- Is the fiat system manipulated? - If you answered yes, then you must acknowledge that your baseline and your point of reference is manipulated. - That means everything you measure in fiat terms is manipulated. bitcoin
Patrick you're awesome. I found you, because I follow Jeff around. Usually an hour of his podcast morphs into 3 hours dissecting his commentary - mainly because it is so hard to think in bitcoin all the time and letting fiat go. Subscribed, because I recognise you been there too. There are so many Bitcoiners out there - who pass on their knowledge at differing levels - who share willingly, honestly and openly - you're one of them. Keep up the good work Patrick.
"Bitcoin doesn't care." Truer words have never been spoken. Bitcoin is rules without rulers. Code and math and consensus. This is a new, emerging, global, digital, rules based, monetary technology. It is like nothing the world has ever seen. The magnitude and importance cannot be overstated. The most secure and most decentralized network to ever exist. Bitcoin is the ONLY form of true unencumbered property that an individual can actually own. Far more important than most realize.
yeap, it's a piece of software that can easily be replicated on any other HW. Just like Bitcoin Cash did it, or Bitcoin Gold or Bitcoin Classic which are all 21M limited )))). But who cares, now Bitcoin is on the rise, Sailor corners it and it will, it will, no doubt about it go to 1M, and 1B even. Absolutely insane road ahead, world will be shocked by the BTC price in coming weeks and months
Wow.. just when i think i have a good grasp on btc, someone comes along and shows me that i still know little and that we're still early on this new invention.. this is going to change everything, its revolutionary. Thank you jeff for the amazing insights.
It's not even about how much we "know " but rather about changing the frame of reference of our thinking as Jeff keeps pointing out. We are still very conditioned to think within the frames of the current system.
Great interview Patrick….Jeff Booth communicates the value and future of Bitcoin well. Tip to investors: I hold a lot of real estate, but the big returns in the next 10 years will be Bitcoin, XRP, and HBAR. This is where the financial system is heading.
I would look at XRP again. If it does survive, it has a LOOONG way to go, to make it back. At present, it is way down, on all the technical analysis. Just use an XRP/BTC chart, to measure it's supposed value. It's a zombie.
I haven't read the book yet and maybe it addresses the following issue. When deflation creates abundance, then humans waste things, partially due to incompetence, partly due to not caring. Look at how many people leave their car running while idling, look at how much water households consume, look at how much electricity is being wasted and all that, because of the appearance of abundance while we live on a planet with mostly finite resources. This has been described as the Jevons paradox. I think abundance is not what we should want (unless humans become more sensible with their actions in regards to usage), how about just enough for everyone to have food, shelter, clothing and medical treatments when necessary? Why are we so addicted to the "more"? Also, one thing that wasn't clear from the video is how someone pays for something that costs the equivalent of $5 in bitcoin when the cost of transaction is $23? Maybe I am missing something, but as a payment system, I don't think Bitcoin can be / should be used. However, I would like to see bitcoin being used to map it to the finite resources left on the planet. It would be great for trading commodities with it....
Maybe we need a "Just Enough" movement instead of always chasing "more." Let's start a trend of being content with what we have and avoiding unnecessary waste! I have often asked the question....if no one but you will ever know you own 'it' (whatever it is) would you still buy it. People by stuff they can't afford to impress people they dont even know, and who could simply care less.
You’re lucky to have Jeff Booth on your podcast. Don’t speak please, don’t boast. 2017 isn’t considered that early. We listen to Jeff Bootb because he’s humble & brilliant!
If Jeff is illustrating how early we still are today, then 2017 was certainly significantly early. I wish I was in the market back then, - because if I was engaged enough to buy the 2018-2019 Bear Market lows, my life would be very different today. But one can only move forward, and I’m extremely grateful I entered the market in May ‘23. I’m more hopeful now than I have been in over a decade, & I’ve been taking advantage of some superbly cheap prices along the way
@@patrickfrancey2352 They just make it illegal to hold your own keys. My understanding is they’re trying to do something like that now in Europe. If in the future things get bad enough that they try another 6102 type seizure, yes I could refuse to turn over my keys, but my btc won’t do me much good if I’m in jail or if I can’t spend it do to regulation of the on and off ramps. Once they identify my wallet, I can’t do anything without them knowing.
Does CBDC pose a threat to bitcoin? Why banks dont just adopt btc?? When do we expect more and bigger businesses to adopt bitcoin, i.e. magnificent 7s or similar
CBDC is a central bank initiative. It is centralized and controlled. BTC is decentralized and sovereign and no organization or individual can control it. So no CBDC does not threaten BTC however the opposite could be true. Now that there are BTC ETF's and many politicians getting behind BTC (or lose in an election) more acceptance will happen faster. But hard to give it a timeline.
@@mindsetmatters23 exciting times for sure! I’ve known about btc since 2009 but was always afraid, started dca-ing seriously for the past 3 months.. we all get btc at the price we deserve as the saying goes :)) very hopeful though
Jeff missed a VERY important fact, regarding the mining of cobalt. The VAST majority of mining , in those African Nations is done using child slave labour! Think about that the next time you drive your EV!
@@mindsetmatters23he-he. I don't believe that BTC will be the world's money and everything will be priced in BTC. But I see that Sailor, who by the way owns 1% of all BTC supply now, corners it and he will probably do with BTC what Hunt brothers did to silver in 80s. And that is why BTC will shoot much futher than the Moon, it will go to Saturn, fly you to the enge of Solar System and to the Stars
Yea he's not a rich out of touch guy 😅😅. "Just leave the system "...huh? Jeff aside from some plumbing guy who buys bitcoin and goes to work, what would u like him to do 😅
Q. If you can only aquire Bitcoin with manipulated fiat currencies, wouldn't the entity that controls the printing press of that fiat currency, be able to purchase ,control and manipulate Bitcoin.?
No one controls BTC that is part of what makes is so powerful...moments in time the bulls can buy in or sell out...but over the long term that game does't fly/
@@mindsetmatters23 EXCEPT, the manipulations have appeared, in derivatives form: ETFs!!!!!!!!!!!! And, with a limited supply, it is far easier to gain a larger market %. It would take a long time; but not impossible. Do the math: About 19.6 million BTC already mined. It will take around another 120 years to mine the remaining 1.4 million BTC. Minus ~5 million, in Satoshi's wallet, & some 4+ million, in lost wallets. Which leaves ~10.6 million BTC, on the open market, now. Then remove the X-number, of long term hodlers. Which, at present, is increasing, due to the World's geo-political concerns, etc.. And, as the price increases, most retail investors will sell; especially, the early adopters. Everybody has a price. Imagine buying 1000BTC @ $0.10*$100 000 = $1000 000*1000 = $1 billion. Hard to turn down. And that is only 1 investor. Blackrock literally have trillions of leveraged monies to buy up, the retail sellers. And, that is only 1 fund manager. And they are all acquiring more money, every year, on an exponential scale. Get my point? It's why I've always been against the ETFs: they can defeat the fungibility of BTC, over time. These people play the long term game. AND, until the coin comes up with a viable acceptance, within the mainstream monetary system, that has high adoption, it has to be measured in terms of fiat. Same as with metals. Unless you intend to NEVER SELL. Only then, is it a hedge/insurance, against the fiat currencies. Most retail investors CANNOT hold that principle.
What doesn’t make sense to me is if everyone is rich, lakes would be flooded with boats, deserts packed with dirtbikes and side by sides, lambos everywhere, etc. This scenario is the opposite of “if everyone was rich, no one would be rich”, which makes total sense. The world already has quite a bit of excess, imagine if the excess doubled or tripled from where it’s at now, what does that look like?
Not everyone will be rich. Everyone will have a more even chance to become rich. We still need to add value but should be able to keep more of the fruits of our labor.
How to be a Bitcoin whole coiner and call it one aspect of a retirement investment plan 🤔 For many people the concept of getting just one BTC at $63,000 and hoping it goes up in value over the next few halvings is out of reach... Holding one BCH at $460 a coin is achievable for most people
It is not necessary to become a wholecoiner to reap the rewards, just a long term perspective. BCH is slowly fading to zero when measured against Bitcoin, the market has already decided which asset is king.
Excellent host. He Was not afraid of showing vulnerability and that added a lot of value to the conversation.
Thank you!
One of your best guests to explain bitcoin undoubtably.
Nice one😊
thanks!
@@mindsetmatters23 good not agree more!
Change your perspective, change your life.
So true isn't it!
100%!
- Is the fiat system manipulated?
- If you answered yes, then you must acknowledge that your baseline and your point of reference is manipulated.
- That means everything you measure in fiat terms is manipulated.
bitcoin
100%
Patrick you're awesome. I found you, because I follow Jeff around. Usually an hour of his podcast morphs into 3 hours dissecting his commentary - mainly because it is so hard to think in bitcoin all the time and letting fiat go.
Subscribed, because I recognise you been there too.
There are so many Bitcoiners out there - who pass on their knowledge at differing levels - who share willingly, honestly and openly - you're one of them. Keep up the good work Patrick.
@christinewillis7545, thank you for the feedback, it is appreciated.
By far one of the best episodes I’ve seen on this space… very well articulated
Hey, thanks a bunch for the shoutout! I'll keep working hard to deliver more content you enjoy.
Great interview. Love Jeff Booth. Questions are a bit long 😅
lol, ill work on that : )
You should have Jeff Booth's name in the title
edited and added, thanks I totally missed that
Done!
"Bitcoin doesn't care." Truer words have never been spoken.
Bitcoin is rules without rulers.
Code and math and consensus.
This is a new, emerging, global, digital, rules based, monetary technology.
It is like nothing the world has ever seen.
The magnitude and importance cannot be overstated.
The most secure and most decentralized network to ever exist.
Bitcoin is the ONLY form of true unencumbered property that an individual can actually own.
Far more important than most realize.
Great comment and so true. Study and learn Bitcoin or be left behind. ❤
@@CorwinCZcams yes, take the time it takes...but learn BTC!
Bitcoin does care. It is the yardstick for truth.
Bitcoin: the ultimate truth serum for the digital age.
yeap, it's a piece of software that can easily be replicated on any other HW. Just like Bitcoin Cash did it, or Bitcoin Gold or Bitcoin Classic which are all 21M limited )))). But who cares, now Bitcoin is on the rise, Sailor corners it and it will, it will, no doubt about it go to 1M, and 1B even. Absolutely insane road ahead, world will be shocked by the BTC price in coming weeks and months
Wow.. just when i think i have a good grasp on btc, someone comes along and shows me that i still know little and that we're still early on this new invention.. this is going to change everything, its revolutionary. Thank you jeff for the amazing insights.
Boom!
jeff Booth is the best...a class act too!
It's not even about how much we "know " but rather about changing the frame of reference of our thinking as Jeff keeps pointing out. We are still very conditioned to think within the frames of the current system.
Great podcast!
Appreciate your support! It means a lot.
appreciated!
Wonderful guy
"Unlocking possibilities! Explore how Bitcoin can still secure your future. Valuable insights for financial empowerment and investment growth."
Great show
Thank you, appreciate the feedback
thanks!
Great interview Patrick….Jeff Booth communicates the value and future of Bitcoin well.
Tip to investors: I hold a lot of real estate, but the big returns in the next 10 years will be Bitcoin, XRP, and HBAR. This is where the financial system is heading.
Looks like it may be time to swap some real estate for Bitcoin, XRP, and HBAR!
I would look at XRP again. If it does survive, it has a LOOONG way to go, to make it back.
At present, it is way down, on all the technical analysis. Just use an XRP/BTC chart, to measure it's supposed value. It's a zombie.
Not xrp
Is gold marginable thru a brokerage???
Yes
Does Jeff Booth still write about memetic warfare? It’s powerful. I think he used to talk about it on Periscope back in the day.
Oh, I remember those Periscope days! Let me check if Jeff Booth is still into memetic warfare.
@@mindsetmatters23 It may have been someone looked like him. I’m not positive if it was him.
What new companies is Jeff working with?
follow him on X I think some insights there
I haven't read the book yet and maybe it addresses the following issue. When deflation creates abundance, then humans waste things, partially due to incompetence, partly due to not caring. Look at how many people leave their car running while idling, look at how much water households consume, look at how much electricity is being wasted and all that, because of the appearance of abundance while we live on a planet with mostly finite resources. This has been described as the Jevons paradox. I think abundance is not what we should want (unless humans become more sensible with their actions in regards to usage), how about just enough for everyone to have food, shelter, clothing and medical treatments when necessary? Why are we so addicted to the "more"?
Also, one thing that wasn't clear from the video is how someone pays for something that costs the equivalent of $5 in bitcoin when the cost of transaction is $23? Maybe I am missing something, but as a payment system, I don't think Bitcoin can be / should be used. However, I would like to see bitcoin being used to map it to the finite resources left on the planet. It would be great for trading commodities with it....
Maybe we need a "Just Enough" movement instead of always chasing "more." Let's start a trend of being content with what we have and avoiding unnecessary waste! I have often asked the question....if no one but you will ever know you own 'it' (whatever it is) would you still buy it. People by stuff they can't afford to impress people they dont even know, and who could simply care less.
Empress Kit Yan is on the right hand of Jesus Christ in Australia
You’re lucky to have Jeff Booth on your podcast. Don’t speak please, don’t boast. 2017 isn’t considered that early. We listen to Jeff Bootb because he’s humble & brilliant!
appreciate the feedback
I thought Patrick was very respectful.
If Jeff is illustrating how early we still are today, then 2017 was certainly significantly early. I wish I was in the market back then,
- because if I was engaged enough to buy the 2018-2019 Bear Market lows, my life would be very different today.
But one can only move forward, and I’m extremely grateful I entered the market in May ‘23. I’m more hopeful now than I have been in over a decade, & I’ve been taking advantage of some superbly cheap prices along the way
Thank you.
How can btc be money when the transaction fees are this high and rising? If it’s just a store of value, what happens when countries ban self custody?
How do you think they may ban self custody?
@@patrickfrancey2352like china did
@@patrickfrancey2352 They just make it illegal to hold your own keys. My understanding is they’re trying to do something like that now in Europe. If in the future things get bad enough that they try another 6102 type seizure, yes I could refuse to turn over my keys, but my btc won’t do me much good if I’m in jail or if I can’t spend it do to regulation of the on and off ramps. Once they identify my wallet, I can’t do anything without them knowing.
I think people will store wealth is things like BTC and other major coins. Probably even BCH and LTC (as BTC become slow and expensive)
@@ghelgi Be interesting to see if Bitcoin Cash & Litecoin even survive. At present, they are measurable as zombie tokens.
Does CBDC pose a threat to bitcoin? Why banks dont just adopt btc?? When do we expect more and bigger businesses to adopt bitcoin, i.e. magnificent 7s or similar
CBDC is a central bank initiative. It is centralized and controlled. BTC is decentralized and sovereign and no organization or individual can control it. So no CBDC does not threaten BTC however the opposite could be true. Now that there are BTC ETF's and many politicians getting behind BTC (or lose in an election) more acceptance will happen faster. But hard to give it a timeline.
@@mindsetmatters23 exciting times for sure! I’ve known about btc since 2009 but was always afraid, started dca-ing seriously for the past 3 months.. we all get btc at the price we deserve as the saying goes :)) very hopeful though
I tell peter shiff that 7 divided 2 is 3.5.... Peter sez no cuz division is imaginary because you cant hold it
Tell Peter we need imaginary division lessons then!
Until quantum computers hack bitcoin .....
I guess we better start hiding our bitcoins in the quantum realm!
dude, you talk wayyy too much.
ask a succinct question and then ssshhhhhhhut it!! :)
I promise, I'll work on that ; )
Jeff missed a VERY important fact, regarding the mining of cobalt. The VAST majority of mining , in those African Nations is done using child slave labour!
Think about that the next time you drive your EV!
Looks like our gadgets come with a side of harsh reality. Time for some ethical tech shopping!
Everything falls to the marginal cost of production except Bitcoin
Bitcoin be like: "I make my own rules, thanks!"
Not quite. It doesn’t make or change the rules. It is the rule.
Host speaking way too much. Ask a question, let the guest speak. Otherwise just go on by yourself and tell us how smart you are
If I talk any more, I might have to start paying the guest for being an audience member!
I'll work on my talk to much pattern.
absolute YES. It will rise to 1M and to 1B. NO DOUBT, NO RISK, NO DOWNSIDE
1M or 1B? Why stop there? Let's aim for the moon!
@@mindsetmatters23he-he. I don't believe that BTC will be the world's money and everything will be priced in BTC. But I see that Sailor, who by the way owns 1% of all BTC supply now, corners it and he will probably do with BTC what Hunt brothers did to silver in 80s. And that is why BTC will shoot much futher than the Moon, it will go to Saturn, fly you to the enge of Solar System and to the Stars
>no risk
Haha, I wish, if only the top Bitcoin holders weren't both the Chinese and the American gov
Yea he's not a rich out of touch guy 😅😅. "Just leave the system "...huh? Jeff aside from some plumbing guy who buys bitcoin and goes to work, what would u like him to do 😅
Maybe Jeff just wants everyone to become plumbing bitcoin millionaires!
Q. If you can only aquire Bitcoin with manipulated fiat currencies, wouldn't the entity that controls the printing press of that fiat currency, be able to purchase ,control and manipulate Bitcoin.?
No one controls BTC that is part of what makes is so powerful...moments in time the bulls can buy in or sell out...but over the long term that game does't fly/
Yes. They could, and will.
@@mindsetmatters23 EXCEPT, the manipulations have appeared, in derivatives form: ETFs!!!!!!!!!!!!
And, with a limited supply, it is far easier to gain a larger market %. It would take a long time; but not impossible. Do the math:
About 19.6 million BTC already mined. It will take around another 120 years to mine the remaining 1.4 million BTC. Minus ~5 million, in Satoshi's wallet, & some 4+ million, in lost wallets. Which leaves ~10.6 million BTC, on the open market, now. Then remove the X-number, of long term hodlers. Which, at present, is increasing, due to the World's geo-political concerns, etc..
And, as the price increases, most retail investors will sell; especially, the early adopters. Everybody has a price.
Imagine buying 1000BTC @ $0.10*$100 000 = $1000 000*1000 = $1 billion. Hard to turn down. And that is only 1 investor.
Blackrock literally have trillions of leveraged monies to buy up, the retail sellers. And, that is only 1 fund manager. And they are all acquiring more money, every year, on an exponential scale.
Get my point? It's why I've always been against the ETFs: they can defeat the fungibility of BTC, over time. These people play the long term game.
AND, until the coin comes up with a viable acceptance, within the mainstream monetary system, that has high adoption, it has to be measured in terms of fiat. Same as with metals. Unless you intend to NEVER SELL. Only then, is it a hedge/insurance, against the fiat currencies. Most retail investors CANNOT hold that principle.
What doesn’t make sense to me is if everyone is rich, lakes would be flooded with boats, deserts packed with dirtbikes and side by sides, lambos everywhere, etc. This scenario is the opposite of “if everyone was rich, no one would be rich”, which makes total sense. The world already has quite a bit of excess, imagine if the excess doubled or tripled from where it’s at now, what does that look like?
Not everyone will be rich. Everyone will have a more even chance to become rich. We still need to add value but should be able to keep more of the fruits of our labor.
Ah, the age-old quest for wealth and fairness! Let's keep hustling and hope for a sprinkle of luck.
Wash rinse repeat give it a break....so many blah blah like broken record...
give what a break?
A coin that's not private every one can see your transactions thats insanity, i prefer digital cash which is anynomous and untraceable like monero.
Nonsense. The blockchain needs to be public so EVERYONE can see it. There is no other way... Just quit.
How to be a Bitcoin whole coiner and call it one aspect of a retirement investment plan 🤔
For many people the concept of getting just one BTC at $63,000 and hoping it goes up in value over the next few halvings is out of reach...
Holding one BCH at $460 a coin is achievable for most people
It is not necessary to become a wholecoiner to reap the rewards, just a long term perspective. BCH is slowly fading to zero when measured against Bitcoin, the market has already decided which asset is king.
BCH has seen twice the gains as BTC in the past 12 months @@CorwinCZcams
good to consider the options, that is for certain!
This guy keeps repeating his “shtick” like he’s some sort of genius. He’s a flim-flam artist.
Thanks for watching and sharing your thoughts! I appreciate your feedback.