Lesson 5: Bitcoin vs. Altcoins

[0:00] Yo, what is going on you guys? How are
[0:04] you? I hope you're well. Welcome back to
[0:06] another episode of the Jack Mer Show. I
[0:09] am your host Jack and you are listening
[0:10] to yet another edition of Bitcoin 101,
[0:14] our Bitcoin educational series where we
[0:17] take really big, really complex, really
[0:20] technical Bitcoin and Bitcoin related
[0:22] topics and we break them down for the
[0:25] everyday individual. Today's episode,
[0:28] Bitcoin versus altcoins.
[0:32] Is there a difference between Bitcoin
[0:33] and all of these other cryptocurrencies?
[0:36] If there is, then what is it? When I
[0:39] download a finance app nowadays and I
[0:40] open my phone and I see Bitcoin sit next
[0:43] to 30,000 different things, how am I
[0:46] supposed to think about the differences?
[0:48] I got your back, you guys. There's been
[0:51] a lot of content and debate and
[0:54] discussion about this topic, but I come
[0:56] in peace. I come with neutrality, and I
[0:59] come to dumb it all down and make it
[1:01] approachable, humanizable, and easy to
[1:05] understand. This is a show by the common
[1:08] man, for the common man. So, without
[1:10] further ado, sit down, get comfortable,
[1:13] stay a while, cuz we're about to get our
[1:16] education on Bitcoin 101, lesson five,
[1:20] Bitcoin verse altcoins. Okay, as I
[1:23] mentioned, if you download an app
[1:25] nowadays,
[1:27] there's a very high chance it looks
[1:29] something like this. You got Bitcoin,
[1:31] you got Ethereum, Salana, stable coins,
[1:34] sports betting, meme coins, betting on
[1:36] the weather, election outcomes. All of
[1:39] these things look the same. They all
[1:40] have a buy or an invest button sitting
[1:42] next to it. And you know, deep down
[1:45] somewhere you're like, well, I know
[1:47] betting on the weather and Bitcoin
[1:49] surely are different, right? But then
[1:52] what's the difference between betting on
[1:54] the weather and Ethereum or Ethereum and
[1:58] Bitcoin? And then stable coins come in
[2:00] here somewhere and now you've got
[2:01] prediction markets. But I haven't even
[2:03] understood this whole blockchain thing
[2:05] yet. I know and I got your back. And I'm
[2:08] here to tell you that there is Bitcoin
[2:12] and then there is everything else.
[2:14] Bitcoin is categorically different than
[2:18] everything else than altcoins and ICOs
[2:21] and NFTts than equity in a business than
[2:23] a precious metal than a real estate
[2:25] investment. There is Bitcoin and there
[2:27] is everything else. This comes from
[2:30] yours truly. This is a quote I said on
[2:32] CNBC right after FTX got hacked and Sam
[2:36] Bankman Freed went to jail. I guess they
[2:38] didn't get hacked. Uh they collapsed and
[2:40] Sam Bengman Freed uh went to jail. Uh
[2:43] and so this is a foreshadowing of this
[2:46] presentation. Listen, this does not make
[2:49] Bitcoin definitively better. Okay, as
[2:52] we'll get into in a second, it depends
[2:53] what you want and it depends what you
[2:55] want to do. However,
[2:58] at a base fundamental fundamental level,
[3:01] it is true that there is Bitcoin and
[3:04] then everything else sits in a entirely
[3:08] separate category and serves an entirely
[3:10] separate purpose. So, with that being
[3:13] said, here's what we're going to do for
[3:15] this episode. This is Professor Clayton
[3:18] Christensen, Clayton Christensen, excuse
[3:20] me, of Harvard Business School. This
[3:23] video is only 4 and 1/2 minutes. I know
[3:26] I don't usually embed YouTube videos
[3:28] into my own presentations, but this is a
[3:31] special episode and this is a special
[3:33] concept to understand
[3:35] tools that are in the market and why
[3:38] people hire tools to do things for them.
[3:43] And you're thinking, hire tools to do
[3:44] things for them? I don't hire water.
[3:47] Hold on. Pause right there and give me 4
[3:50] and 1/2 minutes of your undivided
[3:52] attention to listen to Professor Clayton
[3:54] Christensen of the Harvard Business
[3:56] School because I'm going to use this
[3:59] mental model to delineate between
[4:01] Bitcoin and everything else.
[4:08] We decided that the way we teach
[4:10] marketing is at the core of what makes
[4:13] motivation difficult to achieve. The
[4:16] most helpful way we've thought of it so
[4:18] far is that we actually hire products to
[4:22] do things for us. And understanding what
[4:26] job we have to do in our lives for which
[4:29] we would hire a product is really the
[4:31] key to cracking this problem of
[4:34] motivating customers to buy what we're
[4:36] offering. So I wanted just to tell you a
[4:39] story about a project we did for one of
[4:41] the big fast food restaurants.
[4:44] They were trying to goose up the sales
[4:46] of their milkshakes. They had just
[4:48] studied this problem up the gazoo. They
[4:50] brought in customers who fit the profile
[4:52] of the quintessential milkshake consumer
[4:55] and they'd give them samples and ask,
[4:57] "Could you tell us how we can improve
[4:59] our milkshake so you'd buy more of them?
[5:01] Do you want it chocolatier, cheaper,
[5:03] chunkier, chewier?" They get very clear
[5:06] feedback. They would then improve the
[5:07] milkshake on those dimensions and it had
[5:09] no impact on sales or profits
[5:11] whatsoever.
[5:13] So one of our colleagues went in with a
[5:15] different question on his mind and that
[5:18] was I wonder what job arises in people's
[5:22] lives that caused them to come to this
[5:24] restaurant to hire a milkshake.
[5:27] So we stood in a restaurant for 18 hours
[5:30] one day and just took very careful data.
[5:32] What time did they buy these milkshakes?
[5:34] What were they wearing? Were they alone?
[5:37] Did they buy other food with it? Did
[5:38] they eat it in the restaurant or drive
[5:40] off with it? It turned out that nearly
[5:43] half of the milkshakes were sold before
[5:45] 8:00 in the morning. The people who
[5:47] bought them were always alone. It was
[5:49] the only thing they bought and they all
[5:51] got in the car and drove off with it. So
[5:54] to figure out what job they were trying
[5:56] to hire it to do, we came back the next
[5:59] day and stood outside the restaurant so
[6:01] we could confront these folks as they
[6:03] left milkshake in hand. and in language
[6:06] that they could understand. We
[6:07] essentially asked, "Excuse me, please,
[6:10] but I got to sort this puzzle out. What
[6:12] job were you trying to do for yourself
[6:14] that caused you to come here and hire
[6:15] that milkshake?" And they'd struggle to
[6:18] answer. So, we'd then help them by
[6:20] asking other questions like, "Well,
[6:22] think about the last time you were in
[6:24] the same situation needing to get the
[6:27] same job done, but you didn't come here
[6:28] to hire a milkshake. What did you hire?"
[6:32] And then as we put all of their answers
[6:34] together, it became clear that they all
[6:36] had the same job to do in the morning.
[6:38] And that is they had a long and boring
[6:41] drive to work. And they just needed
[6:43] something to do while they drove to keep
[6:45] the commute interesting. One hand had to
[6:47] be on the wheel, but somebody had given
[6:49] them another hand. And there wasn't
[6:50] anything in it. And they just needed
[6:53] something to do while they drove.
[6:56] They weren't hungry yet, but they knew
[6:57] they'd be hungry by 10:00. So, they also
[7:00] wanted something that would just go down
[7:02] there and stay safe for that morning.
[7:04] Good question. What do I hire when I do
[7:06] this job? You know, I've never framed
[7:08] the question that way before, but last
[7:10] Friday, I hired a banana to do the job.
[7:13] Take my word for it. Never hire bananas.
[7:16] They're gone in 3 minutes. You're hungry
[7:18] by 7:30.
[7:20] If you promise not to tell my wife, I
[7:22] probably hire donuts twice a week. But
[7:24] they don't do it well either. They're
[7:26] gone fast. They crumb all over my
[7:28] clothes. They get my fingers gooey.
[7:30] Sometimes I hire bagels, but as you
[7:32] know, they're so dry and tasteless. Then
[7:35] I have to steer the car with my knees
[7:36] while I'm putting jam on them, and then
[7:38] if the phone rings, we got a crisis.
[7:41] I remember I hired a Snickers bar once,
[7:43] but h I felt so guilty. I've never hired
[7:46] Snickers again.
[7:48] Let me tell you, when I come here and
[7:50] hire this milkshake, it is so viscous
[7:54] that it easily takes me 20 minutes to
[7:56] suck it up, that thin little straw. Who
[7:59] cares what the ingredients are? I don't.
[8:01] All I know is I'm full all morning and
[8:03] it fits right here in my cup holder.
[8:06] Well, it turns out that the milkshake
[8:08] does the job better than any of the
[8:10] compet competitors, which in the
[8:12] customer's minds are not Burger King
[8:15] milkshakes, but it's bananas, donuts,
[8:17] bagels, Snickers bars, coffee, and so
[8:20] on. But I hope you can see how if you
[8:23] understand the job, how to improve the
[8:26] product becomes just obvious.
