Lina Kather from the crypto-exchange BTCBOX Japan in Tokyo invited Anita Posch to do an interview about her Bitcoin experiences in Africa, the reasons why she is doing the work she does, her takes on Altcoins, privacy, the importance of the Lightning Network and why she believes that Bitcoin will stay the world’s dominant cryptocurrency in the future.
“Bitcoin is here for 11 years now and it runs very reliable and it’s very secure in itself. The other system, the banking system, we have this for two or 300 years. We have gold for thousands of years. And, so people have also to see that they can trust in new technologies and new forms of money, like Bitcoin.” – Anita Posch
“I think that Bitcoin will stay the most dominant cryptocurrency in the world, because its roots are like grassroots, its networking effect, it has grown from some nerds who used it at the beginning, to a worldwide known money, this is huge without having a company behind it or any marketing money or something like that.” – Anita Posch
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ShownotesRecording Date: July 1, 2020
Lina Kather [00:04:48] I'll just start with introducing myself a little bit and what our company does. So our company is called BTC box and it's located in the heart of Tokyo in and we are a cryptocurrency exchange. We have been operating since 2014 and right now we're doing a new project where we're trying to reach out to other people, influencers corporations or companies that are trying to contribute to the blockchain technology and the cryptocurrency community.
And Japan is very isolated still. So especially with the cryptocurrency industry, people are not really into it. They are more, the popularity is decreasing. And so we wanted to give them a view of what it is like outside, like for example, Germany, America, Canada, Britain for example, to give them a perspective of how much it is growing and how much it is influencing the community, the economy and the people.
And that is basically our project. And you were our next target because I really wanted to talk to you.
Anita Posch [00:05:59] That's great. Yeah. I think it's a great idea. To show other use cases and how things run in other countries. We, and I think everybody is, most of the times too focused on the surroundings, it's good to focus on the regional stuff, but you also, especially in Bitcoin, which is a global phenomenon, you need a perspective that's also out of your own borders, so I think it's very important to do that. And that's also a reason why I, try to talk also about other countries and how things are there.
Lina Kather [00:06:37] Exactly. Because you really never know when you are in the country. Germany has a lot of different countries surrounded. So they might get a little bit more influenced from their surrounding than for example, Japan does that is it's so isolated and not a lot of people can come here or go out side, especially with the language barrier as well. And the difference in culture, when I tried to say something, then maybe they will understand it in a very different way. And that means miscommunication happens, right.
Yeah. That's why we're trying to do this articles in both English and Japanese for all of the viewers.
Anita Posch [00:07:14] Yeah. We are very influenced by U S politics and stuff, I think, and many people can speak English, but there are also a lot of people who don't have the English skills, to follow, interviews like that.
So I also try to do something in German as well. So yeah.
Lina Kather [00:07:32] I've seen your German videos as well. I love them too. So actually you should do more in German as well.
Anita Posch [00:07:38] Yeah, I would love to, but it's also a question of resources and I'm alone. I still have to grow to earn more money, to be able to have freelancers and people who support my work.
And, so I hope that this is the next step. Yeah.
Lina Kather [00:07:53] Let's start from there. Can you please introduce yourself? Who are you? What are you doing? Let everybody here in Japan know, of your activity.
Anita Posch [00:08:01] Okay, great. Thanks. Thanks for the introduction and the invitation. I'm an independent Bitcoin podcaster and educator.
I published a book for Bitcoin beginners in German and translated two volumes of Andreas Antonopoulos, the internet of money to german. My podcast is available in English and German. And I talk with the makers and developers of Bitcoin about the ideas and philosophy behind Bitcoin, because it's not really easy to understand.
Bitcoin has so many facets and I try to shed a light on all of them in the podcast and with my interview partners.
Lina Kather [00:08:45] How did you come to know about Bitcoin in the first place? What made you so passionate about it?
Anita Posch [00:08:51] I'm in the web development space since 2000 and I built a lot of online shops and had an agency doing client work and stuff.
And I know of the problems and the complexity using traditional finance and payment services. Like for instance Wirecard you might have heard of them. They are bankrupt. They have "lost" 1.9 billion, euros and this is all a closed system at the moment with gatekeepers like payment services providers, like Wirecard that make it costly to participate as a small business, or even as a single person company.
