This week in Bitcoin- 2-28-2020- Weak hand panic! Swan, 1% allocation, Jack Dorsey, Avanti, Ethereum

This week in Bitcoin- 2-28-2020- Weak hand panic! Swan, 1% allocation, Jack Dorsey, Avanti, Ethereum


Hello everyone this
is adam meister the bitcoinmeister the disrupt meister welcome to this week in
bitcoin today is February the 28th 2020 strong hand that’s important for this
week wasn’t it long term thinking and that’s important
to value your wealth in bitcoin one bitcoin is one bitcoin a vending by
selling don’t complain hey be a unique beast okay it’s time
oh you panic-stricken we can people not watching this show oh yeah Krister only
the strong hands are here only the strong hands survive
we’ve got phil is back here from unchained capital we got greet have got
two new guests here we got brady in the house oh yeah brady Swenson is here from
citizen Bitcoin and ugly old goats the legend is here I met him in person in
Las Vegas this weekend yes that’s that’s what he really looks like in person what
you’re seeing right there so let’s jump right into the the macro
news the world news the world is up in arms financial markets are panicking
because there’s some virus out there and all the markets are going down and even
the Bitcoin price went down we have a tweet from a guy Koree clips in he said
instant yeah spin so you’re gonna comment on this okay according to price
action should not surprise anyone I’ve said multiple times and I’m not the only
one that Bitcoin will go down if there’s a market correction or crash at first
then it will D couple as more and more people recognize it’s fundamentally
uncorrelated and then it will rock it to the moon so Brady what do you have to
say about that what do you have to say about the world situation panicking over
a virus well you know Cory eclipses are really
really smart dude he also happens to be CEO founder of swan Bitcoin which we’ll
get into later but yeah he’s totally right he’s absolutely right you know
we’ve got to expect we you know we’re all strong hands here we expect this
volatility and I I didn’t even realize what was happening in the markets
because I’ve got Bitcoin wealth insurance right it doesn’t bother me
I can sleep well at night and being you know away from our separate from this
traditional financial system and yeah you know it doesn’t bother me
I you know this is something to do with the virus I don’t know I haven’t really
read much about that either I’ve just been working on Bitcoin trying to launch
this product for like the last six weeks straight I mean that is the rate add to
take all right all right Phil you take it away what’s what are your thoughts on
office well all of us here that are watching this show we know that bitcoin
is the best savings tank there’s a technology that we’ve ever seen
unfortunately a lot of our friends with weaker hands they still think that it’s
a de tradable some sort of investment so I think the Corey’s point like yeah the
market today is treating it very similar to maybe some other investments but they
run really quickly into those hot alerts and buyers of last resort and I don’t
know about you guys but I was pretty excited to pick up some some cheap SATs
yesterday when I saw that the value of Bitcoin that are the value of US dollar
pumped measured in Bitcoin makes no sense to me that US dollars pump in
today so I just saw that as an opportunity to stack some cheap SATs do
you do you think this is just people are blindly following the bigger trends that
you know the stock market’s going down so let me sell everything is it related
to the the virus do you think like I said I think that there’s certainly a
portion of it that is that is related to those day traders like selling buying
and selling and and really with what’s with interesting about this is that the
mainstream is getting a taste of what like the fragility of stocks as well as
the virus going around in the exponential growth of this virus of
speaking of course about Bitcoin we gots a positive guys here so uh ugly
obviously you’re not freaking out is your dress up like a goat and you’re
partying you’re partying still from from Vegas we were we were having a great
time this weekend but what is what is your take on the situation well my whole
thing is you dollar cost average um I believe in the Bitcoin standard it is
going to be the new money everything’s going to be priced in Bitcoin so that’s
the bottom line now I am a trader I trade effect you
know I haven’t bought Bitcoin I don’t think for two or three years because I
just trade it and I’m making a Bitcoin that way so I do think it’s tradable but
you have to know what you’re doing and that so and if you don’t know what
you’re doing then you just dollar cost averaging and and once you have that
hollow then you can use a small amount that to trade it but I do I’m encouraged
I like this damn market and I don’t think it’s really so much on the stock
market or what’s going on you know in the world I really think that what we’re
seeing is the washout I think that we’re seeing what I call the exit and to say
the act that you have to say it with the lift and a loose wrist okay it’s exit
it’s it’s it’s kind of a main for my good friend by telling bittern you know
who calls a number of people a Bitcoin maximalist and I’m not imagine us I’m a
Bitcoin standard bearer so basically I think what we’re gonna do we’re gonna
see this Bitcoin really emerged as these altcoins just kind of fun go down to
their intrinsic value and I think that’s a big factor effect you notice this
altcoin season how short it was this time never never loose to be what I are
even came close they just got down I think that’s the motivate I think that’s
the only reason bitcoins going down now is because the alternate the they’re in
big trouble hey you know that you don’t have any
thought you know you come from a training back again guys if you’re gonna
be a trader you obviously have to be wearing a goat mask and stuff so
everyone knows that I do not recommend that you’ve got to be a freak like this
dude right there okay and he’s he he has a lot of experience in finance ok so
again I don’t recommend anyone to follow the path of a dude dressed up like a
goat that is like he’s and he says the safety but in your experience with
traditional markets um you’ve lived through other panics and stuff so you
don’t think this is bleeding into the Bitcoin here oh it might be but I don’t
think that’s the underlying thing I I really don’t think that I could be so
wait we know existed since you are a traitor you gotta be a goat to be a
traitor you your strategy is not affected by this virus at all you don’t
give a darn you don’t know I never make any
predictions because I I pray I I don’t know where the markets going and people
don’t understand this I trade accordingly I the reason I think up a
successful trader as I know I don’t know that’s why I teach
yeah I know I don’t know when I trade accordingly which is completely opposite
of everybody else that really else makes predictions no words going well there is
a certain line I mean this is a kind of a beyond Bitcoin type of topic but I
wanna I want to bring it up if a man with true experience can admit he knows
he knows when you don’t know you know you don’t know that takes it take all
the young guys out there no one’s gonna say you bet no one’s gonna say so you
can learn a lot from this dude right here I like that I like that you said
that line because I’ve heard other philosopher types bring that up and it
takes off it takes a lot of experience to be able my whole a my whole emphasis
isn’t even on trading to me the last thing you look
