YouSaid · the spoken record

Parker Lewis

lines on the record: 93
first: 2021-10-13
most recent: 2021-10-13
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, find me on Twitter, ParkerALis, read my writing. I've got a series on Bitcoin called Gradually Then Suddenly. It's on our website. I'm head of business development at Unchained Capital based here in Austin, Texas, so you can find us on Unchain.com. And then all of my articles are on the blog. I write the Graduate and Suddenly series and then also will write a number of other things about our company about financial markets. on our website unchain.com you can find it on the blog and then also on Twitter Parker and Lewis”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“that that is the way to always bring things back to first principles because oftentimes I would write something and I'd say well no that's not a logical connection like there's some other there is a logical connection that thing I just wrote on paper is not it like let's try it again and it's just iterative”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“capital but that kind of going to the least common denominator and the assumption that you know to be true and then the thing that all other assumptions build off of as a general way of thinking so to being put on spot like that i i don't know if that adequately thought about it but it probably ties back to just being risk averse and also generally a logical or rational mind to be like okay am i crazy with this bitcoin thing or if And the only way to prove that I'm not crazy is to get to that same kind of flash of an idea where probably 100 different ideas come together all at once in an actual reasoned way. And so with my writing, I really tried to just say, okay, I had to struggle through all these things myself. Let me unpackage the ideas or in my head of the things that I struggle with because many other people would struggle with them as well. And actually through the process of writing, you might find that”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“understanding of it not maybe you know kind of technically how they actually click buttons and print three trillion dollars but i think i understand the cause and effect better than the people of the fed do and so but i also know that that system will not last and so like i i use that as an example that like that was my anchor as i was looking at bitcoin it was like that is certain in my mind the timing is uncertain like when it happens how it happens but but that it happens is true Okay, if that is true, then there has to be a solution. What is the solution? Is Bitcoin viable as the solution? And as we go further out in time, where things are uncertain, but the things that you know will be certain at some point in the future guide all other thinking, in my view. So it's just kind of trying to get down to always, and it doesn't just apply to Bitcoin, it buys other things, things that I kind of the way I would think about investments when I was at Hayman.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I kind of recognized something about Bitcoin, but it was before I could describe it. And then in the process of actually distilling my thoughts, it was going down in a very logical, rational way to say, okay, that idea that just kind of triggered in your mind of like Bitcoin makes sense and it's going to be money and the whole world's going to adopt it. break that down into like the hundred different parts to to how your mind just put that all together in one flash. And I think about it as also trying to get down to the things that you're most certain about. And so with Bitcoin, it started with, as an example, I know, independent of Bitcoin why the federal government is going to print trillions of dollars. I have a fundamental understanding of the construction of the US financial system. And I think I have”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“With reason and logic to reaffirm that it's actually a defensible position. And so I try to think, and that's a lot of what I've done with my writing, and then that writing, once I was able to distill it down, kind of like I carried that forward or at least that thought process down, which was”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Hard question to answer. I think that there's a lot of noise and I'm actually fairly risk averse. And so, you know, as an example, when I was getting into Bitcoin, Bitcoin made no sense. And then as I had the benefit of being able to meet Safety in a Moose before he wrote the Bitcoin standard, there were a number of people that I met that helped me understand things I didn't know before. And so it was that it was like Bitcoin clicked for me. It started to make sense. But I had a bunch of ideas jumbled up in my brain. where it was like, you know, kind of like a lightning strike where, oh, okay, that makes sense now. But now I have to actually get back to that same point.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think you just have to start it being really dense. I don't know, I've never, I guess, consciously thought about that. Well, do you read”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Future, but when the spread of the GPTC trade went from a premium to a discount, which it fundamentally should trade at a discount, a fairly steep discount. Given the nature of the product, that the demand for Bitcoin borrows collapsed. And that caused the market interest rates to collapse. And so, you know, ultimately, there were firms that had promised certain level of yields and they were essentially going to anybody that was remaining in the market to borrow Bitcoin and driving interest rates down. And it got to the point where we were like, okay, well, this market structure doesn't make sense. There's no kind of rational defense to lend Bitcoin at these nominal rates. And so we just kind of deferred it. But I do think that that still is the vision. We will have that out at some point in the future, but the market structure just needs to come in a bit and rationalize.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That ultimately Bitcoin winds up on exchange for some venue where it's trade. So our idea was to go to the exchange, enter into a collaborative custody arrangement where you could certify how the Bitcoin is held at the exchange isn't singularly in control and that you could actually lend in a capital efficient way on a secure basis rather than today what happens is that all lending is to trading firms and on the institutional side generally on an unsecured basis let's say 100% but given the nature of the problem that it solves, which is one of capital efficiency, it's why many firms borrow Bitcoin. They have to have dollars in Bitcoin posts all over the place to pursue ARP strategies that is generally on unsecured basis. I don't think that Bitcoin should ever be lent on an unsecured basis. It is too precious of an asset and counterparty risk is too real to do that. What ultimately happened with our product was when we'll likely have it out in the future.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Bitcoin oftentimes for someone shorting Bitcoin and they're trying to make income based on volatility and they're not necessarily just directionally short Bitcoin, they can be arbing Bitcoin spreads you know long on cracking short on Coinbase long the futures short the spot you know it's not just people there are some crazy people out there that are just directionally short Bitcoin those people are going to need some serious help at some point in the future but that but that there's a reality”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And now you have counterparty risk of multiple institutions, essentially. And that if you're lending into a black box and you can't evaluate the nature of those counterparties and you're trusting institutions that are ultimately very young and you're doing that in a world where what they're lending is a finitely scarce asset in which there are no bailouts, you're making a decision with an amount of information that you need more of. And so what we were contemplating are contemplating is an arrangement where you have a known counterparty, you have a known way of how that Bitcoin is actually custody and that no single party would be in control. And that'd be an idea that if all Bitcoin that is lent, kind of getting back to the point where I started was that the only way that they're able to pay yields in Bitcoin is that the returns are generated via sub-trading activity.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That you gave it to, and it's not there, and it's at risk. And so that's the first thing that you're taking something that is a finitely scarce asset that, in my view, represents the greatest asymmetry that's ever existed in the entire world. And you fundamentally change the nature of what it is you own. You had that.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“yield doesn't like and this is going to sound crazy but it might not sound crazy to a few people doesn't do it because it might actually describe them there's some people that just think that interest magically shows up that you put your money in and they pay you some money out and how that happens they don't know but it just does and i say that kind of jokingly but it's also true that people think that when they put money in a company that pays them bitcoin yield it like money is that like i've i've talked to people where they think that when they deposit bitcoin to block vi that the money is just the bitcoin is just sitting in blockfit and they're earning interest but what really happens because it's not specific to blockfi it's the only way that any bitcoin lending works is you deposit your bitcoin in they take your bitcoin and move it out or if it's at the same custodian it's at a different account transfers out of the account of the person”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The stock is oftentimes actually custody at the DTC. And so this idea that maybe if all Bitcoin lending that happens today, like no one's lending Bitcoin to go build a building. So that's an important thing because there is a reality in the dollar-based world that everyone kind of was trained to earn interest. It's like, oh, if you're not making your money work or earn interest, you're doing something wrong. And they don't think about the risk that they're actually taking when they do that.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Months ago, yeah. Okay. I knew that it was like April, May timeframe, but. The last year and a half feels like an eternity. But so we have a pilot that we've contemplated and worked on with an exchange that would essentially hold Bitcoin in collaborative custody while Bitcoin is on the mountain. I had an exchange and effectively able to trade. And the idea behind it is that kind of how certain goods or stocks trade on an exchange can be and oftentimes is and should be different than how those assets are custody. An example being that in the, you know, kind of today in the Bitcoin exchange world, all Bitcoin is generally held on exchange rather than in third-party custodians. That is very different than the worlds of stocks and bonds. New York Stock Exchange is not a custody of any stocks, but it trades a lot of stock and that the”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I think that, and I can't remember when we came on, but I believe it. It was either six months ago or like 18 months ago. I can't remember”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Than how to secure it so that in the future you have access to it, and then figuring out how to minimize your taxes, but I also operate with the reality that a whole lot of things are going to change because of Bitcoin. And I focus a lot more time and energy on the first two and never selling my Bitcoin so I don't incur taxes.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I generally think about retirement or kind of tax planning ultimately before you get to that point you need to understand kind of the fundamentals of Bitcoin which I think you know is still a 99% problem and that you're going to need Bitcoin to buy groceries in the future I think at some point in the future and this isn't necessarily specific to your question but it is pertinent to the tax question I think at some point that the federal government will change the tax treatment of Bitcoin to whether they make it legal tender to treat it as currency and through that they will likely accelerate capital gains because they're going to need the federal government to be capitalized with a form of money that actually functions and so I think that the most important kind of order of effects is understanding Bitcoin why you should own it understand”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But that he's also focused on the question of inheritance and that kind of there's the aspect of holding Bitcoin in such a way actually with a plan so that it doesn't get caught up in a court process and whether it's held in trust, a lot of people are evaluating whether to hold it in trust where they can avoid painful probate processes. But that also in order for people to actually have credible plans that they're confident in not just for our estate planning purposes but for tax planning purposes that more of the people that actually have the knowledge and expertise to plan need to get involved. What we've seen is that more attorneys are getting focused in this area and that there will be more and more services coming out from Unchain and others. I don't have kind of particular strategies that I would say other than when I talk to my parents or talk to older folks.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Choose whether it's to family or whether it's to charities rather than the federal government. And I think it's important that the people kind of understand that frame of mind. I think that one of the things that we're doing at Unchain is we recently brought on Jeff Andrew, who is our head of retirement and inheritance that the first thing that Jeff is working on is an IRA product where people can hold their own keys.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, first, I will say that I'm not a tax attorney. This is not tax advice. But that it is definitely true that as more people accumulate a non-immaterial amount of money and as Bitcoin exists into the future, that people start to think about passing on wealth to their family, but that also thinking about kind of the technical aspects of inheritance planning. So, you know, I think there's a technical aspect of actually physically how does this get passed down. And then there's the tax side of there's nothing new about it in the sense of everyone always wants to maximize the amount that they can allocate how they”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Points of failure, that is the smartest and best way, and it's actually achievable, there just is a knowledge gap that needs to be bridged, and there's more and more companies that are helping to do that, ours at OnChain Capital being one of them, but there's other good companies out there too.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“As I feel about that, again, in that case, they got that make it whole, but usually when Coinbase accounts get hacked and money gets drained, they don't, that doesn't impact. I've got my Bitcoin, there's no socialized losses, there's no counterparty risk. And for people that actually understand Bitcoin, understand that it is a finitely scarce resource. And there is a reality that markets do have no memory. But for listeners of your podcast that remember 2008 and 2009, counterparty risk is a thing and that when you find out that it's a thing, it's probably too late. And so those that are smart and that actually understand Bitcoin and understand its value, we'll start to realize that the power that you gain from having permissionless access to your money and by eliminating counterparty risk and eliminating single”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Less likely to do that because they're going to have a higher probability of having physical harm. So as we kind of develop solutions, which we are today, we onboard a lot of people who are first-time Bitcoin buyers directly to holding their own keys. Because we use multi-sig, because it's Cloud Requested, because we're there as a partner. I think that that will be the standard, that in four years, when people own Bitcoin, the idea of going to Coinbase will sound four that it will be flipped because the solutions will get better, but the market will also have more and more education about trial and error. And the beautiful thing about Bitcoin is that it eliminates moral hazard. It pushes ultimate accountability to the user, that if 6,000 Coinbase users get hacked as bad as”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“you only ever move bitcoin maybe once a week maybe once a month realistically it's probably fewer than that once every three months once every six months but when you're sleeping 24 hours a day you're connected to the only way that you have to access your bitcoin in that world you have massively increased your surface area and so what we do and that's why the longer that somebody holds bitcoin the more likely they are to self-custody because they understand that that dynamic it is actually harder to secure a password to an account that your only way to access is remote it's actually easier to take a physical key and put it in a physical location and physically is secure that that somebody and this is also not to say everyone has to have guns but when somebody can hack you remotely versus have to come into your house or also get to a safe deposit box”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Actually spending at least in this day your Bitcoin less frequently so you're generally just checking on it to check balances and that it's there but think about in the Bitcoin world when you have a Coinbase account like”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That it is you massively reduce your attack surface when the way for somebody to get a hold of your Bitcoin is no longer accessing your account on a remote basis at an exchange like Coinbase like hackers did to 6,000 people. But when your keys live in a combination of safe and safe deposit boxes geographically distributed when you need more than one key to move any Bitcoin. And so the analogy that I use to simplify it for people is that think about or envision how many times you access your money in the dollar world. Maybe you affect five or six transactions in a day, maybe fewer, but you're accessing your funds about 0.1% of the time or maybe less 0.01%, but there's an internet connection around the clock that is there to access your funds.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“that you have a single point of failure because first and foremost it's permissioned. And if you see what's happening in Lebanon, people can't get their money out of the banks because it's an abject disaster. Bitcoin, you can hold on a permissionless basis and that gives you and grants you an incredible amount of power. But more from a technical perspective, why I say that self-custody is actually easy and why more and more people do it if it represents material amount of their wealth. From a technical perspective, it is much more difficult to secure a password and to avoid the consequences of living in a permissionless or in a permission system where someone could just say, no, I'm not going to give you access to your money, that being your single point of failure, then it is in a world where you actually sever, Bitcoin is a digital bearer asset. And when you have your own keys and you have cold storage, you actually sever the internet.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“saw a week or two ago about how 6,000 Coinbase accounts that had 2FA set up were hacked and drained. Imagine that was your life savings. Like would you ever put yourself in a scenario where even if it happens to 0.5% of people or 0.1% of people, that is too high of a probability to put yourself into a ruin event type scenario? Now, in that case, because there was some error on Coinbase's side, that Coinbase made those folks hold. But before Coinbase, it's any number, there have been any number of scenarios. There was the Canadian exchange, there was a South African exchange, there was Mt. Gox before it is a reality that people believe that holding Bitcoin, the keys to your Bitcoin, is daunting because there's permanence to private keys. But once you actually hold private keys, And generally people”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Truly, like when Bitcoin clicks for you at a fundamental level, you're going to have more than 50% of your assets in Bitcoin. This isn't like RIA portfolio theory. We're like, oh, we should have 1% of this and 2% of that. It's like, no, this is the best form of money that's ever existed. It's not too volatile. It's going to be adopted by 7 billion people. And I'm going to own a lot of that. That if you're in that world and you have them, whether it's 50% of your portfolio or something that you just can't afford to lose.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think that the normal person, yes, will self-custody. I think that it is actually easier to do than securing funds on Coinbase. And that is for technical reasons, that it's actually, there's two things that happen with self-custody. And we're talking about people's life savings, right? In many cases. Again, a lot of people, Michael Saylor has the quote that is, you know, if you actually understand Bitcoin, there's no way that you only own 1% of it. And that's true. But if you actually understand what Bitcoin is and why it exists and how fundamental it will be to our entire economic system being viable and then flourishing into the future, that Bitcoin will be the solution to that. You don't just have 1% of your wealth because you have 99% of exposure. That's what you figure out along that path. And that if you have an amount of money that represents your life savings or a large share of it, because when you do”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“that more so it will be driven by somebody might not have gone and opened up a Coinbase when the price of Bitcoin was going from $60,000 to $30,000 and they were about to dance on its grave before it rose like a phoenix from the ashes as it always does. But that then when Bitcoin's 120k, that same person that was like, no, I'm not buying it, it's dying, that they'll be motivated to buy open up a Coinbase account and not tell their friends and buy some. Michael Berry just”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And accumulated when everybody else was panic selling. And that is why Bitcoin doesn't die. And so when that happens, though, that's when Coinbase goes down because literally their user base 10xs. When people are motivated to do something, they will go through the paint and do it. And what exists today is that it's not just Coinbase, but there's river, there's swan, unchained, more and more places popping up to buy Bitcoin that it's all of the different possible network connections where people can make it easier and easier that causes that. So it's like people actually go through a lot of pain if they're particularly motivated. I do agree that on the margin there will be some universe of people that now if iShares has a Bitcoin ETF they'll buy that when they wouldn't otherwise buy GPTC but I do challenge that you know kind of”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Price is an output. It's an output in that monetary properties are the input. And that when the scenario that you describe, when Bitcoin gets back through its all-time high and is screaming and double and people are FOMOing and buying it because they have no idea what's going on, it's because there was actually a fundamental signal that was sent that more and more people stared at the equation of Bitcoin, the Fed, the ECB, the BOJ, the insanity that's going around saying no, actually Bitcoin makes sense to me, I'll adopt that because more and more people are going to adopt it because it actually has sound incredible monetary properties. And so I always like to come back to a fundamental and something like this because the only reason that Bitcoin will be higher than its prior all-time high as denominated dollars or euros or any other cross of currency is because somebody evaluated the fundamental.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“truthfully a bad product because it's the only thing available. So those people that want to buy it via that mechanism, practically speaking, have something. It's like as flawed as it is that if they want dollar exposure to Bitcoin rather than Bitcoin itself, there is something in the market. And that what we also see is that the way I describe it is that”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Look, I mean, I think that if I was thinking about it from a fundamentals perspective, it's like, does it change the fundamentals? No. Obviously not. The reason to own Bitcoin has not changed because an ETF exists. Is it a better product than GBTC? Yes, absolutely. Kind of ETF are superior to GBTC's product. It creates competition in the market. It will actually be managed by people that know how to manage an ETF. So the product itself will be better. So there will be some marginal demand for that because what you just described, most people can go do with GPTC. That's what's happened, right? Like a bunch of RIAs have plowed their clients into”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“More billionaires and 100 millionaires and millionaires and every worker in the country figured out that the Federal Reserve is printing trillions of dollars and that this thing Bitcoin isn't just magical internet money that there's real innovation in digital scarcity and that it's the foundation of a future monetary system. Maybe I need that. And so I think that the ETF will be a good headline, but it would be more of a fooled by randomness.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Are lighting up the little button that says buy Bitcoin. And that is happening as a function of knowledge distributing. More and more people are finding about finding out about Bitcoin. Bitcoin, every time that Somebody on the periphery believes that Bitcoin died, it didn't. And then it comes back into their conscience at or near an all-time high. And so, yes, certain pools of capital will open up and they will buy an ETF when they wouldn't otherwise. But to me, it doesn't change the adoption curve. That is not something that fundamentally shifts it. And it would be one small kind of thing that would happen alongside of other even larger macro shifts, but it would be a single thing where people would be like, oh, the price went up because of an ETF. No, no, the price went up because”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think that Realistically, I think that it would be more fooled by randomness than actually having an impact that what's also happening at the same time is that what is happening beyond just an ETF is that Bitcoin more plumbing is being built every day, more different institutions opening up rails, right? Like NIDIG working with FISERV to turn on the ability to buy Bitcoin at your local regional banks, you don't have to go over to Coinbase. Basically lighting up that plumbing without you having to onboard with another financial institution, something like that to me would be more impactful than an ETF. But if I think about it in that context, it is more ways with more partner institutions.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's like when people were worried about China, oh, Bitcoin mining's concentrated in China. Well, now it's not. So you no longer have that complaint. As soon as ETF is approved of any fashion in the United States, then the argument the U.S. and Bitcoin is going to become more ridiculous to parrot.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Grayscale's parent company, and then you've got whoever your broker is whose name it is held in. You likely have four layers of counterparty risk. And so if you could just go to Coinbase and own it at Coinbase and have one layer of counterparty risk rather than adding unnecessarily on three additional layers of counterparty risk. So MTF might be better because you can be structured to manage to nav. But from a way to hold Bitcoin, you can hold your own keys and eliminate counterparty risk. You can hold it with Coinbase or you can do a Coinbase route and add on four layers of counterparty risk. Like why would you ever do that? I think that the only true benefit is yes, more money will flow in, but that the true benefit is that it gives credibility and that really cuts out a leg.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The example that I use is GBTC. Even though GBTC is a trust structure and not an ETF, the reality is that GPTC is custodied at Coinbase custody based on my understanding. So if you decide to buy GBTC, you have Coinbase's counterparty risks, you have grayscale's counterparty risk, you've got”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The more people that kind of think of Bitcoin as a financial asset rather than a monetary asset, like there's a reason why Pizza Hut and Starbucks and there's another large company, what's the one in El Salvador? But there's three large companies, Pizza, Starbucks, and McDonald's are accepting Bitcoin for payment and they're not taking Facebook stuff. That there is a fundamental difference between or even a U.S. Treasury for that standpoint. There's a fundamental difference between a monetary asset and a financial asset. An ETF is effectively treating a monetary asset like Bitcoin as if it was a financial asset. And what have you done as a result if you buy it through an ETF? You've taken on unnecessary counterparty risk. And you've basically opted in to an inferior way to own Bitcoin when you could have owned it in a superior way. And so the”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“On the state legislative side or governor side, but my point is that Washington, D.C. and Bitcoin are not friendly. And so, but I do think that even if a cash-settled ETF were approved, that that would in certain ways kind of create an opening that would make it more difficult for somebody to come out and say, we must ban Bitcoin, whether it's Brad Sherman or some other clown that exists in Congress. And so I think that that is a positive. Realistically, an ETF is a small step better than GBTC as a way to own Bitcoin. But practically speaking, it also has everything that is negative about GBTC involved. And so, you know.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“and that the best cop out is an ETF that is based on the CME futures or whether it's a CME combination of CME back, however, however they look at it. I guess that's really up to the issuer. Each one will present their plan. I ultimately think that it's a sideshow, truthfully. I think that the only thing that is positive to come of it is that it will legitimize Bitcoin in the eyes of some and it will make it more difficult for the federal government to reverse course and take really onerous act. They're going to nothing good for Bitcoin is going to come out of DC. A lot of good is going to come out of the States.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I read it as if you fix these nine things, I'll come up with another nine things. Now that it was basically a signal of under no circumstance do we want a Bitcoin ETF. Now that was at a time where I think Bitcoin had a, I don't like to think about it as marketing cap or of market cap not marketing cap, but a purchasing power of probably $15 to $20 billion. Now it's in excess of a trillion. Now much larger institutions are at least publicly, whether they were whether there were some then or not, that there are very large institutions that are involved in Bitcoin that have power and influence. And so I think that the same though is true now as it was then that really the SEC has no interest in a physical Settled Bitcoin ETF. I think realistically, they don't have an interest in any ETF, but that there are interest now involved.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think that the ETF, if I go back to, I think it was 2017 when Gemini submitted for an ETF and they got rejected from the SEC, my reading of that response was, and that was asking for a physically settled ETF, that there were like nine or ten reasons why they said they were rejecting it. And I read it, though, as I was at Hayman at the time, so it might have been 2016 or it might have been early 2017.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“When the market is looking for real economic growth and activity, there's more and more dollars slushing around, kind of less productivity gains, more zombie companies, everything from a valuation perspective at any historical valuation metric, whether it's PE, EBITDA, whatever it might be, or EV to EBITDA, however somebody looks at value, everything's ridiculous. And so as more and more dollars slush around, find their way to the equity market because formerly credit investors are now equity investors, which creates malinvestment itself. They're all looking around for water like they've been starved in a desert for 40 years. And slowly people find Bitcoin and they realize that the gig is soon up.”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Funds because it ultimately, if people are looking, whether it's a pension fund looking at unfunded liabilities and needing to find return in different parts of the market, then it pushes them into the equity markets. But ultimately, those are more, I'd say, third order effects. There's actually first order and second order effects directly tied to the base money, then tied to the new credit that is created as a function of that base money that spills into the equity markets as well. But everything will go down in Bitcoin terms despite all of the monthly printing. But that's also because”
2021-10-13 · We Study Billionaires · BTC047: Bitcoin, Supply Chains, Debt Ceilings and More w/ Parker Lewis (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT