Ep 54: Bitcoin: The Ultimate Bait and Switch with Dr. Brad Ellisor

In a world where central authority controls the value of money, Brad Ellisor dives deep into the world of Bitcoin to discover a new way of manifesting creative potential that cannot be manipulated by an outside force.

"Bitcoin is the ultimate bait and switch. You think it's a get rich quick scheme and then you actually learn about how money really works."

In this episode, you will learn the following:

1. What is money, really?

2. What are the consequences of centralizing money?

3. What is the future of cryptocurrency?

Dr. Brad Ellisor is a chiropractor and Bitcoin enthusiast. He has been involved in the cryptocurrency space for over two years and is passionate about its potential to shape the world.

This is Brad Ellisor's story...

Brad Ellisor discovered Bitcoin through a friend and mentor who introduced him to the concept of cryptocurrency. Bitcoin is a way of physical manifestation of our creative essence or creative potential, and it is controlled by nobody. Because of the way it's programmatically created, there can be no central authority that controls or dictates what happens with Bitcoin. It's policy. There's no monetary policy that can be manipulated by an outside force. Bitcoin is in a transitionary period in the history of cryptocurrency, and it is still early. Even if you're listening to this podcast beyond September 29, you are still early.

Connect with Dr. Brad:

Facebook: https://www.facebook.com/brad.ellisor

Free Download:

The Words of Web3 - A comprehensive glossary of terms used in the space https://mailchi.mp/9d043022b5a0/words-of-web3

Connect with me:

Instagram: https://www.instagram.com/drbrooksheehan

YouTube: https://www.youtube.com/c/DrBrookSheehan

Twitter: https://www.twitter.com/drbrooksheehan

Transcript

[Dr. Brook Sheehan]
 Hey, hey. Dr. Brook here with another episode of Dr. Brook on the Block. I have a fun copilot with me today, Dr. Brad, who will be joining me and sharing his story about Web3 and everything, bitcoin, and cryptocurrency. But I just have to to mention that Dr. Brad is also a chiropractor like me. So I guess he could be like the second Cryptopractor.
 
 [Dr. Brad Ellisor]
 There you go.
 
 [Dr. Brook Sheehan]
 Welcome to the show. Brad. Welcome to the show.
 
 [Dr. Brad Ellisor]
 Yeah, thanks for having me. I appreciate being able to come on and talk crypto.
 
 [Dr. Brook Sheehan]
 Yeah, it's really fun and exciting. My listeners know about how passionate I am in the space and what I like to talk about and educate and really get people on boarded properly. Because I know that a lot of us have intro journey stories into the space. Maybe we didn't even understand it and we just blindly followed a friend's lead or somebody in the media telling us to do something. And here we are in Web3. So with that being said, how did you enter this world in which you are operating in today?
 
 [Dr. Brad Ellisor]
 Well, you know, it's funny you say that. I blindly followed a friend, sort of, but I have a personal mentor of mine that I've worked with for years and years and she found out I don't know how she found out about bitcoin, but many years ago she learned about it and started talking about it. She should look into this. And it just wasn't on my radar. I was really focused on chiropractic. Well, I think I was recently out of school in practice, so I was really focused on that building. So it's like some day maybe or whatever. And then she would just bring it up every once in a while and then about, I guess about two and a half years ago now, actually a little longer, I suppose. But anyway, about two or three years ago, I started paying a little more attention to it. And like I say to people now who have some interest, she said to me, just buy a little bit, you know, like a bitcoin. And then you'll learn about it because once you're like, once you have a little skin in the game, you start paying attention. And that's exactly what happened. I started paying attention. I started watching some YouTube shows, people put out shows and things like that and just started to pay attention to bitcoin cryptocurrencies. I didn't know anything about it. I wasn't really an investor at all. And I've never really thought that much about money really in my life before that. But another mentor of mine by the name of Mark Moss, and I'm trying to remember the exact quote, but it's something like bitcoin is the ultimate bait and switch. You think it's a get rich quick scheme and then you actually learn about how money really works. And that's exactly what happened to me because I thought, oh, you hear about these stories about people buying $10 a bitcoin ten years ago, and now they're billionaires. But what happened was is that I started to try to understand because I'm the kind of person who, like, when I find something new that's interesting, I kind of dive deep into it. And so I started to try to understand what this was, what was special about bitcoin. Well, how is it different than PayPal or some other way you could interact with money online? And what I discovered was that it's something really profound and that it really tied into my interest because kind of like with chiropractic, you know, I've always really been interested in things that help move people's lives towards freedom, towards their freedom. And I think bitcoin is a remarkable vehicle for that in our world right now.
 
 [Dr. Brook Sheehan]
 That's an amazing story. Kudos to your mentor who continued just to be a little tiny bug in your ear that kind of Brad's going to come along when he's ready. And it's such a great statement when you say or what she had shared with you or about putting just a little bit of money in, because you do get a little bit more inclined to research more about what's going on when you do have skin in the game. That's something I tell people about all the time. So you did mention in that intro story, like, great aspects about bitcoin that do provide freedom in different aspects. So you do talk a lot about bitcoin. A lot of what you share on social media is bitcoin related, so to speak. I don't see a whole lot of other cryptocurrency. I do know that you have said you understand or at least how the technology is going to shape shift the world. But what is it about bitcoin if people are trying to stay here and understand? What did you discover about bitcoin that made you feel like, okay, this is a great vehicle towards that freedom and towards what people are working for sure.
 
 [Dr. Brad Ellisor]
 And I should mention the name of my mentor. Her name is the rare bird.
 
 [Dr. Brook Sheehan]
 Cool. The rare bird.
 
 [Dr. Brad Ellisor]
 The rare bird, yes.
 
 [Dr. Brook Sheehan]
 I like that.
 
 [Dr. Brad Ellisor]
 Rare, for sure.
 
 [Dr. Brook Sheehan]
 Yeah.
 
 [Dr. Brad Ellisor]
 She’s a unique person.
 
 [Dr. Brook Sheehan]
 You got to share the story of how you got connected with her too, though. So I'll let you answer the original question.
 
 [Dr. Brad Ellisor]
 Okay, so bitcoin.
 
 [Dr. Brook Sheehan]
 What was it about bitcoin that you, like, dove in and was just like, okay, this is creating the case for bitcoin, essentially, for sure.
 
 [Dr. Brad Ellisor]
 So, like I mentioned, what ends up happening if you start to learn about it is you really start to it forces you to question some fundamental, not beliefs, but things you take for granted. Like money, right? We all deal with money all the time. You hear all kinds of phrases. Money makes the world around. Money is really valuable, all these things. But what money really is, because it was a human invention, right? There used to not be money some many thousand years ago. And then people kind of maybe all thought or heard the story of how that works. But people would trade, right? As humans started to come in interaction with each other specialize a little bit, people would raise chickens and other people would raise whatever vegetables and so you can specialize and be more efficient. So the chicken person could trade some chickens for the vegetables. They could do exchange like that. And then, you know, humans, as we do, we're always innovating realize that to be more efficient, if we had something in the middle that held a certain value that that would be more efficient. So you could trade some chickens for like this money and then you can use that money to do whatever you want with. And throughout the history of money there's been shells, there's been crystals, stones, all kinds of stuff. But the point was we invented this thing called money as essentially a way of physical manifestation of our creative essence or creative potential. So if I'm out there in the world producing, handling my creative essence or my creative energy into something productive that's of value to the world or to other people, the way that manifests, the way I can hold on to that is money. That's what money really is. It's really that manifestation of our creative essence. And so especially now with all the political sort of infighting in the US. And stuff, there's a lot about like money, bad capital, risk people and it's like it's just a misunderstanding of what the whole point of money is. And money really has a store of this creative essence or store value is sort of like this beautiful pure thing. But money but bill but money like how we look at it, like these pieces of paper or numbers in our bank account really there's a fundamental problem with it and that is that it is controlled by somebody else, essentially. And so the value because the value is the important part, right? If I produce something of value on my creative essence in the world and then I do a whole bunch of it at once, right? So I give all this value and I need something to hold that value in it. But if a year from now that same thing, that money, for example, the $1,000 or whatever does not then purchase as much as it did ten years ago or a year ago now my creative essence has been diminished by some force outside of me in our world, that's centralized power. We talk about the central bank or the banking system and so that's a real issue. And what ends up happening is what we see now, right now. What is it? September 29, 2022? And what's in the news? I mean, I hear it on radio commercials. You know, the price of things are going up. Inflation, I think radio expense, it's on everybody's mind because there's this inflation that occurs. And that's because there's this central authority that has the ability to manipulate money. And they do that by essentially printing money. It's a complex system, but essentially printing the more money that's printed, the less value our money has. That's what inflation is. And so this is a problem on multiple levels, but meaning money we have in savings isn't worth as much, all that kind of stuff. But even more so, there's a psychological or sociological psychological aspect or currents that happen with it. We see the signs of it all over our world. And that is that if you cannot express your creative essence in a productive manner into the world and retain or receive equal value back because now this value system is manipulated really for the benefit of the manipulators, then there's like a disconnect that occurs, right. And so people start to have issues, right? And so and we see this all over the place. I mean, the most sort of straightforward way is debt and personal debt. And I'm not somebody who has like the statistics off the top of my head. But what I do know is that the amount of personal debt, meaning individuals in the US. Their debt in their household has skyrocketed over the last couple of decades. And I remember as being a young adult and having credit card debt and not being able to pay it and thinking like, oh my gosh, I was thinking there was something morally wrong with me. I'm a bad person because I can't pay my credit card bills and I have the geeky falls on it. But then I started paying attention and I noticed that lots of people my age were having problems with debt.
 
