In Pt 2 of this 2 part series, we wrap up the conversation we had with Chris J Snook as he tells us why you should consider putting trust in crypto during this crisis.
Chris J Snook- Bestselling Author of Digital Sense | Managing Partner at Launch Haus and LODE- a Venture Studio and Opportunity Zone Impact Fund | Chairman/Founder of WorldTokenomicForum and the Sandcastle Foundation.
Check out his entire bio here
Watch Chris’ Virtual Keynote: “Life, Business, & Markets In a Post-Covid19 World”
*Disclaimer. None of this information is financial advice.
The following transcript was created using artificial intelligence. There will be some grammatical errors below.
00:01:17:29 – 00:01:21:14
Chris Snook: What do you fear?
00:01:22:23 – 00:01:33:22
Richard Carthon: Not being to take care of myself right. Not having my own independence being a quote unquote failure by the world’s view and honestly like just incurring so much debt to where I don’t know I’m going to do
00:01:35:11 – 00:01:37:06
Chris Snook: do you plan on having a family at any point.
00:01:37:08 – 00:01:40:09
Chris Snook: And if not that’s OK. But do you know people that do that.
00:01:40:11 – 00:01:47:20
Richard Carthon: Yeah. Oh a hundred percent so like everything I’m doing right now is to provide for my future family. I’m trying to set a good foundation to set them up for success.
00:01:47:22 – 00:01:57:07
Chris Snook: OK so Richard you are unique for your unique reasons. But is any of what you just told me unique as far as something that people your age care about.
00:01:57:09 – 00:01:58:10
Richard Carthon: Probably not.
00:01:58:12 – 00:02:24:00
Chris Snook: It’s not every generation cares about that. When I was twenty five years old and I turned twenty five my dad was the one time on a birthday that I’ve cried and I was almost like overwhelmed to the point of where because here’s where here’s where I was at twenty five. I had broken off an engagement which I’m glad that I did because it was the right decision I was not going to be happy if I ended up moving forward married efforts but because I had started that trajectory at twenty three.
00:02:24:05 – 00:02:33:03
Chris Snook: I had all these assumptions in my head that by 25 I’d have a kid out I’d be making seventy five K a year I got my master’s degree you know blah blah blah blah blah.
00:02:33:05 – 00:02:42:04
Chris Snook: Right right. Cause when you’re 18 you get seven years forever from now. Jesus that’s life right. Because at 18 seven years earlier you were 11. So it feels like forever.
00:02:43:21 – 00:02:54:02
Chris Snook: So at twenty five I woke up I was halfway through an MBA I had finished an M.S. B.A. except for defending the thesis in exercise physiology.
00:02:54:08 – 00:03:13:05
Chris Snook: I was not married which was OK with me. That was actually fine but I had no prospects of when I was going to want to be in a relationship again because at that point I didn’t want to get a relationship at that point. So that was a whole mind to because I’m thinking well how we can have kids like you know like oh I don’t have kids and how I want them someday and I don’t want a relationship right now so that’s going to be way out in the future.
00:03:13:17 – 00:03:22:02
Chris Snook: And and I was working at a bar bouncing and I woke up and I’m like I’m a piece of shit
00:03:24:15 – 00:03:26:04
Chris Snook: I’m two masters degree deep.
00:03:26:06 – 00:03:32:13
Chris Snook: The market tells me I’m not worth more than thirty seven thousand dollars a year I live in San Diego where that’s not even broke. That’s
00:03:32:15 – 00:03:45:29
Chris Snook: That’s like. Poverty is hard. And I and I did everything I was supposed to. All right. So guess what. My parents your parents their parents at twenty five felt the same way. That’s the point. Yeah.
00:03:46:02 – 00:03:55:12
Chris Snook: So why does that matter. Well in 1980 if you have the vantage point you look at right now and you’re looking out into the world whether you understand all these things or not. Here’s what your reality was.
00:03:55:16 – 00:03:58:19
Chris Snook: The Dow Jones average was nine hundred and seventy two
00:04:01:13 – 00:04:03:13
Chris Snook: 972.
00:04:04:02 – 00:04:14:19
Chris Snook: OK. Interest rates were in the teens. So yeah. A mortgage was going to cost you maybe 13 14 15 percent on on your interest for a home introspective.
00:04:14:21 – 00:04:16:21
Richard Carthon: The Dow Jones is about 24 K right now.
00:04:16:23 – 00:04:44:03
Chris Snook: For perspective everyone perspective we have for those who aren’t following the 972 versus twenty four thousand and the real lesson is this 972 with nothing but upside because it was low twenty four thousand twenty six thousand hit all time highs this year in a market that obviously doesn’t function from a fundamental standpoint meaning its no one believes that any of these businesses are going to have the future that they think they’re going to have that just it doesn’t it’s totally disconnected from reality.
00:04:44:05 – 00:04:52:22
Chris Snook: So if I’m a 26 year old today. Last thing I’m thinking about doing is buying in the stock market. Now here’s what’s going to screw people’s minds. The stock market’s going to go higher.
