This week in Bitcoin- 5-17-2019- Stephan Livera & crew: BTC roller coaster, gold, exchanges, China

Hello everyone this is adam meister the
bitcoinmeister the disrupt meister welcome to this week in bitcoin today is
May the 17th 2019 strong hand offended by selling be a
unique uncompensated one Bitcoin equals one Bitcoin Bitcoin isn’t that X Bitcoin
alright we’ve got an exciting lineup here today guy Swann makes his debut on
the show he’s linked to below of course he’s got a great podcast out there
crypto economy then we got Stefan laverra you all know him he’s been on
the show before he’s got a huge podcast out there and he’s coming in from
Australia where it’s already Saturday Wow and by the way God shines in North
Carolina I don’t think anyone ever spit on the show from North Carolina before
and Anders is like across the street in Los Angeles somewhere he’s back you know
he’s back in the on the show I’m obviously in Los Angeles right now so
everyone’s talking about the price a Bitcoin oh my god there was a surge on
but these veterans here and myself no no we take it we bid on this rollercoaster
before ok I mean today they’re people crying oh my god went down by of course
it went down by a thousand it’s Bitcoin you don’t remember but you know a few
days ago went up by 2000 come on people value your wealth in Bitcoin but part of
the part of the issue here that that’s going on when everyone gets exuberant
they start yelling about it’s all corn season it’s all coin season also they’re
expecting all this money to flow into all corn season and to all coins I want
to bet on it people I wouldn’t really I mean don’t get distracted it’s all noise
so Stefon laverra preach some out Austrian economics tell us about the
fundamentals of Bitcoin and why perhaps you should be thinking about all coins
right now just because the price of Bitcoin boil up is via oh well thank you
very much Adam so look a couple of basic things really just that people need to
consider what will be the most saleable money right so
that’s kind of that’s the way that Carl Menger explains it and he explains how
there are different commodities and they have differing degrees of saleable Ness
and one of those I recently read an article for the Mises Institute actually
talking about some of this around how we can use that man Gurion idea of saleable
nough stew compare the different crypto currencies and look at well how durable
and how permanent is the need for them and you can see like for anyone who’s
been around for a while if you think back five years ago think of what the
altcoins were back then and if you think of like the top ten on you know coin
market cap or coin market book or any of these sites and look at the top ten now
how many of them are still here but bitcoin has still remained and there’s a
reason behind that and that’s the network effects of Bitcoin and the level
of surety and assurance that we have that okay it’s got a hard cap of 21
million there will never be more than 21 million so that is why like kind of just
a few points around how an Austrian or what I term now the a Bitcoin Austrian
view on money that’s how to think of that so if anyone was interested check
out SLP 71 an episode where I do like a full one-hour discussion on that he is
linked to below by the way and the episodes are great and I’m glad we
started out we got deep right away here actually that could be the whole show
right there I mean seriously that’s really all you need to know about
Bitcoin the rest is like games I mean it’s it’s insane my they think their
coin is the next Bitcoin look at that the basics he just said they’re you
network of fact I mean these are things very basic things people just skip over
because they want to get in on the next Bitcoin now Anders you you have lots of
it you’ve you’ve scheduled lots of events in Los Angeles in the past and
you are hardcore Bitcoin you don’t let the all corners have a word you shut
them down right away what what what’s what do you say about this recent price
spike and should people uh should people consider all coins now thank you for
that question that’s a perfect question I’m very happy that you asked that
because I was thinking about that earlier today I really think that
people’s focus on News being the thing that drives market
it just again and again proves that that is not the case like yes you can find
single things and sometimes they have them at the same time and then people
think that that was what hosted but but it’s not what is causing these pendulous
wings of bear market and bull market it’s the momentum in the market which is
driven by the happening price of anything is so much a reflection of the
supply and demand it really is best supply and demand there is a man for
Bitcoin because it is superior money it’s the best money the world has ever
seen but surely it there is some there is some psychological mood swings in the
market and it really starts we’ve seen it through having’s before and each time
it started a little bit earlier like the first one I think it was ten months out
that we started seeing the price increasing because in my hypothesis is
that the minor stopped keeping back a few of the coins because they know one
year later there’s only going to be half coming to the market every 10 minutes
the fresh supply essentially drops by 50 percent inflation is you know caught in
half and at the same time smart money starts buying up Bitcoin because they
know that that is happening and they know that it’s all about supply and
demand so they know the price will be going up and that’s why the last having
the second having instead of standing 10 months out is started 12 months out and
this time around the the bottom was in December and then in January the load
was higher than December we were three thousand four hundred or something so
that was essentially of in ten percent which is you know pretty substantial
which essentially means that it was a year and four months it started out this
time not a bull market but an uptrend because
it tends to first be an uptrend where it goes in the right direction and yes
there will be corrections going along the uptrend and even there later like
strong bull mark at formal market Corrections will happen and yes
sometimes a China in the past I know I’m thinking up a time you know I’ll be
quiet afterwards because this is the most important thing I want to say
really so they can come corrections later but really it starts as an uptrend
and then people are starting to understand it and get the idea and they
can see which direction it’s going once we go past having you know people start
buying bitcoins that have no idea what it – so it’s no longer only smart money
and hot lers who are buying from the salary is people who are buying because
they see a graph on CNBC that the price is going up now oh my god I gotta buy
this because it’s gonna go to heaven like trees are gonna grow into heaven
but of course they don’t and and it actually it goes so steep in the end
that some people realize that okay we are overboard now this is not gonna last
if I stop taking some profit so it’s that foam blow off pop and and then it
starts going down once it starts going down there’s gonna be a lot of people
that panic because they bought they didn’t know what they bought they didn’t
know that they bought the best money the world has ever seen that’s gonna be
worth more than 10 million u.s. dollars per Bitcoin once once we get there so
that’s why it swings as a momentum in the market in my opinion of course I
could be wrong but this is how I see it and that’s where you get that air market
because it swings negative as the price goes further and further down whoa my
god now I’m here and they start selling because it’s near to that price that
they bought and they’re afraid it’s gonna go lower than that so I think
everything is driven by having and that’s why I right now is I’m super
confident and bullish that because we have a having one year and
five days out currently no approximately I can change of course as there’s
nothing we can do to stop this bull market so you know beginning if it’s a
it’s it’s not trend it’s got into a bull market and then it’s gonna go FOMO and
the last thing I want to say is that because there’s more money involved now
institutions going to come aboard but the fidelity opening up for trading
and and you know professional custody that is insured and everything has to
understand that that that front running of the bull and FOMO might happen
earlier so the all-time in its all-time high like crossing 20,000 may come you
full they having where usually comes after they having and then the FOMO
o’clock still I believe will come after sorry for thank you so much time but
this it was a great question it was exactly what I’ve been thinking about
much the last full weeks no good I’m glad I’m glad you brought it all up now
you mentioned that uh oh yeah the the the double money will come in they’ll
hear about it on CNBC now is the time to buy it and then they’ll go to coinbase
you didn’t mention this and the by the bundle at coinbase and end up with
Bitcoin and a bunch of other things so uh everything or everything will be
pumped up because of that now I want to go to guy and you’ve heard
what has been said here I want to ask you a specific question uh we we
obviously reached that the low was $3,100 we doubled that is it over are we
not gonna return there is that it guy what’s your opinion I don’t know I think
it’s possible I find it unlikely that like usually when you know we find a
bottom in the market like we did this is all old news you know like these price
swings have been happening the whole time like I’ve been here and so like
everybody’s been screaming I love how it’s always like manipulation every time
