2 years ago
Jimmy Song shares his position connected El Salvador's adoption of bitcoin, the lodging marketplace and however fiat currencies trim the prime of life.
This is simply a transcribed mentation of the “Bitcoin Magazine Podcast,” hosted by P and Q. In this episode, they are joined by Jimmy Song to speech astir bitcoin adoption successful El Salvador.
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Transcript
[00:00:06] Q: I'm excited to present our impermanent for today. None different than Jimmy song, Jimmy, convey you for joining us. How goes it?
[00:00:14] Jimmy Song: It goes, well, I conscionable came backmost from El Salvador teaching immoderate radical there, Bitcoin programming. So it's bully to beryllium backmost home. And you know, present with you guys, of course, I person to travel back.
[00:00:24] Q: I admit you cutting your travel to El Salvador short, conscionable to grace america with your presence. How was it, man? We saw immoderate pictures. You were down determination with Max and Stacy [Keiser]. And speech to america a small spot archetypal astir conscionable what what's, what does El Salvador consciousness similar successful a carnivore market?
[00:00:40] Jimmy Song: Well, it's interesting. This was thing that I was telling Max and Stacy, I was determination six months ago, things person changed. Like, you tin spot things being built and worldly similar that. There are motorcycle lanes determination now, which weren't determination before. They're like, yeah, they enactment this successful past week. It looks truly nice. Everything is, you know, marque new, going up and, you know, things are building. And you, you tin conscionable benignant of spot successful the state that there's a batch much energy, a batch much gathering and it's what you would expect it to look similar if it wasn't bogged down with, you know, antithetic forms of oppression, I guess, whether it's the IMF or, the M13 gangs and worldly similar that.
So you, you tin benignant of spot it arsenic acold arsenic Bitcoin goes you know, there, there, you tin inactive wage for worldly and Bitcoin and it's, it's beauteous cool. I deliberation determination were a batch of radical that benignant of expected it to go similar a libertarian paradise overnight. It's not rather that fast, but I mean, it's, it's, it's becoming thing beauteous pretty quickly.
I similar being there. I was determination to bid immoderate programmers due to the fact that arsenic you know, we request much programmers and El Salvador needs much programmers. Yeah, it it's, it's absorbing cuz similar you don't get to spot the time to day, but erstwhile you visit, you tin intelligibly spot advancement and that's, that's what I saw.
[00:02:07] Q: You know, we perceive a batch astir this speech that the radical who astir request Bitcoin contiguous can't excuse me, can't spend these 80% drawdowns. You've been to El Salvador before. They're present reeling with, you know, that 80% drawdown. I judge don't punctuation maine connected this, but possibly it was astir $40,000 erstwhile you were visiting. We're down successful the debased twenties close now. So adjacent a 50% gully down. Were determination immoderate concerns from El Salvadorians oregon was it inactive like, you know, this absorption connected continuing to physique this ecosystem and larn arsenic overmuch arsenic we tin portion we can?
[00:02:45] Jimmy Song: I don't cognize if I'm the close idiosyncratic to inquire due to the fact that the radical I thin to conscionable are precise bullish connected Bitcoin.
So, they're benignant of gonna beryllium self-selected but the radical I taught were precise enthusiastic astir Bitcoin and truthful on. So I wouldn't, I would accidental that there's inactive a batch of enthusiasm for it and there's a batch of radical wanting to physique there's you know, the, the authorities is inactive bullish connected it and everything else.
They're taking attraction of immoderate different problems first. Namely the gangs, I deliberation they've arrested thing similar 40,000 pack members. And they're nary longer benignant of extorting wealth from similar the PPOA vendor oregon whatever. And that's a precise bully thing. It's adding much wealth to people's pockets and getting escaped of these benignant of extortionist/rent seekers.
[00:03:38] Q: I deliberation it's a precise absorbing happening that, you know, a batch of Western quality outlets volition effort to represent Bal arsenic this authoritarian leader. When successful information it seems similar it's conscionable trying to combat corruption successful his country, truthful remains to beryllium seen however things cookware out. Let's speech a small spot astir conscionable benignant of…
[00:03:59] P: Wait, wait, I bash conscionable wanna leap successful though. It's not needfully that elemental though, right? I mean, helium besides has said helium is the world's coolest dictator, and I think, you know, determination are a batch of authoritarian things that helium is doing and that helium would precise publically accidental that he's doing.
[00:04:13] Q: I mean, I mean,
[00:04:15] Jimmy Song: I deliberation putting pack members successful situation is not authoritarian per se. I mean, these are radical that are going up to similar the nutrient vendor connected the sidewalk and extorting them for fractional their profits for the day.
[00:04:32] P: And those radical perfectly should be, you know, dried and figured out. I mean, I, I conscionable volition accidental that immoderate of the videos that were coming out, similar erstwhile that initially was happening again, immense instrumentality of El Salvador, the World Economic Forum is perfectly trying to wholly screw them over.
And you know, I deliberation there's a batch of astonishing worldly that [President Nayib] Bukele is doing. But immoderate of those videos that erstwhile they archetypal came retired astir the gangs, seemed chilling. You know, it was similar everybody benignant of similar there, for being forced to crab locomotion and stuff, and it was weird.
[00:05:04] Jimmy Song: Yeah, they're gonna instrumentality similar the worst videos and marque it look similar that's the norm and worldly similar that. And that this is the IMS playbook. You know, there, there's a full happening astir Pegasus and the journalists and worldly similar that. You haven't heard that communicative anymore, right? The crushed wherefore you haven't is due to the fact that they recovered retired that immoderate of Bukele's authorities officials besides had Pegasus installed retired of them.
So it wasn't the, it wasn't their authorities installing it. It's idiosyncratic else. We don't cognize who, but it's not, it's not Bukele who's doing it, but you know, everyone benignant of automatically assumed that it was Bukele and oh, he's this dictator that's keeping tabs connected journalists. Actually, we person nary thought who's keeping tabs connected the writer due to the fact that it's not conscionable them. It's similar a clump of Bukele’s friends that person the worldly installed connected them. So I similar that there's a batch of propaganda going astir astir and the IMF is motivated to marque them look arsenic atrocious arsenic possible, a 100 percent. But that's not what I saw.
And you know, like, beryllium cautious astir the quality that you perceive extracurricular of El Salvador, due to the fact that astir of the radical that are pushing a peculiar communicative person an agenda. The Washington Post, New York times, those places person a full agenda. Absolutely, and it's to power [Washington] DC and the lawmakers and support this communicative of dictator live truthful that they tin fundamentally support exploiting due to the fact that deliberation astir it similar El Salvador has been exploited significantly. Some of the worldly that I learned, for example, they are lone allowed to import beef from their escaped commercialized zone, which is similar the cardinal American escaped commercialized zone.
I deliberation it's El Salvador, Nicaragua, Guatemala, Honduras and 1 different country, which I can't remember, but those are the lone ones that person a escaped commercialized zone. And past and, but different than that, if they wanna import beef, they person to bash it from the U.S. So Argentinian beef is great. It's writer fed, it's delicious and it's plentiful and it's cheap, but they can't import it due to the fact that they person this weird commercialized woody with the U.S.
And the U.S. tin person these precise unfair benignant of rules astir worldly similar that and support them continuing to beryllium oppressed due to the fact that of the narration that it's capable to enforce done the IMF loans. They're yet benignant of getting retired from nether it.
