TFTC: A Bitcoin Podcast - #567: You’ve Been Lied To Your Whole Life! with WAR MODE

Episode Date: December 23, 2024

Marty and Will Cole sit down to orange pill Bill and Spud from WAR MODE. WAR MODE: https://warmode.libsyn.com/ 0:00 - Intro 0:36 - Here to be orange pilled 4:35 - Don’t F up the money 11:03 - Unchained 12:04 - Early bitcoin and basic value prop 17:07 - Inflation lies 25:09 - How we got to the modern system 31:19 - Zaprite & SOTE 32:52 - Bitcoin’s good for everyone and everything’s good for bitcoin 40:27 - Bitcoin, not blockchain 47:30 - Monetization & Triffin dilemma 50:21 - Mining, energy and the halving 56:52 - Fixing the money 1:00:38 - What miners and nodes do 1:10:42 - Emergent organization and early internet 1:15:01 - Bitcoin storage and risks of bank custody 1:24:32 - Big banks are far more criminal than bitcoin users 1:28:11 - The financial system is a web of lies 1:38:31 - Bitcoin is the white pill, it’s never too late 1:51:19 - F you money beats censorship 1:59:13 - The only winning move is to play 2:07:30 - Volatility - Weimar gold 2:09:11 - Bitcoin lending and regulatory attack 2:16:27 - China ban and Texas energy 2:21:41 - Q 2:23:54 - Divine intervention 2:28:52 - Conspiracy theories 2:34:49 - Freeing the enslaved American people Shoutout to our sponsors: Unchained https://unchained.com/tftc/ Zaprite https://zaprite.com/tftc Salt of the Earth https://drinksote.com/tftc Join the TFTC Movement: Main YT Channel https://www.youtube.com/c/TFTC21/videos Clips YT Channel https://www.youtube.com/channel/UCUQcW3jxfQfEUS8kqR5pJtQ Website https://tftc.io/ Twitter https://twitter.com/tftc21 Instagram https://www.instagram.com/tftc.io/ Nostr https://primal.net/tftc Follow Marty Bent: Twitter https://twitter.com/martybent Nostr https://primal.net/martybent Newsletter https://tftc.io/martys-bent/ Podcast https://www.tftc.io/tag/podcasts/

you've had a dynamic where money's become freer than free if you talk about a fed just gone nuts all all the central banks going nuts so it's all acting like safe haven i believe that in a world where central bankers are tripping over themselves to devalue their currency bitcoin wins in the world of fiat currencies bitcoin is the victor i mean And that's part of the bull case for Bitcoin. If you're not paying attention, you probably should be. We're here. What's up?

I'm fucking tired. I was telling you. I got to thank you for making all this happen. Getting me on the war mode in the first place. Just a big fan. That blows my mind. Any high-functioning human that listens to us blows my fucking mind. Why does it blow your mind, though?

I don't know. I mean, have you heard us talk? The level of we're talking, it doesn't seem like... like someone like you got a high iq and it's like if you hear us talk i've been i was saying especially wrong for like a year like there's a ton of stuff that i'm just fucking up where like if i heard me if i was like up there but god damn someone needs to get this guy hooked on phonics the way i describe you guys to like my friends is like imagine like like the typical bar conversation we have right and take 10 of them and put them all together in 45 minutes you know like like a

year worth of bars conversations into 45 minutes as y'all show yeah spade loves spade loves the bar scene a lot of bars you know shooting pool hanging out well i like because i'm from delco and i haven't been home in 17 years and it's like a bit of a step like hearing yeah yeah yeah i get i can feel that yeah the uh they they beat the the philly accent out of me when i moved to south carolina so it may not be obvious that yeah it's not like you're from like the cia or something might get into that yeah true but that's where do we start i don't know we're just this is a warm up tftc collab we want to talk you guys want to talk i want to learn about bitcoin bring us up to speed nine corner and he's getting debanked pre-coiner pre-coiner is the correct

thank you sorry i just like i'm interested in this stuff i like the concept behind it but every time we talk about it we get confused people get mad so i want to learn what bitcoin is you know what i mean like from the ground up all right like if you could teach the people that listen to us more like bitcoin for us bright corners as you call i don't know about you will but the best way i like to start these conversations like what do you think like how would you describe bitcoin as you understand it now bitcoin i don't know bitcoin to me is like some decentralized money and it's there's a limited amount so it's kind of like gold yeah i just think that's as much as i can understand but i can't really use it so for me like money's like i can tap my card cash

now they're not taking cash so now i see this is money's changing yeah so yeah i think um you're right on all that and that's actually pretty good yeah i think the most important thing to realize is like bitcoin's monetizing in real time like so many people will shit on bitcoin they'll be like i can't spend it anywhere why is that and it's like all right take a step back and think like this thing was created 16 years ago almost at this point launched 16 years ago and to expect it to be fully monetized fully accepted and fully available everywhere is just nonsensical right to realize that bitcoin was introduced to the world beginning of 2009 and since then slowly but surely people have been coming to understand what it is recognizing that it's like gold if not way or

are not even arguably inarguably better than gold and individuals now companies and even countries are beginning to use it and as more and more people use it will become more available and will's like working on a company to yeah make that possible yeah i mean like you know in terms before we get to spending it though it's more like i think the reason it's so confusing to people is because there's so many fucking charlatans and like scammers out there can i stop you for a like so in 09 there's a satoshi nakamoto right satoshi yeah and there's a white paper yes and so in my head i'm like going if i hear white paper i'm thinking alex jones i'm like this is a conspiracy yeah this is the government is somehow seeing the end of the dollar trying to

like protect the u.s interests like i'm like something's up with this yeah but then you guys that's not what you think right i mean like you know i was like mostly a fully formed adult when bitcoin gets released i'm living in new york i have an apartment that overlooks the new york fed right we're down in like uh the financial district right so like 0809 yeah well right off wall street right uh and so it's like 0809 it's like the beginning of tarp beginning of the obama administration you know what's that let's talk or not toxic troubled asset relief program yeah so tarp's like the first really big like relief program that's like bailing out the banks when we talk about like 0809 too big to fail stuff yeah too big to fail it's just like uh i think

the first one's like 300 billion or 200 700 billion or 700 and that was like inconceivable at the time yeah no one would say the t word that's like the budget of the military right yeah close to it i could run most countries this is this is actually a stat i like to run with I love stats I actually did a Bitcoin 101 presentation to LaSalle College High School in Philly like a month ago and this is what people don't realize

Bitcoin is a monetary good at the end of the day it competes with the dollar and to understand why you should want Bitcoin you have to understand how fucked up the dollar is and the stat from 1776 to 2008 right before TARP and the bailouts US monetary base all the dollars

that the Fed has ever created went from zero to 800 billion in that 100 or 200 yeah 200 years 220 year period from 08 to today it went from 800 billion to 7 trillion so that's way more they doubled it in one year under obama it didn't like everyone started and now it's been like that's not including like pallets of cash that just gets shipped to like some terrorist cell and these days these days they just click a button we're talking about base money here like the fed creates that money you're talking about gets created by commercial banks when the issue was my buddy was telling me about this that there's

this whole thing of like they create dollars and if you're closer to when the dollar is created you get more like this is the cantillon effect this is killing me yeah this is even i'm so far i have this i have this book up here an essay on economic theory by richard cantillon who described this effect and that's what it is the closer you are to the monetary spigot the creation of dollars which in our system are the commercial banks the commercial banks can get these dollars and then lend them out at a high interest rate right and they benefit from that yeah similarly print money most people put it in the assets like the stock market this is how dumb like this is where i'll go this doesn't make sense why is the dollar just a dollar well like i don't understand it's not dumb

so like this is this is what i've always found when i first start talking to about bitcoin to people is that like back in 2012 even 2013 is people get mad yeah and they get mad because like when you start thinking about what the dollar is you realize you've been coming out my paper yeah Yeah. And you're just coming at like, how did I buy into this? You feel stupid. I felt stupid. And it was like Ron Paul for me, like Ron Paul got to me like big time. And like, I just started the gold bug move when I heard about Bitcoin in 2011. Right. But it was, it was basically watching what was going on in New York. Right. We're creating all these dollars. I didn't understand anything contemporaneously, but I was like, where's all this money coming from?

That pisses me off. How is this happening? You know, where does all this money go? Why is my apartment now? 30 yeah i get so pissed at the thing of like did you know how much a dollar was back when in before the fed yeah and then now that's like a demoralization thing no it ruins you and then you start getting into like you know you know actual printed dollars but also just the expansion of credit right is like how do people buy homes in 1890 right they didn't take out a 90 mortgage you know they just bought it or they built it themselves you know they just paid for the house you just paid for stuff you you get like a weak credit with like your grocery store or something

but like the world wasn't run on credit right you just had hard money it's against most people's laws yeah exactly yeah you know yeah but like you know uh we have a buddy safe adine uh amuse who wrote the bitcoin standard and this guy nick zabo who's like this old cypherpunk guy who built some pre-bitcoin stuff and like they talk about this a lot which is like you know the idea like everything we grew up in is this very little you know minuscule point in time where money wasn't gold yeah right like every for 5 000 years it was just gold and anytime a civilization that had gold as money ran into a civilization with like shells or something as money they fucking destroyed them and they didn't even have to kill them it was just like they could wreck their economy

immediately yeah just bring in the good money and buy all the resources that's like nick zabo wrote this piece called shelling out and there's many examples of this throughout it and that's like when it comes to the u.s dollar people don't recognize it has this aura of legitimacy and you have the federal reserve chairman the treasury and there's this architecture around the whole dollar system that makes you feel like it's legitimate but at the end of the day when you compare it to monies like shelves like here in the u.s and the indians used wampum shells and then the europeans came over we're using that right now i read the i didn't finish it but i started reading this book debt by david graber and he was talking about this they always just

make something they'll do rocks or whatever well west africa is another interesting one they were using glass beads and when europeans started doing international trade with west africa the first time they went they're like yo they're fucking using glass beads for money yeah so they went back to europe made a bunch of glass bead currency and then went back and bought all the west african resources and that's actually like one of the things that led to the west african trade slave is the fact that oh my god and so like we got you the whole point is like don't like and this biblical like in the bible they say don't fuck up the money in the quran they say don't fuck the money thomas jefferson said don't fuck up the money yeah aristotle said don't fuck up the money

Like we've been fed this message by many different people, different parts of time, different parts of the world. They're like, don't fuck up the money. And we're in the worst time now, right? We are fucking up the money.

Yeah. All the founding fathers news, you know, everyone gives shit to Alexander Hamilton. He, he starts the central bank. Dude, he knew not to fuck the money.

Like even when he, when he's advocating the formation of the, you know, centralized, uh, United States bank, he's like, look,

the only way we could get into trouble is if we just start printing paper money. He knows that. Like they all know it. Right. But we end up in that place anyway. This rep was brought to you by our great friends at Unchained. As Bitcoin's role in the global financial landscape evolves, understanding its potential impact on your wealth becomes increasingly crucial. Whether we see measured adoption or accelerated hyper Bitcoinization, being prepared for various scenarios can make the difference between merely participating

and truly optimizing your position. This is important, freaks. This is why Unchained developed the Bitcoin Calculator, a sophisticated modeling tool that helps you visualize and prepare for multiple Bitcoin futures. Beyond traditional retirement planning, it offers deep insights into how different adoption scenarios could transform your wealth trajectory. What sets this tool apart is the integration with the Unchained IRA, the only solution that combines the tax advantages of a retirement account with the security of self-custody. In any future state, maintaining direct control of your keys remains fundamental to your Bitcoin strategy. Go explore the potential futures at unchained.com slash TFTC. Bitcoin is going up. Make sure you're

protecting it the right way make sure you have a good partner that is unchained go to unchained.com slash tftc yeah and so coming back to bitcoin like we were talking about this on sunday like people think bitcoin is like the first ever but uh as will mentioned there were people working on this problem of like digital currency yeah i really liked what you guys are saying where it's a limited number p it's a small amount of people that did this and people were trying to do this for a while tiny it's not like 20 30 what are the fuck ups beforehand like what are the things they tried to push out and they just didn't take they did a lot of things beforehand there's a most of them are like proposals not many made it into like there's actual usage but like there's

something called like b money which is this guy way die which bitcoin probably most comes closest to b money's mentioned in the bitcoin white paper is like inspiration uh for bitcoin uh there's something like uh uh bit gold that nick zabo did which was just a proposal it never got coded up or anything like that. But again, very similar to Bitcoin, but they always had a couple of missing ingredients. And what's interesting about Bitcoin is that there aren't really that many new ideas by the time Satoshi publishes, but there's a couple that are important, but like most of it is just grabbing these things. It's a puzzle pieces that have been discovered in the nineties. You know, with the rise of the internet, there's a lot of people that, that had this idea of like,

oh shoot we can do like you know internet cash that's not run by a central government that can't be inflated but it turns out like that's a pretty hard technical problem um but enough people had tried by 2007 2008 when satoshi's working on this that it's like okay all the puzzle pieces are here he brings in a couple new ideas on top of that and it kind of works it doesn't totally work right way like there's bugs in the software there's all these problems but i'm really you know one thing i want to get out before we keep on going on is that you know i've watched uh dave portnoy get totally screwed over last one i said about nice in 2017 he didn't listen to me i know i know with how much uh i won't say how like i helped him buy would have been nice moved to a wallet

but we'd be very happy with what is on that one. And the last time we did one, it was $25,000. It went down, and it was a tough one for us to understand because before I had really started looking into the history of money myself where they would make coins, but then they'd start shaving the coins and stuff. See, I didn't know this deep history. In the Roman Empire. Yeah, yeah.

So I didn't know what I know now. And then I was like, dude, Bitcoin really does make a lot of sense, but I still don't get it. Yeah. so i've seen like i've seen like dave portnoy you know get the winklevoss twins talking about mining golden asteroids and like rogan's been screwed over so i want to do a good job of like the very very basic everyone immediately goes like utopia war is not gonna happen it's like a dickhead's born every day like someone might start up a war whether bitcoin exists or not

yeah yeah someone's gonna be pissed yeah we think it can solve a lot of problems but like ultimately like at the very very core of things is like you said the thing right at the beginning is the reason bitcoin is interesting at least to me and i think to most people is because it is limited in supply and has a credible story to be limited in supply forever right and that everything else that we talk about you know whether it's like ethereum and all the other shit coins we call them shit coins uh you know out there is that there's no credibility to the claim of a solid monetary policy i think one thing that fucks people up is that they think that bitcoin's some technological breakthrough and it is kind of but it's not really it's really a monetary policy

breakthrough right it's just that like not only is there a limited supply but we can credibly enforce this forever right you can't even do that with gold you can't do that with ethereum you can't do that with us dollars yeah because and then the the the job of everyone who's like getting into this is just like do i think it's credible or not right and really if you can answer that one question you can decide whether or not bitcoin has staying power now there's lots of other details to discern you know in all of this but like in terms of like what bitcoin is and what the value proposition is is like there's only ever going to be 21 million and there's no way to break that right okay then then what does the world look like then and it's just all in a receipt of

blockchains yeah so you can find it you can you can watch it move around yeah it's transparent so you can validate that people aren't shaving coins or trying to introduce fake Bitcoins that are being spent on the network. The network would immediately reject it. Yeah, see, I can run a piece of software. You can't print more money on it. No.

And you said something. I've tried. You said something about gold. You have to go mine more gold. I would frame it differently. You can go mine more gold. With Bitcoin, you can't. You know what's going to exist when.

So if the price of gold shoots up like it is now, all the gold miners are like, oh, shit, the price of gold is high. Let's go get more gold. Let's go get more of it. Bitcoin, that's what we say, it has this inflexible supply juxtaposed to its demand. Bitcoin demand can go through the roof and you can't create more of it no matter what. Does that cause an opposite of inflation where Bitcoin goes up so prices and stuff have to go down?

If it was all Bitcoin, the price of shit would have to go down. Yeah, it's deflation. That's another big sigh up. Thank you, Jeff. Deflation's bad. Deflation's bad. Why? That's very good.

Inflation's not good. I don't like this. well deflation is bad if you have a debt-based awesome monetary system you have a payback debt and a currency that um is is getting stronger it's yeah it's much harder it's huge fucking like the whole idea like that that if you have a dollar if you're if you're yeah i'm gonna have a fucking stroke here it's like if you're an electrician right you went to trade school or you got your you got your uh certifications or something like that you make a good living make 120 150 000 whatever it is now right and you take that money and you put it in your bank

right you're a fucking idiot because you're because your fucking money is going to be worth 10 less next year yeah right and that's just the deal so like what are you supposed to do if you're really good at your fucking job you're supposed to then go pick a stock that's of the company who's going to cure cancer if you can't figure that out then you deserve to lose your fucking this is how they talk to me this is yeah like i'm an electrician no i'm a painter and like so paint used to be when i first started i mean i'm gonna sound like a geezer but when i first started it was eight bucks yeah for a gallon right but that was like cheap paint then it was like 22 something then they kind of normalized like a 35 to 40 thing for like

pretty decent quality paint then covid hit and it was like four percent this four percent now it's like the good trim paints a hundred dollars a gallon yeah oh shit and and they're hitting with plastic cans there's no raise yeah so a lot of painters we have to put our money out to get the paint to do the job yeah your inputs go up i have to risk i have to like throw all the first check that i get like the whole thing for paint and then i fingers crossed don't run in any problems so like there's no like wiggle room and they're like oh this is just inflation man well think about the two risks you're taking you're taking the risk on your inputs just to get the job done and then whatever you have left over you can't just put that under

your mattress yeah and then they're like hey go figure out who's gonna win the ai wars or else you're a fucking moron yeah and then like after the job you're just like now your money's not even worth that much yeah you know what i mean so it's like what are we doing i feel like i was telling my buddy today like i feel like i'm just a hamster on a wheel they're constantly hitting me with distractions i'm being fed poison everything they tell me is there's microplastics the food's poison the only white pill i hear is bitcoin where it's like this will get us out of this guys swear to god this time it's for real yeah i mean but then you guys are saying like regular people don't understand what money is yeah so like that's where i get confused like dude maybe i don't know

what money is it's like the fish and water thing where we're just born into it yeah right you're like oh yeah i use dollars i don't know anything else you never quite and they don't fucking teach it in school like i went hell no i studied economics in college i got my degree in economics they didn't teach us what money was in economics no I was an economics

major in college nothing what were you learning stupid question what were you learning about this old pedophile named Keynes yeah John Maynard Keynes

John Maynard Keynes and he set up this whole fucking system and he's an old pedo that used to visit sex tourism in Greece and like

what year our entire economy is based off of him now like the 20s yeah keep up with the fias there's a footnote

in the bitcoin standard that describes it pretty well he was in egypt i believe or morocco um yeah yeah but one of those mediterranean people don't know what it is like what is money at the end of the day it's supposed to like represent like your work like the value that you provide the economy and we essentially live in a system where a central authority can hit a button and immediately dilute the value of that currency

that's supposed to represent your work yeah like that's total control yeah yeah imagine someone on fix income, right? Someone who's older worth their entire lives, right? Yeah, what about a pension? COVID hits. Pensions are fucked. COVID hits. Everything gets three times as expensive. Yeah, man. They are fucked. They have no value left in the economy. They can't produce more,

right? They're just screwed. They were sold a lie. And we grew up and our parents were like, oh, I used to buy a Coke for a nickel. And we used to be like, ha, ha, ha. And it's like, that's the worst thing I've ever heard now. It's like the worst thing that ever happened. But it's kind of real, dude. When I started thinking about prices from back in the day, when I was a kid, it's the same thing. Yeah.

So it's scary. Yeah, when I was in the Northeast, we used to go to the corner store after school. Yeah, get tasty cakes. You'd be able to buy that thing in the barrel, the juice, for a quarter. Quarter, yeah. I'm sure it's like $2 now. Yeah, yeah. Yeah, hugs.

They were good. Someone got their first job, they made $15,000 a year, and they bought a $20,000 house. Okay. You can't do that anymore. No. Right? Inflation just ruins the standard of living. And really, the only reason the dollar worked at all is because everyone's debasing their currency.

Everyone's printing more. We were just a little bit more careful with it. I watched a thing on this. It was called Dollar Milkshake Theory. I don't know that. It was like... Yeah, that's Jeff Snyder's theory. Oh, yeah, yeah, yeah.

All the weak currencies fail up into the dollar. Yeah, so it was like, dude, you're still good with the dollar. Stick with the dollar. But, I mean, the Bitcoin thing, if I hold on to the Bitcoins, I watch that says I have more money. The dollars are going down. Yeah, yeah. You know, like...

We call it number-go-up technology. Yeah. The money in my bank is now every day it gets worth like less. Yeah. So, so, so what, what do people tell you to do? They say, invest in the stock market, right. You know, buy all these other things. But what they don't tell you is that like, that's risk, right? Investing is taking on some form of risk. They make it sound like you have to do this just to stay afloat. But what you're really doing is like taking some amount of risk every time you invest in anything. Well, dude, that's another thing I was like, there's another thing my buddy was showing me Vanguard. Yeah. Yeah. And so I'm sitting here going like, dude, everything's inflation. Like, this is crazy. And my buddy's like, yeah, it's not. I have my Vanguard. So I make 30% on my money. So like those people that have those investments are kind of chilling. kind of like they're like staying afloat but if you're not invested in that everything is

skyrocketing yeah and then the and then a company goes under and does bad and you lose your investment and they say well then index it all the way out but then the index doesn't keep up with inflation necessarily and it's like and the important thing here too is like your buddy's doing this but most americans cannot do this what was the stat like 60 percent of americans cannot afford a five hundred dollar emergency oh yeah no shit yeah so like yes the stock market is goodness working out for a good portion but like it's a minority portion of u.s citizens and that right that is like i was radical i was a senior in high school in 08 and luckily took an elective economics class and had a base teacher and he was like gentlemen this is fucked up you should go

like that must have been crazy to be a teacher back then and look at young kids and be like i could show them you know what i mean like i could like that's gloves are off i'm gonna tell them money's fake yeah and then like i went studied economics and knew it was bullshit what they teaching me like caught on to the austrian economics side of things and then found bitcoin it was like holy shit this is the answer because like that's the thing that pisses me off the most is that particularly post 08 like occupy wall street like this gap between the rich and the poor has gotten significantly worse over time as they've been printing more money and people have been misdiagnosing the problem with like corporate greed whatever may be and to an extent

there is definitely corporate greed out there but the core of the problem is the money like they fucked up the money and the politicians and the economists don't want you to talk about that it kills me because they must have known no they like obama knew of course no way now he has advisors telling him like no this is the way it's supposed to be right right and uh they're all these keynesian you know dorks that like think that you know it's like paul krugman says he's like the debt is just money that we owe to ourselves oh this is the it just doesn't matter at all money equals debt i've watched a lot of youtube videos on that yeah yeah and still doesn't make sense and like children can poke holes in this i mean it's it's so vapid in like lacking

of substance and we lost this battle like in the 20s 30s 40s you know leading up to world war ii and then right after post-world war ii is like this group you know the austrian uh economists basically just lost the battle you know what is this austrian yeah we don't know what that is so it's basically they're so like human action up here written by ludwig von misis him and mary Rothbard are probably considered like the two most eminent sure Austrian economists and they're essentially just free market guys where you need sound money don't let the government intervene and the market will figure figure everything out okay and that's the other thing that pisses me off when I came to learn is they're saying like we can't have free market capitalism this Obama was

an overt socialist to many like universal health care they were pitching this like the capitalists are fucking everything up and they were making like it seemed like people were making good points around that because you saw all these corporations um skyrocketing in value but that was because people needed to push their cash into their stocks yeah to keep up with inflation and the core of the problem is the money and like so the austrians believe in like free market praxeological first principles thinking about how money and the economy should work like human action economy should not be centrally planned top down by central banks or governments it is an emergent phenomena that happens in a p2p grassroots manner and that that will lead to

the most robust distributed economy that that you could ever want who's the last one that had a dub with it we us us really yeah late late 19th century was a golden era for the united states no industrialization of no taxes is crazy trump said that on that rogan where it's like dude every year you got to pay that shit and you're just like why god like like shit sucks in general There's homeless people everywhere. There's potholes all over the street. Still got to pay taxes. Nothing happens.

Yeah. And what do they do with the tax money? Well, I heard that it was in- Gender studies in Iran. The tax money was to keep the dollar. I've heard this. I'm not sure this is. This is what the MMT people, the modern monetary theory people believe.

They think you can print money and blow out the deficit as much as you want. And if inflation goes crazy, you just tax people more. And so they'll pull dollars out of the economy. Yeah, they just want to take the dollars back. They're not doing anything with your money. Yeah. They just want them out of circulation. Yeah, well, Naeem Bukhali at CPAC this year, I mean, that was like a mask-off moment.

It was incredible that he did it. Taxes are a humiliation ritual because the government can just print money. Now we're talking, bro. Why do they tax you at all? I hear you. Why don't they just print the money if they can? Right? It'll have the same effect.

Your money becomes worth less. They have more money to spend on bombs and rockets and ships and gay stuff. Everyone's happy, right? We're just like animals on a farm, dude. no but like people didn't live like this forever right under a gold standard it's like you earn gold would you guys chill if it went back to gold well the gold does have problems i mean there's a reason we're in this problem because of gold's physical nature it had these problems around transport is like you know the new world is found yeah you know how do you settle debts

it's like you got to put it on a ship and you got pirates yeah like when the gold is very difficult well this is this is fresh on my mind because i just recorded an episode earlier we were talking about this like bretton woods which was the meeting that happened after world war ii all the economists and world leaders got together and they're like we just fucked up the world like we need to reset the monetary system and during world war ii all the gold in the world flooded to the united states because it was the safest place safe to custody it just to keep it there so you have 80 of the world's gold in the united states and bretton woods everybody got together that are like us pretty big pretty stable political system pretty robust economy two oceans secure

borders we're gonna we're like a safe we're gonna keep our gold here and basically um use the dollar as reserve currency the dollar was still tethered to gold to some extent at that point and so we did that for like 20 years uh 30 years almost and then at one point in the late 60s france was like you know what it's pretty cool over here world war three was a couple decades ago we're pretty stable we want our gold and they asked the u.s to deliver their gold back to france and they were like uh it's gonna take us a bit so people are pretty certain that the u.s was just spending everybody's gold just didn't have it and it took it took them like six years to eventually get the to build our highways to get the gold back to france and then once france asked for it we were

like ah it's gonna take us a while other countries were like what the fuck where's our gold and they started asking for it and that's in 1971 when Nixon finally was like disappeared to Panama or some shit. What's that? All the gold like disappeared to Panama or some shit. This is a conspiracy theory that we believe in. I mean I wouldn't be surprised. I mean literally

nothing's out of balance. We were told that it's in caves in Philippines. Yeah. It's like Nisera Jisera shit where everyone's gonna get a bunch of money and no debt. You're talking about the beginning of the petrodollar. Yeah exactly. Where we had to tether Nixon came out in August of 1971 and said we're not tethering the

dollar to gold we're going to float and it was temporary right like every what was the program at that point in the united states i mean the justification the justification was we had high inflation because the vietnam war oil was screaming screaming and they needed to get control of that situation so they tethered us from uh the connection to gold but i imagine another heavy influence on that was like other governments coming be like we want our gold back and they're like all right you don't need gold anymore we're not tethering it to gold and since then we have no the the dollar is not backed by anything up until 1971 gold's not money anymore trump said the new oil is bitcoin i heard it yeah well i get excited about that well yeah i mean like

we'll go back to this it's like so gold gets out competed it's like it's hard to store right it's hard to tell if you trust another custodian if your gold's even there anymore it's hard to send And so like, what if you had an asset that was easy, not just for like institutions and governments to like custody and keep safe, but like even individuals could, right? You can send it over the freaking internet, right? Instantaneously, speed of light, right? And it cannot be inflated. This rip was also brought to you by good friends at ZapRite.

If you're a Bitcoiner and run a business or an independent contractor, you should be accepting Bitcoin as payment. If not you, then who? If we believe that fiat is systemically fragile and is a risk, the rails that that currency runs on are risk as well. You need to begin accepting Bitcoin as soon as possible. Invest in the future of your business. Create a redundant rail by accepting Bitcoin as payment using ZapRite and reduce risk for your business. I've done this for my business here at TFTC. We use ZapRite. It allows you to easily create invoices, payment links, or connect e-commerce stores,

connect your wallets or custodial accounts and be set up in minutes we can also connect our bank accounts our stripe accounts or square accounts to accept fiat as well the time is now freaks the fiat system is fragile invest in the infrastructure that de-risks the future invest in yourself bitcoin payments with zap right go to zap right.com slash tftc to get 40 off their annual subscription zap right.com slash tftc 40 off this rip was also brought to you by our good friends at salt of the earth you got to be hydrating freaks and while you're hydrating got to be getting your electrolytes this is the best electrolytes mix that i've ever come into contact with pink himalayan salt with calcium magnesium potassium sodium no sugar it

tastes incredible my favorite is the orange and the pink lemonade go to drinksote.com that's drinksote.com use the code tftc when you make your purchase and you'll get 15 off i'm telling you get on it freaks you're gonna love this stuff what happens if like the power goes out with bitcoin like are you good you're good i mean like if we get like so oh you're talking about bitcoin will be fine bitcoin's globally distributed we have i think 30 percent of mining hash rate or the mining industries here in the united states but the rest of it is distributed globally so if you get like an emp attack locally yes you may have some miners go down uh but the network will persist the only material effect that will happen is that blocks

will come in a bit slower um for a two week period right and then the network will adjust and be like hey looks like 10 of the hash rate fell off so we need to make it easier to mine bitcoin we hear this a lot right is like yeah what about it's like why the death of bitcoin is basically the death of the earth do the like do a war to get the thing to go down oh that's some country and hash wars oh no this is like a big topic in the space it actually is yeah oh yeah way to think about this type of stuff yeah it's insane yeah you know how would you you know how would if you you had an adversarial government they're stacking sats they're getting bitcoin you want to hurt them right yeah you could take down their mining

infrastructure their electrical grid but there's a lot of reasons you want to do that not just because of bitcoin but like you know you'd also starve everyone and everyone would die of the the weather and uh there's a lot of collateral damage that comes from that so like i put like the probability on that like pretty low yeah because that's the other thing like we have it out here fix the money fix the world like that's the other thing like the the way the dollar system works now it creates this perverse incentive to not cooperate with people yep and the idea of bitcoin where nobody can control it and you're not like trying to fuck with fx pairs whatever or central bank policy you just accept that you can't and once you accept that assumption

you are essentially forced to cooperate so like the whole world is going to like kind of put down their swords on money kind of kind of right i mean it's like if you have fair trade right like the incentives of how people cooperate is very different right if i'm giving you something of value right bitcoin right you're more likely to cooperate and give me something of value back right and that's a fair exchange if i start giving you stuff that's going to be worth less pesos pesos right you're likely to give me something shittier in return right there's all sorts of dynamics and trade that change when i'm not giving you something of value to pay for what you're getting we already see that in the u.s like look at the airlines

like what is the quality of service that they're just the quality of service anywhere or a table oh yeah like how hard is it to find a good table that's not just particle board you know bullshit yeah and the more people who have it the harder it would be to crash because like with money it's like the central banks are sitting there like flood the market with money let's fuck everyone up but like everyone would have to agree to yeah make bitcoin worth less in order for it to get fucked up it would it's borders on the realm of impossibility right and like what i would say is that like other incentive to your question is like okay there's lots of reasons to invade a country you know natural resources and stuff sometimes especially when we're on the gold standards like

i want their gold yeah like it'd be nice to have their gold and if you break it now they want the lithium or the gallium or whatever yeah exactly right but with bitcoin it's like there's no incentive like you you defeat their army you take over their their you know their central bank where you still can't get the bitcoin damn that's sick it's like the the the incentive model of like how do i get their bitcoin i might as well just do something they really like and they'll give me bitcoin for that it incentivizes that type of trade so like bitcoin's going up now and like what's the world what would the world be like for someone that doesn't have bitcoin in the future it's still going to be better okay yeah it's not going to be as good if they were to buy bitcoin

and participate in its monetization but going back to just this like the the economy on a bitcoin standard would provide better goods and services because that's one thing the dollar system people will have a better life standard of living yes under bitcoin yeah because another negative externality of the way the dollar system works and the way interest rates work is there's no what is defined in economic terms as opportunity costs so since they can print money and just what they do is they print money and they throw it at a bunch of shit without weighing the risk reward of that initial investment like what they're actually going to get in the back end with bitcoin since there's only 21 million when you're spending your bitcoin you're forced

to make the conscious decision like is this actually going to provide something value at the end of the day there's no way you don't want to get rid of them yeah because you're like what's gonna like so you have this like natural forcing mechanism in the economy where if you're going to go do something it better be worth it to the point where you think you can actually make more bitcoin by investing in that and that should ultimately result that would be like a paradigm shift right of the world i mean it but it's happened before and you have to watch out for like one thing which is like the keynesians uh and the mm tiers and everything that they talk about money hoarding a lot they're like but if your money is getting more valuable then no one will ever spend it no

one yeah it's like well people built stuff under a gold standard they spent money under a gold standard and what we're seeing in bitcoin right now is not what would happen in the future once it's like monetized and used as money right right now we're seeing a process of monetization is that it's not going to 10 X in a year. It's not that style of deflationary, right? It will just slowly, slowly get more valuable over time. Like slowly, slowly, slowly, depending on the production of, you know, uh, uh, the productive capacity of the economies that it's working in. And so it's like, there is no such thing as money hoarding, right? It's just, you haven't done something to get the money from the person who has the money, right? You haven't done something valuable enough for

them to part with it. Right. And so it's like, well, what do they want? And you build economy around what people want right and so there is no money hoarding there's no like oh i don't want i just want to hold on to it's going to be so much more you know valuable eventually it'll just stop skyrocketing it just kind of enters into this steady state you know maybe it's slightly deflationary over that time but uh the you know we have other deflationary things in our world right now that we don't say is bad what do you mean well when my dad was a programmer you know back in the 60s and 70s that was a programmer yeah my dad was a programmer my whole family in the 60s yeah kids computers yeah i had like awesome computers in my room when i was like six

years old holy it was so much i was playing like x-wing and shit like that yeah that's awesome laser shoot larry yeah uh but uh no is that you know a good computer might cost 10 grand right and now the computers are way better but you can get a great computer that is 10 000 times better for two grand it's like a deflationary thing technology is deflationary okay get better stuff for cheaper we get better at making it the technology gets better these are like yeah the first plasma you ever saw was like eight grand exactly now you can get them for like 800 bucks at costco like yeah 500 cheaper than that it's like 275 now yeah yeah so yeah so like we have these deflationary things is that bad for you like is anyone look at that and think like

oh man this is not going well yeah yeah it's like this is like scare tactic is mostly around like oh people are going to hoard money and and the economy is going to grind to a halt which never happened what pisses you guys off the most one about like bitcoin people coming at bitcoin what's your pet peeves the altcoins dude all coins yeah because it's made to confuse people it's why people sit on the sideline it's called an affinity scam they make something that looks kind of sort of like bitcoin they're like hey look we're exactly like this except we're totally not you know but it's just one of them that's devilish but it's kind of like uh beyond meats my best comparison is like you know they don't make you know cube slop they make it look like a hamburger

because people like hamburgers and they're like hey look we're just like a hamburger i like hamburgers but they're feeding you this like goy slop you know just nonsense right it's gonna make you infertile you know but they had to pick something they make it look like a burger They make it look like a steak because they couldn't get you to eat it. Otherwise, that's what all coins are, right? They're just saying like, oh, it looks just like Bitcoin, except we've done this nasty little thing underneath, like with Ethereum, for instance. I love shitting on it, right?