Also, I studied urban planning and always had a great interest in societal developments. Sustainable cities and a tendency to small scale systems where people and small entities can thrive, compared to the bigger is always better slogans and the idea of endless growth at all costs. I think Bitcoin as a tool can contribute a lot to an economy that is built on real connections and value creation for the people.
Unlike the current Fiat system that brought the need to commodify every human to human interaction and all natural resources. I think this is a powerful concept and I would love to see more people that they can see that there is an alternative now. And, Bitcoin is a liberation tool. It's the first time that money can be sent globally and it's uncensorable without governments being able to stop it and to interfere.
So it's really people's money and it's great to contribute to this movement.
Lina Kather [00:10:41] A lot of people say that, without any government interference in this field, there might be a lot of problems with protecting yourself, for example. There was a lawyer who I interviewed, recently she said that, it's really nice to have some, liberal, rights when it comes to owning your money and banking your own finances, but she paralleled that with, if you are on the internet, there's nothing that can harm you. Even if you don't have any rules, maybe you're going to get hacked, but that's it. But what do you do without the government in the real world?
Like what do you do when you're, when somebody hits you or hacks you or violates your rights in the outside world? Don't you need a government, then that was her argument. What do you think of that?
Anita Posch [00:11:29] That's a great question and I see when I talk to other people that they are scared about the effects that, a money like Bitcoin could have on, our structures.
I think at the beginning, it will walk hand in hand. If there is an alternative for the people like Bitcoin, that doesn't bring down governments immediately, why should it, it can only be an alternative and that's what I see it at the moment.
There is a very interesting video by Andreas Antonopoulos that I saw recently. It's called, rules without rules and, it's very interesting to hear, how he sees the future exactly regarding the problems we have at the moment, that we don't trust our government anymore.
And, he says it's a technological gap. We are more and more globally. And, with all the internet and digital communications, it's not possible anymore for national governments, to really rule, to, have a coordinating effect on the economy. Yeah. I think it will go hand in hand for a long time.
But yes, I also think that our governance systems will change in the next many years, I think. Yeah.
Lina Kather [00:12:40] We also have seen that the government systems are not really working the way that they are. So I really do hope that they change for the better and very soon. You said that you are doing a podcast all by yourself with no help.
How is that possible? Because there is so much content you have, and you have so many collaborations as well. How do you do that? And please tell us about some of the people that have influenced you, when you interviewed them in your podcast.
Anita Posch [00:13:10] I've been podcasting since 2018 and the idea basically was to do a little bit of marketing and content creation for my other educational stuff.
But then I was lucky to get Andreas M. Antonopoulos in one of my first interviews. And since then I've interviewed him once a year, which is a huge learning experience for me. Because it's great to have a guest who has a sophisticated and well-balanced answer to actually every question regarding Bitcoin.
You can find all the interviews on my podcast website, and it's great also to work with Andreas - you asked me about him a little bit - and his team, I translated the first two volumes of the internet of money. I can tell you the team and Andreas, they build a very focused work situation and they are very professional.
And, I have actually, I think I learned the most from Andreas, and also from other people from the space and it's an ever lasting learning experience because, he always adapts his talks and educational material to recent overall developments like I said before. Another very prominent guest and interesting person, is Adam Back .His work is cited in the Bitcoin white paper and in the Tor browser white paper. So his work was very, and is very influential in the Bitcoin space. And in general, I like to talk with developers, company founders in the Bitcoin space about the philosophy and ideas behind Bitcoin. And these Bitcoiners are most of the times, very discreet, supportive and they don't run around bragging about how good they are or something like that.
So they are very humble and, I like that. And, yeah, I put a lot of effort in that. I think it's important also to have, I have a weekly schedule, to deliver constantly, great content. That's my goal. That's great.
Lina Kather [00:15:11] What kind of things are your favorite themes to talk about and to discuss with, for example Andreas or with Adam Back?
