Teach 2 Dumb Dudes

Keri Kaplan Norley: What is Bitcoin and Decentralized Finance?

September 12, 2022 Joe Bento Season 3 Episode 2
Teach 2 Dumb Dudes
Keri Kaplan Norley: What is Bitcoin and Decentralized Finance?
Show Notes Transcript

Decentralized finance? Crypto-currency? Blockchain? Bitcoin? If any of these terms sound confusing to you, you're not alone. Join us as we talk to Keri Kaplan this week and absorb her vast knowledge on the subject. Learn al about how blockchain works and what the future of crypto looks like.  Start your own Crypto account on Coinbase and get $10 to invest for free! https://bit.ly/3eIyFCm
And check out Keri's website for more information! https://bit.ly/3d1jpQU

Bobby:

I actually had this conversation with somebody yesterday about opportunity in America. Right. And, and so the thing is that while technically here in America, we're very lucky that we have the opportunities to go out and learn these things and do these things. But the, the thing is like, no one is gonna be like, Hey, by the way, you should look over here instead, like nobody's out there doing that for you. Opportunity only exists. If you go.

Bento:

right. Unless it's nefarious, unless it's the guy in the corner of the trench coach saying, Hey buddy, come, come down this alley. He's like, oh cool. You know, it's gonna be great. Yeah. And then he beats your ass and takes all your money. What's up Brady Brady. Welcome to another episode of teach two dumb dudes. Um, Bento with my boy, Bobby, this week, we're talking to Carrie Kaplan. Norley Carrie's gonna break down everything cryptocurrency with us. Uh, we all know somebody out there has heard of Bitcoin, but what exactly is it? What is blockchain and how does it decentralized financial system look in America compared to the system that we have now we talked to Kerry about that. Pros. Cons. Hope you enjoy it.

Bobby:

As always don't forget to like file subscribe, all that. Good bullshit. Give us some feedback. Give us some comments. We love hearing from you

Bento:

carrie, how you doing?

Keri:

Good evening. How are

Bobby:

evening.

Bento:

How are you? Yes, evening, evening for us on the east coast.

Bobby:

Yeah, that's right. How was it out in Denver today?

Keri:

Uh, it's warm.

Bobby:

Really? We finally, we finally got a break. We finally got rain after having like three weeks of no rain. Like our, our reservoir over here is almost,

Keri:

Ooh. Yeah, it's been dry here. We had rain the other day too for the first time, like a couple days ago. It's nice.

Bento:

Yeah, for sure.

Bobby:

Terrific. Terrific. Well, thank you so much for your time and, uh, coming on and hopefully, uh, teaching us, uh, about the, these topics you seem to know so well, and good guy, when we were looking you up online, I mean, how do you have any time left in the day? Like, I just feel like you're involved in so much and you you're doing so many things and, uh, it seems, it seems like, you know, you must never stop

Keri:

Oh, that's sweet. Thank you. and thank you. Nora, I just, I I'm an avid learner. I love, uh, I love learning and I love advancing myself and being able to bring this to the world. And for me, not just in, for my own personal work, but to be able to share it. And so for me, part of my work has always been, not just people to learn it for myself, but how do I teach it to

Bobby:

Yeah, right?

Keri:

of it together. And, and I think you know, I'm sure you guys as well, like you're multi passionate people. And I, I, I was looking through your show and like, there's such a broad range of topics on here. So, so amazing. I love what you guys are, are doing with all these huge topics, but it's like, how are we all multifaceted? How can we all have be able to find a way to express all of ourselves? And if we don't look at like, within my work, within all of the different ways that I work with helping people to shift their relationship with money and wealth, it's a multi multifaceted experience. Like we are all multifaceted beings. So if we have a physical, mental, emotional, spiritual, energetic experience of our lives, then we have to be able to look at them from a multifaceted experience to be able to shift what stuff is happening in our lives. If we wanna move forward to make it

Bobby:

Yeah. You need to, you need to count all the variables and the holistic approach.

Keri:

Yeah.

Bobby:

Yeah. That's very interesting. It's very interesting. And so, and so, you know, as we get into that you know, we feel like bento and I, we're not really up to snuff on these types of things, right? Like where this is one of those areas in life where we're like, what are people talking about? And so we wanted to see if you could help us and just start with the basics. Right. Things like blockchain, like when somebody asked me, like, can you explain blockchain? I say, absolutely not because I know I'm gonna make a fool of myself. So help us understand those core concepts first. And then I would love to get into, you know, especially like the mindset and that end of it as.

Keri:

Sure. Sure. So before I even start to get into that, I'll share a little bit more around why we're even talking about blockchain or why it's important to me in this

Bobby:

Yeah. Beautiful.

Keri:

aspect. For me, when I look at, so I wrote a book two years ago called the new wealth magnetize, abundance, hold your wealth and legal legacy. And in that I started to feel an experience that there is going to be a new way of doing money and new financial system. And I could see from some of the things conversations you guys have already had, there's been conversations around new things and new ways of being in this planet, which is cool. And so with that, I was like, well, if that's the case, what is the next system that we can go into? And of course crypto was here. And when I looked at it though for me, Crypto itself. If we were to look at things like Bitcoin or E, and I'll talk to you a little bit more about what this means in a second, but if we look at these types of things that most people have heard of, right? Most people have heard what Bitcoin, even if they don't know what it fricking means, you've heard this name. Right. And you've seen that it goes from right. And you see that it goes from like $2,000 to $10,000 to $30,000 in drops it's ass out. Right. And so it's this highly volatile experience of an, of a, of a way of having a currency. And so when I looked at that, I was like that can't possibly be the, be all end all financial system, because it's like saying we're gonna put trust into the stock market for having a financial

Bobby:

It, it seems like far too much risk

Keri:

Well, but it's not even a financial system cuz you can't trade. Like I'm not gonna be like, oh Hey, uh, Joe, I wanna buy this, you know, service from you. Here's my stock in apple that I'm gonna put over here. Like that doesn't work. Right. That's not how we use a stock market. Right. And so, and we can't do loans within that space. Right. We don't have a banking place. We don't have a space to actually do that. And so. But I started down the path anyway, and that's when I learned about defi or decentralized finance, which is a piece or an aspect of the crypto space. And within that piece of this, we actually have an entirely new banking system. And that's why when I started to look at this, it becomes this hugely beautiful, like link into everything and all these other aspects of how we are shifting into the world right now. And so now in the crypto space, we actually have this banking system, which means that we could actually move our financial system over into this new space. And it's currently happening. People around the world are already having these platforms layered into banking systems and, and their local, like it's already being used. You guys don't even know

Bobby:

so talk, so talk to us a little bit more about the, the theory of decent, uh, decentralized finance though. Like what are the pros and the cons of switching to a system like this?

Keri:

okay. Okay. So. With this, ultimately you have, uh, if we look at traditional finance, it's actually the greatest Ponzi scheme ever known to demand. So you have these people it is right. You have these people sitting on top the global financial elite who are ultimately making policy for the betterment of their own bank accounts. Right. And so they are the ones we started looking at the federal reserve. The federal reserve is such a it's it's own back of fish right there around how it can manipulate money. Right. And that's how, who controls that. Very few select people who don't even have the government. Like it's just, it's, you know, it's its own individual entity that can control everything that comes out of our financial choices and inflation and all these things, right. Manipul inflation. And so we have this, this system already that ultimately is a Ponzi scheme. People at the top who are making a lot of money. And then all of us at the bottom, these workhorses are now putting our money into their banks. And then they're starting to be able to lend out our money when we start to lend out our money in a traditional banking, like if I put my money into savings and I have 10 grand in savings in there, then the bank takes that money. It can lend it out up to nine times and it can make whether it's on a credit card loan or whether it's your mortgage payment or anything in between. Right. So you're looking at what, three to 4% up to 26, 20 7% on a high interest loan. Right? And so the bank is taking that and making that money nine times on your 10 grand. But we, as a human are not able to do that.

Bobby:

Yeah. That's kind of bullshit.

Keri:

for

Bento:

It was funny. I was just telling my wife, I just saw a commercial that night telling my wife, you know, they had a CD, you know, and I mean, when I was a kid, my mom used to do CDs. They were like six, 7%, which is, you know, it's pretty good. Now it was like a 1.2, 5% on a CD. And I was like, it's ridiculous. You give them your money and they give you next to nothing with their interest. But like you just said, you give them, you deposit your money and they're making, you know, upwards of 20 something percent on interest

Keri:

10 times up to nine times. It's nuts

Bobby:

so with that though, uh, and, and you said that, you know, us as individuals don't have the ability to do that. I mean,

Keri:

in traditional

Bobby:

is, is it just a legal ease? Like I can't just put up a sign and say, Hey, I got thousands of dollars to loan people.

Bento:

Bobby lone shark. Don't pay to come back. Hey, I put two points on and I come back and break your legs.

Bobby:

you know what I mean? But,

Keri:

you know, that's ultimately like a family loan, right? Like you can say I'll loan this out to you and I'll make

Bobby:

right, right. We write both sign and sheet of paper and here we go.

Keri:

Totally totally. You could, but not through like putting your money into the bank, right. That's not gonna happen that way,

Bobby:

No, right. But that's what I mean. There's so, so there's no incentives to use the bank.

Keri:

No, right now there's no, like, let's be honest. You guys, if you're making up to 1%, if you, if you found a 1.2, 5% right now, that's impressive. It's not, it's not very often.

Bento:

I mean, there was like, there was also like a two and a quarter one too, but it was like five years. You gotta keep your money in there, like five years.

Keri:

Right,

Bento:

crazy. Yeah. But for, for sure,

Keri:

so, and so when we start to look at decentralized finance, what ultimately happens is we decentralize who makes the money by actually having, there is no central point. And so with blockchain. So what you asked before, I'll answer this question with blockchain. Ultimately, blockchain is a ledger. It's like a, a wave of keeping track of an accounting. So it's just a whole bunch of numbers that have been linked together, said that this is a transaction. This is a transaction. This is a transaction. This is a transaction.

Bobby:

And it's just like, is it, is it strictly like account ID to account ID and the money transferred? Does it have does it have like my information, like, does it know that my transfer just went through?

Keri:

So this is what makes it decentralized and this is what makes it autonomous. And so it becomes actually anonymous depending on, depending on how you do this. So, but it's what makes it decentralized. And so ultimately what happens is there's a number for you have a wallet number, call it one, two, three, four, and then, uh, Joe has a wallet number and call it six, seven, eight, nine. Right. So you're gonna take 1, 2, 3, 4, and send it to 6, 7, 8, 9. But your names are not associated to that. So I'll never know, like you would never know who it came from and you wouldn't. Yeah. And you wouldn't be able to find out, like, if I, so here's the other thing about it, because it's transparent. So the blockchain, this is what people don't understand. Like they think it can be so easy to move money in transparency, but in interestingly enough, like literally every transaction you can see. So if I did something two years ago and I sent money to one of you guys, two years ago, we could go back, find that transaction and you'd see it right there on the blockchain. So once I have one of your wallets, I can actually watch everywhere that you spend money.

Bobby:

Hmm. Interesting. But so like, how do I, if I don't know what wallet Joe has, how am I sending him money for anything?

Keri:

you just send them. Like, I it's just like saying like, here's my

Bobby:

Oh, yo, you're giving that ID. Got it. Yeah. Okay. Okay. Okay. Okay. Okay. Interesting.

Keri:

so,

Bobby:

but so we know who everybody is, but the system, but the system doesn't know who everybody is.

Keri:

Yes. Like you would know if you had Joe's wallet you'd know that that's. Right. But otherwise you would have no idea. I wouldn't know that's jar because there's nowhere that says

Bobby:

Yeah. That's what I mean. There's nowhere in the system holding that information. Right.

Bento:

So a lot of people use this to, you know, to buy things off the dark web. I mean, is there a problem with purchasing with that kind of, you know, with being anonymous that way with purchasing things, you're not, you really shouldn't be purchasing.

Keri:

Well, in some ways you're gonna be able to be traced for it, right. Because everything is happening. So if ever that gets linked back to like some organization and then they go on some thing and they go, this is the wallet that this organization is had, then you, they will know. There's no way that you won't be able to track

Bobby:

Yeah. But

Bento:

and who controls that though? Like who, who controls the, the, the deep seated servers and, and that information if like Bobby and I obviously it's not public, so we can't see who's spending what, but who can,

Keri:

it is public. Everyone can

Bobby:

Yeah,

Bento:

Hmm.

Bobby:

but so I, I, I see, I see what you're trying to say though. Bento in the fact that like, at the end of the day, alright, they track it back to that wallet. Right. They track this nefarious purchase back to the wallet, but like you said, that wallet doesn't hold information about the person. So how are they then using that

Keri:

not ever be able to, so a government like there's new people now, like there's, there's, there's deep government people who can, who are starting to be able to track some of these things and eventually enough movement to certain

Bobby:

just like the IP address kind of stuff. Yeah.

Keri:

don't know how they're doing it, but I know that it is happening, that they're able to actually start to trace some of this stuff back to those, those spaces. But at the end of the day, anyone can do.

Bento:

Hmm.

Bobby:

I, I really think it's so interesting too. And, and so I've heard as well, that more and more businesses are beginning to accept these forms of payments. Is that correct?

Keri:

Yes. Yes. Let me actually, I wanna, I wanna answer that question and I wanna come back to, before we go onto the decentralized finance, cuz we didn't quite finish that. But with, with, with banking, and I was saying to you guys that we have this money in this experience, right within the decentralized finance space, we also now have the power to actually take that control into the hands of the people. So for me now I can put my money into a vault or an experience. Some I can put my money into somewhere. I'm gonna call it into the, uh, crypto space. Right. And ultimately it would be like putting it into a quote unquote bank. It's not, but it would be like putting it there that I'm saying to somebody, you can take my money and you can borrow it. And for that, I'm going to receive interest.

Bobby:

Hmm. Interesting.

Keri:

you become the bank and instead of having the bank take that interest, I get the interest and much like at a bank. I don't have to know who's taking my money out. I don't have to know that Josh Mo down the

Bobby:

Doesn't matter.

Keri:

out. The bank does that. It doesn't matter. I just know that it's happening.

Bento:

unlike a bank, what kind of protections do you have to give someone your money and them not to run away with it?

Keri:

there's something called a smart contract. And so right now, currently with the smart contracts, if someone were to take out a loan. So for example, there's a lot of people who would have had bought Bitcoin early days, or even in the last few years that Bitcoin has gone hugely up. They don't wanna sell it out of the market because they know that we're gonna have another rise. And so they want to keep it there, but they need to buy their daughter a car. And so they wanna take 10 K out to be able to buy their daughter a car. They've got the cash. They can utilize that as like to take a loan against their Bitcoin.

Bobby:

Mm-hmm

Keri:

They have to over collateralize it. So they might end, depending on the contract, they might have to put in 15 K for a 10 K loan, and then they get the loan. If the Bitcoin, cuz it's a volatile starts dropping, they have the choice to put in extra Bitcoin to keep that collateral higher. Or if they don't, the contract will actually break their money, goes back to them with whatever penalty is for breaking a contract. And then the money that is not done or has not been touched, will go back into the pool for other people to utilize for

Bobby:

Wow.

Bento:

Hmm, and this would be all, all automated.

Keri:

automated, all automated,

Bento:

Hmm.

Keri:

all

Bobby:

So, so I could borrow

Keri:

and it happens instantaneous almost instantaneously.

Bobby:

so I can borrow money from the pool and. When Bitcoin changes, I owe that money back still. then, so whatever is taken back, I just owe the remainder of what, whatever was left.

Keri:

Yeah. So you're still making a payment on it, just like you would any

Bobby:

like anything else. That's what I mean. It's just like any other loan. Yeah.

Keri:

And then when you wanna repay it, you can just, or if big Bitcoin goes up, you know, so much that it just actually repays itself in some whatever way. Like it, you know, you just repay it off and off it

Bobby:

So when Bitcoin goes really down though, the pool must shrink immensely. So if you're like, Hey, I need this loan X, Y, Z, how risk, you know, what's the percentage of times that it's gonna get taken back? Is it small? Is it large? I mean, I mean, if I take out a $50,000 loan and Bitcoin

Keri:

there's always, it's like, but there's always money moving. So it's, it's in it's who knows? I can tell you that across the board right now with the market being down, interest rates are lower. So I'm making less right now because the whole market's down.

Bobby:

Yeah, of

Keri:

Right? So. Yes, there is an effect, but it doesn't mean that there's not money being lent out. There's not people borrowing and lending.

Bobby:

Interesting. Okay. So the pool is just that big there's, there's so much flux because there's so many users. Yeah.

Keri:

so many different pools to choose from. There's thousands of pools to choose from

Bobby:

Oh really?

Keri:

thousands, and thousands and

Bento:

and this is all going on right now. Like people are, people are actually doing this with these smart contracts and, uh, it's incredible.

Keri:

And it honestly takes, like, once you learn how to do these types of things, it can take a small amount of time to do them. And then once you, like, the reason I love defi is that once you've put it in there for the most part, you kinda let it sit there and let it run. Its course like you would into savings again.

Bobby:

Right.

Bento:

Hmm.

Bobby:

And it, meanwhile, it's being lent out and you're making that percentage. What are the, what are the typical interest rates that, that you're getting for that?

Keri:

it depends like right now the market is down. So some of them are as low as 1%, but I've been like, as the market's been higher, I've had things up to 30 or 40% and it's compounding interest. Yeah. Daily and it's safe. Like, I mean, It's crazy.

Bento:

How do you get involved in something like that? Defi like, do you need a minimum amount to put in? How does that work?

Keri:

Nope. It's just like I mean, you could put a thousand bucks in, you could put 500 bucks in, you could put a hundred, you could put 20 grand in it's there's no

Bento:

I have a, I have a very small amount of crypto and it's, uh, you know, it's very enticing to do that now. Cause it's just, I, I go through Coinbase. I don't know if that matters, but you know, it's obviously tank quite a bit, but I'm keeping it in there and not selling for the time being, cuz you know like, and like you just said, it's supposed to go up again. So I'm definitely looking forward to that.

Bobby:

And so with that, you know, is, is it that you have to buy a cryptocurrency and then you put that cryptocurrency in the vault. So you, it's not like you're just depositing cash, right? Yeah. Yeah.

Keri:

Although there have been platforms that yes, they do accept cash

Bobby:

interesting

Keri:

the states we've had a few platforms that. More like a bank and you would put your cash in and they hold the keys. So one of the things that like you learn when you start to get into the crypto space is your keys, your wallet. And this is what actually makes it decentralized. So when you start to get into the actual decentralized finance of this not Coinbase, so Coinbase is like, and it's a really technical piece of this. So a lot of people look at old, crypto is decentralized, which it is right. We're decentralized from the government, uh, and traditional finance. Then when you get into the crypto space, you have traditional finance within there. So you still have things like Coinbase, you're still giving your money to another entity to hold it. You don't actually have a wallet. They hold that wallet. They hold your money. So if anything happens with Coinbase and they've had some Flacker on this, and it's not even flack, it's just fricking normal banking. Let's be honest, but they're gonna make it sound worse than it is that if, if they go bankrupt, then they can freeze your assets. But the same thing with the bank in a traditional finance, they go bankrupt. They can freeze your assets. Like

Bento:

that's what worries me though, is that, you know, if. My local citizens down the road goes out, you know, I'm, I'm at least covered up to a hundred thousand dollars F D I C, but I don't get that with, with crypto. And that's, that's why I've been, that's why I've been so hesitant to put a lot of money in there because I'm, I'm scared to lose it in case something happens. Like, like if Coinbase goes under.

Keri:

right. So if you, if you have your money into a traditional space, like into a Coinbase or some of these other platforms, like Celsius has just, uh, had some major flack on this as well. So those types of platforms, if you have their money in there, yes. It can be frozen. Yes. That is in your reg regs and all these terms and, and things that are happening just like a bank. Right. But because it's more volatile in this space, obviously there's been more things going on, right. That said, if you have something that's in a decentralized wallet and you're going into the more decentralized spaces of this, your keys, your wallet, they can't do anything. They can't take your money because it's in your it's like saying I have cash in my wallet and someone could somehow on the internet get

Bobby:

through the computer.

Bento:

Right. And so, so how would somebody, how, how would someone like myself go from getting out of Coinbase and, and actually getting a, a personal wallet?

Keri:

so personal wallets things like it depends on what are you, are you holding like a Bitcoin underneath or

Bento:

I have Bitcoin. I have some ethernet too. I have some doge, a little bit of Chino EBU or whatever they call that one.

Keri:

you went, you went

Bento:

it when I first came out. Yeah.

Keri:

Perfect. So with that you can take, well, I don't know about George and she, we, but with Bitcoin, an E you'll be able to put 'em into a, a decentralized wallet, something like a meta mask or things like Exodus. And so those ones you would have, and I think there's a one called trust wallet. I, I don't know about trust wallet. So don't in all of this, by the way, I'm not a financial advisor, yada, yada, do your own thing. It's your own risk, blah, blah, blah. You know, all these things let's keep my ass here,

Bobby:

Yeah, absolutely.

Keri:

So you can put it into a meta mask or these other wallets and they will be off of centralized exchanges. And so you hold them your keys to your wallet, the thing, and the biggest, and this is the, the, the question that I asked my mentor when I first started into this space is what's the biggest risk when you start to do that, right? What's the biggest risk. The biggest risk is you will lose the keys to your wallet. I E your password, and there is no human on the entire freaking planet. That's going to be able to tell you what it is.

Bento:

Hmm.

Keri:

So the responsibility, and this is where the energetic stuff actually comes in. When you actually start to take responsibility that you actually hold the keys to all of your finances, there is a huge responsibility that comes with that on a, on a, on a level. Right? And so this is part of like that piece, but that's also how we decentralize and actually become sovereign within ourselves and actually remove ourselves from that

Bobby:

the responsibility ourselves.

Bento:

So that's also kind of dangerous too, right? If nobody has access to your password, nobody knows it. How is the security behind that? Like, you know, people get hacked, they get their password, they change it. Is

Keri:

so the only way, really the way that people are getting hacked, for the most part, with all these hacks, someone has to get access to their wallet. They can't hack them from another way. Like from one of these secure wallets, that's your totally decentralized wallet. And so it will happen by they've invited you on some scammy thing to push a button and you've pushed a button and given them access to it. They've said, Hey, come over here. We've got this amazing deal. We're doing an airdrop, put your wallet here and people put their wallet there. And then once that's done, they have full access to their

Bobby:

cuz they think that

Keri:

So you're actually

Bobby:

to whatever. Hmm.

