0:00

Come satisfy your appetite for wealth

0:02

with baking profits . Now

0:05

here's your host , mike and Brad

0:07

. Hey

0:11

, how's it going everybody ? Welcome to Baking Profits

0:13

. We're your host , mike , aka

0:16

D-Fy Donut , and I'm Brad aka

0:18

the breadmaker . And today we're going to dive

0:20

into technical analysis versus

0:22

news and take a look at Web 1.0

0:25

, 2.0 , and Web 3.0 . And

0:27

then wrap up about digital entities

0:29

. And if you'd like to , you can follow the crumbs on our socials

0:32

at Baking Profits , at

0:34

Bread Bites , at the Breadmaker , at

0:36

D-Fy Donut , and be sure to subscribe wherever

0:38

you get your podcasts . And today we

0:40

are drinking Blade and Bo

0:42

, is that right ?

0:44

Yeah , I'd probably put this in top five .

0:46

You really yeah . Not me

0:48

, man no .

0:49

It's got that like . It's like top ten . I don't know . You know

0:51

how some of those whiskies have that kind of like a pepper

0:54

kind of taste . You know what I'm saying ? Not

0:56

at all All right . Well , I guess I

0:58

can't go with that . Then I don't know , man , it's

1:01

got this weird sweet taste , but also this

1:03

kind of peppery , almost like a doctor

1:05

pepper , not like actual pepper , but like I don't

1:07

even know how to explain it . It's a weird tasting

1:10

whiskey compared to the ones we've had .

1:12

If I could give some feedback back to this company

1:14

. It was very hard to open this bottle . I

1:17

thought the key was like , oh

1:19

, okay , I just need to rip it open . Not

1:22

the case . I had to take a knife and

1:24

essentially cut at the top off .

1:27

Yeah , I mean , at the very least you went

1:29

classy with a butter knife , so I mean

1:31

the best way to do it .

1:32

You know I wasn't going to say it was a butter knife . I was

1:34

thinking crocodile dundee knife .

1:36

Yeah .

1:37

Wasn't that cool . It is what it is , but

1:39

anyways , yes , so we are going

1:42

to start today off talking a little bit about

1:44

technical analysis and how

1:46

news can interrupt this . You know , not

1:48

going to lie , this subject came up because of a

1:50

recent interaction that you had with someone

1:53

on Twitter and a few people . Yeah , I thought

1:55

this would make a really good topic and I think

1:57

a lot of people are , you know , maybe

2:00

not as informed of how

2:02

news impacts the market and how

2:04

technical analysis can be

2:06

traded alongside of news

2:08

. So you know , we really wanted to dive

2:10

into that . I know , just in case

2:12

you're wondering , like , what is technical analysis

2:15

? Technical analysis is just the breakdown of

2:17

what's happening on the chart . You're looking at

2:19

patterns , you know tracking momentum

2:22

and trend and volatility , looking

2:24

at the volume , and there's so many different

2:26

indicators that will help you

2:28

determine whatever you're

2:30

looking to determine on that chart . But when it comes

2:32

to news , let me hear your thoughts on

2:34

that .

2:35

Yeah , so to kind of , I guess , bring

2:37

everybody up to speed a little bit , that might be listening

2:39

is you know ? Essentially I

2:41

kind of had a conversation back and

2:43

forth with a handful of different people on

2:45

how you know news

2:47

is highly unpredictable in my opinion

2:50

. You know you don't really necessarily know what

2:52

or when it's going to come out and

2:54

how that's going to impact the markets . And

2:56

I had some you know back and forth with some people

2:58

online about how you can

3:00

essentially predict what's

3:03

going to happen with the market from a new standpoint

3:05

based off technical analysis . In

3:08

my opinion that is just like wildly

3:10

bogus . You never really know what's going to happen

3:13

from a news standpoint . You know even just

3:15

some stuff that's pretty consistent , like

3:17

CPI reports and PI reports

3:19

, and you know whenever Powell

3:21

has you know economic

3:24

conferences and speaking and meetings

3:26

and things like that FOMC meetings , even

3:28

just your traditional news you know . Recently

3:30

, kind of one of the areas that we were somewhat

3:32

debating was the XRP news

3:34

. You know it had one in a court hearing

3:36

and it sent XRP

3:38

through the roof . It sent the markets up . This

3:41

was probably about two weeks ago now and

3:44

my kind of argument

3:46

to this was you don't know that's going to happen

3:48

until it happens . So it's a reactionary

3:50

situation and I kind

3:53

of got into it back and forth on Twitter with some people

3:55

basically saying that they

3:57

, you know , were able to predict that this was going to happen , basically

4:00

from technical analysis , which I

4:02

call massive BS on in my opinion

4:04

. You know , don't want to necessarily call people

4:06

out and stuff , but at the end of the day , like it

4:08

calls into question their credibility . In my

4:10

opinion , if they have that kind of a mindset

4:13

because there's no way you can predict that

4:15

, if you're in hindsight , you could . I mean

4:17

, if I look at the chart afterwards on XRP , I'm sure

4:19

I could find some technical analysis related

4:22

thought or assumption that I've been like oh yeah

4:24

, if I had been looking at these specific indicators

4:26

, it would have indicated that XRP

4:29

was bullish and then in this case it popped

4:31

off and I would have been able to make money . But

4:33

I would love to see someone show

4:35

me that during a

4:37

CPI event or a PI event or

4:39

FOMC meeting or any news event

4:42

that they were ahead of it . Due to technical

4:44

analysis , I call 1000%

4:46

BS on that . Nobody's able to do that because news

4:48

is unpredictable . You could have a positive

4:50

reaction to a CPI

4:52

or PPI that is bearish and vice

4:55

versa , and it's complete

4:57

nonsense . To me , it's a kind of a frustrating topic

4:59

for me to talk about , because whenever anybody

5:01

tries to contradict me , I'm just so

5:03

like this is whack

5:05

that I can't even like take their opinion

5:08

seriously .

5:09

Yeah , I mean I definitely think news

5:11

impacts the market

5:14

in ways that it

5:16

is unpredictable . I mean , in some cases

5:18

there is that like the old saying , buy

5:20

the room or sell the news , like if you happen to

5:22

know . For example , let's say

5:25

, elon Musk was like you know what , in

5:27

the near future I'm going

5:29

to resign as CEO . It's

5:31

like okay , that message

5:33

is news itself . It

5:35

is going to create waves , but possibly

5:38

the resignation of him

5:40

as CEO on that day

5:42

maybe that will impact the market

5:45

as well , but probably not

5:47

as much as just the initial

5:49

shock of it all . And I think that's why

5:51

, like when the XRP situation happened

5:53

, or you get information

5:56

through you know FOMC

5:58

when it happens , right then , and there we all

6:00

find out about it at the same time , the

6:03

market is wildly

6:05

unpredictable . It's a flip of a coin for sure

6:07

.

6:08

Sometimes you can get burned in both directions too , Like

6:10

oh yeah , I mean a lot of times that that can happen

6:12

. So you know , if you take your example of Elon Musk

6:15

saying he's gonna resign from the position and

6:17

he announces that , basically

6:19

what other people are saying is you

6:21

know , let's just hypothetically say , in that scenario

6:24

, twitter goes up 10%

6:27

after he announces that . Essentially

6:29

, what the other side of the coin is saying , which I'm

6:31

disagreeing with , is they're saying that

6:33

I could use technical analysis To

6:36

have already been in a bullish

6:38

long position to prepare myself for that

6:40

kind of news , and I'm calling BS on that . 100%

6:42

, absolutely . Now like I said , hindsight

6:44

, you know , if he were to do something

6:47

like that and if Twitter were to go up 10% , I

6:49

could easily go back on the chart and be like

6:51

, oh yeah , you see , right here , this RSI

6:53

was down here and this was here and I could have , you

6:55

know , gone long at this point in time and you

6:58

know I would have predicted this correctly . But I

7:00

want to see someone in the moment Accurately

7:02

, consistently trading news based

7:05

off technical analysis , and I can almost guarantee

7:07

you nobody can do it , because it's bullshit .

7:09

Yeah . So what are you saying ? That

7:11

news will ruin technical

7:14

analysis .

7:15

Yes , in most cases . I believe so . I believe

7:18

TA is out the window when news is in play . You

7:20

can't really do much with TA

7:22

when news events hit

7:25

, like you know , if you have a specific set

7:27

parameters . You know , I know we've traded , you know

7:29

, in the past a lot on support and resistance

7:31

and sometimes that's worked really , or most

7:33

of time that's worked really well . But sometimes

7:36

when a news event happens , we might have

7:38

a bounce off support and we're like alright , this position

7:40

is going pretty well , and then news event may tank

7:42

the market , it may shed through support and then we

7:44

take a loss . In my opinion , ta goes

7:46

out the window as soon as that news event comes on

7:49

and for other people to say

7:51

or think that you know essentially

7:53

technical and you can predict the

7:56

way the news event is gonna go based off technical

7:59

analysis indicators 1000%

8:01

bullshit . Anybody that says that in my

8:03

opinion , I lose massive credibility on

8:05

anything that they say going forward after that , because

8:07

it's just like I can't even Wrap my brain around

8:09

how somebody could even think that way . It makes no

8:12

logical sense to me .

8:13

Yeah , I mean the way I see it is like , especially

8:15

around supporting resistance . It's a little bit easier

8:17

, but like if a price comes up to the resistance

8:20

level and it rejects over

8:22

and over again and you see that this is

8:24

, you know , maybe the highest high of the year

8:27

, or two year or maybe all time

8:29

. If a news event

8:31

occurs and it takes the price

8:33

above that , you have all this

8:35

evidence that says , hey , the prices come up here

8:37

dozens of times and has never

8:39

broken this , except this . You

8:42

know one little blip here . The

8:44

odds are that is gonna reject again and again

8:46

until something

8:48

pushes it up forward . And I Think

8:51

there's just so many people that are on that herd mentality

8:54

or that hold you know mentality

8:56

where it's like , yes , I have

8:58

to fully , 100% , dive into

9:00

this entire ecosystem , make

9:02

it my lifestyle and only Shield

9:04

this one product which I

9:06

got . A hand it to the XRP community

9:08

. They are excellent at that . Oh

9:11

yeah , these guys are rider dies 100%

9:13

crazy , all in yeah

9:15

, super all in and they talked it up during

9:17

the entire Downfall of it . I

9:20

don't own XRP . I don't

9:22

really know . I don't really done

9:24

much research on it to understand what

9:26

what is even happening . To me it's always

9:28

just been like it is what it is . You

9:30

know it's caught up in some litigation . I don't want

9:33

to deal with it .

