This week in Bitcoin- 8-16-2019- Trace Mayer talks Gold, China, Proof of Keys, Wyoming, Altcoins!

Hello everyone this is adam meister the
bitcoinmeister the disrupt meister welcome to this week in bitcoin a very
special edition of today is August the 16th 2019 strong hand one Bitcoin equals
one big we value your wealth in Bitcoin offended by selling Bitcoin is the next
big point I’m confiscating all holder last resort here is a real last resort
there welcome to the show oh my god to be here we’re having some fun aren’t we
oh yeah I’m on fire well welcome back to the show you were on exactly nine months
ago and who where the world has changed but it’s it’s always changing baby we’re
living in the Golden Age now the last time then you were on the show don’t
little bit Golden Age huh so okay I was gonna bring up the price lesson but
let’s just jump into the gold thing now let’s just jump in we’re doing impromptu
a lot of people are panicking the big news this week is the stock market’s
falling apart the world is falling apart you still believe in that relic there oh
yeah well it’s in my hand how can I not it’s uh its cap Oriole
right okay of our magic internet money yes yeah I mean yeah you’re you’re
hitting on some major themes that are going on right now we just had an
inversion of the yield curve we’ve got like 18 trillion dollars of
negative yielding debt which is insane when you stop and think about it and
then like one of these economists has the audacity to say oh we’ve had a
change in time preference because of life expectancies and so people just
want to save and so they’re willing to get less stuff less euros in the future
for letting you borrow money from them like what type of insanity is that like
why don’t we just vault physical euros like we can vault physical gold right
yes and accept the gold you have to dig this stuff out of the
around just like with Bitcoin you’ve got to dig a precious number out of a bunch
of hashes so you know the world is insane
getting more insane with these negative yielding rates and something’s gotta
give and the gold price look at the gold price all right now I am looking at the
gold price and a lot of people are happy about that Peter Schiff included and he
you sound like him for a second you know saying it you could hold it actually and
I’m sure a lot of people are getting off right now there you go there’s a Meister
he knows you can hold it you can’t touch the Bitcoin atom but this is the
situation now temporary or the beginning of the end
are you a tumor what’s what’s what’s going on because and I want to point out
also the Bitcoin price this at least this week has not it has gone down so
one would expect if we’re in such a catastrophic period at the beginning of
one its a Bitcoin price would go up yeah well I mean I wrote a book over a decade
ago the great credit contraction yeah yeah like if you go back and listen to
my archives you know on my podcast the first hundred episodes are all run to
gold episode see I actually checked it out I was like whoa he’s got some old
ones here I think you guys should be very early on – yeah but you know I mean
that’s kind of you know so I I was a gold bug before Bitcoin existed just
like Satoshi right just like Satoshi was and you can see that from Satoshi’s
birthday cuz on one of the one of the websites he put in for his birthday and
we were able to actually figure it out it was the same the same day when
executive order 6102 was issued in the same year the gold gotra legalized
that’s his birthday so he book ended his birthday with you know a message about
gold you know he put in the Genesis block like chants are on the brink of
bailouts second bailouts right so like this issue of like people being able to
get bailed out for their bad mistakes bitcoins on the scene now buddy and so’s
and so’s gold and in there and there are great educators because they don’t let
people get bailed out you know like it’s just it’s just gonna be how it is and
and the losses are gonna get taken by people and the games are gonna accrue to
other people and you know this idea that bitcoins down or whatever like look at
the mayor multiple it’s it as about $7,000 so like bitcoins not down like
bitcoins 10 10,000 bucks it’s it’s well over the the 200-day moving average so
it’s you know it’s definitely in a bullish trend
do we have Corrections here and there yeah of course we do but like this next
bull market could blow your hair back we haven’t even got to the happening yet oh
right having got to the happening KN if you want to that first one trace is
linked below but all his podcasts including these ancient ones Bitcoin dot
K yeah you can see that he has been a gold and holder since the very beginning
since his youth and he shows that hey you know the gold people typically
people they can get along uh and they are one in the same in his uh in his
embodiment there yeah well well and and the reason for that is when if you go
read the great credit contraction which got published the same week that the
Bitcoin network got released right and in there I say that the great credit
contraction has started and you have this liquidity pyramid and capital
boroughs down the the pyramid into safer more liquid assets and guess what gold
in your hot little hand that’s that that was the answer when I published the book
yeah right yes and but now bitcoin is like whoa hey maybe I’m an answer
instead because I’m extensible and even more limited in amount than the gold is
and so you know now we’re seeing this struggle between Bitcoin gold and all
these fiat currencies and how’s it going to play out
you know what what you gonna do you’re gonna get some Bitcoin just in case it
becomes something as Satoshi says it might just become a self-fulfilling
prophecy as a world reserve settlement currency with these seven network
effects I’m gonna get to the bottom of this with a very simple question which
one has a better chance of 10 axing Bitcoin or gold I mean you would have to
take gold from like 7 trillion to 70 trillion and you only have to take
Bitcoin from a from 10 grand to a hundred grand from – from 200 billion to
2 trillion you know and to trillions like that’s that’s like pocket change
for what the Fed does right I mean we got we got 30 trillion and offshore bank
accounts so 90 trillion and in fiat currency instruments alone not counting
bond markets so if you’re a 25 year old kid I mean the choice is obvious I don’t
see too many 25 year-olds getting the gold is what I’m saying well well I mean
gold I don’t know Gold’s got a monetary
premium to it which if it can’t compete against Bitcoin for that use case you
know that that capital will likely bleed into bleed into Bitcoin from gold yes
you know because because there’s there’s one to rule them all it’s yeah exactly
apex predator thanks predator that’s a quote from trace Mayer from Lester and
that is linked to below of course no bet of course all of you know the date of
