1 00:22:24.000 --> 00:22:27.000 Now I think the audience has waited long enough 2 00:22:27.000 --> 00:22:29.000 Now we move to the topic of Bitcoin 3 00:22:29.000 --> 00:22:31.600 Yes, I think that's what the audience is waiting for 4 00:22:31.600 --> 00:22:36.250 So, how did you discover Bitcoin as a great alternative to fiat currencies? 5 00:22:36.250 --> 00:22:40.900 So, in my mind, I've always been looking for something like Bitcoin 6 00:22:40.900 --> 00:22:42.250 Before Bitcoin even existed 7 00:22:42.250 --> 00:22:47.750 I was already aware of a lot of these problems about fiat money before Bitcoin 8 00:22:47.750 --> 00:22:50.500 And for me, at that time, the solution was gold 9 00:22:50.500 --> 00:22:52.500 So, when I first heard about Bitcoin, 10 00:22:52.500 --> 00:22:54.200 I don't even remember when I first heard about it 11 00:22:54.200 --> 00:22:56.750 But I remember for the first two, three years that I heard about it, 12 00:22:56.750 --> 00:23:02.000 I thought, ha, ha, ha, computer people think that they can do something better than gold 13 00:23:02.000 --> 00:23:03.450 What do they know? 14 00:23:03.450 --> 00:23:05.850 This is going to be a disaster 15 00:23:05.850 --> 00:23:07.450 If you know Peter Schiff, 16 00:23:07.450 --> 00:23:11.050 I was exactly like Peter Schiff when I first heard about Bitcoin 17 00:23:11.050 --> 00:23:15.000 But that last, I heard about Bitcoin when Bitcoin was under $1 18 00:23:15.000 --> 00:23:18.300 And I kept laughing at it until it hit about $1,000 19 00:23:18.300 --> 00:23:21.200 And I was just sitting there saying it's going to collapse, it's going to die, 20 00:23:21.200 --> 00:23:24.650 Government's going to shut it down, government will throw them in jail 21 00:23:24.650 --> 00:23:27.000 And because of that, I didn't pay much attention to it 22 00:23:27.000 --> 00:23:30.350 Because I just thought, obviously, it's going to die, 23 00:23:30.350 --> 00:23:33.400 So why should I waste my time reading and learning about it? 24 00:23:33.400 --> 00:23:37.000 Because, you know, very stupid thing to do 25 00:23:37.000 --> 00:23:40.150 To assume that you know things so you don't need to learn about them 26 00:23:40.150 --> 00:23:42.000 Because you already know them 27 00:23:42.000 --> 00:23:46.000 The stupid trap where you're just stuck in the fact that 28 00:23:46.000 --> 00:23:49.400 You don't know what you don't know, but you are sure that you know it 29 00:23:49.400 --> 00:23:54.500 So because of that, I spent a lot of time not considering Bitcoin 30 00:23:54.500 --> 00:23:58.150 Then around 2014, I started thinking 31 00:23:58.150 --> 00:24:02.000 Okay, maybe this thing can work, maybe it won't die 32 00:24:02.000 --> 00:24:05.000 And here we are 10 years later and it's still working 33 00:24:05.000 --> 00:24:07.650 You know, 20 minutes ago, I was very, very excited 34 00:24:07.650 --> 00:24:11.000 Because you told me Bitcoin is now worth $1 trillion 35 00:24:13.000 --> 00:24:15.750 And Bitcoin is now worth $1 trillion 36 00:24:15.750 --> 00:24:17.700 It might go up to $300 trillion 37 00:24:17.700 --> 00:24:19.250 I was very, very excited 38 00:24:19.250 --> 00:24:21.200 So what makes Bitcoin unique? 39 00:24:21.200 --> 00:24:24.000 There are already millions of altcoins in circulation 40 00:24:24.000 --> 00:24:26.750 And isn't it possible that someone creates a cryptocurrency 41 00:24:26.751 --> 00:24:29.150 Which is more convenient, technologically advanced, 42 00:24:29.150 --> 00:24:32.000 and or more universally accepted than Bitcoin? 43 00:24:32.000 --> 00:24:36.150 I don't think they can create something like Bitcoin or better than Bitcoin 44 00:24:36.150 --> 00:24:40.100 Because the tricky part about Bitcoin is 45 00:24:40.100 --> 00:24:43.000 Not something that is just in code that you can copy 46 00:24:43.000 --> 00:24:44.000 You can copy the code, 47 00:24:44.000 --> 00:24:49.550 But you can't copy the magic juice that made it so special 48 00:24:49.550 --> 00:24:53.350 And specifically, this is the case for Bitcoin, because, A, Bitcoin was the first 49 00:24:53.350 --> 00:24:58.250 So it was the only one that was truly neutral 50 00:24:58.250 --> 00:25:00.000 So nobody could control it 51 00:25:00.000 --> 00:25:02.300 And the person who did it disappeared 52 00:25:02.300 --> 00:25:04.300 He disappeared 53 00:25:04.300 --> 00:25:06.500 And Bitcoin continued to grow without him 54 00:25:06.500 --> 00:25:10.350 And it grew for now 14 years without the owner 55 00:25:10.350 --> 00:25:14.150 Once you had a currency that was neutral 56 00:25:14.150 --> 00:25:16.500 And can grow without its owner 57 00:25:16.500 --> 00:25:19.700 Then everybody who's looking for a neutral currency that nobody controls 58 00:25:19.700 --> 00:25:21.650 Is going to go to that currency 59 00:25:21.650 --> 00:25:24.850 And then everybody else who's looking for something 60 00:25:24.850 --> 00:25:28.000 That they can control is going to make their own currency 61 00:25:28.000 --> 00:25:30.000 So the only currencies that remain after that are 62 00:25:30.000 --> 00:25:32.400 Currencies that somebody built who can control 63 00:25:32.400 --> 00:25:36.700 So in my mind, you can't, after Bitcoin, you can't go recreate it, 64 00:25:36.700 --> 00:25:38.600 Make a new digital currency, 65 00:25:38.600 --> 00:25:42.350 Let it grow, have it grow, without you being in charge of it 66 00:25:42.350 --> 00:25:43.550 And if you're in charge of it, 67 00:25:43.550 --> 00:25:45.500 Then you can change everything about it 68 00:25:45.500 --> 00:25:50.450 So it's really the challenge of being able to create something and not control it 69 00:25:50.450 --> 00:25:52.550 That's the really difficult part, I think 70 00:25:52.550 --> 00:25:55.100 Okay, so the magic juice, as you say, 71 00:25:55.100 --> 00:25:57.850 is neutrality and nobody controlling it, right? 72 00:25:57.850 --> 00:25:59.250 That's the major point 73 00:25:59.250 --> 00:26:01.500 Okay, now let's move to the future 74 00:26:01.500 --> 00:26:05.500 For a while, fiat currencies and Bitcoin will coexist with each other, I guess 75 00:26:05.500 --> 00:26:07.550 And what do you see after that? 76 00:26:07.550 --> 00:26:12.150 Because trust in fiat currencies will continue to diminish as their values keep falling 77 00:26:12.150 --> 00:26:16.250 For example, can you imagine that a new kind of gold standard is coming? 78 00:26:16.250 --> 00:26:18.350 I'm sorry, I lost my train of thought 79 00:26:18.350 --> 00:26:20.000 Oh yeah, gold standard, okay 80 00:26:20.000 --> 00:26:22.850 In the fiat standard, in the last chapter, 81 00:26:22.850 --> 00:26:25.150 I say that if governments want to kill Bitcoin, 82 00:26:25.150 --> 00:26:28.500 The best thing that they can do is go on a gold standard 83 00:26:28.500 --> 00:26:34.000 Because most people think, okay, if government bans Bitcoin, then Bitcoin dies 84 00:26:34.000 --> 00:26:37.000 But in reality, it's usually the other way around 85 00:26:37.000 --> 00:26:39.000 In fact, if you ban Bitcoin, 86 00:26:39.000 --> 00:26:43.150 You are telling people, your money in the bank is not your money 87 00:26:43.150 --> 00:26:46.000 Because I can tell you what to do with your money in the bank 88 00:26:46.000 --> 00:26:47.250 And that just wakes people up 89 00:26:47.250 --> 00:26:49.350 Oh wow, they can tell me what to buy 90 00:26:49.350 --> 00:26:51.450 Would be great for me to have a form of money 91 00:26:51.450 --> 00:26:54.000 That they can't tell me what to do with 92 00:26:54.000 --> 00:26:56.000 Maybe I should get into Bitcoin 93 