Banned By Central Banks! (or not...)

central banks are doing. Of course, when you think about bitcoin cryptocurrencies, one of the biggest things that people would say trying to talk against it is that, yeah, but the central banks will never allow it, right, the central banks will ban it, things like that, And so it's kind of important to watch the central banks to see what they're saying. Now, I will say side note that the central banks can't can't do anything. No nobody can do anything. Nobody can do anything to stop it. Um

what they could do. And first of all, first of all, central banks don't set the laws. UM. So that's that's one thing to keep in mind. UM. You can see this very clearly, UM in Russia, where you've seen in like different parts of the government fighting over this. UM. In the United States, you see it a little bit as well. I mean the sence the central Bank, the Federal Reserve is um separate right and their private Um.

So you saw, like during Donald Trump's presidency, he was tweeting at them a lot and saying, hey, they better do this, they better raise the rates or lower the rates. They better you know, not do these things. And so they're like trying to kind of control them a little bit. Um. But at the same time, like I said, they're they're they're they're on their own, so they don't set laws. UM. So anyone who thinks that the central banks gonna make

it illegal, they don't understand how central banks work. Um. That being said, though, of course, they wield enormous power because they control the money supply and so they can do things to you know, change the markets, which then of course could influence politics. UM. But I think it's still important to look at what the central banks are saying.

Now we have obviously the Federal Reserve here in the United States, UM, led by J. Powell, and then in the in Europe we have the ECB European Central Bank, which is run by Christine Legarde. Now Christine Leguard is she's old. Let me just say that she's old. I don't know how old she is, but she's pretty old and she's been around a long time. Before being head of the e c B, she was head of the i m F. The i m F is the International Monetary Fund, which is sort of like the central bank

above central banks. Um, the B I S is really that, But I am a for whatever we're talking about here. I think the i m F is kind of above the central bank. So she used to be the head of the IMF before the head of the ZB. Now it's important to note a side note that Christine Legard is a criminal. What do I mean by that? I mean like an actual real criminal, like actually convicted of crime. Um,

actually convicted of crimes regarding finance financial decisions. But yet she's still head of the i m F previously and now she's had of the ECB. It seems kind of weird now, UM. I thought in the United States, like felons who did their time and got out and her productive members of SIETE again they can't even vote. But yet here we have a convicted criminal that's running the ECB. Pretty interesting, isn't it um And anyway, Christine leguards, he

said a lot of crazy things. She's uh again, she's old. She has had a lot of crazy things, including some crazy things like um, innovation is a threat to our financial system. Mhm. More like innovation is a threat to their financial monopoly. Maybe we'll give them that. Uh now, I guess it could be a threat to the financial system as well, because the existing financial system, the status quo is changing, and we're building a new financial system.

That's It's something called creative destruction. Creative destruction means when something new is created, something else must die. So for example, um, when digital when digital photos came out, and really it was because of the cell phone taking photos, I believe it was the Nokia phone really blew that up. And then with Instagram, that was creativity and it destroyed Kodak. Kodak was a film company, right, So something new destroyed something old. It's a circle of life, just the way

it goes. Right now, old companies like Kodak, they actually had the digital camera first. They could have pioneered it. They had it, they were the first ones with it, but they decided to hang onto their old business model. And of course they were eventually replaced. That's just the way that that's just the way it goes. Um, it's not and it's not not sad, it's just the way it goes. And so, yes, the financial system will change, it is changing now. But anyway, she says crazy things

like that. But she this week went on to a panel and uh it was it was pretty funny. Actually, Um she went and she said she urged patients as the bank looks to pair back it's now eight trillion euro balance sheet in the face of rising inflation, and asked viewers of a Dutch talk show to imagine the damage to the economy had the central Bank not intervened in such a large way during the COVID. Christ Is So she's saying, yeah, I know the FED, you know,

or the ECB, the central Bank. Yeah, we we created a trillion dollars and uh, yeah, it's it's a lot of money, and it's debt that we we need to oh we gotta pay, and yeah it's dragging things down. And yeah it's a problem. But imagine how much worse it could have been if we hadn't intervened in such a large way during the COVID crisis. Um she wanted

