The 1 Bitcoin Show- Leo Weese in Hong Kong talks about the protests, China, Bitcoin, and much more!


Hello everyone this is adam meister the
bitcoinmeister the disrupt meister welcome to the one bitcoin show today is
August the 18th 2019 strong hand one Bitcoin equals one Bitcoin value your
wealth a bit offended by selling bitcoin is the next beat the next bitcoin
unconscionable that’s important for today ok we have a special guest in Hong
Kong yeah he’s gonna tell us what’s going on in Hong Kong it is Leo Reis I
actually met him back in 2017 very briefly at the July Hong Kong meetup for
Bitcoin a lot has changed since then Leo though the world is watching here we
were know what is going on in Hong Kong yes thanks for paying attention thanks
for thinking so much about this and spreading the words and this is it is a
bit of a historic moment and yeah the entire future of modern liberal
civilization might be at stake wow that’s that’s a lot right there yeah so
what what is the current situation on the ground people the big rumor in the
West is that the Chinese have a lot of tanks lined up ready to come in there
and crush it the People’s Armed Police has indeed moved a couple of thousand
soldiers to an area near the border but given that the entire city of Shenzhen
is sort of spread along the Hong Kong border and it’s not very easy for us to
make a judgement before that these troops are sent eventually to be
deployed in Hong Kong or whether there are yeah just seems to intimidate or
whether they are maybe to be deployed in Shenzhen right we think that so that the
kind of the vibe that we’ve been getting is that the Communist Party of China
fears that this is a fight for their death they fear that their their power
base might be crumbling to the point where they no longer control yeah what’s
going on and so they very much fear this and
some way spreading around China not necessarily because people in China will
march on the streets for democracy but simply because they’re gonna take to the
streets their discontent that they might have with their government with their
police with their employer with their bank with their neighbor there’s a lot
of a lot of tensions growing a lot of rage boiling in people and the attention
police does not have the capability by itself to maintain order if it were to
come to to mass unrest and so there’s a good chance that these movements these
pictures you see of troops moving around chenchen they’re really there to to
eventually like quell and rest in Chen Chen I’m not a Hong Kong okay so you
don’t think that we sent into Hong Kong okay that’s good to know that’s a good
take on this yeah I think there’s nothing there’s something nothing dude
there’s some people predicting Tiananmen Square like tomorrow in Hong Kong which
is is that over blowing it I think the chance of them shooting on
Hong Kong protesters is relatively low they have a couple of other tools still
in their box that they could try out – yeah simply take control of the city I
think they’re the mass panic that a gen’leman Square 2.0 could cause are a
lot more potentially damaging for them then what their plan a might be is in to
slowly take control of the city and slowly yeah establish an authoritarian
police state in Hong Kong okay there you go
I want to thank Leo very much because hey you’re you’re showing your face his
Twitter is linked to below so uh why did you go public with this a lot of people
could just be anonymous about this year I mean you’re putting yourself at risk
I assume somewhat yes but I as many people in Hong Kong as the people who
are protesting building barricades I very much believe that this is like the
fight for Hong Kong and that it’s very much worth standing
up for this the risk that we’re taking is that we might eventually have to like
leave the city or have to leave like Greater China but in if we’re not
standing up for this then we’re ending up in a with a city
that is not worth living in right and so the some people see this
even more negatively but I believe that if we don’t stand up if we don’t make
this as big of an issue as we can then we will definitely lose and if we lose
then we have nothing worth to like keep staying here and keep building Bitcoin
businesses here or keep promoting freedom here now among the I’ve heard
among the older population there they’re just like well let these kids protest
this will end and we will be fine with whatever comes about is there are there
some people that are like that I’m sure there are many people like that but what
has been very striking over the last weeks of protesting is how much the
local population of how much the like elderly or the workers or the bus
drivers have been coming out in support of the of the protesters if you join a
group of two thousand five thousand protesters that move around and build
blockades and try to put pressure on the government and then trying to sort of
like make their their cause known and you will notice that you have more for
example you would the protests would move near a public housing estate I’m
kind of like like the project and you have thousands of people coming out of
the building of all walks of life some people are still in their bus driver
uniform and some people like like I have an apron on because they’ve just been
cooking some people are very old some people bring their kids and these people
like show and tremendous amount of support for the protesters bringing them
