Diaries of a Lodge Owner
Episode 46: Can Crypto Change Your Life? w/ Terry From The Toque
Ever wondered how cryptocurrency could completely transform your financial future? Join us as we uncover the essentials of cryptocurrency with Terry Goudreau, owner of the Tilted Toque Wilderness Lodge. You'll learn the fundamentals of getting started, from understanding what cryptocurrency is to safely investing and storing your digital assets. Terry brings a unique perspective with his insights into the generational shift in investment preferences and shares the fascinating history of his lodge, providing a rich backdrop to our financial discussion.
The episode also navigates the turbulent waters of global financial markets, highlighting issues that contribute to market volatility. From the economic impacts of international conflicts to national concerns in Canada and the U.S., we tie these issues to the confusion and excitement surrounding cryptocurrency. Practical steps for buying cryptocurrency are covered in detail, including the use of centralized exchanges like Newton and Binance, and the critical importance of owning your keys to secure your assets. Terry also provides alternatives like purchasing Bitcoin through ETFs in Canada for those seeking a different approach.
Finally, we delve into the practical uses of cryptocurrency in daily life and business. From transferring funds and using multiple wallets across different blockchains to tips for trading and building wealth, Terry shares actionable advice for both novice and seasoned investors. We discuss the key differences between Bitcoin and government-issued digital currencies, emphasizing Bitcoin's appeal to younger generations. Additionally, the episode highlights the importance of liquidity in cryptocurrency markets and tools for tracking prices. Tune in for an enlightening discussion that promises to broaden your understanding and excitement for the future of cryptocurrency.
Ever wondered how cryptocurrency could completely transform your financial future? Join us as we uncover the essentials of cryptocurrency with Terry Goudreau, owner of the Tilted Toque Wilderness Lodge. You'll learn the fundamentals of getting started, from understanding what cryptocurrency is to safely investing and storing your digital assets. Terry brings a unique perspective with his insights into the generational shift in investment preferences and shares the fascinating history of his lodge, providing a rich backdrop to our financial discussion.
The episode also navigates the turbulent waters of global financial markets, highlighting issues that contribute to market volatility. From the economic impacts of international conflicts to national concerns in Canada and the U.S., we tie these issues to the confusion and excitement surrounding cryptocurrency. Practical steps for buying cryptocurrency are covered in detail, including the use of centralized exchanges like Newton and Binance, and the critical importance of owning your keys to secure your assets. Terry also provides alternatives like purchasing Bitcoin through ETFs in Canada for those seeking a different approach.
Finally, we delve into the practical uses of cryptocurrency in daily life and business. From transferring funds and using multiple wallets across different blockchains to tips for trading and building wealth, Terry shares actionable advice for both novice and seasoned investors. We discuss the key differences between Bitcoin and government-issued digital currencies, emphasizing Bitcoin's appeal to younger generations. Additionally, the episode highlights the importance of liquidity in cryptocurrency markets and tools for tracking prices. Tune in for an enlightening discussion that promises to broaden your understanding and excitement for the future of cryptocurrency.
This episode of Diaries of a Lodge Owner is brought to you by Nordic Point Lodge a luxury outdoor experience with five-star service.
Speaker 2:We're dealing with a whole different generation of investors now, these young people that are coming in, even our age.
Speaker 2:we're not interested in stock market and slow money and yeah, like we've all been trained for instant gratification and we want to see our money growing and we want some a bit of excitement in it and a little bit of conspiracy, maybe, and you know, yeah, uh, that's, that's what gets our gears going nowadays, and the younger generation even more so, yeah, so I believe, moving into the future here, we're going to be seeing a lot less money dumping into things like stock market and commodities like your gold and silvers, and this is like the digital music of our of when we were kids. It was like, wow, this is an exciting new technology.
Speaker 1:you know this week on the Outdoor Journal Radio podcast, network's Diaries of a Lodge Owner, we talk about the mysteries of investing in a world for most of us, we've only heard of yes, we all have heard the word crypto, and over the years, the word crypto has transformed from a word that conjured up thoughts of crypts, vampires and monsters in caves to this new age digital currency, and I have found it to be very intriguing and I've learned a lot recently and wanted to bring it to all of you to look into and through the glass, the crypto world.
Speaker 1:On today's show, we look at what cryptocurrency is, how you get your money safely into the market, where and how to store it, and what you can do with it once it's there. And it is now my pleasure to introduce someone to shed the light on this seemingly difficult process, a man who has over a decade of cryptocurrency trading and is also the owner of the Tilted Took Wilderness Lodge, terry Goudreau. So if you're interested in expanding your wealth through investment and have always believed that Bitcoin is a farce, you may want to listen to this one. It could change your life. Here's my conversation with Terry.
Speaker 2:Conversation with Terry.
Speaker 1:So we're sitting here at the beautiful Tilted Toque Resort on the Upper French River with my good buddy, terry, and Terry, welcome to the show. Thank you, steve. Happy to be here, buddy. Yeah, well, I'm looking out your front porch at the French River right now and it is a gorgeous day to be up here. Couldn't ask for any better. Absolutely absolutely.
Speaker 1:And our topic today, actually, and the way that I really met you, was the fact that after I sold the lodge, you know, I had a little bit of money. I didn't know what to do with it, I made stupid mistakes and everything else. And I'm at a point where I'm looking at our economy and the way that the government has been running our country country, and one of the things that come to top of mind and was a an interest to me but I knew nothing about was cryptocurrency. And I was talking to frank angaro from the ugly pike podcast, um at uh, at a wee gala that we had before the uh kickoff of the sportsman Show Great dude, yeah, great guy. And he said I was querying him about it because he's a guy that loves that genre of currencies. And he said buddy, you got to talk to Terry because Terry is awesome at this stuff and I said okay. So I ended up reaching out to you and we had a meal in Fergus, ontario, and it was absolutely wonderful and the things that I learned in that two hours, or probably three hours and a couple of years later was key.
Speaker 1:But before we get into this conversation, I'd love to talk just a little bit about the history of Casablanca now the Tilted Took Resort here on the Upper French River, because I'm familiar with it. I've been up here for now over 15 years and it's a very interesting spot. Yeah, now to go back a little bit. There were some main properties at the turn of the century that were severed by the government and sold. One was Chaudière Lodge, which I used to own, and it was sold to a guy by the name of Merle H Anderson in 1909. And he was a doctor out of Ohio and it was known as the Ohio Club Okay, actually, I'm mistaken, it was the Pennsylvania Club Chaudiere and it was him and his family and brother-in-laws and they would come up and they built tent platforms and back in those days it was a very difficult spot to get to and they actually accessed it by canoe from Highway 69. And that, for those of you who aren't familiar, is close to an 80-kilometer run by canoe, in the bugs, you know. Or the only other way was to come across Lake Nipissing to get to us. And the Tilted Took property in those days were sold at the same time and it was known as the Ohio Club. So the history of the Upper French River is very American, and even to this day, I bet you, if you took a census on all of the properties that are owned on the French River, it's still fairly heavily American laden Sure. And at the time another property was the Solid Comfort Fishing Club. Right, yeah, they're out the river a little bit and they're still in existence today. And then later on in the 40s, the Hardy Bay Fishing Club was put together too. So the roots run very deep here. It's a very historic area, absolutely.