the charge okay the other thing you look at is your own equity your and the key
to successful trading is money management so you have to have a handle
first and then if you want to trade you only trade a very small percent of that
Hahnel you know and if you follow money management you can’t you really can’t
lose it’s not hard but most people have the thinking backwards they want to know
where the markets going will I buy what I sell and I don’t have a clue yeah this
is a good segue because you said you got to have a hotter look first and good
clearly that’s all I need it’s my back it’s my savings account so Brady Brady
you’re you I read this week and I had it on my on a show earlier this week
because people ask me about this all the time what’s an easier way to get Bitcoin
than getting at a coin base I don’t want to deal with calling base I’m an
American I don’t want to deal with coin base
well lo and behold I’m hearing in mark March which is in two days now marches
in two days amazingly enough then we got this thing called Swan that’s coming out
so so Brady you are an education man you got a podcast it’s linked to below but
you also work for these dudes you’re the market big dude so I love marketers I
take it away yeah actually my titles head of education and I love the fact
that we our marketing is education so that’s like we’re absolutely dedicated
to educating we have two things really simple plan we have the easiest way to
dollar-cost average easiest way to button to do automatic buys set them up
it’s super simple so didn’t forget it automatically draw
from your a fiat bank account right to the blockchain
we also are setting up Auto withdrawals so we encourage you to hold your own
keys to be a soft siren but you know self sovereign bitcoin citizen when you
get to a certain amount of bitcoin auto withdraw to your wallet that’s all set
up you set it and forget it yeah you know set up your buy set up
your withdraw done you don’t have to worry about anything
automatic stacking and like I said we’re you know focus on education so we’re
gonna provide the service Auto stacking service and we’re going to educate
bitcoiners so my job is going to be host ama’s do more podcasts write a bunch of
stuff about you know the basics in bitcoin we’re writing a book and
collaboration with some of the you know biggest Bitcoin names in Bitcoin a
fitting a movie stuff in the very I’m a todo about 10 others guys swans in there
so yeah we’ve got an incredible team at Quarry klippstein has put together the
dude is an amazing networker I’ve never seen anybody like him before
so yeah the quarry on this show might remind me about it he seemed that was a
great tweet but could continue sorry about this
yeah no worries I will definitely get Cory on the show I mean that’s basically
it that’s the pitch that’s what we’re doing at Swan and we’re gonna launch
we’re gonna launch in a couple of weeks we’ll be out you know out in the wild
win Bitcoin 2020 rolls around so we’ll be there at the conference well booth
come say hi come asking questions we’ll get you set up on the app all right so
you’re gonna be at the conference why don’t why don’t we plug the conference
right now I’m gonna be there too are you uh are you beep its 2020
conference in San Francisco I’ll unfortunately be mountain biking that
weekend but we’re gonna have a bunch of people from the unchain capital team at
2020 I want to go back to the product here Brady are you familiar with the
amber app out of Australia absolutely yeah so yeah so yeah this is similar
okay it’s definitely similar yeah I mean Amber’s doing basically the same thing
you know they’re you know doing an auto stacking platform I know Alex is
obviously Alex vet ski the founder CEO they’re obviously dedicated education he
does a lot on that front so yeah I mean I look at look at amber is as a wingman
of Swan if you will yeah well that’s what that’s what I was thinking is there
were a lot of Americans when we had Alex on the show how do I can’t get amber in
America well I guess now you can pound that like button there’s something
there’s something like it’s something like it’s so great I’m glad that
innovation is coming over here and we need more competitors the coinbase these
people are great you mentioned that yourself this is the first I’ve heard
about it but this is you definitely meeting a market need so you know give
me a link I want to get KY feed and they a meld so I can get on and again fact
we’re thinking about you know going I did a lot of arbitrage for a while and
I’ll go back I’ve got some people you know working with me now that kind of
want to learn for me so any rate I did a lot of business with coinbase until they
kicked me out I guess a good coin bought base toys and I’m even going to be
filing a little lawsuit against him in small claims court I can’t talk about
the one I settle them with but I can talk about some other things they’ve
done and these people have the same frustrations that you do ugly debt
definitely and we’re not gonna well actually you just piqued my curiosity a
little bit with something you just said you want a case you you want a
settlement with them you won with them but I can’t talk about it okay okay but
I can’t talk about I want to hear about the new stuff but that’s more we get
before you stop talking about coinbase I mean we seek win base is definitely main
competitor we’re going after them we’re gonna have lower fees obviously we are
unapologetically Bitcoin only and that’s a big differentiator for us you know
there’s what 40 or 50 all coins on coinbase that you just give to get
distracted from we want Bitcoin owners to be confident that you can send your
friends and family to Swann and Swann Bitcoin calm early access you know we’re
at someone Bitcoin on Twitter yeah just come find us come ask us questions and
get on the app I link to you below so if you if you click on Brady you’re gonna
be able to find me I’ll add remind me to add the dis Juan link if it’s not I’m
gonna actually write that down right there are you feel you haven’t say
anything about this you and you know about all this what do you think about
some on any any thoughts yeah I think Swann has a great team I know the the
founders personally and I think that they are on the right track I mean the
us just really really needs an easy way to dollar-cost average just Bitcoin
right none of those crypto coins whatever crypto even is no
thank you yeah we’re you know here at unchain capital we do Bitcoin native
financial services and we’ve already been seeing kind of an influx of former
coinbase unhappy customers joining up with this new new way to manage their
Bitcoin so yeah I think I you know I feel like coinbase is sort of a
generation to Bitcoin company you have Gen 1 which is like your Mount GOx you
know people where in sweatpants and horrible explosion Gen 2 is the coin
base it’s you know the like regulated crypto companies that have the
traditional account structure and Gen 3 is just Bitcoin only stacking sets and
then giving clients control of private keys with their Bitcoin native financial
services so you know we’re gonna leave gen 2 in the dust and and you know I see
things like coinbase proudly proclaiming that they have over a million Bitcoin in
cold storage and that kind of gives me nightmares it’s like man it is a huge
target wait wait wait a second built but hang on a second ugly fill is it do you
believe that number I thought that was a huge number myself and it is
unbelievable that people have let them control that much Bitcoin do you think
they really have a million I believe that number especially with the
