YouSaid · the spoken record

David Bailey

lines on the record: 68
first: 2023-04-19
most recent: 2023-04-19
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

“Yeah, redeem gptc.com. We got to bust the trust. We have no choice. And you could include that in the title of this podcast, that domain. But thank you for having me on. And I hope your listeners got some value from the conversation. And all your Bitcoins, this journey is just beginning. We got a lot more painful lessons to learn in the future.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And when you talk about which system do you trust, when Bitcoin recovers from what just went down and we went through our own OA financial crisis and we handled it in a year and a half time and only the people who took the risk paid the consequence and we've built back stronger. What an indictment of the fiat system, where it's bailout after bailout and perpetual crisis that can never be cured. And here we are, the illegitimate currency, and we're able to restructure ourselves and build back like a free market should.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And fundamentally, the losers here are the people who made the wrong decision to trust institutions that lied to them and they didn't do their diligence on. And in the future, they're not going to make the same mistake, at least in the same way again. And that's the behavior that we need ingrained from this. It can't be. That would be you just enable them to run the fraud bigger and bigger and bigger”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Ponzi slightly not as bad as the one before that, but the one slightly not as bad as the one before that. And so we get all the way to the source of the Ponzi, which is DCG, which is the last one to go down. And of the biggest scale. And yeah, it's going to leave an impression and imprint on our industry. Forever, right? Just like how Mt. Gox is something that still is talked about today and is not forgotten. This will not be forgotten 10 years from now. It'll take new flavors where we'll get we'll get taught the same lesson, but never again will the lending markets in Bitcoin look and act like they did in this cycle for the better. And that's the power of the free market and that's the power to go back to the very beginning of our conversation about the cost and who bears the cost and how our costs who's the winner and who's the loser.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Firms that had quote different credit qualities, but at the end of the day, the yield all derived from the Ponzi. And when that one blew up, it just cascaded to the slightly not as bad Ponzi.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And like the counterparty risk is unique to your specific loan and they're over collateralized. They haven't had the bulbs on any of them. So like there's an idea there that has substance. And I hate to throw the baby out with the bathwater when talking about this. But when you are blending the risk, as you were describing, where you have some parties that are overcollateralized and you have other parties that are of much bigger size that are under collateralized dramatically or when you have a collateral that you say makes them over collateralized, but the quality of that collateral is not good and you know it's not good. That's an issue and that is the footnote detail that brought down every one of these businesses and turned out to be the only detail that mattered. And at the end of the day, no matter how clean your business was, your yield came from a Ponzi scheme somewhere else. And it was a daisy chain of”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's only as good as their weakest counterparty. And, you know, it's like, oh, our portfolio is 95% solid. You just got a couple liabilities that are not good. It's like, okay, well, those are liabilities that implode the whole thing. So some of the behavior, like unchained capital has product where you can borrow against your Bitcoin But each loan is segregated.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“A good reminder that it doesn't matter how long you've been around in Bitcoin, there's always the new flavors to scams. And, you know, not your keys, not your coins. It's just the bottom line.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Dude, some of the best OGs that have just lost their entire stack in a way that I've never seen before, in a way that was much worse than 2014, 2013. So that's been sad to watch and a good”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And you have tens or hundreds of millions of dollars in Bitcoin. You don't want to sell your Bitcoin, but you got all this value. You want to be able to make investments or run a company or buy a house, whatever. And so a lot of OGs borrowed against their Bitcoin thinking that, hey, these are fully collateralized positions. And I don't really have counterparty risk. I'm working especially with Genesis as an example. If the adult in the room, it's the best institution in our space. And so a lot of OGs got decimated crushed in this cycle. And I mean, people with huge Bitcoin holdings got decimated. And it's been brutal to watch. I mean, I will say, like, I've talked, like, you know, the good thing about Bitcoin is that it gives you a good ability to, what's it called, recuperate from your losses because you have a promise about the future and you think, okay, I've made it before I can make it again.