This is the rich dad radio show. The good news and bad news about
money. Here's Robert Kiyosaki. Hello, Hello, Hello, Hello, this is Robert Kiyosaki's rich dad radio
show the good news and bad news about money and the dates are important
because things are changing so fast, it's April 20th 2020, and supposedly people are sitting at home. I don't know what you're doing at home, but I'm sure some people
are getting kind of anxious. Some people are very
happy for the time off, but the date's important because what
is going on in the world right now has never happened in the
history of the world. I mean, I knew our leaders were screwed
up, but not this screwed up. I mean, how can you shut down the whole world
economy as the reason that's really good news is because both the fed and the
treasury that's supposed to be separate, but they're now scratching.
Each other's back was privilege. They were never separate at all. And most people that doesn't
make any sense to them. But about 1999, I wrote this book has
color rich dad's prophecy.
And it says why the biggest stock market
crash in history is still coming and how you can prepare
yourself and profit from it. And the crash market that market I
was talking about was the.com market. In 2002, the white UK
crash and says center. We had the 2008 crash. And
if you in and I called that, I was on Wolf Blitzer's program
in January of 2008. And I said, Lehmann brothers was going to
go down and Wolf gone. Oh duh. So if you don't believe me, he got our rich dad and you can
see me on CNN with Wolf Blitzer, with one of the agents of wall
I won't mention her name, but anyway, anyway, I said, this book here said 1999, I was calling it way out
2016 would be the crash date. What I did not foresee was
quantitative easing and ZIRP nor did I see a shut it
down the whole damn world economy. So the crash is
bigger than I thought. So I, in March of 2020 was the biggest
crash in world history of the stock market. But nobody knows anything about it
because everybody's quarantined at home thinking about Corona viruses and
social distancing and wearing face mask.
So people are missing out on one of the
biggest catastrophic cash highs in the history of the world. They don't
even know what's happening. Now. The good news is it's the good
news and the bad news about money. I'm going to make a
fortune. This is the best. This is the best time
if you're ready for it. So I want you guys who are
sitting at home, you know, licking your wounds and wondering
when you're going to go back to work. And so you can get your lattes
and cappuccinos and pizzas just know you might be missing one
of the biggest opportunities
in the history of the world because our governments
have really screwed up. And I won't talk about
conspiracy, but something's fishy.
How about this Corona crisis
as something very fit, why did they have to shut
down the whole damn world? And I think is because are covering
up something very, very big. And December meeting is September, 2019, the shadow banking system collapsed. And that's why the fed and the treasury
are printing tens of trillions of dollars all over the world.
So when Corona appeared, I think it was an excuse to shut down
the world economy to cover up what really happened now, again, this is the rich dad. Radio show is the good news
and bad news about money. I'm getting sexualized Tim thing about
how much money I'm going to make, but if you're feeling
bad, this is your program.
If you're worried about what's
going to happen to them, why this is your program. So we're here
to save your soul and your checkbook. And our guest today is an
old friend, ours, Jeff Wang. He's the expert on
crypto. And I love crypto. I don't have any, I have a little bit, but there is that I like
crypto is for one reason, it's outside the system. It
doesn't depend on the fed, the federal reserve bank or
the treasury or wall street.
Now you like wall street, you'll you believe in investing for the
longterm in the stock market for your retirement? I'll take laps around the
rosary beads tonight. Yes. Crude. I mean, you're really a screwed up. If you
think you're going to retire on that, you don't care how young you are. So that way we have Jeff
Wang and I want to talk, he's going to talk to about crypto,
the good, the bad, the ugly of crypto.
So Jeff is in San Francisco right
now. So Jeff, welcome to the program. Please give us a little
bit of your background. Hello there. So I'm a technologist from a bunch of
big tech companies recently joined a startup that we just raised
$24 million called Tonkin. Uh, but I've been involved in
crypto for quite a while now. And we started as an investment group
and just getting into the whole craze.
But then we found out we had to mobilize, we actually had to create a whole group
up. We call ourselves rocketfuel.team. And actually our deals started from
just like a couple thousand, each of, initially to millions of dollars, uh, after we started piling on the
profits over and over again. Uh, so we got really into the space. We know everything from the good
and the bad of the space. Uh, but really for me, my philosophy is to be a technologist
first and then go from a VC investor mindset as to what's
happening in the future.
So we can go buy a year by year
play if we want later. But overall, I feel like that's how
we got into this space. And that's why we're still
writing about this space. Cause it's constantly
evolving and agreement. It grows increasingly more complex. Correct. So, uh, could you explain how Bitcoin
is separate from the fed, the treasury and wall street that,
see that's the reason I endorsed it.
I don't trust those guys if you
trust them by mutual funds. Right? So first thing to realize
is, is a digital currency, which is kind of strange because if
me and you wanted to make a digital currency, what does that even mean?
Right there? Do you control some ledger, some Excel sheet that has
how much we both have? So Bitcoin came out around using this
blockchain technology so that both of us actually control the same ledger. The same source of record
is controlled by both of us.
And later on that ledger grew to thousands
and thousands of other operators and all Bitcoin is, is a history of the transactions
from different keys. So as long as I have a 64
digit key, that stores money, and I could use that key to send you
money and you could use your key and send other people money. Nobody controls
it. Nobody can just stop it, right? I can just ban because there's no,
there's no way you can ban Bitcoin. So it's floating out there across
borders. There's no borders for Bitcoin, but it's being traded for other assets. It's actually the biggest asset to
trade into other cryptocurrencies. So when we say that it cannot be governed
or there's no policy around Bitcoin, there's just simply no way to control it.
But so my point here is this okay? As the governments right
now, all over the world, I printing literally trillions of
dollars. And they're trying to, they're trying to pay off debt
as denominated in dollars. So that means a U S dollar gets stronger
because any dollars to pay off the debt. And when you heard that there were
printing trillions of dollars as a Bitcoin person, what goes through your
mind? Is that good or bad for you? Um, if you are heavy in Bitcoin, it is good for you because the coin
has been inversely correlated with the dollar, uh, in terms of
the dollar compared to the
other basket of currencies. So if the dollar crashes or goes bad,
Bitcoin is going to go up historically.
That's just how it's happened. Uh, Bitcoin
has also been tied to other assets, but only in various times, uh,
to get just a brief summary, Bitcoin was pretty much tied to
the S and P 500 for a little bit. And then as the oil crashed in March,
I believe everything got liquidated. So Bitcoin is considered a risky asset
because it is volatile. And then it was, no, it was not shielded away from all the
capital being taken out of the markets.
So I just want to make sure that people
realize it's not really correlated with any asset. I'd say it's like a hedge or a actually
insurance to any other assets that you're holding. Yes. And that's exactly the term I use. You see my last tweet I talk about, I don't consider Bitcoin
gold or silver investments. I concern them insurance policies
against the idiots running the fed, the treasury and wall street.
And they're a bunch of criminals as far
as I'm concerned because our printing trillions of trillions of dollars
at the same time causing billions of people to go unemployed, are you
nuts? Are you nuts? I mean, I cut. This is like heaven of what I know for
people sending out home, they're going, Oh, I've lost my job. I can't pay my
mortgage. And I understand, you know, he can't pay the car
payments and all this, but the name of this program is rich dad
radio show the good news and bad news about money. So if you're sitting at
home contemplating enable navels saying, well, can I get my cocktail
and job back? Or, you know, what restaurant am I
going to work for next? I think you missed the biggest
opportunity in world history.
That's my point of view.
So as a crypto guy, uh, could you, what would you say to
somebody who thinks this is a bad time? Why is it a good time for you guys? Well, we actually analyze every
crypto, well, not every cryptocurrency, the major cryptocurrencies on a milestone
basis. So in different month periods, we actually predict kind of what
prices each coin is going to go.
And over the long run, it's, it's gets
harder and harder to analyze, obviously, even with the coronavirus fears. And we
don't know when people are coming back, it's getting harder to
project almost any asset. But if you do have a thesis that the
dollar is going to decrease in value compared to other currencies, if you go
by that thesis, Bitcoin will eventually, you know, should go up in the
longterm cryptocurrencies as a whole. We can get into that. It's a
whole ecosystem out there. Also, it starts benefiting from
the decentralization of
governments and their policies as well. Okay. And so today is April 20th, 2020. It was the price of Bitcoin today. It's about 6,800, I believe 6,800. Angela, do you
consider it a high or low? I consider it at the right price. I'll
tell you what our newsletter said. We predicted there going to be
$10,000 by may, uh, because of, uh, it's a thing called a halving what's
happening to me having to have anything. It's a, it's a joke because
happening's not really the word.
Um, but inflation for Bitcoin is gonna get
cut in half. So based off our newsletter, we have milestone based, you know, uh,
price points. We thought $10,000 by may. So I actually hit $10,000 in February.
So we were like, okay, well, here we are. We've reached our point. What's happens
next. Uh, after oil crashed in March, it crashed again today to negatives,
but when it crashed in March, uh, all the capital came out of Bitcoin.
That was a great opportunity again, to put your money in. I predict
though that after the happening, there'll be less mining incentive.
So it's inflation has cut. There's less infrastructure to support
the system because there's just not going to be breakeven. Yeah. I just want
to say Bitcoin is going to go down. I think in may. That's my prediction. It's going to go down less. Good news. Yeah. So in may, there'll be a correction
that is a good place to get in, is my, you know, just my opinion.
Right, right, right, right. That's
all. That's. And by the way, rich, that makes no recommendations. We don't
say buy this or sell that or do this, or do that. We're purely educational
company. So we have our producer here, Sara, and she doesn't
trust you guys. So sorry, Jeff. I trust you wholeheartedly. I don't
understand. So you have to understand, I'm asking these questions out of
pure ignorance. Um, so two years ago, I know Bitcoin was around
I want to say, like it was around that peak. And I was telling Robert that I
don't understand it it's as volatile to me as the stock market. So you really have to play the same
kind of game as the stock market. And so I'm not understanding what's the,
where's this benefit where as you know, if I were an investor
looking to buy Bitcoin. Yeah. So I don't think
Bitcoin itself as a currency, it's not something that I
would go out and spend it. There's just too many
problems with the volatility. There's actually very slow
transaction speeds for me. What I look at is the technology itself, how that can be applied to other
use cases in the world, uh, which we'll go into I'm sure
later. And that is where I look.
So I don't actually have that much
Bitcoin. I actually look at Ethereum. I look at the centralized finance
projects. I've were three teams going, and there's a lot of startups that are
trying to scale blockchain technology as well. Then I look into until we also,
uh, so as an investor in Bitcoin, uh, I would just put that as
a diversification piece. I wouldn't say that's like something to
go all in that I'm gonna use it to spend as a global currency. That's not the case. So you wouldn't invest in it because
it's going to go to a hundred thousand. I do not think it's going
to go to a hundred thousand. I understand that. But you wouldn't, you wouldn't use that and that
logic because that's what people do.
Yeah. But I see people do that with
silver and gold. You know, people are, you know, like they're calling for
a $50,000 gold and $20,000 silver. And that sucks a lot of people in.
Yep. So what was you saying to that? So somebody says Bitcoin's
going to a hundred thousand. Why would you say that's a bad
idea or you wouldn't touch it? I can give a few data points as to what
happens with the other countries that have info currency crushes. They actually fled to Bitcoin as a safe
Haven because it's one way to get out, right? You can buy Bitcoin, it
holds its currency against a USD. And then if their currency goes
hyperinflation, they still have some, some digital asset that can
Although, again, it's just on a USB drive
or tonic piece of paper, but at least they can flood to that
as a safe Haven with golden silver, it's actually kind of hard to trade
it for some people globally, uh, with Bitcoin it's 24/7, you
can trade at whatever you want. So that's where I say is kind
of the difference between
gold and silver in terms of what is backing the coin. Uh, mainly it's kind of the trading
volume and then the entrance, it's a Fiat gateway into
So I'll, I'll let you take over from here
because you guys are way over my head. I have some Ethereum, what is a Ethereum? So Ethereum, it takes blockchain technology and it
added a concept called smart contracts. So basically I could create a smart
contract between you and me. Robert, it's just a, a auditable piece of code
that we can send money to.
And let's say, you're paying me salary a hundred
dollars a week for whatever, just a be on the phone to call you. So you can just put in $10,000 in this
smart contract and it'll automatically pay me. There'll be
no, I think in between, there's nothing in between at all me. And you could just operate on this
small little piece of code that does any mainstream thing. So people took that concept and they
built entire applications on it. So the entire applications that can do
almost anything it's a little bit slow right now. So it's not shown
any real value in the world yet, but the advancements of Ethereum 2.0, which are coming later this year
are trying to remedy that problem. Okay. So when we come back, we'll
go, we'll let Jeff continue on. Talk about what he knows about, you know, especially what happens if we go
to us federal reserve crypto or Chinese crypto and all that. Cause that's kind of the rumors
I hear out there in the market.
And so my question is why
buy Bitcoin or Ethereum, if everybody can manufacture
it. So wait, come back, we'll be talking to Jeff Wang again. He's a sec is a second
appearance on rich dad. And he is our go to guy when I need to
know what the hell is going on with the cyber world, but right back,
welcome back. Robert Kiyosaki, the rich dad radio show, the good news
and bad news about crypto. Anyway, I can listen to rich dad anytime,
anywhere on iTunes or Android and YouTube. And please leave us a review
whenever you listen. And once again, all of our podcasts are I've
archived at richdadradio.com and we archive it there because
repetition is how we learn better.
So this is a very important
subject called a crypto world of either, you know, money because
that's where we're going like it or not. So he can listen to this program
again at rich dad, radio.com, but most important. I have friends, family or business associates listen
to this and discuss it to open up people's minds. Once again, we do
not recommend you buy, sell or trade. We're not record. You know, we don't
make no commissions on any of this stuff, which is purely educational. So I guess today is Jeff Wang is a
second appearance of the rich dad show. He's the host of rocket fuel, crypto.com
rocket fuel, crypto, God calm.
And part of the avid investment group. Rocket fuel team has
invested over 40 blockchain projects. So he's more an
investor in this whole world. And he's a technologist from Cisco
Salesforce as racy joined the automatic, the automation
startup, Tonken, T O N K E N, which announced a $24 million
raise last week and has also filed two blockchain
patents in the last year. So this guy knows what he's talking about. So he's not like me just sitting around
and trying to make a few bucks here. So Jeff, you know, my
concern as an old guy is, was to prevent all, everybody from just
coming out with their own crypto. Like, you know, what's this Facebook
has that. What do they have now? Libra, Libra. What the hell is that? So it might help to kind of talk about
the advancement of cryptocurrency through the years, 2017, 2018.
saw the Heights of the bubble, we saw it was like a year
speculation people. This is, this technology would change the
world, but no one really knew why. So all these startups came up to
fruition. They had initial coin offerings. IKOS people had this value creation
from thin air from just ideas from just white paper, right? But money
did fly into the ecosystem. A lot of smart people were in there
making these startups and then 2019 hit. We kind of figured out, well,
is there a product market fit? Nobody is really gonna use
this if it comes out, right? So a lot of money then came out of crypto. So right now there's the only form
of investing in crypto right now. That's popular is the
initial exchange offering. Now EO and those are still very profitable
and that's stuff we talked about in the newsletter, but right now is a
globalization on this technology.
Just this year, the world economic
forum published the CBDC framework, CBDC stands for central
bank digital currency. So it actually is teaching all these
countries how to make their own cryptocurrencies. China has been ahead of the curve the
whole time they are coming out with theirs this year. Very likely they already
have a pilot out. There's this called? DECP digital exchange. So your digital
currency, electronic payment, PCP. So I know you wanted to say something,
I'll let you I'll pause there. No, no, no. I mean, so, so my whole, my limited experience there
is I like gold and silver. It takes a lot of time at MIT to
pull this crap out of the gun. Cause I've started to, I started a goldmine in China and
the Chinese took it and ahead of a silver mine in Argentina,
which I still have. And so I understand mining from that
point of, I understand the public markets, I took them through IPLS on
the Toronto stock exchange. I just don't understand your
world wants to provide, you know, so that's why I'm asking you.
What about labor? What about, what about the fed coin? You said they're
not coming out with one, but what, how do we maintain value if everybody's
going to just make their own coins? Let's let's look at each
Individually. Facebook obviously is a central entity. It's a company that is creating a
non, non, not for profit organization. That's rallied around an
organization of different people. So like we have venture capitalists,
we have utility companies, we have payment companies. We have
like, Uber is involved for example, and nobody actually owns this, this a
association. Everyone just has a vote. And they had created a
currency that they were, they originally were going
to back it as one currency. Now it's going to be multiple currencies
tied to each currency in the country.
