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Decrypting the Blockchain Enigma: Rui & Logan's Crypto Chronicles Continues with Carl
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After an enthralling first encounter, Rui and Logan Dunning are back with another exhilarating episode of CodePlay Culture, diving deeper into the captivating world of blockchain and cryptocurrencies with their esteemed guest, Carl. In "Decrypting the Blockchain Enigma: Rui & Logan's Crypto Chronicles Continues with Carl," the trio explores the cutting-edge advancements and emerging trends that are shaping the future of this disruptive technology.
This follow-up episode delves into the latest innovations in blockchain, such as DeFi, NFTs, and the rapidly evolving landscape of crypto regulations. Our hosts and Carl also investigate the growing impact of blockchain on various industries, touching upon its potential to revolutionize finance, gaming, supply chain management, and more.
Don't miss this chance to expand your knowledge and keep up with the ever-changing world of blockchain technology. Plug in and prepare to be amazed as CodePlay Culture decrypts the enigma of blockchain and crypto, one block at a time!
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Transcript
Introduction to Codeplay Culture
00:00:00
Speaker
Welcome to the Codeplay Culture podcast, where we discuss tech, gaming, health, and the world around us.
Meet Carl: Crypto and Blockchain Expert
00:00:10
Speaker
Hey everyone, welcome back to the Codeplay Culture podcast, Rui and our guest resident expert in all things crypto, blockchain, basically a bunch of acronyms and other stuff like that, that makes everyone feel like what's
Unpacking Crypto: Opportunities and Confusions
00:00:25
Speaker
going on? But the real thing is Carl doesn't know exactly what's going on, but he knows more than anyone I've ever met about this stuff. And I don't know, welcome back, Carl. Thank you for coming. And hello, Rui, how are you?
00:00:41
Speaker
So we lost to Rui.
00:00:44
Speaker
Said I'm doing well. Thank you. Yeah, I was saying that none of us know what's really going on. It's not just yeah Okay, fair enough, you know, we're all we're all in the in the dark. We're all learning. Yeah, exactly Do you think that's a one of the tactics with crypto is it's like all right Let's come out with something just so complicated that like but there's a investment opportunities like crazy but like everyone will feel like nothing like they don't know like anything about it, but then I
00:01:14
Speaker
Or do you think it's kind of the allure of crypto is like how complicated it is to learn? Yeah. I mean, it could be, but you know what? It's, it's one of those things where you invest and you make it all of a sudden you feel like you're an expert. That's, that's my experience. I've invested in, uh, I feel like I know, I know it, but I know why. If you put a hundred bucks on a stock, you might, you might start feeling like you, you know, more than you do when you put,
00:01:44
Speaker
increase that to $500 and then you may grow up to $1,000 or whatever, you start thinking you know more than you do.
Investment Basics: Crypto vs. Stocks
00:01:52
Speaker
I think that's just human nature. I don't think Bitcoin and crypto are any more complicated than trying to understand Amazon's cloud business for people that don't know anything about computing or if people were trying to understand Google search back in 1999.
00:02:16
Speaker
or even Netflix or streaming video or YouTube, which is owned by Google. Even if you're trying to understand people that are investing in interest in technology, trying to understand Palo Alto or Cisco or Fortigate, what do those companies do? Snowflake. People in the industry barely know what, well, not everybody, but there's a lot of people in the industry that don't really understand how all this stuff works.
00:02:46
Speaker
I don't know whether it's blockchain or just traditional IT. And that's just the way it goes. That's technology. There's a lot to it. But I don't think it's super complicated. I just think there's a lot to it. And if you're willing to wrap your head around it and understand what you don't need to know versus what you do need to know,
00:03:12
Speaker
Like you don't need to know how the engine in the car works to be an investor in a car company. That's a great analogy. It's probably one of the best analogies. It is very scary when if you're the first person driving the first car and you don't understand it, some people I'm sure they just jump
Tech Adoption: Early, Mid, Late Adopters
00:03:35
Speaker
right in, right? There's always those people that don't care and jump right in. Yeah, the new adopter.
00:03:42
Speaker
high risk, high reward. Yeah. Yeah. There's the early adopters, the middle range, and then the late adopters. So everyone's going to fall on a different level of that scale. Yeah. With the majority being the late adopters, of course, and the rich being the early adopters.
00:04:00
Speaker
Yeah, it's that hockey stick curve. The early adopters, or the get in early, start making, do I have it right? Yeah, yeah, it looks about right. I think it's the inverse, isn't it? It's like the price shoots up with the early adopters, and then when the mid to late adopters get involved around here, the price shoots up at a slower slope. It's going up, it's still going up, but instead of less, the rate of change increases slower.
00:04:29
Speaker
Right. Yeah. What's your experience, Logan, with investing in crypto? I know you dabbled in it a little bit, right?
00:04:38
Speaker
Yeah, so honestly, it's very minimal. I just I think I put in like a thousand bucks into Bitcoin and Cardano and just let it sit. And when I let it sit, it's like it's like now it's like five hundred bucks each or whatever. Like it's like, what was the thing that you said last time? It's like perfect. He's like, don't invest anything that you're not ready to immediately lose. Right. But I'm like dumb. Like, you know, I'm like, oh, Bitcoin, you know.
00:05:03
Speaker
I'll just put in, you know, whatever, but that that's it. Like, I don't like monitor. I don't look. But the only thing I will say with like, well, simple is like where I use to do the actually I use a different one for. Well, they have it now that you could do both in there. But I use the one that you recommended, which is like at the time. What's the name of that crypto crypto dot com? Yeah.
00:05:27
Speaker
Is that the app with the blue background or whatever? But I noticed, well, simple, all of the tech stocks have been going up recently. I don't follow the market. I'm like, oh, that's a lot. The dividends just keep on pumping in. Granted, they're whatever amount. It's like they're tiny amounts for me. I don't have much in stocks.
00:05:48
Speaker
I just feel like tech is up, but is Bitcoin up? I don't follow that stuff like market trends and stuff. Is it better? I'm still down. I believe in my thousand bucks I put into Bitcoin a year ago or something like that. But are you guys noticing? You guys have a different approach where you're kind of
00:06:09
Speaker
a little bit more in tune of like, hey, this is a good opportunity for do this and that. And, you know, but I'm like that dumb grandma that just, you know, I'll put in a, I'll put in a grand and then like I lose the money kind of thing. But like
Bitcoin's Security and Market Dynamics
00:06:24
Speaker
you guys are like almost like the stockbrokers that take grandma's money.
00:06:29
Speaker
I look at CoinGecko almost every day to just to see the prices of crypto. You know, just look at the top, top 20, top 50. Sometimes it'll scroll through to the top 100. The top 100 is on one page. And I use TradingView just to monitor pricing on there so I can have a custom list of both stocks and crypto. I think what's going on right now is
00:06:57
Speaker
Last year tech stocks took a beating and now this year they've started to recover and Bitcoin after the Bitcoin took a beating last year too after the Silicon Valley bank collapse and those signature bank and yeah, there's another bank that started with us, which I forget what it was called.
00:07:16
Speaker
Yeah, whatever that one. Is that the recent one, like a couple months ago? Silver Gate Bank. After those banks had their issues about a month ago, then Bitcoin started going up. And it's speculated that more people are buying Bitcoins because they understand the value of Bitcoin as a store of value, where
00:07:39
Speaker
unlike a bank that is locked you out of your cash, you can't get locked out of Bitcoin as long as you own your own keys. That makes sense, yeah. There is some other speculation. Yeah, there's some other speculation on why Bitcoin price is going up too. It's possibly that some institutions are starting to buy it. So, I mean, nobody really knows, but you kind of get a general feeling that maybe
00:08:08
Speaker
80% right or 70% right when you start watching, like I mentioned before, various people on YouTube. You watch people that you believe and you trust. There's a lot of YouTubers that are sensationalists and hypists and they're always pumping them with the latest altcoin or ways to make yield on yield farming and liquidity pools, which we can talk about later if you guys have any questions about that.
Navigating Information Overload
00:08:39
Speaker
It's certainly an interesting marketplace for both stocks and crypto, if you're following it day-to-day, week-to-week. I do remember though, there's a quote, I think it was Warren Buffett said that the day-to-day action, the week-to-week, month-to-month action, a lot of it is just noise.
00:08:58
Speaker
Like if you take a step back and zoom out and look at key fundamentals and what's really going on that's going to drive markets down that one to five year play or even 10 year play, then you can free your mind and free your time of focusing on a lot of the day to day headlines in the news, because there's always day to day headlines, whether it's Twitter or on the crypto news sites. They want you to click. They want your attention. They want to sell ads.
00:09:25
Speaker
And some of it might be relevant to you depending on what your strategy is. But a lot of it, it just becomes, you know, I think most people get sucked into it. It's like you think you need to know it. You think it's relevant. And it is interesting. So you get sucked into it because it's an interesting article. But is it really 100% relevant to what you want to do? So we're living in an age where
00:09:50
Speaker
As you guys know, like on Google and YouTube and now with chat GBT, there's so much information that the challenge isn't necessarily what to focus on, it's what to not focus on. Yeah. We were talking about this on last week's episode with Paulina.
00:10:11
Speaker
It was at Denzel, he's like, what's a long-term negative mental, psychological, cognitive effect of too much information and unplugging? And that Eckertole quote, where he's like, why is it that we live in a society that it's almost like it's deliberately getting us to
00:10:33
Speaker
Um, hold our attention on a bunch of things, almost like trying to take away stillness. Like why is it so blatantly taking away our stillness? Um, and how much more important stillness is in a over information rich society.
The Impact of Tech on Mental Health
00:10:50
Speaker
Right. So like unplugging or taking a step back, right? Which.
00:10:56
Speaker
You know, don't click that link, don't let it get your attention. And probably, honestly, Carl, like you have such like a book of knowledge on this stuff, you probably would come up with better information by not being on a computer for like a full 24 hours. Do you know what I mean? Because that silence or stillness and all of the knowledge you already possess is probably, you'll probably get deeper insights from within than from, you know, in the net.
00:11:24
Speaker
Absolutely. There's been a lot of, I don't know if it's research, but a lot of books that I've read and articles that when you're actually sleeping or you're doing something like you're at the gym running or whatever, or even grocery shopping, a lot of that downtime is when you start to process concepts. If you have a problem in the back of your head, like you're trying to
00:11:51
Speaker
figure something out for business or coding or whatever, the solution generally comes up or part of that solution comes up or some of the clarity to get you to the solution when you're not working on it, when you're sleeping or you're just about to wake up or maybe just about to doze off.
00:12:10
Speaker
I mean, I find with me, I'm working on so many different things, whether it's looking into blockchain or coding, you know, music, that when I'm not around a computer, I'm not necessarily thinking about blockchain and crypto, I might be thinking about something else.
00:12:29
Speaker
And if I get down a tangent of something else, like if I'm working on music and I'm deep in music, I don't even think about blockchain and crypto. I might, you know, watch five or 10 minutes of videos per day while I'm doing the dishes just to stay current and maybe flip through the pricing. But I'm not, I'm not spending too much time on it because I'm just so deep into something else. And then it will flip, you know, like the past few days I've just been coding and
00:12:59
Speaker
There's always a dichotomy too with me. When I flip, I'm still like that flip is not necessarily, it's not always a comfortable flip. I'm still kind of like, I don't want to be spending all this time coding. It wasn't really what I, I still want to do other things. So start playing mind games, but with too much information coming in, you know, to whatever you're reading on the internet, whether you're listening to podcasts or even just talking to people.
00:13:27
Speaker
It's like you get a dopamine rush and whatever serotonin pumps up your brain and you are generally learning things, you may not be able to digest everything you learn because you just keep going on and on to the next thing.
00:13:46
Speaker
The willingness or the desire to expose yourself to clicking on the next link, scrolling for the next tweet is you're chasing that high, that dopamine high. And that's a known fact too, right? There's been a lot of studies and research that the tech companies have done to leverage that dopamine high. And then what happens is you get a dopamine crash.
00:14:09
Speaker
or whatever, whatever those chemicals are, whether it's dopamine, serotonin or whatever, you get a crash. And then I think for a lot of people, I can speak for myself, that crash generally leads to over-watching TV or Netflix or whatever, because you're not, with Netflix, you're not
00:14:32
Speaker
driving, you're not using a mouse, you're not typing.
AI's Role and Ethical Concerns
00:14:36
Speaker
It's a totally and you're not necessarily talking to other people.
00:14:42
Speaker
And so you can crash that way. And then there's everyone that I think has their own way of crashing and trying to recover from that overexposure. A lot of people will eventually just turn things off and go out and be more social. But for some people, they tune out by playing video games. And for other people, playing video games is what they do. So they have to tune out away by not playing video games.
00:15:13
Speaker
Why is our culture going this way? I think maybe that's just why Elon Musk is so concerned about AI because once technology starts taking root and shows its usefulness, technology doesn't care necessarily about the humanity. I'm not sure what a good analogy is.
