 Federico asks, how to prepare for the next national monetary crisis? Here in Argentina, we are not very good at this currency stuff. It breaks every 10-15 years. It is going to happen again soon. Usually, when this happens, we resort to bartering for a while, then get our savings stolen, and then repeat the cycle. What can we, the Argentinian crypto community, do so our country can be a little more prepared the next time? Not only as individuals, but as a country. Honestly, Federico, I am afraid there is not much we can do that we are not already doing as a crypto community. What we can do in order to help people escape monetary crisis like this, is make it so that more people can use crypto in more situations in their lives, in order to have more choice. Not to replace the national currency, but to have an option to exit at times of crisis, and weather the storm. It is about having a lifeboat, essentially. In order to do that, we have to make software that is better, easier to use, build more infrastructure, make things that are easier to secure, and then teach people how to use it, as well as teach people the principles of this ecosystem, so that they can understand how to choose the system that best fits their principles and their needs. We need to teach people about the difference between systems that are open and decentralized, versus systems that are closed and controlled. We need to teach people about the benefits and importance of privacy as a human right in financial transactions. We need to teach people about the importance of the five pillars, open, borderless, neutral, censorship-resistant, and decentralized systems. With that education, infrastructure, and better user experience, and guess what? Argentina is already doing all of those things. There are at least half a dozen amazing crypto projects that have either their base in Argentina or extended staff in Argentina, that are building amazing products with great skilled developers and are helping move cryptocurrency forward. I think you are already doing everything. It is not going to be ready yet. It may take a decade before we start seeing an impact on monetary crisis. At the moment, it can only help a very small percentage of the population escape the monetary crisis. But as time goes by, and as that percentage gets bigger and bigger, it changes the world. Actually, it's related to the government question, but I think that one of your governments, half-powers, will own a loan. And they might not dive in the system or the safety or whatever, but they might target people, persons. They will, they already do, yes. Yeah, they could offer people who would scale them away if they couldn't really be done with that. Because, as you said, I mean, it's the size and the magic that it's not that big, that it's actually a big money from banks and from banks and all that. But if it starts to actually be done, it can go up to very soon to know what's up. So is there a way that we can succeed through the bank deal, let's say, because of the rule, we are afraid of governments from the end of the day, right? You are. And I say that in the nicest way, because many of us are. Do you know why you're afraid of governments? You have something to lose. You have a house, you have financial security, you have a job, you live in a country that has not yet descended to complete chaos. Although sometimes, if you look outside, it looks like that. Ask a Venezuelan if they're afraid of government. Are they afraid of government because it's about to ban Bitcoin? No, they're afraid of government for all of the other reasons, and therefore they don't give a shit if government says banning Bitcoin or you get shot in the street. They're like, as opposed to what? You were shooting at us in the street yesterday anyway. So what you're saying is, now we can have Bitcoin while you're shooting at us? That sounds like better than not having Bitcoin while you're shooting at us, right? So if you're a refugee and you're trying to cross, and someone wants ten thousand euros to put you on a boat... to bring you to one of the Greek islands, and you're like, but Bitcoin is now a legal increase, do you give a shit? Everything about what you're doing is illegal, and everything about what you're doing is just, moral, and proper. The only way to save your children is, fuck yeah, you're going to do it. So can they scare the comfortable middle class? Yes. Fortunately, in the world, the comfortable middle class is getting smaller and smaller... because they've already scared the shit out of us, giving all of our freedoms away. There's more and more pissed-off people who have nothing to lose and will fight to the death... because that's the only option they have, and they can never scare those people. If Bitcoin is only allowed for criminals, then criminals will be the freest people on the planet. Then you have to decide if you want to be with the criminals and be free, or you want to be legal and a slave. That's the bottom line in every totalitarian government. What you're talking about is a totalitarian attitude. If your government says you can't use any currency but our own, what does that say about the currency? More importantly, what does that say about your government? At that point, you're like, oh dear, time to get a second passport and a lot of Bitcoin. That's the moment when you say, now I really need Bitcoin because my government just went rogue. Who knows what they're going to do next? They can scare the middle class, but they can mostly scare the ones who are most comfortable. There's always a section of society that never was comfortable, that always was afraid. Now they have the choice of being afraid, but a bit more free and powerful because they have something to give them an exit. Let's hope that never happens, but if it does, pay close attention to what it says about your government, not good things. The funny thing is, in countries where the government can do that easily, nobody cares about the law anyway. When I grew up in Greece, I remember in my neighborhood there was one street with a speed limit of five. For those who are not Greek or European, that's not miles per hour, that's kilometers per hour. With a manual car, if you want to go five kilometers per hour, you have to ride the clutch like you're parking. Very carefully. It takes skill. They train people when they're driving in parades. How to do this? If you're on a motorcycle, you have to be really skilled to do that. Five kilometers an hour on a motorcycle is bloody difficult. That's the law. It was there. Did that increase respect for the law? No. Did it increase compliance with the law? No. It taught everyone that the law is stupid, so you should probably break some stupid laws. If you start in your country with that attitude, you start with, well, that's a stupid law. Now that I think of it, so is that one, and that one, and that one, and that one, and that one. Before a while, you notice that a lot of the laws that they're making you follow are stupid laws. And also that the people who pass these laws are not following them. Who's going to be the first one to drive down that street at fifty kilometers an hour? Who's going to be the first? Two assholes that say vias on the back, and are driving down the street at fifty kilometers an hour. Because they're cops, and they're above the law. Or some guys in an ambulance trying to get to their next frappé. And you know that happens. You know