Is Bitcoin Blockchain the Future?
rich swisher so we connected on a patreon tier three chat live on one of the zoom calls and we had a quick down and dirty discussion about everything from cryptocurrency to bitcoin to blockchain technology and the conversation got very interesting and so um i offered you a slot here and and i'm just really excited that you're here because i am very interested in this subject and it seems like no matter how many things i watch i just wind up more confused and uh you had you were explaining things at a level that even like that even i can understand so i just want to say thank you for coming oh man my pleasure it's an honor to honor to be on here love your show um love to see veterans voices being heard like to see so many of the initiatives and the nature of these guys initiatives so i was just as a fan of what you were promoting and showcasing on here and we as a veteran-owned business were of course you know we see ourselves in that so super excited and uh yeah thanks so much for letting me come out oh my pleasure well let's get into it so you had studied some of this blockchain bitcoin stuff uh crypto in in one capacity another mit and uh so that's what makes you relevant on the subject and so i just have so many questions but let's just dive right into blockchain blockchain technology it seems like that blockchain technology is coming up more and more and more in tech news and a lot of people are saying this is going to wind up being the new internet and the new everything so can you kind of guide us through what exactly blockchain technology is yes and no if i guide you through exactly what it is we will all end up glazed over like like happened so much i think really simplifying it for somebody for somebody who's scanned the horizon going just like you're saying all right there's winds of change i hear i've heard it too many times from too many different levels of you know of uh global interaction down to day-to-day interaction that something is changing and if you try to dive in on the a technical personal dive in they they get it really quick it's not that it's tricky but um let me give it first let me just give kind of the very basic of what swap we're looking at doing because what we're doing is we're swapping the old programming that the internet was written on for a different program they wrote code differently it's been a long time code's come up with a much smarter way and there's a big fundamental change in the way that the what we're used to operating on on a computer um in in the old format the old https internet and whatnot you go on and you look at something and you see it and you're seeing what a lot of other people are seeing you're seeing that window on that website and it's you can pick which page on it to go to and do all that and kind of see that and when when you take something from it you can take copies of things from it you can take photos of it you can take videos of it but you don't change its property whatsoever it stays there it hasn't altered or changed with blockchain you're still going to be able to go and see a website still going to be able to go interact with it you could even take a copy of something from it or you and that website can agree that they can give you something that now they no longer have and you have that's the essential key difference okay now things can move that's that's that's one of the big differences like what would that thing be just an example um that man there was one recently that i thought that would be a that would be a cool one i mean it would be an nft or or some money or any kind of item you can digitalize so and medical records yeah uh yeah it can any any document anything like that documents are quite often it's okay to copy but if you need the original um digital form then you have it i don't completely understand and agree with nfts i have friends that are artists like i i like to have their art but i'm going to display it on their wall but let's say i've got a digital wall to display it on um and i know i have one of one no one else has the digital well i also know somebody has the original somewhere i wanted the original other people say no the digital is enough for me and i'm collecting them here and i know that no one else can have this exact digital thing um when it comes to those levels of nfts i don't think it has a massive effect on society and on buying collecting digital kittens and all this kind of stuff i don't think that's going anywhere but the fact that they solved the double spend problem because they've been trying to do digital money i mean everything you do with your money is digital or you know the vast majority of it all already anyway it's just accounting for it yeah um i gave my credit card at the restaurant and they um they accessed it through its pin number its unique account verified my identity and they sent a request through to have money sent well three days later probably that restaurant that all of those those chains of transactions are happening where digitally with what i'm talking about with a blockchain it's instant and it's real so this is this is essentially a faster more efficient internet is that what you're saying and it does something that you couldn't do before before was only copies now it eliminates that thing in yours and puts it in there okay that's that's the big key the other big key and and really if you wanted to title um this show anything other than like bitcoin and bitcoin's blockchain it would be decentralization well i'm glad you brought that up because one of the things that really got me interested i was never interested in cryptocurrency or anything until until covent and then with kovac gained you know a lot of fear with everything and i started that's when i really started paying more attention and as the government continuously gets involved and gets their hands on more and more things i i don't like that and so when i hear decentralized internet decentralized finance to me that meant that this was almost like a shelter where the government couldn't get their dirty little hands into my money you know or maybe it might help with things like censorship or not one person controls the entire internet like facebook amazon you know google you know they control i mean if i'm corrupting from wrong but they control they pretty much control the internet and the way i understood it was with the decentralized internet decentralized finance that it's it's basically the the the populous it's not controlled by any one person is that true yeah let me let me alter a couple where it's not control of bull by anyone it's not controllable by anybody yeah and not even that it's not because a lot of people talk about web one web two web three i'm calling blockchain web3 web one was basically got the internet up you and i or you and a hundred other people can connect like you know digitally can share things we can look over at sites or not and it was it was very decentralized it was centrally controllable though there hadn't been the big financial incentive figured out yet or whatnot the dot-coms come russian everyone is looking to centralize it um everyone's like we're looking at it with electronic vehicles right now um i don't i forget the number but like at the turn of the 20th century it was like 300 car companies making cars in 1900 you know where the heck are they now we know like 10. um well that's what happened by like the 20s or 30s there was only like 10 decentralized a lot of the the shaft falls away you merge you combine you team up you whatever and that's kind of what happened with the internet was they're like wow this is really about hey now that we can do this we can also and we can also you started forming companies out of it things started teaming up you started going to the really familiar site pretty soon we centralized it we did and the silicon valley companies and all them we centralized the internet and now you know and it got to the point where you say they control the internet man and what all does the internet control everything that's that's the big scary thing um and so you look at you look at their philosophies and sometimes and i don't mean to call out any of the individuals you know by name that run these companies but i'll see them on podcasts and whatnot in our almost like philosophers and they're really going over okay well how should we responsibility responsibly guide society based on my morals i mean that's that's what you're talking about and what i'm talking about when we say like yeah time out i don't need you deciding that for me i am somebody who likes self-determination um to to a fault i'll go ahead and fall on my face just let me pick it let me pick how let me let me do my thing um the way the way that my whole company motive started was we had this opportunity we were we we were fortunate enough we were solving a five percent mortality problem just little village by building i mean we would start it out with 100 kids um but that's five lives say that so that was big in our book side deal we get bitcoin in and it starts opening up so much more of what we can do and how we can do it um the way money is sent the way it's received the way you pay everything digitally it's just really really simple and there's nobody that can pull the rug out from under the people that we're helping well okay before we get we'll cover your nonprofit and company uh in the latter portion of this but when it comes to decentralization the way i understood it was you know it can be this guy has a mining machine in his closet this company has 20 mining machines and this and it's all these mining machines that are kind of working together to solve these complex math problems which make the blockchain work correct so my question is right now it's decentralized but you're seeing these massive mining operations these massive bitcoin mining operations showing up in warehouses where they have tens of thousands of machines and so what happens when one of these tech giants you know who can't afford a million mining machines puts those all into one warehouse wouldn't that be kind of centralized so let me make sure you're clear on what decentralizes it so it's let's use the bitcoin blockchain it's one ledger okay there's one ledger around the whole world it's carried on millions of nodes what you're talking about mining nodes computers it's carried on millions of computers and run and it's checking it's simultaneously updated on all of them um it's not located in one place where we can go and do a strategic strike and knock it out ah we've killed bitcoin no you know and we can't even hack it like at a bank you can go in and hack a bank um they use really old technology really old mainframes um they've got a bunch of protections in place but if you go there and you change that ledger you change the ledger so it's it's done if you go in to that giant facility that's two square miles of nothing but machines running and you create some kind of great new technology to where you can you can type across all of them at the exact same time you're in and you can make things happen you have nowhere close to what you need to try to edit a record on the bitcoin blockchain without authorization guys millions of computers around the world doing that okay and as those algorithms would go in the ones you tried to fudge would pop up going this map doesn't work even if you were so brilliant to make those math work if any of those went to any of the other computers they would go this doesn't work so it is it is a trustless system and it's called trustless which means it's trustworthy and what you're trusting is that constitution that it's written on that constitution it's written on is is based on some super complex math and that that keeps us keeps it decentralized keeps it and with bitcoin and and i don't believe i'm wrong on this i heard somebody else say it differently the other day and i think they were wrong but uh you need a 90 percent all of the computers around the world that are running the bitcoin to make a change from the bitcoin core development team they put forward propose a change report it takes 90 percent of them going yeah before it goes so china just last year and then gave us 2021 completely you know pulled out a big ah bitcoin's illegal don't use it don't do anything china's realized they can't so they can't beat it that brings up another question because i i remember when they did that last year i believe it was last year um a lot of people thought that it was that crypto as a whole was going to crash because china had pulled out now so when they made that illegal does that were they able to shelter their citizens or their population from actually using the exchanges like coinbase finance yeah and so if they were how were they able to access their money so exchanges are they they have both a bitcoin wallet and they are a bank yeah they have everything a bank has okay um so everything's visible on there everyone is identified on there it is centralized not decentralized um it's the other side it's not it's it's not on the blockchain okay so that's that's an exchange that's where you go to cash out your money cash out your crypto um there'd be no other reason i would know that it would be smart at all to ever hold money on an exchange the only reason you would do it is for fdic assurances and i trust my own security well enough to not do that um so that's so and then where would you put your money i would put well i'd have some in a hot wallet which just means one that i used that has a small amount on it like you put your fold money in your you know your wallet as you go out like i should have 60 bucks or whatever i may keep a few hundred that's there almost like what you keep on a credit card that's your credit card use that to spend around here in the us we don't have to do that much down in the third world where i'm doing micro economies that is your credit card that's your bank your everything um so they have an actual phone a crypto credit card no or it goes on your phone they're they're working on credit cards but then again it gets tied to banks um so no the people that down in peru and throughout south america and and everywhere else it's not us but other people doing it it's just it's on your phone you bring up your app um and it's it's a it's a decentralized app it's on the blockchain you access it through your app store just like using any other app has real basics on there and you can send transact you can trade currencies in in some of the wallets you could trade one cryptocurrency for another cryptocurrency if you want it or whatever um but if you're talking about like you're where you're going to store your wealth you would want to use a hardware wallet zip drive they make them special for this that you can enter information into so it has no bluetooth no internet connectivity it has to be plugged in you unplug it when you're done and that's your vault and i had some i had some big financiers that that fund giant insurance funds and major development projects and all and they came and they said hey how do we when we are collateralizing a billion dollar loan and we have to collateralize it in gold it's costly for us to collateralize it in gold and to have that much gold set aside stored in reserve and whatnot could we do it in bitcoin and what would it take logistically well i know physical security and it's it's a thing this big how well can you hide it there's a million ways to do it pick out you want i won't say how i did mine but that's where it goes so that can't be touched by anyone but even hacking into my wallet just a simple wallet whatever one you get online if you get a good one um can you give us some examples of like what a good app would be to put yeah my favorite one just got purchased by coinbase but my favorite one was brd just real simple interface my wife likes one called blue wallet and it's nice because i can you can set different different categories in it so you can put money into different pouches easier for her to organize her money that way um the one that we use um bitcoin beach wallet is really one of the best functional wallets and it is on chain as well as on the lightning network i won't explain that right now it's pretty simple it's it's just you can do instant transactions okay um and they have a map of all the places in el salvador and in peru that accept bitcoin so if you're looking to pay with that you can go there what are some other ones strike is is a is a good hot wallet to use um but it really comes down to personal preference i mean i like i'm a non-technical guy i like things real simple straightforward i mean you don't worry about i mean when you say you put it on a thumb drive you're putting your life savings on a thumb drive what if i mean are they fire proof what if you put it in a safe and that melts yeah those are the things you get to think about what if you put my you my first thought was i'll put it in the bank in the safety deposit box yeah which really defeats the purpose yeah they can lock me right out of there um the uh not that that's the only purpose but yeah that that does defeat one of the purposes no it comes down to um you know you hear about the people hiding their money in their dresser or hiding their money in their mattress or yeah i mean i'm going to be honest i have two different of those thumb drive wallets i think one is a tether tether does that sound tether or treasure and then there's another one which was the most popular one i can't remember i really like the treasure that's right but i just when i got to be on i didn't put anything on there because it's freaky i s it's an electronic device that lights up and i'm like man what if this electronic device malfunctions yeah and do you know what i mean so that i mean is there any if any of these malfunctioned before i had a ipod way back in the early 2000s i have an ipod i'd go to a hotel room i've got all kinds of my my business partner had pumped a whole bunch of his music into it somehow and i had my library so i like the super library and they plugged it into the clock radio in the hotel room and it deleted everything on that yeah that's what i thought of when i went to put the group of money onto the zip drive was like are there any reports if this screws up so here's here's what you have um you have codes and if you have a treasure you have your your um your personal key that to be a little bit technical just to show off um there's personal keys and there's pro and there's or there's private keys and then your public keys if i send you some money our public keys are going to interact that's how your wallet's going to ah it's coming from that wall it'll be my identifier my private keys has to do with my encryption you'll never have access to that i'll never have access to yours and your recovery you know when you when you go in and you download a good non kyc wallet which is also really important for your readers always or watchers always use a non kyc wallet as your primary which which means your your personal identifiers aren't on there um when you go to open that account they're gonna give you this long string of words and you need to write them all down um and in the order that they're in and let's say you you put your you to put a million bucks into your zip drive and it does what my clock radio did in seattle all those years ago and uh you still have it it's still in the blockchain it's not sitting in that little plastic thing that's just the key that's the act it's literally just the key it's where your account access is and now you're spinning up a new one so it would be like well i kept my money in my mattress and my mattress just disappeared it's okay go buy another mattress bring it down here and put these codes in and it will fill it with the money okay so you can lose the device it can burn up as long as you have those codes as long as you can get back into those codes you're good okay now i don't know every device out there and man correct me if i'm wrong on that but that's how you lose any of your wallets and you have that code you you have your personal key you have to go back in and the other thing that's how you hear about you know we've heard our government saying like oh yeah we were able to hack in and get this much bitcoin back the only way they could hack with all the power of the us government the only way they could hack in and get bitcoin back is if they hacked into your stuff and you put those you put them on the code somewhere so that couple that just got nailed who had scammed tons and millions and millions um and they had they were super technical and they had hidden things all around