“Bitcoin Is Not What You Think It Is” – Larry Lepard

“Bitcoin Is Not What You Think It Is” – Larry Lepard

I think the biggest thing that a lot of people had gold people have trouble getting comfortable with Bitcoin on is they they they’re his they they’re bounded in a history of gold or of money having to have a physical property and being a commodity of some sort you can touch it and feel it um and there were commodity cycles and there have been a lot of forms of commodity money of course gold ERS is the superior one and and they just they can’t get a you know they have a hard time getting away from the fact that you can’t touch it and see it and feel it and so they they can’t make the the jump from a physical Ledger you know a physical piece of a ledger to to a paper Ledger but but yet what’s so funny to them when I I I I I push them on this is they’ve done it in every other part of their life I mean if you look at their bank balance it’s not like the bank has the money sitting in the vault it’s just a bunch of zeros and ones on a screen do you know what I mean and and I also try and use the analogy where I say look you know before we before mankind even found gold and mind gold and determine that gold was the best form of money we know we have historical records of people sitting in caves and having putting markings on the wall tally sticks and keeping track of and so money is a social obligation if I have money I can pay you to give me food or gasoline or whatever I want and in turn you know if I do labor for you you pay me money for doing the labor and and so it’s just an obligation between people and it’s really money at its base is really just a ledger it’s just keeping score of who owes who what so why does a ledger need to have a physical property gold has been a symbol of wealth and security for Millennia but as Larry points out the essence of money is not its physical form but its function as a ledger a record of obligations and entitlements in our modern world most of our transactions are digital when you check your bank balance you don’t see stacks of cash you see digital numbers representing your money similarly Bitcoin represents a significant shift from physical to digital Ledger but without the need for physical backing it’s a leap that many especially those steeped in the history of tangible assets find challenging Larry uses compelling analogies comparing the early forms of money like tally sticks and markings and caves to the digital transactions of today he argues that money is fundamentally a social construct used to facilitate trade and obligations it’s not about what form money takes but how it functions if you’re new here don’t forget to hit that subscribe button and give us a like it really helps us out gold people are generally Austrian economists and Carl merer the founder of the Austrian School said money is just the most liquid good by definition and so you know it’s what has the Superior properties that lead it to be a liquid good and you know Bitcoin has Superior properties and we’re all adopting it now if bit if we weren’t all adopting Bitcoin I mean money is a shared illusion yeah everyone agrees that a dollar is money because everyone knows you can go into a store and pay for with it and the government prints it fine um everyone agrees that gold is money it’s been around 5,000 years it’s hard to get it out of the ground they know what it is it’s shiny you can see it Etc you know and and and what’s happening is everybody’s going to one day agree that Bitcoin is money you know I mean a lot of us already know that but some people don’t some people don’t believe that it’s money but the number of those people are shrinking and the number of people who believe are growing as long as that Trend continues Bitcoin is going to be money and I mean already is but it’s going to be you know and and if you look at its properties if you look at its characteristics I mean that’s what led sailor to go this is this is a better weapon I mean it’s or safe to say you know we just invented gunpowder and and you know gold gold guys have got spe and and you know and axes I mean you know I mean gunpowder’s going to win yeah you know so I I think but a lot of people are are hung up in the physicality then I think the other thing to to defend my gold friends a little bit um you know as you watch the whole crypto thing unfold to from back to present there was a lot of and fraud I mean a lot right I mean you had novag grat you had I mean there just there were a ton of grifters there were a ton of there still is in crypto space are right but but my point is I mean at least you know the biggest one is now headed to jail you know but but I mean there was so much criminality around around all these tokens and you know pre-mining and you know even e ethereum which you know monetary policy changed six times I mean there’s so much criminality around all these that you know and and people you know we we all live and operate with mental heuristics right you just kind of you know we don’t have time to figure out everything to the nth degree you just kind of you you look at it you see a pattern you go okay I know what that means I’m not you know based on that pattern I’m going to this is how I’m going to behave right I’m not going to go dig deep and figure out that Bitcoin is a totally different animal and it’s not crypto they don’t have time for that they just look at and go hey they’re a bunch of drifters you know pounding the table here I know those are bad people I don’t want it can’t be anything good in that space and and you know I get that I mean I you know I mean I I understand that and and so what but what I especially when the media lumps Bitcoin and everything all like you have Ben McKenzie the the the guy from the OC that’s written the book recently he he showed up here in El Sal for the conference he wanting to do some type of hit thing I’m sure and we’re like hey we agree with 90% of what you’re saying you just are confused you think Bitcoin and crypto are the same thing they’re like really on opposite ends of the spectrum that’s exactly right and so so and those people have done us a lot of harm I mean in my opinion I mean they’ve really slowed down they threw sand in the eyes of a lot of people who you know um might have understood this more easily and better if they if there hadn’t been all that fraud going on well that’s why I’m so thankful that Max and Stacy because they have come down and just brought the hammer down there are a ton of people Max Stacy I mean Cory klipstein I mean you know there there are a lot of people who’ve been out there just pounding the table and calling out these frauds I mean hell there were a lot of us I mean I recall being with a bunch of bitcoiners in madira this the first madira conference a bunch of years ago and we were talking about how that’s you know we knew Sam bankman freed was a fraud I mean Caitlyn knew Sam bankman freed was front she was telling the SEC I mean we there this was not hard to figure out you know I mean go look