The Bitcoin Group, the American Original. For over the last ten years, the sharpest Satoshi's, the best Bitcoin's, the hardest cryptocurrency talk. We'd like to welcome our panelists, Victoria Jones from Satoshi's page. Good evening everybody. We're going to welcome our guests, the great Bitcoin. Victoria Jones, what do you think about everyone's favorite topic? The price, the price, and the price of Bitcoin. Yeah, well, as predicted this is the season for all time highs. And we certainly seem to be achieving that, which is very exciting for a lot of people. It's still very much influenced by a lot of companies wanting to invest in Bitcoin and hold it on their company balance sheets as inspired by Michael Sala. A dangerous trend though is that a lot of them are taking out debt in order to achieve this. And of course, that was exactly what contributed to the great depression. So we need to be careful here. The way in which Bitcoin operated from the beginning to 2017 has completely changed. And even though there were predictable price cycles up until that point, you know, the game has changed. And nevertheless, you've still got the underlying influence of the fact that due to the halvings, you know, that influences how the Bitcoin price moves. And so we're definitely towards the high point of that cycle. But of course, it's always influenced by external factors as well. So of course, people will find ways of explaining this, who don't fully understand Bitcoin. Obviously, talking about Congress, producing legislation. And so clearly, that must be the reason why crypto is going up. And then on the other hand, you've got the issue of Trump's tariffs, which are deflationary, you know, they have a deflationary effect because they're essentially a way to increase tax, which is a way of reducing liquidity from the financial system. Whereas, you know, part of what everyone was concerned about up until recently was too much inflation. So many respects, Trump's tariffs have a deflationary effect, which is kind of balancing that out. So even though we're getting an all-time high, I suspect with the deflationary influences that are going on, we might not have as high as a high as we've had in the past, but nevertheless, it's still good to see that, you know, Bitcoin is performing as ever going towards an all-time high in this season. And I've definitely seen that tweet already. It's a bit libertarian salty tears where they say Bitcoin hits all-time high in fiat, but fiat, not what it was worth the last time that Bitcoin hit this all-time high. So there's this, we are going up, but you're right, Victoria, who might be purchasing less and less items with our 100,000, 112,000 this time. I would agree as well, like you're saying, that in the short term, certainly Bitcoin is affected by buyers and sellers, large amounts of shorts being closed and wrecked when the market changes direction suddenly. But over the long term, it does look like what tech ball or tech tech dev predicted on Twitter is true that we're generally in a long-term uptrend. We seem to be driven by the four-year business cycle, perhaps not even the four-year halving cycle, but this business liquidity cycle where liquidity goes in and liquidity goes out. And we just seem to be going up. Like Victoria said, they want to link it to the news. They want to say it's Congress. They want to say it's this. But from a long-term perspective, it just seems like price discovery on a new asset class, which is again something we've never done before. So the media has no reference. They can't go to history and say, wow, the last time we discovered digital currency, the price ended up to be this much. So we know it'll be that. So we still don't know the price of this thing. All of these banks and other people are getting interested in micro-strategy, the new theory of business that you just buy Bitcoin and hold it. You don't need to make anything anymore. It's the infinite-gest destructive theory of business where we are so addicted to this goose that lays the golden eggs that we stop tending for anything else. And everything around us collapses and falls apart. And you can see a lot of this in the conservative political strategy of me first and only me, which we've said is strongly expressed by this administration. I expect to hear more about this fantastic new philosophy next week at the Las Vegas Bitcoin Convention, which has gone hard right with Vice President Vance speaking, the President's son speaking, and so forth. But what do you think, Victoria? We're in a new world now of Bitcoin price. Like you said, it's large players, sailor banks, corporations, giant Japanese companies buying a billion yen worth of Bitcoin. Do you think they'll get cold feet? How does this affect? Whereas before it was smaller, hotlers, we haven't seen retail come back yet. Have we? No, and I think retail are understandably worried because I think Michael Sala buying a lot of Bitcoin obviously elevates the price, but who's to say the point at which he changes his tune? I mean, at the moment, his average purchase price is now around 69,000, which is the previous all-time high. And traditionally, if you look back on Bitcoin's price charts, generally speaking, when we go through the bear market, the price normally doesn't go lower than the previous all-time high, sometimes slightly lower. And so looking back on history, it would seem that Michael Sala's strategy is no fail. But the thing is, the financial system is becoming increasingly fragile, and the more these companies rely on having Bitcoin in their balance sheets, and people are still relying on their pensions for their pensions to invest in companies that invest in Bitcoin. All of that system is could be subject to fracture at any moment. And at that point, especially if you don't hold actually hold your Bitcoin, it could be lost. But also, a lot of these companies could end up having to sell their Bitcoin in a hurry, especially if they've got debts that are doomed. I mean, obviously, it would take a big crisis for something like that to happen, but it has happened in the past. It doesn't happen often, but when it does happen, it's catastrophic. Like I mentioned earlier, that's exactly what happened with the 1929 stock market crash. Everybody was borrowing money in order to buy stocks. It seemed like such a winning strategy that it could never fail, but of course, the moment it failed, it was devastating for everybody. And I think it's a real shame, because of course, Bitcoin was disaligned as freedom money, away in which people could transact, and the financial system could no longer affect them. But at the moment, with all of these companies influencing the price of Bitcoin to go higher, which seems great in the short term, when it goes wrong, and a lot of these companies have to sell, they have much bigger pockets than retail, apart from the few large whales who bought Bitcoin originally, all the small people who've been all the retail buyers who've been buying Bitcoin recently because they think that they'll be able to make profit. They're the ones who will lose out if it suddenly fails. And the problem with Bitcoin is the price is still volatile, which is great when it's going up, but it can cause real problems when it's going down, especially if you're someone who's come to rely on it. So yeah, if retail aren't buying in, then good for them. I think they're being understandably cautious, but of course, the problem is when it's suddenly sky-rockets and they feel like they've lost out, but don't be like Isaac Newton, where you invest too late and then lose it all. You