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  • All right, let's talk about defy then, I want to actually go back to some of the early days of you setting this fund up because it's it's still amazing that you did it back then.

  • You started off well you had no choice because back in 2013 and there was only Bitcoin really.

  • Um and that was what people were talking about.

  • It was the asset class, that's what you invested in.

  • But pretty soon this metallic kid came around any theory um came around and we saw this programmable Blockchain which could do many different things and now it's evolved in a massive way.

  • You've been along that for that ride.

  • You've been all in on Bitcoin, but you've also started to invest in all these other defy networks.

  • Um how do you describe this very strange relationship between Bitcoin and defy or ethereum to other people?

  • And how do you see this new defy ecosystem growing in a different way to say Bitcoin?

  • Oh yeah, it's been fun.

  • Uh I met metallic when it was a 17 year old reporter for Bitcoin magazine.

  • So it's been fun to watch this whole thing grow.

  • Um There's a huge amount of innovation here defines the concept is kind of another, you know, analog of the final piece of the protocol puzzle concept that you need a way for people to do finance transactions without a very expensive middleman.

  • So, Bitcoin has been fantastic at storing wealth, moving wealth across borders.

  • Um started doing, you know, a huge amount of cross border money movement.

  • There's a trillion dollars on stored in it.

  • You know, and it's been Perfect flawless for 12 years, never, never been hacked in, it's never even had downtime.

  • Um, there's no other financial system I'm aware of, that's been 24 7 up time for 12 years or so, like, you know, even facebook or other big sophisticated technology companies go down from time to time.

  • So, Bitcoin is amazing at what it does.

  • And sometimes you will complain that hey, it didn't evolve and change, but you know, obviously one of the strengths as it doesn't ever change its immutable, it's got the lowest risk of any of these uh, Blockchain that has to hire security.

  • So, Bitcoin is amazing at what it does.

  • And it's already had a great run our original Bitcoin funds of 65,000%.

  • So, you know, Bitcoin has already done a great job in my point would be, I think more of the future returns are going to come from other protocols and particularly the smaller defy tech protocols.

  • And if you think about it, you know, there was a point in 2021 earlier this year that Bitcoin itself was 70% of all the market cap.

  • You know, the other 5000 delegates were only 30% And uh, well, I think there is going to go up a huge amount, you know, like, like 10x over the next few years, other things might go up even more than that.

  • So we've been investing in theory, and polka dot a bunch of defy tokens built on top of mainly in theory.

  • And and those I think have a just a higher amount of potential upside over the coming months and years, you know?

  • But I want to stress this is just my current trading for you.

  • You know, you know, everybody wrong, I have to change tack Uh and then as well, you know, bitcoins now down 44% of the origin overall market.

  • And I guess we say is, you know very well with the other things have gone up even more so at this level, you know, we are buying back some Bitcoin in our funds.

  • Yeah.

All right, let's talk about defy then, I want to actually go back to some of the early days of you setting this fund up because it's it's still amazing that you did it back then.

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B1 defy huge amount amount metallic theory blockchain

Dan Morehead on The Perks Of Bitcoin & Why It Will 10x ?

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    林宜悉 posted on 2021/09/02
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