brennanhm 3Speak Podcast: Recent Episodes
brennanhm
Listen and watch the latest videos from brennanhm. Hosted by 3Speak.tv. The free speech video platform on the HIVE blockchain.
https://3speak.tv/watch?v=brennanhm/oscuejhg
Hey guys,
Today I wanted to talk about the idea that, in the future, we will be paying for goods and services with decentralized cryptocurrency, rather than a national fiat currency.
A lot of people believe that cryptocurrency only has value because it is measured in US dollars, as that is what you need to actually buy anything. The thought of everything being priced in cryptocurrency is a little too far-fetched for them to handle.
But the truth is, the prices of goods and services have been measured by other commodities in the past, so what's to say that they can't be measured by a digital commodity in the future.
Recency Bias Most people tend to think that tomorrow will be very similar to today, oftentimes oblivious to small changes and trends that are occurring on a daily basis.
Consider how thousands of years ago goods and services used to be priced in gold, not fiat. If you were to tell a person back then, that in the future, they would be paying for goods and services with a plastic card, they would have looked at you like you're crazy.
This is similar to how, if you went back to the 90s, and told people that in a few decades they would be making payments with some "magical internet money" via a smart phone, and they would have thought you're a insane. However, throughout history new technology has always come around to disrupt old norms.
Think about how, back in the early 1900s, the majority of the population got around via horse and buggy. When Ford came along and invented the automobile, a lot of people thought it was a pointless invention, as they could still get from point A to point B via their horse carriage. They failed to see the benefits of a car, such as its speed and comfort.
These days, cryptocurrency is being casually dismissed in a similar way. A lot of people cannot see the benefits of using a cryptocurrency over fiat, such as its censorship-resistance, limited supply, global scale, and the transparency of an open blockchain.
Sometimes it takes a major event, such as the suspension of a person's bank account, or hyperinflation of a national currency, for people to recognize the benefits of a new technology.
The Future of Money The best way to predict the future, is to look at the trend.
Back in the 1910s and 1920s, despite the fact that the majority of people were still getting around via horse and buggy, it was clear that the adoption of the automobile was increasing.
Throughout the 2000s and 2010s, even though most people were still being entertained by cable television, the adoption of streaming services like YouTube and Netflix was growing rapidly.
For those who are paying attention, the adoption of cryptocurrency is also on the rise, regardless of the fact that most people are still using fiat.
We can see the number of global businesses accepting it, and the number of nation states who are adopting, is on the upswing.
First it was El Salvador, and now more recently Central Africa Republic that adopted Bitcoin as legal tender. Just a few weeks ago several heads of state from Africa, Latin America, and the Middle East joined a conference in El Salvador to talk about Bitcoin and the possibility of making it legal in their countries as well.
People will often argue that they still need dollars to pay for their food, gas, rent, etc. But the truth is, if they moved to one of these countries that has adopted Bitcoin, they could very well survive without cash or a bank account. It may be a little bit inconvenient for the time being, similar to how dial-up Internet was a pain back in the 90s, but the trend towards greater adoption and usability is on the rise.
Out With The Old, In With The New Finally, we need to keep in mind the wreckage happening in the traditional financial system. As central bankers around the world increase their country's money supply at an exponential rate many currencies are facing the real possibility of hyperinflation.
As the value of fiat currencies get decimated, individuals and businesses will be seeking alternative forms of payment which retain value. And as we can see in places like Venezuela and Argentina, cryptocurrencies are proving themselves to be the most viable alternative.
Of course, fiat currency won't go down without a fight as traditional power structures attempt to transition digital dollars into CBDCs, but don't be surprised if in a decade of two fiat money is a thing of the past and we are all using our smart phones to make our purchases with a variety of cryptocurrencies.
Do you think that crypto will eventually replace fiat currencies, or that crypto will always remain a niche form of money?
Be sure to follow me here on HIVE so that you don't miss out on my other articles.
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On Twitter @brennanhm
Sources Thumbnail
El Salvador finance conference
https://3speak.tv/watch?v=brennanhm/xjtqbuhf
Hey guys, how are you doing?
I hope you're holding on tightly to the safety bar, as this financial roller coaster ride is just getting started.
