Michael Saylor on Bitcoin and Crypto following FTX Collapse

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time for the show

thanks for joining me on this special

episode of hard money and coin stories

where I am joined by the one and only

Michael Saylor and what a week to be

doing an interview Michael thanks so

much for joining me happy to be here

what a week FTX melting down no binance

buyout you call this a teachable moment

on TV so what are the biggest lessons

here

Bitcoin not crypto

that's the lesson

I I think um

this week highlights the contrast

between the virtues of Bitcoin and the

vices of crypto and it illustrates the

wisdom of Satoshi

so if we go back to First principles

the entire Bitcoin movement got started

because of a loss of faith in the

currency and a loss of faith in Banks

and so this has gone on for since time

immemorial banking crisis that froze

customers funds and currency crisis that

collapse their purchasing power and

Bitcoin was was created as a currency

that couldn't be debased

running on an open network so you could

be your own bank

and the principal is if you're your own

bank and the current and no one has

discretion to debase the currency then

you're not going to wake up one morning

and find out that your funds have been

seized and they've been devalued to zero

crypto uh and the entire movement is

almost like the reinvention of fiat

currency and and uh fractional Reserve

banking but instead of it being in a

regulated environment it's just in an

unregulated environment so ironically we

saw the same human behaviors here a

human being creates a wildcat bank

unregulated then a human being creates

their own currency like the ftt token

then they issue a bunch of it then they

start to leverage it and borrow against

it and then at some point they start to

misuse the funds of their customers in

their bank and they use it to prop up

their currency eventually they the

currency collapses the bank freezes its

assets people who had trusted the bank

lose their assets people who had trusted

the currency

lose their purchasing power and so this

is a teachable moment because the

solution is

don't put your value and currencies that

are controlled by human beings

you can't trust the CEO you can't trust

the company and you can't trust a

custodian

and if there's a counterparty

it's credit it's not money and Bitcoin

is nobody's liability there is no

counterparty anyone that joins the

network is their own Banker the reason

it's money is because no human being or

no organization has discretion over it

so and if anything uh all of the Bitcoin

memes have come back to life not your

keys not your coins

constant and uh don't trust

verify

and uh and it's it's uh it's sad to say

that this is an incredibly expensive

lesson in basic fundamentals of monetary

Theory and Banking and a principled way

forward with your Investments well the

CEO that a lot of people were trusting

was SBF who issued an apology the day

before filing for bankruptcy and another

apology what do you think about his Mia

culpa

I think uh he caught got caught up in

this entire crypto wave and it was much

bigger than him and everything happened

very very fast and and in this

particular case it's still not even

clear to him what happened I he's

probably he'll probably register this or

figure out what happened some number of

years afterwards

so I think

the humility of Satoshi

is the observation that no one can carry

the burden of that trust

Satoshi can't no company no board of

directors no government no political

process at the point that you conclude

that no one has this the strength of

character and and wisdom and commitment

uh to carry the burden of a billion

people's money

then you realize that the solution is

put to control of that into the hands of

nature submit yourself to nature's laws

and to the laws of mathematics and and

then put it into into the hands of a

software that's not just a software

program running on a machine but a

software protocol running on millions of

machines and so if you can create a fair

Equitable trustworthy rational software

protocol

if you can release it as a virus to

millions of of machines and hundreds of

millions of people

you have a chance

you have you have an opportunity it may

work and Bitcoin is the first example of

of a successful monetary protocol that

was released and in the first year or

two or three years it could have been

smoshed out of existence or could have

failed and now we're fortunate enough to

actually see that it has grown to

maturity and it is working and and it is

the best choice in this crypto Carnage

and for those who have Clear Vision and

they can see through uh the sound of the

fury and the chaos they'll see that um

Satoshi was wiser than they realized

um

Satoshi said something

you know very seminal at the very

beginning of this entire movement yeah

the the root cause of all these

collapses is the trust that is required

and that trust has been betrayed over

and over and over again

uh you know the the FTX collapse isn't

the first collapse of a bank it won't be

the last collapse of the bank and and

until human beings developed a humility

to realize that trusting the bank and

trusting a fiat currency was the mistake

in the first place then they won't

transcend and evolve Beyond this

situation you know a lot of bitcoiners

were sounding the alarm about these

tokens and exchanges so where did we

fall short and why couldn't we prevent

this

I think that bitcoiners have have uh

have had a very clear vision and that's

because they move forward in a

principled fashion and and if you didn't

uh buy the alt coins if you didn't put

your money in a crypto exchange then you

didn't fall short you did the best you

could do for yourself for your family

for your friends for your followers

um there's been a never-ending campaign

on behalf uh by bitcoiners uh to

convince people uh not to trust run your

own node take responsibility of your own

actions hold your own Keys support an

ethical

decentralized Fair

transparent protocol and I would say

that we've you know we can look at it as

well we failed because we didn't

convince everybody in the crypto world

to adopt Bitcoin but you can also look

at it as we succeeded because we had we

got the most number of people

and the most amount of money

to adopt Bitcoin and so Bitcoin is still

the dominant crypto asset network uh in

terms of number of holders in terms of

of value and in terms of the amount of

value stored on the chain and so

although we're not we haven't convinced

100 of the people to agree with us we've

convinced the most of the people to

agree with us and this week is is

another educational lesson and I as a as

a newcomer to the space I've only been

in it for about two and a half years

I observe that we are making great

Headway with mainstream investors and

mainstream media and we're also making

great Headway with uh the crypto Bros

and you know all the crypto degens

everyone that said I gotta trade this

altcoin or I got to trade on that or I

need leverage and and you know they made

fun of the Bitcoin maximalist and and

the ones that want to self-custody and I

think that uh now you won't find anybody

in the crypto industry that would make

fun of uh bitcoin's principled approach

right and I think that if you go on CNBC

and you look at the conversations the

conversations are clearly

you know we can't really be trusting

these Wildcat you know Wild West crypto

casinos and we need to we need to be

more responsible the industry needs to

grow up you know it's easy to understand

why people would go into the industry

especially young people who feel like

they've been left behind by the

traditional system right they want to

get rich maybe they want to put money

into these tokens hoping one will take

off to eventually put it into Bitcoin as

the savings technology but unfortunately

we see what happens when it implodes and

you see a greater cultural ecosystem

behind crypto that needs a ton of

education is that crypto ecosystem

holding Bitcoin back or is it gonna

ultimately help Bitcoin adoption

I think that the that there are some

ideas in the crypto ecosystem which are

good ideas that have been

um poorly executed or executed in an

immature fashion uh that has been

counterproductive so let's let's talk

about the good ideas

the good idea is a digital commodity

that is an asset without an issuer

Bitcoin is the greatest execution of the

idea of a digital commodity because it

is not just a commodity it's a scarcity

it's an asset without an issuer that's

absolutely capped

um the second and it has a role right is

a long-term store value as a base layer

for the digital economy or the entire

world economy in the future there's a

second good idea a digital currency like

the dollar

that can move on an Android phone or an

iPhone at the speed of light between 8

billion people in order to allow

cross-border payments cross-border

remittances purchases and the like and

to give uh give an entitlement or access

to the dollar to people in Argentina or

Cuba or North Korea or Nigeria where

they're without

and so there are probably one to two

billion people in the world that have

access to the dollar through the 20th

century banking system there are six

billion people in the world that do not

have access to the dollar they are

disenfranchised they are unbanked and

they are suffering so there there has

been a demand for that digital dollar it

manifested itself in the growth of

tether and circle that uh that uh idea

right looks a little bit degenerate to

someone on the Upper East Side of New

York City who's a trust fund baby with a

JPMorgan account

but if you're living in Nigeria and the

banks can't be trusted and the

government devalued your currency and

you're looking at starving to death or

the same in Venezuela that dollar looks

to you like a lifeline and and that is

really critical for you

so

um the crypto industry you know has

spread that dollar and it's moved on

crypto rails it's moved on networks like

Tron or ethereum

unfortunately it hasn't moved on the

Bitcoin lightning Network so the execute

the idea is a good idea give billions of

people the dollar right the execution is

a bad execution let's basically use

unregistered security and centralized

crypto networks to give them the dollar

and now you leave someone in Lebanon

with a choice do I trust tether and Tron

more than I trust the Lebanese