[8:31] >> Fascinating, right? I love love love
[8:35] Clayton Christensen's jobs to be done
[8:39] when if you think about products and
[8:41] things in the market as if you're hiring
[8:43] them to perform something for you. And
[8:46] what him and his team realized at a
[8:48] popular fast food restaurant is that a
[8:51] lot of milkshake sales are actually in
[8:52] the morning and milkshakes aren't
[8:54] necessarily competing against other
[8:56] milkshakes. These milkshakes are
[8:58] competing against a bagel for breakfast,
[9:01] a banana for breakfast, and all the
[9:03] things that you can eat or consume
[9:06] that'll keep you full until lunch with
[9:08] one hand on your drive and commute to
[9:11] work. So instead of making a bunch of
[9:15] different flavors, they did things like
[9:18] make the straws thinner so that it took
[9:20] you longer to suck the milkshake through
[9:22] the tiny little straw. that increased
[9:24] sales because the milkshake lasted
[9:26] longer through the drive and the commute
[9:28] to work. Now, why did I just give you
[9:31] guys this basic concept of jobs to be
[9:34] done by a Harvard professor? Well,
[9:39] I want us to ask what are we hiring
[9:42] these things to do? Start from the
[9:44] premise that for some reason all of
[9:47] these financial apps have all of these
[9:50] things on the same screens. Bitcoin,
[9:54] altcoins, prediction markets, equities
[9:57] and businesses like stocks, betting on
[10:00] the weather, betting on sports, betting
[10:02] on elections. What are we hiring these
[10:06] things to do?
[10:08] And I'm here to tell you that this is
[10:10] all a result of currency debasement, of
[10:15] fiat, of money printing. Because
[10:18] historically,
[10:20] humans just create value at their work.
[10:23] You get up and you do a particular
[10:25] service that's producing value for
[10:27] someone else. Whether you're fixing
[10:29] someone's wheel windshield, you're a
[10:31] grosser, you're a business owner, you're
[10:34] a social media influencer, whatever it
[10:36] is, you're producing value. And we use
[10:38] money to store that value and save that
[10:40] value. When the money is broken and when
[10:44] your currency is constantly getting
[10:45] debased and everything around you is
[10:47] constantly inflating, saving is not
[10:50] enough. You cannot just work hard, earn
[10:53] money, and save it. You must work hard,
[10:55] earn money, and then speculate and
[10:57] figure out, okay, I've created value.
[10:59] But unfortunately, that's not my full
[11:02] job as a member of this society, of this
[11:04] broken fiat monetary society. Once I've
[11:07] created value, I now have to find a way
[11:09] to persist and save that value because I
[11:11] can't just store it in fiat because
[11:13] it'll evaporate and be debased away and
[11:15] everything around me will be inflated to
[11:17] death. And so this what you're looking
[11:19] at is called a risk curve where everyone
[11:23] is a speculator whether they know it or
[11:26] not. When you guys go to family
[11:28] Thanksgiving and and Christmas and
[11:30] holidays this year and you look at your
[11:32] aunt, your uncle, your grandma, your
[11:34] grandpa and you say, "You're a
[11:36] speculator." And they say, "No, I'm not.
[11:38] I don't have any of those apps." And you
[11:40] say, "No, you don't understand. Yes, you
[11:41] are. Just by being in today's economy
[11:44] with fiat currencies being actively
[11:46] printed and debased and things around
[11:48] you being inflated, whether you know it
[11:49] or not, you're a speculator because you
[11:51] cannot simply save in the money that we
[11:53] use. you have to own something else if
[11:56] you want to afford a life worth living.
[11:58] And so what happens when money is broken
[12:01] is people are pushed out into what's
[12:04] called the risk curve. Okay? So if I go
[12:06] a slide advanced, money is supposed to
[12:09] be trusting nobody. You're not
[12:12] investing. You're not betting on a
[12:14] product. You're not betting on a team.
[12:16] You're not betting on a vision. You're
[12:18] not doing any of that. You don't care
[12:20] about the weather, the election outcome,
[12:22] uh what products they launched,
[12:24] quarterly earnings, uh what the uh what
[12:28] the president said, what wars, you don't
[12:31] want to take risk. You want to save.
[12:34] That is at a baseline. That is no risk.
[12:36] So you see this risk curve at the very
[12:38] bottom of the curve where there where
[12:41] it's flat is money. Money is supposed to
[12:44] be and intended to be riskless. It's
[12:46] called saving. You've already produced
[12:48] the value. Nowadays, one of the broken
[12:50] parts about society is because half of
[12:52] our lives were spent working and the
[12:54] other half were spent trying to find a
[12:57] way to save.
[12:58] Imagine if society didn't have to spend
[13:01] 50% of their time picking stocks, uh,
[13:05] betting on sports, predicting election
[13:07] outcomes, and they could just do a good
[13:08] job, raise good families, and enjoy
[13:11] their life. Right now, unfortunately,
[13:13] that's not the world we're living in
[13:15] because our money is broken. So, then
[13:16] you can go up the risk curve. Then
[13:18] you've got bonds, which is you trusting
[13:20] in the government. People consider that
[13:22] fairly risk-free, but as we've learned,
[13:24] bonds in a terrible bare market. Then
[13:26] you go up. If you need more returns, you
[13:28] need more risk. And you get stocks.
[13:30] Stocks, you have a relationship with a
[13:32] regulated company. Altcoins, as I'll get
[13:34] into a second, is a relationship with
[13:36] arguably an unregulated company. And
[13:39] then you get into things like gambling,
[13:40] where what's the difference between
[13:41] betting on sports and just bet putting
[13:43] it all on red at a Las Vegas casino?
[13:46] really not that much and at the end of
[13:48] the day you have a relationship what is
[13:50] called the house and so I'm here to tell
[13:53] you that the reason all of these things
[13:55] are on the same screen this is a
[13:57] function of modern-day money printing of
[14:00] fiat currency because unfortunately
[14:02] Bitcoin is coupled with all of the other
[14:05] things that people are forced to
[14:07] speculate on as a way to try and save
[14:10] and so how could you possibly put
[14:12] Bitcoin on the same screen or in the
[14:14] same app as betting on the weather.
[14:17] Well, because you have a population of
[14:20] human beings that are somewhere here
[14:22] along this risk curve just trying to
[14:26] save the value that they've already
[14:27] created so that they could own a home
[14:29] one day, so that they could put their
[14:31] kid through school, so that they could
[14:32] finance a medical emergency surgery, so
[14:35] that they can go on vacation, so that
[14:37] they don't have to take two jobs, they
[14:39] don't have to take that extra shift.
[14:41] That's why that's why people say, "I
[14:44] don't really know the difference between
[14:44] Litecoin and Bitcoin." Well, there is a
[14:47] difference and I'm about to explain it,
[14:49] but you have to understand what is
[14:51] society hiring these things to do.
[14:53] Society just wants to grow in their
[14:55] purchasing power, repa retain purchasing
[14:58] power. They just want to save. They just
[15:00] want to be able to afford things.
[15:02] Understand? Just some data to prove my
[15:05] point. This is American gambling since
[15:09] 2018. So, it hasn't even been a decade.
[15:12] And the industry, this is sports, by the
[15:14] way, not overall gambling, just gambling
[15:16] on sports. The industry has grown from
[15:18] $6 billion in 2018 to $166 billion in
[15:24] 2025. Exponential growth in gambling.
[15:28] Okay. If you take a look even more at
[15:30] further data, over 50% 52% of men 18 to
[15:34] 49 have an active sportsbook betting
[15:37] account. 52% of Gen Z investors moved
[15:41] their investing money again, investing
[15:44] money, money that they just want to
[15:45] save. They just want to persist into the
[15:47] future. They just want to retain in
[15:49] purchasing power. They just want to get
[15:51] closer to owning a home. They want to
[15:52] get closer to owning a car. They want to
[15:54] get closer to paying off their student
[15:55] debt. They want to get closer to paying
[15:57] off their credit card. That's all they
[15:59] want. They've taken that investment
[16:01] money, 52% of them, and beted on sports.
[16:06] 46% of Gen Z say they will never be able
[16:10] to afford a home that they actually
[16:11] like. Almost half, half of a generation
[16:15] doesn't think they have a chance at
[16:17] owning a home they'll love.
[16:20] So, this goes to show why are these
[16:22] things all on the same screen? Why does
[16:24] society conceptually have a tough time
[16:26] differentiating from them? What are they
[16:28] hiring these things to do? In the same
[16:31] way that you wouldn't think of a
[16:32] milkshake and a banana as competitors,
[16:35] one is a fruit and relatively healthy
[16:36] and the other is thought of as a dessert
[16:38] and a fast food item. But if you think
[16:41] about what people are hiring them to do,
[16:44] we live in a broken society because of
[16:46] fiat where everyone's a speculator and
[16:49] everyone has to go out on the risk curve
[16:51] and take risk to find a way to save.
[16:55] Okay.
[16:56] Now, what I'm here to tell you is along
[16:59] that risk curve where you've got money,
[17:01] which is no risk.
[17:03] You don't want to take counterparty
[17:05] risk. You don't want to bet on an
[17:06] executive team. You want to bet on the
[17:07] CEO. You don't want to bet on AI. You
[17:09] don't want to bet on us ever reaching
[17:11] Mars. You don't want to bet on the
[17:12] iPhone versus the Android. You don't
[17:14] want to bet on Facebook versus Google.
[17:16] You don't want to bet on the West versus
[17:19] the East, the North versus the South.
[17:21] You don't want to take risk. Coca-Cola
[17:23] versus Sprite. You just want to save.
[17:26] You want money and you want good money.
[17:28] You want hard money. Clearly fiat is not
[17:30] good money. But I'm here to tell you
[17:32] that what Bitcoin is is money. Okay,
[17:36] along that risk curve. Bitcoin is not a
[17:37] government. Bitcoin is not a regulated
[17:39] company. Bitcoin is not an unregulated
[17:41] group of founders. Bitcoin is not a
[17:43] speculation market like a casino.
[17:45] Bitcoin does not reside in Las Vegas.
