Coronavirus’s Impact on Macro & the Future of Crypto

Published on
April 3rd, 2020
Duration
65 minutes


Coronavirus’s Impact on Macro & the Future of Crypto

The Interview ·
Featuring Dan Morehead and Raoul Pal

Published on: April 3rd, 2020 • Duration: 65 minutes

Raoul Pal joins Dan Morehead, CEO & founder of the cryptocurrency investment firm Pantera Capital, in a timely discussion about the current state of play in markets and the global macroeconomic outlook in the wake of coronavirus. While Morehead is one of the best-known names in the crypto investment space, he draws on the analytic toolkit he developed earlier in his career, as a macro trader at Tiger Management, the hedge fund run by investing legend Julian Robertson. Additionally, Raoul and Dan explore the opportunities in the digital asset space and discuss more broadly what they've learned in their decades as investors about the underlying essence of crisis and recovery.

Comments

Transcript

  • PS
    Pavel S.
    3 April 2020 @ 18:44
    Raoul, why did you drop the EOS word? :) EOS project in their full name "Ethereum on Steroids" sacrifices decentralisation for sake of scalability. It is a centralised "blockchain", they run a dPOS (delegated proof of stake) consensus meaning the blocks are approved by a few nodes controlled by EOS foundation. So it´s not a valuable decentralised blockchain. Value in blockchain is coming from the decentralised and trustless interaction. Please do your research before you drop a name of a centralised project like EOS as the EOS token is likely worthless and you have many people on RV who are new to crypto, so you don´t want to just go and blindly buy a thing you mentioned.Or just focus on Bitcoin or Decentralised Finance (DeFi) on Ethereum here as these are genuinely valuable to its users, token holders, miners and basically any stakeholder. Also just to briefly point out Ripple is a great technology that is owned by Ripple Inc. There is certainly value in the tech and thus in the shares of Ripple Inc. But the XRP token is worthless and only trades on hype, it does not accrue any value by design and it is from the majority owned by Ripple Inc. I´m just dropping it here so people do their research before they blindly buy some tokens just because Dan mentioned it 6x in the interview. It is of course good for Ripple Inc if people blindly buy tokens. On the positive side Dan describes nicely the BTC volatility and investor sentiment :) Thanks for doing it. It would be great if RV focused mainly on Bitcoin, DeFi and interoperability between the blockchains. Hope this does not become a shilling space for centralised blockchains. Bitcoin, not blockchain!
    • RP
      Raoul P. | Founder
      3 April 2020 @ 19:32
      There is room for everyone. Even non-decentralised blockchains... they all have their place.
    • PS
      Pavel S.
      3 April 2020 @ 19:44
      Thanks, Raoul. As I see it RV is a great investment platform so dropping words of tokens that are obviously bad investments (EOS maybe had legs in 2017 but not now) is something a person of your format should not do. We forgive you because you are relatively new to the community and we love you :) But please be careful mentioning worthless tokens. Disclaimer - I am a CEO of crypto fund that focuses on liquid tokens only, no SAFTs, no ICOs, no equity, just the same tokens that people can buy in the exchanges. So we studied value accruation mechanics of every crypto token and no people should not buy EOS and XRP if they do not want to lose money.
    • DT
      David T.
      4 April 2020 @ 00:35
      ПшолНахуи
    • AK
      Ado K.
      4 April 2020 @ 08:06
      Raoul is giving an additional platform to Bitcoin, that is priceless. On RV you have many sophisticated investors who perhaps will take a second look at this space after seeing Raoul talk about it. What will not help Bitcoin is the tribalism of attacking everyone who has a different view. Once you first enter this space it is hard to differentiate at first, but with time you navigate the field and smart people realize that "okay Bitcoin is probably the only project that matters".
    • PS
      Pavel S.
      4 April 2020 @ 10:02
      I agree, Ado. Tribalism is bad for crypto. But you still need to call out people for wrong things: 1) I understand why Dan has motivation to mentiin Ripple next to Bitcoin and Ethereum. 6 times btw. It is fine. I just pointed out in comments my opinion on the value of the token because it adds value to new people. Be careful. 2) Raoul mentioned EOS for no reason out of the blue. I asked him why and pointed out it is a centralised project with no USP and no fundamental reason to exist. As such and because I hold Raoul in high regard it had to be called out. EOS is 2017 thinking. Note also I did not mention any names of good projects. No tribalism here. Just value added comments.
    • DH
      Derek H.
      20 August 2020 @ 20:56
      The reason Ripple can do transactions globally for remittance is because XRP has value as a bridge currency. If you want to trade USD to MXN you now have instant settlement and high volumes of liquidity through Ripplenet. Families being able to send low value remittances for near-zero cost is pretty revolutionary. If you speculate that XRP will be used a bridge currency more in the future, the demand for it will increase. That is why investors hold XRP. It's really not as complicated as people think.
  • SB
    Scott B.
    4 April 2020 @ 06:14
    Dan Morehead did an amazing job keeping a straight face mentioning Bitcoin in the same breath with Ripple (100% premined coin) and Eth (zero monetary policy - the Fed of digital assets). LPT know Bitcoin BTC. All this talk about “blockchain”, it’s like 2014-2015 all over again. When someone says “blockchain” ask how is consensus reached among disparate, hostile counter-parties? What is bonded? Dan even said “back office blockchain, we are past all that”. Ethereum is dynamic because it’s broken, it’s in search of a use case, it’s underlying tech doesn’t align to real world constraints like the laws of physics, limitations on data transmission, storage, node syncing, etc. they are still trying to migrate from proof of work to something else only to find out that something else doesn’t work in the real world too. Ethereum has a bunch of people navel gazing, doesn’t mean anything will ever come of it unfortunately. Ripple is not going to replace Swift. It is a 100% premined coin. Nothing more needs to be said. “Blockchain” is a made-up marketing term, it’s supposedly the next evolution of a distributed database, in reality it’s not. Raoul should have ‪@TuurDemeester or ‬@danheld ‬on for an interview to help the RV audience appreciate what are the characteristics of a functional blockchain (there really is only one, it’s Bitcoin BTC), when is a blockchain appropriate (only one real use case, SOV, MoE, and ultimately unit of account). This is because the underlying method of reaching consensus in an open-source, hostile, distributed, decentralized manner is extremely costly, slow, and expensive. Due to it having all these apparent drawbacks (they are features, not bugs) it’s perfect as a SOV, MoE, and ultimately a unit of account. There will only be 21 million Bitcoin divisible to 8 decimal places. With Bitcoin my counterparty risk is a blockchain protected by 100 terahash per second calculations. Globally, within a second, 100 Trillion nonces are calculated. 100 Trillion calculations per second 24x7x365. There is no more reliable counterparty ever known. Best odds ever.
