BTC Sessions - NEWS ROUNDUP: China's Bitcoin Ban Has FAILED ep343

Episode Date: May 11, 2023

-China’s Bitcoin ban FAILURE -El Salvador thriving -Brad Sherman money printer admission -Texas right to own Bitcoin bill All this and more on today’s show!   💪 SUPPORT THE SHOW: Coinkite offers the BEST Bitcoin hardware on the market. Use this link to get 5% off anything in their store: https://store.coinkite.com/promo/BTCSessions  Nunchuk Wallet and their Honey Badger plan is a best in class assisted multisig setup with built-in inheritance planning and NO KYC. Pass on your savings to your loved ones with ease in a simple claiming process with full customer support. Check them out today! https://nunchuk.io/ Start9 is your Bitcoin & lightning node, and full personal server - enabling you to take back control from the gatekeepers of your money and data! Grab an Embassy today and become truly self-sovereign! https://start9.com/ HodlHodl is a NON-CUSTODIAL, NON-KYC solution to stack sats peer to peer! Buy and sell Bitcoin while maintaining privacy. Furthermore, you can check out their Lend platform for p2p loans that are never rehypothecated. Sign up and try it out today! https://hodlhodl.com/join/BTCSESSION   The Miami Bitcoin Conference is the largest Bitcoin event in the world! Come check it out in Miami Beach Florida on May 18-20th. Use code BTCSESSIONS for 10% off your tickets! https://bm.b.tc/btcsessions Free video tutorials not enough? Need some extra hand-holding when mastering self-custody, multisig, coinjoin, running a node, or other skills? Book me for a private session on my website! https://www.btcsessions.ca/ Been watching the show for a while? Like what you see? Help me cover my video costs by sending some sats over on my Geyser Fund page! https://geyser.fund/project/btcsessions

What's going on, everybody? Welcome to the show, another Thursday, another episode of Simply Sessions. We're going to be covering a whole bunch of news today. Lots of stuff going on. And we're round in the corner, Miami is coming up quick. I am flying there Monday with Mrs. Sessions. We will be there soon. There will be tips to touch, people to see, all kinds of stuff going on. But it should be a good time. Anyways, we're going to be talking about. A lot of different stuff. I mean, you saw the title of the video. Is it any surprise that China ban was an absolute failure? But we're going to be talking about a whole bunch of stuff, some stuff from Sailor, lots of stuff coming down the pike. But nonetheless, Niko's here to help fill us in and have a good chat.

Now, anything can happen. This is alive. So I defer to my friend Bill here. We'll do it live. We'll do it live. Do it live. I can write it and we'll do it live. The thing sucks. Yeah.

If you have not already, like, subscribe, share, all those things super important. They help get this content in front of more eyeballs. I am Ben with the BTC sessions. This is your daily session. Before we bring in, Niko, let's take a look at where we are in the market right now. This is Time Chain Calendar. dot com. We're sitting at $27,026 per coin. A single U.S. dollar will pick you up 3,700 sats. 92.24% of all Bitcoin have been mine. That's 19.37 million of them. And in terms of fees,

well, we're out of the triple digits. So that's good. Although it depends, depends on what time of the day you're looking at it. Looks like next block fees are at 46 sats per budget. byte. I mean, that's refreshing in comparison to, uh, I saw like some 600 and something sets per byte, uh, over the weekend. Uh, it was pretty wild. Still a backlog of about 900 megabytes of transactions sitting there. It's purging anything below, uh, around four and a half sats per bite. So just keep that in mind. Use RBF. God, use lightning. Use all of the things that have been built to help scale Bitcoin. Uh, huge shout out to sponsors of the show. HottleHoddle.com if you're stacking sats and you've got a few priorities in mind like peer to peer trading, instant self-custody.

Also, lightning. You can get sats with lightning there. And also, no K-YC. Then check out hoddlehottle.com. Super easy. You sign up with nothing more than an email address. Scroll down. Choose your currency. Choose your payment method. Choose your amount. Start viewing offers right away. They also have a lending platform, which nothing is ever re-hypropicated. You can check them today. Links are in the show notes. Now, when you do get those non-Kyc sats, you're going to want to get and secure your Bitcoin in the best damn hardware on the market. I love everything coming out of Coin Kite. The cold card mark four is an absolute beast. Got a thorough walkthrough video on that. Also great stuff like the tap signer, the sats card, the block clock, the open dimes, and coming very

soon, the cold card Q1, very excited to get my hands on that one. If you want to reserve it or you want to pick up anything else that I mentioned in the show, head over to coincite.com. Use code BTC sessions for 5% off everything in the store. Now, if you're looking to move beyond single sig and you want to secure your stack with something a little bit more robust, you can check out Nunchuk.io. These guys have the multi-sig solution for you. It is an assisted multi-sick setup in their Honey Badger program. So they will have your just-in-case key. You will have a series of keys and you'll put it all together very simply via your mobile device. It is super simple.

They walk you through every step of the way. It works with great things like the tap signer in the cold card and a whole bunch of other hardware options. And great thing about it has baked in inheritance planning. So your sats will get to your next of kin without you having to worry about that. And furthermore, no KYC. You don't have to provide personal information in order to sign up and use the Honey Badger program.

I've done a full video on it. It's absolutely badass. Check them out, nunchuk.i. And finally, shout out to Start9, your sovereign competing solution. These guys are awesome. I love everything that they've been doing. I've got my Start 9 embassy purring on my shelf behind me. But if you want to run your full Bitcoin stack and host all your data, this is the way to do it.

You can run Bitcoin Core, Lightning, Mempool, Join Market. You can also host your data. files, photos, passwords, you can host Noster relays, Noster Clients, all kinds of great stuff. Your Embassy 1 is your entry level and your embassy pro is if you're getting serious and you're hosting your whole life on that thing. So check them out, start 9.com and also check out my tutorial on how to do everything with them. And with that, let's bring in our good friend, Nico, let me pull him in here. Hey, buddy. How you doing? It's up, man. Happy to be here.

Thursday. Another full day of news. Yes, absolutely. There's been a ton going on. And I get to, I get to see you in person in a few short days here. It's wild. I can't believe it's, I can't believe it's time. I know, bro. I'm excited. I'm going to be, I'm going to be cutting my hair. So it's going to be a full transformation. I won't even recognize you. It's going to be crazy. It's like looking in the mirror or something. It's going to be wild. I think, I think we were talking before the show. show and we're saying maybe maybe we should do a bit of a giveaway. Do you think that's that's in line here? I think it's a good idea. I think it's a good idea as well. So maybe I'll, those unfamiliar in Miami on Tuesday, May 16th, we're going to be at Bitcoin Grove. And we're

going to do a live show. We're doing a live show in Miami, a live simply sessions. And Nico's getting his hair dyed by my wife and we're going to touch the tips. And something might happen and something might not. But nonetheless, it's going to be a good time. We want to hang out with some people. And yeah, we're thinking we're going to give away some tickets to this thing. So how do you get tickets to this? Well, you're going to hit Twitter and you're going to tweet out the link, which is

btccessions.com. slash touch tips and and you're just going to say why you want to come why do you want to come to our live show why do you want to see nico dye his hair and and gingerly touches tips to mine let us know via twitter tweet it out and and yeah we're going to what we'll maybe like give away five tickets to this thing for now and and and then we'll see what happens over the weekend yeah yeah I think it's a great idea. Yeah. So yeah,

BTCSessions. DotC Tips. And I hope to see a lot of you guys going to be like my first live show which is going to be interesting. I'm going to be doing it with you. So it's going to be awesome. And, oh, make sure that you tag us.

You got to tag myself and Nico. So at BTC sessions and at BitVolt 7, correct? Yes, sir. All right. So, yeah, tag us there. Let us know why you want to come. Include that link. And yeah, we'll see.

we'll hit up Twitter after the show and reward some some plebs watching. And also shout out to everybody watching over on Simply Bitcoin. We've been co-hosting the show over there as well the last few weeks here. So it's kind of cool to see people from both streams come into the chat, which is awesome.

The streams are crossing. The streams are crossing. Oh, you know what? We forgot to redecorate. So I'm going to quickly do that right now. Shabam. Awesome. So yeah, man. Let's get to it. What's what's on your mind? What's been going on?

Bro, Brad Sherman, our favorite Congress representative here in the States, finally said the quiet part out loud. And yeah, this is why we're here. This is why we're here. All right. I'll bring it up. Here we go. No bros make money literally by making money and they've made over a trillion dollars.

Out of thin air. They'll accuse the U.S. government. of making money out of thin air? Maybe we do, but we're the U.S. government. That is so great. Dude, I mean, yeah, like, okay, so he's right in a way about the crypto bros. Oh, yeah. Creating money out of thin air.

But, you know, the entitlement of him basically saying, like, we're the U.S. government. We can do that. And then it kind of reminds me of this tweet that I have pinned to the top of my profile, which is I refuse to work for money that another man can create for free. Like I don't care that you're the U.S. government, right? Like I just, I think there's a moral hazard. Like there's something inherently wrong when what is the government? It's a group of people, right?

When a group of people can create money for free. out of thin air, like he said, that the rest of us, peasants, right, have to slave away for, right? Like, why is it that these politicians are worth hundreds of millions of dollars, even though they're supposedly on a government salary? Like, clearly, some of that money printing is going straight into their pockets, right? So, like, he's talking from this place of, like, authority, like, oh, but we're the U.S. government. You mean the U.S. government, the same people of the U.S. government that have been using

that system to enrich themselves? So again, you shouldn't have the power to create money for free either. No one should have the power to create money for free. And that's exactly the system that Bitcoiners are advocating for in the first place. The reason I find Sherman so funny is because he actually gets it. He gets what Bitcoin is trying to do. And he just overtly says what Bitcoin is trying to do. And he overtly says that he doesn't like it because he's sitting. in his tower and he doesn't want people to, you know, drink his milkshake. He's basically saying rules for the and not for me. And yeah, that's what Bitcoin fixes.

And he is right, again, but the crypto bros, like the whole thing is, you know, fiat is the elites can create money. Crypto is everybody can create money. We know that when one group of people can create money from nothing, it creates huge distortion and wealth disparity and all these crazy things when everybody can print money nobody knows how to value anything bitcoin is no one can create money nobody has the power so yeah i think that's what we're trying to get away from is yeah and and you know and that's the way it should be right you know what is the difference between the government being able to do that and the crypto bros

right like what is the inherent difference like you could say oh it's the government and we're democratically elected and whatever, but the result is the same. Oh, yeah. They change the monetary policy and they use the control of that said money printer and they use it to enrich themselves, just like the shit coiners. They inherently do the same thing. Yeah. Right.

So Bitcoiners are like, hey, you know what? Human nature is human nature. We have a solution to this. Rules without rulers. That's that, you know. It's just all of them are just a rugpole competition. like the the the u.s government and the u.s. dollar are just a slow motion rug pull because they didn't want it to be as overt crypto is like there's so many other cryptos and they're all trying to rug pull quickly and like

hand wave people into into dumping all their all their bitcoin into it and it's you know and it works because people don't understand the difference but but bitcoin is the anti rug yep Bro, it's the anti-rug, and, you know, this is why we're here. This is what we're fighting for. And, yeah, bro, like, we just, we got to keep it exactly. Men with guns is the only difference, right? It's like, we're allowed to print because we got the men with guns. It's such a scam.

It is such a scam. 100%. All right. Do you want me to pull up your screen here? Yes, sir. All right. All right. All right.

So, honestly, this isn't just happening in China. this is a worldwide phenomenon, but I feel like the China one is like, it's worthy of a separate story because China has explicitly banned Bitcoin. They explicitly banned Bitcoin mining. I have a theory of the case, which is when they ban Bitcoin mining, they banned it in the middle of the last bowl market, right? And then that caused the hash rate to plummet. And I suspect a lot of those miners had to sell a lot of Bitcoin to relocate,

to other countries, which they did. The hash rate recovered, but I suspect that's one of the reasons we didn't hit 100K. It, like, it neutered it and you could see, you don't have to take my word for it, go on Google, search the hash rate, search the Bitcoin price, and you'll see the hash rate drop, and you'll see the Bitcoin price drop with it. And my case is that I think that was a state-sponsored attack. I think the Chinese are not stupid. I think they did it right when they did it because NGU technology is the biggest convincing. It is literally how you convince people to get through the door in Bitcoin, and they attack the price, right? Now, but the thing is, you can only fire that bullet once because now those miners have relocated.

Now, the question is, is if people saw what China did and a similar type of attack happens, you know, in, let's say, the United States. I mean, look at all the narratives that are being flotted out by the White House and certain U.S. states, right? they're being extremely aggressive. Look at the New York Times, the state propaganda arm, basically attacking it the way it is. Now, the reason I'm saying all of this is, it might happen. I think from a Bitcoiners perspective,

you have to think from an adversarial point of view. But regardless of all this happening, Bitcoin's incentives stay winning. Right. So even in the most totalitarian country that has social credit system controls, they have CBDCs. You have to scan your face if you want to board a train. And if your social credit system is low, they won't let you board that train.

Like that's the type of country that China is like mainland China is today. And even there, even there with that much authoritarianism, the shining light of Bitcoin still comes through. Right. And I think that is the biggest, you know, the biggest, for Bitcoin. I'm going to read some of it. It says 19 months after China banned crypto, more signs have emerged that its citizens continue to buy and sell digital assets. These glimpses of their trading activities support suspicions that some of China's 1.4 billion people flout the

prohibition of Beijing imposed September 2021 as they hunt for alternatives to investments like property and stocks. I mean, that's the same narrative that you hear here. It's the same narrative, bro. It's the same thing. It's like people are just trying to seek a place, maybe not even to increase in purchasing power. They're just trying to escape the system as is, right? And Bitcoin functions as that escape valve, to use Christine Lagarde's own words. And yeah, you know, this is a, this is, this is, this is just, this is just ridiculous. Anyways, it goes on to say, quote, essentially bans don't work, no shit. Quote, the decentralized nature of cryptocurrencies and the fact that they can be transferred

peer to peer and traded on global exchanges make it difficult for any government to completely eliminate them. And again, that this isn't just happening in China. This is a worldwide phenomenon. But that's a later story that I want to get to. This is, you're basically witnessing a theory of the case that we've been coming up on Simple sessions for a while now, is that incentive. are stronger than coercion. And Bitcoin has the incentives and therefore people are flocking to it

because a lot of us come here because we think we're going to get rich. Then you stay because you want it, you know, you stay for the revolution, whatever which your motivation is. What is the alternative? The alternative is central bank digital currencies or state money and that state money is designed to go down in value forever. And the stock market is rigged. Like everyone knows it's rigged. Yeah. Like if there's too much volatility in one day, they just, they just shut it off. They're like, no, we can't have this. Like that's not capitalism. That's not the free market. You know, that's, that's a lot of interventionalism. So I think people are sick of this. And they're opting out, which is, I mean, the case that we've been making for a long time now. Yeah. The one quote that I really liked was, she said for this, somebody from chain analysis, Carolyn McComb. The ban has either been. ineffective or loosely enforced, the average monthly value of crypto flowing to China did roughly have in 2022 from a year earlier, but still remained sizable at $17 billion, $17 billion. And it's banned.

It's hilarious to me. Yeah. And there was like I had a buddy of mine lives in mainland China and I told him about the band. and we're thousands of miles away from each other. And, you know, I'd never forget what he said. Like in his like very thick Chinese accent, he's like, Nico, they've done this three or four times before. You can't kill the Honey Badger.

And I was like, holy crap. I was like, what? Do you know this? We're speaking the same language right now, you know? And again, like he lives in one of the big cities in China, like one of the huge metropolitan cities. And he just doesn't. doesn't care, doesn't care, you know.

So. Love to see it. Yeah, dude. Yeah. Anyways, on a side note, good news for Italian pasta lovers. Canadian wheat growers are standing by. Shout out to you, Ben. We're here. Also, another news, Naim Bucale.

You know, I love El Salvador. I love what they're doing there. I think they are the vanguard of Bitcoin, state adoption. You know, J.P. Morgan, out of all people, literally the name of this report is El Salvador getting some credit. And it goes, Naimu Keli, goes on to say the Fiat guys at J.P. Morgan say El Salvador is finally, quote, getting some credit. They're just catching up. It will soon be Salvadorian bonds are now investment grade. You'll see Winky Face. Now, that's fine, right? But once you kind of dig into this, I think it tells you a little bit more.

So it goes on to say last week, Fitch upgraded El Salvador's credit rating to CCC Plus. By the way, these are the same credit ratings that were like saying Bear Stearns was fine during the 2008 financial crisis. So it's like, you know, it's like they're bought and paid for regardless. And who are they bought and paid for? I think that's a really important question as well. Placing the country on a selective default following what it considered to be an adverse exchange of domestic pension related securities as per approval of the last year's pension. However, upon the completion of the exchange, the agency announced the upgrade from an earlier CC rating to a CCC plus acknowledging the swift improvement in fiscal accounts over the past

couple of years in the payment of, quote, sizable global bond amortizations earlier in the year. I feel like they just overcomplicate the language on purpose. Anyways, but remember who was saying that they weren't going to do that. It was the legacy corporate media. And one of the reasons that they were saying that they weren't going to do that is because they adopted Bitcoin, right? So they attacked him. He said what he said what he was going to do.

And he did what he said he was going to do. And it's like, and then they're like, oh, you know what? You got to give you, you got to give him credit. You know, he was right. But what everyone forgets is, do you, Ben, I remember, do you remember the onslaught of attacks at this guy? Yeah. It was ridiculous. It was ridiculous.

And then the following passage, says a lot, right? It says following the release of the IMF's executive summary of the article for consultation El Salvador, we argue that the multilateral had been likely too conservative when it came to assessing the degree of improvement in El Salvador's fiscal amounts. Did you hear that? So the IMF was basically, they're basically through the, they're basically saying the IMF's assessment wasn't the correct one. But the IMF is also hell bent on stopping adoption of Bitcoin and cryptocurrencies in developing countries because it's outside their purview.

But at the same time, J.P. Morgan is quoting the IMF as the source of authority in the first place. Right? It's like, so it's like the person that's supposed to be the authority is the person that also stands the most to lose if Naim Bukele's Bitcoin experiment in El Salvador succeeds. Right. So it's just fascinating to me. It's just so interesting. It's just so interesting. Like it's like they're going back to the people and they're saying, oh, like El Saba, no, no shit the IMF is going to be wrong. The IMF wants to save face. The IMF said that that El Salvador adopting Bitcoin

as legal tender is a threat to financial stability. And then they, they, you know, behind their back, they go to Argentina and they said, you have to stop the adoption of Bitcoin to get this bailout. That bailout didn't do absolutely anything. So like, I don't, why are they taking what the IMF is saying seriously at this point? It's so ridiculous. It's just, it's just ludicrous. God, I, like, honestly, the, the juxtaposition of El Salvador versus Argentina in approach in, like, either listening or not listening to the IMF, and you see those divergent paths and what's becoming of those nations since making those choices.

I mean, how do you get a better litmus test for success? It's just to stop listening to the IMF. Do your own thing. Be fiscally responsible. Use hard money. Focus on on yourselves without having to. be beholden to this leech of a system. Like, it's wild.

And, yeah, like, and again, like, your dismay at the IMF for going into these countries that are hurting and demand that in order to get another payout that they're entirely dependent on, they need to reject and prevent the proliferation of the very thing that could save them. Unbelievable. Yeah, exactly. 100%. It's, uh, anyways, this is Conworld. We're all living in it. Uh, it's just, it's just absolutely ridiculous. On other news, uh, we always, we talk a lot about the idea of the Bitcoin echo chamber on this channel a lot. Uh, the idea, the, the, the kind of thought behind it is, you know, the reality is that Bitcoin content and Bitcoiners, we make a lot of this content, but, uh, the idea, the idea they're the, the, the, the, the, the idea,

but the content only falls on other Bitcoiners' ears. Right. So, like, I suspect that within the next five years, we're going to finally start to see the breaking of that Bitcoin echo chamber. And currently, we had very predominant, whether it's Jordan Peterson or Tim Poole. Now it's the case of value taintment. Value tainment is a 4.19 million subscriber channel.

