BTC Sessions - THE EL SALVADOR EFFECT - A Bitcoin Standard Is Born ep178

Episode Date: June 17, 2021

In the wake of El Salvador making Bitcoin legal tender, lots has happened in the Bitcoin space. This week's news round up covers it all.   💪 SUPPORT THE SHOW:   Buy Bitcoin In Canada With Bitbuy - get $20 free! https://bitbuy.ca/en/sign-up/?c=BTCSessions LEDN Bitcoin backed loans –  get $25 free https://bit.ly/397rlLN   Get Wasabi wallet for Bitcoin privacy https://wasabiwallet.io/   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    BITCOIN LIGHTNING tips: https://strike.me/btcsessions

Wasabi wallet and fairly private. What is going on, everybody? It has been a minute since we did one of these live. I was in Bitcoin Miami for Bitcoin 2021. And it was amazing. I had such a blast. It's been a whirlwind. I'm back home.

I'm ready to go. I've been posting some videos from the conference, but there's been lots going on. There's been a ton of news. Have you been living? under a rock because if you have, you're about to get filled in. There's a lot of stuff going on. I can't possibly cover it all in a single show, but I shall do my best.

Now, as always, of course, this is live, so I defer to my friend Bill here. We'll do it live. Okay. We'll do it live. Do it live. I can, I'll write it and we'll do it live. Friken thing sucks. Feels good to be back.

As always, guys, smash that like button. Give this a share. Let's get more people in here. I see you guys piling into the comments already. As always, I'm Ben. And this is your daily session. All right, before we dive into the news, let's take a look at where we are in the market right now. This is the Bitbo.io dashboard.

We're sitting at $37,771 per coin. For a single US dollar, you can grab 2,647 Satoshi's. 0.233% of all Bitcoin have been mined. And in terms of fees right now, 32 sats will get you into the next block. If you're willing to wait just 30 minutes, one sat per byte, the mempool cleared you guys. The mempool cleared a few times in the last little bit here. Wild to see, it had not yet cleared the entire year until these past couple of weeks. So you can get cheap transactions in on the regular right now. So maybe you want to do that. Maybe you want to open some lightning channels. Maybe you want to move some funds around that you've been meaning to and avoid some fees.

So check that out. Now before we dive into the news, of course, shout to two sponsors of the show. Leddon. I.O., you can use your Bitcoin for a variety of different services. Of course, Bitcoin back loans if you're in a pinch and you need dollars, but you don't want to sell your Bitcoin because that's taxable. And maybe you're worried about having a buyback at a higher price. You can deposit Bitcoin, get dollars into your bank.

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This is how I help myself live on Bitcoin. And guys, shit's been crazy. Shit has been crazy this past couple weeks. I was almost dreading doing this new show because there's so much to cover. But let's start at like the most important thing. And I'm going to kind of most of today's shows be a theme in and around El Salvador. And so if you've been under a rock, El Salvador basically officially legalized Bitcoin as legal tender in the country, which means that as a merchant, you can accept U.S. dollars. they do not have a local currency and now Bitcoin.

Now, you technically have to accept Bitcoin unless you're a merchant that just doesn't have access to to Internet and stuff like that, in which case you're exempted. But they want people to be able to pay in their choice. Now, the reason for this comes from Jack Mallors largely. He was spending a lot of time down in El Salvador, helping people down there at a place called Bitcoin Beach and using the strike app to help them be able to be able to, to get their remittances with basically zero fees. And so if you're unfamiliar remittances when people from other countries go abroad to work

and then send money home to their families, those people get raked over the coals when they're using stuff like MoneyGram or Western Union, especially in places like El Salvador. Some of the numbers that he was throwing out here, sometimes 30%, sometimes 50% of the amount sent to people in El Salvador gets scraped away by the. these vultures in the middle. With strike and with Bitcoin, that doesn't exist. And so they can instantly get the remittance. They don't have to wait.

They don't have to go to a busy city center where thugs wait outside of a lot of these places because they know you're getting money and then they just mug you for your cash afterwards. All of that goes away because it's instant and it's effectively free. It's crazy. The announcement was, I would say, super emotional. like he was crying through it because he lived there. He lived there with the people for months to understand the problems and issues they were

facing. Jack is an absolute legend. And after he spent a bunch of time down there, he was onboarding so many people. There was so much interest that the president called them up, asked for a meeting. They started talking together. They worked together to put forth a bill to make Bitcoin legal tender within the country. And as you can see here, if you Google El Salvador official currency, two things come up. US dollars and Bitcoin, the first country ever to have Bitcoin as legal tender.

And they will be holding some in reserves as well. They're also going to have a fund for locals that maybe don't want the volatility, but they want the ease of use so they get to use the network where they will have about $150 million in a fund where if you don't want to hold the Bitcoin, they will purchase the Bitcoin from you so that you can hold US dollars. So people still have that optionality if they want less volatility, but they get the benefits of the Bitcoin network and the Lightning Network for its speed and chief transactions. So kudos to Jack Mallors.

And I look forward to seeing how this plays out in the coming months as they really roll this out. I got to listen to the Parliament live as they passed the bill. That was pretty cool. That was pretty historic. And there's been lots of kind of response to this. I think this is a huge moment. But there's also, you know, the World Bank that is is neglecting to help here.

So not unexpected, of course, like Central Banks, World Bank, the legacy finance is not going to be too keen on this because it replaces them if it continues to be, if it ends up being a successful. So I'll read a little bit here from Reuters here. They say at World Bank 7 Wednesday, it could not assist El Salvador's Bitcoin implementation given environmental and transparency drawbacks. We'll talk about that in a second. We are committed to helping El Salvador in numerous ways, including for currency transparency and regulatory processes, said a World Bank spokesperson via email. While the government did approach us for assistance on Bitcoin, this is not

something the World Bank can support given the environmental and transparency shortcomings. Earlier on Wednesday, Salvadorian finance minister Alejandro Zelaya said the Central American country had sought technical assistance from the bank as it seeks to use Bitcoin as a parallel legal tender alongside the U.S. dollar. El Salvador's government did not immediately respond to requests from Reuters regarding the World Bank's decision. The minister also said ongoing negotiations with the IMF have been successful, although the EMF said last week it saw macroeconomic, financial and legal issues with the country's adoption of Bitcoin. Zelaya said on Wednesday the IMF is not against the Bitcoin implementation.

The IMF also did not respond to a request for comment. So let's talk a little bit about this. First of all, environmental concerns. I mean, if you've watched the show, you kind of know that's a stupid point. Number one, first you have to have a baseline of what you're comparing this to. The traditional financial system is incredibly wasteful. And when you look at them on a baseline of how much green energy they use, it's somewhere in the realm of just shy of 20%.

When you look at Bitcoin and its use of green energy, it sits close to 40% if you're being conservative. Some of the more positive studies that have been done puts it damn near 70% if you're taking into account a lot of the hydro, although that's probably diminishing with some crackdowns in China. But Bitcoin is effectively one of the greenest industries on the planet, despite all of the headlines saying how much energy it uses. They typically don't dive into where the energy is actually coming from. And a lot of it, even if it's not a green energy source, quote unquote, it comes from energy sources that are effectively waste. So energy that would have been wasted and gone to nothing, Bitcoin miners tend to find that because it's usually very cheap to pull from that. So wasted natural gas, stuff like that, they can go and hone in on that and scoop up that wasted electricity.

Anyways, here's the hypocrisy of all this. Thanks to Lena, Lena for bringing up these. So these are some headlines over the past six to 12 months. This is October of last year. Headline World Bank still investing billions in fossil fuels study shows. World Bank has continued to invest in fossil fuels despite pledging to fight climate change according to German environmental lobby Urgewald, which cited over two billion.

spent on projects in the past two years. Moving on from Reuters. Exclusive European officials urge World Bank to exclude fossil fuel investments. Senior officials from Europe have urged the World Bank's management to expand his climate change strategy to exclude investments

in oil and coal-related projects around the world and gradually phase out investment in natural gas projects according to three sources are familiar with the matter. And another one, exclusive World Bank revises climate policy but stop short of holding fossil fuel funding.

The revised policy and climate change commits to making financial decisions in line with efforts to limit global warming, but stop short of promising to halt funding of fossil fuels, according to a draft bank presentation seen by Reuters. And then, of course, the one we just saw at World Bank says it cannot assist El Dau, Salvador in Bitcoin implementation because of environmental and transparency shortcomings. I mean, if there's a greater point of hypocrisy I've ever seen, I can't name it. You know, it's what's best for me is not best for the, it seems to be. But hey, what are you going to do?

Banker's going to bank and Bitcoin will keep pumping out blocks every 10 minutes. As far as the transparency stuff, I mean, Bitcoin is literally a transparent ledger that anybody in the globe can audit. So I don't know what the hell they're talking about. Banking itself has been the greatest source of money laundering on the planet. So I don't know. Let's keep going. Now, on the same environmental front, if you want to go down that road, El Salvador plans to use electricity generated from volcanoes to mine Bitcoin.

So a renewable energy source to mine Bitcoin. Again, this is what Bitcoin does. It hones in on energy. that may not be feasible for other things and captures that energy and uses it to secure the Bitcoin network if it can't be used in another more efficient manner. So I'll just read a little bit here. President of El Salvador announced Wednesday that the country's state-run geothermal energy utility would begin using power derived from volcanoes for Bitcoin mining.

The announcement on social media came just hours after the Central American Nations Congress voted to make the cryptocurrency an acceptable legal tender. I've instructed the president of La Geosv, I'm not sure, our state-owned geothermal electric company to put a plan to offer facilities for Bitcoin mining with very cheap, 100% clean, 100% renewable, zero emissions energy from our volcanoes. This is going to evolve fast, he said.

This is from President Naib Buckeli. I think I hope I'm saying that right. Bitcoin mining has taken a lot of heat for being harmful to an environment since it requires massive amounts of electricity to power the computers to generate the invisible currency NPR. Come on. But boosters of the cryptocurrencies such as the CEO of Twitter, Jack Dorsey, say Bitcoin mining could lead to more renewable energy projects, such as the one being announced in El Salvador. So again, Bitcoin miners, they don't discriminate.

They seek out the most efficient sources of power. And that's where they go, which in turn will drive. the most efficient energy production. So dig it for what it is. Now, El Salvador is not the only country shown some interest. Shortly after the announcement, there was a slew of different higher-ups, different people in varying levels of government

that came out in support, dawned laser eyes. There's a list of countries here. El Salvador, Paraguay, Panama, Brazil, Argentina, Nicaragua, Mexico. And the list goes on, because this is like June, a tweet from June 8th. It's the 17th now. And there's just been a whole bunch since then that have come out. But just to highlight a few, Panama is to present crypto-related bill in July.

Next month, Panamanian Congressman Gabriel Silva plans to present a bill that could potentially spearhead the adoption of cryptocurrencies as legal tender and create tax incentives for crypto-related businesses. after El Salvador's president Naïem Buckele announced he was proposing a law to make Bitcoin legal tender. Silva tweeted on June 7th that if Panama wanted to become a true hub of technology and entrepreneurship, it should also support cryptocurrencies. Beyond that, we had the, what is it? What are these called?

The Central American Bank for Economic Integration. They tweeted out and said, and this was from Dante Masey, the president of the BCIE. He said, the signal that I want to leave you today is that the BCIE is accompanying El Salvador in this new and innovative policy of adopting the cryptocurrency called Bitcoin

for legal use. So these guys, they have founded countries of Guatemala, Honduras, El Salvador, Nicaragua, and Costa Rica. These countries signed the founding covenant, which establishes the CABEI to promote regional economic integration. Non-founding regional countries include Panama, Dominican Republic, which take part

in the Central American integration system and are represented before their board of directors and governors' assembly. And non-regional countries include Mexico, Cuba, the Republic of China, which is Taiwan, Argentina, Colombia, Spain, and the Republic of Korea. And yeah, it's crazy. Also, beneficiary countries include Belize. So pretty wild to see all of this playing out right now. There's also pushes for Ethiopia. So there's a project Mano. And for the last six months, they've been trying to push the Ethiopian government to consider mining and storing Bitcoin to combat rising inequalities and global inflation. So another project pushing for this, guys, when that first domino falls, they just all start to tumble. Now, it's not going to be cut and dry. It's not

not like we're on a Bitcoin standard right away. But this is, I believe we're witnessing an event that a decade from now, two decades from now, people will look back and say, people should have been paying attention to that because it was a big moment and a lot of people didn't understand. And that's kind of how I feel right now. I feel like the entire world has no fucking idea what is about to happen based on this one event. because they always play it off as it's, you know, it's just nerds using it. It's just criminals using it.

It's just gamblers using it. It's just some small companies using it. It's just a small country using it. It's always it's just. And it's always going to be it's just, until it's just fucking everybody. So this is that first big step. It's one of those big steps rather. Yeah, I don't think people get it yet, but a lot of people that watch that thing live, which was astounding to see, they got it.

So, yeah. And it's not just, it's not just Central and South America that are jumping on this train. Just a fun little note. Tim Wu is a top antitrust expert in the White House, and he's actually a Bitcoin millionaire, according to a personal financial disclosure he recently filed. So that's interesting. And in terms of other regulations in kind of state side, there was a crypto mining bill that died in the assembly after passing the state Senate in New York. And so this mining bill effectively, they wanted to support environmental goals. The union said the bill would prohibit a business based on whether it obtains its power

from a generator behind the meter versus from the grid and targets the use of a specific technology. The original bill proposed in the New York State Legislature would have enacted a freeze on new mining endeavors in accordance with the Climate Leadership and Community Protection Act

of 2019. They made some amendments to the bill. It made it through the Senate and then it got killed after that. So effectively, that's toast. I think that's a net positive. It was unnecessarily targeting a specific industry that will seek out, as I said, as we've been talking about this entire time, the most efficient power sources.

So it just seems counterintuitive to clamp down further on that. If it's not profitable, they will leave. Now, it's not all sunshine and roses and puppy dogs. With anything exciting, the leeches will come. out, the vultures will come out to feast on whatever the scraps they can get their hands on. So you have Brock Pierce coming out, huge Eos shill, prolific shit coiner. This dude pumps any scam he can get his hands on. He was previously on, what was it called, like the Bitcoin. There was like a Bitcoin foundation or something like that that was that nobody really wanted,

but he was a part of. And he basically, he tweeted out, very honored to lead this a official, note the wording, official delegation of Bitcoin ambassadors to El Salvador to educate the government about how Bitcoin, blockchain, and technology can create a brighter future for everyone in their nation. And, you know, everybody, all the comments here, you're not an official delegation of anyone, delegate this, grifter. Everybody was like, who elected you to represent anybody? Nobody wants you there. Yeah, so scammers like this are going to pop up. Of course, you've got Justin's son who never misses a marketing opportunity to move into El Salvador with a organization to establish an office in El Salvador.

Anything, anything to get in the news for these scam coin operators. It comes to the territory. And for a country in a position like El Salvador, where they're like, we want to attract business and entrepreneurship, to our country and they see these guys that are worth billions because they printed a token out of nothing, they're going to entertain these guys. They're going to say, well, maybe we don't quite know how this stuff works. Can you talk to us? So, I call it to you guys to help educate Salvadorians to not gamble and to not deal with this kind of crap if they want to use the Bitcoin network and sit in in dollars because they don't want the volatility. That's fine. If they want to

utilize Bitcoin and save for their futures with that, then more power to them. But I really, really hope that we don't see a bunch of people start to gamble with with shitcoins. So that's, you know, that's what I'm going to try and help do. And I'll talk about that in a minute. Anyways, some other news that kind of came out of the conference and I'm really encapsulating just a few things here. There's so much that's been going on. Jack Dorsey suggested that Twitter is likely to integrate Lightning Network. And this was a very brief exchange, but the Twitter founder had tweeted his appreciation for Lightning Network powered messaging app, Sphinx Chat, prompting a follower to ask for the network to be built into Blue Sky or Twitter, and he replied only a matter of time.

And so if you're unfamiliar, Sphinx Chat is a wallet that you can do encrypted messaging services that works over Lightning Network and you can like basically put a cost on messaging and you might wonder why might you do that. It's to permit spam. So for the average user that just wants to send a few messages, a small number of sats that are fractions of a penny each is trivial. But if you're a spammer and you're trying to basically blanket the network with a bunch of like spammy posts to get as many people to click on them as possible, all of a sudden that becomes prohibitively expensive. So that's an interesting use case.

Also native tipping and lightning and stuff like that would be very interesting via lightning network or rather via Twitter. So yeah, I'm looking forward to that. He also announced that he's looking at creating a Bitcoin hardware wallet. And I think this is coming from a place of making it cheap and accessible to people in other countries as well. Like El Salvador, people like that, if they want to secure Bitcoin long term, they're not necessarily going to be able to be dumping a hundred and something dollars into a device.

Even like 50, 60, 70 dollars, it's kind of expensive. There are some devices that you can grab for cheaper. I think the Blockstream Jade is around 40 bucks Canadian, I want to say. So there are cheaper price points, but it's still, you know, it's a good sum of money for people, especially down there. So anyways, what he said here is, uh, He said, Dorsey is proposing a new way for users to store their Bitcoin so it's not controlled by Square or any other company. A Bitcoin wallet could allow users to store the currency in a secure gadget and let them choose to spend it.

You guys all know what a hardware wallet is. His quote is, Square is considering making a hardware wallet for Bitcoin. If we do it, we would build it entirely in the open from software to hardware design and in collaboration with the community. He said, he explained how Squares product, if built, might differ from available alternatives. He said, the exchange you used to buy your Bitcoin probably attends to your security with good intent, but circumstances may reveal custody actually means IOU. Deciding to take custody and security of your Bitcoin is complicated. Yeah, so I'm looking forward to this.

Honestly, the more options out there, the better. And if there can be a cheap alternative, that's also secure and open source that is accessible. to people in other countries. I think that would be fantastic. I'd like to see more of that from all these hard work wallet companies. It's great having something like Keystone off the top of the show, but it's not a cheap device. And to people in those countries, it's pretty much out of reach.

So we need devices that are cheap, but also available to be used via your mobile device, right? So something maybe that plugs into an Android device, which is the majority of phones down there because iPhones are expensive or something that does have QR codes enabled like the Keystone so you can do air gaping. So whatever that method may be, if it can be done within a cheap price point, I think that's a good goal to have. Now, last thing, last couple of things I want to touch on. Yesterday, Michael Saylor had a live spaces on Twitter where him and the North American Bitcoin

Mining Council got together. So what are these guys? Effectively, it's just a group of miners based in North America that want to cooperate and potentially mine in a cleaner way. Now, this raised a lot of red flags for Bitcoiners. Rightfully so. I think we all have some PTSD from 2017 when a lot of miners and corporations try to take over and change the Bitcoin protocol. Luckily, that did not happen. Stefan Lavera did a pretty good roundup of all of what was.

spoken about in this meeting. I listened to a good portion of it. There was some good hardball questions from Caitlin Long. So hats off to her out of Wyoming. Peter McCormick was actually in there asking some good questions. There is a bunch of good stuff there. It seems, I would say more or less, it seemed positive. I'm not big on like official groups within Bitcoin, but of everything that I heard they're very conscious of what happened with the block size wars in 2017 and that attempted takeover. They know that nobody wants that. They know that if they attempt it, they will fail.

One of the guys, one of the miners there was literally saying, hey, I have a copy of the block size wars, which is a book that chronicles that whole event that happened. And he's like, I understand this. I know that the user activist activated soft fork proved that minors do not control the network. Um, so overall, I felt like it was a not a bad conversation. That said, I think, uh, you know, these guys deserve every bit of scrutiny they get every step of the way. Because that's just how Bitcoin is, right? Bitcoin is, uh, Bitcoin has become pretty good bullshit detectors when it comes to sniffing out stuff that it maybe is not in the best interest in the network. So we'll see how it plays out. Um, but in the end, uh, I think it was said best by a number of people.

in the chat. Bitcoin does not care. And if they try to do something, odds are, if it's not in the best interest of Bitcoin, it will fail. Guys, tomorrow, I've got some interesting people coming on. I have the advisor to the president of Columbia. I'm not kidding. I have the advisor to the president of Columbia coming on to talk about Bitcoin. I also have a lord. of the island nation of Tonga, or rather the kingdom of Tonga coming on to discuss Bitcoin. Both huge Bitcoin advocates that have seen the developments around El Salvador, they're going to be joining me tomorrow for why are we bullish? What is happening?

What's going on? I might have another special guest in there. I'm waiting to see on availability, but we may have one or two others joining us in there. but regardless, these two guys should make for some great conversation. I'm excited of this one. If you haven't seen these guys on Twitter, they're pretty solid. Back in April, the advisor in Columbia tweeted out that he was running a Bitcoin node himself, which is pretty solid.

Now, I hope I'm not going to scrub his name, but Lord Fisut. God, Fusitua, I'm so sorry. I'm going to have to learn how to properly pronounce. So tomorrow, but he's been tweeting out just straight fire this entire time. And he seems to have some pretty good hot takes on Bitcoin and everything that's going on. So I'm very excited to have these guys on. But I'm going to wrap it up there. Guys, it is so good to be back.

Thank you so much for being here. I really do appreciate you guys. Bitcoin 2021 was insane. I met so many awesome bitcoinsers. If you haven't seen them already, go back and check out. I did some like hot takes where I basically asked a bunch of different questions of Bitcoiners at the conference. Things like, why run a node or why are you bullish or does Bitcoin consume too much energy? All those kinds of things.

Go back, watch those. They're the most recent videos that I put out. I also put out a Lightning Network video on Moon Wallet just the other day. Very worth watching. Very unique way of doing a wallet. And I really like what they're doing. And I'm on stream. strike, guys. Yes, I am in Canada. No, it's not available in Canada. I'm on strike, though.

So I'm making a tutorial on this, namely to help out people in El Salvador that don't yet understand how to use it. I'm going to make a tutorial. I'm getting translations of a whole bunch of different videos done in Spanish so that people in Central and South American can start learning this stuff and doing proper security and everything. But I digress. That'll be coming out next week sometime, the strike video anyways, and then translations moving forward. But guys, thank you so much for being here.

I'm going to start wrapping it up. As always, please, like, subscribe, share. Those are very important things that really help the channel. Of course, if you want to hit up the sponsors before previously mentioned to elbow of the show, you can hit up Ledden, Bit Buy, Bill Fottle, Keystone, Bit Refill, all of them are linked below.

And if you really liked what you saw, new way of doing it, But if you really liked what you saw, you can always hit me up with a Bitcoin lightning network tip at my strike page. Strike.me slash BTC sessions. And you just, I don't know if you've seen this before, but you can literally be like, put in like a dollar amount. You hit the button. And then there's a little QR code that is a lightning invoice and you send and it auto converts to dollars. And then I can auto send that out to any lightning wallet.

But it's pretty wild. It's really cool. I'm excited to make this video. So if you're on strike, you can also find me. My username is just BTC sessions. But anyways, I'm going to wrap it there, guys. Thank you so much again. And I will see you tomorrow for another episode of why are we bullish live again.

And that's it, guys. Have a great evening, wherever you may be. And I'll see you next time for your daily session.