Speaker 1:And funny enough, clayton from Clayton Doakese, he's the curator of the Doquese Museum.
Speaker 1:Over the winter he reached out to me because on my island over there I have a chimney and there's two or three chimneys along the upper French, well, along the French River, not just the upper. I'm pretty sure the one that's on my property is the only one up here, but there's two or three other chimneys along the French River to Georgian Bay and he was asking to come over and have a look at it because he's looking into it and folklore that I've heard and this come from the guy that I bought the lodge from, jerry so and and I I suspect it's not correct, but he said that this chimney belonged to a boy scout camp. Uh, that was on on that island and, um, it may have been a chimney that was used by a Boy Scout camp, but this thing is massive, like it's 30 feet high. It is. The firebox on it is is huge. It would be like four and a half feet wide. Like I my wingspan on my arms, I can't touch both sides this is inside your cottage in no, no oh this is.
Speaker 2:This is an outdoor it's.
Speaker 1:It's a freestanding chimney in the middle of the bush on the island and there's nothing around it other than which is also an interesting thing, because anomaly, I'll call it and there's probably about 200 to 300 boulders that are like broken boulders and they'd all be the size of a wheelbarrow, like a full wheelbarrow, like 400-pound stones that are just kind of strewn around it. But Clayton is doing some research on these three chimneys and my theory is that they somehow I think that the Hudson's Bay Company owned buildings along the French River during the fur trade Right navigating the French River to trade with the natives, because in 1986, the French River was made our nation's first heritage river.
Speaker 3:Yeah, I just learned that.
Speaker 1:Yeah, it come with that designation, and the reason that they chose the French River was because of the roots of the fur trade, and this was the highway to access the interior of Ontario. So, anyway, now what's some of the history you know about the Tilted?
Speaker 2:Took, so I wish I could pull the name out of my head right now. I can't remember his name, but the first name on title, the first sale of this property that I have was from a gentleman that had registered the rights to build the Shoddy Air Dam. Oh, really, yeah, he's the first person on title that I can find, and he owns other properties around here as well or the person on title, but this was in the 1920s. Really yeah, so this property right beside us is still actually under his name. Really yeah, so this property right beside us is still actually under his name.
Speaker 1:Really yeah, 1920s under his name. Mm-hmm, he can't be alive.
Speaker 2:No, no, no, he'd be almost 100 years old. I think we figured out from the dates and stuff, but that title of that property is still under his name. And then this one changed a few names throughout history, as you know. Yeah, there was some long-term operators and there was some short-term operators. Yeah, but it operated as casablanca lodge for almost 100 years.
Speaker 1:yeah, yeah, I, uh, I looked at buying your beautiful place here, um, when I own chaudiere, but, uh, I just wasn't in a position to do it and to do the work that you've done. You've done a ton of amazing work here and it's an absolutely gorgeous property.
Speaker 2:I personally think you can't beat it property-wise. The view is spectacular. You're looking straight out at the sunset. It's a very slow part of the river, almost a dead end, right on top of chaudier dam, so I love it. I think it's the one of the best places I've ever been, honestly, yeah, well, I can't disagree.
Speaker 1:I've, I've been, uh, um, of that opinion, uh, since I bought chaudier and the, and the one thing that I will say it's almost a warning for all you folks out there listening If you come to the Upper French River, it will get into you, yeah, absolutely, and you will come back. There's something magical about this place in particular. Absolutely. It's just a place on the planet that makes you feel good, no matter what situation you're in. When you come here, you feel good and I don't know whether it's you know where you find these places of high vibration. It's you know where you find these places of high vibration? But if that is the case, this definitely is one of them, I'd agree.
Speaker 2:I grew up my whole life doing canoe trips with my buddies and we went all over Magnetois and all the different rivers and when we ended up at the French River we came back to the French River every year, yeah, every year.
Speaker 1:Yeah, yeah, it gets into you. So back to our conversation today, and I'd love to get into it and, first and foremost, I want to preface our conversation by telling all of you guys out there in the Diaries family that we are not financial advisors. We are going to talk about something that is very interesting. Lots of people have made money with it, but I'll tell you, since I've delved into the world of crypto, you quickly realize how volatile it is. But having said that, I believe, at least with the Bitcoin, that it's stable and it is now part of my portfolio because you know you said earlier what are your options out there when you're looking at investing?
Speaker 2:You've got the stock market. You've got cash Cash. You've got commodities like gold and silver Real estate. You've got cash Cash.
Speaker 1:You've got commodities like gold and silver, real estate. You've got real estate and a lot of that, I believe, is very volatile at this point, especially when you start talking about stock markets and real estate. You start talking about stock markets and real estate when you start looking at the world situation. You can go as far out as the world with the conflict in Russia and Ukraine and with Israel and Palestine, and things are fairly unstable globally. And then you look nationally, within Canada, and you start hearing stats about how, after the last 12 years, the damage that's been done has put Canada. Well, the projections are Canada is going to be the poorest performing G7 country for the next 30 years. Unreal and so.
Speaker 1:And in the United States you've got the battle between the Democrats and Republicans and leading up to this election, with Donald Trump involved.
Speaker 1:I don't know enough about it to really have an opinion about who the best leader is, but I will say I'm a very conservative person when it comes to my political views and that probably should tell you enough. But so when you start looking at the stock market, it again to me is volatile and you know, when you start looking across the years of the steady growth in the stock market, when you leave your money there long term. You know the thought of our financial system changing on a grand scale. Was it used to be a pie in the sky theory, you know? But more and more we're hearing about how the current system needs to change, and with inflation and the way that the money is being printed and it's not being backed with anything, you know I have concern about that too.
Speaker 1:So that is what led me to being very interested in crypto and this discussion today. It was very helpful for me the first time. That's why I said to you I said, terry, we got to do a podcast for everybody, because I don't. I didn't know how to, and it's not the easiest thing to just even put money somewhere so that you can invest in it.
Speaker 2:It's one of the biggest obstacles in adopting cryptocurrency absolutely.
Speaker 1:So why don't we today discuss just the simple structure and procedure to buy crypto? We can talk a little bit about what it is and at the end, but let's first start talking about how do I get my dollars from the bank into, get my dollars from the bank into. We'll take Bitcoin, for instance, just because it's the superpower, it's the biggest and, from a layman's point of view, when it comes to crypto, it's the biggest and most secure place to put it, other than there's the. What did you call those coins? The stable coins? Stable coins? Sure, right. So let's talk about how do I get my money out of my bank account at the TD Bank and into somewhere where I can actually invest in something.
Speaker 2:Perfect. So this I'm going to say first off, this is a bit of the problem in crypto, because you're excited and people get really excited, yes, so they want to know how do I get my money in there before even understanding what it is.
