BTC Sessions - Billionaire Saylor SHOCKS Millions with BOLD Bitcoin Price Prediction on CNBC ep439

Starting point is 00:00:28 What is going on, everybody? Welcome to the show, another Thursday, another episode of Simply Sessions. Nico is standing by to bring us all the latest and greatest and everything, Bitcoin. I've got the tech updates all queued up, and it's going to be a great time. I hope you guys are having a great week. I'm glad to be hitting this one again live. Again, summer is always crazy. There's always travel and things going on.

Starting point is 00:00:55 So we're back in the saddle. A couple more trips before the end of the year in the next month and a half. And namely next week, I'm going to be chilling out with Nico in Vegas for unconfiscatable. So it should be a good time. But we'll dive in. And of course, this is live. Anything can happen. So I defer to my friend Bill here.

Starting point is 00:01:22 We'll do it live. Do it live. I'll write it and we'll do it live. That fucking thing sucks. If you have not already, please do like, subscribe, share, all those things. They help a ton getting this content in front of more eyeballs. I am Ben with the BTC sessions. This is your Simply session.

Starting point is 00:02:00 Before we dive in, let's take a look at where we are in the market right now. I'm pulling up timechain calendar.com and simultaneously let's get that live chat over on the right hand side of the screen. Everything you say from here on in is live for the world to see. better or worse, time chain calendar, we're sitting at $57,974 per coin. A single U.S. dollar will grab you 1,725 sats. In terms of fees, low, low, three sats per V-byte for next block. And in terms of Bitcoin mine, 19.75 million of them. That is 94.06 of the total supply. We're going to give a quick shout out to our sponsors. And we'll be right in with Nico. We'll see in just a moment.

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Starting point is 00:03:50 sats for free and have the chance to win even more. All right, we are back in and let's get Nico in here so that we can hear what's up. Yo man, how's going? Yo! Dude, Happy to be back in Miami tomorrow and then we're going to be rooming together in Vegas. Something's going to be happening. That sounds spicy, man.

Starting point is 00:04:15 Yeah. Will we survive the trip with wives in tow? We'll see. I mean, what stays in Vegas, what happens in Vegas stays in Vegas. I feel like there might be some cameras present. Yeah, possibly, possibly. Some things are definitely going to go down. But I'm really, really excited, man.

Starting point is 00:04:37 It's going to be great and excited to cross paths with you again. But dude, go ahead. Can we quickly show something that I, I feel to be shit. Please. Please. This is so great. Okay, hold on.

Starting point is 00:04:52 Hold on here. I got to. So the story behind this is you were in Calgary for the Bitcoin rodeo. And then Mel is helping with Unconfuscatable. And she was like, hey, Nico, can you get just a couple of quick videos for promoting? emotional stuff, uncompiscatable. So anyways, wait, am I doing tab here? Is that the best way to do this so that I have sound?

Starting point is 00:05:27 Yes. Okay, right. So here we are. So this is filmed in the Freedom Capital of Canada, just in Alberta here. So much freedom. And I mean, like the frolicing is great A here. Come to unconfiscatable. You too could potentially link hands and partake in some frolicing with the two of us. And maybe touch a tip.

Starting point is 00:06:14 But yeah, bro. Dude, it's so effing hilarious. Mel did a great job. I knew she was going to do a great job. But I forgot about it until she posted it. I was like, oh, I remember that. I remember the mistakes that were made here. Oh, man.

Starting point is 00:06:30 Anyways, dude, so much news this week. Like always, I always get, I always get worried. I always get worried. I'm like, we're going to have nothing to talk about, but boom, boom, bang. There's always something in the Bitcoin news cycle. Billionaire entrepreneur Michael Saylor gives his $13 million Bitcoin price prediction on CNBC. Michael Saylor is putting his giant orange. candle on the table, just showing to the world that, yes, he was right. Yes, he deserves a victory

Starting point is 00:07:06 lap. Yes, you know, he went through the trenches like all of us, like all of us do. When we first get into Bitcoin, we pay our dues. And he came out on the other side completely vindicated. I'm going to read this bit from American Hoddle real quick. He says, what a cool moment commenting Michael sailor on CNBC. We'll play the clip in a second. But he says, what a cool moment. It feels weird to be proud of a billionaire. But in terms, but in Bitcoin terms, I'm a big bro to Michael. His hoddle journey has been very public and just as emotional and full of turmoil as the rest of us. Michael was peers with Bezos, and he was one of the longest reigning tech CEOs from the dot-com bubble onwards. Except unlike Bezos, he was overlooked. His company left to chug along for decades, neither

Starting point is 00:07:52 taking over the world, nor exploding in infamy, just a solid company that existed in relative obscurity to most of the population. I must have bothered Michael somewhat, because you can tell that he is just as smart in calculating as his famous peers who've gotten all the headlines over the last 25 years. To them, he's like the rest of us bitcoiners, a bit of a misfit, someone who fell through the cracks. After years of patience, he can now confidently sit in the CNMB, student, and the CNB and declare it to the talking heads in the world direct to their face. Yes, I was right. Yes, I am beating all of you. That's the redemptive power of Bitcoin. Whether you're a billionaire or a pleb, you have the ability to hit a hard reset and take your rightful place at the table. Absolute, Chad. And here he is making his $13 million prediction. Bitcoin's 0.1% of the capital in the world right now. I think it's going to go to 7% of the capital. My long-term forecast is this going to go to 13 million over 21 years. 13 million over 12. What is it five years from now? Your four-year calculus? You know, it's been

Starting point is 00:09:02 growing 44% of years with about a 40 to 50 vol. I would think it'll move on at 40% and click down to 35, then 30, then 25. And at some point, it'll be the S&P return plus 8%. And it'll be the S&P EVVOL plus 8% because it's always going to be a more global open free capital market. How is there stuff that's above your pay grade? You're worth billions. I mean, we can say that is above our pay grade, but who gets to decide if it's above your pay grade? He might have been it's below his pay grade. Right. Exactly. Exactly. Bitcoin's an expression in this view that you want to invest in an asset without counterparty risk, which means you don't want to be counterparty to a country, a country, a

Starting point is 00:09:50 currency, a city, a company, a commodity, or a culture, right? So people think it's a risky thing. It's all about people wanting to not take risk. They don't want to guess whether Picasso's or real estate in New York or NVIDIA stock will be higher in 10 years. They want to buy money. They want to buy 121 millionth of all the money in the world forever. And it there, Michael. Thank you. Great. Michael, thank you. I mean, bro, talk about, and I love American Hoddle's take, man. Well-deserved victory lap. But this is something that we've all gone through as Bitcoiners, all of us.

