It's okay. It's okay. It's okay. It's okay. It's okay. It's okay. It's okay. It's okay. Zambia Zambia Na kwa esam waj don'te wamusarire Mumfwen instruksha nara pe lapan Ngomaisam waj don'te wamusarire Whoever will be picked, let us support that person Ten to musapu Nani nka musapu wa tia Issen nga akua tia Amma tche shetsi Nani frijans nani otoka Kencham kan ben Nani waj waj katsire feo Nani munishiba Interest Prima President Koryaku State House Rest Levi Moo na Naنا Kencham kan ben Aunga mwana wein ੰ੕ੇੇੇ , ੰ੕ੇੇੇੇੇੇੇੇ , ੯੍ੇੇੇੇੇੇੁੋ !


So thank you, Michael, very much for that. I didn't have my headphones on when he made that introduction, but I think I caught the getting to Denmark part of it. I must say that I had never been to Denmark or even to Scandinavia before Michael invited me here to Arhus. And then for three years I was a visiting professor. It was a wonderful three years. I met some really terrific colleagues that I still feel very close to and quite a number of students. And so when he mentioned that there was this conference on the Reformation, I jumped at the chance to come back. So I'm really delighted to be here and to resume our friendship, Michael. So thank you very much for that. So the topic of the Reformation is one that I've actually thought quite a lot about. My real interest in the last few years has been on the question of political development, meaning where do political institutions come from. And modern political institutions were shaped decisively by events that happened in the 16th century, meaning that they came out of the Reformation. So what I'm going to talk about is the impact of this movement in three respects. The first has to do with how the Reformation shaped the growth of modern states. The second has to do with Luther in particular and his relationship to the concept of identity, which I believe is a modern concept and which very much shapes the way we look at our world today. And then the third topic is how the Reformation inadvertently led to the rise of modern liberalism. Because there is a connection there, but it was one that was never planned by either Luther or Calvin or Melanchthon or any of the founders of the Protestant Reformation. Before I get into the first of these issues, the modern state, I need to distinguish. I know the emphasis because this is the 500th anniversary of the 95th Theses. The emphasis at this conference has been very heavily on Martin Luther. But there were, in fact, two important phases to the Protestant Reformation. So the first one begins in 1517 and goes up through the, let's say, 1547, when the Schmalkaldic League is defeated by the emperor Charles V. So this is a period in which Lutheranism spreads. It spreads through preachers and sermons on a grassroots level, but the territorial gains of Lutheranism are really due to princes that decide to take their principalities into Lutheranism. And so you get the entire conversion of a whole society from the top down. The second phase begins when the Catholic Church regains its composure. It had been very disorganized. The empire had been very disorganized in the 1520s, 30s and 40s. But by the 1540s there's a defeat, a military defeat of the Protestant princes in Germany. The Council of Trent begins in 1545. The Catholics at this point decide that they're not going to try to negotiate a resolution of the doctrinal issues with the Protestants, that they will stick to a pure form of their doctrine. The Society of Jesus of St. Ignatius Lyola is founded in the 1550s. It's a very militant wing of crusading Catholicism. And so Catholicism makes a political comeback throughout the emperor, throughout Latin Europe. And this is the moment that John Calvin establishes his Protestant Republic in Geneva. And Calvinism spreads not through the power of princes so much as on a grassroots level through its ability to organize individual congregations. It spreads through France with the Huguenot movement. It spreads to the Netherlands. It goes to England. So it actually leaps territorially into very different and sometimes at that point peripheral parts of Europe. But it meets the resistance of an organized Catholicism. And so Calvinism is not as powerful politically as the early Lutheran states. They organize in opposition and that very much affects the effect that they had on subsequent political development. So let me begin with the first of the topics, which is the impact of the Lutheran phase of the Reformation on the growth of a modern state. A modern state, if you consult my book that Michael referred to, Political Order and Political Decay has several important elements. It is a monopoly of force, of power over territory that is regarded as legitimate. But there's a very important difference between a modern state and a patrimonial state. A modern state seeks to be impersonal. Generally speaking, it is ruled by a centralized bureaucracy that is capable of imposing uniform rules impersonally on citizens simply because they are citizens. A patrimonial state, a pre-modern state, is one in which your personal relationship with the ruler determines your status. You have a lot of inherited privileges and no state in Europe in the year 1500 was a modern state. Sovereignty was divided between a king and various territorial lords. These lords were not even sovereign over their territories because there was sub-infudation. There was a theory of the two crowns and so no European monarch would have said, I am an absolute sovereign because they would have said, God is sovereign. God is sovereign through his representative on earth, which is the Pope and the universal Catholic Church in Rome. And so there was a fundamental transnational, there was a division of sovereignty between territorial lords, a very decentralized and a transnational body, which was the Catholic Church. Territories were not contiguous, so as a result of dynastic marriages, conquest, acquisitions, a particular king could rule over territories like Prussia from Cleves and Mark in western Germany all the way to East Prussia. Now the first way in which the Protestant Reformation led to the growth of modern states was simply a material one. Many princes in Europe grabbed the property of the church and kept it for themselves. This of course happened in the princely states in Germany like the Saxony of Frederick the Wise that we saw portrayed yesterday in the opera, but this was really characteristic of Scandinavia as well, Denmark and Sweden. Professor Kaufmann yesterday went over a lot of that history, so I don't want to rehearse it, this process really begins in the 1520s with Christian II who is not converted to Lutheranism. He simply wants to nationalize the Catholic Church in his territories, and so he does this by beginning to appoint his own appointees to ecclesiastical positions and taking that appointment power away from Rome. Then his nephew Frederick the First, the next king, is kind of neutral on doctrine, but he permits Lutheran preachers to spread through Denmark. This is the moment I think at which Danish society itself at a grassroots level begins to convert to the new religion, and then of course in 1536 at the end of the Count's War Christian III turns the country into the first Lutheran principality in Europe. He had experimented with this in Holstein as Duke creating a princely state, a princely Lutheran state, and he applies those lessons to Denmark as a whole, so it is a very top-down affair. At that point perhaps one-third of the land in Denmark had been owned by the Catholic Church. In Norway apparently about half of the land was the property of the church. Christian III had run up huge debts as a result of the Count's War. He was broke like many early modern monarchs. He needed revenues and there was a clear revenue source that he could grab. Something very similar is done by Gustavus Vassa in Sweden as a result of the Swedish, I don't know how it's referred to in Denmark, but their war of independence from Denmark. He runs up a lot of debts and he again sees these church properties. He doesn't seem to have any particular interest in Lutheranism as a doctrine, but he sees that it's a convenient excuse to grab the property of the church and he does so. There the resistance is stronger because there hadn't been as much grassroots support for Lutheranism and so you get these conservative peasant rebellions in favor of the old church that recur in Sweden and so it takes a much longer time for Lutheranism to be consolidated there than in Denmark. In England you see really the process of modern state building being directly connected to the creation of a national Protestant English church. I'm sure you're aware, Henry VIII had no interest in Lutheranism. He didn't like all the preachers from Wittenberg particularly, but he wanted to get a divorce and the Pope wouldn't give it to him so he basically took the entire Catholic church property and nationalized it. Again, something like 20% of all the land in England was owned by the