 [Dr. Brook Sheehan]
 Yeah.
 
 [Dr. Brad Ellisor]
 And then if you look around, you think of sort of like what used to be the American Dream from the house with a white picket fence, parents, two kids. But in that image you could have a house with a yard with two kids, a car, maybe two cars. One parent working, middle of the road job, you know, factory worker, middle management, office worker, whatever. The other parent staying home, taking care of the kids, and not only have not debt, but be saving for a retirement. That was possible in the then people started to think, well, I can get a little more out of this. So you know that maybe the other parent starts working a little bit. When I was a kid in elementary school, in those times, most kids that I knew about their mothers didn't work. But a few of them did. Like my mom worked. She started doing real estate when I was ten or eleven. But that wasn't so usual. But then by the time I was in high school, freshman college, most people it became more unusual to have a stay at home mom or stay at home dad. And then so now both parents had to work just to get by, right? And then it went from there to people started to live on debt. Credit card debt became this huge issue. And now it's like, both parents have to work. Maybe you have a kid, maybe you can't even afford to have kids and you have to have side hustles, right? I mean, we all hear about side hustles all the time. I see Facebook ads for side hustles all over the place and it's like entrepreneurs, the entrepreneurial spirit. But on the other hand, why has the side hustle become like this thing? And it's because this runaway inflationary reality that we'll call Fiat, which is Fiat is basically the name for money that's not really backed by something other than central authority, like a government, which is really violence when it comes down to it. So as Fiat has exploded, now we can't afford the basics of life with two parents working and side hustles because the debt is still going through the roof. And so where does that end? Right, so enter bitcoin into the story and how Bitcoin is different in many ways, but one of them is that there's a fixed supply, 21 million Bitcoin ever that's programmed into the system. So there can be more, can be less. But what else is unique about it is because of the way it's programmatically created, there can be no central authority that controls or dictates what happens with Bitcoin. It's policy. There's no monetary policy that can be manipulated by an outside force, even to the extent that if somebody owned 20 million of the 21 million, they would have no more say in the monetary policy of Bitcoin than the person who owns one Bitcoin.
 
 [Dr. Brook Sheehan]
 Can I ask a question here? Because I had this question down for you for later, but this is perfect because you talk about the 21 million. I've shared this on the podcast multiple times too. That is what makes Bitcoin deflationary, is that it will never over exceed that 21 million. But the problem lies in my mind, is if I'm holding 21 million and you're the other holder of that 1 million, at what point then does it become transactional? I struggle to see how Bitcoin can be transactional and be used as a currency if everybody is hoarding what they have. Does that make sense?
 
