Paradigm Shifts with Mark Hart and Worth Wray

Featuring Mark Hart, Worth Wray, Raoul Pal

In this wide-ranging yet deep-diving interview, Mark Hart and Worth Wray of Corriente Advisors sit down with Raoul Pal to examine some of the most profound ways in which our world is changing. Hart and Wray lay out their forecast for the huge geopolitical shift that’s seeing China gain an even footing with the U.S., and discuss what it could mean for global economies and macro markets. They then discuss the incredible rise of bitcoin, as well as the changing of the generational guard.

Published on
16 March, 2018
Topic
Global Outlook, Bitcoin, Macro, Geopolitics
Duration
66 minutes
Asset class
Equities
Rating
227

Comments

  • JM

    John M.

    12 5 2018 11:28

    1       2

    Best SNL skit in years. I almost thought these were real people.

  • JA

    John A.

    20 4 2018 01:59

    0       0

    The negative comments seem to largely miss the point of the video. Raoul says at length in the beginning that the trip was short notice to get their thoughts down and get people thinking. Not sure how it can be much clearer that this was a casual conversation about major paradigm shifts. If you know anything about Real Vision, you know they are around 6 months - 3 years ahead of the news. OF COURSE there will be follow-up videos around these themes. This was only Raoul spotting a chance to get his audience thinking and wet our appetites. Job done.

  • mh

    miles h.

    17 4 2018 23:47

    1       1

    Fantastic discussion. I share Raoul's appreciation for both Mark and Worth's original thinking - Kudos
    BTC = Non Dilutive Reserve, the killer app.

  • ZD

    Zachary D.

    7 4 2018 16:23

    1       0

    Bitcoin Price:
    $19,186- Peak
    $8,281- Publish date
    $6,770- Today
    Given the price drop from peak to publish date, I would doubt that Hart has changed his opinion in the time of this post to the publish date, but it would be very interesting to have Hart back on.

  • SP

    Sat P.

    3 4 2018 09:27

    2       0

    The point about per capita GDP for aging countries was interesting and something I didn't know before. Other than that, I didn't find anything that mind blowing in this interview

  • DY

    Dmytro Y.

    31 3 2018 08:00

    2       0

    Too general of a discussion. Bit disappointing given the high expectations.

  • JV

    Jens V.

    30 3 2018 12:50

    0       1

    Very interesting! Thanks. Great thoughts on bitcoin and many other things.

  • JC

    Joe C.

    28 3 2018 14:49

    0       0

    De facto response to "40,000-ft view" videos: This was a bunch of un-detailed filler!
    De facto response to highly specified videos: This is missing the larger context!

  • AK

    Anthony K.

    28 3 2018 05:56

    0       0

    Lame

  • JO

    Joseph O.

    27 3 2018 23:32

    7       1

    Ridiculous amount of simple trend-lining and wide eyed narrative-spinning here. Mark went to the Valley and took a long deep chug of the Kool Aid. It's embarrassing.

    Where is the instinct to critique, doubt and apply the skepticism that history teaches is wise and warranted?

    Get Nic Nassim Taleb in the room and turn him loose. I would pay a year subscription for that (plus an interview with him, Mike Green and Chris Cole).

  • JM

    Jamie M.

    27 3 2018 20:20

    3       2

    Have watched many RV videos, first time felt driven the comment. That was lame. Mark got China wrong (at least the timing so far) and seems like a high school kid just learning about crypto and bitcoin. Bring him back once he catches up. Maybe Worth has more to say as Mark seemed to be constantly looking for reassurance from him.

  • TJ

    Terry J.

    26 3 2018 09:50

    6       0

    I made the mistake of reading the comments first and almost did not watch the video due to so many negative comments and thumbs down. However when I finally watched, I really enjoyed it despite the lack of formal structure. I find these philosophical discussions from successful investors just as useful as I do the more detailed analysis of individual asset classes and the overall macro picture, as it exposes my mind to issues I may not even have considered, such as the likely impact of bitcoin on the savings strategy of the millennials. Diverse views and a broad church of honest albeit sometimes controversial opinions are the reasons I subscribe to RVTV. I am seldom disappointed!

  • WM

    Will M.

    24 3 2018 19:10

    4       0

    Mostly a philosophical discussion. Amazed at Mark Harts change of views on China over the past year or two.

    Small points
    - Lots of 4th Turning talk by Mark as if it was his idea without crediting Strauss & Howe
    - A little too much disjointed conversation, perhaps after a nice lunch... bare feet made the discussion look a little too casual...
    -

  • JA

    J A.

    24 3 2018 18:26

    5       2

    Wow. From 3 smart people I have never heard such a load of.

    Shoes and judgement were clearly left at the door.

  • TM

    The-First-James M.

