AI, Bitcoin vs. Gold, Crypto Privacy, Market Outlook

[Part 1 of 8] [00:00] FTRC, it was two and a half billion dollars. I couldn't have done any of it without AI. If if we had not had AI, we would be $8 billion less with five IPOs, none of them would have happened because I used AI to design the securities and solve all the tax problems and all the securities law issues. You know, so I like I'm a big believer in using AI to design new things. And I look, I'm just I I focus upon digital credit and security, but there's someone there thinking about how to make the car drive and cure cancer and like like aren't there like a hundred million problems the human race has to solve that we that you're like, well, you're going to need a thousand people with PhDs to solve that. Well, guess what? Now every 16-year-old has a thousand PhDs at their fingertips. And so I'm very bullish. The world's going to be a much better place and and we're going to see an age of empowerment and abundance because of digital technology. [01:04] People are greedy when they also try to acquire gold. Not really. I mean, people who buy gold are trying to preserve. I mean, centuries, we have centuries of people being greedy to go ahead and acquire gold. Well, no, well, you're talking about to acquire wealth. Yes, people are greedy in that they want they want more things and there's nothing wrong with that. But when they're converting what they've earned into gold, that's not the greed part. That's the preservation part. I I I've I've earned all this money because I was greedy. Now I don't want to lose it. I want to store it so I can use it later. I don't want to blow it all right now. I want to hold on to it. And, you know, gold is a way to do that. You can't really do that in a fiat currency that's just being printed, you know, into oblivion. So, uh, but but but, you know, the greed is in the speculative frenzy that accompanies Bitcoin. [01:57] They tell me that I'm the reason they own Bitcoin because they listen to me years ago about economics, about sound money and and and the Fed and inflation. And I'm the one that got them. [02:11] Plus there's a lot of new technology in Midnight that's going to make the use of Cardano safer. Like Midnight passport will be the fastest, safest and easiest way to use Cardano. So we gain all the usability advantages of Cardano. Plus I'd argue Midnight is an essential component for Bitcoin, the Bitcoin D5. When you look at that side of it, you're like, okay, Bitcoin users, they want privacy. So Cardano could do a lot of the heavy lifting on the programming side, but where it's the private coordination layer is just for all that. So we're actually working on this program for Bitcoin D5 setup, where we call it the the circle. So you start with Bitcoin, the tap root. I'm going to put 50 Bitcoin of my own money into this Bitcoin that's worth. Then you start with tap root and Bitcoin. You lend it to a stable coin. So that'll occur on Cardano through a specialized transaction through the bridge. And then that stable coin will then be deployed into a yield bearing instrument. And then as you make yield, the yield is converted to Bitcoin and then it's sent to your tap root. And then Midnight coordinates all the private. So you you have like all three networks working together, and you have this circle and then from the Bitcoin users perspective, you just give them a button, make money, click the button. And then it locks their Bitcoin, they just start generating a yield. The security actually enters the tap root on the Bitcoin network. So it meets my three rules that I have for Bitcoin D5. One, there's only Bitcoin. [03:31] Bitcoin, Litecoin is better money than than fiat, obviously, also better money than gold. I think it's I believe it's the best form of money that um humans have ever come across. Right? Money being a good thing that is um it's inflation proof, right? No one, no single person, company or or government can print more money, right? Can print money and inflate away the money you're holding. Uh, you're storing, right? That's kind of one of the key things about money is if you work hard, you make money, you don't want that money to kind of disappear over time, not from your own doing. Right? So that's that's key and Bitcoin, Litecoin and uh most cryptocurrencies um is able to to do that. [04:17] I could have the argument that real estate's better than Bitcoin. For a number of reasons, by the way, depending on who you are. Um, your audience could probably disagree because they're probably a bunch of, you know, Bitcoin maximalists. They don't have as much Bitcoin as the real estate guy, by the way. [04:35] No, I I'll tell you right now. Hold on one second. See, that's the funny thing, dude. That me and my brother were talking about this yesterday. You know, the guys that know the most seem to have the least. [04:46] 100%. That that I can probably agree with you on. [04:51] It should be a bigger issue within the crypto system and the ecosystem. What do you think? [04:55] I think it will be. I think privacy is going to be the the new if you want in my view, and this is what I'm tasking the investment professionals at Mailstrom to sort of figure out. I think that the standout shitcoin or, you know, few shitcoins of 2026 to 2028 will be related in some way shape or form to privacy. We already saw the, you know, amazing move of Zcash over the last few months. Yes, it's down 50% from the 780 high, but I think again, my goal is, you know, my mental model is 10 to 20% of the value of the that was Zcash um up. So much higher than where it is today. But, you know, you know, taking away Zcash, what is the token project or protocol that's going to utilize some privacy technology, probably something related to ZK or knowledge proofs to do something whether that's quantum resistant, you know, the overlord can't deanonymize our data or, you know, see what we're doing, whatever it is, right? These are the things that we're latently afraid of of of what bad things that could happen with this proliferation of big tech, big government and [06:05] Trump get elected, knowing that we share friends in the White House for all the populist parties of Europe who are under attack. Every single populist leader. If you look at the leaders, and my last documentary was called Silence. I got 18 months in prison for my last documentary. The reason I aired it was because the documentary was so bigger than me. It's exactly what they're doing. Lawfare has been weighed against if you go through, I'll pick any of them. Pick her builders, the leader of the Dutch party. Pick Marine Le Pen. Any politician in Europe, yeah? Anyone, pick anyone who has stood up and tried to speak against immigration and you will see a history. Matteo Salvini, I was with him two days ago, the Deputy Prime Minister of of Italy was prosecuted in 2020. They said he could act because he's got the vote. He was prosecuted in 2021. He was in charge of other crimes. The process is the punishment. Every political leader who's tried to stand up was charged. You saw it done to Bannon. You saw it done to Stone. You saw it done to Trump. That's happening across the board. They're of their [07:09] totalitarian state. But I think it's probably because you're elected on on very optimistic about the future. He's not because they're not intelligent. The public already the public is awake. [07:22] So the other thing about it too is just a lot of political power that you know, it's going to have a nuclear attack in the 20th century political. You're racist that were absolutely going to be lost are still in place because of crypto money coming in and it keeps things like alive which has been changed a lot. There's been many conversations to try to get it into a better shape and hopefully September 15th will actually be able to get it over the line and have a lot of talks to get to here but the actual there were over 200 pieces of adjustment and applications and other things. I don't think anybody realizes how much work's gone into this. I talked to Senator Scott. I said, is there anything that's terrible? He says, you know, we worked on this three times longer than Obama worked on his and that was his response to 2008 financial crisis. [08:07] This is politics and we need to get crypto and our industry out of these partisan out of these partisan issues. It's really not healthy to treat any technology as some kind of political pawn. This isn't about Republicans, this isn't about Democrats. This is about freedom. This is about getting people access to their assets online. It's about allowing them to transact globally without an intermediary. It's about the economy of self-innovation. It's about the future of finance. It isn't about red versus blue. We need to get out of that. [08:41] have been very negative on Bitcoin and crypto. So he's been public statements calling it rat poison 2.0 or pet rocks or, you know, name your name your funny name. Now these same institutions have now understood that this is not a fad. This is here to stay and oh, we need to get a piece of the pie. Well, you know what? If I had a genie and three wishes and I could make gold better, my first wish would be shrink the supply to 21 million coins and make it illegal to make it more. And my second wish would be make it invisible and teleportable and indestructible. And let me carry as much gold, you know, in my pocket as I possibly can. And my third wish would be make it programmable so a billion AIs can trip teleport it and transform it a million times a minute so that I can put it on a, you know, a billion computers and and have it have it get traded back and forth 37,000 times while I'm sleeping, right? And I would think digital gold as I just described it, it's got to be better and more valuable than physical gold and especially in the 21st century when you're looking at 10 billion computers and 10 billion AIs and 10 billion mobile devices and, you know, you never teleporting an ounce of gold on an iPhone. So I just think it's digital gold. It's got to be 10x or 100x better than gold. [10:27] What first got you excited about blockchains? Think about it. Oh wait. I bet it wasn't multi-million dollar hacks, exposed data or finding somewhere safe to store your seed phrase. Was it? Maybe it was the idea of decentralizing a broken financial system. Maybe it was imagining a world where people own their own data and get to sharing the value it creates. Or maybe it was the promise of a fundamentally better way of connecting, communicating and transacting. The next phase of the internet that empowers us instead of exploiting us. So why hasn't it happened yet? Where we're still living with the same broken system that blockchains promised to fix. It's because blockchains can't keep a secret. Enabling open transparent systems was only the first half of the challenge. For blockchains to really change the world, they also have to be able to protect our sensitive data when it matters. And that's why we built Midnight to bring down the final barrier to mass adoption and unlock the full potential of the decentralized web. Let's build the internet we deserve. Together. [11:48] Ladies and gentlemen, we all know this in crypto, ownership matters. That's why Cake Wallet. Cake Wallet gives you full control of your digital assets, all in one easy to use application. You can store Bitcoin, Litecoin, Zcash, Monero, and many more with just one secure backup. Swap between coins in seconds, no copying addresses, no complicated steps, and even includes Bitcoin lightning for faster payments. And with Cake Wallet built in, you can use crypto in real life through debit cards or gift cards. Simple, secure, self-custody. Download Cake Wallet and take control of your crypto. [12:31] This is Houston. T minus one minute until full data blackout. All eyes are on you. [12:46] Breaking news, there's an astronaut conducting an emergency repair on a global communication satellite that could go dark at any moment. We have a second angle of this. [12:56] Is that guy on FOMO? [12:58] Oh yeah, let me for crazy. [13:00] Yeah, let's get back to it everybody. [13:16] Breaking news, there's an astronaut conducting an emergency repair. [13:23] Opportunity cost is simply this. Every position you take is a position you choose over something else. [13:37] This just in, according to the astronaut's FOMO account, highest in the room, the satellite has been restored. [13:45] Yes. [13:48] For now, the crisis appears to be over. [14:03] Satellite's up and running. Positions looking good too. [14:18] There we go. United States of America representing. [14:21] Socialism does not work. Digital assets. Is it better to move money at the speed of light? People are greedy when they also try to acquire gold. I am here providing electricity and that energy that is necessary. [14:35] I'm the modern day Tony Stark. [14:43] Welcome to the show. Uh-uh. [14:50] Welcome, welcome, welcome. Welcome to the breakdown episode 798. Sponsored by Midnight. Midnight is the title sponsor. Also Polymarket. Polymarket, the official prediction market sponsor of the breakdown. I have my drink here. It's like, it's so rude, right? So I'll put it to the side. Also Cake Wallet. Cake Wallet is one of the most secure wallets that we have in this industry. If you want to hold your Bitcoin, you want to feel secure in holding your Bitcoin, Litecoin, Zcash, Monero, download Cake Wallet. App Store, Google Play, cakewallet.com. Go there, find out how you can go ahead and download Cake Wallet onto your phones and onto your desktops. Also FOMO, fomo.family. You can go on there and see who's trading what and what's trading who. What thesis is it being written? Are they or or [15:43] We'll get into that today. We will get into that today. And also today we will have Peter Shift on. I will go and uh try to convince the man to sell his gold to get some Bitcoin. That's right. I will go and and I will do the Lord's work and try to get him to get some Bitcoin. [16:04] He accepts crypto he's going to we're going to argue about this, but he has Bitpay on his website. Accepting payments in cryptocurrency for people to buy his gold. [16:24] Now I want to tell him, sir, [16:26] It's okay to hold Bitcoin and gold. There's nothing wrong [16:30] in precious metals and gold. What is the argument here? [16:35] And at some point because he keeps saying Bitcoin's going to zero and it keeps going up. Bitcoin has died 93,000 times and for some reason it still finds a way to go up. I know, I know, I know. I have my tums and and what other heartburn medication available to me as I go into this conflict. I shouldn't say conflict or this debate with Peter and also I'll ask him about what he thinks about the markets. Speaking of markets, we have Landy here for 10 minutes. Landy's here for 10 minutes. We can go ahead and bring him on onto the show. Yesterday, by the way, I don't know what was happening with something's wrong with restream. That's all I got to say. It's not a me problem. It's a restream problem. I checked it out. Um, hopefully, hopefully you guys tuned in yesterday to Grant Cardone coming on. We have a lot of people coming on this month and we got a lot of people coming on for November. But let's bring in Landy real quick. 10 minutes. We're going to go ahead and talk about what's happening in the markets. Landy, what's going on? How's everything going? [17:49] Good. How you doing this morning, David? [17:51] I'm good, man. I'm fired up as always. [17:54] Good. Well, it's good to see you. You're looking good. I like the suit. I like the haircut. Yeah. I think uh I think it's it's you're you're uh consolidating back into uh a normalization, like a a a range that you are in like that sweet spot, kind of like, you know, Bitcoin is doing and and and kind of like the markets are doing right now. Just kind of they're hitting that sweet spot. They're just kind of hanging out. [18:26] Oh, no. I have rugged. [18:30] Is he breaking up? Or is it me breaking up? [18:31] I have rugged. [18:33] Okay. Because yesterday, I thought it was Grant Cardone that was also breaking up. And I got to replay this because my connection was good. And then all of a sudden, I'm talking and it's like I I I'm speaking, but I'm lagging. It it's crazy. [18:48] You you were breaking up right now. You when I'm looking at the uh at the feed in restream right now, when you are talking, um your voice is not matching anything that you're saying. [19:04] Are you serious right now? [19:06] Uh it's it's it's catching up and then like slowing down and then I'll hear you talk really fast until it catches up to your mouth movements. It's kind of wild. [19:15] Maybe it's not used to me speaking fast. [19:18] Maybe restream is having some issues. I I I've been having issues what I've been doing the live streams um on Fridays as well where me and a guest will be talking and then it's just cutting out the audio uh for the for the listeners. So and the and the viewers. I I don't really know what that's [19:38] This is not good. [19:40] No. Hold on, let's see. Let's see. Hold on. [19:42] I mean, it looks good on YouTube. I don't get it. [19:50] Uh, Chibs says it was doing that yesterday. [19:54] No, it did it yesterday. No doubt about it. When I looked, it was it was doing it yesterday. [20:01] Like your mouth movement's not matching the audio, right? [20:03] Right now it isn't? [20:05] It well, it's it's it is at the moment, at this particular moment, but just when you were asking if I could hear you, if I was gone or breaking up, it was all out of sorts. It's definitely not your connection. Um, it's definitely on the restream side of things. This was happening when I was when I was talking. [20:23] Fuck restream. How about that? Fuck restream. I'm tired of your fucking. You know, I'm going to Riverside restream. Fuck you. How about that? I'm tired of this shit. Tired of it. Anyway. [20:36] I it's it's been a little wild, man. [20:39] That's crazy. Uh I got a good workout in. I'm doing two a days now. I'm back to being me, bitch. And I just want to say, okay, I am the people's champ. I am 100% the people's champ. There's nobody. I don't know what medication my doctor gave me, man. Let me tell you something, man. I think my doctor tried to kill me. And I was still on here. Still on here. Trooping it away. Yeah, people tried to do some voodoo on me. And I still showed up. I was I felt cross-eyed. I still showed up. I still came on to this show for the people. I still came on here trying to and attempted to drop value for you guys. Do you understand? Do you understand what I was doing for you guys? I was saving you from all the bullshit. From all the bullshit. All the boring ass shows. [21:59] For as hard as you control, there's there's a particular gentleman that controlled just as hard. By the way, nice troll on me immediately, piggy backing on trolls on on the troll of me, which I do uh thoroughly enjoy. But uh the master troll is in the chat. [22:17] You just give me one second and it's like nine hours. There's no one second. There there if Landy ever shows up to your space and he says, give me a minute, let me touch on this. You might as well go to sleep and you'll wake up this motherfucker still talking. That is so true. Hey, I'd leave it to him. [22:42] But he only got five minutes right now, so I don't give a fuck. [22:48] That's okay. You're getting trolled too. So I do thoroughly enjoy. [22:51] I don't give a shit. Oh, I know. I I get trolled all the time. You think it affects me? No, absolutely not. [22:56] You you know, what's funny is um I think that you so eloquently put it in the form of a rap song that Landy can talk for an hour and Ryan talks for a day. And it is rung so true. I can't [23:08] I don't know who's worse. You talking, I think about it. [23:12] I mean, you can talk. You're not slow when you talk, you just talk a lot. Ryan, this motherfucker is just trying to say three sentences. [23:38] So, yeah, uh [23:40] These aren't veneers. These are real white teeth. Not veneers. I'm looking at the screen. I'm like, holy shit. That shit's white. Um [23:53] I have so many inappropriate jokes right now. [23:56] Yo, I'm just so back. Like fuck that. I like I just I feel I almost feel like myself again. I'm By the way, if your doctor ever prescribes you some look it up. I'm going to tell you right now, look the shit up before you take it. That's all I got to say. [24:16] Yo, did you tell the audience what to look up yet? Holy crap. [24:20] If somebody gives you Prednisone, you fucking seek nine different opinions. Nine. [24:32] 99 actually. [24:38] David. [24:39] Because [24:41] I love the New York way of saying words. [24:50] Landy that time. Hey, you're all right, yo. I'm like, yeah, yeah, sure. Text me. [25:02] Oh my God. I knew that you were messed up, dude. I knew it. [25:05] I'm so messed up, bro. Fucking doctor tried to assassinate me. [25:11] Oh, man. Oh, yeah. Here you go. Now you're nice and glitchy on the stream. Ah, shit. [25:17] I'm glitchy? [25:18] Yeah, it's it's glitching. It's really funny. It's it's I mean, they can hear you. What what can I do? I got to stream. I think they can hear still. It's just that the the the video is not coming through. For you, it's different. The video is not coming through. Um, but the audio is for me, it's the audio that wasn't coming through. The video was fine. So, but brother, I will leave you with with this because I know you got you got [25:50] This sucks. [25:51] some uh actual people to interview. While you're taking a look at it. Uh for the audience. [25:57] Yeah. So what's going on with the markets? What do you see? Like, you know, what what what's happening here, man? [26:02] Well, a whole lot of nothing in terms of cryptocurrency land outside of some outliers that have had some nice pumps and retraces. Things are just kind of going sideways.

