BTC Sessions - Adam Back: $700K Bitcoin THIS Cycle! ep382

Episode Date: December 8, 2023

In today's must-watch Bitcoin news roundup, we delve into the groundbreaking prediction by Adam Back, who foresees Bitcoin soaring to a staggering $700,000 in this cycle. This monumental forecast comes amid a backdrop of increasingly pressing issues. We explore the ongoing challenges to freedom of speech and how they intersect with the cryptocurrency world. In a turn of events, Nayib Bukele, the President of El Salvador, finds vindication in his country's pioneering adoption of Bitcoin, showcasing the potential of cryptocurrencies in national economies. Meanwhile, Bitcoin emerges as a hot topic in the GOP presidential debates, signaling its growing influence in political spheres. Additionally, we examine Jamie Dimon's controversial statement about shutting down Bitcoin if given governmental power. Join us as we dissect these pivotal developments and their implications for Bitcoin's future. 💪 SUPPORT THE SHOW: Coinkite offers the BEST Bitcoin hardware on the market. Use this link to get 5% off anything in their store: https://store.coinkite.com/promo/BTCSessions Nunchuk Wallet and their Honey Badger plan is a best in class assisted multisig setup with built-in inheritance planning and NO KYC. Pass on your savings to your loved ones with ease in a simple claiming process with full customer support. Check them out today! https://nunchuk.io/ SEEDOR is one of the most robust metal backups on the market today. Get your SEEDOR starter set today! Use this link for 5% off. https://www.seedor.io/discount/BTCSESSIONS?redirect=%2Fcollections%2Fprodukte For US based customers: https://www.seedor.io/btcsessions Canadian customers: https://link.thecryptoboutique.ca/BTCSessionsSeedor Start9 is your Bitcoin & lightning node, and full personal server - enabling you to take back control from the gatekeepers of your money and data! Grab a Server Lite, One or Pro today and become truly self-sovereign! https://start9.com/ HodlHodl is a NON-CUSTODIAL, NON-KYC solution to stack sats peer to peer! Buy and sell Bitcoin while maintaining privacy. Furthermore, you can check out their Lend platform for p2p loans that are never rehypothecated. Sign up and try it out today! https://hodlhodl.com/join/BTCSESSION Free video tutorials not enough? Need some extra hand-holding when mastering self-custody, multisig, coinjoin, running a node, or other skills? Book me for a private session on my website! https://www.btcsessions.ca/ Been watching the show for a while? Like what you see? Help me cover my video costs by sending some sats over on my Geyser Fund page! https://geyser.fund/project/btcsessions

Yo, what's going on, everybody? Welcome to the show. This is a special one. This is the first time that myself and Nico and a special guest, but myself and Nico, for the first time, this is going live to spaces as well. So welcome to all those that are chilling out in spaces. We are also streaming live, or Nigo is,

streaming live from Unconfuscatable down in Vegas. I wish I could have been there for it. My sister is coming into town for an early Christmas, and I get to see it like once a year or so, unfortunately, I couldn't be down there. But I'm, I'm, you know, beaming my tip signals to Nico and maybe our special guest from afar. And, yeah, we're going to dive into it.

Anyways, nonetheless, this is live and do a live from across the globe, so anything can happen. so I defer to my good friend Bill here. We'll do it live. We'll do it live. Do it live. I'll write it and we'll do it live. The thing sucks.

Of course, if you have not already, please do like, subscribe, share, all those things that help a ton. You can tap that little like button just below on the screen. You can give this a share on whatever socials you happen to be on. And of course, please do subscribe. I'm on the warpath to 100K subscribers. I hope I can pull it off by the end of 20.

So help me get there. Tap that subscribe button. I am Ben with the BTC sessions. This is your simply session. Before we bring in Nico and our special guest, let's take a quick look at where we're on the market today. There's a timechain calendar.com. Also, I am bringing up the live YouTube chat over on the right hand side of the screen.

From now on, all of your comments will be showing live for the world to see for better or worse. Anyway, back to timechain calendar.com. We're sitting at 43,213 U.13 U.S. dollars per coin. A single U.S. dollar will pick you up 2,314 sats. A little bit different from last week. Less sats. Stack them all you can. In terms of fees, next block, 67 stats per byte.

That's come down a lot. I saw 300 and something earlier today. Holy crap. Figure out your fee situation. You know, figure out layer two. I'll talk about a video I did later. Nonetheless, yes, 68. Sats per byte next block anytime 20 sats per bite,

Mempool purging anything south of, we'll call it nine or ten sats per bite. And in terms of Bitcoin mine, 19.56 million of them, which equates to 93.16% of the total supply. Shout out to sponsors of the show Hodel, hoddle.com. If you're stacking stats, easy way to do so, especially if you've got certain priorities in mind like peer-to-peer trading, instant self-custicity, and no KYC. You can sign up with nothing more than an email address. Once you're in there, choose a currency payment method and an amount, and you can start browsing offers immediately. Links are down below for them. Of course, once you stack some sats, you're going to want to secure it with some of the best hardware on the market.

Shout out to Coin Kite. I love my cold card, Mark Ford. It's my go-to. I've got all their goodies like tap signers, sats, cards, block clocks. And I pre-ordered the hell out of the cold card queue. I have seven on the way I shit you not. Nonetheless, feel free to check them out. CoinKite.com.

