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Collection for podcasts • 511 items • Updated • 2
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Speaker A: Ryan Reynolds here from Mint Mobile. With the price of just about everything going up during inflation, we thought we'd bring our prices down. So to help us, we brought in a reverse auctioneer, which is apparently a thing. |
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Speaker E: What's going on, guys? It's Ash Bennington. Welcome to real vision crypto. Daily briefing. Today I'm joined by Bruce Fenton, CEO of Chainstone Labs and host of the Satoshi Roundtable. Bruce, welcome to the show. |
Speaker F: Thanks for having me, Ash, it's a. |
Speaker E: Pleasure to have you here with us for the very first time. Lots to talk about. We'll get to that in just a second, but I want to take a look at price action here on the day. Bitcoin trading right now at 24,931. Lost the 25 handle there. It's down about 4%, trailing 24 hours, down about six and three quarter ... |
Speaker F: Well, I started in the traditional markets. You know, I've been registered with the SEC in some form or another for 30 years now. So I. And actually, even, even before that, I worked unregistered ever since I was a teenager. So I started in the Wall street business basically at around 14, and then I became a... |
Speaker E: You and I share some aspects of that background. I think. You were at Morgan Stanley, I was at Credit Suisse during the.com bubble. It was an exciting time, but got hooked on the intersection of finance and technology. Talk to us specifically about how you discovered bitcoin and how it struck a chord with yo... |
Speaker F: Well, I'm a freedom person. I've always been interested in liberty and libertarian ideals. I was a Ron Paul fan, and I'm up here in New Hampshire now. But even before I moved to New Hampshire, there's an event here, it's actually coming up in a couple of weeks called pork Fest. And that's where a lot of bitc... |
Speaker E: So tell us a little bit about the current state of play in bitcoin how do you see the ecosystem right now? Obviously, you've been looking at this for over a decade. Talk about the evolution that you've seen and where you think we are right now. |
Speaker F: In bitcoin, there's an exciting, emerging, ongoing narrative where I think bitcoiners have become increasingly sophisticated, with an increasingly sophisticated narrative over the last decade. And that's just because we've brought on higher and higher caliber people, the Ross Stevens and the safety and the s... |
Speaker E: Yeah, you've just touched on a lot of important points there, a lot to cover. Let's talk about how you see, philosophically, bitcoin. I mean, it's interesting. It's one of those things that's kind of like touching the elephant in different places. You see different things. We could talk about the technology,... |
Speaker F: Yeah, you know, the idea that the state should be in charge of money is just kind of a broken idea. You know, for hundreds of years, the state was in charge of the church, and the church and the state were the and then America came along and said, no, we're going to separate that. And I think most people, ve... |
Speaker E: Now, the counterarguments of that from, particularly from keynesian economists, you've heard these before, the idea, of course there are bad things that happen in the world, but on balance, the United States had a pretty incredible century in the 20th century, especially the second half of the 20th century, ... |
Speaker F: Well, you know, a lot of our best years were when we were on a gold standard. We had a lot of really great growth in the fifties and sixties, the post war, post world War two boom, and we had a lot more freedom. We had a lot more economic freedom. And yes, they started tinkering with the money, but it was a ... |
Speaker E: Hey everyone, we're going to take a quick pause and hear a word from our partners. We'll be right back. |
Speaker A: Ryan Reynolds here from Mint mobile. With the price of just about everything going up during inflation, we thought we'd bring our prices down. So to help us, we brought in a reverse auctioneer, which is apparently a thing. |
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Speaker E: Bruce, I want to ask you about something you just mentioned, which was your run for the United States Senate. Talk a little bit about what inspired you to do that. Obviously, that's not a decision that anyone makes lightly here in the mean, they come after you. Whether you're a Democrat or a Republican, your... |