acquisition of zap oh but but what’s what gives me hope for for bitcoiners in
general is that based on some numbers that we’ve recently ran it seems like
over eleven and a half million Bitcoin are in the hands of private key
ownership in cold storage so still a majority of Bitcoin is is held primarily
by individuals and not on exchanges but you know we gotta we gotta give that
number down even lower we need to put it private keys in the hands of bitcoiners
alright ugly old goat you’re about to say something yeah I just have a
question are you guys incorporating a lightning Network on your your platform
or is that on the agenda later or were you guys just where you stand on that I
mean if you can amass or I kind of help we’re just a little bit skeptical about
it but I kind of had a new revelation that Lightning Network and
right a medium article about it but I decided we gotta wrap
yeah you’re asking me yeah are they asking for
brainy yeah we should both answer though fill your note I love the like network I
you know I’m really impressed by the devs who are building amazing stuff on
the Lightning Network but no we’re not we don’t have any plans to work with
lightning we’re focused on helping people build their hoggle stack right
and lightning is really meant for payments etc so yeah I mean down the
road I think lightning will be really important I think it’s really important
to build it out now and play with it but right now we’re just focused on
stacking sets all right fill your comments on we’re all Lightning Network
yeah most of the one chain capital boys love the light network myself included
like I played with Phoenix wallet and I was blown away by how beautiful and
seamless the payment technology is but unfortunately our current trajectory is
to prevent friends from selling Bitcoin friends don’t let friends sell Bitcoin
so for today what we’re focused on is helping those long-term wobblers protect
their stash we definitely do want to look at Lightning Network and get that
set up as you know as soon as it is we’re able to but we have some some
higher priorities for right this this moment which is helping people to
protect their their Bitcoin long term and then access liquidity should they
base and some liquidity without having to sell it I realized that when Goldie
logged as the gold standard don’t disappear this cash it was not
used as cash it was only used to settlement you could use it as cash but
nobody did yes all right let’s let’s all miss we’re on
a subject matter here that it really leads into something that came out this
week I want to hear everyone’s thoughts on this quote everybody should have 1%
of their assets in bitcoins specifically when you see the amount of leverage the
financial industry is running and there is a lot of risk and there’s a lot of
risk of downside now an average individual citizen of every country in the
world has an uncorrelated hedge that was from Chamath and Haman I think that’s a
really simple strategy there everyone should have 1% of their assets in
Bitcoin I have more obviously what do you think about that ugly old goat that
at that allocation of assets were far too small I recommend I recommend a
minimum of 5% and really I think prudence
you know 15% anything over that okay you’re taking a speculum I used to be a
hundred percent or more the first Bitcoin I bought was on coin base and it
was a CH and had overdraw protection so I and the other is I was able to buy it
as I had Trek protection so but now you know even now I keep about 40% of my
assets in Bitcoin and I’m comfortable with that but you know yeah you don’t I
wouldn’t bet the farm where I’m what which I once did but I have I would
recommend it your your silly if you don’t have 5% in Bitcoin because the
underlying fundamental bitcoin and bitcoin is not Bitcoin at all the
underlying fundamental in Bitcoin is that we’ve had this fiat inflation fiat
money created X me do for now three generations which you know it’s been a
hundred and well almost a hundred and twenty years and that’s the big gorilla
in the room it’s not even Bickman Bitcoin is simply the answer to that
that we were so fortunate it would not have even been developed had we’ve not
had this problem for the last three generations so that’s the underlying
fundamental and you guys I mean I don’t know guy I won’t be around to to witness
this thing but you guys are going to be the the Bitcoin standard bears that are
going to carry the world through this monetary transition and it’s not going
to be big easy and you’re going to get a lot of you
we get a lot of our position and you know what in the end they might be able
sees us personally but they can’t seize our wealth and in the end I think it’s
going to come down to bitcoiners we’re gonna have to watch each other’s backs
and and I my mentor is EC Harwood and his he commissioned me to DeMint gold
and silver coins that read for integrity there is no substitute and so I believe
in Bitcoin but I also believe that our own personal integrity is a very much a
part of this I think that you guys will not only be be setting the fashion but
you’re going to be setting the new morality in the coming generation and so
you’ve got a huge responsibility and so guys carry that torch I am in your
corner and we’ll do all I can to you know promote you as so long as you’re
true to sound money pound that like button nice one there I want you you
give it overall a big picture there but for the for the people who freaked out
about viruses and stuff out there those people the way they manage their
funds they will they don’t think of bitcoins are really clean safe type of
thing they’re scared off by it so this is why the 1% comes up this is why the
1% number is brought up by that dude because he it just shows people like
just try a little gamble it’s not it’s not a gamble to me it’s not a gamble
just try a little bit who’s that one person could easily turn into ten
percent of your portfolio so Phil what do you think about the the 1% dodd
number there and that recommendation where it was coming from I think it’s
extremely risky to not own anything coin Oh serious man like like with what’s
going on around the world with the people who we have in charge with the
central bankers and all negative with their interest rates I mean you have to
be at this point just such a die-hard fiat default Keynesian to steal Brady’s
term I have any Bitcoin right now like 1%
like basically get off zero right I always just tell people like everyone’s
hurt almost everybody has heard about Bitcoin at this point still most people
don’t have any you know I had a conversation with a friend a couple
weeks ago and the advice I gave her was hey take an amount of money that you’re
comfortable just you know kissing goodbye to or saying goodbye to and put
it into Bitcoin and see what happens and you know for that for each person that
number is different but you just got to get some get off zero at this point
you’ll earn it if you have to use use fold use volley you know sack SATs with
Swan or with cash app or amber or whatever but get some all right
bring it actually there’s it there’s a question from the audience and you can
talk about the 1% number but I want you to address this question – this is from
one to three noscope question for the panel do you think the allocation of
bitcoin should be higher for younger generations I’m 24 I’m 95 percent
Bitcoin and living in sleep yes so that that’s for you Brady yeah man yeah the
younger you are I think you know the longer you can hold and you know have a
good meaningful amount of life left you know we’re also you know living a lot
longer so you know even if you’re like ugly old goat down there like ugly you
know don’t give up man you’re gonna live for a long time we got I’m not afraid
and I’m ready to go so I’m not worried about that either but no I Bitcoin has
given me a whole purpose in life it really has like whole life was you know
I’ve been III did 11 years in prison and I did the shit coin thing and I was I
can write you know I’m not I get it what these guys are doing I did the same
thing you know but I don’t go through don’t learn the lesson I had to learn
the hard way that’s what I’m trying to teach these guys and we have to be
careful on how we do morphing too because I’ve actually written an article
Bitcoin is a lousy cash and sex is a store value or sex is a store value it
allows a catch either way you do now that sounds funny to you and me
but it’s really not it really it doesn’t work as cash and it won’t if it becomes
the standard I’ve written about that thoroughly but it’s also really when you
have a repeated 80 to 90 percent crashes in the market it’s not a store value in
the way that we see things but it of course we know that it is one of the
best traders I know in Bitcoin is my wife the goat lady and oh yeah yeah I
was treated by back for sure dogs and a church you know back when Bitcoin was
$20,000 so this is ugly you know I mean I want one of these Raptors at this new
Ford that comes out you know so it cost it we spent seven Bitcoin we got this
big old four because she likes these big powerful tracks and she got tired after
a year and she was bought that Raptor for seven Bitcoin and sold it for forty
two Bitcoin well you know because she sold it a year later that she bought it
in December of what 2017 and solar December 2018 it basically she bought it
when Bitcoin was at seventeen thousand and she sold that all Raptor when
Bitcoin was thirty five hundred well you can’t be better than that so yeah she
knows how to call called bond Lambo here sell Lambo here you can Rambo’s that’s
actually uh that’s a pretty amazing story there that you actually came out
ahead when buying a car be careful people don’t don’t don’t you try that
one at home I wouldn’t go back to the Brits brady real quick here and the yest
and that was they asked about youth because if you are just coming out of
college you have nothing anyway so of course if you buy a bitcoin more than
one percent of your wealth is going to be in bitcoin i mean you don’t have any
you know it’s easy it’s easy to do that but but comment on the one percent
number i mean forever yeah man I mean one one percents the absolute minimum
like us table stakes you know you got to get in the game and I think you need to
you know up that slowly but surely over time right dollar cost average in at
about a percent a year see what happens to make sure you’re
comfortable obviously you don’t want to get more than you’re comfortable with
you don’t wanna be able to sleep at night but I think the journey that we
all go on is you know we get in the game and we learn what’s happening here
that’s why education is so important we learn what’s happening here in our
convey our conviction goes up right we see all of this evidence that that like
bitcoin is on this very kind of obvious montes monetization path the volatility
is going down very clearly it’s becoming you know it’s going through the store
value phase now it’s going to become a medium of exchange and unit of account
at some point think that’s inevitable maybe it’ll be alongside the traditional
financial system I think it’s gonna suck the lifeblood out of the financial
system we come you know the new standard rate but yeah if you’re young 95% that
sounds awesome and I love that conviction you know I think you’re right
I think that that’s smart you know as you get older maybe you’d ever find some
real estate and some other assets but yeah I mean right now it makes sense to
hold a lot of Bitcoin you know as much as you can reasonably have without
freaking out when the price drops 80% real quick to see if you had any
conclusionary thoughts on this topic matter because that that extra question
was added in there about youth I think that the the other guys have pretty well
capture how I feel about it like definitely be be stacking stats
I always just personally look at the US dollar that I put into Bitcoin and I
make sure that that amount is something that I’m comfortable with just losing
entirely but the result of that and through a long time of hot-wing is that
you know now now Bitcoin makes up a much higher percentage of my portfolio than
what I put into it originally true no it’s a Brady’s point though like you
gotta make sure that you can pay your bills and live your life without relying
on on Bitcoin number go up because number go down sometimes when number go
down that’s when we buy more stats but you got to have some other other
currencies around and to be able to do that and buy other currencies I’m
referring exclusively to whatever your national currency is because you don’t
want to be holding all is either okay okay well that sounds
like we’re selling your hovel but I think it’s presently sometimes very that
hotle and I think the example is for example when this point ran up there to
over 15,000 or 20,000 cash and little reward yourself take your wife out to
dinner upgrade your laptop you know maybe maybe you maybe buy a little newer
car or something like that and then they’ll call that saving I call
it savvy and they’re like hobble is a misfit of the word yeah I call it savvy
that’s and then the third the third leg of this thing if you build it but all
these all corners old you need to build on my shit point no build a means you
need to start looking to have a business and a stream of income stream in Bitcoin
and you know what guys that’s what you’re doing with this coin base I’m so
glad you’re doing it you’re gonna meet a huge market need and I think you’re
gonna be tremendously successful because you’re coming out with something at
exactly the right time and just keep keep that Bitcoin standard alive and
you’re gonna do great that pound that I like and yeah he’s right be in motion
compete don’t complain he’s doing well they’re both involved with businesses
that they build businesses around the needs and there’s so many spec there’s
so much in this space there’s gonna be so many opportunities in this golden age
of the 2020s to start these businesses now speaking of a new business I I don’t
know if the talent even how much they know about this because I forgot this
story from the beginning of the week it’s a big story though I guess I’ll
start with Phil but still seems to know everything Bondi she’s true Avanti is a
Wyoming corporation formed to apply for a bank charter under Wyoming special
purpose depository institution law plans to open doors in early 2021 this is
Caitlin Long’s Bank basically in Wyoming Phil did you have any thoughts on that
this seems like an extremely interesting and exciting business to follow and it
appears to be coming as a direct result of the Wyoming blockchain task force and
all the the regulations that they were put into place so they’re able to kind
of spin up a special Bank and I’m not super familiar with the
details but it allows them to say yeah like hold the Bitcoin for for for
clients and institutions as well as kind of work in the federal banking system so
I’m gonna be following them very closely I noticed – there’s a I think like
halfway down the tweet thread Caitlyn mentioned that they’re planning to offer
multi-sig solutions to clients and that’s something that I’m personally
really interested in so I’m gonna be following that very closely and actually
we’ll call our new chief product officer here at hunching Capital was a member of
the Wyoming blockchain task force so he was he was there helping to write those
regulations to allow them to be able to do stuff like this in Wyoming and I
think I mean as far as regulation goes in this country Wyoming is is certainly
on the forefront and we’re gonna see some interesting business opportunities
and just things kind of grow out of that I think so definitely excited about it
you’re speaking about halfway down that tweet thread few people read the entire
tweet thread I mentioned it on a previous show and some people lost fast
out they’re actually gonna be accepting altcoins there – yeah yeah did you ever
read the hole it’s like number 23 on there yeah yes she said no if any if
people are wrong the work with them they’re willing to work with people who
wonder if people want them to store the all coins they’re willing to do it if
the technology is there then that’s for another show okay I guess but Brady did
you have any I mean I love it that dot you know there’s all this Wyoming stuff
to me was just all talk it was kind of abstract now we’re getting a real thing
we’re gonna get a real Bank in 2021 so it’s nice to have something you could
touch out there and I see Kaitlyn long is amazing
braided you have any thoughts on it yeah I mean I think it’s important to have a
leader and the way that laws you know kind of develop in the United States and
and Amal is they start in the States and they get modeled and adapted and you
know past other states and then eventually the you know a lot of those
laws will become you know will definitely influence national laws right
and I think one of the things that’s really important is that we
grow the number of Bitcoin friendly politicians in this country right and I
think the way that we do that is partly with businesses like a banty Bank and
and the work that Caitlin long and and crew have done and we’ll Cole as as Phil
mentioned have done in Wyoming is really important it’s it makes Bitcoin like
legitimate in the eyes of this establishment I think that’s important
there is risk there as well though you know I think that we need to be mindful
that we need we need to have like and I bitcoiners are very mindful of this
right so but I just you know throw it out there like we need to have this kind
of side like alternative parallel economy right so if we can build out
things like disk and other you know ways to trade Bitcoin and buy Bitcoin and
earn the coin without k-y seeing I think that’s important too you know obviously
we have to follow the law and I think it’s important to build trust with these
institutions with the traditional financial system so that we can grow
Bitcoin but I think it’s also important to keep working on the side on kind of
the opt-out version of the Bitcoin economy you know you talk about getting
our politicians on the Bitcoin side and we’re talking about this Wyoming thing
she’s been working with this guy named Tyler there I think I don’t he’s like a
state representative on the state level but it’s so clear the dude is working
with them I I think this is a good idea for young politicians to work with the
Bitcoin crypto people and it increases your well that people know if it brings
you up a few levels so you can work you can run for a higher office I mean I’m
sure the guys I’ve run for Congress or something like that so so their
incentives uh their incentives out there for the go-getter politicians to get on
the Bitcoin train because this is the future and I think that guy mother
I think it’s Tyler or something or others been helping I get these things
passed over there so a goat ugly ogre you are a guy who’s familiar with the
ball do you uh did you rethought swith this Wyoming or what it’s going to be a
state chartered bank so I would I don’t when you use the term it’s gonna be a
real Bank I don’t think it’s gonna be real it’s gonna be state charted where’s
come with all the garbage that goes along with that no matter and the very
fact that they have to legislate all this stuff kind of makes that evidence
so I mean it’s interesting but I have my fingers crossed I I don’t think that
that’s going to be the cutting edge the cutting edge is probably going to be
something that can’t be touched by any state and will have no borders and but I
think within low calories for example I think one thing that Bitcoin will be
doing is bring put a lot of pressure for national governments to to at least have
regional regional sound money that’s why I do think that the gold standard is
probably going to emerge in this next generation because it’s going to be a
Bitcoin and the Bitcoin standard that’s going to force the issue one thing about
the cutting edge and I think Brady said this that this is not the bisque is the
cutting edge I think people would agree with that that’s uh that that’s uh that
that’s a change is the world type of stuff the the Wyoming though is to get
the mainstream it’s gonna remain stream money in it’s gonna bring big money and
I mean we got it we got a look at both sides of the pictures here some people
don’t pay big money that doesn’t make the big changes you know big money
didn’t start Microsoft or Apple it’s going to be the innovators outside the
established and I think that are going to do this and so I mean I could be
absolutely wrong I hope them you know I hope you guys are you’re right on this
but on I have my eye of deep other right well let’s talk about let’s talk about
the innovators right now because Jack Dorsey again with square square got some
good news Jack Dorsey’s tweeting about Bitcoin everybody’s happy hey that’s I
mean I like that vibe feel what do you think about Jack it’s Jack Dorsey on too
much of a pedestal here in the Bitcoin ecosystem or are they serious if there’s
one thing we’ve learned in the past couple weeks it’s that your your your
pedestal is very very fragile right so if you I don’t know as they hand out
crumpled pieces of paper and I found prints like you’re gonna be you’re gonna
be toppled pretty quickly so Jack I think people rally around Jack because
he seems like a savvy person who understands Bitcoin he’s taking a very
or really the cash app team is taking a very cautious and I think really savvy
approach to Bitcoin right it’s you know it goes piece by piece first election by
Bitcoin now it allows you to like my salad withdraw and send and everything
it looks like they’re also focusing on dollar cost averaging and they you know
they’ve put up some pretty big numbers over the past few quarters they’re
seeing rapid adoption and I think that’s great
I just what I really want is easy ways for Americans and really people around
the world to be getting Bitcoin and I think that they’re doing great before we
go back to brainy here I want to get a goat what is your grace of all time do
you have thoughts of Jack Dorsey I want to hear it from a veterans perspective
here if you if you even care about Jack Dorsey at all I really don’t know all
right you know I really not I mean I used Twitter so and you know I found it
a great deal of fun but I I and I haven’t used what is it squirrel I
haven’t used this service I’m not familiar with it and I did you know all
of the stuff it kind of is hybrids and and I get it because that’s where most
people feel feel safest but I don’t think that the innovation is gonna come
from a safe spot Brady your Brady your take on is Jack Dorsey on too much of a
pedestals here are you impressed by square is he gonna save the whole world
it’s gonna become an ethereal fan tomorrow what’s gonna happen all right
no he’s not gonna become an infant I’m pretty confident about that
however like bill said like well we saw the past couple of weeks some of our
biggest Bitcoin on the Bitcoin maximalist toddlers of last resort
heroes have you know fallen prey to shake oh sorry all corner II so yeah
it’s it’s a I love Jack Dorsey I you know I think he’s a great champion for
Bitcoin it’s amazing that we have someone who’s you know CEO of two
massive companies one it’s like the communications platform in the world the
one that is you know basically the Bitcoin is you know debated on like this
is where we kind of figure things out it’s the platform that asked you know
the the Sigma 2 X you know battle was fought and you know it’s it’s very
important and then square of course is a growing you know payment system and it’s
it’s amazing to have him out there I do think you know of course like if
something happens and Jack starts you know you know defy eyeing or something
like that then yeah we’re gonna we’re gonna take him down that’s what you’re
saying it’s such a grassroots effort right ugly to your point
like all of the innovation is happening at happening at the bottom level and
it’s not going to be coming from those like large institutions or likely any
sort of public company but the fact that you know companies like Square
sponsoring an open-source development like that’s that’s good sign in my
opinion and like the fact that we have those regulators in Wyoming trying to be
like trying to put together the right regulatory framework that’s good it’s
just more attention surrounding the vortex that is Bitcoin the black hole
right we want and we know already that there are plenty of people in politics
as well as CEOs of top companies that are bitcoiners so we’ve got a lot of we
got a lot of ammo on our side hey let me explain my vision with you because I
think I can I can give you a really because I am pretty sure I’m right on
this one all of my analysis bit comes my you’re not gonna be banking the unbanked
okay the next major move in Bitcoin the longest duration and the largest
magnitude move what move is not going to come and it I don’t even get think it’s
going to come from maybe your vision of consumers I think where it’s going to
come from is from the have-nots entrepreneurs in this world and there’s
a lot of it a lot of them there’s you know I’m a I have Bitcoin entrepreneur
and I think the next mirror is going to be this transition where all these
headline entrepreneurs are going to start seeing the vision and saying yes I
need to start pretty a small part and I start at 5 or 15 percent of my business
on the Bitcoin standards and that’s that’s where I think your markets gonna
be it’s going to be the other that business b2b and grilling not so much
the consumer I’ll not be wrong on that but I think I think I’ve actually wrote
about this like a year and a half ago but this adoption wave this this ha to
live that we’re seeing form right now it’s I think it’s coming from from a
swap in incentives like for the first like five to 10 five years of Bitcoin or
whatever people are trying to figure out how do I spend this thing what are good
ways to you know get merchant adoption we realize or people realize that that
was the wrong approach and during this way of what we’re seeing is those
incentive switch right people are understanding that their clients want to
earn or buy Bitcoin and they’re just and we’re seeing companies add unique ways
to give customers the opportunity to earn and buy a Bitcoin like you know I
think about strike and assure app which are coming out relatively soon they’ve
got the incentives just right the merchant gets to receive Bitcoin because
they want to earn Bitcoin the payer gets to spend their their Fiat because they
don’t want to spend their Bitcoin like perfectly aligned incentives there and
then at the same time you know the the spenders also stacking SATs as a reward
for working with that merchant like that’s beautiful right there beautiful
now I just lost my train of thought brainy what are we talking about it was
your it was your turn to talk about this where did uh how did this subject matter
I love lost track of what we were even talking
about there for a second what we were talking about you took me down a you
took me down a road you know talking about the entrepreneurs there and it
actually made me think are they are they long-term thinking enough to know hey I
want to get some Bitcoin now to protect myself or they short-term thinking
enough saying hey there’s a theory I’m out there when I just start an IC o—-
to fund my business or something like that that that’s what I actually uh
that’s where that’s that that’s the path that my brain went down there but I
wanna well yeah wolf as Bitcoin entrepreneurs it’s really our duty to
educate people well why Bitcoin and Bitcoin alone and
sound money and so I think it’s good economics is going to make it evident on
its own but the biggest thing we can do is help people from not making the same
mistakes I’m sure I know I made in the Alcorn market I’m sure other people have
too so that’s that’s a word that the pavement means and it takes a whole new
way of thinking to for example I did I did a conference a workingman’s Bitcoin
cruise all the reason I made money on it is because after it for Bitcoin when
Bitcoin was $3500 and by the time I handled it and I’ve actually broken and
made a little on the critters because it had gone up to you know to to over
10,000 with my subscriptions in December actually offered Black Friday half
priced subscriptions which was just a bargain lifetime my life not yours but a
lifetime subscription my price which was like $300 for as long as I go okay and
people are saying but that’s great but it worked because I’m handling it okay
okay the end time in my life I’m giving it away and my members could promote it
and they get a small little affiliate these are the things are going to be
happening and you it’s gonna come in increments but when people get it’s a
different way of thinking why why are somebody kept their price just to get
their point well it took long term thinking
okay that that’s I’ve always said somebody owes you money just say hey
dude uh if you owe me a hundred bucks give me 50 bucks in Bitcoin because in
the long-term so let’s wait did we mention all coins there for a second I
want Phil is a man who knows all the news here you know I take out I look at
the whole picture of the cryptocurrency space I just don’t look at Bitcoin
because I want to see you know just everything that’s going on and clearly
this defy thing is the flavor of the year people are talking etherium and
maybe it’ll bring big money into the space but one thing that has been going
on lately they’re having arguments and there might be like a split did you know
about this bill whoa what’s going on over there I heard that they were
arguing about I believe it’s the proof-of-work algorithm again but yet
the the man it’s hard for me to comment on this I would say I kind of defer to
my colleague Parker Lewis he said the real the true defy is D financialization
and that’s what bitcoin is going to help us with it’s going to move the world
shift the world away from the increasing financialization of everything we’re not
going to be tokenizing each other we’re just going to be you know using a strong
currency to be able to cooperate and build interesting things so the the hard
fork that aetherium is going through I mean I I kind of see this happening
again and again and again in perpetuity until all these altcoins just kind of
cannibalize themselves so as I don’t think it’s anything that’s specifically
unique to them I think what they’re realizing is is the power of running a
full node and their own personal inability to do so all right Brady yeah
I mean I so I don’t keep up on aetherium news but I did take a look at this when
you have something the link and yeah is it’s from what I can gather it’s
potentially causing a chain split because they want to move
this proof-of-work algorithm that is anti ASIC right that they think that
they’re afraid of mining centralization and they want to like you be able to use
GPUs again so that more people can mine and decentralized money right fine I get
that but yet this is all a debate about a platform that is not I’m sorry it’s
just not meaningful right it’s it’s like it’s not money okay it’s not money it’s
there’s no monetary policy it gets changed all the time
nothing there’s all these promises nothing ever gets done compare that to
Bitcoin right bitcoins got all the network effects the best developers you
know I’ll wait farm or Hodler and it’s actually money right it’s
actually a monetary good and the best monetary policy it’s not going anywhere
and the way we developed is really slowly and carefully the way you should
develop when you’re writing code that affects a giant you know 170 billion
dollar market cab monetary good right it’s like it’s like writing code for a
nuclear power plant and so this is like it’s it’s that’s like a game it’s like
you know live-action role-playing going on over there and you know bitcoins
actually building something real and that matters so that’s why I don’t
really even pay attention to it very much I think it’s a fight about you know
it’s a role-playing fight we’re not gonna ask you about aetherium because
you we already know what your thoughts are and that the bitcoin is the standard
so we won’t repeat all this I would i I would have move on because only said
we’d leave little time to add one more thing oh yeah please so to Brady’s point
brady said that aetherium isn’t money i’d actually take the opposite side of
that argument and say the theory is money it’s just terrible money wants to
hold this money it has no monetary properties like you can you predict
where it’s going to go but that’s the problem with all of these all coins
there’s no such thing as a utility token there’s no such thing as a smart
contract platform they’re all money they’re just bad currencies the coin is
good money yes yes and that’s that has been the theme of the show today I must
say now that like but check all these guys are linked to below their Twitter’s
follow them they don’t all wear goat man but when they do they’re on the show now
I was gonna say that it’s horrible talking about this being a grassroots
thing right being bottom-up and like I was thinking what other industry could
you be on a news show about that industry with a dude and a goat mask and
not think it’s weird at all like not even blink twice we’re redefining stuff
here fitting in is overrated if you’re in Bitcoin if you really value your
wealth in Bitcoin you don’t need to fit into anything you’re in the Bitcoin
overlay to do your own thing clearly clearly ugly is uh he’s in the Bitcoin
overlay he’s doing his own thing I mean I met him in person I got to see it yeah
we’re all my friends because my friends call me by my first name
and everybody has trouble with that they call me mr. gutten and I said now my
friends call me by my first name and then they scatter and stutter and that
oh ho you mean ugly yes he could you call me ugly and always fraud yeah it’s
quite a world quite a world we’re living in well ugly I give a question for you
about a guy who’s not so ugly he used to be lovely Steven Seagal he got in
trouble for promoting and I see oh they made an example of him this week the SEC
did it’s going to blow it was it was big news do you thoughts about the I in that
they SEC making an example of a guy like this a famous guy I actually think it’s
a it’s good for Bitcoin because if people are like what Steven Seagal got
in trouble for what is this what’s he doing currency he’s just the face of it
that’s not rudeness so that’s kind of you know they’re going after the
low-hanging fruit you know prominent low-hanging fruit yeah but not not the
ones that the reason they’re not going after the big boys is because the big
boys have basically are well financed to defend themselves which is that’s the
unfortunate thing and but so so scammy about all this my
mentor is EC Harwood and he outlined very clearly in his book the money
Mirage which you guys should all read it hadn’t written way back in the 70s but
he said the three greatest inflation frauds of all time is number one
inflation number two is a social security and the third one is the sec because that would that won’t surprise
you but he says because it gives people this false sense of security like
they’re really doing something and they’re really not so I considered the
SEC a much larger fraud and then etherium the fact that if they’re even
still exists shows that how what a fraud the SEC is to the next level hey I’m no
fan of the regulation at all so I’m the fan of the SEC I just won the point that
I think people will remember the show know that alright let’s let’s move on
and talking about inflation real quick I want to get everybody’s thoughts because
I haven’t asked you guys this yet because to hear new the show anyway
about the having what we’ll start with Brady your your thoughts is is it priced
in that you have any uh anything you want to say about it because it’s coming
up I don’t know if you’ll be back well yeah maybe we’ll be back before then I
have like a ten week rotation so Brady what I think I’ll be happy to come back
man but having fun here I think I’m on team not priced in for that having
because I just I think it’s you know people know about Bitcoin right they’ve
heard the word Bitcoin like I was getting out earlier but it’s it no one
understands it really a very few people really understand it in the finance
industry too that’s the case now you know and going forward we have the stock
to flow model the plan B is popularized it’s still relatively new I don’t I
don’t know if that’s believed I guess I wonder if people think that’s just gonna
fail at some point and they want to see kind of one more cycle prove it out I
think if we get through this having and another bull run comes like we all hope
it will and you know we get to Bitcoin it’s like a trillion dollar market cap
then you’re gonna there’s no one in the financial industry that’s gonna you know
like look this thing over and in the next stabbing you better believe it’s
gonna be priced in by then I’m pretty sure all right all right try your dollar
market cat dreams we’ve talked about that here before I I do what do you
think of the quote 21 million is non-negotiable that’s absolutely not
negotiable just one point I want to add that in
there was that quote was going around this week I love I love that quote I I
do think that someone will try to fork off a a version that that’s the next fun
attack I believe is the I think yeah I think it’s I think it’s inflation and
privacy are the two that are gonna come next yeah that’s that’s actually a good
question not for for Phil here I think you you talk talk about the having
before but what do you think is the next step what do you think of 21 million is
non-negotiable and what do you think the next major be cash
type of fork attack will be will it be inflation or privacy well I might be on
a bit of an extreme here but not only is the 21 million non-negotiable I believe
that literally all 21 million bitcoins already exists today so I wrote an
article about that a few months ago but the reason that all 21 million already