know, they're all lining up to be on that chart. That's what they, it's their destiny. They can't escape it. It's unavoidable. And like you're saying, yes, the businessmen and the companies that are investing now, they have big pockets. They have no rent expenses, no unexpected medical bills or anything like that. The businessmen can afford to hold forever, unlike the retail investors who freak out if it goes up or down or have actual normal investments. And like you're saying, Victoria, the same thing in my notes that says that it's ironic that Bitcoin on books creates the same problem that the problem Satoshi tried to solve. He was upset about the transparency of the market where the the home loans that were bad were put in a box and sold as grade A home loans. If you look at Bitcoin, you can track to the individual address how much everyone has. So if these businesses wanted to prove their reserves, they could, they could link right to it. But we know they're not, they're not proving it. Even if they proved it, they could take it away the next second, sell it in a minute, have it all over the place. We have no idea what Bitcoin and businesses could do if they want to if the board of directors says so. So it is funny to have this true free verifiable money be put back in the box again. And for them to be hailed as business geniuses, we thought of this brilliant, prior to at 40 Ponzi scheme centralized holding Bitcoin scam, which exposes you to security risk. It exposes you to board of directors don't like Bitcoin risk. It exposes you to Michael sailors cousin, you know, stole it or lost it or anything. There's so much additional risk by forming these large pools of Bitcoin that they seem obsessed with building from a network perspective. It's ridiculous. Why would you store all of your data, your valuable data and one large pool and then build many more large pools where all the data could be stolen. And one more thing I'd say Victoria from my notes is this we know you and I know Bitcoin's not a conspiracy theory. It's based on math. It's really straightforward. It's really open left right libertarian cipher punk. Wherever you are, you can come in and find something in Bitcoin. But because of what's happening in the larger view, companies like sailor buying it all, rich people buying it all, it seems like something only for the rich where the first couple times it was those those crafty early nerds that made money. Now it's the stock market Wall Street guys who are just smarter than me and faster and know everything and it anything you could do to convince people that Bitcoin is a conspiracy theory and that it's worthless is being done very successfully. And I really feel like the true the people are not getting are not getting Bitcoin. They're not getting into it. They're not getting their chance to stack some sats whatever slogan you want to use buy a Bitcoin today or buy Bitcoin's with an S like we used to do. Do you think Victoria like I mean we're so far from the Satoshi vision. If Satoshi came back, I often picture you know Jesus throwing the money changers out of the temple. But maybe Satoshi has to throw whoever we've got out of the Bitcoin temple. So we're we've built yet another worthless structure that's become decayed. Yeah, I mean I think Satoshi managed that by the way in which the system was originally designed and also you know we need to recognize it. It wasn't just Satoshi's. Satoshi produced the initial white paper but of course the protocol we have now was worked on by a number of software developers after you know Satoshi's initial white paper. So Satoshi has given the credit but it was off it was also all of those early side of punks who really kind of finessed exactly how the system was going to work. And I think you know if you look back on some of the things that were written around the time that Bitcoin was created. You know a lot of people anticipated these kinds of problems and that's why it was designed the way it was. I mean ultimately you've got a new system of money here that's based on software and because it's based on software the protocol is very robust and you're up against the existing system which has developed for over 400 years but it's very fragile and so you go through these boom and bust cycles because the system as it is can be manipulated. The idea behind Bitcoin was that it couldn't be manipulated so at the moment a lot of these companies are using the corruption in the existing system to take advantage of this new technology but the two systems are incompatible and I often say that it's like having an irresistible force against an immovable object where the immovable object is slightly less immovable than the force is irresistible. And so you know when you've got these two competing titans eventually one's going to fail and the other one's going to win and it's just a matter of time you've got you know you've got these titans fighting it out and it seems like no one's winning until someone lands the knockout blow and you know all you need is for the existing financial system to crumble which in the short term will probably knock Bitcoin's price but once that's happened and everyone kind of picks themselves up and dusts themselves off you know it's those who've actually held on to some Bitcoin in their own wallet who will be able to kind of provide the foundation for where we're going we are going forwards you know if you take what's happening at the moment to its logical conclusion that's what's going to happen it's just the timing that's unknown no one knows exactly when this is going to play out but the way in which the system is built this is what we're looking at happening. There are many ups and downs ahead of us and they're going to be devastating and and not fun we'll see how it goes or a lot of things about Bitcoin like you said we're not originally there the 21 million unit was units was not originally locked in that was a debate and discussion it's been confirmed now but they could always change it like they say if there was enough consensus we are being told in the chat that YouTube seems to be failing at streaming this week however we're on Facebook and apparently one of the other YouTube channels so we'll try to download it from there and upload it to the original one but I don't know what the problem is with restream I'm getting pretty tired of them I do the same boring thing every week I put in the same things and if they're going to have errors every other week that's not going to work for me so but let's go to the exit question I brought all the way from Las Vegas the Bitcoin predictor ball the source of all truth and knowledge in this universe Victoria Jones will the price of Bitcoin be higher or lower this time next week I don't know it's been on a pretty good run normally when we find that it's been a bit of a run even though the run could keep going it might have a bit of a pullback in the short term so I'm gonna say lower I'm always bullish it's tough to be though with so much external things like tariffs and negative news and the destruction of the United States of America by four and enemies happening in front of our eyes like a Tom Clancy movie brought to life but I'll stick with bullish and I'll stick with higher but we'll ask the ball which is what you really want to know because you don't want to base your investment advice on a human you want to look at a triangle or a ball or a system like this that's where the real knowledge is well the price of Bitcoin be higher this time next week and it is very hard to read it's got a lot of bubbles in it check the light reply