141. Bitcoin: The Future of Money

141. Bitcoin- The Future of Money
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Jay (Bitsader): [00:00:00] The problem is we have, uh, a banking system that has overtaken our government. It's overtaken every aspect of our life. It's overtaken the world and it's, it's not American. It's not constitution at all.

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Nurse Kelly: Welcome to After Hours with Dr. Sigoloff. On this podcast, you will be encouraged to question everything.

Nurse Kelly: And to have the courage to stand for the truth.

Nurse Kelly: And now, to your [00:02:00] host, Dr. Sigoloff.

Dr. Sam Sigoloff: I want to thank you for joining me again. I first want to give a shout out to, uh, 2TUF, 2TUF, giving 30 a month. I want to give a shout out to 2TUF. The anonymous family donor giving 20. 20 a month. We have the plandemic reprimando level at 17. 76 a month with Ty Charles, Stanley, Dr.

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Dr. Sam Sigoloff: So my next guest, uh, today we're having on BitSeder. He goes by Jay. Uh, he Knows a lot about Bitcoin and he's here to share with us what he believes Bitcoin is going to do in the future. And why, why Bitcoin? Why is it a good thing to have? Why is it a good thing to know about Jay? Thanks for coming.

Jay (Bitsader): Thanks, Sam. It's, uh, it's great to be on. We talked about this for a long time. I'm glad to finally be here.

Dr. Sam Sigoloff: Yeah. Thank you for coming. So when we first talked about Bitcoin, you had mentioned that you feel that this is the best true money out there, that this is a way to have even weights and scales. What does that mean?

Jay (Bitsader): Oh, yeah. Well, it's, yeah, it's funny about this, this whole thing. There's so much to talk about. [00:04:00] I had no idea how we're going to start this conversation, but that's a, that's a fair one to do it. Um, a fair idea. The problem, you might ask me, like, why, why are we going to use, why would anybody want to use Bitcoin?

Jay (Bitsader): And the short answer of it is the money we use right now is really bad. It is really corrupt. If you don't know already, uh, it's highly inflationary and, uh, regular people are losing purchasing power. All the time. They're losing their privacy. They're being surveilled and Bitcoin. It gives us an opportunity to take some of that sovereignty back.

Jay (Bitsader): And, um, and you mentioned like equal weights and measures. And that, that actually, that's not my idea. That comes from a pastor. I follow on Twitter and I've got his book here. I think I gave you a copy of it. The Bible and Bitcoin. It's a, it's fantastic. But he argues that, uh, money is, it should be. An [00:05:00] honest scale, honest weights and measures.

Jay (Bitsader): It's a, that's what the Lord desires us to use for, for trade. That is what God's monetary policy is. And the money we have today is not that the dollars were used. They're, they're a melting ice cube. You've got purchasing power and it's reduced every year. And in the last few years, It just gets worse constantly.

Jay (Bitsader): And it doesn't take a genius to figure this out. The government's telling you or that they want 2 percent inflation, but you go to McDonald's, you try and buy a house, these kinds of things, you know, that, uh, they're, they're not telling the truth. So Bitcoin is a, is a solution for that one solution, but we can talk about gold.

Jay (Bitsader): We can talk about silver. We can talk about Bitcoin, talk about the point of life, whatever you want to talk about. But, uh, Yeah, uh, where do you want to go from here?

Dr. Sam Sigoloff: Yeah, so can you explain how bitcoin works? Because I think a lot of people are unwilling to [00:06:00] venture into it because they have no idea what it is.

Dr. Sam Sigoloff: Yeah.

Jay (Bitsader): So there's, uh, there's a lot of reasons for people to be skeptical, sorry, skeptical or resistant to the idea of Bitcoin. And I, I fully understand that it, uh, it is not easy in the beginning. So the thing of it is, it is a deflationary currency. And the thing that makes it beautiful is who controls it.

Jay (Bitsader): And the people that control it is people like you and me. We got like volunteers all over the world, not just volunteers, just people are really interested in it. And, uh, you could run it. I can run it. I do run it. It's actually running here behind me on, uh, on a node. In fact, if you look right here at this screen, that is a Bitcoin code running in the background.

Jay (Bitsader): It kind of looks like the matrix. And, uh, basically, uh, a lot of people have heard of [00:07:00] blockchain and that you can see this on the screen behind me here as well. But, um, there's, there's only 21 million coins that can ever exist and they're not all out yet and they won't all be mined until 2140, almost, you know, over a hundred years from now before the last ones are mined, most of them are out there right now, but, um, Uh, it's, it's very different than the fiat currency that we're using today, which, you know, they're, they're printing millions almost like by the second and all that money that they're printing is debt, it's national debt.

Jay (Bitsader): And they print it from nothing. They give it to us to use and we have to pay it all back with interest. And where does that interest come from? They print more money. So, uh, Bitcoin is, is an escape, uh, to get us away from all that. And you could say it's a digital gold. A lot of people like to call it digital [00:08:00] gold.

Jay (Bitsader): It's a little different because I think it's, I think it's way better than gold in a lot of ways. And I would love to talk about that. I am a gold bug. I actually came from the gold camp. I've been into precious metals for like 10 years. I guess, once I figured out what us dollars was, it totally changed my life.

Jay (Bitsader): And that was about 11 years ago. And, uh, if I could, I, I'll tell you about that. That's, that's what

Dr. Sam Sigoloff: the U S dollar is. And I see a book behind you. Uh, that same book is in my kids classroom in homeschool and kind of explain what the dollar is and how that book relates to what the dollar is.

Jay (Bitsader): Whoa. So this is, yeah, the kids book from a tunnel to it's fantastic book.

Jay (Bitsader): The whole series is awesome. Cartoon. Yeah. Um, books, right? I mean, I'm not affiliated with these people at all, but they communicate truth to kids and it's [00:09:00] marketed to parents for kids, but a lot of parents would benefit greatly. A lot of Americans across the country would benefit from reading this book.

Jay (Bitsader): This one's creature from Jekyll Island. Obviously it's, it's tiny. The real creature from Jekyll Island is a very thick book, which I highly recommend, get an audio book, listen to it in the car. Uh, I will warn anyone listening though, if they're, uh, a big constitutional patriot, like, like I was, and I still am, uh, it learning the truth about the banking system, it's painful, um, because it, it really kills some of your patriotism.

