoin to pre-cointers because nobody's a no-coiner. They're just a pre-coiner, right? Hopefully, except for Peter Schiff. David Wong? David Wong is just a pre-coiner. David Wong, I like your spunk, man. I like your moxie. We're going to bring you around.

Stay here for a while. But people talk about, you know, you love to hear about people talk about these ephemeral problems with our systems, you know, whether it's, you know, some sort of inequality. Symptoms, not the disease. Yeah, or health care outcomes or any of the different things, any of the problems that politicians talk about, right? Those aren't the problem. Those are symptoms of the problem. The problem is something far deeper, and the problem is that our money is fundamentally broken. You are trying to treat a symptom versus trying to cure a disease. The disease is the broken monetary system.

The disease is not inequality. But the symptoms make money. Yeah, the fucking inequality is just a rash that you get on your arm. Like, the disease is that cancer, right? But why fix things when you can make money off of the symptoms? Exactly. And again, like, you tell the fish that the water's broken. They're like, what the fuck do you mean?

We're swimming just fine. Yeah. So, yeah. Yeah. All right. Any other, I'll open it up to other comments, Dan. I don't know if you want to. I just wanted to say one quick thing, a little bit in the defense of these organizations, ironically enough. And that's what are they supposed to do? I mean, first of all, this is a decades-long issue. So we like to oversimplify this with short memes in the Bitcoin space and pretend like COVID ushered all this. this started decades ago, right? These people are inheriting these issues. The other thing is, and this goes back to, like, Booth and Foss, who we've had on the show, and we've talked with them about this, like, careful what you wish for, because when you act like Jerome Powell is a demon, like, at the end of the day, the Federal Reserve is trying to keep things together because a true de-leveraging is going to be unbelievably ugly.

And none of us lived through the early 1930s and felt like what. understand what that's like. So it's going to break. It's a broken system. It's way over leveraged. But you have to put like, so picture back to the comment of what are they supposed to do. Say, all right, folks, press conference. This is going to come as a shock, but the system is completely fucked.

And fiat currency is over. So yeah, have a good day. We'll see you. Like the world would unravel. You would need guns and food in your basement to. So you guys don't already have guns. and food in your name? No, we do. I'm not allowed.

As Foss says, like, we, we should root for this to happen gently, but be prepared for it to happen abruptly. And so I'm not saying these are saints in these organizations. I'm just saying, even if they have a different opinion, they can't say it in the public forum. Like, the system

would completely implode. But isn't that, isn't that the root of the problem that you can't be honest in the public forum? Your job is literally to lie to the public and and obfuscate the actual problems. Snowball to this point, right? And also, like, just to speak of, let's say, central bank specifically.

Like, so, like, we forget that, you know, this has not been the way that things always were. The Federal Reserve was created in 1913 with a 100-year charter. It was renewed by Barack Obama in 2013 with zero fanfare for another 100 years. I don't know about you, but we didn't vote on this. No, I didn't know. Nobody decided to make this happen besides people. And GMI.

Yeah. I think it's. And you look at a group like the Bank of International settlements to take the example that we started with here. I think they started in in 1930. They were supposed to be and there was a vote to disband them. But I'm not for sure if you guys are familiar with Keynes, but literally the founder of Keynesian economics, who went to bat for the Bank of International settlements to keep them around and they stayed around. So that should tell you a lot about it. But these institutions are just made up of people, right? Politicians are just people.

central bankers are just people and they are fallible like all of us are and they you know they're going to have the same shortcomings that we all have except perhaps at least those of us who are not in those positions acknowledge our shortcomings a little bit more than they maybe want to yeah if i may just because the conversation just sort of segueed into my why i'm bullish uh the reason that i am bullish this week is largely a personal one but with the of what about the consequences that we're not thinking about and gradually then suddenly, but what is suddenly going to mean for the majority of people who aren't ready for any of this, which is why all of us are doing what we're doing right now. But the reason I'm bullish is because

Walker and I have been trying to, well, no, we've been orange-pilling my father for the last year. And he's a compsci PhD. I'm from Romania. Born in Romania, he was a, he defy a, he He affected communism in 86. He knows how the world works. He knows how technology works. And it was honestly a shock to us when he was resistant when we first started talking to him about Bitcoin. And we kept on discussing it.

And he brought up like Carla. Like it's not that I don't understand what Bitcoin is and what Bitcoin can be. it's that you have this like idealist vision that it's going to come without a huge cost. He's like, you're talking about dismantling the biggest powers in the world. You think that's not going to be bloody. You think that's not going to be hard. And you know, that really put it in, you know, he was even like, I'm worried about you. Like, be careful what you're saying online.

And of course, that's coming from like the communist mindset. Like, but again, if we do disappear like it wasn't us. But the other week, he messages me and he goes, I want to buy Bitcoin. And Mark and I were like, okay, we're not going to push it. Like, I'm not going to ask why. Like, so we set him up with Swan actually. And this is when Bitcoin was still like in the early 40s or whatever.

