The Mark Moss Show Nov 16, 2022

and the technology side. And specifically I'm talking about some news that came out this week from the European Central Bank, the Euro, the European Central Bank. And if you're listening to this in ther United States, you're saying, well, what the heck do I care about the Euro? Well, you care about the Euro because obviously our markets are very connected.

You also care about it because what's happening over there is that kind of like a smaller test bed of what will probably be tried over here at some point. And I think it also illustrates exactly what's happening and where things are going. So um, the e c B European Central Bank, met this week the head of the European Central Bank, the ECB, Christine Lagarde, who by the way, is a convicted criminal and she's still in charge of the European Central Bank. She's previously of the i m

F International Monetary FUM. They met this week to talk about the Digital Euro, a common European project. So we talked a lot about money going digital. Uh, and of course we talked about cryptocurrency. So there's the bitcoin et cetera, and then we have the governments that want to try to control it and are using something called central bank digital currencies. So the digital Euro or a central bank

digital currency is what we're talking about. And I wanted to kind of highlight some of the things that they talked about in this meeting. We know that they're coming. We know that because they've told us as much. We know that China has already rolled THEIRS out, and of course why wouldn't China. A central bank digital currency is the ultimate tool, the ultimate tool for control, and we know that because they've told us that. I played the clip I believe it was last week of augustin Carston.

He's the head of the b I S. The b I S is the central bank above all central banks, and he said as much in that wording. He said that it is a tool for total control. So it's not just speculation. This is what it tells. As a matter of fact, I believe if I still have that clip available, let's reet it right here. Let's just play it right here. A key difference in with the CBDC is the Central Bank will have absolute control on the roots and regulations that will determine the use of that

expression of central branch liability. And also we will have the technology to enforce that. Those are those two issues are extremely important and okay, so I take them at their word total control. So let's take a look at what they said in this meeting this week of things. So one, she gave an address, Christine the Guard, head of the ECB, gave an address to the European Union to talk about this, and she says, maintaining citizens trust in money and payment services in the digital age is

an important objective in itself. It's interesting. Um, it's not just un important objective. It is the most important objective because there is no such thing as intrinsic value. All value is subjective and so people have to trust. People have to assign value to that. If they don't trust it, if they don't assign value to it, then they won't

use it. We see this happen all the time. We talked about in a previous segment, the tulip mania in Holland, where people thought tulips were more valuable, more viable, more valuable. They had trust, but then also nobody wanted tulips in the crash. We taught with beanie babies, and so we assigned trust to things. But in Venezuela they print so much money nobody trusts anymore. It's laying all over the streets.

Nobod even bothers to pick it up. So maintain the citizens trust money and payment services and the digital ages an important objective. No, it's the most important objective. If nobody trust the money, they're not going to use it, period. It says that it's in the basis of our economies to function effectively. Yeah, you have everyone has to have a money that they all trust. If I give you a money that you know that I can just go back into your account and take back from you, you

won't trust that. You're not going to accept that, right, Okay, now, she says uh. She says a model for payments is undergoing a potentially disruptive transformation led by three developments. What are the three developments? First, people are increasingly paying digitally instead of using cash. Yes, I don't want to see cash disappear. Cash is very important because cash is private. If I hand you cash, no one needs to know about that transaction. It's between you and I, and no

one needs to be in the middle of that. If I pay you for something via Venmo, Venmo goes to my credit card, and my credit card goes to my bank, and my bank talks to your bank, and your bank talk to your credit card, and your credit card goes to Venmo, there's like all those steps in the middle. Every he has a say in that. Everyone takes the piece of that transaction. Everybody could censor that transaction if they want. If I hand you cash, no one needs to know. No one needs to know, And so I

like cash. I don't want to go away. But we're paying things usually, so I pretty much pay for everything with my debit card on my credit card, I get paid electronically. I send wire transfers. That's just the day and age. As a matter of fact, over all payments are done digitally now, and we have the Venmos and we got the paypals, and got the cash apps, and we got the wire transfers and the debit cards, et cetera.

But it says that as this continues to trend um, as cashes lose use, less and less public money being government money, could ultimately lose its role as a monetary anchor, which is true, which is not a bad thing in my opinion. We should always have innovation, we should always have competition. Second, in the absence of a public anchor.

So if as more people move to digital public money, government money could lose its role, and in the absence of that public anchor, the emergence of new kinds of digital assets could harbor instability and confusion amongst citizens about what is money and what is not. So um, if we have all these new types of digital money and assets, um, it could cause confusion among people. You know, the people are just too stupid. They don't know. We have to tell them what to do, because what would they do

without us the government. Uh, they'll they'll never get along. I mean, they won't even know what money is. That's what she said. I'm quoting her. Uh, confusion amongst citizens about what is money. They won't even know what money is unless we tell them. That's what she's saying. I mean, it's insanity. First of all, what is money, Well, money is a money's communication. Money communicates value. Money is used to store my value. It's used to store my energy.

So I exert my energy digging a hole if I don't need to use that Uh, that money then gets paid back to me. I dug that hole, that person pays me in money, and that money sits there and allows me to And that's my energy. I expended energy to dig the hole. I save it in the money, and now I could use that money at a later date tomorrow to not have to dig the hole because I have money. Um, that's what money is. But apparently we need the government to tell us what money is.

It says that. Take for example, crypto assets. She says their unbacked variants such as bitcoin and ethereum are too volatile to act as a means of a payment. So one I would agree with her on that, Yes, they are too vulnerable volatile to act as a means of payment today. Today, money is emergent. Money evolves over time. There's a path. First, it starts as a collectible. If enough people collect it like the rich buy fine art

and cars and things like that. If enough people collected it could doesn't always, it could evolve into a store of values. So the rich store their wealth in fine art and collectibles. It could go from a collectible to a store value. Then maybe, if it has the right attributes of money, it could evolve to the next stage, which be a medium of exchange. She's saying, it's not that today. Sure, it's only been around for a decade, give it some time. It's getting there. It has the

right things um. And then third, she says the entry of big text into payments could increase the risk of market domination and dependence on foreign payment technologies, with consequences for Europe's strategic autonomy. How dare anybody cut into our monopoly over the financial system, our ability to manipulate and inflate the monetary system. How dare anybody try to get

in on that. That's our game, that's our monopoly. Then we not only have a monopoly over money, we have a monopoly over violence, and we will use that violence to make sure we don't lose our autonomy over money. That's what she's saying here. She didn't talk about the violence part. But she said that if we let big tech get in, we the government could lose our strategic autonomy, which, of course yes, that's my goal. By the way, I

am on a mission to separate money and state. We want to get out of the hands of the people. If you're just tuning in, you're listening to the Markma Show. We're talking about the decentralized revolution, how the world of politics, finance, and technology are clashing and changing, and we're looking at this specifically as the European Union got together to talk about what the future of money and technology is. I got a whole lot of cover when I come back.

You don't want to miss this. This is breaking news. I'm gonna cover that and some other stories I have about what happened with the SEC in the United States and the future of cryptocurrencies in the US, which has just been set. Don't miss it. I'll be right back. Don't go away, all right, welcome back. If you're just

tuning in, you're listening to the Markma Show. We're talking about what's happening in the world of central bank digital currencies and the European Central Bank just met and Christine the Guard the convicted criminal that runs that bank. UM. I was given an address and she was talking about this new digital payment. UM. Talking about designing the digital public money. She said, quote, issuing a digital Euro would

indeed safeguard people's confidence. M hm. So people don't have confidence in a paper euro, but if it's digital, then people would have confidence in it. What changes fundamentally Now, if I have a physical piece of paper, a Euro or a dollar or whatever, in my hand, I know I have it. There's no counterparty risk. If I put it into the bank, there's risk that bank may not give that money back to me. They may go insolvent.

There's counterparty risk. If I have it in my hand, then I have confidence I have it's under my mattress, right. But if they issue a digital euro, then it would safeguard my confidence. No, it would actually take away my confidence more. Um. She said, Okay, So here's the part I really want to get to. Privacy. So she said, uh, the code legislators, the lawmakers must define the balance between competing public objectives in the policy areas that the uh

So the two aspects that they want to compete are. UH. One is privacy. So let's talk about privacy first, she says, the first one is privacy in our public consultation. So, uh, the European Central Bank, just like the Federal Reserve of the United States did as well. They opened it up for public comment. Let's see what the public have to say, which, of course they say that we're in a democracy. We're not. We're in a republic. But either way, it's uh, they

should listen to us. The government works for the people of the people, by the people, for the people, so of course they should care what we have to say. So they opened up for comment. What do the people say, So that's what she's saying. In our public consultation, when we asked for stuff, forty three percent of respondents, almost half ranked privacy as the most important aspect of the

Digital Euro, well ahead of any other feature. So it's clear that that we want the digital Euro to be attracted if we wanted to be attractive, and needs to be designed in a way that meets people's privacy expectations. That's what she says. Almost half of the people surveyed say it's the most important thing, way above anything else. So if we wanted to be attractive, it has to have that thing. But here's the butt. There's always a butt.

But I'm quoting her. But full anonymity such as offered it by cash, does not appear a viable option in my opinion. What do we care about your opinion, your chivicted criminal? Anyway, such such it doesn't appear a viable option in my opinion, it would contravene other public policy objectives.

So it would contradict it. It would go against other public policy objects, not what the public wants, never mind the public one privacy, but it would go against other public objectives, meaning what we want to do to the people, that's what you say, um, such as ensuring compliance with anti money laundering rules and combating the financing of terrorism, because you know your six dollars is going to fund terrorism.

Never mind the four billion dollars that we sent to terrorists nations, never mind the weapons that we left in Afghanistan, never mind all the weapons that we're sending to Ukraine and going to who knows where. Never mind that you're six d bucks though we better know where that's going by, because I mean, shoot, you could be uh, you know, laundrying money and funding terrorism with that. How dare you only we're allowed to do that. We're the monopoly on

that right. So, um, listen what she's saying. Although they told us it's the most important thing by going away, this is what the big thing want. It's just it's just not really it contradicts what we want. Um. So she says, uh, it would contrabute objectives such as insuring compliance with anti money laundry rules and combining the finance and terrorism. And it would also make it virtually impossible to limit the use of digital euro as a form

of investment. So it would make it virtually impossible to limit the use. Listen to what she said, Remember what Augustine Carson from the b I said. It would give us total control. So she says that if we did this, if we gave the people what they wanted with it, did dual euro the CBDC, it would make it virtually impossible to limit the use. They don't want you to

use your money as you see fit. I mean, yeah, it's your money, and yeah, you you you sacrificed and gave up your life energy to get that money, but it's not really yours. It's not yours to use as we want. We have to be able to limit the use. That's what she says. Think about these words that they're saying. It would make it virtually impossible to limit the use. Yes, that's the point. My money is my money. I should be able to use it as I see fit. What else? Okay?

The next part, the legal tender status part. The second aspect is the legal tender status Um although an acceptance obligation has to be weighed against principles such as contractual freedom and competition, So meaning that you know, we should have the freedom to use it as we want. We shouldn't bear in mind that it is a constitutional feature of cash essential bank money to be lead will tender. Now, why does it have to be legal tender money? Now?

I can't speak about every other country, but in the United States, it's still a free country. We are the land of the free. We don't need the government to tell us what we can accept as forms of payment. If I want to come over to your house and build a fense for you in exchange for a good or service that you want to give to me, that's my labor. I can give you my labor. If I want to trade you this iPhone that I have in my hand. Um, you can accept this iPhone as your

as your payment. If I want to send you bitcoin, then you can accept bitcoin as your payment. We don't need the government to tell us what we can accept as payment or in exchange. I should say for goods and services. It can be my labor, it can be another product I have. We don't need it to be legal tender. And that's a big problem that I have with all these people that say we need regulations in bitcoin and crypto graz. No, we don't. We don't need it.

We don't need the government to tell us what we can do. And again I'm speaking on behalf of the United States. The government does not give us permission to do anything. Because we're a free country. The government only takes away our rights. That's important point. At the week of these midterm elections, everyone's going to vote. The first thing my dad told me when I turned eighteen is remember every law you go to vote for, whether good or bad, is less freedom. So we're a free country.

We're free to do things. The government tells us what we can't do, like you can't kill somebody, you can't rob somebody. Okay, those laws restrict our freedom and they should be all right, but we don't ask for permission. We don't ask for laws that tell us what to do, so we don't need them. But she said a side effect of illegal tender status maybe that it facilitates network effects, allowing citizens to have the option to quote unquote pay

anywhere and easily access the digital euro. That would be a problem. We don't want that. We want to control it. We want to make sure it's only use in our country. They said that the digital euro may have transaction limits and store of value you caps um. Exact limits are not set in stone, but Panetta mentioned a three thousand euro um store of value limit, So you can't store more than three thousand euros. That's hoarding. You can't hoard the money. You've got to spend your money. How dare

you save? Let us take that they want to put a three thousand euro limit and one thousand transaction monthly limit, a one thousand transaction monthly limit, because there will be risks that people could use these possibilities to move money and we can't control that. This is what's coming. This is what central bank digital currencies are. Understand what this is. So when you when you hear it being talked about you know what's happening. Talk about these ideas with your

friends and family to educate them as well. I want to talk more about what's happening in the United States and what the SEC is doing with cryptocurrencies. In Bitcoin, a big judgment happened this week that really sets the precedence of what's coming next for maybe you're an next favorite crypto token. If you're just tuning in, you're listening

to the markma Show. We're talking about the decentralized Revolution, talking about the way the world is changing through this, and I got a lot more to cover when I come back. Don't go away, I'll be right back, all right, Welcome back. You are listening to the Mark Moss Show, and we are talking about the decentralized Revolution. Of course, we're talking specifically about what the government's doing in regards to cryptocurrency, and this week we saw big news coming

from the SEC Securities Exchange Commission talking about regulations on cryptocurrencies. Now, I'm not a fan of trying to apply a whatever hundred year old law of the how we test um of what is a security and try to apply that to cryptocurrency. I don't think it fits. It's kind of like a square peg in a round hole. But nevertheless, UM, that's where we are. And we saw this week the SEC came out and decided went to went to court against a platform called Library lb r Y and Library

is um sort of like a decentralized YouTube. UM. It's also known as Odyssey, which by the way, my YouTube videos are on Odyssey, so you should check me out there either on YouTube just search market Muscle on YouTube or on Odyssey. And YouTube is obviously a very centrally controlled and centrally planned and manipulated platform. They kick anybody off that they want. But um, Odyssey is like a

decentralized Virgin. The problem that they had is that they launched their own token, LBC a token, and the SEC sued Library saying last March saying that they sold as native LBC token in violation of federal securities laws. It says here the SEC sued Library in March of two thousand twenty one a leegend that LBC tokens were securities and that the startup had violated to scurities laws by

selling them without registering with the agency with the SEC. Now, Library pushed back said that the OBC tokens were not securities, and that the SEC did not give it fair notice that it's cell of LBC was subject to securities laws, thus violating the company's right to due process. But ah,

I mean again, we have securities laws. A lot of people wanted to operate in this gray area, and thousands and thousands of thousands, tens of thousands of companies have gotten away with it because the SEC hasn't really formally come out and put the put the put the boot down, so to speak. Um, and they haven't really aggressively pursued

and prosecuted these types of companies. It says here, though, that the federal Judge of the District Court of District of New Hampshire ruled saying that quote, no reasonable trier of fact could reject the SEC's contention that it offered a security and Library does not have a tribal defense

that lacked fair notice. They basically said, no, it doesn't matter. Um. The founder of Library, Jeremy Kaufman, has maintained that the outcome of the case would have sweeping implications for the wider crypto industry, and the reason why it has sweeping into implications is because the way the legal system works is they use case law case laws, that's precedents. So whenever an attorney is arguing a case, they're gonna say, well, in this case versus this case, this is what happened.

And the more that that case is being used or cited, the stronger it becomes. And so this case law could then be have sweeping implications because then other cases after it could be tried. Pointing back to this, it says that it says that it establishes a precedent that threatens the entire US cryptocurrency industry. This is from the founder Coffin. He said, under the sec versus Library standard, almost every cryptocurrency, including ethereum and those our securities. Uh. Yeah, well that's

that's basically right. Um, that's basically right. It says, Uh, one significant case the Library ruling could impact is the sec suit against Ripple Labs and two of its executives, who have been charged with selling one point three billion in unregistered securities. Of course, we're talking about Ripple Labs, which is selling the x RP token, which that x RP army is strong, and they're probably mad for me even saying something like that, but again I'm just quoting him,

so don't don't get the messenger. Don't don't get the messenger here. But yeah, I mean, if they're claiming that the library is a security, then it makes sense that Ripple labs XRP token is also security. Um. Ripple Labs defense is the same. It's hinged on its claim that it's native token XRP is not a security and that by failing to provide clarity on whether x RP was a security, the SEC did not provide fair notice. It's exactly what library tried to argue, and the SEC slapped

him down right. As I said, the judge actually said, um, libraries not have a tribal defense, that it lacked fair notice. So if they don't, how does se how does how does x RP and Ripple Labs have that? And again that's the whole reason why the founder Kaufman is saying that, Uh, this is bad. It's bad for everybody else. Now this is just the This is the ruling so far, and it means that libraries case will not go to trial.

So it's done. Uh. A status hearing to determine what the next steps aren't is slated for the end of the month November one, and we'll come back and see what it is now. Um, the library has been on Twitter, They've been all over social media talking about this. They said, look, we don't we don't know what to do. What could we have done? We didn't know. They didn't give us clear guidance. They didn't give us advanced notice. How were

we to know what to do. We tried to do the best that we could, but you didn't give us fair notice. I commented on that, and I said, well, what you could have done is not launched your own token. That's the whole problem. They could have launched the platform which allows me to post my YouTube videos on there in a decentralized manner. They could have done that. Nothing wrong with what they did. It's the token. They created a token out of thin air, the l b R, the lb uh l l b R y LBC sorry

LBC token. They created a token and sold it out of thin air. That's the problem. So the problem isn't the platform. Of the problem is the token, and it's the l b R y LBC token LBC token Library. And there we go. Let's take a look at the token. It's valued at one point two cents per token. If we look at the year to date valuation, the mark ket cap was as high as twenty four million, so not that big, and now it's down to seven million.

The tokens were as high as three and a half cents and now they're down to one point two cents, so um, you know, not a huge impact on that. If we look at the all when they came out of the gate, though, wow, look at this UM when they came out of the gate. Here we are back in January of eighteen, they had a hundred and fifty seven million dollar valuation. In April of two one, they had a hundred and seventy two million dollar valuation, and today it's all the way down to thirteen. So be

careful what you put your money into. Uh, it could crash down very hard. Especially um it's gone from fourteen million two seven millions. It's dropped in half fifty valuation dropped since this news broke. And so if this news break on Ripple Labs and x r P, if it breaks on any other cryptocurrency, you probably expect about the same thing. Expect to lose about half your money. Again, don't kill the messenger. That's just the news. What else, what else? What else? Oh um man as a as uh.

As this continues to ramp up, we continue to see lots of pain across the cryptocurrency space. You know, the bear markets cause a lot of infighting. Um. The bear markets are times to invest, there the time to build, but it's also the time, you know, because money gets tight and people start going broke that you see lots of problems happen. We saw the Salona blockchain has dropped dramatically as well in the past twenty four hours, and part of it is that a thousand of their validators

went offline. What the heck does that even mean? It's supposed to be a decentralized protocol, but of course it's not. They're all hosted on a cloud provider that shut them all down at the same time, and so a lot of steak holders are unable to get their money back out some decentralized protocol. That is, if you're just tuning in you're listening to the Mark Mo Show, we're talking about the cryptocurrency space right now, as we go through

the decentralized revolution. I want to talk about this fifty tho bitcoins that were just seized and what does that mean? I got that and more when I come back in a minute. You don't want to miss it. Don't go away. I'm gonna be right back. All right, Welcome back. You are listening to the Mark Mo Show. We're talking about the decentralized Revolution. We're going through some of the biggest breaking news it's happening in the cryptocurrency space this week.

By the way, the price of bitcoin and cryptocurrency is on sale today fire cell with the news of f t X. The f t X exchange is crashing and burning um. Looks like by Nance took them out, potentially might take them over, we don't know, but it dropped all the way down to a pretty nice discount. Waked down about now about eighteen thousand, five hundred. I'm wearing my hottle shirt in uh In in a celebration of that. You know, I typically were just a black shirt, but

I'm wearing this hottle shirt. The shirt was sent to me as a gift, So shout out to r D Fine Arts. You can find them on Twitter or you can check out their website. Ron Ron D Gaspierre's check them out. One of these hottle shirts that make some really killer stuff, some cryptocurrency and bitcoin merchandise. But anyway, Uh, the hottle is to hang on for dear life. You know.

Turmoil in the market, drive the price down. We look at that as an opportunity, but to scare some people out and they sell it, and that's kind of what happens. We saw big news this week um in News broke that the US seized fifty thousand bitcoins were aided the Silk Road marketplace. Now a lot of people would see that headline and go, wait a minute. I thought bitcoin was censorship resistant. I thought it was immutable, I thought it was safe. How could they seize it? How does

the government seize it? So the bitcoin which was obtained in two thousand twelve UM was related to the darknet marketplace silk Road. They seized fifty thousand, six hundred seventy six bitcoins. It was the largest cryptocurrency seizure to date UM, but has since been surpassed by the seventy thousand bitcoin seized in February in relation to the hack of the bitfin x crypto exchange. So it's the second largest now. It was the largest at fifty thousand. Now there's a

bigger one. In seventy thousand, the coins were found that an address in Georgia connected with James Zong. The Feds also found six D sixty one dollars in cash, as well as various precious metals. Now what happens here. Bitcoin is an't able to be hacked. They can't just steal it. The Feds can't just come in and take your bitcoin. They can't just find it and get it. Here's what happened. They went to the guy's house and they found his wallet where he had it. So think about think about

bitcoin like this. You have a public address and you have a private key. The private key is basically what secures it. So if if we were like in the gold Age, for example, and I had gold, and I went and buried the gold in my backyard or out in the desert somewhere, and I made a map, so I have a treasure map so I can go back and find my gold again. And then I have I'm

a house, I have that treasure map. And if the Feds come and break into my house and they find my treasure map laying on my coffee table or on my countertop or on my desk. Well, then they're like, well, Mark, we know where your gold is. We're gonna go get it, all right. But if they storm my house and they can't find my treasure map, let's say that I've hit it very well. Or let's say I don't even have a treasure map because I remember in my head where

I put the gold. Then the Fed comes to my house and says, hey, Mark, give us the gold, and I'm like, no, tell us where it is. I'm like, no, I'm not going to tell you. And so bitcoin is similar, where I have a private key that enables me to move that bitcoin if I want. Now, the only way the Feds can get this fifty tho bitcoin, or any bitcoin for that matter, is if they can get ahold

of the private key. Now, what happens is a lot of times is people back up the private key, which you should, by the way, if you have a private key in your wallet or wherever, you want to back that up, and the way you would do it is just go into your app and say, you know, back up, and it's going to give you twelve words. That's your seed phrase. Now the twelve words are random, you know, monkey banana, ocean, boat, rope, whatever, and you have twelve

random words all right. Now, you can choose to memorize those twelve words, which is like you would memorize the treasure map so you know where the where the gold is. You could write those twelve words down, which might be better, just like making a treasure map on paper. The problem is how do you secure that treasure map so people don't get it, which is the same as how do

you secure those twelve words that you write down. Now, a lot of people make the mistake and they write those twelve words down in their computer, they put them into Google Docs, they put them into ever note or something like that. Then Google or hackers could potentially find that backup phase and if they do, they can just get those twelve words. They can go download any app on their phone. They could plug those twelve wards in

and instantly have access to your funds. So my advice is, if you're going to write them down, write them down on physical paper. Potentially you could put that physical paper in a safe. That way, if your house burns down or floods or someone breaks in, they can't get ahold of that paper. Now, if they get your safe that's a problem. But you want to protect that. Now, you could, like I said, not write it down and you could

just memorize it. Other options I've heard people do is, for example, you could have like a book, maybe a journal that you keep, maybe a diary or something like that, and you could write out ext and like every you know, we're every every first word on the line is one of your seed phrases. So you kind of have like this like cryptographic storage of your seed phrase. I've heard of people doing it, like they do like a photo collage on their wall, and like every third photo represents

the word from their seed phrase, for example. So there's ways that you can hide that seed phrase in plant site. Like I said, you could just remember it, but you know, Heaven forbid you hit your head and forget it or something like that. Another option would be that you would have like a um a multi signature storage. So what that means instead of having one private key, you have three private keys, and then um you would need to of the three in order to do a transaction, and

then I could hide those in different places. So for example, I can give one to my parents, one to my attorney, and I keep one for example, or one to my girlfriend or one to my business partner or whatever it is. So you divide up those three keys. Now, the key is no pun indended is that nobody has more than one key, and with one key you can't do anything.

So if I keep one, I give my parents want and I give my attorney one, and I needed to do a transaction, I'd have to get ahold of my attorney or get ahold of my parents in order to sign the other key. But neither one of them can do anything because they only have one of the keys. Now, of course you'd want to make sure that the other two places where the keys are they don't know each other.

You want to make sure. I could put one key in safety deposit box at one bank and one key and a safety deposit box at another bank, you know. So there's any number of ways that you could do that. But like they said, the key is is that uh the person that you give it to you, they can't do anything without it. Now I'm protected, so I don't have to memorize it in my head. Um, if somebody were to break into my house and steal my safe, if somebody were to come in and torture me, they

couldn't get access to that. So the FED they came in, how did they get it? Well, in the in the seventy thousand Big One, I believe when they came into the house, the computer was open, the computer was unlocked, and when they went on the computer they found the key. So it's all about hiding the key and how do you protect it in my In my opinion, I think the multi signature way is the single best way to do it. But it all depends on how much you have. So if you have a little bit of money, you

can put it in your sock drawer. If you have more money, you want to hide it in the wall. If you have even more money, you want to bury it somewhere. You have even more money, you need a big safe. Right If you have a bunch of gold, maybe you need to build a vault in your backyard. If you have a bunch of gold, you need to build a big vault and have armed security there. So the more you have, the more you need to spend

protecting it. Now, the beauty with bitcoin is that it doesn't matter if you have one dollar worth of bitcoin or a hundred billion dollars worth of bitcoin. It still cost the same amount of money to secure it, meaning you just put it behind a cryptog cryptographic cree heat. Now, the amount of time and effort you put into it might vary. Right, So obviously download an app on your Android or iPhone is super easy. Download the app, put

it in super easy, but it's the least secure way. Um, doing a multi signature device doesn't really lost me any more money, but it does cost me more time. I have to figure that out. I have to figure out where to put the keys and things like that. The beauty is doesn't matter if I have a dollar a hundred billion dollars. It doesn't cost me any more money on like gold or cash, but it will take you a little bit more time, and it's up to you to figure out what you want to do to protect that.

All right, you've been listening to the Mark Moa show. Of course, we talked about the decentralized revolution each and every week through the lens of politics, finance, and technology, and that technology is bitcoin and it's changing the world

rapidly as we speak. We can see the financial system crumbling, and we can see the political institutions crumbling, and we can see technology or as they say software eating the world, digitized books, digitized music, digitized movies, and of course money is coming next. We covered a lot of information. We talked about the big news of finance taking out FTX.

We talked about all the latest breaking news and if you've missed any of it, don't where I got your back to sc on your favorite podcast player and just search There a Moss Show. But that's what I got forre you today. Thanks for listening until next time.