In today's live show, Colin and Armando talk Bitcoin. They cover all the basics of how it works, what it's societal functions are, and -most importantly- why it's the #1 asset one should try to buy in order to achieve security in today's ever-changing world.
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A Basic Lesson on Bitcoin and Human Freedom
[00:00:00] So I'm thinking about Bitcoin20, 21. I wrote this today because I was actually having trouble sleeping lastnight because I kept thinking about Bitcoin and then I woke up early cause.
[00:00:09] Damn dog, next door keptbarking. And I'm like waking up and I'm like Bitcoin, Bitcoin. And I was likekeeping things, thinking about it. So it's like definitely on my mind. There'sa link to a podcast called the sailor sea series. It's like nine episodes ofthis dude, Michael sailor who bought $400 million in Bitcoin for he's using hiscompanies.
[00:00:28]He's calling it the reserveasset, meaning they had $400 million in cash and it's just sitting there and heneeded to put it somewhere because like you lose two or 3% a year to inflationand he's like, this is ridiculous. And he kind of has become an ambassador forBitcoin because he put. He bought 400 million and now it's like worth two to 3billion, like even a year or two.
[00:00:50] And then Tesla bought some Elan.They bought about 1.5 billion sailor obviously helped him do that. A lot ofother corporations will do this. And that's the cool thing. That's going tohelp the network grow and get people into it, but really that's the reasons whyhe would buy that or some of the reasons why me and I think everyone should,should buy it.
[00:01:07] There's multiple reasons here.It's going to matter to you depending on what your financial situation is, whatyour goals are, et cetera. So to go back to explain this, let's go back to2020. So last year I was watching the news and the craziness and a lot ofthings happening that I didn't agree with. And.
[00:01:24] The government had some crazynumber, like trillions and trillions of dollars of stimulus. Like whether theyprinted it or loan instruments are bailing out. Like there's just a lot. Ithink actually like we've printed more money out of thin air in the past yearand a half than like all the money ever created.
[00:01:41] Like it's like 80% or somethingof the current dollars, like came into existence in some form in the past yearand a half. And it's just like, governments, just think they can keep printingmoney. Like nothing's going to happen. It's it's insanity. Right. So like, andit'll, it will keep being okay until it's not, and then it's going to break as,as every fragile [00:02:00] system goes.
[00:02:00]Yeah. You pretty, you, do youunderstand that? Or any questions around? Yeah, no. About like the Fiat systemprinting money forever. Yeah. Okay. So what I did for 2020, because I have somecash from a transaction, I did a little bit of success I had in business and Ihad this cash and I was like, well, I don't want to like, sit.
[00:02:22] I don't want to sit here. Idon't want tied up in real estate. Andso if I have all this cash and if we have like hyperinflation, if the systemcollapses or the government keeps printing money, which it actually is, itjust, they just pass $1.9 trillion stimulus package. Like the like two daysago, I'm not talking about 20, 20, more like 20, 20 was a trillion or two orwhatever it was.
[00:02:42] And then we just did another 2trillion, right? Yep. I was like, if Ihad this cash and sitting here, it's at risk, that's basically what the thesisis. Okay. Is that risk because if we had hyperinflation, are you familiar withwhat happened in Germany during world war II? No, no dirt. Was it during worldwar two or it might've been one or two?
[00:03:01] I think, I think thehyperinflation might've been world war one. I don't remember exactly when itwas, but was it just as the they were getting the Nazi party in it might'vebeen, I'm not, I'm not sure, but at some point during either one or two, therewas hyperinflation. Yeah. Right where you there's pictures of kids in thestreet playing with stacks of cash, stacking them up as a toy because it wasbasically worth nothing.
[00:03:26] They were burning cash at forfuel. So they were doing cause because the government kept printing, printing,printing, actually think it was world war two or after, after world war one,maybe because they had to pay reparations to France, I believe. And what theydecided was okay, we'll keep paying you, but we're going to keep printing it.
[00:03:44] And it, it printed and printed,and this goes all the way back to Roman times and really the first coinage ofmoney Mo money was coined usually through silver, in gold, primarily, right.There's re there's no forms of money. You have something like copper coins and,and things like that. But what [00:04:00] happened is governments are not goodat balance are bouncing their checkbook, right?
[00:04:05] Like they're like, there's noskin in the game. It's like way different than you or I, if we have to, if wedon't balance our Our money or finances, like we'll, we'll be homeless. Like,you know, right. Like, yeah. You know, governments have like, yeah, there's afeedback loop and we have skin in the game. It's it's, it's just like with abusiness, like a business, when you run a business, it's the ultimate test tojust like reality because the free market doesn't give a shit about yourfeelings, right?
[00:04:29] Like if your product is not goodor sucks, we're going to have delivering value to the marketplace. Yourbusiness will not exist. Right. Governments can get away with the though,because of all these other things, mostly violence and, you know, power andwhatever. Right. They can get away with basically not having to balance things.
[00:04:46] Right. But there areimplications of that. And so what happened is I think it was Nero or one of theearly Roman emperors, they started to base in the coins, which means that youwould, they would take in, let's say a gold coin. Or a silver coin that had acertain value that the marketplace respected and then they would remelt it andadd in cheap metals to make the coin, have less silver or gold, and then usethose to buy things.
[00:05:11] Right. Because they were runningout of money because they don't know how to balance the checkbook. You see howthat works? I think I take in, I take in, let's say a pound of gold and now Imelt it and I throw in 10 pounds of copper and I make these coins that kind oflook like they're gold because they're still like maybe half gold.
[00:05:27] Right. And then I have I have 12pounds of gold coins basically. So you're removing, you're, you're creatingfake money basically. And that's what the dollar was. It just, it's justprinted. It's not worth as much. And it gets, and what governments did is theydid it more and more and more like so that it was worth less and less and lessto the point where nobody would take them.
[00:05:43] And usually what coincided withthe. Disillusionment with a government's money. It was actually the collapse ofthat government, or it was like a regime change or something. Like, usually itgot so bad that people like would revolt or they would just want to take themoney anymore. The government had to bankrupt you'd have revolution.
[00:05:59] So a lot of these things like[00:06:00] historically are very kind of coincide. But what happens is overtime, if you debase something or if you keep printing fake dollars, which addsto the money supply people trust it less and less. What happens, and this ishaving an American dollar right now. People we'll trust it for like, as long asthey can because they kind of have to.
[00:06:17] But if it gets to a point whereit's so bad that people are like, I'm not taking your money. Right. And we evenhave this in. Cause we have a global economy like American good is going toeventually print itself to a point where other countries will say taking yourdollars. When that happens, like shit is going, it's going bad.
[00:06:34] And then, then you get like aselling frenzy. Where basically everybody tries to get rid of their dollars.They move into something else. Maybe they buy gold. Maybe they buy silver, theybuy a Bitcoin, they buy a yen. Maybe they buy whatever. And then the doll andthe dollar becomes phony money. Yeah.
[00:06:46] Basically. And what's going tohappen when that happens is a lot of people are gonna be caught off guardmassively, right? Because most people don't own assets. Right. The rich buyassets. Then they leverage those assets by getting loans on them and, orgetting income from them. And that's what they used to buy their fucking toys.
[00:07:05] Like that's the rich dad, poordad. One-on-one buy assets, use the income from those assets to waste yourmoney. If you're going to waste it, right. Don't just spend money. And, andeven more so don't go into debt to spend money on consumable things or thingsthat don't really matter. Right. Which is like, basically the, the poorperson's perspective is like, I make income.
[00:07:26] If I make a thousand bucks amonth, I've got to spend a thousand a month. I got to like spend nine 99 orwhatever. And a lot of people today spend more than that because they go intocredit card debt and that's a whole nother. Okay.
[00:07:35]So he kind of following me onthis so far. Yeah. 100%. Yeah. This is kind of filling some gaps for me too,because like, there are things that we've learned in the past year with likefinancing, financing, financing, our car and, and stuff like that, where it'slike, this is, this is like connecting some dots for sure.
[00:07:53] Yeah. Well, th th that's thebeautiful thing about going down to first principles and also going intohistory. History is something that people just [00:08:00] don't have a respectfor. And even though my dad was a history major and I've always had a littlebit of appreciation for history, it wasn't until 2021, I started looking intothe founding of America and it made me kind of revisit the constitution.
[00:08:11] I started looking into freemarkets. I started looking into a lot of these different things, like a littlebit more towards the political end, because I'd always been ignorant ofpolitics because I just didn't care. Yeah. Kind of back to not caring, but Inow have a better appreciation of what America has done.
[00:08:25] And though America has a lot offlaws. It's still. It's still the greatest land and has brought the mostprosperity opportunity to any. W more than any other country in history,mankind, right? America is still the winner, right? Absolutely. And that'smostly because we have a mostly free market. Now. We don't have a truly freemarket.
[00:08:41] We have crony capitalism andthere's a lot of nonsense that goes on. Whatever. Again, there's hot foranother day, but the beautiful thing about going back to history and understandinglike. Something as simple as like debasing the nursery that they did in Romeand how that might've contributed to the collapse of Rome.
[00:08:55] Maybe we can see that what we'redoing in 2020 is not a good fricking idea. Right? Like they say that those thatignore history are doomed to repeat it. Right. That's why, because humans don'tchange. You know, we have the same fundamental behavior in generally generationof generation. We tend to forget things.
[00:09:12] You know, like the depressionera, like, you know, you know how people that live through depression, how theylike tight with their money and things like that, you know, that like your,your demographic, your mind, like, we have no idea what, like actual hardshipis. Like, we have no idea what it's like standing in a bread line.
[00:09:27] Like we cannot even fathom that.I mean, a week ago in Austin, we ran out of power and I mean, we're stillrelatively safe. We had friends or whatever, it felt like we were in a thirdworld country. It's like, we just, we just have no concept of the shit that canactually happen. My, my wife's great grandfather before he passed away, he usedto tell them like like this guy would go to a Denny's and eat a steak and belike, I'm so happy that we have this option, like Dennis.
[00:09:51] And he was like, this isamazing. And we're like, there's better than she said, they were like, there'sbetter steaks. And he was saying like how he grew up, like they would clipgreens [00:10:00] from the lawn. To make up dinner or they would throw ketchupand hot water and be like, okay, it's our soup for the day. You know, it was,it was insane.
[00:10:10] They were just like makingthings up. We have so much abundance that we have diseases of maternity, whichare diseases of abundance. That's what we have. We have diseases of the mind.We have diseases of the body. More people are dying from laziness and badlifestyle habits than any virus. You know, ever. I mean, I would, I wouldn'tsay ever cause tuberculosis Lowe's has killed a lot of people, but like in themodern age, like people die more.
[00:10:37] So from things that they couldprevent through their lifestyle than anything else, like car accidents,smoking, like nothing even comes close, again, topic another topic for anotherday. So it's all connected though. So let's let's so history important. We'llget back to it. 2020. My financial strategy, right?
[00:10:57] This is what I did. I had money.I'm like, I need to do something with it. I don't want to waste it. I don'twant to, I don't, I didn't want to buy stocks and that they were overpriced.And I actually, in 2020 was in Sandy. Like the economy was shut down and stockswere going up, like what what's going on right now?
[00:11:09] Like, are you serious? In fact,even to this day, real estate and the stock market have reached all time highs,insanely high valuations and the economy, the underlying economy, while we'vebounced back a little bit, like it still doesn't reflect. The pricing, like,it's just, we're in this weird, like it's a bubble, but it's just also a weirdbubble.
[00:11:29] Cause like it's like a blackSwan based bubble and we don't know what really to expect or it's justinsanity. Right. And, and a lot of it is contributing is fueled by the fakedollar system. So I go too deep into this and I basically decided that I needto be a financial prepper. So this is like my financial prepping strategy.
[00:11:46] I bought three things aboutgold, silver, and Bitcoin. Okay. I went heavily into silver because it wasunder priced compared to gold. It's still is pretty over under price. Gold waskind of eating up a little bit. It topped at about 2050 announced [00:12:00] Ithink $2,050 an ounce. It's now back down about 1750, a silver was hoveringaround like 18 and.
[00:12:06] 1819 or 20 when I bought it. Andnow it's around like 27 and then I bought a small percent of Bitcoin. And thisis when the Bitcoin was about $4,000 a coin. Do you know the price is rightnow? Yeah, it's like 400,000, right? No 52. Oh, geez, 400, sorry. A hundredthousand. I'd be, I I'd be driving in Lambos.