9:33

Yeah , I mean from the XRP standpoint

9:35

. It's crazy the what people

9:38

think will happen to this thing

9:40

. You know it goes into a whole nother topic

9:42

of just like . I see people all the time oh

9:44

yeah , this coin's gonna be 10 , 20 , 30

9:46

dollars in the future . I'm like dude , god

9:49

damn it is trillions of market cap . Yeah

9:51

, it's looks like . Why are you so dumb ? But I

9:53

mean , even like a lot of people thought the

9:55

SEC news and go , oh , once XRP

9:57

, you know , wins this hearing it's gonna

10:00

overtake Bitcoin and stuff , I'm like dude

10:02

. I don't even pay that attention because I'm just like

10:04

you know , the XRP maxis

10:06

are just like I mean it's insane . It's like

10:08

, yeah , I don't even understand

10:10

it , I can't wrap my brain around it . You know that's

10:12

a whole another side topic . But yeah , just

10:15

from the TA side of things , it's just you

10:17

know , technical analysis is technical

10:19

analysis , fundamental analysis

10:21

is fundamental analysis . And then there's the

10:23

news factor , which is its own realm

10:26

of Having it's the wild

10:28

card and all of it fundamental in my opinion

10:31

. You use a lot of that for your long-term

10:33

plays and identifying the structure

10:35

and long jevity and long-term

10:38

viability of a company . And

10:40

then technical analysis you can kind

10:42

of use it in any way . You can use a short-term , midterm

10:44

or long-term Based off of you know

10:46

technical things and then the news is the wild

10:48

card piece , especially if you're trading

10:50

. You know short-term trades or small swing trades

10:52

or things like that news can disrupt

10:54

all of that Playing and unravel your

10:56

whole trade or make your whole

10:58

trade for you . But in my opinion , what ends

11:00

up happening and the reason people have this

11:02

, you know other notion that they can

11:04

predict a news-based

11:07

move based off of technical analysis

11:09

one is most these people look

11:12

at hindsight . They're not actually actively trading

11:14

and actively looking at it . So you

11:16

know , in my opinion , if you're telling me you're looking at

11:18

this in hindsight , you've already lost

11:20

me . Like I'm already out , I've tapped out . At

11:22

that point I'm like there's no point . You're not

11:24

doing yourself any favors by saying like , oh

11:27

yeah , if you would looked at this specific thing , you

11:29

know , last week you would have predicted this . Okay , it's

11:31

like I could have a hundred percent win rate on

11:33

all my trades if I look back and knew

11:35

exactly what was gonna happen before it Happened . Like it's

11:37

a freaking joke and I can almost guarantee you

11:39

I'll put anybody to test . I'd love to watch somebody

11:42

Consistently use technical

11:44

analysis prior to news

11:46

coming out and consistently have

11:48

a win rate . I bet most of them are sub

11:51

50% , at least probably in

11:53

the 30 to 40% range because , like I said , there's a lot

11:55

of times , especially with like CPI and

11:57

PI and those you know monthly

11:59

or weekly known events , you

12:02

get burned in both directions It'll go up

12:04

and then it'll go down and might go back up , or

12:06

vice versa , might go down and then go back up and

12:08

then down again . You get chopped up in all

12:10

kinds of ways that way . So I don't buy

12:12

anybody that can live

12:14

trade news Prenews

12:17

essentially based off of technical

12:19

analysis and consistently hit on it bullshit

12:22

.

12:23

Yeah , I totally agree . I think news

12:26

and how it interacts with the market has changed

12:28

so much over time . I mean think

12:30

about 20 years ago the

12:32

type of news that moved the markets

12:35

Versus the type of news that moves

12:37

the markets nowadays . We are so connected

12:40

to Everything that is happening

12:42

, so there are plenty of events

12:44

that occur Throughout all

12:46

the weeks , you know , every week

12:48

. That probably would have tanked

12:51

the market 20 years ago and

12:53

I think it's good and bad . It's good to have access

12:56

to all of this news , it's good to be

12:58

connected and it definitely helps us make

13:00

more informed trades , like when we can

13:03

go to a company's website , we

13:05

can look at their roadmap , we can see

13:07

the initiatives that they're putting forth

13:09

, and then we can , for example , like maybe they're

13:11

doing business in a Foreign

13:14

country . We can go to that country , we can see , like

13:16

, how is this business being

13:18

interpreted ? You know there are ways that

13:20

you can analyze your

13:22

investments that you could have never

13:24

done 20 years ago . But I

13:27

also think that there's just so much information

13:29

, so many things happening , that you know

13:31

it's weird , like sometimes big things

13:34

happen and the price barely does anything

13:36

or it does the opposite , and it really is a sell

13:38

the news type of situation or

13:40

, on the other hand , there's small things

13:42

that happen that just move the market

13:44

where you're like wait what ?

13:46

so to me , news is always

13:49

a flip of a coin yeah

13:51

, it's definitely the wild card and Just

13:54

overall trading analysis , that's

13:56

your biggest wild card is the news piece

13:58

. If you hear anybody saying that they can Predict

14:01

it based off of technical analysis

14:03

, I'd be running for the hills as

14:05

soon as somebody says that , because they have

14:08

no idea what they're talking about . But

14:10

you know , kind of going back to what you were saying about markets

14:12

and the news , and 10 to 20 years ago versus

14:15

now , I mean yeah , that's wildly different . The whole

14:17

way you receive news is so different now

14:19

, whether in the past it being a newspaper

14:21

or something like that . You got to imagine

14:23

how delayed that is . I'd also

14:25

be interested to know how delayed

14:27

the markets were to news events compared

14:29

to now . I mean , I think they're much more reactionary

14:32

now but it might be a smaller reaction

14:34

than what you would get 10 20 years

14:36

ago . But you know , people have information

14:38

at their fingertips now . All their trading

14:41

applications have news in them . You

14:43

use that like Twitter and stuff like that . You

14:45

can get push notification alerts and stuff like that . But

14:47

also think of the flip side of this , of like

14:49

think about the people that were like

14:51

privy to this news beforehand

14:54

. Do the upper hand that they had

14:56

10 , 20 years ago had

14:58

to have been insane from an insider

15:00

trading or like a Manipulation

15:03

side of things . I mean , I got to imagine people

15:05

that had insider information or news

15:07

preemptively from a company

15:09

or something like that that they worked for or you

15:12

know news publication or something like that . If

15:14

they were savvy Investors

15:17

or traders , I'm like dude . They probably

15:19

made fucking bank .

15:21

Yeah , I mean Nancy Pelosi

15:23

. How many times

15:25

have I dropped ?

15:26

her on this podcast need to have her on

15:28

as a guest so you can grill her .

15:30

Christ , that would be fucking amazing

15:32

. Yeah , yeah , I know that there's

15:34

a lot of places that people get news , you know I

15:36

. You brought up a good point . You can get it straight from your

15:38

exchange and while you're making

15:40

that trade you can get live news . I know for

15:43

traditional finance I get a lot of

15:45

my news through CNBC . I

15:47

actually get a good weekly recap

15:49

from stock toys . They send a

15:51

email out . I forgot about that

15:53

every single day , and occasionally

15:56

I'll happen to catch it and he gives

15:58

a pretty good summary of like what went down

16:00

, and they include crypto and

16:02

traditional finance in there , and

16:04

Sometimes it's , you know , like I'll

16:06

see something like oh , I didn't

16:09

know that this was gonna be a thing . Like

16:11

I mean , I learned about the I believe it

16:13

was the TD Ameritrade getting bought

16:15

out . Yeah , I think I learned

16:17

about that through one of stock twist emails

16:19

. But yeah , things like that newsletters

16:22

. You know there's a lot of crypto sites

16:24

that Cater to news . Curious

16:26

to know , though like where are you getting your news

16:29

from ?

16:29

I think my number one spot is honestly CNBC

16:32

. It's a little bit I mean , it's obviously a lot

16:34

of it less Crypto related , but

16:36

I follow them on Twitter . They have

16:38

a decent amount of sub accounts within

16:41

CNBC that are various things

16:43

that I follow as well and I feel like they

16:45

do a good job of just like , especially

16:47

on Twitter . I try and stay on Twitter and fairly

16:49

active on there pretty regularly , so they're

16:51

pretty good about like consistently posting

16:53

articles or information or whatever

16:55

it may be , based off market conditions or what's

16:57

happening in the market . So that's probably

17:00

one of my go-to sources . And then obviously , just

17:02

Twitter in general . Obviously , if , especially

17:04

if something's happening in the crypto markets , somebody

17:06

I'm following or somebody in my newsfeed

17:08

is talking about what's

17:11

happened or is happening in the markets

17:13

, and then it's easy for me to kind of spider

17:15

web from there into Searching additional

17:17

information on there , finding other people talking about

17:19

it , finding additional information about it . So

17:21

it's crazy how much , how fast you can

17:24

just like absorb a ton of information

17:26

. Now you know , in a matter of Minutes

17:29

. Yeah , through different , you know

17:31

various ways of gathering information , but

17:34

Twitter is my main source . But I would say , within

17:36

Twitter you , cnbc is probably my

17:38

main go-to .

17:39

Nice . Yeah , I mean I kind of think about

17:41

like is this a good thing really

17:43

? I know it is good for Making

17:46

more informed decisions , but overall

17:49

, is it good that we have access to all

17:51

this information ? Is it too much ? You

17:53

know , when you see those people who just learned

17:55

technical analysis really , and they have

17:58

like 50 Fucking indicators

18:00

on their chart , yeah , what the hell

18:02

paralysis by analysis right there

18:04

.

18:04

Yes , for sure .

18:06

I think about that all the time . It's like

18:08

maybe it's not so good that

18:10

we have this easy

18:12

access to so much news

18:14

. I mean so I've

18:16

mentioned this before but , like you know , sometimes I'll be just

18:18

be scrolling on Reddit . The

18:20

public , like , first off , got to be careful

18:23

with that .

18:23

Oh yeah .

18:25

I mean I'll just be flipping through the videos

18:27

and then boom , I just watched a homeless dude just get shot

18:29

in the head or something . It's like what the hell ? And

18:32

it's like do I need to see this ? What

18:34

is how ? It seems like everybody's recording everything

18:37

nowadays and stuff like that

18:39

has impact on news . Like I mean , there's definitely

18:41

been times where CEOs of companies

18:43

have been caught doing something that they probably shouldn't have

18:45

been doing and it was filmed about

18:48

and people were like you know what this is gonna

18:50

affect the stock price and

18:52

sure enough it kind of becomes

18:54

a self-fulfilling prophecy . So I

18:56

wouldn't be surprised if there are people who

18:59

are hired just to figure

19:01

out you know news about

19:04

these CEOs . Like track these people .

19:05

Oh , I'm sure , yeah .

19:07

Look at the things that are happening in this company and

19:09

see is there anything going down that would

19:11

impact it . I mean especially , you

19:13

know , on these higher profile companies . I'm assuming

19:16

everything that Elon Musk touches is like Heavily

19:19

, you know , watch at all times .

19:20

I'm sure , yeah , I'm sure they've got people watching

19:23

him and then they've probably got people on Elon's

19:25

side , you know , watching the

19:27

people that are trying to watch him , and you know

19:29

it's just a little cat and mouse game that they probably play

19:31

exactly .

19:33

We keep calling it Twitter . It's xcom

19:35

.

19:36

Well , is it ? Did they get the comm or I don't know .

19:38

Yeah , so he actually Started out

19:41

with , you know this he wanted to revolutionize

19:43

the banking industry . Right became

19:45

part of PayPal and they were xcom

19:48

and eventually turned to PayPal and

19:51

he ended up buying back xcom

19:53

after selling all of his shares and

19:55

PayPal to eBay and and

19:57

I don't think it was ever disclosed like how

19:59

much he paid for it , but I'm assuming

20:02

it was little and he's had xcom

20:04

all the way back since , but

20:06

I think is like late 90s

20:08

or so , wow , so he's been sitting on it

20:10

for a while .

20:11

That's crazy . I told some article about how

20:13

Facebook some how own

20:16

something x related , xcom

20:18

related or something like that that he's gonna have to try

20:20

and get , which I'm like him

20:22

and Zuck is gonna be a good luck

20:25

. Yeah , I was gonna say that's a situation

20:27

right there . But kind of going back to what

20:29

you were saying about the , you know , is

20:31

the amount of news that we get now Better

20:33

than what it was in the past ? And it's like I

20:35

think about that a little bit and I'm like I kind of

20:38

agree that probably is a little bit paralysis

20:40

by analysis because we have so much information . But

20:42

I think the bigger worry that I have , you know , as

20:45

AI and things like that come

20:47

along , it's like the potential

20:49

false news or Imitation

20:51

news or things that look real like how are we discerning

20:54

what's real and what's not going forward

20:56

? I think that's gonna be a challenge . I mean , if you think about

20:58

it , when Elon first Well

21:00

, not first , but early on in his

21:02

Twitter ten year ship you know he

21:04

had , he went when he first was allowing

21:07

anybody to get verified , basically if they paid

21:09

For Twitter blue he

21:11

had . I think it was like there was companies

21:13

or Companies that were imitating

21:16

other companies that were getting verified before

21:18

that company would and then they would tweet out

21:20

news . I remember I can't remember what company

21:22

it was , but it was a publicly traded

21:24

company and but it wasn't

21:26

the actual company , it was someone , some random

21:28

person that got verified with

21:31

a very similar Twitter handle

21:33

and then they posted out some bad news

21:35

about the company and the company stock price dropped

21:37

like eight and a half percent , like immediately . And

21:40

but it was just some random dude just making up some shipperity

21:42

account . Yeah , yeah , yeah , and that was

21:44

like even well , I wouldn't say it wasn't necessarily

21:47

pre chat GPT , but it was just

21:49

pre a lot of this like AI hype , and

21:51

I'm like , as this AI hype becomes bigger

21:53

and more sophisticated , I'm like

21:55

man , it's gonna be tough to sift through what's real and what's

21:58

not yeah , absolutely .

22:00

I mean the one thing that I worry about when

22:02

it comes to machine learning and the

22:05

basic , you know , artificial intelligence

22:07

that we know , like I mean not full-on

22:09

robotics or anything , but , you know , think

22:11

about it will know the spending

22:14

habits of the area you live

22:16

in , right ? I mean they already can determine

22:18

that , like , if I want to build a doughnut shop and

22:20

I want to put it somewhere , there are ways

22:22

for me to figure out that most optimum place

22:24

to put that doughnut shop . Well , now they're

22:27

gonna be able to figure out like , when

22:29

it , how much volume

22:31

is done on each

22:33

day of the week , at what period of time

22:36

and what is happening . Like

22:38

what are the Americans doing ? What you

22:40

know the Asians doing , like , is

22:42

there anything that are Common

22:44

similarities between they can start tying

22:47

all these things together and find these optimum

22:49

trade zones for Algorithmic

22:51

bots run by AI

22:53

to perform these trades . Because maybe

22:56

people are bored . I know so

22:58

many people that trade Robin Hood

23:00

, like I mean pretty idiotically

23:03

, but just like hop , I'm kind of bored , I'm gonna

23:05

see , fucking make five bucks and they just take a

23:07

trade and they watch it and then it's

23:09

like boom , they sell . You know , it's just like I made

23:11

five bucks and it's so crazy

23:14

and dumb and it usually works in

23:16

their favor because it's so small amount of money and they're not

23:18

Overthinking it . But I mean there's

23:20

gonna be a lot of people that are taking advantage of

23:22

you know in ways . They're gonna be influenced

23:24

. In ways I mean they might be influenced

23:26

to buy certain companies , like

23:28

, for example , let's say , you

23:31

know , the narrative for the AI

23:33

is to hey , let's promote Microsoft

23:35

. They can promote Microsoft

23:37

in so many subtle ways where

23:39

it's never Received as

23:41

a microsoft advertisement yeah

23:44

and they could be subtly getting into people's

23:46

brains and thinking like man Microsoft

23:48

is gonna be doing great things . I'm

23:50

gonna buy Microsoft Scary

23:52

.

23:53

Yeah , I mean I think that's a big challenge

23:55

and a big kind of roadblock for AI going

23:57

forward . I mean , they're already gathering

24:00

a lot of that stuff from you know . They're building

24:02

a profile on people based off their social

24:04

media habits and their internet

24:06

Habits and the what websites they go to

24:08

, when they go to those websites , how much time

24:10

they spend on those websites , things like that . I

24:12

mean , each person has a kind

24:14

of like web profile that's been built

24:16

by these social media companies and things

24:18

like that . That . They can just , you know , track you down

24:21

to a T and kind of mold what

24:23

you look at or what you're interested

24:26

in and influence those things . So it

24:28

is definitely scary and it's gonna be interesting what

24:30

the next like three to five years , look

24:32

like for sure , because , you know

24:34

, ai has a potential to do a lot of different things

24:36

, good and bad , as with anything . So

24:39

it's just a matter of like how

24:41

most people are gonna utilize it and how

24:43

easily it's gonna be able to

24:45

, you know , blend and identify

24:48

what's Factual and what's

24:50

not and what's real and what's fake yeah

24:52

, you kind of just segwayed into

24:54

like .

24:54

Our next topic of Discussing , like

24:57

the web 1.0 , is to web 3.0

24:59

and what you kind of described is a little bit

25:01

of the future of web 3.0 . But

25:03

I know this question comes up a lot . I've seen

25:05

it a lot on threads

25:08

. Actually People just wanting

25:10

to know , like , what the hell

25:12

is web 3.0 like ? What

25:14

was web 1.0 ? What was web

25:16

2.0 ? And you know I've actually

25:19

been engaging with these individuals

25:21

and kind of answering this question and

25:23

I know a lot of people have asked me

25:25

this question like in real life . But web

25:27

1.0 is like the

25:29

start of everything . Right , it's like little

25:31

to no interaction . It's sort of

25:33

like going to Amazoncom

25:37

and buying a book and that's

25:39

all you did is you bought an item and that

25:42

was it . That was all the interaction . Very

25:44

basic websites , web kind of 1.5

25:47

Introduced like chatting

25:49

, that's like the AOL . It's like okay , now there's

25:51

a little bit of inner , you know , interaction

25:53

between people and you

25:55

know I can chat with somebody , but

25:58

that's about all that I can do . Now

26:00

web 2.0 is where

26:02

things get a little interesting , because now in

26:04

web 2.0 you have the ability

26:06

to Like , for example

26:09

, leave reviews . Like now it's like I'm

26:11

purchasing a product and I'm Interacting

26:14

with it in a way that's gonna impact the

26:16

purchasing of other people's , like I'm

26:18

able to say this product is great or this

26:20

product is not great . We're able to create social

26:22

medias and , like you said , like social profiles

26:25

, for you know yourself , that is built

26:27

by companies and web 2.0

26:29

is sort of like where everything

26:32

that crypto is now was

26:34

kind of derived from . And

26:36

you know web 2.5 is like in

26:38

my mind is kind of like an uber , you

26:40

know you think about you open up an app and

26:43

you digitally order a

26:45

ride that physically shows

26:48

up , you can digitally

26:50

leave a review , and

26:52

it's got this built-in

26:55

machine learning into it . It's saying

26:57

like , hey , these are the peak times

26:59

, the cost is gonna go up , you

27:02

know , oh , you're near downtown

27:04

and it's close to the clubs coming

27:06

. You know Closing time

27:09

price to go up . So there is that

27:11

machine learning built into and that is

27:13

what web 3.0 is all machine

27:15

learning . And I think everything that you talked about

27:17

kind of ties into what

27:20

web 3.0 is that there are

27:22

Entities out there that are

27:24

mining us , like

27:26

we are the product right for

27:28

these social media companies and it's hard

27:30

to understand because everybody

27:33

uses this product for free . But how

27:36

often are you using it in a way that has

27:38

been official to yourself

27:40

. Like I know First-hand

27:42

, sometimes I get lost in the sauce

27:44

. I'm like 35

27:46

videos in on , like Instagram

27:48

shorts or something . Yeah , I'm like what am

27:50

I doing ? It's

27:53

scary .

