1 00:00:00,017 --> 00:00:04,821 Um you know Bitcoin ETFs are not in um in Korea 2 00:00:04,821 --> 00:00:08,525 yet but everybody is waiting for it to happen 3 00:00:08,525 --> 00:00:13,397 But some some people worry about Bitcoin ETFs um 4 00:00:13,397 --> 00:00:17,000 expanding to these many many major countries 5 00:00:17,000 --> 00:00:20,037 Do you think Bitcoin ETFs spot ETFs will 6 00:00:20,037 --> 00:00:22,773 eventually manipulate the Bitcoin price 7 00:00:22,773 --> 00:00:25,042 I mean uh any buyer or seller 8 00:00:25,042 --> 00:00:27,177 manipulates price almost by definition 9 00:00:27,177 --> 00:00:27,411 Right 10 00:00:27,411 --> 00:00:30,547 Like so anytime anyone buys it that that 11 00:00:30,547 --> 00:00:32,849 means there's a little bit more demand 12 00:00:32,849 --> 00:00:33,817 Uh and Yeah 13 00:00:33,817 --> 00:00:36,153 You know anybody anytime someone sells it then 14 00:00:36,153 --> 00:00:38,055 there's a little bit more supply and so on 15 00:00:38,055 --> 00:00:40,524 So by definition yeah I 16 00:00:40,524 --> 00:00:43,093 it it manipulates the price 17 00:00:43,093 --> 00:00:46,363 Now is it gonna be done at the level that like 18 00:00:46,363 --> 00:00:48,765 the Federal Reserve does with the stock market 19 00:00:48,765 --> 00:00:51,969 or treasury interest rates or something like that 20 00:00:51,969 --> 00:00:54,238 I mean there there are arguments to be made 21 00:00:54,238 --> 00:00:56,707 on both sides but I I suspect not really 22 00:00:56,707 --> 00:00:59,977 because you know the these are um yeah 23 00:00:59,977 --> 00:01:01,912 I mean it's possible that they start 24 00:01:01,912 --> 00:01:04,781 rehypothecating the Bitcoin and uh you know 25 00:01:04,781 --> 00:01:06,850 selling Bitcoin that doesn't exist and stuff 26 00:01:06,850 --> 00:01:10,487 But you know it uh if you get um and 27 00:01:10,487 --> 00:01:12,322 they're they're talking about this right now 28 00:01:12,322 --> 00:01:15,459 It though those are cash redemption ETFs only 29 00:01:15,459 --> 00:01:19,196 So if you want to um you know take out 30 00:01:19,196 --> 00:01:21,531 a 100 Bitcoin I think that's the tranche 31 00:01:21,531 --> 00:01:23,867 or whatever that you have to get to 32 00:01:23,867 --> 00:01:26,570 um be able to withdraw from the ATF 33 00:01:26,570 --> 00:01:28,972 You you get cash instead of Bitcoin 34 00:01:28,972 --> 00:01:30,507 Uh but they're talking about 35 00:01:30,507 --> 00:01:32,175 um actual Bitcoin settlement 36 00:01:32,175 --> 00:01:34,811 Uh and if that that rule goes into effect then all 37 00:01:34,811 --> 00:01:38,649 of that will be um very obvious uh you know when 38 00:01:38,649 --> 00:01:41,485 if they're trying to um sell Bitcoin that doesn't 39 00:01:41,485 --> 00:01:44,688 exist or or you know sort of do the fractional 40 00:01:44,688 --> 00:01:47,791 reserve stuff that uh that got you know banks in 41 00:01:47,791 --> 00:01:50,394 trouble years ago and what a lot of people suspect 42 00:01:50,394 --> 00:01:52,629 is going on with like the gold ETF and so on 43 00:01:52,629 --> 00:01:53,597 So Right 44 00:01:53,597 --> 00:01:55,832 So so you know there there 45 00:01:55,832 --> 00:01:58,068 there's a there's a bit of that 46 00:01:58,068 --> 00:02:00,637 It's hard to tell and we don't really 47 00:02:00,637 --> 00:02:03,607 know but the volumes on these ETFs are 48 00:02:03,607 --> 00:02:05,509 absolutely huge and for a good reason 49 00:02:05,509 --> 00:02:05,842 Right 50 00:02:05,842 --> 00:02:07,110 Like prices going up 51 00:02:07,110 --> 00:02:08,879 Um I think it's one of the best 52 00:02:08,879 --> 00:02:10,947 performing assets in the past year 53 00:02:10,947 --> 00:02:12,716 It doubled last year 54 00:02:12,716 --> 00:02:13,650 It doubled this year 55 00:02:13,650 --> 00:02:16,620 It's like it's looking pretty good for most 56 00:02:16,620 --> 00:02:18,689 most people that have been in it uh and 57 00:02:18,689 --> 00:02:21,258 you know people are coming around to it 58 00:02:21,258 --> 00:02:24,227 Uh so obviously there's a lot of interest uh 59 00:02:24,227 --> 00:02:27,164 institutionally a lot of pension funds and 60 00:02:27,164 --> 00:02:30,867 so on that are uh that have significant gaps 61 00:02:30,867 --> 00:02:33,270 Uh they're underfunded and they're 62 00:02:33,270 --> 00:02:35,505 assuming sort of like 9% annual 63 00:02:35,505 --> 00:02:37,174 return for like the next 20 years 64 00:02:37,174 --> 00:02:39,876 And they need riskier assets except 65 00:02:39,876 --> 00:02:41,311 they're not allowed to invest in them 66 00:02:41,311 --> 00:02:43,714 So you know having having a b Bitcoin 67 00:02:43,714 --> 00:02:46,049 ETF can certainly help with that 68 00:02:46,049 --> 00:02:49,619 Um now I I'm like what how how that affects 69 00:02:49,619 --> 00:02:51,855 Korea or other countries when when they have it 70 00:02:51,855 --> 00:02:52,422 I don't know 71 00:02:52,422 --> 00:02:55,392 It it probably depends on sort of like the 72 00:02:55,392 --> 00:02:58,495 public union infrastructure and any sort 73 00:02:58,495 --> 00:03:01,398 of like pension plan that your country has 74 00:03:01,398 --> 00:03:03,066 And I I'm not familiar with 75 00:03:03,066 --> 00:03:04,701 that at all about Korea 76 00:03:04,701 --> 00:03:06,770 But if any of those are underfunded 77 00:03:06,770 --> 00:03:10,073 then I suspect that uh you know the this 78 00:03:10,073 --> 00:03:12,142 sort of thing would become a little more 79 00:03:12,142 --> 00:03:14,211 popular because at a certain point you're 80 00:03:14,211 --> 00:03:15,746 you're going to have to start taking risk 81 00:03:15,746 --> 00:03:15,979 Right 82 00:03:15,979 --> 00:03:18,482 Like if you're an underfunded pension and you're 83 00:03:18,482 --> 00:03:22,419 assuming 9% returns and you've been getting 6 or 7 84 00:03:22,419 --> 00:03:24,254 you're going to have to do something different 85 00:03:24,254 --> 00:03:26,423 And this is like the one hope for them 86 00:03:26,423 --> 00:03:28,492 And um yeah who knows 87 00:03:28,492 --> 00:03:30,060 We'll we'll we'll we'll see 88 00:03:30,060 --> 00:03:31,728 But that that's sort of the 89 00:03:31,728 --> 00:03:33,497 role it has in the market 90 00:03:33,497 --> 00:03:36,133 I don't know if it's going to be manipulating 91 00:03:36,133 --> 00:03:38,835 Bitcoin price as much as just adding demand 92 00:03:38,835 --> 00:03:42,172 And we know Bitcoin has a fixed supply and the 93 00:03:42,172 --> 00:03:45,142 more demand there is the higher the price goes 94 00:03:45,142 --> 00:03:45,308 Right 95 00:03:45,308 --> 00:03:45,475 Right 96 00:03:45,475 --> 00:03:47,144 Absolutely 97 00:03:47,144 --> 00:03:50,881 I think it's Hester Pierce the SEC congresswoman 98 00:03:50,881 --> 00:03:51,448 Mhmm 99 00:03:51,448 --> 00:03:52,783 She's the one who's advocating 100 00:03:52,783 --> 00:03:55,352 for this um Bitcoin redemption 101 00:03:55,352 --> 00:03:55,685 Right 102 00:03:55,685 --> 00:03:57,354 In kind redemption 103 00:03:57,354 --> 00:04:01,291 So everyone who purchases Bitcoin ETF when they 104 00:04:01,291 --> 00:04:03,560 when they sell the ETF and they 105 00:04:03,560 --> 00:04:06,663 can get actual Bitcoin out of it 106 00:04:06,663 --> 00:04:07,297 Is that No 107 00:04:07,297 --> 00:04:07,464 No 108 00:04:07,464 --> 00:04:10,300 The the the way ETFs work is that 109 00:04:10,300 --> 00:04:11,902 um they're tied to a commodity 110 00:04:11,902 --> 00:04:12,135 Right 111 00:04:12,135 --> 00:04:15,906 So a gold ETF um is supposed to track gold 112 00:04:15,906 --> 00:04:20,010 Then the way they make that track exactly is the 113 00:04:20,010 --> 00:04:24,114 ETF has a certain amount of gold that it possesses 114 00:04:24,114 --> 00:04:26,917 But if you have enough of the ETF shares and it's 115 00:04:26,917 --> 00:04:30,754 usually a large trench so it's something like 116 00:04:30,754 --> 00:04:33,723 uh you know I I don't know the exact number but 117 00:04:33,723 --> 00:04:37,327 uh you know a 1000 ounces of gold worth of the 118 00:04:37,327 --> 00:04:41,131 ETF You can redeem only in 1,000 ounce increments 119 00:04:41,131 --> 00:04:41,398 Right 120 00:04:41,398 --> 00:04:44,501 Like so you have to give and but that gives 121 00:04:44,501 --> 00:04:47,137 it enough of an arbitrage opportunity to a big 122 00:04:47,137 --> 00:04:50,240 player so that if the price goes out of whack 123 00:04:50,240 --> 00:04:54,377 then they'll either put in more gold into the ETF 124 00:04:54,377 --> 00:04:56,947 or they'll withdraw the gold from the ETF 125 00:04:56,947 --> 00:04:59,850 So that that's the idea is that there there 126 00:04:59,850 --> 00:05:02,719 would be market makers that uh that sort 127 00:05:02,719 --> 00:05:05,755 of create that strong link between the 2 128 00:05:05,755 --> 00:05:09,226 because if they're able to withdraw Bitcoin 129 00:05:09,226 --> 00:05:13,830 not at like the point you know 1 Bitcoin level 130 00:05:13,830 --> 00:05:16,500 but probably in trenches of like 10 Bitcoin or 131 00:05:16,500 --> 00:05:18,535 something like that a $1,000,000 worth of Bitcoin 132 00:05:18,535 --> 00:05:20,804 Like you have to have $1,000,000 worth 133 00:05:20,804 --> 00:05:23,039 of the ETF to be able to withdraw 134 00:05:23,039 --> 00:05:24,241 10 Bitcoin something like that 135 00:05:24,241 --> 00:05:26,943 And it's only in multiples of 10 then that 136 00:05:26,943 --> 00:05:30,213 would uh give enough of an escape hatch that 137 00:05:30,213 --> 00:05:32,883 it would be very strongly linked and almost 138 00:05:32,883 --> 00:05:35,652 guarantee that it's not fractional reserved 139 00:05:35,652 --> 00:05:35,852 Yeah 140 00:05:35,852 --> 00:05:37,521 I think it's almost similar strategy 141 00:05:37,521 --> 00:05:39,923 with the Japanese yen carry trades 142 00:05:39,923 --> 00:05:40,557 Right 143 00:05:40,557 --> 00:05:40,790 Mhmm 144 00:05:40,790 --> 00:05:43,126 These uh Japanese rich people 145 00:05:43,126 --> 00:05:45,829 in in Japan called missus Watanabe 146 00:05:45,829 --> 00:05:48,798 They um throughout the period where 147 00:05:48,798 --> 00:05:51,368 when their their economy like was 148 00:05:51,368 --> 00:05:54,538 so down for almost 30 years uh they they 149 00:05:54,538 --> 00:05:57,240 have to invest in something stronger than yen 150 00:05:57,240 --> 00:06:01,244 They so they just use the you know dynamics 151 00:06:01,244 --> 00:06:01,645 Right 152 00:06:01,645 --> 00:06:03,580 They they borrowed with a cheap 153 00:06:03,580 --> 00:06:05,582 interest rate in Japan and then they 154 00:06:05,582 --> 00:06:08,852 invest into something all much stronger 155 00:06:08,852 --> 00:06:09,419 And 156 00:06:09,419 --> 00:06:09,819 Mhmm 157 00:06:09,819 --> 00:06:12,956 I think the most of the money 158 00:06:12,956 --> 00:06:15,492 came into the US the stock market 159 00:06:15,492 --> 00:06:18,461 I think nobody can deny that the the reason 160 00:06:18,461 --> 00:06:21,631 why Nasdaq or S and P 500 has has gone up 161 00:06:21,631 --> 00:06:24,434 so dramatically for the last 20 or 30 years 162 00:06:24,434 --> 00:06:27,070 was because the this the money from Japan 163 00:06:27,070 --> 00:06:29,873 it is missus Watanabe they had to invest 164 00:06:29,873 --> 00:06:32,442 in something stronger than Japanese yen 165 00:06:32,442 --> 00:06:34,978 So that you know that's the that's one of the 166 00:06:34,978 --> 00:06:38,181 reasons that why the US stock market was so good 167 00:06:38,181 --> 00:06:41,217 Um and I think the US corporations are doing the 168 00:06:41,217 --> 00:06:43,486 exact same thing with the dollar and Bitcoin 169 00:06:43,486 --> 00:06:46,289 That's how I compare these two strategies 170 00:06:46,289 --> 00:06:46,523 Yeah 171 00:06:46,523 --> 00:06:49,326 I I I'd say that's that's pretty accurate 172 00:06:49,326 --> 00:06:51,561 Uh the Yankee trade wasn't 173 00:06:51,561 --> 00:06:54,030 nearly as profitable as the Yeah 174 00:06:54,030 --> 00:06:56,833 Bitcoin trade though because the Bitcoin trade is 175 00:06:56,833 --> 00:07:01,938 just uh like you you he's just printing stocks and 176 00:07:01,938 --> 00:07:04,741 you using that to collect money and buying Bitcoin 177 00:07:04,741 --> 00:07:10,714 And because the multiple is higher than 1 then 178 00:07:10,714 --> 00:07:13,516 he can just it's kind of an infinite money glitch 179 00:07:13,516 --> 00:07:14,784 Um it's Yeah 180 00:07:14,784 --> 00:07:17,754 And he he he's like buying like 181 00:07:17,754 --> 00:07:19,823 1,000,000,000 and 1,000,000,000 every week 182 00:07:19,823 --> 00:07:23,727 It's it's it's just absolutely insane 183 00:07:23,727 --> 00:07:24,461 