[00:12:28]I'd probably sell a little bit. Iknow it's a ridiculous amount. And I know that there's a stipulation betweenthat and Satoshi, which is like the smaller version, which is the, everyBitcoin can be broken down into, I think it's a million Satoshis or a hundredmillion. So think of it as like the ultra small pennies to the, to the Bitcoin,right?
[00:12:48] Yeah. And so I bought moregolden silver because at the time I was just more, I was consuming more contentaround golden silver. I was more, I mean, it has more of a history BitcoinI've, I'm a believer and I have been, and, but I don't know, it was still justkind of like, I hadn't fully. Adopted it, and it still seemed risky to me, youknow?
[00:13:10] So that was then obviously wewent from 4,000 last year. It peaked at 56,000, a couple of weeks ago. Okay.And in one year, like in Sandy, he said right now my trouble, and as I writethis piece, I'm like, I'm kind of like, you know let's see. So this is why Idon't like telling myself. Right. I don't like telling myself I should havebought more.
[00:13:32] Yeah, because that's just like,we're being results oriented. Like of course I should have bought more. Right.But that's easy to say now when it's 50,000, right? Like what if it was only 10right now? Should I bought more? What if it was still forced that I boughtmore? I don't know. So I have to make sure I'm not fooling myself.
[00:13:45] And I want to think about thisreally, really clearly in the quote I use here is Richard, as Richard Finemansaid, I knew I would find spelling errors, but that's good fix that. As RichardFineman said, the first principle is that you must not fool yourself and youare the easiest person to fool.
[00:13:59][00:14:00] Okay. So that, that,that's like a reminder to be very self-aware of your thinking, because rightnow Bitcoin's had an all time high, golden, silver have not been doing likeamazing or anything, but they're not really supposed to. They're definitelymore of a long-term hedge. And so I just have to like, keep that in mind.
[00:14:17] Like, am I just getting wrappedup in Bitcoin mania or do I fundamentally believe that thesis? Right. So Iwrote that piece, this piece city kind of steal my thoughts a little bitbecause I'm. Like all the information I'm acquiring and what I'm kind ofgetting to this point where I'm learning about it.
[00:14:31]Basically I think I'm going tosell probably like 90% of my gold and silver, and I have some other cash fromsomething we sold our house recently. And I'm thinking about putting it allinto Bitcoin. So this is a very big decision. Some people would say it's crazyand it's violent of all tile and whatever, but the more I dig into what Bitcoinis, what it isn't.
[00:14:52] When I dig into what silver andgold, like silver and gold have massive risk and they're price manipulated andthere's mining inflation. There's a lot different things that go with it. Andsome, in fact, some of the things are on gold and silver, right? I'm learningthrough my Bitcoin study. I'm realizing that they're a little bit more riskythan I thought I used to think there were much safer stores of value.
[00:15:09] And I'm thinking that they'renot as safe anymore. Now. I think everybody should have a little bit of it.Cause like you can just never know. And it's still something that if the worldcollapses like gold and silver is going to be like, people will want it. Likeit will still serve that purpose, but I don't need to have a ton of it.
[00:15:23] Right. And so I'm kind offiguring out how, how much I need to have. So this piece is about if I'm goingto take. Like the large percent of my liquid net worth and put into Bitcoin,which we're looking at, like what 10 years now? Right. Very brand new acid,very, you know, very, I mean, it's, it's well understood, but there's stillthings that we might not know.
[00:15:42] Like there's things that couldmaybe happen that nobody can foresee. So I have to just kind of work throughthat now. Let me pause. And what, any questions or what, where are you at withyour thinking on this right now? No, it was pretty straightforward. I mean,it's, [00:16:00] it's something that I've been like wanting to look into myselfand, and, you know, wife talk about it quite a bit.
[00:16:06] And it's it's, I think I'm, I'mwhere you were, where I'm like, is it the mania or is this really like. This,this is about to be where we're going. Is this, is this the direction we'reheaded? You know? And it's like, like Elan's been really big about doge cointoo. And I have like the little I know about Bitcoin.
[00:16:25] I know almost nothing about dogecoin. Okay. Well, let me tell you, don't buy doge. Don't buy anything. That'snot Bitcoin. Yeah. Okay. So I'm a big Bitcoin maximalist which basically meansI'm a true believer in Bitcoin. It is the, actually the only decentralizedcrypto there is everything else is just like, they're just trying, you know,there's a money grab.
[00:16:45] There's a lot of scams. There'sa lot of things that my promise of utility coin, but people don't understandthat those are not stores of value. They're not going to be money. They're likeif they win, they might win to have some business use or whatever, but they'renot going to be like what Bitcoin is.
[00:16:58] Bitcoin can actually be. I mean,Bitcoin is the future of money. It's probably going to be the thing that. Thatis the underbelly of the future of humanity. Okay. We're talking aboutgovernments changing because of Bitcoin, right? Centralized control, which istypical nation state through Bitcoin. And through the sovereignty, it affordshumans and through the inability of governments to control Bitcoin gives humansthe ability to become more sovereign, which will eventually lead.
[00:17:25] Like there's a book writtenabout this called the sovereign individual. The theory is that the internet.And these decentralized models and these kind of like lack of control thatgovernments have. I mean, governments will keep running Zuora control, butthey'll fail more and more. As things become more decentralized, these aregoing to eventually lead to a crumbling of the big consolidated power Statesinto smaller States.
[00:17:43] So for example, Texas couldsucceed to become its own country. Yeah. Right. And then if Texas and the restof us, or maybe California, Texas, New York, they all become their own States.Right. Then you have free market forces because what happens is then. How youget treated in Texas compared to California in New York [00:18:00] is going todetermine where you go, right?
[00:18:02] And so money is this form ofenergy, this power source that allows the individual, you and I, to control ourmoney, to not need some government to protect it or, or issue it or do anythingand basically control it. And the government can't steal it. They can't alterit. They can't, they can't print more of it.
[00:18:18] It's completely secure. It'scompletely not subject to inflation, et cetera. This gives us political powerand it lets free market forces come into play. Okay. So the other thing I didin 2020, it was, I got passports for the whole family. Right? My strategy wasif I had Bitcoin, if I golden silver, and if I have a passport, then if, if theUnited States decides to do some crazy like mandatory vaccine, Or they do like,you know, vaccine passports or whatever, or they do like other things wherethey mandate things.
[00:18:49] We will leave the country.Right? So that's, there's a little bit of that free market there because I cango like to Mexico where I can go to the Philippines or whatever, I can justlike bounce around and become like a global citizen, as long as I have realmoney, which is, you know, as of right now is gold, silver, and is pretty muchthe primary forms of real money.
[00:19:06]And that will give me sovereigntyof, of, of my family. Right. So that's kind of like my escape plan slash backupstrategy, whatever. Well, as Bitcoin becomes more of a thing, more adoptedstronger it, it brings more sovereignty to individuals, right? Yeah. You kindof follow that. Yeah, absolutely. You what's the word, you know, you just have,you're able to make decisions for yourself.
[00:19:30] You have control over everythingbecause. The dollar isn't effected by your government. It isn't a FA but yourmoney isn't effected by the government. The dollar is because every time theyprint money, right. This is what people don't understand. So this is a reallybig thing. Right? So Ramada, how much, like you got a checking account or likea spending account?
[00:19:48] How much money you have inthere? About $60. Okay. Yeah. $60 in there. Well, guess what, if you leave thatin there for a year, you now have you now only have 97% of that money. [00:20:00]Two years you have 91 to 2%. Right? So what that looks like is let's do themath 60 times 0.9, seven. So two to two and half dollars.
[00:20:10] Let's say $200 after 10 years,if you leave that $60 in there, you have a 60 times point I would put about 65.You have about 40 bucks left. After 10 years, if you did nothing, but let itsit there now. Now think about that a second. If I go in your bank account andevery year I secretly siphoned off $2 and then 10 years you have 40, what?
[00:20:37] I've committed a crime againstyou. You to me. Yes. Why? Because that'sstealing, but there's something weird about the big, and this is something thatI I've been thinking about last year that like I had this, like, I'm glad we'rehaving this conversation because I had to like stop. Cause it just gets, I getangry and I'm like, well, what can I do?
[00:20:57] You know? It's actually like,you can do, but that's good that we're talking about this. Yeah. There's a lotyou can do. And that's what Bitcoin does. Is it empowers individuals that's,what's so glad because like, I would call my bank. If I found that you couldsay, I didn't know, you in Texas was take worse, was siphoning money from myaccount and they'd be able to, then there'd be some sort of recourse, but thebank doing that to me or the government doing that to me, what have you, I justlike.
[00:21:24] I just take it. Well, guess whatif I do it, it's a federal crime, right? We're talking about a felony. Yes. Ican actually go to jail for probably like minimum five years. Like, and if Iget a good deal too, and the sentence would actually be 10, right? If I took$20 of your 60, over 10 years, slowly, drip, you slowly steal from you.
[00:21:44] I would go to jail, right. Butbanks don't go to jail. Right. Governments and it's really governments, banks,like, you know, whatever you sign up for their accounts, you agree to theirstupid terms of service. And they like ping you for fees and shit. And like,it's a big scam, but people at least voluntary sign up for that.
[00:21:59] You're born [00:22:00] into theUnited States and they say, Hey, here's your tax bill. Hey, you know, every,your paycheck on your first job, we're taking 20%. You have no say in any ofit. Right. And then the thing that really, really should piss everybody off. Isthat they can legally go in your bank account and they take $2 to $3 of your 60every single year, right?
[00:22:21] Or if you have a hundredthousand dollars, let's do the math. Look at this. So a hundred thousand one,two, three times 0.03, that's $3,000 a year. The government is stealing fromyou. And this is, this is above taxes. Yeah, that's the thing. The governmentis already taken for some people 25 to 45% of their money.
[00:22:40] Okay. Then they're taking 3%,which is like an average, but in some years it's actually higher because of theinflation rate is kind of goes up and down and nobody really can track itbecause they printed so much damn money that we have no idea what it is. If youactually look at assets, Real estate stocks are at all times all time highs.
[00:22:56] Some people believe we're atlike some kind of average around 10% inflation in assets, which meaning that alot of money's flowing to assets and they're overvalued because of, you know,money printing, more dollars in the system, you know, inflationary things. Alot of some things I don't really understand, but it all kind of comes back tothe fact that every dollar, the government prints like every extra fee, adollar, which is a fake dollar, basically that they print, they steal money outof your bank account.
[00:23:23]Right. Do you understand thatthough? Essentially to back it? Right? What do you mean tobacco to back it?Like they're making up for what they're printing? No, if they print dollars,right? More dollars makes your spending power go down. Okay. So that's whatinflation is. They call it a silent tax because you don't see the numberchange, but why do companies raise their prices every single year?
[00:23:49]Every single year. Most peopleonly realize it every single year companies raise their prices. Why do youthink that in 1920, I could get a [00:24:00] suit, a nice suit for 20 bucks,like a thousand dollars suit today for 20 bucks, right? Or a pair of shoes forlike a dollar. Yeah. It's a hundred dollars for like a nice pair of shoestoday.
[00:24:10] And sometimes even more thanthat way more that's inflation. Right? Because since we started printingdollars in doing this Since the dollar fractional reserve banking system.Right. And I'm a little fuzzy on the timeline. I mean, I know Nixon took us offthe gold standard and that really messed us up.
[00:24:27] But even when we were on thegold standard, which were dollars were connected to gold or real estate thatkept some kind of stability, we were still using fractional reserve banking,which means that like, if you give a bank $10, they can now loan out a hundred.I don't know if you, if you realize that I, I kind of learned that this yearwe're like just having a checking account is how banks loan money.
[00:24:49] Yeah. And all they have to do islike, have the numbers in the account and then they're allowed to basicallymake up loans on paper. Yes. Right. And that contributes to an expanding moneysupply. So that is kind of a form of inflation. Now there's some things inthere that I'm not like an economics background.
[00:25:03] And like, I have some friendsthat know the stuff, like way more clear than me, and I'm very much a studentof this Let's just say that fractional reserve banking plus the government'sability to print dollars, right. They basically just created out of thin air.You get a tax called inflation and that's why in 2020, I'm concerned aboutinflation going out of control because.
[00:25:26] We've seen in places likeZimbabwe, for example, they have a trillion dollar bill. Yeah. And it buysnothing. Like people just, they, they, they put it on their walls, a souvenir.Yeah. Right. Because they had so much inflation that the only way to get peopleto accept, like even a little bit of money is they had to create trilliondollar bills here.
[00:25:42] Here's truth, $2 trillion forthat gallon of milk, basically. Yeah. Right. That's the, that's the crazinessthat I can get to another country with this happening is Venezuela. I don'tknow if you've been looking what's going on, but silver, for example, withtheir Bolivia, I believe is the name, the currency.
[00:25:59] You can [00:26:00] get an ounceof silver for like, it might've been like a hundred Bolivia or 200 or something.Right. Whereas it's 30 us dollars right now, or 27. Well, I believe today it'slike a hundred thousand Boulevard to get announced a silver, right. That's amassive inflation. Okay, because they mismanaged the government, they printed abunch of money.
[00:26:19] It's the same story. Governmentsrun out of money. They don't think about it. Governments also have to pay othercountries. It's not just like they can put in their own country. They're goodto go. Like governments very much depend on global traded things. A lot of, alot of governments have to buy fucking food from other countries.
[00:26:34] Right. Or like certain like oilor whatever. Right. So like you need money if you run out of money. You know,your garment can basically be toppled because then you can't pay the military.You can't play for protection and then your citizens revolt. Right. So there'svery for dictators and things like that.
[00:26:48] There's a very strong incentiveto, to, to print money and with any government, when they want to spend moremoney, like why would they just not print it? Like, you know, usually whatpoliticians can do is they print the money. And then they let somebody elsedeal with it later on. Right? Cause a lot of times these things can take time, butI was concerned that maybe in 2020, we hit this tipping point where we havemassive inflation and it comes really fast and it, and maybe that's like 20%.
[00:27:12] I mean, there's been periods oftime in America where I think we've had 20 or 30% inflation, which means thatif you had a thousand dollars at the beginning of 2020, And we had 20%inflation. I now have $800. Yeah. Maybe that fluctuates between 600 to 900 andkind of goes around any day of the week. My money, you might be like, buy me nothingor buy me like a little bit more, a little bit less, like talk about theuncertainty.
[00:27:36] Like you're just holding money,you earned and you don't even know what's going to get you. Right. That's avery destabilizing thing for, for culture, for people, et cetera, mean that'swhere any questions yet and no, you're absolutely right. And kind of going backto like a call back on the regime change thing, this makes a lot of sense.
[00:27:54]Just before the Nazi party cameinto power, which was the Nazi socialist party [00:28:00] there that theinflation that you were talking about before, where kids were like playing inthe streets. I believe that was around the same time. And people wanted thatchange because they thought, Oh, well, let's go into socialism.
[00:28:11] Let's see if that's adifference. Yeah. They promise to fix, they that's probably what it was,because I know that Hitler's rise to power. He was very much was blamed theJews. They're the money people. They're the reason our money is like havingproblems there. The reason we have inflation, let's get straight to just takeour money back.
[00:28:29] Like it was that typicalnationalist pride thing of like promising the people that you're going to solveall the problems. Right. And you, and when you have massive inflation wherepeople are starving and burning money for fuel, and you have craziness likethat, people will believe anybody. Like they want, they need to believe tosurvive because they've known their choice.
[00:28:47] Right. And so I do believe thatthat probably is what the timeline was. Yeah. And that, that ties into, youknow, that's kind of connecting the dots for me with what you're continuing tosay. Cause I'm like, yeah. I mean, we just basically had a regime change in asense. And it's, you know, it doesn't look any better.
[00:29:05] It actually looks much worse.We're this regime quote, unquote of this political party wants to further printmore money. Yeah, man. There's there's, it's weird. It doesn't feel good, you know,and it doesn't look good. Well, it's like, you know, it's like Morpheus tellingNeo, like, you'll see just how deep the rabbit hole goes.
[00:29:26] Yeah. That's what happens whenyou look into any of this, like when you, when you hit that inflection pointwhere you basically go from, from being unaware and asleep to, to woke. But,but a good woke, not like the wo common SJW woke. In fact, it's not, it's notbeing woke. It's being awake. That's what it is.
[00:29:45] Oh, wait. And noticing thetruth. Really looking at the things you're seeing clearly. Yeah. Yeah. That'swhen you can never go back, it's like you do literally take the red pill andyou can, you can't, untake the red pill. Like you then already know what'sgoing on. [00:30:00] So we could go on and on about this, but let's, let'slet's.
[00:30:03] Let's do these bullet pointsthat I put in this article, which you can find over, call them by coach cinemaarticle section. I'll have a link below let's go through the quick points aboutBitcoin and then you as, as someone completely new to this, ask me questionsbecause I have no idea where you're at and then I'll try to offer somesuccinct, like ways of thinking about this first principles.
[00:30:23] But yeah, we'll do that at theend. So here. Cool. Here's my primary points. There's no form of wealth sourcesthat can compare to Bitcoin. So Bitcoin is the only form of money ever createdthat is not subject to inflation, gold, silver, and Fiat all have inflationrisk. So gold inflation is where they mine more of it every year, pretty much.
[00:30:43] Right. And so what that means isthat the supply of gold keeps growing. That's inflation. Inflation is anythingthat contributes to the supply of something so that it becomes less scarce,right? Because something to be have value, it has to have scarcity rarity,basically scarcity. So like if you're in the desert and you have no water, it'sthe most value you'll pay any amount of money for it.
[00:31:02] Right. But if you're, you know,in modern society where there's like fountains of water and you complain. Youactually don't even pay for water. You just go to water fountain, right? Solike, obviously environment can contribute to this, et cetera. But you seeplaces where they don't have water, they spend like most of their paycheck onwater.
[00:31:18] Yeah. Right. So like, scarcityis important. Understand this. So if you have dollars. People accept thembecause they have a certain level of scarcity. It's hard to get a hundreddollars. It's hard to get a thousand dollars. If I start walking outside in,you know, mother nature decides to reign dollar so that every other day it'sraining dollars dollars will no longer be money because it will not havescarcity and it will not be a means of exchange.
[00:31:41] Right. Okay. Yeah. So Bitcoin isthe only money ever created that actually has true scarcity. It's. It's. Likeit's, it's incredible. Right. And we'll get more into that a little bit. Sothere's no other form of real stores that is resistant to manipulation. Allright. Now I'm not going to go into like blockchain, which is a buzz word anddecentralized [00:32:00] decentralization, and the way it actually works.
[00:32:02] But basically you can'tmanipulate Bitcoin, right? Because you would have to shut down every singleminer you'd have to basically shut down the internet and you can't do it right.That is called that that's what decentralization is. So consent. Centralizationis the U S government or the fed plus somebody.
[00:32:22]And they, they ha they, they,they they're powerful entity. They control something, they make decisions.They, you know, they vote, the board decides whatever, and then they enact it.That's the centralization. And what do you get with centralization of when you includea bunch of humans together in power? What do you, what do you think you get.
[00:32:38] Centralization, right? Yeah.What do you go with centralization where you have like a small number of peoplemaking decisions for something or a large group of people. You just have thosepeople's agenda being kind of spread on there. What they want to other people,not necessarily for the, for most people, it might not align with yourincentives and you also get corruption.
[00:33:02] Correct. Right. Because they saypower corrupts, absolute power, absolute crops. Yeah. And I mean, even if we'renot trying to be, be corrupt, they might just have different ideas about theworld. Right. We know that there's 6 billion humans. We also know that there's6 billion perspectives. Right. And I know that there's a lot of people on theplanet that I w I don't want them having any say in my life if possible.
[00:33:24] And so that's the importance ofsovereignty, right. So, Bitcoin though, can not be altered because it's a decentralizedmodel. So you can't come in, you can't hack it. Right. In fact, this is what,this is a good teachable moment. So Bitcoin cannot be hacked or edited. It's apublic ledger. It's decentralized.
[00:33:41] You can't like manipulate it.Okay. You can manipulate it by buying and selling. And some people will thinkyou can manipulate the price that way, but that that's its own thing. So. If,if I have Bitcoin and I have it in a wallet, or I have it it's basically justpasswords. Like that's what it is. Like you have a password [00:34:00] to, to akey, you have private key and you have a public, a public address.
[00:34:04] And the key unlocks the addressthat proves that you own it basically. So the way you can get hacked to loseyour Bitcoin is if you give somebody your password, it's just like, if you givesomebody your bank password and they, they wire all your money out. Yep. Okay.Same, same concept. Right? If they steal your identity, they get access to yourbank account.
[00:34:20] They take all your money. Right.And there's risks there. It happens all the time. Okay. So this can happen withBitcoin. If you don't take your security very seriously, or if somebody hacksyour phone and they can figure it like your passwords laying around or whatever,a lot of the encryption today in two factor, there's things that can preventthis, but that's the only real way to get hacked.
[00:34:36] It's more than identity accesshack. It's not a Bitcoin itself hack because you can't hack the network becausethe network lives on a bunch of computers. Right. And nobody knows where theyall are, you know? And if you, if you knock one down, another one will pop upright. To very antifragile perfect system.
[00:34:53] Right? So this is resistant tomanipulation. Gold is manipulated because the supply could be released into themarket in a certain way. The diamond market is an example. De beers takes indiamonds. They control it, they release what they want. They create artificialscarcity and they price manipulate the market.
[00:35:09] Right. JP Morgan has beenmanipulating prices of gold, silver for years, they just got fined a billiondollars last year. They're probably still doing it now. Right? Which means thatthey can do things with paper paper prices. And a lot of the price of theactual metal on the markets are tracked based on paper.
[00:35:25] If they want to keep it low,they'll do these different things to keep it low. And if they want high, theycan do different things to keep it high. Right. It, it, it, I mean, theyshouldn't be allowed to deal with this, but they just pay their fine. And thenthey get back right. To doing it. So it's a billion dollars to JP Morgan islike, right.
[00:35:43] That's yeah. That's not stocks.Right. We all, we already saw with Robin hood GameStop and all that. Like it'scrazy power struggle, manipulation. And just in Sandy, but you can't do thesesame things with Bitcoin. All right. So the other risks, this relates to goldand silver. So gold is very [00:36:00] expensive to move.
[00:36:00] Same thing with silver. In fact,When I owned, I bought silver and gold through this app. They charge youstorage fees and they keep it in a vault somewhere. Well, if world war threecomes around, I'm not getting my gold or silver. Like you think they're goingto give a shit about sending me my shit? Like, what am I gonna do to show them?
[00:36:17] Like they don't care. Right. Andif you had gold and silver and you were storing it for a hundred years, go backa hundred years. You would only have access to it today, if you were lucky tohave it in one of the few banks in a few of the major cities around the world.Why? Because most banks failed, especially through the world Wars.
[00:36:36] Imagine having your money inFrankfurt, Germany, you're fucked. You're not getting your money. Are youkidding me? In fact, they were talking about how the Jews that had a lot of themoney that wants to get out of the country. Some of them were paying 90% ofthe, of, of their wealth to get out basically 10% of the country.
[00:36:52] So if you have a milliondollars, you're basically getting a hundred thousand. Yeah. Like just, yeah.It's like the most crazy ATM fee in the history of ATM fees. It's like, yeah.Any time, if there's some major social unrest or world war, whatever. Yeah. Sothat's called a custodian risk. It basically means that whoever's storing yourmetal.
[00:37:13] Can just F you, right? Yeah.Yep. That can be, yeah. A big one. Right. I can go anywhere in the world.Nobody can steal my Bitcoin. They can't take it from me. The only thing theycould do is they could like force me to give it to them or whatever. Andthat's, you know at that point in my physical safety, like whatever, take myBitcoin as long as I live.
[00:37:29] So, but that's true of anything.They can take my goal, they can take my silver, they can set my bank accountand make me go to the bank and wire it out. Right. Whatever. Right. So. For theother reason, again, this is how I'm thinking about Bitcoin and how I'm nowthinking about what I want to do with with my, with my finances, basicallytraditional assets, real estate stocks, bonds, gold, silver, whatever mostlyreal estate and stocks and thinking about because I don't really want to havegold and silver for the reasons we talked about.
[00:37:52] And I don't want to have as muchof it, but traditional assets like we talked about are at all-time highs. Herein Austin. It's [00:38:00] insane. You want to buy a house? You're, you'recompeting with like 20 offers, like shit is on the market, like a day, and thenit's gone. Like, it's the Sandy, right. We're just trying to rent a place.
[00:38:07] And that was hard. Yeah. Ibought our house in Wimberley, which is an hour outside of Austin. It's a verynice city. It's kind of expensive. We got a nice 10 acre property with a nicebig house. And I bought that for $715,000 a year ago, right before thepandemic. Okay. I was concerned about when we want decide to sell it, that Iwouldn't get enough because I learned the hard way that when you sell realestate, you're usually paying 6%, which is just insane.
[00:38:33] Yeah. Right. You pay the buyer'sagent and you pay two to sell it yourself. Right. Buyer gets 3%. I paid threeto, to my agent to sell that. Is that for my, let's see, it looks seven, 15times 0.06. That was $42,000 commission. I had to pay. Right. Like sometimes Idon't even get how people make money in real estate.
[00:38:53] It's insane. Like, yeah. So whatI decided is I'm not paying my sellers agent more than 1%. Right. And we got afamily friend to do it. She actually did it for $5,000. Right. And it wasactually good for her because it was a very easy transaction transaction. So wemanifested that we're going to sell this.
[00:39:10] We listed it for $875,000. Ibought it for seven 15, one year ago. Right. We got a full price asking offerwithin two days of putting it on the market and they, they hadn't even seen theproperty. They just, they wanted it. So you were just ready to go. They'reready to go there. Yeah, they're ready to go. It's a unique property.
[00:39:29] So like, but he'll move fromCalifornia and, and it's you know, the, the pandemic made people be moreinterested in rural areas. Right. And so there was a lot of things in ourfavor. But I almost think I could have asked 900,000. I would've got, Iwould've got it. Right. Yeah. But that's an example also though, of like bubbleterritory and just the massive amount of inflation that is in the market.
[00:39:51] Like they're giving out loansfor like no interest, right? Because these banks have all this money from thegovernment, they have to lend out. That's basically how they get money into thesystem. So people think that they [00:40:00] print dollars. Well, they don'treally do that. They actually just go to a bank, a bank buys a bond from them,which is like basically an interest free loan.
[00:40:08] Right. And then that bank haslike $10 billion that it has to lend out. But if you factor in fractionalreserve banking, I think this is how it works. I might be wrong in this part. Ithink they can lend out a hundred billion, actually get that 10 billion becauseof the nature of that. But that might be wrong because it's like a note, Idon't know either way.
[00:40:27] They, they, they put a bunch ofmoney to the market and they have to give that out and to get that moving. Sothe velocity of money, they got to get the money moving around. Right. So it'snot like they're printing dollars and like just dropping it. Although with thestimulus checks, that's kind of what we're moving to.
[00:40:41] And this is what a lot of peopleare thinking. It's the beginning of your universal basic income. And it's thebeginning of a socialist state because when the government is circumventing thebanking system and just says, here's money, right? That's that's like step oneof socialism cause just is to get worse because now in the future, nopolitician is going to come out and say, I'm going to take a thousand dollars amonth away because they'll never get elected.
[00:41:03] No. That's why they say that'swhy Lennon said democracy is indispensable socialism. What that means is thisdemocracy, which is basically mob voting mob rule. So 51% of the country wantsit. It happens. We have the electrical electoral college is supposed to preventthat a little bit, but it still ends up being, yeah.
[00:41:20]When the Paul physicians say thatI'll give you money and then Americans get used to it. You're never going backbecause again, You, you set the precedent and now every voter will only votefor people that will keep giving them money. And what's likely to happenbecause, you know, politicians are, they'll say whatever they can to get thevotes.
[00:41:38] That's all it matters. They justwant to win. Right. They will not promise more money and it will go on and onand on and on. And that's another factor that's, that's contributing to what Ibelieve will be the collapse of the American economy, the American dollar,always different things. It's kind of like the Bill's going to come due.
[00:41:53] It's going to be very bad. Butif you look at the stimulus checks, and if we think that kind of gets us intouniversal basic income territory [00:42:00] territory, which becomes like the,basically the bootloader for socialism, right. It will get worse and worse andworse. And what will the government do when it needs money?
[00:42:08]The borrow? No. What does it do?It just makes more, it makes more of it. Right? Which increases inflation.Which increases the likelihood it's going to collapse because people are gonnabe like, enough's enough, I'm sick of this. Right. And when that happens, whenyou have companies going to other countries like billion dollar corporationsmoving their headquarters, right?
[00:42:27] A lot of these companies canwork anywhere. Why the fuck? They don't need to be in America when thathappens? We have, we can have a very quick downward spiral for the economy, forthe dollar, for everything. It can go very bad. Okay. I don't want that tohappen because a lot of people are going to die. It's going to suck.
[00:42:40] Right. Yeah, but my family isgonna be protected and you better believe it. So this fourth, fourth point hereis there's one all time highs in traditional assets. So I don't feelcomfortable putting my money in real estate because I'm going to overpay likecrazy. And I, and I don't want to buy stocks because they're manipulated andprices are crazy as well.
[00:42:55]So if I can't put it in gold, Ican't put in silver. I can't put it in real estate. I can't put it in stocks.Does that mean I have to let my money sit there and let the government juststeal it out of my bank account because that's what's happening. Yeah, wetalked about before. If I take money out of your bank account, physically, it'sa federal crime.
[00:43:10] The government can print money,increase the money supply, which lowers your purchasing power, which is fancyway of saying your dollars are now worth less money because the government didsomething and they already do this every year, 3% a year is like a constant,which means over a hundred years, if you just keep your money, all your wealthand do nothing, you will have.
[00:43:32] I think it's so a hundred. Imean, I think you would have almost no money. Like, I, I don't know the numbersI'd have to do the math, but you, you, you would end up if you had a milliondollars over a hundred years, you might end up with like 10,000 after a hundredyears or whatever. And then just letting it sit, just letting it set.
[00:43:49] You did nothing with it becausethat's what inflation does. It just, it steals from you without actuallyphysically taking it. It seals from you every single year, forever. Right? And[00:44:00] that puts all the combination of increasing money supply and trust, eroding,whatever it is, moving towards destruction.
[00:44:08] Right. We just don't know whenit's going to happen. We don't know what this destruction is going to looklike. We don't know how bad it's going to be. So nobody with any sense isdebating. Whether it's going to happen. Now, there are some economists and alot of these people get paid by the government and they, they basically getpaid by wall street to prop up the narrative.
[00:44:25] Right. A lot. There are peoplethat try to like, prevent say this isn't a big deal, but they're just frauds.They're straight up. They're straight up fraud. And even if they believe whatthey're saying, they're delusional. Right. So you do have some of theseeconomists have no idea what you're talking about.
[00:44:37]They basically are like, Oh,well, it's worked so far since Nixon. Right? So it must be fine, but it's like,dude, what are you even paying attention to the inequality and all thecraziness that goes on? Like you, you, you are so detached from reality. Likeyou shouldn't even have an opinion. That's kind of what those people aresaying.
[00:44:50] Right. We are, we are headedtowards destruction and 99% of Americans are going to be unprepared, right? 99%of Americans don't have gold. They don't have silver, they don't have Bitcoin.They don't even know what a Fiat dollar is. And that's very fricking scary fora lot of people. And for me, it's always like, It's like the kids are gonnasuffer.
[00:45:11] You know, there's gonna be, alot of people are gonna suffer. It's going to suck. The kids have no say in thematter they don't even, they're not even worried these things, you know, theparents should be kind of aware. They're just addicted to the matrix. Right. Soanyways, those are the four that's where I'm at with thinking about now puttingmy, my net worth in Bitcoin.
[00:45:27] Now, where are you at with thesethings in your understanding before I talk about. Like real quick, like howawesome Bitcoin is. Well now this, the transition into what, what you want tosay next I am at what is, what exactly like, why is it value? What gives itvalue? How is now Bitcoin use as with purchasing power, you purchase with italso, what is the state of Bitcoin globally?
[00:45:56] Where, where can you use it?How, how [00:46:00] universal, like, like, can I go to the Philippines and payfor my hotel? Stay with Bitcoin. So you, you, you can, and you can't, let'sjust assume that there's no way that you can do business with Bitcoin. Right.In fact, my battery is in tight, real quick and plugged in.
[00:46:15] So if you couldn't do anybusiness with Bitcoin, right. That would not matter why, because you can alwaysconvert it to a Fiat dollar and then use a few dollars. So you can convertBitcoin to any other form of currency. Yes. Yes. You just have to find somebodythat's willing to buy it and you'll always find somebody that's willing to buy,basically.
[00:46:34] Yeah. Yeah. As of right now, I'malways gonna find some that's gonna buy gold or silver. Even if I have to liketake a little bit of hit on the price, somebody will buy it. Like there's amarket for it. Right. And so that exists for Bitcoin. And right now people arein buying mode, like crazy. Like if you have any Bitcoin and you want to sellto me and you need the cash, if I can get it from you for a little bit lessthan what I can get it, like on the market, I'll buy every fucking penny youhave.
[00:46:56] If I can afford it, you see whatI'm saying? And then you'll get American dollars and you do whatever you wantwith them. Right? So like people Bitcoin, the way you think about Bitcoin isthis like. Like golden, silver, physical. And they have value because peoplerecognize it as money. Right. But if you could take golden, silver, and youcould convert it into bits and then you can store it in like the cloud, youwould do that because moving golden, silver is very expensive and risky.
[00:47:22] Like if you want to move like aton of gold, it's like a hundred thousand dollars to like fly to anothercountry. Yeah. Like it's insane. Like it doesn't move. Bitcoin moves at thespeed of light. And he goes with me anywhere because all I need is access tothe internet and I can get my money anywhere in the world.
[00:47:37] I can get with my key. Right.Yeah. So if I could take gold and silver and put into the cloud and it's justnumbers, right. And you can't, you can't change it, alter it. Like nobody canfuck with it. You would do that. Right. That's what Bitcoin is. Bitcoin is justtaking money, which is just a store of energy.
[00:47:55] And that's a really fascinatingthing that I won't even get into. But basically money is a form of energy.[00:48:00] Like money is enter something converted to energy, and then themoney stores, the energy. So like, for example, if you work for 10 hours for meand you move a bunch of shit boulders, I pay you money.
[00:48:10]That money represents energy thatyou put out of your body. My ex my, my output, your ex your output, right?Yeah. It's always some form of like time. Like if I buy a Ferrari, why am Ipaying more for Ferrari? Well, it's hand-built yeah, more times, you know,custom parts. The, the materials they use are better, which required morerefining, more pulling out of the ground, more mining, right.
[00:48:33] It always comes down to someform of energy transfer. Like for example, what is processed food? Processedfood was like revolutionary for world war II and like America and everything,because it was a way to store energy in a shelf stable way. And right before frigerators,you had like ice boxes and there was a big ice industry.
[00:48:51] Yeah. And what did you do withfood? You had to eat it or it went bad. Right? So I shopped and you cooked. Andlike, it was like very immediate, you know, and before that, what did we do inthe wild? We basically caught food, ate it right away. As we've been able toremove ourselves from that process, we can take energy stored in a cabinet or afreezer or whatever, and then we can go spend time building trains, planes,automobiles.
[00:49:12] Yeah. Right. So this is where itwas really fascinating. And like that sailor series is so fascinating becausehe goes into, I'm going to, I forgot to plug in. Hold on. I'll keep talking andI'll forget to plug in. This is awesome. This is really awesome. Yeah. It's sofascinating. Yeah. Let's see here,
[00:49:30]I'm even happy that, you know, soI won't get too deep into the rabbit hole of like energy or whatever. Right.What all money is, is a storage of energy. And it's like a promise of thefuture. It's a security, right? It's you basically taking some kind of likecreative output or some kind of value, you know, value, energy.
[00:49:50] You can say the same thing youput into this thing, this money. That stores so that you can use it later,right? Think about a can of like beans, [00:50:00] right. It's energy and acan, if you're starving in the forest, you open that can, and it gives you moretime to live. Correct. That's what money is. Right. You know, like the idea,like I need enough money to pay my bills.
[00:50:14] Well, your bank account is a wayto make sure that you have a place to live in three months. There's storageaspect. that converts to energy throughelectricity, through food. Right. And then this is really fascinating. It's sofascinating when you think about, I've never thought about money as energy, butit makes so much sense when you, when you translate that way.
[00:50:34] So if money is energy, Thengolden silver were used as a store of energy, mostly because it was hard. Itwas heavy. You couldn't, it wasn't easy to like manipulate, like you couldn'tput fake metals in it, like you'd test it. And. It was really hard to get outof the ground so that that's, that's called hardness.
[00:50:51] And, you know, I won't really, Iwon't really get into that, but the reason gold and silver were used as moneyis because there wasn't a ton of it. And you could kind of control the supplycopper and things like that because we pull so much of it out of the ground.Like it wasn't good for money because like maybe one year we pull a bunch of itout and then one year we don't pull as much the price and fluctuate gold andsilver became pretty constant that we could pull like a certain amount over ayear.
[00:51:15] And there's something known aslike a stock to full ratio, which is basically like how much comes in and isused or whatever. So Bitcoin is the ultimate form of money because it does allthe things that gold and silver in any kind of money is supposed to do. And itcan't be stolen. You can't, it can't be taken from you.
[00:51:32] It can't be edited by governmentor, or inflated by government. And it can't be inflated by mining. In factBitcoin mining, every year you get less Bitcoins. So it has true scarcity. Youcan't add more Bitcoin, you can't, you can't fuck with it. And every year youget less of it, true scarcity plus a limiting supply, which is increasingscarcity.
[00:51:56] It is the perfect way to storeenergy, [00:52:00] right. Which is all money is, this is like the big aha forme in the last few days. Where I started thinking about it from firstprinciples. And I start thinking about like energy and how it's stored. Andthen I thought about like gold and silver. And I thought about like, what arethe purposes of gold and silver?
[00:52:14] And in any like thing that yousay is real money. And I do believe that silver and gold are a form of money,but they have more risk than Bitcoin. I believe that's kind of the thesis I'mgetting to at this point. And so Bitcoin is just becoming the more I thinkabout it, the more I talk about it, it's becoming the, the.
[00:52:31] Best form of money ever created.So the question was, can you use it anywhere? We established that. What was thesecond question? Then, I mean, you answered the, kind of the second part, whichis like the purchasing power, which is like, well, the purchasing part was thatyou can now access other forms, that value you can get other forms of the Fiatdollar dollar, whenever, wherever you are.
[00:52:53]And then I, I think my otherquestion would, would probably be then the VA. How, how does it fluctuate invalue? How did we get from 4,000 to the 44,000 if it's not made liquidated bythe market? Yeah, there's, there's definitely price many places in the short termbecause people are trading it and trying to make money off the spread andthings like that.
[00:53:12] Right. They're trying to makemoney off the volatility. I shouldn't not spread volatility, so yes, thathappens. But. That's true in the stock market. If you buy a stock and you wantto own it for six months, Yeah, it's purely gambling, whether it's gonna be upor down. Right. Right. And every day, like everyday shorter than that, right.
[00:53:28] Is pure gambling. And people dothat. Some people do it and they convince themselves they're making money andthey make money until it doesn't work. And then they go broke. Right. And like,I am like most traders don't, aren't successful. It's just like most pokerplayers, most poker players. Convinced themselves.
[00:53:41] They beat the market when allthey really do is go up and down for a long period of time and they don't tracktheir numbers. So they don't know if they're winning player and they justconvinced themselves that like there were winning player that that shouldhappen. So I'm telling you, humans are supremely delusional, right?
[00:53:54] So Bitcoin is very much in itsinfancy adoption [00:54:00] stages, right? So Michael Saylor from microstrategy, micro strategies company, it's a publicly traded company. They bought400 million Bitcoin. He actually just took out a billion dollar loan. Againsthis, I believe his current holdings to buy more Bitcoin.
[00:54:14] He's taking out loans to buyBitcoin, the guy, he knows what he's doing. Right. And I'm actually consideringdoing this. I don't re I don't recommend anybody do this. Don't take leverageout. You don't need it, whatever. But there's some things that I am thinkingabout that, whatever may I'll talk about it later.
[00:54:31]Right now, my main decision isjust the, where, where to park cash. That's my main concern. I want to takecash. I don't want, I don't want the government to steal from me. I don't wantto just sit in a bank cause even banks can fail. Right. And that was a big fearof mine in the beginning of 2020. I told my wife, I was like, let's we gottapull all the cash we have.
[00:54:47] Cause we'll call the bank thatshouldn't have a, any day. And banks don't have the money on hand. Now grant,you know, Brent, he went to Vegas one year and this was before it's evenhappening. And he went to a bank in Vegas and he wanted to pull at $10,000.They didn't have enough cash, like a branch bank dude, because nobody, wereally went in there and bought, maybe most of the consumers don't even havethat kind of money.
[00:55:10] And so he comes in and he like,you know, he's kind of like a black Swan for their averages and he's like, giveme 10 K. And they didn't have, yeah, like, can you believe that? So th that wasmy fear. That was the, it's a, it's a legitimate fear. And there's other thingsaround fed coin and negative interest rates.
[00:55:24]People don't realize like, Theremight be some things like negative interest rates, which means if you put yourmoney in the bank, the is going to charge you money every, every year. Yeah.Like, think about that. That's insane. Like who would keep your money in there?That's why they're talking about doing something like a fed coin where the fedcan control it.
[00:55:40]It's basically a digital walletand they control it. So if they want to charge you for that money, they'll justtake it right now. Nothing you can do. Right. So. That's yeah, we're talkingabout it. It might happen. Who knows, but either way, it's one more way thatthe government is trying to make up for their mismanagement.
[00:55:59] Yeah. [00:56:00] That's thething. Governments will always mismanage. And this is where you get into thingslike fragility skin in the game. They will mismanage because governments arenot beholding to free markets, a business can't mismanage because it will goout of business. It's very simple, right? It's immediate failure, immediatefailure, MI feedback loop governments have a, like, we talked about a lot ofmechanisms to prevent failure, right.
[00:56:22] And one of them is printingmoney. Right. And they've been doing it for a long time and they will do ituntil the day they die. The government will do it until the day collapses.Yeah, that's not going to change what people don't understand is like, you'renot gonna just like have one politician come in one year and be like, let's nowbalance the budget, right?
[00:56:40] Like one, that's not a very goodcampaign slogan because nobody, because most voters don't give a shit. Theydon't even know why you'd want to bounce a budget. And it would be impossibleto do. I mean, think about how big government is. It's massive. Are you kiddingme? You think you're gonna balance it?
[00:56:55] You're you're out of your mind.It's basically Frankenstein that nobody can fix. No, it will keep going andgrowing kind of like that blob in fifth element. Do you remember fulfillmentthe movie? You know, the massive planet we shot rockets at it and it gotstronger. Yeah. Right. That's what we have the government it's like, you keepfeeding it more things and it's just keep growing.
[00:57:15] Yeah. Right. Yeah. So that's aconstant to me. It's the first principle of governments will always mismanagemoney. Right. Bitcoin gives sovereignty. To the individual and the mismanagedmoney. And because of what you said, the centralization of people who havetheir own interests and agendas at heart, and normally they're fucked.
[00:57:34] So it's, it's going to be, it'sgoing to be bad. They're gonna make bad decisions. They're gonna make immediatedecisions for themselves or for whoever's in their pocket. And that is thatthey're like, we'll, we'll leave. Whoever else is next. Yes. Because what isthe politicians incentive or not even incentive, but what are they trying to do?
[00:57:51] What does every politiciantrying to do? Their first, if they're not in office, they're trying to get inoffice. And if they're in office, what are they trying [00:58:00] to do?They're just trying to stay there. Exactly. Power power's primary mechanism isto at the very least maintain power, hold it. And then, and then most powerfulpeople are trying to get more power.
[00:58:11] Yep. Right. So if you have apolitical system that's based on smoke and mirrors like tea, like, like 62ndnews clips and like re like fake news and all this nonsense, the only incentivefor a politician is to say things that sound good to get elected. Absolutely.Right. And most people don't understand money.
[00:58:29] They don't know any of thethings we're talking about right now. Right? Like what we're talking, thisconversation could change some people's lives if I can get in front of them.Right. Yeah. They don't know what sovereignty is. Like, they don't know why youshould not trust your government. Like Ronald Reagan said.
[00:58:41]The most dangerous six words likeyou never want to hear is basically I'm the government. I'm here to help. Likeyou don't ever want to hear that from a government. No. Right. Because they'rejust gonna, they want them, you want them to stay as far away so that you canhave yeah. Sovereignty. He wants a small limited government that protectspersonal property rights and has very limited laws around like obviously likemurder and things like that.
[00:59:01] Like that's all government'ssupposed to do. Right. Government should not control money. Gloss, nogovernment should not control money and they should have almost nothing to dowith free markets. Right, but that's so the States, the States said then governthemselves and you should be able to govern yourself within your community andyour household and vice versa.
[00:59:19] The free market should apply togovernments and States and whatever. So that, like, I mean, it's kind ofhappening with like California. The reason a lot of people are, are leavingCalifornia is because they're a bunch of idiots that's being run by idiots andthey're going to places like Texas. Yeah. I just hope that they don't crabTexas with their nonsense.
[00:59:35] Right. And then, then we got togo someplace else, right? Yeah. All right. So we're at Bitcoin now we'veestablished that. There's not a lot of places for me to put my dollars.Correct. Okay. Bitcoin is so actuallylet's get to the one primary fear. I would say that is as is here. Okay. So itreminds me of this quote by Newton.
[00:59:57] So a lot of people May or maynot know, but [01:00:00] Newton lost a lot of money in, I believe it was eitherthe self seized bubble or the tool craze. I think it was a self seized bubble,which is like an early stock market thing was a massive bubble is based on, itwas basically a fraud, you know, whatever. And a lot of people went into itbecause it thought it was amazing.
[01:00:14] And then it crashed because itwas nothing very common. Right. Newton said, I can calculate the motion ofheavenly bodies, but not the madness of people or the madness of men isactually, is this a fake SJW quote? Like I don't think he said it that way.Like, I want to see what he actually said.
[01:00:28]Yeah. I guess Matt Madisonpeople, I thought he said Madison men, but maybe that was a, maybe that was amisquote too. All right. So my primary concern of Bitcoin is that there will besome block black Swan fear-based event. Like something happens or there's somebig news thing. Maybe it's not even based in reality.
[01:00:44] It might just be based on fear.And then that gets like a big X, a big exposure. And then a lot of people selland the price plummets, you know, and it kind of goes downward. Like that's mybiggest fear of Bitcoin, because it seems like that's the biggest risk toBitcoin right now. The system itself, the code, the way it works, it's provenevery single day, every single second, every single minute that it's alive tobe more anti-fragile stronger.
[01:01:07] It's growing. Like it's, it'slike a hydrant. Like you can cut off one of its heads and it grows back threemore. Great. What would be, what would be the proverbial head of a Bitcoin?Well, there are certain thing like encryption, like, so you have like a, it's acertain encryption it's called, like, let's say it's a 128 bit encryption.
[01:01:27] Okay. So let's say they forgotto crack that in some way. And it kind of like, like basically the network hasto adapt and very quickly like respond. It's almost like killing a virus. Likeyour immune system goes into action. Yep. So what would happen is all theminers which have an incentive to, for Bitcoin to not be hacked because they'remaking money from their, their gear and what they're doing.
[01:01:49] Right. They would then go to a256 bit encryption. Okay. You see what I'm saying? And basically just getstronger and stronger and it's almost like, yeah, your immune system beating avirus. You just, [01:02:00] I feel better. I'm healthier actually. And nowyou're healthier for, for the next virus. Exactly. Right. So that is thedefinition of antifragile.
[01:02:06] You get stressed, you getstronger and then you're now better prepared for the future. Correct. SoBitcoin is as a system, as even an idea is proving that everything that comesat it is actually making it stronger. Yeah. As in theory. Yeah. The analogy ofthe fifth element planet actually applies here too, because you're throwingshit at it and you're making it stronger.
[01:02:28] So if your goal is to try tokill it, you have to actually stop doing anything. Right. And so the thingabout Bitcoin is like, if you stopped doing anything, it just keeps hummingalong and it's doing this thing anyways. Right? So like, it is purelyantifragile. Right? So the way I'm thinking about this is that we hit 56,000last week of price.
[01:02:47] Okay. A lot of people, likeeverybody knows that like there's institutions that have billions of dollarsthat are maybe have maybe been toying around with the idea of owning Bitcointhat are just kind of watching now in their mind, 56,000 is this is where we'vebeen. Yeah. So let's say we hit a fear-based event and it goes down to 30,000,right?
[01:03:08] Well, if you're an institutionwith a billion dollars and you've like, kind of had on the sidelines and youwant to own some Bitcoin. 30,000, it looks like a bargain compared to 56, youthen soup into buy up a bunch that stabilizes the price and even actuallyraises the price because now there's less Bitcoin available.
[01:03:27]So what I'm thinking is that thefear-based event is a very small probability and we don't even know what it islike. It might not, it might almost be non-existent, but let's say it's like asmall percent. I think there's more people that are watching. That are nowthinking that anything under like 30,000 is a bargain.
[01:03:43] I mean, in fact for me, if itgoes under 3000, I'm probably plowing all my money into Bitcoin. Like that'skind of where I'm at right now, because I had that perception that it was at 56and I think, I think it can stabilize around 50. So then 30 K becomes abargain. So I'm one more actor that will [01:04:00] make sure that it nevergoes below 30,000.