government and my Lebanese bank and of

course in their case it's historic

choice we know the government stole my

money and the and currency was devalued

and the bank freeze my assets so they're

between a rock and a hard place and they

choose the the crypto solution to

getting the dollar

now there's a third good idea

um a digital uh Exchange

when you own Apple stock you only the

bank only lets you trade it when they're

awake and they work 20 of the time from

9 30 in the morning till four in the

afternoon Monday through Friday if

there's no bank holiday and if you want

to trade Apple stock on Saturday

afternoon they just don't work Saturday

so a digital exchange Works 168 hours a

week

right and and that's nearly five times

as much as banking hours so the idea

that you can uh you can get the bank to

work for you all the time is a big idea

also the idea that I could have a

digital exchange on my Android phone or

my iPhone in my pocket as I travel

through central Africa is also an

empowering idea and finally

uh you know a a fourth idea it's just

property rights if you own Apple stock

a bunch of it your bank is able to loan

that Apple stock out and get a yield on

it but just not for you you don't

right so a million dollars of assets

sitting in a conventional bank is the

banks uh it's the bank's assets and they

get benefits from it but you don't get

benefits from it so the 20th century

conventional banking system is

constructed to work part-time for its

own benefit and the idea of a digital

exchange would be you ought to be able

to hold your own assets get the yield on

your own assets trade your and transfer

your own assets whenever you want and do

it at the speed of light and do it a

thousand times faster and quicker so

that that's another Innovation the Lost

Innovation is a digital token

um it it you know exploded as nfts in

the crypto World okay the idea that's

the ethical idea is you're an artist a

musician and you know an actor or an

athlete and you wish to monetize your

brand

right once upon a time you know you have

music rights you want to sell the music

right so you know there's a famous David

Bowie bonds where David Bowie sold the

bonds that uh included rights to his

music over time to monetize his his art

well most people can't sell bonds to

monetize their brand so the idea that I

could somehow issue a token uh that

monetizes my brand was interesting to

hundreds of thousands of creators and

artists and celebrities right they were

very excited about it because you know

from their point of view it's Hollywood

and the music companies that control Me

Once Upon a Time Prince you know changed

his name to the you know to a

unpronounceable symbol and went by the

artist formerly known as as a protest

against his record label because he felt

you know he painted slave or wrote slave

on his forehead yeah they want what's

theirs right and so and so the people

want to own their rights that's the

that's the ethical idea that came out of

crypto the execution of the idea was

we're going to do it on a centralized

you know crypto token Network a Solana

or an ethereum or or something and the

problem is those are all

you know those are all unregistered

Securities right and so

if you could take those ideas

and you could put them on the Bitcoin

Network on lightning Bitcoin is ethical

because it's a it's an asset without an

issuer

lightning is ethical

because it is an open protocol and and

the gas the fees that run it are

satoshi's and satoshi's are of course

ethical money so if you had an open Fair

protocol running on an ethical money and

then you gave tokens to creators and you

gave dollars to people in Africa that

would otherwise starve or they're locked

out of the world economy without dollars

and if you gave them Bitcoin as the

digital scarcity asset and if you gave

them access to these defy ideas and

exchanges uh 24 7 365 but it was ethical

right not only that's the first check

it's got to be ethical the second check

is it's got to be technically sound

Lightnings technically sound you could

support billions of people and do

billions of transactions a day quick and

cheap technically sound and then third

it's got to be economically sound

you could create a digital commodity

that had an inflation rate of 10 a year

forever

it's not it's not economically sound to

have a continual inflation rate like

Dogecoin has continual inflation so

Bitcoin is economically sound because

it's it's capped scarcity is technically

sound because it's layered from the base

layer which is optimized for security to

the layer two which is optimized for

performance and scalability and enables

layer three applications

and I I think that as we look forward

what we'll say is well the first decade

of crypto they were trying to do all

these good ideas but they were doing

them with unregistered Securities and

centralized Banks and centralized

exchange and and those and with poor

economic principles right and they

collapsed under they either collapsed

because they're unethical and The

Regulators shut them down or they

collapse because they're technically

flawed right and they clog up and

they're trying to do everything on the

base layer or they collapse because

