血が出たときにビットコインを買う – Danny Brewster

Cryptonews Podcastのこのエピソードでは、Matt ZahabがFastBitcoinsの共同設立者兼マネージング・ディレクターであるDanny Brewsterにインタビューしています。2021年5月の暗号クラッシュ、安定コインのボラティリティ、FastBitcoinsのビジネス、レバレッジを使った取引について語っています。

エピソードのタイムスタンプ：

0:00 Intro 
1:02 Crypto crash of May 18, 2021 
8:42 Trading with leverage 
10:42 Stablecoin volatility 
13:37 Advice to newbies 
24:20 Football talk 
29:19 What is FastBitcoins? 
33:11 Prepaid Cash Voucher 
36:28 Future of FastBitcoins 
39:47 Rapid fire questions 
41:51 Outro 

The episode premiered on May 26, 2021.

You can listen to it on other platforms here or explore the latest episodes of the Cryptonews Podcast. 

Episode transcript:

Matt Zahab: 0:09

Ladies and gentlemen, welcome to the crypto news podcast. This episode is going to be a little different than normal. I'm sure you're checking your portfolio and it is probably a bloodbath right now. Today's guest is an absolute phenomenal guy. He's a Bitcoin guru and early crypto adopter. He's been around the block. He's been through the peaks and the troughs. Present day, he is the CO Founder and Managing Director of Fast Bitcoins. And I'm very pleased to welcome to the crypto news podcast. Danny Brewster, Danny, welcome to the show.

Danny Brewster:

 0:45

Thank you. I wouldn't go as far as say, Bitcoin guru. I never want to label myself as one of those. But yeah, I've seen this before. Been here done that got this T shirt. I'm still smiling.

Matt Zahab:

 1:02

I love it. So folks, one, Danny is as you can already tell, Danny is a very humble lad and we will give him that title. Friendly heads, up both of our minds, well my mind at least is a little in the gutter today. We are recording on Wednesday the 19th of may and it is approximately 10am Eastern Time and the markets have been absolutely crushed right now I'm sure many of you have the exact same questions as myself and all of crypto Twitter right now which is what the fuck is going on? This episode also will not be a kid friendly episode. So if you do have some young ones listening to this, make sure to throw your muffs on for them. Danny, what the heck is going on right now? Why is Bitcoin dropped? Why is Ethereum dropped? We have coin Gecko down coin market cap. I even looked at my shit coins. I couldn't even see what my shit coins are doing. Because I can't, no exchange or no platforming has the price. Coinbase is down, I think FDX might be the only exchange that's still on, like what the fuck is going on? What's happening?

Danny Brewster:

 2:03

Um, well, I only care for Bitcoin. Ethereum is doing whatever Ethereum wants to do, as with all the shit coins. Proudly been Bitcoin only since about 2013 when I sold my last Litecoin that I've mined at the $43 top. I was here for a few money to be able to separate money and state. So number go up number go down, as long as it's still functions then bitcoins perfectly doing fine by me as long as it survives. So, yeah, what's happening right now is a smaller version of what we've seen before, where the numbers have gone up massively. Everybody feels elated, because they are geniuses, they're smarter than all of their friends because they bought early, the numbers going up. They failed to recognize the amount of risks or they've been leveraged trading. And now they're crying into their tik toks after trying to make out that they are effectively investment gurus and geniuses and trying to sell these ideas to other people. They're all being flushed out right now. And I personally prefer, I actually tweeted about it the other day I prefer the winters now as opposed to the bull markets where there's just so much noise and everything going on. So much nonsense being spouted. We see who's been laughing and who's actually telling the truth during these times. So I kind of actually enjoy them. So I'm sorry that I'm not all negative with this. It's just over exuberance and things that go up that fast also come down that fast.

Matt Zahab:

 4:10

It's a very admirable outlook to have on this. Again, I did not get in in 2013 when you did. I definitely wouldn't say I'm a rookie, but by no means am I chiseled vet. This is, you know, I was here last year in March 2020 when shit hit the fan, here I am today. I do feel like this will be one of those days that goes down in history. I'm sure we will have a bump and it will reverberate back up. But again, let's talk about the reasons behind what is happening right now. Last week we had, or I guess not last week, a couple days ago we had the news from China that China wants to ban Bitcoin again. Mind you, we've seen the song and dance probably a dozen times before. And small little market sell offs happen but nothing like this one. You have institutions not even allowing people to buy only to sell because of the laws and regulations. Like, what's going on? Can you shed any light on this for our listeners?