70% of all Ethereum when it launched was just given to insiders. It was like VCs, the programmers that worked on it, early investors. I mean, that's a scam. Yeah. And then they dumped it on the retail market, right? Still to this day. That's what they call the rug pulls, right? Yeah.

Right now, as Ethereum inflates, still today, right now, I think it's around 55% to 57% of all Ethereum that exists were part of that pre-sale, pre-mined, just like giving out to friends and family. That's what they do with the NFTs and shit. Like a bunch of people have them before, then they go live. Exactly. These are just dumps on retail, dumps on retail.

And the reason I hate it so much is it makes it that much more complicated to explain Bitcoin because they've spent all this. Muddying the waters. Yeah, a lot, right? like we see this a lot at the fund going to raise money like the first question we have to answer is like why bitcoin and not broader crypto yeah why not you have to we're not ripple why not ethereum why not to spend multiple meetings like rewiring people's brain to understand there's a difference between bitcoin yeah the snake so you're 100 off all of them yeah oh yeah but we went

through this you know there were things back in 2014 2015 that got me excited yeah and you know I wasn't like, you know, pure forever or anything, but it's like, you get worn down on this after a while and just start realizing like you watch your friends lose money. You watch, you know, things get, you know, pump and dumped, you know, you watch, you know, all this type of stuff. You watch people raise VC money, do all this stuff and then run off with the money, you know, like it's insane. And we just watched it for 10 years now. So we're like a little bit immune to it. It's like, I think people are too willing to give credibility to things. It's like Bitcoin earned it like in the fire like in 2011 you had chuck schumer on the senate floor calling bitcoin

you know evil you had paul krugman calling bitcoin evil we had to fight through all this stuff you had bitcoin getting seized from the silk road you had all these like world events you had everyone saying it's just for criminals and it's just yeah i watched a jamie diamond video of that yeah i was a jamie diamond video shitting on it saying it's such a small part of it's not a real big part of the economy and it's just gonna be for criminals yeah and i was like dude's making some really good points there yeah that was like 10 years ago yeah and so like everyone i'd ever talked to is just like you're an idiot you know to me it's like we've watched this happen and against all odds right we've watched it just slowly keep on going yeah jamie i watched that

video jamie diamond is buying and selling yeah what are you so i i watched this video right and i i didn't know it was old so i'm like damn jamie diamond that makes a lot of sense dude i'm stupid i just this bitcoin thing's crazy and then i saw that it was like 10 years ago and i was like man what an idiot they have a trading desk now you have to think of his incentives too what happens if we live in a world in which bitcoin wildly succeeds they're the commercial bank they're the closest

to the money spigot right yeah they're the biggest beneficiaries of the cantaloupe effect if this stuff kicks in dudes like warren buffett are going to be like dinosaurs fuck warren buffett he's already a dinosaur yeah he's done dude like munger's already out you know warren buffett you know what do you call it rat poison

rat poison squared what exponential rat poison What? What's this? Bitcoin. Oh, yeah. Dude drinks Coke. Yeah.

Yeah, he eats McDonald's every morning. Like, it's a miracle that he's still alive. Now, just real quick, because this is the shit that interests me the most, is the blockchain stuff for buying whips. Can you try to explain that with registrations? What? I was listening to something for, like, through the blockchain, you can do registrations and shit,

so you're not sitting at the DMV or, like, something. How is that going to work? This is mostly that made the most sense to me where I was like, dude, this shit. This is bullshit. It's bullshit. Fuck. Total nonsense. Yeah.

This is one of the first like dragons we had to slay. And this is a psyop, right? Is people came out and they said, oh, you know, Bitcoin's okay and everything, but it's really the blockchain technology that's interesting, right? It's another one of those misdirection bullshit things. They're like, they're like, oh, you know, Bitcoin's this nice little thing, but the blockchain is going to be fun. You had IBM putting up commercials.

We're going to put tomatoes on the blockchain. you had like all these retarded things and really what it comes down to is that with bitcoin the public nature of the ledger right is rightfully so some people would think like oh wouldn't it be cool we could track like providence you know of like did this painting come from really come from here if we put it on the blockchain or could we tell this tomato was grown in the united states not in mexico for like usda stuff or you know uh we could do title for uh property and just you have clean title no matter what there's one person it's but you get into these mechanisms like the only reason it works for bitcoin is because there's all these different incentives the

blockchain isn't just decentralized out of thin air it's decentralized because there's an economic incentive for miners to like keep on confirming transactions and building blocks right for tomatoes on the blockchain like who who's doing this like yeah there's no incentive right even if you're paying so that like because i was always getting freaked out about how it's kind of like a surveillance state tool it could be right cbdc type stuff yeah that that stuff freaks me out but you're saying the blockchain the custody is literally just for mining i found one use case for a blockchain like once they're done mining the blockchain like what happens and then so like the in a block yeah on this blockchain each block has scarce data space where transactions can live

And by the time we get to the point where we get to 21 million, I mean, we'll be 99.5% of the way there next decade. Essentially, we'll be alive. We'll be alive. And at that point, you assume Bitcoin adoption increases. There's a lot of demand for Bitcoin, and therefore a lot of demand to get transactions in the block. And since there's scarce space,

you have to sort of bid to get your transaction in the block. So there's fees. The fees go to the miners. To get it on to the ledger. Yeah. So they don't need new block subsidies coming out because, you know, there are no more. But the fees make up how you're incentivizing and paying the miner to do all the work, right? You guys were talking about something where you were, like, saying that it's getting monetized.

What's that mean? It's becoming money. Yeah. So, like, the monetization of an asset. It's like the demonetization of gold, what was gold going from money to being jewelry and shit like that. Or, like, you know, there's been other attempts. like when the Hunt brothers, um, the silver market tried to corner the silver market, right. They were trying to remonetize silver. They're trying to like basically say, okay,

we buy it all up and you know, we corner the market. Was this a couple of years ago? This is like, no, this is like, uh, late seventies. This is like the guy who owns the Kansas city chiefs, uh, their big family out of, uh, oil family out of Dallas. Okay. And so they cornered a silver market and they think they're going to remonetize silver and they're going to put it on parity with gold and you know maybe we could go to a silver standard or something like that but the problem is is that there's endless fucking silver in mexico you can just dig it up it's everywhere you know and so like that didn't really work but the monetization you know process is like how do we turn something into a money and the easiest thing to turn into a money is a commodity

with a limited supply right if it's too easy to get then you know it's a shell or it's a glass bead or something like that u.s dollars had historically been a pretty decent one because we just weren't as retarded as everyone else and we generally didn't inflate as fast as the rest of the world right so people could trust it you know to a certain degree now we have the military well not the military too like that was the other thing in like 1971 and a product of the de-industrialization of the united states is once nixon ripped us off the gold standard he was warned by this economist um triffin robert triffin i think his first name was he said if you do this like to keep the dollar as the world reserve currency you have to flood every other market

with dollars and to drive demand for dollars so you can keep printing but you just need to make sure it's in as many hands as possible so it's the dilution isn't obvious and so that's what led to the hollowing out of our industrial base and the offshoring is essentially after like an early nafta yeah yes after 1971 this is the history people need to be taught at school the economists in the u.s were like all right uh to solve this problem we can't produce these expensive goods here we need to flood international markets with dollars and buy their cheap goods i never had a chance dude that was like 10 years before i was born i know right and then and then you have to ask the question it's like okay you know when we were growing up it's like the result of that is

like, we are paying $19.99 for a CD player instead of $29.99 but we don't have Detroit anymore. Right. He's like, was it worth it? He's like, what the fuck? What type of bargain was this? I'm sure Camden used to be something.

It was awesome. Detroit was like the richest city in the United States. It's just gone. The whole Midwest. What is America going to look like if they monetize Bitcoin? Incredible. I mean, you so they're flying cars like let's use like the ercot example here and this is like not even

like a it is a monetary use case but it's really the the benefits of bitcoin or the first order benefits are the monetary benefits but then like the way the system work works it creates these second and third order effects one of which is mining takes a shit ton of energy yeah what we're seeing down here in texas texas we have ercot which is a private grid oh yeah you guys have your own grid your own grid it rules and yeah they should while they try to shit on it what while they try to shit on it everyone else tries to shit on it because they don't have it right we had that one hiccup in like february 2021 it got cold we didn't insulate everything it was like we're fine yeah yeah okay we we're happy yeah yeah but since 2021 specifically china banned mining

in 2021 and so all the miners moved over here and they came to texas idiots what we've seen in texas over the last four years is a rapid expansion of the electricity grid and predominantly i would i would not say predominantly but like a key part of the expansion has been bitcoin miners saying hey you can expand your your capacity for electricity and we will buy that electricity immediately because that's the problem all these grids have is they really build their capacity for peak demand periods which happen in two weeks in the summer and two weeks in the winter yeah so they have all this excess electricity that they're always producing and between those peak demand periods nobody's buying most of the electricity and so you can't my electric bill is like nothing

you can't economically reinvest in capacity expansion because there's most of the year there's not a lot of buyers but like bitcoin mining they're looking for cheap energy and they come in and they say off peak demand we'll buy all that electricity at a cheaper rate just give it to us and then when peak demand comes and electricity prices are skyrocketing we'll turn off our miners to help electricity prices get cheaper and so you can you have this like economic incentive of mining to expand electricity production which is all prosperity yeah which is tightly correlated that's another thing that happened in 1971 the adams curve which um which tracked uh energy consumption per capita over time it goes flat and energy consumption per

capital increasing is directly correlated with human flourishing and because we fucked up the money because like investing in grid capacity when you have terrible money is a big risk to take and so nobody was doing it as much as arguably they should have now with bitcoin you fix that incentive what is this shit you do with uh putting the what are you putting on these like oil refineries to take the fires and stuff so that flares of the flares so that's another energy arbitrage game So like on-grid here in ERCOT, they're saying you have this cheap electricity off-peak hours. We'll buy that. That's on-grid.

So this is off-grid when you extract oil and gas. People predominantly want the oil because it's more valuable. And they either don't care about the gas or they don't have pipeline capacity to get the gas to a refinery, to get it to a point where it can be sold to market. And so what they'll do, due to EPA regulations, regulations typically they would just like vent the gas just like let it go up to the atmosphere but it's pure it's pure methane and the epa was like you can't do that you got to burn it and turn it into co2 because that's less uh burdensome for yeah we used to have a refinery

not far from us yeah so what we did at great american mining is we showed up to these oil companies were flaring gas uh on these well pads we said hey stop flaring that gas instead of setting it on fire run it through this pipeline to this generator and the generator create electricity and we had shipping containers with miners in them and then power the miners and sounds pretty simple bitcoin with it yeah it is it's very real world though it's just like yeah people think of bitcoin it's like this like it's this like nebulous thing it's like no no it's people like that going to sources of power you know they're fighting over the cheapest forms of energy because that's your competitive advantage right so if someone's just flaring

gas out into the atmosphere and you can bring a generator and shipping container over there it's like that's a competitive advantage so we start using all the energy that we possibly can what's even better than that though is that now you have the incentive to to fund and support the building of new energy sources new power production right right and what we all know is like the more power production you have the more you know uh the more aircraft carriers you can build right the more buildings you can you can build like the more roads you can build like everything prosperity just booms when you produce more and that's probably me up with this yeah like what you were saying that you were saying that uh they're like so i've read that they're gonna mine till

like 21 something but 2140s but most of it is going to be done in the next couple years yeah so this is it yeah i mean so that that's the other that was part of like the bootstrapping mechanism another really smart thing that satoshi did is to incentivize people to play with bitcoin early he made the initial block reward very high so half of all bitcoin that will ever exist was mined in the first four years okay yeah and then it's getting smaller and smaller yeah it cuts in half every four years yeah the way technically ever two 210 000 blocks so like started the genesis block block zero between block zero and block 210 000 it was 50 bitcoin per block were being um distributed to the market once you hit block 210 000 that automatically got cut to 25

right 420 it got cut to 12 and a half uh 630 you get cut to 6.25 and now where we are today we passed 840 earlier this year 3.125 bitcoin are distributed what was the first equation the first what equation the math problem there is like a there is a really elegant like uh solution is called like the having like the bitcoin having it's really what is that simple actually when they go oh man we it's coming up we're gonna do a having what's that that's what i just described this offer just does it automatically right it just it just cuts the reward the subsidy that goes out to the miners and like everyone knows about this right and so like all the miners are like you know the way they fund their own businesses and stuff like that

has to be you know uh congruent with you know knowing how many bitcoin you're going to be producing based off how much electricity you're spending and how many machines you have running so it's like but the thing is is that the rules of the game are very well known right and that's what you want in a monetary base it's like the like what here's a funny one is like when cortez comes to the united states he's writing back to the king of spain constantly like uh you know we're doing this we found these people here you know came to the united states what am i saying when he came to the new world you know um but uh one of the things that's kind of funny is uh you know they're sending back gold and silver conquistadors yeah the conquistadors are doing

this right the problem is is that like that's like the they didn't have a lot of gold in south america and in mexico they had a lot of silver but not a lot of gold and so everything they sent back was basically the entire civilization's extraction of gold you know for thousands of years right yeah but what's really funny is when it gets back you know to um to charles or ferdinand i can't remember which ones and uh is that they're like what's the deal are you sending me faulty gold is it's not worth as much it's not good because they're inflating their economy right like they didn't understand like you know what was going on so they were dumber with monetary stuff yeah i mean like but you would never had this like uh this moment at least in their lifetimes uh where

all of a sudden all this fucking gold just shows up like in your economy we've been like figuring out money and now we're here at bitcoin yeah like as a civilization yeah that's pretty cool it's kind of great yeah right no i mean satoshi like i mentioned the genesis block like he made explicit um declarations like i'm here to fix the money the genesis block had a headline from the london times that day which was about uh the british chancellor bailing out the banks there one of his first emails that he wrote to the list is like i created this because governments and central banks can't be trusted to not debase the currency that's what's up yeah who knows what will happen ultimately but like i strongly believe that like we seriously figured

out how to fix the money and there may be no turning back like so you guys trust this man who's satoshi that's it we consider it impolite to speculate because obviously i'll give you a reason why though right is it like satoshi's obviously a fake name right and there's probably like 30 people it could be and he went through great lengths not to identify so it's like it's just it's rude yeah it's don't be rude yeah don't be rude right and a lot of people speculate on it but like there's like 30 guys right that you can look into you know the way dies and nick zabos and adam backs and peter todds and all these guys that were into this stuff they all talk to each other they're all mailing lists together and stuff like that it's almost certainly one of those guys

they all see my patriots what i mean they're not all american okay you know uh but uh or just you know a lot of them sense yeah you know there's how finney he uh he died of als and he was he received the first ever transaction from satoshi um and worked on the protocol a lot in the early days where it was just him and satoshi writing the code there's all these like people that that were either involved or around this problem at the time but at the end of the day like satoshi doesn't here here's a really funny thing right the way ethereum worked where like they had 70 of all ethereum like given to insiders you could argue that the first block ever mined would be unfair right that the first 50 bitcoin ever mined would be unfair because satoshi's

pretty much the only person unless he just that knows this is going on this is going on he has to launch the network right well funny enough there's only one block that's unspendable which is the first block it's like it's created as a fair system it's like sword and stone kind of stuff dude it's like mythological it gets you going yeah uh but like yeah i mean like he set up the fairest system he possibly could obviously the early miners you know were getting these big rewards but he had you have to get the network going yeah so there's miners that like fire up the gas line or whatever they get close to the power yeah and they don't get a they don't get a coin they don't win the coin yeah that i didn't know i thought you could just it was guaranteed

like well plug in the computer you're gonna get the way it works now like the mining is at the scale it is you pool your mining power together with other miners and okay so you have what are called mining pools and the idea there is that you get other miners together you all point your hash rate at this pool uh inevitably one of the miners in this pool is going to find a block and the pool will send it to the network and then all the miners contributing their hash rate to the pool get a little piece of that reward. And this is only going to go on

for a little while longer. No, this goes on forever. Oh, okay. So right now they get a subsidy for doing this and in the future they'll just earn whatever fees are coming from. Okay, I got you. So are coming from the transaction. So even now, I mean, there are some blocks where fees are very high, you know, where it's a big part. But generally

speaking, the subsidy is still like the meat of what the miners are going after. sometimes they get a high fee amount sometimes they don't but like you know again as bitcoin monetizes right and there's more competition for this like small amount of block space right is that the fees get higher and higher and higher to where like you know we're gonna have thousands of dollars of fees on the main chain which is probably making you really nervous right now when i say that but the idea is that like we'll just transact like when you buy you know a water or something like that right there's no reason that that transaction needs to be stamped on the most

valuable blockchain yeah immutable for the rest of history right when it's ridiculous when is it going to be more used used like yeah i think it's just prediction like shoot yeah i mean it's i mean depends on what you mean by more right uh it's like every single day yeah like yeah so like merchant adoption and things like that like i have a basic theory of this is a recurring meme for a decade yeah is that like generally what happens is like as bitcoin is getting more monetized like the merchants really push this not like the individuals buying stuff it's like they say i want bitcoin so they start looking around they're like okay these other companies that are getting bitcoin into their treasury they're doing pretty well economy goes down they can still pay

their employees that's pretty nice right they have a treasury asset that doesn't just melt out from under them and get inflated away by the government so like well how do we get some of that bitcoin and they're like well the most economic way we could do it is if we just traded our services for bitcoin so like you'll start seeing like some taco stands and some restaurants and some venues that you see sports at or music at or something like that one by one they start doing this and those companies do better and better and better than the companies that don't it's like evolution yeah it just keeps on going i think it's it's gonna take a while like and it depends We have a very specific point of view here in the United States.