Speaker 1:Well, because it's so volatile, before people actually want to put money into it, they Google and they say, okay, what's crypto worth, or Bitcoin or this? And they Google and they say, ok, what's crypto worth, or Bitcoin or this? And then you see, over the course of a week, bitcoin goes from like we were talking. A couple of weeks ago it dropped down to fifty five thousand and then over the course of two weeks, it's gone back up to seventy thousand per coin.
Speaker 2:Yeah Right, so people suffer from what we like to call FOMO, or fear of missing out.
Speaker 3:Yeah, and that's what happens in crypto.
Speaker 5:It's a true thing, it is, I'm feeling it right now.
Speaker 2:Right, it's an emotional roller coaster, cryptocurrency. So I do think it's important to understand what it is, what the technology is, how it works, how safe it is, you know, and why it's probably best to start including in your portfolio or diversifying maybe into a bit of cryptocurrency. So we'll talk about what it is. After, what's the easiest way to get money into cryptocurrency? Well, there's a few different ways. There's centralization, which is an exchange. It's a centralized exchange. It's owned by a company and they sell cryptocurrency, so you get cash into there and you buy cryptocurrency off of them and that, and for instance, would that be Norton?
Speaker 1:That would be Newton.
Speaker 2:Yeah, binance is another one. Yeah, another big one that was out there that failed was FTX. Yeah, everyone hears about FTX on the news. Now there's some problems with centralized exchanges, in my opinion, because they own the keys. So in crypto, ideally you want to own your own keys. You're holding onto your wallet, you own your assets within that wallet. When you're using an exchange, it's their wallets they own the keys, so that's where you leave your money on their platform Correct and if anything happens, which it has, ftx is a great example.
Speaker 2:you lose your money. It's gone.
Speaker 1:And that is not something that we want to do, Absolutely not Well.
Speaker 2:I mean. So there's cold storage and hot storage. We get into those conversations, so it's good. I find it's good to have some money on an exchange because it's liquid. Yeah, you're able to trade it then. Yeah, often when you move it to a cold storage wallet or you've got it in your own possession, yeah, when you move it to a cold storage wallet or you've got it in your own possession, it's a little more complicated to sell, but it's possible. But I personally like the theory of if it's your keys, it's your assets. If it's the exchange's keys, it's really the exchange's assets, and so you pull them out.
Speaker 1:That's the first step is going from your bank account to one of these exchanges.
Speaker 2:Well, that's one way so you can go through an exchange. You can buy it now through the stock market, through an ETF in Canada. So Canada now offers Bitcoin as a traded fund and they're just about to, I believe, release Ethereum as a secondary traded fund, and that's the second way you can buy. It is basically through a stock.
Speaker 1:So let's talk about that a little bit, because that is something that I did. I and, and the reason that I did that was because I put money into my tax free savings account, right, and then from there, bought into the Bitcoin ETF, which I think is a brilliant move, right? Yep? Now, as far as the security goes with that, it's as secure as any bank, yep, right, and that's a question that you sometimes wonder.
Speaker 1:I just heard that my buddy I call him my buddy he's a TikTok guy, his name is Ron Butler and for anybody that hasn't heard of Ron Butler, he's fantastic, he's funny and he's a I think he's a mortgage broker. But his latest TikTok was saying that the government advisors from the Bank of Canada, I believe are now warning that the banks could be at risk because of all of the massive mortgages that are coming due in 2025 and 2026 with the interest rates. Well duh, you know it takes 1100 government employees to come up with that theory, but anyway. So there is a question with how stable the banks are. But you know, they say that your money's guaranteed up to $200,000 per account, and I didn't even know that until recently when I went to the bank. That's one of the TD Bank selling features is and they're telling you now because I guess people are scared of what's happening in the States with some of the banks closing and everything else.
Speaker 2:But interesting that they're dipping their toes into it now too, because they fought against it so hard for so many years. Yeah, the whole theory behind Bitcoin or cryptocurrency is that it's a decentralized asset. There's no controlling government. There's no controlling the banks have no control over it. It's in our hands. So interesting that they're now jumping on the bandwagon and getting Now.
Speaker 1:Will that ever change? That's a that's a question. That's a good thought and a question that I have, because I know that Canada sent out a questionnaire through the bank asking if a central digital currency, if you were in favor of a central digital currency for the country but this is different than Bitcoin, it sure is. This is something that is very, very bad, in my opinion, because once the government has a currency of its own that's based on a blockchain, then they can see then it's not our money, it's theirs because they have full control of it, right.
Speaker 2:Absolutely. What I do like about the whole idea is that it does offer transparency into government spending. Well, I guess Everything that happens on the blockchain is a transparent action. Right now, when they print money, they spend money. Nobody knows what money is being printed or being spent, lord knows.
Speaker 1:that's the truth, right?
Speaker 2:So when you get into something like Bitcoin, there's 21 million Bitcoins. Well, yes, right.
Speaker 1:Period. But what's the difference between the currency that Canada is talking about bringing out and Bitcoin?
Speaker 2:Well, I think it's all about centralization. I think it's about control. Yeah, I'm not an expert in this, so don't take this as an expert advice.
Speaker 2:This is just our conversation, yeah so I believe it's a control thing. So when you get into a global currency, there's certain aspects of it that are brilliant. Borderless transactions. It's huge In our business and you know, in the lodge or in any hospitality business, when you're dealing with Americans, it's difficult to get payment going back and forth. You know they don't do e-transfer, they don't know what it is. So to be able to do an instant, secure, trusted transaction in a fraction of a second borderless I can send it to Pakistan or I can send it to the French River I see some really good benefits coming from that. When it's controlled, though, through an entity, that's where trouble's going to happen, guaranteed, yeah.
Speaker 1:So the honest difference, in my opinion, or from what I understand, is when the government comes out and says we want to have our own currency versus Bitcoin. And Bitcoin nobody owns, Nobody has control of it, and it belongs to the people. The Bitcoin is the key.
Speaker 2:And it's a finite number. That 21 million is an important number. When the government creates a world coin or the world creates a world coin, I believe it's going to be an infinitely mintable coin. It's not going to say we've got 10 million tokens and when they're gone, they're gone. Yeah, so well.
Speaker 1:And that's no different than paper money, correct? That's not and and and. When governments can print money, um, that is a big problem for me, like I've, and and I've seen this firsthand with my own wealth. I sold Chaudière, I put a million dollars in the bank and I've watched that deflate severely 70% a year, I would say. When you're looking at real estate, it's 50%.
Speaker 1:Sure, when I, in 2019, I could buy a farm in Amaranth for a million bucks. Today, I can't buy a farm in Amaranth for less than two and a half, and that's a shit farm. You know, and that is one of the things, and, believe me, I've made some piss poor mistakes and I don't have that money. I don't have what I should. I don't have it anymore Yet, yet, but that was one of the things that really opened my eyes to extremely poor government management and the fact that you know what I don't care if it was liberal or conservative or NDP or whoever, but the decisions that have been made over the last 10 years let's call it, since let's call it the last five has seen my liquid wealth been cut in half, mm-hmm.
Speaker 2:And when you think you're doing the right thing, when you think historically it was the right thing.
