Valuetainment - Did Coronavirus Help Bitcoin & Cryptocurrency

00:00:00.000 30 seconds did you ever think you would make it i feel i'm so close i could take sweet victory

00:00:07.200 i know this life meant for me yeah why would you bet on goliath when we got bet david

00:00:14.140 value taming giving values contagious this world of entrepreneurs we get no value to haters how

00:00:19.300 they run homie look what i become i'm the i'm the one i'm patrick bett of your host of item

00:00:23.740 and today i'm sitting down with max right and we're talking about coronavirus did it help

00:00:27.120 bitcoin and cryptocurrency or did it hurt it max thanks for being a guest on by attainment

00:00:31.320 yeah patrick uh great to be on with you big fan good to have you on i i love when you uh go into

00:00:39.480 your uh friendly heated moments talking about jamie diamond or talking about your thoughts on

00:00:45.500 bitcoin uh you're definitely passionate and your perspective is uh something to think about so my

00:00:50.940 first question for you and knowing the fact that look you talk a lot about bitcoin you're uh you're

00:00:55.680 one of those uh unique ones that's uh both pro bitcoin and pro gold and silver the first question

00:01:03.080 i'd have for you is did the pandemic make a bigger case for cryptocurrency or did it hurt the argument

00:01:10.600 for cryptocurrency well you're right i do like both bitcoin and gold because they are equivalent in

00:01:18.040 many ways you could argue that bitcoin is better than gold in many ways and we've seen gold rally

00:01:24.680 we've seen bitcoin rally the u.s dollar looks a bit weak in here and because of all the money being

00:01:32.580 printed by the fed certainly but that's true of all central banks around the world it's a race to the

00:01:38.420 bottom to see who can devalue their currency the most and this is great for hard assets like gold like

00:01:45.400 bitcoin so you're saying the pandemic actually got people thinking more about bitcoin and cryptocurrency

00:01:52.180 than before well the pandemic triggered massive money printing and that's good for gold and good

00:01:59.500 for bitcoin i think that uh we're seeing great mobilization of generation z and the millennials

00:02:06.200 into now investing because they're getting a lot of free cash from the government and a lot of that

00:02:13.240 money is finding its way into bitcoin uh the uh various apps like robin hood and other apps like that

00:02:20.460 uh bitcoin is very native to the millennials and gen z they they are much they relate to it a lot easier

00:02:28.400 than they do gold and uh so all in all it it does have a positive impact but the trend is patrick has been

00:02:38.920 very strong for now 11 years uh so that trend is really the primary trend and uh the covid 19 pandemic

00:02:49.420 is just a part of the story this year uh but the fact is that these central banks have got themselves

00:02:55.580 caught in a place where they have to keep printing uh because uh of the of the the money itself is debt

00:03:03.960 based money and so to pay the interest on the debt based money they have to print more debt based money

00:03:10.680 it's a bit of a ponzi scheme and uh so that's that trend will continue and so there is now a growing

00:03:18.260 awareness that hard assets like gold and bitcoin are the place to be central banks like russia china

00:03:24.600 and others have been huge buyers of gold uh in anticipation of uh that point at which fiat money really

00:03:32.580 starts to lose its its ability to function effectively in this economy and so it benefits both gold and

00:03:40.840 bitcoin um makes sense i guess you know the one thing i'm wondering is is there a way to uh get data

00:03:48.780 to see if there are more new uh believers new uh users coming in to buy bitcoin is there a way to measure

00:03:56.140 that yeah sure you have for example uh cash apps which is part of square which is part of jack dorsey's

00:04:05.560 uh business empire he has both twitter and square he launched uh square launched cash app which allowed

00:04:12.900 purchases of bitcoin uh less than a year ago and now it's the biggest part of that business they've

00:04:18.640 sold hundreds of millions of dollars worth and as a revenue generator it's i think the biggest

00:04:23.560 revenue revenue part of square's business uh we've seen uh the users of bitcoin around the world i

00:04:31.660 think it's now estimated to be up to 70 million users and uh that number is growing the thing about

00:04:38.840 bitcoin is that it grows like a messaging app which is interesting because messaging apps as you know

00:04:44.180 from the technology space they have a period of adoption and then they hit that hockey stick moment

00:04:49.820 when suddenly it's like wow you know we've got to own this thing and so bitcoin because it takes

00:04:54.740 advantage of the network effect it is a technology uh it is a network technology so you have that point

00:05:00.420 and when we get to the ubiquitous bitcoin uh use around the world as people realize that hey this

00:05:07.780 really is what people say it is and um so the the numbers are growing uh rapidly uh we haven't yet hit

00:05:16.980 that hockey stick growth moment yet i think probably we'll see that pretty soon now you know every time

00:05:24.960 uh you know i'm in the insurance business we were talking about offline i've been at a financial for

00:05:28.980 20 years now always when a new instrument comes out it doesn't matter what it is you know whether it was

00:05:33.380 a you know uh uh cdo or whether it was a every time there's these new products that come out right and

00:05:40.860 you always go to who likes it the most who loves it the most who what audience does that product

00:05:47.580 attract and then who hates it the most if you were to say who hates the concept of crypto cryptocurrency

00:05:54.120 who would you say are the ones that hate the concept of it the most well we know the detractors

00:06:00.780 of bitcoin right now would be the people who are threatened by it so the legacy economists like

00:06:07.100 paul krugman joe stiglitz noreal rubini hate it because it challenges their models that they've

00:06:13.260 been familiar with for for decades uh we know that banks don't like it at first jamie diamond over at

00:06:20.380 jp morgan hated it but now the bank is open to it he's got relationships now with gemini in new york

00:06:25.800 which is a huge bitcoin player and others in the space so jp morgan has kind of flipped over now to

00:06:32.300 the bitcoin camp uh you've got big players coming in like paul tudor jones he's one of the biggest

00:06:38.200 hedge funds in the world for a long time i remember i was following paul tudor jones when i was a

00:06:43.380 stockbroker in the 1980s that's how i got my start in 1983 i was started my career as a stockbroker was

00:06:50.540 a stockbroker for eight years on wall street and paul tudor jones is a huge name and he came out

00:06:57.680 recently and said that he believes we're going to see a lot more inflation now because of all this

00:07:02.140 money printing he's he wants to bet on gold but he also has a big bet on bitcoin because he says

00:07:07.560 it's the fastest horse in the race uh the theory being that if bitcoin's market capitalization can

00:07:13.320 start to approach that of gold uh which now gold is at eight trillion bitcoin's at 160 billion so for

00:07:21.180 every dollar move in gold up you would see 25 to 30 dollars appreciation of bitcoin that's what he

00:07:27.020 means when he says it's the fastest horse in the race uh so the those are the people that like it