For instance, for TFTC, I have people who help us with post-production and making clips that work in Columbia, and they demand to get paid in Bitcoin. We have a better currency, right? All the other countries probably want Bitcoin over everything. And then aren't other countries using Bitcoin as their money? There's one. So El Salvador made Bitcoin legal tender.

They're the first ones to do that. but in most countries they have such shitty money that like money is actually dollars right and so if you go to africa it's like no one's like demanding like any of the local currencies i went to egypt and their currency is trash yeah we got friends that live out in like uh lebanon jordan you know middle east over there especially in lebanon though the they're going through pretty close to hyperinflation right now it's like everyone there would take bitcoin over right their local currency. Right. Like that's, that's for damn sure. And so we get, it's, it's actually kind of amazing that it took off in the United States, given that we have the best

money. Right. But, uh, I would say like to, to your point, like, I think we'll see a big wave in the next 10 years, a big wave. Now that doesn't mean that like we've replaced the dollar or anything close to that, but that like the marketplace for Bitcoins are actually, it is just as common to earn a bitcoin as it is to go to an exchange and like buy it like you would a stock or something like right yeah i got a question what's a node i heard you guys say node i was like that's hilarious it's essentially a computer where you download the rules of bitcoin and you you ensure that everybody's following the rules so like that's in bitcoin a lot of people say you probably got one on that don't trust verify i do you you can download the

bitcoin software download the ledger and participate in what's known as consensus and so okay people when i download the software i say these are the rules to bitcoin if somebody tries to send me a transaction that are not following the rules as defined on the software on my computer i reject it and the rules are they're only 21 million so if someone tries to send you a bitcoin and you're looking at it and it's like their version of bitcoin has 42 million bitcoin you're like whoa that's not real bitcoin yeah so if someone tried to inflate it okay and like you get to run so if you're receiving Bitcoin transactions through your own node and you know what your software considers to be Bitcoin,

right? Then you can be damn sure you're not going to get ripped off. Like with gold, again, comparing to like the deficiencies in gold, how many people got ripped off with fake gold? You got to bite it. Yeah.

Oh yeah. You got to buy it. But what if you get a bar and you have to drill into it and you have to do all this shit, right? So a saying, whether it's real or not is actually difficult in the gold world. You have to use fucking acid and all this shit,

right? With Bitcoin, you download a thing on your computer, if you're receiving Bitcoin, especially a lot, you, you might have a trusted third party for small transactions where you're like,

Oh, this guy's paying me 10 bucks. Like if he rips me off, he rips me off. But if you're taking like a big, you know, invoice or something like that, you run it through your node,

make sure that it's a real Bitcoin. Yeah. And this goes back to like the credibility of 21 million. There's tens of thousands of people running nodes on their computers and businesses. And to change Bitcoin, you'd have to convince too many, too many of them to more people.

the harder it is to fuck with the thing so there are forks a bit you know dogecoin which you've heard about and like litecoin these are these are at the time that they were created like litecoin is like it's just the bitcoin software with more bitcoin you know that's how it starts now they've they've diverged a lot since that moment right yeah but at that moment in time they're just like what if we had i don't know 70 million bit forex yeah 84 million or 84 million bitcoin and they're like that's our new coin so that's like your fear is like like bitcoin right now you guys think it's pretty perfect like pretty close pretty close monetary policy wise yes somebody could mess with it well people try constantly yeah 2017 was a big was 2017 was one of the most pivotal years in

bitcoin because you had all the largest exchanges all the largest investors um many prominent advocates roger ver one like the bitcoin jesus yeah he was on he was on yesterday they basically got together they had 90 of the network hash rate and they said we're going to change the rules of bitcoin to increase the block size so we can fit more transactions in each block and why are they always trying to fucking meddle in things and then we said no yeah then tens of thousands of people running it on their software like fuck that like just because coinbase says i need to do it yeah and they tried to do it and they failed miserably yeah and then and then they started investing in shit coins because i well if we can't control this then like that's when you start seeing

coinbase list every you know i get notifications on my phone it's like bonk is up 30 it's like is this a serious financial services institution like trying to sell me bonk it's a casino they're trying to win yeah exactly i got it if you're an exchange your your incentive is like to sell anything under the sun you know make everything look look good but like these guys i mean like i mean not only did they fail they didn't come close at the end of the day right like it really wasn't even a competition like they failed to get consensus in a spectacular fashion in like all these things that's a check on the box it's like okay powerful internal you know um this was industry players try to overtake the the platform like or the the network didn't work and one could

argue at that point i think bitcoin was like a 20 to 50 billion dollar market cap around then and so like it was much smaller and so you'd think like that's like one hedge funds aum like Yeah, you can throw money and change Bitcoin. But the common man, people with very little Bitcoin, but were for the cause and like wanted to make sure that Bitcoin didn't change. Protectors ran the software and basically it was like David versus Goliath. Yeah. Now this makes it, you know, there are some things that like, you know, I might like that Marty doesn't or something like that. Right.

You know, there's always some sort of proposal going on in Bitcoin to change it. Right. I would say how many people have to agree on that, though? you just have to be persuasive right you have to be able to convince tens of thousands of people and industry players and different economic incentives like miners want different things and exchanges and investors want different things than financial services operators this is all going on in the back so what's great about that is is that like if you have a what i would consider like a almost perfect or probably perfect monetary policy you really don't want it to change yeah

right and if you want stability even as like a programmer who's like building software on top of this it's like imagine if you're making games for xbox and all of a sudden they're like oh by the way you need some gobbledygook thing over here or so your game won't run it's like that's a disaster you actually want a stable platform yeah to build on you don't want it to change very much right this is what happened the bill of rights the bill of rights was perfect and then they just started meddling it and all these bad actors i'm anti-bill of rights i hear you bro yeah i just wanted the constitution no bill of rights some constitution type thing where it's a dude we You cannot fuck with us for a love of God medalist.

I think it'd be cool. Do you remember back in 2019, 2020, people were trying out these little towns with their own money? I don't know if you guys remember this, but it was like... It's like Miami coin? Yeah, yeah. I know about that. They should set up a place.

I met Mayor Suarez and told him that it was a dumb idea. Dude, don't be stupid. This is like putting tomatoes on the blockchain, man. They should set up a place in America that's like, this is the Bitcoin town. An economic free zone. This is what it would look like. No, you have, there's another good book you guys should read, Strong Towns by Chuck Maron.

And this is like, it's one of the only things where I look at Nayib Bukele and I'm like, don't do that. Like he was like, we need a Bitcoin city. Yeah. Like it's all emergent. Like you can't like centrally, like going back to like central planning, like Austrian view. That's like a centrally planned idea of a city. Like, and it'll never work. Okay.

And that's like, that's the other thing that I think drives, people are very impatient when it comes to Bitcoin. Like I said earlier, people want it to be fully monetized, fully accepted, fully available. It's just not the case. And people have to come to grips with the fact that it's going to take time for this adoption to naturally play its course. So you guys are like the people who had the internet early. Why are people still sending me fucking letters? That's just how it's done right now. But we could email if you wanted to.

So you're just chilling for the time being. And the internet took decades to actually emerge. JPEGs took a long time to load, brother. yeah exactly right like you know i'm i'm a little bit older than you guys uh and so like i was like on the internet in 1995 like that's really like a lot of people got on 96 they say 95 but they're lying like 95 is like steal that valor right yeah yeah all the time did you ever see that thing where it was like um i'm gonna hipster them and just be like no 95 there was a time where you could see all the people on the internet like there was like a phone book for it oh yeah i mean especially

with things like bbss and stuff like that like yeah i ran a well i didn't run it my older brother did i was a little bit young but like we would run bbss and you get little directories of them and then like i'd run up a phone bill we ran up a 900 phone bill back in like 1993 my parents walked in they're like what why are you calling russia like what is going on why are my 14 and 10 year old kids like what's that like on a modem or something yeah we had like direct modems and you would directly connect to these bbs's uh these bbs systems and like someone had like a sick site and so we're like okay we gotta you know call into russia and we'd like take down their like code and everything and try to recreate it and like so cool but like you know even before

that like you know you have research institutions like doing stuff it's like it took decades and decades for the internet to fully form you know we're we're you know 13 years or 16 years into bitcoin at this point so it's early days it's still pretty early right like this might be like the arpanet phase yeah but you have this like these things right credibility wise is like you have this monetary policy that can't change it's been attacked over and over again always failed right and then you have what marty was talking about earlier is like we have gigawatts upon gigawatts of energy being spent to produce new blocks and protect the network right yeah and it's like the attack vectors keep on shrinking and shrinking and shrinking it's like if you

wanted to attack bitcoin in you know january of 2010 it wouldn't have cost you all that much right now it's going to cost you trillions it's cool man it's kind of like its own like entity outside of like countries and stuff you know what i mean like it'll exist bitcoin will just be a thing yeah it's completely like money will be separate from all other things yeah when we talk about like freedom or separation of church and state separation of the state and control over speech like that's the thing that people need to understand you need separation of money and state too that's what bitcoin provides i guess it kind of makes sense with like the whole like if you had gold america come steal your gold if they kill you like you were

saying earlier it's like you're fucked you just have a mess to clean up and that's about it you don't get their bitcoin they can store it in a way and use an individual this is what's really cool it's like you can get state level security of your own bitcoin whether it's you know ten thousand dollars or ten million dollars it doesn't really matter you can basically store your bitcoin the same way a nation state would yeah right for a couple hundred bucks well i got i the first time i heard i heard about bitcoin i only had like 300 bucks and i was like i couldn't have done it i had to survive then the next time i heard about bitcoin jack dorsey went on rogan and was like just get the cash app yeah you guys can buy bitcoin so i was looking at my history and i the

first time i bought bitcoin it was 7 000 bucks and i bought 50 bucks well done and like but like what would you now like what would it be now the good way to get bitcoin so and like store bitcoin you buy it or you earn it right same way you get money it's just money right right and so like you can buy it on something like cash app right you buy you know tens or hundreds of dollars at a time it builds up and then like there's there's different security postures just like there's for dollars. It's like, there's a certain amount of dollars you'll carry around in your wallet, right? Yeah. A certain amount of dollars you'd be comfortable putting in a safe at your house. There's a certain amount of dollars that you want in a bank account that's FDIC insured and all that

stuff. Right. And so the same is true with Bitcoin is like, there's an answer for all that. Like you can have a little bit of money on a hot wallet on your phone, you know, that's like a username password, right? You'd have a little bit more money on an exchange, right? Uh, if it's a lot of money and a lot is relative it's like you want to do what's called cold storage which is where like instead of trusting a third party to hold the money for you which is what's so fucking awesome about bitcoin is that like you even have this option right it's a bearer asset it's like i can just keep it but it doesn't have all the downsides of a bearer asset like gold or cash where it's like i can keep it but i can actually keep it safe like if i had two million dollars of gold

right i wouldn't keep it in my house that'd be fucking insane like i'd give it to brinks and they put it in a cage somewhere right like but like that centralizes like the custody of gold it goes to these big places where they get armed guards and stuff it's like i use i i hold my own keys and so but i can hold my own keys in lots of different ways and i don't want to confuse you with too many but it's basically the idea is that like i can get multiple keys right where i can place them in different places i can you know i have a place in wyoming i can put it up in wyoming and in texas you know i have one in a safety deposit box i can have backups for it all over the freaking globe if i want right or i can use friends and trusted you know like actually you

know not like a banking trusted but like my brother you know or my dad or something like that right but even they couldn't screw me over if they try to do something with the key and you can have redundancy it sounds complicated and i won't go into everything but like you can do this it's totally accessible there are companies that will help you do it where even they can't screw you over yeah right and you can just hold your coins i mean it's better than i go to the bank i'm trying to pay someone they don't have the money i had to drive all around the city i had to drive all around the city to pay a roofer and they were like i was like guys i'm looking at the money in my account they're like well we don't have that here so i was like there it was three thousand

bucks that they they were like we can't give you more than three thousand i'm like what are you for i'm like that's 10 people coming in for 300 how do you not have that like and you call yourself of a credit union yeah all these controls and like and this is just a trusted third party system it's like it could be that they just they limit you in some way it makes you ask what is that actually my money like give me my phone oh i mean dude it was pretty clear it was not my money and i had to go they sent me to like the most dangerous location to get the rest of it you have to go get cash yeah to go get cash because people want to get paid in cash and construction yeah but we would enjoy bitcoin man especially if you could just like tap it or whatever like

i don't know how you would do it yeah everyone's working on those so like everything you can do like you know i have a little tap card right now i'm not gonna say that it's a hundred percent as like convenient as like dollars and everything are yeah but like we're getting pretty damn close well nobody believed in construction that you would get paid on venmo yeah that was crazy and we're like all the time now and then uh quickbooks does whatever they go through stripe or whatever that is i think it is i forget but there's an email like shit and it's all it's like kind of reminds me of stuff because like you can see when someone sees the email yep you can see if they looked at it you can see when you get paid yeah yeah yeah but when i started it was like you

handed someone like one of those like white pink yellow things yeah you wrote it out and like that was it yeah because all the old heads that they wanted to get paid in either personal check or cash yeah and i was like dude our our industry is never going to change i think that's how you see it progress all just send me an email i get paid before i get home yeah yeah well okay you have two people that work for you they say they want bitcoin right now all of a sudden you have an obligation in bitcoin right like you have to get bitcoin i have to you have to find out how to get it and so one of the things you might do is say like well the people that are paying me i'm gonna make them pay me in bitcoin i have to pay other people in bitcoin yeah this is how like

economies emerge right and it's like if i have obligations in bitcoin that i'm gonna get and i ask other people for Bitcoin is like, that takes a while. It doesn't just happen. Yeah. Yeah. Like people being like, give me Bitcoin. Yeah. So like small businesses, like they're usually the first ones to come on board. Like we deal with a lot of people that like at Zaprite, like the payments company I do is like, most of our companies are like dentists. Why dentists? It's like, well, because they own their own business. They can just decide they don't have to talk to a board of directors or anything. I want Bitcoin. So they put up the option and some of their customers pay them in bitcoin and they're cool pumped yeah yeah so you just need to get to the point where you

join the logos that are on like the thing at like wawa or something yeah underneath american express yeah what about the atms are those sauce uh they just charge big fees yeah you can get bitcoin there i don't understand how that even works and now they're at the point where you need to like give them your phone number your license and all that stuff i mean that was their value prop earlier and uh is like you can bring cash give them a little information and get the bitcoin out is there like a way with bitcoin to do it more like be safer just transacting with people like say you are working for someone is there like a holding thing you can put it in you both agree to pay and stuff or yeah it's called multisig so this company right down the hole here on chain

that's what they do is so i have a business account there it's a you need you have a quorum of three keys so you create a wallet and the condition is there's three keys that can access the wallet you need two of the three to move the bitcoin and so for my business i hold a key my bookkeeper holds a key and unchained holds a key to move any of the bitcoin out of there i i need to sign my bookkeeper needs to sign it's like firing a nuke yeah exactly it's like an old byzantine vault you know like multiple keys but it's like again you're trying to take trust out of the system it's like you know you still have a relationship with a financial services institution but what they can't do is like unchained cannot get a subpoena from the u.s government that says

take all abilities bitcoin what were you saying the other day about the fdic fdic i was saying uh the fdic is it's a you know government entity that like forces these financial services uh company they get a lot of control over these companies when you're regulated by them the banks particularly yeah the banks particularly is that uh in wyoming along with like caitlin long and uh matthew kaufman and the wyoming legislature we set up a a corporate formation where basically it was a bank right that could not lend money and if you're a bank that cannot lend money you are not overseen by the fdic because the fdic if you're not lending has no jurisdiction over your entity so the idea was that you would have a fully reserved bank

