TFTC: A Bitcoin Podcast - Rabbit Hole Recap #180: End of 2021 roundup

Episode Date: December 30, 2021

This week Marty and Matt discuss: - Patriots QB Mac Jones gifts bitcoin to offensive line - Iran halts bitcoin mining until March 6th - Log4j fix released - RTL v0.12.0 - samourai wallet v0.99.98 - mercury wallet v0.5.3 - casa keyfest jan 5-7 - ronindojo tanto released Shoutout to our sponsors: Cash App Unchained Capital Braiins - Daniel's thread Compass Mining HodlHodl Bitcoin 2022 - use the code TFTC for 10% off

Hey Freaks, it's your boy Marty Bent here to introduce the last podcast of 2021. What a year it has been. Matt and I reminisce on it on this episode of Rabbit Hole Recap, RIP 180 of the show. We've been doing it for quite a while. Thank you Freaks for joining us. Thank you for contributing in many ways, whether it be a podcast in 2.0, via emails after the shows have been posted or via participating in the live chat. We love all y'all.

We can't wait to... I had some tequila during this rip. We cannot wait to keep it going into 2022 and beyond. This is brought to you by good friends of the motherfucking Cash App. Cash App is where you stack sats, send sats, receive sats, and sell sats, if you so please. I make it very easy. You don't have to stack a whole Bitcoin.

You don't have to stack a fraction of Bitcoin. Cash App makes it so you can stack whole sats. Instead, you can DCA into sats. You can send sats, receive sats, sell sats, if you so please. On top of that cash app can be your bank account. They're offering account numbers and routing numbers

and get your paychecks direct deposited into the app. If you haven't downloaded it yet, make sure you use the code stacking stats when you do so. You're going to get $10. $10 is going to go to our good friends at Owls Lacrosse.

That's Owls Lacrosse. Owls Lacrosse. This report was also brought to you by our good friends at Unchained Capital who's here to be a partner. They're not a faceless app. They're not a faceless company.

They're here to be a partner and help you secure your generational wealth. They don't just want to work with you. They want to work with your children, your grandchildren, and your descendants beyond that. And they have a great collaborative custody model that's going to help you eliminate single points of failure in your custody model. If you have your coins on an exchange, you really don't own those coins at third-party risk via the exchange as a single point of failure, you can

get rug pulled there. If you have all of your Bitcoin on a single SIG wallet, that is a single point of failure as well that while it gets stolen that backup seed gets destroyed both those happen you're shit out of luck single point of failure unchained has a collaborative custody model and a special deal for you freaks it's going to take you from zero to having a two or three multi-sig volt setup with a thousand cuck bucks worth of sats in it if you tell them the tftc send you're going to get fifty dollars off this package the package includes multiple video conference calls they're going to get you comfortable with multi-sig get you comfortable with their Volt product in particular,

get you hardware wallets, get everything set up the way it works. It's a two or three multi-sig. You hold two keys. Unchained holds one. You always have complete control over your Bitcoin. You can move them. If you have your two keys,

you're able to sign them. But if you're ever in a pinch, you only have one key. Unchained is there to be the second in the two or three multi-sig quorum. Again, they have a special package for you. Freaks is going to take you from zero to having a Volt set up

with a thousand cuck bucks worth of stats in it. Tell them that TFTC sent you. and you're going to get $50 off that package. They have an incredible blog as well. Go check out everything they have to offer at unchained.com. This trip was also brought to you by good friends at Brains. Brains.

Brains with two I's. B-R-A-I-I-N-S.com is their website, but they offer incredible products as well. They're the team behind Slush Pool, which is the oldest mining pool in Bitcoin, in the history of Bitcoin. they've been around since 2010 they've mined over 1.25 million bitcoins since they launched and they also have this brains os plus auto tuning firmware which is pretty cool if you download it on a

compatible asic it's going to help you stack more sats with your hash it's going to find the higher frequency chips in that asic and focus all the energy on this not all of it but a lot of it on this higher frequency uh chip so that you can stack more hash and therefore stack more sats with that ASIC. If you have an ASIC that is compatible with BrainsOS Plus and you're not running it, you are leaving sats on the table. They also have insights.brains.com. Again, that's B-R-A-I-I-N-S.com. Insights.brains.com is a one-stop shop for all the stats and data and calculators that you need in your mining operation. So you go to insights.brains.com. You're going to see a bunch of data that's going to help you predict profitability and cost to

