HELLO this is adam meister the bitcoinmeister the disrupt meister welcome to this week in bitcoin today is July the 17th 20 20 strong hand long-term thinking bitcoin is next bitcoin one bitcoin equals one Bitcoin I'm a thing that by selling conviction and today we had some conviction before the show started we had issues and we kept for kept on pull out ahead there that's what you got to do guys 2024 having think long term alright we got some guys that have been here for the long term that will be here for the long term alright we got John in Cal up in a Canada we got Brandon in a 10 C and of course Federico Tenga is in Italy alright very good so let us start out with a quote from Brandon on Twitter because dude you've been nah you've been rocking it in in Twitter here you said to to the Twitter hack was really a political statement people IV mentally disagree they started with by Nance and then cz and worked their way through a bunch of crypto company accounts first they did it for bitcoins otherwise they wouldn't have gone mainstream first they would have gone mainstream first so please tell us your insights on this the big and this was the big news of the Bitcoin week I'll also talk about the remote aspect of it that that was very good yeah so you know the more that we've been digging into this the more we kind of understand and originally it turns out it was Angelo BTC I think that was the first account that he actually you know hacked into and so Angelo be tease me you want to talk about a waiter guy like if you're trying to do some big you know brilliant maneuver in Twitter you're not going to start and then you know get out before you know you get caught that didn't happen really you know you saw him start people start with finance and Angelo and cz and you know we I help run the coin magazine Twitter and so we're watching all this happen well you know sitting on a 600 plus thousand person Twitter account and solution verified as well holy cow what are we doing so you know like as this information is growing people are saying you know I think Barry Silbert came out and said you know we're two FA with everything we were told secure we know how this has happened so immediately like we're in here I'm logging everyone out of their sessions on an API he's you know that are sharing read/write access on our Twitter all this kind of stuff I mean we're scrambling and you know the hack just keeps them all doing and evolving and finally they go through all these crypto accounts and the next step is they they hit a lot musk and so you're like okay you know if this was a planned thing that you want to you know really maximize the amount of destruction or Bitcoin you're getting or something you know you would start with a lot they even start with these you can get into Yvonne's account that's the first guy you hit so clearly you know this was a screen premeditated to me this isn't screen like there is some sort of plan that they were working through this says I got keys and I didn't know what the heck I was going to do with them and so I just started doing whatever I could you know the first thing that came to mind and so that's kind of the way that I kind of operated looking at this and you know there hasn't been a lot of evidence to suggest that this was anything more than some guy shilling a Bitcoin address I mean it had the website but this website was super low tech it was it was basically a landing page and then they had a Bitcoin address and they try to get people to sense you and yeah I mean that's kind of the quick thoughts there no but and so he might have been sort of spur of the moment like he noticed well talk about how everyone's remote now at Twitter and how that was a factor yes my gut says that this attack was not going to be possible back in March right like I'm sure to have this god mode access to Twitter you were gonna have to be you know firewalled probably locally in the building of you know Twitter's headquarters like they've got to have some geo you know security around there their backdoor access to everything right and so I would bet you know in March I remember Jack Dorsey coming out and saying you know what we're letting everyone go remote you know we're closing down the office we're a remote first company and so when you do that you've got to be you know cutting some some ropes and letting people have kind of access from home I mean it just has to happen right in order to let people work from home and so I would bet like I'm picturing you know in my head speculating that there was some conversation of you know well if we let everyone work from home you know that could open up a security vulnerability of some guy you know being able to hack in and someone else was like yeah what are the odds of that happens right you know but if this was possible before he would have had it before right it would have happened way before this because the amount of damage the amount of money you can make off of hacking into Twitter like this is so great that you wouldn't like it wouldn't have taken what 13 years of Twitter being like a mainstream thing for someone to figure out how to do this hat you know it would have been way quicker so I think that it just makes sense that the Karoo the the virus that was spreading kind of led to the ability to kind of execute this this attack yes dudes I love I love the take I hadn't heard anyone mentioned the remote aspect that they're all remote now and yeah I remember when Jack Dorsey was bragging oh we're gonna be remote for now and we it opened up a weakness perhapsperhaps so best guest in the freakin space here on the show I bring you guys with creative ideas like that we shall see town that like button they're all link to below okay so John you you've seen what's happened is this good for Bitcoin was this situation a good advertise it for Bitcoin what are your thoughts oh you're saying is it good for Bitcoin yeah you're good yeah yeah you're good you're fine sorry it was a delay there was a delay of some sort your eye I think it's good you know like I I'm of course we're all curious what was it premeditated how much time did they have like of course everyone thinks they could have done a million other things that would have been worse for Bitcoin but every Bitcoin more leverage more political whatever got more money because I think if it was really just trying to scoop up some Bitcoin I mean even if he just catered it to the person he was hacking like hey I'm giving away some like boring company blowtorches send me a hundred bucks in Bitcoin like that would have netted him more than just the obvious copy and paste scam that he sent it everybody and short-term like will it bring some regulatory eyes to Bitcoin possibly you know as people investigate this thing but for me like everything is bullish for Bitcoin and that's just my you