that could custody these like digital assets bitcoin stablecoin stuff like that right and that the only thing that bank couldn't do is lend and if you don't have the fdic breathing over your neck there's a lot of other things that you can do to be a greater value to your customers so there's no fractional reserve banking with that yeah that's how do you how are you a greater value to the customer that way well i mean like uh a lot of these rules that you have to follow as a bank and like you know uh and a lot of the overhead this is why they don't have the money is that yeah they don't have your money they don't have your money and like the fdic is trying to like make you know they're basically ensuring yeah that like if this bank goes under we'll still get your

money back at least right and in order to hold it sounds like a mob boss well it is yeah it's it's just like and and so what they get to do in order for a bank to get that certification is like they get to boss you around they get to say like well if you want our stamp of approval you have to do things exactly the way we say and they have 10 000 pages of regulations and shit you have to do which is why these banks get like like you know under a bitcoin standard like a lot of people say like bitcoin's gonna kill the banks i'm like not exactly it's gonna kill a bank yeah the central bank right there will still be banks there will still be financial institutions doing stuff right and it's like i do have some sympathy for some banks and bankers over time where it's like the

banks the bank doesn't want your social security number and every single thing about your life they're forced to take all that information and then they get hacked right and all your information leaks out and they get blamed but they didn't even want it in the first place the bank secrecy act post 9-11 right and that's post 1970 oh yeah that's yeah sorry it's a patriot act yeah you know and and the bank secrecy act and all these uh things layer up these things that the that the banks have to comply with and so they have these huge compliance offices and they have all these fucking burdens that they have yeah it's a movie or a documentary i saw they were talking about how in the 80s banks were just like small town like small time things yeah and then it

grew into this thing that's like on wall street kind of like banking yeah and it's it's it's that's out that got out of control it's because we tethered ourselves from gold untethered ourselves from gold and dollar and you had this crazy credit expansion with all these banks were able to create money out of thin air and take undue risk with it and so it's led to this massive consolidation i mean post 08 like i'm sure you've seen the flow chart there was i think like 600 banks that consolidated into four jp morgan are you serious so they just gobbled up all the banks yeah so like all the smaller banks centralizing risk worked like too big to fail came out like jp morgan the others would have failed but they had too many customers and too much money within their

within their confines the u.s government's like we have to bail them out or that must have made him go even crazier with all this spending now because it's like dude if you don't get fucked from that crash like spend as much money as you want what the fuck yeah they take as much it bubbled up last year like they've all taken crazy treasury risk and that's the thing like it's become such a frankenstein that they're like pulling levers yeah and the monster is getting bigger and like every lever they pull they don't know what the consequences are going to be so you see like fragility pumping popping out of places you wouldn't by the way i'm not sticking up for the banks in their modern formation right the older banking system is like it was much more

boring and plain jane yeah type stuff like in this banking system it's like it's even more sinister than that it's like you know you think that or not you sorry that's like what the thing i watched was like banking was boring yeah that's what it was yeah but like people think that like elizabeth warren is like out to get the banks it's like no she runs a protection racket for the banks the banks love elizabeth warren they want all the regulations that can happen because only they can comply with them no more competition right and you know people say like oh bitcoin is for criminals it's like really you know like you think that you think al-qaeda wants bitcoins and us dollars thing was like it's only going to be used in like you know in asia for criminals and no jimmy

that's like that's like what that's the one that pissed me off the criminals it pisses me off a lot because like j like jamie diamond was jeffrey epstein's he's not stop like that whole what was like in the bahamas they just threw out that case they were just like uh deutsche bank like yeah after gosh after after epstein got out for sex trafficking in 2013 like he was openly wiring hundreds of thousands of dollars cross borders through deutsche bank and jp morgan yeah like well they pay a subscription fee to the eu and the united states to launder money and then sometimes it gets public and they pay a 20 million 50 million 100 million dollar fee that's their subscription to say well no we're the only ones allowed to launder money

right right and that's basically what it is the cost of doing business the profit they make it they love that is in the billions oh my god so this is bitcoin makes all that go away it can or a lot of it i'm not going to say it makes like money laundering go away but like yeah it makes it like more like you don't have central control over who can cannot send money where it takes the racket out of it right it's like people still do it you know but uh but you don't have the elizabeth warrens of the world virtue signaling that they're you know consumer protection programs they're really just mob bosses like getting a payout to launder money so yeah they're so they're like you're saying they're just pulling levers they don't know what's going on they're fucking

with the money pretty bad things are things might get real bad like the problem like so what we've done since 08 specifically is just band-aid over a systemic fragility problem i keep hearing that getting worse like uh that's what covid was if you go on like dredge reporters you're ahead just like the dollar's crashing next week no i mean look at your money you're like why like the covid like the that's like a theory like i would not be surprised if covid was just an excuse to print a bunch of money because if you were paying attention in the fall of 2019 there was a spasm in the banking system where there was no liquidity and the banks were about to fail the fed had to stop step in and bail them out and then two months later covet happens and they have to print five

trillion dollars and that liquidity problem solved overnight they printed more money than it ever existed before so they were like how are we going to get we'll have to chuck up a pandemic yeah what is it it's like something like pangolins 80 i think it's 80 of all dollars that have ever existed were printed in the last four years so like we're just we don't even know how toast we are we're pretty fucking toast bro i mean are you gonna pay back what 38 trillion dollars because like you guys in your budget like you guys know that so fall of 19 this shit's going on i don't i'm paying a house yeah and i'm just sitting there waiting to get paid and i'm dreaming of my future life and my future wife

and fucking I'm going to build all this stuff like oh maybe me and Bill will get a house and it's like nobody's telling us yo we fucked up your dollars are going to over the next five years your dollar is going to be worth a quarter that's what happened

my dollars are worth a quarter now but Biden said it didn't happen that's the other thing too they tell you oh no it's only inflating like 7-8% and it's like no it's not I buy steak I know what it costs are you guys aware

of the CPI I don't know what CPI is consumer price index which tracks inflation oh yeah dude my buddy just sent us this

it's entirely it's entirely fake wait what they literally yeah it's so back to

what the fuck happened in 1971 like that was like that's the thing you sent me what happened in 1971 it's a website yeah

it's great these guys are awesome and so basically what happened there is like took us off the gold center we could print a bunch of money

and inflation was already bad then they were like we need to figure out a way to solve this inflation problem because when inflation goes up historically any civilization that's when you get civil unrest and overturning of the government uh they change the cpi and so the cpi is just a bunch of inputs of goods and it tracks the changes of prices but in the 70s they introduced what they call hedonic adjustments which allow them to the name hedonism to change out what the inputs are on the inflation So back in 1970, when you're tracking beef, it was like a ribeye.

Now it's like grade B ground beef. And so they take out energy. They take out travel. Energy is not in the CPI. If energy goes up in price, inflation does not change. And so they've been trying to make you believe that inflation has been relatively stable since 1970. But it hasn't been. It's been worse.

The order is a magnitude worse than the reporting. and the other fucked up part about this is like they'll use cpi like oh cpi says this so we're gonna manipulate all these other policies accordingly and so they're manipulating the economy off of bunk data and it just creates all these bad externalities yeah they'll say right now cpi is what like four percent or something like that inflation's four percent it's like dude no it's like 12 it's like 12 it's three i mean it can't be just from the money that was printed yeah there's no way that math can add up you know the marty had this guy on uh when something called the chapwood index and it's this guy out of plano texas who was just like just furious about

this and he started uh surveying people in this like 500 cities around 500 cities he basically sends out this facebook survey like go to this store and crowd sources the price of goods month a month and then calculates what the actual what's a gallon of milk what's a gallon of gas what's a what's a starter home that was a great joe scarborough he didn't know how much butter was yeah i mean within like you could have told me it was 10x and he was like i don't know like is it 40 dollars like yeah potentially killed someone but like he tracks this and like right now he would say like in austin texas like uh inflation is about 12 that's serious yeah yeah so let's go back and money is the most important tool we use as humans that's the

fucked up part about all of this it coordinates all activity yeah i think it honestly i think it has it's like a psych med dude because when you don't have it brother yes it is depression city yeah and like the anxiety and then the spin outs you can have of like it's the worst thing but what if you were like a good boy you know i work hard you're a good boy you see you save 10 of your money every year right you put it in the bank it's safe there right you build it up you build it up you build it up right it's 20 you know it's 2012 right you're like if i do this for seven years i can buy a house you know it's like i have the down payment for a house it's gonna feel good and then you do it for seven years and you look up and houses have doubled

and you're like well now i can't buy a house i do it for seven years more houses have doubled again right i can't do anything you can't get out of the fucking race i could never even save yeah and now people are like what are you doing with your money i'm like i just put in my bank and they're like yeah they're no you're supposed to bet on the stock market you're supposed to take unimaginable risks that you don't understand that's the thing that on top of the fact that like you are toast you're a hamster on a wheel yo money's

you don't understand it then they're like they laugh at you like Kamal Harris was like laughing about it's bionomics and you're like dude what's demonic well and that's the other fucked up thing about bionomics no one knows what's going on lady the bionomics particularly around the CPI

they're like inflation's falling and these people are literally criminal the way they they market things to people like for the last year they're saying inflation's falling cpi is falling trying to make people believe that prices are falling but it's not cpi measures the rate of inflation the rate of prices going up the rate is falling so it's positive the rate at which it's going up it's just how to lie with statistics or lie with words that's the shit that pissed me off with biden and created the most jobs ever it's like dude everyone was at home and you keep on saying this on debates and shit and it pisses me off so bad they've

normalized americans having more than one job more than almost more than one full-time job it's fucked up dude like because i there was a time when i was painting when i was thinking man if i could uber too but i this was before uber i almost got my taxi license because i wanted to make more money at night i was only making like my i was maxing out at like 250 a day and people be like oh you're dumb you don't know what you're doing but it's like dude i'm just painting houses what like what do you want from me like yeah houses need to get i can only go as fast as i can go i hire people i try to teach them then they leave and i gotta start all over with another dude then you're supposed to start a family but your wife has to work oh yeah well dude if you're paying

houses you're not getting any girls so yeah well no one's working but you should be able to like that's the way the world should like you should be able to work a job of integrity like that you like that you enjoy that helps out the economy well you actually put food on the table and build a family the money has forced everybody into the workforce like we were told this lie as millennials go to high school get good grades get to a good college and you'll get a good degree you'll get paid more that didn't happen what also happened is they fed us that lie and then by the time we went to college the government told the universities we will give all these motherfuckers loans yeah and so well dude free loans they could anybody can come to us don't care what your gpa is

don't care what school you're going to we will give you a loan to go to college and so the universities like the government is going to give these people money ran the price of an education up diluted the quality of the actual education so you have a bunch of indebted people who are essentially retarded who can't make any money yeah so like you you guys you remember the happenings of this i didn't know what was going on so i was painting churches so i'm like painting like pretty intricate like angels and stuff and stenciling gold leafing and in philadelphia there was a school pennsylvania academy of fine art where it's like they had a certificate program where it was like you would learn the old ways it was eight grand right and i this was 2006 i signed up yeah i had

to leave in 2008 because this happened and they raised tuition to 22 000 a year and the guidance counselor lady was like you should just paint houses this is going to go up more yeah and it was all because of these loans they changed their entire structure of the school it was more of a trade school yeah and then they changed it to like have a college education so they could just take 18 year olds money yeah they build an entire guaranteed guaranteed debt you can't even get out from under it and of course you you know and it's guaranteed flow for the universities so like the government's literally just gonna print money give it to these kids so we're gonna raise our prices i just saw this today it was like there are more admins in schools now than there are teachers

it's like what is the business of a school now there's fewer teachers than there are admins I had to take African-American studies as my first class, brother. That would get you some bank. We called it multiculturalism at the time. I actually thought I would probably get you the best job ever now. Yeah, I brought up Pangea and how I was African-American. And that chick was wearing dashiki and hated that shit. And I was like, all right, maybe this isn't the place for me.

The Schuylkill River was in Pangea, so. One of the oldest rivers, you know that? It's the oldest river, yeah. No, the Susquehanna. Susquehanna, I'm sorry, yeah. one of the oldest rivers ever think about that that's powerful shit that's i mean it and that's actually one thing we need to do better in this industry is like we're so fucking ingrained like i take all of what we've been discussing for the last almost two hours for girl i'm like oh i just

assume everybody knows this but we don't know i know fuck all it hurts it hurts people i think that's why people get mad yeah i used to get mad you've been lied to your whole you've been lied to your whole life all the money you think you have is fake they can make it whatever they want they can make it worth whatever they want yeah at the click of a button and it's it's weird from the give it out to their buddies first yeah like a conspiracy angle to like and i can kind of see where people get tripped up because like just not knowing who the dude is it would freak me out just from like being weirded out by everything else that's going on but like it kind of makes sense like everything that you hate is money like all the dudes you hate all the institutions and it's

like this might be someone that's telling the truth and a good thing well and it depoliticizes it right if no one knows who he is it's like it could be jaymond diamond you know it could be any it's like it takes the conversation to that person right and i can look at the software and i can look at the businesses that are going out of it right i can look at the consensus mechanisms and or that and just say it doesn't matter yeah like it doesn't matter i don't know who invented sailboats it's you know it doesn't fucking matter who invented sailboats it's a really good one they rule it's like the 95 thesis i know we're good catholics in this room but uh lutheran here it's like what uh it's like what martin luther did like he basically was like the church is

lying to you these indulgences are bullshit yeah the printing press exists now like i'm gonna print the bible and let you know what it actually says like it's a gutenberg revolution yeah similar to bitcoin it's like you can literally audit the code if you're skeptical about whether it's cia uh backdoored uh spyware like i don't think they could pull this off honestly no i don't think they had the incentive back in 2008 you can verify for yourself that bitcoin works the way it's supposed to you don't need to trust the thousands of programmers have looked at this yeah people have been trying to hack it forever there's a there's a two trillion dollar bounty yeah for breaking the encryption two trillion dollars that's what bitcoin is

market cap is two trillion dollars who's hanging that out there no i'm just saying if you can hack it oh yeah you start stealing bitcoin you know it's like but no one's been able to do it right and there's no back doors you know and all that you know crazy stuff there's thousands of people that have touched this code base and worked on it and and uh vetted it and stuff like that so i feel like the credit again things could go wrong you know you have to be really careful you don't want to change a lot of stuff when you have something that's working like this yeah but it's like again every one of every day that passes bitcoin's more and more credible because it hasn't broken yeah i like when like you were saying we were told a lie you know but like we

need a story like people needed like a story to tell themselves like i'm doing this and then i'm gonna do this like you were saying like save save the money then you get your house but like if you if you can have like a kind of like a white pill story of like we have bitcoin now like things are gonna get better yeah we're gonna hit prosperity yeah it's gonna be like the 1890s and like the american dream was a great white pill yeah it's beautiful we need a new one we're fucked and that's really that's the beauty of bitcoin being 16 years old now like we have plenty like in like what has happened for me individually will work collectively for everybody else if everybody adopts bitcoin i truly believe that like and i was a poor college student when i first got into

bitcoin scraped as much of my paycheck at the restaurants and the fun i eventually worked at to throw it in the bitcoin saved it for i mean so i got bitcoin 2013 saved it for three years and i was telling you guys on sunday i quit my job was unemployed for for two years almost and luckily i had saved that money in bitcoin good thing you didn't bail on bitcoin dude and i was able to sustain i mean i sold more bitcoin that i'd puke thinking about how much bitcoin i had to sell to live but like i had that savings vehicle and it actually helped me able like through a rough time of going through unemployment and having that backdrop allowed me to take the time to think about what do i actually want to do started this media company and slowly but surely

started getting paid again started stacking more bitcoin i think that'll happen again not that i'll be unemployed but i'll benefit from bitcoin going up and that's happened for me i'm sure it's happened for will anybody who's adopted bitcoin at any point in time and held it for a long period of time has benefited from that and that is going to be true for anybody who adopts bitcoin and then collectively each individual doing that will add to a collective society that has that stability and then you can not have the anxiety of worrying about money problems yeah i mean dude if you don't like hearing it maybe it's you got to eat your vegetables you know what i mean like well it sucks dude it sucks it almost sucks to be scary it's scary to lose your money to look at my money and

be like dude that make that all bitcoin terrifying yeah it is you know what i mean because it's like jumping it's like a double-edged sword it's equal parts scary and sometimes sounds too good to be true and that's like when it comes from like tradfi looking down on bitcoiners like what the hell is that their traditional finance like people like had like that's the other like you have this um yuppie elite that think they know better they've gotten their master's degrees they work in high finance they think they know how the world works

they made fun of us for years this is great we just tweeted them oh you got 7% last year I used to have to paint frat houses at Penn and they were like gambling 10 grand on like football games and they were like 18 and I'm too

there was years where I made like $19,000 trying to have my own business nobody wants to hire me this week yeah i guess there's no money yeah yeah but it almost like to those people it's like it's too good to be true you can't just buy this thing and the value is going to go up but it's like that is what money should make that's what you're doing yeah yeah if you keep money in a bank account it shouldn't go down at least they were my dad used to tell me they got seven percent in

the savings account yeah when i was a kid he bet my mom showed me how to balance a checkbook my dad showed me when he paid off his mortgage he was doing double payments this was the 90s my dad started out pumping gas when i was like when i got adopted he was pumping gas and my mom was a type she used to be a secretary so she all she did was type and my dad knew about cars vaguely not even like a full mechanic yeah pumped gas at a mechanic's place yeah and had a family paid off a house that's impossible now it is paid off a house before i was done high school yeah you're now black black rock owns all the houses but they couldn't do i mean only because there's easy money they borrow all the money to do that right it's like i know it sounds like you know self-referential

or self-serving here it's like the money is at the root of most of these problems right when you have easy money like i was talking to my good friend parker about this which is like you couldn't build a skyscraper on sound money right a 70 story building in austin it's like because first of all you know unless you had it 100 least beforehand who's going to give you gold to like build a speculative you know thing like yeah like skyscrapers are kind of bullshit actually they shouldn't exist it's like they only exist because we have this easy money there's tons of things that shouldn't exist because of easy well you can see things that were built on sound money like they're the things that matter the most like those cathedrals and shit weren't built off fiat

like they made masterpieces and you can see like they took a hundred years to build yeah you know and like well i saw when the economy goes down anywhere you see the cranes just stay up yeah Because they're sitting there waiting to be like, dude, if we take this thing down, it's going to cost that much more to get it back up. Yeah. Like, that happened in Ireland with the Celtic Tiger thing. Like, there's people getting these, like, weird, they borrow too much. Like, I knew people in Ireland that were, like, they were giving out money. And they were getting second homes in Spain and stuff.

And this is, like, these people are working class. And then the bottom fell out and they were fried. Yeah. and it feels like that's like a culling that they just kind of do when shit gets too good for everyone where it's like yeah make it real lendable trap them and then just take it all back from them sure and you can't do it with big i mean it's not i don't think that's the intention is that uh that's not the intention i would say the the mechanics of that are since it's a debt-based system like they literally need to flood the market with more money like

the bailouts like yeah yeah we had one in 08 we had one covid there was one last year like so these bit like the the liquidity in the system is having these these dry ups like every every few years now and that's why they're flooding the market with money and that's why the irish can get those cheap loans and go do whatever they want because like the system the way it's set up and the interest that we owe on the debt like they have to try and solve that problem by printing more money are they gonna do it so that's just like an externality of them trying to fix the frankenstein that they what we call that is monetizing the debt which is like you don't you, you don't pay down the debt by being more productive and taxing people and stuff like that.

You just print the dollars, right. To pay down the debt. And that's like a hugely destructive like cycle to get into killing a dollar. Yeah. Cause like the, the premise of our debt is like future generations are going to be thankful for what we built and they're going to pay it down for us. Right. We're going to give them a better tomorrow because we invested all this money that they're going to have to pay down. Right. It's like, and at a certain point that kind of sounds true it's like i'm glad thomas jefferson bought louisiana it's like i'm pretty happy yeah alaska mega buy mega buy right it's like we'll pay down that debt right and i think that future generations have a like a idea of what what's worth paying down and what their previous generations did for

them we have 37 trillion dollars of debt i can't understand what that is nonsense it's like you really can't even fathom again it's like y'all met our kids like they're not gonna pay down that debt they're not going to be thankful for that yeah it's so like what's the options the only other option is to monetize it is to print the money and then you destroy your currency but for people all freaked out about getting invest in bitcoin now because like oh it's so fucking high you were kind of saying that like dude it's the same as if you got into seven grand on to where it's projected projected to go like it's not that bad to get bitcoin right now due to the fact that like it's still going up it will always be better so it's like it would be akin to saying like

do you think it's a good time to adopt the wheel do you think it's a good time to adopt fire do you think it's a good time to adopt the internet literally just you're not gonna win like on a shit coin when it's better monetary technology you always want to adopt it yes obviously preferably you would have adopted it 10 years later or earlier excuse me and that would have that would have been awesome for you but there's no bad time to adopt bitcoin and if you're thinking if you're someone there and you have like maybe you're living paycheck to paycheck maybe you have some money for savings you don't have to ape in uh if you have a lump sum that you want to ape in like 20 bucks at a time yeah like that's how i started i bought 25 bucks a paycheck like back

in the 20s stimulus check thing fucks me up the people who put it in bitcoin yeah yeah went straight in why did i even get one i was like totally fine i got one i was like okay bitcoin yeah here we go but like you know i don't want to paint like an unrealistic picture right it's like bitcoin's you know right now it's speculative people are buying it to try to like get more dollars in some cases a lot of people are just they're never selling their bitcoin they're just like this is what i save in right is it like in the future it's like it's not like bitcoin solves poverty right but what it does solve is that if you do productive things and you get paid for it right that doesn't disappear and sure if you have some leftover at the end of the day you can go invest

it if your buddy's making a restaurant or something like that but like if you can save your money you can calculate future economic activity you can decide i'm going to save this money buy a house i'm going to save this money start a business i'm going to save this money and invest in someone else's business right you can like calculate trade that you want to do when you have inflation you know at 12 14 15 is like the number one thing you have to do when you get dollars is to get rid of it as fast as you can yeah you cannot hold on to it we're not quite at that stage yet but like you see stories of argentina venezuela like i've had a lot of these people zimbabwe on my podcast and they like they went through multiple hyperinflationary events um in the last two

decades and like the common story was like when you got paid you fucking ran to the grocery store and bought as much shit as you could because they would literally change the prices like three times a day it's not happening here in the u.s but the trajectory we're on it will get to that point well i had friends that were building uh uh industrial you know warehouses and stuff like that during uh the covid bailouts and everything uh when they print five trillion dollars the problem was is that you know he had a fund basically he gets investors to come in and say like okay we have this deal in oklahoma city right so he spends a few months like raising the money and then they go out and they build it and then they get a tenant for it and they pay out you

know that to them okay it's like typical real estate investment deal in that three month period he had to go back to his investors like three times but hey do you want your money back because uh our biggest input is steel right and steals up 30 yeah and then he had to come back it's like steals up another 20 you cannot calculate future economic activity when you're printing money this way that's the pain dude then you stop building all together white pills though yeah we're thinking bitcoin yeah we're thinking white dollars no more talk of dollars like regular dollars like it's there uses some sort of censorship tool because you started saying the wrong shit on the internet like it's immediately bank account you get seized you can say you can go into bad boy yeah i mean

we've been focused on bitcoin the asset and that's the other beauty of it is the other side is the peer-to-peer network where they can't no irs i mean the irs still exists oh it still exists but i mean let's add you should end the ira we can demonetize the irs yeah but no yeah censorship like uh you can't stop bitcoin payment wikileaks so this is wikileaks is an integral part of bitcoin story um when paypal cut them off from their donation page PayPal did not like what Wikileaks was doing, shut down their account, froze their money. Julian Assange, Satoshi was still around back then.

It was like a big thing in that day. It was 2011, 2012. Satoshi was actually worried because he didn't want all that attention on Bitcoin. He wasn't sure the network was ready for it. Yeah. But Julian Assange, like Wikileaks. He's like Professor X, dude.

Like this is the first use case of Bitcoin as censorship-resistant money. It was like Wikileaks was like, PayPal, all the banks cut us off. We're only accepting Bitcoin. And Wikileaks raised a fuck ton of Bitcoin. and still has that today like whoa nobody could stop them like they're literally so wiki leaks they're really unstoppable right now yeah they are they are they are laying bare war crimes by

the strongest military force that's ever existed on this planet there's nothing that they could do to stop them from accepting money dude that's sick i mean like to your point though is that like i feel like you know i have a lot of just normal guys you know they work in banks they they work whatever right and uh but they've have even the slightest right wing like tendency to them politically or something like that i try to impress upon them like how dangerously close we are to like normal everyday people like going to jail being cut off from your bank account in the uk now like ruining your yeah in the uk right now it's like we have this breakthrough in the united states we got trump we got murder somebody in your town you're not allowed to speak up against it it's

like did they knock on your door for facebook posts yeah like it's nonsense it is terrifying you know like i joke about it but it's like it's it also came here remember like the ministry of truth they literally called the ministry of truth they wanted to spit that freaked me out we were talking about like i got demonetized and deplatformed from youtube a couple times like talking about covid shit never fucked with susan bro rest in peace the whole time rest in piss

bitch I hate her you two can't do shit about it now what a good person to die my only wish is she should come back

to life so she could die again relax I really hate her like that shit it was terrible it was terrible you couldn't say a word

and now people like myocarditis is like skyrocketing and they pretend it never happened no that's the thing she died from turbo cancer it's like holy shit

maybe you should have never even heard of this platform yes like i hate her so much no but it isn't like think about how close to pure dystopia i mean we got in america during covid like you couldn't yeah dude you couldn't explore like anything it was like my whole life 1984 it's a dystopian you're like all right cool and then all that stuff became true it's like it was like a manual yeah it was as if they were like hey let's just do that we're not creative but let's just do that instead that is anyone who's satanic or driven by a satanic force they hate you because you're creative and they can't do it so they just

imitate it's the same stuff with the altcoins they're satanist well my new thing demonic my new thing is that i think that they are they're scared inherently because of the way that they're built and what they've done with themselves and then they want you to be scared and they want to spread that around are you watching the humiliation that's oh sorry i'm sorry go for it i was gonna say that's another like people call bitcoin fuck you money because it's like they'll one way they'll try to scare you it's like we'll shut down your fucking bank out it's like now fuck you i've yeah i was thinking when you were talking that working my fucking job was a humiliation ritual if they can just play with money like that it is like it takes all integrity like a roman slave

yes you're a debt slave like you live in a debt slave and there's nothing you can do about it That's the humiliation part, right? It's like they decide they want to print money. You've saved up $20,000. Like, fuck you. You can't do anything about it. It's like, vote. Yeah, good luck.

Let's vote our way out of this. Although I will say that like, you know, the humiliation that like Trudeau is going through right now. I mean, he's having to like ride over to Mar-a-Lago, get joked at by Trump saying, I'm going to make you a state and everything. But what was he doing three years ago? he was ruining the lives of people who were driving tractors to protest vaccine mandates and stuff like that yeah it's like it's like they deserve it 100 on top of the fact that they laugh

and say ai is gonna take your job we're gonna have automated semis yeah hey man yeah like how are you supposed to dream of the future yeah yeah and i think that like the white pill i mean like you know i think it answers like a lot of our concerns about the future is just like if you take away their ability to humiliate us with money printing right there's other things they can do but like a lot of the tools they have disappear right it's like so much of it is like connected to the fact that not only can they print money but they can distribute it to whoever they want to right they control those people now because now those people are addicts you know addicted to money spigot right they uh can pay militaries they can pay you know all this type

of stuff maybe we can do a thing where it's like all the payments to congress people get put on a ledger you know what i mean it wouldn't be too bad that i mean that's like keep ledger space for that or something yeah or just like get rid of the government like we just need we just need the government they're gonna shut you down we just need the government to run the courts enforce the law and let's get the fuck out we're gonna like pre-bill of rights constitution yeah there we go i mean it's real 17 you're talking about the people america yes oh yeah it is like the founding fathers would fucking love bitcoin because they love fucking with shit like no matter what happens they always find some sort of loophole to make it like convenient for

them to have money and like dude like just for a normal person to get money at this point like you're saying it's like social security bank statement what the fuck are you buying like oh you're on like whatever like we're not gonna lend to you like it's impossible yeah and social i mean that's you meant you throughout the number 37 trillion dollars of debt the real amount of debt is 260 trillion because they don't count social security medicare medicaid obligations they have obligation that it's $220 trillion for those. That was a pretty good sigh out. People are not going to get their social security.

They ran that sigh up on us. They normalized that. They told us. They're like, you're not going to get your social security. Invest in Vanguard. They told me that since I was a kid. They were like, dude, you're not going to get your social security. Keep your under the table job and just invest your money in

a mutual fund. Or get a, what was the other one? 401ks. Join some sort of union that's going to do pensions. Or like buy these CDs and then cash them out and all these tricks. But these pensions are unfunded too. You know, it's like, it's not just the government. It's like these organizations with these like longstanding obligations that are

nominated in dollars. Right. And, uh, you know, you pay in a little bit. It's like in the dollar inflates, it's like, they can't offer you any standard of living in retirement with the inflation going the way it is. It's like, it's impossible. Right. They'd have to, it doesn't keep up.

Yeah. Yeah. It's like, yeah, it's impossible. It's a Ponzi scheme. It's literally a Ponzi scheme. Yeah, social security is actually the definition of a Ponzi scheme. The whole dollar bank, it's all a Ponzi. They literally need to either create greater fools to invest in

or just print more money to throw into it. We should just wash our hands of all this stuff and start over with Bitcoin. It's happening. That's what we're doing. It's happening. I mean, this place, Bitcoin Commons, Austin, Texas, Bitcoin Center of the World. It's like, this is all we do.

Yeah, this is all we do. Holy shit. They got another great place in Nashville. bitcoin park there's like there's a lot of these communities in these uh cities now it's in denver now like and of course you know it doesn't take these like these places to do it but it's like good for education we do all these events and stuff and like if we can find people like you that like are curious about this and like want to walk in and like see some people that have been doing this for 10 years it's like it's helpful and it's happened like it is happening bitcoin

adoption is increasing it's reflected in the price like there are people trump talks about it every day yeah that's huge and that's like the one thing i recognize like whether you're like it's happening you can accept that and get on board and enjoy the the benefits of number go up technology and the defunding of the satanic state or you can sit on the side government was if you're one of those people seen to go up and you're like butthurt because you didn't get in just eat crow eat your ego yeah yeah do not let that's the other thing that is weird to see is like people get really um envious of of people who bought bitcoin earlier i mean i heard they're living in puerto rico yeah i mean a lot of these guys sold a bunch of their bitcoin it's like it's not like these

guys that mined a hundred thousand bitcoin are sitting on a hundred thousand bitcoin it's like it was risky when it went up to two hundred dollars in 2011 they sold a bunch of it you know they got scared it's like the we didn't have the same mindset back then you know when i was getting into bitcoin the mindset was not like get as much as you can you know it was like it was like hey this is interesting i'm gonna play with it i'm gonna like try to learn about it a little bit get a little bit for myself i wasn't really thinking about my net worth in bitcoin it was such a baby little thing you know that starts changing in the teens you know like you know 15 16 17 getting blessed with it yeah yeah you start getting like i mean my kids only knew

the gamble i made with their future like the irresponsible like gambling i did but at the same time it's like for the people getting in now it's like the number one thing you're guarding yourself against is that the dollar you put under your mattress tomorrow is going to be worth 30% less. Bitcoin is, for the savings right now, a really good way to avoid that. That only makes

it stronger if everyone starts investing in it. It makes sense to me. I can't wrap my head around the anger shit. Besides saying your money's straight, but who the fuck doesn't know that? Are you going to stop being a pre-coiner or what? I got to figure out how the fuck to buy this shit. That's right. I got you.

Just download, strike, river cash app buy it there people that only deal with bitcoin yeah cash app river strike yeah i mean these places are great ken griffin fuck them citadel who what's it what's he robin hood yeah don't do it he's a bad dude right all that shit they have all these weird restrictions on it yeah it's just like find one of these bitcoin exchanges do a little bit you know when it starts scaring you how much you have on there then you take self-custody over you know when Trump if Trump talks about a lot and things go good and it's all like prosperity and stuff,

the next president is going to have to be like a Bitcoin president. Oh yeah. You know what I mean? And then that'll advance advances on this early. That'll keep going. Yeah. Well, I mean the ultimate goal is to get it like you don't have the concept of a

Bitcoiner. It's like Bitcoin is money and everybody is like a money. Yeah. I'm a computer president. I believe in computers. Yeah. Right. That's like Satoshi design.

this incredible incentive system where he found a way to weaponize greed and it works in the benefit of everybody like Bitcoin like Michael Goldstein has the famous meme from years ago the only winning move is to play like the opposite of nuclear game theory

where like the only winning move is not to play the game in Bitcoin it's the only winning move is to play and everybody wins if you play which everybody wins is nice dude I think about guys in your line of business and like your brother's line of business it's like yeah y'all are always on the freaking edge of just like pissing someone off in some organization or some platform it's

just gonna say like you don't get any more money anymore yeah it takes one dude to get pissed off or notice and then they could fuck your whole world up yeah yeah i mean i could see how it'd be dangerous for like the powers that shouldn't be because like if you can say whatever the fuck you want they'd be done in a few months bro yeah if you could really fucking say what the fuck's on your mind they would be fucking cooked and no one would even fuck with them just because they're that weird but like they use money to like just kind of chill everyone else i don't go too crazy it's like the same thing as going to school every day like keep your head down just do all this stuff don't bother anyone bitcoin stuff you don't understand is that the bit right now yeah

so that's everyone our patron with the last bitcoin guy shout out to Joe 25,000 everyone that was like fuck you guys you're assholes it's a scam I literally didn't buy everyone tells me it's a scam just get pumped up I taught my

cousins a trad fi guy he was like it's a scam yeah so I mean what am I gonna do I love prosperity though so like even when I don't win on bitcoin as long as I know some of my boys won alright that's sick with me I'll get in on the next round. I don't have to be poopy pants about it. If you become a Bitcoiner, you'll get tired of winning.

You're going to win so much. Just like Trump said. No, I would stress, I mean, winning is awesome. But, like, I was radicalized in a way. Like, I fucking hate the system, the way it works. No, I can see it, yeah. Like, here's how insane it is. When I was working at the hedge fund, it was called a managed futures fund.