what's reported is at some place at some point um they had encrypted their codes and they had put it online i never ever ever punched mine in anywhere and i never would and i would encourage anyone to not do that you could even further encrypt them in your own head or in other codes other places if you think you need to but never share them and never put it on anything digital because when you think about scammers and hackers around the world if you think they are not trolling right now looking for any list that has like 12 to 16 words on it it could be a bitcoin wallet okay so yeah hackers are perusing through things whoa here's a list of this many words let's see let's see what we can dig up and find so just never never put them anywhere like that wow that's good to know damn kind of back sorry kind of back to the blockchain stuff when we were talking about you're taking one thing from this stack putting it in this stack i think when a lot of a lot of people don't realize as well you know everything's pretty instantaneous but it's not so let's say when you buy a home and for those of us that are homeowners and and close the house we know exactly what we're talking about where they wire the money and you're just sitting there for hours maybe closing was delayed a day because the wire's taking so long and nobody really knows where that money is from let's just say jp morgan it's going from jp morgan chase to the to the title company and it's taken 12 hours and it's in my mind it's well where is the money it's in the like where is the money this should be instantaneous but we're sitting there for 12 hours and then you hear the horror stories the money's been intercepted or or the money's gone i mean i don't know anybody that's happened to but i've read about it in news articles so this basically eliminates the money wire whatever that is whoever's making money along that chain of events wherever that money's going in that wire from point a to point b this totally eliminates all of that right it literally is instantaneous yeah and it literally eliminates a lot of that whole intermediary process and buying a home yeah that's an industry the the lending industry well the banking industry of course but but but the lending in the mortgage industry blockchain is going to completely destroy it it's not it's not going to look anything the same is it going to become obsolete um it's going to take you know where it used to have you had 15 different procedures and people doing this and that and all that time that's gone it's just going to be it's going to be um instant there'll still and i don't know the whole biz so i couldn't go through and tell you what i'll it'll eliminate but all that waiting and all anything transaction um related is is going to be gone but so many of the other anytime you look at an industry that's full of people trying to expand that intermediary's role to capture more and more and more um those are going away that's that's why i'd say again it goes back to the decentralization it's taking the power out of that that mortgage that lender like oh well you're already in the process with me you know you're in that process somebody and you're going like this person's screwing it up i'm over it but you're already in this big labor you're not gonna mess with that on your house where if it wasn't so laborious if it wasn't so convoluted you'd be able to go like hey i don't think i need anyone helping with that or b like i can swap away from you really quick so why don't why don't you just uh straighten up and fly right um the as far as where the money goes i think a better question and you said people don't know where the money goes i don't think people know what the money is um that was one thing that you know what what is money what's currency um it's just a representation of value it's anything it could be this shoe and i say this one it's 50 bucks do we agree on that okay well now we could go and we could make trades or something based on this 50 bucks that's what money is what is a u.s dollar a u.s dollar is an individually printed thing with a serial number um it has specific data on it that says where it was made how much it's worth all that kind of stuff um bitcoin transactions have the exact same thing and they're they're in a hash um and they say well there's no paper to hold on to yeah awesome carry your paper around but aside from wiping your nose and a few other places what what are you needing the paper for well i want to know the values there i can destroy your dollar but you can't destroy my bitcoin um the the big value is the us dollar is it's the world reserve currency um that's that's a superpower that it has but going back to the mortgage thing in this transaction so we're talking about moving money around you're talking about different or different financial institutions having to say okay yes this much of our pile is going to go over to that pile and this much goes here and you have this old architecture for that um i.t wise um written on on old old programs and you are still talking about moving um physical dollars that these digital dollars represent in many cases it's a logistics nightmare when all of that can be handled by okay here i've got bitcoin how much is the house it's a million okay send me a request and i'll send you a million dollars and when it goes because it's a large amount that transaction is going to happen in the next 10 minutes miners will pick up on that one early they'll get better fees on that so they'll pick up on that one early and i will probably send you a million dollars for about a dollar and it'll hit within 10 minutes wow if i do the lightning network uh it'll be instant instantaneous instant and it the lightning network is it's called a side chain it's kind of like when you go to the grocery store you write a check and you hand them the check and you get the groceries and they know that check's gonna cash the lightning network does kind of the same thing it just waits until it's the most optimum time on the blockchain to put it into a block so it's a five dollar transaction you might wait until middle of night when nobody's on the network it's a million bucks let's get it but um anyway that would be how the money would move from me to you we could both sit there and watch it and it could be fine the i mean a lot of people a lot of people i hear especially with this audience which this audience is changing rapidly because the content's changing but a lot of people in this audience are kind of the old school mindset and i'm i'm not i'm about halfway you know but with the with the old-school mindset of oh well if the power grid goes down you don't have any money or you know i can't touch it it's not real with gold like peter schiff is a big he hates bitcoin but um but um but most but we had this conversation a little bit earlier most of the transactions you're doing every single day