1 00:00:21,540 --> 00:00:32,820 Kevin Bae: Hey, it's Kevin Bae from kevinbae.com This is the 2 00:00:34,290 --> 00:00:36,810 that's all I got podcast. 3 00:00:41,970 --> 00:00:44,580 Today I'm gonna try something a little different. I'm not gonna 4 00:00:44,580 --> 00:00:53,850 recap any news. Everybody recaps news. Although I guess I still 5 00:00:53,850 --> 00:00:56,850 will be talking about news so it's kind of a recap of news but 6 00:00:56,850 --> 00:01:00,540 it's just more like personal opinion. So I don't know. See 7 00:01:00,540 --> 00:01:03,300 how this goes. I'm gonna see if I can do this without the 8 00:01:03,300 --> 00:01:07,470 headphones on. And maybe it sounds better I feel like I'm 9 00:01:07,470 --> 00:01:13,620 not whispering so much. So let's see. What does that does that 10 00:01:13,620 --> 00:01:22,290 sound any better? Or worse? I don't know. I will see. So and 11 00:01:22,290 --> 00:01:29,070 this episode, episode number what the hell am I on? 19 maybe 12 00:01:29,070 --> 00:01:39,960 19 I think it's 19 it'll be on the site. There was a big story 13 00:01:39,960 --> 00:01:45,360 to me. It was in the Wall Street Journal today. It was about 14 00:01:45,360 --> 00:01:54,300 China making Bitcoin illegal. And the reason this is a big 15 00:01:54,300 --> 00:01:58,470 story to me is that I think this it'll it highlights the 16 00:01:58,470 --> 00:02:06,330 fundamental flaw of any cryptocurrency. Now and let's 17 00:02:06,330 --> 00:02:09,900 see in the story today from the Wall Street Journal, and I'll 18 00:02:09,900 --> 00:02:14,670 link to the story on the blog. They say China's central bank 19 00:02:14,700 --> 00:02:17,790 said all cryptocurrency related transactions are illegal 20 00:02:17,790 --> 00:02:20,820 reinforcing the country's tough stance against digital rivals to 21 00:02:20,820 --> 00:02:24,630 government issued money. In a statement posted on its website 22 00:02:24,630 --> 00:02:27,330 Friday afternoon, the People's Bank of China said the latest 23 00:02:27,330 --> 00:02:31,380 notice was to further prevent the risks surrounding crypto 24 00:02:31,380 --> 00:02:34,740 trading and to maintain national security and social stability. 25 00:02:36,000 --> 00:02:38,580 cryptocurrencies weakened following the statement the 26 00:02:38,580 --> 00:02:41,580 price of bitcoin fell more than 8% compared with its level at 27 00:02:41,580 --> 00:02:45,420 5am. Eastern Time Thursday before paring some of those 28 00:02:45,420 --> 00:02:51,540 losses. The cryptocurrency fetch just under $41,370 per Bitcoin. 29 00:02:51,570 --> 00:02:55,860 According to coin desk, ether tumbled more than 11% to trade 30 00:02:55,860 --> 00:03:02,430 at about $2,795 naming Bitcoin ether and tether as examples the 31 00:03:02,430 --> 00:03:05,070 central bank said cryptocurrencies are issued by 32 00:03:05,070 --> 00:03:09,360 non monetary authorities that's key using encryption 33 00:03:09,360 --> 00:03:11,910 technologies and exists in digital form and shouldn't be 34 00:03:11,910 --> 00:03:24,330 circulated and used in markets as currencies. And this is what 35 00:03:24,330 --> 00:03:29,340 China's bringing up is what I've been saying in different forums, 36 00:03:29,700 --> 00:03:33,600 left and right and I keep getting shut down by everybody 37 00:03:33,600 --> 00:03:37,500 who is heavy into bitcoin by saying that I just don't 38 00:03:37,500 --> 00:03:44,520 understand it. And that's true. I don't understand it. I've been 39 00:03:44,520 --> 00:03:48,150 paying attention to cryptocurrency and Bitcoin, 40 00:03:48,330 --> 00:03:52,320 probably for the better part of a decade. There were some books 41 00:03:52,320 --> 00:03:56,940 that I bought to understand blockchain Oh, what the hell are 42 00:03:56,940 --> 00:04:02,490 those damn books? Hold on, let me I don't have them here in my 43 00:04:02,490 --> 00:04:13,140 office. I have them downstairs on my bookshelf. Let me see 44 00:04:13,140 --> 00:04:22,020 blockchain. Okay, in my Amazon account back in 2016. I bought 45 00:04:22,620 --> 00:04:26,580 three different books. blockchain revolution, how the 46 00:04:26,580 --> 00:04:29,220 technology behind Bitcoin is changing money business in the 47 00:04:29,220 --> 00:04:33,930 world. The next one is the business blockchain promise 48 00:04:33,930 --> 00:04:38,070 practice an application of the next internet technology and 49 00:04:38,070 --> 00:04:44,220 then blockchain blueprint for a new economy. All three of those 50 00:04:44,220 --> 00:04:49,080 books I bought in 2016 because I knew about Bitcoin before that I 51 00:04:49,080 --> 00:04:52,740 even fiddled around a little bit. In the early days when I 52 00:04:52,740 --> 00:04:56,400 first heard of it with Bitcoin mining, you know, I just I 53 00:04:56,400 --> 00:04:59,760 downloaded some I can't even remember where it was all from 54 00:04:59,760 --> 00:05:04,830 but I downloaded some Bitcoin mining software with a bitcoin 55 00:05:04,830 --> 00:05:07,890 wallet and it would just run in the background on your PC all 56 00:05:07,890 --> 00:05:16,680 day trying to mine Bitcoin I never mind a single coin 57 00:05:16,710 --> 00:05:20,760 obviously. Otherwise I'd be holding 40 some odd $1,000 worth 58 00:05:20,760 --> 00:05:24,570 of Bitcoin but I just I just wanted to see what it was all 59 00:05:24,570 --> 00:05:29,490 about. So I did all of that is like okay yeah it was like a 60 00:05:29,490 --> 00:05:33,300 novelty so I stopped and you know Bitcoin just kept 61 00:05:34,740 --> 00:05:39,210 making news I had family members asked me about Bitcoin because 62 00:05:39,210 --> 00:05:43,410 I'm I'm the guy that understands technology and the family Okay, 63 00:05:43,410 --> 00:05:45,810 I have a I have a computer science degree even though I've 64 00:05:45,810 --> 00:05:52,470 never done anything with it. And so everybody comes to me What is 65 00:05:52,470 --> 00:05:57,270 this about Bitcoin? What do you think about Bitcoin? So to me as 66 00:05:58,350 --> 00:06:05,430 as a technology, I find blockchain very cool. Now I you 67 00:06:05,430 --> 00:06:10,530 know, it to me, it's, I don't see how it scales on a massive 68 00:06:10,680 --> 00:06:13,950 level on a global level, you know, I guess, I guess was 69 00:06:13,950 --> 00:06:18,930 storage and bandwidth becoming cheaper all the time, you know, 70 00:06:20,580 --> 00:06:28,350 what I saw back in, you know, 2000, was it 2016, probably 2010 71 00:06:28,350 --> 00:06:34,740 through 2016. When I saw as something that would be hard to 72 00:06:34,740 --> 00:06:36,780 scale probably doesn't matter that much anymore. You know, 73 00:06:36,780 --> 00:06:40,380 transactions on a blockchain is probably easily scalable Now, 74 00:06:40,680 --> 00:06:45,990 given how cloud computing has changed, you know, with 75 00:06:46,020 --> 00:06:51,390 Microsoft, Azure, and Amazon, AWS, and you know, the other 76 00:06:51,390 --> 00:06:59,730 services out there that provide cloud services. So, blockchain 77 00:06:59,760 --> 00:07:06,540 as a mechanism for transactions and secure transactions, to me 78 00:07:06,630 --> 00:07:10,380 seems like a very cool technology that can be used for 79 00:07:11,850 --> 00:07:21,570 transacting just about anything. But Bitcoin is a money. I never 80 00:07:21,570 --> 00:07:30,090 understood it. I just, you know, without a government behind a 81 00:07:30,090 --> 00:07:38,940 currency, there's no way to enforce it. You know it. And if 82 00:07:38,940 --> 00:07:41,280 you look it up in the United States, at least I don't know 83 00:07:41,280 --> 00:07:45,240 about the rest of the world. But in the US, you can create your 84 00:07:45,240 --> 00:07:52,800 own currency. You know, a local municipality can create their 85 00:07:52,800 --> 00:07:58,230 own money. Now, that doesn't mean it's worth anything 86 00:07:58,230 --> 00:08:05,820 necessarily, but you can create it and you can trade it. So 87 00:08:05,820 --> 00:08:12,240 China says that they're going to make it illegal. So you can't 88 00:08:12,330 --> 00:08:16,200 exchange it for goods and services in China. They're not 89 00:08:16,200 --> 00:08:20,100 going to allow you to exchange it for the I don't know how you 90 00:08:20,100 --> 00:08:27,900 pronounce their money the rim renminbi renminbi. It was easier 91 00:08:27,900 --> 00:08:34,950 when it was the yuan, but Okay, there Renmin renminbi there. So 92 00:08:34,950 --> 00:08:42,210 you can trade it for that. Now it's a shot across the bow to me 93 00:08:42,240 --> 00:08:46,230 to cryptocurrency Bitcoin and people who have started 94 00:08:46,230 --> 00:08:54,720 investing a lot of their cash in Bitcoin. I looked up the top 10 95 00:08:54,720 --> 00:08:58,950 traded currencies. And this is according to Wikipedia, so let's 96 00:08:58,980 --> 00:09:01,950 just assume that it's correct. And they have, they had a little 97 00:09:01,950 --> 00:09:07,410 chart, and I just took the top 10. So the top 10 and 2019 are 98 00:09:07,410 --> 00:09:13,680 as follows United States, Euro, Japanese yen, the pound 99 00:09:13,680 --> 00:09:17,400 sterling, the Australian dollar, the Canadian dollar, the Swiss 100 00:09:17,400 --> 00:09:23,520 franc, the renminbi that's China China's dollar. China's currency 101 00:09:23,520 --> 00:09:26,370 rather the Hong Kong dollar and the New Zealand dollar, those 102 00:09:26,370 --> 00:09:32,700 are your top 10. And percentage wise, current currency is being 103 00:09:32,700 --> 00:09:42,300 traded. That's that's the order. The United States is 44.2%. of 104 00:09:42,330 --> 00:09:47,130 daily traded currency, almost half of the world's currencies 105 00:09:47,130 --> 00:09:51,930 traded on a daily basis is the US dollar. Number two is the 106 00:09:51,930 --> 00:09:59,070 euro. The Euro is only 16.2%. So the US by an by and large by far 107 00:09:59,520 --> 00:10:11,130 is The biggest dog in the yard. The Chinese renminbi in 2019 was 108 00:10:11,130 --> 00:10:16,530 number eight on the list. Only 2.2% of daily trades were in the 109 00:10:16,530 --> 00:10:23,700 Chinese currency. So China making illegal doesn't make a 110 00:10:23,700 --> 00:10:28,980 big dent in Bitcoin it's a small dent but it's a dent 2.2% is 111 00:10:28,980 --> 00:10:31,530 still nothing to sneeze at, although it's really tiny 112 00:10:31,530 --> 00:10:35,670 comparatively speaking. But what if 113 00:10:37,470 --> 00:10:42,120 what if the EU suddenly decided to say okay, we're gonna do the 114 00:10:42,120 --> 00:10:51,030 same thing now you got 20% almost 20% and forget about it 115 00:10:51,060 --> 00:10:55,980 if if the United States made the same declaration if the United 116 00:10:55,980 --> 00:11:00,870 States that suddenly you can no longer trade Bitcoin for US 117 