BTC Sessions - New Bitcoin Record, Grayscale $186M BTC Buy, KuCoin Stolen Funds Frozen EP102

Episode Date: September 30, 2020

SUPPORT THE SHOW: LEDN offers Bitcoin backed loans – Sign up and get $50 free https://bit.ly/3ldY5WP Get Wasabi wallet and enjoy your Bitcoin privacy https://wasabiwallet.io/ Buy a Cobo Vault to secure your Bitcoin! https://bit.ly/2GgMFlH Cobo Vault Tutorial: https://www.youtube.com/watch?v=JnRjvZKulrA 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 above $10,000 for a record number of days https://decrypt.co/43234/bitcoin-stays-above-10000-for-longest-time-in-history 18.5 of 21 million BTC have now been mined https://decrypt.co/43106/the-18-5-millionth-bitcoin-has-now-been-mined Grayscale owns 2.5% of all BTC https://decrypt.co/43089/grayscale-adds-186-million-of-bitcoin-to-its-reserves TikTok star with 25 million followers starts investing podcast with Pomp, eyes Bitcoin https://cointelegraph.com/news/no-coiner-tiktok-star-launches-finance-podcast-with-bitcoin-bull-pomp Bitcoin awareness game – BTC street art and stickers around the globe https://decrypt.co/43135/the-bitcoin-awareness-game-spreading-the-word-about-btc Bitcoin continues to court the fossil fuel industry https://newmoneyreview.com/index.php/2020/09/03/big-oil-goes-for-bitcoin/ KuCoin hacked for $200M, but 65% of funds able to be frozen by protocols https://decrypt.co/43066/130-million-of-kucoin-hackers-haul-to-be-frozen-by-crypto-projects Thanks to Satoshi Corner for my awesome shirt! https://satoshicorner.com/

Wasabi wallet and fairly private. What's up everyone? I am Ben with the BTC sessions and this is your daily session. Before we dive in, of course, shout out to sponsors of this show, ledden.io. This is where you can use your Bitcoin for a whole bunch of different services. Now, they of course have their Bitcoin backed loans. This is where you can use your Bitcoin as collateral to get a Canadian or US dollar loan. So if you are needing dollars but you don't want to sell your Bitcoin because one, that's a taxable event. And two, you're worried about having to buy back in at a higher price point.

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So Bitcoin has stayed above $10,000 for the longest time in history. And we're talking about day opening to day close. So it has surpassed 63 days above $10,000. Now, this was as of yesterday. The previous record of 62 days was set between December of 2017 and January of 2018. So that was the first time, actually, that we had ever gone above $10,000 was around that time frame, around the time frame that we're hitting all-time highs. So very interesting to see us kind of past that threshold.

Another indication that we could be moving into a very kind of extended bull run, as we've seen in the past, in and around that time frame, too. So we'll see. But regardless, let's read a little bit here from Decrypt. Bitcoin has cemented, rather, its longest period of consecutive days with a value above $10,000. After it ended yesterday at $10,721. Bitcoin's last stretch above 10K mark was for 62 days at the end of 2017.

Two years later, it tried to match this, but only managed 28 days. Now Bitcoin has gone over 63 days. A record, Jason Dean, Bitcoin analysts from Quantum, economics attributes to the micro strategy effect. Everybody loves talking about micro strategy since they bought a ton of Bitcoin. Quote here, price has passed the $10,000 mark when their first acquisition announcement came on August 11th and the impact of this bold groundbreaking move by Michael Saylor was to drive substantial confidence and credibility into the asset. Honestly, I don't think this is exclusively the work of Michael Saylor. Obviously, it doesn't hurt to see companies using Bitcoin

as a reserve asset. But I think it was inevitable that eventually we would kind of get over that threshold where 10K becomes kind of a floor. So I think, do they correlate? Yes. Did Michael Saylor cause us to not dip below 10K? Doubtful. I think it takes more than just a dude. buying, you know, 0.2% of Bitcoin or something like that. I don't think that's the number one driver there. Anyways, let's move on a little bit. Now, another kind of bullish bit of news, at least as far as scarcity goes, 18.5 million Bitcoin have now been mined,

