Manage episode 193408931 series 1710289
In this episode of the Libertarian Advisor podcast we cover the bitcoin mania taking the world by storm.
In the past few weeks the amount of interest in bitcoin has absolutely exploded. Tim discusses why he's excited about
Crypto's while giving a brief background of his blockchain investing experience.
Tim also goes over how to buy and sell bitcoin, how to buy alt coins and what exchanges to use to buy alt coins.
We also cover how to store bitcoin and what "Cold Storage" means.
Lastly we talk about the cashless future and whether the decentralized cashless future is superior to the tracked, traced, controlled and centralized government cashless future. I'm guessing you already know my answer on this.
[00:00:02] We are good to go. Hey what's up everybody. It's Tim Picciott the libertarian adviser. And what I want to talk about today is you know how to buy bitcoin. You know why you should buy Bitcoin should you buy bitcoin. How much to invest you know can't be hacked how to secure. And just to give you a little background about myself and this is not to you I taught myself or try to you know act more important than I really am. But you know you see a lot of people out there Talking about bit coin you know it's you know the new cause de jour that's out there right now. But this has been something that I've been studying for you know a very very long time. You know let's give a little background about myself. I graduated in 2008. So right in time for the economy to implode I started my career in finance. Two weeks before Bitcoin was created and if you realized what happened two weeks before it was created is that is actually when the financial crisis happened so I started the day Lehman Brothers crashed. And so you know here I am you know out there in a financial planning job you know 22 years old you know did not like sales. Last thing I wanted to be doing.
[00:01:05] And you know really it was kind of thrown to the wolves spent you know really really kind of a few years as you know head down trying to study as much as I could you know becoming a financial expert but you know becoming a financial expert and making money you know really are two different things now. You know eventually you know money you know knowledge is money or knowledge. You know eventually leads to money so I'm really glad that I didn't spend all of those years you know studying as much as I did. But you know when you're living you know credit card a credit card doesn't give you a lot of time to invest. Dan you know fast forward three years I moved from really from New York to Arizona had to basically start over again. It took about three years to get going again. So you know 2011 which would have been a great time to buy bitcoin. And really you know kind of fast forward to 2015. My business was really really rock n roll and you know did really really well 2015. And then that's when I decided you know what I'm going to quit my current job. That was really lucrative. That finally was lucrative for the first time in my entire career and I'm going to start my own company right after my daughter graduate. So you know bitcoin is something that I had been you know looking into. You know right from the right from the very very beginning the first person I ever told about bitcoin from an investment standpoint was at 30 dollars told another client about bitcoin when I was at 200 dollars. I'm a frequent guest on the on the show LRN.FM declare your independence. Ernest Hancock one of the first probably the second person to start talking about bitcoin on the radio and I'm on I've been on his show probably 20 times a year.
[00:02:38] So when I'm saying the stuff I'm not saying it is you know all these charlatans who are out there you know now all of a sudden you know everybody's been quite an expert. But at the beginning of this year you know I really didn't think you know I did not see this coming because I thought when the ETF decision I thought that that was going to get denied and that that was going be bad news for Bitcoin. And you know I was in the typical you know mindstate of you know hey it's you know I was probably like a thousand bucks or 900 box and I was thinking hey this is you know super expensive a 900 dollars because I didn't fully understand and what I did understand from the very very beginning is I understood that you know Bitcoin is a way to you know really supplant the banks it's a way to cut out the middleman. It's a way to you know me give something of value to you. And there is no government to be able to stop that and that's something I understood right from the beginning. But what I didn't understand until probably fast forward about March of this year and really it was at the behest of Ernest Hancock you know really making sure that I understood this was how the block chain actually worked. And so I spent tons of time. And anybody that knows me knows that whenever I dig into something you know I've go all in. You know I you know I can't go and do a 5 K I've got to go do an iron.
[00:03:47] You know I can't go and you know just become a financial planner and study for a week to get my series 65. I've got to be you know the youngest person in America to get the CFP or you know probably one of the youngest people ever to get that I know everything I do is I'm all into everything that I do and that's how I live my life.