[Part 2 of 8] [00:00] always in major, major areas. Bitcoin keeps bouncing on that really important monthly at 82 and a half to 83. It keeps kind of trading between there and around $87,000 on the daily. If we do see a breakout above 874, I'm looking 88 to 90, potentially more into the lower 90s. And you really just want to see right around 82 and a half to 80 to the downside hold up for Bitcoin. Ethereum's kind of the same way. Um, very similar kind of consolidation look on the daily. When looking at Ethereum, it's going sideways between around 2600 and 2800. Uh, you want to look for a breakout above 28 to 2900 to start getting into 31, 32. Um, and if it does break down from, you know, 26, then we're probably looking for, you know, the range at 25 to 2350. If it does break down from 2350, we're looking for a larger correction in Ethereum. But for right now, it's just hurry up and wait. So, consolidation is the name of the game. We've been doing it for a long time in in cryptocurrencies, just consolidating sideways, big move, consolidate for a lot longer. So for right now, it's a lot of hurry up and wait. Um, traditional markets look pretty good right now, um, in the beginning part of Q4. [01:25] But beware of the uh the rotation um to profit taking and like that kind of stuff, tax loss harvesting uh towards the back half of October. Um, and if we start to see it earlier than that, um, probably earlier the better, but if it is in the back half of October that we start to see any kind of corrections in the markets, um, I'd be looking for it to be from the back half of October into November, early part of November around the election. But for right now, you know, you take what it's given you, consolidation in cryptocurrencies, nice little breakout in uh in indices and equities. And uh, and then we'll kind of see where things go from there. [02:13] I'm just sharing um this on the Tik Tok. I got to speak to somebody at Tik Tok also, man. Um, because I I got to play the ads in it, you know, it seems like they're just taking me down every single time I go on and uh, you know, talk about any ads. And we used to have, you know, we're used to having like 300 up to 300, 400, 500 concurrent people on Tik Tok. So, I need to figure that out. You know, Tik Tok, YouTube are are absolutely going to be major for me and and and when I can get this Instagram shit up, it'll be also fucking phenomenal. For some reason, I have to do Instagram differently. I have to set it up every single, you know how fucking stupid that is? I got to set that shit up every single day. Instead of where I can just click a button and everything turns on. That's that's crazy. That's that's wild work. [03:02] Yeah, you have to you have to manually start it. Um, yeah, there's like, there's there's quite a lot of people watching on YouTube right now. I've I've um, I'm happy to see that there is uh, uh, that the watching now on YouTube is is growing and growing more. Um, They want money. I said I'm giving I'm doing a giveaway, so. [03:24] Oh. That's the only reason they're here. [03:28] Oh boy. Oh boy. All right. [03:32] Mr. Beast, Mr. Beast uh went ahead and gave a part of Africa free uh internet, Starlink. [03:42] Yes. I saw that. [03:44] So now I I I have to attempt this strategy. I have to go to places where nobody has internet connections. Provide the internet connections and then they'll become my fans for life. [03:56] That's Oh, are you gonna are you gonna do a water initiative as well? [04:07] See, those are the things I would do no matter. I I'd love to go ahead and do some stuff like that. You know, go to countries where like shit is really fucked up, areas that are really fucked up and and donate and and give money away, you know, or or provide money to go ahead and build out infrastructure. I would love to do that. They don't have to name shit after me or nothing. I I'd love to do that without anybody knowing. Cuz you know, when you do those kind of things, you do it from the heart. You don't do it so people, oh, look at me. And a lot of people do that as a look at me thing, look at what I'm doing. I I can understand both angles though, like, hey, videotape it cuz you encourage more people to go ahead and do it. From that standpoint, yes. But there are people that just want the engagement from it. [04:51] No, and there's a lot of people that just want to money launder too. [04:55] I guess. Under the guise of helping. [04:58] I I I guess. I'm not saying that's you, but that's the majority of it. [05:04] What is wrong with my guess lately, man? That is that is uh the majority of people are any charitable organization typically money laundering these days. [05:15] Uh, hold on one second. Don't Oh my God, huge guest. Hold on one second. Let me answer this real quick. Hold on one second. Uh, [05:38] Hold on one second. [05:53] Sorry, guys. Hold on one second. I told you I'm working, man. I saw that I was like, yo, I got to stop the fucking show. [06:01] All right. [06:03] I'll tell you. I'll tell you. I'll tell you. [06:12] No. Yeah. No. Yeah, bring me on the show the same day, huh? [06:21] No, you guys can go ahead and watch. I don't need you jumping in. [06:25] No, oh no, I I definitely wouldn't ever say anything. [06:29] Yeah, I'm sure. [06:30] Oh boy. [06:36] Well, um, yeah, that that is cool. Um, so yeah, we'll we'll have a lot of cool guests coming on this month again. October, November and December. It seems like these three months every single year is when I I hope to get on some notable names so we can have a a conversation. And this time I'm going for hour long conversations, maybe hour, hour and a half. And I'm hoping that we can finally get out to uh, wherever it is. If somebody's in Nashville, somebody's in, you know, LA, wherever, we could just sit down in Miami and shoot the one-on-one for two to three hours. I I think that at the end of the day, I can sit and and I'm not looking for aha moments or I guess as a content creator or a media personality, whatever, you do look for quotable moments. But for the right reasons, not for the wrong reasons. So, [07:31] Can't wait to do that. And I'm happy that the markets are the markets are looking good. I hope that we do have a pullback. I keep saying this. Uh, there's one thing that I said here multiple times already that you weren't on the show and I I don't think you were on the show, but I said that I memes could be dead. And that's something that has scared people because I'm super bullish obviously on meme, meme culture. Meme culture is not dying. That's not what I'm talking about, but I think that memes can absolutely die with the current state of the market being that you're not really trading memes. You're you're trading lottery tickets right now and none of these things are memes. Zero. Now, if you're a highly successful uh rotational player, then you're going to make money on mosquitoes, fucking mosquitoes or whatever this shit is called. But [08:21] Oh, that's not meme culture. Oh, no, I'm just kidding. I'm just kidding. [08:27] I mean, like and I can go into a whole rant and I probably will, maybe maybe next week, but because I've already gone into the rant. [08:37] Can I can I bring something up, David? [08:39] Sure. I I said this to you. I said this to you how many years ago that my this was my take. [08:45] Yes, we talked about this. But memes are not dead. But meme culture, [08:52] You're right. No, shit. Um, [08:57] You said memes are dead or not dead? I said memes themselves are not dead. They're alive and well. But meme culture when it comes to cryptocurrency is in shambles in my opinion. [09:10] Well, you need the the way to fix it is you need a bunch of old school cats. Uh, number one, to come out of retirement, two, the ones that haven't retired, to step up to the plate and say, listen, guys, we need to go ahead and fix this shit. Because it's more there's more of us than them, right? So, what we have now is the LA Vape Cabal has rebranded to, I don't know, they're now in LA and New York. And they've all flown out and I'm I'll say what it is. I'm I'm you know what? I don't give a fuck. I don't give a fuck no more. He said this there's a this glitch is happening from fucking restream because I just tested my network and my network is flying. So there has to be a fucking glitch coming from restream. It's not from me. Cuz I I would say it. Even when I, you know, even when my shit is glitching out, it never does that. Cuz I'm still I would still be looking at the camera and there's nothing wrong. [10:04] Yes. No, I can I can confirm. [10:07] Is it is it also you that's glitching out along with me or like is it us both? [10:12] It's both of us. [10:13] Okay, so then like there's nothing for me to fix if it's just both of us. [10:16] Yeah. It's definitely on restream side. [10:19] What I will say is that you have the LA Vape Cabal, which has rebranded and they've put on suits. They're they're trying to get away from what they did last cycle. And now the VCs, now they have they have help with VCs and they're pushing, obviously, they've pushed into the meme economy. They're they're launching launch pads. That's obviously all coming from your VC boys, okay? Put how many launch pads do we need? We need 96,000 launch pads for what? [10:48] Apparently. We have a million dollars in liquidity here with 96 million fucking tokens. So it's it's it really I'm trying to just tell people, you know what? It's if you're in something that's valuable or is good, that has some sort of culture to it, hold. Stop flipping for this dog shit. That that that's really it. But we're in the ninth inning, boys, and now there's two outs, one out remaining. I don't know if somebody's going to step up. I I like I said, I will try my best, but I'm not killing myself. I got dragged out here for saying nothing. [11:26] Yep. [11:27] I got and I'm sure you saw it too. I got dragged out here for saying nothing. [11:32] I know. [11:33] Let me let me say one thing. People have been tagging me like, yo, bro, support something. No more. I'm telling you right now, and you y'all can videotape this or you you can double tape. [11:45] It's recorded. [11:46] Double tape this motherfucker. I'm going to tell you this right now. After what I've been through for and this is not just like the last three, four, five months. I'm talking about for years. I've done nothing but try to stand on the front line to help this fucking space. Don't tag me. Don't tag me asking to help. Y'all got the same bags, you go ahead and go out there and you dance for them just like I dance for them. That's it. I do want to like Landy, I do want to help this space so badly, right? But I guess you got to learn when people smack you upside your forehead. [12:31] Look, at some point you got to say, motherfucker. You got to look in your I I had to look in the mirror and say, motherfucker, bro. You just got smacked again. When are you going to learn that no good deed goes unpunished? When are you going to learn? [12:46] I've told you this before on spaces, live streams and uh and our and our um one-on-one conversations behind the scenes. I've said that you cannot help, you cannot help those who do not want to be helped. Right? [13:04] But you can't help you can't help anybody. It's not even the those that don't want to be helped. You can't help anybody. [13:14] Well, look, there are some people that value you. Yeah. There are some. I can count them on my on my hand that will value a relationship. Some. Mhm. [13:31] That's some. That that that some makes up like 0.003% of the entire space. Everybody I I have to realize this and it's crazy that it's taken me what, 11, 12 years to realize that I don't know how long I've been that people just want money. [13:55] Mhm. That's it. And if they can go ahead and push you out there to get it, they they'll do it with a smile on their face. And then when it doesn't happen, they'll blame you. [14:13] Well, all the closest people told me that. All the closest people told me that. There's no need for me to do any of this. Just keep on building the brand, talk about things that I like and that's it and go on about your day. [14:27] Yep. [14:28] Go on about your day. You don't need none of this. [14:31] Yep. [14:33] Shut up, okay? [14:34] Shut up. Well, I feel nice and vindicated now. Uh, you know, it looks, oh, look at the time. Oh, look at the time. It's almost it's almost 12:45. Wow. Wow. It looks like we're going to have to leave on that high note over here. [14:56] Landy, by the way, did not come on yesterday due to the fact that his Bills lost to the Patriots and I took full enjoyment watching it happen. [15:07] Oh, no, don't don't do this to me. Look, [15:09] Love seeing it, bro. Love seeing it. [15:12] I would like to get the early season slump out of the way. [15:16] No, I didn't listen. I'd rather the Bills beat the Patriots. I I can't stand the Patriots. So I I would have loved to see uh [15:23] Man, we made we made uh what's his name look like the worst quarterback he we went he went from uh May went from looking like the worst quarterback in the league to MVP status in one game. [15:37] That's crazy. Yo, that one-handed catch though, you got to give it to uh what's his name there? One-handed catch in the end zone. He got some good stickum on them gloves because he was making one-handed catches all over the field, man. It was wild. [15:51] It's crazy. It is really. But I think the Bills are a good team. I think they're going to do well. Uh, do they win the Super Bowl? [15:57] Our defense is atrocious. Our defense is atrocious, man. [16:01] That's why I love the Giants. I can't believe people passed on Reese. I really can't believe people passed on Reese. This guy's a monster. [16:09] Yo, the Giants are cursed, bro. I I here's why they're cursed. [16:13] Well, what happened far right? Was it far right? [16:15] Injuries all of the time. Injuries. [16:18] Far right? Far right? [16:19] Yo, yo, look. [16:21] Far right? [16:22] Yo, it's wide right. But either way, the Giants [16:25] What's the thing? It's wide. [16:27] You know what? Just because it happened the same way in uh in to a T, literally, same way, end of game kick wide right. And to get to the Super Bowl after many years of hearing wide right uh since the Super Bowl with the Giants. That was that was very painful and it makes me sad. But the Giants are cursed. Look at the the injuries that you guys are going through. [16:54] Brian Burns. Brian Burns, obviously Jackson Dart were the two biggest ones out of uh, but you know what? On the defensive side, obviously we missed Burns, but uh, we do have uh, uh, Tibido. Obviously, hopefully he steps it up. I think he's super talented. He just hasn't it hasn't clicked yet. I hope it clicks. And then you have obviously Reese who stepped in. So, and we we do have other linebackers. We have this guy uh, Jake uh, Kelly who is I don't know. He he just reminds me of uh the water boy. And I I hope he gets to play a little bit. But and then, you know, obviously, you know, Jameson, like I I was, you know, we got JJ McCarthy within that trade with Minnesota and [17:43] Oh, yeah, big win for you guys. [17:45] I think, listen, sometimes you you go to a new place and who knows? He's a talented quarterback. His brother coached him, you know, so he wouldn't they wouldn't have traded for him if, you know, he wasn't good. I think he's really talented. Um, but Jameson made me want to like not watch the Giants anymore, but it's the Jameson experience, man. Like it's he'll throw like 19 fucking touchdowns and 18 interceptions. You got to be you got to have a stomach for it, bro. Um, and you know, and like some of the shit that he throws like for interceptions, like, bro, did you not see this, bro? Like, like I wouldn't have thrown that shit, but it is what it is. Um, football season's cool. Uh, now the Giants don't have a wide receiver, so that that looks stupid for, you know, cutting uh Odell Beckham. I you know what? I got so but I look, I get why. I get why. You know, the Giants are a just like they're a smash mouth running team and they I guess they want their wide receivers to be like big, you know, big time blockers, you know? And Odell Beckham is uh, you know, he can block, but he's a he's a player, man. And whatever, it is what it is. It's nice to have you here. I know you have a show to, well, you did your show yesterday. You'll have a show on Wednesday and Friday. Uh, and we'll have you back here and we'll chop it up. Um, tomorrow. Landy can be found on anybody's space. So if you have any type of space, Landy will be there and you have nothing to worry about. If you guys need entertainment, if you need something to fall asleep to, Landy is there for you. [19:23] Yo, that is so true. [19:25] No, actually, actually that's Ryan. Okay, that's actually Ryan. If you need something to fall asleep to, he's like fucking 106.7 uh jazz. Like if you I like jazz music, but if you listen to jazz for 34 minutes, you're fucking falling asleep while you're driving. I remember I turned on jazz music. Somebody asked me to turn on jazz music. I turned it on while we're driving. I fucking almost went off a fucking cliff. Holy shit. Woke up real quick. Eyes popped open. Um, yeah, shout out to you, Landy. The the greatest in the game. I'm, you know, I got to say, I'm going to start telling everybody I'm the greatest trader in the game because I I really am, but I just keep it to myself, but fuck it. Since everybody's out here flaunting that, you know, they're fucking putting up LeBron James stats, I'm going to start doing the same shit. I'm I'm just be obnoxious. I don't know why. [20:18] No, I shouldn't. When you go when you go private, when you go private and you do your trades on your own and you don't tell anybody, brother, telling you. [20:26] I'm telling you. I've been winning like crazy, not showing not going on to my public FOMO account. I go on to my public FOMO account. I got destroyed by the same people that said that they got my back. Yeah, sure you have my back. Right off a cliff, no parachute, bro. Yo, I am telling you. And and everybody thinks like you can't read the chain. Do you understand? I don't need AI. I can just look at the chain and know that you guys are pushing me off of a cliff. Like it's crazy. Oh, man. Anyway. [21:02] Y'all y'all are a bunch of good fellas. Landy, I'll talk to you tomorrow or I'll talk to you later today. I don't know. [21:10] All right, brother. Hey, much love to you. It's good to see you looking good. [21:14] Thank you, man. What the fuck does that mean? I look terrible. [21:17] Uh no, you're back on your game, brother. [21:19] Wow. You're back on your game. [21:20] This is what happens when friends don't tell friends they look horrible. Anyway. [21:25] Much love, brother. [21:29] He's like, you had steroid face, bitch. I did not say that. I just strongly implied it. [21:37] Okay, go fuck yourself. I wish I knew what you look like, you motherfucker. [21:41] I look exactly like this in real life. [21:43] I'm sure you do. I'm sure you do. And I'm sure you drool when you go out. [21:49] Maybe. I do a lot of talking. [21:51] Yeah. This microphone I got to hold back. You know, I I'm going to be the nice person. I hold back. I got to ring out the little uh the the little pop screen here. I got to ring it out when I'm done. [22:05] You're so lucky I never looked at what you look like. [22:08] Brother, you would you would think that I am in my teens. [22:14] You sound like you're in your teens. You sound like you your balls didn't drop. [22:18] Ow. Damn. [22:19] You look like your fucking puppet. [22:21] Damn. I damn. That mean. [22:24] You look like you got put together at Build-A-Bear. [22:27] I mean, it's this is not inaccurate, but damn. It kind of hurts when it's said out loud. [22:34] You know what's fucked up before you go? I'm staring at my eyebrows. They're natural. I don't fucking I don't touch my eyebrows. I don't thread, none of that shit. And I remember somebody made a comment like, yo, he does his eyebrows or some shit, right? And I started looking in the mirror. I'm like, yo, I've never done my eyebrows. Like I I I never like I'm Landy, Landy, I've never done my eyebrows. So I've naturally like these are natural eyebrows. And I and I kind of look now at them and and I'm like, man, it's kind of unique that I was born with eyebrows that are like shaped in the way that they're shaped. [23:07] Mhm. I would agree with that. [23:08] Why are you laughing? [23:09] I'm not I'm not laughing. Who who's who's laughing? I'm not laughing. You you're purposely making me laugh. [23:16] Go fuck yourself. [23:25] I'm back, bitches. [23:27] Yes, you are. And and good luck with Peter. Have fun. Tell him tell him that if uh if gold breaks down below $4,000, he's in for a nice ride to the downside. [23:47] Yeah, I wish I can hear you. Oh, man. Landy. [23:50] That's What a great time to break up. What a great time to have it cut out. [23:55] Have a great one. [23:56] Take care. [23:58] That is Landy. He was sniffing just now. I don't know what he was sniffing. Is that bad to say while he's gone? [24:12] They look, hold on. Let's see. I made that comment, David. They look threaded. I don't I don't touch my eyebrows. I swear on everything. Like I don't touch them. I don't. I'll take a picture, man. I'm look, I don't touch I don't touch my eyebrows at all. Stop peptides. I don't do nothing. I really don't. I don't know why. I don't know like I was born with these eyebrows. That's crazy. When when y'all started mentioning, I started looking in the mirror. I'm like, like I don't see anything wrong with them. Anyway, welcome to the breakdown. Oh, Landy took back. Landy. Landy needs to have his balls dropped. Kai, Landy. Let's talk about the markets today. You know, um, I'm telling you, I I'm you know, now I'm doing two a days and now I'm able to do two a days cuz I feel uh way better than I than I did when I was taking that fucking shit to go ahead and and cure this fucking injured ear and shit. And holy fuck, if I would have known, if I would have known what the doctor was putting me on. Yo, I would not wish that on my worst enemy. That's crazy. That is wild. Tell me tapping out. Oh, I was tapping. Telling you right now, I was tapping. I'm not talking about tapping that ass. I'm talking about I was tap in. I was tapping out. That's the first time in my life that I felt like like you you know,

