YouSaid · the spoken record

CJ Wilson

lines on the record: 85
first: 2021-11-03
most recent: 2021-11-03
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Well, thanks for having us. And yeah, we look forward to doing this again sometime. Always, always fun to be on your show. Thanks, Preston. Appreciate it. Jimmy, always good to share the stage with you, buddy.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“We're still going to experience massive inflation. It might not be quadruple digit hyperinflation like Zimbabwe, but it's going to be terrible for a lot of people worldwide if we let the system keep going. So Bitcoin needs to stand up and people need to adopt it because it's going to be the only thing that prevents them from falling on their butt or their face or whatever else and not being able to hand something down. If you have enough money to hand it to your heir, that's a W in life. And that's what Bitcoin really is all about is that long-term investment thought and low time preference.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Bitcoin doesn't really allow that type of stuff to happen. You want to get a loan, you can borrow money, but they're only going to give you 40% of your deposit. And by the way, they're going to charge you a pretty good amount of rent to not rehypothecate it. If it's really low rent, then they're rehypothecating it and then it's basically going, it's getting shorted on the CME. So there's all these things that happen in Bitcoin that are just much more upfront on the table and honest. And it's like, all right, boys, the flop is out. Put your cards on the table. Who's got what? And I think just like when I was playing baseball, you can take accountability. And if you take accountability, if you're willing to take accountability, you will learn. You'll get better. And as a society, if we take accountability for our mistakes, as a government, if we take accountability for our mistakes, and we can grow and move on. But if we don't do that, and we're just kind of this fiat brain of, oh, we're just going to print forever and everything's going to be fine and we just keep borrowing and blah, blah, blah. It's going to be very bad for a lot of people. And America will sustain itself as a great place to live versus Venezuela or something else.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Up and they buy a bunch of it back and shoot the stock price up even higher, and then they're sort of enriching themselves in a way. It's capitalism and it's a market. It's a way of doing things. But I do understand that there's going to be some pushback or some, I would say resistance from people as a result of seeing these people borrow to enrich themselves and crush it.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“There was endowments. Endowments are holding Bitcoin and things like that. Pension funds are holding Bitcoin. They have a long-term debt obligation. If they were able to satisfy that long-term debt obligation easier with less money invested today, there's less default risk from pensions. There's less default risk on loans. There's less default risk on insurance. Then default is the number one killer of the economy, right? Because that's when you need a bailout. If you have a nonprofit kind of break-even year, you're not defaulting at that point. It's when you lose everything and you go bankrupt that you become a liability to the system at that point, whether that's a corporate liability, you know, an airline getting bailed out for $30 billion or whatever. And one of the things like, you know, the Trump thing was he wanted to put a limitation on companies being able to buy back their stock that had been receiving public funds. And I thought that that was a good innovation regardless of whose idea it was within the system. If you're bailing a company out, right, and they're turning around like 18 months later, like our stock.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Overdraft fees, you want to check that's a fee, all this other stuff. And these people that are making very little money, they might be paying the same amount in fees that they do in rent, you know, for a month. So they're losing a month of rent or two months of card payments or whatever in fees to these banks. Whereas through Bitcoin and with some of those innovations, you're basically able to say, hey, now you can hold something with no carrying costs, right? And that alone is the deal, right? Then you say, oh, you can transact through the Lightning Network with minimal fees instead of a 2% or 3% fee instead of through your ATM or something like that. So you're able to use this money, this cash, in such a more efficient way. So maybe at that point, maybe people can stand up a little bit more instead of slipping and falling on their ass because of so many difficulties. And so that's really a great message for the progressive side that tends to focus more on social programs and things like that. And think about it.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Why would America blow it? Why would they have any incentive to blow it? And I think the thing is that we've seen so far that it's been majority of like, I would say more conservative politicians that have really sort of adapted to it and sort of looked at it from a fiscal sense first and said, oh, okay, this is something where because it's limited, the scarcity and those type of things, they rationally make sense. But I think on the progressive side, it's a great argument too, because the thing I like to say is the economic ladder is very hard to climb, right? There's a lot of people in the way. But the bottom rung is the slipperiest, right? It's so slippery to get off that because banks are charging fees.