    • CH
      Crag H.
      4 April 2020 @ 07:10
      +1 I'd also love to see Nick Carter on RV at some point. His article on Medium called "A most peaceful revolution" is a masterpiece: https://medium.com/@nic__carter/a-most-peaceful-revolution-8b63b64c203e
    • DH
      Derek H.
      20 August 2020 @ 20:45
      "Pre-mined" is a ridiculous term used by people that don't understand the consensus mechanism. It implies that every blockchain needs to be secured through mining. Say what you want about Ripple the company, but in terms of transaction speed, throughput, and success rate, nothing comes close to XRP. Period. I agree however that there is a distribution problem, and hate that most XRP is owned (released through escrow) by Ripple. But please do not discount a $20 billion dollar project by saying "pre-mined" and moving on as though nothing else interesting exists.
  • MK
    Mitchell K.
    25 April 2020 @ 01:53
    "... now its 102 trillion" hahaha :'D
  • TR
    Travis R.
    18 April 2020 @ 20:59
    Thank you for this insightful interview. It would be interesting to hear Dan and Raoul's thoughts on Hedera Hashgraph (HBAR) and if that has traction. Bitcoin halving is a little over 20 days away; should be fireworks by the end of the year.
  • MT
    Michael T.
    16 April 2020 @ 00:39
    Dan Moorehead also said ICX in Q1 2018 would be the best performing crypto in 2018 and his biggest holding. ICX turned out to go from $4 to .20 cents during that time, so Dan's best call for 2018 was a 95% loss. Not sure Dan is a reliable source of crypto info even if he manages a crypto fund. Just goes to show you most people don't know what they are doing in crypto.
  • GL
    G L.
    13 April 2020 @ 22:10
    Great interview! Completely agree with Dan on venture investing.
  • JM
    James M.
    8 April 2020 @ 07:56
    I find it incredible how these self-aggrandized money managers can make sanctimonious statements about an imperialist like Napoleon whilst ignoring the fact that it's the very imperialist nature of their supposed superior moral system which of course is neither superior or moral that made them their noncapitalistic profits in the first place. Whilst indirectly denouncing an imperialist like Napoleon. The US system is Napoleon, Rome, Britain, Spain, (You choose your Empire there are plenty) of today yet is far more destructive, unjust and immoral than Napoleon or any other imperialist before them via the reserve currency bastardized Bretton Wood situation. The USA has managed to achieve more death, misery and stolen treasure than any of the equally repugnant imperialists that have come before them. Real Vision, unfortunately, is full off such characters too many to mention here, however Kyle Bass and this guy seem to make the example fairly obvious. Its a pity RV doesn’t address this by equalizing the debate and showing some serious objectivity by bringing on guests who may point this glaring fact out. There are many people out there with excessive knowledge on the subject that would I’m sure jump at the chance to be on this platform. Ron Paul, Jeremy Grantham, Noam Chomsky, Max Kiser, to mention only a few. I don’t state this to suggest attempted capitalism is to blame although maybe it is I don’t know as we have never seen true free-market capitalism or true communism before. We have only ever seen centralized systems claiming to be one or the other in pure propaganda. So maybe the question should be Centralised systems or Decentralised systems the latter supposedly being this guy's expertise?
    • BN
      Barrett N.
      11 April 2020 @ 22:58
      You could’ve just not watched the interview. Just turned it off.
    • JM
      James M.
      13 April 2020 @ 06:16
      So whats the purpose of commentary? Only acceptable if it is fanboy commentary? If I hadn't watched the interview how could I analyze assessment of my opinion? Is that how you learn you seek conformation biases and only watch what you initially agree with or feel comfortable with at any given time? Don't you think critical thought is the only way to learn anything?
  • BN
    Barrett N.
    11 April 2020 @ 22:44
    Always great to see Dan &Raoul! Thanks! Happy Holidays.
  • BJ
    Brett J.
    3 April 2020 @ 09:35
    Is it just me or is that cue ball always exactly in the same spot and these interviews are all done at the same time of day?
    • WM
      Will M.
      11 April 2020 @ 20:29
      maybe because thats the way it gets set up after a game?
  • ML
    Marc-Olivier L.
    9 April 2020 @ 10:33
    When was this recorded?
  • EV
    Erik V.
    5 April 2020 @ 17:36
    I hold bitcoin and am a believer in it as a long term store of value, but was dismayed by parts of this interview, especially the lazy claim that bitcoin is “disrupting remittance”. Remittance is a startup graveyard, try googling or simply browsing Medium for plenty of postmortems from players in the space who realized that Bitcoin does NOT solve the hard problem there. These and other intellectually lazy claims made me concerned about the intellectual rigor of this BTC cheering session.
    • ZM
      Zachary M.
      5 April 2020 @ 23:35
      Bitcoin doesn't quite have the infrastructure and bandwidth for efficient remittance. Look into Bitso, ODL ($xrp), Moneygram and Ripple.
    • JW
      Jason W.
      6 April 2020 @ 14:06
      How does one know which online providers to trust to buy bitcoin? Who holds your bitcoins when you buy them? And if it’s these companies that hold your bitcoins then what happens if they go bankrupt ? Is there a central log/ database where all owners information of bitcoin are stored?
    • ZM
      Zachary M.
      6 April 2020 @ 16:16
      @Jason W. Same as any industry, really. Check out Coinbase in the US. Bitstamp is trusted world wide as well. You should really custody your own assets if you can manage it. It's not that difficult. Remember: Not your keys, not your crypto. If you don't hold the private key, they aren't yours. Plain and simple. If they go bankrupt you may be screwed, but generally the big players have insured assets that are custodied by companies like BitGo (among others). The only central database would be the companies that are required by the government to collect data on their customers. You can make the assumption that they'll begin associating private addresses with individuals for KYC/AML. So, as usual, it's the government.
    • JW
      Jason W.
      7 April 2020 @ 13:55
      Thank you for you response Zachary M I appreciate it.
  • AK
    Ado K.
    4 April 2020 @ 08:14
    Disagree heavily with Dan in one aspect, the will probably not even be 2 block chains in the future that are of economic significance. This is a winner takes it all space in my opinion. With side chains on Bitcoin you can do anything that Eth or XRP offer. Therefore it becomes a pure network effect race, and so far Bitcoin is half way through the marathon and the rest are still in the start Pitts. I even think there is a chance that Dan would agree with this view, but when you run a fund you cant just say "we will buy only Bitcoin" because then the investors can do it just for themselves and do not need your fund. To anybody wondering about entering this space I feel very comfortable to say that 99 % of the projects are direct scams, 0.9 % are misdirected project and miss allocations of capital, and finally there is Bitcoin. So to summarize 100 % of your crypto investment no matter how big or small it is should be in Bitcoin.
    • DR
      Derrick R.
      4 April 2020 @ 14:13
      “100 % of your internet stocks investment no matter how big or small it is should be in Alta Vista”
    • WN
      Wubbo N.
      4 April 2020 @ 14:27
      There's also a thing called interoperability where blockchains can communicate with each other. Bitcoin's development is so slow and conservative (which has its merits) that ethereum is way ahead of its curve considering things like scaling etc.
    • gh
      george h.
      5 April 2020 @ 10:06
      Strong comment. I was bullish ETH and worried about BTC’s inflexibility, the slow rate of adoption of new tech in BTC, and the very slow progress at rolling out Lightning. The ETH money lego is very seductive. But, as you note, sidechains are the answer to all this. Sidechains can give us whatever combinations of anonymity, computation on-chain, speed, etc, are desired - without requiring BTC risk the whole network with rapid changes to the core code.
    • CA
      Chad A.
      7 April 2020 @ 08:38
      Well said at the end... 100% BTC for sane. The rest is PURE speculation of the highest order! Can one make money at the Altcoins? Sure...just like one can make money at the craps table or the track. Good luck doing it consistently over time.
  • SM
    Shivani M.
    5 April 2020 @ 16:33
    Dan says the money printing will raise the price of real estate. Yet many real estate owners are leveraged to the gills. AirBnB superhosts have 10-20 properties around the world, many in vacation destinations. Great cash flow in good times, but when the scheme fails it will add a margin of supply at just the time when everyone has to hold onto cash and can't pony up a 20% downpayment. Superhosts are just one example - anyone who planned to get out of a home (builders, flippers, growing families) and anyone who relies on real estate for cash flow is getting tossed into a blender. Do you think real estate prices go down first? If so, for how long? If not, why not?
    • SB
      Stephen B.
      6 April 2020 @ 17:22
      I agree, there is too much deleveraging going on for real estate to be an attractive investment. Maybe take a look at the sector in 12 or 24 months but definitely not now.
    • CA
      Chad A.
      7 April 2020 @ 08:29
      They go down after the stock market crashes. Educated guess? Real estate declines 40-60%. Remember, in the last downturn (2008-2010 and the one before ...1999-2000) it took real estate 3-4 years to actually bottom. Were there pockets of faster recovery? Yes ...mainly in the largest cities (i.e. greater demand)... but those were outliers. Everywhere else it took 3-4+ years. So be careful believing real estate is a place to safe haven your cash or gain a return before 2023/24. I’m cashed up just for that reason. Waiting for the bottom to be truly in before deploying capital into income-generating real estate. I did it in 2013 in Asheville, NC. We bought a $1.3MM 5-cabin property on 17 acres (developed/built during the peak of 2008/9 ...then crashed) for $225k cash. Bank ONLY wanted cash offers. Those deals will be around again. But not for while. In the meantime (non-business assets) ...cash (40%), physical gold/silver (20%), BTC (15%) and gold miners - NOT ETFs! - (10%). The rest? ...in my personal (paid for) home.
  • KM
    Klayt M.
    7 April 2020 @ 02:07
    When Dan said that 5% of remittances between US and Mexico were through.... (hell yes! Say it, XRP!) ... Bitcoin. That made me skeptical that he was being a bit disingenuous but I don’t know, maybe Bitcoin has a slice of that pie. Where is that info? XRP is moving 7.5% of USD/MXN on weekly basis and you can easily find that on Google. Deterministic settlement time of ~3.7 seconds, nearly free transactions. One is built for value transfer, the other is built for value. IMHO own both. Either way I love what RV is providing and love listening to so many informative interviews!
    • AW
      Aaron W.
      7 April 2020 @ 02:36
      Ripple described itself as an exchanger of virtual currency in a December 2013 filing made in San Francisco, California, federal court in an unrelated case. As an exchanger, Ripple was required to register with FinCEN and to comply with applicable federal laws and regulations. Yet Ripple sold XRP even though it had not registered with FinCEN, effectuating sales of over approximately $1.3 million in April 2013 alone. Ripple also failed to establish and maintain an appropriate AML program and failed to have policies, procedures and internal controls to ensure compliance with the Bank Secrecy Act and anti-money laundering laws. In July 2013, Ripple incorporated a subsidiary, now known as XRP II, that replaced Ripple as the seller of XRP. Although XRP II registered with FinCEN, it failed to have an effective AML program or to file appropriate suspicious activity reports. Source: Justice.gov
  • MT
    Mark T.
    6 April 2020 @ 22:27
    What I don't get about the appeal of bitcoin is the counter-party risk. Unlike physical gold and silver that you hold yourself, Bitcoin is just electrons that you never hold and require someone else to transact on your behalf. It just doesn't seem to replace gold, in my opinion. Maybe there is something I'm not seeing.
    • AW
      Aaron W.
      7 April 2020 @ 01:31
      Bitcoin transactions require stable internet, thousands of server farms in China and Russia to have reliable power, no government interference among operators of the major mining pools, no significant advances in quantum cryptography, and adherence to proper offline private key creation and safeguarding which is detailed in multi-chapter technical papers. Other than that, bitcoin's totally the future of money.
  • PD
    Peter D.
    3 April 2020 @ 20:19
    Question for Dan - You mentioned scaling. What have your people told you about BSV? They claim massive scaling potential right now. But their London conference attracted 800 people, there was huge energy, and were not covered by a single major media source.
    • CH
      Crag H.
      3 April 2020 @ 21:38
      That's because BSV is never going to work and no one will ever use it for anything meaningful. It's ridicilous from a technical perspective and the founder is a compulsive liar and a fraud who claims to be Satoshi Nakamoto. I get that people are interested in alternatives to Bitcoin but I will never understand how or why people get sucked into the BSV circus.
    • BM
      Brett M.
      3 April 2020 @ 23:15
      Agree with Petter. The founder alone completely destroys any credibility BSV could have, not that these forks have any to begin with anyways. Look at the court case going on with CSW. Absolute fraud of a human and a disgrace to the crypto community. That's the general consensus, not just my personal opinion...
    • AK
      Ado K.
      4 April 2020 @ 07:53
      Honestly Real Vision is not youtube or twitter. The audience here is a bit more sophisticated. I genuinely feel that they do not deserve to be shilled a project that is a borderline scam. BSV is essentially a wash trading mechanism used by shady exchanges to facilitate pump and dump schemes. There is no usage, no real community and the security in terms of hashing power is just a joke.
    • PD
      Peter D.
