Crypto Guru Says "Bitcoin Will Hit $1,000,000 by…" ft. Anthony Pompliano | Flagrant 2

there's now a trillion dollars of value at stake that never actually says publicly so here we go uh i think it's moving a million dollars by the end of 2026. wow i just want to make sure bitcoin isn't another iraq war the [ __ ] do you want me to buy i don't even know why i'm listening [ __ ] i'm up 14 today [Music] what's up everybody yes i'm wearing something different don't worry about it today we have an incredible guest okay crypto expert twitter troll anthony pomps pompliano uh this guy's amazing the guy has 96 of his wealth in crypto bitcoin specifically so who better to explain to us why it's the future than the guy who is betting his entire future on that coin uh this episode is about explaining what the [ __ ] is going on in the crypto world now in order for me to understand that i first got to understand what's going on in the non-crypto world i wanted to understand what money is right what's the difference between money and currency and uh just basic economic information you might be way smarter than me and not need that so you could jump to around i don't know like 28 minutes in where we start the crypto blockchain nft conversation and uh but if you're like me and you want to get a nice little background information on how an economy works you can start listening right now all right enjoy what's up everybody and uh welcome to flagrant two it's your boy schultzy we've got akash singing the bill in alex media mark gagnon the truffle is here miles is even here we have a very special guest um i could i should read all some credits you know uh you're here for one reason i just want to let you know because i will not have my friends get rich without me that's the only reason we're having this conversation i could give a flying [ __ ] about crypto but all my friends are invested and they're invested early and i'm on this group chat and they i'm putting 200 in a week i'm putting 100 thing in this that the other what do you think about decentralized i don't even know these words and i'm getting so furious that i was the most wealthy of all my friends and now they're going to be richer than me without working at all well if you've got friends that only are putting two hundred dollars and we've got your new friends but it's very this is very important this is fantasy football for me so this is very important that i cannot let them get rich so it's not about the money it's about winning if it went to zero i wouldn't care about it all right i hope it goes to zero because i haven't put any money in at all i swear to god today i put sixty thousand dollars in a coinbase account okay you have until the end of this podcast to convince me to buy a whole bitcoin i mean by the time that we're done you're gonna put 120 000 in the coinbase account i'm just uh we have uh in the building anthony pompliano pomp you talk a lot of [ __ ] on twitter i absolutely love it i had a few people reach out to me about you a buddy of mine greg norman jr i don't know if you know him personally but he knows about you he's like you got to get this guy pomp on he's talking all this [ __ ] on twitter he's calling his cnbc you got these [ __ ] nerds these finance nerds that are so upset about you i watched some interview and there was this finance dexter just going oh but it's not worth anything did it and you're just smiling with your perfectly framed eyebrows just laughing at this guy's he blows a gasket what's the guy's name which one of them this bitcoin is going to the moon and this guy's losing his [ __ ] [ __ ] that's all you have to do to the haters if you just smile they get real pissed off get so pissed off and that was me i was him because i wanted to fail but here you are okay i am an absolute crypto baboon okay and i think that because of how fast crypto has taken off there are people like you that know so much about it my friends that know so much about it and then there's this massive well uh not wealth intelligence gap if you will between the people and soon to be wealth between the people who know nothing about it and the people who do all right so i'm hoping to actually learn some [ __ ] about it okay so we're gonna have no fun in all learning no fun all learning all right no fun okay i'm sorry you can come back for a fun one after i make a lot of money once i'm rich like my friends okay then you can make a lot of money so here it is number one what is money so it's actually a great question that it's actually the place to start so you're already ahead of me i know what i'm doing i've listened to some tim ferriss [Laughter] so when you think about what is money today most people think of the u.s dollar right but it's important to separate out a currency and money yeah so first a currency is two things a medium of exchange and a store of value meaning that i give it to you you give me good or service and exchange we both believe it has value uh that's medium of exchange and store value means that i save in it and it's not going to disappear overnight okay all right so i use the us dollar as a currency because uh historically money has been sound money which is outside of the system and it can't be created by any group of people any individual any organization et cetera so give me an example of sound money gold has served us sound money for thousands of years gotcha and if you think about gold and the dollar's relationship gold's hardest [ __ ] to use for anything right it's heavy gotta break it up if i want to mail it to somebody if i put it on the table say how much is there you look at me like i'm crazy you get a scale like it's all got all these issues in terms of medium of exchange yeah but it served as a great store of value so over time in a very over generalized way the way that we started to use sound money easier was we created paper claims on top of the gold so gold was layer one yeah he said well i'm not carrying around this [ __ ] gold i'm gonna go put in the bank or a vault and they're gonna give me a claim and say hey if you whenever you want the gold come back give me the paper which group of people you think invented that you think that's why he's trying to talk on the podcast i think that okay i'm not going there you guys can cut to whatever you want uh so basically people walk around these paper claims right and they would say hey we can now exchange the gold that's sitting in the vault but we don't actually have to move the gold around so the idea was i'm gonna store my golden vault because it's too heavy for me to carry around and then the vault dude was like hey i got your stuff you want me to just give you some slips that prove how much stuff you got and then you can buy things with that and then if those people want to come collect the gold they can just yes so cash is really only form because it's convenient so so that was like very simplistic over generalized way of looking at it right in 1971 basically they decided uh the president the president united states was like hey temporarily i think it'd be a good idea where we're gonna just create more of the dollars and we're not gonna have it pegged to the gold anymore because you couldn't just create the paper without having the gold in the vault uh well as anything with the government nothing's temporary uh we'll get to i'll probably a lot of that later uh and so we just never went back so we removed the gold standard who was that 1971 yeah nixon right okay and so when we when you do that now all of a sudden you don't have sound money so now the currency is viewed as money right yep but the problem is that the government every government around the world has this benefit or problem depending how you look at it where they can just create as much as they want right so literally you and i we can't go into our bank account if i'm like i got a hundred dollars and i need 150. i can't just edit the [ __ ] and say now i got 150. right the government can do that right i could take a loan out for fifty dollars yeah right and then you'd have a hundred and fifty dollars and then i have a hundred but you gotta pay it back and technically isn't that what the government do i does i don't wanna get into too much nuance about like the fed and stuff but like isn't that what they're doing aren't they like taking a loan out there's a lot of there's a lot of nuance the big takeaway is that the government can create or contract the money supply as they want so expand or contract as they want so all of a sudden what anything happens is like if you give somebody a money printer what are they going to do they're going to [ __ ] print money yeah this is the stemi of course okay so when you start to think about like what is money we all view the currency the dollar the euro the yen whatever as money but it's not really sound money right and so what that ends up doing can i be honest with you yeah are you confused already no no i don't view any other currency as money except a dollar that's probably i think it's cute yeah and it's fun to hold the money it's like if i gave you euros what would you do if there's a girl on it i don't believe in it like if the queen is on it it's not real money okay it's worth at least 30 less but all right there's no way i'm actually believing in it i'll put this [ __ ] down on a monopoly board to buy baltic avenue exactly this is for both not even boardwalks so most of the world to be fair most of the world also feels very similar in that they want dollars right the dollar is the global reserve currency because it's kind of backed in a weird way right like isn't it back yeah like like there's other countries in the world that basically say like we have our own currency but like it's pegged to the dollar right or other current other countries around the world are like yeah what's the us doing with their monetary policy like we're going to do something similar because we got the boys right because it's backed by you know the guns and they don't carry gold aks they you know drop big bombs and [ __ ] right yeah so uh and you know also you could make an argument that's backed by like the uh the purchase of gas right so oil is definitely a big piece of this so the whole idea uh is that oil is priced in dollars and i think purchased in dollars right at least if you're buying it for if you price it in dollars you can't give them something else you got to purchase a dollar right so the whole idea is uh if it's priced in dollars purchased in dollars then the dollar is going to be the global reserve currency oil runs the world uh there's been a couple of guys who've decided that they didn't want to you know price things in dollars and what happened are those cute puppies right there that tried to have to go six feet under to find them yeah so tom tried to get cute so uh the whole idea of pricing oil not in dollars is not very sustainable idea for people uh but long story short is just like we took ourselves off this gold standard everyone around the world did it now you have governments that can create and contract the money supply the the argument for doing it is that when bad things happen we have a response we can we can act we can manipulate interest rates we can create money do all this like super complex finance mumbo jumbo at the end of the day what it does is it manipulates the market so let's use a real example of what's happened over the last 12 months in february people heard about this coronavirus thing most of us probably were like the hell is this thing like i'm still going to the club i'm going to the bar i'm doing whatever march comes around in new york all of a sudden they're like yo some dude from rochester keeps coming in to uh grand central and he had coronavirus and i remember googling be like oh 750 000 people in uh grand central they're never going to control this thing like this dude with coronavirus just came through grand central 750 000 people and they're like all right i don't know what happens next but like something tells me it's not going to be good yeah and within like a week they were like we're shutting everything down yada yada whatever everyone go home so literally when you think about an economy it's all about velocity of money right it's just how much do we continue to do commerce with each other how much do you invest how much do i buy from you and as you have that velocity of money that keeps an economy growing keeps economy going but if you tell everyone yo time out go home and stop doing [ __ ] with each other yeah velocity goes down right and bad stuff start happening velocity do you mean like consumption right we just need to keep on consumption investment just everything because remark needs to swim to breathe and the comedy needs to spend in order to need to be velocity of money exactly the only real transactions we increased were like amazon that's pretty much it right digital businesses took off we're not eating out we're not traveling we're not doing there's no transfers of money yeah except amazon that's it right right right so basically what happened really well not everybody well so here's what ends up happening as soon as you get the lack of velocity of money you basically expose all the problems in the system right because the velocity of money keeps things going so imagine if we just were we're just passing money around to each other right yeah and i knew that i owe him money but it's cool cause you're gonna give me the money and as long as we keep that game going everything's good i'm always gonna do it but what happens when you stop giving me the money yeah then i stop giving him the money then he stops giving the next person the money the buck stops somewhere just the whole thing starts to shake so what ends up happening is in 2008 and last year the government elected officials federal reserve all the you know smart people and suits ties and cologne they all get together and they basically are like yo we're going to save the day the problem is that when they step in to save the day they only have two tools right so if you're a central banker or you're uh elected official you basically can manipulate interest rates think of that as the incentive to borrow money right so there's high if you got to owe back a lot of money you're not going to borrow a lot right if i owe you 10 percent of every dollar i borrow from you i'm not borrowing money but if i owe you nothing i'm going to borrow it all right i'm gonna borrow as much as i can they're literally going to give you free money like the [ __ ] do you want me to buy right the money's good it's got it's a u.s dollar it's not any other money like i'll borrow it all day long velocity of transactions exactly so they literally in march of 2020 they did two emergency rate cuts so this is when it gets started to get crazy because basically they have these periodic meetings right and they come out and they have these press conferences and our entire monetary policy system is like the most dinosaur antiquated thing in the world they're literally out here saying we're going to wait to watch what this guy says in the press conference if he uses the word dovish then like we're going to do one thing if he says his other word the press comes we're going to do this other thing nuts so what ended up happening was they couldn't wait for the next meeting to go ahead and make these decisions so twice at emergency rate cuts meaning we're going to issue a press release we're cutting the rate they did it twice and they cut us to zero percent yeah free money yeah game on people went for it well it started that way but that wasn't enough so then what they said was oh on top of that we're gonna create a bunch more money and we're just gonna start stuffing liquidity into the market so they bought corporate debt is that that's way later okay basically all they said was we're gonna create all this money at first it was you know a couple hundred billion dollars which doesn't sound too crazy today but like that's a lot of money i don't have a couple hundred billion i don't think anybody else here does i don't know you might and then uh all of a sudden they did another trillion but it was two trillion dollars then they did more they did more than more now to be fair part of the problem in early on i i was saying things that people were literally laughing at me they were like you're [ __ ] crazy i wrote a piece in like maybe second third week of march and i said we're gonna have as bad as unemployment as the great depression here in the united states because of this and people were like that's nuts so i went back and i looked and it basically the way that the great depression is a five-year period we went from like historic low unemployment of two three percent whatever it was up to 22 23 24 right that took five years to play out and so what you look at is the first year it was you know three percent then the next year was like eight percent the next year was like 15 percent then the next year was like 21 we went from [ __ ] two and a half percent or three percent whatever we had in february of 2020 to over 12 unemployment in this country in a matter of weeks the most number of people who had ever filed for first-time unemployment claims in the united states before 2020 was like 820 000 people back in 1982 right some somewhere around 800 000 people yeah there was 6.6 million people who filed for unemployment in a one week in march and the reason why i think it was 6.6 was literally because they couldn't process more than that like literally there was multiple weeks worth 6.6 like how the [ __ ] was always 6.6 i literally think that you couldn't process more unemployment claims that quickly people were on the website like yo process the [ __ ] and the website was like we broke like we can't take any more people wow so it was an extreme economic event so you're saying even the 12 unemployment or whatever might have been underselling it just because oh that's the official numbers i mean the the unofficial numbers like if you're a freelancer if you're a uber driver whatever like you're not considering employees so like a lot of times depending on how you count all this [ __ ] right so long story short it's a bad economic event small businesses are in trouble all this stuff and it was compounded because it wasn't just like oh there's a little bit of velocity of money that's slowing down then they were like it's illegal for you to run your business it is illegal we literally are going to come and find you arrest you like all this [ __ ] like the [ __ ] out of here it's illegal for me to run my business to make a living it is illegal we're going to outlaw you making a living yeah right and so remember 55 of jobs in america are from small businesses over half the jobs in america come from small business owners and so when you look at that you say wait a second you're telling me that half the jobs in america now you're telling the people who employ those jobs you're it's illegal you cannot run your business you cannot have people come in person so as you mentioned if you're amazon if you're a digital business you're good people are sitting at home they got all the time in the world that's great podcasts downloads explode like all this stuff right yeah but if you're a restaurant and you've got no technology to do online delivery you're screwed yeah right and so what ends up happening is the government stepped in when the government stepped in they basically said we're just gonna start handing money to everybody so they were doing ppp loans they were handing out uh doing bailouts like all this crazy [ __ ] and the reason why myself and other people got so pissed off was you're looking at businesses take the airline business this is the wildest [ __ ] ever yeah for 10 years the airline companies basically said we got all these profits we're making so much money and they were taking their uh profits and rather than saving it or investing in an r d to make their businesses better right they were taking the dollars and they're buying back their stocks r d is research and development yes yeah i'm just making sure people don't think it's a stock that they're like i got to get an rv it is not a stock a lot of dumb people listening yeah that's all right i'm dumb too so we're all friends that's why we're talking about us this is why we're all friends so long story short is basically somebody like the airline company who had taken 80 90 of their free cash flow right basically the money they made and they're buying back their stock and their executives were getting rich then the second this all happened rather than say oh [ __ ] we're going to go bankrupt and we either have to go raise what they call equity capital meaning somebody's going to invest in our business so we can pay our employees do all this stuff or raise debt they ran to the government begging for a bailout and so it's like wait a second the government is the idiot in the room here because there's no investor in the world who's going to give them the terms that the us government gave them the u.s government gave these people hundreds of billions of dollars and said by the way a third of it at a minimum you don't have to pay us back free money yeah it's a good deal by the way we should have been in the [ __ ] airline business they would have given us hundreds of billions of dollars for free like what the [ __ ] is going on here that kind of a thing the banks proved in oh eight though where it's like kind of a leverage play like what are you really gonna do with the air you're just gonna let the airline industry shut down government then what but but here's the whole thing is what we found is and this is a big misconception about bankruptcy i was like oh my god don't let him go into bankruptcy like what are we gonna have no [ __ ] planes like no when it goes into bankruptcy it basically is somebody saying yo i need protection because all this is gonna go away what happens is the assets don't go anywhere right the assets get bought by somebody else is reallocated somebody else comes in and runs an airline they may change the name or do something else but it's not like the airplanes [ __ ] disappear right it's not like all those employees all of a sudden they don't have jobs anymore right there's there's uh reorganizations they may go to a new airline whatever and so basically just the government panicked right and they just kept printing money they've done this three times now six trillion dollars the federal reserve's uh asset base right has basically gone up over a hundred percent now i think in the last 12 months yeah so 40 of all dollars that exist have been printed in the last 12 months yeah i think they printed more money than they collected in taxes last year you want to hear a [ __ ] crazy stat yeah since 2011 the us government was crazy but yeah the u.s government has collected more revenue yeah from federal income tax every single year since 2011 yeah so it's like a business they're making more money every year yeah but at the same time every single year what they call the intra-year deficit basically are you positive or negative on your balance sheet of the year has gotten bigger and bigger meaning although they're collecting more money every year they're actually losing more money here still finding a way to lose money so guess what that's not a [ __ ] income problem that's a spending problem yes yes but then you could go back to your earlier point which is we need to spend we need the velocity so is that good but but we don't need the government to spend we need you to spend we need you to spend we need me to spend if the government gives me money to spend or if the government spends it itself so here's the here's here's where all of this is frankly just [ __ ] yeah right and i don't want to get too much into minutia of this because i do want to talk about crypto but this is just to give us this this is the most important part of what i'm assuming it seems like and i don't support the way the government spends its money but it seems like they're in between a rock and a hard place you need the economy to speed up we how the [ __ ] else can we do it basically think of it as short-term versus a long-term solution if you optimize for the long-term short-term pain if you're a politician guess what happens you don't get paid for making good sound long-term decisions you get paid for [ __ ] helping people today and guess what people love to hear i'm gonna give you free money yeah right shout out to andrew yang this is uh he's going to be the mayor of new york because he said i'll give you a thousand dollars so a term that we hear oh wait hold on hold on we got it the most important part which is this whole idea that they're giving you the free money so if i give you five dollars yeah right and i'm like yo buy that coffee yeah and i'm gonna give you the five dollars to do it but also when i give you the five dollars that coffee now cost six dollars yeah i actually didn't help you i [ __ ] you yeah right because what i'm doing is the cost of goods are going up so here's the the biggest sham of it all is that there's something called official numbers of the government reports government comes out it's like oh look inflation's this number unemployment's this number and then everyone basically behind closed doors that's like in the know yeah they're like but like the unofficial numbers so like what the [ __ ] is the unofficial inflation number the official number is like 1.4 but honestly the unofficial number is like five yeah yeah i don't see how i can keep printing money without massive inflation so i guess my curiosity about inflation again i don't want to get too much into this i want to get to crypto yeah we're like talking about like super like serious [ __ ] yeah i was coming to have fun this is good i like the fact this is serious now my curiosity about the inflation is my understanding about inflation is it's not about the printing of money you get inflation when there's more money than there are things to buy