35 Burst results for "Bitcoin"
Fed Raises Rate to Fight Inflation
"Now, the headlines this morning are all about the fed is raising interest rates again, what's next? For more raise it. Washington Post had raised interest rates by largest amounts since 1994 to fight inflation. New York Times, Federal Reserve takes swing and inflation with largest rate increase since 1994. The Bank of England, according to the telegraph in Great Britain, is under pressure to follow the Federal Reserve. Bitcoin is just crushed because I hate to say I told you so. But this is a real recession coming and it's real inflation and not real currency don't do well.
How major US stock indexes fared Monday
"I'm Mike Gracia reporting a bear market hits Wall Street as stocks bonds and crypto dive Wall Street slipped into a bear market Monday with losses for the S&P 500 dropping the index more than 20% below its record set early this year The S&P dropped 3.9% Monday while the Dow Jones industrials down more than 1000 points for a time ended up losing 876 points Cryptocurrencies also tumbled with Bitcoin down 14% and back to where it was in late 2020 The sell off came in response to news that inflation is getting worse and ahead of the Federal Reserve meeting on Wednesday with some economists speculating the fed may raise its key interest rate by
Target Trading Academy's Patrick Assalone on Futures vs. Stocks
"I've done this before with other things because I want people to understand as well. We may be a conservative political. We talk alive. We talk politics, but we also talk finances, and I've had people on about Bitcoin. I've had people on about other things in life, but let's break this down. You made a great distinction I was going to let you make it. And that is that you talk about futures trading as opposed to, you know, what we see right now with what in many ways is the stock market, you know, the average investor out here is chasing an invisible car or a dog that they'll never catch. And it's the investors it's the institutional traders and everything else that are really market this market. Explain the difference in, you know, and you talk about how you could go all day without the stock side. Give us a little bit of a difference. And essentially the reason being is because they're open before the pit session in New York is. So let's say that you were holding a position in the S&P 500 and it's for all intents and purposes at 4500. You wake up the next morning, it's at 45 50. Well, how's that possible? It's because the futures market ran it up. That's how it works, okay? So what you don't know about the futures market is enormous. What you do know is it's a lot safer than just about anything else there is. Now, how does it possibly run up? Well, because the same banks, hedge funds, large financial entities. They're the ones running this market up in the overnight. They're the ones that run it down in the pit session. They're the ones that crash the market. And then you call your broker and your broker says, buy the dip. Which one? How do I know this is the last dip, you don't know that, because they don't know. They have no idea. So what makes us different? I'm not trying to beat the big money. I sort of draw the correlation
The Biden Economy Is Stumbling Towards Stagflation
"All right, fat war and sharp rise in interest rates pose risks to U.S. economy. Bitcoin falls from falls 55% from its high, according to The Wall Street Journal. What's this all mean? Well, it means exactly what I told you two months ago. We are headed for stagflation with inflation and a recession at the same time. It's a replay of the Carter presidency. It's a replay of the aftermath of the Carter presidency. All kind of compressed. I think the rebound from the Carter presidency at the end of the next Republican president will be very, very quick. Come 2025, but we're stuck because Joe Biden's reflex. Let's spend more money. That will not work. In fact, you got to drain the money out of the system. There is no scientific way to do this. You have to use a bludgeon. You have to use a hammer on interest rates to drive out inflation.
"bitcoin" Discussed on What Bitcoin Did
"And they economists who are kind of focused on the asset, right? I'm not saying that one of them is right or wrong. I'm saying that they're divergent right now. So I'll give another example, right? Some people are very happy the Bitcoin right now, the fees are low. And they're saying that there might be a future where Bitcoin fees are always low. And because they're saying that mining might not really be security. Maybe we only need mining to distribute the coins. And maybe in the future, people will think Bitcoin so valuable in the bitcoiners will be so rich that they'll just altruistically mine in the future. And look, maybe that is the future state of Bitcoin. Maybe that is what happens. But that is not the reality future of the network that the developers are currently assuming today. So if we do think that, if that is what we do think, then we should just say that that is that is the future we're assuming. And we should try to engineer or optimize for that environment. There's a lot of people who are working on technology solutions that don't assume that. They assume that fees will be high, they assume that we will need to allow and build other top level networks in order to make Bitcoin more usable for people. And those are the kinds of things they work. They're working on. And they will need changes to the likely need changes to the base layer network to accommodate that. So that requires an environment in which we are discussing how to improve Bitcoin as a network and improving Bitcoin as a network. And I think that the only thing I would say to the people in the asset camp is I think that some of these things that we've encouraged is that we're encouraged this bias towards inaction. Through evangelizing for the asset in the way that we have..
Derek Khanna Gives Us the Bitcoin Basics
"In Bitcoin, is Bitcoin a generic like down from the south. If you order, if you want a Coke, you're getting Coca-Cola. It ain't a generic for perhaps or anything else. Is Bitcoin a generic term or is there a Bitcoin and you got Ethereum? You got others out there as well. Let's start off with a basics. Sure. Those are fantastic questions. And these are complicated topics. So I think sometimes people are almost scared to ask these questions, but it's great to start from the basics. And so for a while, people were trying to create a currency for the Internet. That would allow for commerce to be done, particularly international friction free. And one of the innovations of Bitcoin by this guy named Satoshi Nakamoto, it's not his real name, but what we call him that. Was to create a decentralized system. So there's no entity in charge. There's no CEO. There's no bank. There's no Federal Reserve. But yet through math, we're able to have a system that has now become known as Bitcoin with millions of users and holders. And so that was really the first and the only entity that was operating and doing this. And they've been around the longest. They have the highest market cap, the highest number of users, the most number of transactions. I should add that the technology has grown and changed over time. It's not like it stayed static. But all the other names that you've heard as well, such as Ethereum or other silly names sometimes like Dogecoin. They're not all silly, but a lot of them are named after dogs. Some of those have interesting different ways of solving similar problems. Ethereum in particular has grown quite large, so not as large as Bitcoin. Now those are more modern products in this ecosystem that generally have slightly different ways of solving a similar problem. But Bitcoin still remains the largest player. And we would argue that the number of users using this technology provides a bit more stability and concreteness to it having value for the future. But I'm not trying to give investment advice. As you noted, this is somewhat of a speculative asset. The prices go up, the prices go down. But I would know that actually the fluctuations have become a bit more constant than in the past.
How Derek Khanna Went From the Hill to Bitcoin
"We have Derrick kahana. He is the executive director for the Bitcoin policy institute. For those of you out there might be wondering about Bitcoin today is your day. You've made the right podcast to us because we want to get out because you know my first question is for somebody my age 55 so I talked to him about Bitcoin. I want to know, is that what I used to get out of my cracker Jack box? Is that it? Derek, we're glad to have you on the podcast today. Yeah, glad to be here. Really excited to chat about Bitcoin and answer your questions. And get to learn more about what's going on. Well, that is great. Well, I was also a little bit about how you got there, but you have an interesting we have sort of a similar background. You were on the hill for a while, Republican study committee, doing some things with them. Tell us how you went from the hill to Bitcoin. Yeah, absolutely. I was a house staff for a Senate staffer. I managed technology policy for the House Republican study committee when you were one of our members. You're on one of our task forces task forces that I was involved with. So definitely appreciate your support there. And I had some initial conversations on Bitcoin back in 2011 and 2012 with policymakers. And then since then, I've been more involved teaching lawyers with the federalist society and then founding this organization, which excited I'm excited to talk about, but I definitely had a lot of experience with some of the real battles back in the Obama administration and then afterwards.
Biden’s Executive Order on Bitcoin: What Does It Mean?
"So let's start off frankly, I just want to get a few things out of the way on this Biden executive order that's going to be that he signed and what it means. And also some concerns about it. The first officer legitimizes Bitcoin. I think if you look at it from that perspective, it talks about the fact that it has a $3 trillion market cap that it expanded increased over 14 billion just in the last 5 years. For the for really the administration to admit that this is a legitimized player. Now we've heard a lot of discussions on attacks on Bitcoin and the uses that it has that could be nefarious uses are illegal uses. But I think the overall tenor of this executive order says, okay, this is a legitimate path, a legitimate currency, a legitimate issue that we as a government are addressing. And we're going to say we legitimize it. And now we're going to talk about how we're going to deal with it. Of course, in dealing with it, the scary thought about anything with Bitcoin or anything that the federal government comes up and decides that they actually want to start investigating or being a part of is what do they do? And is the regulation or is the interest that they take in a certain industry going to be worse and basically kill the ingenuity and the sort of the atmosphere of Bitcoin that is allowed it to thrive and that is the privacy aspect that is the that it being not being tied to a currency and that it actually grows on its own. And we're seeing this as it is and it's not being some marginalized to the side. This executive order from President Biden actually legitimize it. There are some things though that Al Franken, I want to point out that concern me about this, and we'll be talking about this. Is any time you see a executive order and I have the executive order as I'm sitting here with and I'm looking over it. It says, when it starts and the talking points are protect. When it says protect U.S. customers investors and businesses protect U.S. global financial stability. And mitigate system risk. I just want to be aware here. The interest is when they start saying they're doing this to protect something or to protect you. It's going to come with regulations in which they believe what is best. One of the great things about Bitcoin is the simple fact that it has grown in and of itself. It is grown out there with people taking a look at it, deciding if they wanted to be a part or invest in it or own Bitcoin. And this is sort of been the process from day one. The privacy aspect of it. So I will just say this. Directs department of treasury and others to start looking into this. It doesn't give it's not as restrictive as many thought it would be. So that is a good thing, but I want you to always be aware and one of the things I want to talk about that I've tried to share on this podcast is we very concerned when government wants to protect
"bitcoin" Discussed on What Bitcoin Did
"But it's so much more convenient to just have this one you Bitcoin only. It's mentally lazy and it's very comforting to know that it's like it's so nice, isn't it nice to think there's one perfect money and I just need to focus my identity and all my thoughts on that and I don't need to challenge your question to anything. It's very hard to question. Just in general in life. So what would you question, what are the most important issues you would be pushing back against? Bitcoin has done money because I think that leads to the maximalism. I think not spending. I think not being open to monero. And the other thing with Bitcoin maximalism is that it pushes out so many other tools that we need. So people think, I'll just fix the money, I'll fix the world. No, Bitcoin is very narrow in what it fixes, but people when they just focus so much on Bitcoin it's on money. What about everything else? What about civilization? What about civil rights? What about all these other things that Bitcoin has nothing to do with? And so that's the problem with an overemphasis on Bitcoin and seeing it as perfect money. You can just sit back and say Bitcoin is going to fix us. I just need to HODL and like everything else is sucking. Right, so you think it's a naive view that if we all HODL and Bitcoin gets big enough and everyone adopts a Bitcoin, we stop the central bankers printing huge amounts of feed and society will suddenly repair. Yeah, and we've stopped wars and it's not true like Bitcoin funds the state with taxes that we pay with the licenses that Bitcoin companies have to pay. So Bitcoin funds the state. And with the Central Bank digital currencies, I think that's going to give it a good idea to state to have more control and censorship..
Rep. Marjorie Taylor Greene Describes the Dangers of Cryptocurrency
"Talk to us about crypto Bitcoin, Marjorie, what's the issue? What's the danger? Okay, this is a huge issue and I'm barely seeing it talked about, but it has to be terrified. So up here we have Justin Trudeau who's basically gone full dictator in Canada. He's declared martial law, cracking down on his entire country, where he's in full control. He is, he is going in and stealing people's money out of their bank accounts if he considers them a terrorist. But these are really peaceful protesters. These are truck drivers and all of the people that have decided to stand up against the mandates because they're saying my body my choice. Well, what we're seeing is the very same thing that could happen here in that country is just to the north of us. And it has a lot to do with cryptocurrency. We need to start paying attention because right now big banks, big tech and big government, and that's the Biden administration and the Democrat communists in charge. They are lining up to start cracking down and regulating cryptocurrency. And the reason why is they want to be able to control you. I think in the near future, we're going to start seeing a pitch for a digital dollar. And when our currency goes digital, that means that those that are in charge, they can simply push a button and control everything that happens to our currency. So this is a place where we need to protect crypto. We need to protect the blockchain. We need to protect the keys to the wallets and those it needs to completely belong to those who own it.
Rep. Matt Gaetz: Republicans Should Abolish, or Reform, FISA
"To fully fix it, we have to have control of the executive because as you know better than anybody said, personnel is policy. And until you can make the personnel decisions. And so you can get some real swamp drainers at every agency of government. You're going to continue to see this weaponization against our fellow Americans. What we can do is, I think, make incremental progress on issues where actually we have some buy in from the Democrats. And let me give you a strategic point of focus that I think Republicans should put front and center if we take the house back. Pfizer. We should be abolishing, reforming, change. I don't know if it can be reformed. Honestly, we might have to abolish 5. Let's just state the fact out there. How does America have a secret court where the identity of the judges is secret, where the court meets in secret and where the person who is being targeted as an American citizen doesn't represent themselves. That's what the foreign intelligence surveillance act does in America and it is fundamentally un American.
Rep. Marjorie Taylor Greene Calls for Oversight of Executive Branch
Rep. Gaetz: Hillary Clinton Was Engaged in Corruption by Utilizing DOJ
"Right, so let's start Matt, give us your response to the latest. It was such a boring document to the judge from Durham saying there might be a conflict of interest between the lawyers representing, you know, Hillary's spy, Michael sussman, but on page two, the atomic bombshell that an individual called Rodney joffe's company wasn't just surveilling president Trump's apartment and Trump Tower, but The White House when we worked in it because quote, quote, from the documents, they had a sensitive arrangement to provide Internet cyber services to The White House. How is this not being picked up by the GOP? Talk to us, man. This is how the deep state works. They utilize national security standards that utilize vendors, they utilize private sector and government sponsored spying, private sector and government sponsored leaks. Seb, you'll remember each and every night when the mainstream media would say that we were Russian agents, we were Putin's lawyers and public relations consultants. And we shared with the American people that the reality was that it was Hillary Clinton. And the Clinton campaign there was engaged in corruption, criminal activity, collusion with Russia, and then utilizing the DoJ, the FBI, the national security apparatus to really I think author these leaks through the mainstream media to try to smear the president and the presidency. So in these Durham indictments, we see that they needed two things. A lie and then they needed so the content of the lie and then the distribution channel. And so they used Russians and they used illegal spying techniques to try to generate the lies and the suspicion. And then they used these DoJ and FBI leaks to get the media to fall
Is Crypto the Right Investment for You?
"In light of what's happening with the truckers because it should be illegal, right? Just because you don't like somebody's political views and you're fearful, they might be able to contribute to these truckers, you're going to freeze their financial accounts. I mean, that's like treating your own citizens like from the Iranian government. We're going to sanction our own people. It's wild. And I think speaks to the need, not just for gold as I mentioned, which should be part of any well diversified portfolio, but the need for cryptos, things like Bitcoin, something that can exist. Outside the parameters of government control. Look, cash used to sort of serve that function, right? But cash has become increasingly less prevalent in this day and age. And I think there's still always sort of a function in need for something like cash. To me, again, the crypto environment really sort of fills that space. Now it's not perfect because it's not entirely like cash. In fact, if the feds want to track you down, they totally can. That's a misnomer. I think about cryptos and blockchain technology because there's a record of everything. There really is. And you've seen in some of these ransom cases where companies have been held up for millions of dollars. The feds have always been able to backtrack and get the money back. So that proves that it's not entirely anonymous, yet you want something that's a little bit outside the chain of command, so to speak. So you're sort of insurance against disaster if you would. And I think that Bitcoin, although it's been extremely volatile and you shouldn't think of it. You really shouldn't think of it as a safe investment. It's really anything, but it's something that you can look to in your portfolio for one investor described it to me as kind of an insurance if you would again the unthinkable. We don't want really bad stuff to happen. We don't want a World War three environment. We don't want our own government doing what candidate is doing and cracking down on our ability to access our own funding, but maybe that's perhaps what Bitcoin ultimately becomes.
IMF urges El Salvador to drop Bitcoin as legal tender
"Investors investors investors investors are are are are being being being being drawn drawn drawn drawn to to to to El El El El Salvador Salvador Salvador Salvador and and and and the the the the perks perks perks perks of of of of bit bit bit bit coin coin coin coin four four four four months months months months ago ago ago ago El El El El Salvador Salvador Salvador Salvador adopted adopted adopted adopted bit bit bit bit coin coin coin coin as as as as its its its its legal legal legal legal tender tender tender tender alongside alongside alongside alongside the the the the U. U. U. U. S. S. S. S. dollar dollar dollar dollar the the the the perks perks perks perks include include include include no no no no property property property property tax tax tax tax and and and and no no no no capital capital capital capital gains gains gains gains tax tax tax tax when when when when Gregory Gregory Gregory Gregory from from from from San San San San Francisco Francisco Francisco Francisco is is is is one one one one of of of of the the the the first first first first investors investors investors investors to to to to use use use use bit bit bit bit coin coin coin coin to to to to buy buy buy buy a a a a sixteen sixteen sixteen sixteen acre acre acre acre property property property property at at at at a a a a beach beach beach beach outside outside outside outside San San San San Salvador Salvador Salvador Salvador we we we we went went went went to to to to the the the the attorney's attorney's attorney's attorney's office office office office to to to to to to to to finalize finalize finalize finalize the the the the transaction transaction transaction transaction the the the the sellers sellers sellers sellers were were were were there there there there I I I I was was was was there there there there the the the the attorneys attorneys attorneys attorneys and and and and the the the the documents documents documents documents were were were were signed signed signed signed once once once once the the the the sale sale sale sale was was was was completed completed completed completed we we we we all all all all watched watched watched watched it it it it go go go go into into into into the the the the wallet wallet wallet wallet and and and and we we we we all all all all you you you you know know know know hug hug hug hug Clapton Clapton Clapton Clapton went went went went out out out out had had had had a a a a couple couple couple couple bottles bottles bottles bottles of of of of wine wine wine wine but but but but there there there there are are are are warnings warnings warnings warnings the the the the International International International International Monetary Monetary Monetary Monetary Fund Fund Fund Fund says says says says it it it it wants wants wants wants el el el el Salvador Salvador Salvador Salvador to to to to drop drop drop drop crypto crypto crypto crypto currency currency currency currency as as as as legal legal legal legal tender tender tender tender is is is is set set set set up up up up on on on on open open open open a a a a condom condom condom condom is is is is Louis Louis Louis Louis membrane membrane membrane membrane says says says says bitcoin bitcoin bitcoin bitcoin is is is is an an an an asset asset asset asset like like like like a a a a stock stock stock stock or or or or a a a a bond bond bond bond that that that that has has has has risks risks risks risks but but but but it it it it cannot cannot cannot cannot be be be be used used used used for for for for daily daily daily daily operations operations operations operations because because because because the the the the volatility volatility volatility volatility is is is is too too too too high high high high I'm I'm I'm I'm a a a a Donahue Donahue Donahue Donahue
Ok, I'm Ready to Invest... How Do I Purchase Bitcoin?