      5 April 2020 @ 00:23
      Interesting. Ten to one against. And the one vote "for" was my own. Rarely have I ever seen such unanimity, Yet it simply does not square with what I saw in London. The rooms and sessions, were jammed with some of the smartest people I have ever met and I have met a lot. I talked to at least 50 people, many in depth, and I only met one (I hired gun who was new there) who was not convinced that CSW was SN. It will be fun to watch this play out. But if anyone gives me good odds, I'd take the underdog in this one.
    • BB
      Benjamin B.
      5 April 2020 @ 23:26
      I would be remiss if I didn't chime in here. The audience on RV certainly is more sophisticated than on YouTube, and in general, understands that the mantra "do your own research" applies to crypto as well. So one of the questions I have struggled to get a good answer from investors without programming skills is how they perform due diligence on crypto networks without being able to understand the underlying "fundamentals"? As many of my programmer colleagues, I have invested a lot of time researching various blockchain technologies. But after three years of searching for a group of people who actually build things and haven't become an introverted tribe, unable to learn from others or retain an objective perspective, I had basically given up. But then, by chance, I got a last minute invitation to the event in London that Petter referred to and was shocked to find the place packed with real developers, writing real software that actually works. And most of them had recently joined the BSV community after coming to terms with the limitations of whatever protocol they had invested in up until they discovered BSV and *did their own research*. I am still conducting my own due diligence on the quality of the BSV codebase but I as an investor, I think one should dig a bit deeper than what CoinDesk has to offer on the subject: 1. CSW and nChain have made the largest contribution of approved blockchain related patents. These have yet to be challenged in a court of law, but are publicly available and are the subject of increasing scrutiny from researchers around the world. 2. CSW's position on how the use of Bitcoin should actually contribute to a strengthening of the rule of law is at odds with many of the players in the space. It is therefore not at all surprising that they seek to discredit him by any means possible. But it doesn't really matter if he is Satoshi or not, if everyone else has to use his network or pay him for a patent license. He wins either way. 3. Dan mentions in the interview that whomever Satoshi is, we are grateful to him/her for gifting Bitcoin to humanity. I think a lot of people feel that way, and therefore experience a certain cognitive dissonance when the narrative takes a different direction. This is my first comment on RV and it already needs a TL;DR. 1. Bitcoin is a protocol, not a store of value. Owning shares in TCP/IP wouldn't have made you rich, because it had to be free to succeed. 2. The biggest investment yet to made is not in converting one relative time/output proxy (USD) with another (BTC) but rather in developing network applications that utilize the unique properties of a reliable, accessible, stable and scalable communication protocol (Bitcoin) to deliver value (save time). 3. George Gilder, one of the most influential writers on economic growth and prosperity (Forbes quote) is entirely convinced that Craig S. Wright is Satoshi and put it all on the line by agreeing to be a keynote speaker at the conference in London. It was fascinating to hear him explain that "money is time". - money is what all of us are exchanging for time - time is one of the few resources we all consume at the time rate - the relative difference in output (productivity) between any two groups of people, each using their own unit of "fungible time storage" a.k.a. "money" should be reflected in the relative difference of said units of measure (exchange rate) - any monetary exchange network that fails to properly address the relative value that new participants bring to the network is destined to fail. Which is why every reserve currency to date has been replaced by another. 4. Someone else mentioned that it was really interesting to hear what people are reading. I personally stumbled across a hidden gem in Ole Bjerg's book, "Making Money: The philosophy of Crisis Capitalism". Really glad that I found Real Vision, I have learned so much from so many different perspectives on the global markets. And the community is starting to get more involved, which is what will ensure the long term relevance for Real Vision as a concept. Keep up the good work Raoul & co!
    • CH
      Crag H.
      6 April 2020 @ 18:27
      @Ben: Read you post, but still not sure if you're positive towards BSV or not? Anyway, all I can say is that I agree that the protocol need to be free and accessible to all (no patents). And also that the design of BSV (where they are pursuing block sizes of up to 1 GB) is a flawed design. It will result in massive centralization where only those with top notch hardware and infrastructure will be able to run a node. The whole point is that anyone should be able to do this.
  • ZM
    Zachary M.
    6 April 2020 @ 16:41
    Hey Dan! Great episode. I'm curious if you see financial institutions building on top of the XRPL similar to Bitstamp. The question about stablecoins immediately made me think about why banks won't allow their own stablecoins (backed by their cash reserves) on the XRPL so we can transmit and transact that value instantaneously. Why use ETH? What are the regulatory issues that are getting in the way of that and do we see our businesses being able to get past those?
  • bs
    bob s.
    3 April 2020 @ 18:24
    Gentlemen, what is the best diversified safer way to invest in this asset class? Can we add a video or more content? Would love Dan back on just to talk about his firm and interesting projects now. His videos are some of the best. Have money to invest now. TY
    • MK
      Michael K.
      4 April 2020 @ 12:33
      The most diversified way to invest in this asset class is to buy bitcoin (on a bitcoin only platform like swanbitcoin amber or river) and learn how to use it with a hardware wallet (ledger, Trevor, cold card), and use a multi sig solution to secure your custody and security with Unchained Capital.
    • bs
      bob s.
      6 April 2020 @ 16:06
      Michael, would you not think diversified would mean bitcoin along with other coins? Would one or 2 of Dan's funds be most appropriate for a busy in business non-tech guy like me?? Thanks !
  • DD
    Donal D.
    6 April 2020 @ 06:03
    I enjoyed listening to this interview and am inclined to believe in the long term future for BTC but I keep coming back to one question which has be stumped. I agree that governments around the world would like to move to digital currencies for a whole variety of reasons. However what I don't get is why they would choose Bitcoin. If there is a maximum of 21MM ever going to exist then this would imply that governments around the world would have to compete to buy these thus sending the price soaring. Rather than do this why not simply create their own coins using the bitcoin architecture and software. I'm sure someone out there can answer this question for me. Thanks for your help Donal.
    • PS
      Pavel S.
      6 April 2020 @ 09:33
      Strength of bitcoin and any blockchain is stemming from the decentralisation. For this you need adoption in the crypto community of miners and users. I guess this already answers your question why government issued "coin" would not inspire trust and adoption.
  • JW
    J W.
    5 April 2020 @ 08:40
    One of the essential ingredients in the bitcoin cocktail is the market influence of miners and the difficulty adjustment. For those if you interested in finding out more I can direct you to either Pomp or Stephan Livera who have recently done very interesting podcasts with Matt d'Souza from Blockware. These podcasts certainly gave me a deeper understanding of the dynamics.
    • LS
      Lee S.
      5 April 2020 @ 18:20
      Is this the interview you mention? https://podcasts.apple.com/tt/podcast/slp162-matt-dsouza-bitcoin-halving-analysis-bullish/id1415720320?i=1000470177206
    • JW
      J W.
      5 April 2020 @ 19:53
      Hi Lee - yes, SLP162 and Pomp's #256
    • LS
      Lee S.
      5 April 2020 @ 21:39
      Cool. Here's the link to Pomp's #256 https://podcasts.apple.com/us/podcast/256-matt-dsouza-on-upcoming-bitcoin-halving-miner-sell/id1434060078?i=1000470070003
  • AH
    Aaron H.
    3 April 2020 @ 11:23
    There are people in jail today based on digital evidence, where the seized hard drive was proven untampered during the chain of custody by putting the hard drive image data through a MD5 hash. Why? because experts (including me) believed that no two data sets could produce the same MD5. MD5 Hash Collisions are real. There are so many examples of us believing in an encryption scheme because the white paper made sense. Only for flaws to be discovered years later. --- I have not seen experts consider a crypto flaw in Bitcoins threat model. Will satoshi be the first the guy in history to publish perfection in a 1.0 white paper? I've worked in cybersecurity for over 20 years. I'm the annoying bitcoin guy at work. I want to believe bitcoin is perfect (even though I know better).
    • FA
      Firas A.
      3 April 2020 @ 12:25
      A hash collision once in a blue moon won't ever matter, especially if BitCoin was used as intended at massive scale and micro-transactions without address re-use.
    • AH
      Aaron H.
      3 April 2020 @ 14:39
      Firas I was using MD5 Hash collision as an example what we thought was bulletproof, wasn't. WEP, ... WPA, ... WPA-PSK (TKIP), ... WPA2, ........ WPA2-PSK,.... And when a system like this bitcoin is eventually is broken,.. it's usually not an individual component that will bring it down, it will be something unexpected from the combination of the components.
    • AG
      Anurag G.
      3 April 2020 @ 15:15
      It does help to know that there is a multi-billion dollar bounty available for anyone who finds any exploitable cryptographic flaws, and that no one has claimed anything so far. If something is found, it will be fixed. Its happened in the past, and I don't see why, if needed, it won't happen in the future. The Bitcoin whitepaper is not an encryption scheme, in its essence its an incentive structure that is agnostic to the encryption scheme.
    • AH
      Aaron H.
      3 April 2020 @ 16:24
      Anurag imagine the chaos that would create. Fast forward a few years.. bitcoin's market cap is 10x of what it is today. An exploited flaw in bitcoin that causes huge sums to move from wallets to an attacker. What happens next? The patch is coded. Then what? The miners have to roll back to a snapshot of the blockchain? What about all the private full nodes? They all agree and coordinations this perfectly? How long does it take for them to agree how and when to do this? (if they can?). --- The time it takes for them to coordinate a fix would shake the confidence of magic internet money to the core.
    • PB
      Paolo B.
      3 April 2020 @ 19:42
      It won't be Bitcoin the major problem if (when) SHA256 will be broken, I'm sure you know that it's used everywhere. Every system will need to be updated to the new standard. It won't probably happen overnight too, there will be time to make the switch. And it won't probably happen anytime soon either, we're decades far from it. I don't see a problem for Bitcoin, nodes and miners will reach consensus in such case because those who don't will operate in a broken system that doesn't work anymore. Same considerations for the quantum computing argument.
    • CH
      Crag H.
      3 April 2020 @ 20:51
      @Aaron: There would be no rollback. That's the whole point.
    • AH
      Aaron H.
      4 April 2020 @ 13:06
      @Peter - There >>WILL<< be a roll back - that's my whole point.
    • CH
      Crag H.
      5 April 2020 @ 18:55
      @Aaron: If a rollback was made then the system would fail. Price would go to zero. Tell me why the miners would decide to do this when their income relies on the BTC price? And a followup question: If the miners would actually do this, what do you think the node operators, users and businesses would do? My bet is that they would reject the rollback and keep working on the non-rollbacked chain just as they did in 2017 when the miners tried to force 2MB blocks into the code base. Miners don't control the network. Miners are just service providers that will work on the chain where the revenues are the greatest.
  • SG
    Skyler G.
    3 April 2020 @ 17:32
    Distributed Ledger technology is here to stay and there will be obvious opportunities. My view since I sold out of bitcoin in '17 (too early I might add) is that it simply cannot work. Someone explain to me where my thinking is wrong here please? A. Governments can simply ban it via shutting down exchanges (or regulating them out of existence). B. If I'm not mistaken, $1M bitcoin would require as much energy as the rest of mainland USA combined. That would quite literally warm the Earth. Someone point out where my math is wrong on this? C. Advances in computing will make bitcoin more efficient yes, however such great advances to lower energy consumption will also make bitcoin useless if encryption can be broken.
    • CH
      Crag H.
      3 April 2020 @ 21:20
      A) China and many other countries have banned Bitcoin dozens of times and achieved absolutely nothing. People are far to fearful of this. B) Using mathematical extrapolations I can show you that every single human being on the planet is going to get infected by covid-19. Math won't prove that you're wrong but but real life will. C) Advances in computing would not make Bitcoin any better from an energy consumption perspective (it would just ramp up the competition within the mining space). Breakdown of modern cryptography is, at best, decades away and when/if this start to become reality we would have time to switch to other algorithms. We're not going to wake up one day and suddenly realize that all wallets have been hacked. And if that was the case (modern cryptography suddenly being broken that is) the people doing it would not use it to hack Bitcoin. Why would they use extremely expensive computing power to crash the Bitcoin price (and reveal that they now have this power) when they could hack governments and get military intelligence or something similar instead? Crashing Bitcoin would be far down the priority list.
    • SG
      Skyler G.
      4 April 2020 @ 22:13
      Peter G. "China and many other countries have banned bitcoin" I remember China banned bitcoin in September 2017. The peak in bitcoin (USD terms) came in December of that year if I remember correctly? Maybe that ban had more of an impact than you think? Obviously I'm generalizing here. "Advances in computing would not make bitcoin any better from an energy consumption perspective" - You're misinformed. ASIC vs GPU vs CPU. I remember building an XMR miner when the new VEGA graphics cards came out and could mine at twice the hash rate using the same power consumption as older graphics cards. Much more efficient. Have you ever built miners? "Math won't prove that you're wrong but but real life will." Umm...really?
    • CH
      Crag H.
      5 April 2020 @ 18:47
      @Skyler: a) China have banned Bitcoin several times :) And even if banning it in 2017 cause the market to crash, did they actually achieve anyting? Bitcoin is still around, it still got a pretty large market cap and it's got more development going on than ever. b) Yes. I can't say how, but I feel very confident that Bitcoin mining won't boil the oceans (however, I'd probably laugh if that's the way humanity ends ;)). c) Of course it's more *efficient* to run an ASIC miner than mining on a normal CPU or on a GPU. But let's say you were using (for instance) 2 ASIC miners at 7.5 kW each and were getting 16 TH/s (8 TH/s per unit). Then a new miner came out that was twice as efficient (so 1 miner at 7.5 kW would give 16 TH/s). Would you replace your 2 miners with 1 new to cut your power consumption in half or would you buy 2 of them to double your output to 32 TH/s? That's my point. More efficient miners don't lead to lower consumption, it leads to tougher competition among miners (and yes, I have been mining BTC myself).
  • PB
    Paul B.
    5 April 2020 @ 05:54
    Finally the answer to the question I was pondering...I saw Bitcoin going down as the Debt unwinds over the next 3 to 6 months..Old Mate here confirms this
  • DR
    Dick R.
    5 April 2020 @ 03:19
    War and Peace - the Dunnigan translation from Signet Classics. It's easy to follow.
  • MM
    Martyn M.
    3 April 2020 @ 22:08
    It seems that governments are becoming more authoritarian as this crisis develops and I wonder how private digital currencies such as Btc, Eth can coexist along side state issued digital currency?
    • BM
      Brett M.
      3 April 2020 @ 23:11
      It's not like governments have a choice. They can't shut down the network - that's the beauty of decentralization. Question is will people use BTC as Gold2.0 in a digital era or will they prefer government issued digital currencies. I expect a huge breach of trust in governments will be a consequence of this crisis and that BTC will prevail. Exciting, but also scary times ahead imo.
    • SF
      Scott F.
      5 April 2020 @ 01:33
      @Brett M. --- True, governments cannot shut down the network (blockchain). However, they can make any cryptocurrency illegal and severely limit the "on and off ramps" to that blockchain, which will make it more difficult to use. I'm not saying that will happen or that it's a bad thing, in the grand scheme of things ... just adding a thought...
  • AW
    Andrew W.
    3 April 2020 @ 07:49
    Dan is a visionary but I do get bothered when Dan mentions his interest in XRP, which has no use case that couldn't be built on top of BTC and whose supply pool is controlled by a central authority. It sounds like the Fed. And makes me think Dan has a personal vest in Ripple. The Proof of Work of BTC is essential because it eliminates the authorities. As a money supply and monetary policy, BTC's Layer 1 is 100% perfect as a foundation on which anything can be built on higher layers. If BTC maximalism is rejected, we run the risk that any future money supplies would be rejected, and confidence will be lost on the entire idea. BTC's money supply or nothing.
    • MK
      Mihhail K.
      3 April 2020 @ 08:54
      XRP is a scam
    • DR
      Derrick R.
      3 April 2020 @ 14:36
      You do not understand XRP, or even BTC it appears. Go research it yourself and stop getting your facts from people who have something to sell.
    • MW
      Moritz W.
      3 April 2020 @ 14:37
      Yep....XRP is a scam. And ETH is a dumpster fire clownshow 🤡...with broken architecture. Bitcoin it is!
    • AG
      Anurag G.
      3 April 2020 @ 15:22
      This thread is starting to look a bit like the old Poloniex trollbox!
    • SL
      Sean L.
      3 April 2020 @ 18:48
      I got the impression that he's invested in Ripple more so than XRP the currency (Ripple owns ~50% of the XRP supply). Ripple is not a bad business to own shares in. XRP is a terrible currency to own because Ripple owns a ton of XRP and can dump it on you if you're dumb enough to hold their coin.
    • DR
      Derrick R.
      4 April 2020 @ 01:24
      Most of Ripple’s XRP is locked in escrow, so they can’t “dump it”; even if they could, that act would crash the price and the value of their own holdings, liquidity of the asset making it less able to fulfill its use case, etc. Each month, 1 billion XRP is released from escrow, but most of it gets put back in escrow. It’s funny how Bitcoin people complain about this and don’t mention that early bitcoin wallets have a massive concentration as well, with “Satoshi” himself estimated to own 5% of max supply. This means Bitcoin is actually MORE vulnerable to a “dumping” in terms of motive and percentage of supply...
    • Sp
      Scott p.
      5 April 2020 @ 01:30
      L-BTC exists today and does everything Ripple claims it can do, and more and better in every way. One advantage for ripple though - it's an indicator of the intelligence of the overall crypto market.
  • Sp
    Scott p.
    5 April 2020 @ 01:23
    Raoul or Milton! Many bitcoiners believe that proof of work was a greater and more important innovation than the blockchain. Adam Back was the first to implement proof of work in a crypto currency (Hash Cash), and was referenced in the Bitcoin white paper. He runs Blockstream, one of the largest Bitcoin development companies. He's active on twitter @adam3us, and regularly accepts interviews. Can you please have him on to help us understand why the blockchain itself is not as useful in non-bitcoin applications. He's very good at explaining technical concepts to the lay man. Marty Bent would be a great interviewer for this.
  • PF
    Pierre F.
    4 April 2020 @ 13:18
    Raoul, you’ve mentioned a couple of times that Singapore may close the borders to visitors for possibly one to two years. I’ve tried to find information on this. Can you share a link please?
    • KH
      Kenny H.
      5 April 2020 @ 00:54
      Hi I am in Singapore. The Prime Minister did not say that (in his 3rd April address to the public). At best he said this is a long fight. The full transcript is here : https://www.channelnewsasia.com/news/singapore/coronavirus-covid-19-lee-hsien-loong-update-address-nation-tv-12606328
  • CB
    Chris B.
    5 April 2020 @ 00:38
    Great interview with Dan Morehead. I learn something new every time I listen to him. I am also enjoying the questions at the end of the interview as they give a little more insight into the interviewee.
  • AW
    Aaron W.
    4 April 2020 @ 22:22
    I won't even comment on any of the altcoins mentioned (Ether, Ripple, any other) as they are just marketing stories disguising relentless and unconscionable liquidations by founders onto retail investors. Regarding bitcoin, I am cautiously optimistic but I am upset that we gloss over the Chinese and Russian 70%+ hashpower dominance, that the man Satoshi named as his successor (Gavin) has called in rich, the total lack of resistance to quantum cryptography, and lastly bitcoin's reliance on fiat onramps (read: government approval) for 95% of its market cap.
  • SS
    Suresh S.
    4 April 2020 @ 19:31
    Dan & Raoul the issue of BTC latency is currently being improved if you look at how Prism increases BTC TPS from 7tps to 70,000 tps with a 10-12% latency, which clearly shows that security is not compromised with the increase of performance.
  • NI
    Nate I.
    4 April 2020 @ 18:07
    I don't follow the logic about BTC being a call option on the future of crypto. It seems like time traveling to 2005 and saying that myspace is a call option on social media.
  • JC
    Jonas C.
    4 April 2020 @ 15:42
    Hi Raoul, Could I ask you to take a shot at the billiard? The white ball so central positioned on the table doesn't really reflect the current market conditions; doesn't it feel more like the game just started. C'mon give it a good break shot to open the playing field. Keep up the the good work. Thanks J.
  • DM
    Daniel M.
    4 April 2020 @ 15:09
    Thanks Raoul for being more involved in the interviewing. We signed up for you.
  • AT
    Andrea T.
    3 April 2020 @ 19:13
    Do you really want to store your wealth on a transparent public ledger where everyone can see your whole financial history?
    • AK
      Ado K.
      4 April 2020 @ 07:59
      well your statement is kind of true and kind of not. Nobody knows who actually holds what address or how many addresses you hold. Of course if you go through KYC with an exchange chain analysis can make an effort to track who holds what, but if you use coinjoin or other services it will be very very hard to track you. My name is Ado and I hold Bitcoin. I do not think a single person on this planet, chainanalysis or not, can tell you how much Bitcoin i hold. So the public nature does not per definition mean lack of privacy in terms of ownership.
    • AT
      Andrea T.
      4 April 2020 @ 12:57
      Wasabi is proven to be ineffective in hiding coins' owners. Ado, don't underestimate governments' power: if they want, they can track your wealth however they want, and also services like Chainalysis are pretty effective. As the history of the Internet shows quite well, you cannot add privacy to an inherently non-private network.
  • AJ
    Adam J.
    4 April 2020 @ 09:08
    But does he have AirPods?
  • DM
    Dominic M.
    4 April 2020 @ 00:18
    Morehead's a genius - loved this interview. Hope to see him interviewed again down the line.
  • DL
    Doug L.
    4 April 2020 @ 00:11
    There will be testing at all places that concentrate many people. ie: workplace, airports, etc.. We'll need testing poof at lesser places. ie: restaurants, malls, theaters. All else will depend on social-distancing. It will be impossible to sort out entire populations and there is no quarantine method for the infected without symptoms.
  • CC
    Charles C.
    3 April 2020 @ 23:05
    Great interview with someone that saw the future way before most of us. I admire anyone who can block out their preconceived notions to see what might be. Thanks RV
  • EH
    Eric H.
    3 April 2020 @ 22:48
    Awesome interview, could have watched for another 2 hours. Feel blessed to live in a time where we have access to conversations like this
  • LJ
    Liam J.
    3 April 2020 @ 22:30
    I wondered the same with tether why are so many people using tether. Basically from what i understand marketmakers etc have a hard time maintaining banking relations because of all the scrutiny so they just use things like tether or other stablecoins to send funds around between exchanges quickly. otc markets in china also really like these stablecoins.
  • CH
    Crag H.
    3 April 2020 @ 21:50
    It's amazing really. Here's a technology that for the first time in history have a shot at breaking the state monopoly of money and the only thing people can do is to come up with 101 reasons as to why it won't work 50 years down the line. I mean, really? We have *no idea* what the world looks like in 50 years. Not a clue. What we do know however is that Bitcoin works *today* and that it's getting serious momentum in terms of intellectual capacity. My suggestion to skeptics: Stop focusing on why Bitcoin won't work in 10, 20 or 50 years and start focusing on why it *works* today. That will make you understand Bitcoin 100 times better. Thanks Dan and RV for a great inverview.
  • PH
    Petter H.
    3 April 2020 @ 19:51
    One of Dan's comments was that in the last recession the Fed had 430 basis points to cut, but in this one there were only 150. If one would disregard what it sounds like to "lend money and pay people for it", I fail to see how the marginal impact of going from 0.25% to 0% would be that much less than goin from 0% to -0.25%. In economic terms, why is the 0% line more important than other lines (such as 0.25% or 0.5%). I would love for you guys to have someone come and talk about what crossing this line would mean.
    • AC
      Aaruran C.
      3 April 2020 @ 20:53
      https://en.wikipedia.org/wiki/Discounted_cash_flow Look at what happens mathematically when the discount function becomes negative
    • PH
      Petter H.
      3 April 2020 @ 21:35
      (Quick caveat: I understand that the Fed building up debt is not a positive thing, and that it could have global implications on the dollar system etc. My question is more - why are investors so concerned with this particular line in the sand? Is it related to )
  • DS
    David S.
    3 April 2020 @ 21:06
    To reduce her/his FX risk, it is the lender who may demand a loan be in USD. This is just common sense. The dollar is the reserve currency because of the market, not CBs, not politics, not laws, etc. Any other system, Bitcoin, a basket of currency digital currency, gold, etc. will be used when the lender feels the risk is lower than USD. DLS
  • JD
    James D.
    3 April 2020 @ 20:49
    I too would like to hear about the strong dollar issue destroying economies. Interesting conversation.
  • CG
    Chris G.
    3 April 2020 @ 19:56
    Raoul and Dan - two of the smartest guys in the macro space. Fascinating.
  • SB
    Stephen B.
    3 April 2020 @ 16:13
    I may be the last man standing but i remain nervous of Bitcoin and Crypto, generally, because it is clearly such a threat to the BIS / Western Central Banking system. They have made it clear - their goal is a global digital currency issued and controlled by THEM. Cash is in their way and they are doing everything possible to eliminate it as a threat. Gold is in the way and through proxy's they have been manipulating the gold market, for years. When are they going to focus their attention on eliminating or minimizing the threat from the Bitcoin/Crypto space? That is not to take anything away from the block chain technology itself - that is here to stay - but we should not assume that toppling the most powerful monopoly in the world will be a simple organic process.
    • SG
      Skyler G.
      3 April 2020 @ 17:24
      I agree. Im an advocate for blockchain technology and have been but can see the obvious flaws in bitcoin. In my view it simply cant work. Someone please explain how and where im wrong with this. A. Governments can simply ban it via shutting down exchanges (or regulating them out of existence). B. If I'm not mistaken, $1M bitcoin would require as much energy as the rest of mainland USA combined. That would quite literally warm the Earth. Someone point out where my math is wrong on this? C. Advances in computing will make bitcoin more efficient yes, however such great advances to lower energy consumption will also make bitcoin useless if encryption can be broken. I am buying others though that have real world utility. Like Etheruam, ChainLink, HBAR, etc
    • PS
      Pavel S.
      3 April 2020 @ 19:52
      You cannot stop the internet. You can opt out to ringfence yourself from an open internet and be left behind. You cannot stop open digital economies based on decentralised networks. You can opt out and be left behind.
  • JK
    Joachim K.
    3 April 2020 @ 19:17
    Great interview. My only concern is the outcome of a massively appreciating usd. Anyone please feel invited to discuss...
  • DS
    David S.
    3 April 2020 @ 19:11
    Very interesting presentation. I really enjoyed Mr. Morehead's vision and common sense. Anywhere I can look to see how to invest in the blockchain side of the businesses. Thanks. DLS
  • DS
    David S.
