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[Music]

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[Applause]

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this hope radio for the masses headline

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the birthday July 8 1947 you're on the

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air for through personal start applying

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there - found under now in the

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possession of the on a name is big

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change the game changer I occasionally

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think how quickly our differences

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worldwide would vanish if we were facing

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this is fade to black with your host

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Jimmy Church on the game changer radio

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network and kgr ed the global radio

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your help to get to the year 1985

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[Music]

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you are listening to fade to black with

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Jimmy judge on the game changer Network

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[Music]

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fade to black

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misspoke radio for the masses that's

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right today is Monday March 5th 2018 64

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days into the new year just 301 days

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left we are live from a bunker somewhere

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in downtown Burbank California and I

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would like to welcome everybody

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listening all around the world and all

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across the United States hither and

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thither to and fro back and forth up and

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down east and west north and south far

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and near

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this is fade to black for kjc are the

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game changer network in kg ra the planet

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I'm your host Jimmy Church well it's

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cracking everybody how you doing it's

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good to be back in the chair of Love

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Mondays

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you know what Monday's beam is that

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we've got a brand new week right in

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front of us on fade to black

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and what a great week we've got lined up

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I'm so excited about what we're doing

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this week tonight's rizz Burke is here

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[Music]

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been wanting to do a show to help set

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the record straight on Bitcoin crypto

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blockchain that's what we're gonna do

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tonight we've got a lot to talk about

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he is the best so that's what we're

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gonna do tonight tomorrow night Matthew

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Ryan joins the show for the first time

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we're gonna talk about his abilities

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healing other dimensions and his contact

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with ETS that's tomorrow night Wednesday

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night another first-time guest of Marina

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Jacobi is here

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and we're gonna talk about

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nanotechnology quantum computing

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parallel realities and the et tech that

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it's gonna change our world and that is

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Wednesday nights so excited about that

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Thursday night now the Fator night Jon

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Rappoport no more fake newsroom live

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followed by open lines all night long so

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there you go what a great week on fade

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to black an amazing week that we had

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last week too as well at that am a Billy

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Carson what a week last week and so to

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follow that up with what we've got this

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week it's just you know stupendous we're

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walking around on air here just just

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love doing this show and hanging out

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with all of you each and every night you

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can follow us you can follow me on

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twitter at JD o simple at J Church radio

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Facebook YouTube

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everything is fade to black or Jimmy

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Church radio game-changer Network you

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know what to do just go over to the

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website

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everything about this show is at Jimmy

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George radio comm so you're gonna get

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all of the you know follow like

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subscribe stuff you can to get all the

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BIOS on each of our guests and a show

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outline for each night so you're going

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to get that links to each one of our

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guests you're gonna get all of that

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future events you know the podcast

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memberships news everything is right

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there at Jimmy Church radio.com okay

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it's so simple that should just be your

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your central point if and if you're

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gonna branch off of that of course

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everything is on Twitter we're big on

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social media here so you know Facebook

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and and Twitter for us as social media

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Facebook and Twitter

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we do have an Instagram account but I

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you know I I just don't have the time

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should I I mean should I just go

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Instagram everybody I mean okay let me

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see in Twitter right now let me see the

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Twitter response

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how many listeners right now have

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Instagram and want me to hang out on

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Instagram and impose stuff and and

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things just give me your response I

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should post something up in facebook I

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will do that if you guys wait you know

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if you feel that Instagram IG is one of

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the platforms that you use and you want

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me over there I'll do it okay all right

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where am I

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email throughout the show Jimmy at Jimmy

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Church radio calm and before I get to

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the main stuff I got to tell you what

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happened last night

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Sarita and I we go to dinner we go to

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dinner with Scott and and his wife Kathy

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and and Kerkar Smith and his wife Lisa

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uh you know and you know Rita myself and

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went to a nice restaurant and it was all

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good after that and you know this is

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pretty depressing for me I didn't even

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think about this we didn't take any

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pictures all right

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and I can't yeah I want and it was weird

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after we were done we were so busy

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talking and hanging out and eating and

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doing all of that and we were there for

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a few hours and then and done and we're

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talking in the parking lot and it was

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all great we didn't want to say

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goodnight you know we're having a great

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time and then we're in the car I'm like

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we forgot to take pictures so what do

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you do go back to the restaurant get

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everybody to wait David so anyway we did

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that last night so anyway after that

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Rita and I

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went to a pot store that's right

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the mary-jane we went to a pot store now

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for the first time it's legal right

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whatever it's just it's it's it's so we

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we get on our cell phones we find a pot

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store and we go there's an app for that

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right so and we go we find one that's

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got you know five stars and we go do you

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go to a one star rated pot store so we

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go and I it's my first time and I go in

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and Wow

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right now I've lived on this planet for

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54 years and for 40 of those years been

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waiting for a moment like this that you

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would not think that would ever arrive

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but it's here you know so many states

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now it's completely legal but and so I

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didn't know what to expect

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I've seen pictures right but I don't

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know what to expect and so we go in

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clear security you know we get through

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all of that and then we you know we're

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going and it was funny because a

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security guard you know took one look at

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me and it goes first time yeah baby yeah

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first time her coming in first timer

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coming in and it was really funny so

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anyway go through and walk in and look I

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know so many of you and you you bending

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your pots doors and you're probably

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laughing at me right now for being the

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old dude in the room and and so Freitas

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already you know she's done this before

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I I'm I'm I'm the new guy so we walk in

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and there it is man wall to wall bud you

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know just all the way around and and

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jars I don't know for deep on all these

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countertops with all the labels on them

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with these crazy names and and so and it

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was really really cool and so

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but what was uh you have where are the

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pics of you and Rita buying pot yeah no

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cell phones allowed inside one of those

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stores I can assure you of that and

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there's no video or cell phone pics but

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but so I'm like uh can I can I smell

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that sure really just picking up and I

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mean there was probably there must have

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been a hundred or a hundred and fifty

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types of pot right and and all the way

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around and I'm just opening up these

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jars and smelling and looking and and

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and and putting him down and and it was

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it was really fun it was so cool to do

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so it was so freeing you know so so

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anyway he go through all of that and

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then I look up on the the thing that

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says get all for first-timers and she

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get a you get a goodie bag and and so

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you know we go through and I'm like okay

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you know we'll take so funny

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except for that eighth I don't know

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quarter I don't know whatever whatever

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so we we buy one of the three face off

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was what because this pot called OG face

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off right I bought that because of the

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name but anyway so we go through all of

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that now I said to our budtender I said

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so do I get a goodie bag chuckles of

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course you get a goodie bag it was like

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alright alright go and now and this is

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this is the bizarre thing about about

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this

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yeah Brian just said I've never been to

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a pot store either Brian you got to go

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it's it's pretty liberating but so we go

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out to the car now now oh and they so we

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they put everything you know you guys

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are laughing at me now I get it but

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so they put everything that we bought

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it's in a prescription bag you know like

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from a pharmacy here's the rx

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we go out and we get in the car start it

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up

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and I turned to Reena and that's because

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I was all cool you know inside I'm all

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cool in the store walk out get in the

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car I'm like damn that was insane that

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was insane

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and and so and we're and I put the car -

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you know driving we're pulling out of

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the parking lot and I'm like this is

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legal don't care about the cops you

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don't care and it just seems like

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yesterday you know think about this ten

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years ago 20 years ago that it this was

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not only illegal but people were going

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to prison for this and still are in

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prison for pot right and we're driving

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again not a care in the world we just

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walked into a pot store bought weed got

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a goodie bag I don't even know what's in

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the goodie bag a goodie bag that would

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have gotten you arrested and still can

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get you arrested in many states in the

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United States so we go and we get home

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and I you know okay I want to know

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what's in the goodie bag

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so we we open up the goodie bag and in

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there are a couple of blunts alright

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free blondes couple of little film

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canisters of of weed free samples and

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some other stuff in some papers and some

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lighters it's a pretty cool goodie bag

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right and yeah what kind of goods you

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get in a goodie bag from a pot store and

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so yeah in the gonna be there was a

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blunt cutter that was in there that's

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pretty cool but blood splicer a couple

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rolls packages of rolling paper a couple

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of film canisters of different samples

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of pot the two blunts were in there and

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a couple of lighters you know pretty

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pretty cool little goodie bag but it was

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this liberating thing you know and so

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this morning I'm sitting there thinking

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about what went down last night and that

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there are people in in in prison right

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now for pot yeah when did Jimmy start

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smoking blunts no they gave us the

271
00:13:39,050 --> 00:13:34,380
blunts I didn't say we smoked the Bloods

272
00:13:42,230 --> 00:13:39,060
I'm saying they gave us blunts of which

273
00:13:43,910 --> 00:13:42,240
I have to I didn't bring them to the

274
00:13:45,500 --> 00:13:43,920
bunker otherwise I'd Chum tea tomorrow

275
00:13:47,030 --> 00:13:45,510
night on the show I don't care now you

276
00:13:50,750 --> 00:13:47,040
can drive around in the car with oh I'll

277
00:13:53,090 --> 00:13:50,760
browse show you what the blunts what

278
00:13:57,380 --> 00:13:53,100
they gave us but but there are people

279
00:14:00,769 --> 00:13:57,390
imprisoned for pot for a joint you know

280
00:14:03,680 --> 00:14:00,779
an ounce a couple of pounds growing it

281
00:14:05,900 --> 00:14:03,690
whatever and then in some states it's

282
00:14:08,480 --> 00:14:05,910
completely legal and here we are driving

283
00:14:11,840 --> 00:14:08,490
around and without a care in the world

284
00:14:14,420 --> 00:14:11,850
and which is great it's cool I'm glad

285
00:14:18,170 --> 00:14:14,430
that we're here today with this remember

286
00:14:20,540 --> 00:14:18,180
in in the in the AMA last week somebody

287
00:14:22,189 --> 00:14:20,550
asked me the last time I smoked pot it's

288
00:14:25,610 --> 00:14:22,199
been a long time it still has it and

289
00:14:28,550 --> 00:14:25,620
smoked any weed last night but but it's

290
00:14:33,949 --> 00:14:28,560
it's been a while the the point to all

291
00:14:37,220 --> 00:14:33,959
of this is that I'm very aware and you

292
00:14:41,420 --> 00:14:37,230
know I'm the Bloods are just all shake

293
00:14:42,350 --> 00:14:41,430
try the gummy bears you know thank you

294
00:14:46,010 --> 00:14:42,360
for that David

295
00:14:47,360 --> 00:14:46,020
and I we actually having this

296
00:14:49,550 --> 00:14:47,370
conversation on the air

297
00:14:52,430 --> 00:14:49,560
I looked for gummy bears last night in

298
00:14:54,410 --> 00:14:52,440
the pot store I must have missed it they

299
00:14:58,069 --> 00:14:54,420
had brownies and they had all kind of

300
00:15:00,740 --> 00:14:58,079
they had like pot popcorn had all that I

301
00:15:04,069 --> 00:15:00,750
didn't see the gummy bears I really

302
00:15:07,189 --> 00:15:04,079
wanted to get some gummy bears but but

303
00:15:11,630 --> 00:15:07,199
anyway that tear our people in prison

304
00:15:14,329 --> 00:15:11,640
today you know it's it's just that there

305
00:15:18,860 --> 00:15:14,339
are people in the United States right

306
00:15:21,680 --> 00:15:18,870
now they can't do what we did right okay

307
00:15:26,000 --> 00:15:21,690
you know that it just doesn't it doesn't

308
00:15:27,980 --> 00:15:26,010
it doesn't feel right to me because the

309
00:15:29,179 --> 00:15:27,990
way that we felt last night is the way

310
00:15:32,750 --> 00:15:29,189
that it should be all the way across

311
00:15:35,660 --> 00:15:32,760
this country you know there you go

312
00:15:38,710 --> 00:15:35,670
all right yeah I went to my first pot

313
00:15:41,840 --> 00:15:38,720
store last night I can't wait to go back

314
00:15:44,000 --> 00:15:41,850
so does that mean if we're a first-timer

315
00:15:47,329 --> 00:15:44,010
at that pot store we in the pot store

316
00:15:49,100 --> 00:15:47,339
system now right where do we go to

317
00:15:50,780 --> 00:15:49,110
another pot store are we are we

318
00:15:54,500 --> 00:15:50,790
first-timers there when we get a goodie

319
00:15:57,019 --> 00:15:54,510
bag so do you hit all the pot stores in

320
00:15:59,030 --> 00:15:57,029
Los Angeles I do want to go and see what

321
00:16:02,210 --> 00:15:59,040
a pot store is like in Beverly Hills I

322
00:16:04,310 --> 00:16:02,220
wanna I want to experience that and see

323
00:16:07,490 --> 00:16:04,320
what the upscale environment is likely I

324
00:16:09,530 --> 00:16:07,500
was pretty trippy that was pretty pretty

325
00:16:12,920 --> 00:16:09,540
pretty fun I was pretty liberating

326
00:16:17,449 --> 00:16:12,930
pretty cool all right there we go that's

327
00:16:20,660 --> 00:16:17,459
my breaking news our first weed shop the

328
00:16:22,370 --> 00:16:20,670
II said II Roadshow is heading up the

329
00:16:24,230 --> 00:16:22,380
west coast and if you would like to go

330
00:16:25,879 --> 00:16:24,240
to the e City Roadshow and hang out with

331
00:16:28,220 --> 00:16:25,889
everybody click on the banner over at

332
00:16:30,650 --> 00:16:28,230
Jimmy Church radio calm you'll get the

333
00:16:33,590 --> 00:16:30,660
full schedule in the details our next

334
00:16:36,139 --> 00:16:33,600
event is June 1st through the 4th 2018

335
00:16:38,480 --> 00:16:36,149
contact in the desert Indian Wells Palm

336
00:16:41,059 --> 00:16:38,490
Springs at the Renaissance Resort and

337
00:16:45,500 --> 00:16:41,069
Spa click on the banners over Jimmy

338
00:16:48,319 --> 00:16:45,510
Church radio calm don't forget to sign

339
00:16:51,879 --> 00:16:48,329
up for our soul tech gathering up at

340
00:16:54,379 --> 00:16:51,889
ESET e ranch now that's August

341
00:16:56,269 --> 00:16:54,389
excuse me 9th through the 12th of

342
00:17:03,230 --> 00:16:56,279
something my throat that's what Rivermen

343
00:17:09,049 --> 00:17:03,240
coffees for soul tech gathering dot-com

344
00:17:13,610 --> 00:17:09,059
and I got a bunch of email over the

345
00:17:15,770 --> 00:17:13,620
weekend and people were asking me this

346
00:17:18,679 --> 00:17:15,780
look look and and I get it

347
00:17:21,199 --> 00:17:18,689
I got email from people from outside of

348
00:17:23,270 --> 00:17:21,209
the United States and so you know who

349
00:17:25,819 --> 00:17:23,280
you are and I want to you know not gonna

350
00:17:28,850 --> 00:17:25,829
mention your names on the air from both

351
00:17:31,130 --> 00:17:28,860
England and from Australia that are

352
00:17:33,680 --> 00:17:31,140
coming to the Seoul tech gathering and

353
00:17:35,830 --> 00:17:33,690
and I can't wait and also a couple of

354
00:17:39,470 --> 00:17:35,840
emails from people outside of California

355
00:17:41,330 --> 00:17:39,480
that are asking about my recommendations

356
00:17:44,570 --> 00:17:41,340
and what I would do up there look this

357
00:17:46,100 --> 00:17:44,580
is this is my take this is my take I

358
00:17:49,070 --> 00:17:46,110
would stay at E

359
00:17:50,570 --> 00:17:49,080
said he if you can okay be that's what

360
00:17:54,560 --> 00:17:50,580
we're doing this here if you're gonna

361
00:17:57,049 --> 00:17:54,570
stay off campus then you've got to check

362
00:17:58,940 --> 00:17:57,059
it out trout lake is very small it's

363
00:18:01,130 --> 00:17:58,950
very very small I don't know if there's

364
00:18:03,020 --> 00:18:01,140
any air B&BS there there may be there

365
00:18:05,870 --> 00:18:03,030
may be stuff for rent there I don't know

366
00:18:08,090 --> 00:18:05,880
but it's small we're talking about small

367
00:18:11,840 --> 00:18:08,100
so if there's a way for you to arrange

368
00:18:13,250 --> 00:18:11,850
to stay at e city camping or get an or

369
00:18:14,930 --> 00:18:13,260
whatever I don't know I don't know what

370
00:18:17,390 --> 00:18:14,940
the status isn't that kind of stuff but

371
00:18:19,430 --> 00:18:17,400
you want to stay ad setting you really

372
00:18:22,669 --> 00:18:19,440
really really do so if you're gonna

373
00:18:24,440 --> 00:18:22,679
drive in then bring your camping gear

374
00:18:26,510 --> 00:18:24,450
bring your sleeping bags bring your air

375
00:18:28,610 --> 00:18:26,520
mattresses bring your tent stay at E

376
00:18:30,590 --> 00:18:28,620
study it's the best way to do it you're

377
00:18:31,970 --> 00:18:30,600
gonna you're gonna want to do just that

378
00:18:32,900 --> 00:18:31,980
because we're gonna be up late and

379
00:18:35,330 --> 00:18:32,910
skywatching

380
00:18:38,299 --> 00:18:35,340
we're gonna be up early eating breakfast

381
00:18:40,610 --> 00:18:38,309
okay so I'm just telling you how it is

382
00:18:43,580 --> 00:18:40,620
so I would stay at e said e if you can

383
00:18:45,919 --> 00:18:43,590
if you got to stay off site go ahead and

384
00:18:48,260 --> 00:18:45,929
do that there are things that are there

385
00:18:50,780 --> 00:18:48,270
at Seoul tech gathering calm and there's

386
00:18:52,700 --> 00:18:50,790
information for you to do just that

387
00:18:55,070 --> 00:18:52,710
don't forget to subscribe to our podcast

388
00:18:56,900 --> 00:18:55,080
and just mention that earlier over 800

389
00:18:58,820 --> 00:18:56,910
archive shows just two dollars a month

390
00:19:01,100 --> 00:18:58,830
help support the show it's really cool

391
00:19:03,080 --> 00:19:01,110
two dollars a month and if you want to

392
00:19:05,780 --> 00:19:03,090
become an official fader not do that in

393
00:19:06,890 --> 00:19:05,790
our membership section over and Jimmy

394
00:19:08,750 --> 00:19:06,900
George radio.com

395
00:19:12,370 --> 00:19:08,760
alright let's get the show cracking

396
00:19:16,340 --> 00:19:12,380
happy birthday to today guitarist John

397
00:19:18,140 --> 00:19:16,350
Frusciante is 48 I can't believe he's

398
00:19:20,270 --> 00:19:18,150
that young I've been listening to him

399
00:19:23,360 --> 00:19:20,280
forever you know Red Hot Chili Peppers

400
00:19:25,820 --> 00:19:23,370
and Wow 48 years old I thought he was

401
00:19:29,270 --> 00:19:25,830
more closer to my age our dead guy's

402
00:19:30,830 --> 00:19:29,280
birthday today is Andy Gibb Rita showed

403
00:19:33,430 --> 00:19:30,840
up in the bunker today and caught me

404
00:19:37,640 --> 00:19:33,440
listening to Andy Gibb songs all day

405
00:19:41,810 --> 00:19:37,650
Andy Gibb 1958 to 1988 died at the age

406
00:19:43,970 --> 00:19:41,820
of 30 unbelievable fourth of the

407
00:19:46,310 --> 00:19:43,980
brothers Gibb you know Barry Robin and

408
00:19:49,190 --> 00:19:46,320
Maurice the Bee Gees had three

409
00:19:50,900 --> 00:19:49,200
number-one songs such as I just want to

410
00:19:53,419 --> 00:19:50,910
be your everything played that today ten

411
00:19:57,799 --> 00:19:53,429
times love is thicker than water and

412
00:19:59,720 --> 00:19:57,809
shadow dancing and od'd yeah at the age

413
00:20:02,050 --> 00:19:59,730
of 30 Andy Gibb

414
00:20:06,680 --> 00:20:02,060
happy birthday on the same history OTD

415
00:20:10,750 --> 00:20:06,690
1963 the hula-hoop is patented by wham-o

416
00:20:13,850 --> 00:20:10,760
cole founder arthur spud melon an

417
00:20:17,510 --> 00:20:13,860
estimated 25 million hula hoops were

418
00:20:20,540 --> 00:20:17,520
sold in 1958 when it launched during its

419
00:20:21,580 --> 00:20:20,550
first four months of production you

420
00:20:27,140 --> 00:20:21,590
heard me

421
00:20:28,760 --> 00:20:27,150
25 million were sold that's that that's

422
00:20:32,870 --> 00:20:28,770
just crazy that's crazy

423
00:20:36,320 --> 00:20:32,880
okay here's a fader fact for you even

424
00:20:38,750 --> 00:20:36,330
though Froot Loops this is a fact even

425
00:20:39,920 --> 00:20:38,760
though and I'm a cereal guy you know

426
00:20:42,740 --> 00:20:39,930
this I eat my cereal

427
00:20:48,910 --> 00:20:42,750
even though Froot Loops are different

428
00:20:51,560 --> 00:20:48,920
colors they all are of the same flavor

429
00:20:54,200 --> 00:20:51,570
and that is a fat [\h__\h] you don't

430
00:20:57,500 --> 00:20:54,210
believe right eat the pink one the blue

431
00:20:59,780 --> 00:20:57,510
one the yellow one the green ones you

432
00:21:02,090 --> 00:20:59,790
thought I think it's the power of

433
00:21:03,770 --> 00:21:02,100
suggestion with the color that's right

434
00:21:06,500 --> 00:21:03,780
because they're all the same flavor and

435
00:21:08,210 --> 00:21:06,510
that is a fader fact all right tonight's

436
00:21:09,800 --> 00:21:08,220
R is Burke he's gonna be here in a few

437
00:21:13,190 --> 00:21:09,810
short minutes at the bottom of the hour

438
00:21:13,990 --> 00:21:13,200
full show on Bitcoin crypto and the

439
00:21:17,170 --> 00:21:14,000
blockchain

440
00:21:20,180 --> 00:21:17,180
alright tomorrow night is Matthew Ryan

441
00:21:23,990 --> 00:21:20,190
Wednesday night marina Jacobi Thursday

442
00:21:27,800 --> 00:21:24,000
night is Fator night now over the

443
00:21:30,470 --> 00:21:27,810
weekend big news broke over the weekend

444
00:21:33,820 --> 00:21:30,480
you probably missed it but I'm gonna

445
00:21:39,700 --> 00:21:33,830
help you out right now Stephen Hawking

446
00:21:42,620 --> 00:21:39,710
and that's right Stephen Hawking said

447
00:21:44,630 --> 00:21:42,630
over the weekend is that some like Star

448
00:21:46,130 --> 00:21:44,640
Trek convention or conference I forget

449
00:21:47,510 --> 00:21:46,140
what it was might not have even been

450
00:21:49,700 --> 00:21:47,520
that but it was something something

451
00:21:53,540 --> 00:21:49,710
something was going on Neil deGrasse

452
00:21:54,800 --> 00:21:53,550
Tyson was the host I think but that's

453
00:21:56,870 --> 00:21:54,810
not what's important what's most

454
00:22:00,920 --> 00:21:56,880
important is that Stephen Hawking said

455
00:22:04,060 --> 00:22:00,930
that he knows what happened before the

456
00:22:11,870 --> 00:22:09,140
quoting Hawking the boundary condition

457
00:22:13,820 --> 00:22:11,880
of the universe is that it has no

458
00:22:16,250 --> 00:22:13,830
boundary and

459
00:22:19,560 --> 00:22:16,260
alright now before you start trippin

460
00:22:22,500 --> 00:22:19,570
listen to me some are translating this

461
00:22:27,710 --> 00:22:22,510
to mean there was no time before time

462
00:22:30,390 --> 00:22:27,720
began as time was always there whoa

463
00:22:32,190 --> 00:22:30,400
heavy right it's kind of what I've

464
00:22:33,330 --> 00:22:32,200
always talked about in this show more on

465
00:22:36,260 --> 00:22:33,340
that in just a second

466
00:22:39,390 --> 00:22:36,270
Hawking says that amid the most in

467
00:22:42,920 --> 00:22:39,400
infinitely small quantum foam of the

468
00:22:47,840 --> 00:22:42,930
singularity before the Big Bang time

469
00:22:52,800 --> 00:22:47,850
existed in a bent state yeah

470
00:22:58,530 --> 00:22:52,810
so there never was a big bang that

471
00:23:01,560 --> 00:22:58,540
created something from nothing it just

472
00:23:09,090 --> 00:23:01,570
looks that way from our point of

473
00:23:11,520 --> 00:23:09,100
perspective and nothing the Big Bang now

474
00:23:13,830 --> 00:23:11,530
human onto say and I'm quoting here all

475
00:23:17,700 --> 00:23:13,840
the evidence seems to indicate that the

476
00:23:20,580 --> 00:23:17,710
universe has not existed forever but

477
00:23:21,870 --> 00:23:20,590
that it had a beginning about 15 billion

478
00:23:24,060 --> 00:23:21,880
years ago there must have been a

479
00:23:25,980 --> 00:23:24,070
beginning otherwise the universe would

480
00:23:28,980 --> 00:23:25,990
be in a state of complete disorder by

481
00:23:31,910 --> 00:23:28,990
now and everything would be at the same

482
00:23:35,310 --> 00:23:31,920
temperature in an infinite and

483
00:23:38,990 --> 00:23:35,320
everlasting universe every line of sight

484
00:23:42,690 --> 00:23:39,000
would end at the surface of a star

485
00:23:45,060 --> 00:23:42,700
interesting he says this would mean that

486
00:23:49,470 --> 00:23:45,070
the night sky would have been as bright

487
00:23:51,780 --> 00:23:49,480
as the surface of the Sun and the only

488
00:23:54,230 --> 00:23:51,790
way of avoiding this problem would be if

489
00:24:00,000 --> 00:23:54,240
for some reason the stars did not shine

490
00:24:03,720 --> 00:24:00,010
before a certain time and quote now you

491
00:24:05,880 --> 00:24:03,730
got to stop and think here so does that

492
00:24:09,450 --> 00:24:05,890
mean things were different at the Big

493
00:24:11,970 --> 00:24:09,460
Bang the density so he goes on I'm

494
00:24:13,830 --> 00:24:11,980
quoting the density would have been

495
00:24:17,220 --> 00:24:13,840
infinite it would have been what is

496
00:24:19,560 --> 00:24:17,230
called a singularity at a singularity

497
00:24:21,930 --> 00:24:19,570
all of the laws of physics would have

498
00:24:24,070 --> 00:24:21,940
broken down this means that the state of

499
00:24:26,139 --> 00:24:24,080
the universe after the Big Bang would

500
00:24:29,110 --> 00:24:26,149
not depend on anything that may have

501
00:24:32,950 --> 00:24:29,120
happened before now that's pretty

502
00:24:37,840 --> 00:24:32,960
interesting right but this is this is an

503
00:24:43,360 --> 00:24:37,850
issue for those that are that follow

504
00:24:45,909 --> 00:24:43,370
physics all of physics because he goes

505
00:24:48,669 --> 00:24:45,919
on to say since events before the Big

506
00:24:51,549 --> 00:24:48,679
Bang have no observational consequences

507
00:24:55,450 --> 00:24:51,559
one may as well cut them out of the

508
00:24:58,629 --> 00:24:55,460
theory and say that time began at the

509
00:25:00,759 --> 00:24:58,639
Big Bang events before the Big Bang are

510
00:25:03,879 --> 00:25:00,769
simply not defined because there's no

511
00:25:08,799 --> 00:25:03,889
way one could measure what happened at

512
00:25:11,289 --> 00:25:08,809
them and quote but there are ways to

513
00:25:15,100 --> 00:25:11,299
figure out what came before according to

514
00:25:16,799 --> 00:25:15,110
Hawking and he says this I think he

515
00:25:19,690 --> 00:25:16,809
listens to fade to black

516
00:25:23,019 --> 00:25:19,700
quantum theory introduces a new idea

517
00:25:25,210 --> 00:25:23,029
that of imaginary time imaginary time

518
00:25:28,659 --> 00:25:25,220
may sound like science fiction and it

519
00:25:32,230 --> 00:25:28,669
has been thought and suggested in Doctor

520
00:25:35,080 --> 00:25:32,240
Who interesting but nevertheless it is a

521
00:25:38,139 --> 00:25:35,090
genuine scientific concept one can

522
00:25:41,080 --> 00:25:38,149
picture it in the following way one can

523
00:25:43,840 --> 00:25:41,090
think of an ordinary real time as a

524
00:25:45,879 --> 00:25:43,850
horizontal line on the left there is the

525
00:25:48,970 --> 00:25:45,889
past on the right there is the future

526
00:25:50,889 --> 00:25:48,980
but there's another kind of time in the

527
00:25:53,710 --> 00:25:50,899
vertical direction this is called

528
00:25:55,899 --> 00:25:53,720
imaginary time because it's not the kind

529
00:25:59,680 --> 00:25:55,909
of time that we normally experience but

530
00:26:02,740 --> 00:25:59,690
in a sense it is just as real as what we

531
00:26:04,080 --> 00:26:02,750
call time now think about what this has

532
00:26:07,419 --> 00:26:04,090
to do with the Big Bang

533
00:26:09,490 --> 00:26:07,429
because talking goes on to say James

534
00:26:12,009 --> 00:26:09,500
Hart all of the University of California

535
00:26:14,620 --> 00:26:12,019
Santa Barbara and I have proposed that

536
00:26:19,980 --> 00:26:14,630
space and imaginary time together are

537
00:26:22,840 --> 00:26:19,990
indeed finite right without boundary

538
00:26:25,509 --> 00:26:22,850
they would be like the surface of the

539
00:26:28,509 --> 00:26:25,519
earth but with two more dimensions the

540
00:26:31,750 --> 00:26:28,519
surface of the earth is finite in extent

541
00:26:34,960 --> 00:26:31,760
but it doesn't have any boundaries or

542
00:26:37,210 --> 00:26:34,970
edges and he says I have been around the

543
00:26:40,779 --> 00:26:37,220
world and I didn't fall

544
00:26:44,020 --> 00:26:40,789
laughs the only certainty about this

545
00:26:46,720 --> 00:26:44,030
infant is maleeh small quantum building

546
00:26:50,200 --> 00:26:46,730
blocks of our universe is that they are

547
00:26:52,960 --> 00:26:50,210
uncertain simply observing them can

548
00:26:56,710 --> 00:26:52,970
cause them to change they can be in two

549
00:27:00,159 --> 00:26:56,720
places or two states at once quantum

550
00:27:03,100 --> 00:27:00,169
computing qubits right of course he

551
00:27:06,370 --> 00:27:03,110
listens to fade to black now I agree

552
00:27:09,909 --> 00:27:06,380
with Hawking the universe we are in

553
00:27:11,500 --> 00:27:09,919
while half of hogging the universe we

554
00:27:14,919 --> 00:27:11,510
are in didn't start with the Big Bang

555
00:27:17,230 --> 00:27:14,929
I've always said that his theory on time

556
00:27:20,440 --> 00:27:17,240
is a little different and I disagree

557
00:27:24,610 --> 00:27:20,450
with him here I'm not sure I'm with him

558
00:27:27,539 --> 00:27:24,620
while it dictates our lives time we

559
00:27:31,899 --> 00:27:27,549
still don't know what it is time or

560
00:27:34,659 --> 00:27:31,909
exactly where it comes from time we we

561
00:27:37,870 --> 00:27:34,669
we kind of understand how it works

562
00:27:40,600 --> 00:27:37,880
we have watches and clocks we know the

563
00:27:43,659 --> 00:27:40,610
effects of time when you run out of time

564
00:27:46,149 --> 00:27:43,669
or you don't have enough time it's kind

565
00:27:49,570 --> 00:27:46,159
of like gravity if you think about it we

566
00:27:51,700 --> 00:27:49,580
know it's there we know it's real but we

567
00:27:53,020 --> 00:27:51,710
don't know anything about it right it's

568
00:27:57,340 --> 00:27:53,030
really strange

569
00:28:01,180 --> 00:27:57,350
and just like quantum mechanics quantum

570
00:28:05,760 --> 00:28:01,190
theory quantum physics parallel worlds

571
00:28:09,130 --> 00:28:05,770
and the multiverse only time will tell

572
00:28:11,710 --> 00:28:09,140
seriously you gotta love it right that's

573
00:28:13,630 --> 00:28:11,720
why you hang out here unfaded black so

574
00:28:14,110 --> 00:28:13,640
you can catch something like that all

575
00:28:17,049 --> 00:28:14,120
right

576
00:28:19,870 --> 00:28:17,059
rizz Burke is here tonight very excited

577
00:28:20,770 --> 00:28:19,880
I've been wanting to do this show for a

578
00:28:24,730 --> 00:28:20,780
very long time

579
00:28:27,520 --> 00:28:24,740
it is blockchain crypto and Bitcoin all

580
00:28:31,590 --> 00:28:27,530
in one evening all of the questions

581
00:28:34,090 --> 00:28:31,600
answered there you go from the very best

582
00:28:36,130 --> 00:28:34,100
Riz burg i'm your host jimmy church this

583
00:28:39,399 --> 00:28:36,140
is fade to black they'll be right back

584
00:28:45,460 --> 00:28:39,409
for our crypto kind of evening with

585
00:29:19,659 --> 00:29:19,649
[Music]

586
00:29:26,039 --> 00:29:22,689
you're listening to Jimmy Church fade to

587
00:29:40,029 --> 00:29:30,689
fade to black will now pause for a

588
00:29:42,909 --> 00:29:40,039
station jgr a radio when you take the

589
00:29:45,249 --> 00:29:42,919
beams from Central America with dashes

590
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of Indonesian and African mixed in and

591
00:29:50,739 --> 00:29:47,689
then roast it to the dark side of fade

592
00:29:53,919 --> 00:29:50,749
to black you create the ultimate brew of

593
00:29:57,669 --> 00:29:53,929
Fringe introducing the fade to black

594
00:30:00,249 --> 00:29:57,679
blend from River moon coffee yes River

595
00:30:03,279 --> 00:30:00,259
moons darkest customized roast was

596
00:30:06,249 --> 00:30:03,289
created for the love of fade to black

597
00:30:08,949 --> 00:30:06,259
the alchemy of masterful roasting and

598
00:30:12,519 --> 00:30:08,959
smoking the beans is in every sip of

599
00:30:15,549 --> 00:30:12,529
this full-bodied dark Java I need my

600
00:30:17,829 --> 00:30:15,559
coffee dog deep with distinct

601
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bittersweet chocolate highlights just

602
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like the bunker leaning further into the

603
00:30:26,259 --> 00:30:22,999
darkness of the roast is fade to black

604
00:30:27,939 --> 00:30:26,269
blend from river moon coffee just click

605
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on the banner at Jimmy Church radio.com

606
00:30:36,689 --> 00:30:31,279
and use the promo code F to B blend for

607
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15% off of your order today gobekli tepe

608
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natural help solutions with Chris and

609
00:30:43,719 --> 00:30:41,209
Ronnie hey Ronnie how you doing great

610
00:30:46,779 --> 00:30:43,729
Chris now you're the CEO of get the

611
00:30:49,029 --> 00:30:46,789
t.com right yes I am what is get the tea

612
00:30:51,699 --> 00:30:49,039
calm I mean is this tea you buy in a

613
00:30:54,489 --> 00:30:51,709
store well no it's not I've changed teas

614
00:30:57,069 --> 00:30:54,499
just that life changing life change tea

615
00:30:59,169 --> 00:30:57,079
is an herbal tea that gently cleanses

616
00:30:59,949 --> 00:30:59,179
your body from intruders what do you

617
00:31:03,039 --> 00:30:59,959
mean by intruders

618
00:31:05,619 --> 00:31:03,049
well intruders are toxins chemicals GMOs

619
00:31:07,329 --> 00:31:05,629
heavy metals and more there are food in

620
00:31:10,569 --> 00:31:07,339
our water in our air we breathe

621
00:31:12,759 --> 00:31:10,579
seriously yeah seriously and life

622
00:31:15,519 --> 00:31:12,769
changed tea will help you with removing

623
00:31:17,289 --> 00:31:15,529
these as you say intruders right Chris

624
00:31:19,239 --> 00:31:17,299
are there side effects with this tea

625
00:31:21,309 --> 00:31:19,249
well you might lose a little weight when

626
00:31:23,589 --> 00:31:21,319
you clean your colon you lose weight you

627
00:31:25,749 --> 00:31:23,599
feel better and you have more energy Wow

628
00:31:27,099 --> 00:31:25,759
Ronnie where can people purchase life

629
00:31:30,280 --> 00:31:27,109
change tea oh that's easy

630
00:31:32,860 --> 00:31:30,290
get the tea calm that's get the tea

631
00:31:33,610 --> 00:31:32,870
a calm Ronnie I want to thank you for

632
00:31:36,850 --> 00:31:33,620
being on the show

633
00:31:42,880 --> 00:31:36,860
people don't forget get the T te a.com

634
00:31:44,050 --> 00:31:42,890
nine out of ten geneticists agreed fade

635
00:31:49,450 --> 00:31:44,060
to black

636
00:31:53,830 --> 00:31:49,460
is not your father's radio show on the

637
00:32:00,190 --> 00:31:53,840
game changer radio network and k GRA the

638
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planet KCRA this summer tickets and

639
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640
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641
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chances to win all-inclusive conference

642
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643
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favorite K GRA hosts click the contest

644
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to have it k GRA radio.com for your

645
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chance to win big this summer your

646
00:32:27,340 --> 00:32:18,500
contact for the best alternative talk

647
00:32:29,020 --> 00:32:27,350
radio on the planet k GRA radio.com Rob

648
00:32:46,260 --> 00:32:29,030
Reiner from Apple and you're listening

649
00:32:46,270 --> 00:32:52,300
[Music]

