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Matt Odell

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69
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2021-09-22
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2021-09-22
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  1. “I mean, you're not going to be, unless you're in El Salvador, unless you're You don't have to pay with cash everywhere. Like, I know if you're booking a hotel, it's very difficult. You're going to probably have to give them a credit card at least to do the reservation. But you go out to dinner with friends, choose to pay with cash more often. If it's an option, right? It's not going to be an option for much longer. But as long as it's an option, you should consider using that option. Once you start thinking about it, you should think about it from your own perspective. Just as you're living your life, just think about things and think about it from a privacy first mindset. And don't get overwhelmed about it because it's very easy to just fall into this hole where you're just discouraged and you're like, there is no shot. We're just all screwed. But if anything, that feeling is exactly why you should be trying to improve yourself. And I think there's a particularly strong incentive for Bitcoiners because we talk about sovereignty all the time. And I know from my mind frame, when I got into Bitcoin, I quickly got into the mind frame that.”

    2021-09-22 · We Study Billionaires · BTC044: Bitcoin Privacy w/ Matt Odell (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  2. “With it. And it gives you alternatives to a lot of the things we use on our daily basis. Instead of Gmail, use like a more privacy-focused email. That's probably one of the harder ones for people to kick is the Google addiction. I admit that. And, you know, just slow and steady. Like don't get overwhelmed. Use your credit card less. If you see someone's credit card statement, you know their whole lives. I don't know if you've ever looked at someone else's credit card statement, but if you look at someone else's credit card statement, you know everything they've ever done.”

    2021-09-22 · We Study Billionaires · BTC044: Bitcoin Privacy w/ Matt Odell (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  3. “Preston, when you start going down this rabbit hole, or we're so exposed, the average person is extremely exposed. Social media, try and limit your use to social media. I know I'm a little bit hypocritical. I use Twitter, but I don't use any other social media. I just use Twitter. And I should use it less. I admit I should use it less. DNA tests. Don't send your DNA to some random corporation that's just going to hold it and bundle it and send it out to other people and store it in securely. They might even have the best intentions at heart and they just can't even store the data securely. It's just sitting out there. The home assistance. If I go into your house and I say, okay, Google or, hey, Alexa, and it responds to me, you're doing it wrong. You can eliminate that. I know it's more convenient to have it, but you can eliminate that if it's important to you. Limiting Google. There's a website called privacyguides.org. I think it's run by my friend Techlore. At least he's heavily involved.”

    2021-09-22 · We Study Billionaires · BTC044: Bitcoin Privacy w/ Matt Odell (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  4. “It's going to be very dark for a period. And I would prefer if people slowly improve their whole lives in terms of that trade.”

    2021-09-22 · We Study Billionaires · BTC044: Bitcoin Privacy w/ Matt Odell (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  5. “And it just comes down to whether or not you think it's worth it. But I think it's absolutely worth it. And if you do little improvements over time, they will add up. It's important not to get overwhelmed. Everyone gets overwhelmed. And at the end of the day, what I expect is that most people will learn the lesson the hard way. We have never been in this situation before. There are companies that are literally designed around the business model of collecting as much information as possible from you. They keep that in databases. They sell it to third parties. That data gets leaked. It gets shared. It gets sold. It gets compromised by governments that might not have your best interest at heart. It gets compromised by malicious individuals that might be out to get you for some reason. And as people get burned, they're going to learn the lesson the hard way and they're going to seek out ways to improve their setup. What I hope is that it's not as messy as it could be. When I look at the outlook here, I see people getting burned at scale.”

    2021-09-22 · We Study Billionaires · BTC044: Bitcoin Privacy w/ Matt Odell (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  6. “What I hear all the time is exactly what you just said. I'm too far gone. There's nothing I can do. What point is it for me to try and improve my situation? I'm already a lost cause. And most people, what they think is that the common response is I have nothing to hide. But that's not the common response. The common response is I'm already a lost cause. There's nothing to do now. That's a major fallacy in my opinion. We can improve in steps. You can improve slowly and steadily different parts of your life. At the end of the day, what happens is we make has trade-offs. That trade-off balance is usually a trade-off between convenience versus privacy and security. And most people choose the more convenient, cheap option. We have those trade-offs in every aspect of our lives, whether you decide to spend with a credit card versus spending with cash, whether you decide to use Google Maps instead of using like a dedicated Garmin GPS, whether you decide to use Gmail.”

    2021-09-22 · We Study Billionaires · BTC044: Bitcoin Privacy w/ Matt Odell (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  7. “$10,000 was moon math to me. It was like almost a joke. It was like a joke prediction. I was just multiply by 10,000. I was like, maybe we'll get there.”

    2021-09-22 · We Study Billionaires · BTC044: Bitcoin Privacy w/ Matt Odell (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  8. “Probably, you know, the early 2012, it was, I don't know, it was like $2 or $3 or something like that, like 2012 was a ridiculous year, like the entry to 2012 into maybe it was like $20. I wasn't really interested in it. He kind of said it in passing, and he wasn't a credible source, you know, because he was using it to buy drugs. I didn't, you know, I didn't think I was like, the government's just going to squash it. The other guy was like, he was playing like 10 Bitcoin hands. You know, like, I don't know.”

    2021-09-22 · We Study Billionaires · BTC044: Bitcoin Privacy w/ Matt Odell (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  9. “The Silk Road guy, I don't even see any of the transactions or anything. Your mind runs wild, right? Everyone just assumes it's more than it is.”

    2021-09-22 · We Study Billionaires · BTC044: Bitcoin Privacy w/ Matt Odell (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  10. “No, neither of them are. One was spent an ungodly amount to Bitcoin on the Silk Road. He was the first one who introduced me to it. And then the other one, he was using his Bitcoin for online poker. He has some, but he doesn't have that much”

    2021-09-22 · We Study Billionaires · BTC044: Bitcoin Privacy w/ Matt Odell (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  11. “Most of us are just winging it and just trying our best. And I saw that there was really no kind of, people made out like bandits that were culpable for the 2008. And I was like, okay, so it's like every man for himself. And I leaned in. I became like more of like a mainstream tech nerd. I thought like maybe the Googles of the world, the apples of the world were our hope. And like they could make the American dream come true again. And then in 2013, the Snowden leaks happened. And I was like, they're complicit as well. So all of that came together at the same time when I was trying to learn about Bitcoin. So to me at that point, Bitcoin was hope and could be a massive investment opportunity. It was like a combination of the two things.”

    2021-09-22 · We Study Billionaires · BTC044: Bitcoin Privacy w/ Matt Odell (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  12. “It was like a rug pull of, I thought experts existed. Like I thought, you know, that people that knew what they were talking about and knew what they were doing. And it was kind of a huge eye-opener that, you know, maybe”

    2021-09-22 · We Study Billionaires · BTC044: Bitcoin Privacy w/ Matt Odell (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  13. “So I had two friends tell me about in 2012 nor did till the second friend told me about it and then I basically came in as I like the concept, but I thought it couldn't work. So I just started working through all the different scenarios of it going to zero. And as I did that, I started to grow conviction. And then 2013 was when I started really believing in it and realizing it was not only could be a great investment, but that like it was actually our hope that it was something that we could actually rely on, you know, to have a better future. Because, I mean, you talk about things that shape you. When I was growing up, I first had September 11 in 2001. And that was, I was in New Yorker at the time. I had friends, I had friends whose parents were in the towers and died in the towers. And it really, it made me very nationalistic and I had a lot of pride in our country. And then 2008 happened and I was becoming a young man and I was.”

    2021-09-22 · We Study Billionaires · BTC044: Bitcoin Privacy w/ Matt Odell (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  14. “I was like immediately underwater. I was like underwater within like three months and it really humbled me and was like, okay, you have to expect like these 85% drawdowns. And I think I was better for it. I think people tend to get, if they come in, like even if we're talking about this cycle, right, if they came in this time last year, what we were probably trading around like $6,000 or $7,000, maybe.”

    2021-09-22 · We Study Billionaires · BTC044: Bitcoin Privacy w/ Matt Odell (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  15. “Before we move on, you made an interesting point about when you enter the cycle, right? Yeah. So, like, I personally, and this is going to be my bias again. I mean, I think the best time for someone to enter a cycle is if they get burned immediately. I think the most dangerous situation for someone is like you enter in 2015. 230, and you watch over the next two years, it go up all the way to near 20K. You don't really get burned maybe that hard. You didn't get to experience a bear market in all. Yeah, I mean, you had to wait like three years for a bear market, right? Like when I got in.”

    2021-09-22 · We Study Billionaires · BTC044: Bitcoin Privacy w/ Matt Odell (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  16. “And that's funny because I don't know. I kind of feel the opposite. I feel like the market in a lot of ways is healthier. But in terms of like 2017, there was more of a culture of degen trading and leveraged trading, maybe because it was a little bit more fresh. We didn't have like this whole like stack culture. There was obviously like the Hodl guys, like people saying, you know, hodl, hodle, hoddle. But like this idea that, you know, you just every week your mining fiat. You just take your paycheck and you stack it into Bitcoin for the long term. There was no culture around it. And maybe it's because I'm in my own little Bitcoin Twitter bubble. But it wasn't cool. I remember in 2017 I would do really long threads about dollar cost averaging. And I would get like 25 likes on them. It wasn't exciting.”

    2021-09-22 · We Study Billionaires · BTC044: Bitcoin Privacy w/ Matt Odell (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  17. “Yeah, and we also had the whole BC So it was maybe that spring was more muted than it would have been otherwise because it was hanging over everyone's head. I mean, I remember there was a lot of industry players that thought BCAC might win, that thought Sega2X was going to be like the end of Bitcoin. And then Ethereum was going to take over. So there was a lot of uncertainty hanging over people's heads until whenever that was in the fall, when Sega 2x, you know, finally officially failed. That was like October or November or something. And then we had the really sharp run. So maybe 2017 was the anomaly.”

    2021-09-22 · We Study Billionaires · BTC044: Bitcoin Privacy w/ Matt Odell (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  18. “It was like a half a year bear market. And then when we hit the fall, we went to like 1100. It was like, it was barely. It was like we went to like 1,050 for one day, one hour in one day, and then collapsed back down to, or even lower, maybe like 180 or something like that. So that's kind of what I'm working off of something similar to that. And I kind of feel like, you know, we talk a lot about cycles. I know you talk a lot about cycles as well. I feel like maybe 2017 would have been similar, but the Ethereum dynamic changed things because there was a real belief by a lot of industry players that there was going to be a flippanting.”

    2021-09-22 · We Study Billionaires · BTC044: Bitcoin Privacy w/ Matt Odell (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  19. “Why I say I need to check my bias a little bit because that was my first, I got in 2013 and there was that first run up to like 250 and then we dropped down to like $70.”

    2021-09-22 · We Study Billionaires · BTC044: Bitcoin Privacy w/ Matt Odell (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT