Hello everyone this is adam meister the bitcoinmeister the disrupt meister welcome to this week in bitcoin a very special edition of today is August the 16th 2019 strong hand one Bitcoin equals one big we value your wealth in Bitcoin offended by selling Bitcoin is the next big point I'm confiscating all holder last resort here is a real last resort there welcome to the show oh my god to be here we're having some fun aren't we oh yeah I'm on fire well welcome back to the show you were on exactly nine months ago and who where the world has changed but it's it's always changing baby we're living in the Golden Age now the last time then you were on the show don't little bit Golden Age huh so okay I was gonna bring up the price lesson but let's just jump into the gold thing now let's just jump in we're doing impromptu a lot of people are panicking the big news this week is the stock market's falling apart the world is falling apart you still believe in that relic there oh yeah well it's in my hand how can I not it's uh its cap Oriole right okay of our magic internet money yes yeah I mean yeah you're you're hitting on some major themes that are going on right now we just had an inversion of the yield curve we've got like 18 trillion dollars of negative yielding debt which is insane when you stop and think about it and then like one of these economists has the audacity to say oh we've had a change in time preference because of life expectancies and so people just want to save and so they're willing to get less stuff less euros in the future for letting you borrow money from them like what type of insanity is that like why don't we just vault physical euros like we can vault physical gold right yes and accept the gold you have to dig this stuff out of the around just like with Bitcoin you've got to dig a precious number out of a bunch of hashes so you know the world is insane getting more insane with these negative yielding rates and something's gotta give and the gold price look at the gold price all right now I am looking at the gold price and a lot of people are happy about that Peter Schiff included and he you sound like him for a second you know saying it you could hold it actually and I'm sure a lot of people are getting off right now there you go there's a Meister he knows you can hold it you can't touch the Bitcoin atom but this is the situation now temporary or the beginning of the end are you a tumor what's what's what's going on because and I want to point out also the Bitcoin price this at least this week has not it has gone down so one would expect if we're in such a catastrophic period at the beginning of one its a Bitcoin price would go up yeah well I mean I wrote a book over a decade ago the great credit contraction yeah yeah like if you go back and listen to my archives you know on my podcast the first hundred episodes are all run to gold episode see I actually checked it out I was like whoa he's got some old ones here I think you guys should be very early on – yeah but you know I mean that's kind of you know so I I was a gold bug before Bitcoin existed just like Satoshi right just like Satoshi was and you can see that from Satoshi's birthday cuz on one of the one of the websites he put in for his birthday and we were able to actually figure it out it was the same the same day when executive order 6102 was issued in the same year the gold gotra legalized that's his birthday so he book ended his birthday with you know a message about gold you know he put in the Genesis block like chants are on the brink of bailouts second bailouts right so like this issue of like people being able to get bailed out for their bad mistakes bitcoins on the scene now buddy and so's and so's gold and in there and there are great educators because they don't let people get bailed out you know like it's just it's just gonna be how it is and and the losses are gonna get taken by people and the games are gonna accrue to other people and you know this idea that bitcoins down or whatever like look at the mayor multiple it's it as about $7,000 so like bitcoins not down like bitcoins 10 10,000 bucks it's it's well over the the 200-day moving average so it's you know it's definitely in a bullish trend do we have Corrections here and there yeah of course we do but like this next bull market could blow your hair back we haven't even got to the happening yet oh right having got to the happening KN if you want to that first one trace is linked below but all his podcasts including these ancient ones Bitcoin dot K yeah you can see that he has been a gold and holder since the very beginning since his youth and he shows that hey you know the gold people typically people they can get along uh and they are one in the same in his uh in his embodiment there yeah well well and and the reason for that is when if you go read the great credit contraction which got published the same week that the Bitcoin network got released right and in there I say that the great credit contraction has started and you have this liquidity pyramid and capital boroughs down the the pyramid into safer more liquid assets and guess what gold in your hot little hand that's that that was the answer when I published the book yeah right yes and but now bitcoin is like whoa hey maybe I'm an answer instead because I'm extensible and even more limited in amount than the gold is and so you know now we're seeing this struggle between Bitcoin gold and all these fiat currencies and how's it going to play out you know what what you gonna do you're gonna get some Bitcoin just in case it becomes something as Satoshi says it might just become a self-fulfilling prophecy as a world reserve settlement currency with these seven network effects I'm gonna get to the bottom of this with a very simple question which one has a better chance of 10 axing Bitcoin or gold I mean you would have to take gold from like 7 trillion to 70 trillion and you only have to take Bitcoin from a from 10 grand to a hundred grand from – from 200 billion to 2 trillion you know and to trillions like that's that's like pocket change for what the Fed does right I mean we got we got 30 trillion and offshore bank accounts so 90 trillion and in fiat currency instruments alone not counting bond markets so if you're a 25 year old kid I mean the choice is obvious I don't see too many 25 year-olds getting the gold is what I'm saying well well I mean gold I don't know Gold's got a monetary premium to it which if it can't compete against Bitcoin for that use case you know that that capital will likely bleed into bleed into Bitcoin from gold