BTC Sessions - THIS IS WAR: Warren's New Bill Threatens BTC Custody Rights ep384

Episode Date: December 15, 2023

In today's update, we delve into Senator Elizabeth Warren's bill proposing to outlaw Bitcoin custody, a major development with potential to significantly impact Bitcoin ownership in the U.S. We also explore El Salvador's pioneering move to issue Bitcoin bonds in Q1 2024, amidst the backdrop of the escalating US debt situation. Additionally, we cover a new exploit found in Ledger Wallets, crucial for Bitcoin security, and discuss the implications of the FASB's latest rule change for Bitcoin treasuries. Join us for an insightful analysis of these key stories shaping the Bitcoin landscape. 💪 SUPPORT THE SHOW: Coinkite offers the BEST Bitcoin hardware on the market. Use this link to get 5% off anything in their store: https://store.coinkite.com/promo/BTCSessions  Nunchuk Wallet and their Honey Badger plan is a best in class assisted multisig setup with built-in inheritance planning and NO KYC. Pass on your savings to your loved ones with ease in a simple claiming process with full customer support. Check them out today! https://nunchuk.io/ SEEDOR is one of the most robust metal backups on the market today. Get your SEEDOR starter set today! Use this link for 5% off. https://www.seedor.io/discount/BTCSESSIONS?redirect=%2Fcollections%2Fprodukte For US based customers: https://www.seedor.io/btcsessions Canadian customers: https://link.thecryptoboutique.ca/BTCSessionsSeedor Start9 is your Bitcoin & lightning node, and full personal server - enabling you to take back control from the gatekeepers of your money and data! Grab a Server Lite, One or Pro today and become truly self-sovereign! https://start9.com/ HodlHodl is a NON-CUSTODIAL, NON-KYC solution to stack sats peer to peer! Buy and sell Bitcoin while maintaining privacy. Furthermore, you can check out their Lend platform for p2p loans that are never rehypothecated. Sign up and try it out today! https://hodlhodl.com/join/BTCSESSION Free video tutorials not enough? Need some extra hand-holding when mastering self-custody, multisig, coinjoin, running a node, or other skills? Book me for a private session on my website! https://www.btcsessions.ca/ Been watching the show for a while? Like what you see? Help me cover my video costs by sending some sats over on my Geyser Fund page! https://geyser.fund/project/btcsessions

Yo, what is going on, everybody? Welcome to the show. Another Thursday, another episode of Simply Sessions. Nico is here, and he's going to be giving us the latest and greatest in what's been going on. Or not the greatest. There's some shady people trying to do some shady things, and so we're going to cover that, too. Of course, I've got plenty of tech updates for you on the way as well. Lots of exciting stuff going on.

Please do, of course. Actually, before I go into that, this is live. Anything can happen, including rogue viruses, keeping us down. But I digress. 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. And thing sucks.

If you have not already, please do like, subscribe, share, all those things super important. A little like button just below the screen. Smash that. Right now, do it. It helps a ton. Give this a share on whatever socials you may be on. And of course, help me in my quest to 100,000 subscribers. We're on our way there. I'm hoping to do it before the end of 2024.

So hit that subscribe button if you have not already. I am Ben with the BTC sessions. This is your Simply session. Before we bring in Lee, Nico, let's take a look at where we are in the market right now. I'm pulling up. timechain calendar.com. Also simultaneously pulling up the chat over on the right hand side from now on on from here on in, all of your messages will be live for the world to see for better or worse.

But back to timechain calendar.com, we're sitting at $43,123 per coin. A single U.S. dollar will pick you up 2,319 sats in terms of fees. Ooh, a little bit of a bump there. 181 sats per byte next block anytime 36 sats per byte though i wouldn't trust that um you know open those lightning channels get uh get your house in order if you've been watching the show then you may have already done that sort of using lightning liquid all that good stuff uh so be sure to uh capitalize on that next time fees are low uh mempool is purging anything south of 17 sats per bite oh uh and in terms of bitcoin mine 19.57 million of them that's 93

019% of the entire supply. Shout out to sponsor the show hoddlehottle.com. If you're stacking stats, and you've got some priorities in mind that include peer-to-peer trading, instant self-custy, and no K-YC. This is a great place to go. You can sign up with nothing more than an email address. Once you're in, choose your currency, payment method,

and an amount, and you can start viewing offers immediately. You can also use their peer-to-peer lending with no re-hypublication. Yeah, and check out my tutorials on both those things. Links are down below. shout out to CoinKite, of course. Once you stack some stats, you're going to want to secure it with some of the best hardware on the market. I love CoinKite, everything they're doing. Cold Card Mark 4 is my go-to.

I have all their other goodies, tap signers, SaaS cards, block clocks, open dimes, all of it. And on top of that, I pre-ordered the hell out of the cold card queue. If you want to pick up yourself or reserve one of those or anything else I mentioned, head over to coinKide.com. You can use code BTC sessions for a hefty discount at checkout. But backups, of course, are important as well. Seedore has one of the most beautifully designed and robust steel backup options on the market. This keeps your seed words safe from the elements like fire, water, and corrosion. It's got a disc and capsule design, which is cool because if you need to swap out a seed,

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honey badger program. Basically, this is a multi-sig you can set up on your mobile device with things like the tap sign or cold card and plenty of other options. Once it's set up, you have baked-in inheritance planning, so your SATs always get to the next-of-kin. if anything should happen to you. And the whole thing is KYC free, so you don't need to give your personal information

to get it set up and working for you. Check out my tutorial and check out them at nunchuk.io. And finally, shout out to start nine. Your sovereign computing solution. These guys sell state of the art. Plug and play devices to host not only your Bitcoin life, but your digital life. You can run things like Bitcoin Core,

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So be sure to check them out, start9.com, I've got tutorials on them as well. With that, enough of my rambling, we're going to bring in our buddy. Nico, I don't know why you do this to yourself, but thank you for doing it. Yo, the monetary demons don't stop. We got to keep pressure on them.

Happy to be here. Well, you're a legend man. And also a huge congratulations. You are a newly married man. Right. Look, I got the ring and everything. There we go. Do we marry each other? Yeah, I think we're married. Yeah, my tip stood up when, you know, I said I do. So maybe there's something there. Yeah. Yeah. Well, dude, I'm glad you're here. And we'll blast through all of the goings on, all of the wild stuff.

And we'll just dive right into it. What's top of mind, man. What's been going on? Yeah. So very big news. The FASB votes in favor of fair value accounting. This happened a couple months ago. But the news that dropped today, what makes it so significant, is that they actually expedited

the date. So Bitcoin and crypto to be measured at fair value under new FASB rules, right? So under the new guidelines, which are the first of their kind in the United States, businesses will need to disclose the value of cryptocurrencies based on their market prices at the end of each reporting period. This move aims to provide greater transparency and accurate in financial reporting, acknowledging the volatile nature of digital assets. Previously, the old treatment accounted for Bitcoin as an intangible asset, which meant if the price went lower than what companies bought it for, they had to take an impairment

charge on their books, even if they sold. But if the price went up, they couldn't receive any benefits on their book unless they sold. Now with fair value accounting, periodically, companies can report the unrealized gains and losses to get an actual benefit on their book. So it's massive. And this is actually something that Michael Saylor brought up in a Twitter spaces. He said that three things needed to happen in order for Bitcoin to reach $5 million. Let's check out what he has to say. And you think the catalyst that 10X is it really is the moment that JP Morgan Chase

or other big money center banks can custody these for large corporates, that's it. that's the C change because there's really no reason why they shouldn't be diversifying the assets on their balance sheet. Is that is that your take? Because I know that like Tim Cook, I don't know where it came from earlier this week. He said something like, I owns a Bitcoin, but we have no designs on anything or I don't know if you said Bitcoin or crypto in general. Is that the thing? And then I think there's three. Look, first of all, it's going up by a factor of 10, whether they fix any of the stuff, right?

It's going to go a lot. It's going to be a grind up by a factor of 10 just because gold is broken and the coin's going to replace gold. And now everybody in the universe knows they need a non-solver and store a value. in the form of a bearer instrument. So now they're looking, the amount of stories. For last year, people said inflation may be coming, we're not sure. Now the mainstream narrative is flipped to inflation is here. You need inflation hedge.

So it's going to grind up to replace gold. It'll go to $500,000 a coin, regardless of why they fix these things. But there are three things that are massive catalysts that cause an acceleration. And I don't think that those three things don't take us to $500,000. They take us to $5 million a coin, right? Those three things are a spot. a spot ETF where someone can go ahead and buy a hundred million dollars of Bitcoin by a security an ETF security. I think that's one.

Two is your bank is going to custody it for you and lend against it. And three is I can market up or mark it down on my balance sheet based on fair value perpassou. It'll be parapassou to the way I'd handle Apple stock or at least that good. If it's if you have property with fair value accounting by the way, it becomes para Pesu. to the way you'd handle treasury bonds. So Parra Pursue, essentially what it means is Latin for equal footing. And right now on the accounting side, Bitcoin has not been on equal footing. So there's a couple things that he said, which was banks are going to custody it.

That's been happening all year. We've been covering it on Simply Sessions. Here's an article for not too long ago, Deutsche Bank to hold crypto for institutional clients. So it seems like what Michael Siler is coming through. And then the theory of the case is that the Black Rock, Bitcoin ETF is going to be approved in early January. But this is big news because this is one of the things that Michael Saylor said needed to happen. And check out the date.

Like this is going to be going to effect December 15, 2024. So really the year before the Bitcoin bull run. Right. So extremely, extremely bullish. And, you know, I didn't see a lot of people talking about it. But Saylor and Adam back were Jubilant on Twitter when the news dropped. this is a big deal for bitcoin adoption on the institutional level on the corporate level yeah yeah yeah man i mean it makes sense that like you should treat everything fairly across the board i don't

know why this wouldn't have been the case beforehand but um i mean i guess it's moving the right direction and anybody holding bitcoin on their corporate treasury has got to be happy about it i imagine a hundred percent i think it's i think it's really good news uh sailor said it himself uh you know these are one of the things that could potentially bring a Bitcoin to $5 million per coin, which is such a, like, a ridiculous number. I think we would all be very happy. And Ben and I would buy a super mansion in El Salvador and make studios. Of course.

But now I'm just kidding. That was a joke. I lost my Bitcoin in a boating accident. Anyways. So here, again, like, this looks great. This looks good. El Salvador's Bitcoin investment turns profitable. Buckele says,

And once again, you know, Buckele and Michael Saylor are proving the world wrong. They got so much shit from this. Buckele like literally timed the bottom. We are buying one Bitcoin every day starting tomorrow. They've just nailed that trade, man. So, you know, shout out to El Salvador. They're wrecking shit up. They're fucking shit up.

And I think that it's going to be undeniable for other countries. You know, here's Steve Hankey, the Panky, just saying like, oh, Salvador, it's horrible. it's bad. You know, this was like kind of in the narrative. And then Buckel is just dunking on it. Like, that was trash. That was a trash take. So super happy for El Salvador. And the last thing I'll say is that El Salvador to issue Bitcoin bonds in first quarter of 2024. And this news dropped two days ago. El Salvador announced Monday that it will issue Bitcoin bonds in the first quarter of 2024, the proceeds of which are expected to finance the construction of a Bitcoin city powered by a volcano. It goes on to say, quote, the volcano bond has just received regulatory approval from the Digital Assets Commission. We anticipate the bond will be issued during the first quarter of 2024. Bitcoin became a legal currency in El Salvador alongside the U.S. dollar in 2021 at the behest of President Naimu Kale.

The dollar has been legal tender in El Salvador and the El Salvadorian economy since 2001. So, I mean, El Salvador just stays winning. And I'm telling you, bro, like, as Naimu Kale's investment, and El Salvador's investment, and hopefully he doesn't get to his head, he already has a philosopher king in his bio, which is hilarious. You know, this will be, this will set, this will set an example for other countries around them and say, wow, that Bitcoin strategy really, really paid off.

And then, you know, it's off to the races at that point. Yeah. And I think, again, the biggest thing about it is, you know, it wasn't just all green candles since the moment. In fact, it's been mostly downward price actions since they went on a Bitcoin standard and started doing all this. But they continued despite everybody telling them to work, you know, that is a horrible idea. And so at the end of the day, it's very evident that they knew something that others didn't.

It wasn't just, oh, numbers going up, so we're going to do this. And then everybody, you know, saying, oh, of course you did it because it was obvious. No, they had to work against the stream for a solid period of time, which just shows their resolve. And again, their underlying, their understanding of what Bitcoin truly is. 100%. And shout out to Max and Stacey, where credit is due. Like, they've really been pushing that forward. So, you know, what El Salvador is doing is an example for the rest of the world.

And for countries that just want to get out of the Fiat regime, I think El Salvador is going to be a shining example. And I think it already is. In other news, Ray Dalio's U.S. reaching an inflection point where the debt problem quickly gets even worse. You know what? I'm not Ray Dalio, but I think this is just common sense. And these numbers are just like abstronomical. U.S. unfunded liabilities. That's million billion trillion, $21212 trillion. Liability per citizen, $630,000.

Medicare liability, $40,000. Social Security, $26,000. I mean, like, how are they paying for this? Well, they're paying for it via currency debasement. They're playing it for inflation, which I was listening to a podcast by Breedlove today. And the way that he describes it is it's essentially it's, what is it when you print money illegal? I forget. Oh, it's counterfeiting.

Yeah. Like just fully counterfeiting everything. Yeah. And then they're stealing from everyone. Everyone, and this is happening on a worldwide scale. scale, this system of fiat, it's like essentially a pyramid scheme. And anyone who's working for dollars, so like lower and middle classes, you constantly have to work harder and harder and harder. And the rich get richer because they're holding onto assets, right? So how long is this going to

last for? I mean, who knows? But I mean, the writing's on the wall. Like save yourself from political money. I think the ship is going down. I can't tell you how long it's going to take. but, you know, it's without a doubt, Bitcoin is the lifeboat to this. This is one of my favorite websites, priced in Bitcoin 21. And it shows you that if you were, you know, saving in Bitcoin, which is what I think it's meant to be, it's meant to, it's the best savings technology mankind has ever seen, no matter what, like even housing, which essentially doubled, is 78% cheaper than it was five years ago.

On a three-year time scale, it's 66% cheaper. on a one-year time scale, it's 57% cheaper. You could have never have believed that. If I would have told you, yeah, if you were saving a Bitcoin, if you're living on a Bitcoin standard, housing has actually gotten cheaper for you. It has not gotten expensive like everyone else is experiencing it. So pretty, pretty cool, in my opinion.

That's crazy. I just want to illustrate one point. Can you bring up that debt clock again with the U.S. national debt as it's ticking? Okay, so I just looked it up really quick. the median household income for the U.S. in 2021 was around 70,000, something like that. So just to give you an idea how quickly the debt is out of control, literally like if I were to eyeball it, it's like watching the U.S. national debt numbers there, it's like, there's a household, there's a household, there's a household. And that's yearly. They're yearly, like literally like I could go

like this, and that's how quickly they're spending a household worth of wages every, like, couple of seconds. It's insane. It's crazy. And, like, they just don't care. Like, I think it's because they're old and, like, they just don't care about the future generations. And you have Biden, like, essentially touting, like, we're going to send another $200 billion to Ukraine. It's like, where does that come from? Like, we can't afford that. They're just taking on debt to fuel this war that nobody wants. Like, if people knew that, you know, that, you know, that. And it's, you know, this money for Ukraine was coming out of their like out of their pocket i don't think that they i don't think that the american public or any public around the world would be okay with it but because they get away

with it through the hidden tax of inflation and the the dollar number stays the same it's like very tricky like you you you literally have to orange pill someone for them to really understand what is going on so pretty crazy insane yeah um anyways So this is the big news for today. I'm making it, Ben. I'm making it. So this is the big news for today. And of course, we're going to talk about Elizabeth Warren, Senator Elizabeth Warren.

We have all the receipts. And we've actually been on top of it at Simply Sessions. We've been covering every single time she's been attacking. In my opinion, this is the most sophisticated attack on Bitcoin self-custody and Bitcoin peer-to-peer in the United States. And American Hoddle said it best. Let me see if I could find the tweet. Give me one second. No, I can't find the tweet.

But essentially what he's saying is that it's not a coincidence that they're trying to pass this bill on the verge of a Black Rock ETF. Like, they're okay. They know they can't ban it, but they want to essentially capture it. So let's get through what the bill says. The bill from Senator Warnock massively expands

the Bank Secrecy Act and posing bank like KYC rules on non-custodial software. products, including free and open source software, and it's gaining steam with five new co-sponsors. The bill has 21 senators. 21 senators are supporting this. Essentially, what they'll try to do to pass it is that they'll put it on a must-pass bill, right?

So they can't pass it by themselves, but there's a lot of must-pass bills in the U.S., like just to approve budgets and all that should. It's a bunch of bullshit. And what they'll do is that they might tack this on there. and, you know, in the dead of night and try to pass it. This would be devastating for Bitcoin miners, node runners, essentially everyone that's holding Bitcoin in the United States, it says specifically the bill calls for dramatically expanding the Bank Secrecy Act

to cover open source software, including non-custodial wallets, miners, and validating nodes. As non-custodial and decentralized software cannot plausibly perform centralized compliance functions, Warren's bill would effectively outlaw crypto in America. I think that's what she's trying to do. Like she can't be bold and just ban it outright, but she just needed the terrorist attack in Israel. That's all she needed. Now we know that it was bogus. The Wall Street Journal article was bogus.

But, you know, I remember Ben during the Binance press conference. And everyone was paying attention to Binance. And I remember I was hosting the space for Swan and I turned white. And one of the first things that I said once that press conference ended, is they're going to go after self-custody in the United States of America in the United States of America. And the reason I knew that

was because of the amount of times they mentioned terrorism in that press conference. They mentioned it at least 20 times every single person. So Garland, you know, the attorney general, Janet Yellen, like every single person that went on stage said,

Binance terrorism. But here's the thing. That's bullshit. Like if you actually look at the numbers, here's a great graphic by Senator Cynthia Lemmas, the Bitcoin Senator, crypto assets account for 0.69% of illicit finance. The rest of a list in that finance,

$2.9 trillion happens with the traditional financial system. Why aren't they focusing on that? Well, I think it's obvious. I think that this really what it comes down to is that governments just don't want competition. I mean, this is exactly what was predicted in the book The Sovereid Individual, which you read many times on Simply Sessions, right?

Here's a passage. New technologies will allow holders of wealth to bypass the national monopolies that have issued and regulated money in the modern period. Their importance for controlling the world's wealth will be transcended by mathematical algorithms that have no physical existence. In the new millennium, cyber money controlled by private banks will supersede fiat money issued by governments. Lacking their accustomed scope to tax and inflate governments even in traditionally civil countries will turn nasty. And that's essentially what this is. They're closing the escape valve. They're absolutely terrified of self-custody.

Here is Joe caller sorry. He has a legal background. says Warren's new bill probably the best chance of passing. It's okay. Excuse me. So Warren's new bill probably has the best chance of passing of any of the crypto legislation in the last few years. Now, here I'm going to bring you down essentially through memory lane of what has really happened over the last couple of weeks.

Here is Elizabeth Warren, super giddy. I think we played this last week. She got the CEO of America's largest bank, JP Morgan, to say the quiet part of out loud. And that's what they're really after with this bill. I've always been deeply opposed to crypto, Bitcoin, et cetera. You pointed out the one of true use case for it is criminals, drug traffickers, anti-money, tax avoidance, and that is a use case because it is somewhat anonymous, not fully, and because you can move money instantaneously, because it doesn't go through, as you mentioned, all these systems have built up over many years, you know your customer,

sanctions, OFAC, they can get bypass all of that. So like, you know, that's a big deal. You have the, you have the, you have the, you have the CEO of America's largest bank. saying we should ban Bitcoin worldwide. Now, if you want to see someone's incentives, you've got to look at what she's advocating for. So she's against Bitcoin vehemently. And what is she supporting? Let's check it out. So in theory, a digital currency issued and backed by a central bank could provide the advantages of cryptocurrency without those risks. The Federal Reserve, a trusted institution could provide a digital version of pass to the public that is secure, stable, and accepted everywhere. So it's not stable.

Okay. The whole point of Bitcoin is to save you from inflation. Like, yeah, the volatility on the day to day might be low, but on, you know, if you zoom out, the dollar is losing value to Bitcoin. And they can't have that. They can't have competition. And that's essentially what this is about. I'm going to play you one last video of Elizabeth Warren, again, colluding with the SEC. Now, we've made this assumption on Simply Sessions. We've said that, This Bitcoin Spot ATF, it seems like it's getting delayed for political reasons. They did a great job at Fox News using the Freedom for Information Act to discover that Elizabeth Warren was colluding with the FCC. They were exchanging notes. Like, I mean, it's ridiculous. Check it out. All right. A bombshell report tonight about how Elizabeth Warren, Senator Elizabeth Warren, and her office coordinated testimony with the Security and Exchange Commission ahead of a Senate hearing.

The Heritage Foundation Oversight Project, of which I'm associated, through a FOIA request, obtained emails from Warren's office to the office of Chairman Gary Ginsler two days before his Senate testimony back in September of 2021. The email from Warren's Economic Policy Advisor includes a list of questions. Get this, a list of questions that Senator Warren planned to ask, along with suggested answers for the chairman of the SEC. The advisor also wrote, quote, let me know if you're okay with the questions as currently written. Two days later, she said a follow-up, quote, let me know if it's looking like the chair has any issue with the framing of the questions. Definitely don't want to put him in a tough spot, end quote. And it appears the chairman didn't

have any issue with these questions because Senator Warren asked almost verbatim from the email. Check this out. Chair, counselor, advocates say crypto markets are all about financial inclusion, but the people who are most economically vulnerable are the ones who are, are most likely to have to withdraw their money the fastest when the market drops. Does this sound like the path to financial inclusion, do you? I mean, look, I'm going to say it out loud. Like, that is a smoking gun. Like there is collusion.

They colluded. They colluded on the messaging. You know, shame on this lady. Clearly, obviously, the state is fighting back. They have a lot to lose if Bitcoin becomes legal tender and if people start adopting Bitcoin. And I think this is the biggest escalation we have seen. to date, at least in the United States, but I'm calling it right now. I see this happening worldwide if it passes in the States. Yeah, I, again, I'm, the one thing that that I love is, is Warren's

track record to date, which is abysmal. So if anything, then I'm, you know, I'm gunning for that. But at the end of the day, everybody that's watching, if you're running a node, keep running your note. If you have, if you're self-custing, keep self-custening. Take it by the balls. Be self-sovereign. It's going to be really fucking hard to go around and shut off everybody's individual apps and confiscate the math that you did with dice. So yeah, you know, keep, keep telling the line, guys. That's going to be. 100%. It's almost like as if you're telling people to be sophisticated. Yes. Yeah, be as sophisticated as you can. Oh, man. Yeah. But if you're the U.S., what I got to say is, you know, call your senator who's supporting this.

There's a list. I know that Bitcoiners vehemently disagree with politics. But unfortunately, what I think is happening is that during the transition, I think politics can have a positive or negative influence on your life. Is my Bitcoiners don't want to hear that. So what do you, what do we fight back? Like, we make our voices hurt. That's all we can do. And I think that's how we're going to win.

Ben, I am dying. Thank you so much. Guys, this was your Simply Sessions. And the Christmas specials next week, baby. Yeah, man. Oh, man. All right, I'm going to get some rest. I'm going to get some rest. Love you, Ben.

I will see you guys on the next one. Peace out, everybody. Later, man. All right, everybody. Hit that like button for Nico, powering through the show. What an absolute legend. And I'm going to fill you guys in with the tech updates as well.

So, for it. Nico. Yeah, smash a like. But if you're not subscribed to simply sessions, if you're not subscribe to simply Bitcoin, then clearly that is an indication of how dedicated Nico is. So I want every single one of you that's watching the stream right now to make sure that you go subscribe to simply Bitcoin because that's the amount of passion that you're going to get out of Nico. He's powering through everything. I hope that he, again, I hope that he takes a few days off here. But nonetheless, we're going to power through. Now, I'm going to kind of bookend this section with the tech updates and all these different things with two things that basically make

bills like Elizabeth Warren's infeasible and unenforceable. And so we're going to start here with Bitcoin Jungle, just enabled 200 plus stores in Costa Rica to embrace Bitcoin. And so what are they doing? Our single BTC pay server instance supports 200 stores totaling 5,000 invoices to date. It continues scaling efficiently without issue. Our goal was to integrate BTC pay server into the Bitcoin Jungle wallet powered by Goloi. We wanted to allow our wallet users to create a new BTZ pay server point of sale and link to their wallet to achieve this. We use BTC pay service Greenfield API to automate and create new stores, user. and users in point of sales.

Basically, they're doing the work, and this is like Francis Pouliott as well down there with Bull Bitcoin, and they're basically integrating Bitcoin into everything that they possibly can. And what I'm getting at here is you can have individual merchants, people peer-to-peer, dealing with Bitcoin. And when you create relationships and you know the people and you're actually going out and shaking your rancher's hand or, you know, you've got people near you that produce goods and services and you have a relationship with them and you transact together,

it's really hard to come along and say, you guys are no longer allowed to interact. And so, you know, it's a little bit easier when you get everything through like a faceless grocery store or, you know, you order everything online through large corporations. It's a little bit easier to clamp down on those types of transactions. But if you've got a local circular economy, it's a harder. So I encourage all of you to go out and do what you can to build those communities locally where you are. Be the change that you'd like to see in the world. So I'm going to keep on going here. Lately, off the top of the show, we were chatting a little bit about the fees. The fees are up quite a bit and they're fluctuating based on the DGEN's desire for paying for JPEGs.

But hey, you know, this was always going to be the case. Bitcoin on-chain transaction fees were always going to be high at some point or another. So it's holding our feet to the fire to be as efficient as we can with our on-chain transactions. And eventually the D-Gens, they run out of money anyways because, you know, it becomes not palatable to spend, you know, hundreds of thousands of sats or dollars or whatever the amount may be to put a dick butt on the blockchain. But nonetheless, there's been a lot of hype in and around liquid lately. Of course, there are tradeoffs with Liquid Network, but I do think it's a very feasible kind of midterm solution when you're, number one, kind of gradually accumulating

and looking to eventually move to on-chain for long-term savings. I think it's a great mechanism. It's also a great go-between when you're going between on-chain to lightning and you're kind of hopping between all that stuff. I did a full in-depth video on how you can use. utilize liquid in combination with on chain and lightning to kind of make yourself as efficient as possible and reduce your fee burden on chain as much as possible while still being able to long term get things into savings on chain and interact with lightning in a way that is self-sovereign

and is a self-custody. So anyways, you can find that on the channel. I've been seeing, there's been some good memes lately in and around liquid now that it's clearly starting to be used more often. There's one that Cedore made and it's like a video and Adam Back's face is like pasted on some like CEO and they're celebrating because more than five people are

using liquid. It's pretty funny. Anyways, if you haven't played with liquid, yeah, it's very, very, it's effectively the exact same experience as using Bitcoin except for faster, cheaper, and more private. Okay, moving on. Speaking of which, privacy,

E-Nuts, there is a, an update with auto mint swapping. So if you're unfamiliar with a Xiaomi and eCash on Bitcoin, well, you can check out my video on the E Nuts wallet as is. But basically, they implemented optional auto mint swapping upon receiving tokens

from untrusted or non-default mints, among other improvements, which is awesome because effectively you can run a Chowmian eCash mints on lightning and you can use them in a very private ways, but there's a trade-off in and around trusting the mints themselves not to rugpole. And so to mitigate this risk, you can go with mints that you explicitly want to deal with, and you can auto-swap from receiving any Bitcoin payment from a mint that you do not trust to one that you do.

So that's cool. I like that. That's really awesome. Shout out to BitKit and John Carvolo. some updates on their wallet. So basically, one of the biggest updates they've done since the beta launch, over 402 improvements, it says you can now receive lightning payments, even if you have no receiving capacity or no Bitcoin in your wallet, no need to manually transfer from savings to spending, all that kind of stuff. No more waiting for instant payments to get ready, transfers from savings,

and you'll be able to send and receive in less than a minute. Bitcoin already supports signing to websites. We've now added support for LN URL. withdraw an LN URL pay. Furthermore, you can now pay to taproot addresses and lots of other fun things. But it looks like they're doing the work. They're trying to make it as smooth and as intuitive as possible. I like their vernacular using things like savings and spending wallet, all that kind of stuff.

So I think they're doing a good job. And hats off to John. I think he's putting in the work there. Mutiny adds Noster wallet off. and it can now be self-hosted with StartOS. So basically, you can now, instead of trusting Mutiny to run your backend for everything, you can actually host Mutiny wallet on your own Start 9 server and link your wallet to it, which is awesome.

I'm going to be playing around with it. I've got my Start 9 server behind me. So again, basically you can self-host your own private Mutiny website, build, and package by Ben the Carmen. who's awesome, who is joining us on the Christmas show next week. They also, again, NosterWallet Off, a better way to do Noster Wallet Connect. And it simplifies the experience of connecting your wallet to Noster Clients and services, such as Zappel Pay with one click or the scan of a QR code.

You can create a new connection in Mutiny or any other wallet that adopts Noster Wallet off, which is awesome. So, again, these guys are doing great work as well. Crowd Health, they've integrated Lightning with Breeze SDK. I'm not going to touch on this for too long. Crowd health is something interesting, but I'm in Canada, so it doesn't make as much sense here. I guess I may as well milk the system, even though it's very, very inefficient. And we don't have private options up here really as much.

So, yeah, it doesn't really make as much sense for me here. But I'm mostly just interested in the fact that they've implemented Lightning using the Breeze SDK. So software development kit is what that stands for. But what Breeze has done is they've made it easy for anyone to implement lightning in their app. And we're starting to see it pop up all over the place. And we're going to start to see tons of innovation in and around Lightning Wallace because of this SDK, along with Blockstream's green light, which allows you to have, like, hosted lightning nodes on their server. Everything can kind of be automated, which is awesome. Moving on, mini bits.

This is another Xiaomi and E-Cash cashew wallet with Lightning slash Bitcoin. This is the 0.1.5 beta seed-based e-cash backups.

So if you're unfamiliar with how e-cash is normally backed up, it's kind of more of a file system. It's a bit of a pain in the butt, but now you have a regular backup, like a regular Bitcoin wallet write down your 12 words

and you're off to the races, which is awesome. And again, nice to see innovation happening. all over the place. I wanted to let you guys know, of course, that I dropped a new tutorial just yesterday on something called ZapRite.

ZapRite is basically a payment portal that allows you to create payment links as well as invoices denominated in Bitcoin. And so you can do on-chain, you can do lightning, you can even do liquid, you can connect your own Bitcoin wallet, you can connect directly to your own LND node, which I did in the video, and it took all of like,

a minute to do, which is amazing, and it was over Tor. And then again, you can drop liquid addresses into invoices. You can also add Fiat payments on the same page, and then you can charge a premium for anybody that wants to pay you in Fiat. So if you still have Fiat paying clients, but you want to encourage them to look at Bitcoin, we'll add a premium to Fiat payments, and there you go. Somebody will say, well, if I can pay 10, 20% less if I'm using Bitcoin, maybe I'll look at doing that. And yeah, which is. just super awesome. So anyways, check it out. The people behind this, one that you'll find the most familiar Parker Lewis is over at ZapRite. And so I got to chat with him about what they're doing

and thus came this video to fruition. And I think it's going to be my preferred payment mechanism from now on in my invoicing tool. It's just, it's so slick. It was so easy. Love it. And then a couple last things here. Tomorrow, why are we bullish? We've got Seb Bunny. He's He's from Looking Glass education, and he just wrote a book called The Hidden Cost of Money, which Preston Pish was singing its praises the other day. He's got a lot of attention, and it went up to number one on one of the Amazon reading lists. And it's like it's him in number one, Lynn Alden and number three, and then the absolute hack, Stephanie Kelton with the deficit myth,

sandwiched in between them. And I figure if you read one and three and then also read two, the absolute destruction of the ideas in number two will just be so beautiful to witness as people read those top three together. Anyways, we're also having Scott Dietl's and John Har. It's going to be a good time. Make sure you join us tomorrow at 6 p.m. Eastern Time. And the last thing I want to finish off here with in updates is coming up in just two days, I am hosting the first ever Saturday Sat Market, or we're just calling it the Saturday market.

And it's here in my hometown of Calgary, Alberta, Canada. We've got 35 vendors, I believe. We're basically full. We can't add any more. We weren't sure if it was going to look awkward in the room for being too small. Seems to be the opposite now, which I'm very, very happy about. So everybody that's been sharing this around and kind of pumping the hype in and around the Saturday Sat Market here in Calgary.

Thank you so much for doing so. I really do hope it will be a success. We've got the vendor interest. We've got lots of people coming down. And so, yeah, I will try and share out as it happens, all the excitement. If you can, jump over to my Nosser, my Twitter. I've shared it previously. If you can blast it out one last time and get this last bump of excitement for it,

It would be very, very appreciated. You can find it on number of places. There's an event on Orange Pill app. There's an event on meetup.com. There's even a Facebook event as well. So anywhere that you happen to be, give those a share wherever you see fit. And that would be huge. I'm very excited.

And again, like the eclectic mix of merchants that we've got going on. We're going to have education stations for newcomers to Bitcoin. We're going to have a live Q&A with, with a gentleman by the name of Graham Wardle, who is an actor, podcaster. He was on a Canadian TV show called Heartland for 15 years, and he's a big freedom advocate as well. So very excited to have that conversation.

We're going to have live demos of Bitcoin mining heaters and all that kind of stuff, and just a ton of artists and farmers and people that just create value and want to join in a Bitcoin store. circular economy. So this is round one. We hope to do it again. Maybe we'll travel with it. We shall see. But either way, if you can give it a share, it would be huge. It's pinned to my profile on Twitter, by the way. And that's about it. I think I'm going to round up here. I guess in the

vein of me doing the ZapRite thing, I actually updated my website. So if you go, if you scroll down, there's a little thing that says leave a tip. And it actually takes you to my ZapRite page and allows you to tip in lightning. It goes directly to my own lightning node, which is pretty cool. Anyways, I thought that was cool. But I digress. I'll wrap it up here. Thank you guys so much for being part of the show.

Shout out to everybody in the chat. I see you there. Earth Roots and Tyler and Flick and everybody, Sat Wise, Higher Calling. Thank you guys for making it out. I really do appreciate it. and if we can all wish some good vibes towards Nico that he recuperates and actually takes some days off. Nico, take some days off, man.

Let yourself recover. But show him some love, tweet out or whatever. Shout out, shoot him a note on Noster and just wish him some well wishes and to feel better and tell him what a trooper he is. Anyways, guys, I'm going to round up here. If you want to help the show, like, subscribe, share, all those things I said before. Of course, you can hit up the previously mentioned sponsors in the show notes down below. Those were hoddle, hoddle, coin kite, cedar, or nunchucks start nine.

And on the screen right now, there's a QR code. If the free tutorials are not enough and you need some handholding, you can always book me for one-on-one sessions at my website. You can scan that QR code. It'll take you right there. Or if you're listening to this on the pod later, the website is simply vtcccessions.ca. you'll see the spot for 101's. And with that, I am out. Have your guys.

Guys, have yourselves a wonderful day or evening, wherever you may be. I'll see you guys next time for your daily session.