Jason Hartman begins this episode talking about the changes for real estate investors. He looks at old rules and discusses why they aren’t applicable anymore. In the interview segment of the show, he hosts Joel Comm, author of the new book The Fun Formula and host of the Bad Crypto Podcast. They talk about his book The Fun Formula and the changes in our thinking that we didn’t realize were happening. They discuss life and self’s significance and joy. They end the conversation around cryptocurrencies as Joel gives us his predictions on its future.
Jason Hartman 0:00
Thanks for your support. Jason, I appreciate your support and your whole network. It’s really been very beneficial to me and, and a whole lot of others. I encourage everyone to use your resources that you have. But thanks. Thanks. Yes.
Welcome to the creating wealth show with Jason Hartman. You’re about to learn a new slant on investing some exciting techniques and fresh new approaches to the world’s most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine self made multi millionaire who’s actually been there and done it. He’s a successful investor, lender, developer and entrepreneur who’s owned properties in 11 states had hundreds of tenants and been involved in thousands of real estate transactions. This program will help you follow in Jason’s footsteps on the road to your financial independence day. You really can do it on now. here’s your host, Jason Hartman with the complete solution. For real estate investors.
Jason Hartman 1:03
Thank you for joining me. It’s Episode Number 1090 1090 today and of course, what does that mean? It means today is a 10th episode show where we go off topic and we talk about something of general interest, something to make your life more fulfilling, more successful. And today we are going to talk about fun and serendipity, and how it can revolutionize the way you work. And so we will get to that in just a moment. We’ve got our guest returning guest actually Joel comm who will be on the show and yes, that really is his name. He is also an internet guy. So but his calm has two M’s at the end. So I want to talk to you for a moment about letting go letting go of things. You may have heard this story that is used occasionally by speakers and so forth, or I believe it was it was, there was a sort of similar story in the book. I think this books, gosh, it’s got to be about 40 years old now, Zen and the Art of motorcycle maintenance. Have you heard of that book? Yes. It was a famous book back in the day. And then there’s another book that is not related to it. But it’s also a very good book by Jim Rogers. And that’s called investment biker, investment biker. And then Jim Rogers, the financial guy, you know, he’s been on the show a couple of times, maybe three times I think, he wrote a fantastic book, the one I like the best called in venture capitalist, venture capitalist. We’ve had him on the show a few times. He’s great, Jim Rogers, but back to Zen in the art of motorcycle maintenance. So this story has been repeated a bit, and let me see if you’ve heard it. It’s about letting go and it tells about how They maybe they still do this but at least how they used to catch monkeys. And how they used to do this is they would hollow out a gourd a or a coconut, or something like that. And they would put some particularly tasty nuts inside it that the monkey would like. And the monkey would smell those nuts and come over and reach inside with its hand open, and reach inside and grab the nuts. And once the nuts were in its clenched fist, the hand would not fit out, it could not get out of the gourd or out of the coconut. Right? So the monkey was trapped, and the monkey literally would not let go. And this not letting go trapped the monkey. And you can easily catch a monkey that way. Now, that may seem like a bit of a ridiculous comparison for us as humans. We’re smarter than that, aren’t we? Well, I don’t know, are we? I’m not so sure. As you probably know from listening to the last few episodes, I’m up in Sacramento, and I met my aunt Johnny’s house and Joanie has been on the show a few times. She spoke at our meet the Masters event earlier this year. She is quite the real estate investor. She and her now late husband, my uncle had been investing in real estate for many decades, they have done really an incredible thing. They did it the old fashioned way, you know, they just kept buying little houses, paying them off. And, of course, nowadays, the RV ratios on their properties in their portfolio, they’re atrocious, they’re terrible, they wouldn’t work. We wouldn’t buy those in a New York minute, none of our investors would. But you know, back in the old days, people didn’t think about all this stuff. They didn’t think about nationwide investing. They didn’t think about optimizing numbers as much as we do nowadays, and certainly they didn’t have software tools and and really didn’t they didn’t know how to do that. Math very well basically, you know, as we do today, but at the very least, your income property portfolio, those investment properties that you own, at the very least at the worst case, you know what they are. They are a forced savings program, a forced savings program, because that illiquid asset, which, as I’ve told you before, one of the things I love about real estate is that it’s not very liquid. And that lack of liquidity means it is also not very what it means it’s not very volatile. Yeah, the V word. It’s not very volatile, because it’s not very liquid. Well, you know what else, it’s also an excellent for savings program, because the money, the equity in those properties, as it increases over the years through mortgage, pay down by your tenant, and by My trademark term inflation induced debt destruction. And through appreciation as that equity increases over time, it’s not easy to get to is it? It’s not like going to the bank or charging things on your credit card, right? So real estate investors at the very worst, like this is the worst case scenario, at least, they tend to be good Savers, because they have these properties. And the properties are like bank accounts, you know, and they have all these little bank accounts. And so you know, if you’ve followed my advice, and you’ve purchased properties in at least three markets, but not more than five, you know, maybe you’ve got six properties, maybe you’ve got 10 properties, maybe you’ve got 20, or 30, or 40, or 50, or 60, or 100 properties, whatever the number of units is, and hopefully you’ll increase that over time. Those little properties each one represents a bank account for you, a forest savings program. Now of course, you want to follow my refi till you die plan. But that’s sort of a longer term bigger picture in the meantime between those refi till you die cycles. And if you want to review that again, of course go to Jason Hartman calm and search refi till you die. slang you know, it’s a little slang revital you die. That’s a great plan. It’s the most tax efficient way to extract the wealth from your investment property portfolio. And so what does all this mean? Right, so I’m at Johnny’s house. I’ve been here for about a week, and I’m on my way to San Francisco tomorrow to well enjoy the city of San Francisco well at last because it’s been decaying pretty quickly. As you have probably heard, last time I was there I reported on San Francisco when I was there a couple of years ago, I I used to absolutely love that city, but I just read an article that they are now doing graffiti on the sidewalks in human feces. Yeah. How disgusting. Is that? Right? So San Francisco ain’t what it used to be, of course, idiotic left wing government. You know, you do that for a couple decades. You can ruin anything pretty successfully. Look what it did Detroit. Look what it did to Europe. Look what it did to Venezuela. Look what it does everywhere it’s ever tried. And every time in history and every place on Earth, big left wing ideas fail fail fail miserably. And look, that’s just the facts, ma’am. I mean, you know, like they used to say on the show dragnet. Just the Facts, ma’am. That’s exactly what happens. So I’ve been here in Sacramento. I know a few tangents here, but you’ll keep up. So I’ve been here in Sacramento for the past week. And you know, and Joanie has lived in this house for probably the better part of 40 years, maybe a little longer for decades. Long time. Beautiful. neighborhood. what you notice is this, and I noticed it in an even more pronounced way, in my my late grandparents home in upstate New York, in the middle of literally nowhere on a dirt road. This is where my mother and her siblings all grew up in upstate New York between Buffalo and Rochester in the middle of nowhere on a dirt road on a farm. And I remember being there as a kid. And, you know, my grandparents, especially my grandfather, they were just total pack rats. They saved everything. I mean, every envelope that my grandfather received in the mail, and he was kind of a successful financial guy with, you know, very little education, but you know, he was quite an investor, actually, and I can tell you about that another day. But every envelope that came, my grandfather would save the envelopes and use them as notepaper scratch paper, I kid you not, you know he would have his stock question. on there is coin collection information on used envelopes. Okay. And Joanie is better the same way too. And her late husband, you know, they save stuff, right? Because the old rules and this is where we get back to the monkey and letting go of the nuts. Okay letting go with the nuts. That was the moral of the story on the monkey. Because the old rules, you know, that was the right thing to do. In the old days, goods were scarce. The world was scarce. What changed it? Well, there were several Waves of Change that happened throughout history, of course, the first one, the major one being the Industrial Revolution. And America, because of the way the whole game worked out and World War Two and so forth. You know, America owned the Industrial Revolution, I mean, by a long shot, and was able to progress so much more quickly than every other nation on Earth. And then you had after world war two ended And the baby boomer generation really started taking its place in the world and coming of age, you had the expansion of credit, okay, and this massive expansion of credit, and we’ll call it for lack of a better word, financial sophistication, right, that expanded the consumer economy. And then you had another big thing. What happened in the early 70s? While you think I’m going to say, well, Nixon took us off the gold standard in 1971. Well, you’re absolutely right. That happened, of course. But what else happened? Nixon went to China. Nixon went to China, remember the historic trip where richard nixon went to China, and basically opened up China. And I have always thought, I have always postulated that Nixon, you know, he took us off the gold standard closed the gold window in 1971. So the dollar was no longer tied to gold at all. And then he goes to China and opens up China and I thought maybe Nixon was really, really brilliant. I’m He was definitely a very intelligent man, no question about that. But maybe he was even way more intelligent than anybody ever gave him credit for. And here’s why. What I think, is that maybe he saw when the dollar became detached from gold, he saw the future. And hey, it happened during the Carter error, right? The misery index stagflation where we had lots of inflation, and lots of unemployment at the same time. And Nixon, maybe the reason the real reason he went to China was not world peace. You know, he went there to open up a new manufacturing market. And by golly, what happened? Well, you know, fast forward 1520 years and China’s really started open and become the workshop of the world where cheap consumer goods are made right? And so the rules changed. So I asked you before we get to our guests today, what rules have changed in your life? What nuts are you holding? To that are causing you to miss out. What are they causing you to miss out on? Right? You know, if you’re holding on to the nut that says, pay off your debts, debt is bad, don’t take out a mortgage on a property. Well, you’re getting hurt, you’re trapped. You’ve got the nuts, they’re clenched in your fist, and you can’t pull your hand out of that coconut, right? Like those monkeys. And so you’re hanging on to an old idea. That just doesn’t work anymore, because now we’re in an era where inflation induced death destruction makes sense. Okay, we’re in a new era, the rules have changed the rules of saving things, right? And I’m not saying this is great for the environment. Look, the consumer economy is not great for the environment. Okay, but just look at it from the perspective of your own life. Do you need to hoard things do you need to hold on to all your old books and all your old stuff. I mean, look, I at one time, I had a collection of about 4000 books, okay? Because books used to be the thing that was before Kindle, it was before podcasts, it was before audio books on on your phone, you know you can store thousands of them now, I kept moving those books around with me every time I move to a new house, I’d take all these books and it was a huge job to box them all up and move them and they’re very heavy Of course, right? So hanging on to these old things. And then I just finally decided in 2000 about 2014 I guess, during You know, one of my moves, I just decided you know, I’m just gonna really go through and get rid of these I gave a lot of them away to friends attempted to sell them, but I come to find out they’re not worth anything much at all. Not even worth your time to think about that. And then I paired them down so I kept some and I’m got my collection down I gave a bunch of others just to charity to salvation army or something right. And so you know, I was holding on to These things that aren’t really used anymore, they’re not that useful. Of course, books are useful. But now you can get them in a lot of different forms, and they’re much more portable and searchable and they have better features now. But playing by the old rules, we got to make sure we’re not playing by old rules when the game has changed right before us, that’s the important thing to think about. The game has changed and it keeps changing. It’ll continue to change. So stay tuned for future talks about that. But make sure you are not trapped, holding on to those nuts and playing by old rules. When simply letting go could really serve you. It certainly could serve the monkeys traps holding on to the old rules, right? Maybe this is a good time to suggest that you clean out your closet and get rid of some of those old clothes you know, they’re probably out of style. So get some new ones. They’re not very Expensive nowadays, you know, the opening of China has made consumer goods a lot less expensive. So, some stuff to think about there. I hope that’s helpful. Look out for an announcement on our upcoming meet the Masters conference, and also our upcoming venture Alliance mastermind trip. We are planning although, you know, nothing firm on either of these events yet. But on that event, we are planning to go to Cuba. fascinating place I was in Cuba about 12 years ago. And we are going to do at least we’re working on a cruise that would include Cuba, or maybe just focus on Cuba. I’m not sure yet. But look out for announcements on those two things. And without further ado, let’s get to our guest and talk about fun and serendipity and how it can really revolutionize the way you work.
Jason Hartman 16:57
Be sure to check out our cyber monday sale It is going all week long. It will end soon, but it’s our best deals of the year at Hartman, education calm. That’s Hartman education calm where all of our info products and educational products are half price for Cyber Monday, our best sale of the year Hartman education calm it’s my pleasure to welcome back a returning guest and it is Joel Comm. He has been around for a long time in the internet world and does all kinds of amazing things. his newest book is called the fun formula, how curiosity risk taking and serendipity can revolutionize how you work. He’s also host of a cryptocurrency podcast talks a lot about blockchain and the future of Well, I guess really the world if I could make such a bold statement when it comes to blockchain. And so we’ll dive into both of those topics. Joel, welcome back. How are you?
Joel Comm 17:59
I’m great man. Thanks for having me, Jason’s pleasure to talk to you again. It’s good to have you. It’s good to have you.
Jason Hartman 18:03
So hey, we all should have a little more fun. I think I know that would be a good thing for me to do. Tell us about the fun formula.
Joel Comm 18:11
Well, the fun formula is my 15th book. And it’s probably my most personal one. You know, in the past, I’ve written about Twitter and internet marketing and Google AdSense, all very strategic and tactical as for people to build a business online, but you know, I was really getting fed up with the hustle and grind mentality that I’m seeing being you know, pushed out there on people, especially younger people that are just getting started as though somehow work is everything. You know, what I did is I kind of reverse engineered my 23 years of doing business online, I looked at my successes and my failures, and I was able to determine that my greatest success came with the least amount of effort in each and every instance. It was, you know, when I was had my nose to the ground Stone and really just busted a hump. That’s more than likely where I struggled the most in my business. But the seven or eight home runs that I’ve had in my career were the ones that seemingly came the most naturally. And what I realized is those came about when I was having the most fun doing what I was doing. And so that’s, that’s why the fun formula.
Jason Hartman 19:22
Okay, so that is a great philosophy. Here’s why I think you might have some skeptics, including yours truly. I have fun. I travel a lot do stuff. But I’m a grinder. I mean, I work, you know, like, a lot of people in my position, you know, you got money, they don’t work. I work, I still work. I love projects. I have passion projects I want to do, right, just as a lot of us do. But you know, how can you trust the fun formula concept. In other words, I know that if I’m gonna grind it out and work really hard, I’m going to achieve something. But if I kind of sit back and you let the chips fall where they may and some great creative idea comes to me like the fart app. You know, I don’t know if that’s going to happen. I can’t Can I trust it? How can I trust it?
Joel Comm 20:09
Well, I never said sit back, you know, it’s that there’s this element of you still have to do something right. You can’t just stay home and you know, turn on daytime TV and eat bond bonds and expect miracles to happen. And it’s it’s a two part process, you have to do something, but that something should come from your passion you you should be driven by the things that excite you the most, you should be curious and be willing to explore and to take risks. Then there is the part of needing to trust the process. There is a waiting for the right time, the right person, the right email showing up at the right event. It’s kind of there’s something to serendipity. That’s very real. Now, if this happened to be just once or twice, I don’t know that I could build a philosophy around it. We’re talking you know, major home runs Major failures, and always the home runs came from applying this philosophy. And I think if you’ve not experienced that, it’s usually because people are afraid. What if I quit hustling and grinding, right? They haven’t learned to trust the process or they’re putting all their eggs in one basket. They’re buying into the idea that see that door over there that you want to get through. That’s barred and locked in shot. Well, they tell you, you’re supposed to keep banging away at that door. I say, That’s nonsense. We live in a time where there is so much opportunity that while you have the tunnel vision to bang away at that door, there’s an open door to your left, there’s a door open to the crack to your right. There’s a window open above you. There is so much it’s you know, it’s not that I just had the idea for a fart app. It’s that I had the idea and I took action on it. Sure, sure.
Jason Hartman 21:55
Okay, good. Good points, good distinctions. Definitely. So it’s not you remember years ago, the secret made its rounds. Right. And everybody was starting to think that you could just sit around and visualize and all everything would drop into your lap. Yeah,
Joel Comm 22:08
no, I am. I am anti the secret. I think that that is some of the most dangerous philosophy that that has been put out there.
Jason Hartman 22:16
It was pretty ridiculous. I mean, certainly that’s one component of it. So I wouldn’t say I’m anti the secret, but it’s just one component. There’s more to it, you got to do something. And you probably familiar with them. But Michael singer, he has a great book called The surrender experiment. And I think it maybe blends in with what you’re talking about here, how you, you gotta have an opening, you know, create an opening in life to let the world fill in some gaps, right? It’s not always like we have to go run and chase everything. Would that be a correct statement?
Joel Comm 22:49
I think so. Yeah. I think that, you know, life unfolds before us and rarely in the way that we think it’s going to, you know, the world tells us that you get your Education, you get a job and then you work at that job. And then one day you retire, people are always planning for the future, rather than living today, Carpe Diem, we have to seize the day because we don’t know what’s going to happen. We don’t know how long we have. And I can tell you that the vast majority of the plans that I made, did not work out the way I thought they would or did not work out at all. There’s a certain amount of faith and trust that it takes to go through life that is willing to roll with the punches and accept changes as they come our way and adapt to them. But it’s those times that we actually when we realize that, you know, security is kind of an illusion. You know, we create our own sense of security. But you know, you can’t you don’t control when you were born. And with the exception of those who do something tragic. You don’t control when you leave this planet. And so control is an illusion, and sometimes the More we are willing to trust what’s taking place in our lives, the more we are open to the good things that can really bring us down the road to not only success in our business, but greater fulfillment in life.
Jason Hartman 24:14
Yeah, absolutely. Okay, good stuff. What else do you want people to know about this? Are there any mechanics, any list of items, anything to make it a little more tangible than an attitudinal thing?
Joel Comm 24:28
Well, yeah, I mean, that’s what the book is all about. It dissects this whole process. It’s fun formula, book calm that people can check out you know, how to move from fear to fun and I talk a lot about work and play and what’s the difference between them and to take note of the hobbies in our lives because they could be you know, a signal to something that could actually become a core part of our business and and how important it is to show up without necessarily expecting something Specific but being open to who you meet and what you learn and what opportunities present themselves.
Jason Hartman 25:06
Yeah, absolutely good stuff. Good stuff. Joel, you want to switch gears and talk a little bit about blockchain and cryptocurrencies? I love talking about crypto. All right, good stuff. Good stuff. Well, this is a, you know, the blockchain, many people have said and many agree. This is a world changing technology, and will shape so many things that we do in the future. I think it’s important to differentiate that from cryptocurrencies. They’re not the same thing. Right. cryptocurrencies just happened to use the blockchain, right. And Bitcoin certainly popularized the technology, but they are two separate items. Right. And we can certainly talk about both of them, but I just want to kind of put that out there at the beginning.
Joel Comm 25:49
What Yeah, they go hand in hand. blockchain is the technology. It’s the decentralized distributed ledger technology that can be used to make all of the waves We do payments and contracts and just about anything that requires a database to be faster, more cost effective and more efficient. crypto currencies are the different types of tokens that can be used upon blockchain that will have various different utility.
Jason Hartman 26:18
Okay, so are you bullish on both?
Joel Comm 26:21
Yes, I’m bullish on all of it. Both blockchain and crypto is being built upon it are here to stay. In fact, I believe that blockchain technology is the single most disruptive technology of our time. And to me, I remember when I got started in computers in 1980, and dialing in a 300 baud and thinking this is the future we’re going to communicate in this online world one day and I built my first website in 1995. And back then, people were still writing and skeptics were saying, Well, people really buy online and those of us who new work of course, they’re gonna buy online how dense are you? Well, you know, here we are today. And the World Wide Web and e commerce is totally disrupted, how we do so many types of interactions. And blockchain, feels, smells, looks, taste sounds exactly like the web dead in those early days. It’s coming only it’s coming faster and more furious than the web came. And everybody’s vertical is going to be disrupted in some way. And there will be a time you think about 10 years ago, very few people had smartphones, most people were still using their razor or their Nokia. And today, everybody is connected to their smartphone all the time in 10 years time it is totally turned upside down, how we engage and do so many activities. blockchain is going to be more disruptive than that.
Jason Hartman 27:56
Talking on the cryptocurrency side of the equation for moment What about the opposing forces to cryptocurrencies and just so you know where I stand here, I would love nothing more than to see a decentralized currency that is owned by the people rather than the central bank’s rather than the Federal Reserve etc. And the government’s but these are pretty powerful forces to compete with, they have a very vested interest in keeping things the way they are, you know, they can control inflation rates and the amount of real money or real dollars in which they have to pay back debts to foreign countries and so forth. There’s a pretty powerful set of opposing forces right?
Joel Comm 28:40
Absolutely there there’s always you know, a battle for change there’s always going to be opposing forces you know, the those that made the horse and buggies you know, the buggy is for the horse and buggy as opposed to Henry Ford and the automobile and talked about how we didn’t need these. You know, there was a time that somebody said that I they couldn’t imagine how the world would ever need more than two computers. But you know, technology moves forward. And what we’re starting to see as many of these forces that are opposed, are beginning to figure out how are they going to embrace this, they realize they cannot stop this, they can attempt to regulate, but crypto wants to be free. And it’s gonna find its way one way or another. And so yeah, the battle is on but we are seeing many of the larger financial institutions and powers that be begin to bend the knee to the inevitable future. You know, here’s the deal. If you don’t go where the technology is moving to, then you’re going to become Blockbuster Video, Netflix is going to kick your butt, you’re going to become the local retailer that lost out to Amazon, you’re going to become Nokia that completely lost all market share to Apple
Jason Hartman 29:51
that was shocking to I Nokia had it. They had the world at their feet and then and then iPhone came along. It’s just amazing how Quickly something can change.
Joel Comm 30:01
But well, it didn’t surprise me either. In 2007, that first iPhone came out, I immediately snap it up. I was one of the people that paid $600 because,
Jason Hartman 30:10
you know, hundred bucks rules. Yeah.
Joel Comm 30:12
And as a big kid, a 12 year old, you know, that wants to play with the toys. I saw that I’m like, this is the future. And I’m telling you, I’m not a financial advisor, but I am telling you that blockchain is here to stay. And that’s why we love doing our podcast that I co host with Travis right. It’s called the bad crypto podcast.
Jason Hartman 30:32
So you talked about how, you know cryptocurrency wants to be free? You know, I think it was George Gilder maybe who coined the term information wants to be free, possible, wrong attribution there. I agree with you. It wants to be free. But can the forces that oppose it, prevent that? Maybe, maybe not. I don’t know. For example, there are certainly commodities that are illegal, right, like illegal drugs, but they have intrinsic value. You know, people will trade it them, right? They’re certainly not as portable as a cryptocurrency by any means. But couldn’t they just say, hey, it’s illegal, we’re not going to allow Bitcoin to exist, for example, then what would happen? You can’t
Joel Comm 31:11
stop it from exist. And what you could do is say it’s illegal to use it or to own it, but you can’t stop it from existing and there are crypto currencies that are more private, like z cash and Manero that are completely untrackable and untraceable. And if the government’s are going to get so repressive, that they’re going to stifle it, people will use it underground, and it won’t be trackable. You would have to take down the whole technology grid for crypto to be rendered useless. And and frankly, I don’t see that happening too many people have too much at stake and we’re starting to see big money coming in and sitting on the sidelines. And once that happens. That’s it. It’s game over.
Jason Hartman 31:56
We’ll talk about the financial industry, the big financial industry, you know, the banksters and so forth and what they’re doing in the space. I mean, I remember it’s amazing how quickly it changed to I remember this was a jamie diamond or that That said, if anyone, you know, even talks about cryptocurrencies at our firm, you’re going to be fired. And then it changed very quickly.
Joel Comm 32:20
Yeah. Well, now now, JP Morgan Chase is, you know, his organization is looking at how they’re going to use blockchain and that that’s really that you know, I don’t even need to go beyond that when you have the most outspoken non supporters right people that are detractors saying it’s never going to go anywhere and then their company starts figuring out how they’re going to use it. That’s it that tells you they’re bending the knee they see there’s no way to avoid this it’s either get on the train or be left behind is a dinosaur of yesterday become the horse and buggy.
Jason Hartman 32:53
Well, so what are they doing in it like what tell us about their participation and and how you think that might Influence governments and central banks?
Joel Comm 33:02
Well, you know, look, I think that the banks are figuring out how do we leverage this for fast payments, you know, so right now, the system is so broken, you know, if you write a check, what do we say it takes several days, sometimes for a check to clear, you deposit a check, and you can’t spend that money. That’s, you know, that’s there. That’s clearly yours, because the settlements take so long crypto is going to change all that. In fact, there’s, you know, one that you would argue is not truly decentralized, because it’s actually for the banks. It’s called a ripple. And there’s people in the crypto space that really don’t like it, but it’s got one of the largest market caps and it’s made for instant settlements, so that if banks are sending you know, money from one to another, that transaction happens in a matter of seconds, and there’s no more waiting for the money to appear. There’s no more double spending involved in there’s no questioning did this transaction take place because it’s out there publicly. On the blockchain, and this solves so many customer service problems that the banks are going to figure out how do we leverage this to to better serve our customers and to grow our wealth?
Jason Hartman 34:12
Absolutely. So what should people do? What action should they take? If they believe in what you’re saying?
Joel Comm 34:19
Well, they should go out and do their research and own due diligence. I would never encourage anybody to invest any money because I’m not a financial advisor. And it is a very volatile space and you could lose it all but I would encourage them to listen to our show because Travis right. And I we talk about these things, and we bring forth information and we encourage people to go down the rabbit hole and learn what is blockchain? How is Bitcoin work? How does it get mined? Who’s using it, what other technologies are coming up? So start by asking the questions, and then seek out the answers
Jason Hartman 34:52
with all these different Icos initial coin offerings going on out there. I guess first of all, has that market that markets changed? A lot, hasn’t it? I mean, it was like this. We had the crazy days, just, you know, last year with these amazing offerings and people making fortunes literally in seconds. Yeah. And then it’s, it’s changed, right? Has that damping quite a bit since then and kind of what’s going on in the Ico market?
Joel Comm 35:18
Well, you know, here’s the deal. It’s very hard to raise capital for your business. And a lot of companies started waking up and going Wait, we can develop something that is blockchain based. And rather than going through traditional venture capital means, you know, giving away our company we can do an initial coin offering or a token or Finnick offering, which is kind of like a crypto version of a Kickstarter. And because it was new, there was a lot of companies that jumped in there that really had no business being on blockchain. And a lot of hype Drew, you know, Drew interest in there were people that made a lot of money that lost a lot of money. There’s still people making and losing a lot of money. There are still Ico on a regular basis, it’s just that there’s more regulation now. And it’s kind of interesting because to places that you can’t participate in Icos unless you are already sitting on a stack of cash or China and United States, and so you have to be a qualified investor in the US. We’re still waiting on the SEC to come up with some rulings on cryptocurrency and we’re watching that unfold. And that’s kind of what’s leading to a lot of volatility in the market right now. There’s a lot of fear, uncertainty and doubt of what the government’s are going to do. But I think when the dust settles, once people know what they’re dealing with, that’s when we’re ideally going to see the real growth.
Jason Hartman 36:43
Yeah, very interesting stuff. Very interesting stuff. Is there any second place to Bitcoin? Is Bitcoin The only truly decentralized coin? No,
Joel Comm 36:53
no, not at all. In fact, if you go to coin market cap calm, you’ll see there’s over 1600 dollars Though currencies and tokens that are listed,
Jason Hartman 37:02
but that’s not what I mean, well, maybe it maybe it is. just clarify, like with so many of the other coins, you know, the government if they want to shut you down, they can go knock on someone’s door and find the CEO. Right with Bitcoin, they can’t do that. So
Joel Comm 37:18
with many of them, they can’t do that. You can’t do that with a, you know, a theorem. You can’t do that. With BitShares. You can’t do that with stellar lumens, and the list goes on of decentralized kryptos. But they have different utilities, you know, Bitcoin is purely for payments. That’s all. Whereas you have, you know, a token, like a theorem that has programming built into it. So you can do smart contracts. And so a lot of the companies that are building their token are building it on the Ethereum platform, because it gives additional functionality that Bitcoin doesn’t have. And so there’s a number of new kryptos that are coming up that have a different function. analogy programmed into them and a different utility.
Jason Hartman 38:03
Yeah, very interesting stuff.
Joel Comm 38:05
Anything you want to say to wrap it up for us on either the subjects the fun formula or the crypto space? Well I encourage people to follow their passion go grab a copy of the fun formula at fun formula book calm. There’s a lot of bonuses there for people who, who order through that site and listen to the bad crypto podcast and go down the crypto rabbit hole with us. It’s a we have a lot of fun on the show and we share a lot of information.
Jason Hartman 38:31
Good stuff Joel comm thanks for joining us.
Joel Comm 38:33
Jason Hartman 38:35
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Jason Hartman 39:25
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