It’s a Wall Street Government.... until Satoshi
The chaotic nature of our social society is a direct reflection of a failed monetary system that represents, rewards, & reinforces, unethical behavior.
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Transcript:
https://app.podscribe.ai/episode/61542979
Speaker 0 (0s): And it's hard sometimes to remember everything that happened. It's a wall street, Government the financial crisis rock wall street. It's a wall street. Government some of the largest investment banks in the world. Failed stock markets. Plunged banks stopped lending to families and small businesses. It's a wall street Government
Speaker 1 (27s): Of the past few weeks. Many Americans have felt anxiety about their finances and their future. I understand their worry and their frustration. We've seen triple digit swings in the stock market. Major financial institutions have teetered on the edge of collapse.
Speaker 0 (42s): Yeah, it's a Wall Street Government
Speaker 1 (45s): And some have failed. As uncertainty has grown. Many banks have restricted lending credit markets of frozen and families and businesses have found it harder to borrow money.
Speaker 0 (57s): Yeah, it's a Wall street. Government three of America's five largest investment banks failed. It's a wall street. Government yesterday wall street suffered it's worse losses since just after nine 11. It's a wall street government. We are in the most serious financial crisis in generations. It's a wall street. Government
Speaker 1 (1m 23s): We are in the midst of a serious financial crisis.
Speaker 0 (1m 25s): Yeah, it's a Wall Street Government
Speaker 1 (1m 28s): Potentially driving down stock's for their own personal gain.
Speaker 0 (1m 32s): It's a wall street. Government the philosophy, but says we should get more and more to those with the most joy and hope that prosperity trickles down. It's a wall street. Government, it's a philosophy that says even common sense. Regulations are unnecessary and unwise it's a wall street. Government, that's a philosophy that lets Washington lobbyists shred consumer protections and distort our economy. So it works for the special interests instead of working people.
It's a wall street, Government that some of the most damaging behavior on wall street, in some cases, some of the least ethical behavior on wall street, wasn't illegal. It's a wall street. Government that is so wrong on so many levels. Oh, what they did was illegal. I mean, I don't tell the justice department, what they do is just a wild coincidence. They have prosecuted almost no one, its a wall street Government among the top banks who happened to be in a wild coincidence.
Some of my top donors in 2008, it's a wall street. Government Goldman Sachs' in fact was his number one donor. These are all wild coincidences. But when he actually says, Hey, you know what? They did nothing illegal. Well that just isn't true. It's a wall street. Government Obama spoke of the need to reform the financial industry. We want to have systemic risk regulator increased capital requirements. We need a consumer financial protection agency that we need to change Wall Street's culture. But in his first year, the Obama administration did not enact a single major financial reform, addressing Obama and quote regulatory reform.
My response, if it was one word would be high. There's very little reform. How come it's a wall street? Government there's very little reform. How come it's a wall street? Government
Speaker 2 (3m 38s): $700 billion to rescue the country's failing banks weeks later. And with the economy still in turmoil, many are wondering what happened. So now we were talking about sort of trying to put the toothpaste back in the two, we were trying to say, wait a minute, Okay the money is gone. Where did it go? Does he have to press contacted 21 banks that received at least 1 billion in Government dollars and ask four questions? How much has been spent? What was it spent on how much is being held in savings? And what's the plan for the rest?
None of the banks responded. We didn't get one answer. Now one straight answer. If got a lot of where trying to meet the intentions of the law, we were trying to boost the economy. We're trying to lend more money, but no numbers, no bank would tell us exactly what was being done with the money as a spokesman for JP Morgan chase, which I got $25 billion responded with this, we've lent some of it. We have not lent some of it. We have not disclosed that to the public. We're declining to SunTrust banks, which got three and a half billion dollars is simply said, we're not providing dollar in dollar out tracking.
Speaker 3 (4m 46s): I am convinced that this bold approach, low cost American family is far less than the alternative, a continuing series of financial institution, failures and frozen credit markets, unable to fund every day needs and the economic expansion. Again, I'm frustrated. The taxpayer is on the hook that the taxpayer was already on the hook. So the taxpayer already is going to suffer the consequences. If things don't work the way they should work. And so the best protection for the taxpayer and the First protection for the taxpayer is to have this work.
Maybe the world would be a better place. If the engineers ran the monetary system, instead of the politicians ran the monetary system. Now on the left hand, you have the domain of politicians and on the right hand, you have the domain of the engineers and you know, like what, how would you feel if you had a nuclear power plant and a politician showed up and started telling you how to set up that, you know, the rods, like nobody would think that they would never consider allowing political interference and most complex engineering systems because you know, any, any third grader would say, you don't do that.
You're going to have a meltdown, right? You're going to kill a soul. And so in the domain of engineering, engineers submit their decisions to the laws of nature and conservation of energy. And there are rules and then all I have to break them up. And if they break them right, the, the engineering systems fail. But in the, in the domain of politics, politics, right, there are no rolls. And so it's all relative and a Bitcoin represents the singularity where engineering finally, finally they impinges upon economics.
It's, it's the first engine neared monetary system in the history of the world right now. And I think we underestimate the engineering element here in the meetings and in the metaphors, people try it. First engineers. I mean you do every time you get on an airplane and you find the seven 47 halfway a crown around the world, I am an aeronautical engineer. I, it's a miracle that you can take off in an airport and in New York and you can land and alive in London or Paris.
So I think that the reel, the magic of Bitcoin is that right. And engineering is arriving to economics for the first time in human history. And the challenge of gold, you know, to your point is his number one, it's a corruptible monetary system because it's centralized. And number two, it's not a clue closed monetary system is an open monetary system and a closed engineering system would have 21 million things in it.
And only heat can come in and go out the mass can't come in and go out. And Bitcoin is a closed system because there's 21 million Bitcoins and you can heat it up. You can call it down. All close thermodynamic systems are like that. That's the definition of a closed system. Closed systems are pretty good idea, right? An open system is when I can put more mass in or take mass out open systems, have problems. You know, you can't solve, you can't solve for a solution in an open system because of the question of what masses coming and going in and in gold Right the openness is I can mine more gold.
I don't know how much gold will come and go. And so if I was building a monetary energy network on gold is corruptible and it's not closed. If I build, then I rebuilt the monetary energy, a network on Bitcoin and its closed system. And it's hopefully not corrupted Well, but certainly a lot less corrupt it's crypto or, you know, resistant to corruption its the best anti corrupt system we could come up with in the history of the world.
And I think that's a really important idea to take, to spread for people to start to grasp because I you'll win over all
Speaker 4 (8m 56s): The engineers in the world to Bitcoin when they start to understand that somebody's engineered the monetary system for the first time in human history,
Speaker 5 (9m 7s): So a micro strategies. Average purchase price was a little less than 16,000. And right now, you know, the price is about 33,000. So you've more than doubled your investment. And most likely by the end of the year, we're probably going to be in some kind of bubble I imagine. So the return will be even higher. And you've said that you didn't by the Bitcoin to sell it, but with micro strategy ever takes off the table, when you sense the market is at a top and then just buy in later when there was another correction or do you just plan to huddle through all the cycles, you know, and whether those are, you know, whatever 80% downturns when the crypto markets are in a bear market, right?
Speaker 4 (9m 49s): Again, I just disagree with her characterization. I don't expect. And 80% downturn or you don't think it's a speculative asset and I don't think you can, you can quote unquote, take money off the table. You know, you're speaking like a crypto trader right now, right? Yeah. I mean maybe you have been, maybe you're doing it just to represent their interest, but I don't see the world that way. I think that Bitcoin is sound money.
It's the, a technically superior asset class compared to the dollar, the Euro, the pay. So the Boulevard compared to a stock index compared to gold, compared to a silver compared to everything that you can conceivably buy, it is technically thermodynamically superior as an asset. So when you say things like that to me, and maybe you just do it just to, just to see what I would say back. So I just imagine you preaching to me and Argentina while you were asking me if I'm going to sell the dollars and buy pesos back again, as the pesos leads from 20 to the dollar to 42, the dollar to 80 at the dollar, or if we were in Venezuela, I mean, think of Venezuela And company is going to be like, quote, unquote takes some money off the table by selling there, there are a us stocks in there U S dollars to buy back in to a local currency.
