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Cinematic Corner
  • 2 days ago
Transcript
00:00:00Bitcoin is love, man.
00:00:26Come on, people.
00:00:26Let's go.
00:00:27Let's go.
00:00:27Act like you got somewhere to go.
00:00:29Let's go.
00:00:30Okay.
00:00:36Hey, Nestor, good morning.
00:00:38This is Mr. G.
00:00:39You can bring yourself out to the curb.
00:00:41I'll be there in about 15 minutes.
00:00:43Bring them out.
00:00:44Bring them out.
00:00:44Bring them out, buddy.
00:00:45Let's do this.
00:00:57First stop, Elvis.
00:01:00Try to have your stuff out on the curb.
00:01:02That way, it'll be like a quick pickup.
00:01:05You get your money on this one, two, three.
00:01:06Thank you so much.
00:01:07Good.
00:01:07Got it.
00:01:18All right.
00:01:19See you next week.
00:01:23Hello.
00:01:23What's up, man?
00:01:24Oh, my God.
00:01:25Yo, Lewis, check it out, man.
00:01:28Read the pamphlet.
00:01:29Very important.
00:01:31Next time I don't send you a paper, I send you a big crush.
00:01:33Take care, bro.
00:01:35Hey, Big Nestor, what's up?
00:01:37Bring them out.
00:01:38Bring them out.
00:01:38Hey, Mr. Lawrence, good morning.
00:01:40This is Mr. G, the recycling guy.
00:01:43I'm Mr. G.
00:01:44I pick up cans and bottles, and I facilitate the transport between people that want to sell
00:01:49their cans and bottles to recycling facilities around the city.
00:01:53And that way, I get to spread out the signal by Bitcoin and its magical powers.
00:01:59Yo, Sylvester, I can give you one thing that's better than that.
00:02:03It's Bitcoin.
00:02:09What's up, Pitbull?
00:02:10All right, look, you got cash out?
00:02:12Yeah, I got cash out.
00:02:13All right, look, check this out.
00:02:14I'm going to show you another wallet to download.
00:02:16It's a lot better than dealing with paper all day.
00:02:19You know what I mean?
00:02:19Okay.
00:02:19You want to send money and receive money, you just hit receive.
00:02:23One, two, center the transaction.
00:02:26Three, done.
00:02:27So how this works is that this is outside the bank, bro, and it's much better.
00:02:31See you next time, bro.
00:02:32All right, bro.
00:02:33Y'all take care.
00:02:33You too.
00:02:34You already know.
00:02:35All right.
00:02:36Bitcoin is love, man.
00:02:38I believe that it can do a lot more for society than simple trading in dollars and stuff,
00:02:44because the dollars just, it creates all the worst incentives in people.
00:02:47This is a good pamphlet for you.
00:02:49Just check it out again.
00:02:50I'm not here to push people into Bitcoin.
00:02:52I'm just here to move the needle as best as I can.
00:02:56And the more people that come in, the more people can receive the benefits of having hard money.
00:03:03Bitcoin itself is a hyped up fraud.
00:03:05The asset itself is creating nothing.
00:03:07I would short it if there was an easy way to do it.
00:03:09I think it's a scumball activity.
00:03:11The signs were everywhere, but now it's official.
00:03:14We are in a recession.
00:03:15When I think about the significance of Bitcoin, I liken it to the significance of fire and the role of Prometheus.
00:03:23We're trying to create something that's digital gold.
00:03:26Why the hell would you want to do that?
00:03:27Digital gold is no more gold than digital food is food.
00:03:31It's a Ponzi scheme.
00:03:31The Madoff scandal has given greater impetus to efforts to overhaul the laws that govern the financial markets.
00:03:38I see the light.
00:03:39Huh?
00:03:40Avocado toast.
00:03:41Ah!
00:03:42And to me, a little bit, the cryptocurrencies are like that.
00:03:46That's good lighting.
00:03:47I think all lawyers and all politicians are frustrated actors.
00:03:52By and large, there is an extraordinary degree of ignorance about crypto and Bitcoin in Washington.
00:04:00The dark underbelly of crypto is its critical link to financing terrorism and human trafficking and drug dealing and helping rogue nations like North Korea and Iran.
00:04:12A lot of people are going to hear you make 100 grand a year and you're living paycheck to paycheck.
00:04:15It seems like crazy talk.
00:04:18When you detach and decouple money from the state, incredible things can happen.
00:04:23You go to Central America, you go to South America, you go to Africa.
00:04:28These are markets and continents that see Bitcoin as necessity instead of desire.
00:04:33In tomorrow's world, we will tell our children, instead of buy real estate, we'll tell them buy Bitcoin.
00:04:39It brings economic justice.
00:04:41People of color are looking for alternative solutions because we know that we're not getting a fair shake.
00:04:47If you're starving, if you're rich, if you're this race, it doesn't matter.
00:04:51This thing is going to support and do its job no matter what.
00:04:53Okay, I'm a Bitcoin home miner.
00:05:06It's a hobby of mine.
00:05:08I actually also use my machines to dry clothes.
00:05:11I got my machines right there, actually blowing a lot of heat on the clothes.
00:05:16It's part of my hobby.
00:05:18This is no different than the guy that tunes cars in his garage.
00:05:21It's a little far-fetched for a lot of people to understand right now, right?
00:05:25But maybe in like 2028, 2029, 2039, people will maybe look back and say, hmm, he was right.
00:05:32Cryptocurrency, blockchain technology, allows decentralization.
00:05:41Is it a perfect process?
00:05:42No.
00:05:42Is it more perfect than our process?
00:05:44I'm not sure.
00:05:45But it's a process that allows more people to participate.
00:05:48It allows for the unbanked and underbanked to be able to participate in ways that they were not able to participate in.
00:05:55It expands the investor class.
00:06:02Bitcoin, from a philosophical point of view, it provides a sort of common ground for people,
00:06:14which is seldom seen in the world in general, politically speaking, whether you're left or right, all of that.
00:06:19For the first time, we have a common, I guess, initiative that binds people from all walks of life to actually work on this.
00:06:25For the first time, we all agree, financial freedom is important.
00:06:28So let's build towards that and have a brighter future.
00:06:30So I think a lot of young folks, they're in the best place possible to really push that effort.
00:06:38Payments and money, they have a long history.
00:06:40It's hard to imagine an economy that operates without money.
00:06:44And you talk money, you talk payments, you talk payments, you talk money.
00:06:47One form of money is this form.
00:06:51With this form, we don't know the history.
00:06:53What's important is that you can easily verify that this is a legitimate $5 bill.
00:06:58Two dollars and 98 cents.
00:07:01That's how much money it will take to buy a gallon of paint.
00:07:04It's Friday morning and Tom Havens is to buy the paint after school today.
00:07:08To make the purchase, his father gives him a crisp new $5 bill that he received at the bank yesterday.
00:07:15Finance is typically not taught in schools, but it should be taught in schools because it's deeply connected to the real world.
00:07:21And we're not letting our kids, when they graduate from high school, having a sense of personal finance.
00:07:27Why is it not being taught?
00:07:28I don't know.
00:07:29You think about what you want?
00:07:39I didn't know about the stock market or stocks until I got to college.
00:07:47My mother didn't have stocks.
00:07:48The school system wasn't talking about stocks.
00:07:50I realized that a lot of my teammates, kids that I'm going to school with, they're learning
00:07:57that from their parents.
00:08:00I got into Bitcoin end of 2019.
00:08:03That's when I started doing my research.
00:08:05You know, at first, I'm thinking, like, I'm not reading this.
00:08:08I'm not getting into this.
00:08:10And the first article I read, it was talking about generational wealth gaps in the U.S.
00:08:16It touched home because that's something that, you know, that I dealt with personally.
00:08:20I grew up in Springfield, Mass., inner city.
00:08:25Tough neighborhood.
00:08:26I had two brothers, four sisters, two-bedroom home.
00:08:29My mother was working a lot, so you had to survive on your own and kind of be more reliant on yourself.
00:08:36What I'm realizing now is that because she had all her kids and she gave us everything that
00:08:41she could, she doesn't even have, like, a retirement really set up for herself.
00:08:45Is there, like, boats in Miami?
00:08:50I realized that that's not a position that I wanted to put, you know, my kid in.
00:08:55I wanted to give something back.
00:08:57When she turns 18, I want to have the option of saying, you know, can I pay for college?
00:09:02You want to start a business, all right, here's some seed money for it.
00:09:05Just a little different from what was for me, kind of bootstrapping everything and digging.
00:09:12So you will live in a boat in Miami, that's what you want to do?
00:09:15Yes.
00:09:16What color would your boat be?
00:09:18Pink.
00:09:19A pink boat?
00:09:20Mm-hmm.
00:09:21You know, Miami's a Bitcoin city?
00:09:23No!
00:09:25It is.
00:09:26When I read that, a lot of people in Africa were adopting Bitcoin to try to help their family,
00:09:33you know, help themselves out.
00:09:34That's when I made my first, you know, investment in the Bitcoin.
00:09:37And then it kind of clicked for me and I got the fundamentals of Bitcoin and what it was about.
00:09:41Same finish, though.
00:09:43Something coming up like this.
00:09:44I'm a coach at heart.
00:09:45I coached for 10 years straight.
00:09:47If I have some knowledge or if I feel like I can, you know, help you in any way, I'm going
00:09:52to try to do that.
00:09:54I was brought up to believe that it's your job to look after your own financial well-being.
00:10:00But I don't remember ever being given a good education in how the financial system works.
00:10:08There's this idea that we have these dollar bills in our pocket and that those things are, in some sense, backed by the government.
00:10:17And that's what money is.
00:10:19But that's really only what money's been since the 19-teens.
00:10:23We're not disrupting a system that's been around for 1,000 years.
00:10:26We're disrupting a system that's been around for, like, 50 years.
00:10:28It did pretty well for a pretty long time, but the cracks are now showing.
00:10:32And you see this in a bunch of different ways.
00:10:35As the central bank of the United States, the Federal Reserve is charged with promoting monetary and financial stability and the safety and efficiency of the payment system.
00:10:44The Federal Reserve is creating money out of thin air by buying U.S. debt and other, you know, financial assets.
00:10:51As a consequence, the money is worth less.
00:10:54Inflation is way too high, and it's really a big burden on American households.
00:11:00The purchasing power of the dollar has declined on a straight-line basis since the 60s.
00:11:05It never goes up.
00:11:06The dollar only goes down.
00:11:08The worry is that we've now gotten so addicted to easy money for so long.
00:11:11The system of central bank-printed money is not necessarily any better in the United States than it is in a place like Venezuela or a place like Zimbabwe, places that have 1,000% inflation.
00:11:23If you think about money hard enough, you realize that for the past 25,000 years, the money's always been defective.
00:11:31It's just a question of when will it utterly fail?
00:11:34I think what you have is human civilization struggling with how to solve the problem and never quite getting it right.
00:11:42All systems fail, but at the same time, we're not living in caves anymore.
00:11:46And so we make continual progress.
00:11:47We figure stuff out because we are now the most important economy in the world.
00:11:52Most of the world relies on our systems.
00:11:54You have to have an element of flexibility in a currency system that tries to be all things to all people.
00:11:59And so a lot of the debate and the frustration around the fiat currency system is actually about who gets to set the rules and who gets to decide how it's flexible.
00:12:091989 may be the most important year in economic history since the signing of the Magna Carta.
00:12:15You had communism falling symbolically with the fall of the Berlin Wall.
00:12:20The West won, the East lost in lots of ways.
00:12:24That created maybe the best 20 years we've ever seen on the planet in terms of trade as a percentage of GDP.
00:12:32You know, we had more trade going on than any time since the 30s between countries.
00:12:36That's all confidence.
00:12:38So a confidence revolution creates a credit bubble because credit is confidence.
00:12:43But at 08, we really should have thought about something.
00:12:47Something happened, we're like, oh, there's a crisis, boom, and it broke.
00:12:56People lost their houses, people lost their jobs globally.
00:13:00And I think Satoshi must have looked at that and said, this ain't fair.
00:13:07I think that's where the white paper came from.
00:13:09Satoshi did two amazing things for humanity, create Bitcoin and disappear.
00:13:13Us not knowing who Satoshi Nakamoto is, I think, is a feature, not a bug.
00:13:20I had a lot of appreciation for Satoshi.
00:13:23I have a dog named Toshi.
00:13:26You don't have someone to drag in front of Congress to answer for how the software works.
00:13:31You don't have someone to sue.
00:13:32You don't have someone who's able to flip a switch and turn this thing off.
00:13:40No, I'm not Satoshi.
00:13:41In 2008, I got the, as far as I'm aware, the first email that anybody received from Satoshi.
00:13:49It was basically asking about the citation for Hashcash.
00:13:53I invented this thing called Hashcash in 1997.
00:13:57And it started a conversation about it being a bit like digital gold.
00:14:01There was a mining, there's a cost to mining.
00:14:03You produce something digital that you could verify was scarce.
00:14:06But people's sort of next question was, but won't everybody mine an enormous amount of it?
00:14:13Because you could throw more computers at it and create money.
00:14:15And if you had a machine for printing money, you know, converting electricity into money, people would go nuts and computers get faster.
00:14:22And it would become hyperinflationary.
00:14:24This would be solved by Satoshi Nakamoto's Bitcoin white paper.
00:14:31It was a criticism of central bank monetary policy.
00:14:34And the Bitcoin revolution began.
00:14:37We had to find a way to issue money in a decentralized process so that governments would be removed from their ability to debase and to manipulate currency.
00:14:45We don't know who the person is.
00:14:49We don't know if it's one person or many.
00:14:50We have some ideas based on forum posts and time zones that they've been in.
00:14:54But it's all really ultimately just a guessing game.
00:14:57It's a little bit like those people who say that Shakespeare's plays are too good to have been written by one chap from Stratford.
00:15:04This white paper is pure poetry.
00:15:06Even if you can't read the 13 pages, just the first page says pretty much everything that you need to know.
00:15:12It's a religious event.
00:15:13It's a once in a lifetime thing.
00:15:16And I'm skeptical because I am one.
00:15:19I'm a founder that people lionize and they look up to and whatnot.
00:15:23But whoever this person is, like, truly gave us a gift.
00:15:26And it was a selfless gift.
00:15:28Bitcoin's supply is capped at roughly 21 million Bitcoin.
00:15:31And each Bitcoin can actually be subdivided into 100 million, what are now known as Satoshis, units, the smallest unit of Bitcoin.
00:15:37In a traditional banking system, the bank ensures that you don't spend your money twice because it debits your account as soon as you spend that money.
00:15:44With Bitcoin, there's no central party to trust.
00:15:47So we have this double spending problem.
00:15:49I could send my Bitcoin to my first friend and then I could go around and send that same Bitcoin to somebody else.
00:15:55Who's to say that I spent it or I didn't spend it?
00:15:57And Satoshi very cleverly solved it by introducing the concept of mining.
00:16:00Bitcoin is not complicated.
00:16:01The white flag is in the air.
00:16:04Two miles facing between Kyle Roach and her first time victory.
00:16:08President Trump starts emanating from the class of the team.
00:16:11Daniel Jordan, this week.
00:16:20Bitcoin?
00:16:21Bitcoin is, um, um...
00:16:29I've heard of Bitcoin, but, you know, I'm kind of an older generation.
00:16:33I like to hang on to my cash.
00:16:35I don't use Bitcoin, but I support it because that's the new thing.
00:16:38I don't use Bitcoin, but I support it because that's the new thing.
00:16:38It was impossible for man to fly up until the point where the Wright brothers took their rinky-dink plane and then flew it in the air.
00:17:05And thereafter, at every point in time, it was true that man could fly.
00:17:09So really, what is invention, right?
00:17:10With invention, you are invalidating some rule of the world, right?
00:17:14It was true that you needed a government.
00:17:16You needed some large entity to operate, a monetary system.
00:17:19And from the point where Bitcoin came into existence, it eradicated that.
00:17:22I'm not sure that you can imply sort of any negative emotion or intents to Bitcoin, right?
00:17:27Bitcoin made something better.
00:17:29It made something possible.
00:17:31The implications of that, I think, will unfold from there.
00:17:33But it's hard to say if they're going to be positive or negative.
00:17:36Bitcoin at its base layer is what's known as a broadcast system, a picture of a megaphone to the entire world.
00:17:47Anyone that wants to listen and take in the data that I'm broadcasting, according to the protocol, the world is to take that information in, verify it, ensure that it's valid, and then append it eventually to what's known as the blockchain.
00:18:03Blockchain is a ledger of transactions that is maintained by some kind of consensus mechanism.
00:18:11In a blockchain environment, there's no one person responsible for maintaining that ledger.
00:18:17The ledger is maintained by a consensus of computers working together.
00:18:21What is a bank?
00:18:22When you pull up your smartphone and you scroll through to your bank account, that's what a bank is.
00:18:27It's a ledger.
00:18:28All it is is a deputized business that we've given the privilege of maintaining this ledger.
00:18:34It is a glorified bookkeeper.
00:18:37So blockchain solves that because what is blockchain?
00:18:41Bookkeeping.
00:18:42And there's a lot of banks who know that if we adopt blockchain, they're out of business.
00:18:47It exists in the open, and nobody has any more right than the other to change it.
00:18:54And so you can opt in or opt out of it at any time, but it's a system that exists on its own.
00:19:01The significant thing about cryptocurrency turns out to be that it's not really secret.
00:19:07It is possible for a transaction on the blockchain, precisely because it's indelibly recorded, to be discovered by the authorities, should they wish to do so.
00:19:19In its three-count complaint, the government says a man known as the Dread Pirate Roberts was able to rake in $80 million in two years through an illegal site.
