This week in Bitcoin- 8-2-2019- Simon Dixon talks IRS, Facebook Libra, rate cut, hearings, more!

This week in Bitcoin- 8-2-2019- Simon Dixon talks IRS, Facebook Libra, rate cut, hearings, more!


Hello everyone this is adam meister the
bitcoinmeister the disrupt meister welcome to this week in bitcoin today is
August the 2nd 2019 strong hand long turn thinking Val your wealth in Bitcoin
five-digit realm in motion personal responsibility is a new counterculture
one Bitcoin equals one Bitcoin offended by selling don’t FOMO and all coins ok
so here he is Simon Dickson is back on the show we got a one-on-one this week
in Bitcoin Simon welcome back all right so let’s jump into it I think it was
yesterday or the day to days ago the last of the United States crypto
hearings for now what’s your take on you you heard and watch some of these
hearings will Facebook could be able to get their way that’s the bottom line
are they gonna be able to get their Libre is the United States gonna give in
I don’t think the United States needs to give in it’s just a question of where
the US will be able to participate or not which seems to be the way the crypto
is going right now there’s like the rest of the world and then there’s the US and
the US are deciding whether they want to be a part of it or not or whether
companies need to relocate so many important many of our portfolio
companies like a circle they’ve relocated baloney acts to the Mueller
Bahamas I think and another company relocating outside the US or restricting
using it from the US and if the if Facebook has to launch our own
cryptocurrency and use the bullets in order from Switzerland and use the
wallet to restrict u.s. people then that’s probably the path that would take
if US regulators decide that they don’t want this to be it’s a question of you
know there’s international competition we have global jurisdictions and you
either try and fight friend or you try and support the trend
and if you fight the friend people then the innovation goes offshore and and
then you end up giving all your data ABCs it’s kind of like when China banned
all the exchanges they all just went to Korea Japan and Korea Japan and people
to put together regulatory structures collecting all the data for the
exchanges and so I believe that Facebook is shaking up the world with this
project they quite rightly put it out of Switzerland for a reason
and the Facebook hearings just send the cryptocurrency here in show why they
were right to do this out of Switzerland and you know they also these hearings to
show why Bitcoin exists because the decentralized nature of Bitcoin is the
reason why I see Nakamoto is not an earring right now explaining himself and
bitcoins not getting shut out so it’s great I’ve really enjoyed seeing that
all this conversations move to the front the world Facebook shake up the world
and regulators and everyone around the world being forced to okay we can’t
brush aside any what we’ve got to decide what we’re going to do and if we make
the wrong decision it may determine the future of our country when it’s
competitiveness bottom line you see Libre happening I think it what happened
yeah okay because there are some people who I guess are putting making the
United States the be all that ends all they they think it’s not going to happen
because after what they saw they think there’s going to be too much regulate
regulatory scrutiny but you’re saying who cares the United States says they’ve
got a back-up plan where they could do it outside the United States
absolutely we have competing jurisdiction style and that’s the
beautiful part of this world I just I believe it is going to happen I believe
it is going to happen but I don’t think they’re going to cross the United States
I think they’re gonna do whatever it takes to follow the rules of the United
States and the tastes that I got from that hearing is that there are some
pockets of the United States government that’s gonna want to make
them jump through all sorts of ridiculous hoops and again I believe
they should be able to do this aye-aye-aye
you know I don’t think Facebook is the greatest company in world but that’s you
know that’s my opinion and but they should I think this is a lesson to the
world that it’s not just countries that can produce currency and if the you know
if do you know the United States could have let this happen so easily that
that’s what keeps going through my head like this is an earth changing event
we’re talking about here Simon if this really happens absolutely I mean this is
look us are gonna make a decision at the end they either give all the dates or
offshore they either let telegram do it and give Russia all the data or they let
we check do it and get China all the data or they let Facebook do it and they
collect all the data globally and become Bank for the world and they’ll probably
back it by the dollar so you you know the pushing back on this is only gonna
drive everything outside of the country and they just need to accept that we are
in a multi currency world if they let JPMorgan crave their coin and then they
say Facebook con essentially this is just a reallocation of power so it I
don’t think it’s a regulatory thing this is silly combatant taking on Wall Street
and Wall Street using lobbyists power in order to make sure that certain value
doesn’t take almost did you have any positive or negative takeaways you’d
like to share about what you saw from hearings anything that shocked to hear
well I mean there was all the comical stuff you know we got the viral videos
of talking about ship coins and I mean it was just it was just a very comical
affair it was a real big week for crypto it was a real big time and you know it
just shows this I mean it doesn’t surprise me but how ignorant the people
that a part of our banking committees are in terms of just packing leather in
cryptocurrencies and you know they’ve got so far that the people that are
going to make the decisions this and all the people have understand this topic
but I think it was great to see the range of different thoughts some people
comparing cryptocurrency the innovation of a sama bin Laden was
very comical and and other people saying bitcoin says to say I can’t be stopped
there’s nothing you can do we are very embrace it or we just get eaten alive by
Bitcoin I think it was just great to see the complete range of different thoughts
and yes it’s just it was just great exposure for the industry move means
everything for move all the conversations all right so we’re gonna
if Libra happens this will be the first major corporate coin I mean that’s the
only way I can assume it I can call it and I assume after that there is gonna
be a lot of other companies that are gonna try to do this um did you see the
flood gates opening if this gets approved oh yeah I mean you know if if
Facebook follows the model then we’re gonna enter into a world of tech
companies having cryptocurrencies banks having cryptocurrencies central bank’s
having crypto everyone’s gonna be competing and everyone’s gonna want to
be certified you said that’s so incredibly calmly but I need to point
out to everyone that the whole freaking world is going to change after after
this I mean this is an earth-shattering type of thing I mean some of these
concert world country currencies I mean there will be corporations their
currencies will be important worth so much more than these third-world
countries I mean there’s gonna be a power shift I mean it’s it’s they it’s
hard to understand what the world is gonna look like in ten years if in two
years we’ve got a bunch of corporate coins out there yeah it’s amazing I mean
can you see on coin market cap Bitcoin not being number one in terms of market
cap anymore because one of these corporate coins manipulates the supply
so that they’re number one that can happen so it’s gonna be interesting to
see what all the statistics have and how they adjust to its you know I mean that
was happening during the I CoV you know people would just print or not tokens
and releasing a certain amount of them and that was changed you know I mean XRP
is another example of that you know so it already happened on that scale I’m
sure it’s gonna happen on these are all XR Peas basically I mean in a sim well
back by legitimate companies though I mean they’re gonna be they’re gonna
print a bunch of money out of thin air centrally controlled by a corporation
which is similar to two x RP thus I mean these are successful corporations
they’re gonna know how to market themselves and the way you market
yourself is you get listed in that top ten in on corn market cap and so I mean
I if this really happens soon III proceed the top ten being like all
corporate coins eventually and maybe with Bitcoin up there – it’s still
Bitcoin obviously being the best and at that point you know all the insiders
will understand that market cap is not a real good measurement of a coin but I
think the corporate coins will take advantage of the current situation over
their own free market captain and try to manipulate it so we’re interesting this
is very I’m glad to hear your opinion on this that you you’re libros gonna happen
and then all the rest are gonna follow so we shall see what happened before
Nibiru I think the other countries are gonna try to get in before before it and
say I mean we chat hasn’t launched a cryptocurrency yet but they already
disrupted cash in China and you know we chat literally had such a huge impact in
China you don’t you don’t pay your taxi in China where cash is paid with WeChat
when they launched their own cryptocurrency you know that’s instantly
gonna be couldn’t even be bigger than Facebook this is true and I’m glad you
can give us this Asian perspective we sometimes forget what’s going on over
there one of it yeah I come you’re right a company there could just jump ahead
they don’t have to they probably don’t have to go through as much as Libre it
seems to have to go through here in well in the United States so a good point
about that it is it is earth-shattering by the way I didn’t mention this before
we spoke but I try there was there was news the other day that a major bank in
China listed on a website said how to use cryptocurrency to it
users did you hear about that at all I missed that one Adam there’s so much
going on right now it’s like you just can’t keep up with everything yes that’s
the thing in China it back in our dating back to the dip back in 2016 if there
would have been news out of China like that you know China was the thing if a
bank in China was talking cryptocurrency back in a day
2016 it would have been the biggest news and everybody would anybody was just a
mine it was a story that I heard in passing at the beginning of the week so
that and that is an interesting perspective we used to I can remember
conversations with you just we were talking you know China made it illegal
again or China banned it again and it’s a the world has moved on from being well
the crypto world has moved on from being fixated on whatever comes out of China
the first term for those who don’t know the background in 2013 the Chinese
government well the Chinese TV released a documentary on Bitcoin we drove the
first real speculative frenzy within Bitcoin or one of the first speculative
frenzies and the way that TV works in China is you don’t get on TV as a
documentary unless the government want you to be there so a lot of people were
speculating on whether the China politically were allowing Bitcoin to go
on TV and drive adoption as ahead to try and compete with the the dollar or have
different you know creates some kind of disruption within the dollar and then
they banded then they didn’t matter and it then they banned it and they didn’t
matter then about exchanges and it’s you know it’s just the China’s relationship
with Bitcoin has just been a constant to-and-fro since 2013 well you know
something that Bitcoin has not experienced yet and which doesn’t have
that much to do with China is it Fed rate cut it’s fill the other day the Fed
cut rates and this is the first time this has happened in during bitcoins
life the last bed rate cut was before hand so what’s your take on it what’s it
gonna do to Bitcoin if any I mean it’s really significant that the fact that
stock markets are at all-time highs we’ve got you know these these markets
are though really pumping it to new-type requires
everything is allegedly as it should Trump says the dollar is going to be
here forever as the strongest currency in the world and it will always be and
never changed despite the fact that every 50 years current world dominated
currencies always change and yet they are cutting rates that’s a very bearish
sign for the economy and for whether things are actually you know going to
plan in terms of where we are and the US government said that the Treasury
finance minister he said that they’ve hit 22 to 22 trillion dollars of debt in
the States and if they don’t raise the debt ceiling in September then they
can’t meet their liabilities and they can’t actually meet their obligations so
literally the the US debt cycle is at its all-time high at the point where
they run out of money in September everything is gonna be ok the stock
markets are at new eyes and they really they’re now cutting interest rates in
order to get more people into that because it’s a debt based economy and so
if they cut interest rates people can start borrowing more companies can start
more and more and the government can roll over their debt bit more and make
they’re definitely cheaper and by cutting interest rates
it’s a classic definition of a bond system what do you think so there’s
going to be more money flowing around now because people are Kadesh their
money in the bank because the rates are going lower do you see some of this
money flowing in the Bitcoin I mean absolutely there’s a fight you know if
there’s an institutional fight for yield at the moment nothing is yielding
they’re getting negative returns from bonds lending to the government is a
foolish way to actually invest funds at the moment
stock markets are you know really feeling like they’re overheated there’s
there’s no justification because it’s all fueled by debt consumption you know
all these companies and all these corporations everybody’s buying on
credit cards everybody is owning their home on mortgages
everyone’s in you know living paycheck-to-paycheck month-to-month with
the exception of the top 1% which owned all the assets sort of benefiting from
the Hat birds you know the economy is not in a good place at all it’s is
perpetuated by quantitative easing excessive levels of debt that are
completely unsustainable and to believe that they never have to repay that debt
and therefore the lower the the you know the more you debase your your money the
people are banking on their debt just be important this period the banking system
I do think that these stable coins and digital currencies we talked about it
many times on the show are going to be used to bailout the banking system when
the next systemic risk event happens which I believe is very close you
actually on a show of your as you mentioned this scenario happening in
Japan I believe that they’re already preparing for this you think so that
yeah the countries that are in the highest levels of debt that are creating
good regulatory structures for crypto currency exchanges and have them are in
a position where they want to do some kind of you know redistribution
I think Japan’s perfectly positioned to try and capture and collect a lot of
that and a lot of countries are developing their cryptocurrencies right
now and I believe that it’s all ahead so that when banks go bust people don’t
lose their money they just replace it with a digital wallet so that you when
they can let the bank go bust and then you just download a wallet which would
be a digital representation created by the central bank with all these
financial technology companies building on top and I think I think we’re gonna
have like one of the really really big systemic risk event that’s going to be
using blockchain and all these stable coins and cryptocurrencies can be used
to pay the system and then Bitcoin just chugs along as a fixed money supply
encouraging savings and rewarding people for moving into a savings based economy
and away from a debt based now we’re talking about corporate coins we talk
about stable coins we’re talking about countries preparing to jump into crypt
currency yet and and Bitcoin price has been rising over this year definitely
definitely people have been buying bitcoins but I am starting to get the