So then in Zimbabwe or you think they would take money off the table, right? Like the point is if, if you have the superior asset it's going up forever,
Speaker 5 (11m 25s): Forever. Right. I mean, right. But I mean, we can all look Bitcoins sort of ah, as numerous investors have a talked about is kind of like breathe. So, you know, after having the next like year and a half after it tends to go up and then after, you know, after it reaches some kind of bubble that kind of size a little bit. And then, then after the next having, we see it go up, but you know, so it's, it's this kind of like up and down cycle, but the overall trajectory is up So and it's not, you know, these are like I on Twitter and people were asking me to ask you this as well.
I think it's a perfectly natural question to ask.
Speaker 4 (12m 4s): I think, I don't think Bitcoin is volatile if you were an investor or if you're a Hoddle or if your, if your time horizon is one year or it's one year, you're a short-term investor, you can find like two or three times in the last decade when it wasn't great, but it wasn't awful. If your time horizon is four years, you can't find a time when it wasn't working. So I think, I mean, I'm just a normal, ordinary responsible investor with a four year time horizon were looking to say, this is very boring, right?
It's exciting if you're a trader or a journalist and if you're on Twitter and if you want the news to change every day, like people, and I feel like on Twitter, we've got a hyper inflammatory, hyper, like a high speed, short time preference. Like I have to have an opinion every day or every week or every month. And that means everybody's always generating news. And there are like, if I, if I take anybody on the world and if I take a microphone, what, what are the microscope?
And I zoom in and I mag a magnifying glass and I, I zoom in by a factor of a thousand all eventually find a blemish. Like if you, if you look at Bitcoin trading every week, you'll find a blemish. Have you looked at it every day? You'll find more. If you look at it every hour, you'll find more. If you look at it every minute, you'll find plenty. But if you zoom out to a decade or five years, then you'll have a different view. I, I really take issue with every, everybody that attempts to apply some statistical model.
I, I'm not a trader. I, I like to be clear trading as is speculation. And trader's see the world in short term moves. And there are all ways and maybe traders, love volatility, and traders love controversy and tea. You know, traders love this debate because it creates a volatility, but this is an engineering issue for me. This is the years 1910 people are wiring the houses where the electricity and your asking me at what point I'm going to turn my electricity off or, or you're telling me how eventually people are going to tired of electricity.
And then you're telling me that wouldn't I really want to convert back to a horse and buggy and manual labor to take some off the table because electricity is a scary speculative thing. And I'm like, no, it's running water. It's electricity. It's automobiles. It's not a fad is the future. It's not a bubble. It's it's capital flow. When all the money is leaving the peso going to the dollar, that's not a bubble in the dollar that's capital flight from a collapsing asset or a collapsing currency that people who have lost confidence.
And I just like the stampede two, the internet, like, what do you ask for a company? When are you going to stop using the internet? This, you know, are you going to stop using it in a quarter because you've used too much electricity and internet. And I would say like, and you're like, well, you know, I noticed that your Facebook or your, your Twitter hits, we were going down or, or they weren't as high. So you were just have to turn off your thing. My, in my view is, is that this is all just short term technicality. And by the way, I don't think there's a single trader with all the data in the world that can predict the future.
Like for example, you're going to go and pull every line of data of every second. If you know, every trade of Bitcoin, since 2010 to today, how would that be a better indicator of the future? If the future is based upon things that are changing, it's like, this is the thing I said to Keith McCullough. Keith wanted to like talk about Claude models and correlating Bitcoin performance to the CPI and inflation and deflation and he's crunching numbers.
And like the Fibonacci retracement is not going to determine the future of Bitcoin any more than the Fibonacci. Retracement is not determined. The future of electricity right now. And inflation is not good to determine the future of running water. And if it stops, if the economy stops inflating, or if the CPI goes up by three or goes down by two is not gonna stop a tidal wave from blowing into your beach. If your standing on the beach and there's a tidal wave coming, the first order issue is that's a tidal wave and you're going to tell me, well, you know, in the last decade all have our statistical models.
