02.14.22 Entry

Every passage, on the record.

1. 00:00Event

   Alright, hello everybody it is now Monday, February 14th, the year 2022. What have we got for Bitcoin price? $41,772 for Bitcoin.

2. 00:00Reference

   The top one is why does Elizabeth Warren, US Senator, hate Bitcoin?

3. 00:34Claim

   For the same reason that Xi and China hates Bitcoin, neither of them can control it. That's absolutely right. I mean, you can't control it.

4. 00:34Quote

   Elizabeth Warren probably hates it because it's just another talking point where you can appear to sound intelligent to a bunch of dipshits.

5. 00:34Claim

   The average person knows nothing about money. They have no idea why it exists, they have no idea what the purpose is, they've never thought about it before, they don't intend to think about it in the future. These are the individuals who go along with whatever people that they have been trained to listen to tell them to do.

6. 01:06Claim

   If you have put in the time, very rarely do you find someone that is putting 100 hours into Bitcoin and not realized that this is an important discovery that should not be ignored and that should be leaned into.

7. 01:06Claim

   Nobody gives a shit if Elizabeth Warren understands Bitcoin or not because she can't stop it.

8. 01:43Claim

   You hold your own keys, you run your own node, the miners continue to mine, you continue to be able to operate with the protocol itself. You are able to exchange value with anyone in the world, the speed of light. No one can stop you. It is permissionless. It is decentralized and you're just not going to be able to stop it.

9. 02:20Claim

   As long as it cannot be controlled, as long as it remains permissionless, as long as individuals are able to hold a copy of the entire ledger on a Raspberry Pi, then we are going to continue to win because you're not going to be able to shut off the Internet.

10. 02:20Event

    The game theory will kick in if it hasn't already. I mean, we've seen, again, the Russia news coming on and talking about that.

11. 02:20Quote

    That is the end of the game theory. That is the really sorry, the start of the game theory really kicking off is if Russia comes out and says we are going to be exchanging energy for Bitcoin.

12. 02:56Prediction

    Once that happens, the race will be on. And like Jason Lowery, the Space Force gentleman always says or continues to say in his thesis, this will come down to a hash war. It will come down to countries will realize that the only way that they can protect themselves from other countries getting Bitcoin is to get more Bitcoin.

13. 02:56Reference

    Like Jason Lowery, the Space Force gentleman always says or continues to say in his thesis, this will come down to a hash war.

14. 02:56Reference

    Of course, you can do like Roosevelt with gold. You could try that way. The 6102 or you can create your own production by hashing as much as you possibly can.

15. 02:56Analogy

    Of course, you can do like Roosevelt with gold. You could try that way. The 6102 or you can create your own production by hashing as much as you possibly can, by putting as much energy into the network as you possibly can.

16. 03:38Idea

    The beautiful part about that is that leads to mutually assured preservation and prosperity for everyone because more energy is better for everyone. How do you increase the likelihood that the species is able to survive? We unlock more energy than we had previously because that leads to reserves.

17. 03:38Idea

    The beautiful part about that is that leads to mutually assured preservation and prosperity for everyone because more energy is better for everyone.

18. 04:09Claim

    And the more that happens, the better off everyone is going to be. And the price of energy comes down and everyone wins.

19. 04:09Event

    Versus the nuclear argument, which is, again, in the news right now is Russia is going to invade the Ukraine. The U.S. seems to be banking on this issue that this will take over from whatever the news cycle is at the moment that Russia is going to go in there.

20. 04:09Reference

    This goes back to a conversation I heard with Jason Lowery and Robert Breedlove on the podcast What is Money?

21. 04:09Reference

    This goes back to a conversation I heard with Jason Lowery and Robert Breedlove on the podcast What is Money?

22. 04:42Analogy

    They fire, we fire. It's over. Either way, it's over. So the kinetic power projection game is now at a stalemate. What are you going to do? That's why it's been skirmishes. That's why it's been terrorist attacks.

23. 05:13Claim

    Who controls the ledger, the state of the ledger? Who controls that? Who is able to protect it? Who is able to 51% attack the network and who is not? The more energy that goes into the system, the more it hardens the system from an attack and nations will realize this.

24. 05:13Prediction

    The only way that you can protect yourself if you are a nation state, the only way you can protect yourself from other nation states doing the exact same thing is by acquiring as much Bitcoin as you can possibly get your hands on as early as you can.

25. 05:46Claim

    Does the government see the writing on the wall? I can't imagine if some dipshit on the Internet like myself is able to figure this out. I can't imagine the US government is not able to figure this out as well.

26. 05:46Event

    Whether they do it through DOJ arresting the hackers the other day where they seize three point six billion dollars in Bitcoin, whether they are mining it themselves. There's been numerous allegations that the government has been mining for a number of different years.

27. 06:16Claim

    There is no way to control it any other way. That is the nature of the protocol being decentralized and permissionless. Anyone can join up. You can carry the Bitcoin in your head no matter where you go. How are you going to stop that? How are you going to be able to confiscate that?

28. 06:16Claim

    There is a large portion of Bitcoin holders that simply will not give up the keys that will go down with the ship.

29. 06:16Prediction

    Even if you shut it off, even if you shut off all the avenues to get Bitcoin on and off exchanges and the price completely plummets, it will not die.

30. 06:50Reference

    Next up, banks want to be a bridge to Bitcoin. Barron's magazine.

31. 06:50Claim

    Of course banks want to be a bridge to Bitcoin because they are becoming obsolete in the Bitcoin system. They see the writing on the wall.

32. 06:50Claim

    No one has a better view of the flight to safety, the flight from fiat to Bitcoin than the banks. They're able to see where this money is going.

33. 08:26Claim

    You can only own something as well as you can defend it. And in the case where your Bitcoin is on an exchange, you can't defend it at all. You are at the mercy of whoever is running that exchange, and that is the danger.

34. 08:26Quote

    You cannot defend it. You can only own something as well as you can defend it.

35. 08:26Reference

    This is the gradually then suddenly idea suddenly could happen very suddenly.

36. 09:34Prediction · condensed

    If they jump on early, yes, they're going to play a key role. If they wait, they're in trouble. That is a dangerous trap that I could definitely see happening if they get in early enough.

37. 10:38Claim

    Bitcoin doesn't have a marketing team. It doesn't have anything. It doesn't know that we exist. All it knows is that it is fed energy and it continues to do what it does. That is it has no idea of the outside world. And that's exactly how you would want it. The simplest possible system with the smallest possible attack surface is what it is.

38. 10:38Quote

    The simplest possible system with the smallest possible attack surface is what it is.

39. 10:38Prediction

    Mass adoption will increase, but they will follow the same funnel that everyone follows when they get into Bitcoin or when they get into cryptocurrency. They see that the majority of the gains where they think that the majority of the gains is already happening in Bitcoin. So they're going to get into something smaller and unit bias occurs and they get completely wrecked.

40. 10:38Reference

    They're going to get into something smaller and unit bias occurs and they get completely wrecked.

41. 11:09Claim

    Bitcoin is so successful at allowing users of the protocol to acquire more energy reserves that it's too successful, that it actually is a detriment to its adoption.

42. 11:40Quote

    When have you seen a system so effective that it actually harmed its adoption?

43. 11:40Claim

    No money spent. No money spent on the brand. No money spent on the advertising. No money spent anywhere by Bitcoin. It just works and it's going to work and continue to work every day, every block, as long as it's continually fed energy.

44. 11:40Reference

    Companies that are involved in Bitcoin, yes, like your GBTCs, they spend money, but not Bitcoin.

45. 12:41Claim

    The vast majority of people have no idea how the fiat system works, yet they are still able to operate inside of it.

46. 12:41Idea

    When you, normally when you orange pill an individual and you're trying to take them through the steps and you're trying to do it in an honest way that is going to be most beneficial to them in the end.

47. 13:14Claim

    You have been coddled your entire life when it comes to money. Other people have been doing jobs or necessary tasks that now you have to do with Bitcoin because Bitcoin allows you to become this person that you didn't know was possible because you can take full responsibility.

48. 13:45Quote

    You can just hold them in your head if you want to. That is maximum freedom. No one can ever touch those.

49. 14:16Claim

    The only way that you can get more Bitcoin is to unlock energy in the real world in the physical world and plug it into the system.

50. 14:16Analogy

    Well you need to transform it from a state that is inaccessible to accessible through work. You need to save energy for other individuals through specialization, through developing your skills.

51. 14:53Claim

    So the game becomes how can I be valuable to those around. And then the amount of Bitcoin that you hold is representative of how much you have unlocked and not decided to consume yourself.

52. 14:53Quote

    Think about maximum good is being valuable to those around you but consuming less than you provided to the system.

53. 15:24Claim

    That is why we are at the top of the food chain because we can project power better than any other species. And if we can project power better than any other species that means that we can accumulate more energy than other species.

54. 15:24Claim

    And that is where you see these jumps in human evolution is when we have had the ability to one day have access to a certain amount of energy and the next day through innovation, through technology, through discoveries, through trial and error, through the use of our minds, the faculties that we are able to have through those faculties we discover ways to unlock more energy reserves.

55. 16:12Open question

    I'm going to try and get at it again over the next few days because does any of this, you know, is it support or does it negate any of the thoughts that we have talked about on this podcast before any of the beliefs of why Bitcoin is going to win, why it's inevitable.

56. 16:46Prediction

    Why eventually everyone will capitulate and you get the price that you deserve by the amount of work that you have put in.

57. 16:46Quote

    Like everyone is poor now. If you're poor, even if you're not wildly rich, even if you don't have access to more energy reserves than you thought humanly possible, you know, Bitcoin is there to remind you that it's your own fault.

58. 16:46Quote

    That proof of work of understanding Bitcoin and why it's important.

59. 17:20Claim

    That is all that is what Bitcoin has is the ability to draw in humans so that we can farm energy for it. And we do so because the incentives align with our own needs, which is we want access to as much energy as humanly possible.