impression that it’s not individuals on the retail level that are buying it as
much as we might hope so I think it’s a lot of corporations a lot of you know
people in the financial no financial institutions that are the ones that have
gotten into Bitcoin during this bull run and I I think a lot of women when it’s
so obvious to me how big this is how earth-shattering this next decade is
going to be in terms of Bitcoin and cryptocurrency I mean just that you know
ever every major corporation is going to have their own coin that people that
individuals don’t see this and aren’t going to get into it I think we’re going
to end up with a lot of disappointing individuals and a lot of people pointing
to us as the new one percenters we’ve got the individuals who got in on this
do you think who do you think you’re buying it lately yeah you get that same
impression that I’m getting nothing easy individuals I don’t think the retail
space is growing too much I know I do I do agree with that I believe that we’re
about to see one of the largest world three distributions that we’ve ever seen
for decades in fact um between people that have big coin and people that don’t
have Bitcoin I believe that what we’re about to see is really gonna be a you
know a knife I’ve started recently turning to create and live content
almost every day yeah try to help people navigate some of these these trends
because I really do believe that if you’re on the wrong side of this trend
you know there’s there is gonna be a real big wealth redistribution I think a
lot of you know corporations and these institutions have filled that booths
with Bitcoin they’re extinguishing the supply out because they’re all long-term
modelers and so the supply and bitcoin is just getting scarcer and scarcer and
scarcer and my fear is the retail person they’re not gonna they’re
not gonna jump on board again until we hit 20,000 hit on new time highs and get
the FOMO effect which is always the way you know retail they’re always on the
wrong side of the trends 90% are talking that’s just
Bitcoin doesn’t change that it’s you know it’s but yeah I just hate to beat
one of those people that get caught on the wrong side of this and don’t have
Bitcoin it’s it’s gonna be a real cry change see that but majority people
aren’t gonna believe it until it’s the point when everyone believes remember
everyone check out the links below you can follow Simon on Twitter and he is
doing new shows a lot I’ve been noticing I’m retweeting them pal Matt like one
for Simon found that like button for me found that like button for all the
holders of last resort and you just said something’s very interesting but retails
on the wrong side 90% of it was the stock market so he goes back to my
market making days retailers always wrong nine 10% make money in the market
so that the expense of a 90% and retailer always on the wrong side you
know a trend that’s the same a quick day yeah but it’s so odd not so obvious to
us this I guess if you’re watching this in 2025 it’s probably obvious to you by
now also well speaking about you know that you were in the traditional finance
at one point and are now in the what the world the wacky world of the wild wild
west of crypto they were just news they came out that uh well ledger X was going
to be the first to launch physical Bitcoin futures and beat out and beat
out backed but then the next day CFTC says ledger X not approved to launch
physical Bitcoin futures so it was fake news we seem to get this a lot a lot of
people rushing to break a story that’s not even a story so what’s what’s your
take overall on ledger X and and backed and your overall take on the faint news
that is just all around the cryptocurrency state yeah oops
say letter X is an interesting one because it’s been really behind the
scenes since 2014 and I think it was just around the corner of being approved
by CFTC I remember the original funding round they did was just around the
corner from being approved by CFTC and you know I was surprised to see a
reemergence of ledger X because I thought it would kind of just disappears
into quietness but it was good to see that it came back but it looks like I
mean III I know that it’s is really challenging when you’re dealing with
regulators having been on that side of the process so when we were looking at
changing laws around allowing people to invest online at back to the future we
started in 2009 and we were almost about three months away from being authorized
for four years and you know I remember that the process going through this was
the UK regulators at the time we were actually authorized we actually got the
permission and then the person the worth of the regulator left and we had to
start the process again almost six times and so I do kind of empathize with I’ve
been in a situation where a regulator has given us the green light and then
the next day you get conflicting and thinks oh there’s probably more to this
story but I really amplify to that situation because we went into a three
to four year time frame of every you know Dave thinking that we’re three
months away from launch and it’s really really you know a painful process may I
imagine their directs I’ve been through that not sure what specifically happened
where the ledger X announced it or whether the regulators gave them
information so it needs that they could announce it but yeah it’s a bit of a
whoopsie and a bit of a PR disaster okay well I’m glad you get it you could add
to that story there with your own experience that is a very very