Danny Brewster:

 5:08

The whole China FUD narrative? Even before 2013, that was a thing. And then I remember the days when China did actually have really active exchanges, and most of the trading volume was being done in China on BTCC. And the volumes was massive. And then they actually did ban the training and the speculation in Bitcoin, and they shut the exchanges down. The shocks to the market then were far greater, if my memory serves me correct way above 40% corrections, probably heading towards 60% corrections. And so again, it just all seems to be regurgitated nonsense. We've seen it in India, where the initially the banks weren't allowed to deal with, or they weren't permitted to deal with Bitcoin exchanges or Bitcoin related companies. And then the core guys, SUnny and his other founders earn a coin, they managed to get that decision overturned in their Supreme Court in India. So all of these narratives and things are just basically being replayed over and over again as are people's reactions. And this is why, again, for me, arguably the winters, when things are down, and everything's looking bleak, that's where more gets built, and more gets done, because there's less noise and less exuberance in the market. See, you've got more fundamental improvements going on during those times. So, but then, also, the fact that these narratives still move markets, if they are, in fact, relative to the markets, and the news is actually moving them. And it's not just whales, trying to pull the market in one way or another. And then it just stands to show that if you have got the the balls, or the minerals to be around and to stick these times out, we are still ridiculously early, because narratives like these, anybody that understands Bitcoin knows that China banning Bitcoin just goes to show that more people in China should probably be buying Bitcoin. So that, for me, it's kind of a counterpoint that we're really early if these news articles are in fact having an impact on the actual market, to this level.

Matt Zahab:

 7:59

Interesting. Very well said there. The whole China thing is such a tough one, because you know, it's such a large population, lot of money that definitely has influenced and does move markets, you see it happen with the US equity securities, you name it, they definitely know how to move the market. And this very well could be the case. And then obviously, right now we have the current problem, like I discussed a couple seconds ago, a couple minutes ago, and that was the fact that coinbase is down, all the big markets are down and it doesn't help

Danny Brewster:

 8:36

If it's down, nobody's trading. So it's not moving the market either way.

Matt Zahab:

 8:42

So it's down to my knowledge, only the sell is allowed. And that's sort of the whole GameStop thing that happened where you were only allowed to sell and not buy, again, is that similar to the GameStop, where perhaps people were over leveraged, and you know, the drop that happened last week, I know a lot of people, at least the folks that I spoke to and a lot of the people that I've seen on Twitter are like, Oh, this is a great time to go 3x 5x 10x and if you are an absolute purebred sicko 100x leverage on Bitcoin on the few exchanges, or platforms that do allow that and who knows, maybe the institution saw that they saw the spreads getting wider and wider, and they thought this would be a great time to hammer it on the way down and then probably load up on the leverage on the way back up.

Danny Brewster:

 9:28

Then for me that just spells out that these investors that are taking 100x positions or even trading with leverage, shouldn't be doing it. It's a pure gamble. If you're up against these institutional players that can move the markets down. You're literally just betting that they won't do that on you when you're taking out leverage position. Sure it may work out nine times out of 10 but that 10th time when they do drop it on your head, then you're just lying somebody's bonus. And that's an individual's responsibility. In my opinion, we're all ultimately, the ground sum of the decisions that we take, and the way in which we react to decisions that other people make the influences. Anything else is just purely your own responsibility. So if you're trading with leverage, and you get wrecked, that was a risk that you took, not what you should have known and understood that when you took that position out, that this could happen. And this has happened many times in the past, and it's not a nonzero chance of it happening.

Matt Zahab:

 10:42

Yeah, that's, again, just a crazy day. I'm sure everyone's heads are in the clouds right now. Before we get into your, you know, sort of intro into the space and fast Bitcoins, I do want to talk about a couple other very hot news stories that are going on right now. Stable coins, there was an article that just came out, this was actually on crypto news.com. USDT dropped and was now trading at 0.92, which is craziness. USDC, same thing. To my knowledge, like, how does this stable coin even drop that much, like, the whole point of tether is to buzz around that dollar mark forever and ever? How does that work?