So USD coin you'll have a pound
coin, a Euro coin. That's one, that's one model, right? The other model is the China model
where they say this is going to be the China's currency. And we are going to distribute it
through all our tech companies. They already have 10 cent involved. They have Alibaba and
all their biggest banks. They're all involved in distributing
this currency. And the question is like, how is this going to change the world? How is this going to affect
other cryptocurrencies, right? And how it will affect them is a little
more unclear other than the fact that it does provide another means
to get to outside of the system. Because what we're talking about right
now is still a centralized system, either from the top, the top down, which is China going down to the
people or Facebook and upright, it's going from the
people to the governments.
Now Facebook is running
into huge resistance from
other governments from going across borders. China just does what
China wants. They say, we want a currency. We're going to make it. When you mentioned Facebook, are you talking about Libra or
just Facebook having its own. So phase last me a long time ago. Yeah. Facebook will get in trouble.
If they say it is their currency. So what they've done is they funded a, another entity in Geneva that is going
to be the owner of this new currency.
So they have tried to detach themselves
away from it as much as possible. So why would, what's the advantage
to Facebook for having Libra? The reason I mentioned that is because
more people know about Facebook and the sin called Libra than the other
stuff you mentioned. So why, what Facebook want to start laborer? So the primary reason is to expand into
other countries that don't have very good banking systems. So if all I need,
again is a key to generate a wallet, to accept payments. I can now
build a business in any country, as long as there's money coming in, as long as money can be transferred
within that country. That's what, that's what that's that Facebook's
primary reason to begin with. So it's going to bypass the banking system
and the business system of let's say, Spain, is that what it's doing? Or, or in unbanked areas like in Africa
where it's harder to get a bank account, it's harder to get money into Africa
or convert it into a U S dollar equivalent. So the moment you have
that money within the country, you actually have a payment system
already set up all around Facebook's ecosystem.
They have their
own wallet called Cali, bro. And basically you can run a business
entirely on Facebook's infrastructure. Now, when you have China,
China is having another one. Wait, wait, wait a minute.
So stay on Facebook. So Facebook will start its own ecosystem
internally with Libra. Correct. And so the, why would a country
let's say Kenya, not like it, or why would they like it? There'll be a less dependence on whatever
local currency there's going to be. Right? Like if Kenya has a
currency, that's tied to some value, all of a sudden there's
this other payments system
that's coming in and people might just accept Libra
with that business.
You could run your
Facebook marketplace page. You can accept payments with Libra and
then you could interact with anybody around the world as long as
you're using Libra. Right. So why can't they do that with Bitcoin? So again, we talked about with the volatility of
Bitcoin and the transfer speed of Bitcoin has issues. So Bitcoin, you don't want to spend Bitcoin
because it's fluctuating in value. You might feel bad if you bought a coffee
and a Bitcoin went up in value. Right. For example, also
Bitcoin does take around, it takes a few minutes to
actually send. So I, again, I personally don't consider
Bitcoin a currency. I do consider it more of a store of
value or an insurance against other fluctuating markets. Okay. So the other countries would not want
laborer simply because you compete with our central bank.
Correct. And so
how much pushback are they getting so much pushback? I believe a few European
countries have already been Libra. They said like, there's no way this
is going to fly. Right. And so unless, unless lever was pegged
by the Europe, right. And then you could
transfer Euro in and out. Okay. So what's happening with
China? I hear they're going to, China's going to have a goal back crypto. Uh, actually, so they were making an
RNB version of their currency. Uh, it's going to be distributed
through their top, uh, you know, all the big tech companies, all the banks, they all have the
implementation in the app.
And basically you will
still own the money. Like you can sign into any app with
your bank account, if that makes sense. Right? No, I use my key for this and
I can spend the money. There it is. It's actually a very novel
idea on the flip side, if I'm a foreigner visiting China, I actually need to verify my identity
and I need to use that system. I'm not going to be able to use cash.
Like I was before cash. We we'll see, probably go away as a result of the DCP. Right. China's already
cashless. Yeah. Yeah. So you make money betting
on the future success of these sayings. Are they investing
in them or how do you make, because you're not, you're not buying
Bitcoin. Like I would buy it as a, as a hedge. You you're buying and
more in like, like I did, when I, when I created my mining company
in China to take it public, I was doing it for the
shares of Canadian stock. Yeah. So it's, uh, it is a little complicated because
they're still structured as some sort of agreement, uh, in venture capital.
There's a thing called like a
convertible notes. I can, uh, you know, either lend you money and then
it converts equity. In this case, a lot of these projects, there
are convertible to tokens, which is really a unit
of measurement token. It's just simply something sitting
on their blockchain or an Ethereum representation of that's, you
know, service. And then that is, that has some value if
their startup goes live. So we would be helping out these
companies lending them money for convertible to token, and then using
that token for their ecosystem. And then this eventually became ICS.
It eventually became [inaudible]. Uh, and then, uh, well it's an IEO is a, uh, initial exchange offering. So basically now the crypto exchanges
are offering these currencies. So that's what I mean, it's, it's, it's no more than what I saw going on
in wall street there isn't I don't like stocks and mutual funds is
I know that game too well [inaudible] and I don't trust it. So I'm, I'm, I'm clear at 100% out of the stock market
cause they can play so many games are on a stock, as you know.
when I finally got out of my, I got an a, when China took
my goal mine, you know, I realized it was
cheaper to buy gold, try. I raised $27 million with this coal
mine in hopes that I would get my money back. When I think went public
through an IPO, you guys call them ICLs. So I was doing it for the stock.
I wasn't doing it for the gold. That makes any sense that people listing
is that similar to how your mind works? So with different currencies, there's a different
milestone kind of structure, basically in a stock market you
have yeah. Like a revenue, right.
Revenues growing number of customers is
growing adoption is growing number of users with cryptocurrencies.
It's more about, well, does the technology actually work?
That's one milestone, right? Is it, did it launch on that test that
successfully? Uh, what is it, did it list on different cryptos
changes successfully? Uh, is there different media events that they
have to announce different things it's completely speculative, right? It's not even getting to the
market to the public market fit. It's more about the technology, the
development, and then the hype. Right? So, so in our newsletter, we, we be sure to point that out and
not get fooled by it as well. Okay. So somebody like me comes to you
and you guys have raised 24 million.
So I'm kind of hoping to be one of the
insiders, you know, called the founding. You know, when you read a stock
offering, as, as founding shareholders, I always wanted to be
the founding shareholder. I didn't want to be a shareholder.
I want to be a founding shareholder. I want to be buying my shares at
a penny and exiting a 25 cents. That was the game. Is that
similar to what you guys do? It's exactly what it is. Right? All of these ICOs are
purely from the seed round. So people don't have any money right now. They're raising money
to start their startup. The problem is startups in general have
what, less than a 1% chance of exit. Uh, but these coins go liquid
liquid immediately. Right? Once they go on exchange they're
liquid, they can fluctuate in price.
Uh, there was a project that had Googled
sign-on as a partner and then it went up like 700%. So you're just
wondering like, okay, is this sustainable in the long term?
Right. Obviously that one partnership, it doesn't mean it's seven extra
value. So basically longterm, you have to be very careful
as to when price jumps happen, but there's also moments in time where
you can kind of say this price is actually low enough to speculate on
and hope for that big jump. Right. So is that what rocket fuel team does? You guys advise people on what's hot
and what's not what's coming on what to watch out for. So we talked to startups in the
seed round stage, if they, you know, is their idea even good, right?
Is it, is it not a scam, right.
We don't want to work with you if you're
just going to try to make money out of it and leave. Right. So what we want we
try to do is just analyze the company. See if it's worthwhile, we have a network of other
venture capitalists firms as well. And we just make sure that
everybody's on the same page, that this isn't some scam for investors. We're not even talking about the public
yet. Right? It gets, it becomes a scam, the public for other projects elsewhere. But we want to make sure
that what we put money in. If we put money with Ethereum into a
startup, that it is indeed a good startup, right. We look at the team, we look at the economics
and we look at other things.
Would you recommend anybody buy Bitcoin
as a hedge right now? I mean, you know, like a guy like me, the reason I got excited about it is that
Tom has gone up to a hundred thousand. So, you know, idiot like me,
we'll just jump right in. Tell me where I'm screwed
up. Thinking like that. I think it is not, it's not likely
to go to a hundred thousand, right? I can't imagine anyone buying it from
somebody at a hundred thousand dollars. It just doesn't make sense to me. I do think because there's a
negative correlation to the dollar. You see the fed printing trillions
of dollars, that it is possible that, you know, Bitcoin is a good
as a diversification play.
If you're looking at the technology and
the advancement in technology like me, I look more into Ethereum and
some of the projects in Ethereum. So my pick point holding is actually
very low. I anticipate a drop in may. Like I said, just because
inflation will be having right. So, okay. So that's coming in may correct. The news though, I think will probably push the price
up just because that's what he says. What's the possibility that, you
know, those are rich dad, Bitcoin, and everybody's out there pumping
their own Bitcoin or their own cyber currency. Is that possible? It happens all the time in this world. I try to scold people that do
that all the time.
If you were, if you were to do that, I would
just start asking you questions. What's the value creation. What is it that the customer gets if
they purchased this coin for me? Right. And a lot of times founders just
have no idea what to respond with. And in those cases, I, I know it's something that's fishy
and then I try to get out. Right, right. So Sarah has a question for you
because she doesn't trust you guys. And Jeff, I trust you. I
do give her a hard time. What stops one of the code writers
or developers from hitting delete and wiping one of these cryptos out. So these, these currencies are all
supported by a network of people, a network of servers. So the worst a person can do is
try to attack it with hardware. And then that's just going
to be futile. It's gonna, it's not going to work like you
could, you can turn off a server, but the whole network of servers still
exist with this ledger.
So in, in, in a short summary, it's
not really possible, but isn't that because
it's open source. I mean, this is not like in a
centralized location, correct. It is completely distributed amongst
thousands and thousands of servers, right? So the white one out the
other ethical at 10,000 guys up, get it all wiped out. And then you also have no
idea who these guys are. Right. The last question I have is
this, as you know, Peter Schiff, he's, he is a, he's a gold and silver guy
and somebody gave him some Bitcoin. He lost it. How does that, how does a person lose Bitcoin? So the 64 digit key we talked about
with whether it's on a USB drive, whether it's on your phone or a
piece of paper, if you lose that, then you can not transfer that
coin out or those coins out.
So that has one of the
biggest, uh, you know, things that's bugging crypto right now. How do we keep cryptocurrency keys
and key management in a better format? And that's other, you know, in all
the technologies that we're exploring, that's definitely one area
we're looking at as well. So how does a person like may not
lose my key or whatever it is, uh, the typical way is having a backup and
then putting it in your sock drawer on a piece of paper, you can also have copies elsewhere
too, but that's dangerous. Well, Jeff, I really appreciate your insights and
educating that grew up here and then we'll have you back on because
you know, I really have, I am very confident that what
you're, what you're on is the future. And to me, what crypto is like right now
is like what AOL was back in the nineties. And they just kept
improving. It kept improving. It kept improving it. So, you
know, you guys are on to it, but it's called developmental is
not proven to us at this point.
So how do people stay in touch with
you to find out what your services are? Because it sounds like a very
valuable service given how, you know, how crazy it is. I mean, if everybody
can start their own crypto, you know, you're, you're a valuable
resource for them. So how do people stay in touch with you? So if you want to sign up for our
newsletter, it's at rocketfuelcrypto.com. How much has that, that is about $47 a month.
There is a free trial though. You can always see if
it's good for you or not. You get access to weekly videos
and then monthly newsletter outstanding. Yeah. I, I really give you,
I've met to me.
It says fascinating. Cause we know we're generations
apart, but one day I decided, why am I, wouldn't it be better just to buy a
goldmine and sell the shares to the gold line. And then I quickly realized
he was better. I just buy the gold. But anyway, you know, Jeff, thank you very much and thanks
for being part of our program. All right, man. Thanks for having me
talk to you later. Take care. Bye. So want, thank you all guys, listen for
this very important subject. You know, this cryptocurrency thing is the future, but that was going to be a
lot of ops down, scams losses, some tears and all this, but that's
why we have our program. Once again, we don't recommend or endorse
any project or any investment, a purely educational. So thank you
for listening to rich that radio show.