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00:00.6
Okay, bro. How are you? Kamusta?
00:03.7
Okay naman. Good to see you again, Richard. It's always good to have a conversation with you.
00:07.9
Hey, Joe. Alanganin tayo. Okay, again, happy Women's Day.
00:12.5
I mean, talagang ibang klase talaga yung mga discussion natin. I really like it.
00:15.6
You know, vicarious. Versatile. Medyo vicarious din, actually.
00:21.0
To be honest about it. Pero mamaya na tayo sa vicarious kasi medyo papunta tayong hugot.
00:26.2
To be honest, I'm still recovering from Dune 2.
00:29.5
The last thing I expected is actually mahugot pala yung movie na yan.
00:33.1
May pagka past lives. May pagka ganun na may effect pala siya.
00:37.8
But let's talk about this. Let's talk about this.
00:39.6
Because one of the reasons, of course, I always love our conversations,
00:43.9
is because, you know, Bitcoin is super hot in every sense of the word this year so far.
00:49.1
2024 has been an amazing year for Bitcoin.
00:52.1
Except, no surprise, right?
00:54.3
Because when last December we were discussing,
00:56.5
we were, I think, both completely agreed that there will be a very upward trajectory.
00:59.8
It's just a question of how upward and how long.
01:02.7
Pag-usapan natin later on.
01:04.4
But again, as soon as there was a security exchange clearance of the entry of more institutional investors,
01:09.9
which in itself says a lot, we saw a very significant increase.
01:12.7
So I think we're looking at 40% to 50% increase in terms of the value of Bitcoin over the past four weeks or so.
01:19.4
I mean, I was live checking also here in the Pilipinas.
01:23.8
There is still volatility.
01:25.3
So, I mean, this is just a number.
01:28.6
There's still volatility.
01:29.9
But, you know, the trajectory so far is good.
01:33.1
So yung mga nakinig kay Parang Chris noong December,
01:38.0
kung naka-invest kayo ng 10,000 pesos,
01:40.9
at least mga 14,000-15,000 pesos yan.
01:43.7
So that's not too bad, right?
01:44.9
And of course, accordingly, higher and higher.
01:46.9
So, Chris, let me first get back to you.
01:49.6
So, in what sense have things turned out the way you expected?
01:54.3
In what sense there have been slightly unexpected?
01:56.2
And what are the things that you want to look forward?
01:57.9
Before we go back into the more fundamental questions of Bitcoin
02:01.1
and why you should invest in it or not, right?
02:04.3
So yung unang-una is what happened that I expected.
02:08.6
The pump is what I expected.
02:11.5
What I didn't expect is how big the movement is.
02:16.1
Siguro, maybe if we...
02:17.4
I'm actually curious to see what we talked about in December.
02:21.3
How much I said it was going to be around this time.
02:23.5
I think I only said about 50,000.
02:26.2
I did not expect it to go all the way to 67,000.
02:29.6
Kasi yung all-time high noong 2021 was 69,000.
02:33.1
We breached that already just last week.
02:36.1
And right now, ang nakikita ko compared to the previous cycles
02:39.9
is wala na yung volatility na na-experience ko noong time ko.
02:45.2
During my time, during the peak and the bear market,
02:50.3
talagang grabe yung movement.
02:52.3
Talagang mga heart attack ka.
02:53.6
Parang may heart attack ka nga
02:54.7
pag gumagano yung movement ng Bitcoin.
02:56.2
Ngayon, yung movement na sinasamu-volatile,
02:58.6
hindi nga volatile sa akin yan eh.
03:00.5
When it goes from 67 to 65, that's not volatile.
03:03.3
For me, that's a normal average market moving for cryptocurrency.
03:07.8
So, and if you look at, zoom out,
03:09.3
pag makita mo yung chart,
03:10.6
my God, halos vertical na yung Bitcoin na price paakyat.
03:15.3
Wala pa tayo sa happening na napag-usapan natin
03:17.9
that's going to happen in April
03:19.7
when the flow of Bitcoin is actually cut in half.