And then it dropped, of course, as we all know. And I was like, I'm just waiting from this message for my dad to be like, well, just see the price of Bitcoin. But he didn't. And it's because he got. He bought more, I think. He bought more. He's like, so this is a good buy. Like he had just bought the time.

And it's not that he didn't get it before because he got it. He did a good job. He changed to him where he was like, there is a chance that this will work. That there is a chance that game three will play out and the existing incumbents won't fully destroy it. And to me, that was the most bullish thing I've ever experienced because he is someone, honestly, the most educated person I know. And I respect him greatly. So to see that turn was honestly, the most bullish thing I've ever experienced.

Now you get to, this is the exciting thing here is now you get to re-experience your own journey down the rabbit hole as he makes this way. And that's one of my favorite things in like teaching people stuff and having these conversations is especially with newcomers

as they start to get it and they stumble across these many realizations. And you get to, there's nothing more gratifying than seeing somebody, looking at something, you see them working it through it, and then you see the eyes just. Yep. And you're like, yes, that's the moment that I had.

And it feels so good. It's so true. That like, you can tell, like, because everybody has that like their own kind of like turning point, right, or tipping point, whatever you want to call it, where they find like it, but it takes something, I think, different for different people. And it was when we stopped talking about it. You know, we hadn't talked to him about it for months. And all of a sudden, it was like, I want to buy.

Well, the interesting thing about this is he was the person who before I was even into Bitcoin was like educating me on the nature of money, the nature of central banks. They don't teach that in America. How they work. Like he's somebody who really, really like he's got like a photographic memory and is a history buff. So he's a very dangerous man with regard to that. You know, like he'll tell you any date of anything for the last like 2,000 years. But so he had the monetary theory side of things already. And he had the technical expertise to understand it.

But for him, the biggest roadblock was, like Carla said, this is too good to be true. They're going to kill this thing. But then it took a lot of questions. It's a scarcity mindset. Yeah, it is. But it took a lot of questions, him asking like, okay, so what happens if there's an EMP blast?

And what happens if there's a, you know, I mean, he, you know, ran the gamble ball. Yeah, right. Yeah, exactly. And that, well, that's what's here. Like, if there's an EMP blast, like, we got bigger fish to fry. Like, the only currency at that point is going to, to be ammunition so I hope you stopped up now. We'd be lucky if we had fish to fret. Yeah.

Yeah. I mean, Josh, Dan, do you guys have experiences of people that you were, you were, were kind of like a tough nut to crack as far as orange pilling? Like some, some victories there. Yeah, I've had a lot of victories and I still have a few that I'm working on. My brother, I don't know if he's listening right now, but he's been a shit coin trader for like four years now. And I think he's finally coming around. I gave him a cold. card last week and he's been experimenting. I pointed him in a couple of your videos to get him started to figure it out. I mean, he's a way more computer. Cold cards like garlic for a shit coin vampire. I mean, he's a really smart dude. He's a mechanical engineer. Like he's very,

very intelligent. Like I just don't understand. He just thinks he can, you know, beat the game. He thinks he can make money off idiots. And, you know, and a lot of times, like, it's like, like, like Foss says, you're too smart by a half, you know. Like you get yourself in a position where you think like, oh, I'm smarter than all these people and I'm going to just take all their money. And then you realize that, I mean, especially because of tax implications, like there's nothing that's going to be holding Bitcoin over the next 10 years. Like being the greatest trader around, you're still going to have to get crushed by taxes to the tune of 25 to 30, 40 percent. Just holding a single asset, not doing a thing. And, you know, just living your life, you're going to do probably much better than the average trader.

I'd actually say guaranteed much better than the average trader. You'd have to work very, very fucking hard and take on a lot of stress that you don't have to do. You just have to sit on Bitcoin. It's very simple. I was going to say, especially on a risk-adjusted basis. You know what I mean? We use the casino meme all the time. And we had we had Pish on twice.

But the first time we had him on, I was explaining like I'm a fairly traditional conservative minded investor. And that's why I'm interested in Bitcoin. And nothing else in the space represents that. So yeah, I mean, can you roll the dice and win? Can you pick one of these 1,600 coins that might, you know, win the lottery? Sure. But when we're staring down the barrel of a potentially once in a species value transfer protocol, picking up pennies in front of a steamroller just doesn't make a whole lot of sense to the two of us. I was just going to say that. It reminds me. I love the steamroller me.

The original hodel post is what this reminds me of. Like the original like why I'm hodeling. If you guys haven't like go on, you know, Bitcoin talk.org and check out that original. I love reading that to my mom. She was like, what is what is hodle? What is hodle? I'm like, oh, I'll show you. But it's great.