meaning there's only 2.5 million left to be mined. So again, from decrypt here, the total number of mine Bitcoin in circulation has reached over. 18.5 million out of the maximum of 21 million over this past weekend, according to BlockExplorer Blockchain.com. As a result, there is now less than 2.5 million Bitcoin left for miners left to discover. However, while it might look like Bitcoin's emission is closing on the finish line, just over 88% of all Bitcoin already mined, after all, the emission of the last Bitcoin is currently expected no earlier than the year 2140.

This is because, and we've talked about this before, as time goes on, the rewards that miners receive for discovering a new Bitcoin block gets smaller. Slashed by half every 210,000 blocks or roughly every four years due to a hard-coded process called the halving. The having, of course, recently occurred on May 12th of this year and reduced the block reward from 12.5 Bitcoin to 6.25 Bitcoin per block. This will continue every four years until the very last Satoshi Bitcoin's smallest unit is discovered. So, yeah, we're really bumping into that scarcity right now. We've got well over 100 years, 120 years until the last Bitcoin is mined. But that gets more and more difficult to do. And, you know, most of Bitcoin will be mined in the next kind of decade, decade and a half.

And then after that, the block rewards get very, very minimal, very, very quickly. I think people don't realize how quickly this can happen. So we're at six and a quarter right now. So we'll be at three point, whatever it is, three point one, two five by the year 2020. Where am I down? Okay. We'll be at three point one to five by the year 2024. After that, it's one in a bit.

After that, we dip below one Bitcoin per block. So anybody holding one Bitcoin right now, if you hold onto it for a few halvings, you'll have more than the entire block reward. So interesting to kind of see how quickly that disappears. Now furthermore to the scarcity mention here, we talked about micro strategy, which is the company that decided to allocate

$425 million of their 500 mil worth of cash reserves to Bitcoin specifically because they realized that the Fiat currency they were holding was losing purchasing power quite rapidly and so we see them scooping up in in a couple of buys as I said they bought up around 0.2% getting pretty close to that of the entire Bitcoin supply that will ever exist it's more like 0.18 but besides the fact gray scale is another company that has been just eating up Bitcoin either for themselves or for their clients but they just added $106 million, sorry, $186 million of Bitcoin to its reserves. So over the past week, digital asset management firm, Grayscale Investments has engraced its reserves

by 17,100 Bitcoin according to its website and crypto-analysis. analytics firm by bit or BYBT. I don't know. It's increase of that's an increase of 186.5 million. As a result, GBTC Bitcoin Trust, which was created in 2013, now amounts to nearly 450,000 Bitcoin or 4.7 billion dollars. This corresponds to 2.5% of the amount of Bitcoin in circulation. Two and a half percent of all Bitcoin is owned by Grayscale now. If you don't like that, buy some more Bitcoin. They can't buy what you're holding if you're holding it. Anyways, this doesn't necessarily mean Grayscale is buying this Bitcoin directly. It can either purchase Bitcoin on behalf of its clients or it can issue shares in exchange

for Bitcoin. In the latter case, it wouldn't be sucking up any of the available supply and wouldn't be affecting its price. The increase in Grayscale's reserves come amid a pullback in the price of Bitcoin. Earlier this month, the first cryptocurrency made another unsuccessful attempt to gain a foothold above 12K and has been trading mostly above $10,000 since then. Yeah, wow. This is going to be more and more difficult for people to do. Like for Grayscale to be eating up this much Bitcoin.

you know, post-having and for Micro Strategy to be making these large plays, only so many people can do this before it just becomes impossible to buy that much Bitcoin at that price point. And I think we're going to continue to see this. I think Micro Strategy turned a lot of heads in doing this. You know from a lot of people out there, including the author of, let me just pull it out, including Jeff Booth, author of The Price of Tomorrow where he talks about deflation is the key to an abundant future. Anyways, he's on quite a lot of boards and he says this has very much become a boardroom discussion for many companies. So yeah, I think we're going to see a lot more of this, whether it be investment trusts like this or just family offices and

smaller businesses using this as a reserve asset and eventually larger business. this is as well. Moving on and further kind of to this we've been seeing I have been seeing a lot of stuff of kind of mainstreaming of Bitcoin as of late and which

again continues to lead me to believe that we're on the cusp of another 2017 again I could be wrong but this feels so reminiscent of 2016 I don't know what the rest do you guys think but I think we're in store there's going to be something

big in store over the next 12 to 18 months. Anyways, no coiner TikTok star launches finance podcast with Bitcoin Bowl Pomp or Anthony Pompleano. So, and for the record, I don't give a shit about TikTok. I don't use it. I don't really care about these like influencers and stuff like that. But I do see this as a thing that naturally happens during bull runs. During the last, during 2017, you saw all kinds of people come out of the woodwork and start talking about Bitcoin on whether it be YouTube or Instagram or wherever, but they popped up all over the place. And some stuck around and learned a lot and others just kind of did it because it was the flavor of the week. We're going to see a lot of this stuff.

But I digress. Let's dive into this Coin Telegraph article. A 21-year-old social media star famous for his TikTok videos is entering the crypto space guided by Bitcoin Bowl, Anthony Pompliano. Bryce Hall has launched a finance podcast with Pomp called Capital University. Unlike Palm's regular podcast, which focuses on business investing and promoting Bitcoin, the joint venture will cross the generational divide as the 30, 30, 3,000. year old pomp learns how social media influencers are making money, while Hall learns tips about

building generational wealth through investment strategies. Quote, I just want to highlight the power and importance of diversification, Hall told Coin Telegraph. I do believe crypto is its own asset class and one worth exploring. It is definitely the internet's version of gold, with the caveat of having a known finite amount of units. The TikTok star, who claims he has roughly 25 million followers between the short video sharing app, TikTok, YouTube, Instagram, and Twitter reportedly has a net worth of more than $2 million. He described himself as completely broke before achieving internet fame,

but is now earning a large income through YouTube AdSense revenue, apparel, merchandise, sales, and brand deals. Now, he has also been talking to Gemini, Cofield. co-founder Tyler Winkervos and Tyler has agreed to be on the new podcast. He quotes here, when Tyler and Cameron Winklevoss are engaging with your tweets and direct messaging you, you better take what they say seriously and reevaluate your investment positions. Now, Tyler doesn't currently have Bitcoin, at least not at the time of this article, though he's been seriously looking into it. My guess is,

I mean, obviously this guy doesn't know a ton about this. He said he was broke before, came into a lot of money from sudden fame. All good. That's fine. Probably doesn't know a lot about investment strategies or anything like that. I will say that he's probably on a decent track with Pomp at least, because when Pomp talks on these podcasts, he's specifically referring to Bitcoin most of the time. He's not too, like, I know that he's part of an investment firm that does more than just Bitcoin,

but he's very, very specific when he talks about this kind of stuff. So hopefully that kind of points this guy in the right direction and thus his audience in the right direction. But the Wingo Voss twins, again, while they say they heavily favor Bitcoin, they're not averse to pumping shit coins all over the place. So if I have to guess, this dude's probably going to go down the shit coin route. It will probably end up being a bit of a flavor of the month thing. He'll make a bunch of money over the next, you know, 12 to 18 months. And then as it fizzles out after that and goes into a bear market,

he'll probably jump ship and look at different methods of making money. He'll probably pivot. He might even abandon the podcast unless he gets really orange-pilled. but I mean he's 21 he's a TikTok star the the attention spans of the audience on stuff like that are definitely not going to be very long and if it's not content that everybody wants to see at the moment then I'm guessing that he won't be on this train for long but hey again to me this is an indication of the market going a certain direction and that we're leading into to, you know, within 12 to 18 months, perhaps some sort of a mania.

But we will see. Moving on here, I found this fun. This is called the Bitcoin Awareness Game. So this article here on Decrypt, it talks about the Bitcoin Awareness Game is an initiative that encourages people to share Bitcoin stickers, signs, and logos around the world, a move designed to spread awareness of the cryptocurrency on a global level. Crypto space has poured a lot of effort into mainstreaming digital assets. And a lot of this stuff is like bullshity, you know, garbage tokens that were promoted.

However, Bitcoin doesn't really have like a centralized place that promotes it. It's more like people that are passionate about it, talk about it. And its growth has kind of been pretty organic from the get-go. So now Bitcoin has to have their own intuitive strategy to spread the word of, this asset street art. So this quote here, we receive pictures from all over the world from Bitcoiners who want to earn some Satoshes for spreading the word about Bitcoin. This pseudonymous organizer of Bitcoin Awareness Game told Decrypt. According to the organizer, the Bitcoin Awareness Game also takes Bitcoin's relationship with art to another level. Other Bitcoin

artists have joined the Bitcoin Awareness Game with their designs that before were confined either to the internet or sold to private collectors, adding that public places are the best place for art where everyone gets to see it. So what is this all about? The aim of the Bitcoin awareness game is simple. Buy or print the group's stickers and spread them across public places around the world in order to help grow Bitcoin's global presence. Now, it's not a thankless task. participants are awarded for their efforts, according to the creator here, more than 1.5 million Satoshis, obviously the smallest unit of Bitcoin, have been awarded to participants from Germany, the U.S., Romania, New Zealand, and many other places. Contributors can receive these

rewards either through microlancer.io or BTC Street Arts Telegram Channel. One of the goals of the community is to promote Bitcoin's reputation. many people haven't heard of Bitcoin. I would argue that they have heard of Bitcoin, most people. What's worse, those who have heard of Bitcoin enter one of the many misconceptions. Bitcoin is dead. It's money tool for criminals. It will never work.

The list goes on. I would agree with that. To encourage a better image for the famed crypto asset, some participants have come up with their own iterations of Bitcoin art, sending their creations to the BTC Street Art Twitter account where the pictures are shared publicly. At the very least, the Bitcoin Awareness game is designed to get people who aren't in the crypto community engaged with the asset. They said, if five of a hundred actually start thinking about what they are reading on a sticker, it's a great result. I'm torn here. I don't think there's too much damage in somebody putting a sticker on like a light pole or whatever.

Do I think this will have a massive impact? Probably not. But I've got to say it is cool when I'm wandering somewhere and I see like a Bitcoin sticker somewhere. It's just kind of like that gentle nod of some anon in the crowd has stuck that up and you just kind of you see it and you're like, all right. People know. People are learning. I don't know. What do you think? Do you think this is an okay thing?

Do you think it's vandalism? Do you think it matters? Are you going to do it? Let me know. I wanted to draw attention moving on here. to an article on newmoneyreview.com. They're talking about big oil going for Bitcoin. And so it's kind of interesting here.

I'm not going to get too much into the details here, but I did highlight a certain part that I found interesting. So first, it's important to understand how the infrastructure, electric infrastructure, and power infrastructure in the U.S., Canada, most countries work is they operate at peak capacity 100% of the time in order to avoid blackouts. What I mean is you need to anticipate the absolute highest demand that is possible and pretty much be running at that capacity 100% of the time and anything that is not utilized is effectively waste

or they pay people to take and offload that energy. And so if you're L.A., if you're California, if you're any large city, you're running, expecting that people are going to be using the maximum amount of power that they normally ever do. And anything extra is now sitting there and you've got to figure out, is this going to be wasted? Can we offload it somehow?

and if you can offload it to somebody that will actually take that power, odds are the city or the whatever entity has the power is going to be paying somebody to take it away, at which point those costs are then passed on to the people in that constituency that are paying for electricity. So your electricity costs are in part paying for the excess electricity created that is being taken away by somebody and who's being paid to do so. Meanwhile, you're paying for your electricity plus that waste. So a lot of producers of energy, energy producers, particularly big oil, where there's waste like methane or natural gas and so on and so forth, they're starting to be approached by Bitcoin miners. And they are saying, hey, we'll pay for this power that normally you have to pay other people to take. We'll plug ourselves in and we'll pay you a low rate.

but you're still making money where you would have been losing it. And now you can operate at that top capacity. And you don't have to worry about the cost of offloading that extra power or that extra energy later on because we'll take it. If you feel that you need that power, give us 15 minutes notice. We'll shut off. Okay. Now, this is happening also with natural gas I was saying.

So just a little tidbit here. According to the financial times, the amount of gas burnt off in flare, by oil producers jumped to its highest level in a decade in 2019, despite global efforts to eradicate the practice. Gas flaring causes more than 400 million tons of carbon dioxide equivalent gases to be released into the atmosphere that year, according to World Bank data, more than the annual greenhouse gas emissions of the entire UK economy. Again, this is an instance where excess energy is effectively being completely wasted and in this instance it's not even being funneled and paid to be taken away. They're literally burning it and polluting because of it,

whereas this extra energy could be captured, used in a more clean way and funneled into Bitcoin and they could make money off of it. So very, very interesting to see. I think it's an inevitability that you're going to have Bitcoin miners very entrenched with fossil fuels, which in turn will make it that much more efficient, that much more cost-effective, and that much more clean. So excited to see the proliferation of that. If you want to check out this article, it's in the links down below. A couple things left here.

$130 million of the Ku-coin hackers' hall to be frozen by crypto projects. So if you're unfamiliar, Ku-coin, an online exchange, was hacked and around what was it $200 million dollars, $203 million was lost to the hacker, according to information disclosed by Ku-coin. Now the interesting thing here is that a lot of this was like defy coins and tokens and stuff like that. Let's dive into this and then I'm going to give you my comment on this. Okay, Ku-coin, the cryptocurrency exchange hacked on Friday has disclosed additional suspicious addresses to which a hacker sent around a 10.6. million dollars were the Bitcoin. Tallying up all cryptocurrency addresses shared by the Singapore

base exchange brings the total amount lost in the hacked $203 million. The true damage may be higher should Ku-coin share additional addresses. But at the same time, cryptocurrency exchanges and blockchain projects have frozen some of the stolen assets to minimize the damage. They've done a pretty comprehensive job. Orion Protocol has updated its smart contract to render $8.5 million in stolen tokens obsolete. Covesting has frozen the $520,000 stolen, and Cardia chain has invalidated $9 million worth of tokens. Crypto company Velo Labs announced that it will invalidate all 122 million Velo tokens

stolen in the hack worth about $76 million. VIDT data link will freeze 14 million VIDT. worth about $6.4 million. Silent notary will replace all of its tokens, including around $94,000, affected. An Ocean Protocol paused its smart contract after $8.6 million was lost.

Tether, the stablecoin company that produces the U.S. dollar peg coin, froze $22 million worth of the cryptocurrency. This quote, I'm going to read this. These are real names of projects, by the way, but I have to read this sentence. No word yet on what will happen to the penis dot finance, Pomponomics, retard token, the hunger game, and dino token that ended up in the

hacker's wallet. Those are real coins, you guys. Oh, fuck. Anyways. So about $130 million. of those stolen funds or about 65% of the hall has been frozen. So here's the thing. It really sucks that Ku-coin was hacked.

I guess, again, another point here is that not your keys, not your coins. If you leave your coins with somebody else, any third party for any reason, there is a risk associated there. So if you are using a third party for any reason, make sure there's an asset. actual reason for it to be there. And if there isn't, then get it off into your own custody. Furthermore, if for any reason you're using a third party, make sure it's not all of what you have. Don't sit all of your Bitcoin in any custodian for any reason. You've got to mitigate your risk. If you're using something, perfect example. I'm sponsored by Ledin. Do I put all of my Bitcoin

with Ledin? No, of course not. Do I use some of my Bitcoin with Ledin? Yes, but it's a small portion of what I have because I want to mitigate that risk. I trust those guys. They're regulated within Canada. But at the same time, at all times, I'm always careful and conservative with what I do with my Bitcoin. And I think you guys should be no different. But besides the fact, so Ku Klokin's hacked. $200-something million goes missing.

65% of that was able to be frozen. What the fuck is going on with something called D-Sachydent? centralized finance if you can freeze things. The whole point of Bitcoin when it was created was to not have a big red button where somebody can stop anybody from doing anything. And to have all of these coins and exchanges and everything where it's supposed to be defy centralized finance. If there's a god mode on your coin, it's not fucking decentralized decentralized. It's insane to me that people are calling this defy when this much can be frozen. And to be clear here, Ku-coin is not claiming to be decentralized. They are a centralized exchange. But a lot of these

coins, they're supposed to be decentralized coins, right? The whole point of this is nobody is overseeing allowing you or disallowing you to do something. But if you can change the protocol to freeze contracts and everything, it's not decentralized. Come on, guys. And to that point, I wanted to bring this up. I'm not going to dive into the actual story here, but Salt Lending. This was, again, kind of like a lending platform. It had an ICO back in late 2017.

The SEC Securities and Exchange Commission just confirmed that it's taking action against Salt after ruling the crypto loans company, $47 million ICO was an illegal security. issuance. This is three years, almost three years after the fact that the SEC is saying, yeah, that was illegal. And the assumption at the time with ICOs or initial coin offerings where people were creating tokens and pre-selling them and everything, the assumption there was, well, it's crypto. So it's, you know, it's outside of the law.

Nobody can stop this. The thing is, when there's a centralized entity issuing tokens and their, you know, it's they have control of the protocol and and there's somebody to point to, the SEC can go to that person and say, that wasn't allowed, we're going to crack down on you. Case in point, salt lending. But it takes time. The justice system is incredibly slow. And whether or not you agree with whether they should crack down on anything like this,

I'm more of a let people make their own mistakes kind of person. but the fact remains the SEC is going after these things. Three years after the fact it clamps down on an ICO that happened. What do you want to bet that all of these DFI protocols that say they're decentralized finance that are issuing tokens, liquidity tokens for their decentralized exchanges, that apparently they also have fucking God mode for and they can just shut off at any point? What do you want to bet the SEC is going to be prosecuting these people three, four, five, years from now. I'd say pretty high, but let me know what you think because holy God.

Anyways, guys, before I log off here, I wanted to give a shout out to Satoshi Corner. They sent me my shirt. If you can't tell, this is a, in my opinion, a decent niche Opsack Bitcoiner shirt. This is the Stock to Flow shirt with its multicolored dots. I enjoy it. I really like it. I wore it, I guess, kind of in honor of the stock to flow drama that was going on over the past few days. I won't elaborate too much, but there was a lot of drama going on back and forth, whether the stock to flow model was accurate, and then a bunch of shit hit the fan.

But besides the fact, if you dig the shirt, head over to satoshi corner.com. Those guys are awesome. Anyways, guys, I'm going to wrap up there. Thank you so much for watching and or listening. If you're here on YouTube, do hit, like, subscribe, and share. All of those things really, really do help. So please do them. Also, if you want to help the show in another way,

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And with that, I'm out. By the way, if you really liked what you saw, you can drop me a Bitcoin Lightning Network tip at my tippin.me. Page, page, page, p-h-t-i-p-p-in. dot me slash at BTC sessions. With that, I'm out. Have yourselves a good evening, good day, wherever you are. I'll see you next time for your daily session.