00:04:53:19 – 00:05:27:07
Chris Snook: And you know I may be wrong on that but I don’t think so and a lot of smarter people than me a lot of rich people in me or in the camp of we’re going to see what’s called the you know the blow off top. We’re not even there yet because we have to manufacture this growth in order to keep this ponzi scheme going. So it’ll go higher but it’s it’s a gambler’s trap. It’s like the roulette wheel. Vegas right. And unless you’re an A.I. algorithm bot with a bunch of billions behind your name you have no chance of winning that game. So as a 26 year old you don’t need to know why you just got level probably know the market’s not for me.
00:05:27:09 – 00:05:28:04
Chris Snook: Equities aren’t for me.
00:05:29:07 – 00:05:39:03
Chris Snook: Yeah OK. But in 20 a 26 year old 1980 the markets were you know brand new they’re roaring equities was what cryptos are now.
00:05:39:05 – 00:05:47:16
Chris Snook: People are starting to go public on the small caps. There was you know you’ve seen the movie Wolf of Wall Street like that will happen because people are ready to play the game called penny stocks like cool.
00:05:48:09 – 00:05:53:17
Chris Snook: That’s right. Coins were penny stocks of old exactly disagree.
00:05:54:06 – 00:06:27:09
Chris Snook: That’s great. So the point is is in 1980 I’m trying to figure out how not to be a PCOS. I’m trying to figure out how maybe I could have a family someday maybe I could afford something someday maybe I could not be in debt for up to my eyeballs someday. That’s what every twenty five twenty six year old things and in 1980 they had interest rates where you could put money in a bank and save and earn 10 points so literally a thousand dollars in a bank was earning you 10 percent interest. You don’t have to tell you what is earning today because it’s not earning anything. No it’s not it hasn’t earned over a quarter of a point of interest in a savings account.
00:06:27:15 – 00:07:06:00
Chris Snook: And all these teaser rates of one point 1 2 5 one point two five 2.5 5 percent are on the first two thousand dollars invested not the rest you know in their teaser rates to get you to open an account. That’s been the case since you know I don’t even know 2015 2016. So there’s no savings rate you’ve heard about the savers get punished. And the reason why you have more billionaires compounding grows like crazy is because it became about shareholder value. Somewhere in that middle right now. And so unless you’re in the shareholder side you couldn’t benefit. So savers been punished but back then you could save the yield curve not going to get into what the yield curve is if some of you know great if not just understand the basics at that time the yield curve.
00:07:06:02 – 00:07:19:11
Chris Snook: There was a lot of spread in it. So what it looked like was over the next 40 years you could be safe and you could make money there was growth ahead in the market. And so when you’re looking at twenty six most people think I’m going to retire by 65.
00:07:19:13 – 00:07:22:26
Chris Snook: That’s not true. But that’s what they think. Right.
00:07:23:03 – 00:07:55:12
Chris Snook: And most people aren’t going to work for their whole life because they love it because the majority of people don’t see work and play as the same thing entrepreneurs. Maybe this audience typically do OK so. So it’s not about retiring and never working in sitting on a beach and being lazy get fat. But that’s most people’s dream because the 87 percent of people according to stats I saw years ago hate what they do they just do it for the money to sustain the lifestyle that they had. I got a pretty much different today than it was a generation ago because it becomes a thing.
00:07:55:14 – 00:08:24:21
Chris Snook: You get to an age now you got to provide you’re out of mommy and daddy’s house and you got it you want to be a big girl or boy. So you put on the big pants you go to work. And so that’s what every person your age group was thinking 1980. The difference was the upside was in markets it was in bonds it was in that so you’ll hear made more say and you’ll hear financial versus say no one’s ever lost money in bonds for 40 years because it’s true prior to their prior to that baby boomer generation 78 million entering that space that wasn’t true didn’t even exist.
00:08:24:24 – 00:08:55:25
Chris Snook: Mortgage backed securities didn’t exist until the late 70s and you’re bringing a lot of products got invented for the boomers and they drove the assumption. And if you’re 26 today. Last point then I’ll let you ask the question. Last point is if you’re 26 today the only thing you see down at all time highs and makes no sense. Bond rates are zero or negative. You can’t. So you’re basically paying to have risky free money access to your money not earning anything on it. Housing prices are through the roof because everyone treated it like an A.T.M.
00:08:55:27 – 00:09:23:27
Chris Snook: for those years and then we just kicked the can down the road. And interest rates are at all time lows. So yeah you can afford to but there’s no one that’s so you better love it. Right. But it’s it’s at such a high price that it’s really hard to justify and if you do lock it and break you locked it in for 15 or 30 years at this rate but you do better love it because you’re not going to flip it for a profit you will live in it is what it wants to be. And so the only place where you can see upside if I’m twenty five twenty six is crypto.
00:09:24:10 – 00:09:38:18
Richard Carthon: Right. And actually this translates into my next question and one of the things you touched on was the four kinds of money and you really touched on like why a crypto and one of those is probably one of the best directors to be looking right now. Can you expand on that.
00:09:39:21 – 00:10:08:10
Chris Snook: Well I want to caveat this. I just said the only place you can make is crypto saying it’s the best is too generic. Right. Because that’ll be like saying the stock market was a good play to 1980s. Twenty six year olds and most of em got ripped off and a bunch of penny stock B.S. everything is the you have to understand how to start to evaluate. So you get to decide whether you work for money or whether you you know you work to live or whether you live to work right. You have to kind of make some of those fundamental decisions that you’re not going to.
00:10:08:12 – 00:10:37:21
Chris Snook: You might change your mind over time but you can understand like what is it that economic independence means to me because it’s not a number it’s your number and your ability to your need to understand the mechanics of this. Other than the curiosity side is going to be based on what that is what the answer to that question is. So you don’t have to become an expert in any of this crap including crypto unless you really want to hit big numbers. But if your number is you know what man.
00:10:37:23 – 00:10:48:17
Chris Snook: If I could do what I want from wherever I was or from my place of residence right now and I could make eight thousand dollars a month or I can make four thousand dollars a month.
00:10:48:21 – 00:11:20:09
Chris Snook: But I had zero debt and I was able to surf and I’m happy like that is just as noble as someone wants to go out and try and put a dent in the universe because it’s honest it’s true to who you are. So the real net net of this whole thing and I know a lot of other people out there finally started talking about this is what is your reason not what is the reason. What is your reason for any of this stuff. And realize that it’s going to change. There was a point where I thought seventy five thousand dollars a year is all the money in the world. And there’s been months where I’ve lost that.
00:11:20:29 – 00:11:36:21
Chris Snook: And there’s guys who put zeros on that number and I like I just understand we’re all broke at different levels. So I think that’s that’s the caveat. But the answer is crypto is the future because of two of this fundamental thing.
00:11:36:24 – 00:12:11:11
Chris Snook: There’s there’s always been two kinds of money for the most of civilization’s history prior to civilization when we’re just roaming around the roost. There’s basically just go golden silver. But we didn’t even really need that except for when we wanted to exchange stuff. But when we started to settle and civilize Gold and Silver where we’re basically what I call nature’s money some people called gods money they came from the earth they were rare they were you know they were universally accepted they’ve held their value three thousand you know loaves of bread or slices of bread costs that ounce of gold you know you could buy a forum and soup with an ounce of gold back in Jesus’s time you can do that now right.
00:12:11:14 – 00:12:24:29
Chris Snook: It’s the same forum in suits about 15 bucks that 79 bucks if you buy something that’s not crappy and that’s what an ounce of gold is and you know you do the math on this on a slice of bread and you multiply that by three thousand you can pretty much get a slice of bread for 40 cents.
00:12:25:01 – 00:12:35:22
Chris Snook: So you know it’s the same right as a store value. And it was money and then we created Fiat right by decree. It’s all fiat means is by decree. It’s not just about money.
00:12:35:24 – 00:13:09:15
Chris Snook: You can actually have digital fiat and that’s one thing that I don’t think a lot of people think about is that cryptocurrency doesn’t mean it’s decentralized it doesn’t mean it’s Bitcoin cryptocurrency means it’s it’s using public key cryptography it means it’s a more secure method and ledger balance for mutable transactions hopefully it means depending on how many nodes are in the network and if versus after decentralized or if they have shared interest right. So so cryptocurrency can be fiat to it and you’ll see central bank digital Fiat so called Central Bank the digital currencies.
00:13:09:17 – 00:13:29:21
Chris Snook: But the reality is they’re just by decree they’re made up out of thin air just like the dollar is today. Yeah. And ninety percent of the dollars that in the market are ones and zeros on a ledger balance not paper money. So it’s funny when we say the printer goes you know for every dollar that we print go in BR for every three of those there’s ninety seven digital ones that don’t exist anywhere
00:13:31:29 – 00:13:51:27
Chris Snook: right. So I think the last time I checked the amount of U.S. dollars in circulation was somewhere around 17 try an actual physical U.S. dollars in circulation only one point sixty one point seven and those are actual physical C notes and 20s and fives as well so. So my point is is that
00:13:53:12 – 00:14:00:20
Chris Snook: when you think about the people’s money which is bitcoin it’s the first time where you created a way to transact
00:14:02:17 – 00:14:33:28
Chris Snook: and a potential store value and we won’t get into debate on that yet. Too much time for that. The point is is that Satoshi created a platform by which in an application by which we for one of the people’s money for the first time you can’t subpoena it you can’t shut it down you can try and kill it. You can ban it people go elsewhere or they’ll do it on the table. There’s no way to kill it at this point unless everyone decides it’s not it’s not worth believing anymore and they’re going to go take one of these other three as their as their main belief system.
00:14:34:06 – 00:14:44:07
Chris Snook: But how can you do that when there’s something that can’t be corrupted as easily. That’s got you know 11 years plus worth the history that is barely even getting started.
00:14:44:12 – 00:14:54:01
Chris Snook: And that has all kinds of people interested from the smallest toddler buying a couple of SATs a week to the you know the Winklevoss
00:14:55:19 – 00:14:56:04
Richard Carthon: right.
00:14:56:06 – 00:15:28:06
Chris Snook: Like where do you have a community that’s that diversified in its population. You have people that barely have running water in you know third world countries that have used bitcoin and then you have the Winklevoss right in the same network. Believe me I think I think that’s an interesting dynamic at play. The fourth piece is what we call corporate money which is obviously the first example that that hasn’t been manifest yet but is still in process is Libra and the Labor Network and all that.
00:15:28:08 – 00:15:28:23
Richard Carthon: Right.
00:15:28:25 – 00:16:04:13
Chris Snook: So all of a sudden now governments are not trying to just control by the way 80 percent of the silver and gold 8 percent of the gold in existence out of the ground that’s ever been mined is held by the top seven central banks in a whole. So the 20 percent that’s left of official gold is the stuff that is on your wrist or available for sale and you know one ounce gold bars or whatever that you and I can go pick up so the bottom line is as yet gold is still great store value you should own it for sure if you buy some. I’m not giving investment advice personally but you should look at it because no matter what it’ll preserve your purchasing power it’s got thousands of years of proven that.
00:16:05:04 – 00:16:35:29
Chris Snook: So whenever the dollar hyper inflates to deflate. Do you not to worry if you got gold. You can always preserve your current level of wealth. Yeah and and so the problem though is that the people who make the rules are the ones who make the fiat currency and when they blow this system up which they are and will at some point they’re just going to come back to the table end up with their gold and China is going to have more than it did the last time at Bretton Woods and so they’ll have a seat. They’ll have a big seat.
00:16:36:06 – 00:16:36:21
Richard Carthon: Right.
00:16:36:23 – 00:16:47:28
Chris Snook: And so that’s the game the central banks are playing. So the average you know seven point seventy nine billion rest of us don’t get to be in those tables really only have people’s money.
00:16:48:22 – 00:17:03:19
Chris Snook: And we are the product of those making the corporate money and we don’t mind that if it allows us to convert and transact more efficiently because there’s utility in that. So I’m not going. I’m on Facebook. But you know I get it. I’ll join Libra with another wallet.
00:17:04:18 – 00:17:17:07
Chris Snook: And you know I’ll transact with a two and a half billion people there through my businesses or through my personal because it’ll be impossible not to it’ll replace cash if that ever gets done. I firmly believe that China’s already going to do it next November.
00:17:17:12 – 00:17:38:00
Chris Snook: And we chat and and financial and Ali Baba will pull off the biggest Sputnik moment ever when they basically launch on a Chinese block chain with Chinese crypto a largest single day sale event ever. And it’s all done through cryptocurrency that the Chinese government controls. That may not happen this November but it’s happening soon.
00:17:38:13 – 00:17:42:20
Richard Carthon: DCP is coming. There’s not a lot we can do to stop it. You
00:17:42:22 – 00:17:44:05
Richard Carthon: You bring up a really good point.
00:17:44:07 – 00:17:57:28
Richard Carthon: And even through that explanation one of the other interesting things you like brought on that I want to finish with is the concept of like why is hoarding money a problem yeah I love it so I know you did a little research on Mr. Gisele.
00:17:57:29 – 00:18:35:04
Chris Snook: So Sylvia Gisele was born in Argentina. But the piece that we didn’t get to in the in the other video at length and we’ll go to a little deeper here is Gisele theory was this concept of free money in his. He called it free money primarily because he wanted to liberate money from the need to be a store of value. He thought there was a fundamental philosophical thing wrong. And again you can disagree or agree with this. I encourage you to be like me which is try not to accept rejected neglect any idea a year for the first time try to understand why you should and what paradigms you have in place that if they’re serving you you you can stick with.
00:18:35:06 – 00:18:39:17
Chris Snook: But if they’re not maybe you reconsider because that’s what real learning gets. Right and right.
00:18:39:19 – 00:19:13:07
Chris Snook: I’m I’m doing it as a reminder to myself more than anything else but try this on for a minute so money has always been a store of value as well as a medium for exchange and it served a couple of different roles and and so currency really is only a medium of exchange. So currencies aren’t real. When Jamie Diamond called bitcoin not real he wasn’t. He was saying it and piss people off in the crypto community cause they don’t understand currency versus money. The reality is is neither is the dollar the dollar is not real. It’s a ledger balance. You can’t own a ledger balance like no matter who you are.