know that's just my default position I don't you know it's it's always waxing and waning right like Bitcoin is implicated in this scam or this drug thing and then you know people poopoo it for a while in the media and it doesn't it doesn't care about any of that stuff so I see everything through the lens of being bullish for Bitcoin in the short-term mighty get some negative press possibly but doesn't matter probably not okay Federico what do you think of this situation coming from your Italian perspective is it good for Bitcoin yeah for sure like he forced people to pay attention to become people that elect from the mainstream public then maybe never really care much about because the day he put them right in front of their face and then also I think I would have been disappointed if they occur and used anything that wasn't Bitcoin so like the fact that the this massive superpower and the first thing equal came with was tried to steal some bitumen first to show how much Bitcoin is valuable and to show like how good of a tool for payment yet release and what I found already funny I was looking about some of the others is that they posted on the some of those mr
McCann's and there was a guy sending transaction to these addresses encoding the message in many different like change addresses and the message is like oh I can see on your I can track on your transaction between why didn't you use Manero Manero is much better for this so it's like monitor feel crying about the fact that he was using bitcoins that the Vanaras really show that even for a disguise where privacy is clearly really important they occur prefer to use a Bitcoin compared to some privacy cone because yeah I'm a bit corners may have less privacy in the protocol and even that is debatable but they for sure is much more liquid so if it gets a lot of money with corner you can sort of either all them for the long term or trying to find ways to to cash them out while with like a small market completely external Alcorn is much more difficult so it will show that the value of Bitcoin out is a super lifto alternative when when people actually have I discussed that they care about yes they did not ask for Manero it would have looked very strange if theirs a mask asking a mass asking for Manero I will say this about the Monaro people that that hid that message in the outputs it was creative I mean they they got hit they did get attention for manera ok the Monaro shill or whatever you want to call whatever you want to call them because I think I talked about it on my show yesterday and quite a few peated about it to Federico so it was the Monaro people did they got their little piece of the publicity by doing that but I mean that the major point is is like for all the people out there to think you know my altcoin is the next Bitcoin know it's like everybody defaults to use Bitcoin in whatever they do be it something nefarious like this or something good I do want to return to Brandon do you think I didn't ask you this question was this good for Bitcoin but what's your take so I think that I love this it was I think ultimately doesn't matter for Bitcoin a one way or the other I will say I don't think it's good for Bitcoin I mean look at is Joe Biden's kind of response today where he's like you know I would never ask you for a Bitcoin kind of thing you know well if you were really trying to dig deep in the Bitcoin and understand what it's doing and try and you know support the development of it in the us you would be like yeah actually I do it you know through my address of my campaign account that kind of thing that's a neat reaction is right don't like to see because you know we went live on Bitcoin 2021 where actually we talk about these knee-jerk reactions and one thing that I think about a lot is the fact that we don't have yet the you know the penetration into mainstream conversation for the actual Bitcoin er perspective and so mainstream gets to take this story and run with it however they choose and there's no need there's no journalistic integrity that were required than to get some sort of perspective from the Bitcoin space and so because of that the conversation and the narrative gets to be you know hackers use Bitcoin in order to scam people out of their money and and you know however they want to portray it is however it's gonna be betrayed and I'll agree that ultimately people get into the coin space first hear about Bitcoin because of a scam you know maybe it was the malware maybe it was the ransomware attacks you know that couple years to whatever it was but ultimately that is still something that Bitcoin has to battle against and so I wouldn't say that that's a good thing for Bitcoin but also ultimately I don't think it really matters Bitcoin will succeed regardless of however it's people first encounter it so that's kind of my take all right that's it that's an interesting take on people did hear about it that that's I lean toward a job there you know and any news is good news but you're we gotta bring up this binding Court I'm glad you brought it up I'm gonna read it to everyone I don't have Bitcoin and I'll never ask you to send me any but if you want to chip in to help make Donald Trump a one-term president you could do that here so he he's definitely the vibe he's giving off there is I don't have big you know I don't want to be involved with something that was sketchy that somebody hijacked my whoever wrote this for him you know whoever someone hijacked all our accounts had mentioned Bitcoin so it's I'll never ask you to send me any and I don't have any and people did respond to that bitcoiners in that thread responded like how can you be running for the prep you know to be the most powerful person on earth and not have any Bitcoin which is to me I think it's shameful that you're bragging that you don't have Bitcoin but again he's assembly something-year-old do too and he didn't really write it and who knows so I John I think you had something else to say I heard something in the background yeah even wanted John on the final point like I think should I accept the point that people will run this story and it will have a negative slant and they won't consult bitcoiners and all that kind of stuff but if you look back at maybe each of our own journeys or anytime you have one belief and then you kind of do a 180 and turn around to seeing things differently you know I think that you almost kind of springload the interest so what I'm saying is like if people led more to believe that bitcoin is a scam it's for drugs is for criminals the contrast between that impression and the impression that they get when they actually kind of learn the truth of it I think spring loads a lot of that energy that they'll bring to it when they come in so like I get that it's it may have a like negative slant in the media but once