hello welcome to
uh category five coffee break i'm bp
nine hello
and uh i have uh we're very happy to
to uh to have uh robert k bakwis
he's over here if my um uh if my
uh screen is correct so give us a wave
robert
good morning or not that's right thank
you i appreciate that
and then up on the top left way up there
um should peter peterson yeah yeah okay
thank you sir
can i make a uh let me get the actions
out first and then it started okay
so wait up here would be uh doug
hello doug and then we've got over this
side with silver give us a wave zombie
thank you sir
yes sir thank you very much live long
and prosper
[Laughter]
robert it's a real pleasure to have you
back for the for the
discussion thank you i have more
questions but i'm going to let everybody
else have a go first this time
because i monopolized you quite a bit
last time so um
uh peter i think you had a question did
you want to
did you want to go ahead yeah i wanted
uh i've been messing around for 20 years
or so i went on
a lot of processing all right with the
audience
i've been working on some video
processing
um i want to show you
see if anybody is the difference okay
i'll turn it from another laptop forgive
me for this okay i'll do it now
this is the old one okay uh okay
the old one
robert is enjoying that all right well
he's doing that yeah is that
why he's doing that we might just talk
with robert
let me move to a city so there's no wind
yeah peter can you hear us
your uh your first your first microphone
test is way better than the one you just
now did
because the one you just now did sounds
very mechanic
and very soft i think that was a
playback actually
okay in any case
[Music]
yeah you're right it might be a it might
be a mechanical recording or something
okay we're not gonna uh peter i need to
respect robert's time here so um we're
going to continue
on with the discontract though
i'm glad to play the real one they're
not we we heard it
we heard it fine peter but i need to
spit i need to respect robertson here
so
well that wasn't the intent but okay
all right uh who else had some questions
for who else had some questions for
robert
doug how did you um did you have some
questions
i know you were we were having a chat
prior to
starting the meeting i asked robert a
question and got my answer
um oh good okay frankie didn't
work in the u.s so i asked him for or
doesn't work in new york state rather
so i asked him for a secondary
recommendation he gave me
an exclusive finance bi n-a-n-c-e
all right okay yeah dot u s um
so
got it so b-i-n-a-n-c-e dot a nce.us
yeah is that correct yeah that's for the
americans
okay so so
for um um
do they insist on a street address and
they do the when they do the address
verification is that way yeah that's
that's the first time when you log into
one of these exchanges they need to do a
so-called kyc
uh which banks also have to do so they
need to register that
it's really you doing the transaction
and
as you're only transferring fear to us
dollar
for example into that account so that
you can start trading with cryptos
then you need to go through kyc exchange
and
uh the best ones are is definitely
kraken
and binance and if that fails then
really last resort
is coinbase that's from my point of view
so what do you have to provide in order
for kyc to work
uh with with kraken it is
uh a passport or driver license
and uh and address but they don't
i don't yeah they no they don't verify
the address
and you have to take a picture of
yourself and if you want to have larger
amounts then you also have to verify the
address
huh oh interesting okay
uh sabu did you have any change
have i had any others do you have any
questions for
uh for robert no a long time ago i
decided that i'm not getting into the
virtual currency market okay
yeah yeah sure unless it is mandated
by which there is a very little chance
of that
unless it is what mandated by our
government then uh i would have to but
uh until that happens
and it's a very low probability of that
happens i'm not getting into it
i would yeah see the more right the more
research it again i'm not dipped my toes
into it either but the more i research
it the more
that it seems like this is an investment
i.e a gamble um it's it
really is uh you are gambling that the
price of the cryptocurrency
go up over time yeah and i'm not a
gambler
well um any time you invest in the
stocks and shares and
maybe if you are in the same boat though
aren't you yeah
i am i have no stocks of any kind
for for for the same reason that i do
not gamble with my money
in any kind of market so i have a hard
cash
and i have a bank account and a few uh
debit cards and that's it i have no
plans to uh
okay okay let me just
let me just inject in here because there
are two aspects one of course
is the investment side which is at the
moment
really interesting because of of the
bull market that we have
but i understand your point of view but
what will come is the technology of
cryptocurrencies yes all the banks even
in europe all the banks are currently
investigating the technology of
cryptocurrencies and it will come
directly indirectly
and yeah of course you can wait uh until
something happens
but the more you're prepared and the
more you know about how this technology
works the easier it will be for you
so dipping your toes is definitely
recommended
i mean what is the private key what's
the public key
um how does the blockchain work all
those things i would just
take a look into that it doesn't mean