00:26:56.000 --> 00:26:59.000 So trying to ban Bitcoin is advertising Bitcoin 94 00:26:59.000 --> 00:27:00.500 Because they can't stop it 95 00:27:00.500 --> 00:27:02.000 So they're just telling you 96 00:27:02.000 --> 00:27:04.150 No, no, no, no, this thing is really good for you 97 00:27:04.150 --> 00:27:05.300 And bad for us 98 00:27:05.300 --> 00:27:07.400 You can't use it, please don't 99 00:27:07.400 --> 00:27:09.000 And that's just an invitation to use it 100 00:27:09.000 --> 00:27:12.650 So I think, but I think realistically, 101 00:27:12.650 --> 00:27:15.350 There's no chance that they would go on a gold standard 102 00:27:15.350 --> 00:27:18.000 They left the gold standard for a good reason 103 00:27:18.000 --> 00:27:21.000 Well, good reason for them, bad reason for us 104 00:27:21.000 --> 00:27:23.100 Good reason for them that it allows them to print money 105 00:27:23.100 --> 00:27:27.300 And they want that and they're not going to give it up happily 106 00:27:27.300 --> 00:27:30.000 And I also think, realistically, 107 00:27:30.000 --> 00:27:33.000 Gold is just too old for a modern economy 108 00:27:33.000 --> 00:27:35.000 If the world wants to go on a gold standard, 109 00:27:35.000 --> 00:27:42.000 It's not just about changing the dollar sign on your balance sheet 110 00:27:42.000 --> 00:27:45.550 What it means is that every country is going to have to start settling 111 00:27:45.550 --> 00:27:48.800 With the central bank of every other country with physical gold 112 00:27:48.800 --> 00:27:51.000 So Korea trades with China 113 00:27:51.000 --> 00:27:54.800 It means that when you settle at the end of the month or the end of the week, 114 00:27:54.800 --> 00:27:58.300 Korea has to send China gold bars, physical gold bars 115 00:27:58.300 --> 00:28:01.400 And then China has to receive them and China has to verify them 116 00:28:01.400 --> 00:28:04.600 How do you verify that gold is real and not fake? 117 00:28:04.600 --> 00:28:07.000 With the big gold bars, you can only do one thing 118 00:28:07.000 --> 00:28:11.650 You have to melt the whole gold bar down and then cast it again 119 00:28:11.650 --> 00:28:15.000 So imagine how expensive this process is 120 00:28:15.000 --> 00:28:20.000 And imagine how much cheaper and more efficient it is to do it with Bitcoin 121 00:28:20.000 --> 00:28:22.000 Because currently, for less than a dollar 122 00:28:22.000 --> 00:28:26.400 You can move a billion dollars from Korea to China 123 00:28:26.400 --> 00:28:28.000 And verify that it's true 124 00:28:28.000 --> 00:28:32.000 If you wanted to move a billion dollars of gold from Korea to China, 125 00:28:32.000 --> 00:28:37.000 It would take many months and cost many millions of dollars to be able to pull it off 126 00:28:37.000 --> 00:28:41.000 So you are mentioning the scalability across space problem, right? 127 00:28:41.000 --> 00:28:43.000 Which gold cannot really solve, right? 128 00:28:43.000 --> 00:28:45.000 But Bitcoin can solve the problem 129 00:28:48.000 --> 00:28:50.000 Okay, so again 130 00:28:50.000 --> 00:28:53.400 So you are mentioning the scalability across the space problem, right? 131 00:28:53.400 --> 00:28:57.000 Which gold cannot really solve, but Bitcoin can solve that problem 132 00:28:57.000 --> 00:28:59.550 So how do you realistically see the future? 133 00:28:59.550 --> 00:29:03.250 Will you have kind of a Bitcoin standard 134 00:29:03.250 --> 00:29:08.800 Or will you have Bitcoin and fiat standards together in maybe, I don't know, 30, 50 years? 