you realize that you've been lied to or that you misunderstood something or that something that you previously thought was correct or truthful is not I find at least in my own intellectual journey it kind of it puts fuel on the fire when I actually realized that you know I I had the wrong impression or I was lied to I I go further into the truth faster because of the kind of dramatic contrast and so you know look again looking at through the lens of everything is bullish for Bitcoin all that negative press is just kind of you know generating all this kinetic energy for the people that once they get it will will really not only be interested in Bitcoin but will suspect the media and the government and all these people who put out these false narratives well I guess you're you're a thinking man and you dig deep into this stuff I know some people will just have some initial emotional reaction and rhetoric yeah yeah and then that's the majority and what we're gonna talk about some of these impulsive emotional reactions when it comes to economics in a second just before we move on do any of you guys have anything more say because we're gonna leave the Twitter hack goodbye we're gonna say goodbye to it your anyone else have something I say the thing is that maybe there are many people that heard about Bitcoin 2017 when there was the massive I pendant they kinda went under there other so they were like oh and Bitcoin was massive vibe but then it disappeared a nothing happened out to be something I think that bit corny not saying is that bums now that you're again about mythical so it comes back to the doors other so they say okay so Bitcoin still around and more and more people will know that it is an option on there but it's not for that because I yes full of people bit gonna use force can but it's still an option on the table they are our our and the important thing for Bitcoin a thing is that people that need Bitcoin know that Bitcoin exists no we don't need everybody to use Bitcoin but we just need does that actually need going to be aware of the option and anything like that even like very bad publicity like being associated to to scams or even worse is still a way to keep it on the road area to keep awareness up well yeah I I agree keeping on the radar is good but there are people when he gets on the radar and they are enemies they made themselves enemies of Bitcoin for some reason I don't know what's wrong with some of these people that we're gonna read a quote when he gets on the radar for whatever reason and if you can somehow spin it negatively they take it to a whole new level and Peter Schiff III I don't you know I don't want to put the dude on a pedestal like he's such an important player in economics or in finance but something is gone totally whack in his mind he's very stubborn dude okay we can agree on that but this this latest one it looks like all verified Twitter accounts have been hacked by someone running a Bitcoin scam for once not being verified has its advantages and that's that's good I wonder if this is a harbinger of Bitcoin itself being hacked better to play it safe and just buy gold I mean this is it's like the lowest common denominator of a he's a smart man he knows he's appealing to people who don't think there's there's a story that involves HACC and Bitcoin so he says huh maybe pick one's gonna be hacked because Twitter was hacked any thoughts on that Brad any thoughts on that anyone has been rampant in the history of human beings and you know you can look back to say Wales and back in you know people are still buying snake with different flavors so there's wire fraud with a huge this is wanted your money you know like this is not anything new and if an employee is scammed actuated with gold too so you know I think that ultimately Peter is is just he has a product he's telling which is gold and he's got a manufacturer competitive manages the gold over Bitcoin and so this is just am going through his marketing stunts and you know bitcoins not going to get hacked so you know I'll be happy to have a clown nose on my face if it ever does but it's just not going to happen so I think that's cool but it's just beginning here just Peter be he took full advantage of this one that one I thought I took it to another level on that okay I don't want to give him too much attention anybody else have a Peter Schiff thoughts there I'm just gonna say you know Peter is always playing to his incentives right he sells gold and Bitcoin in some people's minds is a competitor to go they you know you weigh the the merits of both before you make an investment and so he's playing to his incentives and you know you wouldn't expect anything less I think with Peter you see the the case that is present in other people in his face that I'm sure we're all familiar with where I think his you know he's got a very big ego and he thinks that his voice means it can hold back the tide means anything regarding Bitcoin I mean not only is he kind of a Luddite and you know you see with the issue with his you know his blockchain wallet password and then recently you know his issues on rogue and and stuff like he's not tech savvy so for him to be commenting on Bitcoin at all is kind of farcical but I just think he's a very I agree he's you know he's not a stupid guy he's insightful the stuff he says on economics and politics as much that I agree with but I think he's got such a big ego that he you know he thinks that his being critical of Bitcoin means or has any influence whatsoever and you know I don't believe that it does so it's just the the ramblings of another person with Bitcoin derangement syndrome and it's kind of fun to watch and T sometimes you know I I mix you know I'll pass the show that he was gonna be on Rogen soon and then I forgot about it so he was on two days ago wasn't he did he get his own did he say I I couldn't listen to it all because so he apparently he had a mic in his ear and only a camera what he was looking at so he wasn't looking at a screen to see Joe and apparently I didn't even know this was a thing but his mic or his earbuds his audio only worked when he wasn't speaking so when Joe tried to stop and when he was like mid-roll apparently his audio doesn't work for that so it was this really like Peter kept talking over Joe interrupting not stopping so I only lasted like I don't know 20 minutes and I couldn't I couldn't I couldn't stay in but I don't believe he mentioned Bitcoin I thought he was gonna use it – yeah I mean it coincided I guess with the Twitter uh with the Twitter hack it was all around that time so if you did say anything about Bitcoin nobody uh nobody has mentioned again I'm not gonna listen to all three hours it sounds like he had a setup like we have here that like button no fancy sets a graphics tear you never know what you're gonna get okay so uh