00:15:39
Speaker
Like, you know, if you look at the convenience of various technologies, it doesn't, they don't care when they kill people, like nuclear technology, or train crashes, or car crashes, or, you know, medical side effects of various medical procedures or whatever that go sideways. I mean, a lot of that's human,
00:16:06
Speaker
humans, human folly or human mistakes that are performing medical procedures or whatever, prescribing OxyContin when they shouldn't be or giving too much. A lot of that's a human thing more than a technology thing. It's a very strange time for us. I think our age group that grew up, I'm assuming you guys grew up without cell phones.
00:16:35
Speaker
Yeah, my first cell phone was like a flip phone that you could play snake on and you had to like when you wanted to text someone I know you had to use a number pad. Yeah, I think it was Nokia and Yeah, Elon super concerned about AI. It's like he I love his sentiment He's like he's like it might just decide that it doesn't need these
00:16:57
Speaker
material or organic beings, it doesn't need them. It's like, I don't need those, and just wipes them out. There's no feeling with it. There's no like, oh, should I do it? That's terrible, man. However, even though Sam, open AI guy, is like,
00:17:16
Speaker
a little like, geez, you can tell that he obviously made AI. Do you know what I mean? Personality aside, he's missing a little bit of a human quality sometimes when he talks. But I love his approach. He's kind of like,
00:17:32
Speaker
He's like, no, we'll just basically it'll be a tool,
Transparency in Code and Blockchain
00:17:35
Speaker
right? And it will be able to just tap into things very quickly. And then it morphs aside to more like idea based as opposed to more robotic. OK, go code like so, Carl, like if you're coding, you don't want to be coding. You would just tell the A.I. Hey, make this thing and then you just validate it, you know, push it out instead of, you know, doing the work, you're now just giving it the ideas and whatnot. And did you guys see Elon open sourced Twitter?
00:18:02
Speaker
It was like a couple days ago. I saw the tweet. Yeah. It was like a just not the whole thing, but a portion of it. Right. And I was like, oh, my God, that is the because of this whole where this society that will delete your account if you don't comply with whatever. And it's that shadow painting, shadow painting censorship.
00:18:26
Speaker
And then there was some lines in the code that was like, oh, if you're like a Democrat, then raise the tweet percent higher. If you're like it was like lines of code in there. That's terrible. Yeah, but he's doing it because he wants to be that differentiator of a hey, we're completely open source, meaning that like
00:18:46
Speaker
What I want from a social platform is anything that's posted is organically pushed to the top of humanity as long as it's not advocating hate and all that, right? Like don't have the algorithm push it down because it's not as cool as Trump or something, right? But yeah, that was kind of cool.
00:19:10
Speaker
But yeah, it would be like the blockchain or the validated blockchain of social media, meaning that it's like bulletproof and it's not, I don't know, so manipulated by this internal team, you know?
00:19:25
Speaker
Yeah, I don't know how true it is. I just heard it on some YouTube crypto channel, or it might have been some news clip that the Congress in the US is now starting to wake up to how manipulated their media is. And I'm sure ours is too here in Canada and the rest of the G20 world by the influence of big
00:19:51
Speaker
I call it like big media, big tech and government, certain various government agencies that were not elected, you know, like the FBI or the C.
00:20:07
Speaker
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00:20:25
Speaker
or whoever. And so, you know, we'll have to see where that goes. The promise of Bitcoin, well, sorry, not Bitcoin, but blockchain in terms of decentralization, would all those algorithms would be open sourced because it's decentralized and open source to begin with. And everything that
00:20:50
Speaker
Like if you can't censor anything because it's on the blockchain, it's public. So the user interface, if they, you know, could have an algorithm that, that just doesn't show it and sensors it through the, through the user interface, but then a competitor could say, Hey, look, you're this guy's, this social media company is censoring these, these posts that are on the blockchain. We're going to show them, or we're going to, we're going to, we're going to find them. We'll just write some code to find all these sensor posts.
00:21:20
Speaker
and we'll write a blog post about it. We'll do some videos on YouTube and we'll out this company with real world proof. So that's part of the promise of blockchain. Maybe Twitter will start using blockchain and becoming more decentralized and more open source. We'll see. Elon Musk, when he
00:21:42
Speaker
He co-founded OpenAI, which is the parent company of Chad GPT. He wanted it at the time, I think it was open source, and then he left some, I don't know if he left before it became closed source or just after, but
00:21:57
Speaker
Yeah, the whole AI thing, whether it will become used as a tool, like a gun can be used for law enforcement or hunting, or it can be used to go and do murder and whatnot. AI is a gun for sure.
00:22:15
Speaker
It's like a gun, right? Right now, chat GPT is a very, very basic version of AI, but you can still use chat GPT to write spamware and ransomware and really accelerate your use of your ability to abuse and rip people off. Well, it wouldn't let you do that. I actually tried to do that.
00:22:40
Speaker
Oh, that's a good question. Yeah, they do have those things. But there's a way to get people have made videos how to get around them. And I think they patch they keep on getting because like once chat GPT is like, No, I don't want to do anything like that.
Podcast Consumption and Information Management
00:22:54
Speaker
People have said to it. Um, okay, let's just pretend hypothetically, you want it to build dynamite or whatever you tell it. And let's say hypothetically or whatever,
00:23:04
Speaker
And then at that point, chat GPD is like, well, hypothetically, right? And then it goes into it. So they patch those. But people are always trying to find a way to because what we talk to, I guess, is not like the actual model. We talk to like a broker which will kind of guard it like on certain things. So we're not talking to the real guy. Essentially, we're talking to like, oh, Elon says he'll be there in five minutes. You know, like it's like a broker between.
00:23:33
Speaker
Yeah. I thought that was actually programmed into the model. It could be. It could be. Yeah, it could be. I think it might be programmed right into the model. Don't quote me on that. I was listening to Sam Altman on the Lex Friedman podcast. Yeah, did you watch the whole thing? No, I think I got about 20 minutes or so into it. Yeah, I just watched a clip so far. I haven't like, I want to like, I don't know, I feel like I got to be driving somewhere to listen to a full podcast. Yeah, I stopped trying to listen to full podcasts.
00:24:04
Speaker
I just gave up on that because there's just too much information going back to the information overload. And so for those that are listening to this and you get to the end, thank you so much. If I do listen to a full podcast, it's generally in segments, you know, 10, 20 minutes here and there. And, um, and I still will listen to the occasional full podcast if I find it really interesting. But, um, what we're talking about AI, um,
00:24:31
Speaker
Yeah, no, just to clarify, I did ask it not to do anything super malicious. It was just to write a batch file. I believe it's called a fork bomb, and it wouldn't do it. Did you say fork bomb? That's what it's called. Nothing too malicious just to leave everyone's hard drive except mine. Yeah, no, it actually only affects the user's machine, which is pretty cool. I mean, you can probably deploy it somewhere.
00:24:56
Speaker
Yeah. I mean, you can do, uh, it wouldn't let me, so I just, you look it up on Google, you can find obviously everything you need chat GPT to tell you. I tried to get chat GPT to, to write me jokes about certain famous people. Um, or just about people in general, like you give a person's name and it won't write a joke about a hypothetical person. So I think I tricked it to write a joke about a mouse. Hmm.
00:25:21
Speaker
instead of a person who was a mouse. And then I was able to fool it. I'm not sure. That was a few months ago. They might've fixed it because they learned when people are, you know, tricking chat GPT. Yeah. I say, let's say they're exploiting chat GPT to do things that the company doesn't want it to do. It learns and then it will self-correct. So,
00:25:45
Speaker
But yeah, I mean, like chat GPT is, it's fairly advanced, but in terms of like robotics and self-driving cars and the ability to actually, you know, like it's very basic in terms of what it can do for code writing. And it's very, very cool.
00:26:02
Speaker
I can't make intuitive decisions, right? Yeah. But eventually I will be able to, you know, almost be like, like human, like general, uh, what is it? Artificial general intelligence. And then beyond that, I mean, what's going to happen when you have, um,
00:26:21
Speaker
two different countries or two different companies in different countries competing against each other. Or there's military, just like you can, you know, military robots, and there's that military arms race in AI. But look at how like, probably a good example where you can buy machine guns or, you know, high powered rifles and
00:26:46
Speaker
all the damage that's doing in these school shootings and what happens when AI gets into the wrong hands? When it's easy to get AI that can do all kinds of strange and dangerous things that we may not be able to conceive of just yet, we can guess that it can hack into people's bank accounts and it can
00:27:07
Speaker
Maybe even hacking the bitcoins blockchain unless it become and then you know talking about blockchain Then there's quantum proofing that that blockchains are working on so that quantum computers can't hack into the blockchain So there's a lot
Balancing Emotions and Tech Use
00:27:22
Speaker
of unknowns and a lot of people are trying to work on on these quantum protections on blockchains But
00:27:32
Speaker
Yeah, it's an unknown unknown to me because I like you know, I consider myself a generalist on most things that I dabble with. And yeah, where's where's this world going with AI and even blockchain and Bitcoin? Where's where's that going? So I mean, honestly, I think we're all going to come full circle, we're going to be at 300 years from now, we're going to be taking up technology
00:27:58
Speaker
technology-less civilization, we're gonna have no technology. It's all gonna come just completely full circle. We're all gonna be depending on farming and agriculture to survive. I mean, technology's gonna eventually go extinct, and what's left is gonna be just organic people. That's the full circle. Why would technology go extinct?
00:28:23
Speaker
going to extinct itself. At some point, the AI is going to cause so much loss of life. I shouldn't say AI in particular, but technology advancement is going to cause so much loss of life that we are going to eradicate it collectively and decide to survive as a species we have to eradicate
00:28:44
Speaker
technological advancement, because that's what got us into this mess. That's how I foresee the next, say, thousand years. Yeah. Wasn't there some like sentiment about like ancient Egypt or going back there on some Joe Rogan podcast that like we already were like super technologically advanced, right? And we abolished it like we've done this before. Right. Before it's just repeating itself. Yeah, it's repeating itself. And then Elon's like, oh, we're just the biological bootstrappers for AI, you know, like so at one point maybe
00:29:15
Speaker
like if we don't eradicate it next then you know it'll be the other way but like at the end of the day like why are we I'm I get that why we're trying to advance civilization to to learn more about like what is this thing that someone has built for whatever where are we right now like like what is this contained it like what's our
00:29:35
Speaker
whatever. Yeah, we want to understand like who, why do we exist? Like, that's a fair question. So we seek that like, okay, through technology and all that stuff. But I agree, like just going for a walk, I get happier than sitting at a desk, you know, like farming, I would be more happy than having an iPhone. Right.
00:29:58
Speaker
I don't know that thing we talked about in the last podcast about how we're not busy enough. Hence all the psychological issues that people are having more prevalent nowadays than before. We're not busy enough.
00:30:13
Speaker
Right. Yeah. And the seeking and if you complete more tasks, you get more dopamine, but then you get your ego crash, which affects your serotonin, so you're not happy. So remember, we were like, the more tasks you complete, the less happier you'll be.
00:30:32
Speaker
Oh, so how do you get happy? You just don't complete anything. You don't work on stuff and leave it unfinished. I'm not saying that. You do nothing. That will generate serotonin, just doing nothing. And it's funny. I noticed that when I was skateboarding, it would pump adrenaline crazy. And the longer, more hours I would skateboard, the more I would want to just go to LCBO.
00:30:58
Speaker
right? And I couldn't understand that. Like I didn't, but I just had a feeling to want to. And then from a neurotransmitter level, if you think about it, the antagonist, well, at least in my perspective, antagonist to dopamine is serotonin or the, I guess the opposite and the opposite of adrenaline, like
00:31:15
Speaker
you know, the fight or flight or, you know, extreme sports is depression. Right. Which is, I don't know what that would be. But if you if you get your adrenaline super heightened with stress and anxiety, you need to bring that down. Just same with dopamine. If you get that all pumped up, you need to bring that down like serotonin or whatever. Right.
00:31:37
Speaker
So I was like, OK, that's a little weird. So I skateboarded without music in my ears because that was like gangster rap and stuff. It was really pumping my adrenaline. And then I was like, when you leave the skate park, I'm like, now more chill, you know. So it's it's weird how these things need to balance what goes up, must come down kind of thing. But yeah, I don't know, just I feel like where humanity will probably abolish it like like you're saying, really, or it'll abolish us.
Stress, Adrenaline, and Lifestyle Balance
00:32:04
Speaker
Right. I mean, if you look at, again, one of Darwin's laws is evolution always ends with extinction. Right. And that's a natural process. So if AI is a human evolution, it will it will extinct us. We will at some point be extinct if we don't, you know, halt it and revert back to an agrarian civilization. Right.
00:32:23
Speaker
So Logan, you reminded me of, um, just, you know, a lot of professional athletes drink a lot of alcohol. Yes. I just hear stories. You don't hear them in the media, but you know, friends, that does that make me a professional athlete or is it.