water making sure that their eyes are washed like the teargas is washed out of
their eyes and most strikingly as soon as the police moves in throwing tear gas
at the masses trying to get people to leave trying to unblock the roads and
these residents and who are not masked who do not have protective gear
putting themselves in between the police and the protesters so they’re the
protesters wouldn’t be able to continue this now I believe in to their 11th week
if it wasn’t for the support they have from including elderly from including
just people who would consider themselves otherwise too busy to to join
the protest now I I read something about a planned bank run did that happen
people taking their money out of all the banks oh did you hear me oh did we go
down come on leo are you still there are you late
I don’t know bite we got to cut up yeah we got cut off there you you hear me all
right okay yes I saw something happen so and we’re still recording good bank run
there was a planned bank run did that happen yes I do believe it had more of
an impact than previous bank runs but it is entirely symbolic I don’t believe
that Hong Kong has a cash shortage of foreign currency of local currency but
what has been we know this only from anecdotal evidence but people who are
managing wealth people who are a track in the business of transferring money
they have been telling us and they have been telling others that hundreds of
millions if not billions have been moving out of the out of Hong Kong every
week and so there is somewhat of a bank run underway but I do not believe that
the Hong Kong banks are undercapitalized enough for this to be really relevant to
this really kind of destabilize the Hong Kong banking system on the other hand
there is increased fear that such a bank run might also be happening in China and
that China is running out of foreign currency reserves we have seen over the
last month yeah again purely anecdotal but
continued evidence that banks have been begging their customers to deposit u.s.
dollars into the account that banks have been forcefully converting US dollars
into remedy for those customers who did have for an exchange account and there
is this fear in Hong Kong that um if already these agreements that exists
between China and Hong Kong are no longer honored by China then what about
the foreign exchange reserves that the Hong Kong government has that they use
to maintain this this quite robust peg of the Hong Kong dollar to the to the US
dollar and what if China now raids these reserves and to prop up its own currency
and in such a situation the Hong Kong dollar cat peg could very much collapse
and yeah people are mainly transferring their their money out of the country I
believe that people who are in the in the upper middle class people who are
very rich they don’t necessarily need to look for Bitcoin to make this happen
because they have bank accounts in the US or in Europe or Singapore or wherever
and more for yeah more for people who are trying to save small savings Bitcoin
is like a very yeah reliable option we don’t necessarily see like massive
amounts of people now queuing up at the ATMs but again anecdotally from OTC
traders in town their juice does seem to be some some uptick but again we don’t
know if this uptick is related to just generally the Pacific on price going up
or the Hong Kong protests I want to there are Bitcoin ATMs in Hong Kong
you’re saying yeah they’re about 30 machines it’s relatively easy to run one
to operate one the legal requirements are very low the banking relationship is
the most difficult but it is entirely possible to run purely on cash you
accept cash into your machine you dispense Bitcoin and eventually you go
on to the OTC market to take the cash that you receive back into the coin
would you advise people to just get some more Bitcoin just
in case they have to leave the country I mean this is a possibility it could end
pretty bad I very much believe I don’t and go around give people investment
advice but I very much believe that people should have a emergency Bitcoin
fund that should be large enough to probably pay for a flight out of the
country or large enough to sustain sustain themselves for a month somewhere
worse if it goes really bad and people might have to leave just to wherever
they’re gonna leave to wherever they have the opportunity to write so if the
boat is going to the Philippines they’re gonna have to find a way to get around
the Philippines for a month or two and bitcoin is more than perfect for that
there’s not really any other monetary instrument that can that can match
Bitcoin in that situation remember it would check out the links below leo is
linked to below pound that like button if you’re liking this on-the-ground
information from Hong Kong unbelievable I mean you’re a public figure out there
you’re known in the Bitcoin community again is anyone else reached out try to
spread the word I do think that the Hong Kong protests are very well reported on
professional reporters from the big agency from the big newspapers they are
on the ground and they often have have teams of more than a dozen or two dozen
people and that are embedded in in the protests in multiple parts of town also
because the protester press relations are generally quite good meaning that’s
relatively easy to have on the ground coverage and so there hasn’t been a lot
of interest from the very large from the very large media publication
