BTC Sessions - NEWS ROUNDUP: Lummis Bitcoin Bill Introduced ep262

Episode Date: June 9, 2022

NEWS ROUNDUP: New proposed Bitcoin and crypto legislation by Cynthia Lummis has been introduced, Human Rights Foundation writes to congress, Federal Reserve measures commodities in BTC and more on today's show. 💪 SUPPORT THE SHOW: Shakepay is the easiest way to buy Bitcoin in Canada Sign up now and get $30 free after your first $100 purchase! https://shakepay.me/r/BTCSESSIONS ALSO search/subscribe to Shakepay on YouTube! LEDN Bitcoin backed loans –  get $10 free with a savings balance of $75 or more for 15 consecutive days! https://start.ledn.io/btcsessions Keystone Wallet: secure your Bitcoin! http://bit.ly/KeyStoneSessions BillFodl: get your wallet backups in solid steel. https://privacypros.io/btcsessions Bitrefill: use Bitcoin to purchase gift cards https://www.bitrefill.com/buy/?code=O04UMic9 Like what you see? BITCOIN TIPS: https://strike.me/btcsessions

Welcome, everybody. Hope you're having a good week. Plenty to talk about. Let's get some news roundup going, of course. We've got some legislation that has been put together by Cynthia Loomis that has just been introduced. So we'll get a little rundown on that. We're going to talk about the HRF for the Human Rights Foundation submitting a letter to Congress, a rebuttal to an anti-Bitcoin letter basically saying, hey, you're kind of privileged. Let's take a look at what this is.

is actually doing for people not in Western nations that have access to bank accounts. We're also going to be talking a little bit about the Fed measuring prices in Bitcoin. What's that about? Plenty of other stuff to touch on here. Of course, Caitlin Long just kind of hit the new circuit again. She's suing the Federal Reserve. So lots of stuff to talk about. We will get into the details momentarily.

As always, this is live. So, of course, I defer to my friend Bill here. We'll do it live. Okay. We'll do it live. Do it live. I'll write it and we'll do it live. Fucking thing sucks.

Now make sure you do like, subscribe, share. All those things really help get the show in front of more eyeballs, especially if you find it helpful. And thank you to those of you that have been doing it. Without further ado, I'm Ben with the BTC. This is your daily session. Before we get things moving here, let's take a look at where we are on the market right now. $30,130 per coin.

A single U.S. dollar will pick you up 3,320 sats. 90.78% of all Bitcoin have been mined. In terms of fees, next block you're looking at around eight sats per byte. If you're willing to wait up to an hour, one sat per byte should be no. problem. Shout to sponsors of the show, shape a.com. If you're in, if you're in Canada and buying Bitcoin, this is a super easy way to do it. E transfers in and out with no fees attached, thin spread once you get in there. And you can use the link down below in the show notes. If you click that and sign up by your first hundred bucks for the Bitcoin, they'll give you

30 bucks for free. You get the exact same deal when you use your referral link for your friends and family. And then you can shake your phone every single day for free sats. They've also got their Satsback Visa card, which is super awesome. Be sure to check them out. Links again are in the show notes. On next, we've got leden.io. Love these guys. I use them whenever I'm in a pinch in particular. If I need to get dollars, it's cash flow issue, whatever it may be. And I don't want to sell my Bitcoin because it's a taxable event and don't want to have to buy back in at a higher price. Well, I can deposit Bitcoin here, get a loan of dollars to my bank account within 24 hours. And when I pay that back, I get back the same amount of Bitcoin.

They also have their savings accounts for Bitcoin and USDC so you can earn some interest back on your Bitcoin if you see that as something you'd like to do. And they've got their B2X offering if you're feeling a little bullish. And beyond that, Bitcoin backed mortgages. If you're in Canada, keep your eyes peeled. They're already starting to roll them out in Ontario

and looking at BC next and some other provinces, eventually nationwide, and some select U.S. states coming down the pipeline too. so keep your eyes open. Link is down below. Start.ledden.com slash BTC sessions if you want to check out any of that. Next, we have Bit refil.

These guys help me a ton living on Bitcoin. You can pick up any gift card, your little hard desires with Bitcoin, both on-chain and via Lightning Network. Really simple to use. Beyond that, you earn Sats back as you shop. You can earn more Sats back with their referral program. And if you're in the U.S., they just started rolling out bill payments to help you get on that Bitcoin standard.

So check them out. Up next, Keystone, one of my favorite, most used hardware wallets, 100% air gap. You don't plug it into anything internet connected. It keeps the keys to your money safe and offline. Recommend upgrading to that Bitcoin-only firmware works awesome with Blue Wallet, Sparrow Specter. Awesome and a multi-sig. All-around, great. Check out my tutorial for it and the links for it are down below.

And finally, if you're backing up any important Bitcoin, wallet, get it in solid steel. The bill fought a lot over at privacyprose.io has he covered. This is how I'm backing up my important Bitcoin wallets. You know, I just don't want pieces of paper that could catch fire or be washed out in a flood or something like that. This gives me some peace of mind. So check them out. Privacypros.com.

With that, let's dive into the show. Let's talk about that legislation. So Senator Cynthia Loomis has introduced to. her Bitcoin bill. So let's chat a little bit about this. I'm here on Bitcoin magazine. So it says here, the bipartisan Bitcoin legislation by U.S. Senators Cynthia Loomis from the Senate Bank community and Kristen Gillibrand from the Senate Agriculture Community has finally been introduced months after the effort was first announced. The legislation coined the Responsible Financial Innovation Act, also referred to as Loomis Gillibrand.

seeks to encourage responsible innovation by integrating digital assets into existing laws and providing greater clarity to an industry that is largely unregulated and lacks common standards and defining measures. The text boasts 69 pages of detailed definitions and provisions. So more or less, they're going to be looking to the SEC and the CFTC to regulate these things. The SEC would be regulating anything digital deemed to be a security. through which they will be using the Howie test, which is a pretty standard way of measuring whether or not your security. And anything that is given the rubber stamp of being a commodity would be through the CFTC or the commodities futures trading commission. Those would be the guys looking at it. So that would definitely be Bitcoin.

The question is whether or not it would be anything else. and that's where they would enact the Howie test. So in order to be classified as a security, a digital asset must provide the holder with debt or equity interest in a business entity liquidation rights or entitlement to interest or dividend payments from a business entity profit or revenue share in a business entity derived solely from the entrepreneurial or managerial efforts of others. So more or less, if you put money into something, expecting a return based on the efforts of others, that would be a security.

So if you can clearly identify people that are in charge of something and you're banking on them doing something to justify returns on that, a reasonable expectation of returns, then yeah. So which is most things. Bitcoin falls outside of that because there's no discernible leaders. And that's been proven at a lot of different turns throughout the past years. The original creator, Satoshi, disappeared a few years in. And the network continues to function regardless.

And there's nobody to basically say, hey, you need to do this because independent users of the protocol, like myself running my own node, could simply ignore changes. and I'm not reliant on any one individual. It's more of a cohesive global network that as more people use it, it becomes more useful and thus more valuable. So that's kind of where they're going with that. Now, beyond this, there's a few other things in here. In regards to energy, Lumis Gillibrand requires a study on the power consumption of digital assets.

The study will seek to determine the best ways to encourage innovation while ensuring these technologies work together with other areas of society to help the world move closer to climate goals through the deployment of more renewable energy resources and clean energy as well as reducing energy waste. This task will lie with the Federal Energy Regulatory Commission, which will work in consultation with the CFTC and the SEC to conduct the study. One of its goals is to analyze the type and amount of energy used for mining.

Now, I think in general, this will be a positive thing for Bitcoin. As much as I think the moralization of energy use is a stupid argument, I think in the end, when you have these entities that go in and really dig into, where is the energy coming from and how is it being utilized and how is that reflected based on growth of the network, it's going to be pretty blatantly obvious that one, Bitcoin tends to go after waste energy that is either being flared or just not utilized in places where it's difficult to get it to the grid. So there's not a lot of opportunity costs there. And they'll also probably find that Bitcoin is one of the quote unquote greener, greener, I guess, industries on the

planet in that it relies heavily on things like hydro in remote locations or diminishing the amount of flared gases into the atmosphere, in particular capturing methane and converting into CO2, methane, which has 80 times the warming of CO2. So just going after that would actually reduce emissions. Anyways, moving on, also mentioned in the bill is taxes. So as previously hinted by Senator Loomis, the legislation will provision a tax exemption for capital gains that doesn't surpass $200 on a Bitcoin payment for goods and services. It encourages the use of digital assets as a medium of exchange. However, the bill notes that all transactions, which are part of the same transaction or a series of related transactions, would be treated as a single transaction.