are almost it's a digital currency already because it's all credit cards it's all debit cards it's all checks it's all actually i don't even know anybody that uses checks anymore other than me yeah but you get out of the line behind those people in the grocery store venmo um and and when you do go to the bank and this also happened to me uh during coven and it just happened to a good friend of mine and recently you go to the bank and you want to get some money out a lot of times the bank can't even cash the check and these aren't like some you know super substantial amount of money i'm not talking like i'm not even talking fifty thousand dollars you know i'm talking maybe ten grand you know just to have on hand maybe five grand and they're looking at you like can't cash this i don't have the money in this in the in the bank and so basically what i'm getting at is your money is already damn near digital all of it and and i don't you know i don't even think there's so this is basically the same thing but not controlled by the bank we're not changing a whole lot of how money the fact that money moves around digitally i mean what if it was just what if you and i just did an agreement what if we did a contract we were headed over we're headed over your wife you me and my wife we're headed over to uh germany do some oktoberfest vacationing and i'm like and it's kind of a two company trip and you go like all right well it's expensive trip once you pitch in 10 grand pitch in 10 grand cover those things we're doing now we could there's a ton of different ways we could do it we could put we could put money in escrow we could have a third party holder whatever uh we could transact it i could just give you hey here's 10 grand you handle it or whatnot or we could just do a contract say yeah yeah when i get there i'll have 10 grand to throw in youtube okay cool and we'll do it at noon on october 1st there we're throwing them throwing the money in cool um we've just made an agreement on how we're going to go about doing that that's 99 of it when we get there we either live up to our agreement or we fall through um and our our contract was based on trust but it was a legal contract so if i show up there and you show up you didn't have the money i'll sue you and i i can come after that there's so there's a little more assurances um when it comes to the power grid going down or um the uh people not having access to their money or not being able to put their money forward none of that is changing by going to digital currency and he doesn't have to get rid of everything else it's probably going to work better than everything else so most everything else will fall by the wayside but it's not required to get rid of it all i think the most important thing you brought up in there is when you go to the bank and they won't cash your check your check is an iou from somebody saying they're giving that to you why can they say no we're not going to do that private company they don't want to that's why okay great um the government can also tell them they can't do that the government can tell them don't honor his iou and now you don't have that money anymore it's that's that's been taken that those those rights have been you know kind of removed from you now you can go and sue and try to go through things or when you're the government takes a look at you um and comes in and just seizes and shuts everything down while they take a look well the little guys get crushed like that um shoot i mean general flynn look at the look at how it damaged him he's sitting there working in the white house when the government comes in with lawsuits in the fbi and everything you're too small you know you can say you can fight but you can't um the that's a different thing if they were to come the government is upset at me and let's say i have a big pile or upset at my company or whatever and they can come in and they can seize everything including my body and throw me into a cell but i get to decide when i will give up my property and my digital property um they don't get to do that same thing if i had a if i had a big pile i had a pallet of cash if i have it in my house i can do a search warrant and seize it if i have it hidden somewhere um then you know maybe they can't i can say i'm not gonna tell you where it is until and i'm able to hold that as a little bit of hey we'll give me some leverage um digital assets allow that if bitcoin i should say allows that the others there's there's a big big big difference you let me know and you want to get to it but bitcoin is completely different in a real big fundamental way to every other asset that's considered a digital currency or digital money um but i like the idea i i'm gonna keep paying taxes um don't love it but i know that's that's part of having this great country i'm going to keep following the rules the best i can follow the rules but i'm not going to give up advantage where i don't need to and whenever i look for greater advantage i'm going to take it well there's greater advantage in money that can't just be taken away from me without me having anything to say about it maybe in five years i'll win it back through court cases yeah um i really i really value that i think there's very little downside to having the individuals control their money i think the individuals should control their identity i think individuals should control their medical records there's certain things that are like why was the government why is the government in charge of this why not why why am i not in charge um and and i think right now what we have going on in russia and ukraine brings up an a real interesting wrinkle in just that kind of thing with somebody who thinks like i do um we i don't know where everyone stands on agreeing with our posture that we're taking in the ukraine thing but what we're taking is we're holding back on military just kind of putting that wall up on nato and we're hitting them financially the main reason we can hit them financially we can take a lot of their money or we can stop a lot of their money of a whole nation with that swift system um and needing to be in the swift system and being part of the global banking system because you know one of the things one of the negative things people say about overreach of government control is the bankers and the bank systems control everything they do yeah they really really do um more so than the militaries of the world and everything bankers run this world um that's why we're able to do what we have the kind of effect that we're having on putin it's why china holds back and goes geez i don't know it's why china wants their yen to become the world reserve currency so there is somewhat of a benefit to having the ability to have that kind of control um kind of gotta weigh it out do you think that the this is obviously a huge threat to the banking system and how are they gonna they're