that show it was November 15 2018 now since November 15 2018 a lot has
happened you I believe on my show you talked about your proof of keys concept
like I think you did by that point but you did you came up with proof of keys I
would say pretty last-minute compared to when it actually occurred which was
January 3rd of 2019 we’re gonna have another proof of keys
January 3rd 2020 correct yeah yeah of course this is now an annual celebration
that I started and you know I didn’t want to shake the the ecosystem too much
right because like it’s kind of scary you’re gonna have a global coordinated
bank run on acet strictly limited an amount with no
wind or a last resort like you know this could this could introduce a little bit
of uncertainty and actually people like andreas you know they they were like
maybe we shouldn’t do this because we because it might actually be successful
and have an impact right and I find it very interesting like so I put the tweet
out December 9th proof of keys is January 3rd on the anniversary date so
less than a month within a week of me putting the tweet out they got a hundred
thousand views on the video within 48 hours within within a week of that
coinbase moves 850,000 Bitcoin on the blockchain just to let people know that
they’ve got access and control to the keys right they’re like oh yeah don’t
Bank run on us please then Gerald cotton the former CEO of quadriga CX meets with
his attorney and rassa will and then conveniently dies the next week in India
where death certificates are pretty cheap to buy and for some reason his
body got taken from the hospital back to the hotel I mean just weird shenanigans
going on and and so quadriga CX fails and doesn’t you know and there’s
hundreds of millions of dollars a customer assets gone and then we get all
this this tether BitFenix stuff like you know maybe perfect keys had a little bit
of an impact even though we only had less than a month to get to get
everything all put together with it and that is my point for bringing up
right now in August so in fact you did not bring it up on my show last time you
waited until even December to bring it up any did cause a little bit of havoc
as you said so let’s what’s the plan this time around how you gonna spread
the word I mean we’re spread the word right now but everybody out there first
of all but the concept is get your Bitcoin off these freaking exchanges
that’s a simple concept but continue how you gonna spread it this time yeah I
mean proof of keys calm we have a little countdown timer on there you know
probably maybe two or three months before it starts we’re gonna start you
know talking on a bunch of the different shows and everything I mean I
only went on a few shows at last minute I had other stuff scheduled so I really
wasn’t able to make that much of an impact
I mean maybe half a million to a million views on videos and stuff talking about
it plus what a few other people did but yeah this this next time around I think
it could be a lot bigger because we saw that like it wasn’t the end of the world
for everybody it was just the end of the world for somebody’s yeah like madruga
CX I think if it’s done correctly this time it’s gonna be very clear some some
are gonna get brought down if enough people do the right thing it’s very
simple why anyone is even keeping messing around with these exchanges and
you know speed exchanges give all your information to the IRS they’re not lying
I mean they tell you they’re gonna do that and you might notice that there are
a lot of people in panic mode does the IRS is sending out letters I mean what
do they expect what did these that’s what I’m wondering here I mean you got a
new out yeah I mean that that’s a different issue and like I wrote a big
nasty check to the IRS go out to the Treasury for pay my taxes because I
don’t want any problems in that department but you know what I’d be more
worried about you know because the the exchanges are just operating in
accordance with law they they have to do like that they’re coerced they have to
do that but what I’d be more worried about is there a giant honey pot of ID
theft documents you know and and as we saw with quadriga CX like the identity
thieves were the ones running the exchange I mean he was a convicted ID
thief like from 10 years ago I can read everybody send any all the
documents that that he needs in order to steal their identities so you know I
don’t like the third party the third parties for that reason like why do they
like I don’t want to share that that data or information unless they have a
need to know and I don’t really find like you know AML kyc compliance a
legitimate need to know but that’s a political opinion right and and B and
and it is what it is so if we’re gonna interact with third parties and you know
I think we should be complying with that stuff but I don’t feel that it’s uh I
don’t feel that it’s a moral law or anything you said if we are interacting
with these third parties that require this stuff what’s what’s your take on
bisque and these decentralize exchanges do you see 20/20 them getting a little
easier more of them existing yeah I mean I I guess I just don’t have enough
experience with them to kind of know what’s going on or how safe and secure
they are I don’t use I don’t use them personally there’s just really not the
size you know like when I want when I want to sell some Bitcoin cash which is
the the real Bitcoin right to the fund lifestyle or whatever to buy a new buy a
new skateboard or something actually you brought up the cash last time I don’t
like talking about the past but people get a kick out of you bring enough be
cash they really enjoy you talking about the situation over there talked about it
Leila you were ripping be cashing new why now you’re you’re skateboarding on
top of them and they actually got fourth to off of since last time we spoke I
don’t go on please share your be cash loss
yeah I mean it’s uh I think the price pretty much says it all and and the
prices I think being kept up by people who are buyers of last resort of be cash
and so I’m not sure you want to be one of those it might be a bad idea I want
to bring up cash and you know behind these Forks of a Bitcoin or a fork of a
fork of Bitcoin is there a yep bitcoin sv or whatever there’s so much drama and
people seem to love these centralized leaders if these cultish think it’s a
crypto cult here man you heard of veritasium right
did you hear about that I see oh oh oh yeah I had I did I had interviewed
Reggie on my podcast years ago and looks like the SEC is running after him people
love veritasium so much because the cult around it the cult around this one
person I don’t and that’s I think why they like these other I’m not gonna even
say their names these these Forks of Bitcoin it’s just a very integral trait
in people what why very even had to ICO is beyond my comprehension uh well
because they needed to line Reggie’s pockets they needed ICO but uh you know
like I don’t know if you saw the the right motion hearing that just got ruled
on but the federal judge this is what he wrote he said in weighing the evidence
the court simply does not find the defendants testimony to be credible as
for the remaining extrinsic evidence none of the evidence demonstrates
additional membership in WK other than dave Kleinman basically the federal
judge is saying that craig writes full of a bunch of BS which is pretty funny
yeah and until the judge decides like hey guess what perjury is a criminal
offence with jail time right well you do like it’s not a good idea to make a
mockery of of a federal judge that’s part of the drama there that’s part of
the drama and people tricks just gave a great summary of what’s going on over in
that clean that’s really all you guys there’s so much noise out there and
there there’s the summary no one has to argue about it or anything like that you
gotta focus on keeping your hand strong on the real thing you don’t get
distracted by all these things and last time you were on Bitcoin was around this
is how I was gonna start to show how that like button people by the way did
the price of Bitcoin I just fallen I think under five thousand eight hundred
and we were a few days for me actually it was going to fall to three thousand
and you were like break it on I would love if you found a three thousand so I
can buy up or because again you you all got the
internet connection is unstable it says can you hear me alright there Tracy yeah
I can hear you it only seems to get unstable when you get too loud so yeah
maybe I’ll calm yourself down that is asking a lot of me to calm myself down
when I’m talking Bitcoin retraced no so you you you said last time bring on 3000
and you would you would be a buyer at 3000 and sure enough it dropped to 3000
but now it’s just past history I mean look guys it’s just a flash to pinch
yeah and and then this this stuff is not very difficult
I actually actually put out a tweet about the mayor multiple and in that
time frame because in December 2018 on ledger X I bought June 2025 K calls so I
paid $1,500 per contract anywhere between 1100 and 1500 per contracts
there there are five thousand dollars in the money right now plus they’ve got
about a little under a year left till expiration and so you know in terms of
Bitcoin I’m actually up through something like 3.2 X better buying the
calls and than just holding Bitcoin itself so hey you know you look at that
mayor multiple it really helps you ring the bell baby helps you ring the bell
alright baby hey man and again people you have to get his complexes trace
right there all you had to do was just buy Bitcoin oh yeah or or or even you
know on ledger acts I mean it ledger exit Isla de we got a great product
because instead of buying Bitcoin at the spot price you sell somebody a put
contract and so then you buy Bitcoin lower than the spot price or you just
keep the option premium and then you turn around and sell the covered calls
or you buy the covered calls right so like I mean these derivative markets
that are building on top of Bitcoin I think they’re going to be very
instrumental and important for the 6th network effect of financialization
leading into the seventh network effect of world reserve settlement currency you
really think it’s gonna get to that seventh level then it’s good it’s gonna
become the settlement the world reserve settlement currency I mean that’s that’s
I mean it doesn’t it doesn’t for me it doesn’t have to get that to that point
to be a huge success yeah well I mean it it’s it’s a gigantic
success only with the first Network effect of speculation you know I mean we
got seven of these things and they all exponentially reinforce each other and
Bitcoin actually will be so much more than just the world reserve settlement
currency right it’s gonna it’s gonna be a whole lot more in terms of the
extensibility and whatnot but those are just the the five the Seven Network
effects that make it easy for people to kind of follow my chain of reasoning and
logic for for why bitcoin is going where it’s going and you still want to own
gold exciting age this exciting okay so you can have it in your hand yeah but
but like man you you just feel this stuff it’s raw power
in your hand like gold this stuff’s I like to pet it like you got a pet that
gold man it’s just raw power you know that’s like camp that’s like half a
pound of gold right there you know try it try holding like 10 or 20 pounds of
it in your hands I actually at one point I’d like to like hold one of my
treasures I had in a leather leather case and I named I named it it’s named
Ted DiBiase actually my mind are to do to more than all sorts of storage
devices the tracer war was the first one that I get the leather case but again
gold I guess I’ve never really uh tried that out with gold I don’t have any gold
coins like them so felt the power of the strong hand or the gold you’ve got a lot
of people there a lot people watch this video who are like oh look Adams getting
convinced now well it’s it’s a you know fit physical objects have an ability to
focus our our thoughts and our intentions and
so if you if you use that you know there there’s a reason that wars have been
fought over gold you know over the physical metal it just has this allure
in this power that comes with it and so you know that’s that’s kind of the
reason I like to I like to have and hold it you know just with a very small part
of the portfolio maybe what’s equal to your passive monthly cash flow you know
and then you acquire more gold as you have more Matt monthly passive cash flow
and if you’re selling covered calls on ledger acts and selling puts you’re able
to generate a whole bunch of cash flow you know on your Bitcoin you are getting
some of the old-school golden holders here are like he’s showing Adam what
it’s about I mean I mean I’m for real like put 10 pounds of physical gold in
your hand and see how that feels for real like it’s it’s pretty dang cool
like you know I mean you can’t really hold your Bitcoin like that you know I
mean like it cuz it’s digital it’s just data but like there’s something just
visceral that’s like built into our DNA when it comes to the gold so you know
holds a hold some of that stuff I’m gonna have to try to get a experiment
maybe someone can lend me their gold and I can like no no no no no you gotta own
it you gotta own it outright just like you own your Bitcoin outright
you know see and one of these is like 1,500 bucks it’s not that much money you
know it’s like it’s like 5 B caches all right now I think good transy good
transition to all coins because I didn’t want to ask you about Bitcoin dominance
increasing despite the fact that people keep on making new all coins and
everything that since the last time you were on the Bitcoin dominance has
increased it got really close to 70% it at one point there it is internet
connection is unstable again which is lovely I hope you can hear me yeah my my
my my my Internet’s fiber so I might be on your end
it’s it’s on my end here Tel Aviv that’s
what’s that’s where I’m at tonight but you know what’s your take on on Bitcoin
dominance is a are we going to see an increase what’s the future of these all
coins who that’s a that’s a big question isn’t it
I mean I I don’t personally I don’t like the the dominance index because that’s
just looking at market cap and I want to know what what’s the real acquittee
there you know what’s the real aquitted can I sell how long is it gonna take me
to sell a million B caches without moving the market I mean big Bitcoin you
can you can easily sell five ten million dollars a Bitcoin and not have much
slippage but you try to sell 50 thousand dollars of B cash and you start getting
slippage so you know I like looking more at that I think there’s a website for it
coin market book cc it helps you see like how far above or below you would
move the market based on the order books but overall I mean I think aetherium I
think ripple I think B cash all of them are there sure struggling against
against Keeping Up with Bitcoin which is surprising because they already have
smaller market caps so I you know and a lot less liquidity well yeah I must
let’s ignore the whole blog dominance that that measurement what is obvious is
that some people out there are thrown in the towel on these top two you’re all
cones and some Bitcoin Maximus or herb celebrating saying this is the end it’s
the end of aetherium it’s a it’s the beginning of the end of be cash for me I
think they got more gimmicks to pull out and just what I said before there’s
cults of personalities out there around some of these around vitalik I mean he
can yeah I I don’t know I mean for me it’s such a waste to even play in
everybody we have to bring up this topic because it’s a it’s it’s something we
get I I mean I I don’t know I personally I don’t have any problem with it or
making money off of it you know that’s one of the reasons I invested in crack
in because you know these the all these coins have speculation network effects
and then people are gonna trade them against each other and like people
calculate correctly you’re gonna have profits the people who don’t are gonna
have losses either way you’re gonna pay a fee to the exchange to trade them and
so like my crack ensures that actually outperform my Bitcoin significantly by a
factor like you know seven or eight X so you know you were you were an early
investor in cracking I mean yeah yeah yeah I helped lead the seed round yeah
yeah I mean you tremendous risk yeah yeah no for real like real like
investing in these startups there’s lack of liquidity there’s a lot of risk but
you know we’re talking $7,700 Bitcoin at the time 35 you know
$10,000 Bitcoin now 17 cents a share to 1984 share so hundred X and USD you know
about 8x and Bitcoin now you were again I just want to put this in perspective
your ear and accredited investor and everything so regular people could not
have gotten into that into that and what I tell people is if you get in the
Bitcoin it’s as if you got into the pre IPO for Facebook that you could never
have gotten into I mean the Bitcoin opportunity is tremendous the
opportunity that you had with cracking it was huge huge risk there and just oh
yeah I mean like and risk adjusted you know maybe it maybe it would have made
sense to just stay in my Bitcoin you know I I definitely understand that
argument yeah most of the time you hear all these people still investing in lots
of Bitcoin and crypto related companies and most of the time I would say 99% of
time it would probably be will see over the long term it’d probably be better oh
yeah I mean I mean oh go look at the archives of my podcast I only
interviewed the top people in Bitcoin and a bunch of the people I’ve
interviewed on my podcasts are gone from the scene yes you know so I mean that
when you own Bitcoin you know it’s like you own a piece of an ETF over the
entire ecosystem so you know it definitely helps distribute the risk a
whole lot wider and yeah I mean just Sona and Bitcoin as opposed to the
startup shares like I think that’s a good idea if you’re gonna go the startup
route like become a founder you know become an
entrepreneur invest in yourself and like build your own business you know that’s
that’s what I’ve got to say build your YouTube channel build like whatever it
is like you know build that that you have control over yes be in motion
people lots of opportunity in the space but one of the easiest opportunities to
just buy and hold Bitcoin and pound that freaking like button alright let’s talk
about Wyoming you’re gonna be speaking in Wyoming aren’t you at there in
September this is correct yes yes going to the Wyoming hackathon
max keiser will be there Katelyn long jesse powell from crack in you know a
bunch of bunch of players Kaitlin has just been a superstar with getting these
laws passed that are absolutely foundational for this in for this
industry and I don’t think people fully understand or comprehend the
ramifications of the laws either which means that the companies that are
available off are going to have a huge competitive
advantage over those that don’t so it’s going to be exciting you know the the
hackathon will be exciting come learn you get a talk with people who are there
representative lindholm the House Majority Whip he’s going to be there
wouldn’t surprise me if a lot of other political leadership whether it’s the
Senate or the house or the governor’s office or governor himself might show up
you know it’s tweeted out that the government the governor himself actually
had a proclamation about cryptocurrency or something
so oh yeah yeah I mean it’s they they want this industry you know it’s for
real and I it I hope it is a huge event and
it call I just it needs more more people need to find out about this you’re
saying that there are incredible opportunities here for the businesses
that take advantage of it it really pay off do you think the businesses will get
their acts together and flat yeah I mean I’m sure that some will I mean SF 125
creates a special purpose depository Bank a bank a fully regulated bank that
can custody digital assets like it’s a bank okay if I didn’t make myself
clear and and the banking commissioner is on
board with getting these Bank charters approved and issued to companies and and
and entrepreneurs that are gonna be operating in a way that regulated banks
need to be operated and so I mean this is incredibly exciting it’s huge huge
advance taking place you know none of this like shady by Nance like based out
of wherever like no audited financials blah blah blah I mean it’s a regulated
bank with a banking commissioner an audited financial statements and and
legal rights determining who owns the bitcoins and who owns the forks of the
bitcoins you know like you have you have legal right to this stuff you know so
you can think of it like you know Bitcoin and armory and Anna purism
laptop that’s the technical fortress and now we’re layering on a legal fortress
around the technical fortress because we want property rights we want trustable
third parties that that aren’t gonna you know holding holding assets and you
become an unsecured general creditor like none of that I mean this is gonna
be totally clear who actually owns what in Wyoming and then who can do what with
those assets you know one of the sentences that I helped draft you can’t
re hypothecate the digital assets period you know like there there’s no question
mark and there’s no like trusting there the the word of the president and CEO or
founder of the company its know if he reaiiy propagates the assets he goes to
jail like because your property rights are respected and defined in Wyoming and
the Wyoming Supreme Court they upheld a criminal conviction for someone who is
rehypothecation diamonds they upheld a felony conviction a fraud conviction so
like you know you want to be a legit company that like think about if if a
hotter of last resort could crash laws what laws would you want to see
crafted that’s what we’ve tried to do in Wyoming Wow all right I want I want my I
want I want it to be very clear that the who owns Bitcoin like and property
rights like I I want to know absolutely that I have clear legal title to any
bitcoins so that there’s not an attack surface or attack vector for a lawyer
you know that’s that another another one of my ideas that’s now law in Wyoming is
a two-year lane cleansing of UCC leaves so if your bitcoins go through Wyoming
and and we’ve tried to make it as broad as possible to have that nexus between
you and Wyoming so if you just physically carry the laptop with your
private keys through Wyoming we’ve tried to create a nexus there to start tolling
the two-year lien cleansing provision you know and then any liens on those
bitcoins get cleansed by statute you know there’s no arguing in a in a in a
bankruptcy court about like you having Superior right to Bank of America who
had an all asset lien on the coffee shop they that sold the bitcoins to coinbase
who then sold them to you right because like a bona fide purchaser can have
inferior property rights under the UCC and that’s how a lot of the the property
rights are determined in a lot of the states you know so we had to we had to
map on to the UCC a whole taxonomy of the digital assets and then we put in
the wing cleansing provision and all this stuff because I want clear title to
the bitcoins I want a technical fortress and I want a legal fortress you know and
then then you can’t like hat who’s gonna attack those bitcoins like be because
you know people are like oh we don’t have to worry about it like this UCC
issue and this lien issue well I tell you what if Bitcoin goes to a million
dollars a coin in a couple years they’re gonna be a whole bunch of attorneys that
are gonna be like oh my gosh like maybe I can hack this person’s bitcoins
through the legal system because they don’t have clear title to them because
they bought them from coinbase and they didn’t go through a wyoming because
so daeun and get lien cleansed dude right yeah this is gonna save some
people if they do the lien cleansing process through Wyoming but that’s
that’s up to each individual yeah I mean I’m just saying like would you rather
have your bitcoins that have been cleaned with a with a lien cleansing
provision by statute or ones that that you don’t necessarily know you have
clear title to well obviously number one well yeah because because when you don’t
get clear title there’s an attack surface and an attack vector there you
know and Lane we’re we’re talking and legal with all this is all legal terms
here in the end of the day is people going to say well I said you you you say
it’s you know about I’m confiscating all all the time Adam well I mean if you do
have control of your private gene I mean they can’t take it from I mean that’s
the bottom line I guess they can issue liens against it and III don’t think you
understand if they have you they have your Bitcoin look at Ross Ulbricht yeah
yeah yes that side of the situation you’re okay but then look at the
offshore asset protection trust cases there was one guy he wired money to a
nosh offshore asset protection trust the judge was like hey you need to wire that
money back he’s in bankruptcy court they the guys like I don’t have the power to
do that as a trustee of the trust the judge didn’t believe him and felt that
he had the keys to be able to get the money wired back so you know what the
judge did he used section 526 of the Bankruptcy Code to hold the guy in
contempt of court threw him in jail he couldn’t challenge his detention he
sat there for 14 years until a new judge got assigned the case because the
previous one retired and the new judge was like well I don’t think it has the
coercive effect has any any power so I’m gonna let you out because I just feel
like being charitable today you know so I and and I mean the law doesn’t care
that you feel that you have superior title to the Bitcoin because you paid
cash on the Barrelhead to coinbase for it law
doesn’t care like if if there if someone else has superior title and coinbase
didn’t have clean title to sell to you in the first place
guess what you got to give you got to give it to the person who’s got clear
title or they’re gonna like get you and put you in the pokey right yeah
so because you don’t have legal right to it and and and and the Bitcoin network
and the legal system are totally bifurcated networks they’re totally
bifurcated systems neither recognizes each other
right yes and so like they both are claiming sovereignty and one is claiming
sovereignty over the bitcoins you know by saying hey you have to be able to
sign a transaction with a private key and the other is claiming sovereignty
over you and over defining the property rights that are around the bitcoins so
like you know having having laws that are drafted to protect hollers I think
that’s a very important thing to do and and and why not avail yourself of those
laws if you can yes this is a very good point thank you trace mare and Caitlyn
for putting this opportunity out there in the state of Wyoming to avoid such
nightmarish life situations and you really laid it down nicely there that
the legal system and the Bitcoin system they’re bifurcated they’re not they’re
not the same they’re totally separate yeah I mean it like it’s just that’s
just the way it works like you know I’m very pragmatic I don’t want to have any
problems in this area so you know I’m gonna I’m gonna try to you know I’ve
already started tolling the statute of limitations under that law right so if
anybody tried to try to penetrate my legal fortress and then my technical