00:19:31He created a secretive online marketplace for drugs, one so perfect that it could make the street corner dealer obsolete.
00:19:39In 2011, 2012, many people speculated that the only reason that Bitcoin existed was to buy drugs on Silk Road, and no one really knew to what degree that was true.
00:19:51It got taken down in mid to late 2013, and Bitcoin crashed immediately after, but within a month, it had reached new all-time highs.
00:20:00The cryptocurrency market has exploded over the past few years.
00:20:04Now, most of that growth has been driven by speculation and gambling, but we also know that crypto provides a new payment option for criminals and cheats.
00:20:14Do criminals use Bitcoin?
00:20:16Of course.
00:20:17All useful tools are used by criminals, including cars, cell phones, the internet, food and water, mathematics, language.
00:20:26It's not that bad actors, ransomware, et cetera, aren't focused on today, on using crypto to try to transfer value.
00:20:34But what criminals are finding, they are increasingly likely to get caught if they try to use Bitcoin.
00:20:41In 2021, at least $14 billion in digital assets went to criminals.
00:20:48Now, that's a lot of drugs and a lot of ransoms and a lot of bombs and a lot of nuclear materials.
00:20:54Dear Senator Warren, I'm a fan.
00:20:58I think you're very smart and you genuinely care about building a more equitable society.
00:21:03But respectfully, when you talk about Bitcoin, you sound silly.
00:21:08The crypto industry claims that it doesn't need to do all of the know your customer and other anti-money laundering checks because crypto is uniquely transparent.
00:21:18Bitcoin is a monetary instrument that does not require trust in governments to not inflate away the value of money or trust in banks to stay solvent.
00:21:29So then the question becomes, so what is it that the Bitcoin, what problem is it solving?
00:21:35Your voters are rejecting the legacy financial system because it fosters economic and racial injustice and perpetuates wealth inequality.
00:21:44Bitcoin is hope.
00:21:45Bitcoin's decentralized, transparent, democratic network will inevitably replace the failed and corrupt partnership between governments and large banks.
00:21:54If our children want to believe, they want to believe in something in the past 22 years, we've destroyed almost all the institutions without recognizing the importance that they play in individuals' lives.
00:22:06And many of our children are unanchored in many ways.
00:22:09They don't know what to believe in.
00:22:11They're searching for something.
00:22:13If I buy Bitcoin, am I buying a share of stock or am I buying a pork belly or am I buying?
00:22:19Are you buying air?
00:22:21People can agree that Bitcoin has value and then they could decide it doesn't.
00:22:26I mean, because it doesn't have any actual value.
00:22:29I mean, people can agree on anything.
00:22:31I mean, that's how you have a bubble, right?
00:22:33At one point, people thought tulips had a lot of value in Holland, but then they didn't.
00:22:38I would accept Bitcoin now only because I could sell it.
00:22:41There is a market for it.
00:22:42But I would not want to hold onto it long term.
00:22:45There's not that many people who want to buy pet rocks right now.
00:22:47But in the long run, you know, the pet rock probably has more value because at least it's a rock.
00:22:55I think tulips are the original NFT.
00:22:57That was the first time, you know, at a global economy they decided, hey, here's something that might be worth a whole lot more than the strictly functional value of a flower.
00:23:06Value is in the eye of the beholder.
00:23:08And when we all convince ourselves that it's worth something and then all of a sudden we all decide that it isn't, that's kind of what happened with tulip mania.
00:23:14It's easy to dismiss something if you can just strap a label on it and then ignore it.
00:23:19The tulip mania that everyone likes to quote had one bubble and then went away.
00:23:24There's something different going on when an asset continues to appreciate over the long term, goes through multiple speculative cycles.
00:23:31As you can see, I am no longer 23.
00:23:33I used to be 23, so perhaps I'm speaking a generational voice, but to me it is an astounding thing that people impute value to this thing that no human eye has seen your human hand touched.
00:23:47Bitcoin is not tangible.
00:23:49You can't touch it, you know, but you also can't touch, you know, your share in a corporation.
00:23:55Prior to temporarily going off the gold standard, which it was supposed to be temporary, but here we are, you know, 50 plus years later, and we haven't returned to the gold standard.
00:24:05Now, eventually we will.
00:24:07Gold is money.
00:24:08If you're waiting for gold bars to show up before you release goods around the world, it doesn't work.
00:24:14It's much easier, more efficient, more flexible to have this digital transaction standard, this virtual ledger system.
00:24:232016, 17, 18, when you see the cycle play out, you started to realize that, you know, this actually has something very unique in it, and it is truly anti-fragile.
00:24:37And it's taking on its own life, which is kind of interesting to observe.
00:24:42There is a new and exciting industry in the United States of cryptocurrency, whether Bitcoin or otherwise, that are generating jobs, entrepreneurs who are creating new values, new hedges against inflation, new opportunities.
00:25:06And it is fast-moving.
00:25:09It is dynamic.
00:25:13Texas?
00:25:14Texas is Bitcoin country.
00:25:16You know, I'm reminded of an old line, which is that you never ask anyone if they're from Texas.
00:25:24And the reason is simple.
00:25:25If they're from Texas, they'll tell you.
00:25:27The reason Texas has been so attractive to Bitcoin is its low-cost, abundant energy.
00:25:33And there's a big debate about Bitcoin and what is its impact on energy.
00:25:38And you have some environmentalists who hate Bitcoin because they say it consumes all of this energy.
00:25:44I actually think Bitcoin is incredibly pro-environment.
00:25:49One of the challenges you have is when you drill an oil well.
00:25:52Along with producing oil, it produces natural gas.
00:25:55The natural gas is burned on fire, and then the problem is that pollutes.
00:26:01Bitcoin is presenting an enormous opportunity to go into a producing oil well, to take that stranded gas and to put it into a generator right there on site.
00:26:11Use that gas to produce electricity and use that electricity to run Bitcoin mining breaks.
00:26:21We're actually in the Giga Mining manufacturing facility.
00:26:24This is the covered section.
00:26:25This is where we manufacture and fabricate the actual Bitcoin mining data centers that we deploy to on- and off-grid solutions in harsh environments.
00:26:34Most of them we actually use for ourselves internally and mine Bitcoin with them.
00:26:40Some of them we also sell to oil and gas companies or other people that need a data center or a generator for Bitcoin mining.
00:26:46The first premise is that there's value in Bitcoin, past that, everything else makes sense.
00:26:57If you say, hey, there is value in Bitcoin, then you would say, hey, there's value in physically sweating in 100 degree heat to manufacture an engine to more efficiently mine Bitcoin.
00:27:05We're going to pull in natural gas through this two-inch line.
00:27:09It's going to run through here, all this natural gas, and then we're going to bring it straight into the engine.
00:27:13We're going to start combusting it, running these pistons, and then getting the engine.
00:27:17And all we're doing is trying to turn that big flat wheel to create electricity.
00:27:21So a Bitcoin miner is a computer that can only do one simple math equation, and that's an equation called SHA-256.
00:27:31So it's just a hashing function, and this computer basically guesses every day, all day long, start off doing thousands of guesses a minute or a second.
00:27:38Now, millions of guesses a minute or a second.
00:27:41Now, trillions of guesses a minute or a second, as they become better, there's energy that is utilized for every guess, and they're just always constantly looking for new Bitcoins.
00:27:49If they get one, they get a brand new set of Bitcoins, or they mine a block of Bitcoin.
00:27:54You have to do work to deter people from cheaply hacking the system, right?
00:27:59You're throwing up a barrier for security of the blockchain.
00:28:02And so when you're mining Bitcoin, what happens is the Bitcoin software is throwing up a series of math problems to solve, and over time, the math problems get increasingly difficult.
00:28:14Now, the math problems don't themselves relate at all to the underlying transactions.
00:28:18The transactions are what they are.
00:28:21But what the Bitcoin network is doing is it's saying you're only going to get a Bitcoin reward if you devote enough work to pass through the gateway and then be eligible.
00:28:30But beyond that, it's basically a lottery.
00:28:31And so these computers, they're running 24-7, and when you're running one of them, they're a little loud.
00:28:37And then tens of thousands of them, you know, you need ear protection, you need massive industrial fans, you need massive electrical infrastructure.
00:28:44Bitcoin mining will happen until 2140.
00:28:47And now 99% of Bitcoins will be mined over the next 20 years.
00:28:50And then after that, it's kind of like, okay, what's going to happen with the last 1%?
00:28:54Where's the price going to be?
00:28:55But the reality is, is I believe Bitcoin mining is here to change the energy industry forever.
00:28:59Bitcoin uses more electricity per transaction than any other method known to mankind.
00:29:06Just one uses more energy than a million Visa transactions.
00:29:11I mean, cars are bad for the climate, but at least they take you somewhere.
00:29:15You're good.
00:29:17So we're standing here on July 1st.
00:29:47July 1st last year, none of this was here.
00:29:50My dog ran straight through this facility, all on dirt.
00:29:54I see this as opportunity.
00:29:56I see its jobs.
00:29:58I see its economic impact.
00:30:01Bitcoin mining is a game of scale.
00:30:04The bigger piece you are of the global pie, the bigger piece of that Bitcoin pie that you're taking as a reward.
00:30:11Bitcoin is nuts.
00:30:13It's insane from a climate change standpoint.
00:30:15It uses all this power to create this fictional currency.
00:30:21And it uses so much damn power.
00:30:24That's like, why are we doing this?
00:30:27Everything we should be doing right now should be focusing on providing our existing needs, not adding to existing needs.
00:30:34You know, last year, the total Bitcoin consumption in the world was represented a 5% of the U.S. loan.
00:30:43Why would we add to this problem for what I view as a convenience item, not a necessity?
00:30:50I'm talking about necessity here.
00:30:51People need to get to work.
00:30:53They need to eat.
00:30:54They need to warm, cool their houses.
00:30:56They don't need Bitcoin.
00:30:59So the usage of energy in Bitcoin mining is there to secure the network.
00:31:03It's so that you have a fundamentally secure, immutable ledger that can't be tampered with.
00:31:10Is that a good use of lots of energy?
00:31:12I think so.
00:31:13But I understand that some people don't.
00:31:14Everyone has something called a utility function.
00:31:17So I may really value Bitcoin, but if you don't use Bitcoin or you don't understand it or you don't think it's valuable, you are going to think that spending energy on Bitcoin is useless.
00:31:29If people find utility in it, there will be demand for it.
00:31:32And at the end of the day, it's the subjectivity, right, that makes it so difficult to have logical arguments about energy consumption because we all have very different preferences and we all have very different perceptions of what is and is not valuable in a modern society.
00:31:48What makes Austin really unique right now is that not only is it the strongest community aspect, but it's also the place where the builders on the Bitcoin network are coming to build.
00:32:13What's happening here right now feels very early, kind of like Silicon Valley.
00:32:18I'm optimistic that Austin is kind of going to represent for much of the rest of the world the kind of vision that we think Bitcoin can create.
00:32:27Even when I'm not working, I'm always Bitcoin.
00:32:33So it's like, you don't really eat it, you just swallow it.
00:32:36I've never had a...
00:32:37I mean, no, I don't.
00:32:41Ladies and gentlemen, I love this community.
00:32:44Bitcoin's awesome.
00:32:46Thanks for coming out for this tonight.
00:32:47Enjoy.
00:32:48Good luck.
00:32:49Cheers.
00:32:49Cheers.
00:32:50Cheers.
00:32:50Cheers.
00:32:50Cheers.
00:32:50Cheers.
00:32:50Cheers.
00:32:50Cheers.
00:32:50Cheers.
00:32:50Cheers.
00:32:51Cheers.
00:32:52Cheers.
00:32:53Cheers.
00:32:54Cheers.
00:32:55Cheers.
00:32:56Cheers.
00:32:57Cheers.
00:32:58Cheers.
00:32:59Cheers.
00:33:00Cheers.
00:33:01Cheers.
00:33:02Cheers.
00:33:03Cheers.
00:33:04Cheers.
00:33:05Cheers.
00:33:06Cheers.
00:33:07Cheers.
00:33:08Cheers.
00:33:09Cheers.
00:33:10Cheers.
00:33:11Cheers.
00:33:12Cheers.
00:33:13Cheers.
00:33:14Cheers.
00:33:15Cheers.
00:33:16Cheers.
00:33:17You got me into it back in 2019, December 2019, I've been, I've stuck with it ever since
00:33:26I see like naturally like a lot of acquisitions right now.
00:33:28I think, yeah, I think there's some companies that have cash definitely buying up there.
00:33:32It's the bear market.
00:33:33It's like everyone wants to buy a Bitcoin in the bull market, but no one wants to buy
00:33:36it when it's down.
00:33:40I was a freshman in high school and I found out about Bitcoin through an article on TechCrunch.
00:33:44I realized that this idea that money could be created and governed by math and energy
00:33:50and code and not controlled by the government was powerful.
00:33:54From there, I started trading cryptos and buying Bitcoins and eventually started mining.
00:33:59I started mining in my parents' basement with a few graphics cards and from there we ended
00:34:03up building out a shed in my parents' backyard and started running miners there and then raised
00:34:08some capital from family and friends.
00:34:11So my goal is to make Bitcoin mining accessible to anyone via an application or an app on
00:34:15your phone.
00:34:16We wanted to provide the opportunity for exposure to mine Bitcoin at a discount without having
00:34:21to deal with the problems and hassles of getting into the space.
00:34:26It's my goal that anyone can promote this to their community and allow their community to
00:34:30mine Bitcoin.
00:34:31My head is spinning down my friend Poisee another round.
00:34:35Still got to wake up early, maybe shouldn't have gone out, the rules are meant to be broken.
00:34:44Today we literally want exactly that shape.
00:35:08Wherever you see that shape in possession on the pitch that's what we want.
00:35:11Get everything out.
00:35:18Nice.
00:35:20This referee, I'm not sure he's refereeing his lines and they're all over the place.
00:35:30Emma, do you have a Bitcoin wallet with Bitcoin on it?
00:35:33This is the wallet he set you up with?
00:35:34It's been a long time ago.
00:35:35Are you joking?
00:35:36This is a long time ago.
00:35:37OK, no.
00:35:38My name is Conor Okus and my role on the team is Director of Bitcoin Services.
00:35:44I feel like that's quite a new, unique job title and I don't even know if that exists
00:35:49anywhere, full stop, and whether it exists at a football club.
00:35:52It's a role that's kind of emerged out of my passion for Bitcoin and football.
00:35:59Now I'm just in charge of helping the club integrate Bitcoin in different ways.
00:36:04Some initiatives are around just, you know, our fans being able to come into our bar and
00:36:08pay for their beers, their snacks with Bitcoin, helping educate the players.
00:36:12Some of the players may be taking parts of their salary in Bitcoin as well.
00:36:16When there's no banks involved, there's no third parties involved.
00:36:18It's just peer to peer, right?
00:36:19But the beauty of that is that, like, say someone comes from another country and they
00:36:24want to pay for something.
00:36:25Maybe they don't have pounds or they don't have whatever.
00:36:27They can just download a Bitcoin wallet instantly without needing a bank account.
00:36:31So that opens up like Royal Bedford to the whole world in terms of being able to accept payment.
00:36:49London is beautiful.
00:37:08It's full of culture and history and interesting people and art and what I think is perfect weather.
00:37:18I want every Bitcoin user to understand that Bitcoin works because the software works.
00:37:28And the software works because there are people maintaining it and looking after it.
00:37:33I contribute to the open source software called Bitcoin Core.
00:37:38It is software that is able to connect to the Bitcoin network.
00:37:42It is able to download the entire Bitcoin history, aka the blockchain.
00:37:48We are trying to look for all the ways in which something can go wrong.
00:37:54Put, like, my blood, sweat and tears into some activity.
00:38:06I know that the labor that I've put into that can be preserved for the long term.
00:38:10And there's, like, no one really that can take that away from me arbitrarily.
00:38:14We've seen countries now adopting Bitcoin as legal tender, whether it be El Salvador or the Central Africa Republic.
00:38:20And that represents, hopefully, a snowball effect that will see other countries adopt it.
00:38:25And people really start to see it as a use case for them to pay for goods and services.
00:38:31And that's how it is.
00:38:58we were drawn to this place four years ago the first time i was driving through europe
00:39:08with a camper van there was a small shed on the beach and started to drink my burgundy coke
00:39:13and then i said can i pay him bitcoin and bitcoin no it's a scam blah blah blah and
00:39:19it took me two three days and then he started to accept bitcoin payments and
00:39:22you know he saw bitcoin going up he saw that i was paying the double price for a burgundy cola
00:39:26so he was happy and that's when we fell in love with the place in that bar i met a guy we told
00:39:31each other if ever such a bar comes free we will take it four years later he calls me and he's like
00:39:37diddy there's a bar available investment and everything's i will if we make it a bitcoin
00:39:40beach bar and now i'm here and we have a bitcoin bam bam peach bar
00:39:45i grew up in the 90s as a normal guy buying a huge house goal of becoming very rich you know
00:40:00becoming the millionaire because that would lead into happiness and then a few years later my father
00:40:05got sick i got a huge burnout when my father died a year later i had the funeral and stuff and i told
00:40:10my wife let's let's do a trip after two weeks i felt energy and i felt this amazing feeling on
00:40:16being on the beach building a sandcastle with my kids and we just said to each other let's say yes
00:40:21to everything in life so we embraced the adventure
00:40:26we were living on a campsite we sold everything we had there is no alternative i am all in bitcoin
00:40:31there is no bank account for me it's a stupid question when people ask why would you spend bitcoin
00:40:36because that's the only thing we have payment coming in high five bitcoin's coming in i am a
00:40:42bitcoin revolutionist that means i want to support this network i'm not in it for the millions i'm in
00:40:47it for to the real revolution let's change the world and give everybody access to my beach bar if
00:40:54they have a bank account or not they can pay and that's for me the most important part and you know
00:40:59i don't mind when they pay with cash but yeah filthy cash will be exchanged into bitcoin later that day
00:41:05cryptocurrency is just the next step in the evolution of money we started with the shells
00:41:09from the beach and we're ending now after uh digital currencies like paper into cryptocurrencies
00:41:14that can be used by everyone and you know decentralized we robbed the bank because the gold into bitcoin
00:41:21there was this tweet from jack saucy and jay-z saying that they're setting up this
00:41:35beatrust this 500 bitcoin to look at increasing the representation of developers and engineers
00:41:42in the bitcoin open source ecosystem from africa and india and the global south if bitcoin adoption is
00:41:47really going to fly from a uh out of necessity that's where the money needs to flow and it needs
00:41:52to flow from the people that understand and live there and have a proven track record of doing right
00:42:00by their communities and doing right by bitcoin i was announced as one of the four people selected to
00:42:06be a board member for btrust and we locate educate and remunerate bitcoin engineers open source engineers
00:42:15starting in africa but particularly in the global south
00:42:27welcome to nigeria welcome to nigeria
00:42:43i am abu worker i'm ceo and cto of recursive capital which is a bitcoin venture capital fund
00:42:57so i invest in early stage bitcoin companies such as bit knob i'm also on the board of btrust where
00:43:02the mandate there is to grow the bitcoin development ecosystem in africa initially and then we can scale
00:43:06it out globally this is bid knob it's a bitcoin company so essentially what we do is we build
00:43:12financial services uh on the bitcoin layer so what we're doing is we're imagining how
00:43:18banking works today right how do people get financial services and saying that what if
00:43:23the layer that they're doing that is part of the problem how do we try this on a new layer on a more
00:43:29global layer right so that's sort of how we're imagining everything i'm building so what we do is we
00:43:34give people a chance to save in bitcoin stable coins for give people the chance to you know borrow
00:43:40money using their bitcoin as collateral around the time i was born in a few years afterwards one naira
00:43:49which is the currency of nigeria was at parity with one us dollar now it's around 600 naira to the us
00:43:59dollar so over my life i've seen it lose a huge amount of value in that sort of environment it's
00:44:04very hard to maintain and hold wealth if you can't hold and if you cannot save then it's very hard to
00:44:10build a future for you and your family you're constantly going up a downward escalator the wrong
00:44:17way the biggest issue for a lot of nigerians who don't use banks and there's perception right there's
00:44:24this perception that banks are not for them banks are for the rich i do not have ids you know all those
00:44:30things that you require of me to open a bank account they don't think it's worth the hassle of
00:44:37opening a bank account so they prefer to always have easy access to their money how do they do
00:44:43that for those who don't use banks ordinarily in america if you were to spin up a paypal account
00:44:59for example it's going to be a smooth process here in nigeria you spin it up they request for more kyc
00:45:05they ban the account they think you know it's fraudulent because as soon as you open it most
00:45:09folks just load a ton of money inside like a thousand dollars plus so then you end up getting
00:45:13blocked we can't really get our governments to buy bitcoin so how do we ensure that we as africans as
00:45:21nigerians get the upside of this at the end of the day one way of doing that is to make sure as many
00:45:27people as possible are holding bitcoin regardless of the amount let me actually go blue wallets now from
00:45:34blue wallets now btc paying you uh percent speed of light no lightning it is
00:45:49bitcoin we can build financial services i think it brings a lot of freedom for us as well and going
00:45:55into a digital world at least levels the skill for us
00:46:25we officially start the bitcoin tour to the walking street florida where there are like people
00:46:46behaving as small atms where you can exchange dollar for pesos because it's forbidden for us to
00:46:55uh buy more than 200 us dollars uh monthly so when you can't buy with the official rate you have to
00:47:02move to the blue rate where you can get dollars so this is the free market
00:47:06okay well thank you so this is how people uh get access to two dollars through people on the street
00:47:23they are like human idioms you give pesos they give you dollars wow
00:47:27hyperinflation at more than 3 000 hit argentina in 1989. argentina is second in a world bank
00:47:37ranking of countries with the highest inflation argentinians have turned out in their thousands
00:47:42demanding state aid to help cope with the country's surging cost of living when you go from the stable
00:47:48to the volatile you just gotta spend as fast as possible you don't know if tomorrow we're gonna
00:47:54depreciate 20 percent or 100 you just don't know so this is the central bank where actually they
00:48:01there's a sign there that tells that they will keep our currency stabilized that they will bring
00:48:09financial prosperity to our people and it's fun because they do exactly the opposite of what they say
00:48:17our money lost 99 of its value in the last 20 years the government confiscated my life savings
00:48:24two times so the big lesson here is that if you hold bitcoin with your own wallet your keys that you
00:48:31control nobody can confiscate and that's how i became a bitcoiner
00:48:40in latin america you don't have to explain why bitcoin anywhere else you maybe in the first world
00:48:45you have to explain why bitcoin cryptocurrencies are are solving a problem for people here it's a way
00:48:52to protect themselves from bad economic policies protect from governments that troll sanction people
00:49:01or control the financial system in our community many have taken different roads and different approaches
00:49:09and that all of them are valuable because all of them are bringing decentralization and these tools
00:49:14to the world hey welcome to la crypto this is a crypto house we are building a lot of stuff like
00:49:24it's a bitcoin community this is the place we work every day most of the things we build here are open source
00:49:31so most of the programs on development should be like open for the community it should be free
00:49:37this is a typical argentinian local food it's a local barbecue we call it asado
00:49:46we are in la cripta which is nice place where bitcoiners and people fighting for freedom connect it's like
00:49:54we were ready to be able to understand or to find some solution that could be a tool against against
00:50:01inflation i talk about bitcoin like a silent revolution it's like evolution with a silent arc
00:50:10we are in a small neighborhood called palermo chico when i was 13 i got kicked out of school
00:50:18and i went to to live here with my grandma i was 14 years old and i met bitcoin
00:50:24this room we called it the prison cellar because it looks like a prison cellar this is the graphic
00:50:40card with which i mined a bitcoin and we always laughed because this was also even more full of
00:50:46things we always say in my family we joke that i was very lucky that it never fell on me as you can
00:50:53see this is very bent because of all the things then here this is where lemon started for me this is
00:51:00the genesis of lemon in this whiteboard argentines we always like to find an idol or a passion
00:51:07i reckon that this is one of the cities with the most active cryptocurrency users in the entire planet
00:51:17and i said you know what i'm gonna do something related to the finance part of this
00:51:23and i wanted to do something massive how are you gonna play with bitcoin this is my lemon card can
00:51:30i show it of course so this beautiful card that it's the first card in the entire planet to have
00:51:38like a bitcoin logo and an ethereum logo right next to visa this for us is like the the clash of the two
00:51:46worlds the merchant might or might not know about bitcoin but regardless i can use my bitcoin directly
00:51:54in the transaction so as soon as i put the card in the pos the amount of bitcoins get converted to local
00:52:01currency are and are used for the payments it's such a tangible solution that so many people are are
00:52:09seeing that it's true people have already understood what crypto can do so once you get to that point
00:52:17the there is there is there is no way back
00:52:28martín de los andes is the nicest city in argentina it's a micro region in patagonia
00:52:33has the best mountains the best lakes
00:52:36i lead a project named crypto valley it is the first region where people and merchants make daily
00:52:52transactions in bitcoin lots of cities have tried to really make crypto transactions real and we have
00:53:09made it true here in sardin de los andes i can go through the main avenue and with just a little
00:53:16bitcoin in my wallet i can buy a coffee i can cut my hair i can buy my dog's food this future economy
00:53:23lives in a tiny town we are speaking about a new technology that is directly relation with people
00:53:32where the power is in the hands of the people bitcoin
00:53:38in buenos aires you have four areas and those are mostly neighbors that were built with migrants from
00:53:50the countryside of argentina that you know they don't have a place to stay so they basically settle
00:53:56with what they have the first experiences i did were exactly with people from the villa 31
00:54:03and the villa 21 24 where we invited them to the bitcoin meetups in buenos aires to teach them about
00:54:10bitcoin and to see how they experience and also to learn from them because i always said this is not
00:54:15about inclusion this is about interconnection bueno acá estamos trabajando con todo lo que es el recupero y
00:54:23reciclado de informática electrónica la cual después esa media electrónica se reinserta o se reutiliza como
00:54:30hizo en el caso sebastián para hacer criptomonedas o alguna actividad relacionada al haití david está
00:54:37reparando la placa de un monitor de lcd sebastián está haciendo en este momento está minando criptomoneda
00:54:45por medio del procesador es una oportunidad una oportunidad para los chicos para ir saliendo después con el
00:54:51tiempo van a ir creciendo van a poner unas placas de vídeo más importantes hasta poder lograr tener una
00:54:57una granja de minería ya tengo mi terreno mi casa ahora tengo mi autito hace poco aprendí un montón de
00:55:06cosas mediante la criptomoneda ahora lo tengo con un método de ahorro y estoy haciendo algunas
00:55:13investigaciones más para mejorar la minería we saw bitcoin at the beginning of an innovation cycle that would
00:55:23bring uh financial inclusion or financial empowerment for everybody i think it's in the
00:55:29emerging markets where these technologies will will really thrive and that's why you see all these
00:55:35communities because here it's an exponential value contribution where in other places is an
00:55:41incremental improvement man crypto changed our lives we need to allow everybody in this country and this
00:55:50region the opportunity that we have i think it's about time it's the only thing that bitcoin needs is time
00:55:58i've spent a lot of time in nigeria and ghana and kenya south africa and i've been living in
00:56:03in central america so i've seen like this desire versus necessity dynamic when you're in a place like
00:56:12this in central america when you're in a place in south america or africa people don't look at the
00:56:16price they're looking at like hey i need to send this money i need to receive this money and and this is
00:56:21a way to do it
00:56:29oh
00:56:46an independent development cannot take place without an independent currency
00:57:13ghana is the sixth largest producer of gold in the world today our parents grandparents and
00:57:19great-grandparents fought for our independence in various african countries as we know it is important
00:57:25to acknowledge the economic effects of slavery if we're to truly understand the things i'll be talking
00:57:30about today
00:57:45been a couple years in a crowd over here in power it takes a fight the story in the party that is
00:57:49driving i feel this grind on my life i know it's like africa only wins with bitcoin's help and bitcoin
00:57:57Bitcoin only wins with Africa's help.
00:58:03If everyone has access to Bitcoin and Lightning, then we don't need banks to actually settle
00:58:09these payments and interface with real people.
00:58:12Anybody can use Bitcoin and Lightning.
00:58:14It means that right now, somebody can send money from the US to Nigeria and it actually
00:58:20settles and they don't have to actually touch Bitcoin themselves.
00:58:26I think what needs to happen is for folks to realize that the Bitcoin community has to
00:58:30still be more general as opposed to like heavily technically focused.
00:58:35One of the things that I learned three years ago when I came to the continent is just how
00:58:39big an issue and a gap the remittance problem is and how well Bitcoin solves that problem
00:58:46that is so far detached from what we hear in the United States and a lot in Europe about
00:58:51the price and the digital gold and all this BS, which is not really solving anyone's
00:58:58real problem.
00:58:59So the real problem is sending money and the money transmission.
00:59:04Bitcoin means that one, people can participate in ways that previously there was a reason,
00:59:11right?
00:59:12So you can't work remotely because, oh, we can't pay you because we can't do transactions
00:59:15with Nigerian banks because they're blacklisted, whatever.
00:59:19So some of those barriers are being removed.
00:59:22The other barriers about perception and so on remain, but at least we're getting a foot in
00:59:27the door and that represents freedom.
00:59:30And because we're resilient, because we're innovative, we have what it takes to create our own solutions
00:59:37that are based on Bitcoin.
00:59:38The problem is humans will naturally over time corrupt.
00:59:56So if you could be run by a non-human benevolent dictator.
01:00:00So if a program could manage you and what is that program?
01:00:03Bitcoin.
01:00:04I believe that democracy is failing and Bitcoin will help it.
01:00:08A lot of Bitcoiners believe that democracy is failing and we should scrap it.
01:00:11Unlike a human with all that power, power corrupts, absolute power corrupts, absolutely.
01:00:14But with Bitcoin, we've seen as its power increases, it's still following.
01:00:18It just actually solidifies and becomes more immutable.
01:00:21And that's interesting because that's the difference from a human who would become more corrupted
01:00:24with more power.
01:00:25It's more deceptive.
01:00:30I coached once I graduated for 10 years straight.
01:00:44When I stopped coaching, I was trying to find that peace.
01:00:48I think that's what Bitcoin is allowing me to do now and still do it through basketball,
01:00:54it's allowing me to have that piece of, you know, giving or just, here's some knowledge,
01:01:00here's a gem.
01:01:01I started a non-profit back in my hometown, created the Bitcoin Classic, which was the
01:01:06first basketball tournament ever in the U.S. rewarding players in Bitcoin.
01:01:12We're going to Rucker, the most iconic sports facility venue in New York City.
01:01:19As a kid, I used to watch VHS tapes of the Rucker Park people playing Dr. J, Kobe Bryant,
01:01:25Allen Iverson.
01:01:27So to throw this type of tournament there, it's like a hit and a home run for me.
01:01:32I'm going to try to make it as big as possible.
01:01:48We're sitting in the middle of Harlem where many of the people in this area are underbanked.
01:01:54The blessing about cryptocurrency and blockchain technology is that anybody can get into it.
01:01:58The danger is the same thing.
01:02:00You do have people that are swindlers, you have bad actors out there, and we need to
01:02:04be able to have the right amount of regulation to be able to address that.
01:02:09As Bernard Madoff emerged from house arrest for a court appearance, lawmakers from both
01:02:14parties criticized government regulators for dropping the ball.
01:02:18I want to know who is responsible for protecting the security investor, because I want to tell
01:02:25that person that they suck at it.
01:02:28Every seven to 11 years, there's a financial crisis.
01:02:31Usually what that means is some player got over leveraged or overextended, and then the
01:02:35government comes in, bails them out, prints a bunch of money.
01:02:38And usually there's a price to pay in terms of oversight, in terms of regulations that are
01:02:42hoisted on the industry to correct for that particular thing that went wrong.
01:02:48It's very long time for regulations to catch up with how business is actually done.
01:02:52This area has been called the new money, digital cash.
01:02:57Some have called it the way of the future.
01:03:00I have another name for it, reckless, predatory, foolish, and dangerous.
01:03:07Nobody should be surprised that governments generally do not like Bitcoin.
01:03:11They don't like it for one very simple reason, which is that they cannot control it.
01:03:16Customers and markets need a money that is not controlled by any group of people.
01:03:21And Bitcoin provides that finally.
01:03:23One message that I've been trying to carry to the Bitcoin community is there is one force
01:03:28on Earth strong enough to kill Bitcoin.
01:03:32And that's the United States government.
01:03:35By and large, there is an extraordinary degree of ignorance about crypto and Bitcoin in Washington.
01:03:42The president came out with an executive order.
01:03:44In that, he tried to organize the government to come up with a framework in which cryptocurrencies
01:03:50and blockchain technology would operate in a prudent and reasonable manner.
01:03:56That enthusiasm came in large part because you had so many Americans who were invested in
01:04:02this technology in one way or another and some exposure, some interest in it.
01:04:06I'm getting into crypto with FTX.
01:04:07You in?
01:04:08It's FTX.
01:04:09It's a safe and easy way to get into crypto.
01:04:12Yeah, I don't think so.
01:04:15In the fall came the mighty collapse of the exchange FTX.
01:04:19FTX.
01:04:20Breaking news overnight, FTX founder Sam Bankman-Fried arrested in the Bahamas set to face a judge
01:04:25this morning after U.S. prosecutors filed criminal charges in connection with the multi-billion
01:04:30dollar collapse of his crypto company.
01:04:33As you've had headline scandals, sometimes the prudence of the regulation is overshadowed
01:04:39by the story that's on the cover of the paper.
01:04:42The technology of Bitcoin, technology behind the blockchain, is not what caused the losses
01:04:47in the case of FTX.
01:04:50I think the fact that somebody who people had so much trust in and that trust was misplaced,
01:04:55that I think has had a hampering effect on the evolution of the markets and regulation
01:04:59that's focused only on prudence is now focused on defensiveness.
01:05:04What we just saw was a massive collapse of a centralized exchange, which sort of resonates
01:05:09with the manifesto of the Bitcoin community, which is not your keys, not your coins.
01:05:13People really need to be focusing on self-custody.
01:05:15The revolution is to be your own bank.
01:05:17That doesn't work if you're moving your Bitcoin and keeping it on a place like FTX.
01:05:22I think it's ultimately about ownership of your assets.
01:05:26With that ownership comes also a higher level of responsibility and accountability.
01:05:32I mean, what's the point of Bitcoin if you don't have the freedom, frankly, to touch
01:05:37it?
01:05:38It seems useless.
01:05:39Right now we're at Auto Club Speedway in Fontana, California, racing in the NASCAR Xfinity
01:05:50series.
01:05:51And we've got a $300 up in front of me today.
01:05:53I'm starting seventh.
01:05:54I know that I'm the first NASCAR driver that has fully taken my entire sponsorship and salary
01:06:03in cryptocurrency, which includes Bitcoin.
01:06:06It's been better for me financially than anything else I've done.
01:06:08I've seen the power of Bitcoin.
01:06:10I've seen what this technology can do.
01:06:12It's liberated me from debt.
01:06:14It's liberated a lot of people.
01:06:16As a world, we throw away lots of tires every year and all the years that tires have been
01:06:41made, they've never really been recycled in a way that is really economically viable.
01:06:46And so we've spent a lot of time trying to figure that out.
01:06:49We cook them.
01:06:50So we raise the temperature of those tires to the point that they become a gas stream.
01:06:55And then we're able to cool and condense that gas into oil.
01:06:58One of the elements of renewable energy in general is that you've got to figure out what
01:07:02is the use of that energy after you've generated it.
01:07:05And in our case, what we've launched and what we've been focused on for the last five,
01:07:09six years is taking that power and running our own blockchain Bitcoin data center.
01:07:15We want to make this a mass market solution to a problem that the world has created and
01:07:20never fixed before.
01:07:23One of the geniuses of why Bitcoin is so secure is because it uses energy, right?
01:07:30If we use no energy, it wouldn't be as secure.
01:07:33It has the potential of being essentially venture capital for new development of renewable energy.
01:07:46We are about an hour and a half from Des Moines, the capital of Iowa.
01:07:50And this is a Bitcoin mining facility that I built in 2019.
01:07:53It all started off with one shipping container that was in California running at a solar farm
01:07:57that we ended up dropping off right behind us and started using energy to mine Bitcoin.
01:08:02Energy is the only commodity that cannot be stored easily.
01:08:05You can store oil, coal, but energy has to be used the second it's generated.
01:08:09So out here where there's tons of wind and there's not as many people, that energy is just
01:08:14going to be sitting there and evaporating via heat and effectively dissipating.
01:08:18And no one gets to use it.
01:08:20We incentivize as a government and as a society, production of energy and not consumption of
01:08:24energy.
01:08:25So we deploy our Bitcoin mining facilities at these constrained areas to utilize and capture
01:08:30energy that would otherwise be wasted.
01:08:35People have done the math and Bitcoin accounts for something like 0.3% of global electricity consumption.
01:08:42People worry about the climate emissions impact associated with Bitcoin mining.
01:08:47They forget that it's actually decaying, right?
01:08:50It's leveling off the issuance rate.
01:08:53And eventually Bitcoin mining will probably shrink as an industry because we will have emitted
01:08:59most of the Bitcoins.
01:09:00And so the economic incentive to mine will be less.
01:09:02We will eventually get to a point where Bitcoin is a net zero consumer of energy.
01:09:09And all these arguments about energy consumption will disappear.
01:09:13What you might hear is that there's an increase in the use of renewables to power Bitcoin mining.
01:09:20And the reality is the opposite.
01:09:23That as Bitcoin mining migrated from China to the United States and to other countries,
01:09:29the carbon intensity of Bitcoin has increased.
01:09:32The amount of climate pollution in Bitcoin has increased.
01:09:35You have these massive coal plants and massive gas plants that were hardly being used that
01:09:41were suddenly repurposed to power Bitcoin mining.
01:09:45Bitcoin has gotten dirtier over the last two years rather than cleaner.
01:09:50Sometimes I call it crypto crap-o and sometimes I call it, well, crypto s**t.
01:09:54Now, if you told me you owned all of the Bitcoin in the world and you offered it to me for $25,
01:10:04I wouldn't take it because what would I do with it?
01:10:06Buffett and Munger, they're old guys.
01:10:08Old guys have a harder time getting it.
01:10:10They just do.
01:10:11And they don't need to get it.
01:10:13Buffett and Munger have been some of the great investors in history.
01:10:16You don't have to get everything right, you know, they miss Bitcoin.
01:10:20I don't think finance has ever been more accessible to people than it is today.
01:10:24I mean, anyone with a pulse can open up a stock trading account.
01:10:29You know, banks bend over backwards to help the unbanked get in the door.
01:10:34Now, to be sure, it's under the stern gaze of the federal authorities that regulate them.
01:10:39But I think never, never in the, ever, have things been quite so accessible.
01:10:45There is a small handful of very powerful people, institutions and countries that benefit
01:10:52from the way that monetary system works.
01:10:56They're not going to give that up.
01:10:57If I were them, I wouldn't, why would I?
01:10:59I would not give that up.
01:11:01I have an infamous tweet that says hyperinflation is going to change everything and it's coming.
01:11:07You look at Venezuela, you look at Argentina, it has changed everything for those people.
01:11:12And it's happening more and more countries.
01:11:14And it's not something that's out of reach.
01:11:16And we can't be trapped in our bubble of the United States like it'll never happen here.
01:11:20It could certainly happen here.
01:11:22Banking has a much more entrenched community of both lobbyists, but of people that have
01:11:28been there, right?
01:11:30And so it's the devil you know, not the devil you don't know.
01:11:35Crypto felt really weird to people.
01:11:37And everyone gets pissed when other people are making money.
01:11:43Who are these people?
01:11:44Hello.
01:11:45Hello.
01:11:46Hello.
01:11:47Hello.
01:11:48Hello.
01:11:49Hello.
01:11:50Hello.
01:11:51Got a bodega.
01:11:52This guy's going to take Bitcoin.
01:11:53Smoke shop is going to take it.
01:11:54Smoke shop is definitely going to take it.
01:11:55Yeah.
01:11:56He could go green fall.
01:11:57I would like the wine shop around here to take Bitcoin.
01:12:00But we got to teach them.
01:12:02Jonathan Logan.
01:12:03I'm actually from Southeast Queens, born and raised.
01:12:05I've been a member of the fire service here for just over 20 years.
01:12:09And that's been a tremendous experience because I get the opportunity to show up on, quite frankly,
01:12:15the worst day of everyone's life.
01:12:17And I get to step in at that moment and help.
01:12:20It comes with a lot of responsibility, but it comes with a desire to want to change someone's
01:12:29position.
01:12:30And for me, when I came into Bitcoin, that was also a continuum to that.
01:12:35So right there, we want to take that sign.
01:12:38We want to add Bitcoin Boulevard.
01:12:39Exactly.
01:12:40We have to be the ones to tell the story.
01:12:41So my name is Daniel Modell, and I live in Harlem.
01:12:44We called the group Harlem Bitcoin.
01:12:46We had no grand visions of what this would become.
01:12:49We just wanted to basically be a resource to help people understand what Bitcoin is.
01:12:53We were inspired by what we saw happening in other parts of the world.
01:12:56Local communities get together to try to educate each other, to try to build this circular economy
01:13:02on Bitcoin.
01:13:03Bitcoin, it's not intended for Wall Street guys and day traders and DeFi guys.
01:13:11That's not what it was.
01:13:12It's basically intended for a daily consumption of a person that don't have a bank.
01:13:16There's people that I see here in this neighborhood every single day, people just like me.
01:13:22Just normal people who have worked their whole entire lives and have basically no savings.
01:13:27I remember being 40 years old and having $200 and that being my entire life savings and thinking to myself,
01:13:33what is going on?
01:13:35You know, what's happening?
01:13:37Why?
01:13:38I think most people in America, maybe worldwide, but especially in America, we're pretty much financially illiterate.
01:13:45I remember like this crazy aha moment when I first realized that really money is just an abstract idea.
01:13:51Why do I believe in this one particular system and is there any other system?
01:13:57And is there a way to quantify it against the system I'm currently in?
01:14:01And for me, it's become very clear that Bitcoin is just a better system, period.
01:14:06Russia invades Ukraine.
01:14:08In the capital, helicopter attacks capture the airports and Russian troops are reportedly inbound.
01:14:14Right now, there is a war going on in Ukraine.
01:14:19Russia has invaded Ukraine and is attacking cities, including the city where I'm from, Kyiv.
01:14:24War is terrible, obviously, and there's war all over the world all the time.
01:14:28But this is the first time that it kind of strikes home for me because it is my hometown that's being bombed.
01:14:33And people that I know who have family over there, they're now living in metro stations trying to survive.
01:14:38One of the ways that we've discovered to get money on the ground to people in Ukraine is by sending Bitcoin to Ukrainian exchanges.
01:14:45There's one called Kuna, for example.
01:14:46And then from there, you can actually convert that to local currency and send it out to people's debit cards.
01:14:51That's really interesting because you can do that in the middle of the night on a Sunday.
01:14:55And I think that's really, really important for giving people a way out.
01:14:58The Ukrainian government worked with a crypto exchange to set up a wallet address.
01:15:02And then people from all over the world who believe in freedom and democracy sent crypto.
01:15:07And the Ukrainian government was then able to use that to buy food, medical supplies, military equipment.
01:15:14For me, it was the same country that my parents, where my parents had been hiding so many years ago.
01:15:22You see Ukraine, Canada, the most time of need, you put savings away for a rainy day and it's taken away from you.
01:15:28And that's a big problem.
01:15:30We saw thousands of truckers in Canada protesting vaccine mandates that were destroying their livelihoods.
01:15:37And you saw, sadly, government willing to exercise its jackboot to stifle the freedom of its citizens.
01:15:45People began supporting the truckers with Bitcoin.
01:15:48That freedom is powerful.
01:15:55148 million Americans don't have $1,000 in savings.
01:16:01And so half our country is really poor.
01:16:04And so providing them services that don't cost a fortune, that they're not scared to use, is, I think, like a social mandate.
01:16:16Bitcoin is part of the arsenal of how we're going to have a more just society.
01:16:21Understanding the legacy effects of how we got to this point where people are unbanked is really an important piece of understanding money, finance, traditional banking, and how all that works.
01:16:34And so if we want to talk about whether it be redlining and how certain communities didn't have access to banking and financial services,
01:16:41then we begin to really understand where Bitcoin is going and how Bitcoin can really be implemented, right?
01:16:47Particularly here in the U.S., we've got first-world problems.
01:16:50Our dollar works pretty good, right?
01:16:52For the most part, for mostly everyone, but not everyone has, believe it or not, equal access to finances.
01:16:59And so all of a sudden, in certain communities, you have payday lenders, you have check-casting places, the Western Unions of the world.
01:17:04That's a real hardship for people who are getting a lot chopped off the top of their income.
01:17:08It is that social justice. It is that leveling of the playing field. It is that steadying of the goalposts.
01:17:21Bitcoin won't take away the legacy of the effects of redlining, right?
01:17:25But what it will do is give people a starting point where they can go forward and say, you know what? You know, I'm good now.
01:17:31I'm good now.
01:17:32Oh!
01:17:34It's Quinn Isaacs at the Buckle Pub!
01:17:38Yeah!
01:17:39Here we go!
01:17:41He's in the future! He's in the future!
01:17:44He's in the future!
01:17:46He's in the future!
01:17:48He's in the future!
01:17:49Damn this, comes up with it, he's running the point!
01:17:51RL, let's go, baby!
01:17:5234-27!
01:17:53There's a minute left and a half!
01:17:55RL with the ball!
01:17:56What you gonna do?
01:17:57I don't think you can call him!
01:17:58I don't think he can call me!
01:17:59Here we go!
01:18:00What you gonna do?
01:18:01As he goes up, look at it, throws up!
01:18:04Fuck it!
01:18:05You wanna get his points in line?
01:18:07Come on!
01:18:09Bitcoin!
01:18:10Bitcoin!
01:18:11Bitcoin!
01:18:12Bitcoin!
01:18:14I'm gonna give you some Bitcoin, right?
01:18:16Don't spend it!
01:18:19We obviously try to lead people in with basketball, and then while they're there,
01:18:23we're giving them information on, like, the basics of Bitcoin and blockchain technology.
01:18:27It's over the long term, there will only ever be 21 million, and the reason why I love
01:18:32talking to our community is because usually this information don't get to us until it's
01:18:37too late.
01:18:38Whoever wins the tournament, we give them a Bitcoin reward.
01:18:41And there's that one or two people that will say, you know, I'm just gonna save it
01:18:45and give it to my kid.
01:18:46And just hearing that one or two times, it's like, it's amazing.
01:18:49It's like, dang, Bitcoin Classic is doing what it was built to do, you know?
01:18:54It's get people in and have them understand the fundamentals of Bitcoin.
01:18:57One, two, three!
01:19:00Yes, sir!
01:19:01You know, but that's crazy, too, but just real quick.
01:19:03We learn math, we learn history.
01:19:05We learn all this in school, but you don't learn about the power of interest rates and
01:19:09continuous compounding, and I get this credit card, and you know what I mean?
01:19:13I buy, you know, a nice suitor, a Chanel handbag, but then it costs me much more than that
01:19:17in the future to pay it back, and we don't understand the math behind it.
01:19:20And I think that's a great disservice to most people because they get these tools,
01:19:24they misuse them, and then they spend years of their life trying to rectify these mistakes.
01:19:28This isn't something you've had to have been in for 10 years to benefit from.
01:19:31But Bitcoin's not a get-rich-quick scheme.
01:19:33It's not.
01:19:34Hopefully, before you buy, you learn, and you should really invest your time in Bitcoin.
01:19:37And that's the most important thing is you educate yourself about it, what it is,
01:19:40how it's different from the current monetary system.
01:19:42Crypto's really challenging. There's a lot of misinformation because there is no center of authority.
01:19:48There is no Bitcoin entity that dictates what is true or what is false.
01:19:53There is data, and then there's the interpretation of the data.
01:19:57Crypto gets a bad rap for a number of different reasons.
01:20:01Part of the problem is the industry's fault also.
01:20:03The industry has to do a better job messaging, has to do a better job educating lawmakers,
01:20:09educating the community on this stuff.
01:20:11Because many people that come into the Bitcoin space will get a lot of their information
01:20:15from either mainstream media, newspapers, Twitter,
01:20:18and typically they're all very toxic environments to learn about Bitcoin.
01:20:22And so there's the component of, like, trying to educate people about what Bitcoin is,
01:20:27but then there's the experiences that show people what Bitcoin is.
01:20:32The reality is kids are growing up only knowing that they have a cell phone,
01:20:3624-7 connected to the world through the internet.
01:20:38So, yes, there has to be more education.
01:20:40Yes, it has to be more approachable.
01:20:42And I think the most approachable education is always the education that you can feel.
01:20:46The only thing I can tell people to do is recognize what you do have control over.
01:20:51Raise the value of your human capital.
01:20:53Invest in yourself.
01:20:54Take education seriously.
01:20:55Get your kids to think that way.
01:20:57Get your society to think that way.
01:20:59Make investments in young people because they are the future.
01:21:02I think that a lot of politicians fear changing their minds on an issue.
01:21:07What I want to plead to her is that even though the Bitcoin community
01:21:10has probably come down on her a lot about what she said,
01:21:14if she were to come around, we would embrace her with open arms.
01:21:18Like, we are so ready to have such a powerful politician on our team.
01:21:22Different countries are starting to adopt Bitcoin and they're prospering.
01:21:26And here at home, they're starting to lose faith in their government because things aren't getting done.
01:21:32Currency is being printed left and right.
01:21:34These things are happening and people will wise up to it.
01:21:36You can become your own bank effectively.
01:21:39We're actually building a non-custodial wallet that I brought with me.
01:21:43It's this little thing we're calling a BitKey.
01:21:46This can be used by anyone.
01:21:48This is the wrong finger. It's flashing red.
01:21:50This is the right finger and it's flashing green.
01:21:52For me, it's not self-custodial versus custodial.
01:21:56It's that we have the choice in the first place.
01:21:58Bitcoin is an opportunity to reimagine how we want to live.
01:22:03You bring people closer together when you cut out the middleman.
01:22:07And we're able to do it with 21st century technology.
01:22:10Everyone has a relationship with money.
01:22:12Doesn't necessarily understand it.
01:22:14But now when you come to Bitcoin, you go down that rabbit hole, you're forced to change.
01:22:18I always say, once you have knowledge, what are you going to do with it?
01:22:21How are you going to change?
01:22:23Can't get out of this mood.
01:22:29Can't get over this feeling.
01:22:31Just can't get out of this mood.
01:22:35Can't get out of this mood
01:22:44Can't get over this feeling
01:22:48Just can't get out of this mood
01:22:52Last night you're
01:22:54This afternoon I'm laying out my plan
01:22:56to ensure that the United States
01:22:58will be the crypto capital of the planet
01:23:01and the Bitcoin superpower of the world
01:23:04and we'll get it done
01:23:05But it's only your arms
01:23:09I'm out of
01:23:11Can't get out of this dream
01:23:14Sometimes I do dream
01:23:17in code
01:23:18Josie's a big Bitcoin believer
01:23:20Her grandpa's a big Bitcoin believer
01:23:22I bought Bitcoin at 9,000, 10,000
01:23:3111,000, 15,000, 19,000
01:23:3325,000, 30,000, 35,000, 40,000, 45,000
01:23:3755,000, 60,000, 66,000
01:23:40I will buy Bitcoin at the all-time high forever
01:23:43Because it's always going to be superior
01:23:46to the alternative thing
01:23:48Oh yeah, okay
01:23:49We got footage
01:23:50This feeling
01:23:52Just can't get out of this mood
01:23:55Last night your lips were too appealing
01:23:59And the thrill should have been
01:24:02All done by today
01:24:05In the usual way
01:24:08I will say I saw on Twitter
01:24:23about this thing they called Brooklyn barbecue
01:24:26And they had a picture of it
01:24:27And it really was pitiful
01:24:28It was like a little piece of meat
01:24:30And a little pickle
01:24:31What a fool
01:24:32To dream of you
01:24:36Cause I'm part of my scheme
01:24:38To sigh and tell you that I love you
01:24:42But I'm saying it
01:24:45And I'm playing it dumb
01:24:47Can't get out of this mood
01:24:50Can't get out of this mood
01:24:54Can't get out of this mood
01:24:57Heartbreak
01:25:00Here I come
01:25:04Can't get out of this mood
01:25:09Mood
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