The Supreme Court is laying the groundwork to pre-rig the 2024 election

Six Republicans on the Supreme Court just announced—a story that has largely flown under the nation’s political radar—that they’ll consider pre-rigging the presidential election of 2024.

Republican strategists are gaming out which states have Republican legislatures willing to override the votes of their people to win the White House for the Republican candidate.

Here’s how one aspect of it could work out, if they go along with the GOP’s arguments that will be before the Court this October:

It’s November, 2024, and the presidential race between Biden and DeSantis has been tabulated by the states and called by the networks. Biden won 84,355,740 votes to DeSantis’ 77,366,412, clearly carrying the popular vote.
But the popular vote isn’t enough: George W. Bush lost to Al Gore by a half-million votes and Donald Trump lost to Hillary Clinton by 3 million votes but both ended up in the White House. What matters is the Electoral College vote, and that looks good for Biden, too.
As CNN is reporting, the outcome is a virtual clone of the 2020 election: Biden carries the same states he did that year and DeSantis gets all the Trump states. It’s 306 to 232 in the Electoral College, a 74-vote Electoral College lead for Biden, at least as calculated by CNN and the rest of the media. Biden is heading to the White House for another 4 years.
Until the announcement comes out of Georgia. Although Biden won the popular vote in Georgia, their legislature decided it can overrule the popular vote and just awarded the state’s 16 electoral votes to DeSantis instead of Biden.
An hour later we hear from five other states with Republican-controlled legislatures where Biden won the majority of the vote, just like he had in 2020: North Carolina (15 electoral votes), Wisconsin (10), Michigan (16), Pennsylvania (20) and Arizona (11).
Each has followed Georgia’s lead and their legislatures have awarded their Electoral College votes—even though Biden won the popular vote in each state—to DeSantis.
Thus, a total of 88 Electoral College votes from those six states move from Biden to DeSantis, who’s declared the winner and will be sworn in on January 20, 2025.
Wolf Blitzer announces that DeSantis has won the election, and people pour into the streets to protest. They’re met with a hail of bullets as Republican-affiliated militias have been rehearsing for this exact moment and their allies among the police refuse to intervene.
After a few thousand people lay dead in the streets of two dozen cities, the police begin to round up the surviving “instigators,” who are charged with seditious conspiracy for resisting the Republican legislatures of their states.
After he’s sworn in on January 20th, President DeSantis points to the ongoing demonstrations, declares a permanent state of emergency, and suspends future elections, just as Trump had repeatedly told the world he planned for 2020.

Sound far fetched?

Six Republicans on the Supreme Court just announced that one of the first cases they’ll decide next year could include whether that very scenario is constitutional or not. And it almost certainly is.

Article II, Section 1 of the Constitution lays out the process clearly, and it doesn’t even once mention the popular vote or the will of the people:

“Each State shall appoint, in such Manner as the Legislature thereof may direct, a Number of Electors, equal to the whole Number of Senators and Representatives to which the State may be entitled in the Congress… [emphasis added]
“The Electors shall meet in their respective States, and vote by Ballot for two Persons … which List they shall sign and certify, and transmit sealed to the Seat of the Government of the United States, directed to the President of the Senate. The President of the Senate shall, in the Presence of the Senate and House of Representatives, open all the Certificates, and the Votes shall then be counted. The Person having the greatest Number of Votes shall be the President…”

It’s not particularly ambiguous, even as clarified by the 12th Amendment and the Electoral Count Act of 1887.

Neither mentions the will of the people, although the Electoral Count Act requires each state’s governor to certify the vote before passing it along to Washington, DC. And half of those states have Democratic governors.

Which brings us to the Supreme Court’s probable 2023 decision. As Robert Barnes wrote yesterday for The Washington Post:

“The Supreme Court on Thursday said it will consider what would be a radical change in the way federal elections are conducted, giving state legislatures sole authority to set the rules for contests even if their actions violated state constitutions and resulted in extreme partisan gerrymandering for congressional seats.”

While the main issue being debated in Moore v Harper, scheduled for a hearing this October, is a gerrymander that conflicts with North Carolina’s constitution, the issue at the core of the debate is what’s called the “Independent State Legislature Doctrine.”

It literally gives state legislatures the power to pre-rig or simply hand elections to the candidate of their choice.

As NPR notes:

The independent state legislature theory was first invoked by three conservative U.S. Supreme Court justices in the celebrated Bush v. Gore case that handed the 2000 election victory to George W. Bush. In that case, the three cited it to support the selection of a Republican slate of presidential electors.”

That doctrine—the basis of John Eastman and Donald Trump’s effort to get states to submit multiple slates of electors—asserts that a plain reading of Article II and the 12th Amendment of the Constitution says that each state’s legislature has final say in which candidate gets their states’ Electoral College vote, governors and the will of the voters be damned.

The Republicans point out that the Constitution says that it’s up to the states—”in such Manner as the Legislature thereof may direct”—to decide which presidential candidate gets their Electoral College votes.

But the Electoral Count Act requires a governor’s sign-off, and half those states have Democratic governors. Which has precedence, the Constitution or the Act?

If the Supreme Court says it’s the US Constitution rather than the Electoral Count Act, states’ constitutions, state laws, or the votes of their citizens, the scenario outlined above becomes not just possible but very likely. Republicans play hardball and consistently push to the extremes regardless of pubic opinion.

After all, the Constitution only mentions the states’ legislatures—which are all Republican controlled—so the unwillingness of the Democratic governors of Michigan, North Carolina, Wisconsin and Pennsylvania to sign off on the Electoral College votes becomes moot.

Under this circumstance DeSantis becomes president, the third Republican president in the 21st century, and also the third Republican President to have lost the popular vote election yet ended up in the White House.

This scenario isn’t just plausible: it’s probable. GOP-controlled states are already changing their state laws to allow for it, and Republican strategists are gaming out which states have Republican legislatures willing to override the votes of their people to win the White House for the Republican candidate.

Those state legislators who still embrace Trump and this theory are getting the support of large pools of rightwing billionaires’ dark money.

As the highly respected conservative Judge J. Michael Luttig recently wrote:

“Trump and the Republicans can only be stopped from stealing the 2024 election at this point if the Supreme Court rejects the independent state legislature doctrine … and Congress amends the Electoral Count Act to constrain Congress’ own power to reject state electoral votes and decide the presidency.”

I take no satisfaction in having accurately predicted—in March of 2020—how Trump and his buddies would try to steal the election in January of 2021. Or how the Supreme Court would blow up the Environmental Protection Agency.

Trump’s January 6th effort failed because every contested state had laws on the books requiring all of their Electoral College votes to go to whichever candidate won the popular vote in the state.

That will not be the case in 2024.

As we are watching, the Supreme Court—in collaboration with state legislatures through activists like Ginny Thomas—are setting that election up right now in front of us in real time.

We damn well better be planning for this, because it’s likely coming our way in just a bit more than two short years.

The Supreme Court is laying the groundwork to pre-rig the 2024 election
Six Republicans on the Supreme Court just announced—a story that has largely flown under the nation’s political radar—that they’ll consider pre-rigging the presidential election of 2024.Republican strategists are gaming out which states have Republican legislatures willing to override the votes of t…
Wikipedia:  Moore v. Harper (Case scheduled for Oct)

 

But how does bitcoin actually work? (2017)

The math behind cryptocurrencies.
Help fund future projects: https://www.patreon.com/3blue1brown
An equally valuable form of support is to simply share some of the videos.
Special thanks to these supporters: http://3b1b.co/btc-thanks
This video was also funded with help from Protocol Labs: https://protocol.ai/join/

Some people have asked if this channel accepts contributions in cryptocurrency form. As a matter of fact, it does:
http://3b1b.co/crypto
ENS: 3b1b.eth

2^256 video: https://youtu.be/S9JGmA5_unY

Music by Vincent Rubinetti: https://soundcloud.com/vincerubinetti…

Here are a few other resources I’d recommend:

Original Bitcoin paper: https://bitcoin.org/bitcoin.pdf

Block explorer: https://blockexplorer.com/

Blog post by Michael Nielsen: http://3b1b.co/crypto
(This is particularly good for understanding the details of what transactions look like, which is something this video did not cover)

Video by CuriousInventor: https://youtu.be/Lx9zgZCMqXE

Video by Anders Brownworth: https://youtu.be/_160oMzblY8

Ethereum white paper: https://goo.gl/XXZddT

 

Other Videos by video creator

 

Comments

this was awesome! I was having trouble on understanding the nodes vs. miners as well as the random number / difficulty adjustment but this totally cleared it up!
It’s an extremely information dense lecture. You have to watch portions of it again and again to grasp the underlying concepts. But once you’ve finished it, you feel so damn confident.
5 years later and I still comeback to this Blockchain explanation to check if my understanding, love it
You have no idea how much I’ve tried to find an article or video actually explaining how cryptocurrencies work. Everyone else just goes around with analogies. They probably don’t understand fully themselves. Thanks man.

 

This is the clearest video I’ve ever seen, and I still don’t get it.
10:00 “The history of transactions is the currency” interesting Edit: 17:30 I love how I now know what a block chain is, and it wasn’t as mind blowing as people on the internet made it seem. And I’m pretty sure blockchains are done in introductory coding courses. (Though not as complex). Edit 2: 18:25 so THAT’S why mining is profitable. I get it now. That circles back to the claim made ~10 mins in. Edit 3: 21:15 So, bitcoin ‘authority’, in essence, is computing power, and bitcoin ‘identity’ is the a blockchain made by the original owner? Great video. As you can see I am still shaky on complete understanding, BUT this was the only useful explaination of Bitcoin and crypto I’ve seen so far (for me). So I am greatful. and maybe this will lead me to understanding others.
Prior to watching this I didn’t really understand the link between mining and validating the transactions. Its quite interesting how the system can self-adjust to make sure that mining\validating is always profitable, and therefore even if there is a big crash in mining profitability it should just result in a slowdown of transactions until the system balances. I guess the issue is that there is a big problem if the coin is used for real large scale commerce\business that rely on guaranteed volume. If a large enough proportion of bitcoin transactions were for real vital goods and services, then a crash in mining profitability could drive he value to zero since the value would be much more tied to the amount of volume the system can handle. Lack of trust could continually inflate it, which would then continually make it harder to restore validation capacity. Volatility is an issue for real world business even if the overall trend is continually upwards. If I am correct, then it would suggest that bitcoin will remain a speculation asset and a store of value rather than a replacement for sovereign currencies?
at around 20:30, theyre discussing how it isnt viable for Alice to try to commit fraud because she cant out-compute the other miners on the network all by herself. could someone explain what would happen if a group of miners (that formed the majority of the network) decide to commit fraud together?
>>  It’s 100% possible. And in fact, the top 4 miners of bitcoin have more than 50% of the network’s total hashing power. However, if you have 50% of the total mining network’s computation, you’re probably better off using it to make ~$2.2 Million a day with honest mining than you to defraud a single individual.

 

>> the specific name for this scenario is a “50% attack”

 

 

The Future the Central Bankers Want (Bank of International Settlements Report)

📺Essential Videos📺

What The Central Banks Are Planning 👉 https://youtu.be/7Lu0uhrueWI
CBDCs vs. Cryptocurrencies 👉 https://youtu.be/Vb1Y760Sazc
BIS DeFi Regulation Requests 👉 https://youtu.be/CIRsEOBYxbA
FATF Cryptocurrency Recommendations 👉 https://youtu.be/nFSOfkalDK4
Blockchain Analytics Companies 👉 https://youtu.be/KR5_6uVBRDU
Assets Backing Stablecoins 👉 https://youtu.be/TxcTDNHSS-U
Best Crypto Wallets 2022 👉 https://youtu.be/4q8nK4XxmkA
Bitcoin Lightning Network Explained 👉 https://youtu.be/J3cQNpOR_a0
BIS Financial System Trust Report 👉 https://youtu.be/WnJbISKcsZU
Cryptos That Could Benefit From CBDCs 👉 https://youtu.be/fEifsVxio6Q

~~~~~

⛓️ 🔗 Useful Links 🔗 ⛓️

► All Central Bankers Meet at BIS: https://youtu.be/-KNHTwc5SXg
► BIS 2018 Cryptocurrency Media Briefing: https://youtu.be/NjBeZdattw8
► BIS June 2022 Cryptocurrency Media Briefing: https://youtu.be/obhognXTW34
BIS Future Monetary System Description : https://www.bis.org/press/p220621.htm
BIS Future Monetary System Full Texthttps://www.bis.org/publ/arpdf/ar2022…

~~~~~

– TIMESTAMPS –
0:00 Intro
1:40 About The BIS
6:53 The Role Of Central Banks
8:32 The Monetary System
12:28 DeFi and Crypto Volatility
17:04 BIS Future of Finance
19:21 Wholesale and Retail CBDCs
24:17 Multi-CBDC Global Platform
26:37 Conclusion

