What Even IS Bitcoin?? - 8-4-26

It's live, it's local, it's the Dale Jackson Show, and it's only on News Talk 770 AM, 92 5 FMWVNN. Depend on it. 82.5 FM, WVN. Dale Jackson here with you, and I am thrilled to be back with you. Had a wonderful vacation this weekend. I got to race race cars with my son. I got to slam into media personalities with my... automobile was a race car as well. I swam in an indoor pool for about 12 straight hours. I swam in an outdoor pool for about 12 straight hours. I ended up not getting sunburned and my son who has the skin of a china doll who did not get sunburned either. Then yesterday we went to our baseball tryouts and I watched as 30 kids whiffed. Like six times each at a pitching machine throwing about 40 miles an hour. Not a, like, I would say maybe 15 hits were made. Not going to brag. My son probably had the best hit of the entire day. But, you know, that was one for six there. But all right, we'll take that. I got to come in all my day off. and produce The Will Anderson Show, which is just an absolute treasure for me to do. And it was wonderful. Just an all-around wonderful weekend. And I'm thrilled to be back here with you. But before we get started here, I got to ask a question. I think on this program, I've spoken very clearly that I do not understand cryptocurrency, NFTs, meme coins, or any of this nonsense that has gone on in the financial markets over the last like 20 years. I just max out my 401k and continue adding to it percentage-wise every couple of years. That's what I've been doing. I have the most boring investment portfolio in the world. Okay, that's just basically what it is. But there is a story that came out yesterday that I read, and by the time I read the entire story, the old idiom that, what is it, those who don't read the news. are uninformed, those who do read the news are misinformed? That's sort of where I'm at at this point. A rare unredeemed physical Bitcoin has gone for $91,500 at auction. I thought a Bitcoin was like a series of zeros and ones or something. And now they have one that has been unredeemed, an unredeemed coin made of brass that carries the value of one Bitcoin is among the most recognizable pieces in the history of cryptocurrency collecting. Can we just now acknowledge that this is all made up? Can we just all acknowledge that this is all made up? You just don't want to be the last person holding the bag, right?

That's it. This is all about continuing to sell and buy this stuff until somebody says, okay, no more. Is that it? Because it doesn't make any sense. It's an unredeemed Bitcoin. It's worth $95,000 or whatever it is, $91,500. A single Bitcoin today, which is again a series of zeros and ones, is worth $63,000 down from its high point of $123,000. So almost in half in less than a year. This is all made up, right? Right? I mean, this is all just like whatever people will pay for it is what it's worth, obviously. But it doesn't really mean anything. We're going to be having a conversation about how Bitcoin's not actually worth it. I can't go down and buy something for like seven Bitcoin. I can't make any real investment unless somebody else decides or any real money off of it, unless somebody else decides, okay, I'll take two Bitcoins and I'll pay, what is it, $66,000 for it. Now, Bugsy, I know you have an answer to this. I know you have some sort of takeaway on this, but I read this story, and I was like, I've never been happier to not be involved in Bitcoin than I am right now, because this sounds like just, again, a made up thing. Now, I at one point in time, owned, owned, is that the word? Some doge coin, but that was just as a dumb meme thing, right? Am I, um... Am I right that this is all worth nothing? It's just whoever the last person is holding these stupid things is just going to get boned. Is that right? Yeah, that's how it works, but that's also how like real money works, too. I mean, people buy old coins that are worth their face value, but they'll buy them for like tens of thousands of times that. You know, this is the same thing. It does actually contain one Bitcoin in the coin. There's a little code that is the address for a wallet. I believe either that or it's the blockchain that the coin was mined on. So it's worth $61,000. The coin itself must be worth, I guess, like 30,000 then to collectors or something. No, the coins were $60,000. The coin was $91,000. Yeah, that's what I'm saying. So, like, the actual true value of the coin, it's like the face value is $61,000 essentially. But, of course, Bitcoin is made up. The only reason it's worth anything is because it's now been backed by so many people. And that was the entire premise of Bitcoin originally. So if I was worth us to begin with now. I have one Bitcoin. This is worth $66,000. Sorry, $61,000, whatever. If I said, give me $61,000. They would say, what, get the hell out of here? What, with your physical Bitcoin? Yeah. No, you can use it, you can deposit into a wallet. Or you can transfer it. Okay, hold on, how do I deposit it? There's a little code inside the coin. It's holographic.

