Bitcoin as a Technological Revolution: The Future of Money

[00:00:00]the oldest problem that mankind has had from the beginning of time is how do I secure my property from being stolen and what happens when you fix that problem what happens when now Bitcoin and I can secure all my property with the cryptographic key I can keep in my head Bitcoin it has the potential to be a 500 year system uh 5 000 year system it might be the first immortal money because it can learn it gets smarter but no one can pervert it no one can corrupt it politically and that that's the most important part here because that allows Society to build on top of this new robust layer that can't be changed [Music] thank you [Music] we thought we'd talk about something that would really kind of expand your mind and do exactly what's going on here and and how it's so much bigger than what a lot of you realize and that we're such at the infancy stage each one of you have a massive amount of opportunity in front of you and so to frame this up who's been in Bitcoin for more than three years what about five years and if you've been in it for more than five years are you still learning new things all the time right because it goes so much deeper and one of the problems that we have especially for people that are like really smart is they go oh yeah I get that I get that and they quickly dismiss it right but if you have an open mind you're inquisitive you're always learning you're always discovering these new things and so part of what Brandon and I want to talk about tonight framing this up is that Bitcoin is not just a new technology it's something much bigger something much bigger than that and it's not just a new technology it's a technological Revolution so what is the difference so a new technology is something that extends the life cycle of a previous technological Revolution so it might take something like a iPhone for example is a new piece of technology and what it did is it took two pieces of Technology computer and a phone and put I mean I'm sorry a computer and phone put them together and it came up with this and it's cool but it's not a technological Revolution technological revolutions are different in two main ways and one they change the course of humanity and two they drive financial markets okay now there's only been five in the last about 300 years it's only been five all right and so we'll go through them and then we're going to chop this up and we'll we'll kind of break it down and then we can do some q a on this but it's kind of frame this there's been five so the first one was in the late 1700s we had the Industrial Revolution that's when it all started about 300 years ago this whole world was dirt there was no machines there was no planes there was no nothing all right everything that we had almost all the abundance of the world came the last couple hundred years and so it started with that and we had a machine that could do the work of 5 000 men but what are those five thousand men gonna do well it turns out science medicine things like that about approximately 50 years later we had steam engines and Railways instead of horsepower Manpower now we had machines that could move stuff across continents it changed the course of humanity about 50 years later we had electricity and steel now those are what they what those are those new technological revolutions or new building blocks that allows us to build new things that we didn't have before so steel allowed us to build skyscrapers before we could build two or three stories we could build Bridges so it was those things we had electricity about 50 years later we had oil Automobiles and mass production 1908 about 50 years later six years later 1971 was the age of the microprocessor which brought us telecommunications and the internet and zoom and the iPhone and Tick Tock and all that and we're about 50 years later from that about 2022 2023 and there's another technological Revolution happening and that's where we believe Bitcoin fits in it's not just a new technology but it's a technological Revolution now remember two things they change the course of humanity and two they drive financial markets so what of all the financial markets been driven by over the last 50 60 years Telecom internet computer before that Ford GM GE before that oil steel see how that works the other thing is that they're always somewhat predictable in which a new technology or technological revolution has to have a first killer application how do we use it so when electricity came out what was the first killer application anybody a light bulb so what is this electricity thing Brandon I don't get it well it's sort of sort of like a digital candle right and it was that but it became so much more and so they have this uh this killer application so Bitcoin today has a killer application money and it's changing money and we believe that it can change the course of humanity through changing incentive structures and drive all financial markets for a long time so that's how big this is we're at the beginning of this and so let's let's dig into that a little bit awesome yeah what's up guys happy to be here um quick commentary on the scale of those technological revolutions today in America the average individual consumes 2 000 calories internally right that's our food but through this advanced technology we harness about 200 000 calories per person that's using Advanced forms of energy like dense oil and machinery and things like that so that's a huge exponential curve that we're all harnessing today and when I think about this like asking the question like what can Bitcoin change right it's a very hard question to ask because it is a new thing it's a novel thing it sort of disrupts all the systems we see and Mark and I talk a lot about cycles and I think right now where we are in Humanity's cycle is that we look around at our institutions and our institutions are decaying we do not trust them anymore and for good reason right the majority of the scaffolding of our of our society today was forged at the end of World War II or right around there that's FDIC that's World Bank that's NATO the IMF unemployment insurance Brenton Woods obviously right the list goes on so those institutions were formed forged in a previous era and in that era let's say it made sense right that fits the the needs at the time the technology at the time fast forward 80 years those institutions have decayed just through entropy through corruption through various different means technological changes right they don't fit the current the current system and humans are starting to notice this we are pushing back on our institutions the economic systems not working the political system is not working who do we trust and right during that Crucible of change in our species enters this Bitcoin thing right this Anonymous guy just drops a white paper on a pretty much no-name mailing list and okay that that piece of paper that piece of code went out and hijacked the minds of millions of people it bootstrapped itself to a trillion dollars at one point there's no marketing officer there's no CEO there's no master plan right just out pops this thing and now we get to Grapple with it and we start to notice that humans really like this thing it solves problems for us and it might even solve some of those enormous institutional problems right it for sure solves the problem of savings if you're living in a regime with a crappy currency it solves payments if you're in a country that can't send money abroad or you have fragmented systems or you don't have an identity or your persona non-grata in the eyes of your government it solves energy problems because we have the need to spread cheap low-cost high density energy around the world and Bitcoin helps us bootstrap that but it just also might help us replace the institutions that our society is built upon maybe we don't need essential bank run by you know a dozen white dudes in a room steering the global economy maybe we can push that that job to an open source protocol that we all contribute to that doesn't have the ability to be captured politically like all previous monetary systems have done and if that is true then we can have a new monetary system a new trust layer a new value system for the world that doesn't break every so often because it gets corrupted and if that's true that's a new Foundation to build you mentioned steel maybe Bitcoin is the the steal of money right maybe that allows us to build Bridges which makes Manhattan what it is builds the skyscrapers and so yeah it is that new fundamental particle or building block for a society that's very hard to imagine we just have to speculate on that you know you talk about some of these institutions that are ancient and they're still being used in this Modern Age today and so if you think about that like one of the problems that we had is that uh thousands of years of modern history of using gold and things like that where commerce was done on a local level and so it's very easy if I'm holding the gold coin I'm holding the gold coin and if I hand it to you you're holding the gold coin and we had that but as soon as the world started to expand really in the 14 1500s um it we started having this global trade and then all of a sudden we're having to trade across borders and across oceans and settling gold Final settlement became very difficult and so we needed a new form of Technology it's always technology thousands of years of History it's always technologies that change things and doesn't just change um the way we do things it changes the way that we organize ourselves the way that we organize ourselves where we live our institutions Etc and so we need a new piece of technology and that new technology was called a ledger and The Ledger then would then basically keep track of who had the gold coin and so he's in one continent I'm in another and whoever held that ledger could then say well Brandon has the gold or Mark has the gold the problem is then that introduced Trust so now we have to trust who's ever holding that ledger and so for the last then another couple hundred years go by gold continues to get centralized gets put into vaults and and that's basically where we're still at today here we are about 500 years later after that ledger has been introduced and we've found that trusting institutions doesn't always work out so well we found that centralization leads to manipulation and we found that when we trust Central entities with our data or with our money or with whatever then they tend to violate that trust and so I like to say that Solutions are supposed to come to problems so that would create a very big problem and so then there has to be a new technology or a revolution so how do we solve that problem and that's where Bitcoin comes in it solved the problem of who has the Ledger which of course nobody has The Ledger or I should say we all have The Ledger that's right uh quick tangent a lot of people attack Fiat money as if it's this totally evil thing and you're right in many different ways it creates poor outcomes but I think there's an interesting uh narrative violation here for bitcoiners to ingest and I'll put for it right now which is that uh Fiat money in the early 1900s solved a technological problem which is that gold does not work very well globally settlement is challenging divisibility is challenging and it actually didn't support the the globalizing economy that we're heading towards and so even though we demonize