if Peter could beat many people show up here okay now speaking about Peter I'll give him this all these years he definitely has been talking about inflation he understands he understands scarcity I mean he's a gold guy so let's talk about a celebrity who does not understand scarcity and this is kind of this is an in this is an insight into the way I think a lot of normal so-called normies out there and impulsive people think this is from Alyssa Milano who has many many followers many people love her she says F this we are losing this battle she's talking about the virus and all these I can't say the word was don't curse all these jerks are talking about our kids going back to school nope we need a national shut down now print cash give people ubi until we get this pandemic under control and she is not she's not a voice in the wilderness here there there are plenty of people who think it's a great idea to shut down the cup the country the world so there's no productivity but just hand out a bunch of fiat and that will in that'll be fine that'll be great who knows what the future what will the future bring who knows but that mentality that that's not a that's not treating money as something that's scarce it is the complete opposite that's definitely so leadership with that we're not a tweet out there but I want to your take Frederico I guess we'll start with you know if you know Alyssa Milano is that's at the point but just this mentality that printing money is gonna save it's gonna save the world it's see more and more people are moving away from we I think in our bubble we think Oh everyone's waking up to Bitcoin now but look at this this is the complete opposite Federico taken away well I think this is provide to assess well there are many people out there that are not willing to take personal responsibility so there is this risk factor owner loose the virus and they are not willing to deal with the risk themself and to find the right trade-off between security and and productivity but they want the government to do that for them and this already say a lot about how much people are unwilling to take personal responsibility which is something related to Bitcoin as well and also like with the idea of entering a ubi to everyone you also say that people are not willing to even take collective responsibility because he just like close your eyes on the fact that you're not gonna if you don't create wealth that you can create wealth of scenario you have to do something to to feed the people so they did just hope that printing money is kind of the solution which is like but I think this is in a way if this mentality is really well spread and the Fed start printing money it exactly scenario Bitcoin was created for cycling kinda accelerate the adoption of Bitcoin and me as an American I prefer the destruction of their financial first after starting from another country surfaced art in the us is better than if we start came in in Italy or in Europe pissed and selfish so but if the if the Fed stop printing a lot because there is political will to do that because a lot of people actually want this F thinking I mean it's off to is gonna be very bad for the economy and for the world economy because in its global economy but it can still it will finally validate the use case of Bitcoin a instead of webbing with my before their cuts to see Bitcoin in the Shannara was created for all right Brandon Alyssa Milano inflationary monetary policy do you agree what do you think about this so they take it from a very different viewpoint and here's here's kind of my process is right now we're printing the money anyway we're doing QE we're you know having these crazy stencils and we're putting the money directly in the pockets of you know the corporations of banks you know all all the kind of perspective it's like you know accelerate then it's like one let's change the paradigm a little bit so that people are being benefited by all this money printing instead of just ramp and wealth inequality that we have today and to if this speeds up the adoption of Bitcoin and ultimately Bitcoin succeeds because of these crazy destructive inflationary policies then you know kind of like I'll stand back and I'll let this happen because ultimately I know it's a train wreck that ultimately ends in Bitcoin success so that's my take I don't know who the person is Alyssa Alyssa Milano was famous once she knew Tony Danza all these Italian names we've got that Rico here what's going on all right okay John on the other hand we have people like Alyssa talking about the inflationary monetary policy and it seems like the masses they don't want to they don't want to think about but I guess is what they learn in school I don't know the money printer saves the world Robert Breedlove had an article that you and I were talking about and I talked about on a pair of show and in in the article a well-written article he was saying that the world is waking up to central bank's and that such policies are will fail people will call them out and that bitcoin will everyone will wake up the big winner or many people will wake up to Bitcoin so in that light I guess discuss Milano's tweet and you can combine into the the Breedlove stuff well first of all I love how you said she was famous she knew Tony Danza famous but look I think I think her mentality and her thinking and a perspective on this is reflective of what it is for many people and not that you know anyone but most people understand how the monetary system works I think they just think that the government is this kind of omnipotent all-powerful god and they say you know you they've heard a lot of big numbers and they've you know this people getting bailed out a loss we get this money and people are just starting to sense in conjunction with it you know a generation of people that relied so heavily on the state they're saying like yes governments got unlimited money so why don't they fix these problems like that and they don't really take it to its logical conclusion of what you know what the implications of doing so would be so you know to brandon's point yes she's an acceleration and on the one hand that's good on the other hand you know I think a lot of the conversation today is coalescing around what a transition looks like and you know amongst us I mean not amongst the mainstream and you know first if it is gonna be a smooth transition we need to get to a place where at least the people that are at the helm of the old one kind of recognize that things are going off the rails so that they can start the discussion about well what would a new you know new system look like and obviously we seem very far away from that so unfortunately I think these sort of acceleration is attitudes will persist and that'll mean that the problem the inevitable kind of collapse will be a lot worse and