Didn't predict the tidal wave and there's a bar or something like it's irrelevant because it's an engineering phenomenon. So a trader the ones to preach to me about what they think should happen based upon 2017, in my opinion is irrelevant, right? And let's come back to the key point. If 10 billionaires choose to buy $5 billion are a billion or $2 billion worth of Bitcoin. Each all of your model is irrelevant.
If 10 billionaires chose to buy $5 billion are a billion or $2 billion worth of Bitcoin. Each all of your model is irrelevant. All of your history is irrelevant. It's like everything you like, you think, you know how things are going to work out. And like, how about all the statistics of New York city for the past decade? How relevant are they to predict what happens in New York city, right? This month is not relevant at all. So So traders.
I can't predict the future. The only way of trading is not a way to make money, by the way, I, in my opinion, the people that make all the money, your people that predict the future, Henry Ford, right? John D Rockefeller, right? Andrew Mellon, what did they do? They invented aluminum. They invented oil. They brought us cars, you know, brought us electricity. Andrew Carnegie brought us steel, Mark Zuckerberg, not studying some statistical model.
How did he get rich? He kept Facebook stock. He didn't sell it. Jeff Bezos. He kept a stock. So at the end of the day, none of this statistics matters. None of the trading matters. None of the volatility matters. These people that are living in our little world is studying their Fibonacci retracements and, and preaching with like incredible conviction about the, the upcoming expected 60% retracement or 80% retracement.
They're overlooking this fundamental issue, which is if Bitcoin is a digital monetary network. And if enough people with money and power decided to adopt it is going to go up and increase by a factor of a hundred or thousand. And there's nothing you can do to stop it. And it's passed is completely irrelevant to its future. Right? So looking back makes no sense. The only question you're going to ask yourself, LoRa is here's the question you have to ask, how much of Bitcoin is square cash.
I'm going to sell in 2021 on the mobile app. That's the question? How much is PayPal I'm going to sell because PayPal and square are going to obliterate everybody else's opinion about what they think should happen, right? Yeah. And so, like, I, I think that the, too many people in this industry have been around too long and they're captured by they're past and they, and everybody wants to draw on their past because they own it. You know, when we're in uncharted territory,
https://app.podscribe.ai/episode/61542979
Speaker 0 (0s): And it's hard sometimes to remember everything that happened. It's a wall street, Government the financial crisis rock wall street. It's a wall street. Government some of the largest investment banks in the world. Failed stock markets. Plunged banks stopped lending to families and small businesses. It's a wall street Government
Speaker 1 (27s): Of the past few weeks. Many Americans have felt anxiety about their finances and their future. I understand their worry and their frustration. We've seen triple digit swings in the stock market. Major financial institutions have teetered on the edge of collapse.
Speaker 0 (42s): Yeah, it's a Wall Street Government
Speaker 1 (45s): And some have failed. As uncertainty has grown. Many banks have restricted lending credit markets of frozen and families and businesses have found it harder to borrow money.
Speaker 0 (57s): Yeah, it's a Wall street. Government three of America's five largest investment banks failed. It's a wall street. Government yesterday wall street suffered it's worse losses since just after nine 11. It's a wall street government. We are in the most serious financial crisis in generations. It's a wall street. Government
Speaker 1 (1m 23s): We are in the midst of a serious financial crisis.
Speaker 0 (1m 25s): Yeah, it's a Wall Street Government
Speaker 1 (1m 28s): Potentially driving down stock's for their own personal gain.
Speaker 0 (1m 32s): It's a wall street. Government the philosophy, but says we should get more and more to those with the most joy and hope that prosperity trickles down. It's a wall street. Government, it's a philosophy that says even common sense. Regulations are unnecessary and unwise it's a wall street. Government, that's a philosophy that lets Washington lobbyists shred consumer protections and distort our economy. So it works for the special interests instead of working people.
It's a wall street, Government that some of the most damaging behavior on wall street, in some cases, some of the least ethical behavior on wall street, wasn't illegal. It's a wall street. Government that is so wrong on so many levels. Oh, what they did was illegal. I mean, I don't tell the justice department, what they do is just a wild coincidence. They have prosecuted almost no one, its a wall street Government among the top banks who happened to be in a wild coincidence.