CIA Propaganda SHUT DOWN By Journalist In Real Time | The Kyle Kulinski Show

00:00
matt lee is uh an associated press
00:04
foreign policy correspondent or state
00:06
department uh journalist and
00:09
he
00:11
really questioned this guy ned price the
00:13
state department spokesperson very
00:14
aggressively over this new claim that’s
00:16
emerged
00:17
that
00:18
we now know russia is planning a false
00:20
flag attack uh to invade ukraine and
00:25
you know therefore it’s like
00:28
basically whatever the us wants to do in
00:29
response is justified because we we
00:32
didn’t start it we didn’t do anything we
00:33
didn’t do anything wrong here and so if
00:36
we want to deploy troops to the border
00:38
tens of thousands of them if we want to
00:40
have the tanks ready to go
00:42
if we want to do sanctions not just of
00:44
the oligarchs but even russian civilians
00:46
hey don’t question us we’re telling you
00:49
we we know we have the smoking gun
00:50
evidence that they’re gonna do a false
00:52
flag attack and we need to be prepared
00:54
for that so this journalist has been
00:56
around the block
00:57
and he’s going to do a very simple thing
00:59
he’s going to ask for evidence and look
01:00
at how comical this back and forth is uh
01:03
we told you a few weeks ago that we have
01:05
information indicating russia also has
01:07
already pre-positioned a group of
01:09
operatives to conduct a false flag
01:11
operation in eastern ukraine so that map
01:13
to your question is an action that
01:15
russia has already taken it’s an action
01:17
that you say that they have taken but
01:19
you have shown no evidence to
01:22
to to confirm that and i’m going to get
01:24
to the next question here which is what
01:26
is the evidence that they i mean this is
01:28
like crisis actors really this is like
01:31
alex jones territory you’re getting it
01:32
too now
01:34
um what evidence do you have to support
01:36
the idea that there is some propaganda
01:39
film in the in in the making
01:41
now this is derived uh from information
01:44
known to the us government intelligence
01:46
information that we have declassified i
01:48
think okay well where is it where is
01:50
this information it is intelligence
01:52
information that we have declassified
01:54
well where is it where is the
01:55
declassified information i just
01:57
delivered it
01:59
look no you made a series of allegations
02:02
would you like us to print out the
02:03
topper because you will see a transcript
02:05
of this briefing that you can print out
02:06
for yourself it’s not evidence ned
02:08
that’s you saying it that’s not evidence
02:10
i’m sorry
02:13
what would you like matt
02:14
i i would like to see some proof that
02:16
you that that
02:18
that you can show
02:20
that
02:20
that matt
02:22
that shows that that that shows that the
02:24
russians are doing this ned i’ve been
02:26
doing this i know that was my passion
02:29
you have been doing this for quite a
02:30
while you know that when we declassify
02:31
intelligence information we do so in a
02:34
means
02:43
where is the declassified information
02:45
other than you coming out here and
02:47
saying
02:48
matt i’m sorry you don’t like the format
02:50
uh but we have
02:51
format it’s the content i’m sorry you
02:53
don’t like the content i’m sorry you i’m
02:56
sorry you are doubting the information
02:57
that is in the possession of the us
02:59
government
03:00
what i’m telling you is that this is
03:01
information that’s available to us we
03:03
are making it available to you uh in
03:05
order uh for a couple reasons one is to
03:08
attempt to deter the russians from going
03:10
ahead with this activity two in the
03:12
event we’re not able to do that in the
03:14
event the russians do go ahead with us
03:16
to make it clear as day to lay bear the
03:18
fact that this has always been an
03:20
attempt on the part of the russian
03:21
federation to fabricate a pretext
03:25
yeah but you don’t have any
03:28
any evidence to back it up other than
03:30
what you’re saying
03:31
it’s like you’re saying
03:32
we think we we have
03:34
information the russians may do this
03:37
but you won’t tell us what the
03:39
information is and then when when you’re
03:41
that is the idea behind deterrence that
03:43
is
03:59
moving forward with this type of
04:00
activity that is why we’re making it
04:02
public today if the russians don’t go
04:04
forward with this that is not uh ipso
04:07
facto an indication that they never had
04:08
plans to do so uh but then it’s
04:11
unprovable
04:12
my god what is the evidence that you
04:14
have that suggests that that the
04:16
russians are even planning this i mean
04:17
i’m not saying that they’re not but you
04:19
just come out and say this and expect us
04:21
just to to believe it without you
04:24
showing a shred of evidence that it’s
04:26
actually true other than
04:28
when i ask or what anyone else asks
04:30
what’s the information you said well i
04:32
just gave it to you which was just you
04:34
making a statement matt you said
04:35
yourself you’ve been in this business
04:36
for quite a long time you know that when
04:38
we make information uh intelligence
04:40
information public we do so uh in a way
04:43
that protects sensitive sources and
04:45
methods you also know that we do so we
04:49
declassify information only when we’re
04:51
confident in that information if you
04:53
doubt if you doubt the the credibility
04:55
of the us government of the british
04:57
government uh of other governments and
04:58
want to uh
05:00
you know find uh solace and information
05:02
that uh the russians are putting out uh
05:04
that is that is for you to do so in
05:07
other words you are a russian
05:09
propagandist or a russian stooge or a
05:12
dupe
05:13
um
05:14
or a foreign asset
05:16
because you’re trusting them over us
05:18
when all he’s doing is saying i’m
05:20
agnostic i just want to see your
05:21
evidence if you’re gonna make a claim
05:23
the burden is on you to provide the
05:24
evidence that’s how it works that’s how
05:26
it’s supposed to work but usually the
05:29
rest of the media when they’re state
05:30
department sources or their cia sources
05:32
uh tell them something they’re
05:34
stenographers they take it at face value
05:37
because they’re suckers who are putting
05:39
these positions specifically for that
05:41
reason i’m surprised this ap guy hasn’t
05:43
been fired already because there’s a
05:44
number of times he’s held this slimy
05:47
weasel
05:48
ned price accountable
05:50
and he’s so bad at the job he’s so
05:52
terrible at this he’s like we know that
05:54
the russians are are now doing this
05:56
what’s your evidence i just told you
05:58
that we know that that they’re gonna be
06:00
doing this that’s not evidence that’s
06:02
not evidence now understand something
06:04
just like ned says i’ll say the same
06:05
thing
06:06
i don’t know is it possible that they’re
06:08
going to do that sure
06:09
but this is not an agency that has a
06:12
track record of truth telling in fact
06:14
quite the opposite they have a long
06:16
record of lying about everything
06:18
these are the same people that got us
06:20
into the iraq war now i’m sure some
06:21
people involved in the stuff behind the
06:23
scenes maybe really believe the [ __ ]
06:25
really believe the line of argument and
06:26
so they were acting in good faith even
06:29
though they were wrong but there’s also
06:30
people who might not be who might not be
06:32
acting in good faith who are lying and
06:34
know that they’re lying
06:36
but at the end of the day all that
06:37
matters is whether or not what they’re
06:39
saying is true and what that means we
06:40
should do about it now look i’m on
06:43
record are there certain things that are
06:45
on the table in a negotiation with
06:46
russia that are more like hardline
06:48
approaches absolutely absolutely so for
06:52
one thing
06:53
um the nordstrom 2 pipeline should the
06:55
u.s use that as leverage sure absolutely
06:58
in other words look if we find some sort
07:00
of peace agreement and a way out of this
07:01
then you can have the north stream two
07:03
pipeline if you don’t we’re gonna
07:05
undercut it not let you have it and the
07:07
u.s will sell our natural gas to germany
07:09
and we’ll sell the same price as you
07:10
guys even if it’s at a loss
07:12
that’s one thing you could put on the
07:13
table another thing is uh like it or not
07:16
these nations are sovereign nations that
07:18
were the post-soviet states so
07:22
having them armed so they could defend
07:24
themselves yeah that’s absolutely on the
07:26
table that makes perfect sense they’re
07:27
sovereign nations they get to do that if
07:29
they want to do that now these are
07:30
things that all these things russia
07:32
views as red lines that you can’t do
07:36
no
07:37
don’t agree and that’s the whole point
07:38
of a negotiation now are there other
07:41
parts of the deal that would be
07:42
concessions to russia well yes because
07:43
again that’s part of a negotiation as
07:45
well
07:46
and so
07:47
uh i want peace i want to avoid world
07:49
war iii
07:50
so
07:51
um does that mean we’re not gonna do war
07:53
games on russia’s border anymore with
07:55
nato yes does that mean we’re not gonna
07:56
have missiles pointed directly at russia
07:58
in in an ally state of ours yes
08:01
does that mean that you know uh nato
08:04
should not move an inch closer to
08:05
russia’s border absolutely all those
08:07
things are true but it’s also true that
08:09
other things are on the table but
08:11
what the us government is trying to do
08:12
is lay the groundwork and set the
08:14
preconditions to allow us to do anything
08:18
and play the victim and
08:20
play like we’re acting defensive every
08:21
step of the way but it is the same
08:23
organization that led us into the iraq
08:25
war you know the state department the
08:26
cia if these are the same outlets that
08:28
lied about russiagate relentlessly for
08:30
years straight and they are
08:32
well then you shouldn’t take their word
08:33
for it they need to actually show
08:34
evidence if they have such evidence
08:36
they’re not showing the evidence which
08:37
means they don’t have such evidence
08:38
again that’s not to say it’s impossible
08:40
that russia would do this but you need
08:43
to prove it you need to show it you
08:45
absolutely need to show it and so this
08:46
is a rare instance of a journalist doing
08:48
their job doing their job right
08:51
doing their job effectively and really
08:53
unmasking
08:54
the the little weasel state department
08:56
spokesperson here
08:59
so
09:02
there you have it i really hope that the
09:04
negotiation works and we can find a way
09:06
to back out of this feud because
09:10
in the nuclear age with two
09:11
nuclear-armed states you don’t even want
09:13
to be this close
09:15
to some sort of
09:17
fight
09:19
you don’t
09:20
it’s for the future of humanity it’s a
09:23
necessity that you find a way
09:25
out of this situation
09:27
and you need to use all the negotiation
09:29
skills all the diplomacy in the world
09:31
and you need to be fair-minded and
09:32
reasonable and unfortunately i do not
09:35
trust the us at all to do that i don’t
09:37
really trust russia either
09:39
but i also
09:41
know
09:42
that our government has lied
09:43
relentlessly
09:45
about this stuff and
09:47
finally somebody’s holding them
09:48
accountable if you want to see me and
09:50
crystal ball interview legends like noam
09:52
chomsky cornell west and more subscribe
09:54
to crystal kyle and friends on sub stack
09:56
five dollars a month get you the video
09:58
version a day early remember we take
10:01
zero ad dollars for this podcast or you
10:03
can sign up on sub stack for free and
10:05
get the audio version a day later link
10:07
in the video description box below

Everything You Need to Know: Bitcoin ETF, Lightning Network, & Altcoins | Jeff Booth & Greg Foss

In this episode on On The Margin, Mike is joined by returning guests Jeff Booth & Greg Foss. Jeff & Greg discuss breaking news as the first ever U.S Bitcoin ETF was approved and what this could mean for institutional exposure to Bitcoin. Mike, Jeff & Greg also discuss the recent developments in El Salvador as Bitcoin was made legal tender, The Lightning Network, the deflationary forces & network effects of technology, Bitcoin mining, the difference between Altcoins vs Bitcoin, the outlook for 2021 & the future of Bitcoin.

29:20
el salvador and they
29:23
have been employed by the government for
29:24
the merchant solution for the chivo
29:26
wallet so i’m privy to some information
29:29
that uh well you know what you can’t
29:31
trade on it so i’ll tell you it’s very
29:33
positive
29:34
information coming out of el salvador
29:37
and i want to point something that jeff
29:39
said and here’s how a privileged world
29:41
we live in so you guys may or may not
29:43
know i’m a partner in eight irish pubs
29:45
in montreal
and those eight irish pubs
29:48
we pay as jeff said merchant fees on
29:50
these credit cards of two and a half
29:53
percent and our margins and we’re good
29:55
restaurants we’re at about 14 ebitda
29:58
margin okay we could be at 16 and a half
30:01
percent
if and assuming that not
30:03
everybody pays with credit cards but you
30:05
know a lot of people do a lot of them um
30:07
we could we could definitely increase
30:09
our margins because you know the credit
30:11
card if we don’t have to pay those
30:12
merchant fees well our eva dot margin
30:14
goes up uh accordingly do you know what
30:17
merchant fees
30:18
for credit cards are in el
30:20
salvador eight percent guys eight
30:25
this is outrageous
so you think eight
30:27
percent you think that
30:29
running a business in canada is tough
30:31
with two and a half percent merchant
30:33
fees imagine running a restaurant in el
30:35
salvador where your ten percent ebitda
30:38
margin is doing exceptionally incredibly
30:41
well on an industry average and your
30:43
credit card fees are eight percent
30:46
guys lightning is not just going to
30:48
disintermediate western union
30:50
i’m pretty excited about someday being
30:53
pretty good size short on visa not now

30:56
not now i’m not gonna be michael burry
30:58
that calls it out for seven friggin
30:59
years and then he’s finally right and
31:01
he’s some sort of i’m gonna just say
31:04
watch visa
31:05
oh maybe that’s why jamie dimon’s a
31:08
little concerned because his captive
31:11
merchant fees
31:12
in third world countries might be under
31:15
pressure i’m not saying that you do your
31:18
own mathematics the other thing that i
31:20
do know
31:22
again there were only two and a half or
31:24
there’s six million people in el
31:26
salvador i think
31:27
a million and a half of them had bank
31:29
accounts
31:30
there’s currently three million people
31:32
in el salvador with a wallet
31:35
a bitcoin wallet on their phone
31:37
you tell me this stuff isn’t
31:39
life-changing for these people
31:41
changing the gdp of the country changing
31:44
the uh profitability of restaurants and
31:47
small businesses in el salvador and also
31:50
then the livelihood and the and the
31:52
productivity of the people who can store
31:55
value on their phone they didn’t even
31:57
have access to bank accounts prior to
31:59
this
32:00
like i’m telling you this is only el
32:02
salvador this is six million people now
32:04
jeff
32:05
i’m going to tell you i was very honored
32:08
to be yesterday
32:10
speaking to 45 members of parliament in
32:14
canada
32:15
on bitcoin
32:17
led by our friend pierre paul
32:20
okay 45 members of parliament
32:23
they want to know about bitcoin and i
32:25
did tell them on
32:27
the
32:28
uh on on the zoom call i and i said it
32:31
with all respect to my french canadian
32:33
wife and certainly pierre poliev who’s
32:35
franco alberton he’s not a quebecois
32:38
i said maybe we should start learning
32:40
spanish in canada because if we don’t
32:42
get our acting gear we’re going to be
32:44
reporting to the central americans
32:47
who’ve embraced this before canada
32:50
this is all about competitive a
32:53
marketplace no different than a country
32:55
or excuse me a company this is country
32:58
dynamics much like another company would
33:00
look down the road and say
33:02
boy why is jeff booth’s bar doing so
33:05
well
33:06
well because he’s encouraging people to
33:08
pay with bitcoin and can therefore cut
33:10
eight percent off the price of his beer
33:14
to get more clients to come into his
33:16
restaurant you know all of these things
33:19
are unbelievably cool opportunities that
33:22
increase the network adoption that jeff
33:24
very eloquently laid out
33:27
so greg if you just build on that piece
33:29
so the first part that incentivizes
33:33
restaurants or anybody to use it and
33:35
actually the same thing that then that
33:37
we talked about before early on a uh in
33:41
in google or amazon right you just think
33:44
about
33:44
the people that are blocked out of this
33:46
the existing financial infrastructure
33:48
today
33:49
third world countries are blocked out of
33:51
the existing financial so it’s just a
33:53
country example of the same phenomenon
33:56
happening at a person level here
33:59
why we don’t see it as much is because
34:02
of our privilege
34:04
we don’t see that there’s a cost of our
34:06
privilege elsewhere in the world
34:08
and that and that cost is the same
34:10
reason that some of these countries are
34:12
moving to it to it faster than the
34:14
country is in the g7 um and
34:17
greg’s right they better we better get
34:19
our act together because otherwise we’re
34:21
going to be falling behind because all
34:22
of the innovation and all of the
34:24
dynamics are going to move to those to
34:26
those countries because it because it
34:28
provide again
34:30
the first wave
34:32
coming companies will do it because it
34:33
increases their margin
34:35
and they’ll be more profitable and
34:37
they’ll be big and they build way better
34:38
businesses than the ones that aren’t on
34:40
it and then the ones that aren’t on it
34:42
are going to compete and they’re going
34:43
to drive into it as well and what in the
34:46
second wave
34:47
is prices come down
34:50
and and and
34:52
you know from my book i talked about
34:54
technology reduces it gives us more for
34:57
less
34:58
it is
34:59
it is a central point of this whole
35:01
thing fighting against that with
35:03
monetary policy
35:05
to be able to to concentrate control in
35:08
a very small hands
35:10
is an
35:11
is an aberration against the world
35:15
so so this bitcoin force is a forcing
35:18
function essentially by stopping the fr
35:21
by by stopping the free market from
35:23
happening but stopping creative
35:24
destruction and the free marker swapping
35:26
creative destruction in the overall
35:28
market and socializing losses creative
35:31
destruction has come for money
35:33
the world will never look the same
35:36
uh the free market has come for money
35:39
and and what you’re seeing is that
35:41
crazy network effect network effect
35:44
technology
35:46
brains moving into this field
35:49
advancing advancing something that won’t
35:51
be stopped
35:52
and it it’s it’s a really good thing
35:55
because prices will fall everywhere on
35:57
everything and it’s actually the only
35:59
way if you go to a way higher level
36:02
a requirement to move into the future
36:05
where we are in uh with human a
36:07
requirement
36:09
is tech is a
36:10
digitally native currency that allows
36:12
for deflation
36:15
because without that requirement
36:17
you’re concentrating all wealth and
36:19
power in very few hands
36:21
and that is a fact
36:24
howdy everyone this episode is brought
36:26
to you by coinbase prime the leading
36:28
prime brokerage solution for all things
36:29
digital assets providing secure custody
36:31
trading and financing to an
36:33
institutional suite of clients
36:34
on the retail side of things i am more
36:37
than happy to make this endorsement
36:38
because i have been a custody customer
36:39
of coinbase since the day that i got
36:41
into crypto i still keep the vast
36:43
majority of my assets there actually and
36:44
i do it for one reason and one reason
36:46
alone so that i can sleep easy at night
36:49
knowing that my funds are safe it’s the
36:51
same reason when family or friends ask
36:52
me where should i buy my first bitcoin i
36:54
direct them to coinbase and now finally
36:57
when institutions are starting to ask
36:59
what’s the most safe infrastructure to
37:00
use i only point them in one direction
37:02
to coinbase prime and the reason that i
37:05
do that is because it is peace of mind
37:08
when it comes to security
37:10
everything is top of the line on this
37:11
platform and it’s a white glove
37:13
experience to boot they’ve been securing
37:15
client assets at scale for eight years
37:17
which as of q2 of this year is 180
37:20
billion dollars they have an industry
37:22
leading insurance policy and they’re
37:24
audited by blue chip auditors so that
37:26
you can sleep easy at night too so
37:28
stop listening to me click the link at
37:31
this bottom of this episode and go check
37:32
them out for yourself and when you get
37:34
there tell them that i sent you because
37:35
i love to get credit
37:38
when it comes to crypto security in
37:40
custody is paramount introducing this
37:43
episode sponsor ledger your secure
37:45
gateway to buy exchange and grow your
37:48
crypto assets i know i’ve got a smart
37:50
audience so i’m assuming
37:51
hoping that most of you already have
37:53
your ledger hardware wallet but just in
37:55
case you don’t this is how i think about
37:57
it i wouldn’t get into a car if i
37:58
couldn’t wear a seat belt and i don’t
38:00
operate in crypto unless i can do it for
38:02
my ledger hardware wallet crypto is
38:05
really exciting but it is still the wild
38:06
west there are lots of risks and ledger
38:08
is the easiest way to make sure that you
38:10
are still protected and the best part
38:13
about ledger is that you don’t need to
38:14
make any trade-offs between security of
38:16
your funds and utility of your assets
38:19
because ledger has ledger live which is
38:21
a software it syncs right up to your
38:23
ledger hardware wallet and you can do
38:25
anything that you’d want to do with your
38:26
crypto assets you can easily send and
38:28
receive you can buy an exchange and you
38:30
can get access to staking and they’ve
38:32
actually started to aggregate some of
38:34
the best define apps and services out
38:35
there two of my favorites paraswap a
38:38
decentralized aggregator and they’ve got
38:40
lido for staking and stay tuned i’m
38:42
going to keep you guys updated they’ve
38:43
got some really cool services coming out
38:45
soon
38:46
ave compound and one inch among them so
38:49
if you take one thing away from this
38:50
guys please please please make sure that
38:52
you’re protected in this space get
38:54
yourself a ledger hardware wallet today
38:56
and start using the ledger live app
38:58
click the link at the bottom of this
38:59
episode thank me later
39:02
you know the idea of a something that
39:04
looks like an internet native currency
39:06
right this is actually something that’s
39:08
existed for a lot that the the need has
39:10
been understood right uh for this for a
39:12
really long time guys like milton
39:13
friedman identified this a long time ago
39:16
um right and it just didn’t happen
39:18
henry and henry ford buckminster fuller
39:21
and then
39:22
all of these people for the for for a
39:24
long time of time what would be the
39:26
perfect currency the code wasn’t cracked
39:29
to create the perfect currency so you’re
39:31
exactly right so so thought leaders
39:34
throughout our time
39:36
have talked about what this could look
39:38
like but we didn’t have the technology
39:40
the technology didn’t exist to to allow
39:42
it to happen and so even if you think
39:44
about the innovation of when bitcoin
39:46
came out
39:48
all of the different innovations that
39:50
came together to create that
39:53
that spot
39:54
in in time it is it’s a 20-year course
39:58
through through 20 years of evolving
40:01
through through
40:03
um
40:04
through markov chains a whole bunch of
40:05
different things to be able to find to
40:07
be able to get to that point where
40:09
bitcoin
40:12
it was invented
40:14
and that’s amazing because you know 100
40:16
years ago over 100 years ago henry ford
40:18
famously said an energy currency that
40:21
would eliminate wars right um so i find
40:25
it very interesting that uh vlad putin
40:29
is entertaining uh the potential for oil
40:32
to be paid for and he called it crypto
40:35
but vlad putin is a smart engineer and
40:37
he knows that
40:38
the first law of thermodynamics which is
40:41
conservation of energy means that oil
40:43
and natural gas naturally
40:46
should be priced in bitcoin because
40:48
bitcoin is digital energy
40:50
so that i just wanted to build on that
40:52
one for from jeff’s perspective you know
40:55
lots of people have been calling for it
40:56
it hadn’t been
40:58
developed but bitcoin is what ford saw
41:03
over 100 years ago
41:05
there’s another great henry ford quote i
41:07
thought you were gonna bring up there
41:08
which is uh it’s just as well that the
41:11
american people don’t understand the
41:12
banking system for if they do i believe
41:14
there’d be a revolution tomorrow
41:16
in the morning and i’ve lived that life
41:17
too because i told the members of
41:18
parliament yesterday when i first
41:20
started working at the royal bank of
41:21
canada canada’s largest financial
41:23
institution
41:24
it was insolvent and i know it didn’t
41:27
sink into their head until i said
41:30
bankruptcy
41:31
yeah what
41:33
and then they realize
41:34
the banking system is only what it is
41:37
because of the implied backstop of being
41:39
able to print this thing called fiat
41:42
money
41:43
have you guys noticed that uh and maybe
41:45
this is uh where we can transition to
41:47
probably part of the conversation that
41:48
we’re not going to agree on as much
41:50
because jeff i do want to talk to your
41:51
get your thesis on kind of all coins and
41:53
the stuff encrypted outside of bitcoin
41:54
uh but if you notice that uh people that
41:56
are getting into the space
41:58
there’s a remarkably similar thought
42:00
pattern that occurs across a whole bunch
42:02
of different types of people like when i
42:04
was first getting involved in um
42:06
i remember listening to pomp in one of
42:08
the early days of his shows described
42:09
this and it really
42:11
it resonated with me uh but back then
42:12
enterprise blockchain in like 2017 2018
42:14
remember that was still a thing and um a
42:17
lot of people went on this journey i was
42:18
a consultant before this so what i
42:19
understood was operations and supply
42:21
chain and uh you know you first get
42:23
exposed to something like crypto and
42:24
bitcoin you’re like well i’m not really
42:25
sure this makes a whole lot of sense but
42:27
like some sort of light bulb goes on you
42:29
try to jam it into your own world view
42:30
or how you understand things uh and i’m
42:32
like oh well like oh okay this is cool
42:34
like all assets get tracked to the
42:35
system there’d be supply chain
42:36
applications for this yada yada then you
42:38
go down that road and you’re like wait a
42:39
second none of this makes any sense
42:41
actually it was all bitcoin you know the
42:43
whole time and then you but there’s this
42:44
kind of remarkable journey that everyone
42:46
goes through and like greg what you were
42:47
saying is like everyone thinks they’re a
42:48
day trader i can’t tell you how many of
42:50
my friends i’ve talked to about bitcoin
42:53
they’re like i’m gonna wait for a dip
42:55
like
42:56
why do that why do you do that that’s
42:58
just not a smart interest either this is
43:00
an asset worth owning or it’s not
43:02
okay if it is then it is and then what’s
43:05
the entry strategy you dollar cost
43:06
average waiting for a dip is just a poor
43:09
entry strategy for how to get ownership
43:11
of this asset but like everyone thinks
43:13
like that so
43:15
you know your guy that writes brian uh
43:17
that writes for your block works i wrote
43:19
a pretty neat article either
43:22
was it today or yesterday where he said
43:24
look i don’t try and short the market as
43:26
a as a profession because over time the
43:28
market goes higher uh but you know and
43:32
it was neat because it’s a very wise uh
43:34
equity trader type of uh thought process
43:36
the reality is uh there’s another
43:39
expression never short a bull market
43:41
right uh trend is your friend all these
43:43
other things so yeah everyone uh says
43:45
gosh they have price uh
43:47
uh
43:49
remorse uh i missed it at a thousand i
43:51
missed it at five thousand i missed it
43:53
at ten thousand let me be very clear
43:55
about this uh and i think this is
43:57
something i can talk about because i’ve
43:59
done this for 32 years uh and thirty
44:02
years i did it professionally managing
44:04
other people’s money managing other
44:06
people’s money is a horrible horrible
44:08
job
44:09
okay because they will only give you
44:12
credit
44:14
their credit to you oh the guy did great
44:16
he’s a bitcoin allocator he did great
44:19
but i’m so smart i put my money with him
44:21
and uh look at me i’m a superstar
44:24
allocator and this guy
44:26
convinced me to get into bitcoin the
44:29
flip side of that is i’m a money manager
44:31
i own bitcoin and bitcoin goes offside
44:34
and these guys are upset god he’s stupid
44:36
why did i ever listen to him like as if
44:39
i i had pulled them in in some sort of
44:41
uh you know false narrative
44:43
managing money is horrible in order
44:45
priorities it’s easiest to lose your own
44:47
money second easiest to lose a bank’s
44:49
money and absolutely horrible to lose
44:51
friends family and client money okay
44:54
anyone who thinks they want to do that
44:55
on a professional basis trust me sit in
44:58
the chair for a year and a half in a
44:59
bear market you don’t want to do this
45:02
and so i’ve seen the world melt down
45:04
four successive times in my career
45:06
i think i know how to manage risk i
45:09
survived all four of those financial
45:10
crises i came out
45:13
with war wounds and you know
45:15
stomach ulcers and i talk about you know
45:18
my
45:19
perhaps a little
45:20
grosser types of things that i came out
45:22
with but at the end of the day
45:23
bitcoin today right now
45:26
is cheaper on a risk-adjusted basis than
45:29
it was when i got in involved with
45:31
bitcoin in 2016.
45:34
okay
45:35
what happened since 2016 when i got
45:38
involved in bitcoin
45:40
not only the price has gone up 50 times
45:42
okay that’s fair but colvid cove
45:45
and governments have proved that we will
45:47
never escape this debt spiral ever
45:50
cynthia loomis said it so beautifully on
45:52
a c-span thing
45:55
the governments have been irresponsible
45:56
and mathematically it’s impossible to
45:58
escape this debt spiral very cool
46:02
head yourself accordingly don’t
46:04
overthink it bitcoin is the best
46:07
asymmetric trade i’ve ever seen and it’s
46:10
actually gotten better since i got
46:12
involved in it five years ago i know it
46:14
doesn’t resonate with people and they
46:16
want to buy a dip and they want to do
46:17
this
46:18
put five percent in your portfolio and
46:21
then concentrate on the other
46:23
95 of your portfolio that really is
46:27
risky
46:28
bitcoin’s your insurance it’s just i
46:31
just need people to take that experience
46:34
i’ve seen people literally carted off a
46:36
trading floor because they had a heart
46:38
attack right in front of me
46:42
jesus
46:43
yeah i’ve managed to risk for 32 years
46:46
please
46:47
it has nothing to do with where it’s
46:50
been it’s
46:51
has everything to do with where it is
46:54
going yeah
46:56
and
46:57
and if you’re talking price
46:59
again and a lot of people are talking
47:00
price you just asked about price and
47:02
everything else and that’s that’s the
47:04
natural thing that a lot of people are
47:05
doing and they’re measuring that price
47:07
in u.s dollars they’re measuring that
47:09
price
47:10
in a system that is that has to
47:14
print money forever that has to keep on
47:16
you so so
47:18
so
47:19
um
47:20
but
47:22
i so number one it we i i totally agree
47:25
there is no asymmetric bat
47:27
unless the majority of people
47:29
misunderstand it
47:32
so so the majority of people still
47:34
misunderstand it and and how and how how
47:37
early we are that’s how greg is a
47:39
traitor
47:41
who creates that arb that is how but but
47:44
it’s this exact same thing as any
47:46
entrepreneur wanting to change the world
47:48
with their idea
47:50
everything around us is just an idea the
47:53
system we live in as an idea first
47:55
started with an idea the iphone is an
47:58
idea that replaced another idea
48:00
and you have to have conviction you have
48:02
to have two things you have to be able
48:05
to see the future of your idea pass out
48:08
and you have so you have to any of deaf
48:10
conviction on that idea otherwise you’d
48:12
never start a business
48:14
and you have to be right
48:17
on both of those you create asymmetric
48:20
bets
48:21
right and because most people don’t see
48:23
that that’s why entrepreneurs are seem
48:25
so crazy to the rest of the world
48:27
because most people live in
48:29
a world where everything stays the same
48:31
forever and it’s constantly changing and
48:34
it’s and and entrepreneurs are creating
48:36
the future that we we are part of
48:39
if you look at bitcoin through that same
48:40
lens that’s all it is
48:42
it’s a whole bunch of people that
48:44
believe in a new system that and they’re
48:46
creating that system and the more belief
48:48
that there is in that system
48:51
we’re going to transition to that system
48:53
and that system is going to be a far and
48:55
produce far better results for society
48:58
now yes a whole bunch of people that are
49:00
going in early are going to create
49:02
untold wealth in that new system
49:05
and but this is actually critically
49:07
important to understand too because
49:08
there is
49:10
a
49:10
belief from a lot of people who don’t
49:12
understand what we’re talking about
49:14
right now
49:15
that you’ve just transferred power to a
49:17
new set of people
49:19
and the world looks the same
49:21
and that couldn’t be anything there
49:23
couldn’t be anything further from the
49:24
truth
49:25
because the world looks the same because
49:28
because the people at the top of the
49:29
economic pyramid
49:31
write the rules of the system
49:34
and they keep on changing the rules so
49:36
that they stay on the top of the
49:37
economic pyramid
49:39
that doesn’t happen in bitcoin you make
49:41
a mistake you make a bad bet you lose
49:43
your bitcoin if you want to if you want
49:46
wealth doesn’t equal power in the
49:47
bitcoin world if you have a whole bunch
49:49
of wealth in in in in bitcoin and you
49:52
want control of other people so you
49:54
bring a whole bunch of people so you pay
49:56
them more to control them
49:58
then you’re distributing your bitcoin by
50:00
trying to retain control
50:03
so
50:04
the the system incentives
50:07
make ensure
50:08
that the path to abundance for the
50:11
greater part of humanity
50:13
are aligned um and so it’s a way bigger
50:16
deal than the money you might the
50:18
generational wealth that you might gain
50:20
from
50:21
bitcoin by by getting in early it’s a
50:23
way bigger deal
50:25
because there is no fix from the
50:26
existing system short of concentrating
50:29
all power in the state
50:32
i want to get to a part of the
50:33
discussion uh because i’m pretty sure
50:34
we’re in violent agreement about almost
50:36
everything discussed so far but i want
50:38
to talk about an area where maybe we’re
50:39
not in such agreement um
50:41
so uh you know i like bitcoin for me was
50:44
uh
50:46
it’s still a large focus right uh block
50:48
workshop obviously covers a lot of stuff
50:50
outside of just the bitcoin ecosystem
50:52
i’d love to give both of your thoughts
50:53
in general on
50:55
uh assets outside other crypto assets
50:58
outside of just bitcoin so ethan even
51:00
beyond right some of these other layer
51:01
ones or gaming things like acting
51:03
infinity whatever kind of cropping out
51:05
