BTC Sessions - Major Bitcoin SHOWDOWN: Tether Sues Swan!

Episode Date: January 17, 2025

🔴 LIVE: Trump's Bitcoin Reveal, Tether Sues Swan, Pension Funds & Banks Buy BTC and More! Today’s Simply Sessions is packed with Bitcoin news and update: • Trump Owns Bitcoin: David Bailey confirms Trump’s Bitcoin holdings. • State Strategic Reserves: Eight U.S. states move forward with plans for strategic Bitcoin reserves, with Florida leading the charge. Will they beat the federal government? • Italy’s Largest Bank Buys Bitcoin: Intesa Sanpaolo makes a bold $1M Bitcoin purchase despite regulatory concerns and rising capital gains taxes in Italy. What’s driving this institutional move? • U.S. Banks Can Hold Bitcoin: Trump’s reported executive order could pave the way for U.S. banks to officially hold Bitcoin. • Pension Funds Join the Bitcoin Movement: Pension funds take their first steps into Bitcoin, signaling a monumental shift in institutional investing. • Tether vs. Swan: A legal battle emerges over Bitcoin mining disputes. What’s at stake, and how does this affect the broader Bitcoin ecosystem? • Goodbye Gary Gensler: Gensler’s last interview stirs controversy, as Operation Chokepoint 2.0 comes under further scrutiny. His exit is a welcome sign for Bitcoiners. • Bitcoin’s Mainstream Surge: Ron Paul endorses Bitcoin, while the U.S. government reveals that stolen Bitcoin from the 2016 Bitfinex hack will be returned in kind to the exchange. All this and more in today’s live show! Don’t miss out—subscribe, hit the bell, and join the conversation to stay ahead of the curve in Bitcoin news. —------------------------------ FOLLOW Simply Bitcoin & BTC Sessions on other channels: Simply Bitcoin on Youtube: youtube.com/@simplybitcoin Simply Bitcoin on X: x.com/simplybitcointv Nico on X: x.com/bitvolt BTC Sessions on X: x.com/BTCsessions —------------------------------ 💪 SUPPORT THE SHOW: BITCOIN WELL My favorite self custody bitcoin platform in Canada and USA! They offer KYC free accounts, 1% spread, no on-chain fees and tons of other incredible features. Check them out at bitcoinwell.com/btcsessions https://bitcoinwell.com/btcsessions 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 HODLHODL is a NON-CUSTODIAL, ANONYMOUS solution to stack sats peer to peer! Buy and sell Bitcoin while maintaining privacy. Sign up and try it out today! https://hodlhodl.com/join/BTCSESSION Speedwallet - your one wallet to send, receive, shop & earn. Simple, fast and convenient! Download now, use code BTCSESSIONS10 via this link & get 5,000 SATs on your first transaction. https://speedbtcwallet.onelink.me/cGph/ssbtcsession DEBIFI is a non-custodial Bitcoin backed lending platform with institutional grade liquidity providers and no rehypothecation of your funds. Find them at: https://debifi.com/ #bitcoin #crypto #btc #money

What is going on, everybody? Welcome to the show, another Thursday, another episode of Simply Sessions. And today, Tether has sued Swan Bitcoin. What is going on? Why is it happening? What's at stake? We're going to be discussing that. Also, David Bailey from Bitcoin Magazine, has some insight, some secret knowledge of Trump's Bitcoin holdings, perhaps.

So we're going to discuss that. And much, much more coming up. I'm going to need you guys to smash that like button. We're going to try to get to 50 likes as quickly as possible. And we're going to dive right into it here with Nico, joining us from Simply Bitcoin. I am Ben with the BTC sessions. This is your Simply session. All right.

All right. We're coming right into it. Let's welcome, Nico. Dude, good to see you. How you doing? Yo, dude. Get to see you too, bro. Another insane week in Bitcoin news.

We're going to try to get through it all today because there's so much news. So we're going to start right off the bat with the tethered news that Ben mentioned in the beginning of the show. So kind of a continuation of the Sega. I don't want to comment too much about Swan. I work there at the company. So I have friends there. Tread carefully. But I am going to, I'm just going to read the article, let the article speak, and then I'll ask Ben for commentary.

So the headline is, Tether files lawsuit against Swan Bitcoin over joint venture dispute. It goes on to say stable coin issuer Tether has filed a lawsuit against Bitcoin financial services company Swam Bitcoin, accusing the firm of, quote, significant breaches in their agreements. And a statement to Coin Telegraph on January 15th, Tether, along with co-claimant 2040 Energy, confirm the legal action against Swan Bitcoin. Quote, throughout our relationship with Swan, Tether has consistently action.

acted in good faith, supported mutual business objectives, and adhered to all relevant agreements, Tether said. Conversely, Swan has acted recklessly, and their actions have resulted in significant breaches by them of the agreements between us. Consequently, we have been compelled to take necessary measures to protect our investment. The case filed in the High Court of England and Wales escalates an ongoing legal battle between the two companies. So what sparked the dispute, Swan and Tether established 2040 energy in 2022 as a joint Bitcoin mining venture. Under the partnership, Tether provided funding while Swan handled operations.

Swan Bitcoin alleged that former employees from its mining arm stole proprietary information including software code and business strategies to form a rival company called Proton Managing. Swan described the employee's actions as part of a scheme labeled rain and hellfire designed to sabotage Swans' role in the joint venture. The company claimed that key personnel carried out this plan, including Alex Holmes, its former head of business development, and Hafeel Siguri, its ex-Chief investment officer in Mining Head, who now serves as Proton CEO. So Swan accused Proton of misusing its confidential trade secrets to establish itself as a direct competitor, which it argued had, quote, irreparably harmed Swan's ability to compete in the marketplace. According to court documents, proton management allegedly convinced Tether to cut ties with Swan and back Proton in the mining venture instead. On August 12, 2024, Swan CEO Corey Clipson was removed as the CEO of 2040.

and proton officially took over the operational and administrative functions of the mining operations. Swan Bitcoin also accused Tether of facilitating what it described as a hostile takeover of its mining operations. Tether has denied any wrongdoing, asserting that it acted by its contractual rights under the joint venture agreement. In a statement to Coyne Telegraph on September 27, in 2024, Tether said, Tether is aware of recent allegations made in a lawsuit that mentions a subsidiary of Tether dedicated to proprietary mining and other investments. While Tether is not a named defendant in the case, we have taken note of the claims and deny any implications of wrongdoings.

