The Crypto Gathering Webinar - With Raoul Pal & Ash Bennington

Video Transcription:

  The Crypto Gathering Webinar - With Raoul Pal & Ash Bennington

The future what we're making [Music] I'm incredible yeah I'm really excited as well you know RAL in some ways we are now going public with the conversation that we've been having privately inside of religion for literally years yeah it's fascinating me for a long time and you know I know it's and I understand it's a very tribal space but I think there's real value in bringing all the tribes together in a big meeting as far as I know there's at least 5,000 people going to attend this all event next week so I think it's the biggest crypto gathering of all which is extraordinary and real vision is doing it yes absolutely extraordinary June 29th and June 30th Monday and Tuesday of next week yeah yeah yeah and it's a ridiculous amounts of content we've got coming up within it you know we basically reached out to our entire rolodex of people that we knew in the space from people that nobody ever sees publicly that we know privately or the really big public people you know I was I had a long conversation with cz last night who was the co-founder of finance what I didn't realize ash is that he started only three years ago it's the largest exchange in the world and he's got 1,250 people working there in three years I mean the growth of the space and what's going on is huge because we we can't tend to say it with us eyes or UK or European eyes when really it's growing everywhere I mean other great conversation with them about the growth in India and where that's going and even the growth in Africa so that this whole space is explosive yeah it really is the first truly global asset class even more so than the US dollar or Treasuries because everyone has equal access to it no matter where you are in the world yeah it's the same asset affected by the same things that trades 24 hours a day anywhere in the world nothing else is that not even the dollar can you trade 24 hours a day which is extraordinary and that's not just Bitcoin that's a whole range of other instruments involved and then there's layers on top of that you know people like bit mechs with their you know hundred leveraged derivative products there's a huge amount of that this lending market and an yield farming that's growing up the whole beef line project that's going on I mean it's it's a space moving so fast I can't keep my head space clear to understand exactly what's going on which is really the point of the event because really people have got to get to speed on what's happening because it's the event horizon is hurtling towards us and most people are still you know arguing whether bitcoin is a scam or not while they're missing the bigger picture of what's really happening yeah I think that's exactly right the complexity of this field and the speed at which it's growing look what's fascinating to me about this space is that you have the complexity on the technical side the actual technical complexity of what makes these distributed Ledger's one is fascinating and elegant and beautiful and quite complex there's a great deal of complexity on the financial and investing side and then you have the legal and regulatory component so understanding all of these different domains within the space itself is something that I think is really too big for any one person to fully have their head around on every aspect at the same level of detail and I think that's one of the reasons why it's so exciting that we're doing this because we're going to begin to expand that conversation across domains across geographies and across tribes in the space yeah you know I understand I thought built I not built I sorry Santiago Bellas had a great point on real vision recently when I talked about the tribalism he said embrace it because everybody should be arguing for their ecosystem and pointing out the features and benefits and in the end the market will vote but just you know the stronger your adoption amongst your core components the higher probability of largest success so I kind of understood that okay that's fine we need to let everybody have their space and we need the Bitcoin maximalist to say that everything else is a [ __ ] coin and we need the others to prove that they're not because bitcoin is the monster in the space and you know people have to understand the different use cases also the Bitcoin guys need to explain how with different layers there's potential to create other experiences in Bitcoin that get around what other people would refer to as the kind of restrictions within that ecosystem I think just getting everybody together really helps then we're also trying to get people from different levels of learning because this face is like you know this I mean everyone's all over the place in their knowledge some people are still like okay how does Bitcoin work well start with a Bitcoin standard buy safety memos who's speaking at the event and then go from there you know and then other people are like okay I need to understand what defy is developing which is a whole different complexity or what is your theory in 2.0 do and again half of this stuff I have no idea about yet you know I'm used to my macro world and my macro set of variables it doesn't change as fast as what's changing here yeah and I think this is an incredibly powerful and our people in the space who are truly experts in one particular domain or subdomain you know example in the technology who are less perhaps experienced in some of the legal and regulatory issues or the financial and economic issues about how assets get valued kind of across the board and these are all conversations that I think are a great place to begin on real vision and specifically with this crypto gathering and there's one question is on every single person's mind when is