You can use code BTZ sessions for 5% off everything in the same. store. Backups are important too. Shout out to C-Dor. One of my favorite steel backups on the market disc and capsule design. They've got a full setup that allows you to set up one or two seeds, and you can check them out. Links are down below for the shipping country of your preference. Last couple shoutouts here, Nunchuk for your assisted multisig needs. You can set up a full multi-sig vault on your mobile device with tap signers, cold cards, a ton of other hardware options. They will hold one key. You hold three. They have baked-in inheritance planning, so your stats get your next of kin, and the whole thing is no KYC, so you don't have to give up your

personal information to set it up and have it work for you. And then finally, shout out to start nine, your sovereign computing solution with plug and play devices to run your whole Bitcoin stack and your sovereign computing needs. So this includes things like hosting Bitcoin Core, your Lightning Node, Memple.D.Space, join market, files, passwords, photos, nostrilates, and clients, and even some AI stuff as well. So check them out. They've got everything. from very basic light devices to what I'm using, which is the Start 9 server Pure. So be sure to check them out. And enough of my ranting and raving here.

Let's bring in our guests, we'll call it. Buddy, it is good to see you from afar. Are you hearing me? And I'm coming through nice and clear. Yo! Dude, happy to be on the show, bro. And, yeah, we do have a very special guest. Let's see if...

What's happening here? I feel a poll. It's, it's, it's, it's, it's, it's, it's, it's, it's, it's, it's coming. Oh, oh, my. Let's go. Oh, God. Oh, God. Are we, are we, are we, so what are you, what are they doing?

Are we, are we tri-tipped right now? Is this? We are. We all coming together. It's the trifecta, man. This is the, the two-month birthday of the, the tri-tips. I thought I'd get my, my bullish bits here in the frame. It's going to be here, fellas.

I'm glad to have you, man. This is, this is, we're making history here. One of these days, my anticipation is that there will be so many of us, we won't be able to fit us all on a single stream. The tips are 51%ing at a Bitcoin. Ben, you're part of two attacks. You're part of the Ben's and the tips, bro. Yeah.

What's going on? I mean, eventually you'll be part of two attacks too. Because you have to change your name legally. Is that part of the deal? Anyways. By the way, 100K by end of 2024, why so bearish, man? Well, I mean, it's hard out here for an educator. I'm not telling people how rich they're going to be every single day,

although the title of today's show has to do with Adam Beck calling 700K. That's a cop-out, though. If Adam Back says it, it's okay. Yeah, yeah. But like at the end of the day, when you're, you know, people love when you tell them how rich they're going to be. People are at best lukewarm when you tell them how to take some personal responsibility. So it's a slow grind to get there, but it's going to happen. I'm confident.

I believe in you. 100%. I think it's going to happen sooner sooner than later. If Adam Back says it, we have the get out of clickbait free card. I think so. I think so. I'm going to bring up your, I'll bring up your screen and we can we can dive into what's been going on. What's the what's the drama? What's top of mind? Let me know, man. So the monetary demons, man. The monetary demons are striking back. First, I just want to point out Elizabeth Warren's face. And that's the same face that like I think it was like during like the Iraq war or something. There was like some general and they got like Saddam Hussein or something. And they were like, like, like ladies and gentlemen we got him and then like the whole whole like room clapped she's making that same face she's like this is like this is my moment i finally won like you can tell she is so happy

and what am i referring to i'm referring to jamie diamond who's the sea of like one of the largest banks if not the largest bank in uh in the country uh basically saying the choir part out loud let's check out let's check out the video i've always been deeply opposed to crypto, Bitcoin, et cetera. You pointed out the only true use case for it is criminals, drug traffickers, anti-money, tax avoidance, and that is a use case, because it is somewhat anonymous, not fully, and because you can move money instantaneously, and because it doesn't go through, as you mentioned, all these systems have built up over many years, know your customers, sanctions, OFAC, they can get bypass all of that. If I were the governments, I'd close it down.

Okay. I've always been deeply opposed to crypto, Bitcoin. Like, the only true use case for it is criminals, drug traffickers, anti-money loan, tax avoidance, and that is a use case, because it is somewhat anonymous, not fully, and because you can move money instantaneously, and because it doesn't go through,

as you mentioned, all these systems have built up over many years, know your customer, sanctions, OFAC, they can get bypass all of that. If I were the governments, I close it down. Okay. Yeah. So, I mean, like, what do you, like? So, Nico, when you, when you bring in a clip that has both Elizabeth Warren and Jamie Diamond in a single scene, this is a recipe for me to get fully demonetized here because this fucking cock sucker is such a bag of shit.

I can't like this dude ran money for cartels and every form of money laundering in the book. He bankrolled and was more than happy to provide the utmost in banking experience for Epstein. Like if there is a bigger bag of shit on the planet than Jamie Diamond, I've failed to see him. But I mean, yeah, like and for her to bring in him with. the hundreds of billions in fines or whatever the number is that he has paid as as basically his his fee to run money for some of the worst people on the planet um and she brings him as a like a testimonial as to why bitcoin is bad because it lets bad people do bad things i like you couldn't my my jaw has dropped

Dude, you couldn't put this together. Like, you couldn't put a better story. Like, if you were to write, like, a script about this, like, you couldn't put together a better, like, script. Like, reality is just stranger than fiction. She's so smug. She's so happy. She's taking the victory lap.

We're essentially getting, like, lectured by, you know, Lawrence LaPard pointed out perfectly. It's exactly what you said, Ben. How much has J.P. Morion paid in fines over the past few years? A quick Google search suggests 35 to ner. $39 billion over the past five years, pot, meat kettle. Like, it's complete, you know, Ben, actually, we coined this term on Simply Sessions not too long ago, the iron law of central banker and politician projection.

They project onto us what it is they're guilty of themselves. Yeah. I mean, luckily, we're sophisticated and we can sell back to avoid this whole mess. So I'm going to pass it on to the third tip. What's your take on all this, Nathan? It's just so slimy. I mean, I don't have much to add other than I just shake my tip. It's just unbelievable and hilarious, and her face is great.

And they see the train leaving the station. They're grasping at straws, doing everything they can. But it's just pretty unbelievable. Yeah, I completely agree, man. And here is Pierre Rashard doing what Pierre Richard does best. J.P. Morgan Chase says it's running out of branches to close. 19 Republican states accused J.P. Morgan of closing bank accounts and discriminating against customers due to their religious or political beliefs. Banks are closing customer accounts with little explanation. So like not to mention like all like the, you know, all the, you know, all the, you know, all the, you know, all the, you know, political attacks, all the, the fact that they're, you know, like, and in Chase, like, all these banks, like, they charge you a fee if you have below a certain threshold.

Like, Bitcoin doesn't punish you like that. So, like, who are these people to, you know, basically, like, take this stance? And this is a great article by Blaze. And it's basically describing the series of events that have happened over the last, you know, a couple of weeks or so. The name of the article for the audio listeners is how politicians are using fake news to crack down on digital currency. I'm glad someone actually, like, wrote about it. And it goes on to say something that we actually, on Simply Sessions, Ben, we were, we covered this before.

any of this new before any of this news broke and essentially the top of the article says elizabeth warren and our other critics seized on the october seventh hamas attacks to crack down on bitcoin but the terrorist used cash not crypto in war the greek poet uh i do not know how to pronounce that escalis said the first casualty is truth in the war between israel and hamas there has been plenty of opportunities for plenty of opportunities for lies to achieve political ends in the United States. We're seeing the demonetization of and crackdown on cryptocurrencies and stable coins like Bitcoin and Tether. U.S. Senator Warren stirred crypto-skeptic politicians in Washington into a frenzy last month, alleging that Hamas funded its heinous attack on Israel,

Israeli civilians with cryptocurrencies such as Bitcoin. This followed an initial report in the Wall Street Journal, which detailed a significant crypto-funding raising operation by Hamas across various past forms. There were congressional hearings, press releases, and letters dispatched the various elements of the national security establishment into the Biden administration itself, seeking to understand Hamas use of cryptocurrency and how it could move money undetected. Warren penned a letter with 28 other senators and 76 House members demanding answers on the alleged $130 million in crypto used by Hamas, relying on the Wall Street Journal's article, which, by the way, I don't believe that was a coincidence. The only problem is that the story,

was false or at least it was overblown and senator cynthia lumbus came out with a great uh you know a graphic that we've been using uh for the past couple weeks on simply sessions and essentially the graphic speaks for itself uh you know if if you have the total pie of global illicit finance less than one percent is used for you know terrorist funding and aML and all that stuff and you connect that with what Jamie Diamond, like, if you're listening to that Jamie Diamond press conference, you're like making the assumption that, wow, like 99% of this terrorist funding must be coming from cryptocurrencies, but in reality, it's coming from the traditional financial system. It's coming from people like Dave, Jamie Diamond and the banks and all that stuff.

I don't know, Ben, what are your thoughts? Yeah, like, it's also dishonest. And you remember, like, at this point, When Warren trots out Diamond and they're having this line of questioning, she knows full well that the initial impetus for her fearmongering has already been proven wrong by the very on-chain analytics companies that she quoted for having provided the information. Even them, they're like, no, this, that's not a good way to interpret what we've said at all. And like when Bitcoiners are going to bat and saying that the chain analytics companies are the good guys in the room, you know that somebody is being malicious as hell.

A hundred percent. Mr. Fast. Yes. That is Mr. Fast's comments. Yes. No. That was fast. Hold on.

I want to talk. to speak on this again. 2.9 trillion illicit finance is that? What time period is that? It doesn't specify. I think that's just like the lot, like I guess they just,

they put together, they did a study on how much illicit finance is happening globally, I guess on a yearly basis. And out of the 2.9 trillion, only 20 billion, according to the study, is by crypto assets.

I got it. Insane. Insane. That comment, Yes, was very fast and was very fitting. Anyways, okay, all right. So let's move on to the other news, Ben, because there is definitely some other things happening throughout the world

that were very, very interesting. Here is Vivek Ramoswami. Vivek Ramoswamy is one of the three politicians in the United States that have actively supported, you know, Bitcoin, not to mention, of course, Ron DeSantis, and not to mention, of course, RFK Jr., Now, the reason that this is such a big deal is because, again, we talk a lot about the concept of the Overton window for anyone who doesn't know what that is, but it's essentially the window of acceptable discussion for the mainstream normie. And when you have politicians talking about alternatives and what RFK Jr. is saying and what Ronda Sanchez is saying is extremely powerful because both of them are saying basically, CBDCs are bad, they're a scam, governments are going to use this against you, I'm going to protect Bitcoin.

I'm going to protect your right to Bitcoin. And it's got to the point where in the GOP Republican debate last night between Chris Christie, Nikki Haley, Ron DeSantis, and Vivek Ramoswamy, Vivek Ramosami was actually asked about crypto or Bitcoin during the stream. And there's a lot to unpack. So let's check it out. And you'll pay it like if you guys are paying attention, guess what they brought up? They brought up the terrorism narrative. They brought up the Hamas narrative. Even though we just debunked it.

We looked at the actual numbers. They're overblowing it, but they brought that up and take a look at how the reporter framed the question. Mr. Ramoswamy, you praised cryptocurrency like Bitcoin as an opt-out from our, quote, broken financial architecture, and you oppose efforts to regulate it. The head of the largest international crypto exchange just pleaded guilty to allowing his platform to launder money for terrorists, including Hamas. You say your cryptocurrency plan will, quote, ensure economic freedom for Americans, end quote. Won't it also ensure economic freedom for fraudsters, criminals, and terrorists?

