Summary: Bitcoin "The B Word" w/ Cathie Wood & Elon & Dorsey

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비트코인 컨퍼런스 'The B Word' 발언 정리. 캐시 우드는 비트코인을 가치저장·교환·계산단위 역할로 보고 암호화폐를 인터넷 초기에 비유; 미국 디플레이션 시 달러 강세와 타국 하이퍼인플레이션으로 암호화폐 수요 증가 주장. 머스크는 'Pump but don't dump' 발언, 채굴 히터(Furnace-E) 아이디어, 재생에너지 비용 격차 언급 및 배터리 공급 부족 우려. ARK-Square 보고서는 배터리 비용(킬로와트시당 약 18센트)이 아직 높다고 지적. 키(hardware wallet) 보관 강조, 정부가 가장 큰 기업이라는 주장, 테슬라 비트코인 평가손실 회계 문제 언급.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. hey everyone kevin here here are my thoughts and breakdowns for what was said during the b conference or the bitcoin conference with elon musk kathy wood and jack dorsey from twitter and square all right let's get into it the show really got off as a calling bitcoin and cryptocurrency and open source platform and this is exactly what we need for money and banking elon got right into calling ach transfers like checks not secure and ancient he says that credit cards are like handing your username and password to a waiter at a restaurant which i know there's a zip code that you sometimes need but most of the time we can guess it from local folks right it's not that hard but anyway then he goes on to say that most banking is just slow and that most transactions are batched and handled over time and this causes a very slow banking system it's kind of like what we see with settlement in stocks is my guess because in terms of his reference because in stocks he sees where we see uh settlement taking two days right t plus two settlement time frames so that's why we have sometimes this massive lack of transparency when it comes to short interest or borrowed shares versus naked shorts right kathy then talks about how money and she's talked about this before but quick recap of what money is in her opinion store value means of exchange and unit of account that you have sort of a balance between these two three these three things i'm sorry that it's like a triangle uh and mentions that hey maybe maybe bitcoin is like a store of value uh and a unit of account and and maybe uh ethereum is kind of like a unit of account and a means of exchange and there's you can sort of have a balance between the three things here she kind of refers to the ultimate unit of account as a stable coin but what she really seems in most interested in is that you can kind of build apps on top of the reality of cryptocurrencies that basically you can take uh and build infrastructure or systems on cryptocurrency networks like ethereum or whatever and you can solve problems that we actually have later she ends up likening cryptocurrency to the internet so she's kind of comparing crypto to what the internet was like back in 2000 where we weren't really sure what the internet was going to do for us but excuse me oops i'm choking on myself but we had a good feeling that the internet was going to do something potentially good or potentially unlock some doors she has that same feeling now now the here is probably the craziest argument and i haven't heard this one before this one was crazy in my opinion but i kind of honestly i kind of really liked it okay her argument is that hey you know how people are worried about deflation happening in the united states i'm actually in that boat as well i think that we're going to see negative inflation next year and i know 50 of folks aren't but i've actually thought of that as a little bit concerning potentially for crypto because well if we have deflation then do we no longer need the inflation hedge of crypto right and so i've just had that as a concern uh and now don't get me wrong still investing in crypto but kathy's response here was really interesting she says look if we have deflation in the united states it could actually mean that more people are flowing into the us dollar uh and and basically the dollar becomes stronger and that you have yields go down kind of like you have in europe where you have negative yields and you end up seeing lower prices and this transition actually ends up leading to potentially hyperinflation in other less stable parts of the world where government regimes and monetary policies just aren't as strong as they potentially are in the united states so you could be in a situation where you see deflationary pressures in the united states but hyper inflationary pressures elsewhere and those hyperinflationary pressures elsewhere might move people into cryptocurrency that was pretty incredible like that i had not thought of that before so shout out to kathy for that one i thought that was pretty cool uh but then she also i'm sorry then we go to jack dorsey and he kind of mentions that hey look there's going to be a huge and i think he's sort of piggybacking off what kathy mentioned here that there's going to be this huge opportunity for you to transfer money from other foreign countries with cryptocurrency that just isn't possible or easy right now elon musk then got on and he said something he probably shouldn't have said but he he referenced that he might pump but he doesn't dump cryptocurrencies i definitely tweeted that because it's pretty notable quote uh so follow me at realme kevin on twitter if you want to like that tweet but anyway that was very interesting and he kind of said this around the same time that he talked about this potential use case of having a crypto mining heater now i thought this was really interesting because a crypto mining heater like a space heater might be something that you might plop down and then say okay hey i'm cold in the room because kevin always keeps at 65 in a studio you know i'd like to have a space heater let me put my space heater over here plug it in and then rather than just you know running electricity through coils and creating warmth why don't we just have that machine be a cryptocurrency miner whether it's ethereum or bitcoin or other and the heat it gives off heats up the space and so now you have this duality of hey you got space heating and a crypto miner he actually he thought the idea was extreme and kind of far-fetched and he called it furnace e like i'm not sure if that's like the childish like as if you're putting a y at the end oh it's my furnacy or if it's like furnace e with like a capital e for for like i don't know maybe i don't ethereum electric who knows right but anyway that's that's what he called it and so he believes that not only are there opportunities for things like this but he does see a huge shift towards renewables for cryptocurrencies and he actually thinks that renewables in the future will be a lot less expensive than fossil fuels right now for example we have if i was going to build a power plant in california it would cost me 700 million dollars to do it with natural gas it would cost about 1.3 billion dollars to do it with solar and about 1.4 billion dollars to do it with wind and when you snack up those numbers you see that we're not quite actually at cost parity yet which is a problem and is one of the reasons we have right now the majority of cryptocurrency being mined with uh fossil fuels now i know that there are arguments that oh well 70 of cryptocurrency uses renewables right but that is different from how much actually is is is produced using renewable energy in full it's kind of like i can have one solar panel on my house and make coffee and air condition my whole house but just because the solar panel covers one percent of my energy use doesn't mean that everything i've produced is uh done with renewables right anyway in fact right now i think i'm probably using around four and a half gigawatts of power but i'm generating somewhere around 4.2 or 4.3 with my solar panels so like that ratio is something we want to improve right we want to get to a very high ratio of of green energy production and so elon thinks we're going to get there especially once we get to better cost parity and we start getting utility scale batteries this is something that's very important kathy wood uh asked elon musk if elon musk saw her report with square so arc invest and and square did a report about how they could use crypto mining to take advantage of extra energy that comes off of a grid that just isn't used sometimes it's wasted energy and this is true this happens in california a lot especially and elon musk mentioned that at some point in the future you can absolutely keep 24-hour mining rigs going with a combination of solar wind and batteries but the problem is in the square report with arc invest they mentioned that if it costs somewhere around a buck 90 to 2.50 per kilowatt of wind or um or solar you're probably sitting around closer to 18 cents a kilowatt hour to have battery storage so batteries are nowhere near that cost parity yet and so i know the gap was large i'm not sure if i'm 100 on those numbers but anyway it's in the square and arc invest bitcoin report and you can see they literally say one of their big problems right now is bringing costs of batteries down which now if you're gonna say okay well then so maybe it'll be cheaper and more efficient to mine cryptocurrencies in the future and batteries become more efficient that's fine maybe but here's the problem look around at who's competing for batteries right now every single electric vehicle is competing for batteries so you've got this really big issue where right now we're projecting electric vehicle growth to grow exponentially and we're projecting battery growth to kind of grow more linearly and so you're going to have this massive lack of supply of batteries and trying to get utility scale batteries to to support crypto mining it's going to be a while it's it's going to take a long time i agree with kathy elon and jack that hey yeah crypto there's the future in crypto it's like the internet we don't know yet what it's going to do for us but we think it's good and that we're going to go towards more renewables but there's a lot of work to do to get that cost parity correct they talked a little bit about how important it is to have your keys on a hardware wallet basically if you don't have your keys it's not your coin this is kind of really a slam at companies like robinhood where or honestly quite even frankly square where you don't get your keys elon did go off into a little bit of a tangent about how he actually thinks that nuclear power is pretty desirable and something that can easily be used and done very safely even though he believes a lot of people are opposed to nuclear power but they shouldn't be he thinks that fission nuclear reactors are actually a very good thing uh kathy and jack dorsey then talked a little bit about the bitcoin developer community and elon musk also talked a little bit about how look ultimately cryptocurrencies are really here to try to make the future better and that if for some reason you don't like corporations where you don't like cryptocurrency then uh ultimately you shouldn't like corporations i'm sorry let me let me redo that whole thought here right let me totally mess that thought up let me redo that thought here elon musk said if you don't like corporations then you probably should hate government because government is the biggest corporation that exists and he's using this to make an argument that cryptocurrency is our way of escaping corporation and even the largest possible corporation to exist the government he also made some references about how he thought it was weird that he literally before his eyes he sees savings account balances at tesla declining in europe because they charge you to park your money negative interest rates and so i think elon was kind of taking the stance here of like yeah no we're not seeing any inflation and then we've got kathy wood briefly talked about how she believes the the gap rules are unfair that uh when prices go down you have to mark your accounting balances down for bitcoin on your balance sheet but not up when it goes up she believes this is unfair and i think she was really saying this to kind of prep wall street for potentially a rough quarter for tesla because tesla's going to have to mark down a large loss for uh cryptocurrencies potentially i think they bought around 34 35 000 so it's possible that you're going to see a markdown on the tesla earnings especially on gap earnings and that could affect like gap eps and such uh so okay good so that is the summary of my what i took away from the b word now we're going to go into the market close live stream so we'll just go ahead and i'll just modify the title a little bit i'll just put market close and this and uh why don't we get into the sticks and kind of see what's going on with the sticks so if you want to stick around i'd love for you to stay here if not hey on your way out make sure to take that 40 off coupon code with you where you can get 40 off expiring tomorrow on uh the courses linked down below including stocks psychology of money and u and youtube so check that out link down below