[00:04:03] So when it came to Bitcoin you know I understood really how the block chain could really you know overtake everything and when I say everything I mean in the future you know there the Internet the future is going to be beamed down from satellites that are 62 miles above the atmosphere where no one can stop it where it's going to be encrypted. You know to the tune of you know four times even what bitcoin is right now and there's going to be these decentralized mesh networks where you're not going to be able to stop the Internet. And it's it's going to be revolutionary whether it comes to stock exchanges. There is a company right now that is called Eshuys Overstock.com. It's a subsidiary of them ICI ventures and their product is zero where the transaction is the settlement what that means is you can have a stock transaction and instead of having to wait three days instantly the stock is settled. It's going to cost next to nothing probably in the future what's going to happen is instead of and the S&P 500 by all 500 stocks at once. It's going to cost next to nothing and it's going to happen instantaneously in the benefit of doing that is that let's say you know 40 of those stocks are down 100 of those stocks are down. The beauty of this is that now you can just sell those stocks that are down. There's all sorts of tax reasons for doing that. And that's something that's not happening in the future that's happening now that that IPO is happening on the 18th again.
[00:05:23] I'm not selling it I'm not you know it's gonna be an incredible investor to get into this. I'm not advocating anybody no good just gets in is something about doing your homework and really you know nobody should take my word for any of this. You know you should go out and do your own homework. And in June I gave a little Facebook live where I basically said the same thing so what I want to do now is I want a flashback to a Facebook Live that I did in June talking about. Specifically it was about Ethereum but also about a block chain.
[00:05:51] Hurd is in time out right now so in about two minutes we're going to get hurt. But the other thing I want to talk about is the tear that Bitcoin has been on and actually all the all the different coins and again early 20s absolute terror. And that's one thing. You know really at the beginning of this year didn't really see that coming. I thought that when the when the ETF decisions are basically not to have bitcoin become an ETF I. Thought that was can be the next to it. The other currencies to watch out for me I'm not advocating anybody goes out and buy this. One of the ones about recently was a theory about a month and a half ago where I said I'm not advocating anybody goes out and buy this you know that there are a lot of disclosures to be made.
[00:06:35] And so when people ask me how much should I invest in the bitcoin. How much should I invest into crypto currencies. I'm going to use Bitcoin as a you know kind of a catchall. Obviously I know that crypto currencies and Bitcoin is not exactly the same thing and that there is no 4300 different crypto currencies but what you should do is figure out how much you can afford to lose. You know if you're twenty five years old you're going to have a much different investment profile than if you're 65 years old and if you're 55 years old and if you're 45. Everybody's got different things going on in their life. And you know honestly for me know my money right now is better spent investing into my own business because that's something that I can control. But really the only other investments that I've been making and again this is going back to you know earlier this year has been the first one was into Ethereum when it was so into double digits because I'm not because I thought I was some speculative hype or I thought I was really rich off of this is because I understood what the underlying technology meant with a theory is you actually have. It's basically like an operating system where where you can have applications that are built on top of this operating system that can happen you know automatic decentralized. You know without any way to stop it.
[00:07:44] And so you know that's one thing people do understands it's a lot more than you know thinking that I'm going to go to Starbucks and and all of a sudden they are not going to take the dollar and are going to take bitcoin. That's not why I'm into crypto currencies although you know maybe in the future maybe that's where you know maybe that's where things are going someday. But however that's not that's not what really got me super excited. It was all the other applications of Bitcoin. But when it comes to how much should you invest in the Bitcoin. You know let's say you need fifty thousand dollars a year to live on and you're gonna get 20000 for Social Security. And depending on how old you are I wouldn't really count that. And I think to always pay it. But you know someday that money might not buy you anything but you know let's say you get 20000 so security another 10000 from a pension you know. You know maybe 18 percent of people out there that are still getting pensions. So now I've got 30000 coming in. Well let's figure out a way the best way to get the other 20000 in you know in the safest manner possible and let's say you've got another 100000 hours leftover will then use that money to invest in the bitcoin. Don't go and just throw everything into it. Maybe if you're you know 20 20 25 years old now obviously at that point your networks don't a lot then yeah you can go afford to do that. But you know you should have some sort of plan.