It's like, it's like, be honest with yourself. Like, are you like a savant trader? Because if not, you probably shouldn't. Yeah. Yeah, unless Michael Burry. Michael Burry got wrecked this year. You guys see that? He took out a short position in Tesla,

Bitcoin, and a whole bunch of other shit. And he got completely wrecked. Like, the guy is basically the savant you just described. And he got himself completely fucked. I have got to read, like six months early on his short, right?

Exactly. He would have nailed it like, you know, a month ago, but. Yeah. I've got to read a tweet here. This is the best tweet I've seen this week.

It's from Joe Carlosari, who I mentioned, earlier in the show. And I think there's a ton of wisdom here. And I think this can save a lot of people, a lot of pain with Bitcoin. Joe says this. New participants in Bitcoin market generally follow this cycle. Number one, I'm a hodler, never going to sell. Number two, I'm going to try to sell the top because I want more Bitcoin. Three, I missed selling the top, but I think we're going lower. I'm going to sell and buy it back. Four, I sold the bottom. And I think this is like, this is a progression. that we've lived through personally.

We've watched secondhand out of a lot of people. We don't know if this is the floor, folks, but I'm telling you, I wouldn't dismount this Mustang because she is wild and she is majestic. This is a hog with KY jelly all over it. If you're not holding onto those ears, you're going to get tossed. This is a situation where I am not by any means a lazy person,

but when it comes to Bitcoin, like, you can just be. lazy. Like you don't have to follow it. You don't have to sell it. You don't have to time it. Like you just do like you can be lazy. It's amazing. It does take self control though. Yes it does. And a lot of people don't have that in fiat land. It reminds me of I think a good way to maybe like just I'm conscious of time here. So I want to kind of round out and get to Dan's reason before we run out a time here, but this reminds me of a good quote from American Hoddle. And he was talking about, you know, what it's like to be a Bitcoin or once you kind of get

what's going on. He said, being a hodler is simple, but it's not easy. It's fucking hard. You have to have the wherewithal to understand what you're holding and you have to actually live through these like, you know, massive, volatile markets and, have the conviction to sit through it all and just sit back and relax exactly like you're explaining and and and have the knowledge and spend the time to know that you're going to be okay and it's like trying to be a Buddhist monk it's like knowledge is all you need trying to sit in silent for a week like yeah it's all time preference though right like it's all are you a high time preference person? Do you do you need things now? Like right now, are you instant

gratification or are you low time preference? Can you wait? Can you delay gratification? Because the history of human advancement, the way we have gotten ahead as a civilization is by delaying gratification. It is by saving for the future. That is what saving is. And Bitcoin is the best savings technology that has ever existed. David Wong. Yes. As a woman, we oftentimes have to wait around for men. so I get it. Yeah. David Wong says, you be lazy and watch it melt in the last few months. I will give it. I will watch it. I will watch it go down. I will watch it go up. I will celebrate it down. I will celebrate it up. She will. This is the perfect example of time preference,

though, because notice he said the last few months, we are not looking in months. I'm front running the next cabin right now. Like, you have a chance right now to front run what's going to happen. Like we all know it's going to happen. everybody here who has learned a little bit about Bitcoin knows the having is coming. And we know what happens after that. So you can front run it now or you can sit around and try to figure out what it's going to do in the next day or week or month and like just be miserable with yourself. But we need the David Wong. We do.

We do. This guy is at this David Wong guy is absolutely adorable. Josh, we got to have this guy on the show. We do. We got to have this guy. We've got to get a whole episode of David. David. I love you.

What if David Wong is actually? like the biggest maxi ever and he's just trolling all of me maybe it's a maxi sciop yeah he's he's trying to keep us all honest you know i david i see you now i appreciate you it's it's so it's to your point as well we just had a synchronized drink then sorry you guys are cute you're cute yeah we are you know you're you're in a situation like again to your point about the having coming you're in a situation where by the year 2035 99 percent of all Bitcoin will have been mined. At the same time as what a few percent of the world has a meaningful exposure,

like a meaningful amount of any of their money if people can have savings sitting in Bitcoin, a tiny, tiny percentage of the globe. And on top of that, the amount of money sloshing around in negative yielding debt or the amount of malinvestment that are just trying. trying to escape inflation sitting at 7%. You know, like the amount of malinvestment that has happened because the money doesn't work, it's a very bullish case for Bitcoin, we'll just say. Yeah.

56 million millionaires in the world and there are 21 million Bitcoin. Just do the math. There's not even enough for each millionaire to own a half of Bitcoin. So take that as you will, not financial advice, but kind of. Yeah. It's life advice, actually. Yeah. So I'll round out of this topic, I love that.

I'm super happy that your dad was orange-pilled. And I'm excited to hear in the future about his little mini Bitcoin discoveries as he dives down the rabbit hole. I hope you're going to recommend him a bunch of different, you know, things to read and books and stuff like that. And maybe I'll have maybe at the end of the show, just keep it in the back of your mind. But let's all maybe give a, when we do after a Dan's reason, when we do sign off, let's finish off with a piece of Bitcoin content, whether it be a video, a book, an article, something that you think has been very good in educating yourself on Bitcoin or some aspect of Bitcoin. We'll all drop one that we enjoy.

