1 00:00:00,017 --> 00:00:00,484 Alright 2 00:00:00,484 --> 00:00:02,486 There we go 3 00:00:02,486 --> 00:00:03,720 How's everything going 4 00:00:03,720 --> 00:00:05,455 Um pretty good 5 00:00:05,455 --> 00:00:08,492 My producer just said um if you can voice 6 00:00:08,492 --> 00:00:11,328 up a little bit that's uh that's better 7 00:00:11,328 --> 00:00:11,562 Okay 8 00:00:11,562 --> 00:00:13,096 Is it is it not loud enough 9 00:00:13,096 --> 00:00:14,131 Let me let me check 10 00:00:14,131 --> 00:00:14,531 Perfect 11 00:00:14,531 --> 00:00:15,332 Perfect 12 00:00:15,332 --> 00:00:15,732 Yeah 13 00:00:15,732 --> 00:00:16,567 It's loud and clear 14 00:00:16,567 --> 00:00:17,067 Okay 15 00:00:17,067 --> 00:00:18,535 happy to have you back 16 00:00:18,535 --> 00:00:19,102 Yeah 17 00:00:19,102 --> 00:00:20,537 It's uh it's been a while 18 00:00:20,537 --> 00:00:22,839 Uh I I saw you briefly in Korea 19 00:00:22,839 --> 00:00:24,675 last year uh this summer but 20 00:00:24,675 --> 00:00:25,242 This summer 21 00:00:25,242 --> 00:00:25,342 Yeah 22 00:00:25,342 --> 00:00:26,610 I don't think we got to yeah 23 00:00:26,610 --> 00:00:28,779 I I don't think we got to talk very much 24 00:00:28,779 --> 00:00:31,415 Uh but yeah how how's everything been man 25 00:00:31,415 --> 00:00:35,886 Um as you know the because of the politics it's 26 00:00:35,886 --> 00:00:36,353 Uh-huh 27 00:00:36,353 --> 00:00:38,455 Very noisy in here in Korea 28 00:00:38,455 --> 00:00:40,924 Uh but I'm focusing on my brand business 29 00:00:40,924 --> 00:00:43,727 And also I started this uh YouTube channel 30 00:00:43,727 --> 00:00:46,964 from this April and I've been dedicating 31 00:00:46,964 --> 00:00:49,766 myself into it and I'm having having fun Okay 32 00:00:49,766 --> 00:00:52,803 Meeting Bitcoin in Korea educating Bitcoin to 33 00:00:52,803 --> 00:00:55,806 Korean publics and it's been a fun experience 34 00:00:55,806 --> 00:00:56,206 Okay 35 00:00:56,206 --> 00:00:56,873 How about you 36 00:00:56,873 --> 00:00:57,174 That's good 37 00:00:57,174 --> 00:00:57,741 It's good 38 00:00:57,741 --> 00:01:00,777 Um you know the bull market's nice 39 00:01:00,777 --> 00:01:03,580 So uh but you know there's like whenever 40 00:01:03,580 --> 00:01:05,582 bull markets come around I always get busy 41 00:01:05,582 --> 00:01:08,218 There's like random people asking me to do stuff 42 00:01:08,218 --> 00:01:11,321 And uh it's hard for me to say no to a lot 43 00:01:11,321 --> 00:01:12,923 of it especially when they're paying me 44 00:01:12,923 --> 00:01:13,724 So yeah 45 00:01:13,724 --> 00:01:14,691 it's it's it's 46 00:01:14,691 --> 00:01:15,325 been good 47 00:01:15,325 --> 00:01:16,593 It's been good 48 00:01:16,593 --> 00:01:18,929 So are you in Texas right now 49 00:01:18,929 --> 00:01:19,229 Yeah 50 00:01:19,229 --> 00:01:19,396 Yeah 51 00:01:19,396 --> 00:01:20,430 I'm in Austin 52 00:01:20,430 --> 00:01:20,797 Right 53 00:01:20,797 --> 00:01:21,431 Right 54 00:01:21,431 --> 00:01:24,534 So the time is central central time 55 00:01:24,534 --> 00:01:25,502 Right 56 00:01:25,502 --> 00:01:25,836 Yeah 57 00:01:25,836 --> 00:01:29,606 So it's uh it's Monday evening uh 7 PM right now 58 00:01:29,606 --> 00:01:30,073 So 59 00:01:30,073 --> 00:01:31,108 7 PM 60 00:01:31,108 --> 00:01:31,441 Right 61 00:01:31,441 --> 00:01:31,942 Right 62 00:01:31,942 --> 00:01:34,811 So I got It's morning over there 63 00:01:34,811 --> 00:01:34,978 Yeah 64 00:01:34,978 --> 00:01:37,781 It's uh 10:10 AM in the morning in Korea 65 00:01:37,781 --> 00:01:38,415 Uh-huh 66 00:01:38,415 --> 00:01:38,649 Yeah 67 00:01:38,649 --> 00:01:39,850 And it's like Christmas Eve 68 00:01:39,850 --> 00:01:40,183 Right 69 00:01:40,183 --> 00:01:40,984 That way it's 70 00:01:40,984 --> 00:01:41,318 Right 71 00:01:41,318 --> 00:01:42,519 This is Christmas Eve 72 00:01:42,519 --> 00:01:44,588 Happy uh Merry Christmas Eve 73 00:01:44,588 --> 00:01:45,722 Yeah 74 00:01:45,722 --> 00:01:46,523 Sure 75 00:01:46,523 --> 00:01:48,825 So your your new book is going to be 76 00:01:48,825 --> 00:01:51,962 published in Korea soon and I might ask 77 00:01:51,962 --> 00:01:54,464 you to interview with me one more time 78 00:01:54,464 --> 00:01:54,765 Uh-huh 79 00:01:54,765 --> 00:01:55,732 This one 80 00:01:55,732 --> 00:01:56,066 Okay 81 00:01:56,066 --> 00:01:56,366 Alright 82 00:01:56,366 --> 00:01:57,134 That book 83 00:01:57,134 --> 00:01:57,868 Okay 84 00:01:57,868 --> 00:01:58,769 Great 85 00:01:58,769 --> 00:02:01,738 And I heard there's another guy um translating 86 00:02:01,738 --> 00:02:05,442 your bank up for Bitcoin in Korean also 87 00:02:05,442 --> 00:02:05,676 Yeah 88 00:02:05,676 --> 00:02:07,344 There there's a couple of guys that 89 00:02:07,344 --> 00:02:10,147 are working on it um and we we signed a 90 00:02:10,147 --> 00:02:12,249 contract so it should it should all be good 91 00:02:12,249 --> 00:02:14,184 Uh but yeah I'm hoping that 92 00:02:14,184 --> 00:02:16,019 it'll be ready by the summer 93 00:02:16,019 --> 00:02:17,688 Um and I I hope to visit 94 00:02:17,688 --> 00:02:18,955 again over the next summer 95 00:02:18,955 --> 00:02:19,856 So we'll see 96 00:02:19,856 --> 00:02:21,792 Are you gonna be here for the next 97 00:02:21,792 --> 00:02:23,694 Bitcoin solo event or is it going 98 00:02:23,694 --> 00:02:26,730 to be just another tour for you guys 99 00:02:26,730 --> 00:02:29,032 Uh I mean we we are gonna spend 100 00:02:29,032 --> 00:02:30,801 like a month in Japan anyway 101 00:02:30,801 --> 00:02:32,469 So and it's right there 102 00:02:32,469 --> 00:02:37,274 So if uh you know we if uh if it works out 103 00:02:37,274 --> 00:02:39,876 then yeah we'll like my kids wanna go back to 104 00:02:39,876 --> 00:02:41,978 Korea and get a few things and stuff like that 105 00:02:41,978 --> 00:02:42,846 So we'll we'll see 106 00:02:42,846 --> 00:02:45,082 So the whole family again 107 00:02:45,082 --> 00:02:45,882 The family trip 108 00:02:45,882 --> 00:02:46,116 Right 109 00:02:46,116 --> 00:02:46,850 Yeah 110 00:02:46,850 --> 00:02:47,184 Yeah 111 00:02:47,184 --> 00:02:47,484 Yeah 112 00:02:47,484 --> 00:02:50,120 I mean it's that's what we're doing every 113 00:02:50,120 --> 00:02:52,022 summer now so it's it's a lot of fun 114 00:02:52,022 --> 00:02:52,255 Yeah 115 00:02:52,255 --> 00:02:54,658 I'm going to Japan this uh April 116 00:02:54,658 --> 00:02:54,958 No 117 00:02:54,958 --> 00:02:56,026 February 118 00:02:56,026 --> 00:02:56,126 Okay 119 00:02:56,126 --> 00:02:57,060 To my parents 120 00:02:57,060 --> 00:02:58,095 I love Japan 121 00:02:58,095 --> 00:03:00,831 To uh just to watch her to 122 00:03:00,831 --> 00:03:02,699 like tour around or something 123 00:03:02,699 --> 00:03:04,701 What what what's the main reason 124 00:03:04,701 --> 00:03:04,801 Yeah 125 00:03:04,801 --> 00:03:06,470 1st I love Japanese food 126 00:03:06,470 --> 00:03:09,206 Um I've been to Tokyo for my for the first 127 00:03:09,206 --> 00:03:12,075 time in my life last year and then I loved it 128 00:03:12,075 --> 00:03:13,043 I loved the food 129 00:03:13,043 --> 00:03:16,947 And uh I I like running you know and I 130 00:03:16,947 --> 00:03:19,583 went to this Imperial Palace in Tokyo and I 131 00:03:19,583 --> 00:03:22,619 there's a running course around the palace 132 00:03:22,619 --> 00:03:26,223 And there were so many runners like running 133 00:03:26,223 --> 00:03:29,025 really