church, a lot of the movable wealth, the taxes, the tithe that went from Catholic parishes to Rome. All of a sudden began going to the English exchequer. The process, the historian G.R. Elton has made an argument that actually the modern English state was born under the secretarieship of Thomas Cromwell. Henry VIII's great minister who devised a bureaucratic system for managing all of these ecclesiastical taxes that the church had collected but which were now going to the English exchequer. There had to be an administrative system. It used to be the case that the king would ask for taxes only when he needed to fight a war but from the 1540s on the English state would collect taxes regularly and increasingly the administration of this taxation and revenue system was independent of the king. It was run by a permanent bureaucracy which meant that the king and achieving kingly power was simply less important which had an important effect on the growth of this impersonal state. The other thing that was going on in England and this was really happening in all of the new Protestant principalities in this period was the development of a distinct national identity as a result of the change in the language that was used because vernacular Bibles were being introduced in all of these places and because there was a distinctive Protestant worship service that was very different from the Catholic ritual. I will read you a paragraph from an English historian talking about the impact by the later part of the Tudor dynasty of how English national identity had shifted. The feeling of national identity and uniqueness continued to grow reaching an apogee in the reign of Elizabeth when it was given classic expression in one of the most influential works of the whole English literature. John Fox's Acts and Monuments was a resounding statement of the theory that Protestant England was God's elect nation superior to the enslaved papus of the continent and entirely independent of all authority except from that of the crown. This was a theory of the English and later British nationhood which would prevail from then onwards until the 1970s when membership in the European community once more subjected the country to decisions of an external authority. Of course that period of enslavement to external authority was very brief with the Brexit vote. They're now out of that and they've returned to being an independent happy green island apart from the rest of Europe. This is a simple material sense in which the Lutheran Reformation led to modern states. States are dependent on resources and the size and the administrative capacity of European states simply grew because they took over tax collection functions and simple property from the church. It also involved other social functions and so poor relief had been administered by various church bodies and over the next couple of centuries these increasingly get absorbed into the state itself which then lays the basis for the 20th century welfare state. The second respect in which the Reformation affected state building was during the Calvinist phase. There's a lot of studies led by economists these days about corruption and what are the sources of corruption. This is the essence of getting to Denmark because in all of the international measures of political corruption Denmark is always at the top of the list, Denmark, Norway, Singapore. They trade places but they're always at the top of the list and the question is how do you get up there? The current economy economic theory is so-called principal agent theory which says that corruption happens when a principal delegates power to an agent or a series of agents and then the agents follow their own self-interest rather than the interest of the principal and so according to the economists the way you fight corruption is by aligning the incentives of the agent with that of the principal. This theory works under many conditions except when the principal himself is corrupt. If the principal is corrupt and is stealing from the public treasury and has no concept of public interest but only of self-interest then the whole system breaks down and you have systemic corruption which unfortunately is the situation in very many developing and transitional countries and it means that you have to explain how it is that certain countries end up with principles meaning the king, president, the prime minister who is personally not corrupt and is interested in running the country for the sake of public interest, a common public interest rather than his own or his family and this is where Calvinism I think played an important role. There's a book by Philip Gorski who's a sociologist at Yale called The Disciplinary Revolution where he explores this mechanism in two important countries, the Netherlands and in Prussia. In the Netherlands the disciplinary revolution was a decentralized one. The Dutch as you're well aware fought an 80 year war with the empire with Spain basically the Spanish would use their base in Milan and send troops up the Spanish road to the low countries and the United provinces had to fight over a very prolonged period to retain their independence. They had no modern, what we would identify as a modern state apparatus, no centralized bureaucracy, they had no powerful king, they had a stockholder but one that was relatively weak by European standards. What they did have was extremely powerful grassroots organization in a series of local congregations, consistories that would discipline individual members of the congregation, would raise taxes, would provide fortifications and the like and Gorski gives some really remarkable historical comparative statistics that the low countries had much lower rates of crime than did contemporaneous Paris or London but what's really remarkable is its ability to tax its own people. In Spain and France where taxation fell heavily on the peasantry generally speaking those monarchies couldn't extract more than about 10% of total GDP what we would call GDP today in the form of taxes. In Holland that number was about 30% because the taxation was done on a local level and it was done with a kind of legitimacy where wealthy Dutchmen would give money to build ships for their navy because they understood that there was a direct relationship between taxation and the security of their society and Gorski argues that this was very much shaped by a Calvinist austerity that made public officials understand that they were serving a broader public interest and not simply their own so both in terms of personal morality and in terms of the morality of public officials he argues that Calvinism had a very big impact. The other country where you have Calvinism playing a rather interesting role is in Prussia Prussia of course was the home of the original model of modern bureaucracy when Max Weber wrote about bureaucracy he was really thinking about German bureaucracy which was inherited from the Prussians. This tradition, this bureaucratic tradition begins with a great elector at the end of the Thirty Years War he doesn't demobilize his army he begins to set Prussia on this path of state centralization. What is interesting is that the Hohenzollern family, the dynasty running Brandenburg and later Prussia were Calvinists in a largely Lutheran society. They did not trust the local Lutheran nobility and as a result when they built their bureaucratic machine they imported a lot of French Huguenots and Dutch Calvinists to actually be their administrators. This is a very typical pattern in a modern administrative system. You don't want to let your administrators marry into the local elites because that's the source of corruption. They have to maintain autonomy in a certain distance and Prussia creates the first modern autonomous bureaucracy because it's a bunch of Calvinists operating in a largely Lutheran society. Friedrich Wilhelm I, the first Friedrich Wilhelm of Prussia who ruled in the early 18th century was an unbelievable disciplinarian. He once quipped and jailed his son Frederick who would go on to be Frederick the Great, Frederick II. He turned his palace into a parade ground. He cut the salaries of all of his bureaucrats. He fired half of them. If you saw any hint of corruption in the bureaucracy it would be punished by execution and he himself was extremely upright and austere and he set the tone for the entire bureaucracy that then survived the subsequent shifts in Prussian history and I think establishing both a tradition of austerity which I believe we still see among Germans and also the tradition of independent and autonomous public service as a special kind of calling and this was I think very much related to the Calvinism of the Ohenzollern family. This is a set of examples that show that both of the wings of the Protestant Reformation played a role in creating modern states. Now there's lots of other reasons why you have modern states. There's political competition, military competition in particular and so it turned out that the