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Listen, Warren Davidson at the Texas Blockchain Association event a couple weeks ago, he said America was there with the airplane. We invented the airplane, right? We've been there with the Industrial Revolution And we've been with space and flight and technology and the internet and all these things we've been there. So why would we miss out on this? How could Washington, D.C. be willing to miss out on potentially the most Innovative financial technology in the history of the world.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And as a result of that, you have to make choices and you have to live with the consequences of those choices. And you have to confront those choices and you have to evolve as a person in that regard. So for us, right, we're trying to make sure that we make thoughtful actions as we're building this out. We make one move. We make the right move. We kind of go that way. We're not looking to be super splashy and say, hey, we're going to get a blimp and we're just going to, it's going to be doing airdrops on everybody. We have to be practical. So far we're internally funding, but we do have a Twitter handle. I'm going to pull it up really quick to make sure so people can follow it.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And I think one of the things is it doesn't really require as much money as it does require, I would say, thoughtful action. I think that's the biggest thing, right? And going back to what we were talking about, what Jimmy was talking about a little bit, I would come up with a catchphrase for that, which is to say that sound money can't be double spent, right? And that's one of the reasons Bitcoin is honest. It's sound”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Still very new, so we're putting it all together right now. We're going to launch the website in the next couple days. So we're working on the donate now button. So we'll have something up there for that. We are a Wyoming corporation because we wanted to give the nod that Wyoming is the leader in the space in a lot of ways. And so we're setting up a bank account in Wyoming and all that stuff, which I don't live in Wyoming. So there's some extra compliance we've had to go through. Yeah, you never know. Like Chris and Tyler from Cynthia's office were like, man, we'll get you a cowboy hat. It'll be a whole thing. You know, it'd be great, you know?”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And I think that's a bad mentality. I mean, I follow a lot of Wall Street people and stuff like that on Twitter. There's people like Jim Rickards, who is not a, he's a gold guy. I've been following for a really long time as a gold guy from 12, 13 years ago. There's Keith McCullough from Hedgehai. There's Zero Hedge. There's all these other people that are sort of tweeting these things out there all the time about Bitcoin or Bitcoin adjacent or the economy. And it's so funny when you see like a Steve Hanky, you know what I mean? just constantly being wrong and then you two guys or anybody else just ripping him apart it's It's like, how are these people not reading their replies and just getting massively ratio and not taking any humble pot?”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And a lot of people are going to do better DCAing than they would trading. Most people, you have to be a very good trader to sort of play the taxes against the gains and the Bitcoin versus the dollars and whatever else levers there are. So I think we're in for a much more conservative approach to Bitcoin than we saw maybe in 2017 when people were just gasped down thinking, this is it, it's going to go to 100,000 or whatever it is. I don't think we're going to see that same type of increase because I think people are on the hedge fund side they might be DCAing out of positions because they're still so fiat-minded that's going to be hard for them to hodl. It's going to be very it's it's hard to hoddle. It's not easy”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Like, you know, I got my first Bitcoin thing, and you have Fold, you have Lolly, these things that people are using, like traditional programs to obtain Bitcoin in a way that's a little bit off the beaten path. It's not as hardcore as, you know, like gambling for Bitcoin or something like that. You don't have to be good as a day trader to get Bitcoin. You just have to have 20 bucks, you know, and you can just keep getting it.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I mean, it's got to come from somewhere, right? So the Bitcoin has to become available so people have to decide to sell their Bitcoin, exchanges have to sell their Bitcoin because you have bidders. You have bidders at all these different levels, as we've seen. And whether it's Swan, Strike, Cash App, as a lot of the exchanges now, you can set up a daily buy of $10, a weekly buy, whatever. And you can afford that. Like I recently signed up a strike. I talked to Jack Maulers this weekend, actually, and I was like, dude, pay me in Bitcoin. I'm doing it”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“If the number goes above a certain level during that period of time You're going to see this crazy FOMO thing happen. And people are going to start. It's going to show people's true colors a lot of ways because there's going to be a lot of When Bitcoin was at 30,000 or 18,000 or whatever, when we all had opportunities to buy more, I think that's going to be really interesting as you're seeing the sort of leadership meeting like senators and governors and stuff like that figured out, then as more people figure it out, it's just the DCA army is going to be like little fish just nibbling at whatever Satoshis are dropping on the surface and become available, you know?”