you have to invest
how would you learn about blockchain
yeah
i know how it works but i'm not uh
getting into it uh
for for the uh for the uh plain and
simple isn't that
the two reasons one i don't gamble so
it's no investment
opportunity for me and i don't trust it
with my money
um that's what i do exactly that's what
i didn't mean
you don't have to put money in just
learn how the technology works
yeah because it will come it's like the
internet
yeah it's like the internet and in 92 93
yeah you were also had the option of
getting involved in doing something
and maybe programming a website in html
but it's a technology that will change
the finance world
yeah like how much do you learn about
blockchain just how much do you learn
about the blockchain when you uh
when you invest like that though no you
don't have to invest
you learn how to operate it yeah exactly
you don't have to invest a penny in
in cryptos logistic technology like for
example
finance yeah how is finance going to
yeah like loans
um and all those things uh it will have
an effect in your life whether you want
it or not
yeah and so you don't have to put money
into it yeah with
zero money you can check these things
out
yeah but i think nbp and i wanted uh
yeah when you do
invest how does that help you learn
about how it works
if you want to invest right you need to
make errors
because in this industry is completely
different to the traditional industry of
of investing in shares yeah so this is
driven
i mean i don't know if you've been able
to follow the gme
uh reddit thing last week yeah that's
crypto
okay so it's driven by memes it's driven
by
young people um i'm
well outside of the average age of
crypto
people average age is around 27 28
and they think completely different than
the traditional ones so if i would go to
my
uncle he would say yeah i buy in gold
and that's it i will only invest in gold
the young people will say what do i what
can i do with gold i want to have
something that's digital
that i can trade at any time at any
moment so
there is the change in mindset and so
that's where you have to learn
how to how to operate in that field and
it's very simple
basically you have to check who is
currently the
i mean and this is applicable only to
the current bull market
when the bear market comes it's a
different thing so the current bull
market you have to see
who is currently pushing uh what coin
you make a list
of those yeah because if nobody's
pushing uh
a coin if you find something like no not
giving any names
when you find a coin that you like and
nobody's pushing it it will not have an
effect on your
on the on the increment of of the price
so you have to check who is currently
pushing it then
what industry is it in yeah because not
every industry is currently
of of interest in the cryptos investment
side
who's involved um how many people are
programming
it's all done through one website so you
go to coingecko
you select those coins and you've got
all the information there so
it's much easier than the traditional
market that is driven by
some people in wall street or or any
other exchange
but you have to really learn that first
i i made a video i think uh six weeks
ago or so on how to
do a research on a cryptocurrency
yeah i remember catching that crypto
corner episode uh
that was very interesting and one of the
things that i noted about
your episodes is they do focus on
doing the research and doing the um
and researching via coin get go and all
the others
um but they don't really talk very much
about how to get involved how to get
started in the first place
things that the quest sort of question
doug and i had
last week were were
how to how to get a wallet how to build
a wallet
um what software to use is hardware
wallets or software wallets the best
option
you know things like that those are the
sorts of those are the sorts of proper
things that
that i like to try and figure um
that's from my point of view already for
advanced
if you're completely new yeah if you're
a complete europe
you have to go through a process if you
complete new
just identify a few coins i recommend
only only top 10 uh and
maybe only ethereum and and and bitcoin
because they they are the most stable
ones um
go into an exchange open an account and
exchange buy them there
and leave them there yeah so if you go
through
an exchange like kraken then it's not an
issue
the fdic insured so your investment
will be secured up to 250 000 u.s
dollars
but that's the first step and then the
second step
is learning how this whole eco
environment works
yeah and then you need to get involved
into what the wallet is
which is the right wallet do i need to
have hardware software wallet
that's for advanced get you a position
so
so those first those first steps though
when you
buy when you very first get uh
build or or create your kraken account
whatever
exchange you choose to use um
when you buy crypto and you spend
the um uh uh the fiat
currency to buy the crypto
which i mean you must have already
created a right
a credit sorry there was a blip in the
line you must have already created a key
in order to receive those that
cryptocurrency
if not yeah where does that
cryptocurrency live
it lives it lives on the on the exchange
and so
when you you buy something with fiat
you're not confronted with any keys
you just go into the exchange you say
i've got
200 us dollars or 2 000 us dollars and i
want to bury bitcoin
that's all there is you will not be
