The Paradox of Potential – The Rules For High Achievement in the Future Economy
How can you achieve your full potential?
How will you excel in the future economy where personal management and achievement are so important?
Join The Our Shawn for the Future Done Right(TM) Show as we explore what we are seeing and what we need for the future.
Business growth and leadership expert Thom Singer joins us to discuss.
**NOTE: This is a general discussion of legal ideas and is not legal advice. You must consult counsel to get legal advice based on your facts and circumstances. Do not rely on the content of this message without consulting a lawyer. No attorney-client relationship is formed by this video.**
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Below is a machine transcript of the interview —
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Hey everyone it’s Dr. Sean, welcome to another edition of future done right, David. My dress is joining us. He’s been
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Before we’re going to be talking about Bitcoin lot of stuff happening in bitcoin, if you’re watching this around the taping.
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Price went way up and late 17 price tag way down and late 18 so a lot of stuff moving around people try to figure out what to do what it means for technology development and whether people are going to flee completely from the technology.
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Because it aside. David, I’ll talk about this a bit. There was an attorney on the Maryland bar listserv. That said, maybe you should ban Bitcoin so
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Let’s do that. That’s a good idea. Yeah.
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I’ll bring I’ll bring the context, up to that as we start here in a minute, but up
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Folks, is you don’t tune it as much. I’m Dr. Sean I’m a corporate lawyer by training I help you with everything it touches. Their ownership and control business that might be a merger agreement might be a capital raise
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Might be a partnership agreement might be a contract negotiation, anything like that and jump in. I do business strategy work doing speaking and consulting with organizations on their business and their strategy.
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David’s got a software background also has a strong interest in the legal side of this paying attention to what’s going on there and he’s in the now so we’re really glad he’s joining us today.
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Our promise to you today is as you work through the show, you’ll get a better understanding of what’s going on with Bitcoin. Now what the future might be what you should be looking for.
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In your business and your life, drop your comments below. Wherever you’re watching it, whether it’s Dr. Sean David monstrous Arshad McBride fans alliances on Facebook.
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McBride for business on Twitter or future done right YouTube channel wherever you’re at. Drop your comments we read the comments. It was great comments get invite on the show.
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To remind folks, we do not do investment advice on the show, we do not do legal advice, consult your own advisors. Everything we do here is just for your education for your thought provoking.
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Yeah, so let me let me. So I mentioned in the aside so some lawyer in Maryland got their computer locked up with ransomware and the ransomware folks are asking for bitcoin, so another lawyer chimed in and said maybe we should ban Bitcoin that says answer.
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To anything that will stop ransomware
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Yes apparently that’s the answer is just ban Bitcoin
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We should ban him.
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So there’s a lot
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I wrote back to him, I said, Would you bought a car because somebody’s got an accident. I mean,
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Right, right. It’s a use of the technology, it’s not, you know, the technology is not inherently bad maybe that use of the technology was bad.
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But it tells you the simplicity of some of the viewpoints out there. Right. I mean, so, you know, I see people have varying degrees.
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You know we we direct the show to business owners business people who maybe aren’t watching Bitcoin news every day.
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But you know there’s reasons for bitcoin and there’s reasons why is there so so let’s talk a little bit about what do you see in that David and you know the title. We picked was it’s not dead. We’d love to get your viewpoints on why you think that’s the case.
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Well, you know, bitcoins been pronounced dead over 100 times over its 10 year history and every time that the some major organization like
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MSNBC or CNBC comes out and says, bitcoin instead of just bounces back stronger. You know, you’re absolutely right.
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It exists because it has utility and the utility that it has is is really, really interesting because it’s a different utility than something like the Internet, for example.
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So the internet’s utility is communications and. We all communicate, you know, pretty much every day.
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But bitcoins utility is personal management personal control self sovereignty. So when I control my bitcoin wallet and of course. This excludes exchanges. But, you know, if I have it on my Nana ledger.
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Then no one can take that coin from me. Right, so you can give me a court order that says, and I must who were announced that are given away.
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But unless you have password, you don’t have access and the IRS defines control as access. So if you control the caveat. If you have access to the coin. You control the coin.
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That ability of personal management and personal control in today’s world is is really unusual.
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And so the difference in utility decide between something like bitcoin and the internet is while the internet we need communications all the time. Personal control you really only need the times of crisis.
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Right. So when the 2008 financial crisis happened and you were a Cypriot or you were in Greek, or if you’re now have been as well and having access crypto is a lifesaver.
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Because the can’t be confiscated and you can easily use it to go and bed by things and pay for stuff because you may want it.
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Whereas with the internet we communicate every day. So it’s a different utility, but its utility, that’s really important, not less.
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And I think yo thing to think about is, it’s generational technology. So I was talking to a gentleman last week at I presented other Punjabi chamber of commerce in New Jersey and bitcoin
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And a 75 year old gentleman came up to me afterwards and said, What do you do for I can go to the ATM and I can take the money out and they’ll just give me the money and I don’t you know it doesn’t matter to me. I can just
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And I tried to explain to him the whole concept of, you know, control and management ownership and he wasn’t getting it. And that’s because his trust in the government is
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You know it’s it’s ingrained over his entire life. You know, he gets his retirement payments, he’s happy with them, you know, doesn’t have, you know, people coming after him.
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But I think my generation and below that is a little bit different. We don’t trust the government we remember what it’s done. And you know how we’ve been betrayed and the promises that have been made to us, you know, almost every single time. And I think we’re done.
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Yeah, a lot of secret information out there you know we were reading through looking at some of these undercover operations. Right. There’s a lot of
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operations going on that we don’t know about. I don’t even know if anybody fully denies that that there’s this black budget or these
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Things like the Canadians have voted to say it’s the USA spending trillions of dollars on these black operations. These undercover budgets. So, you know, things like that.
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Act to lower trust, you know, also a part of this. And one of the reasons I think there’s a fundamental need for bitcoin is
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You know, right now, everybody gets forced through the banking system and they basically put a tax or levy one using their systems, your networks. So you put your money there. They keep it.
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Interest rate than what perhaps you know they’re they’re less, less than what they’re earning obviously and then they’ll charge you various fees and other things to potentially access your money. So there’s always this tax or this toll.
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And in some cases and Nessa Santos came on our show and you know she she’s done. She’s had some history, working with migrant workers.
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And, you know, they’re the transaction fees of sending stuff through Western Union or through the banking system to other countries is so high.
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That they actually have to sort store wads of cash.
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And, you know, it will become a security risk because they get a large amount of money accumulate on their on their person and they’re carrying this large amount of money with them and it did come robbery targets.
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Muybridge you know we’ve had a lot of people moving through, you know, Central America and other places.
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You know, if you pack up and take currency with you become a high risk target.
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Right, whereas cryptocurrency you know you can you can transport it very easily. You just need your passwords at your code. So it’s a fundamentally different technology.
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Is it works very well at the blockchain.
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And it’s interesting that you mentioned that. So we have kind of a personal drama going on at the moment.
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So, you know, last time I was on the show we had Joyce. My wife there and you guys heard
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And the choices Filipina and her mother who’s 77 years old lives in Mindanao Philippines in you know the the least developed portion of the Philippines.
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And that’s, that’s the island that’s been embroiled in the war for the last 3040 years but the war has been mostly in the southeast. So they’re not really so much affected.
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But we’ve been trying to sell her money, you know, it’s, it was her birthday. A few days ago.
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Christmas is coming and, you know, we obviously want to support them and make them happy. And we’ve kind of been doing this now pretty much monthly for the last, I don’t know, seven or eight years.
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usually takes about half an hour and it goes through quickly this time around. It’s been 12 days.
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Wow. And there’s no answer. You call them and they’re like, well, you put it in rock. And guys, it’s been the same transaction for the last eight years. How did I put it down wrong. No, no, no, it’s wrong.
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Right. So then you try other places. And they’re all you know same issue, and then you know you’ve got this loop where you have to like send it wait two days, call them. Try it again with another two days.
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With Bitcoin or with crypto, you know, you can send it and it’s their problem of course is, you know, until it’s widely accepted across lots of different places. It’s hard for her to use it. Also, she’s older, it’s hard for her to use it.
00:09:09.360 –> 00:09:16.410
But it does illustrate the problem in that when the money actually not even when the money, the money is not in your control.
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You know, if you feel currency that sitting in your bank account is not in your control. It’s in the control of the banks and they all you the fee is that you have on file with them.
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Remember, watch the words I’m using they all you the fee that you have on file files busted or if they don’t feel like they owe you not really your money.
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Yeah. A lot of people have had trouble with offsets, you know we we had another not not my file, but another lawyer on one of my lawyer groups.
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Had a client, where they had money in the bank and essentially same deal bank bank. There were some other fees or some unrelated transaction and they just came and grabbed the money other bank accounts that okay we got the right offset. We’re taking your money.
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Right now the data clients gotta fight to get their money back.
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Well then, as well as the nightmare, right. So then, as well as now forcibly converting retirement pensions to the petrol boss. Yeah, which is their, their virtual currency that they fully control.
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You know, I have to tell you, I don’t think that in the imagination of the people who are involved with Bitcoin at the
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Very beginning having been as well, have you one of the first companies to adopt crypto and I use the term EMC this case was, I don’t think that’s what we were thinking about
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Now, I mean, I think it’s, it was been an interesting evolution, you know, part
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Of it is the regulatory, you know, and I, I talked to a lot of Europeans and Asians on on the show and on preparing for the show and, you know,
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They just don’t want to deal with us. We had a when a guy on for it. We had a Christian Nicholson on from Iceland Iceland block chain foundation
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And you know they’re they’re very hesitant, you know, that’s one thing. We keep hearing is nobody wants to deal with the Americans.
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Because of these types of issues because the regulators are making it so hard, and even in the developed countries, you know, it’s been difficult to get this into regular usage.
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So it’s a country that needs that stability, that’s a little bit desperate it’s jumping into first right i mean you know
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There’s fundamental reasons why you would need an economy like the US or Europe, but were established it works kind of a key the pains not as strong. Right.
00:11:26.250 –> 00:11:42.510
Well, the pain is is selective, but this is this is okay this is always where we start, you know, new technology always starts with the marginalized groups. In this particular case, in the US, we have something really, really disturbing called the operation choke point
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It recently came to light that officers of the Federal Reserve. Now we’ve known about a choke point for a while now and started during the Obama administration continues on today. But what we found out recently is that members of the Federal Reserve made wink wink nudge, nudge.
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Impact implications to members of bank boards and bank boards then D bank.
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People and the bank people based on not breaking the law, but based on being outside of accepted norms. So if you were a worker. If you were a manufacturer
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If you were, you know, dealing with cannabis oils, you just simply had your bank account shut down with without an explanation without recourse and in, you know, if you got lucky they get. You get your money back right unless didn’t
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But you know that’s that’s so be this, you know, and having been born in the USSR you that stuff just scare the hell.
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It’s not just the US, UK, he’s got some new rules coming out where they’re going to, if you have a piece of real, real estate real property in the
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Day and it can’t explain where you got the money from. They’re just going on basically sees it and have you prove that you own it, or prove us good money to buy it.
00:12:59.190 –> 00:13:04.680
Right. Working backwards. I mean, these are fundamental shifts and how our systems and worked in the past.
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Right. So interestingly in the UK. Now you have to prove a negative, prove to us. This wasn’t stolen money.
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Right. And how far back do you have to go. I mean, how many of you know most of in the US, you know, and I’m sure a lot of Europe, the tradition is, you know, a couple of years after you file your tax return.
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You can start you know the audit period and you can start the lip destroying your records because you don’t need to keep records forever, right.
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But here in the UK with that system already you’re potentially looking at keeping records indefinitely because you know what if they come in 10 years later and say, How did you buy your house. Now you guys start showing whatever income statements and receipts and everything else.
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And I have to tell you, I find it really calling an arbitrary that in a society where the bulk of the people who are in power now where the bulk of the people who were empowered during the Norman days of 12th century AD.
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And they’re the ones making decisions about what isn’t isn’t stolen property.
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Right. Yeah, exactly.
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Yeah, particularly here in America right i mean
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The Scottish we stole the whole country. Right. We just right.
00:14:08.760 –> 00:14:15.330
Over right so let’s go talk to the Scottish the Welsh and the American Indians. Right. I mean, how far back do you want to go.
00:14:15.690 –> 00:14:25.260
Right, exactly. You know, and so it’s interesting, but you know, I mean, it does raise that fundamental question of, you know, do you trust the system does it really work.
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And, you know, and somebody regulations. I mean, you know, I spoke to an Australian yesterday, and they were talking on the telephone and
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They were saying, well, you know, if you, you know, we’re talking about some of the tracking that’s going on in Europe and the US and China.
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And they said, well, if you don’t have anything to hide and, you know, why does it matter and, you know, the truth is, it can turn into these type of inquiries, right, you can end up spending your time proving the negative. You can have your
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Bank account shut down on suspicion, you may have never done anything wrong, but then you got to work backwards to just get back to what you have earned already in your life.
00:15:01.620 –> 00:15:09.360
Right. Well, well, if you don’t have anything to hide you have nothing to fear is a scary conversation because three felonies a day. Right.
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The average American connects commit three felonies a day without knowing about it, you know, we can we can dig into anyone’s life and find a reason for them to to go to jail. And if we can’t find it. We can manufacturer
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Yeah, exactly. So, you know, back to Bitcoin Bitcoin does. I mean, it’s
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Decentralized, which I think is a lot of reason a lot of authorities are scared of it, right. That’s why the government is very cautious about letting it roll out. That’s why we’re seeing a lot of regulation around it because
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It fundamentally changes and a lot of the audits. A lot of the checks that we have now you know we’re all they’re all integrated into our system. So, you know, like may people may or may not know it, but if you go into the bank do you do at large transaction. They send a notice to the IRS.
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You know you you pulled out this much cash right and it goes to the IRS. They’re watching the system, they don’t have that same safe cars with the same system of checks with the cryptocurrency and I think there. They don’t want to give that up.
00:16:12.600 –> 00:16:16.950
Right, well they’re trying to develop it for sure there’s several companies in the space that are working on.
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Creating a traceability kind of a software and and have been the request from the government for quotes on similar I wrote a piece of software years ago called etc to my sequel.
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Which allowed people to write sequel commands against the BCC stack and just look and see what’s going on. But I really felt uncomfortable. Taking it much further than that. I’m not interested in providing
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You know, improving the surveillance state not really how I will try to make my money.
00:16:44.640 –> 00:16:53.730
But you know what’s what’s interesting here. So we got the CF TC running around talking about program or liability and if you write a piece of code that violates the law, you’re going to go to jail.
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As an ad aiding and abetting interesting IRS just released the court case came out recently came up again on one of my list serves with the lawyers.
00:17:03.390 –> 00:17:12.390
Where the IRS indeed is using the aiding and abetting there’s a federal aiding and abetting statute. They’re using that to get people for tax penalties. Again, it’s back in action.
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You know, and then you’ve got these privacy laws. So the quiet and the SEC is enforced against programmers as well. Recently, so now you got all this game going on against the programmers negative as programmers to write code.
00:17:26.070 –> 00:17:40.590
Which presumably would violate people’s privacy rights, particularly maybe under GDPR so we’re in a circle, right, I mean, the government says you can’t write code that violates the law and and they’re asking right co which potentially violates a bunch of laws.
00:17:40.980 –> 00:17:50.700
Well, you know, interestingly, one day, asked the question on Twitter if you had to pick a fight between the SEC, and the IRS, who would you fight. I’d rather fight the SEC than the IRS.
00:17:51.270 –> 00:17:52.200
Yeah, right. Yeah.
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So, you know, when you have multiple federal agencies trying to decide which one of them should prosecute you you want to go with the one that has the least control.
00:18:00.840 –> 00:18:11.130
Yeah, yeah. And yeah, but both of them both of them have a lot of power. Years ago I had a client come to my office. I do a lot of securities work. I don’t really do as much white collar.
00:18:11.940 –> 00:18:27.690
But this this new client wasn’t our client when all this started but they show up in our office and they were they were supposedly their investor was getting invested but investigated by the SEC, but because the investor put money in their company they froze all the bank accounts.
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And they were sitting in our office and I think it was a Wednesday and they’re like, what are we supposed to do. We got employees at the office working and we got payroll due on Friday.
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And all the bank accounts are first. That’s a powerful tool.
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And you can’t hire a lawyer because your bank accounts are frozen. The only way you can hire a lawyer is to then get your family or somebody with an unfrozen bank account to give you the money.
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And by the way, that person is now aiding and abetting after the fact.
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Possibly so right.
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Right. That is
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You know, that’s, you know, and that is a very, very scary tool right
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Guilty of people with wealth and power to manage the litigating process by controlling resources that the other side has available to them.
00:19:12.330 –> 00:19:27.120
Is you know it’s incredibly, incredibly dangerous. You know when when we’re having this fight between the citizen and the government. The government is obviously in a position of dramatic power. We should always
00:19:28.380 –> 00:19:46.470
err on the side of the citizen because individual sovereignty is the key to not just you know America but human civilization. Yeah, right. Without it we are dangerous collective ugly mass that that creates the whole costs, that’s
00:19:47.430 –> 00:19:56.580
Exactly. Yeah. So I agree with that a lot, you know, we need to be very careful about how we order our society and our government. And honestly, you know, from my perspective, even as a lawyer.
00:19:57.030 –> 00:20:07.260
You want these things fully litigated out. I mean, you want a fair match you want the SEC against a company and you want them to both bring their lawyers to court. You want to fight because that’s how we
00:20:08.040 –> 00:20:14.670
Establish our US legal system is these fights. Right. The cases and those cases that informed people down the line, right.
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When you start getting cases informed by one sided battles, you know, you can easily see how it can start shifting one direction, not the other. You end up with a very unbalanced line of laws and
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You know, if you look at the difference in conviction rates between the federal courts and state courts that discrepancy becomes incredibly clear federal conviction rates are the 95th percentile.
00:20:38.010 –> 00:20:45.990
State courts obviously dramatically lower than that. And so you end up with this court system where if you go up against the federal government, you’re most likely to lose.
00:20:46.440 –> 00:20:56.160
Where you have to accept plea bargains, in order not to have to do that fight and they get to establish precedent based on plea bargains and non litigated law.
00:20:56.820 –> 00:21:03.150
Yes, a lot of it. And then when they do litigate they bring the kitchen sink because you know you watch a federal investigation. It may be a
00:21:03.630 –> 00:21:08.820
Small matter, but they may bring you know a lot of people, a lot of resources on it, you know, I mean, you
00:21:09.540 –> 00:21:19.590
I will say this, the SEC when you when you are when you are across from them. They are very informed, they read everything they file everything they are they are very detailed. I mean, it’s in it.
00:21:20.100 –> 00:21:34.530
In a way, it’s a very impressive job they do because they work through meticulously they understand every word and every file, they’ve read every email. But then when you’re on the other side of it in a world of scarce resources, you know, that puts you at a disadvantage.
00:21:34.950 –> 00:21:45.540
Right. Right. And this and this stuff kills literally right so if we want to look at a tragedy, an absolute tragedy. Just look at the case of Aaron Swartz
00:21:46.110 –> 00:21:52.260
Right. He was doing the right thing and in the long run, it turned out that that information really shouldn’t be free.
00:21:52.800 –> 00:22:08.370
And they pressured him and they destroyed his life and they destroyed his brain while he was going through it and now he’s gone. If you can’t contribute to to the amazing thing that we’re building the match. And what he could have built if he was still around. Yep. Yep.
00:22:08.400 –> 00:22:16.890
So Bitcoin back to the original point in in Bitcoin has some fundamental uses and it really does change the power. So I see it coming. You see it coming as well.
00:22:17.970 –> 00:22:22.140
You know, what’s your worst people out there that are made panicking a little bit because the markets down.
00:22:23.370 –> 00:22:32.610
Hotel just total my suggestion to everyone is infest what you can afford to lose and walk away for five years, just trying to think about it.
00:22:33.150 –> 00:22:46.740
The dandelion fundamentals don’t change. And if you look at the grouse. It’s interesting because, you know, as you know, Bitcoin has a healthy right every four years or so, the amount of bitcoin, that the chain admits to the miners gets cut in half.
00:22:47.130 –> 00:22:49.110
So I 12 and a half now will be at
00:22:49.140 –> 00:22:54.690
Six and a half six and a quarter. And I think about 18 months, give or take. I don’t have the specifics of me.
00:22:55.200 –> 00:23:11.700
But if you use that as a milestone, what you find is that right before the heavy we start going back up in the cycle. And then if you look at the cycles. The downside is never greater than or lower than the peak highs of the previous peak.
00:23:12.270 –> 00:23:21.930
So the previous peak high was 1200 and I don’t see us falling below that. And interestingly, if you look at stock charts and ask you, what’s a bear market. What’s a bull market.
00:23:22.200 –> 00:23:30.090
The definition of a bear market is one punctuated by the lower highs and lower lows, the definition of a bull market is one that has higher highs and higher lows.
00:23:30.450 –> 00:23:44.850
We had a high, high, right. We went to the all the way to 20,000 but now the low still a higher low. Yeah, if you get into 1200 even if you get into the peak of the last market you’re still up 300% over a course of three years.
00:23:45.180 –> 00:23:45.690
00:23:46.080 –> 00:23:49.650
That’s not shabby right that’s decent stock market performance.
00:23:51.270 –> 00:24:01.080
So I say, just put the money and don’t don’t think about it. Wait till the next high and then, you know, if you want to sell out of the hundred and wait for it to go back to 20. That doesn’t sound too bad. Yeah.
00:24:01.170 –> 00:24:05.850
Fantastic, David. Thanks for joining us today. It was a lot of fun. As always, looking forward to having you back again.
00:24:06.180 –> 00:24:18.630
Folks are goal is to wake people up. So, like, comment, share let your friends know about little know the work we’re doing here at a future done right show let them get in on the stories and get the ideas we read your comments below. David, how to folks get a whole you
00:24:20.490 –> 00:24:23.610
Easy. I am David at track not news. There you go.
00:24:23.670 –> 00:24:30.480
Fantastic folks, we’re looking for a handful of motivated individuals. If you’re interested in being part of the future economy driving things forward, check out
00:24:30.840 –> 00:24:41.400
Planning done right comm slash interns were looking for some people are child prep the show’s look deeper some of these issues become big players in the future economy.
00:24:41.880 –> 00:24:48.360
Also want to remind you to check out our past episodes, you can see our upcoming guests prior to our email list to get
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Updates, and ideas from us. All of that is that future done right calm.
00:24:53.670 –> 00:25:06.090
And I want to conclude by first thanking David, but also saying, those of you in the audience pat yourself on the back for doing the hard work for building your future. We really appreciate you being here and be a part of this ongoing conversation. Thank you, everybody.