03:23.6
Right now, there are about 900 Bitcoin
03:26.2
mined per block, ah, per day, excuse me, per day.
03:32.1
Eh, ang binibili ng mga asset managers through the ETF
03:36.1
is about 11,000 a day.
03:39.9
Tapos, binibili nila yan through the OTC desk,
03:42.9
the over-the-counter desks.
03:44.8
Ito yung mga nagbebenta sa mga malalaking institution.
03:48.3
Now, hindi nila binibili sa exchange kasi yung mga Bitcoin,
03:51.2
binibili lang sa OTC desk.
03:52.7
Ito yung interesting fact.
03:54.3
OTC desks have an all-time low,
03:56.2
low in the amount of Bitcoins they can sell.
03:58.4
They're running out.
03:59.3
The last time I checked,
04:00.5
it was under 2,000 Bitcoins available at any time.
04:05.3
And they're buying 11,000 a day.
04:07.6
So, now they're going into the exchanges to try to buy it.
04:10.5
Nauubos yung mga Bitcoins available for sale
04:12.7
because 76% of all Bitcoin holders are not selling.
04:17.8
So, ang konti na lang na nababenta
04:19.6
and that's what's driving the price up.
04:22.5
So, before we go into the having and all
04:24.0
because that raises bigger questions.
04:25.6
I mean, the value.
04:26.2
The currency is also its scarcity, right?
04:28.0
If you keep on creating more of money,
04:29.9
it's like Mickey Mouse money, right?
04:31.0
So, we have to discuss about the technicality of that.
04:33.5
And also, some discussion we had about inherent value, right?
04:36.9
Where you disagreed with me.
04:38.9
But we'll go back to that.
04:41.0
Now, just for those na siguro hindi nakakatch up
04:43.2
dun sa discussion natin last December,
04:45.2
can you shortly explain itong
04:47.0
what was this whole ETF clearance?
04:49.5
Which everyone was optimistic naman.
04:50.9
I think very few people thought
04:52.1
it was just a matter of timing.
04:53.8
I think it happened a few days later than
04:56.0
many people expect.
04:56.9
I think we're looking at January 10, right?
04:60.0
And the bump comes actually,
05:01.7
I think, more than a month later.
05:03.1
It didn't happen immediately.
05:04.3
So, the bump has been more actually in the past
05:08.0
four weeks or so.
05:09.0
But since last year, since last November, October,
05:13.0
we're looking at 156% increase.
05:15.3
So, that's significant, significant, right?
05:17.2
So, again, I'm not a hater.
05:18.8
See, I mean, I see the facts.
05:20.6
I see the numbers.
05:22.0
That's why I bother to have this kind of discussion.
05:26.0
can you explain first
05:27.7
ano yung mga basic terms na yan?
05:29.3
So, first of all,
05:30.4
what is this whole ETF
05:32.7
or exchange-traded funds drama all about?
05:35.8
And why is it this big deal?
05:38.5
So, to begin with,
05:39.4
kasi before the ETFs came in,
05:42.3
they're exchange-traded funds.
05:44.2
Para bumili ng Bitcoin,
05:45.3
you have to go to a crypto exchange
05:47.2
to be able to buy it,
05:48.4
which is very difficult for a lot of people.
05:50.4
In the United States,
05:52.0
it's actually heavily regulated
05:54.4
and a lot of people
05:55.7
don't even understand
05:56.8
how to click and trade and buy.
05:59.4
Ngayon, a lot of Americans
06:00.7
are used to buying assets
06:04.5
through their broker.
06:08.4
are these asset managers
06:09.7
or financial advisors.
06:12.7
before the ETFs were approved,
06:16.0
all these asset managers,
06:17.4
the biggest in the world,
06:18.6
the BlackRock, Fidelity,
06:22.1
so BlackRock, Fidelity,
06:23.4
and all of those,
06:25.1
$20 trillion in assets
06:28.0
for all their customers.
06:31.6
all of them decided
06:33.0
and they looked at Bitcoin
06:34.2
and suddenly said,
06:36.3
this is an asset that works.