fortress to try and get the bitcoins like you know I got a massive massive
shield they’re you know more I’m more than just the technical I’ve also got
the legal yes you know I want as much protection as possible you know so why
not have both there you go yeah I I think it’s good I don’t want anybody be
super scared because of what tres just said
though guys don’t just they’re not coming for your big win yet people duh
well if if you’re prepared what do you have to be exam to be scared of but like
if you’re if you’re gonna procrastinate and and keep using the web wallet right
instead of figuring out how to properly secure your coins I mean like you need
to properly secure your coins physically and digitally and cybersecurity and
legally you know you got a you you know things like the Wyoming asset protection
trusts and the Nevada asset protection trust and then using using these lene
lene cleansing provisions and stuff like that I mean all this stuff is very
important to start tolling statutes of limitation so that you’re in safe
harbors you know safe harbors are where you want to be where you’re protected by
default and by statute thank thank you Wyoming and let’s I’m gonna keep on
covering this I’ll get Caitlin back on the show again of course now I wonder
you mentioned the word Bank you said they’re gonna have their own bank there
that’s gonna transition us into another topic because there’s some people that
think Facebook wants to beat some Bank with Libra do you think they’re gonna be
able to pull the bra yeah I mean they got lots of resources behind them but
Libra is nothing like Bitcoin or this digital currency so like I just don’t
find it very interesting but but when we’re talking about the Wyoming banks
for these digital assets like they’re not they’re not able to engage in
lending and the assets are held in bailment so so they’re held in bailment
they’re not even on the bank’s balance sheet they can’t do anything with them
other than what you expressly in writing authorize them to do to custody your
assets yeah that so it’s pure storage I mean they’re not yeah yeah yeah the pure
storage there are abilities for them to get express written consent to do other
stuff but by default it’s they can’t do anything would be interested in being a
client of such a bank this an example of a fight fidelity okay
you know like how about it how about a Bitcoin ETF because right now we don’t
have a way to have a sequela fide custodian but these digital asset banks
could be qualified custodians and guess what being a being a trust company
that’s not gonna work because you can’t be a trust company and a money
transmitter at the same time so like that’s just a bad legal strategy that’s
trying to hack around the system when really what you have to do is change the
fundamental laws that are authorizing the different behavior which is what
we’ve done in Wyoming instead of trying to bolt on some like half-baked idea
like a bitlicense nice shot of New York there man pound that like button now
we’re talking about different locations here Wyoming New York any tank do you
have any opinion on what’s going on in Hong Kong and what’s going on in
Argentina well Argentina is doing what they they
like to do on a regular basis I’m sure they’re out in the streets paying in
their pots and pans I mean what a disaster crash there yeah and I’d be
worried if I had any capital down there cuz you know they’re just gonna just
gonna destroy it all like new government that may confiscate who knows right
that’s it that’s what they’re doing and then Hong Kong you know Hong Kong’s much
more interesting when I was in college I’d spent a couple months on a study
abroad in Asia and we spent a month in China and I remember the person telling
us like you know we were out in the middle of nowhere in backwoods China and
he was like this is past China and then we were in Beijing and he’s like this is
present China and then we were in Hong Kong and this is future time oh god and
so like I think what we’re seeing in Hong Kong is oh man I mean its future
China and I mean what are they gonna do are they gonna crack down and and kill a
bunch of people because I mean nobody nobody’s trying to immigrate to China
they’re all trying to immigrate away from China
and there nobody’s trying to invest capital into China they’re all trying to
get their capital to escape China and so like how do you how do you become an
economy and encourage investment of both human capital and and and in financial
capital if you don’t have freedoms of speech and freedoms of protests and the
ability to change governments peacefully yet because like in China you couldn’t
do Obama to Trump like that that’s not in the political reality you know what’s
in the political reality is twenty to thirty million dead people after a
revolution that’s the only way to change the political system in China and so
like is that what’s gonna happen in Hong Kong cuz I mean those protests are
gargantuan they are massive and and that’s just tiny little Hong Kong and I
mean we already saw Arthur Hays you know CEO of bit max you know a few weeks ago
he went on vacation for a month he’s just left Hong Kong you know he’s
renting the most expensive real estate in the entire city for bit max and he
decided to leave you know I mean it if you’re a company why don’t you relocate
from Hong Kong to Singapore I think some real because because the political risk
is now increased right yeah so so you know Hong Kong it this is a very I think
this is kind of a very scary portent not just for what’s gonna happen in Hong
Kong because you know that looks like the Chinese military is massing vehicles
to go out and and just kill a lot of people or otherwise imprison them or
whatever and you know that’s the price of freedom you know in the u.s. we had a
we had a you know we had the constitutional revolution about that
freedom isn’t free I mean it cost blood and it cost lives
you know like d-day and I mean it’s like you don’t just have freedom like you
know and you don’t just get to free right off other people’s freedom so if
the Chinese people want freedom they want a good future then they’re
gonna have to stand up and claim it otherwise they’re gonna continue to get
milked and made into meat in ever more brutal ever more significant ways you
know look at there’s credit scoring system and their facial recognition and
all the travel restrictions like you know they’re I mean it
III see Hong Kong is just it’s the boiling of China and China itself is
also you know doing this you’re going gonna have a lot of unrest I think
especially with all the economic issues what’s your advice to the people of Hong
Kong right now change your change your wealth in the
Bitcoin get the heck out of there yeah I think that’s a great right why are you
still there you know I mean it’s it’s like the it’s like the Jews in Holland
or France in 1840 like why didn’t you leave because it was their home you
thought it was them whoops whoops not now you’re dead yeah I might get game
over now I will say this the Chinese are somewhat tracked the Chinese government
leadership is is practical I think I don’t think they’re about to wipe them
all out in on Khan there might be some shoe they’ll try to get away with this
littlest just I don’t think they want a lot of bloodshed that’s not that’s not a
good that’s not a good look and I think from what happened it’s never bothered
them I think that the older people in Hong Kong are earth are saying well it’s
the students that are protesting it’ll end and everything will go back to
normal and I think the Chinese might they might issue they might show some
strength in order to just squash it for now and just hope the people forget
about it I think that’s they liked like Tiananmen Square no I mean all all that
does is generate blowback right like like it
you can’t do that in the Information Age everybody’s watching Hong Kong like in
and all these people from mainland China they’re traveling there they get outside
of China they start learning all this stuff you know like I mean China’s gonna
have to figure out a way to govern where they have more consent from the people
well I think this I think the people are somewhat happy with the situation
because they are getting stuff I mean their their qualities of life in terms
of what they now own in the mainland at least is much better than the old day I
mean the the biggest source of like medula and use of metal over the last
few years is for cars built for Chinese or something like that well yeah but
but since Trump took office and the tariffs the net worth between China and
the US has has changed 17 trillion dollars in the US as favor and and
Trump’s just getting started bringing the bringing the money home from outside
the US but the question is how to have a revolution the people have to be very
angry very dissatisfied with the situation and for what I’ve heard like
as long as the Hong Kong people think they still have like a free market and
they’re still able to make money I think they’ll unfortunately they’ll give in to
the credit system or whatever China trying to try see enforce on top of them
but again some people will leave some people will leave yeah but I mean that’s
the thing like that they have these massive protests going on like I mean
they start killing people it’s just gonna be more blowback like they’re not
gonna they’re not gonna get the will of the you don’t get the will of the people
that way like the u.s. the u.s. is a country of immigrants like everybody
here is here for an idea yeah of you know it’s the only country that was
built that way China has been China has got like 60 different ethnicities and
languages its cobbled together it’s hugely widely to spare it like it’s hard
to keep China together there’s 50 60 thousand riots every year in China
political riots yes because because I mean it’s just they
by brute force not by consent and so like it’s always a very tenuous position
that they’re in and then when the economic situation gets bad with 30
trillion plus a bad debt in their banking system and state-owned
enterprises and the inability to do economic calculation because they have
politics and all of their and all of their decision-making in the economy
they just miss allocate wealth on a massive way you know that as that can
work while they’re being subsidized by the US but now that we have a much more
nationalistic president in the US that’s bringing the money home and not taking
it anymore you know because he’d rather he’d rather bring the money back home to
Iowa or Pennsylvania instead of shipping it to to you know Chongqing and Wuhan
like you know they’re gonna have to figure out how to generate wealth on
their own and that’s the problem is they don’t have the tools to do that because
they don’t have economic calculation and a market-based economy and freedom of
speech and property rights and all this stuff that the US has they’ve largely
just been a parasite on the US as rule of law not for real and I wouldn’t these
horrifying scenarios that we were talking about of the fall of China and
what China might have to do this is a reason to own Bitcoin people especially
if you’re in China or Hong Kong okay no I mean I mean yeah I feel bad for the
Chinese people but like you need to change all your wealth into Bitcoin and
get out of the country like is China because because because China is not
very sustainable there you go people that is something again I don’t wish
this doom and gloom scenario on to anyone but it’s something to seriously
consider it is things are looking not so good definitely in Hong Kong right now
again I’m gonna have somebody on from Hong Kong eventually and so I show but
yeah but it but it but it’s not like though they’ll tell you what they really
think because they’re scared of the political ramifications of doing so
because they don’t have freedom of speech there well I’m gonna have a guy
who is not from there who lives there so he might
be able to he probably can escape there a lot he’s not as anchored down there as
as I wouldn’t if I was in Hong Kong I would not be I’d be getting rid of some
of those things holding me back I want to be like like oh if I lose my
apartment I’m doomed no don’t don’t have your wealth if the
majority of your wealth is in real estate in Hong Kong and like if things
get bad and you might feel like you can’t leave your real estate that’s a
bad system that’s why you got a day in the big big boys asset that you could
take with you in such a horrifying type of yeah like like if you’re gonna get on
a on a plane and go somewhere how do you maintain your standard of living right
like you need to have a plan B orange coin go up right yeah and I do
I hope these protests have been going on for a while i one would think that more
and more Hong Kong people are at least exploring exploring yeah I mean it’s I
don’t have to watch I don’t wish this upon any any people some some massive
Tiananmen Square type of situation and God forbid if something like that does
happen unfortunately it will help it would it I mean it is happening like
they’re they’re beating their own citizens they’re firing tear gas atom
they’re maiming them you know taking their eyes out like the next level the
next level of violence how Bad’s it gotta get well the Tiananmen Square when
you’re being mowed down by a big mowed down by tanks rolling over they’re
massing the tanks right now they might jump right back down there they’re not
they’re not gonna show the force unless they intend to use it and why would why
would they back down they like to I mean you get you get people in these
positions of power they like to kill people well if the protesters stopped
protesting and saying okay we like these extradition laws that you have if the
protesters given it but it’s still coercion it they aren’t they aren’t
persuading they’re them to change their mind they’re forcing them to change
and that has anytime you force someone to do anything you get blowback that’s
the way it works over I mean that’s that’s how China gets things done and it
will – blowback they’ll hold in their blowback for it’ll come back again I
guess in the future but because I I just hope I’m trying to
be a trying to look on the bright side here I don’t want this I definitely
don’t want this I like I mean I was there two years ago and medium is it’s a
normal it’s very normal place it’s a very it’s very free market and
everything and I’m a parent apparently because that’s why they’re having
massive protests and are massing a bunch of military vehicles to go mow people
down it’s obviously a very good place to go visit and has good freedom of speech
and business going on there right yeah we’ll see what happens here I uh people
will look back on this video let’s hope let’s hope for the best and people not
gon get Bitcoin alright I want to leave it on a positive note though definitely
you said something before hand about altcoins II have no problem making money
off of the altcoins and you mentioned specifically your investment in cracking
but another thing that you’re known for is you and I just want to put this out
there was there a lot of people were like oh these Forks
his air drops they’re horrible they’re taking away from Bitcoin and for me it’s
just it’s free money on the table they’re giving it to me I’m gonna turn
it into Bitcoin and you know on the last show you said because you really knew
how to take care of your private key you’ve got like some of the worst of the
worst of those crypto dividends and turn them into Bitcoin so I mean you’re the
biggest Bitcoin guy out there hey that’s your Forks the better man I want I want
another I want another bit man funded a Bitcoin cash like that thing was great
what do you have to say to the people who say it’s just inflating the supply a
Bitcoin it’s it’s it’s taking its living off the name of Bitcoin it’s watering
down the name of big apparently they have apparently they haven’t tasted
selling selling them like I mean the more of these Forks the
the slimy or the flagpole gets to try and challenge bitcoins dominant position
I mean if if you have to if you if you have to deceive people by relying by
trying to get them to buy something that they’re not completely aware of what
they’re buying you know like buying a coin be saying
it’s the real Bitcoin instead of you know just coin a which everybody knows
is the real Bitcoin like you don’t have very strong hot lers of your of your
asset and so like you know all the better like try and copy those Bitcoin
network effects you know go fight with hot Wars of last resort like bring it
you know it’s great again Tracy and I are saying if they’re gonna give us free
money we’re gonna turn it into return into Bitcoin we’re not saying buy these
things they’re giving you a test for free do you leave free money on the
table I mean this is a it’s it’s not hurting Bitcoin it’s again it’s making
uh if the flag full or slippery hang on says yeah and I mean that
yeah the bit the Bitcoin blockchain like each Satoshi is is a parcel of land that
we’re taking in this economic war hike if I can use their their Forks to
acquire more territory all the better exactly exactly all right dudes trace
check him he’s linked to below follow me on Twitter pound that like button
he’s website is gonna be linked to below any conclusionary reports you want to
tell people anything that got left out no it’s great thanks for having me wish
everybody the best make sure that your own personal situation safe and secure
you don’t want to be in something like Hong Kong for real and you know just
Twitter at tres Mayer and Bitcoin knowledge podcasts www Bitcoin can
thanks so much for having me on all right and just wincing January the third
21 rupees roof of keys guy starts friend the word
now everyone watching this let’s bring down some of these fraudulent exchanges
and teach people to control their own private keys for God’s sakes it’s gonna
be twenty twenty you shoulda learned by now
alright everybody I’m at thank you tres for being off for returning i am adam
meister the bitcoinmeister the disrupt meister remember to subscribe this
channel like this video share this video check out the links below
this week and Bickel show is every friday i do a new show here every single
day saturday is the beyond bitcoin show shabbat shalom everyone see ya tomorrow
bye bye

17 thoughts on “This week in Bitcoin- 8-16-2019- Trace Mayer talks Gold, China, Proof of Keys, Wyoming, Altcoins!”

  1. Bitcoin is currently my most favorite thing and i completely love the technology behind it out of which has spewed several other coins. I know its quite unclear for many how lucrative bitcoin is currently as most people have lost several thousands of dollars already in holding their coins. In my case, i have earned thousands by following a less talked about approach which is day trading. Trading is less affected by the speculative and unpredictable nature of cryptocurrency and with the right techniques and expertise, you can easily earn so much when others are actually making loses in an unstable market. Several ways to make consistent profit but the safest and easiest would be using the guidance, signals and already proven trade strategies of a successful trader. Quite a few of them but my favorite would always remain Mr Mark Jean . I was able to easily triple my portfolio in just 2 weeks of trading with him. It would be only fair for me not to hide such a gem in the space. You can reach him via mail ( m a r k j e a n 8 8 4 @ y a h o o . c o m ) or via w h a t s a p p + 1 2 0 9 8 8 1 7 8 6 8

  2. I wonder whether the January 3, 2020 Proof of Keys, will have more participants than last year? We have 20 weeks to spread the idea and gather a new following. Most of the 20%ers will not be able to participate as they've been practising the concept since before the phrase. (With the exception of basically unmovable dust amounts.)

  3. Helllllo everyone 🤣

    Play *1014** this Weekend
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    Saturday's Bonus # **114**

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    0441 – Hits Quebec = 1014
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  4. Sadly proof of keys is NOT at all easy for me. I still share an email account with my husband. I can barely operate my cellphone apps. Having my son set up a Coinbase account and helping me to purchase Bitcoin is the best thing (financially) i have ever done. Now my Bitcoin is stuck in this exchange. Frustrating beyond belief. I hope proof of keys becomes easier in the near future.

  5. life is very good in Mainland China. I am American living in China by choice and would never leave as long as the life stays so good. Strong hand in China

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