hazy try again reply hazy try again well I'm glad I brought it all all with me that was worth it moving on to issue to trump speaks with presidential seal at crypto dinner the white house build as private yes the president used some of his often heard of personal time to host a crypto dinner where investors who invested more than million dollars a piece into his crypto coin which he owns 80% of and receives the fees for got to have dinner with the president of the formerly democratic united states of america as it says here politico what life is this the crypto investors who bought a dinner with trump the event build as the most exclusive invitation in the world direct quote is the latest example of the president stunning pivot from crypto scourge to evangelist and finally we have exclusive and horrifying footage of one of the investors or I don't know what you want to call them that went to the crypto event here it is footage from twitter of a man in a what looks like a 3d printed rabbit head walking into the event as the protesters chant show us your face show us your face this is now pretty much the worst of all possible worlds for the presidential NFT presidential crypto coin type program we have the president having dinner with anonymous donors including a man in a 3d printed rabbit mask of victoria jones what do you think of the president's crypto dinner pretty much the largest gift since last weeks four hundred million dollar jet from guitar yeah it's not ideal really i mean a lot of people always had concerns about um government going this way and um presidents taking personal advantage of that position and a number of laws have been written and set up to try and prevent that from happening you know corruption in politics is a big concern for everybody and has been for a long period of time um and of course you know situations like this suggest that you know if people can get away with it they're going to and unfortunately it's the weaknesses of our existing system a lot of people um like the fact that we have a government they feel it protects it provides a level of protection especially welfare protection um if things go wrong but of course we pay a high price for that in the fact that you know you have centralized organizations who make decisions over the way in which our lives should be run and this time goes by those laws become more more complicated and more more problematic and you know this is an example of that it is interesting i hear a lot of people saying oh it's it's better because it's in public the government's always been for sale it's always been a scam but now he's doing it publicly and i want to tell you from historical example it's not better when it's public it's not better when the kkk stops wearing masks it's not better when they're out there in the street doing whatever they want and being as corrupt as they want uh this is a horribly corrupt event this is the culmination of corruption this is so far beyond what we used to talk about with NFTs we used to talk about fan clubs and uh your favorite band having a concert and inviting you because you held the NFT uh we used to talk about maybe a famous actor could have their own coin sell their coin maybe for uh you know environmentalism or some kind of positive thing to give the money away and then have a dinner like this we never pictured in our wildest dreams that the president of the united states would have a three hundred million dollar for himself private personal dinner where allegedly he uses the crypto the seal of the united states which is specifically against the law at the dinner uh and keep the money and just keep the money and that everyone would say oh it's totally fine that he made three hundred million dollars for that dinner yesterday even if nothing happened and it sounds like things did happen they're starting to get uh we were in many phases here first we're in the i can't believe the president's having a crypto dinner phase then the actual dinner happened now we're in the post crypto dinner phase where the media is going to do everything they can to find out who this man in the rabbit suit is and so forth this is a horrible decision i want to say this decision is it goes down in the uh series of horrible decisions going back to that movie uh that denzel washington did about the drug kingpin i think it's called american gangster and uh he was completely unknown the fb i knew nothing about this kingpin until he went to a mahamadali fight in a chinchilla coat that no one at the fight could afford it made him stick out just like mr rabbit here who's made a horrible decision i can only hope this is performance art or some kind of million dollar joke that someone has put together if you are really this evil genius in your rabbit costume and you showed up to the thing to bring this attention to yourself uh you are a true absolute fool and i don't know how you got the billions of dollars or millions or whatever to buy this trump coin and so forth it's it's a mysterious and magical world out there mr rabbit uh certainly wish you the best whatever i have no information about the rabbit uh but victoria what do you think about this phase three that we've entered where obviously the guest list of the crypto dinner will be found out and if they do receive any favors or any legal or benefits otherwise there will be a list i don't know if anything will happen but that list will exist the corruption will be on paper and everyone will know i don't know if there'll be any penalties or anything but what do you think about this incredible new phase of crypto dinner that we're in well it's just if you understand what's going on it's disturbing but the thing is a lot of people just don't understand and they're so busy interacting with their own lives they don't have time to care and even if they did care and they could what can they do about it so most people like most things they just ignore it and kind of carry on and it's very difficult to know what to do in these sorts of situations i mean the only thing that gives me hope is the fact that the way in which bitcoin has been designed is so robust you know all we can hope for is the point at which the existing system collapses and you've got a really strong infrastructure here with which to kind of build again but of course you know that transition is going to be horrible for for lots of people and all of this corruption just makes it even more horrible in the process and so you know anyone who's involved in this they kind of have a choice do they go along with the corruption because they think great let's make hey while the sun shines and we'll jump on the bandwagon or do you stand back with a bit more wisdom and understand the bigger picture of what's going on and recognize that you know some of these choices are a fools game they might make you money in the short term i mean we've been seeing this for years a lot of these meme coins and alt coins you know they'll have huge spikes but then the price will crash and then they never recover and there's been enough of those situations happening now that enough people should know that this is how the story plays out however there are some people who've done really well out of it you know there are people who want to follow on that trajectory but you know anyone who's going to do some serious study and use a bit of wisdom just you know stay well away or use only small amounts you know if you really like gambling but you know there are some people who aren't going to take that advice but for the average person who's interested in Bitcoin and hopefully they're the ones