Speaker 1:Yeah, yeah, and that is why I'm so intrigued with, with the, with Bitcoin and the finite amount, and it can never be changed. No, it can never be that, and that is one of the key things that should bring people back to Bitcoin being the stable coin, because that's the only correct me if I'm wrong that's the only coin that has a finite number, like ETH can be minted. Yep.
Speaker 2:Right, yeah, there's many more with a finite number, but Bitcoin is certainly the top, is the top, absolutely yeah, remember, we're dealing with a whole different generation of investors now, these young people that are coming, and even our age. We're not interested in stock market and slow money. We've all been trained for instant gratification and we want to see our money growing and we want a bit of excitement in it and a little bit of conspiracy, maybe, and you know, yeah, uh, that's, that's what gets our gears going nowadays, and the younger generation even more so.
Speaker 2:Yeah, so I believe, moving into the future, here, we're going to be seeing a lot less money dumping into things like stock market and commodities like your gold and silvers, where our grandparents loved that sort of thing.
Speaker 1:Yeah, and there's a place for gold and silver still I believe, yep, but but again, the the what you're talking about is is great yeah, yeah, this is like the digital music of our of when we were kids.
Speaker 2:It was like, wow, this is an exciting new technology, you know. So, um, going back to different ways of getting your money onto it there. So we had our ETFs through the bank. We had to go through a centralized exchange, and then there's one other way that was taught to me by a good buddy, frank, which is this new way right now that you can deposit some money into a post office which then gets put into your Bitcoin wallet. What am I trying to say here? Without your name, without your name attached to it. So I mean, that's a big problem with centralized exchanges is that they have to follow what's called KYC. Know your customer, it's a protocol they need to follow and they need to have your date of birth and your driver's license and all that stuff so they can report to the government. Of course, decentralization. What we'd like to do is kind of get away from the government knowing or being involved in anything, so you can host what's called a self-hosted wallet and move crypto into that, and that is is a great way of doing it.
Speaker 1:Um, when you want to avoid people knowing who you are and and what you have, yeah, um and um, um, the one thing that, uh, that um, uh, I thought about with that, because, the same thing, like I don't like the government knowing everything about me and it has nothing to do with, you know, tax implications or anything like that. I just don't think that it's any of their business sometimes to know you know who my grandmother was and and all of this other stuff. Uh, I like to be a little private. Wow, and a lot, of, a lot of the listeners out there will know that I'm not really private at all.
Speaker 1:Um, but, um, uh, that was a way that was intriguing and um, um, and, and it's a way that works. I haven't done it and I was a little leery when Frank was telling me because he also told me about it about taking cash and putting it in the, taking it to the post office and then moving it around that way, but it seems to be a way that works very well, yeah, as long as it's under $1,000, you don't have to give your name or anything.
Speaker 2:Yeah, and I think it's a brilliant new way to get that in. The government would disagree. They want to know everything that's going on. And we're still in the Wild West as far as cryptocurrency goes. We don't have a lot of regulation on it. It's just starting to. The governments are just starting to dip their noses into wanting to create regulation on it. Well for sure, because they're smelling money. There's lots of money there, so a lot of people are pulling money out and not paying taxes on it. Of course, yeah, so luckily in Canada, we're still at a point where we don't have to pay for unrealized gains. United States is a little different. So you buy a Bitcoin at $10,000 and it goes to $20,000. Even though you don't sell it, coin it $10,000 and it goes to $20,000.
Speaker 1:Even though you don't sell it, you're on the hook for $10,000. And that is bullshit, because what happens if you go through a tax year?
Speaker 2:you pay tax on those unrealized gains and then on January 1st of the next tax year it bottoms out Well, you can count your losses as well, but the fact that any taxable transactions are happening on any asset that hasn't changed hands is crazy in my opinion. Yeah, right, so luckily in Canada right now, we don't pay taxes on crypto until we liquidate it. Yeah, back into a fiat currency. Yeah, but the goal of cryptocurrency here in the first place is to separate ourselves from a fiat currency. It's to stop looking at Bitcoin being worth $70,000, but looking at Bitcoin being worth one Bitcoin's worth one Bitcoin Period. Who cares how many American dollars are the cornerstone of world currency right now, everyone compares to the US dollar. When we get to a stage where we compare everything to the price of Bitcoin, that's when we've become a global currency.
Speaker 1:Yeah, yeah Well, the American dollar is taking a shit kicking and there's a bunch of countries over in Europe, russia and India included, that are trying to change that, and I think we are in. I think that we are in times now where one of the reasons that governments are becoming interested in Bitcoin is because they're nervous about the volatility of their fiat currency, and that's why I'm also nervous about that currency. Sure, you know, the big investors are too you see them pulling out.
Speaker 2:That's right. And where are they investing Cryptocurrencies?
Speaker 1:Yes, yeah, absolutely, absolutely Like. And it's hard to like. I mean, for me it's hard to try and figure out where to put my money right now Because you know the mainstays stock market, real estate they're all in a position where stock market, I feel, is a little volatile and I think I might play it a little bit leading up to this election in the States, because they're going to prop it up. They're going to prop it up going into the election. What happens after, who knows? Yeah, but it's just very difficult to know where to put your money. Yeah, in every angler's heart lives a fishing paradise With stunning scenery and wildlife on a trophy multi-species fishery. In every angler's heart lives a fishing paradise With stunning scenery and wildlife, on a trophy multi-species fishery, having outstanding accommodation and a food experience to die for. They treat you like royalty, tailor-making a package that works for you. Nestled in northwestern Ontario, nordic Point Lodge is that paradise, and Will and his team can't wait to show you a luxury outdoor experience with five-star service. So follow your heart. Book now.
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Speaker 5:Hi everybody. I'm Angelo Viola and I'm Pete Bowman. Now you might know us as the hosts of Canada's Favorite Fishing Show, but now we're hosting a podcast. That's right. Every Thursday, Ang and I will be right here in your ears bringing you a brand new episode of Outdoor Journal Radio. Now, what are we going to talk about for two hours every week? Well, you know there's going to be a lot of fishing.
Speaker 7:I knew exactly where those fish were going to be and how to catch them, and they were easy to catch.
Speaker 5:Yeah, but it's not just a fishing show. We're going to be talking to people from all facets of the outdoors, From athletes All the other guys would go golfing Me and Garton Turk and all the Russians would go fishing To scientists.
Speaker 3:But now that we're reforesting and laying things free, it's the perfect transmission environment for life.
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Speaker 5:And whoever else will pick up the phone Wherever you are. Outdoor Journal Radio seeks to answer the questions and tell the stories of all those who enjoy being outside. Find us on Spotify, apple Podcasts or wherever you get your podcasts.