What do you mean inside? Okay, have you seen a photo of this? Yes. Look at the back of it. There's a little code. The rest of it is, I think, digital. Like you have to scan it with an NFC chip. But at that point, couldn't somebody steal it so easily? But they were minted in like 2013. So, I mean, and they were kind of minted as a joke. Okay, so the whole thing's kind of a joke. And you said money is just like whatever because it's based on whatever somebody says it is. I mean, we're not really gold-backed anymore in the U.S. No, you're backed by the full faith and credit of the United States government. That's how Bitcoin kind of works, except for its faith in other people. Oh, good. Oh, that. That's why. So on the coin itself, it says like something in strength and numbers in Latin. Which that's the entire point of Bitcoin. Is it enough people backed it to where it was suddenly worth something? All right. So basically, I just want to make sure I get this, okay? Because again, me stupid. I understand that. I just want to make sure it says. So in order for this Bitcoin to be worth something, I have to rely basically on the full faith and credit. of a bunch of A-holes on Reddit. Yes, and that's why eventually it will, that and the whole blockchain is eventually going to run out of new keys or like tokens for actual Bitcoin. So it will be worthless there. I don't know what that means. You just said like not, you just said like 10 things. All around time until there are tokens and other keys that run out of things. Eventually Bitcoin's going to run out. Eventually Bitcoin's going to run out. And when that happens, everything is going to more than likely drop. drastically in value because there's only a limited number that can exist. We can't print more. I just want to make sure to everyone who's listening right now. This is all just made up, right? Yes, yes. I'm just saying that when it's eventually worthless, the coin will probably still be worth more than an actual Bitcoin just to a collector. God. I don't know, man. The whole thing is just, all right, listen, anyone in this audience have a Bitcoin? Does anyone in this audience own a single one full Bitcoin? A Bitcoin or a portion of Bitcoin or whatever it is we're doing here. Does anyone own Bitcoin? What is? You own a stock in Bitcoin? A share of a Bitcoin. Can you buy like a quarter of a Bitcoin? Yes. Most people deal in like 0.001. like that kind of thing like the thousands of a bitcoin so you're telling me that if i took like ten thousand dollars and i went to let's just say like robin hood and i said i want to buy a bitcoin i could buy one sixth of a bitcoin yes but i could never actually have it it's just a zero zero one yeah you could but it's just a zero zero one right Yeah. So it is zero one, but the whole draw of it is that you buy it when it's low and then suddenly you're like 0.1% is worth a whole lot more. Can we just acknowledge that whoever bought into this is an idiot and eventually going to get screwed? It's mostly used by drug dealers, so. Okay, well, that's an interesting piece of information. That's a new one. Okay, good. So congratulations. I just looked at this and I was very surprised by all of it because I'm like, why is this?

a thing like that is that's that's my question why is this a thing that that's really it because i look at this and i'm like nobody nobody here really knows any of this and the people who write about these things i don't think they know anything about it and they just throw a bitcoin image up on the screen and they're just like this worth money and people read that go that is worth money and then they go back to their normal stocks and bonds and stuff i i think that's what happens and um yeah so i don't know anything about this okay i don't know anything about this i will never know anything about this i will never ever be able to understand any of this and uh i i fully acknowledge me stupid okay that that's my responses all right so there there's your there's your crypto update of the day but let me ask you this again let me ask you this when will people finally just walk away from this thing and how much of a bag are you going to be worth on who owns bitcoin in this aren't some people are telling me they do we'll talk about some of that next also everybody send me point one bitcoin It's like a few thousand dollars. Shut up! Shut up! Everybody sent me... See, but if I just say everyone sent me like 0.1 Bitcoin, maybe people don't know what that is. They just send me a 0.1 Bitcoin from theirs. I don't know. I don't know how it works. Let's say someone did say here's a point one bit. I wouldn't know what to do with it. I wouldn't know how to claim it. So everybody sent me 0.1 Bitcoin. There we go. That is the point of all of this. All right. Thank you very much. I'll say a quick time out. The phone numbers, if you have Bitcoin, you only. You can only use this line if you pay a 0.1 Bitcoin fee. It's a scout pest control.com. WVNN. Hot take tax line. You can jump in right there and tell me how many bitcoins you have or how many you want to send me. 866-494 WVN. And that, of course, also the ScoutPest Control.com, the WVNNN, hot take tax line, and the Coleman Furniture Market free. each phone line, same number 866, 494-986, or email me. You've got mail. Dale at WVN.n.com. That's the downtown rescue mission.org email inbox. Do not send me a link, say, to claim your Bitcoin here. I don't think I'll do that. But then how else would I do it? Sounds like I have to open myself up to being scammed in order to cash in here. Anyway, Dale at wvn.n.com. That's the downtown rescue mission.org. Email inbox. We'll be right back. Jackson. Start your day with the morning jolt of Drake Toll. Anywhere in the country. Your home for talking sports. The United States hockey team has four teeth left. What is LeBron James Legacy? Leonel Mess. 906 career goals is stupid. All of it. The Knicks. The Los Angeles Lakers. Aaron Rogers. Georgia football players. The Dolphins. The Mets. As it happened, when it happened. We'll talk all of it. Westwood One Sports Talk. Your home for Drake Toll. Follow and listen on your favorite platform.

Okay, so you guys have some interesting thoughts on this stuff. So let's uh Maybe see if Bugsy is wrong about this. Some people are called BS on Bugsy. Let's jump to the Scout Pest Control.com. WVNN. Hot Take Textline. I say it twice. It's so awesome. 866-494-9-866. Someone calls in and says, hey, you need to have a wallet. You need to get a wallet in order. That is true. You do. You need a wallet to receive or send Bitcoin. That's not true. You don't really need one to send it. Well, just full story here, I don't even carry a wallet, so I'm a little screwed. I guess you just keep your physical Bitcoin in your pocket. Okay, yeah, that's exactly right. I have a case on my phone that has my credit card. That's the only way I do it. If I need money, I say Cindy go to the ATM. That's what I say. That's how that works. Cindy get my Bitcoin wallet. Yeah, Cindy will get my Bitcoin wall. There it is. Dale, the last Bitcoin will be mined in the year 2140. It will be a long time before Bitcoin gets as scarce as Bugsy is making it seem. That number is, they've changed that number a million times. Well, here's the thing. I don't, I don't even know what it means. Like, what do you mean? It would be mine. It's a one. Just make more zeros and ones. It's not even that. It's like a long giant string of numbers and letters. Okay. So take the last one and add an A to it. There you go. Boom. The more Bitcoin mining facilities there are, the faster we're going to get to that last one, too, by the way. Oh, good. Let's open one up in Somerville. I think we should open up like a ton of them just to prove this one guy wrong. Oh, my God. That's ridiculous. All right. Bitcoin is worth nothing to me. Okay, all right. I think that's how... To some people, money, like regular money is worth nothing to them, so... Okay, yeah, but then what are they... When they go to... They just steal. Okay, okay, listen, this is the thing that I love. Some longtime listeners to this show will know this. I had a friend, friend being very loosely used, who was in the business of booking talk radio guests. And I try to help them if they had something interesting going on. And they asked me to book a guest. And I was like, I'll talk to this person. And they were talking about gold. Well, when they started talking about it, they were like, yeah, you can buy gold. And I'm like, with what? With dollars. It's okay. All right. Well, so you're saying dollars are worthless and you have gold and you want to sell that to me giving me your gold for my worthless dollars. Does that make any sense? Of course it doesn't make any sense. A Bitcoin, how do they judge what a Bitcoin is worth?

In American dollarie news. That is true. Yeah. So I can't say it's not worth anything if you measure it in the currency you say is worth nothing and you'll sell your Bitcoin for whatever many dollary news I will give you. Go ahead, Bugs. I ran through you. I was going to say it's based entirely similar to a stock market. You have to trade them back. You can sell them to an individual person for more occasionally. They're having trouble getting Bitcoin for some reason. Maybe they only have a credit card. Most of them don't take credit cards, like any Bitcoin vendors or whatever. You can sell to them for more, but you have to actually have another person to sell it to or you can put it back on like a blockchain thing to sell it like a marketplace. Yeah, I have no idea of strong. But again, you have to sell it like a stock. It relies entirely on somebody else being willing to buy it for that price. I think you're just making up everything you're saying. I have absolutely no clue. No clue. Bitcoin is real. Dale Jackson is fake. Okay. All right. That makes sense. If you get a little Dale coins with your face on it? Look, I won't believe that person who said that if they had, if they proved to me that they went to their employers like, excuse me, don't pay me in dollars anymore. I would like to be paid in Bitcoin. Just in Bitcoin. So I would like Bitcoins. And you know what they would do? If they did pay you in Bitcoin, they would go off whatever the exchange rate is for a dollar. That's how it would work. Bitcoin's worth $60,000. Without that, it means nothing. This is a scam, right? I mean, if someone tried to sell this to you and it wasn't on the internet, you'd be like, this is someone walked up to you. I'm like, all right, look, here's a deal. I have this new currency. It's called, it's called Dalecoin. and you give me 60,000 of your human monies, and I will give you one of these Dale coins. And they're like, well, what's the Dale coin worth? And I'll be like, oh, $60,000. Okay, well, then why do you want my $60,000 for the Dale coin? Well, it's because it's an investment for you. Your dollars are worthless. Well, then why do you want them? If you have the Dale coin and it's worth so much money, why do I want your worthless dollars? Why am I willing to give up my precious gold or dollary dues or Dale coins? Or excuse me, Dale coins for dollary news, then why would I do that? It just doesn't make any sense to me. If you buy Bitcoin, you deserve to be screwed over. Just like if you pay social security taxes. Okay. That's another thing you're paying into that you're probably not going to get anything out of unless you're like 55 or older. But they've been saying that for years. What is it? 2032 it goes insolvent. Is that it? 2032? You know there's a little controversy. It's actually in the seven things. Tommy Tuberville is apparently taking Social Security and people are mad at him. And I hear that and I'm like, guys. Tupperfield probably paid more into Social Security than any person listening to this program right now. And you're mad at me, you're mad at him because he took like $30,000 a year out. I mean, is that what you're talking about? I mean, the guy was paying the max amount every single year probably for the last 30 plus years. It's like 185,000. You think Tommy Tuberville wasn't making 185K for the last 30 years? I mean, come on. What are we doing here? What are we doing? What are we doing?

We're supposed to be mad at him. Okay. Dale, does Walmart accept Bitcoin at Theoself checkout? It is not a currency. They do not. I'd like to take this $61,000 or $91,000 coin and walk up to Walmart and try to buy something. and put it in their little machine and they just slide off all of it and just give me a bunch of chains imagine putting it into it and it counts it as like a dollar coin right or maybe you just like shave something off and give it to them like here you all just shave off a little piece and be like okay that should be about enough there I don't know is that what they used to do with gold Is I used to pay with gold? I think so. Before they came up with coins to like regulate it. Okay. All right. All right. There we go. So thanks a lot, Bitcoin guys. I appreciate it. Now I've been told, now I got the people in telling me how much all their bitcoins are worth now. Good. I'm happy for you. I hope it plays out very well. But I'm just telling you this right now. Don't get caught holding the bag. Don't get, don't be the last guy to hold a Bitcoin because you're going to get boned. This is The Dale Jackson Show. Mike Drop, hosted by former Navy CEO, Mike Ridland. How would you characterize your prowess? I'd say my style is that I just kind of outwork everybody until I get there because I'm not a quitter. It's just you. It's yourself. Everything else is team-oriented. The motivation, it was a sort of anger at myself for being weak. That ends up being the driving factor. That anger, that pride, that ego, I think it's a muscle. It gets stronger. When you take that voice seriously, you start to change your life. Mike Drop, follow and listen on your favorite platform. Start your day with the morning jolt of Drake Toll. Anywhere in the country. Your home for talking sports. The United States hockey team has four teeth left. What is LeBron James Legacy? Leonel Mess. 906 career goals is stupid. All of it. The Knicks. The Los Angeles Lakers. Aaron Rogers. Georgia football players. The Dolphins. The Mets. As it happened, when it happened. We'll talk all of it. Westwood One Sports Talk. Your home for Drake Toll. Follow and listen on your favorite platform.