Episode Transcript
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Speaker 1 (00:03):
Isn't it amazing?
I got the whole room all tomyself.
I kicked David out, told him hecould take the day off because
he runs solo so often and doessuch a great job, and I really
do appreciate having a goodpartner at this.
We've been doing this over fiveyears and we've been bringing
(00:26):
stories and topics that havebeen racially, politically and
socially charging since the verybeginning, and I think David
once clocked us as like 800episodes or more, and I'm not
keeping track.
It's been a great ride.
Welcome everybody to the RantNetwork.
It's a go-to podcast unfiltered, unapologetic discussion with
(00:48):
just myself.
Today Hosted by myself, stuartPriskell, and typically with
David Solomon.
We tackle a diverse range oftopics with candid conversation
and bold opinions.
Whether it's breaking down thelatest headlines, exporting pop
culture, debating politics anddelving into complexities of
modern life, we offer a platformfor every perspective.
(01:10):
So grab a seat, settle in onanother thought-provoking rant,
you know, but I'm going to kindof really mix this up quite a
bit.
You know I'm typically alwayspicking on things and hating on
people and David tries to, youknow, meter and temper me, and
today he's not here to temper me.
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Today I'm going to do somethingthat some of you like or don't
like, it's to talk about Bitcoin.
There's a podcast somewherefloating out in the World Wide
Web with me claiming it's not astore of value, claiming it's an
anarchist instrument, andclaiming that I'm not a personal
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investor into owning my ownwallets and stuff.
And that hasn't changed.
But I'm going to start off witha comprehensive analysis of
where it came from.
Comprehensive of analysis ofwhere it came from, because I
just got back from Las Vegas,nevada, at the Bitcoin 2025
conference and I'll let you knowwhat that was about.
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But let's first start.
Bitcoin is the firstdecentralized cryptocurrency.
It's transformed the globe andthe landscape, and it was
created in 2009 by a pseudonymof a person named Satoshi
Nakamoto, and the novel broughta problem to the world.
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You know, when you talk about aproblem, there's normally a
solution, but in this case, thisproblem and this resolution
have caused a world ofdecentralization nightmares,
also known as the blockchain.
This report provided anin-depth analysis to the
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foundation of economicprinciples, dynamic markets and
evolving a financial system.
The emergence of Bitcoinrepresents a pivotal moment in
the history of money and finance, as it decentralized everyone's
currency.
Bitcoin changes the traditionalroles of government and
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financial institutions issuingand regulating money M1 fiat
currency.
The underlying technologyoffers transparency, security
and resistance to censorship.
This is, and has, profoundimplications for businesses,
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individuals and governmentsaround the world.
We don't know who wrote thewhite paper Peer-to-Peer
Electronic Cash System in 2008.
In January 2009, nakamoto minedthe first block, called the
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Genesis block, of the Bitcoinblockchain.
This began the decentralization.
So now let's get a littlehistory going here.
If you're keeping up with me,great, if you're ahead of me,
even better.
And if you're not, pm me andI'll send you some more
information.
Pm me and I'll send you somemore information.
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In 2010, it's the firstrecorded transaction for 10,000
Bitcoins for two pizzas.
Now I just want you tounderstand something Today,
10,000 Bitcoins right at$100,000, is how much money?
Yep.
In 2011, 2013, bitcoin grew toan exchange.
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Mr Gox increased merchantoptions and awareness.
2017 is the first bull runwhere the coin reached almost
20,000.
2021, it was institutionallyaccepted by Tesla Micro
Strategies, adding it to theirbalance sheet.
So now we know a little history.
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Now, what is this whole thing?
At the core, it's blockchain.
What is blockchain?
A distributed ledger thatrecords all transactions in a
chronological chain.
It's called a block and it'slinked to a cryptographic caches
.
The structure insures immutablyand once blocked is added, it
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cannot be altered withoutremining subsequent blocks.
Then there's what's called aPOW proof of work.
Bitcoin consensus mechanicsrequires miners to resolve
complex puzzles, expandingcomputational energy to validate
transactions and add new blocks.
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This secures against symbolattacks and doubling spending.
Here's the kicker itdecentralizes the global with no
central authority controllingit.
That means the US government,canadian government, european
government, banana republiccan't do a damn thing, and it
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enhances censorship resistance.
Now, if you live in Canada, weall know what happened to the
truckers in Ottawa.
Fixed supply Kind of like the EU.
Unlike the US, there's only 21million coins that will ever
exist.
Not that they're not subdividedor have been lost until quantum
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computers can restore them, butthere's only a finite supply
and every Bitcoin ownership isbacked by public and private
cryptography and it's opensource governance allows the
development within theblockchain.