Catholic states in Europe in order to survive also had to modernize and so it's not the case that the only modern states that emerged were Protestant ones. The French of course created a very modern bureaucracy after Napoleon and then this became a generalized pattern but without the Reformation I think the initial impetus to state modernization would not have been there. Now the second issue that I think links the Reformation to modernity is this question of identity. Identity is the belief that there is an authentic self hidden inside me that is not fully revealed which I myself may not actually recognize that is different from the kind of external social role that I am being forced to play by my surrounding society. Professor Kaufman used the term identity when talking about the Christians fighting the Turks in the 16th century. You can use the term identity in that sense but I think in the modern sense if you're simply fighting an external enemy of a different religion over there that's not the same as this belief that I have an identity that is hidden inside me and everybody around me does not share that identity, does not know it, does not recognize it and does not appreciate it and that's the modern sense of identity that I think begins with Martin Luther. It begins with Luther because of his distinction between the inner and the outer man so of course Lutheranism is based on this idea of inner grace in his pamphlet the freedom of a Christian man Luther says the following he says no external thing has any influence in producing Christian righteousness or freedom faith alone can rule only in the inner man as Romans 1010 says for man believes with his heart and so is justified and since faith alone justifies it is clear that the inner man cannot be justified, freed or saved by any outer work or action at all and that these works whatever their character have nothing to do with this inner man now this concept of inner and outer also corresponded to Luther's own personal struggle because as an Augustinian monk he was trying to come to terms with his own sinfulness his own lack of faith he struggled with this over a number of years and I think did not understand this interiority of faith until a moment of revelation which then led to his revolt against the Catholic Church this is a modern sense of identity because what Luther was saying is that freedom human freedom the dignity of a Christian individual is only something on the inside it is certainly not visible by any external act of that individual it is certainly not visible in the external rituals of an institution like the Catholic Church and furthermore the value the true moral value lies in that inner person and not in the outer ritual so the entire society can be false and corrupt but the inner person can still be saved and so this is the moment at which the inner person achieves a unique value and is the source I think of human freedom so Luther distinguished between inner and outer that's the beginning point of a modern concept of identity it's not however the modern concept because he only understood freedom in one dimension which was the freedom to accept God or not there was a kind of binary decision that one could make and one was free to make it that was the source of human dignity but you couldn't decide well I'm going to become a Hindu or I'm going to come out of the closet as a gay or a lesbian that wasn't an open choice there was really a very distinct moral world or moral universe in which Luther operated but the distinction between inner and outer then lays the groundwork for the subsequent secularization of the concept and its evolution into what we recognize as modern identity politics the next thinker that I think was critical in taking that concept and generalizing it was Jean-Jacques Rousseau as you're probably aware in the discourse on the origins of human inequality argues that man in the state of nature the original human being was actually timid, isolated, fearful but happy because he could feel the sentiment of his own existence was not full of emotions like envy, pride, shame that came from comparing oneself to other people in society and that human unhappiness began to originate when people began living with one another could compare themselves to other people and decide that they were worse off and this was he said the source of human enslavement and so you have the same distinction between inner and outer the inner person is an innocent savage in a certain sense and the outer person is the French aristocrat or whatever that is conforming to the rituals of the court whose social persona is masking and suppressing the inner freedom that every one of us is born with and Rousseau's two solutions to this one was political through the social contract if everybody could join in a single general will then there would be no contradiction between the inside and the outside his private solution was to return as an individual to the state of nature through the experience of his own sentiment of existence but this then sets the groundwork for many subsequent thinkers in the 19th and 20th centuries that would take this concept of inner and outer the inner freedom of the individual that was the authentic freedom and the outward ritual that was the false suppression of that inner being in Kant in a certain sense you have another effort to secularize the Lutheran idea where human freedom for Kant is not the freedom to accept God it's the freedom to accept the categorical imperative it's a rule that's derived from reason that exists simply as an artifact of reason alone so in the 19th century these ideas move in two different directions so one is towards a much more expansive view of freedom towards what we would call today expressive individualism that our true freedom is a kind of artistic creativity that is suppressed by the outside society so we're all incipient Beethoven's or Van Gogh's we just don't know it until we are able to realize our true selves but the other important direction that it goes in is towards modern nationalism Johann Gottfried Herder in a way picks up this idea of the inner self but he says that inner self is a collective self he says that every nation, every tribe, every group of people adapts to its circumstances every single nation has its own genius that is the product of climate and geography and its local history and that identity, that collective identity is being suppressed by the outside political world in his case he was thinking about the German states that all were imitating the French court at Versailles adopting all these French manners not regarding their authentic German folk culture and therefore authenticity involved the recovery of that genuine folk culture now it is of course extremely unfair to link Luther to the rise of this aggressive German nationalism in the late 19th and early 20th century but there is a connection, there is without doubt a connection the most obvious connection is simply through language I believe it was said in the discussions yesterday that language was very important, the Luther Bible really standardized a form of vernacular German that really survives up until the present it is through language, a vernacular language that Germans began to realize that even though they were living in separate political units that they still had a cultural unity and obviously the uptake of Lutheranism in the German lands was a kind of proto-nationalism the Germans did not like being ruled by a Burgundian emperor and Italian pope they wanted ruled by German princes over German subjects and so in a sense the idea of a single German nation based on culture rather than dynasty really gets a big start in the Lutheran Reformation and then of course in the 19th and 20th centuries goes in very different directions because everybody in Europe comes to this realization that they've got an authentic nation that is being suppressed by the Austro-Hungarian and Turkish and other empires alright so the last issue that I want to address is the question of modern liberalism and the reformation's impact and here the impact is a completely unintended one I think it's pretty clear that neither Luther nor Calvin were liberals in anything like a modern sense by liberal I mean somebody that believes that individuals are born with natural human rights that governments are instituted to protect those rights that governments gain their legitimacy by the extent to which they guarantee a degree of individual freedom including the freedom to own property Luther was perfectly happy to attach his doctrine to princely power John Calvin and Geneva basically ran a theocratic dictatorship in which there is no tolerance for any kind of doctrinal deviation and in fact that same Calvinist discipline led to a lot of suppression and fighting between protest and sex as time went on the connection to liberalism really comes out of the 150 years of war that was unleashed by the Reformation you had major civil wars in the Netherlands, in