How Does One Access Their Bitcoin Funds?
"You brought up an interesting subject just a few minutes ago and I wanna come back to it now. You said, 'cause this is very, very true. The Mexico's economy really could not exist without transfers of monetary dollars back from the United States. Economy would crash. We know that from Western Union to this the old saying he's going back for. You might have mentioned this I sent it back in Bitcoin that more than likely the family in Mexico would get the transaction through the computer, however, you know, they got it. And they would convert it, I'm assuming in the dollars or pesos, whichever one they wanted. Where would they do that at? If you, Derek, you sent me about whatever means through a server, however it is. You sent me a Bitcoin today. And I said, well, that's really nice. I want the money. Where would I go, just so to speak get the money? Sure. Well, first of all, I would say it depends on the country that you're in if you would want your local currency. If you're in Venezuela, you probably want to keep it in Bitcoin. Mexico, their currency has actually been quite strong. So that's a bit different. Colombia, the currency hasn't done so well. So not all of them wanted their local currency, but many do. The Sri Lanka, for example, Sri Lanka, El Salvador, just announced it as a Bitcoin as the official currency for El Salvador as one of several. So you may just keep it in Bitcoin. But to answer your specific question, there are more advanced ways to do this, but I'm just trying to explain the easiest way to solve some of these problems. And so you may use something like a Gemini or a similar product. And so that can help manage this operation and help you transfer it back to your Fiat currency at your local bank. And so once the transaction is sent to you, you may immediately essentially send a wire. It's not actually a wire you're not going to pay a wire fee, but you have the Bitcoin and your Gemini account and you push a button to transfer it to your bank account so that way you have it in that local currency.
BITCOIN: What Is It and Why Should I Care?
"So let's start off with the basics for those out there. If you're interested in Bitcoin, is Bitcoin a generic lockdown from the south if you order if you want to Coke, you're getting Coca-Cola. It ain't a generic or anything else. Is Bitcoin a generic term or is there a Bitcoin and you got Ethereum, you got others out there as well. Let's start off with the basics. Sure. Those are fantastic questions. And these are complicated topics. So I think sometimes people are almost scared to ask these questions, but it's great to start from the basics. And so for a while, people were trying to create a currency for the Internet. That would allow for commerce to be done, particularly internationally friction free. And one of the innovations of Bitcoin by this guy named Satoshi Nakamoto, it's not as real name, but we call him that. Was to create a decentralized system. So there's no entity in charge. There's no CEO. There's no bank. There's no Federal Reserve. But yet through math, we're able to have a system that has now become known as Bitcoin with millions of users and holders. And so that was really the first and the only entity that was operating and doing this. And they've been around the longest. They have the highest market cap, the highest number of users, the most number of transactions. I should add that the technology has grown and changed over time. It's not like it stayed static. But all the other names that you've heard as well, such as Ethereum or other silly names, sometimes like Dogecoin. They're not all silly, but a lot of them are named after dogs. Some of those have interesting different ways of solving similar problems. Ethereum in particular has grown quite large, so not as large as Bitcoin. Now those are more modern products in this ecosystem that generally have slightly different ways of solving a similar
The Ideal Inflation Rate Isn't 2%, It's ZERO
"Steven, I remember when I studied economics in college, the ideal inflation was zero. And I know that the fed is always talking about 2% inflation as if somehow that's okay. That's not okay either. Well, we need to deal with, you know, Ronald Reagan talked about and my and your good friend C Forbes, which is make the dollar as good as gold. You know, make it stable. You have a currency. The whole purpose of your currency is that it is a stable and value. You learn this and economics 100 that it retains its value and its immediate exchange, but how can it doesn't retain its value when inflation goes up? And you can't use a currency where the inflation out of control is a store of value. And by the way, this is one of the people always ask me, why is Bitcoin going up so much? And I think it's because Bitcoin has become the new kind of alternatives to these government currencies that the governments are borrowing massive amounts of money and this inflation issue ties directly to the massive increase in borrowing and spending. And don't you love the line by Joe Biden and he's last week. He said, well, if you want to solve the inflation problem, pass my $3 trillion spending bill.
Attorney says Meadows won't cooperate with Jan. 6 panel
"Only only clung clung cases cases have have been been confirmed confirmed in in at at least least nine nine African African countries countries with with some some officials officials reporting reporting that that initial initial cases cases appear appear to to be be mild mild South South Africa Africa remains remains the the epicenter epicenter of of the the only only clone clone a a break break with with ex ex but but finding finding the the overwhelming overwhelming majority majority of of thousands thousands of of new new coronavirus coronavirus cases cases per per day day all all of of the the new new variant variant in in East East Africa Africa Uganda Uganda has has reported reported its its first first seven seven cases cases on on record record detected detected in in travelers travelers from from South South Africa Africa and and Nigeria Nigeria who who are are the the only only team team International International Airport Airport on on November November twenty twenty nine nine all all are are currently currently in in isolation isolation one one in in southern southern Africa Africa Namibia Namibia has has confirmed confirmed eighteen eighteen cases cases of of Omicron Omicron none none of of which which are are hospitalized hospitalized early early evidence evidence is is suggesting suggesting that that all all bitcoin bitcoin spreads spreads faster faster with with the the symptoms symptoms appear appear to to be be mild mild I'm I'm Charles Charles de de Ledesma Ledesma
"bitcoin" Discussed on What Bitcoin Did
"Without being the unit of account. What we're seeing right now, as I talked about earlier, is Bitcoin being a collateral type, which powers an established unit of account. Like the USD. But you can, of course, you know, with any of these algorithmic systems, determine any unit of account you like. You know, it doesn't have to be indexed to the dollar. There's absolutely stable coins that have kind of arbitrary unit of accounts. This one, I can't think of right now. It might be right, which is started, I want to say three $3.14 and it's just kind of floats along. So it's not indexed to the dollar, but it is intended to be stable. So that's sort of the beauty of these programmable configurable systems is you can determine any unit of account and then create a system which sort of tracks that. And maybe dollars aren't the best one. Maybe people will want to trade goods in an index that tracks property prices or quantity prices. But for now, dollars of the dominant one. And if you look within the crypto space, dollars of the absolute dominant unit of account. A few years ago, Bitcoin was the currency that you denominated your altcoins in. You would say this thing is 300 sats or 400 sos or whatever. That's not really the case today. And that's okay. It's not even strictly the dominant medium of exchange and its own industry. And it's not even strictly the dominant unit of account. It definitely isn't in its own industry. So how can we expect that to externalize and if it can't even conquer the crypto space, right? And that's not me being a pessimist or it's just being realistic. How do we expect global trade flows to be read denominated in satoshis if people don't even trade on exchanges in satoshis? So you think the idea of people pricing oil in Bitcoin is unlikely long way off. I think Bitcoin could and will be traded for oil, but that doesn't mean it'll be priced in Bitcoin terms. So do you think a more useful term or topic to talk about rather than hypercar colonization is more of a Bitcoin standard? Yeah, I think so. And a Bitcoin centered to me is I mean, that's probably a difference to safety and on the definition of that. But the way you define it was good. I think Bitcoin is your dominant savings.