it’s manipulation it’s likewise manipulation have this really gradual
trend for ten years in one direction but as far as like finding a new low
like I think when whenever we do find a low it’s when like there’s this strong
fundamental growth underneath all like everything and Anders was talking about
how you have this huge speculative bubble on just the hype from people who
come in not knowing what they’re looking at they’re just watching a price but you
have this really really strong underlying growth that’s keeping it from
falling to a certain point and I think when we find the bottom is when we
actually get underneath what is the real what the real price of it is and I think
$3,100 honestly is underneath like I feel like there’s a really really strong
base right now and a lot of people that have been talking about all coins and
hyping up so much stuff for so many years are now now I hear them go yeah I
should have just done Bitcoin like it was really about Bitcoin I I see like
this shift happening and I I don’t think we’re going back there like we’ll go
down again like I mean like that’s how it moves it always does and it’s gonna
be 20% at a time but no I think I think we found the bottom yeah and again some
people’s theory was once it doubled that bottom it would not return to the bottom
who knows I will say something else that Anders brought up he talked about the
miners hoarding Bitcoin as the as the having approached and that’s something I
learned from tone days I feels like four years ago no I think I think that is
that actually correct and I want to talk about I want the biggest supply shock in
the history of financial markets that’s a my friend Chris Julliard came up with
that Stefan what do you think do you think the that it is all about the
having’s that these miners are starting to hoard their Bitcoin already and talk
about supply shock yeah good question I I think historically we have seen like a
bit of a slight jump just a little bit before the harvin sort of like this
anticipation thing but then the other concept really is just that in
the world the number of people who are actually paying attention to Bitcoin and
actually know about the having right so think you know – are you like us on this
panel and to the listeners you guys are probably in a very kind of elite group
you know what the having is you like there are so many people who barely even
understand what bitcoin is they don’t even understand that this hobbing is a
thing and so it’s it’s challenging to sort of know but at the same time now
we’re 10 years in and then in one year’s time we’ll be what 11 years in or a bit
over that and there may be sort of professional money managers coming in
who decide i hade now’s a good time to get in as to whether the having is what
kind of drives it I really don’t know I think it’s more just about what’s
overall kind of just people just over time just seeing that Bitcoin makes more
sense it’s just like that parallel upgrade scenario so yeah a lot of people
try to say they’re having is priced in I would say to having is not priced in for
exactly the reason you said that we have insider info although anyone could have
that info they wanted it we’re elite the people watching this show that is that’s
one of my saying so I say the having is not priced in something yes I totally
agree that even 95 percent of people in crypto are not aware too much about the
Bitcoin having all it takes really is that the miners withhold a little bit of
their supply instead of saying selling a hundred percent to pay bills they might
sell ninety five percent 90 percent of their rewards and if there’s someone
that are aware of the mining reward is clearly the miners and then there’s a
few people as well that are buying I mean smart money a little bit and I’m
aware of of after having but I think all it takes
really is a little bit of a drop in supply and you start seeing this I mean
historically if you look at these big you know swings it’s very much around
having a plus that was in the beginning at the very early days of a point where
it was so volatile and was so tiny and so few people there was other tiny
bubbles as well I mean we’re big at a time but that
we’re not having driven not having without this strong patent yeah oh sorry
were you about to say so yeah and I think it’s actually kind of interesting
too because like I have paid a lot more attention in the last couple of years to
the whole stock and flow like model for the price moves and that’s a really
interesting point with the whole like miners saving coins leading into the
having because they’re the ones that it’s like they’re the total like yeah
maybe you know 95 percent don’t know about the having which is why you know
obviously we don’t have it priced in but all the miners do like all the miners
are fully aware they’re going to have a revenue shock come whatever date that
the having happens and that’s a really interesting point that they would they
would need to be holding on to something leading up into that so that they had
something to fall back on essentially waiting for the kind of the
wave to happen like betting on Bitcoin betting on the long term versus the
short term cost so and Anders is right in the fact that like it’s come a little
bit earlier earlier every time you know like it’s been it’s been squeezing
towards that date and with the base growing that does know that that’s on
the way I don’t know I think I kind of agree that we’ll probably see it a
little earlier yeah maybe not before but earlier handling hype the having height
will start earlier the mainstream media will catch on to it but the question is
when do the miners really hoarding it well it’s up to that we
should just know it happens they will hoard it there will be a supply shock be
ready for it it’s happened before it will happen again these are simple
things to know about people in in Bitcoin pound that light fun I don’t
think I’ve said that anyway let’s let’s go to a question I thought I thought was
good from the chat wondering if the guests think that Bitcoin can shift
society society’s monetary time preference or will 80 percenters always
remain 80 percenters Stefan what do you think fantastic question I really like
that question now part of that is we have to understand how did we get here
in the first place right so if we read say Murray Rothbard
what has government done to our money or Keita Holtzman the ethics of money
production we understand that actually the world we live in now is more like an
aberration where in the past Gould acted as some level of constraint against
against monetary expansion meaning credit was a lot harder to come by and
then what we’ve noticed over the last hundred or so years particularly since
the creation of the Federal Reserve and central banking everywhere right and
this I’ll just crucially note here it’s not that the Federal Reserve is the
first example if you’re interested you can look up a talk by Tom woods it’s
called economic cycles before the Fed and that also explains a little bit how
but what we’re saying is from the creation of the Federal Reserve that was
really one of the biggest examples that created this society that we live in now
where credit we’re awash with credit and so our thesis then is that we will see a
world that is more equity based and less debt based obviously there will still be
debt and they’ll still be credit but it’ll just be a lot less it’ll be much
harder to come by and in doing so it will push people’s time preference lower
and what we how we see that happening is that people will no longer be able to
push that cost through debt right so it means government will be less able to
use things like bond funding right because right now they are able to make
use of certain inflation techniques or the availability of a bond market
through which they can sell their bonds right so in the long time ago they used
to sell war bonds right let’s decide to Europe hey we need to go to war what are
we gonna get the funding for that so now governments can fund through bond
markets and that is what also gives them an easier out in terms of funding for
things like the welfare state and many other things and so imagine then if the
if you took away that funding if you defunded the government through using a
harder money then essentially what it does is it takes away some of the
funding for some of these more egregious government programs and it means that
you know maybe it won’t it won’t completely remove the government but it
will force them to become smaller it will force their programs to reduce in
size and that will in turn drive a change in the way you and I act because
now we’ll be thinking hey I actually need to save for my retirement I need to
think ahead I need to plan ahead I need to care more about my family and my
community because if something happens to me they’re the ones you have to look
after me right whereas in this world with the welfare
state the you can be a complete asshole and the government will still fund your
welfare right whereas in the past you actually had to care about you know in
the past there were these things called mutual aid societies and they would help
teach you and instill the right values in you things like self-reliance and you
know get you on your own two feet and look out for your community and that was
a bit of a community thing whereas nowadays you know family and community
and your neighborhood these things have become less important in this idea of
the state as your family and the state is your God and so on right maybe the
state as your god is going too far but the state as kind of diminishing the
role of the family in the community the you know private voluntary interactions