Keri:

actually giving them full access. And most of the time it's like, you'll actually put in your keys, don't do that. Like it's got like, you have to understand that there's nobody who will reach out to you and nobody who will ever like this is security. One on one never, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever, ever give anyone your keys in your wallet. Even there are now people who are doing this as scams and dating.

Bobby:

Oh my God.

Keri:

people will do. It's crazy what people do. They'll go into like scams into dating. They'll like go and find somebody who's in the crypto space and, you know, wean their way into their heart. And, oh, look it. And someone's naive. And there's the keys? There's the keys to the wallet?

Bobby:

Right. Because everybody does that. Everybody does the, they have one password that they use at 12 different sites. Right. And so that's the worst.

Keri:

It's not even that because you can't like, you have a password, but you have like, every wallet will have a 12, 18 or 24. Don't quote me on how many, but each of 'em will have different, but like phrases and it's not something you make up. It's the thing that the wallet gives you. And it says, here's your phrase, your seed phrase. And you have to remember this, no matter what, like these are these words, there's not necessarily anything logical to them and you've gotta remember them in the exact right order. And so then it's really important for that, like that you find a place that you put these things that nobody, right. So like you've got a lover over and they stumble onto your notebook that you've got sitting out having your crypto stuff and there's. Right.

Bobby:

damnit.

Bento:

Wow.

Keri:

it's that easy?

Bobby:

Holy

Keri:

there thinking I'm secure. They've seen it. They're like score. You've

Bobby:

put that password in the safe.

Keri:

Yeah.

Bento:

can you have multiple wallets? So if you have a lot of money across these cryptos, could I have, you know, as many as I want and put a, put small amounts in each one? Yeah. Hmm.

Bobby:

Is there a benefit of having multiples versus all in one

Keri:

Well, the benefit of, so like in meta mask, you can actually separate out different wallets within meta mask. And so the benefit is that yes, if somebody hacks into, if you somehow get hacked into one of them, you haven't lost everything. And it's the same thing across, like any of the ways that you're gonna invest within this space. It's like it's best to have things diversified. So within, within defi, like there's again, I said, there's multiple pools, right? So my money is across multiple platforms, multiple pools, because as we saw, if you put all of your money in Celsius, which some people did. They they've lost everything. Right. And so it's like, put your money there, put a little bit here, put a little bit there, like diversify across so many different platforms within the space.

Bobby:

like traditional investment strategy.

Keri:

Right.

Bobby:

Wow.

Keri:

Because especially with the crypto space, there's amazing projects. Like if you consider this like the internet of, of the decade. Right. And so when, when internet came out, like we had such a huge boom of different, amazing, amazing businesses that were exploding of those businesses that were exploding. Not every one of them made it. Some of them failed miserably tanked. Right.

Bobby:

Yeah. More, more of them failed than, than made it. Yeah.

Keri:

It's the same thing in the crypto space. Like it's not that the internet was ever gonna not make it. Like once we realized the internet was coming, it was gonna make it, it was just a matter of how did we secure it? How did we make it work the most functional way? And if we think about it back then it was dial up and this annoying noise thing that was taken forever, and everybody had to have all this patience to get in and blah, blah, blah,

Bobby:

worst. Get off the phone. I'm

Keri:

and get knocked off. Right. And so it's the same thing. Now, like when Bitcoin came out, it was clunky and there was all sorts of problems that happened. And so as the, as the evolution has happened, we've had more, uh, more work on the security, less, less ability to be able to hack into things, all these different, you know, experiences that are happening. And we've got more and more and more businesses that are trying new things within a space that is so expansive. And like, I'm happy to talk a little bit more about what it actually is in the expansiveness beyond actual financial in a second, but it's so, so expansive in that, uh, in what we can do with it. And so there's a lot of companies that are trying new things and they're failing. That's what happens. And I'm gonna say, quote, unquote, failing, like they're trying something new and in, in totally big new space that has no fricking like rules around it. It's like the world is their oyster.

Bobby:

It's just like anything else, like space exploration or any of those other kind of industries where you're trying to innovate new

Bento:

right. Technology in general,

Bobby:

fail.

Bento:

yeah. How many technology companies have tried to build something and fail because somebody built the next best thing before them, like yeah. Happens

Keri:

Exactly. Exactly. And actually I'll say a little bit as well around one of the things that a lot of people think that this is a fad, right? A lot of people think that crypto's a fad, it's fallen away, fallen from the sky. Bitcoin's never gonna make it back up, blah, blah, blah, blah, blah. And what I wanna say is like, I was actually looking two days ago at an a, I should pull it up and an investors sheet of the things that were some of the top investors. In the world, we're putting their money. Here we go. So we've got things like BlackRock, let's put 1.17 billion into circle and FTX. You can look at these companies and these companies are PayPal, Microsoft, Commonwealth, bank, city, Wells Fargo, American express. There's these huge financial institutions that are putting hundreds and millions and billions of dollars into the crypto space. And if people wanna sit here and say that it's not real, it's like, it's you, you have to be crazy. Like Nike is doing things for patents, for NFT. We've got banks that are coming in. When I was talking to some people who run some of these platforms, uh, they were talking to me and saying, they're already working on, on these major banks taking them because the banking system actually, the, the way that the technology of it runs is so archaic and so slow. Why does it take three days for us to get a transaction, to go through a banking system? Right? Whereas in crypto, within minutes, you've got your money moved through. And so they've TA they're started, these banks are starting to take this on. And what we're gonna start to see is some of these banks will have this layered in. You'll never even know that your money is being invested into decentralized finance, because they're already starting. These big banks are already starting to put their money into the decentralized space

Bobby:

is that like a widely known thing that these banks are putting this in there? Like, I, I, I feel like

Keri:

they're not gonna tell you.

Bento:

Yeah, I was

Keri:

They're not gonna tell you this

Bento:

sounds like, it sounds like they keep that to themselves.

Keri:

right. But like it's right here, but it's Right?

Bobby:

publicly

Keri:

their money.

Bento:

Well, it's publicly available, but you're not gonna see anybody report on it. Right. There's there's a lot of information that's out there that

Bobby:

Shady as shit. Like my bank should tell me if they're doing that. should

Keri:

They're investing your money. They're, they're investing. I, but, but I'm guessing that you probably, if you looked in the reports and the things, the way they're investing, you'd find that that's

Bobby:

Yeah. Right. I bet you, I just need to dig. It's probably available to me.

Bento:

right. It's funny. Cuz

Bobby:

a notice. You're right.

Bento:

is funny cuz you mentioned, you mentioned the nine, the nine times they can loan out your money. I'm I'm almost 42 years old. I've had a bank house that I was 15 years old. I never knew. I never knew the bank could loan my money out up to nine times. Like this, this just something, you know, they don't tell you that at the bank, while you're filling out your little forms and signing, getting your new, getting your new checkbook, you know,

Bobby:

here's your new checkbook and by the way, we're gonna make a fuck ton of money off of your

Bento:

right. While you live paycheck to paycheck.

Bobby:

Yeah.

Keri:

they also don't tell you that they can freeze it and keep it right. So people who have, like you guys said, people who have, if it's only insured for a hundred K if you have over a hundred K in your bank right now, and it collapses just like any of the other ones in the crypto space, have they can freeze your assets. And it has happened like it's happening in Cypress and Greece. This is happening around the world. And it's not like it's, it's not, not real. Like we can have our, our, our, our, our money frozen it's happened in Canada last year. It happened in Ukraine and Russia. Russia

Bobby:

There's been a bunch of

Bento:

Yeah. Right.

Keri:

and,

Bobby:

of runs in the news over the past year or two.

Keri:

yeah, and then we started to look at, so when this all started to happen, like a lot of these countries have all then started to create their own central banking, digital currencies. And so you'll start to see these roll out over this next, probably five years, I would say. I mean, some of them are already like working towards rolling them out and already have them. So China is already running its first central banking digital currency. They're gonna make it sound amazing.

Bobby:

Of

Bento:

Right. Of course.

Bobby:

of course.

Keri:

so good for you. But remember. That anything on the blockchain can be traced. So now when we start to see this in America, as this rolls out, whenever it does, we they'll say, instead of getting our money sent to us, like we did last year for, you know, bonus money throughout the year. And they sent it as a check or put your money in your account, right? When they start doing this with the central banking digital currency, you'll say, here's my wallet. They're gonna say sweet. Here's some money from the government. They're gonna send it to your wallet. You've now connected your name to a wallet. They now know that's your wallet. They now can follow every single fricking transaction that you do. They now also can. Right. They can also set these cuz remember that any one of these currencies, if you look across the board in, in crypto, I mean, you've already said Bitcoin and E, but there's so many, there's thousands of all coins. And each of them just kind of like, uh, on the stock market, we have an investment and we can invest in a business space, right. And choose your business based on the values of the business, the growth of the business. Whatever's, you know, an alignment with you, the same concept within the crypto space. And so you have all of these, uh, these ways of being able to in invest your money into this space into these different assets, but then within these central banking, digital currencies, They'll be able to, ah, so the way that they're all created, all of these things, all of these currencies is by you or me or any other human being on the planet goes, I wanna start this thing and I'm gonna go put this out into the space. And when I code this, because it's all coding, I'm going to code in these rules. So with Bitcoin, it coded in that there's only going to be, this is why there's Bitcoin maximalist. There's only going to be 21 million Bitcoins ever produced. So we can't see inflation like the way we do now. Or we can just go out and produce more and more and more and more and more

Bobby:

Right

Keri:

Right because only ever 21 million can ever be produced. That's it? No more. And so then they've got all these other rules into it, which I don't need to get into, but like each coin, however you wanna program it has its rules. So when we start to see these central banking, digital currencies come out, they can program however they want to. So they can say, once you've hit $10,000 in your account, we're not gonna let you have anymore. Once you've spent $2,000 a month on food, we're not gonna let you have anymore. Once you've spent blah, blah, blah, you can't blah, blah, blah. Or however

Bobby:

much you can take out at once. If I wanna take out 300 grand to go buy a house for myself somewhere, they're gonna be like, no, no, no, no.

Keri:

right. Well, they would already probably say that to you in a bank, but you know, they can make it a lot harder.

Bobby:

Putting regulations into a decentralized space

Keri:

is exactly the polar opposite of what the whole decentralized space is for. And so it's why

Bento:

And it happens with

Keri:

of my reasons it happens with everything and the,

Bento:

look at

Keri:

one of the

Bento:

How, how cool was streaming several years ago is the best thing ever. Now, all these corporations get their hands on it. They have their own exclusives, their own monthly things. And now it's just like fucking cable again. And they're gonna do the same thing with anything that comes out. The internet was the same way. You know, the internet came out, it was just free for all it kind of still is, but there's just so much regulation around it now. So do, do you think it's gonna get to the point where the United States just reg you know, puts regulation on Bitcoin and

Keri:

they can't, regulate, they can't regulate it because it's unable. It's decentralized. Right? Who are you gonna stop? There's no one who owns

Bento:

so they, so they'd have

Keri:

There's no centralized.

Bento:

cryptocurrency and then they would

Bobby:

over there. Yeah.

Keri:

Right. And so this is why it's like, they're not actually, this is why I say these things, because if you are listening to this, like do not listen to the government when they tell you that this is like legitly, the best part to do this, because they're gonna try and do it in a way God, you know, Hey, let's hope and pray that somehow some politician is somehow legitly. Like kind to look it up for the other people. But generally speaking,

Bobby:

forbid, right. God forbid, somebody looks out for the rest of us. And it's true though. I mean, and, and this, it is very interesting. I actually had this conversation with somebody yesterday about opportunity in America. Right. And, and so the thing is that while technically here in America, we're very lucky that we have the opportunities to go out and learn these things and do these things. But the, the thing is like, no one is gonna be like, Hey, by the way, you should look over here instead, like nobody's out there doing that for you. Opportunity only exists. If you go.

Bento:

right. Unless it's nefarious, unless it's the guy in the corner of the trench coach saying, Hey buddy, come, come down this alley. He's like, oh cool. You know, it's gonna be great. Yeah. And then he beats your ass and takes all your money.

Bobby:

so, so I wanted to go back to the, the 12 million in Bitcoin. That's it, there's only that many

Bento:

20 million, right?

Keri:

21, 20

Bobby:

21, excuse me, 21 million. So at this point, like they must be all bought up. Right. And so it's just a constant as they sell them and

Keri:

No. So that's how Bitcoin mining works. That's how Bitcoin mining works.

Bento:

Good. That was my next question.

Keri:

so there's people who are constantly mining, looking to be pulling more Bitcoin out of the algorithms. Right. And so as they come into the space, then they can be bought.

Bento:

so how, I

Bobby:

there's just always a

Bento:

just Chi trickle them out all time?

Keri:

Yes, they have to go. And ultimately the way that it works is ultimately they have to go and do equations. The computer has to do an equation to unlock it.

Bento:

Hmm. Do they have a, do they have a timeframe for when the final Bitcoin will be released? No. Do you know how

Keri:

There is. Mm, there is, again, I'm not a Bitcoin maxi, which is what they're, they're called. There are, there are people who could probably give you an approximation of about when, according to how fast people are mining and it's it's years, it's many years, it's many years, because the way Bitcoin, the way that like they programmed it is something called having. And so every, I can't remember exactly how many times, but there's a certain amount of things that have been locked in that they get to have. And so when it has, it means that the people who are mining can mine less and they get paid less per thing that they're actually mining,

Bobby:

right.

Bento:

Hmm.

Bobby:

That's I mean,

Keri:

I guess, actually, I don't know that they get paid less. They would just be the mind of the Bitcoin. That's not true, but they can mind less at this at the same amount of time.

Bobby:

but if there's just this constant creation of Bitcoins, how are they not over 21 million,

Keri:

Because it's not, that's what I'm saying. Like, it's slow. It's slower now. Like when you, if people were reminding, when Bitcoin first came out, they would've gotten a lot more

Bobby:

Oh, and so,

Keri:

like maybe one week they could have gotten one Bitcoin, whereas now it takes like a year or something

Bobby:

Uh, got

Keri:

I don't quote me on those

Bobby:

No, right. Okay. No, but that makes more sense now. Okay. Oh, okay. Perfect. And so that's when you mean slowing it down, that's what you're talking about is that they there's like, Hey, we're gonna stop everyone from being able to do this because we don't wanna hit that cap.

Keri:

right away. Yes. And then ultimately when you do, it's just like you have all the money out and people just get to trade it and exchange

Bobby:

Yeah. And there's the constant in and out will monitor the cap. Yeah. It's only if more and more

Keri:

that would have to,

Bobby:

Eventually more and more people would. Yeah.

Keri:

Right. And it will have to mean that eventually. And this is one of the things that's an interesting piece of watching Bitcoin. It's not like, is a thing, is that a lot of people hold it. It's not actually user's of currency right now. Cause people want to hold onto the value of it. And so at some point we will start to see though as more and more of these happen and we have like, you know, we now have countries that are using it as transaction. So uh, oh my gosh, I'm gonna remember the name of the country and I've just forgotten. It has just taken on Bitcoin as their legal tender. And there's a few countries that are taking on Bitcoin as their legal tender, and it's becoming like actual, like their country, uh, currency. And So

Bobby:

pay your taxes with it.

Keri:

you can pay your taxes in Colorado right now with, as of probably this year, as of supposed to be mid year Colorado taxes with Bitcoin, I think some, one of the cryptos. Yeah. Like, I'm so saying you guys it's like legit, it's already happening. Like these things are already coming into government places and that people don't realize it. And they're like, it's a, it's phony. It's fake. It's this I'm like, I, if I can pay my, if I can pay my taxes and crypto, it's not guys,

Bobby:

that's not, yeah, that's that

Keri:

it's

Bento:

right.

Bobby:

and I think it's funny too, because the more and more people I talk to about this, and especially, you know, when we talk about when Bitcoin first came out, I mean, I was certainly skeptical. And then now though, and I believe it more and more now I hold Bitcoin. And, but like, when I talk to like my father or my uncle or somebody, you know, who was a little bit older than I am and they say, oh yeah, no, forget it. No way, no way. But I think the younger generations, like as like I have a 13 year old son as he grows up, like I could very well see him in all his friends going that route simply because they're already in those spaces. I think it's unbelievable how the progress is made

Keri:

There's so much pro there's so much progress around, uh, what's happening, but also I'm seeing older generations start to take it on. Like some of my clients are 70 year old people. And they wanna understand this. And they're like at the forefront and they're excited and they're curious, and a lot of people are, you know, in that generation are really like, I, they agree with the fact that this banking system has sucked and they wanna be a part of something that's new. And so they're still taking the time to learn. And, and I think part of, part of the forward motion of this whole industry, and this is why I was saying to you, like I've taken the time, not just to learn it, but to teach it is how can we teach this to people in a way that makes it digestible by most

Bobby:

Yeah.

Keri:

Because so many people are scared to get in, cuz it's a whole lot of jargon that they don't understand. Right. What's all this stuff. I don't know. It's too much over there.

Bobby:

and I'm.

Bento:

it's the scam, the scamming part too. Right. You know what I mean? Like, just talk about like the elderly and like people like my parents, cuz you know, if, if there's any generation that should get into cryptocurrency, you think it's the boomers cuz they're all about the, the government's trying to destroy us and the spy on us. So, you know, they would jump on it right away. But they're also the, you know, the most likely to get scammed and that's, I think that's probably what deters a lot of 'em is just the security aspect. Have you seen security companies that are starting to, you know,

Keri:

There are insurance companies too now in the space. So you can actually start to ensure your money up to, I think I've seen up to a hundred K so same, same concepts and you pay, mm, maybe I think I saw something like a hundred or a couple hundred dollars a year. So if you've got a, a again, no quoting, but like, it was a couple hundred bucks for like a hundred K for the

Bobby:

Totally worth

Keri:

that you're now ensuring. Yeah.

Bobby:

Yeah.

Bento:

So when do you think the market will start to, to come back up a little bit?

Keri:

we're starting to see some movement. I don't know. I like, I'm not a crystal ball person. I don't believe that we have a crystal ball. I'm starting to see movement. I'm I'm hearing from the people who do read charts and think that they have a crystal ball that we're starting to see movement and we should start to see some rise soon. So I I've been telling people like if you've been waiting to get in, right. If you've been, and right now, especially with the volatile space, because now this is where we're gonna start to see millionaires be born because the, the market's been so down and so many people are freaked out about it, but really this is the

Bobby:

Yeah. To dump in. Yeah. Yeah. Get in. And so actually right there, when you say, even if you have a hundred bucks, talk to me about how can people living paycheck to paycheck that don't have money saved, get involved.

Keri:

So for me, the easiest way is Coinbase is going in like Jod through Coinbase. And if you want to, like, all you have to do is, and I can send a link for it. You guys can go get a link. And if you guys go get a link, you can get an affiliate and you get 10 bucks for somebody. And then whoever's listening gets 10 bucks, extra Bitcoin for signing up through your link. So you guys can go and do that if you want. And then from that, you can just go and ultimately it's just like, like if you were to go and open and on count anywhere. And so you go, you put your, and again, so this isn't decentralized, right? So they actually know this is you. This is your account. You have to get verified just like you would, if you went into, in a bank in traditional. If I went into Wells Fargo or any other bank and and then they'll go in, they'll check your ID. They'll do a whole check on you. And then it doesn't take long.

Bobby:

so you would re you would recommend that route versus though like the, the

Keri:

If you have a hundred bucks to put in yes. Because the rest of it like to go into learning it or, I mean, yes, you can, you have two options,

Bobby:

Well, uh, really I'm after, like, what's gonna give these people the biggest return, They're gonna have to

Keri:

if you're gonna go.

Bobby:

right?

Keri:

Yeah. Not really. So like, if you're going in and you're just looking at a volatile piece, right. If I'm gonna go by Bitcoin or E those are like, if anyone's wanting to get in right now and you don't wanna understand, like all the depths in the, the risky, the whole thing, Bitcoin and E are gonna be again, not a financial advisor, but you're pretty, you're pretty stable, uh, choices at this point. And, and so either one of those, like, it's, you know, it's a pretty, like, Bitcoin's not going anywhere. It's gonna eventually. Again, I'm not a financial advisor, yada, yada. But those are your places. These are the places that you can go and you can literally go on a Coinbase and you can buy it, but you could also go onto a decentralized wallet like Exodus, and you could buy that. So if you want to go that extra road, if you're the person who wants to figure out the technology that just go, Google it, go buy, look at Exodus or go look at something like that. And then C like, okay, I wanna buy from here. Then you're holding it and decentralized and know that. Now you are holding that don't lose those keys. Don't lose that password. If you wanna just go into Coinbase, if you are just the person who's like, I wanna go throw a hundred bucks at this and just see, go buy my Bitcoin and, or buy my E, throw it in there. Just go into Coinbase. It's literally like you'll, you'll set up your bank account to it. You'll transfer money. It'll be there within two days, four days, whatever it's gonna take for the transfer fee to go through and then just buy your Bitcoin. And It's pretty

Bento:

basically just like using any of those stock apps, like Robin hood stash. Like you just go in there, you set up your account, you feed some money into it and then you just buy what you want and they show you the charge of what is worth and the pro you know, how it's going and all that stuff. Yeah.

Bobby:

from, that though if you're in Coinbase and you buy a bunch of Bitcoin in Coinbase, a hundred dollars, whatever, you're not getting the interest of your money being loaned out, you're just getting the return on whatever happens, Bitcoin. But if you go the Exodus route, do you get that? Uh, okay.

Keri:

So you have to bring it into like a decentralized platform. So there are platforms you can use either a stable coin, which would be like the central banking digital currencies. I was saying to you guys, so like, this is how we actually create a banking system within crypto is with stable coins. So with stable coins, we're doing things that are dollar for dollar. So there's things like the U S D C or U S D T that are, uh, equivalent to a us dollar. So if, if I put, if I own that and I send you guys and you're like, Hey, I need a thousand bucks. I'm like, here you go. Here's a thousand bucks. It's gonna show up as a thousand bucks because that's what it is. Right. And. Dollar for dollar. So you can, you can take that money, which is more stable because you're not actually having the volatile asset that's going up and down

Bobby:

Okay.

Keri:

and then put that into a decentralized space. And then, you know, that that interest is based on the stable thing. And when you take that money out, it's not gonna be changing. It's like a thousand dollars is a thousand dollars is a thousand dollars minus of course, inflation on us dollar. Right?