[01:04:01] Basically. You see what I'msaying? And if there's like 10,000, these individuals around the world withbillions of dollars, which I think there are. Like there's, there's probablylike over 10,000 individual humans, like sailor talks about this, that, thathave, that are like a hedge fund or they like Harvard's endowment that hasbillions of dollars.
[01:04:18] And they're all looking for anentry into Bitcoin. They don't want to pay 56 because that's the highest it'sever been. And maybe 50 seems kind of high. So maybe they wait for a pullbackand then they pounce. So I think a fear came in. It would, it would kind ofshake out a lot of the weak holders. And then the, the, the big money wouldcome in.
[01:04:35] People who have been waitingwell now by now the lowest. Yes. And then that will actually drive the priceback up. Yeah. So it, so it's funny because it almost, in fact this exactlywhat is, that is an example of the antifragility, because what happens when abunch of institutions buy Bitcoin? Well, these institutions are just trying toget on the balance sheet.
[01:04:58] And they care about price alittle bit, but they mostly want to just have it to have it. Maybe it's forbranding, maybe it's for a hedge. When you're like a hedge fund manager, youkind of have to like own different asset classes. It's like part of your job.So those people are going to buy it. They're going to hold and now they've madethe network stronger and the price more stable.
[01:05:19] Right. So fear comes in. Andcreates volatility. Price goes down. It basically attacks the system. That'swhat, that would be an example. If you're comes in in a tax Bitcoin and now theperception lowers that that brings big, strong holders in the system is nowstronger. Yep. See that? That's insane. That's crazy.
[01:05:40] That is so fascinating. I didn'teven realize that it, I was, as I was watching this. Yeah. This is great, man. This is like, I mean,from the beginning of the talk, as you, as you've gotten into the meat of it,I'm like people would pay good money for this talk. I is, this is, this is likea private coaching lesson that I'm getting for free. And this is well, I've[01:06:00] actually thought about how there's going to be more businesses inthe future that wants to understand Bitcoin and want to, because they want toadd it to their, to their balance sheet.
[01:06:07] They want as like a reserveasset. I mean, I heard of a restaurant owner that owns like whole pizza jointsor whatever, and he had like $200,000 in cash and he's like, I'm just gonna buyBitcoin. Right. He, he, even though he's a small business, he's doing what,what the micro-strategy guy did. Yeah.
[01:06:25] Micro-strategy guy had 400million. So now every year let's, let's look at the numbers. 400 million times0.03. Huh? So he's losing $12 million a year to inflation if he just lets hismoney. Sit there. Imagine that. Imagine you're a CEO and you have shareholders.And they're like, you're losing $12 million a year.
[01:06:45] It just let your money sitthere. Like that becomes a very real thing that you need to solve. It that's aproblem. That's like a $12 million leak in your ship. Yeah. That's insane. Andwhat he realized when he looked at gold, silver, all these other things he'slike Bitcoin is the only thing like Bitcoin is the only thing that at the baseline,I can not lose 12 million a year, but it's also likely going to be probably oneof the greatest asset purchases.
[01:07:10] Like in history of mankindbecause of where Bitcoin can go. Right. All right. So all that said, what aboutyou? What, what do you think you could incorporate into your strategy? Becausewhat I'm telling everybody is that to protect your sovereignty, to protect yourfinancial future, to protect your children, you need to buy Bitcoin.
[01:07:28] You need to hold it forever.Now, before you answer here's one final point that has woken me up to this abit. So there's already instruments where you can use your Bitcoin to earnmoney. Okay. So there's, there's this app called block fi I've made a thousanddollars in interest in a month by just holding my Bitcoin.
[01:07:46] There, no bank in the world ispaying that. What does that present? EJ dude, that's like, it's like 8%. It'sridiculous. Oh my God. And I'm about to put more in I'm about to like, I'mlike, I might literally put all of my net worth in there and just [01:08:00]like, not only do I get interest on my Bitcoin, I don't have to sell myBitcoin.
[01:08:04] No right. And the other point,so when you buy a million dollar real estate purchase, right? All the richpeople do this. That's why they say like most wealth is creating real estate.Well, kind of most wealth is created through real estate people buy realestate. And then they, they put that as collateral to get a huge loan that theyused to either buy more real estate or to buy businesses or whatever.
[01:08:27] Right. It's, you're leveragingthe asset. To generate you other cash flows or purchases or assets. And if youdo that intelligently, you can take like one property and turn it into like 20properties. Right? Like you have to be careful because obviously leverage andwhatever, but like there's things like fixed interest rates and there'sdefinitely a way to do it strategically.
[01:08:45] Yeah. So in the future, it'salready happening. Coinbase is now giving out loans where you basically pledgeyour Bitcoin as collateral. If I have like a million dollars in Bitcoin, I cango to any one of these institutions, maybe even traditionally banks will dothis. I think a lot of banks will do this eventually.
[01:09:02] And I will say, I have a millionof Bitcoin. I'm going to pledge this collateral, give me a million dollar loanfor like 5% interest rate. So now I have a million dollars in like Fiat that Ican like play around with or, or whatever. I got my million in Bitcoin that isstill there. Nobody nobody's taking it and it's probably going up in value andI can take that million dollars.
[01:09:20] I can start companies. I couldbuy real estate. I can buy a fucking gas station if I wanted to. That's makingmoney. Yeah. Right. And then my Bitcoin's going up. This is another fascinatingthing. There's like some principle around this. I forgot what it's called, butyour Bitcoin goes up and you could sell off a little bit of the Bitcoin,although I don't really recommend anybody sell it.
[01:09:36] But if you had to, like, if you,if you took out a loan, you can sell off a little bit of your growth to paydown the loan. And then you get to this point where you like, basically have.No notes and you have your Bitcoin and then you have a million dollars forfree, right? Like this is some fine. This kind of financial engineering islike, like in our lifetimes, there's nothing like it.
[01:09:58] And there probably will never,ever be [01:10:00] anything like this again, but the opportunity right now.Right. And I, and even if you don't buy into like the massive upside where likethe Bitcoins would be worth a million dollars a coin, I actually think it willprobably surpass that eventually. You're at least protecting your wealth becausethe government is stealing from you every single day.
[01:10:17] Right? We already stopped. Sothat's the first principle. This is not like me talking air. Like you can findpeople that are a thousand times smarter than me. They've been talking aboutthis shit for years. This is just the constant. Everybody knows it. Right. It'smore and more as we just accelerated.
[01:10:32] Nobody knows when it's going tobreak. Right. And if there's going to be some like thing, we can't consider topaper over it or whatever, but it's still not going to be based on fundamentaleconomics and you can't create something out of nothing. There's always a bill,right? There's going to be a bill in human death.
[01:10:48] There's going to be a bill inpeople going poor and broke and collapsing. There's going to be a bill in debtscoming through. There's going to be a bill. We just don't really know what theBill's going to look like. And so people just pretend that there's no bill.Right. And politicians don't care because they just want to win election forfour years.
[01:11:05] And then maybe four years afterthat. And if they, if they screw up, they just go out of office. They don't goto jail. Nobody takes their money. They don't have true skin in the game.Right. That's what it called. They lose office, but they're probably fuckingwealthy, right. For all the money power, they keep accumulated over the years.
[01:11:24] It's the most, it's like thebiggest scam, Sri mankind. Do you know that in like the Roman times? I think itwas Rome. It might've been Greece, but senators. We're like big grudginglyelected. So they would like go to you and they'd be like, you have to be acenter. And they're like, no, I don't want to do it.
[01:11:41] Shit. And you're like, okay,fine. I'll do my duty. It was kind of like a grudging thing and was like juryduty, but like at the highest level. Right, exactly. And you were, it was onlybecause you were respected and you were smart and you're virtuous, et cetera.Right? Yeah. And nowadays going to become a politician is like [01:12:00] trlike you want to be a pop star and you want to make a bunch of money.
[01:12:03] Right. The incentives are notaligned. No, it, it it's, it's almost like playing in politics. Is a lot ofpeople when they make a lot of money, a lot of people go into politics afterthat because they're like, I want to take my influence and power to the nextlevel. Yes. When you, when you get addicted to fame and attention and money andpower, what do you want next level?
[01:12:26] You just want more of it. It'slike a never, it's a never any pit. Yeah. W when that's your goal? Absolutely.And it's funny because it's almost like. Because this is like what the whole,you know, Joe Biden thing and, and, you know, they use their influence to likehis son was using his dad's influence to then get jobs overseas.
[01:12:44] And yeah, man, this is a giant,like, it's like an internship with a giant company that you know, you have thaton your resume and you're like, I'm not worth more. It's it's just it'snepotism. The government has turned into nepotism. It's big boys' club, youknow, like a little bit, mostly a boys club, but just fueling specialinterests.
[01:13:02]Yeah, it is. We have cronycorrupt politics. We have chronic corrupt capitalism where governments can payto suppress research. They can pay to get subsidies like the entire processfood industry would exist without the government subsidizing soy, corn andwheat. We're talking like billions of dollars to grow things that are not goodfor the environment.
[01:13:25] Not good for humans that supportcereal companies and processed food companies. Right. Like maybe you would bebuying a box of Kellogg's. It was $10 a box because it's like hard to grow cornwhen the government's not paying basically farmers to grow it for like pennies.It's like dollar 75 and literally, and even the way that we farm corn and soyis it depletes the soil and like the numbers, the numbers on that is terrifyingwhere it's like, we might not be able to have a harvest.
[01:13:57] And the soil is being depletedevery single year. The [01:14:00] soil is being destroyed. And that's an I I'mtelling you, like when you become awake and you can never go back to sleep, yousee, you see how ridiculous all of it is. Yeah. And if you, if it doesn't turnyou into a little bit of a prepper where you at least financially prep, thenyou're just fucking sticking your head in the sand.
[01:14:17] Because like, when you knowthese things, you have no choice, but to protect your family, Like, and if youhave kids fucking forget about it, man, like you think I want my son growing upinto this culture, having no idea what's really going on. And then he justlike, I'm going to watch pop culture. I'm gonna watch YouTube and I'm going tobecome a sheep.
[01:14:31] Like everybody else, like youbetter believe that shit ain't happening. No. And, and it's, it's one of thosethings where it's like, w with. I mean, me and my wife, maybe it's becausewe're so young. I don't know, but we're constantly, it's almost like we kickedourselves. We kick ourselves in the ass sometimes for having that curiosity andthen peeking behind to being like son of a bitch.
[01:14:52] Now we know, and we better notknow if it is in the law, text yourself. We understand that in the long run,it's better to know. But we're like, sometimes it gets overwhelming. It's like,Oh my God, man. I can't just turn a blind eye. I can't just go, let me plug in.And, and I get on Tik TOK and I'm like, yeah, I'm doing the new dance and I'mdoing it.
[01:15:16] You know, I'm part of cultureand this and that. It's it's, it's like now, now it's like, it's like that.How, how knowledge is like a fire in that sense where the more you feel thefire, the more you cover in the darkness that you don't know. Yeah. Yes. And.The way to solve that anx that it comes is you focus on what you can control.
[01:15:41] Yeah. What can you control todaybased on this conversation? Well, literally what you said, I want to just have,I want to have dominion over my, I want a choice. I want to be able to havechoice, whatever you do. You don't need to want it though. You haven't. Yeah.What would you do today based on this conversation?
[01:15:57]Well, that was actually, my nextquestion is how [01:16:00] does someone like myself then. Get into that. How,how, how do you, how do you now proceed with $60 in your bank account? Or somepeople less, you bought, you buy whatever you can. And what's great about it iswhen you, when you truly internalize it and you, you become proud of yourBitcoin holdings.
[01:16:22] Right. Which is a real thing.Like when I, like, I have silver, I have gold and for awhile, I was like reallyproud of it. I become less proud of it, but like, I still, I love silverbecause silver is its own topic because silver has the most industrial use ofany metal. Yeah. There's more patents on like the use of silver than any thanall the other metals combined.
[01:16:38] It's fascinating because it'susable in a collapsed. Like if you can't access your Bitcoin, you now have aprecious metal that you can use for everything. Well that, but it's, but I'msaying they use it to make cell phones. Oh wow. They use silver to make solarpanels. They use silver and cars, refrigerators, thousands of products.
[01:17:00] Right. So, I mean, Gold's usedin a few things like you, there's a little bit of gold in most electronics, butwe're talking like very small amounts, right? So it doesn't have as muchindustrial applications. Silver's got massive. So I really liked silver becauseif like the dark collapses, silver will be really good on a daily basis.
[01:17:14] I want to like buy food. Yeah.Like maybe I'll take out like a silver coin or a small silver ingot. And I'lllike use that, right. Bitcoin is worth is basically my digital goal. That'swhere I'm storing my wealth. Silver. If we move back to some kind of monetaryprecious metal standard silver could be a very good way to transact on a dailybasis and it will likely quadruple or Tenex and value as well.
[01:17:33] So I do like silver, I think Ilike gold a little less so. And so I'm going to kind of adjust my exposure toeach base on that. But the question is the leading question I was trying to getyou to ask me was how do I buy Bitcoin? Yeah, that's what you should want todo. That's what I'm asking. How does someone like me?
[01:17:49] And I think it's more so Iwanted to specify it because if I had the money to play with, there would be nodoubt in my, just, just [01:18:00] from the social aspect of how Bitcoin hasexploded. There'd be no doubt in my mind that I would throw some money at it.There'd be no doubt. Even if it failed, I'd be like, let's, let's give it ashot.
[01:18:09] Now. What is someone with? Withless financial playroom. Do you buy as much as you can? It's not about buyingone Bitcoin. It's about buying Bitcoin, right? So like, it's like if I said,Oh, you can only own dollars if you own $10,000, right? Like, no, you can own$1 or you can own 500, 9,999. Like it's, you can't think about it that way.
[01:18:34] You're buying a percentage ofBitcoin. And if you, if you buy today $50 Bitcoin and you do nothing for thenext 10 years, right. It's likely that that is going to be worth a couplethousand dollars, like at the low end, right? Yeah. And if everything tanks andyou have Bitcoin, when no one else does, right.
[01:18:54] You also have another valueproposition. And honestly, it's likely that it's worth way more than that, tobe honest, is that if that, if the worst case happens, right. So again, It'sabout owning Bitcoin. It's about having, it's almost like the differencebetween having a gun and not having a gun. So if you, if you have a gun andsome bullets like you have in, like, you're kind of like, you have a baselineprotection.
[01:19:13] Yeah. Well that's milesdifferent than just like owning a car. Yeah. Nothing, right. Or like a rock,like it's just like completely different wing shot. Yeah, exactly. So the goalis to own the gun and if it just enough ammunition at least to like maybe saveyour life one day, right? Yeah. Right. Yeah. And you're not going to like,yeah.
[01:19:29] So, I mean, it's, it's a crudeanalogy, but it kind of works. No, no, no. You're right. And so then what is,because this is where, and this is where I'm sure there's plenty of people likeme, where then what is if one Bitcoin is $44,000? How do you get in on that?Yeah. You, you, so we talked about how Satoshi's are like the smallest unit,the smallest form.
[01:19:52] You, you don't even, you, you,again, don't really have to think about like how much Bitcoin you're getting.Just think about like taking $50 right [01:20:00] now you're taking $50 a Fiat.You're converting it to $50 a Bitcoin, whatever that is. Now you have pick cointhe billion dollar now. I mean the billion, the the gun analogy is perfect.
[01:20:10] Cause it's like you need onebullet to protect yourself right. In your gun. Yeah. Okay. Yeah. All right.Yeah, you need to buy as much as you can. And then, and then become excited.Yeah. And, and want to just continually buy more whenever you can afford itwith every other penny that you can throw at it. Yeah.
[01:20:26] Amazing man. It's like, soserendipitous, how we're having this conversation today, because I've beenstarting to look into NFTs Bitcoin just forms of digital assets, because that'swhere we're going. And I knew NFTs because I think there was a, a level ofintimidation. Then I ended insecurity that I had about the Bitcoin aspect whereone, you kind of cleared up that it's not necessarily like a criminal currencyanymore, you know, where like Bitcoin used to be like how, you know, high levelyou know, high level drug dealers used to, to what you call it.
[01:21:01] But now, you know, how manypeople have been caught from using Bitcoin because it's private the way theythought no, like, yeah. Caching you want to do you want to do things illegal,get cash, right? So should we just get rid of cash because people use it, like,it's just such a stupid argument. Like totally politicians.
[01:21:16] They use that to spread fear. Ithought it was. And for that reason, I thought it was more fickle. Now withthat I have a little more, I have a lot more confidence about thisconversation. This is I've been, I've been like really, really, really curiousabout this stuff in the past. Month to two months where I've been like, okay.
[01:21:35] And if T's is a good startingpoint, because then I could pull it, learn about NFTs though. Like, becauseyeah, most of that's going to go to zero, a lot of that's hype. And like, Imean, I think it's a cool thing in the beginning of anything. That's cool, likethat it's pure gambling because nobody knows what's going to be worth anything.
[01:21:53] And when other people get on,everybody's making art and everyone's like, pretending, this is where, I mean,it's going to be a shit show, dude. Everything. That's not, [01:22:00] Bitcoinis not Bitcoin. That's w that's a to think about this. Okay. Everything that isnot Bitcoin is not Bitcoin. Ethereum is a centralized thing.
[01:22:07] It, it, it, it's a cool softwarething. It'll probably do some cool things, but again, it's not money. Bitcoinis now money. It's the future of money. It's the future of really changing theworld. It's like the next evolution of mankind. It's like the decentralizedmodel decentralized city-states free. Like, it's incredible.
[01:22:25] It's the most natural. It, it,it represents natural wall more than anything we ever created. Like, it'sreally incredible. Like when you really get into it, it's untouchable basicallylike, like, like a hurricane, you know, it's like, it's just, it just, yeah,it's a primordial before it happened. It's like, it's like this, like thisnatural evolutionary thing that nature wrong that we can not put back in thebox that is going to change everything.
[01:22:51] So I'm going, I'm trying to findhow to share, to invite you. Okay. The easiest way. There we go. So the easiestway to start with Bitcoin is to get on Coinbase. Now the fees are high and it'sdefinitely, it's definitely. Probably not in the best place to buy, but it'sthe easiest right now. There's another one called Gemini, which are theWinklevoss twins, you know, the Facebook co-founder or whatever.
[01:23:17] So they just started that.They're big. They're big on crypto. They're, they're good. I trust them. Likethey're very into it. I think it would just matter. Whatever's easier to usethe fees are probably comparable, but Coinbase is the easiest. It's an app on yourphone. You can log into it daily. But what I would say is just make sure thatyou only buy.
[01:23:35] Right. Cause if you go in andyou pay attention to the price and you're like, Oh my gosh, it's up so much.Should I sell? No, no, no, you don't sell Bitcoin. Yeah. You buy it. You buy itand grow it. You wouldn't do it staying you let it get stronger. And then youcan, if you want later, you can leverage it the way you leveraged real estate.
[01:23:52] That's how you think aboutBitcoin. Totally internalize that too, because my wife and I, we had game stop.At what? [01:24:00] And a month, what was, what was that game stop? What was itat when we got it? It was low, dude. It was like, it was like 40, 50. It wassomething, it was under 50 bucks. So you sell it before the run-up we sold it acouple months before.
[01:24:15]And we could have had about eightgrand to 10 grand right now. Yeah. Well, I'm telling you, when you get into anykind of investing, you're going to see a less, you're going to have thesestories forever alone. Yeah, yeah, yeah. I mean, honestly, that I would saythat that's one of those assets that you probably should have sold at the peak.
[01:24:31] Yeah, because I'm pretty suregames those back down, because that was an artificial. That was an artificialrun-up show that the market can be so easy, manipulated that way. It's great.Great. For the optics of the market. Yep. But most people lost money. Right.Because they just did stupid shit. Right. Like anytime you're doing something likethat, that goes up and down that fast.
[01:24:50] It's not based on reality.Right. It's not based on, in, in, in numbers and the market always correctsitself. And that was where I internalize that lesson where like moving forwardwith investments and especially with now trying to move forward with, withBitcoin. It's like, I it's a longterm, like, leave it alone.
[01:25:06]You're interested in what's goingto happen in 10 years. Yes. Yes. And you, and again, we talked about Bitcoin isa security mechanism. It's like the difference between having a gun and abullet and having nothing you want, you want the gun and the bullet forprotection. Correct. Right. You want it for sovereignty?
[01:25:24] I mean, think about it. If youhad to flee the country, like, let's say America, like if we get invaded, the,the, the world gangs up on America, it's like, enough's enough. We're invadingyou. Fuck you. If that happens and it can happen, right? Yeah. Yeah. We'regoing to be fleeing the country and the money that's in your bank account.
[01:25:41] That's gone. Yep. Right? Thegolden silver you have. Well, if you get on a plane, you're probably gonna getfirst down and they're taking everything you own. Yeah. And they're basicallybeing like, do you want to leave? This is the haircut. This is what it's goingto take. Yeah. But your Bitcoin will go with you and you landed in anothercountry.
[01:25:57] And now you're $50 in Bitcointhat you bought today. And March [01:26:00] 3rd, 2021 is worth $5,000. Well,guess what? You now have the security to get set up in another country andactually survive. It's it's you use the perfect example of like Jews, flame,Germany. They, they told them at first it was like, you could bring a trunk foryour entire family.
[01:26:16] And then it was like one itemper person, and then it was nothing. And then it was like, if you want to getout with your body, this, you know? Yeah. And, and now we have the advantage togo. Cause that's, that is where I am. Especially after last year, it was alwaysin the back of my head, especially after last year where I'm like, do it atthis point.
[01:26:35] Anything can happen at thispoint, we can get invaded at this point, our own government. I'm not even, I'meven less so worried about outside invasion because of how scary our governmenthas gotten. Yes. And everybody should be more afraid of their own governmentthan anything else. Like 100 they should be.
[01:26:52] Yes. And that's how you protectyour sovereignty, right? Yeah. So. Buy Bitcoin, right. Get serious about makingmoney to buy more Bitcoin. Right. And like, people don't quite understand likethe average person, like maybe they're not going to be a wealthy investor or.And entrepreneur or whatever, they're going to live an average life, whatever,nothing wrong with that.
[01:27:14]You don't need money to be happy,whatever, but you absolutely need to protect yourself if you want to be able toprotect life, limb and Liberty and your children. Right. And Bitcoin, I wouldsay is the most important investment that you can make and having a little bitof extra food in your pantry.
[01:27:31]Right. As 2020 showed us. I thinkthat is also a good investment. I buy honey. I buy big things of honey and bigthings. Coconut oil from Costco and big things of rice having a couple hundredbucks in food, having as much money as you can. Bitcoin, maybe having a littlebit of silver, right? You know, you have a bit of gold.
[01:27:49] If you want, like jewelry atleast works. And then that's your safety net and you have your passport. We'vebeen on gold. We would just keep it to kind of the jewelry aspect rather than[01:28:00] trying to buy the outages, like on the market. But I have beensomething that me and my wife have constantly, you know, pounded in our heads.
[01:28:07] Like we got to get like silver,like an industrial metal silver rounds. Yeah. Yeah. Just kinda, even if it's asmall handful and You keep that on your person. You keep it somewhere, youknow, it goes with you and that's huge. That's huge. Yeah. Do those things. Sothat's awesome, man. This was, this has been fantastic.
[01:28:24]Well this was fun. I like, I liketalking about it. It is fun. And it's also incumbent on all of us to alwayssupport. I read this message. Absolutely. Right. Yeah. Like one the governmentstealing from you. One you shouldn't trust your government. Yeah. Three in thewords of Ronald Reagan. Yep. I'm the government I'm here to help, or thescariest words in the English language.
[01:28:43] Right. And your individual sovereigntycan be taken in a instant and Thurmont can break down an instant. I mean,people were without power in Austin here, and I'm sure a lot of people died asa result for a few days. Yeah. Because of just the ridiculousness of what, likemismanagement and, you know, it was a black Swan event for weather, whatever,but it's like, then you said there we are.
[01:29:04] Their own sovereignty. That wassomething we were talking about. Cause we're we're, this is our plane. We'regoing to Austin. We, my wife constantly says, I can't wait for when we're inTexas. And when we're in Texas, we're going to do this and we're in Texas,we're going to have this and this and that. She's had already claimed like,this is, this is in our heads, unless something catastrophic happens.
[01:29:21] Right. But understanding that.Like when we saw that it didn't turn us off to Texas in any way, because we'relike, well, we know for our household we're cool power or no power. We're goingto figure it the fuck out. And we understand that we're going to put fail safesin place. One, because we've been here.
[01:29:42] Yeah, a hundred percent. We'vebeen conditioned by it being broken and then dealing with fires where, like, wedidn't know if we were going to have our home when we evacuated it. That madeyou antifragile. Yes. Your struggles made you antifragile. I think like beingsnowed in and like, it was hard for other people went like, like for water[01:30:00] damage and stuff like that sucks.
[01:30:01] Like some, like being snowed in.We're like, Oh, we'll be all right. Well, I mean, I'm not, I'm not evencomplaining. I'm more just highlighting and comforts. I'm highly. Yeah. I'mhighlighting the audition to comfort and how close we are to catastrophewithout even realizing it. It's right there. It's right there.
[01:30:19] It's at our front door. So, andI'm happy to have this conversation. I'm happy. We were able to delve into thisbecause Even, even, you know, myself, I'm unemployed and I'm, I'm onunemployment because my older, my only other options of employment are kind oflike, they're, they're going to take more from my assets, like not even assets,like my car, like most of my forms of employment are going, they're going tocost me.
[01:30:45] And well, you need to get on,you need, as I've been sending you stuff, you need to get on the agency stuffand figure out what makes money 100%. Like I can make money, man. You know howto, like, it's not totally, totally. And that's, that's been, it's been likethis it's been a buffer. And I know for a fact it's one of those like, Oh, thisis not going to end well in the, in the, in the big, and when, even when youbrought up universal income, I'm like, I.
[01:31:09] I feel almost 99%. Sure. This isthe, this is the, this is the case study in the beginning of universal income.Yeah. Yeah. And that's, that's going to be very dangerous. Yeah. I mean, it canbe a good thing, but the way it's going to be done in America is not going tobe a good thing. It's going to be too much of a drip and it's going to be like,yeah, we won't even get into that.
[01:31:29] That should be another show.Yeah. But this has been good. Get on. Coinbase. I sent you the link. Yeah.Whatever you can. Okay. And focus on making money. Right. I've sent you someagency resources. I would dive into those. I might actually be starting anagency myself. I think I'm going to focus on newsletters for small businesses.
[01:31:48] Because that's a very commonpain point and I know how to do it like gangbusters and I know people that canwrite and do that. Right. And so you know, if I do kick that off, I'll keep youin mind. She wants some work. But I also think that you should just be reachingout to [01:32:00] businesses and, you know, figuring out how to help them.
[01:32:02] And like writing services,copywriting can manage different things like you can do editing, and that's whywe've gone further into the content space. And that's, that's, that'sessentially where we are now is like, I've been like, okay, how can I makemoney? Using these skills in, and this is it's literally perfect.
[01:32:20] I want, I want to have a mediaagency. I want to have a media company and essentially do things like that. PRmarketing copywriting video ideation, content ideation. So did I, all you gottado is get a first client and you have one. Yup. Right. So focus on that. Focuson what that offer's going to be.
[01:32:38] Reach out to a hundredbusinesses. Yup. Get 99 nos and get at least one. Yes. And now you have aclient and you have an agency and charge minimum 500 a month. Figure out aservice that you can give to a business on a schedule for 500 a month, and thencraft a very basic outreach email. I'm more than happy to read it over andreach out to a hundred or more businesses.
[01:33:03] And within a week you will havea contract and you're getting paid and you're providing service. You couldcreate a full-time income with five clients. Yeah. Yeah. You want me to writevery basic emails for you? Hey, want me to do copywriting? I'll you know, I'lldo, I'll do five hours a week or I'll do two hours a week on demand.
[01:33:21] Send me your projects. I'llwrite them up. I'll do the editing, whatever, you know, whatever you want. Andthen it's 500 month flat, bam, whatever, like this shit is not, it doesn't. Itdoes not have to be complicated. You don't need any information. You just needto figure out what can you, what pain or thing can you do for business?
[01:33:39] What pain can you solve orsolution that they need? What does a business need? Businesses always needwriting. There wasn't a copywriting. They always need emails. They needInstagram captions. They need Twitter things. They need YouTube titles. Theyneed tags. They need keywords. There's always something they need.
[01:33:55] And I love writing because it'sa constant thing that I've needed in my business. [01:34:00] And I've alwaysbeen the bottlenecks. I've been the best writer. And if I could have alwaysfound somebody that did that could do that writing as good as me, even though Ididn't really go to look for it. But like, that would be someone I would payfor instantly.
[01:34:10] Yeah. Right. So I'm telling you,figure that out, find and figure out, like, just focus on one core thing.Something, maybe something around writing or it could be video wedding, like,are they making videos like, Hey, you want me to make you 10 Instagram clips amonth? You send me the footage. I'll make 10 Instagram clips.
[01:34:26] I'll put them in Dropbox, youpay me 500 a month and your Instagram clips are in your Dropbox folder everymonth or every week or whatever, 500, 500 a month to businesses that are makingmoney. And that need these things is nothing. And you can eventually scale upto be a thousand client, 2000 a client, whatever an agency for businesses isthe easiest, fastest business model on the planet.
[01:34:48]They always need something done.A lot of times they're neglecting it. If they're small businesses and theowners doing a lot of things, they would love to have somebody they could trustto get shit done for them. You could also just be a personal assistant and makephone calls for people or do outreach emails, or like just find out whateverthing they need and you'll do it.
[01:35:04] So like, if you're serious aboutmaking money, dude, like you can make money. I mean, yeah. I don't know if, ifwhen you got into comedy like that, that hustle that we used to have back inSarasota, I don't know if like you forgot that at all, but it's like, you haveit, you just got to tap into it. It was that.
[01:35:19] And, and I feel like partly whatI was missing was you know, the simplification of like, just reach out, get thefirst client. You should do nothing but that you should do nothing but thatlike every other thing, taking courses, watching videos, whatever, like youjust got to figure out one problem and it could be something as simple as I'm awriter.
[01:35:39] I can do emails. I can, I canhelp manage social media captions, like make a short list of the things thatyou do, and then create that outreach email, send it to a hundred places. Yourgoal is to book a phone call you. It's just, it's just, you have to sell thephone call. It's just too hard to sell any other way.
[01:35:55] You get them on the phone.Right. And you can have a link to book a phone call or whatever, and then[01:36:00] you ask them questions to figure out what their pains are. And thenyou're like, well, I can definitely do that. Or maybe we can do custom package.Like maybe I do your Instagram captions every day or every other day.
[01:36:09] And then maybe I do one email aweek, or like I write a very basic newsletter every Saturday for you everyother Saturday. And like, I'll put in content, you want, I'll write some notesabout it. I'll model after these are newsletters. And then you create a, aproposal, right. Which is lists out each thing it's going to be.
[01:36:25] How often it is. And you kind oflike you're in your mind, you're thinking like, okay, how much time does thattake whatever you're trying to, like, you're trying to get a good price, butalso not be something where you're just like working four days a week. And thenyou said, Oh, 500 a month. If you want to add it on, you have the newsletter toseven 50 a month.
[01:36:39] If you want all these thingsthat we just talked about. And again, you got to deliver these things. Like youcan't just like sit here and do it like yesterday. No, right. That's not myfear that that's absolutely it. I, cause I have, I've been kind of like. Youknow, racking, you know, brainstorming on like, okay, how do I monetize myskills?
[01:36:57] I have a lot of skills. I, youjust need to be a freelancer, right. And then grow it into an agency business,and then you can hire people and do that. That's been my biggest thing. I,cause I've been like, I realized how long of a game it's going to be when itcomes to. My own personal branding, like, like, you know, I've, I've beenstreaming on Twitch.
[01:37:18] I've been, you know, doing abunch of gaming stuff I've been doing my podcast. I realize it's going to be alonger game. And so I've been trying to figure out like, where's the, where'sthe monetary aspect of it because I'm not, I can't broke and then do thisstuff, you know? And so the media aspect, I think that's been my, I thinkthat's been my biggest thing.
[01:37:38] It's like, I've been applying tocompanies to do that, that I can be doing on my own, where they source theirown clients and give them to me. And I'm doing 50 X work. You know, that's whatI was doing in the internships. And I'm like, I could be paying, I could becharging companies to do this, not working for a bigger company as an intern,or [01:38:00] even as a 25 to $30,000 a year employee where I could be makingsome money myself.
[01:38:06]$30,000 a year. So, so let's say3000 a month for simplicity. Yep. That's three clients at a thousand bucks amonth. Yeah. And by an average of three to five hours, I mean, you're talking,working, part-time making a full-time income 20 hours a week. Exactly what I'msaying. Like I was doing 10 X the work for less, the pain I'm realizing.
[01:38:26] Yes, because that is thepermission based model. That's the model. Yeah. Go to school, get a degree, geta job. Somebody controls your destiny. They pay you up fraction of what theymake. Right? Because every business is making money off you or they one havehired you and there's nothing wrong with it. That's fine.
[01:38:42] But. If you have the ability togo out on your own and be, be a little bit aggressive and just like fucking be,be willing to take notes. That's fine. Nos are good because you're not, it'snot the right people to work with. No, I guarantee you in the world of 6billion people and like hundreds of thousands of businesses in America, youcould find five clients.
[01:39:02] Yeah. And, and I'm, I'm verymuch like, I think where I, where I ended up was Okay, how do I monetize thecontent aspect? And I realized throwing, right, my right. Cause my writingskill is probably one of my strong writing and video. And now audio they're mystrongest suits. Well then focus on that. Edit editing is stupid, easy, man.
[01:39:24] Like no business owners have noidea how to do it. Nope. Right. And so you could even eventually hire somebodyin India to do the editing, get it to you. You do a couple edits and you'regetting now the contract. And you're making like 80% margin and you pay theeditor 20%. Yep. And I know that's what the agency model is.
[01:39:42] That's where like, I've, I've Ididn't, I didn't get to this point, you know, without this, the thing in theback of my head of like, this just doesn't seem right. You know, this justdoesn't act on it though. Like if you don't do anything with it, then whatever,you're just a cog in someone else's machine. Yup.
[01:39:59] Okay. [01:40:00] Yeah. Well,thanks for coming on. I mean this two, almost a two hour show, so definitelyfun. And get that going. I'm any feedback, if you, if you're about to get on asales call and give you feedback, whatever you can record your call, if it's onzoom or whatever, that'd be good ideas. You can like listen to it back.
[01:40:16] Yeah. But just. Approach itlike, listen, I have, I have friends that are entrepreneurs, you know, I usedto meant I was I meant teed under one. Like the hardest thing that I've seen isthat you try to do everything, you know, and obviously the small business ownertrying to save money. Like I get that, but time is money and there's things youwant in your business.
[01:40:36]Most things on the internetrequire consistency. So if you're not going to do it every single day, like youmight as well not do it at all. Like craft something that shows you understandtheir struggle. They're trying to juggle too many things. You will take a coupleof things. One, even if it's just one off their plate, do it consistently dayin, day out, week in, week out, one monthly payment, very simple.
[01:40:56] They send you the thing orwhatever, or it's automated and you give it to them and you streamline that forthem so that their life is easier. And then they can focus on growing theirbusiness. It's a very easy value proposition. You just got to figure out whatthose things matter to them. Some people want more social media.
[01:41:10] Some people want video, somepeople might want their podcast edited. Like you could figure it out, but itcomes, it comes from the research aspect, just like, Hey, I took it. I cantake, I am to the point in my skill level where I can take a look at someone'ssocial media and with my understanding and my finger on the pulse of socialmedia and Tik TOK and this and that video writing, I could look at them and belike, Hey.
[01:41:32] I made these for you real quickoff of some videos I found on the internet of your company. Yeah. That's evengreat sponsors with that, dude. I have a huge portfolio of stuff like that. Nowit's just the reach out. Yeah. And it's very like simple email, so just do it.Yep. All right. I'm going to, I want to hear more about next week, so you betterreach out to some people.
[01:41:51] This is great, man. Thanks forhaving me on better human school. All right, man. Where can people follow you?Yeah, Armando Rivera comedy on [01:42:00] Instagram and alsoarmandoriveracomedy.com. Not much going on though. Cause there's no shows, butwe'll have them coming up soon when we're in Texas because other places besidesthe shitty state that I live in are somewhat open.
[01:42:12] And because people we're aboutto be fly open in like 10 days. Your move, the mass didn't mandate time. I wantto say thank you for being the Guinea pigs in the beginning, but I think yougot, I think, I think it's gonna be I think it's going to be fine. And inFlorida was, a great example of that, where they're like, dude, we can't justtell people that they can't do anything because we're going to collapse, youknow?
[01:42:35] Yeah, well, I'm ready, man. I'mready to be somewhat free again, somewhat free. Well, if you buy Bitcoin, youcan be as free as you're going to be. Absolutely. All right, let's do it. Geton it. All right. See ya. Awesome. Thanks. .