enlightening now I actually want to go back to what we were talking about
before with retail not jumping back in the big point until we reach an all-time
high and it just it boggles my mind that all the
investors of this world are regular Joe’s out there they heard about the
19600 hi or 20,000 whatever they want to call it and they’ve got that number in
their head and so they’re not impressed at all by this you know five digit realm
that we’re in that you know Bitcoin is around ten thousand dollars it is such a
shame that they do not have the perspective that’s there all these
people out there who just don’t think it’s spectacular that bitcoins at
$10,000 around ten thousand dollars I mean that
they have no no memory of 2016 when it was in the 3-digit realm you know it
would be it was that last or the first day of 2017 is when it got to a thousand
dollars and that he that if an all-time high is what it takes to get the 90% in
the Bitcoin her I mean it just shows you why that we’re always gonna have this up
so-called wealth inequality out there I don’t know you you you’ve really uh
you know got got me thinking when you mention that specific thing that you
don’t think that people are going to jump back in the Bitcoin till it hits
the all-time high again it was again I mean we’re in this little bubble of
cryptocurrency fans and it seems like I mean we are pumped everyone’s happy
there there definitely is money coming in but the more I think about it does
seem like there’s that many new people that are coming as compared to you know
during 2017 there during IC o—- thing my lord that was like every day it was a
new person a new channel and you this so uh yeah it’s it’s unfortunate I guess is
how bubbles happen you know we go through cycles of adoption we’ll go
through it again almost certain and I think the next one will be driven by
reallocation of assets from traditional markets to pretty I really see that as
something that’s coming around the corner and retail will start getting on
board that once it hits all new time highs and yeah it’s just you know but
you also have to approve you know in terms of if you were just in
this for you know the ability to increase your wealth then the game that
you’re playing is believing in something before everyone else believes in it
because the day that everyone thinks that bitcoin is just this great thing
that’s not a Ponzi scheme that’s not a scam and there’s not a currency just for
drug dealers then Bitcoin will probably become a real
story value at that point where it’s stable and people use it like gold to
preserve wealth rather than increase wealth but while it’s in the speculative
phase of being you know people are speculating on whether it can become a
story value then the opportunity for ultra high profits exists from those
that get the trend right and so the day that everyone believes it is the day
that you know that there might not be opportunity for huge gains and then it
can be a become a medium of exchange in units of account at that point but right
now you want the more you know if you’re trying to accumulate than the more
people that don’t believe in it in something that I’m certain it’s going to
make a huge impact in the world then you know the the higher the return for as
people come on board and discover happy no going back to the corporate coins
once they come along that’s gonna be a lot of free marketing for cryptocurrency
do you think that could wake people up you know what once Facebook has a coin
what’s Amazon has a coin yeah I think just having you know the fact that face
flips cryptocurrency will be driving lots of people in and you have all these
different services these technologies that people are used to that have
massive masses and masses of users and they’ll start using it to be exposed to
it for the first time and then at some point they’re going to be exposed to
that chart of what happened to the libre cryptocurrency there’s a peg to a basket
of dollars and euros and gold and all this stuff and that’s going through
either you know cycles of inflation deflation or whatever it might be but
then it’s going to be priced against Bitcoin and at some point people are
going to say well I’m using this money you know to may expenses but look what’s
happening to my savings and they’re gonna see those charts against those
that saved those days are saved in Libra and
they’re gonna question whoever they’re making the right financial decisions
those those that saved in Libra what a world we’re about to enter pound that
like but let’s talk about the IRS letters a lot of Americans were freaked
out when they started to hear that they were gonna get letters from the IRS do
you think this is going to turn some former people who were positive about
cryptocurrency off could this cut down on upcoming trading you actually had a
video that discussed that will this help define what bitcoin is in terms of be
cash in vsv tell us your thoughts on all this yes I release the video off to the
IRS because tax and crypto is a very tricky situation and I do appreciate the
way the IRS went about this they sent letters you know stating you know we
believe that you have cryptocurrency and if you didn’t file those tax returns and
this is a good opportunity to correct that mistake and really that’s to me I
see that as an opportunity for you to try to correct your mistakes if you have
made mistakes and the rules I guess the main things you know this is I’m not a
tax advisor I tried to give this best advice as I could but you know I just
was going through all the different things you really need to consider when
putting together a tax strategy but the key the key to it is that if you were
trading and then you were creating taxable events and you are probably
gonna have to price those taxable event to the dollar and take it more
frequently you were trading the more price of ends you need to figure out and
you will be you know is treated as property and so therefore there will be
gains and losses and you’re really going to have to get you know at the CPA in an
expert to kind of help you with this stuff but yeah I mean it’s it’s an
opportunity to either you know you will obviously in the US
there’s only one way of getting out the system that I know of is to relinquish
citizenship like through a very lengthy process or you look at the porto rico
strategy but yeah you know if you decide that where you want to live if it’s
important that you live where you want to live then you’re gonna have to adhere
to those rules and you know the IRS is gonna be looking for the money grab you
know they’ve got twenty two trillion dollars of debt that they’re allegedly
trying to pay off and they’re saying that they run out of money in september
they’re gonna want as much taxes like that as they can and cryptocurrency is a
really big cash grab for all the people that have made significant wealth
converting their fear to crypto and and all the games of that have been
accumulated across there that’s something that they’ll they’re going to
investing their resources into you don’t pay tax here what do you say excuse me I
didn’t hear that last thing well if you haven’t you haven’t traded then you
haven’t created a taxable event yet so you can then have the time to do some
tax planning and figure out what you want to do it’s only when you know
you’ve got it you’ve got a base where you accumulate a cryptocurrency and the
more time that you traded it or you create more and more taxable event so
you know the sensible you know approach of just leaving it where it is and if it
accumulates into significant wealth and you can do some tax planning around that
that’s what I say to people do nothing just have a strong hand be the holder of
last resort I all people always ask me why didn’t you trade it why don’t you
sell it at the top well here this is this is why we’re reliving it right now
if you just hold it you’re you’re in fine shape now what how did you relate
bsv and me cash to this in that video of yours well there’s a number of different
schools of thought if you want to take a most conservative approach then you
received your Bitcoin cash for free and therefore one really conservative school
of thought is pricing in a zero and then taking if you converted it’s a Bitcoin
then you’d have to take the dollar value or
the Bitcoin you converted it to you and then you’d have to pay tax on those
capital gates and that’s the most conservative approach I believe that
there might be other people that believe this could be considered a different way
but this this is a tricky thing because his name real guidance on this stuff and
say yeah there there’s there’s a congressman from Minnesota who was
working on clarifying that aspect of all of this there was a story about this a
few weeks ago but yes so but you you said in your video this is to help
define what the real big point is how did you I hear that yeah this is I think
I remember what I said that there’s a lot of stuff I spontaneously come up but
I guess this is really get the definition of Bitcoin can obviously some
people are going to come along and say oh no you know Bitcoin bitcoin se has
been around since 2009 and it’s the original Bitcoin war type and try
telling that to your Taksim boy so when you file your tax returns and really you
know how he treats Bitcoin cash Bitcoin as me Bitcoin is going to be really
defined by the IRS copy and so they’re they’re adding to the conversation and
the debate around what is Bitcoin because the tax treatment of these hard
forks is really gonna be leading to some kind of a decision on how you need to
treat it legally for tax reasons and put an end to the debate about what is
Bitcoin because if you’re trying to argue the Bitcoin SV is Bitcoin and it’s
been around since 2009 then you’ve got to look at your tax treatment
accordingly my guess is that they’re gonna take the date that the you know
Bitcoin sv was deposited to your wallet or you did something to to gain your
Bitcoin SV and they’re gonna determine that that is not really a Bitcoin is the
thing that gave you the hot horse exactly that’s that’s a good take on
this a good you know know who looks taxes but at least it won’t be a
reminder of what for the people that are still
confused what the real Bitcoin is that bitcoin is the next Bitcoin pound that
like button hey I’ve got a question like coin having it’s actually like in three
days I mean did you even hear anyone mention it
is he back a few months ago or a year people are always going to be a big
thing and even I had hoped that it would wake up people to the Bitcoin happy
coming up it doesn’t seem like God that many people are talking about it or does
that be with you no I mean like the coin has its main following in China because
you know Charlie needs a huge celebrity within China creative BTCC one of the
first exchanges there’s a large volume in China and it’s you know like coin is
something that miners in China really really appreciate it’s got a large
community in China and but it’s I don’t know it’s just I don’t have anything to
say that seems to be the big news around the light point having I’ve got nothing
to say same thing but I just it’ll be a different you’ll be a lot
more people talking about the big coin handing as we get closer to that yeah
but the the halting tradition me has always been very disappointing one per
day at most of the affects tends to come in about six months prior to the hobby
and then you tend to actually get disappointment and a correction during
the actual Harden and then traditionally that’s been followed a few months later
by a real bull run in all the hard things I’ve seen and I I want to remind
some people gonna say but what coin has tripled in price since the peak of the
year wait a second so is Bitcoin see in terms
of Bitcoin litecoin really hasn’t gained very much at all since the beginning a
year so what has the one you’re on all price $10 with crypto you need to be
using Bitcoin as the place and then determining how things are performing
against Bitcoin because really bitcoin is a is the is where you could have had
your money and dollars is not really a fair comparison because you know you’re
you’re trying to control if if you’re playing the creek
speculation gets kinda helpful for Bitcoin you know trying to outperform
Dodos yeah you value your wealth in Bitcoin and my point is that lead coin
proudly and did went up in value because well Bitcoin went up in value and a lot
of the since the beginning of the year a lot of the currencies I don’t think the
likely happiness has provided much momentum for the the price change in
like litecoin you gotta you just gotta ask yourself the question is where is
the demand for like coin coming you know who is using my coin and where says I’m
gonna come for and so when you you know when there’s a when you’re having so
yeah you could reach to the stage where you’re releasing but the the whole
economics of Bitcoin is designed around the concept that there is increasing
demand in order to use it at the same time as the supply decreasing it doesn’t
really matter if the demand for using it isn’t going up but then the supplies you
know the supply of new litecoin is harming because they’re still you know
there’s still not enough demand to suck off all the light there we go simple
supply and demand people well let’s not talk you mention india in one of your
videos lately how they’re doing everything wrong not a surprise uh-huh
do you want to talk about that here yes so I mean India has become the new China
and so there’s a flip-flopping around around cryptocurrency is found it’s not
fantasy and it’s not buy and display and it’s not banned but India is like such
an important economy in the world like the second largest population in the
world a nation of people that truly are skeptical about the banking system and
decided to opt out banking and stay with cash India has a huge problem with tax
collection which is what has you know triggered off their their latest
policies but you know Bitcoin is so perfect I was really foolish on India
and Bitcoin and invested in several companies in the area because you know
it’s a nation of people that are skeptical about banking they understand
the value of savings making Jen zatia obviously here they are the
largest consumers of gold in the world they really are you know have a belief
in the value of gold and so they’re perfectly positioned to actually accept
Bitcoin plus there are large population of freelancers that work for
international companies that find it very hard to you know get paid in their
local currency and so therefore a currency like they truly understand the
challenges around you know pricing your service in one country but receive
needing to spend it in another and all the challenges around now so they’re
they’re very used to some of the challenges that are faced around with
Bitcoin but well India has chosen to do is that there may you know driving
trying to trying to compete what trying to make sure that Bitcoin doesn’t
succeed defensively in their country I think it was a reaction the ban on
cryptocurrency or the the proposal they came out so the smaller the proposal for
a ban was in reaction to Facebook’s Libre because Libre when they first came
out they said they wanted to target what’s happened India and so they really
realized that you know the u.s. is gonna have data on all of India’s people
through whatsapp and say they didn’t want the u.s. to have all that data so
they defensively tried to create a quick Thai currency fad and take their
policies to the next level but they’re driving all of the people to putting
their cash into the banking system and they’re forcing them to get into banking
and that’s driving a movement away from a savings based economy to a debt based
economy so they’re following the Western model and they’re going they’re
leveraging art they’re making bank deposits trying to make bank deposits
the primary currency because they want to do tax collection obviously but this
is driving a savings based economy it’s with debt based economy by using the
banking system when really if they wanted to achieve a similar result they
can just create a digital version of their career
see and you know automate a tax collection through the blockchain and
and all the things that they probably would be doing rather than driving
people into death through the banking system when they could be leapfrogging
and also supporting you know the the great for Bitcoin as well with some
alternative savings thing to to go well India’s a basket case hopefully today