And we would index commodity trading advisors. so we were a fund of funds we would index funds we would take in money and we'd invest in funds index that and then hopefully get a return return it to investors and they traded currency markets and so part of my job as an analyst was to cover these central bank press conferences when they would make an announcement about monetary policy and i'll never forget in 2012 or 2013 janet yellen it was like post qe1 operation twist and they're about to inject more money into the economy and she was making a statement about it and she was wearing a purple pantsuit and after the press conference i went to check the tape to see what all the analysts were saying and markets were

literally trading off the fact that she was wearing a purple pantsuit because it expressed that she was feeling regal and powerful and confident oh my god like a roman toga when you think about it money is the most important tool that we use as humans and the reference rate for the most important money in the world, the U.S. dollar, was being traded because of the pantsuit that this little... We're seeing omens, man. Yeah. Like, that is how fucked up and crazy our world is.

And everybody that's on the Fed board looks like they work at Gringotts. Not to be trusted. I saw that thing about the... You tweeted out yesterday about the chick from, like, Desperate Housewives, or Real Housewives is tweeting out, like, I have insider information at the pentagon it's like this shit is a sign like they're going they're

just tricking you with this it's insane it could be like a soviet thing where like they just told the truth you know instead it's like we're just gonna pick the lady from real housewives she's our vessel yeah it's a hyper normalization we're gonna have her tell the truth and it's gonna be the funniest thing ever no it's a sign of course yeah they got my wife while we're about to go up to philly for christmas she's like should we go is there a dirty bomb up there i'm like no dude i if there is dude I hope it blows up underneath of me

so I can get out of whatever the fuck this is no no no because you're going to be a bitcoiner you're going to want the world to go off

I know I know I'm saying if it doesn't that's a non-coiner's mind that is a pre-coiner no-coiner's mind right there yeah that's what

once I get involved in this I will be I'll probably be even happier than I am right now which is you just get

you like social media you look at all the likes and all that stuff imagine if there was another app where you just go oh it's going up again sick

everything's good I have to. I mean, last time I didn't do it, that's how big I lost. I mean, the real way to do it is just buy and don't look at it for, like, four years. Yeah, I could do that. Yeah. And then you're just like, what the hell? I like the concept of it.

I would be way more into it if it wasn't going through these, like, speculation spikes. Yeah. I mean, I think it's unavoidable. I don't know how you would monetize an asset without it. Yeah, right. Logan, can you pull up the chart of gold price volatility in the Weimar Republic? So this is like a good analog to what we're going through right now. We don't like to talk about past wars.

I heard a story of this guy. He had, so he had like, I cleaned out this house and I had these, all these rights marks and they're huge. And this dude allegedly had a wheelbarrow full of them. And when he got to the bank or he wanted to buy bread and then they were like, we don't want the money. Give me the wheelbarrow. Yeah. so this is the the black line is the price of gold in german marks during the weimar republic and the red line is the rate of change of the price of gold over that period so you can see

how like it spikes up and down so when gold was monetizing when the weimar republic was going through their hyperinflation it was very similar to what you're seeing in bitcoin today where you have these spikes but ultimately it ends up into the right pretty significantly okay and that's why you don't like you know it's like it's savings right now like there will be a moment where like bitcoin is just accepted everywhere and but it's like for now it's like a good savings instrument right save the dollars that you're not going to spend tomorrow yeah yeah ideally for four years if you've ever held bitcoin for more than four years you've never lost money yeah right okay i got you yeah yeah i mean so if i don't geek and just hold it and don't look at it yeah yeah

I mean, that's the idea. I mean, past performance is not indicative of future results, but I'm pretty confident that adoption is going to. What if you got to buy a crib or something like that? Would it be smart to put it in that or just keep on holding a used fiat on houses? I mean, well, that's like. It makes me not want to buy another house. Well, to your point, like one of the companies we're invested in,

they just did their first deal. But now, like, I think we're heading into the stage of Bitcoin's adoption where, yes, many tradified people don't like it, But some that are smart and forward thinking are recognizing that, holy shit, this asset is really good collateral. And so what you're seeing, this company, Battery Finance, based in Philly, actually, they just refinanced a big building on Bank Street down in Center City. And what they did is they gave them, they had an $11 million mortgage that they wanted to refi. So they gave them $11 million to pay that off. They wanted to do $2 million in repairs and upgrades.

So they gave them $2 million to do that. And then they gave him another 1.5 million on top of all that. So collectively 14 and a half million. And that 1.5 was used a bit by Bitcoin and battery in the building. It's backing the building. So in this mortgage, this refied mortgage for the building, you have the building as collateral and Bitcoin.

And the idea that battery is taking, it's a 10 year commercial real estate mortgage. Their bet is like the Bitcoin in collateral in this mortgage is going to go up over 10 years. and so we feel comfortable actually issuing this loan we don't know what's going to happen in the commercial real estate market but we're pretty confident that bitcoin adoption is going to continue and so the value of the equity combination of the building and the bitcoin is going to be pretty high at the end so some trad five people are playing with it oh yeah for sure i mean like

at the end of the day it's like bitcoin is collateral it trades 24 7 right it's a deeply liquid market it's like what would you rather lend someone money for like buying bitcoin that you can like liquidate 24 seven or for like a house in Cincinnati. Yeah. It's like a way to get shit. Yeah. It's like, how hard is that to sell to your point?

I'll ideally, I don't know if there's an exact product for what I'm looking for. When I go to buy Austin Philly, I'm going to use Bitcoin as collateral. Like I'll put it up and how do you do that? Just, they let you, there's companies like right down the hall here.

They do like for them, if I want to take out a business loan and I need cash and I don't want to sell my Bitcoin, I'll send Bitcoin to a two or three multi-sig where I hold a key. They hold a key in a bank or a financial institution holds the other key. I put the Bitcoin in the wallet and they lend me dollars. And as long as I'm paying that, that loan back,

I'm going to get the Bitcoin back at the end of the day. But they, so you're going to get your Bitcoin back and have the house. Yeah. Yeah. I mean, you have to pay off the loan. Yeah.

Still, it's like a win win. Yeah. But if Bitcoin goes up in value, there's a lot of people that have lived this way. It's like, this is the way rich people work, live,

right? It's like, you know, if you're Zuckerberg and you own, you know, 50% of Facebook or whatever, right? You don't sell your shares. You lend, you borrow against them, right? So you pledge them as

collateral, you get dollars, right? Your share price goes up instead of selling, you know, a hundred thousand shares to pay for your lifestyle. Maybe after it goes up after four years, you're selling 5,000 shares, you know? And, uh, so a lot of people do this with Bitcoin. They're like, well, I think Bitcoin is going to go up forever. So what I do is I let, you know, i borrow dollars against the bitcoin say it's a hundred thousand dollars right right now one bitcoin right as you put up say two bitcoin as collateral you get a hundred thousand dollars right and as long as you can pay that off right over time if bitcoin goes to three hundred thousand dollars in the future you only have to pay down a hundred thousand dollars right you're paying off

with a third of a bitcoin instead of selling an entire bitcoin right i mean that's just like just like putting a house up as collateral in the house exactly it's the same thing it's just like but like but like people live their lives like this that own public equities like this is like a very common way for them to live oh by the way the dollars that you get you get in from the loan tax-free you don't pay taxes on it so a hundred thousand dollars is just a hundred thousand dollars in your bank oh yeah there's no taxes on that or anything right so like if you have good collateral like you can live off these loans um uh which is what people do so rich people don't spend money basically yeah or or they delay spending money into these like events where

they have to pay way less right right if facebook stock doubles and it probably will because they're printing more money they don't even have to do anything different they just do exactly what they're doing now and they get double the money in the future their stock doubles right and zuckerberg and his execs you know pledged their their shares there then they're gonna sell half as half the number of their shares that they would have in the first place didn't he try to do a bitcoin they libra they tried to do like a stable coin thing it was you know it was unfortunate like i mean i don't like why it got shut down but it wasn't a particularly interesting project i don't think you know the government the government i you know i don't like when the government you

know bitch slaps a bunch of these guys you know it feels bad right like i'm not rooting against them other than i would just i wish they would stop the affinity scam yeah yeah and yeah yeah it was a it was a stupid idea yeah it was ultimately the government shut it down like operation chokepoint 2.0 what is that you were talking about that before it was rough so i mean operation choke point 1.0 was under obama and essentially they went to like uh gun stores weed stores uh back pages for prostitutes and basically said it's officially called that i mean colloquially called that by the people who did like research on it um uh and said you guys can't get bank accounts anymore that's why like the weed business was uh all cash for a period of time i think it

still may be um some of it by the way perfectly legal businesses they decided oh i paid the We're still going to screw them up. I painted one of the early, like, weed dispensaries up in, like, Fort Washington, and they were moving cash all day long. Yeah. They had to hire, like, security. Rooms of cash. Despite the fact that weed was legal, the government was like,

eh, they can't get bank accounts. Right. So 2.0 is under Elizabeth Warren, under the Biden administration. $79 book. They basically targeted our industry. So it was, like, really hard to get a bank account. And the banks that were offering us services, they essentially just shut down.

When was this? In 2022, 2023. Yeah. Like, very recently. So they just put the squeeze on you guys. Silicon Valley Bank, gone. Oh, that stuff? Silvergate is the only bank in U.S. history.

They suffered. They had a 70% run on their bank for 70% of their deposits. Paid them all out. Paid them all out. Like, Silvergate knew the industry they were getting into and the fact that a lot of people were taking a lot of risks. So they, like, structured their bank balance sheet. So this is an example of a very good bank that, like, should be operational.

They structured their balance sheet in a way In which they could They could take on a run on the bank And get everybody their money back They withstood it But Elizabeth Warren And crew did not like them Forced them to shut down

They put them into receivership New ownership over a weekend She's like the bad guy in It's a Wonderful Life Yeah It's a wonderful life He did not have the money Don't talk bad about her though She's like 1,000th of a percent

yeah right that's you're talking about someone who you stole land from so that's what like and that's like a signal that they're afraid of bitcoin which is actually a positive signal for us like they know dude this is crazy obviously this is like jedi sith shit you know what i mean like if it's if it works out man it's working out this is gonna be the shit we are going to win there's nothing that like i'm supremely confident like there is it's globally like it is like the They could try to shut it down here. They've tried to shut it down in China. They've tried so many different things.

It is a fucking non-coiner. It is a globally distributed hydra. You cannot kill Bitcoin. If China shuts it down, Americans will earn those coins. China, what was it? 60% of global network cash rate in the mining network was in China

in 2021. When they put a ban on it. The spring of 21, China said Bitcoin mining is banned. Everybody get out. Why? because they don't like their communist country they don't like bitcoin and so everybody had to unplug so you had 60 of the energy dedicated to the network it unplugged in the course of a month what happened to the bitcoins they came to texas they came to texas the blocks slowed down remember

the difficulty adjustment so like all that power came off the network blocks were coming in at 25 minutes on average instead of the 10 minute target and then we got to the difficulty adjustment and the network saw like oh shit like a lot of hash rate has come off the network we need to make it easier to mine and you howling when that happened yeah like i i was mining and that for me as a miner like if it gets easier to mine bitcoin because of some i don't know what this feels like oh my god that must be like hitting oil like there will be blood yeah the revenue and that's what i keep thinking denominated bitcoin went up significantly you guys are like oil miners wildcatters yeah very similar i mean like digital wildcatters and by the way those industries are

mixing now like the same guys oh really yeah like the the oil and gas people are becoming bitcoin miners and vice versa landmen yeah because you're making money double what's that like if you're going to be getting natural resources you can also make money getting bitcoins that's been my thesis for a long time is that ultimately bitcoin miners are power producers they're going to buy power from other people they're going to produce it themselves there's a guy out here chris uh 360 energy now they were 360 mining but what he does basically up in fort worth he has access to a natural gas pipeline and he's put a big mining operation next to it and he basically just looks at the price of bitcoin uh how hard it is to mine and the price of natural gas and he decides what's

more profitable do i sell gas to to a utility company to turn into electricity or do i mine bitcoin at any given time he can just choose where it goes is it more profitable to sell gas like i'm gonna sell the gas is it more profitable mine bitcoin i'm gonna mine bitcoin so you get this like optionality of revenue streams like that yeah and that won't like will that help with price surging and shit oh yeah yeah yeah yeah so like you when the price surges and it's in retail or industrial uses uh will pay more for the electricity in the bitcoin miners this is what's so great about bitcoin is like previously you had industrials like uh like aluminum smelters you can't just like hit a button turn it off no it takes a while yeah and there's like these jobs and everything

it's like bitcoin miners can literally just hit a button and all that energy is now available so like when we had the big freeze in february 2021 everyone likes to make fun of us for it we're fine we like our grid yeah right is that 30 like when stuff like that happens now it's like we've brought gigawatts of energy on onto the uh uh onto the grid here and it's like when there were some little scares later on but we have a you know 900 megawatt facility up in rockdale and when the prices were surging and we need to heat homes they just turn it off they sell it back into the market price comes down they start mining bitcoin again and you have reliable electricity as a as a resident here you get to build you get to overbuild your grids you get

these like redundant systems what i'm most excited for is like nuclear energy so like nuclear i'm a big small module reactor guy like i think we need to go nuclear and nuclear let's get made fun of for how i pronounce that um you say uh bushway i say nuclear uh their problem has been number one government red tape is oppressive like it's hard to get out the door but even if you can get out the door a lot of places where these smrs make sense you have to build transmission lines and that takes like 18 to 24 months so you can get a reactor like up and you can get it to the place but then you have to wait 18 months with that for that transmission to be built out to actually deliver the electricity to the grid and now this is that's like 18 months if you're not making any

revenue you're putting big sunk costs and there's a lot of time where you're not making any money back on that you set up a mining operation you put it behind the meter you mine bitcoin with it you build out the transmission lines once they're built you unplug the miners and you rinse and repeat down the road like this is an actual viable path with pure economic incentives that can like i mean you just do this until there's no more bitcoins yeah and you're just transaction fees after that yeah until it costs until your power bill is like a dollar a month and then it's just transaction fees and money's done one less thing for humans to worry about yeah this is how we make energy no that's what it's for real you're saying that's a good tongue-in-cheek but that's like

literally like a lot of our problems today exist because all this money stress and i mean this is like star trek shit yeah yeah like free energy like that is the ultimate goal don't get bill started on free energy sorry just sorry that shit yeah tesla secrets come on oh yeah i forgot you You were a big Q guy in the beginning, weren't you? Here's the thing, dude. He had a lot of... A slander? We live on hope, dude.

Yeah, like, some shit's going to come out where, like, dude, all the evil people that you hate are going to get arrested. Did you know they're pedophiles? I want that to be true. I do, too. Of course. And then the early shit, before it got... Whatever happened, the early shit, they were just, like,

they were giving you some good information and just stuff to look at. Then it got all weird, like, stand down, Sia. But in the beginning, I was like, what the fuck's going on? I mean, Pizzagate is like... I agreed with all the... Those emails have never been debunked. Those emails are fucking weird. Pizzagate has fucking never been debunked, and it was fun.

What are you talking about, man? Like, he's a... Podesta's like a totally normal guy. He's got statues of freaking Dahmer's pose, like, in his walkway. These are the people that have been slandered. Like, God. What was the... By the way, I like the Q stuff.

So do I. The only thing I didn't... Yeah, that... I never got all the way in, because I knew there was no one coming to save us. It was like, that's the only part that was wrong. And I liked the Q style. I loved reading about it. I did not think Patriots were in control.

I didn't think anybody was going to come save us, but I loved going down it. Similarly, like Wall Street bets. There's like two things that were happening around the same time. I had fun with that one. It's like everybody was like, they're going to come save us or we're going to fuck the suits. AMC, game's up.

It's like you're swinging at branches or false profits when the solution is right there at the same time. You guys had the ring the whole time. It's still here. It's like if you want to fix these problems It helps you ignore a lot of the noise And like focus Like Wall Street Bets was extremely frustrating

Because they were like we're going to use this fucking stock I mean Bitcoin sounds based For sure Based reality stuff But it also keeps you away from like just the DDoS On your brain and all this other bullshit If you can like focus on like how can I have the biggest Impact and what can I do

That will have the biggest impact in like Making my life sane and the future sane It's like you know yeah choose your course there it's like what else are you gonna do yeah and it is like i get i don't know if you believe i think it's like some form of divine intervention like the timing dude i was thinking about that today when i was taking a shower yeah this is like a gift from god yeah against the most evil thing ever it's like a little tap on because like when you were saying that it couldn't be the seat it couldn't be the intelligence agency we have an

immaculate conception well whatever i'm just saying like when you were saying that dude when You know, like, dude, it's only like 20 or 30 people. Like, it's not some government thing. I'm like, man, this is crazy that like it aligned in the world where this exists. I know. Like we're on a timeline when it was launched. Yeah. And it's going to save us from the end.

This would have been the end of America. Yeah. Our dollar would be gone and we become those other countries in the fucking dust. And that's one thing that's I don't I'm not sure if you guys are aware of, but like getting trump re-elected there was a ton of rich bitcoiners that had a profound effect on that happening like yeah even musk it's becoming politically unviable to fight against bitcoin now it's like you know we've gone from chuck schumer in 2011 to elizabeth warren in 2022 shutting down banks it's like man they've been throwing some stuff at it what's really good is like again i'm not like sticking

up for you know washington politicians and stuff is that like most of them don't have a strong opinion on this yet and so like it creates like this opportunity you know before it's been so politicized and everything trump's made a little bit more politicized but there's democrats out there that have been in office for like 50 years like that helped save the internet like they're good guys you know like like the internet could have sucked you gotta get fetterman yeah you gotta get him he's saying like that seizure changed the trajectory of his life You got to get better with your new person. He's kind of a beast, honestly.