[00:08:50] He shouldn't just go willy nilly into everything because there's people that are getting into this that don't know nothing about the philosophy of bitcoin they know nothing about the you know the underlying block chain that do nothing about any of the inside baseball that know nothing about all these other currencies and all they want to do is say you know hey I've got 100 bucks and I want to turn it into a thousand by next week. And if you go to any of these forums you know just go on Facebook right now and Tibnin these cryptocurrency forums. It is littered with people saying hey I've got a 100 bucks and I want it to be a thousand. Well you know a lot of those people are going on to you know you know like a coin cap dot dot io or coin market cap is another great Web site that shows you in real time what the market cap is what the various current crypto currencies are doing and right now as we speak I'm taking a look at this. The market cap is almost half a billion dollars. Four hundred and ninety three billion dollars is the current market cap. So right now it is the largest bank in the world. This is something that people need to take seriously because the people that don't take this seriously are going to be people in 1994 who didn't take the internet seriously because this is a lot more than currency. This is way more than what people even completely. Can even understand. I was at a bitcoin conference several months ago and I was the only financial adviser there and now I see CNBC or as I was referred to as CNBC CMBS trotting out all these financial advisers that literally know nothing about bitcoin talking about what a scam it is like. You know what.
[00:10:18] I had clients that wanted to get into bitcoin you know earlier this year and they thought 4000 was too high. They're going wait for the dip boom and never dip and again on a microsecond basis then yeah. You know there could be bubbles. It could be you know a little bit too frothy right now. Obviously it went up a ton and you've got to be a little bit hesitant of Wall Street getting in. But the bigger bubble is the 500 trillion dollar derivative bubble in my opinion 500 billion being the lowest estimate for that derivatives bubble. Other estimates put that at closer to you know closer to you know over a quadrillion dollars.
[00:10:48] Anyway I'm going go back to the video that I did in June talking about Ethereum 500 percent in a month and a half it's just absolutely nuts but it's not because I think that we should put a lot more in just currency. Why. I was a believer and it it's because if you actually if you go on youtube maybe typing Retallick booter in the. U.S.. I guess a founder of the creator of that theory is because the actual block chain really is going to have the ability someday whether it's a theory of where it's made safer or whether it's you know the seven hundred nineteen other ones that have out there is so in June there was a hundred and now.
[00:11:29] Now it's over 4400 so just to tell you how much it's been in probably out of those 4200 probably 3500 of them are scans. There are a bunch that are Ponzi schemes are a bunch of fraudsters and hucksters that are out there so you know you better know what you're getting yourself into. And you better be into this for a lot more than hey you think you're in to make a quick buck or two because I think a lot of people are going to be separated from their money real quick. But a lot of people are probably going to make a ton of money. So here we go.
[00:11:54] The Internet of the future are going to be built on top of these platforms. They're going to be able to place different stock exchanges. They're going to be able to cut out the middleman in the financial systems. They're going to be able to cut out different real estate transact and I'm one of those middlemen in the financial systems and I'm still saying this being able to cut out the middleman. Now the only. Thing you guys are wondering why and where the White Peter out here is.
[00:12:18] All right we can we can stop that. But again I did bring up earlier today that you know that the Internet in 1994 the people that were pooh poohing that are wondering what that was. It is literally going to be just as dumb. The people that are pooh poohing this today are going to seem just as dumb as if you will back down so here's a clip from the Today show in 1994 with Al Roker talking about Internet.
[00:12:41] What do you say. What internet is. That. Massive computer network and one that's becoming really big now from the stage show. How does it not. What do you write. What like mail. I know a lot of people use it and communicate and communicate with NBC writers and fishers. Alison can you explain why internet is she can't say anything in ten seconds or less. It will be in the studio.
