BTC Sessions - Argentina's New Leader Milei: Secret Bitcoin Revolution Brewing? ep379

Episode Date: November 24, 2023

"Breaking Bitcoin News: Javier Milei Wins in Argentina - Major Impact on BTC? | Michael Saylor's BTC Strategy Pays Off | Binance Shakeup: $4B Fine & CEO Exit | Elizabeth Warren's Digital Currency Push | Plus, Exclusive BTC Insights & More!" Discover the latest and most impactful Bitcoin news in today's must-watch episode. We're analyzing the potential Bitcoin revolution following Javier Milei's electoral victory in Argentina. Witness how Michael Saylor's unwavering belief in Bitcoin investment has finally borne fruit. Major news from Binance as they grapple with a colossal $4 billion fine and their CEO steps down - a pivotal moment for Bitcoin and the crypto world. U.S. Senator Elizabeth Warren stirs the pot with her advocacy for a central bank digital currency, igniting fierce discussions among Bitcoin enthusiasts. Stay ahead with our comprehensive coverage of these stories and more exclusive insights into the ever-evolving world of Bitcoin. Tune in now for these critical updates that every Bitcoin follower needs to know! 💪 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

What is going on, everybody? Welcome to the show. Another Thursday, another episode of Simply Sessions. Very happy to be joined on this wonderful American Thanksgiving. I'm in Canada. We did that shit like a month and a half ago. But anyways, very humbled to be joined on this special day by Nico, taking time out after family dinner to still bring you the news.

I'm grateful. That's what I'm thankful for today that he took the time to be here. But happy Thanksgiving to all my American friends that are tuning in. Hopefully your bellies are full of turkey and you're just willing to come in and hang out and get bullish with us.

Nonetheless, of course, this is live. Anything can happen. So I defer to my friend Bill here. We'll do it live. Okay. We'll do it live. Do it live. I'll write it and we'll do it live.

5. The fucking thing sucks. If you have not already, please do like, subscribe, and share all those things. They mean a ton. They help the channel a bunch. Hit that little like button just down below the screen here. That helps a ton. Share this on whatever socials you're on.

And of course, if you have not already, please do subscribe. I'm on a mission to get to 100K before the end of not this year, but 2024. I'm giving myself about a year to get it. Can you help me get it? Let's do it. Anyways, guys, I am Ben with the BTC. Sessions. This is your simply session. Toddled to Bitcoin.

Before we bring in, Nico, let's take a look at where we are in the market today. This is TimeChank Calendar.com and simultaneously I'm pulling up the chat on the right hand side of the screen. Starting from this moment forward, all of your messages and your comments are live for the world to see for better or worse. But with that, timechange of calendar.com, we're sitting at $37,382 per coin. A single U.S. dollar will pick you up 2,675 sats. In terms of fees next block, you're looking at 70 sats per byte. Not as bad as it has been the past week or two, but be aware. Anytime fee, 26 sats per byte, I wouldn't give that too much credence.

And then in terms of Bitcoin mined, 19.55 million of them, that's 93.1% of the total supply. Shout out to sponsors of the show, hoddle, hoddle.com. If you're stacking sats and you have priorities in mind that include peer-to-peer trading, instant self-custody, and no K-YC. This is the place to be. You can sign up with nothing more than an email address once you get there. Choose a currency, payment method, and an amount. You can start viewing offers immediately and stacking non-KYC sats.

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anything else I mentioned, head to coin kite.com. And you can use code BTC sessions for additional percent off because they got a black Friday sale going up to 25 percent off on top of all that. So be sure to check them out. May as well this weekend. Get some Christmas gifts in there. Moving on, and those links are down below, by the way. Moving on. Backups are important. Of course, Cedor has one of the most robust and beautifully designed steel backups to

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to get a further 18% off. With that, I'm done rambling. I'm going to get Nico in here, and we need to get filled in on what's going on this week. Here it comes. Buddy, good to see you, man. Yo! Coming live from my parents' house.

I just had Thanksgiving lunch because we don't have Thanksgiving dinner. But couldn't miss simply sessions, man. I couldn't miss it. I know my audio isn't up to snuff like it usually is, but I hope these AirPods do it justice. I'm thankful to have you here, man. And happy Thanksgiving to you.

Yeah, happy, Thanksgiving. You know, it's like a big thing in the U.S. It's strange because my parents are Hispanic, but they picked up the holiday. They made it a lunch instead of a dinner. I don't know. It's interesting.

I think it's a good excuse for all the family to come together and be thankful. And I'm thankful for your tip. Yeah. Well, I mean, I could feel it's, it's, I'm actually kind of full because I think when you ate the turkey, it transmitted to me via the tip. And I'm not even hungry anymore. So thank you for that.

That makes sense because my hair started to kind of stick up when I was eating the turkey. So I guess that was the sink. Amazing. Well, dude, thanks for being here. I guess we can dive into it. What's been going on this week? What's top of mind for you? Yeah.

So someone just put it in the chat and it just happened to me as well. I just transferred my funds out of wallet of Satoshi because they just took it off the app store in the U.S. I just checked it. Now, you still have the app on your iPhone. I don't trust that, though, because iPhone is not like Android. It's very like, you know, it's a walled garden, so to speak. Apple has a tremendous amount of control what they allow on your phone and what they don't allow on your phone.

So you can't download it right now. that could be seen as a prelude to them just deleting the app, you know, just like deleting it or just taking it off people's phones altogether. So especially with the software update, I'm not going to take that risk personally. But I think that really goes to show the dangers of, you know, this choke point, the choke point of app stores, specifically when it comes to mobile devices. Not so much with Android. I know Android is a little bit better, but definitely with iPhone. I don't know if this is a momentary thing, but I do think it's kind of crazy that this came on the same week that the DOJ did a major press conference in regards to finance and also the industry as a whole. Yeah.

And I mean, so I was looking through that thread just before we hopped on. And it seems to be at the moment relegated to, yes, Apple AppStar, but specifically in the U.S. I can still see it in the app store here in Canada. Of course, I'm on the Google Play, but I need to check on the iPad here to see what's up. But from what I hear, it's U.S.-based right now. I mean, who knows? But again, I think the most apt description of what's going on

is Evan Kulutis from Zeus, who also has been having trouble with his app recently. He saw the wallet of Estoshi stuff, and he said, uh, storms are brewing. So who knows what's coming. Yeah.

And I think it's, I think this is the inevitable kind of step. And you might as well start with that. And then we'll get to the Millenius. But the press conference, uh, this week was really historic. And I think a lot of people were,

uh, taken by the bait and switch. And the bait and switch is, it was Binance. CZ is a bad, person. He was laundering money. He was facilitating crime. But I remember I hosted the spaces for Swan, and we live streamed the entire DOJ press conference. And they had all the heavy hitters. They had the Attorney General of the United States. They had Janet Yellen. They had every, like, the people of

the people there at that conference. And the amount of times, they mentioned, terrorism. It was like 50 times. I'm exaggerating. I'm being hyperbolic. But it was every single person that took the podium mentioned crypto and terrorism. And I think it was Garland, the attorney general, that mentioned Hamas. You know why that's so significant? Because that was the New York, that was the Wall Street Journal article that was later debunked. But that Wall Street Journal article was used by Elizabeth Warren and her media allies to tap on the U.S. Treasury, the FinCEN, to propose those crazy broad regulations. I don't think it's a coincidence that Garland is mentioning crypto and Hamas, even though we know after the fact that 99% of illicit finance is used,

is going through the traditional financial system. So is it too much of a stretch to say that politicians are taking advantage of CZ and all his shatiness in Binance to advance a political agenda before getting to the Binance news like that's the signal that's really what happened during that press conference I'll play you guys a couple clips you know we'll read the article but that was my whole sense of it I don't know what do you think then yeah I mean as soon as there's there's bad news in any way shape or form whether it's generated by them or externally, it's just used as an excuse to dog pile on and then pass as many draconian top-down restrictive laws as possible.

And, I mean, again, we've seen this completely outside of Bitcoin. We've seen this with, again, one of the greatest examples, the Patriot Act, right? As soon as there's panic, then that's the time where you can seize more control of your populace. and, you know, let no crisis go unused, right? Yeah, let no crisis go to waste, absolutely 100%. And I think that's really what happened. Now, of course, you know, the news news is the SEC accuses crypto-cracking.

Sorry, this is the Cracken article, which also happened in the same week, I might add. but the the big news is of course you know the finance news right so like it looks like a cartel they're all kind of standing there you know and basically lecturing us about money laundering and all these things but it's it's interesting because you know you could make the same argument that governments are responsible for that too so here's the wall street journal article finance founder z steps down plead guilty. Largest global crypto exchange will admit wrongdoing and agree to pay $4.3 billion in fines. So it's a tremendous amount of money. Here is some clips from the press conference. This one's about 40 seconds long. Here is Merrick Garland. He is the current Attorney General of the United States.

Check it out. In just the past month, the Justice Department has successfully prosecuted the CEOs of two of the world's largest cryptocurrency exchanges in two separate criminal cases. The message here should be clear. Using new technology to break the law does not make you a disruptor. It makes you a criminal. This Justice Department has no tolerance for crimes that threaten our economic institutions and undermine public trust in the fairness of those institutions. And we will hold accountable the individuals who commit and profit from them.

In just- So like on the surface, again, it sounds so like, of innocent and like, you know, like, oh, this is all, you know, this is all good and dandy. But at the same time, you know, someone like you been freedom fighter, what you live through, you know, with the Canadian truckers protest, when the government gives you this type of speech and this type of grandstanding, while they're essentially printing, you know, millions of dollars, billions of dollars, trillions of dollars out of nothing in the process devaluing everyone else as well, it's very hard for me to take what they have to say seriously in these types of things.

And then here is Janet Yellen, again, U.S. Treasury Secretary. Also, she was the head of the Fed as well. Let's check out what she has to say. I don't think it's planned. Oh. There we go. There we go. ...more broadly today and for the future.

If virtual currency exchanges and financial technology firms wish to realize the tremendous benefits of being part of the U.S. financial system and serving U.S. customers, they must play by the rules. And if they do not, the U.S. government will take action. Today's announcement shows the Treasury is prepared to use all of its tools to carry out its crucial mandate of combating illicit finance and protecting the U.S. financial system, and this will make all of us safer. Okay, fine. So I started kind of, you know, and I was, I was really struck when I heard that

conference, that press conference initially, the thing that I picked up from it, again, we've been covering this for weeks on Simply sessions. It's how many times they brought up Moss, how many times they mentioned terrorism, how much they brought up, how much they brought up crime. But I wasn't the only one to notice this as well. You know, legendary Marty Bent, TFTC. he says it. This is a tweet. Pure projection. The U.S. government is the biggest perpetrator of financial crimes on the planet. He goes on to say, as I am sure most of you are aware by now earlier

today, the Treasury Department of the Department of Justice announced that they have reached a plea agreement with finance and its CEO, CZ, for breaking anti-money laundering laws brought forth by the CFTC, purportedly helping Hamas finance their operations via the exchange. The plea deal entails that CZ pays a $50 million fine personally to the CFC. CFTC and finance pays more than $4.3 billion of fines. The largest fine ever levied by the Justice Department on a single corporate entity. When you take a step back and survey the field, the move makes sense and is a win-win for all parties involved.

The market is eagerly waiting the approval of the spot Bitcoin ETFs that have filed and are sitting on the desk of the SEC. The SEC's comments to date have been clear that the biggest worry at the moment is, quote, offshore exchanges manipulating the price of Bitcoin. finance is the largest exchange in the world and has successfully operated outside the purview of the United States government until today. With this plea agreement, the offshore price manipulation problem is solved. CZ is able to get away with a relative slap on the wrist. The Treasury and Department of Justice are able to larp about how they're protecting consumers at the end of the day.

The result of all this will be the spot Bitcoin ETF getting the green light regulatory enforcement precedent that will be used to pressure companies in the space to make the experience of the users much worse, and be getting a clean exit backstage where he will likely operate finance from the shadows and reap the massive benefits that come with the next bull run without spending the rest of his life locked in. This is a classic misdirection move that comes with the corrupt pay-to-play mechanisms that have become too common in our fiat-denominated world. the Department of Justice don't actually care about protecting consumer. What they care about is the perception actually doing something beneficial by, quote,

taking care of finance. Nothing makes this clear than the fact that they have focused in on terrorist financing as the activity preventing. If the Treasury Department, the Department of Justice truly cared about the end consumer, they would have lambasted leading their users to financial slaughter by incentivizing them to burn their hard-earned money, on alt coin speculation, the focus on terrorist. And pretend that Bitcoin and other cryptocurrencies are the medium of exchange of choice for terrorists, which will enable them to single out and scrutinize the industry even more moving forward. I'll add to what Marty Ben is saying.

I think the reason that they're mentioning that, Ben, is because I think that they're going to go after self-custody altogether. I think that is their ultimate end goal. What's your take? Yeah. I mean, it's a given that there's going to be people that want to go after self-custy and that a bunch of them are going to be in government. I think you've also got a cohort of people within government because Bitcoin has its tendrils everywhere. So you've now, luckily, have a cohort of government that also will fight that, luckily, just because of the incentives.

And there are people that recognize the idea of Bitcoin as an opt-out from the system. Even just today, I saw a clip of, you know, Ron DeSantis, and he was talking about his anti-CbDC stance and how the amount of control the government wants to take with that. And by preventing people from using things like Bitcoin, you know, he wants to fight against that. Again, I'm not saying that I'm like a massive DeSantis fan, but the fact that that discourse is so loud now and that it's actually an issue. And you have people in government that are vocally proponents of CBDCs, but you also have the polar opposite where people are like sounding the alarm saying this is horrible. We can't go down this road. And the fact that the CBDC is an acronym that people are beginning to become familiar with is very interesting.

So yeah, are they coming for your self-custody? Are they coming for your coins? Absolutely. But there's also a cohort of people that are going to fight it. And that includes us. That includes everybody that's watching right now. And that includes even a good group of people with, in governments and, you know, in positions of power that also don't want to see this happen.

100%. I agree with that statement. And I think they're really in a fight against time. Yeah. Because I think that the more they crack, the sooner they crack down on the quote unquote escape valve like Christine the guard, the higher the probability of it succeeding. Because the amount of people actively supporting Bitcoin, holding Bitcoin is lower. Five years from now, I don't think it's going to be a viable stance in any of the Western democracies to be vocally against Bitcoin since the majority of the population are going to be holding some or having some type of exposure, especially with the, especially now that we're on the verge. And, you know, Marty said himself, we're on the verge of the Black Rock Spot Bitcoin ETF. Do you think, you know,

So do you think in five years after that happens, Elizabeth Warren's going to be saying the same thing? I don't think so. I think they're in a race against time. I think they're desperate. And I think that's why you're hearing this type of rhetoric, this type of vocabulary. I think this is another kind of desperate type of stance. We saw that from Christine the Guard. We've been seeing this from Elizabeth Warren, who's absolutely melting down.

That was my take on the whole thing. But I agree. I think we have a growing number of vocal supporters, whether that's private citizens or members of government that are huge fans of Bitcoin, 100%. Yeah, yeah, 100%. Again, there's even within Canada, there's people that I personally know in government

that are very, they know CBDCs are being attempted and they are big proponents of Bitcoin. and the ability of people to use Bitcoin. So, yeah, man. 100%. Yeah, I agree. I agree. It's the leading political opponent,

the political opponent of Trudeau, I think is a huge fan of Bitcoin. Oh, yeah. And he doesn't like CBDCs at all. No, no, no. He's constantly talking about how horrible that would be and the freedoms that people would lose because of that. And he's, of course, like, a proponent of Bitcoin.

He is a, you know, he is a bitconer, obviously through the bear market. That was like the main source of ammunition that Trudeau and the Liberal Party had to throw at him as, oh, nothing but price point. Oh, had you listened, which like he never gave advice of like everybody should buy Bitcoin. He just said, I think that anybody should be able to use Bitcoin and use it if they want to as an opt out of the, the. system that we have. But anyways, it was used as as fodder to try and be a detractor. And like, you know, in a bear market, those, those, those things work. And so, you know, he's kind of been quiet about it, but he's definitely not strayed

from being a fan of Bitcoin. 100%. Yeah, 100% agree with that. It's exciting times. And also in the U.S. too, you have candidates as well. You have RFK Jr. You just mentioned Ron DeSantis. You have Vivek Ramoswamy.

Right. So I do agree. I think that maybe I was looking at it from a dark. I'm just so used to being attacked all the time. But you're right. There's definitely a lot. It's definitely hope on the horizon. Yeah, I think so.

So in other news, this speaking of hope, speaking of unexpected, terms, turns. This is crazy, Javier Malie. Unexpectedly won the presidency in Argentina for the first time in world history. You have a libertarian, not a conservative, not a far right winger, like everyone kind of labels him, or a centerperson. You have a libertarian candidate who believes in Austrian economics. He was just elected the president of a G20 country. Country that just won the World Cup. It's a country of 45 million people.

And he won the vote by more than 10%. Now, this guy, you know, whatever you think of him, let's just say he has some interesting opinions. And I think he's over the target. The legacy corporate media is losing their minds. Here is the New York Times. Argentina, Alex Javier Malie and victory for the far right. Argentina's next president is a libertarian economist who is brashed down and brace of conspiracy theories has parallels with Donald Day Trump.

It's always the Trump comparison. Like, why, what the hell? This is, if you could search anybody that's not left leaning, like, to the extreme, it's, you would find far right and the Trump playbook throughout every article. It's like the only thing they have to throw, and it's completely inaccurate when you're saying libertarian. Trump is not at all libertarian. But they all put it. It's all like in one little camp, you know? It's like, if you're right of us, you're a fashion.

Yeah, I love the comment here. Far right libertarian, in quotes, with a poor arm. Yeah, exactly. How stupid. But again, like the public doesn't know what these terms even mean. no definition for them in their minds. They just hear things and they're like, this is the label that I can say because I think I don't like it.

Yeah, exactly. And it's just like, and then I was like jokingly saying it too. I tweeted something out and I said, guys, now we have the political playbook. If we, if a country has 143% inflation, now we know that a libertarian candidate can be elected. That's all we need. So, and it wasn't only the New York Times. It was also the Guardian.

Who is Javier Malie? Argentina's new far-right president, El Loco takes to stage. El Loco literally means the crazy one in Spanish. So as you could tell, they're not quite excited about this guy. But anyways, I'm not kidding. This is 100% real. This is a throwback to 2001 where now President Javier Malie

he gets sworn into office December 10th as Captain and Cap striking down Argentina's central bank with Thor's hammer I'm dead serious this is 100% real this actually happened and this guy was just elected president let's check it out

The Bank Central is doing of their shoes So what she said the translation is, the central bank is printing an excessive amount of money. It's time to close it. It's a good one of it. For the last time. Detrucian! Detrucian!

Detrucian! Detrucian! Destruction! Detruciuson! Petrucius! Petrucian! Etrucian! So when he's destroying the bag, he's literally screaming,

fuck inflation, when he's hitting the plastic central bank. So I mean, like, bro, if I would have told you this, you know, if I would have, I think if I ever met Satoshi and I would have told him this would have happened, you know, 15, 16, 16, years after he invented Bitcoin, I think he would have had a tear come down his eye, you know, because this is insane. This is crazy. Yeah. I mean, and the hilarious thing about it, and actually the more interesting thing about

it is, is, again, like, number one, you know, never put faith in a politician. But for me, the interesting thing about it is you have a populace of people that voted in an individual that has literally gone on multiple outlets and, say, and, you know, and that I want to basically get rid of the central bank. And this is the source of our woes and has these libertarian ideas that he's spouting. You've got a populace that's been so screwed by these centralized entities that they were like, yeah, I mean, this guy sounds good. Let's go with him. And whether or not he acts on it and does all the things that he promises, to me as immaterial, it's more that you have a populace that heard those ideas and said,

yes, we'll take that place. 100%. And I'm really glad that you brought that up because the essentially, we always talk about this concept on Simply Sessions, the Overton window. So the acceptable, acceptable window of discourse has shifted to the point where it would have been seen as unthinkable, radical, even, to introduce the policies that Javier Malay is saying. He's literally like making fun of ridiculing the idea of central banking. And the people of Argentina were so desperate that that became popular. And it has a shot at actually becoming policy because people are suffering so much.

The system has failed them so much that they were just like, this doesn't work out. Now, I think you had a really good comment in terms of him being a politician. And some Bitcoiners had some really good takes on this. So here's, of course, the one of the only legendary Jimmy Song. And he says, I have no idea if Millet will live up to his promises. But he does prove that the promises he's making eliminating the central bank, severely reducing government and not going along with the world economic forum agenda is what people want. Here is Hoddle Not, the Space Cat, and he says, and he's responding to Hoddle Magoo.

Hottomagu said another politician has been elected that won't solve any of your problems. Hado not says big positive change is a result. of many small positive changes, politicians generally suck, but wield great power to make lives better or worse for people. The direction we are moving matters greatly, even though it in no way marks a finish line. I completely agree. And here is Fernando. Fernando is the marketing and communications director at Blockstream. I think, I believe he's also Argentinian. And he says, observing some highly regarded takes from Bitcoiners who seem to have a limited grasp of Argentina's complexities. Malay's victory isn't just political. It's about a narrative of freedom,

open commerce, and defending private property winning today. I don't think these bit corners really understand how deep Argentina's cultural challenges run. This election is a massive first step in shifting mindsets, a fight for liberty that Malay has championed for years. His win is a clear signal that his ideas resonate widely. Yes, Malay is a politician. Yes, the nature of politics means not all promises is going to be kept. The system demands compromises, but labeling him not an cap enough or a status comes from a place of detachment. Keyboard warriors unironically believe this. Keyword warriors don't understand the massive task battling the hydro-like beast, a beast of the Argentinian state complexities. I don't either, but the least I could do to stand together with someone who's

willing to do it. Yeah. Yeah, absolutely. And I think that's a great way of putting it. There's one comment in there in the chat that I want to address as well. And it's true, but I also think it's part of the path that we're just inevitably on. This is from James. He said, keep in mind that they're relinquishing control of the printer to Washington instead of locals, because obviously they're going to be dollarizing. He said, this is a win for dollar supremacy, lost for Argentine independence, but thankfully they can use Bitcoin.

And I think that's true. Yes, I think we're going to see that dollar milkshake theory play out where you see the implosions of these small currencies and there's going to be less and less currencies and people are going to run to the best of the best fiat currencies, which are still shit, but this is going to extend the life of the U.S. dollar at the expense of all of these other small currencies. But then it's going to come down to the option of the U.S. dollar or Bitcoin. And at that point, all they have is the money printer. And at that point also, Bitcoin is going to be

much larger than it is right now, because as those small currencies disappear and maybe it's not as accessible to use the U.S. dollar. People just don't have access to it. Where else are they going to go? Right? I think it comes down to, you know, a winner takes all battle to the death between Bitcoin and the U.S. dollar or, you know, maybe a few, a few, because obviously the BRICS. countries aren't going to be super keen on the U.S. dollar being the thing that everybody uses.

So there's going to be competition there. But like, at the end of the day, there's going to be one. and then there's going to be Bitcoin. And the clear option is going to be something that nobody can control. 100%. I agree. It's common sense, right? It's just incentives. If people have a choice and they're informed and they understand between a currency

that is designed to lose value forever versus a currency that there's absolute scarcity. Michael Saylor says it best it's going up forever, Laura, right? infinity divided by 21 million, not to mention the fact that you have the choice between censorship resistance versus censorship, but you're trusting a politician not to censor you. I think it's a very clear choice what people are going to choose. What people are going to choose. And that brings me to my second point, which is Elizabeth Warren, once again, saying the quiet part out loud. She added interview. I think this was on what,

I guess, Meet the Press on NBC, I think. And she said some interesting things. And I matched it up together, by the way, with the video of her at the Senate Banking Committee, calling people like Ben sophisticated because people like Ben take self-custody of their Bitcoin. How dare you, Ben? I need a monocle, I think. You're too sophisticated, Ben. You're too sophisticated.

Anyways, let's check out what Elizabeth has. what Senator Warren has. Not that banks do wrong, if you think we can improve that in a digital world, the answer is sure you could. But in that case, let's do a central bank digital currency. Are you there? Oh, for a central bank digital currency? Yes. I think it's time for us to move that.

So essentially, because we're, you know, the thing is, we look at every piece of paper currency we issue, not with coins, but every paper currency has its own identity. So essentially we're prepared for the blockchain now with currency. Should that be how we build this? So I think of it as, again, what's the problem you're trying to solve? And if the problem you're trying to solve is fast, almost frictionless ability to send money across the country, do it rapidly, send it around the world, be able to send it to your cousins in Argentina. If that's what you're trying to solve, a central bank digital currency does that. And you don't really need a stable coin for that. You've already got a dollar denominated.

You don't really need a Bitcoin to be able to do that. So then the question becomes, so what is it that the Bitcoin, what problem is it solving for? And now we get into a very different space. Last year, you wrote that, quote, in their attempt to avoid being traced, illegal actors have adopted ever more sophisticated cryptocurrency technologies, such as non-custodial wallets. It makes my blood boil listening to her talk, man. I can't like, and the whole time I'm just seething listening and looking at her big stupid face. Like, I can't.

I can't. Dude, I can't, man. I can't. Oh. Ben, you're just way too sophisticated, bro. Okay? Like, you're just too, you're too sophisticated of an individual.

That's what's going on. You know what she didn't? I imagine you're going to say this, but I know exactly what she didn't mention as a problem to solve. Yeah, I mean, bro, you want to do the honors? What was she missing?

What is the problem that Bitcoin solves? I mean, obviously she's going to hone in on, oh, obviously, we just need fast, cheap transfers. And if you want anything outside of that, then you must be a criminal. But she fails to mention the idea that the money is screwed, that anybody, like the elites can print it at will and debase the ever-living shit out of it. And you have nothing you can do about it. And she fails to recognize that somebody might not want to be part of that system and might value something where you cannot print and steal people's time and people's fruits of their labor.

And one of the best exempt, one of the greatest quotes that I've seen recently is it's Breedlove. And he actually quantifies what happened as they printed over the past few years that, X number of trillions of dollars that they printed in the past like three or four years. And he quantified it. Oh, let's just, let's just listen to it. It's amazing. Central banking is an institutionalized system of time theft because ultimately the fruits of your labor are a product of your time or energy, right? Time and energy used synonymously here.

We printed six trillion dollars in 2020, right, in the U.S. The average annual U.S. salary is $60,000 roughly. that's 100 million years stolen right through the counterfeiting of currency if each human works from the age of 20 to 70 so it's about 50 productive years per human the counterfeiting of six trillion dollars usd equals the stealing of two million human lives worth of productive labor right this is a it's a like trying to make it real like it's a real massive problem and then of course the plausible deny that's built into inflation, right? It's Putin's fault. It's Beyonce's fault. It's the supply chains. It's everything but the central bank.

So again, we're back to that romantic lie, the deception, and the stealing going hand in hand. I think this is hopefully what we can deliver as Bitcoiners is pulling back the veil on this bullshit. Yeah. What a quote, though. Like this is the kind of shit that people that aren't Bitcoiners send you and say, holy crap, right?

That being able to distill it down to something like that. You just, in the flick of a switch, you stole two million human lives worth of productivity. That's a huge statement. Yeah. And that's what she is omitting. That is what she's omitting. That is what Justin Trudeau is gaslighting us on. That is what Joe Biden is gaslighting us on when they literally say government is, that's hilarious.

Ha, inflation. Remember, he made a joke about that. right so they're they're lying about it they're omitting it even though they are the ones responsible for this absolute economic disaster especially if you're under the age of men if you're under the age of 35 try affording her home it's it's almost impossible you're priced out right and this is all the consequence of money printing and here's jeff booth and the way that she just he described, he reacted to this video, was perfect. He said, the problem she's trying to solve is, how can I continue to extract wealth from the population through manipulated money? From that point

of view, her solution is sound. But for you, it's slavery, right? And I said exactly what you said. I said, the problem that Bitcoin solves is protecting individuals from currency to basement, Senator Warren. I bet you don't have an answer to that. So yeah, it's, you know, it's, it's, it's absolutely disgusting, but this is why it's up to us, sophisticated individuals, to really shine a light of truth on it, because I just don't think they have a good response. Like, I think, like, they're, because you see them avoid the thing. Like, it's like, CBDCs more efficient payments. It's like, but what about inflation? And they're just deer in the headline. They don't have a good response to it, you know, because they're

there's like why you're healing for me what what is the justification you already i didn't agree to it why does my money need to be taxed me too so yeah anyways that's my take it's unbelievable and uh and hey i'm just thankful that uh i've got friends like you that are are willing to fight this fight alongside me and i'm thankful that we've got a ton of people in the chat and watching this show right now that are also going to take up the cause so even though it's not Canadian Thanksgiving, I'm thankful for all of you. And thanks for being here today, man.

For you, you too, and of course, all the viewers, have an amazing night, amazing weekends, guys, Nico signing off, this was. See you later, Ben. Later, buddy. Good to see you. Awesome. Everybody, don't go anywhere yet. We got a few things to cover just in the tech updates

before we move on. So I just wanted to jump into a couple quick things here, of course. So some things that we didn't get to touch on really quick. I want to, a couple things. So there's somebody that mined a Bitcoin block and somebody fat-fingered a Bitcoin transaction fee that was $3.1 million. So that's unfortunate. It was mined by antpool. And yeah, so anyways, this is historically set the precedent.

It is the highest fiat denominated mining fee ever paid. I'm not sure that the state of it yet. I wouldn't be surprised if there was an effort to refund that to the person. But if not, congratulations to Antpool. And so sorry that happened to whoever did it. In and around the realm of fees, Nicholas Bertie, who was on the show this past week, he's with Blink. Anyways, they just rolled out an update for Blink Wallet. And so this came about because he was sitting beside a person.

This was like a couple of weeks ago. somebody was paying an invoice. They scanned it. They had a $5 expense and they paid a $25 on-chain fee because they didn't realize the QR code they scanned wasn't a Lightning QR code. And there was no warning in the wallet, hey, like your fee is like five times what you're spending here. And so number one, he said we should have lightning by default.

But if your fee is exorbitant, you should get a warning. So they rolled that out for blink, high fee alert, blah, blah, blah, if there's a huge fee. I think that's a good thing to have in any wallet so that you're cognizant about being efficient of how you use Bitcoin. And I think this should be, again, every wallet should have something like this by default. Let's move on here. F2 pool. And I want to touch on just quickly, there's two parts to this. It looks like they were filtering OFAC sanctioned transactions.

And so this is an example, again, of miners trying to filter out transactions and prevent them from hitting the mempool, at least on their own mempool. And so this was the RSS feed of Mining Pool Observer recently reported that six OFAC sanctioned transactions were missing from blocks. one of them didn't propagate to the pool yet. Another was displaced by other transactions. However, the other four transactions were likely filtered by F2Pool. We had a confirmation of this from somebody from F2Pool saying, why shouldn't I be able to do this? However, the backlash resulted in F2Pool disabling transaction filtering patch for now.

After a series of erratic post, F2Pools co-founder Chun admitted that F2Pool had been involved in transaction censoring and stated that the filter was. patch has been disabled for now. And yeah, so this was the original reply. Why do you feel surprised when I refuse to confirm transactions for those criminals, dictators, and terrorists? I have every right not to confirm any transaction from Vladimir Putin and Xi Jinping, don't I?

Meanwhile, CZ is selling his soul for money he deserves. Yeah, anyway, so I guess the pushback has been quite a bit, probably also partly financial. If you're mining with App 2 pool and you don't like this, maybe it's time to switch mining pools. So go about that as you see fit, but I just thought you guys should know. And in that realm, Bitcoin Mechanic dropped an article a couple days ago called Our Mining Pool is becoming a problem. I think obviously with that news, yes. But worth a read over on Bitcoin Magazine, I'm not going to dive into the meat of it, but go check that out. it is enlightening.

Moving on beyond that, kindo.io, this is for Noster. The concept of migrating, compromise, Noster keys is kind of cool. And so this is a Noster Improvement Protocol, a proposal, rather.

It's a proof of concept. It's basically a way to presign a potential next, like a migration notice to a pre-approved, next private key. So if your private key for Noster were to be compromised, you'd be able to still broadcast a message that is time stamped in a way to say, like, hey, this is the new key and then migrate to it. So kind of cool.

Obviously, one of the big challenges with Noster is, you know, you have your identity tied to a private key. And if that gets compromised, somebody can say anything on your behalf. and you may not have an easy way to say like, oh, I'm the real person saying it. I'm not because if you both have the same key, how do you differentiate? And how do you say what the new key is

and how do people verify that? So anyways, kind of cool. Very excited to see stuff like that. I am interested in this wallet, but as I read about it, I'm kind of curious as well. I feel like we could do better in some aspects. But nonetheless, Niyuda wallet,

I haven't tried it yet, but they have a new release for Android and iOS. It is a mobile lightning wallet automatic channel management with an LSP. That's fantastic. It's self-custody, all that good stuff. The one thing that I was like, I think we could vastly improve on this. It says, notice on the synchronization screen, our app requires blockchain synchronization before the wallet can be used. It is expected to take several minutes to an hour immediately.

after the wallet is created or when the app is launched after some time has elapsed to notify you of this, we have made it possible to display the noticeable. Anyways, I feel like that is, you know, I'm hoping that can be majorly improved upon. Obviously, when I use something like Phoenix, there's a little bit of synchronization, but it takes like a few seconds or something like that. I do notice it's a little bit slower with something like breeze, but definitely not an hour. And maybe that's dependent on the hardware of the device you're using. But either way, let's hope that there's solutions for that. But it is good to see more self-custodial,

you know, independent, self-sovereign lightning wallets hitting the app stores. I wanted to highlight this. I got to poke around at it a little bit. And we're seeing some of the first events coming out of Flockster, which is a plug-in for Nostr that allows you. you to create events. So embrace your financial freedom, discover Bitcoin Meetup on Tuesday, November 28th. But that is one of the first and a Canadian event. Hey, awesome. First to see on Flockster. So yeah, very cool to see all of these different applications be baked into Nostra. That's very exciting for me. Moving on a little bit, and I'm going to tie these two things together in a moment. But hey, have you supported your local merchants that are accepting Bitcoin

lately? I wanted to do so. I had somebody reach out to me about being able to accept Bitcoin payments online via their winery. And they got set up and everything. Actually, they did it without my help. And so I felt obliged to that I should probably order some wine. So shout out to Woodward 17 over on Twitter and I was their first Bitcoin customer. I ordered four bottles of wine and got it shipped. But you can check them out at Pravato.ca.ca slash Bitcoin, P-R-I-V-A-T-O-C-A-S-B-G-G-A-S-B-G-Gon. Just be aware that there's going to be shipping costs involved. So, you know, you may want a sizable order if you're going to be hit with those shipping fees. But just be aware. Either way, I was happy to support. If you're in B.C. and Alberta, those costs will be, you know, far less than if you're far away. This guy's in

BC, just so you know. And so in terms of events and supporting your local merchants, this is where I wanted to go with this. This is a post that I made about a week and a half ago now. I said, stop bitching and take some initiative. Asking permission has never worked. anyone in Calgary that wants to bootstrap a local Bitcoin circular economy with me. It's happening. Here comes the Saturday Sat Market. Help me build it. I built a page on the Orange Pill app, and I built a page on Meetup, and I also have a telegram group. And now it's starting to get some traction. I've got, I think, close to 30 merchants lined up. We have our date on December 16th. We have our venue, which is going to be downtown Calgary in Chinatown, called the White Diamond

conference center. And so things are shaping up. We're in the organization phase. I want to give a shout out to Matt Cratter, who I'm not going to play the clip, but I just wanted to acknowledge that he gave it a shout out on his show just yesterday. So thank you, Matt, for doing that. Very kind of you. And yeah, lots of stuff going on.

Also shout out to Odeus Debt and Bitcoin Eye's point of sale. Odius Debt bought a bunch of these machines, which are point of sale terminals to accept Bitcoin payments. He sent one over to me, and it's super cool. It's got a little built-in printer, NFC, all of that, and like a point-of-sale terminal with various apps. I've been able to test it out. I'm going to bring it down to the Saturday Sats market when we have it.

And it looks pretty cool. I don't know. I think it's awesome. So I'll let you know how it goes using it. But yeah, big shout out to Odius debt for sending that over and Bitcoin Eyes POS for creating it in the first place. I look forward to using it. They used these at Baltic Honey Badger put on by Hodel Hoddle. And I heard that they went quite well.

So stoked to play around with that. Now, if you want to help out with this, please do spread the word. I don't care if you're not here, if you can't be here. But getting the word out that this is happening in any capacity and having content created around it, any sort of articles, anything referring to it, any tweets, any people redirecting to the links to create buzz, this helps me get also local news outlets interested in covering this as well. And I want this to be success. I want it to not just be the local bitcorners, but I want it to be the Bitcoin curious because the idea here is we're going to have. every merchant able to accept Bitcoin, but also able to accept cash. And on top of it, have people willing to peer-to-peer swap Bitcoin for cash or vice versa

so that we can begin to orange pill the freedom-oriented people among us that are interested in private transactions and meeting their local, you know, whatever it may be, their local farmers, there are local other merchants, whatever it is, I want people to go peer-to-peer. because how do you prevent people from telling you know by knowing the people in your community, by interacting with them, by creating relationships? So please, please spread the word, reach out to me. I want people to be there. I want people to hear about it.

You can find this event on the on Orange Pill app. If you are not yet on Orange Pill app, there is a meetup page for it as well, Saturday Sat Market. Send that to anybody in the air. that you know, please do. And just share the idea around with people's that more and more people become privy to it. And then in either of those groups, you'll see links for the telegram group. And please, if you're going to be in the area, then join that. Or if you want to be a merchant or be a part of it and somehow you can join the telegram group.

Otherwise, you know, just sharing and making people aware is a huge help. Anyways, enough of my rambling, guys. I'm going to round out here. Thank you so much for being here. I really do appreciate you guys. Thank you for being a part of this show every single week. And being here on Thanksgiving, I'm very thankful for you guys. Of course, if you want to help the show in another way, you can like, subscribe, share all of those things, help at a ton.

Hit that little like button just down below. Share this on whatever socials you may have, including the event. And if you haven't already, subscribe. I am on that war path to 100K. I'm given myself just over a year to do it. So let's get there. Let's do it. And then lastly, if you need any help, if you need any one-on-one stuff,

of course I have a plethora, eight years almost worth of free online tutorials. And that's great. And you should educate yourself there. But if you find they're not enough, if you need some handholding, some one-on-one time with me, you can book me for one-on-ones on my website. There's a QR code on the screen right now. You can scan that. It'll take you right there and you can book it there.

If you're listening to this audio only on the pod afterwards, my website is simply BTC Sessions.ca. And you can find the same thing there. Anyways, guys, with that, I am out. Have yourselves a wonderful Thanksgiving day or evening wherever you may be. And I'll see you guys next time for your daily session.