kind of if we're making it in it's most simple yeah yeah and because there wasn't that velocity of the economy earlier the increase in money just has to match the velocity that the i guess the fed wants here's a simpler way to think about it as you create more money you devalue the thing you're creating right so if something's scarce there's less if something's plenty full it's worth it's worth less uh if you take the u.s stock market from 1971 and you denominate it in dollars it looks like a perfect line up into the right at a 45 degree angle right there's dips along the way whatever but it's a 45 degree angle for decades if you denominate the same stock market in gold and sound money the stock market is down since 1971. so is it actually at the stock market's accruing value or is that dollars being devalued because it's a fraction right a share versus a dollar that's a bar so here you ready for this yes that [ __ ] me up dude this this is why the wealth inequality gap gets so bad right so this forget all bitcoin for all stuff the number one thing people need to understand is the richest people in america know one secret and it's don't hold cash invest hold investable assets that's all i do is hold cash yeah literally all i've been kind of counting this through all i do for you i've been telling you oh my god you're still much richer than me so don't worry about it but for years i've been telling you i want to keep it that way that's why we have anthony yeah 100 you have to read it you have almost one whole bitcoin and i i literally let me tell you something i listened to tim ferriss's podcast immediately i was like i need to know what the [ __ ] who knows i don't know i was absolutely furious and then mark reminded me he's like yeah i think akash is all in on bitcoin but i was like it's a 60 thousand dollars what the hell is that actually maybe a good segue into bitcoin buy another shirt i can't oh my bitcoin what do you want from me no but literally i'm such a [ __ ] baboon with money i just i keep it in this in my bank account i even tell my business manager i was like no don't put it anywhere yeah but but think about this right you're financially incentivized not to hold cash so they're de-valued all i do is hold the cash they tell you right the official numbers are hey we're going to devalue it on average about two percent a year yeah right so if you have a hundred dollars you're losing purchasing power every year if you're over five years right it's worth less and so the idea is so valuable that you have two you have two options if you know the dollar like think of it as a melting ice cube right and you know your cash is losing its purchasing power you can either do one of two things you can exchange it for goods and services you can consume velocity of money let's [ __ ] roll let's make the government happy or you can invest i don't want to [ __ ] just spend it and own some [ __ ] thing that's not gonna be worth more money in the future i wanna buy real estate stocks precious metals bitcoin whatever so what ends up happening is that the bottom 45 of americans have no investable assets they own nothing they are you you are the bottom 45 of americans maybe not net worth but in mindset right and and education it's the most insulting yeah yeah keep going anthony so the bottom 45 percent when this happens basically the money's being devalued yeah literally 45 of americans are getting poorer and poorer over time because their net worth they have paycheck to paycheck all their cash is in the bank it's losing value rich people are sitting there guess what happened when they were printing all this money the stock market went to the [ __ ] moon because people like i got to get my money out of cash because they're just printing liquidity everywhere guess what else went up yeah gold bitcoin real estate all investable assets go up because they're devaluing the dollar and so the other component of this that makes it even worse is that if you're in the bottom 40 50 of americans the goods you consume the things you buy are super inflationary you buy gas you buy food you buy all this stuff right people at the top on a percentage basis the amount of money they spend on gas and food is like minuscule compared to the investing they do right if you're rich you do a lot more investing than you do consuming gas and food if you're not rich you spend an inordinate amount of your income on rent gas food etc so guess what's been happening food prices have gone through the [ __ ] roof gas prices have gone through the roof right all this stuff so literally the bottom half of america is being put in a worse situation than the top half yeah they say sorry to interrupt but they say i think they say like poor people spend middle class people save rich people invest that's a great way to think about that but it would seem the middle class people as the dollar loses more and more value like you said it's a melting ice cube so their savings is worth less and less and that's how the wealth gap so the most egregious example of this is in countries where there's hyperinflation right we don't have hyperinflation in america i don't think hyperinflation is coming anytime soon right but if you look in a hyperinflationary uh environment let's say like venezuela uh zimbabwe et cetera you could literally start the day off and you're like you don't want that that uh cup of coffee it costs the equivalent of five dollars and by night time it costs ten dollars and you're just like yo you're just watching this [ __ ] fall like literally they're changing the prices as it goes i have in my wallet right now yeah uh i think it's a 50 million dollar boliviar uh uh yeah you know bill and i think it's a hundred trillion or one trillion dollar zimbabwe bill wow like they used to not have that now they have that why because literally the dollar got devalued those currencies got devalued so much that they literally had to create bigger and bigger denominations yeah so you can actually carry it around you've heard the stories about this like uh i think in the south during the civil war they they created uh the south created their own current currency and then people were like wheel barreling them down to the store to get course yeah okay so a term you hear often uh when we're speaking about crypto but also regular currency is a fiat currency what is a fiat in your face again when you said no no no no because the way you're saying it so no so fiat literally is just some smart term somebody made up all it means is it's a government-backed currency that they can you can print as much as you want you can the government controls it got you okay unlimited supply government controls it us dollar fiat currency sound money nobody controls limited supply got you okay now this is like a [ __ ] spelling bee right i know this is great so bitcoin comes about bitcoin is fueled by technology called the blockchain or blockchain technology whatever it is what the [ __ ] is the blockchain i didn't know what this is laughing you don't yeah so uh let's start with blockchain technology yeah blockchain technology was created to solve a problem called the double spend problem so you could understand the problem to understand the solution if uh i create uh music and i put it out in a digital format it's a music file right you have the music file and you're listening to [ __ ] you're like damn pop is a [ __ ] banger yeah andrew wants it he's like yo send me the song you hit send when you hit send the computer program creates a copy sends him the song he's now listening to my song but you still have my song as well you both can listen you're both happy you're like yeah we can listen to the cool song right but you and you don't know who has the original and who has the copy all you know is you got a file you got a file that's fine when it's music that's fine when it's a photo that's fine when it's all these things that it doesn't matter about scarcity but with money if i have a [ __ ] digital dollar and you say send me the dollar and i send you it and now you got it and i got it well who's got the dollar who's got the real who's got the counterfeit we don't know and so there's been a bunch of people over the years who have tried to create digital currency but this has been the big problem is the file can be replicated easily and you can't prove what the original is so that's called a double spend problem he could send it to you and then send it to me and we both think we got the dollar but actually we just got copies and he still has the dollar seems like a problem isn't this how banking works to a certain extent let's not go there but i i don't want to spend too much time but isn't that the whole idea of like if the bank only needs to keep ten percent of the reserves in the bank and there's a hundred thousand dollars can't you lend out 90 to him and now you just made a hundred and ninety well you just made no thousand dollars out of nowhere so there's leverage there's all this complexity but basically what they're doing in that situation is they're not creating new currency what they're doing is they're bar they're borrowing it or you're depositing it with them and they're lending it on the back end and they're doing all this stuff but technically is it your money is it an iou that they have you've made more out of nowhere no because you gave them some money then there's leverage they can borrow they can do all that stuff the the key to this is counterfeit versus original i understand that right i understand i just i just think that the idea of like printing money isn't that novel because like if you're if you're oh banks want to be central banks we can get into that no no no no no no let's keep sleeping but like let's say i give you a hundred thousand dollars to keep in your bank your bank of america and he wants a loan you could give him ninety thousand dollars to my hundred thousand dollars but i can get my hundred thousand whenever i want and he can get his 90 whenever he wants so you just made 90 000 out of nowhere so when you give me the money a lot of people don't know this it's not your money anymore what when you deposit the money in the bank it's not your money they they have an iou they owe you a hundred thousand dollars but technically it's their money now oh [ __ ] oh yeah yeah all right let's get back to blockchain ready okay so that's a fact so so you're ready yeah that's fact so look here's the whole idea of a blockchain is uh if we sit down and uh blockchain verifies the original at a very high level but here's how it works let's say we go to play monopoly is the best way to describe it four of us sit down to play monopoly and uh with monopoly there's a bank and then each of us have the money in the game and we set it out in front of us right and the way the reason why monopoly works is because as we are doing transactions you owe him money bam i see you hand him the 200 he hands me the money right all the stuff we don't need a fifth person to stand over us and act as the banker or the centralized entity who does all the transactions because there's full transparency right if you ever play with a kid and they put the money under the table you're like yo yo get that [ __ ] up here like i don't know what the [ __ ] you're doing but i don't trust you right so when the money's uh transparently put on the table and then all the transactions happen in front of everybody we all don't have to trust that it's being done correctly we can verify it i saw you give them the 200 yeah yeah yeah so a blockchain basically is if we were playing that game and we had a piece of paper and i wrote down every transaction right i said you know i gave andrew 200 right you here so it's a ledger ledger but every 10 minutes i ripped off the piece of paper and i put it to the sinus all right that was the first 10 minutes of the game that's all the transactions that happened and then all of a sudden we say played for the next 10 minutes started a new piece of paper did it again bam done i rip off that piece i stack it on top of the first 10 minutes we keep playing we've been playing for 15 minutes now there's five pieces of paper sitting over here and you go you know what i think that you owe me thirty dollars i say no actually in minute 32 let me go back to the transactions and i can show you that i gave you that 30 already that's essentially what a blockchain does but rather than it be on paper what it does is every 10 minutes it takes all of the transactions that happen on the block on the bitcoin network and it basically puts it into a block so it's literally just to give it almost like in an over generalized way uh uh excel file right of all the transactions and then there's people who run the network they validate yep looks good and as long as more than 51 of people validate it they chain the block of transactions to the last one and it goes all the way back to the beginning so from january 3rd 2009 you can go back on a blockchain and see every single transaction that's ever happened in this network so it's literally blocks of transactions that are chained together yeah bitcoin block potentially really stupid question is that hackable so uh can it ever be hacked any computer network quote unquote could be hacked the probability that it gets hacked is near zero because it is the strongest computing network in the world and the whole idea uh behind the bitcoin network is that it's decentralized yes so when we talked about is playing monopoly if there was a fifth person who was like the boss of the game yeah then that would be like the centralized that'd be like the bank right and so today if i want to send money to one of you through the u.s system a bank says i'm going to debit pomp's account and i'm going to credit andrews right yeah but if what if we don't need them a peer-to-peer i just want to send it to you i don't want anyone else to [ __ ] with it i want to just send it to you so decentralization means that there's no way to hack it 51 consensus in order to put it on the blockchain yes what is that 51 of whom so the way that it works is um there's miners around the world this goes to decentralization so if there's not a centralized company that owns this thing who runs it well there's people running the software they have specialized computers they give it like a data center right they plug them in and what they're doing is they're they're running all these computations super complex process we don't need to go into what they're doing exact problems right solving problems get rewarded for solving the problems there's a financial incentive so every 10 minutes in the beginning 50 bitcoin were given out to the network and if you were running computers you had a chance to get some of those 50 bitcoin every 10 minutes if you solved enough problems if you get rewarded for the you get rewarded gotcha azure you know more than you're letting on as you're doing this what ends up happening is uh that went on for four years every 10 minutes for four years 50 bitcoin after four years programmatically meaning it was written into the code it cut from 50 to 25. so what happens if you have a fixed supply yeah yeah and demand keeps going up and the supply incoming supply drops the [ __ ] price goes up my it correct me if i'm wrong here uh now that there's less are there more problems that you essentially have to solve in order to access a new bit of coin in other words does the processing go up to mine a new coin it so uh along with the in a way the better way i think people that are kind of learning about all this to think about it is the more competition there is yeah for the bitcoin reward yeah uh the more work you have to do yep the other thing is that there's less bitcoin so went from 50 to 25 25 to 12 and a half 12 enough to now 6.25 eventually get cut in half again in about three and a half years um and this is to maintain value along with demand think about uh visa when visa runs the transaction or you know the visa network yeah we pay for it we and the merchants pay for to use the system all of that revenue goes on to a centralized p l right like like into their bank account it sits there and if you're a visa shareholder that's part of your money yeah well when you have a decentralized entity where does that go the transaction fees plus this bitcoin reward basically gets distributed on a uh across all these people running the network so you today could go become a quote-unquote owner in a sense right of a portion of the revenue of the bitcoin network you got to go get a computer you plug it in you point it to this network you start running the software and now all of a sudden you're one of millions of miners around the world and every time a new person joins to get part of this revenue it becomes more and more decentralized which means that whether it's the government whether it's a hacker whether it's whoever they have to basically penetrate everybody they can't just put 51 of people right they can't just penetrate your computer or your computer they got to get more of the control of the network and that's what makes it so secure and my understanding is that it takes an immense amount of processing power to mine for this bitcoin a ton a ton it's the strongest computing network in the world meaning if you take all the computing power that's pointed at this thing and running the software yes it's by far the strongest network in the world okay now what happens and this is not me trying to poke holes this is literally me just trying to understand it what happens i mean the the processing speed of computers has increased exponentially over the last decade right what happens if you sound like a [ __ ] uh technologist go ahead okay now maybe i know something so what happens if we get a computer whose processing speed is faster than the inhibitor of the blockchain so in other words it can mine so quickly that it can scoop out a bunch of bitcoins that the program was not thinking we're going to get scooped out what is the protection for that so there's a couple of different things you're asking about one is there's still only a certain number of bitcoin that are put out in a period of time so it's not like you know there's a honey pot you can just go grab all the bitcoin immediately right uh from a conceptual standpoint uh the second thing is quantum computing which would be a super complex high-powered computer whatever that was always talking about yeah yeah uh one is as the nefarious actors with technology increase so does the defense right like technology is a cat and mouse game between bad actors and like law enforcement for example right so who's the first to adopt all this technology porn porn uh criminals right all these people heard about bitcoin because there was a drug dealer who was worth like hundreds of millions of dollars in bitcoin of course 2010 yeah yeah so so basically ends up happening is as those quantum computers uh get created there will be defense against them one and the bitcoin network continues to get upgraded to the software or whatever but more importantly is the game theory so what makes bitcoin valuable there's 21 million demand is increasing and no one's ever hacked it the second everyone somebody hacks that bitcoin network most of the value is going to be lost or it's going to drastically be reduced so if you go in and you steal all the bitcoin like you hacked actual network i don't hack your wallet but i hacked the network all of a sudden the economic value of the network drastically drops and so i would have to be a non-economic actor somebody who doesn't care about the money to do this and so i would have to some other purpose for going to do it but if i had a quantum computer i'm not [ __ ] hacking a bitcoin network there's a lot of other [ __ ] i'm going to have because i might actually get the money and the value that i can get rather than the bitcoin network right okay so let's say it's secure sorry so let's say it's secure i assume it's secure that's totally fine the only other outside influence that i could see negatively affecting bitcoin and i'm speaking about bitcoin as if it's all cryptos it's not i know it's not but i'm just speaking about it in that way it's just easier right but we can get to the what are they called alt coins or something let's just just stick with yeah we'll step a bitcoin for now because you're more invested in bitcoin right what do you got ninety percent of your wealth in bitcoin 95 95 okay so let's promote bitcoin it's like 60k okay if it's 60k get the [ __ ] out of my studio okay i need multiple commas buddy all right so let's say for example and i heard this is kind of happening in different parts of the world i think india actually there's legislation that might be passed where they're going to limit people from having bitcoin making people die just they're they're trying to ban it they're trying to ban it pakistan did ban it but we don't talk about them that's true nigeria pakistan a number of other countries have all banned it india is talking about it now right basically what ends up happening is you can't ban a inanimate object right like like if you pick up that 100 billion start screaming at the dollar and give a [ __ ] right what you can do is you can ban us from holding it using it transacting in it trying to buy it whatever so a key piece of regulation is the asset itself is unregulated not in the negative sense but it's just like the dollar is not regulated bitcoin's not regulated it's the companies and the people who transact with it are the ones who have to follow the rules and by the way guess what governments have a monopoly on violence so if you don't follow the rules they put you in jail right yeah that's their whole freaking game so the idea here is uh if they wanna ban bitcoin they're gonna say you can't own it you can't buy it you can't transact with it you can't mine it right those four things well guess what they've said that in some countries and guess what happened adoption went through the roof yeah because basically people said okay so it's a legal effect it's illegal for me to hold this all right well what are you gonna do if i hold it you're gonna come to all of our houses and take all of our bitcoin off our computers yeah it also makes you think like there must be something to this if you guys are trying to ban it yes there must be some reason you're trying to build well and look at the countries in which they're doing this right not exactly countries where people really think the government has their best interests at heart right right and also it's not in countries exactly where the currency's been super stable and like they think that the currency is the best place to store their wealth either okay so i don't think that india should ban it but if they do adoption is going to go through the roof right and so they're again caught in a rock in a hard place right between a rock and a hard place which is if i ban it i'm going to drive adoption if i don't ban it adoption's still going to happen so what do i do there they have this third option they all think that they're like you know uh galaxy brains they're like yo we're gonna create our own yeah yeah we're gonna create a digital dollar a digital euro a digital ruble yes only thing that's gonna do is it's basically just gonna make everyone go get digital wallets yes so they can be like yeah we want to give you a digital dollar all right what do i need i need a digital wallet cool i'm gonna go get that but wait this still gets devalued at the same rate right why don't i just click a button and change my dollars into bitcoin to the one that doesn't get devalued yeah that sounds like a pretty good idea let's assume okay let's assume it's not going to get hacked and let's assume that even if they do restrict it in any way it just drives the value through the roof because people be more interested let's assume that and i'm not sure that that's 100 accurate but let's just assume that i'm fine with that are you are you trying to hedge you right now i'm not trying to head i'm just trying to understand everything you had alex jones on and you didn't head [ __ ] and then i come in here and you're hatching i'm just staying bro let me understand everything i'm getting into you know i wasn't investing without more bitcoin than you actually dude do you hear what happened with him uh my friend max kaiser gave him uh what is now like 600 million dollars with a bitcoin and he told that story yeah on the party that's why i slapped him in the face i told him i was like dude that's 510 million dollars worth of bitcoin he goes you're going to slap me in my face right now i just confirmed it isn't that crazy what was ten thousand bitcoin ten thousand billion so the other uh ten thousand bitcoin was used to buy uh these two pizzas on pizza day may of like i think uh 2010. somebody spent ten thousand bitcoin to buy two [ __ ] pizzas and and they've asked the guy and he's like yeah it was worth it yeah i think so you have to say that so you don't [ __ ] kill yourself well no because he probably has a slice 200 200 000 bitcoin that you know still sitting there okay so i can't believe that so here's here's something that i uh a curiosity i have okay we're looking at bitcoin as as if it's currency right but you told me that it takes immense processing power every time a transaction is made or at least every 10 minutes yep is it functional to do that for a cup of coffee is it functional to do that when you got to buy a new [ __ ] pencil or something like that buy a beer at a bar is bitcoin functional as a currency or is it better to look at bitcoin in the same way we looked at gold it's an asset where yeah it's a store of value and then what we do is we add a currency on top of it that's maybe less secure but let bitcoin or these other cryptos be the store is that you're heading in the right direction okay so take me there gold layer one we added paper claims on the gold as a layer two yes right yes then we eventually created credit electronic money all this stuff on top of it but the whole idea was it was tied back to gold as the layer one yes right and that was the store of value and then we created these layers on top to make it easier to transact better uh um medium of exchanges yeah what's happening with bitcoin is there's a direct trade-off between security and you know ease of use speed transactions whatever this [ __ ] you want to describe right and the mistake that many people are making outside of bitcoin you [ __ ] are leading me right with the breadcrumbs so congratulations yeah is that bitcoin says security is the most important thing yes right if it's secure that means no one can hack it yes nobody can take us down governments can't [ __ ] with us 21 million will only ever be the number blah blah blah whatever we're gonna choose to do that we know that it will not be the fastest transactions we know that all these other things are direct trade-offs but security is the number one thing if you don't choose security first [ __ ] you you're wrong right just that's bitcoin's appropriate put that in perspective uh is the reason why if you buy a coffee at starbucks for five dollars they don't ask to see your id if you buy for 25 they're like we need to see your id and that's just because they're basically going it's worth it for us to lose a couple of five dollar transactions for fraud so that we don't have to waste time making a signature every single time starbucks asks you for your id at 25 i make big coffee purchases buddy i don't know about you okay i'm buying five people coffee over here it's big business all right anyway so basically what's happening now is the layer one super secure never been hacked you know working perfectly uh now there's a layer two being built there's a whole bunch of uh innovation that's happening there experimentation et cetera so everything from the lightning network rsk uh sovereign iov i mean there's all kinds of stuff that's happening there uh this thing called block stack and hero right all this stuff is happening and i probably forgot a bunch of people gonna be mad at me but essentially they're recognizing the limitations of bitcoin as a currency so they're adding another layer where they can use it for other exchanges well remember a currency is store value and mean of exchange doesn't mean it's a good medium of exchange or a fast medium exchange right just the fact that you can exchange it for goods and services and great stat for you is that bitcoin's annual transaction volume the amount of transactions actually on chain not traded on these exchanges actually on the on chain is more people did more transaction volume last year yeah apple pay venmo or paypal or paypal and it was still able to manage and did it perfectly fine transactions okay that doesn't mean we don't need to build layer two people are going to build layer two so they're working on that uh i'm an investor in a business called strike that literally can send a bitcoin from the united states anywhere in the world in a split second less than one second completely for free and they're using something called lightning network gotcha and so all of a sudden what happens is they can literally send value around the world faster and cheaper than visa mastercard square all these other guys i love all this i love all this and again i'm not this is not got you general i'm just trying to understand the way i understand things is i ask the things that make me insecure about it and then you just kind of fill those holes so that where now you had 60 000 in your head you're at like 80 000. oh i'm already kidding okay i'm all in oh so you have a million dollars there by the end of this lookout you know who knows you know what i mean thanks netflix appreciate you netflix should actually pay you in bitcoin we'll talk about that later go ahead dude like that basketball player russell o'connell well he's a football player but yeah i thought spencer dinwiddie spencer he's been super into it i don't think he got paid in bitcoin no maybe he did nfts or something like that he did a bug yeah yeah what was that a bond he did a bond he basically said like uh yo you should do you want part of my contract like give me money up front and then over time you can earn more russell o'conn it's got like a 13 million dollar now it's double or something like that okay um all right so now my brother just went viral tweeting about it so let's give him a shout out yeah what's your brother's name joe pompliano oh it was your brother that tweeted that yeah okay you know like we give him a shout out then he thinks i'm a good brother how does it feel to be number two he's actually number four because there's other ethereum of the pompliano family is andrew scholz giving us crypto jokes okay okay well another question i have about bitcoin right is there anything proprietary about bitcoin well it's open source uh software and technology so so bitcoin essentially not only can it not be hacked in all these things but it is branding right yeah of course arguably first to market you got the winklevoss twins behind it everybody's talking about it's very exciting but outside of its security there's nothing that is you could take the code base and create andrew coin andrew immediately and by the way if you do it nobody's going to [ __ ] buy it right because it doesn't have the story it doesn't have the market adoption it doesn't have the hash power and mining behind it and it doesn't have the mind share so if you go back to a currency we joke and we're like oh the us dollar is backed by the u.s government blah blah all this stuff the military sure but ultimately it's just a belief system yes the only reason why that piece of paper has money and that piece of paper somewhere over there doesn't rap videos because we all agree that that has money because that has value yeah the second we all stop believing that it has value the game's over yes and then we just move on to the next thing a hundred percent i i'm just trying to understand what i would it's just open source code you could copy it but that's not going to work here's the tricky thing for me no no this is the tricky thing for me is um i believe in blockchain if i could invest in blockchain i would but to me it seems like investing in blockchain is like investing in algebra like it's just math you can't really invest in math math just is so because i know that this technology is going to change not only the financial market maybe the verification of all goods in general i think people are jumping at the idea of a verified society right especially in something that has been is as manipulatable as as a currency is so they're like okay bitcoin's the one or ethereum's the one or litecoin's the one okay let's do it this works for me because it's money and i understand what money is okay i'll get in but to me i'm going the tech behind it is the real thing i'd like to put money in but there's no company that owns the tech right it's open source to whatever you said so is the closest thing that i can do to invest in bitcoin so again it's a decentralized network meaning how much of what i said made sense and how much of it was dumb like 80 percent dude i alex jones i'll take 80 all day b minus let's go all right so if i want to own google search algorithm i buy google stock right if i want to own facebook social network i buy facebook stock if i want to own the aws product i buy amazon stock i want to own bitcoin the payment system what do i do i can't there's no stock to buy nobody owns it so that's that's my point so you can do one of two things either you can go plug a machine in and go contribute to the network contribute computing power and you will get paid some percentage of the revenue coin or you buy the coin and there's a really interesting concept my my buddy jonathan geller you uh just started talking about this he's like bitcoiners may be holding some bitcoin for themselves and some they're holding for the network because 60 of bitcoin has not moved they have not been bought or sold in the last 12 months so there's 18.6 million bitcoin in circulation 60 it moved that includes hundreds of percent of appreciation that includes a one single day in uh march 2020 where it dropped 50 percent in the day yeah these people have iron-clad hands they're not selling what you do they just they believe they are strong hodlers yeah yeah and so when you do that six you call them hodlers oh dude that's my new name for you dove [ __ ] hodler listen there is no community on the uh in the world but on the internet that believes in something as strong as bitcoiners believe in this and that's the that's the most defendable thing have you heard of q anon q anon yeah listen they don't stand a chance against bitcoiners i promise you you were not getting devalued they still think trump is president dude well listen you can't fix stupid but okay i'm with you please do not come after me i like the consumer confidence i'm with you um so the whole but the whole idea is that that belief system around 21 million and the fact that they won't sell at any price yep now all this is why you're seeing all the price appreciation because now banks are showing up now corporations are showing up and they're like yo andrew sell me the bitcoin that you don't have right and you're like i only have one and you're like okay well when it was ten thousand dollars i'll buy it for twelve thousand now i'm not selling i'll buy it for fifteen thousand no i'm not selling i'll buy it for twenty thousand i'm not selling 25 30 35 40 45 50 55 60. the banks are still showing up saying sell it to me for 60. and literally bitcoiners are throwing the middle finger up and saying i'm not selling and so when you have a fixed supply asset and demand is increasing the us dollar price continues to go up but the us dollar price doesn't actually matter at the end of the day because most bitcoiners aren't thinking of this as i took dollars i bought bitcoin i'm gonna wait for it to go up a bunch in dollar terms and i'm gonna go back into dollars it's not a trade they're they're playing long like bitcoin is gonna be the future of currency they don't even care about the us bitcoin is going to be the global reserve currency right and the reason why it's gonna be the global reserve currency is because every human around the world 7.6 billion people or whatever we're at is going to choose sound money over unsound money gold was the analog application of sound money the concept nobody owns it nobody controls it nobody can create more of it in a physical form was gold bitcoin is the digital application of this and so why would i use that which over the last year literally some dudes mostly white men went into a room and they just said you know what man we're going to create more i didn't get a vote did you guys get a vote no we didn't have any say in this and so they did it in a way i don't know what data they looked at i think he just made money racist did you see what he just did right there he's like mostly white man i think he just got all the black chicks yeah that was smart is that what you were trying to say some hobblers went in the room and started huddling jesus bubliano joe get your brother joe get over here so what essentially happens is you have currencies that are being manipulated yeah but we don't have a say and again 45 of americans are getting crushed by this yeah and the wealth inequality gaps getting worse and worse well guess what now you have a uh exit strategy and the exit strategy is literally you take the unsound money the money that is literally so worthless that they are giving it away for free to people and you convert it into the sound money and you just simply hold the sound money and the purchasing power of bitcoin continues to grow while the purchasing power of dollar continues to crash every i mean i just can't fathom that the united states government is not some in some way protecting themselves second largest holder of bitcoin is the united states government somebody told me that so i'm gonna trust it is that true who told you that brian shouts to brian is that true i don't know who brian is he's a chef he's a chef i don't know if you want to verify but you might want to google it do you know anything about that is that true they so i don't know what they've said i would make them incredibly comfortable i would dub it double they've absolutely confiscated bitcoin from people before right so silk road a bunch of times uh i haven't done the math in terms of what they confiscated and what they auctioned off in some cases they've literally taken bitcoin from people and then they've gone ahead and auctioned it off that's a great move this is a brilliant long-term strategy you let all the people that are selling human beings selling drugs selling guns in bitcoin around the world let them use bitcoin as the currency let it build to a premium but nobody's doing that what does it mean they're all using dollars but i thought bitcoin is the best way to get around the system now early on i think it was i think i saw one of your interviews where you said there's less fraudulent activity activity with bitcoin than dollars by far yeah there's more dollars that are laundered every year just money laundering two trillion uh two trillion dollars are laundered every year the bitcoin market cap like all bitcoin in circulation is only one trillion so there's literally more illegal use of the dollar than the entire size of the bitcoin market today oh yeah but there's way more dollars than there are bitcoins so of course yeah but even on a percentage basis mm-hmm it's like 2.34 of bitcoin point four percent of all bitcoin transactions are illegal it's like two percent of uh us dollar transactions okay and the bitcoin illicit transactions are going down because remember all of the transactions are written on a public ledger so like if you use this [ __ ] proof so yeah if you send him bitcoin and then they're like yo what'd you do like what happened like oh you were like a scumbag terrorist they're like idiots like you literally sent them the money like here's the transaction yeah so like but they're not writing details on the transaction like you could've bought lollipops with bitcoin yeah but they're i mean they obviously figure out like hey the same guy who uh sent this bitcoin also send it over here and bought eight for that ak-47 right right gotcha okay so there's a little bit of proof and that scares the people that are doing a legal act well people didn't know that at first they thought it was oh nobody's gonna be able to track me and then the government kept showing up and like arresting all of them and they're like oh hey uh tell your friends like don't use this is there any proof that the imf isn't in control of this that the imf isn't part of the 51 or the 51 the imf isn't doing all the mining like where's the proof that they're not here's what i think is going to happen right [ __ ] die over money bro like you said the united states government will kill a million brown people if one brown guy says we're gonna sell oil and euros we're willing to throw the entirety of the united states military force to crush countries that go against the u.s dollar as the currency of the world and they're just letting bitcoin go while willy-nilly i can't buy that so you just highlighted bitcoin's core strength great you want to shut down bitcoin what do you do who do you arrest what computer do you show there's a million bitcoin miners or whatever even if you go to every country in the world and you say yo let's all work together which never will happen but if you say let's all work together and we're going to shut down every single computer running this and i'm just sitting in my closet and i plug the computer and i run the software bitcoin's still alive you cannot kill the network there's been congressmen who have literally gone in and on the con on the congress floor said we cannot kill this so we should not even try and so what ends up happening is and there's people inside the government now reports are coming out where people have been on calls behind closed doors treasury secretary and others have said they know this is inevitable they're just holding on for as long as they can and so what i personally believe they should do and i think that any country in the world that wants to be a leader in the space they should embrace it because here's what happens is bitcoin is ultimately just an open decentralized protocol the internet is an open decentralized protocol and so what happens to the countries that decided not to participate in the [ __ ] internet it's like north korea yeah like didn't work out so hot for the citizens yeah i mean it hasn't worked out so hard for us i wouldn't i wouldn't argue that the internet is doing great for america we may always tour us in half the last election right well we won't go there i'm just saying that the open decentralized protocols are out there people are going to adopt it so even though pakistan and nigeria etc ban it people can still access it even if their government doesn't want them to right and so if anyone is going to benefit from this the united states should say we are going to benefit more than anybody i like that strategy let's go buy bitcoin let's actually start to use this as a payment rail let's figure out how to incorporate this into all these various things that we do and because whoever the first countries that does it game over game set match they win they will be the most economically prosperous country in the world unless it's hackable and if it is hackable and that country goes all in on bitcoin they're the country that gets [ __ ] the most you have to prove beyond a shadow of the doubt that it's not hackable and that's what i was also going to say if you you see what it has been hacked bitcoin has never been hacked well uh the other coins have been had no yeah plenty of blockchains have so i assume his point about bitcoin being different than other crypts well i want to hear this out what is it no well my thing is it can be stopped because couldn't all the countries just come together and be like uh mining is illegal if you get caught mining you're penalized and charged or get thrown into jail so they've done that in pakistan and nigeria and mining went up in those countries in those countries yeah and to the point where pakistan absolutely traced where somebody's mining from so in venezuela here's what the crazy thing is in venezuela they said mining is illegal right and what they would do is governments aren't idiots right they said it takes a ton of power so we're going to look at the power bills if your power bill spikes we know that you're like you're not [ __ ] playing xbox right so like we're gonna come to your house and be like yo give us the miner and then what'd they do when they took the miners the government went and plugged them in right because because they get paid for mining so so as a financial incentive for now the government just confiscated your equipment and they just went used it themselves so what ends up happening is the financial incentive is too strong right like like in this crazy crazy way like it takes years literally for me to wrap my head around this the financial incentive is too strong so in pakistan even crazier was they said yo this is illegal you can't mine yada yada whatever one of the four provinces or whatever in pakistan all of a sudden it was like yo why don't we do this and then the province went against the national law and they started mining themselves in iran what they do iran venezuela all these places they have sanctions the u.s government runs around the world and they say we have two things we're gonna drop bombs kill people do all this stuff and we're gonna sanction you we're gonna cut you off from the global financial system we have the global reserve currency screw you mm-hmm well now all these countries are wait a second venezuela's like yo nobody can shut this [ __ ] down and we don't need permission from anybody we just plug some machines in and then we get currency in iran what'd they do they literally said to people hey we'll give you a license and you could go and you can mine bitcoin and then a couple of months later they were like oh by the way a new rule uh you have to sell us all your bitcoin right we're gonna give you our local currency we're gonna give it to you and so what ends up happening is again it's just a game theory and people hate thinking this way because it's it's so counterintuitive to what like we're used to in in the world it's just like yo the government always wins the banks always win right like that's our our mindset but the financial incentive here is way too strong and so whether you're a nefarious country right in terms of north korea or some of these guys or you're a legitimate country the financial incentive's the exact same and so i actually think what's happening in like kentucky right now is fascinating kentucky just started to say yo you know what if you're gonna mine bitcoin we're gonna give you tax breaks we're literally gonna make it easier for you to mine here because we want this infrastructure to be built out he's gonna bring jobs it's going to bring all this investment into our local economy and we'll actually not tax you as much on it as we would have now that this new law is passed and so what you start to see is like again it's just like this big game on that well if more people get jobs right there's still income tax there's like all these things that they can basically benefit from as there's more economic activity in their country or in their in their economy or their state but what they're not going to do is they're not going to tax you maybe as much at the entity level on let's say buying the electricity or you know whatever okay um there are all these other coins that exist right um ethereum being the second most popular one and ethereum is having a little moment right now because ethereum okay if we're looking at bitcoin like a ledger uh that is i guess decentralized or anybody can use the ledger open source ledger ethereum my understanding is kind of like an open source computer in that sort of describe it yeah it's in the apps can be added to it and then you can find ways to monetize those apps this is what people are doing with nfts so is ethereum i have two full question one what the [ __ ] is nft but two is is ethereum a next level cryptocurrency is it taking it beyond what this store of value which is bitcoin and is bitcoin gonna have to play catch-up to ethereum no okay so then is ethereum what is an nft let's start there well hold on let's talk ethereum first so yeah uh there's a lot of different types of really four main assets there's stocks responses currencies there's commodities right right bitcoin is going after currency right must be store value medium exchange we talked about all this ethereum isn't necessarily trying to be a currency right what they basically are saying is something completely different they're saying look we're gonna like rebuild the internet we're gonna build this like world computer and we're gonna be decentralized we're gonna have um something called smart contracts which is really just automation right and we're gonna build this and anyone in the world can come here they can build it'll be decentralized be amazing you know utopia vision uh what ends up happening is if you build the internet the internet's not really that valuable you know the traditional internet unless there's companies products and applications built on top of it right so if i just said to you hey yo here's the internet you could use it but you didn't have google like dinner it might not be as valuable or there wasn't facebook or twitter or whatever so ethereum was built now people are going in they're trying to build all this stuff on top of everything from decentralized financial applications to uh this nft stuff to all kinds of stuff and so what ends up happening and where there's tons and tons of controversy and debate is uh ultimately two key things one is the bitcoin community believe security number one most important thing proof of work uh if you don't have that you're screwed and the bitcoin community question about that by having it by having more access to or like openings to the blockchain through ethereum's i guess way of working do you create more liability for hacking we're gonna get super in the weeds basically uh ethereum launched uh a couple years ago with a very similar way of doing security compared to bitcoin the big change was in a very generalized manner uh with the smart contracts basically this ability to uh write on top of it in a much easier way so uh vitalik buterin and a couple of these other folks basically what they want to do on bitcoin they felt like they couldn't so they went and created this new thing yep uh they are now switching from a proof of work which is all the computers to something called proof of stake uh this is like level 401 in the college course but basically uh rather than use the computers you have a economic position you stake it you basically say i'm going to put this here and because of that i'm not going to be a nefarious actor because if i'm a nefarious actor then i will lose the value right that my my economic uh stake will go down and so therefore my vote should count i'm not expending energy i'm not expending the computing power i'm though economically incentivized you can imagine there's a bunch of smart people that get in a room and it's like forget intellectual olympics it's like intellectual gladiator type stuff in the arena where they're all going nuts uh we will see i always say like my opinion doesn't matter your opinion doesn't matter the market will decide yeah uh there is two schools of thought one is that uh this ethereum kind of world computer and the gazillion of copycats that have come along from it are going to end up being successful so i'll have a decentralized thing you'll build applications top of it we'll go