00:11:00,870 --> 00:11:05,670 dollars and you were going to make it illegal for you to 118 00:11:06,300 --> 00:11:12,600 transact in Bitcoin or any other cryptocurrency within the United 119 00:11:12,600 --> 00:11:21,000 States or with anything that the US dollar trades for you can 120 00:11:21,000 --> 00:11:29,190 just stick a fork in Bitcoin it would be dead now you know, and 121 00:11:29,340 --> 00:11:35,700 no government on Earth as a true cryptocurrency nobody's using 122 00:11:35,700 --> 00:11:39,810 Bitcoin other than you know the big news in El Salvador but 123 00:11:40,170 --> 00:11:43,470 they're not really using Bitcoin they their Bitcoin, or their 124 00:11:43,470 --> 00:11:48,540 cryptocurrency is pegged to the dollar so they're really using 125 00:11:48,540 --> 00:11:56,370 the US dollar but no government on the face of the planet is 126 00:11:56,370 --> 00:12:01,620 using crypto right now of any kind. China's developing there's 127 00:12:01,950 --> 00:12:08,100 they're they're the first ones to really be developing a or an 128 00:12:08,100 --> 00:12:09,810 electronic version of their money 129 00:12:16,590 --> 00:12:19,770 so they should tell you something so yes, I know no one 130 00:12:19,770 --> 00:12:25,920 can stop anybody from trading Bitcoin as long as you've got an 131 00:12:25,920 --> 00:12:28,470 internet connection, you've got a wallet somebody else has a 132 00:12:28,470 --> 00:12:37,020 wallet you can you can trade the crypto easily quickly you know, 133 00:12:37,050 --> 00:12:45,450 very low transaction fees in Bitcoin that is but what does it 134 00:12:45,450 --> 00:12:51,870 matter if you suddenly can no longer convert your Bitcoin to 135 00:12:51,870 --> 00:12:56,880 the currency of your country? You know, say I've got two 136 00:12:56,880 --> 00:13:03,480 Bitcoin sitting in a wallet and the US has declared it illegal 137 00:13:03,480 --> 00:13:09,030 to transact or convert so what's my best bet try to find a nation 138 00:13:09,030 --> 00:13:12,240 where I can transact in converting converted say to 139 00:13:12,240 --> 00:13:16,080 Canadian dollars and then convert those Canadian dollars 140 00:13:16,080 --> 00:13:22,380 to US dollars? Is that my option? You know, there's 141 00:13:22,380 --> 00:13:25,950 nothing stopping you from trading Bitcoin. But there is 142 00:13:25,950 --> 00:13:29,280 something stopping you from using it as actual money. 143 00:13:31,050 --> 00:13:34,590 Bitcoin cannot buy itself and just because people are using 144 00:13:34,590 --> 00:13:39,690 it, it cannot by itself take over a nation's money unless 145 00:13:39,720 --> 00:13:45,540 that nation allows it. You know, earlier I talked to save 146 00:13:45,540 --> 00:13:49,230 municipality created a coin and I wrote this on the blog and 147 00:13:49,260 --> 00:13:52,590 it'll be there in the show notes. My opinion on this and 148 00:13:52,620 --> 00:14:00,300 maybe I'm wrong. Maybe I'm not but you know, anybody can create 149 00:14:00,300 --> 00:14:04,170 a cryptocurrency. The technology is out there, you know, it's 150 00:14:04,170 --> 00:14:08,850 open source. You know, and there are several crypto currencies 151 00:14:08,850 --> 00:14:13,110 out there. So say I created one for the current state that I'm 152 00:14:13,110 --> 00:14:19,170 living in Georgia, let's call it the peach coin. And let's say 153 00:14:19,170 --> 00:14:23,370 even that the state of Georgia accepts that this is the 154 00:14:23,370 --> 00:14:27,960 currency that this is an illegal currency in the state of 155 00:14:27,960 --> 00:14:32,370 Georgia. And they say I can use it to trade for goods and 156 00:14:32,370 --> 00:14:36,120 services within the state. You can you know, you go to the 157 00:14:36,120 --> 00:14:40,350 store, you buy your groceries, gasoline, pay my accountant, 158 00:14:42,540 --> 00:14:46,290 anything, anything that you would normally do with a US 159 00:14:46,290 --> 00:14:49,980 dollar, I can do it with Pete coin within the state of 160 00:14:49,980 --> 00:14:56,670 Georgia. And that's all well and good until now. I tried to use 161 00:14:56,670 --> 00:14:59,970 peach coin outside of Georgia. What if I drove over to Alabama 162 00:15:00,720 --> 00:15:05,160 And now I need to go fill up my car with gas and All I've got is 163 00:15:05,160 --> 00:15:10,410 a pocket full of peach coin or a debit card account you know 164 00:15:10,410 --> 00:15:15,210 wallet let's say with peach coin and the gas station says nope 165 00:15:15,240 --> 00:15:18,510 will only accept us dollars so now I gotta make that exchange 166 00:15:18,540 --> 00:15:26,460 well if the US has made converting illegal How do I pay 167 00:15:26,460 --> 00:15:31,950 for that gasoline? How does it work you know cryptocurrency 168 00:15:31,950 --> 00:15:37,110 Bitcoin isn't backed by anything US dollar isn't backed by 169 00:15:37,110 --> 00:15:42,030 anything either but except for the giant guns of the US 170 00:15:42,030 --> 00:15:49,560 military the enforcement powers of the IRS you know it's got the 171 00:15:49,560 --> 00:15:55,440 entire US government behind it Bitcoin has nothing behind it 172 00:15:55,560 --> 00:16:00,870 it's not it's not it doesn't represent anything so it's only 173 00:16:00,870 --> 00:16:05,160 worth what what people can say it's worth and without a 174 00:16:05,160 --> 00:16:11,700 government to give it that worth I mean there's people or to meet 175 00:16:11,700 --> 00:16:18,540 people are lucky they can trade it for anything right now. You 176 00:16:18,540 --> 00:16:23,970 know, to me, you know, my peach coin idea once it's once it's 177 00:16:23,970 --> 00:16:29,670 made illegal to convert it to us dollars it's as valuable as 178 00:16:29,700 --> 00:16:33,870 Confederate money as anybody remember Confederate money we 179 00:16:33,870 --> 00:16:36,750 used to make fun of it as kids you know, oh, that's Confederate 180 00:16:36,750 --> 00:16:42,330 dollars and they used to sell it in gift shops. You can go and 181 00:16:42,330 --> 00:16:46,260 maybe there were reprints but I remember going down to Salem, 182 00:16:46,260 --> 00:16:54,120 Illinois at where they had Abraham Lincoln's house and 183 00:16:54,120 --> 00:16:57,270 during you know inside some gift shops they would have the 184 00:16:57,270 --> 00:17:00,030 Articles of Confederation and they would have a bundle of 185 00:17:00,030 --> 00:17:02,760 Confederate money and I can't remember if they were actual 186 00:17:04,410 --> 00:17:08,610 real pieces of Confederate money or if they were just reprint but 187 00:17:08,610 --> 00:17:12,690 regardless it's worth something because I could buy it I could 188 00:17:12,720 --> 00:17:14,070 you know pay a few bucks 189 00:17:15,420 --> 00:17:18,930 and get some Confederate money and maybe I could take that 190 00:17:18,930 --> 00:17:23,010 Confederate money and sell it to somebody else but I sure as hell 191 00:17:23,010 --> 00:17:26,040 couldn't go down the street and you know walk in a store and buy 192 00:17:26,040 --> 00:17:26,790 a coke with it 193 00:17:32,280 --> 00:17:36,900 you know, it's just a novelty and that to me is exactly what 194 00:17:36,900 --> 00:17:44,730 Bitcoin is the fact that that people are putting so you know, 195 00:17:45,150 --> 00:17:47,790 what are the billions of dollars perhaps I don't know how much 196 00:17:47,790 --> 00:17:50,490 money actually people are putting in there but I know 197 00:17:50,490 --> 00:17:55,740 supposedly there's you know well I know there are exchanges I 198 00:17:55,740 --> 00:18:03,600 know it's being traded and people are still mining it but I 199 00:18:03,600 --> 00:18:07,590 think once governments of the world say okay, you've had your 200 00:18:07,590 --> 00:18:11,880 fun now is that worth shit? What are you gonna do in the United 201 00:18:11,880 --> 00:18:17,310 States is you know is already talked about contemplating 202 00:18:17,580 --> 00:18:23,820 digital US dollar I think what's holding that back is that the 203 00:18:23,820 --> 00:18:26,760 United States at least has a private banking system that's 204 00:18:26,760 --> 00:18:34,140 what controls everything. Now it's you know, once we get into 205 00:18:34,140 --> 00:18:38,640 monetary policy and the value of the US dollar and the Federal 206 00:18:38,640 --> 00:18:43,770 Reserve and the US Treasury it's way beyond my understanding of 207 00:18:43,770 --> 00:18:47,190 how all of that works because it's to me it's mostly politics 208 00:18:47,190 --> 00:18:51,240 and it is just what people say it is it's not you know what, 209 00:18:51,540 --> 00:18:54,480 once we left the gold standard when you couldn't look at $1 and 210 00:18:54,480 --> 00:18:58,080 say, Okay, this is backed by a certain amount of gold and that 211 00:18:58,080 --> 00:19:03,600 gold is sitting right over there. Once we left that, it 212 00:19:03,600 --> 00:19:08,400 just became it is what we say it is. And it since the US dollar 213 00:19:08,400 --> 00:19:15,780 has been talking about moving into a digital currency if they 214 00:19:15,780 --> 00:19:22,320 do that, and the EU does that. That's the end of any user 215 00:19:22,320 --> 00:19:26,460 created cryptocurrency which is what Bitcoin is, is what ether 216 00:19:26,460 --> 00:19:29,520 is aetherium whatever you call it, and tether I've never even 217 00:19:29,520 --> 00:19:34,740 heard of tether before that story. Dogecoin one that. Ilan 218 00:19:34,740 --> 00:19:38,460 musk keeps tweeting about I remember Dogecoin when that 219 00:19:38,460 --> 00:19:39,330 first came out to 220 00:19:45,480 --> 00:19:51,720 if the United States comes out with a cryptocurrency I think 221 00:19:51,720 --> 00:19:54,300 it'll be a long road to it, but it's, I think we're headed there 222 00:19:54,300 --> 00:20:02,580 in 10 to 20 years, maybe. If they do There'll be no more need 223 00:20:02,580 --> 00:20:08,910 for traditional banks to hold your cash. As we do now, you 224 00:20:08,910 --> 00:20:11,370 know, I have a checking account savings account as most people 225 00:20:11,370 --> 00:20:14,220 do when you take your, you know, your paycheck or any kind of 226 00:20:14,220 --> 00:20:17,820 money you receive, you put it in there, and you pay your bills 227 00:20:17,820 --> 00:20:23,640 with it, you pay your credit cards with it. But if they go 228 00:20:23,640 --> 00:20:31,200 with their own digital wallet and crypto currency, that would 229 00:20:32,310 --> 00:20:39,690 remove private banking from existence. There'd be no need 230 00:20:39,690 --> 00:20:43,290 for it. Maybe it will be better, maybe it'll be worse when it 231 00:20:43,290 --> 00:20:48,630 comes to transactions and fees and things. But I think it'll be 232 00:20:48,630 --> 00:20:52,830 far worse when it comes to living your life free of 233 00:20:52,830 --> 00:20:59,370 government control. You know, think about where we are right 234 00:20:59,370 --> 00:21:05,700 now with COVID. If we if the United States traded are not 235 00:21:05,700 --> 00:21:08,370 traded, but if the United States had a digital dollar, and 236 00:21:08,370 --> 00:21:13,200 everybody had to have their own Wallet for this digital money 237 00:21:15,540 --> 00:21:19,980 and you can't transact, you can't get anything without this. 238 00:21:21,270 --> 00:21:23,850 Imagine how easy it would be for the federal government to say 239 00:21:23,850 --> 00:21:29,970 well we want you to get a vaccine if you don't we shut off 240 00:21:29,970 --> 00:21:32,550 your money supply you won't be able to do anything you can't 241 00:21:32,550 --> 00:21:35,520 pay your rent, you can't buy food you don't have to worry 242 00:21:35,520 --> 00:21:39,210 about masking or being able to forget about a vaccine passport 243 00:21:43,440 --> 00:21:46,890 that won't be important at all because they just shut you down 244 00:21:50,760 --> 00:21:54,090 and anybody who would want to live without real government 245 00:21:54,090 --> 00:21:59,460 control once we you know once we have a digital dollar you have 246 00:21:59,460 --> 00:22:02,070 to go back to the barter system you have to be you know, trading 247 00:22:02,070 --> 00:22:06,120 chickens and you know, oh, I'll give you a dozen dozen eggs if 248 00:22:06,120 --> 00:22:13,740 you give me six tomatoes you know, maybe maybe that's when 249 00:22:13,740 --> 00:22:22,710 gold comes back. If gold is still worth something maybe 250 00:22:22,710 --> 00:22:27,900 that's when actual hard coins and gold and silver maybe gems 251 00:22:30,450 --> 00:22:35,430 become some form of secondary currency again, because at least 252 00:22:35,430 --> 00:22:38,100 they're you know, it's an actual thing and there's actual 253 00:22:38,100 --> 00:22:45,450 scarcity you know, but it's a thing you know, Bitcoin is not a 254 00:22:45,450 --> 00:22:50,460 thing. It's just it's, it's air, it's gas, it's bits. It's bits 255 00:22:50,460 --> 00:22:54,180 flowing over a wire. It's nothing you can hold in your 256 00:22:54,180 --> 00:23:00,690 hand. You could produce a coin. Sure, you know, you can mint a 257 00:23:00,690 --> 00:23:05,790 coin that represents a Bitcoin. But, you know, you can make it 258 00:23:05,790 --> 00:23:07,560 out of cardboard, it wouldn't matter. 259 00:23:14,550 --> 00:23:17,490 You know, so I really think that 260 00:23:22,980 --> 00:23:27,300 China's move here, has put the first nail in the coffin to 261 00:23:27,300 --> 00:23:32,610 kryptos. And maybe I'm wrong, maybe I'm totally wrong, maybe 262 00:23:32,640 --> 00:23:38,520 you know, totally don't understand how it holds value. I 263 00:23:38,520 --> 00:23:41,340 just don't see it. I haven't seen anybody that's explained it 264 00:23:41,790 --> 00:23:44,550 well enough to where I understand how it holds any 265 00:23:44,550 --> 00:23:45,780 value whatsoever. 266 00:23:52,890 --> 00:23:58,530 You know, I understand the technology behind it and that 267 00:23:59,820 --> 00:24:04,950 only so many coins can be minted, can be produced can be 268 00:24:04,950 --> 00:24:08,280 mined. Let's put it that way that minted their mind. 269 00:24:09,720 --> 00:24:15,720 electronically mined. So once they once they reach the final 270 00:24:18,090 --> 00:24:26,070 Bitcoin that's all there will ever be. And so it's supposed to 271 00:24:26,070 --> 00:24:32,310 be stable. But again, if you can't trade it for something 272 00:24:34,440 --> 00:24:38,940 What do you really have? If you can't trade it for a US dollar 273 00:24:39,450 --> 00:24:42,270 unless you know unless the United States embraces Bitcoin 274 00:24:42,270 --> 00:24:46,710 and calls it and calls Bitcoin its national currency. But I 275 00:24:46,710 --> 00:24:50,940 don't see that happening because the banks themselves don't hold 276 00:24:50,940 --> 00:24:57,060 that much Bitcoin. The US banks don't hold that much. I know 277 00:24:57,060 --> 00:25:08,940 they've been tinkering with it, but I don't know if if you've 278 00:25:08,940 --> 00:25:11,940 got an argument that can convince me that Bitcoin is 279 00:25:11,940 --> 00:25:19,290 worth something I'd like to hear it you know hit me up on Twitter 280 00:25:19,290 --> 00:25:23,010 Kevin Bay is my handle my last name is spelled B isn't boy he 281 00:25:23,700 --> 00:25:29,220 you can send me an email mail he kept me calm on the no agenda 282 00:25:30,390 --> 00:25:41,400 social mastodon server you can go there you know I just I've 283 00:25:41,400 --> 00:25:45,900 listened to so many different podcasts and things on Bitcoin 284 00:25:47,940 --> 00:25:53,490 and nobody has said anything that has convinced me yet that 285 00:25:53,490 --> 00:26:02,130 without government buy in this thing is worth anything. Anyway 286 00:26:04,230 --> 00:26:08,010 that is all I've got for today let me put my headphones back on 287 00:26:08,010 --> 00:26:13,410 so I can hear what I've got up Sorry about that. I just hit the 288 00:26:13,410 --> 00:26:16,710 microphone so I can hear the outro music I gotta find out a 289 00:26:16,710 --> 00:26:19,980 better way to do this. I think I talked better without being 290 00:26:20,250 --> 00:26:25,410 without having headphones on. I don't think I whisper as much I 291 00:26:25,410 --> 00:26:30,720 think I speak more clearly. I don't know. Let me know about 292 00:26:30,720 --> 00:26:37,800 that too. Go to Kevin Bae comm click on any links you feel like 293 00:26:37,800 --> 00:26:43,530 there oh you can send me crypto by the way. I know I know it's 294 00:26:43,530 --> 00:26:48,120 not it's not really worth anything at least in my mind but 295 00:26:48,150 --> 00:26:50,310 you know I just play around with it because I'm interested in the 296 00:26:50,310 --> 00:26:55,320 technology I can see once we once we hit a digital dollar I 297 00:26:55,320 --> 00:27:01,950 can see it easier to pay for media using digital money 298 00:27:02,070 --> 00:27:05,970 definitely. I just don't see it as being a Bitcoin you know 299 00:27:05,970 --> 00:27:11,580 digital US dollar. Yeah. But a Bitcoin No, but I'll accept it 300 00:27:11,580 --> 00:27:15,390 anyway, if you want to send it to me. Or you know, anything 301 00:27:15,390 --> 00:27:17,910 else. There's there are links on the website. This is a 302 00:27:17,910 --> 00:27:22,230 podcasting 2.0 compatible podcast so you can stream crypto 303 00:27:22,260 --> 00:27:29,310 to me if you feel like it. But I really, I'm really interested to 304 00:27:29,310 --> 00:27:32,970 hear somebody explain. It's not like anybody owes me at any 305 00:27:32,970 --> 00:27:36,600 explanations, but I'm really interested to be pointed to an 306 00:27:36,600 --> 00:27:41,130 argument that tells me how Bitcoin is worth something 307 00:27:41,160 --> 00:27:46,440 without government backing. But that's it for today. Have a good 308 00:27:46,440 --> 00:27:51,630 weekend. Because that's all I got. There you go. There's the 309 00:27:51,630 --> 00:27:55,050 music. I'll get it right one day.