650
00:32:58,550 --> 00:32:54,350
welcome back paid the block I'm here

651
00:32:59,510 --> 00:32:58,560
Jimmy church tonight rizz Burke is here

652
00:33:03,380 --> 00:32:59,520
tomorrow night

653
00:33:06,080 --> 00:33:03,390
a Matthew Ryan Wednesday night morena

654
00:33:07,910 --> 00:33:06,090
Jacoby Thursday night Fator night it

655
00:33:10,550 --> 00:33:07,920
don't get any better does it

656
00:33:13,280 --> 00:33:10,560
you guys are spoiled every single one of

657
00:33:17,060 --> 00:33:13,290
you been waiting for the Bitcoin crypto

658
00:33:19,040 --> 00:33:17,070
blockchain show I know you have so

659
00:33:20,750 --> 00:33:19,050
tonight's the night rizz Burke is an

660
00:33:23,150 --> 00:33:20,760
advisor investor in the head of

661
00:33:26,180 --> 00:33:23,160
corporate development at sliver TV

662
00:33:27,170 --> 00:33:26,190
remember the founding team at theta labs

663
00:33:29,990 --> 00:33:27,180
Inc

664
00:33:32,930 --> 00:33:30,000
he's also serves as the current director

665
00:33:35,870 --> 00:33:32,940
of played labs at MIT did his research

666
00:33:38,120 --> 00:33:35,880
at MIT Media Lab Rizwan is an early

667
00:33:41,510 --> 00:33:38,130
investor in cryptocurrency and many

668
00:33:45,830 --> 00:33:41,520
blockchain companies including rapido

669
00:33:48,890 --> 00:33:45,840
bit Pablo's coin market back CEO and has

670
00:33:50,950 --> 00:33:48,900
been active with bid angels since 2013

671
00:33:53,150 --> 00:33:50,960
he's the co-author of several

672
00:33:55,040 --> 00:33:53,160
cryptocurrency related papers and

673
00:33:57,740 --> 00:33:55,050
columns including online automatic

674
00:33:59,360 --> 00:33:57,750
auctions for Bitcoin over the counter

675
00:34:01,580 --> 00:33:59,370
trading in 2015

676
00:34:04,250 --> 00:34:01,590
creating a peer-to-peer system for

677
00:34:07,580 --> 00:34:04,260
buying and selling Bitcoin online 2013

678
00:34:10,940 --> 00:34:07,590
and how I cornered the Bitcoin mining

679
00:34:13,070 --> 00:34:10,950
market with a quantum computer he says

680
00:34:15,530 --> 00:34:13,080
theoretically I think there's more to

681
00:34:18,110 --> 00:34:15,540
that than he's actually revealing to us

682
00:34:20,840 --> 00:34:18,120
Rizwan received his BS in computer

683
00:34:23,149 --> 00:34:20,850
science and engineering from MIT and his

684
00:34:25,250 --> 00:34:23,159
master's in management from Stanford

685
00:34:28,430 --> 00:34:25,260
Graduate School of Business he is much

686
00:34:30,530 --> 00:34:28,440
smarter than me tonight we're gonna

687
00:34:33,200 --> 00:34:30,540
discuss Bitcoin cryptocurrency and the

688
00:34:35,690 --> 00:34:33,210
blockchain technology behind it and what

689
00:34:37,100 --> 00:34:35,700
it means to the future of our world I

690
00:34:39,860 --> 00:34:37,110
would like to welcome back to fade to

691
00:34:42,500 --> 00:34:39,870
black the one and only R is ver Chris

692
00:34:44,389 --> 00:34:42,510
good evening my friend how are you good

693
00:34:47,119 --> 00:34:44,399
evening Jimmy doing well thanks for

694
00:34:48,889 --> 00:34:47,129
having me on again quit being so nervous

695
00:34:51,950 --> 00:34:48,899
because the first question out of the

696
00:34:55,820 --> 00:34:51,960
gate tonight have you been to a pot

697
00:34:57,590 --> 00:34:55,830
store haha I heard you talking about

698
00:35:00,650 --> 00:34:57,600
that earlier I have not been to a pot

699
00:35:02,270 --> 00:35:00,660
store you've got to go R is now that

700
00:35:04,650 --> 00:35:02,280
it's legal here in California I guess

701
00:35:07,140 --> 00:35:04,660
maybe next time I'm down

702
00:35:09,390 --> 00:35:07,150
oh man go with you know where you live

703
00:35:11,520 --> 00:35:09,400
you guys got those high-end pot stores

704
00:35:14,970 --> 00:35:11,530
you need you know you've got to go to

705
00:35:18,990 --> 00:35:14,980
the one that Zuckerberg goes to you know

706
00:35:22,610 --> 00:35:19,000
I don't know of any around here is they

707
00:35:27,540 --> 00:35:27,120
although Apple may not approve for many

708
00:35:29,280 --> 00:35:27,550
years

709
00:35:31,710 --> 00:35:29,290
Oh difficult to get Apple to approve

710
00:35:34,520 --> 00:35:31,720
anything a little controversial yeah I'm

711
00:35:36,570 --> 00:35:34,530
telling you that is so funny but it was

712
00:35:40,320 --> 00:35:36,580
and I know you were listening earlier

713
00:35:42,660 --> 00:35:40,330
but what a liberating feeling you know I

714
00:35:46,740 --> 00:35:42,670
remember the first time I went to into a

715
00:35:49,920 --> 00:35:46,750
casino and I my first night in a casino

716
00:35:52,560 --> 00:35:49,930
I won a few thousand dollars right like

717
00:35:55,050 --> 00:35:52,570
thirty five hundred bucks on one slot

718
00:35:57,510 --> 00:35:55,060
machine uh you know my first series of

719
00:36:00,810 --> 00:35:57,520
polls and I never even been in a casino

720
00:36:04,350 --> 00:36:00,820
so I'm walking out of the casino with

721
00:36:06,300 --> 00:36:04,360
you know 35 $100 bills in my pocket

722
00:36:11,190 --> 00:36:06,310
right and I'm thinking this can't be

723
00:36:19,470 --> 00:36:11,200
legal how is this even legal I just I

724
00:36:22,350 --> 00:36:19,480
wasn't right I was I got a roll of $20

725
00:36:24,720 --> 00:36:22,360
right twenty silver or you know you know

726
00:36:27,450 --> 00:36:24,730
one dollar it and and it was like my

727
00:36:30,960 --> 00:36:27,460
second poll I couldn't believe it you

728
00:36:33,570 --> 00:36:30,970
know and I thought wow this is

729
00:36:35,400 --> 00:36:33,580
liberating but it was that kind of

730
00:36:38,520 --> 00:36:35,410
feeling you know you leave and you get

731
00:36:40,290 --> 00:36:38,530
in the car and and you know just a few

732
00:36:44,130 --> 00:36:40,300
years ago this would have sent us to

733
00:36:45,900 --> 00:36:44,140
jail right and it was it was a pretty

734
00:36:49,380 --> 00:36:45,910
crazy feeling so you got to go you got

735
00:36:52,380 --> 00:36:49,390
to go next time I don't even I don't

736
00:36:55,710 --> 00:36:52,390
even smoke pot I just went I just went

737
00:36:57,720 --> 00:36:55,720
to go and and bought it to buy it but it

738
00:36:59,040 --> 00:36:57,730
was fun well there you go I'll

739
00:37:01,920 --> 00:36:59,050
definitely have to check it out you know

740
00:37:04,230 --> 00:37:01,930
it's interesting with the legalization

741
00:37:06,720 --> 00:37:04,240
of pot in a few states you know kind of

742
00:37:08,940 --> 00:37:06,730
ties to our topic of discussion tonight

743
00:37:10,680 --> 00:37:08,950
with Bitcoin and banks and you know what

744
00:37:12,300 --> 00:37:10,690
I've been hearing from people who opened

745
00:37:14,700 --> 00:37:12,310
these pot related businesses is that

746
00:37:16,710 --> 00:37:14,710
they can't get bank accounts in the

747
00:37:17,760 --> 00:37:16,720
traditional banking system because the

748
00:37:21,780 --> 00:37:17,770
banks are worried

749
00:37:23,580 --> 00:37:21,790
about you know liability for different

750
00:37:25,710 --> 00:37:23,590
states where it isn't legal and so

751
00:37:27,840 --> 00:37:25,720
they're like holding lots of cash which

752
00:37:30,390 --> 00:37:27,850
is kind of a dangerous thing to do but

753
00:37:31,920 --> 00:37:30,400
it reminded me of Bitcoin a few years

754
00:37:33,990 --> 00:37:31,930
ago you know when I started to buy

755
00:37:35,910 --> 00:37:34,000
Bitcoin if you walked into a bank and

756
00:37:38,580 --> 00:37:35,920
said I have a company that's doing

757
00:37:40,530 --> 00:37:38,590
Bitcoin acts trading or whatever you're

758
00:37:42,210 --> 00:37:40,540
doing with Bitcoin back then they would

759
00:37:43,890 --> 00:37:42,220
not let you open a bank account I mean

760
00:37:45,240 --> 00:37:43,900
they would simply just reject you and

761
00:37:47,850 --> 00:37:45,250
say you know you're not allowed to be in

762
00:37:50,520 --> 00:37:47,860
the banking system that's how you know

763
00:37:52,140 --> 00:37:50,530
that's how against this idea of

764
00:37:54,090 --> 00:37:52,150
cryptocurrency the traditional banking

765
00:37:56,760 --> 00:37:54,100
system was and it hasn't gotten it's

766
00:37:58,620 --> 00:37:56,770
gotten a bit better but then it was you

767
00:37:59,610 --> 00:37:58,630
know back then but but it you know was

768
00:38:02,730 --> 00:37:59,620
reminding me of that

769
00:38:04,830 --> 00:38:02,740
you know we've got businesses it sounds

770
00:38:07,560 --> 00:38:04,840
to me like you have been to a pot store

771
00:38:10,590 --> 00:38:07,570
but that's ok where is it's your story

772
00:38:13,020 --> 00:38:10,600
you can stick to it but that listen I

773
00:38:15,270 --> 00:38:13,030
didn't even think about that I I didn't

774
00:38:18,720 --> 00:38:15,280
even offer up a credit card last night I

775
00:38:24,240 --> 00:38:18,730
paid cash but yeah I'm wondering yeah

776
00:38:24,540 --> 00:38:24,250
you're right yes in Colorado or so I've

777
00:38:26,490 --> 00:38:24,550
heard

778
00:38:29,550 --> 00:38:26,500
oh yeah there no there was there was

779
00:38:33,480 --> 00:38:29,560
there was there was armament there last

780
00:38:34,860 --> 00:38:33,490
night that was that was pretty cool in

781
00:38:39,180 --> 00:38:34,870
the bank so they have to keep the cash

782
00:38:41,130 --> 00:38:39,190
I'm worried system is changing in

783
00:38:43,320 --> 00:38:41,140
certain states but not in others and

784
00:38:46,230 --> 00:38:43,330
it's an interesting reflection of you

785
00:38:49,830 --> 00:38:46,240
know the financial system and how you

786
00:38:51,750 --> 00:38:49,840
know how they view changes listen again

787
00:38:54,060 --> 00:38:51,760
I know we're gonna be talking about

788
00:38:55,980 --> 00:38:54,070
Bitcoin and blockchain tonight but how

789
00:38:59,280 --> 00:38:55,990
do they get the cash out of the pot

790
00:38:59,820 --> 00:38:59,290
store to the bank I you know that's a

791
00:39:02,640 --> 00:38:59,830
good question

792
00:39:04,890 --> 00:39:02,650
no but I'm assuming they have armored

793
00:39:07,110 --> 00:39:04,900
cars but like I said many of them can't

794
00:39:08,970 --> 00:39:07,120
get baked accounts so they have to you

795
00:39:10,470 --> 00:39:08,980
know figure out where to deposit that

796
00:39:13,380 --> 00:39:10,480
cash or where to put it

797
00:39:15,510 --> 00:39:13,390
or how are invested somewhere and it's

798
00:39:17,160 --> 00:39:15,520
an interesting emerging problem in that

799
00:39:22,590 --> 00:39:17,170
whole industry yeah I mean how do you

800
00:39:24,150 --> 00:39:22,600
pay your taxes then right exactly okay

801
00:39:28,260 --> 00:39:24,160
all right all right this is that I'm

802
00:39:30,330 --> 00:39:28,270
gonna do it you know what everybody I

803
00:39:31,810 --> 00:39:30,340
will do them I'll do the pot store

804
00:39:34,570 --> 00:39:31,820
special as soon

805
00:39:38,080 --> 00:39:34,580
we will cover all these important topics

806
00:39:40,860 --> 00:39:38,090
but okay Wow

807
00:39:43,330 --> 00:39:40,870
just open I mean for me it was such a

808
00:39:45,430 --> 00:39:43,340
wonderful thing to go through and you

809
00:39:48,040 --> 00:39:45,440
know it's so liberating because you know

810
00:39:50,830 --> 00:39:48,050
like you were of the same age where we

811
00:39:54,640 --> 00:39:50,840
went through all of the oppression that

812
00:39:56,950 --> 00:39:54,650
you know pot smokers had you know had to

813
00:40:01,570 --> 00:39:56,960
deal with over these I mean you know

814
00:40:03,520 --> 00:40:01,580
going back to the 1930s and it was it

815
00:40:05,860 --> 00:40:03,530
was unfair and it was crazy but that

816
00:40:09,280 --> 00:40:05,870
pressure in some states now is

817
00:40:11,860 --> 00:40:09,290
completely gone completely you can walk

818
00:40:15,760 --> 00:40:11,870
from a pot store get into your car with

819
00:40:18,490 --> 00:40:15,770
a bag full of weed and not care right

820
00:40:23,830 --> 00:40:18,500
you know a cop is driving by you can

821
00:40:27,610 --> 00:40:23,840
show it to it's like dude so so anyway

822
00:40:31,300 --> 00:40:27,620
all right now I want to break down the

823
00:40:34,410 --> 00:40:31,310
show tonight in three different segments

824
00:40:37,690 --> 00:40:34,420
I want to do this first one on Bitcoin

825
00:40:40,120 --> 00:40:37,700
what it is because it was the first and

826
00:40:43,090 --> 00:40:40,130
now again I want to clear up some things

827
00:40:44,830 --> 00:40:43,100
too as you know R is in the audience

828
00:40:47,680 --> 00:40:44,840
I've been studying and talking about

829
00:40:49,300 --> 00:40:47,690
Bitcoin since the first episodes of fade

830
00:40:51,400 --> 00:40:49,310
to black I've been talking about it

831
00:40:55,210 --> 00:40:51,410
before anybody even knew what Bitcoin

832
00:40:58,050 --> 00:40:55,220
was but I want to clear up some of the

833
00:41:01,150 --> 00:40:58,060
things that are out there on Bitcoin and

834
00:41:03,610 --> 00:41:01,160
in the technology first and then we're

835
00:41:07,780 --> 00:41:03,620
gonna go to full-on crypto in the second

836
00:41:09,790 --> 00:41:07,790
segment about what crypto is and tokens

837
00:41:13,150 --> 00:41:09,800
and the other the the markets and the

838
00:41:15,040 --> 00:41:13,160
exchanges will clear up all of that myth

839
00:41:16,690 --> 00:41:15,050
because there's a lot of urban legend

840
00:41:18,940 --> 00:41:16,700
that is out there so we'll do that and

841
00:41:21,010 --> 00:41:18,950
then the third and fourth segments we'll

842
00:41:24,010 --> 00:41:21,020
take some calls but the third and fourth

843
00:41:26,800 --> 00:41:24,020
segments will be about blockchain its

844
00:41:29,830 --> 00:41:26,810
technology and its foundation for the

845
00:41:31,270 --> 00:41:29,840
future of everything ok so that's that's

846
00:41:34,330 --> 00:41:31,280
what we'll do we got to start with the

847
00:41:38,700 --> 00:41:34,340
beginning and you've been around Bitcoin

848
00:41:44,230 --> 00:41:38,710
since you know the earliest days of it

849
00:41:46,070 --> 00:41:44,240
what is Bitcoin is it a currency or is

850
00:41:48,330 --> 00:41:46,080
it an investment

851
00:41:50,250 --> 00:41:48,340
well you know it's a good question and

852
00:41:51,540 --> 00:41:50,260
I've been playing with Bitcoin for a

853
00:41:54,270 --> 00:41:51,550
number of years not since the very

854
00:41:59,750 --> 00:41:54,280
beginning bitcoin really came about

855
00:42:02,550 --> 00:41:59,760
because of a paper in 2008 by Satoshi

856
00:42:03,870 --> 00:42:02,560
Satoshi Nakamoto who is an unknown

857
00:42:06,330 --> 00:42:03,880
person will talk about that mystery

858
00:42:09,420 --> 00:42:06,340
later but it really was bringing

859
00:42:12,120 --> 00:42:09,430
together concepts that had existed in

860
00:42:13,920 --> 00:42:12,130
computer science for quite a while and

861
00:42:17,580 --> 00:42:13,930
these concepts were peer-to-peer

862
00:42:20,300 --> 00:42:17,590
computing and cryptography and then it

863
00:42:22,650 --> 00:42:20,310
introduced this new idea of a blockchain

864
00:42:25,800 --> 00:42:22,660
but you know Bitcoin was not the first

865
00:42:28,800 --> 00:42:25,810
digital currency if you go back before

866
00:42:31,140 --> 00:42:28,810
that the first digital currencies really

867
00:42:33,630 --> 00:42:31,150
were in video games so you look at

868
00:42:35,550 --> 00:42:33,640
Ultima Online for example and then later

869
00:42:36,540 --> 00:42:35,560
World of Warcraft gold and then later

870
00:42:38,580 --> 00:42:36,550
Second Life

871
00:42:40,740 --> 00:42:38,590
these were digital currencies that had

872
00:42:42,870 --> 00:42:40,750
value and people were trying to store

873
00:42:45,030 --> 00:42:42,880
them they were trying to trade them in

874
00:42:47,130 --> 00:42:45,040
fact the biggest Bitcoin exchange in the

875
00:42:49,170 --> 00:42:47,140
early years of Bitcoin it's no longer

876
00:42:52,140 --> 00:42:49,180
around now but it was called mount GOx

877
00:42:55,140 --> 00:42:52,150
and it was in Japan and not many people

878
00:42:57,990 --> 00:42:55,150
know this but Mongkok stands for Magic

879
00:42:59,790 --> 00:42:58,000
the Gathering online exchange so there

880
00:43:01,950 --> 00:42:59,800
was this kind of origin you know within

881
00:43:04,200 --> 00:43:01,960
the gaming industry with with this

882
00:43:06,780 --> 00:43:04,210
digital or virtual currency you know and

883
00:43:09,150 --> 00:43:06,790
if you know it's played a role and in a

884
00:43:11,700 --> 00:43:09,160
lot of different aspects of what you

885
00:43:14,250 --> 00:43:11,710
know bitcoin has become which nowadays

886
00:43:16,440 --> 00:43:14,260
is referred to as cryptocurrency and you

887
00:43:17,850 --> 00:43:16,450
know everyone from Steve Bannon to other

888
00:43:19,560 --> 00:43:17,860
people in the Bitcoin world were

889
00:43:23,460 --> 00:43:19,570
involved with the gaming virtual

890
00:43:25,560 --> 00:43:23,470
currency you know back in the day so we

891
00:43:28,640 --> 00:43:25,570
go to 2008 you know after the financial

892
00:43:31,290 --> 00:43:28,650
crisis where the US government issued

893
00:43:33,690 --> 00:43:31,300
trillions of new dollars to try to

894
00:43:35,790 --> 00:43:33,700
support the financial system and think

895
00:43:39,240 --> 00:43:35,800
you know many of us remember that it was

896
00:43:41,100 --> 00:43:39,250
on the verge of collapse and so the

897
00:43:42,660 --> 00:43:41,110
theory behind Bitcoin is instead of

898
00:43:46,770 --> 00:43:42,670
having a central government that can

899
00:43:49,020 --> 00:43:46,780
issue any number of pieces of paper that

900
00:43:51,660 --> 00:43:49,030
it wants to issue right since fiat

901
00:43:53,640 --> 00:43:51,670
currency which is the term used at least

902
00:43:56,940 --> 00:43:53,650
in the crypto world for regular currency

903
00:43:59,700 --> 00:43:56,950
like US dollars or British pounds so

904
00:44:02,400 --> 00:43:59,710
unlike fiat currency which can be issued

905
00:44:05,430 --> 00:44:02,410
an agency like the Federal Reserve or by

906
00:44:08,370 --> 00:44:05,440
governments in other countries Bitcoin

907
00:44:13,230 --> 00:44:08,380
was a currency that would have a fixed

908
00:44:14,760 --> 00:44:13,240
number of bitcoins ever created and you

909
00:44:17,790 --> 00:44:14,770
could trade those bitcoins and it was

910
00:44:20,670 --> 00:44:17,800
based on the idea of cryptography and

911
00:44:22,590 --> 00:44:20,680
the idea was that I would have a private

912
00:44:25,020 --> 00:44:22,600
key controlling my wallet which would

913
00:44:27,330 --> 00:44:25,030
have my Bitcoin in there and I could

914
00:44:29,400 --> 00:44:27,340
send those Bitcoin to somebody else's

915
00:44:30,930 --> 00:44:29,410
wallet using my private key so that's

916
00:44:32,730 --> 00:44:30,940
where the cryptography comes in and

917
00:44:35,040 --> 00:44:32,740
we'll talk a little bit more about you

918
00:44:38,040 --> 00:44:35,050
know how that works down the road but

919
00:44:40,460 --> 00:44:38,050
you know the major innovation that from

920
00:44:43,920 --> 00:44:40,470
a technical perspective with Bitcoin was

921
00:44:47,780 --> 00:44:43,930
the blockchain and the idea of the

922
00:44:51,240 --> 00:44:47,790
blockchain was that it was a open ledger

923
00:44:53,070 --> 00:44:51,250
that everybody could see and that's what

924
00:44:55,740 --> 00:44:53,080
really makes you know Bitcoin and

925
00:44:58,620 --> 00:44:55,750
cryptocurrency unique is this underlying

926
00:45:01,440 --> 00:44:58,630
technology of blotching let me jump in

927
00:45:04,560 --> 00:45:01,450
right there when we go back to mount GOx

928
00:45:07,470 --> 00:45:04,570
and the original Kryptos that were out

929
00:45:09,990 --> 00:45:07,480
there for gaming did they have a

930
00:45:15,480 --> 00:45:10,000
blockchain or did the blockchain paper

931
00:45:17,849 --> 00:45:15,490
start with metochi and bitcoin so the

932
00:45:20,430 --> 00:45:17,859
virtual currencies did not have block

933
00:45:22,349 --> 00:45:20,440
chains they tended to be owned by a

934
00:45:24,810 --> 00:45:22,359
central company so for example world of

935
00:45:27,990 --> 00:45:24,820
warcraft is owned by it was created by

936
00:45:30,390 --> 00:45:28,000
Blizzard their server kept track of how

937
00:45:32,700 --> 00:45:30,400
many pieces of gold every user had same

938
00:45:35,400 --> 00:45:32,710
thing with second life Linden Labs so it

939
00:45:36,630 --> 00:45:35,410
was a centralized system and that's why

940
00:45:38,820 --> 00:45:36,640
we kind of call it a virtual currency

941
00:45:42,240 --> 00:45:38,830
now the difference with Bitcoin is that

942
00:45:44,480 --> 00:45:42,250
there was no central service server that

943
00:45:46,349 --> 00:45:44,490
could tell you exactly who had what

944
00:45:47,760 --> 00:45:46,359
there was this thing called the

945
00:45:50,310 --> 00:45:47,770
blockchain which you can think of as a

946
00:45:52,050 --> 00:45:50,320
very big file right if you think about

947
00:45:54,450 --> 00:45:52,060
it it has every single Bitcoin ever

948
00:45:56,460 --> 00:45:54,460
recorded and every transaction that was

949
00:45:59,609 --> 00:45:56,470
ever sent now people say you know

950
00:46:01,890 --> 00:45:59,619
bitcoin is anonymous and to a certain

951
00:46:04,950 --> 00:46:01,900
extent that's true it is anonymous but

952
00:46:07,859 --> 00:46:04,960
it's not secret in the sense that with

953
00:46:09,930 --> 00:46:07,869
cash you know you could give some cash

954
00:46:11,760 --> 00:46:09,940
to the pot dealer right and no one would

955
00:46:12,440 --> 00:46:11,770
know that that cash went from you to

956
00:46:14,930 --> 00:46:12,450
there

957
00:46:16,970 --> 00:46:14,940
with Bitcoin you know that it went from

958
00:46:18,829 --> 00:46:16,980
this address to that address now you

959
00:46:22,220 --> 00:46:18,839
don't know who owns those addresses so

960
00:46:24,589 --> 00:46:22,230
there is a level of anonymity there but

961
00:46:27,550 --> 00:46:24,599
you do know that the that the Bitcoin

962
00:46:33,140 --> 00:46:27,560
went from one person's wallet to another

963
00:46:36,130 --> 00:46:33,150
now and and so with Satoshi Nakamoto the

964
00:46:38,260 --> 00:46:36,140
concept of the blockchain started there

965
00:46:40,700 --> 00:46:38,270
pretty much I mean there had been

966
00:46:42,890 --> 00:46:40,710
previous attempts at this I mean that's

967
00:46:44,630 --> 00:46:42,900
really what popularized the idea I mean

968
00:46:47,329 --> 00:46:44,640
there was a thing called digital gold in

969
00:46:48,770 --> 00:46:47,339
the 90s which was also based a little

970
00:46:51,829 --> 00:46:48,780
bit on cryptography and then there's

971
00:46:54,079 --> 00:46:51,839
this idea of replication which has been

972
00:46:55,880 --> 00:46:54,089
around forever so the idea with the

973
00:46:58,819 --> 00:46:55,890
blockchain and with you have multiple

974
00:47:01,460 --> 00:46:58,829
computers each of which have a copy of

975
00:47:04,370 --> 00:47:01,470
the blockchain therefore they all have

976
00:47:06,319 --> 00:47:04,380
to agree when something happens that's

977
00:47:08,990 --> 00:47:06,329
something being you know Bitcoin goes

978
00:47:10,790 --> 00:47:09,000
from address 80 to address B and so when

979
00:47:12,470 --> 00:47:10,800
they agree to that they assemble all

980
00:47:14,120 --> 00:47:12,480
those transactions in something called a

981
00:47:15,890 --> 00:47:14,130
block which is just a collection of a

982
00:47:18,109 --> 00:47:15,900
bunch of transactions and that gets

983
00:47:20,390 --> 00:47:18,119
added to the blockchain and everyone has

984
00:47:22,490 --> 00:47:20,400
a copy now that idea goes back to the

985
00:47:24,020 --> 00:47:22,500
60s so if you look at the internet and

986
00:47:26,540 --> 00:47:24,030
how the internet works there's these

987
00:47:28,069 --> 00:47:26,550
things called DNS which many of you have

988
00:47:30,800 --> 00:47:28,079
heard of which are domain name servers

989
00:47:34,910 --> 00:47:30,810
which basically is a replicated database

990
00:47:37,760 --> 00:47:34,920
right it has it says that if I type WWE

991
00:47:40,130 --> 00:47:37,770
search radio.com right what is the IP

992
00:47:42,710 --> 00:47:40,140
address that I need to go to to resolve

993
00:47:44,390 --> 00:47:42,720
that domain name to a specific IP

994
00:47:45,620 --> 00:47:44,400
address so that we can get to the server

995
00:47:48,260 --> 00:47:45,630
for a fade to black

996
00:47:50,540 --> 00:47:48,270
so that was built with the Department of

997
00:47:53,089 --> 00:47:50,550
Defense in such a way that if there was

998
00:47:55,640 --> 00:47:53,099
a war and certain servers went down

999
00:47:57,770 --> 00:47:55,650
these DNS servers would be replicated

1000
00:47:59,660 --> 00:47:57,780
everywhere so the internet wouldn't go

1001
00:48:01,520 --> 00:47:59,670
down right so the idea has been out

1002
00:48:03,700 --> 00:48:01,530
there but with Bitcoin it was brought

1003
00:48:07,550 --> 00:48:03,710
together in kind of this unique way of

1004
00:48:10,370 --> 00:48:07,560
storing transactions and it brought in

1005
00:48:12,890 --> 00:48:10,380
this idea of cryptography using what's

1006
00:48:14,660 --> 00:48:12,900
called a hash function and the hash

1007
00:48:17,750 --> 00:48:14,670
function takes one string and turns it

1008
00:48:19,609 --> 00:48:17,760
into another and it's very difficult to

1009
00:48:22,640 --> 00:48:19,619
figure out what the original string was

1010
00:48:24,230 --> 00:48:22,650
it's computationally intensive but but

1011
00:48:25,730 --> 00:48:24,240
so that's the real innovation with

1012
00:48:29,210 --> 00:48:25,740
Bitcoin was the combination

1013
00:48:31,760 --> 00:48:29,220
of a peer-to-peer system cryptographic

1014
00:48:34,940 --> 00:48:31,770
hash functions for public and private

1015
00:48:35,720 --> 00:48:34,950
keys and this idea of a blockchain now

1016
00:48:37,880 --> 00:48:35,730
if you're going to have all these

1017
00:48:39,260 --> 00:48:37,890
servers out there and they all have to

1018
00:48:41,810 --> 00:48:39,270
do this work of keeping track of

1019
00:48:43,910 --> 00:48:41,820
everybody's transactions well it's a lot

1020
00:48:47,570 --> 00:48:43,920
of work so he had to come up with some

1021
00:48:50,720 --> 00:48:47,580
incentive for people to do this and the

1022
00:48:52,820 --> 00:48:50,730
incentives was mining initially

1023
00:48:55,040 --> 00:48:52,830
eventually it's gonna be transaction

1024
00:48:57,380 --> 00:48:55,050
fees but it has been blocked Bitcoin

1025
00:48:58,730 --> 00:48:57,390
mining and so what is Bitcoin mining

1026
00:49:00,589 --> 00:48:58,740
right so you think of mining you think

1027
00:49:03,349 --> 00:49:00,599
of gold going into the you know South

1028
00:49:05,000 --> 00:49:03,359
Africa someplace into the mountains and

1029
00:49:08,150 --> 00:49:05,010
you find some gold and you pull it out

1030
00:49:09,950 --> 00:49:08,160
well mining in the crypto world is more

1031
00:49:13,390 --> 00:49:09,960
about trying to solve some cryptographic

1032
00:49:16,849 --> 00:49:13,400
puzzle where we don't know the answer

1033
00:49:20,270 --> 00:49:16,859
and so like I might say to you you know

1034
00:49:22,849 --> 00:49:20,280
here's a string called X Y Z and for me

1035
00:49:25,550 --> 00:49:22,859
to figure out what that hashes to you

1036
00:49:27,230 --> 00:49:25,560
know I have to basically go through that

1037
00:49:30,740 --> 00:49:27,240
process and it might hatch to a number

1038
00:49:32,420 --> 00:49:30,750
like 1,200 and the way a Bitcoin mining

1039
00:49:35,120 --> 00:49:32,430
works is you have to keep trying random

1040
00:49:36,530 --> 00:49:35,130
numbers you know until you can solve the

1041
00:49:38,839 --> 00:49:36,540
puzzle and so you don't know who's gonna

1042
00:49:40,760 --> 00:49:38,849
solve the puzzle but you have to do a

1043
00:49:43,370 --> 00:49:40,770
lot of work that's why many of you may

1044
00:49:44,960 --> 00:49:43,380
have heard the term proof of work so

1045
00:49:48,020 --> 00:49:44,970
it's based on this idea the more work

1046
00:49:51,290 --> 00:49:48,030
you do the more likely you will get the

1047
00:49:52,550 --> 00:49:51,300
block reward which is what you're which

1048
00:49:54,290 --> 00:49:52,560
is what mining is so that's how new

1049
00:49:56,810 --> 00:49:54,300
Bitcoin gets created it gets created

1050
00:50:01,630 --> 00:49:56,820
five miners around the world so that's

1051
00:50:04,910 --> 00:50:01,640
kind of a background of how it works now

1052
00:50:07,160 --> 00:50:04,920
the original thank you for that and that

1053
00:50:10,970 --> 00:50:07,170
clears up a lot about the history and

1054
00:50:14,300 --> 00:50:10,980
but the second part of my question was

1055
00:50:18,590 --> 00:50:14,310
is it a currency or is it an investment

1056
00:50:20,510 --> 00:50:18,600
did it set out as a currency and has it

1057
00:50:23,450 --> 00:50:20,520
turned into an investment is it a

1058
00:50:25,550 --> 00:50:23,460
combination of both what is it

1059
00:50:27,710 --> 00:50:25,560
well well that's a good question you

1060
00:50:30,650 --> 00:50:27,720
know because in some ways it is a

1061
00:50:32,660 --> 00:50:30,660
combination of both but it's also

1062
00:50:35,060 --> 00:50:32,670
something new right that we haven't

1063
00:50:37,640 --> 00:50:35,070
quite had before if you look at the role

1064
00:50:40,790 --> 00:50:37,650
of money traditionally you know what

1065
00:50:43,730 --> 00:50:40,800
what is money you used to be on the gold

1066
00:50:45,530 --> 00:50:43,740
standard and it used to be a chip that

1067
00:50:47,240 --> 00:50:45,540
you could go to the government or to the

1068
00:50:50,000 --> 00:50:47,250
bank and say okay this is how much gold

1069
00:50:53,120 --> 00:50:50,010
I have give it to me right so that was a

1070
00:50:55,100 --> 00:50:53,130
store of value is what it was originally

1071
00:50:58,280 --> 00:50:55,110
meant to be and then money was also a

1072
00:51:00,650 --> 00:50:58,290
way to exchange goods and services so

1073
00:51:04,010 --> 00:51:00,660
right instead of me bartering with you

1074
00:51:05,570 --> 00:51:04,020
to sell you a book for some pot right I

1075
00:51:07,880 --> 00:51:05,580
would give you a certain amount of

1076
00:51:09,830 --> 00:51:07,890
dollars and that would you know that

1077
00:51:10,850 --> 00:51:09,840
would be the transaction so I think when

1078
00:51:12,800 --> 00:51:10,860
it started out the idea was that

1079
00:51:15,560 --> 00:51:12,810
cryptocurrency could be both a means of

1080
00:51:17,480 --> 00:51:15,570
exchange as well as a store of value now

1081
00:51:19,760 --> 00:51:17,490
what's happened over time is that

1082
00:51:22,970 --> 00:51:19,770
Bitcoin has become more of an investment

1083
00:51:25,220 --> 00:51:22,980
and store of value and a way to transfer

1084
00:51:28,070 --> 00:51:25,230
money electronically from any point in

1085
00:51:30,470 --> 00:51:28,080
the world to anywhere else the second

1086
00:51:33,350 --> 00:51:30,480
use of it which was for this doing

1087
00:51:37,460 --> 00:51:33,360
transactions started off as a pretty

1088
00:51:39,470 --> 00:51:37,470
good you know use case but it's become

1089
00:51:41,390 --> 00:51:39,480
less and less practical because the

1090
00:51:45,020 --> 00:51:41,400
transaction fees have become pretty high

1091
00:51:46,610 --> 00:51:45,030
over time and so it costs a lot and you

1092
00:51:48,500 --> 00:51:46,620
have to wait 10 minutes or so till the

1093
00:51:50,630 --> 00:51:48,510
next block is mined before the

1094
00:51:52,190 --> 00:51:50,640
transaction is confirmed so that's why

1095
00:51:54,590 --> 00:51:52,200
you don't necessarily see a lot of

1096
00:51:56,390 --> 00:51:54,600
websites that say pay with Bitcoin but

1097
00:51:59,120 --> 00:51:56,400
if you're in China so for example the

1098
00:52:01,460 --> 00:51:59,130
Chinese government has restrictions that

1099
00:52:04,070 --> 00:52:01,470
says you can only move you know fifty

1100
00:52:06,200 --> 00:52:04,080
thousand dollars at a time out of China

1101
00:52:07,490 --> 00:52:06,210
and suppose you know Chinese some

1102
00:52:09,650 --> 00:52:07,500
Chinese investor ones my house in

1103
00:52:11,360 --> 00:52:09,660
California which we both know cost a lot

1104
00:52:14,240 --> 00:52:11,370
more than fifty thousand dollars these

1105
00:52:14,960 --> 00:52:14,250
days you can use you can try to go to

1106
00:52:16,520 --> 00:52:14,970
the traditional base

1107
00:52:18,080 --> 00:52:16,530
system and then you've got all this

1108
00:52:20,120 --> 00:52:18,090
paperwork and you're trying to do it you

1109
00:52:22,340 --> 00:52:20,130
know 50 K at a time and the government

1110
00:52:23,390 --> 00:52:22,350
can say nope you can't do that we we're

1111
00:52:25,510 --> 00:52:23,400
not allowing you to take your money out

1112
00:52:27,530 --> 00:52:25,520
but with Bitcoin you can just transfer

1113
00:52:28,940 --> 00:52:27,540
fifty thousand dollars worth of Bitcoin

1114
00:52:30,560 --> 00:52:28,950
or a million dollars or Bitcoin or

1115
00:52:32,810 --> 00:52:30,570
whatever amount of Bitcoin from one

1116
00:52:35,120 --> 00:52:32,820
wallet to another and it doesn't matter

1117
00:52:38,240 --> 00:52:35,130
that the owner of the second wallet is

1118
00:52:40,130 --> 00:52:38,250
in the US or in Europe and the owner of

1119
00:52:43,850 --> 00:52:40,140
the first wallet was in China so it's

1120
00:52:46,010 --> 00:52:43,860
become both an investment as well as a

1121
00:52:49,460 --> 00:52:46,020
way to transfer money around the world

1122
00:52:52,010 --> 00:52:49,470
getting around the fees of the banking

1123
00:52:54,020 --> 00:52:52,020
system and all of the complications you

1124
00:52:57,790 --> 00:52:54,030
know that might come up we did in the

1125
00:53:01,850 --> 00:52:57,800
banking system now that can can

1126
00:53:05,620 --> 00:53:01,860
different governments monitor that flow

1127
00:53:09,020 --> 00:53:05,630
of money transfers in other words if

1128
00:53:11,270 --> 00:53:09,030
North Korea can North Korea move Bitcoin

1129
00:53:15,170 --> 00:53:11,280
around and nobody knows where it it's

1130
00:53:19,130 --> 00:53:15,180
going to or comes from well so anybody

1131
00:53:22,130 --> 00:53:19,140
can move Bitcoin around from anywhere to

1132
00:53:24,680 --> 00:53:22,140
anywhere else there is however a

1133
00:53:27,470 --> 00:53:24,690
transaction that's generated that says

1134
00:53:31,490 --> 00:53:27,480
it went from wallet address a to wallet

1135
00:53:33,620 --> 00:53:31,500
address B now there's no way to know who

1136
00:53:35,180 --> 00:53:33,630
owns wallet a and who owns wallet B so

1137
00:53:36,920 --> 00:53:35,190
that's where the anonymity comes in

1138
00:53:38,450 --> 00:53:36,930
right now there there are you know

1139
00:53:40,580 --> 00:53:38,460
people who say that the NSA is tracking

1140
00:53:42,530 --> 00:53:40,590
this so they kind of know who owns what

1141
00:53:44,240 --> 00:53:42,540
wallets that's why if you use a service

1142
00:53:46,910 --> 00:53:44,250
like coinbase which is one of the more

1143
00:53:48,800 --> 00:53:46,920
popular websites in the US where you can

1144
00:53:50,540 --> 00:53:48,810
buy Bitcoin you know they work with the

1145
00:53:54,170 --> 00:53:50,550
IRS and so the governments are trying to

1146
00:53:56,240 --> 00:53:54,180
work with the exchanges to try to have

1147
00:53:57,560 --> 00:53:56,250
some control over Bitcoin you know the

1148
00:54:00,440 --> 00:53:57,570
Chinese government at one point banned

1149
00:54:02,330 --> 00:54:00,450
exchanges and it caused the price of

1150
00:54:04,250 --> 00:54:02,340
Bitcoin to drop and then later they kind

1151
00:54:06,500 --> 00:54:04,260
of softened it there's been a lot of

1152
00:54:09,350 --> 00:54:06,510
demand in Asia you know in particular

1153
00:54:12,410 --> 00:54:09,360
now sometimes you know the practical

1154
00:54:15,200 --> 00:54:12,420
uses of Bitcoin can be even more useful

1155
00:54:16,910 --> 00:54:15,210
outside a developed country you know

1156
00:54:21,260 --> 00:54:16,920
like in South America where they've had

1157
00:54:23,750 --> 00:54:21,270
you know lots of currency fluctuations

1158
00:54:25,130 --> 00:54:23,760
right and you know one of the companies

1159
00:54:26,390 --> 00:54:25,140
that I'm an investor in you mentioned

1160
00:54:28,010 --> 00:54:26,400
it's called ripio you know they

1161
00:54:30,430 --> 00:54:28,020
originally started to

1162
00:54:33,980 --> 00:54:30,440
American tourists pay for like a hotel

1163
00:54:35,570 --> 00:54:33,990
using Bitcoin and because the hotel

1164
00:54:37,130 --> 00:54:35,580
owners in that part of South America

1165
00:54:38,540 --> 00:54:37,140
would rather have Bitcoin it was more

1166
00:54:39,079 --> 00:54:38,550
stable than their own currencies right

1167
00:54:40,490 --> 00:54:39,089
right

1168
00:54:42,500 --> 00:54:40,500
so where you don't have a stable

1169
00:54:44,329 --> 00:54:42,510
currency something like a cryptocurrency

1170
00:54:45,980 --> 00:54:44,339
can be quite useful as a means of

1171
00:54:48,770 --> 00:54:45,990
exchange as well even though it's

1172
00:54:51,109 --> 00:54:48,780
volatile you know it's not necessarily

1173
00:54:54,380 --> 00:54:51,119
this volatile of some currencies in some

1174
00:54:56,150 --> 00:54:54,390
places is there okay we're gonna head

1175
00:54:58,160 --> 00:54:56,160
towards a break here in a second Wolff

1176
00:55:03,200 --> 00:54:58,170
you know pick up where we were leaving

1177
00:55:06,410 --> 00:55:03,210
off now but there Bitcoin is the

1178
00:55:13,880 --> 00:55:06,420
preferred currency of drug dealers

1179
00:55:15,620 --> 00:55:13,890
murderers and sex traffickers right is

1180
00:55:18,320 --> 00:55:15,630
the preferred currency because it's

1181
00:55:19,609 --> 00:55:18,330
completely untraceable oh well but okay

1182
00:55:22,520 --> 00:55:19,619
but if you're on the if you're on the

1183
00:55:25,190 --> 00:55:22,530
dark what okay look if we all know about

1184
00:55:29,720 --> 00:55:25,200
Silk Road and and what went down there

1185
00:55:32,270 --> 00:55:29,730
yeah and so when you have that kind of

1186
00:55:34,550 --> 00:55:32,280
reputation tied to something like that

1187
00:55:37,760 --> 00:55:34,560
and the other stuff that goes on in the

1188
00:55:41,060 --> 00:55:37,770
dark web there may be some cash that

1189
00:55:43,099 --> 00:55:41,070
exchanges hands there of course I doubt

1190
00:55:45,050 --> 00:55:43,109
that there's credit card you know I

1191
00:55:46,760 --> 00:55:45,060
don't know I don't surf the dark web for

1192
00:55:48,560 --> 00:55:46,770
this kind of stuff yeah probably not

1193
00:55:53,480 --> 00:55:48,570
credit cards because credit cards can be

1194
00:55:57,710 --> 00:55:53,490
refunded right and you can't do that

1195
00:55:59,990 --> 00:55:57,720
with Bitcoin certainly and so now and

1196
00:56:03,010 --> 00:56:00,000
then the trend started I mean the the

1197
00:56:05,660 --> 00:56:03,020
trend which continues to this day is

1198
00:56:07,670 --> 00:56:05,670
stealing Bitcoin right that was the

1199
00:56:08,980 --> 00:56:07,680
thing and the dark web forever would

1200
00:56:11,570 --> 00:56:08,990
start you know start a website

1201
00:56:14,990 --> 00:56:11,580
everything that goes in the holding been

1202
00:56:17,210 --> 00:56:15,000
right that is in escrow and suddenly

1203
00:56:19,160 --> 00:56:17,220
everybody's bitcoins have disappeared

1204
00:56:20,839 --> 00:56:19,170
and the website is closed down well you

1205
00:56:22,280 --> 00:56:20,849
know what you give a criminal a reason

1206
00:56:25,940 --> 00:56:22,290
to do something they're gonna figure out

1207
00:56:28,720 --> 00:56:25,950
a way to steal your stuff and so now we

1208
00:56:32,410 --> 00:56:28,730
have Bitcoin the you know the preferred

1209
00:56:35,810 --> 00:56:32,420
the preferred cash of criminal activity

1210
00:56:39,260 --> 00:56:35,820
how do you get rid of that stigma or is

1211
00:56:41,260 --> 00:56:39,270
it always gonna be there well I think

1212
00:56:45,760 --> 00:56:41,270
you know

1213
00:56:47,620 --> 00:56:45,770
always this danger of somebody stealing

1214
00:56:49,510 --> 00:56:47,630
your Bitcoin because it's it's an

1215
00:56:51,760 --> 00:56:49,520
electronic thing so if somebody can find

1216
00:56:53,230 --> 00:56:51,770
a way to get your private key right

1217
00:56:54,820 --> 00:56:53,240
that's why a lot of people are storing

1218
00:56:59,260 --> 00:56:54,830
their private keys off of the computer

1219
00:57:00,940 --> 00:56:59,270
in USB or physical printouts so that

1220
00:57:02,290 --> 00:57:00,950
there's no way for somebody to steal

1221
00:57:06,240 --> 00:57:02,300
them if they're not on your computer but

1222
00:57:08,770 --> 00:57:06,250
that's generally a problem you know with

1223
00:57:10,090 --> 00:57:08,780
electronic tracking of money or cash you

1224
00:57:11,890 --> 00:57:10,100
know I go to Bank of America and they

1225
00:57:14,440 --> 00:57:11,900
always say to me hey you know we have

1226
00:57:17,080 --> 00:57:14,450
people who've basically were you know

1227
00:57:19,030 --> 00:57:17,090
robbed of their X dollars out of their

1228
00:57:20,740 --> 00:57:19,040
bank account so that's happening even in

1229
00:57:22,600 --> 00:57:20,750
the traditional system as well - your

1230
00:57:25,000 --> 00:57:22,610
second point you know

1231
00:57:26,830 --> 00:57:25,010
yes Bitcoin I think has been used for

1232
00:57:28,960 --> 00:57:26,840
all kinds of purposes including many

1233
00:57:30,130 --> 00:57:28,970
nefarious purposes and you know a few

1234
00:57:32,770 --> 00:57:30,140
years ago it might have even been used

1235
00:57:34,630 --> 00:57:32,780
to buy pot for example all right but you

1236
00:57:37,090 --> 00:57:34,640
can look at you know kind of the VHS

1237
00:57:38,980 --> 00:57:37,100
tape right as a technology that came out

1238
00:57:40,930 --> 00:57:38,990
and it was mostly used for porn

1239
00:57:42,580 --> 00:57:40,940
initially but eventually it became used

1240
00:57:45,100 --> 00:57:42,590
for regular movies and then eventually

1241
00:57:48,190 --> 00:57:45,110
more and more people you know had VCRs

1242
00:57:50,740 --> 00:57:48,200
and so as this idea of cryptocurrency

1243
00:57:52,120 --> 00:57:50,750
grows you know there may be different

1244
00:57:54,340 --> 00:57:52,130
Kryptos that are used for different

1245
00:57:56,590 --> 00:57:54,350
things but the percentage that's used

1246
00:57:59,080 --> 00:57:56,600
for for these kind of purposes you know

1247
00:58:00,690 --> 00:57:59,090
goes down compared to what other people

1248
00:58:02,860 --> 00:58:00,700
are using it for and I would say today

1249
00:58:05,020 --> 00:58:02,870
you know Silk Road that whole thing

1250
00:58:07,810 --> 00:58:05,030
happened a few years ago right when they

1251
00:58:09,910 --> 00:58:07,820
shut that down today you know the amount

1252
00:58:12,190 --> 00:58:09,920
of Bitcoin that's traded and the

1253
00:58:15,090 --> 00:58:12,200
valuation is probably 10 times what it

1254
00:58:18,130 --> 00:58:15,100
was back then which means most likely

1255
00:58:19,420 --> 00:58:18,140
whatever percentage of the total amount

1256
00:58:20,770 --> 00:58:19,430
of Bitcoin being traded was being

1257
00:58:22,300 --> 00:58:20,780
instruments various purposes is probably

1258
00:58:24,370 --> 00:58:22,310
gone way down even if it's the same

1259
00:58:27,370 --> 00:58:24,380
dollar amount right and so I think as

1260
00:58:29,890 --> 00:58:27,380
any technology makes its way into the

1261
00:58:31,570 --> 00:58:29,900
mainstream usually you know people will

1262
00:58:34,000 --> 00:58:31,580
find their various purposes initially

1263
00:58:35,350 --> 00:58:34,010
for it but eventually he has more and

1264
00:58:36,940 --> 00:58:35,360
more people use it that becomes a

1265
00:58:37,810 --> 00:58:36,950
smaller and smaller percentage of the

1266
00:58:40,540 --> 00:58:37,820
people they use it and I think

1267
00:58:43,360 --> 00:58:40,550
cryptocurrency you know is no different

1268
00:58:45,340 --> 00:58:43,370
ok so we'll pick it we'll pick this up

1269
00:58:47,560 --> 00:58:45,350
right where we're leaving off right now

1270
00:58:50,620 --> 00:58:47,570
our guess iris Burke we're doing it all

1271
00:58:51,460 --> 00:58:50,630
tonight Bitcoin crypto blockchain the

1272
00:58:54,040 --> 00:58:51,470
future

1273
00:58:56,260 --> 00:58:54,050
all questions answered this is fade to

1274
00:58:58,900 --> 00:58:56,270
black our guest Riz Burt on the

1275
00:59:01,690 --> 00:58:58,910
game-changer network in kg RA the planet

1276
00:59:17,060 --> 00:59:01,700
we'll be right back stay with us

1277
00:59:24,990 --> 00:59:17,070
[Music]

1278
00:59:28,990 --> 00:59:26,860
this is fade to black

1279
00:59:32,680 --> 00:59:29,000
with Jimmy Church on the game changer

1280
00:59:34,470 --> 00:59:32,690
radio network and K GRA the global radio

1281
00:59:37,780 --> 00:59:34,480
alliance

1282
00:59:41,110 --> 00:59:37,790
this is kera digital broadcasting

1283
00:59:44,800 --> 00:59:41,120
station Salt Lake City Utah Van Buren

1284
00:59:46,930 --> 00:59:44,810
Arkansas hello fader Knotts

1285
00:59:50,590 --> 00:59:46,940
this is Jimmy Church and I'm introducing

1286
00:59:54,070 --> 00:59:50,600
new Pharma a company whose products are

1287
00:59:58,150 --> 00:59:54,080
based on science human function based on

1288
01:00:00,940 --> 00:59:58,160
the endocannabinoid system or ECS new

1289
01:00:02,980 --> 01:00:00,950
pharma firmly believes in this science

1290
01:00:05,560 --> 01:00:02,990
and their research indicates that

1291
01:00:07,660 --> 01:00:05,570
support of the EECS provides the

1292
01:00:10,980 --> 01:00:07,670
beneficial effects for a healthy

1293
01:00:13,570 --> 01:00:10,990
lifestyle new Pharma's science includes

1294
01:00:16,750 --> 01:00:13,580
relief capsules for pain relief

1295
01:00:19,840 --> 01:00:16,760
sleep capsules which are natural support

1296
01:00:23,290 --> 01:00:19,850
for occasional sleeplessness Foundation

1297
01:00:26,350 --> 01:00:23,300
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1298
01:00:28,000 --> 01:00:26,360
support your active lifestyle just click

1299
01:00:31,690 --> 01:00:28,010
on the banner at Jimmy Church radio.com

1300
01:00:33,640 --> 01:00:31,700
and use the promo code f2b for a 33

1301
01:00:37,000 --> 01:00:33,650
percent discount on all of their

1302
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products or visit new pharma comm for

1303
01:00:51,780 --> 01:00:38,870
all of the knowledge on the science

1304
01:00:56,290 --> 01:00:54,430
hi this is race Hobbs here repping the

1305
01:00:59,290 --> 01:00:56,300
planet and you're listening to my good

1306
01:01:01,840 --> 01:00:59,300
friend Jimmy Church fade to black

1307
01:01:06,430 --> 01:01:01,850
on the game changer network and the kgr

1308
01:01:08,560 --> 01:01:06,440
a digital broadcast station this is Toby

1309
01:01:29,790 --> 01:01:08,570
Kebbell you're listening to Jimmy Church

1310
01:01:37,300 --> 01:01:33,700
ancient life oil life changing the real

1311
01:01:39,580 --> 01:01:37,310
oil CBD is truly ancient life oil from

1312
01:01:42,460 --> 01:01:39,590
the source this oil has no psychoactive

1313
01:01:45,100 --> 01:01:42,470
effect and is also legal in all 50

1314
01:01:47,440 --> 01:01:45,110
states when you're healthy you're happy

1315
01:01:49,690 --> 01:01:47,450
the truth about this wonderful plant is

1316
01:01:53,050 --> 01:01:49,700
that it wants to give back to mankind

1317
01:01:56,170 --> 01:01:53,060
life longevity and happiness ancient

1318
01:01:58,230 --> 01:01:56,180
life oil are golden gray all organic

1319
01:02:01,330 --> 01:01:58,240
non-gmo and infused with high-quality

1320
01:02:04,780 --> 01:02:01,340
liquid coconut oil it's simple just go

1321
01:02:08,730 --> 01:02:04,790
to ancient life oil calm today that's

1322
01:02:12,870 --> 01:02:08,740
ancient life oil calm the best purest

1323
01:02:15,460 --> 01:02:12,880
organic and non-gmo CBD in the world

1324
01:02:16,630 --> 01:02:15,470
gobekli tepe the statements made

1325
01:02:17,620 --> 01:02:16,640
regarding these products have not been

1326
01:02:18,820 --> 01:02:17,630
evaluated by the Food and Drug

1327
01:02:20,200 --> 01:02:18,830
Administration these products are not

1328
01:02:21,970 --> 01:02:20,210
intended to diagnose treat cure or

1329
01:02:23,350 --> 01:02:21,980
prevent any disease please consult your

1330
01:02:24,490 --> 01:02:23,360
health care professional about potential

1331
01:02:26,590 --> 01:02:24,500
interactions or other possible

1332
01:02:28,750 --> 01:02:26,600
complications before using any product

1333
01:02:30,460 --> 01:02:28,760
this is my tanks of the grey lien report

1334
01:02:32,560 --> 01:02:30,470
and you're listening to jimmy church on

1335
01:02:34,630 --> 01:02:32,570
fade to black across the globe on the

1336
01:02:37,630 --> 01:02:34,640
game-changer radio network and the one

1337
01:02:53,030 --> 01:02:37,640
and only kgr a radio the planet

1338
01:02:59,690 --> 01:02:57,230
[Music]

1339
01:03:02,990 --> 01:02:59,700
all right welcome back fade to black I

1340
01:03:06,170 --> 01:03:03,000
hope I'm your host Jim George almost

1341
01:03:08,060 --> 01:03:06,180
said our host is rizz bird he would

1342
01:03:10,490 --> 01:03:08,070
probably do much better than me actually

1343
01:03:13,880 --> 01:03:10,500
we should turn this around Rizal ask the

1344
01:03:15,770 --> 01:03:13,890
questions about Bitcoin for me it's a

1345
01:03:18,140 --> 01:03:15,780
scary thought isn't it our guest tonight

1346
01:03:23,120 --> 01:03:18,150
was for her that would be a Larry as

1347
01:03:25,040 --> 01:03:23,130
right wrist oh no we can you don't want

1348
01:03:29,030 --> 01:03:25,050
to hear my answers but let me ask you

1349
01:03:31,490 --> 01:03:29,040
this let me ask you this when we're

1350
01:03:33,770 --> 01:03:31,500
gonna shoot the gears over to crypto

1351
01:03:35,990 --> 01:03:33,780
which includes Bitcoin right a square

1352
01:03:40,580 --> 01:03:36,000
can be a rectangle kind of thing so

1353
01:03:44,600 --> 01:03:40,590
we'll jump into this but a couple of

1354
01:03:47,540 --> 01:03:44,610
weeks ago the news broke about one of

1355
01:03:51,290 --> 01:03:47,550
the exchanges in South Korea got hit for

1356
01:03:55,880 --> 01:03:51,300
500 million dollars worth of Bitcoin and

1357
01:04:00,200 --> 01:03:55,890
that the alleged theft the perps was

1358
01:04:02,540 --> 01:04:00,210
North Korea now and I right now I keep

1359
01:04:05,030 --> 01:04:02,550
coin desk open I'm always looking at the

1360
01:04:07,820 --> 01:04:05,040
markets 24 hours a day in the last 45

1361
01:04:09,560 --> 01:04:07,830
minutes bitcoin is tanked by the way so

1362
01:04:13,820 --> 01:04:09,570
they're probably listening to this show

1363
01:04:17,810 --> 01:04:13,830
and so it's it's dropped let me look

1364
01:04:18,860 --> 01:04:17,820
here it's dropped about 300 bucks in in

1365
01:04:21,230 --> 01:04:18,870
45 minutes

1366
01:04:23,660 --> 01:04:21,240
right for Bitcoin that's not considered

1367
01:04:26,240 --> 01:04:23,670
a very big drop no but you should see

1368
01:04:27,500 --> 01:04:26,250
the drop though the major drop happened

1369
01:04:31,580 --> 01:04:27,510
in one minute

1370
01:04:33,830 --> 01:04:31,590
right just boom so anyway when with this

1371
01:04:35,990 --> 01:04:33,840
500 million dollar theft happened I

1372
01:04:38,150 --> 01:04:36,000
immediately went over to the market and

1373
01:04:41,240 --> 01:04:38,160
I'm watching this and I know what's

1374
01:04:43,670 --> 01:04:41,250
going on whoever stole these bitcoins is

1375
01:04:47,210 --> 01:04:43,680
now flooding the markets and selling and

1376
01:04:50,900 --> 01:04:47,220
turning it into cash now so as an

1377
01:04:53,270 --> 01:04:50,910
investor and if I'm running in exchange

1378
01:04:54,860 --> 01:04:53,280
and I'm talking people do you know come

1379
01:04:57,200 --> 01:04:54,870
in and invest in Bitcoin what am I

1380
01:04:58,970 --> 01:04:57,210
saying to them come on you know the

1381
01:05:02,980 --> 01:04:58,980
preferred currency of money laundering

1382
01:05:05,210 --> 01:05:02,990
in North Korea you you know help support

1383
01:05:08,660 --> 01:05:05,220
you know what is the coin cuz that's

1384
01:05:11,560 --> 01:05:08,670
essentially what is going on at least in

1385
01:05:14,980 --> 01:05:11,570
the public's eye right so

1386
01:05:16,630 --> 01:05:14,990
me out here I didn't do is there

1387
01:05:18,760 --> 01:05:16,640
monitoring of this when you're watching

1388
01:05:21,040 --> 01:05:18,770
these market fluctuations the

1389
01:05:24,130 --> 01:05:21,050
government's aren't involved and you can

1390
01:05:27,760 --> 01:05:24,140
see these cyclical things in the graphs

1391
01:05:30,280 --> 01:05:27,770
that are going on it drops it goes up

1392
01:05:32,500 --> 01:05:30,290
and it seems like there's profiting

1393
01:05:34,810 --> 01:05:32,510
going on and then it drops again and

1394
01:05:37,600 --> 01:05:34,820
then and it's like these three-hour

1395
01:05:40,360 --> 01:05:37,610
cycles you know it's it's an incredible

1396
01:05:43,510 --> 01:05:40,370
thing and no other stock market does

1397
01:05:45,610 --> 01:05:43,520
this so what it what is happening when

1398
01:05:48,460 --> 01:05:45,620
when you have a theft of 500 million

1399
01:05:51,700 --> 01:05:48,470
bitcoins 500 million dollars worth of

1400
01:05:53,950 --> 01:05:51,710
Bitcoin well so that was a pretty big

1401
01:05:56,860 --> 01:05:53,960
pretty big one right now and there have

1402
01:05:59,140 --> 01:05:56,870
been you know that's a Bitcoin from

1403
01:06:05,500 --> 01:05:59,150
different exchanges over the years even

1404
01:06:08,380 --> 01:06:05,510
going back to my gosh you know we're

1405
01:06:11,290 --> 01:06:08,390
talking about a total Bitcoin market cap

1406
01:06:14,370 --> 01:06:11,300
of something like 200 billion dollars

1407
01:06:17,740 --> 01:06:14,380
right so we're talking less than 1% of

1408
01:06:20,470 --> 01:06:17,750
the Bitcoin that's out there that's not

1409
01:06:22,540 --> 01:06:20,480
to say if you had your Bitcoin on that

1410
01:06:25,270 --> 01:06:22,550
exchange obviously you'd be very unhappy

1411
01:06:27,880 --> 01:06:25,280
right that it got stolen there's no

1412
01:06:30,910 --> 01:06:27,890
insurance there's no insurance right now

1413
01:06:32,800 --> 01:06:30,920
unlike fiat currency where you know at

1414
01:06:34,630 --> 01:06:32,810
least in the u.s. you've got your FDIC

1415
01:06:37,020 --> 01:06:34,640
insurance right up to a certain amount

1416
01:06:40,060 --> 01:06:37,030
of money that's said it's an immature

1417
01:06:42,490 --> 01:06:40,070
new technology and an immature new

1418
01:06:45,820 --> 01:06:42,500
currency and you know what in the first

1419
01:06:48,100 --> 01:06:45,830
10 years of the US dollar there was no

1420
01:06:51,990 --> 01:06:48,110
insurance right I mean it didn't happen

1421
01:06:54,460 --> 01:06:52,000
until the the Great Depression with FDR

1422
01:06:56,950 --> 01:06:54,470
putting in you know after so many people

1423
01:06:58,210 --> 01:06:56,960
lost their money as banks failed and so

1424
01:07:00,520 --> 01:06:58,220
you're gonna have this kind of

1425
01:07:03,310 --> 01:07:00,530
immaturity in any new system over time

1426
01:07:06,400 --> 01:07:03,320
and then as these things happen you know

1427
01:07:08,230 --> 01:07:06,410
people will learn to find ways to make

1428
01:07:11,110 --> 01:07:08,240
them more secure if you look at a credit

1429
01:07:12,490 --> 01:07:11,120
card company today or a bank and you

1430
01:07:15,700 --> 01:07:12,500
look at you know where they're spending

1431
01:07:17,020 --> 01:07:15,710
their money and most of it is an IT and

1432
01:07:20,410 --> 01:07:17,030
they're spending it on fraud detection

1433
01:07:23,290 --> 01:07:20,420
right so a bank today is primarily a

1434
01:07:24,550 --> 01:07:23,300
fraud detection computer company and

1435
01:07:25,000 --> 01:07:24,560
they're trying to figure they're trying

1436
01:07:27,310 --> 01:07:25,010
to have

1437
01:07:29,109 --> 01:07:27,320
find ways to stop people from doing same

1438
01:07:32,460 --> 01:07:29,119
thing with the credit card company right

1439
01:07:34,660 --> 01:07:32,470
and so those are relatively mature

1440
01:07:37,660 --> 01:07:34,670
versions of the financial industry

1441
01:07:39,820 --> 01:07:37,670
whereas Bitcoin is you know 10 years old

1442
01:07:42,220 --> 01:07:39,830
this year and not just BRIC going but

1443
01:07:43,930 --> 01:07:42,230
crypt crypto most crypt those are even

1444
01:07:46,720 --> 01:07:43,940
younger than that so I think there will

1445
01:07:49,510 --> 01:07:46,730
be controls and more security added over

1446
01:07:52,690 --> 01:07:49,520
time even now you know a lot of the big

1447
01:07:55,660 --> 01:07:52,700
exchanges do keep you know try to keep

1448
01:07:57,310 --> 01:07:55,670
some of their Bitcoin keys as I talked

1449
01:07:58,900 --> 01:07:57,320
about in cold storage which is off the

1450
01:08:01,420 --> 01:07:58,910
computer not on a server that can be

1451
01:08:02,500 --> 01:08:01,430
hacked now anything can be hacked as we

1452
01:08:05,290 --> 01:08:02,510
talked about earlier

1453
01:08:07,810 --> 01:08:05,300
but but I think it's it's it's just a

1454
01:08:09,820 --> 01:08:07,820
show of immaturity within this market

1455
01:08:11,500 --> 01:08:09,830
you know yeah I will say we're gonna

1456
01:08:13,120 --> 01:08:11,510
talk about a couple of different you

1457
01:08:15,400 --> 01:08:13,130
know cryptos perhaps and we're gonna

1458
01:08:17,320 --> 01:08:15,410
talk about Bitcoin and I'm gonna happily

1459
01:08:18,999 --> 01:08:17,330
offer my opinion on where I think it's

1460
01:08:20,650 --> 01:08:19,009
going because I've been involved for a

1461
01:08:22,749 --> 01:08:20,660
while but you know I don't want anyone

1462
01:08:24,460 --> 01:08:22,759
in the audience to take this as

1463
01:08:26,590 --> 01:08:24,470
investment advice everybody should do

1464
01:08:27,849 --> 01:08:26,600
their own research and they should you

1465
01:08:29,170 --> 01:08:27,859
know decide and make their own

1466
01:08:30,820 --> 01:08:29,180
investment decisions with their own

1467
01:08:33,430 --> 01:08:30,830
investment advisors about cryptocurrency

1468
01:08:35,349 --> 01:08:33,440
right there was one guy last year I

1469
01:08:36,880 --> 01:08:35,359
think was in the news who like you know

1470
01:08:38,710 --> 01:08:36,890
took a mortgage on his house and put

1471
01:08:41,140 --> 01:08:38,720
everything into Bitcoin that's not a

1472
01:08:42,880 --> 01:08:41,150
strategy that then I would recommend

1473
01:08:45,519 --> 01:08:42,890
even though he did well but it was

1474
01:08:47,769 --> 01:08:45,529
during a huge rise of price you know

1475
01:08:50,829 --> 01:08:47,779
during the course of that year now help

1476
01:08:53,170 --> 01:08:50,839
me out here by the way everybody's

1477
01:08:56,260 --> 01:08:53,180
questions that are lining up I've got

1478
01:08:57,940 --> 01:08:56,270
them all here they're being fed to me we

1479
01:09:00,910 --> 01:08:57,950
will get to all of these and they are

1480
01:09:03,220 --> 01:09:00,920
excellent excellent questions so if you

1481
01:09:05,620 --> 01:09:03,230
don't hear me get to these now I'm aware

1482
01:09:07,269 --> 01:09:05,630
and I see everything okay so what we

1483
01:09:08,769 --> 01:09:07,279
will get to everybody's questions and

1484
01:09:11,680 --> 01:09:08,779
we're gonna open up the phone lines too

1485
01:09:14,800 --> 01:09:11,690
but help me out here understanding a

1486
01:09:17,140 --> 01:09:14,810
couple of things when let's go back to

1487
01:09:19,539 --> 01:09:17,150
the market peak right I'm gonna use the

1488
01:09:21,130 --> 01:09:19,549
twenty thousand number let's just go

1489
01:09:23,050 --> 01:09:21,140
with 20k it's easy it's whatever

1490
01:09:24,550 --> 01:09:23,060
nineteen thousand six eighty five or

1491
01:09:29,610 --> 01:09:24,560
whatever but let's go with twenty

1492
01:09:35,050 --> 01:09:29,620
thousand so at its peak if I went in and

1493
01:09:37,780 --> 01:09:35,060
bought a car for five bitcoins for a

1494
01:09:38,260 --> 01:09:37,790
hundred grand right five bitcoins and I

1495
01:09:40,420 --> 01:09:38,270
was a

1496
01:09:42,519 --> 01:09:40,430
to go into a dealership and talk the

1497
01:09:46,300 --> 01:09:42,529
general manager into taking 5 bitcoins

1498
01:09:49,510 --> 01:09:46,310
I'm telling him hey - 20 grand today ok

1499
01:09:52,360 --> 01:09:49,520
and and he does the transaction and then

1500
01:09:55,120 --> 01:09:52,370
at the end of the month he goes to cash

1501
01:09:57,550 --> 01:09:55,130
in his bitcoins to put it into cash for

1502
01:10:00,730 --> 01:09:57,560
his bank account at the car dealership

1503
01:10:05,800 --> 01:10:00,740
and now he goes back three weeks later

1504
01:10:09,130 --> 01:10:05,810
and it's now trading at $12,000 right

1505
01:10:13,410 --> 01:10:09,140
did he just I want to be clear here

1506
01:10:17,410 --> 01:10:13,420
did he just lose $50,000 on that car

1507
01:10:19,300 --> 01:10:17,420
transaction or at the moment of the

1508
01:10:21,880 --> 01:10:19,310
transaction of him accepting the

1509
01:10:25,090 --> 01:10:21,890
bitcoins are they still worth $20,000

1510
01:10:26,290 --> 01:10:25,100
each well at the moment of accepting the

1511
01:10:28,510 --> 01:10:26,300
transaction they would have still been

1512
01:10:31,420 --> 01:10:28,520
worth $20,000 each so if he sold a

1513
01:10:33,760 --> 01:10:31,430
Bitcoin if he liquidated them at that

1514
01:10:35,410 --> 01:10:33,770
moment in time then he would get that

1515
01:10:37,660 --> 01:10:35,420
but you know the flipside is also true

1516
01:10:39,940 --> 01:10:37,670
go back three months before that when

1517
01:10:42,460 --> 01:10:39,950
Bitcoin was at $7,000 that's September

1518
01:10:44,860 --> 01:10:42,470
October if he had if you had convinced

1519
01:10:47,560 --> 01:10:44,870
him to accept you know let's say 10 of

1520
01:10:49,210 --> 01:10:47,570
those for a $70,000 car and he had

1521
01:10:51,100 --> 01:10:49,220
waited three months and it went up to

1522
01:10:54,160 --> 01:10:51,110
20,000 suddenly he would have made

1523
01:10:55,540 --> 01:10:54,170
200,000 I mean that's true of any you

1524
01:10:58,300 --> 01:10:55,550
know any secure now bitcoin is more

1525
01:11:01,030 --> 01:10:58,310
volatile than most traditional

1526
01:11:02,080 --> 01:11:01,040
currencies like the US dollar but you

1527
01:11:04,180 --> 01:11:02,090
know there have been times in history

1528
01:11:06,820 --> 01:11:04,190
where fiat currency which is also backed

1529
01:11:09,040 --> 01:11:06,830
only by the confidence of the people

1530
01:11:12,280 --> 01:11:09,050
that use it right I mean that's what

1531
01:11:14,620 --> 01:11:12,290
fiat currency is all about there have

1532
01:11:17,260 --> 01:11:14,630
been many instances in history where a

1533
01:11:19,480 --> 01:11:17,270
currency has devalued quickly because

1534
01:11:21,850 --> 01:11:19,490
people lost confidence in the currency

1535
01:11:24,100 --> 01:11:21,860
you know you look at Germany between the

1536
01:11:27,880 --> 01:11:24,110
wars and you look at South America in

1537
01:11:30,580 --> 01:11:27,890
the 80s so you know currency is not a

1538
01:11:34,240 --> 01:11:30,590
fixed thing and this is a new thing so

1539
01:11:37,750 --> 01:11:34,250
it's gonna take time you know for the

1540
01:11:42,220 --> 01:11:37,760
volatility to find its place but there

1541
01:11:44,770 --> 01:11:42,230
was a big crash at the end of 2017 it

1542
01:11:46,720 --> 01:11:44,780
had gone up to about 20,000 and in

1543
01:11:49,540 --> 01:11:46,730
general the price of Bitcoin went down

1544
01:11:50,870 --> 01:11:49,550
to 8,000 or even 7,000 maybe even a

1545
01:11:53,660 --> 01:11:50,880
little bit less than why I went

1546
01:11:56,210 --> 01:11:53,670
now one that one day it dipped 250 400

1547
01:11:58,520 --> 01:11:56,220
bucks there so that was the low but now

1548
01:12:00,920 --> 01:11:58,530
it's been relatively stable for the past

1549
01:12:02,750 --> 01:12:00,930
month at around 11,000 now this has

1550
01:12:04,820 --> 01:12:02,760
happened before I don't know if you

1551
01:12:06,860 --> 01:12:04,830
watch Battlestar Galactica way but I

1552
01:12:08,630 --> 01:12:06,870
would say this says all of this has

1553
01:12:12,140 --> 01:12:08,640
happened before and all of this will

1554
01:12:14,030 --> 01:12:12,150
happen again so in 2013 when I started

1555
01:12:16,310 --> 01:12:14,040
to buy Bitcoin you know it was at like a

1556
01:12:18,680 --> 01:12:16,320
hundred dollars per Bitcoin at the

1557
01:12:20,330 --> 01:12:18,690
beginning of the year and by the end of

1558
01:12:22,220 --> 01:12:20,340
the year there was a bit of a frenzy in

1559
01:12:23,600 --> 01:12:22,230
a mania and people were jumping on the

1560
01:12:25,970 --> 01:12:23,610
bandwagon at least here in Silicon

1561
01:12:28,550 --> 01:12:25,980
Valley it wasn't quite at the level of

1562
01:12:31,820 --> 01:12:28,560
mania that was last year but it went up

1563
01:12:34,310 --> 01:12:31,830
ten times and it got to like 1,300 X we

1564
01:12:36,860 --> 01:12:34,320
went up 13 times by the end of the year

1565
01:12:38,960 --> 01:12:36,870
by the end of 2013 then you had the

1566
01:12:40,670 --> 01:12:38,970
government in particular China you had

1567
01:12:41,990 --> 01:12:40,680
macaques crash you had China cracking

1568
01:12:45,100 --> 01:12:42,000
down on exchanges that you're not

1569
01:12:46,970 --> 01:12:45,110
allowed to exchange Fiat for for Bitcoin

1570
01:12:49,190 --> 01:12:46,980
because we don't want people to take

1571
01:12:51,050 --> 01:12:49,200
their money off China and it crashed and

1572
01:12:54,170 --> 01:12:51,060
it crashed all the way down to like 300

1573
01:12:55,850 --> 01:12:54,180
and then it stabilized around 500 or 600

1574
01:12:58,970 --> 01:12:55,860
and it stayed that way for a couple of

1575
01:13:01,670 --> 01:12:58,980
years and so you know if you go even

1576
01:13:04,070 --> 01:13:01,680
further back and that was a more than a

1577
01:13:06,920 --> 01:13:04,080
50 percent drop right from 1300 down to

1578
01:13:08,660 --> 01:13:06,930
like 300 right it was like a 70% drop

1579
01:13:11,930 --> 01:13:08,670
and then it stabilized for a few years

1580
01:13:13,340 --> 01:13:11,940
and then as more people started to come

1581
01:13:15,350 --> 01:13:13,350
into the market it started to go up

1582
01:13:17,240 --> 01:13:15,360
again if you go back even further than

1583
01:13:19,490 --> 01:13:17,250
that you know when it was that $100

1584
01:13:21,590 --> 01:13:19,500
people thought it was too high at one

1585
01:13:23,090 --> 01:13:21,600
point in the crash to like 50 or 20 I

1586
01:13:24,590 --> 01:13:23,100
don't remember the exact numbers because

1587
01:13:26,540 --> 01:13:24,600
it was before I was actively in that

1588
01:13:28,280 --> 01:13:26,550
market but you know going back to when

1589
01:13:29,930 --> 01:13:28,290
it was at $10 people were shocked that

1590
01:13:31,820 --> 01:13:29,940
it could go that high because it's just

1591
01:13:34,040 --> 01:13:31,830
a new piece of code right nobody really

1592
01:13:36,650 --> 01:13:34,050
understood it how could it be worth $10

1593
01:13:39,140 --> 01:13:36,660
and then it crashed to like $5 so this

1594
01:13:41,570 --> 01:13:39,150
this 50% crash seems to happen every

1595
01:13:43,250 --> 01:13:41,580
time there's a bit of a mania about it

1596
01:13:45,470 --> 01:13:43,260
you know and I wrote a little article a

1597
01:13:48,470 --> 01:13:45,480
couple months ago about is Bitcoin in a

1598
01:13:51,380 --> 01:13:48,480
bubble right and you know my perspective

1599
01:13:53,510 --> 01:13:51,390
is that long-term cryptocurrency you

1600
01:13:56,750 --> 01:13:53,520
know is gonna be an interesting

1601
01:13:58,700 --> 01:13:56,760
technology and an interesting way to to

1602
01:14:00,620 --> 01:13:58,710
send financial resources back and forth

1603
01:14:04,050 --> 01:14:00,630
but you're gonna have lots of ups and

1604
01:14:06,060 --> 01:14:04,060
downs along the way like we had it's

1605
01:14:09,210 --> 01:14:06,070
it's one thing to move money around and

1606
01:14:12,150 --> 01:14:09,220
take out the middleman and and that's

1607
01:14:15,000 --> 01:14:12,160
fine but if it's not a stable you know

1608
01:14:18,570 --> 01:14:15,010
if it's not stable then it's not because

1609
01:14:20,490 --> 01:14:18,580
it is completely unstable I mean that's

1610
01:14:23,220 --> 01:14:20,500
exactly what I mean it's just it's it's

1611
01:14:27,330 --> 01:14:23,230
unstable you don't know in 24 hours what

1612
01:14:30,090 --> 01:14:27,340
is going on on every single day of the

1613
01:14:33,630 --> 01:14:30,100
year and now if dollars were like that

1614
01:14:35,370 --> 01:14:33,640
where one day the dollar is worth $1 the

1615
01:14:37,290 --> 01:14:35,380
next day it's worth 20 cents and the

1616
01:14:39,960 --> 01:14:37,300
next day it's worth a buck 50 and the

1617
01:14:42,210 --> 01:14:39,970
next day it's worth well you wouldn't

1618
01:14:45,540 --> 01:14:42,220
have faith in in in the dollar either

1619
01:14:50,850 --> 01:14:45,550
but at least over the long term you know

1620
01:14:54,030 --> 01:14:50,860
as a retailer right you know it's so if

1621
01:14:58,110 --> 01:14:54,040
you're a car dealer going back to my

1622
01:15:01,320 --> 01:14:58,120
analogy earlier if you're a car dealer

1623
01:15:02,940 --> 01:15:01,330
there's no way that you could have faith

1624
01:15:05,430 --> 01:15:02,950
in that you can by the time you're done

1625
01:15:10,500 --> 01:15:05,440
with the transaction of purchasing the

1626
01:15:12,870 --> 01:15:10,510
car three hours right four hours you

1627
01:15:14,880 --> 01:15:12,880
could have won or lost money right I

1628
01:15:17,370 --> 01:15:14,890
mean there's a lot of volatility I agree

1629
01:15:19,230 --> 01:15:17,380
but again you have to take historical

1630
01:15:20,940 --> 01:15:19,240
perspective with the US dollar the

1631
01:15:23,250 --> 01:15:20,950
Bitcoin is not a substitute to the US

1632
01:15:26,760 --> 01:15:23,260
dollar today nor is any crypto currency

1633
01:15:29,100 --> 01:15:26,770
but go back to you know the 1700s in the

1634
01:15:31,950 --> 01:15:29,110
1800s when every state was issuing its

1635
01:15:34,770 --> 01:15:31,960
own version of the dollars before we had

1636
01:15:38,070 --> 01:15:34,780
a US dollar that was at least initially

1637
01:15:39,780 --> 01:15:38,080
backed by gold right there was a lot of

1638
01:15:41,220 --> 01:15:39,790
instability and that's kind of where we

1639
01:15:43,710 --> 01:15:41,230
are with crypto right now there's all

1640
01:15:45,210 --> 01:15:43,720
kinds of tokens and there's Bitcoin

1641
01:15:47,340 --> 01:15:45,220
there's the etherium which is sort of

1642
01:15:48,660 --> 01:15:47,350
the number two player you know within

1643
01:15:50,160 --> 01:15:48,670
the cryptocurrency space and then

1644
01:15:52,920 --> 01:15:50,170
there's a little bit coin cash there's

1645
01:15:54,540 --> 01:15:52,930
light coin there's lots of of new tokens

1646
01:15:57,120 --> 01:15:54,550
that are being issued as well so we're a

1647
01:15:59,160 --> 01:15:57,130
bit in the Wild West still right and so

1648
01:16:02,460 --> 01:15:59,170
I would just say it's kind of early to

1649
01:16:05,580 --> 01:16:02,470
compare Bitcoin to US dollars right but

1650
01:16:07,710 --> 01:16:05,590
you know there is this philosophy with

1651
01:16:10,200 --> 01:16:07,720
cryptocurrency that no government should

1652
01:16:12,180 --> 01:16:10,210
be able to restrict your money and where

1653
01:16:13,770 --> 01:16:12,190
you can send it right I guess you could

1654
01:16:16,740 --> 01:16:13,780
call it more of a libertarian approach

1655
01:16:17,850 --> 01:16:16,750
right for anybody you should be able to

1656
01:16:20,010 --> 01:16:17,860
transfer your mind

1657
01:16:21,870 --> 01:16:20,020
anywhere you want to transfer to for

1658
01:16:23,910 --> 01:16:21,880
your assets around the world and whether

1659
01:16:25,470 --> 01:16:23,920
it's a totalitarian government North

1660
01:16:28,740 --> 01:16:25,480
Korea shouldn't be able to stop its

1661
01:16:30,540 --> 01:16:28,750
citizens either right or China or the US

1662
01:16:33,270 --> 01:16:30,550
government you know no one should be

1663
01:16:35,189 --> 01:16:33,280
able to stop the free flow of funds and

1664
01:16:36,689 --> 01:16:35,199
yes there will be some actors that use

1665
01:16:38,070 --> 01:16:36,699
things for various purposes but there'll

1666
01:16:40,020 --> 01:16:38,080
be lots of other people who are using it

1667
01:16:42,270 --> 01:16:40,030
for legitimate purposes you know I mean

1668
01:16:43,770 --> 01:16:42,280
I have friends from Russia who could not

1669
01:16:45,810 --> 01:16:43,780
get their money out of Russia

1670
01:16:48,689 --> 01:16:45,820
you know when sanctions went on in

1671
01:16:50,160 --> 01:16:48,699
Crimea and the ruble collapsed right

1672
01:16:51,660 --> 01:16:50,170
then you're talking about existing

1673
01:16:53,700 --> 01:16:51,670
currencies well the ruble is the

1674
01:16:54,750 --> 01:16:53,710
currency in Russia and it had a huge

1675
01:16:56,729 --> 01:16:54,760
collapse I don't know where it is today

1676
01:16:59,669 --> 01:16:56,739
but this was a couple of years ago right

1677
01:17:01,470 --> 01:16:59,679
so you know they were not able because

1678
01:17:03,870 --> 01:17:01,480
of the laws and what the government

1679
01:17:05,100 --> 01:17:03,880
wanted the government didn't want them

1680
01:17:06,390 --> 01:17:05,110
to take their money out so they had to

1681
01:17:08,070 --> 01:17:06,400
keep it in rubles and basically they

1682
01:17:10,080 --> 01:17:08,080
lost all their money so I mean it's a

1683
01:17:13,470 --> 01:17:10,090
different philosophy that's looking at

1684
01:17:15,000 --> 01:17:13,480
it as currency or an investment and not

1685
01:17:17,399 --> 01:17:15,010
talking so much about the technology

1686
01:17:18,959 --> 01:17:17,409
behind it which i think is really the

1687
01:17:21,180 --> 01:17:18,969
long-term you know interesting thing

1688
01:17:23,310 --> 01:17:21,190
about Bitcoin is not all the stuff that

1689
01:17:24,930 --> 01:17:23,320
I've just been talking about well and

1690
01:17:26,729 --> 01:17:24,940
we're gonna do that that's about them in

1691
01:17:28,890 --> 01:17:26,739
the hour we're gonna shift everything

1692
01:17:32,010 --> 01:17:28,900
over to the technology which is

1693
01:17:33,629 --> 01:17:32,020
blockchain which it can be applied

1694
01:17:39,240 --> 01:17:33,639
everywhere so we're gonna we're gonna

1695
01:17:41,340 --> 01:17:39,250
get to that but staying on crypto what

1696
01:17:43,470 --> 01:17:41,350
happens you know because we're talking

1697
01:17:48,300 --> 01:17:43,480
about Fiats there are backups to Fiats

1698
01:17:52,350 --> 01:17:48,310
and insurances okay if if if the power

1699
01:17:57,090 --> 01:17:52,360
goes out right if if everything goes to

1700
01:17:58,770 --> 01:17:57,100
crap at least we have dollars that are

1701
01:18:00,899 --> 01:17:58,780
green you have change in your pocket do

1702
01:18:04,859 --> 01:18:00,909
you have that you have money that can be

1703
01:18:08,760 --> 01:18:04,869
exchanged what happens if the power goes

1704
01:18:10,740 --> 01:18:08,770
out completely will Bank of America be

1705
01:18:13,350 --> 01:18:10,750
able to you say you had this many

1706
01:18:15,930 --> 01:18:13,360
dollars well okay but if I have cash in

1707
01:18:18,570 --> 01:18:15,940
my mattress well but the same thing with

1708
01:18:21,000 --> 01:18:18,580
Bitcoin if I have my private key on my

1709
01:18:22,350 --> 01:18:21,010
USB Drive I'll still have that even if

1710
01:18:24,209 --> 01:18:22,360
the power goes out so that when the

1711
01:18:27,030 --> 01:18:24,219
power comes back on I can still use it

1712
01:18:29,070 --> 01:18:27,040
but you're saying cash right you're

1713
01:18:31,219 --> 01:18:29,080
saying but you're saying but and that's

1714
01:18:33,829 --> 01:18:31,229
the key thing here

1715
01:18:37,789 --> 01:18:33,839
for instance I mean we're you know cash

1716
01:18:40,789 --> 01:18:37,799
is king it's obvious if I'm if you Riz

1717
01:18:42,529 --> 01:18:40,799
you're walking out of Burger King and I

1718
01:18:44,000 --> 01:18:42,539
know that you you know you love Burger

1719
01:18:46,039 --> 01:18:44,010
King so you're walking out of Burger

1720
01:18:48,229 --> 01:18:46,049
King and there's a homeless guy there

1721
01:18:51,559 --> 01:18:48,239
and he says buy me a meal and you go

1722
01:18:57,500 --> 01:18:51,569
well here do you take Bitcoin that

1723
01:19:00,229 --> 01:18:57,510
that's not gonna go down a pizza place

1724
01:19:02,599 --> 01:19:00,239
oh that's a great story and it's a true

1725
01:19:03,829 --> 01:19:02,609
story it sold it for he was gonna you

1726
01:19:05,659 --> 01:19:03,839
know he wanted except I forget it was

1727
01:19:07,969 --> 01:19:05,669
like 10 Bitcoin or 100 Bitcoin I forget

1728
01:19:10,489 --> 01:19:07,979
thee for two pizzas to Pete the two

1729
01:19:12,829 --> 01:19:10,499
pizzas yeah and you know that ended up

1730
01:19:14,529 --> 01:19:12,839
being worth you know what 100 bitcoins

1731
01:19:18,770 --> 01:19:14,539
be worth today

1732
01:19:20,000 --> 01:19:18,780
well back in November yeah yeah thousand

1733
01:19:23,329 --> 01:19:20,010
it would have been worth more but even

1734
01:19:25,579 --> 01:19:23,339
today quite a bit so there's lots of

1735
01:19:27,919 --> 01:19:25,589
stories like that but what happens if

1736
01:19:32,000 --> 01:19:27,929
the servers go down and and you don't

1737
01:19:35,689 --> 01:19:32,010
have your your your wallet on a on a USB

1738
01:19:39,289 --> 01:19:35,699
Drive is is is there a possibility that

1739
01:19:42,049 --> 01:19:39,299
your stuff goes poof well so the whole

1740
01:19:46,729 --> 01:19:42,059
idea of a peer-to-peer decentralized

1741
01:19:50,270 --> 01:19:46,739
system is that no one computer is in

1742
01:19:53,169 --> 01:19:50,280
charge of keeping track of all of the

1743
01:19:56,689 --> 01:19:53,179
cryptocurrency so if the power goes down

1744
01:19:59,329 --> 01:19:56,699
across Russia most likely we'll still

1745
01:20:01,489 --> 01:19:59,339
have some power in the US - it's the

1746
01:20:03,109 --> 01:20:01,499
power were to go out in California most

1747
01:20:04,849 --> 01:20:03,119
likely there will still be places in

1748
01:20:07,929 --> 01:20:04,859
Japan or Korea they still have power so

1749
01:20:10,549 --> 01:20:07,939
it's kind of architected to be failsafe

1750
01:20:12,559 --> 01:20:10,559
from the power of going out in any one

1751
01:20:14,839 --> 01:20:12,569
location it's kind of the idea of it

1752
01:20:16,129 --> 01:20:14,849
which is why I think the idea is in some

1753
01:20:18,139 --> 01:20:16,139
ways even more powerful than the

1754
01:20:19,219 --> 01:20:18,149
particular implementation I mean I don't

1755
01:20:21,289 --> 01:20:19,229
know a hundred years from now what

1756
01:20:23,839 --> 01:20:21,299
cryptocurrency will be using it could be

1757
01:20:25,520 --> 01:20:23,849
you know not Bitcoin could be aetherium

1758
01:20:26,899 --> 01:20:25,530
could be some new currency most likely

1759
01:20:29,689 --> 01:20:26,909
it'll be some new cryptocurrency that

1760
01:20:32,329 --> 01:20:29,699
hasn't been invented yet but the whole

1761
01:20:34,520 --> 01:20:32,339
idea of a cryptocurrency is to have this

1762
01:20:36,469 --> 01:20:34,530
decentralized way of keeping track of

1763
01:20:40,429 --> 01:20:36,479
everything so that there's no one single

1764
01:20:43,909 --> 01:20:40,439
point of failure in the system now if I

1765
01:20:48,549 --> 01:20:43,919
have my wallet on my home computer and

1766
01:20:52,449 --> 01:20:48,559
my hard drive pukes right and it's done

1767
01:20:56,299 --> 01:20:52,459
and I have no way of retrieving the data

1768
01:20:58,609 --> 01:20:56,309
what happened yes yep you're done and

1769
01:21:00,829 --> 01:20:58,619
this happened there was a really famous

1770
01:21:02,359 --> 01:21:00,839
story about a guy and back in 2010 I

1771
01:21:04,159 --> 01:21:02,369
think this is the really early days of

1772
01:21:06,529 --> 01:21:04,169
Bitcoin where he was mining Bitcoin and

1773
01:21:07,849 --> 01:21:06,539
it was pretty loud to have the computer

1774
01:21:10,069 --> 01:21:07,859
running all night and his girlfriend

1775
01:21:12,259 --> 01:21:10,079
said stop that get rid of that so he

1776
01:21:13,459 --> 01:21:12,269
ended up just trashing that concerning

1777
01:21:16,099 --> 01:21:13,469
the computer off and eventually threw

1778
01:21:17,479 --> 01:21:16,109
away the hard drive and in 2013 that

1779
01:21:19,879 --> 01:21:17,489
Bitcoin would have been worth 7 million

1780
01:21:22,369 --> 01:21:19,889
dollars and today it's probably worth 70

1781
01:21:23,629 --> 01:21:22,379
or something like that but you know it's

1782
01:21:25,219 --> 01:21:23,639
the same thing if you have a lot of cash

1783
01:21:27,109 --> 01:21:25,229
in your house and your house burns down

1784
01:21:29,179 --> 01:21:27,119
what are you going to do so you want so

1785
01:21:31,489 --> 01:21:29,189
you don't put all your you don't keep

1786
01:21:33,500 --> 01:21:31,499
all your Bitcoin in in one place

1787
01:21:35,199 --> 01:21:33,510
necessarily on the hard drive that's why

1788
01:21:37,699 --> 01:21:35,209
I recently people tend to use these

1789
01:21:39,379 --> 01:21:37,709
these USB wallets so that if the hard

1790
01:21:40,939 --> 01:21:39,389
drive itself fails they've got that and

1791
01:21:43,339 --> 01:21:40,949
then you print out your keys as well

1792
01:21:45,409 --> 01:21:43,349
physically so they have these phrases

1793
01:21:47,419 --> 01:21:45,419
that you can print out that you can use

1794
01:21:49,039 --> 01:21:47,429
to regenerate you know wallet address I

1795
01:21:51,709 --> 01:21:49,049
mean the Bitcoin is still in the wallet

1796
01:21:54,319 --> 01:21:51,719
so unlike cash where it's destroyed the

1797
01:21:56,569 --> 01:21:54,329
Bitcoin or the crypto is stays in the

1798
01:21:59,539 --> 01:21:56,579
wallet that it's in unless somebody has

1799
01:22:04,759 --> 01:21:59,549
the private key to transfer it out now

1800
01:22:07,519 --> 01:22:04,769
the the other part is this there's 21

1801
01:22:10,219 --> 01:22:07,529
million capped right 21 million bitcoins

1802
01:22:12,919 --> 01:22:10,229
that's that that's it that's the that's

1803
01:22:16,699 --> 01:22:12,929
the software it's way it's the way that

1804
01:22:20,299 --> 01:22:16,709
it's written is their way to tally all

1805
01:22:22,939 --> 01:22:20,309
the Bitcoin well I see it here right -

1806
01:22:25,789 --> 01:22:22,949
today the supply is sixteen million nine

1807
01:22:27,649 --> 01:22:25,799
hundred and two and 5/8 e eight right

1808
01:22:30,279 --> 01:22:27,659
nine hundred two thousand five media

1809
01:22:33,409 --> 01:22:30,289
yeah you're looking at like clean market

1810
01:22:36,889 --> 01:22:33,419
on top I watched this all I'm fascinated

1811
01:22:40,519 --> 01:22:36,899
with it you are okay how much of that

1812
01:22:43,699 --> 01:22:40,529
supply the 16 million 902 is just

1813
01:22:47,359 --> 01:22:43,709
missing or lost on hard drives in the

1814
01:22:49,449 --> 01:22:47,369
bottom of a garbage dump yeah there is

1815
01:22:51,919 --> 01:22:49,459
you know a significant portion of

1816
01:22:54,679 --> 01:22:51,929
Bitcoin particularly from the early days

1817
01:22:56,299 --> 01:22:54,689
right when it just wasn't worth a lot so

1818
01:22:56,750 --> 01:22:56,309
there was an episode of the Big Bang

1819
01:22:59,390 --> 01:22:56,760
there

1820
01:23:00,890 --> 01:22:59,400
I don't know if you saw this a couple of

1821
01:23:02,899 --> 01:23:00,900
months ago where they were like hey back

1822
01:23:05,330 --> 01:23:02,909
in 2010 remember when we were mining

1823
01:23:07,609 --> 01:23:05,340
Bitcoin and they were trying to find a

1824
01:23:08,930 --> 01:23:07,619
laptop that and they couldn't and so so

1825
01:23:10,100 --> 01:23:08,940
that happens you know there is there is

1826
01:23:12,589 --> 01:23:10,110
a bunch of it that's okay I don't know

1827
01:23:14,569 --> 01:23:12,599
the exact number I think that's the

1828
01:23:19,250 --> 01:23:14,579
circulating supply so that may or may

1829
01:23:20,870 --> 01:23:19,260
not be you know the total amount that's

1830
01:23:23,240 --> 01:23:20,880
been created actually it probably is if

1831
01:23:24,950 --> 01:23:23,250
I look at this because the 21 million so

1832
01:23:28,189 --> 01:23:24,960
the way Bitcoin works is every 10

1833
01:23:30,290 --> 01:23:28,199
minutes a new block is generated and

1834
01:23:32,000 --> 01:23:30,300
there's a block reward which now is that

1835
01:23:34,430 --> 01:23:32,010
like 12 bitcoins or so and you can do

1836
01:23:37,399 --> 01:23:34,440
the math and figure out between you know

1837
01:23:40,100 --> 01:23:37,409
when will that 21 million bitcoins be

1838
01:23:42,319 --> 01:23:40,110
created fully but but yeah it does

1839
01:23:44,419 --> 01:23:42,329
happen and so that's why you have to

1840
01:23:45,620 --> 01:23:44,429
take different you know precautions here

1841
01:23:48,109 --> 01:23:45,630
then you would in a centralized system

1842
01:23:50,299 --> 01:23:48,119
right I mean in a centralized world you

1843
01:23:52,490 --> 01:23:50,309
know you may have a credit card visa you

1844
01:23:54,649 --> 01:23:52,500
can call up your bank and say you know

1845
01:23:57,529 --> 01:23:54,659
hey I lost my credit card right what can

1846
01:23:58,790 --> 01:23:57,539
we do and you can reverse transactions

1847
01:24:01,490 --> 01:23:58,800
and it's just a different philosophy

1848
01:24:03,620 --> 01:24:01,500
with cash you can't do that and with

1849
01:24:05,779 --> 01:24:03,630
cryptocurrency you can't do that the

1850
01:24:07,310 --> 01:24:05,789
whole idea was to not you know the

1851
01:24:10,040 --> 01:24:07,320
problem with the centralized system is

1852
01:24:12,410 --> 01:24:10,050
then government can start to say okay

1853
01:24:15,200 --> 01:24:12,420
you know you can use money for this but

1854
01:24:16,549 --> 01:24:15,210
not for that right and you know there

1855
01:24:18,350 --> 01:24:16,559
are certain things and then we already

1856
01:24:21,229 --> 01:24:18,360
shouldn't use money for but people do

1857
01:24:24,529 --> 01:24:21,239
and then you know you can start to get

1858
01:24:27,979 --> 01:24:24,539
you know politicalization of what is

1859
01:24:30,020 --> 01:24:27,989
considered you know appropriate ways to

1860
01:24:31,370 --> 01:24:30,030
spend your money and what is it and yeah

1861
01:24:33,229 --> 01:24:31,380
not so much here in the US but it

1862
01:24:34,879 --> 01:24:33,239
happens in different countries right now

1863
01:24:38,089 --> 01:24:34,889
when people talk about you know

1864
01:24:41,509 --> 01:24:38,099
laundering money through Bitcoin I

1865
01:24:43,040 --> 01:24:41,519
understand that and and fundamentally

1866
01:24:46,580 --> 01:24:43,050
people get that but you still have to

1867
01:24:48,709 --> 01:24:46,590
turn it into cash so if you know these

1868
01:24:50,479 --> 01:24:48,719
you know I'm sitting on you know

1869
01:24:52,100 --> 01:24:50,489
somebody sends me I don't know why they

1870
01:24:56,600 --> 01:24:52,110
would but somebody sends me a thousand

1871
01:25:01,459 --> 01:24:56,610
bitcoins and I turned that into cash and

1872
01:25:02,930 --> 01:25:01,469
now electronically and that gets added

1873
01:25:06,229 --> 01:25:02,940
to my checking account

1874
01:25:08,939 --> 01:25:06,239
now it's traceable and is the IRS is the

1875
01:25:10,620 --> 01:25:08,949
IRS immediately notified of that

1876
01:25:12,570 --> 01:25:10,630
because it's not really money laundering

1877
01:25:14,880 --> 01:25:12,580
if you still got to turn the Bitcoin

1878
01:25:17,520 --> 01:25:14,890
into cash you've got to be able to use

1879
01:25:19,200 --> 01:25:17,530
it at some point yeah I mean technically

1880
01:25:21,450 --> 01:25:19,210
that's not money laundering that's just

1881
01:25:22,470 --> 01:25:21,460
transferring cash to Bitcoin back to

1882
01:25:24,780 --> 01:25:22,480
cash

1883
01:25:26,580 --> 01:25:24,790
you know money laundering would be at

1884
01:25:29,700 --> 01:25:26,590
least my understanding I'm not an expert

1885
01:25:31,439 --> 01:25:29,710
in money laundering by any means but if

1886
01:25:33,600 --> 01:25:31,449
you took that cash and you deposit it in

1887
01:25:36,060 --> 01:25:33,610
the bank the bank would have a flag

1888
01:25:38,610 --> 01:25:36,070
somewhere that the IRS would know you

1889
01:25:40,290 --> 01:25:38,620
deposited say a hundred thousand dollars

1890
01:25:41,760 --> 01:25:40,300
right they want to know where did the

1891
01:25:43,470 --> 01:25:41,770
hundred thousand dollars come from the

1892
01:25:45,720 --> 01:25:43,480
IRS would want to know right you could

1893
01:25:47,310 --> 01:25:45,730
say well I was selling pot right for

1894
01:25:49,620 --> 01:25:47,320
example or whatever right or it was

1895
01:25:51,360 --> 01:25:49,630
income from my real estate transaction I

1896
01:25:53,729 --> 01:25:51,370
mean you have to report that stuff at

1897
01:25:55,050 --> 01:25:53,739
the end of the year so if you didn't

1898
01:25:57,120 --> 01:25:55,060
report it then it would be like any

1899
01:26:00,300 --> 01:25:57,130
other unreported income as the IRS would

1900
01:26:05,820 --> 01:26:00,310
come down right so just because it was a

1901
01:26:09,990 --> 01:26:05,830
Bitcoin transfer that that I turned into

1902
01:26:12,810 --> 01:26:10,000
cash and also so how does that again

1903
01:26:14,970 --> 01:26:12,820
we're gonna head towards a break I have

1904
01:26:20,910 --> 01:26:14,980
to go through an exchange right does

1905
01:26:22,200 --> 01:26:20,920
Bank of America buy Bitcoin no so you

1906
01:26:25,939 --> 01:26:22,210
would have to go through an exchange

1907
01:26:29,250 --> 01:26:25,949
where you would sell to some other buyer

1908
01:26:30,390 --> 01:26:29,260
and then that buyer transfer there - the

1909
01:26:32,310 --> 01:26:30,400
exchange and then the exchange would

1910
01:26:36,020 --> 01:26:32,320
transfer to you and so that's where you

1911
01:26:39,240 --> 01:26:36,030
know for example today the biggest

1912
01:26:41,669 --> 01:26:39,250
centralized exchange or repository in

1913
01:26:43,709 --> 01:26:41,679
the US is probably coinbase and the IRS

1914
01:26:45,390 --> 01:26:43,719
has an agreement with them now that they

1915
01:26:47,669 --> 01:26:45,400
have to report to the IRS every time

1916
01:26:49,050 --> 01:26:47,679
somebody sells their Bitcoin so this is

1917
01:26:50,939 --> 01:26:49,060
not so much about money laundering or

1918
01:26:52,470 --> 01:26:50,949
black-market it's just about if you

1919
01:26:54,419 --> 01:26:52,480
bought Bitcoin at a thousand and you

1920
01:26:57,090 --> 01:26:54,429
sold it at ten thousand well you have a

1921
01:26:59,010 --> 01:26:57,100
$9,000 game so just like you know

1922
01:27:01,260 --> 01:26:59,020
anything else you're supposed to pay

1923
01:27:03,120 --> 01:27:01,270
taxes on that assuming you believe in

1924
01:27:06,150 --> 01:27:03,130
the IRS and you believe that all of that

1925
01:27:08,700 --> 01:27:06,160
was passed and there's an actual tax law

1926
01:27:09,810 --> 01:27:08,710
etc you know they would come down on you

1927
01:27:11,820 --> 01:27:09,820
just like they would in every bail so

1928
01:27:13,740 --> 01:27:11,830
over time what's happening is this stuff

1929
01:27:15,150 --> 01:27:13,750
is normalizing more now if you're

1930
01:27:17,490 --> 01:27:15,160
outside the US it's still pretty much

1931
01:27:19,169 --> 01:27:17,500
the Wild West you know you even bought

1932
01:27:19,950 --> 01:27:19,179
people buy and sell Bitcoin don't report

1933
01:27:22,260 --> 01:27:19,960
it but

1934
01:27:24,209 --> 01:27:22,270
over time and we're in early days for

1935
01:27:26,880 --> 01:27:24,219
cryptocurrency here there will be

1936
01:27:29,070 --> 01:27:26,890
systems to deal with all the stuff so

1937
01:27:33,270 --> 01:27:29,080
you're suggesting yeah I see all right

1938
01:27:35,130 --> 01:27:33,280
so I need an offshore bank account no

1939
01:27:37,320 --> 01:27:35,140
I'm just playing

1940
01:27:40,770 --> 01:27:37,330
anybody listening right now these are

1941
01:27:42,660 --> 01:27:40,780
just jokes okay they're jokes they're

1942
01:27:45,030 --> 01:27:42,670
jokes they're jokes we need to take a

1943
01:27:49,170 --> 01:27:45,040
break right here when we come back we're

1944
01:27:51,750 --> 01:27:49,180
gonna shift everything over to the

1945
01:27:54,990 --> 01:27:51,760
blockchain and this underlying

1946
01:27:58,550 --> 01:27:55,000
technology it's not necessarily what you

1947
01:28:00,540 --> 01:27:58,560
think and it could be the future of

1948
01:28:02,940 --> 01:28:00,550
everything and I've got so many

1949
01:28:04,110 --> 01:28:02,950
questions here is they you know

1950
01:28:06,150 --> 01:28:04,120
everybody wants to go through a

1951
01:28:08,700 --> 01:28:06,160
transaction from beginning to end what's

1952
01:28:13,770 --> 01:28:08,710
going on there are we supporting heroin

1953
01:28:18,030 --> 01:28:13,780
dealers okay what what is the future of

1954
01:28:19,470 --> 01:28:18,040
cash it's like is there air well we'll

1955
01:28:21,570 --> 01:28:19,480
talk about although the hell with r is

1956
01:28:23,990 --> 01:28:21,580
when we come back fade to black I'm use

1957
01:28:26,880 --> 01:28:24,000
to be Church it's a Bitcoin crypto

1958
01:28:30,490 --> 01:28:26,890
blockchain evening right here on the

1959
01:28:30,500 --> 01:28:36,629
[Music]

1960
01:28:43,840 --> 01:28:39,810
way out here we listen to Jimmy Church

1961
01:28:46,149 --> 01:28:43,850
you're listening to fade to black always

1962
01:28:49,000 --> 01:28:46,159
on the edge of the hottest alternative

1963
01:29:08,229 --> 01:28:49,010
talk chilly church with fade to black

1964
01:29:11,950 --> 01:29:08,239
stay GRA radio.com hurricanes

1965
01:29:13,720 --> 01:29:11,960
earthquakes wildfires this year we've

1966
01:29:16,510 --> 01:29:13,730
experienced more than our fair share

1967
01:29:19,000 --> 01:29:16,520
this is Jimmy Church a fade to black and

1968
01:29:21,220 --> 01:29:19,010
last month I decided to make sure my

1969
01:29:23,350 --> 01:29:21,230
family does not have to worry about food

1970
01:29:27,100 --> 01:29:23,360
should we get caught in a real emergency

1971
01:29:29,020 --> 01:29:27,110
situation introducing Humana a healthy

1972
01:29:30,610 --> 01:29:29,030
storable product that tastes so good

1973
01:29:32,590 --> 01:29:30,620
that you'll want to eat it every day

1974
01:29:35,350 --> 01:29:32,600
instead of just during those times of

1975
01:29:38,740 --> 01:29:35,360
duress all-new mana products have a 25

1976
01:29:41,169 --> 01:29:38,750
year shelf life our msg and GMO free no

1977
01:29:43,300 --> 01:29:41,179
preservatives and are made in America

1978
01:29:45,100 --> 01:29:43,310
with the new manna pack in your home

1979
01:29:47,830 --> 01:29:45,110
you'll be able to sleep at night knowing

1980
01:29:50,649 --> 01:29:47,840
that you've protected your family not

1981
01:29:53,200 --> 01:29:50,659
only have I tasted and tested I own it

1982
01:29:54,939 --> 01:29:53,210
now you can too just click on the new

1983
01:29:57,250 --> 01:29:54,949
mana banner on Jimmy Church radio.com

1984
01:29:59,709 --> 01:29:57,260
and use the promo code Jimmy when you

1985
01:30:01,360 --> 01:29:59,719
order in addition to a discount we'll

1986
01:30:04,899 --> 01:30:01,370
send you an autograph fade to black

1987
01:30:07,209 --> 01:30:04,909
t-shirt seriously gobekli tepe

1988
01:30:09,580 --> 01:30:07,219
do you worry a lot whether you're a

1989
01:30:11,649 --> 01:30:09,590
college student busy professional parent

1990
01:30:13,030 --> 01:30:11,659
or grandparent ongoing stress and

1991
01:30:15,700 --> 01:30:13,040
elevated levels of the stress hormone

1992
01:30:18,189 --> 01:30:15,710
cortisol can rob your memory your health

1993
01:30:19,990 --> 01:30:18,199
and your future now you can combat the

1994
01:30:21,790 --> 01:30:20,000
effects of stress and anxiety while

1995
01:30:23,740 --> 01:30:21,800
improving your memory and recall at the

1996
01:30:26,169 --> 01:30:23,750
same time with the dietary supplement

1997
01:30:27,910 --> 01:30:26,179
calm and clever studies show that the

1998
01:30:30,700 --> 01:30:27,920
ingredients in common clever reduce

1999
01:30:32,320 --> 01:30:30,710
cortisol by as much as 30% in one to two

2000
01:30:34,149 --> 01:30:32,330
weeks call one eight hundred seventy

2001
01:30:36,020 --> 01:30:34,159
five eight eight seven four six or calm

2002
01:30:39,830 --> 01:30:36,030
and clever calm

2003
01:30:47,569 --> 01:30:39,840
you listen to us and we listen to you so

2004
01:30:49,729 --> 01:30:47,579
does the CIA de GRA radio.com hey folks

2005
01:30:51,950 --> 01:30:49,739
CBD is the home run hitter for health

2006
01:30:54,560 --> 01:30:51,960
right now why you ask because of what it

2007
01:30:56,180 --> 01:30:54,570
does for the body unfortunately I can't

2008
01:30:57,830 --> 01:30:56,190
tell you all about the benefit you know

2009
01:31:00,529 --> 01:30:57,840
there's reasons do your due diligence

2010
01:31:03,140 --> 01:31:00,539
and log on to ancient life oil com

2011
01:31:05,149 --> 01:31:03,150
that's ancient life oil calm angel life

2012
01:31:07,250 --> 01:31:05,159
oil uses organic ingredients and is

2013
01:31:10,120 --> 01:31:07,260
blended in coconut oil for some of the

2014
01:31:11,629 --> 01:31:10,130
best benefits legal in 50 states and

2015
01:31:14,180 --> 01:31:11,639
non-psychoactive

2016
01:31:19,250 --> 01:31:14,190
log on to ancient life oil calm that's

2017
01:31:20,270 --> 01:31:19,260
ancient life oil calm you are listening

2018
01:31:22,580 --> 01:31:20,280
to fade to black

2019
01:31:27,379 --> 01:31:22,590
with Jimmy Church on the game change in

2020
01:31:29,419 --> 01:31:27,389
network hi I'm Lisa Vance you're

2021
01:31:32,359 --> 01:31:29,429
listening to Jimmy Church this is a

2022
01:31:36,220 --> 01:31:32,369
revolution the revolution will not be

2023
01:31:41,590 --> 01:31:36,230
televised the revolution is on radio

2024
01:32:21,200 --> 01:32:18,970
[Music]

2025
01:32:23,240 --> 01:32:21,210
okay welcome back fade to black our

2026
01:32:26,020 --> 01:32:23,250
guest tonight Risberg we're doing it all

2027
01:32:29,180 --> 01:32:26,030
tonight just covered Bitcoin Kryptos

2028
01:32:32,959 --> 01:32:29,190
we're gonna jump into blockchain right

2029
01:32:35,000 --> 01:32:32,969
now and rizz as much smarter than me

2030
01:32:36,799 --> 01:32:35,010
I've been outspoken and interested in

2031
01:32:38,479 --> 01:32:36,809
Bitcoin since the very beginning of a

2032
01:32:40,310 --> 01:32:38,489
fade to black this goes back four or

2033
01:32:42,859 --> 01:32:40,320
five years for me but before anybody

2034
01:32:44,419 --> 01:32:42,869
even knew what bitcoin was and RIS back

2035
01:32:46,129 --> 01:32:44,429
then they were like why are you talking

2036
01:32:50,120 --> 01:32:46,139
about Bitcoin man I want to talk about

2037
01:32:54,500 --> 01:32:50,130
UFOs and but I'm fascinated with the

2038
01:32:58,459 --> 01:32:54,510
technology so let's go here when it

2039
01:33:00,229 --> 01:32:58,469
comes to blockchain or we're gonna get

2040
01:33:04,430 --> 01:33:00,239
into the technology and what it means

2041
01:33:05,930 --> 01:33:04,440
but are all Kryptos created equally

2042
01:33:07,790 --> 01:33:05,940
right now there's a thousand different

2043
01:33:12,799 --> 01:33:07,800
tokens out there being traded in the

2044
01:33:15,770 --> 01:33:12,809
markets so are they why why is there an

2045
01:33:16,870 --> 01:33:15,780
advantage over one than the other are

2046
01:33:19,939 --> 01:33:16,880
they all the same

2047
01:33:22,549 --> 01:33:19,949
yeah so the the answer is no they're not

2048
01:33:25,040 --> 01:33:22,559
all the same they're fairly different

2049
01:33:27,979 --> 01:33:25,050
and so as I mentioned that the two

2050
01:33:30,770 --> 01:33:27,989
biggest crypto currencies and the two

2051
01:33:33,919 --> 01:33:30,780
best-known block chains are Bitcoin and

2052
01:33:36,890 --> 01:33:33,929
aetherium and the ethereum blockchain is

2053
01:33:39,680 --> 01:33:36,900
one that was created so that you could

2054
01:33:41,450 --> 01:33:39,690
actually not just transfer ether which

2055
01:33:43,729 --> 01:33:41,460
is the crypto currency in that

2056
01:33:45,410 --> 01:33:43,739
blockchain but you could have logic and

2057
01:33:48,020 --> 01:33:45,420
you could write code and everyone would

2058
01:33:49,850 --> 01:33:48,030
agree on what the code should do so it

2059
01:33:51,049 --> 01:33:49,860
becomes like a distributed computer

2060
01:33:53,750 --> 01:33:51,059
where you could say I'm gonna put this

2061
01:33:55,009 --> 01:33:53,760
either in here in this contract and it

2062
01:33:57,529 --> 01:33:55,019
only gets released when certain

2063
01:34:00,140 --> 01:33:57,539
conditions are met so it's a fascinating

2064
01:34:02,419 --> 01:34:00,150
subject smart contracts is a fascinating

2065
01:34:04,930 --> 01:34:02,429
subject but what happened with that was

2066
01:34:07,939 --> 01:34:04,940
that opened up the possibility of

2067
01:34:09,620 --> 01:34:07,949
different types of tokens and so you

2068
01:34:12,560 --> 01:34:09,630
know there are many different types of

2069
01:34:14,450 --> 01:34:12,570
tokens coming on the market now and some

2070
01:34:17,000 --> 01:34:14,460
of them are built on the ethereum

2071
01:34:19,129 --> 01:34:17,010
blockchain and some of them are built on

2072
01:34:20,479 --> 01:34:19,139
completely new block chains during the

2073
01:34:21,830 --> 01:34:20,489
intro you mentioned that you know that I

2074
01:34:25,359 --> 01:34:21,840
was involved in a company called theta

2075
01:34:27,970 --> 01:34:25,369
labs and data is creating a

2076
01:34:31,260 --> 01:34:27,980
decentralized video streaming platform

2077
01:34:33,450 --> 01:34:31,270
and they're using a new blockchain

2078
01:34:36,060 --> 01:34:33,460
to do it so you know the idea is that

2079
01:34:38,040 --> 01:34:36,070
today you probably know this a little

2080
01:34:40,560 --> 01:34:38,050
bit from broadcasting your show but when

2081
01:34:42,750 --> 01:34:40,570
you send video there's a lot of data

2082
01:34:45,090 --> 01:34:42,760
being sent out and companies like Akamai

2083
01:34:46,860 --> 01:34:45,100
and Amazon they have what are called

2084
01:34:48,660 --> 01:34:46,870
content distribution networks and they

2085
01:34:51,120 --> 01:34:48,670
have points of presence in different

2086
01:34:53,580 --> 01:34:51,130
locations and it's very expensive for

2087
01:34:54,860 --> 01:34:53,590
somebody who wants to stream a lot of

2088
01:34:58,380 --> 01:34:54,870
video

2089
01:34:59,850 --> 01:34:58,390
physical servers physical servers or

2090
01:35:02,010 --> 01:34:59,860
servers in the cloud which are still

2091
01:35:03,840 --> 01:35:02,020
physical servers somewhere right and

2092
01:35:06,180 --> 01:35:03,850
they try to place them closer so that

2093
01:35:08,160 --> 01:35:06,190
the quality is good but for example in

2094
01:35:09,810 --> 01:35:08,170
Brazil you have lots of eSports fans who

2095
01:35:12,120 --> 01:35:09,820
might be watching a broadcast of League

2096
01:35:15,900 --> 01:35:12,130
of Legends and these scenes don't always

2097
01:35:17,130 --> 01:35:15,910
have points of presence there so what

2098
01:35:19,400 --> 01:35:17,140
we're doing at theta is we're building

2099
01:35:22,010 --> 01:35:19,410
away so that people can use their spare

2100
01:35:25,080 --> 01:35:22,020
CPU and their spare bandwidth

2101
01:35:26,610 --> 01:35:25,090
particularly gaming PC's to relay the

2102
01:35:27,810 --> 01:35:26,620
video streams to people in their

2103
01:35:30,030 --> 01:35:27,820
neighborhoods so it's what we call the

2104
01:35:32,430 --> 01:35:30,040
last mile problem so this is an example

2105
01:35:35,070 --> 01:35:32,440
where blockchain is being used to create

2106
01:35:37,530 --> 01:35:35,080
a completely new decentralized system

2107
01:35:39,630 --> 01:35:37,540
for sending out entertainment and then

2108
01:35:42,360 --> 01:35:39,640
the coin in that system can be used for

2109
01:35:44,880 --> 01:35:42,370
people to pay for content it can be used

2110
01:35:48,030 --> 01:35:44,890
to pay for the servers themselves so if

2111
01:35:49,470 --> 01:35:48,040
we're if you're providing your CPU and

2112
01:35:51,600 --> 01:35:49,480
your internet bandwidth which I happen

2113
01:35:54,030 --> 01:35:51,610
to know it's a pretty high bandwidth

2114
01:35:55,710 --> 01:35:54,040
from our conversation earlier then you

2115
01:35:57,420 --> 01:35:55,720
could be mining these tokens and the

2116
01:35:59,100 --> 01:35:57,430
tokens have some economic value so it's

2117
01:36:00,660 --> 01:35:59,110
compensating you for running your

2118
01:36:03,360 --> 01:36:00,670
servers I mean you can visualize the

2119
01:36:06,120 --> 01:36:03,370
decentralized Netflix where anybody can

2120
01:36:08,280 --> 01:36:06,130
upload content and there's no way that

2121
01:36:11,310 --> 01:36:08,290
it could be censored by YouTube or by

2122
01:36:14,250 --> 01:36:11,320
any site because it's you know out there

2123
01:36:16,170 --> 01:36:14,260
from the set of decentralized servers

2124
01:36:17,700 --> 01:36:16,180
and so that's an example of a new

2125
01:36:19,980 --> 01:36:17,710
protocol in a new block chain that has

2126
01:36:22,260 --> 01:36:19,990
an application that's using the ideas

2127
01:36:25,170 --> 01:36:22,270
from Bitcoin and aetherium and existing

2128
01:36:29,190 --> 01:36:25,180
block chains in a new way so that's one

2129
01:36:31,920 --> 01:36:29,200
example now if if this can okay so you

2130
01:36:34,050 --> 01:36:31,930
have the underlying technology of the

2131
01:36:36,660 --> 01:36:34,060
blockchain and what it can do in

2132
01:36:39,750 --> 01:36:36,670
different applications not necessarily

2133
01:36:41,890 --> 01:36:39,760
as a money or an investment but you're

2134
01:36:43,750 --> 01:36:41,900
using the technology

2135
01:36:46,300 --> 01:36:43,760
for something else I read an article

2136
01:36:50,800 --> 01:36:46,310
today that was excellent about a

2137
01:36:56,220 --> 01:36:50,810
blockchain registration peer-to-peer for

2138
01:37:02,410 --> 01:36:56,230
fine art and so right so you have a

2139
01:37:05,410 --> 01:37:02,420
Picasso right which is subject to fraud

2140
01:37:06,880 --> 01:37:05,420
you know people recreating the same

2141
01:37:09,400 --> 01:37:06,890
painting and selling it on the black

2142
01:37:11,830 --> 01:37:09,410
market well you have the original and it

2143
01:37:16,030 --> 01:37:11,840
gets registered into this blockchain and

2144
01:37:18,100 --> 01:37:16,040
now if you are out there and you want to

2145
01:37:20,890 --> 01:37:18,110
buy somebody comes to you and says hey I

2146
01:37:22,660 --> 01:37:20,900
got this Picasso oh really cool and then

2147
01:37:24,520 --> 01:37:22,670
you find out that that isn't the

2148
01:37:26,170 --> 01:37:24,530
original the originals registered in the

2149
01:37:29,200 --> 01:37:26,180
blockchain to somebody else

2150
01:37:33,010 --> 01:37:29,210
right yeah that's exactly right so you

2151
01:37:35,170 --> 01:37:33,020
can use this distributed ledger if you

2152
01:37:37,180 --> 01:37:35,180
will right if the blockchain to keep

2153
01:37:39,340 --> 01:37:37,190
track of anything that everybody needs

2154
01:37:41,110 --> 01:37:39,350
to agree on so that's a great use case I

2155
01:37:42,550 --> 01:37:41,120
think you know another use case that I

2156
01:37:45,220 --> 01:37:42,560
don't think anybody's done yet but I

2157
01:37:47,650 --> 01:37:45,230
know as an author myself you know I I

2158
01:37:49,630 --> 01:37:47,660
had in my book I was quoting other books

2159
01:37:51,430 --> 01:37:49,640
and I couldn't figure out who had the

2160
01:37:52,900 --> 01:37:51,440
rights to this particular quote and

2161
01:37:55,270 --> 01:37:52,910
sometimes the original publisher had no

2162
01:37:58,240 --> 01:37:55,280
idea because they had been sent to some

2163
01:38:00,190 --> 01:37:58,250
publisher in the UK who then you know

2164
01:38:02,350 --> 01:38:00,200
sent it to some publisher in Ireland I

2165
01:38:04,300 --> 01:38:02,360
was very hard to track this down because

2166
01:38:06,610 --> 01:38:04,310
there was no place where it was tracked

2167
01:38:08,770 --> 01:38:06,620
right and so you know this idea of

2168
01:38:11,140 --> 01:38:08,780
having a database that everybody can

2169
01:38:13,680 --> 01:38:11,150
agree upon that's what blockchain

2170
01:38:16,840 --> 01:38:13,690
fundamentally is and then no one person

2171
01:38:18,550 --> 01:38:16,850
can corrupt that right the idea is it

2172
01:38:20,260 --> 01:38:18,560
would be it would take more you don't

2173
01:38:22,330 --> 01:38:20,270
have to have more than 51% of the

2174
01:38:24,400 --> 01:38:22,340
consensus in any of these blog chains

2175
01:38:25,840 --> 01:38:24,410
and to do that you know there's this

2176
01:38:27,190 --> 01:38:25,850
thing called proof of work which I

2177
01:38:30,070 --> 01:38:27,200
talked about earlier and there's a new

2178
01:38:31,960 --> 01:38:30,080
idea called proof of stake where which

2179
01:38:33,940 --> 01:38:31,970
some of the newer blockchains are using

2180
01:38:36,940 --> 01:38:33,950
where you know you have to own a

2181
01:38:38,410 --> 01:38:36,950
majority of the coins in the system and

2182
01:38:40,810 --> 01:38:38,420
it would be more expensive for you to go

2183
01:38:42,430 --> 01:38:40,820
buy those two you know then the benefit

2184
01:38:44,650 --> 01:38:42,440
you would get by trying to cheat and so

2185
01:38:47,710 --> 01:38:44,660
it's all built on on this idea of

2186
01:38:49,720 --> 01:38:47,720
assuming that people are trying to do

2187
01:38:51,790 --> 01:38:49,730
bad things and so you create a trust

2188
01:38:53,910 --> 01:38:51,800
list system where you don't have to

2189
01:38:55,270 --> 01:38:53,920
trust anyone else but everyone together

2190
01:38:57,820 --> 01:38:55,280
agrees

2191
01:39:00,370 --> 01:38:57,830
on what on who owns this painting for

2192
01:39:03,790 --> 01:39:00,380
example well and now the block chains

2193
01:39:04,570 --> 01:39:03,800
like for Bitcoin as you and I are

2194
01:39:07,120 --> 01:39:04,580
talking

2195
01:39:10,900 --> 01:39:07,130
it is now bigger than it was when we

2196
01:39:13,630 --> 01:39:10,910
started this show and and the the amount

2197
01:39:16,270 --> 01:39:13,640
of processing power to completed

2198
01:39:18,820 --> 01:39:16,280
transaction as each second and minute

2199
01:39:21,130 --> 01:39:18,830
goes by gets more and more complex

2200
01:39:22,810 --> 01:39:21,140
hence mining the amount of servers that

2201
01:39:24,760 --> 01:39:22,820
are needed the amount of electricity

2202
01:39:26,650 --> 01:39:24,770
that is needed the audience needs to

2203
01:39:29,620 --> 01:39:26,660
understand what we're talking about here

2204
01:39:33,250 --> 01:39:29,630
so if it gets bigger and bigger is the

2205
01:39:34,480 --> 01:39:33,260
system going to bog down if we go and

2206
01:39:37,060 --> 01:39:34,490
I'm talking about the Internet in

2207
01:39:40,150 --> 01:39:37,070
general and servers well if we go back

2208
01:39:42,540 --> 01:39:40,160
to like kim.com right or BitTorrent

2209
01:39:47,020 --> 01:39:42,550
or any of these other peer-to-peer

2210
01:39:48,400 --> 01:39:47,030
file-sharing databases that were out

2211
01:39:52,210 --> 01:39:48,410
there at one point

2212
01:39:55,270 --> 01:39:52,220
you remember kim.com or whatever was

2213
01:39:57,970 --> 01:39:55,280
using them like 10% of the Internet yeah

2214
01:40:00,640 --> 01:39:57,980
and and so you know that's true as files

2215
01:40:02,170 --> 01:40:00,650
get bigger and bigger so I mentioned the

2216
01:40:04,990 --> 01:40:02,180
theta blockchain which I'm involved with

2217
01:40:07,660 --> 01:40:05,000
earlier turns out that about 60% of

2218
01:40:08,980 --> 01:40:07,670
Internet traffic today is video I think

2219
01:40:10,840 --> 01:40:08,990
that's right and so you know you got

2220
01:40:13,450 --> 01:40:10,850
Netflix and Hulu and you got these guys

2221
01:40:15,310 --> 01:40:13,460
streaming everywhere alright and it

2222
01:40:17,740 --> 01:40:15,320
turns out the projections are it's going

2223
01:40:20,110 --> 01:40:17,750
to be up to like 80 percent in a few

2224
01:40:22,480 --> 01:40:20,120
years of video so that's what's bogging

2225
01:40:25,960 --> 01:40:22,490
down the internet right now I mean the

2226
01:40:28,240 --> 01:40:25,970
blockchain data yes it's big and it gets

2227
01:40:30,100 --> 01:40:28,250
bigger all the time but compared to the

2228
01:40:34,480 --> 01:40:30,110
amount of video data it's not that big

2229
01:40:36,610 --> 01:40:34,490
that said you know this is you know one

2230
01:40:39,430 --> 01:40:36,620
of the criticisms of Bitcoin in

2231
01:40:40,900 --> 01:40:39,440
particular is that the mining you know

2232
01:40:42,660 --> 01:40:40,910
it's getting harder and harder and

2233
01:40:45,040 --> 01:40:42,670
there's so much money to be made that

2234
01:40:49,450 --> 01:40:45,050
more and more people are using lots of

2235
01:40:51,190 --> 01:40:49,460
electricity in their miners to to do

2236
01:40:54,130 --> 01:40:51,200
this and that it's basically not a

2237
01:40:55,150 --> 01:40:54,140
climate friendly situation because

2238
01:40:56,710 --> 01:40:55,160
you're actually using so much

2239
01:40:59,320 --> 01:40:56,720
electricity which is still generated by

2240
01:41:01,180 --> 01:40:59,330
plants coal plants or whatever power

2241
01:41:03,190 --> 01:41:01,190
plants that you have out there yeah now

2242
01:41:05,020 --> 01:41:03,200
you do a Bitcoin transaction for a

2243
01:41:07,729 --> 01:41:05,030
hundred bucks or one for

2244
01:41:09,950 --> 01:41:07,739
$100,000 same amount of electricity for

2245
01:41:11,870 --> 01:41:09,960
that transaction right because they both

2246
01:41:13,580 --> 01:41:11,880
get recorded into the into the next

2247
01:41:15,260 --> 01:41:13,590
block of transactions and so that's why

2248
01:41:17,210 --> 01:41:15,270
you know smaller transactions don't

2249
01:41:19,729 --> 01:41:17,220
always make sense than Bitcoin anymore

2250
01:41:21,440 --> 01:41:19,739
given what the price is and how it works

2251
01:41:23,540 --> 01:41:21,450
that's why I was saying it's it's not

2252
01:41:24,800 --> 01:41:23,550
used so much as a medium of exchange for

2253
01:41:27,710 --> 01:41:24,810
buying little things like a pizza

2254
01:41:29,630 --> 01:41:27,720
anymore although you certainly could but

2255
01:41:32,150 --> 01:41:29,640
that's where other block chains come in

2256
01:41:34,790 --> 01:41:32,160
and so other block chains were invented

2257
01:41:36,229 --> 01:41:34,800
to be more efficient than the Bitcoin

2258
01:41:38,450 --> 01:41:36,239
watching because that was the first one

2259
01:41:40,940 --> 01:41:38,460
you know I mentioned aetherium which

2260
01:41:42,920 --> 01:41:40,950
does I think every 15 seconds a new

2261
01:41:44,510 --> 01:41:42,930
block gets generated so there's a lot of

2262
01:41:46,520 --> 01:41:44,520
it theorem blocks generated since we

2263
01:41:49,130 --> 01:41:46,530
started this conversation there's light

2264
01:41:51,380 --> 01:41:49,140
coin which you know is supposed to be

2265
01:41:53,990 --> 01:41:51,390
more efficient as well but that's where

2266
01:41:55,610 --> 01:41:54,000
this I you know it's an it's an evolving

2267
01:41:57,380 --> 01:41:55,620
field with this idea of proof of work

2268
01:41:59,540 --> 01:41:57,390
which is what Bitcoin and a lot of the

2269
01:42:01,460 --> 01:41:59,550
existing block chains are built on it

2270
01:42:03,530 --> 01:42:01,470
means that you have to do lots of work

2271
01:42:06,440 --> 01:42:03,540
to mine a block and that's what uses

2272
01:42:08,210 --> 01:42:06,450
electricity some of the block chains

2273
01:42:10,400 --> 01:42:08,220
newer ones are switching to proof of

2274
01:42:12,410 --> 01:42:10,410
stake which does not use nearly it's

2275
01:42:13,729 --> 01:42:12,420
like a thousand times less because it's

2276
01:42:17,660 --> 01:42:13,739
not about how much work you do it's

2277
01:42:19,460 --> 01:42:17,670
about how many Kryptos or ether you put

2278
01:42:22,160 --> 01:42:19,470
into the system and you have to like

2279
01:42:24,860 --> 01:42:22,170
deposit them and then you can have a

2280
01:42:26,540 --> 01:42:24,870
vote on what happens and so it's much

2281
01:42:29,180 --> 01:42:26,550
more efficient and so that'll evolve

2282
01:42:31,190 --> 01:42:29,190
over time as well I mean again I have to

2283
01:42:34,570 --> 01:42:31,200
emphasize that we're still in my opinion

2284
01:42:36,830 --> 01:42:34,580
in the early days of cryptocurrency and

2285
01:42:38,960 --> 01:42:36,840
blocking and there'll be lots of

2286
01:42:40,550 --> 01:42:38,970
interesting innovations that come out in

2287
01:42:43,729 --> 01:42:40,560
the years ahead that will make it much

2288
01:42:45,979 --> 01:42:43,739
more efficient much more secure and

2289
01:42:48,680 --> 01:42:45,989
hopefully eventually more mainstream now

2290
01:42:51,890 --> 01:42:48,690
I'm gonna suggest something now I would

2291
01:42:57,590 --> 01:42:51,900
like your take on this but this is where

2292
01:43:00,320 --> 01:42:57,600
my my mind goes and it's going here the

2293
01:43:02,950 --> 01:43:00,330
more that I've analyzed Bitcoin mining

2294
01:43:06,950 --> 01:43:02,960
the technology the processing power and

2295
01:43:08,630 --> 01:43:06,960
and what it how it can eat up like

2296
01:43:11,840 --> 01:43:08,640
you're talking about spare bandwidth is

2297
01:43:13,880 --> 01:43:11,850
the future could there be and you and I

2298
01:43:16,000 --> 01:43:13,890
can start this company together or maybe

2299
01:43:18,220 --> 01:43:16,010
get this technology down but

2300
01:43:23,819 --> 01:43:18,230
would there be in the future on cell

2301
01:43:30,250 --> 01:43:23,829
phones and on computers laptops a

2302
01:43:32,160 --> 01:43:30,260
separate blockchain processor well there

2303
01:43:35,589 --> 01:43:32,170
there could be I mean if you look at

2304
01:43:37,750 --> 01:43:35,599
blocked Bitcoin blockchain today it used

2305
01:43:40,209 --> 01:43:37,760
to be that people would mine it using

2306
01:43:41,890 --> 01:43:40,219
their computer CPU right but what

2307
01:43:43,600 --> 01:43:41,900
happened was that that was relatively

2308
01:43:45,790 --> 01:43:43,610
slow and so people switched to using

2309
01:43:48,669 --> 01:43:45,800
GPUs which was faster

2310
01:43:50,680 --> 01:43:48,679
now most Bitcoin mining is not done with

2311
01:43:52,859 --> 01:43:50,690
your computer CPU or GPU it's you it's

2312
01:43:55,959 --> 01:43:52,869
done using what are called ASIC or

2313
01:43:57,970 --> 01:43:55,969
application-specific chips that people

2314
01:44:00,279 --> 01:43:57,980
have created because they're really fast

2315
01:44:02,740 --> 01:44:00,289
just in mining Bitcoin because they're

2316
01:44:04,810 --> 01:44:02,750
they're really fast at solving that

2317
01:44:07,029 --> 01:44:04,820
cryptographic cash puzzle that I talked

2318
01:44:09,189 --> 01:44:07,039
about earlier and so their circuits

2319
01:44:12,040 --> 01:44:09,199
built specifically for this so I think

2320
01:44:15,279 --> 01:44:12,050
over time there will be different types

2321
01:44:17,770 --> 01:44:15,289
of chips and boards built for mining

2322
01:44:19,060 --> 01:44:17,780
different types of block chains and so

2323
01:44:21,399 --> 01:44:19,070
that that is happening in the

2324
01:44:23,680 --> 01:44:21,409
marketplace and so you know I mean I

2325
01:44:25,959 --> 01:44:23,690
think it'll shake out depending upon

2326
01:44:29,020 --> 01:44:25,969
which cryptos and block chains are more

2327
01:44:30,970 --> 01:44:29,030
popular so I think as a general idea

2328
01:44:32,500 --> 01:44:30,980
it's a good one it's already happening

2329
01:44:34,629 --> 01:44:32,510
but I think we have to look at the

2330
01:44:38,919 --> 01:44:34,639
specifics of okay which Kryptos can be

2331
01:44:41,410 --> 01:44:38,929
mined using which types of CPUs GPUs or

2332
01:44:45,189 --> 01:44:41,420
new chips if you will that you could

2333
01:44:47,620 --> 01:44:45,199
embed yeah when when I had read last

2334
01:44:52,120 --> 01:44:47,630
month that over in Russia to these

2335
01:44:54,540 --> 01:44:52,130
crypto mining farms both two different

2336
01:44:59,319 --> 01:44:54,550
ones actually bought their own

2337
01:45:01,330 --> 01:44:59,329
electrical plants yeah I could see that

2338
01:45:05,080 --> 01:45:01,340
you know because there they have usually

2339
01:45:07,899 --> 01:45:05,090
farms of servers but they're not servers

2340
01:45:09,339 --> 01:45:07,909
in the traditional sense well the way we

2341
01:45:11,500 --> 01:45:09,349
think about them they're they're just

2342
01:45:14,140 --> 01:45:11,510
these ASIC boards and they have lots and

2343
01:45:17,770 --> 01:45:14,150
lots of them that are sitting there and

2344
01:45:19,569 --> 01:45:17,780
so it becomes expensive you know to from

2345
01:45:21,339 --> 01:45:19,579
the electric electricity perspective so

2346
01:45:22,779 --> 01:45:21,349
it's may even be more efficient for them

2347
01:45:25,550 --> 01:45:22,789
to be generating their own electricity

2348
01:45:27,500 --> 01:45:25,560
so I believe it yeah yeah and so

2349
01:45:33,580 --> 01:45:27,510
okay so when we're dealing with the

2350
01:45:36,710 --> 01:45:33,590
blockchain explain the best that you can

2351
01:45:41,200 --> 01:45:36,720
through a transaction what goes where

2352
01:45:46,310 --> 01:45:44,180
sure so I mean I'll try to get to

2353
01:45:47,210 --> 01:45:46,320
technical hook is there's a you know

2354
01:45:48,290 --> 01:45:47,220
there's a lot of technical details

2355
01:45:50,570 --> 01:45:48,300
they're all available on the internet

2356
01:45:53,000 --> 01:45:50,580
you can get seen that protocols and the

2357
01:45:54,410 --> 01:45:53,010
algorithms but you know what I found

2358
01:45:57,050 --> 01:45:54,420
interesting about Bitcoin and this is

2359
01:45:58,460 --> 01:45:57,060
also true of other block chains but each

2360
01:46:01,610 --> 01:45:58,470
one's a little bit different

2361
01:46:04,300 --> 01:46:01,620
all right so in Bitcoin you know what I

2362
01:46:07,880 --> 01:46:04,310
found is that a transaction is really

2363
01:46:10,550 --> 01:46:07,890
moving Bitcoin from one wallet to

2364
01:46:13,550 --> 01:46:10,560
another all right so that's what a

2365
01:46:16,400 --> 01:46:13,560
transaction is so it says I own wallet a

2366
01:46:19,160 --> 01:46:16,410
you own wallet B I would like to send

2367
01:46:23,060 --> 01:46:19,170
you know this number point five Bitcoin

2368
01:46:25,220 --> 01:46:23,070
from wallet a - well it'd be and so you

2369
01:46:27,170 --> 01:46:25,230
have some software that allows you to do

2370
01:46:29,420 --> 01:46:27,180
that and then it'll ask you for your

2371
01:46:32,000 --> 01:46:29,430
private key that's what makes it so that

2372
01:46:34,010 --> 01:46:32,010
only you can transfer money out of your

2373
01:46:35,300 --> 01:46:34,020
wallet if somebody else had your private

2374
01:46:37,310 --> 01:46:35,310
key then they could just transfer the

2375
01:46:38,660 --> 01:46:37,320
money to their well and then you know

2376
01:46:40,730 --> 01:46:38,670
then you'd be a Sohail alright

2377
01:46:43,280 --> 01:46:40,740
but it's the private keys that make this

2378
01:46:44,450 --> 01:46:43,290
whole thing work because it's a you know

2379
01:46:47,270 --> 01:46:44,460
based on on certain types of

2380
01:46:49,010 --> 01:46:47,280
cryptography and so that transaction

2381
01:46:51,970 --> 01:46:49,020
says go from all in a wallet v and it

2382
01:46:54,650 --> 01:46:51,980
gets broadcast out there to the network

2383
01:46:58,160 --> 01:46:54,660
and then there are these miners who are

2384
01:47:00,140 --> 01:46:58,170
sitting there listening for these

2385
01:47:01,730 --> 01:47:00,150
transactions and so they try to

2386
01:47:04,070 --> 01:47:01,740
basically say okay let me get a bunch of

2387
01:47:07,400 --> 01:47:04,080
these transactions together and let me

2388
01:47:09,410 --> 01:47:07,410
see if they fit into a block and now in

2389
01:47:10,790 --> 01:47:09,420
the early days a Bitcoin you can look at

2390
01:47:12,590 --> 01:47:10,800
the blockchain by the way there's a lot

2391
01:47:14,990 --> 01:47:12,600
of websites like blockchain dot IO or

2392
01:47:16,880 --> 01:47:15,000
ether scan for a theorem where you can

2393
01:47:18,770 --> 01:47:16,890
see every single transaction ever done

2394
01:47:19,880 --> 01:47:18,780
in the blockchain you can go right back

2395
01:47:21,530 --> 01:47:19,890
and see where did they get their

2396
01:47:22,880 --> 01:47:21,540
bitcoins from going all the way back so

2397
01:47:26,180 --> 01:47:22,890
if you look at transactions from like

2398
01:47:27,800 --> 01:47:26,190
2009 or 2010 there's only like a few

2399
01:47:30,200 --> 01:47:27,810
transactions per block you might have

2400
01:47:31,970 --> 01:47:30,210
ten transactions today it's typically

2401
01:47:34,580 --> 01:47:31,980
like a thousand transactions per block

2402
01:47:36,560 --> 01:47:34,590
so because there's a maximum size in the

2403
01:47:38,550 --> 01:47:36,570
Bitcoin protocol and so you put all

2404
01:47:40,500 --> 01:47:38,560
those together and then you try

2405
01:47:42,810 --> 01:47:40,510
add what's called a nonce which is a

2406
01:47:43,800 --> 01:47:42,820
random number and you tried it you run

2407
01:47:46,020 --> 01:47:43,810
the whole thing through this hash

2408
01:47:48,960 --> 01:47:46,030
function and you see if the hash is less

2409
01:47:50,700 --> 01:47:48,970
than some target difficulty it's it's

2410
01:47:52,470 --> 01:47:50,710
basically a puzzle you can only solve by

2411
01:47:54,900 --> 01:47:52,480
trying lots of numbers that's why it

2412
01:47:58,020 --> 01:47:54,910
takes work so somebody in the network

2413
01:48:00,570 --> 01:47:58,030
will find a set of transactions and a

2414
01:48:02,370 --> 01:48:00,580
random number that generates a hash that

2415
01:48:06,030 --> 01:48:02,380
solves the problem whoever does that

2416
01:48:07,410 --> 01:48:06,040
they mind the block and then they share

2417
01:48:09,990 --> 01:48:07,420
that block with everybody else and

2418
01:48:11,700 --> 01:48:10,000
everybody else agrees yes that solves

2419
01:48:13,380 --> 01:48:11,710
that cryptographic problem and that

2420
01:48:15,930 --> 01:48:13,390
block gets added to the blockchain and

2421
01:48:18,480 --> 01:48:15,940
then as more people verify that that's

2422
01:48:20,700 --> 01:48:18,490
when your Vidkun becomes available in

2423
01:48:22,560 --> 01:48:20,710
wallet B so while it B can't access it

2424
01:48:24,750 --> 01:48:22,570
right away until the transactions are

2425
01:48:26,610 --> 01:48:24,760
mined and put into a block and verified

2426
01:48:30,300 --> 01:48:26,620
by a number of miners how long does it

2427
01:48:32,970 --> 01:48:30,310
typically take well so the difficulty

2428
01:48:35,370 --> 01:48:32,980
gets adjusted so that in Bitcoin it

2429
01:48:37,620 --> 01:48:35,380
happens every ten minutes in a theorem I

2430
01:48:39,180 --> 01:48:37,630
think it happens every 15 seconds it's

2431
01:48:40,920 --> 01:48:39,190
different for different block chains and

2432
01:48:42,930 --> 01:48:40,930
so this gets back to the architecture of

2433
01:48:44,250 --> 01:48:42,940
the blockchain and what is the nature of

2434
01:48:48,360 --> 01:48:44,260
the puzzles that the computer has to

2435
01:48:49,890 --> 01:48:48,370
solve I've heard talk you know I read a

2436
01:48:53,880 --> 01:48:49,900
lot of forms and I've heard talk about

2437
01:48:57,060 --> 01:48:53,890
block chains getting up to you know five

2438
01:49:00,150 --> 01:48:57,070
or ten thousand transactions a second do

2439
01:49:02,700 --> 01:49:00,160
you see that as ever being possible well

2440
01:49:04,290 --> 01:49:02,710
yeah I mean there are new block chains

2441
01:49:06,660 --> 01:49:04,300
all the time I mean you mentioned

2442
01:49:07,950 --> 01:49:06,670
earlier there's like you know thousands

2443
01:49:09,750 --> 01:49:07,960
of crypto is out there now

2444
01:49:11,490 --> 01:49:09,760
cryptocurrency each currency either

2445
01:49:13,800 --> 01:49:11,500
either it runs on existing blockchain

2446
01:49:16,140 --> 01:49:13,810
like the etherium blockchain or runs on

2447
01:49:18,480 --> 01:49:16,150
a new blockchain and so when people want

2448
01:49:20,610 --> 01:49:18,490
really fast transactions they have to

2449
01:49:21,930 --> 01:49:20,620
architect the new blockchain and you

2450
01:49:24,180 --> 01:49:21,940
know I mentioned our video streaming

2451
01:49:25,320 --> 01:49:24,190
network with data earlier video

2452
01:49:27,630 --> 01:49:25,330
streaming is very computationally

2453
01:49:28,500 --> 01:49:27,640
intensive alright and things have to

2454
01:49:30,240 --> 01:49:28,510
happen fast

2455
01:49:31,380 --> 01:49:30,250
in order to get the string right and so

2456
01:49:33,480 --> 01:49:31,390
in that case we're building a new

2457
01:49:35,100 --> 01:49:33,490
blockchain specifically for that because

2458
01:49:37,260 --> 01:49:35,110
it has to be fast and it has to have a

2459
01:49:38,730 --> 01:49:37,270
higher performance then you know waiting

2460
01:49:41,190 --> 01:49:38,740
ten minutes for each block to be mined

2461
01:49:42,960 --> 01:49:41,200
as in Bitcoin so it really depends on

2462
01:49:44,970 --> 01:49:42,970
which blockchain you're talking about I

2463
01:49:46,590 --> 01:49:44,980
don't know specifically you know

2464
01:49:48,560 --> 01:49:46,600
thousand per second five thousand per

2465
01:49:50,790 --> 01:49:48,570
second I mean it's definitely possible

2466
01:49:52,260 --> 01:49:50,800
but different different block chains

2467
01:49:54,000 --> 01:49:52,270
have different targets and

2468
01:49:56,220 --> 01:49:54,010
you know that's why there's so many now

2469
01:49:58,140 --> 01:49:56,230
it'll shake out you know in the early

2470
01:49:59,520 --> 01:49:58,150
days of PCs you know there were lots of

2471
01:50:02,250 --> 01:49:59,530
different computers and operating

2472
01:50:04,680 --> 01:50:02,260
systems and eventually they consolidated

2473
01:50:07,470 --> 01:50:04,690
and that'll happen eventually you know

2474
01:50:08,880 --> 01:50:07,480
these different kryptos as well you know

2475
01:50:10,620 --> 01:50:08,890
I'd like to use the example of the early

2476
01:50:12,690 --> 01:50:10,630
days of the auto industry I grew up in

2477
01:50:14,850 --> 01:50:12,700
Detroit and you know back then you know

2478
01:50:16,560 --> 01:50:14,860
Oldsmobile Buick dodge these were all

2479
01:50:18,510 --> 01:50:16,570
separate companies started by separate

2480
01:50:20,460 --> 01:50:18,520
entrepreneurs right and eventually it

2481
01:50:22,500 --> 01:50:20,470
consolidated to the Big Three automakers

2482
01:50:24,030 --> 01:50:22,510
and now we have Tesla and others but

2483
01:50:26,550 --> 01:50:24,040
same thing with Krypto I mean it won't

2484
01:50:28,860 --> 01:50:26,560
consolidate 2/3 but it'll consolidate

2485
01:50:30,840 --> 01:50:28,870
from thousands to you know a certain

2486
01:50:32,880 --> 01:50:30,850
number that had been successful at how

2487
01:50:35,490 --> 01:50:32,890
they're used this is the important point

2488
01:50:37,590 --> 01:50:35,500
what is the utility of the blockchain

2489
01:50:39,930 --> 01:50:37,600
and that's I think where the interesting

2490
01:50:42,090 --> 01:50:39,940
applications will be moving forward is

2491
01:50:44,550 --> 01:50:42,100
you can have different applications that

2492
01:50:46,140 --> 01:50:44,560
need a distributed database and some

2493
01:50:48,060 --> 01:50:46,150
some things don't need a distributed

2494
01:50:49,920 --> 01:50:48,070
database so there's no reason you need

2495
01:50:52,740 --> 01:50:49,930
to do it as a noob watching what

2496
01:50:57,930 --> 01:50:52,750
mistakes happen what happens if a block

2497
01:50:59,940 --> 01:50:57,940
gets corrupted well this is where you

2498
01:51:01,860 --> 01:50:59,950
know because it's not in any one place

2499
01:51:03,420 --> 01:51:01,870
right if the block gets corrupted then

2500
01:51:04,950 --> 01:51:03,430
the other people will be able to see

2501
01:51:06,600 --> 01:51:04,960
that it's corrupted because the

2502
01:51:08,280 --> 01:51:06,610
cryptographic hash would no longer

2503
01:51:10,710 --> 01:51:08,290
produce the results that you thought it

2504
01:51:12,510 --> 01:51:10,720
would so if he's easy the way these hash

2505
01:51:16,740 --> 01:51:12,520
functions work if you change one bit you

2506
01:51:18,750 --> 01:51:16,750
know in a string I've say 256 bytes just

2507
01:51:20,100 --> 01:51:18,760
you know a much longer string you could

2508
01:51:21,150 --> 01:51:20,110
change one character or one bit and

2509
01:51:23,610 --> 01:51:21,160
you'll get a completely different

2510
01:51:26,160 --> 01:51:23,620
results so that's actually why hash

2511
01:51:28,260 --> 01:51:26,170
functions were invented initially was so

2512
01:51:30,750 --> 01:51:28,270
you could verify the integrity of the

2513
01:51:32,100 --> 01:51:30,760
data to say yep this data is exactly the

2514
01:51:34,230 --> 01:51:32,110
same as it was when it was created

2515
01:51:38,490 --> 01:51:34,240
there's no bits or bytes here that are

2516
01:51:40,650 --> 01:51:38,500
wrong well right well okay now let's say

2517
01:51:43,190 --> 01:51:40,660
everything is verified transaction is

2518
01:51:46,830 --> 01:51:43,200
verified it gets added into the ledger

2519
01:51:50,820 --> 01:51:46,840
at that point into the blockchain is

2520
01:51:54,450 --> 01:51:50,830
there has there been something that has

2521
01:51:55,620 --> 01:51:54,460
gone wrong well this is why you need you

2522
01:52:00,720 --> 01:51:55,630
can't just add it to the blockchain

2523
01:52:04,500 --> 01:52:00,730
yourself it's verified but once it's

2524
01:52:07,050 --> 01:52:04,510
added to the blockchain as transit

2525
01:52:09,990 --> 01:52:07,060
five by let's say 20 different servers

2526
01:52:12,960 --> 01:52:10,000
ripe you know at that point they all

2527
01:52:14,940 --> 01:52:12,970
have copies of it right and then

2528
01:52:16,950 --> 01:52:14,950
eventually two hundred servers two

2529
01:52:18,540 --> 01:52:16,960
thousand servers all have copies of that

2530
01:52:20,610 --> 01:52:18,550
now it's possible they could get

2531
01:52:21,690 --> 01:52:20,620
corrupted in any one of those right but

2532
01:52:23,330 --> 01:52:21,700
it's unlikely that it would get

2533
01:52:25,650 --> 01:52:23,340
corrupted in 51 percent of those

2534
01:52:27,630 --> 01:52:25,660
potentially all right so that's why you

2535
01:52:29,760 --> 01:52:27,640
have this kind of failsafe method of

2536
01:52:33,570 --> 01:52:29,770
saying all these guys have to agree now

2537
01:52:36,420 --> 01:52:33,580
there is this idea of forks right which

2538
01:52:39,660 --> 01:52:36,430
you know you could say is kind of down

2539
01:52:42,120 --> 01:52:39,670
this line where there's something called

2540
01:52:43,530 --> 01:52:42,130
Bitcoin cache which is a fork of the

2541
01:52:45,360 --> 01:52:43,540
original Bitcoin blockchain

2542
01:52:47,040 --> 01:52:45,370
so they took block number I don't know

2543
01:52:48,540 --> 01:52:47,050
what the block number was let's say it

2544
01:52:50,460 --> 01:52:48,550
was block number fifty thousand right

2545
01:52:52,530 --> 01:52:50,470
mm-hmm or a high five hundred thousand I

2546
01:52:54,780 --> 01:52:52,540
think it's a more likely number and they

2547
01:52:57,090 --> 01:52:54,790
said from this point forward we're going

2548
01:52:58,950 --> 01:52:57,100
to have different rules for how these

2549
01:53:00,480 --> 01:52:58,960
blocks are assembled you know they

2550
01:53:02,130 --> 01:53:00,490
wanted to have a more efficient system

2551
01:53:04,110 --> 01:53:02,140
that would happen more quickly for

2552
01:53:07,920 --> 01:53:04,120
example like you talked about so the 500

2553
01:53:11,310 --> 01:53:07,930
and 1000 block 500 thousand and one

2554
01:53:12,810 --> 01:53:11,320
block in Bitcoin cache is different than

2555
01:53:15,420 --> 01:53:12,820
the five hundred thousand and one block

2556
01:53:17,880 --> 01:53:15,430
in Bitcoin and then you can think of it

2557
01:53:19,890 --> 01:53:17,890
as a fork in the road and then they kind

2558
01:53:21,270 --> 01:53:19,900
of process on and now they're two

2559
01:53:23,640 --> 01:53:21,280
completely different crypto currencies

2560
01:53:25,410 --> 01:53:23,650
even though they started with the same

2561
01:53:28,290 --> 01:53:25,420
fork and they started with the same

2562
01:53:30,150 --> 01:53:28,300
trunk and then they fort so that's you

2563
01:53:32,070 --> 01:53:30,160
know people may hear about that now in

2564
01:53:33,750 --> 01:53:32,080
the news about forking different

2565
01:53:37,350 --> 01:53:33,760
different block chains that's what that

2566
01:53:40,590 --> 01:53:37,360
means now how big how big of a file is

2567
01:53:43,050 --> 01:53:40,600
the entire blockchain for Bitcoin well

2568
01:53:46,320 --> 01:53:43,060
so it's gotten pretty big over time and

2569
01:53:47,970 --> 01:53:46,330
so that's why they have full nodes and

2570
01:53:50,850 --> 01:53:47,980
then they have what are called simple

2571
01:53:52,920 --> 01:53:50,860
payment verification nodes and so the

2572
01:53:55,680 --> 01:53:52,930
full blockchain is I don't know it's in

2573
01:53:58,350 --> 01:53:55,690
the gigabytes at this point I think each

2574
01:54:00,780 --> 01:53:58,360
block is like one megabyte I think so

2575
01:54:03,690 --> 01:54:00,790
you can add that up and multiply that I

2576
01:54:06,150 --> 01:54:03,700
think the highest block number now you

2577
01:54:08,100 --> 01:54:06,160
can go to like you know one of these

2578
01:54:09,960 --> 01:54:08,110
sites like blockchain dot info and

2579
01:54:13,500 --> 01:54:09,970
they'll tell you what the latest block

2580
01:54:14,790 --> 01:54:13,510
number is 512 two one five right that's

2581
01:54:15,760 --> 01:54:14,800
the number of blocks in the blockchain

2582
01:54:20,320 --> 01:54:15,770
right now

2583
01:54:25,600 --> 01:54:20,330
500 okay so each one of these mining

2584
01:54:27,190 --> 01:54:25,610
servers right these ASIC servers that we

2585
01:54:28,900 --> 01:54:27,200
were just talking about for lack of a

2586
01:54:32,280 --> 01:54:28,910
better word we'll call it an you know a

2587
01:54:35,110 --> 01:54:32,290
mining ASIC server it is the blockchain

2588
01:54:37,900 --> 01:54:35,120
existing on each an individual server

2589
01:54:41,530 --> 01:54:37,910
well that was the original idea right

2590
01:54:44,320 --> 01:54:41,540
but what happened was because solving

2591
01:54:47,950 --> 01:54:44,330
the mining pool problem is so hard

2592
01:54:49,660 --> 01:54:47,960
there's this idea of mining pools now so

2593
01:54:52,150 --> 01:54:49,670
one computer would have the whole

2594
01:54:54,420 --> 01:54:52,160
blockchain and it would send out let's

2595
01:54:58,000 --> 01:54:54,430
say to a thousand different computers

2596
01:54:59,920 --> 01:54:58,010
you know aspects of the problem to solve

2597
01:55:01,600 --> 01:54:59,930
and each computer would try a different

2598
01:55:04,090 --> 01:55:01,610
number because it's all about trying

2599
01:55:05,290 --> 01:55:04,100
random numbers and so every one of those

2600
01:55:08,050 --> 01:55:05,300
ASIC chips doesn't need the whole

2601
01:55:09,790 --> 01:55:08,060
blockchain it just needs to do it try it

2602
01:55:12,550 --> 01:55:09,800
try these random numbers to see if they

2603
01:55:14,380 --> 01:55:12,560
work right so verifying a cryptographic

2604
01:55:16,900 --> 01:55:14,390
hash is actually really quick and easy

2605
01:55:18,460 --> 01:55:16,910
you can say if I got this string and I

2606
01:55:21,190 --> 01:55:18,470
hash it this is what I get as the output

2607
01:55:24,310 --> 01:55:21,200
ah pretty easily you don't need a lot of

2608
01:55:26,260 --> 01:55:24,320
processing to do it and so most of these

2609
01:55:28,210 --> 01:55:26,270
ASIC chips are just doing that with a

2610
01:55:30,010 --> 01:55:28,220
bunch of random numbers they're not

2611
01:55:33,460 --> 01:55:30,020
necessarily mining and keeping track of

2612
01:55:34,990 --> 01:55:33,470
the Hobe watching the full nodes are the

2613
01:55:36,700 --> 01:55:35,000
Bitcoin servers that are controlling

2614
01:55:38,710 --> 01:55:36,710
these these mining pools they're doing

2615
01:55:40,630 --> 01:55:38,720
all of that and you don't need all of

2616
01:55:43,810 --> 01:55:40,640
that on your computer to use blockchain

2617
01:55:45,760 --> 01:55:43,820
to use you spend your Bitcoin you just

2618
01:55:47,550 --> 01:55:45,770
need what's called a simple payment

2619
01:55:50,080 --> 01:55:47,560
verification service is a much smaller

2620
01:55:51,940 --> 01:55:50,090
set it's like 80 bytes of a header in

2621
01:55:55,480 --> 01:55:51,950
each block right right all right which

2622
01:55:57,940 --> 01:55:55,490
makes sense and this is one of the most

2623
01:56:01,930 --> 01:55:57,950
fascinating parts of this too when I

2624
01:56:04,210 --> 01:56:01,940
when I read about how the queue is you

2625
01:56:06,160 --> 01:56:04,220
know you're waiting for you know you're

2626
01:56:08,020 --> 01:56:06,170
transiting those others that are in

2627
01:56:11,170 --> 01:56:08,030
front of you there are some of you that

2628
01:56:13,630 --> 01:56:11,180
are behind you in the line right how is

2629
01:56:16,810 --> 01:56:13,640
that determined you know and what if

2630
01:56:19,270 --> 01:56:16,820
they happen at the same time and and is

2631
01:56:21,190 --> 01:56:19,280
this happening all around the world when

2632
01:56:24,220 --> 01:56:21,200
I picture a queue it's just like you're

2633
01:56:28,360 --> 01:56:24,230
in line at McDonald's right it's the

2634
01:56:31,030 --> 01:56:28,370
very same thing who's where is

2635
01:56:33,160 --> 01:56:31,040
this accumulated well it's happening

2636
01:56:35,140 --> 01:56:33,170
everywhere now right now that Bitcoin

2637
01:56:37,210 --> 01:56:35,150
has gotten popular and that was part of

2638
01:56:39,400 --> 01:56:37,220
what happened in the last year because a

2639
01:56:41,200 --> 01:56:39,410
prize for a house more people started to

2640
01:56:43,210 --> 01:56:41,210
do mining so I would say there's Bitcoin

2641
01:56:45,520 --> 01:56:43,220
mining going on in pretty much every at

2642
01:56:47,440 --> 01:56:45,530
least developed country in the world and

2643
01:56:49,840 --> 01:56:47,450
maybe even in many less developed ones

2644
01:56:51,820 --> 01:56:49,850
where electricity might be cheaper and

2645
01:56:53,740 --> 01:56:51,830
and sometimes people are moving their

2646
01:56:56,470 --> 01:56:53,750
farms to places like Quebec where

2647
01:56:59,080 --> 01:56:56,480
electricity is cheaper for example so

2648
01:57:01,480 --> 01:56:59,090
it's not any one place and that's the

2649
01:57:03,460 --> 01:57:01,490
power of the network right I mean when

2650
01:57:05,470 --> 01:57:03,470
when they first you know said couple

2651
01:57:08,050 --> 01:57:05,480
Satoshi Nakamoto did the first Bitcoin

2652
01:57:09,640 --> 01:57:08,060
server he was just mining you know there

2653
01:57:11,560 --> 01:57:09,650
was one server just mining the stuff

2654
01:57:14,050 --> 01:57:11,570
right now there so there's so many

2655
01:57:16,630 --> 01:57:14,060
that's why it becomes harder for

2656
01:57:18,250 --> 01:57:16,640
governments to stop it it's kind of like

2657
01:57:19,990 --> 01:57:18,260
they're playing whack-a-mole like what

2658
01:57:22,210 --> 01:57:20,000
happened in 2013 I told you there was a

2659
01:57:25,260 --> 01:57:22,220
crash it was like the Chinese government

2660
01:57:28,720 --> 01:57:25,270
clamped down right well then turns out

2661
01:57:30,850 --> 01:57:28,730
you know the Japanese exchanges have

2662
01:57:33,250 --> 01:57:30,860
become some of the biggest exchanges in

2663
01:57:35,200 --> 01:57:33,260
the last year I think Japan's become the

2664
01:57:37,420 --> 01:57:35,210
first or second at their biggest market

2665
01:57:38,590 --> 01:57:37,430
now there's Korean exchanges the

2666
01:57:40,390 --> 01:57:38,600
Russians are trying to clamp down on

2667
01:57:42,610 --> 01:57:40,400
Bitcoin you know the American government

2668
01:57:44,800 --> 01:57:42,620
wants to regulate it and they want to

2669
01:57:46,930 --> 01:57:44,810
you know have all these SEC restrictions

2670
01:57:48,820 --> 01:57:46,940
and the IRS wants to clamp down so but

2671
01:57:50,950 --> 01:57:48,830
but it's become so big now it's this is

2672
01:57:52,630 --> 01:57:50,960
my personal opinion that it's this kind

2673
01:57:54,370 --> 01:57:52,640
of game of whack-a-mole where all the

2674
01:57:56,530 --> 01:57:54,380
governments of the world are trying to

2675
01:57:58,900 --> 01:57:56,540
to squash this thing but it may have

2676
01:58:03,040 --> 01:57:58,910
gotten beyond them you know it's my

2677
01:58:07,110 --> 01:58:03,050
opinion it's fascinating to me so is

2678
01:58:10,090 --> 01:58:07,120
everything then does it have a timestamp

2679
01:58:11,620 --> 01:58:10,100
yeah everything has a timestamp so when

2680
01:58:13,000 --> 01:58:11,630
the block is generated in the blog

2681
01:58:15,940 --> 01:58:13,010
header there's a time stamp that says

2682
01:58:18,730 --> 01:58:15,950
this is when I generated this block and

2683
01:58:19,900 --> 01:58:18,740
this is the the random numbers I used

2684
01:58:22,000 --> 01:58:19,910
and then here's the thousand

2685
01:58:24,520 --> 01:58:22,010
transactions in this block so you can

2686
01:58:26,110 --> 01:58:24,530
look at the block and your particular

2687
01:58:28,420 --> 01:58:26,120
transaction let's say I sent you some

2688
01:58:30,310 --> 01:58:28,430
Bitcoin you sent me some will be in that

2689
01:58:32,200 --> 01:58:30,320
specific block and you can go look it up

2690
01:58:35,650 --> 01:58:32,210
and you can see exactly when it happened

2691
01:58:40,480 --> 01:58:35,660
so there's no way that somebody can cut

2692
01:58:41,910 --> 01:58:40,490
in line no I mean it would whoa okay

2693
01:58:45,150 --> 01:58:41,920
there's no way

2694
01:58:47,340 --> 01:58:45,160
if somebody were controlling more than

2695
01:58:49,290 --> 01:58:47,350
50% of the computing power in the world

2696
01:58:52,530 --> 01:58:49,300
it's possible that you could create your

2697
01:58:54,390 --> 01:58:52,540
own Fork of the Bitcoin blockchain or

2698
01:58:57,090 --> 01:58:54,400
you could go you could go and say you

2699
01:58:59,700 --> 01:58:57,100
know what these are not the right blocks

2700
01:59:01,229 --> 01:58:59,710
but the way that it was constructed was

2701
01:59:03,919 --> 01:59:01,239
that you would have to go back and

2702
01:59:06,120 --> 01:59:03,929
reconstruct all the blocks you know from

2703
01:59:09,600 --> 01:59:06,130
250,000 to let's say today it's at

2704
01:59:12,150 --> 01:59:09,610
500,000 so if you wanted to go back and

2705
01:59:13,979 --> 01:59:12,160
try to cheat and say okay that money

2706
01:59:17,340 --> 01:59:13,989
didn't go from R is to Jimmy and went

2707
01:59:18,620 --> 01:59:17,350
from Jimmy to R is it last here you

2708
01:59:20,189 --> 01:59:18,630
would have to go back to block number

2709
01:59:23,160 --> 01:59:20,199
250,000 and then you would have to

2710
01:59:25,200 --> 01:59:23,170
generate 250,000 and 1 250,000 and two

2711
01:59:26,970 --> 01:59:25,210
meanwhile the current block chain is at

2712
01:59:28,830 --> 01:59:26,980
five hundred and twelve thousand you'll

2713
01:59:30,630 --> 01:59:28,840
never catch up unless you have more than

2714
01:59:33,150 --> 01:59:30,640
50% of the computing power in the world

2715
01:59:34,800 --> 01:59:33,160
I get it so yeah that's why yeah I

2716
01:59:37,740 --> 01:59:34,810
started not that it can't be done but

2717
01:59:40,500 --> 01:59:37,750
it's very unlikely I just sneezed that's

2718
01:59:43,500 --> 01:59:40,510
what that was Riz herded the rest of the

2719
01:59:44,910 --> 01:59:43,510
world did not this is fade to black I'm

2720
01:59:47,220 --> 01:59:44,920
here to meet church now when we come

2721
01:59:49,169 --> 01:59:47,230
back we're gonna stay on this there's

2722
01:59:52,290 --> 01:59:49,179
still lots of questions to be answered

2723
01:59:54,470 --> 01:59:52,300
but now I want to take the over to open

2724
01:59:58,290 --> 01:59:54,480
up the phone lines but how the

2725
01:59:59,820 --> 01:59:58,300
blockchain can be used for everything

2726
02:00:01,860 --> 01:59:59,830
else think about that

2727
02:00:04,209 --> 02:00:01,870
we'll be right back

2728
02:00:09,090 --> 02:00:04,219
everybody drop out for the mental guard

2729
02:00:15,730 --> 02:00:12,370
this is kera digital broadcasting

2730
02:00:19,540 --> 02:00:15,740
station Salt Lake City Utah Van Buren

2731
02:00:22,150 --> 02:00:19,550
Arkansas okay nurse let's get this man

2732
02:00:24,520 --> 02:00:22,160
to the ER stat right away doctor we see

2733
02:00:26,860 --> 02:00:24,530
this every day heart attack or angina

2734
02:00:29,440 --> 02:00:26,870
pain due to blocked and clogged arteries

2735
02:00:31,240 --> 02:00:29,450
chelation can remove obstructions or

2736
02:00:33,280 --> 02:00:31,250
blockages from arteries and help avoid

2737
02:00:35,470 --> 02:00:33,290
painful and expensive surgery

2738
02:00:37,420 --> 02:00:35,480
now there's angio prim it's a liquid

2739
02:00:39,370 --> 02:00:37,430
oral chelation product that you take

2740
02:00:42,340 --> 02:00:39,380
with juice you start to feel the results

2741
02:00:44,380 --> 02:00:42,350
fast angio prim increases blood flow all

2742
02:00:46,240 --> 02:00:44,390
over the body and that means more energy

2743
02:00:48,760 --> 02:00:46,250
and strength to take on the day with

2744
02:00:50,880 --> 02:00:48,770
less aches and pains 60 years of

2745
02:00:53,920 --> 02:00:50,890
research has gone into chelation and

2746
02:00:56,170 --> 02:00:53,930
angiogram is the result a safe and easy

2747
02:00:58,330 --> 02:00:56,180
way to unblock your veins and arteries

2748
02:01:00,190 --> 02:00:58,340
from build-up that slow circulation

2749
02:01:01,180 --> 02:01:00,200
shaping dr. Jones please report to the

2750
02:01:03,160 --> 02:01:01,190
emergency room right away

2751
02:01:04,390 --> 02:01:03,170
log on now for a special radio offer

2752
02:01:08,050 --> 02:01:04,400
from Angie oh prim

2753
02:01:11,920 --> 02:01:08,060
that's Angie oh prim calm / radio ang IO

2754
02:01:13,660 --> 02:01:11,930
PRI M angio prim calm / radio our call

2755
02:01:15,610 --> 02:01:13,670
eight seven seven eight eight to seventy

2756
02:01:19,450 --> 02:01:15,620
two twenty one that's eight seven seven

2757
02:01:21,940 --> 02:01:19,460
eight eight to seventy two twenty one so

2758
02:01:25,600 --> 02:01:21,950
you love talk radio then you'll love

2759
02:01:28,450 --> 02:01:25,610
talk stream live.com talk stream live is

2760
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always on 24/7 with the best streaming

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02:01:35,440 --> 02:01:32,780
and discover some new ones it's free

2763
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2764
02:01:38,740 --> 02:01:36,710
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2765
02:01:41,290 --> 02:01:38,750
finding your favorite talk shows all in

2766
02:01:44,200 --> 02:01:41,300
one place has gotten a whole lot easier

2767
02:01:45,700 --> 02:01:44,210
just go to talk stream live.com be sure

2768
02:01:49,690 --> 02:01:45,710
to download the free apps from Google

2769
02:01:51,940 --> 02:01:49,700
Play or the itunes app store your

2770
02:01:57,370 --> 02:01:51,950
contact for current news and trending

2771
02:01:59,710 --> 02:01:57,380
topics jgr a radio.com hello fader

2772
02:02:03,010 --> 02:01:59,720
Knotts this is Jimmy Church and I'm

2773
02:02:06,070 --> 02:02:03,020
introducing new Pharma a company whose

2774
02:02:08,380 --> 02:02:06,080
products are based on science human

2775
02:02:12,940 --> 02:02:08,390
function based on the endocannabinoid

2776
02:02:15,340 --> 02:02:12,950
system or ECS new pharma firmly believes

2777
02:02:17,800 --> 02:02:15,350
in this science and their research

2778
02:02:18,679 --> 02:02:17,810
indicates that support of the ECS

2779
02:02:20,779 --> 02:02:18,689
provides

2780
02:02:24,129 --> 02:02:20,789
beneficial effects for a healthy

2781
02:02:27,560 --> 02:02:24,139
lifestyle new Pharma science includes

2782
02:02:30,140 --> 02:02:27,570
relief capsules for painfully sleep

2783
02:02:33,229 --> 02:02:30,150
capsules which are natural support for

2784
02:02:36,439 --> 02:02:33,239
occasional sleeplessness Foundation is

2785
02:02:39,469 --> 02:02:36,449
support for your ECS and fit capsules

2786
02:02:41,120 --> 02:02:39,479
support your active lifestyle just click

2787
02:02:44,989 --> 02:02:41,130
on the banner at Jimmy Church radio.com

2788
02:02:47,839 --> 02:02:44,999
and use the promo code f2b for a 33%

2789
02:02:50,779 --> 02:02:47,849
discount on all of their products or

2790
02:02:54,080 --> 02:02:50,789
visit new Pharma comm for all of the

2791
02:03:00,469 --> 02:02:54,090
knowledge on the science that's GNU

2792
02:03:01,790 --> 02:03:00,479
Pharma dot-com gobekli tepe did you know

2793
02:03:04,279 --> 02:03:01,800
that when you're on the road with

2794
02:03:06,319 --> 02:03:04,289
limited data or Wi-Fi available you can

2795
02:03:08,750 --> 02:03:06,329
still listen to every minute of fade to

2796
02:03:11,149 --> 02:03:08,760
black by just calling six oh five five

2797
02:03:13,580 --> 02:03:11,159
six two four four eight two no

2798
02:03:15,949 --> 02:03:13,590
smartphone app or internet needed it

2799
02:03:18,589 --> 02:03:15,959
saves your data plan and no extra cost

2800
02:03:21,169 --> 02:03:18,599
if you have unlimited minutes just call

2801
02:03:23,899 --> 02:03:21,179
six oh five five six two four four eight

2802
02:03:26,299 --> 02:03:23,909
two you can listen to me Jimmy Church on

2803
02:03:32,850 --> 02:03:26,309
any phone anytime anywhere

2804
02:03:36,920 --> 02:03:34,860
[Music]

2805
02:03:39,030 --> 02:03:36,930
[Applause]

2806
02:03:43,290 --> 02:03:39,040
you want to know a secret

2807
02:03:46,260 --> 02:03:43,300
I love ponies I really love ponies I'm

2808
02:03:49,490 --> 02:03:46,270
serious I couldn't stay sane without

2809
02:03:56,010 --> 02:03:49,500
poor mr. Brooks why fade to black

2810
02:04:00,010 --> 02:03:57,880
this is fade to black

2811
02:04:03,700 --> 02:04:00,020
with Jimmy Church on the game changer

2812
02:04:06,070 --> 02:04:03,710
radio network and kgr a the global radio

2813
02:04:18,250 --> 02:04:06,080
alliance

2814
02:04:20,359 --> 02:04:18,260
[Music]

2815
02:04:24,680 --> 02:04:20,369
welcome back fade to black our guest

2816
02:04:29,359 --> 02:04:24,690
tonight Risberg Bitcoin crypto the

2817
02:04:33,200 --> 02:04:29,369
blockchain trying to get rid of some of

2818
02:04:35,750 --> 02:04:33,210
the urban legend and and get down to the

2819
02:04:38,080 --> 02:04:35,760
mystery behind all of this I'm starting

2820
02:04:41,120 --> 02:04:38,090
to understand it I get it

2821
02:04:43,759 --> 02:04:41,130
Riz a couple of questions here oh by the

2822
02:04:49,370 --> 02:04:43,769
way phone lines are open 3 2 3 8 2 5 5 0

2823
02:04:50,390 --> 02:04:49,380
4 5 3 2 3 2 7 5 9 6 9 5 I've opened up

2824
02:04:53,629 --> 02:04:50,400
everything right now

2825
02:04:57,109 --> 02:04:53,639
this comes in from Australia blockchain

2826
02:05:00,439 --> 02:04:57,119
this forking that sounds like a pain in

2827
02:05:05,000 --> 02:05:00,449
the arse why bother with this type of

2828
02:05:07,129 --> 02:05:05,010
currency again R is you know is it a

2829
02:05:10,459 --> 02:05:07,139
currency is it an investment or is it

2830
02:05:14,419 --> 02:05:10,469
the blockchain technology that we should

2831
02:05:16,489 --> 02:05:14,429
be most interested in yeah it's an

2832
02:05:18,950 --> 02:05:16,499
interesting question and I know we're

2833
02:05:20,029 --> 02:05:18,960
getting a little technical in some of

2834
02:05:23,299 --> 02:05:20,039
the explanations here but you kind of

2835
02:05:27,680 --> 02:05:23,309
have to because it's a technology based

2836
02:05:30,649 --> 02:05:27,690
solution and so you know I think long

2837
02:05:32,899 --> 02:05:30,659
term the technology is more interesting

2838
02:05:34,729 --> 02:05:32,909
than the currency even though you know

2839
02:05:37,729 --> 02:05:34,739
most of the focus and the press has been

2840
02:05:39,589 --> 02:05:37,739
on you know how much is Bitcoin worth is

2841
02:05:41,419 --> 02:05:39,599
it a bubble are there Bitcoin

2842
02:05:46,100 --> 02:05:41,429
millionaires like this kind of a thing

2843
02:05:49,879 --> 02:05:46,110
but this idea that no one central

2844
02:05:51,950 --> 02:05:49,889
authority might control something but it

2845
02:05:54,979 --> 02:05:51,960
can be agreed upon and distributed way

2846
02:05:57,739 --> 02:05:54,989
is an important concept in computer

2847
02:05:59,390 --> 02:05:57,749
science and I think that's where you

2848
02:06:01,459 --> 02:05:59,400
know a lot of these new block chains are

2849
02:06:04,129 --> 02:06:01,469
innovating and how they do that how fast

2850
02:06:06,379 --> 02:06:04,139
they do that how efficient it is how the

2851
02:06:08,089 --> 02:06:06,389
blockchain works so you know you could

2852
02:06:09,770 --> 02:06:08,099
go back to the internet and the internet

2853
02:06:12,200 --> 02:06:09,780
was they said of these domain names

2854
02:06:15,470 --> 02:06:12,210
reversion why bother well eventually the

2855
02:06:17,660 --> 02:06:15,480
web came along on top of the internet

2856
02:06:20,390 --> 02:06:17,670
protocols and you know if you look at

2857
02:06:23,270 --> 02:06:20,400
the version 1 of HTML it was a very

2858
02:06:25,040 --> 02:06:23,280
simple protocol I mean you didn't even

2859
02:06:26,950 --> 02:06:25,050
have images if I recall it was just a

2860
02:06:29,629 --> 02:06:26,960
bunch of text it's called a hypertext

2861
02:06:30,900 --> 02:06:29,639
you know linking protocol or markup

2862
02:06:33,540 --> 02:06:30,910
language and

2863
02:06:35,520 --> 02:06:33,550
we couldn't imagine back then what you

2864
02:06:37,710 --> 02:06:35,530
could do with a web I mean today here we

2865
02:06:40,290 --> 02:06:37,720
are listening to fade to black

2866
02:06:42,090 --> 02:06:40,300
from a web page in many cases or from a

2867
02:06:44,130 --> 02:06:42,100
mobile app all right those were all

2868
02:06:45,540 --> 02:06:44,140
built on top of Internet protocols and

2869
02:06:47,610 --> 02:06:45,550
infrastructure and that's why blockchain

2870
02:06:49,470 --> 02:06:47,620
is important there'll be new

2871
02:06:52,230 --> 02:06:49,480
applications that are built on top of

2872
02:06:55,140 --> 02:06:52,240
blockchain that don't require you have

2873
02:06:58,920 --> 02:06:55,150
these centralized servers and so you

2874
02:07:01,680 --> 02:06:58,930
know I know you know the censorship is a

2875
02:07:04,080 --> 02:07:01,690
topic that's probably interesting to to

2876
02:07:05,190 --> 02:07:04,090
this audience mm-hmm and you know within

2877
02:07:07,650 --> 02:07:05,200
within a blockchain

2878
02:07:09,690 --> 02:07:07,660
nobody can censor you because you know

2879
02:07:11,520 --> 02:07:09,700
it has to be done by consensus Amanda

2880
02:07:14,700 --> 02:07:11,530
Jarrett II of people and that's I think

2881
02:07:17,040 --> 02:07:14,710
the real long term interesting aspect of

2882
02:07:21,360 --> 02:07:17,050
this blockchain technology well will

2883
02:07:24,030 --> 02:07:21,370
blockchain be the underlying tack in

2884
02:07:28,350 --> 02:07:24,040
just about every website whether you're

2885
02:07:30,900 --> 02:07:28,360
a wedding photographer or you or cars or

2886
02:07:33,180 --> 02:07:30,910
beer whatever it would would it

2887
02:07:37,590 --> 02:07:33,190
eventually just be the underlying

2888
02:07:39,660 --> 02:07:37,600
technology of everything well it could

2889
02:07:42,180 --> 02:07:39,670
be but you know not everything is well

2890
02:07:44,520 --> 02:07:42,190
suited for blockchain but if you think

2891
02:07:46,440 --> 02:07:44,530
about it you know there's a there's a

2892
02:07:47,490 --> 02:07:46,450
website that you know in the UFO world

2893
02:07:48,930 --> 02:07:47,500
you probably know I think it's called

2894
02:07:50,550 --> 02:07:48,940
the black vault comm right where they

2895
02:07:52,620 --> 02:07:50,560
have thousands of documents up there

2896
02:07:54,810 --> 02:07:52,630
right documents leaked by the government

2897
02:07:57,390 --> 02:07:54,820
well what if that server shut down what

2898
02:07:59,820 --> 02:07:57,400
happens to those documents now if that

2899
02:08:02,550 --> 02:07:59,830
was implemented in a blockchain in a

2900
02:08:04,380 --> 02:08:02,560
peer-to-peer system then you could never

2901
02:08:05,490 --> 02:08:04,390
you know those documents would never be

2902
02:08:08,220 --> 02:08:05,500
deleted they would always be available

2903
02:08:10,290 --> 02:08:08,230
so I think there are applications for

2904
02:08:12,030 --> 02:08:10,300
which blockchain makes sense where you

2905
02:08:13,560 --> 02:08:12,040
need a distributed architecture and

2906
02:08:15,330 --> 02:08:13,570
there may be other applications you know

2907
02:08:17,160 --> 02:08:15,340
where you don't you know like your

2908
02:08:18,870 --> 02:08:17,170
website for your to pay your parking

2909
02:08:21,180 --> 02:08:18,880
ticket I think that could be you over

2910
02:08:23,280 --> 02:08:21,190
your local government's website so that

2911
02:08:24,510 --> 02:08:23,290
might still be a centralized website but

2912
02:08:26,370 --> 02:08:24,520
I think there are lots of interesting

2913
02:08:28,170 --> 02:08:26,380
applications that open up when when you

2914
02:08:30,920 --> 02:08:28,180
do this decentralized way of looking at

2915
02:08:36,300 --> 02:08:30,930
the world well okay so blockchain

2916
02:08:38,430 --> 02:08:36,310
eliminates DIRECTV right all right you

2917
02:08:41,790 --> 02:08:38,440
know whatever you know and we're

2918
02:08:44,020 --> 02:08:41,800
starting if if if the application is

2919
02:08:46,660 --> 02:08:44,030
used correctly and accepted you know

2920
02:08:48,640 --> 02:08:46,670
has to be you know normalized and accept

2921
02:08:54,240 --> 02:08:48,650
it and everybody understands it but if

2922
02:08:57,640 --> 02:08:54,250
it goes that route then what happens to

2923
02:09:02,350 --> 02:08:57,650
it it's almost like the singularity or

2924
02:09:04,390 --> 02:09:02,360
AI you know if in robotics right so

2925
02:09:07,240 --> 02:09:04,400
robotics take over the car industry

2926
02:09:09,910 --> 02:09:07,250
there's no more workers you know so if

2927
02:09:11,529 --> 02:09:09,920
that happens also then what happens to

2928
02:09:13,270 --> 02:09:11,539
these these big companies and the

2929
02:09:17,200 --> 02:09:13,280
employment there if everything is just

2930
02:09:20,169 --> 02:09:17,210
run on everybody's servers well you know

2931
02:09:23,649 --> 02:09:20,179
it would be a kind of a different world

2932
02:09:26,319 --> 02:09:23,659
and just like you know today more people

2933
02:09:28,720 --> 02:09:26,329
are watching entertainment you know in

2934
02:09:30,490 --> 02:09:28,730
their apps and through Netflix in many

2935
02:09:32,500 --> 02:09:30,500
cases than traditional TV right there's

2936
02:09:34,240 --> 02:09:32,510
more and more cord cutters who are

2937
02:09:35,859 --> 02:09:34,250
basically not subscribing to cable where

2938
02:09:38,350 --> 02:09:35,869
you have to have all of these channels

2939
02:09:41,140 --> 02:09:38,360
and you know I wrote a blog post about

2940
02:09:43,810 --> 02:09:41,150
how blockchain could kill Netflix and

2941
02:09:46,029 --> 02:09:43,820
who and cable you know it's available on

2942
02:09:48,850 --> 02:09:46,039
my blog over at medium which is medium

2943
02:09:50,919 --> 02:09:48,860
calm slash at wrist effort and you know

2944
02:09:53,470 --> 02:09:50,929
my point was that right now you've got

2945
02:09:55,660 --> 02:09:53,480
these gatekeepers who decide what

2946
02:09:58,870 --> 02:09:55,670
entertainment you can watch and what you

2947
02:10:01,649 --> 02:09:58,880
can't and in a blockchain enable the

2948
02:10:04,060 --> 02:10:01,659
world you would be able to do that

2949
02:10:05,560 --> 02:10:04,070
anybody could put up content in certain

2950
02:10:06,819 --> 02:10:05,570
channels anybody could create a channel

2951
02:10:08,290 --> 02:10:06,829
now that doesn't mean that it's gonna

2952
02:10:12,189 --> 02:10:08,300
necessarily every channel is gonna be

2953
02:10:13,899 --> 02:10:12,199
seen but it creates that opportunity to

2954
02:10:15,700 --> 02:10:13,909
do that but there's still you know

2955
02:10:17,529 --> 02:10:15,710
people still have to create the content

2956
02:10:19,180 --> 02:10:17,539
you may still have people that need to

2957
02:10:21,490 --> 02:10:19,190
aggregate the content you still have to

2958
02:10:22,870 --> 02:10:21,500
build like the front-end for people to

2959
02:10:24,879 --> 02:10:22,880
see it so there's there's still plenty

2960
02:10:26,919 --> 02:10:24,889
of jobs and employment I don't think it

2961
02:10:28,180 --> 02:10:26,929
would be you know necessarily that

2962
02:10:29,229 --> 02:10:28,190
you're going to see these big companies

2963
02:10:32,410 --> 02:10:29,239
disappear overnight

2964
02:10:36,399 --> 02:10:32,420
right but over time you know just like

2965
02:10:38,529 --> 02:10:36,409
with Amazon and the web you know there

2966
02:10:40,810 --> 02:10:38,539
are a certain number of traditional

2967
02:10:42,520 --> 02:10:40,820
businesses that may need to slim down to

2968
02:10:44,290 --> 02:10:42,530
accommodate this new model I mean I

2969
02:10:45,790 --> 02:10:44,300
happen to know that all the big all the

2970
02:10:48,100 --> 02:10:45,800
big entertainment companies are looking

2971
02:10:50,200 --> 02:10:48,110
at this space I mean they're just pretty

2972
02:10:52,390 --> 02:10:50,210
used to having OTT apps which is like

2973
02:10:53,620 --> 02:10:52,400
your CBS app on your phone where you

2974
02:10:55,930 --> 02:10:53,630
watch Star Trek discovery they're just

2975
02:10:57,310 --> 02:10:55,940
getting there they're seeing this new

2976
02:11:00,010 --> 02:10:57,320
thing blockchain coming down the road

2977
02:11:01,689 --> 02:11:00,020
it'll take a while before they adjust

2978
02:11:03,899 --> 02:11:01,699
and before people accept it I mean it's

2979
02:11:08,080 --> 02:11:03,909
it's relatively new as I said yeah well

2980
02:11:10,689 --> 02:11:08,090
Netflix and an apple and iTunes you know

2981
02:11:14,439 --> 02:11:10,699
put put out of business Blockbuster in

2982
02:11:17,530 --> 02:11:14,449
the video stores gone and eliminated the

2983
02:11:19,810 --> 02:11:17,540
CD market and record stores you know

2984
02:11:23,379 --> 02:11:19,820
they they no longer exists they

2985
02:11:25,660 --> 02:11:23,389
eliminate that's it it's gone and we

2986
02:11:27,760 --> 02:11:25,670
have certainly survived that and we

2987
02:11:30,700 --> 02:11:27,770
figured out a way to get through it it

2988
02:11:34,990 --> 02:11:30,710
was pretty shocking for most but if we

2989
02:11:37,149 --> 02:11:35,000
turn around and start doing this without

2990
02:11:39,729 --> 02:11:37,159
having solutions to the future and I'll

2991
02:11:41,979 --> 02:11:39,739
give you a perfect example we're talking

2992
02:11:44,830 --> 02:11:41,989
about Netflix right now and and the

2993
02:11:47,109 --> 02:11:44,840
blockchain and your article is amazing

2994
02:11:48,669 --> 02:11:47,119
and I recommend everybody to go and read

2995
02:11:49,149 --> 02:11:48,679
it we have the links up there and

2996
02:11:51,310 --> 02:11:49,159
Twitter

2997
02:11:53,530 --> 02:11:51,320
for that and you can access all of

2998
02:11:59,729 --> 02:11:53,540
Riza's stuff through Jimmy Church radio

2999
02:12:04,479 --> 02:11:59,739
calm but is this Netflix also funds

3000
02:12:06,609 --> 02:12:04,489
content creation okay stranger things oh

3001
02:12:08,800 --> 02:12:06,619
wait you know look at how many movies

3002
02:12:11,229 --> 02:12:08,810
and television series that Netflix has

3003
02:12:14,229 --> 02:12:11,239
created the money came from Netflix

3004
02:12:19,479 --> 02:12:14,239
Netflix goes away and companies like

3005
02:12:23,080 --> 02:12:19,489
that or HBO or Showtime or DirecTV and

3006
02:12:25,899 --> 02:12:23,090
now we'll the blockchain if I want to

3007
02:12:28,330 --> 02:12:25,909
create a new TV series I don't go to

3008
02:12:30,729 --> 02:12:28,340
Netflix now where do I go for the

3009
02:12:33,280 --> 02:12:30,739
funding for my new TV series the

3010
02:12:35,500 --> 02:12:33,290
producers the writers the content that

3011
02:12:37,810 --> 02:12:35,510
is in the structure inside of Netflix

3012
02:12:41,020 --> 02:12:37,820
it's not inside of the blockchain how do

3013
02:12:42,910 --> 02:12:41,030
you overcome that sure well if you look

3014
02:12:44,859 --> 02:12:42,920
at it you know people were worried you

3015
02:12:47,229 --> 02:12:44,869
know with Netflix and people cutting

3016
02:12:49,300 --> 02:12:47,239
chords that the studios you know

3017
02:12:51,100 --> 02:12:49,310
wouldn't be able to finance TV show cuz

3018
02:12:53,350 --> 02:12:51,110
right I mean Netflix didn't start off

3019
02:12:56,350 --> 02:12:53,360
funding content it was a distribution

3020
02:12:58,300 --> 02:12:56,360
mechanism it became a new pipe through

3021
02:13:01,720 --> 02:12:58,310
which to send and then they started

3022
02:13:03,339 --> 02:13:01,730
within the last X years to fund great

3023
02:13:05,950 --> 02:13:03,349
shows like like stranger things I mean

3024
02:13:07,810 --> 02:13:05,960
today there are more great shows than

3025
02:13:09,040 --> 02:13:07,820
there have been really at any time in

3026
02:13:11,339 --> 02:13:09,050
history no

3027
02:13:15,010 --> 02:13:11,349
part of it has been been because of the

3028
02:13:17,890 --> 02:13:15,020
technology for Amazon and Netflix to

3029
02:13:20,049 --> 02:13:17,900
send these directly to people in HBO and

3030
02:13:21,640 --> 02:13:20,059
so you know a change in the system from

3031
02:13:22,990 --> 02:13:21,650
the old way of doing things the new way

3032
02:13:25,149 --> 02:13:23,000
doesn't necessarily mean there's less

3033
02:13:27,729 --> 02:13:25,159
content in fact it usually means there's

3034
02:13:29,620 --> 02:13:27,739
more content out there now the way it

3035
02:13:31,359 --> 02:13:29,630
could work in the blockchain and the way

3036
02:13:33,250 --> 02:13:31,369
that I kind of envisioned it and this is

3037
02:13:34,689 --> 02:13:33,260
you know one of the applications we want

3038
02:13:36,490 --> 02:13:34,699
to build on how about the theta video

3039
02:13:38,770 --> 02:13:36,500
streaming protocol is that you would

3040
02:13:41,950 --> 02:13:38,780
have a crypto coin that can be used to

3041
02:13:44,140 --> 02:13:41,960
fund content so basically you could say

3042
02:13:46,750 --> 02:13:44,150
okay I would like to create this type of

3043
02:13:49,629 --> 02:13:46,760
TV show right and then people can

3044
02:13:51,700 --> 02:13:49,639
pre-order it using the these tokens in

3045
02:13:54,250 --> 02:13:51,710
this new blockchain and so you could

3046
02:13:56,740 --> 02:13:54,260
fund a good part of it from getting

3047
02:13:58,299 --> 02:13:56,750
those pre-orders and the tokens and then

3048
02:14:00,459 --> 02:13:58,309
you could use traditional sources for

3049
02:14:02,439 --> 02:14:00,469
other pieces of it so you know I mean

3050
02:14:05,680 --> 02:14:02,449
now of course I said you know blockchain

3051
02:14:07,209 --> 02:14:05,690
will kill Netflix and and kamo but it's

3052
02:14:09,939 --> 02:14:07,219
gonna take a long time and there'll be a

3053
02:14:10,990 --> 02:14:09,949
hybrid model before that happens just

3054
02:14:13,950 --> 02:14:11,000
like with rock buster you know

3055
02:14:16,660 --> 02:14:13,960
blockbuster survive till like a

3056
02:14:18,419 --> 02:14:16,670
2008-2009 I remember still having a

3057
02:14:21,549 --> 02:14:18,429
blockbuster so it took 10 years for

3058
02:14:24,280 --> 02:14:21,559
Netflix to kill blockbuster and Netflix

3059
02:14:26,140 --> 02:14:24,290
hasn't killed HBO or the other guys yet

3060
02:14:28,450 --> 02:14:26,150
so these things take time but there is

3061
02:14:30,609 --> 02:14:28,460
this possibility so the different what's

3062
02:14:32,830 --> 02:14:30,619
different about blockchain is that it

3063
02:14:35,109 --> 02:14:32,840
also creates this economic incentive

3064
02:14:38,680 --> 02:14:35,119
that's what the token does the token

3065
02:14:39,970 --> 02:14:38,690
allows advertisers to pay for free

3066
02:14:42,129 --> 02:14:39,980
content so there's gonna be a lot of

3067
02:14:45,520 --> 02:14:42,139
free content on watchings that people

3068
02:14:47,169 --> 02:14:45,530
can watch like video streams and

3069
02:14:49,030 --> 02:14:47,179
advertisers can just put tokens in the

3070
02:14:50,799 --> 02:14:49,040
system and they'll go directly to the

3071
02:14:53,350 --> 02:14:50,809
content creator right they don't you

3072
02:14:55,629 --> 02:14:53,360
don't have to have the middleman of the

3073
02:14:57,760 --> 02:14:55,639
studios the distributors the network's

3074
02:14:59,200 --> 02:14:57,770
and all of those that's the long-term

3075
02:15:02,470 --> 02:14:59,210
vision you know of course it's gonna

3076
02:15:04,180 --> 02:15:02,480
take time to get there but but I think

3077
02:15:07,030 --> 02:15:04,190
that is an interesting aspect of it the

3078
02:15:08,830 --> 02:15:07,040
funding aspect because cryptocurrency

3079
02:15:11,080 --> 02:15:08,840
and blockchain are tied together pretty

3080
02:15:13,930 --> 02:15:11,090
closely right now so you can have an

3081
02:15:15,370 --> 02:15:13,940
economic piece of this and provide

3082
02:15:17,020 --> 02:15:15,380
incentives for different players to do

3083
02:15:19,840 --> 02:15:17,030
different things and that was never

3084
02:15:24,280 --> 02:15:19,850
really present with technology before so

3085
02:15:27,580 --> 02:15:24,290
cash can never go away the dollar can't

3086
02:15:29,790 --> 02:15:27,590
go away because you know I want to

3087
02:15:33,730 --> 02:15:29,800
understand this correctly all

3088
02:15:39,760 --> 02:15:33,740
cryptocurrency no matter what is propped

3089
02:15:43,000 --> 02:15:39,770
up by Fiat by dollars right no matter

3090
02:15:44,230 --> 02:15:43,010
its so the exchanges right the exchange

3091
02:15:48,300 --> 02:15:44,240
is open and you've got a new

3092
02:15:52,540 --> 02:15:48,310
cryptocurrency and it's called rizz rizz

3093
02:15:57,370 --> 02:15:52,550
tokens people are gonna go and and

3094
02:16:01,840 --> 02:15:57,380
purchase those tokens with dollars right

3095
02:16:03,790 --> 02:16:01,850
and so these well yes or no so that's

3096
02:16:05,530 --> 02:16:03,800
how it started out right so if you

3097
02:16:07,240 --> 02:16:05,540
wanted to get Bitcoin yeah when I

3098
02:16:08,890 --> 02:16:07,250
started to get Bitcoin yeah I had to pay

3099
02:16:11,320 --> 02:16:08,900
US dollars for it that was the only way

3100
02:16:12,850 --> 02:16:11,330
to do it now because there are so many

3101
02:16:14,890 --> 02:16:12,860
currencies out there let's say there's a

3102
02:16:17,710 --> 02:16:14,900
you know a fade to black token right

3103
02:16:19,810 --> 02:16:17,720
right you could buy it with most likely

3104
02:16:26,620 --> 02:16:19,820
you would buy that new token with

3105
02:16:28,930 --> 02:16:26,630
etherium or Bitcoin started still

3106
02:16:30,730 --> 02:16:28,940
stopped but if you go back still dollars

3107
02:16:32,110 --> 02:16:30,740
in the front it's still dollars in the

3108
02:16:34,330 --> 02:16:32,120
front yeah you would still need the

3109
02:16:37,089 --> 02:16:34,340
buyer it's either oh you're recording

3110
02:16:38,560 --> 02:16:37,099
the dollars and then well once it's in

3111
02:16:40,209 --> 02:16:38,570
the crypto world there's this

3112
02:16:41,800 --> 02:16:40,219
possibility that you would just trade it

3113
02:16:43,990 --> 02:16:41,810
for different crypto currencies and

3114
02:16:46,780 --> 02:16:44,000
never changing back unless you needed to

3115
02:16:51,220 --> 02:16:46,790
to go buy something right well okay so

3116
02:16:53,890 --> 02:16:51,230
now we have a new blockchain we and it's

3117
02:16:56,080 --> 02:16:53,900
called fade to black Studios and we've

3118
02:16:58,300 --> 02:16:56,090
got a new TV show that's coming up and

3119
02:17:01,450 --> 02:16:58,310
we've got the fade to black crypto right

3120
02:17:04,959 --> 02:17:01,460
that's being traded inside of our little

3121
02:17:08,919 --> 02:17:04,969
theta black world I'm all cool with that

3122
02:17:11,589 --> 02:17:08,929
and then we've generated so many fade to

3123
02:17:14,200 --> 02:17:11,599
black tokens and and those are being

3124
02:17:18,070 --> 02:17:14,210
generated and then that is going into

3125
02:17:22,150 --> 02:17:18,080
our new TV series but I've still got to

3126
02:17:25,060 --> 02:17:22,160
somehow pay the actors I've got to feed

3127
02:17:27,129 --> 02:17:25,070
them I've got to the writers I've got to

3128
02:17:30,300 --> 02:17:27,139
rent a camera equipment I've got to get

3129
02:17:32,620 --> 02:17:30,310
a studio I got all of that ultimately

3130
02:17:33,570 --> 02:17:32,630
especially in the near term in the next

3131
02:17:36,450 --> 02:17:33,580
five ten twenty

3132
02:17:38,430 --> 02:17:36,460
still dollars absolutely in the next

3133
02:17:39,750 --> 02:17:38,440
five ten twenty years absolutely you

3134
02:17:42,959 --> 02:17:39,760
don't have to pay them with US dollars

3135
02:17:44,940 --> 02:17:42,969
so but what would happen is that your

3136
02:17:49,169 --> 02:17:44,950
audience might buy your fade to black

3137
02:17:50,730 --> 02:17:49,179
tokens using ether or Bitcoin just

3138
02:17:52,620 --> 02:17:50,740
because it's really easy to transfer

3139
02:17:55,020 --> 02:17:52,630
that and get the new tokens they would

3140
02:17:57,480 --> 02:17:55,030
use those tokens for X Y or Z to watch

3141
02:17:58,830 --> 02:17:57,490
this particular show or to subscribe or

3142
02:18:01,350 --> 02:17:58,840
take care of it of ads or whatever those

3143
02:18:03,600 --> 02:18:01,360
tokens are used for and then you would

3144
02:18:05,580 --> 02:18:03,610
take that ether that they've given you

3145
02:18:08,010 --> 02:18:05,590
at the Bitcoin and transfer that to US

3146
02:18:09,270 --> 02:18:08,020
dollars which there's a pretty liquid

3147
02:18:10,500 --> 02:18:09,280
market I mean we're talking about

3148
02:18:12,270 --> 02:18:10,510
hundreds of billions of dollars a

3149
02:18:14,910 --> 02:18:12,280
Bitcoin either being traded every day

3150
02:18:16,500 --> 02:18:14,920
right now hundreds of billions right so

3151
02:18:16,770 --> 02:18:16,510
and that's just getting bigger all the

3152
02:18:19,230 --> 02:18:16,780
time

3153
02:18:21,480 --> 02:18:19,240
oh so you would be able to sell that

3154
02:18:23,790 --> 02:18:21,490
using an exchange and again more and

3155
02:18:26,790 --> 02:18:23,800
more these exchanges are tied into the

3156
02:18:28,800 --> 02:18:26,800
existing system so you would still have

3157
02:18:30,870 --> 02:18:28,810
to pay taxes all right all that stuff

3158
02:18:34,050 --> 02:18:30,880
all that infrastructure is starting to

3159
02:18:37,790 --> 02:18:34,060
have it yeah well okay down let's say

3160
02:18:40,410 --> 02:18:37,800
that this plays out and I am I'm very

3161
02:18:43,350 --> 02:18:40,420
confident in the blockchain technology

3162
02:18:45,870 --> 02:18:43,360
and what it can take to me I think you

3163
02:18:48,240 --> 02:18:45,880
can apply it to just about anything if

3164
02:18:51,390 --> 02:18:48,250
you have it if you have a company or an

3165
02:18:54,810 --> 02:18:51,400
idea or something there's a way to tie

3166
02:18:56,459 --> 02:18:54,820
in blockchain to you and to make it work

3167
02:18:57,990 --> 02:18:56,469
for a lot of you it doesn't even have to

3168
02:19:01,680 --> 02:18:58,000
be tokens it could be a lot of different

3169
02:19:07,169 --> 02:19:01,690
things so but for all of this to work

3170
02:19:10,320 --> 02:19:07,179
this $11,000 Bitcoin or $800 ethereum is

3171
02:19:13,680 --> 02:19:10,330
not going to work it needs to be like $1

3172
02:19:18,480 --> 02:19:13,690
it you know it needs to be a hundred

3173
02:19:19,610 --> 02:19:18,490
dollars or ten but an $11,000 Bitcoin is

3174
02:19:24,810 --> 02:19:19,620
fictitious

3175
02:19:27,900 --> 02:19:24,820
I don't want your comment on this I said

3176
02:19:29,760 --> 02:19:27,910
this a couple of months ago and I made

3177
02:19:32,700 --> 02:19:29,770
this analogy and they just brought it up

3178
02:19:36,480 --> 02:19:32,710
here in Twitter that I compared Bitcoin

3179
02:19:40,580 --> 02:19:36,490
to beanie babies right beanie babies

3180
02:19:43,020 --> 02:19:40,590
were just a stuffed animal full of beads

3181
02:19:44,700 --> 02:19:43,030
right but suddenly they some of them

3182
02:19:46,660 --> 02:19:44,710
were worth a thousand dollars what a

3183
02:19:49,520 --> 02:19:46,670
thousand dollars for awhile

3184
02:19:51,710 --> 02:19:49,530
because somebody somebody said it was

3185
02:19:54,320 --> 02:19:51,720
worth a thousand so the next person

3186
02:19:56,720 --> 02:19:54,330