So you can't go buy a car $200 at a time and say that there's no cavalcans tax on it effectively. Beyond that, it talks about 401Ks and retirement investing. It talks about consumer protections, so on and so forth. All in all, it's not bad. I'd say that $200 thing is pretty damn low, but I guess you got to, it's on the path of eventually it just. being used as money. So at least it's a first step. I imagine that as more people use Bitcoin,

there will be more incentive for that threshold to change. The other thing that's kind of about this, and this, I've got to give hats off to Corey Clipson from Swan. He was on, he did some news coverage on mainstream media. and in his interview, he said, he was talking about the Howie Test and how these things will be classified as securities or commodities. And his first example of how the Howie Test would work was Ethereum. And he said, well, you know, if you look at Ethereum back in 2015, you have a group of guys saying, hey, we're going to launch this thing and you invest here and we're going to build these things.

And as we're successful and as it becomes as we do our job, the price of the token is going to moon, he's like, that would be a security. And then he says, but unfortunately, it looks like after a large number of years have passed, they may actually just get, he said, we'll see what happens with Ethereum, but the language seems to suggest they're going to give Ethereum a pass on this and not make it a deer or slap it with anything. Now, the one thing I will say is that it will ruin the value proposition of Ethereum in that to quote the eloquent words of Safedine, it's the mother asshole from which other shit coins spring forth, which was quite possibly one of the best quotes in a podcast I've ever heard. if you're wanting to hear that, go check out Savedine Amuse on Lex Friedman's podcast.

But anyways, I digress. It would ruin that value proposition because you can't just willy-nilly launch endless shitcoins and not have them be immediately classified as securities. And so that was kind of Ethereum's schick was, hey, do you want to issue a security but not have to deal with securities laws? come to us. That tends to go away when there's where there's regulation. And to be clear, I'm not a big proponent of a lot of these regulations. I would prefer, I think when we're babysat too much, it makes people not do any of their own

due diligence. They'll just throw money at stuff because they assume that they'll be okay, but we see that time and again, they're not. So we're so used to being babysat, nobody's capable of making. their own financial decisions anymore. And I'm of the minds that if you remove a lot of the babysitting, people start to think about what they do with their money more. But, you know, if you're not decentralized, you're going to get regulated because you can get regulated.

So I don't know. It's a double-edged sword here. Anyways, let's move on here. Up next, human rights leader is pen letter to U.S. Congress for responsible Bitcoin legislation. So an open letter of support for responsible Bitcoin and stablecoin policy was released today. And this was actually not today. This was a couple days back. Was released a couple days ago signed by 20 human rights leaders from 20 different countries asking the U.S. Congress to consider the far-reaching implications of irresponsible legislation.

The announcement came from Alex Gladstein, chief strategy officer of the Human Rights Foundation. Hats off to him. It was great to see him in Oslo a couple weeks back. We write to urge an open-minded, empathetic approach toward monetary tools that are increasingly playing a role in the lives of people facing political repression and economic hardship. The letter explained. We are not industry, financiers, or professional lobbyists, but humanitarians and democracy advocates who have use Bitcoin to assist people at risk when other options have failed. The letter is a direct response to another letter recently penned by 1,500 computer scientists, software engineers and technologists asking for, quote, responsible legislation for Bitcoin and other cryptocurrency.

The latter, however, stated that the signatories disagree with any narrative claiming Bitcoin or stablecoins are positively affecting financial innovation. quote, we can personally attest, as do the enclosed reports from top global media outlets that when currency catastrophes struck Cuba, Afghanistan, and Venezuela, Bitcoin gave our compatriots refuge. The activist's letter urges providing an opposing point of view to the technologist's letter. The activists rightly acknowledge that many of the authors of the anti-cryptial letter are from financially privileged countries. with stable currency, property rights, and free speech. However, many of the activists, authors from today's letter,

have a vastly different experience. Quote, to most in the West, the horrors of monetary colonialism, misogynist financial policy, frozen bank accounts, exploitative remittance companies, and an inability to connect to the global economy might be distant ideas. It's called action from the HRF,

from leaders like You know me Park from North Korea Ricardo Herrero from the Cuba study group and Farida Naberima from Togo urges Congress to look at the empirical evidence shown in the numerous pieces of

academic literature cited in the letter to consider the proven benefits of Bitcoin and stable coins. You can actually sign the letter so just check out Bitcoin magazine and look for an article entitled Human Rights Leaders Pen Letter to U.S. for responsible Bitcoin legislation.

There's a link at the bottom and you can actually sign the letter up until June 14th. So another five days if you'd like to add your voice to that. Good cause, I'd say. Moving on, new tools to measure prices in Bitcoin. This one I found funny. So this is an excerpt from The Bent, written by Marty Bent from Tales from the Crypt. And he had tweeted, the Fed is officially scared of Bitcoin or quietly trying to endorse it.

And so this quote here is from the Federal Reserve. They said, the Fred graph above tracks the price of eggs, specifically a dozen large grade A chicken eggs in U.S. dollars for each month since January of 2021. This graph is a histogram, otherwise known as a bar graph, blah, blah, blah, merely glancing at the heights of the bars shows us the price fluctuates over time with a low of a dollar 47 and a high of 252 as of April. This runny volatility is why food prices, along with energy prices, are often excluded from monetary policy analysis.

Cracking open, this first concept is fairly simple, but the Fred blog team hatched the idea of asking another question. What would the graph look like if the same carton of eggs was purchased with Bitcoin instead of US dollars? The graph below shows this. Now, they end up taking the numbers and pricing it in Satoshi's, which is even more awesome. So they price it in SATs. And then they say the price fluctuates quite a bit between 28, 29, and 6086, sats, that is,

which is much more than it did for the US dollar. Plus, you'll need to add a Bitcoin transaction fee, which has been about $2 lately, but which can spike above $50 on occasion. hopefully if you were making this purchase with Bitcoin, you'd put many more eggs in your basket. So here's the fucking thing here. The price of eggs, if you actually measure it in terms of what the percentage increase was in Bitcoin versus dollars, it was more in dollars in that time. It was 70% more in dollars. It was 50% more in Bitcoin. also what is this transaction fee shit that they're saying here has been two dollars lately i mean

you can do transactions on the main chain mostly for well we look at it every day on the show sometimes it's one sat per bite if you do you know if you wait an hour a few sats from time to time when it does go up considerably depending on how many years you're going to UTXOs you have. It could be, I guess it could be like a dollar or two dollars. Fifty dollars has not been a transaction fee unless you have like a billion UTXOs you're trying to get through in years. And beyond that, fucking lightning. I use lightning every single day and this is becoming the standard. I, okay. Anyways, let's read what, uh, what, what, he had to say. So he goes on, I love the start of this. The comedians over at the St. Louis Federal

Reserve dropped a blog post earlier today that compared the fluctuations of egg prices in U.S. dollars and stats from the beginning of 2021 through April 2022. It seems like an attempt to dunk on Bitcoin. But if you look closely at the charts, you'll see the overall inflation rate of eggs over the cherry pick time frame is lower in sats. I was wrong on the stats here, 44.3% than it is in dollars, 71.9%. Sure, Bitcoin's price did fluctuate more rapidly over the time frame, but if the Fed is going to cherry pick data, we here at TFTC are going to do so as well

to prove why this isn't the most accurate representation of the situation. If the Fed were more honest and get their heads out of the gutter of short-termism, they would share what they shared above, but also zoom out a bit, as this is made more possible on the very page that attempted to dunk to give their readers a more accurate depiction of the deflationary tendencies of Bitcoin over long periods of time and compare it with the US dollar. Since they were unwilling to do it in their blog post,

we will share that information for you in our rag today. So it shows a picture of the price of eggs in dollars. And again, it does indeed fluctuate over 250 down to, you know, won something back up to 250 or so over the past since 2015 then

here's the chart of Bitcoin volatile but massively downwards and so he goes on to say as you can see by zooming out the price of eggs as measured by SATs fell by checks notes 99.3%