Speaker F: Well, you know, I think we're in a fourth turning. There's a great book in 96 that came out called a fourth turning, which talks about how every hundred years or so we have these major cycles and shifts in the way that the whole world works, the way that maps are changed and languages changed and beliefs are... |
Speaker E: Preston, it's interesting, the perspective of bitcoiners here in the United States. You can almost divide it into two categories. There are people who see bitcoin as very much a global movement with benefits for mankind and aggregate. I think everybody in the second category believes that as well. But there ... |
Speaker F: Yeah, the best years we had for the dollar was when the dollar was backed by sound money and backed by gold. And we can do the same. We could have the dollar backed by bitcoin. We can make bitcoin legal tender. Bitcoin is sound money. At the end of the day, all of the shenanigans and tricks that politicians ... |
Speaker E: Bruce, I want to give you some time to unpack and articulate your vision of what this looks like. Let's go flash forward into the future, 3510 years. Talk a little bit about your vision for bitcoin and how it would actually work in terms of the functional mechanics of a bitcoin standard rising here in the Un... |
Speaker F: Steven well, the most important thing is more people viewing bitcoin as money. Bitcoin has been my form of money since 2013. I went in, all in, and never came back. I've never been able to buy any more bitcoin since then because I've always been all in, other than any incoming new money. So I think more peop... |
Speaker E: Yeah, you mentioned something that's been controversial in the bitcoin community, which is the idea of ordinals and inscriptions. Where do you come down on this? This is something that's divided bitcoin, or some saying, hey, it's a free and open platform. People should be able to do what they wish. Others co... |
Speaker F: Yeah, that's interesting. It's a great debate to follow in bitcoin, and there's a couple camps, a couple major camps, and then a couple subcategories. There's some people who just think that all digital assets, junk and nothing should ever be built, and they don't see any legitimacy of any tokens. I disagree... |
Speaker E: By the way, we should tell our listeners who are listening to this on a podcast about your incredible background. You have some really amazing comic book art behind you, some incredible collectibles back there. |
Speaker F: Coins, too. |
Speaker E: Yeah. |
Speaker F: And so art is a real market, and digital art should be. World of Warcraft has suits of armor that cost $1,000, and they've held their value for 15 years. Now. There's public companies that haven't lasted that long. So I believe digital assets is a legit market, and although maybe a smaller, it's actually qui... |
Speaker E: Hey, everyone, we're going to take another quick break and hear a word from our partners. We'll be right back to the real vision crypto daily briefing. |
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Speaker F: And celtic bank members of the IC. Terms and conditions apply. |
Speaker E: So what do you say when people say like, this is just an outrage. Bitcoin is here to be the pay. The settlement led to be the strongest form of money globally. Keep your collectibles off of it. |
Speaker F: Well, I say you might be more happy in the closed source environment. This is open source software. Satoshi gave it away, and there's nobody who can say whether this is a valid use or not. Satoshi Dice, started by my good friend Eric Voorhees way back in the early day, did a whole mess of transactions. A lot... |
Speaker E: Trey yeah thats really interesting. The idea that on open networks bad things are going to happen, but bad things are going to happen anyway, I guess the argument goes. So why not do it on an environment of maximal freedom and maximal openness? So goes the argument at least so that the better ideas can chase... |
Speaker F: Yeah exactly. You just let markets work. And this is part of the broader conversation going on about securities and everything. Although Im securities registered and Im one of the most licensed regulated people in the space and I have been for a long, long time. But I'm actually against the idea of these reg... |
Speaker E: Yeah, I mean, of course, the challenge is that people do get hurt, particularly retail investors get hurt along the way, and that's obviously a terrible thing. Since you mentioned regulation, I want to talk a little bit about what's happening right now with the SEC crackdown. SEC, of course, filing suit agai... |
Speaker F: Happening, yeah. Bitcoin is excluded, I think, primarily because of the reason that I mentioned. At the end of the day, it's protected speech, it's code that was issued, and you can run it, and everything else is secondary to that. So I think bitcoin is very, very hard for them to attack, particularly given ... |
