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BITCOIN FOR BEGINNERS | MARKET VOLATILITY | XRP?
Recorded: July 23, 2025 Duration: 1:40:30Space Recording
Short Summary
In a recent discussion, crypto enthusiasts explored the upcoming U.S. government crypto report, potential international partnerships, and the implications of recent market volatility. The conversation emphasized Bitcoin's role as a scarce asset and the importance of strategic investment in navigating the evolving crypto landscape.
Full Transcription
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Music Music Music Music Music Music Music Music Music Thank you. so Thank you. Thank you. The Thank you. Music so right guys appreciate you guys joining in appreciate guys listening we're back for another space
joining in appreciate you guys listening we're back for another space lots to speak about lots
to go through we're even gonna do a kind of bitcoin for starters or crypto for starters
or cryptos for beginners just so people who are interested we did get a lot of messages from
people who said oh look we're hearing about crypto for the first time. We want to get on board. We want to be on board, whether it's into Bitcoin or whether it's crypto.
So there'll be that aspect of the space.
We'll also talk about the market.
So much volatility today.
It's unbelievable.
So we'll speak about that.
This is where books comes in.
I can speak about how the volatility and how that one can benefit you through leverage trading
and a wide
range of other issues as well like one can be beneficial can seek benefit in this situation
and what's happened to xrp is dropping hard are we panicking what's going down we're going to speak
about all of that um so yeah just until simon comes and we start going through the bitcoin for
beginners part books let me pass it over to you give us your thoughts and tell us about the volatility and how one can make the most of it
so let's say trump speaks five times a month the first time the price pumps the second time
third time fourth time the price dumps the fifth time the price pumps so you know i would say a good one-third of his speeches pump the price
the other two-thirds dump the price and you got to get used to it now i'm just playing
man i feel like the volatility right now is temporary uh we are looking forward to the rates
in the fed meeting next week obviously we don't know if it's going to be cut or if it's going to be increased or stay the way it is.
We don't know how big the cuts will be.
We don't know how small they'll be, whatever it is.
Personally, I think we see a 25 basis point decrease
unless they're able to, over the next few days,
really convince Jerome Powell to do otherwise.
There's also another
possibility that nothing happens in my opinion. So right now I think that we see some volatility,
right? We see a bottom eventually. I think that'll probably be around Saturday. We have Friday coming
up where we see a lot of options are going to be expiring i think that they sweep and wreck everyone before they
pump it again um i'm looking forward to like sunday afternoon to really figure out what
decisions i'm going to be making based off of uh how the week the following week is going to uh
to look with the fed meetings yeah that makes sense and guys do me a favor retweet reshare the space let everybody know
we're live we've already a couple of we've only just started space we've got 150 people in here
if everyone can retweet and reshare the space uh that would be awesome and then at least that way
everybody knows that we are live um i've seen a significant amount of volatility today especially
when you look at xrp where it
was at what 350 360 and now it's dropped to three i think it dropped to 360 at one point
what's your thoughts about that volatility and what does that say uh right now i feel like
again trump said some things there were some some tariff news that came out and uh and a bunch of other things that
you know sound bearish but most importantly there's definitely a lot of manipulation going
on in the back end you've got circle trying to accumulate you've got binance uh dumping
a ton of crypto right now and it's just the same games right before any major pump or any major news comes out
a lot of these exchanges do sweeps they wreck all the they wreck all the longs
right before they pump it or they'll wreck all the shorts right before they dump it so you'll
see like a flash pump and then boom it just starts crashing down and it's all done on purpose i mean that's how
these exchanges play their games and make their money at the end of the day and if you can figure
that out i think you could be pretty successful in this world it takes a lot of like thinking
outside the box a lot of experience a lot of paying attention you know it's not just you know
relying on the news and relying on the president you know that's not what crypto was was was made up of right so it's just guys keep your eyes and
ears open at all times when it comes to this trading thing uh me and suleiman are definitely
going to be focused on leverage trading here in the near future and really pushing that stuff
i think that's in my opinion in the crypto space
the best way to make money when it comes to meme coins and all that other stuff it's just it causes
a nasty even disgusting pvp environment between people you're also pvping with your audience
and as like a host co-host or even leadership in a community, whenever there's a meme coin, it doesn't really end well
because there's always people buying the top and things of that nature.
But when it comes to leverage trading, especially during a time like this,
when you know what you're doing, you know, everybody can eat.
Everyone can make money.
Everyone can have fun doing it.
You're playing with the macro.
You're playing with Bitcoin, ETH, and Solana.
These aren't really shit coins where, you know,
one single person can dump and just ruin it for everyone else.
So it's a different story.
And guys, real quick, everyone that's listening,
even if you don't want to speak, request to come up
because that really helps us with the algorithm.
Just request to speak.
I want everyone in this room to um just request to speak i want everyone
in this room to be requested to speak i want everyone to raid the bottom right hand corner
um ask us questions in the comments throughout the space we might be able to uh to address them
and answer them and things of that nature but if everyone would just raid that bottom right
help us out with this while we uh while we invite some people in here it would be amazing yeah i appreciate that guys if you can do that that would be awesome
um and yeah definitely i agree with you we will be significantly focused on leverage trading and
giving people advice on how the volatility is and looking at the impact of the market from news
and even impacting the market
when it's not news based but it's uh based on other factors so we'll definitely cover all of
those things we've got a few breaking news the first one is we just got the news just came in
the u.s government to release a crypto report on july 30th so that's going to be in a week's time
there'll be a major crypto report released directly from the US government that should impact the market positively.
To what extent? Obviously, we're going to cover that over the week of spaces.
We've got the US and EU who are close to finalising a 15% tariff deal.
a 15% tariff deal. That's going to be happening soon as well. So again, that's a positivity.
That's going to be happening soon as well.
As soon as these, or whenever these deals that are made from the tariff perspective,
it's always positive for the market generally. And then obviously as well, positive for crypto.
We've got the US home prices that hit a record high in June. And the big one, books, and this
is to you,
because it is linked to leverage trading
and it is linked to the market
and it is linked to being aware
because yes, you could do leverage trading,
but there's risk.
And this is why you need to be connected
to the best of the best.
But it was reported about four hours ago
that $305 million were liquidated
from the cryptocurrency market in the space of
four hours what's your thoughts on that i think i think these are sweeps i think that there are a lot
of uh futures options expiring on friday i think this is the first dump prior to that i think that binance had to wreck a bunch of longs in their uh in their little
futures market as far as like bad news that came out i think that also weighs in on on everything
again every time trump speaks i feel like it messes things up there were a bunch of people
expecting gary uh sorry jerome powell to, and that didn't really work out yet.
You know, the guy definitely didn't resign and didn't show any signs that he was going to.
You had that fake news come out of him resigning that kind of held the price up for the last 24 hours.
And again, I don't think it it really really worked in people's favor
yeah for sure um let's bring a few people are you a fan of xrp suleiman i am yeah yeah i do
think it's gonna do well personally i am in on xrp quite a bit are you not nah brother i'm not
xrp to the moon my. But it's too volatile.
It does make one age considerably.
Let's put it that way.
Yeah.
I feel like, listen, do I think that it can go up in price?
Yeah, I do.
Do I think that it's going to get outperformed by a lot of other alts?
100%.
Bro, XRP is going to go to at least $10.
Now, jokes, but like, come on, it should go up quite a bit. From what I'm hearing, it's going to go to at least $10. Now, jokes, but, like, come on, it should go up quite a bit.
From what I'm hearing, it's going to go to at least,
and what I'm seeing, it should go up decent.
Realistically, it can go to $10.
But all the other, you know, unrealistic claims, man,
impossible, in my opinion.
Well, you don't think it's going to go to $1,000?
No, zero.
I don't think it's going to go to $20.
Yeah, I'm joking yeah i'm joking i'm
joking yeah yeah i think realistically anything uh if it for me like being realistic anything
between five to seven dollars i think is is a good uh is a good expectation
when it comes to xrp but we'll have to see we'll have to see how it goes um why don't you
bring a couple of people in from your community as well
when I get the conversation going.
But also, in terms of the XRP perspective,
I'm not sorry, XRP.
In terms of like leverage trading perspective,
give people that understanding of like, what do you do?
Are you looking at it from a daily perspective?
Are you looking at it from a weekly perspective?
Are you looking at it from an hourly perspective?
Like, how do you basically decide which way you're going to go about it?
For XRP?
No, no, general leverage trading.
Oh, dude, I'm looking at everything, but mainly the short term.
I'm definitely a short term trader.
I take advantage of short term opportunity.
For example, I pay close attention to Solana.
Is Solana going to go from $150 to $155? Is Solana going to go from $205 to $200? And playing with heavier leverage
on those swings in anticipation for what's going on, in anticipation for, I'll give you an example,
if I feel like an exchange is about to like binance or something's
about to perform a little liquidity dump or a liquidity rinse i'm definitely going to go place
that short and i know that i have five to ten dollars of playing room there and i'm going to
go heavier on the leverage now when i'm looking at a more longer term thing, a weekly or monthly or even quarterly, we'll say, you know, long or short, I'm playing with a lot less leverage.
performed in the past like i'll look at you know how the past summers have been without a pro crypto
presidential regime in place versus now i'll look at things like how third and fourth quarter will
go and start placing my trades based off that when i feel like we've close to uh topping out or
bottoming out on in a certain sense so my main thing though is uh is the short term
taking advantage of like the news and everything that people are expecting
right so today would have been a good day for you because uh there was a significant amount
of volatility today do you expect it in advance or was there something where you were just so
volatile you didn't want to jump into there no i expected in advance i expected it yesterday it just felt like that 205 range was like a top that in solana for example a 205 solana was a top
and it it wasn't really realistic that we were going to go over with all the uh futures expiring
on friday and with the weekend coming up so i knew it was going to dump and i was looking for a
for a bottom i'm still
looking for a bottom currently i don't think we see that until like saturday night or sunday morning
but yeah
interesting it was definitely this this dump was expected this dump was expected and guys we need
to always remember nothing pumps and keeps pumping in this world.
It's just unrealistic.
It does not happen.
So you need to like get that, I guess, thought out of your head of it happening, right?
When have you seen a time where something just goes and doesn't stop going?
Almost never, especially not during the summer. And I feel like we really got blessed this summer,
we need more for that.
For us to keep pumping, we need rate cut after rate cut after rate cut.
We need good news after good news after good news.
And we've got past a lot of the bad news parts, right?
Like all this tariff stuff was bad for crypto.
We went through the worst part.
Now how these tariffs start performing are definitely going to start helping us and impacting what we do with trading going forward.
We can't get used to nor get comfortable with how we've been trading over the last three to six months.
That's got to change.
We've got to adapt to new times.
This is something that's very fast paced and changes very quickly.
So that's how I like to look at it.
That makes sense.
Why don't you go to some of your,
because you'll know them better,
some of your people from your community.
Man, I want to get Cap up here.
Cap, if you're listening, come on up.
Steph, Reeves, what's going on, guys?
What's going on?
I'm just listening.
It's very interesting. so let's bring it on
just listening we don't just listen how are you feeling about i learn a lot from you guys and i
was looking actually i was looking into this i don't know if you guys heard about dna protocol
because you guys were talking about xrp i just saw this post about DNA protocol, which is, it's a protocol that is using XRP ledger infrastructure.
That's crazy.
You guys are worried about it?
Guys, I've got to admit, like, XRP is so outdated, guys.
It's so outdated, guys. It's so outdated. If you look at how it has performed versus Bitcoin over the long term, we'll say.
It's not that great, right?
If it's priced in Bitcoin, it's not really a bullish chart.
You look at the 10-year XRP versus Bitcoin over the long term, it's not that great, guys.
And you've got Andreessen Horowitz fingerprints all over it.
It's just, it's almost to me like XRP is to take advantage of the little guy.
If you look at the entire community, it's made up of like construction workers
and your everyday grinder in the real world.
And I just can't see them allowing the little guy to win.
I don't know any filthy, filthy rich MFers that come into crypto really talk about XRP
much.
You hear them talking about Bitcoin.
You hear them talking about ETH.
Solana is super, super corporate.
I love the way they run
Solana you know besides the Sam Bankman freed stuff you know Solana is great and I just don't
see XRP up there as we speak I'm reading it and apparently BlackRock is involved in this
I mean I'm gonna going to send you this.
Books, you got to look into this.
I don't know if it's real. Black Rock is involved with everything.
Black Rock is involved with everything.
Black Rock is involved with the underwear that we wear every day.
It doesn't mean anything.
They've got their hands in every cookie jar.
They are everywhere.
I know that.
But you got to check this out.
I'm going to send you this thread.
XRP is very good at marketing.
You know, you don't really hear XRP coming from the mouths of people that are decision makers and people that move the needle.
You know, you don't hear CZ from Binance, Brian Armstrong, or any of the top people in crypto, Justin Sun, mention XRP much, guys.
And I understand that CZ's got VNB, Brian Armstrong's got base, I get that Justin Sun's got Tron,
but they don't seem to be too worried about XRP, because they don't even mention it.
worried about xrp because they don't even mention it they don't acknowledge it and again like you
They don't acknowledge it.
could go down a bunch of different rabbit holes when it comes to like conspiracy theorists and
all that stuff they seem to be all in on xrp but no one that's really again moving the needle or
moving any sort of liquidity mentions it much you know and i don't want to sit here and be an xrp
hater you know it's one of
my biggest wins in the crypto space at the end of the day but i just you know i know bullshit when i
see it i know fluff when i see it and i've definitely seen a lot of that over the last uh
over the last few years now i understand the court case, but the court case is long gone.
SWIFT isn't adopting XRP, guys.
Nothing that we were being told was going to happen has happened.
And let's just say the banking system starts using the technology.
That doesn't mean that the price of the token is going to go up much and i also don't see banking i don't see countries really putting themselves in a situation where
they need to accumulate and compete with people that have been accumulating for so long
they'd rather build their own chain in my opinion they could go and, you know, almost duplicate XRP or have developers building something out.
That's,
that's more efficient.
That's better.
Now something similar to Ando,
in my opinion,
before they go towards XRP.
So that's just my thing.
Well,
well,
but send me that.
I'll check it out.
So that reads jump in in you got your hand
up what's your thoughts yeah i just want to first off say thank you for hosting the space they're
very informative having us all here that that's excellent um but uh you know book's opening
statement kind of hit the hit the nail on the head with the hammer right um we can't expect
everything to go keep going up forever and the market volatility is one thing to play but
the the strength that bitcoin and the other altcoins have shown during all through all the
tariffs and through everything else has been phenomenal you know but um you can't expect
everything to have a pullback after it's went up so much but also something to note on top of that
is uh the 20-year uh bond auction is as well. And the earnings reports are coming up.
So people are moving that money around as well.
So we could definitely expect this drop today.
But where it's going to keep going from here, I still see a huge upswing.
We have a pro-crypto president, pro-crypto government getting things in line to take it to that next level.
And along with XRP, as books just announced, I was going to say,
Ando and Hedera
are definitely going towards,
you know,
the banking tokens of the future.
XRP is kind of old technology
and definitely Ondo and Hedera
are something to look forward to
with going into the banking,
you know, crypto revolution
that we're moving towards.
well said,
brother.
Definitely well said there.
Guys,
when it comes to everything that's going on right now,
it's very predictable.
If we look at the prior cycles,
it looks super,
super predictable.
You know, you look at the cycles from when Bitcoin started all the way to 2020.
It was every four years.
If you look at 2020 to 2025, you see a lot of inconsistencies,
price manipulation, and inorganic things happening.
And what I mean by that, I'll tell you guys.
So we were supposed to be in a four-year cycle 2020 it starts rallying up end of 2021 is amazing 2022
we saw the russia ukraine war start in, the market immediately tanked and within one month was
recovering towards all-time highs in April of 2022 was looking very similar to April of 2021
where we're seeing crazy pumps. Selling May and go away comes sooner than we imagine,
right in the first week of that May because of Luna crashing. And the black swan with Luna happening.
We start making a recovery in September.
I'll never forget that summer I was watching ETH.
And around July or August of that summer ETH went down to $700.
And if I look back at 2021, just one year before, ETH's bottom was $1,700.
So the recovery that ETH made over a two-month period from $700 to I believe around $2,000 in 2022
looked like an end of 22 rally was about to happen all over again.
But boom, we get hit by the FTX Black Swan.
And it destroys everything.
January of 2023, we start seeing everything pump again.
Which is abnormal compared to prior Januaries after a bull cycle.
We start recovering in January of 2023 heavily from the FTX and Luna stuff. And for a
whole year, you start seeing crypto pump and kind of stable out and start looking a lot nicer.
No crazy all-time highs at the end of the year, but it was almost getting set up for success.
set up for success. January of 2024, ETFs start getting approved for Bitcoin. Market
starts rallying. Bitcoin obviously surpasses everything else. By April or May, we're rallying
again after a dump. End of 2024, we see the craziest all-time highs we've ever seen.
And then everything comes crashing down right in time for Christmas and New Year's.
We bottom out. It's over. The four-year cycle.
We went through a four-year bull. It's all finished.
Trump gets elected January of 2025 and reignites everything.
We see all-time highs again.
Everything dumps over a month or two and then recovers into may sell in may and go away happens again everything dumps down to a
bottom and now look at us in the middle of a summer bitcoin's hitting hitting all time high after all time high. The whole market is looking great.
We're very reliant on the Fed right now. We want the Fed obviously to lower rates. And if that
happens at the end of this year, we are going to see the most insane part of this bull. And if you
look back at everything I just said to you for the last five years, what have we seen? A five-year bull so far. And it's looking very promising that this
is going to be a 10-year cycle. A 10-year bull does not mean price pumps and doesn't start pumping.
There's a lot of volatility, but the prices are just better than they've ever been before.
And yeah, I understand the higher highs
and higher lows thing but not when it's as bullish as this is you know you compare this to the chart
it's completely different than it has been for the 10 years that bitcoin and crypto has been alive
prior to 2020 times have changed the m2 money supply is something to keep an eye on
because that's been showing us you know obviously something different than it ever has
and it's it's almost like guaranteeing that bitcoin is going to go nuts you've also got
to pay attention to crude oil which i don don't know much about. But I do understand how that works in terms of the market and as well as gold.
So when it comes to this game, it's definitely something that you want to right now be locked in on, paying close attention.
Surround yourself with the right people.
I can tell you I've known a lot of people in the crypto space, especially on
X. You know, people that have started before me on this app, on the crypto side of things, people
that, you know, when I got here, they were celebrities, right? They were famous. Everyone
looked up to them. Influencers, KOLs, whatever you want to call them. And a lot of these people
and their followers have zero dollars
to take advantage of this bull. Why? Because they got rinsed over the last five years.
So it's very crucial during a time like this to make sure you are following,
listening and taking advice from the right people or you're going to get wrecked.
And you're going to have a bad taste in your mouth when it comes to crypto.
Let's just say we have another five years the way i live and the way i think with
this crypto thing is i only have about five months three to five months i'm gonna look to make as
much money as possible between now and the end of this year because i know the highs are just
going to be great and what goes up must come down if that happens hey it's a plus for me because i
made all that money. I can now
accumulate for the low early on next year. And if there are certain pumps, I could trade off those
and play with more money than I've ever played with in my life, increasing my wealth in the space.
So again, right now is a very, very crucial time to really pay attention to these markets, get as much liquidity together as possible
because you don't want to waste all of that time. And let's just say this is not a 10-year
bull cycle and we go through a four-year bear again because some people strongly believe that
this is all cyclical. It's four years on, four years off, four years on, four years off.
cyclical. It's four years on, four years off, four years on, four years off.
You put yourself in a good situation if you do not, sorry, if you do prepare for that. So
let's make sure you guys are listening to the right people here. There's nothing wrong with
trying things out and things of that nature, but right now ain't really the time to be taking
risks. If you've been doing something different for the last four or five years and it hasn't worked out
should even two years it's time to switch it up
yeah i agree with you bucks just want to welcome robert onto the space robert thanks for joining
us um how are you doing yeah good how are you How are you guys? Yeah, great. Thanks.
I mean, we wanted,
Sam and I was meant to come on this space and give people a kind of like a roadmap
of how to onboard onto Bitcoin for newbies.
He might have just got confused with the time or something.
I will rearrange that for Friday.
But just as a basic,
how would you advise someone, a normie,
how do they get into Bitcoin?
Yeah, so I think the simplest way to think about it, I know it's not a perfect analogy,
but the simplest way to think of what Bitcoin is, is digital gold. I understand that it's a
protocol and it's this and it's a technology, right? You'll hear all sorts of convoluted,
complicated sorts of things, but at the end of the day, essentially it's this and it's a technology, right? Like you'll hear all sorts of convoluted, complicated sorts of things.
But at the end of the day,
like essentially it's digital gold.
It's really that simple.
And yeah, look, like there's, again,
you know, I could speak for three hours
about every kind of little granular detail,
the macro side of things.
But at the end of the day,
Bitcoin doesn't really have a
top to it because there's no bottom to the purchasing power of the dollar. When Bitcoin
price goes up or a home, a single family home goes up or a stock market, the stock market goes up,
when gold has doubled over the past two years, it's not gold did not get more shiny, you know,
more shiny or more valuable. Gold is, was a rock, right? A pretty rock a couple of years ago,
still just a pretty rock. That's all it is. The reason that it doubled in price is because the
market is expecting, you know, a huge loss in purchasing power for the dollar. So like you could take the Bitcoin chart
or the gold chart and invert it, right? Anyone that has a trading view can invert it. And you're
basically looking at dollar Bitcoin, dollar gold, right? Like a currency pair. You know,
we're all kind of programmed here in America to think of the dollar as the denominator
for everything, for our wages, for single family home, for everything, for Bitcoin.
But that denominator is failing and it's failing at kind of an accelerating pace, as we've
seen over the past five years.
That failure of the dollar's purchasing power of its denominator
status, that failure will continue. So the way I look at it is Bitcoin really, until the macro,
until the fiscal side of things change, Bitcoin has no top. As long as your time horizon is over a couple of years, which for me it is, you just buy it.
You just dollar costs average into it.
Luckily, I was fortunate to kind of start building a pretty heavy position in 23.
But look, if you haven't and you're looking at the chart going, oh, God, this thing looks, I don't want to buy up here. As long as your time horizon
is more than like six months, right, or a year, you will make money. The macro setup is, I heard
like the Fed being mentioned and rates. The macro setup for something like Bitcoin, it has never
really been better. Sure, it's always nice to buy those bear market lows.
And sure, I wish that I bought the bear market lows of like 21, 22, whenever it was.
Sure, I wish I loaded up at 10K rather than 30 or 40K.
But yeah, look, I think that the direction things are going with the Fed or the you know, the lack of an independent Fed, which seems to be the direction, you know, look at Turkey, right?
And look at the purchasing power of their currency.
Look at Bitcoin price in Turkish lira or gold in Turkish lira.
It just goes straight up for years, you know, because the denominator is failing. And, you know, with the macro setup that we have right now with, you know, basically like the end of 70 years of Fed independence, and the emergence of fiscal dominance, which is where the central bank stops acting to protect, you know, inflation, right, to act upon inflation, and the only job of the Fed is
to control the debt and the interest expense. During a time like that, and we were pretty
undeniably in that environment, you want to own scarce assets. Bitcoin is the most scarce asset
that I can think of. It's even more scarce than gold.
And so if you just think of it as scarcity in a world of overabundance of fiat currency or dollars, I think that's like the simplest way.
That's how I usually explain it to normies, right?
Like you're just buying something that not very many people that, you know, it's not
increasing the supply of it. The new supply is not increasing very much. And, you know, as there
are more dollars injected into the system, because they must be just to kind of prolong, just to
survive for the system, you need ever expandingexpanding money supply. You need ever-expanding
debt. It is a mathematical certainty, basically, that the Bitcoin price will go up, right? Like
Pokemon cards, it's really no different. As they print more dollars, there were only so many first
edition Charizards, right? And if there's double the amount of dollars today as there were 2008
the price is gonna be you know at least double what it was back in 2008 so you're just buying
a scarce asset um that that is that is you know a way to protect against you know um monetary
debasement and a print over printing of u.s dollars hopefully that made sense
oh it definitely does make sense um just for like a normal person an average person what would be
the easiest way for them to get into this yeah i mean i think uh nowadays there's so many exchanges. I like River.
River's cool.
I use Fold.
And they have a way to buy Bitcoin.
It's like a debit card, right, that you earn Bitcoin rewards as you spend.
So I have that.
And you can purchase Bitcoin there. If you have a Robinhood account, you can even buy Bitcoin.
a Robinhood account, you can even buy Bitcoin. The key, really the key with anything, whether
it's Coinbase, Robinhood, River, any of the brokerages that you are going to use, the key
is to get it, in my opinion, the key is to get it off of that exchange. I'm not saying anything bad
about Robinhood or Coinbase or River, but the whole kind of point of bitcoin is similar to gold
right like you don't want to buy if if you're if you're buying gold you don't want to go buy shares
that aren't really owned by you you don't really have the gold right no you want to buy gold
bullion right coins and shit that you can put in a safe. And it's really yours. It's in your
control. It's a similar thing with Bitcoin where, you know, holding it, holding an ETF, sure, it's
easy, but you don't really get the benefit of the sovereign side, which is really one of Bitcoin's
most kind of critical pieces, in my opinion, is that no matter what happens politically, no matter what happens,
you know, in all that world outside of your control, you have ultimate control over your
wealth. So to me, you know, getting it off, you know, you can buy it on pretty much any exchange
nowadays. But the key is to get it kind of off that exchange as soon as possible into what they call self-custody,
which is where you fully control the private keys to that Bitcoin
without getting down the rabbit hole too much of the tech side of it,
private keys, public key, public key, cryptography, all that kind of stuff.
I don't think you really need to understand any of that.
You just need to get a wallet, right?
Like cold cards are good. Trezors is good. It's just in my opinion, right? Like one of those
kind of wallets where you can have complete control over your private key. Nothing can be
moved. It can't be hacked. That private key, put it in your safe, you know, back up the password.
Basically, it's called seed phrase.
It's basically the password to your Bitcoin.
Back that up on a metal plate, you know, and you have full control over your wealth.
I think, you know, sometimes I'll let some Bitcoin stay for a couple of weeks, but you
don't generally want to leave it on an exchange for too long
because it's not really in your control, right? If that exchange goes down,
you have what's called counterparty risk. You're relying on that exchange,
you know, doing the right thing and being financially solvent
and not rehypothecating and doing stupid stuff. So getting it off the exchange, I think,
is a key component for the noobs,
because that's really the point of owning something like gold or Bitcoin,
is that it's in your control and your control only.
No one else has control over it.
So that would be pretty critical if I had to say.
Appreciate that, Robert.
And thanks for giving such a
expansive uh understanding samon bro you're so late what's going on sorry sorry i had a
had a few commitments um left you hanging but i'm seeing you're in good hands so rob
thanks for giving a good intro to bitcoin um yeah yeah yeah we were gonna wrap up i'm glad
you've come because i did promise the
people you would explain as well robert's given a great uh introduction but if you can also add to
it or even make it even more basic for a person like how do they like i think it was the whole
reason we made the title right is because someone asked you a question on x asking like look these
spaces are all good like it's good talking about crypto but what about for a normie how do they enter uh crypto yeah yeah so look um i'm sure there's loads of veterans in
the audience but if you're completely new to bitcoin um then somebody asked me look i'm
completely new um i'm ready um i want to start getting involved. But I've got all the basic questions. So we can make
this space as useful as you want to make it. So I'll give what I like. I've been I've been
explaining Bitcoin for 14 years. And once you've been doing it for 14 years, you you absolutely
forget how much, you know, and then you speak to somebody new that really hasn't started this
journey and you realize how much you're assuming people know. And, you know, we all started as
complete skeptics, complete novices. We all thought it was a Ponzi scheme. We all thought
it was a scam. And then we ask questions. And when you meet the right person, they answer your question in the right way.
And then you realize, oh, this is something I really need to look into.
And I have never met anything in my life where once somebody does look into it and they get beyond the,
this is a Ponzi, this is a scam, this is a pyramid scheme.
Once you get beyond that, and you actually
figure out how it works. And then you say, right, you know, I don't know everything about this thing,
but I'm going to just try and buy some. And then I'm going to try and withdraw it into what we
call self custody. And I've never met anything that hooks so many people in, where it's like a vortex that kind of takes over their life and they start
attaching all sorts of meaning to Bitcoin because it's so many different things for so many
different people. Like for some people, it represents freedom because it's what's called
a bearer asset. And if you haven't heard of what a bearer asset is a bearer asset it gets its name because we
used to have bearer bonds these were like government loans that represented a piece of paper
and you could steal that piece of paper from somebody and the bond would be yours
it's a bit like cash if I if you drop a we'll do it in a sully language was a 10 quid note if you drop a 10 quid note on the floor
and I pick it up like you're relying upon me to give it back to you or I'm just gonna
nab it and have it myself that's how a bearer asset works so it comes with the full responsibility
of you looking after it and use that bearer. Gold is also bearer when you have it in
physical form. But some people, they just don't like doing bearer or they can't do bearer. And
so they kind of hold it with somebody else, which is what we call custody. So self-custody is where
you put it in your pocket or in your safe or you store it with no one you need to ask permission.
put it in your pocket or in your safe or you store it with no one you need to ask permission.
And custody is where you say, all right, you look after it for me. And when I want it back,
give me permission. But over the years, all of these regulations have come in that have put the
responsibility on custodians and financial institutions to do law enforcement.
And so because all these companies are scared of being sued,
they kind of go over the top with regulations
and regulations just get worse and worse and worse and worse.
And you end up in a system where you're kind of guilty
until proven innocent.
And so you store your bitcoin with somebody else and you you kind of
some you you might have bought like you know a fraction of a bitcoin and then in 10 years it
became a significant amount of money and then you ask for it back and they're like well i need to
know a bit more about it how did you do this how did you do that and then you you kind of enter
into some kind of investigation just to try and get access to your own money.
The world didn't used to be like that.
When my father told me how the world was, like if someone if he asked for his money out of the bank and the banker asked what he's doing with it, he would have knocked him out.
He would have chinned him and said, well, you're asking personal questions for.
Well, now the world's not like that anymore because we had all of these regulations and any long-term listeners into this space will know
it's actually because of Zio operations and 9-11 and Patriot Act and all these things and Bank
Secrecy Act. So slowly over time, they kind of made it where you can't have these bearer assets and everything became intrusive and to spend it is really hard so bitcoin's a bearer asset um and um
the good thing about it also is that you can transfer it to anybody else that opens the water
um i'll go through a few more concepts and then what i want to rely upon is people actually asking
the questions the questions that you you know don't worry about whether it sounds down and just
let me let me ask you another question yeah you do it because i just uh i feel you know i don't
want like we don't want to bombard people a huge amount of information there's some of these
questions that people ask because remember i'm a man of the people. Like you said, we are talking about 10 quid.
But listen, I talk to the peeps who got 10 quids in the pocket.
And one of the concerns they've got is safety.
And I'll explain what I mean by that.
So I won't mention the exchange because they did me solid and they sorted the issue out.
Right.
But I believe they only sorted the issue out because I'm big.
I'm huge on X. And so therefore
they didn't want kind of negative publicity. Now, what happened was my friends had, you know,
a decent amount of money on one of these exchanges, a large amount of money on one of
these exchanges. And what they did was they essentially just decided to close his account
and not give them access to it. And it was months and they were unable to access it.
And the only way they were able to access it
is because I'm really big on X.
And I was able to contact the exchanges
because like, you know, quite a few people are following me.
So that's the risk number one.
And if their money was in a bank account,
they would have some form of insurance
where the bank would basically, you know, provide support, make sure their money was you know insured and so on so forth that's the first question
and the second question is if they were to take their money and put it in a as you mentioned
self-custody wallet which is basically a wallet that you only have control over and as long as
you don't give the key out uh the password which is basically a password as long as you don't give
the password out you've got control over it but then the risk there is as well what if someone was to
hack you and then you were to lose it all so i know they're two different questions but those are
the questions and concerns people have from a risk perspective yeah so what what sully's actually
asked in in bitcoin language is the risk of custody and the risk of self-custody so the first
one is you you want to buy some Bitcoin.
And so just like imagine you got pounds and you want some dollars, you have to go to an exchange
to take your pounds and buy some dollars. It's the same with Bitcoin. Just think of it like a
foreign currency to everybody. But eventually, hopefully you live in the Bitcoin world and fiat currency becomes a foreign currency to you.
But you go to an exchange.
And what a lot of people do is it's like opening a brokerage account or even the bank account the first time you open it.
Like it's a pain in the ass.
You're going to have to provide all your documents.
You're going to have to figure out how to transfer some money across like just
like if you opened up a new bank account or open up a new brokerage account it's not a fun experience
and no one enjoys it but you have to do it because you want to buy some bitcoin
and so you end up at the exchange and then what people do is they say all right i got my bitcoin
And then what people do is they say, all right, I got my Bitcoin.
Now I'm going to leave it there and store it there.
An exchange is just like a bank.
They're subjected to all the regulations of banks.
But over time, those exchanges, they're kind of like really...
Imagine you've got millions of Bitcoin that you're holding for millions of people
They become like a you know, they become a target for hackers and over time
We've had infamous exchange hacks like hack after hack. It happens. This happened very frequently
And the numbers get bigger and bigger and bigger as our industry grows
It's because the exchanges are like, they always have to have that.
They leave their crypto on what's called hot wallets.
And there's two concepts here.
You've got a hot wallet and a cold wallet.
A cold wallet means that essentially
they take your Bitcoin and they store it as a bearer asset
and they take it offline and they do that for you.
But when everyone's at the exchanges, they've got
millions and millions of people that want to withdraw in any one moment. And so they have
to keep it in a hot wallet. And those hot wallets are rampant for hackers to try and target the
exchanges. And over time, different exchanges have been hacked and you're kind of at the mercy of have they got enough money
is the hack so big and sometimes the hack goes bust the exchange goes bust other times they've
ran off with all the money as we were a very nascent industry other times you know they covered
it with their own funds and then recovered and carried on as a business.
But the point is, this is not where you store your Bitcoin because you're at the mercy of people.
And when you're at the mercy of people, you're subjected to anything that can go wrong with a company that you have no control over. And so then you want to move it into self-custody.
And most people stop there. So when you go self-custody, you need to learn a process,
which is, I think, very easy if you're used to any kind of technology, like you've downloaded
apps, you run password managers, you use email. All of those skills are enough but it's going to be a new skill
and so you've got to you've got to take the time pretty much just say look on this day I'm going
to learn how to do this self-custody bitcoin thing and you're going to watch a few youtube
videos where someone unpacks a hardware wallet and shows you how to back up a private key, tells you about some of the
security considerations, and you just go through that process. It would take you one day of
concentrated effort where you just don't get distracted. I mean, it could be done a lot quicker,
but if you're completely new, just book out in a calendar one day, order a hardware wallet. Robert told you a
couple. One of them's Trezor. That's the perfect place to start. And just say, right, I'm going to,
this week, I'm going to open an account with an exchange. It's going to be a pain in the ass.
I've got to upload my documents. I'm not going to enjoy it. Next week, say, right, once my account's open,
I'm going to figure out how to do a bank wire or a card payment or something to buy my first Bitcoin.
Week after that, say, I'm going to order a hardware wallet, Trezor, and I'm going to book out in the
calendar, no distractions. I'm going to set up my wallet and I'm going to withdraw the money from the exchange. If you do that in the next three weeks, you will be set up with a skill
for life. And the responsibility when you have it in cold wallet is that essentially nobody else is there to save you. And so you need to go through the instructions
and you need to follow a video that will show you the goods and the bads and the pros and the cons
and how to do it. Um, but you do it and all you need is basically 24 words, uh, which are written
down on a piece of paper that you need to secure somewhere that
nowhere no one else will find them knowing that if anybody else finds them and knows what to do
with them then they're able to steal your bitcoin and so it's just like storing a pile of cash in
your house or start storing you know some some some, some gold. Initially, you're just
going to learn how to do it. And then every month, make sure you got more Bitcoin, no matter how
small it is, $10 extra, a hundred dollars extra, a thousand dollars extra, whatever's right for you
in your financial position. Um, and just keep doing that for four years. And that's my challenge
to absolutely everybody. Every, I've been telling people to do that for four years. And that's my challenge to absolutely everybody.
I've been telling people to do that for 14 years.
And every single person that's done it, some of them are billionaires.
Many of them are multimillionaires.
And at least, you know, I had a message from someone today that said, you know, I lived in a council flat.
I'm an NHS worker. I started doing this, you know, about five, six years ago. And I just achieved a million dollars in my savings.
He said, I'd never imagined that was possible. This wasn't in my sphere of possibility.
And I can't promise you the future. But what I can tell you is I'm doing that very same thing.
And there are millions of people all around the world doing that very same thing.
And now BlackRock's doing that same thing. And Goldman Sachs is doing that same thing.
And the United States government is potentially doing that same thing.
And more and more and more people are doing it. And all you've got to do is learn how to secure your own key.
And there is great educational content.
When I first had to do that, I had to do all sorts of crazy things.
You had to buy a printer and create a paper wallet and then cut the wallet up in pieces and then put them in safety deposit boxes.
The process we had to go through at the
beginning, now you've got a beautiful, nice box with a nice wallet that's set up specifically for
you to have your own little Swiss bank account in your pocket that you can take anywhere in the
world. It's going to give you the freedom you want to be able to take your value wherever you want.
If you're an oppressive government,
that comes with you. Even if that wallet gets damaged, I don't want to go too deep into it,
it's actually just knowing how to access those words that allows you to do it.
And so you've got to learn this skill. And there's no way around it because we're entering into a world where everyone needs to learn how to secure their data.
And the best way to secure it is offline.
That's going to apply to your data in the future, your identity, your social media data, even artificial intelligence, everything.
There's no getting out of this skill because this is the ability to store your key is the skill for freedom of the future.
Otherwise, you're always going to be subjected to the whims of a custodian or a bank or a government or anything.
So, yeah.
By the way, Simon, I agree with you significantly.
And I think over time, that kind I agree with you significantly. And I think over time,
that kind of agreement has increased significantly,
especially when you look at where the world is going,
where it's going to such a totalitarian society where you have less freedoms.
And the only way of surviving
is basically having that freedom to move and go where you want.
Like, as a good example, you know myself, I'm, without mentioning it, I am banned from
certain countries because of my political positions.
And so what they do is when they do that, they're able to take your assets, they're
able to control them.
You saw what they did to people like Roman Abramovich and various others.
And so Bitcoin does give you that kind of option, right?
Yeah, that's exactly it.
So Sully, what I wanted to do, really, I could keep answering more questions from you.
If there's any in the audience that want to ask the real basic questions,
then we can just make sure we've got those questions answered.
I'll stay here until everyone has got those basics because we assume so much knowledge now
because it's such an advanced market now. And there's just, you know, it's a $4 trillion market.
I mean, it's absolutely remarkable how far we've come. And that's all because of the community.
And Bitcoin doesn't have a marketing budget.
It doesn't have a CEO.
There's no company.
It's just a community of people that all own Bitcoin, recognize what it gave them.
And I'll be eternally grateful for Bitcoin because it took me to a place I never imagined was possible.
And, you know, it's all around that word freedom. And so you end up advocating for it. I don't get
paid to do any of this. I don't have any agenda here. I just want as many people as possible to
own Bitcoin. And it's now hit a stage where you could think, oh, is Simon here because he's
shilling his Bitcoins? Honestly, I i could never speak again this market has hit a
phase where i thought you were the ceo of a bitcoins i'm definitely not the ceo of bitcoin
and if it was um everyone would be selling their bitcoin straight away um but it doesn't matter
because it's it's it's completely decentralized and people ask what does that actually mean well
it's open just before you just before you answer
that guys if anyone's got any questions from Simon no matter how basic you think it is it's
not basic because in reality everyone was in the same situation and everyone's got questions and
everyone's got like I can give my own example when when I initially heard about Bitcoin because it
sounded so complex,
I didn't get into it immediately.
But imagine I'd got into it immediately.
I'd already, just from then to now,
you're looking at what?
6X, 7X of what it was.
But for me, it was like,
oh, it's too complex.
I can't be bothered with this.
So there's no question that's too dumb.
There's no question that's too low IQ.
Because in reality, it's just a complete new concept for a lot of people.
Obviously, for other,
and everyone has different levels
of understanding.
So if you've got any questions,
put them in the comments,
tag Simon or myself in,
or books in,
and then we'll get them,
we'll get them questions to Simon
and we'll ask him during the space.
So if you can do that,
I'd be awesome.
No question is stupid
when money's involved, guys.
Because you're going to be real,
you're going to really feel stupid when your money is gone.
Or when you lose your money for not asking a question.
Always remember that.
Or you're going to feel real good when you've made back by asking a question.
So, Simon, are you going to explain what was it?
You're going to explain self-custody, wasn't it?
Yeah, no, I was just going to say, again,
bring me back if I'm going too complicated but
the way the way that bitcoin works is there's only ever going to be 21 million bitcoins
and some really important concepts um you don't need to own a bitcoin uh when when i first got
involved in bitcoin it was three dollars it's now approximately 118 000 per bitcoin uh but it's now approximately 118 000 per bitcoin but it's got eight decimal places what that means is
that um you can owe 0.0000001 bitcoin um and so you can think of it in terms of how your brain
works which is fiat currency so if you're in the uk you think pounds if you're in amer, you think pounds. If you're in America, you think dollars. You can buy $100 worth of
Bitcoin. That's not a problem. And so don't think of it. I mean, it's a good goal. It's a good goal
to aspire to try and get to one Bitcoin. That's a great thing to do. And you should be thinking
in terms of how can I... But I meet so many people that but that would be good as well
like if if bitcoin really does go to a million and you have one bitcoin that'd be golden and
actually I've got one question it's actually very much linked at this point and I got a separate
question from myself which is about like one of the other concerns people have is uh you know the
money that's lost on transaction fees so if you can answer that but just this question I think
is a good question actually it's not like assignment but it's something that I kind of indicate but i guess you get this question a lot because i've asked you a
few times over the last week or so someone the one listeners can you ask simon how self-custody
would benefit someone like me making 60 000 us dollars a year like i'm not one of his already
millionaire friends please and thank you yeah um and by the way, I started as a pleb deep in debt.
And all the Bitcoiners, none of us were rich.
Like we were a bunch of people.
But Simon, like I think when you and I get why you explain that story.
And definitely like you, I know you didn't come from money, but you got in when Bitcoin was what?
Like three pence or 30 pence. I think you said, and then crashed to three pence or whatever it may be.
And I think from there, you could have owned one Bitcoin with free cents.
So I guess what they're asking is right now, based on the current situation.
Yeah, but I've been given the same advice for four years.
And every single year, when Bitcoin hit $10, they were telling me, it's too expensive, it's too late,
I've missed the boat. Same with $100, same with $1,000, same with $10,000, same with $100,000.
Everybody thinks that they're at the top of the market, it's too late, they've missed the boat.
And I've just been saying the same thing. Your job is to significantly outperform
just been saying the same thing. Your job is to significantly outperform every asset class and
Bitcoin risk adjusted has done that. So that means that just by doing this, and I don't know what the
future looks like, you're going to outperform every fund manager, every real estate, every stock,
every stock market, every bond, everything. You're beating wall street and everyone consistently
has um you know i obviously can't promise it but i tell the same thing all the time and so
what you need to what you need to think about is it what you're basically trying to explain is
like you don't if a person's and just like do add to it but i think what is it
what you're trying to say is look you could just be an average person so let's just take this person
who asked this question who's earning sixty thousand dollars a year you don't need to save
sixty thousand dollars a year imagine you could just save a hundred dollars a month and you save
a hundred dollars a month for the next four years uh or let's say you save $100 a month for the next eight years,
$100 is not a huge amount.
I think most people should be able to afford $100 a month.
$100 a month over the next eight years is what?
About $9,600?
Just round it up $10,000.
That $10,000, if Bitcoin did hit a million, could be close to $100,000.
So just by putting $100 away for eight years, there is a possibility that $100 could be worth
$100,000. Whereas that $100, if you were to put it away in fiat after eight years,
although it'll be worth $9,600, but with that nine thousand six hundred dollars there's not much you can buy compared to what you could buy with
nine thousand six hundred or ten thousand dollars now i think is that the argument you're trying to
make salmon yeah everyone can do that because even like if if you you just have historically
a reliable house asset that when you purchase it and you don't sell it, you don't trade it, you don't do anything
with it, you just keep adding to it every month. And when the price goes down, you get to buy more
Bitcoin. And when the price goes up, the value of everything you had is going up altogether.
And you're just chilled knowing that if you keep doing that for the next eight years, every single person in the world that has
done that, even when I told people to do it in 2021 and the cycle before that, everyone in 2021,
when it was $69,000 at the peak of the market, they watched Bitcoin go down to approximately
$17,000. And all the people that I was hanging around with,
they were loving the bear market because every single month, they knew that there's only ever
going to be 21 million of these things. They knew that the demand for it's going to go up into the
future as the market gets bigger and bigger and bigger. And as the market goes down, they were
just getting more and more Bitcoin. And they were just really focused on that goal of how much can I save this month and how much Bitcoin can I buy?
And that's all they needed to do. That's all they needed to do.
They didn't need to find out the markets. They didn't need to worry about the price.
They didn't need to find the next Bitcoin killer or anything like that.
That's the minimum standard that absolutely every single person can do and um
and the people that have done that they've ranged from billionaires to millionaires
um to people that have just completely outperformed the whole of wall street or anything else
and so it is really liberating knowing that if you have the next 10 years of your life, I personally believe
there are two major, major things, two shifts that we're going to experience over the next 10 years.
One is that everyone's probably not going to have the same job that they have today.
If your job exists after artificial intelligence and robotics, then you're probably in something very unique and I have no idea
of how to forecast what job will still be here. Because we are in exponential change right now.
Humans don't know how to handle exponential change. The brain wasn't functioned to every
time something happens, the next week everything has changed. That's the world we've
all got. We are all going down. And if you don't believe me, trillions and trillions of dollars
all around the world is being invested in order to make this robotics and artificial intelligence
reality happen. And they're not telling you the truth in terms of this impacts absolutely everybody. And so in that world, what is it
that we can, can we rely upon banks that still exist the same? Can we rely upon Jerome Powell
and central banks to navigate this whole thing when they failed every single cycle? Can we rely
upon BlackRock and Wall Street and all these people? What is it that we can actually rely upon?
Can we even rely upon our bank deposit being there? What can we rely upon? Well,
Bitcoin, you can rely upon that Bitcoin will only have 21 million Bitcoin and it will exist on a
distributed supercomputer and nobody in the world can change it or shut it down for reasons that we could go
into that would get a bit more geeky. And it's the consistency and reliability and the ability to
say, right, my government has got really oppressive. My bank account is not servicing me anymore.
I can now take this and I can go anywhere. And no matter what happens around me,
I've got my Bitcoin and I know artificial intelligence is going to change everything. Those are the only two things
that I'm certain are going to happen over the next decade. And so I think everyone needs a Bitcoin
strategy and everybody needs to recognize the artificial intelligence and robotics is changing
everything. And the world that I understand today is not going to be the world that exists in one year,
two year, three year, five year, 10 years. So you need a 10 year plan.
And in that 10 years, if you need to really focus on everything else,
how you're going to make more money, what your job looks like,
how you're going to adjust to AI, whether you're in the energy industry, whether you're
going to be a plumber, all of this different stuff. You need to focus on that. But with savings,
buy more Bitcoin this month, learn self-custody, and you can rely upon that there ain't no fucker
out there in the world that's going to change something about Bitcoin. And it just will
consistently work as it has. And that's the
simplicity that it brings to people's life. If you want to get more complicated, you can get
more complicated. You can try and make more money. You can look at other things. But do that with a
separate pool of money. Make sure everybody has that fixed percentage every month for the next
eight years. You are alive when Bitcoin is only owned by,
I think some people say 3%, others say 7% of the entire population.
You are in a network effect where every single country in the world is adjusting to what Bitcoin
means for their country. Every bank in the world is adjusting to what Bitcoin means for their bank.
country. Every bank in the world is adjusting to what Bitcoin means for their bank. Every
corporation and treasury and public companies, the highest performing companies, are ones that
just decided to stop doing business and put Bitcoin on their company balance sheet. The
people that I know that are protected, that are able to have the time of day to actually think,
are the people that have secured their financial plan,
they know I'm just owning more Bitcoin and I've now hit critical mass where I don't need to worry
about the markets. I don't need to worry about any of that stuff. That's the same advice for
everybody, whether you've got a small account or whether you've got a large account because
percentages are percentages. Yeah, guys guys if anyone does have any questions for simon jump in uh erics have you got a question
all right lads how are you getting on yeah i just wanted to say um he was mentioning a human
struggle with a exponential change and obviously you can see like how many beginners come into bitcoin or
crypto in general chasing pumps over leveraging you know expecting overnight success but what's
your advice on developing the right mindset to navigate this kind of rapid change and how can
we start adopting bitcoin and crypto in a way that's sustainable and reliable something we can
actually depend on instead of banks rather than just speculating, getting wrecked
and hoping that the likes of Donald Trump
or somebody doesn't say something,
it starts crashing, you know, that kind of way.
Well, again, it's what I said.
The very first thing is valuing your wealth in Bitcoin rather than dollars and pounds and euros.
These are optical illusions.
If you save, you will be destroyed in fiat currency.
You are guaranteed to lose in fiat currency.
And why is that?
Because they want you to give your money to BlackRock so BlackRock can manage your money for you.
But there is something that has outperformed BlackRock consistently
and the whole of Wall Street, which is Bitcoin.
So your job is to earn as much fiat currency
and in that fiat currency, spend as little of it as possible
and save the rest in Bitcoin.
And that's a gift. And the lower the price goes,
the more you're going to be able to accumulate because there is a race to accumulate Bitcoin. And you're alive. Yeah, you weren't alive when or in Bitcoin when I was in it. And so, you know,
you're in a different situation. But every single month,
I still do the same thing. Even though I've got more than enough Bitcoin to, you know,
intergenerational, I still say this month, I have, I earned this much. And I spent this much,
what am I going to do with the difference? Well, I'm going to put it in Bitcoin because there's no other home. There's no other place to put it where I can own it, where I can
use it when I want to, and I can rely that the supply will never change. So that is the mindset.