Danny Brewster:

 11:34

At the end of the day, they're still subject to public confidence. So although they're called stable coins, you still have to have faith in the entity that's backing them, be a tether, or circle or Gemini, or whoever. If you want to truly believe that that stable coin is worth $1 you are under the impression that it's backed one to one, if it's not, if that confidence is at all lost or shaken, or some random market event around that, like USDT or tether, sorry tether or USDC, it's gonna deviate away from that but as long as there's audits and there's an ability to actually verify the amount of backing that something has with the supply in circulation, then you would imagine that it will always circle around the $1 or the peg depending on which currency it is. But when that confidence is lost, then it can certainly deviate away from that. And there was a news article this week about tether's basket that backs the actual teller in circulation and it was made up of treasuries and things like that and just a small portion of it was in cash. But tether is that big that it's this financial instrument in and of itself, which divides opinions and stuff, but for me personally if stable coin collapses, if I was holding it the only place I want to go is into bitcoin and not into cash. So it essentially is bullish for Bitcoin, if stable coins, if people lose confidence in them.

Matt Zahab:

 13:37

So going back to Bitcoin here, what do you what do you say to investor who got in a couple months ago, even though let's call it a month ago, at the top around that 62 you know, USD 62,000 USD range, and they've only seen the bull market they got in at the top and they're scared shitless they've got to put their big boy or big girl boots on now. You know, you're going to be knee deep and shit, per se. How do you go about telling them, look, this is an asset that rises 200% every single year there are going to be crazy depths, there's going to be extreme volatility. There's no such asset that just keeps going up and never takes a crash. Heck, even real estate markets will crash, everything eventually takes a little crash and then can bounce and go back up. What do you tell that newb or that rookie that just got into the Bitcoin space and is scared shitless right now?

Danny Brewster:

 14:27

I would say how well are you sleeping at night? Are you about to lose your house, your wife and are your retirement plans now set back, your retirement plans that you use do to retire in say six months time, you've now got to put them back until this either gets back into the black or makes a recovery. If you're that screwed, then I would say more for you for taking that decision. You took a decision out of pure greed. You're over exposed to this and if you want to actually be honest about it, you was doing it in the hope that it was going to go 200x or 200 up to 100% from where you bought it right at the top. Because it was a decision taken out of greed. I would say if you can admit that, then you're probably in the best position to do something about it. If you're just distressed, and you're losing sleep, and things like that, then you either put your losses, or just get, basically, hold on to it and take the longer term approach, which you should do with these type of investments. And just don't quit your job, go back to work, keep mining that fear, and keep paying your bills and just play the long game. And then when it comes around in the next cyclical event, if this is in fact, the end of a bull market, we've had plenty of these pullbacks before in previous bull markets, just bide your time. We've seen this before, it's extremely cyclical, whether it was from 10 cents up to $14, or from $1, up to $30, and then back down and then from $60, up to $260. In 2012, when we saw that, and then 2013, and it goes up to $1200 ish, with mount Gox and then 2017, up to 20,000, and then back down. And now up to 60 to 63,000. It's just a case of biding your time because at the end of the day, the dollar that you're measuring it against is constantly being devalued. And your Bitcoin is fixed supply. Nobody's changing that anytime soon. So it's just a time preference issue. My opinion's probably born out of witnessing so many of these events that you just become emotionally detached from them. And it's just getting to that position of being emotionally detached and making sound decisions.

Matt Zahab:

 17:19

That's not easy, though like you said, that's years of practicing becoming a stoic in an environment where you know, 99% of people are emotionally attached because like you said, when we first jumped on, it makes you feel like you're Superman or Superwoman. It gives you these psychological full powers where you think you're, you know, you think you could run a friggin crypto hedge fund with how successful you've been just off getting into bitcoin on the right month and watching it go the moon. Again, just craziness. If you I guess that's a good question.

Danny Brewster:

 17:55

I will always argue that the best lessons in life are learned in blood.

Matt Zahab:

 18:00

Right. Yeah.