France, in England and then of course in Germany culminating in the 30 years war that killed perhaps a third of the population of much of southern Germany if you look at the specific origin of modern liberal theory a lot of it comes out of England and out of the English Civil War as you know England went in and out of Catholicism several times this issue only gets resolved in 1689 in the glorious revolution Thomas Hobbes writes his treatise Leviathan in the early 1650s a few years after the beheading of Charles I and the establishment of Oliver Cromwell's protectorate so England had been consumed by an extremely bloody civil war in the previous years Thomas Hobbes says rights do not come they're not inherited, they're not feudal, they're natural they're natural because the most basic human passion is the fear of violent death we have the right to kill any other human being in the state of nature we give up that right when we enter into civil society and the sovereign, the Leviathan is the individual who guarantees us our right to life that is the basis of legitimacy and that is the reason that a liberal society is basically an aggregation of these individual rights John Locke takes that doctrine and says well the state itself can threaten that right to life and therefore people have a right of rebellion against unjust authority John Locke becomes the chief ideologist of the glorious revolution that unseats the Catholic James II England from that point on has parliamentary sovereignty and is a Protestant nation based on this understanding of a constitutional compact guaranteeing the right to life in 1776 Thomas Jefferson in North America pens the American Declaration of Independence which begins we hold these truths to be self-evident that all men are created equal, that they are endowed by their creator with certain inalienable rights among which are life, liberty and the pursuit of happiness that right to life in the Declaration of Independence owes its ancestry directly to Thomas Hobbes who was reacting to the religious strife that was visited on England by the religious wars of the 17th century and so the American democratic system in many ways is the product of the wars of religion in Europe and well the rest is history you know this doctrine becomes very powerful because it's also very good for economic development because the right to property is also guaranteed but this was not an intended consequence of any of the founders of the Protestant Reformation they did not want liberal tolerant societies they wanted societies that pursued the good life the good life being defined by religion there was a deliberate lowering of the horizon of politics so that it strove not for the good life but for life itself you wanted simply a system that would allow people to live in peace because that was what was the most important human value and that's the kind of society in our modern liberal democracies that we have it's not devoted to ends defined by religion it is defined by certain basic rights that we believe are shared by all human beings I'll just conclude with this thought so right now in the Middle East there is an ongoing civil war between Sunnis and Shiites some commentators say that this is a centuries old war this is nonsense Sunnis and Shiites have actually been living pretty peacefully up until the last few years but now this war is spreading it's driven by Saudi Arabia and Iran and their local rivalry and many people will say well there's no precedent in the world of Islam for liberalism there's no doctrine of separating church and state there's no doctrine of tolerance of religious tolerance or religious freedom I think what people need to recognize is that in the Christian West for many years there was also no doctrine of religious tolerance and there was a complete fusion of religious power and princely power and that the reason that we have modern liberalism is that Europe found itself in a bloody series of civil wars over a period of 150 years and at the end of that certain thinkers said okay enough we have to take religion out of politics we need liberal tolerance because that's the only way that people in a de facto sectarian society can simply exist and I think that in the Muslim world they haven't come to that realization yet I hope that in that part of the world it doesn't take 150 years of violence I think actually there's an argument that things will speed up in the modern world because people learn lessons a little bit more quickly than they did in the 16th, 17th centuries but I think that this in a certain sense is a ground for hoping that the European precedent of religious intolerance producing liberal tolerance may play itself out in another critical part of the world so how have I done on time? we've got one minute so thank you very much for your attention


Great welcome digital asset news. Look everybody. I know it's Sunday. Well, we got a lot of things to go over It's been two weeks since I've been here So we got a lot of things to discuss and try to alleviate some fears So first I was gonna ask you we're gonna go over a couple different topics And first the things I'm gonna ask is I need to get this out of the way, which is Are you scared and what are you actually scared about and really I'm gonna talk to you about why you really shouldn't be? Because in this market it is just cycles And I'm gonna give you the bad news because on this channel I don't like to give you too much hope him because you have to have balance so I'm gonna talk about the bad news What's going on? I'm gonna talk about the good news what I've seen Actually speaking at that coin Bureau event the things that the people that I've talked to which give me a lot of insight What's going on and lastly we'll talk about the surprise I call them the surprise buoys in my crypto portfolio and what's keeping me afloat and then at the very end We're gonna do a giveaway. Why not right three people are gonna earn a hundred dollars cash I know so you don't like cash, but hey, what are you gonna do? It's gonna be three hundred dollars to help fight or bring awareness to breast cancer And we'll do some random giveaways at the very end so stick around for that. So first of all if you're new to the show Welcome, my name is Rob and this is digital asset news Some people call me Dan in the comments and people say Rob doesn't matter It just as long as they're calling me something realistic. So what we're gonna do is we're gonna do we do a quick market recap We're gonna do some Time stamps. So if you are here for the live stream, welcome. Thanks for showing up. I appreciate on a Sunday. Good for you Time stamps if you're watching the recording will be below so you can skip ahead do what you want to do But in all honesty, it's just easier to go straight through because it won't make sense if you jump around And then at the very end we'll do the Q&A So the first thing I want to talk to you about is I have a question for everybody because it didn't really hit me Until I was talking to somebody this morning specifically and the question is are you scared and It's not about are you scared? In the market because we're all a little bit jumpy right now Let's be honest But are you scared because the market went down a little bit and then when I say a little bit I meant I mean like we lost about six hundred eight hundred billion dollars I guess you wouldn't say that a little more or are you more scared that? Crypto will eventually go to zero because there is a big difference because the person I was talking to this morning Kind of thinks that's where we're going. He thinks everything's going to zero He thinks the government is gonna step in and ban everything so in the comments. I need to to You to tell me Exactly where you're at and the reason why I show you this this this picture this dumb picture is because if you don't know The reason why I'm doing this live stream after two weeks is I was I was on sabbatical I was on a big little vacation with the wife and we Did a little European tour went through the UK London we were there for Swiss Borg and the coin Bureau event where we spoke was pretty pretty great stuff and then we went down through France and Finally Italy and of course here.  I know people right now are a little bit Concerned because the market's doing this kind of nonsense and it is it's you have to understand. It's a natural cycle We knew that the bear market is coming the the question always is is when and we can see that there was been quite a drop-off in the last 90 days and The reason why like in this picture here This is when we were first dropping off I'm really not too concerned and I'm not really concerned because I been here and If you haven't been here You're probably a little bit unnerved and I can just tell you right now If you are looking at your portfolio and your crypto and you're thinking yourself man I'm not gonna I guess I got to keep working And I look at these things and like well I guess I'm not gonna be that hundred thousand air or that millionaire or I guess I'm not gonna be able to pay off Those credit cards I thought I was gonna be able to pay off because I thought that this crypto would actually push me Forward and then maybe you're thinking yourself man.  