Bitcoin gonna break 10,000 I mean everybody is looking at that because bitcoin is there is the leader it's going to show the way yeah and that breaking of 10,000 is very symbolic I hope it does it over the event because that would be a nice fitting and testimony to what with what is the biggest crypto event ever put together that would be the idea of coup de Gras you know Bitcoin you were sort of alluding to earlier is that eight hundred or eight thousand pound gorilla in the space to give you an idea it's sixty four point six percent of the total asset capitalization across the entire crypto universe yeah but still as an asset class it's so nation which is why I think the upsides in this whole space are so big yeah I mean bitcoins market cap is still you know 200 billion dollars well that's noise people get really interested when it gets to a trillion dollars then it's also become an asset it's still not really an asset for many although interesting enough I was speaking to the guys at fidelity mean there's a hundred people working in the digital asset group of fidelity now which I don't think most people are aware of that's the size of what's going on in a space we've also got speakers from TD Ameritrade to show how the brokerage side is developing you know into the overlap between the traditional brokerage space I mean almost everybody every angle is working on this and figuring out how to bolt on and fit on we're going to be talking about central bank coins as well so how the central bank's fit into this space we've even got Libra to talk about okay had a Libra coins fit into this what is the new Facebook currency and how that's gonna work and all of these things are all parts of this huge jigsaw yeah you know I think you've talked about it very eloquently as a call option on the future in the most generic sense of the word and I think that that's a really compelling way to think about all of the things that are happening and and why there could be so much potential optionality in the space as you point out still relatively small when you compare the market cap of the entire crypto universe to Apple or Amazon or Facebook very small yeah I mean personally it's my biggest asset allocation as a percentage of you know of my investments that I've ever had I think is Bitcoin now yes I have gold and have some bonds and have US dollars but you know I I'm so strongly a believer because of the network of people I found at real vision that many of them coming to the crypto gathering it's made me realized that I've got the most conviction in my longer-term time horizons in Bitcoin than anything I've ever had before and again Bitcoin for me is just the spearhead into the whole space because I'm also incredibly interested what's happening in the etherium space and some of these blockchain companies as well people like block one who are doing all sorts of interesting stuff I mean they're just in the process of launching a social media platform which based on blockchain to take back some of the elements that we're all regretting doing within social media which is giving ourselves and our identities over so again that's really interesting in what they're doing yeah and I'm being reminded right now to make sure that we don't forget to mention that we're doing a ticket giveaway on Twitter so make sure you follow us there in the next few hours yeah absolutely right now there's also a bit of an arbitrage as well just quietly between us all is you know real visions $249 a year you can buy the real bit you can get real version $249 and with that is included free admission to this event which is a hundred and fifty dollars so basically you're are being real vision and getting real vision for a hundred bucks because if you want to come to the event one hundred and fifty dollars but if you want at all buffs you can get the whole real vision membership for a year as well for another hundred bucks on top so I mean that's a no-brainer yes we can never take the hedge fund man out of your out well that's right always looking for the arbitrage so you know we're getting a lot of questions here we can go to the questions in a few more minutes but just to talk a little bit about I mean I think one of the things that's interesting to me about this conference is the the way that we're structuring it so we have all of these incredible names who you've who you've just mentioned and many more and people I'm very much looking forward to talking to as well but also go ahead yeah I mean I mean this was really important to me firstly it has to be real vision everyone goes a bunch of boring virtual events how do you make it real vision firstly we've got a narrative arc so we kickoff with Neil Ferguson setting the same stage for societal change and why Bitcoin and the rise of crypto we've got amazing panel with pomp nuovo I think myself talking about how we lost our crypto virginity how we go into the space and then so we then kind of set people up meltem has got an incredible panel coming up and then we reveal the whole debt take people on the journey of discovery from trading to applications to understanding the value propositions - you know who's integrating with who and where it's all going how everybody can take advantage of it so that's the whole narrative arc over the two days and it'll take you from that very entrance into some really complex world of where this is all going but we've also done it in a style that's different so we've got you know like many conferences you know we've got asking me anything's we've got live events we've got pre-recorded events but we've even got a like a crypto 101 10 so people can get up to speed on okay what the hell is this stuff all about but people who want to learn more we've got all the real vision well the best of real vision crypto back catalogue so there's incredible amount of stuff that we filmed