'Bitcoin outperforms gold, silver, US stock market' – entrepreneur

well welcome to Sophie & Co I'm Sophie sherbert that's a dramatic spikes in value have fueled interest in Bitcoin the cyber currency phenomena messing a few dollars several years ago could have major millions today but there's trouble on the virtual market so is it safe to invest your money now our guest today is one of bitcoins biggest enterpreneurs a man known as Bitcoin choses Roger ver Bitcoin the world's most popular virtual currency is pawning a new breed of digital multimillionaires but when bitcoins biggest exchange disappeared millions of dollars of people's savings went missing can you put your trust in a virtual market what happens if somebody hacks your digital money and why a government so eager to shut it down and here we are with Roger ver Bitcoin entrepreneur which is really great to have you with us is joining us from Japan now governments call Bitcoin a financial pyramid but you call it the most important invention since the internet y-yeah Bitcoin truly is one of the most important inventions ever in the entire history of the world it's the first time in the entire history of the world that now anyone can send and receive any amount of money with anyone anywhere else on the planet and they don't need permission from a bank or a corporation or even governments for that matter and you can send or receive any amount of money just like that for practically for free and nothing like that has ever existed before in the entire history of the world so it's really really exciting to see this just blossoming and spreading to more and more people around the world but bitcoin has been making the news lately because of mount GOx one of the biggest and oldest Bitcoin exchanges that has virtually disappeared the chip is nowhere to be found the offices are empty I mean for many it does look like a very definition of a financial pyramid in action what happened there what why why why did it happen what to disappear yeah so we don't know all the details yet but it's very very important to distinguish mount GOx from Bitcoin mount GOx is just one particular company that's using Bitcoin it's not Bitcoin itself so if if hotmail dissappear dissappear tomorrow we blame email we would just blame hotmail and say we shouldn't use hotmail anymore we can use Gmail or Yahoo or any of the other email service providers and it's the exact same way with mount GOx mount GOx is having some problems but that doesn't reflect on Bitcoin itself as a whole so Bitcoin itself has no problem whatsoever and it's still being used by millions of people around the world I feel horrible for all the people that got caught up in the mail Cox mess but that's mount gox's problem about bitcoins problem so where's a guarantee that what happened with Mont God's will happen again um there is no guarantee that that won't happen again but if you hold your bitcoins yourself you can have the control in your own hands where you don't have to trust some other company that they want to get hacked or bad things won't happen there's all sorts of open-source software tools like blockchain dot info is the one that I use myself and recommend you hold your bitcoins yourself you don't have to ask permission from anybody else you have all the information that's required to spend your bitcoins without needing to trust rely on anybody and I think that's the real way to go if you're going to be using bitcoins my advice to you is hold them yourself in your own Bitcoin wallet rather than trust them with somebody else but what do you mean when you say holding bitcoins yourself didn't people lose money in at the disappearance of mom Cox didn't they lose two bitcoins they did but that's because they were they were allowing mal Cox to hold their bitcoins for them on their behalf and while mal Cox is holding their bitcoins for them they have to trust that mal Cox isn't going to lose them and in this case mal Cox wound up it appears to have lost everybody's bitcoins and that's a big problem but all the people that were holding their bitcoins themselves in their own wallet had no problem whatsoever and they still have all of their bitcoins so I think the real lesson to be learned from the mount gothic incident is to hold your bitcoins in your own wallet yourself and only send them to a Bitcoin exchange if you're actively going to be trading with them well um like you said there's no guarantee that what happened to mom Cox what happened again so here's my question let's say I if I lose my cash in real life right I can go to police I can sue a bank right there's a higher instance that I can complain to Bitcoin is not regulated by anybody or anything what happens if you lose your bitcoins where do they go could you ever get them back could you complain to someone about that um to be honest with your cash I think if you go to the police – not particularly likely to help you and thank theoretically there's always a higher instance that you can complain to in case of Bitcoin because it's not regulated by anyone or anything I'm just wondering like can I sue someone do you know what I mean yeah I don't think it's necessarily fair to say that Bitcoin is unregulated there's all sorts of laws that are applying to Bitcoin currently as well but look at the people that you know had money in the banks in Cyprus all of a sudden the government there changed the rules on them and they lost a percentage of their bank accounts and there's not really anybody that