they're economically unsound the next

generation of the digital economy

digital assets people will pursue

digital exchanges digital currency

digital Commodities digital tokens

digital securities they will pursue them

but in an ethically sound technically

sound economically sound

fashion Michael you mentioned that

you've been in the space now for two and

a half years so I'm curious what's been

the thing that has surprised you the

most and what has been your biggest

lesson

I think what surprised me uh the most is

is fairly intelligent uh people and

entities uh

not realizing everything I just said to

you fast enough

right it for example it seems quite

evident right if you were doing it I

didn't have a penny on FTX I wouldn't

invest a penny in ftt

right I mean from the very beginning if

if um people that have any business

Acumen or background any legal sense any

ethical training or any Technical

Training in a university if they would

look at this they would say

yeah it doesn't make sense to invest in

20 000 random tokens they get spun out

of nowhere the trade on an on an opaque

offshore exchange with nearly infinite

leverage right doesn't make sense but

it's it surprised me that so many

otherwise intelligent people put so much

money into these things big institutions

why would yeah why would a pension fund

why would a VC

you know investor you know I why would

they put hundreds of millions or

billions of dollars into crypto tokens

and crypto exchanges and why would they

why would they pursue these ideas in

such an irresponsible fashion and

sometimes

you almost want to you know want to

tweet like people will literally lose a

billion dollars chasing after these

crypto casinos before they'll put a

million dollars in Bitcoin they're you

know it's just fast money

you know borderline greed I guess

thinking that somehow Bitcoin is too

straightforward

too straightforward an idea it's like

Bitcoin is too honest too ethical

too rational

and so the conclusion is I have to skip

over that and I have to go for the next

thing the next Bitcoin or the next good

idea I think bitcoin's boring and and so

that's what surprises me that people

with billions of dollars in education

that should know better when they're

granted something which is ethical

ethically sound technically sound

economically sound and the first

perfected money

and the first you know truly open Fair

decentralized monetary Network in the

history of the world when they're

staring at it their reaction is it's too

boring how do I take another crypto risk

I guess it just takes you know these

billion dollar blow-ups of Celsius and

Voyager and FTX

for uh for some of them to start to to

get the idea that that uh Bitcoin is the

Innovation and they should come back to

basic first principles well there are

now even bigger reasons for Regulators

to come in and intervene look at the

space with a microscope so are you

concerned at all that given this

environment of volatility with crypto

platforms blowing up that this will

negatively impact bitcoin's adoption

with regulators I'm not concerned in

fact I think that a lot of uh the pain

that the Bitcoin Community has absorbed

is because of the slow response of The

Regulators if The Regulators had moved

faster

in in order to if they had moved more

aggressively in 2018 or 2019 you

wouldn't have seen all of these you know

crypto casinos spin up the way they've

spun up

um the one of two things will happen

with Regulators they will either move

much more aggressively in a fairly

regressive conservative approach

and that means they'll just shut down

all the other crypto Innovations in

which case Bitcoin will still be a

beneficiary

because in a conservative world

Bitcoin is the Apex crypto property and

the Apex crypto asset and people will

simply hold it as a long-term store of

value

and if if the regulator said everything

in the crypto ecosystem is now you know

forbidden

all you can do is buy Bitcoin and hold

it and sell it at you know at the end of

its useful life treat it like gold

Bitcoin would still benefit right the

other uh The Other Extreme would be The

Regulators act proactively they act

progressively and they provide a a path

to registration of a digital commodity a

path to registration of a digital

security

a path to registration of a digital

token a path to registration of a

digital exchange and

um and a path to registration of a

digital currency

right and if they said you want to issue

tether you have to file monthly

statements register with this you know

banking supervisor and and take on these

responsibilities to have these reserves

and abide by these guard rails you can

issue a stable coin if they said that if

they said okay well you want to issue a

digital security you have to do it this

way you know fill out these forms and

every month or every week or every

quarter you know this is what you do

then uh then what you would see is a

collapse of all the true scams you would

see the VC that have been trying to

launch these other things they would

have to go through a registration

process now you would actually

understand and you have the full

disclosure and transparency many uh many

entrepreneurs would say this is too hard

you know like you get the sense that

some of them never bothered to hire a

lawyer or get a legal opinion right it's

like I have to I have to pay for lawyers

and accountants in order to be in the

business this is too hard you'll see a a

rationalization 99 of all the the tokens

will go away you'll see you will see

some stable coins there's a there's a

bona fide need for a coin like a circle

or a tether the world wants it not maybe

not in the US but outside the U.S the

world wants it so I think you would see

some of those I think you would see some

digital Securities I think I think you

would see

um you would probably see actresses and

musicians they would say hey I'm going

to issue my you know Katy Perry token

right but that but they would do it with

a lawyer in the compliant ethical

way because they don't want to risk

their reputation the industry will morph

it'll change and at the end of the day

Bitcoin will benefit from that too it's

not clear to me which approach is better

for Bitcoin the truth is the the only

thing that that is clearly good for

Bitcoin is if we were able to do to

disentangle ourself from the crypto

casinos right right because the crash of

Terror the crash of Luna the crash of

Celsius the crash of FDX these have been

painful uh events and Bitcoin is

cross-collateralized and they're selling

Bitcoin when they're crashing their

their doggy coins and their hamster

coins and their yo-yo coins and so

shutting that down

will be good for Bitcoin it'll take the

volatility out of Bitcoin

and then these other regulatory

guidelines

at the end of the day if you if you

simply said

you're not a commodity unless you're an

asset without an issuer IT would knock

out the top 50 coins other than Bitcoin

and every Institutional Investor would

say huh I get it Bitcoin is special

Bitcoin is the commodity ethereum Solana

Ripple you know uh name every other coin

that ever had an Ico every coin that

ever had a pre-mine every coin that has

a centralized Foundation a management

team every other coin would be deemed as

a security and as a security they would

all have to make Fair disclosures when

they made those disclosures

95 would collapse

a few would be left and people would say

well this looks kind of like a tech

stock

and then they go um maybe I like the

tech stocks better probably they'll

collapse

right and I

I don't know what's left but I mean the

argument in favor of a digital security

is

um wouldn't it be great if I could issue

it faster in a traded 24 7 365 and then

someone could if you said to me you can

take custody of your Apple stock on your

Android phone if you live in Zimbabwe

right and I can't get a JP Morgan

account I would think okay well that's

good I can give Apple stock to my friend

in Zimbabwe right

on an Android phone so maybe the idea of

a security circulating on a mobile

network outside of the control of the

20th century banking system maybe that's

a good idea

but on the other hand probably the

digital security I want is apple as

opposed to

you know all the crypto Securities that

are out there

well these are the growing pains and I

know that going back to what you said

about a teachable moment it makes me

think of the letter that was just put

out by Ross Stevens of naidig who talks

about what happened with crypto at large

how we need to treat the people that

lost money kindly and he shared a

personal anecdote about his own lessons

in Risk Management you have bought

Bitcoin at the bottom as well as toward

the top and so I'm just curious from

your own experience you know what

lessons can you share from all of your

experience with risk management

well I think one of the lessons is

you have to separate your p l from your

balance sheet so if the way that you're

making money is is and Ross's Lottery

points out that that they make money

with 10 different strategies one of them

is Bitcoin the other nine strategies are

firmly grounded in the conventional

economy of the world so if you're a

doctor

you stay a doctor you're the best doctor

you can be you serve your patients the

best and you maximize your your income

as a doctor and then on your balance

sheet you you have assets and on your

balance sheet you would have a variety

of assets whatever property you're going

to hold for a long period of time you

could have a diversified portfolio

property of of digital property like

Bitcoin and you might very well hold

real estate and you might own a share in

a company right but

separate your balance sheet from your p

l and microstrategy we have a

traditional enterprise software company

and we keep 99 of our employees focused

upon that business which generates

substantial cash flows and that's what

allows us to pursue our Bitcoin strategy

by sweeping those cash flows into

Bitcoin in a form of corporate dollar

cost averaging uh I think where things

get dangerous which is what happened

with FTX is all of a sudden the way they

make money is also their balance sheet

strategy and if you're going to have a

balance sheet with a bunch of ftt token

and then you're going to use this

collateral to borrow against it to

generate yield when the token collapses

the p l collapses and vice versa and and

the entire thing becomes a house of