Some of my top donors in 2008, it's a wall street. Government Goldman Sachs' in fact was his number one donor. These are all wild coincidences. But when he actually says, Hey, you know what? They did nothing illegal. Well that just isn't true. It's a wall street. Government Obama spoke of the need to reform the financial industry. We want to have systemic risk regulator increased capital requirements. We need a consumer financial protection agency that we need to change Wall Street's culture. But in his first year, the Obama administration did not enact a single major financial reform, addressing Obama and quote regulatory reform.
My response, if it was one word would be high. There's very little reform. How come it's a wall street? Government there's very little reform. How come it's a wall street? Government
Speaker 2 (3m 38s): $700 billion to rescue the country's failing banks weeks later. And with the economy still in turmoil, many are wondering what happened. So now we were talking about sort of trying to put the toothpaste back in the two, we were trying to say, wait a minute, Okay the money is gone. Where did it go? Does he have to press contacted 21 banks that received at least 1 billion in Government dollars and ask four questions? How much has been spent? What was it spent on how much is being held in savings? And what's the plan for the rest?
None of the banks responded. We didn't get one answer. Now one straight answer. If got a lot of where trying to meet the intentions of the law, we were trying to boost the economy. We're trying to lend more money, but no numbers, no bank would tell us exactly what was being done with the money as a spokesman for JP Morgan chase, which I got $25 billion responded with this, we've lent some of it. We have not lent some of it. We have not disclosed that to the public. We're declining to SunTrust banks, which got three and a half billion dollars is simply said, we're not providing dollar in dollar out tracking.
Speaker 3 (4m 46s): I am convinced that this bold approach, low cost American family is far less than the alternative, a continuing series of financial institution, failures and frozen credit markets, unable to fund every day needs and the economic expansion. Again, I'm frustrated. The taxpayer is on the hook that the taxpayer was already on the hook. So the taxpayer already is going to suffer the consequences. If things don't work the way they should work. And so the best protection for the taxpayer and the First protection for the taxpayer is to have this work.
Maybe the world would be a better place. If the engineers ran the monetary system, instead of the politicians ran the monetary system. Now on the left hand, you have the domain of politicians and on the right hand, you have the domain of the engineers and you know, like what, how would you feel if you had a nuclear power plant and a politician showed up and started telling you how to set up that, you know, the rods, like nobody would think that they would never consider allowing political interference and most complex engineering systems because you know, any, any third grader would say, you don't do that.
You're going to have a meltdown, right? You're going to kill a soul. And so in the domain of engineering, engineers submit their decisions to the laws of nature and conservation of energy. And there are rules and then all I have to break them up. And if they break them right, the, the engineering systems fail. But in the, in the domain of politics, politics, right, there are no rolls. And so it's all relative and a Bitcoin represents the singularity where engineering finally, finally they impinges upon economics.
It's, it's the first engine neared monetary system in the history of the world right now. And I think we underestimate the engineering element here in the meetings and in the metaphors, people try it. First engineers. I mean you do every time you get on an airplane and you find the seven 47 halfway a crown around the world, I am an aeronautical engineer. I, it's a miracle that you can take off in an airport and in New York and you can land and alive in London or Paris.
So I think that the reel, the magic of Bitcoin is that right. And engineering is arriving to economics for the first time in human history. And the challenge of gold, you know, to your point is his number one, it's a corruptible monetary system because it's centralized. And number two, it's not a clue closed monetary system is an open monetary system and a closed engineering system would have 21 million things in it.
And only heat can come in and go out the mass can't come in and go out. And Bitcoin is a closed system because there's 21 million Bitcoins and you can heat it up. You can call it down. All close thermodynamic systems are like that. That's the definition of a closed system. Closed systems are pretty good idea, right? An open system is when I can put more mass in or take mass out open systems, have problems. You know, you can't solve, you can't solve for a solution in an open system because of the question of what masses coming and going in and in gold Right the openness is I can mine more gold.