Jay (Bitsader): I love the constitution of this country. I love this country. I love America. I came from Canada after 20 years. I can never go back. I just, I just love the freedom here so much or the idea of it. Anyway, the problem is we have a banking system that is overtaken our government. It's overtaken every aspect of our life.

Jay (Bitsader): It's [00:10:00] overtaken the world and it's, it's not American. It's not constitution at all. If you learn about the dollar, learn what it is. It, uh, it is a very corrupt inflationary system that benefits rich elites in a banking system who own these banks, whoever they are. It's not the government. People think that the government owns the Federal Reserve, but you read the creature from Jekyll Island and you'll, you'll quickly learn that the Federal Reserve is not federal and they don't have anything for reserves.

Jay (Bitsader): The dollar is, is basically a counterfeit currency, just like the Euro, the yen. And for the first time, I think in human history, all the monies in the world are fake. They are based on nothing. That wasn't always that way. But since 1971, you know, when Nixon took us off the gold standard, uh, it really wrecked any [00:11:00] idea of sound money and sound money is absolutely critical.

Jay (Bitsader): If you're going to have a sound society, a moral society, the money is like a, like the nervous system of a society. And if you got bad money, you're going to have bad society. It bleeds over to so many problems. It leads to endless wars. It leans to poverty. It's a system of debt and death. And, uh, if I could, uh, recommend a website for people to check out WTF happened in 1971.

Jay (Bitsader): com. I don't know if you know it, but it's, if you want to, uh, understand why both parents have to work, uh, how, why, why we have more tent cities than ever in our cities, why we have drug problems. Why? Why we're less free, why we have less liberty than we've ever had before. Check out that website. WTF happened in 1971.

Jay (Bitsader): Um, and that is when we went off the gold standards. That's, [00:12:00] that's the secret, but it shows you in charts and graphs how many things have gone wrong and how our money has been failing us ever since. So if you're like saving dollars, you are losing money. So Bitcoin is one method of many, uh, to escape that system and save in something that's deflationary.

Jay (Bitsader): That's going to go up in value. Like there's really, I mean, I could be wrong. I'm not, I should caveat everything I'm going to say. I'm not a financial advisor. I'm a, I'm not even an economist. I'm just a dude who loves Bitcoin. I love the idea of Bitcoin, I should say. So, I don't know if that answers the question.

Jay (Bitsader): As we're recording this.

Dr. Sam Sigoloff: Yeah, as we're recording this, gold is at an all time high. It's about 2, 000. 2,700 and some change dollars. And in the 19 1970s is when gold started running up. [00:13:00] And the best way to think about gold in the dollar is right. Let's say in the seventies, you wanted to buy a house and it costs 10 gold coins, or it costs, let's say $50,000.

Dr. Sam Sigoloff: Today you wanna buy that same house. It would be, let's say, $150,000 or the same 10 gold coins. The gold is the same value throughout time. It maintains a purchasing power. That's what that idea, is. It the same amount of purchasing power. From then till now, you know, you should be able to take a gold coin and be able to buy a very nice man's suit that would be around a thousand dollars today.

Dr. Sam Sigoloff: But back in absolutely, you know, the 18 hundreds, one gold, one gold coin would also buy you a very nice men's suit. Um, but it would, the dollar amount would fluctuate from time to time. And right now, the reason gold is so expensive, very true. The same reason why Bitcoin is so expensive is because the dollar is becoming worth less and less until it becomes worthless.

Jay (Bitsader): Absolutely. So I brought some props and I got, I got the [00:14:00] gold coin here. I brought, um, awesome. This is an ounce of Canadian maple. This thing, like you say, it's 2, 800 today to buy this thing. Uh, 10 years ago, it was 1, 400. 10 years before that it was 400. And let's go back 50 years. This was 35, 50 years ago.

Jay (Bitsader): And it was 35 all the way from 1934, um, All the way to 71. And then when, and that's, and the dollar was based on this, uh, it was 35 to, uh, to an ounce and, and for every dollar that was in existence, every 35 would be an ounce at the treasury. And, uh, that ended in 1971. And it's really interesting. And if you read the creature from Jekyll Island, you'll learn that, uh, basically Countries around the world stopped trusting us.

Jay (Bitsader): They, they saw us, uh, doing the, [00:15:00] what was the butter and I forget the welfare programs, the social programs of the 1960s and the Vietnam war, we were spending way more money than we had in the coffers and U S dollars since 1944 after world war two, That was, we've been the reserve currency. So countries around the world store us dollars for international commerce.

Jay (Bitsader): And everyone understood that 35 been announced. So if I'm France and I've got X amount of dollars, that means I have so much gold stored in the United States and I can redeem these dollars anytime at 35 an ounce. But in the early sixties, I think it was Charles de Gaulle who was, he was starting to get fishy of this.

Jay (Bitsader): And so I don't think these Americans, I think they're lying to us. I don't think the treasury has that gold. So they said, here's the dollars. We want our gold back. And since then, Germany has done it. Lots of countries around the world who stored, [00:16:00] uh, who owned dollars wanted to get gold back for those dollars.

Jay (Bitsader): And then famously in 1971, Nixon. Went on TV primetime interrupted television. I think it was August 1971 and said, we're going to take action against these people speculating against the dollar. We're going to protect the dollar. So I'm going to end the convertibility of dollars into gold and effectively made the took the gold backing.

Jay (Bitsader): So the dollars are not backed by. Anything anymore, the dollar has value only because people used to think it does, and we're still carrying on that 50 years later, there's still a lot of people today that believe that dollars are backed by gold, and they're absolutely not. If they were, they'd be worth a lot more, you know, and this, this isn't the first time the government has lied about how much gold they had, or it's not the first time they've defaulted on.

Jay (Bitsader): outstanding dollars. It was [00:17:00] 1933. Before that, uh, gold was 20 an ounce and then they banned it. They said, everyone who has gold, you got to turn it in. Um, and we're going to give you 20. We'll give you a 20 note. You give us a 20 gold coin. And then once they got all the gold, if you don't do it, you'll go to jail or get a 10, 000 fine.