They're absolutely massive. And take a look at some of these clips. Like look at this last one. It says your money will be controlled. Well, Central Bank digital currencies destroy Bitcoin. And look, if we want to win this, Corey calls it the race to avoid the war. We have to win the adoption race. Then these types of conversations are really important to have for the mainstream public to kind of be aware of it.

And I actually have about a two or three minute clip from Michael Saylor on the Value Tame and podcast. And remember, guys, you have to see it from the lens of. These are normies getting exposed to these ideas for the first time and that is the significance of it. Yeah, here we go. So I think that people that live in other jurisdictions, if they've ever been completely bankrupt or seen their economy completely collapse, Sri Lanka, another good example. When that happens, then when someone says, okay, well here's a bank in cyberspace and an asset that no one can meddle with. and no one can corrupt or tamper with. You think, well, tell me more about that.

But if you're a wealthy American, if you're Warren Buffett, we have a very famous example, a video that's going viral on Twitter. A 13-year-old girl says to Warren Buffett, I'm really worried about the U.S. dollar is the reserve currency of the world. We're printing lots and lots of dollars. And if we're not the reserve currency, the value of the dollar is going to collapse. we're going to have hyperinflation. What should I do, Mr. Buffett? You know, and I wouldn't normally criticize, you know, a respected, successful business person of his age, but he and Charlie Munger

did choose to go up on stage and answer questions and give financial guidance and advice, and investment advice, and they are looked up to. And so you watch Warren Buffett answer the question, and his answer is, well, yeah, I mean, I guess the Fed inflated the money, but they needed to and you know it's really difficult you know and politics a difficult problem and yeah you're right it is a problem and monger will say you know the dollar's going to zero it's going to zero they know it's a problem and then he kind of meanders through it with it with an end advice which is well you know I don't know but you know America's a great country don't bet against America

but the but the but the blood curdling terrifying you know depressing, you know, takeaway from the clip is, is the 13-year-old girl knows what the problem is. The country's full of people that can articulate the problem and write thousand-page books on the problem. If you're rich in America, you don't have the answer because you're too comfortable, right? And so what you've got is a bunch of mega-billionaires that are very successful in America, but they don't have an answer or solution to the 13-year-old girl. The solution to that question was Bitcoin, right? And Warren Buffett and Charlie Munger can't allow themselves to understand that because they're so successful,

they don't need to open their mind and embrace a new idea. If Warren Buffett woke up tomorrow and his bank seized all of his assets and they were devalued to zero, and he was a pauper and his neighbor the uber driver was walking around with a hundred thousand dollars worth of bitcoin on a hardware wallet warren would say what is that again explain that to me yeah what do you mean my government my bank can't steal all my money that's a pretty good idea right and i love it yeah dude so like the significance of that is you know you know, dude, this is a huge channel. And these are, these are ideas that, that, you know, get stuck in the Bitcoin echo chamber. They don't go out of the Bitcoin echo chamber. And now

they're being talked about a lot, right? And I suspect this process will continue to accelerate. And I really do believe that Bitcoin content in general will go mainstream. Just because people are just going to start asking more and more questions about the money as we're witnessing the collapse of this evil system. It really is evil, man. It's straight up slavery. It's straight up usury. How the current system works. They print money. The rich get richer. The poor middle class that don't have the means to save in assets. They don't benefit from asset inflation. Therefore, they get poor. Wages stay the same. Something's got to give. And I think all roads lead to Bitcoin. I think you're absolutely right about the echo chamber breaking.

There's so many people that happen to come across it and have joined in. And the group is growing and growing and growing. It's getting impossible to ignore. Like, you know, before you'd see price movements and, oh, you know, Bitcoin's dead because, well, it was small anyways. There wasn't a lot of people around. And then it grows a little bit more. And it grows a little bit more. And it crashes.

And then it grows more. And it's to the point, I mean, like Miami last year, there's 25,000 people there. That's insane. That's an insane number of people to go to a Bitcoin conference. And it's all over the news regularly throughout this entire bear market. There's been regular segments on it. It is not going away. It is capturing people's attention.

The messaging is cohesive and people are starting to see that it makes sense. Yeah, exactly. It, oh, man, it, you know, and I think it might be a little bit smaller this year due to the bear market. Yeah. But the next bull market, could you imagine the size of that Bitcoin conference? It's going to be, it's going to be absolutely massive. It's going to be huge. Yeah, it's going to be unbelievable.

Right. So, yeah, so, you know, more of this kind of continuation of, you know, the individual states kind of stepping up to the plate to protecting. protecting the right which is just absolutely ludicrous if you think about it like protecting the right for people to write down 12 words or you know like it because like it all boils down to that you're like oh no like you have to use you it's like no dude like look like literally like you could store millions billions theoretically trillions of dollars on this right you know you just staple it in whatever it is don't i don't suggest writing it on paper whatever pick your poison right whatever

The point is, is that it's just nuts that we live in this society where the men with guns, the people with have the monopoly on violence are just like, yeah, you know what, that's too dangerous somehow. Like, who is it dangerous to, though? Is it dangerous to me or is it dangerous to you? And the reason it's dangerous to you is because all of a sudden, if you have a money printer, but people aren't using that money, then that money printer isn't very useful. You have, it has to, the money printer has to survive on the backs of someone else's work. Without that, then you're, it's, it's Zimbabwe 2.0, right? So, yeah, man, it's just nuts. Anyways, I'm getting kind of sidetrack because I get so excited when I see these things.

But the Texas House voted 139 to 2. And what they voted on specifically, the right of the people to own, hold, and use a mutually agreed upon medium of exchange including cash coin bullion digital currency or scrip when trading and contracting for goods and services shall not be infringed no government shall prohibit or encumber ownership or holding of any form or any amount of money or other currency i mean like it's just crazy that like you know perhaps we see it from the bitcoin lens where it's like okay let's say they pass this anyways and it's like China or China is a great example right let's say it's like China right and they do the exact opposite it didn't work in China right so it's like it's just man

I really do believe the theory from the sovereign individual we're transitioning from the nation state age right that's been around to the napoleonic era and we're transitioning to the information age and the information age is just like bro it's just highlighting all the the cracks on this old world, all the corruption, all the controls on information through the legacy media sources, all the corruption and money. The fact that politicians are worth hundreds of millions of dollars and you're just like, dude, like it's obviously corruption. And at the same time, they have the gall to tell you, hey, you know what? We're the ones that are allowed to print money. You know what I got to say to them, Ben? Go fuck yourself. Like, fuck that. I don't want to participate. I don't

want to participate in that system anymore. Yeah. Amen. And I mean, like the theme of what we've been talking about here, look at the failure to try and stop this, right? Look at, look at, again, totalitarian, you know, communist China. And they're still getting like 17 billion monthly flows to and fro. You get any country with a semblance of freedom. The individual states aren't even towing the line.

for the overarching federal government, right? You see individual states seeing the writing on the wall. Oh, there's an administration that appears to be hostile to freedom money. We're going to pass some laws in advance to make sure that they can't fuck with us. If the United States can't even get the individual states to get in line, good luck with individual people. Holy hell. Yeah, exactly.

100%. And this kind of ties into basically this story, which is very similar. It's, you know, all of this is really interconnecting, right? So you see what Texas is doing. You see what China is doing. But I mean, this is the signal. And this is an article from a, I wouldn't say they're a friendly publication. And it says, Cryptoverse Digital Coins lure inflation wary Argentines.

and Turks. And there's a very interesting graph where it says rise in crypto ownership. And look, check out these percentages. They're absolutely insane. And it's really awesome because it goes from the year before and it fast forward and it fast forward a year. And mind you, that's last year. This isn't even 2023. So it's not even an updated version. Right. So in Turkey, it went from below 20% and it raised all the way to 27%. And Argentina also very something similar around 18% and rose to 23%. Now, what do Argentina and Turkey have in common? Very high inflation rates. Isn't that a crazy thing? Right. It's just mere incentives. This is what we've been talking about, right? Even in China, right? Totalitarian country. Why are people choosing to opt out?

And I think that is such a, that's such a weak point for governments. Like, that's such an undefensible position for governments. My guess is that, that if we apply pressure on that, if we just highlight it and say, yo, you know, we don't want more efficient payments. Like, Central Bank digital currencies don't fix the inflation problem. I don't think they have an answer to that question. And if enough people ask that question, dude, they are in for a world of pain. And I think it's an inevitability. I think they can't stop it. And I think that's why you have, you know, certain members of government and these archaic institutions like the United Nations, like the IMF, freaking out the way they are. It is

absolutely disgusting to me that these institutions, and I'll get it, I have the receipts, these institutions are more concerned about stopping this revolution than they are about the well-being of those people in those countries that are enduring if in the case of Argentina more than 100% inflation and in the case of Turkey double-digit inflation, they don't care. They don't care. For them, it's just a problem. And like, look, here it's from, it's from the, from the horse's mouth itself. United Nations trade body calls for halting cryptocurrency rise in developing countries. Why? Why? Those developing countries don't have, don't have the financial privilege of having relatively stable fiat currencies.

So why are you trying to halt a solution to the problem? It's not also the United Nations. Here's the IMF. And here is the from, you know, from this is the official release. This is IMF executive board discusses elements of effective policies for crypto assets. It goes on to say directors agreed that crypto assets have implications for policies that lie at the core of the funds. mandate. So what is that mandate? In particular, the widespread adoption of crypto assets could undermine the effectiveness of monetary policy. What is that monetary policy? 104% inflation is monetary policy?

Circumvent capital flow management measures. You mean how the Argentine banks and government stole U.S. dollars out of people's bank accounts? Is that what you're talking about? And exacerbate fiscal risks. What fiscal risks are those? Look at it. at El Salvador, what are you talking about? Widespread adoption could also have significant implications for the international monetary system in the longer term. Directors therefore emphasize the robust macroeconomic policies, including credible institutions and monetary policy frameworks, are first order requirements and that fund advice in these

areas will remain crucial. Like, I'm reading this, and it doesn't sound like, oh, we actually care about that. these people. What it looks like to me is that these are central planners complaining that all of a sudden there's a system, there's an alternative in place that doesn't allow them to central plan. Therefore, by default, that system is somehow bad, even though that system is providing a source of relief. It's a lifeboat from Argentine. I don't think anyone, any one of us has lived through a hundred and four percent inflation. It is catastrophic. Sorry, Ben, I got passionate. I got on my soapbox. But yeah, dude, these people are disgusting. That's my take on this. This is despicable behavior and this is just

cope in my opinion. Everybody's looking out for their own interests and these bodies are no different. They're guarding the, again, the ivory tower that they get to sit in. They don't want anybody encroaching on their territory. They don't want anybody drinking their milkshake. They don't want any of that. They don't want alternatives out there. I mean, again, to this example, to one closer to home, Canada right now has a, they put it out just this past few days here, but they have a public inquiry or a public, they're basically asking the public for input in and around a potential Canadian in CBDC. And they literally state throughout the questionnaire, they state that, that alternatives like Bitcoin and other CBDCs from other countries may start being used

within Canada and undermine the power of the central bank. They literally say that in the thing being like, oh, geez, we don't want anybody stepped on our toes. We want to be able to print our own money. because people can just use other money than while we're hooped. And all of the questions as they go through, there's nothing about monetary policy. There's nothing about censorship resistance. They mention privacy and they do it in a way where they say, yeah, we'll make sure that there's privacy, but like, kind of.

And it's just like it's very clear. Like we have nothing to offer you other than saying it'll be fast and we have everything to lose. And that's what we're trying to prevent. It's unbelievable. Yeah, dude, it's, it's unbelievable. It's absolutely disgusting. But I mean, this is why we Bitcoin. This is what we hear. This is why we're here. This is what the peaceful revolution is about. And this is why we make content to expose these people. I don't think they're necessarily bad people. I think they're just trying to pay off their mortgage like the rest of us. I just think that they are protecting an institution whose incentives are not aligned with the rest of humanity.

And I think they're fighting against a system that its incentives are aligned with everybody equally, right? You could have made the case that before Bitcoin, this was the best way. You cannot make that case anymore in good faith. You cannot make that case. 100%. Shota to Jaime in the chat. He said, adding a preamble on a source.

survey question biases the survey. From a survey guy. Yes. Every question came with a pre-A. Here's how to think about this. Now answer the survey so that later on they can say a lot of Canadians are most interested in fast transactions in their CBDC that they would like. Yeah, bro.

It's absolutely crazy. But hey, you know what? We're going to win this, Ben. I know that in my heart. Yeah. I think so. We are in the process of winning right now. Stay, what does the Trump say?

Stay winning. Stay winning. I love it, man. I love it. Awesome. I guess shall we, anything else? Shall we wrap it here? Oh, yeah.

I was just hesitant about the time. I mean, we could hit another one if you want. If you got one last one, let's throw it in there before. And then I'll lull the people with a few of my techie things afterwards. Absolutely. Okay, so let's check this out. Bitcoin held on exchanges hits five-year low. The amount of Bitcoin on exchanges is now at its lowest ratio since December 2017. The five-and-a-half year low is a good sign of increased interest in self-custody for traders and less potentially at risk to be sold back to exchanges. Market intelligence firm sentiment wrote. Now, sentiment, that's funny. Anyways,

So, I mean, I'm just speculating here, but I think a big portion of this, specifically at the very end where it literally just falls off a cliff, was due to all the exchange blowups like FTX, Celsius, and all of that stuff, right? Yeah. Yeah. Your coins can't be on the exchange when the exchange doesn't exist. Yeah. Yeah. But yeah, it's a good sign, right? Everybody needs to practice self-custy. there's there's and i mean i've seen it i've seen especially since november since ftx blew up you know i saw it throughout the year with all the other crap but like ftx was the big one and i started getting people going even if they weren't on it before they're like yeah it's time i got to learn and i had

a ton of one-on-one sessions with people leveling up which is fantastic so yeah man it's it's good to see yeah dude uh but hey man uh ali you know and it's interesting though because, you know, I hope a lot of those people are tuning into the best tutorial channel and finally, you know, taking the plunge and learning, taking a bit of personal responsibility. This revolution is not possible without personal responsibility. And they're taking self-custody of their Bitcoin. And, yeah, people got to go to BTC sessions. Tune in.

Watch some tutorials. Can't be lazy. Yeah. You got to do it. You got to do it. And I got to give a shout out to the new. newcomers or not even newcomers, but I've been starting to see more people making online Bitcoin focused tutorials, which is fantastic to see. So the one I saw today that I've known for a

while, but I saw him mentioned again today on Twitter was Ian Major. So shout out to Ian. Keep pumping out those tutorials, man. Yeah. That's the French guy that you're talking about, right? No, this guy's from out in Vancouver, but there was a guy out in France. And they do decouve Bitcoin and they have like an awesome, just an awesome setup that will take people from zero to hero. They're amazing. Yeah, 100%. Anyways, man, it's been an honor. It's privilege.