yes you know because because there's there's one to rule them all it's yeah exactly apex predator thanks predator that's a quote from trace Mayer from Lester and that is linked to below of course no bet of course all of you know the date of that show it was November 15 2018 now since November 15 2018 a lot has happened you I believe on my show you talked about your proof of keys concept like I think you did by that point but you did you came up with proof of keys I would say pretty last-minute compared to when it actually occurred which was January 3rd of 2019 we're gonna have another proof of keys January 3rd 2020 correct yeah yeah of course this is now an annual celebration that I started and you know I didn't want to shake the the ecosystem too much right because like it's kind of scary you're gonna have a global coordinated bank run on acet strictly limited an amount with no wind or a last resort like you know this could this could introduce a little bit of uncertainty and actually people like andreas you know they they were like maybe we shouldn't do this because we because it might actually be successful and have an impact right and I find it very interesting like so I put the tweet out December 9th proof of keys is January 3rd on the anniversary date so less than a month within a week of me putting the tweet out they got a hundred thousand views on the video within 48 hours within within a week of that coinbase moves 850,000 Bitcoin on the blockchain just to let people know that they've got access and control to the keys right they're like oh yeah don't Bank run on us please then Gerald cotton the former CEO of quadriga CX meets with his attorney and rassa will and then conveniently dies the next week in India where death certificates are pretty cheap to buy and for some reason his body got taken from the hospital back to the hotel I mean just weird shenanigans going on and and so quadriga CX fails and doesn't you know and there's hundreds of millions of dollars a customer assets gone and then we get all this this tether BitFenix stuff like you know maybe perfect keys had a little bit of an impact even though we only had less than a month to get to get everything all put together with it and that is my point for bringing up right now in August so in fact you did not bring it up on my show last time you waited until even December to bring it up any did cause a little bit of havoc as you said so let's what's the plan this time around how you gonna spread the word I mean we're spread the word right now but everybody out there first of all but the concept is get your Bitcoin off these freaking exchanges that's a simple concept but continue how you gonna spread it this time yeah I mean proof of keys calm we have a little countdown timer on there you know probably maybe two or three months before it starts we're gonna start you know talking on a bunch of the different shows and everything I mean I only went on a few shows at last minute I had other stuff scheduled so I really wasn't able to make that much of an impact I mean maybe half a million to a million views on videos and stuff talking about it plus what a few other people did but yeah this this next time around I think it could be a lot bigger because we saw that like it wasn't the end of the world for everybody it was just the end of the world for somebody's yeah like madruga CX I think if it's done correctly this time it's gonna be very clear some some are gonna get brought down if enough people do the right thing it's very simple why anyone is even keeping messing around with these exchanges and you know speed exchanges give all your information to the IRS they're not lying I mean they tell you they're gonna do that and you might notice that there are a lot of people in panic mode does the IRS is sending out letters I mean what do they expect what did these that's what I'm wondering here I mean you got a new out yeah I mean that that's a different issue and like I wrote a big nasty check to the IRS go out to the Treasury for pay my taxes because I don't want any problems in that department but you know what I'd be more worried about you know because the the exchanges are just operating in accordance with law they they have to do like that they're coerced they have to do that but what I'd be more worried about is there a giant honey pot of ID theft documents you know and and as we saw with quadriga CX like the identity thieves were the ones running the exchange I mean he was a convicted ID thief like from 10 years ago I can read everybody send any all the documents that that he needs in order to steal their identities so you know I don't like the third party the third parties for that reason like why do they like I don't want to share that that data or information unless they have a need to know and I don't really find like you know AML kyc compliance a legitimate need to know but that's a political opinion right and and B and and it is what it is so if we're gonna interact with third parties and you know I think we should be complying with that stuff but I don't feel that it's uh I don't feel that it's a moral law or anything you said if we are interacting with these third parties that require this stuff what's what's your take on bisque and these decentralize exchanges do you see 20/20 them getting a little easier more of them existing yeah I mean I I guess I just don't have enough experience with them to kind of know what's going on or how safe and secure they are I don't use I don't use them personally there's just really not the size you know like when I want when I want to sell some Bitcoin cash which is the the real Bitcoin right to the fund lifestyle or whatever to buy a new buy a new skateboard or something actually you brought up the cash last time I don't like talking about the past but people get a kick out of you bring enough be cash they really enjoy you talking about the situation over there talked about it Leila you were ripping be cashing new why now you're you're skateboarding on top of them and they actually got fourth to off of since last time we spoke I don't go on please share your be cash loss yeah I mean it's uh I think the price pretty much says it all and and the prices I think being kept up by people who are buyers of last resort of be cash and so I'm not sure you want to be one of those it might be a bad idea I want to bring up cash and you know behind these Forks of a Bitcoin or a fork of a fork of Bitcoin is there a yep bitcoin sv or whatever there's so much drama and people seem to love these centralized leaders if these cultish think it's a crypto cult here man you heard of veritasium right did you hear about that I see oh oh oh yeah I had I did I had interviewed Reggie on my podcast years ago and looks like the SEC is running after him people love veritasium so much because the cult around it the cult around this one person I don't and that's I think why they like these other I'm not gonna even say their names these these Forks of Bitcoin it's just a very integral trait in people what why very even had to ICO is beyond my comprehension uh well because they needed to line Reggie's pockets they needed ICO but uh you know like I don't know if you saw the the right motion hearing that just got ruled on but the federal judge this is what he wrote he said in weighing the evidence the court simply does not find the defendants testimony to be credible as for the remaining extrinsic evidence none of the evidence demonstrates additional membership in WK other than dave Kleinman basically the federal judge is saying that craig writes full of a bunch of BS which is pretty funny yeah and until the judge decides like hey guess what perjury is a criminal offence with jail time right well you do like it's not a good idea to make a mockery of of a federal judge that's part of the drama there that's part of the drama and people tricks just gave a great summary of what's going on over in that clean that's really all you guys there's so much noise out there and there there's the summary no one has to argue about it or anything like that you gotta focus on keeping your hand strong on the real thing you don't get distracted by all these things and last time you were on Bitcoin was around this is how I was gonna start to show how that like button people by the way did the price of Bitcoin I just fallen I think under five thousand eight hundred and we were a few days for me actually it was going to fall to three thousand and you were like break it on I would love if you found a three thousand so I can buy up or because again you you all got the internet connection is unstable it says can you hear me alright there Tracy yeah I can hear you it only seems to get unstable when you get too loud so yeah maybe I'll calm yourself down that is asking a lot of me to calm myself down when I'm talking Bitcoin retraced no so you you you said last time bring on 3000 and you would you would be a buyer at 3000 and sure enough it dropped to 3000 but now it's just past history I mean look guys it's just a flash to pinch yeah and and then this this stuff is not very difficult I actually actually put out a tweet about the mayor multiple and in that time frame because in December 2018 on ledger X I bought June 2025 K calls so I paid $1,500 per contract anywhere between 1100 and 1500 per contracts there there are five thousand dollars in the money right now plus they've got about a little under a year left till expiration and so you know in terms of Bitcoin I'm actually up through something like 32 X better buying the calls and than just holding Bitcoin itself so hey you know you look at that mayor multiple it really helps you ring the bell baby helps you ring the bell alright baby hey man and again people you have to get his complexes trace right there all you had to do was just buy Bitcoin oh yeah or or or even you know on ledger acts I mean it ledger exit Isla de we got a great product because instead of buying Bitcoin at the spot price you sell somebody a put contract and so then you buy Bitcoin lower than the spot price or you just keep the option premium and then you turn around and sell the covered calls or you buy the covered calls right so like I mean these derivative markets that are building on top of Bitcoin I think they're going to be very instrumental and important for the 6th network effect of financialization leading into the seventh network effect of world reserve settlement currency you really think it's gonna get to that seventh level then it's good it's gonna become the settlement the world reserve settlement currency I mean that's that's I mean it doesn't it doesn't for me it doesn't have to get that to that point to be a huge success yeah well I mean it it's it's a gigantic success only with the first Network effect of speculation you know I mean we got seven of these things and they all exponentially reinforce each other and Bitcoin actually will be so much more than just the world reserve settlement currency right it's gonna it's gonna be a whole lot more in terms of the extensibility and whatnot but those are just the the five the Seven Network effects that make it easy for people to kind of follow my chain of reasoning and logic for for why bitcoin is going where it's going and you still want to own gold exciting age this exciting okay so you can have it in your hand yeah but but like man you you just feel this stuff it's raw power in your hand like gold this stuff's I like to pet it like you got a pet that gold man it's just raw power you know that's like camp that's like half a pound of gold right there you know try it try holding like 10 or 20 pounds of it in your hands I actually at one point I'd like to like hold one of my treasures I had in a leather leather case and I named I named it it's named Ted DiBiase actually my mind are to do to more than all sorts of storage devices the tracer war was the first one that I get the leather case but again gold I guess I've never really uh tried that out with gold I don't have any gold coins like them so felt the power of the strong hand or the gold you've got a lot of people there a lot people watch this video who are like oh look Adams getting convinced now well it's it's a you know fit physical objects have an ability to focus our our thoughts and our intentions and so if you if you use that you know there there's a reason that wars have been fought over gold you know over the physical metal it just has this allure in this power that comes with it and so you know that's that's kind of the reason I like to I like to have and hold it you know just with a very small part of the portfolio maybe what's equal to your passive monthly cash flow you know and then you acquire more gold as you have more Matt monthly passive cash flow and if you're selling covered calls on ledger acts and selling puts you're able to generate a whole bunch of cash flow you know on your Bitcoin you are getting some of the old-school golden holders here are like he's showing Adam what it's about I mean I mean I'm for real like put 10 pounds of physical gold in your hand and see how that feels for real like it's it's pretty dang cool like you know I mean