I'm sure he's devastated

Max can be a nut but he's no dummy

Sorry, it is not.

Why ADA?

i.e. you're holding the Raoul Pal portfolio

I think they cover Crypto quite a lot and I like the fact that the content actually covers a very broad spectrum. We don't want to fall into the trap of being equally closed minded in the opposite direction. To see dangers and opportunities we probably need to keep our vision as wide as possible.

sell your ada

sell your eth buy more ada ;)

The traditionalists could be right about BTC, only time will tell but they need this content far more than the crypto believers. I always pay the most attention to the videos that are contrary to my opinion. That's how I avoid making costly mistakes (see if someone else thought of something I didn't). The traditionalists should be the ones giving it the most thumbs up. I have some doubts about BTC, but I would give this video two thumbs up if I could because it got me thinking about a couple things.

Downvoted due to bullshit promotion of ADA.

Wait 0% equities but 25% USD (in cash?) and another 25% in cash? So you are 50% cash and you hold precious metals and crypto only basically. That's cool if it works out but terrible portfolio management.

If that was the case I would expect more of the mining hashrate to come from Russia.

the KGB? Or the Bolshevik tribe?

Russia is printing money just like all the other economies. It wouldn't make sense to devise such a brilliant system (blockchain technology) and not see the positive implications of it and not use for the betterment of your own country.

Russia!!!

What is the basis for this suspion?

Probably another bottom feeder of the globalist pawn scheme. Russia is the enemy, you know, every white christian male leader is evil, he has to be. Russia I'm sure would be a paradise if a black woman ruled it, right?

If an intelligence agency is behind Bitcoin, it is much more likely to be the CIA.

Hi AJ, Great to see that you've started thinking about Bitcoin. However, these arguments have been around for as long as Bitcoin has been alive. See below for some rebuttals. - Intrinsic value I'm assuming by "intrinsic value" you mean some sort of non-monetary value. Sure, gold has it's industrial uses but so does Bitcoin. Most notably, Bitcoin (and other cryptocurrencies) are used for global remittances. It's a huge market where BTC is making an impact right now by bringing faster settlement speeds and lower fees. - Easily copied Bitcoin can be copied just as easily as the internet itself. Or say Facebook, Amazon or Ebay. It's not impossible but as you might understand it's very very hard to do so. People use Bitcoin because a lot of other people also use it. The "network effects" gets more and more powerful the more people joins the network. This is why it's so hard to displace. - Storage Gold and Bitcoin both have their pros and cons when it comes to storage. If you're going to store these assets by yourself (no third parties involved) then I'd say gold is somewhat easier to store and keep safe. However, in the world of Bitcoin you can setup a wallet where 2/3 or 3/5 keys are required to move the funds which makes it very hard for a criminal to force the BTC out of your hands (since you only control 1 of these keys). Also, if you plan to take your gold/BTC across borders then BTC is on a whole other playing field as you literally can store your keys in your head (by memorizing the recovery seed of your wallet).

The intrinsic value argument is so tired; as if gold has real intrinsic value for any given individual. It's the same concept, we just claim it does. All gold has that is any different is legacy. Period. It's hard to produce more gold out of thin air, but it can slowly be found. With bitcoin the scarcity is even more refined and portability make it shine (no pun intended) way beyond gold. Most people aren't very honest about these facts. I'm not saying bitcoin will ever be adopted in the way that a lot of people think it can, but that doesn't mean it can't. Of course it can fulfill all the properties of money and no, it's not fiat. Be honest and truly critical in your thinking next time, AJ.

Fiat means "by decree" of government. WTF are you talking about?

AJ, I agree with most of your concerns regarding crypto. I decided to add it to my portfolio for the following reasons; 1. I think we can all agree central bank backed currencies are facing unprecedented challenges 2. I wanted to augment my gold/silver positions with another asset class that was outside the traditional financial system 3. Regardless of what people's opinions are, crypto in general and bitcoin particular are gaining more widespread acceptance (example payal/Paxful partnership) and there is a huge upside potential for crypto if it becomes a 1/2 or even 1/4 the market cap of gold Bitcoin and all other cryptos could go to 0 sure, but I think there is larger chance they continue their current trajectory and gain a larger market share. If that happens the central banks will create an ever growing demand for them regardless of the occupant of the White House.

William, You're not old at all. I couldn't have said it better at 20 years your junior.

What a great comment! I remember getting my first email address at the age of 14 in '94 and realizing that the Internet was probably going to revolutionize retail. But it was really hard to get any traction with investors at the time, as it is now for many crypto entrepreneurs. It was so easy to get ahead of the market and at the same time miss out on the ripe opportunities. Back in the 90s, one of the arguments against e-commerce was that "no one" would dare to put their credit card information online, where it could so easily be stolen. The credit card companies didn't even have to improve their security systems to put people at ease, that just made it a moot argument by promising to cover the risk, knowing full well that there were more than enough transaction-derived profits to cover the down side. Who is going to be the first to figure out how to support quality journalism by creating a functional micro-payment system for "reader to journalist" transactions? RV is doing a really great job of introducing us to amazing people, but I'm missing a way to go deeper, to ask questions and hear the counter arguments. Anyone else found something?

Curious about this if you have more to say? Thanks. Why Belgium (meaning the EU or ?) and USA. How do you see the end?

@Matt D -- I do have a lot more to say, but unfortunately on RV the group hivemind consensus is that I'm not presenting my knowledge in the proper touchy-feely manner to be accepted by them. So I will comment sometimes on what I feel like, the gang mentality has guaranteed that anything I share will be only useful to those that have a certain level of experience. The people I trust will get better information. RV crowd, not so much. They aren't worth it after that treatment.

Ok - Cheers mate. I enjoy reading your comments.

Whet my whistle, Timmy I'm all ears (eyes). Please and thank you. I think what you are saying has a real good shot at happening.

I would count on IBM going bankrupt rather than producing anything that significant:)

Tor C. - You are probably right. DLS

It is true David, at your age it might take til you are about to kick the bucket anyway and you probably already (at that age ... living in the US era that you did, the most prosperous of all time) don't really need the money in any real way. Gold will do really well and is much the better choice at this point for you. If you made 100x on BTC even at your age, it doesn't matter, no one does anything of import at age 80+ anyway.

Yes, this is the next stage of the new marxist world order. It is Lenin's view of the single, central bank.

I agree, Simon always stresses that the "competing crypto" theory ultimately fails - and he is correct. If there is a big crypto, it will be BTC. Period.

Sir, kindly and respectfully. The best approach is to buy bitcoin and HODL it on a hardware wallet. I use a ledger but other bitcoiners prefer other ones. You used a lot of word salad up there combining black magic and portfolio management forecasting. I was recently on a call with a CIO who said, “there’s isn’t a backrest I’ve ever met that I didn’t like” so if you’re trying to tune for past performance, you know where that goes. Although if you realize that required 15% return with a hard wired vol level, you may take my money. There’s an easier way. When someone says the word “crypto” just move on. There’s bitcoin and there’s everything else and there’s a reason the smartest people in the space reach this conclusion. Those who don’t are financially incentivized to make sure you don’t either. Raoul is a generous talented hard working dynamic person, for which I am grateful, but he is a marketer as well. IMO, RV is killer for everything but their efforts to “widen the conversation” is good for RV staff to get more contacts in the venture capital space, but it’s bad for sound money. 20% in bitcoin sounds like a lot, 10% in alts sounds like a lot a lot. Start here - Do you own a single bitcoin yet? And if so, have you used a hardware wallet? And facilitated small amounts with a digital wallet? And exchanged with people in real life not just on coinbase? Have you read the various papers about the latest thinking around bitcoin? Thinking ammous, Breedlove, Pritzker, so many others. These are the bitcoin achievements to unlock. Like the moment someone decides to own physical gold on top of their GLD, bitcoin is something else, and alts are something else all over. FWIW the services I used are swanbitcoin.com to buy weekly and dollar cost average so I don’t have to look at charts and trade, Ledger Bluetooth wallet, and Green wallet for small personal transactions.

Sir, kindly and respectfully. First of all I did not imply I consider this portfolio as an optimal choice or something I would consider. It's a somewhat contrived example to set up a context. If you practice comprehensive reading you will understand that the entire post was about altcoins in a portfolio. So I had to make the crypto allocation large enough to matter. Otherwise why bother to hodl <0.5% alt coins? Sounds like you're smart enough to be able to judge how bad those numbers are made up - yet fail to contribute anything meaningful to the process of optimizing them other than throwing some dogmatic views around. Second: what does storing Bitcoin has anything to do with returns? What does a theoretical question have anything to do if I read some influencers in the space? Third: Financial incentives of actors not just in the crypto space but in finance in general are well known and kept in mind at all times. Still nothing to do with the question. Anyway, if you just had to unload your ramblings somewhere, you're welcome. But next time please don't click the reply button!

Thank you for addressing in a civilized manner. I agree that I kind of hijacked your thread and turn it into a dogmatic comment. It obviously so happens that I believe in those comments and felt that they should be said to the audience, but whatever. Two approaches towards waiting mechanisms on the back test I would suggest mean variance optimization or vol targeting.

Michael, apologies for the slightly irritated tone! I actually mostly agree with your original comments in a general sense. You need to try to use BTC in a proper way, get involved and study to understand more. I got your opinion about alts: forget about them. However, as BTC becomes more adopted (hopefully also in practice) and as RV gets crowded by crypto people, I'm sure the next wave will be coming up . I mean even Raoul is into ETH now...next thing you know he'll be HODLing doggiecoin :)

Agree with the comment above to read Breedlove (on Medium). Exceptional thinker and writer.

Found the no-coiner. It gets tiring when all these naysayers ignore the 11+ years of BTC history and solutions and just utter these simplistic complaints without doing any research. Bitcoin is global money, and there's plenty of proof if you look for it. As for Tether, it will implode after they succumb to the fractional-reserve trap. The Bitfinex guys are behind it, which after their "hack" always gives me pause. They're probably using it to front-run customer orders, for all know, lol.

Slow transacations, Tether, always the same food. People are too lazy to DYOR. BTC will replace the BIS above anything else. It's for Central Bank settlement. No one needs fast payments with bitcoin. Current networks are fast and fine. And when we need them, Lightning and other 2nd layer solutions work OK and are evolving every single year.

The Bitcoin white paper heading is literally Peer-to-Peer Electronic Cash System. So Bitcoin is only money for the first world and currently it can't be used as cash by a large portion of the population as too many transactions would clog the network. And this is going to some day be fixed by using Lightening network which is moving transactions off the block chain to a system owned by a company called Blockstream where transaction history can be lost. Here is some research for you - Satoshi Nakamoto April 2009 "The existing Visa credit card network processes about 15 million Internet purchases per day worldwide. Bitcoin can already scale much larger than that with existing hardware for a fraction of the cost. It never really hits a scale ceiling. If you’re interested, I can go over the ways it would cope with extreme size." I believe in Bitcoin but the changes and limitations to BTC have just ruined the huge benefit and utility low fee micro payments could have. Satoshi or the whitepaper never mentions 2nd layer solutions and said it could scale at a fraction of the cost to VISA. Blockstream have ruined Bitcoin to profit from solving the problem which they caused.

@James: Utter nonsense. Please explain how the base layer would process tens or hundreds of thousands transactions per second without centralizing the system to massive data centers and thereby making it impossible for normal people to run their own nodes. Propagating gigabyte sized blocks to all participants around the world every 10 minutes is ridiculous. Satoshi laid out the blueprints, but as anyone who's ever build software knows: things often change a long the way. The whitepaper is not a holy script. It's just an idea. (and Blockstream doesn't own the Lightning Network.. ffs)

Interesting.

So absolutely sure you have all the answers! You are clearly a person of such high intelligence, why bother wasting your time listening to an others opinion?

Found the lone BSV/BCash user. Say hello to Calvin Ayre, that is, when he isn't busy getting minors to dance at his pool parties. (No, I'm not making this up - he's proud of it, google for pics.)

Peter, I’m a medical professional in my early thirties. If I would to claim that I have all the answers in the world of finance and crypto that would make me fool. I’ve taken a very deep dive into the space and heard opinions from countless sources at this point, from all vantage points. However, brother my first and second cranial nerves work just fine. If it smells like shit, looks like shit, then well...you know. Look into blockstream and tell me if that makes sense to you.

butthurt.

That's total garbage. Only BTC has value. Look at hashrate charts and players. So many scams out there. BCash, BCashSV, Ripple, etc, etc, etc. Pre-mined centralized scams. BTC has lasted this long and is #1 for a reason. And it only got stronger.

Max and Stacy are smart investors - you should read "The Bitcoin Standard" to grasp the reality of hard money and stock to flow - to see how Bitcoin is Digital Gold 2.0 . Craig Wright is a proven fraud .... just because he is a liar doesn't make Bitcoin a scam .

Mate google a bit, i the time you typed this question you could have find the anser. Dont wait on other people to tell you what the truth is, go look it up yourself. https://www.youtube.com/watch?v=LNSlIiKyZJM

Good question and no one has really answered this conundrum. By that stage if BTC is $10 million, huge transaction fees may keep it going but then there will be limited on chain transactions and second layer (eg lightening network) may be where all the action is. Otherwise hashrate will fall to such an extent it would be possible for a bad actor to control more than 50% of hashrate and steal all your bitcoins

Odd - my comment "BTW..." fixed itself once I posted. So disregard. Cheers.

Per Simon, banks already issue a digital currency that is fungible with government fiat. IMHO the question is whether governments can convince citizens that their (newer) version is equivalent to a hard (capped) public crypto like Bitcoin. I think you are right that they will try. They will have to redenominate if/when inflation gets out of control, and forking fiat as crypto would appear to be a good strategy. Outright banning of Bitcoin and other crypto will be difficult, though. For what it's worth, Barry Silbert (CEO Grayscale) recently said he believes this danger has now passed.

If there was now risk with Bitcoin there would be no rewards - ie it would already be $1,000,000. Just don't allocate too much of your portfolio to BTC.

Yeah, they sent out an email to everyone who had a ticket with a link and a password. The recordings aren't on Real Vision, so I'd look for the email in your inbox. (sent to the email address you used when you got your ticket) Can't post it here, pretty sure even non-members can view comments. Best of luck!

They’re all available via Vimeo in a password protected collection. I’m not sure what RV tiers had access. Maybe contact Milton for clarity / access?

Furthermore, I have asked the following question so many times at digital currency conferences / presentations and nobody ever adequately answers it to permit me to "accept" bitcoin as a durable concept permitting the store of value protecting me from planned annual debasement of 2% or more. . . . . Why would any government (US or any other sovereign government) give up control of their money supply? Having control over their money supply allows them to control government spending and thereby influence the people under their sovereign control, and in the US' case, influence over other governments. The current fiat currency paradigm has nearly reached its end of use cycle as the debt super cycle experiences its final parabolic move. Governments will get together (via BIS + G20) and declare sovereign digital currencies legal tender and "independent" or non government controlled digital currencies unlawful forms of legal tender. Any intelligent response to the above is greatly appreciated. Thank you.

There is a decent amount of writing on this topic. Because bitcoin is unstoppable because the government allowed it to get this far by pretending that bitcoin isn’t a big deal or a threat. By the time it is, it will be too late. I’m not being elegant or eloquent here but it is enough for me, I don’t hold 20% in bitcoin. Low single digits.

It is a big assumption that all governments will get together to declare such a thing. Even if this happens, it is unlikely that developing currently will have a seat in the table as they don't have any negotiating power at the moment. There is where I think bitcoin comes into play by giving those countries a fighting chance.

I think you shouldn't jump straight to new world order... What about world order that is going slowly off dollar standard, in the same time as the alternative finance system is getting bigger with BTC as digital gold and ETF and others as smartcontract based DeFi networks. Having BCT at 100k or 200k wouldnt mean giving up your money supply as country..

ETH, BTC*

Lets just cut to the chase, shall we? Sovereign scrip only has backing because it has an army. That army relies on their scrip to have value. When their scrip devalues to zero, that army isn't getting paid. The obvious transition is to the new currency that does store value. This defangs the sovereign monopoly, and guarantees that the decentralized alternative succeeds.

Hahah. More like Crypto o Sea