The Bitcoin News Show #76 – Crypto taxes, Localbitcoins going full KYC, Samsung working with Halong

Hello and welcome to another episode of
the Bitcoin news show right here on the world crypto Network thanks again
everybody so much for joining us we’ve been gone a little bit took a bit of a
break there you know maybe it’s now’s a good time to remind everybody that I
have been kind of doing this show just about every Sunday for the last two and
a half years so um you know no seasonal breaks nothing like that so maybe maybe
I deserved a little bit of a break there but no we’re back here talking a Bitcoin
again because as you guys know we can’t stay away for a Bitcoin too long it will
pull you back in like a black hole so very very very pleased to be back from
the break and I hope that everybody uh can bear with us here and have this
awesome content I’ll have this awesome conversation as we try to do guys every
Sunday with our ritual here talking Bitcoin well let’s just go through
actually before we go through the quick bits section I just want to mention here
that that everybody on the panel will that everybody you see here today on the
show will be on in Denver Colorado next Wednesday we’re actually gonna talk a
little bit about that too towards the end of the show but I did want to
mention that here that the all the links are in the show notes below including
the link to this April 25th event that we’re looking forward to in Colorado I
hope everybody can join us there you’re gonna see everybody here Adam you know
Adam Meister Andy Hoffman Michael Krieger and more hopefully Jack matters
as well it’s gonna be a great time and we hope you guys can come out down there
and say hello I think it’s only like 20 dollars you know come down and shake our
hand and ask us a question and hang out so we can of course talk Bitcoin so
we’re really really looking forward to that so let’s go ahead and get into the
quick bits section and then we will get into the introductions currently the
mayor multiple is at 0.91 which is uh which is a historically had been higher
about eighty percent of the time or so with an average of one point 57 there
was a report that there is less than 1% less than 1% of Bitcoin transactions are
actually used for illicit or illegal use uh again guys all the links are in the
show check that out because we of course know that the u.s. dollar is the number
one currency for transacting in illegal activity then there is Bitcoin magazine
did an amazing article about the history of lightning you guys gotta check that
out Bitcoin really great information informative blog posts just
detailing all the history of how we from you know the beginnings of
lightning to the public beta that was recently just launched a couple weeks
ago and then of the first speaking of lightning the first lightning Network
Wallet application has actually been released on for the Android store over
there from the Eclair wallet team from async guys everybody check that out so
far it’s looking pretty good I’ve seen some screenshots of some use over on
Twitter and people seem to be liking it so very cool check that out hopefully
we’ll see more of these lightening wallets with iOS and and on and every
other platform as well it’s gonna take some time for people to build out this
stuff but we’re really looking forward to lightning becoming a huge part of the
Bitcoin ecosystem and then been a couple people you know from bit Co Ben
Davenport and Jameson lob two of these people that is the most people that I
respect the absolute most over there at bit Co have recently left the company
just as the company started supporting er C 20 tokens maybe something to do
with it just maybe guys gotta check that link out so a little bit sad to see but
I’m really happy when I see like these people for example like you know Gregory
Maxwell as well or other people leave like block stream so that we can really
kind of keep this on ecosystem decentralized so people can have the
opportunity to work on this the projects that they love that they are passionate
about rather than you know what the boss says so this is really great to see
these people kind of stepping out on their own I do believe the Jameson lob
started a new company of its own I’m not sure what Ben’s gonna do yet but really
looking forward to see cuz these guys are absolutely instrumental in the space
very important very intelligent people so both they gotta file both those guys
on Twitter that’s Ben Davenport and Jameson Locke and then guys uh one of
the a very interesting person in the space we like to call safety in has
released a brand new book you guys gotta check this out I really highly recommend
everybody check this out this is called the Bitcoin standard and there is a link
to you know the the top 10 great points that there was over there a bit
quaintest that they they reviewed the book they took a look at and they they
pointed out the top ten best points that the book makes and so I really hope you
guys can check that out as well you know it’s available right now for
both the digital version that you can listen to and the the physical version
so check that out guys great book and then finally a little bit of system side
interesting news here you can now pay for your surf holidays
over there in Portugal with bitcoins so if you guys are the surfers out there I
don’t know how many Bitcoin surfers there are but there’s got to be a few I
can check that out over there in Portugal which also doesn’t have any
capital gains tax on BTC so maybe stay there for a little while who knows
that’s a that’s a lake down there and their show note so check that out guys
and then I think that’s about it for the quick bits so we can finally get into
the introductions and topics so without further ado let’s introduce our
panelists today again you can see all these guys on April 25th next Wednesday
in Boulder Colorado check out that link mr. Adam Meister will be one of the
people joining us Adam how are you doing today I’m great vortex it’s great to be
here today awesome man glad to see we’re in the WCN
shirt there as you can see in the back as well pretty cool everybody reppin WCN
then we got Andy Hoffman the man who does not like technical analysis Andy
how you doing today good for a second I thought that Adam had a beer in his hand
but that cannot possibly be water just water
there’s no alcoholic beverages on the Bitcoin ooh so people come on and by the
way I leave these show it is a boulder black chain event but the show is in
Denver Oh in Denver Colorado guys so definitely check that again the links
are are below and Andy will be there as well and of course Michael Krieger will
be there as well Michael how you doing I’m doing great vortex yeah I can’t wait
I’ve never met you and I’ve never met Adam of course I know Andy pretty well
but it’s gonna be a lot of fun just to meet people and talk Bitcoin I yeah I I
don’t I don’t travel really any more so I don’t go to conferences don’t do any
of that stuff so this is like kind of a big thing for me so can’t wait
absolutely man I’m excited I too don’t go to a whole lot of conferences out
there I go to a few on my list them on my website you guys can check that right
that the one for Tex comm I do have a few calendar links on there but yeah I
mean this is really great the the few events that I’m going to see this year
are going to be events where I get to meet a ton of great people in person
that I’ve only known online and you guys are definitely some of those and that
also be at the the Bitcoin rodeo event over there in Calgary in Canada come
July so you guys go check that out too gonna meet a lot of great people there
Francis as you guys know I’ve had him have him on the show all the time gonna
meet him a Bitcoin Benny BTC Benny from the BTC sessions podcast with me a bunch
of people so check to all of my website and then let’s see
so I got the introductions now so let’s go ahead and go right for the topics
everybody so with the first topic here I’m sure Michael will have a thing or
two to say about the the taxation here so maybe we’ll go with Michael first but
that we the story here is um about Credit Karma they actually put out a
post that says according to their data almost no one pretty much is reporting
on crypto tax and crypto tax gains this year and so and there’s a related story
here to where the the New York Attorney General launched an inquiry into
cryptocurrency exchanges and so they’re kind of related so I kind of won maybe
treat them as one topic but Michael let me ask you um maybe is that why the
Attorney General is launching this inquiry is because nobody’s paying their
taxes and and is this a good thing or a bad thing for the crypto community yeah
I think that’s not it’s definitely related I’m sure I mean they don’t like
these headlines because we’ve seen these headlines I think for a long time now or
people just aren’t reporting crypto capital gains well here’s the thing I
think there are three main issues behind why no one’s essentially reporting first
of all I think as you know you know people are used to either having taxes
taken out of their payroll automatically or you know if you have a Charles Schwab
account or a brokerage account you get at the end of the year I think it’s a
1099 that tells you exactly what you know your capital gains are and it sends
a copy of that to the IRS as well so you sort of it’s all on a silver platter for
you either you just put it in to you you know your your tax accounting software
you send it to your accountant it’s done so it’s easy with it with Bitcoin as I
think all of you know it’s a lot of work to figure this stuff out I mean
particularly if you’re spending it or using it you know it’s a huge pain in
the pain in the butt so that’s number one number two and this is the real
thing the tax the tax guidance is absurd it makes absolutely no sense it’s
oppressive and it’s to the point where I think a lot of people essentially get to
the point where they’re like if they’re asking me to pay capital gains because
I’ve spent five dollars in Bitcoin or ten dollars in Bitcoin it gets so
overwhelming I think to some people they just sound just not gonna bother with it
at all so so it’s very convoluted then here’s the other thing and maybe maybe
one of you guys knows because I sure don’t know I I’m taking the most
conservative approach but Forks do we even know you’re supposed to do with
hard Forks like be cash I mean you know it makes
since everyone’s confused nobody knows what the heck to do I think if the
guidance was reasonable everyone would would do it probably a
lot of people would do it but in any event you know for me personally you
know I go through the anal probe that is trying to figure this out because you
know I don’t know if a lot of you mostly people watching this tour bitcoiners you
know I do a lot of geopolitical stuff political stuff as well and I have for a
long time so I’m pissing off a lot of people you know so I don’t I don’t need
it to give anyone an excuse to to gonna come after me so I’m I’m actually very
conservative and paranoid myself but uh you know III just don’t uh I want to go
there yeah there’s a lot of people that don’t want to go there I guess according
to the reports there I mean it’s these tax guidelines are ridiculous at this
point for example for like the examples you gave there Michael Forks and smaller
purchases I mean who the heck wants to pay all this all these taxes on these
tiny purchases especially when you have things like Bitcoin debit cards you know
I I do kind of a subscribe to the tone base there you have taxes where you want
to pay at least amount of taxes that you can legally get away with I guess so I
think I think but I think you’re right Michael I think more people would
voluntarily probably be paying taxes if the guidance was a lot clearer and it
really really really is murky right now absolutely difficult to navigate so
let’s go with Andy and see what his thoughts are on this Andy what what is
your thoughts on you know nobody reporting crypto taxes is this something
that you’re going that you expect to to happen more in the future are we are we
just now going to be able to finally like have a state of the world where
government can’t easily tax their citizens anymore well first of all and I
have a lot to say about this topic I’ve tweeted a lot about the ridiculous
comments like this Tom Lee guy and zero ed saying well the stud the bitcoins
down because it’s tax day coming up and everyone needs to sell that is the most
ridiculous lame thing I’ve ever heard in my life first of all if that were the
case wouldn’t the stock market which is like a hundred times larger have a
sell-off every year around March of course not no it has nothing to do with
it it came back because it was oversold because it has amazing fundamentals and
the price was too low that’s that simple as for taxes you know like what Mike is
saying and many other things people for one I don’t believe you know like when
Tom Lee says it’s 25 of taxes I don’t believe that for a
second because the way that I see the world is that the Hodler is like us have
no taxes to pay they didn’t sell at the low or sell at the high and the new
people who came swarming into the sector which is what I saw in my business what
you have seen in your podcasts and when anyone in the in the crypto space has
seen these people came in at the end and they have huge losses the ones who sold
there is no way that there are people who sold at the top and had you know had
low-cost basis these monster amounts that had to sell anyway there’s just no
way as for you know the the you know the paying the taxes yeah and that’s the
other thing of course the IRS has said that no one pays crypto taxes because
unless you are at coin base and you have the Charles Schwab type thing with his
records of cash for for crypto buffers and sales there’s no record of your your
doing so so most people are not going to do it more importantly they don’t have
the records to do it because it is so complex plus there’s an increment of
trades now that go crypto for crypto and in all these esoteric exchanges around
the world that don’t even have reporting requirements or required a reporting
even methods and then like mike says you got hard Forks and you know we say the
government they have no guidelines they’re ridiculous they don’t even have
guidelines the government doesn’t even understand what bitcoin or
cryptocurrency is I mean they don’t even understand what Bitcoin is let alone the
rest of cryptos let alone to figure out a tax policy for hard forks are for
spending bitcoin on coffee and you know like you’re talking before that only 1%
of the the crimes are using bitcoin you know why because who wants to spend the
Bitcoin it’s cheap I want to spend my dollars if I’m doing crime absolutely I
do not want to spend my Bitcoin pretty much at all I mean you know there’s a
few things that we got to buy of course and then if there’s those people that
are all in in Bitcoin right but even they I guarantee you I live very meager
lives you know I see people on Twitter that it’s like you know no joke a
Bitcoin rich but I’m living on ramen well you know this you know Bitcoin does
to you it enforces saving right at first it forces you to think long term and
part a part of that that forcing you to be like that is because of the tax
ramifications there are people who are sitting on massive amounts of profits
who are worried about how to sell them and how did the taxes we’ll have to pay
and they don’t want people to know it so it’s kind of like until Bitcoin becomes
more mainstream there’s gonna be a lot of Bitcoin millionaires that live this
way out of conservatism and I really like I really like that I really like
Bitcoin forcing you to think long term and this is exactly what you know
Austrian economics does this is exactly what sound money makes you do and this
it makes you think about long term and and that that’s really really important
in our crazy society right now that just loves Fiat and loves you know the the
dollar dollar bills and rap videos and crazy stuff that but you get that comes
out from a short-term thinking society that lives off a fiat this is what you
get you know just spend them spending them dollars and that’s not what we want
to you know that’s not what we want to encourage it’s not what we want to
encourage is is is this savings type of thing is this a capital accumulation so
that you can have funding and for four generations for your generations to come
for your children’s children so that you can build a type of society worth living
in a society that does not you know come down and get and control its citizens
with force of weapons so interesting stuff guys so far let’s see what Adam
has to say on this topic Adam what is what is your thoughts on this I saw that
you pointed to yourself there when we were speaking about people that don’t
want to that speaking about Hodler they don’t want to have to worry about tax
gains I mean we know you’re a Hodler Adam and and we all I believe our
toddlers of last resort you know what do you what is your thoughts on the
conversation so far and nobody like reporting taxes is this like I said is
this going to be a ramification that we’re gonna have to deal with from years
years out from now or is this just an inevitability of what what the crypto
brings well first of all I like that we’re all encouraging people not to be
impulsive if you were one of those traders who was going back and forth
selling back and forth back and forth back and forth yo some taxes right now
and you probably bought through coinbase originally so I’m saying in this
snowflake generation these young people have never paid taxes anyway so they’re
still thinking oh whatever I did it through coinbase they’ll never know I
heard a rumor that coin base is only good this is the
the coinbase is only gonna report things from 2015 I didn’t get in till 2017 so
I’m cool with this um yeah I’m alright so that’s one reason some people are not
paying their taxes because they’re young they’ve never had money there’s
snowflakes their dad pays their taxes or whatever that that is something we have
to consider a lot of young people and they really don’t understand that if you
signed up for coinbase you signed up for the IRS that is the honey pot right
there coin base and people went back and forth
between coinbase many times there’s many people and your app Andy is absolutely
ranked Michael’s right all of us are right the government has no clue how
cryptocurrency works at all so they’re gonna aim at the easiest target which is
coinbase they understand that they understand that it’s not hard to
understand it all the pop obviously it’s very unclear or what you do how crypto
dividends are reported how this is going to report it us holders we don’t need to
worry about anything the longer we wait I bet by the Year 2021 the government
I’ll understand this the tax policy will be clear by then and it probably it
might be even more beneficial for us by then too instead of people panicking now
and selling and trying to deal with all the nonsense I think it would be clear
after the 2020 having so again it’s just again another reason to hold but yeah a
lot of people are not paying their crypto taxes that are gonna get caught
because they did through coinbase so that’s that’s how I see it
yeah and you know it’s it’s I do believe I think I have to agree with you there
Adam that you know this stuff will get figured out you know just like the
Internet there was all sorts of crazy stuff that went on the internet in the
early days and now of course we have a viable commercial platform that people
can launch businesses off of and I think one day the Bitcoin will mature to the
point to where we will have this all figured out real we will all agree on at
least the fundamental parts of what bitcoin is maybe not agree you know
completely about what bitcoin is but at least we can agree on things like look
you need to have your own private keys you need to be able to protect these
things and I just don’t I just don’t see I do I think I’ve talked about this in
the past where I do see Bitcoin completely reforming the entire tax
system you know as we no it simply because they will not be
able to get away with the same stunts and the same types of shenanigans that
they’ve gotten away with before you know many people have predicted this Milton
Friedman right many many economists technologists and cypherpunks have have
really caught it kind of predicted that with Bitcoin we can now have a native
currency on the internet and with which to build a whole new type of society and
and not a democratic society but an actual decentralized consensus society
where we can have all these little federated you know little federated
groups that you can choose and go back and forth from right and and still
maintain your sovereignty you know you won’t have to be punished by a weapon
for going over from this country you know too early or and so on and so forth
and Michael you know has a lot of great writings over speaks about a lot of this
stuff that’s really great a lot of macroeconomic view so I definitely
encourage you guys to check out in all the podcasts that Michael’s been in but
this is this is the what I think the future of Bitcoin really is going to
bring us is this new type of enlightened society where it were it’s not tied to
any piece of dirt so very interesting stuff guys does anybody have any final
comments on this topic before we move on I was just yeah I was just gonna jump in
there I mean so it’s interesting because as you as you mentioned um you know I
like to look at things in Bitcoin in the context of everything as far as like
it’s almost the leading edge to where we’re going so if you understand the
principles of Bitcoin how revolutionary it is you can then say well why can’t we
do this for everything and I think I think that’s that’s why it’s such an
important red pill but I’m just gonna mention like so what’s happening right
now because I as I mentioned I look at politics alladia politics the way the
media right the mass media right now is having a panic attack about people
coming to their own conclusions about stuff it’s a it’s a it’s a similar thing
to what Bitcoin right I mean human beings are peer to peer now we’re
talking to each other we’re sharing ideas with each other we’re commenting
on the news to each other and now they’re just calling it fake news and
they’re trying to censor it right on Facebook so but this but this is
something that you know we may see this sort of panic from from states with
Bitcoin later on but but the big point is this it doesn’t matter right did they
lost they really do you know the old system is dead as far as I’m concerned
now the question is like how far how desperate will they get how much will
they fight we don’t know that but India at the end of the day this is a battle I
truly believe we cannot lose I think it’s already almost won because people
are just sick of this there’s garbage I I believe you’re right and
obviously you know the vast majority of course are happy right and and fat and
docile we understand that the eighty percent out there but there is this
twenty percent that wants to see this new enlightened society and with the
intelligence that they have behind them and now of the actual purchasing power
with Bitcoin there’s just I don’t see any way that you know that we can’t
bring this into fruition there’s all sorts of of these types of movements
already you know out there that you can cut you guys can check out I think you
mentioned Michael like the sea the sea barring ones were there doing stuff on
the ocean what was that one um he’s studying it I think it was other guests
that mentioned it but yeah exactly even they people tried to create this
place called the Lieber land it’s probably gonna be anything the point is
you know that’s what’s gonna happen next and and plus you know I believe the US
Empire is going to have a huge collapse in the next seven years and so that’ll
provide opportunities for regions to sort of exert their own sovereignty in
in in the way that the US was originally constructed cuz we were supposed to have
it who’s supposed to be in these United States not the United States and so
we’ve gone away from our history and we’re gonna go back to it in my view
more decentralized States yep and that’s great I mean that’s that’s really how
the United States started you know it wasn’t always this federal conglomerate
trying to police the world and and export through their currency like you
know this this this is only in recent times here in the last you know thirty
forty years uh once we got off the gold standard and and just started you know
using our dollar to create Wars right and then of course after the petro
dollar well then that was just basically a non-stop war on on everybody who
doesn’t want to use it so yeah we’re hoping that you know bitcoin really will
bring this type of change because like you say there we’re good the US dollar
now we’ll have competition between crypto currencies and other nation
states like China and Russia trying to do their own thing and trying to get off
the petro dollar and so it’s going to be interesting to see how this all plays
out I don’t know how long this will take or anything but we’re really excited to
see this new future and it’s nothing to be afraid of it’s nothing to be scared
of right like every the global monetary policy usually changes every 50 years
anyway where we decide to do things a little bit differently hopefully a
little bit better and I think that this is going to be much much much for the
better when you know at vortex of course things like this this is
see changes that take a long time in general but as mike said on his we did a
great one on one call just two days ago he said these are the times when you can
have decades of change within weeks it you know when you have something as as
fallible as the global political situation and is cancerous is the
monetary situation at a time where bitcoin is rapidly becoming more popular
and and opening eyes around the world there’s a lot of things that can happen
in a very short period of time which is why anyone who it just is trading for
all the other reasons amongst that as opposed to just huddling and just
relaxing knowing that you’re you’re sitting on something that’s unbelievably
cheap compared to what it could accomplish it’s really it’s remarkable
yep no no Andy I do want to push back a little bit just you know say that a
traders are gonna trade right that’s that’s what they do it’s it’s their
livelihood and they like to stay our tarts all day and that’s fine but we do
try to of course people like yourself and me try to encourage Harling more
than trading because it’s so easily so easy to get sucked in and and there are
professional traders that do professional trading and kick ass and
that’s great you guys you know live here make your livelihood like unfortunately
this world is right now the crypto space is made up of about 99.9% Chartists who
are 13 years old and that’s just not kind of like help a it’s like but you
know what I think that that’s the problem is and the reasons I’m so vocal
about it on my Twitter feed is that that’s the perception people think that
it’s a lot of people who are just trading and and desperate for a couple
of gurus to tell them what to do that’s not the case the silent majority are hot
lers but in our space the majority of the airtime goes to these people who are
constantly telling people to do things with their bitcoins to trade them to
cloud mind them to do all kinds of things that are ultimately going to get
them to lose Bitcoin and that’s why I’m fighting against it so hard because I’m
trying to get people to stop focusing on these people and focus on the
fundamentals because fundamental analysis which is something that Mike
and I did way back when when when it existed to me is pretty much a lost art
people are way way too much now into social media and just listening to
charismatic personalities and not focusing on fundamentals and simple
things like tax I’ll see you it’s amazing and I’m gonna
keep fighting it tooth and nail it’s like as many people as possible to
realize that 90% of traders lose money and 90% of hostlers make money
yeah and that’s true you can’t argue with you know those actual statistics of
course and but I think that the debate of fundamental versus technical goes
back far before I was born as kids people have been trading you
know using technical analysis perfect well it’s a trade but like you say it’s
true the world has a tool cortex it’s useful as a tool
I mean people it’s funny people think that I’m like oh he’s just this big coin
I got none of dudes I spent 20 years on Wall Street I’m a CFA I was a suicide
analyst at Salomon Smith Barney I was institutional investor ranked they
worked advice I’d finds I traded bonds at Cantor Fitzgerald I have a career in
finance I understand what technical analysis is I just I’m trying to say
that technical analysis is a tool fundamental fundamental analysis is
where the bulk of your investment decisions should come from and technical
analysis when used properly as in not just staring at the same charts at the
other 10,000 people with chartered for technical analysis degrees are looking
at that’s not what technical analysis is it’s a tool in a vast you know a vast
arsenal of an analytical techniques that’s it yeah yeah agree until agree
and even tone you know talks about on the show is how he doesn’t only use that
TD indicator right that’s only one thing that he uses to try to tell the price
there’s many many many other things like volume and and of course the fundamental
the fundamentals and of course I asked home last time he was on the show you
know like how do you feel about the fundamentals cuz I we hear you talk
enough about the technicals right cuz that’s where your your specialty is but
what do you think of the fundamentals and of course every time you know he’ll
agree that the fundamentals are absolutely phenomenal and and he has his
life savings in Bitcoin so yeah it’s true like I think that a lot of people
then want more people than we think on are looking at the fundamentals too but
but as you know Andy as we’ve said and as you discussed it the view is tend to
all go to to the Chartists out there but hey there’s nothing you know that we can
do we will continue to to to remind people of the fundamentals and we hope
that as many people as possible listen to so I think I think we can close out
that topic Andy or Adam do you have anything else to say on that topic 80 to
80 percent some impulsive quick returns they’re
going to try to do all these silly things they’re gonna think they’re
traitors they’re gonna buy big connect it’s all the same thing we’ve warned
them they can do what they’re gonna do that is making the 20% holders richer so
go ahead do what you’re gonna do guys it connect all right everybody’s
everybody’s favorite meme I think I love to hate on that like even more than the
Federal Reserve these days it’s hilarious all right I think we can move
on to the next topic up before we do that guys please give us a thumbs up if
you like what you’re seeing here if you guys are new to the world craft Network
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bunch of different content we have you know people like Adam and Andy and
Michael we’re gonna try to actually bring more people – through the audio
podcast and lots of changes are our foot people so we’re really excited to bring
you guys more content and again please just one last reminder or one more
reminder come and see us down here next Wednesday and in Denver we really hope
to see you guys there down there in Denver we got drinks and we got you know
it’s gonna be fun we got we got plenty of seats so plenty of seats in there
guys so come down there and check us out so let’s go ahead and move on to the
second topic this was actually supposed to be the first topic but I can’t read
today so we’ll go ahead and make this the for the second topic and of course
ties into what we’ve been talking about already here which is the local bitcoins
I guess everybody maybe have heard this news or maybe not but the the local
bitcoins Bitcoin trading platform has now decided to comply with kyc across
the board in many different nations and so I want to get the the panel’s
thoughts on this because you know this of course is upsetting to the privacy
enthusiasts like myself and many other people it’s a it’s a bit bit jarring
there are other alternatives and of course we’ll talk about those today as
well but let’s go with Adam first maybe on this Adam what are your thoughts on
the this local bitcoins shutting down or Sariah starting to enforce the KYC is
this going to slow down do you think the volume of local pigments is this going
to slow down the amount of people that are using it because we see we still are
still seeing record spikes in countries like Venezuela well in the United States
at all it’ll slow down yeah and it’s it’s it’s expected I mean
there go ahead it was only a matter of time before they
complied to the rules of the United States they don’t they don’t want some
guy knocking at their door and arresting them I think there basically is someone
probably traces back to the United States they’re in other countries you
know like in Ben as well I don’t think it’s gonna make that big of a difference
or or whatever but um it’s we’re all going toward this decentralized exchange
type of thing that it was a disc is that is that the one that’s a decentralized
exchange eventually well yeah those are very those are difficult to use right
now so again people are gonna stick with what’s easy to use they don’t care about
giving out their most most people don’t give care about being KY seed in the
country again most people get their Bitcoin originally from coinbase
so it it’s it’s not gonna make that big of a difference but eventually we’re
going to come up with solutions where we’re not where we’re going to be able
to avoid kyc because bitcoin is all about decentralization anyway it isn’t
about you know depending on one third-party entity to store all your
information and report to the IRS about you and everything so this this was
expected and I guess it’ll temporarily slowed things down the United States but
people get used to in probably people using it and we’ll see how that like
button people yes if you guys like what you’re seeing please hit that hit that
thumbs up button yeah very interesting stuff um like you say I guess it will
continue to thrive and probably you know countries that have less restrictions
and and horrible capital controls that’s probably where it’s gonna thrive and and
if they try to shut that down then they’ll just go peer-to-peer you know
it’ll just be like everything else in every other country that for example
tries to sell dollars it’ll just be down the street everybody knows the street
that you go to to exchange some of that currency so very interesting stuff let’s
go with Andy next mr. Andy Hoffman what are your thoughts on on this local
Bitcoin story is this gonna you think put a damper at all on you know bitcoins
growth in other countries or is this just going to kind of accelerate
decentralized exchanges and other options besides these these these things
like coinbase I don’t think it really matters because first of all in America
most people don’t use local bitcoins calm because they have these exchanges
because they’re simply easier they’ll use them as long as they are
around I mean if they the US government and coinbase well then they’d go to the
next easiest place but a lot of parts are out places around the world that
these things are not available there aren’t either there are no exchanges of
people on that bank accounts or there’s in many cases there is no kyc or the
government doesn’t care wouldn’t even know how to had to create a policy or
enforce it even if they wanted to so when you talking about when you’re
talking about Bitcoin trading around the world I don’t think the local bitcoins
policies really matter much at all and again if the US government did something
draconian like say they were gonna ban it I think it would just make it more
valuable around the world because it would you know that’s that’s the fine
line the US government has to has to walk on realizing that we’re only 4% of
the world population but such a big financial player and if they admit that
they’re scared it was the same thing with gold way back when if they admit
that they’re scared of Bitcoin it’s just gonna make it back more valuable around
the world so I don’t really think it matters I think you know the on-ramps
for just about everyone in the Western world have involved kyc in the beginning
and now that the you know so much of it is in the ecosystem it’s going to start
trading peer to peer and like Adam says they’re going to they’re going to
there’ll be new ways that are created that that people can’t rip can trade
outside of the the current on-ramps and one day they won’t even matter so it
really doesn’t matter much to me look event as well look at the Bitcoin local
bitcoins volume is exploding when people need it they find a way to use it you
have great points I think that you know it’s going to stimulate development into
decentralized exchanges I mean some people think that you know decentralized
exchanges can never take off but I do believe that once the the user
experience is there and once the liquidity is there between you know I’m
not talking about Fiat for example like cuz that’s gonna always be difficult
bankster can always make that difficult to control the on ramps and off ramps
the Fiat but if you’re talking about just crypto trading I just don’t see a
world where we we have tons of these decentralized exchanges that are all
competing free for liquidity and and you just choose the best one the best one
that’s available so I mean there are a couple ones out there I’d like to
mention for example like ha dejado bisque and then
paxville even paxville is working pretty decent
still and so I these there’s these other companies that you can go to and but
what you know we do not we do try to recommend people stay away from the
bigger kyc exchanges like coinbase and things like that but you know the vast
majority that’s gonna be the best option for them because they are federally
insured you don’t have to worry about your private keys right but of course
it’s not your Bitcoin then but it is unfortunately still a good way to
onboard new users into the system and then eventually when then eventually
after they have the Bitcoin and then you know they will have a little bit of an
incentive some skin in the game to be able to hopefully learn more and so
that’s what we’re trying to encourage Michael what did what is your thoughts
on this the story is this is this is this really not really a big deal like
Andy says or is this gonna kind of um maybe you know lead to some kind of
movement we can’t really predict right now like what how big is this Andy or
how big is this ok so so first of all I just wanted to mention that you know for
me when I first got into Bitcoin the most amazing thing for me the lightbulb
moment was when I realized I just could download some software and then send
value to someone else peer-to-peer if they had software installed on their
computer and that’s where I really realized the power because I realized
you know you don’t have to ask anyone permission right permissionless I could
send what I want from me to them wait so that’s at the core of Bitcoin right
what’s exciting about what’s revolutionary about it so when we’re
talking about exchanges we’re talking about interacting with the old world
because we’re forced to while we’re trying to push this new world forward so
from my perspective this is as Adam said inevitable number one number two as you
are saying absolutely crucial to getting us to where we need to be we’re not
where we need to be obviously in this ecosystem because the the on-ramps as
you’ve mentioned with fiat and so we’ve got a lot of work to do so in other
words the more the Bitcoin experience overall is peer-to-peer the better
because that’s where we need to go and you know this is a point I’ve been
making to a lot of people as well I think there are certain things in in our
in our in our society as humans global humans that should be open source for
example or should be peer-to-peer and it’s not just money although money is
certainly very important one but also communication and
so we also have the same weak link with Facebook for example you have you’ve
essentially a dictatorship by hidden algorithm I mean think about how
unethical that is it’s a crazy concept you did the fact that we’re relying on a
centralized company run by Mark Zuckerberg who’s throwing out God who
knows what kind of hidden algorithms to control what you see that is a
ridiculous concept as well so look as human beings for for certain important
things money communicating with one another those are two huge ones we need
to go to peer-to-peer systems and it’s not gonna happen overnight
but we do need to be focused that no no it’s not the system’s not gonna we’re
building a parallel world right now to the old world and it’s gonna take time
so don’t you know don’t get upset that the old world isn’t you know making it
easy for you they’re not gonna make it easy for you we need to step up and make
these changes and so look it’s gonna as you said it’s gonna incentivize good
things to happen look Bitcoin in itself wouldn’t have
happened if it weren’t for Satoshi being extremely thoughtful about the problems
that existed in the world and he did it and he she team whatever did it in a
very intelligent manner knowing that there was a problem that needed to be
solved so now we have more problems we need solve that’s all yeah I mean and I
don’t know if anybody got a chance to check out the the Zuckerberg hearings
but I mean you know he would not give a straight answer on almost anything and
remember he doesn’t have to he funded like three three fourths of those
freaking senators he he’s provides funding for them so the most that he
basically did you know let out was um senator we sell ads that’s your freaking
answer I mean into this black box system that we call Facebook it is a black box
there is no way that you will ever know what the hell goes on in there and I
know something else like that you know the NSA and other three-letter agencies
other black boxes that we have no idea where the funding goes where you know
where what types of activities they’re they’re engaged in and that’s when you
go down that route you eventually get to the other side which is just complete
freaking totalism you know a police state lock you up for
for saying something you shouldn’t have I mean that’s that
exactly the the path that we were going on before Bitcoin and cryptography and I
think a lot of this the early cypherpunks saw that and you know acted
Oh in in in my opinion the most intelligent way they could which was
they created the you know the these these mailing lists they all got
together they wrote code they they solved these problems together and they
didn’t ask permission from anybody from nobody and and you know like you get
like like it’s well known now if Skype had to ask permission right from the
telecoms and things like that they would have said hell no there’s no way it
would have been built so at the end of the day this permissionless innovation
that Bitcoin allows I think is what is life-changing is what is going to change
this world is what is going to bring forth these new types of societies and
economies that people like us just can only dream about right now right that we
that we talk about is this new golden age that can come upon us so very
interesting to see very interesting to see it play out I do want to mention
with somebody in the chat who just donated $10 he said I panic sold half my
bitcoins for 900 do – Vinny’s Vinny lingams Fudd back in March of 2017
so don’t he says don’t they like me I had to pay $9,000 in long-term capital
gains taxes but don’t be like that guy to sell and unfun from somebody like
Vinny and didn’t have to pay your taxes on top of that it’s it’s it’s madness
and it’s insanity so try to fall try to pick your thought leader as well people
I had tried to do not go too much into the food too much into the mainstream
media because that’s that’s why I started the show in the first place
because of the lack of accountability because of the lies because of the
absolute corruption of mainstream media so you know ad vortex though back then
at the time of Vinny’s famous call the Fudd was real there were real genuine
concerns about the future of Bitcoin which were why people were so scared I
certainly was the point being that now I don’t have any of those fears and that’s
why selling when you have like a regular market correction like you’re having now
is ridiculous because as I call it this is the only material bad bear market
I’ve ever seen with not a shred of bad news anywhere I mean there’s literally
nothing wrong with Bitcoin everything is stronger than ever
as opposed to back then when times were scary and I’d wake up every morning
worried about what what the next shoe to us to drop now I wake up in the morning
with not a fear in the world and and that’s why the wife anyone would sell
now after you’ve just seen it at 20,000 knowing very well if you go back there
is ridiculous yep and it’s it’s true it you know I
still believe though you know I and II even back then with all the craziness
that was happening I still believe that the fundamentals were sound even back
then ending with all that craziness with the you ASF you know with all that stuff
I still you know fundamentally believed that that Bitcoin was sound to the point
to where yeah I just I don’t know I’m crazy I mean I held on to I believed at
the same time I was very fearful and that’s why the price was $900 as opposed
to $9,000 that was risk involved but those risks simply aren’t there
governments are not going to stop at hackers are not going to stop it Roger
Berry’s not going to stop it it’s just a matter of when and how fast the you know
the pace of adoption is it’s just that simple
exactly no matter how many babies are killed by frickin Roger there yeah I
encourage everybody to check out that speech that’s pretty great but hey that
gave us one of the best gif Stu ever be used on Twitter ever with Sampson Mouse
gif I think I’m going to use that meme for forevermore anytime I need to use
one of those memes where people are just like forever ever Sampson
you are my meme so thank you so much for that Sampson alright guys I think we can
move on does anybody else have anything on this topic or did we go through
everybody I think we did you know okay cool let’s go ahead and move on to the
final topic then of the evening ladies and gentlemen the Samsung so this is
pretty interesting topic it’s been ongoing for a little while here there’s
been a few people in the community that have been shouting for things like
proof-of-work changes and shouting things like there’s not enough
competition and mining and maybe a little bit to most central centralized
and things like that but I think that we can see a light at the end of the tunnel
here with this tunt with this topic where we now have found out that it is
in fact Samsung that is building the ASIC chips for Heilong mining which can
in my opinion really really actually bring some actual competition
here to bit me and so let’s see what let’s see what the panelists thoughts
are on this we’ll go with Michael you first well actually with you first I
suppose Andy and you first on this what Andy what what are your thoughts on this
revelation here that it is in fact Samsung building these chips for Heilong
and do you see this do you see this competition now coming into Bitcoin
mining do you see this as a way now to be able to sort of swing the the
centralization curve the other way towards more decentralization and in
mining well this was one of the issues that even during the times of foot I was
never worried about of course we were gonna have decentralization it’s not
like you’re gonna have a handful of miners in China are gonna control this
global thing just because they have a subsidy from the government I mean there
are tons of governments around the world that gives subsidies out especially for
something that’s valuable and then you have places around the world where like
the weather conditions are just perfect for mining so it was inevitable that the
you know the decentralization of mining was coming and as for the the the chips
that’s even more ridiculous to believe that some podunk company and yes bit
Maine is big in the Bitcoin world but in the industrial world bit Maine is like a
laughable little joke it’s run by a little troll and it’s a tiny little
nothing company so of course they’re gonna have competition from everyone
from I mean you’re gonna hedge funds that will go into competition with bit
Maine that are funded well let alone giant corporations like the biggest chip
makers in the world so there’s no doubt in my mind that the apples I should say
the Intel’s and the Samsung’s that they’re all going to get in this
business because it’s profitable and you’ll see every tech company on the
planet will be involved in cryptocurrency in some way shape or form
so nothing about this surprises me well it’s good to hear a because I’m so in
this similar boat you know I just always saw Bitcoin as a very valuable asset so
I thought well of course other people are going to come into the space if in
fact there’s profits to be made and because wherever there’s profits to be
made somebody’s gonna come in and then try to create efficiency right whether
we’re there is a sufficient sufficient amount of incentive and I believe that’s
what Bitcoin provides as it continues to become more valuable as it continues to
create more utility you know up and up we go in the price
so let’s ask Michael here Michael what are your thoughts on on the whole hey
long you know fiasco it kind of went on there for a little while where we
weren’t quite sure they were being a little secretive there but now we’ve
seen all the miners get shipped crossed all the people and all the people on
Twitter you know showing videos and pictures of their miners working are you
hopeful are you um did you ever see that did you ever see Bitcoin mining
centralization as an issue and are you hopeful now for for the future with with
Heilong alright so yeah interesting two parts of that question I’d say so first
um you know Andy and I will we discussed on our last one-on-one I think relates
to this which was a we’re talking about institutional money and I was making the
point that real institutional money hasn’t touched Bitcoin right like the
big huge funds like a black rock or a Wellington or fidelity management aren’t
putting Bitcoin in their funds yet but they probably will one day and so it’s
stuff like this that institutional managers will take note of you know
they’re saying okay well Sam stone this giant you know global tech corporation
corporation is is pushing into this area right you know just it just gives that
sort of it just it’s just another sort of infection into the mainstream it’s
it’s showing that this is here to stay um from the from the point of view of
large corporations so I think it’s you know important in that sense but just
just a sort of a corollary not off topic but related for me you know I think you
guys all know that you guys I don’t spend as much time on Bitcoin as any of
you um so so I sort of can give even almost the layman’s approach to things
like so have someone who’s not doing a hundred percent of time looking at
Bitcoin which would see stuff like this and for me the most the most incredible
thing about last year and you know I’ve been a Bitcoin supporter since 2012 but
last year was just such a game changer for me because we actually saw
governance in Bitcoin how it works it’s like governance by anarchy essentially
and it worked and I think we got a good outcome and you know you had this thing
where it looked like the big powerful miners plus the VCS were on one side
right doing backroom deals really really aggressively trying to push for this one
outcome and guess what happened right it was like the people like us throwing
memes on the internet that one essentially this battle and that is I
have to say you know my entire life I’ve been so jaded over time now just
seeing the people lose right and always seeing the big money
and the power always get their way that was one of the most important things I
think to ever happen in the history of Bitcoin because it showed something that
I just haven’t seen in other areas before and it shows how strong and anti
fragile Bitcoin is and that and that governance like this can work
essentially anarchy so anyway that that’s sort of just you know I just
wanted to throw that that’s how I always saw the mining you know from from my
layman’s perspective was always a little worried that they might make a power
play and it’s incredible how they did they weren’t able to get what they
wanted so I just wanted to point that out no it’s absolutely true you know and
and we over here to WCN I believe started the no 2x movement you know we
started the hashtag and tried to get everybody on board then and then of
course a bunch of people made stickers right and then Samson made some hats and
so yeah it really kind of took off organically it really was a grassroots
movement because that’s exactly how we saw the opposing side was this the side
that was completely funded by all of these miners and all these VCS wanting
to change the actual repo people change the freaking Bitcoin source code to be
their own private set of source code you know it’s their own repo it’s their own
source code that they control and you know for people who’ve been in Bitcoin
as long as I have in others that was just the most insane attack the biggest
attack we’ve ever seen on Bitcoin literally tried to subvert the the
actual programming code repo and so from that that’s what really fueled me to
help the you ASF movement specifically because I just I couldn’t you know I
couldn’t see that go down and apparently enough people agreed because we got a we
got the segment activated and we’re seeing that now reduce fees and we did
see this government sort of happen and you know a lot of people like to say you
know NRP is chaos well if that was true that Bitcoin wouldn’t work if that was
true then we wouldn’t produce a block every single ten minutes if that was
true then 2x would have gone through you know but it’s not true we see Bitcoin
being governed through consensus not through democracy through consensus and
that’s just really really important we people we vote with our notes right we
vote with our full notes and I think that’s really important because there’s
people even today that are denying how the UA SF went down that are denying
the importance of full validating notes mainly on the B cash side you know on
the Bitcoin cash side that’s where people are saying that the the only
nodes that matter are miners but of course we know that to be just
ridiculous because if the miners could both validate the blocks and create the
blocks well then they really could start censoring some transactions like our
friend Cobra is so very worried about but that is not going to happen because
as we know how Bitcoin works you know you eat proof of work one block after
the next you cannot change those transactions even with a 51% attack I
really encourage everybody to check out Andreas’s Q&A videos on this stuff it’s
got he’s got a lot of recently good stuff about 51% attack and and full note
so check that out really encourage everybody to see that now let’s go with
our final guest and I believe mr. Adam Meister Adam what is your thoughts on
this topic so far on the discussion so far and on
us the revelation of us finding out that it is Samsung making the chips or halo
well of course eventually a big corporate conglomerates we’re going to
get into something that is incredibly profitable and something that is the
future but when we’re dealing with these traditional corporations they’re
conservative they want to they are going to wait until their boards are
comfortable with jumping into something that is associated with anarchy that is
associated with controversial things they they hear all the FUD – and they’re
scared off by it so this is a good sign that this is the tip of the iceberg with
these corporate conglomerates getting into being mining but every aspect of
Bitcoin if people might not remember but in the days of the Internet at first
that the big corporations they didn’t have anything to do with it they waited
they were conservative until their boards allowed them to do it and then
they all jumped in and had their web pages and everything that’s where we are
right now in in cryptocurrency in Bitcoin that these the traditional
corporations that we’re so used to they’re taking their time they’re
letting all the podunk little startups play around here until they feel it’s
safe and then they’re going to jump in so mining obviously is something that
can be quite lucrative and good to see that there they’re jumping
in on this but we’re going to see big corporations jump in into other aspects
of Bitcoin also so it’s exciting competition is great it’s going to help
all of us and this is this is where the big boys play governments cannot stop
this is the free market so if corporations want to get in there’s
nothing stopping them we’re gonna see all sorts of competition here and you
know what a lot of the times the little guys are going to be able to beat these
corporations that have taken their time to get in because they were in first and
they have a better understanding they’re nimble so it’s going to be fun to see
how all this works out but it’s the tip of the iceberg in terms of the big
corporations big conglomerates jumping in so it’s it’s hey welcome to the party
guys good luck yeah can I add to that vortex real quick
it’s guys save any for the iceberg Adam tip of the iceberg that’s what people
need to realize that’s what I’ve tried to tell people that we are in the early
days people the early early days go ahead Andy yeah I’m just gonna sum up
you know what Mike was saying and Adam you know Mike’s talking about from the
financial side the financial investors have not yet got in and they are
starting to because again I talked back in the fall about the six thousand
dollar price equals 100 billion dollar market cap which is just the the minimum
threshold for most of the world’s biggest institutions so and at this
point I would say bitcoin is investable for almost any institution even though
it’s such an early stage it still has illiquidity issues it still is
associated with bad things it gets bad press so a lot of the big institutions
are wary of it but they are aware of it and there have been crypto hedge funds
and they will be come much bigger institutions as it becomes more liquid
and higher in price and then when you talk about the actual corporate side
meaning businesses which are even less nimble than than financial investors
they take a longer amount of time to because it has to be worth their while
when we talk about Samsung I mean you it’s like you can fit like a like a
thousand earths inside of Jupiter well that’s like bit main is the Samsung
Samsung could put bit main out of business tomorrow if it wanted to its it
needs to be a business that that their directors are comfortable with their
shareholders that they feel that it’s sustainable over the
long amount of time because if they go in they are going to go in in
jupiter-sized way and so will all the other big corporations that compete with
them so again you know we are quote in early stages but we are now we’ve been
above 100 billion market cap now for I know six or eight months and the
fundamentals couldn’t be better so the longer that we stay up here and the
liquidity increases and the security of this of the Bitcoin network increases
and of course the Lightning Network you need to talk to to Frances Pouliot and
he’s saying that he’s just getting ridiculous amount of inquiries from big
real corporations about using Bitcoin and cryptocurrency because of systems
like this and you realize that we are so close to those institutions coming in
but it it takes time and some will come in more quickly than others but you know
we may we may have a moment or two like mike says the OU decades in weeks where
they realize they need to be in it and that’s why you just need to huddle yep
yep and it’s you know I do see some people in the chat they’re talking about
like oh the hash power is doubling so much and you know the price is going
down that’s gonna lead to another death spiral and it’s like look guys we’ve
been through this before with with the last having the all these death spiral
predictions about it’s not gonna be profitable enough so mining is gonna go
down and then dick wind is gonna go down and then on and on it’s like no guys no
here’s what’s happening – power is just getting absolutely insane there’s people
that are turning on new hash power all over the world and we have the halving
coming up in less than a couple years so you know in June I believe it’ll be just
two years so literally in a couple months it’ll be less than two years away
so I can assure you those miners are gonna be quite good and remember guys
the miner is the mining strategy for the most part they hold a large percentage
of the Bitcoin that they mined they hold on to this percentage obviously they
have bills to pay right but they hold on to a significant percentage because they
know that what they’re investing in is not just all this mining hardware to
sell their profits 24 hours later know they’re investing in a new monetary
system a new world global open borderless secure currency so of course
they’re going to hold on to a little bit of this and so you know for the bad
times right for the for the for the down times and things like that so I can
assure you that any minor worthwhile is absolutely good to go right now
despite these these rises because we we are fully expecting Bitcoin to you know
to be in the six digits come 2020 I mean this is this is what this is the reality
of the situation with it with the with the economics with the trends with the
curves with what the crazy things happen we round the world like negative
interest rates and the bail-ins it’s gonna get real real fun over the next
couple years specifically um and as the crypto space continues to to to explode
into the mainstream media and into everybody’s lives you know it’s just
gonna go exponential so really looking forward to that
a really great show guys awesome topics does anybody have anything final to say
on this before we do the outro nope okay awesome well great show guys thanks so
much for joining us we we covered a pretty good amount of topics there and
in a pretty good amount of time only about an hour so thanks again guys so
much for joining us I had a great time hopefully you guys had a great time too
we had over 500 people there at some point uh live watching us and we had a
great discussion in the chat so again if you guys missed the show you know join
us in the comments below we’d be happy to to say hello so let’s go ahead and
say goodbye to our panelists and remember guys we will be here we will be
together next Wednesday in Denver all of us together shaking hands talking
Bitcoin hopefully you guys will be able to join us there so Adam where can we
find you and are you looking forward to to next week well I am really looking
forward to meeting everyone in person and all the people in Colorado – I’ll
answer all your questions strong hand pound nap like button you’re
gonna see I’m gonna be on fire just like I am on the air in person but yeah you
can find me at twitter at tech vault-tec HB alt look me up at bitcoin meister on
youtube disrupt meister comm bitcoin meister and steam it you you guys on
them you find me pound the like button do all those things I always say strong
hands dudes you guys all know the Meister come on
alright mr. Andy Hoffman work where can we find you and are you as well looking
forward to next Wednesday well I’m really looking forward to it because I
don’t have to travel to get here because I live here and it’s going to be a
fantastic event people I really encourage you these three hour Q&A
sessions are amazing I used to do them in the precious metal business and
there’ll be a thousand times more fun in the Bitcoin business I’m a crypto
gold I come try a free trial subscription or email me today Hoffman
at crypto gold you sir so it should be good time so far it’s gonna be
everybody’s looking forward to it I’m very much looking forward to taking you
guys his hand in real life so let’s go ahead and ask Michael Michael where can
we find you sir uh yeah so Liberty blitzkrieg calm on
Twitter I’m at Liberty blitz justjust for people that don’t really know my my
work which which I’m sure some of your audience doesn’t what I really do is I
talk about macro issues anything macro so I’ll talk about you know potential
for global conference conflagrations political trends that are happening both
here and in Europe you know one of the big things for me now is has to do with
what I see Bitcoin assuring in on a global level and as you mentioned
earlier I think one of the most exciting things that I think’s gonna occupy
people’s times and in the next let’s say 10 to 15 years is this concept of we’re
gonna look around and we’re gonna see these massive nation-states that we live
in and just say this is ridiculous and this is one of the big points that I try
to make the United States 320 million people something like that
you’ll never make everybody happy it’s a preposterous system where we’re going to
Congress and we’re saying oh let’s vote on this and a 51% you know at 51% they
want this then everybody has to do that it’s stupid and here’s the last thing
I’m just gonna say the same thing about recently I’m sure you’ve all heard this
right this weird thing where Congress has like 10 percent approval rating but
everyone likes their own Congress person think about why that might be the reason
is cuz their Congress person might actually kinda reflect the ideas of
their community but when then it becomes this giant mass where everyone’s trying
to make everybody happy in a country of 320 million very diverse people doesn’t
work so we’re gonna need to be going down to a much more local level of
governance much more voluntary much more free and so everything Bitcoin is trying
to do think about bigger picture everybody I want every of you thinking
not just money money’s huge but not just money everything let’s take this down to
freedom and volunteerism and decentralization on a local level for
everything that’s it yeah it is kind of insane you know that people think that
you know a single policy or single government or you know a single
anything it can be good for hundreds of millions of people and then like you
said over there in Russia or an India they got billions of people like what
the kind of you know eventually of course that things going to collapse
of course there’s gonna be rampant corruption running through it at that
level so yeah I’m really glad to see that Bitcoin hopefully will bring this
this back down to a local level you know back to where we started with with the
Constitution in United States you know these United States back to a local
level so very very cool stuff Michael everybody check him out we will of
course again be there next Wednesday in Colorado and then of course you guys
will find us every Sunday here on world crypto Network so thanks again guys so
much for joining us we really really appreciate it thanks to ghin so much to
our guests for donating their time thank you so much guys we really appreciate it
and hope to see you out there next Wednesday but until next time guys keep
talking Bitcoin we’ll talk to you guys later bye

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