27:53

I mean it and they're able to cater the content to

27:55

know exactly what you like and what is , you

27:58

know , peaking your interest and kind of Feeding it

28:00

to you so you stay on their platform longer

28:02

. So you know it's scary

28:04

and Beneficial at the same time

28:06

. I mean I think you know . I kind of wonder if how

28:09

many people are finding a Benefit

28:11

from it versus like an entertainment

28:13

factor . I would assume most

28:16

from a social media standpoint and from just

28:18

like a web standpoint in general

28:20

, it's more of an entertainment factor than

28:22

it is anything else . But I'm sure there's a lot of people

28:24

out there that maybe they use Tiktok

28:27

or Instagram or any of these other social media channels

28:29

and they're able to absorb a lot of information and

28:31

learn things that they didn't know before

28:33

or they can use in

28:35

their day-to-day life as an application

28:38

to things that make them Beneficial

28:41

. I know do one that was like

28:43

eye-opening to me I think your wife

28:45

shared it with me or something like that which

28:47

was this person that

28:49

showed how to hang a picture

28:51

frame by using like a piece

28:54

of Painters tape behind it and then you like

28:56

mark where the hole is and then you put the painters tape

28:58

up , make sure it's level and then the hole is already there

29:00

. Basically , you and you put it in and it's

29:02

like boom , it took me like dude . I started

29:04

hanging picture frames like a freaking

29:07

professional after that and it was like I

29:09

Think she sent my wife like a you

29:11

know , a two-minute tiktok or something like that and like

29:13

that kind of stuff is like okay , well , this just

29:15

saved me a shit ton of time from having

29:17

to hang all these stupid ass pictures you

29:19

know by and having to take

29:22

24 measurements to make sure it's hanging

29:24

correctly . And this little hack was

29:26

, you know , beneficial , which I know is kind

29:28

of a popular way to absorb social

29:30

media content now , but I would assume you

29:33

know 80 to 90 percent of it is pure

29:35

entertainment factor .

29:37

Yeah , I kind of got lost in this thought

29:39

the other night , but I was thinking

29:41

about the Like YouTube

29:44

and how much has YouTube hurt

29:46

the overall economy . Because

29:49

when I think of it this way , I'm like first

29:51

off I was thinking about it because I'm like man , I

29:54

have learned so much stuff on YouTube

29:56

. I haven't had to call out so

29:59

many people to do repairs on something

30:01

because I'm just like I'm gonna YouTube it and

30:03

I mean , obviously I have my own wall . But there are some

30:05

people they're like I'm doing everything

30:08

myself and this whole

30:10

you know , diy like

30:12

movement Just kind of came

30:14

about . Everybody's refinishing their house . I just

30:16

refinished my kitchen . It's like how

30:19

much money are people saving ? That

30:21

was pulled from the economy . And

30:23

also , on top of that , think

30:25

about all the time that is wasted

30:28

Sitting and viewing

30:30

YouTube . Imagine you go back

30:32

to the 1700s and

30:34

you're telling people like , oh yeah , I sit in

30:36

front of a tiny little rectangle

30:38

for For five hours

30:41

a day .

30:42

They're like wait what ?

30:43

like ? I'm sure every minute

30:46

of their day was packed

30:48

Just to survive . So

30:50

I'm like now we've grown as a

30:53

you know culture and economy

30:55

, but we have people that are just

30:57

literally wasting their lives in

30:59

front of this for no reason . We

31:01

also have other people that are

31:03

making money off of that . In

31:05

a weird way . It's just like , oh , I get to

31:07

sit here and kind

31:10

of like , how are they contributing to society

31:12

? You know what I mean ? It's kind of weird

31:14

thing to think about .

31:15

Yeah , I mean , I think it definitely goes both ways

31:17

, because it's like , okay , yes , there are companies

31:19

out there your handyman companies and

31:22

stuff like that that maybe get impacted

31:24

by the people that are just

31:26

like you know what , I'm just gonna watch a YouTube video and figure this

31:28

out myself , but then on the flip

31:30

side of that , the person that made the YouTube videos probably

31:33

making money . So it's like the money is

31:35

still exchanging hands . It's just exchanging

31:37

hands in a different way than

31:39

it's less traditional way of money

31:43

transfer .

31:44

It's going , instead of the handyman , it's going

31:46

to the YouTuber , yeah , the YouTuber , yeah

31:48

.

31:49

They're making money on the

31:51

video that they have , or the

31:53

ad revenue or whatever it may be that

31:55

they've generated from that video and

31:58

rather than going to the handyman

32:00

and then so like , but it's great for the end

32:03

user , because the end user is getting

32:05

this completely free . So it's

32:07

like , you know , it's like , okay , well , yeah

32:09

, the handyman potentially loses a little bit

32:11

of money . On their end , that money gets moved over

32:13

to the content creator , but then when

32:15

it funnels down , instead of the user paying

32:18

the handyman , they're getting the content

32:20

from the content creator for free , but

32:22

then the content creator is getting paid from

32:25

the Glamorant of YouTube . So

32:27

it's an interesting funnel because

32:29

, at the end of the day , I would assume that

32:32

the user is the

32:34

beneficiary of everything because , they

32:36

don't have to pay the handyman , they don't have to get overpriced

32:38

or potentially price couched or you

32:40

know whatever , or even just pay out of

32:42

pocket for this , and at the

32:44

same time they're kind of more or less learning a new

32:46

skill that they could potentially apply in

32:49

future uses . I know , dating

32:51

years and years back , I know it's a pretty simple task

32:53

, but I had to learn

32:55

how to install a fan in

32:58

one of my rooms and I

33:00

watched a YouTube video on how to install a fan

33:03

. I installed it . It worked fine . And then

33:05

I moved into this new house a year and a half ago and

33:07

there was three bedrooms that didn't

33:09

have fans and I wanted to

33:11

have fans in each one of those rooms . So I bought three of the same

33:13

fan and I was able to install it in all those

33:16

rooms without having to really watch a video

33:18

or anything like that , because it's kind of like I've been there , done

33:20

that , whereas if I hadn't watched that YouTube video

33:22

probably would have paid a handyman to

33:24

install that fan and then , when I moved to my new house

33:26

, I would have paid another handyman to pay it to install three

33:28

more fans , which you're

33:30

looking at . Hundreds and hundreds of dollars that I

33:33

essentially saved and I learned a skill

33:35

on how to install a ceiling fan .

33:37

Yeah , it's so weird that this is a

33:39

career for people because again

33:42

, I just think going back to like

33:44

early 1900s and you're like

33:46

you got factory workers

33:48

, you've got Wall

33:50

Street , but even was probably a foreign

33:53

concept to them . But now it's like

33:55

, what do you do ? Oh yeah , I just

33:57

I'm an influencer or what

33:59

. I make videos . I sell what . Do

34:01

you sell Nothing ? I sell nothing

34:03

. I sell air . What .

34:06

Yeah , I mean , I kind of like

34:08

it in my opinion . Honestly , I think it's nice that

34:10

you as a person can

34:12

just like take whatever skill

34:15

you may have and apply it

34:17

and find a way to make money out of it , rather

34:19

than being forced to go the nine to five

34:21

route or forced to

34:23

work a factory job or something like that , just

34:25

to pay the bills . It's like , okay , well , I've

34:27

got so many different ways in this

34:29

, like gig economy , to make money . This

34:32

is why I feel like just about

34:34

anybody , if they have the work ethic

34:36

for it , can make money

34:38

, and it's more of a will

34:40

issue than a skill issue , in my opinion . If

34:43

you want to do it , there's ways to

34:45

do it . If you don't want to

34:47

do it , or you don't want to have the work ethic

34:49

to do it , well then you're probably just gonna

34:51

be one of those people that just sits around and complains about

34:53

not having enough money . But at the end

34:55

of the day , every single person out there if

34:57

they want to make money , there's ways

34:59

to make money , and this time and this age

35:02

that we're in right now is the easiest

35:04

way to make money for to

35:07

do whatever you want to do , then

35:09

it's ever been in

35:11

the history of mankind , in my opinion .

35:13

Oh yeah , and then it seems like the more niche

35:16

you are , the more effective

35:18

you can be . I mean , do I think about some of the coolest

35:20

videos that I've watched , like they're

35:23

the most random things ? Like I watched this one video

35:25

about bow fishing and I'm I

35:27

don't know the way the guy was explaining it

35:29

, the way he was doing it I was like , oh , this is kind of cool

35:31

. And I realized like I've been watching this for 30

35:34

minutes and it's where me and my

35:36

kid we watched this one guy . He builds these

35:38

things in the jungle and he builds

35:40

like these structures , like these , like little

35:42

mini castles , and then

35:44

at the very end he puts like kittens in them but

35:47

he has like motes and draw bridges

35:49

and like that's cool . Yeah , I mean

35:51

it is cool and he builds it out of clay

35:53

and just brush and all things

35:55

Like there's this one guy , he makes these ant

35:57

farms that are like I

36:00

don't know if it's sand or what , but he builds like a little

36:02

ant city and then he like puts all these ants

36:04

in them and you're just , but it's just

36:06

stupid as shit . But

36:09

it's like it's sucking them my time , it's

36:11

sucking up my kid's time and it's like , wow , okay .

36:14

And you know if it's sucking up that time , at

36:16

the end of the day , that dude's getting paid .

36:17

Exactly , and I see the views

36:20

on it and I'm like , oh , I mean , it was probably recommended

36:22

in some form or fashion to us .

36:24

So which means it's got a good bit of a following

36:26

or views already .

36:27

Yeah , and that's . This is essentially

36:30

what you know web 3.0

36:32

is . It's a . Pretty much Digital

36:34

economy , and part of the digital economy

36:36

is content . Content is a currency

36:39

and you know , it seems like everybody

36:42

I mean , I guess , technically everybody is

36:44

a content creator . We're all creating

36:46

our own thoughts in our head and as soon as you write

36:48

that out and put it on social media , it's like you

36:51

have a voice , it is being heard

36:53

and you know . What's scary

36:55

is and I think this is where

36:58

things can get dangerous is the machine

37:00

learning and the algorithms . Part of it . It's like now

37:02

, especially like in social media and Facebook

37:05

, it's there are algos at play . You

37:07

know , for narratives , like we've

37:09

seen it in elections , where the narrative

37:11

is one presidential candidate

37:14

over another . We've seen it , you

37:16

know , with how COVID

37:18

and some people feel like COVID was blown out of

37:20

proportion because of such stuff

37:22

like this . So I think that while there's

37:24

so much good to it , there's a dangerous side of

37:26

it . And another big part of web

37:29

3.0 that is tied to it is

37:31

crypto . You know it's like it's just digital

37:33

currency . It's this peer to peer exchange that

37:35

really is never

37:37

seen before , like eBay

37:39

is a good example of a web 2.0

37:42

peer to peer , because it's like you're using

37:44

eBay to sell one thing to

37:46

another person . But as soon as you

37:48

go web 3.0 , it's like

37:50

you and I . There's

37:52

no middleman , it's all decentralized and

37:55

it's me and you sending money anonymously

37:57

.

37:58

Directly to each other .

37:59

Yeah , and we're interacting with services

38:01

that are created from thin air

38:03

and we're using , you know

38:06

, advanced mathematics and the baby

38:09

stages of AI to really

38:11

guide it further . But I mean , I know eventually

38:13

there will be a 4.0 . It's like

38:16

what the fuck is that ?

38:16

Yeah , I mean , I feel like we're not even

38:19

far enough into web 3.0 yet to even

38:21

get past what that is and what

38:23

you know , web 4.0 is

38:25

. I don't even think everybody's fully wrapped their

38:27

head around and obviously embrace web 3.0

38:30

. It's not even , you know , it's definitely

38:32

not mainstream yet . We're still a ways away

38:34

from mainstream web 3.0

38:36

. But , yeah , I'll be interested to

38:38

see what the future holds and what everything

38:40

ends up looking like once the

38:43

adoption , you know , comes into play . But

38:45

I think crypto is going to be a massive factor

38:47

. I mean , in my opinion , whenever I think of web 3.0 , I'm

38:49

immediately thinking of crypto and that's , in

38:52

my opinion , most of what web 3.0

38:54

is made up of . So it's just a matter

38:56

of how long is it going to take for that

38:58

mainstream adoption to take place ? I

39:00

was telling you a little bit earlier , before we did the podcast

39:02

, I saw a coffee shop

39:05

that I don't even know where it was I think it's

39:07

in the US that specifically

39:09

was taking USDC as

39:11

one of the only forms of payment that they would

39:13

accept at the coffee shop . You go into the coffee shop

39:15

strictly crypto and you

39:17

could , you know , scan with like

39:19

a coin base wallet account or something like that

39:21

. You type in the amount , pay it . There was no

39:23

gas fees , no nothing . It was

39:25

quick , instant transactions and

39:28

you were able to grab a cup of coffee , hang out at the cafe

39:30

. Pretty cool to see that in action

39:33

. I guess Haven't really seen much of that

39:35

take place just yet from a crypto

39:37

standpoint . So cool to see that , and I think

39:39

that's just the beginning of kind

39:42

of what web 3.0 can be .

39:44

Yeah , it's . I mean , a big part

39:46

of it is the digital entities that we were talking

39:48

about at the beginning of the episode , and I mean , I know you

39:50

got a Palo ID , which I'd

39:53

love to explore here , but you know , as

39:55

you create these digital

39:57

entities of ourselves , these digital identities

40:00

, we have spending patterns

40:02

, we have tone , you know things

40:04

like businesses can use this

40:06

as a new version

40:08

of what a credit score is and they can say

40:11

, hey , you know what ? I don't really like how this

40:13

person interacted with these people on Twitter

40:15

. That doesn't seem like someone who'd be a good

40:17

fit for our team and I think

40:19

a lot of older people

40:21

don't consider any of that

40:24

.

40:24

And definitely not .

40:25

When they're going online and typing . Most people probably

40:27

don't consider it , let's be honest , but the younger generations

40:29

, I think they do kind

40:32

of consider it a little bit different . They consider it one

40:35

.

40:36

It says part of their interactions .

40:38

Yes .

40:39

Whereas I think older generations is like there's

40:41

a disconnect . There it's like I'm my person

40:43

and then online I'm this person

40:46

essentially . Not quite like a catfish

40:48

situation , but kind of

40:50

it's like they're two different identities , where I think the younger

40:52

generation is just like they've grown up with

40:54

it , so it's like whatever they say on the internet

40:56

is an extension of themselves , whereas

40:59

you know the older generation . I think

41:01

they're almost like two separate entities

41:03

.

41:04

Yeah , I mean it's like the avatar situation right , If

41:07

you're still human , but you're also this

41:09

avatar while you're the avatar .

41:11

Yeah . And it's the same as going

41:13

online and reminds me of the show that

41:15

I've been watching , this upload show .

41:17

That is pretty cool I don't know .

41:19

I've been watching it pretty religiously . It's all right , it's

41:21

not . It's kind of this like dramedy

41:23

type of show . It's decent , but yeah , it's

41:25

kind of like that . It's basically essentially like futuristic-ish

41:29

and it's basically how this you

41:31

know dude dies , essentially , and

41:33

they have this situation or

41:35

program called upload and you can basically

41:37

upload yourself and do a digital avatar of

41:40

yourself and kind of have like your own

41:42

afterlife and people from

41:44

your day-to-day life can interact

41:46

with you in your afterlife avatar

41:48

. But yeah , anyway , I think it's just

41:51

kind of one of those things where you

41:53

know the younger generation , it's definitely

41:55

their social media interactions

41:57

and the things they do on the internet is

42:00

definitely a full-on extension of

42:02

themselves , extension of their personality , extension

42:04

of who they are . Where , I think the older generation

42:06

, there's definitely a disconnect in between the

42:08

person that you interact with online

42:11

versus the person you talk to in person .

42:13

Yeah , I mean there's a lot of Twitter Handlers

42:16

or you know , like watcher guru for example

42:18

. Like if that guy was like oh hey

42:21

, everybody , my name is Ben , no one's

42:23

gonna call him Ben , they're gonna be like watcher guru

42:25

. You know there's people who have taken on those

42:27

pseudonyms , that kind of just they

42:29

take on their online personality ?

42:31

Yeah , exactly .

42:32

That's just who they are . But I

42:34

didn't want to talk about the power thing , because this

42:36

is interesting . So I guess , just tell

42:38

us about what the heck this is and how

42:40

you got it .

42:41

Yeah , so I got an ID ID

42:43

from a country of

42:46

residency which called Palo . The

42:48

website is rnsid . It's

42:50

pretty interesting concept is essentially a

42:52

country that offers

42:55

a digital residency ID

42:57

within their country super crypto

42:59

friendly country and essentially you can apply

43:02

to become a resident of

43:04

Palo and when you

43:06

get their ID , you get a residency

43:09

ID as a resident of that country

43:11

and essentially some of the benefits

43:13

that you get from this is it allows

43:15

you to potentially KYC Yourself

43:18

within certain exchanges . So I've

43:20

tested this out on quite a few exchanges . You

43:22

know the main ones that's worked really well on is I

43:25

was able to get KYC with big get . I was

43:27

able to get KYC'd with Coo-coin

43:29

. I was able to get KYC with by bit . Some

43:31

of the ones I couldn't get it worked to work on . Some

43:33

people did say they got it To work on Binance . I'm not exactly

43:36

sure how they were able to get it to work on Binance . I really

43:38

wanted it to work on Binance , but

43:40

I could not get the ID

43:42

to work on Binance . They were Binance

43:45

. Every time I was going through the KYC

43:47

process with Binance they were requesting a passport

43:49

and not an ID , so I couldn't get past that one

43:51

. Okay , x was another one that I couldn't

43:54

get on . Being X was another one

43:56

that I couldn't get on being X . The main

43:58

reason I couldn't get on them was because they didn't even

44:00

like whenever you go to KYC

44:02

and you click on the drop-down options . They didn't

44:04

even have Palo as a country that

44:06

I could select , so I'm gonna kind of scratch that

44:08

one right off from the beginning . But it's cool concept

44:11

. It's essentially you do have to pay for it . It's

44:13

a yearly renewal of your residency

44:15

within the country . It's like 250

44:18

bucks , so not cheap

44:20

, but not super expensive . You break that out

44:22

over a 12 month time frame . You know it's not

44:24

a ton of money . At the end of the day is like 20

44:26

bucks a month essentially . But yeah

44:28

, it's a really . It's a really interesting and

44:30

it's interesting these countries do

44:32

this kind of thing . In my opinion , it's great for the country

44:35

one . They're generating income to

44:37

their offering crypto services

44:40

and they're kind of accepting that web 3.0

44:42

Future mentality

44:44

. In my opinion , they're kind of like seeing around corners

44:46

a little bit and identifying like hey

44:48

, you know this is pretty popular , this could potentially

44:51

be a big thing for us , and if they hit on it

44:53

early , you know it could be a big boom for

44:55

their economy within their specific country

44:57

. So it's an interesting concept that they've

44:59

built out within their country . And , you

45:02

know , something I'm interested in kind of seeing what the

45:04

future has in store . Obviously , I'm

45:06

kind of invested in them at the moment

45:08

through my digital residency . It's

45:10

been a benefit to me just by being

45:12

able to KYC with some of these exchanges . So

45:14

there's a lot of other perks that they offer . They offer

45:17

, you know , discounts on hotels and

45:19

you know , I think you can use it as an ID

45:21

for different websites and Memberships

45:24

like Costco and stuff like that . So , like

45:26

I said , pretty interesting concept , pretty unique

45:28

, unique idea . I'm interested to see how

45:30

this idea evolves over the future

45:32

and what the country itself

45:35

does with their , the

45:37

amount of crypto friendliness they have , you

45:39

know , currently going for them .

45:41

Yeah , so couple questions

45:43

here . Did you get a physical ID ?

45:45

Yeah , yeah , so you start off with a digital ID

45:47

. Once you , they'll ask for all your information

45:49

I think it was like name , address , birthday

45:52

, stuff like that though you also have to upload

45:54

a picture of yourself to put on the ID , and

45:56

then it goes through their government agency

45:59

and Then they'll let you know once it passes

46:01

. Once it passes , you get a digital ID . You

46:03

can't use that , though , for like KYC

46:06

or memberships or anything like that . But

46:08

once you get the ID , you

46:11

can then , or once you get the digital

46:13

ID , they usually send you an email , probably

46:16

like two weeks later . I mean is a semi lengthy

46:18

process . I probably applied probably within

46:20

about two weeks I got the digital ID

46:22

and then , once I got the digital ID , it

46:24

was probably about a couple days later and they let me know

46:26

my physical ID shipped and then it was probably

46:29

about two-ish weeks to get the physical

46:31

ID . So I probably put it at about four

46:33

to six weeks total process from the moment

46:35

that I signed up to the moment I actually

46:37

got a physical card in the mail . It was probably

46:40

about a month and a half .

46:41

Not too bad . So I was kind of cracking

46:43

up over here thinking about

46:46

this . But have you tried to go and

46:48

use this ID anywhere

46:50

locally here in Austin Texas ?

46:52

I have not . I don't even really know

46:54

where it would be applicable . I'm

46:56

like I kind of was thinking about . I was like we should

46:59

just like go out For a night

47:01

and just go bar hopping and I just want to see

47:03

if I could just hand them my . It's

47:06

gonna say Republic of Palo on

47:08

it . I mean , it has my date of birth on it

47:10

and that's . Fuck yeah

47:12

they're gonna be like where is this guy from

47:14

? And then they're probably gonna be thrown

47:17

off because I just talk like a Normal person

47:19

and I don't have any accent or anything

47:21

. So I'd be interested to

47:23

test it . I should have like , whenever I went to go pick

47:25

up the alcohol today , I should have brought it and just

47:27

brought as my identification , for

47:29

I mean , at the end of the day , it has my date of

47:31

birth on it . So I'm like yeah . I

47:33

would assume they just look at the date of birth . They'll be like , oh , this guy's

47:36

over 21 . All right , and then just let me in

47:38

. But I wonder

47:40

if it would turn any heads and be like Yo , what

47:42

is this ? I'm sure Like

47:45

a bouncer . They've probably never seen that thing before

47:47

and they're probably look at that . I'm like I've never

47:49

seen this kind of card before .

47:51

Yeah , I mean , imagine getting pulled over and you just

47:53

give him the .

47:54

Yeah , I would not do that , but

47:56

I'd be down to do it at like a bar to

47:58

start trying to get entry , but he

48:00

did it over as an identification to a cop

48:02

. That's how you know it's .

48:04

It's a silent signal of like hey , I

48:06

got crypto . If you know , you want to let this Job

48:10

me your wallet . But

48:12

I do like the concept . I think it is

48:14

pretty cool . I think it . You know these countries

48:16

that pretty much recognize like look

48:19

, we're a third world country with . You

48:21

know , a lot of third world countries have beautiful

48:23

tourist spots and they just

48:25

can't get enough people

48:27

there to really like bring them

48:30

from a third world to a second

48:32

world . And I think being able to

48:34

recognize like , oh , crypto

48:36

is something that is gonna be here to stay for a while

48:38

. This is a good opportunity . We should hop on it . I'm like

48:41

that's a solid idea . I saw that . I

48:43

think it's a day they actually had ripple out

48:45

. I did see that .

48:46

Yeah , yeah , paolo had some . I

48:48

didn't really go super deep into it , but it

48:50

looks like they ripple and Paolo had

48:52

some sort of a meeting together or something like

48:54

that . So , yeah , it's funny too , because I actually

48:57

did do a little bit of research on the country

48:59

itself Over the past several weeks since I got

49:01

the card and I had a . You know , I've actually

49:03

looked at some of the hotels and stuff like that and the resorts

49:05

and I'm like dude , this place is freaking beautiful . I

49:07

was like I kind of want to go here on vacation sometime . The

49:10

other thing that's nice is like they accept

49:12

crypto in most places there . There's

49:14

no tax on crypto .

49:16

That's pretty cool in their country .

49:17

So I'm like I probably go on

49:19

a fairly cheap vacation there

49:21

in crypto , non-taxed

49:23

. Nice , beautiful country with nice

49:25

beaches on the water

49:28

. I'm like Doesn't sound like a

49:30

half bad idea .

49:31

I don't know how the hell you get there , yeah .

49:32

I mean I'm assuming they got flights , but but

49:35

yeah , I was doing a little bit of deeper dives

49:37

on like the different resorts and hotels and stuff like

49:39

that they had in the country . I mean it definitely looked

49:41

very small and very , you know , not a ton

49:44

that was available , but what was available

49:46

look pretty freaking nice .

49:47

What we should do is record a baking

49:49

profits episode Directly

49:52

live from Palo , that would be

49:54

legit get the government official

49:56

in here yeah some fuss

49:58

them , bourbon . I'd be like listen

50:00

, this is what our show is about . Trust us , this

50:02

is gonna get viewed by millions .

50:04

Hey , we need to hit them up and just be like listen , you flies

50:07

out there , cover all the costs and everything like that We'll

50:09

interview you on a podcast . Promote

50:11

Palo a little bit . That would

50:13

be a fun collab right there next

50:15

thing , you know , they're trading gluten-free , that's

50:17

all I gotta do .

50:19

So I know that you know this is

50:21

not the first time that you sort of interacted

50:24

with a , I guess , project

50:26

where the country was very Pro-crypto

50:29

. You know , recently we've been , you

50:31

know , kind of just digging through

50:34

a lot of the things that we had talked about in the past

50:36

, and one of those happened to be a project

50:38

called Satoshi Island

50:41

, which I Completely

50:43

forgot about . I know , when we

50:45

talked about it you were like what

50:47

? So , as we did research

50:49

, you know we did a little bit , with just some surface level

50:52

. It seems like they're still around . They just

50:54

did their funding round and I mean they don't know

50:56

anything about this project . So please

50:58

do not go out and just be like I'm gonna buy this

51:00

because they're talking about it , but it

51:02

seems like a cool concept and the

51:05

gist of it is like you're buying

51:07

ownership into this special island

51:10

that is going

51:12

to be a crypto island

51:14

.

51:14

Yeah , crypto-centric island yeah .

51:16

They're gonna have tiny homes and it's

51:18

an island in Fiji and apparently

51:20

I don't know if it was , you know , a

51:22

government official or a project

51:24

official or somebody interacted

51:26

with Fiji's government was like this is a providence

51:29

of your , you know , country , state , whatever

51:31

. We want to turn this into a crypto island . They

51:33

had to get approval to accept crypto . They had

51:35

to get approval for all this stuff . They bought the land

51:38

outright . But cool concept

51:40

where we see , not only

51:42

do we see like a digital

51:44

economy , web 3.0 , but

51:46

we see like , you know , tying into

51:49

our previous episode with NFTs- yeah

51:51

. You had to buy an NFT . That was

51:53

your ticket to this island and it's like

51:55

I like it .

51:57

Yeah , yeah , it's a really cool idea . Essentially

52:00

, you know , someone buys . I assume they

52:02

bought an island or owned an

52:04

island , something along those lines , and then

52:06

they were like you know what , I'm deep into crypto

52:08

. I'm going to make this a very crypto-centric

52:10

island . You know , you have to

52:12

own a specific NFT to

52:14

own a piece of the island

52:16

or own a tiny home on

52:18

the island to be able to have residency

52:21

there , things like that . So it's a

52:23

really cool idea . I'm going to be interested . I

52:25

want to see it like actually

52:27

happen . I want to see tiny homes on the island

52:29

live . I want to see people that have

52:32

owned a specific Satoshi island NFT

52:34

have access to

52:36

a specific you

52:39

know home or piece of the island

52:41

or whatever . I think this is a really

52:43

cool concept . It really goes kind of

52:45

deep . If you didn't get a chance to listen

52:47

to or watch our last episode on NFTs

52:50

, we kind of touched on this in

52:52

a way , not this specific idea from

52:54

Satoshi island , but the general idea of

52:56

what the future of NFTs look like , and

52:58

this is kind of , you know , a preview of

53:00

that . So the funny thing is I signed up

53:02

for this like a year ago and I could not

53:05

figure out how to identify

53:07

if I actually owned an NFT or not , Because , dude

53:09

, I don't even know how you even reminded

53:11

me of this , but I forgot

53:13

completely about this whole thing that

53:15

. I signed up for , or went

53:18

through the process of , like a year and a half ago , but

53:20

I couldn't figure out a way to verify whether

53:22

or not I actually owned an NFT from them or not

53:24

. So still kind of waiting from their website

53:27

side of things . But I mean , their website looked cool . The

53:29

island looked pretty cool . It's part of Fiji so

53:31

it's , you know , a real place . The , at

53:34

least the concepts of what their tiny homes

53:36

look like . I'm like they're pretty like modern

53:38

, looking , nice , decent sized places

53:40

. So , you know , I think it's an interesting

53:42

concept and I think some of these third world

53:44

countries are going to have to like take the risk

53:47

and then , if it proves to be beneficial

53:49

, I think we'll just start seeing that adoption

53:51

grow and grow and grow and then maybe

53:53

we'll start seeing some first world countries , like

53:56

you know , have some level of something like

53:58

that , you know , down the road .

54:00

Yeah , I mean , if you really want to think about it , because I was

54:03

thinking about this after Satoshi Island . I was

54:05

like , is there a way that this could be done

54:07

, you know , within the States , for example

54:09

? And I started thinking about it . I was like kind

54:11

of already is being done in a different

54:13

way . Like I took my kids last year to Disney

54:16

World . Now , when you go to Disney World

54:18

really is like its own city

54:20

. I mean , true , you know this , you

54:23

grew up in Florida . So when you drive

54:25

into that area , first off , everything

54:27

becomes Disney , everything is advertised

54:30

by Disney . The only

54:32

thing that separates them

54:34

from their own country , right , is a currency

54:37

. But if they were like you know what we're going to

54:39

accept Disney bucks , and

54:41

Disney bucks was a cryptocurrency

54:44

on the blockchain , right , all

54:46

of a sudden it would be exactly like Satoshi

54:48

Island , but in Florida .

54:50

That's true . Yeah , I didn't really even think about it like that

54:52

. I was thinking , like you know , from the US side

54:54

, like there's so much regulation , there's no way this

54:56

could happen . But I mean it's

54:59

actually kind of easier than

55:01

most think about it . Use your example

55:03

right there . I'm like that's not really that much work on there

55:06

and I mean it probably is a lot of work at

55:08

the end of the day . But you know , realistically

55:11

, just changing the way they accept

55:13

currency into their own currency makes

55:16

it crypto basically .

55:17

Yeah , you know , one of the things that the US government

55:19

can never say is they can never

55:21

stop a business from accepting

55:24

cryptocurrency , like I

55:26

can sell whatever I want for

55:29

whatever I want , because at the end of the day , it

55:31

doesn't matter if they recognize it as a cryptocurrency

55:34

or you know a

55:36

piece of a rock . It's me

55:38

selling my service or my product for

55:41

, you know , whatever it is , and they have to

55:43

accept that and they do . And so what

55:45

I'm getting at is , if I owned a big piece of land

55:47

, I was like you know what ? I'm going to put an amusement park

55:49

here and I'm only going to accept crypto

55:51

and I'm only going to

55:53

cater to this niche audience and

55:56

everything is going to be DeFi

55:58

, you know , centric , and I'm going to create

56:00

a project and there'll be a game

56:02

. It's like it's kind of like roller coaster , tycoon

56:04

, but it'll be for just my amusement park

56:07

and people can digitally put stuff up and

56:09

it's like you could tie everything

56:11

to it and build an entire economy around

56:13

this amusement park and kind of circumvent

56:16

the standard economy

56:19

and probably make so much more money

56:21

.

56:21

Oh yeah , it'll be way more lucrative , for sure

56:24

.

56:24

And this is 100% Web 3.0

56:26

. So to me , it's like

56:28

it's really interesting to think about

56:30

what the future holds . And I think these

56:32

projects like you know , satoshi

56:35

Island , and even what Paolo

56:37

is doing with its IDs I would assume

56:39

that more is to come like these

56:41

kinds , especially if Ripple's out there , they're clearly

56:44

thinking like there's something in

56:46

there for them as well . And what

56:48

will that be ? Will that be a sponsorship

56:51

project ? You know , whatever it doesn't even

56:53

matter , maybe initiative , but as

56:55

soon as you know Paolo gets

56:58

to the point where it's like , hey , we want to do something

57:00

big in the crypto space , they're going to have , you

57:03

know , a wide audience to already

57:05

speak to . So I think

57:07

there's going to be a lot of opportunity for

57:10

you know these type of ideas to flourish

57:12

. But I'm really eager to see you

57:14

know what kind of happens . And I think as

57:16

more people get opened

57:18

up to crypto , they'll

57:20

start to see these ideas , because when you talk to someone

57:22

about crypto , they don't think about things

57:25

like this at all .

57:26

They think about scams . They think about massive

57:28

gains , massive losses , things

57:30

like that . They just , you know , see

57:32

it as this volatile , crazy , you

57:34

know out of thin air thing . But I

57:37

think we talked about this I don't think it was the last episode

57:39

, but I'm going to be in the episode before that where we , like

57:41

all currency is

57:43

basically fake in , made

57:45

up in the air , but most people don't draw

57:47

that like conclusion . They just think

57:49

, like the dollar is this hard and

57:51

fast thing , it's backed by all this

57:54

shit and it's really at the end of the days . That

57:56

has made up as crypto is just like every

57:58

other freaking currency . So it's like , you

58:00

know , it's kind of one of those things where I think a lot of people just

58:02

they don't take the time to think about it and

58:05

then they're . You know . I know for myself my

58:07

gears have turned on that kind of stuff

58:09

. You know , even over the last like six

58:11

, 12 months , I was like man , yeah , like

58:14

crypto isn't that different from

58:16

all this other shit , even from the stock

58:18

market ? It's like , yes , the stocks move , you

58:20

know less volatile and stuff like that . But you

58:23

know , realistically , from a trading standpoint

58:25

and concept standpoint and you

58:27

know an execution standpoint , it's

58:30

roughly the same .

58:31

Yeah , I've studied a lot of uncurrencies

58:33

and you know , currency is very strange because

58:35

it is man made and it's

58:37

the value that is put into it is

58:39

the perception of what that value

58:42

is . And it's like if I went back to the year 200

58:44

and I showed somebody a piece of paper

58:46

and was like no , this

58:49

, I'm going to buy all your wheat

58:51

with this . What the hell is

58:53

that ? Like wheat had value

58:55

, because wheat has a purpose

58:57

. You know , oil , gold

58:59

, these things can be used , you

59:02

know , not just as like a form of currency

59:04

, but like I could actually use it , like I could

59:06

take this bread and I can eat it , but that's

59:08

a currency . And so currency has gone

59:11

back to the dawn of time , and

59:13

it's just until recent

59:15

times where it's like the currency is

59:17

not things that we actually use . The only

59:19

thing that you can use essentially

59:22

a dollar bills for is

59:24

making a fire and keeping yourself

59:26

warm , true , which is

59:28

fucking crazy because our

59:31

entire world is guided

59:33

by that piece of paper

59:35

. And I think that is the biggest scare , for crypto

59:37

is like you remove that and it becomes

59:40

digitalized and it becomes more of

59:42

a like I

59:44

don't know , just a commodity , unless a

59:46

currency .

59:47

I mean a lot of it is driven by supply and demand

59:49

at the end of the day . I mean , I saw

59:52

something that was kind of . I saw like it

59:54

was like a freaking like TikTok video

59:56

or something like that or just like a short video , and

59:58

I was like it's kind of eye opening to me

1:00:00

. It was a person that was selling

1:00:02

eggs next to another person that was

1:00:04

selling eggs . One person was selling them for like

1:00:07

I don't know , like a 36 of them for

1:00:09

like $10 . And the other person was selling

1:00:11

36 for like $9 . Well , what the

1:00:13

one person did the person that was selling them

1:00:15

for $10 went over to the stand that was

1:00:17

selling them for $9 and bought up all their eggs

1:00:19

and then they went back to their stand with all the extra

1:00:22

eggs and then they changed their price to

1:00:24

$25 . And it's like they have no

1:00:26

more competition and they're the only supply

1:00:28

and there's demand for it , so they can price it whatever

1:00:30

the fuck they want . And then it becomes it's

1:00:32

almost like currency in a way , where it's just like

1:00:34

it's made up based off

1:00:37

the supply and the demand and the interest in

1:00:39

it . You know , just like crypto is essentially

1:00:41

. It's like if there's demand for something

1:00:43

the price can consistently go

1:00:45

up until the demand diminishes

1:00:47

and then it goes down . Very similar to

1:00:49

real estate as well . Same concept for real estate

1:00:51

is , you know , once the demand starts diminishing

1:00:54

and there's not as much demand to buy homes

1:00:56

, prices of the homes generally decrease and

1:00:58

then , once that demand or the supply goes

1:01:00

down , you know , demand goes back up and

1:01:03

then the price goes back up . So it's a really

1:01:05

interesting concept and just general

1:01:07

economics and finance in general

1:01:09

. But it really just shows you if there's

1:01:12

a demand there , you can really price

1:01:14

it whatever the hell you want . If you've got a product

1:01:16

and nobody knows about it , you're

1:01:18

probably going to have to , you know , lower your prices

1:01:20

to get people to buy it . But

1:01:23

then once it becomes super popular and everybody

1:01:25

wants it , you could charge whatever the hell you want for

1:01:27

it , because there's going to be a huge demand for it and

1:01:29

if there's a limited supply it's

1:01:31

game over , which also ties back into our last

1:01:34

episode of NFTs . Yeah , which is like

1:01:36

the whole limited edition side of things . And you

1:01:38

know , if you have a limited supply of something

1:01:40

, you can continue to increase the price of it , which

1:01:42

increases the value of it . You know , et cetera

1:01:44

, et cetera . So you know , I think all

1:01:47

currency and finances are kind of built

1:01:49

off that framework .

1:01:50

Yeah , one thing you kind of tied there together is

1:01:52

the real estate . I hate that

1:01:54

argument , though , because with real estate , it's like

1:01:57

you get something that is physical , and

1:01:59

with Bitcoin , you get nothing

1:02:01

. And this goes back to my

1:02:03

quote unquote boomerism of

1:02:06

hating Bitcoin

1:02:08

. It's like God damn it . I

1:02:10

fucking hate Bitcoin , man . There's no real fucking

1:02:12

value there . But what's the difference between that and

1:02:14

any other currency though ? There's , that's what I was about

1:02:16

to say . There's no difference , except

1:02:19

that people have put value in

1:02:21

the dollar . Don't get me wrong . If I woke

1:02:23

up tomorrow and everybody put value into Bitcoin

1:02:25

, you bet your ass I'm gonna

1:02:27

be like Bitcoin for life motherfuckers For

1:02:30

sure . But because the value

1:02:32

right there is , I just don't see a

1:02:34

majority of the world being like the

1:02:36

majority of the world . I can go anywhere on the planet

1:02:38

and spend a dollar . A US dollar

1:02:41

has value everywhere

1:02:43

, not all currencies . Like Zimbabwean

1:02:46

, I can't go to the convenience store and

1:02:49

spend whatever they call , you

1:02:51

know , zimbabwe currency or rupees

1:02:53

or whatever , even Canadian

1:02:55

money . I can't spend a Canadian dollar at

1:02:58

my convenience store , but I've been to Canada

1:03:00

and I've spent US dollars . I've been

1:03:02

to Europe and I've spent US dollars because

1:03:05

it's just accepted everywhere . It's

1:03:07

so crazy .

1:03:09

Yeah , I mean this kind of goes back to my

1:03:11

argument . With this whole

1:03:13

Bitcoin situation . You know

1:03:15

several episodes ago that we talked about

1:03:17

which is like okay , if you have

1:03:20

, if you're , I don't understand

1:03:22

how you can be pro crypto , got

1:03:24

an anti Bitcoin . It makes no

1:03:26

sense to me . I don't understand .

1:03:27

There's no utility . The utility is currency

1:03:29

.

1:03:30

Yeah , so is US dollar so

1:03:32

exactly . Yeah , but I understand that it's not widely

1:03:34

adopted at the moment . But if you believe

1:03:36

crypto in the long run is going to be

1:03:38

widely adopted , then Bitcoin is naturally

1:03:41

going to be widely adopted , which is going to increase its value

1:03:43

, increase its price . It's only got a certain

1:03:45

amount of you know , supply of it

1:03:47

, which is going to increase the demand of it .

1:03:49

It's like let me just say this

1:03:51

let's say , okay , I've

1:03:54

got , I'm about to start a basketball

1:03:56

team and I'm going to , you know , poll people

1:03:58

like hey , do you want

1:04:01

Joe Blow or

1:04:03

LeBron James ? Lebron James

1:04:05

, in this situation , is the

1:04:07

US dollar . He has a

1:04:09

perfect track record of

1:04:12

being an amazing basketball player

1:04:14

, similar to the US dollar

1:04:16

, has a great track record

1:04:18

of lasting this long and

1:04:21

showing that . Hey , we can , you

1:04:23

know , have an economy . A new

1:04:25

player coming in playing LeBron

1:04:27

James likely is going to lose

1:04:30

right , unless you happen to be

1:04:32

a LeBron James yourself , which the

1:04:34

odds of that happening pretty

1:04:36

slim to none . I think that Bitcoin

1:04:38

, how they come in at the same time

1:04:41

as US dollar , then it would be a flip

1:04:43

of the coin . It would just be on who's adopting

1:04:45

what . But to challenge the dollar

1:04:47

as soon as the dollar goes digital

1:04:50

, I don't it . The government

1:04:52

is going to force their digital dollar . They

1:04:54

are going to want to deter people from Bitcoin . There's always

1:04:56

going to be Bitcoin maxis and you know

1:04:59

what ? Bitcoin has a whopping

1:05:01

one . What billion dollar

1:05:03

market cap ? How

1:05:06

much ? What is the market cap ? Are not me ? No , one billion

1:05:08

, I'm in a hundred billion

1:05:10

, but okay , but I mean , how much is it like ?

1:05:12

I don't know , I think it's like five hundred billion

1:05:14

, honestly , yeah .

1:05:15

I think the peak like all of crypto

1:05:17

was like valued less than you

1:05:19

know Microsoft , and it's just like

1:05:21

we're talking pennies

1:05:23

, man , we're talking no money whatsoever

1:05:26

when it really boils down to that actual

1:05:28

global economy . Bitcoin is

1:05:30

trying to challenge every currency

1:05:32

. At the same time , it's trying to say , hey , I'm

1:05:34

a currency of myself and

1:05:36

that I'm fine with that . It can be a currency

1:05:39

of itself , but there's no utility

1:05:41

behind that currency other than the fact that it's a currency

1:05:43

and it can buy things , whereas , like

1:05:46

a theorem , can act as a

1:05:48

currency but also has a lot

1:05:50

of utility . Matic same thing

1:05:52

you can use it as a currency . You have it as a utility

1:05:55

. I'm not saying that I think

1:05:57

those Long term are going to be

1:05:59

extremely successful , but I do like

1:06:01

to put my odds in these

1:06:04

things that are more than just a currency .

1:06:06

Yeah , I mean , I get that , but in

1:06:08

my opinion , at the end of the day , just Bitcoin comes with

1:06:11

a viewer bullish on crypto in general Over

1:06:13

the next five years you have to be bullish

1:06:15

on Bitcoin like . I don't understand how you cannot

1:06:17

be , you know .

1:06:19

I think Bitcoin was like you know .

1:06:21

It's almost like in the stock market being bullish on the

1:06:23

stock market but then being bearish on

1:06:25

all the tech stocks . It's like , well , the tech stock

1:06:27

way like 30% of the market

1:06:29

.

1:06:30

So that was a terrible example , because I could easily shut

1:06:32

that down . I mean dot-com bubble

1:06:34

. You know you're gonna have

1:06:36

a bubble burst . Like what , if okay , here's

1:06:38

a prime example not anytime soon .

1:06:40

I'm talking like next five years .

1:06:41

Let's , let me just throw me down next

1:06:43

five years , like that . This goes

1:06:46

back to TA in news where it's like hindsight

1:06:48

, it's like I proved my point and you're like oh wait , no

1:06:51

.

1:06:51

I said a second ago . I said and if

1:06:53

you're bullish on crypto in the next five years , you

1:06:56

can't not be . I'll take you

1:06:58

five years . Good thing this . We about to

1:07:00

play this back .

1:07:01

I Guess what my point

1:07:03

is like . Look , you know , I definitely

1:07:05

think that Bitcoin is going to go

1:07:08

up if crypto goes up . I'm not arguing

1:07:10

that and I'm not arguing that Bitcoin is gonna be

1:07:12

here for the long term . I'm just saying like

1:07:14

I don't like to invest in

1:07:16

things that I Personally don't

1:07:19

believe in . I mean shit , man

1:07:21

. I mean I think Philip Morris

1:07:23

as a company is gonna last a long

1:07:26

time , but I don't smoke cigarettes

1:07:28

and I don't like to support smoking

1:07:30

cigarettes , and so I just don't buy

1:07:32

into it . But do I think it's gonna be a good

1:07:34

, stable stock for a long

1:07:36

time ? Yeah , I probably will be , and

1:07:39

it has been for a very long time . So

1:07:41

there are , I guess , like ways that you can

1:07:43

spin it as an investor . But for

1:07:46

me it's just like I think that the potential

1:07:48

growth like if Bitcoin is

1:07:50

500 billion , even if

1:07:52

it eventually goes to its peak , which

1:07:54

what I think was close to a trillion dollar valuation

1:07:57

how can it 10x from

1:07:59

there , whereas things like Matic

1:08:01

can easily 10x from

1:08:03

now and from there ?

1:08:05

Yeah , I mean I get that from a market cap standpoint . Yeah

1:08:07

, I mean it's hard to sit here and say , like

1:08:09

you know , if Bitcoin has a 500 billion

1:08:12

dollar market cap right now , 10xing that

1:08:14

, I mean that's an astronomical number . And

1:08:16

then when you compare that to the stock market

1:08:18

right now , I mean you're talking bigger numbers

1:08:20

than any of the Individual

1:08:22

stocks combined in

1:08:24

Bitcoin , which I think that's a long , long

1:08:27

, long , long ways off . But at

1:08:29

the end of the day , in my opinion , is like if you're gonna

1:08:31

be bullish on crypto , you kind of have to . Just

1:08:33

Bitcoin comes with that . It's just part of

1:08:35

the , you know , it's part of the package

1:08:37

deal with crypto . So , and

1:08:39

I think , over time , I think Bitcoin will be accepted

1:08:41

a little bit more and more frequently

1:08:43

, and I don't really think it's that different from any

1:08:46

other currency that's out there , except

1:08:48

the fact that there's a limited supply of it , which

1:08:50

obviously , in my opinion , is in its favor

1:08:52

compared to the you know Inflation

1:08:54

and diminishing returns that you get from other currencies

1:08:56

.

1:08:57

I think it'll be made to seem like

1:08:59

it's a novelty . I think the Governments

1:09:02

around the world are Bitcoin is not

1:09:04

good for them , like it's not good for China

1:09:06

, it's not good for US , it's not good for India

1:09:08

, it's not good for any second

1:09:11

or first world country , the countries that

1:09:13

it boosts the most , our third world and

1:09:15

beyond 100% .

1:09:16

And unless you're like what was it Venezuela

1:09:19

that bought in at like 69k .

1:09:22

Ouch , and this is , I mean , I hate

1:09:24

to say , but that's a prime example of why

1:09:26

countries don't want Bitcoin in

1:09:28

their ecosystem . They don't want their

1:09:31

citizens to lose that

1:09:33

money , not putting it into

1:09:35

their economy . If they lose it in US

1:09:37

dollars like if they go to a casino and

1:09:39

lose All of their wealth

1:09:41

in one night that still

1:09:43

goes to the economy . The casino is gonna

1:09:46

have to pay taxes on that . The

1:09:48

casino is gonna do something with that . But

1:09:50

it , when it goes to Bitcoin , you know

1:09:52

, especially when a government of the third

1:09:55

world country is using it , it's like we

1:09:57

don't know what's happening with that . I

1:09:59

mean we don't know anything of what's

1:10:01

happening with , but I mean that's the argument of

1:10:03

like what's good about Crypto

1:10:05

is like there isn't that's

1:10:07

why a lot of these countries are pushing their own , you

1:10:10

know , digitalized token or whatever

1:10:12

. Yeah , and that's kind of what I think is gonna happen

1:10:14

. I think every currency that

1:10:16

exists today is it gonna be digital

1:10:18

100% . Yeah , that's definitely happening , so

1:10:20

then Bitcoin becomes another

1:10:22

currency .

1:10:23

Yeah , I mean it's gonna be interesting to see . Maybe that's

1:10:25

a topic for another podcast episode . But it's

1:10:27

gonna be interesting to see what the outlook

1:10:30

is in the next five to ten years

1:10:32

of , you know , finance

1:10:34

. If you know , all these countries have

1:10:36

their own Digitalized token . What

1:10:38

happens to like actual crypto

1:10:41

? Yeah , at that point .

1:10:42

Yeah , I still can't get over the fact that

1:10:44

I said that Bitcoin has was valued

1:10:46

at one billion , and then I said

1:10:48

here and looked at you like you're an idiot . That's embarrassing

1:10:50

this guy not getting what I'm saying , like

1:10:52

. I was like All

1:10:56

right , folks , I think this is a good place to

1:10:58

wrap up . Yeah , again , if you'd like

1:11:00

to , you can follow the crumbs on our socials

1:11:02

, at baking profits at

1:11:05

the bread maker , at breadbites , add

1:11:07

D5 donut and again have

1:11:09

a warm until next time .

1:11:10

Have a good one later .