and so that’s sort of a bit of a longer winded answer but yeah if I were to
summarize yes I think increased adoption of Bitcoin will drive a lower time
preference for some I think for some but the question is for the majority of
people I think the majority people still be hooked on me they won’t be able to
change I think this is a great opportunity
for for thinking people I really I really do but I think there’ll always be
some people then we’ll be stuck in the old in the old realm and there is a
little bit of irony you know from what you said I talking you know consensus
this week the one presidential candidate that’s talking Bitcoin is Andrew hanging
who wants to uh you know give away print money to the moon basically just give
away a thousand dollars to every single American I know it’s not as simple as
that but uh that it is in shorting it yeah it’s sort of so I don’t know Stefan
if you’re familiar with the whole Andrew yang phenomena here in America so I mean
she’s the one guy talking about Bitcoin yet he’s the one that’s definitely not
going to decrease the size of the state I mean that’s uh that’s pretty clear for
from what he’s doing well other panel members what do you think about time
preference is he gonna are people gonna be more long-term thinkers now will the
will be of the uh well most people change their ways i Anders you mind
yeah no no purpose like if you just think about like what we are like just
as creatures I don’t think like we are we’re products of our environment like
behavior is very very much based on conditioning and like if you if you do
the exact same experiment with the dog of ringing the bell like every time like
you get like food we will salivate every time we hear the bell like like we are
just the same in like how we respond and how our chemicals process and I don’t I
think people like deeply underestimate the power of manipulating something that
is part of every single economic transaction ever and just changing it a
little bit like when when you have a when you’ve saved a hundred dollars and
whether you totally are aware of it or not that it buys you
in a year it doesn’t there’s a there’s a shift like you just start to like it’s
cuz it’s every single time you make a transaction every single time you pay
with debt instead of savings and everything when the government is
spending money and pushing out more debt and pushing interest rates down they’re
conditioning us to be okay with the credit card debt to survive just a
little bit longer with the credit card to buy a little bit now on debt instead
of actually saving for it and that compounds and then you have generations
that no longer teach their kids to save I mean if you just compare the average
grandparent with savings account towards the average person today our money has
completely changed our culture and how we think of like long term versus short
term time preference and I don’t think it’s it’s not conscious at all most of
the changes are if our environment changes if the tools that we use change
then we begin to change our behavior we’re not aware of it and I think when
we become higher time preference because we have sound money it was just because
people were instead of micro rewarded for debts they were micro punished for
debts when they’re paying a real interest rate as opposed to a government
subsidized interest rate when the when prices are actually like the price of
time is an actual market price as opposed to a government let’s get a
committee together and decide how much time is worth for the next three months
and I think I think manipulating money is one of the most unbelievable powers
that is possible in the economy and it is specifically because you can alter
the way people think about the world and their behaviors in everything they do
without them seeing it without them being aware of it and I think sound
money completely changes that I think I think we would have a majority high/low
time preference economy not because people are aware or they know they
should be low time preference but because everything about what they do in
savings and interactions and putting something on debt as opposed to saving
for it is constantly rewarding them or
punishing them day by day to be to be a saver versus to be a debtor where we
have the exact opposite now this is quite a theory here people gonna wake up
the same I like it I like the theory I I hope it can happen Anders your
thoughtfulness really like both Stephen and and ice points especially I mean as
events with yes with Bitcoin taking over us as the hot
money of the world governments will be forced to spend less
because they can no longer just without asking permission print more money it
has to be paid by practice and if actors do high people and eventually leave and
I I really agree also with guy on and the fact that I don’t know if you know
maybe not a hundred percent of people will be rational and lot logical no say
that when we have a Bitcoin only which I strongly believe we will have in the
twenties then people will live in a world where
for each time it goes somewhere to the supermarket or you know buy some pace of
regular expenses the price actually has ticked down a little bit in Bitcoin
because it’s a deflationary money when we have 21 million bitcoins eventually
and we have value of economy naturally going up because productivity then each
Bitcoin or essentially each Satoshi by small so it is it is deflation area it
becomes more valuable and when people every time they go to the supermarket
they put the same things in them and they trolley they have to pay views of
less satoshis than they did last time they will start think you know maybe I
shouldn’t go out and income any said no cheese because he is actually becoming
more valuable instead of right now where when when you shop you you find out the
prices go up and you don’t have that feeling that incentive to keep the the
money of the dollar save in in dollars the only way that you can sort of get
rewarded from saving is start getting a little bit smart with assets like stocks
or real estate and stuff like that and unfortunately that is not for you no
it’s not for half the population it’s not even for the 70% of the population i
remember reading that in u.s. 70 percent of the population has less than $10,000
in savings so I mean clearly when you can get that majority of you know the
population to you know you could be an an uber driver and make 4000 equivalent
of $4,000 a month but if you only spend say 3500 that $500 you set aside each
month you know after taxes whatever you get my point it’s gonna accumulate it’s
gonna be compounded interest because of the deflationary money
the Bitcoin is so it will force people they roll majority will start being
smart and and spend less you know and yours but you well you reminded me of
here is something that you’re very well known for and I thought about it for a
while hyper Bitcoin ization you’re one of the bigger bigger fans of hyper
because they have met so I’m gonna throw it back the step in here and ask his
opinion on hyper bit canonisation if it’s really gonna happen in the next
decade or the decade after that and if he has any comments to say about what
has just been said yeah that will great comments thereby Enders I love the the
articulation around what we what we call growth deflation right so as our economy
grows you know your purchasing power Rises the real number of things that you
can buy with your Satoshi’s increases and that you know in going into this
idea of Bitcoin ization and eventually hi booboo Connors
is yeah it’s a possibility right but we have to one of my recent episodes
actually with safe teen we were talking about some of the different scenarios
around this and so I think one thing is this idea of like a hyper bit con is
that like fiat money hyper inflating right now that may not be the most
likely scenario what may be a more likely scenario is the smooth upgrade
scenario right so governments of the world keep kind of just keeping
inflation carrying on you know they try to make sure it doesn’t go too high so
that people don’t scoot but then over time it’s just more and more difficult
for them to compete with Bitcoin and one of the arguments safety and actually
presents is this idea that one of the biggest kind of enemies or weaknesses of
you know Bitcoin could just be if literally if the government went to a
free market money and just put in a gold standard and actually you know stopped
stepped back their monetary intervention so I think it’ll this will be like a
multi-decade thing in terms of when I’m sorry I don’t
have a crystal ball Bears but I think we can anticipate you know on the current
trajectory if governments keep doing what they’ve done what they’ve done they
will continue inflating and the like keeping this system that enables this
inflation and people will slowly but surely upgrade over into the superior
money Bitcoin and so the way I think of it I think when people talk about hyper
Bitcoin ization what they like I think eventually that will happen right but
that’s the very end end stages so we should think of it like Bitcoin ization
in you know in the short term period and a good analogy for that is you know when
you look at places like Venezuela or Zimbabwe or Argentina when when they
start to go through high inflation environments what do they do they either
try and buy things very quickly because it’s monetary hot potatoes if they don’t
buy stuff their value drops or they try and get out of their local currency into
something like the US dollar right now and that’s where this phenomenon of
dollarization comes from and then so from our point of view as Bitcoin is we
believe it’s Bitcoin ization that people will
they would surely just go hey why should I you know keep losing money to u.s.