not gonna conform to this and they do run everything so how are they going to allow this to happen are you are you telling me that they the most powerful organizations in the world aren't going to find a way to control this yeah they don't think they will i don't think they will which i'm excited to say um they will do what any good smart business or entity would do faced with hey your industry it's not going to work like it did before there's this new force that's come in it's it's digital currency supported by and secured by cryptography uh your old ways are no good they're not just going to go like oh we'll just stay here until we're bankrupt they're they're rolling over into um coins and currencies and and i think plenty of the vast majority of them are trying to find where their position is during a rapidly evolving technology session right so the i believe that you're seeing a lot more right now central bank digital currencies are the big thing cbdc's and if you take a look back i explained to you i spent a lot of time watching youtube and reviewing things and whatnot and you sort of get a feel for what's trending right now what are the stories that people are really talking about right now i hear a ton about central bank um digital currencies cbdc's oh cbd sees this and i know we get the value of having a central bank um i value a central bank as much as president jackson value the central bank there was a thought by our four founders that our forefathers that it was good madison really pushed it it would be really important for us to have some debt we need to have some debt so that it will spur industry we need to have some debt so you know there will be taxes it'll be that drive and that central bank started and and failed and started and then started again i think and failed and then jackson killed it and paid off all the debt the only time our country's been debt-free paid off all the debt and the banks tried to stage a financial crisis to beat him and squashed it paid off all the debt and they couldn't and central bank goes away again central bank comes up later because um and i'm getting too far off of your question there i i won't keep going down that channel but central bank digital currencies are nothing more than your paper dollars that aren't paper anymore that's the only difference they're not in your law well i so i kind of see your point but we've already seen crypto markets manipulated especially with elon musk in his tweets with with it as a dogecoin yeah you know oh he heard bitcoin at a time and so i guess where i'm going with this is how many bitcoins there's only going to be what 21 billion million million bitcoins ever mined or except right and so what happens if the banks own 11 51 yeah 51 of it they can they will be able to manipulate the market correct they would need on on most blockchains you need 51 bitcoin you need 90. so ain't gonna happen but 50 is not going to happen and that's the other thing that it part of what makes the bitcoin blockchain so unique is is hey it was the one purposely devised because of how corrupt banks and governments had been around the world that they damaged the whole world and whoever this secretive individual or group was were like enough of this crap i am a super computer tech person and i will come up with a way through coding to get around this and that's that's where the bitcoin blockchain was invented um so it's slower and uses more energy because it's super focused it's a it's a um it's a proof of work um verified blockchain so it has to get that you send these mathematical problems out and they take all the energy doing that kind of stuff so it's super secure it has no one that owns bitcoin there is no group in charge there's no decision maker there's no one to arrest or seize which is the most beautiful thing about it um there is no way to shut it down uh if you corrupted the entire group of um core developers that rotate in and out working on the bitcoin blockchain you corrupted the entire group still need all the computers around the world all the bitcoiners out there to agree with what they're doing to make it make effect so it makes it it makes it super super locked and secured like that um to where it's it's not it's it's not going to be tampered and you can't have somebody truly manipulate can you have somebody that has a lot of popularity say something that affects it yeah like china did and man that took a ton of value man that hurt it hurt a lot of the people that i'm serving down in south america so it pisses me off when that happens um but then you watch it inch back up and what i've seen after being down the rabbit hole in this in the bitcoin world is don't panic just watch the price you see doing these things is from all those people who really don't understand how incredibly stable it is the price fluctuation gonna happen that is due to lack of understanding of what we're really how long do you think it's going to be before this becomes more mainstream i mean it is and it is becoming mainstream walmart is a walmart accepting bitcoin or they have bitcoin atms shopify which is the biggest website building platform in the world i believe now is accepting it paypal's accepting it um i mean it's it's it's showing up all over the place however i think it's going to be hard for it to be a currency because of the because of volatility that's so that's where i have real world good expertise is in creating these micro economies so starting it from scratch and building it up and in america we i can't build a bitcoin much micro economy we're first world uh it works in the third world where they're needing spend we're not looking for spend we're looking for uh wealth creation and storage and so the way we if you look at the us as far as adoption goes it should be last and the fact that our currency happens to be the world reserve currency would really mean like we have it better than anyone else in the whole world so look at the u.s adoption as the final straw okay and you're right it is already happening and i think
