Markets

Hi, this is Charles Hoskinson broadcasting live from warm, sunny Colorado. Today is November 14th. Let's look at those markets. It's been a year, hasn't it? Just feel the pain.

Since October, we've lost about a trillion dollars of value. I've been around this space for a really long time, and I remember all the ups and all the downs. Let's take a look here. All time, I lived through this. When we first started Cardano, it was back here, around 200.

And every time I wonder, is it ever going to go back to that all-time high of a thousand? No. See how very briefly it was a thousand? We all just felt so bad. Then in 2017, oh my god, $20,000.

Whoa. And then it dropped to $3,800. Oh god, it was so bad. Why? Why?

God, why? Then all of a sudden in 2021, whoa, whoa, whoa. Just kidding. Whoa. Oh my god, look at that.

It was so good. And then, like $100,000. Yay. Oh no, now it's falling. It's falling.

Look at this. The numbers are so bad. What do we do? What do we do? Except for Zcash.

They're doing okay. But everybody else? The numbers are so bad. What do we do, guys? I'm literally the meme of the person at the amusement ride going down the waterfall, with someone behind him pouring champagne while he's just sitting there reading a book.

It goes up, it goes down, and everybody freaks out. Paper hands. So papery. The reason it has value is because there are lots of people opting out of a bad economic system. Tell me, have any of the fundamentals changed between now and a month ago or 12 months ago about crypto?

Have any of the fundamentals changed? Is the American debt going up or down? Is your confidence in the US dollar going up or down? Is your belief in the world getting along going up or down? Is your belief in technology being unequally distributed and causing social change that’s counterproductive going up or down?

When you look at every metric and we ask ourselves in the year 2030, is that going to be a more peaceful, more prosperous, more honest, higher integrity world, or a less prosperous, less peaceful world? The reality is everybody's scared. They're angry. They're stockpiling guns. I saw a statistic the other day: in the state of Wyoming, where I live, there are 16 guns for every one person.

That is not a state that thinks everything is just copacetic and happy. So, let me get this straight. You paper-hand sons of [expletive] want to exit into a currency that has nearly $40 trillion of debt? You want to deleverage and blow up the crypto market so that you can do what exactly? Buy a car?

Really good time for that. Buy some real estate? Really good time for that. Pay off a little credit card debt? Really?

And this is the magic of it: you're all suffering from a collective Stockholm syndrome. All the governments of the world are morally bankrupt, fiscally bankrupt, and are destined for Armageddon. They're destined for war. They're destined for collapse. It's a futility trap.

They’re coming at each other because they don’t know what to do. The bureaucracy begets bureaucracy begets bureaucracy. We don’t even know anymore what the laws are. We don’t even know if we’re actually in compliance or not. Nobody knows.

For 250 years in the United States, we’ve been running on autopilot. 250 years of regulation this and regulation that, tax law this and tax law that. President here, president there, state doing something, the federal government doing something, rule-making here. Nobody knows anymore. We've gotten so numb that we’re okay with a tax code that’s so long that no human being reads it.

We’re so numb to the [expletive] that we’re totally fine with a cabal of pedophiles floating around and our governments being blackmailed by them. We just don’t even talk about it. Yeah, whatever. It’s not even surprising. Literally, Avi Lo is talking about maybe there are aliens because of this Atlas thing.

If we see aliens in December, we’re the [expletive] doomer with the guy with a cigarette and the beanie, saying, “Dude, I got so much going on right now.” It doesn’t have to be that way. Crypto and blockchain are the solution. They get you out of all of this. Honestly speaking, it gives you honest money.

You can check your own vote. It gives you the ability to verify a statement yourself. You can rebuild the institutions in a credible way, and you get transparency and auditability. Most importantly, no one can ever change the record to their own convenience. You don’t magically lose stuff.

I’m just so tired. My generation and the generation coming after me are so tired of being lied to, of dishonest money, and everything just falling apart while we get blamed for it. We didn’t create this mess. We inherited this mess, and it gets worse year by year. I’m just done.

Crypto is the opt-out. Crypto is the exit. Crypto is the solution. Yes, the markets go up, and yes, the markets go down. But there’s some directionality to that.

In the long term, we win. There are 550 million people in the cryptocurrency ecosystem, and there are going to be a billion by 2030. A billion. The majority of the world’s stocks, bonds, and equities will be in the cryptocurrency space by 2030. With things like Midnight, all that privacy [expletive] comes into crypto where it’s actually private, not fake private, not teeu private, real private.

And all of you paper hands are just running around, “Oh no, the markets are falling. What do I do?” We’re all headed for 10 trillion, guys, because trillion doesn’t even mean anything anymore. The dollar doesn’t mean anything anymore. Everything ought to be priced in crypto because it’s the only place left where there’s a semblance of objectivity and honesty.

I’ve watched it. It was a hypothetical, and now it’s a reality. Every single day of my entire adult life, I was promised, “Vote for the other guy,” whoever the [expletive] the other guy is, and magically it’ll get better. From 2000 to 2024, 12 years of Democrats, 10-12 years of Republicans, and as always, the other side is pure undiluted evil. It’s going to get better if you just give me power.

Guess what? We went from $4.5 trillion in national debt to nearly $40 trillion in national debt. The giant machine we shovel money into, known as the military-industrial complex, got larger. They now force vaccinate people, saying they own your bodies and can just shut everything down.

Your freedom of movement is completely restricted, and you have to wear [expletive] paper masks on your face. Who gives a [expletive] if it’s real or not? Trust the science, right? They’ve done this to us in the last 25 years because they control the money, the votes, and the institutions. We’re told, “Buckle up.

We’re going to do like 10 times more in the next 10 years, 20 years, 30 years.” Oh boy. Surveillance state. Let’s give Palantir the ontology. Let’s give them total information awareness and do everything it was the Information Awareness Office back at DARPA in ’02.

It’s a [expletive] wet dream of every dystopian crackpot totalitarian dictator. That is the world they want to inflict on you. When you sell crypto, you’re going back to that world. When you sell crypto, you’re going back to your kidnappers, to your ransomers. You’re going back to the very group of people that are perfectly comfortable treating you a number, stripping you of anything that makes you human.

For what? What’s your purpose? You get your Louis Vuitton purse, your laptop, your car, a little bit of debt paid down, and you pay rent this month? Oh, congratulations. That’s what happens when you sell crypto.

That’s the system you are endorsing and going into. All you paper hands traders, we true believers who’ve been around for a decade and a half now tell you it doesn’t get any better. It’s only going to get worse if you go back. There’s no way to vote your way out of it. There’s no way to beg your way out of it.

There’s no protest you can have. You can’t take to the streets. The only way we defeat these bastards is economically. The only way we economically defeat them is to build a better money, move all of our money into that better money, and watch them crash and burn. Then we’re the only people who can make payroll.

Yes, they go down a little bit because there’s manipulation. It’s over-leveraged. All these numbers are fantasy. It’s a little [expletive] managed with a bunch of traders who did stupid stuff and benefited from it. It’s manipulation, and that’s what they do.

They came into our markets and manipulated them. It is what it is. It’ll get better. I just showed you the chart. It goes down, goes up, goes down, goes up.

But it goes up because there are people. When you have a half billion headed to a billion, when you say all the financial markets are going to be in our industry, not theirs, all we have to do is make sure the principles are strong and solid, and we win as an ecosystem. But I, for one, am just done with it. I’m so thoroughly fatigued by this noise and [expletive] and how everybody just immediately panics the minute anything turns red. Yeah, there are hard times ahead.

Believe me, this is the least of your concerns about hard times ahead. In the next 15 years alone, you’ve got ASI, mirror life, humanoid robotics, quantum computers, genetically engineered superviruses, anti-matter weapons, unrestricted drone warfare, all kinds of shenanigans with the spy state, unrestricted globalization, and World War III with China and America going to war with each other. I’m running out of fingers. You’ve got all that stuff, and the red is what you’re worried about? You say, “Oh, I don’t want any of that stuff.

” Well, then why don’t you opt out of the system that’s going to give all that to you? Buy crypto. Be in crypto. What the [expletive] are you going to do? You’re going to vote for Gavin Newsom or AOC or Mandani if you’re on the left.

If you’re on the right, you’re going to vote for the third term of Trump or mini-me or JD Vance. Magically, it’s all going to get better? You’re feeling the leadership? Oh boy. They have a unified government that can’t even get the Clarity Act out, but they got Trumpcoin done.

Come on. Don’t [expletive] pee on me and call it lemonade. Just don’t. Call it what it is. It’s a golden shower, and that is what the industry is trying to get out of.

So when you look at the charts, it doesn’t matter if it’s green or red. It’s really just a fundamental question: do you want people to stop pissing on you? If you do, don’t buy dollars; buy crypto. When you buy crypto, they can’t pee on you. They can make it go up and down by arbitrary markets, but they can’t seize it.

They can’t manipulate it. The protocols continue to run. what? Start building society on it. No voting in the United States will ever be legitimate again until it’s on a blockchain.

No company in the United States will ever be fully legitimate, trustworthy, and honest until it’s a DAO. Start thinking this way. Start building in this direction. Start changing the laws to make it possible. Yes, civil disobedience if necessary.