they can go to to complain with either with Bitcoin if you're holding them in your own wallet there's there's nobody that can affect those bitcoins in your wallet you have complete control over them and that's a much much much better position to be in than if you're keeping your bank your money in a traditional bank or financial system because if something happens there yeah you can complain about it but in reality you're probably not going to be able to have much effect mm-hmm why is the number of bitcoins limited to 21 million can that number ever grow that number cannot grow it's hard-coded into the code itself and that's one of the most attractive aspects of Bitcoin with US dollars or Euros or Japanese yen the governments can print as many of them as they want at any time for any reason and then that makes all the savings that the normalized people have worth less with Bitcoin because that cannot happen the price of bitcoins in terms of dollars or euros or yen will have to constantly increase year after year as more more people start using it as a currency so for example I got into Bitcoin a little over three years ago when I first heard about Bitcoin they were less than a dollar today they're around $600 and in the future if they become really popular and used all over the world like it looks like is going to happen each single Bitcoin is going to have to be worth at least tens of thousands of dollars if not you know maybe even a hundred thousand dollars or more for each one single Bitcoin that today is worth around six hundred dollars and we're really seeing lots and lots of merchants get on board with I know overstock.com is one of the largest shopping web sites in the entire United States that are accepting Bitcoin directly the CEO has gone on record saying that they're not converting the bitcoins into dollars and they're planning to spend a portion of the bitcoins they received to pay their suppliers with my previous business I still play suppliers in China all the time with Bitcoin and it's just so much more convenient to send and receive money with Bitcoin than it is with any other payment system that's ever existed before in the history of the world and nothing like that's existed and the best way is for people to understand bitcoin is to actually go and use it so I would recommend people go to WWE info and make a free wallet it doesn't cost anything you don't even have to give your email address if you don't want to and then you have a Bitcoin wallet that's 100% completely in your own control and you can then send and receive money with anyone anywhere else on the planet and you don't have to ask permission from anybody you don't have to sign any Terms of Service it just works Roger do you have any kind of other money on you that you ever use like any heart currency or you only use bitcoins with everything yeah actually um in my computer bag sitting next to the set here I have Japanese yen I have US dollars I have British pounds I have Korean Won I have Chinese RMB and I have all these stupid pieces of paper that I have to sort out every time I travel from one country to another it's so incredibly inconvenient to keep track of which you know pieces of paper that people have been using for hundreds of years as money I have to use at the particular geographic area I'm in with Bitcoin I just pull out my cell phone and it doesn't matter what country I'm in it just works so bitcoins from that perspective are certainly much much much more convenient than the other types of pieces of paper I still have to carry around with me and I look forward to the day I don't need to carry those pieces of paper around with me anymore we can ask you something like I'm trying to figure out the technicalities of using bitcoins like nowadays and I'm not saying in 50 60 years what exactly can I buy with bitcoins I mean can I travel with them can I pay for college go to brand name stores for example pay mortgage cuz I'm thinking like if I want to become a Bitcoin millionaire the first thing I want to do is like going shopping spree sure I think at this point a better question is what can't you buy with Bitcoin so for example I just flew into Tokyo a couple of days ago from the US I bought my plane ticket on cheap Air calm with Bitcoin when I was visiting the u.s. I paid for my hotel stay in Bitcoin you can buy rides in outer space with Bitcoin you can buy just about anything you can think of with Bitcoin at this point so the real question is what can't you buy with Bitcoin but so can you go to stores like I don't know brand name stores can you pay for college with bitcoins is something that's already in store sure every University doesn't accept Bitcoin yet but there's a number of colleges that already do there's a whole bunch of physical real-world locations that you can spin bitcoins at there's a great website called coin map dot org and you can see all sorts of locations near you that will allow you to spin bitcoins in their physical shop Bitcoin is primarily an online currency so there's probably hundreds of thousands of websites around the world that accept bitcoins directly at this point so as far as online goods go you could buy just about anything and if there is something that you can't buy with bitcoins correctly there's all sorts of Bitcoin exchanges that will let you exchange bitcoins back into your local currency and well that's my next question how can beat coins been exchanged for a heart currency how does that happen yeah the same ways if