00:07:32.980 uh a lot of people started hating it now they like it there was a big community in the austrian

00:07:38.480 uh school of economics that at first were not open to bitcoin gold bugs hardcore gold bugs were not

00:07:45.800 open to bitcoin but every day more of those people switch over they join the camp they understand

00:07:50.800 bitcoin better and they kind of join in and uh appreciate it obviously one of the most famous

00:07:58.160 i guess uh well-known bitcoin bashers would be peter schiff you know he's been you know bashing bitcoin

00:08:05.020 for for a long time i've debated him on it a few times um you know i call him the bitcoin pinata

00:08:12.500 because uh you know you can beat peter schiff with the bitcoin stick all day long and it just keeps

00:08:18.320 giving more candy right because his arguments never hold up uh the coin when i first told peter schiff

00:08:23.860 about bitcoin it was ten dollars right now it's uh you know nine thousand dollars he's been wrong now

00:08:29.780 for almost 10 years and he'll be wrong for the next 10 years the next 20 years the next 30 years so

00:08:35.520 he's a lot of fun uh we like to uh like to watch him flail about uh you know but uh i think ultimately

00:08:44.520 he will he will switch over probably because the market the market is telling us something patrick

00:08:50.480 as you know market signals are very strong you're in the insurance business you're in the finance

00:08:53.900 business market signals are extremely strong ways of communicating market reality right the price

00:09:02.080 signal tells us what's really going on and the price signal on bitcoin is telling us that it's winning

00:09:07.060 against all the naysayers it's gaining market share it is equivalent to gold and it's winning over a huge

00:09:13.980 legions of fans around the world as the fiat money system is in dire straits so the timing is perfect

00:09:22.040 so so that's interesting you're saying that with the with the folks that don't like it the most

00:09:28.040 because again that gives you perspective on why there'd be some pushback from certain areas but

00:09:32.840 then the other side is also you know who who has really created this and i know when i'm saying who

00:09:38.680 is really creators we can talk about satoshi and all these other i'm not talking about that part

00:09:42.180 i'm talking about is this you know is bitcoin cryptocurrency feeding the eye or the antithesis

00:09:48.100 of the eye meaning is is somebody saying hey all of you guys let all these guys go at it let them

00:09:55.380 just figure it out let them put it all together let them figure out all the mistakes let guys screw

00:10:00.040 the whole thing up and then five years ten years later you know the world government the governments

00:10:06.060 come over and take over and they centralize and they say listen guys thank you so much for all your

00:10:10.100 help but now we're going to take it over so who who is the who is is it really the people doing are

00:10:16.860 there some people more powerful than you and i that are behind this right so a couple of things there

00:10:22.640 first of all the idea of taking over bitcoin is you have to kind of dig into that and understand what

00:10:28.680 what what those words are implying so to take over uh we'll get to that in a second but let's let's go

00:10:35.900 back to kind of in a broader context here so the who who created it you know and why did they create

00:10:43.760 it the history of bitcoin before the 2009 uh beginning of it january 3rd of 2009 there's a 20-year

00:10:53.860 history behind it of the what are called the cypher punks and these are uh developers programmers

00:11:01.280 hackers who were always trying to figure out what we call digital scarcity and i myself have a patent

00:11:10.520 on digital scarcity u.s patent 5950176 it's the virtual specialist technology that is a patent that

00:11:20.160 covers a digital scarcity as well as it's the first commercial prediction market so the prediction

00:11:25.780 market industry was pretty much i invented that in 1996 and um digital scarcity is this idea that can

00:11:34.100 you create um assets digitally that are scarce uh in a world of the internet where everything is

00:11:41.600 basically easily to replicate you know what we know about the internet is that every it's very easy

00:11:46.340 to copy things that's what makes the internet the internet you can send emails to 10 000 people at a

00:11:50.660 click of a mouse because it's easy to copy everything then you create um scarcity digital

00:11:55.520 scarcity and um so i know from experience from my patents and my work at the hollywood stock exchange

00:12:01.560 which i created in 1996 we eventually sold that to cantor fitzgerald in 2001 but um i know from my work in

00:12:09.320 this in this space um the limit the difficulty it was to come up with a decentralized digital scarcity

00:12:15.960 which is what bitcoin accomplishes uh unlike every other attempt is a centralized uh digital scarcity and

00:12:24.980 that's not the same thing um so that's that's the first point the second point uh in terms of uh can

00:12:32.420 it be taken over the the fact is that the bitcoin network runs at 120 quintillion calculations per second

00:12:41.260 uh to give you an idea how big a number that is if you were to add up every grain of sand on every

00:12:47.260 beach in the world it's about seven quintillion so bitcoin's running at 120 quintillion calculations

00:12:53.600 per second it's the biggest distributed computer network ever in history and the cost of taking it

00:13:00.840 over is beyond the reach of any government um and it's beyond the reach of any group of governments

00:13:07.880 there is no entity or group of entities that have the computer power or the money to attack bitcoin

00:13:16.180 in any meaningful way uh which makes it uh indestructible immutable uncensorable and

00:13:22.940 unconfiscatable as well which is an attribute that a lot of people are waking up to because it's not the

00:13:28.320 same with gold gold is not unconfiscatable and certainly fiat money is not unconfiscatable

00:13:33.520 either so there is no attack vector coming from a government there's no attack vector coming from

00:13:38.480 a group of governments and um i would say that i don't see any attack vector coming from anywhere

00:13:46.040 at this point bitcoin is uh on a journey to a much higher prices and changing the global economy in a

00:13:54.280 in a profound way that we're all china waking up to right now now you've been in the world of finance

00:14:00.200 for a while so you know the word money laundering how easy is it to launder money through uh bitcoin

00:14:04.780 and cryptocurrency and blockchain money laundering and criminal activity through bitcoin is uh about

00:14:11.500 the worst way you could launder money because the blockchain it's open source and transparent

00:14:17.140 so people who have tried to do criminal activities of bitcoin get caught a lot easier

00:14:22.040 with fiat money there is no providence you have no idea where it's coming from gold also it's fungible

00:14:27.480 in that way you have nowhere where it's coming from uh the actual statistic on criminal behavior

00:14:32.120 with bitcoin is estimated by authorities to be uh less than one percent of all financial crime

00:14:38.060 involves bitcoin less than one percent so so you know you i i i've interviewed a lot of mobsters i've

00:14:45.980 interviewed a lot of uh folks who have uh been let me just jump in for a second if i met i don't mean

00:14:50.540 to uh interrupt you there patrick but when you talk about financial criminality and the size of

00:14:55.360 financial criminality let's remember that a bank like jv morgan and jamie diamond have paid hundreds

00:15:00.340 and hundreds of millions of dollars in fines for their financial fraud and their financial criminality