00:19:13:09 – 00:19:22:13
Chris Snook: You can’t. That’s why it’s like it’s almost got a change of an actor. You can invest in cryptocurrency. You can speculate in cryptocurrency because crypto currency is nothing more than a ledger balance
00:19:24:23 – 00:19:58:10
Chris Snook: just like fiat. It’s it’s recording debits and credits into a ledger balance right. So you can speculate whether those are going to be exchanged at higher or lower rates and that’s what we’re doing when we quote unquote invest in crypto. When we invest in forex and in currency exchange markets. But so silly Gisele said currency needs to be in velocity right. That’s where it actually moves economies. And so we’re seeing this right now. The biggest problem with the Fed or any of these central banks face and they’ve faced it before is that when I lower interest rates I’m doing that because I’m trying to create stimulus.
00:19:58:12 – 00:20:24:20
Chris Snook: I’m trying to increase and encourage borrowing because if the people borrow then they do stuff like buy buildings build buildings hire people who are indeed because I’m making it cheap enough to get a higher return on capital by using borrowed dollars versus earned dollars to build assets. So when they do this they do this to stimulate. But the problem is when they stimulate what’s typically going on the economy
00:20:26:16 – 00:20:31:04
Chris Snook: downturns downturn and what is nature what is habit.
00:20:31:06 – 00:20:33:21
Chris Snook: When things get tight what do we do.
00:20:34:01 – 00:20:34:23
Richard Carthon: Safe.
00:20:34:29 – 00:21:05:24
Chris Snook: They’ll spend it. We pucker up. I say we like we cut expenses so bad. You’re all the toilet paper and all of right work. So what happens is and it’s happened forever and this was happening in the early late eighteen hundreds when Gisele was alive in the early 1990s before he died. But the first experiment happened in the 30s after he was dead and I believe was it Netherlands or somewhere in that part of the world. And essentially the economy was ruined. Everyone is out of work 20 percent unemployment.
00:21:05:26 – 00:21:22:20
Chris Snook: All that stuff. And so they created this you know so we yourself so inspired free money model where literally the town. So not the not the state not the country not that they started issuing money and basically anybody who owned a business not town created what was called free money. And it was stamped like a coupon so it expired.
00:21:22:22 – 00:21:38:12
Chris Snook: So imagine if I paid you four thousand dollars a month as you know of a living wage which is you know the median income for most states in this country on an individualized basis. Right. Let’s say I paid you four grand a month but the end of that month it was worth zero.
00:21:38:14 – 00:21:39:08
Chris Snook: Are you going to save it.
00:21:42:15 – 00:21:44:28
Chris Snook: Probably not. I mean what am I going to do.
00:21:45:00 – 00:21:55:03
Chris Snook: Nothing. Eighty four thousand dollars a month. I write in four thousand dollars. You just get paid. But that money be unspent able on June 1. What are you gonna do with it try to sell it.
00:21:55:05 – 00:21:57:01
Chris Snook: Try to get some sort of value out of it.
00:21:57:24 – 00:22:05:12
Chris Snook: Well you’re gonna buy stuff you’re gonna put it in circulation. Yeah right. Because it’s worthless in 30 days.
00:22:05:14 – 00:22:11:12
Richard Carthon: Oh I misunderstood the question so if you’re giving me money you’re saying in 30 days this is not gonna be worth anything right.
00:22:11:25 – 00:22:16:01
Richard Carthon: Oh yeah. I’m blown it got to like you had to be honest with it.
00:22:16:03 – 00:22:33:00
Chris Snook: Don’t spend it. You get nothing. If you spend that four thousand dollars worth of whatever you spend it on right now you could choose to spend that on groceries on rent on a car on going out to the movies on buying gold.
00:22:33:22 – 00:22:42:28
Chris Snook: Mm hmm. So you can choose to save some of it but you’re not going to be able to save it in the dollar that you were given that free money dollar whatever that is. Right
00:22:43:00 – 00:22:59:27
Chris Snook: Right. That from that bank note or that you know us whatever the thing was. So what happened was in this 90 day case that they they saw 20 percent growth they saw employment go below 3 percent. Because now all of a sudden you had money to spend.
00:22:59:29 – 00:23:32:07
Chris Snook: So what did you do. You hired people what did that do that increase productivity. What did that do that gave you more people that were on expiring money to go spend that eat out at restaurants or that bought food that needed a house over their head. Right. And so. So the theory was super controversial in the 30s. And John Maynard Keynes actually called the forgotten prophet because what happened was when we hit the depression success story tells that one of the things that was presented before the New Deal came out one of the things that presented Roosevelt with this form of pay.
00:23:32:09 – 00:23:46:03
Chris Snook: One thing we could do is this gazelle theory thing we could basically make because we’ve already forced everybody to pay us in US dollars you can’t pay for American goods without giving us U.S. dollars so they already kind of started that.
00:23:46:05 – 00:24:04:21
Chris Snook: So we’re like you can’t pay back our debts and anything but U.S. dollar. So we kind of already have this mechanism. What if we made that money expire so people didn’t hoard it so they floated it. He ended up confiscating gold and then pegging gold at the new price and everything that was the movie made. But he considered yourself there who who knew what history would’ve been otherwise what right or wrong can’t tell can’t go back.
