2022-10-13_Bitcoin_Markets_Privacy_Update_for_October
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00:00:30.000 | - Welcome to Radical Personal Finance,
00:00:32.000 | a show dedicated to providing you with the knowledge,
00:00:34.000 | skills, insight, and encouragement you need
00:00:36.000 | to live a rich and meaningful life now
00:00:38.000 | while building a plan for financial freedom
00:00:40.000 | in 10 years or less.
00:00:41.000 | My name is Josh Rasheeds,
00:00:42.000 | and I am thrilled to be joined again today
00:00:44.000 | by my friend Gabriel Custodiate.
00:00:45.000 | Gabriel, welcome to the show.
00:00:47.000 | - Hey, Josh, nice to be here.
00:00:48.000 | How are you doing?
00:00:49.000 | - Very well, very well.
00:00:50.000 | Today we're gonna have Bitcoin Central.
00:00:52.000 | We're gonna talk extensively about Bitcoin.
00:00:54.000 | We've, you know, it's been six months
00:00:57.000 | since I've talked extensively about Bitcoin,
00:00:59.000 | since we launched the initial version
00:01:00.000 | of our Bitcoin Privacy course.
00:01:02.000 | And since that time, there have been some major changes
00:01:05.000 | in the Bitcoin marketplace,
00:01:07.000 | dramatic drops in Bitcoin price,
00:01:11.000 | major changes in the marketplace.
00:01:13.000 | And so I wanna discuss some of those changes with you today.
00:01:16.000 | Quick intro on Gabriel for the uninitiated.
00:01:18.000 | Gabriel Custodiate is the founder
00:01:20.000 | of the Watchman Privacy Platform, the podcast, the book.
00:01:24.000 | Excellent, he's an excellent privacy consultant.
00:01:27.000 | And we have been teamed up for quite a while here
00:01:30.000 | on what we call our Bitcoin Privacy course,
00:01:32.000 | where we teach you how to buy and own and use Bitcoin
00:01:36.000 | in a completely anonymous and private way.
00:01:39.000 | And so Gabriel, welcome back again.
00:01:41.000 | I'll let you kick it off today.
00:01:43.000 | Where should we begin?
00:01:44.000 | - Well, I just want to start by giving people
00:01:50.000 | the how and the what and the why really quickly.
00:01:53.000 | So we started this Bitcoin Privacy course
00:01:56.000 | and the website is bitcoinprivacycourse.com.
00:01:59.000 | We did this live six months ago,
00:02:01.000 | and then it was edited, it was made into a recording.
00:02:04.000 | It's four hours of Bitcoin tutorial,
00:02:08.000 | as well as a privacy tutorial.
00:02:10.000 | And the reason that we made this course is pretty simple.
00:02:14.000 | And it's becoming more evident as time goes along.
00:02:17.000 | We see a lot of dangerous things on the horizon.
00:02:20.000 | We see right now and coming up,
00:02:23.000 | inflation, cancellation, collapsing economies,
00:02:26.000 | tyrannical movements in many countries, censorship.
00:02:29.000 | And the fact is private, sovereign Bitcoin,
00:02:33.000 | and I emphasize that fact because 99% of Bitcoin
00:02:36.000 | is not that, it's simply a fantastic solution
00:02:40.000 | to get around a lot of that stuff that we're seeing
00:02:43.000 | and that we will continue to see.
00:02:45.000 | With private and sovereign Bitcoin,
00:02:48.000 | which is what we teach in the course,
00:02:50.000 | you can, by memory, store and transport something
00:02:53.000 | that has value basically across the world.
00:02:56.000 | You don't need permission to use it.
00:02:58.000 | It has no boundaries.
00:03:00.000 | It's effectively uncensorable.
00:03:02.000 | And you don't even need a digital device to take it with you.
00:03:05.000 | It exists on an amazing invention called the blockchain.
00:03:08.000 | And Bitcoin is becoming more and more accepted.
00:03:11.000 | So in this course, and we're basically trying
00:03:15.000 | to get more people to become interested in this.
00:03:18.000 | And there's obviously a selfish reason.
00:03:21.000 | We would love your support, but also we want more people
00:03:24.000 | to be part of this community because we benefit
00:03:27.000 | when more people are part of Bitcoin.
00:03:29.000 | But I just want to go over the course again really quickly.
00:03:32.000 | So we talk about what Bitcoin is,
00:03:34.000 | and we do this in a way that not a lot of people really do.
00:03:38.000 | I was complimented recently.
00:03:40.000 | I've been doing a lot of Bitcoin stuff.
00:03:42.000 | And one of the premier figures in the Bitcoin node industry
00:03:45.000 | said that I had my episode on Bitcoin nodes,
00:03:49.000 | had explained Bitcoin nodes in the best way
00:03:52.000 | he had ever heard them explained.
00:03:54.000 | And so that's kind of my approach.
00:03:56.000 | I tried to start with the fundamentals, the basics.
00:03:59.000 | It's not dumbed down.
00:04:01.000 | Okay, our course is not dumbed down.
00:04:03.000 | It's just comprehensible.
00:04:05.000 | I'm a teacher, and I dislike a lot of the tech community
00:04:08.000 | that is talking over people's heads.
00:04:11.000 | So we talk about what Bitcoin is.
00:04:13.000 | We talk about how to acquire it privately through several means.
00:04:16.000 | We teach you how to use a noncustodial wallet,
00:04:19.000 | which is how you actually possess your Bitcoin.
00:04:22.000 | We show you how to manage the Bitcoin.
00:04:24.000 | We talk about hardware wallets, various other things.
00:04:27.000 | We talk about coin control, which is how to make sure
00:04:29.000 | your Bitcoin is not exposed moving forward.
00:04:32.000 | And we also talk about other crypto.
00:04:34.000 | So in essence, it is the A to Z Bitcoin course,
00:04:38.000 | all the stuff that you need to understand Bitcoin
00:04:41.000 | and to acquire it and be able to use it.
00:04:44.000 | Now, you can't find this stuff online.
00:04:46.000 | Trust me, I've digested hundreds of hours of material
00:04:49.000 | in preparation for the course.
00:04:51.000 | None of these explain Bitcoin in such a direct way
00:04:56.000 | that I think I have done in this course.
00:04:59.000 | I've read every book on Bitcoin,
00:05:01.000 | and I found that there's a lot of generalization.
00:05:03.000 | People say Bitcoin is decentralized,
00:05:06.000 | but I never explain exactly what that means.
00:05:08.000 | So I try to explain things from the basics.
00:05:11.000 | And I've also noticed with the other material out there
00:05:14.000 | that I've kept up reading, some are just outdated,
00:05:16.000 | they're incorrect, they're incomplete.
00:05:18.000 | So I would say that this course, we both agree
00:05:20.000 | that this course is money well spent
00:05:22.000 | to get the direct stream of the essentials of private Bitcoin.
00:05:28.000 | And so I just want to say,
00:05:30.000 | before we get into a discussion here,
00:05:32.000 | Bitcoin is here to stay.
00:05:34.000 | You can use it today, right?
00:05:36.000 | Increasingly, a lot of privacy services,
00:05:38.000 | VPNs, internet, virtual mailboxes,
00:05:43.000 | domains, online, all sorts of businesses
00:05:47.000 | are starting to take Bitcoin,
00:05:48.000 | which they see as a great privacy alternative.
00:05:51.000 | You can collect money for your online business
00:05:53.000 | without being censored.
00:05:54.000 | A lot of people are moving over to Bitcoin.
00:05:56.000 | It's never been more popular.
00:05:58.000 | It's never been more misunderstood.
00:06:00.000 | And there is a serious crackdown coming on Bitcoin
00:06:03.000 | that is acquired through popular channels,
00:06:06.000 | such as online exchanges.
00:06:07.000 | So that's why we talk about sovereign Bitcoin
00:06:09.000 | and private Bitcoin.
00:06:11.000 | And Bitcoin is not complicated.
00:06:13.000 | And the only thing we're selling in this course
00:06:15.000 | is knowledge, it's information.
00:06:17.000 | We're not selling a commission fee
00:06:19.000 | for some kind of Bitcoin service.
00:06:21.000 | Frederick Douglass said, "Once you learn to read,
00:06:23.000 | you will be forever free."
00:06:24.000 | And that's what we're teaching here.
00:06:25.000 | We want people to be literate in Bitcoin,
00:06:27.000 | not just literate, understanding it,
00:06:29.000 | but be able to acquire it.
00:06:31.000 | There's a practical element to this.
00:06:32.000 | You will be able to go out and acquire your own Bitcoin
00:06:35.000 | as a result of this course.
00:06:37.000 | So, you know, it's a great time right now
00:06:39.000 | to get into Bitcoin.
00:06:40.000 | It's at a cheaper price than a year ago.
00:06:43.000 | You have burgeoning communities
00:06:44.000 | where you can make good friends
00:06:46.000 | in person, in conferences, or on Telegram.
00:06:49.000 | So, you know, if you desire freedom,
00:06:52.000 | if you desire financial privacy,
00:06:54.000 | an escape from the crumbling fiat money systems around you,
00:06:57.000 | then you simply have to learn Bitcoin, right?
00:06:59.000 | It's not optional.
00:07:01.000 | And our course is the best way to start that journey.
00:07:04.000 | And so, if you're interested,
00:07:05.000 | it's BitcoinPrivacyCourse.com.
00:07:07.000 | We have, right now, for a limited time,
00:07:10.000 | a $50 discount if you use the promotional code "October."
00:07:15.000 | October.
00:07:16.000 | And it will expire on or after October 31st.
00:07:20.000 | So, it's a limited time.
00:07:21.000 | Go get this course, get the discount.
00:07:23.000 | BitcoinPrivacyCourse.com.
00:07:26.000 | We also have, if you go to our website,
00:07:28.000 | BitcoinPrivacyCourse.com,
00:07:29.000 | we have added a clip of our course
00:07:33.000 | so that you can listen to about 20, 25 minutes.
00:07:36.000 | If you're unsure, if you'll like the style,
00:07:38.000 | you can see the style right there at our course.
00:07:40.000 | So, you can see what the course is all about.
00:07:43.000 | And we have a lot of other information there
00:07:45.000 | if you want to learn more.
00:07:47.000 | So, BitcoinPrivacyCourse.com, promotional code "October,"
00:07:50.000 | limited time offer.
00:07:52.000 | Jump in on this and you won't regret it.
00:07:54.000 | Yeah, that's a perfect summation of, I guess,
00:08:00.000 | of the course and of things.
00:08:01.000 | And I continue to consume information, teaching, etc.
00:08:05.000 | And I continue to concur with what you said,
00:08:07.000 | that for the simplest, most direct path into Bitcoin,
00:08:11.000 | especially intelligently into Bitcoin,
00:08:13.000 | Bitcoin that you own and control,
00:08:15.000 | Bitcoin that doesn't have a paper trail of information
00:08:20.000 | littered out across the internet,
00:08:22.000 | it's one of the best on-ramps.
00:08:24.000 | And so, definitely go to BitcoinPrivacyCourse.com
00:08:28.000 | and use the promo code "October" in order to buy it.
00:08:33.000 | I guess, should we pivot then to the elephant in the room
00:08:36.000 | of the price and how that affects some of the stuff
00:08:39.000 | that we've talked about?
00:08:41.000 | Yeah, I think we should do that.
00:08:42.000 | So, that initial pitch is kind of the basics
00:08:46.000 | of this episode.
00:08:47.000 | Now, we're going to kind of pivot towards answering
00:08:49.000 | some of the developments in the last six months.
00:08:51.000 | So, I want to start by asking you that question, Joshua.
00:08:55.000 | So, when we did the course, Bitcoin was in dollar terms,
00:08:59.000 | I think in the high 40s of thousands.
00:09:02.000 | Now, it's under 20,000.
00:09:04.000 | It's been hovering there for a while.
00:09:06.000 | So, why should people be interested in Bitcoin
00:09:08.000 | if the price has plummeted in the last six months?
00:09:11.000 | What do you think?
00:09:12.000 | I think, first of all, it's been interesting
00:09:14.000 | to watch the psychology that when we first released
00:09:16.000 | the course, there was a fever pitch around Bitcoin
00:09:19.000 | going to the moon.
00:09:20.000 | It was at 40,000.
00:09:21.000 | It was going higher.
00:09:22.000 | Of course, it had come down, but there was still
00:09:24.000 | a good huge amount of energy in the room.
00:09:27.000 | And when you reflect upon the fact that that price
00:09:31.000 | has cut in half, I think that energy has disappeared
00:09:35.000 | in many corners and that you have far fewer speculators
00:09:38.000 | than people, far less interest than before.
00:09:43.000 | And so, I'll give you my thoughts on it.
00:09:45.000 | The first thing that I really appreciate
00:09:47.000 | and believe is very important is simply this,
00:09:51.000 | that in the course, never did we talk about
00:09:57.000 | Bitcoin speculation.
00:10:00.000 | Never did we talk about speculation on Bitcoin
00:10:02.000 | as a way to become very, very wealthy very quickly.
00:10:06.000 | And in some ways, I think...
00:10:09.000 | So, this used to be my number one objection to Bitcoin.
00:10:11.000 | Kind of back up.
00:10:13.000 | Long-time listeners of Radical Personal Finance
00:10:14.000 | know that I was not an early adopter of Bitcoin,
00:10:17.000 | nor was I a loud proponent of Bitcoin.
00:10:22.000 | I realized along the way that I was mistaken
00:10:26.000 | in a few things.
00:10:27.000 | And there's actually a public apology episode of me
00:10:31.000 | apologizing to my audience for not having encouraged
00:10:33.000 | them to buy Bitcoin earlier.
00:10:36.000 | And yet, one of the biggest reasons that I was not
00:10:40.000 | an enthusiastic proponent of Bitcoin
00:10:43.000 | had to do with the price instability.
00:10:45.000 | I thought then, and I still do think,
00:10:48.000 | that there is fundamentally a broken idea.
00:10:53.000 | The idea being that you should keep and use Bitcoin
00:10:56.000 | as money, while simultaneously the Bitcoin price
00:10:59.000 | is fluctuating up and down massively.
00:11:02.000 | I don't think that that...
00:11:04.000 | It may be a great investment,
00:11:06.000 | it may be a great speculation,
00:11:07.000 | but it doesn't...
00:11:09.000 | Something whose price fluctuates wildly
00:11:14.000 | on a daily and weekly and monthly basis,
00:11:16.000 | it doesn't qualify as money.
00:11:19.000 | Because while you can be really happy
00:11:21.000 | when you hit it on the right side,
00:11:23.000 | "Hey, I bought Bitcoin at 7,000, now it's at 55."
00:11:25.000 | Great, that can feel really good,
00:11:27.000 | but then it can also feel equal...
00:11:29.000 | It can feel much worse on the other side
00:11:32.000 | when it's plummeting in value.
00:11:34.000 | And this has been an issue for many years,
00:11:37.000 | with many kinds of things.
00:11:38.000 | I'll give you another example.
00:11:39.000 | I would love to see gold and silver
00:11:43.000 | in their coins and rounds denominations
00:11:46.000 | used more frequently in transactions.
00:11:49.000 | Because as our ability to access physical dollars
00:11:55.000 | in reasonable quantities has diminished
00:11:58.000 | due to the suppression of the use of cash,
00:12:01.000 | the war on cash in the American landscape,
00:12:04.000 | then we need things that are valued at a higher...
00:12:10.000 | that are valued in more compact denominations.
00:12:13.000 | And gold and silver coins can potentially fulfill that
00:12:17.000 | as a way of transacting between people
00:12:21.000 | without necessarily reverting to dollars.
00:12:24.000 | But gold and silver have this basic problem
00:12:26.000 | that once you have them, you don't want to spend them.
00:12:29.000 | Once you have it, you're like,
00:12:30.000 | "Eh, it might go up in the future,
00:12:31.000 | and I want to keep it, I want to keep it."
00:12:33.000 | And it's a really important lesson there,
00:12:34.000 | because you actually learn that gold and silver
00:12:36.000 | are more valuable than US dollars
00:12:38.000 | because there's an appreciation possibility,
00:12:41.000 | but it limits the ability for that currency
00:12:44.000 | or that substance, that commodity,
00:12:46.000 | to function as a form of money.
00:12:48.000 | And I think the same problem applies to Bitcoin,
00:12:51.000 | that it's sometimes very difficult when prices are high
00:12:55.000 | to get people to part with their Bitcoin.
00:12:58.000 | And if you have massive increases and decreases
00:13:02.000 | in the value of Bitcoin,
00:13:04.000 | then it can be hard to view it
00:13:05.000 | as a stable part of your savings.
00:13:08.000 | And so the strategies that we talk about
00:13:10.000 | are primarily focused on owning Bitcoin,
00:13:15.000 | on using Bitcoin,
00:13:16.000 | and on storing money in Bitcoin privately,
00:13:20.000 | but they're not banking on the long-term growth
00:13:25.000 | of Bitcoin to the moon.
00:13:27.000 | And so while that can be really nice,
00:13:29.000 | and it can be really helpful,
00:13:30.000 | and if that happens, it would be really nice
00:13:32.000 | to own your Bitcoin privately,
00:13:34.000 | and I think that it makes a lot of sense
00:13:36.000 | to have some portion of your overall portfolio of assets
00:13:39.000 | held in speculative things
00:13:42.000 | that may increase in value significantly,
00:13:45.000 | that's not the primary focus.
00:13:46.000 | Our primary focus is on how to acquire it
00:13:49.000 | and how to use it and how to store it
00:13:51.000 | in a private and secure way.
00:13:53.000 | And so while from the perspective
00:13:57.000 | of a short-range investment,
00:14:01.000 | having your investment drop in value by 50%,
00:14:04.000 | that's a pretty bad investment.
00:14:06.000 | That doesn't say anything though
00:14:07.000 | about the long-term future,
00:14:09.000 | and it has really been a buying opportunity.
00:14:12.000 | If you think that Bitcoin may regain previous highs
00:14:16.000 | or may go higher in the future,
00:14:17.000 | it really is nice to be able to acquire Bitcoin
00:14:20.000 | at the $20,000 per coin mark
00:14:24.000 | as compared to $40,000 or $50,000
00:14:26.000 | or whatever it was before.
00:14:28.000 | So I think we should be very honest about,
00:14:33.000 | as I try to be,
00:14:35.000 | as I try to just state clearly,
00:14:36.000 | that when your asset cuts in value massively
00:14:40.000 | and swings around massively,
00:14:42.000 | that is a major problem for the storehouse of wealth.
00:14:47.000 | But it doesn't fundamentally change
00:14:50.000 | your ability to transact in the Bitcoin,
00:14:53.000 | and it doesn't fundamentally change
00:14:55.000 | the long-term proposition.
00:14:56.000 | It does give you potentially a buying opportunity.
00:14:59.000 | Now time will tell.
00:15:00.000 | Do we go from 20 to 10
00:15:01.000 | or do we go from 20 to 100?
00:15:02.000 | I don't know.
00:15:04.000 | And so I want to employ all of the good
00:15:06.000 | financial planning practices
00:15:07.000 | that I believe very strongly in,
00:15:09.000 | diversification, thoughtfulness,
00:15:11.000 | what money should be invested,
00:15:12.000 | how you should look at it, etc.
00:15:14.000 | But at its core,
00:15:15.000 | the change in Bitcoin price
00:15:17.000 | hasn't affected anything
00:15:19.000 | that we've taught in the course.
00:15:23.000 | - Yep, I think that is well said, Joshua.
00:15:25.000 | And I'll just reiterate that.
00:15:26.000 | I also not talked about Bitcoin as an investment.
00:15:30.000 | I talk about it as a tool.
00:15:32.000 | I use it as a tool.
00:15:34.000 | The people that I consult with
00:15:35.000 | and help use it as a tool.
00:15:37.000 | You can use Bitcoin to buy things right now.
00:15:39.000 | You can use it for private payments.
00:15:40.000 | You can use it as a way to escape cancel culture,
00:15:43.000 | PayPal has recently been talking about
00:15:46.000 | how they are not going to allow people
00:15:48.000 | to use PayPal who have views
00:15:50.000 | that are contradictory to the pervading views.
00:15:53.000 | Essentially, that's essentially what they said.
00:15:55.000 | And so if you accept Bitcoin,
00:15:57.000 | that is a way around that.
00:15:59.000 | As we said, Bitcoin is permissionless.
00:16:00.000 | So this is a fantastic tool
00:16:02.000 | whose uses are expanding.
00:16:04.000 | Do I wish the price would keep going up
00:16:07.000 | or remain very stable?
00:16:09.000 | Of course I do.
00:16:10.000 | That would make it all the better.
00:16:12.000 | I would point out, of course,
00:16:13.000 | that in the last six months,
00:16:14.000 | we've seen all kinds of financial assets
00:16:17.000 | dropping in price.
00:16:18.000 | You talk about volatility.
00:16:19.000 | Look at Tesla stock or something like this.
00:16:23.000 | So everything is dropping right now.
00:16:25.000 | And in the next couple of years,
00:16:27.000 | financially, I think we will see
00:16:29.000 | what the true assets are,
00:16:31.000 | which are the things that will hold their value
00:16:33.000 | and maybe go up.
00:16:34.000 | Will Bitcoin be one of those?
00:16:36.000 | I hope so.
00:16:37.000 | But for now, we have something that works.
00:16:40.000 | It works.
00:16:41.000 | I've been using a lot of...
00:16:42.000 | I've been using and helping people
00:16:43.000 | to use a lot of Bitcoin in the last six months,
00:16:45.000 | and it works.
00:16:46.000 | You can use stuff.
00:16:47.000 | You can use it as a way to have hidden money
00:16:51.000 | that is easily transportable,
00:16:53.000 | and it is accepted in most places around the world.
00:16:56.000 | And that is fantastic.
00:16:57.000 | And I'll just say one more thing,
00:16:59.000 | which is if you believe that Bitcoin or gold
00:17:03.000 | or anything else has inherent value,
00:17:06.000 | then the price right now
00:17:08.000 | is simply a buying opportunity.
00:17:10.000 | There are all these memes on Bitcoin websites
00:17:13.000 | where you have somebody...
00:17:14.000 | Like there's the two lines, right?
00:17:16.000 | And one line says Bitcoin, you know, $30,000,
00:17:19.000 | and there's only one guy in it.
00:17:21.000 | And the other one says Bitcoin $60,000,
00:17:23.000 | and everybody's crowded around it.
00:17:25.000 | So the idea is if you think something has inherent value,
00:17:29.000 | then the $20,000 price is simply a discount
00:17:33.000 | if you think in those terms.
00:17:34.000 | So that's all I'll say about the price drop in Bitcoin.
00:17:38.000 | We can still use it.
00:17:40.000 | Who knows where the future lies,
00:17:41.000 | but for now, and I think for definitely the immediate future,
00:17:44.000 | it will continue to be the best financial privacy tool
00:17:48.000 | that we have.
00:17:49.000 | - Yeah.
00:17:50.000 | I think none of us are immune to the psychology
00:17:55.000 | of the irrationality of the crowds.
00:17:59.000 | I think of myself, I could name a half a dozen times
00:18:02.000 | where in theory I'm supposed to know
00:18:04.000 | what I'm talking about, right?
00:18:05.000 | I'm formally trained and pretty experienced at this point
00:18:09.000 | in talking about financial markets,
00:18:11.000 | and I still observe my own emotions
00:18:13.000 | and how you get into this buying frenzy
00:18:15.000 | when everyone else is a buying frenzy,
00:18:17.000 | and then you get into this kind of pool of despair
00:18:20.000 | when everyone else is in a pool of despair,
00:18:22.000 | and you think, "Ah, maybe it's not going," you know.
00:18:25.000 | It's all a nightmare,
00:18:27.000 | and protecting ourselves against that psychology,
00:18:31.000 | the only way that I know how to do that
00:18:33.000 | since humans are psychologically frail creatures,
00:18:36.000 | the only way I know how to do it is with rules and systems
00:18:39.000 | and kind of thoughts that have been thought in advance
00:18:43.000 | of the situation,
00:18:44.000 | and then plans that you simply implement
00:18:46.000 | and put into place.
00:18:48.000 | So it is definitely an issue that has to be dealt with.
00:18:55.000 | One of the great problems with Bitcoin is at its core,
00:18:59.000 | I don't know any way that you can say,
00:19:02.000 | "Here's what the true value of Bitcoin is
00:19:05.000 | or what it should be."
00:19:07.000 | You can recognize the fact that there's a limited supply.
00:19:10.000 | You can come up with various formulas.
00:19:12.000 | I've read a significant number of them,
00:19:14.000 | but at its core, I think Bitcoin is best said
00:19:18.000 | that the value is based upon what people perceive it to be,
00:19:21.000 | but at its core,
00:19:23.000 | people's willingness to accept Bitcoin as transaction
00:19:27.000 | and the ease with which we can get into Bitcoin
00:19:30.000 | and out of Bitcoin makes it increasingly useful,
00:19:33.000 | especially in these times.
00:19:35.000 | I think that at its core,
00:19:37.000 | the technology is something that is so needed right now
00:19:41.000 | because the news of PayPal this last week is of them--
00:19:47.000 | the news of PayPal this last week is just the tip of the iceberg
00:19:51.000 | in terms of what payment processors and what banks
00:19:55.000 | and what these rails of society have been doing
00:20:00.000 | to people who don't conform to whatever the current thing is.
00:20:05.000 | It's been a big problem.
00:20:07.000 | And I see Bitcoin as a technology
00:20:09.000 | that fundamentally solves that problem
00:20:11.000 | because it's a permissionless way
00:20:13.000 | to engage in digital transactions between people.
00:20:16.000 | And that's a technology that I want to support.
00:20:20.000 | That's a technology that I want to use,
00:20:22.000 | that I want to see expressed widely,
00:20:24.000 | because there is a small learning curve.
00:20:27.000 | That's why we have a whole class on how to do it.
00:20:29.000 | If there were no learning curve, you wouldn't need a class.
00:20:33.000 | There is a small learning curve,
00:20:36.000 | but it's a technology that is needed for the future,
00:20:39.000 | for the future of freedom,
00:20:40.000 | for the future of individuals' ability to transact with one another,
00:20:44.000 | to exchange value for value among free citizens.
00:20:48.000 | It's fundamentally needed.
00:20:50.000 | And so I want to see it spread into wider and wider use for that reason.
00:20:56.000 | I agree.
00:20:57.000 | And I'll just kind of cap that off by saying that
00:21:01.000 | in terms of stability and volatility, perceived value,
00:21:06.000 | it might be that everything has perceived value.
00:21:08.000 | If we look at the ARK Innovation Fund,
00:21:10.000 | this infamous fund that has all the kind of the major popular tech stocks in it,
00:21:17.000 | I'm looking at it.
00:21:19.000 | It was at $156 a share.
00:21:21.000 | Now it's down to $36 over the course of basically a year.
00:21:25.000 | So perceived value, volatility, nothing is beyond that right now.
00:21:29.000 | Is Bitcoin part of that?
00:21:31.000 | Yeah, it is.
00:21:32.000 | Would we like it to be more stable?
00:21:33.000 | Certainly.
00:21:35.000 | But for now, I just want people to recognize
00:21:38.000 | that we're not saying put everything in Bitcoin.
00:21:41.000 | We're just saying test the waters.
00:21:44.000 | It's a fantastic tool.
00:21:45.000 | That's something I've learned.
00:21:46.000 | I have all kinds of skepticism and problems with Bitcoin.
00:21:49.000 | I'll listen to Peter Schiff.
00:21:51.000 | I think a lot of stuff he says is very true about Bitcoin.
00:21:54.000 | But it is a tool that we have that we can participate in,
00:21:58.000 | and it has value when we give it value, when we give it to other people.
00:22:03.000 | And so we can be part of that, and you can start understanding what Bitcoin is.
00:22:07.000 | And I assure you, if you look into Bitcoin,
00:22:09.000 | you're going to change your mind about what you thought about it.
00:22:12.000 | Not saying put all your money.
00:22:14.000 | We're not saying put all your savings.
00:22:16.000 | We're not saying that this is going to the moon.
00:22:18.000 | We're just saying this is a fantastic technology that is not going away,
00:22:22.000 | and you should take part in it.
00:22:24.000 | And you can learn a lot of those basics at bitcoinprivacycourse.com.
00:22:28.000 | Yeah.
00:22:29.000 | Let me add two arguments that I meant to mention earlier
00:22:32.000 | that pertain to this subject.
00:22:34.000 | Number one, earlier I was saying that a reason I was a very slow adopter of Bitcoin
00:22:39.000 | is this perception of volatility.
00:22:41.000 | I'm sorry, this reality of volatility.
00:22:44.000 | And I thought, how can Bitcoin be money if everyone's getting into it
00:22:49.000 | because of its investing potential, the potential that might make them rich overnight?
00:22:53.000 | How can it ever serve as money until it smooths out and stops being volatile?
00:22:58.000 | But I've since realized there's a flip side to it.
00:23:02.000 | How could Bitcoin have ever become as popular as it is
00:23:07.000 | if there hadn't been a massive increase in price?
00:23:10.000 | If Bitcoin were still exactly as functional as it is today,
00:23:15.000 | but the price were still measured at a dollar per coin,
00:23:19.000 | I don't think the utility of Bitcoin would be as significant as it now is
00:23:25.000 | because I don't think there would be nearly enough people who are in it,
00:23:30.000 | who are involved in it, who would be accepting it.
00:23:32.000 | And it would have been perhaps relegated to the unknown history
00:23:39.000 | of other forms of digital gold and digital currency and things
00:23:42.000 | that have been tried in the past.
00:23:44.000 | But because the price increased so substantially,
00:23:48.000 | thus minting a huge number of Bitcoin millionaires and billionaires
00:23:54.000 | very, very quickly, then it created this passionate community of people
00:24:00.000 | who have worked tirelessly to see the technology adopted more broadly.
00:24:07.000 | And because they've had the money and the value that could be turned
00:24:11.000 | from Bitcoin back into fiat currency, such as the US dollar or the euro
00:24:15.000 | or the El Salvadorian, I forgot the name of their currency,
00:24:18.000 | or whatever it is, then because you can go back in at a much different scale,
00:24:24.000 | it's created so much energy around it that it's been much more widely adopted.
00:24:34.000 | And so this thing that I used to think was a bug, I now accept as a feature.
00:24:39.000 | The volatility has its downsides, but it also comes with major approaches otherwise.
00:24:46.000 | And I've been thinking about metaphors, and one metaphor I've considered
00:24:50.000 | has been things like gold rushes.
00:24:52.000 | If you go back to a powerhouse economy, a state like California,
00:24:57.000 | the California gold rush itself was a key pivotal point in bringing
00:25:04.000 | the development to California that it previously lacked.
00:25:08.000 | So the gold rush, there was a big rush, and then it petered out very quickly,
00:25:14.000 | and the gold disappeared.
00:25:16.000 | But that gold rush was necessary to bring attention to what California had to offer,
00:25:24.000 | and that laid the foundation for the behemoth that is the California economy today.
00:25:29.000 | So I'm not saying that Bitcoin was a gold rush and that it's over.
00:25:32.000 | I'm not making any prediction.
00:25:34.000 | I don't know, but I'm saying that that price volatility I think can be
00:25:39.000 | and is a very important feature of the overall situation.
00:25:45.000 | I forgot my second point, so we'll go on.
00:25:49.000 | Gabriel, since we've started talking about Bitcoin privacy,
00:25:53.000 | I know you have followed the development of the privacy community
00:25:56.000 | related to Bitcoin very, very closely.
00:25:58.000 | Tell us what's been happening in that community.
00:26:02.000 | Yeah, so I think it's been a lot more of the same in the privacy community.
00:26:08.000 | There are a lot more people interested in Bitcoin privacy because they understand
00:26:13.000 | that since Bitcoin has a public blockchain, if you don't treat this carefully,
00:26:18.000 | you can end up being censored.
00:26:20.000 | You can end up having it blocked if you're using a public exchange.
00:26:24.000 | And a lot of people are realizing that as a result of what's happening in Ukraine,
00:26:28.000 | Russia, or the Canadian protests.
00:26:31.000 | There are a few examples like that.
00:26:33.000 | A lot of people who have been canceled online, and not just for having conservative views
00:26:37.000 | or what have you, but people in various industries that are not well-respected,
00:26:42.000 | they do not have reliable banking partners.
00:26:45.000 | And so a lot of people are understanding the need for private and sovereign Bitcoin.
00:26:50.000 | And so I see a huge swell of people in these privacy Bitcoin communities,
00:26:54.000 | whether that's Reddit or Telegram.
00:26:57.000 | There's a lot of great communities, Sparrow, the Sparrow wallet, Telegram community,
00:27:01.000 | the Samurai wallet, Bitcoin community.
00:27:05.000 | A lot of these people are sharing their knowledge.
00:27:08.000 | They're fantastic groups of people who understand Bitcoin and its radical potential.
00:27:14.000 | And I just see it doubling down.
00:27:16.000 | Recently, I finally got my hands on a Bitcoin node, a pre-built Bitcoin node
00:27:23.000 | called the Ronin Dojo Tanto.
00:27:26.000 | That's a mouthful. I have some episodes on that.
00:27:28.000 | And basically, this is a privacy node that has a number of privacy features.
00:27:33.000 | It filters all the traffic through Tor.
00:27:35.000 | It connects directly to a Samurai wallet, which is a specialized privacy wallet.
00:27:40.000 | We talk about this in our course.
00:27:42.000 | And I finally got my hands on one of these, and so did a lot of other people.
00:27:46.000 | They came out with another batch of these.
00:27:48.000 | And it's just kind of emphasized that not everybody is out there investing in Bitcoin.
00:27:52.000 | There are people who believe in this stuff. They use it.
00:27:55.000 | And when you have a Bitcoin node such as that, you are literally one of the people.
00:27:59.000 | You are literally part of Bitcoin because a node is one part of Bitcoin.
00:28:03.000 | And as long as your node is running, then the Bitcoin network is essentially running.
00:28:07.000 | So there's a lot of fascinating things when one gets into kind of the fundamentals of Bitcoin,
00:28:12.000 | which privacy people do.
00:28:14.000 | And I'll just say that in the last six months, a lot of people that I talk to,
00:28:19.000 | just in terms of privacy, they no longer buy VPNs with fiat currency
00:28:25.000 | because there's a risk involved.
00:28:27.000 | They're not going to buy sensitive items online with the credit card.
00:28:33.000 | They're starting to use Bitcoin.
00:28:34.000 | And we see a lot of online services starting to accept Bitcoin now.
00:28:38.000 | And you can use Bitcoin for these things.
00:28:40.000 | If you need to send money to a friend in Russia right now,
00:28:43.000 | you're not able or going to use fiat currencies.
00:28:46.000 | You're probably going to use something like Bitcoin.
00:28:48.000 | So we're just seeing the use case increase for Bitcoin.
00:28:51.000 | We're seeing a lot more services start to accept it.
00:28:54.000 | And a lot of people, just a small but passionate group of people who are coming together
00:29:00.000 | and kind of, I think, form the spine of Bitcoin.
00:29:03.000 | You mentioned the interest broadly in Bitcoin.
00:29:06.000 | I think that's great.
00:29:07.000 | And we need the privacy community, which represents a small but important part,
00:29:11.000 | to also start burgeoning.
00:29:14.000 | And so that's just kind of what I see in the privacy circles.
00:29:18.000 | Not anything, any fantastic new technologies.
00:29:20.000 | We still have a lot of the best technologies.
00:29:23.000 | That's, you know, whirlpooling.
00:29:26.000 | That is, of course, having your own sovereign ownership of Bitcoin
00:29:29.000 | in a noncustodial wallet.
00:29:31.000 | These are all things we talk about in the course.
00:29:33.000 | All these things are the same.
00:29:35.000 | A lot of the Bitcoin people are not getting into the lightning network,
00:29:38.000 | which is kind of what they call a layer two part of Bitcoin,
00:29:43.000 | where it kind of speeds up the transactions and such.
00:29:47.000 | The privacy community sees some faults in that,
00:29:49.000 | so they're staying with the "on-chain" aspect of Bitcoin.
00:29:53.000 | So there's discussions going on.
00:29:54.000 | It's a passionate community.
00:29:56.000 | And people who trade amongst themselves and find great use in having financial privacy with Bitcoin.
00:30:02.000 | So that's kind of what I've seen over the past year.
00:30:06.000 | Yeah.
00:30:07.000 | At its core, to me, that's the--
00:30:10.000 | When this originally started, when the idea for this course originally came,
00:30:15.000 | at least in the story that's in my mind--you correct me if I miss something--
00:30:19.000 | but I was speaking with you about privacy features,
00:30:22.000 | and we started talking about Bitcoin.
00:30:24.000 | And I described my dream.
00:30:26.000 | My dream was, I imagined a scenario where I have to leave my house,
00:30:32.000 | and everything is taken from me.
00:30:35.000 | The goons with guns show up at the door, knock on the door,
00:30:38.000 | they confiscate everything.
00:30:40.000 | I have to leave, and let's just pretend I leave just in time not to be arrested.
00:30:44.000 | And I'll give reality to this scenario in a moment.
00:30:47.000 | I leave just in time not to be arrested.
00:30:50.000 | And everything is confiscated.
00:30:55.000 | My bank accounts are shut down.
00:30:56.000 | Everything is confiscated.
00:30:58.000 | But I'm able to get on an airplane, and I've got a passport that allows me to get out across the border.
00:31:03.000 | So can I show up in a foreign country, in a foreign destination, with a passport,
00:31:07.000 | and be let in, and nothing else on me?
00:31:10.000 | No information, no physical wallet, no nothing.
00:31:14.000 | And can I arrive in that country,
00:31:16.000 | and can I figure out a way to gain access to the money that I had set aside in Bitcoin,
00:31:23.000 | stored on the blockchain, for me, for this time, without anybody's permission?
00:31:29.000 | And that's the question.
00:31:31.000 | That's the scenario that I thought a lot about,
00:31:35.000 | and that you solved in terms of teaching how to do it in the course.
00:31:40.000 | What's been interesting to me is I continue to have exposure and contact with people all around the world.
00:31:46.000 | And just last week, I met at a local--a friend of mine brought a new friend of his.
00:31:54.000 | He just met a Russian refugee to a little Bible study that we do.
00:31:58.000 | And he came in with this guy, and I was listening to this guy's story.
00:32:02.000 | And it was exactly the scenario that I described.
00:32:08.000 | This guy was in his late 40s.
00:32:11.000 | He was living in a part of Russia with his wife and three of his children.
00:32:17.000 | A fourth of his child was already out of the country.
00:32:19.000 | And he was worried and saw the mobilization, the Russian mobilization.
00:32:26.000 | And he was in the Russian military when he was a younger man, before he was a Christian.
00:32:32.000 | And then he became a Christian,
00:32:34.000 | and he came to the point where he said, "I couldn't go and serve in the Russian military and do that."
00:32:39.000 | And so he fled with his family.
00:32:41.000 | And it was--all of the problems of access to money were present.
00:32:47.000 | All of his stuff was in Russia, had no ability to leave with that stuff.
00:32:52.000 | He couldn't even transact assets.
00:32:55.000 | He still owns real estate in Russia.
00:32:57.000 | He can't sell it and get the money through normal means.
00:33:01.000 | And he wound up being a refugee.
00:33:04.000 | And thankfully he was able to find a place to go,
00:33:06.000 | and they gave him the ability to stay there.
00:33:09.000 | But now he's got to put his life back together.
00:33:11.000 | And so I was just really interested to see,
00:33:14.000 | like, here is this exact scenario that I've thought about for years,
00:33:18.000 | staring me in the face with somebody who was a Russian refugee.
00:33:22.000 | It's been the same with Russian refugees, Ukrainian refugees, Syrian refugees,
00:33:25.000 | Venezuelan refugees, and refugees from other countries as well.
00:33:31.000 | I follow a couple of--there are a couple of cases right now of refugees that are from countries that--
00:33:36.000 | you would say, "Why are there any refugees from there?"
00:33:38.000 | But they're people who are being persecuted for their political beliefs,
00:33:40.000 | their religious beliefs.
00:33:42.000 | And I don't use the word "persecuted" lightly.
00:33:44.000 | I mean "genuinely persecuted."
00:33:46.000 | And yet they had to go.
00:33:47.000 | And so while Bitcoin has many use cases that are not so extreme,
00:33:52.000 | in the ultimate extreme form, what I described is the only thing I know about,
00:33:56.000 | the only way I know that you could go across a border with nothing,
00:34:02.000 | literally nothing, and yet--except the information that's in your head--
00:34:07.000 | and then get into a completely foreign country on the other side of the world
00:34:11.000 | and have access to some money, however much you happen to have in Bitcoin,
00:34:16.000 | have access to some money which can set things up for you.
00:34:19.000 | And that is a powerful, powerful tool.
00:34:22.000 | To me, that value offsets some of the volatility of Bitcoin.
00:34:29.000 | What I have found is whenever I have to fire sale an asset,
00:34:33.000 | all of a sudden you're really happy if you can just sell it.
00:34:36.000 | Imagine you have a gold coin, and here's my one ounce gold coin,
00:34:40.000 | and you're in a place where every--you can't--let's pretend that you can't present identification
00:34:44.000 | when you're trying to turn that gold coin into local fiat currency.
00:34:50.000 | And somebody says, "Okay, well, I'll do the deal for you,
00:34:53.000 | and I'll give you 70% of the value to do the deal, but with no identification."
00:35:01.000 | Then very quickly you accept it, because that's what's necessary.
00:35:04.000 | And so in that scenario, the discounts and things like that, the volatility,
00:35:09.000 | it's just part of the deal, so to speak.
00:35:13.000 | The other comment I was going to say earlier that I had forgotten was,
00:35:15.000 | as you mentioned, Gabriel, virtually every asset is based simply--
00:35:19.000 | the value is based upon what people want for it.
00:35:22.000 | There's really no intrinsic value in anything.
00:35:27.000 | We can--some things have a longer track record that we can assess the historic value,
00:35:35.000 | but at its core, there's really almost nothing that has true intrinsic value.
00:35:41.000 | Clearly, fiat currencies don't have true intrinsic value.
00:35:45.000 | Their value is based upon what they can be used for
00:35:50.000 | and the perception that wide varieties of people have for them.
00:35:54.000 | We see that right now with the strength of the U.S. dollar.
00:35:56.000 | It's incredibly powerful and strong right now,
00:35:58.000 | even though it's experiencing its own inflation, etc., which is eroding its value.
00:36:02.000 | But it's powerful and strong because people perceive the United States to be powerful and strong,
00:36:07.000 | and I think that's a right perception.
00:36:10.000 | We ignore the fact that the U.S. dollar itself has lost, what, 97% of its value in the last who knows how many decades,
00:36:17.000 | that virtually its value has been destroyed,
00:36:20.000 | but we say it's the best thing available to me right now.
00:36:24.000 | And even if you go to hardcore commodities,
00:36:27.000 | the value of a commodity is based upon its market price,
00:36:30.000 | but it's also based upon the perception of its value.
00:36:34.000 | So I continue to believe that Bitcoin is the best thing that we've got for an alternative system.
00:36:40.000 | And while I have my reservations about the real bulls of Bitcoin,
00:36:45.000 | I think it's the best thing we've got for an alternative system
00:36:48.000 | that severs the lines of control on payment processing,
00:36:53.000 | digital transfer of value among individuals, etc.,
00:36:57.000 | and that's a truly valuable thing.
00:37:00.000 | Yes, Josh, and it's come to the point where you start to ask,
00:37:05.000 | "Where am I going to have my wealth?
00:37:08.000 | Where am I going to put part of my money?"
00:37:10.000 | Because if you are in Britain, the pound has dropped by, what, 40% in the last year.
00:37:17.000 | 40%. That's a powerful fiat currency. 40%.
00:37:21.000 | Gold has dropped about 25% since its peak a year and a half ago.
00:37:26.000 | So we have all these things. All these things are dropping.
00:37:29.000 | So where are you going to put part of your wealth?
00:37:33.000 | Robert Kiyosaki says that he puts his money in bullets, gold, and Bitcoin.
00:37:41.000 | And he recognizes that commodities are important
00:37:45.000 | and that he doesn't know what's going to take off.
00:37:48.000 | And so it's simply a matter of saying, "Look, what are your other options?
00:37:52.000 | What are your other options at this point?"
00:37:54.000 | There are vulnerabilities everywhere you look in finance.
00:37:57.000 | And Bitcoin can be one small part of your portfolio if you want to do it that way,
00:38:03.000 | or it can be a part of your privacy and sovereignty strategy and a darn good one at that.
00:38:08.000 | Absolutely. I'll give you the other B because in the prepper world,
00:38:12.000 | they talk about beans, bullets, and Band-Aids and bullion.
00:38:14.000 | So there's the other B.
00:38:16.000 | Kiyosaki puts his money in bullets, bullion, and Bitcoin.
00:38:20.000 | So, yeah, it's exciting.
00:38:22.000 | And so I want to hasten as a financial planner to say,
00:38:25.000 | I believe that U.S. dollars should be a fundamental part.
00:38:29.000 | Even in inflationary times, cash is king.
00:38:32.000 | And so if you're looking for a way to preserve value,
00:38:35.000 | I think that the best currency that you can have right now is U.S. dollars.
00:38:39.000 | But you should always offset your dollar exposure with alternative currencies
00:38:44.000 | and even speculative currencies such as Bitcoin.
00:38:48.000 | Anything else, Gabriel, to wrap up?
00:38:51.000 | No, I'll just conclude, double down.
00:38:54.000 | Bitcoinprivacycourse.com.
00:38:56.000 | We have our promo code just for the month of October.
00:38:59.000 | Type in October on our website for $50 off.
00:39:03.000 | This will only last for a couple of weeks.
00:39:05.000 | So get in on this.
00:39:06.000 | It is, as we've said, the most radical personal finance decision you might ever make.
00:39:11.000 | And Bitcoin is not going anywhere.
00:39:13.000 | It's something that you need to understand.
00:39:15.000 | Why not start now?
00:39:17.000 | Why not get a head start on at least understanding this?
00:39:19.000 | We're not talking about putting all of your money into it.
00:39:22.000 | We're talking about understanding a thing that I've come to see as a phenomenal privacy freedom tool.
00:39:31.000 | And you should definitely have it in your arsenal and be conversant in it.
00:39:35.000 | Bitcoinprivacycourse.com.
00:39:37.000 | I'll add that even if you just do it as training.
00:39:40.000 | So from the world of prepping, I have--whenever people have asked me about, "What gun should I buy?"
00:39:45.000 | I'm like, "Yeah, go ahead and get a gun and here are some thoughts on it."
00:39:48.000 | But I think the most important thing that you can invest in when you're doing something new is usually training.
00:39:52.000 | And so that's true whether it's firearms.
00:39:54.000 | It's true whether it's food preservation.
00:39:56.000 | It's true whether it's investing.
00:39:58.000 | It's true in any case.
00:39:59.000 | The money that you spend on training and information up front will pay dividends down the road.
00:40:05.000 | In the privacy space, I have found the biggest barrier to privacy is knowledge and experience.
00:40:13.000 | Knowing what to do to achieve privacy in some particular area of your life.
00:40:17.000 | And then the experience of having done it.
00:40:20.000 | And there's a significant learning curve.
00:40:23.000 | First time around, you go and buy your first VPN.
00:40:26.000 | And then the VPN, you realize, "You know what? I'm not sure that that's actually a high-quality VPN."
00:40:31.000 | So you learn about a high-quality VPN.
00:40:33.000 | Then you realize, "I've created a vulnerability here with the trail between my VPN and my bank account or my credit card.
00:40:39.000 | Maybe I'll go ahead and see if I can get a VPN with a Bitcoin purchase or with cash, etc."
00:40:45.000 | Every stage of privacy involves a learning curve.
00:40:48.000 | Same thing with internationalization.
00:40:50.000 | I've done a lot of internationalization work to buy my freedom over the last few years.
00:40:55.000 | And there has been a major learning curve.
00:40:58.000 | And I'm so glad that I did it.
00:40:59.000 | And I can shorten the learning curve for other people now.
00:41:02.000 | But I needed the experience to learn the lessons.
00:41:05.000 | And the same thing applies with Bitcoin.
00:41:07.000 | If you want to transact in Bitcoin, buy Bitcoin, own Bitcoin, you need to do it and learn it.
00:41:12.000 | And then if you want to do it privately, you need to do it and learn it.
00:41:15.000 | And so if you buy our course, our course is not expensive, especially with a $50 discount.
00:41:20.000 | But what's more important is then to get started.
00:41:23.000 | And your first Bitcoin transactions, maybe, "I'm going to buy $200 worth of Bitcoin."
00:41:29.000 | That's never going to make you rich if it goes to the moon.
00:41:33.000 | But what it is going to do is it's going to allow you to start to have experience and to start to pay attention to the market
00:41:40.000 | and start to learn how it works, to transact a few things.
00:41:43.000 | And that experience can pay off in spades whenever you decide you're ready for it.
00:41:48.000 | That information, that experience is so, so valuable.
00:41:50.000 | So go to BitcoinPrivacyCourse.com.
00:41:52.000 | Use promo code "OCTOBER" to save $50 on the course until October 31.
00:41:57.000 | BitcoinPrivacyCourse.com.
00:41:59.000 | Thank you so much, Gabriel.
00:42:01.000 | Thank you.
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