more importantly in the u.s at the level that it's happening at is wealth storage it's putting it on corporate books um it's it's investment it's replacing the gold standard um the it would be interesting i'd love to have a talk with peter schiff i'm sure he's infinitely smarter than me but i would love to say like okay you battle for the gold as the standard and i'll battle for bitcoin as the standard and i just think even even i could win that one um the what what you see as far as adoption goes down in the third world and in africa one of the guys one of the guys i worked with this guy asher hopp who's a army army vet really interesting super cool brilliant guy after after he was special ops medic um not special forces special ops medic uh and then he went to harvard and he went to princeton he's like super brave and um he was um he was working on um this node a ruggedized node bitcoin node to take down to um latin america and his vision for it was he's gonna hook it up to satellite and it will be a a bank system an entire encased banking system for a community out there all of their spending all of their loans all of all everything running right through this little pelican case that's the reality down in the third world and then it's getting these people to transact with it it's super easy to get them to transact with it just the right people have to accept it so if you have people that have it to spend retail places where they can buy things that they need um and the suppliers of those reset retail and the last little piece is the producers farmers the ranchers or whatever when you have those it fills in an economy that's what we're doing in peru and it's working that's what um hope house is doing in el salvador um in el zante with bitcoin beach the project's known better as bitcoin beach um it's working there and then what ashur saw the reason it sparked in getting out of the army and doing all this harvard stuff was he was over in africa and doing humanitarian missions and he's like they're on this crappy little snicker bar of a cell phone from a million years ago a transaction transacting money like that we in america can't do it and and and i really had him explain a lot to me and he's like yeah if i take if i take um gen 5 cellular over there i can immediately stand up a whole thing why is it taking america all this time because we had to go through gen 1 gen 2 gen 3 10 4 5. when you take a new great system that works really well and you put it on the most basic elemental of societies as the economy it'll tell you really well whether it'll work well or not and bitcoin worked fantastically well we also one of the problems that we had was theft um now you can have your money stolen out of your pocket but you really don't want your phone and your money stolen and if you if you're operating all on bitcoin your phone is where your money is so when your cell phone goes it's gone well um peru we've had tons of robberies we're in bad areas there of course and uh you just go get another phone bring up your wallet and your money's still there they can't access it as long as you had it been protected yeah so it replacing um the economy it replacing how you transact is easier not harder it's almost harder to say wait let's try to keep the legacy system let's try to keep doing all this and like for the for you know for the gold standard and what money represents that's one thing that's really important for everyone to know that there is no money except for some cryptocurrencies now that represent some actual health value some like we don't have the gold standard anymore we didn't even have the gold standard for that long people look at it like we had this gold standard forever and then in 71 nixon now we had we had left that gold standard long before nixon finally said okay we can officially not pay attention to it anymore and we had only had it from like actually i didn't know that like the late 1800s through 1930s this is the golden era of the gold standard um before that no it's it's primarily it's fiat currency you hear that term a lot fiat just means buy by decree okay i decree that one dollar thing with washington's face on it is worth 100 cents okay um and that's how manipulable um fiat currency is there's a couple of cryptocurrencies that are trying like okay you buy this much we'll have this much gold held for you um another one will you buy this much we have this much asset held for you my thing is the real value is the scarcity and the unchangeability of bitcoin it is just 21 million whatever the number is happens to be 20 but there's a set amount we know exactly how much will be mined every day we know the exact day the last coin will be mined um everything is known about it and you can't change it like a constitution like i mean that that's the greatest thing if we followed presidents rather than our constitution think of the terms our countries our country would have taken years no matter what your fault if you follow that one rule and nothing's really shown up bad about that that one one rule so that's what causes me to have far more faith in the bitcoin blockchain than in gold and people say well it's not tangible we can't hold it and do it anything i'm like okay let's me and you go for a walk and i'll walk with my bitcoin and you walk with your gold and we'll see who gets tired first and how many things you found to do with yours while we're out on that road because i'm probably going to find more people to transact with than you are i'm probably going to get more of a fair deal than what you are um i'm not going to have the logistic problems anyone in your transaction network are going to have um and mine can't be taken as easily as yours can be taken good i can take mine with me a lot easier than you can take years with me what if you live in a place um i mean so much of it we talk about the government conspiracy things or the anti-government away it's philosophical let's drive this country in the right direction right um it's not that hey we think they're trying to take us over or i don't think that anyway the the fact that they can't alter that um they can't come in and seize that it's super easy to transact anywhere around the world means that if the government were thinking of something bad they would think about okay let's seize this let's close that and then let's let's lock these people here and the people in that area would think okay i either need to fight here or i need to leave here try to leave with your gold i'll try to leave with my bitcoin because i'm just going to do a real quick send to my buddy somewhere else or i'm just going to hide that thing or whatever it might be i might take my device and destroy it and no i'll get another one there and put my codes back and i'll just keep my codes on me um and the only way i'm gonna get there and bitcoin is gonna be no value or lost all its value is if that network has been shut off for that network to shut off and be squashed i don't know if a massive global emp would erase all that i don't believe that it would it's uneraseable okay i like it better as a security device as i'm if i'm gonna go through and evaluate that i like that better than heavy precious metal i mean i understand your thought process and i'm not necessarily disagreeing but i do also like actual tangible things that you can hold as well but i like diversification but i think one of the major problems with bitcoin right now is is the volatility when do you think the volatility is going to come is it going to be after the 21 millionth bitcoin is mined when is it going to be because it fluctuates a lot it was what 70 something thousand dollars eight months ago ish now it's it was in the 30s yeah about a month ago yeah so you lost a lot of money if