Jay (Bitsader): You don't turn in your gold. And then the next day, what do they do? They revalue gold at 35 an ounce. Basically stole purchasing power, economic value from everyone who turned into their gold. And, and back then it was a very different culture. A lot of people still probably trusted their government and stuff, but

Dr. Sam Sigoloff: yeah,

Jay (Bitsader): I don't think that's going to happen again.

Dr. Sam Sigoloff: No, we, we know better nowadays. And, and there's this interesting thing that every time a currency changes, whoever's holding that currency loses. Value loses purchasing power. Just like you mentioned when they revalued it. So they gave, they took your ounce of gold, they gave you a 20 and now they said, well, [00:18:00] it's, it's, it's worth less than 20.

Dr. Sam Sigoloff: It's, you know, it's, it's now worth 30. So it means each dollar can buy you less because it takes more dollars to equal the same amount of gold.

Jay (Bitsader): Yeah, I, I'm personally like on a crusade against the US dollar. I am not a fan. I can show you some more props. I mean, again, I'm pro American, but the US dollar is not American.

Jay (Bitsader): And in my mind, we, we trade these things. I've got a reserve note in my hand. You look at the top of it. It's got a green seal, federal reserve note. Note means debt. It's printed from nothing. They gave it to us. They charge us interest to use it. They got to print more and give it to us to it's it's a system that doesn't work.

Jay (Bitsader): And it was probably 10, 15 years ago when I, I was working for the government and I was laid off temporarily. I think it was sequestration or something. And I decided I'm going to take this time and learn about the debt and the deficit. And the more I learned, I couldn't believe it. I had a, [00:19:00] it was a massive event in my life in 2013.

Jay (Bitsader): I think it was when I learned how dollars work. Um, but not going back to this dollar. I mean, all these dollars we carry in our wallets. I know it's not very much anymore because we've gone digital. But these things are filthy. I mean, they're filled with like cocaine and feces. They're just awful. They weren't always like this.

Jay (Bitsader): So if you go back in time, um, I got another one here with a blue seal. This is from 1935. And on the top of it, it says silver certificate and a really cool thing. It says 1, uh, payable to the bearer on demand in silver. 1 in silver payable to the bearer on demand. So if you look at our history and you look at the definition of what a dollar is, it's, it's not, it's not what it is today.

Jay (Bitsader): It's not debt. It's a real thing. And it's, it's one of these, this is a Morgan dollar from 1921. It's about three [00:20:00] quarters of an ounce of fine silver. And these things were commonly traded for the first 150, well, from the beginning of our country to. The last one issue was in the 1920s, and these are real constitutional dollars, uh, to buy one of these today, you're, you're paying at least 30 at the very minimum.

Jay (Bitsader): That's, that's because of the silver. The cool thing about silver is it's. Antimicrobial, right? You don't have to carry these feces, cocaine laden notes and anymore. If back in the day, carry these and these is actually, you'd wash your hands in them. I love to, I love to keep a little bit of silver in my pocket.

Jay (Bitsader): I love the sound it makes. And I love the fact that it's clean, clean money. And this that was printed from nothing is way different than something that people went out into the mines, into the mountains, and they expended blood, sweat, and tears to, uh, to get this out of the ground. They put gasoline, oils, machines [00:21:00] to, to melt them down, to craft them.

Jay (Bitsader): There was intellect that went into the design of these things. And, uh, it's real money. There's, there's, there's value behind it. There's value that went into making that. That silver dollar, whereas this, um, there's nothing it's paper and it's dirty paper. So, and the same thing with gold, you know, gold, um, let me say one of the most important questions people can ask is what, what is money.

Jay (Bitsader): Most people don't think about it. Most people just think it's, it's just stuff I buy stuff with, but if you really dig deep and ask yourself, what is money? Um, It's, it's a fascinating question. It's one of those things that's hard to find, to define. I don't know. Do you have a, an answer of what you think maybe money is off the top of your head or you want me to go with mine?

Dr. Sam Sigoloff: Yeah, let's go with yours. I've got something about money that we'll talk [00:22:00] about here just a bit, because I can imagine the questions going on in the viewer's mind. So once you're done with that, I got a comment about money.

Jay (Bitsader): Okay. Well, after thinking about and reading some books, you know, I came up with the conclusion that that money is basically two things. One is a claim on someone else's time and energy. Um, and and something that's interesting about that. It can be a claim that's based on their future time and energy. Or it can be a claim on their past time and energy.

Jay (Bitsader): So today we, all our money today is based on future claims on energy. It's, it's all promises. It's all, um, it's all debt based. Every dollar that's in existence today comes from a loan of some sort. It is loaned into existence as debt and we got to pay it back. But back before 1971 and the further you go back in time, the more so it was that money was based on work that was [00:23:00] already done.

Jay (Bitsader): It was. You went out in the mountains and you put your time, blood, sweat, tears, and you mined that thing out of the ground. And it wasn't only your work, it was work of all the people that went into the mountains and looked for gold and didn't find it. All their energy is baked in to one of these ounces of gold.

Jay (Bitsader): That's, that's why it's 2, 800 because it's 2, 800 of, of time, energy, gasoline, mental power, a lot of stuff went into this. It's proof of work. When you have the ounce in your hand. It is proof that someone went out there and worked for it and it's past energy complete. So when I give this to you for 3, 000 worth of goods and services, It's because the energy is already went into it.

Jay (Bitsader): It's done. It's passed and it's still, and you can keep on passing it forever. And that is what I would call sound money. Um, so what is money to claim on someone's time or energy? [00:24:00] And the second thing is that it's communication. It is language. It is how we communicate value to one another. So it is akin to speech in a way, and this is all going to relate to Bitcoin, uh, as we go further, um, right now we have the government and banks and a lot of laws and a lot of surveillance on all the transactions we do.

Jay (Bitsader): It's very hard to do anything online, um, money wise, and just about everything is online right now. Uh, they want to make it even worse. They're, they're watching our Venmo transactions that are over 600. It used to be 10, 000. It's just getting less and less. Um, so yeah, it's this, if you want to be free, if you want to have a free society, you and I, I'm sure believe in the first amendment and the second amendment and the fourth amendment of our constitution, that we should be secure in our person.