Bobby:

Okay. Right, right. So the fluctuation on the dollar. Yeah. but so, But so, again, so with that stable coin though, that's where you end up putting your money in the pool to gain that interest.

Keri:

To gain the interest and with a Bitcoin, there are places and platforms. You can also stake that and make your six or 8% so Celsius. Would've been one of those places. That's actually another centralized exchange. You could've just sent your money from Coinbase to Celsius. They would take that money as a Bitcoin and they would give you four to 6%,

Bobby:

Damn.

Keri:

Not anymore.

Bobby:

Yeah. Right.

Keri:

But they would have

Bento:

Right.

Bobby:

that's unreal though. But, and see, and

Keri:

Nexo is another platform like that, that I have used that is still, still standing Nexo. But not for Americans. A lot of Americans have been regulated out of

Bobby:

Oh, and so, and really, cuz like that's my question, right? Because if you're living paycheck to paycheck, you don't have money to lose. And so that's where it's, you know, it becomes what's the, the safest way for people to take advantage. Right. And I think that that's what you just described right. Was, you know, putting in a stable coin,

Keri:

into Coinbase. Well, but, but, okay. So yes, you can, but it takes a lot more education to actually make that move and your interest rates right now, like I said, they're gonna be a lower interest rate in the defi if you have a hundred bucks, like, honestly, I would, if I took a, if I had a hundred bucks right now, I throw it into a Bitcoin. Like if you're wanting to see some growth, it's still, it's a hundred bucks. So it's like even if a hundred bucks, even if Bitcoin and you've gotta look it this way, I don't actually know what Bitcoin's at right now, somewhere between 25. And I'm guessing around 25 K. So even if it doubles, right, you've gotta get it to 50 K for your a hundred dollars to make $200.

Bobby:

Right,

Keri:

Right. So you're still not looking at like, you're going, you know, whereas, and this is one of the reasons I like E E is at less I saw is probably around 16, 17, 18, 1900 somewhere around there. So if that, if that, and if, and when that doubles, you only have to get it to 32, 4 grand for it to double your money, which is a lot. Right. And so these are the things to kind of consider when we're doing that. But are, is there anywhere else that you're gonna put your a hundred dollars into, that's gonna double?

Bobby:

Yeah.

Bento:

Right. Do you think Coinbase is gonna survive through all this?

Keri:

think so. But I don't know who knows, like I, I don't. And if, and if it was me, like I said, if it was my entire savings and it was like, you know, I had 20, 30, 40, 5800 K or whatever, I wouldn't be putting it into the centralized

Bobby:

Coinbase. Right.

Keri:

but if I have a hundred dollars and like, it's something that I know that it's like, I know that even I say this paycheck to paycheck and a hundred dollars is, you know, can be substantial for a lot of people. It's also not gonna be something that's like, I'm never gonna be able to retire and I'm gonna die if I don't

Bento:

You're not gonna, you're not gonna live in a box cuz you lost a hundred bucks. Right,

Keri:

no, no,

Bobby:

Okay. Very good. I like that though. And, and then, and I love that explanation too, because you know, because there are, you know, such a wide, uh, gamut of people and, and from economic backgrounds where, you know, it feels more, more like this should be something that everyone should be able to take advantage of.

Keri:

Yes, absolutely. And there's more and more platforms that are coming. Like I know more platforms are even coming in to make the decentralized finance space easier because as of now, like you do have to like learn how to get in there. But there are more and more platforms that are coming, but it's just like the internet, like when we first started here, not everybody could get on the internet and it was really freaking hard and it was annoying and there's all these problems. And, and so

Bobby:

places in this country with no internet.

Keri:

Right. And there's now a lot of people who are creating more and more solutions that there's more and more people coming in and more huge, uh, institutionalized money coming in to be able to have the capital, to create the solutions, uh, that people have had problems with. So,

Bobby:

Yeah. And then it's just gonna be about, and then it's just gonna be about figuring out which ones have the, uh, the regulations versus the ones that don't

Keri:

Yeah, but they can't, again, you cannot regulate, you can't actually regulate crypto. It's not possible.

Bobby:

Right. I'm sorry. I'm sorry. I meant like the rules of how, how they handle your money. Yeah.

Keri:

Right. So you can, you can regulate, they can regulate what banks let money come in and out. So like if you're with Wells Fargo or with your bank of America or whatever the bank can say, I'm not gonna let you move money in and outta the crypto space. But the crypto space itself can't be regulated unless they've created it. The central banking, digital currencies created it. The other thing I didn't, I didn't finish saying you guys was around where else is this used? And I think this is a really interesting thing. A lot of people come into the space or hesitant about the space and think it's very money, financial based. But if you are in the space and you are passionate about this space, most of us who are here and celebrating and, and sharing this message, understand and recognize it's for way more than you and I to go on and by Bitcoin and make a couple hundred bucks or a thousand bucks or become millionaires and ultimately what's happening. And we start to actually look at how information is stored on the blockchain being transparent. Some of the uses that are being used for it, for example, are things like medical. So there's a lot of people who don't have medical records and have no access to medical records or. As Americans. I mean, that's what you look at around the world, right? And so we have a huge problem because of that. Now, all of a sudden, all of our medical records could actually be kept onto the blockchain. And so even in America, when we think about the nightmare that it is, if you are, if, if you are a person who's in the medical system and you've gotta have your doctor talk to this doctor, doctor, doctor, and you've gotta get those paperwork sent between people it's fricking pain in the rear end. Right. And also sometimes when we give those medical records, like I might have some mental health issue that my doctor, who's gonna look at my skin problem doesn't need to know about. Right. And so now we're gonna start to be able to, I imagine we will see that you are going to be able to hold your own medical records in a very safe, secure information place where you can now say, yes, doctor, you can see this medical record. No, you can't see that one. And you actually get to hold it on a, on this blockchain. We're seeing it things like organizations and, and so there's things called Dows decentralized autonomous organizations. And ultimately we're gonna start to see more and more. Mm, uh, rules and regulations forms within communities. And so if we look at like what's actually happening on the planet right now, many people will say that we're coming back to community living, right? So how do we actually organize a community if we don't have a government to run us? Right. If I, if I don't wanna elect, if I don't wanna elect somebody who is the Senator or the da, da, da, or the president or the person who's in my community. So now we can create a decentralized autonomous organization where it's all done on the blockchain. So we could have a million people around the world as part of a community, and the rules can be set to do this is the, you know, like this is what this community is for. And then if we want to, we buy into it or however they've created the, the community and then a million people could all vote with a click of a button with what's gonna happen and how we're gonna govern. And it's all totally anonymous. Right.

Bobby:

Oh,

Keri:

can start to have these.

Bento:

God, I never can see that in my lifetime.

Bobby:

hold on. Huh.

Keri:

No, you will. It's already happening. There's a book. I will

Bobby:

you're saying though,

Keri:

a book called Canada. It's by Kyle Kemper. He is the step. He is the half brother of Justin Trudeau is a podcast. I have a podcast. I interviewed him on my podcast, the wealthness podcast and go and listen to it. And he's create like, he has a book called Canada, which is like, how can we create a decentralized Canada?

Bobby:

That's insane. And so, and so the, the concept of a community, right? So technically let's say I took, you know, 20 of my closest friends and family, right? If we look at a really small microcosm and say, all right, we're gonna create a community and invest all of our money together and then choose whatever we rules and regulations. We want to govern ourselves.

Keri:

Mm.

Bobby:

But at the end of the day, aren't you still gonna have to go through the normal economic system to buy goods and services,

Keri:

Well, unless your community, unless your community is a growing community and you're sitting in your, you know, you have your food that you're growing, but yes, you still have to. So it's not like, I mean, it's like, I would say that I'm gonna create my own organization that's based around it could be the community. Like we could just say, like, let's just say that you're a group of people that wants to get together and you buy five houses on a block of land. You know, you create this thing and you wanna have your veggie garden and you wanna have a, a centralized community right there. Right. And so from there it could be like, all right. So we now have this garden, we have the veggies. We wanna know what veggies we're gonna plant in here. So you all go in and you put your boats in as to what veggies are gonna be planted and it's decentralized. So I don't know what my neighbor picked. I don't have to, you know, like we all just have our votes and we run it that way. And we can say like, there's a pool of money that we have all put into whatever. Some of it doesn't even have to be based on money, but like, we've got a pool

Bento:

tell you what it would be nice. What it would be nice on a small level, if you know, for voting would be, you know, local communities. So like my local town, you know, for where, what do we do with our tax money? Let's vote on the budget, let's vote on, you know, what schools get that, that would be nice. And, and that, and that kind of,

Bobby:

could take it as far as the Supreme court and say, everyone vote on women's

Bento:

thinking I'm on a

Keri:

Well, this is already,

Bento:

version to get people involved. You know what I mean?

Keri:

the post office has already put a patent in for blockchain voting hell of fricking Leah. So hopefully in these next 10 years, I would like to see that we will actually be voting on the blockchain for the president of the United States so that we do not have tampered elections.

Bobby:

So let's, let's take that. Right. So say we were applying it to the presidential election when it comes to like all the laws around voter registration, and you have to have an ID versus not. And you know how you know, right in, I don't know if this really happens or not, but like dead people, casting votes, like how do you. How do you make sure, like, those things don't happen via blockchain, right? Cause you what's stopping me from signing up a thousand times or, or whatever the case may be. Are there

Keri:

I don't know. I mean, that'll be right. I don't know. That'll be regulations. That'll come that you're

Bobby:

yeah, yeah. Yeah. Okay. Okay.

Keri:

for sure. But they'll ha there will be, there will be regulations around it. I'm sure. And, and again, here, you'll see that you'll have to centralize yourself to say, this is me. This is who I am. As I've borrow, it's not like a decentralized thing. But it's still, ultimately what's happening is that once it's done, like once my vote is in, it can't be changed. Cuz nothing can be changed on the blockchain once it's done. Like that's

Bento:

Hmm. Do you worry about the, do you worry about the actual us government putting regulations on cryptocurrencies and kind of taking it over for themselves? I mean, technically they can, they could pass whatever laws they want it to and they could tax you

Keri:

They can only

Bento:

they could do whatever they

Keri:

well, they already do text you on it. They do text you on it, but they can't stop me so they can text me on it. So right now, like it's, it's painful the way they do it because they look at it like every transaction, uh, I get texted on, which is why it's also not great for currency in America. Right. So anytime I sell it, even if it's to move it to you, then it can be looked at as a transaction. And so depending on how you move things, right. And so then you can be taxed on it. So yes, that's legit. Like of course there are things that they can say, but they can't actually stop blockchain from existing because there's no central source to say, Hey, stop over here. I'm gonna go and Sue you or kill you or whatever. Like there's nobody

Bobby:

but like bento saying they'll Dee it the hell,

Keri:

They can, right. And in America we have a lot more problems than we do. Like, you know, being able to move money or buy things or have, uh, be able to get into things than we do in other countries. For sure. There's way more stuff. That's getting regulated here, but it doesn't stop crypto itself. And it doesn't stop me from being able to send money to you from my wallet too, wallet the camp. So even in

Bento:

As long as the currency has value to somebody, then you'll be able to, to trade that for goods or whatever. Right. Hmm.

Keri:

Canada and Russia and Ukraine, when they've had these runs on the banks, or when they've had, they had a strike last year in Canada that they closed banks down and they wanted to get the truckers to be able to get some more money, to be able to help them. And so they actually did go FundMe accounts for there, and they've seen it in Ukraine and Russia. And then in both, in all those places, they actually stopped the GoFundMe accounts because they didn't want the money going to the organization of people who were going against the government policy. Right. And so what happened was a lot of people who had crypto back came together and sent them money through crypto governments, can't stop that. Right. nobody can stop. the money, getting to them. So they all got money. They've all, you know, many people have been supported and even people in the, in the Canada experience on these truckers, they were handed I wanna say they're, they're, they're off, they're off wallets. They're cold, cold wallets, cold storage. And so it's like getting a, a USB stick with money on it. And so they got these USB sticks, right. With money on it. It's not, but it's the same concept for people to understand here. And then they got instructions. How do you actually access this money? And so then they got this money and they there's no way to stop it. There's no way government can stop it.

Bobby:

And, so when you brought that up too, about the value, right? I mean, I, I think like one of the bigger things is that like, cryptocurrency doesn't have an, a backing, but I would say the same thing. Like, well, doesn't really matter. Like America prints money, like it's going out of style. So is it really backed anyways? And, and so how would you, you know, is that the core concept there. It doesn't need backing as long as there's the mutual agreement. That's

Keri:

yes. That's it.

Bento:

Right. And that's, what's even interesting about the F D I C in insurance. Like technically you are guaranteed up to a hundred thousand dollars, but if the actual financial backing behind that collapses, then you, you wouldn't even get that, like that that's, that's just insurance, as long as everything's going. Okay. you

Keri:

That's just happened in China. They just had a bank collapse and there'd be people. I think it was China that had millions of dollars that have been frozen and not being able to access because of the exact reason. And like people think that this isn't happening, like it's happening already in banks. And so that's why it's like, you're not any safer in a, in a traditional bank. Like your money is not safe sitting in a savings account right now. I wouldn't have

Bento:

Stock market collapse. You could lose all your 401k and all that stuff, right?

Keri:

Yeah.

Bobby:

This world's deep.

Bento:

Yeah. Well,

Bobby:

much research to do. I took so many

Bento:

know, right.

Bobby:

my God.

Bento:

Yeah, Carrie, this is very informative and very, I just I'd, like Rob said, I just, I have so much to process now in Google and search and, you know, I, I definitely feel like I have a better understanding of blockchain and, and, and cryptocurrency. So definitely appreciate that. You know, come to our time here. Uh, we do allow you, you know, anything you get going on, you got a new book coming out anywhere. People can find you

Bobby:

plugs

Keri:

Ah, yes. So my book, I don't have anyone coming up, but my book is called the new wealth magnetize, abundance, hold your wealth and leave a legacy. I have a podcast where you can learn more about all this kind of stuff too, which is the wealth Alchemist. And if you want to actually get into like an intro to crypto training, that's a free training. I would say that normal people like other people would probably charge hundreds of dollars for and I actually walk you through how to get into Coinbase and other experiences more about defi talking more about the different aspects. You can go to Carrie norley.com/crypto intro, and you can learn more about it

Bobby:

spell that for us.

Keri:

Carrie Norley K E R I N O R L E Y. Dot com slash crypto, C R Y. PT O intro I N T R.

Bobby:

Perfect. Thank you. I didn't know. I got confused in your last name earlier, so I wanted to make sure that people got got it, right?

Bento:

awesome. Well, thanks again, Carrie. We really appreciate you coming on, teach you two dumb dudes about crypto

Bobby:

Thank you so much. We're gonna have you back. I have a thousand more questions.

Keri:

Love it. I loved being here with you guys. I love the, I love your curiosity. Thanks for having me. I love your show and all that you're bringing. So go get 'em and, uh, thanks for having

Bento:

Awesome. Thank you so

Bobby:

So best of luck, we'll talk.

Keri:

Yep.