"bitcoin" Discussed on What Bitcoin Did
"Behind a lot of where I'm at mentally is I think the history of Bitcoin is a series of human beings trying and failing to understand Bitcoin. And I don't think that there's anything special about the current time period that we're living in that makes us immune from those mistakes. So I look at the other periods, the Bitcoin history, and I try to maintain a humble perspective. Because I know that those people were wrong, everybody thought they were right. Everybody was retweeting them constantly. And they were wrong. You don't hear about them anymore. And so my worry with the current group of bitcoiners is that I do think that they are correct and preaching about the monetization of Bitcoin. Bitcoin is monetizing at a insane rate. I think you can be that is a very charitable description for how fast it's monetizing. That said, we should be very careful about the expectations that we set with new people that are getting in that okay. People are very easy for people to get into things and then think that they're special. Now is special. Now is a special time because we're here at I'm here and I'm special. So this must be special. Hybrid organization must be occurring within the next few months. I don't think that's an accurate way to look at it. I think my proxy Bitcoin is does do people understand Bitcoin? No. So I don't know how hyperbike organization occurs in that. Do most people who are in the cryptocurrency industry understand Bitcoin? No. So how are we at a place where hyper bitch organization can reasonably reasonably occur? And then if it does, it's going to be completely on the monetary brutality of Bitcoin. And is that how you want people to be introduced to Bitcoin? How does somebody objectively claim the understand Bitcoin? Yeah, I don't know. I mean, I think the I think you notice those charts or tweets or people talking about the longer you've been here, the more questions you have. And I think that's because some of those questions are very legitimate. There are a lot of deeply meaningful questions left to resolve about Bitcoin. We don't know that Bitcoin is going to work in an environment where the subsidy is not coming out from the supplier..
"bitcoin" Discussed on What Bitcoin Did
"The nodes keep them honest because we as the operators of the system. We don't want it to break because we bitcoin. We is imperative. the system doesn't break and let's be. Let's be super explicit about what what a scenario where a minor tries to violate the rules and the note says no why that doesn't happen get so so if i'm running if i'm running lots of servers the cost the ongoing cost of doing night as a big power bill right. We're generating generating this compute. But in order to power the compute we consume significant amount of energy the if we were to if we were to try to propagate noncompliant blocks and then we asked for bitcoin and return and the node said no. We're not getting that energy back. Yep and it's user lose it and a block is now worth what to two hundred forty two hundred fifty thousand dollars six and a quarter bitcoin. Plus fees yes six times forty three hundred thousand three hundred plus grand and you. Could've you could've spent how much on path one of those two to fifty thousand depend on who you are really depends on who you are but you spent you spend a lot of money. I'm sitting on a lot of money. Six figures on power. You spend a lot of money and the incentive to cheat the system is like can. I create extra bitcoin into an account. The i want. That's kind of. That's the best cheap that you could do. But you're never gonna get away with it because the node will reject it so is burning money. It's just burning money just throwing money away. Yes so there's no incentive in the system for a minor is incentives for people to try g that just never going to get away with exactly and the and the cheating can't be hidden yes is what's important is that you can't you know even if you attempt to cheat it's it's shockingly difficult to get away with it and this is all you know we. We lose sight of this. Because bitcoin is part of our common vocabulary now but this is just like fundamentally innovative right. The core innovation Offers us is a solution to the double span problem. What that means is is that if i send you a. Bitcoin can't send the same bitcoin to somebody else and stay within the rules. There is no work around so that i can perform that behavior. And the way that that behavior is avoided and enforced is with the relationship between proof of work and mining and nodes invalidation out on the pup. No okay. so that's that's like a great primer for everyone i think. Now let's talk about the business of mining because this now is fascinating like from a distance. It's big business. Like is huge business. I mean how how much money of mine is generating daily I don't i don't know daily but it's you know it's nine hundred twenty a day in net new roughly so you know gives a price man.
"bitcoin" Discussed on Bitcoin Audible
"Like inventory. Availability that is tied to the bitcoin supply that is tied to big actual bitcoin cycles. And there are predetermined eras in this protocol did are going to change how that capital is allocated and where most capital comes from which is actually really interesting. And i don't know if i'm totally on board with the you know i've read this piece just out of curiosity i i can't say that i one hundred percent agree that this these are how the cycles are going to play out. And these are the major elements there but it is very fascinating and is not something that i've just i haven't dug into it enough. I mean literally. This is the article really that. I've read on the idea of trying to map these. The shumpert cycle own top of the bitcoin. It's essentially supply schedule and inflation schedule cycles. And was funny in the context of the kitchen cycled the the second secondary cycle this kind of like a ten year cycle is. I actually think when we're looking at the idea of how the let's take the stock to flow for simplicity. Right is that it's the beginning of bitcoins. Life cycle here when the amount of Bickering being issued was enormous. Percentage of the supply was a hunt. Will you know basically the first year. One hundred percents is by fifty. Bitcoin per block means that the inflation rate the amount of capital or the amount of newly issued. Bitcoin coming into circulation was massive so to have that cut in half to twenty five is extremely is very substantial on the flow of bitcoin on the amount of bitcoin. It's coming into circulation that needs to be met with new demand but after you've already issued ten million after ten million coins already exist in your issuing at twenty five per block in the net custody. Twelve point five actually doesn't have as great of effect suddenly and this is something that can edge from talk about in this article. Is that you start to shift away from the inflation schedule as the amount of capital or the th the flow say so to speak the flow in the economy and it moves toward inventories. And you have this savings versus spending cycle and this is much more akin to a normal sort of seasonal cycle that you would see in the markets or a traditional business.