Fiat it did solve a technological problem at the time because we didn't have a better solution but what Bitcoin is it's actually more like gold in the sense that it's a bare instrument it's more like physical money but lives in cyberspace and so Bitcoin essentially has the the durability and the hardness that gold has but it also has the transportability and divisibility that Fiat has and so we get sort of The Best of Both Worlds we get credit like scalability with a commodity money like durability and hardness and again it's a technological change to replace a previous technological change and one sort of meta point that I little little thing I really like right now which is that technology is symbiotic with humans um the whole history of humans and Technology goes like this humans have a problem we create new technology that technology solves the problem and now that actually changed us that changed Society so we create technology technology creates us as we were talking earlier we ran through a bunch of these examples one Mark likes is the Stirrup right the little thing you put your foot into when you're riding a horse but that allows you to be faster where armor and essentially be the the Knight that we have in our minds right now and that created a society where you have these nights that builds up the feudal system right so one little blacksmith change that created the whole feudal system now we're in a feudal system we have new problems we need new solutions to solve those right so it's just a self-reinforcing symbiotic Loop for Infinity so we had the gunpowder Revolution and now one surf could take out 100 nights and then we got decentralization so the pendulum swings from centralization back to decentralization and then then we go so there's a thousand and then the 1500 gunpowder Revolution then 1780 we got the Industrial Revolution we started centralizing seven and then uh and on and on and on but let's let's jump forward I mean everyone kind of gets the the digital gold digital money Swiss bank account in your pocket I think you guys already got all those value propositions we don't need to lay that down but let's kind of jump back into like this future casting a little bit so if it's a technological Revolution that can change the course of humanity and drive financial markets um like we've laid out the examples of before a couple things I think about you know a lot of times you might hear um Financial analysts Talking Heads on TV whatever you want to call them talk about Bitcoin or cryptocurrency as an asset class well what if Bitcoin has every asset class built on top of it right so that's one way and we don't know first of all uh humans are no good at Imagining the future brand and I are not good at it neither are any of you and that's the reason why is because all we can do is imagine a better version of what we have today so if we have cars while flying cars one day right but what happens is when we have a new set of building blocks it allows new things to be built and then when those new things are built then we can build new things with those and so like in the early days of the internet if any of you guys I know some of you guys are old enough to remember those early days of the internet it was like oh well we'll use it for like message boards and like maybe one day we'll buy stuff online I think like that that's kind of what we thought about in the in the mid 90s but we didn't know that our cars would be hooked to something called a cloud using something called social media to navigate us around traffic because we didn't have social media we didn't have a cloud we didn't have those building blocks right and so that's so so we don't know right so we're just kind of uh imagining here but uh as far as the financial markets it would be easy to see that maybe all the financial markets could be built on bitcoin all the Assets in Bitcoin and not just it being one asset class and we'll table that for financial markets but let's talk about changing the course of humanity so I'll start you know one of the big things I like to think about is uh Charlie munger's quote that show me the incentives I show you the outcomes right and so if you think about incentive structures I believe that we should be I believe business owners are servants I believe that we're trying to solve problems and serve other people's needs that's how we get ahead in the life and I think that um we should have proper incentive structures to do that and so what happens is when incensive structures are misaligned for example an extreme example would be if I was uh living in a African country under a bloodthirsty you know dictator warlord for example I would have no incentive structure to allow me to save and to create and to and to innovate because I know that anytime he could come just kill me and still all my stuff or just steal all my stuff and leave me alive or whatever and so I'm just basically just kind of living living right and the warlord also has the same incentive structure where he knows he doesn't need to provide any value because anytime he wants he can just come take my stuff so neither of us both me and the warlord are not providing any value to the world neither of us are doing anything of value to humanity neither of us doing anything to innovate or push things forward because of that incentive structure now if we flip that where all of a sudden I can save in a way that he can't steal from me now all of a sudden I'm incentivized to think long term we'll shoot now I can save now I can build now I can think long term now I can innovate and I can come up with new ways that I can you know use my resources more efficiently et cetera and the warlord also goes well shoot since I can't steal from him I guess I need to come up with a way to provide value to him so he'll give me some of his money and so that one small shift went from both of us need or I should say neither of us providing any value into the world to now both of us trying to figure out how we can put maximum value in the world just one small shift in the balance of power that's one example we don't know how big that goes yeah just to reduce that down to some simplest form Bitcoin essentially shifts power away from the political class and and puts it in the hands of the productive class and that one base incentive can Cascade into all corners of society um I'll talk about another speculation on the future with Bitcoin and it's relevant now because we watch the money printer go Burr but essentially we have the capacity as the central Reserve currency issuer to print more currency at will and there might be a case when that makes sense The Barbarians are at the gate and we need to print some money to defend ourselves maybe that's Justified but because we have that magic money printer button we have the capacity to use it and abuse it in times when it doesn't make sense whether through corruption or just due to our culture of interventionalism so we can't let the markets fail because it's election season you know push the money printer and a couple times no big deal but what this does over the long term is it distorts the the signal the monetary signal throughout the whole economy is wrong and humans following our incentives allocate Capital to the best of our ability but if the signal has low Fidelity we make poor decisions those poor decisions have a cost that cost is socialized on the people and in a time where there's a financial crisis and we bail out the banks for example okay short-term feels good long term it's hiding the risk it's slipping the risk under the rug it's just building a bigger Tower with a weaker foundation and that hidden risk blows up eventually and because we kept building a higher Tower with less structure it's going to be a bigger explosion a bigger meltdown that meltdown causes more consequences under a Bitcoin type system you can't push the money printer my node rejects 21.1 million Bitcoin and as do yours and so what does that do it forces some restraint on our Central institutions and it forces them to clear out the companies that don't work the zombie companies get tossed away Capital recycles and the system into better allocators and the system grows and grows and grows and has less magnitude so my speculation is uh shortens or essentially lowers the magnitude of the business cycle and the long-term debt cycle um and that's better for everyone reduces the risk or sorry reduces misallocation and creates more value and that spills into society and so um yeah that's what we do another thing I would think about in in terms of putting value into the world right is that if you think about um focus focus is like a superpower so I can take the sun it can warm up the whole world but with a magnifying glass I could start a fire right we take a river the Meandering River I make a dam I could light up all of Las Vegas right and so you when you focus things down you get you get the superpower and so if I can take all of my time and all of my focus on trying something trying to achieve something very high value curing brain cancer or something right brain tumors or I don't know right and and I'm just going to be the best brain surgeon I can be and I'm going to come up with new technologies and I'm going to come up with new ways to do this and I'm going to try to save as many lives as I can I can focus on that I could probably do really good but the problem is because our money loses value I can't just be the best brain surgeon or whatever I want to be and so now I have to be a half brain surgeon and I have to be a half investor I'm forced to be a half investor because if I just make 1500 bucks an hour being a brain surgeon or 25 I don't even know how much to make 5 000 bucks an hour doesn't matter I put that money in the bank but it just buys me less and less and less and less and less and so now I have to be a half investor now if I have a pie if I have a circle and I have 100 of my focus there and then I put a line down the middle and I have half investor and half brain surgeon I have half of my brain power going to that high value task that could do very good for Humanity and then half my brain power has to be spent chasing a bunch of whatever digits so I don't lose my purchasing power I mean think about the brain drain think about the loss of productivity think about the loss of of progress that we've had just because for the last 80 years or so we've been chasing um Wall Street fugazi because so our money doesn't disappear it's just insane and so if you think about um and and I ask people a lot of times I I've said two of the greatest tricks the FED ever played on us is one telling us that our money has to increase for the population to grow and two asset prices going up is a good thing would say neither of those are true and so uh and I would just ask people a question would you rather your money by you more goods and services in the future or less and of course everyone says more and so if we could just work and be a brain surgeon and I could save my money and know that my money would buy me more goods and services in the future then I could put all of my focus into whatever that is that I'm trying to do and uh man imagine how much better that would be for Humanity now not good for Wall Street so if you guys are in the financial industry I'm sorry uh maybe one day you'll be out of a job but not for a while but that'd be another big Improvement for Humanity I think absolutely driving on that point a lot of people