    24 3 2018 02:36

    7       0

    Not sure why all the down votes. Maybe it's because Mark's suggestion that the Millennial Generation may end up valuing Bitcoin over Gold offended some of the more ardent Gold Bugs in the audience. Speaking as somebody who owns both Gold and Bitcoin, I'd suggest it helps to not hold a religious attachment to either and consider them as complementary stores of value - with Bitcoin having greater utility and Gold greater solidity. ;)

    Raoul, I know you talk to Chris Macintosh of CapitalistExploits.at at least once or twice a year. He too has spoken about Metcalfe's Law at length with regards to the Bitcoin Network Adoption rate and price growth, so it's not just Mark who's made this link. Having said this, I know Chris talks to Worth and Mark, so maybe Mark came up with it first... ;)

    Incidentally Raoul, when are you going to get Chris on Realvision? Kind of surprised he hasn't been on already although I suspect he prefers to stay out of camera view. :)

  • RO

    Robert O.

    23 3 2018 18:38

    4       0

    Many disjointed random ideas looking for a theme.
    How would Millennials adoption of Bitcoin as a store of value interact with a rising Asian/China/India who have traditionally valued Gold?

  • KS

    Kim S.

    23 3 2018 05:17

    3       4

    Someone is lost admiring a tree and isnt seeing a forest. Bitcoin is not that unique. If it becomes expensive then people find a different way to exchange value. It's price is actually quite limited.

  • KR

    Kenneth R.

    22 3 2018 21:14

    4       8

    Forks and electricity used mining BTC, sorry you guys ignored these issues. The Idea that 1/2 of Colo. is going to produce Gold dilution is juvenile. Forks , forks and more forks . You can dilute crypto easily.

    Hows your short Oil trade working out Raul?

  • AS

    Alex S.

    22 3 2018 21:14

    1       1

    I think Raouls biggest problem is that he generally holds more intriguing views than his guests and thus would be better suited to be the person having his brains picked rather than picking those of others.

    Still though, good discussion. I am skeptical about the China bull story continuing but we'll just have to wait and see since changes on this scale usually take a long time to play out. It's been 30 years so far, I wonder if they can truly make it to 40. Most estimates of their growth have been cut from where they were about 5 years ago when they expected roughly 8 to 10% annual growth to continue to the new level of around 5 to 7%, still large but some would contest not being sustainable any longer. (Some obstacles being the gigantic cost of One Belt, One Road, the large acceleration in debt accumilation in recent years and the fact that a lot of their political stability appears to be reliant on maintaining high growth rates to keep elevating their poorest citizens out of poverty)

  • MC

    Mat C.

    22 3 2018 16:39

    4       0

    As a political risk analyst I hope this isn't how I sound when I talk markets with CFA's.

  • MS

    Matt S.

    21 3 2018 10:31

    3       1

    I disagree that the "white patriarchy" is being dismantled - far from it; there may be little shouty minority movements (#METOO for example) that are being "allowed" to stand up and shout for a while, but if it gets out of hand, which it clearly is, the white patriarchy is going to come down on them like a tonne of bricks.

  • MS

    Matt S.

    21 3 2018 09:53

    3       2

    Yeah but here's something - if I buy a product from Amazon with my debit card, I pay ZERO fees to my bank or to Amazon, and the product is delivered to my door for free. If I do ANYTHING with Bitcoin... a small percentage is hacked off in transaction fees. Even just send a small amount as a test to another address, I'll lose some Bitcoin.

  • AP

    Andrew P.

    20 3 2018 22:41

    7       0

    Metcalfe's law discussion was a great paradigm shift vis-a-vis bitcoin/bubbles in price. Got me thinking, thx.

  • HH

    HODL H.

    20 3 2018 22:36

    1       1

    As a millennial, appreciate this viewpoint of given I only eat avocado toast and don’t trade BTC/ETH. Good thing this didn’t air same day, BTC down big time

  • GB

    Gary B.

    20 3 2018 22:18

    11       0

    This interview was both intellectually stimulating and frustrating to watch. It was disconcerting/annoying to watch Wray bob his head up and down every time his boss made a statement. The positioning of the chairs was not good as they had to turn to face each other as each spoke. However, these are small complaints. There was so much packed into the hour program that too much was glossed over. Some of the positions taken were just wild generalizations with no facts or reasons presented. My criticism does not mean that there was a not a huge amount of great content in the discussion but it was too scattered.

    The crypto discussion was fascinating. The large number of comments show that there is much interest in the topic. Please get some participants with much deeper crypto knowledge/experience to participate. As the many comments with great disagreements about crypto demonstrate, there is no agreement about its structure or its future. You should make a whole series on crypto. Overall a flawed but useful and interesting presentation. It made me think and want to know more. That is why I subscribe to RV.

  • pw

    pontus w.

    20 3 2018 20:46

    15       1

    Dorm room conversation after three beers

  • Jc

    Justin c.

    20 3 2018 20:17

    7       1

    Great piece. Negative sentiment is way over the top. I'm not a bitcoin person, but man he convinces every time. He convinced me a year ago with price about $3000 and here he does it again. Either way, the same logic applies. It is a great risk/reward trade and should be considered by everyone. The China stuff was also great.

  • MS

    Matt S.

    20 3 2018 19:55

    2       1

    Raoul! Sporting a beautiful Rolex Platona there! Nice :)

  • MS

    Matt S.

    20 3 2018 18:59

    4       0

    should have sat them in a triangular position, with a circular track around them - Mark looking at his buddy is very distracting!

  • MS

    Matt S.

    20 3 2018 18:49

    4       0

    I'm curious... what "cyber-war" has Russia won?

  • SS

    Sam S.

    20 3 2018 18:41

    8       1

    Love the psychedelic window. Raoul, you didn't mention your previous belief's regarding the break or fork in the road with the software changes within Bitcoin, making it breakable just like other assets. Also no mention of government regulation or the heavy cost of transacting in Bitcoin. Mark, your ideas of socialism and climate change really represent a taxation upon the people. Pollution is very serious issue, for sure. Warming the plant is bogus as we're going into a colder period of time and that doesn't come from burning fuels, comes from the solar system and the cycles of our earth, solar system, sun and our galaxy. Plants love CO2. Socialism is actually what is imploding around the world and the powers to be are fighting tooth and nail to keep these changes from happening. That's the real change. The people need to be free to govern themselves as that creates a real economy and nobody trusts governments, regulation, socialism or the constant bombardment of giving or owing something to someone else just because. NO matter who you are or where you come from, you have to work for it and get in the game. As far as living until 2145, Biotech says you just might with the advancements in gene splicing crisper. Love the enthusiasm, really deep smart thinking and the positive tone towards the future. Thank you guys! Let's do Part II.

  • MM

    Michael M.

    20 3 2018 17:43

    5       4

    one of the best bitcoin points I've heard among all. Mark knocked it out of the park particularly on btc

  • IF

    Ian F.

    20 3 2018 16:51

    9       8

    Mark Hart - "I wanted Trump to lose". For someone who apparently understands macro he sure is clueless to Trump's policy objectives. Just a product of sitting behind a Bloomberg screen all day and having no experience in the real world.

  • A1

    Animal 1.

    20 3 2018 14:54

    5       0

    Don't Mark and Worth get cold feet? :-)

  • PP

    Patrick P.

    20 3 2018 13:10

    6       4

    Let's get a couple of Millennials (with their shoes on) that bought BC at $19,000.....(3 months ago) Having fun yet?

  • RJ

    Russ J.

    20 3 2018 11:14

    2       8

    Would prefer the interviews to be just with Mark. Sorry, but Worth added nothing to the conversation.

  • FC

    FRED C.

    20 3 2018 11:13

    1       4

    this should have been labeled as a bitcoin vs macro paradigm........too much bitcoin stuff........
    sounds to me like having a conclusion/thesis and then finding reasons for it...................
    why do affluent people /celebrities feel like anyone wants or cares about their social/political views................sad...

  • JB

    Joe B.

    20 3 2018 09:43

    0       2

    Can someone please ask Mark: If Bitcoin is a store of value because of fixed number of issuance, where did Bitcoin cash come from?

    How is what happened between BTC and BCH not exactly like what central banks can do with fiat?

  • TW

    Thomas W.

    20 3 2018 08:24

    8       0

    If Bitcoin is 500k in 2020, I want to hang with Mark Hart and John McAfee at Burning Man! Gonna be awesome. If not, maybe I stick to the boring stuff... (like Greek banks and shorting Tesla)

  • MC

    Matthew C.

    20 3 2018 00:01

    5       0

    Very enjoyable, I really like the range of formats you get from Real Vision - I have been a subscriber from the beginning and have watched every single video published and for me this loose informal approach in which the guests challenge their ideas in such an open manner is refreshing. These types of conversations with most guests would only be accessible if you got them in the pub for a couple of hours.

  • RP

    Raoul P.

    19 3 2018 22:43

    16       0

    What I love is that conversation has stoked up so much debate, discussion and reaction. It shows we are pushing a few boundaries, which is part of our mission. Its also great to see how everyone is engaging with each other and "unfriendly" comments are being actively policed by others to keep the discourse at a higher level. Thank you all. Lets keep our community engaged but respectful to all concerned.

  • JK

    Jan K.

    19 3 2018 21:26

    3       1

    Superb

  • ST

    Sid T.

    19 3 2018 20:58

    0       0

    Can someone please send me a link to Poloz mentioning Bitcoin could be a reserve asset? I could not find this online. This was something Mark mentioned in the interview. Thank you, Sid.

  • RA

    Ricardo A.

    19 3 2018 20:43

    0       0

    "Not going to be alive by 2040" ???

  • SW

    Scott W.

    19 3 2018 12:05

    15       5

    Dumbest point made paraphrased: "the diminishing power of WHITE males is awesome, I mean look at Saudi Arabia where women are now driving"

  • CA

    Craig A.

    19 3 2018 06:48

    12       2

    How come no discussion of his previous predictions that he gave last time on real vision. He was very bearish on CNY - why was this not discussed?
    I'd like to hear his process when things go wrong, and what he has done. Thats where the real value is - seeing expert adapt when things don't go their way. Not talking about this and only focusing on the speculative side of the future made this interview a lot less worthwhile. Rather disappointing.

  • FG

    Fred G.

    19 3 2018 05:52

    11       0

    Wow, a very thought provoking interview.

    Think about a world where baby boomers are trying to hand off all of their overpriced assets onto the next generation which doesnt want to buy them....

  • PN

    Paul N.

    19 3 2018 01:39

    6       1

    The behavioral economics side of the discussion is extremely well reflected in the online gaming industry - it's one of the reasons World of Warcraft and Diablo were such mega cash cows for Activision-Blizzard for a decade or longer. Companies that can get millennials addicted to dopamine rewards with ingame items, character progression, leader boards, and online tournaments/esports make massive amounts of money.

    E-sports are a massive phenomenon now. The 2017 DOTA2 tournament finals did 5 million live viewers, up from 4.6 in 2016 and 2.0 in 2014. Some estimates put the 'total' viewers of the 2017 tournament at 30 million and the prize pool was a record-setting $24 million. They also filled the Key Arena with 15000+ people who were actually willing to fly in and watch computer gamers compete against each other live on a big screen. The growth in this area is explosive.
    https://www.statista.com/statistics/518201/dota2-championship-viewers/

  • PN

    Paul N.

    19 3 2018 01:05

    19       0

    On the end of bitcoin mining: as the reward gets smaller and smaller, miners are compensated instead by increasing fees and *hopefully* higher bitcoin prices. When block rewards are finished itll be transaction fees only.

    This will lead to much higher fees over time, but thats okay. Almost every developer in this space understands that the bitcoin blockchain is a settlement network not a payment network, since every transaction is spread across 100000 computers and secured with insane amounts of computing power.

    To do the kinds of volume needed to reach VISA levels, there are companies building standard centralized payment systems like Cashpay or Bitpay, and there are researchers building payment channels and smart contracting systems like the Lightning Network which have varying degrees of centralization. The Lightning Network just launched its beta on the bitcoin mainnet and, if it works, will be able to bundle tens of thousands of transactions and settle them on the bitcoin blockchain as one.

    At the same time, other developers have been scaling the base blockchain layer by finding more and more ways to reduce the space used by transactions, including the recently implemented Segregated Witness patch, upcoming upgrades like Schnorr Signature Aggregation and Merkelized Abstract Syntax Trees, and best practices for exchanges like transaction batching and better fee estimation.

    The critics who say Bitcoin cant scale are missing the fact that it literally is scaling as we speak and this crash is just another part of the Bitcoin boom/bust cycle.

  • JB

    Jean B.

    19 3 2018 00:12

    5       7

    Interesting discussion. One thing hits me and it is the general lack of objectivity of many bitcoin adopters. Wonder if we’ll call it a Ponzi scheme a couple of years from now...

  • PP

    Patrick P.

    18 3 2018 21:23

    10       7

    Bitcoin $19K+ ...Dec2017 ..today March2018 $7644. ----Now that's a store of value you can't go wrong with. NOT !!!

  • TS

    Timothy S.

    18 3 2018 17:01

    0       0

    The G2 paradigm shift is an interesting idea. To delve a little deeper, is a critical assessment by Harald Malgren, Martin Armstrong and Anne Stevenson-Yang useful?

  • VS

    Victor S.

    18 3 2018 11:37

    20       9

    With all due respect -i found Mark and worth comments worthless. I like the format of the talk but the content was very lacking and incomplete. For example on bitcoin they never mentioned (WSJ) article “Do you own bitcoin ? The IRS is Coming for You?” 0 for investment content ! If you live in NYC or LA and you win in bitcoin you owe a tax of 50% + . They also understand little of China who is a communist nation who prints their capital. I would love to debate them for $ ?

  • A1

    Animal 1.

    18 3 2018 11:13

    9       8

    Brilliant interview! This changed my perspective on Bitcoin completely. Just wow...!

  • GG

    Georgi G.

    18 3 2018 07:51

    43       4

    Mark is clearly mentally and emotionally bruised by his CNY experience (which was the elephant in the interview room), for which I have huge sympathy. I was left with the impression that this new worldview is an attempt to rationalise and cope with, what appears to him now to be a crushing failure, while Worth played Frasier "I am listening" Crane. When you take on the G2 economy with rigid command system in place, the likely that they can sit you out of the trade is huge.
    The interview reminded me of Soros and Druckenmiller flipping from short to long stocks in March 2000.
    Wish both Mark and Worth well.

  • WA

    WAYNE A.

    18 3 2018 05:53

    15       17

    Awful The only Realvision video that I really would give a 0 on a scale of 1 to 10. They were children with a little knowledge and no reality and out of touch. China is not going to let Bit Coin exist. It is a nefarious currency and less real than a fiat currency. The only intelligent comment was to read Sapien Raoul.

  • DC

    Darrell C.

    18 3 2018 05:35

    11       4

    Sorry, good conversation, but nothing relavatory here. I guess I was hoping for more clarity, I felt the guest were still grasping....

  • SS

    Steve S.

    18 3 2018 05:08

    8       11

    Get these two back on. Brilliant dialogue, so much to digest!

  • SD

    S D.

    18 3 2018 01:22

    4       0

    Does the G20 work? I'd say not.

  • SD

    S D.

    18 3 2018 01:21

    7       0

    It's also all very well to talk about the need for a new institutional framework, or new institutions, implying that the existing institutions particularly globally are out of date - but what does that mean exactly.
    Furthermore, what does it mean when Carney and Legarde speak publicly about the need for crypto regulation - in the context of all this weirdness with Russia.
    There's a whole chapter on Russia right now - ex DC I emphasize - that hasn't been told in the MSM and if I were Realvision that's a gap I'd leap into and vault out of.
    Also, could you please revisit Napier's comments on Turkey which are becoming hyper relevant that nobody's discussing.

  • SD

    S D.

    18 3 2018 00:37

    11       1

    I think this was really great but a bit fuzzy because it's so broad. But that's why it was so interesting. In general - great! Learned a lot. Thanks. Would really appreciate greater insight into the millennial comments, that is something I haven't seen anybody talk about competently previously. The G2 thing is interesting but sort of predictable, albeit constructive and productive perspective on the inevitable. Refreshing to view that shift outside an overtly political framework, regardless on your views on the reasons for and solutions to global disequilibrium. The millennial perspective is probably more useful overall, particularly the disposition towards authoritarianism and the explanation for that which will involve uncomfortable conclusions about the intellectual degradation that's a consequence both of globalism and a failure to think competently about technology. I think the failure to understand the millennial cultural shift is incredibly important when it's combined with these technological shifts. We were all told that assisting China's expansion and emergence would lead to China becoming more like us - what if we're becoming more like them? What if our inheritance to this massive intellectual theft, isn't just climate change and out of control global corruption, but a new Cultural Revolution in the West, aided and abetted by Facebook? It's all very well to talk about an end to white patriarchy, but what if the price for that discussion is due process and a respect for established fact? The West needs to hold fast to its intellectual heritage to navigate these waters, and the reasons we may have a problem with the millennials is because we've been too willing to discard the lessons of the past for the promise of a future that now begs questions about the nature of contemporary progress.

  • VK

    Viresh K.

    17 3 2018 21:03

    6       7

    Excellent, excellent interview. Both Mark and Worth are superstars.

  • PG

    Petter G.

    17 3 2018 19:50

    6       3

    Great stuff RV. Would love if you could bring both of them back in the future.

  • HS

    Hubert S.

    17 3 2018 19:27

    2       0

    will there be a transcript ?

  • TK

    Tanay K.

    17 3 2018 18:12

    14       1

    Mark got one thing right - bearish sentiment on Bitcoin is abundant in these comments

  • bm

    brian m.

    17 3 2018 17:25

    23       14

    I like Real vision...But to put forth the idea of "white patriarchy" is blatant bigotry..If you put forth such an Idea you should ,at the very least have the manners and the decency to explain yourself...Disgraceful

  • TH

    Timo H.

    17 3 2018 16:00

    39       9

    This is the first time as a long-time RV customer, that I have to give some criticism because the interviewees really did not know, what they are talking about when the discussion turned to cryptocurrencies.

    This inverview proved true the recent definition of a cryptocurrency: it combines everything you don't understand about computers with everything, you don't understand about money.

    Mark may understand the money side quite well, but his understanding about the computer stuff seems sub-par. Some points to prove this:

    1) Bitcoin does not scale up. Its design foundation makes that impossible. Bitcoin "network" is a network of computer that all do essentially the same stuff: trying to commit a new block of transactions. Its performance is the same regardless of the number of nodes involved. The network is able to commit the same a couple of dozen of transactions per second regardless of the number of users wanting to use it. Talking about scalability and network effect in general and Metcalfe's law especially in this context is the biggest piece of BS I've heard for a long time. A large number of people wanting to get rich quick is not a "network effect", it is a "tulip mania".

    2) If you try to scale up the Bitcoin network, it loses at least one of the properties that makes it unique. In most cases, you lose the pure peer-to-peer nature of the network. That makes the outcome contain some hubs that are immediately subjects to regulation, AML and KYC. Goodbye anonymity and resistance to censorship. To be a credible payment network, its transaction cost per payment should be in the range of a few cents and its performance should be in the range of 10s of thousands of transactions per second. Neither of these numbers is achievable. For executing payments in distributed ledgers, cryptocurrencies are not even needed. It is a trivial exercise to connect the distributed ledger into payment rails that can execute those 10s of thousands of transactions per second in a AML compliant way. The only requirement is an API that the DLT network can call. For example in Europe, the PSD2 directive makes it mandatory banks to provide such APIs in the near future. Once you understand, that fiat can be used in blockchains, it should be a quite easy decision to decide between a poorly functioning illegal payment network and a payment network that already takes care of the world's payment traffic.

    3) Bitcoin is THE FIRST DEMO written on the basis of the Satoshi's white paper. Since then, a number of better cryptocurrencies, blockchains and distributed ledger architectures have evolved. Why on earth should Bitcoin be the ultimate cryptocurrency, when there is an abundance of technically better implementations of decentralized transaction networks available? Claiming Bitcoin as the superior store of value is therefore plain idiotic. Furthermore, its governance has proven to be below any standards (as evidenced by the number of hard forks). Because it is all open source, anybody can set up a new network (about 1500 persons/entities already have) and most of those new ones are technically more advanced than their predecessors. Why should the first one ever built be the only one ever have any value? The only advantage of Bitcoin over other cryptocurrencies is its brand value. People, who don't understand enough about money nor about computers, buy Bitcoin, because of the noise it has generated.

    Dear RV, if you want to create content about cryptocurrencies, please make sure that your contributors understand enough from both the computer and the money aspect of the equation. We've seen enough snake oil salesmen in this business. Erik Townsend would be such guy.

  • Nv

    Nick v.

    17 3 2018 15:21

    14       8

    oh dear. Network adoption in Bitcoin is almost zero. It is purely a speculative tool
    It is expensive to use and everyday use has actually fallen. Its electricity usage is ridiculous

    Bitcoin not dilutive? Are you kidding me?
    Bitcoin futures supply is .......infinite

    Somedays you lose an hour, you will never get back

  • MK

    Mark K.

    17 3 2018 15:16

    13       2

    Much is being said about “the network” “adopting” bitcoin without defining what adoption means. Bitcoin enthusiasts seem to assume it is for 1) a store of value or 2) a medium of exchange. However, every person I’ve asked why they own Bitcoin says it’s becuase they think the price is going up...i.e. speculation. So is the premise of genuine adoption really valid?

  • S

    Sean .

    17 3 2018 14:32

    1       0

    One other pooint. The Belt & Road initiative works in Eurasia also because China has their equivalent if the Quad which includes Russia and Iran. They have a common “foe” in the US, so the US tries to

  • S

    Sean .

    17 3 2018 14:26

    0       0

    The reason why China is trying to be nicer to India is because of Modi. Hence the Quad, and closer cooperation with the other modern military powers in Asia excl. China.

  • RI

    R I.

    17 3 2018 13:47

    4       11

    Mark Hart implied that there's a chance he will be alive in 2140 (122 years from now). Hope is not an investment strategy, Mark. Such an implication takes away from the rest of your theories, for better or worse.

  • MD

    Mathieu D.

    17 3 2018 10:44

    4       3

    Great interview, Is it possible to have the transcript ? Thanks

  • JG

    Jay G.

    17 3 2018 07:23

    2       14

    Brilliant. Inspiring. But Raoul kept talking over the millennial, typical gen x behaviour.

  • BA

    Brian A.

    17 3 2018 05:45

    46       3

    First off, Rauol must ask what Mark Hart is on...I want some!

    Second, if I get this right Mark Hart has switched sides from being a China Bear to an all-out China Bull. And hey, I don't mind people changing their minds and that's what excellent managers do but this is a big shift. In my opinion, Rauol should have probed this major shift some more.

    Third, this new G2 world is currently being negotiated... Really! Do we all think the US is going to roll over and let this happen. The boys from Austin should be reading Graham Allison's "Destined For War" and his many great YouTube videos on "Thucydides's Trap"! Again, the odds of a peaceful transfer of power from a dominate power to an emerging power are quite low.

    Fourth, the boys from Austin should have given credit to Neil Howe and Bill Strauss on their scholarly work and plugged their book "The Fourth Turning".

    Fifth, I believe in blockchain and thanks for Rauol to parse this out. But bitcoin as a store of value?...is just speculative on everybody's part at this present time and the boys of Austin didn't convince me that it wasn't. Bitcoin maybe worth millions or zero in my estimation but anyone can flip that coin.

    Sixth, and my last comment... Thank goodness Worth Wray said there is a dark side to "Me Too" movement and other left wing equality based movements taking over the western world. Again, the boys from Austin should put their shoes on and go to their computers and watch some YouTube videos or better yet buy Jordan Peterson book, "12 Rules for Life: An Antidote to Chaos". Dr. Peterson not only currently has the #1 bestselling book at the moment but is enjoying rock star status in the western world on how equality based societies will not only end up being bad for all of us but will follow the footsteps of Stalin's Russia and Mao's China. I'm sure with a little thoughtful consideration of history, that Dr. Peterson painfully tries to explain to anybody who wants to listen, Mr. Hart will be less bullish on than his current utopia western view he obviously currently possesses

  • JM

    John M.

    17 3 2018 05:24

    23       3

    I am not sure I follow Mark's comments about the dilution potential of gold. I thought it took at least 10 years or so & billions of dollars to develop sizeable new gold deposits (not to mention the political risk of certain foreign jurisdictions). Also I don't think any new major gold discoveries have been made recently either? Any way maybe I'm missing something.

  • SZ

    SALEH Z.

    17 3 2018 04:27

    5       0

    Good stuff - the “ peace dividend” comment explains a lot

  • JD

    John D.

    17 3 2018 04:17

    6       2

    Great Conversation...

  • KC

    Klendathu C.

    17 3 2018 02:50

    11       4

    Interviews like this pay for the subscription and then some.

  • SN

    Sean N.

    17 3 2018 02:38

    10       3

    Thats why Real Vision is worth every penny.

  • TT

    Tim T.

    17 3 2018 01:23

    20       16

    Tell Mark Hart there's an elephant in the room WRT Bitcoin.

    I agree that blockchain is a huge leap and important. However, bitcoin has no monopoly on blockchain. Their is LIMITLESS amounts of crypto currencies that can be created. Newer cryptos that are of better tech could rapidly eclipse bitcoin. His infatuation with bitcoin is perplexing I would expect Hart to be more discerning. As far as no dilutive...what about the endless supply of new crypto currencies...mabybe bitcoin is non-dilutive but other cryptos 'dilute' bitcoin.

    Was very unimpressed with Hart this interview....almost looked like he suddenly lost one or two of his marbles.

  • pd

    patrick d.

    17 3 2018 01:04

    6       1

    Loved Mark's prior interview. Helped push me to invest in bitcoin and what a fantastic trade that was until Christmas. Open to reallocating if it overcomes that heavy resistance, generating intense millennial get rich quick FOMO once again. Alas...evil CME manipulators yada yada but most importantly google search enthusiasms dead. By 2020 it should hit support on a log chart, maybe it'll move, until then and as always, continue hoarding gold. Any ways... onto this interview. Reeeeeaaaaallllllyyy wild that Worth would get blazed for his inaugural RV intvw .. pretty funny to watch mark and worth try to look at mark/raoul or worth/raoul in equal time allotments. frantic!

  • DS

    David S.

    17 3 2018 00:46

    7       6

    Excellent interview. One point of disagreement: Bitcoin is not a non-diluted store of "value". It is an established number of bitcoins available over time. Governments will not be able to agree on any new monetary system, but it will be in their interest to eliminate bitcoin to control currency flows. Money can be made in bitcoin in the meantime, but eventually bitcoin will be illegal in most major jurisdictions, even Japan. Each country will have its own digital currency using block chain technology where they will have the control. DLS

  • GF

    Guillaume F.

    17 3 2018 00:39

    3       3

    Fantastic! Can’t wait to have them back!

  • BK

    Bruce K.

    17 3 2018 00:31

    7       2

    Mark's enthusiasm for Bitcoin is infectious. I've been working with blockchain technology and cryptocurrencies for the past three years, so I share much of his enthusiasm.

    Mark did a fabulous job articulating the bull case for Bitcoin. With that said, he discussed only advantages. And like everything, there ARE disadvantages. For those of you interested in BOTH this 'pros' AND 'cons', I humbly submit my recent series of blog posts:
    https://hackernoon.com/demons-in-digital-gold-87354fb9300

    I am NOT taking anything away from Mark ... he's brilliant! My objective is to help people understand the "whole picture" and make informed decisions for themselves.

  • JC

    Juan C.

    16 3 2018 21:49

    0       0

    Interesting thesis to consider. Taiwan would probably be a big looser under that environment (new security blanket under a communist country) so it could be the canary in the coal mine.

  • JB

    Jean B.

    16 3 2018 21:34

    4       0

    All the way back to Econ 101 - If a Central Bank doubles its monetary base, it ends up by directly impacting customers purchasing power. How would bitcoin’s forks get away from this reality? Could be

  • TS

    Tom S.

    16 3 2018 20:21

    7       1

    This interview feels important and powerful. I can't inpoint why but could any past generation predict the future of the new generation with precicse accuracy? There are certainly big shifts occuring which are hard to explain (hence the convoluted nature of the interview) and I do think they identify some of them reasonably clearly. The key and most difficult to pin down is what is the right thing's to own for the new world. Adoption is clearly one method for determining value now e.g. Amazon, Netflix, Facebook, Bitcoin all have high adoption rates and 'market values' whilst baby boomer traditional assets have declined as flow of capital into them has stopped growing. Examples that spring to mind are GE, WPP. The US dollar could even be another potentially (millenials have inherited/taken to a world of excessive debt/credit (short dollars) to fund lifestlyes whilst also have attracted to Bitcoin. Just my stream of consciousness but I think that to consider this interview 'dissapointing' or 'a waste of time' is harsh.

  • PU

    Peter U.

    16 3 2018 19:58

    16       16

    Is Worth Wray Mark Hart's groupie?