    3 April 2020 @ 19:05
    As an aside, if were running a fund with billions of dollars invested in stocks with covenants that must be 80% or more in stocks, I would be joining the chorus that we are at a market bottom. I would then go whistling past the graveyard on my way home. DLS
  • DS
    David S.
    3 April 2020 @ 18:59
    As an aside, anyone who is asking for a government bailout needs to realize that they believe in limited socialism. This is not a bad thing, but just being honest. DLS
  • CS
    Christopher S.
    3 April 2020 @ 07:09
    I'm still in agreement with Jeff Gundlach when he says the Cryptobubble was a late stage credit cycle mania, and I see little to support it in a downturn. However I do think the world will move to peer to peer blockchain payment systems. I just don't think it follows that you should buy the current flawed currencies. I think something far better will emerge.
    • AW
      Andrew W.
      3 April 2020 @ 07:51
      As a money supply and monetary policy, BTC is as perfect as it gets. Anything you can dream of can be built on top, e.g. private transactions, Lighting Network, credit cards, etc... Replace USD with BTC money supply and you quickly see this. If the answer is not BTC, and something better comes along, the same argument could be used infinitely over and the entire crypto space fails for lack of confidence. BTC or bust.
    • LS
      Lemony S.
      3 April 2020 @ 18:08
      Insightful response, Andrew W. Thanks.
  • MP
    Martin P.
    3 April 2020 @ 17:35
    when can i pay the RV subscribtion with bitcoin?
  • DG
    Dave G.
    3 April 2020 @ 16:11
    It's funny with all these cypto interviews you never hear about the downside risks. For example, lost keys, exchanges going broke, theft etc.
    • KJ
      Keith J.
      3 April 2020 @ 16:19
      The risks you mention could all be categorized as user incompetence which is possible. I am more concerned about something like the Chinese advancing quantum computing or some other technology that breaks the encryption. (In spite of this I am long BTC since 2015).
    • DR
      Derrick R.
      3 April 2020 @ 17:21
      @Dave irrational exuberance runs rampant.. I am long bitcoin, but the community can afford to dial it down a notch.
  • bs
    bob s.
    3 April 2020 @ 16:08
    GREAT INTERVIEW. APPRECIATE YOU BOTH SO MUCH! TY!
  • NN
    Nathan N.
    3 April 2020 @ 15:49
    Great interview. Wish he would’ve expanded on why he thinks real estate will appreciate...
  • TH
    Timo H.
    3 April 2020 @ 14:37
    Which of the bitcoins has the biggest upside potential and why?
    • MW
      Moritz W.
      3 April 2020 @ 15:15
      Google: “ Everything they told you about Bitcoin is a lie | Giacomo Zucco”
  • AW
    Adam W.
    3 April 2020 @ 10:38
    Blockchain is simply a distributed ledger. Best used only for money. Happy to be debated with.
    • us
      udaiveer s.
      3 April 2020 @ 10:47
      Blockchain-based Bitcoin has not been hacked for 10 years will source code that is open source...that kind of security is not just a store of value, it creates value with respect to time. Play this out for a few years and security alone will be worth more than gold.
    • DR
      Derrick R.
      3 April 2020 @ 15:00
      Was meant to be money, yet, that didn't seem to pan out. Now the mantra is "digital gold". I'm a Bitcoin holder, but I went in with both eyes open.
  • HJ
    Hendrik J.
    3 April 2020 @ 09:40
    I'm having a hard time understanding how Libra is a good idea. Won't you have massive conflicts in determining the allocations? Lets say a rebalance is required, that would have a negative impact on some, and positive on others. Who will be making that determination, and at who's expense.
    • DR
      Derrick R.
      3 April 2020 @ 14:47
      Is it even worth speculation? Libra is a whitepaper that has significant headwinds to ever seeing the light of day.
  • HJ
    Hendrik J.
    3 April 2020 @ 07:46
    Love bitcoin. Cringe when I hear blockchain...
    • AH
      Aaron H.
      3 April 2020 @ 11:33
      Free people need distributed peer 2 peer. Governments and corporations have turned the Internet into a client server model. unstoppable domains is needed for free speech.
    • MW
      Moritz W.
      3 April 2020 @ 14:40
      Me cringe too....it’s not about Blockchains, ICOs, DLT or Crypto 🤢🤯 It’s about Bitcoin, Gold and Sound Money Technology 🔥🚀
    • DR
      Derrick R.
      3 April 2020 @ 14:43
      Its not about the internet, its about pets dot com!!!
  • PD
    Peter D.
    3 April 2020 @ 11:22
    Raoul/Real Vision interviews two types of people: 1. Those with big book shelves behind them, and 2. Those with a blank wall as a backdrop. Those with big bookshelves behind them tend to like bitcoin and gold. Those with blank walls behind them tend to like whatever everybody else in their circle of friends like that day.
    • RP
      Raoul P. | Founder
      3 April 2020 @ 13:49
      hahaha
  • TJ
    Terry J.
    3 April 2020 @ 12:54
    Brilliant and so inspirational to listen to Dan and Raoul discuss macro, crypto and life! Excellent advice from Dan on regularly grabbing serious time for thought and contemplation without any distraction or market "noise".
  • ML
    Max L.
    3 April 2020 @ 11:03
    Fantastic. Enjoyable and informative.
  • MA
    Michael A.
    3 April 2020 @ 07:14
    Incredible interview - thanks! Can anyone recommend any good books/articles with regards to understanding blockchain?
    • BS
      Bart S.
      3 April 2020 @ 09:34
      Internet of Money by Andreas Antonopoulos, https://theinternetofmoney.info/ The Bitcoin Standard by Saifedean Ammous Blockchain Revolution by Don Tapscott and Alex Tapscott Andreas Antonopoulos has a insightful youtube channel as well: https://www.youtube.com/channel/UCJWCJCWOxBYSi5DhCieLOLQ As an introduction I recommend watching this vid by James D'Angelo: https://www.youtube.com/watch?v=Bhe61JaNFLU
    • MA
      Michael A.
      3 April 2020 @ 10:09
      Excellent. Thanks!
  • DR
    Dave R.
    3 April 2020 @ 09:37
    Raoul. Rolling out all the legends at this historic time. Fantastic content, please keep them coming (thumbs up)
  • AK
    Adam K.
    3 April 2020 @ 07:23
    Awesome interview. The major takeaways about now being good timing while the price is low, and the timing of institutional money inflows after a few months of damage control/opportunity searching we're great to hear.
  • DM
    Daniel M.
    3 April 2020 @ 05:32
    already got our first taste of helicopter money in the US, more is certainly on the way. bodes well for gold and bitcoin