think that technology is neutral right I'm going to compare Fiat money Bitcoin cbdc's through this lens so people think technology is neutral right I have a hammer I can build a house or I can you know use it as a weapon maybe the tech Optimist the Bill Gates Type stereotype they might say all technology is morally good because if the market adopts it gives us more choices and that's Obviously good maybe the Luddite says no technology is bad destroys the family destroys My Religion we should not have technology right I think all three of those sort of angles on technology are wrong because technology is far more complex than that and it's multivariable and it matters who you're talking to right so so let's look at before we go there another way to look at this is technologies have a bias right what is the potential for abuse who is it good for who is it bad for right Central Bank digital currencies what's her bias um their bias is that it consolidates power to a few it takes power away from the many and the potential for abuse is very high so I would rate that as a you know pretty bad technology for everyone in this room looking at Bitcoin Bitcoin is voluntary Bitcoin pushes takes power from the central planners and gives it to the individuals the individuals take risk make businesses create value that helps everyone so I think through that lens Bitcoins clearly uh morally Superior money and as we go into this next fight of what's the next Global Reserve currency where do individuals store value I think that morality aspect comes up I think young people today look out and they see a future with very little hope they think the the old people sold the future and gave the bill to the young people and they're right in many ways but we can't have a society where young people have no hope that does not work no one produces families it's just not a good situation and so enter Bitcoin I would say is a morally Superior money I would say it provides hope for individuals looking into the future and I was also say going back to my notion on symbiosis with humans the technology is going to change us okay Bitcoin is going to change us in many ways how um it's a hard hard question to ask on a society level because adoption's so small but what we can do is look at individuals right holding a deflationary asset that over time continues to increase in value that teaches you to think longer term lowers your time preference why is that good humans are at their best when we think long term right that savings that ability to preserve your wealth in the short term means that you are insulated from risk that may come in the future that makes you feel safe that allows you to plan long term and that accumulated Capital allows you to create take a bigger risk and create a bigger reward and so that is a better situation so deflationary money teaches us to think long term that skills to society the next thing is to actually own physical Bitcoin you have to take the private Keys into your possession that forces you to accept personal responsibility in a society today where personal responsibility is appearing to be at an all-time low at least in my life time I think having more personal responsibility pushed onto the people is a good thing reduce Reliance on State and put the put the power back in the individual and more agency in the visual is good for everyone and so yeah back to you mark yeah no it's great I mean like I said a technological Revolution as we've seen five in the past couple hundred years and here we're witnessing the sixth changes the course of humanity so these are all the ways that we think it can change the course of humanity where do these lead we don't really know right we can't imagine the future what I do know is that when you solve the problem of a million people you probably make a million bucks when you solve the problem of a billion people you probably make a billion bucks and what I might imagine is that the oldest problem that mankind has had from the beginning of time is how do I secure my property from being stolen so Brandon might want to come take my chickens and so me and somebody else you know make a little group and then we make a village and then we make a tribe and then we make a kingdom and we make a country we're always trying to secure our private property and what happens when you fix that problem what happens when now Bitcoin and I can secure all my property with the cryptography I can keep in my head it doesn't require an army or a country to secure that so when you solve the biggest and the oldest problem mankind has suffered what does that mean for the future and we just don't have the answer for that but it's big it's bigger than any of you can imagine so one change the course of humanity two drives financial markets and so think about that there's a lot of opportunities um obviously with Bitcoin and you can all buy and hold it and of course you all should uh you're all here for a swan event so I'm sure you are you should buy more but there's also lots of opportunities around that right it's going to create all types of opportunities through all types of markets and there's all types of like we just heard about video games and there's all types of other opportunities popping up ancillary Services Education Services products that are going to be popping up around this I mean it's going to create entire Industries around it I think and that's what history kind of shows us um maybe just uh maybe the last couple points if if we have a few more minutes um to kind of talk back on the technology side a couple things that I think that we also see as we look at these technology Cycles is they also kind of follow these uh same type of Trends and so what we'll see for example in the automobile