Look, fraudsters, criminals, and terrorists have been defrauding people for a long time. Our regulations need to catch up with the current moment. The fact that SBF was able to do what he did at FTX shows that whatever they have is the current framework isn't working. And I think it is nothing short of embarrassing that Gary Gensler, the current leader of the SEC in front of Congress could not even say whether Ethereum counted as a regulated security or not. And so I think that this is just another example of the administrative state gone too far. Here's the dirty little secret in American politics today. The people who we

elect to run the government are not the ones who are even actually running the government. It is the bureaucrats in those three-letter agencies. Yeah, damn. Dude, I mean like, okay, So I would have done it a little bit differently, but I get like he's on the spot. He should have just addressed it right from the very beginning that like the vast majority of, you know, that so-called illicit finance is done through the traditional financial system. And I think that was on purpose by the journalists, again, to kind of catch them on the back foot, to kind of demonize it. But this is crazy. Like not only do you have Haver Malie winning in Argentina, like saying things like, let's end the, you know, the central bank.

It looks like he's walking that back. But the Overton window is shifting, right? And I think that's what's important, especially for our cause. What's your take, Ben? I mean, I think the most telling thing was the framing at near the end of the question itself was she basically said, oh, hey, the use of this will give freedom to everybody. And then she's like, yeah, but won't that also mean freedom for bad people? Well, yeah, kind of.

Like, it's, you can, rather than villainizing the medium, villainize the person that does the thing that hurts others, you know? Like, again, you don't villainize the car when a drunk gets behind the wheel, right? Like, and so I think the framing there was just very telling of the way that they're trying to attack this. thing because they don't want people to have their own monetary freedom. They don't want people to step out from these malicious systems that bleed people dry and make them reliant on the state. They want people to stay asleep at the wheel and they want you to feel that you need them in order to survive and enjoy any sort semblance of a happy life. And they want you to be afraid.

of the idea that, well, if you do get some freedoms, then these bad people are going to take advantage of those freedoms. So we just need to remove those freedoms altogether and we'll take care of you. No worries. 100%. They want you to make you feel that you're dependent on them. But it's actually the private sector. It's actually the citizens that make their employment even possible. That's like that's how government is supposed to be like it's supposed to be. It's supposed to be. done, but as long as there's this money printer, like, politicians don't need to do good by the constituents. They don't need to do good by the people that they're just supposedly representing

because they have a money printer, right? Anyways, Mr. Fas, what's your take? Yeah, I'll take a little bit of a different angle. I like, it makes me laugh every time he says, I'm going to tell you a dirty little secret. He says it quite frequently. He's not a career politician, you know, so he's coming from outside the system, which I find is interesting, but I like that he called out the administrative overreach and all the three-letter organizations, because people are waking up to the fact that we didn't elect these people, these bureaucrats, and there's a comment.

You know, it's unelected people who are making these decisions and these policies. And as you mentioned, Argentina and El Salvador, you know, the dominoes, I mean, we wish that it would be a tidal wave of change. I know I sure do, but it takes a lot of time. And like I said, it's happening. And it's cool to experience it in real life. I would touch tips to that.

Amen. Cheers. Okay. All right. Click. Oh, man. Okay. So the really big news, Ben, for today is really the,

Adam back absolutely just going, uh, going bananas. And essentially he dropped this. Uh, Adam back was feeling bullish to say the least. Um, and he dropped this on December 3rd. The price of Bitcoin was ripping. It went from like 35k to 40. Me and you tweeted the same thing by the way. We're just like, could this calm down a little bit?

Like, please stop. Slow down. That's for dollars making me sad. It was going too fast. It was simply too fast. It makes me sad. Slow down a little bit. Oh, Mr. Fast said slow down.

Slow down. What is happening? Okay. So this is what Adam Back did. And clearly he was very excited. Digital gold Bitcoin will surely flip physical gold sooner or later and probably this halving. So within a year or two, currently,

It would take 700K Bitcoin, but it may be partially substitute. Some people start selling gold to buy Bitcoin crossing the market cap before that. So that's incredibly bullish, and you would say, okay, maybe, you know, like, maybe like that is just like pure hopium, Adam back is, you know, clearly like he's incentivized to say that sort of thing. But you can make a case for it. And the case is this. First of all, this is the first time this has happened in Bitcoin's history. 70% of Bitcoin has been inactive. Mind you, there's a halving that's coming up.

Also, you have institutional interest from the likes of BlackRock, from the likes of Fidelity, from the likes of Franklin Templeton. So you have this massive institutional interest. You have 70% of the supply being inactive. You're about to have the current Bitcoin mine get cut in half, excuse me, get cut in half in April. So it looks like you're seeing this perfect storm and I think a lot of people were And myself included I was definitely on this boat were demoralized by the next the last cycle last cycle two things happened It was you know obviously SBF selling rehypothicated Bitcoin paper Bitcoin so to speak and of course the CCP band which we've talked a lot about on on simply sessions which is just the Bitcoin hash rate

completely completely dropped off a cliff as soon as they ban Bitcoin mining. Like there's a direct correlation between the USD price and the hash rate, right? And that essentially was miners in China selling their mining equipment to relocate to another restriction. And look, that happened coincidentally in the run-up of the last bull market. I think this played a major part. I don't see a lot of people talking about it. But I think we have a perfect storm in the works.

And I think when the person who has been cited in the Satoshi white paper is calling for 700K Bitcoin, you know, that isn't just some random person off the street. And I think that if you kind of dig deep a little bit, you know, with the supply, with the having, with the institutional interest, we put, I know we don't speculate on simply sessions, but, you know, we might have an epic fast bull run. I so yeah there's I there's a few things that stand out to me from the last kind of run and you know the the China mining ban was one of them but I mean one of the big ones was also FTX like both in in in kind of two respects number one is there is billions in demand there that was uh it it was artificially met and so like There were people like billions of dollars worth of fiat that wanted Bitcoin and thought they got Bitcoin.

But effectively, FTCS was taking that money and not buying a single thing other than some Bahamas real estate. And so like what would have happened if all of that money was actually allocated in a way to purchase real Bitcoin? Well, it probably would have had some upward pressure on the price. Number two, on the flip side of that, the freak out and the absolute washout from the implosion of FTX, that really put a lot of pressure, I think, on a lot of miners and may have allowed us to or allowed the miners that are the most efficient to really kind of bolster their operations, the ones that were going to fail with the halving. may have actually already washed out. And so you don't have that, perhaps might not have that added selling pressure with the having. And so I don't know.

I think there's a number of things that we kind of got the worst or the worst with that. And it may kind of slingshot on the opposite side of this having to have an effect. Like everybody's expecting diminishing returns. And maybe, but also maybe not. And I don't know where I sit with this. Like I would not be surprised either way, but Bitcoin has a way of doing the opposite of what most expect. And so like I don't know if you guys saw it. And I won't name the person, but there's a video the other day basically proclaiming,

this is exactly what will happen. You'll get some, you know, we're going to get a, you know, 12 to 18 months after the having. we will get a magnificent bull run in Bitcoin and then it will top out and then it will drop exactly 80% as it has always done and that will be the thing and I watched that video

and the certainty with which it was said and I was like, holy shit, it's the super cycle guys. Yeah, man. It's just so fucking crazy. This is NGO and then all the peripheral things that NGU is causing and causing the politics

And the bankers to melt down in the process because they can't they like even like you see like the central bankers get upset about this and they're just like Bitcoin isn't worth anything. Well, no, it's actually current the market actually currently values it at $43,244. So just because you think it's not worth anything, clearly other people don't think that. And you know, watching it pump we all obviously we all get wealthier. And actually I don't own any Bitcoin. So. not me but uh and i know you don't own any bitcoin ben because you're not sophisticated enough never mr fast is definitely a giant whale but you know uh i'm getting my first bitcoin um right after simply fast sessions by scanning uh scanning this bad boy um i can i chime in here yeah of course so this this tweet um it as you guys were chatting it it i had a flashback i want to say it was maybe three years ago. I remember listening or watching. It was one of sessions, mega

bullish panels. I want to say there was Sailor. Yeah. Haudel. Odell was on there. And I was listening and I think they were, you know, just lobbing out prognostications.

And I remember, I was on a walk and I remember a punch in the air like, yeah, yeah. Let's go. Somebody said 700K. And I was like, I mean, I That's, and I think somebody else said, why so bearish? So it makes me uneasy. Who am I to question Adam back, cited in the white paper. But again, if everybody expects something, it'll probably go the other way.

But if everybody expects it to go the other way, I mean, I just, you don't know. All I know is it typically takes the path of Max Payne. So I'm prepared and I'm just, I'm cheering along. I mean, this is, like somebody said in the comments, It's that Adams, this is bearish compared to some of it. I mean, you got million dollar. You got, I saw Urien from Fidelity. He put out something even more bullish.

So, you don't know. I'm just, I'm cheering along. I'm excited to get my first sats here in a little while and we'll go from there. Yeah, man. That was, well, Mr. Fast, Mr. Fast. Clink. Ben, was that a dream? Or did that actually happen, that mega bullish panel?

You know what I'm talking about? Oh, it happened. Yeah. So that was in 2020. that was in, I think, April of 2021. And I had been off, like I took a week off or a couple weeks off. And I came back and I was like, I was like, you know, it would be my dream panel for my return show? And I listed five people.

And the people were Michael Saylor, Jack Mallors, Preston Pish, Jeff Booth, and American Hoddle to add some spice. And Twitter made it happen. Twitter literally made it happen. People started tweeting. like Jeff said yes right away. Preston said yes. And then I was like, Hoddle, I got two of these guys. He's like, yeah, fuck it. I'm in. And then like the green check marks started popping up.

People were like, oh, we got three of them. And then Mallors chimed in. And then Saylor was the last one. He's like, all right, give me a green check. I'll be there. And it was insane. And yeah, man, what an epic time. Dude, wow.

This is just a bullish episode. bullish episode overall feeling extremely bullish anyways so let's uh let's i think it's important sometimes to zoom out and uh to talk about what's at stake here and you know we you know my the way that i say it really is uh you know bitcoin or slavery and i think you know we we kind of have to like look back and give a little bit of context why this is happening on a worldwide level like why we're seeing this level of censorship, why we're seeing this level of control by governments. And I was actually listening to the Fiat standard on the way here on audiobook. And it's extremely interesting how much Fiat de-incentivize or sorry, misalines the incentives

of society. And Jeff Booth has such a great way at pointing this out. I think he, I forget what podcast he went on the other day. And he was just like, yeah, like they're censoring and they're doing all of this stuff. And he says it here perfectly in this tweet. because broken money ensures a centralization of power by stealing the productivity through inflation that should flow to society in the form of lower prices.

