TFTC: A Bitcoin Podcast - #240: Bullishness, timing births with bull cycles, Bitcoin 2021, and the youths with David Bailey

Episode Date: March 23, 2021

Join Marty as he sits down with David Bailey, founder of BTC Media, to discuss: - How bullish is David? - How high will bitcoin go? - Timing the birth of his children up with bull markets - Bitcoin 2021 events - Bitcoin 2021 location - Bitcoin Magazine content - much more Check out Bitcoin 2021 (Use code "SATOSHI" for 10% off) Shoutout to this week's sponsors. Cash App. Start #stackingsats today. Use the promo code: "stackingsats" to receive $10 and contribute $10 to OWLS Lacrosse when you download the app. Lend at Hodl Hodl is a new non-custodial bitcoin backed lending platform, that allows peer to peer lending and borrowing between users, globally, anonymously & on your own terms. Create you offers & set your own terms on lend.hodlhodl.com Compass Mining. Compass wants to democratize bitcoins hashrate and give everyone the ability to strengthen the network while mining bitcoin profitably. Thanks to Compass, it’s never been easier to mine bitcoin. Check them out at compassmining.io Braiins. Braiins are leaders in the mining industry; running Slush Pool, creating firmware to make miners more profitable (Braiins OS+), and building out Stratum V2 to help further decentralize mining and make Bitcoin more robust. Check out their mining profitability calculator.

What's up, freaks? It's your boy, Marty Ben, here to introduce this episode of Tales from the Crypt. I had the pleasure of sitting back down with David Bailey, founder of BTC Media, the company throwing the Bitcoin 2021 conference this June 4th and 5th. It's going to be a dope one. I mean, we were supposed to announce the venue on this one. Obviously, they announced it yesterday. I'm a day late. Well, actually, they're a couple days late. I wanted to post this last Friday, asked me to hold up, and then yesterday I got caught up traveling, gam stuff, whatever.

You guys know, it's at the Mono Wynwood. We talk about much more than just where the conference is going to be. Again, last time David was on, made you freaks pretty bullish. I think this is another episode in which you guys are going to leave feeling quite a bit bullish. getting a lot of flack for the ad reads and how repetitive they are so i'm gonna try and set it up like if you want to stack sats you know about the cash app the motherfucking cash app probably stack sats send sats receive sats i can't do it it's like too in my head too much send sats receive sats you can sell sats if you so please you can send sats to cash app

users using cash tags they've added that functionality dca and the sats set it forget it by daily weekly bi-weekly uh you can get sats back on some boosts when they're available you go use your boost card wherever visa is accepted you hit your bitcoin back boost you get sat sent back to you that way uh what else they got it can be your bank account offering account numbers and routing numbers make your paychecks direct deposited so you can stack sats quicker if you haven't done this already make sure you go download the cash app use the code stacking sats is s-t-a-c-k-i-n-g-s-a-t-s you're gonna get ten dollars and ten dollars gonna go to our good friends at owls lacrosse that's owls lacrosse owls lacrosse this rip is also brought to you

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as that we've had jan and pavel co-founders of brains on tftc in early 2019 on episode 73 talked about the history of slush pool why they're building brains os stratum v2 before it was stratum v2 we've had edward evenson evenson is chilling down in mexico eating cheese right now he was on episode number 199 talked about their new custom firmware stratum v2 race to the bottom for mining pools uh they're working on hash rate futures they're doing it all they've always been bitcoin focused as well they never mind bitcoin cash bsv uh they discovered amp lead and patched that up in 2018 um brains team verified the s9s could run about 13 more 13 more efficiently with it wasn't public yet and they made it public made the firmware public via brains os their software

so if you're a miner uh if if you are interested to see how profitable you can be with mine they have a mining calculator as well uh if you're not if they have your their brains os software available for your mining model use it it's going to make you more profitable uh slush pool obviously it's the oldest pool in the game been around for a while and they stay true to bitcoin i just want to thank brains for supporting the show and supporting bitcoin throughout throughout many many years um when when what's minor uh last but not least we got our good friends at compass mining.io they are helping uh individuals get into the mining game to help distribute the production of hash rate to more individuals basically the way it works they they've made

it a simple process for you to buy a miner and get it plugged into a hosting facility with competitive energy costs energy rates so you get a compass mining.io pick out your miner pick out your hosting facility uh they buy it for you they plug it in and they start streaming sats to your wallet um you're going to dca into bitcoin via mining if you want to do it that way compass mining.io you can go to the to the slush pool uh profitability calculator too and plugging the energy rates the price of the miner all that stuff and see how profitable you're going to be when going to get your payback and combine those two two functionalities so if you if you want to get into mining they've made it very easy to go from zero to hashing to receiving sats they've they've

taken out the complexity of trying to find cheap electricity for the individual and they've got great customer support compass mining.io c-o-m-p-a-s-s-m-i-n-i-n-g.io let me make sure it's dot io because now i don't have the ad read in front of me i just need to double check yes it is dot io all right enjoy this rip with david bailey freaks love all y'all you've had a dynamic where money's become freer than free if you talk about a fed just gone nuts all all the central banks going nuts so it's all acting like safe haven i believe that in a world where central bankers are tripping over themselves to devalue their currency bitcoin wins in the world of fiat currencies bitcoin is the victor i mean