00:24:04:27 – 00:24:15:27
Chris Snook: Here’s my point. What’s wrong with this cell theory in the sense of the Velocity nothing that’s currently supposed to do. Most people live that rent to rent or month to month anyway. Mm hmm.
00:24:15:29 – 00:24:24:13
Chris Snook: So you know first you go Oh I wouldn’t want that my paycheck is going gonna get expired at the end of month. Yeah but you don’t have any left anyway you’re Mac maxing at 15 20 percent more on credit card.
00:24:25:00 – 00:24:30:29
Chris Snook: So what are you complaining about though. You’re not saving anyway any leave did. Savings is zero.
00:24:31:18 – 00:24:42:06
Chris Snook: So you’re not investing in you’re not saving anyway. That’s the majority of people you’re just flowing money and the reason why you’re hoarding is because you’re afraid the flow is going to stop. What if you were guaranteed the flow was going to stop because it expired at the end of the month.
00:24:45:23 – 00:24:52:12
Chris Snook: It’s ironic if you think about it now. What’s problematic about this healthier is at the time. The only thing existed was printing press.
00:24:52:14 – 00:25:00:00
Chris Snook: You didn’t have a way other than manual letters. But now we live in a world where literally think about this for a minute.
00:25:00:02 – 00:25:19:16
Chris Snook: You could have a three dimensional you get a three dimensional programmable money central banks or if the central bank failed to do it or failed to regulate against it and state banks start launching again under some charter or some other parallel system and they start issuing Gisele style money currency not money.
00:25:19:18 – 00:25:57:13
Chris Snook: They call it currency and they go hey guess what. If you employed people and you want to pay them in this they can spend it everywhere that they already shop in their town. And here’s the deal. At the end of 30 days it’s evaporated and we don’t have to worry about it. There’s no way to not track it because it’s all crypto it’s all digital. So I dropped into I airdropped it into your wallet on the month of the first of the month and it auto debits to where it order debits to and it goes into their wallets and what’s left over you can spend on whatever you want except if you are in Colorado and you leave Colorado and you want to buy weed in Arizona it’s not legal in Arizona so it won’t go through
00:26:00:01 – 00:26:11:19
Chris Snook: or if you’re in a you know like you can program rules of space into the currency which does if I walk across a geo and my phone tracks that I’m across a certain geographic thing certain rules apply and others don’t.
00:26:11:26 – 00:26:32:06
Chris Snook: And I don’t have to wonder anymore through smart contracts and through rules of space that money or that currency will only do certain things in certain places. So now you have you know Islamic countries and you have Christian countries and you have different things where certain things aren’t allowed or certain allowed to be consumed on certain days. And it doesn’t matter. I can come in and I can spend my money and I can control what happens without any oversight.
00:26:32:17 – 00:26:47:00
Chris Snook: So I create all this efficiency and the government is only those people tracking down or punishing people anymore because the currency and I also know exactly where every single cent or whatever it’s called that’s been distributed is at any given time.
00:26:47:02 – 00:27:04:03
Chris Snook: I don’t wonder whether it’s under Richard or Christmas mattress because he’s thinking the pandemic is gonna last longer than everybody else. I don’t have to wonder where the cash is because there is no wondering. It’s all on a ledger balance it all expires at a certain date and if you spend it on gold or some other asset I at least know where he spent it because I tracked that right.
00:27:05:03 – 00:27:08:18
Chris Snook: Yeah and now it would be so there’s a hoarder Bama.
00:27:08:20 – 00:27:14:13
Chris Snook: Right. Because then it’s like well OK but then they’ll know I bought everything we’ll know because then privacy coins and other things will emerge.
00:27:16:25 – 00:27:28:27
Richard Carthon: Yes. And it could be multifaceted and layered and just using so many different ways. And it’ll be interesting to see if anyone picks up on this and tries to apply it. But I mean just listening from a I think they’re all right.
00:27:28:29 – 00:27:44:01
Chris Snook: I’m not I’m not the only guy I don’t know who else is talking about the soldiery right now but but there’s versions of is out there. I mean when you think about the good side of that thing all these talks about universal making basic income right they’re not wrong. But the problem is is that we’re politicizing them.
00:27:44:20 – 00:28:09:06
Chris Snook: I think that what the Komen 19 crisis has shown is that universal basic income has actually could be a very interesting topic because we’re already at 30 million plus unemployed in this country right now. And it ain’t going to get better anytime soon. I mean I’m not saying that doomsday or alarmist I’m saying do the math everybody right now still thinks a good percentage of most people think we’re gonna be in a V shaped recovery
00:28:10:29 – 00:28:25:19
Chris Snook: right now which means that if we reopen everything is gonna go back to where it was. That’s not statistically in probability wise McKinsey. Everybody’s doing research on this. At best it looks like a really long you ride it might be. No.