So keep that in the back of your head as we're going through. But Dan, I'm going to jump to you. I'm going to let you have the final word and the reason why you're. bullish this week. So take it away. All right. I'm going to, you actually gave me a good segue a minute ago. I'll keep it brief because I think there's going to be some comments on this. I have two reasons I'm bullish. The first is that, and I don't say this with a grin on my face, I think we're watching right now how fundamentally broken the financial system is, which I'll get into that. And then number two is, I do think this represents a buying opportunity for the middle

class and average wage earner, which is our demographic and what we're passionate about educating. So when we stare down what's happening right now in terms of markets, we're just getting a front row seat to how fragile everything is. You have a Federal Reserve that suggests that they're going to raise rates three or four times in 2022 and more in 2023. They're going to tighten and taper. And markets, they haven't done anything yet. And markets are signaling that they're about to throw a temper tantrum and a conibption fit. the way I look at this, the NASDAQ selling off 15 plus percent, the bond market struggling at the same time, which is incredibly unique.

And this is something we got into in our last episode with Pish and Foss. Yeah, with Pish and Foss. Foss did a great job explaining this. You're just seeing that this is a house of cards, which is something we've, you know, we've beaten the door down on in the Bitcoin community. But the way I explained this, and I was explaining this to someone at the firehouse this last week. Like what's going on in the economy through the way I view it? And it's this. It's that when the Fed suggests they're going to do the things that they're suggesting, they are not moving the market back to reality,

but they are moving the market closer to reality. Right. So when you think about what's gone on, right, we have exorbitant amounts of artificial liquidity, right, through quantitative easing and fiscal deficits on fiscal deficits. We have a cost of capital that is incredibly artificial. right interest rates manipulated down to lows that they wouldn't if the free market had rain right so when they signal that they're going to raise rates and pull liquidity or cut the spigot on liquidity that moves us closer to reality and it exposes the artificiality in the system right so for people that aren't all that financially minded you've been staring at your retirement accounts and investments through covid wondering how in the fuck are these things that all-time highs in the middle of one of the biggest economic crises of the last hundred years. It's all of this artificiality.

And even one tiny incremental move closer to reality causes markets to have a coneption fit. That's not cool. That's not fun for humanity. It's not something I celebrate. But it is bullish on the alternative to this incredibly fragile over-leverage system. And in my humble opinion, that is Bitcoin. Now, we could spend a ton of time talking about, well, why is Bitcoin down at the same time? We don't have time to get into that right now.

That's something else we talked about in our last episode with those two guys. But it just makes me more convinced that my assumptions about how broken the financial system are are, are in fact valid. And then to the other point, it's just, I do think this is a unique opportunity right now with prices where they're at. because, I mean, plain and simple. I think Bitcoin is insanely special. I think it represents foundational discoveries on par with, you know, the printing press and the internet and the internal combustion engine. You know, it's a huge, monumental move.

And when I look at a, you know, a $10 trillion gold market, a $20 trillion art and collectibles market, a $100 trillion stock market, a 200 plus trillion dollar real estate market, 250 trillion bond market. I think this thing's going to eat a lot of monetary premium. And I think its valuation is going to be, is going to melt some faces. So that's what we're passionate about on the blue-collar Bitcoin podcast is trying to at least convince individuals that a zero position is not acceptable and that this is a

necessary hedge at the very least against an incredibly fragile system. So it's kind of my bullish take. I'm sure there's some thoughts coming on, at least from Josh on some of the things I said. Yeah, I'll let Josh dive in. I just wanted to quickly let you know that David would like me to let you know that there is nothing wrong with the market. But anyways, Josh, go ahead. I'm going to go back to what we were talking about earlier. I think lot of these central bankers. I know Bernanke for sure. His PhD, he studied and wrote his his capstone on the 30s depression. So all of these guys, let's all assume that they're good actors and they're all trying to do their best. And I think we kind of have to like they're

not trying. I don't think they're all trying to fuck us. I think that they're just, you know, they're dealt a hand of a car. Never attribute to malice where you can attribute to stupidity. Exactly. I agree with that 100%. Or being trapped is another way I would put it. So if you're a Stupid and trapped. Right. Okay. We could say stupid, trapped, whatever. But in the end, like, these guys are worried about a de-leveraging more than anything else.

Because a de-leveraging is really quick, really nasty, and really fucked. Like, social unrest, like, that's when revolutions happen. That's when civil wars happen. That's when shit gets real sideways. So I think generally, they're decent people who are in a situation where they're fucked. and the most, the easiest way out is to generally kick the can down the road. And that's what trying to basically printing money creates an outlet for them to slowly and mildly de-leverage themselves without quote-unquote de-leveraging. This allows them to basically pick everyone's pocket at the same time in a slow methodical manner if they cannot lose control of it.