Speaker 1:So basically, we take our money from the TV bank and I basically would transfer what I'm allowed and, like you said, for people who are gun-ho and wanting to get it done right now, it takes some time Because the bank only let me transfer $3,000 at a time in a 24-hour period. So I made myself a Newton account, went on to the Newton platform and from in the Newton platform, then I can transfer from the TV bank to Newton and then in Newton I could buy certain coins, but not all coins, because when I talked to you in the first place, most of my information came from TikTok and the TikTok influencers. And I'm like, what about this based games and XRP and this and that? And you said, steve, I don't know if I'd put a whole lot of money into that. It's true, right, and I did. Well, I didn't put a whole lot of money into it, but I put some money into it. And you know, since we talked, I've lost about half of that money. But you only lose when you realize, and I believe, that those cryptos are going to be valuable. But that's beside the point.
Speaker 1:So from Newton you can buy at least the top 25. Yeah, right, I looked there. You can buy Bitcoin. You can buy Ethereum. You can buy Polkadot, you can buy a lot of these. You can buy meme coins. They have Doge and other meme coins, yeah, yeah. So once I got it into Newton, I then realized that to go to a different now, when you go to a different website to buy different coins, now, when you go to a different website to buy different coins, I bought one coin called Bazed Games. I bought into the gaming narrative and that's the one that I lost about 50%, but I believe it's going to go, and if you don't have belief, you don't have nothing. But I had to go on to a different platform to buy it and I forget what the name of it was. Is it Metamask? Oh, metamask, yeah. So now Metamask is a place that it's not the same as Newton.
Speaker 2:No, it's a decentralized wallet that you own the keys for and runs on the Ethereum blockchain. Gotcha.
Speaker 1:Yeah, and now I know folks. It's a little confusing when you're, not, when you haven't, but it's still confusing for me and I'm using the shit. But each blockchain has a decentralized wallet, right, correct? So then you've got Bitcoin, you've got Ethereum and you've got these different wallets. And we've got some guests coming up to the door here, terry, nope, they're good, are you? They're good, Just my son. Oh, right on Cool. So I found out fairly quickly that Ethereum is one of the main trading tokens to convert to a different token. So now, once you have your money on the blockchain, you now are trading tokens for tokens.
Speaker 2:Most often yes, yeah, and that's your goal, yeah.
Speaker 1:So basically I moved money into Ethereum to go to Metamask to then search up phased games and then trade a certain amount of Ethereum and I think Ethereum right now one token's trading for about $3,500 US, in that neighborhood, $3,500, $3,800, yeah.
Speaker 1:Whatever. So then you would take .001 of an ETH coin and trade it for 1,000 based games coins, and then you hold on to those based games coins, and that's how you play this kind of stock market. So there's a couple of different platforms that you need to be able to use different wallet for every chain you use.
Speaker 2:Yeah, if you're trading on ethereum and base games and, I'd like to say, thousands of other smart contracts or contracts or tokens out there that are built on the Ethereum blockchain, all use the MetaMask wallet. All of those smart contracts are contracts that are just calling upon that Ethereum contract to perform the transaction. So Ethereum is a very important wallet to own. You definitely want to own a Bitcoin wallet, yeah, but yeah, if you're going to use the Bitcoin chain or, I'm sorry, the Polkadot chain, for example, you need a Polkadot wallet, yeah, but yeah, if you're going to use the Bitcoin chain or, I'm sorry, the Polkadot chain, for example, you need a Polkadot wallet, yeah, or a wallet that supports the Polkadot chain, and you're not just going to have one wallet and dump all your tokens there, because the human error is one of the biggest struggles in people losing money. Let's talk about that Right, so you know if you accidentally send those tokens to a wrong address.
Speaker 1:And all a wrong address is like. An address could be a group of letters and numbers in upper and lower case that could be up to 20 digits long.
Speaker 2:Yeah, exactly, and it follows the format of that contract, and it's basically a contract that, with those digits, you own that wallet yeah, so if you lose that wallet, for example so remember when we were talking about owning your keys yeah, well, that's nice, unless you lose them, yeah, so when you're letting a centralized exchange hold your keys, well, you're trusting that they're going to keep, you know, good, secure, tight hold of those keys. If you're holding them and your house burns down, for example, and you have them written on a piece of paper, your keys are gone and so is your money. Yeah, so is your crypto. We should say so. There's definitely some obstacles in hosting your own keys. Yeah, but it's the one thing I certainly recommend. When you start getting into you really start getting into crypto, then you're going to have multiple wallets yeah, and you've got multiple wallets with multiple keys. Yeah.
Speaker 2:What I like to do, and what I helped you do, is set up a ledger. Yes, it's a hardware wallet or a cold wallet, correct? Yeah, a lot harder to hack, almost impossible. A physical device that plugs into your computer and needs to be plugged in to authorize a transaction, and it hosts multiple wallets so you can put Bitcoin onto it. Any Ethereum token, polkadot, any of them, yeah, so that's one of the smartest moves I think that you do is, right away, get yourself a ledger, yeah, some sort of hardware wallet and that's actually the brand name of the cold wallet that I bought is Ledger.
Speaker 1:Yeah, and it looks like a thumb drive. Yeah, you plug it into the computer and you put all of your coins onto it and then it leaves the computer and goes where you put it. But again, like you said, if your house burns down and that wallet is in there, then you're kind of out of luck. But if you have your what are they? 24-word phrases? Yeah, it's called your Phenomic Phrase. If you have that, you can still access the crypto on that wallet, even though it's not there. You can restore it to a different wallet correct.
Speaker 2:Yes, okay, those are your keys. Yes, those are your keys, yes, your keys. So that's where, when you download or you install a wallet for the first time like steve says here it's going to give you a group of words. Yeah, those words don't exist twice ever. Those are your 24 words and as long as you keep a hold of those, you can throw that usb drive away and in 20 years, you can reload those words into a new drive and it will. And that's your keys. Yeah, so that's important to understand too, because you'd mentioned there. You know you're moving your tokens onto that drive seems like that, but you're not actually. No, you're.
Speaker 1:Everything's on the blockchain yes, and that's what I was just going to mention, because the blockchain is, everybody can see it. I um of the people that it was interesting. The way that they were investing is they were looking at some of the largest transactions going on and then piggybacking on to what those people were doing or watching how different investors are investing. You may not know exactly who it is it could be a corporation, could be whatever but you can see every transaction that's ever made on the blockchain.
Speaker 2:The blockchain is basically a digital ledger. Every transaction that happens on the blockchain is recorded on that ledger and anybody has access to that ledger. So, yeah, steve, when I know your address, I can watch everything you've ever purchased. I can watch every transaction you make into the future. So, if I find Steve Niswitski is an incredible trader, he's started buying shit coins and he knows what he's doing. He just turned $10,000 into a million, yeah, and he just keeps pumping it like this and, being one of the first people into a token, I can start following your wallet now and just mimic your transaction. Yeah, you know, and some people do that. Some people create bots that will copy trade. A successful trader yeah. So transparency can be good, and it can be, you know. Like you said, privacy is also a topic, right?
Speaker 1:Yeah, but I hey listen. At the end of the day, if I'm a, if I'm a trader and I'm killing it, I don't care, who knows.