the other school of thought is that the bitcoin network which optimized for security first eventually will add layer 2 layer 3 etc and you'll have all that composability smart contracts et cetera a lot of that is there today it's also there around ethereum and so what's going to be very interesting to watch play out is how important is security how important is true decentralization right and there's questions on some of this other stuff and what i think ends up happening is like some of this gets religious like kind of tribal wars like it's almost like people have like sports teams like you know go bitcoin [ __ ] ethereum type stuff if i was 95 invested in one of the coins like yourself i would definitely be rooting for it well i'm a hundred percent you're a hundred percent you don't have any cash huh no no no no no like i have 100 bitcoin nothing else oh i meant like you're wealthy coin wise oh yeah yeah 96 96 okay so like some people basically split some people add all this other stuff but what you find is like the further you get from bitcoin the more people are uh speculators so what are they doing they're basically saying like oh look at this like early stage technology product right i can't go invest in a private technology company so i'm gonna instead buy this coin that's like two cents and i think it's gonna go to four cents i'm gonna double my money yeah then i think it's gonna go to 10 cents 20 cents right and sometimes they do yeah but that's not really the same thing as what bitcoin's doing right like you're gambling which by the way you do the stock market too but it's just like that's what you're doing you're not doing what bitcoins do that's what it feels like right now the coinbase account is basically the stock market like i look at that the way i look at the stock app on apple it's just a bunch of different coins you invest in and then it goes up or down and you think at the end of the day there will likely just be one which is bitcoin like highlander like there can only be one i i think that and i caveat all this with like nobody actually knows what's going to happen like i can't see that in the future right but the way that i do think things will play out is bitcoin is the king bitcoin will be the digital currency other countries will go around the world and they'll create these digital currencies digital dollars all this stuff there will be private corporations that try to do the same thing you'll get no competition at the technology layer they'll all be digital the competition beat the monetary policy layer all fiat currencies have the exact same monetary policy it's inflationary right there's unlimited supply bitcoin is digital sound money so all of the capital and value will flow to bitcoin from a currency perspective when it comes to all of the other stuff outside of currency it's a freaking wild wild west i mean i literally see people who start something and next thing you know it's worth you know billions of dollars from these market caps people are creating tokens it's like you know just put a com also you got a token next you know like goes up in value and stuff and so what i think is gonna be very interesting to watch is two things one where do the developers go if the developers all go to ethereum and stay there then there's gonna be a bunch of economic activity that happens there right because naturally that's where everything's gonna get built all the innovation experimentation whatever if all of the developers go to bitcoin over time then there'll be economic innovation and all that kind of stuff there what i think people have to be very very careful about though is as this progresses you have to understand like what are you trying to accomplish right so there's a lot of people you mentioned like coinbase looks like the stock market there's plenty of people who look at crypto and they're like yo the use case is not store value medium of exchange it's speculation and so if you want to speculate sure you can speculate in the stock market in crypto at the casino like you can do all this stuff right but you're not doing what most people would consider you're saving in what is going to become the next global reserve currency right you're just literally putting stuff on black and whatever happens happens by the way if you find that entertaining or you think you're gonna make money knock yourself out like your free choice go do whatever you want but i think that the bitcoiner position is um what bitcoin is going after is the largest opportunity right we're basically trying to disrupt central banks we're trying to disrupt uh global reserve currency et cetera and so we're talking about basically the global money supply right now it's like 80 90 trillion if bitcoin is successful it's likely to be like 150 to 200 trillion dollars in size which means it'll literally steal economic value back from other store of wealth assets so the gold market caps actually been going down yeah because as bitcoin's going up people are literally selling their gold to go buy bitcoin what happens if real estate uh or like all these other uh store value assets start to contract and it flows into bitcoin bitcoin's price goes up because those other store value assets are all based in in verification right like a piece of art there's this documentary i just watched called made your look on netflix have you seen it no i haven't it's really interesting that made you look made you look they basically just forged 80 million dollars worth of art and sold them through like one of the most respected galleries in all of new york the noodler gallery whatever like that's like sour grapes or whatever the wine movie where they uh make the fake wine bottles and people lose their [ __ ] over it yeah well the guy like yeah made millions millions of dollars exactly so um but it just proves to me i'm watching this and i'm going oh this is why bitcoin is the future this is why blockchain is the future right is because these people are dying to get their hands on this piece of wealth that's just going to increase in value value and is verifiable real 100 non-fungible if you will that's the term that nfts are using all the time so i see this as proof of concept for storing wealth in the future explain to me what the [ __ ] nfts are why this artist can sell them for 69 million people i think sold yeah 69 million a buddy of ours logan paul put out these [ __ ] pokemon cards of himself he made a few million dollars what is happening what is an nft what is happening and how long does this nft bubble exist so fungibility again just some [ __ ] fancy world somebody made up right but basically fungibility means if i take that hundred dollars and i put it in a pile with ten other hundred dollar bills and we mix them all up and i just grab a hundred dollars back it doesn't matter if i got the one i put in or i got you know a different one i got still 100 i go i can use the store whatever if i have art though and i have a picasso and i put it in a pile with three fake picassos and we mix them all up and i go to grab a picasso if i don't grab the original i'm screwed so when the dollars all can get mixed up i can take whatever back that's called uh something that's fungible it doesn't matter which one you have as long as you have a hundred dollar bill you've got 100 build as long as it's real right with the art you need something that's non-fungible meaning if you don't have the original then you've got a fraud and it's not it doesn't have any of its value so what ends up happening with bitcoin is bitcoin is fungible right if i have a bitcoin and you have a bitcoin and we basically send them back and forth a bunch of times and we don't know do i have my original one or your original i got a bitcoin you got bitcoin we're good what people started to realize was wait a second a blockchain a key piece to it remember when we talked about the blocks of transactions yeah it's immutable all that means is no one can change it so once it like gets stamped on the blockchain nobody can change it yeah so you can imagine all kinds of crazy stuff so early on somebody on ethereum said yo in china they don't want to let me say something you know what i'm going to write it to the blockchain because the chinese government can't take it down oh okay like that's interesting right so wait a minute you mean you can't censor an immutable thing so that was a pretty aggressive use of it uh people started to say well where else is non-fungibility important so anything that's scarce go back to that piece of music if you can copy music over and over and over again then basically there's no scarcity to it right art the whole value of art is scarcity so you can think of it two ways and i forget who who wrote this um so i apologize i'm not gonna give them credit for it but uh basically think of it like a serial number so if i said to you the example that i i was reading about is somebody said uh think of it like the eiffel tower yeah eiffel tower zero zero one is the real valuable one yeah yeah but every copy no matter how big it is how small it is where it is if it's you know eiffel tower number 47036 it could be no value the exact same way exactly no value if it's not in paris if it's not no value serial number one yes no value so what ends up happening is in a digital world this shit's hard like it's hard to rebuild the eiffel tower it's hard to put it in a different place and people like oh that's the original right it's a physical world in the digital world it's much easier to do this stuff so when you basically stamp it onto a blockchain and you say this is serial number one of this item everyone can see it and then everyone can see who's owned it so let's say you create a piece of art and then you send it here here here here here yeah and now the next person wants to come buy it they can come see did andrew create this or not who else owned it when did they own it what did they pay for it oh here's my question about that especially with art with a piece of art right uh maybe now with 3d printing or something like that it's possible but up until maybe the last decade it was impossible to recreate a piece of art in the exact same way especially if it was like an oil painting right there's like certain 3d textures to oil so even if you were an amazing forger and you recreated some van gogh it's not going to be exactly the same maybe the colors are similar but it's not the exact same right so you know what's different with a piece of digital art a simple screenshot could recreate the exact same image why is it that people care about having the original thing when it's not the original no no why do they care about having the original one when the copy is exactly the same because the people aren't buying art because of what it looks like they're buying the story yeah that's what i have to wrap my head around they're buying the value right if i paint the same thing as van gogh it's not because of what it looks like you're right you're right it's they're buying van gogh they're buying the story so so what you said about the eiffel tower kind of made it click for me because you could recreate the eiffel tower and it has you it has negative value you're like what do i do with this this is a waste of space like it takes up too much room in the garage too much yeah so but the fact that there's this story built around the eiffel tower tower in paris you're purchasing that story i get that right so when you get a brand new piece of art that just came out has no story besides you maybe the artist so i'll i'll explain uh you use this artist i've partnered with called recody right so ricottie basically said all right i'm going to create art and what i'm going to do is i want to democratize access to this so think of like christie's christie's or sotheby's or whoever says yo if you're rich you can come you could buy auction houses super expensive art right and it's kind of gated you gotta verify yourself gonna do all this stuff ricottie said all right i'm gonna create this really dope art i've got uh 12 pieces yeah i'm gonna sell it on the internet anyone with the internet connection anywhere in the world can now come in and can buy this yep and uh this artist said i'm gonna sell for .01 eth right which is basically like 18 bucks 19 bucks at a time and they sold this direct sold out in 26 seconds ethan's show for ethereum yeah and so basically they promoted on twitter but whatever right all the stuff then they say you know what we have three other pieces and we're going to auction them so just like these auction houses do we're just going to auction them to the internet and when they auctioned it it was here's the piece anyone in the world over the next 24 12 hours whatever it was can come in and let the market decide what it's worth sold the first one for 40 000 the next one for 70 and the next one for like 40 000 again and the reason why that's important is what those people are buying is that ricotti created it you can see in the transaction history that rakodi is the one who minted this onto the blockchain and then from there what happens is you can literally not only see every single transaction but also in some of these platforms you can see every bid so i could see that you actually bid 100k and then you got scared and you took away the bid that i could see that he bid two dollars like a cheapskate right exactly and then he basically was like no you know what like uh i don't want this right so you can see all this history what it does is it provides transparency and that's ultimately what's happening around the world whether it's blockchain crypto bitcoin stuff or it's just frankly society in general is people are calling [ __ ] on the world they're saying i don't believe you i don't believe the politicians i don't believe the central bank i don't believe the media i don't believe anybody but i believe verify it prove it to me if you prove it to me then i'll trust it so do you think uh on some level crypto is a reaction to a lack of trust in everything do you think people are seeking you know how like girls with daddy issues like right like they might seek out a certain type of dude right like do we have daddy issues with the government with politicians with do we have daddy issues with the the powers that be the elites and we're seeking something that is out of their control to find comfort in the world historically has been a narrative driven value chain what i mean by that is gold the reason why gold is valuable is because somebody told you it was it you can't you can't tell me i got a little push back on that all right go ahead well you can put a lot of pushback at your show yeah fair enough but you're the expert but like have you ever held a nugget of gold yeah i panned for at one time in walnut creek in north carolina it was [ __ ] amazing okay now i think it was fool's gold though go ahead that's the thing you might have some fake [ __ ] but if you if you hold like this much gold right it was the weirdest thing i've ever experienced i was doing some like news show and one of those guys that were on the gold rush things he was there and he just had a nugget like a raw nugget and he handed it to me and it was almost alien the weight for size was the most peculiar thing i've ever had i've never held anything like that in my entire life so i could see how some like very primitive human being picked up the substance and for whatever reason it was so [ __ ] dense and weird and shiny and odd that you would almost feel like it was uh i don't know from outer space or something i can see why we would ascribe value to it so it's a psychological concept exactly and the same thing i imagine is at play here with bitcoin but it's playing it to something else it's not going this is i i honestly think it's the opposite of golden away i think this is this i don't know what the [ __ ] it is bitcoin i do there's proof of every single thing about it so i can verify it it's the [ __ ] san antonio spurs do you know what i mean like it's just like this is good fundamental basketball i know what i can expect from it whereas gold was this like otherworldly sub substance that we put all this value on but at the end of the day what was it worth the the the whole idea of a narrative driven value chain is when you pick it up it's shiny right like humans are stupid at the end i'm stupid you're stupid like we're all stupid right and so we pick up the shiny thing we're like oh [ __ ] this thing must be valuable because it's shiny right and so what you end up seeing is that the world told us it's scarce the world told us it had value and so when somebody says okay well how much gold is there uh we have a pretty good guess but like nobody knows for sure yeah when the government says hey the dollar we say well how many are there well you know here's our best guess right nobody knows how much is created or taken away every day all this stuff right and so everything in our life is a narrative the media right if you look at all the institutions like it's all narrative driven and so what now has happened with digital technology is we say the narratives don't matter in terms of i'm not going to simply just blindly believe the narrative right narratives around assets will always matter because investor psychology but the narrative is an inferior way to prove value or to drive value then verifying then trust and so it was not it's not even trust it's it's because it's truth exactly and so i think that the whole thing that ends up becoming really interesting is what if i could tell you that every single time right look at media look what you're doing if you got interviewed by the mainstream media every day yeah and they wrote articles about you you'd be going nuts but that's not what i said right or they twisted my words or i didn't know they were going to write this or whatever the complaint is even if it was a positive piece right now you just speak into that microphone and people hear exactly what you have to say yeah and so it's going to the source it's verifying i don't care what somebody else says from this interview what did he say in the interview we live in the age of verification and blockchain technology is the confirmation of that the world is going to run on open decentralized protocols that allow for complete verification of truth of everything now i believe in that entirely 100 i support that here's my question how else what else is affected by it like what industry gets destroyed do we need the stock market anymore do we need finance dudes like i mean i mean that sincerely like are there jobs [ __ ] done so we can verify every single trade and do it ourselves go go back in time right before telephone one thing let me ask what if we can add a blockchain to the profits of a company there's no more enron there's no more right like i'm trying to think what the 10 20 year effects of this are and you might get like a realistic look at all these different companies i don't even think you need stock brokers anymore so if before we go to the future let's go to the past okay go before phones computers cars there was finance companies all this stuff there are some companies that are still around today if you go back and you look at you know jp morgan was a dude and he was really rich and now his company is still persist goldman sachs been around for a long time all this stuff right so some years so some companies will navigate the invention of technology or innovation right so new technology comes along they embrace it they figure out how to use it and they not only survive they thrive in the new world other companies that maybe their competitors get completely different so sears are a great example internet comes along like see ya right they just got completely blindsided and so it's not that everything goes away and it's this like super binary world there's actually like this gray area but what's gonna happen is the people who embrace the technology will thrive so the bankers who say yo i'm just gonna figure out like what's my role in this new world because by the way out of the 10 services i offered eight of them now are obsolete these other two i'm going to double down on and now there's the creation of two more so ultimately what ends up happening is they have a company it's just the flow of resources and the organization of resources pomp i went on saturday interrupt i went on joe rogan's podcast a few years ago and i feel like we're having the conversation about the financial markets that i had with him about television and stand up where i was like it's over like tv tv's dead like there is no more tv and i leaned all the way into social media i leaned into streaming i live into youtube obviously instagram and i was not only was i sure was going to win i couldn't fathom how anybody could think anything else could win i couldn't find youtube exactly bitcoin is youtube it's just a more efficient way of getting content to people this is a more efficient way of making these transactions maybe not more efficient in terms of every day but whatever we'll work towards that right so i'm sitting here with you and i'm still having trouble getting all on board but i do recognize maybe what people might have felt like in that instance so this is the undeniable future which form it takes we're not sure your hedge is on bitcoin right it could be bitcoin it could be ethereum it could be some other one that blows them all out of the [ __ ] water but without a doubt markets are going to change because of this new technology it's a foregone conclusion because ultimately where we're headed is an automated world so here's the best way like what people say to me like yo forget all the details all this stuff like at a high level just what the [ __ ] is going on the world is going to be more automated in the future than it is today the problem is that there's a mismatch of automation technology and assets right so most assets historically up until the 70s or 80s we're all analog physical stock certificates physical bonds see the guys physical home deed all this [ __ ] right and then eventually they became what is today an electronic q-sip so we were like yo maybe we shouldn't use paper maybe we should have a centralized database with this [ __ ] string of letters and numbers and that q-sip we're gonna all trade around like geniuses around the world and that is gonna represent that asset now what's happening is we're moving from the electronic q-sips to these digital assets but the reason why the digital assets are so important is because if i write uh some sort of technology to automate let's say i want to do automated on what they call on-chain cash flow so when i get paid why does the corporation hold the money for two weeks and then pay people on the 1st and 15th why don't we just pay people at the end of every day it would solve so much economic pain in this world right yeah and so if all of a sudden we could do that we had the technology to do it why don't we do it well now the technology is here but the difference was even if the company had to design opinion right back in the day to pay every single day they just didn't have the technology right right so if i wanted to pay you every day i would literally have to run payroll and i have to go through the banks the bank's like oh you came in at 505. we are we're [ __ ] close come back tomorrow like all this [ __ ] i push one button and everybody on my staff gets paid yes even better is you could pay them every hour you just it's automated so just it just flows it just takes care of itself it just flows you're out of it so the whole idea though is the electronic q-sip asset can't go through that automated technology it's like trying to take a cassette tape player and put it into a cd uh uh player yeah yeah the cassette tape and the cd player don't they don't [ __ ] with everybody listening that's how we used to listen to music with cassette tapes and cds pomp just showed his age and it makes me feel amazing keep going right and guess what the cd-rom doesn't go into the mp3 player right so the same thing here is you got to upgrade the assets and so now also when we get digital assets now digital assets can it can actually be used by all these automated technologies so the world we're going to is [ __ ] going to be wild people who watch this right now if they understand the world that you and i are living in are going to see the future and be like you guys were dinosaurs is what you were describing similar to um for example a lot of people who still had cable uh and maybe didn't adopt to youtube yet because they were on old shitty internet so some of the for certain it's like once their internet got upgraded it was like oh [ __ ] cable i'll just watch youtube my parents watched youtube all day they got rid of their my parents 70s i think what he's saying is almost the opposite we've had this technology we just haven't had the asset to match the technology like we've had it's a mix of both so you're both right right so like one is we had to upgrade the assets but also there's all kinds of things like so the equivalent of uh i don't have fast enough internet is i don't have a digital wallet right like that would be one example yeah so like if all of a sudden have a digital wallet and i have the digital asset then i can interact with all this stuff and there's still a ton of work don't get this wrong this isn't happening tomorrow right like there's still tons and tons of work but like there's gonna be a world where literally you go to work you get into a car that car [ __ ] shows up without a driver it's a driverless car that just picks you up as part of a robo taxi and as you drive literally the car is just using a wallet that's in the car and it's just streaming payments to the government which is taking their taxes in real time rather than stop at a toll i mean think about it you drive on a road and you stop and we literally reach in our pocket and grab paper money and hand it to somebody else and then they look at it they count it and they give us back [ __ ] coins archaic in a way stupid yeah so eventually the technology all gets built but then where you end up going to is like okay well what else can get automated right where else can this happen so why is it that if i have a stock i have to go from the stock to a current a common unit of account which is the dollar and then go back into let's say uh to buy a house why can't i just take the stock and use the value of the stock to buy the house is there some sort of like tax liability there that we're worried about there's tons of regulation taxes all this stuff is going to have to get upgraded because people might try to like avoid paying taxes by transferring their wealth from asset to assets well all kinds of stuff will have to happen probably reasonable well it's just no the person selling the house isn't going to take your stock certificate right like if i'm selling my house and you show up and you're like oh here's apple stock i'm probably like dude go sell your [ __ ] apple stock and bring me dollars right government doesn't infringe on that at all the government is like you have to i don't i don't know the exact regulations i'm sure that you could figure out a way to do maybe you have to pay extra taxes or whatever but like the government might say like you need to prove that you've made income off that stock and that's when you change it from stock to cash i'm going to take my cut from that then you go buy a house don't go buying a house without paying a piper but i hear what you're saying so also if they're getting their tax money in real time they're not even worried about you ah they're not trying to worry about you trying to beat them because this is all automated anyway we have all these rules set in place because we're trying to beat the tax man here in fact this is the best dude all these like uh bernie sanders and [ __ ] aoc you know they should be dying for us to do bitcoin because then you get your money these rich [ __ ] can't get away even better is on top of that think of like the sec so the sec spends millions and millions of dollars a year to find people who did something wrong build a case and then go and force on them if all of a sudden all the stocks are digital assets and let's say that you've got a wallet and we know who you are your age your income where you live your accreditation status all this stuff and you want to transfer that stock to him right and they know who he is where he lives what his income is accreditation status et cetera and it's an illegal transaction right it breaks the rules the code is going to serve as the law the coach is going to say nope illegal transaction reject right and so now all of a sudden sec saves all that time money and energy from [ __ ] figuring out who you two idiots are and building the case and enforcing on you they just prevent it upfront it it actually makes in a crazy world it makes the regulators the government et cetera better at their job and it creates a more efficient system now there's a lot of people in bitcoin who don't like the fact that the government's going to get power here right in terms of and get and get uh some sort of benefit as well yeah but ultimately what ends up happening is the world we're going to is automated it's digital and it's run on open decentralized protocols so not only is it is it that we're already very forthcoming with the information in our lives we act like we want this privacy but the reality is we got our phones tracking wherever we go at every point in time during the day i mean i had a buddy of mine growing up who ended up going to jail because his well because he broke the law but also because his phone proved that he was in one place then another place where crime took place whatever it doesn't matter but the point is did he do it um who knows you know all right who knows must be close buddy all right so the the point i'm trying to get to is that like some might say that the blockchain would be intrusive if it would mint every action that you made that day for example you hopped in an uber it's paying for the uber while you're doing that you're buying a cup of coffee every single transaction that you've had throughout the day is going to be minted your wife can be like where were you at 2 p.m mom or just go check the blockchain you said that you were getting coffee but you were really at this hotel banging this broad so there is a way that the blockchain is almost snitching on oneself especially if it's open source if anybody can access the blockchain and you need anybody to be able to access it because without that there's no surefire way of proving that you aren't doing the various things right you're so far down the rabbit hole that you are a bitcoiner already keep going i'm i'm getting it and i understand it that being said maybe what will happen is we'll be so comfortable with our information being transparent like every time i open venmo for some reason it tells me the things that like people that i know are buying social feed yeah i'm like don't show me that like i i don't want to know like i'm paying the lady who cleans my house i i don't i not only could i care less i don't want to know like i i don't want you to know who i'm why are you showing me that but it's almost like they're priming us for this time where every single action that we make is going to be coded it's terrifying but at the same time is that just what it is no it's terrifying so china is super into all this stuff right they're creating something called a digital currency whatever it's like dcep i think it's the name of it yeah basically what they're trying to do is they're trying to take all the ideas of a cryptocurrency blockchain whatever yeah and they want to create digital currency uh and they're like yeah we're super like you know forward thinking we're innovative whatever no you want to track everything they want to track everything so it increases part of the risk is that there's an increase in financial uh surveillance capabilities and so there's a really important thing to talk about because ultimately what we need is we need just as much of an investment in terms of the infrastructure and decentralization and kind of all this we also need huge investment whether it's through bitcoin developers or other people into all sorts of privacy technology as well so like when i fast forward 30 to 50 years from now i see a world where there are technologies around the world that are building privacy-centric technologies that allow for people to not only hide because it's their human right to have privacy but also to use pseudonymity when they do things so that you may be able to see that it was this entity and this entity that uh that transacted with each other but you don't know who owns those entities right and then on top of that it's all built on these open decentralized protocols where there's full automation so when you look at that world way out there you say we got a ton of work to do but if we can get to that world ultimately what you do is you loosen the dependence on government you loosen the dependence on the existing incumbents and infrastructure and then on top of that what you do is you give power back to the people and i think that's ultimately where all the distrust comes from is people are looking and they're saying wait a second does the government really have my best interest at heart does the bank really have my best interest at heart so here's here's something i've been trying to ask is and this is uh maybe stupid question you don't have the caveat at all stupid questions and you asked me like 100 stupid questions yeah i just asked him i take it on the chin this [ __ ] always prefaces it yeah just looks makes him sound smart yeah it does make me sound smarter it lowers he is smarter than you but um i i started buying a little bit of bitcoin early on because i was like you know what i didn't understand any of the technology but i was like a global currency just makes sense yeah mistake by the way we're so to not understand technology no just buy a little bit a little bit you should like i [ __ ] up hard but not as bad as him right this is a stupid question it's like little is bad until you meet somebody who has none and then that's like worse okay the one thing that i keep thinking is if bitcoin is a disrupter which makes perfect sense can't that upset enough people that some group is going to be like you know what [ __ ] this we're going to hack and we're going to bring this whole thing down especially if 60 of the people who own bitcoin are like nah i'm not giving this [ __ ] up [ __ ] you the us government or some super powerful entity could be like no no like he said we will go to war to destroy we went to war for far less yep so why don't we just kill all right all we got to do billions of years this [ __ ] is ours again for farther but they so from a technical perspective they can't hack it because what they would have to do is they basically would have to get control of so much of the mining power and if they went to go get control of all that mining power they would have to on a geopolitical level it's not like all the mining powers in the u.s or in china or in iran or in somewhere in south america or in africa or would have to hack all these millions of computers or there would be global coordination which doesn't appear to be likely in any uh way but on top of that even more so is the financial incentive to embrace it is bigger than the financial incentive to destroy it could they another thought i had is could they the government or somebody just be like oh all these people who were bitcoin billionaires i'm just gonna indict you on some [ __ ] charge just so i can take your bitcoin and then we can have more wealth is that a danger for a regular guy who just bought a thousand bitcoin at 600 and now is [ __ ] rich so there's always risks in everything right and i think that um part of the conversation that becomes really interesting is uh if you dis-incentivize the adoption of something that's a big problem right now you could argue that there's some politicians who they want to do that same thing not because people in bitcoin because they own too many dollars right they maybe they don't want to put them in jail but they want to take all their dollars right and they're like oh you're too rich like okay well i thought we lived in a capitalistic free market society right and so ultimately what ends up happening is uh people will always always want to go after those who have more than them right whether it's a politician an average person whatever and what you end up finding though is bitcoin is a way more kind of democratic view right now today anyone in the world can go buy bitcoin you and many people around the world can't go buy a lot of assets me included they're super exotic financial instruments that you if you're not an institution you can't buy yeah if you're not an accredited person you can't go [ __ ] invest in a company all this stuff right so you get the democratic aspect of it on top of that there's this idea of if you have an internet connection you can just connect to the bitcoin blockchain you don't need anyone's permission even if they tell you it's illegal even if they say they're going to shut it down all this stuff as long as you have an internet connection you can get on the wildest thing i've seen to show you just how extreme this is is there was uh i think it was in venezuela there was a blackout and so of course like all these freaking trolls you started us off with saying like i've been like you know dancing on graves on twitter right and so all these trolls are yelling and screaming they're like oh my god the electrical grid's down like you can't use bitcoin like hey you idiots you can't use dollars either because 92 percent of the supplies electric but okay somebody literally used a generator turned on their generator got access to power then took their computer and they pointed it and there's a satellite that runs this node and they basically were able to send a bitcoin transaction via the satellite even though the entire electrical grid in the country was down and so like by the way that's a super extreme one-off case like not everyone's gonna ever have to do that whatever but it just showed the fact that even when the entire national infrastructure was down if you went to the bank with your generator you're not getting any money right and so what ended up happening is it completely reduces the reliance of the individual on the government to your point there's gonna be a lot of people who don't like that yeah but what ends up happening is there's a difference between rules and enforcement so jaywalking's illegal in new york city you ever jaywalked yeah yeah i do it all the time you do it yeah you do in front of cops of course they don't enforce it right because guess what it would be nearly impossible to enforce it right like they would literally be arresting people all day long if that's what it was right or giving tickets or whatever [ __ ] and so there's a lack of enforcement around a rule and therefore the rule basically doesn't exist so if you want to enforce on bitcoin any rule you can't give me your doomsday scenario for bitcoin even if it's not something you believe in what is the uh the number one risk to bitcoin like all this other stuff i think is just intellectual olympics uh the number one risk is uh in the development process as the code continues get upgraded etc there's a bug that's introduced into the code and so that bug then gets exploited whatever now i think that that's a near zero percent probability but to me right and other people disagree with me but that's what i think is the biggest risk uh so kind of a self-inflicted wound of the bitcoin community because they're still creating code for bitcoin they're constantly upgrading it they're constantly upgrading the bitcoin code that's that's separate from the mining so what they're doing is they're building on top of it they're doing all kinds of things around it but they're not ever changing that core monetary policy is human being so this is potential human error yeah yeah it's always going to be human there's code yeah there's code being written whatever so again very low likelihood because of where the code's being contributed for things on kind of think of it almost like on the fringe right rather than the core value proposition uh and then two is again the whole idea of like optimizing for security they don't want to go faster than everybody else they don't want to be the most innovative in terms of secure most secure there's now a trillion dollars of value at stake we cannot [ __ ] this up how much you got enough more than five hundred dollars well considering you said you put sixty thousand dollars in chrome because i have sixty one thousand okay give me give me which means you're gonna put 62 so then i got 63 and then we're gonna work you up to 120 give me a number give me a number you got like 2 000 bucks in there enough like like what 2500 is there a number that i could lie to you about that would make you happy yeah try it all right 500. you look like you got 500 this you got to play you got to play to italians eagles you got to go at them a little bit like yeah i mean with your outfit i would say you got about 600 bucks in there i'm actually mad that you uh you have your shirt button today i didn't want you get too comfortable no no what are we talking about a million we're talking about 10 million we're talking about 100 million like where where are you at well the first problem is you're denominating everything in dollars that's what i was going to say you dummy can i tell you a trick yeah you want to like really go dance on graves on twitter yeah yeah you should go buy two bitcoin which would be the 120 thousand dollars you you're gonna put in coinbase and then you could go you could tweet that warren buffett and jeff bezos and all these guys and tell them that you're richer than them because you got two bitcoin they got zero wait buffett doesn't have a single bitcoin well he thinks that it's going to zero but he also doesn't use emails so i don't know if we should listen to him about but he's done pretty well has he over the last 10 years he hasn't beat the s p 500 god damn this guy got bars for days this guy like bitcoin if you held bitcoin hold on hold on he hasn't beat the s p 500 for the last decade now to his credit he's one of the greatest investors of all time got an epic run let me just say hello my [ __ ] yeah berkshire hathaway really quick s p 500 so basically the smp's returns every year like it's an index he hasn't outperformed like in terms of like s p 500 is what the top 500 companies basically this the market he hasn't beaten the market now he's got a his problem is he's got a lot of money to deploy right so he's got you know hundreds of billions of dollars like it's not like you can just be like hey let me buy one apple stock right like you gotta put a lot of money to work and so as you get more money it's harder to do that uh but all jokes aside um he's the first person to say like he doesn't understand technology like that's not his that's not where he made what he said as far as investing i only invest in companies i understand all the stuff and and like i always should understand this you should be accepted basis actually hasn't talked too much about it so like we don't really know where he stands bezos got it you think i bet i mean probably he understands you've got money everywhere like why wouldn't it bro what if his wife put all of her money yeah that would be unfucking real now she gave it away her and that [ __ ] teacher was in seattle hilarious jeff bezos is wow because that dude's still a richest dude in the world and he gave away what a third of his wealth like yeah before he made a pandemic yeah dude right before he started a pandemic dude he did that because he gave away half his money he's like [ __ ] this [ __ ] everybody's got a sniffle you thought that he wasn't happy with 52 percent of e-commerce he wanted 58. you need a little bit more yeah let me ask you a question for investors is it a smart question or a stupid issue this one is actually a good question i don't know if it's smart but it's good okay biggest mistake i make is always [ __ ] bro this is so possible this might be a dumb question don't judge me for my questions ask how many dollars is that i don't know how many dollars he has yo how many canadian dollars you got bro tell me how many australian dollars you got what's your question how much no seriously how many euros euros how many euros do you got i actually think i got a two a two euro or whatever in my pocket right now you have a two euro i don't know let's see the [ __ ] don't even call it paper money anymore dude it's insulting this is look i if you really want listen he was swiping that credit card look at that credit card he got oh look at that look at that look here we go top credit card we're not showing my [ __ ] credit card like some sorority girl's iphone is cracked up big hold on let me go this one oh no this is disrespectful bro he handed this money ain't worth [ __ ] venezuelan dollars euro you got something there son the zimbabwe money how much is that uh this is 10 billion zimbabwe dollars it just got rocks on one side and then it got a guy drilling on the other they don't even have the president don't have the prime minister this one's got someone with a wig on it and it's uh the republic bolivia of venezuela 50 uh i think this is a 50 billion oh i just yeah but you don't care about this little paper money yeah of course well do you care about this do you want the uh would you rather the 10 billion dollar zimbabwe dollar or would you rather a [ __ ] it's just 50 no i'll take a bitcoin but but all right so hold on so here's a good question would you rather 60 000 or a bitcoin right now yeah right now i'll take 60 000 right now because i could just buy a bitcoin with it or i could not that's freedom stupid dumbass question was that dummy you should have prefaced that one you all deal with this dude no no for real though you would rather hold for the next five years you would rather hold sixty thousand dollars in cash than a bitcoin um no i'd probably rather i'd rather have a bitcoin it depends if my friends have bitcoin or not if my friends don't have bitcoin does akash have any bitcoin or not i got bitcoin it would kill me it would honestly let me tell you something listen i'm here i know it's painting the [ __ ] out of you um it would kill me it would kill me if he sat there and became a [ __ ] billionaire off of bitcoin and i just had to look at him every week in his stupid shirt he has one [ __ ] put all my money in bitcoin i'm long on bitcoin dude no shirt absolutely kill i would rather go broke than him make billions of dollars on bitcoin listen this is my investment question i don't think people understand what's about to happen this is why this is my investment question there's always down cycles of bitcoin no no no no no no he loses nine preface that question bro i got a great question okay good good got a great question here we go here we go he's all in on this one big point losing there's down cycles he loses 90 percent of his value is that happening anytime soon if you're thinking of investing or do you need to just put money in now and not [ __ ] bro why are you asking me these dumbass [ __ ] is going on over here so uh sky there's two ways to look at it is you can try to you can't yeah ugly this dude's over here dropping his phone uh so you can try to time markets right if you think you're a trader or whatever i know so instead bottoms all the time hey listen you can't laugh you've got 100 of your wealth in fiat currency dude all right i really can't believe it bro you know don't call my [ __ ] fiat again though listen you asked me about when i was on cnbc the other day yeah i ain't going to say the guy's name because i actually am friends with him i like him a lot i'll say his name he was coming at you bro but yeah he's an entertainer it's fine uh he's going to get magazine he's an investor [Laughter] i'm [ __ ] around jason but they turn fiat into this super derogatory term you gotta this guy invested in dogecoin loser i i didn't know that's some loser ass [ __ ] right here actually but i should have you did invest in dogecoin all right listen so you you could basically uh try to time markets but the whole thing is and this is just a classic investing this isn't like financial but it's just a natural thing to do just to clarify the question the question is when is the right time to invest in bitcoin is it about to take another dip yeah the best thing you can do is just dollar cost average in any asset right and what i mean by that is basically you say yo every monday i'm going to buy x dollars worth and you just buy on monday don't look at the price next monday buy again next monday buy again next money buy again whatever and the reason why that's an important financial thing is look this is what everybody does if you had bought bitcoin let's say in december of 2017 and in december 2017 bitcoin was at 20k you bought it yeah and you put all your money in at one time yeah and all of a sudden it crashed 85 percent he saw that when it crashed and then [ __ ] [ __ ] [ __ ] dummy he got scared little twinkle toes over here oh my god my ice is melting my eyes is melting what should i do i'm talking about you oh i'm still in bed nah you sold your bitcoin did you not sell it you're lying for the pump listen we can check the blockchain we can check the blockchain yo check the blockchain let me see your right wallet let me see your crypto wallet you also bought litecoin who buys a litecoin dude there you go oh let me see that [ __ ] bitcoin oh i'm dying inside i am dying yo he does have some stuff other than bitcoin though what else you got i got chain link i bought at three it's at 30. yeah [ __ ] ass but it doesn't matter if you only put 20 in all right so [Laughter] the joke yeah the joke's on you now the dollar cost averaging because if you had bought bitcoin all your money in uh december 2017 right and then you waited you would have gone down 85 percent up you'd be up 300 3x right so you're 100 an hour 300 whatever but if instead you said yo i got 10 i'm gonna start at the top of the market the worst time to buy and i'm gonna buy ten dollars every month or whatever right you would have way more in terms of us dollar value because you basically were buying all these different prices but the blended average is lower so the whole thing at dollar cost averaging is just don't time the market like i i don't know where it's going in terms of like tomorrow so today for me at the end of this podcast to buy a whole bitcoin one entire one well you're going to put 120 thousand dollars in so you can buy 60 upfront and then you're just going to do 10k for a couple of weeks so i'm going to put 60 up front which is would be a whole bitcoin not the little fraction of a bitcoin what do you got some satoshis is that what you got you hanging out with your little satoshi you got a little coin purse for your satoshi all i need is a little bit more bitcoin nothing funnier than fiat bros arguing with each other don't you ever call us a [ __ ] fiat broken on his goddamn podcast pontiac hold on okay so you're saying i should buy fiat shoes he's got on too nah that that [ __ ] is bitcoin this blockchain this box bro look at it i wore my most blockchain sneakers in the podcast that's fair all right don't let me put your [ __ ] up keep going adam's on that's fine what is that atoms that should look like bruce lee sneakers you know put your [ __ ] feet up on the table are you going to let me run the ad the free ad dude let me run the free ad i don't want the most comfortable shoes in the world no that's 96 percent of my money's in bitcoin i can't take it out that's what that is that's just ridiculous bro my maid where this is you should go to adam.com go ahead you're