06:38.9
This is the future of money.
06:41.0
This is a good investment.
06:43.1
As soon as sinabi nila,
06:44.6
and they were all skeptics at the start.
06:47.2
They were all haters.
06:48.1
They were saying it's going to go to zero
06:50.3
And now they're believers.
06:52.1
So what happened?
06:53.1
The narrative changed.
06:54.6
as soon as that happened,
06:56.0
because they did this internal study,
06:58.6
in that internal study,
07:00.6
you need to have exposure in Bitcoin
07:02.5
to protect your assets.
07:04.3
As a matter of fact,
07:05.1
that protection of assets
07:06.3
that they're looking for
07:07.3
is at least 5% minimum
07:09.8
of all the funds.
07:11.4
they were saying 28%
07:12.8
of all your portfolio
07:14.3
should be in Bitcoin.
07:15.9
in that internal study.
07:19.0
public relations,
07:20.3
their press releases
07:21.1
are at least 2% to 3%.
07:28.2
of the entire funds
07:32.2
And they're planning
07:32.8
to raise it all the way
07:37.8
is going to flow into Bitcoin?
07:39.0
So that's what happened.
07:39.9
That's what an ETF does.
07:42.3
to be able to buy Bitcoin
07:43.2
through their broker.
07:45.4
I'm looking at the latest numbers.
07:51.6
on March 5 alone, right?
07:54.2
just to put it in context,
07:55.2
I think BlackRock's assets
07:56.9
10 trillion at least?
08:00.0
that 3% of 10 trillion
08:03.9
a huge amount of money.
08:05.0
So, I'm just saying,
08:06.1
pitik-pitik pa lang nila yan.
08:07.8
But in the same vein,
08:08.9
I can also argue back
08:10.7
maybe this is also them
08:11.8
just diversifying
08:12.8
and just, you know,
08:13.7
making sure that, you know,
08:14.8
they don't lose out on anything.
08:15.9
But we can have that discussion later on.
08:18.0
for explaining that
08:18.8
because the other thing
08:19.8
I want to ask also, bro,
08:22.6
one of the other problems
08:24.2
saan ka bibili ng Bitcoin?
08:27.1
I hear a lot about Binance
08:29.6
but you also hear
08:30.3
a lot of horrible things
08:31.3
about a lot of these organizations.
08:33.7
regulatory scrutiny.
08:37.5
potential criminal charges.
08:39.7
because of involvement,
08:41.2
in evading Russian sanctions,
08:43.1
terrorist groups,
08:43.9
blah, blah, blah.
08:44.3
Some of the things
08:44.8
that we discussed before.
08:46.3
kung ikaw isang Pilipino,
08:49.6
videos on Bitcoin
08:54.3
American-centric ano eh.
08:56.1
Kung ikaw ay Pinoy,
08:57.7
when the tax regulatory
08:58.9
environment is very different,
09:00.8
kaya nga sabi ko,
09:01.4
ikaw ay perfect person.
09:03.4
that's why later on,
09:04.0
we can have a kind of
09:06.5
the kind of discussions.
09:07.9
Pag sa Pilipinas,
09:14.6
saan ka ba bibili
09:17.0
it's much easier to buy
09:22.2
Philippine Central Bank.
09:25.9
you don't need to go
09:29.0
I'm just being very practical
09:30.2
about the technicalities
09:31.8
ma-intimidate ang tao eh.
09:34.7
Saan ako pupunta?
09:35.8
Baka ma-hack yung account ko.
09:39.6
You know what I'm saying?
09:42.3
the easiest way to do it
09:52.2
And the interface,
09:54.1
yung user experience,
09:56.1
it's so easy to do.
09:58.3
And they only do one thing.
10:07.4
the rates are not that great.
10:10.5
Mataas yung spread.
10:12.6
Coins.ph is the best
10:15.6
when you talk about
10:17.3
Binance is the biggest
10:18.4
exchange in the entire world.
