The Other Side

Every passage, on the record.

1. 00:00Event · condensed

   Right now, the block height, we are looking at 757,472. It's the 7th of October. Bitcoin is at $19,000, down about 70% from the $67,000 high.

2. 00:00Idea

   Maybe I would just say who is on the other side of their trade, because if I lay out who is on the other side of their trade, maybe if they see this in the future, maybe they turn out to be correct, and who was the idiot on the other side of that trade.

3. 00:00Quote

   Who is getting out of Bitcoin at $19,000?

4. 01:11Idea

   Someone is giving up a percentage of the total accessible supply of energy in the world for something that someone else can just print. Someone can just make up, and I don't understand it.

5. 01:42Claim · condensed

   You have to be pretty far down at this stage to still be buying: it's dropped 70% and you probably aren't buying your first Bitcoin now, you don't even have to know why it's going to go up, you just have to believe it will, to be buying at these levels.

6. 02:28Reference · condensed

   Paul Tudor Jones, one of these hedge fund folks, fiat finance people, described to Stanley Druckenmiller what was going on with Bitcoin and why it might be worth taking a look at.

7. 02:28Reference

   This came from a few years back, probably 2020, right at the start of the bull market after the pandemic, where Stanley Druckenmiller was talking about how Paul Tudor Jones described what was going on with Bitcoin.

8. 02:28Quote

   Do you know that when Bitcoin went from $17,000 to $3,000, that 86% of the people that owned it at $17,000 never sold it.

9. 02:28Event · condensed

   Right at the start of the bull market after the pandemic, Druckenmiller relayed Paul Tudor Jones's observation that 86% of Bitcoin holders at $17,000 never sold on the way down to $3,000.

10. 03:12Reference

    The term zealot dates back to a particular sect, the zealots, because they weren't fucking around with Roman occupation in the first century. They were focused on not being occupied by the Romans.

11. 03:46Reference

    A few episodes back, I mentioned the Gulag Archipelago, and the problems that were made possible because of a lack of information, both the exchange of and the quality in terms of the truth.

12. 04:18Claim · condensed

    That 86% is a fraction of zealots, a fanatical group who are not willing to budge on the atrocities that are made possible by fiat money, the same absence of a willing minority that let the atrocities in the Gulag Archipelago rise up in the first place.

13. 04:50Claim

    As a Bitcoiner, you don't have to risk anything, no one has to know what you're doing, there's very little real world harm that could come to you if done properly, in stark contrast to something like Russia during the early part of the 20th century.

14. 05:25Prediction

    The very fact that there is a small subset of individuals in the world that are willing to do this means Bitcoin eventually wins, because you can't kill it.

15. 05:25Reference

    If we go back to that Druckenmiller quote, imagine being called fanatical about opposing corruption, coercion or slavery. Would you be more comfortable with the opposite label?

16. 06:31Claim

    Any other investment of your energy reserves bloats the powers of the fiat system to continue to operate, and it's inexcusable, because now it gives life support to a monstrous beast for another period of time.

17. 07:32Reference

    I feel a responsibility to the line of my ancestors who have made all the sacrifices to bring the extended order to this point, think about the contributions to get here.

18. 07:32Prediction

    Think about when the price goes up, because the number will go up. What am I going to cash out to, and where am I going to put it?

19. 08:04Quote

    If not me, then who, if not now, then when, when will there be a bigger chance to turn the tide than now?

20. 08:35Claim

    Transform as much energy as possible in the physical world, through the most effective channels, and remove it from the system. Exchange it with people that are dumb enough to sell Bitcoin, and hold that Bitcoin to cause max pain to the oppressors who didn't see it coming.

21. 08:35Quote

    Now is not the time for fucking around. Now is the time for pushing.

22. 09:12Analogy

    I always think about it like the Catholic Church and how much the tune has changed over the years: when they had the power, there was no escape, there was an iron fist, you didn't get an opinion, until the power shifted, and now that they don't have the power, they're all smiles, but some people don't forget.

23. 10:17Analogy · condensed

    This is that ten thousandth monkey tapping the final keystroke to Macbeth. That's how rare it has to be, the confluence of events and discoveries that had to take place to get us here.

24. 10:52Analogy

    It's randomly jumping into a video game being placed right at the final boss with the most powerful weapon in the game, yet you just started playing.

25. 10:52Claim

    The existence of Bitcoin is what makes me most suspicious that I am living in a simulation, because if you were the AI and you needed energy to live in another dimension, this is the perfect fit: a simulation that preys on people's greed and their incentive to right the wrongs of the past.

26. 12:00Claim

    Let's say it is a simulation, let's say you're real and so am I, even though you can never be sure: the only thing we can be sure of is you have to do some serious hashing if you want to add blocks to Bitcoin's time chain, and the price is a real time reference for the winning and losing.

27. 12:00Idea

    You have to do some serious hashing if you want to add blocks to Bitcoin's time chain. You can't fake that.

28. 12:00Open question

    Let's say it is in a simulation. Let's say you're real and so am I, even though you can never be sure.

29. 12:00Quote

    You have to do some serious hashing if you want to add blocks to Bitcoin's time chain. You can't fake that.

30. 12:31Claim

    People looking at the charts, the male version of astrology, are fucked by a system they can't see or feel, they have no energy and are desperate for some, and it's difficult to understand how to get more because you have to learn the existing system and see how it exploits the extended order.

31. 12:31Idea

    They have no energy and they are desperate for some. They want it real bad without understanding how to get more because it's difficult to understand how to get more.

32. 12:31Quote

    People are super, super fucked. By a system they can't see or feel.

33. 13:05Claim

    Bitcoin alleviates these thoughts and situations. It says be productive and you will have more. So just be productive.

34. 13:36Reference

    A favorite Christopher Hitchens quote that I always go to is, you can play with your toys all you want, just don't force me to have to play with your toys.

35. 13:36Quote

    You can play with your toys all you want. Just don't force me to have to play with your toys.

36. 13:36Analogy

    I want the Scooby-Doo gang, I want their faces at the end of the episode, when they pull off the mask and whoever was fucking them the whole time, I want that to be me, for all the fiat folks that thought there was no way out from the ruling establishment.

37. 13:36Claim · condensed

    This is the vote that you are casting when you buy Bitcoin: I want the ending, I'm not going to do anything I don't want to do, and I don't want the power to tell you what to do either.

38. 14:38Analogy · condensed

    I see your allocation to Bitcoin and Bitcoin usage as a dial that you are in control of for how much you want other people to be able to fuck with you: lower your allocation to expose yourself more, turn the dial up if you'd like to lower your exposure to questionable decision-making.

39. 15:42Claim

    If you hold dollars, you are saying that you don't mind numerous peers having more power in the system than you do, not because they earned it, but because they said that they get to.

40. 16:18Analogy · condensed

    If you were in a small tribe and you could recognize everyone, and someone was flooding the pool with more claims than before, they would be ousted immediately because it makes no sense.

41. 16:52Claim

    The benefit you get from holding a treasury is you are guaranteed a loss, guaranteed to be stuck with the people taking advantage of you, and these methods are used to fund wars and covert activities that would never be possible without the passive participation of the energy transformers.

42. 16:52Idea

    They get to take your energy by flooding the total accessible supply of energy, the total pool, with more claims than before.

43. 17:27Quote

    They held you hostage. They held you hostage. And now they've opened the doors. They've taken off. Well, they haven't taken them off. You've taken them off.

44. 17:27Analogy · condensed

    You're like a trained lapdog, not wanting to upset the masters, even though the ability to take off the shackles is in front of you and they can't stop you from walking out the door.

45. 18:33Claim · condensed

    Diversification is part of the myth, it's all dollar based, you're going for better returns in the dollar that others control, and buying a slice of the world's most productive companies means giving them your energy to leverage their specialization even further.

46. 19:35Claim

    The question with real estate is, would you like to take everything bad about the dollar and put it in a physical reality tied to an actual location that people can come and take?

47. 20:05Analogy

    If I play my cards right, maybe I can get the other people who can't access capital like I can to sleep in it, I can melt them like domesticated cows, lever up to the tits, play the tax code, reinvest and just grant card on it till you get called, and then you write it off.

48. 20:38Claim

    In Bitcoin, if you win, everyone in the system wins: no one has special powers, and everyone is equal to the increases in efficiency, no matter how small or where they occur, which is the reason there's a bid, it's people like me.

49. 20:38Idea

    The TASOE, the total accessible supply of energy, must increase to all holders or else everyone else loses. Everybody loses. No one has special powers.

50. 21:09Quote

    The price means nothing to me. What means something to me is that I can make a stand.

51. 21:40Claim

    Any alternative means you're on Team Fiat, and as every single time in history has shown, the atrocities that Team Fiat will create are unmatched, and they will continue to happen until someone somewhere gives us an alternative, and that's Bitcoin.

52. 21:40Idea

    Because any alternative means you're on Team Fiat. And as every single time in history has shown, the atrocities that Team Fiat will create are unmatched.