Then those enriched by the theft and subsequent power must control the messaging to keep it. And that's really important to keep in mind when you see these next couple of things, right? So here is the world economic farmer. I like to call it the contillionaire conference, the global leader for tomorrow on CBDC arrival, let's hear what he or she has to say. Let's check it out. What underpins a world order is always the financial

system. And what we're seeing in the world today, I think, is we are on the brink of a dramatic change where we are about to, and I'll say this boldly, we're about to abandon the traditional system of money and accounting and introduce a new one. And the new one, the new accounting, is what we call blockchain. It means digital. It means having a almost perfect record of every single transaction that happens in the economy, which will give us far greater clarity over what's going on. It also raises huge dangers in terms of the balance of power between states and citizens. Most people think that digital money is crypto and private. But what I see are superpowers introducing digital currency.

The Chinese were the first. The U.S. is on the brink, I think, of moving in the same direction. The Europeans have committed to that as well. That's scary, man. I mean, like, from my perspective, it's obviously the CBDCs. As she's sitting on the contillionaire conference panel. Okay. Then this is happening in Ireland, right?

And of course, it's always for the common good. Let's check out what this Irish politician had to say. When you think about it, all law, all legislation is about the restriction of freedom. That's exactly what we're doing here is we are restricting freedom, but we're doing it for the common good. You will see throughout our constitution, yes, you will. have rights, but they are restricted for the common good. Everything needs to be balanced. And if your views on other people's identities go to make their lives unsafe, insecure, and cause them such deep discomfort that they cannot live in peace, then I believe that it is our

job as legislators to restrict those freedoms for the common good. When you think, like what I'm going to say about that is like if you read this first and yeah I'll pull that up and when when you read this first it just gives such great context as to why why they're doing that and Ben uh been uh shot me something that's a great movie by the way i've been nobody's ever seen this go watch hot fuzz because it's great i love that movie it's so good That's what she sounds like, by the way. This is the only reason I want you play it is this is what she sounds like. Let's check it out.

You should be ashamed. Calling yourself a community that cares. Oh, but we do care, Nicholas. It's all about the greater good. The greater good. How can this be for the greater good? How can this be for the greater good? Shut it.

What a great movie, though. It's just they're all like killing people. in the community, like, everybody's dying to kill anybody that disagrees. It's for the greater good. It's for the greater good. It's for the greater good, right? But, you know, Bitcoin fixes this. I think this Jeff Booth, you know, a message just really hits the nail on the head. And this is why we're here. This is why we're fighting. This is where we're trying to educate people. This is why Ben is using ever so sophisticated means of allowing people to take back their wealth um so yeah anyways uh what's your take ben um yeah man i it's it's

it reminds me a lot of um uh the the fourth turning um that book is is fantastic i and and they talk a lot about as as you know the at the end of a turning as kind of everything is imploding and people are are having, you know, much less trust in their institutions. But there's also this push towards like collectivism as well. And, and I think we're seeing kind of like people, some people grasping at that collectivism and that, that quote unquote, for the greater good kind of thing. But then we're seeing the others recognizing like, hey, we've got to get out of this. We've got to change gears.

And I hope that on the other side of this, as we kind of start anew, that it's in a way that most respects individual sovereignty and that we're all a little bit more free because of it. And so, yeah, for the love of God, keep yourself away from the CBDCs, claim your self-sovereignty, self-custody, learn the tools. and more importantly, build a community of like-minded individuals so that you can be the change that you want to see in the world. Beautiful, 100%. And I think that's what's happening. Mr. Fast, we are getting to the 40-minute mark. Any closing thoughts?

Well, so, smash the like button for the greater good. No, that clip was, it was awesome. But I was getting shades of hunger games or like the cantillionaire conference, like Emperor Palpatine, introducing the new world order. You know, it's, it's scary and Bitcoin fixes this. Yeah. Bitcoin absolutely fixes this.

All right. So should we try, tip it all together? I got to get a double on my screen. There we go. Okay. All right. Boom. That was great.

That was very sophisticated. Anyways, Ben, thank you so much for having us. I'll see you next week. Guys, this was your Simply sessions. Cheers, gentlemen. Awesome. And everybody that is still here with us, stick around. I got to fill you in on the latest and greatest in tech updates here before we round out. Thanks to Nico and to Nathan for being here.

I love try tipping it. So let's continue on here really quick. I'll bring up my screen here. And let's just do a quick rundown of what's been going on here. So Block and Jack Dorsey. announced they've got pre-orders going in 95 plus countries for the Bitkey. So this is his answer to self-custody in a manageable way. It is natively multi-sig, which is interesting. I got to hold one. I haven't yet played with it. So I haven't seen it in advance here. But it has a mobile

app, a hardware device, and a set of recovery tools in case the customer loses the phone, their hardware, or both. Yeah, so this is built by Block. They're a quote here, we invite you and others, you know, who care about financial ownership and control to purchase the BitKee so that we can together put the keys to Bitcoin ownership and the hands of people around the world. Bikki puts two keys in customers' hands and one in the mobile app, which enables customers to make Bitcoin transactions easily on their phone, track their balance and manage security preferences.

And the second customer key is held in the hardware device, secured, stored offline. A third key is on Bitcoin's Bitkeys server and is used for only two things to help customers move Bitcoin with just their phone for transactions. So they choose to make on the go without their hardware device and to help customers recover their wallet if they lose their phone or hardware or even both. That's interesting. Even both. I'm wondering how that's going to work. But nonetheless, I've ordered one and I will get my hands on it and of course make a video on it. The curious thing, though, went to order it, the thing that I was a little bit sad about, go to order, pull up my Bitcoin wallet.

