in and stick in your brain for the rest
of your life
there is no easy money yeah like the
second you go there everything will
change I think this technology is gonna
work it’s going to be game-changing but
it’s very early day so we can have this
massive volatility what’s the last thing
on earth you should think about if it
worked it would be bad for you could try
what’s that believe nation at seven my
one word is believe and I believe in you
I believe you have an amazing gift
inside you that I want to see explode
out onto the world now I started this
series on crypto currencies because I
got a lot of messages I got a lot of
comments got a lot of emails people
asking how do I learn about crypto
currencies is this something that I
should get into and I want people to
educate themselves and make the right
decisions for you so that’s the point of
this series so today we’re gonna learn
why Gary Vaynerchuk Peter Thiel Charlie
Munger and others think about crypto
enjoy so let’s kick it off with number
one Gary Vee don’t chase easy money I’m
a fan of crypto but a lot of money is
gonna be lost on crypto yeah crypto
listen I was right about the Internet
there’s been a lot of money lost on the
Internet
yeah people are treating it like a
bonanza mm-hmm I know kids already
who’ve really put themselves in bad
spots because they took four credit
cards out maksim and bought bitcoin at
17,000 I thought it was gonna be 34 it’s
already happened yeah that didn’t need
to crash yeah people treating it like a
bonanza yeah let me just say this and
let this sink in and stick in your brain
for the rest of your life
there is no easy money no like the
second you go there everything will
change mm-hmm there’s no easy money you
might have had an easy money event but
there’s no easy money yeah
there’s nothing consistent you might
have you can win the lotto mm-hmm life
is like a casino you can tell me you
went last Thursday and won $2,000 and
like this is great keep going
number two is Charlie Munger who says
don’t fall for it probably half my
questions here are about Bitcoin and
cryptocurrency
[Music]
think it’s perfectly Assam I and even
pause to think about though you know
it’s one thing to think that gold has
some marvelous store value because man
has no way of inventing a more gold or
getting it very easily so it has the
advantage of rarity believe me man is
capable of somehow creating more Bitcoin
may tell you they’re not going to do it
but they mean they’re not gonna do it
and that’s they want to that’s what they
mean when they say they’re not gonna do
it and if they hear their rules and they
can’t do it don’t believe them when
there’s enough incentive bad things will
happen it’s bad people crazy bubble bad
idea
luring people into the concept of easy
wealth without much insider work that’s
the last thing on earth you should think
about if it worked it would be bad boy
you could try to do it again it’s
totally insane
number three is Peter Thiel who says if
you’re betting on it bet on the biggest
one I’m not exactly sure whether I would
encourage people to run out right now
and buy these these cryptocurrencies but
but the the the technology that people
like to talk about is the blockchain
technology I’m somewhat skeptical about
how well that translates into good
investments but the the one use case of
cryptocurrency of astora value may
actually have quite a bit of a ways to
go and and that and so I would be sort
of long Bitcoin and neutral to skeptical
of just about everything else at this at
this point with you know with again some
with a few possible exceptions and and
the question the question about
something like Bitcoin is whether it can
become you know whether it can become a
new store value
and I think the the thing it would
replace is something like gold we’re not
talking about a new payment system so
it’s too cumbersome to use for payments
for day-to-day transactions but we’re
the analogy is it’s like it’s like you
know bars of gold in a vault that never
move and and you get it and it’s it’s as
it’s a sort of hedge of sorts against
you know the whole world going to
falling apart or something and you know
there’s about 200 billion dollars worth
of Bitcoin there’s a trillion dollars
worth of gold and many of the things
that make gold attractive would also
apply to Bitcoin and many of the
objections people have to Bitcoin would
also be objections to gold so it’s it’s
this weird currency that’s not backed by
any government same things true of gold
it’s not clear with the intrinsic value
of Bitcoin is same thing as true of gold
and you know it may well be a bubble but
and most bubbles are unstable and end
but one of my friends has this line that
that money is the bubble that never pops
and so if it’s money
it is bubble like and the value of money
comes from often this sort of social
thing where its value you know you’d
like to have a hundred dollar bill
because everybody else would like to
have a hundred dollar bill and and then
if everyone decided a hundred dollar
bill was worthless
you might not want to have a hundred
dollar bill anymore and so so there is
this sort of bubble like aspect to money
but it’s one that can be quite stable
and so even if even if bitcoin is bubble
like that doesn’t necessarily rebut it
in this core use case for up for a store
value and the you know and the part I
would say that they’re all these
elements that remind me of 99 mm that
make me nervous so it’s people playing
fast and loose with the ico rules just
like with the IPOs and the dot-com
bubble you have sort of the the crazy
promoter type people where the people
who exaggerate beat the people with a
normal plan and then they get beaten by
the people who exaggerate a lot and so
there are sort of a lot of very crazy
unhealthy dynamics at the same time it
still strikes me as deeply contrarian
and one thing that’s very
from the dot-com bubble and then in the
late 90s is there virtually no Wall
Street analysts no Wall Street banks
that are pushing this in any way
whatsoever whereas if you looked at how
many analysts working on dot-com
companies in 99 mm that was way too many
and that was probably you know sort of
another small indicator that it was it
was to consensus it’s been missed in New
York City it’s been missed even more
shockingly in Silicon Valley where on
and it’s actually it is a technology
that’s sort of emerged in this in this
fairly distributed way aetherium the
number two currency most the work is
being done in Zook Switzerland Bitcoin
of course has this mystery where people
don’t even know who created Bitcoin they
don’t know who Satoshi that the founder
of Bitcoin is so so from a geographic
perspective we have actually no idea
where that company got started that’s
funny
it’s interesting to me that use you are
supportive of Bitcoin but not the other
crypto currencies what is Bitcoin
how does Bitcoin differ from the ten
others out there well it’s it’s um I I
believe there will be one might my view
is that there’s going to be one
cryptocurrency that will be the
equivalent of gold and so the one all
else being equal that you should bet on
is the biggest one so gold continues to
be gold because it’s the main asset
class maybe it could be replaced by
silver but doesn’t seem to be happening
so there’s a chance a theorem could beat
Bitcoin there’s a chance some of the
others have better features and so I
think the it’s most likely you bet on
Bitcoin and then there’s some and then
the thing you have to think about is is
the product features are they the ones
that you really want in this alternate
cryptocurrency and so there are risks
like there’s a 51% minor rule where 51%
of miners get concentrated that can
destroy the integrity of the system
there is a there’s a risk with the
pseudonymity whether that’s not quite
the right feature whether you want it to
be more anonymous or more transparent or
something like that so there are
questions whether the Bitcoin product is
quite the right one but all else being
equal I think on my bet would be that
there will be one online equivalent to
gold and the one you’d bet on will be
the biggest and number four
or the last one before very special
bonus clip is Brian Kelly who says it’s
still early stage be patient with it or
early-stage tech in this so you have to
remember this is like the Internet in
the 1980s I used to think is the
Internet in a 95 but after the last
couple months talking to folks I think
were more like the 1980s oh yeah I think
this technology is gonna work it’s going
to be game changing but it’s very early
days so we can have this massive
volatility what does it say though that
you can have an asset that goes down
kind of 60% on hey what just happened
and maybe it’s taxes and maybe something
else you know if it’s the Internet in
the 80s what is the stuff of the
internet in the 80s that you would have
owned it’s equivalent to what you own a
bit I mean a bandwidth is it’s right
this is where it we’re at the age of
Cisco and Microsoft Cisco had cash flows
Microsoft that cash flows right but
these but you’re talking about what
you’re with Cisco you’re talking about
routers right and you’re talking about
internet protocols so this isn’t this is
a open source software so you can’t
think of it as a company right and I
think that’s where people make a mistake
they quote market cap and say all that
this is not a stock it’s not a company
but it’s oh it’s not what a store so
buddy well it’s it’s similar right
similar in the tech side ERISA right now
we’re having articles from Barclays
calling it a virus right saying stuff
like it’ll never hit a high again that’s
when I want to buy any asset whether
it’s Bitcoin or not I want to buy those
assets at 20,000 when people are saying
hey this thing could hit a hundred
thousand you know take some off the
table just like any other asset in the
now I’ve got a really special bonus clip
from Aaron Marino on how to educate
yourself about crypto but before that I
want to know what did you think who do
you agree with what are your thoughts on
cryptocurrencies educate us leave it in
the comments below really curious to
hear your thoughts thank you guys so
much for watching I believe in you
I hope we continue to believe in
yourself and whatever your one word is
much love I’ll see you soon and enjoy
a story of regrets and stupidity that’s
not forget stupidity what a dumbass I am
well here’s the deal my videographer
Christian Allah – you guys know he films
the Alpha M projects and the sexiest new
series the store style breakdown so
about four years ago he’s telling me
about Bitcoin and how I should invest
because it’s gonna be huge and I’m like
what what the hell is Bitcoin every time
I’d see him for the next like four years
he would be talking about Bitcoin and
crypto currencies and aetherium and like
poo and all I’m like what my head was
about to explode and I gave him twenty
seven hundred reasons why it was a total
waste of money why you should never
invest in it and it was a bad idea
he brought his Bitcoin at twenty dollars
a piece so you can imagine that
Christian is like pretty happy and and I
feel like the dumbest guy in the room
but regardless
once I saw sort of what was happening I
decided that it was time to educate
myself because regardless of if I
understood something
it wasn’t an excuse for for being
ignorant and honestly I’m a firm
believer and the only way to get like
wealthy and to grow your money is to
invest in things but if I would have
listened to my friend Christian back in
the day it would have been a
game-changer like literally a
game-changer it’s been one for him but
you know I’m not that smart and I was
naive and and a little bit thick-headed
because I was scared of technology and
learning something that I didn’t
understand and so I guess that’s the
lesson and the takeaway for this video
be open-minded you know even if
something’s a little bit weird or
uncomfortable hear it out and listen
because you never know when the next
great opportunity is around the corner
guys you rock so hard it’s ridiculous
invest your money be safe don’t do
anything stupid but educate yourself
first raise your standard Apple at the
core is core values
is that we believe that people with
passion can change the way people not
one drop of myself work depends on your
it’s supposed to mean
I don’t ever give up I’d have to be dead
or absolutely infested
hey believe nation if you want to see my
all-time favorite top ten most a success
I have a very special secret video for
you these are the individual clips that
I have personally learned the most from
and applied to my life and my business
check the link the description for details