135 00:29:08.800 --> 00:29:12.150 I think we're likely to see the two coexist for a while 136 00:29:12.150 --> 00:29:16.000 But I don't think that that is going to last for a very long time 137 00:29:16.000 --> 00:29:21.000 Eventually, people are just going to upgrade for the better money 138 00:29:21.000 --> 00:29:23.200 And I think what happens is 139 00:29:23.200 --> 00:29:30.300 The Bitcoin-based economy is currently about less than 1% of the fiat economy 140 00:29:30.300 --> 00:29:33.500 It's going to grow and become a bigger and bigger and bigger percentage, 141 00:29:33.500 --> 00:29:35.900 And then it becomes even bigger than the fiat economy 142 00:29:35.900 --> 00:29:38.000 And then the fiat economy continues to shrink 143 00:29:38.000 --> 00:29:40.400 Now, when that happens, 144 00:29:40.400 --> 00:29:42.500 I don't have a crystal ball 145 00:29:42.500 --> 00:29:44.200 It's difficult to make time predictions 146 00:29:44.200 --> 00:29:48.250 But I would say not before 10 years 147 00:29:48.250 --> 00:29:50.350 Hopefully, before 30 years 148 00:29:50.350 --> 00:29:55.000 Somewhere between 10 and 30 years we'll get that switch 149 00:29:55.000 --> 00:29:56.400 Probably 10 is too early 150 00:29:56.400 --> 00:29:59.300 Maybe somewhere between 20 and 40 years, I would say 151 00:29:59.300 --> 00:30:02.150 That really sounds very exciting 152 00:30:02.150 --> 00:30:04.000 So, the last question for you 153 00:30:04.000 --> 00:30:07.300 You know, you say, saving makes investments possible 154 00:30:07.300 --> 00:30:12.650 And gold and Bitcoins are saving assets which appreciate in value 155 00:30:13.200 --> 00:30:17.100 But then that means you can actually increase your net worth 156 00:30:17.100 --> 00:30:20.250 By doing nothing, just holding Bitcoin or gold 157 00:30:20.250 --> 00:30:26.050 But then, how can potential entrepreneurs which have no money, get some money? 158 00:30:26.050 --> 00:30:29.300 Because you have less incentives to invest, right? 159 00:30:29.300 --> 00:30:32.600 So, I think the problem with this question is that 160 00:30:32.600 --> 00:30:37.000 The value of money can only increase if people are investing 161 00:30:37.000 --> 00:30:41.950 So, the premise is flawed in a sense that if people are not investing, 162 00:30:41.950 --> 00:30:44.450 Then the value of money is not increasing 163 00:30:44.450 --> 00:30:47.700 But even if the value of money is increasing, 164 00:30:47.700 --> 00:30:49.250 People will still invest 165 00:30:49.250 --> 00:30:53.600 Because investment can offer you a better return than just holding the money 166 00:30:53.600 --> 00:30:56.350 And I think more saving leads to more investment 167 00:30:56.350 --> 00:30:58.950 Because the way that it functions is, 168 00:30:58.950 --> 00:31:00.550 First of all, you have money 169 00:31:00.550 --> 00:31:03.450 The basic impulse that you have is to spend it all 170 00:31:03.450 --> 00:31:05.650 We all want to spend all of the money that we have 171 00:31:05.650 --> 00:31:09.150 We can't eat the money, we can't enjoy the money itself 172 00:31:09.150 --> 00:31:11.450 But we can enjoy the things that it buys us 173 00:31:11.450 --> 00:31:14.250 So, as human beings, 174 00:31:14.250 --> 00:31:18.650 We just want the goods, the food, the houses, the clothes, whatever it is 175 00:31:18.650 --> 00:31:22.000 So, first step is we have money, we want to spend it all 176 00:31:22.000 --> 00:31:25.200 Second step is, no, let's save some 177 00:31:25.200 --> 00:31:27.450 As you start accumulating saving, 178 00:31:27.450 --> 00:31:30.400 You save so that you can provide for your future self 179 00:31:30.400 --> 00:31:32.800 Once you reach a certain level of savings 180 00:31:32.800 --> 00:31:35.300 Then you start thinking about investing 181 00:31:35.300 --> 00:31:41.000 And so, as the savings appreciate more and grow in value more 182 00:31:41.000 --> 00:31:42.350 You have more savings 183 00:31:42.350 --> 00:31:45.600 Therefore you have more ability to invest 184 00:31:45.600 --> 00:31:50.000 Rather than the other way around what the Keynesians try to do is 185 00:31:50.000 --> 00:31:52.600 If we destroy the value of your savings 186 00:31:52.600 --> 00:31:55.250 Then we just print new money 187 00:31:55.250 --> 00:31:57.100 And then people invest the new money 188 00:31:57.100 --> 00:31:59.700 But all that you're doing in that sense is that 189 00:31:59.700 --> 00:32:03.650 You're taking the capital and the savings from the hands of their owners 190 00:32:03.650 --> 00:32:07.500 And putting them in the hands of the central bank which decides where the investments go 191 00:32:07.500 --> 00:32:10.400 And so, that's a form of central planning, effectively 192 00:32:10.400 --> 00:32:13.400 So, now, finally, we have to conclude the discussion 193 00:32:13.400 --> 00:32:15.537 Let me add two things 194 00:32:15.537 --> 00:32:16.900 The first one 195 00:32:16.900 --> 00:32:19.550 Before I came here, I was not a Bitcoin maximalist 196 00:32:19.550 --> 00:32:21.250 Now, I am 197 00:32:21.250 --> 00:32:22.150 Congratulations 198 00:32:22.150 --> 00:32:23.400 And the second one 199 00:32:23.400 --> 00:32:27.500 I also wrote a book about Bitcoin, generally about Bitcoin trading 200 00:32:27.500 --> 00:32:30.850 And I told something about, in this bull market 201 00:32:30.850 --> 00:32:33.800 Bitcoin might go up to 150,000 K, 202 00:32:33.800 --> 00:32:36.400 Where I will correct my estimate upwards 203 00:32:36.400 --> 00:32:37.950 Best of luck 204 00:32:37.950 --> 00:32:39.500 Thank you 205 00:32:39.500 --> 00:32:42.850 I mean, if Bitcoin goes up, it's tempting to sell some, 206 00:32:42.850 --> 00:32:45.400 But then again, you never know when it stops going up 207 00:32:45.400 --> 00:32:48.850 So, remember, it's very risky to hold on to fiat 208 00:32:48.850 --> 00:32:51.200 If you sell Bitcoin, you're stuck with fiat 209 00:32:51.200 --> 00:32:52.550 There's no alternative 210 00:32:52.550 --> 00:32:54.550 You're stuck with something that's losing value 211 00:32:54.550 --> 00:32:56.000 So, it's a very risky thing, be careful 212 00:32:56.000 --> 00:32:57.000 True, true 213 00:32:57.000 --> 00:33:02.000 Yes, because I think the correct thing 214 00:33:02.000 --> 00:33:05.850 Against which you value it is not its past performance 215 00:33:05.850 --> 00:33:07.950 I think it's its future potential 216 00:33:07.950 --> 00:33:13.950 And so, potentially, I think, currently, about 0.5% of the world's cash balances are in Bitcoin 217 00:33:13.950 --> 00:33:20.200 I don't think that Bitcoin is worse than the other 99.5% 218 00:33:20.200 --> 00:33:22.900 In other words, think about it like a phone 219 00:33:22.900 --> 00:33:26.850 If a new phone company comes up and they have 0.5% of the phone market 220 00:33:26.850 --> 00:33:29.400 But you've tried their phone and it's better than all the others 221 00:33:29.400 --> 00:33:30.900 Much better than all the others 222 00:33:30.900 --> 00:33:34.700 Realistically, you don't expect their market share to remain at 0.5% 223 00:33:34.700 --> 00:33:37.600 So, I think Bitcoin's market share likely grows a lot 224 00:33:37.600 --> 00:33:40.200 But we can't make more Bitcoins 225 00:33:40.200 --> 00:33:42.750 So, the only way that the market share can grow is 226 00:33:42.750 --> 00:33:45.000 Through the growth in the value of the Bitcoins 227 00:33:45.000 --> 00:33:48.600 I used to be a big fan of gold before I was into Bitcoin 228 00:33:48.600 --> 00:33:54.550 But I think the technical limitations of the fact that gold is very expensive to move around 229 00:33:54.550 --> 00:33:58.150 Is the reason why gold was replaced with fiat money 230 00:33:58.150 --> 00:34:01.750 And so, I don't see us going back 231 00:34:01.750 --> 00:34:04.000 I think technology moves forward 232 00:34:04.000 --> 00:34:08.650 So, what Bitcoin allows us is to get the desirable properties of gold 233 00:34:08.650 --> 00:34:13.100 Which is the fact that nobody can print gold for free 234 00:34:13.100 --> 00:34:17.700 And combine it with the properties of the digital age 235 00:34:17.700 --> 00:34:19.900 Which is the money that can move fast 236 00:34:19.900 --> 00:34:22.250 So, you look at the world today 237 00:34:22.250 --> 00:34:26.250 People continuously trade so much more with foreigners 238 00:34:26.250 --> 00:34:30.500 Koreans today buy so much more things from outside of Korea 239 00:34:30.500 --> 00:34:35.000 Than they did 100 years ago or 200 years ago, or 500 years ago 240 00:34:35.000 --> 00:34:37.800 So, you have things here today that are made in America 241 00:34:37.800 --> 00:34:41.300 Things that are made in Argentina, things that are made in Africa 242 00:34:41.300 --> 00:34:44.000 And they're all being traded all over the world 243 00:34:44.000 --> 00:34:47.000 We're moving goods around very, very, very quickly 244 00:34:47.900 --> 00:34:51.850 Gold can't keep up because it's very expensive and slow to move around 245 00:34:51.850 --> 00:34:57.700 So, I really think the important thing about gold is not that it's yellow or shiny 246 00:34:57.700 --> 00:35:01.600 The important thing about gold is already in Bitcoin 247 00:35:01.600 --> 00:35:04.350 The important thing about gold is not that it's yellow or shiny 248 00:35:04.350 --> 00:35:06.900 The important thing about gold is already in Bitcoin 249 00:35:06.900 --> 00:35:08.750 It's the fact that it is scarce 250 00:35:08.750 --> 00:35:10.250 Nobody can inflate it 251 00:35:10.250 --> 00:35:17.300 I don't see how you can, I mean, you can find the technical solutions to make gold faster, 252 00:35:17.300 --> 00:35:21.900 But they all involve trusting in a centralized clearance mechanism 253 00:35:21.900 --> 00:35:25.000 So, the way that it worked in the 19th century is central banks 254 00:35:25.000 --> 00:35:30.550 So, ultimately, you can't just have every person move their gold physically 255 00:35:30.550 --> 00:35:32.400 You can't, if you're a Korean importer 256 00:35:32.400 --> 00:35:36.650 You can't be sending physical gold to all of your suppliers 257 00:35:36.650 --> 00:35:39.400 You will be settling through the Korean Central Bank 258 00:35:39.400 --> 00:35:44.650 with the Chinese Central Bank or the Brazilian Central Bank or whatever 259 00:35:44.650 --> 00:35:46.450 And that's just going to mean that 260 00:35:46.450 --> 00:35:49.350 Gold becomes centralized in the hands of government 261 00:35:49.350 --> 00:35:51.000 And then they confiscate it 262 00:35:51.000 --> 00:35:53.000 And then they give you the fiat money 263 00:35:53.000 --> 00:35:53.750 We've already done that 264 00:35:53.750 --> 00:35:58.550 So, the way to scale gold is to trust in central authorities 265 00:35:58.550 --> 00:36:02.550 Once central authorities have the gold and the trust 266 00:36:02.550 --> 00:36:05.500 You are going to go through a century of fiat 267 00:36:05.500 --> 00:36:09.000 And war and bloodshed and destruction 268 00:36:09.000 --> 00:36:14.850 And so, you need something that doesn't rely on trust in order to move fast 269 00:36:14.850 --> 00:36:19.000 And if you wanted to do that with gold, 270 00:36:19.000 --> 00:36:20.400 You would come up with Bitcoin 271 00:36:20.400 --> 00:36:22.500 That's the solution 272 00:36:22.500 --> 00:36:26.000 Honestly, I haven't thought about it, but do you want to do the translation? 