um i know uh maybe i’ll pick on you jeff
51:07
go first because i know you have some
51:08
thoughts on this so maybe you can kick
51:10
off your your thoughts i am not in any
51:12
of those
51:14
and i’m not in and and not to say that
51:16
if it was just about wealth or
51:18
short-term trade
51:20
that that i might not be you can imagine
51:23
with with the type of influence or
51:26
dynamic and everything else i could go
51:28
create a coin right away a whole bunch
51:29
of people and create crea create a coin
51:31
and create a whole bunch of wealth that
51:32
way and essentially
51:35
game my advantage
51:37
to the loss of other people
51:39
right i could pre-mine a coin i could
51:41
bring a whole bunch of people and they
51:42
say and by the way i have been asked to
51:44
do that
51:45
by countless people
51:47
to get involved in their thing because
51:49
because that’ll bring more people on to
51:51
their
51:52
altcoin platform right right and and to
51:56
to one i will say unnamed person in this
51:59
space in the financial world that said
52:02
but we should write the rules
52:05
of what that looks like and i’m
52:07
categorically against that
52:11
and so so i i’m not categorically
52:13
against a free market deciding what coin
52:16
is better
52:17
i’m not uh
52:18
but i’m categorically against
52:21
kind of
52:22
integrity to i’m going to sell my soul
52:24
for money
52:25
so
52:26
uh so
52:28
so most of those i see as as say all of
52:33
those i see over time and this we can
52:35
disagree here and i might be wrong
52:39
but i actually can’t see if the base
52:41
layer is money okay
52:44
and now the technology starts to exist
52:47
because the base layer can’t be
52:48
corrupted and it’s secured
52:51
through proof of work
52:52
why the technology doesn’t evolve
52:56
to handle every other use case
52:59
that current alt coins
53:01
handle
53:02
so in it i understand totally why
53:05
ethereum would
53:07
it would live for a time
53:09
well that technology didn’t exist
53:12
because you could create a whole bunch
53:14
of you could sell art on on that and you
53:17
couldn’t on bitcoin right you could you
53:19
could do a whole bunch of uh different
53:21
things you could create a a a
53:24
and so you could actually drive a
53:25
network effect on ethereum because it
53:27
did a different job ordered a bunch of
53:28
the other coins
53:30
um because it did a different job and
53:32
now it’s a race to the bottom on fees
53:35
um and why why why
53:37
why they keep changing the rules of
53:39
these altcoins
53:41
is because
53:42
it’s the race to the bottom on fees and
53:44
somebody is attacking them
53:46
right or
53:48
you you manage for security through
53:50
proof of work so so you look at this
53:52
entire ecosystem
53:55
that is is almost i would say
53:59
trying to find
54:00
what it’s going to be long term
54:04
at the same time
54:06
bitcoin is advancing the technology
54:08
stack to remove it all
54:12
and and and so if i’m looking at a long
54:14
term if i’m looking at a long term
54:17
for forget the for forget now
54:20
making money because i think you make
54:22
way more money over the long term in
54:23
bitcoin but forget that
54:25
if i’m looking for the long term thing
54:27
that is going to to
54:31
be a network transfer from one system
54:33
that can’t work to another system
54:35
it’s only bitcoin
54:38
and so so that’s that’s my reason
54:42
so what a great uh
54:44
again
54:46
it’s great to be on a podcast with you
54:47
jeff um you bring everything you you
54:50
distill things into first principles and
54:52
simplest terms uh i i want to take a
54:54
step back and make sure everyone
54:56
understands why i got involved in
54:57
bitcoin because i had been searching for
55:01
a replacement to the fiat ponzi for 30
55:03
years okay i just never found it i
55:06
understood gold i just didn’t embrace it
55:09
like some of the other gold portfolio
55:11
managers uh because of some of the
55:12
shortcomings that being said
55:16
the thing that i loved
55:17
after having met jeff is i read his book
55:21
after i wrote my research paper on
55:24
bitcoin being valued using credit
55:26
default swaps
55:28
and it was really comfortable comforting
55:30
to read jeff’s book because he used a
55:33
lot of the same data as to the
55:34
inevitability of the debt spiral from
55:37
sources like institute of international
55:39
finance that aren’t widely published by
55:42
the investment banks in new york i guess
55:45
why because it would be exposing the
55:47
fiat excuse me the fiat ponzi so i was
55:50
really comforted by the fact that jeff’s
55:52
book used the same data by and large as
55:55
i did or vice versa i was comforted that
55:57
i used the same data that he did and we
56:00
came to the same conclusion
56:01
independently and then became pretty
56:03
good friends who i was out skiing at
56:04
whistler one time in the in the winter
56:06
just less than a year ago and i called
56:08
them up and we instantly
56:10
bonded over the ability to
56:13
distill the the information that’s
56:15
available but not widely disseminated
56:17
because you know the investment banks
56:19
don’t disseminate that
56:20
so i met jeff
56:22
and we had never talked about this we
56:25
don’t talk about altcoins we talk about
56:27
our desire to improve the world’s most
56:30
pressing problem
56:32
which is fiat currency and none of these
56:34
other altcoins can do that in my opinion
56:37
now will there be more than one winner
56:39
in the short term on a number go up
56:42
because there’s defy on erc20 and
56:45
there’s different blockchains that have
56:48
various levels of decentralization but
56:50
at the end of the day they
56:52
sort of smell like a lot of centralized
56:54
control
56:55
over time there’s a lot of people that
56:58
believe
56:59
that
57:00
other blockchains and apps on those
57:02
blockchains are essentially a test net
57:06
for layer 3 bitcoin
57:08
and as a trader all my life i am not
57:11
short any of those
57:14
okay
57:14
there will be a time when it’s very
57:16
clear that the dodgy coins of the world
57:19
that are true zero-sum scams promoted by
57:22
a pretty famous guy
57:24
uh but look
57:26
you got to call it out as it is there
57:28
are times when it will pay to be short
57:31
those but right now
57:32
bitcoin is
57:35
the leader by market cap but it also is
57:38
what most big money is gonna understand
57:41
they need it as a hedge
57:43
to the absolute certainty of fiat
57:46
debasing and this brings me back to my
57:48
career as a bond trader
57:50
if you
57:51
advance
57:52
a 10-year loan to the u.s treasury
57:55
highly highly likely but not 100 certain
57:57
you’ll get your money back in 10 years
57:59
the biggest problem is you get a d based
58:01
currency 100 cents on the dollar back in
58:04
10 years you might have 65 purchasing
58:06
power if you’re lucky what kind of
58:08
contract is that like what i’m a bond
58:10
manager this is i need to start thinking
58:13
outside the box and that bond market is
58:16
400 trillion dollars that’s all fixed
58:19
income by the way it’s not just
58:20
government bond market point being
58:23
why are we battling with the gold bugs
58:25
that’s 10 trillion that’s okay gone see
58:27
ya we don’t care like we want gold to go
58:30
up because gold will go up because
58:32
bitcoin goes up because fiat 100 certain
58:35
d bases
58:36
and a lot of these other coins that are
58:38
out there
58:39
yes they will go up why they solve a
58:42
short term problem but in the long term
58:45
is there a better decentralized
58:47
blockchain for those apps to exist on
58:51
how about this
58:52
right now i’m not going to worry about
58:55
that my biggest problem
58:57
is i don’t want this fiat system to
59:00
collapse before we have this other
59:02
network in place where there can be an
59:04
orderly transfer
59:06
and i want to sum it up with
59:08
a a saying that i love saying i want
59:11
bitcoin to be north america’s store of
59:13
value that the chinese graciously have
59:16
given us like have you seen these mining
59:18
stats now usa biggest center of mining
59:21
for bitcoin mining
59:23
china almost down to zero
59:25
my goodness i think is a capitalist with
59:28
a heart okay i have a heart i want to
59:30
help the people at the lower end of the
59:32
privilege spectrum but i’m a capitalist
59:34
not a communist
59:35
these the communists have given this as
59:38
a as a present to the west
59:40
embrace it bitcoin is your store value
59:42
savings account
59:44
fiat currency in this in the short to
59:46
medium term will be your checking
59:48
account
59:49
don’t save your money in your checking
59:51
account
59:52
use that for
59:54
not having to do barter
59:55
what are where do altcoins then fit in
59:58
between here okay think of your savings
60:01
account checking account
60:02
i think a neat way of seeing whether an
60:05
altcoin has any value how close is it to
60:07
a checking account
60:09
versus a true savings account
60:11
and play your cards accordingly
60:13
michael i i maybe i ask you and the
60:16
reason i
60:17
so so when i’m investing or building a
60:20
company or
60:21
or spending time on it i wonder i want
60:23
to understand the thesis right from the
60:26
bottom up and i want to understand
60:29
what could possibly go wrong i want to
60:31
understand
60:32
one of the first things i look at is
60:34
what are all the things that could go
60:36
wrong
60:36
with i have this view what are all the
60:38
things that could go wrong
60:40
with with this view and and if i do that
60:43
on
60:45
bitcoin and the altcoins
60:48
i can’t see a path for any of the
60:49
altcoins
60:51
i may be wrong right i may be but but i
60:54
don’t see what they and and the problem
60:57
is
60:58
measuring in a point in time and that’s
61:00
actually maybe maybe the opposite side
61:02
of the argument opposite side of the
61:04
argument is i totally understand how
61:05
some people can make a lot of money in
61:07
the short term uh short term on some of
61:09
the altcoins i totally understand it
61:11
whether they’re whether they’re gamed
61:12
whether if you get in you’re trading on
61:14
a a
61:16
on on hype and everything else and
61:17
you’re trying to trade a momentum play i
61:19
get it i’m talking the thesis for them
61:23
against the thesis for
61:25
uh
61:26
for
61:26
what is going to happen
61:29
with
61:30
projecting what’s going to happen with
61:31
bitcoin forward
61:33
and then specifically i’m talking later
61:36
because it’s i don’t think i don’t think
61:38
we would disagree that bitcoin is
61:40
already
61:41
one layer one store of value
61:44
sure
61:45
absolutely
61:46
and so so so what what in time
61:50
is the technology develops on that on
61:52
layer two and three
61:54
do those alt coins provide that it gives
61:56
it gives a defensible moat to the
61:59
altcoin
62:00
and that would be my question i think if
62:03
you approach everything happening in
62:04
crypto from the standpoint of this is
62:07
solving a monetary problem
62:09
then bitcoin is the clear winner
62:11
solution bar none i don’t even think any
62:13
of these other coins like even ether or
62:16
any of these other layer ones are even
62:17