you were if you were oh if you bought then you lost a lot of money you know what i mean so my goal didn't lose a lot of money so when is the volatility going to calm down to where people can actually transact in it all right first i would say don't be afraid of volatility the up waves are awesome because some of us started at 7000 and went to 70 and others are good at figuring out when kind of the waves go when to pull a bit just let it sit and then put it back in or whatnot but like i said the volatility is due to the lack of understanding of how it's going to change the timeline on toning that volatility down is going to be commensurate with how long it takes for everyone to go let me dive into this whole blockchain thing and distributed ledger thing in a decentralized finance system and see when i i really want to understand it when everyone does that volatility will go way way way down but people aren't going to do that so um they are going to see more and more leaders and smart companies go like okay all right we're in what's going to slow it down is penny stocks um so i like i said before bitcoin is the only um only asset in this class that we're talking about that is not owned by anyone you know it has all these special properties super majority to change things all this um the rest of the coins i mean you're in a good position you could do a coin you could do the vigilance elite coin and pump it up on the show and get other veteran shows to pump it up everybody you know just get put take some money throw a bunch of money behind boosting the value or the vigilance elite coin and then tell them what it's going to do tell them it's going to do some great great things gonna have some great properties boost the price up hold a ton of it change the rules because you own 51 percent of it and scoop all the money out and run now a bunch of people got ripped off some people had the right timing oh victim's deletion they bought a whole bunch of it and it went up 100 times in price and they sold a whole bunch most people lost money um ethereum it's the opposite end of the spectrum that's a scam that's a [ __ ] coin um and the other end spectrum of the non-bitcoin would be ethereum ethereum is a blockchain that is a great surface to build decentralized apps on it's a great medium for building those on that's what ethereum's focus has always been it's the builder network they do have a currency it does have a coin it's it's called tokenization of a company um basically it's like shares okay having shares in the company um they weren't setting out to become the money or anything like that they're as far as i understand um they're really focused on the blockchain building great decentralized apps and communication stuff and when we're talking about non-censorship of social media platforms and all that you know ethereum i think that's where my bet would be so ethereum never set out to be an actual currency i don't believe that was there that was his big purpose okay no but they're really valuable but they're valuable in my opinion they're valuable because they're blockchain and they're billed it's been valuable bitcoin's blockchain wasn't built for that reason it was built to secure the living [ __ ] out of your money okay and to make sure nobody nobody can get at this so it's just a different purpose it's not that ethereum isn't doing it as well or anything it's a different reason for it now would i buy stock in ethereum i i personally put all of my my own personal not even my family my wife won't let me put my personal investments i put that into bitcoin um when it was below 30. um the the rest of stuff would i buy apple stock yeah probably i think we have disney too and i'm not even a fan of disney but pays dividends there's good stocks and ethereum if i was going to build if i was going to build i am looking at building a dap and i do want to build it on the bitcoin blockchain but if i was just looking to build a cool game or social media platform i'd be looking at ethereum let's let's say okay fine it's just not it's not the money it ain't gonna be the gold standard it doesn't have some of the absolutely necessary requirements in my book to become all right let's get away from the decree fiat currency thing and get over to decentralized finance where the individuals own and control their own money so back to the volatility and with these third world countries like you guys are down your non-profits down in peru el salvador has adopted it is its primary currency i know there's another coin cardano that i think is working on becoming the currency to several different countries in africa if i'm not mistaking but with the volatility of these these cryptocurrencies the price of everything fluctuates i would think it would fluctuate tremendously every single day so if i go and this can of coca-cola is i don't even know how to say the currency you know point zero zero zero zero zero one five two bitcoin then tomorrow it's point zero zero zero zero two nine eight bitcoin i mean how do you yeah how do you keep up with that with the volatility it sounds like actual tangible good so for the individual it means things a little cheaper today things a little more expensive today or whatnot and it goes back and forth like that when you're talking about your month your day-to-day expenses your monthly expenses get tougher because you're like oh crap there's once a month and i'm short orders once a month and i'm fat um that's what it's been like for us all the way along and we're we're denominated in bitcoin um so we just built the buffer in for that we were just like yeah we can the value can dip and swoop like that um so we give ourselves an extra buffer in what we decide our budgets are going to look like harder for a company to do that on balance sheet over a month or a year or whatnot than an individual we've not run into it the problems of the individuals and the main reason why on the ground in the economy it doesn't hit so hard is the price went up and down for the merchant and the purchaser pretty much the same okay so when it's .0012 today and it's 0.0020 tomorrow it's the
same for the store selling it as it was for the individual so you kind of bump so now that problem is not the guy buying the coke the problem is the business so the business goes like okay well zero zero two what about my supplier where is it at well if you have to buy it from them for way more that's where that's where it's more of a roadblock all right so if you get there and you're like hey i'm ready to reorder cokes oh 0.0050 now well i'm not doing it and if you're a business that already promised those orders now you're at a loss so that is that is tricky it is doable even under the volatility that we've had i think i'm willing to bet we have been in operation with bitcoin through the most volatile period especially up an
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