Yeah, that's what I think with all the shit that has happened, it's made me way more open to Bitcoin because after Warp Speed, all that shit, I became unaffiliated and just started looking at stuff from a higher perspective where it's like you can get caught immediately with the shit that's happening with the UAPs and stuff. They want you to get into some fucking trap of arguing. It's just a DDoS. It's like when I was saying you're a hamster and it's like,

look over there dude look at the aliens keep running on keep running on it keep running on it but it's like if you could step off of it and be like why was i on that thing but the only thing that would make you step off of it is the bitcoin yeah because like you're just hunting down dollars all day and like you have to run fast on the wheel you never get vacation you net i mean dude it's pretty normal that people my age are not going to retire they know that you know so it's like you're going to be on that hamster wheel for the rest of your life yeah and for what every day you get more dollars they're going to be worth less if they feel like it i remember do they ever go the other way no they can't dollars ever go the other way no it's a poncho scheme they have to

print more i remember seeing like commercials for like you know retirement you know ira accounts and stuff like that and where it was like what's your number and like no number was over like 140 000 they're like you can retire yeah this is like this is like 25 years ago and it was like you need like a million dollars oh yeah minimum yeah even then it's like you're sweating it because like if you don't get cancer or if you don't die it's like yeah if you don't die for 25 years you're gonna need more than a million dollars yeah it's like it's nuts i'm in all right did we get you yeah i mean i there wasn't much persuasion but like it's it would be too dumb not to at least put some money into it to make something that sounds good stronger like that's

what Hal Finney said. It sucks being in the bank. Like, it's not doing fuck off for me in the bank. Losing value. Intentionally losing value. Yeah. Dude, you're getting cucked. I mean, if you guys say something bad on WarMode, too, like, the bank would be like, oh. Yeah. I mean, it happens. We had somebody

email me today running a mining operation. Chase just shut down their bank account because they don't like that they're involved with Bitcoin mining. It happens all the time. Yeah. That sucks. I didn't know this was such a bad thing. Oh, yeah. Dude, it scares the shit out of me. Guys are like rebels. i mean we're pretty fucking cool yeah no that's like

i hope we don't come off as crazy but just like again like i said earlier we're in the shit like and we take a lot of things for granted in terms of like assuming what other people understand about all this and now everyone's pretty much just confused out there yeah and you're told bitcoin's a scam yeah just like the other coins the alt coins the shit coins yeah yeah and they do not do bitcoin any services because they are legitimate scams that blow up in people's faces and they lose a lot of money yes bitcoin price has gone up and down but which is an attack on bitcoin yeah you know it's like one of those attacks we just have to get through and we've gotten through 99.9 of them i mean there's thousands of these things and like bitcoin

just swats them away but there's a few that have hung around and like you know we'll take care of them too or we'll take care of them the market will take care of them right it's it's not that hard yeah um speaking of crazy i mean we got the warm-up guys here uh i invented uh oh yeah let's talk about conspiracy theory yeah i want to run about you guys because i feel like y'all are like the connoisseurs here tell me if like this is a good one we enjoy them will tell me this what was it like 1 a.m we were coming back from a houston meetup yeah this is like two or three years ago yeah but my brother and i invented this and i want to see like if if we like it we can start spreading it together all right so it starts with the dullest brothers it's like like most

conspiracies but it also includes fluoride however in my conspiracy fluoride has the intended consequence that the government tells us it does it just makes your teeth better yeah yeah right so the idea is that you know the guatemala coup coup is 1954 right both dullest brothers involved one of them with united fruit company other one running the cia they go to guatemala they take it over which means that united fruit company gets to maintain their lands they're growing bananas and tropical fruits they're importing them into the united states but after the coup they get i mean they're going to pump a lot more fruit and sugar into the american diet right after that right and so the mandatory fluoridation of water also starts picking up steam right there in the

mid fifties. All right. So the idea is that in order to protect the United Fruit Company, the Dulles brothers is that they knew they were going to rot everyone's teeth out with all this fruit. They're going to be importing into the United States. They needed like a, like a credible way for people not to notice that our diets changed, you know, over the course of a couple of years and our teeth start falling out. So they start fluoridating all the water to get that effect right is it basically fluoridation is actually for uh covering up that's like high level shit but i'm thinking it's not i'm thinking it's not united fruit but it's the hawaiian sugar cane and the the cuban sugar cane or whatever whatever island we had dominican republic or

whatever all of them yeah damn dude if that lines up that might be real it's right it's right around the right time fluoridation hits michigan 1945 but no one else really does it right it's just like one town right and then there's a couple other municipalities that do it because they would have had to have like a media push to like show pictures of the teeth and be like look they did and they didn't in the mid 50s yeah it's because they're bringing all the fucking sugar into the american diet yeah bro you made this up hey man i mean dust together yeah just a hawk this is just a hunch yeah i mean that's a good one man i like that pretty good all right that's pretty good i'm gonna check this out got this out in the world now yeah i made it up i have no idea

if it's true i know that the dates line up kind of but yeah there's a chance but in your theory the fluoride doesn't do anything bad in this theory you just give into big fluoride and you say it does that stuff maybe they didn't know was going to lower iq yeah yeah i mean this makes complete sense right yeah it could have definitely released which is what makes it they wouldn't have known about iq no no like the romans had lead pipes yeah that would have been way down the road yeah that's a good one bro getting rid of oil paint or the uh lead-based paint yeah was too with radio waves because in a lead paint room radio waves can't come in so they sit there and say it's illegal and your kids are gonna need fucking paint chips because they're like 20 years

ahead in the tech yeah yeah you know they had all this shit they know they give you cancer and all that stuff like dude lead paint's illegal it has to be water-based and that people pay for emf blocking paint yeah so like they pay good money for that shit i think rfk jr has and stuff yeah because what they can do with wi-fi they can like just map your house like oh yeah from a truck outside you can see everything that sonar yeah it's unbelievable i don't fuck with i read i read it's what's called electric universe electric universe is a good book about emfs and stuff like there was all these farmers and stuff out in like the country had no radio they were just living clean they would they would come into cities all this stuff they introduce it in the cities

all the kids are fine because they're always kind of getting some emfs they introduce radio lines in the country all those dudes are getting heart problems they used to call it linesman's disease happened to the philadelphia zoo too philadelphia zoo had no problems they got all the radio lines after the war around the zoo all the animals started fucking getting heart problems and getting fucked up allegedly we're being like tortured and like we're sick from electricity city and we don't even know how good we should feel i want to just throwing that out there i mean how long do you have to be not exposed to like feel no idea we have no idea this is just a cool book how are you gonna escape it yeah well i mean like you're surrounded by a lot there's not

a lot out there yeah you bring your phone like how long would i have to bug out well i have no idea i think it's just like this can you detox it's a lot of it just seems like a little like a nice nudge to at least like kind of keep people medicated like no one's going to take not everyone's going to take your meds so you get like a little bit of EMF like a little bit of weird shit going on where you're kind of just subservient this is all the 5G stuff as

well right in like Havana syndrome like that or just them like completely baking you intentionally like that's a legit thing yeah yeah no they tried to people that it wasn't yeah no it's real but it's concentrated it's concentrated and like maybe this is just like low dose and

doesn't have as profound of effect as micro-targeting with you can feel like the low dose stuff like you read your phone at night you can't go to bed like I tried to video edit something and I think it took years off my life yeah the blue light shit fucks me up

he gets crushed by it trying to go to sleep and just getting destroyed by blue light I'm a gremlin at night it keeps you up for so long I mean I can't help it I'm on Twitter until one in the morning you guys talked to Jack Cruz dude no I've DM'd him a couple times he's a serious

fucking bitcoin that guy yeah i think he's down el salvador yeah yeah that dude pumps me up he's the same way it is weird that like everyone just kind of hates on it but like then they're like oh no i'm a patriot like i'm a good american i'm gonna put money in my 401k it's like dude just get away from those fuckers you know my wife wrote a book called bitcoin in the american dream and it's like trying to just like refocus people it's like no you're forgetting the american dream is not putting all your money in a 401k. So this has been made over the last 20 years. So that's something I could read where it's like,

this will be like the new American dream story for myself. Yeah, it's made to like appeal. It's kind of made to appeal to politicians. They wrote this like to hand out in Washington and just be like, guys, like don't fight against this. Is this like a pamphlet or like a heavy book? It's a small book. It's right up there somewhere.

I'll give you one before we leave. No, it's essentially like Bitcoin, sound money, property rights. like property rights is a big one for me yeah like they can't take it like you own it

yeah they hit you with the real estate taxes and all that shit and it's like like Bitcoin's one of the few things in my life that I actually

fucking own like I have a house I have a house with no mortgage on it I do not own it yeah I don't like I'm paying

thousands of dollars you know just to rent the house that I presumably own yeah it's insane it's like Bitcoin you can just own

is there anywhere without property tax not in the United States it's cool if it makes sense but they've raised property taxes to the point where it's a mortgage payment. Yeah. And then you're like, what am I doing?

Yeah. I mean, funny enough, California has the lowest, but they, their state taxes are so high, but it's like, even Texas has like middle of the road,

but they're kind of a little bit high here. It's a, yeah. But the premise of it is like, you don't actually own anything. Yeah. You're, you're a slave to your slave.

And like, I can't think of anything I'm allowed to just own. Yeah. Did Joe send me something today? What was the question, Kevin? um he sent me this thing it was like i have a really hard time taking anyone seriously he talks about personal or spiritual empowerment but then scoffs at the idea of bitcoin you can't change the

world if you're using a slave credits to do that you know i mean it's like fucking slave credits kill me all the money i try to make i mean it sounds brazen but like that's like telling like stories and narrative like that's that's how like that's one thing we've talked about a lot have fun with your slave like it's like framing things like own the frame like and literally like you are

operating your life on slave credits like you are a slave to this that's probably another thing of like why people get pisses it's a it's a huge loss of frame when you're like

dude those are slave credits you're like oh shit I'm a fucking slave I didn't know I was a slave yeah like imagine finding out you're a slave it's like you think you're rich

you're looking at like the dude you're above on the ladder and you're like look at him he's paying houses and it's like dude you're a slave too what kind of money do you have he's worse off than you are if you're painting houses and he's living in

this brand new house right he's paying the property taxes he's chasing that job you know his wife's gonna divorce him and have his money they get work done yeah that's expensive yeah i mean going back to the west african glass beads like again what's happening here to our money system is not much different and that led to like the west african slave trade yes we're not putting people on on shit jesus christ this is getting dark like shipping them off to do slave labor but like you are that hamster is essentially brother like a new form of slavery you could just millions you could i mean you could just like kind of guide you could do social engineering guide people you can normalize going to wherever the work is in the world and like just world

slavery yeah under one kind of like if everyone has you're telling me everyone has dollars the europeans are printing their own dollars like this is scary stuff to me i don't know like regular people i mean people probably do know this and i'm dumb but no i mean marty's the one that taught me about that yeah i didn't know any of this dude i was working on computers and stuff you know like like building software and like marty and parker and safe dean and these guys like i didn't know anything i was an economics major i knew nothing about money it was like embarrassing that's crazy i paid all that money for college and i knew such a waste dude it's such a sigh out yeah yeah it's it's actually like i don't want to get too angry i'm gonna go like

full aj but like when you think about it like go brother the opportunity cost of like on his forces down this fucking timeline like get good grades in high school go into debt to go to college you'll get a good job yeah nothing's materialized like what the fuck would we have built if we weren't fed that lie we had good money like how much time human capacity intellectual capacity in the last 20 years has been wasted for like our lives and it's like oh my life's gone bro like fucking 9-11 08 snowed in wiki leagues october 7th october 7th we have to put us out to this like one after another is getting kicked in the dick for our generation specifically and that's i was radicalized in 08 and when i found bitcoin i was like this is how we fix it

and that's why I've essentially dedicated my life to it. I feel like I don't know what the what the line was exactly but it's like we worked on Bitcoin

so our kids don't have to work on Bitcoin. Yo that's what's up. That's a good idea. You met our kids. Because dude like if you think about it they don't have to think about this anymore.

If nobody's mining it it would take a lot longer. Yeah. You know like put the work in mine it get it all mined up. Well now

you know my kids can go paint houses and like not you know lose their money. And it's not embarrassing. you know it's not

it's like you earn money you keep it it just kills me because like the richer dude that has slave credits is like not letting me use his bathroom

because I'm poorer than him but I'm worse than him people actually deny bathroom access though oh really yeah you give off that vibe you give off no

bathroom vibes these people are sick dude or do we need to start like a hashtag Starbucks thing here or something you get treated

you definitely get treated different if you're poor well and that's like I went to Talladega, and we dressed the part. It was like mullets, mustaches. It was like a social experiment. I dressed down.

I did the Talladega thing. I know. I was co-opting their culture a lot. I've never been treated worse in my life in an airport. And you're tall. Than just looking like someone who was poor. It's a bell curve, though, because poors don't give a fuck. People who have a fuck ton of debt really care what they look like and stuff.

Rich people don't give a fuck. Real rich dudes are like, whatever, man. Yeah, sure. you shit in my bed for all i care well that's like the the mid-curve people um they're gonna be in for a big problem it's like it's easy money particularly like in tech and finance and consulting has created like this middle management that we're describing like they don't provide any fucking value they're just basically like laptop warriors who um over are able to have a job because the fucking company has enough money and they that's the

other thing the perverse thing in startups and public companies is like headcount is a metric that for many years if your headcount is growing that means you're a good business. That means customers? No, people that work for you. Employees? Yeah.

And so people have hired about yeah, we have 30,000 people and that's viewed as a good KPI to hit. Yeah, but all these big startups have like 25 people. They don't make money either. I'm pretty sure Uber is only profitable.

They may not. I think they have one quarter of profit. Who gives them all the money then? VCs. and uh public but yeah yeah are they yeah uber's public that's right it's like no vcs will like front companies money for a long time okay they're unprofitable you know and they get a huge amount of equity and then hopefully that company turns a profit sometime which is actually kind of leads to the shit coin thing of like how that works is like the shit coins really took off because of vcs

is that what what vcs found is like most of their uh investments that they do are not liquid for like 10 years it's like you invest in a startup it's like they might not be turning a profit going public getting bought by another company for like 10 years that's like kind of their time horizon and so they give money and it's just gone for a long time that's a long time yeah but they found these tech companies that were creating these tokens and those tokens would have immediate liquidity yeah and so they found this other vehicle where they're like we can pump these companies up right or we're insiders like the company won't get on the ground off the ground without us but we invest and within like

six months we're able to dump these tokens on the public if we mix that into our other fund where everything's a liquid and this is like planned oh yeah A16Z like Mark Andresen like he was on Rogan like talking about Operation Chokepoint I like him too

but like Coinbase is essentially an A16Z portfolio consolidation company for to just dump crap on retail investors and confuse them it's insane I never have owned a stock in my life. For moral reasons, I won't do the stock market.

I think that's all blood money, and it's just like you don't own any of that at any point in time. If they roll out, all those dudes are good, you're fucked. The only time I ever own stocks is like. It seems insane to me to do that. Yeah. Well, I also don't know anything about the market. I have no skills.

I don't know how to value a company. I don't know if a company is overpriced or underpriced. why do i have to invest my money in a company that i don't understand to figure that out like like i had like a company 401k and so it just like went in but like i've never spent time buying stocks or anything like that it's it's like it's a fool's game it's like you know i'm buying someone's selling me that stock they probably know a lot more than i do yeah so it's like why am i buying it from yeah right yeah yeah is that good i think that's good what do you guys think you guys are anywhere

No, I don't think so. Yeah. Is this helpful? Dude, I mean, for us, yeah. That's fine. I'm glad we did this. All the people have to do is leave the ego at the door, dude. No one's saying you're an idiot.

No one's saying anything. It's just like, dude, get on the train. I can't wait for the comments. Yeah, they'll call us. I'm going to love it, though. What should we front run? You're probably going to have some BSV retards in your comments. Oh, what?

The cashers. Alt coin, shit coin guys. It's like, oh, no, no, it's actually, Bitcoin was co-opted in 2016 by, you know, like. Roger Ver has been saying. Roger Ver and those types of guys. So they were playing that dude at InfoWars. Oh, yeah. Well, he's been on InfoWars before.

He was on Tucker recently, but his appearances on InfoWars are fucking hilarious because Jones is sitting there and he gets these calls in. They're like, Roger's a retard. What are you doing? And Jones is like, I mean, you're saying this and I've heard you and this guy. I'm just staying out of it, boys.

I don't want any part of this. We rolled in and they were playing. That was what they were playing when we were waiting to get on. He's got some buddies. and like honestly it's like Roger has some compelling things you know about his story

and everything but it's like he fucked this one up real bad and he fucked a lot of people over and he's like digging his heels in

yeah that Nick Sorza guy or whatever Zabo Zabo Zabo are we still doing it I don't know

no no no I didn't stop it whatever can we stop yeah we're done peace and love that Nick Zabo guy Thank you.