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BITCOIN TO ZERO OR $1,000,000!!! Chamath Palihapitiya, Day of Reckoning

VIDEO TRANSCRIPT

And we’re alive, yes. Welcome to another episode of Good Morning Krypton. Here on Ivan Ontake, we are, of course, broadcasting life straight out of Stockholm, Sweden. And we do the show each and every day at 8 a.m. Central on Summerton. Yes, I come to like an atomic clock each and every day. Look, we have so much to discuss. Bitcoin breaking seven K. Also, we have this binary situation in Bitcoin. Either become super successful or it doesn’t become successful and it will be easy for governments to pursue it and to really try to take it down. So we’re going to have both bullish and bearish perspectives on the matter, because I think it’s very important that we covered the interest from Shamas, Bill IP Diop, Bill Uppity, sorry for butchering the name, but you know, this guy is one of the people who started Facebook. Since then, he has left this whole Facebook community and really started to work against them and saying how bad and how hurtful Facebook has become compared to original days. And now he is working a lot with technology. He is early bitcoin investor. And he basically has this idea that he either will go to a million or we go nowhere. And it’s so important to discuss because, look, the grandiosity of our plants are very big. The grandiosity over plants are huge. And we have to realize that that either we are successful or we’re not successful at all. There is no middle ground with Bitcoin, really, if you think about it, there is no middle ground. And many of you who are watching right now on islands don’t think that’s gone. Fleshlight Noel Redzepi, why it’s blagged, but because we couldn’t get the screens working. I told the guys here on I don’t think that Fleshlight is got to be saurus or rush out or something. They’re trying to mess with our stream. But you know what? It is Monday and nobody messes up my Mundus, not even the powers from from the establishment. And then all this creates I don’t have to fix them. Now, we do have some Mundie motivation from the Fed. And that’s the best thing about crypto in the bout and about the Internet. You have so many means, you have so amazing many Meemaw’s and many of them are so funny. So let me see if I can play to you. This basically fed pumping like crazy and the Powerwall is pumped. Obviously he’s pumped for action. And the. When I saw this, it will so find it. It’s also funny because it’s true. Whenever we have a new day, whenever we have a new a new week, we will see more action from the Fed and the look. If you watch this video, you’ll also also get the sound. I don’t want to use the sounds here, but there’s like Hardrock when he does it. And look, what’s important right now is to look at the bullish situation. We are very bullish right now. We are pushing 7 K, we are establishing quite well above it. And, you know, the 7 K has been this area of resistance. And if we can just establish ourselves above it, we might have a clear path to 8-K and above Bob. After that, I want to cover an important report about institutional adoption of crypto. Basically how Group 2 is right now performing in terms of institutional investors and wealth managers. And it’s very big and very important because we are growing a lot and at the same time we’re still so early. So there’s a lot of upside potential. Finally, I want to talk about Mr. Krystof. You know, many of you know him already. He’s extremely bearish on Bitcoin lately. I want to talk about it. He’s basically saying that, hey, just like Swiss bank accounts were shut down by the US and the Swiss bank account today, you know, is not the Swiss bank account. You add just that 10 years ago before the financial crisis, they changed a lot. How the Swiss bank accounts work because they had to comply with U.S. regulations. So we’re going to discuss this argument. That’s the same thing is going to happen to crypto. So Mr. Clifftop says it a lot and I keep reading his Twitter, so I want to comment on that. After that, we’re going to talk about maker Dow. We’re going to discuss some Fiat, programmable fiat, because you know that we have a lot of initiatives from all kinds of countries when it comes to building digital cash. And it has both to do with just national currency, but also just programmable fiat in terms of all for you not being able to do everything you want with the money. So, for example, if you have insurance and you get paid from insurance, they want to know that you’re not going to spend money on something else, that you’re actually going to go and buy a new car if the car crashed or whatever. Or if you get welfare, they want to know that you don’t go and buy something not useful with it. You buy food. Now, obviously, it becomes very totalitarian very quickly and we’re going to discuss it. So we have a few projects here I want to highlight to you in regards to this programmable fiat space. And basically governments trying to create money that they can program and they can really, really control. But that means, I guess, welcome everyone who is watching this. Like, how are you all doing? Welcome, everyone, on Idol Datacom Slash live. If you are watching on YouTube, you have already missed the livestream. We’re only we’re only left Schmoo. And I don’t take dot com slash live. Why? Because we’re taking this matter matter into our own hands. We’re not being some kind of vassals to some kind of platform. We’re only livestreaming. Here you have to go to Armenta dot com slash line right now. Subscribe. Their enablers enable delegate implications. If you’re watching here already. Just do it, dude. Right now, everything that I just told you. And welcome everyone in the chat. I see group to Yoda. Bernard Lee her fall as Latin forever. Krypto Vader. Guys, how are you doing, Michael? Gulp. Welcome, welcome, welcome, man. So amazing to see the chat. Really. The chat is amazingly, amazingly active today and that is exactly how it should be. What’s important right now is that we’re close to the having. Look, the whole situation with us jumping one order of magnitude with each hubbing can not be ignored, just like Plan B says. So Bitcoin has been oscillating