already at real vision because we've been a big proponent of this space since launch the second ever video was about Bitcoin so we've got a whole tent essentially for that experience like a festival we've also got Peter McDonald from what Bitcoin did which is one of the biggest podcast in the space he's a documentary filmmaker and has made a fantastic film in South America and Latin America about the adoption of Bitcoin and the uses there so we're showcasing his documentary so there's kind of things for everybody we've got cocktail events as well there's a whole bunch of other events there's ways of people meeting each other networking with each other so the whole thing is more of a festival gathering than it is you know a stuffy you know event where people just bleat at you over over a microphone for several hours and then you go and get a coffee break and meet somebody don't want to speak too well it's real vision I would expect no less exactly hopefully there's been a rock musical or dance music or something embedded within it yeah I'm really looking forward to the technology it's pretty it's pretty neat stuff that's going to allow us hopefully it doesn't fall over because I mean I didn't think we'd expect 5,000 people to have signed up already so I don't know how many we'll get by the end of it but it's probably about seven and a half thousand people are gonna turn up to this event so it's a it's a huge event yes let's make sure we have Shannon tell them to crank up the server volume yeah Shannon Shannon will not be able to sleep for the next few nights I know I know so we're getting we're getting inundated with questions right now from from Twitter and elsewhere I believe the first comes to us from from Paul who says hello from Malta and his question is well this is a very technical question do you think that investment in proof of state coins could fill in the role formerly held by low-risk interest-bearing bank accounts wow that is an interesting one you know I'll let ral talk to up to the the the low-interest bank account component from more of the macro side but I would say from a technical side proof of proof of stake is one of the most exciting and yet still unverified at scale attributes for for digital assets the idea here basically is migrating away from proof of work toward proof of stake where you have a system where people have stake in the system based on what percentage of the assets they hold the idea is that it would be far less consuming of compute power and therefore electricity and creating less impact on the global environment it's an interesting question I remain very interested in this space but it just hasn't been proven at scale yet the way proof of work as I think it's something that potentially could be revolutionary but unfortunately I think the answer is we're gonna have to wait and see on that more generally to you Rao I know that you think about this from the traditional capital market side and how blockchain distributed ledger digital asset technology can begin to revolutionize these some of these existing structures that we have in this space what do you think about when you think forward 10 or 20 years in the future how might some of these technologies in your view have an impact on things like bank accounts what is a bank account in the end I mean it's largely irrelevant what's interesting is the space is already developing its own interest rates now this is fascinating right so here you've got Bitcoin aetherium and others with their own interest rates derived from lending markets of the underlying asset that is a free market of interest rates so how here we have a currency and a free market interest rates now the market is getting overly excited about this yield farming because people are getting 100% returns but you and I know the only way you can look at returns is over the full cycle because you need to have failure two folds things that don't work so people are talking about hundred percent interest rates right now my guess is it ends up the true cost of money in the Bitcoin system probably ends up 10% 12% which is what you know something like an Austrian economist would say would be the real cost of money what it should be if it wasn't distorted by the central banks the amount of leverage and the demographics and all the other mess that we've got ourselves into so I think we're going to prove out the real cost of money to within this so it's super interesting we'll have to see so I think that's one of the more interesting places in the space that's developing well you're not suggesting that central banks intervene in unnatural ways and markets are you would I how dare you sir so you know talking to a bit about to the point I don't see our question flow seems to have gotten cut off from a technical perspective I hope we get that fixed but one of the things that was interesting that you mentioned to me was we were talking about the idea of the tribes and what I think is interesting about religion is we're not taking a position on this we're gonna let both sides all sides I think come to the table and have a discussion yeah and what we don't want and you know I've seen it immediately on Twitter is oh my god they've got some guy talk about a theorem I'm no interest I'm gonna block them look I think your point of view the Bitcoin maximalist or the theory of maxima whoever it is is extremely valid but it's not exclusive to everywhere it doesn't have to be you could be right it could be a Bitcoin only world fantastic we'll all participate but let's have a broad discussion because there is a lot going on and could it all be on Bitcoin could it all end up on aetherium sure let's just see but let's keep an open mind because this is the future we're talking about and we don't need to dictate it we just need to let it flow its path and follow it as it goes yeah here's a