$2Billion Coinbase haul an early sign of the Bitcoin golden age! Money is a belief system for 80%ers


Hello everyone this is adam meister the
bitcoinmeister the disrupt meister
welcome to the one bitcoin show today is
October the 24th 2019 strong and
long-term thinking on confiscate of a
bitcoin is the next bit coin value your
wealth in Bitcoin one big quitting was
one Bitcoin offended by selling okay
hello my leaf friends hello all you
unique beast out there I am in Adelaide
Australia in southern Australia is
beautiful haven’t been here for 24 hours
yet still getting used to it I’m just
wearing these random sunglasses I found
on the streets of Santiago Chile around
the same time last year I can see a real
well from that in them with them even in
a room but let’s take them off okay
what’s what’s the news of the day oh
yeah Friday tomorrow is this week a big
coin neil would find will be the guest
it will be around i guess are we around
5 p.m. baltimore time so let’s look at
this ohyeah tweet that reminds us of how
certain people certain villains get
blown out of the proportion in via
Bitcoin space and that no no man is
bigger the Bitcoin and you really
shouldn’t worry about people that you
think are big troublemakers one day you
don’t even know about them in in the
future look at this remember when all
the plebs thought that Jihan controlled
Bitcoin yeah I do remember that I
remember 2017 when rocket man woo
supposedly was going to take down
Bitcoin with
friend king of the trolls and yeah he
had a big mining operation bit mean look
how things change this is an ever
evolving space no one no entity can rock
Bitcoin and if you think one’s about to
destroy Bitcoin if you it’s not
happening because we’ve lived through it
before we’ve seen these big figures come
and go they will come and go the big
funders will appear and disappear the
people that 142 million Bitcoin they’ll
come they’ll disappear that’s the best
way to attack Bitcoin in the future with
getting rid of the scarcity scarcity
element of Bitcoin the very important
scarcity part of Bitcoin and we’re going
to talk about that in a second again we
talked about that recently the other day
yeah how’s Maya all right good just have
to check that out
pound that like button people we got a
question or every member you can type in
bitcoin meister and i will answer your
questions or you can do a super chat and
what’s this question how bad of an idea
is it to keep Bitcoin in a Robin Hood
account I don’t think it’s a compared to
keeping along your Tresor it’s it’s a
horrible idea
it’s I don’t know why to keep it on the
third-party at all what why would you
want to do that so no it’s not a good
idea
the only reason I see you want to do it
is because you’re trying to trade it for
some altcoin or trying to sell it for
dollars I’m offended by selling so what
would I know it’s a bad idea is Robin
Hood an okay place to buy yet probably
mean probably it’s okay I guess I’ve
never I’ve never used it but keeping
your big coin there no it’s that’s not
that’s not a good idea offended myself
okay moving on let’s talk about the main
event here about coinbase what they were
they and now
there are so many coinbase haters out
there yeah now and we just talk about
Robin Hood coinbase is a place where a
lot of people were buying big coin and a
lot of people buying cryptocurrency but
here we go here is the stack Nick Carter
really frames it nicely here
Bitcoin 2009 to present 1 billion
dollars collected by miners in
transaction fees coinbase 2012 the
present 2 billion dollars can collect it
in transaction fees in case you’re
curious about value of hero in this
industry
well of course coinbase got some of
those fees to billion dollars since 2012
they got it from people trading all
coins yeah sure but if it weren’t for
Bitcoin coin banks would not exist at
all ok so this two billion dollars
generated over since 2012 good for them
they’re in motion but without 10 years
ago totally impossible for this to
happen so for those people out there
that say this is not a real industry
that it’s all ether it’s all fake it’s
all in the air it doesn’t exist this
company built a business around okay
cryptocurrency isn’t supposed to have
third parties yet we still have people
that you know rely a lot on third
parties in the cryptocurrency space they
built a third party business on top of
this new financial instrument and they
made two billion dollars so far so far
so you can hate on coinbase they clearly
had a legitimate have a legitimate
business model built around bit big coin
built around cryptocurrency I think it
is an incredible sign for this space
when a third party can generate more in
terms of dollars in revenue then the
Bitcoin base layer does in terms of
transaction fees okay for now for now
but that’s I’m impressed and let’s let’s
read eyelet so I link to the Nick
and I linked to the actual article about
it what to say your coin base has earned
more than a two billion dollars in
transaction fee revenue since launching
in 2012 according to CEO Brian Armstrong
so I say good job they’re going to be
other businesses that would be able to
make billions of dollars off of Bitcoin
also the best thing you can do is just
hold your Bitcoin and acquire value that
way okay that data that that’s what we
all should do the REC the regular people
use it as a savings account but hey
coinbase I’d built something quite
valuable around it hate it or like it
whatever you got to say about coinbase
if you don’t like them don’t pay their
transaction fees don’t trade on their
clearly clearly I’m offended by selling
buying on their yeah that’s the place
you can buy it buy it and then get it
off of there
why where do you actually buy your
Bitcoin from tebah asked me and I’ve
said this before I’ll say it again III
bought uh I bought my Bitcoin at
coinbase
that’s where I got my Bitcoin from that
coin base I’m an American citizen that’s
uh I started buying big point in 2013
when coinbase opened so that was my
option right there so and yeah I got it
off got it on my store various storage
devices of course I wouldn’t store my
Bitcoin there but hey maybe they’re
gonna charge people to store it there
eventually probably all right already I
don’t know
I’m keep on coming up with billions of
dollars worth of fees good for them if
the 80 percenters are willing to pay the
fees any 20 percenters just by buying it
there yeah let them good luck to them
it’s it’s a good sign they’ll go public
one day they’ll sell them their business
to a bank one day who knows what they’ll
do one day it’s good for the space I
don’t try to I knew there were a lot of
guys that want to cancel coinbase get
them out now I let them do this where
the big boys play let them compete I’m
not gonna complain I’m like I’m into
creation not destruction coinbase can do
what they want to do they want to I mean
they sell all these third the third tier
altcoins okay I you should know better
than to buy
to pay a transaction to you in order to
buy some piece of dung all coin hey
that’s 80% you’re gonna do what they’re
gonna do now we talked about you know
Bitcoin maximalist all these terms of
four people in the Bitcoin everybody
wants a label all coiner did the thing
about cryptocurrency a thing about
Bitcoin is that this is all about being
an individual so I really we’re just a
bunch of individuals we don’t need to be
put into classifications under Bitcoin
you’re a Bitcoin maximalist you’re a
semi Bitcoin Mac you’re a light point
dude or whatever that doesn’t concern me
it concerns me what I’d like to see
everybody in this base be is just an
individual making up their own decisions
rationally learning and coming up with
their own ideas not trying to fit in to
certain groups like oh we’ve got to hate
on corn bees we’ve got there there is no
we it’s it’s individuals I mean I’m
guilty of saying we a lot too I’m sure I
am I’m sure I make a mistake but I pride
myself in being an individual in the
space and just thinking thinking for
myself and that’s what bitcoin is really
all about it is it’s not about being
part of the collective at all
individualism is the accomplishment
collectivism is the default so next time
you get into some long argument over
Bitcoin maximalism just just know you
you you are who you are you might under
certain circumstances you’re going to
like certain aspects of the space under
on there’s other circumstances you’re
going to favor other opinions
so you’re an individual remember that
for all these labels that we got flying
around out there and yeah and there are
a lot of cliques out there too I think
that’s that’s another point I want to
bring up there there are a lot of crypto
cliques and you know forming alliances
with other
having friends and stuff that’s great
bullying other people and to other
opinion you know guilting people into
their opinion they could try that that’s
where the big boys play don’t fall into
it you’re an individual
don’t be guilt guilted don’t me feel the
need to uh to thaw into a click a crypto
click pound that like button Nick Carter
has another good tweet out there that
sums up that sub that sums up would we
got here hang on we have questions here
when was the last time I bought Bitcoin
it was it twenty sixteen or something
twenty said no 2016 was the last time I
paid for a Bitcoin yeah I mean again I
was I was practicing what I was
preaching I was like it’s you know in
$600 its $700 it’s shit might be I might
and it might have been a little
something 2017 but uh no I
with my Fiat I again I’ve said this
before I you know I said after a Vinny
lingham article back in 2016 I really
went all-in and I said how many Bitcoin
do I and this is what I tell people this
day how many Bitcoin do I have to get to
to be a millionaire and I bought that
many and then since then of course we’ve
had so many crypto dividends why the
heck would a people keep giving me
cryptocurrency for free me crypto
dividends it’s interest on your Bitcoin
that turns into Bitcoin that’s not going
the coin base and using your Fiat to buy
a Bitcoin that’s that’s the crypto
dividend process so why on earth after a
certain point you don’t need to buy a
big plan anymore you’re getting them
through the crypto dividend process it’s
quite glorious and again you know people
been watching my show for a while some
people are doing the same thing that I
was doing there are people who are
watching my show for a while who were
just like oh this just doesn’t seem real
I’m not gonna buy it now maybe Brett not
buying it at 500 600 because the Jews
who were buying in at 400 500 600 200
300 they’re the guys that are like no I
haven’t bought it for some time there’s
no need for me to buy
I mean I’m set for life tell that like
button we’ve discussed this before so a
anyway because I don’t I haven’t gotten
the other key for all you newbies out
there I haven’t bought Bitcoin since
twenty sixty and I keep on getting more
and more Bitcoin because of crypto
dividends but I’ve never gotten rid of a
Bitcoin since then either okay I’m not
some 80% of its flipping it into Fiat
and playing ridiculous games with it so
that’s where I can say I’m set for life
because it’s my savings account it’s
your savings account
alright my treasure needs an update
would you recommend updating and using
my private key to recover my wallet or
move my coins to a new lightening wallet
on an updated traceur dude if you
properly update your Tresor you don’t
need to enter in you don’t need to enter
your private key your recovery see if
something goes wrong sometimes you need
to enter in the recovery seat what you
got to do is if you’ve already got two
storage them that’s interesting origen
say if you’ve got two storage devices
and you fear the updates so much should
you move your Bitcoin to the other
storage device you definitely should not
move it to something that you do not
control your private key under okay
never do that
if you here’s the thing dude when it
asks you to enter in your recovery seed
you’ve never do it through the keyboard
okay if you know how to do that through
the tress or just do the update make
sure it’s the real update though that
that’s real important too of course they
you’ve really got it from the site and
again never enter in your recovery seat
through the computer with the trip
through the keyboard you don’t have to
do that with a trace or that’s the
beauty of it you can do it even with the
the first reservoir say that whatever is
the bottle tee and the model one
whatever the earlier one also yeah
Bikram oyster have you thought about the
Casa three of five multi six AC it
no I haven’t thought about it why should
I let them know III keep it simple with
the treasurer okay that that’s all I
need to do and casa is a third frickin
party man I’m not I’m not down with the
third parties I don’t need anybody else
to control stuff for me yeah it’s
calming individual I’m going to I’ll go
to control my private key I’m gonna
control my big boy destiny I’m not gonna
mess around with the Casa but for I’ll
say this for the custodial people the
people that are forced to be custodians
it’s havin having a multi-sig with a
custodian it’s better than just looking
at it coinbase I guess dude I don’t want
to glorify any third party aspect of
people holding your big coin I you
control your own private key that’s what
this is about it’s your own savings
account all right any other questions
here what were we talking about here I
got to go back to uh I got to go back to
what I was whatever they’re coming only
a quarter summing up the Facebook
hearings and there are other people
talking I’m gonna have more to say about
it I think you’re on Brooke is talking
about it right now I don’t know if he
got into the crypto aspect of it he’s an
admirer of what the entrepreneurial
spirit of a Mark Zuckerberg but Nick
Carter sums up the hearings struggling
to think of a form of discourse worse
than politicians dragging CEOs in front
of Congress to make them the unwilling
subjects of a made for Instagram viral
moment yeah it really has devolved into
that hasn’t it it isn’t I’m struggling
also the for to think of a better a form
of diss a worse form of discourse than a
politician’s dragging CEOs in front of
Congress to make them unwilling subjects
of be made for Instagram viral moments
they it’s it’s a setup
for these politicians to make a very
famous person look silly for 20 seconds
so they can spread it to their
constituents and get brownie points with
their virtue singers it’s pretty lame
it’s really you didn’t learn anything
from it it was all he had the script
printed out beforehand it really didn’t
accomplish anything not productive
except boost the egos of these
sociopathic politicians and speaking of
Doody reminds us all so I didn’t see
this tweet the other day or yesterday I
should have mentioned this but he says
Wow a scary red Bitcoin candle just as
Zuck gets ready to testify on Libra what
an unexpected turn of events and that’s
ironic of course we all hear we were
talking about it the day before such a
scenario playing out and aoudi points
out that right when he started
testifying Oh magical drop in price but
it was it was to be expected and it
shouldn’t have freaked anyone out at all
and here is Bitcoin over Fiat says
Bitcoin is the ultimate pension
increases the purchasing power over the
long term and can never be taken away on
a whim by a corrupt corporation or