about stock to flow value of seven thousand dollars for 2.5 years. SNAP. Now we’ve been around 7.5. Even when we went to 20K, you know, that stopped the flow really had a target of seven K. So we really overextended in 2017 18 we went to 20K. You remember that? And obviously we pulled back and now we been also seeing around 7 K for two and a half years. And just like before 2016 hubbing we were at three three hundred dollars just and before that we’re at six dollars. So as you can see, usually we jump one or two orders of magnitude from six to three hundred and and now from three hundred to seven thousand. So as you can see here, we basically did them and we add that that we went from once to hundreds like from single digit to hundreds, they would from hundreds to thousands. And probably this time around we’re going to tens of thousands. We’re doing another order of magnitude. And look at the end that we’ve got to have the end goal. And the end goal is that Bitcoin is significant part of the entire financial ecosystem and macro economics and everything in the world needs to have some kind of new reserve world currency like we discussed yesterday. All of this empires come and go. There is a world reserve currencies come and go. But but, but but what’s different right now is that we do have a united world in terms of commerce. We all want to trade with each other. It’s very frustrating when you have a currency that simply bans the full country because of sanctions or whatever is very frustrating for you as a merchant. I mean, why if you have a good that you want to buy, but you happen to be bored. You happen to be born in a country that is severely under sanctions. We cannot do business. And obviously the current currencies are being used for all kinds of political reasons. And therefore, the world needs a neutral, apolitical, a political mandate. And that’s going to be bitcoin or or we’re going to have the same issues we have today. We’re going to have the same problems. This Fiat experiment we’ve been handling for the past decades is coming to an then. And just like we’re speaking on by bit, we’re pushing seven thousand one hundred. So it’s doing extremely well today. Bitcoin now looking at the coin GEKO Web, the following situation right now we have bitcoin at seven thousand nine dollars on there by bit. We’re almost at seven thousand one hundred dollars. So as you can see, is being extremely, extremely bullish when it comes to future platforms and derivatives. While if you take average spot, we’re still just above seven K now. At the other top ten cryptocurrencies, we have the phone situation, a theorem, 0.8 percent up SRP zero point nine at Bitcoin, Casula point eight. So all in all, quite upwards. Quite amazing market, but nothing dramatic yet. We might see dramatic we might see dramatic moves once once this resistance really gets crushed and resistance is around seven K, but even though we’re above it, we need to close guys. We need to close the day above it. We’ve to establish ourselves. We need to basically signal to the market that, hey, 7:53 is in the bad guys. It’s in the bag and we’re ready to go higher. And if you’re chasing this, you can use by bit. So if you go and you check the link below, you will find bybee’s. If you’re watching on YouTube, you will see best crypto deals or best deals link. So click there. You’ll get there by bit link and you get free margins when you start there. And also you will find remix, remix and Vibert are very similar. But on Fenwick’s you can do gold, Lt.-Col and dazzles tracing and link trading. But on bybee’s you have more volume and you have more liquidity. So look, you got to have both at the end of the day because it’s good to diversify. So the advantage here is you get more coins and more assets. Advantage here is that you get more liquidity, but it’s good to try both. Now, once you start speaking sorry, once you start realizing the significance of the financial control that you and they are all being living under him, you simply go quickly to Bitcoin. I saw this news. I’m sure many of you have seen this. I’m sure many of you have seen this guy pleasant. GREENE A big YouTuber was talking about how Western Union banned him for life. So he was having a business working with Western Union. And just imagine this. This frustrates me the most. The fact that you have this unproductive business in old business, they have this unproductive pieces, pieces of old business. Don’t really do a lot. It is the payment providers. It is the payment processors that really are just shifting bits in their database. I mean, obviously the whole issue is that they do have their platforms built on outdated dinosaur infrastructure where they have to integrate with the banks. They have to have permission. They have to have all of these connections to even get started. Do you think if you sit at home in your underwear, in your living room, in your bedroom, do you think you can start the new PayPal or the new stripe, even if you’re the greatest programmer? You have the greatest programming experience and team. You won’t be able to do it. But but if you’re sitting in your underwear, you can start. Most of the businesses you could have started Google, you could have started Facebook, because it’s all about just building a product that works well here in the financial space. It’s a cartel. It’s a closed club. So there is no way to even enter it. All right. So that is the issue. You have this unproductive chains in the value chain, in the production chain. There are just taking out a percentage to rent seekers, by the way. So and it’s coming to mainstream now. People are getting tired. Do you think this guy would even speak about Bitcoin if he wasn’t banned from Western Union? No. And he mentioned bitcoin that bitcoin could be a good solution for his business. So at the end of the day, we are moving towards the situation where more and more people start to question. I mean, guys, do we even need all of you? You ban me. You are taking huge fees. Like many of them do, enormous fees. And so why do we need them? The issue is, of course, the situation with the with the customers. The customers are not really using Bitcoin yet. So does the issue for merchants. They’re not only forced to use all of these service providers because they are they are forced to to use the old banking infrastructure. They could use crypto. But it’s just that the customer the customer is not there yet. The customer is not there yet. Guys, we’re pushing 7.1. I seen the chat chat going. While you mind seeing that we’re pumping, we are doing that towards 7.1. Now let’s talk about Shamas. Sharma. Byerly. Happy to man. My amazing name. Amazing. Is it Indian or Pakistan or what is this, guys, if you know about this culture. Let me know in the comment section, in the chat. What kind of name is that? But Shamas Bilin Hoppity is a billionaire, right? He was one of the founders early employees in Facebook. He was one of the most important people in the early days of Facebook. And since then, he has shifted completely. You know, if you haven’t seen all of these videos where he talks about how social media is destroying us, destroying our lives, you should check it out. He has a very, very important video that people have made. Basically, they took different interviews from him and they they’ve created this video. And by the way, guys, in the chat, if you find that LinkedIn chat, I will share it on the screen. And if you all right now in the chat can find it. And right now, he’s also very heavy in Bitcoin. He has heavy bags. And his bags have been performing quite well because he bought at $80 and basically said that at one point he controlled five percent of Bitcoin supply. So we’ll see if that’s true or not. But all in all, he was on Pompe interview. All right. He was talking about the situation with Bitcoin and how we either go to 1 million or we don’t go anywhere. We either are successful. And success in our case means that we are truly, truly global. We are a reserve currency. We’re used as this neutral, apolitical power in the space or or probably if we’re gonna struggle a lot and we’re going to struggle a lot both when it comes to adoption. But when it comes to regulation, you know, it’s very easy to shut down something that is not successful. Imagine the Internet. Imagine how it is to shut down the Internet today. Impossible. People love the Internet. They use it every day. So success and wild, wild mass adoption is the only protection against the government intervention and against somebody tyrannically trying to ban your Netsch does the only prevention. Now, if you have a technology that gives people power, but it’s not really getting up to speed, it’s not really getting big. Then this, of course, very easy to shut down. So that’s kind of the way for bitcoin. Either we become big or or just like Mr. Kristoff says, like we’re going to discuss later on, this video is gonna be like with Swiss bank accounts that they’re going to try to do their best to shut them. But hey, Lizzie, let’s discuss it when we come to that topic. Now, what’s important is that he talked Shamas talked about the fact that we’re driving slowly, but we are driving towards a cliff and this cliff is inevitable. And obviously, he’s speaking about the monetary madness that has been going on right now for the past decades, if even since Nixon. Basically, this whole man has started with Nixon, removed the connection to gold and ended the Bretton Woods. So we’ve been driving slowly but surely towards this cliff, also known as day of reckoning. Really? That’s why I have it in the title at the end. Going to have a day of reckoning in the financial system. And then we’re going to drive much, much faster down that cliff or down that hill and at the end if we’re going to have a huge brick wall. So when you see all of this trillions being printed out of thin air, out of nowhere, we are driving down the hill. And the question is, when is that brick wall gonna come? And the really it’s a question that nobody can answer. If you don’t look at this close to, there is no way to re predicted. But you can look long term. You can predict long term, short term, who knows whether it’s going to be tomorrow or in a week or in a month. But long term, it’s inevitable if you really study it. For example, if you watch the channel, you know already a lot about what’s going on in the financial system. We’ve covering all kinds of topics every day. So that’s you guys. That’s very, very key. And so the path dependence for Bitcoin is if it looks like the basement is likely. So that’s the currency, the basement of dollar. It will really emerge as a flight to safety. And here he basically says this title, the title of this video that, look, it’s either zero or it’s millions. That’s where we’re going. And that’s what’s important to note, is that the chance of bitcoin succeeding has increased dramatically during the past weeks. So let him, by the way, zoom in on my face now that we are in the darkness, now that we have the screens completely destroyed by an unknown power. We’re going to do like this. So it’s a bit more intimate. So it’s a bit more direct. So it’s a bit more. More like this. OK. Yes. So you understand the following that with the everything that has happened during the past few weeks, we’ve seen an unprecedented increase in the success of Bitcoin in the potential of Bitcoin succeeding. So basically said in the article that that probability went maybe from 1 percent to now 5 to 10 percent. Can you imagine basically a ten x increase in probability of bitcoin succeeding because we didn’t really know how far we would go and how fast in terms of monetary policy and in terms of money printing. So that is exactly what’s happening. I see people in the chat saying that I have a halo. Yanga. So welcome to the evangelical church. Welcome to the evangelic church everywhere. That’s true. That’s true. Right, right. Right. So look, one digital currency is deemed safe by government. Bitcoin will move this shil book, Chiluba. That’s that’s for sure. That’s for sure. And it’s going to happen. The small countries, guys, the small central banks. They see the situation with the US dollar. They’re not liking it. They’re absolutely not liking it. And they see their opportunity, just like we discussed why the central banks will fall into Bitcoin. It’s just a question of time. They will formally in. To Bitcoin. You know why? Because they will see their opportunism. And at the end of the day, we will be having a game of musical chairs. It’s all about musical chairs. You don’t want to be the kid without a chair. It’s really some of the most traumatic memories many people have from childhood. You know, you’re playing this game of chairs and chairs are running out. There’s always one guy without a chair. You know, that you don’t want to be that guy. You’re trying to grab a chair as fast as you can. But it’s a good life lesson for the central banks because, look, once you have 1st central bank, it’s gonna be a small one is gonna be like Bermuda or some of the small ones. They get adopted first. They gonna move towards Bitcoin being in the reserves first. Why? Because they have nothing to lose. Look, they’re not incumbents. They’re not established. They’re not one of these banks that has already a lot of success. And they the guys like ECB, the Fed, they have most to lose while the smaller guys have most to win. So they will be the first one. And that is when dominos will start to fall. Then you have other banks like Bank of Japan also considering, hey, maybe we should buy a bit before the price goes up even more. And then it becomes who is the last guy, who is the last guy to get into bitcoin as a central bank? And there you have the musical chairs because the guy at the end, he will not get the chair. He will be buying bitcoin so high it will simply be impossible for him to get any kind of influence in the world with with that central bank. So, look, we are changing. We are changing the way manual works. We’re changing the way finance works. And it is inevitable. Yes, it’s inevitable. So I hope you understand now the reason why I have Bitcoin to 0 or a million is because, look, if we are here at 5 K still in 5 to 10 years, I think it’s gonna be easier, is going to be way easier for governments to take action because obviously they don’t want bitcoin. Obviously they don’t. There’s no way to shut down bitcoin, but it’s very, very possible to make it this weird thing that nobody wants to touch. And that’s so important that we really spread the education right now. And what’s good is that people are getting interested. We are in a very good trajectory and even big institutional investors are very interested in bitcoin. And that’s the next topic. Guess we’ll be talking about the institutional adoption of digital assets trading report. All right. That’s going to be the next thing. And how are you guys doing in the chat? Let me hydrate. Man, I need to call the screen guys so they can take a look. I need to call the screen guys. All right. All right. All right. You know, these screens, usually it’s like the screens on the airport. So I have to call the airport guys that do the screens for the airport to go in and fix it in the studio. For some reason, the first it seems like like the first screen that’s getting the signal is not getting it. I don’t know. Yes. They have been serving well for over two years. So that’s something I wish they lasted a bit longer. But look, what we’re seeing right now is the situation with Bitcoin being a digital asset that many serious traders look at and wealth managers. Thank you. Thank you so much for the compliment. Edward, nice haircut. Thank you. Thank you. Thank you. So what basically we have right here is a serving a research done by seeing me and Bitstamp and released this equity management intelligence that did it. But they did it inclination with some NCM me where they looked at what investors want. What is the state of institutional investing in Bitcoin? How is it going and what is the progress? Now, this is very important. I’m going to just talk about the important things. This is the most important thing in regards to to this research, and that is that there is a demand for bitcoin exposure, but there is not a lot of opportunities. So as you can see, you have Europe, North America and the AP Apex or Asia Pacific. Now, what’s important is that on this screen right now, we’re seeing adoption rate demand to broaden digital assets, scope and adoption rate relative to the demand. So basically the purple chart is how much there is demand to be exposed to Bitcoin as a wealth manager, as a serious investor. Now, the yellow line right here is the orange one. Is it how much you can actually do it? What kind of possibilities you have? And you see that in Europe, the demand is much larger than the possibility. Basically, there is so much more demand to invest than the industry can offer and open up in North America. The same thing. And in Asia, the same thing. So it’s very clear that there is more demand than we even have infrastructure to to handle right now. At the same time, you do have a lot of fears, a lot of concerns as well that still aren’t cleared. So number one concern for international investors is it is about security and the cost is the fact that you can be hacked. The fact that your custody might not be as safe as you think. And custody is a particular concern. And you can see this chart right here basically showing you all of the different concerns in this chart right here. Security of the exchange being the biggest one. Then you have counterparty risk with the exchange. If the exit scam or something happens or they get hacked, then concerns over custody. Basically the same thing, concerns over AML, KYC, not that big. By the way, concerns over a million ways it is there, but not that big. And finally, fear of reputational damage also. I mean, what kind of reputational damage? If anything, you will get reputation. You will lose reputation if you are too ignorant to even try. Bitcoin. That’s where you lose reputation because your clients, the clients that you’re managing the funds for, they’re going to come to you and ask, how the hell did you miss? Ninety nine million percent interest. I trust you with the money. What am I paying for? Nine million percent in bitcoin. And we missed it and we missed that asset. And I’m here with the stocks that have fallen 30 percent in the past month. And you didn’t take my money out of the stocks. And also you didn’t buy Bitcoin, which went up 9 million percent. That is how the customers are going to speak to their wealth managers. So it’s only it’s only one way forward for all of this wealth managers. It is to get exposed to bitcoin as soon as possible. And look, many of them are thinking in those in those patterns, of course. So here’s another chart, basically summarizing all of the different concerns. What’s important is also to ask yourself, what is the number one thing for all of these investors when they’re looking for a platform, when they’re looking for a platform to trade and to invest? Well, it’s not user experience. They actually care about that. They care about. Number one, liquidity. Number two, integrity and security, ease of connectivity. So that you don’t have to call to the traders. You can do everything in computer, for example. You don’t have issues with placing orders and so on, so forth. Thestructure, very important speed and performance. And then only then do you have user interface and user experience. So it’s not that important. The most important thing is obvious liquidity. So that is why you have Betamax. One of the ugliest exchanges on the market still being used a lot, even though they’re not very ethical in how they handle the situation to to to big extent. And even though they have not very precy why they have liquidity, that is basically the only thing they have right now. So they also listed the different exchanges like Bynum’s bith makes Bitstamp. What kind of exchanges are are people interested in? A bit makes. By the way, one of the hires because they have so much liquidity. So you see it’s still the liquidity is number one. You got liquidity. And the same is, of course, for digital assets. When you’re trading an asset, you want liquidity, but you also want volatility. You want to beat the volatility as well. So, guys, this is basically the report. And to conclude, I want to say this. I want to say this. We have a lot of opportunities and we still haven’t even started. So our survey suggests that the digital assets market is on the top of the cusp of significant growth. All right. From traditional trading firms, look, we’re still just on the cusp. On the cusp. Current adoption rates are relatively low, still low. People are interested. And 97 percent of all of the wealth managers that participated that are still not in crypto, they will reconsider within the next two years when they have better cars to do, when they feel more safe, they will reconsider. And 45 are planning to revisit the idea in six month or less. So, look, when they start when they come, it’s also going to be musical chairs. Really, Bitcoin is the perfect analogy for all of this musical chairs, because as soon as one of them gets into bitcoin, you see other all other Wolf managers, they all speak to each other. It’s a close community. They’re all networking. So you see a guy getting into Bitcoin. Another guy gets formal. He also gets into Bitcoin. It’s like this is this is usually invest in whatever startup, in whatever venture there is a friend invested in. They get formal. They get formal. Look, if you get formal, you haven’t seen the v.c formal yet, just like this. By the way, forward into old coins in 2017. But that was more Asia. That was more eastern. This is here. We’re talking about western and eastern like everyone. So you’ve got to understand, whenever they start, it’s going to be a very big inflow is gonna be a very big inflow because it’s once again game of musical chairs all over again. All right. So that was the second topic. We are on fire. For some reason, this screen issue gave me so much motivation to do this, a show with even more with even more intense energy. Man, it feels good. It feels good. It’s like I don’t like one little look. I wake up. I have my script. I have everything for bread. Then some kind of like small detail is not working like the screens. So like I saw it look, should we will have the screens for some reason. It looks kind of good with black as well. But yeah, they are here so we should fix them. But let me know how it is with only black. Basically black mold you get dark. Mold gets exactly like I like I saw you guys writing in the beginning. This is dark mold for good morning Krypto. Oleg’s as he means the screen. I know, man. I miss the screen, too. I mean, this green screen. No, no, no. Not green screen. Not green screen. I need this to do to feel premium. Look, I come here every day. I cannot come to a green screen that it looks like some kind of, you know, some kind of garage or something, some kind of basement. In this to be nice, to do nice screens. So that’s why I’m not doing green screen. I have done green screen in the past. I’ve tried. But it’s just that look, it’s I don’t feel like a professional when doing that. I need to feel like a professional. All right. Moving on, guys. Moving on. We’re talking about Mr. Kristo. Big shout out to Mr. Cristol, by the way. Go subscribe to his channel. I would like I would like to talk about his concerns about Bitcoin being regulated. And he’s very bearish. Look, if you read his Twitter, it’s very bearish. We’re gonna not really perform well, according to him in these times, especially because the government is gonna come after Bitcoin. So he’s saying that you guys remember that they tweeted a post a few days ago where I said governments will come after Bitcoin like they did with Swiss bank accounts, with Swiss bank accounts. And that’s happening right now as well. He’s saying because we saw this lawsuit yesterday that we covered on this screen. Look, have covered on this on the show. What’s. I’m thinking too much about the broken screens on the show. We covered this lawsuit yesterday. And he is basically saying that, hey, look, they’re gonna come. It’s a question of time. Elik, largely, largely. I do think that there is not a gun that can begin to regulate the gun to regulate like crazy because look at India and India. They tried to ban the central bank, tried to ban it. All right. And so when they did, what happened was that the Supreme Court stepped in and said that this is not OK. Look, this is a liberatory. You’re breaking liberties so you cannot ban bitcoin. But they can try of course, try to regulate it like crazy. Like crazy. So that’s what probably will happen if and only if we don’t have massive, absolutely massive success until 2030. That is basically the deadline that I set until 2030, because it’s like with all other tech there is disruptive that is making the establishment a bit uncomfortable. It’s way easier to shut down something small, something that has just a few users. And you can also say that they’re using it for illegal activities. It’s easier to sell the ban to the general population and therefore you have a limit on the amount of time to make this bigger, to make this worldwide. The good thing is that the guys over in the traditional financial industry, they’re helping us. They’re helping us the most. Themselves, by the way, the malls themselves. Because I think when you see stuff like this, like smart money and this is a project by its year to every and look, basically this is for insurance for insurance use case. I’m going to show it to you here. And they’re wanting to create Fiat. Fiat that is programmable in the way that when you receive a payment, for example, whether it is an insurance claim or whether it is that you receive welfare from the government, they want to be able to program it and say, for example, you cannot spend this money on anything except except food and the rent because you are on welfare. So you’re getting a welfare check. We want to ensure that you don’t go out and buy like, I don’t know, like some kind of leisure. You don’t go into vacation with that money. So when so when that happens, you will see people really feeling that Hema is digital payments. How can they do digital payments without without having all of this mess? And does Bitcoin? So does Bitcoin. That is open cryptocurrencies. Now we have another important, important development from the EU with European blockchain, the serious infrastructure also. Look, there are few use cases they really like. One of these cases is digital cash. Another use case is, of course, this whole programmable money for insurance or for welfare and for taxation, obviously, automatic taxation. And the third one is that that is the first one. That is the first one. Digital casualty program, welfare. And the second one is identity. So when it comes to identity, there is this project, Finzi, that seems to be focusing more on identity and that it is basically starting in Finland and began to have the financial sector and the industry sector altogether coming together and running a hyper ledger network. So know this permission based networks like hyper ledger, they can run their own their own permission ledger on which they going to try to launch this project with decentralized identities so that they instead of having your passport and your identity, just being in your passport is also on the blockchain. It’s also like everywhere else. And if you go to a hospital and you don’t live in the country where you have that hospital, they will still get all of your information because you have that identity. So they will be able to fetch that information associated with you from other from other hospitals, like, for example, for example, you get the point, basically. Sovereign identity, decentralized identity. So, look, gets a lot of things are happening. I’m going to pay more attention to everything that is going to be going on in this traditional space. Why? Because honestly, I didn’t think they would have so much going on. I did not think they would have so much. But lately, I’ve been speaking a lot with the corporate side. You know that one of our alumni is in our academy is the head of blockchain at Ericsson. So he gave us a lot of insight in about what they are doing and what they are working with. And they are working a lot with both open but also permission based blockchains. And so I’ve been speaking a lot with that side. And look, it’s more than you can expect. Obviously, it has nothing to do with the type of crypto and blockchain where we’re speaking about normally. But it’s important to keep an eye on. It’s important to keep announced the as head of blockchain at Ericsson, a multi billion multinational company. Our our academy is Leweni. You took the business master class and really, really became successful in the corporate world. And look, it’s our three is hyper ledger and ar3 core. They’re very big. And also you have all of discussed them all discussed. And projects like Finzi running on top of hyper ledger and or like smart money, which is kind of its own. It’s not necessarily that they’re eating even using blockchain. And all of this is still in the research phase and all of this is still super early. So we’re going to see exactly what comes out of this. But what’s important is that we do see McKinsey estimating that it’s going to be until 2023 that all of this corporate projects really start showing something that really go from idea to implementation and and the adoption in the traditional corporate space. So we’re going to keep an eye on delegates. It’s important. It’s important because, look, there are also opportunities there. If, you know, crypto and many of you guys, of course, want to go full time crypto. And this is kind of on the border, what is crypto and what is not crypto. But there are many opportunities. Look, it’s a multi, multi billion dollar industry just educating all of the corporates about about what it is and how it works. Now, it’s a hundreds, hundreds of billion dollar industry when it comes to the implementation space. But obviously, you got to ask the ethical question. I mean, what kind of future you want to see. So at the end of the day, what’s important is to focus to solve this, to solve this with open, permissionless and end global cryptocurrencies. So that’s key. Yes, that’s absolutely, absolutely mega key in our current environment. So I guess that is how that is. That was the topics I wanted to cover today. Also, we have another one, the bolt maker, which is also quite important, and the maker, Dow Foundation, basically want to remove themselves from the equation. On Thursday, they had this call where they discussed how is going to be. And the fact that they have different plans. So Plank one is that they’re going to have elected better paid contributors and they then make the improvement proposals. And all of this basically needs to remove the Maker Foundation from the equation. They basically don’t want to play a central part in the maker and die ecosystem. Why? Because we have a lot we have a lot to do in terms of decentralization. Make it that ecosystem could be even more decentralized if we remove if we remove the foundation. And also, I think it’s very good and very nice for the members of Microdot Foundation, because, look, they don’t need to be under pressure. They don’t have to be under pressure because they’re kind of the head of this big successful project. Like, for example, room Roon Christensen, I think is your vision or something room. Christensen I mean, obviously, he doesn’t want to be the face of all for this whole digital, digital, global, stable, quiet revolution without any central entity. So that’s why that’s why I think look, guys, I’m going to throw a quick text and I’m going to tell the guys who did the screens to to come as soon as possible. I want to do it right now because it’s 9 a.m. in Sweden. And I want just to make it fixed very, very quickly. And then we’re gonna do Q&A. So just give me a minute. To go do some push ups, guys. Got a five, five minute, 15 minute, five second push up. Let me just sit. Man, we’re going to get that fixed. Doo doo doo doo doo. Bird, OK. brotton. Perfect. All done, all done. Yes, let’s do it. We have the chat. What are you guys doing? Let me try one thing. I don’t want to mess up too much, but I’m just gonna do it as as an experiment to shut it on and shut it off again. So, yeah, I have the screen here. Yeah, it’s. Is it working? Not yet, anyway. Let’s do the Q&A. Yes, let’s work on that. How are you guys doing in the chat? It’s midnight here. Can you do push up to. Yeah, you can do tomorrow as long as you the bishop. It’s OK. You can do it tomorrow. Questionable statement. Be very, very careful. Careful. Taking the next step forward. We’re on the edge of a cliff. Well, I don’t know if you’re speaking about the current situation with with with the car driving down the cliff and the fact that we have a brick wall somewhere there down the cliff. But yes. Be very careful, guys. Decentralized, autonomous organization. Yes. That is the Dow. That is the day, though. What would you call the oral topic before you talked about maker Dow? Man, I don’t know, Nate. So what topic we talked about make Dow. And before that, we talked about the the Fiat, the programmable Fiat. You can call it programmable fiat. A corset. So nice. Thank you so much for doing this timestamps, by the way. And guys, if you wanted to timestamps, please check the link below. If you’re watching an amateur at the com slash live. You find this link to join timestamp group. So we’re gonna organize this a bit better in the group. Let’s see. I’m getting a beer belly again. Should go running around Fabricio. Is the lockdown on lockdown? It’s very difficult to not get a bit overweight. I can tell you that. But it’s important to work out. That’s what I’m telling you to do. Some pushups on mining. Ivan, you think it’s always interesting in 2020? Is it okay or too late? Well, it’s all about what you might get. You guys don’t only mind bitcoin. Go to what? To mine dot com and figure out what you should be mining. And you can input basically your configuration of mining and then you will get the different like coins you can mine then. Yeah, it’s it’s important. And you can input your your electricity and everything. But look, it’s a very small margin business. It’s not really it’s not really a quick return. You got to also be believing in the future of crypto. And the price appreciating in the future, if you don’t believe if you just want to mine and dump instantly, it’s not going to work out for you very well. Because in that sense, you understand that the market for mining is so efficient because it’s so easy. You literally plug it machine into the outlet and you start mining. So it becomes very, very professional very quickly. So you got to be investing a lot and there are many people also investing a lot. And there are all these smart merchants. People are trying to push the margin. They have a bit better infrastructure, a bit cheaper, cheaper electricity. But look, mining is a business with very small margins. And so whatever coin you pick, by the way. So the only thing you have is the price appreciation in the future. If you want to have like big rewards, it’s only if you believe that the prices are going to go up. And that’s the only way it makes sense to mine. That is why miners are mining at a loss. In many cases, they’re mining on credit. They’re mining on loans. Why? Because they believe in the future. And that’s why the hash power doesn’t go through the floor. When we have a bear market, then the and the prices go down, prices, hashrate still go up because we have better machines with better equipment, we have better A-6. That’s one. But also that the miners are just the for the future. They’re not really dumping a lot. So, yeah. Did you watch Pompe interviewing season? I didn’t. Not not lately. I think maybe in the past. Oh, man. Let’s see if the guys have answered. Oh, yes, they can. Yes, yes. Man, they can come quickly. That’s a good man. The screens. Oh, what’s up with the timestamps, Nikola? Well, we’re doing timestamps. That’s when people watch on YouTube. They can click around. Do you have non-native students who have joined your academy and become a blockchain manager? Yes, we do have nonnative students, for example. Look in our testimonials. Go check Asymptote out here that come and look, for example, of this video about Juleanna. He had not progams, she had no progam experience, joined the academy and now works full time as blockchain developer. So you can watch this full video, how you’re adding blockchain. Blockchain was very new. There was a lot of fundamentals because by the time I. Anyway. Anyway, you can watch the full video, go to kazimir down to the com. Also watch this one. I mean, this one is really a true sign of the success of our academy. I mean, we’re so proud for Joumanah. He works as the head of blockchain in the multibillion dollar Swedish corporation. Ericsson man. I mean, this is this is amazing. This is what we work for. My name is and Francesa and I belong to Ericsson. And I have the pleasure to lead the blockchain forward. For example, you know, when I started in anyway, say you can check yourself. Look, it’s a lot. It’s a lot. A global citizen. Ivan, what is hash bar? Look. Good question. Is the fundamental. Good question. Hash power is how fast we tried to guess the next block collectively. So look, when you’re minding, you’re basically guessing random numbers and you’re hashing that random number with the contents of the block you’re trying to put into the blockchain. All right. So what does this mean, hashing? It means that you run an algorithm that produces a unique fingerprint for that particular block together with the random number. So you need the unique fingerprint for this data collectively. Now, the network has certain rules that you to guess until you get a certain number or a certain fingerprint below below the threshold of difficulty. Now it’s getting a bit technical. You go to Kazimierz, that commu will learn the way better. But I explained to nontheless. So. So you understand that the only way to mine the block is to guess a bunch of numbers. And then each time you get a number, run this hashing algorithm that will produce a unique fingerprint. Until that fingerprint is low enough. That fingerprint is a number. It needs to be below a certain threshold. The only way to get it below a certain threshold is to just guess and run the algorithm again and again. There is no way to predict. There is no way to predict what kind of random number or the so-called nonce, like Vassily says, what it needs to be. You can only guess so. Each such guess and each such run of the algorithm hashing algorithm is basically a you run the hash. So you run their hash. Now hash rate is how many of this guesses we can do collectively as the network, like all deminers, everyone. How many guesses we can do per second. So that is that is hashrate. And look, it’s so big. I don’t even remember like what kind of fight you measure meant to do this. One hundred and thirty six quantrill and hashes per second. So this was in March like the second. So it’s not like the the latest ListString the late. So look we’re talking about quintillion s of these guesses and you understand that’s per second. That’s per second. All right. So you know that it takes six hundred seconds on average to produce the next block to produce because it’s ten minutes. We have ten mean blocks block time, man. Why is it not working? So this basically means that if you have the accurate is like it’s it’s around that number is around that number that we saw on Google. So it’s a what is it. One hundred and thirty six quintillion. That’s per second. Now you’re going to take one hundred and thirty six quintillion times. Times six hundred to get the average amount of guesses needed to to mine the bitcoin block. So it’s one hundred and thirty six quintillion. That’s the hash rate per second times six hundred seconds for ten minutes. And then you get the number of guesses need that the number of times we throw around short-run fifty six to guess the next bitcoin block to get that into the blusher. Nate please email contact that. I will take this call. Thank you so much. Truly appreciate you. I truly, truly appreciate you. OK. I guess that does it. That’s it. Quentin not Quantic. Quintillion. Quintillion. Thanks. Thanks. Are you planning to introduce economic or financial classes? Yes. That’s the next Caesar. Does the next thing we basically need to create the course that explains to Bitcoin from the perspective of the Bitcoin standard. So that’s that’s that’s a very important jimmying. That’s when Superjet, too. Man, I hope tomorrow. We’re so close. If you’ve visited the space yesterday, you already saw that we have it working like it’s working, but it’s still baijiu. But if you’ve visited like during yesterday in the evening, you saw that we had like Super Chesil read it, but it’s so close. Can you see a screen actually are on there just showing off exactly the full moon they’re on and we see a full moon. Ivan needs an economist. Well, we don’t. We need to do a course. Michael teaches a course on the Bitcoin standard, basically, and we need to produce it because it’s a very important course to get people into the mindset of the financials of Bitcoin where you’ll be able to do crypto showboat. Yes. And from the beginning. No, but Ververs soon. Yes. We have everything. It will. You gonna you gonna have like if you gonna have Tron, you gonna have look at enough. We’re gonna have bitcoin because then we’re going to have with zero confirmation or we’re going to have lightning. But man it’s easier with if we’re going to do if the first. Maybe we will do Tron. I don’t know, maybe if Justin some wants a stake in our chat he can purchase and we can do trump payments. I’m joking. I’m joking. Thanks, Ivan. You are the pope is the halo is the hill. Look, you’ve got to find some positivity in the in the situation of the screens going bananas and they are bananas. But I don’t. That’s the good thing, is that the airport screening guests are coming. Okay, guys, thank you so much. Thank you so much for being here yet again. Guys, if you’re watching this on YouTube. I don’t know what you’re doing. I don’t know what you’re doing, to be honest, because you got to go to. I don’t know that com slash line. You’ve got to subscribe right there. You see read subscribe button. You see ellerson. They bolt. You’ve got to press alerts. You’ve got to press stations for telegram. And when you’ve done that, then you truly join the evangelic church. Welcome to the evangelical church. Bob. But Emeritus, says Latham forever. Anyway, guys, thank you so much. I really appreciate that you made it so amazing Monday. Let’s get it started. Final motivation from from the Fed. Let’s see if I can get the sound man and the sound in this. Yeah. Let’s go, guys. Monday, motivation fund. Wait, wait, wait. You don’t see. You don’t see it. Let’s go, let’s go. Yes, yes, yes. That was the sound. I don’t know why it didn’t work. I don’t know why it didn’t work in the beginning. But that is basically the motivation for Gerald Fowler. Yes, yes, yes. Monday, guys, I see old tomorrow, 8:00 p.m. Central European Time. Have a good day and goodbye. Goodbye. Goodbye. Goodbye. Goodbye. This.

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