mine of Bitcoin and all that stuff. Go check it out. They have an incredible blog. Go check everything out at brains.com. This rip was also brought to you by our good friends at Compass Mining. Compass Mining is here to get more individuals into the mining space. You go to compassmining.io and you can buy an ASIC and have it sent to your house. And then Compass has an at-home mining team that's going to basically walk you through the steps of what you need to do to get your house set up to plug that ASIC in and start mining. It's not straightforward. You need specific electrical infrastructure set up to plug it in in the first place. And then once you have it plugged in, you have to be able to get into your miner, find the IP address, connect it to

a pool so that you can have sat stream to a wallet of your choice. Beyond that, they have an incredible media team as well. Zach Bull and Will Foxley are doing incredible things with the newsletter and the podcast they have there. And they're moving to Austin. They're going to blow it up in 2022. They're going to have a big podcasting studio focused on mining industry news happenings, whatever it may be, they're blowing it up at 2022. Go to compassmining.io, get some ASICs, plug them into your house, participate in the home mining revolution. Last but not least, this rip was brought to you by good friends at HODL. HODL. HODL. HODL is here to bring you a lending platform that leverages Bitcoin's native properties. No KYC, no AML. You

put your Bitcoin up in collateral in a two or three multi-sig. You hold one key, your counterparty and the loan holds a key and HODL holds the third key. So you put your Bitcoin up as collateral, you get stable coin liquidity from your counterparty. And as long as you're paying that loan back plus the interest, you're going to get your sats back at the end of the loan.

This is beautiful, again, because it's a two or three multi-sig and you hold one of the keys. You can have visibility into the wallet and make sure that your sats are not being re-hypothecated so you have certainty that if you're paying that loan back, you're going to get your sats back at the end. of the day. If you are a stable coin user and you want to get yield on those stable coins,

lend.hodlhodl.com is a great way to do this. You enter the other side of that market, you put your stable coins up to be lent out and you get what you put up to be lent out plus interest back on that loan. So go check all this out at lend.hodlhodl.com and enjoy the last rip of 2021. What a year. 2022 is going to be more hopeful. Love you freaks. You've had a dynamic where money's become freer than free. When you talk about a Fed just gone nuts, 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. Woo doggy. Here we are, Matthew. Last RHR. I thought you said you were going sober. I didn't say that on air, though.

Now you're putting me on the spot. Oh, was it not part of the interview? No, it wasn't. It was before, but now you're making me look like a degenerate. I figured last RHR of the year. I was going to come in with like this nice, beautiful intro for the last rip of the year. And you just come in like, are you an alcoholic? I didn't say that.

You insinuated it. Okay. There's an insinuation in that question. With that being said. What are you drinking? I'm going to make myself a ranch water. What's that? Mezcal or tequila?

Tequila. Casamigos tequila. George Clooney. Shout out. I've been like George Clooney on the mind this week. I watched Michael Clayton for the first time this week and I wound up watching it twice. Incredible movie. Have you seen it? Uh, no, but I will.

Considering you watched it two days in a row. It's a big, good movie. I was home last week in Philadelphia for the holidays. Obviously I was, uh, down the shore as well. One of my best friends from growing up happened to be down the shore, living two doors down from me. And after RHR had him over for dinner, he's a film buff and he uh he's the one who actually pushed me into watching it was like you haven't seen michael clean you have to watch it and so my wife and i watched it two nights ago

and i had to watch it again just to make sure i was uh consuming the second time you watched it by yourself no uh my lady was there as well but she was falling asleep she's uh she's so she watched like one and a half times yes yes uh should i go get mezcal now you can go do whatever you want the reason i brought it up was because i i was like do i do i drink do i drink mezcal or do i go with beer and i was like oh well marty's gonna be sober for the month so i'll just i'll go lower key with some beer yeah we're gonna end the year with a bang you know like now i feel like go get some mezcal up to me go get some mezcal go get some mezcal did we start with mezcal at the beginning of the year yeah you did start car saying car just did

the uh the year-end chop-up rip and he's saying first rip of the year you ever drink a mezcal so it would be very fitting poetic almost uh if you if you ended the year with mezcal as well okay matt's gonna go get some mezcal okay speaking of which uh back to my friend my friend and i we actually wound up getting hammered and recording a three-hour podcast i was telling car this last night so i have a recording on our podcast bro yeah i haven't listened to it yet uh we talked a lot about film but we also got into like a serious conversation about uh the effects psychological effects on individuals of of the lockdowns like he was saying like yeah it's a year that fucked him up uh i'm still again i have to go back and listen to the tape to see if we

posted on the feed because we were very inebriated and i want to make sure it's a quality rep and i think it was from what i remember um but what i do vividly remember is just him describing uh the lockdown year and not having connection with our friends and like thinking like at some point towards the end toward the end well we're still like in somewhat of a lockdown but at some point thinking like god like my friends my friends anymore everybody's isolated we're not talking to each other it's just again i don't want to harp on this we're gonna end the year on the good note But I think while we're talking about Michael Clayton, why I watched it and make me think of that conversation, it's just really eye opening to get a perspective from him. Obviously, I've got my wife, my child and been preoccupied.

The first year of his life was me, was in lockdowns. But I was preoccupied with raising a child and thinking of my friends who aren't married and don't have children and what that was like for them living single in apartments by themselves. It's fucked people up, man. You didn't hear any of that, Matt. it definitely did fuck people up I did not hear anything except the last part this one doesn't have a bottle pop

it's got a what is that called this is it's from Texas this is Texas no it's from Mexico where is it from well thank you

for humoring me cheers to the new year Cheers to the new year. Or cheers to the end of the year. 2021 is almost over, freaks. What a year it's been. We're going to do a year in review after we get through our short list today. Thank you, freaks, for joining us.

It's always nice doing a retrospective on the year it was. Again, we're going to get to that. We're not going to get too mushy to begin with. We'll end with the mushiness and we'll begin as we always do with Clark's Dashboard. currently the price of bitcoin according to clark's dashboard is 47 875 cuck bucks one

cuck buck is going to get you 2089 sats it's getting late in uh in in moscow 905.6 billion cuck bucks is what the current market capitalization of bitcoin is we are block height 6, excuse me, 716,427. There are 78,010,626 UTXOs. Speaking of which, uh, Jameson Lopp tweeted something else on the list, but I saw, I'm a little dismayed, not dismayed, but a little disappointed in Bitcoiners out there. Uh, the, the amount of reusable addresses in the UTXO set is going up. Uh, it seems that, uh, that, that number was falling for a number of years for some reason in the last few months three six odd months that the number of reused addresses is going up that's uh not good freaks do not reuse addresses that's bad for privacy uh you want to make sure

that you're uh using a new address uh if if you're now i'm just thinking like am i contradicting myself like we want to keep the utxo set small but we're saying don't reuse addresses well there's still there'll be multi multiple ux utxos and then address yeah reusing addresses doesn't doesn't help that at all all right so you still would need to consolidate with the same reused address anyway yeah so you'd still need you can have multiple utxos in the same address so the only i don't like speaking in absolutes the only kind of one of the few times it's reasonable to reuse addresses is if you're accepting donations publicly you don't want to run a full btc pay server um until we have bolt 12 uh you can just like post uh an address right we see

like people like navalny uh the russian opposition leader he has a reused donation address we see that a lot um obviously it'd be nice if we could get to a point where it's practical to just do it on lightning with a bolt 12 invoice uh that's reusable and and you don't have to expose your pub key you don't have to reuse an address but until then kind of makes sense you can also pgp sign it really easily like i was talking to daniel mckay uh the lead maintainer of uh graphene and he didn't like that the possibility of a man in the middle attack if he's running a btc pay server but with a fixed uh reused address he can just pgp sign it and everyone knows that that's his address and and there's no man in the middle attack there uh we had neil uh why couldn't

you pgp sign multiple addresses in the same expo you could and that's what uh chris belcher does um if you go to donate to his coin swap uh project uh he basically did like uh he made a script to just massively sign uh addresses on his in his x pub and then every time you go it generates a new address that's pgp signed but that's obviously more work for someone who's accepting donations right um and like when those run out because every single time you go to the site it generates a new one when those run out he's got to do it again and do it again and do it again right um and then the other thing is uh ronan minor neil mentioned mining payouts but really like you you probably should uh unfortunately slush pool doesn't let you automate this uh they have like you put a

payout address and then you can pick a threshold or a time threshold where it pays you out to that address so you have to manually go in and change it but you you should manually go and change that yes yes i don't think that's really an excuse neil neil no excuses sir just because you're drunk off white claws doesn't mean you should be uh skimping on an address recycling okay please for the network for your security for your privacy think about it stop drinking white cloth all right you know i'm not gonna say stop drinking white claws but just take it into consideration back to the dashboard can't take the white claws from neil according according into Clark's dashboard. There are 14,602 reachable Bitcoin nodes on the network right now. It's a

good amount. There are 7,432 Tor nodes. Ooh, we're approaching 700 million all-time transactions. We're at 699,43848, less than a million away from 700 million. There's no significance of that other than there have been 700 million transactions all time, which means there's a lot of demand on the bitcoin network we are 1269 nice blocks away from the next difficulty retarget which is estimated to be on january 8th 2022 next year see you next year difficulty adjustment uh right now it's currently currently uh uh estimated to be a negative 4.2 percent adjustment and downward adjustment uh that's because blocks are coming in at 10 minutes and 27 seconds uh on average since the last retarget uh block subsidy value is even right now two hundred ninety nine thousand dollars

it's just the subsidy that depends what you can get more than that with the rewards as well there are currently thirty thousand six hundred forty or excuse me fifty six it changed uh transactions in clark's dashboard excuse me clark's mempool uh as described by clark's dashboard one sat per byte transactions are going through so save your save uh some sats on those fees if you're willing to wait a bit and we're going into the weekend so demand for block space should fall as well if uh historical patterns keep repeating and that's it that's it for the dashboard right now anything you want to point congrats neil on your sober month he's had a sober month that's what he said in the comments but he also said he's going to drink tomorrow

hey congrats congrats sober december never like you know there's like a middle ground you know like not 15 white claws during a dispatch but also not sober i feel like but cheers to you cheers to you neil thank you for coming back thank you to live chat for joining us thank you to our our freaks who are listening and podcasting 2.0 apps and streaming us sets uh it's a beautiful thing to see fountain app which is one of our favorites disclaimer i'm personally invested in they had their um their year in review top podcasts that were uh contributed to via podcasting 2.0 tftc came in third citadel dispatch fifth yes sir three and five let's fucking go boys and girls and ladies and matt and i actually had this discussion yesterday like how

viable is podcasting 2.0 is the main monetization path so talking business on there again in the future and just Chad Farrow who shared his screenshot he has contributed 80,000 sats to TFTC and I believe it was like 62,000

it was just like us and Adam Curry yeah three Adam Curry pods and then our two pods that's 80,000 62,000 respectively respectfully one user so right now that's what sass per dollar is around two thousand so that's forty dollars the TFTC thirty dollars to dispatch if we

have thousands of you I mean if you get together it could potentially if more and more people use podcasting 2.0 that could be a significant monetization for these shows so we thank you for everybody participating in the value for value model. And a huge thank you to Fountain. I mean, between Fountain and Breeze, you actually have very user-friendly podcasting 2.0 apps, right? Which is, I think that's the key. I think people want to, I think people want to support content they enjoy. I think it's a question of reducing the friction as much as possible. And both Fountain and Breeze did a really good job with it uh love to see it yeah i look forward to uh this next year of development on that front

yeah so if you guys want to support the show if you want us to dump the ads contributing via the podcasting 2.0 model uh helps us do that but with that being said um we with the advertising model we are going to try and bring you advertisers that uh that that we value um you want to talk about compass yeah it's the last today's the last compass run um matt's happy about it very happy i'm happy about it business on air i mean again i will stand by my perspective i think they're having scaling issues i don't want freaks to get um to get screwed over it seems that some are with delays for their south carolina facility again the at-home mining if you buy a miner it'll get sent to you um and i i think that's one thing

we haven't disclosed is compass wanted us to come on early on. And we said, no, we want to see you develop a track record before we feel comfortable advertising. And so that's, we did feel comfortable. They had established a track record that we were comfortable with to bring them on originally. And now they're having hiccups again. I think it's scaling issues, but then until they're solved, we're going to wait to re-up.