you know I think we all agree that it's probably gonna be ugly and we're still all trying to figure out how to maneuver that but to the point about Breedlove's article first of all yes so I agree that acceleration mist kind of standpoint is dangerous we need to a much larger you know extreme collapse I will counter argue it and say that if we don't have this acceleration in this kind of perspective then the transition and it takes that much longer there's more suffer that much more under this kind of inflationary regime maybe it takes 50 years for that happen and you know points be incentivized to transition to Bitcoin unless there is an absolutely collapse so from that perspective I almost think that the acceleration is Sam Boyd may be you know kind of the the classic increase the damage attaining the war early and and you know save lives so you know I just wanted throw that record out there yeah I I got no issues with that I think that's what all right you're right right you're gonna mention the breedlove thing yeah so first of all massive fan of Breedlove have been loving his writing think he's a you know just a phenomenal contribution to to the space but what we were discussing before we started was you know I think and I don't I don't I can't remember the degree to which he he tied everything up at the end of his article saying that people will recognize this kind of economic truth and they will you know they'll be motivated for change I tend to think that the change is gonna be who's gonna come as a result of economic truth asserting itself not necessarily a but by the majority of people making these decisions because I just don't think that's indicative throughout history but you know what we were talking about is two things one people's idea of what freedom is and also people's I think in our opinion may be fallacious perspective that they have freedom right now of course it's on a spectrum and we could argue that all day but I think a lot of people think what they have is freedom and as a result they're not that motivated to seek whatever lies beyond whatever more freedom means but the other thing that's that I think many of us sometimes fail to consider is look how bad things are now you know look how for how long you know governments and central banks have been skimming off the top look how long productivity has been withheld from people look how much their savings have been erode at their times their time has been stolen etc etc and the vast majority of people have absolutely no issue and most of them have no awareness of that and so things to brandon's point that he just made things can exist for a very long time even if you know from a more clear perspective on things and I would assert that you know the perspective of the big pointers is is clearest among them things are very bad and there's an justices and you know there's a lot of unfairness and the way things operate could be so much better and this could you know liberate people more and could be more economic productivity etc etc most people don't see or care about that and so I think things could persist a long time like we all think in the light of the last few months where all this money's been printed and you know all this monetary inflation has happened I mean I just looked at Fiat market cap today and over the last year u
s dollar I believe my supply is up 23 and a half percent you know so people aren't looking people look at the CPI and say Oh 1% 2% maybe a little bit more inflation and like okay I'm generally okay with that but nobody's looking at monetary inflation like nobody's even motivated to dig a little deeper on that so you know maybe we go through another 10 years where the monetary inflation is 50 percent a year like at what point does the system collapse you know because I think we're just gonna see a lot of manifestations of systemic collapse but manifesting in the various forms of unrest that we've been seeing and it could be the case that as long as it doesn't affect you too badly if you hold financial assets etc etc then you're gonna think everything's fine and you'll just look out your window and think oh it's a crazy world out there and all these things are popping off and you know a lot of people may not connect all the dots to realize why this is happening and what can be done to to turn it around and to them to improve things so you know I think to your point Adam and again I don't know how much free love was suggesting that people are really going to wake up to this but I think you know I think this is the slow trickle of people waking up to this and you know you got to love that ngu tech of Bitcoin and hopefully we got a bit more of that because that at least kind of brings people in to start you know investigating this thing that they're engaging in and that leads them on a trail to understanding these these these things more but it's a slow trickle you know I mean look good Bitcoin the community is awesome but on a relative basis it's tiny still today and so um you know I think it's gonna be a matter of necessity at some point rather than people you know willingly choosing to opt out and engage in a different system and and that could take a while if the system is able to prop itself up for longer do you think that Fed coins will give the United States Federal Reserve the ability to prop itself up for like an incredibly long amount of time I haven't seen for a while because so many people in the space are against central banks and of course I'm and that they're just doomed to fail but they've got some tricks up their sleeves and they can they can learn from cryptocurrency and I think people do like convenience especially in this day when people are clamoring for ubi checks well if if Bitcoin markets itself as like hey you know just get it in your account in two seconds because it's it's been coin now dude deuce do you really see one day the United I don't to put words in your mouth but the United States becoming a or a major major country out there becoming you know totally Bitcoin that being the system I do see that in the future but I'll accept if it's a distant future because I agree that you know III think we'll see like a bifurcation you know there'll be those people that just that stay in the old system and they are subject to the abuses inherent in it and there'll be those people that extricate themselves from it whether they do so financially and physically or just financially or what-have-you but you know I think there'll be a kind of slow moving away from the other whereas in ten years we might look back and say or might look across the pond or over in a certain area of the world and be like you know those people are still under the very oppressive regime and then you've got a small but growing group over here that are have carved out you know whether it's just in