dollar inflation why don’t I just stop purchasing small amounts of Bitcoin and
just stacking bitcoins so over time it’ll take decades we don’t have a
crystal ball and right when it will be but I think over time people will just
keep stacking bitcoins or Satoshi’s until we hit eventually this kind of
Bitcoin ization I love it pound that like button people guy I know you’ve got
something to say about this one second hold your thoughts for a second I’m
gonna get to you because I got to read the comments here the having show sent
me 20 Norwegian krone ah he said he’s got a new video out in an hour
Bitcoin having journey dude I like you the having show you’re focusing your
channel on the having what else can a man ask so check him out guy bet it set
fight we got also said guys here’s a guy benefit 5 bucks he says with Bitcoin now
it’s not so much the man but rather the supply to having’s in five years value
your time in having’s yes dude I’m glad you’re reminding everyone that in the
next five years we’ve got two having’s that is pretty exciting stuff alright
guy your thoughts on Bitcoin hyper big organization Bitcoin ization coming soon
will it ever happen what do you say yeah yeah it’s coming um I think I’m kind of
more I lean more towards Stefan in the fact that like I think it’s just Bitcoin
ization I think we’re gonna continue to see it happen in these waves but then
again you know like you look at the debts in like the US dollar like it
could go it could go hyper big organization but I think it would be
more just hyperinflation of any specific currency I don’t think it would all
immediately dump into Bitcoin I think it would just be part of the escape valve
for like paying off the impale off the impossible liabilities that have been
built up over the last you know half century or so but um there was an
interesting point that Anders a dad’s talking about because I was talking
about like being conditioned to be lower time
preference as opposed to higher time preference he was talking about how like
you go to the grocery store and you notice that the price ticks down like in
six months it’s gonna be a little bit less so when you’re holding the when
you’re holding like Bitcoin in your hand you suddenly are you suddenly stop and
you think is this worth it like right now and that’s immediately that’s
immediately showing okay I’ve got a lower time preference because now I’m
thinking about two whereas today the only consideration that comes up we
didn’t think about the value of money we just think oh the price is going to be
higher if I don’t get it now then I’m gonna have to do a whole lotta more a
lot more work later but like that’s why I think sound money is gonna have like
Bitcoin obviously yeah I think I think this will slowly shift and you’ll start
to see two different you’ll see two economies I mean we do have we have two
economies right now but they will start to diverge more and more and one you’ll
just notice that people are stuck in debt they’re stuck in a rat race chasing
their tails they’re trying to get back to zero I mean you think about how much
money is actually like values being confiscated when like just with 3%
inflation that’s the target that’s the price inflation like if the economy got
2% more efficient over the year and then we had 3% inflation that means 5% of the
value has just been yanked 5% of the additional efficiency and productivity
of the economy has been pulled out to pay for someone who did nothing to add
like and so like when you have a deflationary money you have the exact
opposite is the price will always go up because the economy is the the purpose
of an economy is to increase efficiency is to mix ideas and to use less
resources to accomplish more so by default a money that is scarce and money
who supply does not increase will increase in value if the economy is
producing one extra TV or sandwich at the end of the year
than it was last year with the same amount of resources and obviously we do
a whole lot better than that like things like this we’re having for people are
talking from different corners of the world right now live on YouTube like
that ten years ago like that would have been laughable you know it just I don’t
know like everything is getting faster and more efficient and only sound money
can actually capture that value and make people think today like six months from
now might be more valuable than today so let me wait let me look at a longer time
preference and like that’s what I think sound money is the most important the
most important thing for liberty and high standard of living and for
sustainability than anything like it’s the only thing that touches all of it
you know offended by selling my Bitcoin you’re talking about you’re talking
about the evolution of sound money which is a good segue into something that I
wanted to talk about here because we’ve had different forms of sound money over
time gold I didn’t answer you mentioned that I
reminded you of his I bid can I say I never said anything I’ll try and keep it
short but just my theory of when it’s gonna happen I agree I I see right now
we are in Bitcoin ization but very early stages nothing much is happening few
dark markets Bitcoin is being used is being used by as a hedge against unsound
money of dollars euro et cetera so it’s only being used but I I think having
cycles with with the formal tops in price and the market path of Bitcoin
coming to levels where it’s really gonna be a news event like we thought 20,000
wasn’t use event wait till it goes either at a hundred thousand or maybe as
high as 300 or more at the next table which I believe will be in 2021 you know
the amount of away Ernest and consciousness or whatever in
around the world will be much eager and silly just 20,000 and then again there’s
gonna be a having four years later so I I think that in in in in that having
where I see Bitcoin following that in 2025 will go above a million dollars
apiece it will be so valuable that already we left the gold and the dust
where it came from actually and and also it will be so clear to so many people
and there will so much media coverage on it that that that it’s superior to the
money that we’ve been told this money which is only a currency it is so clear
to so many people that it’s superior to currency from governments that and it’s
gonna be the most valuable money it’s gonna be more valuable than US dollars
that that’s gonna that’s gonna start making people run to the door the
Bitcoin Bowl exiting the Fiat room and everybody’s gonna try and rush because
they can see the prices style you know is going up in that FOMO wave and bull
market and they wanna they wanna buy Bitcoin before before the field is going
to be totally without any value so um so I see it potentially coming as early as
20 25 maybe 2029 but that’s no way later in my opinion if money is a
winner-takes-all and and bitcoin is is is by far the you know it’s the only
contender really the rest is a joke I mean 2020 that again I don’t like to
rush these things i thats a bold prediction that’s about it you gotta
think about it though in this next having the inflation rate
the inflation rate of gold is like what i can’t i can’t have two percent something like that I think after
immediately after the Hat and having like we’re what is it 1.8 or
something with Bitcoin and then after like two and some change is when we
actually cross under gold and then it drops to like at the next having it
drops well below gold like it will be that there will be no asset that is more
fundamentally scarce like there’s nothing else that exists that we can’t
just like make more of and so useful in terms of holes you can do I will pay you
if something happens you can’t do that with a bar gold this is the segue that I
wanted your perfect and I’m one of this for Stefan gold is it over by the end of
2020 I’d be 2020s well I mean someone the
other day there was a tweak that said that Bitcoin will be the main store