wearing maria's all right so i i i buy a whole bitcoin you're saying and then i gotta put ten thousand dollars a month or a week or so every week whatever it doesn't what i'm saying is like it doesn't actually matter what your plan is but you should have a plan you should stay disciplined to you should be the best plan what is the best plan that's the one i'm gonna do well i mean if i was you what i would do right now is i would put some money in 60k whatever and then just do 10k every week for a couple weeks for two weeks [Laughter] this poor guy can't even count over here dude how am i going to trust him on maths why count in bitcoin not in fiat dollars okay how many bit weeks do you need me to put money in in order for me to make the the most money out of this and uh here's what i just say ready if i was you what are you you're probably gonna do another netflix special soon right we'll see all right if if you do you should walk in the room and you should say yo uh i have a shirt on is buttoned halfway but uh you're gonna pay me a bitcoin i'm not gonna do it and if you do that and they're like why just like pay me in bitcoin you'll probably end up getting paid more money he's calling you over time not again yo pump pump i mean you could get paid appreciating purchasing power or you could get paid i have a lot of respect for you pomp okay you're you're you're a veteran are you not a veteran i am a veteran of of the iraq war yeah which seemed like a good idea at the time somebody said that and then i mean we could talk about it if you want that's why he's out on dollars i'm just saying it kind of fell apart that would be an understatement did it did it fall apart or did we just not leave okay i mean we could talk about we could talk about the current administration that dropped bombs in another country before they bailed out the small businesses and individuals listen i'm with you we can criticize them all day long i just want to make sure bitcoin is in another iraq war you know what i'm saying like it seemed like really good at the time we're like yeah this is what we got to do and then later on we're like what the [ __ ] all right let me ask you this yeah what would have to happen and for how long until you were like how would you rate this question this is the game i don't i just ask good questions holy [ __ ] questions the whole podcast let's go what would happen for how long all right go go go more than your fiat legs let's go let's go let's go let's go what would have to happen for how long until you're like yo this is this is real um like what are the things that you're like yo if this happened i bet oh [ __ ] okay should have to make money okay they already do they tax it they already do no they already do they tax it no no akash would have to make it oh yeah well he's up i'm up [ __ ] i dude fiat like he's made more money in bitcoin than you second yeah did i tell you i was like yo yo i bought it you guys are going to tell that to a guest that guess what the [ __ ] is fiat everybody's if i've been looking for an f word to replace the old f-word and let me tell you we are some happy boys on this podcast why'd you buy it now why'd you buy it now when did you buy it yeah what did what did i buy when you bought uh bitcoin i don't know another shirt no [ __ ] idiot silver and i was bullish on silver i came in with my little [ __ ] so uh so this is exactly what happens when uh you go on twitter and you just search gamestop and then you see oh where are they gonna go next silver squeeze and then i know that no i i bought i bought this over before and i got lucky with the squeeze squeeze that [ __ ] nerds get out no i didn't get out of stuff i'm back down baby you started off saying that you had no investment then you got silver like jesus i do have silver no i got a few investments and what else did you take this out okay you want to see what i'm invested in all right and this is not probably not but go ahead this is not a investment advice i got to find my td ameritrade [ __ ] on my phone while you're pulling that up i just wanted to ask um are there any threats if bitcoin becomes too valuable like say some people say it's a bad thing if it hits 100k yeah i think goes back to the whole thing of just like like the power dynamic in the world right kind of the geopolitical uh kind of competition the government what do they think all that stuff in my opinion uh price is definitely a big component right if you see all of a sudden it's 100 150 200 250k like this thing's not stopping at 60k right it's very obvious that there's way more demand than there is supply right now so price is obviously continuing uh i don't know where there's like a trigger point right is it maybe it can go all the way up to the uh market cap of gold right we should be about like 500 000 bitcoin they'll be like wait a minute it's just as big as gold like that's crazy right uh maybe it's a million dollars right you've been on you're on record saying you're all right it's gonna be way it's gonna be a million and i never actually says publicly so here we go uh i think it's me a million dollars by the end of 2026. wow one bitcoin is worth a million dollars after the next half 18 months after the next day i gotta call my fiance because we're gonna make some changes to our lifestyle but but i think if you if you go back and you start to think about um in terms of like how big is too big or like what would kind of pull people in i think it's less about like oh hit a certain number and to me it's actually more uh the adoption so if all of a sudden like every bank in america is like oh we're doing this it's gonna be pretty hard to kind of roll that back and that's what we're seeing right now right is you got all these bangs and stuff so like as the price goes up the price is going up because all these banks are showing up like tesla bought 1.5 billion dollars they took seven percent of their cash and they were like you know what this dollar thing is not such a great idea we're going to just buy this bitcoin thing i got tesla stop what's up i should have gone down so like all of a sudden now i'm like what are you gonna do you're gonna go to the fortune 500 companies and be like yo you're breaking the law like ah that feels like maybe they will right i don't know like anything could happen but that just feels like that's a little crazy and so i think what you're starting to see here is uh ultimately if they were gonna do something they would've already done it and so now what they're trying to just figure out is like yo how do we benefit from it right i don't even know why i'm listening [ __ ] i'm up 14 today bro look at that [ __ ] right there you're up 14 on what look at that [ __ ] i'm actually a point fourteen percent [ __ ] with me [ __ ] with me guys listen silver sure that's not your 10-year return yeah i'm getting i'm getting raped out here in these markets dude so maybe a smart way to invest would be invest in the companies that are going to adopt it first so definitely that's one way to do it like the whole thing again it's just like anything right there's people who want to be diversified so even if you believe that the dollar is going to be the greatest thing in the world forever whatever how do you feel about diversity [Music] he loves it that's why you don't like the white people that control that my whole my whole thing when it comes to financial markets is uh i actually think that there's a lot of um kind of [ __ ] that's spewed by wall street financial advisors all this kind of stuff and again everyone's different so there's no like one size fits all solution but if you look at people who build real wealth they don't own 100 stocks right they go they do the work you have to take personal responsibility you have to understand okay it's my money i got to figure out how to grow it i'm going to go and i'm going to have concentrated positions and things that i think will work by the way that also means if it goes wrong it's going to go down right go back to the whole warren buffett thing he may not understand bitcoin dude's pretty smart about investing he says concentration builds well diversification protects it if you're not wealthy stop buying 500 stocks because you're one dollar going up two to two dollars doesn't have an impact on your portfolio so that's one the second thing i think is that people want to invest in all kinds of crazy [ __ ] they don't understand so it's like actually if you're like a sneaker head you'll probably make more money investing in sneakers than you will in the stock market that's a great idea because you understand sneakers so like go invest the sneakers so should i not invest in bitcoin because i still don't know what the [ __ ] it is well what socks do you have right now because that's going to scare the [ __ ] out of me okay you ready no berkshire hathaway b your fiat couldn't buy a right no i couldn't actually was dumb expensive uh i got jp morgan up 1.28 today with your poor asses i got i got iwm do you know what that one is no what is that it's iwm bro [ __ ] that [ __ ] someone told me buy that [ __ ] it's down got disney your boys even you know i got xme i got silver i got microsoft and i got nvda which i thought was november until last week so yeah that's what i'm doing but your boys up 0.14 so you got with a boomer portfolio over there i do have a boomer portfolio you have berkshire hathaway jp morgan microsoft and disney i do what is going on i just asked like a wealthy dude that was successful that's older like what should i get in yeah and he's like these things but i'm gonna sell it all and uh i'm gonna get into some colleen dude actually i don't know if i'm selling it all but i think i want you to honestly give me an investment strategy that you can uh put your stamp on i i've been saying this for a long time now every single person in the world should have some exposure to bitcoin i don't know if that means 0.1 of your portfolio or 20 i need you to say exactly what i should do how old are you 37 years old how much money did you make last year i can't say publicly okay uh you say you're 37 yeah so if i was you i would be more risky than not you've got time to make it up it's like you're 65 and trying to retire and so i literally would put like 50 percent in bitcoin 50 of my cash that i have amassed or 50 of what i made last year of your cash because here think of it this way there's two worlds there's the fiat inflationary unlimited supply world and there's the digital decentralized finite supply world right if you tell me that you think that the old world has a 99 chance of surviving and this one only has a one percent chance then you should be 99 and one if you tell me you think it's 50 50 then be 50 50. if you think it's 99 and one then be 991 yeah back to like what i was saying earlier i have no question that the blockchain technology is gonna be what wins right like i have no question that like streaming is gonna be what wins when it comes to television right but my concern is is it bitcoin ethereum or these different brands that utilize this technology that i believe and are those can be successful ones but but they're going after different things that's the whole key right is bitcoin is a currency that is specifically created to fix the money right i got a buddy uh marty bent who he says like people come for the money but they stay for the money and what that means is like people do exactly what you did what i did what everyone does yeah is there like yo should i get rich off this sign me up where can i go right so i did mining and i was like oh [ __ ] they're just sending me all this stuff like this amazing like oh okay well what else can i do right you start like looking at it but then what ends up happening is you get thrown on this rabbit hole and you get educated and you start understanding like what is money wait why are they printing so much how does this work why is this one better and you start to learn and then all of a sudden you're like yo if i don't own investable assets i'm screwed okay why don't they teach us this in school there's like 14 states in america that that teach financial education why don't we teach people that yeah right and so you start to understand like okay like the system is not really set up for us to be successful and so you either get lucky because somebody somewhere told you like you'll buy a stock do whatever or you have to be smart enough and go look for the information or you just got to pay somebody to do it for you right with the financial advisor or whatever and so you start to realize like okay hold on a second like how do i build wealth you start to look at it and like you're not going to get rich off your salary you're not going to get rich with no investable assets and you're not going to get rich because you [ __ ] won the lottery and so you got to do is you got to go actually do this stuff and i think that's where like people start to like realize like yo they're not coming to save us right and this goes back to it's like a more macro picture of like the government giving you 1400 is in one hand they're giving you the money in the other hand they're jacking up the cost of living and they're literally just saying yo we gave you 1400 like look how great we are and then all of a sudden when you try to go use it how come if the government handing you money was supposed to solve all our problems how come literally we have a wider wealth inequality gap now than we had 12 months ago they gave us all this money they printed five you know four trillion five trillion dollars whatever it was and they literally gave us two thousand plus dollars right in terms of the the people who are eligible for it they give all this unemployment insurance all stuff so if all of a sudden the wealth inequality gap is worse yeah what the [ __ ] is going on maybe the money's just messed up okay uh akash has to pee i can see him he's about to piss we're going to take a pee break and then i want you to talk about uh your best friend peter schiff all right we're back from the pee break um we should wait for miles he's coming back in right oh yeah that's fine okay uh what does miles do uh miles is editing another episode we had uh chris hanson your biggest nightmare on the podcast but uh did he get you with the line oh yeah i did all right yeah well you've been hit with that line before what was that like the first time i thought i saw you on the show but go ahead all right so um we have a couple questions before you get out obviously i want to hear about this peter schiff beef you guys are always beefing but before that let's say we get rid of this fiat currency it's okay mile's coming it doesn't matter let's say we get rid of fiat currency we get rid of paper currency how do we do illegal [ __ ] how do we buy drugs how do we pay for [ __ ] how do we do things that we don't want people to know about and that is a real problem because sometimes you need to do illegal [ __ ] if you're rich you need a liver you're going to have to buy a liver from somebody right you're going to have to do things under the table you know you want to get a discount on someone's car or whatever like that you can't have it minted onto the blockchain what happens to that market it's important to remember that uh in many cases the most illegal stuff happens through the traditional financial system just in terms of like you know go look at how much the banks have been fined for just laundering money through their banks right so like [ __ ] epstein yeah i mean it's basically you just get into this weird world of like we're gonna go lock up the drug dealers on the street corner but then we'll let you launder like billions of dollars to our bank like but you're cool whatever so like people i think are like on to that game now uh so i think that that will continue where like you have these regulated entities that basically put their stamp of approval like not illegal not illegal not illegal regardless of what the currency is and it'll end up being illegal so like i think people you know the big time illegal folks will do that in terms of like more what i'll call like the street crime right whatever that is i want to buy some weed i'm in a state where it's not legal how do i pay for that [ __ ] weed so there's two things one is there's a lot of people use cash for that stuff for obvious reasons right so i think that cash is not going to go away tomorrow for the number of years uh moving forward like people still use physical cash to do something but it will go away eventually it will van to buy some ice cream you can't use cash yes my dad's joke used to be whenever he would pay for something at a diner was do you accept cash that was his dad joke because who wouldn't accept cash right there are places that do not accept cash in his lifetime yeah what the [ __ ] happens when all these places stop there's also uh privacy coins right in terms of like there's all this like r d and innovation experimentation around uh can i basically use a cryptocurrency asset that isn't able to be tracked right can't uh be seen and all stuff juries out in terms of like will that stuff persist as a private focused cryptocurrency as a standalone will the technology be ported over and eventually incorporated into bitcoin like i'm not technical enough to know like what's gonna win what's not gonna win but like there's a lot of effort around privacy in crypto assets uh and it's very interesting for this exact reason and then on top of that uh is maybe the asset itself isn't necessarily private and have this privacy technology but the way you use it could be private and so there's all sorts of you know really at this point kind of experimentation around like well what if i have bitcoin which technically isn't private but i could send it to you in a way or what if i could take my bitcoin and i could basically put it in this thing called like a coin joint which when i put it in there we all put it in there and then now you don't know who's and then i take out another one and then like yo it's like you know i was running and then i had a red shirt i ran into a room with a bunch of other red shirts like you know you don't know who i am like see you so like again some of this technology is to mask it a bit some of this technology is gonna end up being super super valuable and some of you are going to look back and be like man that was really stupid idea but like it's important for all the experimentation right right so we are going to be able to solve a problem i think so i i'm always i'm i'm like a long-term optimist and technologist right like like technologists will figure out solutions to real world problems over time because that's the financial incentive and also it's like the society incentive yeah and so if people want to do something and there's not a way to do it technologies will figure it out hmm al one thing so um you explained this earlier i think i got it there's one blockchain and then a bunch of miners that are constantly doing all the uh computing and confirming of all the transactions what happens you said you're you invested in like some company that's able to send a bitcoin like across the world like that like how is there enough time to get confirmed by 51 percent of these miners if it's in one second yeah so uh layer one is the process is like the mining process you talked about in terms of everyone is confirming it these 10-minute blocks right so go back to monopoly example it's like if i hold up the piece of paper with all the transactions and we were all like yup looks good right whatever uh layer two uh specifically what strike is using is called the lightning network and so very simplistically uh basically you and i want to transact with each other we could open up a channel and i can send you the bitcoin and then at some point in the future you basically write it to the blockchain you say yo i got the bitcoin now and like you can basically uh kind of contribute it into the transactions so you use the layer one as a a way to um keep security and keep kind of provenance uh but at the same time you have this fast transactions so one way to think about it is um and this is like a really weird way to think about it but like um imagine if uh you were um on a highway and the highway was backed up or it was going a little slow and you got off the highway went on a side road right there was no traffic and you got back on the highway in some like weird way that's similar to these like layer twos it's like it's a faster way to transact but like you can't take the side road all the way to your destination you got to get back on the highway right and so maybe it helps in the short term but you still got to get back on but doesn't it kind of [ __ ] up the system because now it's like hey you could have gave me this bitcoin last week but i just now said that i got it now it's like you could have did a bunch of nefarious [ __ ] throughout that you're going down the rabbit hole so there's technical solutions to prevent that from happening right so the example i'm using is like super simplistic uh but basically you're able to do both you're able to keep the uh kind of integrity of the bitcoin blockchain and network and who owns what in the transactions but you're able to do it at the second layer with with these channels uh you can essentially uh do it in a faster cheaper way right so i always caveat and i'm like yeah there's like a bunch of like magic behind the scenes that makes it work and more technical people can explain it in great detail but like from a use case standpoint the second layer allows for uh it's easier to trans transact back and forth from a time perspective and a cost perspective versus the layer one who is peter schiff and why does he hate you so much peter schiff likes me i like peter schiff too i i think that we both uh we both recognized that uh you know i'm batman and he's the villain so uh you know it sucks to be him but who is peter peter schiff uh is actually an incredibly intelligent guy he uh is probably one of the best-known gold bugs in the world and so peter schiff has this really unique uh ability to understand the macro environment what's a gold bug they're indigo so a bitcoiner versus a gold bug yeah right like another another word into gold in the into bitcoin yeah so if you think about bug that fiat [Laughter] so so if you think about uh peter schiff peter schiff has this incredible understanding of the macro environment and he's really really been on top of all kinds of different things that have happened from what the government response to the kovid was he became really famous for uh calling the 2008 financial crisis some people would argue you know if you call a bubble every day eventually there is one like you can't say you're a genius right but at the same time like he did call it whatever no and also just like i've learned i think that about this michael berry guy a little bit like he calling a lot of yeah broken clock is right yeah yeah so like like i really respect peter shift in terms of like his understanding the financial markets and his uh belief in sound money now talk that [ __ ] well look we we agree on all the problems we actually agree on the solution that's what just sounded like that we agree on sound money about to drop listen give it to him we agree on all the problems in the system we agree on sound money as the solution which camera's on yeah this one yo peter listen but you're a dinosaur dog you literally got this gold it's physical gold ain't nobody want the shiny rocks they want the digital asset they want sound money in a digital form that's why everyone is selling gold dropping gold and they're buying bitcoin i love you but you got the problems wrong uh right you got the solution right but you got the application of the solution wrong maybe he's just trying to drive the price down so he can buy the bitcoins listen here's the funny thing about peter schiff is his son spencer schiff came out of nowhere all of a sudden spencer shift came on twitter like a year ago and this dude literally recently said nah i'm not gonna listen to my dad i'm not gonna hold any stock i'm gonna sell everything and he just bought bitcoin are you saying that you're his dad no you're going no no what i am saying is it's a smart move right peter understands he's like look i gotta keep my reputation intact i'm the gold bug i'm gonna get my business going right but yo my son's going to be wealthier than me so he's going to buy all the bitcoin and then we're going to benefit from the bitcoin we rock hoes y'all rock fellas i mean i i didn't say it yeah yeah so peers just stays getting bodied on twitter is what you're trying to say but peter schiff likes it because his attention right and if you're in the attention economy then hey like who's talking about i mean not even giving him gold economy anymore no you're really talking like you're a [ __ ] attention i'm gonna give him a little attention listen hey it's good bitcoiners love peter shift because when peter schiff says stuff it usually means that if you buy bitcoin then it's going to go up in value [Applause] he paints the bottoms like he's just like he'd be real quiet goes from 50 to 60. he don't say a word then all of a sudden it goes from 60 to 55 he's like oh it's going to zero and then next thing it was like like all right man whatever look here's here's what i will say though he's been right a lot of times yeah but the thing he's been wrong about is gold's down over the last six months people are saying they don't want gold bitcoin is up like 500 yeah in the last 12 months bitcoin's up i think it's like 550 gold is up like 19 that's little boy numbers compared to bitcoin how can it go to zero that's the last thing i want to know how can it go to zero just so i'm prepared for it when i go all in and that [ __ ] hits the [ __ ] bottom just tell me how it can go to zero so i know the more i'm here yeah the more worried i'm gonna be when you do go in it's down to 45. i bet the house i'm being serious man if i go all in i need your address i did not dollar cost average i bought it all right at the time that's all i know how to do okay i don't buy part of a sneaker give me the [ __ ] breads i want the whole thing when you shop at payless you don't gotta buy that much if you put your [ __ ] shoe up put your [ __ ] shoe up right now i can't believe this guy's talking [ __ ] look what he's wearing i strategically placed myself saying him with his [ __ ] look what he's wearing but he was coming at your shirt earlier i didn't say nothing about that but yeah because you know this just fly yeah of course but this [ __ ] with the feet first of all put your face out it's atoms listen you're a size eight you don't talk about speed ever for your come on you don't want this dog you don't want these flippers bro so you got so much room in the back your heels ain't even touching the back of your shoes you got clown shoes you got [ __ ] clown shoes on no it's bitcoin there's room to grow baby we gotta do this let's go all right uh it's not going to zero here's why okay i promise you it's not going to zero i mean i believe i promise you know why because i'll buy them all if it goes to a dollar it ain't it might go down a lot but it ain't going to zero what do you think it will go down to i don't think it's gonna go over a long period of time again a short period of time because that's all i care about the short period of time is impossible to know because every so many things can happen like the other day like india is going to ban it everyone's like i was loving my bitcoin like the [ __ ] if india bans that shit's gonna be more valuable yeah right so it's just it's investor psychology plays so much into it because you remember this 24 7 365 market right and there's not a lot of electronic trading that happens so the stock market's super rigged they got like this is the funniest thing about stock market yeah if the stock market goes down more than seven percent in the day or seven half percent whatever it is yeah they shut it off yeah that is kind of [ __ ] like timeout we're losing too much money everyone stopped like what bitcoin went down fifty percent in the day and sixty percent of people didn't [ __ ] sell this when did it do that in marshall last year martial last year that was the time yeah yeah we [ __ ] up yeah so but now but here's the whole thing is is it's not gonna go to zero because there'll always be people who will believe and it could go down a lot sure could it go up a lot sure yeah but ultimately where people are gonna psychologically shift at some point in the future i don't know when is they're not gonna price it in dollars anymore so the whole idea of like is worth sixty thousand seventy thousand a hundred thousand twenty thousand like whatever it's like how much is the dollar worth you're like yo one dollar is one dollar wow and so you start to just denominate things in the actual asset yeah they're just gonna be like yo how much is that uh gold plated ak-47 like it was 100 satoshi's okay cool here's my home you have 100 bitcoin i have 100 satoshi's of course you do how many do you have how many i got 100 more satoshi's things you got more satoshi's than me that's facts i got more cash than you ah you broke [ __ ] i know what your guy got no money i don't know what is that this guy got no money at all i just realized that i'm taking financial advice from a broke [ __ ] who got diner waitress sneakers on and he's got to tell me [ __ ] i'm rich how do i get my money into bitcoin yo since we've been sitting here your dollar's gotten less value i know it's breaking my [ __ ] hard mark say something mean to him why is the coolest one in here you've been chill the whole time thank you bro you lost us what are you laughing about you own chain link i love everybody i love everybody i've been buying bitcoins the whole show for the record i haven't been talking there's multiple people in here have already told me that during the show they've been buying bitcoin but go ahead wow okay wow wow and it wasn't it oh by the way uh this show is not an investment advice show i think i have to say in the beginning of the podcast as well and there's like legal liability for that that being said we're all in yo my girl gonna be so pissed when i sell her engagement ring tonight her [ __ ] is gone don't you want a bitcoin baby that's what i should have put on a [ __ ] ring okay i i have two questions first question yeah when did you buy your first bitcoin uh i didn't buy the first well actually i kind of did in 2006 so i was actually like really late to this like that's the crazy part yeah is there people who i know who uh i know one guy who i think he first bought a bitcoin no he mined it in 2010 max keiser who's the guy who gave alex jones the 10 000 bitcoin i got to think it was 2010 maybe even 2009 like that's how early some people were into this whereas creating 2009 whatever in 2014 i worked at facebook the first time i heard about it i didn't do [ __ ] didn't google it didn't do anything i was kind of like andrew you know like an idiot yeah and uh successful successful 2016 uh was it facebook it was a face basically a kid pitched me on mining and he was just like you know it's like a data center blah blah whatever so that's where i started but it was like really small and i was just like how does this work or whatever so you were on your computer just doing like math problems and [ __ ] i wasn't doing [ __ ] i basically paid somebody else to figure out all the computer stuff and we get into that that's something we could get into miles is right here miles the miner baby bitcoin dunky so so uh and then in like beginning of 2017 is when i was like yo this thing because everything was just going up in value the whole idea of like the greatest thing that happens with bitcoin is the price goes up and when the price in us dollar terms goes up what does it do it attracts people's attention cnbc starts talking about it the media starts writing about it people are tweeting about like all stuff people's attention goes and then what they start to realize is like wait a minute there's actual value here and so there's cycles that happen right and you returned earlier like the boom and bust cycles and so there was one let's say uh 2011. there was another one in like 1314 right there was one in 16 into 17 and now they're we're in one now and so each one of those cycles brings more people in so it's almost like you could think of it like what year did you graduate from college like what you know what vintage are you the 16-17 cycle is when i came in and then from there it was just like oh [ __ ] this is valuable and then the one thing that everyone every bitcoin earlier two things one is they don't they don't want the us price to go up right that's the other bitcoiners want the price to stay or go down because they want to buy more bitcoin yeah right so they're trying to acquire as much as they can so they don't want them they don't want the us dollar price they don't want to hack it either but they don't want the dollar price to go the second thing is they constantly feel like they don't have enough right which is this weird thing like uh i don't know if you guys know who michael saylor is yeah right the micro strategy guy like he owned 90 000 bitcoin right and then all of a sudden he was like i think i should buy 15 million more about 300 more like dude you bought 300 million you bought 300 bitcoin more you had 90 000 before and he was like i think i should buy another 220. or whatever like like he's got literally billions of dollars and he still wants to buy more right so it's just like deep-seated belief but that's kind of how i think of the the cycles and then when i came in do enough is that you had another question yeah one other question so i'm 24. all right there's still hope for me compared to some people here um and i wanted [ __ ] for 24 days i'm wondering bro have you looked in the mirror yeah thank you i'm 37 pomp this guy's 24. how old are you 32. you're 32. yeah oh you look worse than me for 32. for sure dude listen do you have them uh the goatee because you can't grow hair on the side can you grow hair on the top of your head look at your hair bro stop scratching your [ __ ] while you're buying a bitcoin you're looking you've been mining your scalp i'm not listening to these fiat jokes i'm trying to save my financial career okay come on i need to buy a house one day so i'm lashing out right now okay i'm [ __ ] lazy now so what advice do you have for like recent college graduates that are looking to invest in cryptos like how should i diversify my portfolio i i think it's the same thing right of like when you're young here's a really interesting concept where um if i said to you are you wealthy most people would think in terms of dollars right or like financial assets uh if i said to you uh would you switch lies with warren buffett and you get all of his 90 plus billion dollars but you got to be 94. would you do it no no right so actually the more valuable asset is time not dollars right you can't buy more time right so there's a whole concept of like time billionaire so a million seconds is about seven days or i'm sorry 11 days right time for a billion seconds is 31 years so at 24 you probably got two billion seconds left in your life losers andrew's only got one billion i know he's over behind so no bitcoin no time so two billion seconds the the greatest advantage you have is that you've got literally got you know 15 years uh more than he does in terms of financial markets so like let compounding work for you the thing that we haven't talked about is bitcoin has grown 200 percent compound annual growth rate for 10 years 10 11 12 years whatever it's been right so like if you start to dollar cost average now you just constantly keep doing that over time that's true of every financial asset and i think that the the thing that young people always do as a mistake and i did the same thing was like you just want to be rich today you're like yo i want to be rich today what can i do like what's the you know zero or hero type thing to do but it's actually not the way that people build wealth right jeff bezos didn't build his wealth over a year he's been only doing this for 30 years right and same thing with all these other people and so it's like okay cool set a goal let's say when i'm 30. so you got six years all right i want to have a million dollars when i'm six uh when in six years cool do the math just back into it all right if i invest 20 bucks every week and it compounds at 10 a year for six years what do i have okay that's not a million dollars all right go back and you just start to play with the numbers and you just come up with like yo i should put a thousand dollars in the market and i don't know what exact numbers are about a thousand dollars i should invest every single week and if it grows at 10 a year then i'll have a million dollars in six years okay now how do i get a thousand dollars a week to invest right you just back into it and what i think ends up happening is like we live in this weird world where everyone looks at the end result but they don't back into the plan and so it's like you ever heard these people are like yo everyone's like got the dream but not the plan but the plan is actually what gets you there so the single best thing i've ever done and i'm not gonna go into details before you ask is uh i basically started to create um like a net worth calculator right and so i literally use an exp excel spreadsheet every month i just update it and you can literally watch the numbers move and it's not because i could give a [ __ ] like what you know if it goes up down whatever like in the short term but it's just i know yo is there more money in my bank account this month or last month right did the stocks that i own which are zero go up or down right is the real estate is this like all this stuff and so you start to track it and it goes back to this uh whole idea of like what you measure you'll move and so like if i said you right now what are you worth like you'll start trying to calculate you know hey here's what i own here's this here's whatever but if all of a sudden i said to you cool you got to grow 10 between this month and next month all right then you start thinking like how do i do that and i think that's like the biggest thing is it's the like psychological concept of financial planning but not in the sense of like yo i want to diversify 60 40 in bonds and all this [ __ ] it's like yo i have a number that i think is really important and i have a timeline on which i want to hit that number so what i'm going to do is i'm going to back into from where i am today to that number what do i have to do and then you'll know i'm either tracking to it or i'm not and if you're not tracking to it like go do something else like it's not working do something else i think that's the key to this whole thing but people are just like yo uh i want to be a millionaire okay how are you going to do it we get a million dollars like not going to happen right thank you anthony yeah shoes it's uh what you say i like your shoes those shoes suck i'm team adams.com dude who's adam dude yo listen you wanna know that i'm story listen if it's anything like tom he gives the shoes to the kids what's up with these white boys just making sneakers dude so buy the [ __ ] sneakers the black guys made cool it's that simple what is this so they're both on the table they're from pakistan [Music] these guys are trying to outlaw bitcoin dude so uh adam is for the bomb india should drop on so welcome seizure basically grew up in pakistan and they wanted to get out and so it's great like six years ago seven years ago whatever they don't even know english right yeah basically come in they get into y combinator in uh san francisco and they're working on a different shoe company and then there's like yo the only way out of this place is we gotta build a company so they end up building this company which are these shoes they got a co-founder of reddit alexis ohanian 776 like all these folks who all backed them and basically what ends up happening is they went they convinced tech people that the most comfortable shoes in the world yeah as soon as that happened then what happens next then the artistic people then just keep going like that no it hasn't it hasn't kept going i see how it's pocketed it's just looks like you're wearing burqas actually but that's the thing only tech people wear these things nobody else wears them do you want to know what else tech people do what do they do they use facebook first they're on clubhouse they're like basically they know all the trends before anybody else they're not fashion nah they don't they don't get no [ __ ] first right all the tech people are just coming to miami like how do i get in the car bone you know what i mean they're nerds how do you know they're asking are they asking you standing outside they are asking can you get me a car but i'm like how am i getting a bitcoin it's a little knowledge swap there's a knowledge swap but no we can't act like they understand if you want to go to cardboard and you just get in touch with andrew exactly we got this dove no but the the thing with tech people is they don't understand anything that like um what is it called hardware like that's what happened with google with the glasses like google just do the nerd [ __ ] don't make glasses because we're not gonna wear your nerd things because you don't know what looks cool yeah the glasses was a little weird anything they try to do is physical doesn't work you think the apple car is going to work though right of course apple car works cause apple's not nerds bro but who mentioned this earlier that all finance videos they give this disclaimer why is that why what's the disclaimer and why is that the disclaimer's just none of this is financial advice so we have no financial advice but none of it is yeah yeah we we have absolutely zero clue what any of us are talking about yeah why do you give the why so we don't get sued well yeah one one is so that people aren't don't get sued and then also too i think is uh look probably the most important thing that over the last year i've just been like hammering on people is you have to think for yourself it is so important to do your own research educate yourself just do it yeah i don't want to think for myself i've been thinking for myself for a while and you've made me feel horrible about myself today i mean absolutely horrible like one of the things i was really proud of was the amount of money i have in my bank account and now i feel horrible about it i was like i did this in my lifetime you know my mom didn't even go to college and i did that and then you took all that away from me you [ __ ] pizza boy what the [ __ ] i'm so god damn upset at you pumps but i'm all in [ __ ] all hand pumps i'm out of mining i'm saying yeah dude i'm so upset but i'm i'm gonna do it i'm buying a coin today you wanna know who's been into bitcoin for a long time everyone forgot who uh ray j probably no [ __ ] got him he really did everything my man understands appreciating that's the old 50 cent was it was accepted bitcoin for like an album but i think i think he sold it for dollars which wasn't that smart uh i'm pretty sure kevin durant was in really early uh like 2014 he's an investor in coinbase i'm pretty sure as well yeah who had 35 ventures uh murder beats is big in this mr beast like all these guys uh who who have uh basically just said look i got to figure out what it is i gotta play in the game right important you can't adopt the future i think our thought is is this the future is blockchain right but we don't know if this is the future right that's basically what our whole thing is yeah i'm demoralized but i think are you going to buy 120 000 bitcoin now i'm going to do whatever you tell me to do you have about 30 minutes left of telling me whatever you want to do and i'll probably do it and then on my way home and then you'll think for yourself i'm just going to go what the [ __ ] was that [ __ ] talking about what the [ __ ] is he from rhode island where are you from huh where are you from rhode island i knew you're foot no i can't tell by that north carolina no no you're not from north carolina okay i'm not from north carolina you you don't sound like you're from north carolina at all like chicago or something not north carolina what part of north carolina raleigh really really that's crazy i hear it a little no a little bit i don't we're going to do a show in raleigh which you're not invited to that's fine [ __ ] [ __ ] dude you should accept bitcoin oh if you guys could process it [Laughter] [Music] shit's getting weird now dude i'm just so bummed okay so i buy a coin and then i put some money in every week for an extended period of time yeah but definitely buy the coin now you should yeah uh i should because i might be more liquid than the average investor but you would say for the average person they should put dollar cost average dollar cost average okay fine fine but you think that i should get in now because you have no bitcoin i have no bitcoin and i'm going to mitigate that risk over an extended period of time it's and people in the bitcoin community laugh about all this stuff like there's tons of memes i'm sure you've seen all this stuff on twitter whatever yeah but uh it is legitimately becoming more risky not to own any bitcoin than to own something one of my friends who was dumb early in bitcoin told me this was like 2017 i didn't listen he was like i think at a certain point it will become irresponsible not to have any bitcoin and i think we're getting to that point pretty soon [ __ ] a okay is there anything that pumps you have your own uh shows that i want them to know about uh one can you tell us really quickly about them like they basically do this exact same thing but just with cooler richer people i'm assuming there's no video on this podcast because you wouldn't dress like this but uh yeah oh we need to switch the digs dude i need you to take 10 percent of your coin out and i need you to go to zara i'm rich i don't need to do this yeah i'm with it but if you're gonna say like listen i'm not listening to you [ __ ] about fashion advice bro look at you dude what is this guy dress like you dress like you should be disappeared this is you got to get into this miami ship bro you trying to do this new york life still you're not in new york anymore man you're in miami are you staying no should i i'll do anything you say 30 minutes we're thinking we're thinking of doing half and half okay yeah so we're gonna maybe half uh new york six months new york six months more half in uh new york or miami we just extended for another month so we'll see how long we keep extending what should i do where should i live well i'm i'm here now who full time uh yeah wow question before we get out of here no say your shows and then i have one final question people can go on twitter or just pompletter.com you do pompletter.com like send a daily email to uh people and basically just like yo this is what's happening everyone chill out when the [ __ ] goes down i'm like chill out when [ __ ] goes up i'm like that's why it's going up okay that's fire i'm signing up it's easy okay and then obviously you have your shows and then you could see on cnbc you arguing with nerds and stuff like that it's not really arguing because it's kind of just dunking on them all the time yeah you're just dunking on these nerds i mean you just smile and laugh and they get real mad and then you're like and they get more poor i mean do i need to say it on the show can i can we just like close out with uh what everyone wants me to say what's that it's like andrew have fun staying poor oh my god you know that's the you know that's the saying in uh on the bitcoin twitter no they literally tweet at like billionaires who are like you know bitcoin is not going to be the winner and they're like cool man have fun staying poor like the billionaires and [ __ ] against bitcoin yeah these guys are spiteful dude yo they're a lot of [ __ ] just be a millionaire and chill yeah you are extra about it yeah yeah i'm not and then somebody's gonna be like [ __ ] you and hack it and then it all goes to [ __ ] yeah i hope the tweets were worth it yeah you're the [ __ ] vegans of the currency world just every two seconds you know how many coins i got how many coins do you have ten thousand one hundred fifty i have more than you oh five hundred are we talking thousands are we talking hundreds i have more than you two if we but if it goes to zero that [ __ ] not for long bro yeah we coming in bro but i'm gonna keep some cash just in case i could stun on you you know what i mean that's fine i got a little cash too you have a little you got four percent there's nothing pennies you got pennies the way percentages work is it's all about what the denominator is i don't know what that word means so that's the total ah got you got you i only know common denominator that's all i know i know some fraction [ __ ] i know common denominator don't use that word anymore after that all right listen we gotta get out of here i gotta go buy some bitcoin immediately thank you guys so much for listening thank you very much for coming on we appreciate it thank you for having me um you know we'll definitely keep in touch with you i hope that uh you know as bitcoin continues to uh do what it does maybe we'll we'll we'll get back and you'll be our financial expert for that the flag of financial experts so we'll definitely thank you yeah the flagrant financial uh expert which is not what you guys should do well yeah that's why you here exactly you're here doing it you're telling us what we should do with our money making us all rich or poor dude if this doesn't work out man oh man dude yeah it'll be a bad decision if it doesn't work i'm gonna move back to new york and uh you'll never see me again well new york will be affordable so don't worry about it what's up new york is fiat that [ __ ] is yo yo that's a dollar yeah yeah yeah hey you and miami bitcoin now baby bitcoin huh yo you converted yo the mayor's just saying everything the mayor is trying to do what is he doing he's trying to uh put bitcoin into the city treasury which i think is a good idea he wants to pay the employees in bitcoin and he also wants to allow citizens to pay uh city taxes and fees and bitcoin too progressive this guy is a beast bro andrew we're trying to get him almost done women like it's the 80s this guy it's the whole city stuck in the past you're right dude it's out you're done true we're here anytime you got de blasio and cuomo arguing who's uh more corrupt you know shit's [ __ ] up they're the dollars they're the dogs they're the epitome of fiat they are fiat dude they're probably not going to be happy now that they heard this but yeah i mean it is what it is we've said way worse i mean you can just brag that andrew cuomo is watching your show yeah andrew cuomo is probably watching my show you ain't got [ __ ] you [ __ ] rapist just kidding there's no proof there's no proof it's a legend all this is a legend and also none of this is financial advice thank you guys so much for listening we love you go check out pomp's uh it's a pompliano on twitter and on instagram it's like a underscore i don't use instagram you don't do instagram you do have instagram i have one but i just don't really use it but something pops up on it i follow something on instagram pomp global pomp global well i follow someone else someone else is posting they hit you up and they're like yo send me one bitcoin i'll send you two no they haven't done that but i would definitely take that deal at this point dude if a nigerian hits me up and say listen i have five bitcoin i can give you four as long as you pay the taxes you're getting all my money okay anything so i can get in we love you we appreciate you thank you guys so much for listening peace you

Channel: Flagrant 2

Views: 571,194

Rating: 4.8847909 out of 5

Keywords: andrew schulz, andrew schultz, comedy, comedian, stand up, flagrant 2, sports, entertainment, pop culture, commentary, comedy club, near me, jokes, interviews, akaash singh, alexxmedia, alexx media, alex media, eddin, eddin media, Thankyoueddin

Id: GGV7hVjbYR8

Length: 161min 33sec (9693 seconds)

Published: Thu Mar 18 2021

Reddit Comments

[u/soppydoodleboy]

Andrew trying to make clever points and this dude kinda shutting him down and correcting him lmao

[u/trueplayacj]

Kinda off topic but y’all see that chick in the red on Schulz’s ig story (I’m assuming she’s Mrs. Gagnon) she’s kind of a baddie.

[u/Affectionate_Log9746]

I hope we still get a Patreon episode

[u/caraissohot]

Pompliano is the Peter Schiff of crypto minus any actual knowledge in investing. Wish Schultz knew more to call him out.

[u/dneirfolleh]

What's up with the last 10 minutes cutting to only audio?

[u/MaveInfinite]

sorry, but I couldnt finish this episode. That's that's from me, someone who is just sitting on money instead of investing. Maybe during summer I will invest or speak to a stock broker.