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Going to really go where you think is best for you and your family or you and your loved ones or you and your small puppy or something like that. And I think that In a couple years, as we see the adoption curve go up, you're going to see more people innovating. People like me that are sort of brick and mortar people going like, how can I bring Bitcoin into my business? And how can I become more of a Bitcoin business? Can I get it more into mining? Can I figure out payroll? We do lightning channels instead of paying with credit cards, which saves us swipe fees. There's all these different elements that are going to sort of spin up. And in the next, well, I would say three years. As the happening gets closer and the pressure to get ASICs and all that type of stuff increases.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I heard Tim Draper talk about this in 2019 at one of the conferences I went to and he goes no by all means like there's going to be countries and cities and states that are fighting for the brain power that want you to live in their jurisdiction They want the highest quality of people and they're going to make it the best place to be a bitcoiner or something like that. And I was like, I'm writing notes, and I'm like, crazy eyebrows guy has got it figured out. That's a great idea. And I think as the number for Bitcoin, as the price goes up and it gives the buying power of the users. On a small level, more leverage. Have the opportunity to pick up and go sometimes. And if you're an office worker or a core dev, or A digital nomad of some sort.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“He's in Bitcoin land, as we can see from his So, you know, if you think about that, now we have incentive for people to shop their jurisdictions. And the first time I had heard this, I heard Tim Draper talk about it. There we go.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Okay, so as COVID has taught us, we don't all need to work in an office. Look at the three of us right now, we're in three different states from what I understand. I'm not going to dox you, Preston, but obviously we're not in the same spot. I know where Jimmy is. Jimmy's obviously.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I'm saying it takes people years to like. Only agree to it, right? But then actually to institute it as a practice, those, I think, those are that's what's really interesting for me is to see sort of like the sort of ideation and then practical rollout where there's use because that's where it gets into the timing thing again because as we get closer to the happening, right, which is also the same year as the presidential election. You know, it's like you see all this stuff converge on like 2024 being this incredible year for so many reasons, right?”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, Jimmy, do you see that as like a 2023-2024 thing where people start to integrate it in the sense that like you're talking about taproot where it was originally proposed in 1819?”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I got less than half a Bitcoin in it, but more than a quarter, you know. So it was a good amount of money, but it was relatively cheap. And I was not upset about it at all.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, and they basically said, oh, they're going to set a limit order at 82,000, but they forgot the zero and hit enter really quick or something. And then, you know, it's like, it was early in the morning. Maybe they hadn't had their espresso yet. I don't know. But they got wrecked because they sold Bitcoin so low. I mean, they sold, it showed a spike down to 8,200. I don't know how many people were filled, but if you go through the order book on some of these exchanges, they have people that have like one, two, three, four Bitcoin like buy orders down that low because they're just like, whatever, you know what I mean? I mean, completely out of it. So like D++ and some of the other people that I saw at Beefsteak were like, you've got so much cheap corn. And I'm like, hey, anybody can take the risk, you know what I mean? I didn't have that much. I mean, I would say that”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“All going straight down in a one minute thing. So, what happens is when you're filling out on Binance or Kraken or Gemini or Coinbase Pro, they have a very complex page. But my theory is that this was somebody using an API that they were plugged into multiple exchanges at the same time.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“What happened was somebody, I think, put in a sell order as a cell wall at 82,000 in their head. They thought that they were putting like a 300 Bitcoin or whatever it was cell wall at 82,000 because they thought that the Bitcoin price was going to hit that. And then that would be an insurmountable wall. So they could either accumulate more on the way up and buy it as the fish are trying to nibble through the wall. They're going to try to buy the bids and try to run it up. Or they were just saying, hey, this is an exit because we bought it 41 and we're getting out at 82 because you can see hedge funds making that kind of a play. So anyways, I'm traveling out to Austin to go to bit devs and the beef steak and all this other stuff. And then I'm like getting all these notifications for Binance Order, limit order, limit order filled. And I'm like, how are these things filled? I'm like nowhere near the price. Like Bitcoin is at 67,000. My bids are like 40 and 34 and stuff like that. And then, yeah, I look and I see this just red candle.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. And then that's something that I've always been very suspicious of in general on exchanges who's the house player at the table. Is there somebody that's, whereas the house itself running a bot against us and trying to scoop up things to dump things? Because most exchanges have like a two-layer protocol. They have the market limit kind of purchases that are happening. And then they have the OTC desk, right? But in order to have an OTC desk, they have to have Bitcoin. So are they sourcing it from the sale? Are they some of those bids or whatever? So anyways. So I always leave super out of the market limit orders in. So if Bitcoin's at, let's say 40 grand, I'll have limit orders down to like 27, 28 because you look at the chart, you see it's bounced around and it could do 30% in a week, right? Like that's not really out of the realm of what we've seen in the last three years. So, you know, yeah, I had some, I had some bids because recently Bitcoin was down at 3233. So I had bids down that low.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Tomatoes and spinach as you want. It's not a steak. And that's what I try to explain to people about Bitcoin versus these other alts. And a lot of us fill up on these things as we're learning. And then you make a mistake or you get wrecked or whatever. I got to a sort of ethical thing where I was like, these things don't even have any liquidity. Like how am I, like, who am I trading against? Like, what's the game here? You know, there's like $67,000 of link trading daily on this exchange. I'm like, this isn't real. Like I could just go boop and just shoot the whole thing up myself. And I'm like, I just don't like that. I don't want to know that I don't want to think that I'm the only guy in there. And there's some like, you know, effectively like a casino card player at the table against me, right? A house player.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Like Bitcoin dollar trades, this is a couple years ago when I first really started power trading. And that's one of the reasons why I got into Bitcoin was because this is a 24-7 market. So I felt like, oh, wow, if I can like, you know, nail some of these trades, I can grow my stack. I can get a lot of money. This is when I was a little more fiat-based. And then eventually what happened is something locked in and I stopped trading all the alts because I think a lot of people do this where they get into the Bitcoin game and they're like, oh, this is cool. And they're like, what's over there? And then, ooh, buffet. And they're like, oh, smoked salmon and croutons, like all this bacon. This is great. But you're at the Brazilian steakhouse for the steak. You know what I mean? You can stack up as many.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I mean, listen, I didn't have a buy bit at 9,000, so let me just clarify with that. So I've been on Binance US since it first opened, right? I remember when Binance US wouldn't even have like a million dollars of liquidity or trading volume.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Chains like Solana basically getting rewound or paused for 10 hours at a time or something like that, that's not a safe place to put your money. That sucks. That's the problem with new things that are the VC model of move fast and break stuff. It's not how you want to invest your 401k or your retirement plan because you can't come back from that once you lose it.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That's a problem. And you don't see that happening in Bitcoin. You see occasionally people making mistakes with their Bitcoin, losing their keys, stuff like that. Being your own bank is tough. It is. It's something that we need to learn how to do and we will evolve in that way. The people that are capable of evolving that way and the services, like Jimmy said, that are capable of evolving that way will see the money and the trust build up because they're providing value. And I think the hardest thing is when you're looking at all these investment choices, you have $1 to spend, right? You can only put that $1 in a bucket. And so these people are basically coming up with these carnival games with your dollar to say, oh, if you put $1 in, you can turn it into like $6 because you get these other free coins as a result of staking it on this one protocol. And that is such a big problem because it's not an honest game. It's not something that can protect itself. That's the thing. Those protocols are sloppy and loose and you have.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Jimmy, talk to Al about that article about how the sort of liquidity transfer, the fake liquidity on DeFi. And this is, to me, I was thinking about it because I was like, this is great because it's actually an expose. And him and Alan Farrington were like, debunk us. Like go ahead, read this, debunk us. We would totally love for someone in the space to explain how you can cross collateralize an asset seven times. And it's not fractional reserve lending and where the liquidity is. And everyone's claiming that they have this liquidity locked up or whatever. But it's really not anywhere near the amount that they claim because it's all based off of an entry that's like three or four steps back. And all those things after that are all cross-collateralized. So when I was”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, I guess the question is, Preston, in this case, like Jimmy said, postmodern investing, is postmodern investing self-selecting, meaning. You know, are people, like you said, they're marching themselves into their own cage, right? So even though there's people out there, like I put a thing out a couple weeks ago, Twitter, like I do these, sometimes I'll be like holding my son at one in the morning. I'll just grind on something and then I'll do like a tweet storm like 10D. Nobody sees it because it's like one in the morning or something. So I have to like DM it to people. But I said, listen, Bitcoin is the arc and Noah built one arc and that's all. You know, if you looked at the arc and said, I don't want to get on that because I'm worried about smart float or I need a faster boat or something like that because I'm worried about getting from point A to point B while the entire world is flooding. You know, like you're not going to make it. And that's okay because in a way, the friction and pain of evolution is what makes the strong survive. And, you know, and Jimmy had.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“All marketing And that's the conversation I say, it's very simple. Every other cryptocurrency was started by a CEO and a marketing team. And that's who you're hearing stuff from. That's why that stuff's out there. And they're like, but who's Satoshi? And I'm like, well, and then, okay, no, but who is he? And I'm like, no, really, like the guy hasn't transacted in 10 years to surface. So he's, you know, whatever. Those two questions, which is like, how do you prevent bad actors and who is Satoshi? That's that you get that from every single person that we talk to. And so they just have to have this sort of canned response for that and prep for it.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I don't even know. Like, what's the point? What is the point of these blockchain companies because they're not actually, they're creating a mythology that doesn't need to exist marketing.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Couple hundred dollars worth of equipment and like a modem where you can download the thing. NVK is trying to do like ham radio transactions and stuff like that. He's like, you know, We should be buying FM stations and broadcasting over FM. And I'm like, this is a whole nother technique that I, you know, now we have to get a radio guy. You know what I mean? So we'll figure this out eventually. But yeah, I agree with you, Preston. I think that a lot of times people talk about technology the same way they talk about music or art, which is they look at something, which is clearly over their heads and they rationalize it. And then that rationality allows them to sort of like identify and then put a badge like one of those Latin American dictators that's got like 87 badges on it, like all the way down to.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Bitcoin process is arduous, you have to fight really hard up and down to make things happen. And it's a lot of pressure on both sides. And I think in a lot of ways, people see what happens to use a comparison. People see DC as this massive slow glacial situation. But it's sort of better that way because you can't just have one person going and pulling the lever and then God knows what's going to happen next. We don't want proof of italic any more than we want proof of Janet. You know what I mean? We don't need Janet Being the sole source and sole authority of money printer, Go Burr, you know, like it doesn't, so it's good to have those checks and balances in the system in terms of the governance. And Bitcoin has that through the”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And that's your deal, right? Let's be honest about that, right? So I have an employee. He's like, dude, come on, man. Like, should I buy some? And I'm like, I will not tell you how to live your life. I will tell you that I'm not doing that. And that's it. Like I'm in a, I run a signal chat for like a couple of my friends that are trying to learn more about this stuff. And then one guy starts talking about, oh, I did this and that. And then I flipped it into Bitcoin or whatever. And he's like, it's a great way to make money. I said, hey, listen, you can do shitcoins. Like I'm not going to, you can make your own shitcoin if you want to, if you're that desperate to make money. At some point, it comes down to integrity. And at the end of the day, the Bitcoin.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Unless you're actually writing a DAP, right? Like what does a blockchain do? What are you doing with the blockchain? You're buying it on some exchange. Whatever that token is, you're buying it just to buy it because you think number is going to go up. That's all there is to it. And so it's like Don't tell me you're here for the technology. Okay. You're here because it's a technology. Because it's a gamble. You're gambling on a puppy poo coin.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And if they read all the way through this stuff and they really get it and they grock it and it takes them a little bit of time, like it took all of us, then they're going to make the best decision at that point with the most ammunition and the most education possible. We don't think that they're going to make the best decision for Bitcoiners 10 times out of 10, but at least if we stall a little bit any kind of negative rollouts, then that's a victory because Bitcoin's going to do its thing and NGU is going to just bury everything.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think the technical aspect of it is very easy to say that you need to have a certain level training for, but at the same time, there's people like Jimmy that break it down. And there's a whole wave of people that are interested in this sort of, I call it the sport, right? The sport of improving these types of things. And there's no reason why we can't draw more people into that and just explain it in plain text ways because you have the people like Jimmy that are eventually going to go talk or maybe even, sorry, Jimmy, have to testify in front of people on C-SPAN, you know, because we have to explain to these people what it is they're trying to regulate. Otherwise, they don't really have the tools.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That even the people that are pseudonyms on the internet still have an opinion and they have a personality that you can kind of deal with just like Twitter. And that's something that, I mean, as a thing, we're like, hey, you guys should just put a full note in Congress and then we'll, you know, just keep updating and be with us. You know what I mean? So it's interesting to see how this is going to go. But I think ultimately there are senators and congressmen that are very interested. Some of them are more technical than others. Some of them are like, what's a PDF? So it's a little bit. Like, okay, we'll just print that for you. We'll give you a tangible thing there. We'll give you a stack of papers. And you can type those links out yourself, right? Or books.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But I try to explain it's like, okay, each little transaction is like a little block of Djanga, but instead of that magic block coming out, and then the whole thing falls down, I said it's the reverse. Like the thing's really wobbly and you put that one block in and then it's solid, then it's gone. And that's what everyone's fighting for with the ASICs and stuff like that. And they're like, oh, okay. I hope Jimmy doesn't roast me on this one, but this is like kind of like as place as it gets. But I think of it in the same sense, right? Where we have the executive branch, the legislative branch, the judicial branch of the government. And there's checks and balances. So you have the miners. You have the, you know, you have a BIP, which is effectively like a mini white paper, right? Jimmy, I guess you can say that, where it's somebody has an idea and they're putting it out there. Before that idea comes out, they're going to have done some work and some theorizing and they're going to probably do some, you know, behind the scenes conversations with their buddies because during this process, everybody gets to know each other. And I think that's one of the things that's most essential”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Truly, what I try to explain is using real world examples. So the way I, they'll be like, what's a blockchain? Okay, imagine Jenga, but you put it together in reverse. And then once the magic last little piece is found, the block is complete and it goes and it's published and that's it. And they're like, oh, okay. And I'm like, I better not have to dig any deeper than that.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Give them the capital, you give them the freedom and let them run forward. Otherwise, you know, if you try to keep pushing from the back, you're going to get people smushed in the middle and it doesn't really work. It's better to train people off of the best examples. And right now, the speedy bank charter in Wyoming and the energy situation in Texas really are two of the key differentiators in that regard for attractiveness as a Bitcoiner or Bitcoin company, why you'd want to locate there.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“We can do it. We can do it. Well, so the idea is, I mean, eventually my idea. So you have these individual states that are really campaigning for their own rights in the same way a small country like El Salvador is, right? They're trying to push their own agenda, which they totally should. If you're a governor or a senator or a congressman from any other state, like you should be pushing the agenda for your constituents. That's literally your job, right? You should be looking to make I'm going to say his name Gavin Newsom. He should be trying to make California the best place to live in the country. Suarez is trying to make Miami the best place to live. Scott Funker in Tennessee is trying to make his place the best to live. You know, in Abbott and Texas and all these people. So they're all trying to fight for that, which is great. It's fantastic because then you have this sort of organic competition that it gets everybody better. And I think that's what we need to look at is, you know, my theory is that if you water the lead horses, the lead horses, they're dragging everybody else along. You let the innovators run. And if they get it, you just.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Ride horses, we'll go fishing, and I'm getting that a little bit from Will Cole from Unchained. He's like, man, go fly fishing. It's awesome.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So we're very cautious about how we're doing this. And one of the things is we have to behind closed doors feedings have to sort of stay behind closed doors because we're feeling each other out. And like Jimmy said, we have to provide value. And I think some of these states very clearly, Wyoming, very clearly Texas, very clearly Florida, have been very pro cryptocurrencies. And we're trying to filter that into being pro-Bitcoin, obviously. Texas is very pro Bitcoin. Abbott is very pro Bitcoin. Cruz has come out as very pro Bitcoin. I met with Cornin's office. He's figuring it out as well. Wyoming, obviously, with Cynthia Lummus, who's like absolutely swinging like this massive Billy Club against inflation and stuff like that. Her stuff with the Yellen meeting the other day was fantastic, but her office totally gets it. Like A to Z, everybody in her office, Orange Filled, everybody gets it. They're trying to sell me a ranch. They're like, you should come up to Wyoming.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And you've got people on the other side that will like blurt it out there. They're like, oh, why is this guy talking to this guy? It's like there's a level there of the social engineering that Jimmy said. It's navigating like a haunted house in a lot of ways. We don't know. We're reaching into that bowl. It feels like brains. Is it like ramen or is it like, what is that? Like it's dark. It's very dark and we don't know.”
2021-11-03 · We Study Billionaires · BTC050: Bitcoin Policy, Fundamentals, & Impact w/ CJ Wilson & Jimmy Song (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT