this is going to sound so pathetic but I'm going to share this I threw my back out sleeping okay and so I think that only other 50-year-olds and maybe only a few of those can relate to what I'm talking about but my back has been popping in and popping out all week what happens you turn you get into your 50s and then all the things that you think that you could do physically many things you cannot do and so um I just been through this weird week of literally I will like get up I'll be like hey I think I'm good and then I'll be like whoa wa hold on a second I don't think so and then you know and then like all day are you a chiropractor guy have you been to chiropractor I love chiropractors but I know that other doctors are like like those aren't real doctors and chiropractors say the same thing about pill doctors yes right and don't listen to those guys those guys don't know what they're talking about they just want to give you medicine and give all the drug companies the power exact far those Pharmaceuticals yes exactly which I would I'm more of a natural kind of guy too but anyways and if you or anybody out there wants to see a really great miniseries or whatever docu series that's my wife and I are watching we're watching pain painkiller okay and it's it's it's the whole oxycoton thing yeah and Perdue Pharma um and maybe I should be worried about talking about this are they gonna like shut us now they could is this a Netflix deal it is a Netflix deal okay right but it is really good very good so if anybody wants to watch it it's really worth watching so all right Sid trck but I want to jump right in last week on our last episode we spent a lot of time we said you know what let's take some time and we're going to go through 10 terms that we think are important for everybody to know and for me it was you teaching me what these terms are and some of them I knew and some of them I didn't right and so we had an opportunity to go through them and we had a list of 10 and because we don't really keep track of what we're talking about rather than stopping at five yeah right we gave everyone a bonus you gave me a bonus and we did six okay it's either yeah it's either we didn't know how to stop or we don't know how to count I'm not exactly sure which it's probably both which reason it is that we um made it to six probably both yeah so very quickly I just want to take a a pause here and say hey let's let's talk about or let me just go through the terms that we talked about last week good idea yeah thank you recap we talked about cryptocurrency right very quick 10 seconds cryptocurrency Andrew cryptocurrency is digital money that is not run by a central bank great um all right so maybe I'll leave it to like 10 words no less uh blockchain blockchain is the underlying technology that runs crypto and it's you it's basically a big Ledger system great Bitcoin Bitcoin is the big Behemoth crypto that was started by Satoshi Nakamoto in 2009 as a basically a rebound from the financial crisis and it's still going today it has the largest market cap and it's gonna keep going up and up and up and up to Infinity great um decentralization uh the opposite of centralization such as a central bank where you put all your money in and decentralized is something like a Bitcoin that is a network of computers anybody can run and it's just run by code a fiat currency Fiat do you remember what Fiat is you tell me um it's an Italian car maker yes it uh beautiful cars no thank you um it's also currency that's G government issues supported by the government for example like the US dollar euro Japanese right um and which gives them the ability to have greater control they print it print it and inflate it and do whatever they want with it do all these wonderful things with it right uh so that's five and then we talked about um satoshi's wait was that right what is the smallest of yeah if you think about Bitcoin Bitcoin is the big deal and if uh comparing it to like one US dollar there's 100 cents in the US dollar and there's a hundred million Satoshi in one Bitcoin in one Bitcoin so great all right key term the key term is to stack sets stack those sets and you can uh keep putting them in your wallet for your future grandchildren and children those sets right so stack those SATs right and that is that is a sound bite there you go all right so now those are the terms that we covered last week and now we're going to jump in we have uh a few more that are on our list hold on one two three four I see four that we're going to try to cover today um and hopefully this will complete are 10 but for everybody out there this is it doesn't really stop at 10 right no this is just probably these are like we talked about if you're at a dinner party or if you're somewhere and you're like you can throw any of these terms out whether it's a Satoshi or a Bitcoin or crypto so that you have just a little bit of uh leverage in your talking points great okay um yeah make sure you use it correctly so anyway um you're speaking here's it the first one I'm going to hit on um is uh altcoin you've been talking about altcoin what is an altcoin can you give us some examples of altcoin what is the purpose of an altcoin if we're already have Bitcoin out there right I can't remember I think we hit on this a little bit last time but simply altcoin is anything that is not Bitcoin uh Bitcoin is the main one it's the gold standard but altcoin is one of thousands of projects uh like if you look at something very key between Bitcoin and ethereum which is the second largest market cap coin often time people call ethereum like the oil to Bitcoins gold uh ethereum runs something called smart contracts you can do all kinds of things with ethereum but ethereum has a CEO his name is vitalic uh and he built ethereum and he kind of controls it and so it's not truly decentralized it's centralized and uh that is a difference between Bitcoin and which is totally decentralized it's run by thousands of nodes and anybody can help run a node and ethereum like if italic does something stupid tomorrow and the price goes down that's kind of a result of centralization it's almost like a company and so so uh ethereum is one of those altcoins uh there's something called Ripple or xrp there's Litecoin there's Avalanche there's salana there's all of these and often time they are privatized they're not decentralized uh some of them are and some of them aren't but those are what altcoins are yeah and it seems that many of the altcoins are they derive value from their use case M right and so um I think hopeful use case hopeful use case someday we hope to use this in these 10 fantastic ways and uh so there's there's a lot of hopium in crypto which is kind of like oh man this is gonna solve The World's banking problems and there's a great vision and that's kind of price price drives that is driven by hope like we hope that Happ it's really interesting because um you know I think our intro in our one of our our intro episode I talked about how part of the reason why I got involved I wanted to buy uh I was really into this idea of um digital real estate and getting into the metaverse and right um and I thought to myself I think there was uh so there's a metaverse called decentraland right I don't know if you're familiar with it and um there's another one called uh what was it called sand sandbox no I think it is sandbox yeah this was a big deal about two years ago two years ago yeah so I went in and I'm like I'm going to go and I it's important that I own um cryptocurrency because I want to buy digital real estate right um and as I was looking at the digital real estate that was available I needed ethereum uh in some cases to make the purchase and so therefore I said okay well I'm going to go ahead and buy some ethereum I saw that that was also the case with you know people were buying nfts digital artwork and and you needed uh cryptocurrency and needed ethereum right if you go to open c for example and so that's maybe something we could talk about in the future went to openc you need a certain amount of ethereum so that you can go ahead and you can make purchases of nfts so I said okay so I it it sounds like a lot of it is attached to uh use cases your ability to make transactions right in specific uh like specific context yeah right and so therefore I think like salana and there was another one called cardano I think it was right that was and yeah the token is Ada cardano yeah and then um you talk about Doge quite a bit I know that you've mentioned that already in the past quite a bit is liberal but I do sometimes yeah okay it comes up um but even like Elon Musk has talked right which is the one that he's always talking about is that Doge yeah yeah okay can you talk a little bit about that I'm just so curious oh with yeah and like because he adds certain amount of credibility to some of the stuff right it is interesting right because and it's almost pop culture in itself and there's layers to it but Elon is like I think it kind of talks like really looks at and examines our entire world that we have so many like really private company owners and billionaires that can kind of move the needle on almost like they're they're the their own governments you know and so Elon Gets behind something like a Doge which is in general a meme it was created as a meme the Creator literally just like in a night created this stupid Doge which is a dog uh coin and gave it out to his friends and then at some point years ago Elon Musk found it and decided it was fun and that if something like a doge could uh be used as a currency and that's like one of the uh things that people bring up about Bitcoin is it doesn't settle quickly it does take uh I think it's like six transactions from that blockchain that we talked about six confirmations to like send it to you so it takes like 45 minutes to officially settle into from one account to another something uh like a salana only takes uh I think it's like 45 seconds and so anyways like doge is is a meme that back in the Bull Run of 21 Elon would tweet about it and it would go up like 25% in a day and I mean that's has nothing to do with its value it's almost like a Fiat in itself run by Elon or anybody that's like pumping it uh and a lot of people got in trouble with that like that were a part of promoting FTX uh back before they collapse and uh promoting their own coins and they would it would be something called a pump and dump where they'd be like oh you got to get this coin and it drive up the price and then people would dump it sell it all and then we'd have big holders that are like I've got all of this whether it's Doge or whatever meme coin you have and it's just worthless and there's like I'm gonna hold it until uh my grandkids are old and hopefully at some point I can break even and that's like one of the things about this whole deal is like uh is there actually really value in the project or is it a pump and dump and that's sometimes something that you learn as you go through it and uh I know we all have some of those bumps and bruises from understanding that but yeah that's I will tell you though I will tell you though um that is my plan with shba unu enu that I'm going to hold it until speaking of things we generational wealth that is my strategy yeah and I mean maybe that would be something fun to look at like in future conversations but if you look at the top 10 altcoins since like 200 10 uh they change out like on the year like from a market cap perspective of there's projects from like six seven years ago that were in the top 10 the entire year they no longer even exist and uh so it's really important to like see hey what is standing the test of time something like Bitcoin that's been number one the entire time and sometimes people talk about like there back in 2011 ER there was a big conversation around ethereum and something they would call the flipping like ethereum was going to flip the market cap of Bitcoin and become the number one uh crypto in in the whole Space that hasn't happened bitcoin's held up against it and people are still saying hey in the next Bull Run it's ethereum all the way uh and that is possible uh ethereum can be used for a lot more things than Bitcoin but if we are talking about store of value uh I think Bitcoin is that major asset that has held the test of time and it's only been 14 years since it's been invented so I mean we're not talking about something go ahead go for it now I was going to say that it so it almost sounds like and if you're looking at it from um you know someone who's coming at it from a traditional background right at this if we're going to try to draw a parallel I guess it would be thinking of Blue Chip stocks versus like penny stocks right exactly you're exactly right it's like yeah so Bitcoin right would be that Blue Chip right now um and then what we have is you know like Shibu would be penny stuck yeah right and so I think I think today like maybe I own 10 million I don't even know right who knows what it is right now dollars saying and it'll be great the day it becomes a dollar I will consider myself one of the smartest people I know but uh until then I will continue to be not so smart right when it comes to this stuff anyway but I think that's probably a good example right if we were GNA try to draw some parallels to understand this right and I mean like if if if you're in it for get rich quick like Bitcoin is going to do well it's the blue chip it's like owning an apartment building in New York City like it's probably in a nice neighborhood is probably a really good idea uh is it possible that Sheba or or the next whatever coin shoots up 500x yeah definitely is uh and it's going to happen but do you know which one that is uh are you going to be buying it at the right time uh and the beauty of Bitcoin is it just does keep going up now it doesn't the multiplier over years is going down it shot up 100x and then it shot up 30X and then it shot up 5x and and last Bull Run I think I think it was 6X and so probably the next Bull Run could be 2x but if if it goes from a high point of 65,000 to $130,000 a coin like that's still pretty awesome and people will be like oh it only it only 2x get in something that at least 10x is okay right but but you're not going to like be pumped and then dumped on your Bitcoin like it's going to be around and so that's kind there are probably yeah there are probably a lot of people out there who are you know who play the stock market and they were saying man I wish I bought Apple when I wish I had listen in 1998 or 99 whenever like Amazon ipoed right people I I I remember that and thinking to myself I think it had gone up to like uh after the initial offering it went up to like $30 and I'm like I'm early in my career I'm like um you know it's too high I don't think it's going to do anything but if I had bought at that time right right yeah I I would be so happy today and what's that 25 years ago right that's like probably about 25 years ago and we're talking about where it is today yeah where do we think bitcoin's going to be 25 years from now right so I think that that is having that really really long view right so yeah anyway so really good I know we touched on bitcoin um ethereum is probably the big boy on the Block when it comes to the altcoins yep and then you have all these other ones that are positioning themselves and uh attaching themselves to Opportunities where there's a use case and out of that um you know if if it's useful it's harder to kill it right like it's going to continue to have value and and I think that that's where a lot of these other ones fall and as new ideas are coming out as people are out there seeing uh business opportunities who knows how these altcoin are going to be used in the future right so I think that's exciting and it's important for us to know about a lot of stuff today and I feel like we went really deep uh in a few areas here but so today we talked about altcoin Siri if you want to Deep dive into just some of these very uh basic things from a crypto perspective but pretty deep on uh maybe your normie just whatever level uh it's it's good to hear and think about and talk about I love it man well again had a great time with you today you know we touched on so much stuff I learned a lot uh and for everybody out there who watched it I hope they learned a lot I hope they subscribe to our Channel yeah like subscribe share it with your friends do the thing you got to do exactly um and um hopefully that uh you know everybody out there will come and check us out next week boom thanks guys yeah all right man have a great day see you you are listening to hard not crypto new episodes drop every Friday