We have to get to a point where we take back our freedoms because nobody’s just going to give them to you. They really won’t. Why would they? Why would the vampires just voluntarily say, “what? As nice as your blood is and as nice as the fact that I’m nourished, I’m just going to go away now, stop sucking your blood, and starve to death in the corner?

” You invited them in. Every time you sell crypto, you’re holding out your neck to get another dose. So when you see days like this, sometimes it’s tough love. Kick you guys in the teeth. Hold the line.

Bring people in. Get crypto going. Get the markets going again. I’m tired of the [expletive]. There’s no way to vote out of this.

The only way is to vote with our money, the money we have that’s rapidly diminishing in value, and vote with our feet to go into systems with integrity and principles. There are plenty of them these days. They exist, and they’re strong. We’ve got to keep pushing because I want to live in a world that’s timestamped, mutable, irreversible, and has privacy. I want to live in a world where power is at the edges, and middlemen don’t get to decide things.

I want to live in a world where, when I’m told something, I can check if it’s true. When did this become fantasy? When did this become not a human right? When did this become crazy land? Basic [expletive] things.

You’re willing to bust your balls at work. You’re willing to get in a car at 5:00 in the morning and drive an hour and a half away because you can’t afford to live in the city. You’re willing to do that every day, even when there’s a blizzard outside. You get your ass in that car to make some money, and then somebody you’ve never met, someone you have no control over, makes a decision that that money is worth half as much every five years, and you just put up with it. Then they tell you that somebody you’ve never met is responsible, who’s a different person.

It’s the immigrant. It’s this evil Democrat. It’s this evil Republican. The money is worthless because they print it. The money is worthless because when they print it, they use it themselves, extract all the value, get hard assets with it, and then dump the worthless [expletive] on you, while your wages don’t go up.

It’s pretty [expletive] simple. It’s a Ponzi scheme. Then they tell us as an industry that we’re risky and unstable. They tell us as an industry that we’re the dishonest ones. Every day, when they piss on us, try to put us in jail, audit us, sue us, and do all these things, they say we’re the bad actors.

We’re the ones who did everything wrong. Please, now go back to the banking system so they can continue stealing money from every single person. It’s true, man. It’s just crazy. It would be funny if not for the fact that so many people have to take that car ride.

So many people have to sacrifice to continue holding up this collective delusion. And what’s waiting for them at the end of the rainbow with these dystopian weirdos from the W world, Sam Altman and the others? I’ll tell you what’s waiting for them: humanoid robotics and ASI taking their jobs. You’re the Amazon truck driver delivering packages. Oh, look at this.

“Hey, Amabot. What’s up, Jeffbot?” “Oh, nothing, man. How you doing?” “Yeah, well, robots are helping me unload the packages.

” Six months later, “Hey, why are you in the driver’s seat, Mr. Robot?” “What do you mean I’ve been laid off?” Oh no. That’ll be something 50 million Americans experience in the next 10 years.

Then when you get out, they say, “what? Don’t you worry, sir. Here’s your food stamps, your $1,000 a month, your government home, and your government phone. Aren’t you happy now?” “Can I just have a job?

” “Well, unfortunately, no job will even pay you enough to afford rent. Just take your government subsidy.” Then you see the truck driving by with the robot. That’s the world they’re giving us. We’re just watching it happen in slow motion, step by step.

And they wave to us, the robots. That’s what they want: you’ll own nothing and be happy. They told you that. The people who own the robots and the AI models become trillionaires, and everything accumulates up very lonely up there. They all have rocket companies so they can just go live outside of the Earth and gaze down upon us so we can’t kill them.

Honestly, this is the world they’re delivering. That’s why they’re building giant surveillance webs because they learned from Iraq. Why did General Petraeus have to do the Petraeus doctrine? Because there was a 25% unemployment rate due to de-Baathification. When you have a 25% unemployment rate, society gravitates toward civil unrest.

So, you need martial law and ubiquitous surveillance to deal with all that garbage. They’re preparing for this in real time. We really need to send the National Guard to Chicago, LA, and DC. Get people used to seeing soldiers around and law enforcement. Ignore Posse Comitatus because the murder rate is just so high.

Why not the Department of Homeland Security, or some sort of law enforcement agency? Why soldiers? Why invoke the Insurrection Act? Because they’re training you for the time when they actually do it for real. Just the lockdowns trained you so that you are ready to not have freedom of movement anymore and have to show papers at a checkpoint.

That is the system. When you sell into fiat, you are endorsing that future. When you sell into fiat, you are embracing it. You are voting for that. When you stay in crypto, you’re getting away from that future.

And you worry about red days in the market? Honestly speaking, paper hands, you see how thoroughly done I am with all this? You see how just utterly frustrated I am with all this? There’s a reason I’m still around and haven’t retired to just veg out all day and drink myself to death while watching bison walk around my field. I honestly still believe we can win.