00:15:05.700 and the uh the number of frauds and criminal acts by banks that were settled civilly with fines if you

00:15:14.000 were to add that up uh you you know you would be aghast and and you that it is it's almost as if the

00:15:20.060 business model for wall street banks is to keep 90 cents of every dollar they steal and then they

00:15:25.680 pay 10 cents on a fine i mean that's where the that's where the frauds that's a business taking

00:15:29.740 place that's their model model yeah that's their model yeah that's right their business model is

00:15:34.820 fraud some of them even call that that's marketing dollars if you want to call it but i'm not asking

00:15:39.000 the question of money laundering from a point of trying to corner you or the industry of bitcoin

00:15:43.140 and cryptocurrency i'm asking it from the standpoint of you know when things eventually get

00:15:47.660 centralized and you get people that want to come and take over they find an in right they look at

00:15:53.260 an angle and they say this is how we're going to come in so you don't you don't worry that the the

00:15:58.460 blockchain world is going to attract more criminal activity and they're going to come through and try

00:16:03.380 to figure out a way to launder money you don't worry about that just to be clear there is no

00:16:08.180 centralization of bitcoin and there is no ability to centralize and there's no ability to centralize

00:16:13.160 bitcoin it's it's a it's a mathematical impossibility it's like saying you're going to stop the sun from

00:16:18.800 rising in the east tomorrow by stamping on the ground and crying right it's not going to happen

00:16:24.060 can you unpack that unpack because the because the protocol of bitcoin is this brilliantly balanced

00:16:30.580 protocol of uh what's called the consensus algorithm and that all elements of it are balanced

00:16:36.600 and basically what you could boil down to being game theory there's there the incentive for everyone

00:16:42.420 involved in the network is to let everyone else involved in the network uh balance their incentives

00:16:47.700 in such a way as to resist censorship because if there was a censorship um involved then the value

00:16:55.440 of the coins at 150 60 70 billion dollars would would be threatened so it's there's a game theory

00:17:02.220 that's baked into the bitcoin protocol that resists any attempt to centralize it and you know if there

00:17:10.000 was any ability to centralize it or or have influence on it in a meaningful way we we would have seen by

00:17:17.000 now after 11 years since it does threaten all central banks and it does threaten all fiat money we would

00:17:23.540 have seen some success or hint of any success in that direction but so far we've seen absolutely none

00:17:31.340 because for the reasons i outlined the cost is too high nobody has the money to to centralize it

00:17:38.140 and uh nobody has the computer power to centralize it and certainly not a group of two-bit mobsters

00:17:43.240 they do not have the ability to centralize it uh if you want to take a bunch of wall street banks and

00:17:48.940 european banks they don't have the money or the or the capital and no government has the money or the

00:17:54.100 capital it's this is decentralized digital scarcity built on a protocol that it was birthed in 2009

00:18:02.080 and has now been established as creating absolute scarcity which is something not even gold can

00:18:11.980 claim you know gold is not absolutely scarce gold is relatively scarce but it's not absolutely scarce

00:18:19.080 so you have a store of value a store of wealth distributed uh demonstrating absolute scarcity that

00:18:26.860 you can use as a store of value as money available to everyone on the planet that's why you know

00:18:35.260 the you're getting a lot of pushback from governments you know because they realize that this is a direct

00:18:42.040 threat to the central bank model of centralized fiat money printing but just to be clear the the point is

00:18:50.320 that the way the technology is constructed let me put it this way the internet runs on the tcp ip protocol

00:19:00.280 and it's completely distributed and it would it it would be extremely difficult bordering on nearly

00:19:09.220 impossible for one entity to centralize the internet the internet the virtue of the internet is that it's

00:19:16.320 distributed that's what makes it the internet if you start to balkanize or to centralize the internet

00:19:22.620 so all parties attached to the internet have an interest in keeping the internet decentralized

00:19:27.280 if that's why it works the same thing with bitcoin everyone invested or part of the internet protocol

00:19:35.000 which is this distributed protocol like the tcp ip internet protocol they it's it's it it it fosters

00:19:42.700 decentralization that's the definition of what it what it's all about and so it it resists

00:19:47.700 centralization and uh therefore we we i don't put that as a uh an attack vector or a threat

00:19:55.760 in any meaningful way well let me let me take a different angle then uh uh let's play a game of

00:20:01.080 devil's advocate you you're familiar with frank abingale right yeah you've seen the movie catch me if you

00:20:07.360 can right so say the government comes and hires max keiser they give you open check you know give

00:20:14.560 it a hundred million dollar check they say hey max we need your help this crypto thing is getting a

00:20:19.800 little too big and we need to take control of it we need to figure out a way to regulate it what is

00:20:25.080 the angle to take to get in them regulated and take control of it well you know like the austin powers

00:20:31.600 movie uh you know i'll put my pinky in my mouth and say oh a hundred million dollars right um the

00:20:38.980 the bitcoin network is are you saying a hundred million is not enough let's just say the government

00:20:46.980 give you a billion dollars well what i'm saying is that no government has has the budget for this

00:20:52.900 they don't have it there's no government has a budget for it let me explain how this works a little

00:20:57.160 bit more so let's say the budget was a hundred trillion dollars right which is which is which is

00:21:06.540 the global gdp is about 70 trillion dollars and the stock market's worth roughly 30 trillion corporate

00:21:13.500 bond market let's call it 10 trillion okay so let's go big let's say let's say you're going to give me

00:21:18.620 100 trillion dollars to go after the bitcoin protocol and bitcoin well this is what happens um

00:21:27.040 the the the the protocol sniffs out that there's a hundred trillion dollar player that's now

00:21:34.240 attempting to stage a takeover and centralization of the protocol so two things happen number one

00:21:41.340 the calculations per second number starts to skyrocket because the only way to uh have any impact

00:21:50.840 on this protocol is by actually mining you know by actually creating or doing what's called a 51

00:21:57.000 attack on the chain so that means you're adding you go from 120 quintillion calculations a second

00:22:03.840 to two three 400 quintillion calculations per second so that means that the price which uh follows the

00:22:11.900 hash rate or the calculation rate would go from the current uh value of practically 9 000 per bitcoin

00:22:19.080 it'd go to 200 000 300 000 400 000 dollars per bitcoin um you know heading to a million dollars a

00:22:26.920 bitcoin so the more you attack it the the higher the price goes and the more expensive it is to

00:22:33.400 attack it that's one of the genius elements of the protocol it actually invites people to attack it

00:22:38.560 the way that the the network stays secure and the reason the price keeps going up is because every

00:22:44.240 month or two months somebody shows up and says i'm going to attack the bitcoin network i'm going to i'm