Danny Brewster:

 18:01

So the only way you do that is get exposed and have these learning experiences. And I'd still argue that a 20 25% drop. We're still up for the year. It's like how much of a narrow timeframe do you want to have your window to life? Look over, if you're willing to only look over, say the last six 8, 12 weeks back, have a look for the next six, 8, 12 weeks forward as well. You don't know where it's going to go. We've been through the cycles, just have a look at the previous cycles. We had massive sell offs. And then it's bounced back and it's accelerated up further. So that could very well happen next week.

Matt Zahab:

 18:48

Right better happen next week. On a day like today where all I want to do is just be glued to Twitter. And again, it's the worst day because on days like this, you know where blood's in the water, there's always 10 times more work to do. But on a day like today where everyone is glued to Twitter, everyone is glued to the news cycles how do you go about being calm and being a stoic or I saw Plan B said he's gonna go for a long run and he's you know, screens are done for the rest of the day. What's on the Danny Brewster you know, piece of advice, tip book there?

Danny Brewster:

 19:23

My day is literally being spent rewriting our longer term business plan to give to the regulators here in the Isle of Man. it's business as usual as far as I'm concerned with. We're seeing fast bitcoins we're seeing plenty of buy volume. There's more people, we only sell Bitcoin to people. We haven't enabled, selling through as yet. That is coming. But we're in the business of creating bitcoiners and we've got new people signing up today, new people verifying their accounts and making purchases through us. So people are buying the dip. If you spent your life looking down the the echo chamber that is Twitter, or telegram groups and things like that, it can become pretty depressive. And I'd say that about Bitcoin even during the good times and the bad times. Bitcoin makes you examine everything in with a skeptical view. Eventually, if you spend enough time doing the research doing the education, you start to question everything, every narrative, and this is why there's probably a subset of the ecosystem that is more questioning of that whole COVID situation and vaccines and the way that the food industry is set up and because it's people in this space, the ones that actually truly want to do any learning about it, and not just the pure speculative play, that are interested in marketing words and buzzwords to pump their bags. They become skeptical of everything, and that can be really dangerous for somebody's mental health in general, if you start to question everything and develop real trust issues it with the world as a whole. And days like today, if you are in that position like that, you're in a bad place because you've been going down this rabbit hole, and then all of a sudden, the one bit of positivity that you had where you felt like you was becoming rich and he was getting close to quitting your job and buying a Lamborghini and buying a house and paying your parents house, your parents mortgage off and things like that, then it can really destroy where you're at mentally. And I saw a young guy a day or so ago when there was a bit of a dip. My misses brought her mobile phone, she was like look at this boy on tik tok. He's literally breaking down in front of his girlfriend having a hissy fit because bitcoins gone down in value. And it was just then that I was, yeah, this is about ready anyway. Yeah, you've just got to separate yourself from it and you can't make decisions whilst emotional. She'd never ever made emotional decisions because you've always lived to regret them

Matt Zahab:

 22:39

Good point there.

Danny Brewster:

 22:40

So yeah, go for a walk, go for a swim go for a run. Forget Bitcoin or whatever shit coin bags you've got even exist. There's more to life than money.

Matt Zahab:

 22:51

Well said folks, we are going to take a quick break here and just want to give a big shout out to our best sponsor over at CoinPoker. This episode and all of our episodes here at crypto news. podcasts are always brought to you by our friends at CoinPoker, who are the world's premier crypto poker platform. You guys have heard me talk about them many times in this podcast. I absolutely love using them. They have incredible mobile app. They have the CoinPoker economy that gives players exclusive benefits and supports future developments. It is the revolutionary blockchain technology based platform that was developed by an incredible team of poker lovers and sports gamblers. And coin poker uses USDT as the main end game currency and $CHP is in game fuel, secure transactions fast instant transactions using USDT Bitcoin or $CHP and the best part is no KYC it literally log on five minutes later you're up and you're dancing. Especially on a day like today when playoff hockey is on the play in tournament for the NBA is on just a great day to gamble on some sports and I am definitely going to do that once this podcast is over. We're gonna need to cool down, might go for a walk, check out some spreads and again you can do that while you are on a walk out and about via the mobile app. Great company great team that is Coinpoker.com go check him out and we are back to the show. Danny are you a poker player or sports gambler at all?

Danny Brewster:

 24:23

No. I am a absolutely massive Liverpool fan. But I don't bet on the football or soccer as you guys may call it. I'm not a gambler. I've played poker before more in person tournament's but it is not something that I like to do. I like to do things where I have some relative skill. I'm not gonna lie I wouldn't be the best poker player at the table. So I wouldn't be playing too high stakes. I know my limitations. And then for betting, sports betting, I see why people do it and the fun and things but it's just not my cup of tea so

Matt Zahab:

 25:20

Hey, tomato, tomato, it's not for everyone. But one thing I will say if you would have hammered Liverpool over the lot, maybe not this year, but the two or three previous years before that, you'd be very rich man. That was quite the run.

Danny Brewster:

 25:33

Yeah. This season has been a bit different. If you look back on us having the most injuries. It's been a little bit insane. But to be honest with you, for the 90 minutes that the game is on, I zone out of everything and enjoy that. Because like Bitcoin doesn't exist and I'm free for 90 minutes of everything. But this season with no crowds in the stadiums, and things like that it's kind of made it all a bit surgical, and the fake crowd noise that they have on the TV is just cringe worthy. So I cannot wait for the fans to move back in the grounds. I've been to some of the best Liverpool games at Anfield. I took Peter McCormack to the Liverpool Man City game a couple of seasons ago. It was literally the only game, or one of two games that we lost all season and we was like 11 millimeters, or one centimeter away from winning the league. And me and Peter was there and it happened in front of us. So every time he goes to the game we seem to lose so I refused to take him over again.

Matt Zahab:

 26:54

I love that. That's a great story. Over under 30 beers consumed by you two.

Danny Brewster:

 27:00

I don't really drink. I'm so boring. So I don't drink, well I drink wine so and he was driving. Yeah. And to be fair, one of the Man City players got me the tickets. So

Matt Zahab:

 27:17

Humblebrag

Danny Brewster:

 27:19

Yeah, we share a physio. So yeah, we was up in the like the the corporate seats with all of the Man City fans and Board and all those people. So we couldn't overly celebrate as we're both Liverpool fans right. So we couldn't be overly like drunk or or anything like that, it would cause a bit of a riot, so we was undercover.

Matt Zahab:

 27:46

That's awesome. Do you see? What's his name? Daniel Elk, he's trying to buy the football squad.

Danny Brewster:

 27:54

Yeah, um, there's been this European Super League, which seems to be being driven by, like financial decisions. And the fans aren't too happy with them. And it's the same with the FSG that owns Liverpool. The fans aren't very happy with the decisions that they was trying to do. They was trying to basically remove competition from the best competition in the world as far as fans are concerned. They was trying to turn it into, like an American style franchise type play for Europe. And it, yeah, it really backfired because the fans turned around and said, no, this isn't happening. So yeah, and now the arsenal fans are trying to get Stan Kroenke he to sell arsenal. But from what I can gather, Arsenal came out and said that no, he's not put a bid in or anything like that for the club and there's a lot of noise being made around it. But from what I can gather, he's also, this news kind of negates away from some of the performance aspects of Spotify. So I'm not entirely sure what, if there's any foundations to that whatsoever but yeah, big games big money.

Matt Zahab:

 29:19

Oh, yeah, that is a pod we could, heck, we could run a full day long podcast on that. And friendly apologies to any Arsenal supporters who listen to the podcast, it has been a rough stretch for you guys, and I don't see that changing anytime soon. But back to Bitcoin. Danny, you are the managing director and co founder of fast bitcoins and I would love if you could tell me a little bit more about your amazing company. What you guys are all about and what you have in the pipeline moving forward?

Danny Brewster:

 29:52

So fast bitcoins was born out of my desire or lessons that I learned from my previous company in 2013 2014. That all happened and I took those lessons forward and started building fastbitcoins.com. My sole aim with fast bitcoins.com is to create a billion bitcoiners in the world, once we've got a billion bitcoiners then we can do so much more. We can influence the political decisions and we can use Bitcoin as the Trojan horse into the existing systems that we were not too happy about and hopefully, hold a light to the central bank, money printing systems and everything that that enables, the second order effects of Bitcoin, like reducing consumerism by forcing people to live on a sound money standard. So buying something once instead of buying 10 new replacement items every year, but buying something once that last 10 years, would be far greater for the world from an environmental impact that often gets overlooked. People say that, or hope or live in this ideal that a sound money system would reduce the ability for a government to go to war, and to send innocent people to fight politicians battles, things like that. And for me, the only way that we can really achieve any real level of penetration in the world is by creating enough bitcoiners and there's some unique challenges in Bitcoin, like scalability and things like the lightning network. We was the first exchange in the world that enabled you to go from cash directly onto the lightning network. So basically, the first stage of our journey as a company is creating a billion bitcoiners which is a huge task, or helping towards creating a billion bitcoiners and my definition of a Bitcoin is somebody that uses and benefits from Bitcoin, perhaps for more than just number go up. Whether that be, arguably that interfaces with wealth preservation over time, but just enabling more than just pure speculation, which makes up 90 plus percent of the usage right now.