at his box video where he talks about creating money in a box I mean it’s just it’s very obvious he was a scamster and and yet people didn’t see it for a while and it took time to unfold and but but I understand I mean I you know when I talk to friends who were normies who have zero knowledge of the space they immediately say oh really you know that’s that thing that that bankman freed went to you know going you know they they jumped to that right and I said you’re right that was really really really bad and there’s a lot of that out there but what you what you’re missing is the signal of this digital Innovation this unique digital Innovation and and it’s so important technologically what we figured they figured out the satoshi’s you know figured out it really is important and I think you know I’ve seen in my gold friend you know cohort I’ve seen more and more of them slowly but surely coming over you know they you know geez you know maybe you’re right I mean I’ve seen my investors say maybe you’re right you know I mean I’ve seen how do I buy this thing again you know what’s this cold storage thing I mean it’s you know as recently as a couple years ago I gave a speech at a gold conference I it’s funny I’m not getting invited to Gold conferences to give speeches as much anymore because you know they they kind of think I’ve joined the enemy camp I guess I mean and I by the way I don’t see them as two enemy camps I see them yeah I mean we’ll get into that in a minute but I you know but I I asked the question at this conference how many of you guys and this is old generally speaking gold conference are older people you don’t find 25y olds at Old conferences you know 30 years 50 60 7 year old people and I said how many you own Bitcoin half the hands went up so I mean I right that’s it’s they’re getting there you know they’re they’re definitely getting there I mean that’s why the other thing I would say to bitcoiners too I say to Gold guys you know one don’t attack bitcoiners they’re on the same team as you but I also say to bitcoiners and when sailor originally came out and was kind of like Gold’s the enemy we got to crush gold I didn’t find that constructive and the reason the reason I didn’t was your gold guy is actually one of your easiest converts 100% because they totally understand the problem I mean they get it they believe in monetary debasement they know the government’s a mess they know what’s coming what they don’t understand is that there’s an alternative Solution that’s Superior and so you know with kindness we need to educate them as to why you know okay I’m not saying sell all your ounces I’m not suggesting that I’m just suggesting that having zero Bitcoin you know in 10 15 years I bet you’re going to regret that so you should definitely start to put your toe in the water and get some Bitcoin and of course once you you know as we all know once you put your toe in the water it’s a slippery slope and pretty soon you become a complete raving orange pill nut you know like you or me yeah you rarely see somebody start with a 2% allocation and then decide they want to drop to a 1% allation it’s just not the way it go it’s just not the way it goes yeah I mean so so you know they say you get Bitcoin at the price you deserve and so my view is you know buy now avoid the rush because it’s going to it’s going to cost more and I mean you know I I mean I think it’s hard for people to understand this but everybody thinks they paid too much for their Bitcoin you know but when it’s a million dollars a coin and being a whole coiner is a big deal um you know you won’t regret that you paid 70 versus 68 or 75 versus whatever I mean you know obviously I mean the buy of the the buy of the century really and I I was buying but not you know I didn’t I was pretty fully allocated so I really didn’t have any money to buy but I know some guys who kind of got it late and then they after the FTX they bought in they bought in heavy at 15 that was the risk risk I was paying 17 in 2017 yeah okay so here you are there was still a lot more risk enormously more risk right here you are 7 years later and you got or no it was probably 6 years later cuz 15 was a year ago now I think at least but you know and you got an opportunity to buy it for 15 what well I’m like you I I bought a little at that time but I was I was already all I was already all in I was selling what I could of other stuff but yeah but I was already all in I thought I was like you got to be kidding me like yeah it was really quite a bargain right yeah yeah that I remember talking to my wife cuz you know she gets a little nervous she’s all all in Bitcoin and she’s like I’m like we need to buy more she’s like but it’s going down I’m like no trust me this is the time yeah exactly I mean it’s yeah my when when it went to 15 I recall my wife thinking you know are you sure about this you and I was like yep I am just relax we’ll be fine Larry explains how gold enthusiasts typically followers of Austrian economics recognize bitcoin’s Superior properties as a liquid asset despite this the road to widespread Bitcoin adoption is fraught with skepticism and misconceptions Bitcoin like any revolutionary concept has faced its fair share of resistance the early days of crypto were marked by high-profile scams and frauds leading many to dismiss the entire sector as dubious Larry candidly addresses these issues highlighting notorious cases and the general weariness they have engendered among traditional investors however the narrative is changing influential voices in the Bitcoin Community have been diligently working to separate Bitcoin from the negative ations of broader crypto scandals educating the public about bitcoin’s unique properties and its distinction from other cryptocurrencies is crucial Larry remains optimistic about bitcoin’s future as he discusses the gradual shift in perception among his gold investing peers more and more are seeing the potential in Bitcoin recognizing its benefits not as a replacement for gold but as a complimentary asset in a diversified portfolio

“Bitcoin Is Not What You Think It Is” – Larry Lepard

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In this insightful video, Larry Lepard delves into the evolving landscape of monetary systems, drawing comparisons between traditional gold investments and the burgeoning realm of Bitcoin. He addresses the common hesitations gold investors have about digital currencies, emphasizing the historical shift from tangible to digital assets and advocating for Bitcoin’s unique properties as a modern ledger. With a candid discussion about the challenges and skepticism brought on by early crypto scandals, Larry also highlights the ongoing efforts to educate and differentiate Bitcoin from other cryptocurrencies. Join us as we explore how both traditional and digital assets can coexist and complement one another in today’s financial ecosystem. Don’t forget to like, subscribe, and dive into the discussion with us at Unscripted Crypto!

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