since January of 2015 when the Fed started tracking Bitcoin data while rising by 19.2% in U.S. dollars. Sure, there was some volatility along the way, but over the course of 76 months, an individual's purchasing power increased significantly if they were holding Bitcoin. To visualize this increase in purchasing power another way,

here's what it would look like if an individual were to take $100 paycheck since the beginning of 2015 to save in Bitcoin. So if you had put $100 bucks into Bitcoin, once per paycheck. And this would be weekly, weekly, I think. Yes. You would have spent since 2015, $17,600. You would today, the dollar cost average amount,

holy shit, would be $475,000. So you would have at $100 a week since 2015, you'd have just over 16 Bitcoin, a return of 2,603%. And then he said, hey, to all, yeah, he basically said, those of you skeptics out there, seething because Bitcoin was trading at $250 near the cycle's bare market lows on January 1st, 2015. Here's a look, what it would look like if you began saving $100,000. worth of sats per paycheck beginning at the bull market top in 2017. So let's cut out those days when Bitcoin was, you know, triple digit, even quadruple digit. And we'll just start from the point where it basically topped out at 20 grand at the end of the bull run in 2017.

Well, 100 bucks per paycheck over that period, you would have spent 10,000, $400. Today, it would be worth $31,282 for a return of 200%. Still a very impressive display of superior savings technology. But anyway, so yeah, it's kind of points out the short termism, the high time preference that fiat currency and central banks like the Federal Reserve bestow upon people and their inability to zoom out and actually look at the long-term implications because fiat currency doesn't give you the ability to think long-term if you can't just simply specialize in something and then save your paycheck for for later in life and delay gratification. You also need to moonlight as a professional investor or just basically.

speculate or guess and throw money to others who you then have to pay fees to to speculate for you in order to have any hope of making it to retirement. So yeah, savings technology. What a miracle. Okay, let's move on. Actually, I should bring up the, just so you can see it a little bit larger. Here's eggs and US dollars in a short time frame versus longer time frame. Here is eggs and sats in a Oh, sorry, this is a... There we go. This is Bitcoin in a shorter time frame, dollars in a shorter time frame,

dollars in a longer time frame, SATs in a longer time frame, and it's pretty stark. Like you can't even see the bars on the graph when you zoom out. Amazing. Moving on, Caitlin Long's Bitcoin Bank Custodia is suing the Federal Reserve. What's going on? So Custodia, the Bitcoin Bank, formerly known as Avanti, is suing

the Federal Reserve for patently unlawful delays toward the bank's application to become a master account under the central bank, according to a report from Forbes. Quote, for more than 19 months, the defendants, the Federal Reserve, have refused to act upon custodia's application for a master account with the Federal Reserve, states the lawsuit. So why? Why? I, what's the deal here? Why am I even talking about this? Well, on October 28, 2020, Wyoming Chartered Bank was successfully approved

as a special purpose depository institution, or an SPDI, which means it can serve both traditional banking services and Bitcoin transactions. The next day, Custodia simultaneously submitted its master account application. Quote, the delay also breaches the schedule contained on the master account paperwork,

itself, which provides that a master account decision ordinarily takes five to seven business days, five to seven business days versus 19 months of delay. I wonder if it could be because they're dealing with Bitcoin and they're just being fuckers. Probably. Yeah, in early 2021, the lawsuit states the representative from the Kansas City Fed informed custodia that there were no show stoppers in the application, which was confirmed to be complete. The charter obtained through Wyoming was great news as Custodia became the second crypto bank in the U.S. behind Cracken, but in order for Custodia to reach the federal level on its own, it required to go through the Fed.

Currently, Custodia has to endure higher costs, counterparty and settlement credit risks, and claims it is losing its competitive advantage by being forced into partnership with an institution that does, currently hold a master account. Quote through the lawsuit, Custodia seeks to ensure that its Federal Reserve master account application receives the fair dealing and due process guaranteed to it by both federal and statute and the U.S. Constitution. Custodia has satisfied every rule applicable to it

and has gone beyond by applying to become a Fed member bank. More or less, they're just getting the, they're getting fucked around because they're dealing with Bitcoin. What else do you say? But I mean, kudos. They're suing the Fed. Awesome. Let's keep going here.