And, you know, this is benignant of what happens. It's similar the beef that I ate there, cuz it was mostly from Nicaragua, but I would emotion to devour Argentinian beef. That's similar not stuff, you know, similar why, wherefore isn't that available? And that's not the lone one, there's each sorts of stuff.
Particularly astir nutrient exports and stuff, which the U.S. wholly takes vantage of. There's a crushed wherefore there’s this communicative of Bukele being a dictator. I volition archer you though, that determination are 6 cardinal radical successful El Salvador, determination are 3 cardinal extracurricular of El Salvador.
Most of them are successful the U.S. and Bukele has arsenic precocious oregon higher support standing among the diaspora than helium does astatine home. So that tells you thing that's, that's not the lawsuit for, you know, Raul Castro or, you know, [Cesar] Chavez oregon whoever. That's a very, precise antithetic thing.
[00:08:32] Q: You know, I deliberation also, and I don't privation to spell excessively into item because, I'm admitting that and maybe, possibly this volition clasp maine accountable. I'm trying to bash immoderate probe connected a imaginable article, but determination was a large communicative astir 20 years agone that the president of Singapore was this authoritarian person who ought not to beryllium trusted and we shouldn't beryllium doing concern with them.
And you know, if you had invested successful Singapore successful their maturation 20 years ago, you would've made a very, precise bully bet. And I candidly deliberation the IMF is moving a precise akin playbook against BHA and El Salvador that accelerated guardant successful 10, 20, 30 years, radical are gonna beryllium like, ohio shit, El Salvador was a nary brainer.
Just similar doing an concern successful Singapore now. I mean, astatine this constituent present Singapore is astir overdone. So I, I bash deliberation that there's a large narrative. There's that illustration that Bloomberg posted of the 19 adjacent countries that could default connected their indebtedness aft what we saw retired of Sri Lanka. And apical of the database is El Salvador. I can't assistance a chuckle.
[00:09:42] Jimmy Song: What are they defaulting connected though? That's the cardinal difference. So if they default connected the IMF debt, they really tin benignant of spend to bash that. Because past they tin spell and rise wealth utilizing the volcano bonds. And that, that, that whitethorn beryllium the absorption that they spell successful due to the fact that IMF loans travel with a batch of strings attached.
You person to walk wealth a definite way. You tin lone enactment a definite percent towards infrastructure, for example. And and for immoderate reason, a batch of the leaders successful countries that instrumentality IMF loans extremity up embezzling it, I deliberation it has thing to bash with the information that it's wealth from foreigners and they don't consciousness that atrocious astir taking it from their, from foreigners arsenic opposed to their ain radical oregon thing similar that.
But yeah, I, I mean, I, I wouldn't interest excessively overmuch astir you know, worldly similar that. It's what, what you tin spot connected the crushed is intelligibly that they are gathering and you can, you tin spot it. And it's beautiful. I was commenting to Max and Stacy, similar there's a edifice that we stayed astatine that full neighborhood.
If you locomotion around. You couldn't archer the quality betwixt that and like, you know, a suburb of, of the United States oregon like, you know, LA oregon thing similar that. It's, it's, it's beautiful. Like it's good manicured every, similar possibly the Chinese embassy has razor ligament astatine the top, thing similar that.
But different than that, similar everything is similar growing. And that's the champion evidence. I saw that immoderate they're doing is moving now, is it authoritarian? It truly depends what you mean by that. Because successful a consciousness that the things that radical kick astir astir are with respect to civilian liberties.
But I mean similar gangs that are extorting people, that's, that's not truly civilian liberties. I mean, the things that usually the radical successful the U.S. are complaining astir are related to. Okay, well, these M13 pack members you know, they're not given, you know, cleanable owed process oregon thing similar that alternatively than, okay.
Like these guys were harassing each of these you know, thoroughfare vendors and taking, you know, fractional their wage each day. And present it's present they're capable to support their afloat wage, similar those are bully things. If you wanna telephone that a telephone getting escaped of criminals, similar authoritarianism, it conscionable seems benignant of ridiculous to me.
[00:12:19] Q: Well, to beryllium honest, it's beauteous erstwhile you enactment it similar that, but Jimmy let's deliberation astir this for a second. Mm-hmm portion these criminals are doing that to the idiosyncratic citizens, however is that immoderate antithetic than the mode the IMF is doing that to the state itself, with the mode they're forcing them to.
So, Hey, you person to wage america successful this definite mode and bash these definite things. And if you don't similar we clasp you by the balls.
[00:12:42] Jimmy Song: Yeah. I mean, it benignant of is, it's conscionable that there's nary existent recourse aft that. There's nary higher authorization to entreaty to basically, and this is benignant of, the occupation is the U.S. is the dominant, it's the equivalent of the Supreme tribunal oregon immoderate it's you know, their determination it's last and that's it.
And that's, that's what, that's the concern we have. And, you know, it's, it's gonna instrumentality immoderate time. But I, I deliberation El Salvador's connected its mode to like, really similar increasing and. Doing immoderate bully things. And it'll beryllium absorbing to spot if the different cardinal American countries travel cuz. I mean, surely radical successful Guatemala are precise interested.
People successful Nicaragua, Honduras, Costa Rica, they're, they're each watching. And if this volcano enslaved happening goes done which you cognize who, who knows erstwhile it's gonna happen, but I fishy determination astir the 1 twelvemonth anniversary, which is astir September you know, they're, they're gonna person currency without IMFs assistance, successful which lawsuit then, okay, now, present they tin really spell physique worldly without needing to enactment strictly successful the lane of the planetary monetary order.
[00:13:57] Q: Was determination thing that this travel amazed you oregon stood retired successful examination to the past clip you went.
[00:14:03] Jimmy Song: Well, I, I didn't enactment precise long, truthful , I, I virtually flew determination Sunday and came backmost yesterday. So it was like, and 2 of those days I was conscionable consecutive up teaching the full time. So I, I didn't truly get to spell retired oregon anything.
But you know, the biggest things were mostly conscionable benignant of visual, conscionable yeah, things conscionable look safer. I don't know. Like, it looks much beautiful. Things are gathering though those are the, those are the things that stood retired to me. And now, I mean, granted, I stayed successful like, benignant of similar a posh country of San Salvador, but you tin benignant of spot it everywhere.
It's everything, everyone is building. Everyone is doing much worldly due to the fact that the atrocious guys are out. I don't know. And and you know, what, what the president determination is doing is making a difference.
[00:14:52] Q: You know, present that you're backmost successful America, how, however disappointed are you? How overmuch bash you conscionable travel backmost here? You're like, God damn it. I'm backmost to the aforesaid aged shit. Nothing changed.
[00:15:02] Jimmy Song: well, I I'm, I'm optimistic due to the fact that of Bitcoin. I mean, I, I wrote astir this successful the, successful the nonfiction this week. It it's you know, there, if you person Bitcoin, you person this like, benignant of hope, right?
Cause you're, you're not connected the rat race, treadmill, whatever. And alternatively you you're, you person the abstraction to deliberation astir beingness a small much profoundly and effort to Accomplish thing that's meaningful alternatively than, Hey, let's conscionable spell aft what everyone other is going after, which is fundamentally rent seeking positions.
And that, that's, that's a bully thing. I, I don't know. I, I'm not truly disappointed per se ever with Bitcoin cuz the radical that onslaught Bitcoin, they it's, it's beauteous evident to maine that they are, you know, affinity, scammers oregon whatever. I, I don't request oregon privation their support successful immoderate way, signifier oregon form.
The radical successful the Fiat world, I, I don't privation request oregon you know, privation their support either. It's I, I, I consciousness similar I person a antithetic benignant of mindset than a batch of different radical due to the fact that there's this happening called Bitcoin. I, and I person savings. So. I don't person to deliberation about, okay, however tin I marque rent this month?
Or however bash I marque definite I'm progressing successful my vocation successful the adjacent twelvemonth that is successful enactment with my colleagues oregon thing similar that. I, I don't person to bash immoderate of that. I, I tin conscionable proceed to absorption connected the agelong word things. For me, that's bringing dependable wealth to the satellite and that's Bitcoin and I, I tin deliberation about, okay, well, however tin I champion execute that?
How bash I, however bash I power things to spell successful in that direction? Certainly similar grooming developers successful El Salvador is simply a tiny measurement successful that direction, but it's thing that I tin bash that that possibly not that galore radical can. So I, I similar reasoning astir those things and gathering things for the agelong term.
And I deliberation a batch of different Bitcoiners are arsenic well. And that's, that's, you know, what gives maine optimism is, is that. At slightest successful this community. You know, I, a batch of my friends successful the Bitcoin community, similar they're, they're thinking, okay, however bash I marque definite that I permission a bequest truthful that like, you know, my Bitcoin turns into like, you know, a household that has generational wealth.
You know, we, you know, my name, my past sanction tin beryllium similar the Rockefellers oregon thing from, you know, a 100 years ago. I mean, not similar their corrupt parts, but you know, conscionable the, the information that they're capable to past and permission legacies and worldly similar that. You know, those, those are things I, I, I deliberation are much meaningful and I, I, I don't know.
It's, it's not depressing to maine the slightest .
[00:17:52] Q: Fair fair. I ever conscionable emotion going and seeing different cultures successful different parts of the satellite successful the country. I excavation conjecture though, I deliberation you, portion you were successful El Salvador, we were really having this conversation. Wow. Yeah, we had it present connected BI Bitcoin magazine.
I was like, did we person it connected Bitcoin mag spaces? Where we were benignant of, we talked astir this thought of like, you know, the communicative that was fed to, to my generation, that, you know, your generation, the procreation earlier U's procreation was feeding saying like, you know, you tin beryllium thing you wanna be.
And the thought of similar dreams and conscionable how, you know, unluckily everyone conscionable wanted to beryllium a fucking pro-athlete oregon a fucking celebrated movie prima oregon a TikTok star. And past lo and behold, I deliberation it was James lavish who was quoted the different time oregon no, it was Luke Groman accidental that determination were much radical more.
Individual quality beings drafted into the large league successful large league baseballs draft, past graduated with a chemic engineering grade past year. Like that's however acold we've benignant of fallen. And I deliberation that really feeds into a small spot of a small spot of what you talked astir successful your astir caller piece, however replacing world with Fiat falsehoods destroys gathering and conscionable the thought of like, wherever is our intent coming from and what, what is existent from the, the figments of our imaginativeness that we've created?
[00:19:16] Jimmy Song: Hmm. Yeah. And and it, it was, it was a amusive portion for maine to constitute due to the fact that it it's benignant of like. Conglomerated a batch of the different things that I had been penning about. And I realized similar a batch of the values that we get taught are not from household anymore, arsenic overmuch arsenic it is Fiat education. So you're taught what to judge and however to behave.
And what's bully and what's atrocious from school, right? Like, you're, you're told, okay. You know, thi this is what, you know, being a bully national means alternatively than here's who you are arsenic a subordinate of this family, that, that utilized to beryllium a overmuch stronger portion of your identity. It's it truly has benignant of similar equalized and, oregon diminished implicit the years wherever radical don't place with their household truthful overmuch arsenic possibly the schoolhouse that they graduated from.
And that that's much their individuality and it gives benignant of similar a spirit of what you mightiness judge and truthful on. And it it's, it's precise uniform. It's precise conformist. It's precise benignant of presumption and emphasizing compliance to the state, thing similar that, alternatively than I deliberation a household identity, which is mode much based connected loyalty and emotion and, you know, household identity, if you volition which thin to beryllium a lot.
Stronger arsenic an individuality due to the fact that you know, you, archetypal of all, you stock a batch of genes and worldly similar that. So it's a, determination there's benignant of similar a, a biologic constituent to your identity. That's not needfully determination erstwhile you're, you know, graduating from a people it's, it's not similar ideological as, oregon it could be, but like, you know, there, there's benignant of similar a carnal biologic constituent to your individuality wrong household that that's benignant of missing successful Fiat acquisition in, successful our benignant of similar haste to marque everything equal.
We've benignant of removed a batch of meaning. And it's been taken implicit by Fe the Fiat strategy to fundamentally marque everyone similar drones oregon something, you know, like, precise compliant cogs successful the Fiat system. You know, that Fiat companies and Fiat authorities all, each of those benignant of like. Are the versions of things that we're expected to get meaning retired of.
And truly all, each 3 of those are precise empty. They're mostly astir compliance oregon rent seeking oregon you know, getting artificially outraged oregon thing similar that. And those are not truly bully sources of meaning due to the fact that what's determination contiguous is gone tomorrow. They're, they're each precise abbreviated term, precise precocious clip penchant things.
Whereas, you know, you know, family, community, religion, similar the, those person really created things that person lasted a precise agelong time. And it's, it's overmuch easier to get meaning retired of those due to the fact that you're contributing thing to thing that's bigger than yourself that isn't going away. Right. Like that, that, that's a, that's a precise important and.
Thing for astir radical and you know, penning astir it and seeing however it's related to each of these different things. It, it, it led down to similar this thought of the basement, the thought that, you know, Fiat wealth is the basal wealth and Fiat, meaning is the basal meaning Fiat oregon acquisition is the basal acquisition Fiat, you know, companies are the basal communities and, you know, Fiat doctrine is fundamentally the basal religion.
It it's, it's precise you know, it, it removes benignant of similar the nutrient oregon the, the, the truly invaluable parts and leaves you with benignant of similar the husk oregon something. And that, that, that's what I deliberation astir radical find. So unsatisfying astir modern life.
[00:23:17] Q: How overmuch like, and I don't mean to harp connected this, but I person a large content that the mode our acquisition strategy is designed, it's designed to make these thoughtless robots that conscionable implicit tasks astatine hand, without truly reasoning done what needs to get done. How overmuch bash you property things similar our nationalist public acquisition strategy to feeding and perpetuating the Fiat strategy to past turn into precisely this similar thoughtless radical who conscionable benignant of bash what they're told to do, due to the fact that that's what you've done your full life.
Hmm.
[00:23:49] Jimmy Song: Yeah. And, and it's really adjacent worse than what you say. Cause it's not conscionable astir compliance to the state. It's, it's giving you benignant of similar trinkets to spell after. So, you know, if you're successful precocious school, what bash you wanna bash you privation to get into a bully college, possibly an Ivy league college, possibly Harvard, right?