exists is because if that supply has ever changed it’s not Bitcoin bitcoin is
21 million and so since we know the the monetary policy and we have the ability
to run our own nodes and validate that that monetary policy that we’ve all
chosen to opt into is accurate then if anyone tries to change it just like what
happened with be cash and all the other Forks there’s that I got 100 different
copies of Bitcoin if somebody tries to change that monetary policy my node
won’t follow it and instead what I’ll do is I will immediately sell whatever
coins are given to me so yeah we’ve already seen this happen so many
different times and I guess it’ll happen again and I think that I’m kind of
excited about it because like I said it just is like a Bitcoin dividend to me
yeah or because all right you’re gonna you’re
gonna change the supply good luck I’m gonna sell it
crypto you know there was this question it was like what if what if this techno
technically went through is like a valid change and I just responded with like
four graphs from different altcoins that have trying to change the supply of
Bitcoin and the answer to that question is pure economics and the answer the
question is I’m going to sell it immediately so you can’t change the
supply like you can try good luck let’s I know a lot has just been said
here so ugly your your thoughts on having being priced in or not and
everything that was just said you might have something to say about all right
the inflation rate is a canard invented by the crypto world Bitcoin doesn’t have
any inflation there’s 21 million they just just do like delayed they have to
create a Bitcoin inflation rate so that they can market their platforms and so
it is a very big missing Omer and it’s again it’s none of those things like
Bitcoin maximalist that they come up with the terms and if we accept those
terms then they are we are providing them the narrative we can’t let them
have it veterinary bitcoin is a not only does it
have that stock and flow ratio but there’s a fixed amount they’re just not
all out there yet so to me the having is irrelevant all right that is and that is
a good attitude to have and reduce or some great thoughts there that the 21
million it’s an interesting way of thinking about it that both of you
mentioned that too okay so let’s up where it’s in the show that’s that’s
awesome I want to hear everybody’s conclusionary
remarks they can promote anything talk about a story that was left out we’ll
start with the ugly old goat well I keep my teachings very simple and I teach it
so anyone can understand that’s paddle which we know what that is
it’s saved which is a bastardization of the word savvy and build it so we paddle
we say that when we when you’re doing well hailing we want to read or take
your wife out to dinner flirt a little bit and live we are all alive and we did
enjoy life and the third thing we do is build it so what I do I like to rim keep
this in my mind I go tada how to hobble say to build a build a building sound
money sound you said you were going to do the dance you did the dance how about
like do you guys all have to do your closing comments and then your way we
have to end the show we all have to do this dance I mean am I saying truth or
not all right check check out ugly old goat he is linked to below white the
character dude I’m so happy I got to meet your person and that you made it
through the show that fast in motion I meet you on Saturday
you’re on the show by Friday just a week less than a week last week
all right let’s get the let’s get Brady in here what are your conclusion airy
thoughts that anything you want to mention you can got left out promote
what you’re doing it doesn’t matter take it away Larry yeah citizen Bitcoin
podcast citizen Bitcoin world to search citizen Bitcoin in your podcast to have
I’ve also been working on an open source project called bitcoiners
that best you can vote up the best Bitcoin content it’s a lightning app as
well so you can one extra vote for free 10x your vote for a lightning payment of
10 K sets all the stats are donated to open source projects just launched that
last week education project Aswan Bitcoin of course which you talked about
and I just want to say like you know if you’re here you’re listening this I
think you’re doing something important you’re educating yourself and others
about Bitcoin being a part of this revolution I think when you look about
20 or 30 years from now you’re going to be you know have a very deep sense of
satisfaction that you did something real and important by being here and
spreading the good word about Bitcoin so thanks for being here
long term thank you guys found out like button and
hey man you rock today welcome both you guys haven’t been on the show before
it’s been a pleasure to have you both here you’re awesome we got a great real
good combo here today well let’s go to our veteran he’s willing to show a few
times Phil what are your conclusion airy thoughts will let you end the show
well thanks once again for having me on it’s always a blast man we’re doing some
big things at unchain capital I don’t know if you guys have heard this little
event called South by Southwest well let me just put you in the mindset you
you’ve just listened to a 45 minute panel with dent Akeem you know putting
Big Horn on putting putting Bitcoin on the blockchain for dentists your eyes
are foggy you’re walking around downtown Austin and as the fog clears you see
some sort of building wait is it a building I don’t know nay it’s a citadel
that’s right we’re hosting the Austin Bitcoin Citadel
during South by Southwest and Unchained capital so if you guys are in town come
by we’re gonna have a bunch of events all throughout the week and
announcements on social media are pretty imminent so hoping to see everyone there
and one of the days what are the days the days so the events are March 18th
through 20th the whole week we’ll have like one-on-one consulting and OPSEC
stuff if you guys want to get set up with multi-sig and collaborative custody
we’ll have all that stuff on the on the page when we launch it pretty him
innately it should be right after this call have some insight sources insider
info here all right dudes that is what a great show we had this week everybody
okay remember we do this show every Friday who does what time it comes on
but it does come on everybody I do a new show here every stay on the
bitcoinmeister channel yeah I got the conviction I got the long term thinking
yeah people it was a panic week but you guys had strong hands we’ll have other
weeks like this in the future we’ll have amazing weeks in the future to get used
to it it’s a wild roller coaster it is a great time to be alive during this
Golden Age of the 2020s baby thanks a lot guest I’m Adam I said
before my this rotmeister remember subscribe to
channel like the videos or check out the links below shabbat shalom
seeya guys we’ll see you bye-bye thank you see out of here all right

5 thoughts on “This week in Bitcoin- 2-28-2020- Weak hand panic! Swan, 1% allocation, Jack Dorsey, Avanti, Ethereum

  1. “Best devs on BTC”? 🤣 There’s a reason it’s had 2 inflation bugs. It doesn’t even have a bug bounty program. & y’all are spreading fake news saying there’s talk of a chain split on ETH with ProgPow. No one is saying they are going to just keep mining ETHash.

  2. It's easy to have a strong hand when we're still on the moon! This is child's play. Try holding bitcoin below 400 after the 2013 bubble.

    On another note, I have stopped acquiring since doing my 2019 taxes after being asked if I acquired any crypto on my tax form

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