Jamie Loftus

But still, that is a real value.

People do, in fact, buy drugs using cryptocurrency, and that's fine.

And the committed ideological crypto people...

tend to keep their money offline in a wallet only they can access, right?

So you basically, you have like a hard drive that has all of your crypto on it.

And that only touches the internet when you plug that into your computer and you use it to make a transaction, right?

And otherwise it's completely offline.

And so people can't just take it from you, right?

That's the smart people.

This is a pain in the ass though, right?

Like keeping it in this thing, like there's all these security, you can lose your password.

People actually do lose their money this way too.

But anyway, there's a measure to which it makes sense and is secure, but most people don't wanna go through that pain in the ass.

So they put all of their cryptocurrency in what are effectively crypto banks, these exchanges.

And these exchanges are places like Mt.

Gox, which a few years ago all of the money got stolen from, and FTX, which Sam Bankman Freed makes, which also all of the money gets stolen from, right?

Right, right.

So the people who are like, no, you shouldn't do what Sam is doing.

You shouldn't make an exchange because that's not decentralized.

And we like this because it's decentralized.