The Squeeze Has Not Begun

Every passage, on the record.

1. 00:00Idea

   Ladies and gentlemen, the squeeze hasn't even begun. The great unwashed masses have no idea what is happening behind the scenes with Bitcoin and the reality of a world where absolute scarcity exists and what that means for all of their production, all of their past production, the reserves that they have accumulated, and all of the production that they are going to have to allocate somewhere in the future.

2. 00:32Claim

   All of that is being sucked up, an ocean of liquidity being sucked up slowly but surely until the panic reaches a tipping point. It will be the vast majority, it has to work this way: the vast majority have to be unaware until they are very aware, until it is shoved right in their face.

3. 01:16Analogy

   You look at some of the charts on Bitcoin traded in something besides US dollar, some shitcoin from a government that has decided to take too much from the people it is supposed to serve. That is like a little foreplay, a preview into what is to come.

4. 01:16Claim

   As a holder of Bitcoin, now, a decade from now, you can either claim that you were some sort of economic super genius and you saw this all coming, or you can never mention it and hide yourself away, never tell anybody that you have Bitcoin.

5. 01:54Claim

   Probably the safest bet is to not write a book about how smart you thought you were, when in fact you hitched a ride on the most impactful tool that has ever been generated by the extended order, the one tool that will transform the most amount of energy and be responsible for the vast majority of life flourishing into the future.

6. 01:54Reference

   You hitched a ride on the most impactful tool that has ever been generated by the extended order.

7. 02:31Idea

   Not only day to day life in the short term, but compounded over centuries of struggle, trying to transform energy from inaccessible to accessible, and then trying to store that energy in the densest form possible, in the form that is the most resistant to seizure, that is most resistant to bleed.

8. 03:15Open question

   It's really a waiting game to see how long it's going to take until you know you're right. How long is that going to be?

9. 03:48Claim

   If I investigate any of those avenues, I find that there's nothing that I can do that can provide more value to the extended order than not spending energy that I have transformed in the past. That is the number one thing that I can do, and that shows you just how inefficient the system is overall.

10. 04:28Claim

    That's the definition of being early: it's not the tenth most useful thing that you can do in terms of percentages, it's not the tenth, it's not the hundredth. Without a shadow of a doubt, the most beneficial thing that you can do to the greater good, to the extended order, there is no way for you to generate more return on your economic output.

11. 04:28Quote

    Without a shadow of a doubt, the most beneficial thing that you can do to the greater good, to the extended order, I can assure you that there is no way for you to generate more return on your economic output.

12. 05:11Reference

    So, this holding Bitcoin at this stage is that for you, unless you are Michael Saylor.

13. 05:11Claim

    There is no greater chance of return, of higher returns, than doing this one thing: holding Bitcoin at this stage, unless you are Michael Saylor.

14. 05:53Claim

    If you're Michael Saylor, the most useful thing you can be doing is finding opportunities to allow money, dollars, or stored energy that doesn't have access by mandate to Bitcoin, to all of a sudden be able to access Bitcoin.

15. 06:24Claim

    I have laid a block on the foundational level of the pyramid that is the extended order. Every single energy unit that is transformed in the future will be due to me not removing that foundational block. I get rewarded every layer that is stacked on top of the foundational layer that we have done here for the past 15 years in Bitcoin.

16. 06:58Claim

    You would get a percentage of that because the pie gets bigger, the slice that you have stays the same.

17. 06:58Prediction

    Bitcoin is at something like $70,000. If you started at $100 and now it's $70,000, does it have to go to $700,000 for you to have been right? Not really. Even if you project out to $700,000 or $7,000,000 per Bitcoin, if you are on the boat that is Bitcoin, the river will eventually push you to that destination.

18. 06:58Analogy

    If you are on the boat that is Bitcoin, the river will eventually push you to that destination.

19. 07:40Prediction

    It's going up forever. So whatever I'm saying now about my own situation applies to you at some point in time if you are able to hold Bitcoin for as long as you can.

20. 07:40Claim · condensed

    My answer has been, oh, well, why not just get as smart as you can? How do you get smart? You surround yourself with super smart people and you listen to them, and in the digital age you can do that by listening to or reading the thoughts of some of the smartest people that have ever lived.

21. 08:15Quote

    Books. All the time, everywhere. All the time books.

22. 08:47Reference

    I just wrapped up a couple of books written by Jack Bogle, who is the maestro behind Index Funds and the company Vanguard.

23. 08:47Reference

    Jack Bogle, who is the maestro behind Index Funds and the company Vanguard.

24. 08:47Quote

    He's a Bitcoin maxi before the internet, before there were personal computers.

25. 09:23Claim

    If you increase complexity, that opens up a window for you to be able to offer, quote unquote, value by translating complexity into simple terms for people who don't have full time jobs looking at these things. The more complex you make the financial system, the more you need intermediaries, and the more places you can insert middlemen, the richer they make themselves.

26. 09:58Claim

    Once you remove some of the fees, the eighth wonder of the world, compounding interest, takes over, and all of a sudden you got yourself a little attack factor to be able to start to receive just compensation for the actions you are undertaking with your economic energy reserves.

27. 09:58Quote

    This is the scam that's been going on. This is how we stop the scam.

28. 10:36Reference

    In one of his books, Enough, it starts off with an interesting little epigram from a 19th century Great Britain.

29. 10:36Quote

    Some men rest a living from nature and with their hands, this is called work. Some men rest a living from those who rest a living from nature and with their hands, this is called trade. Some men rest a living from those who rest a living from those who rest a living from nature and with their hands, this is called finance.

30. 11:07Claim

    What Bitcoin does is eliminate that last cohort of individuals, finance, and if you eliminate that last cohort we are going to unlock a world of productivity that has never been possible before, because the technological limitations at the time of creating the market meant that middlemen had to exist.

31. 11:41Claim

    For the extended order, the gross return that is generated in the financial markets, minus the cost of the financial system itself, is the net return actually delivered to the investors.

32. 12:19Claim

    If you want to participate in the markets, the only thing that will come out as a cost is how much it takes to run that financial system and all the players inside of it. If you drastically reduce the cost of the financial system, investors receive more of the energy allocation.

33. 12:54Idea

    Financial intermediation costs are essentially a bleed on the health of the system. Every time you get someone in between what you want to do with the economic energy and who's going to utilize that economic energy, there is bleed. There is a leak in the system.

34. 13:28Claim

    Really the very first thing that we should do as the extended order is try to fix the leak that is in the system, because that leak is causing an enormous amount of suffering.

35. 14:09Claim

    The more energy that you have access to, the longer that pushes out your time horizon, the safer you are, because you can continue to get access to the energy that sustains your life. If you have more dollars, the chances that you will be able to eat today are higher than if you didn't have those call options on other energy.

36. 14:09Analogy

    If you have more dollars, that means the chances that you will be able to eat today are higher than if you didn't have those call options on other energy.

37. 14:40Claim

    You take a look at any of the facts and figures around developing nations or economic powerhouses, and those that are at the top of the list consume the most amount of energy per capita.

38. 15:11Claim

    This tool is already more valuable than any other tool in the history of the extended order. Combine that with the fact that it is absolutely scarce, that there is a predetermined number of units available to be purchased, and this thing is not going to see diminishing returns.

39. 15:41Prediction

    The current trend is going to get crazier and crazier and crazier until the whole thing explodes. And when it explodes, the result is going to be: if you have Bitcoin, you are not fucked.

40. 15:41Quote

    The result is going to be if you have Bitcoin, you are not fucked. That's really it. It's not super complicated.

41. 16:14Claim

    There are zero fees involved anywhere in the ownership of Bitcoin. Never do you have to bleed out to the middleman, never do you have to bleed out to service providers.

42. 16:45Claim

    It's free. It's open. It's permissionless. No one can stop it.

43. 16:45Reference · condensed

    That's that investing is the long-term ownership of a business versus speculation, an idea you've heard multiple times from Warren Buffett or any value investor.

44. 17:20Claim

    Investing is the long-term ownership of a business. What does a business do? It provides a service or a product. What's a product? A piece of information. Why is that information of any use? Because it has utility. That's what provides the value.

45. 17:51Quote

    Why try to find the needle in a haystack when you can just buy the whole haystack.

46. 17:51Claim

    Jack's idea was let's invest in the top 500 of the businesses that are in place. That's a shittier version, version 1.0 of what Bitcoin is: what if you could own the business of life, the business that is the extended order?

47. 18:23Claim

    What's the measurement to determine whether or not life is successful? It continues to exist. How long has that been happening? Pretty long. What's the chances that continues to happen in the future? Pretty good.

48. 18:54Analogy

    I'd much rather bet on the side that whatever has continued, whatever has been done for the last millennium, continues to take place. And that's exactly what buying Bitcoin and holding Bitcoin is doing.

49. 19:33Claim

    It doesn't require any person to transform energy in any way to gain access to it. All of that can be removed, and it's hard to wrap your brain around just how much inefficiency is now taking place because Bitcoin exists.

50. 19:33Quote

    We're not geniuses here. We're a bunch of fucking dipshits. We figured this out.

51. 20:12Claim

    Chances are there are better uses of your energy. Chances are you could bring more value to the system. Now, how do we tell you that that is the case? We tell you in the price of Bitcoin, in how many sats you're receiving.

52. 20:43Prediction

    In the future, you won't get any sats for that effort. You'll get a fucking goose egg. And then you won't be able to avoid it, and then the reality will sink in, and then the fear happens.

53. 20:43Quote

    You'll get zero sats for that effort. You'll get a fucking goose egg.

54. 21:17Claim

    Guess who are going to be the successful people: it's going to be the people who are not in the water flailing around panicking, sinking lower and lower. It's going to be the Bitcoiners.

55. 21:17Analogy

    Guess who are going to be the successful people, guess who are going to be the people who are not in the water flailing around panicking, sinking lower and lower.

56. 21:48Claim

    My advice to just the great unwashed masses really is to stop the bleeding first. Figure out what's going on: why are you getting poorer, why is your life shittier than ever, why do you live in a dump. It's because you're bleeding.

57. 21:48Quote

    Why are you getting poorer? Why is your life shittier than ever? It's because you're bleeding.

58. 22:26Claim

    The first thing you have to do is stop any outflows that aren't required, and stop any bleed that's unnecessary. Because over time those small percentages, although it seems like nothing, become very, very large numbers.

59. 22:58Claim

    For the vast majority of its existence, innovation in the financial markets has been designed to benefit those creating the complex new products rather than those owning them.

60. 23:29Analogy

    I'm going to sell you shittier stuff and shittier stuff and shittier stuff, and you're going to keep paying because you have no idea what I'm talking about. This is the dog shit stuff that you should be in, and this will be repackaged, triple B, dog's balls, and I'm going to sell it to you like it's triple A.

61. 24:37Quote

    Buy Bitcoin because no one can screw a Bitcoin. Therefore, no one can screw me.

62. 25:07Claim · condensed

    I want the benefit of any positive shift in energy transformation for the extended order. I don't know which company or person is going to come up with the next great idea, so I'll give it to them all.

63. 25:37Idea

    If it wasn't called Bitcoin and it was called Total Market Opportunity, if I could sell you a total market opportunity of everybody on earth of all of their productive capacities, how much would that be worth?

64. 25:37Prediction

    How many people would take that over the VOO or the VTI? Probably a shitload. It's probably more than 70,000 times 21 million. It's probably way more.

65. 26:08Analogy

    Why don't I just get on the freight train? Or in this case, I'm on the rocket. The rocket is flying through the air. I don't have to do anything, I just have to strap in.

66. 26:41Prediction

    After all of that, after all the ingesting and computing all of the information, it's still by a landslide, it's not even close what you should be doing with that energy. You are so much more inefficient if you allocate it anywhere else for 99.9999% of the population.

67. 27:18Quote

    It doesn't seem real once you run the numbers, but it is. We're going to be fucking bawling.