cyberspace whether it's in the real world financially etc a more free system that they're choosing to engage in and operate in but I think these innovations like fed coins I also think the kind of the extreme liquidity of more and more assets is is really going to maybe slow down the necessity for sound money as well for example like if I can just own a portion of a share of potassium and I can liquidate it into USD and pay for a coffee like within seconds then the necessity for sound money is diminished because I can go from an income pair or I can go from an appreciating asset to a medium of exchange very very quickly only for the purpose of exchanging or purchasing things so all that kind of stuff will mix together I think to to kind of conceal the necessity importance and value of sound money in the short term but I still think that like ourselves there will be people trickling in that start to see it and as long as we have our expectations in check as long as we're not expecting this to happen in the next 5-10 years for this to be this global revolution of liberation then I think we ourselves will uniquely benefit and you know hopefully other people see that benefit and they'll be attracted by it but a lot of people remain blind to it and I think we get to two different systems wanton of extreme oppression and abuse and one of liberation and freedom I'm gonna say found out like button for that convenience of liquidity mentioned there that that will keep people in the keeping people will want to keep things the way they are they could just turn their Tesla into a coffee really quick and that's technology and hey I love living in a world where technology does allow that of course if everybody doesn't work and you just get checks from the government then we don't have the technological process progress but anyway Federico what's your take on that will Italy one day become a Bitcoin Bitcoin independent I mean it will that be the main main monetary device over there or how long do you see the euro and in central banks are lasting in Europe art world well I don't think Italy will be one of the first countries to adopt Bitcoin cyclic we can look at country I think because that are in trouble with the with the us basically so comfort thank you because right now we live in a world where they're attractive on a monetary side the US dollar is basically the absolute leader monopolistic but from a political point of view we are moving towards a multi-port war so it's not gonna be like just to have the us the us
passed the down superpower but we're seeing in use for our symmetry another point they may not be willing to to to keep using the US dollar which is a direct benefit for the US economy and at the point which one's gonna be the the currency for international trade for International Settlements know what if nobody's willing to compromise for the other they may be willing to compromise for something that is natural it is not all controlled by anyone and if because if it's going to become big enough to be an option for this kind of countries I think at that point it can a lot accelerate very quickly as soon as government starts to use it for sorry we already gonna see it on a small scale with like Iran starting mining bitcoins and Korea trying to get away because they cannot use US dollar so they're forced used so I think those are the country from which it will start the adoption unlike a government level and from that to that maybe we will have a rough ranch on etc at the very end Europe in the US in passing there you said that some countries just might give up on the dollar and what do you think about the phenomenon though that we're going through now these stable coins that it seems to me I think the stable coin will make the dollar even more powerful more people will value their wealth in dollars because of these stable coins that some people think are very convenient and people have given use cases for and do you've any thoughts on that stable coin what they're very convenient but this means why they are convenient because they can avoid the regulation and the compliance that traditional payment processor and financial institution has to deal with so why you city is better than paper simply because your city can do like the legal arbitrator and avoid a lot of compliance and be more convenient is this is nothing lasts forever I mean if you city becomes big enough then the regulator then it will be worth the effort for the regulator to start the cracking down on it and have more control on the transaction happening on you Ste and other poet if the UST or any other stable coil becomes like a cable Sequoyah it is not different from Vetala or Facebook or whatever centralised payment system you use and yeah it's good that there's an optional thing last but the very problem that they cannot avoid forever the problem of all the limitation that compliance brings and so at that point maybe when step or going won't be as as good as they are today because of in creating girl Ettore pressure at this point maybe all of those the new double cone user will have to move to meet cone because it would be the only option left all right let's Brandon we we just talking about a lot here since the last time we you spoke do you have anything to say about the the future of central bank's and everything we've been talking about Brandon yeah it's good it's fine you can I mean you could turn off your picture that might help but it's it's fine okay CPI and we have two economy in order to make those metrics go up everyone else really coming from our inflationary system are broken QE all this kind of like it's all the same all right got a little muscle there so why are we getting this free we're getting some weird feedback there what's what's up with the everyone's got their earphones on don't they know what's up with that all right well uh I was gonna ask Brandon about the IRS but I asked alright it's something's up with the mic over there play around we'll go to uh we'll go to John real quick here is there's a story that was a two-part story here and coin desk says the IRS enlists coinbase in its latest crypto tracing deal and of course earlier coinbase sold software to the Secret Service that the monitors public blockchain information your your tickle mr John I mean at this point about coinbase okay I think we should just kind of expect worst practices from them at this point like both technologically and how they interface and engage with policymakers regulators policing bodies you know that they're clearly just in it for the money you know and like that's why they list a ton of shit coins that's why they incentivize people to buy and learn about your coins I mean you go to a front page on their landing page on their website and they have you know offers to learn about Omi's I go for 150 bucks or some bullshit