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other things Peter can you keep ignoring the mass adoption of cryptocurrencies we've got big institutions getting on board countries accepting Bitcoin as a legal tender you've got Bitcoin representing the fastest adoption of any technology recorded in human history it's growing at 113 a year Peter do you feel you missed a boat first of all not investing in cryptocurrency okay so first of all as far as ignoring the mass adoption I don't have to ignore it because it's not happening there is no Mass adoption of Bitcoin for anything you're talking about countries accepting okay El Salvador is trying to experiment with it but that's one little country uh you can't say that that's some kind of wave of countries of making Bitcoin legal tender is Wall Street in it a little bit sure because Wall Street thinks they can make a buck on it I mean they don't give a damn and most of these big investment banks that are allowing their customers to trade they don't trade it themselves I mean they're just trying to make a buck they're operating the casino and if people want to gamble they're like well we're going to let them gamble at our casino because they may gamble it someplace else what I will concede is that there are a lot of people that are gambling on cryptocurrencies bitcoin being one but there's almost 18 000 others if you count all the altcoins then you can throw in all the nfts but what Bitcoin and other digital assets are used for is gambling people buy them because they think the price is going to go up people don't sell them because they think the price is going to go up so it's all a bunch of trading it's not being adopted for anything that's all Pie in the Sky hype to try to justify the appreciation that all the Pumpers are claiming is coming and that's why uh people are buying it and holding on to it or in the case of hex they're getting paid to hold it and penalized if they sell it as far as regrets do I regret not buying it well look obviously I'm not an idiot I mean there are a lot of things with the benefit of hindsight you can look back now that you know everything that happens and say well I could have bought this and made all this money of course I could have bought Bitcoin when I first learned about it I don't even remember where it was I'm pretty sure it was below 10 bucks I don't think it was below a dollar but who the hell knows it was so long though you know it's hard for me to remember but all the problems that I had with Bitcoin when I first noticed it I think are all valid I mean in fact one of the things I didn't like about it I said well what stops somebody from coming up with another cryptocurrency and of course nothing and I was part of the problem I didn't see any real scarcity in an asset that had no intrinsic value and anybody could replicate I also didn't think it was particularly scarce just because there was 21 million of them 21 million is simply an arbitrary number of satoshi's there's a hundred million satoshi's in each one uh and I know people say well you know but you can break a goal down into little tiny grams and that's true but they're no good to you I mean if you want to make a watch you need a certain amount of gold a little speck isn't going to do anything but as far as Bitcoin whatever I can do with the Satoshi I can do with 100 satoshi's or a million because I can't do anything with one so I can't do anything with a million so I never bought that there was any real value what I missed was that that you know this would become like tulip Mania that this would actually catch on and become a massive speculative Mania I did not have the foresight when Bitcoin was you know 10 bucks to see this happening uh and you know but when it did get up to a thousand and then it pulled back for two or three hundred I looked at it for a while and I thought you know should I buy this crap you know it may have a big run I could see all the hype and all the nonsense that people were saying about it and a lot of people are actually believing it but then fundamentally I still couldn't get it and I knew that I could never advise other people to buy it uh that's what a lot of people do in in crypto it's all pump and dump you just get in it and then you pay celebrities to promote it you give away free coins hey pretend you want your salary in Bitcoin it's all hype because the only money that is made in crypto is the money that's lost somebody has to lose money for somebody else to make it it's a zero-sum game in fact it's a negative sum game when you figure out all the other costs the the trading costs the marketing costs you know think about think about all the money that was spent last year uh advertising uh Bitcoin another cryptocurrency they spent a fortune uh pumping it up yet you know everybody who bought is way down I mean the Market's been killed despite a record amounts of publicity and advertisement uh for Bitcoin now so do I regret not taking advantage of other people's greed and ignorance yes I could have made a lot of money had I bought some Bitcoin and sold it I have no idea where I would have sold it had I bought some years ago it's you know you don't know would I have still held it if I bought it at you know 10 bucks or 20 bucks would I still own it at you know 38 000 or 37 000 wherever it is right now I have no idea because I didn't do it right uh and there's a lot of other speculative Investments that I didn't make uh that I could have made a lot of money on fortunately there are a lot of them that I did make I mean I've made money in other things that I've done well on other Investments yeah I mean Bitcoin would have been the best investment I ever made paid had I bought it at ten dollars and sold it at 69 000 at the high sure or even if I sold it today and bought it at ten dollars but I didn't do that but what's going to happen to other people what they're going to regret is not selling because that's one regret I'm never gonna have but a lot of people are going to watch their paper fortunes completely evaporate people are going to go from millionaires to nothing and people are going to have a lot of regrets over the the paper profits that they never realized can I talk am I in the video when I talk do I show when I'm talking no no it was my question oh no but I never see myself on this this feed oh I don't know if they're switching you guys never switch to my camera or what okay cool so it's going to clip more if I bring it closer bro I'll try and talk quieter um I'm clipping it by talking too loud so first of all Peter describes a problem that people do have in cryptocurrency where they sell on a 1x or a 2X or a 3X and think that they're smart and then it goes up 69 million x so you could have bought hacks on January 5th of 2019 and sold it when it doubled when it doubled when it doubled when it doubled when it doubled when it doubled when it doubled when it doubled again when it doubled when it doubled when it doubled when it doubled or when it doubled it doubled 13 times in two years and so you could have hopped off the Magic Carpet Ride at any time that you wanted with insanely mad gains and you could have been one of those red candles everybody hates so much and people run into this problem when they reach cryptocurrency they're not used to seeing millions of percent returns hex did a million percent return from the bottom of the top 623 days and that's without staking if you'd staked you would have made 2x if you'd take longer you would have made less if you staked for shorter he describes a problem where he wouldn't have known whether he would have held or not and hex specifically stopped him from his own weak hands selling his future gains and this happens to investors time and time again where they try and time the market only to discover that what matters more is not timing the market but time in the market time in the market with markets that have product Market fit they're on ramping new users they have a durable Walled Garden Peter seems to think that you can copy paste a coin and instantly it's valuable it's not true when you copy paste a coin you have a different ticker symbol which means you have a different order book which means you have different liquidity which means you have different exchanges that it's traded on the things that affect the price are wildly different now look whether you like hex or not fine I'm also solving a lot of other problems I don't like how electricity is destroying the environment I used to mine Bitcoin I used a lot of electricity to do it it wasn't renewable energy I think Bitcoin destroys the environment I think gold destroys the environment I think ethereum destroys the environment and I've already solved that pulsechain.com gets rid of all the proof of work destroying of the environment to maintain a consensus Network and just uses proof of stake the same way that hacks doesn't require you to destroy the environment to earn inflation rewards it just requires you to lay gratification to earn inflation rewards so we have less negative externalities which is why we have a superior price chart this is gold verse Bitcoin gold goes up or gold goes up a little bit Bitcoin goes up a lot this is hex it just basically looks like a giant up and to the right you got to click log for it to make sense or it just compresses everything into a flat line here which is useless to reason about a flat line isn't helpful in a chart now look at from launch he wished that he had got in early on bitcoin and ethereum because he would have made hundreds of thousands of percent returns this is hex versus Bitcoin and ethereum from their launch this is the hardest possible time to try and compete with those currencies this is when they had the maximum appreciation the maximum up and to the right we're beating both of them today after a 66 or 70 dip when you zoom in it looks like this this is on a log scale these are really big numbers and so you know we're up versus Bitcoin at the top 500 x 500 that's uh 532 000 percent versus Bitcoin at the top now we've dipped we're only up 15 150x now 1500 X that's why I break charts right we did the same thing versus ethereum but ethereum pumped harder than Bitcoin three times harder so our gains versus ethereum are about three times less I have to hide my eyes from the camera and then this is US versus the dollar about a million percent versus the dollar now he's going to tell you these numbers aren't real but guess what they are real when you create those red candles that everybody hates that's you cashing out and then you could go buy whatever Peter does like he likes stocks that you don't own the shares to by the way as far as the utility and stocks go you realize that if you get a 40 share of your local Burger King you can't change the prices you can't change the hours of operation you can't add an item to the menu and you can't pull cash out of the register and so this concept that somehow owning shares in a company is somewhere more wholesome or better than owning a part of a cryptocurrency which may give you rights to control the consensus of the network which May issue you trustless dividends with no middlemen whatsoever and so I created something that solves a lot of problems that Peter hates Peter likes self-custody I solved it Peter likes yield I solved it Peter likes delayed gratification I solved it but he just doesn't realize I've solved the things that he cares about so I'm making people literal Millionaires and he says other things which aren't the case such as some people have to lose in order for other people to win it's not true it's a hundred percent not true when your house goes up in value who loses when your gold goes up in value who loses when it when it when a baby is born or tree grows who loses they're created out of thin air trees are created out of thin air all right let's
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