10:22.5
tinaked daw ng US
10:24.4
is that was before
10:25.8
the ETFs were going
10:30.5
to go through Coinbase
10:31.8
which is a US-based
10:32.8
company that's regulated.
10:35.2
they wanted to make sure
10:37.5
don't have the choice
10:38.8
of going into Binance
10:42.7
dapat American companies
10:44.6
And I think that's why
10:50.3
federal government
11:02.1
majorly fraudulent
11:05.3
I think it was almost
11:08.6
to just show that
11:12.1
that's what happened.
11:20.8
around the regulatory
11:21.9
issues in the US.
11:23.1
That's all they did.
11:26.8
if you're trying to
11:27.3
follow regulations,
11:30.5
in the entire history
11:34.1
Four billion dollars.
11:41.4
if you talk about
11:42.2
safety of your money,
11:49.6
trust any entity.
11:52.2
I hold my Bitcoin
11:53.1
without an entity.
11:55.2
I hold it on my own.
11:58.1
sa mattress ko yan.
12:01.4
how do you do that?
12:06.2
with going through,
12:08.9
US Federal Reserves,
12:12.1
the whole point of Bitcoin
12:13.6
was to go a little bit
12:17.6
before we go into
12:19.1
the more philosophical
12:22.3
without going through
12:24.4
Saan mo ilalagay?
12:31.4
we've been taught
12:32.0
that you have to put
12:32.7
the money in the bank.
12:36.0
the only way you don't
12:36.9
put money in the bank
12:42.9
through a third party.
12:45.4
Bitcoin is the first time
12:48.6
can be transacted
12:50.4
between two people
12:55.6
ibig sabihin nun,
12:56.8
yung digital wallet ko
12:58.3
is a Bitcoin wallet
12:59.8
that nobody holds.
13:01.6
There's no company
13:02.5
that owns that wallet.
13:04.9
a Bitcoin wallet.
13:06.2
pag hawak ko siya,
13:07.4
ako lang ang may hawak
13:08.3
at control niyan.
13:09.9
There's no third party
13:11.0
holding my money.
13:12.1
I'm holding my own Bitcoin.
13:13.7
That is the safest way
13:15.1
to hold your Bitcoin.
13:18.3
having said that,
13:20.5
I like the entities
13:21.4
that are selling Bitcoin
13:26.1
fairly large entities
13:32.6
with working with them
13:40.8
the best way to do it
13:49.7
I appreciate you saying
13:51.6
I was a bit worried
13:52.7
lawyering for Binance?
13:54.4
I'm just kidding.
13:55.7
because I'm a little bit
13:56.4
more skeptical of Binance
13:57.7
to be honest about it.
13:59.0
And we see a lot of Chinese,
14:01.3
like mainland China-based
14:02.7
guys think very big
14:04.3
in Bitcoin industry and all.
14:08.2
being done out there
14:09.8
is by folks from China
14:12.1
in other countries
14:12.7
in the Middle East
14:13.3
where electricity is cheap
14:16.5
for those who didn't catch
14:17.5
our previous discussion,
14:19.9
so let's go back to,
14:26.8
mathematical procedures
14:28.7
You need a lot of electricity
14:31.3
Last time I checked,
14:32.2
there's some debate
14:36.3
can you explain to me,
14:38.3
the skeletal structure?
14:39.4
How is it generated?
14:40.6
How is it distributed?
14:43.0
and how specifically
14:44.5
did you circumvent
14:45.6
the intermediaries
14:48.2
did you mine it yourself?
14:49.4
Do you have like a
14:53.0
ang mahal sa merahal ko?
14:56.0
I'm gonna just address
14:56.9
muna a couple of things
14:57.7
before I get into that.
15:00.3
it's a fallacy actually
15:01.5
and it's completely false
15:03.1
that the biggest exchanges
15:05.7
mainland Chinese companies.
15:09.9
He actually studied
15:16.8
Binance is not even
15:17.6
registered in China.
15:19.3
Cryptocurrency exchanges
15:23.5
there are actually
15:26.3
are all over the world
15:29.2
they're losing out
15:30.4
And the other exchanges,
15:34.4
outside of China.
15:35.2
And they're not even
15:35.7
registered in China
15:36.6
because bawal eh.
15:38.7
just to ano lang,
15:43.5
when you talk about
15:45.6
I want you to think
15:49.5
Let's talk about money.
15:59.7
central banking industry
16:01.0
and all the debate
16:02.3
about monetary policy.
16:04.7
And think about it.
16:08.9
is going to be circulating
16:10.1
and then how many more
16:11.8
are we going to get?
16:12.7
How many are we going
16:13.8
Central bank, right?
16:15.1
Raising interest,
16:16.0
lowering interest
16:16.6
and everything, right?
16:17.6
And this is where
16:20.6
Whenever the government
16:22.5
needs more money,
16:24.4
by borrowing more money.
16:26.5
Which is what happened
16:27.8
in the last six years
16:29.3
of the last administration.
16:31.8
a six trillion debt
16:34.7
almost 15 trillion debt.
16:36.9
When there's that much debt,
16:38.6
that's double the amount
16:40.2
of money circulating
16:47.1
increases the price
16:48.8
That's the basic problem
16:57.6
actual value of money.
16:59.5
Kung ano nalang sinabi
17:00.7
It doesn't work that way.
17:03.9
that the Central Bank
17:04.7
of the Philippines
17:08.8
other central banks.
17:09.9
There's the hot money,
17:11.5
there's the market sentiment,
17:12.9
there's the market dynamics.
17:14.4
It's quite a spontaneous business.
17:16.1
I don't think it's like
17:17.2
oligarchs sitting there
17:20.3
the value of the money.
17:21.6
And let's not forget
17:22.0
as far as the value
17:22.8
of our money is concerned,
17:23.7
you're talking about
17:24.1
a sovereign state.
17:25.7
of the Philippines
17:26.2
represents the Philippine state
17:27.9
trillions of dollars
17:29.2
in tax every year.
17:31.7
that's one of the two things
17:32.5
that at least the state does
17:33.6
to get taxes out of that.
17:35.3
So that's what you call
17:36.1
sovereign guarantee.
17:37.3
I completely agree
17:38.3
that there's always this risk
17:39.5
that some crazy governments
17:43.2
down into the ground
17:44.8
by doing hyperinflationary
17:50.0
what we're seeing.
17:50.3
over the past few years.
17:52.5
actually my personal concern
17:53.5
is they're too concerned
17:54.9
and with monetary supply.
17:57.1
But you're technically correct
17:58.3
that during COVID-19
17:59.3
there was a loose
18:02.6
because they wanted
18:04.1
Hindi-Thai-Pukmult
18:05.7
because a lot of businesses
18:06.9
were not working.
18:07.6
So you want the liquidity
18:09.2
Now, I'm just saying
18:11.3
where you're coming from.
18:12.7
You're technically
18:15.1
that you have a system
18:16.4
whereby central banks
18:18.1
are very powerful
18:18.8
in determining it.
18:19.6
But where I think
18:21.2
diverge from you is
18:22.0
I don't think it's completely
18:25.0
or something like that.
18:25.6
There is a market dynamic there.
18:27.3
I don't always agree
18:28.3
with how things turn out
18:29.3
but there is a spontaneity there
18:32.2
that's where I philosophically
18:34.9
I kind of differ.
18:36.8
where your criticism
18:39.9
I don't think that
18:47.3
to take over the world.
18:49.6
I just don't think
18:50.9
the government's smart enough
18:53.2
what they're doing
18:54.9
too inflationary.
18:56.9
Which is the case
18:58.7
the case in Venezuela,
19:03.0
everyone knows about it.
19:04.0
In other countries
19:07.8
I can name so many countries
19:09.2
that have hyperinflation.
19:11.2
is hyperinflation.
19:12.0
Their currencies are worthless.
19:13.7
they don't know better.
19:15.2
I just print money.
19:15.8
I need more money.
19:17.5
the basic problem lies.
19:20.7
the beauty is this.
19:22.3
It is not controlled
19:26.6
I love about Bitcoin.
19:28.1
if we live in China,
19:32.0
the Chinese government
19:36.0
That they can literally
19:36.9
freeze your account
19:39.6
As a matter of fact,
19:40.1
they can do that now
19:40.7
with the Philippines.
19:41.7
Kung may ginawa kang
19:42.7
transaction, Richard,
19:43.6
that's over $10,000.
19:46.4
your bank's gonna call you.
19:48.0
And if you do that,
19:50.7
your bank's gonna be frozen.
19:52.0
I got my account frozen
19:53.0
a couple of times already.
19:54.6
And I got questioned by the bank,
19:56.2
why am I moving money around?
19:58.6
maybe they want to make sure
19:59.6
it's not money laundering
20:00.7
or doing, you know,
20:01.7
mambo-jumbo stuff.
20:03.0
There is a logic to that, right?
20:04.4
It's not they just want to harass you
20:06.1
or something like that.
20:08.1
No one likes that experience.
20:10.0
But I'm just saying,
20:10.6
it's not like they're totally logical, right?
20:13.2
So the irony is this, eh.
20:14.7
I don't know if you know
20:15.6
this statistic, ano.
20:16.9
And you can look it up
20:17.7
if I'm wrong, ano.
20:19.0
the number of money launderers
20:21.1
that they actually catch
20:23.0
through the banking system
20:24.7
is extremely low.
20:27.1
I don't even think it's 1%.
20:28.6
Because most of the money launderers
20:30.9
are not gonna go through the bank.
20:32.6
They do it in cash.
20:34.1
They go in Bitcoin.
20:36.4
So, yes, they do.
20:38.3
Actually, there are money launderers
20:39.4
that use Bitcoin.
20:40.2
But if you look at it in totality,
20:42.1
the actual money,
20:43.1
like the total value
20:44.7
of money going through,
20:46.8
money launderers use in Bitcoin
20:50.5
the amount of cash
20:52.5
for money laundering.
20:54.1
It's literally like
20:58.7
But then again, Chris,
21:02.3
the amount of Bitcoin
21:03.9
is still limited, right?
21:05.0
So, it's a percentage game so far
21:06.8
and it's a new technology.
21:08.2
Again, I'm just trying to be fair
21:09.2
by providing you with that.
21:10.5
But thank you for also clarifying.
21:12.3
Kasi ang problema,
21:13.2
it's not with you, Chris.
21:15.0
there are a lot of people there
21:15.8
in the hype industry
21:18.2
this kind of conspiracy theory,
21:20.0
Alex Jones kind of approach,
21:21.4
which I think is a disservice
21:23.8
legitimate merits
21:25.0
of cryptocurrencies,
21:26.4
in theory at least, right?
21:27.8
So, I'm glad that at least
21:28.7
you have this kind of clarification
21:32.5
view of the world
21:33.5
and I'm not a fan necessarily
21:35.4
of the state institutions.
21:37.5
it's not also totally
21:39.4
illogical what they do.
21:45.3
the beauty of Bitcoin
21:50.1
the only way we can transact
21:51.6
is we need a third party
21:53.3
that we can trust
21:54.9
that's going to say,
21:56.4
yes, Chris sent money to Richard.
21:58.2
Richard sent money to Chris.
22:01.7
that's also the problem
22:03.5
that you need a third party
22:06.8
Bitcoin is the first time
22:08.0
that I can send value.
22:10.3
I can express value
22:13.1
from me to you right now
22:16.0
for a third party
22:16.9
to verify and validate
22:19.1
that I have the money
22:20.4
and I'm sending it to you.
22:22.5
And the great thing
22:23.3
about Bitcoin is this.
22:24.9
Compared to the current system,
22:27.9
it takes two to three days
22:29.6
to wire transfer money
22:30.6
across countries?
22:33.1
Because there is a problem
22:34.9
of double spending.
22:36.5
There are a lot of accounting errors
22:38.9
in the current banking system.
22:41.1
There are way too many.
22:43.8
they take so long
22:44.8
to be able to move that money
22:46.5
because they have to move it.
22:46.9
They have to make sure
22:48.2
And even in that scenario,
22:49.8
there are a lot of double spending.
22:52.3
there's never been
22:53.1
an issue of double spending
22:54.6
since its inception.
22:56.7
And they've tried.
22:57.5
Maraming tumiting
22:58.3
indeed sa Bitcoin
22:58.9
to show that it can't work,
23:00.8
that there will be errors in it.
23:02.2
There has been zero errors.
23:06.2
Yeah, frictionless.
23:07.4
Yeah, it's frictionless.
23:10.4
It never goes out.
23:13.1
I even tweeted about this.
23:15.0
I sent money to my GCash.
23:18.3
And it took them five days
23:19.7
to give me my money back.
23:24.2
Yun, walang outages.
23:26.6
And ang laki ng transaction fees.
23:28.8
I was just horrified the other day.
23:33.1
once you go above
23:33.8
just 8,000 pesos.
23:35.0
So kung naglalagay ka na
23:38.0
they get 2% out of that.
23:40.1
I mean, it's crazy.
23:42.4
That's why I have issues also
23:44.2
with financial intermediaries.
23:46.5
Kasi wala ka naman talagang choice
23:48.1
if you want to go through.
23:49.9
They're ubiquitous na eh.
23:51.1
So they're juicing it.
23:52.6
they control the highway
23:53.5
and then parang bandidos.
23:54.8
You just have to go through it.
23:55.9
So I completely understand,
23:59.1
kind of rebellious
24:01.3
idea coming from.
24:02.6
And I don't mean it
24:03.1
in a negative way
24:04.2
minsan abuso talaga
24:05.5
yung mga corporations
24:06.3
at saka mga state institutions.
24:08.3
And I have to add,
24:09.6
remember Richard,
24:10.8
when you deposit money
24:13.3
and then you send it to me,
24:15.2
where's the money?
24:15.7
Where's the money?
24:18.7
It's still in GCash.
24:20.1
So they're a bank.
24:21.2
They're holding the money.
24:22.2
All they're doing
24:22.7
is an accounting entry.
24:24.9
it's with Chris now.
24:25.6
It's with Richard.
24:26.2
Richard used it to pay.
24:27.3
But it's all in GCash.
24:29.7
they don't have to charge
24:30.9
any kind of transaction fee
24:33.0
because they're making money
24:36.0
because they're reinvesting
24:38.0
because according
24:39.0
to our bank laws,
24:44.4
that they need to hold.
24:46.9
they can do whatever they want.
24:48.1
And everything is
24:48.8
an accounting entry.
24:53.3
I have my serious constraints
24:55.3
this kind of system is.
24:57.6
it's just an internal transfer.
24:59.3
Ang daming kaltas.
25:03.8
ang daming kumita
25:04.9
sa pinag-irapan mo.
25:06.7
It's really abusive.
25:15.2
there's a kaltas.
25:19.2
pansin nyo yung mga banks.
25:21.8
Lumalaki at lumalaki
25:23.3
You always wonder,
25:25.3
ng mga banking na yan?
25:30.3
They're making a lot of
25:31.5
money at our expense
25:35.7
I completely sympathize
25:36.8
with you in terms of
25:37.5
your grievances here
25:38.8
because I personally feel
25:43.8
Bitcoin is very different.
25:46.2
banks are centralized eh.
25:47.9
they hold all the,
25:48.6
they hold the keys.
25:50.1
They're the guards.
25:51.5
And you don't have,
25:53.4
access to your money
25:54.6
without their permission.
25:57.3
to get your money.
25:58.7
It is very difficult
25:59.7
to move money around.
26:03.1
with your own money,
26:03.8
it's very difficult.
26:07.2
but at the same time,
26:10.6
You really should have
26:11.8
a right to your money.