that happens, especially in this country. So what is the level of respect for the law? Because you know that everybody in power is already violating all of the laws. So why should you follow it? In countries where the law is serious and respected, they won't do arbitrary and stupid things, like saying you don't have the freedom to use a currency. And if they do, what they're telling you is, hey, by the way, the law just became not serious and not respected. So pay attention to that. It's a good lesson. Pay attention. What can happen if a government or a bank would just buy up all the food and coin? Oh, great. That's a great question, and I've had this question many, many times. This is how it plays up. There's actually very limited liquidity to do that. So first of all, what are you doing when you're buying Bitcoin? What you're doing is you're exchanging fiat, as we call it, and national currency. How much of that exists? A lot. How much will exist next year? Nobody knows, but more is the answer. They're printing as fast as they can, right? Mario Draghi is probably in some room right now going, print faster, right? And that's what they're doing. That's their economic model. So how much fiat exists? Unlimited amounts of it and more every day. You're trying to exchange that for something that exists in limited quantity, of which only twelve and a half new ones are being produced every ten minutes, and that's until 2020, at which point it goes down to six and a quarter, then three and an eighth. So it's a reducing quantity of an already limited quantity. So basic economics, supply and demand. What happens when you take an infinite supply and try to push it into limited demand? The price does this. Seemed familiar? It's almost as if they're already trying. So every time Bitcoin or all of the cryptos do that, what it is, is an unlimited amount of supply... Sorry, an unlimited amount of demand of buying or supply of fiat, chasing a limited amount of supply in Bitcoin. That can only result in Bitcoin going like that. Now, that's one way to look at it. The other way to look at it, which is when you have lots of money chasing a limited resource, we call that inflation. So this unlimited amount of fiat that's chasing a limited amount of Bitcoin is actually representing inflation. What it means is that you can buy less and less of the resource that you need, because its price keeps going up by multiple percentages. Bitcoin's price going up is actually also Euro's buying power going down vis-à-vis Bitcoin, or dollar buying power going down. Now, we know that both of those have been buying less and less and less every year. You can count it in abstract units, like YIRO SUVLAIKI. How much YIRO SUVLAIKI can you buy? When you're in the middle of a recession, suddenly the prices drop, and YIRO SUVLAIKI gets really cheap. Then it starts getting expensive again, and more and more expensive. The more the things that you're buying are outside of your economy, the more expensive they get. Bitcoin is outside of the economy, so it gets more expensive faster. You go and try to push all of that fiat into Bitcoin, the prices shoot up. What happens when the prices shoot up? Everybody goes, this is my chance, now I can get rich. Also known as FOMO, fear of missing out. Everybody goes in with the government, the corporation, the rich people who are trying to buy up all the Bitcoin. But there's limited supply of Bitcoin, so they all try to crowd in through a small opening. Yes? That drives the price even faster. They will buy one, and then they will buy two. When they try to buy their third Bitcoin, suddenly they can buy less of it, and it takes more fiat... because it got more expensive. Then they can buy a bit less and a bit less, and the more they do it, the more expensive it gets. The less they get to buy, until, theoretically, they've pushed all of the fiat into there. They have driven the price to ridiculous levels. They will never buy all of it, because not only is the supply limited of Bitcoin, but there are some people who simply won't sell. The people who won't sell act as a further limitation on the supply. A lot of you who already have Bitcoin are going to watch the price going up. What are you going to think? Are you going to think, I'm going to buy an Xbox? I did at first, but maybe now you've learned, and you're like, this isn't stopping. This is going to keep going. So what am I going to do? Nothing. I'm going to watch these fools try to buy all of the Bitcoin and watch its price go through the roof. When it starts crashing, maybe then I'm going to sell. That's why no one could go in and buy all of it. They're exchanging something that is worth less and less every day, for something that is worth more and more every day. It's the same reason why companies can't simply go and buy all of the shares on the stock market, right? Or why, for example, the war on drugs fails. If you restrict the availability of something that people want, then its price will go up, and you don't actually end up restricting its supply. What you do is you fund the people who are producing more of it. So in a system where there's flexible supply, they will produce more. Let me give you an example. If you make cocaine expensive, does that stop people from buying cocaine? No, because people who want to buy cocaine really like cocaine. There's something about it, addiction, that makes it an irresistible purchase, so they will buy more. By making it more expensive, what you're doing is you're funding the people who make it to make more of it. If they make more of it, it gets cheaper and cheaper to make, so they make more of it. What happens in the end is, 45 years after Nixon signed the laws to put the war on drugs in place, the production of cocaine around the world is at the highest level it's ever been. Any logical person would say, we seem to be failing the war on drugs. If you call this, let's do the greatest investment in drugs ever, then we could say, oh, it's been crazy successful. But if you actually wanted to eradicate it, you look at the data and say, this isn't going so well. That's what happens when what you're investing in can be produced in greater quantities. There's really something very weird and unique about Bitcoin, not the other cryptocurrencies, specifically Bitcoin. It's monetary policy means that no matter how much people want to, they cannot produce more of it faster. With gold, if you invest enough in gold and its price goes high enough, people start tearing down entire mountains... and washing away all the dirt with hydrochloric acid and fuck the rivers, because they're going to get a tiny amount of gold. How much gold is too expensive to mine? There is no such thing. If gold goes to $100,000 an ounce, I'm going to make a spaceship and find an asteroid made of gold. There is always more quantity around. It's just more expensive. The same thing with oil or any other natural resource. It's rare at this price. If the price goes up, it's not rare anymore. You just go and extract more of it. If it's not on this planet, then people are seriously talking about mining asteroids. Guess what? There's no Bitcoin on asteroids. No matter how high the price goes, you can't make more of it. This is a very unique economic beast. The fundamental economics of cryptocurrency with a limited supply like Bitcoin are very, very weird. They're very, very weird because it's an artificial thing that we've never seen before.