to say. Uh. Leguard argued, had the ECB not stepped in with an emergency package of asset purchases as the COVID lockdowns began and massively boosted that program as the pandemic continued, the damage to EU economies would have been devastating, which I would agree with her. The problem is that the problem wasn't the pandemic itself. The problem was the government's response to it. So the government forced people to shut their businesses down. The government ran businesses out of

business that had been around for decades and centuries. It was the response to that that created business that that put companies bankrupt. And so had they not helped bell some of that damage out, yeah, it could have been worse. Or maybe they wouldn't have done the damage in the first place. There's that too, But anyway, she went on to say that when asked specifically about this eight trillion dollars and what are we gonna do about it, and she said, quote, it will come, It will come in

d due course. Yeah, that's what she said. Um, they asked her, quote how great question? How the questionnaire during an episode of the College Tour TV show pressed again, how and she said, in due course it will come. That was the only answer. So it's gonna come. It's gonna come in due course. And they said, okay, but how and she said in due course it will come

means she has no idea. Uh. And and the reason why she has no idea is because it's impossible, because there is no way for it to come back down. That's why she has no idea. It can't come back down. What they uh, this is a Kensian economics, so Unkensian economics. They believe that the government should step in and start

printing money to stimulate the economy. And so when the economy takes a hit, if we lose a trillion dollars out of the economy, if the government weren't to intervene and say, print a half a trillion, they could stimulate enough to get that trillion dollars back, borrowing a little bit of money to make more money. The problem is is that they've gone way too far and now with eight trillion dollars, there's no way to get enough growth

to pay that back. We're in a very low growth place in the world um where de evolving supply chains are breaking down. The entire world is being remapped out. Um. The the economies of the West developed world of Europe and Canada and US are not growing at all, like almost no growth, and so there's just no way to grow out of it. And so the reason why she has no answer is because there is no answer, not not for them, but there's an answer for us. Now,

what does this have to do with bitcoin? Well, what's funny is that Christine Leguard, who has been very outspoken about bitcoin and cryptocurrencies in general, like I said, saying that innovation is a threat to her financial system. She went on to say that crypto and bitcoin is worth nothing. That's what she said, It's worth nothing, she read read it at that point, Well, one I would say, if it's worth nothing, then why are you're worried about it?

And if it's worth nothing, why are you trying to regulate it? Because it's worth nothing? Right, just leave it? What do you care about it? Right? Um? But what's funny is she was asked by an audience member if she owned any digital assets and she said, no, she isn't. No, maybe she does, maybe she doesn't, but she said her son does. Her son has invested and she said, as they asked, what's the success track record with it? And

then she said, oh, he hasn't told me. So It's funny is she's old, but her son owns bitcoin and cryptocurrencies. He gets it. What are we doing letting these old people make our policies? That's a whole another question for a whole another time. You listen to the Mark Mo Show. We're talking about bitcoin, cryptocurrencies and the decentralized revolution. Giving you the play by play, I got more coming back.

We're talking about what the central banks are doing and what these governments are doing, uh, and more importantly, what you should be doing about it. And I want to talk about um ethereum crashing, the prices crashed and another massive development UM in the payment space that's happened. I'll be back with that and more in a minute, So don't go away, all right, Welcome back. You are listening to the Mark Mo Show. We're talking about bitcoin. We're

talking about the decentralized revolution that we're witnessing right now. Now. I talk a lot about UM. If you've been paying attention to any of my content for any period of time, you know I talk a lot about three revolutionary cycles that are converging hundreds of years of history, tell us what's happening now and where we're going and how we're

moving into peak centralization. So through this money inter it's enabled these institutions and not government, not just governments, but institutions three letter NGOs, non government organizations to just grow

increasingly bigger and bigger and bigger. And so we're witnessing this peak centralization and it's been been completely on display for the world to see this week as all these so called world leaders have been meeting in Davos in Davos, Switzerland at the World Economic Forum, to plan our lives, to tell us how much meat we should be eating on a daily basis, how many miles we should be driving on a daily basis, and on and on and on, which, by the way, is nine. They think you should drive

nine miles a day. Um, if you drive more than that, that's a problem anyway. Um. So they've been having all these meetings, have been saying all these crazy, wacky things. And I've been talking a lot about how the financial system is changing right before our very eyes. And one of the biggest catalysts that we've seen, which it's been increasing. Um. You know, we saw the UK sees Venezuela's gold two

billion dollars of gold. The Biden administration seized um, the Central Bank of Afghanistan's money about seven and a half billion dollars. Then we saw the Trucker protest where the Bank of Canada's just started stealing people's money or freezing their accounts. I should say, I believe all those accounts were actually um open back up, they got their money,

but they did freeze them temporarily. But then the final nail in the coffin was this Russia Ukraine situation where now basically the financial the FX reserve system, the financial system was weaponized against Russia and about six and a half billion dollars of their money was frozen. So all of this is happening now. Um, when I talk about the financial system weaponized against them. Um, how has money moved around the world. Well, it's moved through the Swift system.

So if you've ever gone to the bank and sent to wire, then you probably you've probably heard of what swift is before. So Swift is a as a as a messaging service and it's what trans transmits the money around the world. Now, the Swift system is old. It's from I believe the seventies and it's this message system that that like I said, since this money Now, how much has technology changed since the seventies? A lot? Right, there was no personal computers, there's no Internet, there's no

iPhones back then. But yet we're still using nineteen seventies technology to send money around the world. Kind of interesting and so um, but now that this Swift system has been basically weaponized, now, um, the brick nations, which are Brazil, Russia, India, China, they're all including others, Iran, et cetera. They're all working to set up a new payment network that's not Swift. And so really Swift has already been dying. It's already old technology. But um, by kicking people out of it,

you've now forced them to go start their own. And so it's already on the demise, and I think it's gonna happen sooner than later. But at the world that kind ofic formed this week there was a there was a a meeting going on, a panel going on with a bunch of of financial titans, if you will, and we had Michael my back he's the CEO of MasterCard, and he was there on on the panel along with

some other people. It was part of the Global Blockchain Business Council UM Blockchain Central at Davos, and it ran adjacent to the World Economic Forum in Davos, Switzerland. And so we had all these big heavyweights there, UM, and they're all asked different things. UM. And the moderator asked each panelist whether they thought Swift would still exist in

five years now. UM, each of these panelists are, like I said, heavyweights in the financial space, and they didn't want to be UM antagonistic if you will, UM, we had you've all rus, the CEO of Digital Assets and Data Technology, David Treat, director of Assenture and co lead of the company's blockchain business UM and so forth. However, master Cards se EO my Buck, he didn't hold any

punches back. As a matter of fact, when asked by the moderator if I thought Swift would still exist in five years, my Buck caused the audience to gasp in shock as he said, no, I don't. Uh. He was pretty he was pretty pretty blunt about that. UM. Now, since that's happened, it's kind of like Biden. President Biden with all his gaffs. Um, President Biden said that we would attack Russia with chemical weapons, and then the State departments like, well, well, he didn't he didn't really mean that.

That's that's not what he meant, even though that's what he said. Um. Just last week Biden said that we would, uh, we would go to war against China to defend Taiwan, and very quickly the State deparments like, well, he didn't really mean that, and that's that's kind of like what happened here. Um. And so the CEO of MasterCard said, no, I don't think Swift will be around in five years now. I would say probably, Um, they probably will be around.

It probably won't be be used very often. And why would they Why do we need to use ancient system when we have new technologies. But, like I said, they had to walk that statement back. MasterCard spokesperson downplayed my Back's comments, and an email statement said, quote, let us let us clarify the intent of the on stage comment. Uh, it's not what he really meant. Let us clarify this. It's not as simple as a yes or no answer.

Michael was simply reinforcing what Swift has previously said. Their operations continue to evolve, its current form will not be the same in the future. They're adding more functionality and moving past just being a messaging system. So uh, they said, well, well that's not many meant that they just won't be around in their current form. But the thing is with bitcoin is that it's peer to peer. So if I want, I can send you money any anybody anywhere in the world,

regardless of sanctions, regardless of permission. Anyone in the world can download an app on their phone and I can send them bitcoin. Right now. I don't need to go to the bank to send a why your transfer. I don't need the bank for it. The bank doesn't need Swift for it. I can send it directly to the recipient now before that, right, so, gold was money for

five thousand years. The problem with gold is it's not very portable now today we and and so you know, if I wanted to send money across the country from California to New York, it was very difficult. So if we put our gold in the bank, then the bank could just use a ledger and they could say, hey, we're gonna deduct it from Mark's account and we're gonna

give it to John's account for example. Right, Um, they could do that, and then banks different banks could have a way to communicate with each other, which is what the Swift system came into. And so now my bank can communicate with your bank, regardless if it's in the United States or across the world. And so when I go send a wire transfer through the Swift messaging service, they're basically saying, hey, take this money from Mark's account

and send it and credit to John's account. The problem. Uh, And and that was great, that was a good way to do it. It's sped up the velocity, it's sped up how fast we can transfer money. But it caused us to use debt. So now instead of me given my gold from my golden California to John in New York, what we've done is we've issued an IOU debt, meaning John now has a claim he can go claim the gold if he wants, right, But Bitcoin has changed all that. Now I can just send the actual money to John

right now without needing debt. I don't need issue debt, I don't need a claim for it, and I don't need the bank, and I don't need the Swift payment system. So um, to Swiss comments here. Um, they're they're trying to evolve their operations to add more functionality, to be more than just a messaging system. That's great, but I don't need him anymore. It's like the DVD player. We're stream music now. We don't need DVD, DVD or CD players anymore because we stream our music in our movies today.

So the DVD and the CD player, they can go retool all they want, and they can build in streaming services inside that DVD or CD player. But I don't even need a CD or DVD player anymore. A matter of fact, I don't even have one of my else anymore. Why because I can just stream it directly to my TV and so they can go retool all they want. It doesn't matter in my opinion anyway. That's a lot. I know you're listening to the markma Show. We're talking

about bitcoin and the decentralized Revolution. I got a lot more updates when I get back in a second, so don't go away, all right, Welcome back. You're listening to the markmas Show. We're talking about bitcoin, We're talking about the decentralized revolution. We're navigating the intersection of politics finance and technology to bring it all into context so we

can understand what's going on. Now. We've been talking a lot about central banks and what they're doing, um, and we're seeing how this money is evolving and changing things UM. And a lot of times we don't understand all the implications of this and what that means. So that's why we try to dive into each of those subjects. And UM, of course, everybody's noticing that prices are going up on everything. Doesn't matter where you're at in the world, you are

noticing it. The price to buy your groceries, the price to go out to lunch, the price to fill up your car with gas is going crazy. Now, don't worry, Um, prices are going up, and there's even shortages of things. But don't worry, because the government's got your back, right, They've always they've always got your back, they've always got your best intentions in mind, and they're gonna fix everything, right because they're the solution to everything. Well, I don't

think so. As a matter of fact, I said that sarcastically because I don't believe government's the solution. I think it's government's that's the problem. So let's let's take a look at that for a minute. And I remember it's through the unlimited money printing that allows the government to continue to grow bigger and bigger and bigger, which allows them to hire more and more regulators. What do regulators do? They pass regulations, what do those regulations do. It starts

to drag on everything. It's more expensive for me to run my business today. Now, if it's more expensive for me to run my business, than I have to pass those costs onto you, right, And that's how it works. And so um, what we've seen is that prices are going up on everything for all different types of reasons. I've talked a lot about gas prices because that's where people are really feeling the pain. I know, I drive a truck. I'm in California, and gas prices are insane.

As a matter of fact, they're pushing eight dollars a gallon in some places in Los Angeles, which is insane. When Biden took office, I said, I predicted that I would see ten dollar gallon gasoline before Biden Less left office. And here we are, and I think I weigh undershot that. Now I'm thinking it's gonna be fifteen bucks a gallon before he leaves. If not more, um, I hope not. But anyway, we're almost eight bucks a gallon in in California.

And why And I've broken this down. You know, they say it's because of Putin, but I've talked about how it's not because of Putin. Gas prices were going up long before the Russia Ukraine War, and and a lot

of it goes back to why. And it was because his very first day in office, the most important thing that he could do in the whole history of the world was by executive order, meaning no one else's opinion, just him as a dictator, was just start shutting down all the all the gas and oil and so supplying the man. You ever heard of that when there's less supply and there's the same demand or there's more demand, what happens. Prices go up so they can shut down

all the oil and natural gas. That's great, But what about the demand because people still need to drive to work. I still need food to get delivered to my grocery store. That still has to happen. If food doesn't get delivered to my grocery store, if the farmer doesn't have gas to drive his tractor, there's no food, and there's no one to drive the food to the store, and then