Starting point is 00:10:32 We've all paid our dues in a way. And, you know, I still get texts from my mom, even though she's been holding Bitcoin for the eight years that I've been holding Bitcoin. Every time, you know, the price goes down, she's like, Nico, why is the price of Bitcoin going down in her accent? And I'm like, at this point, I used to explain. to like write a paragraph and explain to her why now i just say mom it's going to zero so um like you know it's uh sailor paid his dues and he's reaping the benefits for it he's obviously a much more public figure and he obviously has a lot more purchasing power so you know it's a little bit different than the rest of us um but at the same time you know kudos to him well deserved yeah yeah it's um i i love

Starting point is 00:11:20 In that, particularly in that clip, where it was the perfect, and I'm going to give a tip of the hat to Joe Kernan or Joe Squawk there for finding the perfect moment to just cut it off with sailors. People want to buy money. They want to buy $1.21 million of all the money in the world forever. And Joe is like, all right, let's wrap it right there. The perfect time. like no no questions it's just like listen you can own a percentage of all things forever yeah it's

Starting point is 00:11:56 crazy and i mean like look like he was right like you know the numbers speak for themselves you know uh michael sailor is putting his giant orange candle on the table like you know and everyone everyone has to see it and everyone has to see it yeah and uh you know that candle is just too big and too large and I don't know what other candle is going to touch tips with sailor anyways um very intimidating moving on to uh max keiser so max keiser a couple things about max keiser first of all uh this guy's a profit um haman andreas back in the day said you know sessions you've been in the you've been in the the youtube trenches for quite a while now so you remember how it was in the early days, bro. There was no Bitcoin-only content. It's not like it is today where things are professional.

Starting point is 00:12:50 There's content creators. No, no, no, no. It was like Andreas and Max, back when he did the Kaiser report with RT. That's the only thing that existed. And back in the day, it was Max basically saying that, you know, since Bitcoin was at a dollar, he's been telling people to buy Bitcoin. So he's very prophetic in a way, but a lot of, it's like, it's kind of like Alex Jones. Like, you know, Alex Jones is right about a lot of things, but because of the way that they deliver it, they almost seem like, like they're crazy. But they're not. Like, they're right about, like a lot of these things. It just seems like they're ahead of their time and those predictions.

Starting point is 00:13:32 And I think that that's the case with Max. And I love Max. He was part of my orange pill journey. But here he is making a number. other prediction of where we are going into the future. And I think he's right once again. And I think there's evidence to support that. So let's check it out. This is an interview from Bitcoin 2024 with Isabella Santos and Max Kaiser. Everyone comes to Bitcoin eventually. You get it at the price you deserve. Everything goes to

Starting point is 00:13:58 zero against Bitcoin. Okay. Donald Trump's learning curve on Bitcoin just started. And, you know, he's like a lot of people who come to Bitcoin and said, I just found Bitcoin. Here's how you improve it. No, you are second to Bitcoin. You will have to bend the knee to Bitcoin, just like everybody else. Bitcoin is on its own vector. What does the United States or the president that is in election have to do, you know, to bend the knee? He has to make Bitcoin legal tender. He has to start putting Bitcoin on the Treasury of the U.S. government. And he has to start in the Bitcoin global hash war. Every country is not going to be adding Bitcoin to the reserve status to compete in the global hash war in the 21st century. That's World War Bitcoin.

Starting point is 00:14:36 You have to have Bitcoin. It's a mad scramble to get more Bitcoin because the Fiat Money World War is collapsing. So if you want to win World War Bitcoin, you need to start accumulating and hoarding and buying and stacking Bitcoin aggressively as soon as possible. And that's hopefully the U.S. is already far behind. You know, I wish them luck. So, you know, World World War II Bitcoin, right? Talking about it's a mad scramble, every country, you know, wanting to get their stack, want to start. mining Bitcoin, and you're listening to him, you're like, no, maybe that's pretty crazy, but I'll make the case for you guys. First, let's start with the CEO of Mara, Marathon Mining,

Starting point is 00:15:17 one of the largest publicly traded Bitcoin mining companies. And here he literally said, quote, Bitcoin is a national security concern for this country. Let's check it out. Bitcoin is of national security concern for this country. Russia is the world's second and largest Bitcoin mining nation, countries that operate on a Bitcoin standard from a perspective of transacting and holding Bitcoin can transact outside of the sanctions environment. They can transact outside of government controls. If the U.S. does not have a substantial amount of Bitcoin mining onshore, they can be locked out. And U.S. companies can be locked out of transacting their Bitcoin. So strategic ownership of block space is of a national security concern.

Starting point is 00:16:04 And that's why with 40% of global Bitcoin mining in the U.S., the U.S. must maintain dominance, not just in Bitcoin mining, but also in the holding of Bitcoin assets in U.S. companies, whether they're ETFs, whether they're Bitcoin mining companies, whether it's micro strategy. But the U.S. must maintain dominance because by the same reason the U.S. holds 40% of the gold reserves, in the world, they can exert influence in financial markets. They have to do that as the world transitions to digital currencies. Okay. So, I mean, like, you know, just literally making the case, connecting that, connect the dots with Max Kaiser is talking about. This is the global hash war. You know, Fred Teal, obviously being the CEO of one of the largest publicly traded Bitcoin mining companies, he understands the significance of the significance and the importance of the hash rate being located or a portion of the hash rate being located in the United States because if it's

Starting point is 00:17:03 located outside of the United States, potentially, you know, other countries like Russia, like China, could potentially, they wouldn't be able to censor transactions, but they could certainly slow down certain transactions being added to the blockchain, right? So, you know, it's interesting from a couple dynamics. Dynamics number one is current U.S. sanctioned, policy, how the U.S. government has weaponized the money in order to go after its political opponents, that isn't going to work under a Bitcoin standard and on the Bitcoin protocol. The best you could do, even if the United States held 70% of the global hash rate, which, in my opinion, that's way too much, but let's say it did.

Starting point is 00:17:52 The best they could do is slow down certain transactions, but they can't say, censor them altogether. So the sanction discussion is a very important discussion that's eventually going to have to happen. The second point that I want to make is, I think Kaiser nailed it here. And I think Fred, Fred Thiel from the position that he's in, being the CEO of one of the largest publicly traded Bitcoin mining companies, he sees the writing on the wall. He's like, yes, the U.S. has to stay in the forefront of this as the world transitions. to digital assets. I think he's absolutely right. And I think once again, Max Kaiser, prophetic, he's been saying this for like five years now, which is nuts. It's crazy watching it

Starting point is 00:18:39 play out. Ben, do you have any thoughts before I move on? Yeah, I am so bullish on the global hash war. And the reason I say this is there was a recent post, I think just a day or two ago from Whitney Webb. And she's very worried about centralization of mining. And And in particular, even in the U.S., as a mechanism for potential censorship on Bitcoin. But I don't think that is going to come to fruition because Russia is already starting to get it. I think China is starting to get it. And I think that you're going to have, again, in the terms of Max Kaiser, a global hash war that is constantly ebbing and flowing.

Starting point is 00:19:29 And you're going to have full nation states trying to get their hands on whatever waste energy there is to have those pieces of that global hash. And then that's going to dissipate down to smaller countries as well. Again, like El Salvador is early to the game. They get it. That's going to start happening everywhere. And it's going to get to this stalemate where it's just, it's too difficult for any one country. Not only that, but if the U.S. does recognize how important Bitcoin is, they also like, yeah, they get in to the point where maybe they can't lose all of their status as a global superpower, but they definitely begin to lose that world reserve currency status over time.

Starting point is 00:20:23 We're already seeing that with people, you know, nation states doing trades and oil in something other than the U.S. dollar that's been in trend. And again, they shot themselves in the foot with those sanctions on Russia's reserves. And I think that it's just going to continue to trend that way. So, like, yes, I think that the U.S. can benefit by getting in now and focusing on this. but other countries aren't going to let them take the whole pie. And it's going to be very interesting to watch. And it makes, again, the global hash rate of countries in direct oppositioning of each other, all recognizing the value of Bitcoin simultaneously or in very short order of each other,

Starting point is 00:21:07 makes it so that this system continues to work. It's literally reservoir dogs where they're all pointing the guns at each other in a circle. That's Bitcoin governance. That's Bitcoin global hash war right there. Amen. And at the end of this, individuals win. Like, that's the beauty of this, is that individuals win when all these countries start competing to mine Bitcoin. Because the people with the Bitcoin are going to be the people that the countries are going to try to attract to set up shop or make families in those countries. So it's like it's when governments are compete against each other, like in a non-violent, non-coercive way, you know, the citizens win, right? So this, I would say this is great. This is exactly what Kaiser is saying, the global hash war. And just to kind of re-emphasize what you were saying, Ben, and what Fred Teal was saying, and what Kaiser is saying, let's put the dots together in terms of what countries are doing that.

Starting point is 00:22:09 So the huge news that we covered a couple weeks ago on Simply Sessions, Russia legalizes crypto mining, so really Bitcoin mining, because Bitcoin is like, it's like, it's like, The only proof of work, like, coin left in existence since Ethereum migrated to proof of stake. But anyways, they have to say crypto because they are coin desk. Russia legalizes crypto mining and brings an experimental regime. So, you know, they legalized crypto mining and they also legalized Bitcoin for cross-border payments. It's interesting how the game theory, the incentives are playing out. This news broke a couple days ago.

Starting point is 00:22:47 Japan's largest power company, TEPCO, is mining Bitcoin using renewables. Check this out. Tokyo Electric Power Company, TEPCO, Japan's largest electricity provider. Do you imagine that, bro? That's crazy. Has begun mining Bitcoin through its subsidiary Agile Energy X using excess renewable energy that would otherwise be wasted. I mean, how many times have we said this phrase on Simply sessions? excess renewable energy that would be wasted, right?

Starting point is 00:23:20 We said that like a million times right now. With over 27 million residents and business customers, TEPCO established Agile Energy in 2022, and now they're exploring Bitcoin mining powered by surplus renewable energy. The initiative helps reduce wasted green energy from solar and wind farms that are forced to curtail production to avoid overloading Japan's grid. This energy is now being diverted to generate Bitcoin. Another country, the kingdom of Bhutan.

Starting point is 00:23:49 We broke this news when it came out earlier on the year. Bhutan's investment arm and BitTier are planning to ramp up their Bitcoin mining operation to help offset the revenue impact of an upcoming event known as the halving. How crazy is that? Look, and by the way, if you get into the numbers, initially they had 100 megawatts, and they decided to increase the capacity by 500 megawatts, bringing the total capacity to 600 megawatts. I had the CEO of Compass Mining on my show.

Starting point is 00:24:23 I think it was, I believe it was on Monday. And just he broke it down. He said off the top of the head, each 100 megawatts is about 250,000 miners. Like, something like that. Something ridiculous amount of Bitcoin mining. Maybe I got that number wrong. But the point is it's a lot of miners.

Starting point is 00:24:43 A lot of mining is coming out of the Kingdom of Bhutan, and if you connect this with Japan, if you connect this with El Salvador, who's also mining Bitcoin, if you connect this with Russia, if you connect this with what Fred Teal is saying, you know, it seems like Max Kaiser doesn't sound so crazy anymore when he's talking about a global hash war. It's literally playing out in front of our eyes in 4K as countries all around the world. scramble to get their hands on more Bitcoin. I think you're muted. Sorry, mute. Yeah, it's, again, it makes me so, so happy to see. It's, it's, everybody's kind of waking up simultaneously and everybody's starting to make moves. And it's a great position to be in because as Bitcoiners, even, even if you live in a country that's, you know, understanding Bitcoin, at least in terms of a hash rate sense and needing to be

Starting point is 00:25:47 part of that, you don't want your country to have full control over that because you as a citizen, they, like, not only can they censor people from other places, they can censor you, too, if they get like that, that, you know, a necessary amount of hash rate. They can make your transactions more expensive. They can only build on blocks that they previously mined. They can begin to F around with things and it can make things more difficult. You want that hash rate as dispersed as possible. So seeing all of these pockets pop up around the globe, this is what we want.