I said, do you really think? that the problems that crypto solves and blockchain technology Will not Accelerate as time goes on and allow to beat to flourish and do you think that the governments? Will step in and cancel it. No, they won't you know why they won't Because there is so much money sloshing around for all these different places and especially if there's a lot of money sloshing around There's a lot of taxes To be garnished from you So if you think they're gonna let you just stick your money in your bank account and do nothing with it as that Inflates away at 8.5 percent. I think you're solely mistaken. You see me miss the point. They want this to work I think they do but I think they want to control it And I think there's gonna be regulations put in forth and I think that yes They're gonna come out and they're gonna regulate stablecoins and guess what just like I said, I think they should I know That's a very unpopular opinion But as I see the different pain out there, I think we actually should be doing these types of things And I know people, you know, you're gonna you know, you how dare you say those things?  No I'm tired. I'm tired all the DeFi rug pulls. I'm tired all the BS yield farming I'm tired of the nonsense that's out there. This is It's time to grow up we need a Little bit of clarity about what it actually is because I got to tell you right now There's there's some people that are very sad in this space and some people aren't so that's what we're at So I know like right now if you're scared about this situation just take it from me. I've been there before I Was waiting for this time. I think a lot of people were and I think we're actually in the right place the right time So that's The first part. So if you're scared, it's not so much of a big deal now. Let's talk about As I as I as I talk about some things that's could be considered bad Let's really get into the bad news for what it is so First of all, there's gonna be a video. It's gonna come out and it's from Swissburg. I was there. I met Alex Vosel great guy Cpo of Swiss board and we sat down for about an hour or so and in that video This was on May 6th. I believe and I pretty much told him I go look This is why the crypto market is in a bear market This is what I think is happening and I don't think that you know 30,000 is the floor. I think we're gonna follow the farther. I talked exactly why it is But I'll just give you the rundown and when it comes out. I'll link in I'll link it in on the channel at some point but you have to understand if we take a look at some on-chain analysis, there's some concerns I have and one of those is Actually, first of all, let's just take a look at this the Bitcoin miner outflow. See a little spike right there This was in April. I think yeah, and we've covered this. There's been another spike. Let me just just pull this up So you can see it Beaboo So this is a minor selling and of course one endowed zoom out That's when they really sold but that's when the Bitcoin price was like in 2011. I don't know 10 bucks Not a big deal Let's go over here So we saw in April and it's really not slowing it did slow down a little bit But you see a little bit of a spike here Because even this was an 11th of May. This was on Wednesday last Wednesday or this Wednesday past there's been a little bit more selling of Bitcoin and that's natural because people got to pay the rent, right? But there's another thing that is concerning me a little bit and this thing right here This Bitcoin exchange all exchange reserves meaning how much is Actually being put on the exchanges. How much Bitcoin do they hold so the so the thing is I was always happy about this because as we can see that We're much farther down than where we were in October 2019 when we had exchange reserve of three three million 35,000 five hundred three and it comes down here a little bit of an uptick and then Down it goes a little bit. But the thing that concerns me over time is that you know all those cryptos that you have on your exchange Whatever exchanges you're using You know that sometimes they allow you to have some type of yield I'll give you like five percent or five point two five or three points thirty percent and a lot of those places they Rehypothecate your Bitcoin Meaning they loan it out So when people would always ask me like well well Rob There's a lot of this this Bitcoin that is on the you know is being on the exchanges, but it's not really being sold So so where is the volatility? Well first of all if you take it off and put in your ledger There is no volatility because you own it But the thing that concerns me though is all the things that is being done with those bitcoins that are supposed to be in your Wallet that are being as being rehypothecated and then the question that I have is Is I need to talk to the people that are in charge of that and that's why I'm gonna have Alex machine ski on tomorrow and we'll talk exactly how that works because I It's just a concerning Aspect to me that you have Bitcoin that's supposed to be sitting on on exchange But you know with you know and people are always happy about the yield they're getting but what's being done with that Bitcoin? What's you know what what kind of institutions are are they loaning it out to rehypothecating? What are they doing exactly with it and I've had him had Alex on the show for many for just like the fourth time I think and you know he just says well, it's not like they're shorting it But I gotta tell you it makes me concerned About the things that are happening with that and then the other thing that really concerns me And I think everybody if you're new to the channel this this should be a surprise but if you're not it's not and that is the leverage ratio and I don't know what it's gonna take I think This is from crypto quant there's a link in the description, but as you can see like for the leverage ratio When I first started to report on this it was down around here, which is 0.17 and and me and the CEO we did a Education series on on Their their data and anything over 0.2 is extremely high and it just seems like Since 2021 it really hasn't dropped off a little bit here 27th of February, but look how much leverage there is Zero point. I mean it really hit a crescendo on Sixth of May when everything was dropping down like crazy. And then of course it goes down. So My concerns are always the leverage plays and I I understand that people make a lot of money here is This is coin glass comma liquidation data see those reds right there. That's are all those are all the liquidations for the shorts Now if you just take a look at this Which one do you think? Where people are making the most amount of money. Well, if they're getting liquidated a lot in these longs It's because these short people down here and they get liquidated on there's different positions. They're crushing it They're crushing it right now, and I can't say that that's wrong It's a free market. You do whatever you want to but I just see that Because of the volatility that's out there It won't really dissipate unless these types of leverage plays and even Caitlyn Long said it best This is on Twitter. She said, you know we thought there was a lot of a lot of innovation and money flowing in but it was just over leverage plays and It's the same thing with the stock market and all those things. So that is not the good news Sorry to tell you. Oh, and there's more so So this is from this is from Ben's website into the cryptoverse. I love this site I don't know about affiliate link. It's just you just app into the cryptoverse I think I have a link, but it just goes right to his website I think he's having a special or something anyhow, like the things like to see is of course the logarithmic Regressions take a look at the monthly average ROI's monthly returns And this is the one that I was I was hopeful because if we take a look at this the Bitcoin USD monthly returns table I gotta tell you I had a lot more hopes for April, but so far This is the worst month Ever in the history of Bitcoin now not to get all you know Apocalyptic that's not great. I mean, but it is just one month. So not a big deal, but I will say this I Was a big believer in the four-year cycles I've had those many of times and I thought it wasn't really didn't really play out because I thought in 2000 because we had a halving in 2020 so we should have seen an all-time I'm telling when we did I thought I was gonna go much higher did not in 2022 Supposed to be a crash and there is 2023 is a reset 2024 another halving and off we go. So actually it was supposed to be 2012 halving 2013 all-time high and that happened 2014 was a reset 2015 Was in elongation play 2016 halving 2017 all-time high 2018 crash 2019 Reset 2012 and then off you go. So when I take a look at these these four-year cycles I thought I was didn't really work out but in all honesty It's worked out pretty well so far just that I was wrong with the numbers and then right here going back to this if we look at all the The crypto winter years, which of course doesn't 13 was a great year I mean you had a massive massive run You only had one two three months that were negative and not by much And that was of course the bull run when I think it went from ten to a hundred bucks and like that or a thousand I think then and then it came back down below a hundred and then of course we we went up in 2017 another great year another Another another bull run and we only had one two months Only two months that were negative in 2017. That was a great year now look at 2018 You had one two three four five six seven eight eight Bear months 2014 the other bear scenario one two three four five six seven seven months now. Let's take a look at 2021 that was supposed to be the ultimate you still had one two three four you had five Negative months although April wasn't wasn't much and now in 2022 Thus far We're looking at three negative months and March wasn't even anything to sneeze that five percent come on come on so that's not looking so good and then I will say also is That if you take a look at the NASDAQ Which I think it is correlated to if we take a look at actually for one day It's actually looking pretty good. There's actually a little bit of a pump which was nice, right? But of course we had a little bit of a pump ourselves So we'll take it but we take a look at the five day the one month the six month What about a year well geez how about five years? Okay, there we go But not much Not looking so great. So what I want you to remember is this is That we can look at all the chart analysis. There's much better channels than mine Go look at Ben. He does really great stuff with with TA and such and taking a look at Logarithmic regressions and all those different things, but if we take a look at the macro events What are some things? What are the scenarios that are going to really play negatively? Well watch these dates and these dates are The release of the CPI or the consumer price index, you know, it's every month. So I like this in the description and If we look at we just had one On May 11th, that's what that's what kind of bottomed us out And it was I think it was like 0.3 percent lower or higher than what they believed it to be So we'll see what happens in June and then July August and October So you those are the those are the dates that you could see some pretty big price action swings If you're a big trader sure and then also you also have the producer price index which of course the CPI is what Us plebs pay and of course the producer price is what the people that make and furnish those those goods how much they pay and There's also again But you got oh just happened again may 12th you got June 14th July 14th August 11th, which coincides magnificently With the Federal Reserve and the dates that they have when they meet So watch these dates June 14th through 15th and again you come over here June 10th, so five days before you're gonna get the CPI June 14th one day before you get the PPI and Then on the 14th and 15th you'll get a triple whammy of the Fed coming out and going we just raised rates by 0.5% Hopefully and Jerome Powell just came out and said that it is not likely that we will see a soft landing So these are just the dates to be aware of and I see those things happening As far as negatively as far as the macro event because the question that in my mind is Where is the narrative for people? To start to invest into crypto and digital assets. I don't think people have a lot of confidence In crypto. I don't have a lot of confidence in the S&P 500 and traditional stock markets I don't even think they have first of all, they don't have The funds to actually invest into real estate because it's hyper inflated anyhow So the question is what will people do the price hold on their money until they figure out what they what they can do I think it's a better idea to do Some dollar cost averaging which will lead me to my next point The good news So it's not all doom and gloom and I know I said them in the beginning Are you scared? You shouldn't be These are natural cycles And this is what it comes down to so There is some advice Hold on. I can't say that I can't give you advice and I can't even recommend people to give advice who give advice, but um This one was Just something to watch out for this is on Anthony Pompey. I don't I like his show good show entertaining guy Really smart And I know some people will of course in the comments say something different, but it's the comments And uh, he had his gentleman on and we and the guy Got his name, but he was talking about how If you if you're watching this video he talks about how A lot of the times if not a hundred percent of time It's best to go all in because over time It'll be the best situation for you like he talks about Bitcoin and if you go on all in in gold that over, you know, three five, I guess 10 years It's okay. And that's not true um If you went all in on I mean just in crypto just an example I don't know Tara. Maybe That would have hurt that would have hurt a lot if you went into Like I said salt lending salt crypto That'll hurt a lot too and then Name your your cruddy crypto that's out there that is just dead and buried so I don't think that's the advice that I would take of just going all in now it can work Uh friend of the show diddy bitcoin family. He went all in on bitcoin on Early, I think it was january of every 2017 when it was below a thousand bucks and he sold everything right into bitcoin worked out great But for someone to say, you know what all the time it's great just to you know go all in and I watched just this snippet. So maybe Maybe afterwards he says something different like in in you know in these cases, maybe not a good idea But i'm just bringing to your attention if you watch that Probably want to watch the whole podcast but uh not my thing and You have to remember this Is if you're looking at history and the things to do Here's a problem that came up with us remember that whole thing. There was one thing I did did agree with when he said when he talks about buy the dip is bad advice It's not only great not always great advice. So here's Here's my wheelhouse 2017 McCaffey told me bitcoin's going 2 million. I believed him everybody else told me on youtube. I believe them too and totally wrong So We're taking a look here. Yeah, this is exactly from which one I got in Uh, actually I bought it around 8,000 6,000 8,000 around there But it was in november I could could be pretty sure and I wrote this all the way up and cool right and at 19,655 Everybody was happy and then it just took a little bit of a dip and people were like buy that dip Because it's going to a million. This is our secret.  So I dollar cost average here. So i'm good and then it came up to 18336 or what I thought was much I thought it was like eight almost 19,000. I guess I was wrong And then people were like we're geniuses and it came out here buy that dip buy that dip Yeah, buy the by the dip. No dip. No dip buy that dip. Oh man So sometimes I can't give you financial advice But buying that dip is not the greatest advice of all time and sometimes even I get caught up in that And I'm like, I should really you know put a bunch of money into So I'll just tell you what I'm doing right now and it only makes sense to me Again, my goals aren't your goals but I Have it automatically set to purchase bitcoin and theorem every day on voyager It's not that much but just a little bit because I do believe as time goes on That bitcoin ethereum or the other blue chips will ethereum make it. I have no idea Will bitcoin be the number one for the next Thousand years. I have no idea. I don't know But that is the safest play that I can think of in my head for crypto And in my humble opinion, we're also going to put it because I can't buy any more property Now we've got property here in houston and portorico and they're great, but it's so overpriced right now I mean, you can't even it's just just ridiculous to even think about it and then stocks I mean, I think we know that those are pumped up to the moon. I can't see them. There's some winners out there But uh, I'm not a big stock guy But with crypto and those other things if I just Get rid of the noise and just say, you know what I'm just gonna put 25 bucks in You know, whatever it is a bitcoin ethereum and I can I can really ramp up that That dollar cost averaging if I want to if I just want to say, you know what? I don't know what what the t is going to tell me because There's one thing that there's one thing that two technical Analysts can agree on and that is that the third one doesn't know what he's doing. So I can do the ta but I mean, look people get wrecked a lot. I could do the leverage plays, but I'm not doing that That's just sounds like a serious gambling Uh, I could value cost average, which is instead of just doing every day I just take lumps of sums of money, but I've already done that now. I'm just going along And then last thing is I'll just dollar cost average and people always ask me they say well Rob, when do you take money out because why would you take money out and continue to dollar cost average? It's like farmers Not yield for me.  