00:28:26:11 – 00:29:00:11
Chris Snook: Yeah hockey stick that you are an animal that means 30 million people aren’t going back to work tomorrow anytime soon. But here’s one thing they are doing. They all have their smartphone and they’re not giving it up. And just by the nature that smartphone even if they have to turn off home internet and even if they have to turn off and get rid of their laptops and they sell everything else they own they will be subsidized if nothing else and they will not get rid of their smartphone people without running water in Africa have a smartphone. So you have this whole world with seven point eight billion people and there’s over 10 billion devices and it’s going to go to 14 billion very quickly.
00:29:00:18 – 00:29:32:22
Chris Snook: Even inside of all this and they’re all kicking off data exhaust to the tune of 10 gigabits every 10 minutes right now as the current rate of data waste literally exhausts. What if I could give people not a universal basic income on need meaning I give it to them because they’re poor or I give it I don’t give it to them because they earn over one hundred fifty grand or I don’t give many because they’re a millionaire. What if I just said you’re a human you’re kicking off data exhaust that data is like oil if we can refine that it’s valuable for health care for these different things especially if it’s the the identified.
00:29:32:24 – 00:30:16:25
Chris Snook: And so every single one of us regardless of our wealth deserves maybe a universal basic income off of data. But how you gonna deploy it the way they’re deploying stimulus checks or PDP money. Hell no. That doesn’t work. That’s not transparent but you could do it with something of a gazelle crypto model and I think even though a lot of people that are libertarian including myself would get hung up on the you know the track ability and all that. The bottom line is is that for the mass market of society would create an economy again in a way that would be really interesting and what people did with their money is still up to them and we create all this new innovation for the people that did care about privacy or wanted to store wealth and different asset classes.
00:30:16:29 – 00:30:36:15
Chris Snook: But it would also create flows so that you could actually be growth again while we build this new stuff and it’s tied not to need it’s tied to an asset which is data that we’re all kicking off in manufacturing at unprecedented amounts of calculated load every single breath of every day yeah.
00:30:36:25 – 00:30:38:09
Chris Snook: No. And you bring up.
00:30:38:12 – 00:30:48:06
Chris Snook: I think. Thrown out. The problem is that they’re being politicized because again it’s the war against the have and have nots. Am crass and I’m like it’s going to save us right here.
00:30:48:10 – 00:31:21:25
Richard Carthon: There you go before we go these are absolutely no gems of of ideas and things that need to be thought through and I I’m I’m confident someone is gonna hear this and going to just run with it and try to figure out like how this can be applied just because it’s you need to be able to think bigger and have like new perspectives on how things can and should work to then be able to find new creative solutions to this unique problem that we’re all dealing with right now. But above all Chris and I appreciate you spending this time with us you dropped a ton of knowledge a ton of stuff for people to think about.
00:31:22:07 – 00:31:29:09
Richard Carthon: A ton of interest but before you leave you know what is a final thought you want to leave with everybody here today.
00:31:29:11 – 00:31:36:24
Chris Snook: You know I don’t know enough about your audience but I do know you know every single one of us is is running through different waves of this stuff right.
00:31:36:26 – 00:31:53:19
Chris Snook: Like some of us have lost loved ones. Some of us are worried or wanting to prevent that some of us are unemployed some of us are pregnant some of us are running a business or maybe multiple and wondering if we’re gonna get you know there’s so many things going on in people’s lives right now.
00:31:54:12 – 00:32:27:26
Chris Snook: The message without it being like just based in ideological positivity or that history tells us history tells us that human beings are unique in the sense that we have found so far in our ten thousand years of recorded history through every collapse that we’ve had including the dark ages. We have found a way forward that benefited more Pete more percentage of humanity than the prior cycle.
00:32:27:29 – 00:32:42:18
Chris Snook: We got a lot of work to do. We got a lot of problems out there we have a lot of things that aren’t right and if I’m twenty five I’m forty five from any age because age really is just a matter of your mental health and how you feel and your energy levels.
00:32:42:20 – 00:32:53:06
Chris Snook: But if I’m twenty five I’m starting to get real serious about being patient and being overly obsessive about
00:32:55:03 – 00:32:56:23
Chris Snook: this kind of consumption.
00:32:57:00 – 00:33:20:25
Chris Snook: I’m less interested if I can give you any advice. Looking back 20 years I’m less interested in consuming to impress other people and I’m more interested in consuming knowledge at the level of depth where I can be. I can fit in any boardroom or any situation room 10 15 20 years from now and I can add value to that conversation even if I only say one thing.
00:33:20:29 – 00:33:22:17
Chris Snook: That was my goal when I started out.
00:33:22:19 – 00:33:50:13
Chris Snook: I didn’t really have a goal in that I just wanted to be able to add value in a conversation with people that way Richard wished moderately more coffee for me and I in that kind of discipline me to this you know daily digestion of whatever I felt like I needed to learn or was curious or even maybe that stumped me a little bit that I had to force myself to get into a little bit. And so my advice would be whether you’re twenty five and you got a little bit of runway you know learn do this. Don’t worry about what you’re going to do.