[00:13:06] All right and that was again off 1994 Today show with Al Roker and they were talking about what is the internet and nowadays I mean you can literally see people saying you know what is. BLOCK chain what does Bitcoin. It's very very hard to wrap your head around. But what I really want to impress people that is a lot more than just simply you know hey I can transact something value to you and nobody can stop me. Obviously that's a very very important feature and one of the guys who is badmouthing bitcoin not too long ago was that Prince and now Talib whatever his name is you know one of the biggest owners of Twitter and Citigroup he was he was calling Bitcoin a scam. And then what happened to his ass was you know two weeks later he was face down in a Riyadh Ritz Carlton with 35 billion dollars seized. Well guess what. You know that guy was she had some bitcoin because now all of his assets were to seed. Thank you for playing. That's the reason why you want to have crypto currencies again using Bitcoin to block chain and crypto currencies all as one big name I'm not even that big of a fan of bitcoin for other inside baseball reasons I'm not going to go into. Now you can go to a libertarian advisor dot com. I've got a podcast on that. Two podcasts ago called cryptos and conspiracies absurd one she wanted to know more about the inside baseball.
[00:14:16] But where I'm going with this is you know my plans for this is I'm creating the one of the first cryptocurrency IRA companies out there especially from a licensed advisor.
[00:14:26] So in order to do that I've got to sell and broker dealer book business drop my series 7 license pay a massive fine you know take on a massive amount of headache and all this money that I'm spending doing this. You know I think it's better spending spending building up this business is even investing into bitcoin or cryptocurrency itself. So this is something where I'm all in again. You know I'm I was one of the youngest people ever to pass a certified financial planner exam in 2007. I told my I was running my schools to demands investment fund on the finance specifically the financial stocks said don't buy any. And at that point I think had the highest endowment return in America we lost less than everybody else. So you know this is a game that I was in the cyber game beforehand. It made a pretty good call. In 2007 I first started getting into investing in 19. I was like 1998 or 99 that grandpa gave me a thousand bucks. I thought it was like a billion. He talked me out of the investment. Wanted to make because he thought the market was overvalued. He was 100 percent right. And that technology I want to invest in was Bluetooth well guess what. This is two times a billion in terms of the potential that this has. But again there are risks to it. You should know the risks you should study this yourself. But now I want to talk about how to buy bitcoin.
[00:15:43] So in America probably the easiest way or the most popular way is through a company called coin base. And so what you do is you log on you got to take a little I think selfie of yourself upload a driver's license so they have all the anti money laundering all the know your customer rules that are artifacts that people are like oh this is just for drug dealers. Well guess what drug dealers aren't going around and taking pictures of themselves and verifying bank accounts to do this stuff. So whenever I hear people say that you know they have absolutely no idea what they're talking about. And you know it would be much actually easier to track down a drug transaction payment through block chain opened Ledger than it would be through you know cash. So anyone who wants to make that argument you know has no idea what they're talking about because you want to talk about you know who actually funds you know terrorism. You know it's U.S. government dropping off you know Toyoda's and Humvee's over to you know Al Nusra Front and the free Syrian army and then dropping off you know all these you know weapons to them and stacks of cash and that Opes looks looks. You know they ended up giving all that over to al Qaeda and then change your name to ISIS. But again different story. Not to get into that. But again to coin base that is where a lot of people you just took your bank account up to it. You know I'm not getting any money from this or not paying me to say this. I think cracklin is another one K.R. a. Not sure how to spell it maybe. KayKay. Maybe you can google that.
[00:17:07] Not sure exactly which one gets the best has the best fees or best rates. And actually there is a way to actually avoid paying the fees of Coinbase if you are a market maker. So the exchange that it runs off is called the GDX and what you can do for the GDX is you can hook your bank account up to that logon with your coin base account. If you say hey I want to buy and I'm sure the prices are going to go back to let me go back to market cap right now. All right. So Bitcoin is at seventeen thousand four hundred sixteen dollars. As of right now. So if you wanted to say hey I want to buy bitcoin at seventeen thousand four hundred fifteen dollars. And maybe when the price dips down then you can fulfill that order you run the risk of maybe it doesn't step down and then all of a sudden your order is not fulfilled. So there is an opportunity cost to do this. It takes more time. Depends how valuable your time is just as a just as an aside the other day. I want to go do this move over some money to buy some light coin and you know the three dollar fee is trying to avoid. You know like coin went from 100 dollars to 300. So you know I have through to our fee. But now it's 300 percent higher so you know that is one of the drawbacks to doing that.