So it continues to describe some of the legal troubles that Swan has had in the past. Like I said in the beginning, you know, I worked at the company I think it would be appropriate to offer my personal commentary on this. But like, you know, Ben, what are your thoughts? Yeah. So I've been trying to kind of watch this and take it in at arm's length here. Obviously, I've, you know, known and met a ton of awesome people that were in and around Swan. Unfortunately, many of them that ended up that were employed through Swan. and no longer are with the blow up that kind of happened prior when everybody got laid off. So that's been really rough to see.

The thing that kind of struck me in and around kind of all of these topics here was the initial announcement of, so, you know, if you go back, there was a lot of kind of buzz in and around Swan like kind of donating to all of these different like devs and projects and everything like that. Odell famously kind of came out and was like, oh, these numbers are bullshit. Where is money coming from? Like, where is there, what are they,

the numbers that they were throwing out? The revenue numbers were crazy, according to him. And then that's where shortly thereafter, there was the announcements of, oh, the mining venture. The curious thing about the announcement of the mining venture that I think would have been valuable to disclose to everybody during the announcement is that, if I'm not mistaken,

most of the hash power was effectively on loan from Tether. And that outstanding loan amounted to most of it. And so, like, yes, Did they have it? Yeah, but they still, it's like, if you just move into a brand new house and you've got a 30-year mortgage, like, do you own that house? Kind of, you're on the hook for paying for it, but there's a difference. And so that's the thing that kind of irked me the most is like the transparency of like how those assets lied. And so I know that you're kind of walking on eggshells

commenting here, but I think that could have been handled better. as far as the lawsuit goes like all the internal struggles and everything like god knows the reality of what's actually going on here i have i have no idea um but it's just all in all it's really unfortunate to see situations like this where um you know what was held up as like the darling of the bitcoin ecosystem like there's the you know kind of being for lack of a better term like tarred and feathered right like there's there's uh There's definitely like a bit of like a black eye here. I don't know how this is going to shake out.

But hey, I genuinely hope for the best for everybody. Hopefully she gets resolved. Hopefully there's not collateral damage here. But yeah, that's my thoughts, man. Yeah, we shall see. We'll stay on top of it here at Simple session. So definitely stay tuned for any updates. Anyways, moving on to the second thing you mentioned, Ben,

which is David Bailey at the Michael Saylor's 100K party, which Ben we were both at. And here he is essentially saying some interesting things about the president come to be in four days. Let's check out David Bailey. By the way, I was actually, he was responding to my question because I was on stage with him at this point during the live stream. So let's check it out. And you know, Trump told me before all of this went down that, you know, he owns a significant amount of Bitcoin. I'm not going to disclose the number that he told me, but, you know, he doesn't manage his money

himself directly, but that he had a significant position, even at that time, and the price of Bitcoin's gone up a lot since. So, you know, you're right. It's all about creating alignment. It's all about creating alignment. And, you know, what's... Bitcoin changes the dynamic where, you know, what's good for Bitcoin, it's good for all of us. And what's good for Bitcoin is the fundamental ideas of freedom.

So it's like advancing freedom is what's good for your financial interests. You know, Trump told me before all of... Like, you hear what you just said that Trump owns a significant amount of Bitcoin. Now I'm going to connect this with this article that dropped today from the paper of record, the New York Times, which hasn't been exactly very nice to our industry. But check out this headline for the audio listeners. A first day Trump order, a federal stockpile of Bitcoin. Holy.

I mean, we're hitting, we're hitting half a million if this happens. A pair of 50-page policy proposals laying out the plan and detailed discussions about the specifics with President-elect Donald J. Trump and his advisors and talk. with cabinet nominees about how to pay for it. On the eve of Mr. Trump's inauguration, the cryptocurrency industry is pushing his incoming administration to execute an audacious plan that would have seen unimaginable just a year ago, a government program to buy and hold billions of dollars of Bitcoin. This is not Twitter.

This is the New York Times for anyone who's listening, tuning into the show. As he complained last summer, Mr. Trump vowed to create a, quote, federal Bitcoin stockpile that would serve as a, quote, permanent national asset to benefit all Americans. Bitcoin enthusiasts hailed the idea as potentially transformative, claiming that it would help reduce the national debt. Mr. Trump could still abandon the plan and its details are under debate. but industry executives have spent weeks lobbying to shape the proposal, raising hopes that Mr. Trump might act sooner after taking office. We saw a picture of Michael Saylor at Mar-a-Lago, the so-called Winter White House in Florida where Donald Trump lives.

In recent days, crypto executives have offered input to David Sachs, a venture capitalist whom Mr. Trump appointed to oversee crypto and artificial. intelligence on a possible executive order that covers several areas of crypto policy. Three people would acknowledge of the matter said the Bitcoin stockpile is part of those discussions. Two of them said. This could be the day one initiative, said Pete Ruzzo, an editor at Bitcoin Magazine and industry news publication. It's certainly an idea that has come a long way in a short period of time.

By some estimates, the United States owns as much as 19. billion in Bitcoin that it has seized from criminals over time. A stash that the government has recently moved to sell. Some crypto executives are calling on Mr. Trump to simply hold on to that Bitcoin, which he could most likely do with an executive order. Others are pushing a more ambitious plan in which the government would acquire tens of billions of dollars in new Bitcoin, building a quote, strategic reserve similar to federal stockpiles of gold and oil.

that amount of spending may require congressional approval. So a couple of things here. Look, we know that Trump owns Bitcoin. We know that Michael Saylor was at Mar-a-Lago. What do you think Michael Saylor is talking to Mr. Trump? I mean, President Trump about. And now you have a Wall Street Journal article basically saying that a day one executive order to establish a strategic Bitcoin reserve is possible.

Like, this is insane. You want to see $500,000 Bitcoin in 2025. This is how it happens. And a quick update too, this isn't just happening on the federal level. This is happening on a state level as well. A total of eight states are leading the charge. to push a strategic Bitcoin Reserve bill, Florida, Alabama, New Hampshire, Pennsylvania, Ohio, North Dakota, Oklahoma, Texas. I mean, we're witnessing history in the making, absolutely effing bonkers.

I mean, Ben, what are your thoughts? Yeah, so this is snowballing quite quick. And if you think it's snowballing now, if that, strategic reserve actually gets enacted, you know, within the first, you know, day, month, 100 days, whatever, watch the snowball then, because that's when every state, every country around the world takes notice and goes, oh, crap, we have got to get on this quickly. Not only that, but like that, it also permeates through the corporate culture too because what's what's going to happen bitcoin you know the skyrockets because of that

sailor is sitting super pretty because of that right like if you're if you're seeing half million dollar bitcoin sailor is just like rolling in it micro strategy becomes bulletproof which it already is um but like you you you just see insanity like nothing else and that just kicks it off that just starts the the the the scrapping or over the remaining Bitcoin. And so it goes crazy, a lot quicker than people think. And what I'm hoping, just this is selfishly myself, but I would love to see an Alberta strategic Bitcoin Reserve.

I know that Danielle Smith, the head of our province in Canada here, Daniel Smith, our premier, she's a bit coiner. She knows what's up. She used to have a radio show. I've been on it a few times. Francis Pooleyout was on there.

She gets it. She's visited Steve Varpur. It's upstream data. She, so like of any place in Canada, I would love to see that in my home province here. I would take, I would have a swell of pride over that. But yeah, I mean, it's just absolutely insane. And I do want to, I do want to bring up this comment. It's the billionaires club and we're not in it.

But here's the beautiful part here is if a billionaire buys Bitcoin, it doesn't dilute the Bitcoin that you have. the percentage of the total supply of Bitcoin that you have remains constant, regardless of what they do. Furthermore, a billionaire buying a lot of Bitcoin and owning a lot of Bitcoin doesn't allow them to change the protocol. So it will continue to work the same for you as it has up to this point. So that's the difference here. If you're close to the money spigot, you get to reallocate, you know, wealth to yourself. But that's not true in Bitcoin.

and that's kind of the key point here. Now, before we move on, I do want to, of course, remind you guys to smash that like button. We're trying to get as many likes as quickly as we can. We've got to pump those numbers up, son. Let us know what you're thinking about this and the other stories we're going to cover in the chat. And we are going to say a quick shout out to sponsors of the show here for one minute.

When we get back, we're going to continue with plenty of, can you give them a little tease, Nico? What it was? What do you got on the document? Dude, we got so much news. There was a leak of the Operation choke point 2.0. Supposedly, it was a lot worse than people were a lot worse than we thought. And also pension funds all over the world from the United States to the United Kingdom are all buying Bitcoin.

So there's a ton of news for you guys. Stay tuned. All right. We'll be right back. And we're going to also give you guys a chance to win, potentially, 1 million SaaS. So we'll see you guys in one minute. Bitcoin Well is the best place to be buying and selling Bitcoin in Canada and the U.S. And now with Bitcoin Well Infinite, it's also the best place to be making large buys at their OTC desk of over $50,000.

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or simply scan the QR code on the screen to get started right away. All right, we're back in. We're going to give away some stats really quick here before we get into the rest of that news. Over on the right hand side, there is a QR code for you. If you're not already on Bitcoin, well, it's an excellent place to be stacking sats in Canada and the U.S. And they've got a killer OTC desk as well if you're looking for large buys. But we're here on the Bitcoin Well dashboard. The way it works is when you sign up, when you buy Bitcoin, when you refer friends, you earn points.

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That would be awesome. And with that, Nico, I'm going to pull up your screen rather than mine here. and we'll get you in here. So anyways, let's continue on. What else has been going on? You know what? I'm on the fence. Which news?

Let's cover this one, bro, because this is super, super damning. So here's Nick Carter. He's posting about this. And Senator Lummis posted about this as well. Absolutely massive, massive news. I mean, we were talking about Operation choke point 2.0 quite a lot last year. And it seems like it's let's just say that a lot of these things, a lot of the things that the government was doing last year wasn't exactly following the law. So here is, excuse me, Senator Lummis says that she has been contacted by the, by the FDIC whistleblowers regarding Operation Show.2.0.

Demands preservation of all materials, including those relating to Silvergate and signature bank shutdowns. Threatens criminal referrals if destruction of records is on earth. Nick Carter says gloves are off. Interesting also that she also says refusals to share materials, quote, confidential supervisor information doctrine are immaterial. FDIC staff must be in absolute shambles at the moment. Almost shed a tear reading this, to be honest with you, justice is coming.

We fought for two years now for the truth, and we're finally going to get it. Get it. Remember, they gaslit us. They said that this wasn't real. They said that the industry wasn't real. And if you read this memo or this statement from Senator Lummis, I mean, dude, it's damning. Like, check this out. Chair Grunberg, I have been contacted by the FDIC Wilsonblowers who alleged that to destroy,

of materials is occurring with respect to the digital asset activities of your agency. I have also been informed by whistleblowers that staff access to these materials is being closely monitored by management to prevent them from being supplied to the Senate before they can be destroyed and that certain staff have been threatened with legal action to prevent them from speaking out. This is illegal and unacceptable. You're directed to ensure your staff cease and desist, destruction of all materials, and end all retaliatory actions immediately. You are further directed to preserve all existing materials, including documents, communications, electronic information, and metadata. Relating to the FDIC's digital asset activities since January 1,

2022, that may be responsive to the Senate Banking Committee's oversight prerogatives in the coming months. I mean, dude, like, this is, Ben, we're going to have so much to talk about because I think the things they're going to uncover in regards to like the previous administration's attempt to destroy the industry is going to be damning. I'm talking about Twitter files 2.0, but instead of it being called the Twitter files, it's going to be called the Operation choke point 2.0 files. And I think that there's going to be a lot of things that they did that wasn't exactly coloring within the lines. Ben, what are your thoughts?

I mean, yeah, I mean, we kind of knew this was happening, but it's an entirely different thing to see it fully outed. And this letter, this letter, like how blunt it is, like, hey, we know you guys are destroying evidence. this is illegal. Stop now and it's going directly to Chair Grumberg. I mean, that's the point where it's like, hey, if you keep this up, then you are now held liable.

Like, this is wild to me to actually see this. And it's all happening. This would not, would not be happening if the November election had turned out in the opposite direction. Absolutely. Like it's it's crazy. And again, you always say it. Say the line, Nico. Elections have effing consequences, bro. So yeah, I mean, there you go. And like, you're going to see more of this. And like, let's, let's connect the dots with this news. And then the president of the United States potentially

implementing a strategic Bitcoin reserve on day one. Like, holy cow. But how could you not say that elections don't have consequences at this point. Anyways, speaking of elections having consequences, the financial times or I like to call it the Fiat Times, Ben, isn't it nice that these publications that have essentially been trying to kill us for like four years are just like, oh, you know what? Let's cover the news regarding Bitcoin neutrally. So financial times pension funds dabble in crypto after massive Bitcoin rally. It goes on to say pension funds are different.

their toes into Bitcoin, and a sign that even typically stayed corners of finance are finding it hard to ignore the potential outsized returns from cryptocurrencies. Pension schemes for the states of Wisconsin and Michigan are among the top hoddlers of U.S. stock market funds devoted to crypto, while some pension fund managers in the UK and Australia have also made small locations in recent months to Bitcoin using funds or derivatives. Advisors say the surge in Bitcoin last year, which more than doubled to touch 100,000, has spurred the interest of conservative trustees. Crypto analysts predict it could double again this year with the arrival of a pro-crypto Trump administration. The president-elect has vowed to make the U.S. the quote, Bitcoin superpower of the world and end

a regulatory crackdown on the sector. Max Scott, a consultant at Mercer, which advises UK pension fund said, quote, since election day, we have been getting a flood of queries in trustees don't like to think that there's a hot asset class out there that they don't know anything about. Most pension funds have turned to the regulated ETFs approved last year, which invest directly in crypto on investors behalf and track the price of tokens such as Bitcoin and Ethereum. The State of Wisconsin Investment Board was the 12 highest biggest share, shareholder in Black Rock's Bitcoin ETF at the end of September. According to its latest filings, a holding that would now be worth about $155 million after

the fund left 50% since the start of the quarter. Michigan is the sixth largest shareholder in Gray Scales, Ethereum ETF, and its stake is worth $12.9 million based on a November regulatory filing. It is also the 11th largest holder in the R.21 shares Bitcoin ETF. run by investor Kathy Wood, which is up 14% since the election. Pension funds moved back into crypto following some notable failures in the crypto market crisis. Canada's Ontario Teachers Pension Plan wrote off a $95 million investment in failed digital currency exchange FTC. They should have just bought Bitcoin, dude. But anyways, you guys get the general gist of this. This is massive.

Pension funds aren't exactly, you know, aggressive in their investment. investing strategies are somewhat conservative. So the fact that they're looking at Bitcoin and they're saying, hey, you know what? Like, it's probably a good idea to get some is absolutely massive. And the fact that this is happening on a pension fund level, like, and think about all the employees of these states, right, like Michigan and Wisconsin. And then all of a sudden, could you imagine if there's regulatory Bitcoin legislation in those states? All the those state employees would just be like, no, you're attacking my pension. You're attacking my bag. What are you doing? Right. So, you know, this is what I'm talking about with aligned incentives.

If Trump has a massive bag of Bitcoin, he's incentivized to pump his bags. If these pensions have massive bags of Bitcoin, they're incentive to pump the bags, not, you know, these states are not incentivized to, they're not incentivized to pass hostile regulation that could potentially hurt the, the industry or Bitcoin's price. So yeah, I mean, this is massive. This is enormous. I can't say that enough. And again, you see the concessions from the New York Times and the financial times. All of a sudden, they have found Satoshi. And they're giving. Bitcoin neutral coverage. Like, who would have thought, bro?

Yeah. It's, I mean, it's, what a time to be alive is my takeaway here. But, yeah, so I mean, as, as people, like, Bitcoin doesn't discriminate in terms of where its tendrils go, right? Like, any person is capable of understanding Bitcoin if they're exposed to the right information. And so inevitably, this is happening of people from all walks of life with all, you know, all sets of conditions that they're living in. And so that includes people in positions of power in government, in, you know, that that manage these, these investment funds, all of this

stuff. And as it does, those people will start to have influence and they'll start to stockpile Bitcoin in those instruments. And you're absolutely right. Once it's entrenched, there is no going back and there's no screwing around with it because bad regulation ends up screwing not just us that are self-custaining our Bitcoin. The incentives are now such that if you screw with Bitcoin, it screws with the entire financial sector. That's where we're headed. Where countries, where pensions, where corporations, they all hold Bitcoin along with us, the little guys that are saving in Bitcoin. And so if one person fucks with it, we all get bucked. Nobody wants it anymore.

Nobody wants that to happen when that comes to fruition. And so that's the beauty of Bitcoin's incentives. It's just you get it because the money is broken. You change course to start interacting with and holding Bitcoin. And you make damn sure that people don't screw with your life savings. And that's where we're at. And that's exciting. Yeah, it's, it's incredibly exciting, man.

and it's all about aligning incentives. And, you know, this is how Bitcoin becomes unstoppable. Because even if you have hostile politicians, like I'm telling you, it's going to be so difficult unless you want to get voted out, of course, right? And then what about those politics? So you're saying that politicians don't have exposure to their pensions, right? The politicians don't get pensions. Like, you know, again, no, I think it's American Hoddle quote, right? No one's better than their incentives.

like you're creating a very, very nice incentive structure here. So this is awesome. Speaking of wins, I mean, Trump did promise this. He's keeping his promises so far. The largest bank in Italy buys $1 million worth of Bitcoin. Speaking about aligning incentives. Now, what's really interesting about this is that this is happening a month after the central bank of Italy calls Bitcoin peer-to-peachers. your services, quote, crime as a service.

2017 called they want their excuses back. So it goes on to say, while major institutions worldwide are gradually embracing Bitcoin, recognizing its potential as a transformative asset, even integrating it into their corporate treasuries, the perception of the cryptocurrency remains far from universally positive. Amid this growing institutional adoption, the Bank of Italy has taken a notably critical stance in its economic and financial occasional paper, it labeled Bitcoin peer-to-peer services widely celebrated for their accessibility as crime as a service.

I mean, dude, like, you know, go pound sand, bro. And the bank of the largest bank in Italy, largest private bank in Italy said, yeah, no, we like it anyways. So that's awesome. I mean, if that's not the incentives speaking, I don't know what is. I'm waiting for, I mean, it's always funny. But I'm waiting for the the Uno switch card, the reversal, where the government there realizes, oh, crap, we need some of this. And like, I don't know when that comes. Does that come when Trump does the strategic reserve?

It's more likely when that happens. But it's just curious to me that there's still this stance at all from like governments, especially Italy. Like it would make more sense coming from like, you know, somewhere a little bit higher up on the totem pole in Europe where they're like, oh, we don't want to threat to the euro. But Italy seems like an odd one to me for them to be like, oh, it's. stink oil, it's crime, it's whatever. Like, no, no, it's where we're way past that. You're right.

Like, the narrative is from eons ago. They, they've clearly haven't even taken a look at it yet. Yeah. Yeah. It's, uh, dude, it's, it's, you know, I don't, I, the thing is like, you know, I, I, I forget where this quote is from, but it's basically along the lines of like, people are not incentivized to understand something that like potentially could, like, rip, hurt their career. And I feel like these central bankers are like telling themselves fantasies in their

head. Like, you kind of hear this when like when they when they say that Bitcoin isn't money. Like they're like, Bitcoin isn't money. Like who are you? Like, who are you to decide what money is or what money isn't? The market the free market decides what money isn't what money isn't. But these central bankers like they've had this like superpower for so long, they can't believe it. Anyways, I do want to cover this. I find it absolutely hilarious. And apparently CNNBC was trolling a little bit because in the Cairoen, it says the exit interview. And here is Gary Gensler's.

Isn't that hilarious? Here is Gary Gensler's last interview on Squawk Box. Joe Kernan, who's the anchor of Squawk Box, absolutely destroys Gary Gensler. So let's check it out. What you think is going to happen or whether you're thinking has evolved. It almost sounded like you wanted to separate Bitcoin from the rest of the industry. And I'm wondering whether you're actually warming to the idea of at least Bitcoin. And whether, again, people are tweeting that I said you either stood in the way of an extraordinary industry

or were utterly unable to prevent a massive bubble. What do you think the future holds? Do you have a feeling on which it is? Do you think Bitcoin has inherent value and is a store of value? Or do you feel that when we look back on a 10, 15, 20 years from now, it's going to be something from the 18th century with tulips? Joe, it's hard to predict. I think I really do like you because I know that you think I'm going to, out you think negatively on many of these aught coins you joe but in terms of in terms of bitcoin we at the cc have never said it's a security i have not what do you think it's you taught at m it i think you know i think you've got to have some kind of feeling you've read the books bitcoin standard yeah yeah i think i think that bitcoin is a highly speculative volatile asset, but with 7 billion people around the globe, 7 billion people want to trade it,

just like we do have gold for 10,000 years. We have Bitcoin. It might be something else in the future as well. These other thousands of projects need to show their use case and show that they actually have fundamentals underlying them, or they won't persist, Joe. Oh, my God, you own Bitcoin. That's where the public, that's why the public needs disclosure. That's what it's, I don't, I've never, I've never, I've never, love it.

You love it. You don't like those other coins. I've never owned any of these, and I've been consistent for seven or eight years on this. Well, now you can't because you won't be a SEC chair anymore. Could you imagine, did you imagine owning, like covering Bitcoin, studying Bitcoin, teaching Bitcoin in a class? and not buying it for eight years. No wonder he did what he did, bro.

I would be salty too. Yeah. I mean, like, yes, watching it go from like eight years ago, that would put us, that would put us 2017. And like beginning at 2017, it was like a thousand bucks.

You watched a 100x over your tenure as head of the SEC. You had to sit on your thumb. and pretend it was just worthless speculation. And on exit from head of the SEC, you now are experiencing 100K Bitcoin. That's your entry point. But you've been fully aware for damn near a decade.

That sucks ass. So hard. No wonder you can see it's like the WoJack like smiley face over the like deep crying lines behind. That's, that's him right now. A hundred percent. Bro, like, it explains everything. It explains everything, man.

I would be salty, too. And I love how Joe at the end was like, hey, you can buy it now, though. And he's like, he's like, no, no. Now you can do it because you're not head of the SEC anymore. Like that last little jab because you got forced out. So like, at least, at least you could buy some Bitcoin, which, to be fair, that is a good positive. That's a great silver lining, Joe.

really love it. Dude, it's, it's hilarious, man. And I love how, you know, like Trump, like part of his Nashville speech, it was like so big on, you know, like, I'll fire Gary Genser and the crowd went wild. And like, Trump was like, whoa, he's like, I'll fire Gary Gensler. And Gary Gensler, like, for example, the head of the FBI resigned. Like the, a lot of these head of these, like the guy who was in charge of Trump's criminal case, he resigned. Gary Gensler did not. put his resignation date until the day of the inauguration like if it like dude i mean so salty so symbolic but yes you can't win them all anyways yeah yeah that was uh but i mean hey we're we're in our winning era right now so like we got to enjoy it um you know i'm not beyond you know the robbing a little

salt in the wound when we we've we've all had that happen to us whenever we're down whenever we're down It's a bear market. Tradfai and no coiners and all of that, they rub it in. So whatever, we get our chance to go on parade. Yeah, it's good, man. I'm excited. I mean, this is going to be an incredible year and lots of news. Well, see you later, Ben.

All right, everybody else. Stick around because we have a few things. There's some interesting stuff that you're going to want to be privy to. Number one, coming up next, there's a crazy, really, like, out there vulnerability that you need to know about if you are home mining. And it was discovered by Scott 9,000 with Bidax. So we're going to cover that in just a minute. We're also going to be doing a double giveaway for potentially up to a million sats each time. So we're going to do that on the other side of the break.

We're currently sitting at 75 likes. And if we hit 100 before the end of the episode, I'll do a triple giveaway at the end. But first, we're going to give you a quick shout out to sponsors of the show. We'll be back in one minute. You can also queue up some questions. Have you got some Q&A stuff here for the next section? I'm taking to calling this next section, Bits, apps, and bytes so you can get filled in on all of the cool tools and crazy vulnerabilities and things to be aware of and secure yourself from in Bitcoin. So we'll be right back.

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I encourage you to sign up today. There's a QR code on the screen to do so, or you can hit the link in these show notes down below, and when you do, you will earn 5,000 sats as you create your first account. Boom, we're back in, and because you guys were so generous on the like button, we're doing a double giveaway at Bitcoin Well this time, each time with a potential to win up to a million sats.

You just have to have your lightning wallet ready to scan the QR code that pops up. The QR code off to the right-hand side of the screen. If you're not already on Bitcoin well, well, you can scan that and sign up to date. They're an awesome place to be stacking stats in Canada and the U.S. And they've got OTC Desk for larger buys around the world, check in your region. But we're going to do a double giveaway right now. And, hey, if we get up to 100 likes before the end of the episode, I'll do a triple at the end.

So let's toss a coin in the well. First person to scan, we'll get the stats. Let's see what it's for. 500 sats to whoever scans it first. I'm going to leave that up there for a few seconds. And congrats to whoever gets it. Of course, please do let us know in the chat. If you snip the sats from everybody else,

if you're getting an error, that's because somebody grabbed it first. You've got to be quicker. All right, I think we're ready for that second giveaway here. Let's do it one more time. I might have to do a refresh. always a little weird here. All right, here we go. Redeem 500 points. Coin goes into the well. 2100. Hey, nice. We're getting some variety here too. 2100 sets. Whoever scans that one first.

If you get it, let us know in the live chat. We'd love to hear it. And congrats to whoever snagged the 500 and the earlier 210. If we hit 100, we're at 92. I feel like I'm doing a triple giveaway at the end of this episode. So with that, one other thing, hey, this isn't the only way to get free sets. If you're familiar, this is my company, Bitcoin Mentor, and we offer one-on-one help with your Bitcoin Learning Journey. So if you're a bit of a Bitcoin Ludite, maybe you've learned a few things, but you feel you really need to level up your game. You need to make sure your stack is super secure. You can reach out at Bitcoin Mentor.io and book a session. But also, the QR code on the screen right now allows you to sign up as an affiliate, which means you get your own personalized

link, you paste it in your social profiles, you share it with anybody who's ever asking how to learn about Bitcoin. And whenever somebody uses your link to sign up for a session with us, you earn $21 worth of Bitcoin to be paid out at the end of the month. And that's for every single session, any person books with your link. So if one person books 10 sessions with your link, you get $210. I think it's a great way to stack sats. So you can stack sats while newcomers stack their Bitcoin skills. But with that, we're going to move on.

And let's chat. Before I actually before, speaking of Bitcoin mentor, we're going to have one of the mentors on the show tomorrow. Gary is absolutely awesome. He's going to be joining us. Gary Mahmood. We also have Jason Hoddlers and Greples. We're going to be chatting about all the reasons we're bullish.

And the recent price action, are we heading 150K next? you're going to have to find out tomorrow at 6 p.m. Eastern time. But let's chat bidax. What is this vulnerability? What the hell has been going on? Do you need to worry? What do you need to do? Let's find out.

Well, first off, hats off to Scott 9,000 at bidax. He's building something incredible. If you haven't tried a bidaxe, you should. Even just to learn the ins and outs of mining, it's a really cool little thing that they got going. there. So BIDAC's firmware. This is a critical fix for something called a CSRF vulnerability. What does that mean? It's short for cross-site request forgery vulnerability. It allows malicious websites to replace users' pool or wallet info. What in the hell? Okay, so this firmware update protects

protects against the potential CSRF vulnerability. Quote, this one is very important update for all BitX users as it contains a fix for this vulnerability from Scott 9,000. According to the developer, the vulnerability allows a specially crafted malicious website that you visit to change bidax settings on your local network, including the server and the user credentials. These changes can occur in the background without any. visible indication on the malicious website.

Quote, yeah, it's crazy. There is this feature, in quotations, of nearly all browsers that support JavaScript where an arbitrary website that you visit can make requests to other machines on your local network. It is up to those machines to make sure it's legit. It's called the CSRF. The Bidax firmware exposed an API application programming interface. that controls all Bitax settings.

This API enables AxOS, the operating system on it, and other tools to manage Bitax devices. It is typically secure because users' local network is isolated from the public internet through your firewall. Now it will check headers to see if requests come from a local machine or outside the local network. This might cause problems for people with esoteric networking subgroups, but we'll have a lot of testing so far.

So the main takeaway is here. More or less, this fix will prevent the problems. And when it talks about changing your Bitax settings, it's basically like somebody could point your hash towards their reward. So they could say like, hey, you know, I'm going to infiltrate this person's home network. If they have minors, I'm going to point those miners towards me. And so if they hit a block or if they're mining for a pool or whatever, I'm using their hash rate, unbeknownst to them and I'm reaping all the rewards.

And it's particularly attractive to a person because they can actually, they don't have to just solo mine. They can actually mine in a pool with your hash rate and a whole bunch of other people's hash rate. And they're not paying for the power. So basically they're like stealing your power and profiting from the stolen power. Crazy. So if you're running a Bitax, please do update.

A couple more things. Solo Satoshi introduces Bitax Touch, the Bitcoin Home Miner. So this is powered by the Bitax 601 Gamma, which he uses the ASIC chip from the Bitmain S-21 Pro. Up to 1.6 terra-hash, it also features an 800 by 480 pixel touchscreen LCD. The device is due for full-scale production in Q1 of this year, and it'll be available for purchase. for $2.99. That's pretty awesome. Again, the whole mining stuff is super slick. This looks pretty nice. I like that.

That's not a bad price point. 300 bucks. So kudos to them as well. Moving on. I want to touch on this in and around privacy and then just kind of highlight some updates of some stuff that is maybe better for privacy than this. Operators of Blender and Sinbad custodial, a important note, custodial Bitcoin mixers arrested and charged with money laundering. The U.S. Department of Justice is indicted to Russian citizens, Roman Ossupenko, and

Alexander Olanick, and Anton Teresoff charging them with money laundering and operating an unlicensed money transmitting business via custodial mixersblender.io and Synbad.io. Main takeaway from this is centralized. They were taking in people's money, having custody of it, and then mixing it and sending it back out to other people. That's not good. You don't want your money in that. You don't want it being, you don't want it seized from other entities. You can still obtain on-chain privacy through other means. And so a couple examples of this. This is a newer one. But Mostro, this is this new version that just came out, version 0.13.0. It delivers a major step forward

and improving privacy for users through key management implementation. So basically, it's a lightning network-based peer-to-peer exchange protocol over Noster. So you can buy Bitcoin via the lightning network in a peer-to-peer anonymous way, which is great. So this, the quote here, we have lots of improvements. Probably one of the most important is the final design of key management. Key management is the way clients rotate keys for every trade, adding another privacy layer to gift wrap previous implementation. So I love seeing updates to stuff like this.

Moster is on my list of things to try out and potentially make a tutorial on. But one tool there, another one was Sabi Wallet, version 2.4.0. They just added the ability to send to silent payment addresses. So this is a free and open source privacy-focused Bitcoin wallet for desktop. So it does do coin join. They now are one of the first wallets to support. sending to silent payment addresses.

There's a couple others as well. This is a reusable static address that allows Bitcoin transfers like regular addresses, but prevent observers from linking multiple payments to the same address. So it's like a shareable Bitcoin address that actually people can't audit on chain, which is really cool. So kudos to the developers for adding that functionality. In the realm of wallets, we have Leanna version 9.0 transaction export, jade plus support, and security improvements, and more.

So the TLDR, you can export your transaction details. You have a new code repository layout for Windows. It supports, this is great. Support for the jade plus signer. So if you saw Blockstream just released the new version of the jade, looks pretty slick. I've got to say, I've got one here. I'll be doing a video soon.

I see in the chat, by the way, we just hit 100 likes. That means a triple giveaway at the end of the episode. So stick around. And also get some questions ready. I'll let you guys know when to pull the trigger on those because I'd love to answer your questions. Have you got any technical ones or quick ones for me? Be happy to. Yeah.

So the support for the Jade Plus here in Leanna, again, at the wallet, I've got to make a video on. Tapper, descriptor, rescan, fix, robust approach to receive address requests, performance boosts, lots of cool stuff coming out of Leona. I've heard really good things. They're using miniscript and all that. Got to check it out. Bitcoin Safe version 1.0. This is new.

It's a secure Bitcoin storage wallet, and it has a lot of interesting features. It is very bare bones, very early days, as you can tell from the UI, but that doesn't mean that you shouldn't pay attention. It's a fully featured Bitcoin Savings wallet with built-in BDK, Bitcoin Development kit. It aims to simplify single-sig and multi-sig wallet management for non-technical users while retaining some power user features through an intuitive and attractive user interface. Okay. Side-side gripe. Intuitive and attractive user interface. Let's be real here. Some work needs to be done, but it may be simple, but like somebody's going to see this and

they're going to run away. Okay. So we got to do better, guys. Let's let's, let's, let's, just be real here. We got to make sure that it's attractive. So Bitcoiners, developers don't have a lot of free money to be tossing around, but some budget going towards design is definitely in order. So yeah, easy multi-sig wallet is set up for non-technical users, hardware signers only multi-party multi-sig collaboration. So this is cool. So you can have multiple people in different locations with their own signers, collaborating on a multi-sig with a private chat that takes place over encrypted messaging via Noster. Pretty cool.

Simplified wallet management features, global search and filtering options, all kinds of stuff in here. So promising, early days, of course, but I love seeing these new projects. On my front, in terms of what I've been working on, I just dropped this morning a video on the future bit. This is a Bitcoin miner that you can have at home. In fact, if you've probably been hearing a little bit of white noise in the background from my mic throughout the episode, that is the future bit purring away on the shelf behind me. It's keeping my office, toasty warm in the winter. And this thing, I've got to say, it's pretty slick.

Pretty slick. I really enjoyed making this tutorial. I really enjoy having it on the shelf there. I think it's pretty awesome. They did a good job. I'm going to give you guys a little preview. of what the dashboard looks like. So this is my dashboard.

It shows the current hash rate, an indication of how much computing power you have, mining currently. It gives a quick overview of like temperatures of the device and everything, how many watts it's using, your node status of your connections and all that, your CPU usage, all of that stuff.

If you go specifically to the miner, again, it'll show your Terra hash per second, your one hour average, you know, all of these different metrics about your device. The interface is slick. It looks really nice. The other cool thing about this is this runs its own Bitcoin node. So here's my Bitcoin node. It's all up to date. You can connect wallets to this. Just on-chain wallets, you can't do like a lightning wallet or anything like that in the native interface. But you can. I did connect Sparrow wallet to it in the tutorial.

And the other cool thing is you are running your own Bitcoin node, which means if you mine a block while you're solo mining, you will actually construct the block yourself, meaning that it's fully self-sovereign. You're not asking somebody else to construct the block for you. You are the one that's doing everything in the mining process. You create your own mining pool, which means if I click on solo mining, not only can I mine, with the future bit device itself, but I can have multiple future bit devices pointed to the one with the mining pool on it that I'm hosting, or I can point other miners that I have to it.

So I have a brains mini miner that I made a video on, and I pointed that to this as well. You can see two workers right here. If you have a bit axe, you can point that towards your future bit on your own mining pool. So it's honestly, it's pretty slick. I've really, really enjoyed it.

My other favorite thing is this metric here. Your chance of solving a solo block is right here. So I've got a one in 864,000 chance of mining a block, meaning that I would get the full reward for that block, 3.125 Bitcoin, plus whatever fees are on that block. I don't mind those odds at all. I think that's pretty slick. If you're buying lottery tickets, I'd say it's worth kicking that habit and just buying a future bit and having it sit there. You've got a bit of a forever lottery ticket sitting on your shelf. And then your dopamine hit comes each morning when you wake up and you look at your dashboard and you see if you mind a block. I think that's really, really cool. So I'm going to take a quick look

at the chat here as well. So if you've got some questions, let me know who has any questions regarding this or anything else. I'm going to bring this up. I do want to give it. I do want to give of a shout out to the Dutch node runners. Love you guys. I got my pin proudly off to the side here. I got a little display going with a bunch of pins. Much appreciated for being pinned while I was in Madeira. Love you guys.

Who got the sats? David, I don't know. They got to let us know in the chat. We will be given away three more times here in just a minute. Chad says that safe, that safe, product look like SAP interface. SAP. I don't know what that means.

Yuck. Not a fan of the interface. I like this interface, to be honest. And then a question here from Rave Elevator. Node versus K pool. So CK pool, you are not constructing the block yourself. So basically, CK pool, they're running a node. They'll construct a block.

You mine it. If you actually hit the block, then you get the full block reward. But they are in control of like how that pool itself, works. Okay. So, so that's, that's it. Um, okay, Nathan, gun to your head. Are you saving Guy Swan or American Hoddle? Oh, Nathan. Why would you do this to me? Why would you do this to me? I don't know, man. Like, can you imagine never hearing another Guy Swan, uh, narration in your ear? that's hard and then American Hoddle always has hilarious takes on everything okay I'm going to answer this question but I'm going to get I'm going to get I'm going to

qualify it Guy swan has a very extensive repertoire of of Bitcoin content that he has put out I could go back through that and I could have a little bit of Guy swan in my life probably for years to come if I bide my time. And so for that reason only, because American Hoddle, it's like short and sweet, he has podcast appearance, but he does not have the, he does not have the amount of repertoire that Guy Swan has. So Guy Swan almost did himself a disservice in that I can still have him around in my ear for years to come without him being here.

But, you know, don't, don't, I don't want either of them to be in peril. But for this, I would save American Hoddle because, you know, I need to listen to both. And he needs some more stuff out there. That's where I'm going. Dave F. asks, can FutureBit use filters to ignore runs and ruins and ordnals when it builds blocks? This is a very good question. This is not currently a feature on the Future Bit. However, there are updates that are constantly happening.

So I know that the next update you're going to have, you're going to be able to like schedule the minor turning on and off if you want it as a space heater for certain purposes. However, this would, in my opinion, would be a trivial feature to add. And if you want, I would tweet and tag FutureBit and say that you would love to be able to run Bitcoin knots and have the choice of different block templates that you prefer. And in fact, I mentioned this in the tutorial that this is what I would like to see in future updates. So if you want to see this, I don't think it's a big deal to add this. It's something that they could easily implement. In my opinion, I could be wrong.

But tweet at them, tag them, let them know that you would like to see this feature. I would absolutely love to see that feature. Absolutely. All right. So with that, let's give away some stats, guys. Let's get out those lightning wallets here. I'm going to give a refresh here over on Bitcoin. Well, we're doing three.

We're doing three because you guys killed it with the likes. We're at 111. I said I'd do three if we broke 100. So thank you for that. So number one, coming up right now. Get those lightning wallets ready. And 210 sats for whoever scans it first. We previously had 2100, 500, and a 210 at the beginning.

I'll leave that for a few seconds here. let you guys snag it. In the meantime, I'll bring up a, I'll bring up this question down below from Orange Pill, Zellot. Why do you think some Bitcoin maxis are going to XMR or embracing it, not abandoning BTC? So what my opinion is, there's a number of people that absolutely prioritize privacy. And that's an important thing to have, of course. But privacy on Minero comes at the expense of other features of Monaro. Also, if you're not directly spending Monero to somebody accepting Manero, then the privacy features dwindle because you're having to swap and do different things.

So, like, it's not as cut and dry as it's made to be. So I understand why it's also the least shit coin of the shit coins, but I'm still, I'm not sold. I'm not grabbing Manero. I would like to focus on trying to build up privacy tech on top of Bitcoin. That being said, I understand why extreme privacy people go for the thing that's going to be the most private in the moment. So, like, it's kind of like, ooh, that's, you know, not for me, but I understand the sentiment.

I just think that they've traded off too much in, like, you know, easily auditable supply you know, censorship resistance and immutability kind of go at the window because there's often soft forks and stuff like that. So yeah, yeah, not for me. Nonetheless, let's do another one of these. We'll toss another one in the well. Quick refresh. Get those lightning wallets ready again. If there's another question that pops up as we're scanning this one, then I will answer that as well.

500 sats for whoever snags it. go ahead and scan. Okay, this is a good question as well. Down below, Phil Kerr says, what does the blue checkmark on Sparrow mean for privacy, using your own electrum, et cetera? So, Phil, the answer to that is, if you're not running your own node

and not pointing your Bitcoin wallets towards your own node, you are trusting somebody else to do it for you, because every time you want to check your balance, you know, basically like, check the entire balance of the wallet or send or receive transactions. What you're really doing is digitally tapping somebody on the shoulder that's running a node and saying, hey, can you check my balance for me? And oftentimes, if you're not running over Tor, you're also showing that person your IP address.

So that means somebody could potentially say this wallet balance and these transactions are all this person at this IP address. when you run your own node and you point it towards it. So like for me, I typically point mine towards, you know, I said I could do it with the future bit, of course. I've got to start nine on the shelf behind me. That's where I typically point mine. What that means is I've got a copy of the Bitcoin blockchain. I am pointing my wallet at my own copy of the Bitcoin blockchain and saying,

let's check this ledger to see if I have money. So I am just looking at my copy of the ledger. Nobody knows if I'm checking or not. It's my copy. And so that's it. And also when I go to send a transaction, it first goes to my node and then begins to proliferate out to other nodes in the network. It's not the first appearance of that transaction on somebody else's node. It came from mine. And so they don't know if I got it from somebody else or if I was the first person. So it really helps there. I want to also say a huge show. Shout out to Chad in the chat. Thank you for the super chat. I really do appreciate it. You rock. And thanks for being in the chat all evening.

And then David said, I used the public server before Electrum. Should I be concerned? What I would say, David, is if you're in Sparrow, then I wouldn't be nearly as concerned because Craig Raw specifically selects nodes that are not reported to keep logs. So it would be like Blockstream, or it would be. like Seth for privacy or it would be like nodes that are known to not be malicious, not just a random connected note. So I wouldn't be super concerned, but it is nice to point towards your own node. And I think that you should absolutely do that when you're able to. Okay, we got one more

of these. Let's let's get it out here. Grab those lightning wallets. Give it a scan as soon as it hits 500 points into the Bitcoin wishing well. And let's see how much it's for. 210 sats to whoever scans it first. That is awesome. Wow, six giveaways we did on this one. So pretty, pretty slick. Anyways, guys, this has been your simply session.

I hope you enjoyed it. Make sure you see us back here tomorrow at 6 p.m. Eastern time to hit, why are we bullish with, of course, Gary from Bitcoin mentor. We've got Greples and Jason Hoddlers. We're going to be chatting about Bitcoin price action and all of the other reasons that we are bullish. Smash that like button as we round out here. Thank you guys for being here. This has been your Simply session. Of course, continue stacking stats, continue stacking skills. I am Ben with the BTC sessions. This was your daily session.

I don't know.