specifically in me and I think that’s perfectly fine there plenty of other
people around who are able to tell the story maybe we’re even more embedded or
even more knowledgeable of what’s like happening right now for example but I’m
very very happy and proud of the Bitcoin community of how much interest there’s
been specifically from the cryptocurrency community and I and a
couple of others around me or yeah very very happy to tell the story sort of for
from our and for our audience are you still
having meetups there yes we do depending on the location having a meet-up is
perfectly safe we have not had to cancel any events ourselves some of our partner
organizations have canceled events on a case-by-case basis the I think for
people who are traveling to Montcalm or for people who are coming to our Meetup
I can still very much encourage them to come I can very much encourage them to
like travel to Hong Kong and and and and see Hong Kong even right now um if you
do join the protest a couple of a couple of precautions and probably necessary in
that you should be well informed of what of what the police situation looked like
it probably is more wiser to to leave the protest if police do show up and if
you are in an area where there is police enforcement it is a good idea to know
where the where the exits are how do you get into the next train how do you get
into the making of the neighboring neighbourhood but the yeah the dangers
are not very high I’ve questioned about the police are all police citizens of
Hong Kong yes so there are rumours that they’re not
but again we don’t really see this substantiated enough there are about
thirty thousand police officers Hong Kong the requirement is that they’re
permanent residents of Hong Kong and a couple of police officers are still in
are still in duty from the colonial times they might be white they might be
Indian they might be of like other Asian ethnicities the vast majority of Hong
Kong police officers of Hong Kong Chinese they may or may not identify
largely with Hong Kong some of them have quietly shown their support for like
these protesters demands and while others have shown yeah almost
patriotic loyalty it’s the Communist Party and but I personally still believe
that they’re all Hong Kong and if Chinese officers are on the scene
then they are embedded as Watchers behind the lines yeah I’m just wondering
the chances of some of the Hong Kong police quitting and not not enforcing
these well breaking up the protests so in a way if that were to happen
especially on a large scale some kind of police strike or some kind of police
like mass exodus in numbers is probably one of the few things that would
convince the People’s Liberation Army or the People’s Armed Police to move into
Hong Kong so the kind of what hong kong is would probably want to see is that
police are sticking to their duties in enforcing the law but in a way that
respects the law themselves and some police officers are criticized for using
excess force for violating their instructions on how to use tear gas or
how to use pepper pepper spray or how to use rubber bullets or how to for example
display their their warranty cards I think that’s also the biggest threat
like to Hong Kong society is that we increasingly see the police no longer
respecting the law and no longer keeping themselves accountable to the law
probably them leaving leaving the ranks and masses is not so important as it
would be for them to yep stay true to the laws of Hong Kong okay
how long have you lived in Hong Kong for I’ve been here for eight years now
okay I came here to study and then got into Bitcoin and Hong Kong has been an
incredible place for the Bitcoin community yes it’s the free market you
got the it’s close to the free more and this is the problem the Chinese are
trying to say that they can well it’ll be less free mark I mean you
could be detained and taken back over to the mainland and that’s yeah trigger to
all of this so what is the end game for the protesters here what what do you
want to see happen it will stop protests that will stop the
protest I think it’s still entirely at least theoretically possible that the
government will come to senses and that chief executive Kerry lamb will step
down that the extradition bill is withdrawn and that an independent
inquiry into police violence is set up possibly including retracting like riot
categorizations of peaceful protests but for that to happen and the Hong Kong
government would either have to like show kind of autonomy and show some kind
of willingness to take a step back or they would have to be instructed to do
so by the Communist Party and our big fear is that the Communist Party is the
one that’s in charge here the Hong Kong government has no longer like any yeah
any ability to act by themselves and the police is entirely under control of the
Communist Party and in that case I think it’s very unlikely that the Communist
Party will take these steps back and to calm things down because they have
increasingly signaled to the Hong Kong population that if they just give an
inch that there that Hong Kong I don’t know becomes independent collapses or
even the Communist Party parties like grain and China ends I mean I do not
know where this kind of insecurity comes from I think it’s a very very deep
insecurity within the Communist Party within the Chinese government and and
maybe there is more to this than then we understand like we don’t know what the
situation looks like in China we don’t know what the economic go outlook is in
China we don’t know how many millions of people have lost their job in the last
two months because of an economic downturn and we know that from some
other from some other developing countries like India or Southeast Asia
the economy has been doing very poorly that manufacturing has been down in some
cases 40 in some cases 80 percent and if that’s the case in China then there
might be a very than yeah if you rule a country for decades and decades on the
assumption that we give out money and that’s how we justify our
that’s how we justify our rule then the second you’re no longer able to keep
that money flowing and your rule base kind of disappears well I mean this is
it that is the big question is how bad is the they don’t have to give out any
economic stats in mainland China yeah I about everything so it’s yeah they have
been yeah they have been accused of lying about their GDP for the last few
years have people left Hong Kong have some people moved away some people have
left Hong Kong simply because they want to be in a more quiet environment some
people have left because they they panic definitely but I expect that most of
these people will will come back if this if this like tones down a bit and that
the real Exodus we’re yet to come so if we’re looking at an outcome in which the
protests are violently or somewhat suppressed which they may be just run
out of steam and the government whatever government we’re talking about sort of
retains its upper hand and it’s able to yeah kind of continue doing what they’ve
been doing for the last two or three years is in increasingly making this
more an authoritarian place increasingly suppressing civil society undermining
the rule of law then people will look for options and it might take them a
year or two to secure a job offer in in Canada or in Europe or secure and visa
in the United States and but they will be definitely looking for for other
options would you leave if the army came in and started shooting yeah yeah I
probably would that’s that that would break up I mean there are a couple of
there are a couple of red lines I’m not very interested in living in an
authoritarian regime I will probably still consider myself a Hong Konger but
yeah it’s eventually this eventually if this if this movement fails then I don’t
know if it is worthy of continuing this yeah this fight that is part of a much
much larger fight of freedom in I will see you
you read you tweeted a tweet that said owners in yen UN long and North Point
begin to sell properties at a loss to escape the West beam social turmoil and
again it’s when you would you own real estate in a turbulent place and you need
to get out that’s you’re gonna sell the loss and that’s why I think bitcoins so
all because yeah because you can just move it right exactly not move your
apartment today again a couple of interesting issues a lot of this real
estate has been propped up with Chinese money and a lot of that money has been
leaving China because it might not be safe in China because the owners are
simply yeah kind of looking for what we’re looking for in Bitcoin as like a
safe way to keep that money somewhere else and if now the Communist Party of
China is able to take control over Hong Kong and it’s able to convince not just
us but the whole world that Hong Kong is effectively part of China then even
Chinese people rich Chinese people will no longer be interested in keeping
wealth here because they might as well keep that wealth in in Shanghai they
want to keep that money outside of China and so if if Hong Kong no longer is no
longer sufficient then they’re gonna put that money into I don’t know Singapore
Canada Australia United Kingdom and that alone might bring down the housing
market in Hong Kong and on top of that you have the the rental market which is
much more driven by yeah Hong Kong sort of natural demand for places to live in
and I can only imagine that people who are looking for apartments right now are
going to be carefully looking to not set up shop next to a police station now
this is how is the surveillance state hasn’t creeped into Hong Kong we’ve
heard so much about the credit scores in China the social credits yeah I think
the only effect that we feel right now in Hong Kong is that the police have
gotten a lot more hostile to the population meaning they are much more
likely to stop you asked for ID and searched search through your belongings
enter your premises so that there are a lot less respectful
for your privacy but we don’t yet see like facial recognition scanners being
set up or we don’t yet see the internet being surveyed or the internet being
censored that probably takes a while to set up but again those are also just
more more red flags that will get people to leave I have heard that so often not
so much in this protest but over the last few years that people said no I’m
not going to the protest but if my facebook is no longer working that’s the
signal for me to leave what were your expectations for the Year 2040 9 that’s
a year I believe one of the agreements is supposed to end
we’re China yeah yeah 20:47 there is one portion of the basic law that guarantees
the current way of life to be preserved for 50 years and that is often being
used as an argument to say the basic law expires or the freedoms expire and but