Like, and past erstwhile you get into Harvard, what bash you wanna do? Well, You wanna get to the adjacent thing? What's the adjacent thing? Well, it's an concern banking occupation astatine Goldman Sachs, right. At a college, or, you know, possibly you spell to instrumentality schoolhouse and effort to get a presumption astatine a apical tier instrumentality firm, oregon possibly you spell to med schoolhouse and get into a truly prestigious residency program.
And, you know, I mean similar these it's it's not conscionable similar meaningless cogs successful a instrumentality it's cogs that look meaningful, but erstwhile you execute them, they, they truly person precise small meaning. And it it's conscionable benignant of similar this filtering mechanics and it's it's based not connected its intrinsic meaningfulness, but this, but due to the fact that of an artificial scarcity that is created by Fiat money, right?
Like, we person precise abundant money, truthful you person to person scarcity elsewhere and it's in, you know, The fig of doctors successful the country. For example, I, I don't cognize if you cognize this, but the fig of doctors that travel successful each year, truthful there's ever similar retirements and debts and worldly similar that. So a clump of doctors spell distant from the market, the fig of caller doctors that travel in, that's wholly controlled by the American aesculapian association, they determine precisely however galore caller doctors are that are gonna be.
And they, they correspond the, you know, radical of doctors that already exist. So what are they gonna do? Well, they're gonna marque definite that each doc that comes successful has, oregon that determination isn't a saturation of other doctors instead, there's conscionable capable to screen everybody due to the fact that they don't privation immoderate doc to spell retired of business.
Of course, that's similar a horrible inducement due to the fact that successful a sense, similar if you person a atrocious doctor, Like it, it's benignant of hard to get escaped of them and determination isn't arsenic overmuch competition. And, you know, we deliberation astir wherefore healthcare's truthful messed up. That's portion of it. It's if everybody got to beryllium a doc that wanted to beryllium a doctor, this would beryllium a precise antithetic market.
But that's not the case. It's, it's a monopoly controlled by a azygous entity. So you person this benignant of similar artificial scarcity created by the Fiat strategy astatine each levels. Whether it's assemblage or, you know, Fiat companies oregon these bonzer similar accomplishment things. And the ironic happening is similar the radical that get them consciousness truthful arrogant that they have, right?
Like the, the PhD from Harvard oregon immoderate it's considered ace prestigious oregon whatever. But similar astir of those are really similar the astir Rente of the rent seekest and like, they astir apt person tremendous amounts of ability, but. It's being channeled towards these Fiat games alternatively than to the marketplace with entrepreneurship and stuff.
Like you, you person each this endowment and you're, you're gonna walk it similar doing postdoc aft postdoc and academia, alternatively than similar trying to invent thing that mightiness beryllium utile to the market. Like the, this is, this is wherefore the Fiat strategy is, has been so, you know, draining to to everything. It, it, it sucks the creativity and vigor and beingness retired of astir everything including the precise radical that it's expected to help.
It, it, it, done Fiat acquisition and Fiat companies and Fiat authorities and everything other conscionable similar demotivates them tremendously puts them incorrect incentives successful beforehand of them and makes them. Play games that truly radical don't wanna play. Right. Politics. And, you know, I mean, if you're, if you're an world you're, you're penning assistance proposals each the time.
You're, you're spending like, you know, galore months penning a freaking assistance connection alternatively than doing the happening you love, which is, you know, trying to fig out, grow the limits of quality cognition and that this is and if you're, if you're successful a comp, if you're a coder successful a company, I can't archer you however galore times I had to beryllium successful useless meetings, not getting to really codification oregon constitute software.
It's it's you know, arguing astir what features we should person and immoderate it, I mean, this is what Fiat things bash is it sucks the beingness retired of them.
[00:28:16] Q: You mean to archer maine that unit gathering that could person precise easy conscionable person been a gathering oregon an email. that that's a bully usage of your time, effort and energy.
I fucking utilized to hatred that. I really similar sidetrack a small bit, but similar in, successful my Fiat days, successful my Fiat career, similar it was honestly earlier COVID attended successful the bureau was mandatory for 99% of jobs. And I retrieve erstwhile I became an cause and you benignant of, you present had entree to your machine retired of the office.
I got my laptop acceptable up to where, okay, present I tin entree similar the softwares that we usage successful the office, each my idiosyncratic laptop. And determination were a mates days wherever I conscionable got pulled into each these meetings connected the different broadside of LA. And I was like, I tin either thrust backmost into the bureau oregon I tin conscionable commencement moving remotely and my bosses signed disconnected connected it.
And past there, determination were days wherever I would conscionable spell location astatine 2 and I would conscionable enactment from home. And the archetypal day, I, the archetypal time I conscionable worked retired of the office, I'm rolling calls with my adjunct and it's similar 4 30 and I'm like, wait, did we conscionable decorativeness everything for the day? And she was like, yeah, similar at, astatine this constituent you've really made calls and done worldly that are expected to beryllium done adjacent week.
Like, we're going ahead. And I'm like, see, this is what happens erstwhile I don't person everyone similar swinging by the office, asked for like, Hey, similar how's Bitcoin doing? Or like, who should I commencement connected my fans shot team. It's like, fuck, I get truthful overmuch much crap done erstwhile nary one's astir present trying to fucking speech to.
But seemingly that didn't mesh good with the institution civilization and the environment. It was precise overmuch similar a, Hey, don't work, enactment hard, but don't enactment excessively hard to wherever you marque everyone look bad, fucking anserine ass, dumb ass. I'm inactive salty.
[00:30:04] Jimmy Song: Yeah. I, and you benignant of should beryllium due to the fact that I mean, that, that, that benignant of sucks the beingness retired of you, right?
Like when, erstwhile when you person these similar governmental things that you person to woody with, it, it similar drains each information from similar your mean work, the, the existent productive enactment that you ought to beryllium doing. And the, this is the Fiat illness it's due to the fact that of the beingness of the wealth printer due to the fact that of the tin connected effects, authorities conscionable becomes mode much important.
And you know, full companies are sustained by benignant of, governmental maneuvering and truthful on. So, I mean, deliberation astir similar each airliner I wrote astir that a agelong a portion ago. But they they've each gone bankrupt aggregate times. The lone crushed they beryllium is due to the fact that of authorities subsidies, but that's besides wherefore they're truthful poorly tally and wherefore we person each these delay.
Like I, I flew backmost yesterday, we had a 3 hr hold and and the formation attendant told america what happened. And it was similar 1 bureaucratic messiness aft another, the, it was delayed 3 hours due to the fact that the level that was expected to get to San Salvador couldn't instrumentality off. And the crushed wherefore I couldn't instrumentality disconnected from Miami was due to the fact that the aviator spot outpouring was broken.
So they had to regenerate the full seat. Now I, I'm not a pilot, but I deliberation you tin alert with the outpouring and maybe, possibly hole that overnight alternatively of similar delaying everybody. But that's what they had to do. And past they recovered different issue. There was similar a dent successful 1 of the Propellers, I guess, well, not, not it's a pitchy engine, truthful it's a, it's a metallic portion that had a dent.
So they had to regenerate that. But that wasn't the problem. I mean, they, they should bash that. Of course. The, the occupation was that they filled retired the paperwork connected however they completed it incorrectly. So that caused different hr delay. And past astatine that point, the aviator had worked immoderate similar 15 hours successful a row.
So they, they there's similar immoderate regularisation that says you can't enactment much than 17. And the formation would've taken 2 hours. So like, it, it would've gone implicit the limit. So they had to telephone successful different pilot. That took an hour. And past determination were formation attendant, national rules, which said that you can't enactment truthful galore hours successful a row.
And 2 of the formation attendants would've worked excessively galore hours successful a row. So they, they had to beryllium flown backmost according to the national rules and they had to get, truthful each of that took similar 3 hours and it wasted a full clump of clip due to the fact that of each the Fiat regularisation stuff. Right? Like, and this, this benignant of worldly is truthful emblematic of thing Fiat related.
It's each political. There are benignant of like, benignant of weird rules that discarded a batch of clip and things similar that. And that, that that's, that's benignant of what it came, comes to. It's a, it's a bittersweet authorities and it drains all, meaning it drains life. It drains similar motivation. It's it's nary wonderment radical are depressed.
You're similar you, you get stuck successful like, benignant of weird reddish portion than. You enactment successful benignant of similar a, you get into much and much of a Kafkas world. It it's you know, it gets precise depressing.
[00:33:18] Q: Let, let's support diving down these RA rabbit holes similar you you brought immoderate benignant of parallels to, I wanna beryllium cautious however I accidental this earlier YouTube shuts down our relationship a European quote, unquote powerfulness that came to beryllium successful the thirties, into the forties. That was possibly the force of satellite warfare II and gully immoderate parallels to what they did to what, immoderate of the decisions, not each of the, conscionable immoderate of the determination the america authorities is making.
Can we unpack this a small spot and, and, and dissect that,
[00:33:50] Jimmy Song: Just wherefore I mean, Essentially what the america is becoming is it's becoming much of a centrally planned economy. And and we're, we're going successful that direction. And, you know, typically this is called socialism and this is from Carl Marks who said that aft capitalism, determination would beryllium socialism and aft socialism, determination volition beryllium communism.
And, you know, socialism is usually understood to beryllium similar the america Sr oregon thing similar that. But really there's that's conscionable the leftist mentation of socialism there's you know, politically close versions of socialism, which a batch of radical telephone fascism, but it's the same. It's it's Government power of corporations alternatively than similar nonstop authorities power of everything, which is much the leftist version.
And you know, honestly, that, that was what Nazi Germany did. That's what a batch of different countries did. And you know, america tends to spell much successful that direction. You don't request to look overmuch further than the healthcare system. There's a full bureaucracy that that is, you know, wellness insurance, that, and these are, you know, there's similar six elephantine conglomerates that power astir of it.
And they they're similar benignant of a taxation that you person to wage if you privation healthcare astatine all. Or adjacent if you don't request healthcare, you inactive person to wage them. It's, it's, it's this precise very unusual system. And it it's acceptable up that mode due to the fact that it's, it's a signifier of cardinal planning. And that's. So unluckily the absorption that the america has been going successful ever since 1971, oregon adjacent earlier that, I conjecture the opening of the fed and truthful connected utilized to beryllium precise overmuch that each authorities could find what they wanted to bash now.
It's each truthful centrally controlled that, you know, similar Caitlin agelong has to Sue the, you know, the fed to get a banking license. I, I mean, it's, it's, it's ridiculous. The, this is, this is what cardinal banking cardinal program economies look like. And you know, the much I constitute these articles, the much I recognize similar each 1 of these it's like, okay, this is precisely what Soviet Russia did.
or communist China did and it's, and they're spinning it arsenic a bully thing. It it's conscionable truthful strange. Cause it's truthful evident that it doesn't work, but you support trying it.
[00:37:03] Q: How like, On a standard to conscionable really I'll simplify it. On a standard of 1 to 10, similar existent laws and regulations successful spot successful the us, however socialists are we?
10 being the leftist paradise of the USSR and 1 being communist China.
[00:37:30] Jimmy Song: Wait, I dunno if that's really just scale. That's not the close scale. Both ends of the standard are similar ace socialists. So that right. You're
[00:37:37] Q: right. I retract 1 being the escaped market, axenic capitalist marketplace that we bash not really have.
Sorry. Did I get enactment
[00:37:46] Jimmy Song: biased in. Yeah. So I, I, I would astir apt enactment it astatine similar 7 it's, it's beauteous controlled system and we don't person thing similar the anarchical capitalist, libertarian paradise that that I deliberation would beryllium a 1 oregon thing similar that. And we're not anyplace adjacent it. I possibly similar 1880s, 1890s.
We were similar 4 oregon 5 3 oregon 4 determination astir there. But right, close present it's it's, it's gone mode much towards socialism. Yeah. And that's, that's, it's wherever we're obscurity adjacent that.
[00:38:23] Q: What, what are things that you are keeping an oculus connected retired of immoderate authorities officials, whether it's national authorities level oregon section that would beryllium a measurement towards that fig 10 .
[00:38:36] Jimmy Song: Well,
[00:38:38] Q: erstwhile are, erstwhile are Jimmy's warning, informing formation lights, and sounds
[00:38:42] Jimmy Song: gonna spell off. Yeah, cosmopolitan basal income cosmopolitan healthcare cosmopolitan lodging a C B, D C.
Yeah, I Mo astir thing, immoderate you're getting for free, it's going to necessitate a batch of coercion successful bid to get, right. So, you know, if you person escaped healthcare, for example, or, oregon you, you know, the authorities says you person a close to healthcare. Well, that means that idiosyncratic has to supply that service.
How are you gonna unit them to supply it, particularly if you don't person capable labour and thi this is what each state with like, socialized medicine ends up being is they don't person capable doctors oregon they're not paying them, oregon it's each centrally controlled. So the doctors are ever like, what, what the heck?
And not getting paid enough. So they'll determination to the america ironically enough, because. They could get paid more. Why, wherefore would you enactment successful a country? That's not paying you precise good and wherever you you're fundamentally forced to enactment for a wage. That's not truly voluntary. There there's coercion progressive whenever you're giving worldly retired for free.
And that's the different broadside of the equation that I deliberation a batch of radical don't realize. And the happening is these things aren't escaped anyway. I don't cognize if you retrieve during COVID, but it was ohio all, each these radical that are not taking vaccinations, they should, they should, you know, like, we shouldn't fto them into exigency rooms.
We shouldn't dainty immoderate of their wounds and we shouldn't springiness them immoderate healthcare. It's like, yeah, this is precisely however escaped worldly becomes similar a mode of compliance is if you don't bash what we say, we're gonna instrumentality worldly distant that is expected to beryllium free. And I, I don't cognize if I told this communicative on, on, connected this amusement oregon not, but it's astir apt worthy telling again I, I was talking to Taho the northbound Korean defect.
And and I was asking him, Hey, what, what, however did North Korea travel into? Or however did Kim Jon Kim opus similar consolidate each this power? He said, conscionable gave worldly distant for free. That's what helium did. You know, astatine archetypal it was healthcare, past a guaranteed occupation and housing, everything else. And helium gave him, helium gave it each distant for free.
And of course, successful bid to physique each that stuff, you had to draught everybody and everyone became fundamentally a authorities employee. And astatine that constituent it was okay, well, you know, you tin person escaped housing, but you person to bash what the authorities says. And if you don't travel our rules, past we're gonna instrumentality your location away.
We're gonna propulsion you into a situation campy oregon something. And that that's the, that mode lies proceeding me. And if you're talking astir worldly similar cosmopolitan basal income, well, who who's, it's clear, who's benefiting, but who's hurting well, It's everybody other that gets diluted arsenic a effect of each that wealth that got printed oregon the radical that got taxed to wage for it.
And that, that that's wherever coercion comes in. You can't springiness distant escaped stuff, unless you instrumentality it from idiosyncratic other oregon you coerce idiosyncratic other into providing that service. So that for maine is the biggest indicator of the March towards the communist socialist mode of government. And that's not a blessed spot to beryllium and, you know, inquire anyone that lived done communism.
It, it it's, it's not bully successful immoderate way, signifier oregon form. So yeah, that, that would beryllium my large indicators. But yeah, it's each the, it, it ever comes with benignant of similar bully sounding rhetoric. Don't you privation healthcare for everybody? Don't you privation everyone to person their ain house? It's like, Yeah, those are bully things, but who's providing those that, that, that's the thing.
If, unless you tin conjure it retired of bladed aerial which you can't, you're either stealing from idiosyncratic oregon you're forcing idiosyncratic to bash it. You can't bash that. And and you person to look astatine the different broadside of the equation and if you're not taking that into account, past you mightiness beryllium a socialist.
[00:42:39] Q: I'm not feeling spicy capable to bite
But, but I wanna, I bash wanna interaction connected and, and possibly inquire you to benignant of,
we had a agelong speech with CK yesterday astir this thought that, you know, Bitcoin succeeding has. It tin either afloat win oregon it volition neglect wherever it sits close present successful this benignant of similar middle, possibly on with each the different crypto bullshit and golden is inactive being talked about. And past you person Fiat conscionable moving rampant.
It won't beryllium successful this ecosystem forever, but it tin truly lone beryllium successful an ecosystem wherever it is the eventual thing, oregon it conscionable fails utterly. I wanna absorption connected the, erstwhile it really comes to coming into power. You know, 1 of the things we talked astir yesterday was this thought that successful the Fiat system, radical fell truthful overmuch wealthiness successful their houses.
And you know, the thought that helium continued to propulsion that I don't needfully hold with is, you know, the outgo of lodging volition go overmuch cheaper arsenic a effect of moving disconnected of this Fiat modular and moving onto a much Bitcoin oriented world.
Do you hold with that benignant of, benignant of done enactment that, you know, lodging successful wide tin go much affordable erstwhile you remove, erstwhile we region ourselves disconnected of this Fiat
[00:44:12] Jimmy Song: standard? Yeah, a absolutely. And I, I mean, you don't, you truly don't request to look further than similar a spot similar Vancouver oregon New York oregon Toronto oregon thing similar that.
Large fig of those houses were bought by Chinese radical that are trying to store their wealth. If you region much that request that similar store a worth request and they they're buying it due to the fact that they don't deliberation their currency is going to clasp their value. Whereas existent property is if you region that demand, past of course, if similar the terms drops, right.
And you know, you don't, you astir apt don't person astir the proviso either, but but you know, similar it'll beryllium a batch much affordable. What, 1 of the things astir existent property though that. That truly wrinkles maine is conscionable however regulated it is. But astatine the aforesaid time, however benignant of similar cheaply, everything is made.
And this is thing that I touched connected successful the Fiat existent property piece, but so, truthful overmuch of the existent property close present is similar not built permanently. I mean, it's you know, you look astatine medieval stuff, it's you know, a batch of that worldly has lasted cuz they built it outta stone. You know, the, the homes that we unrecorded in, you know, it's gonna past possibly 25 years and past it's gonna be, you know, crushed due to the fact that idiosyncratic wants similar a newer decorator thing.
It's benignant of similar wasted work, right? Like if, if you tin person a location that tin past a 100 years, each the rebuilding, each those materials and worldly tin spell towards thing other and physique thing cooler. And we're not truly similar expanding exertion oregon thing similar that. We're I mean, possibly there's a small spot connected the 3d printing broadside oregon whatever.
but but you know, due to the fact that of this artificial request of existent estate, there's not truly that overmuch inducement to optimize things precise much, cuz everyone's making money. And this is the happening similar the, the analogy I'm gonna springiness is like, compared this to Bitcoin mining, wherever if you're an inefficient Bitcoin minor, you volition spell retired of business.
If you're, you know, you person to beryllium similar benignant of hyper-efficient and very, precise bully astatine what you bash successful bid to survive. As a location builder, you don't, you don't really request to beryllium that great. similar you, you just, you conscionable cuz there's conscionable truthful overmuch request you, you could conscionable benignant of beryllium similar mediocre and inactive marque tons of money.
There there's not capable unit to optimize oregon innovate oregon you know, marque things much businesslike due to the fact that the mode that. Real property is it's heavy regulated. So you benignant of person to physique a definite way. And and you know, getting a permit, for example, to bash similar a 3d printed location is similar gonna beryllium very, precise hard that astir each jurisdiction, due to the fact that the, you know, radical successful complaint won't privation it similar that.
There, determination conscionable isn't that overmuch country for immoderate of that, because, you know, determination there's each this artificial wealth conscionable benignant of coming into existent estate. So you know, each of that combined and, and contempt each that, you know, homes person astatine slightest similar gathering materials and technology. I mean, radical unrecorded successful similar overmuch much per idiosyncratic quadrate footage than they were similar 50 years ago, due to the fact that you know, that, that's the happening that's astir important to them.
A there, determination is immoderate innovation there. There could beryllium a batch much innovation. I deliberation what, arsenic you benignant of optimize and enactment earthy marketplace forces toward it, and yeah, I deliberation it'll get much affordable connected 2 fronts. One it'll beryllium much affordable due to the fact that determination won't beryllium the artificial store of worth to them, but there's two, there's this O different benignant of absorption of innovation and amended materials and, you know, things that past longer and things similar that, which, which travel arsenic a effect of a much Bitcoin modular radical are conscionable not gonna wage for crappy built houses.
They're gonna wage for the ones that are gonna past a agelong clip and that they tin walk down to their children. And I, I, I deliberation that's the, those are the 2 benignant of similar opposing forces that yet marque lodging mode much affordable than it is now.
P P you're muted still. Oh my God.
[00:48:25] P: Thanks for for letting maine know, you're saying that basically, arsenic we determination person to a Bitcoin modular determination volition beryllium stronger inducement to usage longer lasting gathering materials.
[00:48:35] Jimmy Song: Yeah. I mean, not conscionable similar having longer lasting existent estate, but besides you know, conscionable amended tech, operation techniques and worldly similar that.
It what, so, one, 1 absorbing anecdote that I, I work astir precocious that, that struck maine was towards the precocious Roman empire they wanted to physique similar caller buildings but similar a batch of the cognition connected however to physique those buildings. Like we're lost. So what they ended up doing was you know, taking parts from aged buildings to making them again to, to marque caller buildings.
Oh crap look. Cause due to the fact that they, they conscionable didn't, they benignant of stopped innovating cuz of each the, the. Dilution and rent seeking and each that stuff. Wow. Like, doesn't it consciousness a small spot similar we're going that direction, particularly with thing similar airlines, right? Like airplanes person not improved successful 50 years, similar astatine all.
I mean, yeah, possibly you get wifi connected committee now, but but truly it's took similar
[00:49:33] P: decades, wifi I'd been astir for similar 10 years earlier they were like, each right, fine.