So it's basically a tight rope that they're all walking. It's a soft default. They're going to default. They need to do it. So they're going to walk this tightrope and they're going to do their very best to not sway to either side. Like the de-leveraging is dangerous and the inflation is dangerous. So we have to walk this line. And I think what they did with that FOMC meeting is they basically laid the groundwork for saying like, all right, this is what's going to happen everybody.

We're going to raise interest rates and you know this is going to fuck everything in the ass. Everybody that knows anything, anything about markets knows that the market's going to shit the bed when this happens. But we're going to have to let them know ahead of time, let them kind of draw, in this understanding that things are going to get fucked and let people position themselves to get fucked. Now, I don't know if they expected the kind of drawdown that they had. I suspect they knew that there would be some drawdown, but I don't know if they thought that this thing was going to do what it did in the last month. And it seems to me like they're likely to stick to their guns at least for one or two. But I think that if they do go through with it and they really,

really try to stick to it, they're going to see a de-leveraging like they don't expect. Maybe. maybe they do expect it, but I think maybe they expect it and they're prepared to come back in with the money printing because they're going to have to. But they need an excuse. They need to have the market shit the bed because if the market doesn't shit the bed, they have no reason to just, you know, turn the bur on and let it run indefinitely. But once they have the excuse and the reasoning to do it, they're going to do it full stop. And I think then we're going to know very decisively how things are going to go from here. And I also think that Bitcoin is, has been drawing down because of liquidity issues. And I think anyone that has any understanding

of markets would know that. And I think I've noticed, and I don't know if you guys, I'm sure you guys have noticed this as well. The traditional markets have been up and down. Bitcoin's been very stable the last few days. I mean, maybe, I mean, I guess as far as stability in Bitcoin is concerned. I mean, moving up and down 5% is stable as far as Bitcoin is concerned. So it's been holding on pretty well in this mid-30 territory while the rest of the market is still unpredictable. I think we may have found some concrete if I'm going to steal Dan's analogy here. We have basically his analogy is that we have a lot of burn off of this foam on top of concrete. And eventually we found this concrete layer where the hodlers keep buying and no one is selling,

or at least the people selling are just into the buying. The point that I'm getting at is that when this de-leveraging happens, I'm sure Bitcoin's going to get fucked. but I think once this printer turns back on, it is going to be a melt your face kind of situation because everybody understands this thing in Wall Street. They're being a little shy about it at this point, but I don't think there's anyone sitting in one of those risk chairs in Wall Street

that doesn't understand that when the market fully prices in, what's going to happen when they have to turn the printer back on? This thing is going to accelerate hard. Trying to time this, though, is ill. advised. I think we would all agree. That's why we DCA, right? Just get on the hog. Time in the market is better than timing the market. Exactly. Josh, just to piggyback on what you said and kind of, Dan, bring it back to like the overall irrationality in markets, but I wanted to bring in Josh what you said about, you know, like, yeah, they are just like people, right? Like,

they're trying to do their best at these central banks, right? Like, we want to, we want to assume in good faith. Like, I try to operate in good faith in most. I've gone down the conspiracy rabbit hole, man. I've been there. But let's not even talk about conspiracies. And like, what is a conspiracy but a group of people agreeing and seeking to do something, right? Like that's what politics is. It's a moving conspiracy. But like if we think about the fact that we're so we've got this like incredible irrational market sentiment, right?

And all this easy money that's flowing around and creating this everything bubble, right? And then at the same time, the people who are controlling our markets, like the central bankers, are personally profiting. You have people like Kaplan, Rosengrin, and Clarita, who have resigned to Federal Reserve board members, or I'm sorry, no, Federal Reserve presidents and one vice chair. But people don't care. Clarita was the vice chair, right? So second in command of the Federal Reserve.

And Pelosi is the greatest investor of all time. I mean, it's amazing. We've got people, like, I mean, I'm like, I, am I allowed to say this on here? But like, this is insider trading, like at the absolute highest level. You have like how can you possibly have rational markets when you have the people who control the literal money faucet because it's not a fucking printer. It's a goddamn faucet. It's a geyser. And they've opened that thing up and it starts with them and it trickles down to everybody else.

And so when you have these people at the highest levels who we are supposed, they ask us for their trust. They ask us to put trust in them. And they ask us to say, no, the markets are fine. The economy is booming. Look at the unemployment rate. great. It's distraction. It's distraction from what they are really doing. And like, wow, it's really convenient that those, you know, Rosengren and Kaplan resigned from the Federal Reserve in like in November. How was the market doing in November? But people are happier not to think about these things.

