Adam King hosts crypto legend Gordon Einstein, the CEO of Crypto Law Partners based in Dubai for an extended session answering questions from the audience and giving strategic advice on how to manage and setup a plan for your crypto assets in 2023.
EP017: What’s UP With Crypto?
December 19, 2022
Guests:
Gordon EinStein
Summary:
Adam King hosts crypto legend Gordon Einstein, the CEO of Crypto Law Partners based in Dubai for an extended session answering questions from the audience and giving strategic advice on how to manage and setup a plan for your crypto assets in 2023.
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00:00:00:12 - 00:00:23:11
Speaker 1
Welcome to the Adam King Show. Our guest today is Gordon Einstein from Crypto Law Partners. And I'm just going to say everything Einstein, because Gordon is an absolute renaissance man. If I were to call myself a Renaissance man, which I do believe I am, I look to Gordon as somebody in my world who is absolutely a renaissance man.
00:00:24:12 - 00:00:40:20
Speaker 1
So before we get into all the nitty gritty stuff, you know, I want to say for my audience a little bit about you and what you do and where we met. And, you know, I've been blessed to have you in my life for, you know, I don't even remember how long ago Happy hour.
00:00:41:01 - 00:00:43:08
Speaker 2
I think we're creeping up on a decade, if not more.
00:00:43:13 - 00:00:46:09
Speaker 1
We we certainly are. You know, I became.
00:00:46:17 - 00:00:47:15
Speaker 2
The happy hour Mafia.
00:00:48:00 - 00:01:10:04
Speaker 1
Gordon It started in happy Hour Mafia, which was before a small world, you know, that was like the original small world of Los Angeles was happy Hour Mafia. And it was founded by none other than this man right here, Gordon Einstein and happy hour. Miles Hill was like a club at happy hour. And it was like the biggest deal in L.A. for, like, how many?
00:01:10:08 - 00:01:14:12
Speaker 1
How many? It was a once a month party. What was the final number that you got to do? You know, I.
00:01:14:12 - 00:01:15:09
Speaker 2
Did 40 of them.
00:01:15:22 - 00:01:16:13
Speaker 1
40 of them.
00:01:16:13 - 00:01:24:12
Speaker 2
Banned. And some of these were up to this interesting interview topic, and some of them were up to 200 or 250 people.
00:01:24:18 - 00:01:25:12
Speaker 1
They were amazing.
00:01:26:00 - 00:01:38:04
Speaker 2
They were great. It was, you know, and they were charity supporting and they had some intellectual content. Yeah. You know, I don't know you I don't know if you remember the invitations, but they were not they were not your normal invitation. They were not at all thoughtful. Very thoughtful.
00:01:38:18 - 00:01:58:23
Speaker 1
And there was always like something that it was benefiting. But they were really some of the best parties ever. And, you know, L.A. has there's never been a scene in L.A., like the Happy Hour Mafia scene. In all my experience being a part of every social scene that ever existed in L.A. and it was really the quality of the people that would come.
00:01:58:23 - 00:02:05:01
Speaker 1
And you were the host, and back then you were the president of the IP Bar Association, I believe. Am I right?
00:02:05:09 - 00:02:06:23
Speaker 2
Probably approval like a flood minute.
00:02:07:14 - 00:02:29:08
Speaker 1
For a flat minute. I mean, I just remembered that about you, you know, like and then we were friends and we were always social. We never we never went into business. Our relationship never ventured into business. And then as crypto began to blow up, I watched you blow up with it. And your public profile has just gone through the roof.
00:02:29:08 - 00:03:00:08
Speaker 1
And then I remember, you know, all the different things you were doing, your fitness campaign. You were like my source of inspiration and you were bigger than Andrew Tate on out there in the world. You know, you were killing it for everybody in your world, and it was so inspiring to watch you create crypto go from adaptive skied to Gordon to crypto to crypto law partners and maybe you could give a little bit of background about yourself for our audience so they could hear first from you.
00:03:01:01 - 00:03:21:21
Speaker 2
Sure. I'll just kind of start from beginning the real beginning. So I'm at a Los Angeles native was born there. My dad was a lieutenant colonel in the U.S. Air Force, So shortly after being born, I grew up a little bit, Virginia, because he was stationed at the Pentagon. So you can hear I don't have the 100% standard Los Angeles accent.
00:03:22:16 - 00:03:33:16
Speaker 2
And then after Pentagon, we moved back to Los Angeles just working at the RAND Corporation. So I mostly grew up in Los Angeles. I went to law school in L.A. at USC.
00:03:33:16 - 00:03:36:03
Speaker 1
So technology was always a part of your family?
00:03:37:17 - 00:04:05:18
Speaker 2
Kind of. My my dad was into personal computing. This is back in the seventies and eighties. I'm dating myself and took all my bar mitzvah money and bought an Apple TV. Plus, I didn't have any money left over for games, but, you know, I had the computer, so that was something you remember Ultima stuff. The I've always been interested in technology that is more recently that became a hobbyist programmer in Python.
00:04:05:18 - 00:04:34:03
Speaker 2
You know, I wouldn't call myself a developer, but I do it for fun and practice estate planning business and tax for a while. Then I broke off from law and started my own company, Adapters Guy, which you mentioned. That's a host of desktop solution for law firms. And then we dive into this, but I discovered crypto blockchain and Bitcoin in 2014 in Ukraine of all places interest and that that's a good story.
00:04:34:03 - 00:04:51:18
Speaker 2
But and then I realized I always say my, my, my major epiphany was two things that this area blockchain crypto needed law, but much more strongly I realized that law needed blockchain and crypto, in other words, for law to be being a bit better. I needed access to these new tools.
00:04:52:02 - 00:05:15:13
Speaker 1
Actually, that's such a great point that you made. I went ahead and asked a bunch of the big crypto players in my world to give me some questions for you and some of the questions was pertaining to that. Exactly. We'll get to that in the second half of the segment. But that crypto, that law needs crypto for its advancement, which is you know, very interesting so but continue please.
00:05:16:05 - 00:05:35:18
Speaker 2
Sir so I'm I had this epiphany and I came back I talked to my employees and it appears they said, look, I'm I'm going back into law because I want to work on this revolution. So, you know, big decision where you got to support me because I can always sit down that guy or I can keep it going.
00:05:35:18 - 00:05:55:05
Speaker 2
And, you know, while I do this and they like they know we couldn't stop even if we wanted to it to them. And so since he doesn't know, it was another year switching, but he does 15 or so let's say I started doing law again and having an exclusive focus on crypto blockchain and just for an international audience for.
00:05:55:05 - 00:05:57:03
Speaker 1
2015, you're saying.
00:05:57:11 - 00:06:24:24
Speaker 2
Yeah, early. Wow, very O.G. lawyer in this area. That's my crazy and I something interesting happened, which is I had always had a deep fear of public speaking. I was never very good at it. I had a speech impediment, some spiritual psychological blocks against it, if you like, but I couldn't accomplish what I wanted to accomplish without getting up on the stage.
00:06:24:24 - 00:06:44:02
Speaker 2
So I would force myself to get on stage and speak in public again and again and again, right as as nerve wracking and soul destroying as it felt and finally got to be less number one, less nervous than I remember sort of cracking a couple of jokes on stage now. I mean, I was just on stage last night.
00:06:44:05 - 00:07:06:04
Speaker 2
Now he can't get me off the frickin stage. I love doing interviews. I love talking. I love being, you know, messing with people. I'll get up there and and I want to get on it and I'll just rip in people, you know, because I want to write down, because I want to deliver value for the audience. And when people are providing valuable stuff, I facilitated it when they're being a little, you know, waiving this way or that way.
00:07:06:14 - 00:07:24:10
Speaker 2
I'm just I'm using my deposition skills to get to the truth. So I love public speaking now. So I think that's a you know, when you first met me, you know, happy hour, maybe I can talk about this. When we first met, that was sort of me using being an event organizer as a crutch for the fact that I was a little socially side.
00:07:24:21 - 00:07:36:20
Speaker 2
Yeah. You know, you know, it's easy to meet people if you're organizing the event, you have a thing to immediately market them, say, Hey, I'm the organizer, you're having a good time. I want to make sure you're being taken care of. And that's a natural conversation starter.
00:07:36:24 - 00:07:37:18
Speaker 1
Interestingly.
00:07:38:08 - 00:07:39:23
Speaker 2
You don't need to be creative. You just do that.
00:07:41:17 - 00:07:53:13
Speaker 1
Because you're also such a good host. You know, it was it's interesting to hear that. Now looking back at those years, because you were such an amazing host and no one would have ever thought that it was like a overcoming a social impediment.
00:07:54:07 - 00:08:14:22
Speaker 2
Well, it certainly was. I mean, everybody had this stuff. I don't I do I don't know why I did it at the time. Then I look back on like, oh, if I had been thinking about it, that's what I would have been thinking, you know, And then some stuff I do for multiple reasons. And most of my best loved choices have been pure, instant and pure, impulsive, fast, instant.
00:08:16:05 - 00:08:39:24
Speaker 2
And it ends up being right in retrospect. So the happy hour, what do you think was, you know, when the social circle, you know, working on social anxiety, really wanting to support charity, really wanting to get my parents together, it was also an efficiency thing because, you know, rather than going to 20 different places that between different brands one out do one event and have to meet each other and hang out, you know, it's just I imagine there's all of these good reasons.
00:08:39:24 - 00:08:51:21
Speaker 2
So the got as it were. So you kind of wrap up the crypto thing. You know, I've had a successful international practice and I was based in Los Angeles though, going to Ukraine obviously is, you know, quite a lot.
00:08:53:07 - 00:08:56:00
Speaker 1
I didn't know that your history with Ukraine started that early.
00:08:56:22 - 00:09:17:03
Speaker 2
Oh, yeah. But did it is real authentic there were a darker side. I was displaying a legal tact, I think it was in 2014 in New York. We got a booth, got everything else. And this Ukrainian couple came up to the booth. Not my birth, but with next to mine. And they're speaking in Russian. And I've always had a thing for the Russian language.
00:09:17:03 - 00:09:36:16
Speaker 2
You probably know that. Yeah. So we started talking, got to be really good friends, spent some time together in New York. But then it turned out that these were the founders of Distributed Lab, Marvel Kitchen Go Living, Go. I then invited them to stay with me in Los Angeles at my place. So if you can picture the thing, you know, my good size apartment, big couch.