wanted to pay $1,100 for it

3187
02:19:59,420 --> 02:19:56,730
bitcoin is the same thing in that

3188
02:20:01,750 --> 02:19:59,430
there's nothing propping a Bitcoin but

3189
02:20:05,030 --> 02:20:01,760
if you use it for the technology

3190
02:20:09,140 --> 02:20:05,040
transferring money a decentralized

3191
02:20:11,301 --> 02:20:09,150
system the blockchain I get that I

3192
02:20:13,670 --> 02:20:11,311
understand that but it should just be

3193
02:20:14,960 --> 02:20:13,680
easy and and there shouldn't be a value

3194
02:20:17,110 --> 02:20:14,970
to it nether words it's not an

3195
02:20:19,910 --> 02:20:17,120
investment it's a machine

3196
02:20:23,060 --> 02:20:19,920
well depends how you how you look at it

3197
02:20:26,060 --> 02:20:23,070
right I mean beanie babies lasted for

3198
02:20:30,740 --> 02:20:26,070
what a year or two right don't remember

3199
02:20:32,270 --> 02:20:30,750
do not remind me right but Bitcoin has

3200
02:20:34,070 --> 02:20:32,280
been around for ten years now and

3201
02:20:36,650 --> 02:20:34,080
probably will be around for many more

3202
02:20:39,170 --> 02:20:36,660
years and you couldn't say okay I'd like

3203
02:20:41,360 --> 02:20:39,180
to get point oh one beanie babies right

3204
02:20:43,370 --> 02:20:41,370
or 0.3 beanie babies to buy this thing

3205
02:20:45,710 --> 02:20:43,380
whereas with ether even though it's an

3206
02:20:48,020 --> 02:20:45,720
$800 you can send point one either

3207
02:20:51,350 --> 02:20:48,030
which would be $80 or 0.01 ether which

3208
02:20:53,480 --> 02:20:51,360
would be $8 to somebody and that's the

3209
02:20:55,790 --> 02:20:53,490
idea of crypto currencies you know you

3210
02:20:57,440 --> 02:20:55,800
can divide it so it doesn't matter I

3211
02:21:00,710 --> 02:20:57,450
mean even if bitcoin is at a million

3212
02:21:03,410 --> 02:21:00,720
dollars you can still get you know $1

3213
02:21:05,091 --> 02:21:03,420
now with today's blockchain yeah that

3214
02:21:07,160 --> 02:21:05,101
doesn't make a lot of sense to transfer

3215
02:21:10,160 --> 02:21:07,170
$1 a Bitcoin the transaction costs would

3216
02:21:11,630 --> 02:21:10,170
eat it up right but you know you can

3217
02:21:13,850 --> 02:21:11,640
envision other blockchain and other

3218
02:21:15,680 --> 02:21:13,860
currencies and so you know that's part

3219
02:21:17,810 --> 02:21:15,690
of the perspective I'd like to provide

3220
02:21:19,970 --> 02:21:17,820
is that yes bitcoin is the biggest and

3221
02:21:22,100 --> 02:21:19,980
oldest cryptocurrency it was really the

3222
02:21:23,900 --> 02:21:22,110
first one that became popular ether is

3223
02:21:25,700 --> 02:21:23,910
the second biggest but ten years from

3224
02:21:28,520 --> 02:21:25,710
now who knows we may have much more

3225
02:21:31,100 --> 02:21:28,530
efficient cryptocurrencies where you can

3226
02:21:33,410 --> 02:21:31,110
trade and use it for payment and you

3227
02:21:35,870 --> 02:21:33,420
know much faster way well what makes

3228
02:21:39,860 --> 02:21:35,880
well so back to my question of what

3229
02:21:43,670 --> 02:21:39,870
makes Bitcoin an $11,000 five thousand

3230
02:21:45,500 --> 02:21:43,680
ten thousand dollar value when there's a

3231
02:21:48,440 --> 02:21:45,510
thousand crypto currencies out there

3232
02:21:52,490 --> 02:21:48,450
that are exactly the same thing what

3233
02:21:54,530 --> 02:21:52,500
makes the US dollar worth well us it's

3234
02:21:57,290 --> 02:21:54,540
the number of people that are willing to

3235
02:21:59,420 --> 02:21:57,300
use it and pay for it hey everybody so

3236
02:21:59,940 --> 02:21:59,430
look at XRP right now it's true it's

3237
02:22:06,270 --> 02:21:59,950
trading

3238
02:22:08,820 --> 02:22:06,280
for 96 cents right that that xrp to me

3239
02:22:12,060 --> 02:22:08,830
makes cent it's a dollar right it just

3240
02:22:14,900 --> 02:22:12,070
it makes sense to me if it's a mechanism

3241
02:22:17,160 --> 02:22:14,910
and it's a method of transaction

3242
02:22:19,860 --> 02:22:17,170
eliminating it let me put you back on

3243
02:22:22,051 --> 02:22:19,870
that Jamie because the the amount that

3244
02:22:24,660 --> 02:22:22,061
is trading for isn't really what matters

3245
02:22:26,850 --> 02:22:24,670
right it's how many are out there and

3246
02:22:29,790 --> 02:22:26,860
how divisible is it you know just like

3247
02:22:33,030 --> 02:22:29,800
you know when Google stock goes up to a

3248
02:22:34,890 --> 02:22:33,040
thousand you know they can split the

3249
02:22:37,440 --> 02:22:34,900
stock and make it a hundred but when

3250
02:22:39,870 --> 02:22:37,450
they split the stock they're gonna have

3251
02:22:41,430 --> 02:22:39,880
10 times as many shares so Google stock

3252
02:22:43,680 --> 02:22:41,440
at a hundred with ten times as many

3253
02:22:46,051 --> 02:22:43,690
shares is no different than Google stock

3254
02:22:48,841 --> 02:22:46,061
at a thousand with ten times less shares

3255
02:22:51,930 --> 02:22:48,851
so just because the price of a currency

3256
02:22:54,570 --> 02:22:51,940
is at a dollar or fifty cents or two

3257
02:22:56,280 --> 02:22:54,580
hundred dollars that's not really the

3258
02:22:59,160 --> 02:22:56,290
issue because you can subdivide you can

3259
02:23:00,930 --> 02:22:59,170
send point oh one of anything all of

3260
02:23:03,030 --> 02:23:00,940
these it's how many are out there and

3261
02:23:05,220 --> 02:23:03,040
what's the total market gasps I think

3262
02:23:07,680 --> 02:23:05,230
that's you know we'll just decide the

3263
02:23:08,131 --> 02:23:07,690
value of that well that's what I'm

3264
02:23:09,990 --> 02:23:08,141
saying

3265
02:23:13,140 --> 02:23:10,000
that's exactly what I'm suggesting here

3266
02:23:15,270 --> 02:23:13,150
it the the value it's the Machine it's

3267
02:23:18,330 --> 02:23:15,280
the mechanism it's the network is the

3268
02:23:22,200 --> 02:23:18,340
logistics of moving all of this around

3269
02:23:25,490 --> 02:23:22,210
and having the blockchain that is the

3270
02:23:28,460 --> 02:23:25,500
technology but making something you know

3271
02:23:31,381 --> 02:23:28,470
just because somebody says it's worth

3272
02:23:33,120 --> 02:23:31,391
$11,000 doesn't make it so but somebody

3273
02:23:35,400 --> 02:23:33,130
else will say okay cool

3274
02:23:37,440 --> 02:23:35,410
I'll buy it for eleven thousand one

3275
02:23:40,171 --> 02:23:37,450
because tomorrow somebody else is gonna

3276
02:23:42,870 --> 02:23:40,181
come along and buy it for me for eleven

3277
02:23:44,910 --> 02:23:42,880
thousand and two but that but there's

3278
02:23:47,520 --> 02:23:44,920
nothing that there's nothing behind it

3279
02:23:50,940 --> 02:23:47,530
except four dollars to begin with right

3280
02:23:52,470 --> 02:23:50,950
but what makes Tesla stock worth I don't

3281
02:23:54,360 --> 02:23:52,480
know what it's trading at now twenty

3282
02:24:00,180 --> 02:23:54,370
bucks or whatever it is and they have a

3283
02:24:02,940 --> 02:24:00,190
factory right the thing that makes it

3284
02:24:05,040 --> 02:24:02,950
worth that is a set of expectations and

3285
02:24:06,270 --> 02:24:05,050
I go over this with entrepreneurs all

3286
02:24:07,710 --> 02:24:06,280
the time when they start their companies

3287
02:24:09,360 --> 02:24:07,720
they say you know how much is the

3288
02:24:11,400 --> 02:24:09,370
company worth Oh my company's worth 1

3289
02:24:13,410 --> 02:24:11,410
million or 2 million dollars and I say

3290
02:24:13,800 --> 02:24:13,420
ok well what's the expectation for what

3291
02:24:15,479 --> 02:24:13,810
you're come

3292
02:24:18,840 --> 02:24:15,489
we'll be worth in the future right

3293
02:24:21,929 --> 02:24:18,850
that's what the stock price is the stock

3294
02:24:23,460 --> 02:24:21,939
price of temman is Tesla worth whatever

3295
02:24:25,979 --> 02:24:23,470
200 billion dollars I'm making up

3296
02:24:28,290 --> 02:24:25,989
numbers now I don't know the exact or

3297
02:24:30,990 --> 02:24:28,300
with losses shouldn't be worth zero well

3298
02:24:32,849 --> 02:24:31,000
it's worth what people expect it's gonna

3299
02:24:34,500 --> 02:24:32,859
be worth in the future so it becomes a

3300
02:24:36,840 --> 02:24:34,510
set of expectations

3301
02:24:40,109 --> 02:24:36,850
I mean fiat currency is like that too

3302
02:24:41,849 --> 02:24:40,119
right people who have lost confidence in

3303
02:24:44,010 --> 02:24:41,859
currencies in the past and currencies

3304
02:24:46,139 --> 02:24:44,020
have gone away in governments have had

3305
02:24:48,090 --> 02:24:46,149
to issue new currencies I mean luckily

3306
02:24:51,090 --> 02:24:48,100
we've been in a country where you know

3307
02:24:53,040 --> 02:24:51,100
the US dollar has been relatively stable

3308
02:24:54,510 --> 02:24:53,050
and has been the premier currency in the

3309
02:24:56,280 --> 02:24:54,520
world what a hundred years from now who

3310
02:24:57,510 --> 02:24:56,290
knows if that's going to be kids I'm

3311
02:25:00,750 --> 02:24:57,520
just saying bitcoin is not that

3312
02:25:02,340 --> 02:25:00,760
different in some ways from a fiat

3313
02:25:06,149 --> 02:25:02,350
currency there's nothing backing it up

3314
02:25:08,790 --> 02:25:06,159
you know it people could start trading

3315
02:25:10,080 --> 02:25:08,800
you know the Chinese yuan or there's a

3316
02:25:12,059 --> 02:25:10,090
lot of stuff happening in China and

3317
02:25:14,099 --> 02:25:12,069
Russia for getting rid of Petro dollars

3318
02:25:16,290 --> 02:25:14,109
and trading petroleum in those

3319
02:25:18,420 --> 02:25:16,300
currencies who knows if the US dollar is

3320
02:25:21,719 --> 02:25:18,430
going to be worth what it is 100 years

3321
02:25:23,370 --> 02:25:21,729
from now we we've got a we've got to

3322
02:25:26,189 --> 02:25:23,380
start to wrap up here I've only got a

3323
02:25:27,809 --> 02:25:26,199
few minutes left but this question here

3324
02:25:32,130 --> 02:25:27,819
is pretty interesting because of

3325
02:25:34,979 --> 02:25:32,140
blockchain takes over and and that's it

3326
02:25:38,059 --> 02:25:34,989
let's call you you name the date but the

3327
02:25:41,219 --> 02:25:38,069
question is this could the blockchain

3328
02:25:44,639 --> 02:25:41,229
technology be used to distribute data in

3329
02:25:47,870 --> 02:25:44,649
unfortunate ways such as malware or

3330
02:25:51,530 --> 02:25:47,880
rapidly accelerate the singularity and

3331
02:25:55,069 --> 02:25:51,540
uncontrollable artificial intelligence

3332
02:25:57,389 --> 02:25:55,079
well I suppose if you look at a

3333
02:26:00,649 --> 02:25:57,399
distributed artificial intelligence

3334
02:26:02,609 --> 02:26:00,659
right and so now we're speculating right

3335
02:26:05,399 --> 02:26:02,619
many of you may have seen The Terminator

3336
02:26:07,740 --> 02:26:05,409
movies and at the end of Terminator 3

3337
02:26:09,660 --> 02:26:07,750
they go they try to kill Skynet before

3338
02:26:12,179 --> 02:26:09,670
it takes over the world and they go and

3339
02:26:14,219 --> 02:26:12,189
they delete the server but Skynet still

3340
02:26:15,300 --> 02:26:14,229
comes about and if you remember the end

3341
02:26:18,630 --> 02:26:15,310
of that movie and they said well because

3342
02:26:21,000 --> 02:26:18,640
Skynet is software not running on any

3343
02:26:23,250 --> 02:26:21,010
one server in that case so just deleting

3344
02:26:27,631 --> 02:26:23,260
the server wasn't enough so I suppose if

3345
02:26:29,371 --> 02:26:27,641
you had a completely distributed AI

3346
02:26:32,400 --> 02:26:29,381
was running on lots of different

3347
02:26:36,091 --> 02:26:32,410
computers right it would be very hard to

3348
02:26:38,100 --> 02:26:36,101
shut it down just you know and so that

3349
02:26:41,400 --> 02:26:38,110
could potentially lead to this these

3350
02:26:44,041 --> 02:26:41,410
kind of you know AI scenarios now I

3351
02:26:46,430 --> 02:26:44,051
think the leap from that to that AI

3352
02:26:48,810 --> 02:26:46,440
being able to do stuff in the real world

3353
02:26:51,361 --> 02:26:48,820
you know like in the x-files episode

3354
02:26:55,381 --> 02:26:51,371
last week right where the refrigerator

3355
02:26:56,671 --> 02:26:55,391
was shooting ice cubes and being

3356
02:26:59,821 --> 02:26:56,681
controlled I mean I think we're pretty

3357
02:27:02,881 --> 02:26:59,831
far away from that kind of thing but you

3358
02:27:05,071 --> 02:27:02,891
could see personally I think today's AI

3359
02:27:06,871 --> 02:27:05,081
is kind of the second phase of AI the

3360
02:27:08,911 --> 02:27:06,881
first was a rule-based systems that

3361
02:27:09,751 --> 02:27:08,921
happened in the 80s and 90s that didn't

3362
02:27:12,331 --> 02:27:09,761
quite work out

3363
02:27:13,861 --> 02:27:12,341
today's AI is based on data analysis

3364
02:27:15,751 --> 02:27:13,871
right you just give it lots of data and

3365
02:27:18,241 --> 02:27:15,761
you train it I think there will need to

3366
02:27:20,430 --> 02:27:18,251
be another phase of AI before we get to

3367
02:27:23,161 --> 02:27:20,440
the those kinds of nightmare scenarios

3368
02:27:25,321 --> 02:27:23,171
and sentient AI and all of that and

3369
02:27:27,270 --> 02:27:25,331
perhaps that could be a distributed

3370
02:27:30,091 --> 02:27:27,280
blockchain AI and I don't know you know

3371
02:27:31,501 --> 02:27:30,101
there are people like Elon Musk and

3372
02:27:34,440 --> 02:27:31,511
others who say we have to be careful and

3373
02:27:36,661 --> 02:27:34,450
put the stop on AI you know that is

3374
02:27:37,680 --> 02:27:36,671
maybe when you should be more worried

3375
02:27:39,810 --> 02:27:37,690
about it is when you have more

3376
02:27:40,951 --> 02:27:39,820
distributed AI as opposed to AI running

3377
02:27:43,621 --> 02:27:40,961
on a computer that you can just shut

3378
02:27:45,440 --> 02:27:43,631
down yeah you know I I look at it also

3379
02:27:48,211 --> 02:27:45,450
I'm excited about the blockchain

3380
02:27:49,801 --> 02:27:48,221
technology and let's let's I'll give you

3381
02:27:52,560 --> 02:27:49,811
an example I keep going back to car

3382
02:27:57,690 --> 02:27:52,570
dealerships but if you think about it it

3383
02:28:01,111 --> 02:27:57,700
could be the coolest reward incentive

3384
02:28:02,940 --> 02:28:01,121
pool for employees it you know it could

3385
02:28:04,951 --> 02:28:02,950
be used like that it could be used on

3386
02:28:06,541 --> 02:28:04,961
the inside of different systems and the

3387
02:28:08,701 --> 02:28:06,551
more you participate the more you

3388
02:28:12,331 --> 02:28:08,711
contribute and the more you do this then

3389
02:28:14,071 --> 02:28:12,341
you know it increases and you can you

3390
02:28:15,991 --> 02:28:14,081
know like I said you know the employee

3391
02:28:17,461 --> 02:28:16,001
of the month how do you get there will

3392
02:28:20,371 --> 02:28:17,471
you get there because you're doing this

3393
02:28:21,961 --> 02:28:20,381
it could be used for so many different

3394
02:28:25,680 --> 02:28:21,971
applications what about the school

3395
02:28:28,411 --> 02:28:25,690
system education system grades right and

3396
02:28:31,371 --> 02:28:28,421
and if you think about it it can be used

3397
02:28:36,121 --> 02:28:31,381
across the system and that's one of the

3398
02:28:38,281 --> 02:28:36,131
very exciting parts to this yeah I agree

3399
02:28:40,470 --> 02:28:38,291
you know anywhere where transparency is

3400
02:28:41,490 --> 02:28:40,480
useful right where you need everybody

3401
02:28:44,940 --> 02:28:41,500
needs to be able to

3402
02:28:47,310 --> 02:28:44,950
you verify everybody else's work so it

3403
02:28:49,380 --> 02:28:47,320
reduces cheating in a way right I mean

3404
02:28:51,930 --> 02:28:49,390
today's financial system is very opaque

3405
02:28:53,820 --> 02:28:51,940
we don't know what's going on behind the

3406
02:28:55,260 --> 02:28:53,830
scenes you know between Wells Fargo and

3407
02:28:57,270 --> 02:28:55,270
Bank of America and the Federal Reserve

3408
02:29:00,750 --> 02:28:57,280
it's not something that we can go on it

3409
02:29:03,450 --> 02:29:00,760
try to find out you know are there the

3410
02:29:06,240 --> 02:29:03,460
the whole financial collapse in 2008 was

3411
02:29:08,010 --> 02:29:06,250
caused partly by certain practices do we

3412
02:29:09,690 --> 02:29:08,020
know if those practices going on or not

3413
02:29:11,730 --> 02:29:09,700
you know only when you have more

3414
02:29:13,830 --> 02:29:11,740
auditable systems where everybody can

3415
02:29:15,720 --> 02:29:13,840
look at the data you know can we all

3416
02:29:17,340 --> 02:29:15,730
agree what's really happening and what

3417
02:29:19,590 --> 02:29:17,350
isn't so that's what I'm excited about

3418
02:29:21,390 --> 02:29:19,600
and yes there are the nightmare Skynet

3419
02:29:23,250 --> 02:29:21,400
scenarios but I still think we're a

3420
02:29:27,870 --> 02:29:23,260
little ways off from that do you think

3421
02:29:32,040 --> 02:29:27,880
that Goldman Sachs and Bank of America

3422
02:29:35,610 --> 02:29:32,050
and Wells Fargo Chase would eventually

3423
02:29:39,210 --> 02:29:35,620
adapt a blockchain foundation for the

3424
02:29:41,400 --> 02:29:39,220
banking system because of exactly what

3425
02:29:43,590 --> 02:29:41,410
we're talking about transparency ease of

3426
02:29:45,360 --> 02:29:43,600
use and the Internet in the long term

3427
02:29:47,190 --> 02:29:45,370
yes in the short term they are very

3428
02:29:48,960 --> 02:29:47,200
resistant so I don't know if you

3429
02:29:51,900 --> 02:29:48,970
remember this but last year Jamie Dimon

3430
02:29:53,880 --> 02:29:51,910
who is the CEO of s JPMorgan Chase you

3431
02:29:54,480 --> 02:29:53,890
know says Bitcoin is a fraud and he was

3432
02:29:56,490 --> 02:29:54,490
out there

3433
02:29:58,800 --> 02:29:56,500
basically you know pushing this

3434
02:30:00,090 --> 02:29:58,810
meanwhile you know the the other day I

3435
02:30:01,770 --> 02:30:00,100
was talking sitting next to somebody

3436
02:30:03,060 --> 02:30:01,780
from JPMorgan Chase and he said oh yeah

3437
02:30:05,280 --> 02:30:03,070
we're definitely looking at blockchain

3438
02:30:06,960 --> 02:30:05,290
inside JPMorgan and many of us are

3439
02:30:08,910 --> 02:30:06,970
trading it as well so he's out saying

3440
02:30:10,350 --> 02:30:08,920
one thing and meanwhile they're looking

3441
02:30:12,270 --> 02:30:10,360
in to figure out how they're gonna use

3442
02:30:14,610 --> 02:30:12,280
it right there because they're trying to

3443
02:30:17,550 --> 02:30:14,620
push off this inevitable inevitable 'ti

3444
02:30:18,840 --> 02:30:17,560
but I think yeah I think over time you

3445
02:30:20,820 --> 02:30:18,850
know if there's more shocks in the

3446
02:30:23,010 --> 02:30:20,830
system that's where this kind of

3447
02:30:25,230 --> 02:30:23,020
distributed ledger becomes more

3448
02:30:26,880 --> 02:30:25,240
important and interesting to get there

3449
02:30:28,290 --> 02:30:26,890
but in the short term they're resisting

3450
02:30:30,270 --> 02:30:28,300
it but they aren't all looking at it you

3451
02:30:31,980 --> 02:30:30,280
know I think it was a Credit Suisse

3452
02:30:33,120 --> 02:30:31,990
first Boston or one of these many of

3453
02:30:35,610 --> 02:30:33,130
these banks don't you bank where they

3454
02:30:37,920 --> 02:30:35,620
have Bitcoin projects looking at how

3455
02:30:39,780 --> 02:30:37,930
they might use it it's like blockchain

3456
02:30:41,160 --> 02:30:39,790
projects that's really Bitcoin yeah

3457
02:30:44,490 --> 02:30:41,170
that's what I'm saying the blockchain

3458
02:30:48,030 --> 02:30:44,500
technology that that and tokens and the

3459
02:30:50,130 --> 02:30:48,040
creation that's that's that's a positive

3460
02:30:53,880 --> 02:30:50,140
that is an amazing thing it's an amazing

3461
02:30:55,979 --> 02:30:53,890
technology and the

3462
02:30:58,019 --> 02:30:55,989
I just think the other warnings that are

3463
02:31:01,439 --> 02:30:58,029
out there about Bitcoin you know going

3464
02:31:03,149 --> 02:31:01,449
back to its original value of zero that

3465
02:31:04,110 --> 02:31:03,159
it's been out there from so many

3466
02:31:07,950 --> 02:31:04,120
different people

3467
02:31:09,479 --> 02:31:07,960
I'm not saying zero but at least taking

3468
02:31:11,729 --> 02:31:09,489
that part out of it because you take the

3469
02:31:15,750 --> 02:31:11,739
criminal element out out of it you're

3470
02:31:17,219 --> 02:31:15,760
just using it for its technology and I

3471
02:31:19,380 --> 02:31:17,229
think that's where the future is

3472
02:31:20,969 --> 02:31:19,390
Riz thank you so much my friend and you

3473
02:31:25,139 --> 02:31:20,979
know what you know what we didn't get

3474
02:31:26,849 --> 02:31:25,149
into tonight we didn't get into which i

3475
02:31:28,639 --> 02:31:26,859
think is some of the most compelling I

3476
02:31:32,990 --> 02:31:28,649
can't believe the movie hasn't been made

3477
02:31:36,059 --> 02:31:33,000
but who is behind Bitcoin you know is it

3478
02:31:38,429 --> 02:31:36,069
Nakamoto who is he is he fictitious

3479
02:31:40,260 --> 02:31:38,439
is it a group of people is it you know

3480
02:31:42,090 --> 02:31:40,270
those two guys that are suing each other

3481
02:31:43,880 --> 02:31:42,100
right now for ten billion dollars or

3482
02:31:46,260 --> 02:31:43,890
whatever it is

3483
02:31:49,620 --> 02:31:46,270
nakamoto's for instance he gets a

3484
02:31:52,500 --> 02:31:49,630
guaranteed what fifty thousand right

3485
02:31:54,660 --> 02:31:52,510
bitcoins when it completes yeah so

3486
02:31:56,309 --> 02:31:54,670
that's right so I think that's a longer

3487
02:31:59,309 --> 02:31:56,319
discussion nobody really knows the

3488
02:32:01,769 --> 02:31:59,319
answer to who was that person was it a

3489
02:32:03,689 --> 02:32:01,779
group of people but there is a number of

3490
02:32:05,729 --> 02:32:03,699
bitcoins that are locked in the original

3491
02:32:08,429 --> 02:32:05,739
wallet right so this is where you could

3492
02:32:11,040 --> 02:32:08,439
see if Satoshi Nakamoto ever spent a

3493
02:32:13,139 --> 02:32:11,050
single Bitcoin everybody would know now

3494
02:32:14,670 --> 02:32:13,149
if he started to spend and sell 50

3495
02:32:16,679 --> 02:32:14,680
thousand Bitcoin you would probably see

3496
02:32:20,099 --> 02:32:16,689
the price of it going to crash right and

3497
02:32:21,269 --> 02:32:20,109
that's whoever he or they are that's

3498
02:32:25,139 --> 02:32:21,279
part of the reason why they haven't done

3499
02:32:29,280 --> 02:32:25,149
that do you think you've met Nakamoto

3500
02:32:31,590 --> 02:32:29,290
and you didn't know it I don't know I

3501
02:32:33,389 --> 02:32:31,600
don't think that I have personally but

3502
02:32:35,070 --> 02:32:33,399
you know you look at the original paper

3503
02:32:37,860 --> 02:32:35,080
I mean there was a lot of computer

3504
02:32:39,630 --> 02:32:37,870
science in there so there has been you

3505
02:32:42,780 --> 02:32:39,640
know speculation that it was actually a

3506
02:32:45,059 --> 02:32:42,790
group of computer science professors do

3507
02:32:47,130 --> 02:32:45,069
you think do you think it originated in

3508
02:32:50,700 --> 02:32:47,140
Japan and why do you think they picked

3509
02:32:51,240 --> 02:32:50,710
that name you know that's a good

3510
02:32:53,670 --> 02:32:51,250
question

3511
02:32:55,170 --> 02:32:53,680
I don't know if it originated in Japan

3512
02:32:57,330 --> 02:32:55,180
my guess is probably not

3513
02:33:00,850 --> 02:32:57,340
they probably used the Japanese name

3514
02:33:03,761 --> 02:33:00,860
just because it sounds kind of egoistic

3515
02:33:06,551 --> 02:33:03,771
and and technical but Japan is as I said

3516
02:33:08,710 --> 02:33:06,561
now become the second you know or maybe

3517
02:33:10,120 --> 02:33:08,720
even first biggest market for a Bitcoin

3518
02:33:11,200 --> 02:33:10,130
so I think that's that's pretty

3519
02:33:15,640 --> 02:33:11,210
interesting yeah

3520
02:33:17,110 --> 02:33:15,650
do you guys you know over at MIT or

3521
02:33:21,520 --> 02:33:17,120
Stanford do you guys sit around and

3522
02:33:27,100 --> 02:33:21,530
speculate who who Satoshi is sometimes

3523
02:33:28,960 --> 02:33:27,110
yeah for his work you're the best well

3524
02:33:31,450 --> 02:33:28,970
that's for another show at another time

3525
02:33:32,920 --> 02:33:31,460
thank you so much my friend thanks for

3526
02:33:34,420 --> 02:33:32,930
having me you're the best

3527
02:33:37,150 --> 02:33:34,430
rizz Burke everybody I'm gonna take a

3528
02:33:39,040 --> 02:33:37,160
quick break right here I'll keep the

3529
02:33:40,840 --> 02:33:39,050
phone lines open I'm sorry if I've left

3530
02:33:42,220 --> 02:33:40,850
you on hold but I'm in the middle of a

3531
02:33:43,750 --> 02:33:42,230
great conversation and that's what

3532
02:33:45,660 --> 02:33:43,760
happens this is fade to black I'm your

3533
02:33:55,420 --> 02:33:45,670
signature I'll be right back

3534
02:33:58,011 --> 02:33:55,430
[Music]

3535
02:34:00,890 --> 02:33:58,021
biblical box here and you are listening

3536
02:34:06,341 --> 02:34:00,900
to my boy Jimmy Church on Jimmy Jones

3537
02:34:10,970 --> 02:34:06,351
radio calm this my popular opinion

3538
02:34:15,121 --> 02:34:10,980
reading a book will not make you smarter

3539
02:34:16,860 --> 02:34:15,131
listening to Jimmy Church will so you

3540
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went to dinner last night you had your

3541
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favorite pasta or maybe you had a heavy

3542
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spicy meal in the left you get the

3543
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t-dot-com

3544
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maybe you mowed down a huge steak and

3545
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your plumbing is all plug get the t.com

3546
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our super strength T will take care of

3547
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your occasional it's all organic and

3548
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one get the T calm that's get t-dot-com

3551
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3561
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3566
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3567
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3569
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3570
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3571
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3572
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3573
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3576
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like the bunker leaning further into the

3577
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3578
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3579
02:36:09,180 --> 02:36:05,891
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3580
02:36:12,300 --> 02:36:09,190
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3581
02:36:16,019 --> 02:36:12,310
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3582
02:36:17,460 --> 02:36:16,029
go back Lee chappie hey can we talk

3583
02:36:20,880 --> 02:36:17,470
about something serious for a minute

3584
02:36:23,309 --> 02:36:20,890
your age getting old has its perks but

3585
02:36:25,380 --> 02:36:23,319
remember being a few years younger you

3586
02:36:27,450 --> 02:36:25,390
know your hair was thicker you didn't

3587
02:36:29,399 --> 02:36:27,460
have so many wrinkles that extra weight

3588
02:36:31,469 --> 02:36:29,409
wasn't haunting you and you just felt

3589
02:36:33,840 --> 02:36:31,479
better well we can't turn back the

3590
02:36:36,420 --> 02:36:33,850
clocks and go back 10 or 15 years but

3591
02:36:39,420 --> 02:36:36,430
you can start feeling and looking 10 or

3592
02:36:41,340 --> 02:36:39,430
15 years younger with nature's youth RSF

3593
02:36:42,870 --> 02:36:41,350
it's a doctor formulated daily

3594
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supplement that helps your body maintain

3595
02:36:47,880 --> 02:36:45,250
its peak performance and fight the aging

3596
02:36:49,380 --> 02:36:47,890
process imagine sleeping better looking

3597
02:36:51,990 --> 02:36:49,390
better and feeling better

3598
02:36:53,939 --> 02:36:52,000
see how Nature's youth RSF has helped

3599
02:36:56,639 --> 02:36:53,949
thousands of people just like you at

3600
02:36:59,130 --> 02:36:56,649
nature's use calm nature's youth calm

3601
02:37:00,510 --> 02:36:59,140
the holidays are coming imagine how it

3602
02:37:02,429 --> 02:37:00,520
will feel when your family and friends

3603
02:37:04,769 --> 02:37:02,439
are asking you what you did to look so

3604
02:37:07,080 --> 02:37:04,779
good your secret will be nature's youth

3605
02:37:09,569 --> 02:37:07,090
RSF it's time to start looking better

3606
02:37:11,639 --> 02:37:09,579
and feeling better learn more in order

3607
02:37:21,910 --> 02:37:11,649
your nature's use RSF at nature's youth

3608
02:37:36,170 --> 02:37:25,639
it's not a lifestyle we chose we were

3609
02:37:41,220 --> 02:37:36,180
born this way k GRA radio.com this is k

3610
02:37:41,230 --> 02:37:50,000
[Music]

3611
02:37:50,010 --> 02:37:53,951
[Applause]

3612
02:38:03,640 --> 02:37:55,881
all right welcome back fade to black

3613
02:38:11,570 --> 02:38:07,820
it's not about and I keep going back to

3614
02:38:14,860 --> 02:38:11,580
this and I was going back to this point

3615
02:38:20,570 --> 02:38:14,870
so many times with r is it's not about

3616
02:38:22,430 --> 02:38:20,580
Bitcoin ok bitcoin was first so that's

3617
02:38:26,810 --> 02:38:22,440
what everybody talked about it's not

3618
02:38:31,511 --> 02:38:26,820
about Bitcoin it's about the technology

3619
02:38:34,161 --> 02:38:31,521
behind Bitcoin and what the blockchain

3620
02:38:36,740 --> 02:38:34,171
technology and the idea behind it means

3621
02:38:38,720 --> 02:38:36,750
to every I mean I'm what I'm talking

3622
02:38:42,110 --> 02:38:38,730
about everything it's it could be

3623
02:38:45,801 --> 02:38:42,120
everything and and you look at

3624
02:38:50,001 --> 02:38:45,811
fundamentally what it represents then

3625
02:38:53,240 --> 02:38:50,011
suddenly you've got a system that is is

3626
02:38:55,371 --> 02:38:53,250
cool and and and just pull out an idea

3627
02:38:58,551 --> 02:38:55,381
just pull out I just right off the top

3628
02:39:00,201 --> 02:38:58,561
of my head I was just looking over here

3629
02:39:03,220 --> 02:39:00,211
in the bunker I'm not gonna reach around

3630
02:39:07,070 --> 02:39:03,230
for it I got a box of Girl Scout cookies

3631
02:39:08,480 --> 02:39:07,080
ok blockchain Girl Scout cookies now

3632
02:39:11,570 --> 02:39:08,490
think about that for a second

3633
02:39:14,871 --> 02:39:11,580
right so now you've got the Girl Scouts

3634
02:39:18,921 --> 02:39:14,881
and and you get the knock at the front

3635
02:39:22,190 --> 02:39:18,931
door and and the Girl Scout website has

3636
02:39:24,560 --> 02:39:22,200
block chain technology behind it and all

3637
02:39:27,411 --> 02:39:24,570
of I'm making this up on the fly I have

3638
02:39:30,291 --> 02:39:27,421
not put an ounce of thought to this but

3639
02:39:33,711 --> 02:39:30,301
this is an example of how rapid how easy

3640
02:39:35,720 --> 02:39:33,721
it can be applied so the Girl Scout

3641
02:39:37,701 --> 02:39:35,730
websites got blockchain technology

3642
02:39:39,711 --> 02:39:37,711
behind it and every Girl Scout in the

3643
02:39:41,900 --> 02:39:39,721
country is registered and every Girl

3644
02:39:43,761 --> 02:39:41,910
Scout in the country has got a little

3645
02:39:47,150 --> 02:39:43,771
digital wallet and they've got Girl

3646
02:39:48,951 --> 02:39:47,160
Scout tokens and and and and they're out

3647
02:39:52,131 --> 02:39:48,961
and they're selling girl scout cookies

3648
02:39:53,810 --> 02:39:52,141
and then they go and they they hang out

3649
02:39:56,451 --> 02:39:53,820
on the website and they're talking about

3650
02:39:58,850 --> 02:39:56,461
this and that and and and and sales and

3651
02:40:01,220 --> 02:39:58,860
whatever and they're rewarded with Girl

3652
02:40:03,381 --> 02:40:01,230
Scout tokens and the more that they sell

3653
02:40:04,120 --> 02:40:03,391
the blockchain there it gets registered

3654
02:40:07,030 --> 02:40:04,130
in morto

3655
02:40:11,230 --> 02:40:07,040
goons are created I think about that for

3656
02:40:13,000 --> 02:40:11,240
a second right and so your little Girl

3657
02:40:16,060 --> 02:40:13,010
Scout is there and you're thinking man

3658
02:40:18,400 --> 02:40:16,070
you know and she goes you know the more

3659
02:40:20,410 --> 02:40:18,410
I sell the more I'm gonna go hang out on

3660
02:40:21,880 --> 02:40:20,420
the website the more I'm gonna interact

3661
02:40:23,560 --> 02:40:21,890
with the other Girl Scouts across the

3662
02:40:25,929 --> 02:40:23,570
country and we're all supporting each

3663
02:40:28,150 --> 02:40:25,939
other and the blockchain is great and

3664
02:40:30,940 --> 02:40:28,160
I'm getting more girl scout token so

3665
02:40:35,560 --> 02:40:30,950
would you please buy some cookies for me

3666
02:40:37,300 --> 02:40:35,570
today whatever you know and and again if

3667
02:40:40,000 --> 02:40:37,310
you think about it like that in those

3668
02:40:43,690 --> 02:40:40,010
terms it can go across the board

3669
02:40:47,620 --> 02:40:43,700
education grades we were just talking

3670
02:40:50,170 --> 02:40:47,630
about peer to peer and cheating homework

3671
02:40:53,080 --> 02:40:50,180
well think about that and you get

3672
02:40:55,030 --> 02:40:53,090
rewarded for original essays and not

3673
02:40:56,620 --> 02:40:55,040
something you copy and paste it off of

3674
02:40:58,810 --> 02:40:56,630
the web that you actually typed and

3675
02:41:01,540 --> 02:40:58,820
wrote something original they think

3676
02:41:04,990 --> 02:41:01,550
about that and the rewards and the way

3677
02:41:06,940 --> 02:41:05,000
that this can be applied that is an

3678
02:41:08,770 --> 02:41:06,950
application of blockchain that is

3679
02:41:10,810 --> 02:41:08,780
incredible and you could use it for

3680
02:41:13,630 --> 02:41:10,820
anything like that

3681
02:41:15,580 --> 02:41:13,640
now going back to what R is oh by the

3682
02:41:19,000 --> 02:41:15,590
way let me let me do a couple of clicks

3683
02:41:21,010 --> 02:41:19,010
here do that phone lines were open three

3684
02:41:23,950 --> 02:41:21,020
two three eight two five five zero four

3685
02:41:28,210 --> 02:41:23,960
five four three two three two seven five

3686
02:41:31,410 --> 02:41:28,220
nine six nine five so there's that

3687
02:41:34,170 --> 02:41:31,420
aspect of it when he was talking about

3688
02:41:37,600 --> 02:41:34,180
you know a decentralized distribution

3689
02:41:41,200 --> 02:41:37,610
system for video and eliminating the

3690
02:41:43,630 --> 02:41:41,210
middleman I think it's it's a great idea

3691
02:41:47,590 --> 02:41:43,640
and I think that the technology is gonna

3692
02:41:50,760 --> 02:41:47,600
push things like that in in into that

3693
02:41:54,940 --> 02:41:50,770
direction because it has happened with

3694
02:41:57,429 --> 02:41:54,950
just because at the success of Amazon or

3695
02:41:59,710 --> 02:41:57,439
Netflix I'm not talking about

3696
02:42:02,410 --> 02:41:59,720
necessarily Amazon Prime and video I'm

3697
02:42:07,450 --> 02:42:02,420
talking about Amazon shipping products

3698
02:42:11,590 --> 02:42:07,460
to your door right this is something

3699
02:42:13,840 --> 02:42:11,600
that it didn't eliminate target target

3700
02:42:16,420 --> 02:42:13,850
is still successful right there are

3701
02:42:16,929 --> 02:42:16,430
still stores all over the country you're

3702
02:42:20,590 --> 02:42:16,939
still going

3703
02:42:23,889 --> 02:42:20,600
go and I still do that I still shop for

3704
02:42:26,529 --> 02:42:23,899
groceries I haven't yet had groceries to

3705
02:42:29,949 --> 02:42:26,539
deliver to the house but I'll give you

3706
02:42:32,979 --> 02:42:29,959
an example of where Amazon has succeeded

3707
02:42:34,989 --> 02:42:32,989
a couple of weeks ago about a week ago

3708
02:42:37,859 --> 02:42:34,999
maybe a little longer

3709
02:42:41,859 --> 02:42:37,869
it got really cold here in the valley

3710
02:42:46,389 --> 02:42:41,869
that really cold in Burbank and so we

3711
02:42:49,840 --> 02:42:46,399
went to turn on our heater and it didn't

3712
02:42:54,040 --> 02:42:49,850
work right our heater like what the heck

3713
02:42:56,170 --> 02:42:54,050
is going on here so heating company

3714
02:42:57,550 --> 02:42:56,180
comes out call a buddy of mine that you

3715
02:42:59,439 --> 02:42:57,560
know it's a company comes out and he

3716
02:43:01,599 --> 02:42:59,449
looks at ok man you've got to get a new

3717
02:43:03,370 --> 02:43:01,609
condenser you know the box outside of

3718
02:43:06,160 --> 02:43:03,380
the house with the fan and and all of

3719
02:43:08,979 --> 02:43:06,170
that really ok so now we're going

3720
02:43:12,660 --> 02:43:08,989
through and it today it still hasn't

3721
02:43:15,699 --> 02:43:12,670
been replaced for a couple of reasons

3722
02:43:19,330 --> 02:43:15,709
ordering the right one getting it

3723
02:43:21,580 --> 02:43:19,340
delivered warranties and and getting all

3724
02:43:23,139 --> 02:43:21,590
of that done but it's ready and now

3725
02:43:26,769 --> 02:43:23,149
we're waiting for this guy to come out

3726
02:43:28,870 --> 02:43:26,779
but for the last 10 days in that it has

3727
02:43:31,210 --> 02:43:28,880
been really cold here in the valley last

3728
02:43:34,689 --> 02:43:31,220
night it was like 40 degrees got no

3729
02:43:37,870 --> 02:43:34,699
heater in the house so Rita and I know

3730
02:43:39,939 --> 02:43:37,880
last week like seven days ago we went to

3731
02:43:42,699 --> 02:43:39,949
Lowe's who went to Home Depot we went to

3732
02:43:44,319 --> 02:43:42,709
Costco to go and buy a couple of

3733
02:43:46,239 --> 02:43:44,329
portable heaters for inside of the house

3734
02:43:48,609 --> 02:43:46,249
not that big of a deal but just to make

3735
02:43:50,800 --> 02:43:48,619
sure that we didn't get down to freezing

3736
02:43:53,590 --> 02:43:50,810
temperatures at night inside of the

3737
02:43:57,599 --> 02:43:53,600
house well nobody had them for sale

3738
02:44:02,099 --> 02:43:57,609
seasonal product went all over the place

3739
02:44:04,779 --> 02:44:02,109
drove wasted gas and time in the car

3740
02:44:07,300 --> 02:44:04,789
driving from store to store to get a

3741
02:44:10,779 --> 02:44:07,310
couple of space heaters couldn't find

3742
02:44:15,099 --> 02:44:10,789
him right so what do we do had to go

3743
02:44:18,210 --> 02:44:15,109
home jump on the net went to Amazon we

3744
02:44:21,880 --> 02:44:18,220
got the space heaters clicked done

3745
02:44:26,290 --> 02:44:21,890
delivered 20 bucks each delivered the

3746
02:44:29,319 --> 02:44:26,300
next day free shipping now think about

3747
02:44:30,280 --> 02:44:29,329
what I just said for a second couldn't

3748
02:44:33,310 --> 02:44:30,290
get them

3749
02:44:36,250 --> 02:44:33,320
anywhere in the valley drove all over

3750
02:44:38,350 --> 02:44:36,260
the place called around knots a seasonal

3751
02:44:43,410 --> 02:44:38,360
thing we don't you know call us in nine

3752
02:44:47,820 --> 02:44:43,420
months really couldn't get him Amazon

3753
02:44:50,530 --> 02:44:47,830
right there click click you nose done

3754
02:44:53,380 --> 02:44:50,540
you know and and the list of the space

3755
02:44:55,511 --> 02:44:53,390
heaters was there was 50 choices all of

3756
02:44:58,420 --> 02:44:55,521
them reasonably prized how many do you

3757
02:45:01,720 --> 02:44:58,430
want click quantity single click

3758
02:45:05,740 --> 02:45:01,730
purchasing done be at your house

3759
02:45:09,100 --> 02:45:05,750
tomorrow by 4 p.m. and we just wasted

3760
02:45:12,880 --> 02:45:09,110
and I'm talking about wasted gas time

3761
02:45:15,460 --> 02:45:12,890
money effort pollution everything that

3762
02:45:17,290 --> 02:45:15,470
we did into the system to go and find

3763
02:45:19,261 --> 02:45:17,300
this but yet Amazon was right there

3764
02:45:22,390 --> 02:45:19,271
should have done it to begin with

3765
02:45:26,590 --> 02:45:22,400
now that's an application of it right

3766
02:45:28,780 --> 02:45:26,600
there so I don't see you know target

3767
02:45:30,790 --> 02:45:28,790
going away but Target and Lowe's and

3768
02:45:33,100 --> 02:45:30,800
Home Depot and Costco didn't have what I

3769
02:45:36,100 --> 02:45:33,110
needed but Amazon did at that moment and

3770
02:45:37,960 --> 02:45:36,110
deliver to my door the next day so think

3771
02:45:42,340 --> 02:45:37,970
about that for a second so there's that

3772
02:45:45,340 --> 02:45:42,350
part blockchain eliminating anything

3773
02:45:47,920 --> 02:45:45,350
else in the future like maybe a Netflix

3774
02:45:49,480 --> 02:45:47,930
or DirecTV could they actually go away

3775
02:45:52,270 --> 02:45:49,490
the possibility is there

3776
02:45:54,761 --> 02:45:52,280
there will be solutions to fix those

3777
02:45:58,090 --> 02:45:54,771
issues and they will eventually fix

3778
02:46:00,880 --> 02:45:58,100
themselves just like blockbuster Tower

3779
02:46:03,460 --> 02:46:00,890
video the video stores where you went

3780
02:46:06,700 --> 02:46:03,470
for videotapes then you went for DVDs

3781
02:46:10,090 --> 02:46:06,710
remember DVDs eliminated video how many

3782
02:46:12,310 --> 02:46:10,100
video tape players recorders are in

3783
02:46:14,140 --> 02:46:12,320
garbage dumps around the world think

3784
02:46:17,200 --> 02:46:14,150
about it every house had them at one

3785
02:46:18,790 --> 02:46:17,210
point nobody's got them anymore what

3786
02:46:20,860 --> 02:46:18,800
happened to the video tape collections

3787
02:46:23,080 --> 02:46:20,870
and all of the people that manufactured

3788
02:46:26,860 --> 02:46:23,090
those wealth and then now let's go to

3789
02:46:30,011 --> 02:46:26,870
DVDs DVDs have done the same thing right

3790
02:46:33,070 --> 02:46:30,021
what was the last time you bought a CD I

3791
02:46:36,280 --> 02:46:33,080
don't even know the last time I bought a

3792
02:46:37,511 --> 02:46:36,290
CD it's a crazy concept let's go to the

3793
02:46:41,050 --> 02:46:37,521
phones hi you're live i'm fade to black

3794
02:46:44,080 --> 02:46:41,060
who's calling hi Jimmy it's Carolyn how

3795
02:46:47,230 --> 02:46:44,090
are you how are you that's the question

3796
02:46:48,910 --> 02:46:47,240
I'm good I'm good a little bit snowed in

3797
02:46:51,219 --> 02:46:48,920
but it's supposed to start melting by

3798
02:46:53,620 --> 02:46:51,229
the end of the week that's all good do

3799
02:46:56,160 --> 02:46:53,630
you have space heaters just kidding just

3800
02:46:58,900 --> 02:46:56,170
kidding Carol it's just just I have it I

3801
02:47:01,810 --> 02:46:58,910
have a space heater in my smoking porch

3802
02:47:07,300 --> 02:47:01,820
yeah I know you do we you know it's kind

3803
02:47:09,969 --> 02:47:07,310
of funny we never you know fans and

3804
02:47:12,969 --> 02:47:09,979
things like that we've got those but we

3805
02:47:15,040 --> 02:47:12,979
you know when it came for the need of a

3806
02:47:18,880 --> 02:47:15,050
space heater what were we gonna do you

3807
02:47:20,889 --> 02:47:18,890
know it was kind of weird but Amazon to

3808
02:47:24,520 --> 02:47:20,899
the rescue right so there you go what's

3809
02:47:28,590 --> 02:47:24,530
on your mind tonight well this thing

3810
02:47:33,160 --> 02:47:28,600
about Bitcoin I don't trust it why not

3811
02:47:38,710 --> 02:47:33,170
well number one who made it it could be

3812
02:47:41,880 --> 02:47:38,720
AI wants to get us all under control

3813
02:47:46,210 --> 02:47:41,890
right and then it can see who gets what

3814
02:47:48,490 --> 02:47:46,220
now now okay so that's Bitcoin but what

3815
02:47:52,719 --> 02:47:48,500
about the technology underneath it the

3816
02:47:56,110 --> 02:47:52,729
blockchain that's pretty cool well it is

3817
02:47:59,010 --> 02:47:56,120
kind of cool but what happens if we get

3818
02:48:01,540 --> 02:47:59,020
that electromagnetic pulse from the Sun

3819
02:48:05,940 --> 02:48:01,550
knocks out all the electricity

3820
02:48:09,849 --> 02:48:05,950
everybody's wallets gone then what well

3821
02:48:13,210 --> 02:48:09,859
even if there wasn't Bitcoin we would

3822
02:48:14,170 --> 02:48:13,220
still be pretty screwed your ATM cards

3823
02:48:17,770 --> 02:48:14,180
not gonna work

3824
02:48:22,450 --> 02:48:17,780
I know I know and that's why cash is

3825
02:48:24,820 --> 02:48:22,460
king yeah knock knock cash coffee coffee

3826
02:48:25,929 --> 02:48:24,830
that's gonna be king went with it all

3827
02:48:28,679 --> 02:48:25,939
goes down

3828
02:48:31,900 --> 02:48:28,689
I've got fade to black blend to trade

3829
02:48:33,639 --> 02:48:31,910
you know and I'm serious about if you

3830
02:48:34,929 --> 02:48:33,649
think about that you know what's gonna

3831
02:48:37,510 --> 02:48:34,939
be the number one and number two

3832
02:48:39,660 --> 02:48:37,520
commodities in the world if we just had

3833
02:48:42,910 --> 02:48:39,670
a massive EMP I can tell you right now

3834
02:48:45,010 --> 02:48:42,920
coffee and cigarettes and pot yeah no

3835
02:48:48,130 --> 02:48:45,020
cigarettes well pot to pot I'll be up

3836
02:48:52,389 --> 02:48:48,140
there but cigarettes and coffee will be

3837
02:48:54,820 --> 02:48:52,399
it there's no question about there's no

3838
02:48:57,469 --> 02:48:54,830
question about that but yeah yeah I I

3839
02:49:00,350 --> 02:48:57,479
agree with you there

3840
02:49:03,370 --> 02:49:00,360
and when we look at any of this whether

3841
02:49:07,820 --> 02:49:03,380
it's Bitcoin or credit cards I'm always

3842
02:49:09,889 --> 02:49:07,830
and and the other day Rita and I and

3843
02:49:11,960 --> 02:49:09,899
this is this is true you have to think

3844
02:49:13,940 --> 02:49:11,970
about this Rita and I go we go out to a

3845
02:49:16,969 --> 02:49:13,950
restaurant we valet right

3846
02:49:19,280 --> 02:49:16,979
go in and Rita turns to me and she goes

3847
02:49:21,920 --> 02:49:19,290
do you have any cash on you I said for

3848
02:49:25,370 --> 02:49:21,930
what she goes to tip the valet and I

3849
02:49:29,090 --> 02:49:25,380
went no you don't have cash no I didn't

3850
02:49:31,219 --> 02:49:29,100
I didn't Lee now now think about this

3851
02:49:36,139 --> 02:49:31,229
this is what's interesting our car

3852
02:49:39,590 --> 02:49:36,149
outside is now gone the valet parked it

3853
02:49:42,350 --> 02:49:39,600
right so now and we're inside at the

3854
02:49:44,690 --> 02:49:42,360
restaurant neither of us have cash so I

3855
02:49:47,630 --> 02:49:44,700
go up to the hostess you guys have an

3856
02:49:49,850 --> 02:49:47,640
ATM now but there's a Chase Manhattan a

3857
02:49:53,600 --> 02:49:49,860
couple of blocks down the road wait a

3858
02:49:57,830 --> 02:49:53,610
minute my car is gone now I walk a few

3859
02:50:01,750 --> 02:49:57,840
blocks to get cash right because I'm

3860
02:50:04,820 --> 02:50:01,760
carrying credit cards right and and so

3861
02:50:07,880 --> 02:50:04,830
even me that I normally don't leave the

3862
02:50:10,730 --> 02:50:07,890
house without cash this time we both did

3863
02:50:14,600 --> 02:50:10,740
and now we're stuck is that valet

3864
02:50:16,700 --> 02:50:14,610
outside going to take Bitcoin no as you

3865
02:50:18,139 --> 02:50:16,710
know but he would probably take one of

3866
02:50:22,160 --> 02:50:18,149
those things that you got in your goody

3867
02:50:25,280 --> 02:50:22,170
bag yeah right right and and so do I

3868
02:50:26,270 --> 02:50:25,290
have to drive to an ATM to come back you

3869
02:50:30,260 --> 02:50:26,280
know what do you do

3870
02:50:34,340 --> 02:50:30,270
so we're I think we're years and years

3871
02:50:36,260 --> 02:50:34,350
and years away from that certainly at

3872
02:50:39,500 --> 02:50:36,270
some point I would be able to take out

3873
02:50:41,270 --> 02:50:39,510
you know my cell phone and and pointed

3874
02:50:43,520 --> 02:50:41,280
at his and he takes a picture and

3875
02:50:45,920 --> 02:50:43,530
there's a thing there and and I can you

3876
02:50:48,770 --> 02:50:45,930
know transfer money into his account oh

3877
02:50:50,719 --> 02:50:48,780
you know that's just creeping me out I

3878
02:50:52,940 --> 02:50:50,729
know I know but we're gonna be right

3879
02:50:55,600 --> 02:50:52,950
there and then what if see this is the

3880
02:50:58,100 --> 02:50:55,610
caroler to think about this for a second

3881
02:50:59,719 --> 02:50:58,110
you're walking down the road I always

3882
02:51:01,490 --> 02:50:59,729
used this analogy you're walking down

3883
02:51:04,429 --> 02:51:01,500
the road you see this homeless guy right

3884
02:51:06,350 --> 02:51:04,439
and he's down there and and you just

3885
02:51:08,780 --> 02:51:06,360
like you know how do you help him you

3886
02:51:09,840 --> 02:51:08,790
don't have cash right maybe there's no

3887
02:51:15,929 --> 02:51:09,850
more cash

3888
02:51:20,510 --> 02:51:15,939
cashless and any turn and just go - how

3889
02:51:25,200 --> 02:51:20,520
did you get here well last month they

3890
02:51:29,250 --> 02:51:25,210
shut off my bank account you know think

3891
02:51:33,979 --> 02:51:29,260
about yeah the IRS or whatever now you

3892
02:51:37,229 --> 02:51:33,989
don't have a way to even give him money

3893
02:51:41,929 --> 02:51:37,239
right easy follow what I'm saying what

3894
02:51:43,950 --> 02:51:41,939
if Big Brother skynet just cut you off

3895
02:51:47,330 --> 02:51:43,960
turns you Wow

3896
02:51:50,280 --> 02:51:47,340
turned you off and and there's no way to

3897
02:51:52,050 --> 02:51:50,290
do anything I can walk him into this

3898
02:51:55,469 --> 02:51:52,060
McDonald's and buy him food but I'm

3899
02:52:00,210 --> 02:51:55,479
certainly not going to be able to give

3900
02:52:02,399 --> 02:52:00,220
him anything that's a crazy could and

3901
02:52:04,710 --> 02:52:02,409
actually come down to something like

3902
02:52:08,460 --> 02:52:04,720
that or you just got turned off right

3903
02:52:10,530 --> 02:52:08,470
your number is turned off you know

3904
02:52:13,260 --> 02:52:10,540
that's it no cell phone no nothing

3905
02:52:16,740 --> 02:52:13,270
nothing no card no what if there was an

3906
02:52:20,399 --> 02:52:16,750
off switch for people and that's that's

3907
02:52:23,490 --> 02:52:20,409
why that's why I think cash you know

3908
02:52:27,359 --> 02:52:23,500
cash still needs to be there it just

3909
02:52:29,969 --> 02:52:27,369
needs to be there there needs to be

3910
02:52:35,700 --> 02:52:29,979
added that that thing that that sense of

3911
02:52:38,070 --> 02:52:35,710
exchange or barter bucks right well

3912
02:52:41,820 --> 02:52:38,080
something you know something you know

3913
02:52:44,429 --> 02:52:41,830
something you just reminded me I'm not

3914
02:52:49,260 --> 02:52:44,439
gonna let my mind go there but but there

3915
02:52:51,179 --> 02:52:49,270
are there are things out there with

3916
02:52:53,849 --> 02:52:51,189
inside of companies and things where

3917
02:52:55,500 --> 02:52:53,859
they they have their own dollars right

3918
02:52:59,340 --> 02:52:55,510
you know to you know and to have fun

3919
02:53:02,580 --> 02:52:59,350
with or whatever and and you know what I

3920
02:53:04,859 --> 02:53:02,590
mean there could be a sense of that out

3921
02:53:07,050 --> 02:53:04,869
there where at least there would be some

3922
02:53:10,410 --> 02:53:07,060
kind of monetary exchange that is

3923
02:53:14,340 --> 02:53:10,420
outside of the electronic system I don't

3924
02:53:16,710 --> 02:53:14,350
know III the days of of that if it

3925
02:53:18,570 --> 02:53:16,720
actually took over I think would be

3926
02:53:21,660 --> 02:53:18,580
really really scary you know if you have

3927
02:53:24,960 --> 02:53:21,670
a chip in your hand and that's where you

3928
02:53:28,200 --> 02:53:24,970
you go and and your or you know that's

3929
02:53:30,990 --> 02:53:28,210
why Apple box you know the the I the

3930
02:53:32,820 --> 02:53:31,000
hike you know payment system or you know

3931
02:53:34,500 --> 02:53:32,830
Android where you're walking up and

3932
02:53:36,990 --> 02:53:34,510
waving your cellphone and paying for it

3933
02:53:39,420 --> 02:53:37,000
the next step being you know with chip

3934
02:53:41,250 --> 02:53:39,430
in your hand which is its clothes it's

3935
02:53:43,410 --> 02:53:41,260
you know I would say that it's gonna

3936
02:53:45,840 --> 02:53:43,420
happen sooner or later but that your

3937
02:53:47,400 --> 02:53:45,850
whole existence is like that you know

3938
02:53:49,200 --> 02:53:47,410
you're at a restaurant you wave your

3939
02:53:51,240 --> 02:53:49,210
hand you're done you're paid you go and

3940
02:53:53,640 --> 02:53:51,250
get gas paid you're getting groceries at

3941
02:53:56,280 --> 02:53:53,650
the store paid that everything is is

3942
02:54:02,130 --> 02:53:56,290
like this and then somebody decides to

3943
02:54:05,520 --> 02:54:02,140
turn that chip off right right what what

3944
02:54:08,010 --> 02:54:05,530
what are you gonna do well I know what

3945
02:54:11,040 --> 02:54:08,020
I'm gonna do I'm gonna grow a whole

3946
02:54:11,850 --> 02:54:11,050
bunch of pot yeah I already know how to

3947
02:54:14,310 --> 02:54:11,860
bake with it

3948
02:54:16,620 --> 02:54:14,320
mm-hmm you know I already know how to

3949
02:54:19,050 --> 02:54:16,630
smoke it I'm gonna find out how to make

3950
02:54:22,980 --> 02:54:19,060
paper out of it I'm gonna use it first

3951
02:54:25,260 --> 02:54:22,990
for clothing I'm gonna use it for fuel

3952
02:54:27,240 --> 02:54:25,270
I'm gonna and that will be me I'll be

3953
02:54:29,670 --> 02:54:27,250
able to barter with my neighbors I can

3954
02:54:35,130 --> 02:54:29,680
give them everything food medicine

3955
02:54:39,179 --> 02:54:35,140
clothing fuel no and what yeah I mean do

3956
02:54:41,700 --> 02:54:39,189
you think in these science fiction

3957
02:54:43,170 --> 02:54:41,710
apocalyptic futuristic movies you know

3958
02:54:45,120 --> 02:54:43,180
where the you know there's no more

3959
02:54:47,580 --> 02:54:45,130
computers and everything got fried out

3960
02:54:50,340 --> 02:54:47,590
and everybody's out growing corn and you

3961
02:54:53,370 --> 02:54:50,350
know back to community that we could go

3962
02:54:56,190 --> 02:54:53,380
through some cyclical thing like that

3963
02:55:00,120 --> 02:54:56,200
where you know we take computers as far

3964
02:55:04,230 --> 02:55:00,130
as we can and then one day it gets taken

3965
02:55:06,990 --> 02:55:04,240
from us and maybe we have the choices

3966
02:55:11,280 --> 02:55:07,000
now inside of ourselves to not take

3967
02:55:15,020 --> 02:55:11,290
technology so far to be so deep hand in

3968
02:55:19,140 --> 02:55:15,030
on it you know so I'm dependent because

3969
02:55:21,870 --> 02:55:19,150
what if right I mean what if I so if we

3970
02:55:23,730 --> 02:55:21,880
only have to go back halfway at least we

3971
02:55:26,330 --> 02:55:23,740
still have an infrastructure that is

3972
02:55:31,350 --> 02:55:26,340
there and we don't have to go completely

3973
02:55:33,319 --> 02:55:31,360
caveman exactly you know these these

3974
02:55:36,559 --> 02:55:33,329
young people to if

3975
02:55:39,620 --> 02:55:36,569
if the power goes out and they're

3976
02:55:40,460 --> 02:55:39,630
running until they just tell you I can't

3977
02:55:45,200 --> 02:55:40,470
give you change

3978
02:55:49,279 --> 02:55:45,210
I I don't know how to make change that's

3979
02:55:52,000 --> 02:55:49,289
what they say what one of my daughters

3980
02:55:56,630 --> 02:55:52,010
I'm not gonna say who but one of them

3981
02:55:58,460 --> 02:55:56,640
showed us a math test from college the

3982
02:56:00,920 --> 02:55:58,470
other day look at what I got I was like

3983
02:56:04,370 --> 02:56:00,930
man that's pretty cool she goes and I

3984
02:56:08,000 --> 02:56:04,380
didn't use a calculator I'm like wait a

3985
02:56:11,420 --> 02:56:08,010
minute here you know

3986
02:56:13,580 --> 02:56:11,430
stop stop but that was the requirement

3987
02:56:14,569 --> 02:56:13,590
for this particular math test and no no

3988
02:56:17,179 --> 02:56:14,579
I'm talking about how it was a

3989
02:56:19,550 --> 02:56:17,189
college-level you know a real-deal math

3990
02:56:22,399 --> 02:56:19,560
test but they had to do it without a

3991
02:56:25,160 --> 02:56:22,409
calculator and and I was thinking that's

3992
02:56:28,399 --> 02:56:25,170
it that that that just flipped me out

3993
02:56:30,290 --> 02:56:28,409
that just stopped me right there okay I

3994
02:56:32,510 --> 02:56:30,300
got a rap I got a rap the show thank you

3995
02:56:36,889 --> 02:56:32,520
so much Corolla and be safe and be well

3996
02:56:39,229 --> 02:56:36,899
I will in YouTube Jimmy great great

3997
02:56:41,269 --> 02:56:39,239
phone call and I'm so with you she's

3998
02:56:45,590 --> 02:56:41,279
absolutely right you need to have that

3999
02:56:49,309 --> 02:56:45,600
hard core I Rita just says are you gonna

4000
02:56:52,429 --> 02:56:49,319
say anything positive yeah I'm totally

4001
02:56:55,849 --> 02:56:52,439
positive I'm totally positive nothing

4002
02:56:59,120 --> 02:56:55,859
out of my pockets but flowers you know

4003
02:57:02,359 --> 02:56:59,130
when you talked to R is like we did

4004
02:57:05,870 --> 02:57:02,369
tonight and you start to understand what

4005
02:57:07,700 --> 02:57:05,880
it's it's not so much the negative

4006
02:57:09,740 --> 02:57:07,710
aspects of anything that we look at

4007
02:57:11,779 --> 02:57:09,750
because if we look at the negative

4008
02:57:13,609 --> 02:57:11,789
aspects of anything and in this case

4009
02:57:16,010 --> 02:57:13,619
we're talking about Bitcoin and I tried

4010
02:57:17,990 --> 02:57:16,020
to go there but he's right there's a

4011
02:57:20,210 --> 02:57:18,000
negative aspect to everything and if you

4012
02:57:25,189 --> 02:57:20,220
look at the internet the internet and

4013
02:57:27,229 --> 02:57:25,199
and and what you can use it for the the

4014
02:57:28,790 --> 02:57:27,239
darkest and the wrongness of things or

4015
02:57:30,620 --> 02:57:28,800
you can use it for the right and the

4016
02:57:33,019 --> 02:57:30,630
positive like fade to black right this

4017
02:57:34,760 --> 02:57:33,029
is a positive aspect to it there's the

4018
02:57:36,710 --> 02:57:34,770
dark side to the net there's also going

4019
02:57:41,450 --> 02:57:36,720
to be the dark side to anything else the

4020
02:57:43,550 --> 02:57:41,460
stock market Bitcoin whatever but if you

4021
02:57:44,500 --> 02:57:43,560
look at the underlying technology of the

4022
02:57:47,710 --> 02:57:44,510
Internet

4023
02:57:49,809 --> 02:57:47,720
or the blockchain distribution networks

4024
02:57:53,139 --> 02:57:49,819
or Amazon or anything else that's out

4025
02:57:55,120 --> 02:57:53,149
there there's an absolute positive thing

4026
02:57:58,090 --> 02:57:55,130
and there's a way to just make it work

4027
02:58:00,250 --> 02:57:58,100
for you in this community and that's my

4028
02:58:02,859 --> 02:58:00,260
take and that's why you need somebody

4029
02:58:07,029 --> 02:58:02,869
like rizz to come on this show and just

4030
02:58:08,830 --> 02:58:07,039
set my mind straight and he did just

4031
02:58:10,569 --> 02:58:08,840
that and that's why we do fade to black

4032
02:58:13,929 --> 02:58:10,579
so just thank you to everybody tonight

4033
02:58:15,429 --> 02:58:13,939
yeah Risberg the absolute very does I

4034
02:58:17,250 --> 02:58:15,439
can't wait to get him back on there's so

4035
02:58:19,870 --> 02:58:17,260
much more to talk about

4036
02:58:22,750 --> 02:58:19,880
fade to black executive producers Rita

4037
02:58:24,939 --> 02:58:22,760
Kumari on shows produced by films a palm

4038
02:58:27,609 --> 02:58:24,949
Rene Dennis and Bob announces lost even

4039
02:58:31,059 --> 02:58:27,619
harder Jean Patou a mark D Kovar what

4040
02:58:32,950 --> 02:58:31,069
master is drew the geek music Doug

4041
02:58:35,439 --> 02:58:32,960
Albert's intro space boys space boy

4042
02:58:37,469 --> 02:58:35,449
music calm fade to black is produced by

4043
02:58:41,290 --> 02:58:37,479
kjsurya

4044
02:58:43,840 --> 02:58:41,300
syndication as kg ra the planet this

4045
02:58:45,250 --> 02:58:43,850
broadcasts on a copyright of 2018 by

4046
02:58:47,189 --> 02:58:45,260
fade to black in the game change your

4047
02:58:49,540 --> 02:58:47,199
network it cannot be rebroadcast

4048
02:58:51,340 --> 02:58:49,550
downloaded copied or used anywhere in

4049
02:58:52,840 --> 02:58:51,350
the known universe without written

4050
02:58:55,540 --> 02:58:52,850
permission from fade to black of the

4051
02:59:00,279 --> 02:58:55,550
GameChanger network tomorrow night right

4052
02:59:04,120 --> 02:59:00,289
here Matthew Ryan get ready for that but

4053
02:59:06,350 --> 02:59:04,130
until then everybody be safe go back Lee

4054
02:59:06,530 --> 02:59:06,360
taffy

4055
02:59:09,140 --> 02:59:06,540
[Music]

4056
02:59:28,230 --> 02:59:09,150
[Applause]