[Part 3 of 8] [00:01] [David] I'm a man. Okay, I'm a real man. You got people saying that they're a man. I'm a real. [00:12] [David] Real man. [00:18] [David] I'm a real. I can I can you notice I can get like I've been playing sports, physical sports, my entire life. [00:30] [David] My entire life. [00:37] [David] So for something to bring me down to the point, it wasn't an ear infection. That's the problem. It wasn't an ear infection at all. I injured my ear. I was training and it really sucks because I was going to participate in the Iron Man. So that's what I was training for. I was really close. My body was so good, man. My body was so ready. I was biking, I like indoor, outdoor, treadmill, running, lifting heavy, like I was doing it all, man. Like I was so fucking ready. And then I go up, I go up state to go ahead and and hike to like really, really get my legs. Like you go up, you go up in altitude and obviously, you know, there's less oxygen. So it's good. It like it helps you your endurance during the entire fucking race. So that's what I do. And I go up there and I feel my my I don't know. It's just like the pressure in my ears. It was off that entire time. And I didn't pay attention to it. Then I come back, same thing. Like from going there and coming back, it was just like my ears are fucking with me. But like again, like I didn't really pay no mind to it. I jump into the pool to do laps and as soon as I jump into my fucking pool, boom. And I felt like as soon as I come out the fucking pool, I and I never have altitude sickness. Never zero. I come out the pool and it hurt. Like it hurt. It wasn't an infection. It hurt. Like I damaged something. And then two, three days, four days later, something's something's fucking off. And I go to an you know, an ENT and Now I'm sidelined for fucking six, what was it, six to eight weeks and shit, man. And still till this day, I I still need like three months to recover to make sure that everything heals up correctly. I'm telling you, man, that was such bullshit, man. [02:47] [David] I'm hoping though that I can get cleared for the event that we're having in New York. So I'm really excited about that. And then there's another event in Cali that I want to go ahead and catch. So I hope I just hope everything goes right. Anyway, it's 12:46, excuse me, 12:56 p.m. on the East Coast. Uh, we have um, we have Peter Shift that will join us today. Peter Shift will join us uh, to have a conversation about Bitcoin, the markets, uh, essentially what's going on. I'm sure we'll get into a discussion about, you know, Bitcoin and I I don't know. I don't think uh, I don't think Shift got I don't think Shift got legs to stand on here. I can't fly. Uh, there but I'm going to attempt to. There's a conference that's invited me out to speak. It's not a crypto conference, okay? It is an actual conference with real notable people where I can speak to an audience that doesn't know anything about digital currencies. They don't know anything about Bitcoin or they don't know much about it and they want to hear somebody break it down. So I'm going to be there, okay, God willing, talking about these things. [03:59] [David] I've accepted the fact that I have to step, you know, look, as an entrepreneur, I've already stepped out of my comfort zone. I left a really fucking great job and I stepped out my comfort zone and I decided to build Goxteen Media. Okay? But there comes a point where I got to continue to step out of my comfort zone and I got to speak on stages that aren't crypto related, okay? That are just, you know, from traditional finance, even sports, even politics. I got to step out my comfort zone and that's what I'm doing. I'm accepting these invitations where I used to decline them or I let other people go. Okay? I I would let other people go and represent the company for me or represent me for me. But there comes a time where I got to represent for myself. If I want to go to the next level and for those who want to go to the next level, you got to step out your comfort zone. You can't be selective. You got to go everywhere. So all these invites, I'm saying yes to them. I had Reuters reach out and ask me if I can go ahead and do a collaboration with them about, you know, hosting and moderating an event. I like these things. We dream of these things, especially if you're a media personality. You've dreamed, you've dreamt of of being a moderator or speaking on stage or doing a TED Talk. And here you are, you get these opportunities and you decline them. Why? [05:22] [David] And that's what I had to ask myself. And again, remember when I talk about what, a year and change ago, I had to sit back and reassess where I am as a brand. You know, I had to reassess what am I doing and what am I doing this all do I really want it? It's funny, you know what? Grant Cardone, he was on here yesterday and he said at the age of 52, he felt like he was washed. If you watched the show from yesterday, Grant Cardone said at 52, he felt like he was washed and then he was introduced to social media. [06:01] [David] So that kind of made me feel better from some sense that and also like Gary uh, Gary Vaynerchuk, he says, listen, you think you're old? You know, KFC, the Colonel, 65 or 66 years old. That's when he began his entrepreneurship. I mean, it's never too late. Nothing's too late. Nothing, absolutely zero. When it comes to seeking out what you really want to do and leveling up and and taking shit to the next level. I said something to Landy though here about, listen, experiences. I've learned that like even when you want to do something good, it can backfire on you. And now and what I said is really, really true. Like I'm going to be strictly just a market participant. Do I want the next Wall Street Bets 2.0? Absolutely. Will I build towards it? 100%. But no longer like I I I got tagged today by and I won't say by who, but they were like, hey, I think it's time. And it wasn't anything about the the movement that I'm trying to build. It was just random tagging of me. Hey, and I'm like, no. No, not anymore. You know, if you're not going to support my show, if you're not going to support my brand, I'm it's a two-way street now. A lot of people want me to do a lot of things for them, yet nobody wants to support my brand. So how how does this work? Here I have a brand, a a wonderful brand. Matter of fact, people right now, I'm in conversations where people are assessing how much me and my brand are worth. So here I have a brand that I worked really hard for. Hey, Dave, can you go ahead and support me? Sure. I've always gone out and supported everybody. [08:00] [David] I've always supported everybody. [08:04] [David] But it's a two-way street, right? Where are the people where where I've supported them? Where are those people supporting me? I'm not look, if when I give people or I when I do something for somebody, it comes from the bottom of my heart, right? It should come from the soul. It should be it should be done because I want to do it. Not because I'm being forced to do it or I'm expecting something in return, but I'm doing it because I want to do it. [08:35] [David] But when I see me do things and in return, people don't even support the brand. Nah, like I don't I don't need to do that shit anymore. I'm telling you right now and and that started from last week. I am never. If you don't support me, I don't support you. And that's and and you know what? Don't be offended. You can't be offended. If you don't support me, why the fuck should I support you? I I don't I don't understand where I owe you something comes in. I owe nobody nothing. [09:11] [David] I've done more for people in this space than that has been what? I if anybody's followed me, I've done more for people than they've done for me. [09:21] [David] Why am I supposed to support somebody? So now I'm I'm I'm just reciprocating the same energy. I see you fuck with me? No problem. I fuck with you. And that's it. And that's the Brooklyn way. That's the New York way in general. You do something for me, I do something for you. It's a two-way street. [09:45] [David] It can't be, David, continue. David this, David that, can you can Yeah, yeah, David's running all around doing all these things. And yet are you using my website to go ahead and break down news? No. No. [10:05] [David] Here's the funniest part. And I ain't going to I ain't going to name names. Okay? I had a person person that I have connections. We all have connections, but some people have connections to A, B, and C. And I have connections to to D, E, whatever. I got connections to 1, 2, 3. They got to A, B, C. Cool. [10:29] [David] Not once has a person offered to go ahead and give me those connections. But people want my connections. Hey, Dave, can you go ahead and hook me up? Okay, no problem. But when I ask, it's I'm left on red. So no longer. It's a the same energy. You give me that energy, I give you the same energy. And that's it. It's it's nothing bad. I wish you the best of luck. [11:01] [David] But what the fuck? [11:05] [David] It's crazy, man. It's crazy how people go about business. You know what? It's my fault too because I am somebody who's like, yeah, man, like I I no problem. I I'm a no problem kind of like sometimes really naive kind of no problem. But when it comes to me, nah. Absolutely not. It it is absolutely weird. You would think, oh, yo, let me hook you up too. I got somebody. What the fuck is this? Y'all can't even go on to Goxteen.com. Y'all can't even go use Gmarkets.io. All this shit is free. I'm way too nice. I I'm no longer nice. Like I am absolutely no longer nice. I'm writing down everybody who supported me and everybody who's dicked me. Trust me, that shit's besides writing it down here, you know, I have an elephant's memory. But I'm writing the shit down and I'm writing the reasons why. So when somebody asks me, I'm going to be like, you know why I don't fucking give you the same energy anymore? I'm going to tell you why. It's because you haven't clicked or shared any of my fucking articles. No, but you shared a CoinDesk article. The same article that Goxteen.com had, okay? You fucking talk about CoinMarketCap. I got the same shit not even better on Gmarkets.io. Are you using Goxteen PR? No, you're using some other, you know, you don't even know these other people, but you're using their shit, okay, and not mine. Fuck that. [12:47] [David] Fuck that. Are you putting me on a pedestal? No. You know what's crazy? I'm going to tell you what's crazy. I was watching this and I and I kind of laughed, but you can appreciate it. You don't you can't even hate it. The LA Vape Cabal, no matter how bad I feel they are at like content, and I feel like it's boring, they will go out there though, whether they like each other or not, they will promote each other and they will tell the world how good that person is. Like they will retweet their show of somebody and put, yo, this person is the next superstar. [13:32] [David] This side of the fence, knowing and motherfuckers know I bring it. Motherfuckers know I interview like some of the greatest names in this space and outside of it. Motherfuckers know I have really good conversations. Not a single person that asks me for something will take the time to retweet one of the clips that I have and say, you know what? DG is doing his thing. Now, I have an audience that does that and I appreciate them. But I'm talking about some people with fucking platforms will not ever dare to do that. You know why? Because I feel like number one, they feel like, oh, if I do that for him, he could be better than me. [14:22] [David] I got more things that I could say, but that that the one thing right there, that stands out. Even though that's a good clip, I won't retweet it. I won't show it to my audience. I won't encourage my audience to view him. So, same energy. Same motherfucking energy. [14:42] [David] It's weird. There's nothing to be scared of though, but there's nothing to Bengal Tiger, there is nothing to be and Bengal Tiger is somebody who's in the live audience. By the way, for those who that listen in on the podcast, I do talk to the audience at times. This is a live show and I will go ahead and answer some questions that are or or or obviously acknowledge some of the comments that are said. Uh, and it is true. There are some people that are scared, threatened. You know, people want to see you do good, but not better than them. So that's the reason why the LA Vape Cabal will win because they're willing to retweet each other, even though they might not like each other. On this side of the fence, everybody want, David, acknowledge my crypto. David, acknowledge the crypto. David, talk about our crypto. Uh, have you guys gone to Goxteen.com? No. Have you guys talked about Gmarkets.io? No. [15:42] [David] Have you guys retweeted any of my clips? No. Then why the fuck am I supposed to do something? What's in it for me? Oh, David, you're you're nice. Why are you saying no now? We hate you. So what happens is, I'm telling you how it works with me. As soon as I say no and put my foot down, I'm the bad guy. He's a monster. Let's open up a space. I'm going to tell you how bad David G is. Okay? Forget about that he platformed me. Forget about that he's done really good things for this space and for me. He said no and he's a bad guy. No problem. You know what? I'd rather be the bad guy. Go ahead and make up all the fucking things you want. I'd rather be the bad guy. I'd rather be the bad guy. [16:33] [David] And with that, we'll be right back. I don't even know if I want to play the commercials. I'm scared to play the Let me see what's happening on TikTok. Did they take me down yet? Yeah, they probably did. [16:45] [David] TikTok already took me down. I'm on there, but they probably restricted me. [16:52] [David] This is crazy. [16:56] [David] Yeah, I I've always believed that relationships work, you know, work work both ways. And I I consistently give more than I get. And that's fine. Again, you're not looking for a thank you. You're not if you're giving something or or you're you're out there and you're pushing for somebody to win, that's great. But there's there should be without me making these references, there should be something like, okay, DG has helped me. DG has helped platform me. DG has done so many things for me. Maybe just maybe when I see a clip come out, maybe I can reply to it. Maybe I can repost it. Maybe I can reshare it. Maybe I could tell people like, yo, like DG is really that guy when it comes to having conversations and interviews. Maybe we maybe we push one of our own. Nope. My audience does. My audience shows up. The people that really truly love the content, love the way I go about things. They show up every single day. I love my moderators on TikTok. I love I love the people that help me here on on X and formerly known as Twitter and and other platforms. Thank you so much. I appreciate it. [18:17] [David] I really do. [18:27] [David] France said it best. People do take, take, take, but nothing's given back. Nothing, zero. [18:37] [David] I agree. At some point, you got to put an end to it. You got to put an end to it and. [18:42] [David] You're going to be the bad guy anyway. It doesn't matter. [18:47] [David] It doesn't matter. You're still going to be bad. [18:52] [David] You're still going to be bad. I I'm actually making a video that I'm coming out with. You're still going to be you are still no matter what, at the end of the day, whether it's good or bad, you're still going to be labeled the bad guy. So fuck it. Run with it. Run with it. Be whatever they want you to be. [19:20] [David] It seems to work, by the way. I got to tell you. I see a lot of people. I got to say this. I'm on all these social media platforms. And I see a lot of people that are complete assholes. And people love them. No, I don't think anybody likes the good guy. Nobody likes the good guy. And it's not like I want to be the bad guy. I don't want to be the bad guy. [19:50] [David] Cuz I'm a I'm just like a good individual in general. Do I got do I got my flaws? Yeah. Could I rub you the wrong way? Absolutely. 100% I can rub you the wrong way. No did he. I can definitely rub people the wrong way. First of all, you might look at me and and you might think he's an arrogant asshole. Okay? You can hear me speak and think, oh, typical fucking New Yorker. Like you can hear like I I get it. But I think people who have gotten to know me know that like, hey, man, he has really good intentions. Is he perfect? No. Nobody's fucking perfect. You guys act like you're perfect. You're not. You're absolutely not. [20:36] [David] But I see some of these people that have shows and they're fucking cursing out fucking women. They're degrading women. They're just degrading people in general and and man, they got an audience. I say one thing and oh my fuck it. Not that I want to do that, but shit, fuck it. If that's what you guys are looking for. You you know what it is? I think also the younger generation just wants to see Lambos and Ferraris. Y'all want to see it? Fine, no problem. [21:13] [David] Look at people showing off their P&Ls. Yo, if I show you that I got a $2 million P&L, oh my God, this motherfucker I got to follow him. It's all perception. Eye candy. That's all it is, perception. People want hype over value. [21:32] [David] No everybody could care less about substance. People just want to see that hype. They they they want to it's kind of like when people are seeing Ty Lopez. Ty Lopez will show you two Lamborghinis in his goddamn garage. People like, oh shit, I got to go ahead and buy a book from Ty Lopez. I want a Lamborghini. [21:52] [David] That's what happens. That's what we're going through. [21:58] [David] I feel like the more negative you are, the more engagement you'll get. [22:10] [David] I think I know why. I think people are so miserable with their lives that they don't want to hear no positive shit. Because positive shit, to be positive, it takes time and energy. It takes time and energy to be positive. To be negative, it takes no energy. [22:30] [David] It takes absolute no effort to to be to be negative. Why do you think there's more trolls out here than people that are rooting on people to win? There are more people that troll than those who are seeking for others to win. Why? Because it's easier to do that. [22:50] [David] It's way easier to troll people. [22:55] [David] We live in a place we live in a time where people are fucking miserable. [23:02] [David] Half these people have lost their asses in the markets. They're miserable. They've been miserable for three cycles. They can't trade. Take away the group chats from some of these people. Take away the alpha chats from some of these people and let them go one-on-one with me live on this show trading. I guarantee you it's not going to look good for them. [23:24] [David] I don't I don't need an alpha chat to go ahead and trade. I'll trade I'll find the trend, dominate it and dominate you. Okay? You probably want to be dominated. [23:34] [David] Welcome to the breakdown. Sponsored by Midnight. Also Polymarket, Cake Wallet and Fomo. This is episode 798. We are two episodes away from 800. That's the official number. The official number is 800. The official number is 800. [24:01] [David] Landy knows, everybody knows. I I've stopped trading in public and I'm making a killing. I traded in public. I was getting destroyed. Like it wasn't even funny. Look at my FOMO account with with David Goxteen. Go look at it. Destroyed. People going in purposely. [24:30] [David] Purposely looking to destroy. Seek and destroy. [24:37] [David] Crazy. Let me go ahead and um tweet this out now. Let me tweet this out and make sure that everybody knows that again, it takes time to convert everybody to come over to YouTube. It's it takes time. It really does. Everybody is everybody's set on being being on obviously on on X. [25:09] [David] Fuck no, I need um fuck. I need need the link. Let me go ahead and put the link on here. [25:33] [David] Perfect. [25:35] [David] Again, I'm also still learning with this whole um the the shift to YouTube has been uh an absolute learning game. But this is where it's at. It's not uh image lagging slightly. I I you know, I can't do nothing anymore. I I really can't do anything anymore. I I've tried my hardest. It's a restream problem. So if it lags a little bit, apologies. But there's nothing, nothing I can do. Um, at the end of the day, I I I've done everything. My my my thing is working. My my