that's part of the bull case for bitcoin if you're not paying attention you probably should be david bailey everybody it's been a couple years sir how you've been good it's been it's been a long couple years but uh thank you for having me on the podcast today and thank you for coming on it's a shame we're not in a hotel room drinking angels mb but i'll take what i can get but that was 2018 2019 i think maybe two years 2019 it all goes by there's been a whole pandemic riots in the streets there's been a mini moon um yeah it's been a long two years there's been uh there's been some moving of conferences and a lot of hype around conferences it's uh it has been a long two years but i think we're in a good spot right now i mean i think your episode

is still to this day two years later at least get like a notification at least every couple weeks once a month maybe at this point of people referencing it as one of like the most bullish episodes in tftc history i think the last 10 minutes ended on a very bullish note and compared to where we were at that time in 2019 i think it your your trajectory of bitcoin or your prediction of where bitcoin was going was was somewhat correct yeah i that you know i've been off twitter for three months now but i'm like every day i really want to get back on because pinned to the top of my twitter for like the past three years has been like my price predictions where things were going to go and we're like tracking spot on right now so it's like i

you know my need for you know other people to know i i called it is like you know driving me back i think uh i think you're gonna have plenty of time to gloat in miami in early june that's right yeah it's just crazy like everything that's that's aligning right now like 2019 like it was consensus 2019 so it was like what may april was like very near the coming up from the from the lows of february 2019 and it's just crazy to see how much has happened between now and then like what are you looking at now particularly that's like sticking out to you like that that maybe exceed your expectations or is right in line with what you thought so you know the biggest thing that i keep hammering home about you know with our team is like once we go above 250 000

bitcoin prices or like we get into six figure bitcoin prices um we're we're in a whole nother world in terms of explaining what's happening to the everyday to the mainstream let's say so like you know you can make a very logic-based case for 400 000 bitcoin prices hey if we eat 10% of this market, or if we get to this market cap of gold, or if we get to like this or that or this, this is what the expected value of Bitcoin will be. But once we get to that price and we're still going up, how do you explain that? How do you rationalize when we get to the point where Bitcoin's adding a trillion dollars to its market cap in a day? And now we have to move the conversation beyond just like hey bitcoin is a better form of gold to the conversation of

hyper bitcoinization and and like in the abstract where do we go from here and i don't think there's really anyone making the case that i've seen at least making it well about you know bitcoin 2.5 million bitcoin 25 million bitcoin 250 million like i mean this the the to get into that like how you know how do you explain to someone why bitcoin is going to have a bigger market cap than commercial real estate plus bonds plus equities all add together you know like that that doesn't make sense in the existing paradigm and i think that that conversation and that conversation being like real and not just like wow you know you've smoked a lot of pot like that that is this year at the end of this year when people are trying to articulate what what's the next bubble look like

you have to go to those heady places that's the only way to make it make sense so i think the conversation you know is gonna it's gonna change a lot when hyper bitcoinization is like the top or any people are waiting on and like the first time janet yellen has to comment on like the concept of hyper bitcoinization i think that's going to be an interesting interesting discussion maybe maybe like at that point she'll be sitting down with bitcoin sign guy and they'll be having like a one-on-one conversation a retrospective of the buy bitcoin sign janet how'd it feel to be wrong that's your uh job internship or something she's applying for that you know uh he's gonna the bitcoin sign guy will be the manager of right she can she can go work for

her but it would be hilarious actually in our last podcast we were joking about one day you know we can't wait to go through the uh yard sale of uh uh paul krugman you know and and buy his um his uh economics prize nobel prize off of them for you know that's yeah here's five sats paul don't spend them all one place uh no it's great like when you get to that and that's something like 250 million dollar bitcoin would be insane uh but when you think about it particularly like outside of gold in the context of that like i think you start with commercial real estate real estate like when you point to manhattan you go like why are these rich saudis why would they ever just buy a penthouse in new york that's never going to go to why would rich russian oligarchs

chinese oligarchs buy this real estate that comes with significant political and geographical risk when they can simply just buy sats and hold their own private keys totally totally like as as the as the group of people uh that are um you know all in on bitcoin grows the amount of of uh intra network transactions that will occur where you know uh i sell an asset that i own for bitcoin directly i get paid in bitcoin and hold the bitcoin um that type of activity will grow and And, you know, that's that's that's a whole nother way of parking value within the system beyond just like Fiat ramps and, you know, or ramps out. So, yeah, I mean, I don't know. I think that that world is getting here closer, you know, is closer than people think. I think it's like after the peak of this bubble, that's when this whole this this whole wide range of crazy ideas become like the only relevant conversation.

you know i mean so i don't know i i'm i'm uh incredibly bullish on what the rest of the year looks like uh i'm also really interested in seeing what people's crypto winter plays look like because i feel like crypto winter is as entrenched into the narrative as crypto spring is and so there's going to be a lot of people front running crypto winter this year which i think is the is the right approach um but how you front run it i'm curious to hear people's strategies and And at the conference, I think there's going to be some new funds launching that are going to be trying to target the crypto winter narrative. And if there's enough people that try to front run that, does that in some way limit how bad crypto winter actually gets? I don't know.