well specifically that south carolina uh facility and then they got rug pulled and then what was it was 6 000 users were displaced as a result and now they're at less than 700 users to place somewhere and those 700 users are having to have a free year of hosting well it's not even they didn't get rug pulled by the facility the facility just again supply chain issues that many people in the mining industry are experiencing particularly around like transformers and building out substations have delayed the build out of that facility

particularly but yeah they're working through it and just the whole idea of like ASIC pre-orders is just like a horrible like people shouldn't be doing ASIC pre-orders period well I mean having experience in the mining industry like I would push back on that like they make

sense they're good they're actually good investments especially if you can get if you get the asics and you're actually get online but you're taking that additional risk you're taking that even waiting like three weeks for asics fucking it's scary shit yeah but uh the before like and i've had conversation with these other miners there's a lot of conflicting views in the like industrial mining industry as well like what is it good like you pre-order asics there is risk to it but there's also potential reward too especially if more hash rate comes on the network um if bitcoin value goes up not even if it's a leverage play yeah so like you could get the asics delivered

and you pay a discount for them in the past and then once you finally get them delivered if you can't plug them in in a lot of cases the the value of that asic has increased so you've essentially made a good investment in the hardware if you can't plug it in you're going to get your investment back plus some profit ideally you want to plug it in stay humble don't pre-order asics well again industrial miners which see like people can do whatever they want i'm just i would never pre-order asics and uh yeah well again it depends on your scale right depends on your scale There's nuance to all this

You saw Marathon pre-ordered 10x a hash of basics Yeah I wonder if that was an account I hope they get wrecked I cannot comment due to the nature of my involvement in the publicly traded mining space

And I would just say while we're on the topic mining at home is way easier than you think it is consider Citadel Dispatch 31 where we go over the whole getting started with home mining rather than going the hosted mining route. It's incredibly rewarding if you do it.

Yes. And we'll say, like, we're doing a little mining operation on the side here. Are we okay talking about this business online? We can if you want. Yeah, but like we've, just like in our own thing, like we've experienced delays too

with some of the infrastructure that we're building. We were supposed to have stuff delivered mid-November that we're still waiting on. Yeah, but we knew it was never going to come in November. Yeah. but it's just like again like a it's it's not something that is specific to the compass like it's a it's an endemic problem to the mining industry but they had like those plans where it was like six months and then like you'd get one minor a month or whatever at one point i think

they got rid of those plans yeah it's probably not uh that seemed like not a wise uh too much forward risk there um a lot of uncertainty i think what we're trying to get there's a lot of uncertainty in the mining industry yeah is that fair yeah i mean and yeah there's a lot of good people at compass i mean big kahuna our boy just joined them um he left he left brains yeah he left brains i hope they uh i hope they get their act together um i hope people get their monitors online but i will say if we're going to talk about a 2021 year in review um my single biggest regret was having them as a sponsor and seeing plebs get fucked yeah uh i really hated to see it i lost lots of sleep over the last four months um as a result and um yeah here's to a

better 2022 here's to a better hey we will be up front with these conversations with you and with that being said like again i do there are a lot of great people working compass i do i think a lot of it was growing pains coinciding with supply chain issues that are out a little bit of greed maybe maybe greed was involved too um we'll see but freaks let's get to the list you don't have to expound upon this too much and yeah lessons learned we try to be up front here we try to align with people that we think you guys will like and that will bring you a lot of value now i'm drinking both beer and mezcal so it's a weird mix your farts god bless your way but it's it's open god bless your way so like what am i supposed to do john daly had some good uh hangover

advice earlier this week uh golf talk tftc golf golf talk um any really good advice just stick to one one alcohol the whole day you won't get hung over he said he hasn't america's favorite alcoholic he said he hasn't had had a hangover in uh decades because he just you know what a john daly is the drink yeah it's an arnold palmer with vodka yeah i fucking love that it's one of my favorite golf facts it's uh it's a great drink too two different breeds of golfers right there yeah i was actually speaking of that like uh speaking my father-in-law that was his gift to made for Christmas was Arnold Palmer's. Or no, it was Jack

Nicholas's book. His like how to golf book. Not Arnold Palmer. My bad. Wow. Yeah. Sorry. Sorry. Sorry golf freaks for that offense. Yeah. Six and one and a half a dozen in the other Nicholas. Arnold Palmer. Different

generation. Blended generations, you know. Speaking of sports, sports talk on TFTC. Patriots QB. Let's go sports ball. Mac Jones. gives bitcoin to his entire offensive line i believe he did this greatest patriots qb of all time he did this with swan too right swan brady is fucking doing nfts and mac jones is coming in as a real one uh this is actually a really interesting story um we're gonna meet the

patriots of bitcoin 2022 yeah so i mean i saw this happen internally yeah what can you disclose it was all mac really you know mac mac reached out to to us at bitcoin magazine there's an alabama u like mafia thing going on here right yeah bailey is alabama um there's a bunch of people uh a bunch of alabama alums at bitcoin mag and um mac reached out he's like i love bitcoin i want to give so there's like a thing in in the nfl where QBs give their offensive line Christmas gifts for protecting them for the whole year. And he's like, I want to give Bitcoin.

I love Bitcoin. How can I, you know, what's the best way for me to do this? And the Bitcoin Magazine team reached out to Swan. They agreed that it was a great idea. Swan has a new program, part of their like white club service. uh so each player got i think if you scroll down car each player got point six they got 7.69 million sats which by the way i got into there was an internal debate this didn't make sense to me it didn't break down one whole bitcoin yeah it's one one bitcoin divided

by 13 oh i thought it was seven no because it's him plus his 12 offensive linemen and and and the the agreement was that it was a stronger message that it was 1 divided by 13 i was like who talks about 1 13th bitcoin you know but it's a stronger message that is 1 divided by 13 rather than 7.69 million sats so sats the standard lost uh this battle but not only did he give them bitcoin he gave them a subscription for a year to bitcoin magazine look how cool this card is uh and um he gave them all tickets to to bitcoin 2022 do you think they show up it's a i guess it depends like what like the spring training schedule is like april pre-season uh another sponsor of uh uh bitcoin 2022 april 6th to the 9th in miami gonna be a big event

use the code tftc mid-roll um or use that other code that gets you more off but we don't get we don't get money for that no we're not allowed to say um well we we could say uh maybe we'll say later the the i have something interesting on bitcoin 2022 front that we're working on so bitcoin 2022 is a four-day event right and it starts with industry day and then you have the two ga days and then you have the first bitcoin powered music festival on the fourth day now if you do the ga ticket you get the two ga days and you get um you get sound money fest you get the music festival as well that ga ticket now industry day in the past was called whale day most plebs didn't want to attend it was you know kind of a suits

kind of affair um but we are giving the full four-day pass that includes industry day to open source developers and we have the open source conference hall for 2 000 people that is just sitting there and we weren't going to do anything on industry day so now that open source conference haul and industry day is going to be a bit dev style full day of technical talk that's going to go way over our heads and i've been busy planning that so i'm i'm super fucking excited about that this event's only getting better throughout the years oh we got uh we got a family member facetiming in what's up brother nothing recording rhr

say what's up to the freaks what's up freaks all right i'll call you back later all right later cheers cheers cheers my brother um i didn't say something specifically uncouth i know hey stinky butt that's what we used to call each other it was like our big uh our big desk to each other when we were like three and four my brother and i are 11 months apart uh, when we were three and four, like the, the worst thing you could call, we could call each other was stinky, but it would piss the other one off really bad. Uh, yeah. Uh, he brought the girlfriend around, uh, around the parents for the first time last night. I got the debrief for my dad. That's exciting. We all approve. I mean, I met her, uh, should we have your dad call in for

the debrief? He's delivering coffee right now. Maybe, maybe if he hears this, if he's listening live that if you're listening live you can call it i think that was my favorite moment of 2021 is that in the is that in the clips i don't know my dad calling his weather report because jersey just got fucked well it's actually funny that we say this new we were supposed to my dad and i were supposed to record from the coffee shop uh and that him and my mom run at home with our neighbors and he got sick he got the flu apparently the flu still exists he got the flu we had to And that's why I actually went down to the shores. My parents got sick.

My wife's sister and our brother-in-law got sick. And we just had to like escape to South Jersey while we were home for 10 days for, for three days of that 10. And I, and I was not able to record with my dad, but we will get that recording at some point in the future. Fuck yeah. Yeah. Family, man.