trying to be a money or a store i mean i
62:19
guess there is the ethos sound money
62:21
whatever i think they it wins the store
62:23
value i think why they just changed to
62:26
that
62:27
is because they realize exactly what we
62:29
just talked about
62:30
they realize that unless it’s
62:32
unless it becomes a store of value which
62:34
is highly unlikely that everything else
62:37
is lost over time i believe that that’s
62:39
why
62:40
but it becomes a centralized store of
62:42
value in that case
62:44
so i would go
62:46
like
62:46
starting way back right the advantage
62:48
that humans have well for everything
62:50
else on this planet is coordination
62:51
right that’s how we hunted back on the
62:53
plains of the savannah that’s how we
62:54
were able to build cities from an
62:55
evolutionary standpoint our one big
62:57
advantage is that we’re intelligent
62:58
enough to coordinate in novel ways right
63:01
we had like nomads roaming around that
63:02
we had cities um
63:05
consummate to that
63:06
uh trend right which is like a millennia
63:09
old trend in humanity uh you have
63:11
everything moving more digital in
63:13
general right life uh is is moving to a
63:16
more digital plane um and in my my
63:18
personal thesis behind everyone who
63:20
doesn’t understand bitcoin the chief
63:22
objection if you scratch hard enough is
63:23
that you can’t pick it up with your hand
63:25
that’s my personal thought process on it
63:27
and i really believe that uh like if you
63:29
really dig hard enough what you come
63:31
down to is the problem that i can’t hold
63:33
it in my hand um so i i personally kind
63:36
of see economies transitioning to
63:38
something that looks a lot more digital
63:40
so if you go back to the original
63:41
innovation of what did satoshi create i
63:44
think what he
63:45
created was
63:47
the creation of scarcity in the digital
63:49
realm and the first most important use
63:51
case of that is the monetary use case
63:54
and i think bitcoin handily solved that
63:57
monetary use case
63:59
now i see what’s happening in
64:01
ethereum and you know dows and nfts is
64:04
like okay now we’ve got the money layer
64:07
of this new digital world solved what
64:09
are the other things that we’re going to
64:11
build in this new digital realm
64:14
and when i look at the existing world
64:16
and everything’s completely out of whack
64:18
today so let’s like use another period
64:20
of time in history but i look at what is
64:22
the
64:24
sound value pristine collateral type
64:26
thing that everyone wants to own in
64:28
relation to riskier assets and more
64:31
productive assets companies things that
64:33
are building on top of that
64:35
pristine collateral and it’s like you
64:37
know so i guess the way i look at it is
64:39
the the eventual value of things that
64:41
are going to be built in this new
64:42
digital ecosystem looks roughly like the
64:44
ratio of gold to equities today that’s
64:47
my like you guys can totally disagree
64:48
and tell me why i’m an idiot but that’s
64:50
the way that i think about it ics
64:53
transitioning to a primarily digital
64:54
native economy i think gold by the way
64:56
like i’m younger i see the value in gold
64:58
honestly if i’d been bored 70 years ago
65:00
i would own a lot of gold today i only
65:02
own bitcoin because i believe that
65:04
economic value is transitioning to a
65:06
largely digital plane i think the
65:08
preferred store value is going to be
65:10
bitcoin and i i actually think when the
65:13
rest of the world starts to consider
65:14
bitcoin as a store value instead of a
65:16
risk asset is when the majority of the
65:18
economy happens on this digital plane
65:20
but that’s my overall framework jeff so
65:22
so yeah so let’s play that for forward
65:25
and and because i agree with a lot so
65:27
you said solve the coordination problem
65:28
i totally totally agree right the the
65:31
byzantines general problem and
65:32
everything else and bitcoin solves that
65:34
coordination program a
65:36
coordination problem at a different
65:38
level
65:39
where you don’t need to have slack in
65:42
the system
65:43
somebody else choosing how much money in
65:46
an intermediary choosing how much money
65:48
is going to be held as slack in the
65:50
system because it can’t it can’t uh it
65:53
it can’t
65:54
uh
65:55
settle every 10 minutes
65:57
right so so so
65:59
that coordination problem becomes solved
66:01
with bitcoin
66:03
and
66:04
now the next step of that is the
66:06
question is is two
66:08
does it require a whole bunch of other
66:10
altcoins to be built building
66:13
layer two on top of the internet
66:16
right because if if you just say what
66:18
you just said
66:19
is then you have to see bitcoin as a
66:22
primary protocol like tcpip it is the
66:25
internet
66:26
it’s the internet of money if that’s
66:27
true sure
66:29
right now
66:30
what i believe happens on top of that
66:32
internet of money
66:34
through layer two and three layer three
66:36
solutions is all of the innovation takes
66:38
place on top of it rather than
66:40
in a different different silos
66:44
because because it solves that
66:46
coordination problem and it’s already
66:47
solved that that anyways that that is
66:51
if you’re looking out kind of looking
66:54
out and projecting if if you said today
66:56
or if you said let’s not use today
66:58
because we we can see the evidence of
67:00
lightning network
67:02
reinforcing what i’m saying
67:04
and i think you’ll see the evidence of
67:07
of the same thing with taproot and and a
67:09
whole bunch of other things reinforcing
67:11
an entire
67:13
ecosystem build on top of it
67:15
but let’s look back in time two years
67:18
instead and and bitcoin only was the
67:21
store of value
67:22
it was greg’s savings account
67:24
right it was only the store value or it
67:26
was it was just it was competing against
67:29
gold
67:30
and you didn’t have lightning network
67:33
and there was an opportunity and there
67:34
was a whole digital economy thriving
67:37
and there was an opportunity to create a
67:39
digitally native token that could help
67:42
that along
67:43
that was that bitcoin couldn’t do
67:46
that’s why i totally understand ethereum
67:49
where it was
67:51
i understand the value creation that
67:53
came on the ethereum of trying to do
67:55
something else and a whole bunch of
67:56
value delivered from that
67:59
my question is
68:01
i don’t see the use case going forward
68:03
with all of the innovation and
68:05
everything else that’s happening that’s
68:06
reinforcing the primary network i don’t
68:09
and and i may be wrong
68:11
but i don’t see it hey guys i don’t
68:14
think i’m going to get back in the show
68:15
but i have to run anyway
68:17
yeah i’m sorry about that
68:19
it’s all good jeff i’m so glad i had the
68:21
last uh the opportunity to listen to it
68:23
i don’t think i’m i’m being recorded but
68:25
i wanted to say thank you to you both
68:27
and please relay that to the uh to the
68:29
crowd i love being on a show with jeff
68:33
because i learn
68:35
way way way more in 45 minutes or an
68:38
hour and a half than i’ve learned in you
68:40
know the week and a half prior so right
68:43
right back at you greg great back at you
68:45
well let’s keep this going because the
68:47
kids need it michael there’ll be more
68:49
than one winner
68:51
and there needs to be more than one
68:52
winner in the short term
68:54
but in the long term and that’s the
68:56
difference between a trader and an
68:58
investor
68:59
in the long term
69:01
uh you know you play your thesis
69:03
i really really really hope that
69:08
what you guys keep doing is educating
69:11
that’s all that’s important jeff says
69:13
frequently he may be wrong and i know
69:15
for sure i’m
69:17
often wrong
69:18
but there’s a trading expression
69:20
frequently wrong but never in doubt okay
69:23
i’m frequently wrong but i’m never in
69:25
doubt okay so keep up the good work and
69:28
uh and i i really appreciate you guys
69:30
inviting me have fun on your trip jeff
69:31
we’ll talk soon okay bud thanks thank
69:34
you guys thank you good day good day
69:38
all right i’ll give a bit of a
69:39
disclaimer for for greg uh since we i
69:41
think lost him uh for whatever reason it
69:43
might have been uh networking space or
69:45
whatever what we got to wrap this up i
69:47
guess but jeff this has been awesome i
69:49
guess look end of day um i just really
69:51
appreciate you coming on the show
69:52
sharing your opinion here i have no idea
69:54
which one is going to be right i think
69:56
at the end of the day you need to do the
69:58
thing that uh i’ve started to give
69:59
people this advice when they’re like how
70:00
much bitcoin should i buy or say just
70:02
buy the amount
70:03
buy the amount that if it dipped 50 you
70:06
wouldn’t sell it and at the end of the
70:08
day i think people should only really do
70:09
things that they have conviction in i
70:11
have a lot of conviction in bitcoin i
70:13
also have a lot of conviction in eth i
70:14
don’t have a colossal amount of
70:17
conviction in other things outside of
70:19
those two assets at this point so i own
70:21
some of them but i don’t own a whole lot
70:23
and that might change um try to keep
70:25
everyone on the show updated
70:27
but you know at the end of the day what
70:29
i do have deep conviction around is this
70:31
space in general because i can see guys
70:33
like you uh jeff and greg you guys
70:35
moving in that just the pure
70:36
intellectual capital uh and the amount
70:38
of stuff going on just blows my mind all
70:40
the time and i just feel super lucky to
70:42
be a part of it to be completely honest
70:43
yeah and and by the way michael me too
70:45
that conversation we just had on that
70:48
those are the types of conversations
70:49
open curious on and everything else and
70:52
different viewpoints that actually bring
70:54
a whole bunch more and again i might be
70:56
wrong i could be too it’s it’s exactly
70:59
but but that type of conversation brings
71:02
a whole bunch more people to to
71:03
understand and it’s important it’s a
71:06
really important asset class to
71:07
understand yeah i do i want to put you
71:10
on the spot here to plug your book
71:11
because it’s great uh tell people about
71:13
the price of tomorrow where they can
71:15
find it also if they want to find out
71:16
more about you just like what’s the best
71:17
way to do that uh myself just on twitter
71:20
at jeff booth is probably the best place
71:22
to find me
71:23
amazon’s probably the best place to find
71:25
the book the price of tomorrow why
71:26
deflation is key to an abundant future
71:28
jeff’s book was foundational for me for
71:31
understanding a lot of the deflationary
71:32
argument and the impact of money
71:34
definitely i’ll i’ll say it for you jeff
71:36
you should definitely go read this book
71:38
and uh and that’s about all the time
71:40
that we have uh jeff this has been a ton
71:42
of fun uh we’re pouring one out uh for
71:44
greg we lost just at the tail end of the
71:46
show uh but it was a ton of fun thanks
71:48
so much for coming on
71:50
thank you it’s awesome
71:51
thank you
71:53
[Music]