we starve, so like we still need it. Right, of course, there's this hypothetical dream of one day will be on renewables, and I'll just tell you that renewables, which is wind and solar, make up less than three per cent of our of our energy. And currently there's no solution for renewables to provide most of our most crucial energy, which is our farm tractors and our big rigs to deliver the food and stuff like that. So anyway, supply demand

is pushing prices up. Also, what happens is that you know when you uh, when you tell oil companies for a decade that you're gonna put them out of business, your goal is to bankrupt them. Guess what happens. They don't reinvest into their business. Why would they, They're going to go bankrupt. And so, um, now we see a shortage because they have been reinvesting, we haven't been getting

more oil out of the ground. Um, we've been shutting down all their all their their permits, so they can't even drill, they can't even get more out of the ground, and prices are going up like crazy, um, and uh, your government has a solution for that, don't worry. Um. Here in the United States, we saw this week House passes bill. The House passed the bill targeting the alleged

price gouging amid high gas prices. So it says here the House has voted to seventeen to two or seven to pass a bill that gives the Federal Trade Commission the FTC, the authority to investigate energy companies for alleged price gouging as prices at gas pumps nationwide hit wreck here too highs mm hmm. Okay, let's think about that

for a second. This says, this bill, sponsored by Rep. Katie Porter of California, of course in California, where you have the highest gas prices, and Rep. Kim's Shreyer at Washington, gives the President the power to issue a declaration making it unlawful for energy companies to increase prices that are unconsciously excessive. Now that sounds good, right, I mean, they shouldn't be ripping us off, right, And I'm for that. I don't want anyone to rip me off. But let's

just take a second to think that through for a minute. Now, first of all, um, producers people producing gasoline oil. They have to produce the oil, and then they have to produce the trucks to drive the oil, the refineries to refine it, and they have to produce the director drive it, and then they have to produce the gas station to pump it. All of those producers are in business to make a profit. If they don't make a profit, what happens, well,

then they stopped producing. And if they stopped do see then what happens, well, then we don't have gas, or whatever gas we have left goes up to astronomical levels. And so, UM, I don't want them to unco treat us unconsciously excessive as it says here in this quote, but they do need to make a profit. If I take away their ability to profit, So what if we say, well, you can't profit more than x percentage, Well, whatever that line is, well, here's how it works in a free market.

We don't have to do that because if I want to gouge you, and I'm saying you know what I'm gonna I'm gonna charge you triple my whatever gas prices are because I can right I'm the only gas station on this block, I'm gonna charge you triple. Well, my competitors are gonna say, well, he's charging way too much. I'm gonna go undercut him. And then my next competitor's gonna undercut me, and my next competitor's gonna undercut me and undercut me. And that's what happens in a free market.

And free market always produces better products, better service at better prices, because if I get too greedy and charge you too much, someone else is going to charge you less. That's what works. But when we're not in a free market, when you end up with monopoly ease that are protected, then you get into these situations. So the answer isn't to say, hey, you can't make a profity more, or we set the threshold for what that profit is. The answer is to allow competition to do its thing and

so that these guys will bring their prices down. The other thing that's important to understand is that if you remember March when the markets crashed, oil went from um not I forgot to tift bucks and barrel to negative thirty five. Now, I was working with a publicly trade oil company in Dallas, Texas at the time. We're working on setting up we're working on setting up some bitcoin mining on the flare gas and at that time, the publicly traded oil company went under. The CEO lost his job,

They lost a lot of money. As an oil investor, we lost a lot of money. Now we're making some of that money up. So when you look at these oil companies, they're finally making a profit. But that's on the back of years of losing money. So what happens is as an investor, as a business, sometimes you make money, sometimes you lose money, but averages out over time. So they've been losing, losing, losing, losing, losing, and now they're finally making some profits. Then we gotta take that away.

But if we take away their profits, how can they one payback all those losses to How can they invest into new technologies to make it cleaner? How can they invest into new oil wells so we don't run out? And the answer is they can't. Um it says here Um Murphy, who's not running for reelection, criticized the bill, saying the measure could further reduce supply. Quote imagine that says quote. At best, this bill is a distraction that won't actually address the problem. Um, she said in a statement.

At worst, it could make the problem more severe. And this isn't just the United States. UM. In the UK they did the same thing you pay. UK slaps a one off tax on oil and gas giants to ease the pain of soaring household energy bills. So if we tax these oil companies in the UK, then it eases the pain for household energy bills. How's that? Are they going to return that money? So they're gonna they're gonna do a special tax and then return that tax back

to everybody, and who's everybody? If you make a certain threshold of income, all of this is then it requires more people and more regulations and more accounting, which and which eats up even more money. It's inefficient, is what happened. UM. Anyway, that's just one of the ways that our financial system is being centralized, our government is being centralized, and it's becoming more and more inefficient and harder and harder to live.

And of course, yes, decentralization fixes that. Bitcoin fixes that, UM, as we can decentralize the money. You're listening to the markma show, UM talking about bitcoin and decentralization. I've got a lot more to talk about when I come back, including um, some new payment systems that set up that are going to just crush the adoption. It's going to be pretty exciting. We'll be back with that and more in a minute. So don't go away, all right, Welcome back.

You are listening to the Markma Show. We're talking about bitcoin, cryptocurrencies, the decentralized revolution, and everything in the middle. Of course, we're talking about the intersection of politics, finance, and technology. We've covered a lot here Um, a couple more things to look at that this week I think are massive. You know, I talk about bitcoin now. In the bitcoin space, we like to say bitcoin not crypto, and so what we've seen over the last couple of years is bitcoin

has really distanced itself from cryptocurrencies. Bitcoin has become its own asset um and cryptocurrencies are just a random mix of everything else. The number two cryptocurrency by market cap is Athereum, and Ethereum has promised to be everything to everybody. It's the world's virtual computer if you will um, and a lot of people think that Ethereum will be the world computer. Everything will be built on Ethereum, and Ethereum will flip Bitcoin at some point meaning flipping it meaning um,

the market cap will surpass that of bitcoin. Now, trying to compare a bitcoin and ethereum is like apples and oranges. Um. The revolution, the technological revolution that's going to change the course of the change the course of humanity. It will drive the financial markets for the next fifty years is decentralization. That's what bitcoin brings to us. Decentralization. Now, a couple of things about that. Not everything needs to be decentralized.

I know it's a contrary and view. And the second thing is, I don't think there's such a thing as decentralized ish there either is that there isn't. And so we can see bitcoin is decentralized and pretty much everything else is not. And why do I say that? And that was a big statement, And don't turn me off yet. Let me explain what what makes decentralization is. If you have a central database, that's one database, or you can

have a bunch of databases. If I had a billion dollars in one bank, that would be a big target a lot of people who want to break into that bank and still have billion dollars. If I had a billion banks with one dollar each. There wouldn't be very much motivation to do that. It would be almost impossible to go get that billion dollars. And so what bitcoin has done is taken instead of one database, there's a million in databases and they're spread all around the world.

And the Bitcoin database is very small, it's about three gigabytes. I could run that on a thumb drive. I could use an old laptop, a five year old laptop. I could download the Bitcoin database and I could run my own node. And because it's so easy and it's so small, anybody in anywhere in the world, even third world countries, can run their own node, and they do. That's what's created made it decentralized um. Other cryptocurrencies you can't do that.

So good luck running a node for ethereum or cardano or x y z token um in a third world country. And so because of that, it's not decentralized. It's maybe it's decentralized ish, but not really decentralized um. The other thing is that it's so complex and so complicated that it creates all kinds of problems, and so we saw that firsthand today. So Bitcoin is very simple. A lot of people have have accused of being too simple, it's

too dumb, it's too slow, it's too basic. But what we've seen now is that technology scales and layers and so now using layer to technology, we can send Bitcoin faster, deeper, and more private than any other cryptocurrency it is said to be on layer two. What we're seeing now with layer three is now we're starting to do messaging and video and all that happening on Bitcoin, just on a different layer. Now we've seen now we have smart contracts. Now with this new Torro upgrade, we have the ability

to even create new tokens on the Bitcoin blockchain. And so Um we needed something simple so we can have unlimited attempts and progress built on top of it. Whereas you take something like Ethereum that's so complex that it limits what you're able to build on top of it, and it's hard to understand what's going on, and it causes problems. So we saw this week the Ethereum beacon

chain experienced seven block reorganization. What is going on? So, if you've been paying attention, the price of Ethereum created this week. While the market overall for cryptocurrencies has been bad, Um the blue chip ones if you will, the bitcoins, the ethereums, they've been hanging on a little bit um, so to speak. But Ethereum this week just got absolutely crushed where we saw it plunge about um in a single day. And why did it drop a single day,

Well because of this problem that happened, this reorganization. It says, this reorgan is not an indicator of a flawed fork choice, but a non trivial segmentation of updated versus outdate client software, suggested Core Ethereum developer Preston van Loon. And so what happened is Um a blockchain, it adds a block and so every depends on what blockchain you're talking about, but it adds a block of data and then each block adds to the next and it creates a chain. What

happened that that that gives as security. So in order to um reorganize the chain, you would have to roll it backwards. Several blocks can happen in bitcoin, however, Um we are seeing it happen in other chains quite often, and here it happened with the Ethereum chain, and we've seen this reorganization. Now they're saying they don't know if it was a malicious attack if it was a bug, if it wasn't ever, but um, it's a big deal.

It's a big deal. It basically broke. And you can't have all the money of the world on a chain that can break and they don't even know how it broke because it's so complex. That's a problem. Now, can they get this figured out at some point, Maybe maybe not, But you can't have these types of bugs, and that is what happens when you have this complexity that bitcoin has, and that's why it's crash this week. I'm sure they'll figure out more about it and they'll give us some excuses.

But the problem is this can't happen. You need to keep things basic so they don't break, and we have that um. But jumping back into bitcoin, UM, we contendue to see massive adoption happening there with the theory. Um, we have you know, n f T S and we have DeFi, which is basically nothing. It's its own little ecosystem. It's not transcending into the bigger markets overall, whereas bitcoin is.

And so we have bitcoin. We saw Stripe, it was one of the largest payment processors in the world just announced businesses will be able to convert any amount of payments into bitcoins of Stripe. I use Stripe for my business to accept credit cards. It's one of the largest payment processes in the world. They're saittting it now I can convert any of my payments into bitcoin, it says. The functionality is available via a new app from Bitcoin

Lightning Network infrastructure provider open Node on stripes new app marketplace. Stripe, one of the leading payment processes in the world, just announced they are working with Bitcoin Payment Infrastructure Company to allow businesses to convert fiat payments into bitcoin. And what's cool about is is usually will be able to convert

fiat payments into bitcoin in real time. Businesses can sider an automatic amount of their payments to be converted into bitcoin, or they will be able to manually convert any amount into bitcoin they wish. So bitcoin is good for saving money, good for saving technology. So what I could say is like I should be saving ten percent of my money

so or my money or whatever. So I could say, um, ten percent of all my payment coming in automatically get converted into bitcoin at the way the dollar cost average in And it's kind of like the savings account or later on I could just convert some of them into that, which is pretty cool. Now again, uh, this is the largest payment processor, one of the largest payment processors in the world, and now people can automatically just convert their

payments into bitcoin. Now I've just seen this, and I think I'm going to have to take advantage of this in my own payment account. Um it says it was just announced today and allow companies like open note to create customer US customer user interfaces that will streamline workflows and allow data sinking compatibility between Stripe and its participating partners. So, um, this new app store and this new customized interface that

they've developed will create even more innovation. You see, it doesn't happen on the main chain like what happens with Ethereum, it happens on top of it. So now we have bitcoin being integrated with the one of the largest payment processes in the world, allowing me as a merchant to set my flexibility on how I want to receive bitcoin, if at all, what percentage, or I can do it later. And it opens up the open the the interface for more businesses to come and take advantage of it to

create even more progress, to create even more ideas. It's decentralization, more people ideating, more people solving problems, more people creating solutions, and it's being done with bitcoin, not Cardano, not whatever whatever you think is the is the next best one. It's all happening on bitcoin, which is why earlier I was making the case that bitcoin is sort of like the NASDAC, meaning it's not a company in the NASDAC, like Facebook, Apple, Netflix, Google, it's the interface where all

the companies will be built on it. And that's exactly what we're seeing now converting some of my payments into bitcoin. It's awesome and I think I'm gonna have to do that. You're listening to the Mark Ball Show. We're talking about bitcoin, talking about decentralized revolution, talking about how the world is changing before a varied as politics, finance, and technology converge into one. That's what I got for you today. Thanks so much for listening.