I mean some of it works out, but I think it's gambling too but for for farmers They may plant some seeds of let's just say bitcoin at 20,000 right they plant those seeds of Are bitcoin at 20,000 and they wait a year or so maybe goes to 40,000 But along that time from a year to when they plant those seeds at 20,000 Then I went to 21,000 and 25,000 and 30,000 and so on so so forth So if you want to take profits along the way, maybe those initial investments of 20,000 and now it's 40,000 So let's say you bought Let's say you're a baller.  I just double my money So I'm going to take those five and I'm going to take the profit the ones that I bought at 22,000 Let those roll out and just keep going and as time goes on you can just keep doing it and doing it doing it as some people will say Why don't you just take loans? You can't take loans. Here's the thing. I took loans and guess what you get called margin calls. So if you Don't have the collateral Thankfully I do But you got to keep buying more of that crypto of that collateral and guess what if it's an altcoin That is really going down. You got to keep buying and buying and buying before you know You're like where did all this money go to because you know For terra, I that was the collateral and went to zero and then I also there was a stable coin That was supposed to be stable and it wasn't What happened? So that's your options and uh, and that's what it is. So Again, as time goes on when we do all these things and and last thing Before I get in that I'll just say this. I have no crystal ball. I don't know where things are going Uh, could things go to zero? Sure. Well, is that likely probably not like like the reason I talked about before so As time goes on some of the safest things For me is what I do to sit around Delacoste. I would go away. I've never met a really happy trader Who gets out every day and enjoys like like the sunshine seem like those guys are just stuck to the to the screen I don't want to do that. I'm old enough. I don't have to thank god so that's that takes care of that for that part and then There is one thing that uh, that does concern me And and we're talking about these bounces. Remember what what I just said over here About you know, these these dips that cat bounces if you want to call it that and going down There's people like like cj. Rykel if you don't know cj. Fallon He's he was trained by uh, the guys over at marker rebellion Uh, john and dan agarian Or peep peep peep and john and those guys are like old school traders from like the 80s and 90s and They sold their company option monster for a couple billion dollars And uh, they're all over squawk box and in cj is one of those one of those guys that that learned from from the From the best and and he's in there and he's like look I see a downside coming and I will look to short weak alts on the next bounce so To me That scares me because if someone can can short it and Who knows if it works out cj for him probably this is pretty well Uh, that would concern me a great deal because if it's if it's cj doing these things Then it's also other people who are looking into it going. You know what? Up I do the same thing and that's the beauty of groupthink anyhow, so we have that and uh The last thing I will say is this is that uh I had I I got to speak at the at the coin bureau event and it was fantastic I got to thank guy and the team for doing that. They did a they did a great job of putting things on and uh It was about you know 30 minutes or so and I said Of course, I was talking about regulation No one wanted to hear that part, but I did you know said exactly what I pretty much said in this presentation just a little bit longer and I will say that there's first of all a couple of things and that is that I know Like people to see you know, they just see a guy and like oh, he's bringing up a teleprompter I talked to him backstage again. It was a lot about crypto like a lot About crypto and uh, it was shocking to me is that he's been investing since 2014 Which is three years before I even I did it. So he's one of the guys him simon dixon Ben james and those guys there's a link in the description For for those channels you can check them out But it was great and the things that I learned behind the scenes about like and this is This was the actual audience themselves the things I learned behind the scenes that are going on Is that there's a lot of building happening? that You would be a little bit surprised about and then This is uh, this is us. This is there's uh alex fazl From swissborg We've got oracle films. There's there's maxi from ginsukishi. There's hayate mats from japan coin club And then crypto slate back there and then me and the wife And when we're talking to these guys and we talked to a bunch different people They just talk about the rails that they're they're building the things that they're doing And it's pretty it's pretty amazing And so like all these things that we see like like okay the price sucks And of course everybody's fearful that things are going to go to zero. It's not going to go to zero And the things that are going on you have to remember though that if there's ever time to build things and make things happen It's right now and to stress my point. I just want to show you this here's 10 companies That were found in 2008 recession. I know some of you aren't like They're young enough. You don't even remember like the 2008 recession Or and you definitely some of you don't even really Realize how bad it was for the dot-com bubble. It was pretty pretty pretty bad But in these times this is when you get to build Because there's not a lot of expectations a lot of hype and things get out. Did you know that? WhatsApp Was in 2009 came out venmo group on 2008 instagram uber 2009 pinterest Slack I don't like slack and square all those companies were built in a vast huge Recession when things were going to hell in a handbasket. So if they could all do that, why not us? Why not us? I see things growing from leaps and bounds to when I was here in 2017 the rails that were actually here There was no big banks getting into there's no legal tender. There wasn't the paul tutor jones the bill millers there wasn't the The the black rock and and the fidelities Doing ira's there was none of that stuff none of that I mean we really did think in 2017 that the government was going to pull a plug in any minute now There's so much money slosh around it. There's It would be very hard For them to do that. Could I be wrong? Absolutely. Absolutely but Only time will tell And uh, that'll leave me to my last point. We'll get out of here. We'll do that giveaway There's been some surprise buoys in my in my portfolio And I didn't really think I would I would ever do this because I'm not a very risky person I'm just not I've built Businesses and real estate is a very slow process, you know to get to get your first house or your first condo or your first apartment complex It takes a lot of time But then when you get it done Then it just kind of rolls from there and then you kind of just you kind of learn from yourself So with me, I've been dollar cost averaging since 2018. I mean, I've been 2017 was when I really got into 2018 just dollar cost averaging tell Roughly three or four months ago in all honesty And there's this there's these d gen plays. I know people I I have a second channel It's called dan d gen. I called it. It used to be called dan clips But I I think clips they have their place. It just didn't work out for for us. I thought it was dumb So for the dan d gen I said I called it this because You have to understand that these plays you'll probably lose all your money And that's why I was like this is just for gambling. So why not? So a lot of these videos are just like like the clip stuff, but the last three or so we Did pretty good for the things that we were talking about and when I talk about this. I'm not talking about I'm not interested In products that are already around. I'm only interested in the ones that are just coming into existence Because there's so much better off-site. So like we did ginsukishi on december 15th and you can find this This spreadsheet Yeah, sorry this spreadsheet Let me just click on this one Yeah, it's in the uh Hold on real quick There we go You change some things around it's in the description all my videos now because I want to be transparent. It's under strategies the that The five percent d gen plays is here and then my second channel Is right there Which will link you to this one?  We got on this in december 15th just december 15th 21 And the purchase price was a penny because it was just coming out And we got this many tokens and the price day is 86 cents not too bad And that's the price for may 15th ever dome Yeah, we got a 0.005 200 000 tokens went to 0.0 not bad And then fame which was a real big winner, but then it tumbled because this crappy market It was that like point it was like at 64 cents But uh, yeah from that was on april and it went down And you can watch all the all the videos the point being is that if you Not if you me You I can't give you any advice These things right there like the fame one a couple of my friends They got into it with me and I could only get I could only get a couple thousand tokens Which is why I like to work with these because I couldn't get like hundred thousand tokens Somebody else I talked to said I'll put a hundred pretty thousand dollars in i'm like no you can't do that They won't allow that so They don't they didn't pay me anything to do these reviews. I just got access to their team I just got access to the interviews. I got every access to everything that I wanted And it worked out pretty well. So my friends were like I said, this is a great opportunity and they said sure They gave me a little bit of money and I said look you understand you'll probably lose all this money I'm like, well, it's not that much. It's like a hundred bucks and Worked out. Okay. So this Dan D gen I think moving forward I'll probably do more videos of this but right now It's few and far between the projects and uh, the people that bring these products to me They're just context. I've built up over the years and uh, that's just where we're at so Check out the second channel and hopefully the next one comes out. It'll be a winner. But again For me, I just expected to lose all the money just didn't it just actually Worked out. Okay, and that's what's up. So now There's a lot of stuff. Uh, let's do a little giveaway. Shall we? All right, enough of that enough of the rambling.  Why do I? like to to team up With these nuts because in this crappy market that we're in It is good to have a little laugh and those guys are great. I've been I've been uh, with I've been talking these guys for like the past Oh man, at least six or seven months and I and uh full transparency I do own a these nuts nft And I actually have staked it. So I love these guys and they're like, hey, we're gonna do a little We're teaming up with ladies ladies nft, which I guess let me show you this It's a female nft collection focused on inclusion and part and they raised over 50 000 for Breast cancer awareness, which is pretty cool. I like these guys. So they said, hey, we want to give away some money All you gotta do is just follow Me and late ladies nft and that was it. So I said sure we'll just do that and that's that's all so now Let's see if I can work this right last time I did this it worked kind of okay It's called twitter picker and you can find this twitter picker.com And all you gotta do is just load the tweet And then it's gonna ask me for winter last time I did this it was three winners, but I only gave me two So let's see Must follow this might this might work or it should work Take this here and then we'll do This one here And then we'll draw it.  I'll be there. Okay. Let's see Six months no not that Let's say any and continue Oh, look all these people 68 people Continue All right begin draw Wow worked out pretty well this time. So, uh smoky at lm page 88 uh magnet than green at jonathan Palmer and at bud monster. So Just send me a dm in twitter And I'll be looking for those and I'll introduce you to ladies And they will give you that hundred dollars and that's it So whoops That's it. So that's it for today. So look, uh, I know it was a little bit long one But I think there was a lot of things to be answered today And to go from there. So That's it. So thanks so much for stopping by. I appreciate today's video give it a thumbs up I'll consider subscribing letting us talk about our time sensitive. Let's do a quick q&a and we'll go from there All right, there's always a little bit of a Of a delay Go here Is step in the next big Ponzi. I don't know what's a Ponzi. I think everything's a Let's be honest Everything's kind of a Ponzi in the beginning until you actually get people to get into it And uh step in I have I have it I'm gonna give it one more chance because the NFT that I got Wasn't really that good.  That's cool. It works out for some people. I guess just not me My thoughts on luna Well, we can pile on But I just feel bad for everybody who got screwed. That's really what it comes down to I know like people will say They should have just done their research They should have just done their research And they shouldn't have shouldn't have got into that because this this and this let me tell you something uh I'd like to meet the person who got rug pulled And said, you know what?  I knew I knew it was going to go down the whole time. I'm sure you did pal But in all honesty, it's just a bad situation with people. That's what I really think is the bummer And I know dough quant is really trying to bring it back, but Once trust is gone, it's pretty tough You've briefly discussed your son having 500 bitcoin for 500 bucks. Can you add colors? What happened? Yeah, uh, they didn't we didn't buy them So It doesn't matter though. That was in 2014. I think it was no 2012 2012 2013 I can't and uh Here's the thing even if I would have bought the 500 bitcoin for 500 dollars I didn't really understand it And uh, as soon as it doubled I would have sold it So we didn't buy it But the chances of me selling low or losing it are pretty high and I would have been that other statistic Which is that's going Yeah, I mean look here's another example, right? We do our own research We looked at solana. We take a look at and go. Well, you know transactions per second or 4 million or whatever else it is And uh things are going now as far as like it being down so much as impossible I don't know if it's impossible to use right now. There's slowdowns. I don't really use it that much So maybe someone could enlighten me if it's down again. That'd be interesting Oh What's up cookie? Uh, shoot. I forgot about that. Here's what we'll do on I'm gonna do that giveaway on on twitter again But I'm just gonna draw it from at random We'll do it later cookies not giveaway Well, they could do it right now. How about that? Now I'll do it later. I sold my luna 911 books. Yeah I just lost like I sold some for the for the Puerto Rico house, which the video you can watch it I'm pretty transparent about that But I was actively dollar cost averaging when it took a big dump. So I lost thousands And uh, that's why I'm like, I don't think it's a good idea just to go all in for every single time That's a good idea. That's just me Thoughts on luna short term is dead That's it. That's enough of the That's a question for the economists, but I will say All your money's made in in in these bear markets I know you've you've heard that so many times. I'm sorry that you're gonna hear it again, but it is true The question is though is that what do you want to put your money into and if you think that Like altcoins and things are expensive now. Just wait. I think there's a I think there's a bigger dip coming It could be wrong. Hope I'm wrong. I'm not affected that much because I didn't I just was dollar cost averaging like, uh A little bit every day and it was only for like a couple of months. So it wasn't that big of a deal Would you consider putting 100k and usdc on vault? Yes On vault. I don't know. I don't really know vault. I I don't know what they give as far as interest, but I get like eight and a half or nine percent on voyager So I just use that And that's it. What else? All right, everybody And thanks everybody. Yeah, I wasn't duck there, but I was just on vacation That's it. So look we've gone 46 minutes I'm happy you're here and I'm happy that you know between us. It's just a couple thousand of us uh If you're still here You're probably going to be pretty good because You have to it's like it's It's a mentality and for you to to stick it out and actually be here and just kind of kind of go for it I was the same way as you. I was just stubborn And then I'm not that smart. I'm just really stubborn. So I can in 2018 I just said, you know what I'm not in the business losing money. I'm going to keep dollar cost out And I think it's going to do well It just happened and all the people that were here just they just left. They were gone Even a lot of the youtubers that were there they just left which they kind of sucked anyhow and uh And all of a sudden you just you just kind of find the right people that their message resonates with you Hopefully mine does with you. That's it. All right. So everybody. Thanks so much for watching. I do appreciate it and uh Like and subscribe all that great stuff. See you on the next one, which will be mañana. Adios