you had a gold coin or a bar gold you would find a gold exchanger and you would give them the gold and they would give you the local fiat currency it's the same way with Bitcoin there's another great website called Bitcoin charts com and you can see a list of probably over a hundred different Bitcoin exchanges around the world at this point that will exchange your local fiat currency to or from Bitcoin if you're in the US there's a great company called coin based calm you link your bank account to their website just like you would with your PayPal account and they'll debit dollars from your account and give you bitcoins or you can send them bitcoins no deposit dollars right into your bank account and they just charge a fee that's a small fraction of what PayPal would charge you and it's a fantastic website and really convenient to use but my advice to everybody is if you use that website to buy or sell bitcoins store the bitcoins in the wallet in which you control the keys from what I understand you can also create your own bitcoins right through a process that's called mining and that would imply a certain knowledge of maths or a technological knowledge so is it a system limited to computer experts only yeah what I generally tell people in regards to Bitcoin mining is you can kind of think of it as the same way of as gold mining technically you could probably go up in the mountains and dig around and dig some gold out of the mountains but your time is probably better spent doing your regular job and then convert whatever sort of money you're using in your regular job into bitcoins just as if you wanted gold you would probably just buy it rather than go in the mountains and dig for it but if you're inclined there's all sorts of information on the Internet you can read about all the specialized hardware that people are building to mine bitcoins one thing a lot of people don't realize about Bitcoin mining is in the next year there'll be somewhere around a billion dollars worth of bitcoins created which means that people will be willing to spend just under a billion dollars to mine those bitcoins so the Bitcoin mining industry is about a billion dollar a year industry at this point and it's only going to grow from here so basically it's kind of funny because it comes down to industry of two kinds of people the really smart ones who can mind their own bitcoins or the rich ones who can buy the bitcoins right there's lots of people that work for bitcoins and get their salary paid in Bitcoin there's more and more of that sort of thing growing all over the world and I think in the near future we'll see lots and lots of people receiving their their salary and Bitcoin the company that I'm involved with most heavily is called blockchain dot info every single employee gets paid 100% in Bitcoin we have no bank account we don't have anything other than bitcoins and it works wonderfully we pay all our visitors in Bitcoin everybody's happy to be running their life that way and it's really really convenient Roger we're going to take a short break we'll be back with Roger ver a Bitcoin proponent and businessman to talk about the dangers that investing in the cryptocurrency can bring stay tuned you and we're back with Roger ver the cryptocurrency entrepreneur known as Bitcoin Jesus how does that make you feel and was you've invested in 2011 yet you mentioned in the beginning when one Bitcoin was worth $1 how does one become a become millionaire and how quickly did that happen for you that's that's a little bit personal I suppose but if you buy even if you buy a decent amount of bitcoins now I think there's a real good chance that their continued to go up substantially for more than right now because as we're seeing more and more websites all over the world are starting to use Bitcoin more and more people are already using Bitcoin for example the the website that I'm involved with again at the beginning of the year we had just right around a million users exactly at January 1st now we have over 1.3 million users and it's only been two months so I think by the end of the year there's a good chance we'll have somewhere around 10 million users so the more people that use bitcoins because the supply is limited to 21 million and there can never be more than that as more and more people start to use at the price of bitcoins in terms of dollars will have to go up and in the future if you buy some bitcoins now there's a real good chance that they'll be worth a lot more in the future I know personally with my bitcoins I want to hold on to as many of them as I possibly can because I think the value will continue to go up but that's not the real main reason to get involved with Bitcoin just as an average person they're much much easier to use if you want to send money to people that aren't standing right next to you and it's cheaper and faster and easier than any other system that's ever been devised in the history of the world but but but also I'm thinking I'm thinking can you become millionaire quicker investing in bitcoins than a regular guy who's investing in bonds and stocks yeah my my goal isn't to provoke Bitcoin as an investment scheme but if you ask me directly as that yeah I think but I made a bet a little over two years ago that Bitcoin would outperform gold silver and the US stock market by more than 100 times and I bet $10,000 at the time I said that yeah I said that it would do that over the next two years and in fact it didn't do that over the next two years it took two years in two months so in two years and two months I took the $10,000 that worth of bitcoins that were that I bought at the time I made the bet and two years and two months later that $10,000 was worth over 1.1 million US dollars so in two years it went from ten thousand dollars to over 1.1 million dollars and I donated all of those to the foundation for economic education which is a exactly what the name says it's a foundation that educates people on economics and it's because of their books and articles that I read when I was younger that allowed me to understand just how amazing Bitcoin was going to be and I've definitely been proved right at this point it's gaining more and more popularity and more and more people are starting to use it and I think we'll see some similar increases to that over the next two years as well but bitcoins value jumps up and down so drastically in a space of a week how can you trust something that is so unstable and volatile yeah it does jump around and that's because the market cap is still so incredibly small as Bitcoin becomes more more popular and the market cap is larger the the stability of a Bitcoin will increase so can you loan or borrow money within the Bitcoin system sure people borrow and loan money all the time with Bitcoin there's all sorts of markets for that there's all sorts of trading and things like that going on with Bitcoin it makes it incredibly easy to loan someone you know $1 worth of Bitcoin or 1 million dollars worth of Bitcoin to or from anywhere on the planet with people that trust each other and there's all sorts of interesting technological things that people can deal with Bitcoin called multi signature transactions so for example if some bitcoins are sent to a particular Bitcoin address you can have it set up so that three separate people control that address and any two of those three can can spin the bitcoins so you can set up all sorts of escrow systems and all sorts of interesting things to make it much much safer for people to use or loan or borrow bitcoins so there is some kind of regulation within the system it's not completely and regulated so Bitcoin itself is regulated by the laws of mathematics and those are the same anywhere in the universe and cannot be changed men can go and pass whatever laws they want but it doesn't change the laws of mathematics so at the end of the day politicians will pass whatever laws they want but that won't change the way Bitcoin itself functions and people will just choose whether or not they personally want to follow those rules or regulations with the Bitcoin that they're using but bacon em is a piece of computer code like you said it's regulated by laws of mathematics where does its market value come from its market value comes from its utility because bitcoin is so incredibly useful to use as money people just spontaneously started using it that way and as more and more people start using it that way it has even more and more value because there's more people that you can trade with Bitcoin with and because the supply is limited anytime you have a demand for something with a scarce supply the price is going to be set by supply and demand and the demand has been increasing year after year and the supply has been staying about the same so the price has been increasing to accommodate that additional demand and I think really clearly we're going to see that continue to happen over the next couple of years as well but but it's still only a computer program right Bitcoin exchanges have been coming under massive cyberattacks from unknown sources what anything's behind them I don't know I don't have an opinion people go and hack things and do bad things on the internet all the time I'm sure there's lots of people that have various motivations for that I'm not one of them so I don't really have an opinion as to what they're doing but I'm confident that lots of smart good people out there will find ways to deal with these cyberattacks and cause it to not be a problem for normal people that just want to use the internet or just want to use bitcoins but but at this point it's still a big danger though for those who think that bitcoin is hacker-proof because it's so heavily encrypted sure but bitcoin is dangerous don't put all your eggs in one basket don't put your entire life savings into Bitcoin but if you're careful about what you're doing and use strong passwords and use good proper computer security you can use bitcoins very very safely to send it basically any amount of money anywhere in the world so if you're careful with what you're doing you can use Bitcoin safely it's not ready for your grandmother to use yet but lots and lots of really smart computer programmers are working on the software tools that eventually will make Bitcoin easy and safe enough for your grandmother to use but I guess with all the perks that bring Bitcoin brings there is a side effect the system clearly facilitates crime you can buy drugs arms your payments will be untraceable it's very accessible it's quick doesn't it only seem obvious that somebody needs to control that part at least everything you just said applies to cash so I don't see Bitcoin as being any more disruptive or destructive in that sense than cash people use cash to buy drugs and guns and terrorism and whatever else you want yeah some people will do some bad things with Bitcoin but that doesn't mean that the rest of the world should be deprived from the ability to being able to send any amount of money to or from anyone anywhere on the planet almost for free and that's a wonderful wonderful thing that's going to improve the lives of literally billions of people across the world and just because some people might do some bad things isn't any sort of reason to try and delay or squash or hold back this wonderful invention that's going to improve the lives of just about everybody well all I'm asking is that if you come up with a virtual currency government can't really do anything about that because it's not against a law you're not breaking any law but if this wonderful virtual currency facilitates crime this is something that government can declare a war on Bitcoin for do you know what I mean this could be a reason for a crackdown on Bitcoin at the end of the day people wearing costumes and shiny badges can do whatever they want but it doesn't make it right and it doesn't mean that they have the moral authority to do so in the last century alone governments rounded up more than 250 million innocent people and executed them so at the end of the day I'm not really particularly interested in what the politicians think and that's one of the things that had me so excited about Bitcoin is that it's technically technologically beyond the control of politicians and all in all it's going to be a wonderful wonderful thing it's going to live so many people out of poverty all over the world and if the politicians try and stop that that's on them that's them committing evil trying to prevent people from improving their situation in the world and I want no part of that whatsoever no no but all I'm saying like no one's doubting how wonderful Bitcoin is I'm actually very excited to start using it myself all I'm saying is that you know facilitation of the crime which is obvious in case of Bitcoin it could be a reason enough for the government to actually officially come after Bitcoin yeah maybe they will but I disagree with their assessment that that's what they should do and all the arguments that you previously gave apply equally to cash all right um so what does it mean when people say that Bitcoin payments are irreversible can you explain that it's actually very similar to cash if I hand you you know $100 bill and it's in your hands the only way for me to get it back is to ask you for to send it back to me and Bitcoin is the same way if I send you some bitcoins the only way for me to get it back would be to ask you to send it back to me and that's very different than than credit cards or checks or Bank wires in which you can call it the credit card company you know months and months later and say oh you know send me my money back I didn't buy that or I changed my mind or whatever reason with Bitcoin once you've sent the bitcoins that's it the transaction is done it's over wouldn't that have consequences for business like wouldn't people wouldn't be easier for paper to lie to other people they're making business with like if you if the transaction is irreversible luckily we have all sorts of tools to deal with that sort of thing so there's all sorts of online escrows there's all sorts of a basically anytime you're paying a company in which you trust so let's take amazon.com for example if you pay with a credit card the credit card company is going to charge around a 3% fee if you pay with Bitcoin there's basically no fee so Amazon has a 3% saving right there I think of I'll predict actually I'll go out here on camera I'm going to predict that amazon.com is going to be accepting Bitcoin by the end of this year and I think not too long after that all the different businesses that are accepting Bitcoin I think they're going to have to start offering a discount for people that pay in Bitcoin over credit cards so maybe they'll offer a 1% discount all the people that pay with Bitcoin will get a 1% discount and Amazon will save another 1 or 2% offer the credit card processing fees and everybody's happy and in regards to you know is paying with Bitcoin and chargebacks if you pay Amazon you know that if there's a problem they're going to do the right thing they're going to give you your money back there's an issue they'll make a refund they'll send you another product they'll take care of it and in the future if you're paying for some business that you're not so sure about if you trust or not maybe you'll still want to use a credit card I'm not predicting that credit cards are going to go away completely but I am predicting that Bitcoin is going to become the predominant form of payment online but do you think Bitcoin will ever replace national currencies I'm hoping and it depends on what sort of fiscal policy governments have if the government's are restrained and in regards their money printing and quantitative easing then maybe there's not as much of a need for Bitcoin but if governments continue to just pray money like crazy and devaluing their currencies all around the world people are figuring it out real quick with Bitcoin that sort of thing can't happen and people are going to just flood to want to use Bitcoin instead of dollars or euros or yen all right Roger thank you very much for this very interesting insight we're talking to Roger ver one of the biggest Bitcoin investors we're talking about the future of Bitcoin and how more and more people will be using it but we have to be smart about it and maybe not put all our eggs in one basket as of now thanks for that interview that's it for this edition of Sofie and cone we'll see you next time Oh