if we read this really closely then deed the hong kong freedoms that are also
laid out in the basic laws also laid out in this constitution do not have an
expiration date the entire Constitution and probably also this paragraph are
very much written under the assumption that and within 50 years you know and
when this was written or when this was conceived and when this was enforced
like in the 80s and 90s um the West was very much convinced that a free society
will always prevail over communism and they were just seeing that the Soviet
Union completely collapsed and they were they were probably very very high on
self confidence and and so they believe that it’s just a matter of time for
China to become a a liberal democracy as well and that by deferring this argument
right this argument that people of Chinese officials and and and UK
officials were having about whether this should be a free society or not could
simply be deferred 50 years into the future because both sides kind of had
this assumption that Oh in 50 years and we’re gonna take control of Hong Kong
anyway or in 50 years you guys are no longer gonna be around and all of China
is gonna be a free and capitalist Hong Kong
well that’s it we still who knows going on by then because yeah
we’re living in a moment right now this is gonna really help determine yeah I’m
still convinced that the expiration date for Hong Kong is much further out than
the expiration date of the Communist Party I cannot imagine a future where
the Communist Party is able to continue on this path of creating wealth but also
suppressing the people and controlling like the economy and it seems I’m also
very obvious from like the effect isms of the Hong Kong protests right you have
like you have maybe say you have between ten thousand and five hundred thousand
people depending on the day and depending on the event today probably a
little bit more and who are not controlled who make independent
decisions and who are highly informed by being there by following up with news on
telegram on online forums and who are able to make just much more smarter
decisions and the lot more creative and a lot more coherent in their message
then a and then the Communist Party which it’s 90 million members and it’s
almost unlimited budget like I mean this is the whole state centralization idea
right and we the world’s knowledge is not easy to contain into just a single
organization or into I’m getting a really heavily rained on us I’m gonna
walk a little bit closer to is not going to be like the world’s knowledge is not
easily contained in a single small organization or in a single and a single
individual and and it’s yeah so much better spread out across hundreds of
thousands and that’s what’s create what creates wealth all right I’ve got a
question about the should the Western nations speak up against this and are
they scared to speak up against this because they don’t want to mess with
this big economic power I very much believe they should stand up about this
um I think that also Western democracies are a little bit slow and their
responses and they are yeah I’ve seen I’ve seen motion
move through Parliament and and being debated and the protests are only about
like two to three months old and I don’t yet expect a lot of governments have
really come up with a cohesive answer to this but they will very much need to
make a stance for this and because if if Hong Kong loses then if China is able to
take Hong Kong by force and they will be they will have convinced themselves that
they can take other places by force and that they can colonial eyes places the
language regarding Hong Kong has become more and more colonial eyes as in people
are saying that the Hong Kong mists only deserve the freedom that China gives
them right or or that Hong Kong is part of China but somehow its inhabitants are
not Chinese and um if the Communist Party is able to take Hong Kong by force
then they will take Taiwan next and once once they’re on this on this yeah
nationalist expansionist path and Japan and Korea will very much see the the
negative effects of that too and that’s eventually us right and they will not
just they will not just slowly stop at Hong Kong and Taiwan and they are
already massively trying to take the the South China Sea by force and they will
just if this continues they will try to yeah completely shut off the Indian
Ocean from the Pacific Ocean in terms of trade and yeah colonial is Vietnam the
Philippines Malaysia so Singapore will feel threatened yeah you got me yeah all
right yeah you read you read my mind about Taiwan about Taiwan doe I was
gonna ask that question is Taiwan next and again it’s hot hypotheses you’re
saying next one definitely is Taiwan and that will make things
on a worldwide scale a lot scarier because the United States has agreements
with Taiwan and yeah it could get real real messy so I would say this these
these protesters there’s gonna be a protest in less than an hour where you
are near for you yeah I believe they’re already assembling now all right so you
don’t see these things ending anytime soon anytime soon if people are enthused
no I can keep people chase their tactic i complete people become a little bit
tired but that it’s true for both for people in the government and for people
to believe as well as the protesters about supporting them all right well I
will I’m glad you gave us this update it did it did clarify things he still seems