00:09:36:16 - 00:09:51:19
Speaker 2
Were watching that TV show Sherlock where Benedict Cumberbatch come to take whatever his name is. I'm making steak and probably the wine. And they go, Gordon, have you ever been to Ukraine? And I hadn't been out of the country in that kind of Mexico for 25 years. I'm like, No, you know, I'd like you to come. Did you come to Odessa?
00:09:51:19 - 00:10:13:09
Speaker 2
Let us show you pictures of it. And I looked and I said, okay, I'll come. I didn't have a passport and left the country for 25 years. They didn't really believe me, but I addressed all those things. And next thing you know, I'm in Odessa, Ukraine. You know, you know, think about it, you know, so the American doesn't leave the country for 25 years, then goes right after the Maidan revolution in Ukraine, goes right to Odessa, you still see the customs house that was in flames.
00:10:13:22 - 00:10:35:04
Speaker 2
But because I did this, they organized a conference to keep me happy, watch incredible party bit. And so they brought all their friends down to modern crypto and blockchain to Odessa, Ukraine. And it was amazing. It really opened my eyes. And then, you know, once once I got a taste of that, there was just no going back because, you know, this is rich history and all that beautiful.
00:10:35:04 - 00:10:40:01
Speaker 1
So actually my first time that I ever went to Ukraine, I believe was 2003. And I've been for.
00:10:40:01 - 00:10:40:11
Speaker 2
A while.
00:10:41:08 - 00:10:47:16
Speaker 1
And I love Ukraine. First time I ever went to Ukraine, access sales from Istanbul to Odessa.
00:10:47:16 - 00:10:48:05
Speaker 2
Wow.
00:10:48:12 - 00:10:51:07
Speaker 1
It was an amazing epic. It was so.
00:10:51:07 - 00:10:51:24
Speaker 2
Epic, my friend.
00:10:52:07 - 00:10:56:21
Speaker 1
It was so epic. We got lost at sea. We got caught in a storm in lost at sea.
00:10:57:15 - 00:11:00:03
Speaker 2
We're going to Bo. Were you on a cargo ship?
00:11:00:09 - 00:11:20:10
Speaker 1
Oh, my God. It's a short story. I'll tell you the story. So we were in Israel and we wanted to walk the path of Rabbi Nachman. He went from Israel to Uman, where he passed away. So we were trying to, like, walk the walk the path. So he sailed from Istanbul to Odessa, and I was reading this book about his life.
00:11:20:10 - 00:11:41:06
Speaker 1
So I was like, I'm going to go sail from Istanbul to Odessa. We board the ship and the ship I went with like two of my guy friends, all Jewish. It's like a non-Jewish ship. Ironically, there was they sent us to a room. They gave us a cabin on the ship. It had two bunk beds and one of the bunk beds.
00:11:41:13 - 00:12:03:18
Speaker 1
We get in the room and there's a Jewish guy sitting there and we said, What are you doing? He said, He said, What are you doing here? He says, I'm going to walk. The path of Rabbi Nachman was like, What is this? What are the coincidences? And the chances I still think to this day that he might have been like allies of the prophet Eliyahu and Avi there to protect us so we get lost at sea and in the middle of the night because we're all at that time.
00:12:03:18 - 00:12:06:19
Speaker 1
You remember me? I used to have the long pairs and the long beard and everything.
00:12:07:03 - 00:12:10:18
Speaker 2
Oh, I remember. This was during you. You were quite the seamen.
00:12:10:21 - 00:12:12:24
Speaker 1
A very central character. The have.
00:12:13:14 - 00:12:16:13
Speaker 2
And by the way, we have a bad yarmulke I.
00:12:16:13 - 00:12:20:13
Speaker 1
Want to have out of Dubai. Yarmulke, I need you to send me one of those. That's incredible.
00:12:20:22 - 00:12:22:21
Speaker 2
That's cool. Yeah.
00:12:23:11 - 00:12:32:08
Speaker 1
So we got. We. They wanted to know what we were doing on the boat. So in the middle of the night, this drunk Ukrainian guy knocks our door and.
00:12:33:06 - 00:12:33:10
Speaker 2
He's.
00:12:33:10 - 00:12:47:05
Speaker 1
Drunk. He's like, We need you to come with me to the bar. We're like, What is this? This is kind of scary. Like, we were in the middle of a storm. It was like it was wild storm. The ship was going side to side with me.
00:12:47:12 - 00:12:48:06
Speaker 2
I had to go to the bar.
00:12:48:13 - 00:13:09:04
Speaker 1
Yeah. He's like, They're not letting me come to the bar until I bring back the Jews with me to the bar there. He says, We're like, We're kind of screwed. We have nothing to do. We go down to the bar, and in the bar scene, it's like total mafia on the cargo ship. And like this. The music, like, it was like a scene from a movie.
00:13:09:13 - 00:13:30:00
Speaker 1
And these three Hasidic guys with long pairs and beards walk into like, everybody's got gold chains. There was guns. It was like a scene that they needed to know who we were because there was something on the ship that we weren't supposed to be on that ship. And the music was playing, and I ended up jumping on a table and started dance.
00:13:30:00 - 00:13:48:06
Speaker 1
They had like hookers and prostitutes and strippers everywhere. And I just started crying. I just started dancing and throwing a party in the main bars. He looked at me and he's like, You know, these Jews are so bad after all. And we stayed with them the whole time. We got lost at sea with them. And when we pulled into Odessa, everybody was required to stay in our rooms.
00:13:48:15 - 00:14:05:09
Speaker 1
Armed guards with AK 47 came on the boat, took us cargo after cargo after cargo, and then we were finally allowed to leave the boat. So I don't know what it was, but it was a trip for the ages. And and I and I loved Odessa.
00:14:05:09 - 00:14:10:03
Speaker 2
I know. You know, there's a you know, there's a Russian mafia comedy skit on YouTube.
00:14:11:06 - 00:14:12:00
Speaker 1
I never saw.
00:14:12:14 - 00:14:35:22
Speaker 2
Oh, I'll tell you, like, this is like this. It's like, you know, the basically, you know, this guy goes you remind him he goes to Russia on a school trip and he gets adopted by these mob guys. He's like, I am the machine doing well. Okay. Well, finally, you know, the teacher tries to get him in trouble and they're like, you know, I'm not going to use the word, but like, look, lady, this is Russia.
00:14:36:15 - 00:14:44:06
Speaker 2
So, you know, it's like the they're all friendly. You know, I never had a problem. You know, they were.
00:14:44:08 - 00:15:01:02
Speaker 1
You know, it was I attributed to the Russian character because they were truly doing something illegal on the boat. And these strangers happened to pop up on the boat. And like, once they saw that we weren't a problem, they didn't care. It was like, whatever, Enjoy the party, you know?
00:15:01:04 - 00:15:01:11
Speaker 2
Yeah.
00:15:01:16 - 00:15:18:00
Speaker 1
And it was it was great. That was my first experience with Ukraine and God. But is Ukraine not made out of pastels? I mean, like you look at the landscape in the countryside and all the beauty of the country, it's like the whole country is made out of pastels.
00:15:18:15 - 00:15:20:09
Speaker 2
I don't want to.
00:15:21:20 - 00:15:39:12
Speaker 1
I don't want to get into Ukraine because it's a hot mess. I want peace for the people of Ukraine and I want peace for the region and for the whole world. And and that it's such a beautiful, rich country, you know, the people and the culture that it deserves peace to flourish. So we'll leave the Ukraine at that and pivot into other things.
00:15:39:23 - 00:15:42:09
Speaker 1
So you were in Ukraine 2015.
00:15:42:24 - 00:15:49:11
Speaker 2
You worked in 15. I got to expose the crypto. I came back, I pivoted my career into law.
00:15:49:11 - 00:15:55:01
Speaker 1
And did you make your first when did you make your first purchase of Bitcoin?
00:15:55:01 - 00:15:56:21
Speaker 2
Uh, 2016, I think.
00:15:57:04 - 00:15:57:17
Speaker 1
2000.
00:15:57:17 - 00:16:23:20
Speaker 2
Not immediately. Yeah, but I did. Okay. Clearly I'm not going to. And now I'm in Dubai. But I think just to pick up where we left off, I was, I was based in Los Angeles. I was doing a lot of international traveling. I just took a little bit, first of all, so I was married. And then that that kind of fell apart for a variety of reasons, partly because of COVID, partly because some other stuff.
00:16:24:07 - 00:16:45:03
Speaker 2
But then when I was in death throes, I was invited to Dubai in the end of 20, 20 December because a friend saw that I was not in the best shape just because of COVID. And what was going on with traditional is and I went out to Dubai. The gyms were open, right? Crypto was happening. People were friendly.
00:16:45:17 - 00:17:09:16
Speaker 2
You know, mainly gyms were open because like, you know, they went through the marathons of it. And I was like, okay, thank God I came back, wrapped up some stuff, then ended up moving to Dubai and February. Yeah. And that's when you saw the fitness kick start. And it's been magic. This is there's so much entrepreneurial energy in this part of the world.
00:17:09:18 - 00:17:29:01
Speaker 2
It is when I see other YouTubers like talked down about the Middle East and so they don't have anything for oil and there can be porn industry. But I have a lot I mean, this is it is the city of the future. And Dubai doesn't have any oil, by the way. You get this money from Abu Dhabi. So, you know, they're built on human activity and intelligence and.
00:17:29:01 - 00:17:35:07
Speaker 1
Also something that our our audience really loves the no taxes that I think that stimulates the economy.
00:17:35:23 - 00:17:59:19
Speaker 2
Well, remember, Americans are taxed on a global basis, but for everyone else, no taxes. Yes, the best and the brightest come here. They have an entrepreneurial environment that's not only at home, they have personal safety. You know, especially for women. They can walk down the street anywhere and they find that it happens, but it's low. And if you're not stupid, you're generally safe.
00:17:59:19 - 00:18:21:05
Speaker 2
The people are all the way I put it is like the government is what it is just. But no, no, it's not here by choice. So if you choose to come here, it's like choosing to go visit your friend in their mansion right in the front. You know, while you're in my mansion, who needs observe these rules, okay?
00:18:21:09 - 00:18:41:07
Speaker 2
You don't need to be in my mansion. You know, you're. You're free to go anywhere you want. But if you. If you're coming to my mansion where you're safe, being fed well and being protected and have all this opportunity, you know, here's some private doors. Please respect that. This is a private sector in the house. There's elsewhere. Please, please treat each other nicely, even if you don't see someone else next door to you.