value of of a non-governmental asset it’ll take the place of gold will gold
be a joke by 2029 or what’s going on with the gold Stefan compare and
contrast gold you guys Amy yes sorry I just cut out for a second there but I’m
we just basically saying would gold be kind of diminished in the role this is
Bitcoin is that what your question yeah yeah what’s his future
what’s its future for the 2020s by the time we get to 2030 is this just gonna
be a thing of the past just get gold considering that the new generation will
be totally digital will Bitcoin really be what everybody always dreamed well
what the gold buds always dreamed gold will would have become and gold will
just be obsolete yeah interesting question um I I think the Bitcoin bull
scenario which I mean look I’m a Bitcoin bull as I’m sure everyone here is I
think it will essentially if we’re writing about Bitcoin now we may
disagree on the timing but I think if we’re right about Bitcoin then it will
essentially take away what what used to be that monetary premium for gold but
it’s still an open question I in my view because it could be that government
actually do start to reduce their monetary intervention and
people then you know gold has a bigger Lindy effect then Bitcoin does right
obviously 5,000 years or whatever compared to bitcoins ten years right now
I am inclined though to still believe that Bitcoin will win reasons being it
is it’s kind of provably scarce in a way that even in the future of people go
asteroid mining they would like to find this massive stock of gold all at once
and then what’s that going to do to people who are trying to still value in
gold well it’s probably gonna kind of kill some of that monetary premium value
and what we would see potentially is that gold would kind of drop just to its
industrial use value right so used in computers and your hardware and you know
those kind of industrial applications so that’s kind of the main scenario that I
I think the most likely scenario but at the same time I I don’t know for sure
right I think I could see a world where maybe bitcoin is the is the unit of
account you know the world is denominated in Satoshi’s but maybe gold
still plays some role some level of role because there’s kind of there’s still
enough people who believe in it there’s enough people who kind of think it you
know it makes sense to stockpile it so III I think you know I think Bitcoin
will overcome but I just think there is some I’m not ready to kind of fully
discard it right away that’s my kind of thought on it you bring up an
interesting point you said the Safa Dean also mentioned it that if government
suddenly did a freaking 180 and stopped their government intervention in
monetary policy that would be a bad thing for Bitcoin of course but that
would be a tremendous 180 and it is something the trend now is government’s
getting worse and worse in there and all governments can intervene more and more
and to go to the gold standard is is a Toto I think they don’t have any
incentive to do that I go and it’s a total dream it is great I mean I agree
with I don’t have incentive that’s that’s the thing though is I think
Bitcoin changes that like when like when the purchasing power of every
one of those institutions when the authority is brought in question because
they secure it by their control over money it’s when that starts being
brought into question there will be some governments and central banks that
aren’t idiots and they’ll be like we have to start proving we have to start
like selling ourselves with better monetary policy and there will be a
whole group of people that were just like I’m just gonna buy Bitcoin if like
like I don’t care I don’t have any attachment to this anymore I still think
there will be fiat currencies but I think the fact that Bitcoin will be a
competitor in that market will mean those fiat currencies are competing to
look as good as or better than Bitcoin and I don’t think gold will go away
completely I agree with both both you all did um it will lose at least a
significant part of its monetary premium but a physical commodity like like just
like the linee affect me to talk about like 5,000 years the fact that it is a
physical thing with naturally high unforgeable costliness as Tsavo says the
fact that you can’t fake gold because of like like literally physics whereas
Bitcoin no matter where we go it’s still software and software can have bugs as
we’ve seen even rather recently in Bitcoin and I think the fact that that
will always be a part of it I think gold will maintain some sort of monetary
premium but I think it will be a distant second because we’re going we’re
obviously obviously going to a fully digital economy like like everything is
changing like most of our commerce is gonna be online if it’s not already I
don’t even know but things will change fast and the internet it’s not gonna get
it’s like we’re not gonna wake up tomorrow it’s like the internet got
smaller how did that happen like none of that is gonna happen like there is a
clear obvious explosive trend towards everything being
digital and Bitcoin will be the only thing that has those properties in that
world and God willing we are all live in the year 2060 when when there is a big
asteroid mining operation going on and gold is they find they bring a lot of
gold back to earth now I Andrews quick quick thoughts on gold you didn’t drop
your funding yeah surely it’ll still play some role but I think we just have
to remember that that that Bitcoin have some clear advantages that gold are not
near and and that is the fact that it’s it’s uncomfy skateable you can find it
with a mining detector if you need to leave from one country go to another
country because there’s all of a sudden dictatorship you can bring all your
valuables in Bitcoin you can’t do that with gold if you have if you’re a
wholesaler in in US you want to pay a vendor in China it’s difficult with gold
but you can do it very easily with just send it over the internet right I mean
so and also it’s not it’s not sensible so really you know the funding through
Bitcoin even though you know the powerful government establishment of us
tried to shut leaks out so it there’s just that it has some technical
properties as money that makes it superior that in my opinion makes clear
that it will win you know when it comes there’s nothing in the world that is
more portable sure there’s things that are as portable like other
cryptocurrencies but nothing is both like has a safe a blockchain with the
mining capacity that Bitcoin has is as portable as or is more portable more
durable more divisible more fungible once we get privacy in there in you know
one or two years and at the same time is uncomfy scalable and unsensible so yes
some compose in some areas but there’s nothing there’s more so fighting Bitcoin
becoming money of the I’ll be number one and only almost full
100% value of old monetary value like fighting that it’s like finding the
gravity of a black hole it’s a it’s an uphill battle in my opinion a that
beautiful points pound that like button I want to say guy said that the asteroid
mining operation will be funded by Bitcoin no doubt about it that the first
trillionaire is on earth will be a Bitcoin holders and they and I advise
them to an advanced human civilization and move us into space and used some of
their their their big do that because I think it’s a great great investment what
I want to quickly people have been sending super chat so I gotta give
shoutouts Tony traveler sent twenty bucks he said
strong hands the the Bitcoin rabbi who probably is not online right now but was
before Shabbat started he said he sent a dollar ninety nine he said shabbat
shalom from the bitcoin rabbi and Bitcoin rabbi
I got this I got this here for you in honor of you look at this and let’s see
Midtown mentor he sent five bucks he said and this a very interesting
