Banks And Crypto (Transcript)

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Podcast Link- http://bitbetterhavemymoney.com/podcast/banks-and-crypto/

[00:00] Welcome to bit better have my money. I am Mitchell’s Stulken back finally from Sioux falls, long kind of day. There are lots of driving. Had the little conference thing with uh, with some people from the bank. Want to kind of talk a little bit how that, that went. Um, what really good into news. Just kind of want to talk about what I, what I heard and kind of things that we went over in the meeting. Um, I was invited by a friend of mine, Trevor Nash, Keller. I’ll put a, put a link to what he has going on, but he’s been in, in crypto for quite a while. Two thousand 11 I believe. And uh, he actually started above crypto. The group that I got in a long time ago, kind of when they first got started and I learned a lot of my stuff still.

[00:52] I’m in a book crypto discord group and I learned a lot of my beginning stuff about crypto, how to kind of get going. I learned a lot from, from them there and him there. So, uh, I actually got invited to go listen to him speak there. Which is kind of fun. A shout out to him and thank you. So anyway, he got invited to go talk and it was, it was about risk, kind of what the overall thing for the get together was. No, Sioux falls in South Dakota in general, I believe. I’m not 100 percent sure, but like in the nineties, something like that, I dunno, they did like a transmitters law that kind of uh, put South Dakota on the forefront with banks and there are a ton in South Dakota. They kinda got, we have banks everywhere. I live in a town of like, I don’t even know we have like 15,000 and there are, there’s so many banks that I honestly, I don’t know why we have so many, uh, anytime a building gets built, the first thing anyone says is it another bank?

[02:03] So Sioux falls is a, I believe the biggest town in South Dakota, which is small compared to many other places. But um, they have a lot of banks. So a lot of them, most of them are curious about crypto currency and what it Kinda looks like for them. So they invited him to go talk to them about risk and cryptocurrency and there were probably 25 to 30 people there. We didn’t really know. They didn’t give him much information to know how many people are going to be there. So, um, we got there and you have about 25, 30 people and he talked for about 35, 40 minutes roughly starting on, you know, what cryptocurrency is, what the block chain is a mainly talked about bitcoin. Most of the, what I found interesting was in the beginning he asked how many people had heard of it, bitcoin or cryptocurrency, and they all raised their hand and then he asked how many had invested in it and none of them raised their hand.

[03:14] And then he asked how many of them thought it was a scam. And about half of them raised their hand, which I found somewhat interesting. I get that a lot of people do think it’s a scam, a just because they don’t understand it. But for Bitcoin, the first cryptocurrency was created as a different economy for, you know, to get rid of banks. So with the rise in popularity of it, you think that they would at least not ignore it, but you know, for you, you never really see the worst thing coming until it’s too late. And that’s my feeling from, from a lot of that. Uh, so the people that raised their hand, I, it was probably about half and that, that really surprised me that they thought it was a scam, but good on them for coming to learn, you know, it is, it is hard to, to learn about cryptocurrency.

[04:20] There’s just so much. So anyway, he kind of started off with the basics about how it got started, the blockchain, the volatility, and then he kind of went into why people like us, me, uh, would use something like crypto currency and you know, the, there’s no, there’s very low fees. Some of them don’t even have fees. It’s fast. We own it. There’s no middlemen like banks. And that was one of the more interesting things I thought is really how do you come in? And Trevor did a fantastic job, you know, how do you go into this plate, a bank and tell them, yes, what you want me to talk about, basically wants to make your jobs, your bank’s nonexistent. That, that’s basically just in a nutshell what you could say. And uh, so he did pretty well. I got to admit, um, you know, talking to the two of them about the fees, uh, the banks fees and why people are moving toward cryptocurrency, even online banking, people are moving towards that.

[05:35] Um, so that was interesting. And then he went on into, you know, oh, another thing that was you don’t have to. I have, I have a bank account with wells Fargo, I have to do direct deposit and if I don’t do direct deposit I have to pay for my checking account which still pisses off. And then um, you have to have like a certain amount in there. Otherwise you got to pay. It’s just stupid. So the fees are kind of a big thing. And then a kind of went into what, what they could do. Um, talked about wallets as well. And that was one of the main things that he thought was the banks could do, is provide security because security is a big issue. I mean, I got scammed with an ICO, so security is a big, big issue. And that could be something they would, um, they could help, you know, people would still be able to, with their private keys, get their cryptocurrency, but the banks maybe help them with security.

[06:41] The banks could incorporate crypto and many are with their back end, you know, storing files, you can’t, there wouldn’t be a fraud that way. Speeding up processes, uh, like money transfers, less fees and that’s going to be a big thing with crypto. There’s less fees. The banks love those fees and I don’t see they’re going to have to change that. Um, first of all, I mean, that’s just something they’re going to have to do a like overdraft fees and stuff. It’s just stupid. It’s dumb. Uh, then, uh, he went into the questions at the end, he asked them if they had any questions and this was, this was quite interesting. Um, it started off just kinda small, like where can you, how would I learn more about this? Um, what, uh, you know, obviously it’s kind of an unregulated market. So one lady asked, how do I know, you know, if I’m reading how to do something online, how do I know that it’s not a scam if they’re asking for my information, which is basically anything, it’s not just crypto, it’s everything, you know, you could get scammed doing anything online.

[08:03] So there’s just a lot of misconception and they just didn’t know a lot of the stuff. Some people, some of the questions are really, really good. Some of them were pretty, um, yeah, they, you could tell they just didn’t care. One question that really got me thinking, one guy asked, so for, for mining, you know, they mind the blocks, people get the rewards for like bitcoin. He asked how, you know, is there a set problem or the problems out there that the computers have to solve to get the rewards and you know, a lot of that stuff is. Oh, I mean, a lot of this stuff honestly, like really, really in depth computer knowledge is over a lot of people’s head. It’s over my head. I understand it, but it’s really hard to explain. Um, and I honestly, there’s probably not a lot of people who understand the really, really background in depth stuff and it seemed like that’s where a lot of their questions lied was in that sort of thing. And the way what really got me thinking was, you know, and it’s probably people in general, you know, I get asked a lot what is crypto? How does it work? And it seems that a lot of people get hung up on how it works. And if you want to know the basics, you want to know what it is, but they want my noosa detail. And that’s probably just because it’s so new, but people know what an engine is for like a car

[09:38] and they know what it does,

[09:41] but they don’t understand the intricacies of it. Um, but they still know that an engine makes the car go. So that, that’s Kinda what got me thinking is people are getting held up and you know, just because you don’t know exactly how the engine works doesn’t mean you won’t use it. So that, that’s what I kind of found there. And it got me thinking that, you know, a lot of people are getting hung up on the details. Um, so it went pretty good. Some people, you know, I watched the room a lot just out of curiosity because that’s what I really wanted to know what, like what they thought and it was about what I expected. There are some people who just have think it’s the stupidest thing in the world. Um, there are a couple who are mildly interested in. There are some people who are actually interested in, in what it’s doing and what’s happening. And I think that’s probably going to be true with any sort of place you go and talk to about anything, not just just crypto currency. So, um, yeah. Oh No, it was an interesting, interesting. A little conference.

[10:49] Yeah, the questions. Some of them were, were really, really good. Uh, they just want to know more information, how they can buy it, where, where they could do it, um, how, you know, people at what, where they can store it, you don’t know. Wallets were kind of a big thing that they talked about there at the end and some of the questions at the end were better than others. Uh, but they’re just kind of curious overall. I don’t know what they would do it the information, but I imagine there’s more and more people at banks looking into it. So just wanted to kind of tell you how that went. Uh, and fill you in on what I saw. There wasn’t a, I was hoping actually the people there would, I don’t know what I was hoping. I guess I was hoping they’d have a little bit. I guess I was hoping for more interest

[11:48] and I’m not really know what it was, what it was I saw, I knew they wouldn’t interested. I love this stuff. So you kind of feel like it’s an uphill battle and that’s probably what it, what it’s going to be for a long time. We’re so early in this and honestly, how could a bank think that cryptocurrency is going to be good? It’s probably going to really cut their bottom line, cut jobs, but being so early in something like this, you’re always probably going to get that sideways there from people. Not everybody, but some people like, oh, look at them. They’re there under the crypto stuff. They’re idiots. And we got that look. But that’s just what happens with being early on things and ahead of the curve. So with that, would you kindly hit that subscribe button helps me out. Subscribe Button. I got this fly that just won’t leave me alone right now.

[12:44] Uh, I’m actually leaving for vacation tomorrow. I have tomorrow off. So, uh, I’ll do a longer one tomorrow covering some news. And, uh, I actually got a new way to share my portfolio, which I’m pretty excited about. I’m going to set that up tonight and I’m going to take my computer so I won’t be, I won’t be recording these from my lovely basement for the next few days. So anyway, hope you guys having a good day. Whatever nights. Uh, I’m also going to watch a new movie tonight so I can talk about that tomorrow. I haven’t figured out which one, but I might watch them both. You know, I don’t want to work tomorrow and stay up late and be crazy. Can be crazy. Anyway, we will talk to you later.

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