YouSaid · the spoken record

Parker A. Lewis

lines on the record: 39
first: 2022-03-16
most recent: 2022-03-16
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

“You know, Jeff was saying, he's like, you know, I'll let Parker take that. I'm not going to go off the rails. I mean, I wouldn't mind Jeff being out there expressing his views to the world, but you can find me on Twitter at least, Parker A. Lewis, and then also all of my writing is on our website as well. So my series is called Gradually Then Suddenly talks about the fundamentals of Bitcoin. People would not do wrong by themselves to go grab the graduate and suddenly series, read it, because once you figure out Bitcoin, then protecting retirement with it, protecting all of your savings with it is something that you're going to want to do, but that it all starts with education. Verify don't trust, but that the more that people understand Bitcoin. And so our educational content is there for everyone. It's free. You can go learn, distribute the knowledge, you know, you can find on our website. And if people are interested in the IRA, they can also find that on our website and our services.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Just imagine, and again, not everybody in the United States has Bitcoin, but imagine there's hundreds of millions of Bitcoin keys spread out all over the world. No one knows exactly where any of them are. You might know where one is, or you might be able to go to a company and get a warrant and figure it out. But just like visualize what hundreds of millions of Bitcoin keys distributed literally across every jurisdiction in the world, that's what they're up against. That's ultimately what secures Bitcoin. That's what decentralization is. And as Bitcoin gets larger, it only gets more and more decentralized at every layer. And so with each passing moment, it's like once they figure out that, you know, this thing can't be stopped, it's too late. Once they figure out what it really is on how it operates, that it just gets bigger and bigger and more and more decentralized. But that visualization of keys being distributed, that's the game of whack-a-mole. And that's ultimately what parked.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, and I think that regulators, even the ones like Brad Sherman that hate Bitcoin because they hate America, that the smarter ones, when they think about this, that they go through that 4D chess, their first instance is like, oh, we got to ban this. And then they go through the actual, well, how the game theory, how does this actually play out? Do we actually make our problem larger? And it's not to say that they then don't attempt other things that are more coercive and less overt, but that when they play the game out, they realize that they'd be shooting themselves in the foot. And so they'd rather try to tackle it via some sort of increased coercion or financial surveillance taxes, you know, kind of however you want to look at it. But Bitcoin won in the end, and people that hold, you know, the hardest form of money that ever existed will benefit disproportionately.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Preserving value relative to any other currency or all other goods and services. The only thing preserving purchasing power. And that is what money is designed to do. And so it's just like someone's moving around in a straitjacket. So anyone that attempts to take those type of actions is actually playing into Bitcoin's hands. It doesn't mean that governments can't make things marginally harder on any certain people. If not, materially harder. you know, everything is good for Bitcoin and Bitcoin wins in the end because of how it's actually constructed, that it's actually designed to route around and immunize every threat. And it's actually the threats that make Bitcoin stronger.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, and I also anchor people back to that core question of how does Bitcoin credibly enforce a fixed supply of 21 million and why is it relevant? Because if somebody figures out how Bitcoin credibly enforces a fixed supply of 21 million, they will realize that because of the degrees of decentralization and that it would be the biggest game of whack-a-mole that ever existed and that anyone attempting to seriously impair that realistically only causes it to spread like wildfire because it's not practically possible, but it does signal to everyone, hey, you should be paying attention to this thing, Bitcoin, because it's working so well that it threatens us in some way. When we told you that it was not money and that it was a toy and it was too volatile and that it consumed too much energy, but it was the only thing that was actually”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Why it's important and why it's a tool, and why it literally solves a problem for practically speaking. It could not be a greater contrast. And so it's not just kind of quote businesses, but it is a very kind of contrasted reality of predeposition to be able to understand it, that if people are in the market, and I mean in the market, not the financial markets, but in the market of producing actual goods and services, that these ideas resonate and that they do something about it.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Everyone gets Bitcoin at the price that they deserve The conversations could not be more different than when I sit down with an actual operating business. When I share these ideas with an operating business to a company, it's like I'm connecting dots and when they're in the market and they're experiencing the inflation and they experience literally every day the disruption to their business that's caused by all of this uncertainty. It dawns on them. Like the light bulbs go off. You can see it sitting across the table with someone. It's like they all knew something didn't make sense and that this thing Bitcoin explained not just what didn't make sense but also prevents a solution. And so the contrast between like the people actually building and delivering real goods and services to a market versus the people that live in this financial world, this hyper financialized system, their ability to get Bitcoin and understand”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Like the numbers are getting so large that people are numb to it and people that are not doing something about it, that are just sitting back taking the punches to the stomach, to the stomach, to the stomach, they are the boiling frog. And, you know, going back to your last question of businesses, the interesting thing that I find because I do go around and educate and sit down across the table from executives of all sorts and not just executives, but many of them. When I sit down and I talk to people that are some way levered to the legacy financial system, wealth managers, asset managers, hedge fund, like they listen to these ideas and they're like, but the Fed will never let it happen. I'm like, did you not just hear what I said? Like they're printing money and that's a problem for you and you're not anchoring it to a principle. It's like you've got a problem. And it doesn't mean that you would necessarily have to agree that Bitcoin's the solution. You will at the end of the day. Everyone's going to figure it out.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, and I'll also point out for people that when the Fed increases short-term interest rates, if they're still printing money, they're actually reducing interest rates. The only thing that dictates the dollar interest rate from the Fed side is the supply of dollars. Again, people might trade it, but that idea that you brought up Preston is this, the degree to which they're doing this is numbing, right?”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Of considerate of short term volatility, but we're playing long term games, and there's only one way that it's going. And when they talk about what they're going to do in the future, just look at what they're doing right now, right? They're printing $120 billion a month, more than anytime post-financial crisis QE. And even if they slightly reduce it or stop it for a period of time, they're going to print more in the future and they're going to have to print even more than they're doing right now. And so when people find that signal, you know, again, Bitcoin starts to make a lot more sense.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“It was like 120 billion. The comedy of it is, I mean, it's not, I mean, it's really serious, but everyone talks about it is comical that so much of like the hedge fund class, they like literally read every word that Powell says and then the market trades it. Now there's like algorithms that are built around the differences between these fed minutes and the next Fed minutes and they literally look for insertions of words and then have automated trades on financial assets. And everyone's talking about is the Fed going to raise rates or are they not going to raise rates? It's like, hey guys, they're printing $122 billion a month. It's like very simple. Your dollars are getting worse less for that reason. That's the problem that Bitcoin solves. And it doesn't matter what the Fed does in a week, in a month, in three months, in six months. Like, yes, we do have to be, you know.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Definitely. Yeah, I think the idea of businesses figuring out that Bitcoin is a better balance sheet reserve currency has certainly picked up. I don't think that it's necessarily accelerated in a disproportionate way to individuals. Like more individuals are still figuring out. It's easier for individuals to come to these conclusions than a consensus of people say on a corporate board. from a percentage base just because the percentage of businesses that were figuring this out was so low that maybe on a percentage basis it is higher but probably not on a nominal basis but yeah definitely seeing it accelerate and also seeing it accelerate not you know not just mom and shop not you know just sole proprietorships actual operating businesses kind of having that aha wake up moment to bitcoin so we're definitely seeing it from from our side”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think everyone forgets that we gave Iran $400 billion of physical cash that then nobody has control over. And the entire Bitcoin network is worth $800 billion-ish. Today, or they're around. So you got to start making some really wild, unfounded claims, and everyone just figures out that, you know, you really just don't like Bitcoin.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“About regulation deriving from the fact that Russia's evading sanctions via Bitcoin, whether or not they are or aren't, that the signal that is actually sent and why everything is good for Bitcoin is that the signal that it's sent is that no one controls Bitcoin and that the then derivative impact of that is that Bitcoin starts to make more sense for more people. It's like the honey badger don't care. Bitcoin is the honey badger and it's going to take all things that, you know, whether it's Brad Sherman or Elizabeth Warren or whoever the next person is and it won't, you know, won't be, you know, just one party. There will be many people that say Bitcoin is bad for X, Y, or Z without recognizing the value that it's delivering to everyday people. Like, you know, the three of us who just want to save in a form of money that's not getting destroyed.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Presentations. It was like, you know, I had a few aha moments when half the world was shutting the other half off of the world off from their financial systems. And so it's like, I think we're all adults and we recognize that people are going to say some mean things and try to use what's happening to without any justification or statistics backing up or evidence to say that Bitcoin is being used to evade regulation. My former boss, Kyle Bass, came out and said something like some very shady people and have had a very sunny day using Bitcoin and I fired back in a good spirited way that there's no invention more consistent with the principles, at least the founding principles of America, individual liberty and private property than Bitcoin. And that everyone who is using it to avoid the debasement that comes from unelected private boards is really the signal. And when politicians talk”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think that there are certainly going to be politicians that sling mud at the wall and say, Bitcoin is used to evade sanctions. And this thing Bitcoin is bad because Bitcoin helped bad man Russia, right? The reality is that those politicians hate Bitcoin because they don't control it. And that was really the part that Ted Cruz zeroed in on again, like Ted Cruz, hate Ted Cruz, but that is what it is about, that they don't like something that they can't control. And so there's a lot of memes in Bitcoin, but one of them is everything is good for Bitcoin and that in this instance, the broader setup is waking people up to. And I had a client or prospective client that's in the process of onboarding reach out that I've given a presentation to, I go around and give these Bitcoin one lesson.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Look at Bitcoin crashes, what we often see is corrections because the base always resets higher, right? And that happens because knowledge distributes. More people figure out through the noise through an incredible amount of noise that people are understanding that Bitcoin is a monetary asset. It is a better form of money. And that when we see those bases reset at higher levels, even when sentiment is extremely low, that that is a sign that more people, not less, are accumulating.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Of itself, but underlying that, I would look at things like Bitcoin addresses. And oftentimes we'll look at the number of addresses that have more than 0.1 Bitcoin or 0.2 Bitcoin to see that there's actually more and more people, more and more than other metric might be UTXOs kind of maybe getting a little bit too technical. But if you're going to hold your own keys, you're going to have to have at least one of your own UTXOs that a growing number of addresses and a growing number of UTXOs are both signals of increasing adoption, but ultimately price is that arbiter. And as global adoption increases, there's only one way in the long term for price to go. But that if everyone always kind of emits volatility, anchors back to that core fundamental of did whatever happened in the world today change this most fundamental fact of Bitcoin, that is really what allows the noise to disappear. And that as we see, you know, people.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Credibly enforced of X5 21 million and why it's relevant, then the simple question to ask yourself is, did whatever happened today change the fact that there will only ever be 21 million Bitcoin? If no, whole buy more, essentially is my philosophy. Now, I think that there are probably two things that I would look to, and one of them actually is the price. The price is the greatest signal of increasing adoption. They're not making any more Bitcoin. And as more people rush in to save in the best form of money that's ever existed, it forces the price higher. It just distributes the supply over a larger number of people. People are willing to transfer an increasing number of dollars that are depreciating because trillions are being printed for less and less nominal units of the currency. So price is a”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Well, first, I tell people always to focus on 21 million Bitcoin. Because if people start to develop an understanding for how Bitcoin enforces a fixed supply of 21 million and why it's relevant, that that is the most fundamental thing about Bitcoin and that that is what drives all global monetary adoption and will continue to. And that does not mean that certain people buy for FOMO reasons and buy for reasons that they don't understand and that there isn't speculation and that there isn't a lot of that. But that that is the underlying fundamental such that when the winds change and people that FOMO bought it and then irrationally sell it or China does something that's kind of a fooled by randomness and people sell because China did something that I always ask myself and then the advice said I give people is that if you've developed that understanding of how Bitcoin”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“You know, a lot of people that think about this are like, okay, well, this Bitcoin is a long term asset to hold. And it's like a force hoddle. I'm hodling for at least 30 years with this Bitcoin that are in retirement funds, but at a more macro level with all the uncertainty in the world, not just as it relates to censorship, because what we didn't even talk about before was that all this economic uncertainty only results in more printing of money. And that's the very problem that Bitcoin stands to solve. And that when we think about those long-term assets that really are protecting your retirement, those are the most consequential. And so doing that in a way and then approaching it from a security perspective where you know that those assets are going to be there and that the best way to ensure that is by not taking counterparty risk and actually taking possession of the private keys, albeit in a structure where there is a legal custodian and that it fits very tightly.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“By holding keys, and that when we think about I'm not going to be retired for over 30 years, but that one financial decision in my mind, it was like this calming effect that happened. I was like, ah, that one decision will protect my entire retirement. But it wasn't just because I was speculating in Bitcoin. I have a very deep and intuitive understanding of why Bitcoin is being adopted as a monetary standard, but it was because that was realistically the only way to have, you know, a liquid asset outside of the financial system. And oftentimes when people are thinking about their retirement, that this is Bitcoin. It's like the best Bitcoin to hold. And I really thought like, you know, as I was in the process of doing it, it was before Jeff joined Unchained, but it was like, it was like, this is peak savings. It is tax advantaged. It's Bitcoin. And it's being held without counterparty risk. And that realistically that”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Which is that so many people just kind of sleepwalk through hitting a button, contributing funds, take risk, buy a bunch of equities and retirement account, but what it actually represents is protecting those later years in life and that if we relate that also to this idea of holding Bitcoin for the long term, seeing these 61% of Bitcoin are held over one year, but that In most instances when people adopt Bitcoin, they're holding for a lot longer than one year and that particularly in my case, when I went through this even before Jeff was part of Unchain, I literally converted my entire IRA, which at the time was just sitting in treasuries, to Bitcoin, and then not only was it the best savings technology that ever existed, it was entirely outside the financial system.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“I think as Bitcoin, as we always think about, it's very adversarial in thinking around security. But when we relate it to what has happened kind of in the world around financial censorship that retirement assets in many ways, and I wrote about this in a piece in graduate and suddenly called Bitcoin is the greatest.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“That what it signals when the coins Effect getting older where more of the coins are being held for long terms. Effectively, more diamond hands are being created Sitting here, and at a time where Bitcoin drops from 60,000 to 30,000 or 35,000. People aren't selling. Now, of course, people are selling every day, but on average. People are converting to long term holders. So I think that's a really healthy sign. As more people decide to save Bitcoin for the long term. And don't get caught up in Kind of near term or short term volatility”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Thing I'd add is there's Chart, or at least a visualization. I don't know if Drew. Co founder originally created it, but certainly helped popularize it called the Hodle Waves. And so people Google Hotta Waves, they go to our website, they can find the HADA waves. This visualization to see. Bands of age and how they trend over time. And I think that one idea that you brought up Preston is that historically we've seen. Range of Coins that haven't moved in over a year. Of oscillate between 60 and 40% When 20% of the supply goes from Having been held for long periods of time. Being unlocked, that typically happens Only when there's Astronomical increase in price.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“And so, not only does it improve individual security, but in aggregate, the more people that are holding keys, the more distributed currency supplies are, is the less honeypots that exist that you actually create the environment where in the case of Coinbase, a government could go to Coinbase's door, knock on it, and say, like, don't send anybody Bitcoin here's a court order. If that same court order came to unchained, we wouldn't be able to prevent our vault clients from being able to access their funds. And that actually reduces the likelihood that that would happen. It reduces the incentive because we've actually reduced our own power in that equation and that we are all our clients and us are all greater or in a position of greater security because of the incentives aligned.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“That fact, they take possession of their keys. And that when we look out into the future, that the majority of people will be doing that. And I really think about keys and the more people that have keys, it's like the Second Amendment that oftentimes people don't understand the Second Amendment. But the reason why we have the right to bear arms is because it's a deterrent that it will actually deter a tyrannical government. I think there was a quote from a Japanese general talking about how no one will ever attack the United States because I don't know if I quoted the number, but there's 40 million guns. No, I think there's like 400 million guns. I can't tell you the number, but there's a lot of guns in the United States. And what that is designed to do is to prevent tyrannical government from warring on its people because you actually have something that you can fight back with. Well, keys do the same thing. The more people that have keys and the more distributed those keys are, the less likely a government is to take an action because it would really be futile.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Is you are building all of your security based on a set of principles anchored to permissions. And if you live in that world, then you can be cut off from your lifeblood, which is your money. But if you're holding your own keys in the Bitcoin world, then that is not possible. And Marty did a great job of explaining that on Tucker Carlson. But what that actually means is you are holding keys to Bitcoin and those keys are what need to be accessed in order to transfer any Bitcoin. And if they are in your possession or you're controlling quorum of keys in a multi-sig where Bitcoin can either be secured by a single key or multiple keys, then there is no ability for any financial institution from being able to prevent that access. And that I think what we've all seen in Bitcoin is that as a function of time, knowledge distributes and as more people under”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“That think whenever they hear that someone was hacked or that someone was prevented from accessing their Bitcoin, that is a signal of a failure of Bitcoin. But it really is just a lack of understanding because if people are taking on the responsibility, which there is greater responsibility, with great power comes great responsibility, that there are very low barriers in practicality to being able to hold your own keys to your Bitcoin. And so that the same problems that exist in the legacy world exist in the Bitcoin world so long as you're working with a third party, and that third party holds the keys to your Bitcoin because they, you know, in a similar parallel, they aren't your keys. If you have your Bitcoin with a custodian, oftentimes people think, oh, they have my keys. No, they are their keys. And, you know, there might be varying different legal arrangements. But what that means.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“I'll give the more sanitized version. But building on top of how crazy it is that a senator like Ted Cruz is reading out a letter about private keys and self-custody that Marty Bent went on Tucker Carlson. And regardless of what you think, whatever end of the political spectrum you're at, that after that Canadian episode, Marty, who runs a Bitcoin podcast, was invited on and he received a very similar question to that. And then these messages start being broadcast to millions of people in that it is that if you are working with, if you have your Bitcoin, with a custodian or with an exchange, that all of these things that we've been talking about can also happen in the world of Bitcoin, that you can be prevented from accessing your Bitcoin. And that I think that there is a knowledge gap for a lot of people.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Out at a conference, and I think the last line was something along the lines of you should learn about self-custody and private keys. And when the Canadian dollar is worthless, we'll be here to help you too.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“From others and that that is the surplus of what essentially you've delivered to other people in your community in terms of work and to be in a position to just”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Just think about because I think it's also when we kind of get into the technicals about helping people understand that a deposit in the bank is not actually their money, even though the people think that it is. And historically because there have been this strong respect for property rights, that those type of actions were not common historically. It's not to say seizures never happened, but they would generally happen with a court order or a warrant rather than carte blanche. But then when we abstract up a level though and we just think about what money is setting aside technically a deposit is not someone's money, what it represents is someone's life savings oftentimes and what that represents is savings in a monetary good is the delta between what you have produced for others and that what you have not yet consumed.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, one other thing that I just thought of as Jeff was describing that is that we're talking in the context of the relationship between an individual and a bank and the nature, you know, kind of what people believe to be an asset, not recognizing that the asset is actually different, that it's a loan, but that what's also playing out here is we're talking about the relationship between individual and financial institution. But because all financial systems have become so centralized that it's actually the centralization that allows for censorship, weaponization, however you want to think about it. And what I mean by that, it's not necessarily kind of in the Russia instance it is, but then if you think about the people who were having their funds censored or seized in Canada, what effectively happened there was the central authority went to banks and the banks.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“I think Preston kind of to that point, and I actually knew this, but just recently, kind of going through creating a new bank account, if you actually read a bank account, it makes it very clear that that is not your money, right? And set what's happening in Russia or surrounding Russia and the sovereign assets and what other central banks are doing to prevent access. But just think about the individual that in a bank account agreement, it basically says, or technically says in almost all bank account agreements, this is not your money. It's the bank's money and the bank has a liability to you. And it's very functionally what also happens with large financial institutions that hold reserves with a central bank or potentially a sovereign that holds reserves with other central banks. And the consequence of that is it is, and I won't speak necessarily to the case of Russia, but”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“And you can agree or disagree with it, but the weaponization of a financial system, normal people in Canada, people in Russia, it's a greater risk that everyone needs to be cognizant of and that Bitcoin really fixes. It is a risk, but it's a risk that Bitcoin solves not because Bitcoin just provides a better form of money, but that you can hold that form of money by holding your own keys. And that's core to what we help clients do it unchained. But it's a principal idea that is close to the hearts of many people building around Bitcoin, not just our company.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“Forgotten that. Markets have no memory. But Bitcoiners and people that are engaged in paying attention to the value proposition of Bitcoin recognize that that is one of the principal problems that Bitcoin solves, that you can hold your Bitcoin in a way that you are not exposed to the counterparty risk or the financial risk of a financial institution. that while I think historically most people have looked at that risk for the ones paying attention associated with potential insolvency. And it is that. But it's also far greater than that. And what we've seen in the context of Canada, where normal everyday people for donating to a protest have gotten cut off from their life savings, it's a little bit different than counterparty risk, but the effects are very similar. And now what we're seeing play out in Russia and Ukraine.”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT
“I'll take a start, but I'd love for Jeff to hop in too, is we talk a lot about not just at Unchain, but a lot in the Bitcoin community about counterparty risk. And in the Bitcoin community, there's a saying of not your keys, not your Bitcoin. But really that Lynn Alden quote of talking about assets that are not someone else's liabilities is getting to that the heart of that idea of what counterparty risk is. And that there's also an idea that is that markets have no memory, which as a somebody who came into my career just before the financial crisis, at that point in time at least, everyone very much felt and learned the pain of counterparty risk as virtually every bank in the United States potentially in the world was on the verge of collapsing. But fast forward, you know, 13 years into Bitcoin and a lot of people have”
2022-03-16 · We Study Billionaires · BTC069: Bitcoin Retirement Planning & Self Custody w/ Parker Lewis & Jeff Vandrew · IDENTIFIED FROM THE TRANSCRIPT