Speaker E: Bruce, I've got one more question for you, and then I want to go to viewer questions because we've got some interesting ones that have come in. Just because it's breaking news today, Blackrock apparently is filing to create a bitcoin ETF. BlackRock, obviously, as many people know, is the largest asset manage... |
Speaker F: Well, I hope they succeed. You know, a lot of people have tried. I've joked before, way back in 2013, I thought about doing this and I thought it'd be a great idea to have an ETF. And then the Winklevoss brothers came along and I said, oh, well, they're real smart, they're very capable fellows and they have ... |
Speaker E: Okay, to questions from our audience. Here comes our first one from Aetnam news on YouTube. Boy, this is great. Talk about open sourcing things. This is a cool question for you. Tough one as well. I love bitcoin, but the argument that is a superior form of money hangs in the balance of its allocations. A mor... |
Speaker F: Yeah, fairness is an interesting thing. Again, going back to markets, is it fair that people were, I mean, it was only super, super geeks. You got to be some kind of very unusual person to be on the cypherpunk's mailing list in 2010 and eleven and then have the technical ability to be able to start mining. I... |
Speaker E: Okay, next question comes to us from Diego Filamena on YouTube. Diego starts out with a comment, great guest. He says, please ask Mister Fenton about Prometheum Gate at Congress a couple of days ago. Boy, I'm glad you have to explain this one. And I don't. I should say this is a story that's still developed,... |
Speaker F: Yeah, sure. So basically what happened is Gary Gensler, the chairman of the SEC, has been saying this line, come on in and register. And that is a lie, unfortunately, and it's even a career risk. And it's something that I take seriously to say that the chairman of the SEC is lying. But unfortunately, we've g... |
Speaker E: Strong words, Bruce. |
Speaker F: Yeah, well, it's strong times. You got to call it like it is. The truth is the truth. And I stand by my words. And I'd be happy to go into. Yep. Or give examples to anybody who challenges it. But we need a clear, clean economy. And I care about this business. I care about securities. I told you I started my ... |
Speaker E: Yeah. Well, as I said, very strong words. It's going to be interesting to keep an eye on this. By the way, I should say two things about this story that's developing right now with Prometheum. Number one, as I said, some of these revelations are just coming to light. We haven't had a chance to independently ... |
Speaker F: Well, I think that freedom is so important, and it sounds really basic and it sounds almost silly to say that we've got to be thinking about freedom, but we really do because the idea of peaceful people being harmed by the force of government, by men with guns is something that we should all be deeply, deepl... |
Speaker E: Bruce, I have a question for you about pork fest. How's the food? They have actual pork. |
Speaker F: I don't eat pork, but I think somebody probably does. And pork stands for porcupine, which is the state motto or the state mascot of New Hampshire. And it's also kind of a libertarian mascot. You know, the Republicans and Democrats have the elephant and the donkey and the libertarians have the porcupine. |
Speaker E: Yeah, I'm looking at the website right now. Family friendly freedom festival. Looks like it's a place you can camp as well. It looks beautiful in the mountains there of New Hampshire. |
Speaker F: Yeah, it is. It's fun. I'm looking forward to it. I go every, usually every year, and there's a good crowd, there's a lot of big partners, and there's several presidential candidates who are going this year and other figures. Uh, uh, uh, Kennedy, uh, RFK Junior is, is going and, uh, Vivek Ramswami is going. ... |
Speaker E: Well, that's very well said, and that's certainly what we believe here in real vision, no political biases. We have everybody on. Despite my own libertarian leanings. Always good to have open conversation, free conversation and a variety of voices. Bruce Fenton, thanks so much for joining us. I hope you'll c... |
Speaker F: Absolutely. |
Speaker E: Thanks for watching everybody. |
Speaker H: What's up revolutionaries. Thanks for tuning in to the real vision daily briefing. For more content like this, head over to realvision.com and get unfiltered access to the very best, brightest, and biggest names in finance. |
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