cards seems so obvious too

at hindsight is always 20 20. you know

and then of course you know to the

extent that you actually take on any

debt you you generally want to take a

debt that is uh secured against assets

that don't get marked to Market like

that the best form of debt is is I have

a mortgage against a house and the

bank's not going to show up at my door

and value my house down by 80 percent on

Monday and then ask me to repay the

mortgage on Tuesday right right but you

know use common sense right if you were

to borrow against a stock like a a

liquid asset like Apple stock or or s p

index or even against Bitcoin you want

to be ready for 80 drawdown

and most you know most conventional Risk

Managers you know they would for example

they would never Advance more than 50

loan to value and then when you get

close to that you know you would think

okay well now I got to be ready for a 50

drop from here

and so if you are if you have a very

conservative view right on liquid assets

you know you would say you never want to

go beyond 20 loan to value on a liquid

asset even if you think it's rock solid

of course if you're borrowing against a

token printed out of thin air right like

ftt well that can go to zero overnight

because there's nothing backing it so

I think can be conservative with the way

that you use debt be be rational and

thoughtful in how you distribute your

balance sheet and then on the p l side

figure out what it is you can do that is

making a unique contribution to the

world and if you're the world's best

bakery on this city block and that's

what you do and if you're a doctor or a

dentist that's what you do and just make

sure you do that thing and and uh if

you're in a currency like uh a very weak

developing Nation currency where it's

collapsing at a hundred percent you know

100 inflation a year or more you're

sweeping your local proceeds you know

into a combination of dollars that

you're going to hold for 12 months

you know and then Bitcoin that you're

going to hold for 12 years right and if

you think in terms of your long-range

asset your short range asset and your

immediate currency then I think you'll

probably be in good Stead

it seems to so many of us that a lot of

your purpose now has to do with Bitcoin

education is there anything that keeps

you up at night I think we need a lot we

need to educate a lot more people

what keeps me up at night is that there

are so many mainstream influencers so

many policy makers so many uh so many

investors and money managers that still

don't understand

half an hour or an hour worth of bitcoin

fundamentals

but the world is still full of uh

incredible numbers of people at every

level from the top ranks of our

government

to leaders captains of industry down to

rank and file those full of people that

don't understand the theory of money

they couldn't they don't understand what

money is

right they would sell money is a medium

of exchange okay so therefore I guess

the peso is just as good as the dollar

is just as good as Bitcoin just you know

because they're all just mediums in

exchange to somebody right and so the

lack of awareness of the theory of money

that that's it that's something that

keeps you up at night the world is full

of people that don't understand the

power of an open permissionless

monitoring Network

right the fact that you can move a

million dollars from here to Africa and

you can do it in an open Rail and then

you could you could do it a million

times cheaper than the conventional 20th

century banking system and you could do

it a million times better

and then you could program it a million

times faster so most people they don't

realize that money is technology they

don't realize they don't really

understand what what true

a non-defective money is because every

monetary system in the history of the

world has collapsed and every money

that's ever been invented before Bitcoin

was objectively defective mathematically

and physically

and so because people don't have that

fundamental understanding of the physics

of money and they don't understand that

money is technology they're not looking

for this solution they have this massive

blind spot

and uh and we have and but they do have

power

right the world is full of people with

money

with power and with influence

that are ignorant

of these two basic principles and the

first principle explains you why you

would want to own Bitcoin and the second

principle explains to you why the world

the future is eight billion people with

devices plugging in via the lightning

protocol to each other

to trade and and to run the economy of

the 21st Century

so we have to go and educate

those leaders so that uh so that they

Embrace and adopt

the this physically perfected money and

this ethical open network well one of

those Leaders with power and money is

Elon Musk who just took over the

platform that you use to to communicate

with so many of your followers and

you've been tweeting at him about things

like the verified check marks what's

your message to Elon Musk and does it

have something to do with Bitcoin

I I would say that Twitter is is the

most underappreciated of the major

digital networks in the Year 2022.