who are watching this channel you know just be warned don't look at these people green with envy and think that's something you need to copy because you know as you've seen time and time again these things will play out in the fullness of time and you really don't want to be on the wrong side of history when it does it is worth noting that all other technologies have been subverted when the radio started out you could have your own radio station community radio when newspapers start out you could print your own pamphlet you could have your own newspaper when television start out you could have your own television station and when the web started out you could have your own web page and none of those are true anymore even the web page thing everyone has a Facebook they have a Twitter I almost said x.com I don't think I'm going to start doing that but yes you can have all of those things as long as they're owned and controlled and not on your own which is the way that the web was originally designed as you can see we've drifted quite away from the original idea of having your own server and hosting your own data and talking to other servers which obviously didn't work when one of those servers went viral and got all the traffic so we changed the way the internet was built in a horrible way that's trapped us by advertisers and Facebook and Twitter and YouTube and other countries companies that censor what you say and control what you say the internet might go back that way but like Victoria said with Bitcoin it's in the DNA of the technology Bitcoin itself is the Trojan horse with Trojans inside it and inside of that is another Trojan horse with more Trojans inside it and the business people have taken it inside the walls and they think they've tamed it and it's a really great horse and they're going to make a lot of money with this horse but they can't get away from the original design of Bitcoin and the reality of the code and the way that it runs and the way that it doesn't care Bitcoin doesn't care about them and they think that once they've acquired a lot of it and they've gone to all the meetups and all the meetings and all everything and have their conventions that they will get to the developers and they will acquire this power over Bitcoin as we saw last time when they tried to take over Bitcoin with the Bitcoin 2x debacle with Coinbase and the other largest companies in Bitcoin trying to say no you should let us maintain the code not that open source thing that actually built Bitcoin us the companies and they're going to try it again and they're going to fail again and there's going to be this Bitcoin adoption Bitcoin unadoption Bitcoin adoption type thing that happens and everyone will say it's dead and they'll say the companies have left you the governments have left you you have nothing left except for the code and the network effect that just keeps going up more and more users every day more and more wallets downloaded more and more price going up etc etc it just keeps happening but yes we're going to have to wait forever and still going back to what we've said before but I think it's worth saying again the right wing bitcoins have had incredible successes they have made incredible friends at the highest level of the formerly democratic united states government but I think that in a long term they've set us back Bitcoin is for left wing and right wing if we were in the middle we could get people from both sides by being so much on one side whichever side it is doesn't matter we're going to get less people from the other side and we're going to guarantee a reaction from the left the more that crypto goes right the more that the trump dinner is celebrated the more that people say oh it doesn't matter that the president made three hundred million dollars or a billion dollars or whatever it is off of his own coin and that he's selling his own NFTs and that he has his own exchange called world liberty financial and all of this is happening with many foreign governments who wish to give him money perhaps in a less direct way than bribing him with an old jet which again is a great way to get rid of an old jet that can't even fly into small airports most of his golf courses being near small airports but for Victoria what do you think about the idea that I keep exposing that the right wing may have won and it's wonderful to win and in the short term it seems like they are in top of the world but in the long term this dual left and right strategy would be more successful and especially thinking of the spit coin conference which now seems horribly right wing and perhaps destined to stay that way like eventually they'll be displaced by a left and right conference or a hard left conference who knows what do you think Victoria well the thing is bit coin itself is agnostic I mean at the moment it's very right wing because a lot of corporate companies are getting involved in it I mean capitalism is ultimately crony capitalism it's about a lot of these companies taking advantage of the way in which government is set up and the way in which they can influence the laws in order to in order to be successful and so at the moment you know they they are capitalizing on that to use use upon and so for them it's all jam tomorrow and they're really enjoying getting together and celebrating their success in in that respect but again you know it's like we said earlier at the moment they're able to exploit the fact that you've got an incorruptible system that's being adopted by a corruptible system and eventually the incorruptible protocol will disrupt the corruptible system and at that point their game no longer is successful you know crony capitalism will be broken by bitcoin and so at the moment they can't see that and they think they're winning which is why I think a lot of these conferences do appear to be more right wing but you know there are a lot of people with left-wing politics who are interested in bitcoin because they're interested in how it helps society and it's a very different focus but you know politics the way in which politics is designed it's kind of very left and right whereas you know there's something for everybody in bitcoin you know whether you're left or right it kind of takes the ideals of both systems and kind of marries them together that's the advantage is not right wing or left wing when it comes down to the actual protocol and it disrupts both systems and so it's quite amusing really to see all of these businessmen celebrating you know more capitalism because of this great bitcoin thing but if that's the case they really don't understand what they've got themselves involved with and I'll watch with greatly all falls apart because they don't deserve to be they don't deserve to be celebrating like this it's not right it's also worth examining their attitude as they do this all of the businessmen are focused on the world where you cannot trust anyone in the atom Curtis documentary talks about how John Nash the skits of frenic was famously involved in setting the United States defense policy and one of the ideas was whatever we would do that's the worst thing ever the Soviets would do that or perhaps even 10 times that and this is the way the businessmen work with each other everyone is bribed everyone is dirty everyone is corrupt this is not the way the bitcoin network works eventually they're going to come to the bitcoin network with a bribe with a threat with an attempt to influence or lean on and coerce the bitcoin network and the theory is because of the code because of the way the structures have been set up that the bitcoin network would withstand this corruption that the bitcoin network cannot be bribed no matter how much money and power and influence you have which there's never been anything like this in the future or in the past in the past of this world because it's not a person it's not a company it's not a corporation you can't go to their house even if you had all the bitcoin developers in the room you couldn't get all the miners to agree even if you had all the miners in the room you couldn't get all the developers so on and so forth it cannot be contained and controlled in the way that they've previously contained and controlled things so it will be fascinating when we reach that point and they realize that it's likely too late the virus has already been planted it's already spread to enough people but it is so interesting right now that we are clearly in the in the period of time where the bitcoin virus is being carried by the businessmen who would hate the realities of the virus all right let's move on to the next issue check out worldcrypto network.com we've got short videos created by AI with AI generated names that people actually watch and click on 70% of our views come from short videos people who do not want to watch long videos hello short video fans thanks for watching check out worldcrypto network.com for longer videos and shorter videos moving on to issue three according to watcher.gru on twitter just in jp morgan bank of america wells fargo city group and other major banks are exploring creating a joint crypto stablecoin. Thomas hunt what do you think about this? well i mean the classic gondi phrase come to mind you first they compete with you they fight you they laugh at you and then they join you right this is the joining phase where at the phase where they can't think of anything better than to copy bitcoin with a stablecoin or more aptly to copy tether or usdc and to make their own version of that that again they would control all of the problems of the old system come back who knows how much of this they have who knows how much they're printing who knows how they hold it or generate it the you know the board of directors of these banks interlocking keys the it guy at the bank maybe one it guy rules them all we have no idea how this system would be set up but once again we've learned nothing from history we've learned nothing from satoshi from the creation of bitcoin and the internet so on and the banks are now joining us by making a copy of bitcoin of victoria jones the banks are brand new they're here at bitcoin and they're here to fix it they're going to make a stablecoin copy that must be better right it's stable must be better yeah i mean it's just an old story that's kind of being rehashed really i mean a couple of years ago we were talking about cbdc's which are central bank stablecoins and of course you know the whole the narrative went round as to you know how bad these were because just with having the name central bank as part of the name you know it was a red flag to everybody so it's almost like okay well we've got a bit of a PR error here so let's rename it we'll talk about stablecoins and you're right you're competing with something that already exists you know usdc already seems to be struggling when compared to tether i mean tether seems to have cornered the market as a us stablecoin and it's managed by a company but you know they're already streets ahead of the game compared to the banks and it's not like this is the first time the banks have tried to encroach on the crypto currency space in 2017 their narrative was blockchain not bitcoin you know and clearly they could have had a stablecoin on a blockchain you know and ultimately that's what a stablecoin would be i mean it's just blockchain not bitcoin by another name so you know they're just trying to rehash the same the same old story they haven't succeeded with it yet the longer they try the longer the ones that are already here that are already succeeding just get stronger so you know and it just goes to show how you know with all that money that how powerless they really are in the face of this new technology and actually that's quite refreshing to see it is the same as blockchain not bitcoin it's stablecoin not bitcoin and i totally agree they could have done it on a blockchain even the blockchain that IBM kept their diamonds on which is still garbage in garbage out we don't hear anything about IBM blockchain diamond technology anymore even though the commercials said it was going to save the world what's interesting about a stablecoin i know people like it for trading and they like to hide in it and they think the price goes up and down and that's important in the day-to-day trading sphere but in the long term of things what a stablecoin will do it is it will shield you from the potential gains of bitcoin if you look at bitcoin going from a hundred dollars to a hundred k if you had held a hundred dollars of stablecoin from that point you would still have a hundred dollars of stablecoin it's the worst ever it's controlled by the banks we don't know how many units they are we don't know how many of the print and and yet at the same time you don't get any of the gains of bitcoin it also shields you from the losses of bitcoin which over five years seem to be zero i don't know anybody that held for five years of lost money like if you're really good at it maybe you're buying and selling all the time which is totally unnecessary and generates fees for the companies that would like you to buy and sell maybe even putting the news out there to freak you out maybe even in their app they beep all the time telling you to buy and sell how about an app that won't let you sell for five years please buy a hundred dollars of bitcoin delete this app come back in five years that would work but if you had a stablecoin you would have a hundred dollars so we'll see how that goes let's move on to the next issue we've got kind of a grab bag we're going to do the lightning round get ready Victoria updating on some recent news as we talked about the coin base hack a couple of weeks ago coin base perhaps didn't pay their customer support people enough or let them have too much access to data they were bribed hacked violated and the data was taken including data for a partner at a 56 billion dollar venture capital firm had his phone number address and other details stolen in the coin base hack additionally michael strategy has acquired 7,390 bitcoin for 764 million dollars continuing to acquire and grow his bitcoin hoard this short seller is betting against michael sailor to buy more bitcoin a legendary short investor james chanos is long bitcoin short strategy attempting to buy bitcoin instead of strategy stock and an update on the german government who we told you at the time that it was a huge mistake they sold 50,000 bitcoins at 54,000 dollars which has just cost them 2.8 billion dollars in missed profit of victoria jones what do you think about the germans losing their profit michael sailor being bet against while he continues to bet on bitcoin and the continuing fallout from the coin base customer service hack well the one i'm most focused on generally is um you know the person betting against michael sailor because actually that's something i've been saying for a while it's just like i don't think this strategy is a good idea in long run especially in the current environment um so you know i think whoever's doing that is uh is quite smart i mean you know in initially when michael sailor got involved in bitcoin you know i was impressed that someone had at least seen the opportunity but i think he's taken it too far and i think uh you know those who are taking out loans in order to buy bitcoin in order to put them in in their company you know it's totally against the spirit of what bitcoin's all about and i know that all of these companies you know their goal is to make money and so you know we need to do whatever it is we need to do in the meantime but you know i think they're setting themselves up for disaster really and anyone else who's investing in them again you know it's a bit like the mean coins you'll do well in the short term but you know when things turn in the other direction um it's going that there will be trouble and um you know a lot of these companies as much as they say they're never going to sell bitcoin you know if if something cracks and the only way they can pay off some of the debts they've taken out is to sell their bitcoin then they will you know they'll they'll they'll go against everything they've already said um and anyone who doesn't see that is kidding themselves there's also the buy and sell strategy uh that david baili's new firm knaka moto has a professed they think that they're going to be able to ride up and down the bitcoin market uh selling when it's too high buying back their stocks uh selling their stocks when it's too low and buying back the bitcoin uh which if they are successful you could see micro strategy and many other large bitcoin whales start to adopt the strategy which could create uneven and unequal flows in the market and potential uh things that other larger whale traders could then take advantage of eating up these smaller whales uh so yeah i agree i don't think sailors new plan of selling retail stocks and going the low level to get his bitcoin money isn't as smart as his previous plans he keeps going lower and lower and lowering with this borrowing strategy i think next he's going to be selling hot dogs on the street and he'll sell them for more if they're bacon wrapped uh still buying the bitcoin but like Victoria said if the board decides it goes the other way if bitcoin becomes illegal because they realize that it's full of trojan horses and Greeks all the way down just nothing but Greeks and they can't get them out of the system and they can't get off of the bitcoin once they're onto it uh they might realize that and crash the price which would crash michael sailors day uh as for the other stories just to capitol it's still unfortunate about this coin base hack uh coin base was so bullet proof for so long in so many ways but it doesn't seem like they managed their customer data properly uh this gentleman now has his phone his address probably how much money he has all stolen in this leak it's bad bad bad and as we talked about last week and i'm sure everyone in the chat saying this is why they shouldn't have to k yc this is why bitcoin doesn't have to k yc this is a yet another failed system attached onto bitcoin k yc is not in the design nor is it necessary and nor is it really a feature and then finally just to make fun of the Germans a little bit more it was so obvious they were rushing to the gates to sell this bitcoin they were so congratulatory and pat on their back about how great it was going to go uh just like the tesla sale when they got rid of bitcoin worst decision ever which rounds you back to was this really a good idea for them to hold anyway if the government's job is to make new programs whether you like them or not uh eventually they're gonna have to sell this bitcoin anyway so victoria doesn't this story make no sense that the general government bought bitcoin if it went up 10 times okay great they buy a new aircraft carrier whatever they want um fantastic they just sold the bitcoin so if it goes up 10 times again you say they did great they got 10 times the aircraft carrier they could have got but they didn't get a hundred times the aircraft carrier isn't this this story is is always going to be there uh and and not just for the government but for everyone right yeah i mean it's a it's a struggle that everybody has um it's really difficult to predict exactly you know when they went how the price of bitcoin uh will move because it's subject to things that aren't necessarily in anyone's control i mean even if you understand how the bitcoin price moves you know who can predict that Trump's gonna come out tomorrow and charge 50% tariffs on the EU you know you've always you've always got those sorts of unknown things that um can suddenly change things you've also had um currency exchange uh exchanges that have collapsed in the past of course the sudden collapse in the price and often it will be in tandem with when the price is going down anyway but those sudden shocks uh will challenge many many traders whether you are a country or a company um and so you know this is this is why it's tricky and it'll even be tricky for the Nakamoto company because you know they'll get to the stage where they really where they really believe that they've nailed their strategy and they'll be winning for a while until they don't um and the moment that they don't you know you're back to square one and uh there are many stories in the bitcoin space where people have had to do that for various reasons so yeah it's uh it's tricky you know um if the government's managed to sell sell any at all then they've got something for their money and yes maybe it could go ten times higher but i don't know i mean in 2019 i promised my daughter that i'd take her to Disney World um as a treat between changing from junior school to high school and i had to sell quite a lot of bitcoin order to fund that but it was something that i'd promised her and the thing is she'll never be that age again and so i'll never get the opportunity to take her on that holiday again and it's not just about the money sometimes it's about the opportunity that it's given you just by the fact that you owned it at all um and so i'll never forget that holiday and you can't and i'll never no one can ever take away the fact that i fulfilled my promise to her that's something that she'll remember forever and you know some of those opportunities are priceless they're worth more than the money and our lives are run by things that are more than just the money and so yes there are many times where if we were to held onto the bitcoin it could have gone higher but actually you know what other factors were uh being fed into that decision because often those factors are just as important if not more so well and we really do once again and it's a incredibly difficult book and i don't expect anyone to read it it's a thousand pages plus footnotes but infinite just defines our society this bitcoin is so addictive that for the government the example for the government they should hold bitcoin forever and do nothing else anytime that the government spends any money on any program military or otherwise it's a waste of money that they could be putting on bitcoin and holding forever anytime that the government sells any of their bitcoin they've made a mistake and they should have held forever it's the same for businesses it's the same for people and it leads to this system where like Victoria is saying there's no color there's no light in our world you can't take a vacation you can't spend any money because everything that you should do if this strategy follows and if this investment and this line and these triangles or whatever hold up over a hundred years everyone's gonna look at it and say we should have done nothing but our lives but hold bitcoin we should have eaten, grewl and stayed at home and not had any entertainment or not had anything in our lives just held the bitcoin and it goes all the way back up businesses it's a mistake to sell states it's a mistake to sell and what's great is the media gets to have it both ways when the price was down everyone wrote articles about how micro strategy was in trouble how El Salvador was in trouble what horrible investments they made what bad people they were and all of your family members rubbed it in your face that bitcoin was terrible and you were dumb for holding it now that the price is back up the same people and the same family members are writing articles about how genius micro strategy is and how great El Salvador has done on their hodl and your family members are now trying to borrow money off you etc the same ones that wouldn't listen to you when the price was down it's crazy and it just keeps happening over and over again and I just don't understand the libertarian perspective of wanting a government to hold bitcoin I ask individuals to hold bitcoin I want the retail I want the small people I want the developing countries still still like Andreas said still I want that I don't want the state of aerosol into to have bitcoin and I don't want to read the article about how much they could have had and how much they couldn't have had because at the core even if they made 10x or 100x or 1000x I don't know what number you need and then they start spending it on programs even the greatest program ever that you and I both agree with you keeping people healthy whatever it is whatever you think is important the government still sold bitcoin bitcoin still worth more the government made a horrible decision to sell that bitcoin because they could have got more every business every human every person so and that's the the thing about infinite jest is it's this movie that you can't stop watching once you start watching it you stop your clothing you stop your sanitation you stop eating you stop everything it's so addictive and it's a metaphor for drugs and in this way bitcoin is the greatest and most powerful and most dangerous financial drug ever created and like I was telling my roommate earlier it's like the asteroid that killed the dinosaurs the asteroid is here like you might be left wing you might be right wing you might be a financial genius with the great degrees and whatever the asteroid has hit your planet like your opinion on the asteroid is great like I wish we didn't have an asteroid I liked it before the asteroid whatever the asteroid is here the world now exists after asteroid and I do think we have a second AI asteroid that's out there that will have similar changes that is coming and is similarly in our orbit an unstoppable except by those guys in Armageddon if we could get Ben Affleck and some kind of rehabilitated Bruce Willis back in those oil gear oil drillers they could drill down the asteroid and blow it up but otherwise bitcoin is here AI is coming and you just have to you have to adapt to it you can't try to put it back in the box you can't try to imagine your models beforehand we had a great model beforehand it used to work it doesn't work now and I think this is just going to keep happening uh Victoria more on this yes yes I mean I completely agree with you I don't have I don't have much more that I could add to that but yeah yeah I really don't get them wanting the states to hold it I mean I get it's fun that states could make money but it's that same Tesla could hold it I want them to make cars like micro strategy doesn't seem to make anything uh maybe they make some conferences and stuff uh it does seem like we're gonna run out of initiative and desire to make anything and that uh doing anything other than huddling bitcoin is a waste and a mistake and it's been for a while yeah for the time being I think once you get wide adoption obviously that's the point when everything changes but for the moment yeah because we're still in a corrupt system that hasn't broken yet but it will it does seem like we're just gonna shift over and there'll be a point bitcoin where everyone wants dollars now but on the other end everyone will just want bitcoin and the whole system will have shifted and then we'll see where we are then but we're running out of time so let's go to predictions or story of the week Victoria you ready with a prediction or a story of the week go ahead well I have a story of the week which is kind of connected to the exchange story um from earlier and it's a cautionary tale on these exchanges so you know obviously I've been around in bitcoin for a while and I've tried um I've tried different exchanges from time to time and anyway there was one that I hadn't used for a while and I kind of thought well I'll just revisit you know my account with them and of course now they've got all of these warnings especially from the UK as to you know needing to do extra tests and extra information and so this particular one asked for um a tax return so I was like okay I have nothing tied you know I'm honest about my taxes and my crypto holdings so I sent them my tax return and I got an email from them that says hello Victoria we have received a review the document you uploaded to the app however before we can upgrade your account we require some additional information our main aim is to establish the origin of the funds of your total wealth deposited into your account so far therefore in order for us to verify your account for um level three and as you have deposited only BTC in your account please provide the official statement from the crypto exchanges you have sent BTC in the past in your account with transaction history and your name or at least your email address and some bank statements that show your salaries received or tax return at your crypto investment periods or any other documents that you think could help us to verify the source of your wealth for example a property sale agreement a proof of inheritance or donation alone plus the corresponding bank statement showing the amount received if you have invested d5 please provide your wallet addresses or explore links and bank statements tax returns show your salaries received at your crypto crypto investment periods please note that we can only accept documents that contain your full name and have the date visible thank you in advance it's just like what the hell it's like forget it I wanted to exchange 10 quits no I'm not going to give you all of that information I mean can you believe it um and so you know I mean I some of these crypto exchanges I mean I know the lit I know the legislation is terrible but you know most people are just going to go I don't think so so I don't know if they're going to um leave themselves out of business or how many people are going to continue to want to jump through these hoops but considering you know how much information was leaked through that recent hack can you imagine if I provided a crypto exchange with all that information you know how vulnerable I would be if that got hacked I mean literally you've got someone in entire um personal history and also you know some of that Bitcoin you know in the UK you're only meant to keep financial records for six years so some of some of that information is from six years ago I could have legitimately got rid of that by now um and not been able to provide it and so I'm just kind of like okay the world's getting crazy uh um including crypto exchanges so you know I think obviously we've seen a number of them fail a number of them close the uh governments are clearly trying to crack down on them and in order to try and fulfill their obligations a lot of these exchanges are clearly going to the end degree to try and get that information but for myself as a customer it's like forget it I'll give some rest thank you very much um so yeah so be warned folks you know if you try and resurrect any of your old crypto accounts forget it you might even be better off um closing the existing account and starting a new one um but yeah it is an incredible amount of information and everything is really linked to everything else you're not just giving your savings account your investment account but also your spending uh what you may have taken in and out of it if you sent it to another account and like you said it's not six years of data it's forever of data and it's all linked together it never goes away and uh if they get that one address at the top it's possible they could link uh through to all your other addresses even tracing them through other exchanges and places you wouldn't think possible and even here in the United States we've seen recently uh this disturbing trend of the department of government efficiency uh the doge seems to be breaking into government databases and perhaps uniting all of this information together which is something that the government silos were designed not to do uh just like the intelligence community before 9-11 they intentionally designed these various departments of governments to not share your information altogether so that if you work at the IRS you can get access to the IRS data but you can't get access to all the other social and medical and so forth information it seems to be we have limited information at this time that behind the seams the doge department seems to be uniting this data uh which is fantastic for them and for anything that they can sell access to this or whatever but is horrifying and very bad for you because just as Victoria said giving her blockchain address would have linked all of her many accounts whether it's savings investing spending uh retirement uh all of these just instantly given up in the same way this new doge data nightmare that they're at this dystopia that they're building would be the same thing if you have your social security number I have your last name suddenly I have everything you've ever done I have all your library records I have all your financial records I have everything that you've ever done your whole family tree I have all your kids I have every place you've ever lived every phone number you've ever had all of your data all together all conveniently and quickly searchable stealable copyable could be in a foreign governments database right now we have no idea uh so there there is a horror uh to this unified and united data structure that we've built and presumably when it fails hugely on the national and international scale uh we will then turn to more secure cryptographic databases like blockchains and other things where your data is encrypted where Facebook cannot run an advertising business on you uh fun story I went to a party in San Francisco once with a friend of mine who used to work oral oracle and zingga and all these Facebook companies and I met a guy who's one of the early Facebook employees like top 20 they they call themselves by numbers at the start start-ups he was like 17 or something and I told him about what a ridiculous system they had built where all of their administrators could break into the data and how obvious it was that they had built it wrong from the beginning that all of the data needed to be encrypted on a friend to friend scale so that your friends could see your data and maybe even your friends of friends but that Facebook thing is neither right your Facebook thing doesn't need to see all your data unless it's indexing it and selling it to advertisers which is how they built the internet the web 2.0 or web 3.0 not the original this new advertiser based index internet always makes you the product you're always getting in for free it seems so great at first but they're mining it and they're lining it up with all the other data and this is not going to be seen as acceptable in the future people are going to look at this and be shocked and horrified that we would allow unencrypted in plain text all of our data and may be admittable to any administrator or higher level administrator who has access to the Facebook or access to the coin base or whatever the large horrible honey pot of data that they've made is and they made it because it was faster and it was cheaper and it was easier and it was less complicated and they could scan it for advertising and that's what's important about the old internet and that's what this new internet breaks you can't scan any of my data if it's all encrypted to me only my friends if my friends leaked or whatever you could scan it you could create a tool you could sneak in but by default we would not open it up to our friendly third party Facebook and let them have all of our data to store and search for advertisers because of how bad it is for us and our data and only through great catastrophe will we be able to learn and maybe spend the money to build it correctly the next time all right other things this week my story of the week is a lot lighter than that hopefully i'm in sacrameno this week so i got to check out the oakland athletics who now play in sacrameno they're playing at the minor league ballpark where the sacrameno river cats also play they're triple a finite franchise and it's a heck of a lot smaller than the oakland coliseum the oakland coliseum used to hold 65,000 people and tickets were 20 dollars because the tickets the seedings were so large and there's seats everywhere the new sacrameno stadium holds 14,000 people with 2,000 people on the lawn and tickets are still cheap because nobody wants to go yesterday was 85 degrees in sacrameno felt like 105 the sun was blasting in our face the whole time and as you can see there's no shade for the stands at all it gets as hot as 110 in sacrameno it's much less hot in oakland and it was interesting to see how the m o b the major league product was so devalued by placing it in a minor league park i had no problem coming late to the game i had no problem leaving early i don't even think it should count for the major leagues i think it should be an exhibition game it felt like spring training nothing was on the line no one was clapping there were no chance there were no cheers even the angels fans who were in existent were pretty laid back and chilled so it's a disaster what this one billionaire has done to sports in oakland and baseball in general but it was fun to go to a game and remember the old times it was interesting to see how the pitch clock continues to change the game and made it very quick or at least faster than it was before which a lot of people liked and i'm mixed on but let me know what you think in the comments you probably hate baseball most computer geeks hate sports but thanks to everybody for joining us be sure to give us a thumbs up down below i found out that zoom or one of the things is cutting off the show even before i say bye bye uh about three seconds after that no matter what i do apologies to everyone who didn't get to see the show or was sitting there refreshing the page uh restream it has failed us for a second week in a row likely i'm going to look into canceling then i'm not sure what to do it's nice it usually spreads it out to many uh services but today it seems to have failed to spread it out to youtube which is our original place where all the videos go so i don't know what's happened to restream and their software this week but thanks to everybody for joining us until next time bye bye