But it's easier to live under a rock, right? That's why this will always be a problem. But like, there's going to be this irrationality until I think people wake up to the fact that markets cannot be irrational when markets are controlled by people. And people, and people, have interests and those interests do not align with your interests i promise you yeah it's uh i i i think um carla i think you're right that there there's a disinterest in this kind of stuff um until it really starts to infect and affect individual people right like what like you're starting to see inklings of it right because because inflation is at the forefront of the the conversation right now because people go to the grocery store and they're like,

holy shit, what's going on? And I'm like, I was saving for a home and now my down payment isn't even close to what I needed to get a home. So they're starting to notice, but they're not quite, there's this knee-jerk reaction to attribute it to companies pricing things these ways. But they don't realize that it's actually just the money is no longer functioning. The cost of goods in general,

it's more money chasing less goods and the cost of things is going up to kind of even out with the amount of money that has been sloshing around. And so when it costs somebody way more money, ignore my camera going off, I'll replace the batterying a sec, but when it costs more stuff to create a good, well, then you're going to have to, and to pay a worker, you're going to have to up your prices to recoup those costs. And you're going to probably want to front run that a little bit because you know that inflation is running at 7%. So you're trying to get ahead of that and not go underwater. And so people have this inclination to say, oh, these damn corporations are charging so much money. I mean, they are. They're trying to protect so that they don't go under. But you're attacking the symptom rather than the actual disease.

and the disease is Fiat. Yes. And Fiat is all anyone's ever known. So it's really one of those situations where you're disrupting someone's fundamental understanding of the world. And that is the literally most difficult way to try to convince and persuade anyone of everything,

which is why we try to use comedy. We try to make it accessible because we know what it actually feels like. You have to be a freaking sadist in a way, but we don't want that for everyone. So we're trying to make it accessible. We're trying not to fully door in the face disrupt your worldview, but if you don't do it the easy way, it's going to come the hard way. And people are, they're going to be winners and losers.

And that's another thing that modern society cannot grapple with right now. Winners and losers. Like, everyone has to be winners. And that's just not natural. Yeah. It's a world of participation ribbons, right? Well, said, Carla. Well, said.

Yeah. Awesome. Well, I think, I think this is a good spot to kind of bring everything together and maybe do a quick. round of any final thoughts from everybody and as I said before maybe a Bitcoin related resource or book or video or something that that you'd like to recommend whatever it may be something that was useful to you so maybe I'm just looking at my bookshelf right here I would like to recommend and I've got it let me just a second here while I grab it um He comes back with a handle of Jack Daniels.

Yeah. Yeah. I lost it. So this is one that I read a little while back, Laird Money by Nick Batia. Great. Yeah. And it's a nice, quick read. And again, it just looks at Bitcoin through a different lens than I've seen done in other books.

And it's always funny because I always think like, I'm not going to read another Bitcoin book. Like, is it going to present me with new information? But there's always something. There's always a unique lens that some of these. look at it with. And Laird Money was one of those talking about the layers of money in the Fiat system and the system as it exists currently and comparing that to to how Bitcoin is and how Bitcoin may be built up over time. So it was a really cool book. I really enjoyed it. I highly recommend Laird Money, Nick Batia. And as far as everything else that we said today,

I'm not going to dive into anything specific, but I thought you guys all had fantastic points today. I really enjoyed having you on. So I'll toss it to Josh first. Any final thoughts? what would you like to recommend? I guess what I would like to say to anyone I'm listening is, if you're new to this thing, be patient, take a long-term outlook on this. And we've all been at the beginning and we've all shit coined

and we've all tried to trade and we've all done all of that. And, you know, either you're really intelligent and you learn really quickly that that's a losing game or you get burned really bad, really bad. And then you realize it's a losing game. And then you start,

It's like basically, let's save you guys a year of misery. Just start buying Bitcoin, DCA it, use swan or strike, take a low cost avenue to do it, and start accumulating at a reasonable level what you can afford to lose. Not that I think you're going to lose any money. I think you're going to make a lot. But just take a very measured approach is my advice. As far as books are concerned, I would recommend, this isn't not a Bitcoin book, but it's the book that flipped my source. switch to understanding why Bitcoin and digital assets were going to be a huge thing. And that was the book Sapiens. That is a great book. It's mostly about how, you know, humans evolved,

how we've, basically how we have gone from the Stone Age until today, how we've developed technologies that improve our living standards. And there's a small subset in a chapter that talks about the future, I guess. And digital commodities and assets were part of that. It doesn't even mention Bitcoin, but when I read this chapter in July of 2017, I bought Bitcoin the next day. I mean, I'd heard about Bitcoin. I'd, you know, read about it a little bit, thought it was bullshit, thought it would fail. But after reading that book and understanding this wide-ranging view of humanity and where it's been and where it's potentially going, I had to buy Bitcoin as soon as possible.

And Coinbase fucked me, actually, because I tried to buy 500 bucks the day I read about this. And it rejected my debit card for two days. and I missed out on I was trying to buy at 2000 and I ended up buying it 2,500. Like they really, they really cut me deep. You got con based. Yeah, I got con based. Don't use coin base, by the way. I got to say, Josh, I didn't see you coming with Sapiens right there, but you've all Harare's had a big impact on my life way outside of Bitcoin, his writing.