00:22:48.740 going to be a player i'm going to attempt to centralize it and of course that's exactly what it wants

00:22:53.920 uh it attracts that kind of uh interest and um that increases the calculations per second which

00:23:01.520 increases the security which increases the price and that price means it's drawing from the fiat world

00:23:07.320 more people are saying wait a minute why do i even own fiat money when i can be owning this bitcoin

00:23:12.120 and it's going up a lot why do i even own gold when i could be owning bitcoin and it keeps going

00:23:16.780 going up going up a lot so you know have at it throw it throw 100 trillion dollars at it you know

00:23:22.340 do it you know i i want to see bitcoin go to a million dollars so you know come at me bro

00:23:27.660 so you're saying there's no way even if they get even if they hired the best person that knows

00:23:33.880 everything about the game even if they hired you know uh uh craig wright they brought anybody and

00:23:40.260 you're saying there's no way in the world to stop the momentum being created in crypto or blockchain

00:23:45.140 correct it's um it it's it's no way it's it's a uh first of all you mentioned craig wright there

00:23:54.040 craig wright is a known fraud so we should make that clear so we shouldn't mention him in any

00:23:58.760 context of a serious conversation but um the the the point is the bottom line is that's exactly that is

00:24:06.280 what i'm saying that it's beyond the reach of any centralized group authority or assemblage of

00:24:14.920 money or technology to stop bitcoin it is now a runaway freight train it is basically the way

00:24:24.380 the protocol works in a lot of ways patrick is that it has an insatiable need for energy because all

00:24:34.520 that calculations calculative power needs energy and bitcoin is becoming the biggest energy user in the

00:24:42.680 in the world it will soon be the single greatest use case for energy all energy in the world uh because

00:24:51.440 i'll give you i'll give you another interesting

00:24:54.240 story that's developing so i know your background i know you're iranian um it's interesting that iran

00:25:02.780 is now mining bitcoin and because they see that they do not want to expose themselves to the u.s dollar

00:25:11.240 they want to escape the u.s dollar and the the way that the u.s dollar is used politically by censoring

00:25:17.320 the swift dollar mechanism etc you know iran's been uh sanctioned and they do so using the dollar

00:25:24.420 so iran was it's been been pretty you know hip to the idea that you know what we can actually escape

00:25:32.620 the u.s dollar hegemony around the world by um starting to get into this bitcoin so now what this

00:25:40.800 will do is naturally other countries like the u.s or the uk will look at that and say wait a minute

00:25:47.420 do we want iran to potentially be the richest country in the world because they would have the

00:25:53.340 biggest bitcoin position in the world uh no we don't want that so now we're going to get into

00:25:58.740 the bitcoin mining it'll be like uh when russia launched the um sputnik satellite uh in the early

00:26:04.840 60s it launched the space race right america said we can't let russia you know win the space race so

00:26:10.200 then they put all their money into space exploration and we know the story there so now that iran has

00:26:15.980 tipped their hand and said we're getting into bitcoin which is the hardest money ever known in

00:26:19.660 the universe and we could potentially have the hardest money on planet earth and potentially be

00:26:24.020 the richest country on planet earth these other countries will say wait a minute no we're going

00:26:27.760 to get into the game so they're going to devote all of you know energy uh budgeting and capital to

00:26:34.440 bitcoin mining and what's what i would call a hash war or a bitcoin mining war which i think is that

00:26:40.760 what we're going to see in the next 12 to 24 months this country's competing with each other

00:26:45.340 to accumulate as much bitcoin as possible and then that will drive again the hash rate or the

00:26:53.100 calculation per second rate higher which will drive the price higher so you get that price will

00:26:58.100 constantly be going higher um so um i think that is what more likely outcome than than the outcome or

00:27:09.180 the idea that somebody is going to decide that they're going to try to control bitcoin that that's a

00:27:14.820 losing bet that's a 100 losing bet so let me ask you why why'd you make the comments you made about

00:27:20.900 craig wright i know in the past he's claimed that he's satoshi and he's the one that owns the genesis

00:27:26.280 block and you know i don't know whether he lost the private queue or not why why'd you say what you

00:27:29.840 said about craig wright it's the well documented now uh very well and numerous sources that his claims

00:27:36.740 are bogus are bogus and um he also is behind a competitor to bitcoin or he's part of a competitor

00:27:45.780 to bitcoin called uh bitcoin satoshi vision which is uh they now write the fraud as well uh and pretty

00:27:55.220 much uh he's been called out numerous times um he's launched several lawsuits that that are all either

00:28:02.420 lost or in the process of losing and um there he has no basis whatsoever to make those claims he's

00:28:11.340 been it's been shown that they claims are baseless and the way he thinks and the way he talks and the

00:28:16.520 way he conducts himself is would be kind of if you're trying to create a character of somebody who

00:28:22.780 knows nothing about bitcoin who is the antithesis of the character and the vision behind it it would

00:28:28.400 be someone like craig wright who's he's a fool i mean the people in the bitcoin community

00:28:32.580 think of craig wright as a fool basically as a fool he has no credibility whatsoever in the bitcoin

00:28:39.320 space he's he's he's absolutely laughed at and in a year or two from now we you won't hear the name

00:28:47.120 will be forgotten forever who else has claimed that there's satoshi outside of him nobody nobody's ever

00:28:55.400 claimed that's right interesting uh do you have any idea yourself is there anybody in the community

00:29:02.920 when you talk to you say you know you kind of have an idea how this whole thing who was or no it's

00:29:07.080 still something that's unknown it's unknown and it's better that it's unknown tell me why because if

00:29:14.620 you have a known person attached to it they become an attack vector and people will will attack that

00:29:21.320 person and they and so you don't want that you want you know who invented gold yeah this is different

00:29:28.140 though the gold is different than uh than bitcoin though than cryptocurrency though well how so

00:29:34.760 how how how is gold created through what what creates through through the uh you know creation

00:29:44.520 13.8 billion years ago the big bang and the universe was started and elements collapsed and stars

00:29:51.580 exploded yeah that's the point it's not man-made you know gold is not man-made bitcoin is crypto is

00:29:57.400 man-made it's slightly different you know it's i would argue that um the inspiration from for bitcoin is divine

00:30:04.500 and that it reflects uh it reflects an inner divine nature of humans so it is similar to gold in that

00:30:13.700 way if you believe that god created everything including gold then you would also believe that god

00:30:18.340 created bitcoin so you think god created bitcoin now do you think god do you think god created gold

00:30:24.660 i don't think man created gold well do you think god created man that that is the agnostic position

00:30:33.780 let's just say there is a creator okay so so and everything in creation goes back to the creator

00:30:40.500 that would include i can't say god created a car a man okay but the reason i say that the reason i say

00:30:47.780 that is to make that position is because the i realize that it's a it's an interesting position but it's also

00:30:54.660 the effects that bitcoin are having on the world are quite interesting and that is bringing about

00:31:02.420 a realignment of the way people think about themselves and about their economies and about

00:31:08.420 their communities uh because for example bitcoin encourages people to save money which is different

00:31:15.380 than encouraging people to spend money it's like when you know you have um i'm sure that as part of what

00:31:23.220 you are doing over there at your company and you talk to your employees and things like that you know

00:31:29.300 one of the ideas you want to get folks to understand is to not go too far into debt don't over consume be

00:31:35.300 self-sovereign be your own person and be have inner strength and morals and values and then those values

00:31:41.860 are carried over into your work and your family and your community and so you know you can't do that with

00:31:47.780 fiat money because fiat money is inherently debt based money and the more you they issue the worse

00:31:53.860 the economy gets and it's extremely uh a poor system whereas gold you know people who who buy gold and

00:32:01.540 store gold they have a kind of a different attitude toward i agree savings okay so bitcoin bitcoin is a

00:32:06.740 savings technology bitcoin is a savings technology that changes people in profound ways they think

00:32:12.340 differently about their communities about themselves it has a very positive effect it's a it's passive

00:32:17.460 resistance you're opting out of the fiat money system and you're now saving bitcoin it's like you would

00:32:23.780 save gold and you look at the millennials and the gen z and they're like you know this is actually a

00:32:28.420 in a world with leaders are corrupt and mentors are not available and the our uh business establishment is

00:32:36.500 run by people of dodgy character you know i'm finding my my inner kind of strength by saving and

00:32:45.460 achieving individual sovereignty and uh i'm doing it through bitcoin so that's why i say it has a

00:32:52.820 celestial or divine quality about it because it makes people um it raises people's consciousness and raises

00:33:00.580 their character and that's an important thing that for folks to understand and it's part of the

00:33:07.380 process of maturing right you know you have to you have to take responsibility for yourself

00:33:13.860 now you know i know you say that you've said you've never sold a bitcoin before everything you've bought

00:33:18.100 you've kept right now that's not everybody though you know the the marketplace of bitcoin and crypto has

00:33:23.060 had the reputation of also attracting some dodgy people too i mean you can see a lot of different

00:33:28.100 uh series and documentaries and 60 minutes on it but going back to satoshi just out of curiosity you

00:33:33.780 don't let me let me comment on that so you drop that and let me comment on it you say you know you

00:33:38.100 have first of all there there's bitcoin and then there's the crypto market no crypto is is bitcoin

00:33:45.620 there's bitcoin and then there's 5 000 other failed attempts to compete with bitcoin there's like there's

00:33:51.060 gold then there's pyrite there's fake gold right there's attempts to be gold bitcoin is there's only

00:33:57.460 bitcoin there's no actual crypto industry it's only bitcoin that's the industry um and then everything

00:34:03.460 else is junk and it's not serious in any way um so i just wanted to make that point so so do you have

00:34:11.140 any speculations yourself of who you think satoshi is or not at all you don't put any thought or energy

00:34:16.740 into it well i know the people that were involved in the cypherpunk movement who contributed different

00:34:24.580 parts to it right for example in the white paper uh dr adam back has mentioned he is a cryptographer

00:34:30.980 and he has been active in developing the some of the elements that went into the ultimate uh protocol

00:34:38.180 the ultimate creation so he's a big part of it hal finney is somebody who was a big part of it he

00:34:43.220 talked you know there's some great chats that have gone on in chat rooms before the launch and

00:34:48.580 hal finney he's no longer with us anymore he died sadly um and there's three or four other people that

00:34:54.980 you could say are part of direct you know directly part of it um i think you know my view is that

00:35:05.060 you know patrick in in industry in in business a lot of times you have like an industrial accident

00:35:10.740 like the creation of microwaves or penicillin or nylon or you know these things that come along that they

00:35:17.060 or viagra was supposed to be hypertension medicine you know that's not the market for viagra today

00:35:21.620 right of course so uh you know bitcoin was the purpose of bitcoin was to solve what's called a

00:35:28.180 double spend problem or to create digital scarcity is another way to put it and it's a very specific um

00:35:36.500 objective and uh i don't i don't think that people really that ultimately when it when it was

00:35:42.900 appeared i don't think necessarily they realized that this was a like a the godzilla of money really

00:35:52.260 that it was going to challenge the global economy the way that it is right that's a bit of an

00:35:57.540 half of it was engineered half of it i think was just accident it's just it's just it's yeah it's just

00:36:02.660 a brilliantly engineered brilliantly incentivized uh protocol that solves a very specific problem but in

00:36:10.260 so doing has changed the world and i don't think that was the intention really i think the intention

00:36:15.940 was just to solve a very specific engineering problem and like many industrial accidents of the

00:36:21.060 past it changed the world you know something is the the creation of plastic was an accident and yet

00:36:27.780 imagine our world today without plastic so in in essence it's an accidental currency is what you're

00:36:33.940 saying yeah it's an accidental money you know it's a currency anything can be currency but only if

00:36:39.620 no money only money can be money so so let me ask you this let's transition to a complete different

00:36:44.580 side and then i want to kind of get your thoughts on the current times trump trump has publicly not

00:36:49.220 been a fan of uh uh bitcoin is that a fair assessment with uh trump where he stands with that

00:36:54.660 sure okay so now trump has also got a method of the way he negotiates he's uh he's a power player

00:37:02.180 he's somebody that'll freeze assets he'll somebody that'll put tariffs he'll somebody that push

00:37:06.340 people around he'll somebody that you know will play every single power play in the book of power

00:37:11.700 plays right if he gets re-elected and he wants to go through his power plays uh and somebody can use

00:37:20.260 through bitcoin to transfer money and there's not an ability to freeze assets do you think a trump

00:37:26.580 getting re-elected is that a good thing or a bad thing for the cryptocurrency world or is it irrelevant

00:37:31.300 it's irrelevant in a lot of ways because no government as we've talked about has the power

00:37:38.420 to stop bitcoin or or any group of governments you know the question is we comes up what if governments

00:37:45.860 you know outlaw bitcoin what happens then uh nothing because um the the bitcoin is unconfiscatable for one

00:37:57.220 thing it's it's um it it's uncensorable and um it's um not going to be plus all these government

00:38:08.660 regulators and politicians are paid in fiat money right so you know every revolution what happens is

00:38:15.380 the regulators and government officials end up becoming a fifth column you know during the revolution

00:38:20.420 because they they kind of sell out the revolution inside um and you're going to see that with any

00:38:25.940 any governments that try to go after bitcoin there's going to be plenty of people in that

00:38:29.300 government who are going to be buying bitcoin because um they're being painted fiat money and

00:38:33.940 the fiat money is collapsing you know it's the story of the roman empire right they try to pay their 1.00

00:38:38.020 soldiers in ever diminishing amounts of silver until the soldiers started you know working with the

00:38:43.220 vandals and the and and the barbarians uh this is the same going to be the same story because

00:38:48.580 bitcoin's hard money and fiat money is not hard money uh so that that's just not a threat it's not an attack

00:38:54.420 vector it's not a threat vector um and um plus we had now have plenty of bitcoin billionaires and

00:39:01.780 multi-billionaires who have tremendous lobbying influence in washington such as and well either

00:39:09.860 direct billionaires or associated or affiliated with billionaire billionaires so uh peter teal for

00:39:16.260 example is a billionaire he's part of the paypal get a mob as they call it mafia um you know and and

00:39:23.780 so uh he's got tremendous influence at least i know he did a couple years ago i believe he still

00:39:31.060 does then you have just a lot of other folks in that circle that have you know billions of dollars

00:39:36.100 and they have the ability to uh change laws you know america is kind of uh one of the cheapest

00:39:41.540 countries in the world in terms of graft you can get a law change in america for a hundred thousand bucks

00:39:47.620 you know it's i wish our senators were more corrupt and that they would cost more to change laws or or 1.00

00:39:54.260 to create new laws to tell you the truth but they seem to be open to pretty nickel and diming you can

00:39:59.540 get a law change in a heartbeat this is why you know the fight the financial sector they overturned 0.57

00:40:04.500 every single regulation since 19 1933 1934 the securities act you know well because you took a series

00:40:10.980 seven exam so you know those uh those laws every single thing in the securities law act of 33 and 34 has

00:40:17.140 been overturned by lobbyists from wall street in washington so now none of those protections exist

00:40:22.580 anymore and uh we have a situation that we have now that they just try to meet every single problem

00:40:28.500 by printing money the money's being debased uh it's backed by nothing or as paul krugman of the new york

00:40:34.100 times says the u.s dollar is backed by men with guns okay great well if you can't pay the men with guns

00:40:40.420 anymore what happens to your currency it goes you know hyperinflationary collapse to zero

00:40:45.140 um so um you know this is this is the sad state of affairs uh that uh fiat money is not going to breed

00:40:54.740 uh a solid political economic class representing solid values that people are going to look up to

00:41:01.780 no it's disintegrating before our eyes patrick it's disintegrating before our eyes and i cannot believe

00:41:08.580 the fact that people are okay with us constantly printing money by the way it's just pathetic to me that

00:41:12.180 it just keeps happening over and over and over again we keep talking about how quantitative easing

00:41:17.140 is not the way to go but we keep doing it uh over and over again the last whatever 15 20 years let me

00:41:22.580 ask you a question you you're in the insurance business okay it's all works on spreads sure what

00:41:28.020 if they go to negative interest rates what happens to your industry you already know what happens to

00:41:32.260 many insurance carriers many insurance carriers cannot be accepted more business if they go that route

00:41:36.500 okay well you know why are they doing negative rates because they're bailing out corrupt banks

00:41:44.180 no one's disputing that it's pathetic right so why so so i'm saying bitcoin is is you know get your 50 000

00:41:51.940 agents to start selling bitcoin do your customers a favor turn it around let's turn it around patrick

00:41:57.460 i'm going to make you a billion dollars i've got two ways to make you a billion dollars number one put

00:42:02.260 bitcoin into the mix of products your agents are selling number one number two i've got an idea for

00:42:08.100 an insurance product that'll make you a billion dollars and i hope you remember me by giving me

00:42:12.340 a commission when you cash that billion dollar check

00:42:18.340 so so let me ask you if we know what direction fiat's going and you have really you know a couple

00:42:24.420 different choices right let's go back to gold standard hypothetically okay to go to go back to gold

00:42:28.500 standard it's going to be pretty ugly uh you're going to have to get a lot of people to buy in a

00:42:33.380 country could do it but other countries don't buy and it's just a technical move to make to get the

00:42:38.180 world to be comfortable with it and then again when america needs money when we have to go off of gold

00:42:42.580 standard so what are somebody sitting there saying you know what look i'm with you i understand the fiat

00:42:48.740 currency is backed by nothing it's imaginary i trust you just take care of me i'll take care of you

00:42:54.340 it's fine wink wink what is the alternative to protect ourselves from this constant hyperinflation

00:43:00.980 taking place what are some of the alternative i know you're going to say a bitcoin but what else are

00:43:05.700 some other ways somebody that's also with uh has the same fears of fiat currency what are some things

00:43:11.300 they can do look people are comfortable with gold to some degree gold and silver then gold's made new

00:43:18.020 all-time highs against every currency in the world just about except the dollar so you know it's made huge

00:43:24.020 moves and uh you know in these countries that are being that are collapsing if you know fiat money

00:43:29.780 is collapsing in a lot of countries right now uh silver obviously is you know in the same boat as as

00:43:35.780 gold it's it's a store of wealth and um you have uh bitcoin the thing about some of these other

00:43:42.900 traditional store of value or store of wealth it's going to be a problem like property for example

00:43:48.340 property i would imagine you're going to start seeing property taxes you know skyrocket because all

00:43:53.780 these government giveaways they got to pay for it somehow so we know taxes are going to go a lot

00:43:58.580 higher and property taxes are going to go a lot higher so i think property is a bit of a you know

00:44:03.300 problem you know in the stock market it's you know it's kind of interesting in that they're the that

00:44:09.540 those those companies that are really software based um where the scaling of those enterprises

00:44:15.940 it's just a matter of adding a server and you add another five million customers or what have you

00:44:19.700 i mean that that is going to still be an interesting model so square uh is interesting i mentioned uh

00:44:26.900 the um you know i i mean not not to get i'm not making a recommendation here okay i'm not giving

00:44:32.820 a financial advice uh but a company like uh docu sign which is just you know the digital yeah the

00:44:39.620 digital signing of documents over the we use them we pay them a lot of money every month yeah exactly

00:44:44.580 okay they are a public company and they're growing like a week and as everyone is kind of uh camped

00:44:49.860 out in their home you know sheltered or whatever uh business goes on and you got to sign you got to

00:44:55.060 sign deals and if you can't and you don't go to the office to sign a deal you do it on docu sign

00:44:59.540 so that that business is moving up uh companies like shopify which enables people to set up shop on

00:45:06.180 amazon that's doing very well um a company like um elastic which is the ai that a layer that runs

00:45:17.780 under a lot of these software apps on on the web is a tremendous business it's a very it's kind of a

00:45:23.620 new business you know these are kind of new businesses and again i'm not giving financial

00:45:27.780 advice and i'm i'm not i'm not recommending these i'm simply pointing out instances where even in a

00:45:34.660 collapse of fiat money uh and a collapse of the economy you could see still some growth in these

00:45:42.660 types of relatively frictionless businesses again with your business you know not to not to be uh

00:45:51.140 you know pick on patrick bet david today but uh you know you've got a lot of people that got to go

00:45:55.780 out there and talk to other people right you know that's that the scaling of that business is different

00:46:01.700 than a software business where you just plug in a server and now you've got another million users

00:46:05.460 right you're on it's an asymmetric battle you know you're battling this though for us it's so amazing

00:46:10.980 what this pandemic did 90 of our sales were face-to-face max 90 pre-pandemic was face-to-face

00:46:17.940 during the pandemic last month we sold 10 968 insurance policies and i'm not talking about term or final

00:46:25.540 expense i'm talking real life insurance policies it was the biggest month we ever had by 4 000 policies

00:46:31.140 and it was 90 done through zoom so it completely changed the game for us as a company as an

00:46:37.300 industry let me ask you technically well that's great you know that actually that could be an

00:46:41.060 interesting point right because people are maybe hesitant about having a face-to-face meeting but

00:46:45.620 would do a zoom call so that by the way we were not expecting this our investors were thinking we're

00:46:49.860 going to lose 40 they flat out told us say we're thinking you're going to lose 40 i'm like okay let

00:46:54.820 us see what we're going to be doing and we made some adjustments you know for for somebody like

00:46:58.500 mice okay i'm talking to a lot of different people on the bitcoin side and the cryptocurrency side

00:47:03.220 i keep hearing blockchain everybody knows blockchain everybody keeps hearing about blockchain but then

00:47:08.180 you're hearing about oracle then you're hearing about chain link right you keep hearing these three

00:47:12.740 different words can you break down how they all uh work together and why it's important to start

00:47:18.580 paying attention to chain link with people saying that we're going to get to a point where you know

00:47:23.220 there's going to be technology linked to your car that's going to feed data to say how many

00:47:28.340 speeding tickets you get how fast you're driving and that data can be used what do those three things

00:47:33.220 have to do with our everyday lives that we live and why should we know about it all right so you

00:47:38.020 remember during when the internet broke in the mid 90s and there was concern that it was too

00:47:44.420 decentralized or it wasn't appropriate for corporations so they developed the the internet

00:47:50.500 i'm the intranet yeah right so companies would have their individual company-wide internet and they

00:47:57.540 call it an intranet and that's like blockchain essentially anyone can start a blockchain and

00:48:04.900 it's it's a way to it's a it's software and it's a way to um um you know uh manage data and but it's not

00:48:13.780 it has nothing to do with bitcoin bitcoin uses a blockchain in the protocol but um in a decentralized

00:48:21.220 way using a proof of work algorithm that is unique and separate to bitcoin anyone can use a blockchain

00:48:29.220 so if you're talking about let's say blockchain as a business tool well you know there are a number of

00:48:35.940 businesses that rely on logistics and rely on them heavily obviously like a fedex or a ups or amazon

00:48:45.620 the synchronization of their supply chains can be improved with a blockchain because you know blockchain

00:48:52.580 would give you greater visibility into the synchronization of your supply chain and do so

00:48:58.660 using software in a relatively efficient cost-effective way uh and um going forward it's going to be

00:49:05.940 obvious to more and more industries that using that type of technology is going to be beneficial you

00:49:11.300 know that kind of triggers another thought here which is that the history of commerce in america in a

00:49:16.900 lot of ways if you think about how software has transformed every industry in the world over the past 30

00:49:23.940 years right now every you know the airline industry is really software business the car industry is

00:49:28.660 really software business every industry is is reliant on software really today that's where they get

00:49:35.620 their margins right they don't get their margins out of stamping metal and sticking it together and

00:49:40.500 selling a car really the margins are in the ability to synchronize and distribute supply chains and there's

00:49:45.860 some efficiencies over that and then that's how they kind of get their their their margins so the only

00:49:52.100 industry really are the only aspect of the uh of our of our business world going back 100 years or

00:49:59.300 more the only the last thing the last man standing was really money itself you know money had been

00:50:05.860 kind of the same for more than 100 years you know you go to the central bank you stick in a bunch of

00:50:10.420 cotton and ink and you print up some paper or the central bank digitally will you know they'll create

00:50:16.980 digital money as as they do uh that's a relatively modern thing but it had not undergone the transformation

00:50:26.260 that software has transformed in every other industry every other aspect of modern life until

00:50:32.020 bitcoin so bitcoin uh essentially is that wave of software transformation that hit everything else

00:50:38.660 uh you know money itself was kind of the last thing and now uh now it's been conquered the money is now

00:50:45.060 been conquered essentially it's now gone to bitcoin is now is now money so that that's that's kind of

00:50:52.500 another way to see how what's happening historically and what how it fits in to commerce and uh i think

00:50:59.860 also going forward you have um you're going to see a lot more micro payments involved in in the in the

00:51:05.540 economy so instead of subscribing to a content where you're paying eighty dollars or ninety dollars a

00:51:11.380 year for that content you'll be paying uh you know a fraction of a penny per article that you read

00:51:16.020 etc and then by far the easiest way to do that or the cheapest way would be bitcoin i think twitter

00:51:21.540 is going to start allowing people to tip other people on twitter using bitcoin so if you like a tweet

00:51:26.980 of mine you can you can give me uh one one hundredth millionth of a bitcoin which is called a satoshi

00:51:33.540 uh there and you can tip me in this way and this is done because of the efficiencies the cost

00:51:38.420 efficiencies of basically uh software as money uh so that that'll be a big change uh and so that that's

00:51:47.540 where i think we're and i think covet 19 and the lockdown and all the changes that we're seeing are

00:51:52.980 just accelerating that that um that change you know it's really fascinating what you said about zoom

00:51:59.220 and your business because um you know all those people are now completely literate when it comes to

00:52:04.900 using video software on their phone and using apps on their phone and now they're going to go over to

00:52:10.820 robin hood app they're going to start using bitcoin but yeah people on robin well anyway i don't want

00:52:17.940 to get ahead of myself so anyway go ahead so that that's my answer yeah uh so again just like you said

00:52:23.380 a crypt you know uh bitcoin became a accidental money uh i call the accident accidental uh currency we

00:52:30.820 accidentally became virtual doing everything on zoom by the way any thoughts on the bill gates a

00:52:35.940 patent patent on the cryptocurrency chip that he's working on do you have any feedback or thoughts

00:52:41.140 on that or opinion on that well it's again you know it'd be centralized right it's only valuable to

00:52:46.340 microsoft if they centralize it therefore it's not competition to bitcoin you know because anything

00:52:51.620 that's centralized would wouldn't be competition um you know he's trying he's as i understand that

00:52:57.860 patent and it's kind of interesting because i own a patent as i told you on the virtual specialist

00:53:01.300 technology which uh is used in hundreds and hundreds of instances primarily by banks to trade derivatives

00:53:08.980 because derivatives are virtual securities and so my patent gives them a way to trade virtual

00:53:15.220 securities with a digital currency uh so that was sold to counter fitzgerald in 2001 and then they

00:53:21.540 licensed it out to uh banks around the world to uh and this is the backbone of really the global

00:53:27.300 derivatives industry which is a an interesting market trading phantom securities but that's another

00:53:33.300 discussion but uh you know with bill gates as i understand it he's he's the patent allows for

00:53:40.580 energy collected from the human body to mine bitcoin essentially from using your own body's energy as an

00:53:48.820 energy source or mining a cryptocurrency i should say and um so that is an interesting philosophical

00:53:56.180 question because it would mean that individuals would be not only self-sovereign but they would be able to

00:54:07.540 become economically sovereign simply by the conversion of the neurological activity in their brains

00:54:16.260 which would have some current some electrical value into a currency of some type i think that's kind of

00:54:21.860 what the patent says so that that the average man that sounds crazy by the way max i mean you don't

00:54:27.620 you know that that sounds insanity well that's what that's what they need a patent and that's as i read

00:54:31.860 the patent but i mean the important the whole idea of patents is i use trying to you know most patents

00:54:37.940 don't really get realized right i mean so people come up with lots of different ideas when i created the

00:54:42.580 virtual specialist patent nobody thought that virtual currencies and virtual securities that nobody thought that

00:54:49.220 was a good idea now uh you can't imagine a world without them by the way any any feedback on the

00:54:56.580 stable coin the whole uh you know teether being the first stable coin and you know uh what are your

00:55:01.940 thoughts on that it's a tool used in the industry to shuttle value around it's just like a money market

00:55:09.940 essentially and you know that it's just a part of the suite of stuff that goes on it's not

00:55:15.140 i only ask because you see sometimes when they print more a bunch of teether you see a bitcoin

00:55:21.620 going up and you you know you're kind of seeing those two go together uh is there any uh effects

00:55:28.340 cause and effect that we should know about the two that with tether uh you know there is a lot of um

00:55:36.180 um kind of um supply of demand they create a lot of demand let's say with tether but that the demand

00:55:45.460 is coming from many different sources and on any given day you could point to any different one of

00:55:52.180 these things as being the primary demand um i think right now the biggest demand for bitcoin is coming

00:55:58.580 probably from barry silbert over there at um his company in new york city um which is he he has a

00:56:08.500 kind of an etf that he trade grayscale it's a gbtc is the symbol and um he uh i think he's buying up

00:56:18.500 depending on how you do the analysis between a half and a hundred percent of all new bit bitcoin coming

00:56:24.260 into existence he's buying them outright for his clients so his institutional demand for bitcoin is

00:56:28.900 huge so he's a huge driver right now uh of bitcoin i would i think i think paul tudor jones and the

00:56:35.540 hedge fund community is going to emerge as i think at this time next year paul tudor jones will be

00:56:40.900 kind of like the king of bitcoin i think he'll have the more bitcoin than the winklevoss twins

00:56:46.100 he'll have more bitcoin than anybody real quick series of questions here who collapse first us or china

00:56:52.340 or neither they'll be co-terminus co-terminus okay 30 seconds max who were you in high school

00:57:01.620 if i was in high school with you 16 years old who was max i had my own tv show in high school i was

00:57:08.580 doing the exact same thing i have our tv our high school had a close circuit television network and i

00:57:14.340 had my own tv show in high school i'm exactly the same person same person as you were at 16 exactly

00:57:20.660 will we ever have a third party president will we have a libertarian or independent president anytime

00:57:26.820 soon i think the u.s government will collapse first before we have any third party candidate

00:57:32.740 how soon is the collapse by the way your opinion it's tied to the u.s dollar and the u.s dollar is

00:57:37.940 toast and that's being played out right now how are you processing everything that's going on right

00:57:43.940 now with defunding the police the rights the protesting the media all that division that's taking

00:57:48.500 place today in u.s it comes back to having values having strong values you know i take a lot of

00:57:54.740 strength from reading the classics you know going back to aristotle plato socrates and reading uh

00:58:01.700 classics because it's all been it's not new history repeats itself and empires come and go and um you

00:58:09.540 know this is the the ancients have the wisdom and you go back to the their wisdom and it you know it

00:58:15.780 becomes my wisdom and you have to be circumspect and take a step back and have faith that the

00:58:22.740 universe will provide right the universe will provide uh i don't need to meddle with the universe

00:58:28.020 the universe will will carry on i just need to listen and and be part of it and uh and and know that

00:58:36.260 it's uh gonna work all good speed run i'll give you a name tell me a one word that comes to mind i'll

00:58:42.100 give you a word tell me i'll give you a name tell me one word that comes to mind satoshi nakamoto

00:58:48.740 anonymous john mcafee fraud ron paul sincere peter schiff misguided donald trump uh disco what was that

00:59:03.220 disco okay uh jamie diamond uh sociopath putin's uh statesman really okay jack dorsey visionary

00:59:17.620 zuckerberg rich he is david solomon from solemn brothers yeah no no no i have no no no response okay

00:59:26.900 buffett okay buffett overrated nassim talleb irascible ray dalio overrated

00:59:36.260 extremely overrated okay bernie sanders maple syrup michael burry uh from from big short oh

00:59:47.300 uh yeah not not interesting okay jerome powell quantitative knucklehead steve mnuchin smooth

00:59:59.700 operator and last banali is jared kushner uh lucky duck lucky duck huh lucky duck max it's been a

01:00:11.300 pleasure having you on valutainment where can people find you just pray and i appear you pray

01:00:17.780 and you appear with your bitcoin and your gold max once again thank you so much for being a guest on

01:00:23.060 valutainment oh my pleasure hope to do it again sometime see you patrick thanks everybody for

01:00:27.860 listening and by the way if you haven't already subscribed to valutainment on itunes please do so

01:00:32.820 give us a five star write a review if you haven't already and if you have any questions for me that you may

01:00:37.620 have you can always find me on snapchat instagram facebook or youtube just search my name patrick

01:00:43.060 middavid and i actually do respond back when you snap me or send me a message on instagram with that

01:00:48.740 being said have a great day today take care everybody bye

Valuetainment - September 12, 2020

Did Coronavirus Help Bitcoin & Cryptocurrency

Episode Stats

Summary

Transcript