[17:47] Where is Bitcoin along that? Bitcoin is
[17:50] money. What do I mean by that? Well,
[17:52] money historically has had three
[17:55] foundational problems. One is called
[17:57] senior. Who profits from issuing the
[18:01] money, right? Who profits from issuing
[18:05] dollars? Well, we all know uh the
[18:07] Federal Reserve and the US government
[18:10] and the politicians and people close to
[18:12] the money printer, which is what's
[18:14] called the Cantalon effect. Who gets the
[18:17] new money first when it is issued and
[18:19] when it is printed? Who has an
[18:20] advantage? Who has a bias? Who sits on
[18:23] the hierarchical level above you? And
[18:26] then the third issue is counterparty
[18:28] risk. Who do you have to trust? Okay. By
[18:32] using a money, do you have to implicitly
[18:34] trust someone? And these historically
[18:36] have all been really difficult problems
[18:38] to solve for a money. When you think
[18:40] about the euro, the pound, the yen, the
[18:42] dollar,
[18:44] people profit and and have serious
[18:47] advantage from being able to print it.
[18:49] There are people like Wall Street that
[18:52] that have extreme proximity to the money
[18:55] printer and they get access to credit to
[18:58] loans to bailouts first and then
[19:01] implicitly unfortunately by using the
[19:04] dollar I have to trust the US
[19:07] government, the Federal Reserve, Wall
[19:09] Street. I have to trust these people in
[19:12] order to just save to just take the
[19:14] value that I created at work today with
[19:16] me tomorrow.
[19:17] Bitcoin solves all three.
[19:21] Nobody profits from quote unquote
[19:24] issuing it. Mining it is really Bitcoin
[19:29] is unlocked over time. It's not like
[19:32] it's printed out of thin air. There's 21
[19:35] million. Not all of them have been
[19:37] unlocked every 10 minutes yet, but
[19:39] there's only 21 million. There is no
[19:41] seniorage
[19:42] in uh Bitcoin.
[19:46] Cancel on effect. No such thing in
[19:47] Bitcoin.
[19:50] Nobody sits closer to the fresh printed
[19:54] batch of bitcoins. There is no Wall
[19:56] Street that gets bailouts before anybody
[19:58] else. There's none of that in Bitcoin.
[20:00] And with Bitcoin, you don't trust
[20:03] anyone. You yourself can run a node. You
[20:06] yourself can hold your keys. And even if
[20:07] you don't, it's the optionality that you
[20:11] can if you want to, which is definitely
[20:14] important to the system. You don't trust
[20:16] anybody to ensure that there's 21
[20:18] million hardcode limit. You don't trust
[20:20] anybody to when someone sends you a
[20:23] bitcoin or those real bitcoins or those
[20:25] fake bitcoins. You don't trust anybody
[20:27] to make sure that when someone mines a
[20:28] block, is that a good good block or a
[20:30] bad block? No trust involved in bitcoin.
[20:35] Now
[20:36] outside of those historical those are,
[20:39] you know, issued money, paper money,
[20:42] government money. Well, what about gold?
[20:45] What about silver? What about precious
[20:47] metals? Well, the problem is,
[20:51] yes, gold, no one profits from using it.
[20:54] So, are issuing it, excuse me. So, gold
[20:56] and Bitcoin both have a check in that
[20:58] category. Nobody profits from
[21:00] necessarily issuing gold either. Okay.
[21:03] Also, with gold, you're not trusting
[21:05] anyone. Gold ultimately is governed by
[21:07] mother nature. It just is. It's governed
[21:09] by the physical realities of the
[21:11] universe, similar to Bitcoin. and proof
[21:14] of work. Okay, so gold and Bitcoin get
[21:16] that check. Now, gold unfortunately
[21:19] cannot move across the world, especially
[21:22] over a communications channel like the
[21:24] internet at all. And that's where paper
[21:28] and bankisssued notes and Bitcoin can
[21:32] effortlessly move across the internet,
[21:35] travel the world at the speed of light,
[21:37] where a physical thing, whether it's
[21:40] gold, silver, copper, seashells, shark
[21:43] teeth, doesn't matter what physical
[21:45] thing it is, like you can hold in your
[21:48] hand and that weighs a little bit and
[21:50] that if you curl it, you get big
[21:51] muscles. Gold can't travel over the
[21:55] internet, you see. So, Bitcoin found a
[21:57] way to solve for both. Okay, Bitcoin it
[22:02] the best of both worlds. It has the hard
[22:05] money properties of a gold and it has
[22:08] the transportable efficient properties
[22:11] of paper or bank credit notes. This is
[22:15] the innovation that Satoshi had. He
[22:19] found and discovered the greatest
[22:22] monetary creation ever because he takes
[22:24] the best of both worlds and he solves
[22:26] for all historic issues in monetary
[22:30] theory and and the struggles that we've
[22:32] had with money over centuries and
[22:35] centuries and centuries as human
[22:37] civilization.
[22:38] And he comes out with this. I mean this
[22:40] is like as I'll get into this is akin to
[22:43] fire or the wheel or I mean or you know
[22:47] this is or or steel. Steel is you know
[22:50] what is foundational in high structures
[22:54] to build cities. I mean this is a
[22:56] massive discovery foundationally that is
[23:00] money. Okay. Now, some of these
[23:03] concepts, for example, your slice of the
[23:05] 21 million Bitcoin never shrinks. Okay,
[23:09] the way to think about Bitcoin is that
[23:11] if you own 0.1 BTC, that is always in
[23:15] forever.1 BTC out of 21 million coins.
[23:21] Period. Whether the year is 2026, 2140,
[23:25] it doesn't matter. It doesn't matter.
[23:28] you own. You can never get diluted out
[23:31] of your There's no one that could ever
[23:33] ever ever ever ever ever debase you.
[23:38] Impossible. Okay. So,
[23:42] real quick, I want to address the size
[23:44] of money. So, when we're thinking about
[23:46] what are we hiring Bitcoin to do, all
[23:48] right, why would we buy Bitcoin? How is
[23:51] it different? What's it compete with?
[23:53] Does Bitcoin compete with Ethereum? Does
[23:55] Bitcoin compete with Dogecoin? Does
[23:56] Bitcoin compete with prediction markets?
[23:59] I'm here to tell you I don't think so.
[24:01] This is what I think Bitcoin competes
[24:03] with. Human beings own collectively as a
[24:07] species. So all 8 billion or so of us.
[24:09] Okay? Hang with me here. We collectively
[24:12] own about $900 trillion worth of stuff.
[24:15] Okay? Now that 900 trillion is made up
[24:18] of what you see on the screen. About,
[24:21] you know, between 15 to 30 trillion of
[24:23] it is gold. Then you've got about 20
[24:26] trillion of it. That's fine art. Then
[24:28] you've got over a hundred trillion
[24:29] dollars of equities. So equity in a
[24:31] business like a stock. Then you've got
[24:33] over a hundred trillion of what we call
[24:36] money like currencies. Then you've got
[24:38] $300 trillion of bonds, over $300
[24:42] trillion of real estate, right? And
[24:44] together and in the corner there, the
[24:46] little speck, you've got $1.7 trillion
[24:49] of Bitcoin.
[24:51] Now about half of this 900 trillion are
[24:55] humans. They've monetized these things.
[24:58] That's what we call it. That's when they
[25:00] own the asset not to use it but to save
[25:04] it because they're using it as a way to
[25:06] save value into the future as to store
[25:09] value into the future to avoid inflation
[25:11] to avoid debasement. Right? So instead
[25:13] of the dollar like I said we're all
[25:15] speculators. People have bought gold,
[25:17] stock in a company, art, currency,
[25:21] bonds, real estate, etc., etc., etc.,
[25:23] right? You following me? Now, Bitcoin is
[25:26] competing in this 400 to$500 trillion
[25:31] market. And what Bitcoin will continue
[25:33] to do, as you can see on the screen, is
[25:35] expand. It'll go from 1.7 trillion to 5
[25:38] trillion, 5 trillion to 25 trillion, 25
[25:41] trillion to 30 trillion. And it'll
[25:44] continue to become the money that when
[25:47] you do not want to take risk, you don't
[25:49] want to invest, you don't want to
[25:51] gamble, you just want to save, you have
[25:54] something that you don't have to trust,
[25:56] that no one can print and profit from,
[25:58] that no one's closer to the money
[26:00] printer and gets spec uh specific
[26:02] benefit and leisure and advantage. It is
[26:05] neutral. It is inclusive. It is fair. It
[26:08] is trustless. It is reliable. It is
[26:10] simple. It is money on the risk curve.
[26:13] It is at the bottom because there is no
[26:16] counterparty risk in owning this thing.
[26:19] Okay. So, one of the things that I see
[26:22] people say all the time is like, oh,
[26:24] these other coins could potentially, you
[26:26] know, flip Bitcoin, be bigger than
[26:28] Bitcoin. Well, I mean,
[26:32] Meta, Mark Zuckerberg's company, is
[26:35] worth $1.9 trillion today. Okay, Bitcoin
[26:38] is worth 1.7 trillion. Now, as I just
[26:42] described,
[26:46] you know, Bitcoin is going after assets
[26:49] like gold. Okay, if Bitcoin were to get
[26:53] to gold, which is currently sitting at
[26:56] $30 trillion market cap, it would be
[26:59] bigger than all of the magn magnificent
[27:02] seven companies combined.
[27:05] All of them. Nvidia, Meta, Microsoft,
[27:09] Google, Amazon, Tesla, like all of them.