you can't really hold your Bitcoin like that you know I mean like it cuz it's digital it's just data but like there's something just visceral that's like built into our DNA when it comes to the gold so you know holds a hold some of that stuff I'm gonna have to try to get a experiment maybe someone can lend me their gold and I can like no no no no no you gotta own it you gotta own it outright just like you own your Bitcoin outright you know see and one of these is like 1,500 bucks it's not that much money you know it's like it's like 5 B caches all right now I think good transy good transition to all coins because I didn't want to ask you about Bitcoin dominance increasing despite the fact that people keep on making new all coins and everything that since the last time you were on the Bitcoin dominance has increased it got really close to 70% it at one point there it is internet connection is unstable again which is lovely I hope you can hear me yeah my my my my my Internet's fiber so I might be on your end it's it's on my end here Tel Aviv that's what's that's where I'm at tonight but you know what's your take on on Bitcoin dominance is a are we going to see an increase what's the future of these all coins who that's a that's a big question isn't it I mean I I don't personally I don't like the the dominance index because that's just looking at market cap and I want to know what what's the real acquittee there you know what's the real aquitted can I sell how long is it gonna take me to sell a million B caches without moving the market I mean big Bitcoin you can you can easily sell five ten million dollars a Bitcoin and not have much slippage but you try to sell 50 thousand dollars of B cash and you start getting slippage so you know I like looking more at that I think there's a website for it coin market book cc it helps you see like how far above or below you would move the market based on the order books but overall I mean I think aetherium I think ripple I think B cash all of them are there sure struggling against against Keeping Up with Bitcoin which is surprising because they already have smaller market caps so I you know and a lot less liquidity well yeah I must let's ignore the whole blog dominance that that measurement what is obvious is that some people out there are thrown in the towel on these top two you're all cones and some Bitcoin Maximus or herb celebrating saying this is the end it's the end of aetherium it's a it's the beginning of the end of be cash for me I think they got more gimmicks to pull out and just what I said before there's cults of personalities out there around some of these around vitalik I mean he can yeah I I don't know I mean for me it's such a waste to even play in everybody we have to bring up this topic because it's a it's it's something we get I I mean I I don't know I personally I don't have any problem with it or making money off of it you know that's one of the reasons I invested in crack in because you know these the all these coins have speculation network effects and then people are gonna trade them against each other and like people calculate correctly you're gonna have profits the people who don't are gonna have losses either way you're gonna pay a fee to the exchange to trade them and so like my crack ensures that actually outperform my Bitcoin significantly by a factor like you know seven or eight X so you know you were you were an early investor in cracking I mean yeah yeah yeah I helped lead the seed round yeah yeah I mean you tremendous risk yeah yeah no for real like real like investing in these startups there's lack of liquidity there's a lot of risk but you know we're talking $7,700 Bitcoin at the time 35 you know $10,000 Bitcoin now 17 cents a share to 1984 share so hundred X and USD you know about 8x and Bitcoin now you were again I just want to put this in perspective your ear and accredited investor and everything so regular people could not have gotten into that into that and what I tell people is if you get in the Bitcoin it's as if you got into the pre IPO for Facebook that you could never have gotten into I mean the Bitcoin opportunity is tremendous the opportunity that you had with cracking it was huge huge risk there and just oh yeah I mean like and risk adjusted you know maybe it maybe it would have made sense to just stay in my Bitcoin you know I I definitely understand that argument yeah most of the time you hear all these people still investing in lots of Bitcoin and crypto related companies and most of the time I would say 99% of time it would probably be will see over the long term it'd probably be better oh yeah I mean I mean oh go look at the archives of my podcast I only interviewed the top people in Bitcoin and a bunch of the people I've interviewed on my podcasts are gone from the scene yes you know so I mean that when you own Bitcoin you know it's like you own a piece of an ETF over the entire ecosystem so you know it definitely helps distribute the risk a whole lot wider and yeah I mean just Sona and Bitcoin as opposed to the startup shares like I think that's a good idea if you're gonna go the startup route like become a founder you know become an entrepreneur invest in yourself and like build your own business you know that's that's what I've got to say build your YouTube channel build like whatever it is like you know build that that you have control over yes be in motion people lots of opportunity in the space but one of the easiest opportunities to just buy and hold Bitcoin and pound that freaking like button alright let's talk about Wyoming you're gonna be speaking in Wyoming aren't you at there in September this is correct yes yes going to the Wyoming hackathon max keiser will be there Katelyn long jesse powell from crack in you know a bunch of bunch of players Kaitlin has just been a superstar with getting these laws passed that are absolutely foundational for this in for this industry and I don't think people fully understand or comprehend the ramifications of the laws either which means that the companies that are available off are going to have a huge competitive advantage over those that don't so it's going to be exciting you know the the hackathon will be exciting come learn you get a talk with people who are there representative lindholm the House Majority Whip he's going to be there wouldn't surprise me if a lot of other political leadership whether it's the Senate or the house or the governor's office or governor himself might show up you know it's tweeted out that the government the governor himself actually had a proclamation about cryptocurrency or something so oh yeah yeah I mean it's they they want this industry you know it's for real and I it I hope it is a huge event and it call I just it needs more more people need to find out about this you're saying that there are incredible opportunities here for the businesses that take advantage of it it really pay off do you think the businesses will get their acts together and flat yeah I mean I'm sure that some will I mean SF 125 creates a special purpose depository Bank a bank a fully regulated bank that can custody digital assets like it's a bank okay if I didn't make myself clear and and the banking commissioner is on board with getting these Bank charters approved and issued to companies and and and entrepreneurs that are gonna be operating in a way that regulated banks need to be operated and so I mean this is incredibly exciting it's huge huge advance taking place you know none of this like shady by Nance like based out of wherever like no audited financials blah blah blah I mean it's a regulated bank with a banking commissioner an audited financial statements and and legal rights determining who owns the bitcoins and who owns the forks of the bitcoins you know like you have you have legal right to this stuff you know so you can think of it like you know Bitcoin and armory and Anna purism laptop that's the technical fortress and now we're layering on a legal fortress around the technical fortress because we want property rights we want trustable third parties that that aren't gonna you know holding holding assets and you become an unsecured general creditor like none of that I mean this is gonna be totally clear who actually owns what in Wyoming and then who can do what with those assets you know one of the sentences that I helped draft you can't re hypothecate the digital assets period you know like there there's no question mark and there's no like trusting there the the word of the president and CEO or founder of the company its know if he reaiiy propagates the assets he goes to jail like because your property rights are respected and defined in Wyoming and the Wyoming Supreme Court they upheld a criminal conviction for someone who is rehypothecation diamonds they upheld a felony conviction a fraud conviction so like you know you want to be a legit company that like think about if if a hotter of last resort could crash laws what laws would you want to see crafted that's what we've tried to do in Wyoming Wow all right I want I want my I want I want it to be very clear that the who owns Bitcoin like and property rights like I I want to know absolutely that I have clear legal title to any bitcoins so that there's not an attack surface or attack vector for a lawyer you know that's that another another one of my ideas that's now law in Wyoming is a two-year lane cleansing of UCC leaves so if your bitcoins go through Wyoming and and we've tried to make it as broad as possible to have that nexus between you and Wyoming so if you just physically carry the laptop with your private keys through Wyoming we've tried to create a nexus there to start tolling the two-year lien cleansing provision you know and then any liens on those bitcoins get cleansed by statute you know there's no arguing in a in a in a bankruptcy court about like you having Superior right to Bank of America who had an all asset lien on the coffee shop they that sold the bitcoins to coinbase who then sold them to you right because like a bona fide purchaser can have inferior property rights under the UCC and that's how a lot of the the property rights are determined in a lot of the states you know so we had to we had to map on to the UCC a whole taxonomy of the digital assets and then we put in the wing cleansing provision and all this stuff because I want clear title to the bitcoins I want a technical fortress and I want a legal fortress you know and then then you can't like hat who's gonna attack those bitcoins like be because you know people are like oh we don't have to worry about it like this UCC issue and this lien issue well I tell you what if Bitcoin goes to a million dollars a coin in a couple years they're gonna be a whole bunch of attorneys that are gonna be like oh my gosh like maybe I can hack this person's bitcoins through the legal system because they don't have clear title to them because they bought them from coinbase and they didn't go through a wyoming because so daeun and get lien cleansed dude right yeah this is gonna save some people if they do the lien cleansing process through Wyoming but that's that's up to each individual yeah I mean I'm just saying like would you rather have your bitcoins that have been cleaned with a with a lien cleansing provision by statute or ones that that you don't necessarily know you have clear title to well obviously number one well yeah because because when you don't get clear title there's an attack surface and an attack vector there you know and Lane we're we're talking and legal with all this is all legal terms here in the end of the day is people going to say well I said you you you say it's you know about I'm confiscating all all the time Adam well I mean if you do have control of your private gene I mean they can't take it from I mean that's the bottom line I guess they can issue liens against it and III don't think you understand if they have you they have your Bitcoin look at Ross Ulbricht yeah yeah yes that side of the situation you're okay but then look at the offshore asset protection trust cases there was one guy he wired money to a nosh offshore asset protection trust the judge was like hey you need to wire that money back he's in bankruptcy court they the guys like I don't have the power to do that as a trustee of the trust the judge didn't believe him and felt that he had the keys to be able to get the money wired back so you know what the judge did he used section 526 of the Bankruptcy Code to hold the guy in contempt of court threw him in jail he couldn't challenge his detention he sat there for 14 years until a new judge got assigned the case because the previous one retired and the new judge was like well I don't think it has the coercive effect has any any power so I'm gonna let you out because I just feel like being charitable today you know so I and and I mean the law doesn't care that you feel that you have superior title to the Bitcoin because you paid cash on the Barrelhead to coinbase for it law doesn't care like if if there if someone else has superior title and coinbase didn't have clean title to sell to you in the first place guess what you got to give you got to give it to the person who's got clear title or they're gonna like get you and put you in the pokey right yeah so because you don't have legal right to it and and and and the Bitcoin network and the legal system are totally bifurcated networks they're totally bifurcated systems neither recognizes each other right yes and so like they both are claiming sovereignty and one is claiming sovereignty over the bitcoins you know by saying hey you have to be able to sign a transaction with a private key and the other is claiming sovereignty over you and over defining the property rights that are around the bitcoins so like you know having having laws that are drafted to protect hollers I think that's a very important thing to do and and and why not avail yourself of those laws if you can yes this is a very good point thank you trace mare and Caitlyn for putting this opportunity out there in the state of Wyoming to avoid such nightmarish life situations and you really laid it down nicely there that the legal system and the Bitcoin system they're bifurcated they're not they're not the same they're totally separate yeah I mean it like it's just that's just the way it works like you know I'm very pragmatic I don't want to have any problems in this area so you know I'm gonna I'm gonna try to you know I've already started tolling the statute of limitations under that law right so if anybody tried to try to penetrate my legal fortress and then my technical fortress to try and get the bitcoins like you know I got a massive massive shield they're you know more I'm more than just the technical I've also got the legal yes you know I want as much protection as possible you know so why not have both there you go yeah I I think it's good I don't want anybody be super scared because of what tres just said though guys don't just they're not coming for your big win yet people duh well if if you're prepared what do you have to be exam to be scared of but like if you're if you're gonna procrastinate and and keep using the web wallet right instead of figuring out how to properly secure your coins I mean like you need to properly secure your coins physically and digitally and cybersecurity and legally you know you got a you you know things like the Wyoming asset protection trusts and the Nevada asset protection trust and then using using these lene lene cleansing provisions and stuff like that I mean all this stuff is very important to start tolling statutes of limitation so that you're in safe harbors you know safe harbors are where you want to be where you're protected by default and by statute thank thank you Wyoming and let's I'm gonna keep on covering this I'll get Caitlin back on the show again of course now I wonder you mentioned the word Bank you said they're gonna have their own bank there that's gonna transition us into another topic because there's some people that think Facebook wants to beat some Bank with Libra do you think they're gonna be able to pull the bra yeah I mean they got lots of resources behind them but Libra is nothing like Bitcoin or this digital currency so like I just don't find it very interesting but but when we're talking about the Wyoming banks for these digital assets like they're not they're not able to engage in lending and the assets are held in bailment so so they're held in bailment they're not even on the bank's balance sheet they can't do anything with them other than what you expressly in writing authorize them to do to custody your assets yeah that so it's pure storage I mean they're not yeah yeah yeah the pure storage there are abilities for them to get express written consent to do other stuff but by default it's they can't do anything would be interested in being a client of such a bank this an example of a fight fidelity okay you know like how about it how about a Bitcoin ETF because right now we don't have a way to have a sequela fide custodian but these digital asset banks could be qualified custodians and guess what being a being a trust company that's not gonna work because you can't be a trust company and a money transmitter at the same time so like that's just a bad legal strategy that's trying to hack around the system when really what you have to do is change the fundamental laws that are authorizing the different behavior which is what we've done in Wyoming instead of trying to bolt on some like half-baked idea like a bitlicense nice shot of New York there man pound that like button now we're talking about different locations here Wyoming New York any tank do you have any opinion on what's going on in Hong Kong and what's going on in Argentina well Argentina is doing what they they like to do on a regular basis I'm sure they're out in the streets paying in their pots and pans I mean what a disaster crash there yeah and I'd be worried if I had any capital down there cuz you know they're just gonna just gonna destroy it all like new government that may confiscate who knows right that's it that's what they're doing and then Hong Kong you know Hong Kong's much more interesting when I was in college I'd spent a couple months on a study abroad in Asia and we spent a month in China and I remember the person telling us like you know we were out in the middle of nowhere in backwoods China and he was like this is past China and then we were in Beijing and he's like this is present China and then we were in Hong Kong and this is future time oh god and so like I think what we're seeing in Hong Kong is oh man I mean its future China and I mean what are they gonna do are they gonna crack down and and kill a bunch of people because I mean nobody nobody's trying to immigrate to China they're all trying to immigrate away from China and there nobody's trying to invest capital into China they're all trying to get their capital to escape China and so like how do you how do you become an economy and encourage investment of both human capital and and and in financial capital if you don't have freedoms of speech and freedoms of protests and the ability to change governments peacefully yet because like in China you couldn't do Obama to Trump like that that's not in the political reality you know what's in the political reality is twenty to thirty million dead people after a revolution that's the only way to change the political system in China and so like is that what's gonna happen in Hong Kong cuz I mean those protests are gargantuan they are massive and and that's just tiny little Hong Kong and I mean we already saw Arthur Hays you know CEO of bit max you know a few weeks ago he went on vacation for a month he's just left Hong Kong you know he's renting the most expensive real estate in the entire city for bit max and he decided to leave you know I mean it if you're a company why don't you relocate from Hong Kong to Singapore I think some real because because the political risk is now increased right yeah so so you know Hong Kong it this is a very I think this is kind of a very scary portent not just for what's gonna happen in Hong Kong because you know that looks like the Chinese military is massing vehicles to go out and and just kill a lot of people or otherwise imprison them or whatever and you know that's the price of freedom you know in the u
s we had a we had a you know we had the constitutional revolution about that freedom isn't free I mean it cost blood and it cost lives you know like d-day and I mean it's like you don't just have freedom like you know and you don't just get to free right off other people's freedom so if the Chinese people want freedom they want a good future then they're gonna have to stand up and claim it otherwise they're gonna continue to get milked and made into meat in ever more brutal ever more significant ways you know look at there's credit scoring system and their facial recognition and all the travel restrictions like you know they're I mean it III see Hong Kong is just it's the boiling of China and China itself is also you know doing this you're going gonna have a lot of unrest I think especially with all the economic issues what's your advice to the people of Hong Kong right now change your change your wealth in the Bitcoin get the heck out of there yeah I think that's a great right why are you still there you know I mean it's it's like the it's like the Jews in Holland or France in 1840 like why didn't you leave because it was their home you thought it was them whoops whoops not now you're dead yeah I might get game over now I will say this the Chinese are somewhat tracked the Chinese government leadership is is practical I think I don't think they're about to wipe them all out in on Khan there might be some shoe they'll try to get away with this littlest just I don't think they want a lot of bloodshed that's not that's not a good that's not a good look and I think from what happened it's never bothered them I think that the older people in Hong Kong are earth are saying well it's the students that are protesting it'll end and everything will go back to normal and I think the Chinese might they might issue they might show some strength in order to just squash it for now and just hope the people forget about it I think that's they liked like Tiananmen Square no I mean all all that does is generate blowback right like like it you can't do that in the Information Age everybody's watching Hong Kong like in and all these people from mainland China they're traveling there they get outside of China they start learning all this stuff you know like I mean China's gonna have to figure out a way to govern where they have more consent from the people well I think this I think the people are somewhat happy with the situation because they are getting stuff I mean their their qualities of life in terms of what they now own in the mainland at least is much better than the old day I mean the the biggest source of like medula and use of metal over the last few years is for cars built for Chinese or something like that well yeah but but since Trump took office and the tariffs the net worth between China and the US has has changed 17 trillion dollars in the US as favor and and Trump's just getting started bringing the bringing the money home from outside the US but the question is how to have a revolution the people have to be very angry very dissatisfied with the situation and for what I've heard like as long as the Hong Kong people think they still have like a free market and they're still able to make money I think they'll unfortunately they'll give in to the credit system or whatever China trying to try see enforce on top of them but again some people will leave some people will leave yeah but I mean that's the thing like that they have these massive protests going on like I mean they start killing people it's just gonna be more blowback like they're not gonna they're not gonna get the will of the you don't get the will of the people that way like the us the us
is a country of immigrants like everybody here is here for an idea yeah of you know it's the only country that was built that way China has been China has got like 60 different ethnicities and languages its cobbled together it's hugely widely to spare it like it's hard to keep China together there's 50 60 thousand riots every year in China political riots yes because because I mean it's just they by brute force not by consent and so like it's always a very tenuous position that they're in and then when the economic situation gets bad with 30 trillion plus a bad debt in their banking system and state-owned enterprises and the inability to do economic calculation because they have politics and all of their and all of their decision-making in the economy they just miss allocate wealth on a massive way you know that as that can work while they're being subsidized by the US but now that we have a much more nationalistic president in the US that's bringing the money home and not taking it anymore you know because he'd rather he'd rather bring the money back home to Iowa or Pennsylvania instead of shipping it to to you know Chongqing and Wuhan like you know they're gonna have to figure out how to generate wealth on their own and that's the problem is they don't have the tools to do that because they don't have economic calculation and a market-based economy and freedom of speech and property rights and all this stuff that the US has they've largely just been a parasite on the US as rule of law not for real and I wouldn't these horrifying scenarios that we were talking about of the fall of China and what China might have to do this is a reason to own Bitcoin people especially if you're in China or Hong Kong okay no I mean I mean yeah I feel bad for the Chinese people but like you need to change all your wealth into Bitcoin and get out of the country like is China because because because China is not very sustainable there you go people that is something again I don't wish this doom and gloom scenario on to anyone but it's something to seriously consider it is things are looking not so good definitely in Hong Kong right now again I'm gonna have somebody on from Hong Kong eventually and so I show but yeah but it but it but it's not like though they'll tell you what they really think because they're scared of the political ramifications of doing so because they don't have freedom of speech there well I'm gonna have a guy who is not from there who lives there so he might be able to he probably can escape there a lot he's not as anchored down there as as I wouldn't if I was in Hong Kong I would not be I'd be getting rid of some of those things holding me back I want to be like like oh if I lose my apartment I'm doomed no don't don't have your wealth if the majority of your wealth is in real estate in Hong Kong and like if things get bad and you might feel like you can't leave your real estate that's a bad system that's why you got a day in the big big boys asset that you could take with you in such a horrifying type of yeah like like if you're gonna get on a on a plane and go somewhere how do you maintain your standard of living right like you need to have a plan B orange coin go up right yeah and I do I hope these protests have been going on for a while i one would think that more and more Hong Kong people are at least exploring exploring yeah I mean it's I don't have to watch I don't wish this upon any any people some some massive Tiananmen Square type of situation and God forbid if something like that does happen unfortunately it will help it would it I mean it is happening like they're they're beating their own citizens they're firing tear gas atom they're maiming them you know taking their eyes out like the next level the next level of violence how Bad's it gotta get well the Tiananmen Square when you're being mowed down by a big mowed down by tanks rolling over they're massing the tanks right now they might jump right back down there they're not they're not gonna show the force unless they intend to use it and why would why would they back down they like to I mean you get you get people in these positions of power they like to kill people well if the protesters stopped protesting and saying okay we like these extradition laws that you have if the protesters given it but it's still coercion it they aren't they aren't persuading they're them to change their mind they're forcing them to change and that has anytime you force someone to do anything you get blowback that's the way it works over I mean that's that's how China gets things done and it will – blowback they'll hold in their blowback for it'll come back again I guess in the future but because I I just hope I'm trying to be a trying to look on the bright side here I don't want this I definitely don't want this I like I mean I was there two years ago and medium is it's a normal it's very normal place it's a very it's very free market and everything and I'm a parent apparently because that's why they're having massive protests and are massing a bunch of military vehicles to go mow people down it's obviously a very good place to go visit and has good freedom of speech and business going on there right yeah we'll see what happens here I uh people will look back on this video let's hope let's hope for the best and people not gon get Bitcoin alright I want to leave it on a positive note though definitely you said something before hand about altcoins II have no problem making money off of the altcoins and you mentioned specifically your investment in cracking but another thing that you're known for is you and I just want to put this out there was there a lot of people were like oh these Forks his air drops they're horrible they're taking away from Bitcoin and for me it's just it's free money on the table they're giving it to me I'm gonna turn it into Bitcoin and you know on the last show you said because you really knew how to take care of your private key you've got like some of the worst of the worst of those crypto dividends and turn them into Bitcoin so I mean you're the biggest Bitcoin guy out there hey that's your Forks the better man I want I want another I want another bit man funded a Bitcoin cash like that thing was great what do you have to say to the people who say it's just inflating the supply a Bitcoin it's it's it's taking its living off the name of Bitcoin it's watering down the name of big apparently they have apparently they haven't tasted selling selling them like I mean the more of these Forks the the slimy or the flagpole gets to try and challenge bitcoins dominant position I mean if if you have to if you if you have to deceive people by relying by trying to get them to buy something that they're not completely aware of what they're buying you know like buying a coin be saying it's the real Bitcoin instead of you know just coin a which everybody knows is the real Bitcoin like you don't have very strong hot lers of your of your asset and so like you know all the better like try and copy those Bitcoin network effects you know go fight with hot Wars of last resort like bring it you know it's great again Tracy and I are saying if they're gonna give us free money we're gonna turn it into return into Bitcoin we're not saying buy these things they're giving you a test for free do you leave free money on the table I mean this is a it's it's not hurting Bitcoin it's again it's making uh if the flag full or slippery hang on says yeah and I mean that yeah the bit the Bitcoin blockchain like each Satoshi is is a parcel of land that we're taking in this economic war hike if I can use their their Forks to acquire more territory all the better exactly exactly all right dudes trace check him he's linked to below follow me on Twitter pound that like button he's website is gonna be linked to below any conclusionary reports you want to tell people anything that got left out no it's great thanks for having me wish everybody the best make sure that your own personal situation safe and secure you don't want to be in something like Hong Kong for real and you know just Twitter at tres Mayer and Bitcoin knowledge podcasts www Bitcoin can thanks so much for having me on all right and just wincing January the third 21 rupees roof of keys guy starts friend the word now everyone watching this let's bring down some of these fraudulent exchanges and teach people to control their own private keys for God's sakes it's gonna be twenty twenty you shoulda learned by now alright everybody I'm at thank you tres for being off for returning i am adam meister the bitcoinmeister the disrupt meister remember to subscribe this channel like this video share this video check out the links below this week and Bickel show is every friday i do a new show here every single day saturday is the beyond bitcoin show shabbat shalom everyone see ya tomorrow bye bye