Starting point is 00:26:23 We want to see this. We want our enemies and our friends to both get Bitcoin and both be hashing away. 100%. 100% agree with you. In other news, we had Jack Mahlers and Peter Schiff debate on David Lynn's YouTube channel. So first of all, credit to him for hosting that debate. But Jack Mahler just completely destroys Peter Schiff here.

Starting point is 00:26:52 Like, there is no argument. He catches him laughing him, catching. Jack Mahler catches Peter Schiff laughing a couple of times. Like, man, like, he put it so eloquently. Let's check out the clip. The real problem with gold is that, unfortunately, it has to centralize. The problem is that gold can't achieve transaction finality without the help of a government or a central party, meaning that when gold was operating in a local economy and you can exchange the physical coins with your direct counterpart for your butcher, your local tailor, your grocer, whoever you were exchanging with, gold was great.

Starting point is 00:27:24 When the world needed to scale an economy and the velocity of money larger than your local economy, gold failed us. Gold failed us because gold is just a bare physical metal. It does not carry a monetary network. What's the gold network? The gold network are human beings. And when you're trying to transact in an economy of billions of people globally, you are reliant. on central parties, banks, governments, and it was for that reason that gold failed. And it failed in a way that you can't operate a truly free market when the concentrated supply

Starting point is 00:27:47 is with those that you have to trust. And so that's fundamentally what Bitcoin solved is that you are able to create a scarce, bearer instrument and a network that can achieve finality in transactional settlement without the reliance on any government or central party. So that I think is extremely, that's really the core issue of why gold's been demonetized since. I think on the points of Bitcoin, like, needing more history and it's young, I mean, I think that sounds like a personal problem for you, Peter. I think you need more evidence, and that's you being slow to recognize reality, right? Like, if you were to need the internet

Starting point is 00:28:18 to prove that email is better than traditional mail, you would just be late to adopting better technology. That doesn't sound like, that's not a point or a criticism against the properties that Bitcoin has. That's your own personal bias of how much proof that you need to adopt something that might be superior. So that is, that's on you. And the last thing I will say on Bitcoin's volatility. You know, for the listeners, I really think it's an important fundamental point. Risk is not the same thing as volatility. Risk refers to the probability of a permanent loss of capital. Risk would be that the Bitcoin code or the Bitcoin network outright fails. You can make an argument that Bitcoin is actually the least risky asset ever because it's

Starting point is 00:28:50 the only asset you can store in your head. Bitcoin is, however, extremely volatile. And I will admit that, but that's a pro. Volatility is the frequency or like the magnitude of which the price fluctuates. And so Bitcoin, hold on, hold on, I'm almost on, I promise 30 seconds. The point here is that Bitcoin has to be volatile because the asset is inelastic. Because the asset cannot, with more demand in Bitcoin, you cannot make more supply. More demand has to fundamentally be a higher price. Whereas for all other commodities and all other assets, with more supply, you can make more demand, which makes them less volatile, but also makes them, I mean, I just went over the returns

Starting point is 00:29:21 in the data, which also makes the returns not nearly what we're seeing in Bitcoin. So Bitcoin volatility is baked into the system because it's a fixed asset. So as it becomes adopted as a money globally, volatility is implied, but volatility is also the only reason that Bitcoin's averaging 100% year-over-year growth over the last decade and gold's at 2%. So, and volatility is not risk. Because Bitcoin's volatile doesn't make it risky, it makes it an opportunity. I mean, bro. I mean, yeah, he just, again, destroys the argument.

Starting point is 00:29:53 The email thing is a perfect analogy there. Like, hey, just because you don't understand how something isn't better. isn't a good point. It means that you don't understand how it works. Like it's a hundred percent correct. Yeah, 100 percent. And just like he he was laughing at like Schiff was laughing a couple times. Like he knew like he was like he was like oh fuck. Like oh fuck. But I mean like Bitcoin, go I was going to say, did you see the part where Schiff literally argues that Bitcoin is not scarce because it's so divisible? He's like, yeah, there's 21 million.

Starting point is 00:30:38 But so what? Like, you can divide them into 100 million parts. And there's like, and you can't do anything more with a SAT than you can with a Bitcoin. And there's like a clip of Mallor's face where he's like. Yeah, man. It's just like it's unfortunate because he was right about a lot of things, but he just got the tool wrong and he doesn't have the humility to admit that, you know, he has the wrong tool to fight the wrong battle, man. Like, that Bitcoin, gold was co-opted because of its physical characteristics. Like, I think Mahler's explained that so eloquently. And, you know, it's, it's just crazy that he's still holding out. Like, like, what's Peter going to say when Bitcoin's at a million, man? Like, when, When, like, Bitcoin surpasses the market cap of gold, like, I genuinely feel bad for the guy.

Starting point is 00:31:30 Like, that's going to be, like, you know, like, that's going to suck. But at the same time, like, he's had the opportunity to just bend the knee, as Kaiser said, and buy Bitcoin, he's going to get at the price he deserves and jump on the train like everyone else, man. Like, there really is nothing to say on that front. Now, on another front, I found this clip, and I found it fascinating. Kaiser says money existed before the state. Bitcoin separates money from state. Bitcoin ends the state. Not only is, and apparently this guy is David McWilliams. He's an economist, podcaster, and author, view on money daft. His views on the state make no sense either. So let's check this out, Ben. I mean, I know it's going to make you cringe, but let's check it out. You talk about cryptocurrency, you talk about Bitcoin, and you sound a fairly significant One of the key points in the book is that over thousands of years, one of the essential arguments has been between private money and public money. Real money is always public, issued by the state

Starting point is 00:32:37 or an agent of the state. Private money, as in cryptocurrency, can only enrich those people who print the money. And if you, if Anton Savage had Anton Savage coin and you print it, who'd get rich? Anton, you would actually get rich if you think about it, right? So at the core of the monetary system is the idea that money is as much part of the state as the Gardier, as the Irish Army is, as the tax system is, right? This is the state. You cannot divorce money from the state. Why? It's too important.

Starting point is 00:33:09 Yes, we're told that cryptocurrency achieves exactly that and is democracy and currency form. Cryptocurrency is lots of things, but it's not currency and it's not money. it is a speculative asset that goes up, it goes down. As I said in the book, look, I'm not giving people financial advice. If you want to buy crypto, where you go, but don't tell me it's money. Because if you tell me it's money,

Starting point is 00:33:30 you don't understand money. Dude, I mean, like... So much. Okay, so a couple things. So like, first in the beginning where he talks about, you know, private and real money.

Starting point is 00:33:43 Let's talk about that for a second. So, okay, what sounds like, more private what sounds more public to you because I hate this argument I've listened to this argument I've seen Elizabeth Warren use this argument could you audit the Fed no can you print more of your local fiat currencies without going to jail for currency um what's it called counter counterfeiting uh yes can you you know is it an audible chain could you see what everything everything happening at the same time? No. Could you download the Fed software and run it at home? No. Can you download the Bitcoin

Starting point is 00:34:21 software, have your own copy of the Bitcoin blockchain? Yes. Could you audit it at any time? Yes. Can you make more Bitcoin? Yes. You just have to invest in the infrastructure like everybody else. It's actually a much more public system and it's actually a much more fair system. Now, he was right about the shit coins. Absolutely right. If you create a shit coin, you can literally just mint it out of thin air and you can enrich yourself. He's right about that. The other point, though, where he said the quiet part out loud and he had cognitive dissidents is he saw the writing on the wall. He's like, this will fundamentally change how the state operates. It is so important for the state. Like, this can't happen. And I just got a news flash for this guy. The market determines what money is, not the state, not the central bank.

Starting point is 00:35:14 Not the bureaucrats. Because if you ask any Venezuelan, any Argentinian, anybody who lives in the developing world, whether they trust the guy, the man on the suit, on TV, behind an official emblem, telling them that it's their patriotic duty to use their failing fiat currency, they are not going to listen to that person. They're going to find an alternative asset, which is Bitcoin, that is going to be able to help them put food on the person. the family, I mean, put food on the table for their families. So just the cognitive dissonance for this guy, the realization that like, holy shit, like, if money gets separated from state, the state will literally end, as Max Kaiser is saying, and he just can't believe it. He's like, no, no, no, no, it's only money if the state says its money. News flash, 60% of the world don't have the financial privilege of being able to rely on a stable fiat currency. So this guy has financial privilege, cognitive dissidents. He hit the nail on the head when it came to shit coins.

Starting point is 00:36:26 He hit the nail on that he's correctly identified how important fiat money is for the existing state. But you can't stop this train. You can't stop it. You can't stop Bitcoin. The main point, the main takeaway that he said was when you have a money that can be issued by somebody, it benefits the issuer. It directly benefits the person that can print it and the operative word being printed or, aka make more units with no additional effort involved, right? There's no skin in the game. There's no proof of work.

Starting point is 00:37:08 There's nothing if you can just mint it or print it. And he honed in on my favorite saying, which is the fiat is the elites can print money. And that's a problem in and of itself because since they can print it, they can enrich themselves and their buddies. Crypto is just that on crack. Crypto is everyone can print money. And this is what he's honing in on here. That's a big problem too. Because if you make some shit coin and then a bunch of people buy into it and you can just create new units out of nothing, again, you enrich yourself and you can dump it later at the expense of everybody else who is stupid enough to believe it.

Starting point is 00:37:51 But Bitcoin's fundamentally different in that nobody can print money. You can put in work and create money through proof of work. but you cannot create it out of nothing, and everybody's on an even playing field. It requires energy to create more Bitcoin. There's a limited supply. And after that, yes, you can put in proof of work to obtain Bitcoin via transaction fees. And that's fucking it. Otherwise, you got to go, you got to be good at something, create value, spend less than you earn, and save in money that nobody else can print, which is Bitcoin.

Starting point is 00:38:31 And so like he's he's getting it, but not. Yeah, he's getting it but not. The cognitive dissonance is real. And man, like, you just see him coming because he's identified. He's like, it's so important. Like, you can't have the state without it. That's the current perception of what the state should be. And he can't just imagine a world.

Starting point is 00:38:57 And just to add to your point, Ben, what you were saying earlier. Like, Bitcoin is a system of no special privileges, meaning even the state has to get in line and mine Bitcoin just like everybody else. Right? The state doesn't get a special privilege. And the idea of the state getting a special privilege with money, forgive me if we don't believe you anymore after 2008. Forgive me if we don't believe you anymore after the Canadian Truckers protest. Forgive me if we don't believe you anymore after the 100, 200 years of data showing the bank runs, the bank failures, the recessions, the depressions, the 6102. They had that privilege and they abused that privilege.

Starting point is 00:39:46 And it's not our fault that technology has enabled us to find a sly roundabout way to have money that doesn't require the state. That sounds like a personal problem for the state. That doesn't sound like a problem for us Bitcoiners. And, you know, if we want to get villainized for doing that, we want to get villainized for writing down 12 to 24 words. Like, good luck trying to convince people on that. Yeah. And to tag on one final thing, that guy says, don't tell me it's money. Okay, I don't care.

Starting point is 00:40:20 I'm using it as money. I earn it. I spend it. I use it every single day. I'm fucking living it now. So I don't, again, I don't care if he says it's not money. Don't tell me it's not money because I'm living on it as money. And you're just fucking wrong.

Starting point is 00:40:36 And my entire life is proof. 100% bro. We had the sat market, dude. I loaded up like two, 300 bucks, went through every vendor, paid them straight, you know, with lightning, man. So like, okay, is that not money? Like, who are you to say what money is and what money is it? Anyways, exactly.