26:12.9
Nobody should have to,
26:13.9
you don't have to defend
26:15.2
why you have that money.
26:17.3
unless you've been charged
26:18.8
with something illegal,
26:20.1
nobody has the right
26:21.7
about your money.
26:22.7
And that's what I like
26:24.4
Its property is this,
26:25.5
it is borderless.
26:26.8
It's not controlled
26:27.4
by any government
26:28.2
and because it's not
26:29.2
controlled by any government,
26:30.8
hindi yan makakonfiscate.
26:34.0
As much as I agree with it,
26:36.8
the Russian dollar reserve,
26:39.1
I like what they did,
26:41.1
how dangerous it is
26:43.4
to have one country
26:44.5
with that much power
26:46.2
to decide unilaterally,
26:48.3
I don't like your view,
26:49.6
I'll freeze your money.
26:50.9
That's what happened
26:52.0
with the truckers.
26:54.4
what did the Canadian government do?
26:56.0
They froze their bank accounts.
26:58.9
what I like about Bitcoin
27:01.0
will be able to freeze
27:02.1
your bank accounts
27:02.9
because it's not a bank account.
27:05.8
holding your own money.
27:09.9
the counter concern
27:11.6
there's no guarantee,
27:12.8
sovereign guarantee.
27:13.5
If something goes wrong,
27:14.6
wala kang pananagutan.
27:17.2
this is just in a system, right?
27:19.3
What are you talking about guarantee?
27:23.7
you lose your password
27:28.2
You're never gonna take back
27:30.6
you can always show your ID,
27:32.6
you can bring a witness.
27:33.9
Kung, I don't know,
27:35.1
it will go to someone else.
27:36.5
You know what I'm saying?
27:38.6
that's the other side.
27:40.8
alam mo who to go to
27:42.0
even though you don't like
27:43.6
that person, right?
27:44.6
Yeah, absolutely.
27:46.2
what this is teaching us now
27:47.3
is to be very responsible
27:48.3
for our own money.
27:49.5
Much like if you have
27:50.1
a prized possession at home,
27:51.5
I'm sure you're very careful
27:53.4
If you have a nice car,
27:54.7
you're very careful with it.
27:56.3
You have jewelry.
27:57.4
I know people with Rolexes,
27:59.5
very, very careful.
28:00.7
They put it in a vault,
28:01.6
they make sure they know
28:05.3
and they lock it up.
28:07.6
When you have something valuable,
28:09.0
you really have to know
28:09.9
how to take care of it.
28:11.5
We've been taught
28:12.3
to give the responsibility
28:13.7
to somebody else.
28:15.3
And that's the problem.
28:16.2
It needs to really,
28:17.6
it's a mindset shift
28:20.4
to be able to say,
28:21.3
yeah, I'm responsible
28:22.2
for my own sovereignty,
28:25.0
and that kind of freedom
28:27.1
comes with that responsibility.
28:29.2
If you don't want
28:29.7
the responsibility,
28:30.7
give it to the ETF.
28:31.8
They'll take care of it.
28:32.8
You don't have real control of it,
28:34.1
but at least somebody's,
28:35.9
hopefully they don't do
28:38.1
So, that's the difference.
28:40.7
Again, I see the upside
28:42.4
and downside discussion.
28:44.1
Sigurang magiging
28:44.9
disagreement lang nata.
28:46.7
one of us is more focusing
28:48.6
on the upside here.
28:49.8
But I think this is part
28:51.5
of the healthy discussion.
28:52.4
Now, I want to move
28:52.9
to the second part
28:53.7
of our discussion
28:55.2
more the practical parts
28:56.2
because you said something
28:57.1
very interesting.
28:57.9
What you do is you do it
28:59.0
without any intermediary
29:00.3
and also your practical advice
29:02.3
to people who want
29:04.8
a bit conservative about it.
29:06.9
and ride the hype machine
29:10.4
You know what I'm saying?
29:11.2
So, maybe we can do that
29:12.3
in the next episode.
29:14.1
Thank you very much
29:14.7
again for that, Chris.