government buy and hold all right now I
love that I love comparing it to the
traditional pension system so many
people complain oh my company I worked
for for 40 years they promised me this
pension now they’re cutting it in half
that’s that’s the sad part about
depending on the third party dude make
your own pension be an individual make
Bitcoin your pension plan it can’t be
confiscated like your pension plan from
I wouldn’t say a company in Baltimore
give it a commute a Baltimore spin
what’s a mcCormick sir
Bethlehem Steel from Bethlehem Steel
they all contentions got
or something like that yeah bitcoin is
not Bethlehem Steel down that light
button thank god it can’t be take away
once you control your private key it’s
not taken away from you
sadly there are so many steel workers
who ever lost their pensions and
government pensions aren’t guaranteed
either and they’re based in Piazza yeah
they’re based in fiat sometimes
sometimes there’s inflationary aspects
to them where they’ll help they’ll raise
it over a while but no you can’t count
on the government that’s good is gonna
you can’t count on that government
promise at all
don’t don’t count on government promises
in terms of pension promise yourself
your big point pension you can rely on
that and is this the the last thing here
a pump oh no this is controversial there
are a lot of guys ripping on a pump
because he says money is a belief system
and people point out that scarcity as in
big coin it’s a fact that the scarcity
aspect the Bitcoin and the lack of
scarcity of fiat money that they just
keep on printing it that is a fact that
is not an opinion that is not a belief
but I got a point that I I gotta go with
pomp a little bit on this one
money is a belief system for 80
percenters they don’t care about that
they don’t care about that they don’t
care about scarcity so you I’ve always
talked about the Bitcoin realm Bitcoin
overlay you get yourself you can you can
have it both ways or it can be both ways
money can be affect money can be
scarcity we’re in the Bitcoin overlay
work we’ve got the best money out there
all right but there are lesser forms of
money that are simply based around a
belief system the belief in the welfare
dollar the belief in spend let’s keep on
spending spending spending I don’t care
how much it’s printing I’m addicted to
spending I’m addicted to government
programs so I believe in this
u.s. dollar the United States is a very
powerful company a very cap relatively
capitalistic country I believe I believe
in the dollar this is what they’re
saying and their whole world will be
rocked if they gave out that belief
system they believe in that story the 80
percenters so money is a belief system
on a certain level for for the 80
percenters definitely the US dollar is a
belief system and they’re not changing
anytime soon but that doesn’t mean you
can’t have Bitcoin it does mean that
hyper big organization is not going to
happen because there are going to always
be people that believe in the government
that believe in the traditional system
that believe in the dollar people are
very reliant on the government on this
end there it’s just the nature of man
collectivism is the default people are
always going to be very reliant on these
figureheads these and these government
entities okay and they’re too lazy to
get off the government dole it don’t
make it really simple to be on fed coin
why get into Bitcoin why use your brain
to understand what stare city is and
that this is a better money just believe
the dollar story believe in that but
stick with that belief system and you’ll
be taken care of okay so I’m not ripping
on a pump for saying that I think there
need to be a little bit of an addendum
there money is a belief system for the
80 percenters because I mean again stare
city is real there is real value behind
scarcity that is not a belief that is
fact when something is stairs there’s
just not many of them okay finally this
is a good outlook tweet to end to end
the show with every time I read about a
price crack this is from Acura accrual
every time I read about a price crack
crash I can only see holder stack sacks
and making the price floor rock-solid
strong hand dude don’t give up that big
don’t panic you can you could keep on
requiring but the best thing you can do
if you just hold it it’s your savings
account you don’t liquidate your savings
account when the price of one big party
was one big way when the Fiat price
happens to go down because some people
decided they were going to sell some
Bitcoin when Jacques opened his mouth or
whatever we who cares what the reason is
Romek you says bitcoin is my savings and
crypt of dividends are my pension fund
Oh pound that like button I like that
one baby you know all right everybody
tune in tomorrow for a meal of a block
stream he is going to talk about the
satellite he’s going to talk about how
all people funding one block stream he’s
going to explain liquid neck liquid
network or whatever to hack at Scala
he’s a grill he’s a smart dude it’s a
good time i’m adam meister the
bitcoinmeister the disrupt meister
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