[Part 4 of 8] [David] [00:00] it is working fast. Um, I don't I wanted to say, and we'll talk about this more. I want to get into SpaceX. But I was waiting, it was it was going down and all of a sudden the name changed to, you know, from I think, uh, Elon wanted said he'll change it from AI to SI. And all of a sudden like SpaceX, uh, the stock went up and I'm like, fuck. I was waiting for it to go down a little bit more so I can go ahead and get get a good amount because I think SpaceX is going to do phenomenal. 100% I think SpaceX is going to be do freaking great. I also love YouTube. I got to say YouTube and this is where I wanted to continue on this. I think YouTube is def and when it comes to video, YouTube dominates and all the normies and retail, uh, individuals, they go on YouTube before they go on to X. I love X. I like posting on X, but I don't think video works. I really don't and I don't understand the algorithm. I've said this multiple times. I'm not going to be there where it's gamified and it's geared towards a few people that happen to align with Solana. I like Solana, but apparently, I'm not aligned with Solana, so I don't get seen and whatnot. It is what it is and I've said bad things about Ethereum because I think Ethereum dropped the ball on the meme economy, so they can't put me into into the Ethereum maxi, uh, category. We already went and broke all this stuff down. It is what it is. Uh, I don't need none of that stuff to go ahead and elevate to the next level. Um, but again, I think YouTube, and I love TikTok. I love TikTok as well. Uh, TikTok, I have a good audience on TikTok. But the focus has to be YouTube. And I'll also, I think I'm going to come on here later today, uh, to go ahead and talk about, um, some of the runners that I've looked at and some of the things that I've traded that have absolutely made me some good Xs, man. Now I could talk about them because they're in the millions. Which sucks. Which absolutely sucks because I would rather go ahead and and talk about these things when the entry points in my in my mind are really good, but then you have evil connivals. I hate using even evil connival in this equation because what a great stunt guy. Extreme sports legend. But you got these evil people that have bad agendas that are ready to go ahead and just do awful fucking things. Awful things. I've learned I got to tell you, man, I got to tell you, man, these three months have been a an absolute lesson, bro. Absolute lesson. Let's see this. What is this? Oh my God. These people are so These people are so anal. I got to tell you, some of you guys can't have E some of you guys should not have, uh, executive assistance. Can I tell you why an executive assistant is bad? You should not have an executive assistant. Because the way they speak can really 100% make somebody turn off on you. I got to tell you like some of these EAs will send me a message and I'll be like, man, I don't even want to interview this person. From some standpoint, I'm like, you should be you should it's an honor. My in my head, it's like, it's an honor for you to come on here. With the amount of people that show up here to view this show, you should it's an honor for you. The way we're going to clip out this show and send it out to millions of people, it's an honor for you to be on this show. When I get an EA, No, I'm talking about EA, executive assistant. It's it's definitely not AI. When I have an EA that's sends me a message without a hello, a cold message, I sometimes want to say go fuck yourself. Hi, how you're doing? Like a lot of the a lot of really good executive assistants contact me. They're like, hey, how you doing? Especially if they have to cancel or they have to switch or reschedule. They're like, hey, what's going on? You're like, okay, great. So human being you're you're speaking like a human being. Then you got these EAs that think they're somebody. You work for somebody. You ain't somebody. You should be saying hello. How's it going? How are you feeling? How are you doing? Love the show. Seeing it. Even if you got to fake it. Okay? Even if you got to fake it, just you got to say something like that. That's some cold ass email. I fucking read a cold ass email. We're waiting for Peter Schiff. I'm I'm I'm hoping that Peter Schiff did not get lost. He is in the green room. His chair green room. I think I think Peter was you know what I think Peter was trying to I think what Peter was trying to do here was put on a suit. He couldn't find a suit. Okay, his bell bottoms weren't done. But he's here. So why don't I just bring him on? Peter Schiff. [Guest: Peter Schiff] [00:58] How's it going, sir? Oh, it's going all right. How you doing, Mr. Mayor? [David] [01:03] Here we go. I I knew that was fucking coming. I knew it. How's every how's everything though? How's life? [Guest: Peter Schiff] [01:11] Well, all right. I mean, I'm out here in Puerto Rico. You know, it could be worse. [David] [01:15] Puerto Rico's good. How's it in Puerto Rico? [Guest: Peter Schiff] [01:20] It's nice. You know, it's nice weather. [David] [01:24] Nobody nobody ever brings you on to interview and says, how are you doing, Peter? I don't think anybody brings you on and says, how is it always goes into combat. So I'm going to ask Peter, how's it going, man? How are the markets treating you? [Guest: Peter Schiff] [01:38] No, I mean, I'm doing I'm doing decent in the markets. You know, I stocks are going up, you know, even even the ones I own, most of them. [David] [01:47] All going up. So you got to love the printing. [Guest: Peter Schiff] [01:50] No, I I don't I don't love it. I I'm against it. I mean, I'm I benefit from it. But that doesn't mean I I I encourage it. In fact, I do everything I can uh to try to stop it from happening. Not that, you know, I can make a difference. Nobody seems to care what I have to say. At least the people in in power. But um, you know, so I I try to structure my investments based on what I think is going to happen, not based on what I think should happen or what I what I want to happen. [David] [02:21] Why do you ever Peter, let me ask you this question. Do you think we'll ever stop printing? [Guest: Peter Schiff] [02:28] Well, I mean, ever, like, you know, in in my lifetime, [David] [02:31] Yeah, or in my lifetime. [Guest: Peter Schiff] [02:32] Well, I think eventually because we're not going to print. It's just going to be digital, right? We won't have any paper bills at some point. So there'll be no need for the printing press. But um, I I'm sure that, you know, fiat money is going to exist. Even if it goes away for a while, it'll probably come back. But I hope it goes away. Uh, I hope we can go back to, you know, real money, a gold standard or something. Uh, and and and to the extent that that happens, it's probably going to be following a a crisis, a currency crisis, runaway inflation. So things will have to get really bad before you have the conditions necessary to have a return to sound money. [David] [03:14] When do you think that happens? If you were to take a guess on what you just said, what do you when do you think it happens? [Guest: Peter Schiff] [03:21] I don't know. I mean, I think I look, we're we're going to have a crisis here very soon because interest rates are rising, uh bond yields are rising. Um, and we we have too much debt. We we we're not going to be able to afford it. And not just the United States. There's there's countries all around the world have too much debt. And rates are rising. So the chickens are finally coming home to roost after a couple of decades where, you know, you couldn't see the chickens and everybody was complacent that, oh, look, see deficits don't matter. We can borrow whatever we want. Interest rates don't go up. Well, now interest rates are going up and they got a long way to go. And this is a big problem. Because as rates go up, the debt is going to skyrocket because we have to borrow the money to pay the interest, which compounds the debt. You look at where we are right now in the US, by next year, we'll be paying $2 trillion a year in interest on the national debt. But let's say in two or three years, the national debt is $5 trillion and interest rates are 8% instead of 5%, which they easily could be higher than that. Now we're paying $4 trillion a year in interest. Well, where's that money going to come from? That we're going to have to borrow that. So that means the budget deficits will be like $6 trillion a year. Well, how can that be? That means we go from $50 trillion to $60 trillion in debt in under two years. And then it's just so the whole thing is is is going to implode soon because the numbers are now so big. And the only reason we were able to kick the can down the road, uh for the last decade or more, was because of the artificially low interest rates. That's what made the debt sustainable. Well, we're not going to have those low interest rates anymore. So the debt is in unsustainable. [David] [10:09] You don't think that, um, the Fed is going to lower the rates at some point? [Guest: Peter Schiff] [10:14] Well, it doesn't even matter if the Fed lowers rates, the market's going to keep raising them. Um, so it's not going and and if the Fed just keeps rates down, inflation explodes. [David] [10:27] So we're in a no-win situation right now. That that's how you feel. We're in a no-win situation. [Guest: Peter Schiff] [10:32] Yep, damned if you do and damned if you don't as far as the policy makers are concerned. [David] [10:37] So how would you get us if you were in charge, how would you get us out of this situation that we're currently in? [Guest: Peter Schiff] [10:43] Well, first of all, if I was in charge, we wouldn't be in this situation. That that that's number one. But number two, there is no easy way out. You know, so if you really want to get out, you know, you you got to you got to deal with it. You got to pay the piper, you know, for these problems. So, yeah, there are a lot of things that I would do. Um, but a lot of them are going to be very politically uh unpopular, which is why they're not getting done. Right? It's not like, you know, the the solution isn't there. It's just that it's so politically unpopular that it's not. And and especially trying to propose those solutions in advance of a crisis. Because nobody wants to do that. Am I am I frozen there or You're frozen. Yeah. But you keep going. Well, because I'm not frozen in my monitor, but when I look up, I'm I'm frozen. But, um, there it's the reason that nobody wants to do something in advance of the crisis is because nobody wants to upset the apple cart. I mean, you know, why create a crisis that in the minds of the public doesn't exist yet? Because if you imposed my solutions, there, you know, you wouldn't have a crisis. I mean, not as big as the one we're going to get eventually anyway by not doing this. Um, but I think the only chance we have of doing the right thing is in the aftermath of a crisis. So things have to really collapse, uh before, uh, my solutions will be even even entertained. [David] [12:23] But if if you but if you're in the seat, if you're running if but if you're running things, what would you implement? [Guest: Peter Schiff] [12:30] Well, I mean, now if I if I was in charge of if I was the president and I, you know, I was Congress and I could pretty much, you know, do what I wanted to do. I would dramatically cut government spending. I would eliminate almost all of the departments and agencies of the government that, you know, most of them we don't need. In fact, they they they don't just do more harm than good. They just do harm. They don't do very much good at all. So I would dramatically uh downsize government. I would basically repeal the entitlements that we have, social security, Medicare, you know, Obamacare. Now, then I would have to deal temporarily with a lot of people who unfortunately now depend on those programs. Uh so I would work out some transition to help take care of the truly needy. Um, but I would like to phase these things out, get rid of them. Uh I would scale back the defense department dramatically, so we spend a lot less money uh on on on military. Um, and I would restructure the debt. Uh the debt is too big. It is unpayable. We have to acknowledge that fact. And we need a orderly a way to reduce it. Um, and that means our creditors are going to take a haircut. You know, they're they're not going to get paid 100 cents on the dollar. That has to happen. Because interest rates have to be allowed to rise. They're they're too low. They need to be a lot higher. But higher interest rates are inconsistent with the amount of debt that we have. So a lot of the debt has to be defaulted on. And that's what's going to happen. And a lot of private debt, of course, is just going to go into default on its own. You know, a lot of mortgages are going to be in default, a lot of corporate debt, a lot of municipal municipal debt is going to go into default. So that's just going to happen. We're going to have to restructure that debt. Uh and, you know, the lenders are going to take a hit. But if we don't do what needs to be done, it's not like everyone's going to get out of jail free. If we don't do the right thing and do what I what I what my what I would do, it's going to be worse for everybody. Because it's going to be runaway inflation. It's going to be people are going to get wiped out. [David] [14:43] But you're implementing something that would probably lead us into the another great depression. Or even worse. [Guest: Peter Schiff] [14:51] No, it it would lead it would lead us into an economic boom. Uh but yes, there would be [David] [14:57] In the short term though. [Guest: Peter Schiff] [14:59] Yes, in the short run. Now, not everybody would be negatively impacted in the short run. [David] [15:04] Well, if you're taking away social security and Medicare from people. [Guest: Peter Schiff] [15:08] Yeah, you right, but also I'm taking away the taxes that people pay in to to fund it. I also want to get rid of the income tax. So, you know, for a lot of people, a much smaller government would be an immediate relief. They would have more income. They they would get to enjoy the fruits of their labor. [David] [15:26] But how do you fund the infrastructure in the United States of America? [Guest: Peter Schiff] [15:29] Well, how did we fund it before the income tax? You know, how you know, [David] [15:33] We funded it. 100% I agree with you. I listen, I you want to say no income tax. I agree with that, but it has to money has to come from somewhere. [Guest: Peter Schiff] [15:41] No, no, it doesn't have to come from anywhere because we don't need it. I want to go back to a small government. I want to have a government the same size, you know, relative to the economy as it was like 100 years ago. You know, we had a small government. At least and and to the extent that things need to be done, the states will do them. You know, we have 50 states. They are able to take care of their own infrastructure. We don't need the federal government getting involved in the streets, you know, uh in our in our roads, and our our bridges, and all of that infrastructure. The individual states and cities can deal with that. The federal government shouldn't have any involvement. The federal government should take care, I guess, of maybe Washington DC, but the rest of the country, uh can be taken care of, uh by the states and by the local tax bases, not not not on the federal level. [David] [16:32] Would you get rid of the Fed? [Guest: Peter Schiff] [16:34] Well, you know, ideally, we don't need a Fed. I mean, we didn't have a Fed until 1913 and the economy was better without it. I'd rather just have, you know, free market uh setting interest rates and have sound money. Have, you know, just, you know, so we don't we don't need the Fed. The Fed has done a lot of harm ever since it was first created. It, you know, it it it's it's been a negative force. Now, the question is, would we be worse off if Congress was just, you know, printing the money directly? I mean, you know, maybe. Uh but we'd be better off if nobody was doing it. Uh if we were just, you know, had a had constitutional money, like like we had up until 1913. But even the way the Fed was originally, I mean, it did harm, but it wasn't nearly as bad as it is today. You know, the early days of the Fed, uh we're not nearly as bad as as it is the modern Fed. Um, so I mean, the Fed could be reformed, uh if we're not going to completely get rid of it. [David] [17:32] Do you think we'll ever have a balanced budget or no? [Guest: Peter Schiff] [17:36] Well, eventually, but not again, not before there's a crisis. We're not the government's not going to get out in front of it. The the budget deficits are going to get bigger and bigger and bigger until there's a complete collapse. [David] [17:51] So you you think a collapse is 100% coming. That that's it. Your your stance is we we are heading whether it's a year or two from now, three, 18 years from now, we will have a collapse, some sort of collapse. [Guest: Peter Schiff] [18:02] Yeah, there's going to be a debt crisis, a US dollar crisis. There there is no other uh feasible way to end this. Because the government is not going to preemptively act to avert the crisis. That they never do that. Um, they're just going to wait for the crisis. That's why, you know, I've talked about uh Hank Paulson, who was the Secretary of Treasury under under George W. Bush. He recently said that we need to develop a great break the glass emergency plan to deal with a debt crisis that's coming. So he recognizes that the crisis is going to come. He doesn't even bother to say let's work on a plan to avert the crisis. Let's do something now. Let's get our fiscal house in order so that we don't have a debt crisis. He's basically accepted the reality that it's inevitable because he knows there's no will in the government to avert the crisis. So what he's saying is, hey, we better have a contingency plan because we're going to have a debt crisis. So we better have a plan to how to deal with it because otherwise we're just going to get caught off guard. Uh and I have no idea if they've actually developed such a plan. I mean, maybe they have, but they're never going to admit that they got a plan because the minute they admit that they have a plan, they create the crisis that they were planning for. Because if you know the government is worried about a debt crisis, what are you going to do? You're going to sell their debt now. And so you're going to the government itself would accelerate the crisis by admitting that it was preparing for it. [David] [19:37] When Trump comes out here and says we have the greatest economy in the world, what do you what do you think he's uh is he uh is he lying or is he telling us the truth? [Guest: Peter Schiff] [19:47] Well, he's definitely not telling us the truth. The question is, is he telling us the truth as he perceives it in an irrational delusional mind or is he lying? Those are the choices. But he is definitely not telling the truth. Almost everything out of his mouth is false. Whether it's a lie or not depends on whether the president himself believes what he's saying. Because if you say something that's not true, but you think it's true, then you're not lying. You're just wrong or you're delusional. But if you know that what you're saying is not true and you say it anyway, well, then you're lying. And, you know, it's either one or the other or a combination of both. But, you know, but but but there's no doubt. There's no question that the the president does not speak the truth and don't believe anything he says. [David] [20:39] Do you believe that Trump has made or or has done everything possible to have investments come back to the United States of America and that there are companies that are bringing their companies back to the US to manufacture here and opening up factories to bring more jobs to Americans? [Guest: Peter Schiff] [21:02] No, I think that's all a lie. Um, in fact, we got the trade numbers that came out today. Uh, we had the fifth worst monthly trade deficit in history. Now, if you exclude the first three months of 2025, which Trump was president then too, but if you exclude those three months, because they were bigger than this month. That was because everybody was front running the tariffs. Everybody knew that Trump was going to impose these tariffs that importers were going to have to pay. And so the importers were trying to pull forward all their imports to get them into the country before they had to pay the tariffs. So those were skewed. Then the only other month where we had a bigger trade deficit than the one we announced today was in 2021, right after we reopened the economy from the pandemic shutdown. And so at that time, there was a big backlog of stuff that hadn't been able to come in. And so all of a sudden we had this surge of imports because we imported stuff that was just sitting there for months, right? So if you don't count those months that were really outliers because there were some exogenous event that caused the bigger deficits. We just had the worst monthly trade deficit in history. So Trump has done nothing to reduce our trade deficits. All he's done is make our imports more expensive, but we keep on importing. I don't believe there's all this reshoring going on. Yes, there is some manufacturing in the US now related to the AI build out and the, you know, all the CAPEX investment of the hyperscalers, but that's not because of Trump's policies. Uh on tariffs. That that's got nothing to do with that. Um, the industries, uh that he tried to protect are not expanding. They're not we're not building these factories. That's just a figment of the president's imagination or it's just an an outright lie. [David] [23:00] So you don't think [Guest: Peter Schiff] [23:01] Now, Trump, I do believe that Trump is getting foreign companies to make investments that benefit himself and his family. That's that goes that's for sure. He is making a fortune. Uh, companies are investing uh with his family. They're putting money in his family's hedge funds. They're buying their meme coins. Uh so Trump has parlayed the White House into billions of dollars for the Trumps. So yeah, they're they're they're they're doing great. But the rest of the country not not really. [David] [23:32] So you don't think there's been any sort of improvement with Trump being in the Oval Office for the last almost for for the last almost two years. You don't think there's been any sort of improvement from the last administration? [Guest: Peter Schiff] [23:45] Look, apparently they haven't, you know, they they haven't hired as many government workers, which is positive. So maybe the number of people, the payroll is not where it would have been had, um, um, Harris been there. Uh, we probably don't have as many illegal, we don't have as many people coming across the border illegally. So it's I'm not saying that he hasn't done anything. I mean, he's done some stuff to push back against all of this political correctness and the woke shit. Um, so, you know, there are some things that have that have been done. Um, but whatever positives Trump has done are outweighed by the negatives. The least of which, of course, is not not starting a war with Iran. Um, you know, why the hell did we need to do that to ourselves? And to the rest of the world for that matter. Uh, so it it Trump his trade policy has been a disaster, his foreign policy is a disaster, his economic policy, you know, the big beautiful bill was a disaster. Uh, the fiscal situation was made worse than it was under Biden. You know, now, what would Harris have done? You know, I don't think the situation would have got better with her either. So it's not like, you know, oh, everything would have been great had had we had Harris won. No, they things would be worse too had Harris won. [David] [25:04] Do you think that this was a no-win situation for anybody coming into the Oval Office? [Guest: Peter Schiff] [25:10] Yeah, if they're if they're not willing to do the right thing, if they're just going to repeat the mistakes of the past, which is to make government bigger, [David] [25:19] But he made it smaller. He made it he made it [Guest: Peter Schiff] [25:21] No, he hasn't made it smaller. Government is bigger. Government is spending more money now than it did when he was elected. [David] [25:27] But it's not as big as it was before. I mean, he's [Guest: Peter Schiff] [25:30] Yes, it's bigger. [David] [25:31] He lost states, well, I would say the Republicans lost states because he went ahead and uh cut down on government spending from from the standpoint of government jobs. [Guest: Peter Schiff] [25:39] No, no, he didn't. He didn't. Government spending went up. I now, I'm not measuring the size of government by the head count. I'm talking about how much money the government is spending. That's the the size of your government. The amount of of of resources the government spends. Uh and the government is spending more money now, um, even if you just factor in inflation, than it did under Biden. So Trump the government is bigger. Trump did not shrink the government. You know,

[Part 5 of 8] [Guest: Peter Schiff] [00:00] is like, you know, he made this this post the other day saying, oh, we can't allow the Democrats to win the election because we can't go back to high taxes. What do you mean go back to high taxes? We never left high taxes. Taxes didn't go down. I mean, yeah, there were some small cuts if you talk about, you know, tips and overtime and stuff like that. But the tax rates are still the same. The income tax rates are still the same. The payroll tax rates are still the same. They're high. They, you know, we we didn't get a big reduction in taxes. [David] [00:29] So like he can't do he can't write an executive order on everything. You you have a Congress that [Guest: Peter Schiff] [00:37] No, but what he can do is encourage Congress [David] [00:40] But he's a head of the yeah. You have the Democrats that will vote no on anything because it's Trump. [Guest: Peter Schiff] [00:46] But we got but we got the Republican Congress for now. [David] [00:48] Okay, and that's where I'm going. The Republican Party, you got people in the Republican Party that don't want to vote for no for voter for uh excuse me, voter ID. So that [Guest: Peter Schiff] [00:58] Yeah, look, I you know, that [David] [01:00] They won't even Come on. Voter ID should be a a layup for both sides. [Guest: Peter Schiff] [01:06] Right. But, you know, what Trump did is he encouraged the passage of the big beautiful bill. That was a disaster. He should have vetoed that bill. He has the veto pen. He's never used it. What he's got to stop this out of control spending. He has the power to do it. In fact, only the president has [David] [01:24] But he but he can't do everything when look, the clarity [Guest: Peter Schiff] [01:28] No, I'm just veto. Veto the spending bills. [David] [01:31] Listen, we can we can go about the big beautiful bill. [Guest: Peter Schiff] [01:33] He was in favor of of increasing the the debt ceiling. He in fact, he wants to get rid of the debt ceiling. He wants to make it so the sky's the limit on the debt. The president is one of the most fiscally responsible people in Washington. So don't say it's the Congress's fault. He is the big spending radical left-wing president. He's not like a conservative. [David] [01:57] He can't you know, come on. You know that he can't do everything on his own. He needs the Senate. He needs the House and Senate to go ahead and [Guest: Peter Schiff] [02:03] He's not doing anything. No, he doesn't. He can veto stuff. [David] [02:10] But he first of all, he had nothing to Okay, besides a few things he said had nothing to come to his table. He has to EO everything. [Guest: Peter Schiff] [02:17] Oh, did he did he have to make that asinine uh promise to to to to create $5,000 for every adult American, you know, if the Republicans pull off a miracle? [David] [02:28] Well, what Okay, so hold on. So the at least he's coming out and telling you, hey, I will give you $5,000 if the Republican Party wins. The Democrats do the same thing, but they just don't say it out loud. Both parties do this. [Guest: Peter Schiff] [02:43] Well, that doesn't mean it's right to try to bribe the electorate by creating inflation. [David] [02:47] I'm not saying it's right. I'm not saying it's right. [Guest: Peter Schiff] [02:50] And no, but that's if Trump were a decent president, he would not come out and say something like that. That that is that is the worst thing that you're going to say. [David] [02:56] Well, do you want Democrats in control? Especially [Guest: Peter Schiff] [03:01] Well, you know what? Because because of Trump, the Democrats are going to be in control. So how about that? [David] [03:03] Hold on, Peter. Well, hold on. Okay, you know what? You might be right too. Uh you might be right. This is the only thing that you might be right on, Peter. [Guest: Peter Schiff] [03:14] No, I'm I'm right on a whole bunch of stuff. [David] [03:15] But but hold on. [Guest: Peter Schiff] [03:16] I remember when when the Republicans won the White House. [David] [03:19] But hold on, let me say something. The House and Senate the House and Senate might go to the Democrats. That's great. But but these aren't your these aren't the old school Democrats. These are Democrat socialists that don't believe in capitalism. [Guest: Peter Schiff] [03:32] Yes, and and the problem is neither does Trump. Neither do the Republicans. That's that that's what paved the way. [David] [03:37] But the Republican Party, you have Senator Thune that will not do anything to back Trump's agenda. [Guest: Peter Schiff] [03:44] Trump's agenda is a socialist agenda. He wants big government. He wants the government to micromanage the economy. He wants massive deficit spending. He wants runaway inflation. He wants, you know, he wants protectionism. He these are not good things that Republicans would have embraced. But when when Trump won the White House, I said early on that the Democrats were going to get the House and the Senate because I saw the direction that he was going. I knew the economy was going to get much worse under his leadership because I knew the plans [David] [04:15] Why? Because of tariffs? [Guest: Peter Schiff] [04:17] The tariffs were part of it. The but the Trump did nothing to solve our problems. Everything he did exacerbated the problems that he inherited. And he didn't inherit them because he also helped create them when he was president before Biden took took the office. [David] [04:26] Peter, you're a smart guy. You can't change things in two months. Like this whole hocus pocus of changing everything in even in two years you can't change it. Things that are implemented today might hurt the you even said it yourself, hey, if you took control of the government, hey, yeah, you know what? We could go through a two to three I don't know, it might be six months of hell before we correct. It's the same thing with Trump. The things that he implements now long term it benefits, short term it doesn't. [Guest: Peter Schiff] [05:05] Well, look, the Republicans with Trump had an opportunity and they squandered it. And basically, I mean, Trump made a lot a lot of promises that he failed to deliver on. He promised lower costs from day one, I'm going to lower your cost of living. Instead, inflation is higher now than it was in the last year under Biden. So inflation has gone up, uh the cost of living is going up. He promised no new wars and he started a war. Uh so I think he's he's let the electorate down. He's the country is in worse shape now than it it was. Even though we have a higher stock market, big deal. How many record highs did the stock market have under Biden? The stock market means nothing to the overall economy. Stock market has been going up under every president. So what? Big deal. Um, but the problems that Trump campaigned on solving, he has made worse. Uh and the Republicans are going to pay the price for their, you know, steadfast loyalty to Trump. Even though it was clear he was leading them off a cliff. Uh and the Democrats are going to get the House and the Senate. [David] [06:15] I think you're just wrong about the Republican Party because they haven't done anything for Trump. [Guest: Peter Schiff] [06:20] What do you mean? They've supported him. [David] [06:21] You have the no never Trumpers in the Republican Party. [Guest: Peter Schiff] [06:24] No, that's a minority in the party. Trump Trump owns that party. And the party [David] [06:26] And then you have the maga heads. [Guest: Peter Schiff] [06:30] Don't don't get me wrong. He does, but you have a Senate that can't pass that can't look, the the clarity [David] [06:37] Yeah. [Guest: Peter Schiff] [06:39] Here's the thing. We don't need to pass anything. What we need is to is to repeal everything. We don't need more programs. We need to get rid of the ones we have now. And what Trump [David] [06:49] But what programs hold on, what programs did he put in? [Guest: Peter Schiff] [06:52] Well, yeah, other than well the Space Force was in his first term. But what I but what I'm saying is he can veto these continuing resolutions. He can veto the attempts to raise the debt ceiling. And if he does that, then he will force Congress, even though they don't want to, to cut government spending dramatically. It's the power of the veto. That's that's all you need. If if he had any uh uh uh integrity, if he really cared about the country, he would use that veto pen and it doesn't matter. because in order to override his veto, you need two-thirds of the House and the Senate, both. So all he needs is one-third of of one house of Congress to back him and he could solve our problems. He could do the right thing, he could make America great again, but he refuses to do that. Because he doesn't want to do anything hard. He's there to enrich himself. The rest of it is an act. [David] [07:48] You you think you don't think he wants to go down as the greatest president that the United States has ever had and you don't think he wants to leave office with people saying that he left America with one of the greatest economies ever that a president has put together. You don't think you don't think his ego is what I voted for. You don't think that's what he wants? [Guest: Peter Schiff] [08:10] Yeah, but his ego is [David] [08:12] Look, [Guest: Peter Schiff] [08:12] regardless, he's going to think that in his mind. Look, he just said if the Democrats win uh the midterms, we're going to have a depression like 1929. Now, if the US economy really is the strongest it's ever been, how can one election changing Congress turn the greatest economy in the history of the world to the worst economy? What what could the Democrats possibly do when he could veto anything they do? [David] [08:42] Well, they'll close down the government. You know how then [Guest: Peter Schiff] [08:48] Close down the government. That that we need to close down the government. Yeah, that that's helpful. [David] [08:54] They're going to impeach him, so the tax tax payer dollars are going to go to impeachment processes. [Guest: Peter Schiff] [08:59] Yeah, well, how many taxpayer dollars has he wasted? [David] [09:01] I'm just saying this is the We we are we are praying [Guest: Peter Schiff] [09:04] Look, I'm not I'm not a Democrat. I I encourage people to vote for Trump, you know, and but Trump has laid the foundation for a complete Democratic takeover and he's managed to really destroy the reputation of capitalism because people equate Trump to a capitalist. They think he's a Reagan Republican, a conservative. He's not. He he's a Democrat. The only reason he ran as a Republican is because that was how to get to office. You know, but but he's the rhino. He keeps saying there's all these rhinos. He's the biggest rhino in Washington D.C. [David] [09:31] Correct. [David] [09:39] I I don't know. I I I think he's attempted to do everything possible. [Guest: Peter Schiff] [09:44] No, he hasn't. [David] [09:45] But the Democrats have done nothing but say no, shut down the government. We're going to stand here until you go ahead and do as we say. Uh look, the Republicans haven't been any better. I'm going to keep saying this. I don't know why a lot of more people don't touch on this, but the Republicans in the Senate have been absolutely useless. [Guest: Peter Schiff] [10:06] Look, all those Republicans, they all supported all the COVID crap, all the the the PPP program and the massive deficit spending. The Republicans and the Democrats were all in favor of giving away free money. They all created the inflation problem. It it wasn't the Democrats, it wasn't the Republicans, it was both parties that are responsible for the cost of living crisis, and both parties are making it worse. But the the problem is the the Republicans and Trump have so destroyed the brand now that democratic socialism is going to be more popular than ever. And all of the problems are going to get blamed on capitalism and the voters are going to look to government for solutions. Even though they need to do the opposite. They need to recognize that it's socialists in both parties that have caused the problems, and the solution is free market capitalism. We got to repudiate the policies of the Republicans and the Democrats. Because none none of them are doing the right thing. [David] [11:04] You talked about sound money, so I right away I thought of Bitcoin. [Guest: Peter Schiff] [11:08] Well, that's because you don't understand sound money, but all right, I'll give you that. [David] [11:11] Sound money, Bitcoin. I think you would agree. Look, you're smiling. Look, [Guest: Peter Schiff] [11:16] No, Bitcoin is not sound money. [David] [11:19] Well, hold on, Peter. It's not even money. [Guest: Peter Schiff] [11:20] It's not even money. [David] [11:21] Cuz I love that, you know, and I love this conversation. I I you know what? I ask you how's your day going? I'm not looking to go ahead and have a fight with you. I I'm looking to go ahead and and talk like two adults who might disagree on certain things and that's totally fine. But you said sound money, automatically I'm like, Bitcoin, right? How many books have been written about sound money and it's Bitcoin? Uh [Guest: Peter Schiff] [11:45] Yeah, there there've been a few. [David] [11:47] You've said Bitcoin is going to zero. [Guest: Peter Schiff] [11:48] They have they have to put those books though in the fiction section. Not in the non-fiction. [David] [11:53] You've said Bitcoin is going to zero 964,000 times. It has yet to go to zero. Why hasn't it gone to zero? Uh [Guest: Peter Schiff] [12:02] Because well, first of all, I haven't I haven't said it's going to zero in a long time. [David] [12:06] You said it would go to a dollar. Oh, whatever. [Guest: Peter Schiff] [12:08] I know. But it's going a lot lower. But the reason it's not a lot lower now is because there are enough people foolish enough to buy it. I mean, what, you know, what are you going to do? You know, there there there are people that think like you and they're willing to buy Bitcoin. And so it has there's a market there. Um, but, you know, eventually, you know, that that that's going to change. You know, the people that have been holding and hoping [David] [12:28] You've said that so many times that it's going to change and it's not changing though. [Guest: Peter Schiff] [12:31] Well, no, it is changing. Bitcoin is really no higher than it was five or six years ago. It's just been going sideways. [David] [12:37] Okay. So it's already it's already it's already peaked out. So you don't think that Bitcoin is with everybody getting into it essentially now. [Guest: Peter Schiff] [12:46] They are no, everybody already got into it. Now they're going to get out of it. [David] [12:49] Why would they get out of it? [Guest: Peter Schiff] [12:51] Because there's nobody else getting into it. The the the the pyramid isn't growing anymore. [David] [12:55] There's only five five to six percent of the entire world is in crypto. That doesn't account [Guest: Peter Schiff] [13:00] That's a lot of people. [David] [13:02] That's not a lot. [Guest: Peter Schiff] [13:03] Yes, it is. For any a fad like this, of course, it's big. How many people used [David] [13:07] That's not a lot. [Guest: Peter Schiff] [13:08] How many people used hula hoops? I, you know, how many people bought Beanie Babies? You know, I don't know. I mean, you got you got a lot of people. But [David] [13:13] You can't say you can't what? So instant hold on, institutions went and bought Beanie Babies? Come on. [Guest: Peter Schiff] [13:21] No, they didn't. Yeah, that's my point. Bitcoin is bigger than that. [David] [13:24] But they are are they in Bitcoin? [Guest: Peter Schiff] [13:27] Huh? Aren't institutions [David] [13:29] uh buying up Bitcoin? [Guest: Peter Schiff] [13:31] Yeah, yeah, there's well, they're not buying it up. [David] [13:33] Okay, so they weren't buying Beanie Babies or hula hoops. [Guest: Peter Schiff] [13:35] No, the institutions aren't buying it up. They're they're allowing retail investors to buy it. They're just running the casino. They're just they're just making money off of people foolish enough to buy this crap. But you got to realize that when the Democrats take control of the House and Senate, one of the things they're going to do is they're going to go after the crypto industry because now that's a Republican industry. That's a source of Republican fundraising and Republican votes. Trump Trump has turned Bitcoin into a political issue. And so [David] [14:07] Well, that's one one thing I will agree with you. [Guest: Peter Schiff] [14:10] Yeah, I mean, Elizabeth Warren and and uh what's her face the they're going to be all over Bitcoin when they take over these committees. [David] [14:18] Elizabeth Warren and the anti-crypto army. Yes. They were already they were already assaulting the crypto industry when Biden was in office. So like it wasn't [Guest: Peter Schiff] [14:26] Yeah, we'll get ready for the next round. [David] [14:28] But hold on, the SEC and the CFTC have come out with guidelines about crypto and about tokenization. A a better bill than the Clarity Act itself was that they were trying to go ahead and pass off, which obviously we still do need the Clarity Act to go ahead and be passed off. [Guest: Peter Schiff] [14:45] Yeah. [David] [14:45] But but they're not going to be able to do anything if they if they win the midterms. [Guest: Peter Schiff] [14:48] Stable coins. Yeah, stable coins are not Bitcoin. But the you're going to have the Congress is going to be hostile to crypto and Bitcoin. And then in two years, when there's a Democrat in the White House, now you're going to, you know, you're going to have a whole different uh a Justice Department, you're going to have a whole different uh uh SEC and CFTC. So all these rules are going to change. [David] [15:12] Peter, what Democrat do you see winning the White House? They don't