it’s a shame it’s a shame cuz it does that it’s the second largest popular
it’ll be the largest population on earth one of these days probably we shall see
I really do hope for the people that it gets easier for them to at least hear
about it and get into it and yeah Libra was Libra still says it’s targeting
developing nations by the way yeah another thing to add to the conversation
is there was as with China were native the exchange man there was an incredible
amount the scams I remember during the IC IC o—- boom in China there was ten
projects where I was listed as the the the voice of projects I never heard of
never had any connection to somebody did an ICF or Bank for the future in China
and it wasn’t us and then the same was happening in India there’s an incredible
amount Ponzi schemes you know with cryptocurrency that and and in India you
know a lot of people were being really really tricked by these you know really
nasty Ponzi schemes and other schemes also CERN
yeah that’s that’s the thing people that’s why you don’t really diversify
for the sake of diversification because you don’t know what the heck you’re
diversifying into stick with the real thing Bitcoin don’t get MLMs
I mean we’ve been here about MLM since 2013 actually stands in Africa all over
and they’re not going away anytime soon it is the wild wild west people yeah if
you see that’s just a they have no shame to use your face
I cos it will happen again ago they did they do it with all the faces and names
out there it’ll probably be worse counterfeiting anyway okay so let’s uh
we’re at the end of the show here your your things that were left out you want
to mention anything you want to talk about what’s going on with you obviously
you said you’re you’re putting out a lot of content lately which is really
awesome thing really great yeah I mean I just decided to take take the time out
to try and educate people I’ve got there’s no agenda in it and it’s just
simply trying to help people navigate you know I thought that came to mind the
other day is that we all although we might not want to be speculators like we
might just want to sit we we are all driven to speculation whether we choose
to it or not and one thing is that we are all going to have to make a decision
about whether we take on that whether we save money whether we put money into
real estate whether we hold money in Bitcoin and all we just hold it at a
bank or whether we rely upon our pension and our insurance contributions and all
of these decisions are really speculative decisions so that everybody
needs to make but most people are just giving that to someone else to make that
decision or they’re just Allah that just you know saving in a comb through the
currency that they were told they need to save in or they’re just taking on
debt in the currency and these are all decisions that people are making in
everyday life and I think the reason I started to want to give more content is
I just want people to be become more conscious and aware of the speculative
decisions that they’re making in their everyday life that they may not be aware
of and just really give a commentary as all of these different stuff are
happening I’ve I’ve never seen them you know I’ve never been involved in
anything that moves so fast as this industry and at the same time you know
countries around the world they’re experiencing some really really and
challenging things it’s the whole world is an experiment we’ve never been in
before but this is all uncharted uncharted territory and if I can give
some information that helps people make their own better decisions then I just
decided to just carve out some time to create some content on the latest
things that are happening with no real agenda that helping people find out and
make better decisions well thank you for doing that Simon thank you for being on
the show uncharted territory people that’s the
term kind of term it gets me excited I want to be in uncharted territory I want
to be in the industry where you don’t know what’s gonna happen next where it’s
a brave well a new world a new world this is a golden age we’re living in
with so much opportunity so be in motion like simon dickson pound that like
button Simon thank you very much i’m adam meister the bitcoinmeister the
disrupt meister check out simon’s links below follow him on twitter who post all
his media there back to the future all of that you can follow him there it’s
linked to below i’m adam meister the bitcoinmeister the disrupt meister
subscribe to channel like this video sharing this video
pound that like button bang that bell button i do this show every Friday this
is this week a bit short Bitcoin show every other day of the week there’s a
new show here so a new show here every day everybody have a great weekend
shabbat shalom Thank You Simon a biosea

Comments

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    Bitcoin To The Moon

    Hey Adam and Simon, thanks for sharing your knowledge and experience. Thanks also Adam for rocking the Bitcoin to the Moon t-shirt on your show. Much appreciated. Like button pounded!

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    crypto currbit

    paying taxes on trading cryptos is better than breaking your back at a crap job though correct??! Like literally breaking your back physically sux

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    Matthew Kuraja

    Simon is so mellow and Adam's such a squirrel. This dialog is like stirring vinegar and oil together.

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