question this is an important one well the videos be available afterward yeah this is super important because there is like 36 things going on yes so the point is when you sign up you get access for a period of time to be able to absorb the videos look at them you know cross-reference them and all of the stuff that you need to make sense of so much content because you know we understand it's a firehose of the world's best crypto content yeah what are some of the things I know that you have some conversations that you've done I'm especially looking forward to seeing your conversation with cz someone who we haven't seen as much of as I would like in the u.s. in terms of real deep dive interviews what are you most looking forward to discussing I'm I'm interested in some of the things where people's perceptions are difference in the realities you know I've spoken at length to the block one guys I think they're doing some really interesting stuff but people are stuck on the fact that they raised four billion dollars in a token but they're they're doing interesting things I'm interested in in well you know I've got I don't know a lot of interviews that I'm doing about eight or so over the period of time and for me the whole thing for me is a journey of learning because I don't know much about the space I know more than my mother knows but I don't know enough and so for me all of my interviewing is really going to be my journey of discovery I mean my conversation was C Z last night which will be part of the event what was mind-blowing yeah on a number of levels and it wasn't about the future it was about where we are now and how fast it's growing I was I was simply not prepared for it for what he had to say it was extraordinary so you know if there's really interesting ones and I'm looking forward to we're just trying to nail down the dates because they're both impossible but amazing people Arthur Hays and Mike Novogratz gonna have a fireside chat together which should be highly amusing it should probably involve betting over fine wines and dinners which they usually do on on Twitter over some disagreement over the Bitcoin price but you know we've got some really cool stuff coming up and I just you know there's a lot of characters in the space as well it's a really real space it's not you know some asset manager and a shirt and tie who's droning on at you with a grey face these are real people so that's always good you know people like usko as well set the you know the place on fire because he's always got this enthusiasm and the personality behind there meltem as well you know without just fantastic knowledge of the space and also her infectious enthusiasm and the ability to speak to somebody who's a true expert or a real beginner so here's one of the great things we're doing Damian one of our co-founders Damian Horner Damian is an idiot well he's not he's actually really smart guy he's a genius dude genius comes to this isn't idiot so when we were talking about it okay what do we do about the crypto what I wanna guess what you need to do is get an idiot like me up to speed so I understand it meltem said well perfect you're the idiot then so I think Milton's gonna take him through all of his questions to understand what the hell this is all about how it all works which is great cuz it's actually real because Damon actually doesn't know he knows some basics he really wants to know because his son knows more than him and it really irritates him and it irritates him that I know more than him about the space as well so he's gonna be really I know him as well he doesn't he he's the kind of guy who does homework I never did but he'll be doing his homework in advance to try not to look too stupid in front of meltem yeah he's incredibly interested in this space and it's funny enough it's also the great ideas like when you have someone who comes from the outside they can point out all these bizarre sort of aspects that we take for granted because we're in it and we spend a lot of time looking at it but why do they do it this way why don't they just call it an account why does it have to be a wallet he's just like a font of these kinds of questions so I'm really looking forward to seeing him especially with what you're saying it's an idiot he's Damon he's already it even is the great genius behind real visions look and feel and for those of you don't know and what makes what one of the things that makes religion so exciting is Damien's voice and his his incredible eye and the way that he thinks about the culture of the product I think is amazing genius yeah and you know interestingly enough talking about talking of meltem I'm moderating a panel one of the things I'm most looking forward to with Marquess go meltem and Alex Saunders who's of course in Australia a very well-known very well known crypto blogger and host from Down Under to talk about defy one of the topics that I'm most interested I know that you're very interested in is well Rao and I think that's going to be a really interesting conversation to have with different voices different perspectives and I think it's going to be a really for me at least one of the highlights because I'm I just find I find dfi to be very compelling yeah what's also I like is is all of the kind of the biggest podcast in the entire space it will come together as well so Marty bents joining us and he's doing some interviewing for us as well and appearing Alex Saunders is involved Peter McCormick from what Bitcoin did pomp I mean everybody's here I mean the whole space has come together because they you know real vision has something special it's unique in how it approaches things and the access that we have that almost nobody has and particularly to put together such a ridiculous group of people in the space all for such a low price as well yeah and I think also I'm intrigued by real vision content even the content that I'm not working on because of the narrative and because of the framework that I get I mean I can go other places and read articles for example about conceptual deep dives into this or that particular area but the scope of the narrative in the context that put all these complex issues in is something that I think is very compelling and something that I'm looking forward to hearing in the interviews that I'm not doing tomorrow ya know it's it's good and also what we've done is you know one of the magic things about real vision is peer to peer so everybody else on a podcast or or or on TV that what does one presenter and that's the format but we don't do that we abandon that and we say sure yeah we've got some guys we can do interviewing I guess what you guys together who are both in the space will have a better conversation so go and do that so we've we paired together so many of the kind of crypto blockchain greats together to have conversations that normally don't happen normally they come off as a bit overly moderated and oh so what do you think mister and then what do you think you know real visions not that real vision is a natural conversation where it's a very lean forward experience and you're like wow did I just get a chance to hear that and that's the magic of real vision yeah it's the sense of being behind the scenes right of eavesdropping on a conversation that you wanted to hear yeah exactly right exactly right you know I get a question coming to us from Doug and I think I know the answer this which is route do you see distributed ledger technology shaking industries from the top down yes I mean I don't even know how yet yeah now some people say yeah but it's just a database yeah but it has benefits over a database yes some of them are not some of them it's more centralized but I see that yeah the insurance business doesn't need a decentralized database what it needs is a centralized distributed ledger with smart contracts now could that be amongst a union of 12 insurance companies that's good enough to ensure that everybody and everything in who owns what in insurance is recorded the same with the global custody system the same with supply chains the same with you know most of the fun at financial industry so yes I think it's going to change a lot and we don't yet understand it much like trying to suggest that when the internet started it would just be use for email and then it became worse just for e-commerce well then social media came and Trump's it all and then social commerce came roaring back with with Amazon and then it became the future of video went onto the internet I mean we have no idea where this is all going yeah this is the internet of money the the internet of trust you know the internet of value that it is everything here up for grabs yeah and another metaphor might be the way the Internet has basically now disappeared it's become so ubiquitous and integrated in our lives that no one says I'm going to go and buy X on the internet you just say um I'm gonna go and buy ax on Amazon right it's just gonna be delivered to you yeah yeah exactly right so you know I I think the change of massive I think even you know I think one of the changes that will come either force by regulation or otherwise is social media I think the ability to hide behind a non verified person even if you want to remain anonymous there needs to be accountability and also not only accountability but also the distribution of income to you directly for for you renting your attention span right right now you're being arbitrage by Google and Facebook and Twitter because you perceive though it's pretty enough value to give your attention span to advertisers well people have brave browser and a bunch of other people are changing that I think the whole putting a social media onto blockchain will be a big change to how things happen I also think voting will go and blockchain as well eventually as well because we need a better secure system for that so there's a and that's a way of verifying voting issues right so putting it on the blockchain so I think that changes so yeah the disruption is top to bottom inside and out yeah and from social media perspective the promise of course is the ability to retain privacy over your information and retain the economic power over the content that you produce that's right so if you have a box that you say I'll share the contents of my box which is my attention span and my past data behavior I'll share it with you but you're gonna pay me some money for that well that's an entirely different change you know what that is is a better income distribution it also ends up being a future model for universal basic income if you allow people to monetize themselves where corporations are currently monetizing us for supernormal profits well that becomes an interesting world because you redistribute profits which is what people want to do because the rich have got to rich versus the poor and people get control of themselves so it works some multiple layers I think if we can move towards that model and you can generate your own Verte universal basic income by using yourself we've already seen it with uber we've already seen it with Airbnb so I think that model of renting our stuff out including our attention because our attention has tremendous value you know Facebook Google is worth a trillion dollars because of us right very well say you know if some of these issues we've already covered actually in a documentary that we did I think in 2019 I hosted a documentary on real vision called blockchain beyond Bitcoin and if you're interested in some of these corporate blockchain components we covered supply chains the music industry some really interesting stuff about how property ownership can be tokenized it's a great documentary about a year old now I believe