00:32:39
Speaker
Well, you could be very stressed, you know, the same thing. It's like, just adrenaline is adrenaline, whether physical or mental, right? But yeah, you're an athlete, mental. You're a mental athlete. Musicians too, there was, you know, when musicians get off stage, where they're playing in front of large audiences, then there's that, there's that peak, and that peak
00:33:01
Speaker
allows them to drink more booze than they normally would. And then they wake up the next day, they're crashed and they've got to figure it out. How do you get through the next day? And usually it it doesn't start right away, but if it starts with drinking before the next gig, you know, instead of maybe they start drinking after the show, like, you know, 10 or 11 o'clock at night and they do that for a little while. And then whatever, whether it's weeks or months later, they start drinking before the gig.
00:33:30
Speaker
just even if it's one or two beers. And then before they know it, they're drinking at lunchtime, and then if they're really hardcore, they're drinking at breakfast from the time they wake up, and they're drinking all day long. And then that's what happens to guys like Guns N' Roses or whatever. It just becomes this addiction loop, right? You're trying to balance your energy levels
00:33:58
Speaker
Yeah, you you're trying to get to homeostasis. So the body is like, OK, well, you're jacked in adrenaline right now. So you need to either numb it with something like like 50 percent moonshine or you need to just go meditate for a bit. And you're like, OK.
00:34:16
Speaker
I like the moonshine option, right? And you're like, okay. But yeah, I agreed. Like that, that part is like, there's a, if you Google like skateboarders or like professionals, I would say like not 20%, maybe, I don't know, maybe around 20% is like they get out of it and get super hardcore into alcoholism.
00:34:35
Speaker
because if you're constantly jumping towards tigers and stuff, right? You're gonna be like, fuck, right? And then I gotta bleep that at- You start feeling superhuman too. You start feeling like you can take on more than you really can. And you might be able to take it on for the first week or two or month.
00:34:55
Speaker
things catch up. And everyone's got a different way of dealing with it. I mean, not everyone who's prone to feeling feeling that way is going to revert to alcohol. There's a million other drugs people can choose or people can, you know, there's, you know, I think was the
00:35:14
Speaker
The singer and the Chili Peppers and the singer and Aerosmith, they became sex addicts because they could, right? They had the time and they were rock stars and women were available to them. So everyone's got a different poison that they try and use to balance.
00:35:33
Speaker
I call it medicine, right? It's like you're trying to find something to keep you balanced and whether your medicine is alcohol or some other drug or whatever you choose, in most cases, people choose a bad medicine.
00:35:56
Speaker
Well, going back to AI and extinction, so I was at a- It's like the hard turn back to extinction. I want to eventually bring it back to- Let's talk about being extinct again. To blockchain and foolish investing.
00:36:14
Speaker
Back to investing in extinction. Foolish investing. Not just investing, but foolishly.
Learning from Tech Failures
00:36:21
Speaker
That's great. Look at that whole craziness. That's humanity right now. It's pretty actually accurate too. This is where we are. I was at a trade show in San Diego. Oh, this is like 1995. It was about storage, storage networking world. And one of the talks was it started out with
00:36:44
Speaker
No, I forget exactly the phrase, but survival is not mandatory. And they showed a couple of slides of various animals and organisms that went extinct that were dominating on the planet for far longer than humans have dominated.
00:37:03
Speaker
It was about technology. The survival of your technology company or your technology product is not mandatory. There's no rule in the universe that says that our species or us as individual people
00:37:23
Speaker
or whatever products and companies we build will survive. So that's up to us to be aware and on top of things like that. So I don't think that AI is necessarily going to, I don't necessarily think it's going to be a one or the other
00:37:42
Speaker
end result. If you look at nuclear energy, there's rules and limits on nuclear. There's still rules and limits on gun ownership and where you can buy guns. That varies obviously by country. It also depends on where you can take your gun, whether it's you can take your gun legally into certain
00:38:08
Speaker
shopping malls, conceal and carry like every culture, every country, even every state in the US has different rules on that. Obviously, if you look at the gun culture in the US, the rules are, you know, it's such a heated debate because
00:38:29
Speaker
The rules, I don't think, are helping.
Regulating Crypto and AI
00:38:32
Speaker
At the same time, I don't think the problem is gun ownership. I think it's a mental health problem. Yeah, for sure. Now, there may be some issues surrounding gun ownership. Like, do you really need to be able to, should someone be able to buy high-powered semi-automatic weapons without any ID? I don't know if they need ID to buy
00:38:56
Speaker
weapons or bullets, but I think there should be better balances. To go hunting or fishing in Canada, and even in the US, you need a license. But I don't think you need a license to want a gun in the US.
00:39:11
Speaker
But in Canada, you need a firearms license, right? I think there are some checks, some checks in the states on the state to in Canada, if you want to go hunting, you need both a hunting license and a firearms license. And there's tests, you have to take two separate tests. So there's checks and balances, but those checks and balances are put in at a human level. And if the humans and this is Elon Musk's biggest
00:39:36
Speaker
Um, uh, concerned with AI is that those checks and balances will not be put in place soon enough and quick enough.
Market Trends and Economic Predictions
00:39:44
Speaker
And his analogy is seat belts and cars were only made law. I think after it might've been like 20 years after cars were on the market and it was only because people were dying. They didn't make it law to, to just.
00:39:56
Speaker
They weren't proactive. The laws are generally reactive. And you can look at it, going back to blockchain, the regulation on crypto and blockchain is reactive. They should have been looking at regulation into crypto. I don't know.
00:40:17
Speaker
three, four, five years ago, they waited so long that it's become such a heated issue. And everyone's right. If you're looking for a unique, high quality puzzle experience, then Wongo Puzzles is for you. Their puzzles are handcrafted and made of premium quality wood, ensuring a long lasting and enjoyable puzzle solving experience. Why settle for mass produced plastic puzzles when you can have a one of a kind handmade Wongo puzzle. For 10% off Wongo puzzles, use the coupon code Codeplay.
00:40:47
Speaker
rushing to try and figure it out, whether it's at the government level or at the companies that are going to be affected, like the coin basis of the world. And it's just it's like this scramble to try and figure it out. And there's a lot of misinformation. So people are they can't they're not willing to step back and take the time. So I don't know.
Bitcoin as a Standard Currency?
00:41:10
Speaker
I can't predict the future. That's what I've what I've learned from looking at price action on stocks and crypto.
00:41:16
Speaker
And I also know that most other people can't predict the future. And I look at when people are saying that, you know, the stock market is going to crash, we're going to have a big crash, you know, in three months or six months or whatever, 90% of the time people are wrong, maybe 95% of the time people are wrong.
00:41:35
Speaker
And, you know, eventually there's, I would, you know, guess that there's going to be either a really big crash coming up, whether it's one year or two years or three years, I don't know.
00:41:50
Speaker
My limited economic understanding is that they can keep delaying the crash by printing more money, which will cause more inflation. But if you print more money today, I think it takes a good six to 12 months before that effect to show up in the inflation numbers. So they can keep kicking the can down the road.
00:42:12
Speaker
They can keep printing money and then can they battle inflation with more money? Can they just say, who cares about debt? Let's just print more money as we need it. I don't know how they could do that without taming inflation. Here in Canada, I get his name wrong all the time, but
00:42:37
Speaker
Anyway, so Pierre, the conservative guy, is talking about making Bitcoin. I'm not sure if he was talking about using it or making it a legal tender.
00:42:49
Speaker
In El Salvador, it's a currency. I think that would be the same as a legal tender, but he wants to make Bitcoin something that's more commonplace than just being able to buy it, like I mentioned before, in an ETF or on an exchange. Right. Like buy it at CIBC or RBC or have it in your account, just like other money. Here's where I was going. He wants to stop printing money.
00:43:14
Speaker
But my understanding, again, it's limited, is that if Canada stops printing money or say the US stops printing money, but all the other G20 countries keep printing money, they're going to have more money than we do. They're going to have more buying power to buy our goods and services at a lower cost. So I think our dollar is going to go up, right? Well, our dollar will be more at parity with the United States.
00:43:42
Speaker
It would be more valued if we print less of it, which means we can buy more stuff. For like a dollar. We could buy a country for a dollar. We only printed one dollar, and we can buy one. Our exports will suffer, but our imports will be better off, right? That's a good point. I don't know. Yeah, I don't know that stuff either. What if they print so much money before our currency gets a chance to rebalance that they can just go boom and swipe up a bunch of stuff?
00:44:12
Speaker
You know, like there's delays in when you increase here, it doesn't always increase here or decrease here right away. There may be some lag, right? And like my understanding is, again, limited that all the G20 countries are all playing very much the same economic game, the same reserve currency, the US dollar, that
00:44:33
Speaker
We kind of all have to keep printing money at the same rate. Otherwise, one's going to fall down. Like the guy that stops printing money isn't going to go up higher than the other guys. My understanding is they'll go down lower. Nobody wants their economy and their unemployment to be lower, right? Everyone wants the GDP to go up. So everyone has to keep printing money at the same rate to balance. So this is where Bitcoin comes in.
00:45:01
Speaker
That's what exactly. That's why I love Bitcoin is because you can print your own like you can mine it. You know, I'm not sure if there's any left to be mined. But and correct me if I'm wrong, Bitcoin is finite.
00:45:14
Speaker
Meaning that you can only have so much and once it's all mined, it's done because of whatever algorithm set up. And then it just makes it more valuable over time, right? Because that's it. Everyone possesses all the Bitcoin or whatever.
Value Perception: NFTs and Marketing
00:45:29
Speaker
It can't be further mined. This perceived value, it has no utility.
00:45:34
Speaker
Yeah. I was telling my kids about that. They're like, oh, is this because I think one of them wanted, I guess, just like a, you know, an earring that was like, you know, fake diamond earring. And then one of my kids was asking like, why is this one like 10 bucks? And it looks the same as this one. That's a thousand. And I said, this is crazy. OK, this is what people do. They go into a cave.
00:45:57
Speaker
they get a shiny rock. And they come out and they're like, this one's worth a million. And then they go with it. This is what humans have done. And we're just, we bought it. We're like, yeah, that one is rare, definitely rare. I'm like, listen, it's a rock. Okay, you found it in a cave. It has no inherent value. It has the value that you, I guess, are, and we've
00:46:16
Speaker
We've all agreed that diamonds are forever or whatever. It's like, that's crazy to think about that. Can you imagine if you just went into your house right now and got a piece of wood and you're like, this is a million dollars. Like this is like mental, right? I mean, like why? That's what happened to the NFT. The JPEGs on the NFT market, people were paying like, you know, whatever, 100K, 300K for an NFT, which was just a JPEG. And then a lot, I think we talked about this before, a lot of people
00:46:45
Speaker
became confused about what an NFT actually is. That's only one use out of literally hundreds or thousands of uses for an NFT.
00:46:55
Speaker
But, you know, diamonds used to be, I think they were only used in industry for drill beds. Right. Yeah. Yeah. Because they're strong. Maybe the 1920s. And then the De Beers diamond mine decide they had a marketing campaign. Someone who's, I guess, a marketing genius that was like, well, they look nice and shiny. Let's market them as wedding rings and make them more appealing than a gold wedding ring.
00:47:22
Speaker
So then, you know, people at one point didn't want diamond jewelry. I think rubies were valued, but not diamonds. And then they did some marketing campaign to make it so that diamond rings became this wanted desired thing, more so than a wedding ring. And they were just able to control the markets because they started buying up all the diamond mines and controlling the distribution.
00:47:52
Speaker
And now ask any woman if she's okay with not getting a diamond ring for, you know, engagement, whatever. Just say, hey, can we not do rings? Like, how did they get that marketing play where now that every female, like in a, you know, homogeneous, whatever, you know, hetero, I don't know, not that word. I'm saying like, were you married one person, not a polygamist, whatever that is.
00:48:17
Speaker
Yeah, monogamous, like how do they capture all of the women like to be like, okay, yeah, you want this? And they're like, yes, we do. Like, how did that conversation go down with the group? You know what I mean? Like, yeah, just like, yeah, they did their, their research in the, yeah.
00:48:35
Speaker
It's like marketing cigarettes to those pictures of the Marlboro man or people playing baseball and smoking a cigarette. They did a really good marketing job of it. And then the displays in the stores, if they had enough money, they would pay to have diamonds
00:48:53
Speaker
right there all spread out. Then the gold rings are kind of like just in the side here. Yeah. Focus is here. And then, you know, whatever brochures in the store and the salesman is paid extra commission to pitch diamonds versus gold. Yeah. So, you know, yeah, they have these properties. They're amazingly shiny, right? And I suppose women love that, that shiny, that shininess.
Understanding Smart Contracts
00:49:17
Speaker
But like you said, Carl, they were, they artificially restricted the market.
00:49:22
Speaker
And that's the reason why we look at diamonds like they're diamonds, right? Just super smart play. How are you guys doing for time? Yeah, probably in the next five or something. I'll just put a pause point at 48.30. And then we'll probably go to 55. Is that good?
00:49:50
Speaker
Yeah, whatever's good for you guys. We didn't really touch on too much of the bullet points I sent you guys for possible talking points, which is fine. We're having a good conversation. Yeah. Is there anything that you guys wanted to talk about or ask me about? Yeah, there was one really that I was interested in. I'm not sure if we have enough time, but the smart contracts part was really interesting to me.
00:50:18
Speaker
Yeah, same here. And that's a little more elusive to me because I'm just an investor and kind of nice to know how the smart contracts play into the whole crypto thing. I mean, I've never actually looked at a smart contract. So I thought Taproot, which was the name of a Bitcoin upgrade, was for smart contracts.
00:50:40
Speaker
But I'm doing some more Googling this morning, because it's been a while since I've looked at Taproot. And I don't think it is. But here, just looking at Google, does Bitcoin have smart contracts? Bitcoin transactions can lock a specific amount of Bitcoin to a script. This amount can only be unlocked for spending when predefined free territory aren't met. Therefore, in a sense, all Bitcoin transactions are smart contracts.
00:51:11
Speaker
But that's a smart contract that you cannot program yourself. That's like just for Bitcoin transactions. All right. So it's probably up to the implementer of the cryptocurrency or not the currency in the token to like say what kind of smart contracts they might implement or might not implement, right? Well, I think right now there's no smart contracts on Bitcoin. Like you cannot do a smart contract the way you came with Ethereum.
00:51:40
Speaker
Right. So with Ethereum you can you can program a smart contract to do all kinds of different things and create dApps that are like Uniswap for your own decentralized exchange. You can't do that on Bitcoin. So those are two completely different platforms. They don't talk to each other.
00:51:59
Speaker
Ethereum does not talk to Bitcoin. I do believe there's smart contracts that may be coming out for Bitcoin as a separate, it might be a separate blockchain that works in parallel with Bitcoin. If you look at Ethereum, Ethereum started out with smart contracts. It's basically, I would call it like Ethereum.
00:52:22
Speaker
I think they were calling it the world computer or something like that. It's basically a distributed computer. You can run code on all these distributed server nodes. Like folding at home?
00:52:35
Speaker
Do you guys remember that where you could hook up your PlayStation 3 to fold some proteins with distributed cloud computing? And then if you're able to fold one, then you get a credit or something, kind of like mining, but it was that distributed GPU processing.
Ethereum Scaling and Bitcoin Resistance
00:52:53
Speaker
Yeah. And there was another cryptocurrency called Theta, which is doing streaming video. And they had a streaming app that you could actually run folding on. And there was Steady was another one. It's a similar concept with smart contracts. But instead of just running folding at home code, you can run custom code if you're a developer. And that custom code can be to
00:53:21
Speaker
Basically any kind of an application that wants to access a distributed ledger and that could be like OpenSea, the NFT marketplace. It could be Uniswap, Adex. It could be like these blending protocols like Compound or Aave. They're all running on Ethereum and
00:53:44
Speaker
But there's also a few other scaling solutions for Ethereum, which are separate blockchains. So if this is the Ethereum blockchain here, sorry, going up and down, and then there's another blockchain here, Polygonmatic. They have two names because they changed their token to MATIC. MATIC does scaling. So MATIC bulks up transactions. So instead of doing
00:54:12
Speaker
whatever the transaction, like each block can do a certain number of transactions on Ethereum. Matic can do more transactions per block. And then, so Matic transactions can happen faster and at a lower transaction cost because they bulk up transactions. And then Matic will dump those transactions into the Ethereum blockchain. Now there's risk to this because if Matic gets hacked, like Ethereum could be, their code base could be like rock solid, secure,
00:54:42
Speaker
But if there's a bug in Matic or Matic gets hacked, then that transaction could get lost before it gets validated on the Ethereum blockchain. But my point about that is there's
00:54:54
Speaker
People are solving problems using separate blockchains. Now, Ethereum is also working on a native scaling solution. I forget what the code name is for it. Cardano is working on a native scaling solution, but going back to Polygonmatic, they're not the only scaling solution for Ethereum. There's a few different ones.
00:55:14
Speaker
There's avalanche and optimism. And I think some of them are doing more than just scaling, such that if Ethereum just crashes and people stop using it, you can still write dApps on avalanche or optimism.
00:55:28
Speaker
And then if you look at the way Polkadot works, they have like a hub and spoke model where there's, I think of it like a blockchain of blockchains or they call them side chains or parachains. They all have different terminology, but it's almost like an array in computing where each cell of an array can contain another array.
00:55:53
Speaker
which in turn can contain more areas. You can have multi-dimensional blockchains that are all kind of connected to each other, but they have to be written so they're interoperable. So to go back to your initial question, smart contracts and Ethereum will not work on Bitcoin. However, you can have wrapped Bitcoin
00:56:13
Speaker
which sits on Ethereum, and then you can use smart contracts on Ethereum to interact with wrapped Bitcoin. But to get your Bitcoin from a Bitcoin blockchain to wrap it, to put it on Ethereum, Bitcoin's no longer secure on the Bitcoin blockchain. You're converting it.
00:56:32
Speaker
So now you're relying on the security and the integrity of the code on the Ethereum, and also the project that wraps that Bitcoin. So there's the Ethereum blockchain, and then there's the project that creates the wrapped Bitcoin. How decentralized is that project?
00:56:53
Speaker
The owner is going to do a rug pull, like some, you know, be like the next Dokuan and take all your Bitcoin. So there's a lot of like risks to when you're moving stuff off chains, when those chains are still like basically startup companies. You don't know how many, you don't know how many people work at that company. You don't know how many developers are there. You don't know how much of their code is open source. Unless you're like right into this stuff and you're just like,
00:57:21
Speaker
and you really have your nose to the ground. But I do believe there's projects working on smart contracts for Bitcoin and some of them may be, I don't want to say,
00:57:35
Speaker
I don't know, some of them may be separate blockchains and some of them may be upgrades to the existing Bitcoin system or the Bitcoin chain. But there's been, my understanding is there's been a lot of resistance to changing Bitcoin to add smart contracts because the goal and the nature of Bitcoin isn't to become a supercomputer.
Crypto and Stocks: A Possible Merger?
00:58:04
Speaker
It's not to allow you to create DEXs and exchanges on Bitcoin. They don't want to take the focus away from Bitcoin. Yeah, that's the thing. What is it even? It's just a scarce resource. You mentioned all these other projects. They have some kind of reason behind them or utility. And ones are DEXs, ones, they convert things. Another one, they handle file storage.
00:58:32
Speaker
but literally Bitcoin does nothing, nothing at all. It just sits there. It's just a scarce resource like a diamond. So this is, there's a clip yesterday from Elizabeth Warren, she's Senator in the US and she was saying that Bitcoin is nothing and commodities like silver and gold or platinum are actually physical, tangible things. And then right after her clip,
00:59:01
Speaker
It segued to Michael Saylor that was, you know, he was going on about Bitcoin is, you know, it's energy. And actually, what really got me there was he was going, video has been dematerialized to digital. Books and words have been dematerialized from the printed page to digital.
00:59:25
Speaker
And now money using Bitcoin or via Bitcoin has been dematerialized from physical money to digital money. So if Bitcoin is nothing, then Netflix is nothing. And so Spotify is nothing. So how can Spotify be worth however many billions they're worth on the stock market and generate revenue and jobs for people if they're nothing?
00:59:48
Speaker
Yeah, I don't want to agree with Elizabeth Warren, so I'll retract what I just said. You know what I just realized when you were talking about this? How does all these coins are different? It's almost like what they need to do is morph the stock market
01:00:06
Speaker
into like forget stocks. Let's say they didn't exist. The companies as stocks didn't exist for a second. Let's just say that when you found a new or when a company goes public or maybe even before that, it gets a currency. And that currency has some kind of a feature and functionality. Like we're talking about Bitcoin has this, where Cardano has this, and they implement these things. It's almost like those are the APIs of the stock coin of that company.
01:00:36
Speaker
But it's a little different because some of those are decentralized, meaning that no one really owns them. But it's almost like it'd be nice to have, if a company gets big, they have their own crypto, but that's basically what gets traded. It's almost like the crypto needs to connect with the company as a stock, but
01:00:58
Speaker
how does that work for companies that, sorry, crypto that's not related to a company, just someone created it or whatever. But it'd be nice to say, hey, I have like, oh, how much coin or Bitcoin? It's like, oh, I got this or whatever. It's like, I also got like 100 Facebook bucks or whatever, but that's a crypto coin. But that's also the stock. I'm not sure if what I'm saying makes sense, but that kind of connection could be cool where when you invest in a crypto, it's also a company, but
01:01:26
Speaker
probably gets away from the decentralized part of it, because then it's centralized at that company. Right. I wonder if you guys think there'll be more company or maybe already is there companies offering their own krypto coin? Yeah, I think so. Right. Carl.
01:01:44
Speaker
What do you mean companies? Because I know Crypto.com is a company. No, I meant like, is there like a Tesla coin? Is there a, I know like Elon made Doge or just threw the idea out there or whatever it was, but like, is there a coin for a company right now? You know what I mean? Some companies toyed with that. What was it, EB Games wanted to do it? Some company was toying with that.
01:02:08
Speaker
Yeah, there's a few but they're not really hitting my radar because they're not in the top 100 market cap, so they're not big projects. Yeah, if you look at crypto.com, they have their own token and Cardano's token is used for, for example, the Cardano token is used for same as the Ethereum token, it's used for transaction fees.
01:02:36
Speaker
But people are buying the token as an investment. So it's like, do you really want to invest in something that's really just used for a payment system, like a payment token for transaction fees? But people are. I think in the long run, stock markets will eventually get on the blockchain and just go 24 seven.
01:03:03
Speaker
Yeah. And they'll have, you know, maybe they will own their own blockchain that won't be decentralized. Um, but it's all going to come down to the government. Yeah. Yeah. But it's also like there's government, but there's also, um, you know, what do the big banks want? What did the big investors want? You know, there's, there's still like the government generally is going to do in most countries, what the, the,
01:03:29
Speaker
You know, they're going to follow the money, right? So what do the big guys want? What do the banks want? What do the whales want? Do they want 24-7 trading?
01:03:40
Speaker
You know, are they going to just squash the crypto market? Because ultimately one of the advantages and one of the reasons crypto is so popular is because people can trade it and buy it and sell it in off hours like on weekends or late at night. Right. They don't have to worry about whether the order was executed if they place an order at nighttime on the regular stock market. You don't have to check it the next day to see if it was executed. You see it pretty much right away.
01:04:10
Speaker
Yeah. It's pretty old fashioned to think that the stock market closes. It's like, no, you can order from Amazon at any time. But there could be some unforeseen reasons. We don't know. There's some unforeseen reasons why it closes. And if it was profitable, I guarantee you,
01:04:27
Speaker
That would be open 24-7. There's a reason they risked it. And most of the money is in the stock market. Big players are in the stock market, not in crypto right now. So if it was profitable. I'm just thinking it's possible that they're just running legacy code that's like 30, 40 years old code on those systems. And the risk is changing of what might be a bunch of spaghetti code. It could just be too much. Yeah.
01:04:57
Speaker
And all the paper paper documents too, for the past like 150 years they have, they have to keep track of and the times and stuff. Yeah. And then there's the middleman, right? There's the middleman factors. There's the middleman in place that, um, you know, a 24 seven blockchain based system would, would, um, eradicate. And if those middlemen are, are.
01:05:18
Speaker
making enough money to have enough sway over what goes on. They have enough voting rights for how the NASDAQ or whatever, the Dow Jones or the New York stock market is run, then they're going to protect themselves, right? So there's probably some protectionism there too.
01:05:39
Speaker
for sure. Yeah, for sure. When he talks, man. All right. So we, uh, we delved super deep into this day. We kind of went all the way to oblivion and back again. And I think we're all going to die in the best way possible. Hold on. We're going to live, right? That was the, uh, we're going to eradicate it this time. Or do we lose this time? What's your, uh, what's your, this time around? It's gonna, we're gonna lose. Okay.
Conclusion and Future Discussions
01:06:02
Speaker
We're going to change. And then Carl, what do you think we're done? Right?
01:06:06
Speaker
Well, I just going back to what Rudy said last time, invest foolishly. And I forget exactly what you said. Oh yeah. Invest stupidly and you'll be stupidly rich. Right. Don't take that advice. No, but I think you said invest foolishly and you'll be foolishly rich or foolishly wealthy. Something like that. I can't recall. I was thinking about that because I didn't really react to it when you said it because it was kind of like on my own little train of thought. But there's a lot of truth to that. If you invest foolishly,
01:06:35
Speaker
You will be wealthy, foolishly wealthy, even if you lose all your money.
01:06:41
Speaker
you'll have a wealth of knowledge of what not to do next time. Oh, that's very true. That's why it's very important to fail. And that's what's made me so successful. Just like pure failures. But yeah, all right. Thanks, Carl. We'll probably have you back every couple of weeks. Just go dip it into this stuff. And I love how this went super organic up and down and back again. And yeah, thank you, Carl. Thank you, Rui. Yeah.
01:07:08
Speaker
Take care, everybody. Have a good day. We'll see you guys next time. Take care.