Jay (Bitsader): We should be secure in our money as well and have privacy in our [00:25:00] money. And, uh, and if money is a form of speech, like I definitely say Bitcoin is because it's code and there's encryption and it's the way we communicate, uh, government shouldn't have anything to do with our money. So I'm a big proponent of getting people out of dollars, getting them into gold and silver.

Jay (Bitsader): And I think Bitcoin is going to do way better than gold and silver, just because of the nature of what it is. Uh, because it's, it's just more powerful and it can reach more of the earth and it's easier to transact in, uh, we're going to take money back from the state and restore liberty to, to people, not just here in America, but everywhere.

Jay (Bitsader): I think that I'm very hopeful. I'm really excited about Bitcoin because of that. So what is money? Communications, claim on entity.

Dr. Sam Sigoloff: So I have a concern that I thought of while we were [00:26:00] talking about this, that people may say, Oh, isn't money the root of all evil? And I want to stop people who think that because that is a misinterpretation, a misquoting of Jesus. He said, it's the love of money. That is the root of all evil. And what's interesting, when you look at Hebrew, the word for money and the word for blood are actually the same word.

Dr. Sam Sigoloff: Which kind of goes along with what you were saying, that if you put your blood, sweat, and tears to pull gold out of the mountain, or silver out of the mountain, then that is your blood, sweat, and tears. That is your blood. And for society to work, you have to have money. Money circulating for a body to work.

Dr. Sam Sigoloff: You have to have blood circulating. And so there is this, this unique connection between blood and money. And, and that's why the love of money. Is the root of all evil because if you love money more than you love people, what will you do? You'll squeeze the blood out of people to get the money

Jay (Bitsader): I'm, i'm so glad you brought that up.

Jay (Bitsader): That is beautifully put. [00:27:00] I think the verse is in timothy when uh, maybe second timothy I'm, not really sure But uh, yeah, the the love of money is the root of all sorts of evil and I I knew before we started this I had to be really careful because I often say I love Bitcoin, but I gotta be careful. I am a Christian first.

Jay (Bitsader): Christ is my King. He is the only and supreme authority in my life. And, uh, I don't want to say I love money. I do love the promise of having, of separating money from government. I do love the idea of Bitcoin to restore freedom and, and liberty and individual to, or sovereignty to the individual. I think, uh, if you read Galatians, it was for freedom that Christ came at the chapter five of Galatians, all about freedom.

Jay (Bitsader): You know, a truth will set us free. And John, you know, I, I'm a big proponent of liberty and freedom and restoring the bill of rights and constitutional freedoms to the American people and to spread that around the world. [00:28:00] But I don't think that's what we're doing right now with our Fiat system. I think it's the biggest hindrance.

Jay (Bitsader): Um, but yeah, you don't want to love money. But money is not a bad thing. Money is not a bad thing. Without money, things, things can go really dark. You know, money is a tool that makes society happen. It makes development happen. It, it, it can, um, it does wonderful things for especially us in America. You know, it's hard for, let me just lead in.

Jay (Bitsader): It's hard for Americans to appreciate the need for different monies. Uh, other than dollars, because we have had this exorbitant privilege of living here under all this wealth. We're the richest country. The whole world uses our dollars and we really have benefited from that. Um, but we need to check our financial privilege.

Jay (Bitsader): It's not going to be like this forever. Someday this, this dollar is going to be seen for what it is. It's going to collapse. And it is collapsing, [00:29:00] but let's not say it's going to collapse. It is collapsing. It's been collapsing since rapidly since 1971, more rapidly in the last five years, especially during, you know, that whole illness thing that just happened and, and all the money printing they did then everyone can see it.

Jay (Bitsader): Everyone's talking about inflation. It's the number one issue for most voters in this election, but so few people understand the solution. Uh, it's, so that's my mission in life. I mean, one of my missions in life, I, like I say, I am a servant of, of Christ Jesus. Uh, but I see Bitcoin and communicating the benefits of it as a ministry.

Jay (Bitsader): And I especially want Christians to see. Um, the benefits of this and how they shouldn't be involved with these dollars, these dollars, it's debt and death slavery. Uh, it's just so [00:30:00] hard for people to see it, but if you dig deep, I think, uh, I think you'll come to the conclusion I've come to, and I don't fault people for going to gold and silver first.

Jay (Bitsader): It's a, it's a good option. I just don't think it's going to do as well because the last 50 years, the governments have had their thumb on the pricing mechanism for gold and silver, um, and they're able to lie and manipulate, uh, uh, the knowledge of the supply of, of gold and silver. Like there's 8, 000 tons at the, uh, At Fort Knox, but nobody's seen it for 50 years.

Jay (Bitsader): There's been no audits of any kind. So do you, do you trust your government? I know you don't trust our government, right? We have reason not to

Dr. Sam Sigoloff: trust the politicians at all. Yeah, of

Jay (Bitsader): course not.

Dr. Sam Sigoloff: I don't trust the leadership at all. I trust the constitution and, and we need to get

Jay (Bitsader): back

Dr. Sam Sigoloff: to that.

Jay (Bitsader): And, and anything can be money.

Jay (Bitsader): You know, we're all in this mindset. The dollars are the only money. It's the only money [00:31:00] anybody uses is dollars. And it's, uh, it's kind of sad. Uh, but if you, you dig into our, my definition of what money is, you know, claim on someone's energy or time and, and as communication about, you can really use anything as money, but then the next question is, what is the.

Jay (Bitsader): Best money. And for that, um, you got to dig in and understand the characteristics of money. And there's a, there's a laundry list of those that most people don't think about. But, um, just to put it really quickly, money, it has to be a medium of exchange, right? It has to be a store of value, hopefully a secure store of value, something that, uh, isn't going to fluctuate too much in value because of a, you know, A war or because someone counterfeits it, you know, like, you know, the American revolution, we had our continental, I think it was called the continental, our first [00:32:00] currency and the British army, they just printed tons of it.

Jay (Bitsader): Right. And flooded the whole system with counterfeit, you know, so it wasn't a secure store of value. Um, and it's got to be like a unit of account, you know, it's got to be fungible. Your, your dollars have to be the same as my dollars, you know, or, or silver or whatever. Um, and if we can measure different things, uh, what in this actually built a matrix of what makes good money, um, I have it here.

Jay (Bitsader): But I have 24 characteristics of what's, what a good money is. And I've just been thinking about over time and I compare things like dollars in your hand, dollars in your bank account, gold, silver, oil, equities, cryptos, Bitcoin, Livestock, you could use cigarettes or, uh, bottles of whiskey, ammo. Ammo is a good one.

Jay (Bitsader): You know, the question is how much economic value can you get [00:33:00] into something small enough to actually transact in over time and space and, uh, the best things. For thousands of years has been gold and now we have things that are better for transacting across space, like, like dollars that they're really good for transacting across space.

Jay (Bitsader): I can send dollars to, to you across town or dollars via a payment system like Venmo, Zelle, whatever to across the country and in seconds for, for zero fees. That's a really good system. The problem is the dollars do not preserve value over time. So that's, that's the problem. Um, yeah, so that's that.

Dr. Sam Sigoloff: So let's get into Bitcoin a bit more. Um, to tell me what we've talked about it. I want to know, uh, if, how deep you want to go into this, but [00:34:00] what it's done in the past and what you think it's going to do.

Jay (Bitsader): Well, um, the number one thing that gets people interested in Bitcoin is NGU, which is number go up, right?

Jay (Bitsader): And if you trace Bitcoin from its beginnings in 2009, basically 2010 ish, uh, nobody really knew anything about it until 2013. Um, when it shot up to a thousand dollars, uh, from nowhere, really, it started for the first year or two. It was less than a dollar. I think the first real transaction was in 2011 for a couple of pizzas, 10,000 Bitcoin for two pizzas.

Jay (Bitsader): Uh, yeah. But then in 2013, it made headlines around the world when it just shot up to a thousand dollars. It was a hype cycle peak, and it crashed immediately down to around $200 after that. Um, so Bitcoin has this, this really interesting four year cycle, and it's only been around since 2009 and [00:35:00] 2013. And in 2017, and in 2021, we've had what?

Jay (Bitsader): Uh, Bitcoiners call a hype cycle peak, um, where the price just goes crazy hyper ball. It just, it goes nuts. It goes up several multiples and we're coming up on another hype year, which is 2025. So in 2021, we had, uh, it peaked at around 69, 000 65. It had two peaks. It was really, it was a weird year. Peaked in the spring of 2021 at 65, 000.

Jay (Bitsader): And then it lost half of its value, like really quickly. And then it peaked again in November at 69, 000. And, um, before that it went from 3000 to 20, 000, uh, in 2017. Um, and who knows 2025, I mean, it could go, I'm betting on over 200, 000. We're at 70, 000 now I'm betting 200, [00:36:00] 000 or more. Uh, about a year from now and uh, it'll probably, it could go way higher.

Jay (Bitsader): It could be a little less. Um, I could be totally wrong. I don't know. We're talking about the future, right? So got a caveat with that. But if the cycle maintains, we're looking at a high valuation next year. And part of that whole four year cycle is that it, it crashes the next year. So 2026, uh, will probably give people another opportunity to get in at, at, at cheaper prices.

Jay (Bitsader): Um, and when I say get in, you know, I don't think people should be trading this thing. This is, this is something you should own. Um, not what, if you don't understand it, if you don't understand it, You know, you should learn about it first, maybe just buy a little bit, uh, get exposure. And once you see the number go up, maybe, uh, you'll be encouraged to learn about it more, but I wouldn't, uh, don't take my word for it, uh, it going up.

Jay (Bitsader): I do think it's going to [00:37:00] go up. Um, but the most important thing is to learn about it first. It is very volatile and that is normal for something that's as new as Bitcoin is. I mean, it's a brand new property and brand new money. So. Uh, it is. I think it's, yeah.

Dr. Sam Sigoloff: So, so you just said that the Bitcoin is about 70,000 a coin.

Dr. Sam Sigoloff: How do I buy a Bitcoin? I can't afford $70,000. That's a, that's a fantastic

Jay (Bitsader): question. That was a bit of a set of coin. Luckily for all of us who aren't. Yeah, thanks. Luckily for, uh, for all of us who aren't, uh, super rich and including myself, you don't have to buy a full Bitcoin. Uh, every Bitcoin is divided up by a hundred million Satoshis and a Satoshi or a sat is like a penny to a dollar.

Jay (Bitsader): So you get a million Satoshis, you get one Bitcoin. So you [00:38:00] can go onto an exchange. Um, like everyone knows coinbase. It's not, it's not something I recommend, but it works and you can buy a fraction of a bitcoin. You can buy a few satoshis. I think in some places you can buy a dollar worth of bitcoin. I think it's like a thousand, 1300 satoshis, something like that.

Jay (Bitsader): I buy 10 like every day, every single day. I have been for, for years, early years. And once it, once I figured it out, I figured it out in 2021 after the last peak, I was, I was too late for the last peak. I've been in Bitcoin since 2000, early 2016. I bought a whole Bitcoin for 400 in 2016. And I had no idea what I bought.

Jay (Bitsader): I, I was just, I didn't know. I wanted to learn about it. I heard people talking about it. I bought it. It went to 700 six months later. I sold half of it. I thought I was a genius. In hindsight, I was an idiot, [00:39:00] but, uh, and I went on for another five, six years or however long that is 2016. I didn't get it until 2021.

Jay (Bitsader): It takes time to learn it and to have confidence in it. Uh, now I, I might sell a tiny bit of my Bitcoin in the hype cycle, but the vast majority of my Bitcoin, I am not selling. I believe it's, it has the potential. I think it's going to replace money. I think it's going to replace most of the valuation in gold.

Jay (Bitsader): I think it could replace most of the monies we have in real estate. I mean, I'm a, I'm a big bull. There is, I don't think there's anything better than Bitcoin right now. And I'm ready for your objections. I'm ready for your challenges. There's a, there's a ton out there and I love taking the challenges because I need to, I need to make sense.

Jay (Bitsader): Of, uh, where I could be wrong. I need to, you know, I hear lots of people say it's a [00:40:00] bubble. It's, uh, the government's going to ban it or, um, it's going to be crushed or, or by quantum computing or something like that. But there's lots of these objections and they're, they're good objections that you should have objections.

Jay (Bitsader): That's why I tell people to learn. I have answers to all these things and they're not the best, not perfect answers. I'm not the most articulate. I'm not an expert in programming and cryptography and things like that. But I know enough to be confident that this, this Bitcoin is not going away. It can't be replaced like by another crypto.

Jay (Bitsader): That's another thing. People talk about Bitcoin being slow and old tech and this crypto is better. It's not better. Uh, it's not better at all. And I'd love to talk, tell you why. Um, yeah, but if you don't have any and you're curious and you want to preserve your personal sovereignty, I would suggest learning about it at least.

Jay (Bitsader): Um, get an account with [00:41:00] strike or river. Um, and all of these are, uh, KYC platforms. They're third party. I wouldn't put a lot of money in until you learn what it is. And once you learn, then you used to. Start to take the next steps. You learn how to take custody of it, protect it, have it in your own possession, and then the next step is actually running Bitcoin to software and actually being part of the people that secure it and keep it, um, safe from attack and safe from being, being wrecked by governments or, or other cryptos.

Jay (Bitsader): Um, there's a, there's a lot to learn. It's like I say, it was five years before I figured it out. And I'm three, four, three years into being a serious Bitcoiner and I still know nothing, uh, compared to, you know, there's still lots to learn. I should say about the code, about the philosophy. Um, [00:42:00] I don't think you'll ever learn everything you need to know about Bitcoin.

Dr. Sam Sigoloff: So, so why will Bitcoin not be usurped by a different cryptocurrency?

Jay (Bitsader): Fantastic question. And this is one of the things that kept me out of Bitcoin for five years. I was like, some other cryptos is going to come along and it's going to be better. It's going to be faster. It's going to, you know, the difference is it's decentralization. It's who runs it. So all these cryptos.

Jay (Bitsader): That are out there and there's thousands of them. Now I think there's like 15, 000 or 30, 000 of them. Basically what these people do are that start these up. They take Bitcoin or a version of Bitcoin. They change it a little bit and they centralize it so that it's running out of their basement or it's running out of some office in Austin or San Francisco or Russia or anywhere, you know, [00:43:00] anyone can start up a crypto and say, Hey, invest in my crypto and the low because it's low volume.

Jay (Bitsader): The prices of some of these cryptos can go through the roof overnight. Of course, they all always crash. They're all pump and dumps for the most part. I mean, there's a few that, um, that stayed in the top 10 and they're strong because they got really good looking white papers. They got celebrities behind them, but basically they're Bitcoins with bells and whistles, but they don't have the people.

Jay (Bitsader): They don't have the network in the background. Bitcoin is different because you and I. Can spin up a node on an old computer, a Raspberry Pi, an old laptop, and we can run the code and Bitcoin exists on what all these things called full nodes. And there are thousands of them around the world who controls Bitcoin.

Jay (Bitsader): I control Bitcoin. You can control Bitcoin. You can go buy a Raspberry Pi, you can go buy a little server and put Bitcoin code [00:44:00] on it and all of a sudden you have a full copy of every Bitcoin block transaction that has ever happened in your house and the vast majority of these full nodes are hidden on dark web.

Jay (Bitsader): They're hidden behind the Tor network. So nobody even knows you're, you're running the code. So if a government wanted to ban it. They would have to find all these nodes that are hidden behind Tor encryption and shut them all down. But they don't even know where they are. You know, I could be running a code.

Jay (Bitsader): Maybe this thing right here behind me is a Bitcoin node. Maybe you can see it, you know, making blocks and verifying transactions. Uh, but no, and maybe I'm doxxing a little bit here, man, whatever. Uh, you can spend a node for 300 bucks of old, like brand new on a Raspberry Pi. All you need Uh, for storage space is a terabyte hard drive, one terabyte hard drive.

Jay (Bitsader): I think Bitcoin, the whole history [00:45:00] from 2009 to now is under 700 gigs. There are small blocks of data transactions, very low volume. So you can have a very underprivileged people around the world running old computers, verifying transactions, and having a copy of Bitcoin. These other cryptos, not at all.

Jay (Bitsader): They. They are, some of them require mainframes. They're highly centralized. Government wants to shut them down. The sec wants to shut them down. They just, they can go right to their doorstep and most of them are public identified, like who's the president of Bitcoin. There is no president of Bitcoin.

Jay (Bitsader): Where's the. Where's the central office of Bitcoin? There is none. All these other cryptos, there's an office somewhere and they can be shut down. So once you start on your Bitcoin journey, get some, take possession of it, get a hardware wallet. Um, and then the next step is you'll run a node and, uh, perhaps you might even get into mining, getting a mining node.

Jay (Bitsader): That that's really how [00:46:00] Bitcoin works. We have miners around the world that, uh, Um, they package all these Bitcoin transactions into blocks every 10 minutes, and every 10 minutes, once they solve, uh, this hashing function, they, they, they unlock a block that's full of transaction transactions. Transactions like between you and me and then that transaction gets put on the blockchain or the time chain is the inventor Satoshi called it and you can see that right behind me here.

Jay (Bitsader): In fact, uh, there's a website here called web men pool dot space and anybody can go on it. And anybody can see the entire history, all those blue blocks behind me. Those are blocks that were just added to the blockchain. And each one of those blocks is about two megabytes in size. And they have anywhere from a thousand to 5, 000 transactions between people on them.

Jay (Bitsader): Yeah, there's no names. It's all like anonymous. And, um, [00:47:00] this green block right here, it's constantly changing. That's the block that the miners are working on right now. And once they solve it, about 10 minutes, that green block, which is also right here, the small one will move over to the completed ones and be added permanently to the blockchain.

Jay (Bitsader): And that this line of blue, purple blocks, it goes all the way back to 2009. And that is where all the Bitcoin is stored. And every node has a full copy. So if anyone asks you, where's your Bitcoin stored, it's not on your wallet. It's not. Here or there it's on the blockchain. And where's that blockchain?

Jay (Bitsader): The blockchain is on thousands of nodes dispersed all around the world, most of which are hidden. It's a, it's a beautiful code. It's a, there's nothing like it. It's an incredible invention. Um, yeah. So where do you want to go with that?[00:48:00]

Dr. Sam Sigoloff: Okay. So I think you're kind of alluding to this and I'll see if I can put it together in words, but basically Bitcoin is built on a. A mistrust of everyone. And so to do a transaction, I have to look at this ledger, that ledger, and the other ledger on all these different computers. And they all have to agree, and if one of them doesn't agree, that one gets rejected.

Dr. Sam Sigoloff: So it's, it's difficult to counterfeit this. But then the next question is, Okay, what if I can get a quantum computer that can have as much computing power that is available in the world right now? And I could have more ledgers that make the other one, the real ledgers look fake.

Jay (Bitsader): Ah, it cut out a little bit there, but I think I got what you're saying.

Jay (Bitsader): Um, so every node has a copy of the ledger and they have to agree. And every 10 minutes, um, my node updates with the, with the extra block and every transaction in that block has to [00:49:00] be, it's verified by my, my copy of Bitcoin. If it's not a legitimate copy, if there's any cheating, if there's like a double spend or someone's sending Bitcoin From one spot to another spot, but it didn't exist in the original spot.

Jay (Bitsader): My node, along with all the other nodes in the world, will just reject it and say that transaction is no good. You can't put that in the block. You miners, you can't put it in the block. It gets thrown out. So all the Bitcoin that's on the blockchain is absolutely verified by thousands of nodes, all agreeing.

Jay (Bitsader): And all these nodes, if there's a change to Bitcoin, uh, there are improvements every once in a while. They're called, uh, I think the Bitcoin improvement proposals, BIPs, and they're numbered. And every time a developer comes with it, all of us nodes basically Can agree to it or not agree to it by updating our software.

Jay (Bitsader): If we update and we agree to it, uh, and these are all soft forks, like you don't [00:50:00] have to, you don't have to upgrade like, uh, anytime the code is, it's proposed to change it in a dramatic way. So that makes it incompatible. So that's called a hard fork and none of us are going to go for that. None of the nodes, it happened in 2017.

Jay (Bitsader): Where, um, Bitcoin Cash and a few other Bitcoins that are people that wanted to change the code and make it faster and cheaper. They tried to, uh, change Bitcoin fundamentally by making these blocks bigger. And when they did that, it, it barred a lot of poorer people from running nodes. So the vast majority of nodes said, no, we're not going to split.

Jay (Bitsader): We're not going to go to your version of Bitcoin. We're going to stay in the original one that was called the block size wars of 2017. The small blockers one, and they're basically people who want, who wanted small blocks so we could have older computers running it. And these big blockers were [00:51:00] mostly minors, uh, big companies, possibly governments, people who had a financial interest and taking control of Bitcoin away from the people like you and me.

Jay (Bitsader): And they lost Bitcoin cash. You look at it today. It's one of these cryptos. Uh, it's not worth, okay. At all, what Bitcoin is, um, and most of the cryptos kind of came from that sort of process. They wanted something more centralized, faster bells and whistles, but it's centralized. And the one thing about money is it you want it to be resilient.

Jay (Bitsader): You don't want anyone to just be able to change it. Bitcoin has been, it's had small changes in a lot since its inception in 2009, but for the most part, you can send me Bitcoin from 2011 and my node will process it and accept it. Nothing's changed. Uh, it's another beautiful thing. To change Bitcoin, you need 50 percent of the nodes to agree to [00:52:00] a really big change.

Jay (Bitsader): And even if the minority doesn't want to change, Um, that will end up in a, another fork. The, the original fork. And that might be the true Bitcoin, the ones that don't change. Um, so if, like, if the government wanted to spin up a bunch of nodes and, and do a 51% attack, they, they might be able to keep the name Bitcoin and change it to some other fork.

Jay (Bitsader): But anyone paying attention will be like, I'm not changing, I'm sticking to the old one. Even. It's the 49%. We're the ones that are not forking. That's where people are gonna go. That's where the value is. It's the Bitcoin that's controlled by the people. And I don't think the government or anybody has the resources to launch a successful 51 percent attack anymore.

Jay (Bitsader): The time has passed for that. Bitcoin is secure and it's only getting more secure. It's only growing. It's only grown for years. Um, yeah, so,

Dr. Sam Sigoloff: uh, [00:53:00] so you're saying it's resistant to hostile takeover. Very, very resistant,

Jay (Bitsader): more resistant than anything. And that is the, the issue with cryptos. They're, they're not resistant at all.

Jay (Bitsader): They're, they're in an office somewhere. They can be changed. Even if you look at Ethereum, for example, the number two crypto in the world, it's hard forked many times. It's changed so much. And over time, their dominance of the crypto market has just gone down and Gallup gone down and down and down. The value has gone down.

Jay (Bitsader): Uh, just a couple of years ago, they changed it from a proof of work system. We talked about proof of work. It's like gold mining, right? If you put energy in, they change it to a proof of stake model, which we, I don't think we've really talked about that yet, but Fiat is a proof of stake model. Whoever has the most Fiat dollars.

Jay (Bitsader): They have the most influence on our elections, our lives, everything, right? And they kind of moved Ethereum and many cryptos are [00:54:00] proof of stake. Whoever has the most of the coin gets the most say. That's not the case in Bitcoin. In Bitcoin, whoever runs the nodes have the power. And you can run a node, I can run a node, people in Africa can run a node, and they do everywhere, and they're hidden.

Jay (Bitsader): It's, it's amazing. It's, uh, it's very censorship resistant. And, um, today we're talking a lot about. Speech and censorship. Uh, Bitcoin is super censorship resistant money. It can't be frozen. Your dollars can be frozen. You know, a couple of years ago in Canada, we had all those truckers protesting the shot and uh, government just froze their bank accounts.

Jay (Bitsader): Even if you just sent money to people like in support, if you send a donation to someone, all of a sudden your bank account gets frozen. I can't do that with Bitcoin. They can do it with, Exchanges, so like, if you have Bitcoin on Coinbase or or some other place, government could say, hey, [00:55:00] this person's account, you need to freeze them.

Jay (Bitsader): So that's why people need to take the next step and actually withdraw that Bitcoin to their own custody. Once it's in your own custody, and you're the only one who knows the keys. So that Bitcoin, there's no stopping you. Nobody can take that from you. Uh, so that makes Bitcoin borderless, in confiscatable.

Jay (Bitsader): Uh, it's really gonna change the world. Can you imagine if people, if everyone had money that you couldn't steal, like just, just think about it, money that people can't steal, what does that do for people in the third world who live in huts and have dirt floors? They, you know, They live in a village, but they have a cell phone and they can access the money through the cell phone.

Jay (Bitsader): But they, if you give them dollars, they have nowhere to put them and they can't even open a bank account because of the fees associated with that. So another great thing to learn about is El Salvador. If a beautiful Bitcoin [00:56:00] story, uh, El Salvador's transition from the most violent country in the Americas to the most peaceful country in America is the safest country, safer than Canada.

Jay (Bitsader): The murder rate is dropped in nothing and there's hope there for the first time. What changed? There's a president there, Naomi Bukele, and in 2021, he made Bitcoin legal tender currency of that country, first country in the world to do it. And that country has done an incredible turnaround. Um, and it's a beautiful story.

Jay (Bitsader): If you look at the history of like Bitcoin beach, it's worth the YouTubing, a bunch of Americans going down there and they just want to surf. And then they start a local economy of bitcoins, getting people, you know, paying for food and lodging, getting the locals to accept Bitcoin. And then the local seeing the appreciation and value of this Bitcoin that can't be printed away like, like dollars.

Jay (Bitsader): The currency before that was dollars, uh, ever since their civil war in, I think 2003, [00:57:00] I think they've been using the dollar since 2003, but El Salvador was wrecked by civil war in the eighties and nineties. economy. All the, you know, the gangs that came to America all from El Salvador, that's, that's stopped.

Jay (Bitsader): You know, we're not seeing El Salvador, El Salvadorians come to America anymore. The MS13s and all that, that's. Uh, that's changing. Uh, people are migrating back and Americans are expatting there and people all around the world who are Bitcoiners are going to El Salvador because they can use it tax free and, um, and they support innovation in this market.

Jay (Bitsader): Um, so I think, uh, El Salvador is a beautiful story. It's worth people looking into. It might be come the Singapore of the Americas or the Switzerland, you know, over time. Um, And what does our government say about it? What does the IMF say about it? They have nothing but [00:58:00] condemnation for both the president and that country.

Jay (Bitsader): It's, it's really. Sad. And that's all motivated by fiat dollars. It's all motivated by the central banks who are not on our side. Um, I would argue that the central banking is probably the most evil thing going on besides sin itself. Central banking is probably the most evil entity on the planet. They are the, they are the money changers of Jesus time in the temple.

Jay (Bitsader): You know, They were taking advantage of people bringing their sacrifices. Those same people are the ones running the banks today. They've been running the banks for 500 years and they were running something else before that, but they, they create money out of nothing and they charge us to use, to use it with interest.

Jay (Bitsader): It's, it's a sick system and I think it's coming to an end. I think Bitcoin is the one thing that can put it to an end. And my hope is that my friends, my families, Hopefully Christians in general, Americans who love liberty will learn [00:59:00] what sound money is, investigate Bitcoin, and defund this old system by storing their blood, sweat, and tears.

Jay (Bitsader): In Bitcoin instead of dollars.

How's that?

Dr. Sam Sigoloff: I think that's wonderful. I think it's a great place. I think it's a great place to wrap up too. Jay, where can people get more information for you if they want to follow you?

Jay (Bitsader): So I'm on Twitter or X, uh, you can find me as Bit Seder, B I T S A D E R. That's, uh, yeah, that's a, that's an easy way to find me.

Jay (Bitsader): Um, I'd also encourage people who want to learn to, uh, look up the Bitcoin standard by Saifedean Amos. He's an economist, Lebanese guy, wrote the book, Bitcoin Standard, has a great podcast, YouTube channel. Check out Bitcoin University by Matthew Crowder. Fantastic YouTube channel. There's a video every single day talking about fiat and Bitcoin, [01:00:00] how Bitcoin is a solution to everything.

Jay (Bitsader): Uh, let's see there. There's so many places, um, to learn Swan, Swan, Bitcoin on YouTube. Incredible channel. Just every day they've got videos about Bitcoin. So, Yeah, check me out on Twitter, but I mean, I'm the, I'm the least of the Bitcoiners. There are so many great resources. Michael Saylor. I can't believe I almost forgot Michael Saylor, the CEO of MicroStrategies.

Jay (Bitsader): Him and Mark Moss, they're the ones that helped me in 2021 get off the crypto bandwagon and go Bitcoin only with a little bit of gold and silver, just in case the lights go out. You want your gold and silver, but yeah, Bitcoin is, is, is hope. It is the great. I think it's the greatest invention of our time.

Jay (Bitsader): I think it's going to do what electricity did 100 years ago. It's going to do what gunpowder did 500 years ago. It's going to change the world, and this is our [01:01:00] opportunity to front run governments and corporations getting it. The time, but that time is ending. It's, it's, it's It's getting short. Um, so learn what you can and get some exposure, learn about it.

Jay (Bitsader): I'm not a financial advisor. It's not financial advice, but Hey, it, uh, it doesn't hurt to learn and to get some exposure. And, uh, And I love your work too, by the way. I just watched, uh, your last, your last, or I just listened to your last podcast and I recommend people stay with your podcast too. It's fantastic.

Jay (Bitsader): Uh, what was it? The, uh, Nazarene project. That was awesome. Really cool podcast. Love listening to it.

Dr. Sam Sigoloff: Yeah. Thank you. That was a good one. That was pretty amazing project. What he did. Great.

Jay (Bitsader): Yeah. So I could probably talk all day about this stuff. So. Well, if we got to terminate, well, uh, maybe now's a good time, but I'm, I'm open to [01:02:00] discussing again sometime.

Dr. Sam Sigoloff: Yeah.

Jay (Bitsader): Whatever you like.

Dr. Sam Sigoloff: Well, Jay, thank you so much. I greatly appreciate it. God bless you and your work and keep doing it. Um, keep spreading the news and, uh, we'll, we'll talk again. I really

Jay (Bitsader): look forward to it. I'll see you in church anyway. Right. Probably wherever that is.

Dr. Sam Sigoloff: Yeah, we'll talk to you.

Jay (Bitsader): Have a good one, doctor.

Jay (Bitsader): Sam.

Dr. Sam Sigoloff: Alright. You too, man. God bless you. Bye bye. Bye.

Dr. Sam Sigoloff: Just a reminder for everyone out there, the duty uniform of the day, the full armor of God, lets all make courage more contagious than [01:03:00] fear.