experts and I loved running there 134 00:03:29,025 --> 00:03:31,094 So yeah I wanna be there again 135 00:03:31,094 --> 00:03:32,596 I wanna take my parents this time 136 00:03:32,596 --> 00:03:35,165 Can you uh briefly briefly 137 00:03:35,165 --> 00:03:37,401 introduce yourself to my subscribers 138 00:03:37,401 --> 00:03:40,704 And just in case they don't know who you are 139 00:03:40,704 --> 00:03:42,539 um they wanna figure out who you are 140 00:03:42,539 --> 00:03:45,409 I I told I talked I talked about you many times 141 00:03:45,409 --> 00:03:48,378 to my subscribers but you know I showed the 142 00:03:48,378 --> 00:03:51,481 picture that I took with you in Vietnam Vietnam 143 00:03:51,481 --> 00:03:52,048 You know 144 00:03:52,048 --> 00:03:54,084 Do you do you remember the picture 145 00:03:54,084 --> 00:03:54,618 I Yeah 146 00:03:54,618 --> 00:03:54,851 Yeah 147 00:03:54,851 --> 00:03:56,753 I mean I I saw that post you put on 148 00:03:56,753 --> 00:03:59,689 LinkedIn about like how that inspired you 149 00:03:59,689 --> 00:04:02,659 to start exercising or something like that 150 00:04:02,659 --> 00:04:02,959 Yeah 151 00:04:02,959 --> 00:04:04,561 But yeah I I I remember 152 00:04:04,561 --> 00:04:04,961 Uh Yeah 153 00:04:04,961 --> 00:04:07,864 It was uh you know bunch of bunch of 154 00:04:07,864 --> 00:04:09,766 people from Korea that came came over 155 00:04:09,766 --> 00:04:11,368 That that was a lot of fun and you know 156 00:04:11,368 --> 00:04:14,004 we got to hang out when we were in Korea 157 00:04:14,004 --> 00:04:15,272 So yeah I remember 158 00:04:15,272 --> 00:04:15,405 Yeah 159 00:04:15,405 --> 00:04:15,739 Right 160 00:04:15,739 --> 00:04:16,139 Right 161 00:04:16,139 --> 00:04:16,907 So 162 00:04:16,907 --> 00:04:17,374 Okay 163 00:04:17,374 --> 00:04:19,009 Were you are you are 164 00:04:19,009 --> 00:04:20,911 Just uh just brief introduction 165 00:04:20,911 --> 00:04:22,512 Uh I'm I'm Jimmy Song 166 00:04:22,512 --> 00:04:25,115 I'm a a Bitcoin expert 167 00:04:25,115 --> 00:04:27,584 I've been in Bitcoin since 2011 168 00:04:27,584 --> 00:04:30,387 I've written 5 books on Bitcoin 169 00:04:30,387 --> 00:04:33,256 Uh one a very technical one that's translated into 170 00:04:33,256 --> 00:04:36,226 Korean uh along with another one uh the little 171 00:04:36,226 --> 00:04:39,463 Bitcoin book that's also uh translated into Korean 172 00:04:39,463 --> 00:04:40,897 I've been coding all my life 173 00:04:40,897 --> 00:04:42,833 I understand this stuff pretty well 174 00:04:42,833 --> 00:04:45,068 I've been um doing a lot 175 00:04:45,068 --> 00:04:48,805 I I I I teach I uh I consult 176 00:04:48,805 --> 00:04:49,439 I invest 177 00:04:49,439 --> 00:04:51,274 I do I do a bunch of things in the Bitcoin 178 00:04:51,274 --> 00:04:53,777 space but mostly I um you know I explain 179 00:04:53,777 --> 00:04:54,978 technical things to nontechnical people 180 00:04:54,978 --> 00:04:56,480 That's what I end up doing 181 00:04:56,480 --> 00:04:57,214 Lovely 182 00:04:57,214 --> 00:04:59,749 So in your new book you talk about 183 00:04:59,749 --> 00:05:03,019 how fiat money is ruining everything 184 00:05:03,019 --> 00:05:05,522 Um and you said there's a 185 00:05:05,522 --> 00:05:06,723 birth rate issue in Korea 186 00:05:06,723 --> 00:05:07,257 Right 187 00:05:07,257 --> 00:05:09,759 Do you think Bitcoin will be a 188 00:05:09,759 --> 00:05:12,195 solution to this problem to Korea 189 00:05:12,195 --> 00:05:15,565 Well so the the thing I've I've observed about 190 00:05:15,565 --> 00:05:18,935 Korea is that there's a lot of old people 191 00:05:18,935 --> 00:05:21,271 that are not letting go of their houses right 192 00:05:21,271 --> 00:05:24,074 like it's or their positions or whatever 193 00:05:24,074 --> 00:05:27,544 It's and uh and I like does does 194 00:05:27,544 --> 00:05:28,812 that get solved with Bitcoin 195 00:05:28,812 --> 00:05:29,613 I mean somewhat 196 00:05:29,613 --> 00:05:29,880 Right 197 00:05:29,880 --> 00:05:31,848 Because there there is sort of like this 198 00:05:31,848 --> 00:05:34,651 almost involuntary wealth transfer from 199 00:05:34,651 --> 00:05:37,854 you know fiat holders to Bitcoin holders 200 00:05:37,854 --> 00:05:39,923 But uh the the bigger thing that needs 201 00:05:39,923 --> 00:05:42,325 to happen and I I believe will happen 202 00:05:42,325 --> 00:05:45,695 I I don't know what timeline is that you you start 203 00:05:45,695 --> 00:05:48,398 dismantling sort of like the administrative state 204 00:05:48,398 --> 00:05:51,101 the bureaucrats the people that don't add anything 205 00:05:51,101 --> 00:05:53,503 And there's a lot of that in the US but 206 00:05:53,503 --> 00:05:55,105 there's a lot of that all over the world 207 00:05:55,105 --> 00:05:57,908 And like especially in places like Korea 208 00:05:57,908 --> 00:06:01,745 where you have sort of this cultural sort 209 00:06:01,745 --> 00:06:05,081 of um support of a lot of that bureaucracy 210 00:06:05,081 --> 00:06:09,853 So you'll you'll get a lot of people in these huge 211 00:06:09,853 --> 00:06:12,889 companies like the Samsungs and the LGs and and 212 00:06:12,889 --> 00:06:16,560 place Hyundais and places like that where you're 213 00:06:16,560 --> 00:06:18,795 you're not really sure what the person is doing 214 00:06:18,795 --> 00:06:21,197 but they get paid kind of like a large salary 215 00:06:21,197 --> 00:06:21,598 Right 216 00:06:21,598 --> 00:06:23,934 Just because they have seniority 217 00:06:23,934 --> 00:06:27,137 Um and that that I think uh like there there 218 00:06:27,137 --> 00:06:30,106 isn't sort of that churn that you have uh 219 00:06:30,106 --> 00:06:33,610 in a more dynamic entrepreneurial society 220 00:06:33,610 --> 00:06:36,713 It's still the case in Korea where you kind 221 00:06:36,713 --> 00:06:40,317 of stay at a place for you know 20 30 years 222 00:06:40,317 --> 00:06:43,186 and you you sort of hope to get up there 223 00:06:43,186 --> 00:06:45,055 Now like that's not to say that um 224 00:06:45,055 --> 00:06:47,057 that's necessarily bad 225 00:06:47,057 --> 00:06:49,626 I it is kind of nice for the person at 226 00:06:49,626 --> 00:06:52,262 least to have a stable job or whatever 227 00:06:52,262 --> 00:06:54,664 But you know there's a lot of inefficiency that 228 00:06:54,664 --> 00:06:56,900 goes into that because there there's not enough 229 00:06:56,900 --> 00:06:59,336 competition if there was a lot of competition 230 00:06:59,336 --> 00:07:01,738 And certainly at the retail level there's way 231 00:07:01,738 --> 00:07:05,108 more competition in Korea than I see in the US 232 00:07:05,108 --> 00:07:07,444 So you know you go and you know try 233 00:07:07,444 --> 00:07:09,212 to find like an escape room here 234 00:07:09,212 --> 00:07:11,848 There's like 2 3 choices in Austin 235 00:07:11,848 --> 00:07:14,384 You look for an escape room in Seoul 236 00:07:14,384 --> 00:07:16,820 There's probably like 30 in one neighborhood 237 00:07:16,820 --> 00:07:17,053 Right 238 00:07:17,053 --> 00:07:19,689 Like it's it's like insane the level of 239 00:07:19,689 --> 00:07:22,425 competition and that happens at the retail level 240 00:07:22,425 --> 00:07:24,327 But uh but there there's 241 00:07:24,327 --> 00:07:27,797 There's a sort of like an administrative 242 00:07:27,797 --> 00:07:31,401 bloat uh there there's a bureaucratic bloat um 243 00:07:31,401 --> 00:07:33,870 not just within government of course that that 244 00:07:33,870 --> 00:07:35,805 like pretty much every government bureaucrat 245 00:07:35,805 --> 00:07:38,842 is a net negative in terms of productivity 246 00:07:38,842 --> 00:07:41,011 But there there's also these 247 00:07:41,011 --> 00:07:42,512 large companies and so on 248 00:07:42,512 --> 00:07:45,415 And you know a honestly that's probably a 249 00:07:45,415 --> 00:07:48,218 large part of like the bitterness and the 250 00:07:48,218 --> 00:07:51,521 sort of political um you know wrangling 251 00:07:51,521 --> 00:07:53,123 that's going on right now is that there 252 00:07:53,123 --> 00:07:56,259 there is sort of like the you know rich 253 00:07:56,259 --> 00:08:00,163 poor kind of divide that that that's there 254 00:08:00,163 --> 00:08:03,733 So that needs some dismantling 255 00:08:03,733 --> 00:08:06,269 And the the reason why a lot of that 256 00:08:06,269 --> 00:08:08,505 exists is because of fiat money printing 257 00:08:08,505 --> 00:08:11,908 Uh now Korea can't print nearly as much as the US 258 00:08:11,908 --> 00:08:14,077 And in fact they need to export a whole 259 00:08:14,077 --> 00:08:17,714 ton of stuff to the US to get those dollars 260 00:08:17,714 --> 00:08:21,017 in so that they can uh they can keep up a 261 00:08:21,017 --> 00:08:24,320 reasonable peg a peg with their currency 262 00:08:24,320 --> 00:08:27,157 Uh but uh you know there there's still a 263 00:08:27,157 --> 00:08:30,427 significant amount of bureaucracy and rent 264 00:08:30,427 --> 00:08:33,863 seeking and administrative people that aren't 265 00:08:33,863 --> 00:08:35,532 really adding anything that are still there 266 00:08:35,532 --> 00:08:38,268 And until that gets flushed out and I 267 00:08:38,268 --> 00:08:40,103 think that naturally does through a fiat 268 00:08:40,103 --> 00:08:42,572 money it's it's not going to get fixed 269 00:08:42,572 --> 00:08:44,974 But you know it's like hopefully 270 00:08:44,974 --> 00:08:47,444 the US starts on that train 271 00:08:47,444 --> 00:08:50,313 You know like we got Doge and Elon Musk 272 00:08:50,313 --> 00:08:53,183 and Vivek Ramaswami working on that stuff 273 00:08:53,183 --> 00:08:55,819 Uh and you know if the US does it I can I can see 274 00:08:55,819 --> 00:08:58,388 a lot of other countries sort of following suit 275 00:08:58,388 --> 00:09:01,825 And you know we're we're hearing about um you know 276 00:09:01,825 --> 00:09:04,327 a lot of other places you know France and Germany 277 00:09:04,327 --> 00:09:07,263 in particular you know the you know right wing 278 00:09:07,263 --> 00:09:10,633 parties that are more Trumpian are are starting 279 00:09:10,633 --> 00:09:13,770 to get a lot of uh you know a lot of traction 280 00:09:13,770 --> 00:09:15,939 So uh uh we'll we'll see if that 281 00:09:15,939 --> 00:09:17,440 that's the road that they go down 282 00:09:17,440 --> 00:09:20,243 And I think Bitcoin can definitely usher that in 283 00:09:20,243 --> 00:09:22,112 But you know how long does it take 284 00:09:22,112 --> 00:09:22,412 Right 285 00:09:22,412 --> 00:09:23,947 Is it 5 years or 50 286 00:09:23,947 --> 00:09:24,748 I I don't know 287 00:09:24,748 --> 00:09:26,616 But like in 50 years Korea 288 00:09:26,616 --> 00:09:28,051 might be like 20,000,000 people 289 00:09:28,051 --> 00:09:28,718 I don't know 290 00:09:28,718 --> 00:09:30,954 Uh so it's Yeah 291 00:09:30,954 --> 00:09:34,224 Like what what it might be a little late 292 00:09:34,224 --> 00:09:38,828 Uh so yeah that that's that's where I'm thinking 293 00:09:38,828 --> 00:09:41,231 Uh like uh you know how it'll play 294 00:09:41,231 --> 00:09:44,834 out is is really a political issue 295 00:09:44,834 --> 00:09:46,903 and it's that's very unpredictable 296 00:09:46,903 --> 00:09:47,137 Yeah 297 00:09:47,137 --> 00:09:50,173 I also studied in both China and the US 298 00:09:50,173 --> 00:09:52,242 I went to college in Washington DC 299 00:09:52,242 --> 00:09:53,176 Right 300 00:09:53,176 --> 00:09:56,379 And one thing I noticed really strange in 301 00:09:56,379 --> 00:09:59,182 Korean culture is the private institute 302 00:09:59,182 --> 00:10:01,651 You know everybody every every every 303 00:10:01,651 --> 00:10:03,419 parent every household wants their 304 00:10:03,419 --> 00:10:06,356 kids to go to this private institute 305 00:10:06,356 --> 00:10:09,225 Couple of them or even 3 or 4 of them after 306 00:10:09,225 --> 00:10:11,494 the school and then they get prepared for 307 00:10:11,494 --> 00:10:12,428 Oh the Hagwon 308 00:10:12,428 --> 00:10:12,829 Okay 309 00:10:12,829 --> 00:10:13,096 I was 310 00:10:13,096 --> 00:10:14,831 like The Hagwon private institute 311 00:10:14,831 --> 00:10:14,998 Yeah 312 00:10:14,998 --> 00:10:15,632 Yeah 313 00:10:15,632 --> 00:10:16,533 Yeah 314 00:10:16,533 --> 00:10:19,169 You should speak Korean when it's uh like 315 00:10:19,169 --> 00:10:21,571 we we like that's not that that's not 316 00:10:21,571 --> 00:10:23,373 a term I was familiar with in English 317 00:10:23,373 --> 00:10:23,773 So yeah 318 00:10:23,773 --> 00:10:24,374 It's Okay 319 00:10:24,374 --> 00:10:24,641 Okay 320 00:10:24,641 --> 00:10:25,141 3rd grade 321 00:10:25,141 --> 00:10:25,375 Yeah 322 00:10:25,375 --> 00:10:25,608 Yeah 323 00:10:25,608 --> 00:10:26,342 The hagwon 324 00:10:26,342 --> 00:10:26,976 Right 325 00:10:26,976 --> 00:10:28,978 After school they go to you know 326 00:10:28,978 --> 00:10:30,880 bunch of hagwons and then they prepare 327 00:10:30,880 --> 00:10:32,982 for the higher level of education 328 00:10:32,982 --> 00:10:34,184 Right 329 00:10:34,184 --> 00:10:36,419 Um they even start when they are 10 or 11 330 00:10:36,419 --> 00:10:39,189 years old and then you know parents spent 331 00:10:39,189 --> 00:10:41,457 huge amount of money into this kind of 332 00:10:41,457 --> 00:10:43,793 you know education private education 333 00:10:43,793 --> 00:10:45,895 Um and then they want their kids 334 00:10:45,895 --> 00:10:48,031 to go to the college no matter what 335 00:10:48,031 --> 00:10:50,800 Preferably they want their kids to go to the 336 00:10:50,800 --> 00:10:55,104 best colleges in Seoul the 3 of them the top 3 337 00:10:55,104 --> 00:10:57,740 Even the if if they can't go to those top schools 338 00:10:57,740 --> 00:11:01,811 then they have to go to the colleges in Seoul 339 00:11:01,811 --> 00:11:04,447 Um so you know it's just packed 340 00:11:04,447 --> 00:11:07,483 Everybody wants to everybody has to compete 341 00:11:07,483 --> 00:11:11,421 against each other on this one exam at you 342 00:11:11,421 --> 00:11:13,022 know when they're in high school and then they 343 00:11:13,022 --> 00:11:15,625 have to go to these good the good colleges 344 00:11:15,625 --> 00:11:19,295 Um and they go to these colleges and 345 00:11:19,295 --> 00:11:20,663 then they graduate from the colleges 346 00:11:20,663 --> 00:11:22,899 They have to go to the you know huge 347 00:11:22,899 --> 00:11:25,869 conglomerates who pay the good wages 348 00:11:25,869 --> 00:11:26,169 Right 349 00:11:26,169 --> 00:11:29,138 Samsung Hyundai those corporations 350 00:11:29,138 --> 00:11:32,141 And when they get into there then then what 351 00:11:32,141 --> 00:11:32,375 You know 352 00:11:32,375 --> 00:11:35,245 There's just that's like the end of their 353 00:11:35,245 --> 00:11:39,549 career journey and that's why they have 354 00:11:39,549 --> 00:11:42,585 to fall into these um investments 355 00:11:42,585 --> 00:11:44,854 They have to invest in stocks they have to invest 356 00:11:44,854 --> 00:11:48,958 in real estate because the wages are there um 357 00:11:48,958 --> 00:11:52,328 it's just you know it's it's it's just there 358 00:11:52,328 --> 00:11:55,131 There's no upside potential whatsoever 359 00:11:55,131 --> 00:11:57,433 So they have to make this breakthrough 360 00:11:57,433 --> 00:12:02,071 to get better um to to get by because 361 00:12:02,071 --> 00:12:04,073 the Korean won value is diminishing 362 00:12:04,073 --> 00:12:04,974 Right 363 00:12:04,974 --> 00:12:07,844 So that's why they find out uh 364 00:12:07,844 --> 00:12:09,612 Altcoin is really interesting 365 00:12:09,612 --> 00:12:10,146 You know 366 00:12:10,146 --> 00:12:13,516 It it has a huge upside potential but they just 367 00:12:13,516 --> 00:12:16,819 they just don't realize it's just so it's almost 368 00:12:16,819 --> 00:12:19,989 impossible to uh make a good profit out of it 369 00:12:19,989 --> 00:12:20,790 Right 370 00:12:20,790 --> 00:12:21,591 Mhmm 371 00:12:21,591 --> 00:12:24,627 Um why do you think it's so hard for Korean 372 00:12:24,627 --> 00:12:29,966 people to um figure out altcoins are shitcoins 373 00:12:29,966 --> 00:12:33,002 It's so hard to make a profit out of it 374 00:12:33,002 --> 00:12:36,773 You know they get busted every cycle you 375 00:12:36,773 --> 00:12:39,475 know they see them collapsing every time 376 00:12:39,475 --> 00:12:42,612 But why do they why do you think XRP is 377 00:12:42,612 --> 00:12:44,948 you know it's becoming a huge boom again 378 00:12:44,948 --> 00:12:48,518 this cycle and they just neglect Bitcoin 379 00:12:48,518 --> 00:12:48,751 Yeah 380 00:12:48,751 --> 00:12:49,385 It's interesting 381 00:12:49,385 --> 00:12:51,955 As you were talking I was uh I was thinking about 382 00:12:51,955 --> 00:12:55,325 just sort of like the reputation East Asia has 383 00:12:55,325 --> 00:12:58,428 And it's not just Korea but Korea Japan Taiwan 384 00:12:58,428 --> 00:13:02,532 Uh and this this is like pre Altcoins pre Bitcoin 385 00:13:02,532 --> 00:13:05,935 like uh even back in the nineties and so on 386 00:13:05,935 --> 00:13:08,271 East Asia has had the reputation 387 00:13:08,271 --> 00:13:10,740 of being the absolute last commerce 388 00:13:10,740 --> 00:13:12,976 to any kind of investment vehicle 389 00:13:12,976 --> 00:13:16,179 So yeah anything hot in the US it it 390 00:13:16,179 --> 00:13:18,414 goes to Europe first and eventually 391 00:13:18,414 --> 00:13:20,783 finds its way to uh East Asia 392 00:13:20,783 --> 00:13:23,286 By the time East Asian retail is into it 393 00:13:23,286 --> 00:13:26,155 everyone else in the world knows to get out of it 394 00:13:26,155 --> 00:13:29,192 That but that that's that's a common thing 395 00:13:29,192 --> 00:13:30,727 Now why why does that happen 396 00:13:30,727 --> 00:13:32,628 Well there's an information advantage 397 00:13:32,628 --> 00:13:34,564 um to being in the US and so on 398 00:13:34,564 --> 00:13:36,532 And uh Europe is closer to the 399 00:13:36,532 --> 00:13:38,935 dollar than the 1 or the yen are 400 00:13:38,935 --> 00:13:41,237 Um and so that that kind of makes sense 401 00:13:41,237 --> 00:13:43,740 But there's also sort of like a cultural thing 402 00:13:43,740 --> 00:13:47,343 And uh and the main uh cultural thing 403 00:13:47,343 --> 00:13:50,413 that I think uh you were pointing out and 404 00:13:50,413 --> 00:13:53,716 is that uh you know parents really want to 405 00:13:53,716 --> 00:13:56,252 reduce risk for their children significantly 406 00:13:56,252 --> 00:13:56,519 Right 407 00:13:56,519 --> 00:13:58,421 And this is why they send them to hagwon 408 00:13:58,421 --> 00:13:59,856 This is why they want them to go 409 00:13:59,856 --> 00:14:01,858 to the best universities and the 410 00:14:01,858 --> 00:14:03,626 best companies and everything else 411 00:14:03,626 --> 00:14:05,962 Even you know growing up as a Korean 412 00:14:05,962 --> 00:14:08,531 American you know the things that the 413 00:14:08,531 --> 00:14:11,334 Korean parents want you to do are like 414 00:14:11,334 --> 00:14:15,171 the most stable and risk free professions 415 00:14:15,171 --> 00:14:15,405 Right 416 00:14:15,405 --> 00:14:18,474 It's doctor lawyer engineer or something like that 417 00:14:18,474 --> 00:14:19,375 Yeah 418 00:14:19,375 --> 00:14:22,011 The this is why like watching somebody like 419 00:14:22,011 --> 00:14:25,448 Edward Lee is so profound because Right 420 00:14:25,448 --> 00:14:28,951 That's not one of the you know like paths that 421 00:14:28,951 --> 00:14:32,255 Korean parents typically will steer you to 422 00:14:32,255 --> 00:14:36,225 It's it's almost entirely done because uh 423 00:14:36,225 --> 00:14:39,529 the individual in question like uh is is sort 424 00:14:39,529 --> 00:14:42,165 of willing to take on that risk and go for it 425 00:14:42,165 --> 00:14:44,967 But that that's a that's definitely a cultural 426 00:14:44,967 --> 00:14:48,137 thing where the reduction of risk in career 427 00:14:48,137 --> 00:14:51,140 profile is something that everyone strives for 428 00:14:51,140 --> 00:14:55,244 So what happens when you reduce risk significantly 429 00:14:55,244 --> 00:14:58,981 is that you you do re reduce uh you know the 430 00:14:58,981 --> 00:15:01,584 downside but you also reduce the upside as well 431 00:15:01,584 --> 00:15:03,920 This is what happens when you 432 00:15:03,920 --> 00:15:05,455 you know go become a lawyer 433 00:15:05,455 --> 00:15:07,924 You're you're going to make good money but 434 00:15:07,924 --> 00:15:09,859 you're not going to make life changing money 435 00:15:09,859 --> 00:15:11,227 You're never going to get there 436 00:15:11,227 --> 00:15:12,428 because you're a lawyer right 437 00:15:12,428 --> 00:15:15,364 Like you charge you know a few $100 per 438 00:15:15,364 --> 00:15:18,367 hour and you that's that's an excellent rate 439 00:15:18,367 --> 00:15:18,768 Right 440 00:15:18,768 --> 00:15:21,571 And a lot of people are happy to do that 441 00:15:21,571 --> 00:15:24,707 But if you if you wanna change the world or 442 00:15:24,707 --> 00:15:26,776 like uh you know add a lot of value you're 443 00:15:26,776 --> 00:15:28,444 you're going to have to do something that's 444 00:15:28,444 --> 00:15:32,448 a little bit outside the um sort of like 445 00:15:32,448 --> 00:15:36,052 the well trodden paths of everybody else 446 00:15:36,052 --> 00:15:40,223 But that that's the direction that um that Asian 447 00:15:40,223 --> 00:15:43,059 cultures tend to push their children towards is 448 00:15:43,059 --> 00:15:46,496 is something that is as uh you know as little 449 00:15:46,496 --> 00:15:49,298 risk as possible so that they have a good life 450 00:15:49,298 --> 00:15:51,067 And I I've seen this in my own parents 451 00:15:51,067 --> 00:15:51,200 Right 452 00:15:51,200 --> 00:15:53,035 Like it's funny because my mom used to 453 00:15:53,035 --> 00:15:55,705 tell me you know all I wanted you to 454 00:15:55,705 --> 00:15:58,074 be was just somebody that was normal 455 00:15:58,074 --> 00:16:00,243 I was like sorry mom 456 00:16:00,243 --> 00:16:01,978 That's not what I am 457 00:16:01,978 --> 00:16:05,581 It's not what I 458 00:16:05,581 --> 00:16:07,650 I've seen a lot of my friends that go 459 00:16:07,650 --> 00:16:10,987 down that I have cousins and you know uh 460 00:16:10,987 --> 00:16:13,389 you know my sibling and uh and all that 461 00:16:13,389 --> 00:16:15,091 They they they've gone on to be 462 00:16:15,091 --> 00:16:17,326 lawyers and doctors or whatever 463 00:16:17,326 --> 00:16:23,032 Uh but you know that that that road is riskless 464 00:16:23,032 --> 00:16:26,068 and it it it capture upside but it also like 465 00:16:26,068 --> 00:16:29,005 sort of like very it's a very crowded road 466 00:16:29,005 --> 00:16:29,272 Right 467 00:16:29,272 --> 00:16:31,407 Like if you're if you're trying to go down the 468 00:16:31,407 --> 00:16:36,145 road that everyone else goes towards success 469 00:16:36,145 --> 00:16:37,747 it it is just enormously crowded 470 00:16:37,747 --> 00:16:39,982 Like uh you know the exam that you were talking 471 00:16:39,982 --> 00:16:42,385 about that you know it's famous because like 472 00:16:42,385 --> 00:16:44,220 I think they shut down the airport for a 473 00:16:44,220 --> 00:16:47,356 few days or something like that and stuff 474 00:16:47,356 --> 00:16:50,560 It's absolutely insane because that's how many 475 00:16:50,560 --> 00:16:55,031 people are trying to get into a or whatever 476 00:16:55,031 --> 00:16:58,234 It's they they all want to go to the best 477 00:16:58,234 --> 00:17:01,604 so that they can then uh sort of like have 478 00:17:01,604 --> 00:17:04,207 the rest of their life set up for them 479 00:17:04,207 --> 00:17:07,577 But but really like the the entrepreneurial 480 00:17:07,577 --> 00:17:09,879 energy the the you know civilization 481 00:17:09,879 --> 00:17:12,215 is built with from risk takers 482 00:17:12,215 --> 00:17:15,117 So when when you reduce risk like that 483 00:17:15,117 --> 00:17:18,721 you you have a significant appetite 484 00:17:18,721 --> 00:17:21,991 to take on risk ironically enough because you 485 00:17:21,991 --> 00:17:25,761 have almost no risk anywhere else in your life 486 00:17:25,761 --> 00:17:30,399 So I know a lot of Korean people are 487 00:17:30,399 --> 00:17:31,834 addicted to gambling and so on 488 00:17:31,834 --> 00:17:33,836 And that's kinda how I see all coins 489 00:17:33,836 --> 00:17:36,138 It's it's a lot of gambling 490 00:17:36,138 --> 00:17:39,041 And honestly that's uh that's kind of 491 00:17:39,041 --> 00:17:40,409 understandable when you're when you're 492 00:17:40,409 --> 00:17:42,712 living sort of like a very structured 493 00:17:42,712 --> 00:17:46,449 riskless life to desire more risk 494 00:17:46,449 --> 00:17:49,752 So there there's definitely a cultural component 495 00:17:49,752 --> 00:17:52,388 and uh there's an information component 496 00:17:52,388 --> 00:17:55,024 Uh but you know I mean the 497 00:17:55,024 --> 00:17:57,426 the last part is just like you know 498 00:17:57,426 --> 00:17:59,495 it's a very conformist culture as well 499 00:17:59,495 --> 00:18:00,997 So you know you you see your 500 00:18:00,997 --> 00:18:03,299 neighbor get in and do well 501 00:18:03,299 --> 00:18:05,301 Um you know you're you're 502 00:18:05,301 --> 00:18:06,836 you're going to want to get in 503 00:18:06,836 --> 00:18:10,506 And that that is particularly 504 00:18:10,506 --> 00:18:13,776 uh strong in Korean culture where you you you 505 00:18:13,776 --> 00:18:16,912 want to ape in and you have a lot of FOMO 506 00:18:16,912 --> 00:18:20,116 uh about you know whatever your neighbor is 507 00:18:20,116 --> 00:18:22,585 uh is doing with their stocks or whatever 508 00:18:22,585 --> 00:18:24,987 Uh so that that tends to um 509 00:18:24,987 --> 00:18:28,324 snowball into really huge bubbles 510 00:18:28,324 --> 00:18:31,460 Uh and you know I mean we we've seen that many 511 00:18:31,460 --> 00:18:33,696 times in Korea on on a lot of different things 512 00:18:33,696 --> 00:18:37,466 Uh but that that um you know because 513 00:18:37,466 --> 00:18:39,702 you have sort of like a uniform culture 514 00:18:39,702 --> 00:18:41,604 like that that tends to happen as well 515 00:18:41,604 --> 00:18:44,273 Like it that's not nearly as much the 516 00:18:44,273 --> 00:18:46,842 case in the US because you you have a 517 00:18:46,842 --> 00:18:48,911 melting pot of a lot of different cultures 518 00:18:48,911 --> 00:18:51,814 So people don't ape into something 519 00:18:51,814 --> 00:18:52,715 because their neighbor does 520 00:18:52,715 --> 00:18:54,583 It's like oh that person's just kinda weird 521 00:18:54,583 --> 00:18:56,552 and we're not gonna listen to them or whatever 522 00:18:56,552 --> 00:18:59,255 Um so you know whereas in Korea it's like 523 00:18:59,255 --> 00:19:01,657 okay my my cousin did this and he made a lot 524 00:19:01,657 --> 00:19:03,459 of money so I I gotta go do it or whatever 525 00:19:03,459 --> 00:19:06,796 It's it's it's a very uh you know there 526 00:19:06,796 --> 00:19:10,266 there are benefits to sort of like 527 00:19:10,266 --> 00:19:14,737 cultural um homogeneity I guess 528 00:19:14,737 --> 00:19:17,640 Uh but uh there there are also downsides 529 00:19:17,640 --> 00:19:19,642 and you know it makes you a little bit more 530 00:19:19,642 --> 00:19:22,578 vulnerable because there's not as much diversity 531 00:19:22,578 --> 00:19:22,912 Right 532 00:19:22,912 --> 00:19:25,047 Like everyone has sort of the 533 00:19:25,047 --> 00:19:27,917 same um same uh attack surface 534 00:19:27,917 --> 00:19:29,885 vulnerability or something like that 535 00:19:29,885 --> 00:19:30,152 Right 536 00:19:30,152 --> 00:19:30,653 Right 537 00:19:30,653 --> 00:19:33,122 Um I think one of the reasons Koreans 538 00:19:33,122 --> 00:19:36,525 love Altcoins is because they they 539 00:19:36,525 --> 00:19:39,395 have this tendency to like technology 540 00:19:39,395 --> 00:19:42,264 Um when they study about their investment 541 00:19:42,264 --> 00:19:46,268 strategy when when they um prepare for when they 542 00:19:46,268 --> 00:19:49,472 form their portfolio uh with stocks real estate 543 00:19:49,472 --> 00:19:53,042 and um some of the Altcoins they tend to pick 544 00:19:53,042 --> 00:19:56,746 something that has a higher level of technology 545 00:19:56,746 --> 00:19:58,647 I think that's why they fall into 546 00:19:58,647 --> 00:20:01,817 these bunch of Altcoins who claim to 547 00:20:01,817 --> 00:20:04,687 have a better technology than Bitcoin 548 00:20:04,687 --> 00:20:08,057 You know Bitcoin is um often 549 00:20:08,057 --> 00:20:11,327 um represented as a 2 g smartphone 550 00:20:11,327 --> 00:20:11,894 No 551 00:20:11,894 --> 00:20:12,128 2 552 00:20:12,128 --> 00:20:15,197 2 g um mobile phone and Ethereum is 553 00:20:15,197 --> 00:20:18,567 the um smartphone and Solana is a 554 00:20:18,567 --> 00:20:20,569 better version of smartphone etcetera 555 00:20:20,569 --> 00:20:23,706 So I that's a common notion in Korea 556 00:20:23,706 --> 00:20:28,444 Um most crypto investors think of this way um and 557 00:20:28,444 --> 00:20:31,614 they just um think of Bitcoin as a old technology 558 00:20:31,614 --> 00:20:32,615 Right 559 00:20:32,615 --> 00:20:34,016 Yeah 560 00:20:34,016 --> 00:20:36,752 So I want I saw you at the Lightning 561 00:20:36,752 --> 00:20:38,421 Con event in Danang last year 562 00:20:38,421 --> 00:20:38,654 Right 563 00:20:38,654 --> 00:20:38,988 Mhmm 564 00:20:38,988 --> 00:20:42,591 And so do you think Lightning Network has a 565 00:20:42,591 --> 00:20:46,595 breakthrough for Bitcoin as a scalability solution 566 00:20:46,595 --> 00:20:47,797 Do you think Mhmm 567 00:20:47,797 --> 00:20:50,699 Lightning Network will be changing the dynamics of 568 00:20:50,699 --> 00:20:54,637 Bitcoin and even appeal to Korean public later on 569 00:20:54,637 --> 00:20:54,937 Yeah 570 00:20:54,937 --> 00:20:59,008 I mean the the thing about that that error is that 571 00:20:59,008 --> 00:21:02,678 it's it's been made many times all over the world 572 00:21:02,678 --> 00:21:02,945 Right 573 00:21:02,945 --> 00:21:05,981 Like people see Bitcoin they think technology 574 00:21:05,981 --> 00:21:08,451 And okay that means that you 575 00:21:08,451 --> 00:21:10,686 know the better tech will win 576 00:21:10,686 --> 00:21:13,322 And that's not how money works 577 00:21:13,322 --> 00:21:16,225 Bitcoin is money not technology 578 00:21:16,225 --> 00:21:18,627 Well it is also technology but it 579 00:21:18,627 --> 00:21:20,229 has a lot of monetary properties 580 00:21:20,229 --> 00:21:23,132 And this is the part that sort of confuses a 581 00:21:23,132 --> 00:21:25,601 lot of people because they think okay well in 582 00:21:25,601 --> 00:21:28,971 technology if you have a smartphone with you 583 00:21:28,971 --> 00:21:32,341 know a better better camera or something then you 584 00:21:32,341 --> 00:21:34,577 know that's going to win over one that doesn't 585 00:21:34,577 --> 00:21:36,879 But this is money we're talking about 586 00:21:36,879 --> 00:21:38,380 It has a network effect 587 00:21:38,380 --> 00:21:41,283 There are certain properties of money that you 588 00:21:41,283 --> 00:21:44,487 want um and decentralization and incredible long 589 00:21:44,487 --> 00:21:47,022 term scarcity happen to be 2 things that are 590 00:21:47,022 --> 00:21:50,793 extremely important that if you're enhancing the 591 00:21:50,793 --> 00:21:53,596 technology you necessarily give up those things 592 00:21:53,596 --> 00:21:53,996 Right 593 00:21:53,996 --> 00:21:56,232 Uh so Ethereum for example 594 00:21:56,232 --> 00:21:58,167 is highly highly centralized 595 00:21:58,167 --> 00:22:01,604 And even like to the degree that people 596 00:22:01,604 --> 00:22:04,840 think it's like you know uh technically 597 00:22:04,840 --> 00:22:07,076 advanced or whatever it's it's really not 598 00:22:07,076 --> 00:22:09,712 And we you know you you look at something like 599 00:22:09,712 --> 00:22:13,148 uh you know how how it was created and so on 600 00:22:13,148 --> 00:22:14,116 Yeah 601 00:22:14,116 --> 00:22:17,453 You know like uh the Bitcoin addresses have 602 00:22:17,453 --> 00:22:19,989 something called a checksum so that if you 603 00:22:19,989 --> 00:22:24,326 you know misstate a letter in the address 604 00:22:24,326 --> 00:22:25,995 um any wallet can tell okay 605 00:22:25,995 --> 00:22:26,228 Yeah 606 00:22:26,228 --> 00:22:28,063 That you didn't write this down correctly 607 00:22:28,063 --> 00:22:31,267 Can you go and ask again or something like that 608 00:22:31,267 --> 00:22:33,802 Uh and that that's the function of a checksum 609 00:22:33,802 --> 00:22:36,438 Ethereum when it started they decided 610 00:22:36,438 --> 00:22:39,909 you know uh let's not have a checksum uh because 611 00:22:39,909 --> 00:22:42,311 Vitalik being 19 and thinking that he knows 612 00:22:42,311 --> 00:22:44,947 everything like a lot of young programmers do 613 00:22:44,947 --> 00:22:45,281 All right 614 00:22:45,281 --> 00:22:48,384 I'm gonna invent my own thing and it'll be good 615 00:22:48,384 --> 00:22:51,754 Um and of course it wasn't because you know you 616 00:22:51,754 --> 00:22:54,790 make you put like the wrong letter in or something 617 00:22:54,790 --> 00:22:57,793 like that and suddenly all your funds are gone 618 00:22:57,793 --> 00:23:00,696 you know gone out into the ether as it would be 619 00:23:00,696 --> 00:23:05,334 Um but you know it was it's not even technically 620 00:23:05,334 --> 00:23:09,572 good uh but they they marketed themselves as that 621 00:23:09,572 --> 00:23:11,974 Uh I remember talking to this guy 622 00:23:11,974 --> 00:23:13,509 Um I think it was like consensus 623 00:23:13,509 --> 00:23:15,511 19 and he was from Korea 624 00:23:15,511 --> 00:23:17,446 And uh and we were just talking and he's 625 00:23:17,446 --> 00:23:19,848 like yeah but Ethereum has smart contracts 626 00:23:19,848 --> 00:23:20,649 And he's like hold on 627 00:23:20,649 --> 00:23:21,283 Hold on 628 00:23:21,283 --> 00:23:23,452 What do you think a smart contract is 629 00:23:23,452 --> 00:23:24,653 It's like you know it's it's what 630 00:23:24,653 --> 00:23:25,988 the Ethereum does blah blah blah 631 00:23:25,988 --> 00:23:26,989 I'm like okay 632 00:23:26,989 --> 00:23:28,757 You do realize that Bitcoin has 633 00:23:28,757 --> 00:23:31,160 had smart contracts from day 1 634 00:23:31,160 --> 00:23:31,393 Right 635 00:23:31,393 --> 00:23:33,629 He's like Bitcoin has smart contracts 636 00:23:33,629 --> 00:23:34,663 I need it 637 00:23:34,663 --> 00:23:35,564 It it here's it 638 00:23:35,564 --> 00:23:37,566 Like and for for the rest of the 639 00:23:37,566 --> 00:23:39,468 night like every time I still can't 640 00:23:39,468 --> 00:23:41,170 believe Bitcoin has smart contracts 641 00:23:41,170 --> 00:23:43,138 I did not know this 642 00:23:43,138 --> 00:23:47,009 This is like that's how little retail often 643 00:23:47,009 --> 00:23:49,878 knows about the technology that they they're just 644 00:23:49,878 --> 00:23:51,714 told something and they just sort of believe it 645 00:23:51,714 --> 00:23:53,148 And I kind of get it 646 00:23:53,148 --> 00:23:53,482 Right 647 00:23:53,482 --> 00:23:55,684 Like you know Koreans are very trusting 648 00:23:55,684 --> 00:23:57,686 It's a very trust based society and so on 649 00:23:57,686 --> 00:24:01,624 So yeah like your your neighbor tells you Hey yeah 650 00:24:01,624 --> 00:24:03,525 Ethereum is better because it has smart contracts 651 00:24:03,525 --> 00:24:05,794 And it's like okay Bitcoin has smart 652 00:24:05,794 --> 00:24:08,097 Like no one's there to correct them or 653 00:24:08,097 --> 00:24:11,600 to uh uh show there's no one technical 654 00:24:11,600 --> 00:24:15,170 to uh to tell them Hey like you're you're kind 655 00:24:15,170 --> 00:24:17,506 of wrong here about uh about all of this stuff 656 00:24:17,506 --> 00:24:20,609 but all that said the big thing is Bitcoin is 657 00:24:20,609 --> 00:24:22,845 decentralized has credible long term scarcity 658 00:24:22,845 --> 00:24:23,979 And those are the 2 most 659 00:24:23,979 --> 00:24:25,347 important things about money 660 00:24:25,347 --> 00:24:28,217 None of this other stuff has any of that 661 00:24:28,217 --> 00:24:29,885 And this is why Bitcoin has been 662 00:24:29,885 --> 00:24:32,388 successful over a period of 15 years 663 00:24:32,388 --> 00:24:35,491 whereas all coins come and go day by day 664 00:24:35,491 --> 00:24:37,893 You know like I like it's literally day by 665 00:24:37,893 --> 00:24:41,096 day these days with like meme coins and so on 666 00:24:41,096 --> 00:24:43,098 Now with respect to lightning and all this 667 00:24:43,098 --> 00:24:45,267 other stuff if you actually know technology 668 00:24:45,267 --> 00:24:48,070 you rec recognize lightning the lightning 669 00:24:48,070 --> 00:24:51,173 network as the brilliant innovation that it is 670 00:24:51,173 --> 00:24:53,909 All of this other stuff is LARPing 671 