Anita Posch [00:15:20] That depends on their special discipline they are working in, but both of them, I would say, are polymaths, people who know a lot about different disciplines. And, that's what I admire actually very much. O n e of the topics I focus this year on Africa, I've been to Zimbabwe earlier this year, before the COVID crisis hit us all.
Because I was very interested in the way Bitcoin is used there, if it's used and if it can be used because in the Bitcoin space, we talk a lot about that Bitcoin is the perfect money for countries like Venezuela and Zimbabwe, because of the hyper inflation there, and I wanted to go into that.
And other than that topics like privacy, I think privacy is very important. And for me also, the topic of financial inclusion in general is for me the most important thing about Bitcoin, why I'm interested in it. Yeah.
Lina Kather [00:16:20] You mentioned Zimbabwe and I saw your video on YouTube when you were actually in Zimbabwe and you were like, teaching all of the people, I think with children there as well, about how the fundamentals of Bitcoins are what they are and how it can be used, how was it being in that environment?
Anita Posch [00:16:38] It was great to talk there because people are very curious. They want to learn, you have to know that about, I think the average age of African people is 25.
So it's a very young continent and all those people, they want to work. They need money. They live in countries that have very high inflation. I talked to Tim Akinbo who's a Bitcoin core developer in Nigeria or Ghana, he made a research and found that, every five years, all the national currencies of African countries combined on average lose 50% of value.
So there is 50% inflation every five years. In Zimbabwe it's much more. Yeah. So also Zimbabwe is a kleptocracy. So the government and the political elites are extracting value from the country since the last 30, 40 years, since the independence of Zimbabwe. And it's a cruel system, you basically have no human rights there.
And, they also control the money system. Yeah. Last week I heard that they banned the payout of EcoCash. EcoCash is mobile money and people, 99% of all digital transactions in Zimbabwe are done over EcoCash. And EcoCash is a privately owned company. So anytime the government can come in and say stop, you basically also don't have any privacy there.
So they banned the payout of mobile money to cash or to banks. And, so yeah, it's allowed people can buy stuff and exchange money, but, they can not pay out. And also they halted the stock market. Yeah. So they really influence the financial system. And For people there and money like Bitcoin that's uncensorable and not inflatable, would be, or is a great advantage and would be a great store of value.
The problem is that it's difficult there to have internet access. It's very expensive. So most of the people have internet bundles. I saw very many people with mobile phones there. The technology is there and, but the internet access is very expensive. They have internet bundles, like for instance, they only have a WhatsApp bundle.
They can only communicate over WhatsApp. They cannot go to the worldwide web and download a Bitcoin noncustodial wallet. There are really technical difficulties. And I think also for poorer countries, for people who are poor, they will need the lightning network to, to work because, it allows for micro transactions.
You can also like use one US dollar on the lightning network . That's very important. Talking about the talks there. Yeah. There were people, this was in a coworking space with digipreneurs and start up founders. And of course they're very interested in it and I interviewed some of them who already use Bitcoin as a way to store value or as a way to earn money from abroad.
That's the way they can earn money doing work over the internet, being an affiliate marketer or editing videos and stuff, so that's their only way basically to, get paid from abroad, because if you're a business in Zimbabwe and you want to import stuff, for instance, you want to buy something in Japan, you have to ask the central bank, the Royal bank of Zimbabwe, if you are allowed to transmit money to this other business in Japan. And, so that's not really a free and unbureaucratic way to make business. Yeah.
Lina Kather [00:20:39] It is very interesting because, developers know the technology and the engineers know the engineering behind the whole system. Most of them don't truly know what it means to actually apply those technologies in those countries.
Like you said, you go there and you want to teach them that, but the education is not there. The knowledge is not there. So even if I would go there with a complete new device or,what is this? I don't know how to use that. So education is key. And you said that you are aneducator. How is it being an educator and how is it teaching other people about it?
Anita Posch [00:21:14] Oh, it's great. It's great when they open. So those people in Africa, they really wanted to know what it's about. And if you tell them it's uncensorable and non inflatable money that nobody can take away, and you can send it everywhere without restrictions , it makes click, and they are interested in it and they are clever they find ways how to use it. There are, thousands of ways actually, how you can get hold of Bitcoin, also in these countries and use it to get, liquidity inside, Nigeria, for instance, like over Amazon gift cards, for instance.
So the relatives buy an Amazon gift card in canada or in the U S send a picture of the code to the people in Nigeria and they sell it for Bitcoin globally again. Yeah. And then on the local market, they take the Bitcoin and exchange it to Naira the local currency, or if they can afford it to save then they save it. But poor people cannot save, basically. That's another problem, and coming back to your question, so it's really great to educate people who understand the use case immediately. It's more difficult here, in Europe because in Austria and Germany, for instance, we have very well working banks.
So of course there's corruption. Of course, there's fraud in these banks too, as we can also see with the Wirecard debacel or fraud. But usually,you can use your money. And, we have an inflation rate of one or 2% per year. Yeah. So there is inflation, but you don't really feel it, like people in Nigeria, for instance.
So then it gets more complicated if people are not so open minded and maybe also fear new developments. It's, you have to learn a little bit about Bitcoin to understand what's really the difference. And, I think also the scams that have been taking place many scams and also the fact that you have many chances with Bitcoin, but also many responsibilities, because if you really use Bitcoin and hold it, you have to have your own private keys.
If you have your money on an exchange, then you don't really hold Bitcoin. The exchange holds it for you. It's basically like a bank now. And learning how to do this is for some people I think, maybe too much responsibility, which - not for me, but I understand, or I see that everywhere. And I think it's a trust issue also.
Bitcoin is here for 11 years now and it runs very reliable and it's very secure in itself. The other system, the banking system, we have this for two or 300 years. We have gold for thousands of years. And, so people have also to see that they can trust in new technologies and new forms of money, like Bitcoin.
Lina Kather [00:24:14] That's great. Yeah, I think I completely agree with you. I think that the banks, their history is much stronger. It has been much stronger than what we have, seeing with Bitcoin. Bitcoin is only like 10, 11 years now. And the boom of it just started, three, four years ago. So maybe we just do need a little bit more time to understand the complexity and make it a little bit more simple. You said you went to Botswana as well, like a week?
Yes. How was it different from Zimbabwe?
Anita Posch [00:24:47] I went to Botswana the capital of Botswana, which is called Gaborone. because I wanted to meet with Alakanani Itireleng, she is a Bitcoin educator and the founder of the Botswana bitcoin meetup. And she's educating people there about Bitcoin, I think since 2012 or 2014, 13, I did an interview with her about that. So everybody in Africa knows her and she's great. And Botswana, I think from my experiences, what I know, I think Zimbabwe is the country with the worst problems on the African country?
And, Botswana is far better, the systems work better. I think, regarding human rights and corruption, there is less of it and more human rights, less corruption, and people there are a little better off or better off than Zimbabweans, but still, they have shortages of jobs for young people.
Many people go to university there and afterwards they don't have anything where they can, earn money from. So it's better than in Zimbabwe, but basically I think many of these countries also in Botswana live from tourism. So I think also now with the COVID situation, they will have huge losses. So yeah, we'll see.
Lina Kather [00:26:16] Data privacy is also something that you are very passionate about, I believe and some people say that privacy is not only for the first world countries. It's even more important for the developing countries, are we who are in the first world country, misusing data privacy, databases basically from those countries?
Anita Posch [00:26:38] So in general, I think everybody should have the right for data privacy. It really should be the way that companies and governments are not allowed to collect private data by default. And the user, the people, we should have the right to decide who can see, which kind of data from our data and today it's completely the opposite.
Poor people I've seen there they do not care about privacy measures, if they are taken or not, they simply need the services. They can't afford the luxury - and yes, it's a luxury - of putting in extra work to care for their privacy personally. And, they do not have any other options, 99% of all digital payments in Zimbabwe are done with EcoCash simply because, it is the only option to pay anything. And that's why it's so important to have systems and money like Bitcoin with inbuilt privacy protection, where users do not have to think about it and they are automatically protected. That's why I love the Bitcoin space, because the idea behind Bitcoin is its goal is to reduce the collected data to a minimum and to give the users the best privacy.