273 00:36:34.000 --> 00:36:36.800 Maybe, yeah, I mean, it's a lot of videos 274 00:36:36.800 --> 00:36:40.000 It's about 40 hours of lectures and seminars 275 00:36:40.000 --> 00:36:42.850 I don't know how feasible it is to translate them 276 00:36:42.850 --> 00:36:47.000 But the books are translated and that's the most important thing 277 00:36:47.000 --> 00:36:47.900 But I'll think about the courses 278 00:36:47.900 --> 00:36:48.600 Maybe we'll translate 279 00:36:48.600 --> 00:36:50.000 Maybe with AI, we can translate them 280 00:36:50.000 --> 00:36:52.000 No offense 281 00:36:53.000 --> 00:36:56.000 And the biggest weakness of Bitcoin is the fact that 282 00:36:56.000 --> 00:36:59.600 I mean, it's not so much a weakness, it's the limitation 283 00:36:59.600 --> 00:37:02.000 Ultimately, everything has a limitation 284 00:37:02.000 --> 00:37:05.650 Bitcoin can only do about a million transactions a day 285 00:37:05.650 --> 00:37:07.200 That's the maximum that it can do 286 00:37:07.200 --> 00:37:09.950 Which is obviously not enough for the whole world 287 00:37:09.950 --> 00:37:13.350 It's not even enough for one neighborhood in Seoul 288 00:37:13.350 --> 00:37:17.650 There are more than a million transactions in one neighborhood in the city 289 00:37:17.650 --> 00:37:21.550 So it's obviously not enough for everybody to use it on-chain 290 00:37:21.550 --> 00:37:28.000 And it's clear that Bitcoin is going to have to scale through second- and third-layer solutions 291 00:37:29.000 --> 00:37:31.600 And the more capacity we have 292 00:37:31.600 --> 00:37:35.900 The more robust these scaling solutions are 293 00:37:35.900 --> 00:37:40.250 And the less vulnerable they are to the government 294 00:37:40.250 --> 00:37:41.850 To government attack 295 00:37:41.850 --> 00:37:43.550 So if it was up to me, 296 00:37:43.550 --> 00:37:48.050 I'd like to have Bitcoin have 10 times the current capacity 297 00:37:48.050 --> 00:37:53.000 I'd like it if Bitcoin had 10 times as much capacity as it has now, but it's not possible 298 00:37:53.000 --> 00:37:56.050 What I would advise young people is 299 00:37:56.050 --> 00:37:58.950 Find a way to serve other people that is valuable 300 00:37:58.950 --> 00:38:00.850 Give people something that they want 301 00:38:00.850 --> 00:38:03.750 Figure out what you can do that is good for others 302 00:38:03.750 --> 00:38:07.700 Everybody tells you you want to do what you love 303 00:38:07.700 --> 00:38:09.000 I think that's terrible advice 304 00:38:09.000 --> 00:38:11.000 You want to do what other people love 305 00:38:11.000 --> 00:38:12.000 Work is not about you 306 00:38:12.000 --> 00:38:13.750 Work is about serving others 307 00:38:13.750 --> 00:38:15.450 So find what other people want 308 00:38:15.450 --> 00:38:17.150 Find how to serve them 309 00:38:17.150 --> 00:38:20.650 Focus on it so that you get better and better and better at it 310 00:38:20.650 --> 00:38:23.350 The more you serve them, the more money you will have 311 00:38:23.350 --> 00:38:28.200 And everything that you want comes from being able to give other people what they want 312 00:38:28.200 --> 00:38:29.450 So focus on that 313 00:38:29.450 --> 00:38:30.250 Work hard 314 00:38:30.250 --> 00:38:31.450 Serve people 315 00:38:31.450 --> 00:38:35.000 And then spend less than you earn, always, 316 00:38:35.000 --> 00:38:36.600 And put the difference in Bitcoin 317 00:38:36.600 --> 00:38:39.300 And hold it in Bitcoin for the long term 318 00:38:40.450 --> 00:38:41.600 Thank you so much 319 00:38:41.600 --> 00:38:47.400 I think it is a blessing to have people who read my work 320 00:38:47.400 --> 00:38:49.300 It's something that I don't take for granted 321 00:38:49.300 --> 00:38:51.000 It's something that I'm very grateful for 322 00:38:51.000 --> 00:38:53.400 I'm happy to travel halfway around the world to see you 323 00:38:53.400 --> 00:38:55.400 And to thank you for appreciating my work 324 00:38:55.400 --> 00:38:56.500 I really, really appreciate it 325 00:38:56.500 --> 00:38:57.335 Thanks a lot