No option to pay in Bitcoin. What the hell is that? Come on, guys. Come on. We need to do better than that. Anyways, I'll have it soon and video coming. Unchained to pause Bitcoin back loans to individuals. Quote, due to external requirements, new loan originations to individual.

borrowers will be paused beginning January 1st, 2024. We will continue originating new loans for legal entities such as LLCs or corporations after January 1st for businesses or investment purposes. Despite having originated thousands of customer loans to positive feedback, we received above the service while to this day experiencing zero loan losses. We have significant update regarding availability of products to consumers. Yeah, this means that Unchained will not be able to refinance. or rollover existing loans beginning January 1st, unless a refinance application is submitted

by an entity, not an individual. Yeah, so it seems like some sort of regulatory pressure. That's super shitty. Again, like the fact that they've offered this mechanism in which somebody can utilize their existing Bitcoin to receive a dollar loan and it sits in a way in which it's never re-hypothicated. and they've had zero losses because they hold a key, a third party holds a key, and you hold a key, and so nobody can unilaterally move it.

Yeah, that's really crappy. And of course, the regulatory pressures around this, what ends up happening is the average person gets screwed out of a product that they may have found useful. and those products and services are reserved for only those that, you know, can run a regulated entity. So way to go. US. Anyways, moving on, Bitcoin Keeper, version 1.1.8, custom multi-sig coin selection and more. So Keeper is a multi-sig wallet with privacy and inheritance features. It's on iOS and Android.

So there's a new release. And again, as I said, it incorporates. incorporates some additional updates, like, again, coin selection, custom multi-sigs with various devices, all that kind of stuff. So, yeah, awesome. I haven't actually played with Keeper yet. It's been on my list of things to do. I have a long list of potential tutorials. I will touch on it soon, I'm sure. Mutiny Node, they've looks like they're on the road to adding pay join support, which is a form of coin join that office gates who the sender, receiver, and the amount sent is dynamic fees and Noster wallet off.

So that's awesome. Glad to see Mutiny continuing to pump out the updates. And that's just a self-custy mobile progressive web app lightning self-custody option, which is super awesome. So anyways, check them out if you haven't. I've done a tutorial, although they're pumping out features so fast. I'm sure it will be obsolete my tutorial that is soon. Zeus, 0.8.0 is here. This is the non-beta version.

So if you're just in a regular app store, you can now download the new version of Zeus. This allows you to have an embedded L&D node in your phone. It has their LSP with automated channel creation and everything, Zeus pay and all of that. I've played around with it. I'll do a video soon. I love what they're doing.

The one thing that I think needs a little bit of work is their lightning address, the way it works in the back end. the fees were a little bit exorbitant when you were getting small amounts. And I get it. I think they've adjusted some of the fee structure around that. But also it was a little buggy in receiving them. So the way it works is they've got like something called Zapplocker where you can receive payments to your lightning address, even when you're not online.

And it kind of holds them in limbo in something called Zapplocker. And then when you log in, you simply claim all of them. I found it to be a little finicky. And hopefully that will improve over time. But either way, they are making strides in how people use lightning. So hats off to Zeus. Primal debuts on the mobile app stores and both for iOS and Android. So Primal is a Noster client.

And the interesting thing about it is they've actually baked in a custodial lightning wallet directly into the client and from an Apple device allow you to natively purchase sats on the go from the Apple store, like as an in-app purchase, which is interesting. Now, the one thing that I found unfortunate when I was playing around with it is I could not, if I wanted to, I could not connect an external lightning wallet if I wanted to anymore. And so you can do it if I'm not mistaken if you're doing it on. on Android, but you can't do that on iOS, is my understanding at this point. Maybe that will change.

Either way, I guess it's an onboarding as an onboarding mechanism to get people to experience ZAPs for the first time. It could make a compelling case for that. But of course, we know at the end of the day, you want to withdraw it to self-custody. So, yeah, maybe we can encourage that. pick myself up one of the Bitcoin-only treasers. They were a limited run. It just arrived the other day.

So, yeah, it's a Bitcoin-only device, Treasurer, and it's their new Treasor, which now has a secure element. So if you're familiar, beforehand, Treasor did not have a secure element on the device, which means that your seed could potentially be extracted from the device if somebody gained physical access. You could mitigate that risk by adding a passphrase. But nonetheless, the new device does have a secure element. And the one that I have is Bitcoin only if you did not get one of the Bitcoin-only devices that ships that way. You can also change the firmware on the device to be Bitcoin only after the fact. Either way, I'll be doing a video on it soon.

So be sure to check that out when it drops. A couple more things. Thanks to the blue collar Bitcoin guys for having me on. I was on their show that dropped earlier this week. I actually dropped on December 2nd on the weekend. It was an absolute blast. Those guys are awesome, had a lot of fun. There was some awkward undergarment talk.

But we also talk about UTXO management, multi-sig, all kinds of stuff. So it was a really good conversation. Love chatting with those guys. And they're going to be back for the Christmas show a couple weeks here. So looking forward to that. Also, fees have been wild lately, guys. Again, just looking at it right now, I think it was not so bad when we started off the show. It was only double digits.