Yeah, it's something I think about a lot. Like, at what point is there a cultural tipping point where people know, like, all right, I don't want to cash back out the cuck bucks. I'd rather just keep stacking sats and maybe not even keep stacking, just holding what I have and viewing it as a steak and a very scarce pie. I go back and forth. A lot of people are like, oh, it's just natural. It's fractal. it'll overheat like it has in the past and animal spirits will take over and weekends will will crash the price significantly like it has in the past the the cultural acceptance won't be there

quite yet maybe next cycle but i don't know i don't know the stuff happens fast so you think about how fast like hyperinflationary events happen like weimar republic venezuela why couldn't it be similar with hyper bitcoinization or at least the understanding of of holding bitcoin for the long term. I think that's another thing too that makes me extremely bullish and can push the price to levels that people aren't even comprehending right now

is that there's this huge theme, particularly in America, that the government's going to ban Bitcoin or it's going to lead to America's decline. But Chris Van Dixon just tweeted something out earlier this morning that I really believe with. He said, I don't describe to the thesis of the inevitable American decline, my suspicion is that the US will shock the fuck out of people

and go all in on Bitcoin and emerge stronger than most people can even imagine. Underestimate the US at your own peril, fundamentals matter. And I completely subscribe to this thesis. I think just what we're seeing at Great American Binding on the ground at the state level, state governments are turning to Bitcoin as a solution. I don't think people have a case in which America welcomes Bitcoin with open arms in their mind at all. Well, you know, people have such a paternalistic view of government. Like the America can't do well if the American government doesn't do well. And it's like, you know, if you think back to feudal times, you know,

there are city states. I don't think anyone can even tell you, I mean, I'm sure there are people that can tell you, but I mean, do you, can you name the people who led city states and Northern Italy or, You know, Bavaria, Germany, like no one fucking cares anymore. And so, you know, I feel like there's just this irrelevance that comes when the population as a whole is able to accumulate wealth on their own and, you know, have more sovereign control over themselves. And so, uh, I, I, I think America is like, I, I really believe that we are on the edge of a, of a golden era. That's going to be driven by, um, digitization, you know, robotics and digital value. Um, and you know, I, uh, I think that that can happen and also the American government

can, you know, be a shadow of itself as well. So, uh, you know, they're not necessarily mutually exclusive, exclusive things. no i don't think so at all and i think there's really a drive to fix things this whole like what if the government bans bitcoin i love how what's just implicit in that comment is that we live in a totalitarian state where anything that challenges the power of the state is inherently going to be made illegal because that's not acceptable and like we just openly like the number one response i get from people right now is like the government will never allow that and it's like since when has it been acceptable that we're going to live in a place where the

government's not going to allow you to do something that you want to do that is not hurting anyone because it jeopardizes their ability to have monopolistic control over you like what is that right and then there's there's another like inherent admission in that statement too is that bitcoin is so powerful that it threatens like this like it actually works it is valuable to the point where a totalitarian totalitarian government would need to stop it you know any great company ever any great investment opportunity that's been world changing you could justify not investing into any of them under the the pretense of oh wow that's such a big idea that if it worked the government would never allow it i mean whether it's cars or planes or

the internet itself like i mean it's just what a dumb reason not to do your homework on something like it's oh it's not even worth looking into that because it's definitely going to be banned it's like okay well you know if your position is that you can't invest in bitcoin because it's going to be banned and you think it's that powerful you're implying it's that powerful then why do you think it's going to be banned how much homework have you even done or research have you done to know that it's going to be banned or that it can be banned oh you haven't done any like then why are we even having a conversation right now you know like i don't no that's like that's what you that's my first line that i go to like all right walk me through

the process like how are they going to bet how are they going to stop us from from leveraging the peer-to-peer network they're like well exchanges are going to shut down the exchanges and then like you're screwed it's like yeah i don't think you understand how much how much bitcoin isn't in uh personal possession of individuals like it's pretty high if you actually look at the numbers yeah i mean it's like also good luck uh shutting down the exchanges globally i mean like regulatory arbitrage is a beautiful thing yeah yeah it's it is and it's real and it's happening and again like we're seeing it here in the united states in a state by state and city level so like talk about like miami why you guys chose miami like was it the fact that florida

was open or the francis suarez mayor of miami is posturing towards bitcoin as something he wants miami to be uh forward thinking about to sort of attract you guys to relocate from la to south beach or not south beach but miami yeah no 100 i mean you know part of the frustration with um with dealing with the state of california is that everything was constantly up in the air no one wanted to commit to anything it was all politics i mean it was just all politics all the time and uh you know florida it's like okay first off uh uh they're already taking the heat coming out there kind of making themselves be the open for business and the freedom capital of the united states right now um and you know the situation's only going to get less intense than it was in

january so it was like okay let's go to a place that's going to clear all the hurdles for us and is going to like take on that sort of rather than deal with a place where you know no one wants to be accountable for any any of the decisions or you know no one wants to be accountable and we still have some issues in florida too with this it's not like it's uh florida's immune to it like we're trying to get a capacity number for the event no one wants to be the person who told us what the capacity was so it's kind of like this past the buck like there there isn't technically a capacity number but there could be you know but so anyway you know it's politics is politics but mayor suarez has been incredible and and um

you know i i it definitely has kind of shaded my my view of politics and bitcoin in the sense that there's such a big opportunity with bitcoin you know the one thing you can really count on politicians for is for them to follow the money and uh you know uh he who controls the money controls the world and you know bitcoiners control the money now and so you know we control the world and uh the first politicians that wake up to that fact and cater to us are going to be uh immensely rewarded um so you know i wrote that right you're seeing i mean you're seeing it like A ton of town is moving to Miami. They're being courted by Mayor Suarez and Ron DeSantis at the gubernatorial level.

You're seeing Kentucky passed a law last week that sort of courting Bitcoin miners specifically say, hey, we'll slash your sales tax on electricity costs up to a certain point if you come mine here. Wyoming, obviously, they have all the legislation they've pushed through. So especially if you're an early mover around Bitcoin, whether it be via mining or getting companies to come build in your jurisdiction and start pumping Bitcoin into the circular economy in your local region, you can start to break away, especially the mining stuff. Imagine a state just puts some skin in the game and puts up some funds for mining infrastructure and they just feed a portion of the Bitcoin mining revenue into a state permanent fund

that funds education healthcare uh like infrastructure all that stuff at some point if bitcoin keeps doing what it does getting to the levels that we've been talking about you can just say like fuck you to the federal government like take advantage of the 10th amendment and you don't even need like the federal funding carrot that they hang in front of these states like you can break away 100 yeah no and i mean all we really need is like five senators that will are like the the bitcoin coalition and like if they're democrat senators and they can basically block any bill that doesn't like have something favorable for bitcoin i mean we i mean we how many people in the united states do you think hold bitcoin right now

gander i mean just like recent weeks getting a bunch of texts from my brother's friends all being like i love bitcoin then they asked me about nft is like i'm not the nft expert i would just recommend holding bitcoin but just like from that i would say like 30 million like close to 10 getting there so i mean when you talk about uh you know the the the old saying like with the government it's like bread and circuses and like the you know when the government is is financially supporting the people that's how they can kind of control the people's vote well okay now bitcoin is directly financially supporting the people and like you know if you fuck with bitcoin you're now fucking with 30 million people who own bitcoin and uh that's a powerful coalition that's only

growing in size and only growing in their passion around this specific topic so if at the end of this bull run we're at 100 million people in the united states have exposure to bitcoin and you have you know five ten million people who have the vast majority of their net worth in bitcoin like that's political issue number one now is like what are you doing to help protect my investment into bitcoin you know like that's that's all you care about so um uh i think we're closer than we realize to to really being a political force within the country and i mean money is a political thing so it makes sense that that's where we're we're going towards but i mean Yeah. I mean, Senator Lummis, who you just announced literally minutes before we hopped on this call, will be speaking at Bitcoin 2021. She's on the Bank and Finance Committee, which is arguably the strongest committee that we have at the Senate level. I think that we have Bitcoiners in very powerful places.

you know we have another senator that uh we're in the process of confirming right now and we have a former presidential candidate uh uh from the other side of the table uh who confirming right now uh did it break up there you did i a former president on the other side of the aisle yeah uh so the i mean it's it's crazy kind of how how much of a cultural zeitgeist bitcoin is right now you know beyond the bitcoin scene it's it's a topic being discussed you know there's 30 million people in the world in the united states that hold bitcoin there's already 100 million people that are talking about bitcoin that just haven't squeezed the trigger. Yeah. And that's the other thing. I tweeted this out over the weekend. It's somewhat

contrarian to be an optimist now. Nothing provides a vision for an optimistic future better than Bitcoin where it helps people visualize and materialize an optimistic, better future than Bitcoin. And it makes me extremely bullish. And that's why I think, again, that shift in America opening its arms to Bitcoin is something people aren't expecting because everybody's extremely pessimistic right now with all the money printing uh like the the amount of debt has been accrued the the interest rates the the the situation in the bond market right now which is all very uh very disconcerting however like we have a way out and it's a very optimistic like we can build like right now we are building today so michael saylor uh uh you know uh prophetic in

so many in so many ways but hope.com i mean it's truly like it there would be it would truly be a hopeless situation right now without bitcoin like it you know it's um you know i'm i'm increasingly convinced that bitcoin is a religion because it's like you know it true like my my hope comes from bitcoin you know in the same way i guess some people would say like you know their their hope comes from their religion so um but yeah it's it's uh and the more the more wild and the more uh broken our legacy system becomes just the faster and faster people come um come to the light uh in terms of of bitcoin adoption and understanding it um yeah man hope hope.com hope.com all right well once you have enough people hopeful and optimistic about the future

and bitcoin sort of cemented culturally is something that's here to stay which i think we'll look back and we'll pinpoint some point in the last six months where it was like all right there was no turning back after this point i think no turning back point i mean we're already there i mean we're just in the process of everyone realizing we're there um but you know the uh i've been following this trend on uh the decline in birth rates i don't know if you've kind of seen any news about this recently but the just birth rates have plummeted um for a variety of different reasons but i mean in the past uh nine months uh like in the state of california it's down like 25 percent or 26 percent uh in births which is just like breaks all all models and like one thing

that people will will notice when they work in the bitcoin scene long enough um when there are Bitcoin moons, the number of people that are having kids and the number of, you know, new births happening at an office, they just explode. Like people, when they feel hopeful about the future and when they have, you know, financial assets to make them feel secure, they want to have families and children and, you know, like, like maximize their life, so to speak. And I think it's directly tied to having hope and so you have this like hopeless society that no one wants to have children in and then everybody's depressed in and everyone's medicated in and then you have this like hope-filled society where everyone wants children and everyone is like you know

trying to live their best life and so um if you had to pick between which of those worlds to live in like why would you pick the hopeless one you know right now this is actually hilarious that you brought this up well not hilarious the fact that everybody was like oh there's going to be covid babies and it's like actually the opposite is happening which is extremely terrifying um but bitcoin 2019 san francisco i don't know if i've ever told you this or anybody at bitcoin btc media but uh right before i went on stage uh to to moderate one of the talks my wife came up to me and told me she was pregnant like she had just taken a test it was like literally right before i went on stage to moderate like a multi-sig conversation and she was like yeah we're

having a baby and i was like whoa like but yeah it was like around there like leading up to the conference a few weeks before price was pumping i was pumping as well uh well uh you know my first my first little girl uh was the last level and then i have another little girl that's going to be coming in the month of july oh yeah congrats i paid one child a bubble but i might have to pick that that speed up a little bit i think so as well actually i'm a big believer i'm a big believer in this what a philosophy i'm developing called team life and uh the the premise of it is you turn as much inorganic matter as possible and to uh living organic matter and so uh you know like we need to like mine every rock in order to like convert it into like uh resources that can

be used to further and expand life throughout the solar system which you know like i'm sure there's a lot of environmentalists that hear that and they're like how dare you but like i want there to be like 10 trillion people like living their best lives out there and so i'm trying to talk my wife into having like 20 children you know sold on just like the second child you know to see that through but like i want to have a ton of kids one day i do as well we're um i think we're gonna start trying for number two as well so happy to hear you have your second daughter on the way hopefully um we can we can uh have have a new life join her uh at some point in the next year let's go man one more holder one more it's crazy like my son he just turned one it's been a

crazy it's crazy how quickly it changes you and how it changes your perspective on life and your drive um around everything totally and how much you realize what a piece of shit you are and how how lucky you got that somehow you scammed your way into a kid that's way way better than you so right my little girl like she's uh uh cute charming funny like all the things that i'm not it's like wow this is uh my ultimate scam my ultimate scam getting my wife to marry me my uh my son's hitting the toddler phase he's got his personality he's playing jokes in us now it's a beautiful thing to see it's uh yeah making again it's like it makes me want to bring the bitcoin dream to fruition even even harder and like makes me want to record more

podcasts like this and get the message out you should be having you should be having kids building strong families lowering your time preference we're going to save the world you know there's a another dynamic i've seen on this front and uh like especially with the conference for example uh we have this event called whale whale day and uh we have like these whale passes that are uh that are expensive and we've worked with some kind of investor groups where these guys are like buying a bunch of tickets in bulk from us and they get to bring a plus one with them with that um because they're buying two passes and you know we thought that it was mostly going to be people bringing their wives or whatever. And I'd say that 50% plus of the plus ones are

people bringing their sons. And so there's like this weird dynamic where it's like, you know, legit serious investors who like are coming part partially because they're, they're excited about the space, but also because their kid is super excited about the space. And this is like, they're the cool you know dad or mom who's invested in bitcoin who's coming to make investments and they're like really proud of like you know uh uh capturing their child's attention like that and so there's this weird kind of interplay between uh father and son and and like uh this like generational you know bridge here that bitcoin's making that i've noticed in in you know uh way more than people i think talk about or realize like this how much of a bonding activity

bitcoin is for for families not really i just think of my dad um personally we talk about bitcoin every day on the set and he was he was the one that really encouraged me to dive deep into it like i remember in 2012 he picked me up from the airport from chicago we were riding back to our house in the philly area i just remember being a little asshole i have my my feet up on the dashboard being like dad this bitcoin thing man it's it's kind of changed the world he was like very supportive early on and now it's gotten to the point where he's putting some of his he runs a coffee shop and he's a gm at a few restaurants he's starting to put some of their their excess cash into bitcoin at the business the small business level and like he's bought in and

like asking me how to do that that is a great thing to bond over yeah and there's you know bitcoin touches so many things so it's like it's not just like this you know it's not like talking out of stock all day every day it's you're talking philosophy you're talking technology you're talking you know ideology and it's such a uh it's a universe of thought so to speak dude another thing that's crazy that you just picked picked up on a minute ago was like um the age of some of these people that are getting into bitcoin you know i had someone from my high school alma mater uh send me a letter from a parent who uh i think i broke up again but i had a someone from my high school alma mater send a letter from a parent whose kid had was

asking them to help them set up a coinbase account a seventh grader who was really wanting to get into crypto they like terms of service on coinbase is like you have to be 18 years or older so they trying to get their their mom to set up an account and the mom was like super concerned like had no idea anything about any of this stuff and had told her kid to like write a letter put it in a letter and send it to me and so the letter got forwarded to me and this letter was like a full page single spaced like okay i need you to set up a coinbase account i need you to go through these steps like paragraph one paragraph two like once i get the bitcoin this is what i'm going to do with it you know this is how I want to invest it into different things I want to do this I want to do

that this is the tax implications of this like and then like I mean just this whole super well thought out thing it ends on this great line that's like um if you skimmed this letter uh and did not read you know every step you need to return to the beginning of this letter because every step matters and this is a seventh grader I so I get on the call with this this kid because i'm like i read this i'm like wow this is i'm pretty impressed right now uh you know this kid i mean it's a kid i think he's either just turned 13 or he's maybe he's still 12 years old and you know i invited him out to the bitcoin conference and it's like well the last conference that he had been to was a pokemon conference and you know i'm like sitting there thinking like wow

like like uh there's a i'm talking to a seventh grader right now who is like you know only other event he's been to is a pokemon conference and he's like deep in the tax implications of every bitcoin transaction and crypto to crypto transaction and what it takes to get an nft and how to get around the term of service and a coin and it's like holy cow man there's a whole generation of kids right now who like Bitcoin is the shit and they are completely obsessed with it and when those kids get 10 or 20 years older they're going to be all in on Bitcoin like they're not going to want anything to do with the old system it's just like how people our age I never built a relationship with the U.S. postal system like people were still doing cursive when I was

young but like first grade second grade you had to learn cursive but i still to this day feel uncomfortable writing a handwritten letter like i like feeling you know going into a post office etc um i think that that's what's like happening right now like if you talk to to the like pre-teens they are super all in on bitcoin and the uh it's fun to them it's exciting to them and that's super bullish yeah it's god bless the zoomers thank god it's like the other thing there's a hope right they're getting it and that's like who leads the way there's so much focus on it's not bad that the focus tends to be on on this class of people but institutional investors old heads pouring their their wealth into bitcoin which is important that liquidity and that that

volume of flows is significant, but in terms of largest impact on the Bitcoin economy and just the economy in general and how Bitcoin plays into that over the next hundred years, it's definitely going to be the younger generations that probably have a larger impact. Everyone's obsessed in looking back. No one wants to look forward. All those people that are the institutions, guess what? Most of those people on average are less than 20 years away from dying. When those people die, their money's going to go to someone who's a generation younger than them. like eventually the money's going to end up with the young people and so if if it's spreading like a mind virus amongst the young people like that's the best future indicator you're going to be able

to have of how much adoption demand and like people think it's hot now wait until this seventh grader goes through his first bubble and turns a thousand bucks into ten thousand bucks and he's in you know ninth grade and he's going to be the coolest cat at his school rolling around like the baller rich off of his his bitcoin uh holdings like every other kid at that school is going to be like how do i do what that kid did like it's yeah dude it's it's our monetary system has made it we're one of the most neglected classes of people are people under the age 18 this like it really catches hold in that in that group uh it's over it's over right especially if like they start coding early and they can start working remotely and building building stuff and getting paid

straight in bitcoin instead of having to go set up a bank account you have like this race to become a sat millionaire like uh between between the the youths of the world like and it becomes like a a clout game not that you want to say clout games um amongst the youth but um you just have like competition to stack as much as possible before you get to college? And maybe you stack so much, you're like, why am I even going to go to college? Why don't I just start working for more sacks? Truly, it makes people have a true lens to evaluate time-based opportunity. I mean, it really gets people to prioritize like, what's the things that are important to learn? What's a good use of my time? Like if people had that lens to make decisions from,

it would solve a lot of problems that we have in society right now. Like there wouldn't be a college debt crisis if people didn't go to college because they have the wherewithal to have confidence in determining where their highest value time was spent and following through on that so i mean yeah again we're coming back to i'm bullish as shit on the future of humanity humanity has its brightest best days ahead of it yeah there's so much to build too it's it's it's very invigorating i'm excited it's always great talking with you what what can we expect this year at bitcoin 2021 in miami like how you talked about whale day already like what what's going to happen on the fourth and the fifth i will um i will break some news here too

uh i was signing this right when we got on the call but i'm gonna i'm gonna give a quick pause so in case we need to edit this out later we have a good spot so here i'll clap too perfect okay so uh we have signed a venue contract after a long negotiation um to have the conference in winwood miami which is the cultural uh epicenter of miami maybe of the united states it's graffiti capital of the united states it's super cool um we are signed at mana winwood uh which is owned by an israeli billionaire Moshi Mana, who has been very helpful in making things happen for us in Miami. And hopefully we're going to convert into a big Bitcoin bull before this is all said and done

as well. So we're having it at the Mana Wynwood Convention Center. It's a huge space. We're going to be able to fit at least 10,000 people in the space that we have. um you know maybe more we'll see but like then we're going to start having scaling challenges of how many people we can deal with with our team size that we have here um and uh we have some cool after party announcements also from that area to make but not not quite yet um the conference is going to be insane so it's the third it's the fourth and it's the fifth um third is whale day and whale night. So that's really for institutional investors and people who have, uh, a stack of Bitcoin that they're looking to invest into companies or projects or products. Um, so that's

happening on the third, on the fourth, uh, and fifth is the main general conference. We're going to have multiple stages. We're going to have, uh, I mean, honestly, this event is by the day blowing up with more stuff. So, um, you know, we're, we have, you know, like we've had Tony Hawk signed for a long time to come do skateboarding. That's going to be a super cool element of this, but like we just signed with a famous comedian who's going to be coming in to, to open up the event for us. We have famous musicians that want to get involved. We have athletes that want to get involved. Um, we have, you know, uh, someone who's trying to organize a, a, uh, satellite event for sex workers and porn stars um uh and bitcoin uh it's like this is like truly a i feel like a

cultural movement that we are just like lucky to be in the right place right time to help uh to help guide and um you know we are going to have people from all walks of the bitcoin community so everything from like hardcore anarchist on one side to like stodgy old white men billionaire hedge fund guys on the other side and they're all going to be in the same space uh drinking the same kool-aid um you know we everything's going to be wired up to accept bitcoin we're going to have an art gallery which to be honest like if i could redo this uh i would probably do an nft conference now and you know have sponsorships from the artists because they're like the real ballers now rolling around with all the you know their uh their gains um but the we're going to have

sick artists from around the world coming in who are making stuff for the event we're gonna have tons of graffiti being done um dude it's it's a huge production so i'm i'm super excited uh your your boy matt odell has been super helpful uh he's he's taking the ownership over some open source projects that we're going to be giving space to get people involved um but yeah i mean it's it's a huge event and then uh on saturday night so on friday friday night there'll be satellite events we'll be having like a satellite event page where people can track what all is going on and what they want to be a part of um on saturday night is the after party and we have a super dope venue really cool entertainment really cool setup

um, for, for the after party, I think people are going to have a, an awesome time there as well. So it's going to be an action packed three days. Um, you know, Friday night, you're probably not going to sleep. So just be prepared to go, you know, from, from Friday morning all the way to, to, you know, 6.00 AM on Sunday. Yeah. I I'm mentally preparing. And I was looking at the mana Wynwood convention center as you're speaking there. It looks beautiful. Yeah, no, it's a big space and dude it's like uh you know the logistical issues the challenges of holding a conference are pretty wild and like you know right now we're trying to figure out how to like how big we can make certain we're getting these domes these big dome tents um and you know we're trying to figure

out can we connect the domes with the tunnel between the domes um so that we can make a cool like sci-fi experience for people like it's like the weird little quirky challenges like that to like make a cool environment um but then it's also like hey okay how many how many square feet do we need to do this and how many square feet do we need to do this and if we put it here how far away is it from the sound that's coming from this so it's just like we're in the thick right now of like uh floor plan realignments and changes and trying to get all the details nailed down as quickly as possible because there's so many people that we're we're having to juggle from the sponsorship side from the speaker side i mean it's this is a production a way above and beyond

what we did at bitcoin 2019 so it's like this is um a lot of intense energy flowing around the office right now to get stuff done well there's a lot of intense energy from the bitcoin community too leading up to this people are just chomping at the bit to to meet up in person and and talk bitcoin and i think considering what's happened over the last year and a half year specifically it's i think i think the energy is going to be palpable up and down the east coast and into into the southwest section of the united states we we've sold uh over 3 000 tickets so far to the conference um and you know like typically the rule of thumb is is that 75 of all tickets get sold in the last 30 days um and so you know they're selling a really fast clip right now so i mean

that like if you do the math out on historical models we're like our trajectory right now is for a 20 25 000 plus person event we can't even fit that many people in the in the space and we have a huge amount of space and um uh so we're gonna have to cap it at some point in time but i mean this this is like uh really gaining momentum like i've never been i've never been involved in a project that's gaining momentum like this that's just snowballing every day every day something we're getting some inbound from some crazy thing hey this presidential candidate wants to come and speak hey you know this you know it's like it's wild yeah what uh well to to make sure ck is is happy with us we have to shield the the promo code satoshi oh yeah

so for anyone listening to this if you type in the promo code on the eventbrite page or open node page satoshi you get 10 off um also some insider information if you pay in bitcoin via open node not only do you get the 10 off code but we took another 50 off uh if you pay in bitcoin so you can save 50 bucks plus 10 if you go through if you purchase your ticket in bitcoin and use code satoshi thank you for that that show right there that was that's perfect the the sats discounts doubling your satoshi's you're gonna save satoshi's that's right that's right and you know the the i mean the i'm interested to see what some of the people also like some of these satellite events what people make happen because i i'm getting the vibe i don't know if you remember

consensus uh like 2018 we were together in 2019 but there's a lot of flexing that goes on at consensus where like people you know they want to get yachts or they want to like get some famous artists to come in so that they can be like you know we had snoop dogg at our party i'm already seeing the flexing happening uh with this conference and we're good we're 80 days out you know i like we're having to find like slip space for people to bring up their yachts and how many how many feet can we get on a slip space you know and oh you know how many how many 300 foot yachts can fit in one area uh you know like um i've never had to deal with before and then you know i have to really give kudos to um uh sam uh from ftx i mean talk about a flex

to sponsor you know to take the naming rights uh from american airlines for the arena in miami just so that you can throw a really great party for the conference like that's a flex so shout out to ft really appreciate you guys going big um making that happen ahead of the conference did they land those naming rights i saw it was going on it i know he was bidding for it did it happen it's a negotiation you know i think you know it's it's all about the timing and whether they can get everything deployed before the conference hell yeah what um while we're flexing here i need you to news people so just you know uh i need you to flex a price prediction for for the conference where are we going to be so uh you know uh matt odell would say that i need to be

also shilling our our uh the two hundred thousand dollar uh bitcoin price party that's going to happen as well so 200k of course okay why so bearish i think 100k i'll be happy we're at 100k that's pretty pretty good yeah i think uh i think it's going to happen much quicker than people realize i think uh yeah all the conversations going around right now from a macro level like we're working hard to get the the oil and gas industry ingrained in the bitcoin mining space there's a lot of moving parts that are starting to come together that is going to lead to an inevitable hyper bitcoinization i believe and the haters will say oh you guys are crazy your religious zealots but it's happening folks oh yeah we are religious zealots get all the girls

you know right you know what if it's a religion that gets you rich it lowers people's time preferences and has people having more babies you know what i'm all i'm on board for that there's no violence in this the religion that'll help end wars yeah yeah i'll get a little religious about that yeah that's right so uh marty what what do you want to see happen at the conference Like, if you had a wish list of things that you feel like should be at the Bitcoin conference for the world, what comes to mind? Just quality Bitcoiners enjoying each other's time, right? That's what I'm looking forward to mostly, right? And seeing people I've only been able to talk to via these Zoom calls and direct message in person.

And yeah, no, I just, I, that's the best part about Bitcoin conferences, meeting up, meeting people you've only ever met online and having like in-depth conversations, strong conversations. And, uh, of course, just selfishly, I'm not going to say the exact day, but my birthday falls, uh, during, during the, um, during the conference. And I'm very much looking forward to the after parties to a certain extent, going to leave my son with his grandparents, bring my wife down and we're, we're going to have a good time. So yeah, I'm just looking forward to seeing everybody.

I mean, having been at Bitcoin 2019 and seeing what you guys did there and seeing how big you're sending it now. I'm very excited to meet Tony Hawk. I'm going to make an effort to meet Tony in person, somebody who grew up skateboarding. And my dad was a big fan of the Bones Brigade back in the day. I think that's something I'm very much looking forward to as well.