Starting point is 00:40:57 Anyways, guys, this was your Simply sessions for September 12, 2024. I'm Nico from Simply Bitcoin. Head over to the Simply Bitcoin channel if you want to see the news Monday through Friday. Subscribe. And Ben,

Starting point is 00:41:09 I'll see you next week in Vegas. Hell yeah. See you there, man. All right, everybody, stick around because we got the tech updates and more importantly, I'm going to be giving away some sets

Starting point is 00:41:21 right after the break. We're going to do a quick round, a quick shout out to our sponsors, and then we will be right back in with some sats to give away and all of the cool gadgets and software and everything else that's been going on this week. So stay tuned. We'll be right back. Keeper is a mobile Bitcoin application for managing and securing your funds for the long term. You can set up hot wallets for day-to-day spending or create digital vaults for deep cold storage. They also offer assisted multi-sig options as well as inheritance planning.

Starting point is 00:42:02 And on top of that, Keeper boasts a long list of support for Bitcoin hardware, longer than I've seen for any other mobile application. You can check them out today by searching BitcoinKeeper in your app store or heading to Bitcoinkeeper.app. DeBify.com allows you to borrow against your Bitcoin in a non-custodial way. Collateral is held in a three-of-four distributed multi-sig with trusted parties. It provides institutional liquidity providers, loan periods of up to five euros with flexible conditions and the best rates. And best of all, no rehypification of your funds.

Starting point is 00:42:39 If you want to check them out today, head over to debify.com or hit the link in the show notes down below. Coincite.com has some of the best hardware on the market today to secure your Bitcoin. The cold card queue is an absolute powerhouse and is my daily driver. On top of this, they have plenty of other goodies, including the Mark 4. the tap signer, open dimes, the block clock, and much more. If you head over to their website, make sure you use code BTC sessions at checkout to get a nice discount. Links are in the show notes down below. All right, we are back in.

Starting point is 00:43:15 It's time for your tech updates, but also it's time to get some free sats. Whoever the lucky person may be to snag them first, all you need is a lightning wall that can scan an LNURL redemption. So I'm here on the Bitcoin Well landing. page here. If you're unfamiliar, again, these guys are in Canada and the U.S. Great place to be stacking sats. And the way it works is as you sign up or as you buy Bitcoin or as you refer friends, you stack points, which can then be used to throw a coin in the Bitcoin wishing well. And when you do, you have the chance to win anywhere between 500 and up to potentially a million sats, which will be an LN URL voucher. So I'm going to go and I'm going to toss a coin

Starting point is 00:44:00 in the well right now. So I'm going to redeem 500 points to do so. I'll make it nice and large for you guys. So whoever gets it, we'll get 500 sats. So I hope you're quick on the trigger. Whoever does get it, please do let me know either in the YouTube stream or in the Noster stream or just shoot me a note on Noster or in the X feed or wherever you may be. Let me know. but congrats to whoever snags it first. And with that, we're going to continue on with your tech updates. And I do want to give a shout out. And this is going to be trippy because there's the delay here.

Starting point is 00:44:40 But my people, my peeps on zap.com, we're doing the live stream. And I've got to say, you guys on YouTube, you got to keep up with this chat here because the Noster stream, the Noster, the Noster, the nostre feed there is popping. You got to get your comments and stuff going. Maybe I should just bring up the nostar from now on. Anyways, let's dive into our tech updates. So cold card mark four, version 5.4, and Q, version 1.3.

Starting point is 00:45:15 So a few updates here that I'll cover. This release brings the ability to restore geographically distributed seed XOR without physically bringing the parts together. Improved side channel protection, speed improvements, and many bug fixes. The Cold Guard Q now supports importing SeedXOR by scanning SeedQR parts, the ability to input a backup password

Starting point is 00:45:38 via the QR scan, and BBQR file sharing of arbitrary files. You can create an air-gapped multi-sig wallet, and that now also works with BBQRs in addition to the microSD cards. If you're unfamiliar with seed XOR, basically what you can do is you can take a single seed and you can split it into multiple pieces. So like maybe one seed becomes three separate seeds that can all be stored independently. Each one of them can act as like a canary seed that just has some funds on so you know if it gets compromised.

Starting point is 00:46:11 But you would need all the pieces coming back together in order to restore. So that's kind of cool that they've rolled that out via QR. and the ability to bring in a piece and then bring in another piece in a different location without having to bring them all together at the same time. That's awesome. Moving on, BitKit, version 1.0.4. There's just one thing that I wanted to highlight here. So this is a lightning wallet, self-custodial lightning wallet that one can use,

Starting point is 00:46:41 and they're kind of aiming to simplify lightning. The interesting part about this to me is, so this is John Carvallo's project here. And, you know, I quite like him. I think he's, he, you know, tends to think very adversarially. He's very much a purist, either on-chain or lightning, like, but pure self-custody is what he wants. And he was actually quite opposed to RBF by default or replaced by fee, meaning that when you do an on-chain transaction, by default, it can be replaced if you bump the fee. And if you'll note here, along with transfer notifications, channel information, RBF, and improved child pays for parent, RBF is by default in transactions. So I don't know if that's John Carvalho maybe deciding that that is a good idea or just kind of recognizing that a lot of wallets are doing this anyways.

Starting point is 00:47:44 and so it would be doing a disservice to the users of BitKit if that wasn't by default. But yeah, either way, I found it very interesting. Give BitKit a look if you haven't already. Moving on here, this is interesting as well. So this is Nicholas Bertie sharing a post from Stacker News. And Cracking no longer supports lightning withdrawals for German clients. And it's all in regards to compliance. You can't try.

Starting point is 00:48:16 It's really difficult to track what happens the moment that somebody withdrawals from the exchange if they're doing it to a lightning address or this person in particular was asking about Bolt 12, which is even more privacy preserving. So there's a lot of kind of back and forth and some worry about this. Again, it's just contained in Germany. but it's not a great precedent to see. However, do recognize that there are ways around this. So one instance that I replied is you could grab something like Aqua Wallet. And if you hit receive under the Liquid tab, you can choose direct pegin. And this gives you a regular Bitcoin address.

Starting point is 00:49:03 So you could withdraw from Cracken to a regular Bitcoin address. And as soon as it lands, it swaps into liquid. And so you'd have liquid there. If you don't want to keep it as liquid within Aqua Wallet, you can always just send it from there to whatever lightning wallet you want. It used bolts in the back end to switch between lightning and liquid seamlessly. So that's one potential solution. Or just saying, Robosats is also a thing. And you can just do peer to peer.

Starting point is 00:49:34 So with that, Robosats version 0.7.0 alpha. They have a desktop app, a Noster order book, and more. Robosads version 0.7.0 is out now. The version comes with Android built-in Tor notifications. Robosats desktop app for Windows, Mac, and Linux, and a Noster enabled order book. That is badass. And I'll also say, you know what's up,

Starting point is 00:50:03 you can get it on Start 9 and you can self-host it as well. As a matter of fact, take a lookie here. Take a look at that self-hosted on my Start 9 server right there. Excellent. So, you know, that's always a thing that you could do too. Beyond that, I want to move into the big one that I'm very excited about this. I don't think, I don't know if it comes across how excited I was just in my original post here, but this is a post on Nostra that I made about my tutorial that I dropped this morning for Albi Hub.

Starting point is 00:50:36 Okay, so if any of you have ever tried setting up your own lightning node before, and you've used things like Thunder Hub or Ride the Lightning and all that, and then you've tried to connect it to external apps, especially if you're having to use Tor and everything. How do I put this lightly? It's a fucking pain in the ass. there's no there's no way of putting it lightly it's it's hard it's hard to like now i mean especially you get into like an interface like ride the lightning or thunder hub and and you just your eyes glaze over

Starting point is 00:51:14 and there's so many things and yes you can you can decipher it and begin and you don't need to know every single thing right away but to the average person they're going to look at that and go oh my god And even to the more technically inclined Bitcoiner that maybe is above and beyond like an average Bitcoins, it's still, it's a lot. It's a lot to go through. And even some hardened bitcoins have been like, I'm just, I'm not going to self-host. I'm just going to use this, that, and the other thing. I think Albi Hub as a self-custodial self-hosted option is beginning to bridge that gap and make self-hosting so much more. more accessible. I just, I need to take, I'm going to spend some time on this because I need,

Starting point is 00:52:01 I really need to hammer home how happy I was with this experience having gone through, having gone through setting up a lightning node multiple times before and then just becoming frustrated. Okay, so, so number one, they, if you don't have your own infrastructure, so I have a start nine server pure. This is also available on umbrel. If you do, don't have your own hardware. You can also self-host this using their cloud service. And so right now, I think if you were to sign up for it, it's the first three months are discounted by 50%.

Starting point is 00:52:38 It's like six bucks a month. And then beyond that, it's 12 bucks a month. So you can use the cloud service. Everything that you have there is encrypted with your credentials. They have no access to your funds. So the risk comes in like if their servers go down, then yes, you lose temporary access. or if they just up and left and shut down for no reason whatsoever,

Starting point is 00:52:59 they can't steal your money. It's just you'd be offline and then it would default back. All those channels would eventually shut and it would default back to your original on-chain keys. So that's part. So you can do cloud hosting or self-host on your own hardware. Connecting mobile apps is beautifully simple. They use NostraWallet Connect or L&D Connect, depending and it's just it's scanning a QR code and it's up in seconds i connected it to zoos wallet

Starting point is 00:53:31 and if you've used zeus wallet before and you run the self-hosted node in zeus it it takes a while to start up and if you've connected through tour and stuff like that before half the time you get this red screen of death and like you don't get a good connection and it's just it's not great this seamless i i booted up and like i'm gonna sorry i i'm very excited about this. So I just hit it and there's my lightning node right away. So it loads instantaneously. Beyond that, they do, and I didn't get it in time for the video, but they also have Albi Go, which is another way. You can just scan a QR code, link it up. You have access to your full, to your full balance, or you can set, you can set budgets or whatever you want, or you can

Starting point is 00:54:16 do an Albi progressive web app on your phone. Anyways, you have multiple options to connect a mobile wallet or some blue wallet as well. So the way that I've got this set up now is I've got my self-hosted Albi Hub. It's on my start nine chugging away right now. I then linked that to my browser plugin, which is up here. And so I can go back and, you know, I have full access. I can on any website, I can, you know, copy a copy an invoice or send to whatever. This is also allows me, the Albi account allows me to have a lightning address that directs to my own node. So BTC sessions at getalb.com directs back to my own node, which I can see here, which I can see on my phone, which I can see in Zeus, which I can see on my computer. And then furthermore, so here's the Albi

Starting point is 00:55:16 Hub. Here's, and maybe I'll just give it a little refresh, but like, check out this. These are the ZAPs coming through from the live stream on Nostr directly to my own notes. So all these Zaps are coming through. I've been using it like crazy. Check out the connections. So I've got this connected to my like an Albi account. So that gives me my lightning address. I've got the Albi extension, which I set a budget in for the month. I've got Zapp. stream. So if I need to fund it for my streams, then that's right there. I've got it linked to Albi Go, which is a mobile app, which I'm testing. I've got it linked to stacker news. So if I need to go and I need to spend and top up there or zap other people there, I can do it. I've got it linked

Starting point is 00:56:01 to primal on my phone. That's my Noster wallet there. And it's just seamless. And I set a budget and I can receive Zaps through there. I've got it linked to Amethyst, which is another Noster client. So like, I can just, and they've got this app store here. And so you can link it to like Domas or like all these other tools, which is super, super awesome. There's Zabstream, which I've connected and all that. And then again, you can go, you can check out, you know, I've got to, you know, this is on chain.

Starting point is 00:56:29 This is spending balance for lightning and receiving capacity. The one thing I'll say is, you know, if you want to open a lightning channel, so if I say open channel, you can set you can do some of their defaults here you can choose advanced options and choose a channel you can set it here but what i ended up doing is i ended up doing just like this humongous channel from olympus which is zeus so i ended up paying for a 10 million sat channel just so i never have to worry about liquidity and now my my node it just has this ginormous channel and i can just i don't have to worry

Starting point is 00:57:09 about it. And it's just, it's working beautifully. And again, I'm like gradually funding it. And and I'm, I'm just, I'm so, so happy with the experience. And it's going the direction. And beyond that, I do a lot of my invoicing through ZapRite. So ZapRite has a plug in to link Alby. And so now if I'm doing invoicing and somebody wants to pay me via lightning, guess what? It goes right to my node, which is connected to everything, which I can just access. And again, like, You can do, I have like a tip page on Zapprite, so like you can, you know, send a dollar and it'll go to my own node. ZapRite also just launched a point of sale so you can have this like on just a mobile phone. And this is a link.

Starting point is 00:57:51 And as a business, you could literally just have any device up front. The person using the point of sale doesn't have access to the funds. Only the node operator does. And you can just type in an amount. And maybe I'll just as proof of concept. I'm going to bring this up. I'm going to do like 50 cents here, and then I'll do lightning. And my challenge will be if somebody wants to shoot over 50 cents and pay this,

Starting point is 00:58:23 and then we'll be able to see it in the Albi Hub as it gets paid. So if anybody's got a lightning wall and is feeling generous and wants to send 50 cents, it would be kind of cool to do this for the live stream. I think that'd be pretty sweet. So I'll just chat about this until I see a notification. There we go. Hey, that's awesome. So if I jump back over to my Albi Hub and I look at the wallet,

Starting point is 00:58:49 hey, there we go. A few seconds ago. And so, again, it goes all straight to my own note and I can access it anywhere. I don't know. Am I getting overexcited? I'm getting too excited for this. But like, it's my first solution where I've like, everything just worked together, but it's my own.

Starting point is 00:59:11 Anyways, okay, maybe I'm getting a little too excited, but I think it's so awesome. Anyways, I'm going to move on. Okay, I'm going to give a shout out to some of the Bitcoin mentors here. So this is a blog post from Jesse Berger, a member of the Bitcoin mentor team. He's also written a great book called Magic Internet Money, and he is written about the tradeoffs throughout Bitcoin. Everything about Bitcoin involves tradeoffs. Those familiar with Bitcoin understand this.

Starting point is 00:59:43 But it's an important concept to discuss for anyone that is just discovering Bitcoin and considering their options. Good read, a nice, short, concise read. And to tag on to that, he just did episode 10 of the Bitcoin Mentor podcast. And he's coming from the legacy finance sector into Bitcoin. he discovered it, wrote a book, and now he's part of the Bitcoin Metro team. So if you want to give a listen and hear his story moving into the Bitcoin realm, well worth a listen, along with the other mentors that have done their interviews as well. Last couple things here.

Starting point is 01:00:20 Another mentor, Emma, she is also hosting a webinar. So this is pretty cool. So this is leveraging Bitcoin for better health outcomes. And so in this talk, Chief of member, Emma and colleague John Gordon, founder of Satoshi Health Advisors in Austin, Texas, will discuss how Bitcoin as an alternative monetary network and form of money can be leveraged to support health, public health, and health care. The seminar takes place Wednesday, September 18th. So next week, from 12 noon to 1 p.m. And it's going to be in-person there, but it's also going to be on Zoom. So if you care to check that out, head over to McMaster University. Check online for how to take a peek at that. As I said, me and Nico are headed to Vegas. I fly out

Starting point is 01:01:14 on Monday. I'm going to be there through the week for the festivities. If you're in the Vegas area, let me know. Come say hi. I'd love to see you. Should be a good time. Very excited. I think there's still tickets lap. There's also carnivory dinner on the Monday night. There's some poker. I'm not a poker player. I will just lose Sats left, right and center, but I'll watch. And there's also some other games and some talks. Myself and Nico are hosting the Scammy Awards at the after party, which should be a blast. And yeah, very much looking forward to that. So yeah, head over tounconfuscatable.com if you want to get a last minute ticket. And then also something new that's going to be in Calgary. So shout out to all my Alberta folks and maybe people that are nearby.

Starting point is 01:01:59 whether it be BC or Saskatchewan or just below us in Montana if you want to make the trip up. But in Calgary, put on by the mines who brought you the Bitcoin Rodeo, this is Sovereign Mines at Mount Royal University, November 16th of this year. Bitcoin, gold, psychedelics, healing, circular economies, freedom, and Bitcoin. And there are $69 early bird tickets until September 30th. So you got a couple weeks here. And it should be a good time. I think the idea is to hone in on the freedom-minded individuals in and around the region and help bring them to Bitcoin, but also bring the Bitcoiners to other ways to be self-sovereign and

Starting point is 01:02:41 self-sufficient. So I love the concept behind this, looking forward to it. And hopefully maybe I'll get to be involved and do some talk in there as well. So yeah, come check it out. That is sovereignminds.ca. And then finally, tomorrow, don't miss. Why are we bullish? It'll be live at 6 p.m. Eastern Time.

Starting point is 01:03:04 We got Johnny Delgado. Have you tried that hot sauce? Oh, my God, it's so good. We've got Jose from Capital X, and we've also got Born to be free. And it's going to be a good chat. I'm looking forward to it. All first-time guests. So very much looking forward to that.

Starting point is 01:03:22 And, yeah, with that, I'm going to round it out. Thank you guys for being here, of course. Like, sub, share, all those things help a ton. Again, shout out to my nostridges that have been blowing up the chat over there. Damn, damn, you guys. That's awesome. But nonetheless, again, like, sub, share, wherever you're watching this, it's always much appreciated. If you're over on Nostra, make sure you do follow my ZAP stream.

Starting point is 01:03:48 I'm going to really try and start pumping that more. And of course, if you want to help the show in another way, you can hit up the previously You mentioned sponsors. They're all down below. And finally, if you've been perusing the channel, you've been checking out the tutorials, maybe the AlbiHub one, maybe some of the others, and you're hitting a snag. Maybe something is you just can't quite get through it and you need some one-on-one help. Please do reach out to my team over at Bitcoin Mentor.io.

Starting point is 01:04:13 We've aggregated an incredible group of educators and they can help you through just about anything in your Bitcoin journey from wallets to hardware to multi-sig to lightning to self-hosting. your node to setting up lightning nodes to even like home mining um you know bitax things like that anyways i'm going to round it out there thank you guys so much for being here have a wonderful day or evening wherever you may be and i'll see you guys next time for your simply session

BTC Sessions - Billionaire Saylor SHOCKS Millions with BOLD Bitcoin Price Prediction on CNBC ep439

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