"bitcoin" Discussed on Bitcoin Audible
"Of several key supporting innovations the innovative entrepreneurial insight for transformation to begin the stage of prosperity simply could not arise in less. All of the requisite ideas had. I been discovered in the context of bitcoin the k. Waves of concern pertain. To the source of hardness in money loosely. The waves appear to be the age of gold specie money. Eighteen seventy three to nineteen fourteen the age of the gold standard from nineteen twenty five to nineteen seventy-three the age of fiat money from nineteen seventy three to two thousand nine and finally the age of bitcoin. Two thousand nine onwards if the cave link of roughly forty years is prescriptive. It suggests us. There are likely going to be interesting. Transformations in store for bitcoin well before the final bitcoin his mind at the end of the first bitcoin k. Wave roughly in the year twenty forty seven tin having cycles will have been completed and ninety nine point nine zero two three four three eight. Six percent of all bitcoins will have been mind leaving. Just shy of twenty thousand. Five hundred and eight. Bitcoins left to be mined. The economic value of blocks space will naturally rise exponentially throughout this wave and perhaps this metric will even prove pivotal in effecting. The end of the first wave the second bitcoin k. Wave will rely on a suite of associated technologies that are either extremely nascent at this stage or even yet unimagined in order to bring about the next transformation. Mark andriessen jobs Made around the time of the beginning of the first bitcoin k. Wave that software is eating. The world is relevant to bitcoin during this cycle since bitcoin is eating monetary systems in the second bitcoin k. Wave however a much. Larger gamut of technologies will permit us to say that quote. Bitcoin is eating digital economies in mass. The most useful ratio for the bitcoin. Contra tif cycle would seem to be the stock to flow ratio that safer dina moves discussed in his book and is now well known to bitcoin observers. Thanks to plan. B's empirical work however in terms of annual production in net stock of course the s two f ratio increases as a step function asymptotically as we approach the year. Twenty one forty there can be no variations to accommodate cyclicality. We can see that. It may well be that bitcoin. We'll break all expectations as it. So frequently does and give us an age of bitcoin that has a far longer k. Wavelength however if indeed past proves precedent and between now and when the final coin is fully minted. Bitcoin experiences at least three full contract cycles of roughly forty years in length each we can still use a modified version of.
"bitcoin" Discussed on Bitcoin Audible
"Money. You may find that this choice will make you care about money. I'm not talking about simply desiring to personally possess a lot of money. I'm talking about caring about money's integrity because it is such an essential part of functioning healthy vibrant and robust civilization. As this happens you will likely conclude. Bitcoin is the instrument most finely tuned to supporting such a civilization. And this will lead you to care about bitcoin and quite possibly even to care for it. Chapter sixteen why. Bitcoin is so much more than money. Don't just think of bitcoin as a new type of money. Think of the implications of money. That doesn't have borders or institutions limiting. It cars turned out to be so much more than just another way to get around. Automobiles didn't simply replace the horse and buggy rather cars ushered in an age of massive mobility where billions of people could safely move around at previously unattainable speeds and practically any time. This led to an explosion in the number of places that people could go to because cars made it possible to create so many new places and have them thrive cars liberated people and the result was profoundly transformational on the lives of everyone. They changed the world however in the early days of the automobile. It was not entirely clear that any of this was going to happen. Cars weren't yet faster than horses. They were vastly outnumbered by horses. Roads weren't designed for them. There were no highways. Even that all changed in time now. It's bitcoins turn to change the world. The same phenomenon is a foot today with bitcoin. Bitcoin is a massive improvement over previous forms of money on every dimension that relates to money and finance it is secure scarce and accessible to everyone in the world it can be sent anywhere in the world. It lasts forever. It is predictable. Auditable verifiable and divisible. It is simply profoundly superior as was the case with the build out of infrastructure for automobiles including roads highways gas stations.
"bitcoin" Discussed on Bitcoin Audible
"Many corporations and institutions are beginning to store their wealth in bitcoin precisely for this reason they once expected bitcoin to die. In fact many of them expected it to die because they tried to kill it by preventing their customers from accessing it. They now see that. This strategy only hurts themselves. Not bitcoin so now they are coming around and in doing so. They are making bitcoin. More valuable and more widely adopted. The same is true of people who developed and invested in competitors to bitcoin expecting to kill it by replacing it. They couldn't match bitcoins unique features but bitcoin could patch into itself any improvements. They may actually have had not. Every attack is easily defeated. Bitcoin has been through some very frightening and drawn out battles. The most severe of these in my opinion was when powerful people within bitcoins. ecosystem tried to betray it. But even in that worst case example bitcoin dealt a lesson to all involved enemy and ally alike that it could resist such an attack as such it has demonstrated to all those stakeholders that it is pointless to mount such an attack ever again attack. Bitcoin please. this chapter is not meant to discourage anyone from attacking bitcoin. If they have some clever attack planned instead it asked that they please do attack it and give it their very best shot. It's for the good of bitcoin chapter thirteen. Why bitcoin is the path to economic. Some people are warned off of bitcoin because of allegations of volatility. These allegations are misplaced. Bitcoin is actually extremely stable. And in the long term will provide the world with greater economic stability precisely because of its predictable. Reliable and transparent guarantees. Bighorn is extremely volatile day. The journalists economists and bankers. Is it though if you were on a boat that was being tossed about by rough seas and we're looking out at a lighthouse on the shore that lighthouses position would appear extremely volatile yours. Why bitcoin is like that lighthouse. Bitcoin is profoundly stable. Everything about bitcoins. Operation is actually perfectly stable. The supply of coins is issued precisely in the quantity and exactly according to the scheduled. It was set out on its launch. Bitcoin remains fully operational with not a single second of downtime in the last eight years and only two downtime events in its entire existence every critical aspect of bitcoin. Like it's decentralisation remains in place and only get stronger over time no matter what the world has thrown at it. Bitcoin has kept all its promises. One it has prevented bitcoins from ever being misspent or re spent two it has issued a precisely predictable supply three. It has allowed owners to spend coins without restriction.
"bitcoin" Discussed on Bitcoin Audible
"Bitcoin only makes it stronger. Bitcoin keeps getting stronger despite the fact that it confronts challenges of increasing difficulty from ever stronger opponents although they don't stay its opponents for long coin. Loves being attacked. Bitcoin especially likes it when something tries to kill it and it's also very fond of people trying to ban it or trying to replace it with something quote better when it comes to attacks on bitcoin. The question isn't what's going to kill bitcoin. It's what's going to make. Bitcoin bigger stronger better and more valuable. Bitcoin thrives when attacked bitcoin was born with mini capabilities that protected against the kinds of attacks. That would instantly damage or destroy any person company or country yes. Bitcoin could survive a nuclear attack. Bitcoin can also develop new defenses that it previously lacked he can add or learn new capabilities because it is software and it strongly incentivizes people who own bitcoins to create and install these defenses. Bitcoin is the greatest gladiator. The world has seen all of bitcoins. Battles take place out in the open each time. Bitcoin successfully fends off a new attack. In the real world. The whole world gets to see that. Bitcoin is invulnerable to yet one more thing as a result observers can all see that bitcoin has proven itself to be stronger than was believed. Some of these witnesses then began to use bitcoin or to use it more than they had previously. This makes bitcoin more valuable when bitcoin becomes more valuable that usually attract new attackers allowing this glorious process to begin a new even when it comes to the very people who are attacking bitcoin or those cheering them on. Bitcoin does not prevent them from using it. When the attack is over nor even during the attack for that matter. Bitcoin welcomes all its enemies. As equally as it does its allies. Bitcoin is always ready to make peace with everyone even with those who fought against it. Bitcoin holds no grudges against anyone and will treat its enemies exactly as it treats everyone else. Bitcoin grows from being attacked. One of the most significant ways bitcoin grows is by proving itself capable of adapting to and surviving attacks..
"bitcoin" Discussed on Bitcoin Audible
"Clean energy is the cheapest source of 'electricity par to. Bitcoin is a very good use of energy. Let me begin the second point by acknowledging that. Bitcoin does use lots of energy. Why this is a good thing is explained in this short article link included. Bitcoin is transparent and honest. About how much energy it uses. So this makes it an easy target to criticize. However bitcoin is sound money better than our current system of money and that is a very valuable thing for a civilization to have it is arguably a far more worthwhile expenditure of energy than many other large uses of energy such as sources of entertainment like social media or personal overconsumption like unhealthy processed food further considered the energy used in military operations the current banking system and many other things. We'd be better off with less of in our lives. Because bitcoin increases in value over time it incentivizes more saving and reduced spending. Bitcoin stands to correct unnecessary consumption which includes significant energy misuse and waste. This leads me to the conclusion that it will almost certainly be a net benefit to the environment part three bitcoin incentivizes the development of abundant clean energy thirdly and finally. I'd like to point out that bitcoin mining actually encourages the development of ever cheaper energy. Sources this is a forward-looking point bitcoins. Energy use actually incentivizes the invention of cheaper ways of generating energy than we have now as an example. There are currently multiple initiatives to capture clean stranded energy which is impractical to ship or transmit. Bitcoin mining can be used immediately where this energy is generated removing pressure on existing power sources used for other applications search the internet for bitcoin stranded energy mining to find numerous examples..
"bitcoin" Discussed on Bitcoin Audible
"Of twenty one million bitcoins ever and creating bitcoins also requires work. Nobody can conjure bitcoins without proving that they worked to create them. The creation of bitcoins is a giant competition between workers. All over the world to win each reward that one every ten minutes on average more competitors in the more work they do the harder it gets to win. So if you put in your time and your energy to earn money wouldn't you want to choose a money that also requires the people who created to have to put in their time and energy to that money is bitcoin and it is the only money in the world. Now that gibbs fair treatment of people who put in their time and energy to earn money chapter seven why bitcoins energy use is not environmentally harmful. You may have heard criticism that. Bitcoin uses a lots of energy ended. This is bad for the environment. This criticism is flawed. Please consider this rebuttal in three short parts park one. Not all energy use is harmful to the environment. I let us address a flawed presumption that all energy uses harmful to the environment. There are many forms of clean energy produced by nuclear and hydro mostly but also increasingly wind and solar that are far cheaper than energy created by fossil fuel..
"bitcoin" Discussed on Bitcoin Audible
"It's the nominal amount is irrelevant. The amount of the numbers we have to measure the value that we have created is has nothing to do with the actual ability to create that value in the first place. It is irrelevant. The very idea is simply that it remains consistent so we can measure that value against the past. It is as irrelevant as saying whether i measure my house in inches or feet does not affect how big i can build the house. Money is a representation of goods. It is a record of who has produced that extra productivity and those extra resources in the economy that is exactly what enables us to get those goods and resources for less in the future who has contributed realistically and therefore who is rewarded from doing it. The people who save the people who saved resources if you produced more than you consumed you were rewarded from the falling in the price level. Why because you were the reason. The price level fell and sums up her argument here. She says bitcoin like applying all of this back to bitcoin. She says bitcoin has a fixed supply. If it's used as a currency as the economy expands prices of goods and services denominated in. Bitcoin drop that encourages. Bitcoin hoarding as people expected to be worth more tomorrow. Which leads to more bitcoin taken out of circulation. The money supply shrinks further. Yes with deflation each She combined you more stuff. But with investment and production incentives destroyed us. Soon won't have more stuff to buy. These are one hundred percent contradictory. If you don't have more stuff to buy the value of the money doesn't go up doe way you take. Bitcoin out of circulation is by producing goods into the economy. So that you can save the money instead again. Money is a record of things done in the past if you are pulling money out of circulation the way the only way to do that in a fixed sound money economy is to produce resources into the economy so that you can trade it for money. The only way that the money supply can shrink in regards to what's available on the market. Is that the resource. Supply is growing taking bitcoin out of circulation. Fundamentally means putting resources into circulation the only times that is not true are when we are talking about counterfeiting. The money supply inflating at arbitrarily. Because you're the master or stealing and all three of those are the same thing stealing and no. It's not good for the economy. It's good for the thief period. Now everything up to here was just a economic argument. She lays out a theory on. Did she contradicts a few times but nonetheless if we take her presumptions that somehow technological progress in. Tv's and computers aren't real deflation than okay. We'll we'll pretend you're hypothetical as real world. Now this is how she ends this quote you say we can still have a currency with fixed supply like bitcoin. We just need to entirely change. How interest rates wages and prices are set. Yes they should be set by the market. Of course one hundred percent. We should do that. We should stop having price controls. We should stop having monetary authorities the arbitrarily set the price and think they can decide better than the economy..