[00:18:16] So maybe this keeps some more money at Coinbase and their cash account because you know when it does dip or if it does dip and you want to pull the trigger that way the funds are already there. Because the legacy banking system takes you know four or five days to move your money in. Bitcoin happens very very quickly. Then when it comes to you know hey how do I buy these other coins because right now a coin base you can pretty much only buy Bitcoin theory like coin not pretty much. Those are the three that you can buy although there are rumors there are adding other ones but you can move your money from Coinbase then to an exchange called bitte Shrek's get B.I T.T. X no affiliation with them. You should really know what you're doing because again if you know f up and send something to the wrong address especially at a company like attracts you know unless it's a ton of money you know they they could give two shits about it and boom your money money's lost so you know really know what you're doing with this because if you screw something up you know there's no one 100 number to call. There's no central bank to call. You know you are your own Swiss bank account as actually Barack Obama said. But again with with big trucks you can buy. I think it was like a thousand different currencies on there so most of them only take bitcoins some of them take a theory. So you can move your bitcoin in there by the other ones again. Do your homework before buying other ones don't jump on the bandwagon. Don't just buy something because I say to go buy it. You know you shouldn't. Trust me you shouldn't trust anybody.
[00:19:46] You should go actually research itself and only trust yourself. Another good exchange is called shape shift. And is probably a little more advance for people that are out there but you have to have a let's say I wanted to buy an NEO make him make up that she has won. I'm not sure if on on service even on shapeshifters let's say Bitcoin. And I had a neo address. Again I'm not saying go out and buy buy neo which is sort of like the Chinese version of the theory and would be the easiest way to explain that. But then of course you know what a dream is. But anyways you know you put it in your bitcoin address that it's receiving and then you put in the new address that you want to go to. And then they take out a small fee for doing it. Their money is never on the exchange. So in terms of privacy in terms of safety you know I think that's probably the most secure and safest way to do that in my opinion again. You know probably not a beginner thing. All this stuff you can go back you can youtube all of this stuff so if you want to youtube that little GDX trick you can go YouTube that they've got full tutorials on that if you want to go you know YouTube how to open up a coin base account boom you can go do that although you know if you can't figure out how Rowbottom a coin base account you know you're probably not smart enough to be invested into bitcoin to begin with.
[00:21:01] So let's just throw that out there then the other thing I want to talk about was how to actually secure your bitcoin because a lot of times you hear people talk about you know bitcoin getting hacked you know. You know didn't you hear about Bitcoin that all this money was lost you know blah blah blah blah. One every one of those instances it did not happen to people who had money in what you called cold storage. So when you have money that's on your phone that's what is referred to as a hot wallet a hot wallet just like your bank account information could be compromised could be stolen. You know there are bad actors that are out there. There are people especially now with a market cap approaching half a trillion dollars. There are bad actors that are out there that want to you know get a piece of it. And so if you have money that's on your phone you know that is vulnerable. So what I would recommend is that you look into maybe companies that will store your money online in different multi signature wallets Malta and your wallet is sort of a. Think of it as like a nuclear submarine code where you need two different keys to unlock that unlock it. And then once it's unlocked then at that point the transaction can happen. So you'd actually have that hack into two different. You'd actually have to hack into two different you know two different private keys in order to in order to make this happen.
[00:22:21] So again when you when you have another device that they sell one of them is called The Ledger nano s and other ones called the treys or. And these are basically a little like USP sticks the trays or looks a little funny and it's a little USP that you can download it into the USP stick and then with that you're thinking OK well what if I lose that USP stick with you know my dog eats. Hopefully that's not the case what would get. You know you know our Trunchbull downpour and all of a sudden you know short circuits well what they do is they give you 24 different seed words and seed words is very hard to mess it up. It literally says you one. And you write it down to. And you write that down three then you write that down and then obviously make sure that that's not just laying around you right next to your you know trays or it would be pretty stupid idea. But what you can do is you know if you were to lose your device uses 24 words you can repopulate it back on to any other device. So I'd highly recommend that if you are going to go into crypto that you do it and you do it right you make sure that you aren't keeping all of your money on your phone. You know a really bad idea to do that you know keep some you know cash on the phone again. I wouldn't even recommend even keeping Bitcoin on your phone because you know let's say you know today I was out at lunch and wanted to pay somebody you know 15 bucks because you know they Bauby launch.
[00:23:39] Well if I wanted to do that in bitcoin the fee might be you know like 10 15 20 bucks but if I use bitcoin cash the fee might be one third of 1 cent if I use Dasch. Same thing like coins same thing Ethereum classic same thing Ethereum also very cheap so you know as people start getting more and more into this are going to realize some of the different intricacies you know because different currencies have different features. Again I talked more about that in the park of did you know I know a few months ago or maybe like a month ago. But in terms of Bitcoin itself being hacked really at this point you know the you know there's half a trillion dollar bounty on hacking and it's been seven years and I kind of got more into this again and the other podcasts but what you'd have to do is how the bitcoin comes into existence.
[00:24:24] The short version is if the guess is Shujaaz number there's like 14000 trillion guesses a second and that number swishes you know by the second as as mining and electricity costs you know really kind of have this whole supply and demand equilibrium but as much as people are guessing at the network in order for you to have the network you have to be the first person to guess that and then reengineer all every other transaction that's ever happened and then be the first one to then put on the next block. In my own layman's terms understanding you know you know the odds of having 14000 trillion people guessing at a second and you having the time to then do to reengineer every other one and then also be the one to find the next block. I mean it's the odds are astronomical of that of that happening. It's not to say if quantum comes that that can't that that can't happen. I think that is a big risk that's out there.
[00:25:17] That's why there's other currencies like nexus Earth wish somebody Konger Cantrell is the founder of ticker's summer and access. You know they're gonna be launching satellites up into space broadcasting Internet decentralized down to everybody and they are trying to quantum quantum quantum resistance their technology by using a 10 24 encryption versus Bitcoin which is 256 so layman's terms there is four times more secure than bitcoin.
[00:25:44] But really you know another reason why I like bitcoin is we take a look at our future. We take a look at where things are going and really there's you know a tale of two different futures that are upon us. One of those futures is and both of these futures involve digital cash. One of those futures involves Tittel cat digital cash that is tracked surveiled. Let's say you're a Trump voter and Hillary Clinton gets in the office gets in office. You know you want somebody you know like one of these psychopaths whether they're on the left side of the aisle or on the right side of the aisle. They're both psychopaths. Do you want one of these psychopaths and then say hey we didn't like your speech so we're shutting off of digital cash because that's where things are going with no currently. Or do you want to have a decentralized decentralized digital cash like bitcoin or crypto currencies where there is no way to shut it off there is no way to stop it and you see all these people saying oh well this becomes too popular. The government is just going to turn it off.
[00:26:39] Well I mean what does this say about our government if they're going to turn off bitcoin. Well first off what does that say about you because you don't obviously don't know enough about crypto currencies. I mean they could they could say hey you can't have it in IRA accounts anymore and yeah that would that would suck. But when it comes to you know banning Bitcoin you know there really is no way to ban Bitcoin.
[00:26:58] There is no way to I mean the government can you know stop people from using drugs came to stop people from you know all the nine million laws we have to prevent people against doing certain things that you know the government doesn't want them to do. And guess what. It's a lot harder to stop bitcoin. I mean what you can do is take out the electricity and then even that did take out electricity there's thousands and thousands of nodes all around the world. As soon as one of them repopulate the whole bitcoin network repopulate again. So this is something that can't be stopped. And if I was going to have my future rests upon government cash that digital tracked surveilled can be stopped can be censored can shut down political dissidents which believe me that people like Hillary Clinton got in there will be a lot of people getting shut down right now. Or would you rather have bitcoin or crypto currencies that can't be shut down. I'm going with that coin. You can go with the one that gets shut down and we'll see who's happier at the end of the day. All right. Now though one of the last points I wanted to make was you know we get to a certain tipping points right now.
[00:27:55] I mean hardly anybody as a percentage owns bitcoin. I think there's like 7 million wallets in the world that own more than 100 bucks. So you know you've got you know 7 million divided by 7 billion people out there. And that's the percentage of the people that are out there that own Bitcoin and where this is really attractive is not even necessarily in America. So you've got to stop thinking of everything just in terms of America. Think about the rest of the world that is you know that's not going to have a J.P. Morgan Chase branch open up down the street in Africa but pretty soon they're going to have decentralized Internet access. Pretty soon they're going to have excuse me and pretty soon they're going to have the ability to you know with a smartphone. And again you know these smartphones are going stupid cheap you know pretty soon everyone's going to be having them in the third world where you know where you know let's say you live in Venezuela or you live in you. And all third world countries in Africa. You know bitcoins actually might be more stable than their own currency and the only difference between you know the volatility in bitcoin is the volatility of their own currencies that the volatility of Bitcoin keeps going up whereas the volatility of the other currency keeps going down. And right now we're in the process of one of my video editors right now making a video where it's Peter Schiff saying look at Bitcoin it crashed down to 75. It crashed down to 100. It crashed down to 200. It crashed down to 500.
[00:29:11] It crashed onto a thousand. It crashed down to 5000 and when he's trying to say is that you know the difference between the continental there's an old saying the very first currency in America was the Continental and they were saying saying used to be not worth the Continental what he was saying as well the Continental was the holders of that. Eventually he got back ten cents in the dollar and differences the holders of bitcoin might get back nothing and maybe he's right from the standpoint that Bitcoin is not the ultimate end all be all and I'm actually of that of that opinion. But you know he's really kind of stuck in his ways. But if you guys want to know more about this and really suggest you take a look at Andreas Antonopoulos not sure I was Paul's name it's kind of like ants Apolis how everyone spelled out is probably one of most most knowledgeable guys in the space and I want to do is I want to leave you guys with a quote from Mark Gary Vaynerchuk. Gary Vaynerchuk is one of the first announcers in the Facebook. He was calling the he called the fact that Instagram would be bought by Facebook for a billion dollars. Everybody laughed at him. You know way back before it happened one of the biggest social media tycoons that's out there. You know one of the guys that has his finger down to the pulse of the people more than anybody that's out there. And this was back in let's see when this was actually earlier this earlier this year. And this is Gary hadn't say about bitcoin invested a block chain in bitcoin.
[00:30:33] So I bought bitcoin in 2014. So I just need it I just need all of you to.
[00:30:40] Keep that for a minute. OK. I love showing my coin base the people like. I put in twenty k. It's worth it. So Marcus listen. I.
[00:30:55] I think block change. Way bigger than people realize like people are fucking with it like a bitcoin level then let people a little smarter on the Ethereum level. But when you understand what the block chain is. My big thing with the block chain is it can it can literally overthrow America and China and Russia. It's that powerful. It's a platform of trust and we can do shit with each other and everybody else is out. It's so heavy man. I haven't. I understand it theoretically. I haven't spent a lot of time in it right. But I've been spending more lately. You know there's a lot of bullshit. CEOs get rich quick bullshit that's starting to happen. Yes sir. Thank you. I need all the dust to settle a little bit. I'm watching you know my favorite time is when I'm like the cobra and the grass. I love social media like 2006 7 8 because I was just like creep and I was like in there I was watching it like that time with block chain. Right now that time with a heart attack with voice I'm a little louder because I was in the grass two years ago with voice and now skills and podcast but now I'm out. I think it's super fascinating I think a lot of people that know a lot more than me which is why I don't spit on it all a lot but it's big big like building on top of it.
[00:32:11] Building on top of a theory and taking vantage it there's real things same way you have to watch how you hacked your social you did a little different. We could talk about any way you want but I think if you will deploy some of that hacker culture into block chain you might find some real fruitful shit.
[00:32:28] It was really appreciate everybody for watching this around 330 phone call. I got to make note one time that is so. Not sure what time zones trooper skew the view of watch me. Anyways I definitely appreciate the watch. Please make sure to share. Please make sure to like please make sure to ask me questions that you guys have to answer. And thanks for watching and talk to you guys later. Take care.
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