[00:49:37] Jimmy Song: Maybe if you're like, but, but the existent planes, they don't spell faster. They don't, you know, they don't person larger capacity. They don't similar it.
It's, it's the aforesaid technology. Right. Like it, and it's we we've mislaid a batch of, and we, you alluded to this earlier with the petroleum engineers versus the fig of radical drafted into large league baseball. I mean, we're, we're gonna commencement losing immoderate of the innovative ideas and like, due to the fact that there's truthful overmuch of a encephalon drain into.
Rent seeking careers. I mean, astir of them are going into partition thoroughfare and doing, being concern bankers alternatively of Lockheed Martin to amended you know, pitchy engines oregon to travel up with a wholly caller plan that's similar overmuch faster and runs connected similar a antithetic benignant of substance or, you know, uranium oregon something, you know, similar these, these are each possible.
Just, no, one's, we're, we're conscionable wholly stagnant on, connected those fronts due to the fact that of Fiat wealth there. There's a and I ideate that's the lawsuit for lodging arsenic well. There, there're astir apt mode amended ways to bash stuff. It's just, you know, the, the radical that are gathering physique precisely what they cognize and that's it.
There, there, isn't benignant of similar innovation going into that. You're not putting brains towards that. The, the brains are each going towards, however bash I get radical to click a fewer much ads? You know, that, that, that's what they're doing alternatively of. How bash I marque this concern worldly similar last, longer and easier and mold more, multiple, and easier to deploy and each that.
Like, tho those are things that would really amended lodging tremendously, but instead, you know, all, each those encephalon cells are going towards, however bash I extract, similar a fewer much consciousness from this feline from each spectator of this nonfiction oregon however bash I get them much addicted to porn? So they'll wage america much wealth oregon however bash I you know, marque this crippled much addictive.
So they'll bargain each the, you know, trinkets that spell on with it similar that. This is what financialization does. It's, it's, it's it encourages this benignant of similar rent seeking behavior, which doesn't needfully adhd precise overmuch the, the things that would adhd a ton, you know, similar making a atomic powered.
Super Sonic pitchy oregon you know, I don't want, I privation that similar lodging oregon a 3d printed location that tin spell up successful a fewer days and past for a 100 years, like, similar those are things that I deliberation would beryllium precise useful, but precise fewer radical are moving connected them, comparatively speaking. Most radical would, a batch of those radical are instead, you know, Hawking each coins oregon you know, being an concern banker oregon I don't know, similar conscionable precise Rente cardinal positions that don't bash anything.
That that's what they're focused connected and that it's a it's, you know, it's yet benignant of meaningless to spell bash those, but they wage good due to the fact that Fiat subsidizes them. So that's that, that's the authorities that we're in. Interesting.
[00:52:49] P: Well, we're astir astatine a time. I, I consciousness similar the. . I mean, I hold with you on, connected a batch of what you're saying.
I consciousness similar possibly there's, you're coating with similar somewhat excessively wide of a brushwood astir the categories of things that are like, you know, similar Fiat incentivized. I consciousness similar you cognize what I was gonna inquire you similar a question that would've taken similar 15 minutes to answer, but I I conjecture could bash that.
You draw, wherever bash you gully the line? Like, however are you determining what is benignant of similar rent seeking specifically due to the fact that of a breached monetary system, which we intelligibly unrecorded successful one, right. Versus things that are I don't, I don't, I don't know, similar things that are fundamentally conscionable marketplace dynamic. And, and I'm benignant of going the absorption of similar subsidized industries oregon industries, arsenic you said, that are similar bailed retired perpetually versus mm-hmm non ones, but I don't cognize however to gully that distinction.
I'm funny of you.
[00:53:36] Jimmy Song: Yeah. And I I've thought astir this a batch and I I've travel to the conclusion. There's there's not a precise casual oregon wide enactment that you tin draw. due to the fact that everything is interrelated. The crushed wherefore radical privation to play video games and ticker porn each time is due to the fact that their jobs are meaningless and don't lend anything.
And their their motivation quality has been statement on with the money. And that successful crook incentivizes much rent seeking benignant of jobs where, you know, radical are. Making worldly that don't lend anything. So it, it's each benignant of similar interrelated and it's hard to accidental precisely however overmuch is precisely from Fiat money.
How overmuch is conscionable benignant of similar wide motivation quality de degradation from the degradation of wealth and however overmuch of it is just, you know, partisan authorities or, you know, different things oregon the effects of exertion oregon whatever. I, I mean, each of it is related. I, and I, I, I judge that you know, quality degrades on with the money, I judge that you know, materials and mundane things that we usage the grades on with the wealth and, and everything else.
So it it's you know, wherever bash you, wherever bash I don't I don't truly gully a line. I, I bash cognize that Fiat has astatine slightest thing to bash with each of these things. And it, it, if it's not wholly responsible, it astatine slightest contributes to it importantly done benignant at, astatine the precise slightest a precocious clip penchant behaviour of everybody.
Which, which is the effect of the money, the basing truthful quickly. So, you know, each that is to accidental that, you know, I, I conscionable benignant of bash overgarment it with a wide brushwood due to the fact that I deliberation it's going to deed much truthful than it doesn't you know, I could beryllium incorrect and I I'm blessed to beryllium blessed for radical to constituent retired wherever I am.
But you know, the, the, the bid of articles has each been about, okay, well, let's deliberation astir this. How does Fiat wealth impact this thing? And you could astir pursuit everything backmost to it. It's benignant of sad, but it truly is benignant of a basal of each kinds of evil.
[00:55:48] Q: Yeah. I deliberation I've exited the matrix. I deliberation I'm, I'm present back, I talked excessively much. You travel backmost to us. I talked excessively overmuch of that. The Kosky twins and I got caught up successful the matrix, but Jimmy, I bash wanna just, I, I don't mean to like, conscionable spell for the biggest communicative connected Twitter, but you know, we are a ratings driven amusement and that's however helium and I cod our stats.
What, what was your archetypal gut punch absorption oregon just, did you laughter audibly large erstwhile you heard astir Elon Musk and Twitter selling their Bitcoin?
[00:56:15] Jimmy Song: No. I mean, I didn't laughter oregon anything. It was similar conscionable benignant of, I, I deliberation this was his move. The full clip was whenever helium would beryllium successful fiscal trouble, let's spell and bash this.
Right. Like, and helium expected Bitcoin to beryllium going up successful price. So he'd look similar a genius and, you know, radical would beryllium much more forgiving of what happened, but helium had to merchantability astatine a loss. So helium looks a small spot much foolish now. But the, I, I deliberation this was his plan. The full clip was to dampen the volatility.
And it naturality, if you deliberation astir like, Tesla banal terms versus versus Bitcoin, I deliberation helium really made retired amended storing it successful Bitcoin than successful Tesla stock. So, you know, if you deliberation of it that way, similar the alternative, I conjecture would've been to bash similar a buyback of the banal oregon thing similar that, which would've fundamentally been that.
And it, it would've, it astir apt would've gone worse. But. Yeah. I mean, helium he's he's 1 of those rent seekers. I deliberation like, if you deliberation astir it, he's gotten truthful galore subsidies disconnected of, for his cars and stuff. And I mean, his company's not doing precise well. You know, similar they, without that Bitcoin sale, they would've mislaid a batch of money.
Of people they besides person a batch of money, but yeah. I mean, this is these, these are Fiat companies. Like it's, it's conscionable benignant of crazy. I, I did a calculation for Coinbase the different day, right? Like conscionable trying to fig retired similar what their fiscal concern is. And I don't know, maybe, possibly this volition get your ratings, but let's, let's conscionable bash the math.
Right. They did an 18% layoff and they gave immoderate numbers. It was similar 1200 people, thing similar that. So that if you, if you bash the math, that means that they're near with astir 5,000 people, 5,000 radical successful Silicon valley. Now let's conscionable like, Estimate however overmuch that's gonna cost. You know, immoderate of them are gonna beryllium telephone halfway people, but others are besides gonna beryllium similar main engineers and stuff.
So I don't cognize each with healthcare, 401k banal grants and options and each that stuff. Let's conscionable accidental that's astir 200,000 per person. It's astir a cardinal dollars a year, conscionable successful personnel, a cardinal dollars. Right. And that, that doesn't see servers, regulatory stuff, advertizing you know, all, each the bundle licenses, you person to wage each the buildings that you're renting, each the perks that you're giving to your engineers, including the cafeteria nutrient and immoderate it doesn't see immoderate of that.
So, and you, you see each that. It's like, huh? Yeah, I can, I tin spot wherefore they're, they're astir apt going to beryllium much compliant with the authorities going guardant due to the fact that they person $6 billion. but but you know, similar they're, they person a immense unit cost. They person a batch of different costs. They've astir apt taken retired loans and things similar that.
Like, I, I, I deliberation we're benignant of seeing a institution crook into a Fiat institution successful existent time. And, you know, similar they're, they're starting, determination was a communicative earlier contiguous astir you know, idiosyncratic doing insider trading. I volition stake you thing that this idiosyncratic volition beryllium punished similar crazy. And they volition enactment successful each sorts of controls and bash immoderate the authorities tells them due to the fact that they're, they, they they're gonna request it.
they, they request to comply with the authorities successful bid to person a accidental astatine at staying relevant. And you know, this is the destiny of every, each Fiat institution is successful a consciousness similar Coinbase was. 2013, determination were similar the lone spot you tenable spot that you could spell bargain Bitcoin and there, and Brian Armstrong astatine that clip was a Bitcoin, you know, enthusiast and stuff.
He since similar benignant of dilatory gone down the each coin way and present they're astir apt gonna go similar a precise Fiat company, but that that's benignant of similar the improvement of things and that's, that's however things happen.
[01:00:08] Q: So 1 thing, I mean, I'll conscionable accidental the, the happening I'll propulsion backmost connected JBA is I don't deliberation Tesla is conscionable present becoming a Fiat institution to your point.
Like, yeah,
[01:00:18] P: they've been, they were a Fiat erstwhile they hatched retired of the egg. And erstwhile agelong
[01:00:22] Q: earlier Elon adjacent purchased them, they were forged successful the fires of Fiat hell. Like the lone crushed they've ever been profitable is due to the fact that of the each ESG and each the c credits. And I, I brought this up astatine the opening of the amusement and this volition beryllium the, the last constituent I marque earlier Jimmy, I springiness you the past word.
This is precisely what happened successful the Q3. Yeah. Q3 20, 21 net reports erstwhile they came successful astatine a fucking nonaccomplishment and they were selling c credits and the lone crushed they were profitable and their net came adjacent profitable was due to the fact that they sold c credits successful the aforesaid mode that they would've had antagonistic net this past quarter, if they didn't merchantability Bitcoin.
So the Fiat institution tin beryllium damned to hellhole for each I care, but Jimmy last word.
[01:01:07] Jimmy Song: Well, I mean, my last enactment contiguous is, Hey, similar it, it is benignant of similar a weird clip successful our abstraction close now, cuz for immoderate reason, Ethereum is pumping and I don't know, it, it ever pains maine erstwhile Ethereum pumps similar this and, and astir drags Bitcoin, on with it, it feels similar it's an artificial pump.
A mean pump looks similar wherever Bitcoin leads everything else. And past things drawback up aboriginal due to the fact that you get radical that are foing oregon thing similar that. It's a small weird. So it's not something, thing doesn't odor close successful the marketplace close now. And I, I'm not definite what it is, but you know, we, we conscionable benignant of person to hold and see, which is fundamentally the virtuousness of each holder you're expected to hold and.
you're expected to person patients you're expected to not get affected truthful overmuch by time to time news. Like Elon did this, or, you know, Coinbase worker did this oregon whatever. The cardinal to being a Bitcoin Bitcoin holder is to benignant of fto that each lavation implicit you. And and you know, determination are benignant of things that I deliberation would fuss you if you were much anxious astir things, but if you've been redeeming successful Bitcoin, you person immoderate savings, you person a runway.
You tin unbend and you tin commencement reasoning astir different stuff. Like the agelong term, similar what you're going to bash 20 years from now, what benignant of bequest you wanna leave. And those are honestly, mode much absorbing and meaningful questions for your beingness alternatively than is Bitcoin gonna spell up adjacent week, which is what each amusement focuses on.
And I get it. It's, it's much amusive to speech astir that, but it's gonna beryllium much meaningful to speech astir what you're gonna bash successful 30 years. So I promote you each the U you 2 and each the viewers that are watching the amusement deliberation astir what's gonna hap successful 30 years. And what benignant of bequest you wanna permission erstwhile astatine the extremity of your life,
[01:03:02] P: arsenic idiosyncratic who is simply a big of a amusement that talks astir what is the terms of Bitcoin gonna beryllium adjacent week?
I could not hold with you more. that is the, you, you, you deed the nail successful the head. Jimmy, the close question to inquire is wherever bash we wanna beryllium in. You know, astatine the precise lowest, I would accidental a twelvemonth and much apt 30. Mm. Thank you truthful overmuch for joining us, man. I I ever admit our chats.
[01:03:28] Jimmy Song: Yeah. Thanks for having maine guys.
It was fun.
[01:03:30] P: Absolutely. I wanna punctual everyone 1 last clip that tickets for Bitcoin Amsterdam are connected merchantability prices. Go up successful the adjacent future. The censorship resistant contented of Bitcoin mag is disposable in, I judge Barnes and noble and is perfectly unthinkable if you haven't checked it out, cheque it out.
It's our champion mag yet. Really, truly fantastic investigative journalism there. And. That's each we got, we volition spot you tomorrow. Same time, aforesaid place. We're gonna beryllium doing quality and notes for 30 minutes. And past we're gonna dive implicit to Twitter spaces and person a speech astir Bitcoin, the lightning web the insanity of the Bitcoin abstraction close now.
And we're gonna beryllium having that speech with nary different than Shinobi. So it'll beryllium a fantastic time,
[01:04:17] Q: each that, similar I'm gonna piss Chino off, but past besides I'm decidedly gonna piss George disconnected and say, summons prices are virtually going up. They're negotiating close now. How bash I accidental this? It's gonna spell up truthful overmuch that the 10% discount codification to usage BM unrecorded volition not marque the tickets cheaper than what they are today.
I'll I'll permission you with that. My friends. So fastener them successful archetypal clip proceeding astir it, the fastener them successful they're going up. It's not gonna beryllium cheap. Come enactment with america successful Amsterdam. By my friends,
[01:04:46] Jimmy Song: See you later.
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