00:33:50:15 – 00:34:47:01
Chris Snook: Worry about who you’re going to be and and start being it now. Right. And if I’m forty five I realize I’m in a position where you know I’m gonna make the decisions that are going to impact two sides of this coin. I’m going to have the energy and the youth that I’m going to rely on from my Gen Y and Z counterparts. I’m going to have my children that I’m doing it for and I have my parents that I’ve got to figure out how imminent navigate that generation through a time they have never understood because they were the spoiled children of the war generation and they did a lot of great things the boomers did a lot of great things including drive all this prosperity through their consumption but they are no longer going to be consuming they are no longer going to be buying the debt of the equities markets and they’re too old to wait and ride out the rise of crypto because they need the money now.
00:34:47:05 – 00:35:07:14
Chris Snook: Their pensions are vulnerable for the first time ever which means the promises that they wait worked our whole life for are likely to evaporate for some or most somewhere in the next 10 years to make all this transition happen for the rest of us. And so have empathy for them instead of hate.
00:35:07:28 – 00:35:08:13
Richard Carthon: Right.
00:35:08:15 – 00:35:40:17
Chris Snook: Again if we can get back to a world where instead of looking at what the other person did wrong instead of throwing the other thing under the bus which I know we’re far away from because our leaders are not demonstrating that but just understand that cyclically that has to happen too because we have to get so fed up that a new generation of leaders emerges that are going to not be polarizing and then are going to be there to help build back after the collapse and the collapse is just a reversion to more simpler times is not a collapse of like something to worry about it just means that the complexity gets so much that no one understands what to fix.
00:35:40:19 – 00:35:45:14
Chris Snook: And so the only way the only way forward is to just start over and that’s what you’re living in.
00:35:45:16 – 00:35:50:01
Chris Snook: Guys this is most exciting 10 to 15 year window in the history of humankind.
00:35:50:03 – 00:36:15:28
Chris Snook: It’s never happened with a billion people before it’s never happened with a majority of limited cities it’s never happened with world’s connected to each other in nanoseconds and Pico seconds with high bandwidth connectivity and the building create commerce. It’s never happened where you could unlock the potential 3 billion people who live in poverty around the world prior to it who don’t have a bank account and you’ve never been able to participate but now have a smartphone but don’t know exactly how powerful it is and how much it makes them.
00:36:16:01 – 00:36:24:08
Chris Snook: The opportunities are endless and all you have to do is figure out what you’re going to contribute to that pie. You don’t have to tackle the whole thing. So that’s my message.
00:36:25:14 – 00:36:38:17
Richard Carthon: Awesome and I think that is in gem of a final thought and everyone listening. Trust me you are going to want to listen through all of this. A couple of times just to unpack all the powerful messages that are within it right.
00:36:38:22 – 00:36:44:10
Richard Carthon: Chris what are some ways that people can stay connected with you and learn more about the various projects you have going on.
00:36:45:05 – 00:37:07:09
Chris Snook: Yeah I mean the you know the Chris Jason com site is is the best place to book me for speaking things or just kind of follow where I’m at. LinkedIn is a good place to follow me pretty much where I’m most active Twitter I’m active to my followings not huge on Twitter but my LinkedIn presence and Twitter is pretty much where I spend most of my time.
00:37:07:12 – 00:37:10:25
Chris Snook: And then you know as far as projects that we’re working on.
00:37:11:04 – 00:37:16:11
Chris Snook: You know the the sandcastle challenge and while hackathon that’s coming up.
00:37:16:13 – 00:37:35:18
Chris Snook: So if you’re a developer if you’re if you’re interested in anything related to kind of the future of a block chain related enterprise apps A.I. machine learning crypto you know come get on the wait list that while hackathon that I owe for September we’re gonna be doing a virtual hybrid event that’s going to be insane.
00:37:35:20 – 00:37:55:14
Chris Snook: I co-produced it with rich cop show and came along at several others and we’re really excited about kind of the format this year and its third year and we’ll be giving away probably close to a quarter million dollars in bounties and cash money for the sandcastle teams and so that’s that’s kind of what’s up and coming and kind of on the radar for September.
00:37:55:16 – 00:37:58:02
Chris Snook: So those are those are good places to kind of follow
00:37:59:29 – 00:38:00:25
Chris Snook: awesome.
00:38:00:27 – 00:38:04:04
Richard Carthon: Well again Chris really appreciate all your time and all your knowledge and for everyone listening. Stay Crypto Current.
Crypto Current will be guiding all of you who are new to the cryptocurrency world to becoming a cryptocurrency and blockchain expert. Crypto Current was founded to give access to information to everyone on current events occurring in cryptocurrency and blockchain in a digestible way. Since its creation, we have created content that impacted thousands of people through its podcast, blog, and social media.