BTC Sessions - Shark Tank’s Kevin O'Leary (AKA Mr. Wonderful) Dives Into Bitcoin ep154

Episode Date: March 4, 2021

Bitcoin news for the week of March 4th 2021 💪 SUPPORT THE SHOW: LEDN Bitcoin backed loans –  get $25 free https://bit.ly/397rlLN Get Wasabi wallet for Bitcoin privacy https://wasabiwallet.i...o/ Cobo Vault: secure your Bitcoin! https://bit.ly/2GgMFlH 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 LIGHTNING tips: https://tippin.me/@BTCsessions Audio-only version of the show: https://anchor.fm/btcsessions Telegram channel: https://t.me/btc_sessions

Transcript
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Starting point is 00:00:32 Wasabi wallet and fairly private. What's going on, everybody? Welcome to the show. Lots going on this week in the Bitcoin world. We have Kevin O'Leary capitulating. We'll chat a little bit about that. Of course, micro-strategy is always buying, always stacking sets. Some interesting stuff around Bitcoin ETFs, Kentucky, interesting regulations there, China, FUD, again, tons of it.
Starting point is 00:01:03 We're going to cover it all today. This, of course, is live. So a quick little side note from my good friend Bill here. We'll do it live. We'll do it live. Do it live. I'll write it and we'll do it live. The fucking thing sucks.
Starting point is 00:01:24 Again, thank you all for showing. Make sure you're smashing that like button. Give this a share. We already got 50 people watching live. Let's get even more eyeballs in here. As always, I am Ben with the BTC sessions, and this is your daily session. Off we go. Before we dive in, let's take a look at where we are in the market right now.
Starting point is 00:02:00 So I'm here on the Bitbo.com. We're just over 48K. We kind of popping around a bunch. We did dive down to the low 40,000s, 43-ish, in and around there earlier in the week, but it's since bounced back. We were above 50 the other day. We went up close to around 52. Yeah, so we kind of downwards today,
Starting point is 00:02:22 but if you zoom out a little bit, when in doubt, zoom out, friends. You know, yeah, the other day we were up well into 52, actually, 52 and a half. But if you zoom out, you take a look at the month, really, we're still up on the month. We're still up like 34% on the month. And if you look year to date, we're up 64%.
Starting point is 00:02:41 So pretty damn good year. If I do say so myself. And if you look back a year, it's astounding. It's like we're up 449%. So let's put it into perspective, people. Yeah, things are looking up. Anyways, for a single US dollar, you can currently grab 2,079 sats over 2000.
Starting point is 00:03:07 So a bit of a steel going on. Let's see, 88.78% of all Bitcoin have currently been mined. And in terms of sats, down a little bit now, 80 sats per byte or 81 sats per byte, we'll get you into the next block. If you're willing to wait an hour, you can cut that in half to around 40 sats per byte. Not bad. Nice to see double digit transaction fees as opposed to 100 and something for next block. Not bad to see, I suppose.
Starting point is 00:03:36 So if you've got some transactions to get through, maybe now's the time. Maybe you can do a few things. Anyways, before we dive into the news, of course, shout out to sponsors of the show, leaden.com. This is where you can use your Bitcoin for a variety of different services. They've saved my bought on a few occasions when I needed to get my hands on dollars. And I didn't want to sell my Bitcoin because I never do. But in particular, because that's a taxable event. And I was worried about having a buyback and at a higher price.
Starting point is 00:04:01 Here, I could deposit Bitcoin, get dollars in my bank account within a day. And then when I pay back those dollars, I get back the same amount of Bitcoin, which is kind of the important number that you're looking at. Of course, they've got Bitcoin and USDC savings accounts, interest rates of up to 12.5% annually paid monthly, and their B2X offering uses the same loan mechanism to buy you more Bitcoin, effectively doubling your Bitcoin on the spot. Links below, if you click that link,
Starting point is 00:04:27 and you opt to get one of their loans, they will give you $25 for free into your savings account. Up next, the Kobo Vault, one of my regularly used hardware wallets. I just did a video the other day on Sparrow Wallet for Despero. top where you can make multi-sig wallets and everything. I used Kobo and a bunch of other devices in there. Anyways, I love it because it's air-gapped 100% offline. That means you never plug it into your computer or a phone.
Starting point is 00:04:51 It's all done via QR code. And that keeps the keys to your money safe and offline. It has a secure element. Bitcoin-only firmware. Have you upgrade to that, which I do recommend? Be sure to check them out. Links below, I am using the Kobobalt Pro. I do live on Bitcoin, of course, and I need to eat.
Starting point is 00:05:08 I do need to spend Sats in order to survive. And one of the ways I do that is through BitRefel, super easy way to spend Bitcoin if you choose to do so. Of course, they've got every possible gift card you could imagine here. And they accept Bitcoin via regular main net transactions or via the Lightning Network. If you're looking for cheap and fast transactions, bonus here you earn Sats back as you utilize their website.
Starting point is 00:05:34 So be sure to check them out. And finally, again, guys, I hear more and more of this. I'm getting phone calls. I'm private session, stuff like this. Hey, I didn't back up my seed well enough. How do I get my Bitcoin back? You don't.
Starting point is 00:05:48 So you have to be careful with your backup. If you're backing it up on paper, please, please do be careful. But you might want something a little bit more robust like the bill fottle here. It is solid steel. And you can store your backup phrase to any wallet in it. This prevents you from succumbing to fire damage or water damage. or just accidentally throwing the thing out because it's a sheet of paper, steel, not as likely to happen. So be sure to check them out.
Starting point is 00:06:14 Links down below. And with that, let's dive into the news. So, I mean, the thumbnail for this is Kevin O'Leary. He got into Bitcoin. So this is what he tweeted, or rather, I guess, shared on Instagram via Twitter as well. Is Bitcoin a currency, property, an asset? Maybe all of the above. I'm going with a 3% portfolio allocation.
Starting point is 00:06:36 and I'm looking at investing in miners that can create coin under a mandate of zero carbon so sustainably. Interesting. And if you'll notice, I'll blow it up here. He has fucking laser eyes. Oh, man, the laser eyes thing. I love seeing people in the mainstream start to partake in this. I just find it so funny because either they love it or they hate it. And so you get the opposition.
Starting point is 00:07:04 We had Peter Brandt, who's big into, I think he created Bollinger bands, like a market indicator. Anyways, he's not having the laser eyes. He thinks it's like the most bearish thing he's ever seen. It's making him reconsider Bitcoin. Anyways, yeah, I thought it was super hilarious that he would let a meme influence his thoughts on the scarcest asset humanity has ever seen. But in terms of Kevin O'Leary himself, he's been weird because he's kind of flip-flopped. There's clips of him years back, like 2013, saying that he actually saw value in Bitcoin.
Starting point is 00:07:45 And those seemed to have, like, they kind of fell to the wayside. People forgot about those. And then he became like very against Bitcoin and thought that the whole asset class was trash and all this stuff. Then he did a podcast with Anthony Pompeiano, a one. while back. And I did listen to that one. And he was somewhat open in that conversation, but still, he was still skeptical afterwards. And now it seems his skepticism was, was a little bit of misdirection because clearly he was building up a bit of a position as
Starting point is 00:08:19 he was seeing the opposite. So, you know, I think we're going to continue to see lots of that type of tactic. We've seen tons of it so far this year. Either way, Mr. Wonderful, he's in. Let's move on. Robin Hood, I'm happy to see not the Dogecoin part of this news, but regardless. So Robin Hood offers the ability to get exposure to the price of Bitcoin through their app. But up until now, that's basically just been a Bitcoin IOU. It means you can put money in. You track the price of Bitcoin.
Starting point is 00:08:52 You can never withdraw it. Well, that is now going to be not the case, as they've said in a tweet here. Robin Hood sent out. They said, oh, God, so much interest in crypto. To be crystal clear, we fully intend to provide the ability to deposit and withdraw cryptocurrencies. And then they say including Doge, because I guess that's the meme of the moment. Yeah, and then they also go on to clarify, Robin Hood Crypto does not currently invest in
Starting point is 00:09:21 cryptocurrency or use any customer cryptocurrency for our own benefit. And that was because of a rumor going around that they were the top holder of Dogecoin. That seems not to be the case. But nonetheless, it's nice to see that kind of market pressures have forced them to say, yeah, we need to offer deposits and withdrawals because a lot of Bitcoiners, they want to hold their own keys. And I don't blame you. And if you're sitting on something like Robin Hood and you don't have the option to withdraw, but you want to hold your own keys, then you could be sitting in a situation where Bitcoin goes up a whole bunch. and in order to hold it yourself, you're forced to sell incurring a capital gain, which means you've got to pay taxes on that,
Starting point is 00:10:05 and then you have to buy back in at a different spot that allows you to withdraw. So glad to see this coming. When is it coming? We don't really know. But nonetheless, great development. I hope to see the same happen with PayPal and some other. I think there's one called Mogo in Canada that does the same thing, wealth, simple, all that kind of stuff. They've got to keep with the times because people.
Starting point is 00:10:27 want to hold their own Bitcoin. No surprise here. Microstrategies still buying Bitcoin. They just bought another billion. They've got $4 billion with a Bitcoin. And then they just added another $15 million as if they didn't have enough already. I guess you can never really have enough. I know Michael Saylor says that he loses sleep thinking of how he doesn't have enough Bitcoin.
Starting point is 00:10:49 Anyways, they acquired an additional $15 million in Bitcoin at an average price of $45,710. So they're already up marginally on that. I mean, congrats, I guess. But I mean, the real story here is that they have $4 billion with a Bitcoin and they're not done buying. I'm just waiting for the FOMO here to kick in even further. And it already seems to be. So let's kind of dive deeper into what we're talking about here.
Starting point is 00:11:20 Goldman Sachs has restarted its cryptocurrency desk amid Bitcoin boom. Now I'm going to go on a limb here and say that. these guys don't fucking get it. But I digress. Let's read a little bit what says here. What it says here, Goldman Sachs Group has restarted its cryptocurrency trading desk and will begin dealing Bitcoin futures
Starting point is 00:11:40 and non-deliverable forwards for clients from next week, a person familiar with the matter said. So non-deliverable, that means that you can speculate on the price of Bitcoin, but again, it's not deliverable in actual Bitcoin. It's settled in dollars. Wack. the team will sit within the U.S. Bank's global markets division.
Starting point is 00:12:02 The person said, the desk is part of Goldman Sachs activities within the fastest growing digital asset sector, fast growing digital asset sector, which also includes projects involving blockchain technology and central bank digital currencies. Case in point, they kind of don't fucking get it. Anyways, so they famously started up their... crypto trading desk as the bear market was getting into full swing in early 2018. And so shortly thereafter, because there just wasn't as much retail interest anymore, they shut it down. So, I mean, I guess at least this time they're starting not at the tail end of a bull market,
Starting point is 00:12:47 maybe is the silver lining? I don't know. I still don't think they get it. It took them this long to do it. It didn't seem like they were prepping for it at all until it's started going through the roof like the past few months. So, and they already had the infrastructure there. So it's probably just flicking a switch and say, okay, well, we'll start this again.
Starting point is 00:13:05 They seem to just be trying to follow whatever the current trend is and not actually learning about the space. I don't know. It's Goldman Sachs, I guess. Who cares? Let's move on. Bitcoin is at a tipping point and could become, quote, the currency of choice for global trade, Citibank says.
Starting point is 00:13:24 So Citibank put out a report the other day. I'll read here from CNBC. City thinks that Bitcoin is at a tipping point and could one day become the currency of choice for international trade as companies like Tesla and PayPal warm to it and central banks explore issuing their own digital currencies. Quote, there are a lot, there are a host of risks and obstacles that stand in the way of Bitcoin progress.
Starting point is 00:13:47 The U.S. Bank's global perspectives and solutions team wrote in a note Monday. Bitcoin's future is, thus still uncertain, but developments in the near term are likely to prove decisive as the currency balances at the tipping point of mainstream acceptance or a speculative implosion. Yeah. So, I mean, they got into a lot of stuff in this report. There's certain things that I liked about it. You know, they talk about how, you know, Bitcoin can drive more efficient uses of energy. So on and so forth, they talk about the lightning network.
Starting point is 00:14:22 But they also made some really bad mistakes in the report. Like they were talking about instances of fraud and rather than using basis points, which is like one one hundredth of a percent. They used actual full percent. So I can't remember what the numbers were. But they said, oh, like 13 percent of something is fraud, but it was supposed to be 0.13 percent. Yeah, so anyways, some glaring problems with that report, but I don't know, what are you going to do? It's funny because both sides, you know, Bitcoiners were freaking stoked about the report, but I feel like a lot of people didn't read it because there were some pretty bad mistakes in it.
Starting point is 00:15:05 But then also the parts that were really good, the people that don't like Bitcoin just pointed to the bad parts and didn't point out the accuracy in and around things like Lightning. work settling, you know, millions of transactions per second, so and so forth. So anyways, everybody took what they wanted from that one. Moving on, the CBOE applies to list the first Bitcoin ETF in the U.S. So in the closing days of 2020, investment firm Vanek filed an application with the U.S. Securities and Exchange Commission, or the SEC, to form the Vanek Bitcoin Trust, an exchange traded fund or ETF. Equity's market operator CBOE has now filed a proposal with the SEC to list and trade shares in that trust.
Starting point is 00:15:54 The filing, it says, builds on Venex earlier S1 filing and represents the next steps in bringing what could be the first U.S. Bitcoin ETF to market. The proposed rule change would list and trade shares of the Vannac Bitcoin Trust. And according to the rule, the shares would be redeemable. for Bitcoin. So the first ever Bitcoin ETF application was filed back in June of 2016 by the Winklevoss Twins from Gemini. That got shot down. There's been just a slew of ETFs that have been slapped down in previous years. But with the recent uptick and interest, we're seeing kind of a round of refilings. And here in Canada, we actually have two Bitcoin ETFs. And I believe one of our close-ended funds is actually now filing to be re-designated as an ETF
Starting point is 00:16:48 so that they can more closely track the price of Bitcoin. And so I think that pressure from just north of the border, now that we've done it, I feel like the U.S. isn't going to want to miss out on that market. Also, worth noting that the Bitcoin ETF here was the number one traded Bitcoin ETF upon launch across the entire market, by a lot. It was like triple whatever the next one was.
Starting point is 00:17:13 So it was pretty crazy to see. And I think people in the U.S., you know, regulators are seeing that saying, well, you know, how long are we going to let people not have this? And not to mention, you have people basically using micro strategy as a Bitcoin ETF, right? So it doesn't make sense. Like people are already finding workarounds that are less efficient than just holding a Bitcoin ETF. So I don't know. I would be surprised to not see one hit the U.S. market at some point. in the next year.
Starting point is 00:17:45 Moving on, Anthony Scaramucci from Skybridge Capital. He tweeted out, important development in Bitcoin, Stone Ridge filed with the SEC to become the first open-ended mutual fund to buy Bitcoin. Stone Ridge, if you'll remember, Ross Stevens was on with Michael Saylor from MicroStrategy during their education sessions around Bitcoin over the last, one was that, a few weeks ago where they hosted like thousands of private businesses that were interested. Anyways, he continues on. This is a big deal.
Starting point is 00:18:17 Stone Ridge filing openings, opens the door for every mutual fund to add Bitcoin if they want to. Stone Ridge will be able to start buying Bitcoin on April 26th when their prospectus goes effective. So, you know, we are, what, a month and a half out from that, a little over a month and a half out from Stone Ridge being able to add Bitcoin. into their mutual fund. Very interesting,
Starting point is 00:18:42 and I'm curious if that, again, snowballs into other mutual funds. I have to believe it will. Yeah. Honestly, I think what we're seeing right now is what is going to contribute to the peak of the bull market because all of this stuff,
Starting point is 00:18:57 it's coming down the pipeline, but a lot of these places have not yet started or been allowed to acquire Bitcoin yet. So, you know, I think what you'll see is these guys pile in, it'll bump up the price a fair amount, and then all the laggards, all the people that weren't really,
Starting point is 00:19:17 you know, didn't really want in and have ignored it and are looking at this news and are still ignoring it, they're going to see what happens to the price after this. And then they're going to start their process of buying in, and they'll be buying in probably at the top. And those will be the same idiots that end up dumping. That's my hot take or guess as to how this is going. going to play out because, you know, companies, they're still run by people and people have emotions.
Starting point is 00:19:44 And I think the people that are a little too irrational and not very thoughtful with their money will be the ones that really make bad decisions here. Anyways, another interesting little bit of news. Now, the mayor of Miami, Francis Suarez has been big on Bitcoin and has been pretty public about it as of late. He talks about wanting to put part of the city's treasury into Bitcoin. He wants to give city workers the option to be paid in Bitcoin and he wants to give citizens the option to pay their taxes in Bitcoin. Now, a bunch of people, you know, the Normies out there are very, very worried or are pushing back quite a bit at the idea of putting part of the
Starting point is 00:20:35 city's treasury into Bitcoin, even though it would be a very small allocation, I'm sure, like a couple percent or something like that. But when you see that headline and all you've ever seen about Bitcoin is, again, what the mainstream media tends to put out, which is the extremes. Either it's gone up a million percent or it's crashing. That's all you ever see or it's boiling the oceans. If that's all you ever see, then your opinion is not going to be very well-rounded. Anyways, this interviewer here brings up Janet Yellen calling Bitcoin extremely inefficient. And Francis Suarez's reply to that was excellent in my opinion. He said, it doesn't surprise me at all that a Treasury secretary would find a decentralized potential currency to be hostile to a currency that they control.
Starting point is 00:21:29 Pretty succinctly put. I'm liking this guy more and more. He's going to be a Bitcoin 2021, by the way. which is now being hosted in Miami. So he's going to be a speaker there. I hope to be there for that. I do have tickets. And as long as I'm able to get across that border to get into the U.S.,
Starting point is 00:21:47 then I shall be attending. That's in June, June 4th, I think, 3rd and 4th or 4th and 5th. I can't remember over the weekend. Anyways, hope to see you there. Let's keep going here. Bitcoin rises after China region declares war on crypto mining. Okay, what's actually going on here? China's inner Mongolia has banned cryptocurrency mining and declared it will shut all such projects by April, spurring fears the world's number two economy will take more steps to eradicate the power-hungry practice.
Starting point is 00:22:18 The autonomous region, a favorite among the industry because of its cheap power, also banned new digital coin projects according to a draft plan posted on the Inner Mongolia Development and Reform Commission's website on February 25th. The aim is to constrain growth in energy consumption to about 1.9% in 2021. So this kind of happened as we're in the low 40,000-something dollar range. And then this news came out and then Bitcoin just kind of shrugged it off. Like it doesn't even matter. And in my opinion, the reason being is there's just been so much China fud in the past, so much fear, uncertainty, and doubt coming. out of that region, in 2017 during that bull run, China banned Bitcoin multiple times. The thing is,
Starting point is 00:23:10 once you ban it once and you have to then say it again, it's very clear that the first time was not effective. And so hearing this, it's just kind of like, well, whatever, I guess. And those of you curious about the implications of shutting down Bitcoin miners in a particular region, it really doesn't matter because Bitcoin has something called the difficulty adjustment. Roughly every two weeks, the difficulty of mining adjusts in Bitcoin to accommodate or pull back and make easier, however many miners are currently mining. However much what's called hash rate is mining on Bitcoin. So Bitcoin blocks of transactions are supposed to be confirmed roughly every 10 minutes. If it takes longer than 10 minutes, then there are less miners trying to,
Starting point is 00:23:57 mine and that means that it needs to be a little bit easier. So that's what would happen in this case. You might see that transactions take a little bit longer for a couple of weeks and then it normalizes. When Bitcoin miners pile in and blocks are coming faster because more people are trying to mine, again, that also readjusts in and around the two-week time frame to make it more difficult to mine Bitcoin. So it's really inconsequential.
Starting point is 00:24:24 There's so much hash rate. There's so many miners are. the globe. I mean, China could full out ban Bitcoin mining and literally shut everything down. And at this point, it really wouldn't have too much of a bearing on Bitcoin itself as it functions. It would slow down for two to three weeks and then we'd be right back to normal. So does not matter. Now, interesting, on the polar opposite side of the spectrum, you have Kentucky. They just passed a bill to, give tax breaks to local miners. So lawmakers in Kentucky are looking to impose tax breaks for local cryptocurrency miners. Kentucky lawmakers on Tuesday approved several state tax breaks, including House Bill
Starting point is 00:25:11 230, which would remove the sales tax from electricity purchased by local crypto mining operators. According to a report by the Lexington Herald leader, Kentucky legislators voted 19 to 2. So, you know, pretty, it was basically almost unanimous for the measure. The bill's fiscal note is reportedly estimated to cost the local budget at least $1 million annually. The exact cost cannot be calculated so far because it is unknown how many of the businesses might choose to locate here to avail themselves to this exemption. So what they're banking on is they're like, hey, we're going to take less tax from miners. In fact, we're not going to charge sales tax for electricity to get these businesses to hopefully relocate to Kentucky, mine Bitcoin and then bring their business here and bolster our economy. I think you're going to see more of this.
Starting point is 00:26:05 I think you're going to see more jurisdictions trying to make themselves appealing to get Bitcoin miners to come to them because it will bolster their economy. I'm excited to see who moves next. I think China has just taken the opposite approach. I think it's not going to work. And I think approaches like this are going to drive innovation and attract innovators. Anyways, this is interesting. On Forbes here, cryptocurrency purchases made in U.S. dollars are not reportable to the IRS. So you do not have to report if you've just bought Bitcoin and you have not sold it.
Starting point is 00:26:47 Okay, so let's clarify here. Question. The 2020 form 1040 asks whether at any time during 2020, I received, sold, sent, exchanged, or otherwise acquired any financial interest in any virtual currency. During 2020, I purchased virtual currency with real, like how they use real currency. Anyways, I purchased virtual currency with real currency and had no other virtual currency. and had no other virtual currency transactions during the year, must I answer yes to the form 1040 question?
Starting point is 00:27:24 And the answer to that is no. If your only transactions involving virtual currency during 2020 were purchases of virtual currency with real currency, you are not required to answer yes to the form 1040 question. So what they're looking for is did you make a game, like an actual material game? Did you take dollars, purchase cryptocurrency in any form, and then later sell it to make a gain to realize your dollar gains on that asset? So you don't even have to say that you have Bitcoin unless you bought it and then sold it.
Starting point is 00:28:08 Cool. I like that. it actually directly incentivizes buying and holding, which is fantastic. Wasabi and Bull Bitcoin came together to give a grant to support Bitcoin knots development. So I'm just going to kind of scroll down here. Basically, ZK snacks alongside Francis Poolyat, the CEO of Bull Bitcoin, have come together to make a .86 Bitcoin or $40,000 contribution. in support of growth and development of Bitcoin knots, which is an open source enhanced Bitcoin node and wallet software. More specifically, Bitcoin knots is a Bitcoin full node and wallet software,
Starting point is 00:28:51 which can be used as an alternative to the popular Bitcoin core. So Bitcoin does have multiple implementations. You don't have to be running Bitcoin core. You can be running Knott's or Bitcoin. There's a few different ones. Anyways, I like that, I like that Francis said this. cypherpunks write code, but cypherfunks don't always get paid. We can't expect the world's most talented experts to contribute indefinitely without financial
Starting point is 00:29:17 compensation. If the companies that profit from Bitcoin open source development don't provide the necessary funding, who will. So this goes directly to Luke Jr. And he's dedicated years of his life to the advancement of Bitcoin technologies. So hats off to not only Wasabi Wallet, but to Bull Bitcoin to Francis over there. And congrats to Luke for getting some funding to continue to work on Bitcoin.
Starting point is 00:29:45 Great to see. Speaking of making money in Bitcoin, there's a great new website. So if you're into Bitcoin, if you're a Bitconer and you want to find some work in and around with Bitcoin-only companies, you need to go to bitcoinerjobs.co.com. Bitcoinerjobs. dot CO. And if you have a Bitcoin company that wants to list jobs here, you can do so as well. You can see lots of different companies in here, Swan, Bitcoin Magazine, leaden, chain
Starting point is 00:30:16 cone labs, open nodes, start nine labs, bit refill, unchained, strike, CASA, lightning labs, uh, hoddle, hoddle, fold, bit refill, more unchained. There's a whole bunch of different positions here. Go on, take a look. If you're looking for a job and you feel like you can contribute in some way, there's listings here. If you own a company, list your positions here. I love this. I love that, you know, when I wasn't working for myself, this would have been just so beautiful to have this place where I could just come and say, hey, this is right up my alley. I love what I do. I love
Starting point is 00:30:53 Bitcoin. I don't want to work for like a casino. This would be my my mecca that I would be drawn to. So check it out. Stoke to see that. I'm going to add, I'm going to end on a couple things. things here. This is out of Lebanon. This is super unfortunate. Protesters blocked roads with burning tires and dumpsters across Lebanon on Tuesday after the currency tumbled to a new low in a financial meltdown that has fueled poverty. We have zero quality of life. It's even less than zero, said one protester. Protesters shut down a main highway out of Beirut, while people took to the streets in other cities as well as after the cost, as well, after the cost of scarce hit 10,000 Lebanese pounds on the informal or black market.
Starting point is 00:31:40 So the interesting thing about Lebanon is they're trying to, and unsuccessfully, trying to mask the fact that their currency is being hyperinflated. So officially on the official government regulated exchanges, if you come into the country with U.S. dollars and want to get Lebanese pounds, which you're going to need to pay for things, you will only get 1,520 Levenis pounds for a single U.S. dollar. However, on the black market, or rather the free market where people are actually freely trading dollars, not through government sanction exchanges, it's going to cost you almost
Starting point is 00:32:20 10,000 pounds. So, you know, 7, 8, 9, depending on where you go, 7, 8 or 9 times the amount. So it's a total fallacy that the exchange rate. is $1 to 1,500 Lebanese pounds. And these people are seeing it tumble more and more. There's been like 90% devaluation over the past year, year and a half. It's crazy. These people's savings have literally disappeared and sifted through their fingers.
Starting point is 00:32:49 And you're going to, honestly, you're going to see more of this. You can't increase the global money supply multiple times over in such a short period of time and not have fallout like this. You know, we've seen Venezuela, we've seen Argentina, now we're seeing Lebanon, we've seen hints of it in Turkey. You know,
Starting point is 00:33:11 I think you're just going to start to see more and more small countries start to succumb to this until some larger countries do. Because I don't think we're going to slow down on the Monday printing guys. And this is the exact reason that Bitcoin exists to give an alternative, to give an alternative to every single currency on the planet following the same path just at different speeds. So yeah, scary to see. But hopefully Bitcoin can at least be an off-ramp for some people.
Starting point is 00:33:46 And then finally, on a lighter note to finish up, very happy to be involved in this. This is called the Bitcoin Voice Paper. So Craig Wright came out and sued Bitcoin.org and BitcoinCore.org for hosting a copy of the Bitcoin white paper because he claimed copyright on it and he said, it is mine,
Starting point is 00:34:06 you cannot put this on their website, on your website. Bitcoincore.org took it down because they're like, listen, we don't have the time or resources to deal with this. If you guys want to fight this, you're going to have to fight it yourself. Bitcoin.org and Cobra,
Starting point is 00:34:22 who manages that, anonymous manager of that website, he basically told him, fuck off and kept it up. And now he's being, they're giving a court order to him to disclose his name and address and contact information.
Starting point is 00:34:37 I kind of doubt he's going to respond to that, but we shall see. Regardless, this was a fun project put together by a ton of different bitconers. I believe 150, how many were there? 159 bitcoins in this video. And we all get to recite a line
Starting point is 00:34:55 of the original Bitcoin white paper. we go all the way through it. I think it's fantastic. I'm somewhere in the middle there. You can see me. There's my little thumbnail somewhere on the left hand side there. Anyways, fun, worth a watch. I did get to wear my Craig Wright as a fraud shirt for the occasion.
Starting point is 00:35:13 Be sure to check it out. Link will be in the show notes. With that, guys, I'm going to wrap up. Thank you so much for joining me. We had like 100 people here watching live. Smash that like button. Give it a share. And if you're not already subscribed, please do.
Starting point is 00:35:25 All of those things really, really help. get this in front of more people. And be sure to join me tomorrow. I've got an excellent cast for Wob or Why Are We Bullish. Be sure to check that out. If you want to help with the show in another way, you can hit up the sponsors I mentioned before down below. Ledden, Cobo, BitRefill, and Privs.com,io for the billfottle.
Starting point is 00:35:46 All of that is down below. And if you really loved what you saw, you can drop me a Bitcoin Lightning Network tip at my tippin.com. page that is t i p p i n dot me slash at b tc sessions with that i'm out have yourselves a wonderful day oh wait before i go hold on if any of you guys are on clubhouse i'm hosting a b bick coin beginner q and a tonight uh through cafe bitcoin uh i did tweet it out so head to my twitter find that give it a share and if you don't have an invite to clubhouse i'm fresh out but just uh you know tweet about it and i'm sure some other bitquiners will uh help you
Starting point is 00:36:23 Anyways, t-i-p-p-in. me slash at BTC sessions. I'm out, guys. Thanks. Have a great evening or a great day wherever you may be. See you guys next time for your daily session. Toddled at Bitcoin.

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