even have a candidate. [Guest: Peter Schiff] [15:17] They No, any any anybody. Just throw a dart and you know, any Democrat. It's because the economy is going to be so bad. Now the question is, the Republicans are going to try to blame the Democratic Congress. They're going to say things are this bad because the Democrats have the House and Senate. The Democrats are going to say, no, they're this bad because Trump has the White House. Uh, I mean, I mean so it's going to be who are the voters going to blame? Well, the history of the last three elections is that the president always gets the blame for the economy. That's why Trump won in 2016. That's why Biden won in 2020. That's why Trump won in 2024, and that's why the Democrats are going to win in 2028. You know. So the the only chance the Republican has is going to be 2032. [David] [16:06] No, I think I think Vance or Rubio win because they the Democrats have absolutely nobody to go ahead and run against them. If you go tell me AOC, she's not ready. Okay, she should just go run for a Senate seat. And whoever Newsom, he has no chance. So the whole Democratic Party [Guest: Peter Schiff] [16:25] Well, maybe maybe your twin will run. [David] [16:29] He can't run. [Guest: Peter Schiff] [16:30] He wasn't born here. [David] [16:32] Oh, he wasn't born here. Okay, so he wasn't born here. [Guest: Peter Schiff] [16:33] I guess we dodged that bullet. [David] [16:35] Yeah, we absolutely dodged that bullet. You'd want me to be a [Guest: Peter Schiff] [16:42] But uh, yeah, look, AOC [David] [16:43] You'd want me to be the president of the United States of America. [Guest: Peter Schiff] [16:46] I don't think the Democrats are going to I I [David] [16:48] Yeah. [Guest: Peter Schiff] [16:49] I don't think the Democrats would nominate AOC though, because I mean, they've they've had two women in a row and they've they've lost. I think they realize that, you know, these women we're not women at the top of the ticket aren't aren't selling very well. Uh so I think I think uh I think it's going to be I think the Democrats are going to go with a guy. I I don't know who. [David] [17:08] Yeah, exactly. I don't know who and that and and that's the point. [Guest: Peter Schiff] [17:12] But we don't have to know who. You know, we didn't nobody knew nobody knew it was going to be Bill Clinton. Nobody knew it was going to be Jimmy Carter. I mean, you know, you don't know people people arise during the campaign. It's just that the economy is going to be so bad. You know, the cost of living is going to be so high. Mortgage rates are going to I mean, people are going to be struggling like they've never struggled in an election. They're going to want to throw the bums out. So they're not going to want four more years of what they just lived through. So they're going to, you know, buy into uh the Democrats because the Republican candidate is going to have to say, everything is great. Reelect us. Unless they're going to say everything is lousy and blame it on the Democrats in Congress or still try to pin it on Biden. Because Trump is still blaming everything on Biden. Like he's got nothing to do with it. [David] [18:03] I I have well, listen, you know, it takes a while to go ahead and reconstruct things when you walk into, you know, dog shit and you got to rebuild from the ground up and then you have your own party that isn't really helping you. That's the way I see things right now. [Guest: Peter Schiff] [18:19] Yeah, but Biden walked into the inflation problem that he created in 2020. [David] [18:24] Well, come on, let let's let's be honest about everything. You know, you had a pandemic which you needed to go ahead and do what you needed to do. [Guest: Peter Schiff] [18:31] No, we didn't need to do that. We did the worst possible. [David] [18:33] Well, we didn't now it's Monday morning quarterback. [Guest: Peter Schiff] [18:36] I I I didn't Monday morning quarterback. You go back to 2020. I criticized every single thing that we did. I said it was going to result in massive inflation, and I pointed to Sweden back then and I said, Sweden's doing the right thing. They're not shutting down anything. [David] [18:51] I'm not I'm not disagreeing with you. [Guest: Peter Schiff] [18:52] Yeah. No, I did not Monday morning quarterback. [David] [18:54] I'm just saying in general, they had they they felt they had no other choice but to shut down the they had to shut down the [Guest: Peter Schiff] [18:59] They didn't have a choice. That was bullshit. And and one of the [David] [19:02] Okay. [Guest: Peter Schiff] [19:03] Yeah, that was complete bullshit. It was a power grab. It was all this masking and the closing of the schools. You know, a lot of it was because a lot of Americans liked the lockdowns because they didn't have to go to work. They didn't have to they yet they got paid anyway. Yet a lot of Americans made more money during COVID when the economy was shut down than they made when the economy was open and they didn't have to go to work. The PPP program, I said from day one was going to be a cesspool of corruption and fraud, and it absolutely was. None of this stuff had to be done. It was all politics. The Democrats and the Republicans, none of them had a spine to say no to this crap. And and it was all self-inflicted. Now, it's not it's not unique to America. Countries all around the world did this stupid stuff. Europe did it. I mean, South America. There weren't that many countries like Sweden that were like, yeah, we ain't going to do this. This is this is ridiculous. They didn't lock down anything. And they didn't they their people didn't die of COVID. They didn't have, you know, worse COVID mortality than than anybody else. They just, you know, they went about their lives. I mean, the obvious thing to have done during COVID was the older people who were sickly, uh stay home. Don't catch it because, you know, you're 70, 80 years old, you don't want to catch this thing. But younger people, healthy people, just let them run around. I mean, what there was so nonsense keeping people uh uh, you know, confined to their homes. This is [David] [19:47] You will not hear me argue. [David] [20:35] Peter, I I you won't hear me disagree. I think I think they went overboard. I the whole uh shutting everything down. [Guest: Peter Schiff] [20:41] Yeah, but I said it in real time as it was happening. I was a loud critic of every single thing that was done uh in 2020 under the Republican watch. I criticized it all. And everything that I said turned out to be true. [David] [20:59] Ladies and gentlemen, I'm joined here by Peter Schiff on episode 798. Uh I want to go back to the Bitcoin topic. Bitcoin continues to At what point are you going to say Bitcoin is a generational asset? What what and I'm being serious here, Peter. At what point? Because obviously you're a harsh critic of Bitcoin. You don't believe in it. You think it's a hula hoop, as you mentioned earlier. I don't know. You think it's dog shit. Like you you don't believe in Bitcoin. But at what point? Here here's my thing. And I don't know if anybody's actually asked you this. But at what point do you sit back one day and say, you know what? I was fucking wrong about this. It could be something. What what when is the could be something creep into your head? [Guest: Peter Schiff] [21:42] Well, it's look, it's a generational mistake. That's for sure. And I have admitted that obviously from a investor speculator perspective, I made a mistake not buying it when I first learned about it because [David] [21:59] So is that is that what's bothering you that you made a mistake by not buying it early? [Guest: Peter Schiff] [22:04] No, I mean, there are a lot of things that I that I could have bought that I didn't buy, right? I mean, I mean, there's always regrets, the woulda coulda shoulda, right? You know. So yeah, I mean, I I should have bought Bitcoin and I almost bought Bitcoin. I actually came pretty close to buying it when I first heard about it when it was, you know, under a dollar or whatever it was. And then I thought about buying it again years later when it was like 300, 400. Um, because I saw some people I knew, some smart people were buying it. And I was like, why the hell I mean, this is ridiculous. Why are they buying this crap? And I thought, well, you know, if they're if they're dumb enough to buy it, maybe other people will buy it and maybe it's going to keep going up for a while. And the reason I didn't buy it is I was like, well, you know, I didn't buy it at a dollar. I felt like a fool buying it at 300. Now, obviously, I didn't didn't see it going to 100,000. But, um, um, yeah, I yeah, I did think about buying it on a couple of occasions. Not because I believed in it, but just because I thought it might go up. But I I normally don't speculate like that. I mean, I'm a very conservative, you know, uh fundamental investor. And so I I I didn't really get the the bubble potential for Bitcoin at that time. Um, so yeah, I I, you know, I I could have made a lot of money buying it and and selling it. But I assume that had I bought a bunch of Bitcoin back then, I would have sold most of it, if not all of it by now. But I don't I don't regret not buying Bitcoin two years ago, three years ago, four years ago, five years ago, six years ago, because I've done better on the things that I did buy than Bitcoin. And so Bitcoin's performance is way in the past. In recent years, it's been dead money. Now, some people have made money trading it, right? If you if you, you know, it it has some volatility. So if you traded Bitcoin, you made money. But if you just buy it and hold it, you're not making any money. And I don't think people are going to make any money buying and holding Bitcoin. I think eventually the bottom is going to drop out and the whole market's going to crash. Um, you know, and and and and I think it's up to the Bitcoiners. You guys have been in there talking about, you know, 200,000, 500,000, a million for years and we're no closer now than we were, you know, four or five years ago. [David] [24:25] But you you know, the gold bugs have been saying the same thing about gold. Oh, it's going to go to 4,000 and it took a long time to get to 4,000, 4,100, 4,200. Right? So the same principles apply. Why can't why can't people hold both? Like you just said, well, I would have bought it and sold it. Okay, that's great. It's a free market. You can buy and then you can sell it and you can get out. You don't even have to believe in it. But if you think that there's a an ounce of profit in there, you can go into it, right? [Guest: Peter Schiff] [24:52] Look, I I'm not saying you can't own Bitcoin and you can't own Bitcoin and gold. I just think that the two assets don't have anything in common. Uh I think Bitcoin is just a speculative token. [David] [25:04] Yeah, Bitcoin is scarce and gold is [Guest: Peter Schiff] [25:07] Bitcoin is gold is naturally scarce and Bitcoin is fake scarce because we we we, you know, I mean, I can create any asset and make it scarce because I could, you know, uh uh but gold is scarce by nature. There you you can't have any more gold. [David] [25:23] Oh, it's scarce. There's gold on asteroids. [Guest: Peter Schiff] [25:26] But yeah, but so what that's still it's still scarce. There's not there's not an infinite amount of gold. There's an infinite number of cryptos that can be created. And so, you know, the the the scarcity of [David] [25:38] Hold on, hold on, Peter. If there's a if there's an asteroid right now that has a ton of gold on it, or a ton of platinum. [Guest: Peter Schiff] [25:44] But it doesn't. [David] [25:46] But there are. 100%. [Guest: Peter Schiff] [25:47] No, they're not. That's that's Bitcoin propaganda. There are no gold asteroids. [David] [25:54] There I am just let's say hypothetically speaking, there is one, right? That would lead to [Guest: Peter Schiff] [25:58] Well, why do we want to [David] [26:01] Okay, you know what? Let's not even talk about space. Let's talk about what we've continued to find gold. There's gold has continued to be found on this planet. On this planet. [Guest: Peter Schiff] [26:11] Correct. That means

[Part 6 of 8] [00:00] David: It's inflating, correct? The numbers in in terms of gold are inflating, correct? [00:05] Peter Schiff: For thousands of years. Yes, the the supply of gold goes up around 1 to 2% a year in line with the growth of the global population. So, yeah, you know, that that that's not a a a problem for gold. The fact that we're going to have more gold is not a negative because we're we're not going to have a situation where we have 10 or 20% more gold. Like you can with fiat currency. Gold's supply is going to grow very slowly over time, which is fine. It, you know, the fact that Bitcoin has a finite supply is meaningless because you can't do anything with Bitcoin. Doesn't matter how much Bitcoin you have, it's nothing. In fact, if you have one Satoshi, you can do whatever you can with a with a full Bitcoin. And there's 2.1 quadrillion Satoshi. So, how scarce is that? You know, I got if there's 2.1 quadrillion of them, then you know, that sounds like there's plenty of them. [01:04] David: At what point, at what point do you say, you know what, I might be wrong on Bitcoin. [01:15] David: At what point will you ever say, no, no, Peter, seriously, what point? I'm not trying to get a clip out of you. I'm not trying to get a I'm not trying to get a what point is what is the number or what does the let me ask you this question. What is the number or what does it have to do in order for you to one day sit back and say, you know what, I might have been wrong here. [01:37] Peter Schiff: Well, what I've always said is if I wake up one day and Bitcoin is money and there are no more dollars, there are no more euros, uh, there's just Bitcoin. And when I go to the grocery store, everything is priced in Bitcoin, um, and you know, everywhere I go, it's Bitcoin and I need Bitcoin to to to pay my rent and to pay my medical bills and my taxes are paid in Bitcoin. So if if I wake up in a world where Bitcoin is now, you know, the money of the world, I I'd have to admit that I was wrong, right, at at that point. But it's easier for me to ask you the question in reverse. What does it take for you to admit you're wrong on Bitcoin? I mean, what price does Bitcoin have to go down to before you admit that you're wrong or does it does price irrelevant? Could Bitcoin go to a dollar and you'll still think you're right? [02:30] David: I don't care about price on Bitcoin and that's the difference. [02:33] Peter Schiff: All right, so that's the same thing with me. So, you know, if Bitcoin goes to a million, I'm not going to say that I was wrong about Bitcoin. And if Bitcoin goes to a dollar, you're not going to say you were wrong, right? You're going to say you were right. [02:43] David: No, because me and you both had a conversation just now and we said how fucked up the monetary system is. Would you agree with me on that? [02:51] Peter Schiff: Yes, and and and [02:52] David: Okay. So the monetary system. [02:54] Peter Schiff: Bitcoin's not a solution to that. [02:55] David: But hold on, hold on. Me and you agree that the monetary system is completely fucked up, correct? [03:01] Peter Schiff: Correct. [03:02] David: They print money at a thin air, correct? [03:04] Peter Schiff: Correct. [03:06] Peter Schiff: Well, they print fiat out of thin air, yeah. [03:08] David: Well, well, basically, they print paper at a thin air, right? The Fed, all these people, print, print, print, print, print, right? Who wins? Who wins at the end of the the elites? The the ultra rich. [03:16] Peter Schiff: Yeah. Well, the governments benefit from it. Yeah, the the the bankers, the people who [03:25] David: The middle there's no middle class anymore. The poor don't win, the middle class don't win. It's only the the Uber rich, right? And the elites, right? [03:33] Peter Schiff: But Bitcoin's not going to change that. [03:35] David: No, no, no, no, no, hold on, hold on. I'm not even getting into Bitcoin yet. But all this printing, right? The monetary system's fucked up. Me and you can agree that the monetary system is absolutely trash. [03:50] Peter Schiff: As the monetary system that exists today, yes. [03:54] David: Is trash, right? So here's Satoshi Nakamoto, right? And I'm going to tell you what here's what me and me realized that. It wasn't in school because you're not taught about it in school, correct? They don't teach you in school about finance. [04:06] Peter Schiff: Well, Satoshi was right about that. I got no quarrel with Satoshi's criticism of the fiat system. [04:10] David: So look at this. We're we're rolling here, boys and girls, that are tuned in. We are rolling. Okay, so here's Satoshi Nakamoto stating the obvious, but things that were not taught to us in school. Like they teach math, but math is not finances. Math is not letting you know what the value of money is, right? And here comes Bitcoin. You can think whatever you want about Bitcoin, but Bitcoin open open a lot of people's eyes to the current situation, our current environment, mine's included. So it has done something, Peter. That's why when you ask me or people ask me about the when people ask me about the number or the price of Bitcoin, it was never about the gain. It was about me hold on, hold on. I'm not saying I'm not here for gains. Don't get this confused. But when I learned more about Bitcoin and then I learned more about our financial system and what it really is and how the banks operate and how they use our money and we make no profit from it. Like it opened up my eyes to reality. It's kind of like the matrix unplugging, right? So Bitcoin did serve a purpose, right? Am I right or wrong? [04:43] Peter Schiff: Well, I would agree with that. Most most people [05:19] Peter Schiff: Well, you're right and you're wrong at the same time. So [05:22] David: Okay, so but gold but gold did not do that. Gold didn't open up people's eyes. Bitcoin opened up people's eyes. I'm not saying gold is worthless. I hold gold. All I'm saying is Bitcoin opened up [05:29] Peter Schiff: So [05:34] Peter Schiff: Yeah, I'm going to I'm going to address your point. So yes, I mean, before Bitcoin, uh, if you asked a lot of young people what fiat is, they if if they if they knew, they would say it's an Italian car, right? Now they know what fiat money is, right? They didn't know that before. So yes, a lot of people understand, um, fiat, uh, and and a lot of these problems and they they understand it because of Bitcoin. But unfortunately, what they should have end up doing as a result of this knowledge was buy gold, not Bitcoin. And unfortunately, when they end up losing a bunch of money in Bitcoin and Bitcoin crashes, it's going to tarnish, uh, that lesson. Uh, they're going to think, oh, you know, the government is good. The these capitalists are bad and the free market is bad because look, I lost all my money. I got conned. I got I got into this Ponzi pyramid scheme. Uh, so it's going to end up backfiring and and it and it's and it's going to tarnish the image of sound money, not uh not improve it. [06:00] David: Okay. [06:40] David: But that that's your point. That that's your point of view. You think one day that will happen, but that day has not come. So you can on this show, you can basically say, you know what, it did allow people's eyes, including myself to open up to say the monetary system was absolutely fucked up and unfair to retail and to main street. People ordinary people. [06:56] Peter Schiff: Yes, that is it. That is it. [07:01] Peter Schiff: That is yes, that is a that is a good thing. Um, but whether whether whether it remains a good thing after the bubble pops and and and the losses mount. But I would argue that a lot of people who got suckered into Bitcoin over the last five years or so, they have lost a bunch of money because they could have bought something else. They could have made money on other investments. Instead, they they just bought Bitcoin. [07:28] David: Was I suckered into gold? [07:31] David: Huh? [07:32] David: Was I suckered into gold? [07:33] Peter Schiff: No, you weren't suckered into gold at all. I you know, gold was never hyped up the way Bitcoin was with those, you know, BS pie in the sky forecasts of million. No, I you never hear me talk about [07:39] David: Well, but maybe the older generation, hold on, the older I I watched commercials when I was young, buy a gold bar, invest in gold. [07:51] Peter Schiff: Yeah, but nobody ever said, nobody said, you know, it's going to a million, it's going to 10 million. Nobody was out there saying [07:56] David: You can't hold on, hold on. [07:57] Peter Schiff: mortgage your house, sell your business, sell your organs, put everything you got into Bitcoin. You know, you're going to be poor if you don't own Bitcoin. Uh, you know, the the hype and and and the stuff that was said to try to push people into gambling on Bitcoin. You know, there's none of that going on in gold. [08:19] Peter Schiff: Now, there are some scams in gold. You got some gold companies trying to get people to buy these fake numismatic coins. I'm not saying there's no scammers in the gold market. There are. Uh, but Bitcoin was all about get rich quick. It was all about the hype. You know, [08:26] David: But can't people say the same thing about gold? [08:36] Peter Schiff: you mentioned Satoshi. Well, you mentioned Satoshi. Satoshi's idea was peer-to-peer money, self-custody, government not involved. Most people in Bitcoin don't self-custody. They have it on an exchange. They own it in an ETF. Nobody is using it as peer-to-peer money. It's all gambling. [08:38] David: You know, but no, but that's not true, Peter. That's not true because you're talking about [08:55] Peter Schiff: Yes, it is true. [08:58] David: Hold on, you're talking about like 40% 40% of the Bitcoin crowd. The the the Cypherpunk era, okay, of Bitcoiners don't have their Bitcoin held by any bank or government. They hold it themselves. They haven't even moved it. [09:03] Peter Schiff: Yeah. [09:15] Peter Schiff: I went into a restaurant in El Salvador last year. Pretty big restaurant. I was with some friends who had Bitcoin. I didn't have any, but they had Bitcoin. I asked the waitress, we got our bill, can we pay in Bitcoin? No, we don't take Bitcoin. Even in El Salvador. And another friend of mine had a list. He was traveling in other countries and he had a list of they were saying, hey, these are the businesses that take Bitcoin. Like you go online, hey, these are all the businesses that take Bitcoin. He went to a bunch of those businesses that were listed specifically as the businesses that take Bitcoin. And not a single one of them would take Bitcoin. [09:22] David: You wanted to pay in hold on. You wanted to pay in Bitcoin, so that means that you have some Bitcoin. [09:52] Peter Schiff: No, my friend, I was having dinner with somebody else who was in Bitcoin. So I wanted to see if we could pay in Bitcoin, not with my Bitcoin, with his Bitcoin. And they're like, no, we don't take it. In El Salvador. [09:57] David: He said it again, he might have Bitcoin. Listen, [10:07] Peter Schiff: I don't have Bitcoin. [10:10] David: I don't you're taking [10:12] Peter Schiff: Well, I have I have a trivial amount in my strategic reserve that not that much money was put in there or Bitcoin was put in there. I I forget my address for a while. I was, you know, encouraging people to contribute. [10:24] David: I don't think you asked the waitress though if she would take gold though. Uh, uh, Peter, let me [10:29] Peter Schiff: She probably wouldn't have taken gold either. But that's not the point. This was El Salvador. [10:33] David: Okay. And I'm pretty there are people listen, it it they're required to take on Bitcoin, okay? So either the case, whether she wanted to or not, is a different story for a person. [10:45] Peter Schiff: No, no, they wouldn't take it. They don't take they didn't take it. [10:48] David: coin on them, they're required to take it on. I I just want to ask you [10:52] David: Bitcoin. [10:55] David: coin though, just because you feel or you've seen it's going there's speculation in the markets. You're allowed to speculate. People are allowed to go ahead and and deem what the asset might go to. Like that doesn't make it fraudulent. Doesn't make it doesn't make it a useless uh asset. I'm sure there are plenty of people that think gold is going to a million. [11:00] Peter Schiff: Oh, I agree. [11:17] Peter Schiff: The gold could go to a million in hyperinflation, but that's it. It's not going to go to a million. [11:22] David: But but they're saying it. You're Okay, let me ask you. Okay, hold on, hold on. [11:24] Peter Schiff: No, but people were talking about [11:26] David: What what is gold going to? In your opinion? [11:28] Peter Schiff: People were talking about a million dollar Bitcoin a year ago, like it was going to get there. [11:32] David: Think about Bitcoin. What what is gold going to? [11:35] Peter Schiff: I don't know. It's going a lot higher. [11:37] David: But you come out, you go on social media all the time, Peter, and you go and you are so excited to tell everybody the new all-time high for gold, right? [11:48] Peter Schiff: Well, we haven't had an all-time high in a while. But you never [11:51] David: But but when we're hitting all-time highs on gold, you you are posting [11:54] Peter Schiff: But what do I tell people? 5 to 10% of your money in physical gold. I don't tell people to put their whole life savings in it like Bitcoiners, like put everything in Bitcoin. [01:58] David: But hold on, hold on. [02:03] Peter Schiff: I don't tell people to go out and mortgage their house, take loans against their businesses. [02:08] David: Peter, you might be the only one that is you know what? I'm not going to say these things. But can you say honestly that there are other gold bugs that aren't out there saying, hey, you should go ahead and mortgage your house and get it all into gold, especially right now. [02:16] Peter Schiff: Not that I I haven't heard anybody say that. [02:25] David: But if I go ahead and look it up, I'm pretty sure you have people who are absolutely talking about gold is going to 500,000. Get ready, it's going to 200,000, it's going to a million. [02:36] Peter Schiff: I don't I I don't I I don't know any of them. I don't hear it. [02:39] David: Okay, so you don't know. So you're the [02:41] Peter Schiff: We don't have we don't have a gold equivalent of Michael Saylor. They they don't exist. [02:46] David: But hold on. Michael Saylor has bet on himself and he's bet on Bitcoin to be first of all, he's looked at Bitcoin and he said, this is like amongst other people from BlackRock, from Ark Capital, a lot of them all up. [02:53] Peter Schiff: Why why I mean BlackRock is just making a buck. They they don't you know, they're they're just selling the public what the public is dumb enough to buy. That's how Wall Street works. You you don't know that. [03:11] David: He's made a bet. Michael Saylor's made a bet on Bitcoin. Everybody calls it a generational asset. He's made a bet on it, okay? He's he's attempting something new, not a Ponzi, he's attempting something new. [03:22] Peter Schiff: He's no, it's just a new it's just a new Ponzi. That's all. [03:26] David: It's not. It's not. He's attempting [03:27] Peter Schiff: It's a digital pyramid scheme. Decentralized Ponzi. Look, there [03:32] David: But but that is your personal opinion because you don't you [03:34] Peter Schiff: No, that that's an objective fact if you look at the definitions and look at what he's doing and and [03:41] David: It's not. [03:41] Peter Schiff: I I you know, [03:41] David: But you know what? You get you get on Michael Saylor for having, you know, my whole thing is, you have this extreme belief in gold. Michael Saylor shares the same belief but in Bitcoin. [03:52] Peter Schiff: Yeah, well, he so he believes in a fantasy. [03:54] David: No, you believe but some people might say you believe in a fantasy. [03:57] Peter Schiff: No, I don't. [03:59] David: You see, but you're saying, no, I don't. Same response to the same question. [04:02] Peter Schiff: Gold is reality. Gold gold is real money. [04:04] David: I think Saylor's living in reality also that this is a a new generational asset that's taking it's it's it's literally our generation, the younger generation is looking at this as it has saved us from the monetary system. [04:19] Peter Schiff: That's that's unfortunate for the younger generation. They're going to lose a lot of money. But at least they'll learn a lesson. So when they become when they become the older generation and their kids want to do something dumb like they did with Bitcoin, they'll be able to say, listen, my son, let me tell you what happened to me when I was your age. I I got into this thing called Bitcoin. You know, I don't know if you've heard about it or you read about it in in history class. But I own this thing called Bitcoin and I put all my money in and I got wiped out. I should have listened to this. There was this guy Peter Schiff out there and I should have listened to him. [04:25] David: Okay, Peter, let me ask you. [04:47] David: Okay. Peter, if I go into gold right now and buy I don't know if it's at 41 or 42, I haven't looked. Uh, but if it's at 41 [04:57] Peter Schiff: It's about 4100, yeah. [04:59] David: Okay, if I buy it right now, I know my gold, I hold both. If if I go into gold right now and it goes to $2,000. I'm also left holding holding my holding my leg. [05:03] Peter Schiff: It's almost closer to 4200, 4170, but go ahead. [05:17] Peter Schiff: Well, I mean, yeah, if you were to buy gold now and the price was cut in half, you know, I would say, well, I didn't expect that, but I would tell you to buy some more. [05:25] David: Oh, but you tell me to get into gold? [05:27] Peter Schiff: I would tell you to buy some more. [05:29] David: What is the argument? Some people like they see value in gold and some people see value in Bitcoin. What's the difference? [05:36] Peter Schiff: No, but the fact that there is value in gold is is objective. Gold is a valuable metal. I mean, that that's a reality. You can't deny that. [05:38] David: There's there's value in energy. [05:40] David: Okay, let me ask you this question. [05:45] David: Perfect. And I agree with that. You know what? That's why I have gold. Now, would you go ahead and say [05:49] Peter Schiff: Right, but Bitcoin is nothing. [05:50] David: But would you say electricity is valuable? [05:54] Peter Schiff: Yes, but Bitcoin is not electricity. You have to waste you have to waste electricity to create Bitcoin. [05:56] David: Then then the argument is gone. Electricity is wasted every single day. You clean waste. Do you know how much you clean? [06:04] Peter Schiff: No, I here's let me ask you this question. If I own one Bitcoin, how much electricity can I get out of it? [06:14] David: It depends. It all depends. [06:15] Peter Schiff: No, I mean, can I can I plug my house into my Bitcoin and and and run the run the power? [06:20] David: You know exactly what I mean. You know exactly what I mean. [06:23] Peter Schiff: No, that's what I mean. You're saying Bitcoin is like electricity. Well, can I get electricity? Is Bitcoin like a battery? Can it does it release electricity that I could use? [06:28] David: What what you'll get out of Bitcoin is a an asset, a generational asset. You know this. [06:38] Peter Schiff: An asset that does what? [06:40] David: What do you mean? First of all, [06:41] Peter Schiff: Well, if I own real estate, it pays rent. If I own stocks, I get dividends. If I own bonds, I get interest. What the hell do I get from Bitcoin? [06:48] David: But it's not a stock. [06:51] David: But what is it? [06:52] David: It's it's an asset. It's not a stock. [06:54] Peter Schiff: But why? What makes it valuable as an asset? What makes real estate valuable? You say you can get rent. [06:58] David: I just gave you one. I gave you one example. [07:01] David: Huh? [07:01] David: I gave you one example. [07:02] Peter Schiff: Give me one. [07:04] David: I just did. And you asked me what can I get electricity out of it? [07:09] Peter Schiff: You can't. You can get electricity out of Bitcoin? [07:13] David: I didn't say that. You just you hit me with that question for no reason. [07:17] Peter Schiff: Right. I'm just because you said you you compared Bitcoin to electricity. I said, well, what kind of electricity? [07:22] David: I didn't compare it to electricity. I said electricity has value, right? [07:25] Peter Schiff: Yeah, but what does that have to do with Bitcoin? Bitcoin doesn't is not electricity. [07:28] David: How do you mine? [07:31] David: Huh? [07:31] David: How do you mine? [07:33] Peter Schiff: How do I mine Bitcoin? [07:34] David: Yeah. [07:35] Peter Schiff: Well, you got to solve math problems and you use energy in the process. [07:39] David: Energy. And is energy, would you say energy, would you would you say that energy is valuable? [07:45] Peter Schiff: Yeah, what does that have to do with Bitcoin? You need energy to make Bitcoin, but how does that make [07:50] David: Oh my God, Peter, you argue all the time about Bitcoin being this, that and the third and you you don't know the principles of why people think besides the mathematics, besides [07:59] Peter Schiff: Okay, so according to you, [08:01] David: the energy prospect. [08:04] Peter Schiff: Okay, so is is is labor valuable? [08:09] David: Of course, labor's valuable. [08:10] Peter Schiff: Okay. So if I if I spend a day digging a hole and then I spend the next day filling it back up with all the dirt. [08:17] David: That's what you do with gold. [08:19] Peter Schiff: Now, but did I did I create any value by digging a hole and refilling it? [08:24] David: You you made no value. [08:26] Peter Schiff: Correct. So, but I even though I used valuable labor to do it. Well, that's the same thing with Bitcoin. You use valuable electricity to mine nothing. [08:32] David: And that's what energy goes to waste. [08:36] Peter Schiff: Okay. Bitcoin tell me [08:37] David: Would you agree that energy goes to waste every single day? [08:42] Peter Schiff: No, well, not necessarily. Somebody might waste electricity. You leave a light on in a room and you're not in it, you know, so you could conserve electricity. But we're using [08:49] David: There's a lot of energy that goes to waste. I give you a country, Ukraine, a lot of energy that is not used. [08:55] Peter Schiff: So that means we should waste energy making Bitcoin? [08:57] David: No, they it's already [09:02] Peter Schiff: No, no. Bitcoin so just tell me the tell me the [09:04] David: It's it's already there, Peter. [09:06] Peter Schiff: Tell me why Bitcoin is a valuable asset. Don't tell me that you need energy to create the Bitcoin. That that energy is gone. What is the value of the Bitcoin that you create with that energy? [09:12] David: You're lying. [09:17] David: What is what is the value of gold? [09:20] Peter Schiff: Well, the value of gold is that it is a metal that can conduct electricity and it can be shaped and stretched and used in all sorts of things. Uh gold is used not only in jewelry, it's the, you know, huge in jewelry, but consumer electronics, it's used in medicine, it's used in aerospace, it's used in dentistry. It's, you know, the most useful metal that we have. It can do things that other metals can't do. Uh and and so it's very valuable because of all those properties. [09:48] David: But but do ultimately people speculate on gold? [09:51] Peter Schiff: I don't care what they do with it. I you asked me why it's valuable. I told you why it's valuable. [09:55] David: But I'm so that that in your but that's your personal opinion. [09:58] Peter Schiff: No, it's not my personal opinion. [09:59] David: In your personal opinion, this is why no, for you. [10:03] Peter Schiff: No, it's not my opinion. [10:03] David: Because your personal opinion [10:05] Peter Schiff: Gold was valuable thousands of years before I was born. My opinion's got nothing to do with it. You tell me why Bitcoin is valuable. [10:15] David: Your opinion is that reason why gold has value. That's it. [10:21] Peter Schiff: That is the reason. [10:23] David: It's not factual. [10:24] Peter Schiff: Okay, why does water have value? Why does air have value? Why does water have value? [10:31] David: To to each his own. [10:33] Peter Schiff: But you tell me that's your opinion. You know, so it's because an opinion is debatable. [10:37] David: Half of the things you said are factual, half are your opinion. [10:39] Peter Schiff: No, it's it what what what did I say about gold that is my opinion? [10:45] David: Well, let's let's go let's go run it back, okay? Let's let's run it back because now now we're going what we're going and playing semantics. I don't want to play semantics. I want to say to you that you go into gold based on speculation. [10:57] Peter Schiff: No, I don't. [00:58] David: And you agree with that. [00:59] David: You don't. But you just said, I don't care what others do. [01:02] Peter Schiff: No, others go into gold speculate in gold. There you can speculate on anything. You can [01:07] David: As soon as a war starts, as soon as a war starts, and I'll give you an example, Ukraine and Russia. As soon as that war started, okay? People ran into gold. Why? Safe haven, correct? [01:19] Peter Schiff: Yeah, well, they sold gold when the when the Iran war started. So why'd they do that? [01:23] David: And why does Iran accept Bitcoin in order to go ahead and go through the stray? [01:28] Peter Schiff: Well, I don't know. I don't know how much Bitcoin the Iranians are taking. [01:31] David: There we go because you can they're not going to wait for people to drop off gold. Right? [01:37] Peter Schiff: But if they have any Bitcoin, they're going to get rid of it before the bottom drops out. But you can't you can't even answer my question about what makes Bitcoin valuable. [01:41] David: But but here's the thing. [01:44] David: But I already told you what first of all, people put value on assets. That's number one. Nobody can tell me [01:52] Peter Schiff: Well, they yeah, they put a price. The market puts a price. [01:54] David: Same thing that the market put a price on gold, right? [01:59] Peter Schiff: Yeah, well, but but gold has [02:01] David: ChatGPT is not going to help you in this argument. [02:03] Peter Schiff: No, no, no, I'm, you know, I'm not looking at chat GPT. I got stuff coming in. I've been doing I've been talking for longer than I expected. So I got, you know, I got I got stuff happening. [02:12] David: Because it's an interesting conversation. [02:14] Peter Schiff: But I think I got to bring it to an end because I got some stuff I got to do. Um, but look, [02:21] David: I got you. [02:22] Peter Schiff: All I could I would just encourage you and you you and your followers, just in case I'm right, humor me. Just in case I'm right, don't keep it don't don't keep everything in Bitcoin. Because as you said, Bitcoin can go to a dollar and you're still going to think you're right. You'll be a lot poorer. You you may think you're right, but you're not going to have a lot of money. And so I think most people would be very upset if Bitcoin was worth a dollar. They wouldn't be like, hey, I don't care, I'm still right. Even though I've lost 99.9% of my money, I'm still right. You know, you if Bitcoin's at a dollar, you'll believe me, you're going to be glad that you sold some of it. Uh if not regretting you didn't sell all of it. So get rid of some of it now, buy real gold, not, you know, buy real silver. You go to shift gold and buy some gold and silver. Go to T gold, set up an account there. Uh do something. You know, protect yourself, hedge against maybe I'm right. There's a chance, you know, I'm 63 years old, you know, I've been around the block a few times. There's a chance that this old guy is is is actually on to something here. So just uh humor me and hedge yourself. [02:24] David: Honestly, I [03:30] David: Have you ever before you go, have you ever because I'm not going to lie because this is a debate. This this conversation, our third conversation has been very interesting. It it's opened my eyes because I think one day you will conclude and say, you know what, I think I might have gotten this wrong. But you said, I'm 64 years old, even you look great for your age, Peter. [03:50] Peter Schiff: 63. Don't don't age me. [03:52] David: Sorry, it's like it's the Jew in me. Anyway, Peter, um, besides you one day acknowledging that Bitcoin has some sort of value as it continues to go up and more people take to it, not just because of price action. Not because of price action. [04:12] Peter Schiff: Right, but it it hasn't continued to go up. It's been going sideways for years. [04:18] David: It it's a volatile asset. Gold went sideways also. Until it's slow until it became less volatile, right? If you look at the if you look at the [04:22] Peter Schiff: That's true. Yeah, but that doesn't mean that [04:26] Peter Schiff: Yeah, I mean, gold gold went sideways for a long time. Yes, you're that's that's true. [04:31] David: If you look at [04:32] Peter Schiff: So maybe maybe that's maybe Bitcoin will go sideways for another 10 or 20 years and then eventually go up. But I think it's more likely to go down after it finishes going sideways. [04:44] David: Peter, uh, I got to say, it was a really great conversation, uh, today. I liked your perspective on the government, the debt, all that stuff. Uh, uh, one day I see you finally buying if you don't already have, but I can see you already buying your first Bitcoin. It sounds like you want to. Because every time sound money is mentioned, your your eyes light up and you know the right answer is Bitcoin. [04:53] Peter Schiff: No, no, no. [05:03] Peter Schiff: I I I've I've only been gifted Bitcoin. I've never purchased any. [05:14] David: But you still own it. If it's gifted or not, you still have it. [05:17] Peter Schiff: Yeah, like yeah, well, again, some of it got lost. Most of most of my gifted Bitcoin is lost in cyberspace. But yeah, I have some other. [05:25] David: You you might have some even if you have 0.1, welcome to the family, Peter. Welcome. Welcome my fellow Bitcoiner. [05:29] Peter Schiff: All right. [05:35] David: All right, Peter. It's always a pleasure. Where can people tune in for your podcast? [05:40] Peter Schiff: Well, you can listen on my YouTube channel, the Peter Schiff Show. If you want especially if you want to see the video. It's also on shiffradio.com. Uh you can listen to it there. And any place that they have podcasts, you'll generally find the Peter Schiff Show. So, uh make sure to check it out. And also follow me on social media. You know, I got a lot of you Bitcoiners that follow me on X. I'm getting close to 1.8 million uh followers there. So, you know, if you want to engage in some healthy Bitcoin debates, you'll find a lot of takers on my uh on my uh X X feed.

