I'm not a fan of Kevin, in fact, as I posted several times on this thread, I hate him with a passion I was reluctant to watch this video when I realized that Kevin is the guest, but I'm glad that I did watch it He has so much real-world knowledge and experience and even if I disagree with him on stuff, i.e. miners and ESG investing, those are trivial in comparison to the inside information he brings to the space wrt to big, big money investors and their mndset
I read one of his books... he's just a Simp. Many claim he should be in jail for some of his shinanagains.
Excellent video, thanks for sharing. Amazing how intelligent he sounds in here, and yes, he seems very well connected to what's going on. I also disagree on the ESG investing part. I don't think the movement against BTC with regards to energy use is that strong. The benefit of decentralization is far stronger than than any temporary energy issue. He is right though that energy will move towards the cleanest and cheapest way to produce it, and those countries who do it will be the winners. That last question about tax on $100M networth certainly triggered him. Its amazing how rich people feel so entitled to their wealth. I read an excellent article that demonstrated how rich people feel like their wealth is 100% a result of their hard work and how poor people must be lazy. They live in this bubble and assume their actions alone are responsible for their good fortune, but in fact it was proven that it often is just luck. He also made a point about how bad ideas "self correct" in America. I think he is misguided in this case. If you simply look around at what is happening, I think the fabric of society is crumbling. The rich have control over all the policies and any attempt to bring some fairness back into the system is thwarted. It will not self correct in my opinion, but rather die a painful death, and out of that will be a rebirth. I will provide a direct example. In Canada, real estate is a hot topic. The government attempts to say they care and wants to make housing more affordable, but clearly no policies point in this direction. The sheer number of immigrants coming to the country add so much to the demand side, that even if you could fix the supply issue, it still wouldn't be enough. An entire generation of people will not be home owners, and when these people retire, without the equity to live off of, they will be a huge drain on the system. At this point, even a 10% or 20% correction will not come anywhere close to helping. A 30% correction takes prices back to just before covid. A 50% correction will of course decimate the country and economy. Most don't believe RE can correct like this, but if it doesn't, the future is extremely bleak for the younger generation. Look at this chart I saw posted in twitter to explain how absurd the issue is with regards to prices and incomes. How on earth can any government or policy fix an issue like this without decimating current home owners, or continuing to screw potential future homeowners? So in this care, there will be no self correction. There is no mechanism to make things more fair. It will either be a crash of historic proportion, or the loss of opportunity for an entire generation. What I love about BTC is that it will fix this. It would fix the income inequality issue quite well, but of course the transition will be very painful. But I don't expect any corporation or government official to make this fix since its never in the interest of those with the money and power to share.