The mindset is value your wealth in Bitcoin. If you price the stock market in Bitcoin,
the stock market has been crashing for the last 16 years exponentially.
If you price real estate in Bitcoin, real estate has been crashing exponentially for
16 years.
If you price gold in Bitcoin, gold has been crashing exponentially for 16 years.
Every asset has been crashing when priced in Bitcoin. And that's what you got to, you got to, you got
to opt out of the optical illusion called dollars and gold. The stock market is at new all time
highs in America, not because they're creating new value. It's because the dollar is crashing
and people are putting their money into stocks. But if you price it in gold, the stock market's
not at new all time high. And if you price it in gold, the stock market's not at new
all-time high. And if you price it in Bitcoin, the stock market's crashing. So I think Robert
tried to say that in the beginning. You've just got to change how you think. And that's the mindset.
Once you start doing that, you'll realize that the whole world's backwards and the world value
scarcity and actually digital scarcity is the innovation
of the last decade
sam and many of us think that could we go back to the future and get it at three cents
um and you wrote a book isn't it called bank to the future talking about crypto and in reality
why i'm explaining that why i'm making that point is right now, you're if for 10 years from now, people are going to think the exact same thing for now, right?
Is with your position.
Yeah, exactly.
I've just done this for a long time.
Yeah.
So I wrote Bank to the Future, Protect Your Future Before Governments Go Boss.
It came out in 2011 and it was the first published book in the world to include Bitcoin.
Created a company called Bank to the Future because it was
impossible to get the companies that we needed funded because even the venture capitalists didn't
believe in this thing in the beginning. And so we ended up funding a lot of the companies like
Coinbase, Kraken, Bitstamp, Bitfinex, Circle, even Ripple Labs, UXRP people, like way back in the day.
The actual companies this were.
Yeah, it's been one heck of a journey, but yeah, the advice is still the same.
You will look back, I personally believe, you will look back at this in 10 years from now and say imagine what it was like
uh your your you know when you could buy bitcoin for 118 000
sam we've got some questions from the audience so um
first one is um okay let's go with this one first it's from one of your fans and then we've got we've
got quite a few questions actually come through so i appreciate all the questions we will have
signing them and if anybody's got any other questions then do put them in the comments
uh this is how much is the minimum someone can start with sorry you could have said it when i
was off yeah i mean you know you can deposit you can buy on a on a card $10 worth of Bitcoin.
I mean, you know, it's whatever works.
You know, it could be $100.
It can be anything.
But yeah, I mean, it's going to be hard to buy Bitcoin in exchange for less than $10, I think.
Okay, so like basically $10 at a time.
Well, my thing is, I don't know your personal financial situation. So I can't give, you know, I was a qualified financial advisor, but the rules of being a
qualified financial advisor is you need to sit down and know someone's assets, someone's liabilities,
their commitment, what age they are, what goals and aspirations they have. I don't know any of that about you.
So I can't give you a specific number.
But if you are young and you can take risk and you're alive today
when Bitcoin is where it is now and artificial intelligence is where it is right now,
then as a young person, and as long as you're saying, I'm going to do this for the next four
years, then, you know, I believe people should just be whatever disposable income they have
left. And it may be based upon your risk profile, you want to put another percentage of that
in something less risky, or that feels more right to you. But all I can tell you is every
single person that I've ever met that met that challenge of taking that number, buying it every
month and doing it for four years, none of them have ever stopped doing it. None of them. Because
that's, you know, you won't, you just won't do that for the next four years and you'll never
stop doing it
for the rest of your life i remember seeing somebody i can't remember what it was now and
someone can you know correct me in terms of what the number was and i'm sure he was putting away
like like ten dollars or twenty five dollars a day or thirty five dollars a day and then now he's got
to a point where i think it was over the last four years and he's hit millions because of doing that.
So I guess that advice is definitely beneficial in terms of being able to save how much.
I mean, look, I'm taking on board a lot of that advice because I'm too risky in terms of not consolidating into Bitcoin.
And I do think that for people who want less risk, Bitcoin is the place to be.
What I would say is it's for everybody.
Even if you are very, very risk-centric
and you want to really play around in the crypto market,
have an allocation for this is the Bitcoin that I buy
and then another bucket for this is my crypto YOLO D-gen stuff.
That makes a lot of sense, Simon,
because with the D-gen stuff, you could lose it sense Simon Because with the D-gen stuff you could lose it all
At least you've got some backup there
And then also with the D-gen stuff you can make a lot more as well
I've got a question here
This seems like one of your fans Simon
Someone's been following for a while
They said last cycle
I don't know if this is true or not Simon
So you'll have to clarify if this person's accurate in his statement
He wrote last cycle Simon made a video
Where he said we are near the top That was close to 69k what metrics did he use and will he continue to
use those metrics uh this time I don't remember but um I'll take the credit but I really don't
remember and I very rarely call price so maybe maybe I did, but I just don't mess around with price.
I'm more of a, what's the habits that everyone needs to have to break themselves free from this system?
And so if it's the top or the bottom, I'm not your guy.
I'm not going to be doing charts and technical analysis.
There's plenty of people that will do that.
I know how to do that because I used to work in investment bank that will do that. I know how to do that
because I used to work in investment bank as a trader and I know how to do all that stuff.
But I also know that very few consistently get it right. And so I want to give something that
everyone can do. And you don't need to predict the top of the market. um and if i did it's probably some you know i don't i don't know
it's probably it was based upon a four-year cycle that seems to not really follow the reality of the
market that we're in today um you know so we markets continually change and that's the problem
most people some people want to do this as a career and know everything about everything, which is fine.
If that's your passion, do it.
But most people, they're a dentist.
They're trying to figure out all the problems in their life.
And they just want a consistent store of value so that when they retire and the government goes bust, they're taking care of their family.
That's who I'm talking to.
Yeah. We have another question for you sam and i know this is might be a bit more complex but obviously you did ask for questions from average
people because they do hear these words but he said what is bitcoin mining can anyone do it
um no you can't really do it unless you really want to be geeky and a hobbyist. So
Bitcoin mining is kind of like performing the role of a decentralized central bank.
So let me make sure people understand the basics of how Bitcoin works. So Bitcoin is mined. And
Bitcoin mining was a process just like a gold miner. Like you could go and pick up a
pitchfork and try and go into the mountain and mine some gold. You're probably not going to be
very successful because now there's institutional public company gold miners that have the most
sophisticated equipment in the world and all sorts of technology to make sure they're analyzing that they're mining in the right place. And they're doing equations around the price and
various other things. So it's a very sophisticated industry now, which is why almost everybody should
be buying Bitcoin rather than mining Bitcoin. But you want somebody to be mining Bitcoin and maybe it's something you want to get into.
I mined my first Bitcoin in 2013.
I had a big, very large mining rig in Iceland.
It became so large that the Icelandic government said that we're using too much electricity.
And it became like it actually started causing problems in the Icelandic grid at the time.
It's a hard game.
But essentially, the way the money supply of Bitcoin works is the very first Bitcoin was mined in January 2009.
And every 10 minutes, 50 Bitcoins were mined.
And what is mining?
It's the process of solving complex mass problems.
And in that process, you essentially verify all of the transactions that everyone's doing in that 10 minute block. And so imagine all the transactions, someone says, I'm going to own my
Bitcoin and I'm going to send it to you. And it's packaged into a block.
And every 10 minutes, a new block is essentially mined.
This is why it's called a blockchain, because the Bitcoin transaction history consists of all of these 10 minute blocks piled upon each other.
And different people run around the world in these decentralized network,
they store copies of that blockchain. And so, you know, hundreds of 1000s of backups happen in a
decentralized way. And what so every 10 minutes, a new Bitcoin is mined. And initially, there were
50 Bitcoin every 10 minutes. And the next rule is every four years,
the number of Bitcoin mined every 10 minutes is cut in half. So four years, you had 50 Bitcoin
mined every 10 minutes. Then the next four years, you had 25 Bitcoin mined every 10 minutes.
Then the next four years, you had 12 and a half Bitcoin mind uh then you had uh six and a quarter uh
whatever it is and now you've got three and an eighth that's where we're currently at
and then that will keep keep keep halving um until eventually in a hundred over a hundred years from
now all of the 21 million bitcoin would have been mined um And so miners, essentially, they perform a very, very important role.
They secure the network, and they get rewarded for securing the network. And it's an ultra,
ultra expensive thing. Initially, you could mine a Bitcoin on a laptop. Then you'd have to buy a
games graphic card GPU, because as more and more people mine,
the more competitive it gets.
Then specialist equipment was manufactured in China in order to institutionalize the
industry.
And now you have large public miners and sovereign nations that are mining Bitcoin. And what it is, is all around the world,
all these people are mining Bitcoin. They're competing in order to receive those newly
created Bitcoin. And they perform the role of central bank. But all they're doing is running
the code. It's all automated. And they have to expend vast electricity to secure the network.
And that's that's electricity is what makes Bitcoin unique and what what makes it to the
point where no government can hack the entire network or take down the whole network is
called proof of work.
And so, yeah, that's the Bitcoin miners basically secure the network make it decentralized and
what's interesting today is if you wanted you know if you look at where people are mining today
about 40 percent of the network is mining in america i think it's down to about a third of
the network now um about another 20 percent is mined in China. About another 11% is mined in
Russia. There's speculation that between two to 6% is mined in Iran. Then you've got the other
countries that are masking and not disclosing. You've got Europe, you've got Africa, you've got
South America. All around the world, these countries that hate each other are mining
Bitcoin, which is what exactly gives it its decentralized and distributed supercomputer.
And now it is so large.
It is the largest distributed supercomputer that the world has ever seen, fully distributed.
fully distributed and the amount of power behind it is greater than the entire electricity to power
like a country like Argentina to secure that and so that's what Bitcoin mining is and it's never
been replicated no one's ever been able to create a system like it again and it's virtually impossible to ever create it again
simon we've got so many questions so i think we're gonna have to do like a sequel to this
another day and maybe give people a bit more time but let me just ask you this question because one
person's asked about a series of four questions uh and i know there's so many questions here so
guys we will do this again maybe i'll arrange something with simon where we can maybe do a bit more of a longer session and get through a lot of these questions.
Because there's a huge amount of questions here.
But I'm just going to choose this one because it came.
I just saw it and I thought it was decent.
But there's four questions linked to it.
So, he said, Simon, what's the minimum amount?
I think you answered some of this.
So, the ones you've answered, you can just leave.
What's the minimum amount to open and buy?
Do you have to declare it to UK Inland Revenue?
I do them one at a time.
The answer is, yeah, if you live in the UK, get tax advice.
But yeah, it's treated as an asset and you're meant to declare it.
Okay.
And what about if the internet goes down big time in what situations?
How do you get your money out?
So unless you're running something out uh so unless you're
running something called a node and you're pretty geeky then you can verify your own transactions
and it can be connected to a satellite um someone like myself would do that you definitely don't
have to do that um but if you are in a wartime situation you your bitcoin is physically stored as 24 characters, 24 words, and most people would need an internet connection to be able to send it.
And so if your internet was down, nothing would happen to Bitcoin. Bitcoin would still work.
Every block would still be mined. The miners will still mine.
But you may have a setup where you require the
internet in order to send it um but remember as long as you have your 24 uh phrases you can access
that wherever you are in the world and if you really have large value and you start getting
geeky there is an offline setup where you could still transact
but if you weren't geeky
and the internet was down you wouldn't have asked it to your bitcoin though would you like
you couldn't spend it in that moment but it doesn't mean you lose it
yeah but like i think what they're asking is like in a wartime situation it's one of the
questions i actually had that in a wartime situation, it's one of the questions I actually had, that in a wartime situation, let's say you had gold,
you could at least barter with gold and you could barter with items.
But if internet was down, you don't have any access to your wealth, right?
Correct, yeah.
So that's where gold performs a different function,
which is in a world where there is no access to internet
anymore. Firstly, you'd probably need gold bars to hit people over the head to stop them stealing
your wealth because we'd be in anarchy. But in that scenario where you can't access the internet,
that's where your gold would be useful to you in that moment.
If you have access to the Internet, it will be there for when you want it.
And if you're if you're geeky, you would have set up a scenario where you could access a satellite and verify your own transaction with the node.
Interesting. Right, guys.
We are going to be wrapping up the space here,
but we'll do a sequel, Simon,
where we get a bit more,
because I think we only got like maybe 45 or 40 minutes
and there's a lot of questions.
So maybe on Friday or whenever you want,
during next week,
we'll think of a,
we'll speak where people can ask these kind of
important questions, which a regular person is concerned about.
Does that sound good?
Yeah, sure.
You know, I want to make sure people start their journey.
But make sure if you haven't opened an exchange, just research the exchanges in your country.
If you don't have one yet, get an account open and order a hardware wallet.
They will cost you approximately like between $50 and $150.
So if you're right at the beginning of your journey
and you only got $10 to $100,
then initially just use that to buy Bitcoin.
Don't buy a wallet.
But if you're at the stage
where you're going to be taking this pretty seriously
and going to be adding to it,
then you need to make the investment in a hardware wallet. And then just don't be scared to get started. Don't procrastinate because you want
to know everything. The best way of learning is to just get started and be willing to make a
mistake. So start with small money, make a few mistakes. But the worst thing that could happen
is you say, I want everything to be done perfectly.
You're going to need an exchange and at the very least, and you're going to need to send some money to that exchange. So send some small money, test it, buy your first Bitcoin and we can figure out the rest.
There's a massive community of people that run spaces every single day that really want to help people get on board Bitcoin.
of people that run spaces every single day that really want to help people get on board bitcoin
for sure for sure and on that note we will be back on friday seven sorry 2 p.m eastern for
another space on big on crypto bitcoin the market various things we are trying our best as you've
seen the last three or four spaces to really make sure people are educated on uh crypto and bitcoin so that they get have an opportunity to be onboarded rather than become
someone else's exit liquidity which is what a lot of people try and do so we're not about that so
can i give one more benefit i know a lot of silly's's followers. I met Sully because we were on a finance base many years back.
And then we built a stronger relationship as a result of the genocide in Gaza.
And so if any of you are like me, where you are very ideological and into things like boycotting and the power of money in order to
try and protest against the system. To me, the ultimate boycott is actually the creator of the
engineer of war itself, which I believe to be the Federal Reserve and the central banking system.
Federal Reserve and the central banking system.
And so by owning Bitcoin, you are actually boycotting the fabric of what allows all these
wars to happen.
And when you own it in self-custody, you get to boycott these players like BlackRock that
profit from all of these wars.
And if you carry on doing what I said you should do for the next four years, you may be in a position
where you don't even need to borrow to buy your house. You may be just buying your house outright.
And borrowing from the bank is the ultimate boycott. Debt is the engine of war. And also
being able to spend local and be more conscious with your money. And just getting in that mindset of,
is my money supporting this war
or is my money a boycott against it?
And so the more we can collectively get out of the system,
the more we can boycott that
and be more conscious of our money.
Because all of those companies that profit from war,
a lot of them need our money in order to prevail.
So it's the ultimate boycott.
Boycott the central bank and Bitcoin, even gold.
If you're not sold on Bitcoin yet,
just think about how we can boycott the system
because that's how we're going to make change.
And then work, invest, build build hang around with people that are building
all these new decentralized systems because we decentralize money we've also got to do the same
with ai identity the internet everything um and and if we're going through this massive change
over the next few years um just think about how you how your skills can be useful in partnering with, uh, people that are
actually making the world better. And that's, that's the, that's the, the real thing I leave
you with. And as a massive bonus, a lot of people have got incredibly rich from it. Um, and so
that's a, that's a real bonus. For sure. Appreciate that, Simon. Appreciate books,
books. Thanks for co-hosting any last comments? Always man
I think that everything Simon shared with us
today if the
majority of us here that were onboarded over the
last few cycles had that
kind of information to get onboarded
we would have retained
a lot more of the people that came into
this space over the last 5 to
10 years so man shout out to you simon
shout out to everyone that tuned in and supports us yeah i appreciate every single person coming
in the space uh we will be doing a normal political space uh at uh 5 p.m eastern so watch out for that
huge amount of news so much news hence why i think most people are looking for the political news
today uh but yeah there
were a bunch running while we were running so i figured that was where everybody was
yeah yeah i would have been doing it but because i'd already committed here you know me i don't
go against my word so we did this space but there's a lot of breaking news when it comes
to politics so hence why uh 5 p.m eastern we'll get back on to the politics space and we will be
back with this crypto space friday 2 p.m eastern watch out for it it's going to be fire we're going to have some great guests
on there'll be great amount of information knowledge and content so watch out for that
appreciate all you guys joining in appreciate you guys listening and for sure we will see you
next time Thank you.