boom is as soon as this new technology came out the Speculator is Rush In And of course money drives incentives and so the speculators rush in they want to get rich they want to cash in on this technology and also there's 250 automobile manufacturers but there was no markets no one to buy them and there's no services for those and they all went out of business um and we saw the same thing in the internet days with the web band and the dot and the pets.com and all those things and I think we've also seen a similar thing happen in the uh you know Bitcoin crypto space as well where the financial speculars have come in and they've tried to do the exact same thing that we've seen in the last same technology Cycles but they had the exact same problems one there was no Market there's not enough people for all these 22 000 whatever ideas that they have and two there's just the infrastructure is just not there for that and then you know most of them are stupid anyway uh we'll come back to that but I think what they're trying to do also mimics some other things that we've seen in the past where um there's different competing Platforms in the beginning you know the Veda the beta versus VHS kind of thing right and you see these different platforms kind of playing out uh it's a new technology you don't know what it is uh and and I might have been guilty of making that same argument in 2017 or 2018. I think at this point it's pretty clear right and I think the technological Revolution is decentralization it's solved the digital Ledger right decentralized and and and and you can't be better than that vitalik buterin laid it out on his own uh trilemma as he calls it um and he's the one that laid it out and so since you can't be more decentralized then you have to be less decentralized and better at something else but the revolution is decentralization and so it doesn't doesn't it doesn't uh serve any purpose trying to do that and so what what I see happening is and this idea that kind of Corey had kind of brought up when we're looking at this uh these these revolutions and really the kind of the first few were like Transportation how do we move things better how do we move ourselves uh move objects build bigger objects stronger objects but now we're in this information age and again and that was this problem that we had that Bitcoin has solved and so now we're like moving information and of course the internet helped us do that but now how do we move things of real value and how do we move things of value in the information age the digital age without them being duplicated and so that's what it solved and that's a really big problem and so when I think about it like that um just like the internet has one base protocol and then there's protocols built on top of it and it Stacks up in layers and there's trillions of applications that are built on one single protocol and that doesn't make me a TCP Maximus I mean maybe it does I guess maybe I am but I don't think anybody uh thinks that we need to have a whole bunch of those internets we just need one well actually in the mid 90s A lot of people think we thought we did and so a lot of these Fortune 500 companies said we can't trust our data on this big open internet we need a private intranet and we're going to spend billions and billions of dollars on private intranets that are all gone today and so I think if you understand kind of the way technology unfolds I encourage each of you to go dig into this a little bit more if you're if you're interested in it but I think the way this unfolds is that we see one protocol all of these applications get built on this one protocol um and it just takes time but I think it's a predictable pattern that we'll see repeat again yeah absolutely I take a little bit of offense to the tcpi P maximalist so I went to the University of Minnesota the Golden Gophers and in the 90s maybe even the 80s I barely know the story there was a gopher protocol which was competitive to tcpip and I'm still waiting for the Resurgence um not so likely well different applications have to battle it out in the beginning right and then some win and some lose that's right and one one further point on like what what's the value of Bitcoin people think it's um 21 million people think it's permissionless people think all these different reasons all valuable reasons I actually think the most important thing about Bitcoin is that humans can't change it um it like tcpip there's no way we're changing that because it's too embedded I think that's the secret of Bitcoin all previous monies in the history of time uh failed either due to a competitor out competing that money or corruption from the inside so we own the mint and times are tough so we clip your coins um that greed Cascades and then you break the money and I think Bitcoin solves for both of these two problems why currencies change one the technological advancement Bitcoin can evolve technologically base layer does what it does best it's dumb money it's secure at settlement and we can have Infinity layers on top and infinity layers on the side so we can adapt this monetary Network to the needs of our species and the second one is can it be corrupted and I think that's still yet to be seen but I think it's clearly the the biggest contender in a money that will never be corrupted hasn't been yet it's past a few trials and tribulations but maybe we haven't fought the final boss yet but I think it is the money that has a chance um all these other competitors ethereum whatever um they don't they don't have that aspect in which case there may be a 30-year system at absolute best until it gets corrupted where Bitcoin it has the potential to be a 500 year system uh 5 000 year system it might be the first immortal money because it can learn it gets smarter we we Shepherd it through but no one can pervert it no one can corrupt it politically and that that's the most important part here because that allows Society to build on top of this new robust layer that can't be changed and all the political do-gooders the central planner types the the ladder climbers who want to crap grab the money they make a calculation in their head consciously or otherwise they say well how do I get more power I can build a company well that's hard what if I just Co-op the money what if I just play politics what if I just buddy up to the monetary system that that's way easier and so some of the best and brightest pursue that path because it is a higher EV but in a system where it's acknowledged that the money cannot be captured you can't you will not have brain power and human capital trying to capture the money because it's impossible so those people either become normal people again or they have to pursue their ambition in a more productive way which might mean build a company and so not only will it last longer which gives us stability and the ability to build more but it unlocks more human Kepler and I think that's important if any of you guys know who I am you know I can just sit here and talk all night so try and wrap it up here um I don't know how much longer we have I might wrap it up with kind of one last little rant here um and uh what what I'd say is is is um as I kind of said earlier that problems or I should say Solutions are supposed to come to problems and it's pretty evident if you look around the world today we have a lot of big problems and the problems have been they're not new but they're getting bigger and and they're getting worse and some of the problems I think about would be like um we used to have a rule of law right the Constitution was a rule of law and it was supposed to be open and known to everybody so I could direct my lives based off of those rules and you could direct your life based of those rules but today we don't have that anymore ruled by men who arbitrarily change rules a problem for me we used to have you know freedom to move to exchange words to exchange values and a lot of that has been taken away and that's a big problem for me we're being censored you know on what we say we're being censored on our transactions PayPal can now dock you 2500 bucks that came back by the way I mean so so those are big problems so we need a big solution for those problems and I'm not the one one of the guys who's going to cry on big problems because big problems mean big opportunities and we got a big we got a big solution here and so um the solution came and instead of instead of being censored it gave us something that's now censorship resistant and instead of something that's arbitrarily controlled and ruled by men we have something that is trustless and it's not controlled by men now of course you can have ethereum if you want something controlled by men but Bitcoin is controlled not by men and so we have that solution today and so I think it's important to understand though that the battle lines are here the battle lines are drawn and it's come into a head here pretty quickly and so I kind of work with this sense of urgency and so like Bitcoin is a big tool um that can give us hope as Brandon said did some tools are better than others but on one side they want more control and on the other side I think the side that most of us are on we want more freedom we want them to have less control uh there was an article recently talked about the treasury the U.S treasury has this All-Seeing Eye of Sauron where really all of these kyc and AML and fincen all these things they're not just regulations to stop terrorism they want to see every single transaction because they want 100 in total control and the reason why they want 100 total controls because if they control the money they control the world right control the food control the people control the energy control The Continent Control the money control the world they need 100 visibility and control to every single financial transaction that happens in the world never mind giving you know leaving billions of dollars for the Taliban you're 600 bucks that's a problem right we need to see that and so this is coming to a head like this is coming really quickly the social credit score system is is moving fast and cbdc's are on the rise and they're coming and they're coming fast and it's happening in other countries first I think the US I have a little bit of hope I think we're still gonna have a Battleground here in the US because of the Constitution that pesky document it doesn't allow the FED to create money we'll see how that shakes out but this is coming to a head and it's coming to a head most likely the next couple of years and we're either gonna win and we'll have our freedom money and hopefully we'll start to chip away and defund the big state we'll call it that or they win and we all have cbdc's and we can live our life of permanent slaves and so I think it's pretty important and I think we should all try to be a little bit more involved and so I'd challenge you a little bit on that but at a minimum just buying Bitcoin at least you're doing something at least you're doing something and start there so uh it's something much bigger than what we understand what we will know our grandkids will look back and think wow I can't believe These Guys these Pioneers uh you're all part of something really really big and something super super important so just buying and holding it you're doing your part and if you can try to dig in and do a little bit more thank you [Applause] [Music] so the price of Bitcoin goes up no sell button no cell button [Music] wow [Music] [Music]