Bitcoin… WTF!?

“When you explain it to me, it sounds like a text message.”

“It allows you to partake at whatever level you can afford”

“This could actually be the safest form of currency the world has ever seen”

“I love that I can’t grasp it”

EPISODE INDEX:

  • Welcome Back: 00:30
  • What The Fuck Is Bitcoin?: 1:30
  • Why Are People Interested In Bitcoin: 7:40
  • Why Will Bitcoin Keep Going Up?: 9:45
  • The Risk of Bitcoin/Warren Buffet: 16:30
  • The Street Answer For “What The Fuck Is Bitcoin?”: 20:00
  • Closing Remarks: 29:00

KEY TAKEAWAYS:

***DISCLAIMER: WE ARE STILL NOT ENTIRELY SURE WHAT IT IS BUT HERE IS OUR UNDERSTANDING***

Bitcoin is a type of cryptocurrency. A cryptocurrency is an encrypted currency that was created online by someone who will not admit that they created. No one knows who created it. Bitcoin hit the marketplace in early 2013 and John was made aware of it. He bought some at $280 and sold it for a decent profit shortly after. There are other types of cryptocurrencies known as Ethereum (Ether) and Lite Coin. At the beginning of November Bitcoin was valued around $5,0000 one month later it is worth over $12,000, Ether went from $290 to $450, Lite Coin went from $56 to $105. This new trading platform is creating millionaires. The only issue is, very few people really know what it is. Basically, some random person created this code for Bitcoins and there is a finite amount of them. Then put a value on it and began selling and trading it. It can also be “mined” on the internet and you can own part of a bitcoin.

People turn to Bitcoin because people have lose faith in the government. In America we can just print more money but when we print more money, it devalues the money in your bank account. With Bitcoin, there is a finite amount, 21 million to be exact. There will never be more than 21 million. The code that was created is essentially a ledger that was kill commanded. Once it was out there, the basis for creation was destroyed.

There are only 1 billion people who are eligible to participate in the current banking system. Things like Bitcoin bring in anyone who can have a cellular device into the global marketplace. This expansion is why it is completely feasible for Bitcoin to be worth $100,000 in the blink of an eye. Cory raises the issue of how is it regulated? Apparently Bitcoin actually regulates itself for the simple fact that you cannot make more, thus inflation does not occur. If you go to buy a bitcoin, you can buy a fraction of a fraction of a bitcoin, available on Gemini.com. So you don’t need to spend over $10,000 to participate in this market. This is the beauty of bitcoin. The people at the forefront of bitcoin are pushing retailers to accept it because once they do it legitimizes bitcoin even more.

In 2015, Warren Buffet said, “you are an idiot if you buy it”. Referring to Bitcoin. It is absolutely a high risk investment right now. Warren Buffet is the most disciplined investor of all time. He doesn’t look at things like bitcoin. He purchases based on what people are always going to do. For example, people are always going to want candy bars so he would invest in candy conglomerates.

Watch the documentary “Banking On Bitcoin” on Netflix. Bitcoin and stocks are all games that are controlled by some ultra rich guys. The hype that is around it continues to cause bitcoin prices to go up.

This is far from a sure shot. You could lose everything. If Bitcoin goes down to zero John will be okay so don’t take this as a lock that you will get rich off this.

THE PODCAST CANT BE STOPPED!!!

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