The Tatiana Show — Perry Despeignes / Joey Krug of Augur & Ashe Whitener of The Liberty Entrepreneurs Podcast With Josh Scigala and Tatiana Moroz

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  • Nick Grant

    Silver! Where did you buy it?

    Howdy all…first…this is awesome! lol I can’t believe I’m actually in it! Thanks everyone for doing this and putting this most excellent website together. So proud and happy to have a part. 🙂 Ok, so I’m looking to buy silver, but don’t know where to buy because a) I’m totally unfamiliar with the process an db) there seems to be lots and lots of options and it’s a little overwhelming. I’ve dealt with Amagi metals before, and I know they are pretty cool (one of their reps is ancap (they sponsored Speak Liberty NOW), and they’ve even posed on JT’s Facebook wall before…lol), and I’ve spoken to a rep with EuroPacific Capital previously. He was great, but they wanted a minimum of 5k or 10k )I forget which now). Shoudl I just go with a rep from somwhere, or does anyone have any suggestions? Thanks in advance! Cheers!

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  • Jonathan Garneau

    Bitcoin p2p lending experience?

    I was wondering if anyone had any experience with p2p lending with bitcoins? I can see there seems to be a bunch of cryptocurrency p2p lending sites. Does anybody have any experience with them? I’ve already mined some bitcoins and was thinking it might be interesting to capture a yield on them. Alternatively, I was thinking if the p2p bitcoin is crap and it’s too risky not to get paid back, to take the other side of the trade: borrow (maybe to buy some more mining equipment) and then default on the loan…

    Jump to Discussion Post 8 replies
  • Primal Anarchy (Mike)

    P2P statists?

    How are so many that are advocate so powerfully for internet freedom, and P2P systems. But when it comes down to other aspects are very state (progressive) driven ideologically. Mostly along the taxation, welfare systems, state dominion over property rights beyond digital and austerity measures. I am not devoid from abandonment of the state entirely either (trying hard too) but it seems that some articles of information outside of circles are very bipolar on the points. I personally have concerns how certain powers given to government would be better all around as private. I don’t have that much faith in human condition yet. Back on point. They want decentralized p2p systems yet also want a very punitive and welfare modeled state body also. Aren’t these two ideas directly opposed at a root level? They want no government in the matrix but want a very large progressive government in physical expression. As I have tried to learn more and more of the power of P2P, bitcoin, 3D printing, tor etc it makes me see that we are actually encumbered by the simplest expressions of the state in real life. Has state based indoctrination been so well done it is stronger than the anarchist ideas around technologies.  

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  • Anonymous

    Beginners guide to fundamental analysis

    Ladies and Gents, these are the notes I have taken whilst I’ve been completing the Coursera course: Essentials of Corporate Financial Analysis and Decision-Making I highly recommend it to anyone who is interested in investing but doesn’t yet know the basics of analysis, ie, how to read a financial statement etc. I apologize in advance for my shorthand notes, if you need clarification please feel free to ask questions.   Module 1. The balance sheet tells the owners of a corporation the financial situation of the corporation at a particular point in time. The profit and loss statement tells shareholders what the most recent performance of the company has been, a profit or loss in the most recent financial year. Balance sheet gives a snapshot of the value of assets and liabilities at a particular point of time, usually at the end of the financial year. Assets – Value of all property Equity – Your contribution to the investment. Liability – Other parties investments Assets Assets: Some are fixed, some are liquid. Fixed assets are called Non Current Assets. Non Current Assets are assets that cannot be quickly and easily transformed into cash. They include: Property, plant and equipment and goodwill, other intangible assets (eg investment in research and development). Goodwill refers to the value of an intangible asset found on the balance sheet. A company’s brand recognition, intellectual property and reputation among its customers and employees can all count towards the goodwill value. When a company is acquired for a higher price than its book value, the excess value of the target company under a balance sheets goodwill. Companies have to subject goodwill to amortization or impairment tests to accurately reflect the goodwill asset on the balance sheet. How are assets turned into numbers on the balance sheet? Book Value (Accumulated): The acquisition cost of the asset minus the accumulated depreciation expense. Depreciation is the loss of value in an asset over time and accountants build a depreciation schedule so the book value of the assets is progressively diminishing over time. Goodwill (Intangibles): Recorded at the purchase price – subtract the book value at the time of investment. There is a disparity here between the market price or purchase price of the companies assets and the value of them. Goodwill is also amortized over time. The other major component on the balance sheet is current assets. Current Assets: Assets that can be quickly converted into cash. Includes things like inventories, accounts receivable, cash Liabilities Liabilities: Located on the right hand side of the balance sheet. They include what the company owes to it’s lenders. They are distinguished between short term (current liabilities) and long term liabilities (non-current liabilities). Current Liabilities – Liabilities that have to be repaid within a year. They include accounts payable/invoices (usually payable within 90 days), short term debt (bank loans) and current obligations on long term debt (interest and principle payments within a year). Non-Current Liabilities – Long term debts (bonds), pension liabilities Equity Equity – The owners entitlement to the assets in the firm. Corporations separate ownership and management of the company. Owners (shareholders) of the company don’t run the day to day business of the company. Obviously there is a lot of risk when you become a shareholder of a company that you don’t run, but this is offset by the fact that you have limited liability. Your only liability as a shareholder or owner of the company is limited to the amount you invested in the shares. If the company defaults on a payment or gets in trouble in some other way, the shareholders are not accountable past the value of their holdings. Assets = Liabilities + Equity. Equity sits on the right hand side of the balance sheet under liabilities. The assets are paid for by liabilities (money owed) and equity (investments). An easier way of looking at it is Assets – Liabilities = Equity. Over time in a profitable company, the liabilities (loans) are repaid so they decrease. Equity is what remains after the assets have repaid the liabilities. Book Value Book value is not a good guide as it often depends on the historical cost of assets and does not capture future opportunities. An example would be a holding company who’s assets included gold bullion. The book value of the company may be very small if the gold price is depressed. The book value also fails in capturing the potential value of the company’s bullion holdings if the gold price was to increase substantially. Market value: The market value of the company is determined by multiplying the share price by the number of shares outstanding. E.G. shares trading at $0.30 with 4 million shares outstanding: 0.30 X 4,000,000 = $1,200,000 market cap. Market cap is not a good way of valuing a company, it merely serves to show the total value of all the shares outstanding at the current share price. The market is not perfect and doesn’t take into account all the information available on a company, hence the disparity between intrinsic value and market cap. Profit and Loss Statement Profit and loss statement – measures the company’s performance over the financial year. Sales (top-line) Net Sales = Gross sales – deductions. Deductions = customer discounts (coupons) + returns (faulty products) + allowances (ie perishables diminishing). Sales revenue is not always easy to define as there are other factors to consider such as the supply chain (internal sales) and international sales. After we calculate the net sales, we then subtract from that number, what it cost to produce the product. I.E. Cost of goods sold (COGS). COGS (direct costs): Also known as purchase, or conversion cost. This incorporates: Product or raw materials including freight, direct labor costs (people making the product), direct overhead that is allocated to the sales (storage of goods) and adjustment or depreciation of the goods. Costs that are directly attributable to the sales. Expenses After subtracting COGS from the Net sales, we are left with the gross profit. We then look at what the company spends. Expenditure is accounted for with direct costs (ie COGS) and Indirect (overhead) expenses. Indirect expenses include selling (marketing department), general and administrative (office) expenses, impairment losses, depreciation, interest expense, theft – aka taxes. After accounting for direct costs and subtracting indirect costs, we arrive at operating profit. Only after accounting for all the expenses, do we arrive at the net income for the company. Here is the summary moving from the top-line (sales) to the bottom line (net income). Net sales – cogs = gross profit gross profit – indirect cost = operating profit operating profit + other income = earnings before interest and taxes, depreciation and amortization (EBITDA) EBIT = EBITDA – depreciation/amortization EBT = EBIT – interest Net income (profit/earnings) = EBT – tax It is a successive stripping out of expenditure to arrive at the profit. This is not the end of it, you need to make sure you read the fine print (notes that follow the profit and loss statement). Material items must be disclosed separately: Notes to the profit and loss statement: The notes capture material items that have effected the firm in the recent past. They include: Write-downs of inventories or property/plant/equipment, restructurings, disposals of property, plant and equipment or investments, discontinued operations and litigation settlements. Because they have an impact on future operations and market value, they need to be disclosed.