Yeah, so we're sitting at 71 stats per bite. But earlier, I saw it at 300 and so-on stats per bite. That is wild. So you need to prepare yourself and you don't need to prepare yourself. Sure, like you got to do what you got to do when shit hits the fan. But if you can preemptively get yourself set up. so you're day-to-day spending. So you've got a mechanism through which you can still stack SATs and DCA and do all this stuff

without incurring on-chain fees on the regular. You need to do that. And so, you know, I've got more or less my flow of what I'm doing right now. And I dropped a video on it just recently. And it's just called Secrets to Buying and Spending Bitcoin with almost no fees. And so I'm using a combination of both Lightning Network and Liquid Network, which a lot of people are very unfamiliar with. Oddly enough, liquid is going to be much more familiar

in comparison to on-chain regular Bitcoin transactions than lightning was for most people to grapple with. Liquid is very, very similar in the way that it works in that you can just send to an address and off it goes. There are, you know, there's blocks of transactions being mined. It's the same type of mechanism. There's blocks of transactions that get confirmed. But you can also secure it with hardware.

You know, it's very familiar to using regular on-chain Bitcoin. There's tradeoffs with it. It's better than having it with a single exchange. It's better than having it in a custodial lightning wallet. It is not as good as having it full self-custody on-chain. So it's somewhere in that gray area. There's a, I won't go deep into how it works. But you can check out that video, and I do describe it further in detail there.

And I really encourage you to at least explore that as an option, but really start to think about how can I efficiently use Bitcoin in a way where if fees are up, I'm not going to get pummeled on like a $50 DCA for an on-chain transaction that costs me $20. Yeah, you definitely need to check that out. And thanks to Think Orange in the comments saying that the liquid tutorial was awesome. So I appreciate that. Anyways, last couple of things. I would love you guys to help me amplify this.

We've got a ton of people in the room right now. So please do. This is the Saturday. I was calling it the Saturday sat market. We're just calling it the sat-per-day market now. But it is a Bitcoin-focused market promoting a local spending and a circular economy. I am launching it here in my home city of Calgary, Alberta, Canada. If you are not from here, it doesn't matter.

I would still love you guys to help amplify this. because if it is successful, we hope to make a full blueprint of how we did it, and we hope to enable people from around the world to replicate it. And we also maybe, potentially, might like to take this thing on the road. And so if you can help this first one be a success, it would be greatly appreciated. Where can you find it? You can find it, number one, on the Orange Pill app, which helps connect you with local Bitcoiners. You can search it in the events there.

but it is called the Saturday Sat Market on the Orange Pill app, and it gives all the details and everything. But you can also, if you're not yet on Orange Pill app, you can find it on Meetup.com. And again, the Saturday Sat Market is what it will be listed as, and you can find it there. Basically, we got like 30 vendors so far that have all said they're going to come,

and they're offering all kinds of different things for Bitcoin. And the goal was to have regular everyday things that people want and need that they can purchase. with Bitcoin. This comes from almost a selfish place for myself. I earn Bitcoin. I live on Bitcoin. I use services to jump through hoops to make that possible, which I'm very thankful for. But if you can make a resilient, local, circular economy, then that's where Bitcoin wins. That's where you win as a Bitcoiner, because that is unshakable when you have relationships with people that you know that you can build something with and you can rely on because they

can kick in the door to a market until you're not allowed to do. it. But if you have relationships with people, that's the important thing. And that's what we need to build. And we're doing it. We're doing it here. So let's take the initiative. Please do share that out. I have it pinned on my Twitter as well. I've shared it to Nostra as well. I would love you guys to share it everywhere and help amplify it. If you are in the area and you want to be a merchant, we would love to have you. Please reach out to contact at bTCSessions.ca.ca. If you just want to show up, just show up. No charge to be there. No charge to be there as a merchant either.

We want this first thing to be successful. So I am fronting the cost myself. And yeah, please, please do share it. I'm sharing it in the chat right now on YouTube. So please do give that a share on any social media that you may be on and let other people amplify it as well. And yeah, let's make it happen, guys. Thank you so much for the support.

There's been an outpouring of it, and I hope we can do this just everywhere. If there's not another sat market in 2024, I will have failed. So let's do it. And then finally, last little thing I'm going to toss out there. Why are we bullish tomorrow? I'm very excited about this. So we've got Andre, who is putting on Bitcoin Atlantis and Madeira coming up in Mars.

So he's going to be there. We've also got Gigi. I haven't seen Gigi on a show in a show. a while. And so I'm very honored that he's taken the time out to come on an episode of Why Are We Bullish? What an absolute legend that guy is. 21 lessons. If you haven't read it, it's spectacular. So anyways, Gigi's coming. Of course, Pablo as well. And he's got his hands and all kinds of things. I'll let him tell you about what he's up to in the show tomorrow. But between Andre, Gigi, and Pablo, it's going to be a good time. And I hope you can join me tomorrow at 6 p.m.

Eastern time for why are we bullish. And with that, I'm going to start wrapping it up, guys. Thank you so much for joining me again. And thanks to Nathan for joining and for Nico for, you know, he's busy as hell down there and he's still holding down the fort and doing it all from Uncompensatable in Vegas. So shout out to Tone for putting that on and everybody there.

I hope you're having a great time. Anyways, to wrap up here, if you want to help the show, of course, like, subscribe, share. I'm on that warpath to 100,000 subscribers. So that's a huge help. Smash that like button down below. You can hit up the previously mentioned sponsors, hoddle, hoddle, coin kite, seat, or nunchuck, start nine, they're down, all down below. And finally, if you need a little bit of help, like if all the free tutorials online are not enough to get you through and you need some handholding, then of course you can hit me up at my website and book me for one-on-ones there. There's a QR code on the screen right now.

You can scan that and it will take you it directly there. But if you're listening to this on the pod afterwards, it is just BTCSessions.ca. And you'll find me there again, everybody in the chat. Thank you guys so much for being here. And for smashing that like button. I really do appreciate you guys. I appreciate the conversation.

And with that, I am out. Have yourselves a wonderful day or evening. And I'll see you guys next time for your Simply session.