Family. It's an important thing, freaks. important on the plus side we got an additional rabbit hole recap recorded from your father-in-law's yes we had that going for us yes we did uh the janky internet the shitty camera on my macbook pro it was very nostalgic it was a nostalgic macbook pro 2014 uh where do we have anything to tie up there with bitcoin 2022 open source devs they're still you guys are still accepting well i so to tie it up like i'm looking looking forward to the offensive line of the of the patriots coming to our bit devs on uh on industry

day yeah i would love to meet you all their first socratic seminar that'd be a fucking fire right yeah yeah mac jones shout out to you dude what what a gift my brother he's texting me as a dad i have to feel like i blew that like hey bro you did okay it was his moment it was his moment put him on the spot um all right uh next on the list our short list today iran holds bitcoin mining until march 6th because of the electricity crunch during winter so they shut down mining over the summer because of the worries about electricity crunch and now they're shutting it down in the winter as well uh so it seems like you're only going to be able to mine in iran between the months of uh like march and may and september and december four mining months

it's important to note that this is only for regulated miners if you are a smart off the grid miner uh they have no idea what the fuck you're doing so exactly um shout out to our iranian bitcoiners uh and iranian miners out there keep doing what you're doing you're doing it you're much braver than i am i guess i could say that uh considering the the regime that you live under and the conditions that you live under uh and i mean i guess this piggybacks into another pertinent conversation which is the energy markets as we head into the the thick of winter here it'll be interesting to watch what goes on over in europe specifically as they have uh significant natural gas problems and russia's fucking with them too well as is tradition as is tradition but

here we go i'm not like some russian apologist or anything too like they're like russia's russia's basically like hey like you're gonna call us like uh manipulators and you're not gonna invest in your own infrastructure and then you're gonna come hat in hand like please give us natural gas like they get to flex a little bit like this is your yeah but i mean it's a classic putin strategy right like the the pipeline from russia isn't producing as much as it usually does like yeah it could significantly and then but but he's not saying like like fuck you greg he's just he's he's he's like oh we have production issues on our side like there's there's nothing we could do about it we're trying to get production up as quick as possible like yeah it's a troll

he's trolling them it's like europe uk america be energy independent you guys have the opportunities you have the facilities to make it happen you just refuse to because you're LARPing about the environment and you're just there's a great a great youtube or a car i'm going to send you this we're going to we're going to watch uh a video right now i'm going to put this in don't let the rant distract you from marty's russian apologism this so i met this gentleman um in texas we were both at an oil and gas event he's a he's an oil guy in california and he has some incredible explanations of like the stupidity of energy policy in states like california and um you know country or it's not

even a country i guess what would you call it a union in the european union like they want to about the environment and um i just put that in our telegram chat car and like being more environmentally friendly but really what you do is you shut down production uh at home and you just export it to china and russia and then you just like export in other places like the amazon river as well like or the amazon forest area as well and you just like import it and and you pretend like you're cleaner you're just you're just creating dirtier production elsewhere and then importing it more expensively making your grid less secure your energy more expensive it's completely nonsensical um nah this isn't the video let me find the other one this is the one

um i'm sorry i gave you the wrong one i will find it here it is i retweeted it this one cheers to the podcast freaks that are listening to marty troubleshoot on air yeah so you guys are going to hear what i'm trying to get in and it is a valuable point. So we're going to listen to it now. Mike Umbro. I convinced him to start a Twitter, I believe, when we met at this conference. It's at Mike underscore Umbro, U-M-B-R-O. Is he the one speaking? Yeah. Okay.

Based California. I'm a native born and raised in San Diego. I'm 38 years old. 37 of the years I've lived here, California has consumed over 600 million barrels of oil every year. The only year that was less than 600 million barrels was last year because we were locked in our homes and we still consume 485 million barrels of oil. So this demand is not going to be reduced by eliminating production from an offshore platform. Expected demand, according to the EIA and other government agency, factoring in Governor Newsom's ban on internal combustions in 2035, still projects that California will consume over 1 million barrels of oil every day. California operators

produce roughly 400,000 barrels of oil a day. So we can chip away at California oil production all we want, but all that does is result in more of our product coming from overseas via tanker. And I will note that seven of the 10 largest oil spills in United States water have been the result of tankers. So if we're going to have a conversation about risk and oil, it's the oil that's floating on our water, not the oil being produced by California operators that produce it in the most stringent regulatory climate in the world, bar none. One final thing I'll say.