question will the bubble top of this site will be in December 20th or
December 21st the last two were in December 13th and December 17th exactly
four years apart will the cycle follow that trend dude I I wouldn’t get too
caught up in specific dates III just more so the trend more so the trend i
that can’t be predicted really i mean that would be cool if it was that easy
and but i would have worried about it too much if it happens a day before a
month before there will be a top bitcoin will return to it always returns to its
all-time high in fiat that’s that’s my reminder and that value your time in two
hundred ten thousand block periods you pick a date always two hundred ten
thousand blocks later in terms of fiat bitcoin is worth more that has been the
trend i see that continuing and we got a guy bennett sent said oh my god what is
he there’s so many comments i got to read them
that he spent five bucks he said there are much smarter than that why raise
prices when you can just make packages smaller oh well is he was ha I know what
he’s talking about they’re talking about going to do that yeah you’ve been
watching like the cereal boxes and like all the little like food boxes do you
see like the ounces like you know Hershey’s Kisses came out with those
right when the chocolate the price of chocolate went up there was an
announcement that they were going to be raising prices and then they came out
with these fluffy Hershey’s Kisses and they had like three new products and all
of them were like light products same prices but you’re getting a whole lot
less chocolate cuz they just make it a sponge so that’s that is the current
world we live in and how the 80 percenters don’t notice the inflation
that’s going on guy Bennett also sent five bucks he said anders drop the mike
you nailed it he did I mean this has been a great panel I love this combo
baby you got pound that like button Robert harder back set at $25 he said
Long Beach crypto welcomes the Meister yeah baby next Thursday in Long Beach
I didn’t link to it below but I’ve plead to it on my previous shows I’ll remind
everyone I’m speaking in Long Beach next Thursday it is going to be awesome I’m
getting down there somehow through the traffic Robert thank you so much for the
25 bucks and I will meet you in person I am pumped to meet you in person okay
let’s talk about China let’s talk about China real quick China trade war is this
going to be a spark to send some safety is it going to be a place for
safety Bitcoin are people gonna really panic over this China trade war isn’t
going to keep going and our people are going to flee to Bitcoin
real quick answer Stefan what do you think could be honest I haven’t been
following this one as closely I just think that look people just I I think
with Bitcoin you can sort of disregard a bit of the politics a little bit and you
can just focus on what matters to you in your world as far as I’m aware there was
like some concerns about like a Huawei and like Trump putting certain sanctions
or certain you have restrictions look I think it all just drives more Bitcoin
adoption in the long term I wouldn’t expect any short term price farms out of
it but yeah that’s that’s my thought dudes this
is why we got a guy owned from Australia all of us in America all we hear is not
China trade war China trade whatever let the US and China do what their dude that
is all we’re gonna get to Australia in a second my other two guys are in America
though any thoughts on this are you tired of hearing about China dream well
I think I think yes to some degree I think it will be one of many many
pressures and I think you know this is natural space is an entrepreneur still
start to see they’ll start to see opportunity when like there’s price
differences and there’s ways around it and you start seeing a source that isn’t
paying the tariff like I don’t know I think I think it’s one of a lot of
pressures I don’t think it will be like some big things like oh the trade wars
getting out of control everybody buy a Bitcoin but yeah I think you don’t have
an effect waste one second before we have two answers on this make town
mentor do the top if you if it should be in 2021 in November or December of 2021
if the pattern follows then the the new Fiat all time high will be then or yeah
it will it will beat it by that day it has to be more than $20,000 in other
words if the trend continues then two hundred ten thousand blocks after it was
nineteen thousand six hundred which is basically in December or November of
2021 it is when it will again be higher than that now it can happen before then
too and we shall see that that’s part of the whole adventure in all this it will
happen it will have just just just be patient but yeah I want to do a
follow-up on that Andras I don’t know if you have anything
to say about China yeah to be honest I’m not really sure what the mechanics are
when it comes to a trade war making people more interested in Bitcoin all of
a sudden I understand this thing about safety but if already you really
understood Bitcoin and saw Bitcoin as a hedge against everything why would you
not already have bought the amount of pecan you wanted to buy
so I don’t really maybe you can tell me the reasoning a theory is is if if this
trade war continues that the economy of China will completely follow up I will
fall apart in a major way and wake up a lot of average Chinese people that’ll be
like yeah we got a diver we got to get out of this situation right now and
they’ll discover Bitcoin I think I think if it proceeds in that direction we
could have a lot of new Chinese buyers I think that’s theoretically okay my
comment on that is I don’t think it’ll go so far that a China as far as they
have from now will come into a major collapse I don’t think that will happen definitely it’s definitely a legitimate
opinion though that uh yeah I mean they they will do whatever it takes so they
do not have social upheaval which would prop would mean to avoid their social
upheaval they would give in to Trump’s demands and be dishonored but they still
might do that so they don’t all get killed or the Communist Party doesn’t
get ripped down all right let’s talk about Australia real quick since we uh
Stefan what you said you had some news some crypt some Bitcoin news out of
Australia we want to hear what’s going on down there oh of course
well thanks for the opportunity so look I think there has previously been a big
old coin kind of and blockchain technology community’s going in in
Australia and at least in Sydney and in Brisbane there’s been somewhat of an a
reinvigoration of the Bitcoin scene of the Bitcoin scenes so one of my past
guess alex Savitsky the CEO co-founder of amber he’s kind of trying to
revitalize the Bitcoin made up up in Brisbane and down here in Sydney were
actually trying to get get the meetups going a little bit more and actually
some of the focus now is more like Bitcoin only no all coins no blockchain
technology right and so actually next week we’re having a meet-up with so if
you if you guys know has McCook so I think you might have been on your show
of the past and so he’ll be yeah so he’ll be doing a demo of the n it’ll
beep and this meetup will be about nodes right so it’ll be Hosmer Cook will be
demoing the kharsa node I will be just doing a bit of a talk about the novel
which is an the full nerd product and then also JP
or John Pratt he will be doing a talk about using block stream satellite and
doing a trying to do a bit of a quick demo for the guys there at the meet up
as well so I think there’s a bit more of momentum around this idea of Bitcoin and
trying to build a proper Bitcoin scene and well actually even it’s probably too
premature to announce anything but we are sort of chatting about ideas of
trying to do a Bitcoin conference as well so that might be maybe later this
year or early next year here in Sydney so keep your eyes peeled guys like
follow you know followed some of the guys and see get an update on what’s
happening with that as well well first of all keep us please keep me updated if
you’re gonna have an event down there was I was hoping to get down to
Australia in October I didn’t want to go it spent some time in Australia in
October November it’s not official yet but we shall see so I would love if
there was an event down there well I could I could go to it now I I do want
to say yeah I like to hear that like in uh like in Canada there’s
some people leaving the way to you know get off of the altcoin blockchain and
train just trying to clarify things with Bitcoin that is great to see that going
on in Australia now with that being said I wanted the segue into something that
we should we I’d link to it below there was a a tweet thread by the v-j out in
Seattle about the you know there’s the trend now for exchanges is to have so
many alt coins all from them right now okay and it’s becoming a pain exchanges
are becoming a quite a pain to bit tracks is just a imposed of new kyc and
what what when Vijay said is that the real big winners in the cryptocurrency
space will be the ones who build their businesses really around Bitcoin and
that these exchanges should tráfico the financialization routing do kind of
complicate matters with Bitcoin but those will be the real winners Stephan
that that thread I sent it to you did you have thoughts on it oh yeah I think
it’s a great thread by Vijay I think he shows a lot of pre sense and foresight
and I think to be fair many of us kind of hardcore bitcoiners would agree with
him on this that really a lot of these exchanges have
tried to go for the short-term win some of these exchanges and I mean in
fairness to them they have other pressures on them so maybe you know some
of these places like coinbase and so on they probably have VC investors who
wanted to package it up for sale or to kind of get a return on investment now
they weren’t willing to sort of play the long game with Bitcoin and build it
properly up build vertically in Bitcoin to try and help enable deeper and deeper
financialization and build more and more on top of Bitcoin and instead they just
spend all this time and engineering effort building support for altcoins
right and so in doing so they became more like a gambling altcoin casino as
opposed to really understanding the depth and the nuance and really the the
gravity of what’s happening with Bitcoin and how it could you know these
competent I think the point Vijay makes in that thread is that if these
companies actually took that really long term view they could become like you
know the JPMorgan’s of the next century right not in JPMorgan in like a bad way
but they could become like a big bank institution right they you know we could
have seen like massive you know in a good way like full reserve Bitcoin
banking and we could have seen all these kind of other products of people you
know I think Vijay makes a couple examples there around things like okay
margin services futures trading collateralized derivatives for example
allowing anyone with Bitcoin to buy stocks right and so there are other
company points are here in this thread that there are other companies who are
taking a little bit more of a Bitcoin focus and that they’re really trying to
build that vertical and so what Vijay is trying to say there is that people who
are building vertically in the stack as opposed to kind of building horizontally
and become an altcoin casino they’re the ones who are going to be the long-term
winners so fantastic thread and I recommend your listeners check it out
and you you did a beautiful explanation of it Anders you want to talk about that
with a threat to a little bit Enya yeah sure I mean it I think yeah great Fred
and essentially the the the third point casinos I guess they might believe
there will still be a future for trading between Bitcoin and birth which I guess
none of us really do um their product what they’re offering as a product of
these all points where we’re places like it makes with leverage products on
Bitcoin old Arabic which is options trading on Bitcoin it is the vertical
integration or expansion so I think essentially it’s
it’s two different I mean they can call them exchanges but it’s really only the
old coin exchanges that I exchanges the others are more derivatives markets
right it makes it more of a derivatives market than it is a exchange we just
kind of have like always called them exchanges I guess so and yeah I think
the ones that are just trading between different points right now because in my
opinion not only will the you know the old coins grow very close to zero the
percent of total monetary value fear current like this not all also there’s
not going to be a need for an unwrap from fiat to Bitcoin and back to fear I
don’t see a big need for that you know I see it in the 20s even if it comes 15
years from now there and that need is also gonna go away so there’s only going
to be a need for a a market where you can do something with Bitcoin the rivet
US market for a point and probably tokenized assets to some extent not
saying that that is a fully developed good model there yet but yeah that’s my
thoughts all right now we’re gonna get a guy if you have any thoughts on that
guys I want you to share them in and give your conclusionary remarks cuz
we’re getting toward the end and tell us about the magical crypto conference and
tell us anything you want to tell us about North Carolina so that’s a lot
right and I just a lot of long lists I’m gonna see if I can remember it okay for
the whole building verticals opposed horizontal like I think BJ had a great
point and you gotta think to like in like the space moves so quickly like as
soon as you start expending like heavy resources to to broaden your altcoins
you have our employees that specialize in altcoins you’re doing maintenance on
you know a hundred and twenty different tokens like your whole business becomes
designed around keeping that alive and then at the same time you’re also
attracting altcoin customers and when the altcoin customers are just like just
throw up their hands like well this isn’t working anymore
like now you’re trying to fight to get the Bitcoin customers where is whoever
built vertical has all the protocol upgrades they’ve got sick but they’ve
got Schnoor they’ve got all the things that start coming out on the protocol
side and then they’ve built financial instruments on top of it they’ve spent
the last two years building out the infrastructure to make Bitcoin vastly
more usable and more applicable on their platform so or more versatile so yeah
then now now they’re looking at like do I go with this like all coin exchange
that’s trying to shift gears and firing these employees and hiring these guys
where do I go with the guys that have been here for two years and have built
out this amazing thing and is not trying to catch up but they’re already ahead of
everything so I completely I completely agree I think I think that will have a
big effect as far as the the MCC conference that was a ton of fun I did
miss most of the lightning talks on the first day because well I feel like it
was a good trade off because I was at piera shards programming lightning
workshop so I did get to play lightning all day which is what I wanted to do but
I went to the after party that night and really that was the that was where I had
the most fun I got to meet like so many people um
chatted with but one of the first people I bumped into was Aaron Vaughn word I
mean that guy’s like my hero I read everything that he writes so we ended up
talking for like 20 or 30 minutes and I mean I met so many people I had an
absolute blast that night I drank way too much
if you I’m not sure I have a whole Twitter thread
shit like the next day of all kinds all kinds of nonsense and I look manic in
the pictures later on in the night because I was I was drinking some mr.
free drinks but the second day was there was a lot of fun stuff and honestly my
um I think that one of my favorite talks was one that I wasn’t expecting I was
just kind of casually strolled into this one was Jill Carlson’s
on the difference there work what’s there what’s this thing called open open
money something I can’t remember was called but she had a really great talk
on the difference between like the narratives they had going in like like
feet on the ground like for what’s happening in Venice in Venezuela and
then how the truth ended up being a lot different is is where the narratives
were wrong like we had these ideas that oh everybody’s gonna use Bitcoin because
the bolivars crap when really like well I don’t want to give it away because I
think she’s got like a really good thing there but there was that was a really
good talk and I was kind of surprised by that one because I wasn’t expecting that
one was just kind of a out of left field for me and North Carolina anything going
down in North Carolina we don’t hear much meetups we’ve been having a lot of
fun with the meetups I’ve been trying and trying to get back into the meetup
space again um because I haven’t been for a really long time I’m just kind of
in focusing on the podcast and but yeah we got um I don’t know there’s
definitely growth I gotten steam that excitement come back like it feels like
we’re moving back into bull territory it feels like it did in the past when that
was happening and a bunch of the guys actually out of the meetups went to New
York so I ended up meeting up with a bunch of them out there too but the
excitements coming back like I think I think we’re moving back into that so in
motion now remember guys check him out check guy out he is linked to below just
listen to his podcast it is good and again he is definitely doing good
you mentioned you mentioned Aaron bond weird um he has been on the show before
I will have to arrange it that the next time you’re on the show maybe he’ll be
on the show – that would be a lot beard that’d be a good combo all right
Stefan your conclusionary remarks anything you wanted to add anything that
was left out anything you want to say man yeah so look I think it’s look we
maybe maybe echoing some of the thoughts of someone like Tour de Meister right so
he recently came out with that report of Bitcoin and accumulation and so on and
he was basically saying he was basically calling it somewhere in that sort of
3000 to 6000 range was kind of like really that’s the bottom and he was
saying you can’t necessarily pick the exact bottom but if you kind of know
that roughly based on unchain analytics and so on that’s probably one indicator
there that we’re not likely to go back below 3000 at this point it’s probably
that’s probably going to be the true bottom and we’re just gonna kick along
sideways for a little while and if you think back to how January 2017 sort of
thing played out it was sort of like that you’d see a little bit of a jump
and then a drop and then you know it sort of kicked along for a while before
kind of the big run it towards the end of 2017 so I think the other lessons for
the listeners are really just don’t don’t get too impatient right you just
got to you know bitcoin is is gonna do what bitcoin does and we can’t kind of
expect it to run up at certain times we you’re better off just trying to slowly
accumulate and really invest in your knowledge and your education right so
you know and that’s really the focus I bring with my podcast as well so if your
listeners they’re interested make sure you check out my podcast I really try to
bring a Bitcoin and Austrian economics focus and the idea is that you know we
all want to try and we can all do better and we can all try to learn learn more
about the economics and the technology of Bitcoin so I think you know you do
some great work at home in terms of helping get the word out there and guide
you do a great job with crypto economy and stuff and you know so you know I
think yeah so for the listeners its it’s just a matter of finding who you like to
listen to or watch their content or go to the meetups as and as you organize
and just trying to learn more and become more knowledgeable about Bitcoin because
we think over the coming decades it’s only going to be more and more important
don’t FOMO on altcoin people how about that too don’t get
distracted what listen to these guys podcast seriously and your hand will be
stronger and you will be in motion and so we’re gonna we’re going to leave it
with Anders here who dude how’s math bot come along do you’ve
any news eww no you know JW a lot of people love JW a lot of people well
anyway take your bag take it away
well that’s talking along I’m not very involved at the moment because I just
didn’t really have I’m literally I’m involved in some other things but not
really big brain related because I do have living expenses so I can’t really
work too much for free and yeah what what I would say as a closing remark is
for anyone like if they’re playing with leverage like really don’t get greedy I
for the fun of it I like history so I sat and looked at the the price of it
coin from one year before having last year and until the the FOMO top and
before they having there was two times it actually had a correction like around
41% you know so don’t be surprised if that happens that could happen now
between now and and and they’re having although I would say that I expect that
because the volatility is less the market is more mature it it’ll probably
be less than that and then after that from there having last time until the
film over top of 20,000 or 19200 or whatever there was six Corrections of 30
percent or more so you know have a strong hand pound the like button and
don’t freak out just hang on and be in it for the long run this is not about
necessarily making a financial gain is about changing the world to a better
place and it will happen it is a roller coaster
I love with patience deferral of gratification
offended by sound okay that was a legendary frickin episode dude I’m gonna because if you haven’t heard about my
show the crippled economy podcast I’m actually the main format that I do is
like there’s so much content out there written I actually do like many
audiobooks of like all the articles and stefan actually mentioned tours awesome
piece the the bitcoin and heavy accumulation he was actually like
totally excited about it and we actually read that one on the show like a week
ago or something like that so if you want to listen to that in audiobook form
with my commentary it’s on the show and i’m at like 250 articles plus some solo
episodes and some interviews but yeah that’s the crypto economy podcast if you
haven’t heard of it that is also that you you read that whole report because
that report you had to sign up and i didn’t want to do that and other people
did so check out his pocket that was a that was a really good idea in motion
this was a great time everyone god Bennett just sent two bucks he said
thank you guys Stefan and Anders and I say the same dudes you rocked i’m adam
meister the bitcoinmeister the disrupt meister remember subscribe this channel
like this video share this video pound that like when bang that bell button
we’re here every friday with this show i do a new show every single day I’ll be
back late on Saturday night for you East Coast people and probably West Coast
people so thanks a lot everybody shabbat shalom and

15 thoughts on “This week in Bitcoin- 5-17-2019- Stephan Livera & crew: BTC roller coaster, gold, exchanges, China”

  1. Awesome show! Loved the 10 minutes of halving talk! ? And Adam… Thanks for inspiring everybody, including myself! ? Meowi

  2. Good show as usual. As you mention Gold and asteroids, I heard it mentioned by Bitcoin trader/ advocate DavinciJ15 that there is more Gold under the Oceans on Earth which would be easier to extract than on asteroids. (I think he’s a gold bug aswell as Bitcoin fan. I’ve no idea about this myself but thought I’d ‘put it out there’)

    Bitcoin halving another day closer ….?..?‍♂️

  3. There's 200,000 metric tonnes of gold in the world and growing. An asteroid mine isn't going to make a big impact on supply. Plus just think of how expensive that will be. If it is worth it then gold will be doing just fine. Bitcoin and gold are complimentary.

  4. Really love your content adam… You are the ONLY old school crypto youtuber who didn't contaminate their content with garbage and sellout

  5. My oh my, @37:10 on tonight's Peter Schiff podcast AGAIN he goes on an anti bitcoin rant. As an Anti Fiat Freak I like both, rare artwork and the likes but if Bitcoin becomes successful this man will be ruined. He should of just kept to a Libertarian narrative which is why I listened to him for 20 years

  6. What is the purpose of Bitcoin? Ultimately it is individual sovereignty. It is a mechanism to lessen centralized power, where people deem central power unnecessary.

  7. BitcoinMeister that was an awesome show. It was all brilliant but the debate between gold and #bitcoin was awesome! ?

  8. One your best shows so far. Monday on Tone Vays channel is the BTC VS Gold debate between Saiffedean and your boy Peter Schiff. It should be entertaining at the very least.

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