And just, yeah, I mean, it's, he sets this framework up where everything's a fiction, the best, and most useful fictions win. And in the land of money, Bitcoin is the best and the most useful fiction. Yes. I love it. Well, awesome.

I love that. And, yeah, I'm going to, I haven't read Sapiens. I'm going to have to check that one out. 21 lessons for the 21st century is also really good. He's got another book called homodeus.

It's very good. I did see that. Yeah. Everything is written is good. I like them. Yeah. Huh. I'll dive into that.

I think that's my next purchase then. Let's jump to Walker. Any final thoughts and anything you want to recommend? Final thoughts is that I would just like truly encourage everybody to go and learn as much about the monetary system as possible. Like learning about things within Bitcoin or if you're still in the crypto space more so and you're transitioning into your final evolutionary form, which is Bitcoin, then that's fine too. Like we all come from different roads, right, but we all meet at the same destination. that destination is Bitcoin. But try to learn as much as you possibly can about the monetary system.

Learn like Google the Bank of International Settlements after this and figure out what they do. Figure out how money is created in your country. Maybe you don't live in the United States. But if you do, look at the Federal Reserve. Look at the IMF and the World Economic Forum. And look at what these organizations, these para-governmental organizations do and educate yourself on it. Because the need for Bitcoin becomes abundantly clear as soon as you have educated yourself on these things. As far as on a later note, resources that I would recommend,

in terms of somebody in the Bitcoin and kind of financial space, I think Lynn Alden puts out some of the most thoughtful and in-depth analysis that I've ever seen. You stole my thunder. Oh, she's like phenomenal. There are so many good things where if you're sending people like articles that you need something good that's going to encapsulate, like why should get into Bitcoin. She's got all these different ones about, you know, different myths about Bitcoin, but she also brings it home with like this huge macro perspective.

I love it. In terms of recommending a book, not at all to do with Bitcoin, but to do with life, you should read letters from a stoic by Seneca. He is one of the founders after Ethictetus of the Stoic philosophy, and it is incredibly useful for you to absorb as much as you can of early philosophers because it will make your life. Have you read meditations? Of course.

Yeah, that's a great book too. I can say he's not always a stoic. Nobody's always a stoic, right? And that's okay. But, you know, give that a read. I would highly recommend letters from a stoic by Seneca. I'll check that one out. Absolutely. Carla, you're up. Final thoughts? Any recommendations you have? Final thoughts and recommendations, taking it a little different note is whenever any of us are openly speaking about Bitcoin and any public platform, you know, we all have all this confidence. But what I want to emphasize to any newcomers is you're going to. to make mistakes, you're going to have wrong ideas. And like the beauty of mistakes is that you

learn from them. So don't get discouraged. Don't think that everyone knows everything. Because when it comes to Bitcoin, most people don't understand anything, myself included. So keep trying, keep learning. And when it comes to a book that I would recommend right now, it's the price of tomorrow by Jeff Booth because it's one of those things where I was in journalism and marketing way back when. And it's Like you're not selling the mattress, you're selling the good night's sleep. And I think the price of tomorrow does a good job putting in context the good night's sleep that makes the case for Bitcoin without having to say it. And that's something we're trying to work on this year, especially as we try to reach pre-coiners is we want to reach them without out mentioning the word Bitcoin at all. Because we're not going to get anyone by being like Bitcoin, Bitcoin, Bitcoin.

We're going to get people by showing them how these inherent problems affect them. and they'll eventually come to Bitcoin on their own. Bitcoin's the mirror, right? Bitcoin's to me. Yeah. Yeah, it's, I think there needs to be more of that too. And I'm excited seeing people that aren't in the realm of, you know, they have their whole kind of career based around Bitcoin or they're like, that's a major

part of their livelihood that are coming to and starting to recognize Bitcoin. I think one of the, I saw a tweet the other day. It was like trading to Webb for Peterson was a bang up. It was a wicked deal. And I couldn't agree more, right? Very thoughtful. And there's a quote from Peterson. I read his first book.

And what was it? I'm going to see if I can. Is it a map some meaning? No, it was from 12 rules. But I'm just going to look it up really quick. because it was a solid, it was a solid quote, and it easily applies to Bitcoin here. So just, okay, so it says whatever, hold on a sec here, latest, I need this one. There we go.

If everything you save will be destroyed or worse stolen, there is no point in saving. And it's a perfect, succinct example of why the world needs Bitcoin. Because when you hold dollars and when you exchange the fruits of your labor for dollars, it will be destroyed. And so people have no incentive to save for anything. And they're forced to gamble in the hopes that they will make it to retirement. So I found that quote really jumped out at me. as I was reading the book.

And it, to me, I heard that and I thought, no wonder he's getting why Bitcoin aligns with a lot of his ideas. Yeah. And I guess we'll jump to Dan here for any final thoughts and recommendations. Love all these suggestions here. Layered money is fantastic.