"bitcoin" Discussed on Speaking of Bitcoin
"Because you could use it with simple. Non smart cell phones. Can we create the necessary conditions within bitcoin. So that when people are willing unafraid able through technology. Bitcoin is the natural neutral global choice that they can put their trust in. And if we create those conditions then we can address the real potential bitcoin. So let's look what the real potential of bitcoin is. within that scenario. Anybody wanna hazard a guess as to how many people in the us do not have a bank account sixty million. It's somewhere between fifteen and twenty percent depending on how it's count is the fully une banked population of this country. That's an enormous number. Now do you think that's because these people don't have money no usually there's ten other reasons why people are on banked. It has to do with regulatory issues right. They don't have sufficient proof of identity. They don't have legal status in this country. They don't have enough documentation. They don't have enough money or enough cash flow through that count to make it worthwhile. And so you have this completely parallel. Banking system which in the us consists of payday loans short-term loans and various other very exploitative vulture like capitalism systems that exploited the poor. You grasp for a moment that in the us sixty million people live under that banking regime make the leap and realize six and a half billion people elsewhere have never known anything bought that regime. And that's where bitcoin wins. It's not about us. Because the relative utility of bitcoin to someone who's already banked who has a stable reserve currency is relatively small. But once you start thinking about the great unbagged masses the question is how do we make it possible for them to adopt bitcoin as quickly as possible. What are the preconditions. Let me suggest some of the answers one. We need to be able to make bitcoin usable without constant taxes. to the blockchain. This is already possible than a number of ways you can do islands of bitcoin that enabled transactional bitcoin within that island and occasionally sink back only the inflows and outflows into the blockchain. This is already happening when you go on mount box. You buy bitcoin and you so bitcoin and you buy bitcoin yourself. Bitcoin you buy bitcoins. You think they actually have that. Bitcoin possibly but they really only accounts for the bitcoin. You withdrawal only that hits the blockchain the rest of it is completely off blockchain transactions. So can we do that. On a more systematic basis for those countries and those environments where you don't have always on connections where you can transfer seven gigabytes over your internet connection in less than six months and where if you start the download. The problem isn't that your connection will flicker out the problem is that your city will flicker out as it does every afternoon at two pm because everyone turned on the air conditioning..
"bitcoin" Discussed on What Bitcoin Did
"Bitcoin can be can be Broken down into one hundred million units so while there's only twenty one million units a twenty one million bitcoin bec- each bitcoin can be divided in aggregated. Into two hundred million units. That again is important because when you think about gold while bull gold shares a common property which is it can be Melted down and divided into smaller units and and larger units. It's inherently limited. That process is very difficult. And and that waltz possible. It's not practical. And that's really because what while was possible not practical. That's really why the dollar emerged or or bank knows did that. That became fractional representations of gold. So i think it's key to pin to gold. There's also a recognition that most people don't have that appreciation then. It's like come to the dollar. The dollar is very good at being able to be divided aggregated You know kind of again solving that core problem bitcoin while a dollar can be divided into two hundred cents..
"bitcoin" Discussed on What Bitcoin Did
"Like Primitive that the lightning network uses for the hdlc's and so like all of these more complicated kind of programs you can make there are also rules on like how big those can be like size limits. On how many computations Will run to validate something before. It just goes. This is requiring me to compute too much so like aside from like all the obvious things don't spend Without a valid signature Like you kind of have a lot more technical things like that that kind of restrict things and those types of things come back to like everybody has to be able to afford to validate this so like it's not just the block size. That's kind of doing that. You also have limitations on how big individual transaction can be or the script like in an actual ut akzo and things like a and that's a good i level view of things but let's let's talk about how somebody may try and cheat the system by operating by creighton invalid block but also running a node which follows that blocks and we really talking about chain splits. Here what happens. There could be a scenario where a minor creates an invalid block whereby they create a bunch of bitcoin for themselves and they could be validated by a node but if all other nodes rejected that block on exists on that note and they can keep creating new blocks and keep adding it to that node. Essentially they've created a new coin that point because the chain of split and they will make no money unless people want to buy that coin exactly so they can try it on their own but the only way to create a new coin which might have value is actually to have some kind of coordinated split like be cash esp cash keeps losing value relevant bitcoin. But at that point there was Let's say some former social consensus where people wanted a different coin. Which did something different. So they created a new set of rules it created new nodes a bunch of people run. Those knows a bunch of miners mined them. And that is interesting. Just split the networking to and created this new coin. And at that point some of the exchanges were willing to allow that to trade and then the market through trading decided the value of that coin which is continually dropping compared to bitcoin. But you can only create you can only create an an while saying invalid blog. You can only create a block with different rules. Have another knows which.
"bitcoin" Discussed on Bitcoin Radio
"You switch. Won't from our takes a while the scene you just let down is that i go full and i am going to stop setting up accounts on these platforms. I'm going to try my best to get engagement out. But just from. What i've seen right now is going to take a while to adopt them and by ankle for them absolutely. Yeah i yeah. Many many of them have sort of been in the work than i think even read it a couple days ago. Not so that yeah. He saw that right. That's that's pretty interesting. Love it so so. I'm sure while you're producing all this content and engaging with interesting people so how do you how do you exactly get new ideas for inspiration and like what do you think is you know. Maybe half the name with via's in different things in the world right now. With in retrospect to You know some of the other events that have taken place like for example. Yeah we just had the bitcoin having and you know the government is printing different money like do seek do you up specifically kind of see those changes in like sentiment or or perception me. I can say like. I've had more friends. Of course you know messaging me again wanting to learn more about bitcoin somewhat most of it is still like investment. But i would say like slowly. They are warning. They're wanting to know more about the technology before they invest like this time around like kind of face to is what i like to call it. I guess we had our phase one for sure. Now i agree. I mean and this is why i go back to important for people to understand. Bitcoin exist needs to stand the financial system and the economy at the fastest guards things and now more than ever. I think fundamentally. Bitcoin is stronger than ever before now. We saw bitcoin emerge out of the fallout lost recession. In two thousand night. Two thousand nine and He's kind of why Whoever he she all created this system now ten eleven years later. We're in we're in a in a similar situation again. While even worse. I think when now the government printing unlimited amounts of money and again send some of these changing because of with the economy. People like okay now. Leaving people like a pool to john's a traditional hedge fund manager being effort philanthropists. Someone that you would never expect to be talking about. Bitcoin is citing. You know. I've just one hundred million dollars bitcoin to hedge against inflation so fundamentally more than ever bitcoin. Strong sentiment is definitely changing for a few years. Now of people got scared. Away from crips are because of the the bam we just went through and you saw the whole he just for the send some change completely from two thousand and seventeen when everyone in the mumbles. Buy bitcoin to now loss of years where everyone's a bit like. I'm not too sure. The dot com bubble thing to now lead traditionally been amounts of money..