And yes, of course, if you look at Facebook, it has betrayed us all in the last 10 years, very often they lie about, what they do. And if we take a look at Libra, for instance, what is it? Actually, they have 2.6 billion users now at the moment, I think, and they cannot really grow their user base anymore.
So the next step is a payment method, a built in, to bind users even more and to earn even more for their stakeholders. Yes, definitely, developed countries have and are extracting value also from underdeveloped countries. Yes. That's a fact.
Lina Kather [00:28:37] Have you gotten criticism for your work and the service that you do?
Anita Posch [00:28:43] Oh, yeah, it happens. Not in Zimbabwe or Botswana. The people they are eager to learn and see what Bitcoin can do for them. In the developed world. Yes, on many occasions actually, most of the times, when I do talks in person, it's heated discussions, it's not criticism for me for my work, when I see people in real life, but online, sometimes it's personal insults, too. I think it's hard for people to see why they could use Bitcoin, what it could do for them. We here, we have quite reliable banks and the low inflation rate. So the idea to change something to even opt out of government and financial policies through an alternative money , that gets very emotional discussions, in many cases, and I think this will get even more the more people use Bitcoin. The traditional system is still a little bit amused about Bitcoin because it's too small for them to see it as a threat to their privileges. They do not understand it. And I think they do not want to really understand it. The profiteers of the current system will definitely fight Bitcoin. So I guess that there will be even more resistance in the future.
Lina Kather [00:30:03] You gave a talk and the talk is also on YouTube, where you had a presentation about that. Yeah. About "Can Blockchains save the world".
And it was in German.
So can you summarize for us what you meant by that presentation and what you want it to convey?
Anita Posch [00:30:25] So you speak German. Yeah. Okay. Okay, great. Yeah, I wanted to make a clear distinction that blockchain is not the technology that alone gave birth to Bitcoin and all these innovations, a blockchain is only a database where transactions are stored in a timely correct order.
It's basically a time chain also Satoshi called it like that. The genius part of Satoshi Nakamotos work was to combine several scientific disciplines like game theory, mathematics, cryptography, IT networks, and combined them with the proof of work mining and a blockchain. That was the great invention. This combination prevents double spending and, it's not alone the blockchain, and there's so much confusion around the word, blockchains, blockchain.
There are blockchains without proof of work mining, permissioned blockchains, distributed ledger systems that are not even blockchains. I just wanted to make clear that there's a distinction to make. And, yeah, this was a thought provoking title. The basic point of it was to show the basic properties of Bitcoin, that make it so special.
And if you understand these properties like being open, uncensorable, transparent, neutral, non inflatable, trustless. Then you can, understand all the differences to other cryptocurrencies or payment systems like I would say Libra much better. And, that was the point I was trying to make in this talk.
Lina Kather [00:32:10] Great. yeah, it can be really confusing. And you also are very into lightning network and you also mentioned that could be very good, a very good, a good network for example for people in Zimbabwe because it's more feasible and it's more efficient, also more speedy, and you also talked about Fulmo.
I think you tweeted about Fulmo on, Twitter, I think. What do you think of the lightning network and how can it benefit users?
Anita Posch [00:32:39] I think the lightning network is the future of Bitcoin. So in the future, we will not distinguish anymore between Bitcoin and lightning we will just send Bitcoin or Satoshis.
That's why it's often called staking Sats. that means, save some Satoshis, and it will be the entry for, as I said before, people in poorer countries to be even able to use Bitcoin. And, it also has a very great side effect because it enhances privacy, because you cannot, follow payments through the lightning network. The difference to the Bitcoin blockchain is on the Bitcoin blockchain, every transaction is viewable and you can see from which address it went to which address. You cannot do that anymore in the lightning network. And that's a huge privacy enhancement and it also allows for microtransactions and what many people do not know, the funny thing is that with the lightning system lightning network, you can also have lightning apps. For instance, there are two communication apps on the lightning network already working. They are called Sphinx and Juggernaut. And so it's basically a communication app like WhatsApp, but on top of the lightning network, meaning it's also decentralized. So there are a lot, lots of use cases that can be done on the lightning network that we cannot do now. And also, maybe you can remember in 2017, when there was the big hype about Bitcoin.
So many people wanted to buy or sell Bitcoin that we had too many transactions in the system. So it slowed down and everybody had to wait very long, the transaction fees went very high. And so with the lightning network, you can have thousands and hundreds, thousands of payments at the same time, and they are immediately settled.
You don't need to wait like 10 minutes or 20 minutes, like on the Bitcoin blockchain. So the lightning network is a big improvement and will be a big next step. And you can use it right now.
Lina Kather [00:35:03] It's very feasible. It's true. What are your thoughts about digital coins and Altcoins?
Are you a believer of Altcoins? Or are you not?
Anita Posch [00:35:15] So in principle, I think that Bitcoin will stay the most dominant cryptocurrency in the world, because its roots are like grassroots, its networking effect it has grown from only one person who invented it. Or maybe a team of people, like some nerds who used it at the beginning, in the first two or three years to a worldwide known money, this is huge without having a company behind it or any marketing money or something like that.
And all those altcoins have only been possible because of its open source character that allows for just copying the code, changing a little bit and have a new coin. Like Anita coin or Lina coin, but the thing is what is there to change that makes it really better? Whenever I hear projects or new cryptocurrencies say we are a new Bitcoin. We are faster. We are cheaper. We don't need so much electricity like Bitcoin. I'm always skeptical because Bitcoin has proven its security in the last 11 years and many of the other coins have really lost value. They are, I think we have 2,500 or so, so I don't really see, the use case for most of them.
And, they are also experiments like Bitcoin is. And if they really have a technological breakthrough or any change, that makes it really better than Bitcoin in any way, then I'm very sure that Bitcoin developers will take a look at it and also implemented in Bitcoin. Bitcoin is a permanently developed technology. There's no stand still. Bitcoin can adapt, too. Yeah, that's my basic thing about altcoins and, yeah, talking about Libra, as I said, it's the money of a company and I think money should be open and free and not controlled by a company or by nation states. And, yeah, so that's the thing why Bitcoin, I think is the best alternative at the moment.
Lina Kather [00:37:34] Awesome.
What kind of people. Are you looking up to, and you follow who you feel inspired by?
Anita Posch [00:37:41] I'm not actually looking up to anybody. If I would put people on a pedestal, I couldn't interview them or talk to them as a peer. And most people I have met in the space, very approachable, open and humble people.
And I feel inspired by people with a broad knowledge of things. Polymaths, you can call them who can articulate ideas and complex concepts in a simple way so that everybody can follow and learn. I think that learning is essential also to me personally. And it's one of the most important aspects of life to learn about yourself, who you are, what you want to do in and for the world and your community, and to expand knowledge all through life.
Because nobody can take your knowledge away from you. So I'm inspired by yeah, very clever people who are open minded.
Lina Kather [00:38:37] But are there any, if I could change the question to are there any social platforms that you are active on and, if you could tell us about those and where do you get your information from?
Anita Posch [00:38:50] Oh, okay. Yeah, most of the time I'm on Twitter, I'm following other Bitcoiners in the space. I'm discussing things in my, we have an NGO here in Austria it's called Bitcoin, Austria, they are doing community meetups since 2012, I think. So they were very early established and, yeah, I have a lot of friends actually at the beginning, they were foreigners to me. I didn't know them. Now I would call a lot of them friends in this space who I can talk with. There are a lot of telegram groups, some, more interesting, some less, but, there is lots of information around also YouTube videos and I still follow and also support the work of Andreas Antonopoulos, because he has so many videos where you can learn about Bitcoin. So yeah, there's enough outside. You just have to have little bit of an inbuilt filter, to filter out the useless talk in my eyes about where the price will go, because nobody knows where the price will go. So I'm more interested in the basics.
Lina Kather [00:40:02] Do you have some upcoming projects?
Anita Posch [00:40:05] No, I don't have big projects at the moment coming up, I'm planning new interviews all the time. As I release at least one English episode per week, and maybe also a German sometimes. Then I plan to release my German online course for beginners to learn how to use Bitcoin safely, in the next week.
Yeah, and we will see if it's safe to travel again. I will attend some Bitcoin conferences in autumn this year.
Lina Kather [00:40:36] I hope that it's gonna settle down the whole lot. The whole situation, always the situation in Germany. Where are you in Austria?
Anita Posch [00:40:42] I am in Austria. Austria is much smaller than Germany, but we speak the same language.
Lina Kather [00:40:49] How is it coronavirus situation? How has it affected the Bitcoin market and the whole market?
Anita Posch [00:40:57] The Corona virus situation in Austria, we had a lockdown from mid-March on and I think today, almost all the restrictions have been taken back again. There's only a duty to wear masks in public transport anymore.
People can basically do everything, almost everything as before. But of course at the same time, I saw yesterday that our coronavirus infection numbers are rising again. I'm not sure. I think maybe also in Austria, the first reaction was maybe too harsh and now letting loose of all the restrictions is the other side of the spectrum.
I don't understand why we were used to wear masks now and now, everybody again believes, it's not important to wear masks. And yeah, the Corona virus of course, hit the economy worldwide. And I fear that the real effect is going to come in later on, not immediately now.
What we actually see already is that in many countries, and I think it's not different here in Austria than the U S or other countries, the people who have owned financial assets before will get wealthier or will be wealthier after this crisis. And many of them use this as an excuse for our financial crisis we have in general, because this would have happened anyhow. This endless printing of money, all the money goes into financial assets. And that's also the reason, the stock markets are rising. How absurd is that? It's completely, it has nothing to do with real economy anymore. So it's a gambling casino.
And, I think that I come back to Wirecard because it's a big scandal here in Germany. The company who audited it, what has happened here? It's a complete failure also of the auditing and it's all old ancient technology, with Bitcoin, if you would have a company that has its money in Bitcoin, you can always prove where the funds are.
You cannot take money away in your pocket and nobody realizes it. It's simply not possible. And so I think that a lot of other companies, who are like Zombie companies for many years will go down in the next month or years. Yeah.
Lina Kather [00:43:35] I hope so, too, because we're tired of them.
we really are. And, with the trend of the infected people, it was the same thing here in Japan, as well.
As soon as that lock down was taken off, from regulations, the number started rising again, like little by little, And it's going up and up every single day. However, I do believe that we cannot just have a lockdown forever. We have to do something about the situation in itself because people are, they're becoming impatient and they really want to go outside.
They have to do things as well. If you're inside, I don't think the government is going to give you the money or financial support that you need, for a long period of time, short term, maybe they can, but then you will have to pay huge amounts of interest later on to give that back to the government,
Anita Posch [00:44:29] We pay then the taxes, so anyhow. Yeah. It's always on the shoulders of people, and, what I'm really angry about is that the financial wealthy and the big companies, are always getting well off, like in 2008 and 2009, it was basically the same and this has to stop. And I also think that the current financial system, how money is created is not sustainable.
We create money, through an entry in the ledger and then you have to pay interest on it. So everything becomes commodified and everything has its price because we are all very in need of money. And it's not our fault. It's the fault of the system. The system is wrong. Yeah, that's my opinion on that.
Lina Kather [00:45:16] please tell us about anything that you would like to tell our viewers everywhere in the world. What do you think is very important to understand for the next generation to come or for the people today?
Anita Posch [00:45:27] Yeah, I think there's a lot to come, prepare yourself for change. There are turbulent times ahead.
I think it will take many years or decades, maybe two or three, I don't know until it's, going to be really better in a way, so prepare yourself, save money, don't over-consume, don't buy things you don't need, stack Sats. Yeah. Invest in Bitcoin in the form of education, learn to think for yourself, question things, look for meaningful work and also very important, I think is try to walk in the shoes of others and learn how to be content with and by yourself. Because I think this is also something we need to learn, because if you are in a lockdown situation, you need to be content with yourself. So I think change is coming and in the end I'm very optimistic that it's going to be better. Yeah. Because if you see it in the greater picture of the development of our history, it always, there are always waves, where it goes down and it goes up again.
Lina Kather [00:46:39] Thank you so much for having this amazing talk with me today.
Anita Posch [00:46:43] Thanks for the invitation. It was great.