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Getting hit on at least one exchange that went under and they lost all their Bitcoin under. Like not your keys, not your coin. That came from a very rough period of Bitcoin's history. So I think like in terms of the percentage of people affected, it's probably lower now than it is then. What makes this one more brutal is that at least for the OGs, there's a lot of OGs that felt like they had learned that lesson. And kept that lesson very, you know, was very well ingrained and then got lured by the power of borrowing against their Bitcoin, which is a, you know, if you're a hardcore Bitcoiner,”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, I would say, like, okay, Mt. Gox is what's known from that period. But in 2013 and 2014, exchanges went down like, I mean, almost every exchange. Yeah, like almost every exchange got hacked, exit scammed, whatever. So, you know, while maybe like this go around, only, you know, if you say there's 50 million or people that own Bitcoin, you know, maybe 20% of those users have been affected. Like in the early days, I really don't know anyone who has ever avoided.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Up on the website to get to stay up to date on this, you can see just from the clawback of ill-gotten fees, you know, several percent benefit on your GBTC position. And that's just that piece. And then you have the redemption piece, which is the discount. Like, and we're able to make redemptions happen. You can close that discount entirely. So please, please, please sign up. You have nothing to lose. You have a lot to gain. And frankly, Barry Silbert is Michael Shauna sign are bad actors that are criminals and that a lot of the pain that's been felt in our industry over the past several years, they are at the source of the Alameda Celsius, you name it, would not. The guy's got to go. He's an anchor around our industry. The neck, he funds coins that are out there. He puts them in trust and he sells them to retirees. The guy's got to go.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And there is a great lawsuit. You can find it on the Redeemed GPTC site just recently filed by Alameda, the bankruptcy estate of Alameda against Grayscale, where they go into detail on violations of the trust documents, breach of fiduciary duty, breach of contract, very well articulated case by arguably the best law firm in the country. And there's some stunning items in there. But one of the actions that they're taking is they want to claw back ill-gotten fees from grayscale, which grayscale has charged the trust almost $2 billion in fees over the past several years. And so if we're able to claw back those fees, which by the language black and white in the trust documents are excessive and bad faith, that's a direct tangible benefit that could pay out to all of the shareholders beyond just their ability to get redemption. And so it really behooves you to decide.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Two parties so that any value that can be captured through a redemption process of the grayscale trust can go to the victims of Genesis, not to the perpetrator of the crimes. So that's a concise version of what went out. I can go into a lot more detail about some of the things that were done, crimes that were committed unethical behavior, tactics, people's legal approaches that they're taking to bust the trust.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Genesis, grayscale, DCG. There's only one thing of value at the whole situation, of real value, grayscale. Okay, there's a deal to be had to redeem grayscale and distribute part of the cash during that redemption to the other parties involved. Genesis and DCG, if they don't reject Barry's restructuring plan, the money from that transaction, that settlement that's going to occur at some point in time in the future is going to flow to Barry. And so maybe Barry collected a billion and a half dollars and he turns around and pays out the Genesis creditors, 500 million of it, so he can make good on his debt coming up in a few weeks. But he shouldn't get to keep the other billion. So, you know, I'm of the mindset that Genesis creditors and Grayscale shareholders should be working together. We should be sending Barbered into bankruptcy. And we should be working on a deal between these.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The relevant shareholders that are needed to be included. And we're going to have some news on this front soon. I was hoping we'd be able to go into detail on it today. There are some class action lawsuits that are coming that we're going to need to have people sign on to in order to hit certain thresholds that are required. I can't share more detail about it yet, but I highly recommend people sign up for redeemed GBTC.com if they would like to redeem their shares at some point in time in the future and see the discount go away. And if I'm a creditor at Genesis and I have a restructuring plan that I'm looking at that's been presented by DCG about what Genesis should look like in the future, I highly recommend that you reject that restructuring plan. You put forward a new restructuring plan in which you put DCG into bankruptcy and you take control of DCG. That's how you're going to maximize the value that you get returned. There are three parties involved in the situation.