I'm revisiting this interview 3 months after watching it back then. It is beyond me how such a brilliant guest and content has only 11k views. Mindblowing
What a humbly brilliant guest! I appreciate Greg's sincerity, clarity, insight, and emotional honesty. Thank you for continuing my financial and personal education!
OMG, amazing... Mic drop, Greg just dropped knowledge bombs all over the place. His maths hurt my brain but I still love it. 4/1 * .3 = we are F'd. Still need to whiteboard that but thank you team. Well done!!!
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Excellent interview yet again! Hope Blockworks explodes, its well-deserved. This guest is awesome With simple truths and being straightforward on complex subjects. I have studied the banking and financial system for nearly 10 years and I learned multiple things from this video!
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I like Greg because he is beyond my economic understanding. I understand 30-50% of what he says and that’s how o know I am learning. Started with Sowell now I’m here
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Yoooo! That explanation of the present day value to the $35 salary earned 40 years ago really helps to cement home these ideas of store of energy and wealth! Thanks for this. Ok. More Bitcoin!
So the banking system depends on currency not being tied to a gold standard to issue these shit loans. But the gov prints the currency. So was JP Morgan paying a fine or a tribute? I feel so dirty. Thanks for having Greg on, Michael. Awesome installment.
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What you’re missing is that oil countries need dollars to pay their debts and trade for goods and services, unless these counter parties will also take BTC.
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It's not the Fed's fault it's the banking systems fault? Lol the Fed is the center of the banking system. That's why it's called a central bank. Great analysis. Learned so much. Couldn't let that one go though.
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Thats because "people" don't look at the tech. The banking system uses way more energy. Over 70% of BTC miners use renewable energy. Elon musk makes most of his money from selling carbon credits. It is likely that this false perception of bitcoin is why Tesla no longer accepts BTC payments. This energy FUD happens every bull run. Ignore it, its not true.
Nah that's ridiculous. They might do something like charge for carbon use but the United States will never ban energy use. That's just FUD from the Elon thing. I wouldn't worry about it. Smart people are buying the dip. That being said don't invest in Bitcoin unless you're able to weather 60-90% corrections and multi-year bear markets. Which everyone can do as long as they only invest the percentage of their money they are comfortable investing in speculative assets.
I like Greg listened to alot of his stuff but the fact he doesn't know Mexico is America's biggest trading partner and not China and the fact that Canada is a terrible trading partner for the US a direct competitor to the US is surprising to me a little 🤔 And its been Mexico for awhile now this isn't new information
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Equating wages to time and energy is kinda silly, as wages are directly a result of bargaining power, which itself is a result of many different interacting market and political forces. Thus, wages are as much as anything a symbol of your social status and not a direct compensation for your time and energy. We know this because barbers in the US earn a whole lot more than barbers in Zimbabwe, despite not being that much more efficient. Also, his notion that money should be a store a value needs to be examined more closely. The supper majority of wages are spent the week or month they are received. Inflation does have positive features as it provides direct incentive for savers to invest in assets which either maintain value or which will produce a yield in some way. This grows real weath! Holding an asset and gaining a larger percentage of a shrinking economy, because everyone else just wants to hold, is terrible.
@@TheBitcoinRevolution cool reply dude. I just "research" and magically understand that energy is the best money, all reason and evidence to the contrary.
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Its volatile because people are speculating as its in price discovery as a new emerging asset class. As the number goes up and more people begin to understand what it actually is the volatile will dampen. Second layer tech will be used (lighting network more) allowing it to transact like cash. Only using the base layer for final settlement. I highly recommend allowing yourself to approach this with a new lens and be open minded because theres a lot to unwrap and only time and patience will allow for this to happen...... Currencies dont last forever like everything else.... btc as a reserve currency doesnt mean the US dollar or other dont exist.... Its also a world we all would rather live in where the base currencies cant be printed to in rich lazy politicians.
Interviewee is incorrect about the inability of USA to pay its outstanding debt obligations, even if we take into account off-book liabilities in the form of entitlement payments. All it takes is for the government to claim all of the wealth held by its citizens. According to the Brookings Institute i 2018 American households held 98 Trillion dollars, doubtless much higher now. Even the most outsized calculations say we owe only around 120 Trillion dollars all in. Need only confiscate private wealth and problem solved.
Greg is such a good teacher. What a well spent almost two hours.