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  • Randy L. Camper

    Storing Silver

    I often buy silver bars and rounds from the public. In this area of NW Ohio, especially out in the country, we tend to have sulfur in our water. Nothing (natural) will tone unprotected silver faster; first to a (sometimes) pleasing blue, then to purple, and eventually to black. At some point this natural process will begin actually etching into the surface of your coins, rounds or bars. Though it may not affect the sale price of bullion too terribly when you go to liquidate, it isn’t desirable…and tragic when this happens to your collectible coins! Many will be ruined! For safety & security, I highly recommend storing your coins, bullion and/or guns in a safe or other locking container. From there, it is fairly easy to protect against rust & corrosion. To protect your valuables from moisture, purchase silica gel pack(s). Many currently on the market can be reactivated in your oven and used over and over. To protect from other contaminants, I recommend MetalSafe, available from my friend Bern Nagengast at E & T Kointainer. This is a tremendous product that I have used personally for many years. If you plan to store your valuables for any length of time, taking these simple precautions are easy and inexpensive! They are very much worth the extra effort!!

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Tatiana and Josh interview Perry Despeignes and Joey Krug of Augur & Ashe Whitener of The Liberty Entrepreneurs Podcast

Joey took a leave of absence from Pomona College to focus full time on Augur. He conducted the first Bitcoin transaction via sound as well as the first Bitcoin transaction via iOS-Android Bluetooth LE. As a prelude to Augur, Joey and Jack completed Sidecoin, which allows new cryptocurrency distributions based on “snapshots” of Bitcoin account balances. He works on Augur’s backend codebase which interfaces with Chris’s math functions. He is currently making Augur’s consensus implementation faster and more accurate. Joey worked on bitcoin merchant solutions and enjoys hardware tinkering and game development. He was his high school valedictorian and a senior officer of his college investment club.

Perry worked as an economics correspondent for the Financial Times, Fortune Magazine and Investors Business Daily after majoring in economics at Harvard. Before the 2007 crash, he uncovered heavy insider selling by homebuilder executives, used futures markets to gauge the surprising extent of Wall Street’s dependence on the Fed, was first to report the Fed’s formal brainstorming over unconventional stimulus options and how the U.S. government’s future financial challenges were massively underestimated. He developed regressions to assess which nations might outperform or underperform going forward based on which were “underpriced” or “overpriced.” He manages special projects for Augur, including strategic initiatives involving the financial sector and artificial intelligence.

Ashe Whitener is the founder and co-host of Liberty Entrepreneurs Podcast which aims to provide an alternative perspective to achieving individual freedom through the creative entrepreneurial process rather than through the tried and failed process of politics. Ashe is also an original member of Peter Schiff’s Euro Pacific Bank and is currently the Head of Business Development which manages 1000+ B2B referral partnerships worldwide. Much of Ashe’s experience has come during his time living abroad and he continues to consult global teams on various projects including tech startups and offshore asset protection.

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