[Part 7 of 8] [Guest: Peter Schiff] [00:00] Also, you know, I I put out a lot of very important economic posts that need to be shared. Uh even if you're a Bitcoiner, uh a lot of the stuff I'm saying plays right into the Bitcoin uh um uh handbook as far as why you would want to buy it. Uh so, make sure and and repost the stuff that I'm saying uh that you agree with. So, you can ignore my Bitcoin posts, but you can repost all the stuff I say about economics. [David] [00:25] And make sure you sign up to that because one day he's going to write in there that he was wrong about Michael Sailor and the rest of the people that were in Bitcoin. There you go. Peter Shift everybody. Make sure you go ahead and give him a follow. He has some he has some good thoughts. He got some good thoughts. We both agree on the. [Guest: Peter Schiff] [00:41] Yeah, let's see if you can get your buddy Michael Sailor to do a debate with me. I don't even mind if you moderate it. See, two against one is it's still you guys it's it's still the odds would still favor me even in that. [David] [00:52] I I I would say that people want to have me moderate all these conversations because I no matter my opinions, Peter, I stay very neutral. Maybe we can have it happen one day. I don't know. I'll reach out. [Guest: Peter Schiff] [01:04] Thank you, Peter. Take care. [David] [01:06] That is Peter Shift everybody. Round of applause for him. [Audience] [01:11] Yeah! [David] [01:17] It is 2:39. 2:39. Um, Peter Shift was on. Um, [01:27] You guys take away from that what you want to take away. I feel Peter is getting close. I feel like Peter is getting close to becoming a Bitcoiner. Ladies and gentlemen, I feel like I, you know, my whole thing is when, when, when is that moment going to come to you when you as you see and continue to see Bitcoin continue to go up. When will you finally acknowledge that Bitcoin is a generational asset? [01:57] And energy is a big thing. [02:01] I knew I was running low on time, so I needed listen, if I'm going to make this argument, we're going to go until 4:00, 5:00 and maybe next time. Maybe when I'm in Puerto Rico because Peter invites me out to Puerto Rico, we have that one, two, three-hour conversation and we break everything all down. [02:18] Anyway, we'll be right back after this commercial break. Midnight, Polymarket, Cake Wallet and FOMO. We'll be right back. [02:30] What first got you excited about blockchains? Think about it. Oh, wait. [02:40] I bet it wasn't multi-million dollar hacks, exposed data, or finding somewhere safe to store your seed phrase. Was it? Maybe it was the idea of decentralizing a broken financial system. [02:53] Maybe it was imagining a world where people own their own data and get to sharing the value it creates. [03:03] Or maybe it was the promise of a fundamentally better way of connecting, communicating and transacting. The next phase of the internet that empowers us instead of exploiting us. So, why hasn't it happened yet? We're still living with the same broken system that blockchains promised to fix. It's because blockchains can't keep a secret. Enabling open transparent systems was only the first half of the challenge. For blockchains to really change the world, they also have to be able to protect our sensitive data when it matters. [03:34] And that's why we build Midnight, to bring down the final barrier to mass adoption and unlock the full potential of the decentralized web. Let's build the internet we deserve. Together. [03:50] Ladies and gentlemen, we all know this in crypto, ownership matters. That's why Cake Wallet. Cake Wallet gives you full control of your digital assets all in one easy to use application. You can store Bitcoin, Litecoin, Zcash, Monero, and many more with just one secure backup. Swap between coins in seconds, no copying addresses, no complicated steps, and even includes Bitcoin Lightning for faster payments. And with Cake Wallet built in, you can use crypto in real life through debit cards or gift cards. Simple, secure, self-custody. Download Cake Wallet and take control of your crypto. [04:34] This is Houston. T minus one minute until full data blackout. All eyes are on you. [04:48] Breaking news. There's an astronaut conducting an emergency repair on a global communication satellite that could go dark at any moment. We have a second angle on this. [04:58] Is that guy on FOMO? [05:03] Yeah, let's get back to it everybody. [05:18] Breaking news. There's an astronaut. [05:25] Opportunity cost is simply this. Every decision you take, every decision you choose, is for something else. [05:40] This just in. According to the astronaut's FOMO account, highest in the room, the satellite has been restored. [05:48] Yes. [05:50] For now, the crisis appears to be over. [06:05] All right, it's up and running. Positions look good too. [06:18] [Sound of a siren] [06:21] There we go. United States of America representing. [06:23] Socialism does not work. [06:26] Digital assets. [06:27] Is it better to move money at the speed of light? [06:29] You have to be greedy when they also try to acquire gold. [06:32] I am here providing electricity. [06:35] And that energy that is necessary. [06:37] I am the modern day Tony Stark. [06:42] [Music] [06:47] [Sound of a siren] [06:51] There we go. United States of America representing. [06:53] Socialism does not work. [06:56] Digital assets. [06:57] Is it better to move money at the speed of light? [07:00] You have to be greedy when they also try to acquire gold. [07:02] I am here providing electricity. [07:05] And that energy that is necessary. [07:07] I am the modern day Tony Stark. [07:12] [Music] [07:17] [Sound of a siren] [07:21] There we go. United States of America representing. [07:24] Socialism does not work. [07:27] Digital assets. [07:28] Is it better to move money at the speed of light? [07:30] You have to be greedy when they also try to acquire gold. [07:33] I am here providing electricity. [07:36] And that energy that is necessary. [07:38] I am the modern day Tony Stark. [07:42] [Music] [07:47] [Sound of a siren] [07:51] There we go. United States of America representing. [07:54] Socialism does not work. [07:57] Digital assets. [07:58] Is it better to move money at the speed of light? [08:00] You have to be greedy when they also try to acquire gold. [08:03] I am here providing electricity. [08:06] And that energy that is necessary. [08:08] I am the modern day Tony Stark. [08:12] [Music] [08:17] [Sound of a siren] [08:21] There we go. United States of America representing. [08:24] Socialism does not work. [08:27] Digital assets. [08:28] Is it better to move money at the speed of light? [08:31] You have to be greedy when they also try to acquire gold. [08:34] I am here providing electricity. [08:37] And that energy that is necessary. [08:39] I am the modern day Tony Stark. [08:43] [Music] [08:48] [Sound of a siren] [08:52] There we go. United States of America representing. [08:55] Socialism does not work. [08:58] Digital assets. [08:59] Is it better to move money at the speed of light? [09:02] You have to be greedy when they also try to acquire gold. [09:04] I am here providing electricity. [09:07] And that energy that is necessary. [09:09] I am the modern day Tony Stark. [09:13] [Music] [09:18] [Sound of a siren] [09:22] There we go. United States of America representing. [09:25] Socialism does not work. [09:28] Digital assets. [09:29] Is it better to move money at the speed of light? [09:32] You have to be greedy when they also try to acquire gold. [09:35] I am here providing electricity. [09:38] And that energy that is necessary. [09:40] I am the modern day Tony Stark. [09:44] [Music] [09:49] [Sound of a siren] [09:53] There we go. United States of America representing. [09:56] Socialism does not work. [09:59] Digital assets. [10:00] Is it better to move money at the speed of light? [10:03] You have to be greedy when they also try to acquire gold. [10:05] I am here providing electricity. [10:08] And that energy that is necessary. [10:10] I am the modern day Tony Stark. [10:14] [Music] [10:19] [Sound of a siren] [10:24] There we go. United States of America representing. [10:26] Socialism does not work. [10:29] Digital assets. [10:30] Is it better to move money at the speed of light? [10:33] You have to be greedy when they also try to acquire gold. [10:35] I am here providing electricity. [10:38] And that energy that is necessary. [10:40] I am the modern day Tony Stark. [10:43] [Sound of applause] [10:47] Welcome back. [10:50] Welcome back to the show. Uh, let me just get this out here. Let me get this out here. By the way, uh, when you go and you sign up to to Polymarket's app. I'm going to try to do this right now as we are here because people ask me all the time. Um, let me where is it? Oh my God. Go ahead and put this in. [11:18] Okay. So I got to put this. Oh God damn. I feel like that. Can I go like this? No. Okay. I'm going to have to I'm going to have to figure out a way to show you guys. It's going to have to be hold on one second. Bear with me. Bear with me, ladies and gentlemen. Media. Let's go and Let's do the media thing. Image. Image. Boom. All right. There we go. You see me on the bottom. You see me on the bottom. Yo, relax. Relax with that, okay? I don't want to hear anything. Especially from Landy. Don't want to hear anything from Landy. But there you go. [12:16] Guys, I want you to do this. [12:24] Follow the midterms on Polymarket. [12:29] If you're a new user, okay, a new user, you get 20 [12:36] you score right there, okay? [12:38] [Sound of applause] [12:41] That's right. Use the code breakdown. If you haven't signed up already, because I already know that a lot of you guys already did sign up. But if you're going to go on the app, okay, if you're going to go on the app, [12:58] put in the code breakdown. [13:00] Let me know if you put in the code breakdown. Okay? For everybody watching, if you put in the code breakdown, let me know. Send me a DM. [13:11] Send me an email by going to DavidGokhshtein.com. Let me know. [13:19] If you put in when you sign up to Polymarket, when you download the application, let me know if you put in the code breakdown, okay? [13:28] Let me know. [13:29] [Sound of applause] [13:31] Also, on the app right now. Let's go ahead and get into this quickly. [13:43] Let me get uh Let me get right back into this here. Hold on one second. Where the hell is Oh, there we go. [14:00] Don't call in today. Not today. [14:04] Well, US Midterms 2026, Race for Congress, okay? [14:13] Let's go ahead and switch it up here quickly. [14:22] Why am I down? Why am I down? Let's go here. [14:29] Sign up here. This is where you'll sign up, okay? And like I said already, if you sign up using the using the code breakdown, $25. Okay, you're going to get $25. Use the code breakdown. Okay? [14:47] Let me know if you're going to use the code breakdown. Just let me know. I want to know. [14:53] Again, I know a lot of you guys signed up already, and that's great. But let me know if you haven't, let me know. And this is what we're looking at right now with the midterms. Democrats have a 64% chance of controlling the Senate. 64% chance that the Republican Party has a 38% chance. We talked about it with Peter Schiff today on this show besides the the economy, besides Trump, besides politics, and besides Bitcoin and gold. [15:21] So there you have it. Right now, that that's what we're looking at. [15:26] Will this happen? [15:30] 64% chance that the Democrats take on the Senate, 91% chance that they take the House. [15:44] And there's a 64% chance that the Democrats sweep the midterms. [15:50] Again, Polymarket.us/midterms. You already know the code though. You know the code. It's right here. [16:04] It pops up. [16:07] Sign up today. If you haven't signed up already, [16:14] get a free $25. $25 is $25. When using the code the breakdown, okay? [16:24] Breakdown, that's the code, okay? [16:27] [Sound of applause] [16:31] Can't believe it. It is. Wow, it is really. I got to tell you, it is really to see to see these stats here on Polymarket where it's you know, the Democrats have a 64% chance of controlling the Senate, 91% chance of House, the governor, 70% chance. This is I got to tell you, this is this is crazy. [17:00] And the only people I blame are the Republican Party. The Republicans are the blame the Republican Party. As I stated before, you got to blame the Republican Party for this. 100%. [17:16] 100%, you got to blame the Republican Party. [17:22] There's a lot of things, a lot of things that should have been passed that weren't passed. [17:37] A lot of things should have been passed. [17:40] Filibuster. [17:45] Could have applied the filibuster. Voter ID. Voter ID. It should have been a layup. A layup. [17:56] There should have been no controversy around it. Zero. [18:01] Nada. [18:04] But somehow, voter ID, where ID is necessary in a ton of places, [18:15] except when it comes to voting. And then you have an entire you have an entire an entire party, the Republican Party, [18:32] that did not help did nothing. Zero. [18:39] [Sound of desk thumping] [18:40] To go ahead and help their chances. [18:44] And did zero to help the administration pass their stuff. Nothing. [18:51] Nothing. [18:56] That is crazy. [19:00] Polymarket.us/midterms if you want to keep up with everything that's happening in politics. We'll have a lot of people on from the political world to talk about what is happening, where are we going within these midterms. [19:13] We will have people on here. And again, make sure you got the Polymarket app. And if you don't, when you're signing up, use the code breakdown, okay? $25 when you use the code breakdown. [19:24] [Sound of applause] [19:32] Welcome back. Welcome back to the program. Episode 798, the breakdown with David Gokhshtein. I appreciate you guys tuning in today. Obviously, we we're well past our time. But of course, we had Peter Schiff on. We had Grant uh Grant Cardone on yesterday. We have Peter Schiff on today. [19:55] Peter Schiff went into, hey, he went into he pretty much went into all of them. [20:01] Very surprised. We agreed on the pandemic situation. We definitely agreed on the pandemic situation. 100%. Agreed with that. [20:12] 100% agreed with that. [20:16] We have more people coming on this month. Very interesting month. We got more people coming on this week. Very interesting week. Very interesting week. [20:26] As I as where I stand now, and again, I'll repeat it. Number one, I think crypto's going to do great. I think the look, I think personally the economy's great. Could it be better? Yes. Could be could everybody's lives be better? Absolutely, but it takes time. It takes time to go ahead and get all these things into place. Obviously, the the the war in Iran has not helped. [20:48] Because we were moving like nobody's business and all of a sudden the war in Iran obviously put, you know, things came to a little bit of a halt. But this country, I feel like there are there are people that are investing into this country, that are coming back to America. It takes time for these things to get done, okay? [21:11] It takes time to get these things done. No matter what Akil Patterson says here in the comments, it takes time for things to get done. It really does. It takes time. [21:24] It takes a whole lot of time for things to get done. [21:28] We could see the fruits of President Trump's labor happen six, seven years down the line. [21:37] But what I wanted to say about crypto is this, it's plain and simple. The winners in crypto, the winners of this cycle will be the people that identify good assets. That's that's what it's going to come down to. People who are able to identify really good assets, that's those are the people that are going to win. That's who you're looking at. [22:10] My here's my my hair is beautiful. By the way, I'm answering comments for those that are going to listen into this um podcast or into this show on Apple Podcast, Spotify, [22:25] I Heart Radio and Amazon Music. [22:30] You always know you notice it's always the hairless people that always have a comment about my hair. [22:39] I'm not mad about my hairline. My hairline it's it's great. I love my hairline. Why would I why would I be mad about my hairline? If I had no hair, I'd be I don't know, maybe upset. [22:54] [Sound of desk thumping] [22:57] [Sound of desk thumping] [23:02] Memes uh memes will die without a catalyst. The memes will die. The meme economy. [23:12] without a catalyst. [23:17] If people are not willing [23:21] if people are not willing to come together, [23:28] then you will be at the mercy of the LA Vape Cabal. [23:33] That's it. [23:37] You will be at the mercy of the LA Vape Cabal and whatever they fucking say. Anybody who's tuning in for crypto, you will be at the mercy of the LA Vape Cabal, of a bunch of 20-year-olds, and there's nothing wrong with being in the 20s, but you will be you will be listening in to a bunch of 20-year-olds telling you what the fuck you need to do. Meanwhile, they've already bought at the lows and you'll be buying at the tops. And that's bottom line. You can have notifications on. You could do everything possible to try to be ahead of the game. You will never be ahead of the game while they're running ship because they are absolutely going to be dunking on you 100%. [24:18] 100%. [24:22] Just so you know. [24:25] And you can't really like, you know, you can really say that, you know, with with FOMO, which I'm going to do some trades on. I think I'm going to do a pop-up space on YouTube and on obviously on Friday, we'll go look into FOMO. I always put up the FOMO charts anyway. But on Friday, we'll also look into it. But I can't trade from a public facing account because I got assassins out here that just want to go ahead and make sure that I don't win. So I'm winning, I'm winning on the left side over here. I'm winning, I'm winning without being front facing. [24:59] I'm trading and winning. [25:04] I'm trading and winning. Front facing, y'all I it's just because I go into things at 30k, you guys are opportunists and you go ahead and put $3,000, $4,000 in and you spread that shit around and you fucking sell like fucking monsters. But that's fine. [25:25] Enjoy, cuz I ain't doing it no more. You ain't taking my money no more. [25:30] You are not taking my money and you are not going to make me look like an asshole. $1 million, $2 million entries, that's what I'm going to put out here. [25:39] That's it. That is it. [25:44] Leave you with a quote, quote of the day. I'm going to make some content. By the way, I I'm going to make some content and I'm thinking [25:53] I'm thinking of let's see. I'm getting text messages as I am live. Oh, give me one second.

[Part 8 of 8] [David] [00:20] And also I will have a link, by the way. I will have a link for, because I said if you sign up to Polymarket, [David] [00:30] by, you know, and use the code, um, I will have a link for that tomorrow. So, you can click on the link, you can click on my link, and you can sign up and you can earn yourself, obviously, $25 just for signing up to Polymarket. [David] [00:47] Really easy. Should be easy. If you've already signed up, I appreciate you. Obviously, I appreciate you. You've been following the show. Thank goodness. Thank goodness that you follow the show. [David] [01:00] Um, I spoke about that. I spoke about that. I spoke about politics. AI, still the same thing. No change on AI. There's absolutely no change on on AI. None, zero. [David] [01:14] I still feel the same thing about AI that I felt, I guess, since last week. [David] [01:31] Uh, so, I'm reading, I'm reading Akil Patterson, who has a show on Tuesdays and Thursdays at 10:00 p.m. Eastern Standard Time. He's in the chat right now and he's busting my chops. Okay? He's busting my chops. He's thrilled that the Democrats might end up taking the House and the Senate. He's happy as hell. [David] [01:54] He is happy as hell. Anyway, [David] [01:57] thank you so much for tuning in. Let me go ahead and uh, let me read you guys with the quote of the day. Also, I might have a pop-up. I might do a pop-up chat on TikTok and also on YouTube. Make sure you have your notifications on. Make sure you're subscribing. I might do that. I might end up doing that and we'll go through the runners that I went into. Okay? We'll go through the things that I've 10x, 20x and 30x on on just for me not even telling you about this shit. [David] [02:31] We'll go ahead and get deeper into that. Let me go and look at the quote of the day. [David] [02:39] Quote of the day, what do we go with? [David] [02:48] Let's go with, [David] [02:53] let's go with, [David] [02:59] I like this quote. Ready? Thank you so much everybody for tuning in. Here's a quote. You keep putting life off, your time will end whether you use it or not. [David] [03:09] (Applause) [David] [03:11] You keep putting life off. Your time will end whether you use it or not. Thank you so much for tuning in to this show. Okay? Sponsored by Midnight. Okay? We'll dive into Midnight City as well. Midnight's killing the game in I I I I believe a token. [David] [03:30] Okay, they're they're killing the game. Charles is killing the game. Midnight is killing the game. I keep tweeting about Midnight because that's how I'm feeling. Midnight is so underrated. We'll have, we are going to celebrate when Midnight just absolutely flies off the charts. Polymarket, again, Polymarket, which I've already shown you. [David] [03:52] Sign up. If you haven't already, go to the App Store. You can go to polymarket.us, okay? Sign up and when you sign up, use the code breakdown, okay? Use the code breakdown. And when and if you do sign up with that, let me know. I want to see, okay? And I'll have the link out for you guys tomorrow. Tomorrow, I will have the link out there for you. [David] [04:20] Under my show titles, you will be able to go ahead and sign up using the code breakdown. Make sure to use the code breakdown. I know how lazy people are. You'll just sign up and you'll just I ain't going to use the code breakdown. Use the code. [David] [04:36] Okay? Use the code. [David] [04:39] Okay? [David] [04:40] (Applause) We'll be back tomorrow at 12:00 p.m. ET. [David] [04:46] Might have a guest or two. [David] [04:48] Okay? Tune in this week. We got some we got a lot of stuff cooking. All right? [David] [04:53] Thank you once again. I appreciate you guys. I again, I might have a pop-up, um, a pop-up stream. I don't know, maybe at 4:00. Who knows? Maybe at 4:00, we do the YouTube thing. I don't know, maybe it's TikTok. I don't know. Or maybe I'm I'm going to make some content right now. I'm going to ask the people what content they want to see and I'm going to make some content. I'm going to edit that up and we'll send that bitch out. Anyway, thank you again. [David] [05:23] As Akil Patterson would say, have a great day and an even better tomorrow. [David] [05:38] (Sound of a gun cocking and firing)