but still conceptually very much in dates still the topics that are on all of our minds yeah I think the tokenization thing is another we don't have enough time to talk about it here but the tokenization of the world I think people are massively under estimating how big this is going to be I think in five years time we look back and go bloody hell what happened people still see tokens as the kind of crap that got launched and there's a there's a bunch of good tokens but there's a lot of crap that got launched in 2017 at the end of this we're going to see the tokenization of everything and III think that is gonna be super interesting as well someone is just messaged actually a question about about membership tiers so does 149 dollar three month plus membership trial get a pass for the event no trials get a pass for the event no trials get a pass for the event but I believe that that's a quarterly membership which is a special so I'd write some Milton I'm not a hundred percent sure cool we've only I know this time is absolutely flown by we've only got about five minutes left or your final thoughts about this what should people be thinking about as we head into this krypton I just want people to go into this open-minded I want people to realize that if you know you'll hear people referring to as the rabbit hole and the rabbit hole continues however deep you get into this space you can get in deeper it is like a matrix it's like an alternative universe don't feel intimidated Anke it's helped a Bitcoin first if you're coming into the space get to understand that get to understand the basics the stock to flow with Plan B safety and a most and his Bitcoin standard you know get to understand the basics of what you need to do then you can explore if you're further into the space well you're gonna hear a lot of interesting stuff about how things are developing and how fast they're developing and I think it'll inspire so many people to think about okay what are the opportunities for me in a world where equities are all time record valuations bond yields are all-time record lows credit is all-time record lows and properties pretty much all-time record highs this is the opportunity yeah I think emerging markets will become a great opportunity once the dollar eventually weakens which I don't think it happens yet but this is one of the biggest opportunities or the biggest opportunity I have ever seen and almost anybody AB I speak to who's now involved in the space says this is by far and away the biggest opportunity anybody's ever seen so that's the scale of it so go in with an open mind and just see see what you can learn because all learning is power when it comes to the change and this is all about the time for change and the system is set for it now right we've got the massive central bank printing we've got you know unsustainable financial system we've got this broken euro dollar system globally where people can't get access to the liquidity we've got trade tariffs and trade wars and swift payments being uses weapons against countries central banks talking about going to coins businesses like Facebook talking about digital coins it's all coming at us rapidly and my guess is where we'll be in two years time is going to be mind-blowing from where we are now because the macro the technology the adoption curbs are all meeting and smashing together almost right here right now yeah technology economic events income inequality the feeling just generally across the culture that things need to change and change for the better all of these such an incredible important convergence that's happening right now and totally agree knowledge and understanding is power someone asked on one of the past ask me any things that we did with the editorial team what would be your best investment and my response was invest in yourself and invest in your ability to understand the future so that you can participate in a meaningful way not about this or that trade not about you know purchasing at that price level or this price level just understanding the big picture conceptually what's happening here because it's such an important change and I think you're absolutely right that digital asset technology is the single greatest call option on the future that you can invest in right now yeah exactly right and it's called a time for change the whole event the crypto gathering yeah and it is a gathering because it's the Gaborik gathering of the tribes and all the people and it is a time for change I strongly believe it's a time to change we need change and change is going to happen because there are so many pioneers leading our way and it's really exciting yeah it's incredibly exciting Ralph for me and for I think all of us a real vision to participate in that change please follow us on at religion comm at Twitter and please stay tuned there will be more to come any final thoughts Ron I want to cut you off no just I'm really looking forward to I don't know how I'm going to consume all the content I'm gonna be up all night drinking glasses of wine and watching catching up with many of these talks as possible because I really do want to educate myself as fast as I can because it's moving too fast to hang around saying well I've got to look into that one day no no time need to go into it yeah you know it's funny I had this conversation with Roger Hurst earlier on our VDB and what's true of markets I think is doubly true of the crypto space and I said the markets will always humble you and the only way to be an expert is to be continually a student in everything I've been following this technology and this this transition for years and I still feel very much like a student myself may we always be students indeed thank you we hope to see everyone on Monday and Tuesday of next week thanks for joining us thanks a lot you the future would make it [Music].