So let's go review Scarcity of21 million Scheduled supply.
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In other words, it wasn't allreleased at the same time.
Incentives to people to mine itthat provide economic growth.
Transaction costs, have a baselayer and can have higher
transaction fees.
But then you pay for congestiontime.
Store of value versus medium ofexchange.
Now here is where we havechallenges.
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Bitcoin is so volatile that ithas limited uses as a daily
currency, but it's a property.
Against inflation, it's acurrency.
Debasement and geopoliticalrisks driven its appeal as a
quasi store of value.
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And sometime in the future,we're going to look back at this
period and probably say Bitcoinwas commoditized.
Now the price history from 2009to present goes from nearly
nothing to today $105,947.48 bythe time this broadcast comes
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live.
Institutions started gettinginvolved in 2020, and the
regulators are turned on theirhead.
They don't know what to do.
As a financial advisor, I gotto talk to lawyers all the time
because even I don't know what Ican and can't do, because it's
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like been a plug on AML and KYCcompliance.
What is AML?
Anti-money Laundering, kyc,know your client these are the
cornerstones of the financialinstitutions around the world
Anti-money laundering and knowyour client.
This is the principle ofsecurities and law.
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And decentralizing the currencymeans you're removing the
taxation and regulatoryenvironment.
So let's go.
There's an opportunity to makemoney, but it comes at a risk.
It can be scalable.
It's institution adopted,there's geopolitical roles,
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there's regulatory clarity,there's technological
innovations.
I mean like, let's understandthis.
There is a lot of meat on thisthing called Bitcoin.
So now let me sort of flip overto the other side.
As I started this rant, I toldyou I'm just back from Vegas.
The Bitcoin conference was heldMay 27th and it goes till
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tomorrow.
I came back early and it's beenhailed as the most influential
gathering of crypto space peoplein the planet, and this year I
witnessed nearly 40,000 people.
And you know you'd wonder whowould go to this crypto
conference.
You know techodeeks?
No, how about the vicepresident of the United States?
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Last year was the president ofthe United States.
We've had Eric Trump, donaldTrump, you had Nigel Fage from
the UK, you had Michael Saylorfrom MicroStrategies, you had
art galleries, you had massagetherapists, you had accountants
and lawyers, people offeringcustodial care, software, mining
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equipment.
It was insane, and you knowwhat I think I'll go back next
year.
So have I bought a crypto code?
Have I become a crypto monster?
The answer is no.
Do I own, and do I have clientsown micro strategies and others
like that?
Yes, absolutely, because, likemost people, we can't be left
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out of the entire problem.
But you must be prudent.
You know, like everything, itcan't be everything and anything
is got to be reviewed andscrutinized.
So, when you listen to thispodcast and if you've made it to
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this entire end.
So, when you listen to thispodcast and if you've made it to
this entire end, thank you.
Have I given you anyinformation?
Maybe and it's not a typicalrant, because you know what.
I don't have anything positiveor negative.
It was all informative.
It was learning, understanding,trying to look at a new culture
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from a new group of people,people that you would be
unseemingly lucky, who boughtthings at $20 and $40, $100,
$200, as they thought it wascool, and today they're worth
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$200 million or more.
It is mind-boggling, and thetrade is like the Wild West.
So, like everything in modernand past, people will always be
there to try and take advantageof you.
There'll be snake oil salesmenselling hair growth which
clearly I might need some aswell as fake fiat currency.
It's no different.
Be smart, be wise, don't haveblind faith, don't invest
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outside of your means and pleasedon't put all your eggs in one
basket.
In one basket because, to behonest with you, though you have
seen a massive gain over thelast decade, that doesn't mean
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it will continue.
Now, it's my belief you shouldalways take money off the table,
always grab the principle andcall it a day.
Let the house money, make moremoney and take your profit
regularly, and often theargument is I lost out.
That advice sucked, mr Stewart,and you know what it might suck
if it continues to soarnorthwards, as I think it might,
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and so does most of thecommunity as I think it might,
and so does most of thecommunity for that matter.
But at the end of the day, I'drather have a couple of eggs in
a basket to make an omelet thanlose the chicken that laid the
egg Guys on that note, thatbrings this little monologue
about Bitcoin to an end, and wetruly appreciate you tuning in,
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and I truly miss my partner,david.
This engagement means everythingto us.
A thought-provokingconversation maybe Time will
tell.
Look forward to seeing you nextweek, monday, wednesday, friday
noon Eastern, where the duowill be back to rant and rave
about, I'm sure, something.
Take care, see you real soon.