23 thoughts on “'Bitcoin outperforms gold, silver, US stock market' – entrepreneur”

  1. That host doesn't understand what Roger Ver talks about))))at 3.25 miutes especially.

  2. How embarrassing it must be to play the part of someone who tries to convince people that an amazing thing is not an amazing thing. Not only is government money about to go extinct, but so, too, are these ridiculous, centralized outlets of sub-par intellect.

  3. Roger at his best as a Bitcoin evangelist… little did he know that in 2018 a buffoon called Fake Toshi would have betrayed him.

  4. God bless you roger you are a real man for the people I want to be your woman you are so handsome and I am Aquarius too I love your strong powerful thoughts and passion !!!!

  5. Of course, I’d like to see specifics and facts on such accusations against the exchange. Otherwise, it looks quite unfounded. It's also in your best interest not to look like a spammer.

  6. This is actually a great interview with Good questions. These are the questions I get all the time. She is def answering the questions for those new to crypto.

  7. ZITCOIN terrifies Big Banks, because it threatens their centuries-long monopoly over the world. Fiat currency has paid for wars for centuries . ZITCOIN makes it possible for ANYONE who has some brain and knows how to use the technology, to become rich and be part of the money elite. That is what terrifies them, because they DON'T want that. The Big Banks rather want us all to remain poor and in debt for the rest of our lives while they SUCK away everyone's money like BLOOD LEECHES . There is a war between them and us.

    We want to become financially independent , they want to prevent us from becoming independent , the elite want to stay in power so they can do their EVIL deeds , depopulation , vaccines , land control all the EVIL stuff . IT'S TIME FOR THE MIGHTY ZITCOIN TO CHANGE THE WORLD FOR THE BETTER.

  8. Roger Ver is a convicted felon….convicted and served prison time for illegally distributing explosives in the U.S. He then renounced his U.S. citizenship. He then participated in a scam coin called BitcoinCash whose name is deceptively similar to Bitcoin to confuse the public. Bitcoin is Bullcrap, noone will give a shit when it disappears on you…this guy is SCAM personified. Thank you for promoting this conman

  9. Bitcoin TERRIFIES Big Banks, because it threatens their centuries-long monopoly over the world. Because Bitcoin makes it possible for ANYONE, who has some brain and knows how to use the technology, to become rich and be part of the money elite.

    That is what TERRIFIES them, because they don't want that. The Big Banks rather want us ALL to remain poor and in debt for the rest of our lifes while they SUCK away everyone's money like BLOOD LEECHES . There is a war between THEM and US. We want to become TRULY independent. They want to PREVENT us from becoming independent. That is the harsh reality . BITCOIN TO THE RESCUE .

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