like I can’t see this ending anytime soon without something drastic this is
the only issue and as I said the stakes are getting higher and higher and we are
getting to the point where well this is the last fight for Lancome and either
Hong Kong guys are going to lose it and Hong Kong is going to be just another
tiny colony or the Communist Party will have to significantly lose its power
base either because of economic or financial disaster or because just
dividing himself exactly well I do hope for what I would say almost a miracle
that that indeed things are so economically horrible in China that the
Communist Party falls apart and yeah I mean it’s very hard to think of exactly
how that’s going to happen and but the same was true for the Soviet Union and I
think but lucky that the Soviet Union collapsed turned out to be relatively
peaceful and orderly and I do not know what you can make the same assumption
about China and but there is a lot of discontent among the people in China as
well and they might not have all the information to always act on it but they
are very angry as well and today they’re angry at Hong Kong and tomorrow they’re
going to be angry at their local alright now peep again the authoritarianism of
China on the mainland it’s it’s incredible how they creep into every
aspect of people’s lives and people think that is strength but you’re saying
that isn’t it’s just not sustainable it’s not because it seems like they’re
getting more and more control over the mainland population with Tecna
technological sophistication there was only science fiction very
recent yeah you’re saying it’s not it’s not sustainable but it will fall apart
at some point yeah people are not as compliant as we think people very much
do have a people very much do want to mind their own business and what others
to mind their own all right well people there you have it again I
still say to everybody out there value your wealth in Bitcoin have some Bitcoin
whatever regime you’re living under just in case you’ve got a plea because he has
given a real-life scenario where if the tanks come in quite a lot of people are
gonna pick clean up and have to start again and that is one done yet
powers a big point it allows you and it can go quicker as you think just six
months ago if I had given a talk about Hong Kong it should keep it’s a portion
of their wealth in Bitcoin because they might have to flee their city one day I
would have been called crazy and would have been like outright ignored and
today this is becoming more of a mainstream opinion that DC am I still
decided today this idea and Australia and I thought it’s come up in Reuters
and this is not this is not like an outrageous thought anymore well okay Leo
I believe you the floor is yours any thoughts anything that was left out a
conclusionary remarks and any links you want to promote or anything I think if
you do want to financially support the cause there it’s the Hong Kong free
press which is an independent news organization set up of a couple of
friends of mine they do take Bitcoin donations and that way you can help keep
the cameras on the ground and yeah eventually it’s also up to your viewers
to spread the word themselves and I’m very very happy whenever people talk
about this around the world also now I’m gonna look up this Hong Kong Free Press
and link to it below his Twitter is already linked to below
good luck today I sending whatever protests you may attend
that or whatever you are doing one last question has it affected your work
schedule have you been able to do your business as you used to be able to or is
it yeah it’s becoming a lot harder to rely on the public communications of
them I’m a lot harder to convince people to invest their time and invest their
money in Hong Kong it’s definitely already very visible and
this is going to have a big impact on the on the hum from economy future Wow
all right people there you have it can that like button Thank You Leo for me on
the show i am adam meister the bitcoinmeister the disrupt meister never
spread the channel like the video share that the video click on those squares
bang that bail bond thank you have a good luck over there we’re thinking of
you and we’re going to spread the word we’re going to definitely spread the
book thank you very thank you Adam yeah

9 thoughts on “The 1 Bitcoin Show- Leo Weese in Hong Kong talks about the protests, China, Bitcoin, and much more!”

  1. Honk Kong is the poison pill for the CCP. The only move they had was to leave HK alone. Now that they have taken a stance against the people they lose regardless of what they do. Totalitarian regimes become unstable at 70 years. The revolutionary generation is long gone, their children are elderly and passing on. All that is left is the grandchildren who, lacking the revolutionary zeal of previous generations, see the failing of the state, the rampant corruption, and the false promise of Utopia just around the corner.

  2. This is why you have the best channel in BTC. Superior content and no fancy sets or graphics. Keep on keeping on Adam! Still thinking 2032

  3. China is Bitcoin and Hong Kong is an altcoin. Forget it. I went to HK yesterday and I can tell you it is insignificant as a city and is becoming less and less significant as an economic territory. Don't FOMO on Western news. Life in China is great. Value your wealth in Bitcoin. Strong Hand!

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