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Like, this is ultimately he's not going to be successful in doing this. There are a lot of people trying to stop this. And like, let me shill real quick. Redeem gbtc.com. If you are a shareholder of grayscale, please go to redeem gbtc.com, sign up for updates. Let us know how many shares you own. But there are a dozen plus organizations, companies, institutions that are driving forward a campaign to get the trust redeemed and the fees reduced. And there are many different tactics and strategies that are being deployed. You know, our campaign, Redeemed GBTC, has now well over 3,000 shareholders that have signed up, representing over 30% of all the shares of grayscale, which is 8 billion bucks or whatever right now. And our role is coordinating all these different efforts with the”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Given all the other circumstances around this case. Second off, I've been told that even if they did get SEC approval for an ETF, they would not convert to an ETF intentionally for several years because if they convert into an ETF and people were able to remove their money, their AUM would drop massively and the fees that they would have to charge would drop massively. And so they might lose 80%, 75% of their fee income that they're generating from the trust if they actually became an ETF. So Barry needs that money because that's the only way he's going to keep DCG, his parent company, from going bankrupt. So this whole SEC lawsuit is just a cover story so they can delay making any changes to the trust, allowing anyone to take their Bitcoin out or reducing the fees while he sucks the money out from the trust and puts it into DCG's pocket.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“In Grayscale's trust, Genesis is bankrupt and those users aren't getting paid back. And Grayscale is trading at a massive discount to value because they pump so much out these institutions that dumped them, thinking that they'd be able to dump them on a retail for a profit. And now we're in a bad situation where a lot of people are hurt, but Barry still has control of $630,000 Bitcoins that he's sucking 2% out of per year and putting in his pocket when in reality what he did was criminal and he needs to go to jail. And the Bitcoin that is in the trust needs to be returned to the shareholders so that they can realize the value of the investment that they were sold. That's really the only equitable way to go forward. And they're claiming that they're going to turn the trust into an ETF. You know, first off, I'm very skeptical that that happened.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Voyager, Babel, Celsius, Lochfi, every company you've heard of that's gone bankrupt in 2022, they were giving massive loans to on the condition that they use those loans to deposit, to basically buy Bitcoin from them, to deposit into the grayscale trust. So they used depositors' money at Genesis to subsidize sketchy ass Ponzi scheme institutions that they didn't really do any risk controls on or credit quality checks, obviously, so that those institutions would then put money in a different vehicle that Barry owned grayscale. And once the Bitcoin goes into the trust, the way they've structured the trust is such that the Bitcoin can never leave. So at the end of the day, Genesis depositors”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Genesis. Lending desk of Barry. And Genesis took in deposits from users as basically a bank and it had, let's call it, another million users that deposited this money there. And it went bankrupt during this process as well and lost all of those users, their deposits. So really the collateral damage is more like maybe 2 million people. And the reason that these two things are tied together is because Genesis took in deposits from all these users promising a fixed rate of return. There's some parallels to maybe some things happening in life here, but a fixed rate of return. Hey, we're super safe. Come give us your Bitcoin or your USD and we're going to pay you 8% completely safe. These are completely collateralized loans that we're making. Trust us. People said, okay, they take the money that their depositors gave them. They give the money to effectively Ponzi schemes. So Alameda, Rieros.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“45 discount to the actual value of the Bitcoin and the trust. So you bought this thing thinking, hey, I'm buying one Bitcoin worth of Bitcoin in my retirement account. And then you check back in a year later. And now you only have half of Bitcoin in your retirement account. What happened? And so that's the current situation. There's about a million people that own this trust across all the trust. It's even more. And collectively, they're down about, well, because the price of Bitcoin's gone up, I don't know the exact number, but let's just call it roughly $12 billion in value. So in terms of the scale of losses that have been realized, those losses are greater than FTX in Alameda. And the number of users affected is on a similar scale. But actually, the collateral damage is much worse. Because what also went down with grayscale was”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You can buy and sell in your retirement account. You can trade to other users just like a stock in a company. And they marketed and sold this product. The reason you want to buy it is because the shares should reflect the value of the Bitcoin sitting in the trust. And so that way it's like a proxy for Bitcoin that you can get in your retirement account. Well, great. Long list of reasons. We can get into the most important ones. The value of those shares relative to the amount of Bitcoin sitting in the trust has not performed well. In fact, as recently as a month ago, it was trading at a”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Okay, so there's a lot to this. So I'm going to like, and I was describing it from the start to someone the other day, and it was like, wow, this takes a really long time to walk through. So we're going to go with like the most consolidated version. But basically GBTC is a trust that you can buy in your retirement account that holds Bitcoin in it. And it's run by a company called Grayscale, which is owned by a company called DCG, which is run by a guy named Barry Silver. And they operate other trust too for Ethereum and other cryptos, but the Bitcoin one is the biggest. In fact, the trust is the biggest single holdings of Bitcoin in the world. So it has about 620,000, 630,000 Bitcoins in it, which represents about 3 point something, 3.3% of the world's Bitcoin supply. So that's like what it is. What's going on with it is that this vehicle that is a trust that the Bitcoins are parked in has shares of the trust that you”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It will be a journey to Mecca. And we're going to bring it to every continent. And we're going to orange kill the world. I mean, that's the, I love it. I love it.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's about meeting your next founder, it's about co founder, it's about meeting your next investor. It's about coming up with the next idea to improve Bitcoin. It's about learning how Bitcoin works so that you can evangelize it to others. It's really a unique pilgrimage for Bitcoiners. And that's a good word for it. It's just getting started. I mean, like our vision for this event is something where a hundred years from now it will be Christmas Mass.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Your wife got spoiled for last year's event. So I don't know. Maybe like, hey, wait until the halving conference. I want her to be like, oh, there was a huge rock concert here last year. Where's that? It's like, no”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Like, you know, if it's on Bitcoin, it's relevant, it's topical, and it can be a part of the conference. If you're a company that has a Bitcoin product and you're there to only talk about your Bitcoin product, you can be a part of the conference. If you don't have a Bitcoin product, you can't be a part of the conference. So that's an objective standard. We make mistakes, but it's like, that's the point of the event is how do we accelerate hyperbikinization? How do we bring people together? So I think we're doing our best to stay aligned to that North Star.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Household names having divisions focused on this in the same way that Intel has a division now focused on A6. And yeah, I'm excited to see.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Quite there. And so, yeah, I mean, there's just so much exciting stuff going on with Bitcoin. And it's interesting to see those who have the stomach to go through the price decline. And those that don't, which I understand the people that don't. That's part of the journey of building conviction is watching the volatility from afar and realizing, oh, I could survive that too. But it definitely a lot of bodies along the way. So I'm very appreciative of our corporate sponsors that are sticking up to the maybe some slack that they're getting from different parts of the mainstream world and participating. I'm very bullish on energy companies in general getting involved in Bitcoin. I think that's going to be a very big trend of the next cycle is.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Estates that are out there representing millions of people. Some of the kind of issues of our day, let's say, and try to suss out what the future looks like and what needs to happen. And then we have our main stage where we're bringing in a lot of awesome announcements. We have some really big ones planned. We have some big ones in the works that we're hoping materialize. Like the best juiciest stuff that comes in in the last, you know, 50 days or so. But we have a couple presidents that are going to be there. So it's dope. I mean, it's. It's very cool to get to see what happens behind the scenes because the public only gets to see like 10%. It's like an iceberg. So for everything that gets announced on stage, there's nine other deals that were being worked. We're trying to make it happen. And almost happened, but it didn't get.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And the things that are less valuable but more fun get too much attention. So this is a bear market conference. This is a conference for builders. So like, you know, instead of lobster, we're eating like mayonnaise sandwiches. Instead of staying in other words Carleton, we're sleeping in a Tent City. But it is going to be a fantastic conference and is focused on the most interesting things happening in Bitcoin, the most interesting projects being built in Bitcoin. We have really a souped up open source stage that we've given a lot of passes to the open source developers to get them engaged and involved and give them a platform. We have an entire part of the conference that's focused on what has happened over the past 24 months as an industry and what changes need to happen to our industry going forward as a reflection upon a lot of mistakes that were made, a lot of things that were allowed to happen that shouldn't have been allowed to happen. What's going to happen with the GBTC trust? What's going to happen with the restructuring of the dozen bankruptcies?”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“drawing our teams, figuring it out. We got scammed by so many things. I mean, it's been just a roller coaster. So this year, 2023, this is going to be like our first bear market conference Since the cycle started. So, like, you know, there's pressure on us from that perspective. We're expecting, like, we planned on a 50% reduction in attendees. So I think that's basically where we're going to be. That would be like 13,000 people. But the attention, the attendees, it's a derivative of the price. Like the price definitely dampers all of these things. So I also think that when you're focused on like the bull market side, there's so much glam. There's so much speed, speed, speed, speed, speed that the things are the most valuable things don't get enough attention.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It was amazing. And so it was just more validation that having a mission of driving a business and having that be the driving purpose for your team, the driving purpose for what you do, like that authenticity gets rewarded by who your true community is. And it doesn't matter what the media says, it doesn't matter what a politician says. A movement is authentic to the movement. So we did that. And that was an awesome event. And then we did 2022 again in Miami. And that was 26,000 people. So we went from four years in effectively three unique events, a 2,000 person conference to a 26,000 person event that was the biggest finance conference in the world, not just Bitcoin or crypto, but all finance. And I mean, it was an roller coaster of.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Oh, so we negotiated with, we went to basically start going to cities and saying who's willing to partner with us so we can do this event. And Mayor Suarez and DeSantis forged the path for us to be to do it. And people like, no one's going to come to this. You're insane. You're killing people. I mean, we had so many people try to stop us. It was like insane. And we're like, nothing is going to stop us. This conference must happen. It was insane. I mean, it was 13,000 people.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And we were the first conference back from COVID in the world to happen. Like people don't know that, but our event was the first. And the only reason we were able to do it was because the Bitcoin community is fearless. And we were able to say stuff like, if you're afraid of dying, don't come to the conference. the American Revolution wasn't canceled over yellow fever. We're not canceling the conference over COVID.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“For that event was like Bitcoin 2013, which was kind of what got me really stuck deep down the rabbit hole of the Bitcoin conference and it hadn't happened since. So 2020 comes along We are going to have like a 4,000 person event, but we had to cancel it because of COVID. And immediately our focus was like, okay, we have to do this conference. When's the earliest we can do it? So there was a whole trial and tribulation we had to go through to actually put on a conference in 2021.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And so we decided we needed to make a Bitcoin only conference. And what Bitcoin only meant to us was not Nakamoto consensus. So no hard forks. It's just like, but we're not going to be like relitigating the past. People were too obsessed with scaling, scaling, scaling, scaling. It's like, okay, scaling wars are over. It's been determined. Nakamoto consists as well won out. BTC is Bitcoin. Let's just go. And people thought it was an insane idea. thought it wouldn't work thought no one would back it thought crypto was the future thought it was economic suicide for us to do this but we just we forged ahead and the first conference was in 2019 we had 2 000 people and it was an amazing event and uh a lot of great companies came together at that event i think swan got started to have that conference zebody got started out of that conference a lot of new people joined core from that conference it was it was people had not been to a bitcoin conference before and you know our vision”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Wasn't Bitcoin. And our kind of belief was like, okay, Bitcoin is the only legitimate. And so we need to give it everything we have to have victory with Bitcoin. It deserves that. And so that means like, okay, Bitcoin needs to have a conference. It needs to have a dedicated media publication. Somebody needs to be covering news about it. There are things that the ecosystem, the community, the industry users need to help accelerate adoption, interconnectivity, new companies getting started. None of these things exist at that time. The Bitcoin community was fractured. They had just gone through the block wars. People hated each other.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, well, so I will say, you know, every mistake you can make in your entrepreneurial journey I've made. Sadly, I've made many of them multiple times. So like it has been a decade plus long journey to build the requisite worldview and experiences to kind of get us to launching the Bitcoin conference. But we made the decision in 2018 that we were going to go Bitcoin only. And like, you know, when we got into Bitcoin, there was only Bitcoin. And then came blockchain and crypto and all this stuff. And so it was just kind of a natural progressive progression of our space. Like, these things are all children of Bitcoin. And then before you know it, you're doing more stuff that's not Bitcoin related than you're doing Bitcoin. And so that was, I would say, very perspective shaping part of our journey as a company. But in 2018, we decided to go Bitcoin only, divest everything we had.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“A marketing benefit or a PR benefit to them about engaging Bitcoin. We want to give them a platform and be like, okay, this is why you need to make the leap. It's not just the technology you're benefiting from. It's also the story you get to tell the world And it's hard to get that kind of buy-in unless you can create a platform big enough that the juice is worth a squeeze for them. So that's where we want to turn it. We wanted to be where the biggest announcements, the biggest developments in the Bitcoin world are announced and showcased and debated and challenged and that those kind of conversations drive the energy over the course of the year. That's our goal. That's our vision.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Asking the community, like, who would be our chosen champions? We had so many people reach out. And it's like, we could put together the Avengers of Bitcoiners that each have a specialty and a different silo of Bitcoin's energy consumption and how it works and why it's good for the environment. It would be like an NFL team playing against like a pee football team. Anyway, we want to see it happen. And yeah, that's kind of like the point of the conference is like, how do we create a shilling point for the entire industry where we can focus our attention to get the real world to engage with us, to get the real world to see Bitcoin's about, to get the real world to see what Bitcoin culture is about, to create a platform for companies that companies, countries that like want to, let's say there's a”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Like, that's the people's choice of who won. And if they win, all the funds go to the charity of their choice. And if we win, all the funds go to the charity of our choice. And then it's like, okay, like there's some skin in the game, there's some economic value. You can go on there and put 5 million bucks at the vote. So we'll see what happens. We'll see what happens.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“They only care about the environment. That's their macro goal. You know, Chris Larson's just a donor that there's like shilling for that specific. But at the end of the day, that does not matter to them. And so when they saw this thing going viral, they're like, you know, raised awareness about Greenpeace massively on social. This is the biggest thing we've done on social in a long time. So they were actually kind of excited about the response, but we have been unable and the artist has been unable to get them to engage with us directly about coming to the debate. So what we thought would be kind of cool would be like we do a debate. We have some truly impartial judges. And we also throw up like two QR codes for both debates. Oh, that'd be awesome. Whichever QR code raises the most funds.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Skull of Satoshi is an art piece that was commissioned by Greenpeace, which is an environmentalist group that took a massive bribe, Chris Larson of Ripple. And so they got a very talented artist to make something that they thought was going to be like, I guess, a dig at the Bitcoin community. And all things are good for Bitcoin. the community embraced it, loves it and wants to co-opt it, did co-opt it. And yeah, so we try to get the school to come to the conference. We've been in talks with the artist, cool guy. He's been starting his orange pill process now. He's gone to Greenpeace to try to get Greenpeace to agree to come and do a debate, bring the skull. You know, Greenpeace overall, so some inside baseball, Greenpeace overall was pretty thrilled with the result because Greenpeace as like the larger environmental organization.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Unpredictable and difficult for banks to plan for. So it's like the banks are caught in a hard place. It's a tough situation. I honestly don't It's difficult to see what the third and fourth order effects of all these changes are because it starts cascading really quickly into the more broad economy, into multiple different sectors. It's much bigger than just tech and crypto.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“They went Yeah, and that gets back to the crux of the issue of like, okay, they're having to pick winners and losers But they want everyone to be a winner and no one to be a loser. Well, it doesn't work like that. If we just, you know, if I give you money printer machine and then you're having to pick winners and losers, but you decide to bail out all the participants in the system, okay, well, like someone has to bear the cost at the end of the day. So yeah, I don't know how they fix it. And if they cut rates really quickly, they have another issue on their hands because now there's all these banks that in order to survive have switched their loan portfolio from fixed rate in securities that they're holding to variable rate securities so that they could improve their net interest margin position. So like great, variable rate, that makes sense when the rates are rising. But if you cut rates really quickly, they should have actually been buying fixed rate at that time. So now they have like the basically inverse problem. And so it's now like which banks benefit and which banks get hurt. And it's really like the pace at which they're making the changes, which is”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“These two issues, and you're going to have not just bank failures at the regional banks, you're going to have bank failures at the big banks too. I mean, this is really the fundamental issue is deposit flight to higher earning treasuries or money market accounts, et cetera. And until there's equalization in the rates, it's not about the bank runs. The bank runs are just a byproduct of the underlying depositor flight that had been going on for months and months and months and months.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Real time to whatever the Fed does, they're going to be losing deposits if they can't make the interest rate the same, or they're going to be burning money paying the depositors more money than they have. So they have to kind of basically choose one of two outcomes. And the amount of time it's going to take for their assets to earn an average interest rate that matches the current Fed funds rate is like four years from now. So they're just going to be bleeding deposits month over month over month. For years, and you know, we're only one and a half years into this process already, and they're already bank failures. So there's just the math kind of speaks for itself. There's no way to balance these two.”
2023-04-19 · We Study Billionaires · BTC126: Redeeming GBTC w/ David Bailey (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT