A highlight from Greg Foss Tells Why Bitcoin To Reach $2 Million


That's come from the credit markets involved in bitcoin and also energy. This is going to no doubt very fascinating conversation. Given what we've learned from missed ayla margin while he's been signed with cats into some of the realities and greg fos from canada is to be the one who's going to help us with. That's a thank you so much greg. Pledge outta here. It's a pleasure to be with you guys. Good did i might get. I might well. Let's let's not start off on your introduction because will the audience to understand who you are. What your background and so against start to really build a fight in what they're about to learn from this conversation awesome. Well thank you again for having me. Uh so what am i am. I'm an engineer. In undergrad. i grad. I went to the us for two years of a business school degree and came back to canada and have spent over twenty five years trading credit and credit products I was canada's first. High yield bond trader okay trading with the principal which means i was trading my own book my own risk. I was working for a bank but we were facilitating flows for clients. Most of the clients were in the us. So when you trade high yield anywhere in the world it generally goes through new york So even though you're located in canada. I have worked on bay street in canada and wall street new york but my counterparties are usually us whether they're buyers buy side or sell side us And i have also worked on the hedge fund side in canada during the great financial crisis We successfully navigated that A very scary situation Credit it's all about credit. It always is all about credit. Everyone thinks equity markets are important equity markets are not important. If you don't understand credit markets you are missing that ninety percent of the risk And the detail that goes into evaluating risk. So i'm a credit guy You know. I spent twenty five years trading it. I still trade but not professionally. I traded for my own account. And i'm involved in now in the energy space so full circle. I've come back from from my. I went from engineering into financial engineering and trading and managing risk trading risks and. the engineering side with the energy The the energy place so yes. I'm a bitcoin ter- I'm an engineer. And i believe bitcoins the best asymmetric trade. I have seen in my thirty years of managing risk. And that's what. I want to touch on as well because what you totally full. I want to touch because it's going to blow some minds. And i wanna get to the bottom of it as well so you've come from credit. You're an engineer. You come back around full circle and now you're in the energy markets of course with you being in bitcoin you'll be all too familiar with the recent proclamation from elon. Musk and the whole tesla situation about always dot will accept bitcoin anymore because of the energy consumption and the footprint of the negative footprint for the upside for the globe towards global warming that it has and in the meantime he's sitting there chipping about a dog name but anyway back to the bitcoin thing is what he's saying here factual sits a dice. Bitcoin mon- is it. That bad as i'm stands. no sir. so let's just look at some real statistics. Bitcoin uses less than one tenth of one percent of total global energy. Okay one tenth of one percent now that includes all energy. It doesn't just focus on electricity so if we take that one step further and say okay what does it use of the 'electricity component of energy. It's fifty basis points now. Either way you have to understand that. If bitcoin is consuming this much energy there's ninety nine point nine percent of the rest of the world that's consuming the balance. Okay so ten. Basis points is not zero but the proof of work function requires Requires the computation that requires electricity or energy to prove to secure the network very simply so there is a a cost. Yes it's an energy cost but it's ten basis points and if you're going to focus on that ten basis points you better not be. Hypocritical is mr mosque's because you think every electron or electric vehicle that he charges is used not using some component of dirty energy like electrons are. Aren't that smart. The greatest powered by nuclear powered by hydro-electric it's powered by natural gas

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