[27:14] Apple, all of them combined. Bitcoin is
[27:18] expected to in a worstc case scenario. I
[27:21] think everyone's Bitcoin base case is it
[27:24] is a gold equivalent. I think
[27:26] everyone's, you know, honestly most
[27:29] probabilistic case is that Bitcoin is
[27:30] just a better version of gold and it's a
[27:33] better version of storing wealth in real
[27:35] estate and it's a better version at
[27:36] storing wealth in equities and it's a
[27:38] better version and it's a better version
[27:40] and it this I just don't think people
[27:42] appreciate being money
[27:45] which is not a company it's not a
[27:47] utility token it's not just just being
[27:50] money this thing that humans need just
[27:52] to store wealth without taking risk
[27:54] without gaming ling, without investing,
[27:56] without needing a thesis, without doing
[27:58] math, none of that, just just saving,
[28:01] the opportunity for that is 400 to 500
[28:05] trillion.
[28:08] And if Bitcoin does it just as good as a
[28:11] gold bar,
[28:12] it is bigger than the biggest companies
[28:15] in the world combined. Now, if I were to
[28:19] tell you Dogecoin is going to go on to
[28:22] do as much for the world as Apple has
[28:26] done,
[28:28] Apple's created the iPhone. Steve Jobs
[28:30] is arguably the greatest entrepreneur of
[28:32] all time. Apple has been one of the
[28:34] biggest companies in the world for
[28:36] decades and decades and decades and
[28:38] decades and decades. Okay? One of the
[28:40] most powerful companies in the world. If
[28:43] Dogecoin were to
[28:47] dethrone Steve Jobs
[28:50] and change the world at a magnitude
[28:53] bigger than Apple,
[28:55] it would be about the size of Bitcoin
[28:58] today. Just to put it into perspective,
[29:03] you see
[29:06] the market size for money and what
[29:08] Bitcoin is versus these other things.
[29:12] Because I'm sure these other things, and
[29:14] I'm, you know, I'm trying to be neutral
[29:15] here. I'm sure these other things, you
[29:17] could think they're cool, you could
[29:18] think they're interesting, you could
[29:19] think they're fascinating. And that's
[29:21] fine. I'm not telling you what to think.
[29:24] But what I'm telling you is there's a
[29:26] massive, massive difference than being
[29:29] neutral, reliable, credible money and
[29:33] being an application, being a utility
[29:36] token, being a company. Massive
[29:40] difference. There is no $400 trillion
[29:43] company. The biggest companies in the
[29:45] world today are about as big as Bitcoin
[29:48] is today. And Bitcoin is still
[29:50] considered the young buck on the block.
[29:52] You see? So, I'll keep going and just
[29:56] asserting Bitcoin's difference before we
[29:59] get into altcoins.
[30:01] You know, in Bitcoin developers can
[30:04] write any code they want. People often
[30:06] say, well, you know, Bitcoin, certain
[30:08] people are in control, like the
[30:10] developers or the miners or big
[30:12] companies in the space like a Micro
[30:14] Strategy or a Coinbase. Listen,
[30:17] developers can write any code they want.
[30:20] I can after this episode is recorded, I
[30:22] can go on to GitHub, download Bitcoin
[30:25] Core, and upload the Bitcoin code to
[30:28] delete the 21 million hard cap and put
[30:30] in 42 million hard cap. I can do that
[30:33] right now. And not only can I do that,
[30:36] anyone in the world can do that. Well,
[30:39] why didn't I just break Bitcoin? Well,
[30:42] because in order for that to take
[30:43] effect, you, my friends, running the
[30:47] nodes have to download it and have to
[30:50] run it. Same thing for miners. A minor
[30:53] can mine a block with a bunch of invalid
[30:55] transactions that take all of the
[30:57] bitcoins and send them to themselves.
[31:00] and they can mine it and they can send
[31:01] it to the network and they can say,
[31:03] "Aha, I broke Bitcoin." Anyone in the
[31:06] world can do what I just said. But why
[31:10] hasn't Bitcoin broke? Well, because in
[31:12] order for that to actually break
[31:14] Bitcoin, all of us running the nodes
[31:17] would have to accept that block.
[31:20] But we don't. We say that's invalid, not
[31:24] allowed in the blockchain. And all of
[31:26] these big companies, they can campaign
[31:28] for anything that they want. They could
[31:30] say, "We want the block size bigger. We
[31:32] want the uh 21 million hard cap to be
[31:35] raised. We want this. We want that." And
[31:38] guess what? If we the people running the
[31:42] nodes do not agree and do not update and
[31:48] do not run what they want, it doesn't
[31:52] matter. So the nodes, the people, right?
[31:55] And what's it take to run a node? Anyone
[31:58] in the world can run a node. The reason
[32:00] that Bitcoin developers in the Bitcoin
[32:01] community are so hardcore about not
[32:05] making it difficult, we don't want to
[32:06] raise the block size. We don't want to
[32:08] change any of the properties that make
[32:11] it harder to run a node because we want
[32:14] anyone in the world to say, "I'd like to
[32:17] participate in the Bitcoin network and
[32:19] I'd like to validate that every Bitcoin
[32:21] transaction that I send and receive is
[32:24] valid, that every block I receive is
[32:26] valid. I want to participate in what
[32:28] code is run." Because if someone writes
[32:31] and submits that Bitcoin's hard cap
[32:33] should be 42 million instead of 21
[32:35] million, I want to have the ability to
[32:36] say I'm not running that. My node is
[32:38] going to run the 21 million. You see,
[32:41] this is what makes Bitcoin truly
[32:43] decentralized is because when anybody
[32:47] can run a node and store the data, if
[32:48] your blockchain has so much data, then
[32:52] you need a server farm to run a node. If
[32:54] your blockchain has such big blocks or
[32:56] such fast blocks, then you need a server
[32:58] farm to run a node. anyone in the world
[33:01] can run Bitcoin. It's supposed to be
[33:04] money that nobody has an outsiz
[33:07] influence in and this is what it has
[33:09] achieved. Okay. Now, with that being
[33:13] said, so in summary, Bitcoin sits at the
[33:16] bottom of the risk curve, meaning there
[33:17] is no risk. There's no counterparty
[33:19] risk. You're not taking the other side
[33:21] of a of a gamble or a bet. You're not
[33:24] putting it all on black. You're not
[33:25] investing in Apple in the new version of
[33:27] the iPhone. You're not betting on Elon
[33:28] being able to get to Mars and start
[33:30] civilization up in space somewhere.
[33:33] You're not You're not You're just
[33:35] saving. You're saving in a monetary
[33:37] policy that nobody can change and that
[33:40] you can run a node and participate in.
[33:42] That's it. That's it. Now, what are
[33:45] altcoins? Okay. Every altcoin that I've
[33:48] ever heard of, by the way, there's
[33:50] thousands of them. So, I'm not going to
[33:52] be perfectly accurate in trying to be uh
[33:56] general and broad here. So, spare me a
[33:59] little bit. But
[34:01] almost all, if not all, cuz I can't
[34:04] account for all altcoins,
[34:06] has a utility pitch, right? Ethereum is
[34:09] the world computer. Salana is the
[34:11] webcale blockchain. Ripple is the
[34:13] internet of value. Litecoin is the
[34:15] silver to Bitcoin's gold. Dogecoin is
[34:18] fun and friendly internet currency.
[34:20] Monero is the private thing. Stellar is
[34:23] banking the unbanked. Cardano is a third
[34:27] generation blockchain. Avalanche is
[34:29] blazingly fast. Okay. Right now, with
[34:34] all of these slogans and taglines and
[34:36] pitches of utility for these tokens, let
[34:39] me read you this. Apple is think
[34:42] different and the iPhone. Meta is bring
[34:45] the world closer together with the
[34:47] internet. Tesla is accelerate the
[34:50] world's transition to sustainable
[34:51] energy. Google is organized the world's
[34:54] information. Amazon is Earth's most
[34:57] customer ccentric company. Microsoft is
[35:00] a computer on every desk and in every
[35:02] home. Nike is just do it for athletes.
[35:06] Airbnb is belong anywhere for travel.
[35:09] Netflix is entertain the world. Right?
[35:13] You guys see where I'm going with this?
[35:16] Old coins are far more like companies.
[35:20] Okay,
[35:21] what ground do I have to say that on?
[35:24] And here's another thing. They're not
[35:25] only far more like companies, but
[35:27] they're certainly far less like money
[35:30] like what we just went through in
[35:32] regards to Bitcoin and solving legacy
[35:35] monetary issues and the level of
[35:37] decentralization and the lack of control
[35:39] that anybody has. When you look at these
[35:42] altcoins, for starters, one, they have
[35:45] what's called a premine, where the
[35:47] founders of these altcoins create a
[35:49] bunch of the coins, whether it's
[35:50] Ethereum or Salana or whatever it is,
[35:53] and they give a bunch to themselves
[35:55] before the coin launches. So, a typical
[35:57] altcoin launch looks something like
[35:59] this. 20% goes to the founders, 20% or
[36:02] so goes to the first investors, another
[36:04] 20% or so goes to like the treasury, the
[36:07] the company for them to use in the
[36:09] future, and then the other 40% or so
[36:12] goes to the public. Now, compare that to
[36:15] Bitcoin.
[36:17] 100% of all the Bitcoin that will ever
[36:20] be mined that has already been mined,
[36:23] all 21 million is mined under the same
[36:25] rules. every single block. Anybody could
[36:29] go out and mine Bitcoin or anybody can
[36:31] go out and get a job and earn cash and
[36:34] buy Bitcoin. Nobody has ever had an
[36:38] advantage over anyone else ever. I'm
[36:41] going to say that again. Satoshi
[36:43] Nakamoto, the creator of Bitcoin, he
[36:46] himself needed energy to get his first
[36:51] bitcoins. They weren't printed. They
[36:53] weren't granted. It wasn't a well, you
[36:55] know, I did create it. I'll give myself
[36:56] a little bit. He had to plug in a
[36:58] computer and spin some compute and work
[37:02] hard to mine a block.
[37:05] Just like the people that are working on
[37:06] mining a block right now as I'm talking,
[37:09] everyone in the history of Bitcoin and
[37:11] in the future of Bitcoin will have to do
[37:14] the same. Okay?
[37:17] Now, all these old coins that have
[37:19] founder coins and investor coins and
[37:21] treasury coins and then coins that they
[37:23] sell to the public, guys, that's a
[37:26] company. You know, I founded Strike,
[37:29] okay? So, I'm not against building
[37:32] companies, building tools. I'm not
[37:34] necessarily against any of this. I'm a
[37:35] free markets guy. People should do
[37:36] whatever they want. But do you know how
[37:39] Strike worked? I have equity that I
[37:42] created and kept to myself. I have
[37:45] equity that I gave early investors in
[37:46] Strike. We have equity that we store
[37:48] aside as a company to give to employees
[37:52] to give out bonuses to try and recruit
[37:54] talent. And then there's equity that
[37:56] maybe someday if we go public, we'll
[37:59] sell to the public. That's literally how
[38:01] a company works. It's certainly not
[38:04] money. You know, you can make a debate
[38:06] of like, well, you know, certain
[38:08] altcoins are far different than starting
[38:10] a company like Strike. It depends what
[38:11] altcoin you're talking about. There's
[38:13] thousands of them. But no matter which
[38:15] one you're talking about, it's certainly
[38:17] not money. It is certainly not money. So
[38:20] to make this point even further, a tech
[38:22] company on left is typically a founder
[38:25] with a vision, investors who bought in
[38:27] early to that vision, a foundation and a
[38:30] treasury, a published roadmap for the
[38:33] customers and for the public, upgrades
[38:35] on a schedule, leadership that must keep
[38:37] delivering in order to drive value to
[38:40] the shareholders. Okay. Now, what are
[38:42] what is crypto? What are altcoins?
[38:44] Typically, it's founders with a vision,
[38:47] investors who bought in early, a
[38:48] foundation and a treasury, a published
[38:51] road map for the token holders, upgrades
[38:53] on the schedule, leadership that must
[38:55] keep delivering to drive value to the
[38:56] token. Again, nothing is wrong with
[39:00] owning a company, with building a
[39:01] company. There is, however, a problem in
[39:04] selling equity in one as if it were
[39:08] neutral money.
[39:10] Okay? I have no problem with people
[39:12] building companies, investing in
[39:13] companies. Why would I have a problem
[39:15] with that? I literally do that as my
[39:17] job.
[39:19] The problem, at least ethically, is if I
[39:23] were to convince, try and convince you
[39:24] guys that strike equity is just like
[39:26] Bitcoin.
[39:28] I would never do that. It's not. I have
[39:32] special rights. I have control. If I
[39:35] print strike equity, it benefits me more
[39:38] than it benefits you. You have to trust
[39:40] me when you own it. You might not like
[39:43] every decision. You don't get to
[39:44] participate, have the same rights as me.
[39:46] It's not the same. It's a company. You
[39:49] see? And so to carry this even further,
[39:53] I would make the argument that Bitcoin
[39:55] was discovered or found, not necessarily
[39:58] founded. You're like, "That's crazy.
[40:00] Satoshi's the founder of Bitcoin." I
[40:02] know it sounds crazy, but hear me out.
[40:05] Who was the founder of FIRE? Does anyone
[40:08] know?
[40:10] Who was the founder of the wheel?
[40:13] Who was the founder of aluminum?
[40:16] Who was the founder of gold?
[40:21] You see? Now, conversely, who founded
[40:25] Apple? Well, Steve Jobs who founded
[40:28] Amazon? Well, Jeff Bezos, who founded
[40:31] Meta?
[40:33] Well, Mark Zuckerberg who founded Salana
[40:36] and Ethereum,
[40:38] you know, Salana has a CEO.
[40:41] Ethereum was founded by Vitalic and Joe
[40:44] Luben and the Ethereum Foundation.
[40:48] You know, Ripple has a company.
[40:51] These like
[40:54] these altcoins again, it's not a
[40:55] problem. It's not I have no issue. Who's
[40:57] the founder of Strike? Jack Malers. No
[41:00] problem. But again,
[41:02] >> [clears throat]
[41:03] >> These things aren't Bitcoin. People
[41:05] conflate them because everyone is trying
[41:07] to hire these things to help them save
[41:10] cuz we're living in a society with
[41:12] broken money.
[41:14] But you get into the car every single
[41:17] day, [clears throat] but you don't know
[41:19] who invented the wheel.
[41:22] None of you get in a car and say, "Well,
[41:24] hold on a second. Before I take
[41:26] advantage of this pure innovation and
[41:30] transportation,
[41:32] who invented the wheel and what did they
[41:35] mean by this invention? What was their
[41:36] intent when inventing it? And was this
[41:39] their vision? You know, when people say,
[41:41] "Well, this isn't Satoshi's vision."
[41:43] Well, what was the inventor of of fire's
[41:45] vision while you used your stove, while
[41:49] you turned on the grill? Hm.
[41:51] [clears throat]
[41:53] Before you get in a car or an airplane,
[41:56] make sure you know the intent of the
[41:59] founder of the wheel.
[42:02] You guys see where I'm going with this,
[42:04] right? Who founded corn? Who founded
[42:07] wheat? Well, these things were
[42:09] discovered. They're public utilities.
[42:13] It's not about who founded it. You're
[42:16] not trusting. When you use corn, you
[42:18] don't have any counterparty risk. When
[42:20] you go to Chipotle and you say, "I'll
[42:21] take some corn on my burrito or I'll
[42:23] take some guac on my burrito." Are you
[42:26] taking on counterparty risk?
[42:29] Who are you implicitly trusting? Nobody.
[42:34] The wheel. Who are you implicitly
[42:36] trusting by using the wheel? When you
[42:39] light a fire to stay warm,
[42:42] what was the founder of fire's vision
[42:44] for the project? Guys, there's no such
[42:47] thing. Now, obviously, when you contrast
[42:50] that to Amazon,
[42:52] all of that is opposite. Well, what's
[42:54] Jeff Bezos's intent? How's he going to
[42:57] use excess cash? Are they going to do
[42:59] stock buybacks? What's the hiring plan?
[43:01] Well, they seem to be compressing
[43:03] margins on their core product. Are they
[43:05] trying to cannibalize the rest of their
[43:06] competitors or what's the long-term
[43:08] strategy? Who's presenting at the next
[43:10] quarterly earnings? All of that is
[43:13] extremely relevant, right?
[43:16] And all of that is extremely relevant to
[43:18] altcoins as well.
[43:20] So when you see all these things, I
[43:23] think back to first principles, you need
[43:25] to ask very basic question like does a
[43:27] world computer need its own money? Does
[43:30] a company need its own money? Does an
[43:33] exchange need its own money? Does your
[43:36] project need its own money?
[43:41] I would say the answer is no.
[43:44] Why would you need your own money,
[43:48] right? Like why does a world computer
[43:50] like can you build a world computer and
[43:52] if people need to use money on it just
[43:54] use Bitcoin?
[43:56] Of course you can. You know, people for
[43:58] years argued, you know, to in order to
[44:01] build a decentralized social media, you
[44:04] need your own token. Well, but then
[44:07] somebody created Noster
[44:10] and people just use Bitcoin if they need
[44:14] to send money between each other because
[44:15] why would you need your own token? You
[44:18] see, the token is back. This goes back
[44:21] to senior age. Who profits? Who benefits
[44:23] from the token? The person that can
[44:26] print it. Printing your own money is the
[44:28] business model. A lot of these things
[44:31] are disguised central banks that aren't
[44:35] nearly as legally accountable. You know,
[44:37] it's like, why do I need a world uh
[44:40] currency for my world computer? Well,
[44:42] the truth is because I can print it and
[44:45] I want you to buy it. That's why,
[44:48] you know, of course, you know, like So,
[44:51] yeah. Anyways, a little fun fact for you
[44:53] guys. I was around so as you know I've
[44:56] been around in this industry for a very
[44:57] long time almost 14 years at this point
[44:59] and my stepmother
[45:02] uh long time ago over a decade ago uh my
[45:04] stepmother went to a conference and
[45:07] happened to be sat next to Vitalic
[45:09] Buterine and this is before the launch
[45:11] of Ethereum
[45:13] and uh it was her Andreas Antonopoulos
[45:16] uh Vitalic Buterine uh and by the way
[45:19] Vitalik is uh one of the creators and
[45:21] founders of Ethereum and Vitalic is
[45:25] telling her about his new project called
[45:27] Ethereum. And he's like, "Man, you know,
[45:30] I'd appreciate if you contributed to the
[45:32] pre-sale um cuz we're, you know, we're
[45:34] we're trying to get it started. I'm
[45:35] trying to hire more developers to work
[45:37] on it for me and uh we're doing a
[45:40] pre-sale to raise some funds."
[45:42] And so my stepmom actually participated
[45:45] in the Ethereum pre-sale, believe it or
[45:47] not. And hilarious, hilarious story.
[45:52] And we all she got home from the
[45:54] conference and we all went online to
[45:56] this guy Vitalik's website which was
[46:00] this Ethereum Foundation blog and we
[46:03] read about his pre-sale.
[46:05] And here are some quotes from the
[46:07] pre-sale. The price of Ethereum is
[46:10] initially set to a discounted price of
[46:13] 2,000 Ethereum per Bitcoin and will stay
[46:16] this way for 14 days before linearly
[46:18] declining to a final rate of 1,337
[46:22] Ethereum per Bitcoin. Okay, first of
[46:25] all, guys, if anyone ever said the price
[46:29] of Bitcoin is this,
[46:32] you'd lose your mind. Nobody's allowed
[46:34] to determine the price of Bitcoin. No
[46:37] one's allowed to print Bitcoin out of
[46:38] thin air and sell it behind the scenes.
