BTC Sessions - BTC Double Bottom, Draper Hacked, Spencer Schiff Stacking Sats EP094

Episode Date: September 7, 2020

SUPPORT THE SHOW: LEDN offers Bitcoin backed loans – Sign up and get $50 free https://bit.ly/3gZFPOl Get Wasabi wallet and enjoy your Bitcoin privacy https://wasabiwallet.io/ Buy a Cobo Vault to secure your Bitcoin! https://bit.ly/2GgMFlH Crypto Cloaks: Get the BEST Bitcoin swag out there https://www.cryptocloaks.com/shop/ If you value my work and would like to send me a tip, they are always appreciated! LIGHTNING tips: https://tippin.me/@BTCsessions Join my Telegram channel! https://t.me/btc_sessions SHOW RESOURCES: Bitcoin price – possible double bottom, but CME gap still needs to be filled at $9650 https://cointelegraph.com/news/bitcoin-price-charts-hint-at-double-bottom-relief-rally-to-10-800 Bisq to add segwit support after new $45K grant https://www.btctimes.com/news/peer-to-peer-trading-platform-bisq-to-support-segwit Bitcoin QNA covers non-KYC Bitcoin options https://bitcoinqna.github.io/noKYConly/ Tim Draper hacked, account shills Bcash https://www.btctimes.com/news/opennode-co-founder-tim-drapers-bitcoin-cash-tweet-was-from-a-hacker Umbrel drops new update. Get early access here https://getumbrel.com/ Michael Flaxman creates guide for Multisig using Coldcard/Cobo/Specter/Paper Wallet https://btcguide.github.io/ Peter Schiff asks twitter who they trust more: Him or his 18 year old Bitcoiner son. Vote! https://twitter.com/PeterSchiff/status/1303009420713111553

Wasabi wallet and fairly private. What's up everyone? I'm Ben with the BTC sessions and this is your daily session. Hodel their Bitcoin. Before we dive in, I want to give a shout out to sponsors of the show, leaden.io. This is where you can use your Bitcoin for a variety of different services. I've been using and working with these guys for well over a year now. No complaints and I love it. The first thing I ever used was their Bitcoin back loan.

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This uses the same loan mechanism to instantly buy more Bitcoin, effectively doubling your Bitcoin on the spot. You want to check them out. There is a link in these show notes down below. And if you click that link and opt-get alone, you will get $50 worth of Bitcoin for free. Secondly, we have these awesome, awesome guys, if it will load for me. There we go.

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self a favor. Check these guys out. They've got the most fucking awesome stuff. And I really love them and super happy to be working with them. Crypto cloaks, check them out. And finally, of course, we have the Kobo Vault. Now, I did a walkthrough video with the Kobo Vault. I really, really love it. It is an air-gapped Bitcoin, if you choose to use it this way, a Bitcoin-only air-capped hardware wallet. So that means that you never plug it into a computer. Everything is done through QR codes so that your private keys, the seed to your wallet, is never exposed to an internet-connected device. Now, they do have a secure element here so that protects your seed from hackers.

The firmware is open source. And one of my favorite things is the interoperability with some of my favorite wallets out there. Of course, it's interoperable with Bitcoin Core. You can use Electrum, you can use Wasabi Wallet, you can use Blue Wallet, and you're starting to see Kobo being used with some excellent multi-sig setups, which we'll get into later. Now, Free Shit Alert, Kobo is doing a giveaway. All you have to do is, one, you have to be in Canada, the US, or the European Union, but all you need to do is retweet on Twitter, today's show, and you need to tag myself and

cobo in it and you just need to let us know why you want a cobo tablet plus which is a steel plate in which you can store your backup seed for any wallet not just a cobo vault but any wallet if you want to store it this way this thing is hella versatile it keeps every little every little letter and number very secure even if it's warped and moves around those things are solid so do check that out and give this show a retweet if you want to potentially win. We've already done two of these, so keep an eye out for that. And with that, let's dive into the news. So Bitcoin is currently sitting at the time of recording this video around $10,11818. For $1,000, you can buy 9,885 Satoches. It's not a bad deal in my eyes.

Now, besides that, the fees are actually down quite a bit. So if you're looking to get some kind of medium priority transactions through without paying an arm and leg, it looks like the day fee is about, you can get through for about two sats per byte. So just keep that in mind if you're looking to do some transactions. Don't overpay. Don't be dropping like 100s per byte. You're overpaying if you're doing that. A few sats, you'll be fine.

be through by the end of the day. Okay. And, you know, if you're unsure, then use a wallet like Blue Wallet, where you have replaced by fee, where you can bump it if it's taking too long and you need it. Other than that, yeah, it's been a bit of a wild ride for a Bitcoin price as of late. So we saw it drop below $10,000 multiple times over the weekend. We're back above that, as I said, We're up back above 10.1. We've been up around 103 previously, but not too much beyond that. And that's coming down from the $12,400 level that we're at within the past couple of weeks here. So what are we looking at here? There's potentially a double bottom happening, but there is a CME gap. So the CME or the Chicago Mercantile Exchange is where Bitcoin Futures, where people can speculate on the

future price of Bitcoin. Now these guys play by the regular rules of the financial market in that they shut down over the weekends and on weekdays. And so sometimes over the course of a weekend, you'll have the price of Bitcoin jump either up or down in a particular direction. And that leaves a gap in the chart. So you can see, if I pull this up here,

you can see there's little gaps in between here where the price would have closed on a Friday at a certain level and then opened at a big gap between those two price points. And it happened again more recently over this past weekend. And so what happens often is that some point in the future, the Bitcoin price retraces to those levels to fill in those gaps because there's often unfinished contracts that need to be resolved there. So if that were to be true, then we may test the levels of some,

between 9,650 and 9,950 because that level has been unfilled since it looks like back in July, okay, kind of mid to late July that happened. And the more recent one, a little bit higher than that, so that's not super difficult to worry about. So we will see what happens with that. but some seem to think that we're in for a brief relief rally up to around 10-8, which really wouldn't be that much of relief if you're looking at the 12,400 that we're at recently. But again, all you really need to think about and do is zoom out. If you're looking at a longer time frame, these little fluctuations are not a big deal. We have a lot of big names in the space speculating that we may be entering

kind of a new epoch in Bitcoin in that we may be seeing those previous highs possibly before the end of the year. And I'm talking about previous all-time highs. Will that play out? Who knows? But if Plan B's stock to flow model is even close to right, we may be testing those levels sooner than many think. Now, moving on here, I wanted to highlight BISC. It's a peer-to-peer trading platform where you can pick up Bitcoin through a variety of different means. And they're adding Segwit support. So this Segwit, for those unfamiliar, it is a more efficient address type to use in Bitcoin. So those types of addresses either start with a three or BC1. A legacy Bitcoin address starts with a one. And if you're sitting Bitcoin in an address like that and

you go to spend again at a later date, because of the size of transactions, as far as like bytes and actual computational power required to send those transactions or computational space required, it ends up costing more to send transactions from those types of addresses. So it's been a little bit of a pain not having Segwit support in BISC, but they've just said that they will indeed be implementing it. Now the reason for them not previously implementing it actually kind of beckons to the reason why Segwit was a soft fork, meaning it was backwards compatible and opt-in. So you didn't have to upgrade to include Segwit when it was added to Bitcoin.

And the good thing, the reason why that is good is had it been a hard fork, had it been absolutely necessary, it would have broken BISC because there were certain things in the code base there that would not have been compatible with Segwit. that needed to be worked on, and either they would have had to churn it out really quickly and potentially broken and had exploits available for Hagris to attack, or they would have just had to shut down the project.

So luckily, now, I'm gonna read a little bit from the BTC Times here, the Bitcoin Times. It says, activated in August of 2017, Segwit introduced a number of improvements to Bitcoin's performance, including an increase in Bitcoin's theoretical block size, then enabled fee savings for users as well as a fix for an anomaly that prevented the straightforward deployment of second layer solutions, such as the Lightning Network. Last week, BISC shared after a series of community proposals and grants, the platform would soon support Segwa transactions based on a proposal by developer Oscar Goodensburg.

I hope I said that right. I'm so sorry if I didn't. The addition had previously been delayed due to technical issues and high risk caused by incomplete code support. However, new cold libraries and additional technical support for Segwit integration in recent months made it viable for BISC to start work on the migration. The exchange noted. Now, they also did get an anonymous grant from an individual regarding this change, $30,000 estimate on, on this proposal, it was later revised to $45,000 after discussions between BISC developers and the guarantor. At press time, work on the implementation has begun

and is expected to take several months until completion. So it's no easy task to get this done within the framework of BISC. The funds are placed in a multi-sig Bitcoin wallet until April 1st, 2021 and Shelby returned to the guarantor if the project is not completed by then. So, very cool to see, and very cool to see see the support of open source projects like BISC by anonymous individuals donating. Now on the same KYC train because BISC again kind of like anonymous peer to peer,

there is a new page from Bitcoin Q&A called No KYC only. So those interested in purchasing peer to peer instead of going through online exchanges, this may be of interest to you. So just reading a little bit from the top. here, KYC or no your customer is a regulation that any businesses with a banking relationship have to abide by. Bitcoin exchanges are no different. These rules are imposed worldwide and geared towards ensuring that a business acting as a money exchange and or transmitter has suitable information on every customer they serve. These track your spending habits, prevent

you from using other regulated services, confiscate your Bitcoin. They come after you. you for tax liabilities and generally know more about you than they should. It talks about what kind of information you typically have to provide for KYC. Why is providing this information a risk with things like data leaks, censorship, and confiscation possibly? And what are your options for non-KYC purchasing a Bitcoin as well as how else can you get some? You can earn it.

You can sell on wanted goods for it, so on and so forth. So if you're curious about that kind of stuff, and more peer-to-peer-related Bitcoin stuff, go over to this Bitcoin Q&A GitHub, and I will have the link in the show notes down below. Up next, over the weekend, there was a tweet from Tim Draper. So Tim Draper, he is a venture capitalist best known

for in the Bitcoin space for participating in the Silk Road auction of Bitcoin, so the Darknet market, purchasing nearly 30,000 coins for a purported $19 million. He has a lot of money. also made investments in Baidu, Hotmail, Tesla, SpaceX, Twitter, and Coinbase. He was a Bitcoin early adopter, but there's a tweet from his account this weekend that said,

I recently purchased some BCH, Bitcoin Cash. So easy to buy and use. Go to Bitcoin.com. Thank you at Roger Verkash for this innovation. Hashtag Bitcoin, hashtag Bitcoin Cash. there was an extended chain of Bitcoiners replying with the Tom DeLong What the Fuck Giff is probably the longest one I've ever seen maybe second to the Jameson Lop ICX or INX or whatever the hell that the token was that he was promoting.

Anyways, it was excessive but hilarious to watch. Anyways, turns out that his Twitter account was actually hacked. And this was from the open node co-founder. He confirmed that Draper's Bitcoin Cash tweet wasn't from him. So he said on September 6 that Draper's account was hacked, hence the tweet and the subsequent deletion of the message. So it was deleted.

He said, can confirm his account was compromised and he deleted the tweet as soon as he was aware. So I mean, hilarious, but funny to see every Bitcoin to jump on that with what the right away. Moving on here, get Umprol or Umbral is a node implementation, easy kind of plug-and-play solution that you can flash on an SD card, kind of like my node. But the focus here is on user experience and user interface, making it very pretty and easy to use. While they just have a new update, by the way, I am going to be doing a video on this. I'm just, I got to get another Raspberry pie. I've got to get another Raspberry Pi. I've got...

Like, I've got a bunch sitting around. My note is sitting behind me on the shelf here. I got to get another one. But I want to get like a good, I want the new one, the 4B with 8 gigs of RAM and everything. It's a purchase. It's a sizable purchase. And I think I've just been kind of like humming and hawing about it. I should be doing that soon.

But anyways, I will cover Umbrell. Anyways, it looks really cool. And their new release right now. now it's currently early access only which I do have which is why I'm also very I need to get on top of this but they just have a new update the new L&D is included iOS users can now access their dashboard from any Tor browser backup status is visible some other minor bug fixes but again excellent project I've heard nothing but good things I've heard that is very very easy to use and very clean and everything so my nose

comes default with everything in it no matter what and then you choose whether or not to activate them whereas umbral it comes basic with bitcoin and lightning and everything is like an app that you add to it so it's an optional add-on and will just look nice and clean like this so i'm excited to use that and it'll also cut down on bloat for things that you may not use okay so exciting now uh in the same vein um actually diving into multi-sense So I've done lots of videos on multi-sig so far. I did Electrum. I did it with Lily Wallet.

And I think I did one more. Did I do another one? God, I don't know. I'm getting mixed up now. Anyways, Michael Flaxman here, he's put together something nice here. He said, I've been working on a free guide to fault-tolerant multisig. My default recommendation is to use Specter desktop, which I've been excited for. That's on my note as well.

to coordinate a two of three multi-six scheme using a cold card. Obviously, I love the cold card, a cobo vault, love the cobo vault, and their partners of the show, and a free paper wallet for recovery. He said, no setup is 100% secure, but I believe it to be by far the most secure system for non-experts. It doesn't achieve perfection, but it's specifically designed around fault tolerance by avoiding any single point of failure. Yeah, so anyways, he broke it down here, the BTC guide.gitHub.io, and it says 10x security Bitcoin guide. It goes through kind of Y multisig, how to set it up, all of the different steps here.

I think what I'll end up doing is when I do Spectre desktop, which I am going to do as well, that's in the works. I'm waiting for an update with MyNote because they're running a previous version that doesn't yet allow for the Kobo Vault, multi-sig functionality, but the version is out there. It's just that my node needs to update it. Anyways, when that's available, I think what I'll do is I will do a video of how this set up by Michael Flexman actually works. So I'm excited for that. Very excited to get a multi-sig going that way. And on the same train, actually, we'll just dive into something else here. I wanted to touch on this because it's super hilarious. We all know Peter Schiff, Goldbug, notorious Bitcoin skeptic who really knows nothing about Bitcoin, lost his wallet at some point. Anyways, it's super hilarious.

He's always super bearish on Bitcoin. And a lot of his tweets have notoriously hilarious timing because he calls a lot of local bottoms. He'll say something about, oh, Bitcoin's going to crash even further than this. And then it'll bounce off of him. his tweet. Anyways, I found this so funny because he tweeted out a poll that says, against my advice, my son, Schiff Spencer, or Spencer Schiff, just bought even more Bitcoin. Whose advice do you want to follow? A 57-year-old experience investor slash business owner who's been an investment professional for over 30 years or an 18-year-old college freshman who's never even had a job? And he put up a poll which has thus far close to,

to 40,000 votes and 81.2% of the votes trust the kid. So, so funny. Anyways, I will link to this tweet down below if you want to vote. And there's still 20 hours left in this poll. So you probably have some time by the time you see this video. But super, super funny. Gave me a good laugh. And let's hope that his streak continues of calling local bottom

because it would be very funny if if if price were to pump from here. Anyways, guys, short one today. Thank you so much for watching and or listening as always. If you can, if you're here on YouTube, hit like, subscribe and share all of those things. Super, super important and really, really do help. Also, if you want to help out the show in another way, you can hit up the mentioned sponsors down below. Those were Leden. There were the legends at Crypto Cloaks.

And of course, we've got that Kobo Vault with the Kobo Tablet Plus giveaway. All you need to do is retweet the show, tag myself and Kobo, and let us know why you want one. And make sure you're from either Canada, US, or somewhere in the EU. And other than that, if you really liked what you saw, you can always hit me up with a lightning network tip at my tippin.combe page. Thank you to all those that have been dropping some stats in there. that is tippin. dot me slash at BTC sessions.

With that, I am out. Have yourselves a wonderful evening or a wonderful day wherever you may be and I will see you next time for your daily session.