So that's a subtle hint, everyone listening to this, to bring birthday gifts to the conference. uh we will get a birthday cake and we'll get tony to send you uh send you happy birthday yeah maybe i'll um maybe hey who knows maybe i'll uh i'll be my wife will be telling me i'm having another kid too that would be cool as well it's possible maybe i'll just be like a bitcoin conference uh tradition for me and just like every every time i i go my wife's just like hey we're having another kid all right well uh so i have a question for you so i kind of want to get some of these uh spot the dogs from boston scientific to be i you know i've gotten feedback that that may be

less bitcoiner and more uh you know like a surveillance state-esque uh do you have an opinion on uh the spot the dog have a have a um a spot at the uh bitcoin conference i mean if you can identify people trying to be hostile towards bitcoiners and take them down then yes in my mind uh but spot the dog does creep me out a little bit in general when i see the videos i've never met him in person maybe my my uh my uh sort of inclination towards him would change but uh i was thinking it was dope it would be dope if we like strapped a bitcoin atm to the back of spot the dog and he just wandered around the conference you know and people could check out with bitcoin uh off of his back that would be cool yeah i mean i would certainly

stack some sats using spot if he's got a if he's got a roaming atm it'd be yeah bitcoin on the spot no but those things that's weird like they look very like like just the aesthetic of them they need to make more jovial or no the correct word it's just very like minority report-esque to a certain extent they need to make them like a little chubbier and like a little bit more you know uh yeah less rigid but yeah less robotic yeah we'll get there we'll get there so uh uh bitcoiners you know probably not spot the dog any other any other thoughts on what what's needed at the hyper bitcoinization event of the year i just think good vibes um it's gonna be hot

make sure you get maybe some sunscreen as a pale irish gentleman myself um i know there's a lot of sunscreen deniers out there um my first burn of the summer is always pretty bad so i do need to protect myself at least the first couple times i get into the sun um there's a lot of deniers oh yeah there's uh there's big yeah there's a big uh anti-sunscreen movement out there um shade shade i just need some shade for this pale irish game that's all i asked for um well that's a good idea we'll have some sunscreen there i'm trying to get a swimming pool uh brought in uh so that we can kind of help with some of the people are hot like have some some branded uh bathing suits and some that people can change into and a swimming pool but

evidently it's not as easy as just getting a semi truck to pull in with a with a you know redneck swimming pool on the back of it so so many so many details there's so many details on all this stuff you can uh you can take some inspiration from the dirt bags in philadelphia the city i was born and raised in they've been uh lining dumpsters uh or shipping containers with with like trash bags or just filling that up with water it seems to work oh man well this has been a pleasure it's always fun i can't wait to see each other in person i know you're going to be busy uh obviously during the conference but hopefully i'll be able to to shake your hand and give you a hug for for throwing together such an

incredible event and getting thousands of bitcoiners together um at a very pivotal time in bitcoin as it seems to be taking over the world yeah likewise and and um you know i want to give a shout out to the entire bitcoin community for supporting us and and marty for for your support you know 2020 was a very hard year for us postponing the conference was really shitty then having to postpone it again then having to move it from la to miami this has been like the like you know what's the guy who has to push the rock up the hill and uh yeah i forget i know i don't know it's you know it's been a very tough 2020 and um uh sisyphus this is this uh and you know without the bitcoin community support without everyone uh you know backing our our changes and

plans each time we've had to make them like this event would not be possible our company really would have been screwed um and instead because of everyone's support we're gonna have the biggest bitcoin a bit in history it's going to be awesome and like you know this conference is bigger than just uh a conference it's it's really a showcase of the bitcoin culture for the world um you know we had somebody send us a message yesterday about um they came to bitcoin 2019 it inspired them to build the bitcoin community for brazil and they had like their first kind of like bitcoin meetup event that was of a good size and they're trying to build up to their own bitcoin conference for brazil it's like that's that's the whole point of this thing is it's to inspire

a new generation of people to go and build incredible things for bitcoin and to understand the meaning and point of bitcoin and the world has never needed bitcoin more than it needs it right now and so this event is a is a beachhead for us to push those ideas into the mainstream and um you know like and and i'll even say for events in general in the country we're the first major event in the state of florida we're the biggest event planned in the state of florida um maybe in the country until it happens like the bitcoin community is treading a path for the reopening of society for the united states here so you know i i cannot be more appreciative to the bitcoin community for making it happen without y'all it's impossible and um

dude the best is yet to come so thank you thank you no hell yeah i love i love ending it on that and um just like outside i just gotta laud you guys again the content of bitcoin magazine has been incredible um i love the the history that you guys are diving into it pete rizzo obviously aaron crushing it with the technical stuff um joe rogers uk curating some incredible content as well so keep up the good work on the magazine side as well yeah yeah no the the we're we're entering into golden age for bitcoin magazine i mean we're uh uh there's so much work happening beneath the surface that hasn't even had the chance yet to be seen by our readers but um like this year we're gonna bitcoin magazine will be in the best place it's ever been

uh and like we are going to take the bitcoin counterculture global so um like thank you for the kind words they're they're felt ck's working really hard but we got a lot of great stuff coming oh yeah well i look forward to it and again i look forward to seeing you in person in a few months um this has been a pleasure hopefully we get to uh we get to keep the announcement in there but let me know if I have to take it out. I tend to forget, so be very loud when you remind me. I think we're going to be good. All right.

All right, cool. Thank you, Marty. Thank you, David. Have a good day. Ciao. See you.