Always come on on the show. Hope to see a lot of you guys in the flesh at, you know, a live simply Bitcoin slash slash BTC sessions live stream of the touching of the tips. Hope to see you guys there. We'll be giving away some tickets like Ben said. And hopefully it's the first live event. Hopefully it's the first of many. And yeah, guys, this was your Simply Sessions. All right, later, man.

See you soon. All right, everybody. A few more things to touch on before to touch on before we wrap up here. A couple of interesting things that I saw in and around the Bitcoin that I thought were worth sharing. Bull Bitcoin goes no KYC. Very awesome. So they found an awesome way to be able to do no KYC.

So if you're in Canada, great, fantastic. So Francis Piliat tweeted out, Bull Bitcoin is officially a no KYC exchange. The most secure, easiest, fastest and cheapest no KYC method to buy Bitcoin ever in Canada. No ID, credit check or bank required. Just show up to any post office with cash.

Bitcoin ATM's obsolete game changer. They did a blog on it, but nonetheless, you can basically get a QR code. You go to a Canada post with the QR code. They scan it, and then you just pay them with whatever payment method you want, and it gets you a voucher, and then you can use it to then get Bitcoin sent to your wallet, which is awesome. So kudos to Francis and Bull Bitcoin for that. Now, tutorials.

I dropped a tutorial earlier this week because fees. have been crazy. Again, I mentioned it off the top of the show, but there's been an influx of on-chain fees, and it's been kind of wishy-washy whether or not transactions are going to go through if you attach a certain fee. So you've got to start using those layer two solutions. I did a video on how to set up your own lightning node to create sub-accounts for family members and friends. So you can uncle Jim people with lightning. You don't want them to use a custodial solution. Maybe you're not comfortable with them being on wallet of Satoshi or something where they're just like one giant custodian and you already have your own lightning notes set up. Great.

It's a few clicks. They can scan a QR code and they have their own account that is allocated to your lightning node. They use their liquidity or your channel liquidity. So, awesome. Yeah. Anyways, check that out. It should be enlightening. for many of you.

A couple of the things. I mentioned a potential stacking mechanism that I'm considering, given now that we've seen the fees as they are and as they could be in the future. So I said if on-chain fees got to a point where stacking into cold storage was prohibitively expensive, I could see myself having a medium stack with liquid. So lightning would be like a day-to-day hot wallet,

liquid, which is a federated multi-sig. I've done a ton of videos on liquid. I'll get into that in a second. But you can at least secure it with hardware. And so there's a trade-off there in that it's federated. But if you don't want that stack sitting on an exchange, you don't want it sitting in a hot wallet, which is lightning, then liquid is like that maybe happy medium for that where you can secure it with hardware, have it offline.

And then if you have that stack build up enough, then you can do an on-chain swap to get it into like your cold card or whatever it may be or your multi-six setup. So yeah, anyways, I did a little thread on that. Curious to hear people's thoughts on that. But nonetheless, start diving into those layer two options. I have a full playlist on simple mobile options for Lightning. I also have a full playlist on learning about Liquid Network and diving in there.

I feel like Liquid is underutilized. I think it is useful. I think I may start looking at doing that medium stack option to have mobility of funds without always having to do on-chain transactions. And you can swap between liquid and lightning with a variety of different things. And with that, tomorrow we have, and I don't have it pulled up here, but tomorrow, why are we bullish? We have toxic happy hour with Anders and Pubby. They're both going to be on as well as Alex Hottle Beach. TTC Maxi, I think, is her handle.

But anyway, she's going to be joining in. She's, she's often in the toxic happy hour spaces as well. So it's going to be a party. And we're going to be chatting about the, the Pleb Party and plenty of other things to be bullish about. So be sure to tune in tomorrow, 6pm Easter time for that. It's going to be a blast. Also, if you're going to be down in Miami, B.c.c.

conference, tickets go up in price again tomorrow night at midnight. So you can grab tickets there, B.c.c.c. slash conference use code BTC sessions you'll get 10% off your tickets that should help bring it down a little bit make sure you don't miss out with myself and Nico as well tweet out the link I'll be tweeting a note as well you can retweet it just let us know why you want to go and and we'll be gifting some tickets to get some pledged to come see a live a live stream of simply sessions last couple things cold card workshop

one ticket left just go to my website BTCsessions.ca You can book me for one-on-ones there you can also find the in-person workshops over on the right-hand side. Again, that cold card workshop one ticket left and then finally you can like, subscribe and share

hit the previously mentioned sponsors down below and if you really liked what you saw you can drop me a Bitcoin tip just go to my website, BTC sessions.ca, scroll down. There's a lightning QR. You can scan that type tip any amount you want or click it you'll head to my geyser page and you can contribute there either way it all goes to the same place anyways guys thank you so much for watching as always and i will see you guys next time for your daily session we have btc sessions bitcoin is after your

money you can't stop it get yourself some bitcoin and hold it yourself pure to pure exchange you know people are going to organically come to it and gravitate towards it especially in the world we're living in now. It's incredible. It's a great tool and I can't wait to see it proliferate everywhere.