everybody understands the power of

Facebook and Google and apple and

Microsoft

um and you know the Instagram and the

what's up Network Twitter was that

red-headed stepchild you know the one

that was kicked around that wasn't

appreciated but at its core uh Twitter

is a is the global Network for public

speech

and if you wanted if you were a public

figure and you wanted to go on the

record and and uh and memorialize and to

verify your Speech Twitter is that

Network there's no reason why that

Network shouldn't be subscribed to by

everyone that reads right it should have

you know I think they had 300 million

users it should have 6 billion to 8

billion users let's say one billion you

know aren't aren't paying attention but

but why aren't there five billion people

on the Twitter Network

right and and once there are five

billion people on the Twitter Network

Twitter is capable of providing free

free verified

trustworthy speech if

properly engineered

the challenge is the proper engineering

and and it is not easy to properly

engineer it we need to know we need to

be able to trust people or who they say

they are we need to shut down the Bots

and all of the toxicity on the network

um the network

needs to have needs to be monetized and

so my message to Elon Musk is is people

are saying you overpaid for it not

really Twitter could be worth a trillion

dollars maybe you make 20 extra return

but

you won't you won't Meander into that

you need to obsess over how to make

Twitter the most trustworthy speech

platform in the world and that means

finding a way to embrace

Anonymous speakers who want to remain

anonymous how do you Embrace

corporations how do you embrace the

individual how do you Embrace people in

countries where it's dangerous for them

to be identified how do you punish the

scammers and the fissures in the Box how

do you how do you celebrate how do you

celebrate high integrity

clear speech

right how do you make it easier

to find the speech I I can go on Twitter

and I can search for something I know I

said and I can't find it now like the

search doesn't work the Bots go crazy

right it's it's uh just uh challenging

and difficult and yet

every school board leader and every

police chief and every mayor and every

politician and every business leader if

they want to say something on the record

Twitter is where they go so I would say

it's a diamond in the rough

you have an opportunity to bring uh to

bring the uh the entitlement

of truthful speech

verified to the world

but there's a lot of work to do there is

where I want to leave this conversation

is the idea of money and happiness

something that Jeff Booth has said

before is that people don't want more

money they want the things that money

can buy them and I think about the the

pursuit of happiness

how happy are you and has Bitcoin

affected that

I am much happier after Bitcoin than

before Bitcoin

uh

I mean the pursuit of happiness is

critical and I I think

a Bitcoin offers hope and I've said this

many many times I dedicated hope.com to

all things Bitcoin

if you live in a system where where

the fruits of all of your labor are

converted into a currency which is

debased

inevitably continually and going to zero

you're just overcome by despair

right and the amount of Despair the

degree of Despair is just a function of

how fast the currency is collapsing and

when you live in a nation where they're

living under 100 inflation per year

you realize that everything you do and

everything you're going to do is going

to be siphoned away from you right and

it's just hard to be happy and it's hard

to pursue happiness you're you could

almost say your time Horizon

is shrunk and the discount rate

the the financial discount rate has got

to be equal to the inflation rate

so when the discount rate is zero when

the inflation rate is zero the discount

rate is zero when your money will last

forever which is what Bitcoin is then

your hopes your aspirations and your

horizon is forever

and I could say to you well I you know I

get up every day to make Bitcoin a

success because I know even if I fail

then I will leave a legacy and someone a

thousand years from now will be happy

that we made this work

right and and to the extent that I'm

able to to siphon energy into Bitcoin

then whatever that supports is going to

continue so so I'm pretty energized by

that

if you take the Other Extreme when the

inflation rate is a hundred percent

and that means that everything you're

doing is getting cut in half every you

know nine months or every year depending

on how you do the math

um your um your time Horizon is

36 months I'm gone from this Earth it's

almost like being given you're given a

um you know a terminal

diagnosis

okay but it's worse than the terminal

diagnosis because it's because it's not

it's not just that you'll be gone it's

that every you know your entire state

will be gone you don't even get the

ability to to write into your will you

know take care of my family and my

friends because it's all gone in 36

months so in the absence of Bitcoin and

and in the presence of a collapsing

economy

you're just overcome by Despair and in

the presence of Bitcoin uh it's like the

sun comes out and there's light and you

can see a path

to happiness right and and uh and the

network is greater than you

right Bitcoin is an ideology it's a

network and

one of the most profoundly ethical

things about it is is that in the

pursuit of making it successful you're

helping not just yourself but you're

helping a lot of people you don't even

know

you you even

and Bitcoin you even have the joy I'll

give you an example if you if you took

all the money in the world that you had

right and you invested it in a um a boat

and you and you took it on the open

ocean you caught in the hurricane and

the boat sinks and you die

in the Fiat world that is a disaster and

a catastrophe

but in the Bitcoin world if you invested

all your money in Bitcoin and you died

and your private Keys went to the bottom

of the ocean

you've just made a contribution of your

entire estate to the rest of the Bitcoin

community and everyone else is that much

richer and and so it's the ultimate

charitable Pursuit

if you were to Simply go to the Grave

with your keys in your head because you

have contributed

to everyone that was on that Journey

with you Pro rata and ultimately Fair

fashion and if you're not sure right

instead of like uh you know you're a bat

crazy relative taking your money

and wasting it on derelict Pursuits

after your death you've actually

contributed your wealth to the most

honorable ethical responsible people

that may not even be alive someone that

will be born a hundred years from now

will benefit from the fact that you

simply took your Bitcoin keys to the

Grave it's a you know it's a it's the

ultimate privatization and

decentralization of charity

instead of having some

virtue signaling charitable organization

saying you're not a good person unless

you give us all your money so that we

can use it after you're dead or while

you're alive right which is just you

know just more of this you know kind of

uh unwarranted senior Ridge

you know

instead of that Bitcoin basically

privatizes virtue privatizes charity

decentral

decentralizes uh all of these things so

that you no longer

you no longer have to depend on the

government to think you're a good person

I you no longer have to depend on a