Speaking of central banks, sucking. Let's do a little throwback here. Think back. It's 2020. Shit's hitting the fan. Lockdowns are happening. The governor of the Bank of Canada comes out. Our central bank, by the way, if you're unfamiliar.

Bank of Canada, Governor Tiff Macklin assures Canadian households and businesses that borrowing rates will remain at historic lows for the foreseeable future. Quote, our message to Canadians is that interest rates are very low and they're going to be there for a long time. Maclum said at a press conference. His comments came after the central bank announced it is holding its key interest rate at 0.25% in response to what it calls an extremely uncertain economic outlook due to the pandemic.

If you've got a mortgage and if you're considering making a major purchase or you're a business and you're considering making an investment, you can be confident rates will be low for a long time, Macklems said. The Bank of Canada's July monetary policy report or NPR said growth will pick up beginning in this quarter the third of the year with the country recouping about 40% of the drop in input from the first half to 2020. So basically in 2020 and so this is like mid to late 2020, the governor of the Bank of Canada, our central bank here in Canada said interest rates are going to be super low. like historic lows for a long time. So if you're looking to get a mortgage right now, you don't need to worry that those rates are going to change because they're going to stay low.

It's super uncertain. We're not going to be moving rates. You can make that purchase and be confident that your payments are going to be steady. So, I mean, rightfully, people hear that and they think, maybe it's a good time to get a mortgage. Maybe I should buy a home right now. Maybe I should go out. I should,

it's the time is now. Okay, great rates. Historically low rates. Okay, let's come out of that time warp. Let's fast forward. The date is June 9th. Thursday, June 9th, 2022. Bank of Canada says some Canadians could see mortgage payments jump by 45% in 2025 and

26 as rates rise. Why 2020? 25 and 26. Some Canadians who took out mortgages in 2020 and 2021 could see their monthly payments jump as much as 45% in those dates, 2025 and 26, given rising rates, according to a Bank of Canada scenario released on Thursday, elevated levels of inflation, which is currently at a 31 year high could also mean that households allocate more of their income to food and gas if wage increases do not keep pace, which they never do. The central bank said in an annual

financial system review, quote, in this context, highly indebted households are especially vulnerable to a loss of income, it said. The bank increased rates by 50 basis points in April and June and money markets are betting on another half point rise in July. Canadians with a high loan to income ratio variable rate mortgages would see payments rise by 45% within three years upon renewal. The overall increase in monthly payments for all types of mortgages, this is including anybody who has a fixed rate mortgage because after five years, that has to be renegotiated, would be 30%.

So less than two years ago you had the governor of the Bank of Canada, the Central Bank of Canada, basically being like, yo, we're going to keep rates so low. You guys need to go YOLO into some homes. You need to buy that real estate.

You need to make those investments. You need to take out those loans. You need to make those math. of purchases now. And you need to not worry about it because we're going to keep these rates super low. You're totally fine. The exact people that acted on that information and then bought houses under the assumption that their payments would continue to be low because rates would continue to be low are the

exact people that they're saying that the central bank is now saying are going to be fucked by 45% those exact mortgages that were got the moment that it was effectively recommended by the central bank are the ones that their warning are

going to be screwed and who could have foresaw this who could have possibly thought that pumping the Bank of Canada's balance sheet by 5x wouldn't result in inflation that then had to be reined in with rate increases. Who could have possibly foreseen this? Holy, wow. Anyways, central bank's going to central

bank. Let's move on. FinTech startup edge releases first confidential Bitcoin MasterCard. I'm cautiously optimistic on this, but I'm going to need to see those receipts. So let's see what's going on here. Edge, San Diego Bay startup Edge released its first confidential Bitcoin Mastercard, which does not require KYC data used for collecting information related to identity via an announcement from the company. Now, red flag number one is I go to this announcement and this page is under construction. So I'm wondering if they made this announcement and then they heard some bad things and then took it down. We'll see. Anyways, it says there is no name or address associated with your edge mastercard making for completely private transactions.

when your card is issued or when your card is used, stay to the company's website. We protect your privacy while complying with all requirements for issuers, card associations, regulations, local, federal, and international laws. Users looking to take advantage of the card will simply need to sign up for an Edge account, which will prompt the user to activate a digital card

within the Edge app. Options to fund the account with assets will then populate, allowing the user to select Bitcoin, and then the account will be instantly funded. If anyone would prefer to use a physical card, they can also be ordered within the app. There's no fees associated with the MasterCard unless customers choose to purchase the aforementioned physical card,

which will result in a one-time $20 fee. The card has a daily load and spending limit of $1,000, and there is no credit checks necessary through any third-party clients to get access to the MasterCard. Edge customers will also not need to worry about preloading funds onto the card as the funds are sent instantaneously once the transfer is initialized. Currently, the card is capable of working in conjunction with Apple Pay and is expected to become functional for Samsung and Google Pay in the near future. So I'm curious about this. Main thing is it's not like a preloaded card.

it's not like a prepaid visa. It seems to be that it's directly linked to your balance in Edge. If I'm not mistaken, Edge, like the website I just pulled up, Edge wallet is a non-custodial wallet. Private keys are held on your device. It's got a bunch of shitcoins in it too, but you hold Bitcoin. It's in your own custody.

you have a seed phrase backup. So what I'm uncertain about is how you would have a master card that isn't like preloaded associated with that. And how you would trigger that payment because it would require, you know, like tapping your master card to actually have access to your private keys and then send that Bitcoin out in some way, shape, or form to then be. converted to, I imagine, U.S. dollars, which is triggered in the payment function of that card. So there's a lot of questions there, and a lot of those questions are not answered, given that the page referred to in this article is now taken down. So as much as I'm like, oh, that would be sweet. I would like that. I'm also a little bit wondering if somebody saw this, some regulator or watchdog saw this and was like, what did you say about $1,000 daily KYC Bitcoin purchases?

Yeah, I don't know. Let me know, though. Like, I haven't used it yet. If you're in the U.S., I think this is a U.S.-based, I mean, they're a U.S.-based company, so it would probably be denominated in dollars, which also makes me wonder, would this work outside the U.S.? Would it be? And if so, is there like four X-Vs involved?

There's got to be four-x fees involved. involved if you go and tap and pay in a different currency. So anyways, let me know if you've tried it. I'm curious. Shout out to Armin the Parman. He dropped a Bitcoin magazine walkthrough on how to use cold card, both the Mark 4 and the Mark 3. I highly recommend you check out.

That is on the docket for me. I am going to be doing a video on the Mark 4. I'm waiting for one thing. all I want to see first is I want to see a wallet introduce the NFC function so that I can tap and utilize that and include it in the tutorial because I feel like I need like a brand new cold card tutorial from start to finish including all of the awesome features just like the most robust cold card tutorial you've ever fucking seen

but I got to get that NFC working first so that I can show it in the video So anyways, speaking of tutorials, I dropped a new tutorial on Monday on AmBoss, their product Magma, which is basically a buying and selling Bitcoin channel, lightning channels. So it's like a marketplace for lightning liquidity. If you need inbound channels to your node, you can purchase those. If you want to earn yield on your Bitcoin without giving up custody, you can offer up channels to others and then you lock up a channel with them. You don't lose custody of your Bitcoin at any point.

And then you earn, albeit a small, but you're still getting additional Bitcoin just for having your Bitcoin sit there. So that's kind of cool. Check it out. You can just find that on the channel in one of the most recent videos. And then up next tomorrow,

very excited for this panel. I feel like all these guys are my buds. Eric Yakes, author of the seventh property. Jessica Hodler over at Plan B Passports. And my good friend Dave Bradley, formerly co-founder of Bull Bitcoin, now working for the Bitcoin well, an all-around awesome guy.

So they're all going to be on and we're going to be getting bullish together. So be sure to stop by and check that out. With that, I'm going to wrap this up. Thank you guys for joining me. Really appreciate it. be sure to like, subscribe, share, all those things super important. You can help the show in another way by hitting up the previously mentioned sponsors below.

Shake pay, leaden, bit refill, keystone, bill funnel. You're all linked in the shows. And finally, if you really liked what you saw, you can always drop me a Bitcoin tip at my strike page. Strike.combe slash BTC sessions. Get there. Type in any amount you want. Hit the tip button. You'll see a lightning invoice or if you prefer tap to the right.

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