  • KS

    Kathleen S.

    16 3 2018 19:58

    13       7

    Thank God Metcalf's law -- I have been yelling this and writing this on every fiancial comment section that says bitcoin is in a bubble-- bitcoin is not in a bubble it is growing expotentially by network adoption --- YES!!! Anyone that reads this and doesn't already own bitcoin should go and buy a little bit and get a wallet and see how easy it is to send it to anyone, anywhere, anytime, without having to ask a 3rd party's permission and it gets there within minutes -- this is HUGE. And those that say bitcoin can't do this or is too expensive - Not True the bitcoin developers have come up with the lightning network that allows bitcoin to be sent anywhere fast and for pennies (look it up- not to mention atomic swaps and decentralized exchanges). So happy to see that these two super smart guys see what I see. I dont remember if they mentioned this aspect of crypto, but there are like 3 billion people around the world that are unbanked and have no access to financial services -- with a phone and a crypto wallet this all changes. Crypto is 0 .175% of world assets -- if this number over the next 3 years moves to 2% the gains would be astronomical. So much exciting news in crypto - rebuilding internet on block chain protocol, smart contracts, new type of venture capital with ICO funding - it is a new asset class something the world has not see in hundreds of years. Like Worth I too compare it to the creation of the printing press. Would love to see more on crypto investment, I also know Mark Yusko is bullish on it.

  • PU

    Peter U.

    16 3 2018 19:44

    29       13

    with due respect to Raoul, this was like interviewing young teenagers playing make believe

  • JG

    John G.

    16 3 2018 19:20

    5       1

    I enjoy "big picture" discussions and this was definitely worth my time. Investing in China (as well as India, Russia, and Saudi Arabia) will be much more lucrative in the next 5 to 10 years than in the U.S. I also have a better idea of what explains the huge rally in Bitcoin and why it does not mean a bubble. Thanks Raoul.

  • HH

    HODL H.

    16 3 2018 19:17

    5       0

    Can we bring Peter zeihan on beyond the podcast episode and have him and worth converse/argue different view points?

  • HH

    HODL H.

    16 3 2018 19:15

    13       1

    BTC seems to have performed fairly well since this recording, down ~25% now. No avocado toast for me this weekend.

  • EL

    Eugene L.

    16 3 2018 19:09

    6       9

    Amazing interview with Mark Hart. This is the second video from RV that made me go RV is worth it for this video alone. Subbed since Nov 17

  • PU

    Peter U.

    16 3 2018 19:09

    7       17

    at least put some proper socks on! wtf!

  • ss

    sid s.

    16 3 2018 18:52

    23       5

    we need an hour long interview with just Worth to expand on the new global order forming before our eyes. great thinker..

  • IO

    Igor O.

    16 3 2018 18:15

    6       1

    I just hope it goes the way where the role of governments is diminishing not the other way around.

    That is first time bitcoin bull case is rational and makes sense to me.

  • MT

    Michael T.

    16 3 2018 18:14

    34       8

    I never thought I'd give a Mark Hart video a thumbs down..
    No new Ideas in a conversation that was all over the place.

  • JB

    Jean B.

    16 3 2018 18:10

    13       8

    Deceiving material quality here. Doubt Mark really gets Bitcoin and its forks while referring to its non dilutive property...

  • ZH

    Zayd H.

    16 3 2018 17:58

    17       2

    Gotta love barefoot Texans talking China and Bitcoin...couldn't stop chuckling. But seriously...RV, we need to hear more from Worth Wray. Sure seems like he's the driving force behind a lot of the differentiated ideas. I would also disagree with sentiment around Bitcoin...it's no more bullish or bearish than sentiment around Tesla (ie. plenty of violent bulls and bears on each side).

  • bm

    brian m.

    16 3 2018 17:57

    26       7

    White Patriarchy?? Seriously?? ..I would expect more from real vision

  • JM

    James M.

    16 3 2018 17:13

    5       0

    I'm a boomer and I have avoided bitcoin and the like because I have no real understanding of how to place a value on it. This discussion has really opened up my mind. I am also someone who has long been attracted to the "four turning" principal and I believe that we have a coming cultural and economic dislocation that few are anticipating.

  • KJ

    Keith J.

    16 3 2018 16:11

    10       0

    Please can you get back to posting the audio downloads at the same time as the videos? I would love to sit down and watch all the videos but time dictates I have to listen to most of them on the move audio only.

  • AG

    Amir G.

    16 3 2018 15:55

    29       46

    Not even a single new idea. This was just a filler interview to fulfill the 3 per week commitment. The speakers’ thoughts & talks were so erratic that it was hard to follow and derive anything meaningful out of it. Also this kind of casual and unorganized discussion format is better suited for a coffee shop not for a RV type interview. I really don’t understand why it received so many thumbs up! I thought it was horrible.

  • GS

    George S.

    16 3 2018 15:29

    19       5

    Mark Hart (the 3rd) never ever disappoints!!