Change the way your business banks with a local team focused on your vision at choose commercial. We roll up our sleeves to put our industry and strategic business advice to work, for you learn more at truest outcome that T r: u I s, t dotcom the policy, since the media there, all the better major corporations. Of course they aren't. The beneficiaries of inflation. And the victims of inflation are essentially duped into voting for their own impoverishment, because there told they're gonna be getting some of the spoils. The spoils that they get are attainable fraction of the wealth that gets stolen from

hello welcomes it. Trigonometry on France's foster. I'm constant and kissing- and this is a show for you- if you want only conversations with fascinating people- are berlin. Guest today is the author of the theatre standard and the bitcoin standard, who also runs is online learning platform at safety not come talk to safety, and I must welcome trigonometry. Thank you for having regard to the pleasure to be here is a great pleasure to have your before we get into the conversation itself. Tell everybody a little bit about who are you? How are you

well, you are what has been your journey through life that leads you to be sitting here talking to us. Well, I'm palestinian and jordanian, and I got a phd in sustainable development from columbia university and I was a university professor in the lebanese american university. When I came across this new interesting toy called bitcoin, and then it fascinated me and then it drew me in like a black hole and took for everything in my life and I left my university job and I started teaching online. So now I independent my just teachers, students directly online and I write books. I talked to interesting people on the internet. Like you well, thank you for taking the time to talk to us. You. I've listened to many of the things you ve spoken about and read somewhere. You work here

very smart man, much smarter than me or France's. So what we wanted to do is to go through the basics for us and our audience to get a basic understanding, first of all, about money and then about bitcoin and maybe other crypto stuff as well. So first, lesson is war is money. The short answer is money is a medium of exchange. It's something that people by not for its own sake. You don't buy money because you want to eat it, because you want to look at it because you want to use it for a certain thing it doesn't have a function in and of itself is only function. Is that you plan on later exchanging it for something else. That's what distinguishes money from all other goods is something that you don't buy for its own sake, but for the sake of exchanging it for something else, and so that is

what we call the function of medium of exchange, because it's just something that you use for exchange and essentially this is something that is developed naturally as humans. You know, as as human society became more complex as humans lived and started trading with more people, we started developing more products, we started living in larger societies. The idea of trading things directly for one another becomes increasingly impractical know if it's just five people in island, then all the one, the only things that they can produce are you know, maybe five or ten things or twenty things between them. It's easy for them to keep track and to just exchange things directly as out, but as the number of people grows, it becomes difficult for them to exchange things directly for one another, because you know the thing that you want to and you would like to acquire is held by somebody who does

have the thing that you want to give them, and so they don't do not interested in your apples but you're interested in their oranges they're interested in bananas. So you need to find somebody who has bananas and once your apples, you give them the bananas, you give them the apples, you take the bananas and then you give the bananas. The guy with the oranges- and he gives you the oranges

want so and, as naturally, you know, as the number of goods increases in an economy. Naturally, people start buying things not for the sake of holding them, but for the sake of exchanging them, and these things are media of exchange. But over time you know, bananas do a pretty bad job of being money because they don't they spoil in a few days and not a lot of people want bananas. If the guy that you wanted to give the bananas to changes his mind, then you're not going to find a lot of people who want the bananas so over time. The things that end up playing the role of money and upon acquiring said and end up having certain properties that make it that make them suitable for the purposes of being a medium of exchange of being exchanged and

I know some of these properties are that it is divisible. You know, bananas aren't very easy to divide into smaller pieces and that you can combine small pieces into one. Big piece of the whole thing is homogenous, and one of the properties that it is portable that you can move it around. So houses aren't very good as money, because you can't move a house around or you can take it with. You same is true with land and I think overtime though you know what ends up but ended up being the most a common form of money alone around the world by the end of the nineteenth century was gold, and so in my book, the bitcoin standard. I begin by explaining what it is that makes things good as money, and why is it that gold was the world's only money at the end of or the world's prime money at the end of the nineteenth century? And my explanation for that is that the property that matches the most for monetary selection is monetary hardness? How hard

money his because that determines the ability of the money to hold onto its value over time and in the long run that ends up being the most important property? Because bananas will wrought fish or any kind of food will also wrought. Other metals will rust and decay and corrode, but gold doesn't rust, doesn't corrode and, more importantly, gold, Does it doesn't rustin corrode we constantly stockpiling, more and more gold all over the world and were not consuming tina? Doesn't you you? You consume, copper, you put copper. in machines and then the machines run out and the copper disintegrates and rusts and is thrown away. But you dont consume gold, you, people mind gold five thousand years ago and that gold is still running around the world today being gold, it's in somebody's necklace, somebody's gold coin; it still there doesn't

doesn't corroded, doesn't ruin so the result of this. The implication of this is that we have thousands of years of gold production piling up. Can I interrupt just with very layman question: what's the difference between gold and silver? And why do we proceed? Gold is for having more value than silver The great question saw the difference primarily, is that silver can tie, miss and can an can ruin and it does get used, does get used up, but gold is not. That does not ruin at all. and gold is more scarce in the earth's crust than is harder to find so historic lease We had a lower value than gold that we had a bigger abundance of solar, but that those two metals where the two monetary matters by the beginning of the night, century before that you know, copper and iron had been used is money, but then they lost their monetary role as well.

And the reason for that is there monetary that their non monetary uses or their industrial uses became pretty significant. So people were using copper for all manner of things, and that leads to the corruption of the copper and so therefore, What happens if this is why you know a lot of people say where money is just a hallucination or money is just a shared, a shared social contract between people, you know weakened, decide, that we want gold to be money or we could decide that we want copper to be money or we could decide. We want pigskin to be money, and if we all decide it's hard enough, then we can make it money and I think that's completely non If we all decide that we want to make copper money tomorrow, it doesn't matter how hard we wanted. It doesn't matter, everybody cells, everything that they have and buys and puts all there for all of their value and copper, it's not gonna work as money and the reason is you keep if we buy it. If we, if we keep stockpiling, copper and we keep using it,

store value. The people who are able to mine, copper are just going to keep mining more because the more we buy it and use it as money. The more vice goes up the more the minors or incentivize to produce more of it, the more they produce of it. The more they bring it on the market. They crashed the price. So no man how much you want to store copper as a store of value, Eventually, the mining production will catch up with you and will bring the price down. It's not possible to get the price of copper significantly high, because it's very easy for people to make more of it and because it rests and corrodes and gets used up the quantities that we stockpile. Will you never will eventually decline? You know they will get used up in it and then they will corrode, and so new production is a large percentage. Coup is a large percentage of existing stockpiles. This is true for all commodities and all

with the exception of silver and gold. Those are the two ones that managed maintain large stockpiles, wherein annual new production is small compared to the existing stop us in the case of silk Historically, this was around five percent, every year we out about five percent. The stockpile of silver, a little bit of it gets, can see but we at around five percent. In the case of old, we're adding historically around one and a half to two percent. Only so every year, you're only adding one at two percent to the stockpile of gold, and every year we get better at finding all do. Every year we develop more machinery, better technologies for digging for gold, but what that leads to is that we, you know, we never are able to make a twenty percent increase in the supply gold, because we get

marginally better this year. But then that just means that the production of this year gets added onto the stockpiles. Stockpiles get bigger, so the production next year, even though its bigger it still. It's still the same kind of fraction because the stock, but is also bigger. So that. Ratio of the supply increase annually in the case of gold has always been around one and a half to two percent. That's why? Historically, I think gold became money. Silver was like in second place, and it had about a five percent growth increase, but the advantage that silver had is that it was more divisible than gold. He noticed. A silver coin is what the people would use for small day to day transactions, whereas a gold coin would be something that you would use for. Bigger transactions, so you'd buy a house with a few gold coins you'd buy lunch with silver coin, but over time, what is happening in the late nineteenth century is that as banking developed, an errand

What in banking allowed for people to just make financial instruments backed by gold, then it didn't matter how divisible gold was. You know we could have the british pound backed by gold, and you could make a payment with a piece of paper. There was backed by gold and it didn't matter. You know you didn't have to cut up the gold coin itself. The pieces of paper were divisible and so that the use of silver ass gold began to decline toward the end of the night, century, and then its value continue to decline. So around the mid nineteenth century, the price of silver in terms of gold was fifteen. Now to one of the fifteen ounces of gold. Fifty thousands of silver, would buy you one ounce of gold, something in that range. Today's around a hundred or so soon dropped. Significantly silver has lost its valid significantly compared to gold save more than another.

century to jump in again? I know you'll probably go in there anyway, but it seems like where we get to the point of we're talking about you know. Gold is fairly consistent in having a sudden value and you talk about creating currencies that are linked to gold and then comes a point in human development. when that link is broken, and that, I think, is where a lot of the modern issues we have the will probably gonna talk about a robust and talk to us about that and and how we got there and how that decision was made in some of the kind whether that yet this is of a major theme in my two books, the bitcoin standard on my second, both the fear standard, so in the big ones that are a trace the development up. Until this point. Gold, basically one over all the other monies in the conclusion that I get to is that the hardest money always wins

and we also have several other examples. You know you look at sea shells and you know when gold comes into society that has seashells of the seashells lose their monitor role, because it's easy, you know it's not because people just think all well: gold, a shiny and yellow it's, because people keep making more seashells and but they can't make more goals. Are the people who have gold maintained the value of their wealth in the goal, but the last seashells witness their wealth disappear. So it's not a matter of choice in this is this, is I think, the main issue that a lot of economists don't get. They tell you it's a matter of choice. No, it doesn't matter how many People choose to hold seashells, it's it's, it's. The choice only hurts the person, it doesn't affect the consequence. Inevitably, gold is going to drive out seashells your choices, whether you go poor holding seashells or you trade, your seashells quickly, while they still have value for some gold and you managed to maintain some wealth. So this is what happened, and I think

I personally think this was either the development of the whole sounds not just me, but a lot of people also think the development of the gold standard at the end of the nineteenth century, when the entire planet was basically using the same money and all the global currencies were effectively just different weights of gold. So there was no exchange market as it is today, where you know the price of the dollar and the I'm in the inner fluctuating the dollar and the pound, and the yen and the all the other currencies were just different weights of gold. Civic number of grams of gold and saw the exchange rate were hardly ever moved that there was no foreign exchange markets variation. It was just a similar to the exchange between meters and inches and the different units they were fixed. So all the world running on one currency and that currency being hard in my opinion, is basically

the pinnacle of human civilization at the pic at the turn of the twentieth century at the beginning of the twentieth century. That's when all of the most incredible and important inventions were invented, every anywhere in the world, could save money into the future, and they could be quite confident that it would hold onto its value. You know you didn't have to be an expert in financial markets, as you have to be today knowing understanding stocks and bonds and commodities and monetary policy and all of these arcane fields. In order to be, to maintain the wealth that you ve earned. You could be a butcher, a shoemaker. You could have any kind of job and then you get paid than a gold coin

and you just held onto that gold coin, any new that ten years down the line that gold coin would buy you slightly more than what it bought you. When you learn that you don't have to go out to speculate on the stock market casino in order to just keep the wealth that you have so then nineteen fourteen comes about and that's the topic that I focus on in my second but the fear standard and we move from the gold standard to the field standard where effectively governments as it's a long time- listen, it's cried the details in the fear standard and like a lot of bad things that have happened in the world started all in england, they to be fair, a lot of all good things as well. You know the steam engine and football in the three be suit. You guys have done good things as well, but you know you destroyed the goals, then, which was the terrible, terrible, terrible mistake, but that led to the replacement of gold which had an annual supply growth rate of around one and a half to two percent with national currencies which, in the last sixty years, you know you look at the data from nike

sixty until today and twenty twenty in those sixty years, we see that the average money supply increase, that around fifteen percent or so in the world and saw a year per year, while the yeah man? What's the total increase, then, since nineteen sixty. its enormous, I mean one. If you sanely bag, it is absolutely is I mean in the best currencies. You know that the better currencies like the? U s dollar or the swiss francs or the danish kroner. These kind of currencies dave increase that around maybe cell six seven eight percent on average, that's the best known as for five times the rate of increase that you had,

I with gold, and but of course you know, you look at the history of the twentieth century, see an enormous number of countries that suffered hyperinflation, which is something that never happened on the gold standard and on the all these hyper inflations. You know the money supply was increasing at maybe one hundred percent two hundred per cent, maybe five hundred percent in a year, so the value of the currency was getting destroyed. So the average fiat user in the last sixty years would expect that their money would be diluted by fourteen per cent per year. That's the number that I carry out. Their normal currency just fall for life in later yeah government, money- basically money, because it's money, because government says it's money and safety, and can I ask why did the the the evil english in nineteen fourteen do that Because they wanted to fight a war actually, this is something that is amazing, that they don't teach you this in your history books and it's something that you know the the history books in english complete the paper over this. There was a huge inflation price inflation that happened in england during world war. One

but now you don't talk much about it, but only in twenty seventeen in a hundred years after the event did the bank of england a bunch of people in the bank of england doug into the basement and found a bunch of papers that explained what actually happened in it was published. Might recently and interesting lean, you know the when the world war began and it wasn't a world war than it was just a bunch of european kings fighting each other, then the british wanted to end

The fear and the government introduced a sale of bonds to finance the war. The english people being you know not sociopath did not buy that bond issue. They didn't buy a third of the bonds, so the government had a problem on its hands. They wanted to go out and kill a bunch of europeans, but the english people had better things to do with their money than go, kill europeans, so they only bought about a third of the money that the british government needed. So what did the bank of england do with the bank of england got a couple of members of the bank couple of people who worked at the bank high ranking officials. The bank of england basically gave them a credit line in their own name and they went and bought two thirds

of the bonds in their own name, and then certain rag in england called the financial times you may have heard of it. They published a story saying you know, the bond issue was oversubscribed than it was extremely successful of the people of england really do want to join this war, and it's going to be a great victory, for it

because we have all the resources we need and of course remember it was an august bank holiday was going to be just you know, a quick have a quick tour into Europe where we're going to go and establish dominance and come back, and that was the idea. But, of course, when they did that, what ended up happening is, you know, essentially, they issued a lot of credit money and paper money not backed by gold, and so, as a result, the value of the paper money began to decline and, as a result, they started collecting the gold from people's hands, and so they instructed the post offices and the banks to only take payments to only make payment in paper money so and they told everybody to hand over there gold to their local post office and bank, because that was needed for the war effort. And if you weren't doing that, then you know you're a basically a traitor effectively. So, with this kind of emotional manipulation they manage to get gold out of circulation and get people to use papers and, of course, the consequence of that was the point,

as rose said during world war, one prices more than doubled, and then after world war one. There was a big recession and a big problem in england and that they were trying to get back on the gold standard that the old rate, but they couldn't do it, because they had a whole bunch of other money, I'll bunch of new money that was circulating and so it with its it. It's like a comedy of errors, were you know it's likely watching one of these slapstick comedy movies, but no with hundreds of millions that people where they make this lie, and then they just keep making bigger, lies to try and cover it up and the money supply keeps increasing and though that creates more problems, more inflation, more economic disasters, destroy people's livelihoods, destroys people's savings and eight, you know economic recessions and all these problems and then

In order to cover it up, what are they doing on almost like an episode of many hill? They go and they print more money to fix it, and then it just continues to get worse and worse and then that effectively leads to britain losing the british pound as the global reserve currency and the dollar, which was managed by people who are slightly less insane than the bank of england. So it was much stronger and got a lot of gold flowing into the. U s from europe. The dama takes over the global reserve currency and it becomes the global money. That is, you know, used all over the world. But of course you know, the americans then started using that as well and then in nineteen seventy one all the world goes off any kind of link with gold, where the bank of where the us federal reserve stops on: u s treasuries, they stop redeeming gold, and

afford their dollars and then there's no limit on how much they can print and so from nineteen. Seventy one onwards, a national currency is all over. The world are backed by. Basically, nothing is just governments that are just printing and since then we see price inflation takes off and government debt takes off and we just do. I think you know it's it's it's it's at the root of a big big, big number, if not the vast majority of economic problems all over the world. But of course it's not something that is discussed extensively in your economics, textbooks at university because your economic textbook is written people who get paid from that printed money. So they turn your attention to all kinds of other inconsequential bullshit. Instead, high k k do you I believe in spring cleaning. Yes, but only when my wife does it, and there are some men who clean the executed for not being real men, which is good as well,

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and by the way, can I just say before you answer that question as an honorary englishmen. Now I've got no problem with my money going to annoy europeans or whatever they set up that that's that's very much on brand for us it's true? It is a massive problem. It is he's a problem all over the world. I think you know it's it's. It's. amazing when you, if, if you follow the news over the last year in particular, you know, inflation is rising everywhere. Prices of everything is going up now. Listen to the mainstream media. Listen to the ph d in economics. Why is this happening? There's an infinite number of reasons and bring up. You know what's happening because of supply chain disruptions in its happening because of the virus and it's happening because it isn't it.

And the other thing- and it's you know it's all distraction from the one very very obvious clause, which is that the money supply just keeps going up, and I you know you, you look at the rate of increase in money supplies just always going up. It's it's gone up vertically over the last couple of years, but it had always been going up, and the problem with this inflation is amiss. Is it's like a drug addiction where you know that there is no such a thing? Is If moderate heroin user, it's it's addictive, so you need more and more and more, and so, even if initially to say in the eighties, inflation seemed like it was under control in the eighties and in the nineties. Well, inflation, the the the more it seems like it is under control, the more tempting it is to engage in more of it and then the more you engage in it the more problems he creates and then, if you think that inflation can solve those problems, then you are going to try and solve the problems of inflation with more inflation, which

what they're doing, and I think it is a huge problem at something that proper economists are. What are what I like to think of ass. Proper economists are the alternative schools of economics, the austrian school of economics. which is what I consider myself a part of. They ve been harping on about this for more than a century. Now that this is the biggest problem in the world economy and they are marginalized because you know that a lot of very powerful interests that benefit from money. Printing, and so they'd like to deflect away from this the focus on you know all other other kinds of inconsequential bullshit. But now it's into the walls waking up onto the fact, it's very hard to its becoming harder and harder for establishment, economists and central bank to continue to make them

is astonishingly absurd, lie that no no, no our money printing is helping fight the price inflation. We are not responsible for the price inflation. The reason prices are rising is because of other things and our money when things are fixing this it's becoming less and less tenuous and many more plasma as if we can. If we, you know, the people of england or the people of Britain or the people of america, went to the ballot box, and we had a choice of somebody who wanted to bring us back onto the gold standard. Is that even possible now or have we just? Are we just too drugged up now and there's no way out, and I think theoretically, it is possible like if you voted for somebody yeah, he could do it it would. It would require a massive revaluation of gold, so the price of gold would go up to maybe something like ten thousand pounds, an ounce or twenty thousand pounds an ounce. So

Theoretically, it is possible, but practically and politically it's impossible. So if you look at somebody like RON Paul in the u S, I didn't he had a lot of grass roots sport, but he could not translate that into political effect of success because and this this is really the really pernicious thing about this. It's it's! It's a very sustainable equilibrium, because once once you Are you once you ve, started printing money? Then the people want and government have an enormous amount of power over society, and so they are able to use that power in order to get themselves reelected, and if you are going in with the agenda of, I am not going to use the money printer, it's kind of like going into war without a weapon. You know, because politics is the weapon in a democracy. Is I'm going to give you free, ponies and free hospitals and all of them nice things that you want to know and so the more promises you make them?

the votes you get. So if you run on a platform of screw you I'm not going to give you anything you're going to have to work for things, you're not going to make it in politics. So a lot of people have tried and there have been a lot of economists, a lot of politicians who have run on this kind of hard money. Let's go back to gold platform, but it's a dead end and the bureaucracy, the politicians, the media, they're, all the Ben and the major corporations. Of course they are the beneficiaries of inflation, and the victims of inflation are essentially duped into voting for their own impoverishment, because they're told they are going to be getting some of the spoils. But this boy is that they get are attainable fraction of the wealth that gets stolen from them. And then that's that's the pernicious of this. Can you know so you're witnessing your savings destroyed, you wouldn't singing

ability to save for the future destroyed and you're willingly, giving it up because you're voting for people who aren't promising you know we're going to give you free this and free that, and but you know we see what how this ends up. It ends up with a lot of it. Will you know that nothing is free at the end of the day, you're just promising these things to be done, with central planners such was gonna, be doing those things and it's just going to end up being more and more expensive and it's gonna end up destroying.

currency even more so, and I don't really think that vertical solutions are possible. This is a job for superman. This is a job for bitcoin, yeah, okay and we segue nicely into bitcoin. So here's the thing same thing and I think it was in two thousand and eleven, a friend of mine, told me he gave me two pieces of advice, get into silver and he said get into big when boyd, bitcoin and oversee me being skin as a skin comedian. I I didn't have the option of doing it. I had no idea what bitcoin is. I still don't really understand what bitcoin is. Can you do a basic layman, explanation of what bitcoin is and actually why it's so powerful in today's economy, yeah so bitcoin,

The I'm not gonna get into the technical aspect of it because it says it's going to take a lot of time to go into that. So I'm just going to discuss it functionally. You know, I'm not gonna explain how the car works. I'm just gonna tell you what a car does and the importance of bitcoin is that it is a form of money. It's a digital form of money that exists on the internet that is controlled by a nobody. Nobody is in charge of it going it's a protocol that anybody can use, but nobody can control. So it only has users. It doesnt have admins and they really really important thing about it, which is the focus of my first book. The bitcoin standards is the idea of hardness. Remember when I said gold is the hardest money one and a half percent increase, while bitcoin is even harder than gold. it's becoming harder. It's now increasing at around two percent. It started off increasing at a pretty high percentage, a rate of increase, but that rate declines over time, and now it's a two percent and it's going to continue to decline, and then eventually it's going to,

five out of growth rate of zero. So, there's only ever going to be twenty one million bitcoin there's no way of making more than twenty one million, so we've already made almost nineteen million at the time I currently is, and there's only going to be another two million bitcoin that are going to be made over the next century or so so the supply grows. Wait. A bit coin has already dropped. Significant is around the same range as gold right now and in the next few years is going to decline below gold, and it can continue to decline until it eventually its zero and then stops growing. So what I'll say if you want to details for. Why should read my book, but basically this is extremely credible. There's no way of anybody finding a way of making,

more bitcoin. It doesn't matter how many petitions you sign. It doesn't matter how many media, how many university professors, how many academics, how many keynesian textbooks you're right, you can't make more bitcoin at. So that's why bitcoin? Basically you know it's it's. It solves the problem of politics we don't have to. I wouldn't have to convince the crazy inflation is anymore. We don't have to reason with them. We don't have to win elections against them. This is money, that just doesn't give a shit about what anybody thinks is just going to be there, and it's only going to be twenty one million, and your only option is to deal with it or, as bitcoin has like to say cry harder: there's nothing! You can do to change it or a word on that point. The safety and I dont understand bitcoin or money nearly as well as you do, but I understand people in politics I think reasonably well, and the one thing I know is: if a government has an incentive to punish you or to prevent you from doing something ought to find a way to

prevent you from doing the things that they don't want you to do. They will eventually, at least very, very hard look for a way very, very thoroughly and very very hard. And I don't know if they can prevent you from making more bitcoin or force you to make more whatever, but what they can do is prevent you from using it somehow right. There must be a way they can prevent you from buying things from selling things. That must be a way they can punish you. They can make it We go, for example, right so isn't that a real concern going forward is like okay, I hear you it's a really hard currency, it's not going to increase by more than the specific amount. It's a very easy medium of exchange. It can be broken up like it works in the way that money works, but isn't it if it's indirect directly against the interests of the people who run our world, they will find a way to prevent it from fulfilling that destiny. One day,

And perhaps, but I think you know the more you look into how it functions the more difficult it is to find a way in which they can stop it, because, ultimately, the yard. This thing was built precisely with the objective of resisting capture an attack by government. So it's not optimized for your user experience is not optimized. or harm ease of use is not an apple iphone. It saw you know it's, it's not this cute up on your phone that has just blowing your mind and how cool it is not enough. Let us not apple, it's an ugly contraption. You don't think about it as like this, Sir ugly machine that you use to make a thorough job to pull off a dirty job, but it does the job that you want and that job is resisting,

capture by a central authority, and so it all the the key thing to understand here is that there's no single point of failure in bitcoin there's no ce, there's no trusted party there's nobody who is a critical eye. Who is critical for the operation of bitcoin? There is nobody, you could kill to kill, bitcoin, there's no building. You can bomb to destroy bitcoin, there's no headquarters, there's no single computer, there's no single server anywhere in the world that you can take out and then you take out. Bitcoin bitcoin is essentially a bunch of code, and so anybody who runs that code on their machine is able to join the bitcoin network. So there are maybe ten billion internet capable devices around the world between the forms and the laptops and servers, and so on. Any of these just needs to run the code of bitcoin and find a way of connecting to other machines.

Through the intimate and maybe not even through the internet itself. You know they could connect through radios and you could connect through mesh networks need another silly through the internet, but through just connected through other computers. Is that connect to other computers. With these kind of networks you you will able to basically do bitcoin so what it would take my treasure to our safety and sorrow. My question is at the end of the day, if money is a medium or exchange on governments control, whether you can convert bitcoin into their money, because that's what you're gonna have to convert it into two bites. If right they cut you off, that's the that's the key thing like eventually you don't have to I mean you don't have to convert bitcoin into pounds in order to buy things. You can just give somebody bitcoin and they give you things and so the tree can, I tell, are we ever going to get to a point? Sorry to keep interrupting? I just want to hone in on this. Are we ever going

get to the point where you can save all your life savings in big coin and then be able to buy a house if the government in that country has banned transactions and bitcoin because it thinks the immoral or legal or undermining the economic system or whatever they ve decided. Big, What is not allowed in our country? Am I ever going to be able to buy a house? Will I fit into the the example here to look at is if you look at your average country that has experienced hyperinflation over the past century and there's many of them when the currency begins to collapse on when there are problems? You know people naturally move away from their local currency to dollars and pounds or euros, and they start using these currencies. And, of course, governments will clamp down on these currencies and they will stop the will ban people from using them, but of what that does. Is the exact opposite effects? So when you say you can't buy dollars with you know, our

paso or our whatever it is. While then, what happens? You're not going to destroy the dollar you're, just going to destroy your local shit coin. Basically, so you're just saying that this currency cannot buy real money, and so people who hold this currency now value it less and they want to get rid of it more and they don't want to get paid in it. So that's that's. I think the reality in, if you so even if face major governments, decide to ban bitcoin. You know that just gives a massive advantage to other governments to go and accumulate bitcoin or a people in other countries to accumulate bitcoin hold onto it, and then you know the people who are forced to use the The inferior currencies of their governments are just going to witness their wealth destroyed and the people who use bitcoin are going to witness their wealth accumulate. Then I have several examples of this happening with gold and silver, so, for instance, at the late nineties,

century china. India were the last to countries that were on a silver standard, and that was a massive massive mistake for which there still paying, I think until today, because the value of silver continue to decline. While the rest the world was on gold, and so that's what allowed the british and the europeans to. Essentially, Fourthly, dominate china and india because their money was appreciating while the chinese and indian money was depreciating, and so everything just got cheaper foreigners in china and india, so they could keep buying more What things and this is this is effectively what you would be doing. Has a government if you ban bitcoin, you're on your basically picking decision you're going with seashells are saying here: we're just gonna banner peasants from using gold coins and then will be able to keep them on the sea shall standard and then gold will just go away. I don't think that's going to work safety and what would you say to those people who go? Look, you know

Could the fluctuations of bitcoin, you know it will surge and then it will crash, etc. It's not stable. It's not reliable and actually is quite reckless to invest a lot of money in it generally, were bitcoin. You say to those people who have fun. Staying for this is the kind of very common attitude. The idea is yes, it is quality, of course, but it is volatile going up. So the long term trend is always up. You know bitcoins never been down on a three or four year horizon. It's always going up it's going up in many multiples of its value. So yes, if you hold your local national currency, it doesn't fluctuate as much as bitcoin but its trending down in real terms. You know, look at them.

I saw how is in your local town in terms of your local currency anywhere in the world in a house, is just keep it getting more and more expensive every year. While why we're? building more and more houses and the technology to make houses conduce to get more efficient. So we have of the union in real terms. Houses are less expensive. We make them much more efficiently today and yet the price of hostilities go up. It's not. The price of the houses going up is the value of the currency that is going down, and so, if the soul, if you hold onto your national currency for the long run, and even if you try to beat the inflation by investing in stocks or bonds,

You're, basically not beating inflation, it's very difficult to beat real inflation. When I say inflation, I don't mean the cpr number or the you know: consumer price inflation statistics that the government puts out, which is just another form of fictional statistics. From government I mean the real inflation you'll think about the house, your house of drinking the house of your dreams where you'd love to live and think about the price of that house. You know: look it up online. If you can and see What has happened in the press that house over the last ten years? It is going up by much more than the sea behind number think about all the things that you actually desire, the things that you really want. You know the value of precious goods, it's going up, much higher than inflation, and that's not the thing becoming more valuable. It's the Money becoming less valuable, so the answer to this is yes. Bitcoin's volatility is a problem in the short term. If you want to hold bitcoin for the short term, it is a problem if you have a lot of exposure to bitcoin in the short term,.

and- and you know, you have short term liabilities like if you're a business and you have to make payments, then yeah. It is a tricky thing. You don't want to be fully in bitcoin, because you might not be able to make your payroll at the end of next month, so you do still need to hold some of your local operating some of your currency for your operating expenses. But if you want to think about the long term, you know if you want to hold money for the next, I've ten years. Bitcoin is really the best option, and so you have to have a long term perspective on it and you have to ignore the date they noise. An essentially understand that what we witnessing is that this thing is just continuously going up and is going up, because the supplies fix there's no way of making more of it and so you know the sooner you get in the more you're going to have and the more you're going to benefit and the less you are going to suffer from your local inflation. But of course you may not want to get in all in initially because of the volatility, particularly if you're a business, I think

apps, that might be understandable, but in the long run what you think about what you want to want, what you want is you want to maintain value, you want to add or increase the value and bitcoin really does this better than anything else. I frances. Do you have your own business now? What do you think trigonometry is an opportunity for me to annoy paypal and shout can't phrases. Birds, love ate one, two, three, four, five, six, seven, nine ten! Well, if you do run your own company, you'll know how important branding is to have a successful business. That's why you should work with the all the files Every project is carefully considered and tailored to ensure your bride is consistent, a member and to everyone to reach its most big city agents is going to cost you an arm and a leg just so they can pay their overhead. The all the files work remotely so you'll have to worry about me,

John. Not only that there were one stop shop. All your branding means, including rang the bell. Oh, no, no, design, email, design, web design, brink design motion, graphics and more? They do design guys visit the all the files dot com, poets last triggered and fill out the project in question to get ten percent of your first project and a free consultation That's the oda powers to calm, slash, trinket and get ten percent of your first poaching and free consultation We have the same here in the uk which is safe as houses, and you alluded to the house price inflation that we are seeing a. How would you say bitcoin will compared to something like property over ten fifteen twenty a period.

I think I mean we look at the past. It is done much better than property and I think it's likely going to continue to perform my property, and I think you know a big part of the reason why property continues to increase is that people use their how as their savings accounts under the gold standard. You had a saving account which was backed by gold, and you would in that you would, by the house that you'd need an you, would just put them by the house that you need consumption, good now, people think of their houses as their saving catch you that this is where I put my wealth and you maybe over invest in housing, because if you have a lot of money, you know you dry

there. Have that money in a house than have it in the bank right, it's a better investment or you buy more houses and you rent them out, which leads to the situation where people who have money end up with a lot of houses and people who are young and were just getting started. They can't afford to buy houses because their posts are being built up by the people who already have the money because they're using them as a saving account. So you know young people that reason that young people can't afford housing and they need to get into. You know enormous amounts of that is that you're, not just bidding against other people who want to buy a house, your big aids people who want to buy an assessment and it s at the same age aren't exactly, and I think the interesting thing is that bitcoin is going to obsolete this use case for houses. So I think the long

run it's gonna in a more and more people are discovering that you're better off putting your money in between than putting it in the house. Therefore, I think over time, that's just going to return housing to being a consumer good where people by the house is that they need to live and not the houses that they are not not. Saving accounts you you'll use bitcoin is a saving account safety. I think one of the issues that people have we beg coin is, it seems to me because it such a new thing there seems to be a lot of scam artists. Then you hear all these stories about people being scammed. You know I. I got an email sent by my bank and now you can question the bank's motives for this, but basically saying there's a lot of people out there using bitcoin using crypto as a way to scam. Others is this being overstated, or is this a problem?

in the market. Now I think it's true, I think it's it's a new technology and its very difficult for people to figure it out quickly. You need a lot of time mean spend a lot of time ferrying out and understanding it. Nobody has nobody's born understanding, bitcoin that you need to spend a lot of time understanding. So that is that- it's a very ripe environment for people to take advantage of people who are not very familiar with. What's going on, and personally, I think- and you know my personal opinion is that all the other digital currencies are effectively scams and that there of

I pretend to be decentralized like bitcoin and that allows them to sell themselves as being the equivalent of bitcoin, but they're, not decentralized. Only bitcoin has truly managed to be decentralized, because I you know you look at the history of how bitcoin is developed, the guy who made it he was anonymous. I didn't nobody knew who he was. It was just one person and he made it he you know he. He he put it online. For anybody to use and then other people started to use it and then he disappeared, and nobody knows who he is. Nobody knows what happened to him and he may be dead. He may have just you know, gotten rid of that identity and moved on with his but the important thing is that, and its now been eleven years that he's been disappeared so that the person The only person who could control bitcoin has been gone for eleven years and bitcoin has been running for eleven years, so weaken an end.

in those eleven years. A lot of people have tried to take control of between one if you gonna, try to make changes to bitcoin laval failed between continues to refuse to be controlled. So therefore, when I say twenty one million bitcoin, I know there's going to be only twenty one million bitcoin, I'm you know I'm comfortable going out there in public and putting my name out and saying this is what's going to happen. and I know that if one day there's going to be more than twenty one million with common have an entire bucket load of egg on my face, but from willing to take this just because I think the reedy.

the the you know, the the mold has been broken and there's no way to make another bitcoin there's no way to mess with bitcoin. That's not the case with all the others. Once bitcoin was up and running. It was the real thing. It was decentralized, nobody could control it and then, if anybody came about and built another one, then building another one was only going to work and is only going to succeed if they were able to be in charge of it if they were able to be handling it and that's why, basically, with all the other currencies, you know it only takes you fifteen minutes of digging to figure out who are the people behind it? and it's entirely easy for the people behind it to change the supply changed the rules and we see that happen with pretty much on most of the big currencies that their run like startups, whereas bitcoin is a neutral protocol. Bitcoin is like a language, you know who controls the english language. Nobody has no authority. That can say what is the english language and, to the extent that there are afford these, that

right dictionaries, you know they don't make up. No words. New words emerge in the nay incorporate them into the dictionary. So this is what, bitcoin is like, whereas all the others are- and I I believe centralized then I think therefore they're they're essentially fraudulent, because they're marketing themselves as decentralized but really they're just securities. That's a bunch of people issuing financial liabilities that sorry, oh sorry so you'd say even a big currency like ethereum, which loads of people have bought into you know, which has become pretty much mainstream year, would say that that is not not a good investment know. I I would not recommend anybody put any money in with any digital currency other than bitcoin saved in that is really interesting. You've explained things so brilliantly and in a way that is simple to understand that I really appreciate, and your books do a great job of that as well. Can we talk

Nobody says you make him predictions about the moment that we find ourselves in right now, as it is as a world, particularly the western world. So let's just go back. It'll bet two thousand a you know. We have a massive financial crash solution, is to punish shit tunnel money and give it away mainly to banks and to ourselves. right now and then and then we have you no zero interest rate so maybe even negative interest enterprise depending on how you want to look at it for many years. It's been fourteen years now, then we have come bed when we got a cable look, I've got this disease. in I dunno what you guys did over there, but in this country what we did is we won't stay the government's gonna give you shit lots of money that we're going to print right now a world war? Three, if we also five that flight and where are we gonna big? As you know, we have people on the show two years ago, going inflation coming it's coming on his it's, it's been coming and now it's here by what's happening economically and what is the future going

Look like I mean I dont have a crystal ball, so I don't really know ma am wary about making producers the future, but I think I'm betting on these very strong, very persistent decades long trends to continue his probably the best bet, I think we're just going to be more of the same: we're going to have more money, printing, more inflation, more devaluation of the currency, more price rise This and I think the dangerous thing that we're seeing increasingly is that the more this money printing we get the more power the government as an ethic. You know the last two years, just the insanity of the idea that government can just decide or at we don't want you to get ixl, you know screw your business grew your life screw everything that you care about. You just need to stay home. Am I going to lock you up? I think this is just completely insane and I think it's something that

can only happen when a government has this insane tool. That is a money printer. And saw the you know a lot of What would say? Well what would happen if we were on a bitcoin stand? A lot of people have asked me this question. What would happen if we were on a bitcoin standard and then corporate comes along? How you expect the government to shut down the world and give people free money, and the answer is exactly they won't shut down the world and then people would have to make their own choices, and I believe, in a world in which people had to make their own choices are covered would have been dealt with extremely far more efficiently. I think doctors would have much better job than what happens now, when all these you know essentially non medical bureaucrats were making decisions for millions of people rather than letting doctors and patients make the decisions for themselves, and we saw this with a lot of these medicines which are not going to mention because they want to get you

his youtube channel cancelled, but you know there's a lot of these medicines that came about that were proving very effective, and many doctors were speaking about them, but the bureaucrats had they didn't see any power in it, and so they were promoting the measures that involve power and submission and compliance and dependence. You know they want to shut down your business so that you need the government for their money and then you'll have to vote for the guy Let's give you more money and then and they'll be able to control you politically and they'll be able to control you more and more. So I think. It's a very, very dangerous world, and another aspect of it is just that the amount of government propaganda that we are seeing in the ability of the governments just brainwash everybody into marching, along with everything, Want is extremely dangerous, I think is sir. Sadly, I think this is gonna keep getting worse and that, of course, but he knows how things are going to get. Not if I asked you a five years ago

What's going to happen in twenty twenty two, you know you wouldn't have imagined that there's going to be a big war of russia and Ukraine, you wouldn't have imagined it was going to be a virus and break off. these things just come out of nowhere and they show up. I think you know we're gonna be getting more and more of these kind of the dramas in the neck. The upcoming seasons of the outer world I think we can keep getting worse and worse until bitcoin fixes things, and I think it's just we need them. more and more people are gonna. Wake up the bitcoin and they're gonna joined bitcoin, not because of some or not because of ideology, not because they want to fight government. They wanna take money out of the government. They can't join bitcoin because its approval aids and it gives the ma. Am we them from inflation? It makes gains. It makes gains than we call it number go up technology, the price of big monkeys. yup people gotta come for the number go up and the more people join for the number go up the more bitcoin rising value,

And the more that this free market monetary system grows as an alternative to the clown world of feared. That is just a threatening to nuke. Auto existence into oblivion. and I you know inside it's like the final see the movie. Where will well the hero, managed to rescue the sweetheart before the bomb goes off in the building or not. I think this is where we are right now, so stay tuned and one that wonderfully positive note saved safety. And it's been. It's been a great episode and thank you, Thank you so much for coming for explaining to us and illuminating ninety myself, but also audiences, to what bitcoin is and the potential use of

I knew all about thing going safety in a bar. I can't remember what it was probably about twenty eleven, something like that. I bought for just quit four hundred pounds worth of bitcoin and then, a few years later, it doubled its double two eight hundred pounds, and triumphantly I saw this water. What a legend and now that amount that I had. I think it was like half a bit corner. Something is worth about twenty grand, so I didn't, I knew even less than nothing about it. So thank you for coming on and talking about it this and we ve got before. We ask your questions from our support on locals. Only we have our usual question, which is the one we ask all our guests, which is what is the one thing we're not talking about as a society that you think we really should be. I'm gonna go with meat. I think people should be eating more meat and the us government has come.

simply telling you that you need your grains and you need your veggies and you need your fruits. I think that's all bullshit. They want you to eat all that crap, because it's cheaper and the eating meat is expensive. Then then it brings up inflation, numbers so the for the last fifty years is removed. On the few outstanding I discuss in detail in my book, the governments have been none telling people to eat shit, basically because they were cover it up. And then all these industrial food manufacturers have developed massively profitable business models of feeding people, industrial waste which they make highly addictive and the way to beat that is to eat meat. I've eaten nothing but meat for the last six and a half years, and it's been the best thing that has ever happened to me. So I I eat only meat, literally only meat and water. That's all I eat and I highly recommend the

You won't hear your nutrition is talk about it, because you're nutritionists, son nutrition department is financed by industrial food manufacturers and if you eat meat, you dont desire that industrial junk that makes them a lot of money. So, though, how about you, It is a is a passionate vegetarian were called trigonometry for a reason that he's walking off now see that's. It he's left with his folded, his arms and he's furious. Yet so that's fantastic, so safety dot com for electors, the bitcoin standard in the field standard you two great books, we're going to ask you a couple of questions, but with that. Thank you so much for coming on trigonometry and thank you all for watching and listening we'll see very soon when another brilliant episode like this one. Or or show all of them, go out at seven pm uk time and for those of you who lost your trigonometry on the go. It's also available as a podcast, take care and see you soon guys.

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