I don't know how much gold will come and go. And so if I was building a monetary energy network on gold is corruptible and it's not closed. If I build, then I rebuilt the monetary energy, a network on Bitcoin and its closed system. And it's hopefully not corrupted Well, but certainly a lot less corrupt it's crypto or, you know, resistant to corruption its the best anti corrupt system we could come up with in the history of the world.
And I think that's a really important idea to take, to spread for people to start to grasp because I you'll win over all
Speaker 4 (8m 56s): The engineers in the world to Bitcoin when they start to understand that somebody's engineered the monetary system for the first time in human history,
Speaker 5 (9m 7s): So a micro strategies. Average purchase price was a little less than 16,000. And right now, you know, the price is about 33,000. So you've more than doubled your investment. And most likely by the end of the year, we're probably going to be in some kind of bubble I imagine. So the return will be even higher. And you've said that you didn't by the Bitcoin to sell it, but with micro strategy ever takes off the table, when you sense the market is at a top and then just buy in later when there was another correction or do you just plan to huddle through all the cycles, you know, and whether those are, you know, whatever 80% downturns when the crypto markets are in a bear market, right?
Speaker 4 (9m 49s): Again, I just disagree with her characterization. I don't expect. And 80% downturn or you don't think it's a speculative asset and I don't think you can, you can quote unquote, take money off the table. You know, you're speaking like a crypto trader right now, right? Yeah. I mean maybe you have been, maybe you're doing it just to represent their interest, but I don't see the world that way. I think that Bitcoin is sound money.
It's the, a technically superior asset class compared to the dollar, the Euro, the pay. So the Boulevard compared to a stock index compared to gold, compared to a silver compared to everything that you can conceivably buy, it is technically thermodynamically superior as an asset. So when you say things like that to me, and maybe you just do it just to, just to see what I would say back. So I just imagine you preaching to me and Argentina while you were asking me if I'm going to sell the dollars and buy pesos back again, as the pesos leads from 20 to the dollar to 42, the dollar to 80 at the dollar, or if we were in Venezuela, I mean, think of Venezuela And company is going to be like, quote, unquote takes some money off the table by selling there, there are a us stocks in there U S dollars to buy back in to a local currency.
So then in Zimbabwe or you think they would take money off the table, right? Like the point is if, if you have the superior asset it's going up forever,
Speaker 5 (11m 25s): Forever. Right. I mean, right. But I mean, we can all look Bitcoins sort of ah, as numerous investors have a talked about is kind of like breathe. So, you know, after having the next like year and a half after it tends to go up and then after, you know, after it reaches some kind of bubble that kind of size a little bit. And then, then after the next having, we see it go up, but you know, so it's, it's this kind of like up and down cycle, but the overall trajectory is up So and it's not, you know, these are like I on Twitter and people were asking me to ask you this as well.
I think it's a perfectly natural question to ask.
Speaker 4 (12m 4s): I think, I don't think Bitcoin is volatile if you were an investor or if you're a Hoddle or if your, if your time horizon is one year or it's one year, you're a short-term investor, you can find like two or three times in the last decade when it wasn't great, but it wasn't awful. If your time horizon is four years, you can't find a time when it wasn't working. So I think, I mean, I'm just a normal, ordinary responsible investor with a four year time horizon were looking to say, this is very boring, right?
It's exciting if you're a trader or a journalist and if you're on Twitter and if you want the news to change every day, like people, and I feel like on Twitter, we've got a hyper inflammatory, hyper, like a high speed, short time preference. Like I have to have an opinion every day or every week or every month. And that means everybody's always generating news. And there are like, if I, if I take anybody on the world and if I take a microphone, what, what are the microscope?
And I zoom in and I mag a magnifying glass and I, I zoom in by a factor of a thousand all eventually find a blemish. Like if you, if you look at Bitcoin trading every week, you'll find a blemish. Have you looked at it every day? You'll find more. If you look at it every hour, you'll find more. If you look at it every minute, you'll find plenty. But if you zoom out to a decade or five years, then you'll have a different view. I, I really take issue with every, everybody that attempts to apply some statistical model.
I, I'm not a trader. I, I like to be clear trading as is speculation. And trader's see the world in short term moves. And there are all ways and maybe traders, love volatility, and traders love controversy and tea. You know, traders love this debate because it creates a volatility, but this is an engineering issue for me. This is the years 1910 people are wiring the houses where the electricity and your asking me at what point I'm going to turn my electricity off or, or you're telling me how eventually people are going to tired of electricity.
And then you're telling me that wouldn't I really want to convert back to a horse and buggy and manual labor to take some off the table because electricity is a scary speculative thing. And I'm like, no, it's running water. It's electricity. It's automobiles. It's not a fad is the future. It's not a bubble. It's it's capital flow. When all the money is leaving the peso going to the dollar, that's not a bubble in the dollar that's capital flight from a collapsing asset or a collapsing currency that people who have lost confidence.
And I just like the stampede two, the internet, like, what do you ask for a company? When are you going to stop using the internet? This, you know, are you going to stop using it in a quarter because you've used too much electricity and internet. And I would say like, and you're like, well, you know, I noticed that your Facebook or your, your Twitter hits, we were going down or, or they weren't as high. So you were just have to turn off your thing. My, in my view is, is that this is all just short term technicality. And by the way, I don't think there's a single trader with all the data in the world that can predict the future.
Like for example, you're going to go and pull every line of data of every second. If you know, every trade of Bitcoin, since 2010 to today, how would that be a better indicator of the future? If the future is based upon things that are changing, it's like, this is the thing I said to Keith McCullough. Keith wanted to like talk about Claude models and correlating Bitcoin performance to the CPI and inflation and deflation and he's crunching numbers.
And like the Fibonacci retracement is not going to determine the future of Bitcoin any more than the Fibonacci. Retracement is not determined. The future of electricity right now. And inflation is not good to determine the future of running water. And if it stops, if the economy stops inflating, or if the CPI goes up by three or goes down by two is not gonna stop a tidal wave from blowing into your beach. If your standing on the beach and there's a tidal wave coming, the first order issue is that's a tidal wave and you're going to tell me, well, you know, in the last decade all have our statistical models.
Didn't predict the tidal wave and there's a bar or something like it's irrelevant because it's an engineering phenomenon. So a trader the ones to preach to me about what they think should happen based upon 2017, in my opinion is irrelevant, right? And let's come back to the key point. If 10 billionaires choose to buy $5 billion are a billion or $2 billion worth of Bitcoin. Each all of your model is irrelevant.
If 10 billionaires chose to buy $5 billion are a billion or $2 billion worth of Bitcoin. Each all of your model is irrelevant. All of your history is irrelevant. It's like everything you like, you think, you know how things are going to work out. And like, how about all the statistics of New York city for the past decade? How relevant are they to predict what happens in New York city, right? This month is not relevant at all. So So traders.
I can't predict the future. The only way of trading is not a way to make money, by the way, I, in my opinion, the people that make all the money, your people that predict the future, Henry Ford, right? John D Rockefeller, right? Andrew Mellon, what did they do? They invented aluminum. They invented oil. They brought us cars, you know, brought us electricity. Andrew Carnegie brought us steel, Mark Zuckerberg, not studying some statistical model.
How did he get rich? He kept Facebook stock. He didn't sell it. Jeff Bezos. He kept a stock. So at the end of the day, none of this statistics matters. None of the trading matters. None of the volatility matters. These people that are living in our little world is studying their Fibonacci retracements and, and preaching with like incredible conviction about the, the upcoming expected 60% retracement or 80% retracement.
They're overlooking this fundamental issue, which is if Bitcoin is a digital monetary network. And if enough people with money and power decided to adopt it is going to go up and increase by a factor of a hundred or thousand. And there's nothing you can do to stop it. And it's passed is completely irrelevant to its future. Right? So looking back makes no sense. The only question you're going to ask yourself, LoRa is here's the question you have to ask, how much of Bitcoin is square cash.
I'm going to sell in 2021 on the mobile app. That's the question? How much is PayPal I'm going to sell because PayPal and square are going to obliterate everybody else's opinion about what they think should happen, right? Yeah. And so, like, I, I think that the, too many people in this industry have been around too long and they're captured by they're past and they, and everybody wants to draw on their past because they own it. You know, when we're in uncharted territory,
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