00:18:41:07 - 00:18:57:24
Speaker 2
I have many guests in my mansion. You know, if the person in that room next to you is and someone you normally get along with while you're in my house, at least be polite and which to me makes complete sense. So, you know, I'm in someone so an awesome, generous person is mentioned and that person's let me run a business out of here.
00:18:58:11 - 00:19:04:17
Speaker 2
Presence is letting me live life for my fiancee here, you know, which is by the way, you know, things evolve quickly.
00:19:04:22 - 00:19:08:09
Speaker 1
Mazel tov to you and the super assassin.
00:19:08:09 - 00:19:26:03
Speaker 2
Yeah. Yeah, she's great. You know, that's that's that's you know, there's a and, you know, one of the. How strange. I get in touch more in touch never was not non-indictment you know was able to get a concerted touch of my Judaism here in a muslim Arab country.
00:19:26:12 - 00:19:51:15
Speaker 1
That's such a bizarre story. It's a beautiful story for Jews. And it's a beautiful story for Arabs that somebody can find their Jewishness inside of the Arab world. And this is beautiful. It's it's something that in the ancient world would have been accepted and for over 1000 years, maybe even 2000 years, there's been so much animosity that to see a story like this, it's it's really speaks volumes, one for the ages.
00:19:51:15 - 00:19:57:15
Speaker 1
The way that one can discover their Judaism is inside of the kingdom.
00:19:58:13 - 00:20:25:22
Speaker 2
So, I mean, as I'm sure you're well aware, there was large communities in most of these Middle Eastern countries prior to the establishment of Israel. Yeah. And that that that right or wrong exacerbate the tensions between the local governments, the populations and the Jews. And then you had Jews either choosing or being forced to flee to Israel or abroad.
00:20:25:23 - 00:20:50:07
Speaker 2
Now that's because the multi-generational rich and right wrong whatever. I'm not even in touch with the villages as a as a fact, the the Jews of these areas left and then the Abraham Accords. Then magically in some places it's restarting. It's like bazaar. It's like the wheel of history. It has turned. Yeah. And in a very surprising way.
00:20:50:07 - 00:21:08:14
Speaker 2
And the and it's it's not a furtive community it's it's actively integrating with the leaders and business people in this country and they're collaborating groups Israelis Jews are working with groups of Arabs here, Emiratis and getting stuff done. It's kind of it's really neat.
00:21:09:06 - 00:21:55:20
Speaker 1
As a Jew abroad who's watching everything there, one cannot help but have tremendous admiration for His Highness Sheikh Mohammed bin Rashid Al Maktoum, and he is truly a visionary. And one can even argue that maybe even the true leader of, you know, of the Arab people, the true visionary, the one who truly blazes the trail for all Arabs and all the other countries into the future, not just with his relationship with Israel and the Jewish people, but also with technology and with the upright civil society, with fairness of law, due process of law.
00:21:56:02 - 00:22:17:21
Speaker 1
I mean, he's truly a I know Salman gets a lot of attention is like because he's, you know, king of Saudi Arabia and everything, Prince Salman and everything. But, you know, when you see Maktoum Maktoum is is really a tremendous, tremendous visionary. Have you spent time with him now?
00:22:17:23 - 00:22:18:14
Speaker 2
No, not yet.
00:22:18:22 - 00:22:19:11
Speaker 1
Not yet.
00:22:20:01 - 00:22:20:13
Speaker 2
Not yet.
00:22:21:01 - 00:22:21:20
Speaker 1
Soon? Yeah.
00:22:22:03 - 00:22:27:22
Speaker 2
He is on my calendar for early 2023. He just needs to know that I exist. And in Pennsylvania.
00:22:28:11 - 00:22:30:07
Speaker 1
That's incredible.
00:22:30:07 - 00:23:11:19
Speaker 2
It's not the you know, there's layers and layers of relationships and families and sheikhs and his and her highnesses and Excellency's here. And massive commonality of names is the names are, you know, some of this and from this tribe and blah, blah, blah. The past that all out is a process. And the the funny thing is you don't necessarily need there's certainly a model here where you add value, get noticed and become aligned with or partner up with or advise the royalty here.
00:23:11:19 - 00:23:38:06
Speaker 2
That's certainly a valid model because, you know, it's funny that the PA shopper today for this week is, you know, Joseph in Egypt, you know seven years of plenty several years of famine like me adviser to the pharaoh right And if you want to get all religious so that that model is alive and well here where you can, you know, add your value as an advisor to the local government and structures and go in line with them and do well.
00:23:38:06 - 00:23:59:06
Speaker 2
That's one model but there's you don't actually need is nice to have those connections but you don't actually need those connections to be successful. Here it is as a friend of mine put it, it's funny that he's actually Iraqi, but that this is a hyper competitive meritocracy. Okay. And you can have a you can have a beautiful life here.
00:24:00:04 - 00:24:24:09
Speaker 2
If you take the time, you build the relationships, you build trust, and you keep your nose clean and you don't you don't need to know this shaker, that shaker. But you can you can be successful now that there is, you know, you don't need that. So that's about to happen. Also, I think the best way to proceed here is form is all that you can't lay back.
00:24:24:19 - 00:24:43:24
Speaker 2
You know, maybe someone who born here who has all connections because they went right to work to kind of lay back and get Habib business. They call it just like yalla Habib. Yeah, come on. Yeah, baby. Come to Dubai. You know, I'm. I'm here too late to develop that network from birth. Okay. You know, I. I don't have anything from birth, right?
00:24:44:05 - 00:25:03:03
Speaker 2
You know, I'm here in the 2020s moving fast. So I think. I think you need to work really hard. You need to make yourself known. You need to respect gatekeepers, but also build up your brand so that people behind the gates reach out to you. Yeah. And through a combination of networking and hard work, you can get pretty far.
00:25:03:23 - 00:25:26:17
Speaker 2
The other comment, the I really backed the government here for what they've done and what their vision. I think it's important to differentiate between UAE, the country and then Abu Dhabi, the Emirate and Dubai. The emirate, they're each pursuing aligned, but suddenly different visions. And, you know, some of them have oil wealth, some of them don't have oil wealth.
00:25:26:23 - 00:26:00:15
Speaker 2
And they're finding a way to live together because they really are like Canada, Switzerland. They really are somewhat independent within the national system. And, you know, and Abbas has his pros and cons, okay, I like to have them all here, but I think everyone knows. But I think I think on a macro level, he was given a different hand to play than the leaders here is is wasn't necessarily the initial choice for or his line wasn't the initial first choice for taking over the country.
00:26:00:15 - 00:26:18:22
Speaker 2
And that country is going to be huge young population and a limited amount of oil and he had to and certain family that he had to deal with and he had to play a little bit rougher. Now he's played it rough. Now, whether he's more focused on the future. So he's starting from a different place that I don't know if he's any better or worse.
00:26:19:03 - 00:26:24:07
Speaker 2
It's hard to tell. I'm I'm not behind the scenes with these people. I don't know what's real conversations. And I know I just know.
00:26:24:13 - 00:26:30:12
Speaker 1
Exactly there's a tremendous happening behind the scenes as well that is not in the public forefront.
00:26:31:13 - 00:26:57:08
Speaker 2
Yet. 99% of and like I said, you know, if you I don't come to the UAE and think, you know, darn it, I deserve to know what's going on before it happens, I, I want to I'm in someone else's house, right? I'm in someone else's family house. Okay? If the brother or sister or the dad in the thunder can go have a private conversation, some other room, you know, I wouldn't presume to like, you know, bring down the door and go, Hey, guys, what are you talking about?
00:26:58:01 - 00:27:20:09
Speaker 2
It's not that kind of thing. If you don't like it, we leave again. This is the expatriate country. 90% of populations expatriate. If you don't like it, go. It's not. It's not like everyone here again. Everyone here is here by choice. And there's a lot of personal freedom here. You know, there's a lot of freedom associated with walking that I can leave.
00:27:20:10 - 00:27:27:19
Speaker 2
I can. It's a weird thing here. People hold on to tables, like if you're going to put you on hold on your table by leaving their mobile phone on the table.
00:27:29:15 - 00:27:30:08
Speaker 1
It's so cool.
00:27:31:11 - 00:27:36:01
Speaker 2
Yes. And you'll note it's there. Yeah, it's there when you get back. It's not even a question.
00:27:37:02 - 00:28:00:16
Speaker 1
You know, in in Proverbs, we learn that the blessing of abundance is acquired through peace. Peace is the greatest blessing of abundance. And just look around. I mean, they are killing it in every single field. They're killing it in Dubai. All my friends in Dubai are doing so well, better than they've ever done anywhere else. The life, the culture, it's all blossoming and flourishing and it's really exciting.
00:28:01:02 - 00:28:16:23
Speaker 1
So I want to move the conversation because we only have about an hour. So I want to stay focused and get to some crypto questions because my audience is very into crypto. Some of them have gotten destroyed, some of them have made.
00:28:17:07 - 00:28:18:21
Speaker 2
I bet. Yeah, I've.
00:28:18:21 - 00:28:46:02
Speaker 1
Never gotten destroyed. But when I announced to the CME because we announced everybody coming on the show, a lot of people spoke up, a lot of people were excited. In fact, I had one friend who even said I didn't get the actually in he's in Ireland, but he said that he's in multiple groups with you. What's up groups with you And he's been watching you and he was absolutely ecstatic that you were coming on the show because he actually was He's been on the show before.
00:28:46:02 - 00:28:49:20
Speaker 1
So John Devine was that.
00:28:50:15 - 00:28:51:15
Speaker 2
I recognize the name.
00:28:52:05 - 00:28:58:03
Speaker 1
Yeah. John John de Rockefeller on he calls himself on WhatsApp.
00:28:58:23 - 00:28:59:11
Speaker 2
And other.
00:29:00:02 - 00:29:20:00
Speaker 1
Stuff. But but I got some really great questions for crypto for you. I want to get into those. But before we do, I want to touch on one more thing about crypto law partners and just for our audience. Anybody who needs crypto law advice is welcome to go to crypto law partners where do they find you? Crypto law partners?