00:24:53,909 --> 00:24:54,843 Right 672 00:24:54,843 --> 00:24:58,280 And if your uh audience isn't uh familiar with 673 00:24:58,280 --> 00:25:01,483 that term LARPing stands for live action role play 674 00:25:01,483 --> 00:25:03,886 You're pretending to be something right 675 00:25:03,886 --> 00:25:06,255 rather than actually being that thing 676 00:25:06,255 --> 00:25:08,390 Bitcoin has lightning 677 00:25:08,390 --> 00:25:09,825 It has uh you know there 678 00:25:09,825 --> 00:25:11,827 there's an implementation of arc 679 00:25:11,827 --> 00:25:13,128 There's state chains 680 00:25:13,128 --> 00:25:14,630 There's um there there's 681 00:25:14,630 --> 00:25:16,331 a whole uh you know bit VM 682 00:25:16,331 --> 00:25:19,368 There's a whole bunch of technologies that actual 683 00:25:19,368 --> 00:25:21,804 real technical people that know what the 684 00:25:21,804 --> 00:25:24,139 heck they're talking about and not just 685 00:25:24,139 --> 00:25:27,576 you know talking marketing speak or whatever that 686 00:25:27,576 --> 00:25:30,512 uh that that actually have a lot of this stuff 687 00:25:30,512 --> 00:25:32,281 And the thing is like these 688 00:25:32,281 --> 00:25:35,150 things take a while to mature 689 00:25:35,150 --> 00:25:39,388 Uh so lightning started you know 2017 2018 690 00:25:39,388 --> 00:25:41,623 and it it's been maturing for a while 691 00:25:41,623 --> 00:25:44,560 And it's now at a point where you can go to any 692 00:25:44,560 --> 00:25:47,362 Bitcoin conference pay for everything in lightning 693 00:25:47,362 --> 00:25:50,733 And you know you know like I you know 694 00:25:50,733 --> 00:25:53,435 I'll I'll sell books for example at 695 00:25:53,435 --> 00:25:56,972 a bunch of conferences and you know take 696 00:25:56,972 --> 00:25:59,274 payment in Bitcoin uh with through the 697 00:25:59,274 --> 00:26:01,677 lightning network and it it works great 698 00:26:01,677 --> 00:26:05,180 Uh Few people know about it though because you 699 00:26:05,180 --> 00:26:07,349 don't have all these marketing dollars that 700 00:26:07,349 --> 00:26:10,619 say Ethereum or Solana have or even ripple 701 00:26:10,619 --> 00:26:12,721 Uh and they and that's that's what they 702 00:26:12,721 --> 00:26:15,190 use it for is to deceive the public 703 00:26:15,190 --> 00:26:16,892 Like Koreans kind of need 704 00:26:16,892 --> 00:26:18,560 to be a little less trusting 705 00:26:18,560 --> 00:26:19,027 Right 706 00:26:19,027 --> 00:26:22,331 This is the slogan that we have in Bitcoin 707 00:26:22,331 --> 00:26:24,967 It's uh you know verify don't trust 708 00:26:24,967 --> 00:26:27,436 And when once you trust people 709 00:26:27,436 --> 00:26:29,438 you know they're going to take advantage of you 710 00:26:29,438 --> 00:26:33,242 And these these are people that have an incentive 711 00:26:33,242 --> 00:26:35,410 to pump their coin so that uh you 712 00:26:35,410 --> 00:26:37,613 know they can dump it on you and so on 713 00:26:37,613 --> 00:26:38,013 Right 714 00:26:38,013 --> 00:26:39,548 Well one of the things that I do these 715 00:26:39,548 --> 00:26:42,651 days um I take these uh my friends um to 716 00:26:42,651 --> 00:26:45,287 a bar and then we like drink together 717 00:26:45,287 --> 00:26:47,289 And then at the end we like Dutch pay 718 00:26:47,289 --> 00:26:47,523 Right 719 00:26:47,523 --> 00:26:49,691 And then we do the rock scissors 720 00:26:49,691 --> 00:26:52,961 papers and then the winner pays for 721 00:26:52,961 --> 00:26:54,963 the whole thing with the credit card 722 00:26:54,963 --> 00:26:57,399 And then the rest of the group pays me 723 00:26:57,399 --> 00:27:00,202 with the Bitcoin with the like wallet 724 00:27:00,202 --> 00:27:02,504 Um that's that's one thing I do every time I 725 00:27:02,504 --> 00:27:05,107 go to a bar with my friends and then experience 726 00:27:05,107 --> 00:27:07,242 the lightning network and then Bitcoin 727 00:27:07,242 --> 00:27:09,545 instant payments at that at the time then 728 00:27:09,545 --> 00:27:11,914 they they just uh find it really interesting 729 00:27:11,914 --> 00:27:12,314 Wow 730 00:27:12,314 --> 00:27:13,348 This works 731 00:27:13,348 --> 00:27:14,149 Bitcoin Mhmm 732 00:27:14,149 --> 00:27:17,252 It doesn't take 1 hour to transact Bitcoin 733 00:27:17,252 --> 00:27:19,521 And yeah it's a moment for them 734 00:27:19,521 --> 00:27:20,622 Right 735 00:27:20,622 --> 00:27:21,890 Mhmm 736 00:27:21,890 --> 00:27:22,057 Um 737 00:27:22,057 --> 00:27:24,159 so you know one of the so there 738 00:27:24,159 --> 00:27:26,295 are many Bitcoin experts in Korea too 739 00:27:26,295 --> 00:27:29,698 Um and I think some of them the the the one 740 00:27:29,698 --> 00:27:34,102 group um advocates that claims that there's 741 00:27:34,102 --> 00:27:38,974 going to be cycle repeating um next year 742 00:27:38,974 --> 00:27:41,443 Bitcoin has 4 year cycle so it's going 743 00:27:41,443 --> 00:27:45,514 to go up a lot and then crush um probably 744 00:27:45,514 --> 00:27:48,851 in the early took this out to 2026 745 00:27:48,851 --> 00:27:52,054 The other group on the other hand um because of 746 00:27:52,054 --> 00:27:55,424 the institutional adoption this cycle the Bitcoin 747 00:27:55,424 --> 00:27:58,126 price won't go up that much and it won't crash 748 00:27:58,126 --> 00:28:01,029 It just will gradually increase 749 00:28:01,029 --> 00:28:02,664 Um what do you think will happen 750 00:28:02,664 --> 00:28:02,965 Yeah 751 00:28:02,965 --> 00:28:04,433 That's that's a tough one 752 00:28:04,433 --> 00:28:08,337 And I I I don't really 753 00:28:08,337 --> 00:28:10,272 I'm not really in either camp 754 00:28:10,272 --> 00:28:11,607 I I don't know 755 00:28:11,607 --> 00:28:11,874 Right 756 00:28:11,874 --> 00:28:12,407 Like this is 757 00:28:12,407 --> 00:28:13,542 Right 758 00:28:13,542 --> 00:28:14,743 Uh but I I get it 759 00:28:14,743 --> 00:28:15,944 Like the these are the most 760 00:28:15,944 --> 00:28:17,379 popular videos on YouTube 761 00:28:17,379 --> 00:28:19,147 What the price is going to do in the 762 00:28:19,147 --> 00:28:20,582 next 6 months or something like that 763 00:28:20,582 --> 00:28:22,751 because that's what everyone wants to know 764 00:28:22,751 --> 00:28:23,452 Yeah 765 00:28:23,452 --> 00:28:25,287 But uh but you know I mean we 766 00:28:25,287 --> 00:28:27,289 we have had 4 4 year cycles 767 00:28:27,289 --> 00:28:27,856 This is true 768 00:28:27,856 --> 00:28:29,691 And you can you can look it up 769 00:28:29,691 --> 00:28:35,264 2013 2017 2021 and the next one would be 2025 770 00:28:35,264 --> 00:28:37,165 So there there's decent reason for that 771 00:28:37,165 --> 00:28:39,735 We we have 3 previous cycles that 772 00:28:39,735 --> 00:28:41,837 we can look at and say hey there's 773 00:28:41,837 --> 00:28:43,505 there's a pattern here possibly 774 00:28:43,505 --> 00:28:45,674 But you know it could certainly 775 00:28:45,674 --> 00:28:46,775 break on the 4th cycle 776 00:28:46,775 --> 00:28:47,976 I don't know 777 00:28:47,976 --> 00:28:51,179 Um and you know I I can also see the other side 778 00:28:51,179 --> 00:28:54,616 um you know where uh you know they're saying okay 779 00:28:54,616 --> 00:28:58,453 we have institutional adoption so volatility is 780 00:28:58,453 --> 00:29:01,823 dampened and maybe it goes up a little slower 781 00:29:01,823 --> 00:29:03,258 Uh but you know you don't you don't have 782 00:29:03,258 --> 00:29:05,494 like these crazy bull runs or whatever 783 00:29:05,494 --> 00:29:08,697 I I mean that could be I mean I I suspect that 784 00:29:08,697 --> 00:29:11,566 that like it's that that slow and steady rise 785 00:29:11,566 --> 00:29:13,702 I I don't think that's going to happen just 786 00:29:13,702 --> 00:29:16,271 because that's never been Bitcoin's history 787 00:29:16,271 --> 00:29:17,706 In fact that hasn't been 788 00:29:17,706 --> 00:29:19,308 almost any commodities history 789 00:29:19,308 --> 00:29:23,312 It's only uh like uh with centralized intervention 790 00:29:23,312 --> 00:29:27,082 that you get steady sort of prices on anything 791 00:29:27,082 --> 00:29:27,215 Right 792 00:29:27,215 --> 00:29:29,084 Like you you have for example in the 793 00:29:29,084 --> 00:29:31,787 US the strategic petroleum reserve 794 00:29:31,787 --> 00:29:33,555 And when the gas prices are 795 00:29:33,555 --> 00:29:35,557 low they buy up a lot of it 796 00:29:35,557 --> 00:29:37,059 So the price goes up 797 00:29:37,059 --> 00:29:40,095 And when the price is very high they sell 798 00:29:40,095 --> 00:29:42,164 from the reserve to bring it back down 799 00:29:42,164 --> 00:29:43,632 This is how how it's controlled 800 00:29:43,632 --> 00:29:47,369 This is also how the Korean Central Bank manages 801 00:29:47,369 --> 00:29:50,272 the won against the dollar uh for you know I 802 00:29:50,272 --> 00:29:53,608 think the last uh I I think almost 40 years now 803 00:29:53,608 --> 00:29:55,110 You know they've been trying to keep 804 00:29:55,110 --> 00:29:57,746 it at around a 1,001 to a dollar 805 00:29:57,746 --> 00:30:02,084 And you know I within like plus or minus 30% or 806 00:30:02,084 --> 00:30:04,786 something like that they've been mostly successful 807 00:30:04,786 --> 00:30:07,022 Obviously the current situation's a little 808 00:30:07,022 --> 00:30:09,224 bit out of the norm but that's that's what 809 00:30:09,224 --> 00:30:12,828 a central bank does is they they um they 810 00:30:12,828 --> 00:30:15,230 buy up their own currency when it's cheap 811 00:30:15,230 --> 00:30:17,866 Um the fact that they aren't doing that right 812 00:30:17,866 --> 00:30:19,935 now probably tells you that they don't have 813 00:30:19,935 --> 00:30:24,339 the dollars to buy with Or or if uh if their 814 00:30:24,339 --> 00:30:26,742 currency is really strong they just print more 815 00:30:26,742 --> 00:30:29,311 uh more of their own currency into the market 816 00:30:29,311 --> 00:30:32,748 So uh yeah they there the this 817 00:30:32,748 --> 00:30:36,952 is what sort of causes artificial 818 00:30:36,952 --> 00:30:38,020 lack of volatility 819 00:30:38,020 --> 00:30:38,320 Right 820 00:30:38,320 --> 00:30:40,956 Steadiness uh over time is some 821 00:30:40,956 --> 00:30:43,058 centralized manager that does that 822 00:30:43,058 --> 00:30:44,393 So if you don't have that 823 00:30:44,393 --> 00:30:46,395 then it's going to be volatile 824 00:30:46,395 --> 00:30:48,230 So I I suspect that Bitcoin is 825 00:30:48,230 --> 00:30:49,531 gonna continue to be volatile 826 00:30:49,531 --> 00:30:53,235 You'll see 70% drawdowns and like you 827 00:30:53,235 --> 00:30:55,303 know you know days where it goes up 828 00:30:55,303 --> 00:30:57,706 like $20,000 or something like that 829 00:30:57,706 --> 00:31:00,175 Like that that that stuff happens all the time 830 00:31:00,175 --> 00:31:03,945 And you know this is part of the you know 831 00:31:03,945 --> 00:31:07,215 holding mentality is you you have to be steady 832 00:31:07,215 --> 00:31:10,185 through all of that and and not get too high 833 00:31:10,185 --> 00:31:13,221 or too low and just uh you know have enough 834 00:31:13,221 --> 00:31:16,258 savings so that or you know do whatever work 835 00:31:16,258 --> 00:31:19,795 that you need to to continue to make money and 836 00:31:19,795 --> 00:31:22,264 you know use it as savings so that you're not 837 00:31:22,264 --> 00:31:24,566 dipping into it at that worst possible moment 838 00:31:24,566 --> 00:31:29,704 Uh and you're uh using it to you know go and uh 839 00:31:29,704 --> 00:31:31,873 do the stuff that you really want to do rather 840 00:31:31,873 --> 00:31:33,775 than working like an office job or something 841 00:31:33,775 --> 00:31:33,942 Right 842 00:31:33,942 --> 00:31:35,377 Like go go do stuff 843 00:31:35,377 --> 00:31:36,111 Right 844 00:31:36,111 --> 00:31:39,514 Like it's it's crazy to me how many how 845 00:31:39,514 --> 00:31:43,118 weak the dreams of people in the fiat economy are 846 00:31:43,118 --> 00:31:43,518 Right 847 00:31:43,518 --> 00:31:44,386 I just wanna go 848 00:31:44,386 --> 00:31:44,719 Yeah 849 00:31:44,719 --> 00:31:47,055 You know on a vacation once in a while or whatever 850 00:31:47,055 --> 00:31:47,856 It's like okay 851 00:31:47,856 --> 00:31:51,226 Those those are not dreams worthy of a human being 852 00:31:51,226 --> 00:31:51,693 Come on 853 00:31:51,693 --> 00:31:54,729 Like go go and try stuff that's 854 00:31:54,729 --> 00:31:56,965 a little bit further out there 855 00:31:56,965 --> 00:31:57,365 Right 856 00:31:57,365 --> 00:31:59,134 Like try to change something do 857 00:31:59,134 --> 00:32:01,670 something more interesting than 858 00:32:01,670 --> 00:32:04,806 I you know I wanna live a comfortable life 859 00:32:04,806 --> 00:32:08,076 Um so yeah I I I it's the 860 00:32:08,076 --> 00:32:11,513 volatility I I think will stay now 861 00:32:11,513 --> 00:32:13,181 Like whether this 4 year cycle 862 00:32:13,181 --> 00:32:14,783 happens this time or I don't know 863 00:32:14,783 --> 00:32:17,986 I like I suspect maybe but who knows 864 00:32:17,986 --> 00:32:18,386 Yeah 865 00:32:18,386 --> 00:32:20,222 That's the golden ratio that I 866 00:32:20,222 --> 00:32:22,390 always tell my subscribers too 867 00:32:22,390 --> 00:32:26,094 Um there's a really famous saying in the bible 868 00:32:26,094 --> 00:32:26,561 Right 869 00:32:26,561 --> 00:32:29,798 Um it's love your neighbor as you love yourself 870 00:32:29,798 --> 00:32:31,867 Is it correct 871 00:32:31,867 --> 00:32:32,033 Mhmm 872 00:32:32,033 --> 00:32:32,267 Yeah 873 00:32:32,267 --> 00:32:34,669 That's the one um the saying that 874 00:32:34,669 --> 00:32:36,738 I love the most from the bible 875 00:32:36,738 --> 00:32:39,808 I'm not a Christian but I somehow you 876 00:32:39,808 --> 00:32:41,776 know pray every morning these days 877 00:32:41,776 --> 00:32:44,246 I listen to morning prayer from the 878 00:32:44,246 --> 00:32:47,115 YouTube and then I pray for 15 minutes 879 00:32:47,115 --> 00:32:48,183 I don't know 880 00:32:48,183 --> 00:32:51,720 But just like you said I'm taking my um I'm 881 00:32:51,720 --> 00:32:54,189 taking risk um because I'm an entrepreneur 882 00:32:54,189 --> 00:32:57,058 I run my business and then I always 883 00:32:57,058 --> 00:32:59,294 bump into this hardships and difficult 884 00:32:59,294 --> 00:33:02,497 times you know even many times a day 885 00:33:02,497 --> 00:33:06,401 And then one the the you know one very good 886 00:33:06,401 --> 00:33:10,739 solution that I can you know uh resolve these 887 00:33:10,739 --> 00:33:13,842 problems and issues is having a morning prayer 888 00:33:13,842 --> 00:33:17,312 And I found it really useful and I 889 00:33:17,312 --> 00:33:19,881 suggest the subscribers who's 890 00:33:19,881 --> 00:33:22,984 watching the show can um try sometime