Last week was an incredibly volatile time for cryptocurrency, with the Fed causing the market to plunge with their interest rate hike, followed by the catastrophic failure of Terra and it's UST stablecoin, which put even more selling pressure onto the market.
If there is one key takeaway from this fiasco, it's that we should not be getting too emotionally attached to a single coin, and that we need to have a diversified portfolio of various projects and stablecoins.
Of course the Bitcoin maxis had a field day, essentially claiming than a fatal flaw in one altcoin means that all 19000 coins aside from Bitcoin are "shitcoins". A quick glance at the Bitcoin dominance chart shows that alternative blockchains will continue to make up a greater share of the overall crypto market cap as time goes on.
And let's not forget "The Secret", otherwise known as the Law of Attraction, which states that whatever we focus our attention on with feeling and emotion becomes a greater part of our reality. The fact that this crypto market plunge and the catastrophic failure of Terra is being reported on in the mainstream news means that crypto in general is becoming more ingrained into our collective human consciousness.
Yes, the road to mass crypto adoption is going to be rocky, but the natural evolution of money is inevitable. The sooner we get prepared for it, the better.
Image source:
https://www.thesuccessedge.co/wp-content/uploads/2019/05/
https://3speak.tv/watch?v=brennanhm/ymwyjkny
Hey guys,
In this video I want to go over why the cryptocurrency market is crashing, and cover the reasons why this will only be a temporary correction in the overall long-term bull market we are currently in.
So why is the market crashing?
The Federal Reserve has raised interest rates by only 0.5% and the stock market can't seem to handle it. Over the past decade, investors have gotten so hooked on cheap 0% credit that they cannot even take a 2 basis rate hike. Similarly, back in 2018, the stock market crashed when the Fed raised rates to 2.5%. They had to backtrack and call off further rate hikes to save the markets from imploding.
However, this time around, with the official inflation rate at 8.5% (in reality it is much higher) the Fed has no good excuse to lower interest rates back to zero. They have to keep raising them, ever so slightly, to appear as though they are fighting the onslaught of skyrocketing prices. These higher interest rates means corporations have less money to spend on expanding their operations (or simply to buy their own stock), resulting in a selloff in the market.
So why does this affect the crypto markets too?
Most investors still consider cryptocurrencies to be risk-on assets like tech stocks, so they are selling them off, along with their NASDAQ portfolio. What they still do not realize is that cryptocurrencies are not stocks, but rather decentralized, censorship-resistance, global currencies, which continue to be adopted by nation states like El Salvador and Central African Republic, and major corporations like Fidelity and Gucci.
People are selling their stocks, bonds and crypto for US dollars because they see the USD as a safe haven to protect their wealth from these volatile markets. They aren't taking into consideration that greater than 40% of all US dollars in existence were created in the past two years. Thanks to this insane money printing, fiat currencies are headed towards hyperinflation. Trying to quell this raging inflation with a 0.5% interest rate hike is like trying to put out of raging apartment fire with a water pistol.
The question is, where will investors put their capital when they realize that we are in a hyperinflationary environment? Of course some of their wealth will go into commodities, such as food, oil and gold. But a significant amount will also go into cryptocurrencies, the only form of non-confiscatable money in existence that is experiencing rapid development and innovation.
Bottom line here is that you should not be freaking out and panic-selling with the crowd at this time. Several solid crypto projects are down 60-80% in the past few months and you should view this as an opportunity to scoop up these coins at bargain prices.
If you don't have cash on hand to invest, then you may want to consider diversifying your Bitcoin and Ethereum holdings into these alternative projects. The Bitcoin and Ethereum market dominance will continue to decline as more innovative and efficient blockchains capture a greater share of the market.
Godspeed to you during these tumultuous times.
Sources:
https://3speak.tv/watch?v=brennanhm/qsaispqu
Hello fellow HIVErs and LEOfinancers, I hope you've been enjoying the wild fluctuations of fiat and cryptocurrencies as of late.
The "transitory" hyperinflation of fiat currencies that the authorities warned us about seems to be just around the corner. Officially at 8.5% in the United States, but if you talk to people on the ground, the rate of inflation is much higher.
What did we expect would happen when governments worldwide printed trillions of dollars to bailout not only corporations, but this time individuals too. A locked-down global economy with fewer goods and services being chased by a greater volume of money would inevitably lead to inflation.
While inflation may be bad in the United States, take a look at the yen in Japan, as it continues to rapidly collapse against the doller. Friends in Japan are saying the price of food, gas, train tickets, etc are rising quickly while their salaries remain stagnant.
https://twitter.com/jameslavish/status/1519871424608886784?s=20&t=xPM0hj-aH3w4TtD9VrWP0A
The rate of inflation continues to increase in other counties like Argentina as well, where the Bitcoin payments app Strike is continuing to gain widespread adoption. Countries, states and municipalities are seeing the writing on the wall at this point and starting to take action. Recently the Central African Republic was the second nation to adopt Bitcoin as legal tender, and Panama also recognized cryptocurrencies as a legitimate form of payment.
How do we protect ourselves from the impending hyperinflation? By holding a well-diversified crypto portfolio of course.
Funny thing is there are Bitcoin maximalists on Twitter who are proposing that El Salvador ban all "shitcoins" including Solana, Ethereum, Cardano, and Avalanche. These supposedly freedom-loving people are actually suggesting that we use the power of the state to prevent businesses from accepting any cryptocurrency other than Bitcoin.
What the maximalists don't realize that they are actually offering free publicity and advertising to these alternative platforms. Similar to how Peter Schiff began to bash Bitcoin in every one of his podcasts, the maximalists calling out these altcoins are only drawing more attention and interest to them. The best course of action for a maximalist would be to ignore the altcoins and just let the supposedly superior Bitcoin overtake them in a free market.
However, if you take a gander at the Bitcoin dominance chart, that's clearly not happening. Over the past ten years the overall Bitcoin market dominance has been in decline as innovations such as smart contracts, DeFi, and NFTs continue to pique the interest of investors and gamers.
The crypto space is littered with scams indeed, but there are dozens of nascent layer 1 blockchains with solid teams and communities that will continue to grow in the coming years. All it takes is a little bit of research to distinguish the scams from the legitimate projects.
In the end you want to make sure you have a well-diversified portfolio to defend yourself from the impending hyperinflation of fiat currencies, with Bitcoin and Ethereum only making up a small portion of it.
https://3speak.tv/watch?v=brennanhm/maivmxgk
Good day fellow HIVErs & LEOfinancers,
I hope you've managed to keep a level head through the volatile markets of the past few months, remaining focused on the long-term inevitable success of cryptocurrencies, rather than short-term price action.
Today I wanted to give you another update on the Bitcoin situation in El Salvador, particularly the coastal town of El Zonte, where the Bitcoin movement started in this country a few years ago. Lots of foreigners come here to surf, but lately more and more Bitcoin tourists have been starting to show up since the government made said cryptocurrency legal tender last year.
About a 45 minute drive from San Salvador, El Zonte is a small, underdeveloped beach side town, where virtually all the businesses have adopted Bitcoin as a payment method. There are not very many businesses as of now, but I expect the town to prosper significantly in the coming years as crypto continues to eat away at the fiat system.
Most businesses are accepting lightning bitcoin payments, which can be made over any standard lightning wallet, however I did notice a few businesses that only accept payment via a specialized Bitcoin Beach app, whose QR codes were not compatible with my particular wallet.
The locals I talked to have mixed opinions about the country’s adoption of Bitcoin as legal tender. I would say that most are in agreement with it and see it as an opportunity for El Salvador to progress, while others are more skeptical and their opinion of Bitcoin has been tarnished by technical issues with the government’s Chivo wallet and the lightning network.
You will no doubt bump into other like-minded individuals if you visit the beach-side restaurants and bars here. Wealthy bitcoiners are showing up, as well as news agencies like CBS to make documentaries about what’s happening in El Zonte.
If you take a trip down there be sure to check out the Hope House, which is a Bitcoin landmark in the town, where they are teaching the local population about Bitcoin and technology in general. They are selling Bitcoin t-shirts as well if you want to support the cause.
Until next time,
Follow My Blogs
HIVE -> @brennanhm
Twitter -> @brennanhm
Publish0x -> https://www.publish0x.com/@brennan
Odysee -> https://odysee.com/@brennan:b
Sources
Thumbnail -> https://www.pressenza.com/wp-content/uploads/2017/02/
Chivo Wallet -> https://www.chivowallet.com/
Video editing software -> YouCut
Music: Birthday
Musician: LiQWYD
URL: http://www.soundcloud.com/liqwyd
https://3speak.tv/watch?v=brennanhm/oqyiyxxa
Hello fellow HIVErs and LEOFinancers,
I hope these early days of January are treating you well. The Pacific coast of El Salvador is set for sunny skies and a high of 29 degrees today. Great weather not only for surfers, but beach goers and poolside dwellers too.
A few days ago, the president of El Salvador, Nayib Bukule, made a prediction via Twitter that two more countries will adopt Bitcoin as legal tender in 2022.
His prediction makes sense, because at this point the traditional financial system is barreling out of control, and there's no way to bring it back onto the rails. There needs to be a reset, and Bitcoin and crypto are here to bring accountability and transparency back to the financial world.
El Salvador has made the bold move to be the first nation to adopt Bitcoin as legal tender. They have opened their borders to crypto tourists and investors alike, which is not only going to spur economic activity in the country, but lead to futher development as well.
Other struggling nations will be paying close attention to what's going on in this tiny Central American nation, and follow suit when the success of El Salvador's "experiment" becomes apparent. It only starts here, but will spread quickly to other parts of the globe.
May I be so bold as to predict that three or four more countries make Bitcoin legal tender this year.
Until next time, remain optimistic, because even during these temporary market drops, the groundwork is being laid for the new financial system.
How many countries do you think will adopt Bitcoin as legal tender this year?
https://3speak.tv/watch?v=brennanhm/zsvgzqvr
Good day my fellow HIVErs,
I hope you're feeling fantastic about the rapid adoption of Bitcoin and other cryptocurrencies in the world today.
Today I wanted to share with you more of my experience paying with Bitcoin in El Salvador, and some of the technical issues that small businesses are facing here. First of all, I'm glad to report that you can pay for your food and drinks at many establishments close to the beaches here.
As you walk through the beachside streets you will notice a few sporadic restaurants and street vendors that have signs up indicating that they are accepting Bitcoin payments.
Some receive Bitcoin via the official El Salvadoran Chivo wallet, others are using the Strike app, and the remainders will present you with regular non-Lightning Bitcoin QR code to pay with.
The shops that do not accept Bitcoin have a common reason as to why: Too many technical difficulties with Bitcoin and the Chivo wallet. I go over some of these problems in the video that accompanies this post.
As these technical hurldes are overcome and inflation pushes more people away from fiat currencies, the adoption of Bitcoin and other crypto will no doubt accelerate.
And of course more businesses will start advertising that they accept Bitcoin when tourists such as yourself arrive looking for places to spend your hard-earned crypto ;)
Stay tuned to this blog for further updates. If you want to know more about what the Bitcoin situation is like in El Salvador be sure to leave a comment below.
Until next time...
Follow My Blogs
HIVE -> @brennanhm
Twitter -> @brennanhm
Publish0x -> https://www.publish0x.com/@brennan
Odysee -> https://odysee.com/@brennan:b
Sources
Thumbnail -> https://www.pressenza.com/wp-content/uploads/2017/02/
Chivo Wallet -> https://www.chivowallet.com/
Video editing software -> YouCut
Music: Birthday
Musician: LiQWYD
URL: http://www.soundcloud.com/liqwyd
https://3speak.tv/watch?v=brennanhm/rvuisgnc
Hello fellow crypto peeps,
Today I wanted to talk about the crazy worldwide restrctions we are facing, the El Salvador option, and how
crypto is continuing to spread across Latin America. All the signs are there that mass adoption isn't far away. Now is the time to start getting our friends and family onboard.
Peace out friends,
Brennan.
https://3speak.tv/watch?v=brennanhm/ivfpolns
Good day fellow Hivers and LEOFinancers,
Today I wanted to give you an update on the official El Salvadoran Bitcoin wallet "Chivo". The following information should be helpful to you if you happen to take an unexpected trip to El Salvador ;)
The discovery I made is that the default option is to receive a digital form of the US dollar, rather than Bitcoin. You will notice that when the user taps the receive button there are two options "USD" and "BTC".
In order for you to be able to spend your Bitcoin, you need them to tap the BTC option. At that point, they will be given an option to receive Bitcoin via the Lightning network. They can tap that for speedier payment, punch in the total amount (valued in dollars), and then tap the receive button to get the QR code.
You scan the QR with your Lightning wallet and send the Bitcoin. Sometimes the Chivo "payment received" notification shows up immediately, and sometimes it takes forever. Anyways, if you backtrack to the main interface you will see that one of their totals, either USD or BTC has increased. I've noticed on multiped occasions that their USD balance has gone up, even though I sent them Bitcoin.
There is an option in the settings to automatically convert Bitcoin into USD, and I think this may be the default option, as I've seen this happen to several people who I've paid in Bitcoin. A lot of businesses probably like this option, as the price of Bitcoin can be quite volatile.
language
You should ask them first, but you can go into the settings and disable this automatic conversion. I recommend that peope keep a percentage of their payments in Bitcoin as a savings account, and only keep what they need for daily expenses in USD.
I hope you find this information useful, and that you take an unexpected trip to El Salvador soon...
Feel free to drop a comment or question below.
Follow Me
HIVE -> @brennanhm
Twitter -> @brennanhm
Publish0x -> https://www.publish0x.com/@brennan
Odysee -> https://odysee.com/@brennan:b
Sources
Thumbnail -> https://www.pressenza.com/wp-content/uploads/2017/02/
Chivo Wallet -> https://www.chivowallet.com/
https://3speak.tv/watch?v=brennanhm/fbykjmgg
Hello fellow Hivers and LEOFinancers, I hope you're doing well.
This will be my third update on the Bitcoin situation in El Salvador, where Bitcoin was adopted like a boss by the El Salvadorean government as legal tender last September. Today I decided to go shopping in the seaside town of La Libertad.
There's an outdoor market here that extends for blocks and blocks where street vendors are selling everything from candies to clothes to shampoo, etc. I was specifically looking for shop owners who advertise they accept Bitcoin and I ran into a gentleman who was selling hats. He had a hand written sign saying he accepted Bitcoin.
I found a snazzy hat, and paid him with Bitcoin over the lightning network to his Chivo wallet. The transaction only took a few seconds. He specifically mentioned that "I always converts USD payments into Bitcoin" because he's HOLDing for better days guys. Out of the corner of my eye I caught an electronics shop.
Inside the store they were selling not only appliances and TVs, but bicycles too. I took a look around inside and noticed a sign by the cash register saying they accepted Bitcoin as payment. I brought some wireless earbuds to the front and the cashier took out a tablet with the XPay Bitcoin wallet on it. We had a few technical difficulties, but in the end I got my earbuds and they should have their Bitcoin.
After all that troubleshooting I was a feeling a little hungry so I went into the seafood market by the ocean, where they have a Chivo Bitcoin ATM installed. I saw a man there stuffing filthy US dollars into the machine, trying to get rid of those hyperinflating bills as quickly as possible!
There were a dozen or so seafood restaurants in the market. Only two of the ones I asked accepted Bitcoin, and I ended up choosing the one that had a Bitcoin sign on their counter. The owner received my Bitcoin payment over the lightning network and it took about 20 seconds to show up in his wallet.
So far it seems that larger businesses are the first to implement Bitcoin payments and the small street vendors are still trailing behind. Once the technical issues have been ironed out I bet more merchants will be willing to accept it and there will be a snowball effect of shop keepers adopting it.
This is all for today's update guys. I will keep you posted. All the best in 2022...
And let me know if you have any questions in the comments section below.
Follow Me
HIVE -> @brennanhm
Twitter -> @brennanhm
Publish0x -> https://www.publish0x.com/@brennan
Odysee -> https://odysee.com/@brennan:b
Sources
Thumbnail -> https://www.pressenza.com/wp-content/uploads/2017/02/
https://3speak.tv/watch?v=brennanhm/upkqhslo
What is up guys,
This will be my first update on the situation in El Salvador, which made Bitcoin legal tender back in
September.
I've arrived in a town called La Libertad (funny that one of the first towns to legally adopt Bitcoin would be called "the freedom", eh?). I took a taxi from the hotel near the airport to get here, because the hotel staff said it would be the safest option. The ride cost about $30. Unfortunately the taxi driver was not prepared to accept Bitcoin, but he did say that the majority of his friends and family support the Bitcoin legal tender law.
I told the taxi driver I needed help getting my SIM card working, and he thought I should be able to do so at the gas station convenience store. In the end they didn't have what I needed, but there was a sign right beside the cashier indicating that they accept Bitcoin.
We headed for the Claro store farther down the street. There you can purchage a 1 month, 5GB SIM card for $10. They do not accept Bitcoin in the actual store, but there's a huge poster on the wall saying you can go online and recharge your SIM card there using Bitcoin.
The hotel staff told me they are not accepting Bitcoin in the restaurant yet, but possibly in the future. At least
everybody knows about Bitcoin here and doesn't give you a confused look when you ask about it.
Until next time - enjoy your new year's...
Follow Me
HIVE -> @brennanhm
Twitter -> @brennanhm
Publish0x -> https://www.publish0x.com/@brennan
Odysee -> https://odysee.com/@brennan:b
Sources
Thumbnail -> https://www.pressenza.com/wp-content/uploads/2017/02/
https://3speak.tv/watch?v=brennanhm/wxswiwti
Hey Guys,
So I arrived in El Salvador a few days ago and wanted to share with you an initial report on what the situation is like in this country where Bitcoin was adopted as legal tender back in September.
First of all, you may be relieved to know that El Salvador lifted all covid restrictons a few weeks ago, so you can enter the country without a vaccine passport or a covid test. There is no quarantine requirement and they will not force you to install a "contract tracing" tracking app on your phone. The immigration officer I got was very friendly and even asked me about Japan when he saw the stamp in my passport.
You will notice Bitcoin ATMs setup in the international airport where you can buy and sell Bitcoin by providing a phone number. At immigration you must buy a $12 tourist entry card, and it was encouraging to see you can actually pay for it with Bitcoin!
The place I first stayed hasn't integrated Bitcoin yet (they are working on it), but most service people are willing to accept it as a tip because they already have the Chivo wallet installed on their phones. I think the government declaring it as legal tender and airdropping $30 to every citizen is what made this a reality. The great thing is that you don't need to go through the tedious process of showing people how to install a Bitcoin wallet and can simply move to the payment step.
The Chivo wallet accepts a digital form of USD as well as Bitcoin. Make sure the receiver has BTC selected or you will get an "invalid QR code" error message when trying to send them Bitcoin.
So far the El Salvadorean people have been very warm, welcoming ,and friendly. The locals who I've spoken to about Bitcoin have been supportive of the decision to make it legal tender in the country.
Until next time. Enjoy the rest of your holidays...
Follow Me
HIVE -> @brennanhm
Twitter -> @brennanhm
Publish0x -> https://www.publish0x.com/@brennan
Odysee -> https://odysee.com/@brennan:b
Sources
Outro Music: BigCarTheft
Musician: Jason Shaw
URL: https://audionautix.com
https://3speak.tv/watch?v=brennanhm/hrfaodgf
Today I wanted to take a more philisophical look at whether the adoption of crypto really matters, if it's possible to get enough people off of autopilot to enter DeFi, and what kind of environment would lead us to true happiness
anyway.
Thanks for watching and let me know what you think.
https://3speak.tv/watch?v=brennanhm/tlbtptye
Hi guys, Merry Christmas 🎄🎅
THORChain announced today that they have increased their cap again by 1 million RUNE (6.5 million USD), allowing their users and investors to add more liquidity to the network. THORChain continues to make progess with their cross-chain decenctranlized exchange despite some recent hacks and negative chatter. Eventually THORChain or a service like it will be used to make crypto transactions seamless between merchants and their customers who want to do business with different currencies. It is a definitely a project worth looking into more and possibly allocating a small amount of capital to.
https://3speak.tv/watch?v=brennanhm/bxfmmvqs
Price patterns, psychological patterns, merchant and nation adoption. Why it's only a matter of time before crypto goes mainstream. How to nudge our family, friends and acquantances in the right direction.