00:29:20:00 - 00:29:40:05
Speaker 2
I mean, I'm easy to find, I'm loud and clear on Instagram is crypto law partners dot com is easy it is. Fill out the form and say hi. I'm sure they can contact you and get what's out. But yeah, people basically people find me on Instagram these days. I know that sounds funny, but I'm pretty clear on.
00:29:40:13 - 00:29:45:12
Speaker 1
Does crypto law partners actually advise the sovereign crypto fund of Dubai?
00:29:46:18 - 00:29:48:14
Speaker 2
I couldn't answer that question.
00:29:49:02 - 00:29:50:20
Speaker 1
You can't answer that question. Okay.
00:29:50:20 - 00:29:51:01
Speaker 2
Yeah.
00:29:51:21 - 00:29:55:11
Speaker 1
All right. Let's move on to some real questions this way.
00:29:55:11 - 00:30:05:01
Speaker 2
I have an extremely strong theoretical and practical interest and involvement with regulation and policy.
00:30:05:17 - 00:30:29:20
Speaker 1
And I really I really advise everybody to check out your YouTube channel because I did watch some of your YouTube interviews and they're very informative, very, very informative. And for anybody who wants to know the cutting edge of what's going on in crypto, there's your guy right here. So that that's really cool. So you are advising policy in Dubai, helping out with that structure.
00:30:30:06 - 00:30:31:00
Speaker 2
In Africa.
00:30:31:18 - 00:31:07:14
Speaker 1
And in Africa. Interesting. You know, then I'm going to just jump ahead to a different question. I had so many questions. I'm going to just, uh, Jimi, to since we're talking about advising policy, I wanted to ask you one of my my friends asked a question. They wanted to know what you think is the future of the U.S. and the U.S. money supply After ISO 2022 migration, the 202.
00:31:07:19 - 00:31:08:21
Speaker 2
That's immigration.
00:31:10:23 - 00:31:36:06
Speaker 2
Of course, the cleaning field is much older. I mean, I may have the yellow degree people to like. I mean, they just decided to reduce, I guess. Yeah. The well, well let me comment about the US generally. Okay. The and and I'm not happy to say this, but the the U.S. dollar has long been in a death spiral.
00:31:36:06 - 00:32:04:03
Speaker 2
But that spiral is increasing its path of descent into like the I think it's really sad to see it. I don't think the U.S. is going to do well in the long term. I could be wrong. I'm not happy about it. It may get by just that everyone else will do worse. But it's I is just not where I see entrepreneur activity taking place.
00:32:04:14 - 00:32:30:06
Speaker 2
The and so with the money supply anything else they're just going to keep on printing more money. They can't spend more money. You know 28 never ended the the crisis of that period. And we've just been hobbling along ever since then. Passion and and hoping and we've moved from a real based economy, I say, to finance this economy.
00:32:32:17 - 00:33:03:15
Speaker 2
And there's an expression I use, which is when I was growing up, I was looking forward to the physical future, whether it's flying cars or robots or things that are different now. We would teacher based on the screen, the thing that, you know, whether it's Twitter or Instagram or YouTube or whatever it is our pictures or even in virtual reality, our futures are based on these little devices.
00:33:03:18 - 00:33:25:22
Speaker 2
I don't think too much of the physical picture. And you can tell which country is in Dubai. Well, in my opinion, I think who's building the physical future. And I see China doing that, like I see the Middle East doing that. I don't see Germany doing that. That was very surprising, very disappointing. When I was there, I was like, You always have my mind, you know, Germany being this cutting edge country, it doesn't seem to be doing that right now.
00:33:26:04 - 00:33:55:02
Speaker 2
And I don't see the United is building the physical future. I see the infrastructure and the buildings just kind of rotting away. And all this work that's being done in the schools, you know, decolonizing mathematics rather than actually teaching mathematics. Yeah. And, you know, it's like, did you have no idea how radically conservative the world is becoming? And like this, all of that and that.
00:33:55:10 - 00:34:06:22
Speaker 2
But you, you know, long term, the U.S. is not going to go great. So in the afternoon, of course, we're just going to keep on printing money. We can't spend money. I don't I think the Fed. Go ahead.
00:34:07:10 - 00:34:09:12
Speaker 1
No, go ahead. You don't think the Fed. I want to.
00:34:10:08 - 00:34:23:05
Speaker 2
The Fed is not in a position to stop the amount of squeezing that would be required to truly debt. Inflation is not something we can politically handle and stay together as a country. Correct.
00:34:24:12 - 00:34:40:13
Speaker 1
A lot of speculation right now is going on about usdc vs USD. Probably not the US did the U.S. what is what are they calling the one that the Federal Reserve is going to issue the U.S. stablecoin that the U.S..
00:34:42:00 - 00:34:44:15
Speaker 2
The BDC central bank, digital currency?
00:34:44:15 - 00:35:06:02
Speaker 1
Exactly. So a lot of people are are have been commenting that the reason why the U.S. wants to pivot and an electric digital currency is because the game on the Federal Reserve has run out on printing physical money and this is a way that they could kick the can down for another 20 to 30 years. What are your comments on that?
00:35:06:17 - 00:35:31:14
Speaker 2
I'd say that's not the case. The vast majority of money isn't printed. It's not. It's on a coin form and it's not in physical paper form. The vast, vast, vast majority of money is merely electronic bookkeeping entries and it has been for a long time. You mean like water? No. I mean just does the interest in bank registers managed by the Federal Reserve?
00:35:31:14 - 00:36:00:09
Speaker 2
Okay. The amount of dollars in circulation are not the amount of dollars that are printed. Okay. It hasn't been for a long time, Right. It's an illusion that the amount of dollars in circulation equals the amount of physical cash that somebody gets for a long time, especially with fractional reserve banking. It's banks, their databases. All right. So we're already already now and have been for a long time in the era of digital money.
00:36:00:09 - 00:36:31:16
Speaker 2
And they've electronic money. You don't know when you pay with Apple Pay. Okay. No one's moving physical dollar bills around, even on the back end. Then from one ball to another. Okay. It's just electronic entries. Right. And that are media, but a trusted third party, including the Federal Reserve System. So don't we're already with the second one the CBD fees do I bank digital currencies is they centralized?
00:36:31:16 - 00:37:02:15
Speaker 2
They do a few things. They add the definition, but it's not entirely clear. But you centralize the bookkeeping of that process and maybe centralized the control of that process. So, for example, if I if I have $1,000,000 in my bank account or my bank account has that record and that bank account record is checked and regulated by the authorities, but with the central bank digital currency, that million dollars would be an entry on a central government database, not a bank's database.
00:37:02:22 - 00:37:13:11
Speaker 2
Right. And when I transferred from Party A to probably be the central bank, the government will handle that transfer. It won't go through the banking system. Now, what happens that the government says, I don't like you.
00:37:14:08 - 00:37:16:17
Speaker 1
That's what my next question was going to be.
00:37:17:10 - 00:37:26:13
Speaker 2
Yeah, I mean, it is. They obviously have to let me I can have complete visibility. Yeah, I think they can flip a switch.
00:37:26:19 - 00:37:32:12
Speaker 1
And if they really like you, can they also just turn you on and give you unlimited slush funds for whatever you want?
00:37:33:04 - 00:37:53:16
Speaker 2
Right. We will. We call that a bank. By the way, I can bet favorite banks borrow an extremely low interest rate from the government and rely on it based on the financial reserve system. So they get a multiplier effect and they earn interest on the interest, on the interest interest. And so, you know, it's it's good to be the bank.
00:37:53:16 - 00:38:14:13
Speaker 2
The CBD is, in my opinion, are, you know, we used to have the separation of church and state. Yeah. We needed back when gold was gold and those were something separate from the government. You have the separation of money and state and then we import sensibilities represent the ultimate fusion of money and the states.
00:38:14:16 - 00:38:15:04
Speaker 1
Interest.
00:38:15:04 - 00:38:31:03
Speaker 2
Literally. I mean, if you're China and you don't like them and you don't like Falun Gong, you just turn off their wallets, you piece their wallets, you combine that with with the social credit system where they can't use the train and they can't get into a school and they have to wait for medical treatment, but they can't even pay for it anyway.
00:38:31:18 - 00:38:35:16
Speaker 2
And you got you got, you got to stop. Former murder, uh.
00:38:36:10 - 00:38:38:13
Speaker 1
Cancel culture at the highest level.
00:38:39:08 - 00:38:40:01
Speaker 2
That I'm it.
00:38:40:18 - 00:39:03:03
Speaker 1
I'm going to announce the people who ask these questions. So Sarah asks, How how do you think small players like us will be able to cash out on their crypto? Was after the implementation of Cbdc? And are they going to be able do you believe, that they will be able to withdraw in the U.S. if they are non-compliant?
00:39:03:16 - 00:39:09:07
Speaker 1
Or do you think that the government will put restrictions on specific people?
00:39:09:07 - 00:39:34:13
Speaker 2
I think that the US is heading to a financial crisis which is going to cause them to become very strict and unreasonable and even though they may not have the right to do things that they're going to do, the fact that they don't have the right to do it isn't going to stop them from doing it, because in practical effect, we, the citizens, are not in a position to stand united against them and get a timely resolution of our issues.
00:39:34:13 - 00:39:58:11
Speaker 2
So I'll give you a standard example. If you're accused of a crime or not even necessarily a crime, the government can seize your property not by beyond a reasonable doubt standard, but just by preponderance of the evidence and sometimes even a preliminary showing You've got it in REM weren't warned against property. So if you're living abroad, you haven't done anything wrong, but the government wants to mess with you.
00:39:59:04 - 00:40:19:06
Speaker 2
They can go to the Southern District Court in New York. They can appear before a judge without you there or you got some notice. But some of those require you to fly back, you know, or some of this stuff is even secret because they know the one of you don't stand with your own money. You can get in REM warrants and now that property is tied up in the legal system.
00:40:19:17 - 00:40:36:23
Speaker 2
Now, on some superficial level, your ability to hire a judge and hire a lawyer and read that stuff up. But in real life, that's years and money. And there the government has the government resources and citizens have whatever they have. And it's hard to pay for a lawyer when the money that you used to pay for the lawyer is subject to in REM.
00:40:36:23 - 00:41:09:01
Speaker 2
Weren't they know this decrease your assets need to go hire a lawyer for your mother. Well how do I pay my lawyer? So there's theoretical theoretical law and there's practical. On a practical level, you need to move your assets and your life beyond the the reach of avaricious individuals who happen to work for the government. You know, these are all people and these people are not as nice.
00:41:09:01 - 00:41:29:02
Speaker 2
And the senators of due process and anything else that we used to have very strong in the US aren't quite as strong as they used to be, clearly. And there's political stuff and this racial stuff is in though my suggestion to their I think it was was yeah, get a second passport. Diversify your assets. Don't shout, don't scream And just kind of go dark.
00:41:29:15 - 00:41:30:08
Speaker 1
For a while.
00:41:30:08 - 00:41:44:24
Speaker 2
Now. For a while now. The trick is how do you go dark when you want to make a difference in the world? Build families, build businesses, build wealth, build better communities. And the answer is, is tricky. And we're trying to figure that out myself.
00:41:46:18 - 00:41:52:15
Speaker 1
Because there are also asks in a follow up, she gave me a list of these questions. She got really excited.
00:41:53:00 - 00:41:54:12
Speaker 2
Really. Sarah Thanks, Sarah.
00:41:54:17 - 00:41:55:17
Speaker 1
We like Sarah a lot.
00:41:56:00 - 00:41:57:16
Speaker 2
She realized her. Yeah.
00:41:58:19 - 00:42:07:08
Speaker 1
Where is the safest place to handle your assets? Is it a cold wallet? And she also asked about the French Leger Company.
00:42:07:08 - 00:42:41:22
Speaker 2
It's definitely an offline wallet. You do not want the majority of the exchange that we're seeing there with FDX. Hopefully we won't see it with Binance. I think Binance is stable. But, you know, the thing about this is even if it is stable, if enough people withdraw from the bank all at once, even the bank has assets and you can run into problems distributing those assets or calling in its other loans or working through it, you should always get the vast majority of crypto in the air gapped cold storage wallet knows the options and it doesn't matter if it's Coinbase or this or that.
00:42:41:22 - 00:43:00:01
Speaker 2
I mean, the exchanges are potentially good for engaging in transactions. You can move from your cold wallet to your exchange account and then engage in transactions, and then when you have your transactions complete, you pull back off the change or you put the technology keeps on developing like it is. You start working with a decentralized exchange index, right?
00:43:00:03 - 00:43:15:14
Speaker 2
You know, that's obviously a good way to do it, so long as the code 100 is good. But you know, these dexs do get hacked. So they're not they're not perfect. But you absolutely, you know, one to a ledger or some other cold water to hold your crypto those options.
00:43:16:06 - 00:43:23:09
Speaker 1
And that actually that what called wallet do you recommend what's your wallet of choice.
00:43:23:16 - 00:43:48:09
Speaker 2
There is a bunch ledger is fine Mm hmm I watched you say but the trick there is that you need to be mindful to not lose it. Keep in mind, put your key to it, because once it's gone, it's gone. You need to be aware of issues like you can get physically threatened. It's got a wrench attack. You know, there's you know what happens if you die?
00:43:48:09 - 00:43:59:22
Speaker 2
What happens if you get injured? You know, Do you know you got $20 million in your wallet and you're married with kids and you love your wife and you love your family and you know you die. What How do they get that 20 million, the candle if you make.
00:43:59:22 - 00:44:00:17
Speaker 1
The passcodes.
00:44:01:14 - 00:44:11:08
Speaker 2
Right? And then what happens if you get divorced? Then, you know, they're love gets complicated. There's there's maybe some reason for that. Up to all your money.
00:44:11:08 - 00:44:15:06
Speaker 1
You put some of your money in one wallet and some of your money in another wallet.
00:44:15:17 - 00:44:41:13
Speaker 2
Well, smart people, smarter than both you and I are working on that. There's multi-signature. There's a you know, maybe some estate planning tools you can use with the that. But you got to think it through the ideally you'd have a jurisdiction where you didn't have a room warrants, you didn't have a sort of avaricious government where you could truly trust the system to hold your stuff.
00:44:41:16 - 00:45:02:18
Speaker 2
If you really, really are bad, contribute in a certain way. You know, the act in the legal you're probably way, ironically enough, the free zones in the Emirates and around here that use English common law in my opinion, are to some extent more reliable, more efficient than US courts is. Courts are scary. Yeah, they're little.
00:45:03:04 - 00:45:19:06
Speaker 1
They're I mean, they sued Alex Jones for $2.75 trillion. How is that even real? You know that despite what anybody thinks about the case or Sandy Hook or any of the stuff, when you see a court giving an IT.
00:45:19:21 - 00:45:20:07
Speaker 2
A.
00:45:20:07 - 00:45:28:23
Speaker 1
Settlement for larger than the GDP of Russia, you got to like question what's going on in the US court system to allow that to be, hey.
00:45:29:16 - 00:45:34:04
Speaker 2
Well, hopefully that all gets reduced on appeal. But yeah but you know, but then you have to appeal. Yeah.
00:45:34:11 - 00:45:37:05
Speaker 1
Which is expensive, It's the whole process and.
00:45:38:04 - 00:45:52:08
Speaker 2
Yeah it does. You have those is of course not, It's always a big joke, it's a political statement and look, these are getting back to the original point. I mean these are all traditional.
00:45:52:12 - 00:45:55:00
Speaker 1
About the store of cold storage.
00:45:55:00 - 00:46:15:23
Speaker 2
All this stuff about how do you imagine courts, how do you manage your assets, how do you how do you plan for this? So these are traditional legal conundrums that we've been struggling with for thousands of years. You know, the prison system which was lauded most humans would blend. That works. What I was originally saying, that law will benefit from crypto and blockchain and not just the other way around.
00:46:16:14 - 00:46:46:20
Speaker 2
I think there's software and technical tools to make law more deterministic, more knowable, implantable more safe. You know, when you have contracts are deterministic that are based on code and not just on human interpretations of big English language, right? Human language were numbers have clear meanings and are subject to sound just like a math skills, right? You can actually make much better law, much more efficient a law.
00:46:46:20 - 00:47:21:09
Speaker 2
You can make computational law read international law because you know, programing python is the same whether you're in China, the US or Canada. So this, this is why I'm in this field because the the even though I'm a lawyer, the balls of I have towards the misapplication and unfairness of ecosystem the way that was done you know originally in me not practiced law but now group me back into it because I want to think that using blockchain and crypto the I just want get that idea across our audience that it's you're one of those people that's of a builder mindset.
00:47:22:11 - 00:47:33:09
Speaker 2
One thing to look at is how do you make human systems more reliable and noble and predictable and efficient so that we can progress forward and not have these uncertainties because they affect our liberty, right?
00:47:34:04 - 00:47:37:00
Speaker 1
So cold storage wallets are the way to go. That's the.
00:47:38:04 - 00:47:42:04
Speaker 2
Answer. I mean, you did not have your funds on exchange to.
00:47:42:13 - 00:47:44:07
Speaker 1
Do not have anything on an exchange.
00:47:44:07 - 00:47:45:14
Speaker 2
Rate. Oh, you know something?
00:47:45:14 - 00:48:06:19
Speaker 1
But I saw with the collapse of FDX, I saw Mr. Wonderful give a a testimony and he really said that. I don't know if he's just like an angry investor into FDX or do you believe him when he says that Binance kind of like strategically took FDX down? Or is he just.
00:48:07:13 - 00:48:28:23
Speaker 2
We're talking about Larry Dennis Yeah, it would. Again, Dennis O'Leary is like, I barely watch him. He always you never did it for me. He it. No, I don't believe it. I mean, you know, if.
00:48:29:14 - 00:48:32:17
Speaker 1
FDX was a it was a scam. It was, it was a total.
00:48:32:24 - 00:48:36:14
Speaker 2
Co-mingling client funds. They had no internal controls.
00:48:36:14 - 00:48:38:04
Speaker 1
And we had to look at this over the.
00:48:38:05 - 00:48:39:03
Speaker 2
Look at them.
00:48:39:12 - 00:48:39:21
Speaker 1
I know.
00:48:40:01 - 00:49:11:12
Speaker 2
Look at the woman who's running Alameda. It's just like, Oh my God. And they were like, Oh, God. Prince is like, you know, they're dealing with money that, if properly deployed, could build cities again. I mean, or we're dealing with money that could have trained tens of thousands of engineers. Right? You know, and it's and it's all just they're not colder and hip like I.
00:49:11:21 - 00:49:46:05
Speaker 2
I love young entrepreneur energy. I don't knock it and I think every generation everyone has iconoclasts to come in there, you know, say f you to the system, change the way things are done, you know, Steve Jobs or whoever, and God bless them. But to be iconoclastic and non-conformist, just to put up a show which is I think they were doing and just to kind of stick it to the system without having a viable alternative, you know, it's what we all get excited about, like look at these disruptive media, the B season and the pajamas.
00:49:46:05 - 00:50:07:17
Speaker 2
They really show them who's boss. Yeah, it's like, you know, that Zuckerberg thing is like, give me a break. You know, I don't care about that. I want to go to Mars. Right? No, exactly. And how much how much of the positive forward momentum of what a criminal budget has to offer dissipates because these fools that Celsius and Netflix and the rest of it, it makes me sick.
00:50:08:04 - 00:50:12:03
Speaker 2
And I don't want them to be regulated. I want stuff to be written in code.
00:50:12:03 - 00:50:24:03
Speaker 1
I think that the regulation. Do you think that this whole thing is a controlled collapse to kind of like allow the Fed and the FCC to say, oh, look, we need regulations on crypto? And so they.
00:50:25:09 - 00:50:25:14
Speaker 2
Look.
00:50:26:04 - 00:50:35:08
Speaker 1
Like if you look at the connections between Gary Gensler and and Sam, Big Manfred and Caroline and all, it's a very incestuous little circle there.
00:50:36:04 - 00:50:37:14
Speaker 2
I mean, in more ways than one.
00:50:38:15 - 00:50:39:18
Speaker 1
In more ways than that.
00:50:40:15 - 00:51:02:22
Speaker 2
Yeah. I mean, I don't I don't think, you know, I mean, sometimes conspiracies in there have been real but you're told mindset is usually a sign of a has a problem in the person who has the mindset the no I don't I don't think it's some big orchestrated thing. I think that you had some weird relationships. I forget a ton of donations to Democratic people.
00:51:03:04 - 00:51:28:20
Speaker 2
Right. You know, you had The New York Times, you know, writing weird softball articles about how something was freed up to traffic ventures were taken down by his you know, it's like, you know, he's a he's a criminal and a thief and a jerk actually have, you know, he's a jerk for thinking in so much of other people's money and doing it in a cavalier, non-serious, cavalier way.
00:51:28:20 - 00:51:29:11
Speaker 1
Exactly.
00:51:29:21 - 00:51:31:17
Speaker 2
Yeah. I don't need to meet until he's the jerk.
00:51:32:08 - 00:51:32:16
Speaker 1
Yeah.
00:51:32:16 - 00:51:38:19
Speaker 2
No, he's. You know, I don't need to go to Mongolia to know the Mongolia. This? Yeah. Okay. You know.
00:51:39:14 - 00:51:48:02
Speaker 1
You don't need to go to Mongolia to have Mongolian beef. Now, that is one dish, man. Give me some to be later glazed over here.
00:51:48:16 - 00:51:54:01
Speaker 2
Yeah, give me some of that. You know, yak action. But the the I mean, we were talking about.
00:51:55:16 - 00:52:25:23
Speaker 1
Speaking of the FTA collapse, Vegas just announced a crypto predictions for the the next crypto collapse. And I wanted to get your take on this because I think it's quite alarming that they're putting up these that's odds on which crypto is going, which crypto exchange is going to collapse. These are actual bets going on in Vegas right now.
00:52:26:07 - 00:52:50:15
Speaker 1
And Coinbase is obviously the the the the best odds of staying Binance. They is saying that Coinbase is is Vegas is saying Coinbase. I think that this is a great way to kind of gauge the safety and security of different exchanges that Coinbase is the safest and crypto.com is, is the most risky. So what's your thoughts on that?
00:52:50:15 - 00:52:51:12
Speaker 2
I think it's pretty funny.
00:52:52:13 - 00:53:00:18
Speaker 1
If someone who thought that there's money being transferred and gambled on this assumption so that it begs the mind to be inquisitive.
00:53:01:11 - 00:53:31:05
Speaker 2
The Yes, it is. I mean, these, these prediction markets are freaky because they often end up being extremely right in ways that you wouldn't expect. The danger is that sometimes the predictions are going to actually ends up influencing actual events in a way that those events wouldn't necessarily afford. In the absence of a prediction market. So, you know, if everyone believes in a prediction market, it's one thing to think a bank is going to collapse.
00:53:31:05 - 00:53:59:04
Speaker 2
But if a prediction market predicts that bank is going to collapse and people start spending or gaining or losing money based on that, it can actually make the bank collapse when the bank wouldn't unless they collapse before the prediction markets actually affect the events that they're predicting. So, you know, the you know, I want to have you know, they kind of become self-fulfilling prophecy in it reinforces the idea that you need to be self-custody in your crypto.
00:53:59:04 - 00:54:18:22
Speaker 2
Now, unfortunately, that slows adoption, right? Because the people who can set up a Coinbase account are not nested. The same people who can retain a cold wallet because, you know, we're all operating with, you know, you know, a Chinese cake to do. It was two years old, but you know, you showed an 18 year old and so, you know, you may not care to read the instructions.
00:54:19:10 - 00:54:51:20
Speaker 2
So, you know, because self-custody is a fantastically simple action, but it's hard for people who don't have that attention to watch the three minute video. So what do you do? So unfortunately, you cut back on adoption, but it's the safest thing to do. And I and until we have truly reliably regulated exchanges in countries that don't aberrations, Plea Smackdown and CS crypto, you got to keep it off the market.
00:54:51:20 - 00:55:10:21
Speaker 2
And you know, it's sad because when you have crypto on exchanges you have a lot of liquidity. You can get accurate price discovery, you can, you know, don't need to have you don't need that. No, the person you're selling to or go through and over the counter facility. But we're seeing what happens. You know they got to get the act.
00:55:11:06 - 00:55:18:10
Speaker 1
What do you think about age buyer's claim on their website that they're owned by the U.S. government?
00:55:18:10 - 00:55:20:00
Speaker 2
I don't even know about that. Tell me. You know.
00:55:20:03 - 00:55:34:13
Speaker 1
I don't know much about it either. It's one of the questions from the audience that age bar supposedly claims on their website that they're owned and governed by the U.S. government. I don't know if that's true or not. Could be not true.
00:55:35:04 - 00:55:42:03
Speaker 2
With a little Google reader referring to something.
00:55:42:03 - 00:55:52:15
Speaker 1
Also, I love technology that if you don't have an answer to a problem, you just turn your head.
00:55:52:15 - 00:56:24:22
Speaker 2
Google and Hedera Global Governing Council maybe. Oh, maybe age bar is working on digital. Okay. Hedera rumor. I just googled it. It says this is a 21 rumor, a dara age bar working on digital all over Central bank. I wouldn't. I don't think Hedera is owned by the US government. I'd Love to get a link saying that. Mm hmm.
00:56:25:13 - 00:56:27:19
Speaker 2
I don't think any of these products are owned by the U.S. government.
00:56:29:10 - 00:56:52:08
Speaker 1
So moving on with with that, you know, there's not so much that differentiates each individual coin. A lot of people are predicting the end of the of BTC and Etherium. You know, a lot of people are thinking that the bottom is a lot further down than than than than people would like to have seen. What do you think?
00:56:52:08 - 00:56:57:19
Speaker 1
Do you think we've reached the bottom of BTC or is is there still yet bottom to to happen.
00:56:58:17 - 00:57:25:00
Speaker 2
Look, there's two separate let me unpack what you said because you probably saw my body language at the end of the stuff. Hardly. What is the end mean? Is the you know, is the bitcoin network going to stop functioning. No. Okay. Well, people keep on mining to produce proof of work and validating transactions that create new bitcoin. I really doubt it.
00:57:26:01 - 00:57:54:09
Speaker 2
Okay. The remember the the bitcoin mining complex, the algorithm self adjusts so that new bitcoin blocks come out every 10 minutes or so. So if there's a lack of hashing power on the network for a certain period of time, the mining algorithm gets easier so as to incentive miners to stay in the game because less effort to earn Bitcoin when more and more miners come on and blocks became mined too quickly.
00:57:54:23 - 00:58:15:13
Speaker 2
Less than 10 minutes for this, of course. This time the complexity, the difficulty, the algorithm goes up. So there's the Doshi and Group were very clever in designing Bitcoin so that even though there's moments where it looks like the miners capitulating and not doing their mining, if you stick it out, it gets easier and you make more bitcoin.
00:58:15:21 - 00:58:36:03
Speaker 2
Mm hmm. Okay. And if Bitcoin wasn't dead last time at 500, why would it be dead now at 16,000? Why is that? You know, if the algorithm can make it progressively easier to mine it. Yeah. So that people stay interested, you know, it makes sense that the same it is dead or has a problem because the.
00:58:36:03 - 00:58:39:20
Speaker 1
Answer is Bitcoin and ETA are not dying. They're well.
00:58:41:05 - 00:59:01:02
Speaker 2
They're different animals, which is about the you know, how it's beating BTC might have a problem because the technology is a bit stagnant, but maybe that's a good thing. Maybe that makes it reliable. You know, all of this stuff changes a lot into Etherium. Here's the point. The technology changed, right? It was proof of work and now it's proof of stake.
00:59:01:15 - 00:59:22:18
Speaker 2
And so it may have gone for something that people generally agreed was not a security. Maybe maybe I'm saying this is security. Maybe now it's being run in a fuzzy, strange way that's environmentally friendly, but not quite as rigorous as Bitcoin was. But then again, now we're burning Etherium in some cases. So it's deflationary. So, you know, I think we're building cool stuff on Ethereum.
00:59:22:18 - 00:59:39:17
Speaker 2
There's a huge development community out there. It seems to matter. So in my opinion, crypto as time has passed that things like A.I. and all this other stuff are certainly interesting and people are like, Oh I'm leaving crypto going to delusional, These things don't all work together to me is funny, right?
00:59:39:17 - 00:59:40:07
Speaker 1
They do work.
00:59:40:07 - 00:59:45:21
Speaker 2
Together. Yeah, of course. I mean, genetics and biotech work with this stuff. You just I.
00:59:45:21 - 00:59:51:10
Speaker 1
Can't imagine those cities are not going to be built on blockchain technology.
00:59:52:04 - 00:59:58:05
Speaker 2
Now, the question is, are they going to use cryptocurrency? I don't. I don't know. But are they going to use blockchain 100%.
00:59:58:14 - 01:00:07:00
Speaker 1
Do you think that Bitcoin will ever be safe to be used in defi?
01:00:07:00 - 01:00:11:01
Speaker 2
Um, that's a really good and technically complex question.
01:00:11:01 - 01:00:33:11
Speaker 1
So that's a question from Robert, actually. Robert asks it. I'll read his full question to you and you can address it. What are the risks of Ethereum being labeled as a security? As I believe BTC is the backbone of most cryptocurrencies in general. We mainly got BTC we can use in defi. I suppose we got smart contract risks.
01:00:33:23 - 01:00:40:24
Speaker 1
Do we know how safe this is? Will there be safer implementations and will bitcoin ever be able to be safely used in defi?
01:00:41:23 - 01:01:20:14
Speaker 2
Okay, so the really fantastic questions. Okay, let me take it step by step. I there was a general consensus that Ethereum was sufficiently decentralized. Gensler himself said this in his very plastic speech that you can Google. Gensler sat in very plastic, I think privately to Yahoo! That Ethereum's appeared to be sufficiently decentralized that even if had started off as a security, it probably wasn't security now, because when you when you have a security and need what's called a common enterprise, that's one of the four prongs to the how we test, which is the most famous legal test for whether or not something is security.
01:01:20:20 - 01:01:41:15
Speaker 2
No, that's more money for profit in a common enterprise where the efforts are the result of it, but the profits are from the result of the efforts of others. We don't have something decentralized. You don't have a common enterprise, though. There's an argument that Ethereum and Bitcoin were not. They were. I'm proof of work, which is decentralized. And so it's not security.
01:01:41:23 - 01:02:03:13
Speaker 2
Now, Ethereum has moved over to proof of stake. So rather than mining and solving complex math problems through each new block, there is a consensus on the network about what's right and what's wrong. And you basically bet or stake your theory on the backup that you can be a good actor on the network. Well, that kind of piece, an opportunity for collusion, absence, reality of control that didn't exist before.
01:02:03:23 - 01:02:41:23
Speaker 2
So it may be security, but I think on a practical level, we saw disruptions so negative for the industry to make it a security that the FCC may hold back on on the theory, but not hold back on others. Now, your next question on Defi is 99% built on Ethereum and Ethereum like chains. So whether it's Ethereum itself, whether it's Binance, Smart chain, whether it's all these Ethereum copies, Ethereum is you Defi decentralized finance is sort of Ethereum baby.
01:02:42:09 - 01:03:13:14
Speaker 2
And you know in its project you can do basic scripting on the bitcoin blockchain but do not have the rich smart contract. As far as I understand it, logic that's available on Ethereum and it's more or less accurate copies. So Defi certainly lends itself to the theory and much more than lends itself to Bitcoin. Now a lot of value of the majority of the crypto by other is in Bitcoin still until there's the opening, which in theory in bitcoin.
01:03:13:14 - 01:03:38:14
Speaker 2
So to unlock liquidity as a bitcoin, of course you have wrapped bitcoin, you have you deposit your bitcoin with some trusted entity you think and they issue an Ethereum based token W BTC wrap bitcoin in place there bitcoin and then you have a rapid coin disappearing token equivalent of bitcoin. Then you can use that to make deposits or engage in decentralized finance transactions.
01:03:39:15 - 01:04:05:05
Speaker 2
But of course there's an issue there, which is when you deposit your bitcoin with someone else and give it a wrapped version back, you're now trusting that institution to hold onto your Bitcoin, not give it to government, not go bankrupt. No, pull assembling, remove and actually keep that bitcoin safe, keep it, wrap it, make it exchangeable back when you want to and you're happening to go through your KYC.
01:04:05:05 - 01:04:35:11
Speaker 2
You know your customer process. Usually when you wrap your bitcoin, so you're you're going back to having trust institutions and centrally, you know, things that are points of attack for malicious actors. And sometimes the most is accurate is the institution itself is under benefits. If this was an attack from outside, this was the worst is right you know if these from Biden points out that there are malicious actor that is making these bad it is just pointing out reality.
01:04:35:11 - 01:04:58:14
Speaker 2
So if we're going to have truly strong, regulated institutions that stand apart from the government or, you know, jurisdiction where the government behaves and no one knows what's right, you're saying reliable wrap Bitcoin, then I would hope that that liquidity could get it out. Then of course you have the usual issues about whether your DEFI platform is secure.
01:04:58:14 - 01:05:31:18
Speaker 2
We keep on saying panic after a hack after the act of these defi platforms. My hope and goal is that the contracts will eventually become machine written and well vetted so that these tools become reliable. But they're not there yet. But now I've played with this idea of Bitcoin. I'd like to, I'd really like to see somehow the Bitcoin network in theory, merge in a non hacky, reliable way interest that there was some kind of native functionality that I could trust.
01:05:31:18 - 01:05:48:12
Speaker 2
Maybe there's some project out there. I don't know about. We need a, there's some native, you know, polychain functionality that can move assets like work between these chains in a way that did not require a third party intermediary that was just computationally secure. Maybe that exists and I haven't seen it, but that would be the real answer.
01:05:48:12 - 01:06:14:10
Speaker 1
But it seems like the two are inextricably bound that that is almost nothing with ETH in that with in that case, you know, that you could trade a native BTC on Imam or CLB or a or Dex, and without the two the functionality just is not there. So it's almost like BTC any kind of go hand in hand at some point.
01:06:14:15 - 01:06:15:06
Speaker 1
Would you agree they.
01:06:15:07 - 01:06:17:24
Speaker 2
Should go hand in hand in them.
01:06:18:06 - 01:06:29:22
Speaker 1
And I know that Michael Saylor, he explained things that ETA ETA is really the security, whereas BTC is the commodity. And do you know, did you hear him talk about that?
01:06:30:17 - 01:07:01:10
Speaker 2
So it is the consensus and it is a consensus in the world right now, including the United States, that Bitcoin is a commodity. Michael It is in no way the consensus that Etherium is commodity IT or security. It is subject to active debate and I come down on the side that theory is barely not a security, but they really expose themselves to the danger by going to prove a stake.
01:07:01:10 - 01:07:28:17
Speaker 2
Do I certainly understand why they did it, including for environmental reasons? They you know, it's not necessarily the case that these things need to merge BTC and Etherium for the benefit of humanity. Sometimes there's benefits in keeping things separate. Maybe Bitcoin. All it's meant to do is provide a reliable way to store value over time, and it's sort of backward.
01:07:28:17 - 01:07:55:20
Speaker 2
Nature is good in a way because you don't want to innovate with things that are stronger value. You just want more value. Maybe that's good, but the problem is there's just so much value there that it would be nice to get that working in the financial markets through the theory and tools. But, you know, maybe, maybe there needs to be in a truly effective, smart contract layer on top of Bitcoin.
01:07:57:08 - 01:08:07:12
Speaker 2
You know, I mean, Bitcoin development is kind of stalled out of my opinion. It's kind of a little bit of a shame, but is also maybe a feature because it makes it a little bit more reliable.
01:08:08:21 - 01:08:33:21
Speaker 1
It's also, you know, it's it as a practical commodity. Etherium is just traded so much more than than Bitcoin for basic, just from what I see. I mean Metamask uses Etherium, not Bitcoin for all of its functions. And you know, Bitcoin just has this from my experience has slower hashes. So but to kind of.
01:08:34:23 - 01:08:54:15
Speaker 2
Where they're doing sort of things, you know, I can compare an elephant with an eagle. Interesting. They're not, they're not meant to do the same thing so you don't have to put it in the hand. Mm hmm. Okay, so Imperium is doing smart contracts. Bitcoin is storing and transmitting value. Mm hmm. Okay. I don't need to be transformative.
01:08:54:15 - 01:09:15:03
Speaker 2
Has many value. As much as I need to do data. The computational work it doesn't need to be doesn't need to do all that rather separate. And Etherium is kind of a muddied situation because it's meant to power. These smart contracts get the token as values that people use as an investment. It's a confusing thing. Is it this or to this?
01:09:15:03 - 01:09:37:15
Speaker 2
And the fact that it fluctuates up and down based on investment interest actually interferes with its ability to be a good source. Yeah. Or the part of these smart contracts because there's a real period where the fees on the theory network were so high and intolerable and it was so slow and congested that you couldn't really get anything done on Ethereum, whereas Bitcoin didn't have that issue.
01:09:37:15 - 01:10:03:11
Speaker 1
So where do you see Yeah, I understand. Where do you see with all the different coins that are out there and everything, all different values that each one has? Who do you see emerging as like a true stablecoin that the market could bank on as a stable, as a more stable, uh, as a more stable coin? Is that age bar, is it.
01:10:04:14 - 01:10:04:21
Speaker 2
X.
01:10:04:23 - 01:10:06:06
Speaker 1
Lam? Is it.
01:10:06:24 - 01:10:35:19
Speaker 2
Yeah. So let's, let's be real cause there's stablecoins and not stablecoins just, you know, when you have a stablecoin what, what you're saying is that this is going to be consistently exchangeable for out for something else at a set ratio, if you like. Over time there needs to be some reference asset against a USD t US dollar token or USD C to give US dollar coin are mapped.
01:10:36:06 - 01:11:03:04
Speaker 2
We think 1 to 1 with the US dollar and sort of euro equivalence. Okay. And or you can theoretically have a stablecoin that's you know, that's exactly references one gram of 99.99% gold. Right. It's always in reference to something else. Or do they have a stablecoin that's not a reference to the ending of doesn't make itself as stable versus what or so I think I hope.
01:11:03:04 - 01:11:25:10
Speaker 2
I think USD and UCC usdc reasonably reliable and trustworthy. There's always a question about these, both of them for different reasons, whether you have a few dollars backing up their their tokens or USD. See, you know they can block and freeze wallets and transactions that used to do and can also we already have pretty good stablecoins that are asset backed.
01:11:26:23 - 01:11:55:20
Speaker 2
What Tara was trying to do with USD or the term before was having an algorithmic stablecoin that not just straight backing but through mechanisms of the market was going to be consistent value over time. Algorithmic stablecoins are very hard to make and hard to keep in place over time because things have a black swans occur. So it's I don't I don't directly get if it can happen, I don't know if it will happen.
01:11:56:19 - 01:12:21:16
Speaker 2
When you got something like it's not a stablecoin BTC doesn't exist in reference to anything else, nor does it theory, it just is. BTC is not meant to be an alternative dollar or alternative gold. Like it doesn't even know those things exist. You know, it's just it's just a computer program running a bunch of computers. I think once we wrap our heads around the idea that it's not that BTC is worth something in dollars is that the house is worth something in BTC.
01:12:21:16 - 01:12:41:23
Speaker 2
That that BTC is the reference point. Like we kind of think that the US dollars are the reference point right now. Then it'll become stable because one BTC will always equal one BTC and everything will be treated in reference to how many barrels of oil can you get for one one bitcoin. Right. So that's a more macro play.
01:12:42:05 - 01:12:54:18
Speaker 2
When BTC bitcoin becomes the one point of reference, everything else will get priced in BTC. Whether that's actually can happen in real life, I don't know. It's highly questionable, but I hope it happens.
01:12:55:14 - 01:13:19:06
Speaker 1
So with many. It is something that I think everybody hopes happens that BTC becomes the the basis for the entire system. But with so many different coins and so many of them, they do have so many very similar features but with slight differences in what? What coins do you see? Stick out in the market and what are their real values?
01:13:19:06 - 01:13:24:15
Speaker 1
What are the what are the coins that you're most fond of these days?
01:13:25:07 - 01:13:53:04
Speaker 2
Well, they're the coins that are the crypto currency. And then there's tokens that do stuff. Mm hmm. Cryptocurrency is to buy and sell and hold value and just act as a replacement for Fiat. In my mind, for the most part, Bitcoin's the only game in town unless you're looking at privacy functionality. Like, for example, with Monero.
01:13:53:13 - 01:13:55:15
Speaker 1
I was going to ask you about Monero.
01:13:55:15 - 01:14:16:11
Speaker 2
Yeah, Monero is having a wrestles now because as governments get of reaching people, Rick I want you to follow what I'm doing. You know, privacy is a normal human value and this whole thing about if you have nothing to hide, you must share the budget against the government. The government, you know, it's always the people. You know, the police say that you're like, fine, you send me all your personal information.
01:14:16:11 - 01:14:39:03
Speaker 2
Why not? You know, I'm the one asking questions here. They never reciprocate. You know, when they say you have nothing to hide, tell us. Everything is like, well, but you do realize that your wife is actually your friend, though the Bitcoin is by far BTC is by far the best cryptocurrency. And I'd love to see Monero type privacy incorporated in it.
01:14:40:05 - 01:15:05:11
Speaker 2
We kind of can get that from Tumblr through this other stuff. The US government be nasty to that like tornado cash and other platforms, but that would be the ideal situation. Distinguish your money from tokens. Okay. That is the theory of token or with them copy tokens. Those may have value because they're useful, but they're not designed primarily to have that.
01:15:05:11 - 01:15:33:06
Speaker 2
They're designed to power again, access to what is blockchain's underlying blockchains offer. The Ethereum's value is a side effect of its functionality and what people think it's going to do in the future. Plus speculation to be, you know, make more money than the next day. Yeah, right. But it's not. I wouldn't when I look at these coins and when they change my fundamental is what are these blockchains doing now.
01:15:33:14 - 01:15:54:03
Speaker 2
What will they do in the future? Is that useful. What I pay for that and that thing that I'm going to use to pay for. What are the economics of that then? It's like it's like a country. It's like, you know, if I go to Dominican Republic, do I want to go there? I want to tell they're going to be there or do I want to go to Ecuador?
01:15:54:18 - 01:16:09:20
Speaker 2
Okay. You know, and if I want to go Dominican Republic, then the currency they use there, those were interesting to me because I needed to spend there. And if I'm going to Ecuador to that currency becomes more interesting to me because I want to go there and spend there. But and so it's like, oh, Ecuador is nice, but look at this.
01:16:09:20 - 01:16:27:10
Speaker 2
They are printing double the amount of pesos every year. Well, that affects my decision to buy it even if I want to go to Ecuador. So it's the value is like each one of these blockchains is its own country and you can choose which country to visit. And all these countries are competing against each other with the purchase of benefits.
01:16:27:21 - 01:16:29:13
Speaker 2
Do you know.
01:16:29:13 - 01:16:37:14
Speaker 1
Do you have the favorite country to visit token wise?
01:16:37:14 - 01:16:40:02
Speaker 2
I am a frequent flier. Yeah, I like I like.
01:16:40:17 - 01:16:43:17
Speaker 1
Frequent flier of many different tokens in many different areas.
01:16:43:17 - 01:16:57:03
Speaker 2
I am you know what I like? I mean, just extend the analogy. I like it when these countries hire me. Why me? How it could be it up in hotels and pay me their in their token that that's.
01:16:57:03 - 01:16:57:13
Speaker 1
Very you.
01:16:57:13 - 01:17:02:04
Speaker 2
Know that that's I'm not a big fan of buying stuff I'm paying off getting paid.
01:17:04:02 - 01:17:31:24
Speaker 1
That's that's actually very cool. So I have one more question. Two more questions for you actually, the the one who the one of my followers who's in three groups with you, Kryptonite Warriors, AX Capital and NFT, by adding those two out of these three groups, what do you what is your favorite out of these three groups?
01:17:31:24 - 01:17:35:01
Speaker 2
You really think I'm going to do that because I know who runs these groups?
01:17:35:13 - 01:17:39:00
Speaker 1
How do I get myself in these groups? This is what my real question is.
01:17:39:06 - 01:17:44:10
Speaker 2
Well, then I can introduce you and, add you. That's that's my problem. Okay. I thought.
01:17:45:05 - 01:17:52:04
Speaker 1
Are we going to start to have very active? Is there going to be a happy or a mafia crypto group for the old school in Dubai?
01:17:52:04 - 01:18:00:18
Speaker 2
I'm not doing anything called Happy Hour or Mafia. Exactly. That may be kind of a mistake. It's more like good boys and girls Dubai.
01:18:01:13 - 01:18:06:19
Speaker 1
So yeah, go ahead.
01:18:06:19 - 01:18:07:23
Speaker 2
Well, I mean, why not join?
01:18:08:21 - 01:18:09:21
Speaker 1
I'll join us on those.
01:18:10:05 - 01:18:30:10
Speaker 2
Then I'll see what you like. I loved the story. I wanted to disrupt when I got here two years ago. I'm one of the first guys to start. When these groups have a crypto life, then I have to say I got some admiring copycats, but I don't have a, I don't know, an exclusive on the idea. So I got I.
01:18:30:11 - 01:18:49:03
Speaker 1
Got some really good crypto friends. I'm sure they would all love to be in your groups. They're all super excited about you coming on the show. Some of them I've introduced you to like my buddy James Smith. You know, I introduced you to, I think you know, Jason Deutsch by. Any chance. Yeah, I've been trying to get him on amazing guys.
01:18:49:05 - 01:19:12:23
Speaker 1
But he was a party animal to that guy. He used to be that guy. Believe it or not, he had some fun back in the day. But my last question that I have for you, what kind of strategic advice do you think you could give to serious crypto players who are out there that have their money on cold wallets, that are not on the regulated systems, want to avoid taxes?
01:19:14:05 - 01:19:35:02
Speaker 1
What how what is the best strategy to how to bring your money back into the system? If you were one of the few who got to be able to have their money out of the system on time and that the money exists outside of the system, how do you bring it into the system safely? The IRS or governments coming in and trying to snatch up all your booty?
01:19:36:03 - 01:20:03:12
Speaker 2
Am I getting to that question because that that's important. But I'll I'll I'll I'll say in general read and look at nomad capitalism dot com and there's also lots of stuff online and at Amazon about how to organize your peers the way you want to think about being a sovereign individual. That's the name of a book you want.
01:20:03:12 - 01:20:25:05
Speaker 2
Think about pipeline theory. Most of the time it's not correcting what you did in the past. It's planning for your future affairs. Okay? And I'd say that if you're not American, move to Dubai and enjoy the tax structure here.
01:20:25:05 - 01:20:28:06
Speaker 1
And if you are American, they don't offer dual citizenship.
01:20:29:07 - 01:20:37:03
Speaker 2
While they do. But you use American are taxed in global income regardless of where you reside. Right.
01:20:37:03 - 01:20:39:16
Speaker 1
Good old American socialism that work.
01:20:39:17 - 01:20:44:03
Speaker 2
Yeah. Yeah. Well, we got to we got to protect the oil for someone. No. Yeah.
01:20:44:07 - 01:20:47:21
Speaker 1
Don't drill the oil. We have to protected future.
01:20:47:24 - 01:20:51:01
Speaker 2
Future for future Chinese. The future.
01:20:51:01 - 01:21:20:17
Speaker 1
China. Exactly. More lithium batteries. So we covered a variety of topics. This was so rich. I would love to have you back on a million times. You are such a wealth of information. And I know people look at you as a wealth of information of crypto and it's so nice, you know, to see that. But you're also such a wealth of information for so many other things, you know, including Ukraine and including all these other amazingly important topics of discussion.
01:21:20:17 - 01:21:54:09
Speaker 1
So we'd love to get you back on the show for some of those, too, in the future, sir. But in closing out, what do you see for 2023 in RE and I don't want to talk about the housing in 2024, but 2023 the year before the having like departing wisdom from the from the divine Einstein. I should coin that you know that should get that should go around the world and people should start introducing you at speaking events as the divine Einstein just so I can read them for that.
01:21:55:01 - 01:21:55:18
Speaker 2
Please don't do that.
01:21:57:02 - 01:21:58:07
Speaker 1
What do you see what is 20?
01:21:58:15 - 01:22:28:07
Speaker 2
I got some life lost in that I think answers your question which is always be creatively building, always be creatively building no matter what crypto up, crypto down. Good luck crypto. Right. But blah blah, blah. That doesn't matter. Okay. Always be creative rebuilding, always be adding value and getting paid for your value and then you don't need to worry about this stuff.
01:22:28:07 - 01:22:58:08
Speaker 2
Okay? You don't. I I'm not in a position to get financial advice about. My financial advice is earn and keep rise because there's there's artificial intelligence other already that's much smarter than we are when it comes to streaming stuff. I wouldn't I wouldn't who am I to compare it to 2020 year old sitting my screens with algorithmic A.I. informed algorithms that are learning all the time in neural networks?
01:22:58:08 - 01:23:10:04
Speaker 2
I have nothing to say about it, you know. But I'll earn and keep you good. Get paid for doing good. Keep what you make, reinvest them. Yalla.
01:23:10:20 - 01:23:21:06
Speaker 1
That is such a beautiful way to close out the show. Earn, keep, reinvest. I love that strategy Including the yalla habibi at the end.
01:23:21:06 - 01:23:22:11
Speaker 2
Yalla Habib, yalla.
01:23:22:11 - 01:23:26:22
Speaker 1
After you're done, after you earn and after you keep. And you see that stem and you say Yalla, Habib.
01:23:27:14 - 01:23:29:06
Speaker 2
Yalla. Yeah. Thank you, God.
01:23:29:18 - 01:23:50:05
Speaker 1
Thank you, God. Thank you, God, for this wonderful interview. Thank you, Gordon Weinstein, for joining us today on the Adam King Show. I want to thank all of our wonderful listeners, all of our proud supporters and partners, our distributors on the and our video on all the different platforms. Just found out that we're also on iHeart radio today.
01:23:50:05 - 01:23:58:14
Speaker 1
A fan called me and they said, Hey, can you get an iHeart radio account so I could listen to you in the car? But what do you know? We're already on iHeart Radio, so.
01:23:58:22 - 01:23:59:20
Speaker 2
You're doing great, my friend.
01:24:00:09 - 01:24:26:05
Speaker 1
The show is moving up and you are a phenomenal guest. And thank you again so much for all this wonderful advice. I'm sure information is going to go viral and in a lot of very important communities where it needs to be heard. So once again, please check us out at the Adam King show E-Comm. You can find Gordon's profile at the Adam King Showcase under the guest tab, and there will be links to crypto lab partners or whatever else Gordon wants to share.
01:24:26:05 - 01:24:43:11
Speaker 1
Hopefully his YouTube channel, which has a tremendous wealth of information. Again, everybody, have a wonderful Hanukkah. Christmas is coming, so don't get jealous. All you happy Christians out there because your turn is next. Thank you for tuning into the Adam King show. God bless. And good night, everyone.