I'm revisiting this interview 3 months after watching it back then. It is beyond me how such a brilliant guest and content has only 11k views. Mindblowing
Mr. Foss does Canada proud
He was very easy to learn from
Why don't you guys trade cabin keys?
“It’s a closed system. It’s called the world.” I lost it
Hahahaha
What a humbly brilliant guest! I appreciate Greg's sincerity, clarity, insight, and emotional honesty. Thank you for continuing my financial and personal education!
OMG, amazing... Mic drop, Greg just dropped knowledge bombs all over the place. His maths hurt my brain but I still love it. 4/1 * .3 = we are F'd. Still need to whiteboard that but thank you team. Well done!!!
Best Economics 101 discussion ever!
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One of the absolute best pods ever!
Brilliant conversation!
Unreal content. Let's make sure voices like this are heard. Keep up the good work!
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Can't wait for the conference in Miami. I'll be a volunteer there. Hope to meet you both.
That dude was awesome. So smart, so real. Great explanations of how things work brought back to bedrock principles that can be tested.
Wonderful interview - thanks!
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Beautiful interview...thank you for being a big mentor and an even bigger human being Mr.Foss.
Excellent interview yet again! Hope Blockworks explodes, its well-deserved. This guest is awesome With simple truths and being straightforward on complex subjects. I have studied the banking and financial system for nearly 10 years and I learned multiple things from this video!
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Tldr: there's a Bitcoin shaped hole in the middle of the financial system.
Awesome Greg once again :)
So much value, i just need to wait some days and hear it again. Let it sink in and go for it again. Awesome to hear this perspective.
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First Danielle and now Greg,,, AWESOME
This podcast was super interesting.. Great conversation, thanks to you both for sharing
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So brilliant and inspiring
This vid needs more likes and views, pump it
@BIockworks lmao another scam shit comment
@BIockworks lmao, this a nother scam? I do my own research for crypto. Offer that to some noobs :)
@BIockworks and i yes you are scammer, lmao.
this is an amazing conversation. very informative and got a lot from it.
How this dude find these guys?? great info!
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＋ １ ７ １ ６ ３ ０ ５ ４ ９ ２ ４
Great guest, thanks
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Great content 👍
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I like Greg because he is beyond my economic understanding. I understand 30-50% of what he says and that’s how o know I am learning. Started with Sowell now I’m here
29:00 is pretty profound
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This interview makes me more proud to be Canadian
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Greg Foss is so legit it's almost hard to believe. A true 1000 IQ galaxybrain.
Yoooo! That explanation of the present day value to the $35 salary earned 40 years ago really helps to cement home these ideas of store of energy and wealth! Thanks for this. Ok. More Bitcoin!
Greg is No1
I agree. He is out of this world.
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Great interviewer...love Greg, but well done young man.
22:53
So the banking system depends on currency not being tied to a gold standard to issue these shit loans. But the gov prints the currency. So was JP Morgan paying a fine or a tribute? I feel so dirty.
Thanks for having Greg on, Michael. Awesome installment.
Why leave out gold as an alternative to fiat or bitcoin?
Yeah i was disappointed in Michael not at least asking his opinion on this. Surely a crypto like PAXG is currently offering this.
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AMAZING !
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The ads make this unwatchable
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What you’re missing is that oil countries need dollars to pay their debts and trade for goods and services, unless these counter parties will also take BTC.
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Michael Saylor is Bitcoin's fearless leader. Greg Foss is Bitcoin's Hockey Mom.
Greg for president
v nice
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We privatize gains and socialize losses
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timestamps pls boys
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It's not the Fed's fault it's the banking systems fault? Lol the Fed is the center of the banking system. That's why it's called a central bank.
Great analysis. Learned so much. Couldn't let that one go though.
You might not like to hear it, but he is right. The banks run the system, not the fed
@@cryptoholic5120 I'm saying the Fed IS the banks, not that it controls the system. It's like saying it's Saudi Arabia's fault not OPEC.
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👍👍👍👍👍👍👍👍👍👍
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thanks
Timestamps please
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Is Bitcoin dead? People are saying it will be banned for not being 'green'?
Thats because "people" don't look at the tech. The banking system uses way more energy. Over 70% of BTC miners use renewable energy. Elon musk makes most of his money from selling carbon credits. It is likely that this false perception of bitcoin is why Tesla no longer accepts BTC payments. This energy FUD happens every bull run. Ignore it, its not true.
Nah that's ridiculous. They might do something like charge for carbon use but the United States will never ban energy use. That's just FUD from the Elon thing. I wouldn't worry about it. Smart people are buying the dip.
That being said don't invest in Bitcoin unless you're able to weather 60-90% corrections and multi-year bear markets. Which everyone can do as long as they only invest the percentage of their money they are comfortable investing in speculative assets.
@@vbitz4800 > 70% renewable with the remaining 30% being in part captured energy that would otherwise be wasted.
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What replaces the dollar will be a digital SDR.
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I like Greg listened to alot of his stuff but the fact he doesn't know Mexico is America's biggest trading partner and not China and the fact that Canada is a terrible trading partner for the US a direct competitor to the US is surprising to me a little 🤔
And its been Mexico for awhile now this isn't new information
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Last 2minutes took a 360! 🤣
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1:08:50 It's at least 12 chickuns for a cow. :D Anyway, about altcoins. That's just speculative. Anything a altcoin does, bitcoin can that too.
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no it cant
Equating wages to time and energy is kinda silly, as wages are directly a result of bargaining power, which itself is a result of many different interacting market and political forces. Thus, wages are as much as anything a symbol of your social status and not a direct compensation for your time and energy. We know this because barbers in the US earn a whole lot more than barbers in Zimbabwe, despite not being that much more efficient.
Also, his notion that money should be a store a value needs to be examined more closely. The supper majority of wages are spent the week or month they are received. Inflation does have positive features as it provides direct incentive for savers to invest in assets which either maintain value or which will produce a yield in some way. This grows real weath! Holding an asset and gaining a larger percentage of a shrinking economy, because everyone else just wants to hold, is terrible.
Yeah, I thought that too when I first heard the about energy reference from Saylor, until I opened my ears and did my research!
@@TheBitcoinRevolution cool reply dude. I just "research" and magically understand that energy is the best money, all reason and evidence to the contrary.
Love Greg!
I'm leaving this comment instead of a like as a token of my appreciation for the person/people behind this video #nolikeswithoutdislikes
“Have fun staying Canadian”™️
I'll give you 3 chickens for a cow. Hell yeah
Gold is the reserve currency. The NAV of bitcoin has to be a negative number.
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But countries will make their own digital currency. Who will use a grassroot crypto?
No one wants a cbdc
Anyone who doesn't want worthless garbage coins that totally miss the fundamental point of crypto?
When was this recorded? Today?
@@extraclip it is not a matter of want. It is a matter of have-to-use.
@@Worldly40 yes u use cbdc to buy ur coffee and pay ur bills and store the rest in btc.
The NAV of bitcoin has to be a negative number.
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Algorithm
Yea. Bitcorn as the world reserve currency. A crypto so volatile it can loose half its value in a few hours. Sounds like a smart idea, guys.
Its volatile because people are speculating as its in price discovery as a new emerging asset class. As the number goes up and more people begin to understand what it actually is the volatile will dampen. Second layer tech will be used (lighting network more) allowing it to transact like cash. Only using the base layer for final settlement. I highly recommend allowing yourself to approach this with a new lens and be open minded because theres a lot to unwrap and only time and patience will allow for this to happen...... Currencies dont last forever like everything else.... btc as a reserve currency doesnt mean the US dollar or other dont exist.... Its also a world we all would rather live in where the base currencies cant be printed to in rich lazy politicians.
It is volatile cos it is in the process of capitalization. Wld u think the price of gold was very stable when it first got dug out 5000 years ago ?
Oh, I see. So Bitcoin will become a stablecoin? You guys are rediculous!
@@stacyblaustein1228 I tried. Can’t explain something to someone who isn’t willing to listen. I wish you the best.
@@stacyblaustein1228 hv fun staying poor.
Video
$30,000 though haha
It is at 30k cos very few people spent 100 hours to understand it.
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Interviewee is incorrect about the inability of USA to pay its outstanding debt obligations, even if we take into account off-book liabilities in the form of entitlement payments. All it takes is for the government to claim all of the wealth held by its citizens. According to the Brookings Institute i 2018 American households held 98 Trillion dollars, doubtless much higher now. Even the most outsized calculations say we owe only around 120 Trillion dollars all in. Need only confiscate private wealth and problem solved.
I don't understand how he can say that he both doesn't look at the price of bitcoin day to day and that he is an active trader.
Pumping
For
This
this video is 60 minutes old and it hasn't aged well..
What do you mean?
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Audit the fed bitcoin goes sky high