Matt Zahab:

 32:39

Danny, you said you want to help over a billion bitcoiners, that is insane. What's with the crazy goal there, a billion people?

Danny Brewster:

 32:50

Anything worth doing is hard to achieve. So if we want to have world changing impacts, then you set your goals high. If we was to say we wanted to create a million bitcoiners, it wouldn't be too hard. So let's go big or go home

Matt Zahab:

 33:11

Go big or go home love it. One of the coolest integrations and partnerships that fast bitcoins team has is the partnership with Flexepin. Now to my knowledge Flexepin has over 20,000 locations globally and that allows customers, now fast bitcoins customers to redeem their prepaid cash vouchers for Bitcoin online and you can also do that fast bitcoins.com. Before we get into the partnership with Flexepin. Can you tell me what exactly is a prepaid cash voucher?

Danny Brewster:

 33:48

Okay, so we have our own network of merchants as well. So we do our own fast bitcoins vouchers alongside accepting flexepin vouchers. So we do actually have a merchant network of our own, but a cash prepaid voucher is... this was the initial model for fast bitcoins was to have our own merchant network where people can use cash to go and buy a Bitcoin because I thought it was absolutely outrageous that you would be charged upwards of 20% sometimes using a Bitcoin ATM to buy a Bitcoin with cash. So the prepaid voucher is basically, traditionally has been used by people that didn't want to use their bank cards online or connect their bank accounts, or anything like that to a Bitcoin exchange or online service. So what these do is you can go to one of the participating merchants, you can purchase a prepaid voucher from either flexepin or from a fast bitcoins vendor. The voucher is then basically printed out with an denominated value in saying US dollars or Canadian dollars Australian dollars, and you can then redeem that for the face value of the voucher minus our fee. And then you can exchange that for Bitcoin. So it's just a way of moving cash into an online platform to be able to purchase Bitcoin. So from our business perspective, they are irreversible. So we're not subject to potential chargebacks or fraud, or payment fraud, or anybody trying to falsely reclaim that payment after it had been completed. So there are benefits to us as a company for accepting that. But handling cash and everything, especially in this post COVID world where everything gets shut down. And a lot of retail stores and things got closed, kind of isn't great, hence why we've added the ability for customers to be able to make electronic deposits directly from their bank accounts and things since the first lockdown happened in the UK. So yeah, so that's basically how the prepaid cash voucher works. And then we get settled in the background by flexepin, or by our merchants that make up our merchant network.

Matt Zahab:

 36:28

Thank you for that Danny. Couple more questions before we wrap up here, what does the future of fast bitcoins look like?

Danny Brewster:

 36:36

The future of Bitcoin to start with, for me, I think bitcoins gonna struggle for sustained prices over 100k right now, purely based on, or this also depends upon the amount of traffic that's flowing on the network, and the fee environment for actually settling funds on the main chain, purely based on when we've seen the fee environment of 250 SATs or 100k transactions, the average transaction I'm pulling these numbers, rough numbers out of my backside, you're probably looking at around about $30. If you're valuing those SATs in the fee SATs in dollars, and then anybody that's buying $100 worth of Bitcoin, they would be getting, say 100k SATs, then they send the transaction, it's going to cost them 30,000 of those 100k. So that's the 30% fee. If they're paying to withdraw that from an exchange, they receive 70,000 from that original 100,000, they don't want to send that on to buy something or spend it or give it to somebody, that's another 30,000 if the fee environment stayed the same, so they've gone from having 100,000 SATs that they bought for $100 down to having 40 that is usable after paying transaction fees. So the future of Bitcoin for me at this kind of small level, small volume transactions for the average person, considering the average, or 80% of the world survive on less than $10 a day, the vast majority of the planet will probably be directly using Bitcoin on lightning, or sidechain or another layer two or layer three solution. So that's where the future lies for me. So we're developing our mobile apps to include a lightning wallet where we can deliver to our users because we don't want to hold people's Bitcoins. And that's the way that bitcoins probably going to go is you're going to have this custodial system, where companies like Coinbase, financing cracklins, and these big exchanges that don't integrate lightning, because they want to keep you on their platforms and keep those keep those coins posted on their platforms, because then they've got assets on the management, it looks good to shareholders, etc. And then you're going to have the platforms like ourselves river, I'm pretty sure spawn would do something in the longer term with lightning, where people can buy small amounts of Bitcoin and actually take custody of them and make them usable in the real world. So that is 100% where my efforts are focused is getting those mobile apps done which include the wallet so our customers can use Bitcoin and Bitcoin can be useful.

Matt Zahab:

 39:47

Love that, big plans ahead. Very excited for you in the team. Danny, this has been incredible. Couple rapid fire questions. I've asked this I think almost every single episode and this is the first time where this question might look a little more dire than normal. Will Bitcoin hit 100k by year end?

Danny Brewster:

 40:07

Absolutely no.

Matt Zahab:

 40:08

Everyone else was like on 100% there's no fucking chance it won't. It's going to hit in September October and now we're hovering below 30k so will Bitcoin hit 100k?

Danny Brewster:

 40:20

No idea. I don't think it's sustainable at those levels for the reasons I've just spoken about. And I don't think there's enough infrastructure built around Bitcoin to make Bitcoin useful at those values. But then again, the price will do what the price does, it could absolutely smash through it and we could it 150 could even hit 200. Pretty sure once that psychological barrier of 100 is broken there's going to be a massive shortage on the supply side when it comes to exchanges and we are seeing the amount of coins being custody on exchanges hit all time lows each and every week, which is a positive sign. We'll see how that looks after today. But yeah, it could easily hit 100k could easily surpass it but it could also easily, we could a little bit of a personal preference we could go into a two three year bit of a winter until the next halfing event and we could hit, always ends up being a higher low each cycle so and then hopefully more people will build the infrastructure so next time round we can support 2 3 4 or 500k type prices sustainably and make Bitcoin useful across those times

Matt Zahab:

 41:51

You got it. Danny this has been awesome, really appreciate you jumping on, I've learned a lot today. Big fan of you and the team. You guys have a great company great organization and Moon is the limit for you guys. Before we let you go today where can our listeners find you on socials? Where can they find you and where can they find fast bitcoins?

Danny Brewster:

 42:10

Fast bitcoins is at fast bitcoins. We're at firstbitcoins.com or on Instagram, the Facebook as well. We've actually just made a hire, we've just completed hiring for somebody to manage the social media. We've been pretty stellar so far. So hopefully if they're good at their job, we will be pumping out some decent content across our socials. My own personal Twitter is at BTCDanny. I'm pretty boring, I speak my mind. You might not get the confirmation bias from me that many people seek. But I do it from a place of love. Like Lex Friedman or whatever his name is.

Matt Zahab:

 42:58

Love that. Danny or the man appreciate you coming on. Again folks, this was one of the, this is probably the first D day we've had since probably 14 15 months ago of March 2020. This is the cryptonews podcast with Danny Brewster from fast bitcoins. Danny, thanks again for jumping on and hope you had a blast.

Danny Brewster:

 43:18

Thank you. I did. And congratulations on the traction that you're getting with your podcast.

Matt Zahab:

 43:24

Thank you mate. Really appreciate that. Folks, if you enjoyed listening to this episode with Danny Brewster from fast bitcoins, we would love if you could subscribe to our podcast. We are on all major platforms Apple, Spotify, Google, Amazon, you name it, we're there, Stitcher, overcast, we're everywhere. Again, if you'd like this would mean the world if you could subscribe. We are releasing these on Monday, Wednesday and Friday morning. Tons of amazing guests on the block as well and we are very excited to have them on. That is all for us. I'm wishing you and your portfolios a incredible and prosperous rest of the day. And let's hope that our holdings go up. Love you all and talk soon. Bye.