like oh sorry some stuff but it's a you know so I and then whatever makes their ability to generate income easier less friction working with regulators acquiescing to anything that the government or these three-letter organizations want I think they're gonna do I mean they say just simply seem to completely lack or have lost any sense of principle of why they're operating in this space and I just think they they could be selling sandwiches like all they care about is maximizing revenue and none of the the ethos that I think many of us feel and much of these loops are in this space I don't I think I don't think they have any of those so you know I'm not surprised you mentioned that they're maximizing revenue and their that's what a company does that's a look in their IPO so they this was last week's news but I asked you about it anyway what do you think about the the IPO that might happen by the end of the year I I think that I think that's good for the space it brings attention but what's your take yeah sure like I'm open to that argument but again I just think it's not surprising they they've got a bunch of Silicon Valley investors they've been growing for a while like this is the path they're supposed to take according to you know the model and perspectives of everyone that's involved in that company right you you gain traction you grow you grow you IPO so everyone can get paid off again you know it doesn't necessarily make them bad that particular thing and you know a crypto company IPO maybe it brings more attention to stuff but like I just I don't care about coinbase they're not principal at all and I don't like how they operate and what they stand for so you know whatever they're gonna just try to make as much money as possible fair play but I'd rather just ignore them alright perfect let's see if your how's your mic now you-you-you're yeah yeah it's all it's good you thought some coinbase dealing with the IRS and the Secret Service yeah I'm bummed I didn't get to go through my spiel but really but no some other time but coinbase you know my gut take is I like I get the argument that anyone can do this it's public data it's public information so if we don't do it someone else will do it I get that okay where I'm is you know we don't know all of the different contracts they have and we don't know what kind of data sharing there is in the government so if they're in the one hand giving the IRS or fencing or whatever all of their kyc AML stuff and then the Secret Service getting all of their you know public watching data analytics how easy is it for them to then tie together that information and basically have some regulatory body that is literally tracking every single financial transaction you do uh piece by piece I mean that's a frightening that's a terrifying thing and you know it's always a an argument with privacy of like well I don't need privacy because I'm not doing anything illegal but but the point is is that if you don't fight for privacy when it's first being kind of taken away from you then you will never have it when you need it and ultimately privacy protects the minority it's you know it's not here for you when you're all fine and dandy and you know going along with the crowds but as soon as you disagree as soon as you put your neck out there and you become a different person even come at Target that's when you need privacy and so it's really to protect everyone and and I think that when you look at point base you know just giving this data to the Secret Service like I don't even know what Secret Service does from a standpoint of analyzing you know Bitcoin transactions that seems weird the Secret Service of all places would be getting it but the point is is that these kind of pools ultimately erode away at your personal rights you know human basic rights and so that's what really bugs me is is that this I deserve to have financial security financial privacy and one point bass just sells that away for $180,000 you know that really irks me yeah there weren't that the deals weren't big money deals now you said you didn't get to do your spiel you could do your spiel now because I thought you came in loud and clear so take a bit okay so at the point I was trying is that you know when you define the economy by these narrow terms like CPI like the stock market right and you're kind of basically everyone's view of how the economy is working is based on those two terms right is there inflation and how does the stock market doing well very quickly you can start iterating the economy to basically find a way to make those two numbers go up or those people inflation stick steady and then the stock market go up well completely messing up the fundamental workings in the economy and no one has like the the vocabulary to talk about how broken the system is because they were all taught like all these economics uh you know professionals and experts we're all taught to kind of think in these very narrow terms of what successful economy looks so that's like point one point two is that the economy's not working you know and regain kind of had a good point a couple months back I'm not a yang dad he you know he said we should really be measuring the economy by how healthier people how happier people right we don't do that and so like we have these numbers going up that everyone's thinking okay so like it's working I guess but people inherently understand when there's unfairness in the system and so I think the broader context of what's going on with you know the protests the black lives matter movement is I understand intuitively that the system is unfair to me and I think you know I think in some ways they're correct drawing the circle around the color of your skin in some ways I think it's it's much larger than that but you know the idea that there are protests and you know violent actions being taken and all those kind of stuff is is I think proof that the system is not working and it cannot continue like this it you know we are actually at a very dangerous teetering point where you know all of a sudden the system changes because so many people are recognizing it's unfair to them and I think if you look at people my age and this is an interesting data statistic people my age have some of the most favorable views of communism in all of America and in the world really I mean people my age love communism it's freaky it's terrifying and the reason is is that they're brought up in a system where 1% of people own all the wealth where their ability to interact with society they have to go to college where they're going to be in debt for the rest of their lives and every single house they want to buy is way hyper-inflated because we can't allow houses to go down in price because everyone's retirement is somehow tied to their valuation of their house right even though we have all this