 [Dr. Brad Ellisor]
 Yes. And we're in a transitionary period in the history of Bitcoin, essentially.
 
 [Dr. Brook Sheehan]
 Yeah, absolutely.
 
 [Dr. Brad Ellisor]
 Cryptocurrency. Yeah, absolutely. I see that here and there. Some of them be like, this new thing, you can spend your bitcoin this way, or why would you want to spend your bitcoin?
 
 [Dr. Brook Sheehan]
 Right?
 
 [Dr. Brad Ellisor]
 But we're also all the bitcoin has been mined and so it's early, we're super early, even though some people think like, oh, it's too late, because Bitcoin is that.
 
 [Dr. Brook Sheehan]
 Whatever, you guys heard it from Brad too, and you've heard it from all my guests and you've heard it from me as well. You still are early. Even if you're listening to this podcast beyond September 29, and it might be October or November when it gets released, you are still early.
 
 [Dr. Brad Ellisor]
 Yeah, I was super early. I mean, you know, there were those people that bought 10,000 bitcoin for like $50. Right, okay, so you missed that. But generally speaking, I mean, there are a lot of experienced, intelligent investors who are people who study money, who aren't even bitcoiners per se, that have all kinds of estimates of the value of bitcoin. Within the next five to ten years, you'll have a million, 1 million, that type of thing. What was your question again?
 
 [Dr. Brook Sheehan]
 No, well, I didn't mean to cut you off there. You were talking about the whole monetary history, which you went into, and then you said, now enters Bitcoin, where there is a fixed supply, it can't go beyond the 21 million, and then kind of how that's going to shift the financial system that we know today, essentially. Right, right. Yeah.
 
 [Dr. Brad Ellisor]
 Well, it creates a perfect store of value. And my husband used the word perfect because maybe there's something we don't see yet. So far, so good, and people like it. It's a digital gold and so similar. You're talking about transactionally. There have been times in history where people handed each other gold stuff. So it could be like that. And people do use bitcoin. I bought some service recently, in the last year with Bitcoin because that's all they took.
 
 [Dr. Brook Sheehan]
 Right.
 
 [Dr. Brad Ellisor]
 So it works as possible. It happens quickly, easily. For example, nobody got in the middle. I mean, the banks and the third party systems are really good at hiding that they're in the middle of everything. But, you know, like how I said in the beginning, like how Bitcoin different than PayPal is. Like, PayPal is in the middle in lots of ways, but he used PayPal for business. They're familiar with all the problems with that censoring and whatnot. No one knows what the future will hold in terms of how it will look. I mean, there could be a world where Bitcoin is the foundation of the monetary system and there are still fiat currencies that we use for daily transactions, I think, possibly. And I think another potential is Bitcoin as the foundation. And then there's other cryptocurrencies that are used as for transactional. I mean, that's one of the cool things about other cryptocurrencies or cryptocurrencies, I guess, is that anybody can create one. And so the same idea of having a way to capture value in the transact value is something that the blockchain and Web3 opens up, where, like, Amazon or some big retailers could have their own cryptocurrency and you can use that to transact, and maybe they give you some sort of a discount. Or maybe that's how you pay your Amazon Prime fee, by using crypto versus dollars that would save them because they would save on credit card transaction fees, exchange decentralized exchanges where you can trade your Amazon tokens for other money if you want, or other cryptocurrencies speculatively or whatever the case may be.
 
 [Dr. Brook Sheehan]
 Right.
 
 [Dr. Brad Ellisor]
 But it cuts out the middleman, which is the government, basically.
 
 [Dr. Brook Sheehan]
 Yeah. There's so much potential and so much growth, and there's so much happening in the space. One of the things okay, so you talked about Bitcoin. There could be the possibility because we are still early on, and the narrative and the story and the true use case of Bitcoin is kind of getting unraveled as we go. Right. We're learning as we move through the space. What is your viewpoint? Because you had mentioned there's a possibility of Bitcoin being a store of value, like a digital gold and fiat currency still existing. Now, this can be very controversial, but the central banks who essentially what Web3 is trying to get away from is now turning around and recognizing, oh, my God, there's millions of people globally involved in this. This is becoming a bigger thing than we thought. We tried to shut it down by claiming it was fake money and all these kinds of statements that they would make around it. And now we have China, who's already created their digital currency. We have the Federal Reserve, who I always have to tell people, the Federal reserve. We do not have a US. Dollar here in the United States. People. It is a federal Reserve. Note the Federal reserve is a private entity, a private corporation. They are not part of our government, but they're looking to create a central bank digital currency, and almost in my eyes, allowing chaos to happen, essentially kind of downfall in the cryptocurrency space to usher in, like, hey, here's a much simpler, chaotic, free, safe move that you can make. What are your thoughts on CBDC?
 
 [Dr. Brad Ellisor]
 It's about the biggest nightmare I can imagine.
 
 [Dr. Brook Sheehan]
 Okay. You and I agree.
 
 [Dr. Brad Ellisor]
 So I was talking to someone I know who gets EBTs, like food stamps in Washington where I live. And you don't get actual stamps. It's a card, right?
 
 [Dr. Brook Sheehan]
 It's a card.
 
 [Dr. Brad Ellisor]
 You can swipe it at food. And they had been doing other things, getting food online, like, from some of the companies. I don't know if it's nationwide or just in Washington called in Perfect Foods.
 
 [Dr. Brook Sheehan]
 Yeah.
 
 [Dr. Brad Ellisor]
 So they've been doing that in a pandemic and going shopping. Food delivery is convenient, and there's other good stuff about it. And so they hadn't been using their food stamps enough, and so they got a letter or a call from the department of whatever in the state, and they were like, well, you're not using your food stamps fast enough. You must not really need them. And so they went and started spending. Go ahead and buy stuff for the store because they don't want the money to be taken away. But I thought about that and how that's like a little taste of a CBDC in the sense that this person's spending habits on food were being controlled, like for being monitored. Right. And when they weren't following in line with what the organization that monitored that wanted or thought was right, they were at risk of having it pulled away. Like, if they just sent cash, like instead of the food stamps, they got cash in the mail, no one would have any idea what you were spending it on and all that stuff. Right. So it's already controlled. Like, you already have to spend it only on food. And we can talk to the merits of that or not, but the point being that it's a little example of how CBDCs not just could work, but will work. Because what we know, if we studied anything in history, which we all had to have some sort of history in school, that the group in power, if they're given an avenue for more power, they always take it. Right?
 
 [Dr. Brook Sheehan]
 Always.
 
 [Dr. Brad Ellisor]
 They never don't never use it enough, and only that they never give it back.
 
 [Dr. Brook Sheehan]
 Right.
 
 [Dr. Brad Ellisor]
 And so we see these power grabs over, like 911 in the Patriot Act and stuff. Those freedoms aren't just being given back.
 
 [Dr. Brook Sheehan]
 Right.
 
 [Dr. Brad Ellisor]
 Even if they were temporary. Same with a lot of this stuff that happened in the great financial crisis and with the Pandemic and everything. So similarly with CBDCs, now we have a way to weed. They have a way to monitor the spending habits and control the spending habits. Everybody, every single person. And along with CBDC, what you would end up doing is I don't know if they would directly outlaw cash, but they would probably incentivize because they're not that stupid. I think they would incentivize merchants and people did not accept cash anymore.
 
 [Dr. Brook Sheehan]
 Well, I think it's also possible because when they pulled us off the gold standard, then it became like there was a piece on the actual bill, like the Federal Reserve note that used to say that it could be turned in for gold. And they took that wording off the bill. They took that wording off completely. So it's like what you're saying is they'll probably eventually, down the line, say you can't translate that is of no value. You're holding a $20 bill. It's of no value.
 
 [Dr. Brad Ellisor]
 Right.
 
 [Dr. Brook Sheehan]
 Yeah.
 
 [Dr. Brad Ellisor]
 Well, I mean, there's a lot I know we're all busy and we all have interest in our lives and stuff, but I think now in history, I think it's in your best interest to learn and to try to stay at least somewhat aware of what's happening in the macroeconomic space or how money and finance and economies are interacting around the world. And I know it's like a big topic. It's something I'm really interested in, and I don't feel like I understand it that well. Yeah, but there's another piece to it because we're so interconnected financially, country to country. And right now we see the British pound is having this huge meltdown right now, and the British Central Bank just reversed cores and said they're going to start basically pumping money back into the economy. Back to the story of the family with the one parent who could work and have no debt and now we're at like both parents have to work the two parent hustle, both parents have to work side hustles debt. Where does that end? Like what's the next step? Once the step after that there's got to be some sort of explosion that happens. And what we're seeing is that exact thing in terms of international money, the dollar keeps going up in value because that's relative to all the other currencies. And it seems counterintuitive in a sense because we're just talking about the Federal Reserve printing all this money, causing inflation. But the dollar is unique because it's the global reserve currency. All the other debt in the world essentially is held in US dollars and so worse were like a runaway train heading into this catastrophe.
 
 [Dr. Brook Sheehan]
 Absolutely.
 
 [Dr. Brad Ellisor]
 And so when they make a CBDC, will it be pegged one dollars to the value of one dollars? Now I think it's quite likely that they will reorganize everything and have some sort of an international reserve and I think we'll probably lose some value. I think our savings will shrink overnight. Like what happened when they made the euro, the European countries, people lost 30, 40% of their savings overnight of it. So anyhow, if you have some, I mean if there were something out there you could have that nobody can manipulate that could store value, wouldn't be great. Put some of your money in there, right?
 
 [Dr. Brook Sheehan]
 Absolutely. Which would be a case for bitcoin here in that statement. The other thing, so I know you're busy, professional health practitioner, you're seeing patients, you're doing all this stuff, you're interested in this space a because of the rare bird helping you kind of just nudging you along. She was definitely brought into your life for this very reason in my viewpoint. But what would you say to somebody because I do have some listeners that are like they want me to sit there and say this is the coin to buy, this is what to get into, this is what you should invest in and I will not do it. I have my portfolio, I have my holdings, I have conviction around those particular projects and those tokens that I'm in. I want people to actually research and learn and I don't think it takes a whole lot of time. Just like you had mentioned, you started watching some YouTube videos and you started learning and you put in $100 and you have skin in the game. What would you say to somebody who says I can't, I'm too busy?
 
 [Dr. Brad Ellisor]
 Yeah, I had that. I run into that with people and I tell them this may or may not be what people want to hear. But I tell them if you're not willing or wanting to take the time to really spend time. Like hours really learning that you're probably your best bet is just to buy bitcoin and hold it and just a dollar cost average. Which means you choose. Like. Some period of time. Like, I have an automatic purchase that happens every week. You know, I don't have to think about certain amount of purchase every week now. We don't have to think about price. It's just always happening what is on that day. So that's really what I recommend. Maybe if they're really interested, I'll tell them Ethereum, because that's sort of the biggest of the cryptocurrencies that aren't bitcoin and the least likely to die. But depending on your level of paying attention over the last several months, we've seen some dramatic things happen for the listeners out there. If you heard of Luna, right, that was the most dramatic collapse I've ever heard of. And that was seen as one of the major altcoins in the top ten, but certainly the top 20 of value.
 
 [Dr. Brook Sheehan]
 Like top ten, those tokens were trading over $100.
 
 [Dr. Brad Ellisor]
 Yeah. Essentially in a matter of hours, went from over $100 to .000,001.
 
 [Dr. Brook Sheehan]
 Yeah. Less than a penny in a couple of hours.
 
 [Dr. Brad Ellisor]
 You're absolutely right. And billions of dollars was wiped. Value was wiped out. And so there were a lot of people on YouTube, on Twitter, on all the places talking about, great luna was put all your money in there, all that kind of stuff, it was safe. But before we got on record, you were saying something about bitcoin, me being a bitcoin maximum or that type of thing. And I mentioned just that I love bitcoin and then I have interest in other cryptocurrencies. But that's one thing that I think is important, the distinction that there's bitcoin, as far as what I've been exposed to, which is a lot of the crypto space, there's bitcoin and then there's kind of everything else. And part of that is that there is no I mean, there is a founder, Satoshi Nakamoto, but nobody knows who.
 
 [Dr. Brook Sheehan]
 That is, right.
 
 [Dr. Brad Ellisor]
 Has disappeared. There's no central authority. It's truly, as far as I'm aware, the only truly decentralized cryptographic value system out there, ethereum, like I mentioned, the second largest, it's centralized. There's an etherium. There's essentially.
 
 [Dr. Brook Sheehan]
 Another guy's name Vitalik.
 
 [Dr. Brad Ellisor]
 Yeah, he's the figurehead. He's not the only but if the government came and started leaning their elbow on battalion, they could change Ethereum, they could manipulate it and change its policy. Nobody can do that with bitcoin. So that's a dramatic difference. And so Luna collapsed, and we don't need to go into the details of how a cryptocurrency went from over 100 to fractions of a penny overnight, but basically, people thought they were being people thought they were being really smart and outsmarting money in the system, and there was a flaw. And so other people exploited the flaw and crashed off of billions of dollars at everyone else's expense.
 
 [Dr. Brook Sheehan]
 Right?
 
 [Dr. Brad Ellisor]
 And so that's always at. Risk. And so there's all these old investing adjustes. Like, don't risk more than you're willing to lose, all that kind of stuff. A lot of people lost a lot more than they were willing to lose when Luna collapsed.
 
 [Dr. Brook Sheehan]
 Yeah, absolutely. I personally know a lot of I was not in Luna. Luna was not a project that I had conviction about. I don't know why I just was not buying into the Luna train. I had friends of mine who lost thousands of dollars on Luna, and that is not something they wanted to lose. They were seeing the price go from 60 to 100, and at that price point kept going up. They kept putting more in, thinking, oh, because the price point is moving up, then it must have value. And that's one thing that I always another thing. Not even just one thing. But, I mean, I teach so many of these principles, but the other thing that I talk about is you can't merely look to invest in a project based off just price. Like, you have to understand what is happening behind the scenes. Who's the team? Who are they? What have they created in the past? All of it. And so you have to invest with that conviction. But I would also add to what you said about putting in some time, and if you're not even willing to put in a little bit of time in education and understanding, then maybe just don't do anything at all. Or you would say, put in some in bitcoin. And I think that could be good advice. Sometimes people may not even want to release their $50 for bitcoin, which to me is a big mistake. That $50 you would spend to go to dinner can potentially gain a lot more value than it would have at Applebee's or wherever you went. There's a lot to learn. There's a lot to engage with, and it doesn't take much time. Like, Brad is a walking example of that. He literally learned about it and kind of just went down the rabbit hole bit by bit. That's exactly what I did, waking up in the morning before I went to go see patients. I would use that time to educate myself, to be on YouTube, to learn to listen to the people who are making waves in the space.
 
 [Dr. Brad Ellisor]
 Absolutely. At this point, none of this is financial advice, right?
 
 [Dr. Brook Sheehan]
 Yes. 35 minutes and none of it none of it in the beginning, none of it at all was financial advice, for sure. None of this is financial advice.
 
 [Dr. Brad Ellisor]
 My personal opinion is, if I were you, even if I didn't want to research, I would buy a little bit of bitcoin just for the future, just whatever if you have kids or grandkids, but just a little bit on what you're saying about researching and those type of things before you get into a project. I can see why some of the and they're coming around. But a lot of the big names in the traditional investing world have really turned their nose up at Bitcoin over these years. Famously, Charlie Munger, who.
 
 [Dr. Brook Sheehan]
 Warren Buffett's right.
 
 [Dr. Brad Ellisor]
 Hand dude, he called it Rapizen Square or something like that. And I get it in the sense that the culture surrounding the cryptocurrency space is like the old time investing is like these stuffy stupides, like go slow and study. They manipulate all kinds of crazy, twisted stuff in the background. But then it's like there's a bunch of degenerate gamblers jumped in and it's like. I mean. And I've been through it all. I've chased the pump and it's like. You know. And we're in this crypto bear market now on paper. Lost lots of money. And in all the while. Listen to people who I looked up to and thought were smart. Telling me. Take profits. Take profits. Take profits. And not doing it. Because I'm thinking. Well. If I wait till next week. There'll be more. Right? It's such an interesting thing because there are so many stories of cryptocurrency, 100 xing, thousand xing. There were the stories of the shibai he knew where there was like some unknown wallet that like 1200 and that was worth like $7 billion or something, right, and the person hadn't sold. But you hear stories about people winning the lottery too. It doesn't mean that you're going to win the lottery. And so certainly using some of those logical investing ideas, like understanding what you're investing in and not is a good idea, which we all have to learn at our own rates. It's something I committed to learning through this bear market that we're in now, is learning how to not chase the foam of the fear of missing out. Yeah, because there's so much of that. But it's having that longer view, looking at what you're really doing and how long life is. And we got time, definitely.
 
 [Dr. Brook Sheehan]
 We're very early and yes. Thank you so much for your time. Brad, is there anything that I didn't ask you or something else you want to share with the listeners before we wrap up the ride for today?
 
 [Dr. Brad Ellisor]
 No, nothing so much. I think that what I was saying about Bitcoin and freedom. Some of what I hear people talking about as governments trying to shut it down and so forth. But in my estimation, we've gone well beyond critical mass and that's pretty much impossible. And then the other thing I hear people say, well, what about the Internet goes down and there's no electricity on? I'm like, well, if the electric grid goes down and the Internet and everything is down, bitcoin is the least of your worries. That's when you need some guns and food and pull up for a while. Right, right. There are certainly some arguments, but you got to be reasonable too.
 
 [Dr. Brook Sheehan]
 Yeah. It's going to be interesting to look back on this timeframe, even in 2022, because it's been pretty much the year of the Bear with this entire market, and not just with crypto, but with stocks. But it's going to be interesting to look back at this time. And I had seen a chart you posted on your social about Bitcoin is dead. And it was like all the points of which bitcoin started to gain a lot of value, then come back down. Oh bitcoin is dying. And then it would surpass its number again and come back down. And that's just the nature of the financial marketplace in general. The bull doesn't run 100% of the time. The bear comes out of hibernation and he's here. And we need that balance between to kind of shake up markets and do things like that. But I just think that, like you said, bitcoin does have a lot of potential to hit those high, high numbers. Half a million, million per token, like whatever that's going to look like. And we're going to look back at this episode in 2022 and go, man, remember we were talking about it and it was trading between 19 and $20,000. It's going to be crazy. I know. Yeah, absolutely.
 
 [Dr. Brad Ellisor]
 For sure. Yeah. I think price is really honestly based on speculators. And so don't get too hung up on the price. The rate of adoption is really the metric of value.
 
 [Dr. Brook Sheehan]
 Absolutely.
 
 [Dr. Brad Ellisor]
 Being adopted faster than anything ever has. Internet, social media, any of that stuff.
 
 [Dr. Brook Sheehan]
 So true. So true. Awesome. Brad, thank you. Dr. Brad, thank you so much for your time and coming on the show and having this conversation with me. It was a lot of fun. You are the first chiropractor I interviewed on the show, so I feel like another chiro brother, which is awesome because I know there's a lot of chiropractors in the space, but not all of them speak so openly about it. It's kind of like they do their crypto stuff on the side while they're living their lives, which is cool. But we need to also show people that it isn't just a bunch of degenerates in the space, 1920 year olds coming in, throwing mama's money up against in the market. It's literally professionals, people who are highly educated and know, hey, there's an incredible opportunity here. So appreciate your time. Thank you so much. And for all of you that are listening as we pull this ride into the station, make sure you still have your arms and legs in the ride before we come to a complete stop and exit to the right. We will see you next week. You made it. Congratulations. That wasn't so bad, was it? I hope you laughed and learned a little bit more about this Web3 universe and how simple and fun it can really be. Would you be so kind as to leave us a review and share it with your friends and family? It would mean so much to get this out to more people as we embark on the greatest transfer of wealth that has ever happened in human history. Can't wait to see you on the next one.