[46:40] Sell it because they need to hire
[46:42] somebody. Okay, so you know, people
[46:45] don't know this, but Ethereum was a
[46:48] project where they would just print
[46:50] these things and sell them at
[46:51] conferences
[46:53] uh and they set the price of it like a
[46:55] t-shirt or a hoodie or a dozen donuts.
[46:59] Okay, another quote in here. There are
[47:01] two endowment pools, each 0.099x 099x
[47:05] the initial quantity of ether sold that
[47:08] will be allocated in the first case to
[47:10] early contributors and in the second
[47:12] case to long-term endowment to our
[47:14] nonprofit foundation.
[47:16] Again, in the fine print, they printed
[47:20] money out of thin air and gave a slice
[47:22] for the early insiders and a slice for
[47:25] their foundation.
[47:27] Again, no such thing for Bitcoin. That
[47:30] doesn't exist. Can you imagine if
[47:33] someone came out and said, just letting
[47:34] everyone know, uh, I exceeded the 21
[47:37] million hard cap and printed some
[47:39] bitcoins,
[47:40] uh, because the people that were early
[47:43] on just felt like they didn't get enough
[47:45] and we might have some nonprofit
[47:46] interest in the future. So, we're going
[47:48] to set it aside in our foundation.
[47:51] Again, there's no problem with starting
[47:54] a company. Totally reasonable. I started
[47:56] one. But are these things like Bitcoin?
[47:59] Is this the equivalent of just saving in
[48:02] hard money that will appreciate against
[48:03] the debasing currency so that you can
[48:05] buy a home so you can put your kid
[48:07] through school? You don't want to take
[48:08] risk. You don't want to bet on people.
[48:10] You don't want to bet on products. You
[48:11] don't want to understand the different
[48:14] uh conversion currency, central bank,
[48:16] monetary policy, what's happening in
[48:17] Japan. You don't want to know. You don't
[48:19] care about that. Another quote, "We
[48:21] reserve the right to use up to 5,000
[48:23] Bitcoin from the pre-sale while the
[48:25] pre-sale is running in order to speed up
[48:27] development."
[48:28] Okay, so they're spending the buyer's
[48:31] money before the sale closes. Again,
[48:35] this is just someone running a company.
[48:37] I'm not mad at the CEO. They're making
[48:39] it's their company. It's their thing.
[48:41] They're making the decisions based on
[48:42] what they think is best. But it's I
[48:44] mean, this is far from a decentralized
[48:48] process where everybody has equal
[48:50] rights. Like after Satoshi mined a few
[48:53] blocks, he couldn't have said, "Ah,
[48:55] actually, I take that back." Once
[48:57] Bitcoin once the first block was mined,
[49:00] Bitcoin is set in stone for history. You
[49:02] guys know that if we ran the Bitcoin
[49:05] core code from 10 years ago, it would
[49:08] still run. It's the same rules.
[49:14] I just don't think people know this
[49:16] information. And and again, it is fine.
[49:19] You're allowed to invest in companies.
[49:21] You're allowed to do whatever you want.
[49:22] Just know what you own. And if you're
[49:24] trying to avoid currency debasement and
[49:26] inflation and you just want to work hard
[49:27] and save, there's a difference between
[49:30] Bitcoin and everything else. I found
[49:33] this hilarious. At the end of the
[49:34] website, they just wrote, "Ethereum is a
[49:37] product, not a security or an investment
[49:39] offering." And we were laughing at the
[49:41] time like, "Well, I mean, that's for the
[49:43] SEC to decide, not for you to decide.
[49:45] You can't just declare yourself a
[49:47] thing." But clearly they had enough
[49:49] self-awareness to realize that
[49:53] they were probably a company, but they
[49:56] didn't want to be one. They wanted to be
[49:58] compared to Bitcoin because that made
[50:00] them a lot more money. There was this
[50:02] new Bitcoin thing. You know, saying,
[50:04] "I'm going to create a competitor to
[50:06] Amazon." How many investors do you think
[50:08] you would have gotten? Probably not a
[50:10] lot. That sounds really hard. Saying,
[50:12] "Oh yeah, this Bitcoin thing, it's
[50:14] totally new. Well, I'm going to build
[50:15] the better version and I printed a bunch
[50:17] of the tokens and I'll sell them to you
[50:19] at an at a fixed exchange rate. It's a
[50:21] much easier way to raise money. But this
[50:26] is a startup.
[50:27] According to the website, this is July
[50:30] 22nd, 2014. I was on the website. My
[50:34] stepmom got home from a conference, got
[50:36] off the plane, said a crazy story. I sat
[50:38] next to this kid. He started this
[50:41] project, I guess, wants me to invest in
[50:43] it. Uh we pull up the website. This is
[50:47] what was on the website. It was a
[50:50] startup that was raising money.
[50:53] So calling back to the earlier slides,
[50:56] Bitcoin removed profits from issuing it,
[51:00] getting new coins first. So senior eggs,
[51:02] cancel on effect, counterparty risk. You
[51:05] don't have to trust anyone with Bitcoin.
[51:07] Nobody gets benefit or has close
[51:09] proximity to the money printer. And no
[51:11] one has advantage from issuing new
[51:14] bitcoins because they can't issue new
[51:15] bitcoins. Now take altcoins for example.
[51:18] Do people get benefit from printing more
[51:21] of them? First of all, can they print
[51:23] more of them? And do they get benefit
[51:24] from it? Yeah. I just read you my
[51:27] experience with one of the most popular
[51:28] altcoins in the world. I just told you
[51:30] guys what happened in my own life 100%.
[51:36] Uh like what about getting new coins
[51:39] first? Is there a cancel effect? Yeah,
[51:42] insiders, VCs, there's a whole culture
[51:44] in altcoins of like everyone getting
[51:46] rugpulled and dumped on because a lot of
[51:48] venture capitalists get in first and
[51:50] then they get their tokens unlocked and
[51:52] then they just sell them all and they
[51:54] crash the market and they crash the
[51:55] project. So yeah, 100%. This is like the
[51:58] dollar. You know, it's the same thing
[52:00] that Wall Street does to the people
[52:02] venture capitalists and insiders are
[52:04] doing with altcoins. It's the same
[52:06] thing.
[52:08] And then who do you have to trust? Well,
[52:11] you know, many times in a lot of these
[52:12] altcoins, uh, the foundation and the
[52:15] founders step in and change the rules.
[52:18] Uh, one of the most famed ones is
[52:20] probably the change to proof of stake,
[52:23] uh, for Ethereum. But
[52:26] another point is when people say, well,
[52:29] Bitcoin doesn't have enough features.
[52:31] Bitcoin isn't changing enough. It isn't
[52:33] adapting. Like this coin's coming out
[52:35] with new features every single week.
[52:37] Again, that's great, but that's a
[52:40] company. Strike comes out with new
[52:42] features every single week. I don't want
[52:44] my money to come out with new features
[52:46] every single week.
[52:48] I don't want to take risk. I don't want
[52:50] to place bets. I don't want to have to
[52:51] pay attention to earnings. I want to
[52:52] have to follow them on Twitter.
[52:55] Money is supposed to be the same rules
[52:58] for everyone forever. Stability is the
[53:01] point. software a company
[53:05] sure changes all the time and that's
[53:08] good but they're different.
[53:11] You see society is it's not healthy to
[53:14] push society all the way up the risk
[53:16] curve where everyone has to gamble to
[53:19] save.
[53:21] People need money that cannot rug pull
[53:24] them, that cannot lie to them, that
[53:25] cannot deceive them, that cannot
[53:27] disadvantage them, that they can just
[53:30] save. And over time, they get closer to
[53:33] owning a home. They get closer to
[53:34] putting their kid through school. They
[53:36] get closer to taking more vacations.
[53:37] They get closer to retirement. They take
[53:40] the value that they've rightfully
[53:42] earned. That is their right. That is
[53:44] their time and energy that they
[53:45] expended. And they have every right to
[53:48] save it. And that is very different than
[53:51] a feature-filled road map for a utility
[53:53] token. Another very obvious point,
[53:57] a coin for everything is inflation all
[54:00] over again. The vision for Bitcoin is
[54:04] that all of the world's value
[54:07] is distributed between 21 million
[54:09] bitcoins. They're infinitely divisible.
[54:11] Not, you know, technically infinitely,
[54:12] but you know, it's possible. But they're
[54:14] they're very very very divisible. So we
[54:17] take 21 million bitcoins and we put the
[54:19] 400 to 500 trillion dollars worth of
[54:21] value inside of those bitcoins and we
[54:23] divide them all up and we exchange them
[54:24] with each other as we produce value for
[54:26] each other. But if there is a McDonald's
[54:30] coin and an airlines coin and a vacation
[54:32] coin and a gym coin and a pizza coin,
[54:35] you're just inflating again. If I walk
[54:38] into McDonald's and I say I have
[54:39] bitcoins and they say, "Oh, nope. You
[54:41] need the McDonald's coin." And then I go
[54:43] fly home and I get on United and I say,
[54:45] "I got McDonald's coin and Bitcoin."
[54:46] Like, "No, no, you need the United coin.
[54:48] I need the smart contract coin. I need
[54:50] the fast coin. I need the I need the
[54:53] privacy coin. I need the this coin. I
[54:54] need the that coin." Well, now all of a
[54:56] sudden only 17% of the monetary units
[55:00] are Bitcoin. And whoever comes up with a
[55:02] brand new coin because they launched a
[55:03] new pizza shop or they launched a new
[55:05] school or they launched a new airline or
[55:07] they launched a new Uber service, well,
[55:09] then we all get debased.
[55:12] It's so obvious when you say these
[55:14] things out loud. Well, duh.
[55:16] Of course. But when someone creates a
[55:19] new company, is that inflationary? No,
[55:22] because equity in a company is not
[55:24] money.
[55:27] You're not printing more money. You're
[55:29] creating a business that people can, if
[55:32] they want to take risk, invest in.
[55:36] When I created Strike, I didn't debase
[55:38] you guys. I didn't inflate away your
[55:40] groceries and your housing and your
[55:42] vacations. I didn't. No, I created a
[55:45] business that hopefully provides value
[55:47] to my customers and if investors want an
[55:50] opportunity to take risk and invest in
[55:52] my vision and my leadership and my
[55:54] execution, they can call me and we can
[55:56] do a deal potentially. But that I mean,
[56:00] do you guys understand how asinine and
[56:02] insane it is to think that all of these
[56:04] things are money and that we're just
[56:06] going to recreate the infinite levels of
[56:08] inflation of fiat currencies by having
[56:10] tokens for every single thing? It's
[56:12] ridiculous. Here's another Ethereum. I
[56:16] don't mean to pick on Ethereum. It's
[56:17] just, you know, one of the bigger ones.
[56:20] They all share these characteristics.
[56:22] But listen to this. This is Vitalik, the
[56:24] founder of Ethereum, talking about
[56:26] Ethereum leading up to uh the uh update
[56:30] to proof of stake.
[56:38] Sure. So I think like to summarize, one
[56:42] of the ways that I think about this in a
[56:43] more philosophical way is like proof of
[56:45] work is based on the laws of physics.
[56:48] And so you sort of have to work with the
[56:50] world as it is, right? you have to work
[56:52] with, you know, electricity as it is,
[56:54] hardware as it is, what computers are as
[56:57] it is. Whereas, because proof of stake
[56:59] is virtualized in this way, it's
[57:01] basically letting us create a simulated
[57:03] universe that has its own laws of
[57:05] physics. And that just gives the us as
[57:09] protocol developers a lot more freedom
[57:11] to optimize the system around actually
[57:14] having all of the different security
[57:17] properties that we want, right?
[57:18] you know, if we want it the the system
[57:21] to have a particular security guarantee.
[57:26] I mean, guys, I hate to beat a dead
[57:29] horse, but like
[57:33] Bitcoin, what he just said, Bitcoin and
[57:36] proof of work
[57:38] operates on the existing laws of the
[57:42] universe,
[57:43] physics, right? Gold, Bitcoin, these
[57:47] things
[57:48] operate within and are regulated by
[57:51] physics.
[57:53] All right? You cannot cheat proof of
[57:55] work
[57:57] because it is physical reality.
[58:00] And the reason the founder of Ethereum
[58:02] wanted to go to proof of stake is so
[58:05] that and I quote directly this is a
[58:08] YouTube video you guys can go pull it
[58:10] up. He wanted to create a simulated
[58:13] universe that has its own laws of
[58:16] physics
[58:18] because the existing physical world
[58:21] wouldn't allow him to do what he wanted
[58:23] to do.
[58:25] He didn't want to be governed by the
[58:27] physical world.
[58:29] So, he created a simulated universe that
[58:32] has its own rules.
[58:35] Again,
[58:37] this is not a hard money. I don't know
[58:39] what to say. By the way, when an altcoin
[58:42] goes from proof of work to proof of
[58:44] stake, they just put all of the miners
[58:45] out of business. What about all the
[58:47] people that built all the chips and all
[58:49] the warehouses and invested the millions
[58:50] or tens of millions or hundreds of
[58:52] millions of dollars into mining that
[58:53] coin now just go insolvent overnight?
[58:57] Imagine
[58:59] being a business owner and and
[59:01] [clears throat] your family relying on
[59:03] the business you've built and the
[59:05] sacrifices you made and the investments
[59:06] you put in for a group to just decide
[59:09] that you are no longer relevant. Your
[59:12] kid has to drop out of school. You have
[59:13] to downsize your house. Your wife is
[59:16] fighting with you over the lack of
[59:18] savings for what? Your business failed.
[59:21] Why? because of a centralized decision
[59:27] to create its own laws of physics. And
[59:30] then I compare this to a to what we
[59:33] already have with central banks. Who
[59:34] writes the rules? Well, in proof of
[59:37] stake, it's the people that own the most
[59:40] of the currency.
[59:42] And in fiat, it's the same thing. It's a
[59:45] committee at the central bank.
[59:48] Who gets the new money? whoever holds
[59:51] the most of the currency. Who gets the
[59:52] new money in fiat lamp? Same thing. So,
[59:56] I just again it's I think these things
[60:00] are far more like businesses and what we
[60:02] already have, which is fine. Maybe
[60:04] Ethereum is going to be the new Apple
[60:06] and they're going to build something
[60:07] even better than the iPhone. I have no
[60:10] idea.
[60:12] But it is not Bitcoin. There is Bitcoin
[60:15] and then there is everything else. I
[60:16] thought this was funny.
[60:19] Way back in the day, guys, if you want
[60:20] to Google this, there's what's known as
[60:22] the DAO hack. So, Ethereum got hacked uh
[60:26] and uh the founding group uh wanted to
[60:30] reverse the hack uh which they did
[60:32] successfully. So, the non reversal
[60:35] Ethereum is called Ethereum Classic, but
[60:37] they rolled back the blockchain, undid
[60:39] the mistake. Again, it sounds crazy, but
[60:43] this happened. And uh Vitalic went into
[60:46] a group chat with all of the CEOs of
[60:48] exchanges at the time. And here's, you
[60:51] know, the screenshot. It says
[60:52] highlighted, okay, you guys can stop
[60:54] trading.
[60:56] And just told everyone, "Stop trading
[60:58] Ethereum. Turn it off for right now. I'm
[61:00] going to roll back the blockchain." And
[61:03] they did.
[61:05] And yeah, so like you know code is law
[61:09] unless it doesn't go the way you want it
[61:11] to go then it's not law then you reverse
[61:13] it. So you know Bitcoin is so slow buy
[61:17] my altcoin. Bitcoin uses too much energy
[61:20] so buy my altcoin. Bitcoin can't do
[61:22] smart contracts so b buy my altcoin.
[61:24] Bitcoin isn't private enough so buy my
[61:27] coin. Bitcoin is old technology so buy
[61:29] my coin. Bitcoin doesn't scale so buy my
[61:32] coin. You know, it all to me reads as
[61:35] justification to buy equity in their
[61:38] business.
[61:39] You know, all of these things made
[61:42] serious compromises to have the features
[61:45] they have. Vitalic wanted to bring
[61:47] Turing compete complete smart contracts
[61:50] to Bitcoin and the Bitcoin developer
[61:52] community deemed that it was far too
[61:55] vulnerable to attacks because by
[61:57] allowing for turn completeness, you
[61:59] allowed code execution on your machine.
[62:02] And the Bitcoin developer community said
[62:04] that sounds like it's really dangerous.
[62:05] We don't want to force nodes to have to
[62:07] run someone else's code and there's
[62:10] going to be a lot of hacks. And what
[62:13] happened? Ethereum launched and there's
[62:16] been a plethora of hacks. Salana, they
[62:20] wanted faster blocks for payments and
[62:22] the Bitcoin community said, well, we
[62:23] have to account for the size of the
[62:25] world and the speed of light. If blocks
[62:27] are too fast, then the whole whole world
[62:29] in a distributed set of nodes is never
[62:31] going to be able to reach consensus
[62:32] reliably.
[62:34] Salana did it anyway. What happens?
[62:36] Salana goes down frequently. No
[62:39] surprise. Monero base layer privacy.
[62:44] Monero wants very specific base layer
[62:46] privacy. Totally fine. But Bitcoiners
[62:48] said, "Well, if we do it at the base
[62:50] layer, then we can have hidden inflation
[62:53] that will go undetected. There's no way
[62:55] to audit and credibly enforce the 21
[62:58] million hard cap." Monero did it anyway.
[63:01] They had an in a bug and it's impossible
[63:04] to know if Monero got inflated or not.
[63:08] True story. This is all true.
[63:10] So for example,
[63:13] Salana guys, the reason Bitcoin's blocks
[63:16] are 10 minutes long is because you have
[63:18] to account for the speed of light.
[63:19] Nothing can travel faster than light. So
[63:22] a block takes time to reach every node
[63:24] on Earth, right? And 10 minutes leaves
[63:28] room for all of the nodes to hear the
[63:30] block and validate the block before the
[63:32] next one arrives. If you have 400
[63:35] millisecond blocks like these old coins
[63:37] have, you can see the visual on the
[63:38] left, it's firing far too fast to give a
[63:42] chance for a global set of nodes to
[63:44] reach any sense of consensus. This is
[63:47] why it is very practical to scale at
[63:51] layer 2. You cannot scale at layer 1's
[63:53] if it's truly decentralized and truly
[63:55] distributed. This is just basic 101
[63:57] stuff, but unfortunately it's crowded.
[64:00] All of this conversation is crowded with
[64:02] so much misinformation to justify you
[64:05] buying their coin that they get to print
[64:08] or that they got early allocations to or
[64:10] they got a sweet deal on. But like why
[64:13] doesn't Bitcoin have faster blocks? It's
[64:15] for no other reason than the speed of
[64:18] light.
[64:19] Really simple engineering.
[64:22] Okay. Like Salana,
[64:26] it's fast until it stops working. It
[64:29] goes down all the time like a company.
[64:32] Here are some of the examples. It's gone
[64:34] down in, [clears throat] you know,
[64:36] recent years for very prolonged periods
[64:38] of time. It's like if Visa were to go
[64:40] down or when Coinbase goes down,
[64:42] Ethereum, like I said, super smart
[64:45] contracts until you get hacked.
[64:48] There's been single individual smart
[64:51] contract bugs that have been exploited
[64:54] up to $325 million at a time. This is
[64:56] why Bitcoin said, "Ah, if we want
[64:58] anything like that, let's build it a
[65:00] separate layer, not the consensus layer.
[65:02] We don't want our hard, simple,
[65:05] reliable, credible money to be full of
[65:08] risk and hacks. It's not a company. It's
[65:10] not a utility thing." By the way, the uh
[65:14] most used utility token in the world
[65:16] today is the US dollar. It has what?
[65:20] Four, five, six billion daily active
[65:23] users, but nobody is holding it to store
[65:26] their value. Just because it's useful
[65:28] doesn't mean it's a good store of value,
[65:30] doesn't mean it's a hard money. So, you
[65:32] also have to ask yourself, even if these
[65:34] things are useful, why would I save it?
[65:41] Uh, Monero, has Monero had an inflation
[65:44] bug? We will never know.
[65:49] True story. These are the trade-offs
[65:52] being made. So again, is Bitcoin too
[65:54] slow or do they want you to just buy
[65:56] their coin? Does Bitcoin not have enough
[65:58] features or do they just want you to buy
[66:00] their coin? Is is Bitcoin the Facebook
[66:04] to some other or uh the MySpace to some
[66:07] other coins? Facebook. Is Bitcoin old
[66:09] technology or did someone print a lot of
[66:13] new tokens for themselves and they just
[66:14] need someone else to buy it? Just ask
[66:17] yourself that.
[66:19] And then lastly, like can someone build
[66:21] a better Bitcoin? So, okay, maybe these
[66:23] other coins are look more like
[66:25] companies, probably function more like
[66:26] companies and can be thought of more
[66:28] like investing in a thing, which again
[66:30] guys, if you you invest in Amazon and
[66:33] Apple, and you want to invest in these
[66:34] things, go for it. But just like it's
[66:37] not Bitcoin, Bitcoin is very very very
[66:41] different.
[66:42] Um, I would say Bitcoin's code is open
[66:45] to copy by anyone. Always has been,
[66:48] always will be. What you cannot copy are
[66:51] the existing users, its liquidity, its
[66:53] miners, its custodians, all of the
[66:56] network effects and economies of scale
[66:57] that have been built around it. You
[66:59] can't just copy that. In the same way
[67:01] that I can now vibe code my own version
[67:04] of Twitter easily. It'd take me 10
[67:06] minutes.
[67:08] But the problem is I'd have no users.
[67:11] I'd log onto it and I'd have no one to
[67:13] follow and I'd have no one that could
[67:15] follow me.
[67:17] So what am I missing? Why can't I just
[67:19] create my own version of Twitter and
[67:20] become a billionaire in the next 10
[67:22] minutes? Well, I don't have the network.
[67:24] I don't have the network effects. I
[67:26] don't have the economies of scale. I
[67:27] don't have the distribution. I don't
[67:29] have the trust, the brand recognition,
[67:31] the credibility. I don't have any of it.
[67:34] And that is what will be in my opinion
[67:38] impossible to replicate.
[67:41] Bitcoin, you can copy the code. You
[67:44] cannot copy the type of big bang. If we
[67:48] had to do Bitcoin all over again, how
[67:49] would it be credibly neutral and fair in
[67:52] distribution?
[67:54] Are we saying that like no one's going
[67:56] to, you know, relaunch Bitcoin but give
[67:58] themselves an early slice or tell their
[68:00] friends, you know, hey guys, pay
[68:02] attention. This is not, you know,
[68:04] Satoshi mined a block the same way that
[68:08] whoever's mining Bitcoin right now would
[68:10] have to mine a block. And the people
[68:12] that did not mine Bitcoin to get their
[68:13] Bitcoin, they had to do real work in the
[68:16] real world to earn cash to then buy
[68:19] their Bitcoin. It's all about proof of
[68:21] work. Nobody in the world owns Bitcoin
[68:24] without having to do some real work for
[68:26] it. Nobody.
[68:28] Nobody.
[68:30] That's not true for strike equity. One
[68:32] day I decided I wanted to create a
[68:34] company and I literally just gave myself
[68:36] 100% of the shares because it was mine.
[68:39] It's not how Bitcoin works.
[68:42] So for a company, a company has
[68:45] founders, investors, a treasury, a road
[68:47] map, governance, ongoing promises, a
[68:51] commodity or a neutral utility like
[68:55] fire, the wheel, aluminum, steel,
[68:58] Bitcoin.
[69:00] It has rules. It has proof of work. It
[69:05] does not have a treasury. It does not
[69:06] have a road map. It does not have a
[69:07] operator. It does not have anyone to
[69:09] trust. It is rules, no rulers, not
[69:12] rulers that enforce and make up rules.
[69:14] It is rules without any rulers.
[69:17] Companies are useful. I think society
[69:20] would cease to function without
[69:21] companies.
[69:23] But it's a different question when
[69:25] whether their token should be money or
[69:27] not. So ask yourself these questions.
[69:30] Who issued it? You know, a token, a
[69:33] company, Bitcoin, nobody. Who got the
[69:35] first units? A token, the founders and
[69:38] investors. Bitcoin, nobody. Who can
[69:40] create more of it? A token, whoever
[69:42] holds the keys, Bitcoin, nobody. Who can
[69:44] change the rules? A token, governance,
[69:47] or a team? Bitcoin? Nobody. Who can
[69:49] pause or restart it? A token? A small
[69:52] group and has Bitcoin? Nobody.
[69:56] Whose competence do I need? Who do I
[69:59] need to trust? A token? The founders,
[70:02] developing group, theirs indefinitely.
[70:04] Bitcoin, nobody. The nobody is the
[70:07] entire point. Nobody. Nobody. You just
[70:09] need you. Last thing, guys. The hot
[70:13] thing will always change. I've been
[70:14] around long enough. It was Litecoin,
[70:16] then Ethereum, then ICOs, then DeFi,
[70:18] Dogecoin, NFT, Salana, memecoins,
[70:21] prediction markets, this, that, now AI
[70:24] stocks. Okay, let me show you something.
[70:27] One of the goat hedge funds of all time,
[70:30] Citadel's hedge fund, Ken Griffin, one
[70:32] of the best performers on Wall Street of
[70:34] all time.
[70:36] His average per year net of fees return
[70:40] 19%.
[70:43] Bitcoin the last 10 years, 60%.
[70:47] I'm the best performer on Wall Street
[70:49] over the last 14 years. You're looking
[70:51] at them right now.
[70:54] I outperformed every hedge fund. I
[70:56] outperformed everything.
[70:59] So if you think the other thing is
[71:01] people will say, well, you know, this
[71:03] has outperformed Bitcoin for the last 6
[71:05] months. Yeah, but let hot things and
[71:10] flashy things be hot and flashy things.
[71:11] Do you know how much risk it is to have
[71:13] to predict the hot flashy thing every
[71:16] single time and never get it wrong and
[71:18] then as soon as it's about to crash,
[71:20] sell it and hop into the next new hot
[71:22] flashy thing? Do you guys know how hard
[71:24] that is? That's called running a hedge
[71:25] fund. That's called being a professional
[71:27] Wall Street trader. And I just pulled up
[71:29] the best performing professional Wall
[71:31] Street trader. And I kicked his butt in
[71:34] performance just by buying and saving in
[71:38] Bitcoin. So yes, of course there's going
[71:40] to be hot flashy things that in brief
[71:43] periods of time are going up a little
[71:44] more than Bitcoin, but over the course
[71:46] of time, again, I don't want to be out
[71:49] on the risk curve. I don't want to run a
[71:51] hedge fund. I don't want to have to do a
[71:52] bunch of research. I don't want to have
[71:54] to pick certain companies, bet on
[71:56] certain products, invest in certain
[71:57] CEOs, uh, jurisdictions, currency
[72:00] exchanges. I don't want to do any of
[72:01] that. I just want to work hard and save
[72:05] and get closer to owning a home, closer
[72:07] to supporting my family, closer to
[72:09] having no debt. That's what all I want.
[72:11] And it turns out with Bitcoin, not only
[72:14] do you get that, but you also outperform
[72:17] everybody else as long as you're
[72:19] patient, you have a low time preference.
[72:21] So in summary,
[72:23] this is my case for there is Bitcoin and
[72:26] there is everything else. Okay,
[72:31] I'm not saying everything else is bad. I
[72:33] am the founder of a company.
[72:36] I love companies. I built this company.
[72:39] I have no problem with companies. People
[72:41] should invest in and do whatever they
[72:44] want. However, be very careful when
[72:48] people tell you that something is like
[72:51] Bitcoin.
[72:52] When people say something is better than
[72:54] Bitcoin, Bitcoin is categorically
[72:57] different than all of these other
[72:59] things. And the only reason all of these
[73:01] other things are on the same screen as
[73:05] you know sports betting, gambling, uh
[73:08] weather predictions, altcoins, meme
[73:10] coins. The only reason is because our
[73:13] fiat currency is broken and everyone is
[73:15] speculating just trying to get by. But
[73:18] Bitcoin on that risk curve. Bitcoin is
[73:21] money. It sits at the bottom.
[73:25] Cool. All right. With that, I'm out of
[73:27] here. Thank you guys. Comments,
[73:28] questions, anything. Leave it in the
[73:30] comments below. Don't be uh afraid and
[73:32] scared. Hit like and subscribe. I'm
[73:34] almost at 50,000 YouTube subscribers. I
[73:36] want to get to 100,000. I want that
[73:38] plaque. So uh hit like and subscribe.
[73:40] And as always, I appreciate the support.
[73:42] Let me know what I should do next. Take
[73:44] care. Bye-bye.