We're actually talking to Nick coming up. Lynn Alden. She's on the docket too here this year. We've got her coming on. You stole my thunder because my suggestion for a resource is Lynn Alden's article, Proof of Stake and Stable Coins, a blockchain centralization dilemma.

Unbelievable article. Absolute must read. And everything on Lynn Alden.com is an absolute gold mine. Gold mine. She's just such a gifted writer and thinker. She's so fair. She's so balanced. She starts from a place that's digestible for almost everyone.

I mean, if you're not reading Lin-Alden, you're asleep at the wheel. And then my takeaway from this is this David Wong guy. This guy is special. I love this guy. He is absolutely adorable. I mean, it was just an honor and a privilege to have him spectating this Why Are We bullish session. Thank you, David.

Yeah, David. David is, again, one of the most, I love all the plebs. but I've got to say that David is a diamond in the rough. He is one of the most valued members of the audience. And David, if you do make it down to Miami for the Bitcoin 22 to 2022 conference, I would love to buy you a beer using the Lightning Network. David sessions, you know how you know when you've made it? When you have a dedicated troll.

Like Dan and I have yet to have a dedicated troll. We've got a couple of pretty dedicated fans. That's cool. but we don't have a troll we need a troll josh we just haven't made a yet well yeah i mean if you guys you got to do some live

you got to do some live stuff because i i think he digs the the the one-on-one the back and forth so so david and i dig it too i'm so glad you're here every week and like i started actually saying hello probably like a month a month and a half ago and

he's been especially vocal since and i really value the input so keep coming back man i love it David Wong is Marty Bent it's like his other alias it's Marys Owl yeah it would be really funny if somebody came up to me at actually you know who I met

I'm sorry I'm going on attention here but so back last year in May I had Michael Saylor and Jack Jack Mallors and American Hoddle and just like all of these like an insane Jeff Booth, present pitch all of them on at the same time

And then towards the end of the show, Matt O'Dell and Bitcoin Tina were on. And O'Dell was like, you know, on the sauce. And he was screaming at Bitcoin Tina for being a bear and all this. And the whole time, American Hoddle was like this close to his camera, just eating like a ham sandwich. And so the moment I knew I made it is when somebody created a Twitter profile called Hoddle's sandwich. and it's literally just like a ham sandwich with laser eyes. And then I was at Bitcoin 2021 and I'm hanging around. Somebody came up and they're like,

yo, really nice to meet you, man, blah, blah. And then he leans over and he whispers in my ear. He's like, I'm a huddle sandwich. And I lost my mind.

It was incredible. It was like, so shout out to huddle sandwich. You are my hero and you really made me feel like my show is. So thank you for that. Sessions, if you have another troll account that pops up in the next few weeks, it's me. I'm going to start fucking with you on this show. I love that.

I love that. I'd like to, like, you could show up as like white collar fiat or something. Yeah, what? Like the fact that we didn't think of that. Like, that's fucking genius. Like, we got to call Frank. There's a guy Frank at work who would just, he literally runs this account, firehouse shitter, just to troll us and like to.

He took a picture of a toilet at the firehouse we work at just to troll us with firehouse shitter. He's going to be white color fiat. Oh, it's dedication. I love it. I love the creative things that pop up in the space. All right, guys, well, I'm going to say, again, thank you all so much for being on. I really enjoyed it.

This was such a fun episode. I have a ton of fun, some good laughs and some really good in-depth conversation here. And I think the audience would agree. everybody in the comments has been super excited about it. So including David. So thank you guys. David's talking long. Yeah.

And you're all welcome back anytime. Thank you guys. Thanks, Sessions. Thank you so much. Yeah, cheers, guys. Awesome. I'm going to cut your audio and video now, but if you're around for a minute or two after we go offline, I can say a quick goodbye.

But if you got to rush, no big deal. So thank you guys very much. Cool. Everybody watching, thank you so much for joining us. That was a good rip. I had a blast. A lot of fun today. As always, please like, subscribe, share all those things.

Super, super important. They really, really do help the show. I can't stress it enough. If you want to help out the show in another way, you can always hit up the previously mentioned sponsors down below. Shake, Pay, Leaden, BitRefil, Keystone, Bill Fottle, they're all down low. As well as the Twitter handles of everybody on the show today,

Josh, Dan, Carlo Walker. They're all down there. So give them a follow if you are not. Blue Collar also give the show a watch, watch Carlin Walker's videos, the crypto couple, and now the BTC couple. They're all linked down below. And if you really liked what you saw,

you can always drop me a Bitcoin tip at my strike page. Strike.me slash BTC sessions. You head there, you type in any amount you'll like, and you hit the tip button, you'll be greeted with a lightning invoice or if you tap to the right, a regular Bitcoin QR code. With that, I am out.

have yourselves a wonderful day or evening wherever you may be i'll see you guys next time for your daily session