Speaker 2:Well, I'd never know. It's Steve Niswitski, unless I you told me it was your wallet. Yeah, so I I follow a lot of wallets and I don't know who they are. Yeah, you know, I have my own names for them, but I'd never know personally who they were. Yeah, and you know, that's where we would hope the government has that same lack of control into knowing what we're doing with our cryptocurrencies.
Speaker 1:Yes, and that goes back to a currency that is transparent with the government, because I don't know how many billions of dollars they are squandering, but it would be nice to see where it goes, wouldn't be bad, huh, yeah, yeah. Well, I've got these, and this isn't a plug. This is just because I love it Sleeman's Ginger and Lime Mules and I'm going to grab us another one out of the fridge.
Speaker 2:Yeah, these are one of the best drinks I've had in a while, actually, I know.
Speaker 1:And it's not even a sponsor. I shouldn't be telling anybody about this, but hey, I don't care. So now back to. We've kind of pretty much covered how to get your money onto a platform where you can buy crypto. So if somebody's new, like I was and again I want to I want to very clearly state that we are not financial advisors, but we. How does somebody go about investing? And this question is more how would I research what's good and what's bad?
Speaker 2:Sure, Well, first of all, I want to touch on one last way of getting into crypto. Sure, because it's probably the best way to do it. The easiest way to do it, oh wow, that's 100% utilizing your crypto in trade amongst each other.
Speaker 5:So yes, okay.
Speaker 2:If I want you to do something for me, steve, I'm going to send you some Ethereum. I purchased some products this winter for my wife using crypto, and this was the first and only way this guy ever got in crypto is because obstacle was just trying to figure out how to get his money in there. Yeah Well, if I'm going to buy a watch off you, I'm going to pay you in crypto. Now you're in. You know he's got very much money in and he's in the game now. Yeah. So I find you know, if you want to get in by yourself, then absolutely you can use an exchange. You can buy through ETFs, through your banks, banks, whatever, but ideally, our goal here in cryptocurrency is to start using it as a currency, correct. So what's the best way we can spread it around?
Speaker 3:to each other.
Speaker 2:Use it, accept it, yeah, yeah, I wish more people would pay for their cottages with using crypto.
Speaker 4:Yeah, yeah, yeah I'd offer a discount.
Speaker 1:That's a wonderful thought and topic. I'm glad you brought it up, because so what you're saying is you can come up to the Tilted Took and spend a week with Terry and you can pay Terry in Ethereum.
Speaker 2:Please do by all means. I would offer a 10% discount minimum and for me, here's the tax benefits for that. I didn't earn that money until I liquidated. So you know, if a bunch of people were to start paying me in crypto, I didn't make any money until I liquidate that back into fiat currency, which I don't overly plan on doing. Yeah, would be my goal?
Speaker 1:Yeah, yeah. And the thing that I see people doing, or they're talking about investing and they seem to be smart crypto investors. Whether they're meme coins, whether they're coins in the Ethereum blockchain that follow narratives like AI or whatever, what their goal is is to make money with these more unstable coins but when they're unstable, they're up and down and then take your profit from there and invest it in Bitcoin. It's building Bitcoin. Your goal is to build Bitcoin.
Speaker 2:That's a strategy. That's my strategy. I think it's a brilliant strategy. Yeah, absolutely. It's the number one cryptocurrency, it's the top token, it has the highest market cap. It's the safest. As far as I'm concerned, bitcoin would be my ultimate, final destination of where my currency ends up, if you would call it that.
Speaker 1:Yeah, so basically and it's brilliant because you can accept Ethereum what would be some of the coins that you would accept if you were a business?
Speaker 2:Is.
Speaker 1:Ethereum kind of the.
Speaker 2:Absolutely. Ethereum is one of the easiest ones to transact with. Bitcoin takes a little bit longer, a little more expensive to transact with. It's a little hard to do every day, like to buy a coffee with Bitcoin. Sometimes it takes 15 transactions of approving for it to happen. It could be 10 minutes 15, who knows Ethereum's pretty quick. Stable coins run on Ethereum. So if I'm asking you to pay me $1,000, a lot of people have a hard time sending me $1,000 at that moment worth of Ethereum. Yeah, because their FOMO kicks in and they go well, what if this doubles by next week? Now I've just paid you double what it's worth, you know, so that's fine. Stable coins is another topic you brought up. So they're pegged to the American dollar. One USDT, for example, is equivalent to one US dollar. Yeah, always. So a lot of people would use that to be doing transactional.
Speaker 1:Gotcha, and then you can take that stable coin that you just got into your wallet and dump that right into Ethereum, put it right into Bitcoin, do whatever with it, and then you haven't realized the profit off that until you sell it and and turn it back into canadian dollars, for instance well, you know this is so complicated.
Speaker 2:Like I said, we're still in the wild west because in my mind right there, the transaction of switching off that usdt to bitcoin, yeah, will trigger a taxable event, gotcha, because you've liquidated that USDT. Now you understand Gotcha. So I don't know that for a fact. Again, I'm an advisor in this, but I don't want to give bad information here, like we're avoiding taxes here.
Speaker 1:Yeah, yeah, yeah yeah.
Speaker 2:There's going to be triggers all over the place.
Speaker 1:Yeah, yeah yeah, but trading with Ethereum is a wonderful way of doing it.
Speaker 2:I find it's the easiest. Probably 90% of my trading in cryptocurrencies is on the Ethereum blockchain. Yeah, just started dipping into Solana. Yeah, you know it's got a lot of meme coins going on that right now, where there's big dollars, you know, jumping in and out. A lot of people making money, a lot of people losing money. Yeah, but Ethereum tends to be my majority trading pair. So there's something else. You brought up trading pairs, so cryptocurrency isn't necessarily just purchased with fiat or Canadian dollars or American dollars. Once you get into crypto, crypto is paired with another token and that's how it's normally purchased. So ethereum you can normally purchase with usdt or one of those stable tokens. Every other ethereum branch or fork or smart contract built off of ethereum's contract is running on that ethereum chain. Yeah, I don't know what I'm trying to get out there.
Speaker 1:Yeah, but it. But that's the pair, right, oh, the trading pair. Yeah, yeah, yeah.
Speaker 2:Yeah, so everything trades against Ethereum or wrapped Ethereum, you know, is another form of Ethereum. But trading pairs is really the most important thing out, one of the most important things out there, and the top two trading pairs out there are going to be, let's say, three Bitcoin yeah, ethereum yeah.
Speaker 1:And let's say three bitcoin, yeah, ethereum yeah, and your stable token yeah, most tokens out there in the market are paired with one of those three. Yeah, yeah and um, like I say, there's so much to learn out there about all of it. Um and again, um, research is key, so let let's just touch on. We've brought our family of folks out there up to speed on how to take your dollars, where to put it, so that you can start to buy and trade, and now TikTok is probably not the best place to get your information, but there are a lot of very smart people out there that are talking about it. I think more now, though, there's influencers that are being paid to push certain products, which is always something that you should be wary of.
Speaker 1:But where do you go? Or is there a website that you can go and research all of these contracts or projects? Because a coin is basically just a business project, right? Yep, unless, it's a meme, and I don't even really understand a lot of them, other than their funky pictures and you know. But where would you go now that I've got my money here? I've invested 70% of it into Bitcoin. I've invested 30% of it into Bitcoin, I've invested 30 of it into Ethereum, and now I'd like to take out of that 100%, I might want to take five of it and just throw it out there like pixie dust and play the roulette wheel. Yeah, or you know, maybe not so much the roulette wheel, but it's like gambling A little high risk. I'll call it educated gambling, because there's information out there that you can find about this stuff. Where do we go to do that?
Speaker 2:Well, twitter's huge nowadays, or X, the new platform. X is huge for cryptocurrencies. It's a really big group of people who use Twitter solely for crypto. Yeah, telegram is another, and when you?
Speaker 1:say that they're using X or Twitter for conversation about what's going on and what's coming up new and that kind of thing.
Speaker 2:Yeah, a lot of discussion about regulation, a lot of discussion about new tokens coming up. A lot of discussions. There's a lot of influencers on there. There's a lot of people that will teach you how to earn airdrops.
Speaker 1:Yeah, that's another thing I'd like to talk about, because I still don't know exactly how to do that. So Twitter is a great spot to go.
Speaker 2:Twitter is a great one. So when I think or hear of a new token potentially coming out there's a few different places one I recommend learning how to read a contract. I'm not saying you need to become a technical person and yeah, but learning the basics of a contract I find is important. There's a lot of scams out there, yeah. So being able to jump into or see a new token open up and being able to open up that contract and skim it and realize that it's legitimate is pretty important. I find A lot of people I find that lose money are just ones that don't want to take the time to understand what they're actually purchasing.
Speaker 1:And is that where you would find your market cap and all of that different information, or is this something that's different?
Speaker 2:This is something that's different. This is the smart contract of the token itself that may have some triggers written into it to, for example, for an infinite minting process Gotcha Right. So if you saw on there that they were allowed to continue minting or that the contract wasn't renounced, which means that the person who submitted that contract still has control over changing it, yeah, you know, what we want to see is that somebody submit a contract and then renounce that contract, or what they call burn it. Yeah, which means, now that contract, you see that it's safe, I can't touch it anymore, it belongs to nobody and that will continue working that way. Um, so there's a few things there's, and what guarantees that? Well, once a contract's out of, uh like bitcoin.
Speaker 1:You know, bitcoin has obviously been renounced or burned because there's only how many million? Did you say 20?
Speaker 2:there will ever only be 20 million. There's 21 million, I'm sure there's 19. I think three out there right now.
Speaker 1:Yeah, yeah so how can you not just add to it? Or the government just say okay, this Bitcoin thing, get on your fancy computers there and let's get another 20 million going Sure?
Speaker 2:So a contract is written in code. Computers aren't that smart. They're pretty brilliant, but they aren't so smart. If you throw a code at it, it's not going to mess around, it's going to follow that code. That code is available, it's open source and it's everybody that is using the Bitcoin network, especially miners, are all involved in that Bitcoin network. Not one person is able to have control over it.
Speaker 1:Yeah, so everybody on the planet can see that contract and see, and then not one person can go in and try and change it, because the other million billion people that are out there say yeah, no, yeah, perfect, pretty much basically yeah, yeah, gotcha. So back to reading the contract. Back to reading the contract. It's important to kind of understand how to read that contract, and you were just going over. The points of seeing that it had been renounced is a key point. That it can't be reminted is another, and the reason that that's a key point, I'm assuming, is because if it can be re-minted, it's just like the dollar and inflation, and all of a sudden my four coins are worth $10 because there's 40 of them out there, but then they mint another 100 of them. My coin is not worth $10 anymore, correct?
Speaker 2:Right, yep, and locked liquidity is another one. So when somebody creates a token, there's no value intrinsically there until somebody adds liquidity or Ethereum paired to that token to create some value. So if they mint a thousand tokens and they put in a thousand dollars, basically the value is about a dollar a token yeah, if they're able to mint, what they'll do at the end and, by the way, sorry that collateral, let's call it or the liquidity is locked yeah, so they can't pull it back out. But if they have the ability to mint, they'll just mint 100 tokens and sell them on the open market. Yeah, and they'll pull all the liquidity out that way. Yeah. So you're looking for locked contracts? Yeah, and they'll pull all the liquidity out that way. Yeah. So you're looking for locked contracts? Yeah, or, sorry, locked liquidity. You're looking for renounced contracts? Yeah. That's the beginning of your research, and then from there I jump into things like DexTools, and that's where I'm looking at account holders.
Speaker 2:Yeah, so DexTools is a website that will show you all of the wallets that are out there uh, it's so, it's a um, it's a screener which shows you every token and it shows you every transaction that's happening in real time and a chart and shows you a historical chart of that token and you can see every transaction that's happening in real time underneath it. Yeah, yeah, and then it also provides you with all that information, like the liquidity, the market cap. Yeah, you know all that important information.
Speaker 1:Now let's talk just in layman's terms. What is liquidity and what is market cap?
Speaker 2:Okay, well, so we'll start with market cap. Market cap of a company is or, sorry, of a token is the number of tokens times the current trading price, gotcha. So if there's a million tokens and one dollar per token trading price right now, the market cap of that token is one million dollars, gotcha, okay. Yeah, liquidity is is, uh, as a token, like usually ethereum on the Ethereum chain. Anyways, that's paired with that token when it's launched in order to give people the ability to get their money out. So, if I put in 100 tokens and I put in $100 worth of liquidity, basically people now have the ability to trade off one of their tokens without that price necessarily dropping too much, because that money is there to cover it. Yeah, otherwise, you're looking for one buy for every one sell in order to keep that price stable. Yes, so when you have liquidity in there, it's your cushion, it's the backing.
Speaker 1:Correct Gotcha Gotcha. So if you've got high liquidity, that's a good thing.
Speaker 2:It's a great thing. It just makes the price less volatile. Some people like low liquidity because then it creates higher spiking.
Speaker 1:Yes, yeah, yeah yeah, yeah, yeah.
Speaker 2:So it may take a million dollars in volume to move the price of a token. A dollar, yeah, with a with high liquidity.
Speaker 1:That's right, and I'm sure that there's a um, um, I'm sure that by by looking at it, there's an equation that you can figure that out. Yep, and you can. You can say, okay, well, this one has the ability to pump pretty quick because of the lack thereof of liquidity and whatever you're looking at.
Speaker 2:So and that was a DEX- tool, dex tools is one application that I use, and then just regular CoinGecko.
Speaker 1:CoinGecko. Yeah, it's another charting. Yeah, what about CoinMarketCap?
Speaker 2:CoinMarketCap is brilliant as well, same as CoinGecko. Yeah yeah, it's definitely one of the top ones.
Speaker 1:Yeah, that's the one that I use just to kind of follow my favorites, when I see the red arrow always pointing down Right now, right now. And then the one that I thought I should have bought last week it has the green arrow pointing up, of course.
Speaker 2:Yeah.
Speaker 1:That's how she goes. That's great. So you know, I think we've done a pretty good job at giving the listeners out there a feel for what cryptocurrency is. Is there anything that you feel that we've left out, that we should touch on?
Speaker 2:Not really, I mean. I think it's just important everyone, if this interests you, just to get out there and learn what Bitcoin is, understand its scarcity, understand you, know it's where we've come just in the past I'd say five years, even. Yeah, you know the amount of adoption globally that we've experienced over the past five years, well, and it's definitely shown itself in its value alone.
Speaker 1:Yeah, Like roughly five years. You've been in the and you're a very educated person and that's what I love about it when it comes to crypto and amongst other things, and you've been in this market for over a decade.
Speaker 2:Since 2017 was my first real dip, and in hard. Yeah, yeah.
Speaker 1:What was Bitcoin worth then?
Speaker 2:Well, so it even goes back further. I'll tell a real quick story. But I had some investor buddies back in 2006, I believe it was. I can pull up the text message here on my phone. I show people sometimes for fun. But at this time it was almost impossible to get into cryptocurrencies.
Speaker 1:There was no centralized exchanges. I didn't even know they existed then.
Speaker 2:Well, so no, I might be thinking 2016 here. So I mean, it was 2009 on Bitcoin, so, yeah, 2016, whatever it was was yeah, no, no, I'd have to look and I've got the literal text message here, doesn't matter.
Speaker 2:He, uh, I had a group of investor buddies. Uh, I found this online. I was always into looking online and finding you know the next shiny, fun thing. Yeah, uh, bitcoin came into my radar and I did a lot of research on it and it was impossible to buy at that time. There was no such thing as centralized exchanges, even in Canada. But there was this place. I could buy 400 Bitcoins for $20,000. And so I asked my buddies I said let's do this, guys, let's put in five grand each. It was four of us, let's buy this.
Speaker 2:And every one of them are on my text saying not, no, thanks, like not into buying that sort of stuff, and really I'm into making money, not losing money and I got ripped apart pretty bad. And my text next few text messages over the next couple months that's when bitcoin really started taking off. Yeah, well, at that time, bitcoin was I think it was, uh, forty dollars, wow, bitcoin, yeah, uh, four thirty five dollars, something. Yeah, yeah, $35, something like that. And then last bull run coming into after 2017, we saw it come down to $15,000. Yeah, and then shoot up to $65,000. Yeah, yeah, back down to what did we get here? $16,000 on this bear run, really.
Speaker 1:I had a target. Yeah, I had a target. I didn't know. So that, and this bear run you're talking about would have been what? 2018?
Speaker 2:No, I'm talking this past winter. Oh no shit it might have been like late last fall we dropped down to 16,000. Me and my buddies had a target of 15,000. We were just going to buy it up like crazy. That was our target, because you've got to set targets, yeah, you know, otherwise everything's emotional. We set our target, 15,000, dropped to 16,000, hovered around there for a few days and then skyrocketed right back up from there. So we missed that bottom. But I don't think we'll ever see a bottom like that again.
Speaker 1:No, Wow, it's hard to say now, but like when it's sitting at 70,000 and with all of the interest in countries, never mind people, I tend to agree with you. Yeah, I certainly hope we don't see a bottom, that it's that low. But hey, if there is, I'll be dollar cost averaging. Yeah, exactly, that's for sure I'll be dollar cost averaging?
Speaker 2:Yeah, exactly.
Speaker 1:That's for sure.
Speaker 2:So I think it'd be interesting to have another chat sometime about Bitcoin how it functions, how people mine it, how people earn it. That would be wonderful. How it distributed out in the first place. It's a pretty interesting conversation. Ethereum as well, co-founded by Vitalik Buterin. I don't know if you ever heard that name before. I've never heard that name. He's a Russian-Canadian from Toronto, really. So Ethereum was co-founded by a Canadian out of the city there. Nice, yeah, cool dude Right on.
Speaker 1:Yeah, lots to talk about. Absolutely Well. Thank you, terry, I really appreciate it. I really appreciate you having me to your beautiful spot here on the Upper French River. And thank you folks If you've made it this long. I appreciate it. I love you all and if you like the content, just leave a thumbs up, a comment. You know the deal. And don't forget to go over to fishingcanadacom for all the free giveaways. We've always got stuff running. Diaries of a Lodge Owner has a ton of things on the go and we're heading up to see Will at Nordic Point Lodge here next week and Will had that fabulous giveaway and we're all so excited for that. So check out the fishincanadacom website for those giveaways. And thus brings us to the conclusion of another episode of Diaries of a Lodge Owner. I'm a good old boy, never meanin' no harm.
Speaker 7:I'll be the only one you ever saw been railining in the hog Since the day I was born, Bending my rock.
Speaker 1:Stretching my line.
Speaker 7:Someday I might own a lodge, and that'd be fine. I'll be making my way, the only way I know how.
Speaker 5:Working hard and sharing the north. I'm making my way the only way I know how Working hard and sharing the North with all of my pals. Well, I'm a good old boy.
Speaker 1:I bought a lodge and lived my dream, and now I'm here talking about how life can be as good as it seems, yeah.
Speaker 4:As the world gets louder and louder, the lessons of our natural world become harder and harder to hear, but they are still available to those who know where to listen. I'm Jerry Ouellette and I was honoured to serve as Ontario's Minister of Natural Resources. However, my journey into the woods didn't come from politics. Rather, it came from my time in the bush and a mushroom. In 2015, I was introduced to the birch-hungry fungus known as chaga, a tree conch with centuries of medicinal use by Indigenous peoples all over the globe.
Speaker 4:After nearly a decade of harvest use, testimonials and research, my skepticism has faded to obsession and I now spend my life dedicated to improving the lives of others through natural means. But that's not what the show is about. My pursuit of the strange mushroom and my passion for the outdoors has brought me to the places and around the people that are shaped by our natural world. On Outdoor Journal Radio's Under the Canopy podcast, I'm going to take you along with me to see the places and meet the people. That will help you find your outdoor passion and help you live a life close to nature and under the canopy. Find Under the Canopy now on Spotify, apple Podcasts or wherever else you get your podcasts.
Speaker 7:What brings people together more than fishing and hunting? How about food? I'm Chef Antonio Muleka, and I have spent years catering to the stars. Now, on Outdoor Journal Radio's Eat Wild podcast, luis Hookset and I are bringing our expertise and Rolodex to our real passion the outdoors.
Speaker 6:Each week we're bringing you inside the boat tree stand or duck blind and giving you real advice that you can use to make the most out of your fish and game.
Speaker 7:You're going to flip that duck breast over. Once you get a nice hard sear on that breast, you don't want to sear the actual meat. And it's not just us chatting here. If you can name a celebrity, we've probably worked with them and I think you might be surprised who likes to hunt and fish. When Kit Harrington asks me to prepare him sashimi with his bass, I couldn't say no. Whatever Taylor Sheridan wanted, I made sure I had it. Burgers, steak, anything off the barbecue. That's a true cowboy. All Jeremy Renner wanted to have was lemon ginger shots all day. Find Eating Wild now on Spotify, apple Podcasts or wherever else you get your podcasts.