confronted with any keys the keys
are only of interest when you transfer
the financial value of of a currency
into another wallet or you
or another person but
you get access to that to that
cryptocurrency that you just bought
uh they have got a wallet for you so if
you go into kraken
it's called funding so they don't call
it wallet they call it funding
and you click on funding and you'll see
then your bitcoin in there
and then if you want to send it to
somewhere everybody else or you want to
receive
yeah let's say i want to send you some
bitcoin
then you click on receive and then
you'll see the the the
public key or the public address it's
called and you give me that and then i
can do the transfer
so they're holding on to uh the the
crypto
in um in a
wallet of their own that you just happen
to have access to
correct and so one of the things that
you say on your
on your that you have a sign on your um
on your uh podcast your crypto corner
podcast is not your keys not your
not your coins does that apply here
it applies in general yeah but if you're
a complete beginner that's too much
so i would really just get the toes wet
buy some cryptocurrency and have it on
the exchange and then start learning
from there
yeah so ultimately of course
you're only the owner of a currency if
you've got them on your private on your
wallet
your own wallet with your own keys and
somebody like kraken coinbase binance
they don't give you the private key
because
uh it's their risk at the end so they
only give you the public key
so it's basically an iou like with your
money in the bank account
yeah they don't give you the money
directly it's an iou and they do then
fractional uh bank banking
with your money
so um the
so if you choose to then transfer some
funds from
the kraken wallet into your own wallet
um you would need to initiate that
transfer at kraken then correct
correct yeah so you go into your into
your
wallet into your own wallet you click
there on receive
and then that will give you then uh the
public address of your own wallet
you take that address you go into kraken
you click there on send because you want
to send your money
you enter your address in there you
click send you need to go
through some routines like two-factor
authentication and so on and that's it
okay and i that's step two you know step
one
is definitely only uh getting an account
on kraken or binance and getting some
currency
learning more about the basics and then
really
transferring it and hopefully making
errors along the way because
i learned in this industry you only
learn through making mistakes
yeah and one mistake that people can do
is uh
to forget the password to to
yeah a story that came
this week or something or a few weeks
ago
about a german programmer who lost he
who lost the password to a
wallet that he's had for many years
and he have he have a lot of a few
bitcoins there which he received for
creating a video in 2011
when the price of a bitcoin was quite
low
and then he has two tries left to figure
out the password
and if he doesn't um uh remember the
password then he loses
228 million us dollars worth of
bitcoin money just for forgetting the
password so
select the password that you are able to
know what is you know what the biggest
mistake is
in in this industry it's not so much the
password and password is an issue but
the biggest one is greed yeah because
people
they see that like like with dogecoin
you know where then
elon musk pushed coin and this thing
goes up
200 percent and that's the biggest
problem from the investment side i know
that's not
that much interest to you but
that but that's the biggest problem in
the industry that people are too greedy
and very very interesting because you
know it's you can choose between
uh buying perhaps precious metals like
gold or silver or whatever
versus versus bitcoin or maybe both i
don't know
again even with gold or silver you are
gambling that the price of gold and
silver will continue to increase over
time
and there is so much hype in the uh
in media that you don't know what to
believe so
i i don't know how you how you do that
research who do you believe and who do
you trust
that's that's simple i mean for me
because it's my
my investment is
with gold i'm not in control of the
market i don't know what's going on
i only have to hope that the price will
go up it's like going to a horse race
and hoping that one horse will win
without knowing anything about the horse
race with crypto
of crypto though right no with kryptos
you can because everything is done
through the computer
the research and everything i can
predict more or less pretty precisely
which coin will go up next week and
which one will not go up
okay yeah and that's just by listening
to twitter because everything the
90 percent of the communication is done
through twitter
and telegram not facebook not reddit
twitter and telegram
everything happens there and then if
influencer on top of that
pushes something then you know this
thing will go up yeah dude was visible
with bitcoin
where you had two titans billionaires
pushing bitcoin and the price didn't
move after that
yeah when when elon musk put bitcoin
in his twitter handle the price didn't
really move
since then so but you know that that
will have an impact
in the short term so you know that if
you put a
money into bitcoin it will have a
positive impact to your
portfolio yeah with traditional shares
you're not in control because there are
plenty of people
that manipulate that industry as we've
seen recently
and you can't do anything about it with
cryptos it's different
this thing is global you know that's in
addition so it might be something
attractive to china
and you don't know about it and so had
an
impact so you need to be open-minded in
that sense
it's going to change our world speaking
of great
it reminds me of a story of a good
friend of mine
this is a 25 year old story
uh long before anyone's had internet um
he used to pick
a lottery ticket number um he was
playing he was saying
um he has a uh
soccer fan or football as we call it in
europe um and he was um
[Applause]
each each week he was um betting on uh
what team would win and so on and and
one of the
uh we were visiting him a few friends
there one day and one of them noticed he
had a few coupons
with their team teams and so wonderful
for this week
and he and one of them asked if he if he
if he used to
if he had any money
out of it if he ever won something and
he
smiled and he said no for that i have to
uh
turn it in and that costs money no no
he said that if he had turned it in
every week and paid
for having it in he could have a few
million dollars a few million uh
are you talking about are you talking
about lottery there soliboo
or are you talking about well okay yeah
and we already know the odds for lottery
are that you're
you're going to lose i mean yeah but you
put money in every week
you know yeah yeah but um it is not a
lottery it is um
a betting on a football team in each
week um
football matches
good at it at the time but he had no
interest in paying money for doing it it
was the
justice uh so um there are people uh
who are quite happy happily to bet on or
play on um to see
the satisfaction of knowing that they're
right or
um the challenge of how to get it right
is um
you make a very good point actually
because
uh you know in in
high school or college or whatever one
of the things that
they teach in economics would be
pick here's here's the stock market
you have a fake bank account with a
hundred dollars in it
yeah it is your job to follow the prices
of whatever stocks you want to follow
in an attempt to make your fake bank
account
increase in in value and that's a that's
a good life lesson right there because
that is exactly what
what you robert are proposing we do
right the research etc you make
predictions and see if they come out
right
and you can do that without even
spending a penny
[Music]
yeah the difference that this market the
crypto market is a new market
so that's why the growth is so huge
and it's uh it's there things change
very quickly
prices change very quickly um so it
it behooves you to jump on there you
know if you want to make a
one of the comments you made and we have
to get ready to close this down
because we've already been going for
half an hour if you can believe that
but um i know it's crazy isn't it
but um uh one of the things you said
last week
uh robert was always you know don't bet
on greed but always
take profits even even in both even in
both markets
the question there is it's easy to take
a profit when prices are going up you
just have to decide
when to get out it's the same rule right
same as with shares buy low
sell high but if prices are plummeting
how do you you know how do you decide
when to
when to get out yeah that's that's don't
want to hang on for too long
well that's an important lesson that
that everybody makes when you come new
into this market because of greed
you have to learn to take profits when
this thing goes up but also when it goes
down
so if the price goes down 10 you just
take
profits and put them on the side right
right right
right because after a bull market there
will be a bear market
yeah i have stories about that in the um
the game stop uh
the debacle that happened there just a
few weeks ago
for much longer yeah but
one sentence yeah and um
an article wrote about it and
a few of those who had to participate in
the build-up of this
stock um
sold out way before it reached the very
top
and many of them said that uh now they
could uh pay off their children's
scholarship funds and they were they had
earned a lot of money
and then they didn't expect to do that
so they were
selling out while they still had some
profit to
sell him so you don't have to
go to the very top in order to earn a
little bit
oh no absolutely all right
well as usual we've run out of time but
we haven't run out of questions because
i had
i had i had lots more questions but yeah
we'll have to
hold that off for another for another
coffee break i'm afraid
i had questions about all kinds of stuff
but
that we'll have to wait for another
coffee break robert again you are
welcome to join us anytime yeah if not
the under me directly if it's urgent or
so just contact me
i take care of you i appreciate that
thank you sir much appreciated
all right um thank you so much again
uh peter i don't know if you're even i
see you in shot there just in the very
right hand side there are you listening
or no i guess not
okay well um
um all right have a good afternoon
everybody
uh enjoyed the enjoyed the discussion
and uh robert thank you again
for your for joining us as i said before
you are welcome anytime and i would i
would love to to pick your brain some
more fish for sure
so always have a have a gr
have a great afternoon and i will see
you next week
take care live long and prosper so i'm
not going to do it this time i'll mess
it up
see you later bye bye everybody bye
[Music]
you