tecnique deflationary technology when it comes to building houses that house prices should be going down we tie our wealth to houses therefore house prices have to go up there so my people like my age is completely isolated out of being able to participate in the economy successfully except for you know a few outliers so I see this as this is the the ramble cut short I see this as really the beginnings of the the earthquake that shakes the foundations of our economy and I think that it happens way quicker than you know two decades I think it happens within the next maybe not 2020 maybe 2024 though I think we see a foundational change and what American politics look like and it's attacking the same problem from in my opinion the absolute wrong angle your uh that's that's this decade here we're talking our short term well your unique Beast I almost I will say that right there all right dudes let's uh oh we got it before we get our conclusionary thoughts in here because we're getting toward the end of show Federico your thoughts on a coin base dealing with the government's if any well I think it's not surprising at all I mean every time we deal with that trusted third party we should assume that they are dealing with the government so the fact that they are very open about it at least they their access their users know so yeah they are company they are maximizing their profit I don't think they are necessarily doing we'll move for the long-term I think other companies in the spacer will have would be more profitable in the long term but yeah there's it's just like you're dealing with your parties just assume that they call your measurements send them to the worst people in measure you can imagine and and that's it so it's good at least they'd be talking about they educate the public in the users about the risks of dealing with trusted third parties well this is the world we live in today you deal with the trusted third party just as soon they're selling your information to the worst possible people wow I don't what a land we're in alright let's party federico do you have any technical news you want to spread a share about bitcoin and anything as you're a tech guy and everything any anything interesting lightning Network anything you want to share well yeah that recently there has been some day with the RTP project so it talking some Bitcoin for those interested in this kind of stuff in which should be between is investing a lot so they are I think that they're going to to show us DT or natural B which is compatible with like network I think within a few months so some of you said it's called at first Archie Archie have to be talk instead this the the project for organization on Bitcoin that color current ethically but the issue workers on the Latin Network it will work what's on the little Network and now like a they some code has just been released but it's some basic info so it's not really like user friendly yet but people are bidding on it so that's something like worth putting an iPhone because like assume we may be say USD T and all that talking so left net before it were interested in this kind of stuff all right anything else you want to share any Italy stuff and it's the the floors your of yours anything that was left off yeah I think I said it okay cool very cool let's thank you for being on making your big return here now we'll go to John next conclusionary thoughts and these stories you wanted to add what you're doing talk about your podcast not really I mean I appreciate you having me on it's always fun to chat I'm loving doing the pod speaking with a lot of different people and you know I guess what email my thing you said I find regardless of what the price is and regardless of what's happening out in the broader world and you know in many cases it's very crazy like my enthusiasm just seems to know no bounds for what's going on with Bitcoin like I wake up every day and somehow it's it's increased so and I know there's a lot of people in the space that want to preserve their privacy and anonymity and that's totally cool I respect it and I understand why but for those people that you know have decided to be public with it like I'm always just such a big advocate for expressing yourself and in whatever capacity feels right you know whether you write YouTube videos you do podcast you make common folks like I don't know like this don't be afraid to talk about this stuff and to share this message that Bitcoin doesn't require it you know it's gonna assert its truth at some point anyways but one it kind of signals who you are what you're about and draws people of a similar ilk to you and I think it's just it feels good it feels really good to engage in something that you believe so strongly in and that is such a force multiplier for good in your own life and in the world so you know let it rip I found that that button all right Brandon hopefully I use your mic is good here and you can get some good conclusionary remarks in and plugg what you're doing over there at Bitcoin magazine your show on Thursdays anything you want to talk about yeah yeah so I'll do quick you know find me a Bitcoin magazine follow the coin magazine drinks and quarantines at one show we do that Adam was referring to we had a great one last night with the Nick Carter Jeff booth Preston pitch melted des mirrors and and Brian s T's is the awesome conversation check it out closing thoughts it is actually an interesting thread that I think we're about to hear a lot more about taproot everyone do some research on tap root is the next big technical improvement in Bitcoin and there's gonna be a lot of questions around how to implement it safely how to get consensus around it how to make sure that we have all the security holes plugged with it it is the next Segway conversation so if you want to learn about what the devs are talking about one understand where this thing is going checkout tap root start formulating some opinions on it it'll be the next big thing about wow it's the next egg I'm breaking this down segue conversation I bet I like that line I'm gonna bring that up on my my show on Sunday all right dudes thank you very much guys remember here you get in the bitcoinmeister ecosystem you get a new show here every day follow me on twitter at tech Balt the backup channel is on Saturday nights that's where we do the beyond Bitcoin show all the other shows other days a week we're here on the main channel and it's conviction people that goodbye my elite friends I didn't say hello my elite friends but I know all of the elite friends are watching this right now pound that like button and shabbat shalom everyone spread the word have a great safe weekend go out there have fun live your normal life there is no new normal people I'm doing your thing bitcoin is the next Bitcoin thanks a lot again see you all later