And he yeah 184 00:07:24,461 --> 00:07:25,662 He's not gonna be the only one 185 00:07:25,662 --> 00:07:26,463 There are other other 186 00:07:26,463 --> 00:07:27,897 companies starting to do that 187 00:07:27,897 --> 00:07:31,801 And at some point like that that ball gets rolling 188 00:07:31,801 --> 00:07:32,435 It's okay 189 00:07:32,435 --> 00:07:34,037 We we have this much Bitcoin 190 00:07:34,037 --> 00:07:35,238 on our balance sheet too 191 00:07:35,238 --> 00:07:37,574 But I right now my MicroStrategy 192 00:07:37,574 --> 00:07:38,775 is king on this score 193 00:07:38,775 --> 00:07:41,478 But I mean there there's gonna be competition 194 00:07:41,478 --> 00:07:42,812 There already is in some ways 195 00:07:42,812 --> 00:07:42,979 Hey 196 00:07:42,979 --> 00:07:44,581 I think the world economy is in a 197 00:07:44,581 --> 00:07:47,917 really strange situation now because 198 00:07:47,917 --> 00:07:50,820 US is decreasing the interest rate 199 00:07:50,820 --> 00:07:52,656 Um at the same time Japan is about 200 00:07:52,656 --> 00:07:55,458 to increase the interest rate and 201 00:07:55,458 --> 00:07:57,861 China is devaluing their currency 202 00:07:57,861 --> 00:07:59,596 And then they are they they 203 00:07:59,596 --> 00:08:02,732 just rolled out this new huge plan 204 00:08:02,732 --> 00:08:05,301 for bailout bailout their economy 205 00:08:05,301 --> 00:08:07,771 So and there's 2 war going 206 00:08:07,771 --> 00:08:10,974 on in Middle East and Europe 207 00:08:10,974 --> 00:08:12,375 So I don't know 208 00:08:12,375 --> 00:08:14,711 The uncertainty is like even 209 00:08:14,711 --> 00:08:16,680 bigger than beef uh it's so big 210 00:08:16,680 --> 00:08:18,682 So nobody can you know expect what to 211 00:08:18,682 --> 00:08:21,551 happen the next year or the uh after 2 years 212 00:08:21,551 --> 00:08:23,253 but do you think do you still think the 213 00:08:23,253 --> 00:08:25,655 global liquidity will increase eventually 214 00:08:25,655 --> 00:08:27,323 Because the the correlation 215 00:08:27,323 --> 00:08:28,758 between the two is so high 216 00:08:28,758 --> 00:08:28,925 Right 217 00:08:28,925 --> 00:08:32,462 The Bitcoin and the global m two supply increase 218 00:08:32,462 --> 00:08:32,929 Mhmm 219 00:08:32,929 --> 00:08:33,096 Mhmm 220 00:08:33,096 --> 00:08:35,598 I think Bitcoin price is going going to go up 221 00:08:35,598 --> 00:08:39,436 dramatically when the global m two uh increases 222 00:08:39,436 --> 00:08:40,003 Mhmm 223 00:08:40,003 --> 00:08:43,940 Um do you think even in Trump administration the 224 00:08:43,940 --> 00:08:46,476 US will still print money issue the new bonds 225 00:08:46,476 --> 00:08:47,043 Uh Yeah 226 00:08:47,043 --> 00:08:49,212 I mean I I think they kinda have to 227 00:08:49,212 --> 00:08:51,281 We'll see how much of a cut 228 00:08:51,281 --> 00:08:53,450 like uh Doge will do and so on 229 00:08:53,450 --> 00:08:58,555 But the biggest liabilities uh on the US budget 230 00:08:58,555 --> 00:09:01,524 are are the biggest spending things are you 231 00:09:01,524 --> 00:09:03,827 know Medicare Social Security and Defense 232 00:09:03,827 --> 00:09:06,162 Like those aren't I mean there there'll be 233 00:09:06,162 --> 00:09:08,298 some cuts administratively and so on but 234 00:09:08,298 --> 00:09:10,633 like the unfunded liabilities on Social 235 00:09:10,633 --> 00:09:12,535 Security alone is like 300,000,000,000,000 236 00:09:12,535 --> 00:09:14,804 I mean that's and you can either 237 00:09:14,804 --> 00:09:15,939 you're going to have to print 238 00:09:15,939 --> 00:09:16,172 Right 239 00:09:16,172 --> 00:09:17,207 Because you're you're not gonna 240 00:09:17,207 --> 00:09:19,209 collect enough in taxes to pay those 241 00:09:19,209 --> 00:09:22,011 out especially as population decreases 242 00:09:22,011 --> 00:09:25,115 So I that there's no slowing down that train 243 00:09:25,115 --> 00:09:27,183 unless you inflate your way out of it which is 244 00:09:27,183 --> 00:09:29,252 typically what governments do when they have 245 00:09:29,252 --> 00:09:32,388 obligations that they can't uh they can't meet 246 00:09:32,388 --> 00:09:33,423 Uh but I yeah 247 00:09:33,423 --> 00:09:33,757 Look 248 00:09:33,757 --> 00:09:35,992 What you were saying about like uh you know 249 00:09:35,992 --> 00:09:39,395 Japan is increasing the interest rate and 250 00:09:39,395 --> 00:09:42,832 uh you know the US is lowering it somewhat 251 00:09:42,832 --> 00:09:45,168 Well that that's taking away the Yang Carey trade 252 00:09:45,168 --> 00:09:45,301 Right 253 00:09:45,301 --> 00:09:47,570 Like and that that was a big hole the 254 00:09:47,570 --> 00:09:50,440 last few years and that was a big driver 255 00:09:50,440 --> 00:09:52,542 of the stock market inquiry uh you 256 00:09:52,542 --> 00:09:55,011 know increase in the US like you said 257 00:09:55,011 --> 00:09:57,080 Um you know similar with China and so on 258 00:09:57,080 --> 00:09:59,182 Like there's a lot of people there that wanted 259 00:09:59,182 --> 00:10:02,685 to park money in some somewhere other than China 260 00:10:02,685 --> 00:10:05,255 So they you know they've been buying up real 261 00:10:05,255 --> 00:10:07,924 estate all over the world like uh especially 262 00:10:07,924 --> 00:10:10,960 like places like Vancouver or Toronto Dubai 263 00:10:10,960 --> 00:10:11,594 Places like that 264 00:10:11,594 --> 00:10:12,162 Yeah 265 00:10:12,162 --> 00:10:12,462 Yeah 266 00:10:12,462 --> 00:10:15,765 I mean it it's it's it's just kinda crazy uh 267 00:10:15,765 --> 00:10:19,836 but but that that that's been happening uh as a 268 00:10:19,836 --> 00:10:24,107 part of sort of like almost like a derisking of 269 00:10:24,107 --> 00:10:27,744 uh of the uh you know putting all your eggs in 270 00:10:27,744 --> 00:10:30,613 like sort of China's basket or whatever uh because 271 00:10:30,613 --> 00:10:32,816 I I think a lot of people are kinda nervous 272 00:10:32,816 --> 00:10:33,049 Okay 273 00:10:33,049 --> 00:10:36,653 What what happens if something really goes down 274 00:10:36,653 --> 00:10:39,289 Uh how how is everything going to work out 275 00:10:39,289 --> 00:10:41,758 Um and you know people feel that uh the you know 276 00:10:41,758 --> 00:10:45,028 the the world uh the wars that are happening 277 00:10:45,028 --> 00:10:48,231 right now certainly don't help with that 278 00:10:48,231 --> 00:10:51,201 And you know just uh you know the amount of 279 00:10:51,201 --> 00:10:54,170 um sort of economic turmoil that this has 280 00:10:54,170 --> 00:10:57,040 caused the like the Ukraine war for example 281 00:10:57,040 --> 00:10:59,342 has caused Europe is just absolutely insane 282 00:10:59,342 --> 00:11:02,879 Like Germany like economic stagnation 283 00:11:02,879 --> 00:11:05,615 like significant economic stagnation there 284 00:11:05,615 --> 00:11:08,084 But even places like Canada just bad management 285 00:11:08,084 --> 00:11:08,418 Right 286 00:11:08,418 --> 00:11:12,021 Like uh yeah they they they had almost you know 287 00:11:12,021 --> 00:11:14,891 near parity with the US in terms of salaries 288 00:11:14,891 --> 00:11:18,361 and so on uh like 20 years ago but it's like 289 00:11:18,361 --> 00:11:20,663 fallen behind by a significant amount since then 290 00:11:20,663 --> 00:11:22,432 So you know you get a bigger 291 00:11:22,432 --> 00:11:23,766 brain drain and everything else 292 00:11:23,766 --> 00:11:26,402 So yeah I there there's there's a lot in 293 00:11:26,402 --> 00:11:28,471 the world that's kind of weird right now 294 00:11:28,471 --> 00:11:30,807 And uh and I think this is why a lot of people 295 00:11:30,807 --> 00:11:33,309 are turning to Bitcoin because they they like 296 00:11:33,309 --> 00:11:35,812 at least the people that understand what what 297 00:11:35,812 --> 00:11:37,814 it's about at least the people in the meetups 298 00:11:37,814 --> 00:11:40,884 that I I've met in a lot of these places 299 00:11:40,884 --> 00:11:41,050 Yeah 300 00:11:41,050 --> 00:11:41,918 They they get it 301 00:11:41,918 --> 00:11:42,652 They're like okay 302 00:11:42,652 --> 00:11:42,952 Yeah 303 00:11:42,952 --> 00:11:46,389 This is like a pristine asset that 304 00:11:46,389 --> 00:11:47,824 is not controlled by a government 305 00:11:47,824 --> 00:11:51,194 It's politically neutral and it's uh you know it's 306 00:11:51,194 --> 00:11:55,031 not at the whim of some central banker somewhere 307 00:11:55,031 --> 00:11:57,333 uh that that becomes extremely attractive 308 00:11:57,333 --> 00:11:59,969 And uh I think it will continue to be so 309 00:11:59,969 --> 00:12:02,305 You know as a lot of these fiat institutions 310 00:12:02,305 --> 00:12:05,208 sort of like are aging out um they're 311 00:12:05,208 --> 00:12:07,010 sort of collapsing in on So I was the 312 00:12:07,010 --> 00:12:09,178 bureaucratic uh like there's like a 313 00:12:09,178 --> 00:12:12,048 bureaucratic black hole of you know Yeah 314 00:12:12,048 --> 00:12:14,517 Money sucking that's uh that it it's 315 00:12:14,517 --> 00:12:16,786 you know the event horizon is expanding 316 00:12:16,786 --> 00:12:19,722 So it's it's just it's getting worse and worse 317 00:12:19,722 --> 00:12:22,091 So I suspect that that's that's going to 318 00:12:22,091 --> 00:12:25,028 be a big part of the next you know however 319 00:12:25,028 --> 00:12:27,897 many years until we get on a Bitcoin standard 320 00:12:27,897 --> 00:12:28,231 Yeah 321 00:12:28,231 --> 00:12:29,032 100% 322 00:12:29,032 --> 00:12:31,000 I agree with you like 100% 323 00:12:31,000 --> 00:12:34,337 And then the more I think more people escape 324 00:12:34,337 --> 00:12:38,141 to Bitcoin to prepare for this uncertainty 325 00:12:38,141 --> 00:12:39,709 And the other side on the 326 00:12:39,709 --> 00:12:41,244 other side there's the government 327 00:12:41,244 --> 00:12:41,444 Right 328 00:12:41,444 --> 00:12:43,513 The government wants to control people 329 00:12:43,513 --> 00:12:45,848 They want to especially control 330 00:12:45,848 --> 00:12:47,884 the finance out of their people 331 00:12:47,884 --> 00:12:51,054 Then their solution will be CBDCs I think 332 00:12:51,054 --> 00:12:54,824 Um I don't think US government is um trying 333 00:12:54,824 --> 00:12:58,728 to issue CBDCs anymore um because of the 334 00:12:58,728 --> 00:13:02,231 Trump administration said they would ban CBDCs 335 00:13:02,231 --> 00:13:04,600 But Korean government is still exploring 336 00:13:04,600 --> 00:13:07,737 into it and China has already launched it 337 00:13:07,737 --> 00:13:11,107 And then they're beta testing in different cities 338 00:13:11,107 --> 00:13:14,043 Um Europe is experiencing uh 339 00:13:14,043 --> 00:13:17,213 exploring into um CBDCs as well 340 00:13:17,213 --> 00:13:19,749 You think CBDCs will be a threat to Bitcoin 341 00:13:19,749 --> 00:13:22,385 Do you think it's going to come out and eventually 342 00:13:22,385 --> 00:13:25,989 the surveillance level from the government will 343 00:13:25,989 --> 00:13:28,558 be harsh harsh than be more harsh than before 344 00:13:28,558 --> 00:13:30,159 And everybody will be suffer from 345 00:13:30,159 --> 00:13:31,427 the financial repression from the 346 00:13:31,427 --> 00:13:33,496 government because of the CBDCs 347 00:13:33,496 --> 00:13:38,267 Um I actually don't think uh CBDCs are that close 348 00:13:38,267 --> 00:13:40,903 And uh and the reason I say that is because I'm 349 00:13:40,903 --> 00:13:43,973 a programmer and I know how badly government 350 00:13:43,973 --> 00:13:48,077 does anything IT related and like if you think 351 00:13:48,077 --> 00:13:51,581 about how well a CBDC has to work it has to 352 00:13:51,581 --> 00:13:54,951 be up 247 can't ever have any downtime And 353 00:13:54,951 --> 00:13:57,420 it has to be a it has to work the first time 354 00:13:57,420 --> 00:13:59,522 It has to be really convenient 355 00:13:59,522 --> 00:14:03,760 Like everywhere that's tried a CBDC usually 356 00:14:03,760 --> 00:14:06,496 falls to technical problems user interface 357 00:14:06,496 --> 00:14:08,898 problems user experience problems and so on 358 00:14:08,898 --> 00:14:10,500 Like Nigeria released 1 359 00:14:10,500 --> 00:14:12,502 Like just nobody used it because it 360 00:14:12,502 --> 00:14:15,405 was like way too difficult to use 361 00:14:15,405 --> 00:14:17,540 Like and they're like wait 362 00:14:17,540 --> 00:14:19,709 We're used to cash is easier 363 00:14:19,709 --> 00:14:21,077 And uh and I've seen this 364 00:14:21,077 --> 00:14:24,447 Like eve even in you know other industries 365 00:14:24,447 --> 00:14:26,716 the this uh this tends to be the case 366 00:14:26,716 --> 00:14:28,451 where you try to digitize everything 367 00:14:28,451 --> 00:14:30,620 like put everything online or whatever 368 00:14:30,620 --> 00:14:32,288 It takes way longer than you think 369 00:14:32,288 --> 00:14:32,555 Right 370 00:14:32,555 --> 00:14:36,726 And it's it's only with like many like like 371 00:14:36,726 --> 00:14:39,362 many iterations and a lot of failures that 372 00:14:39,362 --> 00:14:41,397 you finally get to something even usable 373 00:14:41,397 --> 00:14:43,399 Uh you know like I I used to work in health 374 00:14:43,399 --> 00:14:45,568 care for example and uh you know big thing 375 00:14:45,568 --> 00:14:47,670 for a long time is electronic medical 376 00:14:47,670 --> 00:14:49,906 records instead of like paper or whatever 377 00:14:49,906 --> 00:14:52,041 And you'd observe these doctors like use 378 00:14:52,041 --> 00:14:53,976 the use a piece of paper and they they 379 00:14:53,976 --> 00:14:55,645 can go through it in like 2 minutes and 380 00:14:55,645 --> 00:14:57,480 mark up everything that they need to 381 00:14:57,480 --> 00:14:59,582 And then they go on to like a website that 382 00:14:59,582 --> 00:15:01,250 they're supposed to fill in all their information 383 00:15:01,250 --> 00:15:02,552 It takes them 20 minutes 384 00:15:02,552 --> 00:15:05,354 So there's no way that they're going to go 385 00:15:05,354 --> 00:15:08,391 with something that takes 20 minutes versus 2 386 00:15:08,391 --> 00:15:10,359 So their time's just too valuable 387 00:15:10,359 --> 00:15:10,726 Right 388 00:15:10,726 --> 00:15:13,029 I suspect that's what's what's going to happen 389 00:15:13,029 --> 00:15:16,299 with a lot of CBDCs is governments want it 390 00:15:16,299 --> 00:15:17,166 Don't get me wrong 391 00:15:17,166 --> 00:15:20,069 And I I I think uh it's a central banker's 392 00:15:20,069 --> 00:15:23,339 wet dream but they're not going to be able 393 00:15:23,339 --> 00:15:25,575 to do it because they're not that good at IT 394 00:15:25,575 --> 00:15:29,145 I I don't I like you you could hire really 395 00:15:29,145 --> 00:15:32,115 good people I guess or whatever but generally 396 00:15:32,115 --> 00:15:34,517 you know the people that a government hires to 397 00:15:34,517 --> 00:15:37,320 do this sort of thing they're not that good at it 398 00:15:37,320 --> 00:15:37,553 Right 399 00:15:37,553 --> 00:15:39,322 Like they get it because of political 400 00:15:39,322 --> 00:15:42,692 favors or because they know the processes 401 00:15:42,692 --> 00:15:45,661 for government procurement and have the 402 00:15:45,661 --> 00:15:48,131 right connections to get that contract 403 00:15:48,131 --> 00:15:50,633 they're not actually good at making software 404 00:15:50,633 --> 00:15:52,935 So you know I I I just don't think 405 00:15:52,935 --> 00:15:55,571 it's like I I know China is trying 406 00:15:55,571 --> 00:15:57,240 I mean they they might be able to pull 407 00:15:57,240 --> 00:15:59,742 it off because they're very authoritarian 408 00:15:59,742 --> 00:16:01,878 But you know the US or whatever if you if 409 00:16:01,878 --> 00:16:04,113 you saw what happened with healthcare dot 410 00:16:04,113 --> 00:16:07,250 gov like think of you know they you know the 411 00:16:07,250 --> 00:16:09,318 website went down like the first day and 412 00:16:09,318 --> 00:16:11,888 couldn't handle more than 50 users or whatever 413 00:16:11,888 --> 00:16:14,757 Like like that's the level of disaster I think 414 00:16:14,757 --> 00:16:17,560 we're looking at with any sort of CBDC rollout 415 00:16:17,560 --> 00:16:18,594 It's not gonna happen 416 00:16:18,594 --> 00:16:20,196 It's way too politically risky 417 00:16:20,196 --> 00:16:21,564 It's gonna be way too costly 418 00:16:21,564 --> 00:16:24,200 So for for most of the people that are 419 00:16:24,200 --> 00:16:27,236 going to push for it it's just gonna be 420 00:16:27,236 --> 00:16:29,605 too big of an uphill battle to make happen 421 00:16:29,605 --> 00:16:31,674 What do you think of the stablecoins then 422 00:16:31,674 --> 00:16:34,343 Everybody wants to issue their own stablecoins 423 00:16:34,343 --> 00:16:36,746 Ripple just issued their own stablecoins 424 00:16:36,746 --> 00:16:40,116 And the reason why XRP price shot up 425 00:16:40,116 --> 00:16:42,818 recently was because of that you know issue 426 00:16:42,818 --> 00:16:43,386 Right 427 00:16:43,386 --> 00:16:45,655 Um of authorized stablecoins 428 00:16:45,655 --> 00:16:47,723 Paypal issued their stablecoins 429 00:16:47,723 --> 00:16:49,992 Tether is so dominant 430 00:16:49,992 --> 00:16:50,760 Everybody 431 00:16:50,760 --> 00:16:51,093 Mhmm 432 00:16:51,093 --> 00:16:54,630 Um so some of my subscribers asked me 433 00:16:54,630 --> 00:16:55,131 Mhmm 434 00:16:55,131 --> 00:16:56,232 Do you prefer 435 00:16:56,232 --> 00:16:58,868 um making this dollar um checking 436 00:16:58,868 --> 00:17:01,204 account in the bank or purchasing 437 00:17:01,204 --> 00:17:04,073 Tether and store in the private wallet 438 00:17:04,073 --> 00:17:05,975 Which one do you think is a better option 439 00:17:05,975 --> 00:17:09,579 And I'm surprised that people ask these questions 440 00:17:09,579 --> 00:17:12,381 Tether is I think I still believe 441 00:17:12,381 --> 00:17:14,317 owning the actual dollar in a bank 442 00:17:14,317 --> 00:17:16,786 account is a safer option of course 443 00:17:16,786 --> 00:17:18,521 Tether is just issued by one company 444 00:17:18,521 --> 00:17:19,188 Right 445 00:17:19,188 --> 00:17:22,692 But people just trust USDT as the super 446 00:17:22,692 --> 00:17:26,996 super safe um investment um option these days 447 00:17:26,996 --> 00:17:29,865 Um do you have an opinion on Tether 448 00:17:29,865 --> 00:17:30,132 Yeah 449 00:17:30,132 --> 00:17:32,034 I I I mean I think I might disagree with 450 00:17:32,034 --> 00:17:34,470 you there because uh in a sense like if 451 00:17:34,470 --> 00:17:37,573 you if you hold dollars at your bank Yeah 452 00:17:37,573 --> 00:17:40,443 They are fractional reserve banking 453 00:17:40,443 --> 00:17:40,710 Right 454 00:17:40,710 --> 00:17:42,445 Like they they lend out way more 455 00:17:42,445 --> 00:17:44,146 money than they have in reserve 456 00:17:44,146 --> 00:17:46,916 They're the the savings of everybody that 457 00:17:46,916 --> 00:17:48,150 hold money at the bank 458 00:17:48,150 --> 00:17:51,354 is like 10% of the loans that they give out 459 00:17:51,354 --> 00:17:51,587 Right 460 00:17:51,587 --> 00:17:54,724 Like the reserve ratio in that case would be 10 461 00:17:54,724 --> 00:17:58,961 where you have maybe like $1,000,000 in deposits 462 00:17:58,961 --> 00:18:01,063 and you lend out 10,000,000 something like that 463 00:18:01,063 --> 00:18:04,734 Like that that would be a reserve ratio of 10 464 00:18:04,734 --> 00:18:06,836 You look at the reserve ratio of Tether 465 00:18:06,836 --> 00:18:10,373 and the assets that they have and it's like 466 00:18:10,373 --> 00:18:13,809 um I think for every dollar they have like 467 00:18:13,809 --> 00:18:18,014 a buck 10 in like reserve reserve stuff 468 00:18:18,014 --> 00:18:21,150 Like they they it's like it's like overfilled 469 00:18:21,150 --> 00:18:25,788 So in that sense like uh you know for me what the 470 00:18:25,788 --> 00:18:29,759 lesson of Tether is that's what a bank should be 471 00:18:29,759 --> 00:18:30,092 Right 472 00:18:30,092 --> 00:18:32,495 It's literally like just like they're 473 00:18:32,495 --> 00:18:34,630 performing all the functions of a bank 474 00:18:34,630 --> 00:18:36,632 They have 50 employees 475 00:18:36,632 --> 00:18:39,669 They have like a $125,000,000,000 476 00:18:39,669 --> 00:18:41,470 assets on their management and they're 477 00:18:41,470 --> 00:18:44,674 probably worth more than any US bank 478 00:18:44,674 --> 00:18:45,474 Right 479 00:18:45,474 --> 00:18:48,210 Which like Chase Manhattan I think 480 00:18:48,210 --> 00:18:51,714 alone employs like 200,000 people 481 00:18:51,714 --> 00:18:52,114 Right 482 00:18:52,114 --> 00:18:53,649 Tether has 50 483 00:18:53,649 --> 00:18:55,751 Like that tells you how inefficient 484 00:18:55,751 --> 00:18:57,753 the current banking system is that 485 00:18:57,753 --> 00:19:00,156 they they have to have all of that 486 00:19:00,156 --> 00:19:00,323 Yeah 487 00:19:00,323 --> 00:19:02,158 But that that's because they're 488 00:19:02,158 --> 00:19:03,826 they're a protected industry 489 00:19:03,826 --> 00:19:05,594 essentially by the government and so on 490 00:19:05,594 --> 00:19:09,265 So um yeah I I I kinda like 491 00:19:09,265 --> 00:19:11,067 to me stable coins are just 492 00:19:11,067 --> 00:19:13,302 like wildcat banks or something like that 493 00:19:13,302 --> 00:19:13,769 Right 494 00:19:13,769 --> 00:19:16,172 Like uh or less regulated banks of 495 00:19:16,172 --> 00:19:18,040 some kind because they're they're 496 00:19:18,040 --> 00:19:19,542 doing the functions of a bank 497 00:19:19,542 --> 00:19:21,510 They people just wanna save 498 00:19:21,510 --> 00:19:23,346 dollars right all over the world 499 00:19:23,346 --> 00:19:23,512 Right 500 00:19:23,512 --> 00:19:26,749 Whether you're in Nigeria or Japan or wherever 501 00:19:26,749 --> 00:19:29,051 And uh and that's that's all they wanna do and 502 00:19:29,051 --> 00:19:32,188 they they just don't want it to be debased using 503 00:19:32,188 --> 00:19:35,691 their own crappy currency which debases way faster 504 00:19:35,691 --> 00:19:37,393 So let's just give us dollar 505 00:19:37,393 --> 00:19:41,297 So we were we at least keep up better than our 506 00:19:41,297 --> 00:19:44,433 neighbor who keeps it in the local currency 507 00:19:44,433 --> 00:19:47,069 That that seems to be the main use case 508 00:19:47,069 --> 00:19:50,206 Now the the bad part about Tether 509 00:19:50,206 --> 00:19:51,640 is that it's not that liquid 510 00:19:51,640 --> 00:19:52,041 Right 511 00:19:52,041 --> 00:19:55,010 You have to you have to convert it back to US 512 00:19:55,010 --> 00:19:57,913 dollars or whatever your local currency is and 513 00:19:57,913 --> 00:20:00,383 they're they're sort of like friction around it 514 00:20:00,383 --> 00:20:03,953 Uh so if if they could solve that problem um which 515 00:20:03,953 --> 00:20:07,656 again that's sort of like the medium of exchange 516 00:20:07,656 --> 00:20:10,760 dilemma for almost everything is you know getting 517 00:20:10,760 --> 00:20:13,229 a merchant to take it is actually quite difficult 518 00:20:13,229 --> 00:20:15,231 unless the merchant really wants that asset 519 00:20:15,231 --> 00:20:16,999 So you know the I mean that that 520 00:20:16,999 --> 00:20:18,701 that's what tether is to me and 521 00:20:18,701 --> 00:20:20,302 that's what like stable coins are 522 00:20:20,302 --> 00:20:24,540 And this is why like a lot of other stable coins 523 00:20:24,540 --> 00:20:26,776 are trying to come on to the market but I really 524 00:20:26,776 --> 00:20:29,211 don't think it's gonna be easy to take that mantle 525 00:20:29,211 --> 00:20:31,680 away from Tether because there's a network effect 526 00:20:31,680 --> 00:20:31,914 Right 527 00:20:31,914 --> 00:20:36,485 Like if if one person is willing to take Tether 528 00:20:36,485 --> 00:20:38,954 they're not suddenly going to say well alright 529 00:20:38,954 --> 00:20:40,890 Do you take Ripple dollars 530 00:20:40,890 --> 00:20:41,424 Uh no 531 00:20:41,424 --> 00:20:42,091 No 532 00:20:42,091 --> 00:20:43,125 I got no 533 00:20:43,125 --> 00:20:45,227 They like why would I like that 534 00:20:45,227 --> 00:20:46,662 that's too much of a headache 535 00:20:46,662 --> 00:20:47,630 Why would I do that 536 00:20:47,630 --> 00:20:49,932 Also how long has ripple dollars have been around 537 00:20:49,932 --> 00:20:51,534 Like a month 538 00:20:51,534 --> 00:20:51,867 Right 539 00:20:51,867 --> 00:20:54,804 Like Tether has been around for like 10 years now 540 00:20:54,804 --> 00:20:55,070 Right 541 00:20:55,070 --> 00:20:57,306 Like it's it's it's a lot more 542 00:20:57,306 --> 00:20:59,909 of a brand name and it's something that people 543 00:20:59,909 --> 00:21:01,844 trust because it's been there a long time 544 00:21:01,844 --> 00:21:03,979 And that lead's only going to get bigger 545 00:21:03,979 --> 00:21:05,848 as they've lasted longer and longer 546 00:21:05,848 --> 00:21:09,518 So uh yeah I like all these other stable 547 00:21:09,518 --> 00:21:11,754 coins I I have I have doubts about 548 00:21:11,754 --> 00:21:13,823 Like there there's some weird 549 00:21:13,823 --> 00:21:16,759 rumors going around USDC for example 550 00:21:16,759 --> 00:21:19,695 Uh but you know like the Tether seems 551 00:21:19,695 --> 00:21:21,464 to have won that stable coin market 552 00:21:21,464 --> 00:21:23,632 and I'm not sure there's really like 553 00:21:23,632 --> 00:21:25,534 demand for any other kind of stable coin 554 00:21:25,534 --> 00:21:26,602 They've they've tried launching 555 00:21:26,602 --> 00:21:30,306 like stable euro or uh stable yen or 556 00:21:30,306 --> 00:21:31,974 what like nobody wants any of that 557 00:21:31,974 --> 00:21:32,541 It's a 558 00:21:32,541 --> 00:21:33,409 it's 559 00:21:33,409 --> 00:21:34,910 they just want the dollars 560 00:21:34,910 --> 00:21:35,578 Right 561 00:21:35,578 --> 00:21:37,980 Do you know there's a really big 562 00:21:37,980 --> 00:21:40,049 wholesale market uh clothing wholesale 563 00:21:40,049 --> 00:21:41,784 market in Korea in Dongdaemun 564 00:21:41,784 --> 00:21:43,118 Uh it's called 565 00:21:43,118 --> 00:21:45,988 Uh it's it's a really famous wholesale market 566 00:21:45,988 --> 00:21:49,358 So people the merchants come out and sell 567 00:21:49,358 --> 00:21:52,928 the fabrics or even garments like jeans 568 00:21:52,928 --> 00:21:55,498 and t shirts and jackets and as as well 569 00:21:55,498 --> 00:21:59,301 So a lot of Chinese online shopping 570 00:21:59,301 --> 00:22:01,370 sellers come to Korea Mhmm 571 00:22:01,370 --> 00:22:03,839 And purchase a lot of the fabrics there 572 00:22:03,839 --> 00:22:04,807 And then Mhmm 573 00:22:04,807 --> 00:22:06,976 They import it to Chinese mainland and 574 00:22:06,976 --> 00:22:09,745 then they sell it to Chinese market 575 00:22:09,745 --> 00:22:12,948 And from the early this year I heard these 576 00:22:12,948 --> 00:22:16,485 merchants in the they accept USDT Tether Oh 577 00:22:16,485 --> 00:22:16,986 wow 578 00:22:16,986 --> 00:22:17,386 Yeah 579 00:22:17,386 --> 00:22:20,623 Everybody everybody the the Chinese sellers 580 00:22:20,623 --> 00:22:22,791 Chinese buyers actually Chinese buyers come to 581 00:22:22,791 --> 00:22:24,894 this market and then they pay with the Tether 582 00:22:24,894 --> 00:22:26,095 That's what I hear 583 00:22:26,095 --> 00:22:26,328 Yeah 584 00:22:26,328 --> 00:22:28,564 I guess uh that would make sense because it's 585 00:22:28,564 --> 00:22:31,534 uh it's easier for them to interact with that 586 00:22:31,534 --> 00:22:35,204 rather than because if they were to try to pay 587 00:22:35,204 --> 00:22:37,606 in yuan then they would have to convert it to 588 00:22:37,606 --> 00:22:40,943 dollars and then convert the dollars to yuan 589 00:22:40,943 --> 00:22:42,645 That that's like 2 round trips that 590 00:22:42,645 --> 00:22:44,880 they avoid just by using Tether 591 00:22:44,880 --> 00:22:50,185 And if they get other uh you know their their suppliers 592 00:22:50,185 --> 00:22:51,687 pay them in Tether then they 593 00:22:51,687 --> 00:22:54,023 can they can like actually go through 594 00:22:54,023 --> 00:22:55,758 And you know I mean that's kind of 595 00:22:55,758 --> 00:22:58,961 what international trade is mostly 596 00:22:58,961 --> 00:23:00,963 conducted in anyway is the dollar 597 00:23:00,963 --> 00:23:02,398 So if it's close enough to the 598 00:23:02,398 --> 00:23:04,033 dollar I guess that would make sense 599 00:23:04,033 --> 00:23:04,567 Yeah 600 00:23:04,567 --> 00:23:07,136 So I think this will be the last question 601 00:23:07,136 --> 00:23:08,003 Mhmm 602 00:23:08,003 --> 00:23:10,739 After the martial law taking place 603 00:23:10,739 --> 00:23:15,311 a few weeks ago um there are growing people who 604 00:23:15,311 --> 00:23:17,846 want to try South custody for the first time 605 00:23:17,846 --> 00:23:18,581 You know 606 00:23:18,581 --> 00:23:21,383 The the majority of the uh crypto investors in 607 00:23:21,383 --> 00:23:23,953 Korea they they purchase Bitcoin and leave it 608 00:23:23,953 --> 00:23:27,456 in their crypto exchange account but this demand 609 00:23:27,456 --> 00:23:29,959 for self custody is just growing and growing 610 00:23:29,959 --> 00:23:33,562 Um so I try to educate as easily as possible to 611 00:23:33,562 --> 00:23:36,665 these people but it's still you know difficult 612 00:23:36,665 --> 00:23:39,568 very difficult and people having hard 613 00:23:39,568 --> 00:23:41,971 people have a hard time understanding what 614 00:23:41,971 --> 00:23:46,208 these private wallets do and um the the private 615 00:23:46,208 --> 00:23:50,346 key do the what does public key is etcetera 616 00:23:50,346 --> 00:23:53,582 What do you think will be a game changer 617 00:23:53,582 --> 00:23:55,551 for the mass adoption of self custody 618 00:23:55,551 --> 00:23:55,884 What do 619 00:23:55,884 --> 00:23:57,886 you think will be necessary 620 00:23:57,886 --> 00:24:00,990 for people to learn the self custody 621 00:24:00,990 --> 00:24:02,891 and actually exercise self custody 622 00:24:02,891 --> 00:24:08,197 Yeah I suspect a lot of those people are either 623 00:24:08,197 --> 00:24:10,899 non technical or old or something like that 624 00:24:10,899 --> 00:24:13,235 There there's some barrier to that right 625 00:24:13,235 --> 00:24:17,373 And there's probably not that many resources on 626 00:24:17,373 --> 00:24:19,141 how to do self custody and stuff 627 00:24:19,141 --> 00:24:22,678 And my my thesis has been for 628 00:24:22,678 --> 00:24:24,980 a while now that uh you know right 629 00:24:24,980 --> 00:24:26,882 now you have like sort of 2 extremes 630 00:24:26,882 --> 00:24:30,185 You can leave your coins on an exchange and that's 631 00:24:30,185 --> 00:24:32,888 sort of trusting the exchange and then there's 632 00:24:32,888 --> 00:24:35,457 self custody where you don't have to trust anybody 633 00:24:35,457 --> 00:24:38,227 There's sort of nothing in between where 634 00:24:38,227 --> 00:24:40,129 you know you can you can trust somebody 635 00:24:40,129 --> 00:24:42,798 that you know or something like that 636 00:24:42,798 --> 00:24:45,100 Uh so I I I think we'll naturally go 637 00:24:45,100 --> 00:24:47,503 in that direction because I I don't 638 00:24:47,503 --> 00:24:49,338 think everyone should self custody 639 00:24:49,338 --> 00:24:52,241 If you're if you have a 10 year old kid 640 00:24:52,241 --> 00:24:53,776 probably shouldn't be self custody 641 00:24:53,776 --> 00:24:53,942 Right 642 00:24:53,942 --> 00:24:56,879 I I don't care like how careful they are 643 00:24:56,879 --> 00:24:58,180 They're probably gonna like lose 644 00:24:58,180 --> 00:24:59,848 their seed phrase or whatever 645 00:24:59,848 --> 00:25:02,718 Also similar with like 85 year old grandpa 646 00:25:02,718 --> 00:25:02,985 Right 647 00:25:02,985 --> 00:25:05,688 Like probably not like you know 648 00:25:05,688 --> 00:25:08,157 starting to go senile or whatever 649 00:25:08,157 --> 00:25:09,892 Kinda not a great idea to have 650 00:25:09,892 --> 00:25:12,461 them you know self custody either 651 00:25:12,461 --> 00:25:14,463 Uh and there there's a lot of people that 652 00:25:14,463 --> 00:25:17,166 I think are just don't don't wanna bother 653 00:25:17,166 --> 00:25:20,335 so I I think what's going to happen 654 00:25:20,335 --> 00:25:23,238 or the the way it's going to evolve and like 655 00:25:23,238 --> 00:25:25,774 to some degree this this already happens is 656 00:25:25,774 --> 00:25:27,476 you're you're going to keep it with somebody 657 00:25:27,476 --> 00:25:29,611 that you trust that's sufficiently technical 658 00:25:29,611 --> 00:25:33,315 So I know I I am bad for a lot of my relatives 659 00:25:33,315 --> 00:25:33,549 Right 660 00:25:33,549 --> 00:25:37,319 Like my my parents keep their Bitcoin with me and 661 00:25:37,319 --> 00:25:39,321 like you know I I tell them okay 662 00:25:39,321 --> 00:25:40,189 You have this much 663 00:25:40,189 --> 00:25:42,991 Like let me know whenever you need it or whatever 664 00:25:42,991 --> 00:25:46,295 Uh that I think is the is going to be the 665 00:25:46,295 --> 00:25:49,398 way that you're not going to get exactly 666 00:25:49,398 --> 00:25:51,400 self custody but at least off the exchanges 667 00:25:51,400 --> 00:25:51,633 Right 668 00:25:51,633 --> 00:25:53,969 You don't have to have the central honeypot 669 00:25:53,969 --> 00:25:57,306 Instead it's sort of like smaller 670 00:25:57,306 --> 00:25:59,708 like little federations or something 671 00:25:59,708 --> 00:26:00,509 Uh and who knows 672 00:26:00,509 --> 00:26:02,745 Maybe maybe that's like a good place for 673 00:26:02,745 --> 00:26:05,981 something like e cash uh protocols of some 674 00:26:05,981 --> 00:26:09,585 kind where you know you can you can trade 675 00:26:09,585 --> 00:26:11,754 those with privacy and so on 676 00:26:11,754 --> 00:26:15,257 But that that that seems to be that that I think 677 00:26:15,257 --> 00:26:18,827 will help at least have the coins not be on 678 00:26:18,827 --> 00:26:21,797 exchanges and be with somebody that you trust 679 00:26:21,797 --> 00:26:22,030 Right 680 00:26:22,030 --> 00:26:26,101 Um and you know like for the truly paranoid yeah 681 00:26:26,101 --> 00:26:28,637 you you can you can still go in self custody 682 00:26:28,637 --> 00:26:31,273 you know given you have sufficient 683 00:26:31,273 --> 00:26:33,408 technical aptitude and so on 684 00:26:33,408 --> 00:26:36,712 Um but that that's that's where I think uh you 685 00:26:36,712 --> 00:26:39,648 know like especially in in a place like Korea 686 00:26:39,648 --> 00:26:41,984 where you have a very trust based culture 687 00:26:41,984 --> 00:26:42,217 Right 688 00:26:42,217 --> 00:26:44,620 Like you you have close relatives 689 00:26:44,620 --> 00:26:47,656 and you know like most families have 690 00:26:47,656 --> 00:26:50,459 like at least one guy that's like at least 691 00:26:50,459 --> 00:26:53,428 somewhat technical can figure this stuff out 692 00:26:53,428 --> 00:26:55,964 Uh you know I I suspect that that'll be 693 00:26:55,964 --> 00:26:59,568 something that uh uh that will become popular 694 00:26:59,568 --> 00:27:00,969 And uh maybe maybe there's a 695 00:27:00,969 --> 00:27:02,638 business in there for somebody 696 00:27:02,638 --> 00:27:02,871 Yeah 697 00:27:02,871 --> 00:27:03,438 I don't 698 00:27:03,438 --> 00:27:03,539 know 699 00:27:03,539 --> 00:27:04,873 I thought it would be really amazing 700 00:27:04,873 --> 00:27:07,376 to have some kind of a cold wallet 701 00:27:07,376 --> 00:27:09,311 that has a neural link feature 702 00:27:09,311 --> 00:27:12,381 So it can be connected with my brain 703 00:27:12,381 --> 00:27:15,951 the Neuralink and then they can read the private 704 00:27:15,951 --> 00:27:19,388 key or seed phrases printed in my brain and then 705 00:27:19,388 --> 00:27:22,424 activate it when it's right close to the wallet 706 00:27:22,424 --> 00:27:22,724 Right 707 00:27:22,724 --> 00:27:23,458 It'd be awesome 708 00:27:23,458 --> 00:27:25,494 Right 709 00:27:25,494 --> 00:27:28,363 I I don't I like the way Neuralink works from 710 00:27:28,363 --> 00:27:31,567 what I understand is that you need to train it 711 00:27:31,567 --> 00:27:31,967 Right 712 00:27:31,967 --> 00:27:33,001 Like Okay 713 00:27:33,001 --> 00:27:36,772 So so that that then it sees the pattern 714 00:27:36,772 --> 00:27:39,174 many times and then it understands okay 715 00:27:39,174 --> 00:27:40,976 this is what you want or something like that 716 00:27:40,976 --> 00:27:44,813 So um you would have to train it 717 00:27:44,813 --> 00:27:48,417 somewhat in like recognizing what 718 00:27:48,417 --> 00:27:51,386 you want before before it would do it 719 00:27:51,386 --> 00:27:54,823 Uh but I mean like just uh I I I'm very wary 720 00:27:54,823 --> 00:27:57,793 of like having any sort of like machine part 721 00:27:57,793 --> 00:28:00,128 of my brain that could get hacked in some way 722 00:28:00,128 --> 00:28:02,197 And like you know you suggest me 723 00:28:02,197 --> 00:28:05,234 So I I'm like I get it for people 724 00:28:05,234 --> 00:28:06,768 that are paralyzed and you know 725 00:28:06,768 --> 00:28:08,770 don't have loss of certain functions 726 00:28:08,770 --> 00:28:12,274 And it's the only way to interact with the world 727 00:28:12,274 --> 00:28:14,676 But I'm voluntarily putting it in 728 00:28:14,676 --> 00:28:16,178 I I know how many security 729 00:28:16,178 --> 00:28:17,546 holes there are in software 730 00:28:17,546 --> 00:28:19,548 It says it's just not a good idea 731 00:28:19,548 --> 00:28:20,649 Take it from a programmer 732 00:28:20,649 --> 00:28:22,251 Don't don't do it 733 00:28:22,251 --> 00:28:22,584 Right 734 00:28:22,584 --> 00:28:23,018 Right