Right now, there's seven oil tankers off our coast right here holding 5.8 million barrels of oil right now sitting on our coast. That's over 1.4 million barrels than the offshore platforms produced all year. We produce roughly 4.4 million barrels of oil from our offshore platforms all year. So you have more oil sitting on the water out here because we're pushing our production overseas and we're bringing it back on the dirtiest vessels that you can bring it back on. So we need to have a very open and honest conversation about where the risks are coming from and the biggest risks are coming from overseas. and unfortunately us as californians are buying more crude out of the amazon rainforest than any other place on earth because we are trying to bring in a see there's a video on her that keeps going now but essentially long long story short yeah like it's just like just having

simple honest nuanced conversation about the trade-offs of you want to like say like we're we're decreasing our oil dependence you're really not you're just decreasing oil production pushing that production overseas and then importing it via tankers that are much riskier than if you were to actually build a pipeline and just have it travel across the land. It makes no sense.

It increases the price of gas and oil, obviously. It increases dependence on farm producers. It's just nonsensical all around. There has to be more sensical conversation around this. It's all virtue signaling LARPing. And it's just, as you freaks know, if you've been listening to this podcast long enough, it makes your Uncle Marty very infuriated about just the lack of logical consistency in any of these conversations. Yeah. Mike Umbro, great follow, great, great dude.

I had a few great conversations with him in the Austin area last month at the event, the Digital Wildcatters. He lives in California? Yeah, he's an oil producer in California. Born and raised. Hey, that's his home. he's he's a guy that loves his homeland and wants to to see it succeed and he's out there fighting the good fight putting out logical arguments abandon ship mike abandon ship no i don't think he's going to i think he's uh i think he's a stronghold there uh so was the captain of the

titanic but this is uh yeah i mean this is just like emblematic of just this is not only happening in california it's not only happening in the u.s it's happening in europe and the trade-offs just aren't being honestly discussed and it's disgusting um so you're literally like he said in the video like we have the most stringent here in america i mean the most stringent regulations around the production the extraction and production of oil and refinery of oil in the world by shutting it down here and not coming to grips with the fact that demand is going to stay static to to probably rise you're you're just importing it designed to pump forever You're importing it from places that don't have this stringent regulation, so they're producing it dirtier.

You're making it more expensive. You're increasing risk by having the oil being transported. Is that logically consistent, Marty? Let's point out my inconsistency there. I think me, you, and Mike would agree that we shouldn't have that overbearing regulation that exists. But now we're going to argue that that's a benefit. Yeah. That's a good point.

yeah i mean but that's the thing like bitcoin that's why i like bitcoin mining specifically on oil fields because it's a natural market incentive to clean up and be as efficient as possible as a producer you don't need those regulations you're just uh like i feel like mike made that argument uh that's a very good point video and it's a very good point and then like afterwards he like walked away and laughed he's like and i even told them that it's a benefit that we have california regulation and they do like that laugh meme with all the all the presidents yeah the bush the bush senior administration like i respect the tactic but i don't think he actually believes that thank you for calling me on on that yeah is that a logical inconsistency

or is that is this like a rare instance of like hey maybe regulation did lead to cleaner things or maybe yeah i mean there's some sensible rules that are in place well the regulation creates a where if you don't follow the regulations you can't produce the oil and therefore make a revenue but California is like the land of overbearing regulation like I don't know what the regulation situation

is specifically with oil production but there's probably fucking pages and pages of nonsense there that just increase the cost of production increase time wasted yeah

but then i think we reduce competition i think we can both agree that like oil spills natural gas leak is probably a bad thing if anything for oh 100 inefficiency so if there's a force yeah i would prefer there's probably a sensible middle ground somewhere there but it's not in california well i think bitcoin provides it right i mean bitcoin like economically incentivizes you to be as efficient as clean as possible because you want to there's some like i'm like i'm like not an anarchist i'm not a you know a complete anarchist there's like some base level regulation that should apply to resource extraction where you're held liable for spill damages that happen to public resources yes right like waterways and fresh water and

stuff like that yeah that makes i would agree with that we are way past that point yeah i think it's not even fucking close i mean there was a point at some point in the past where you could literally light the ohio river on fire because of the way that that i think this has to do with like the flint michigan stuff as well they still have like the fracking stuff right where like people like open their taps and they can just light their tap on fire yeah polluter pays is the only logical solution i like that jebby yeah yeah polluter pays makes sense like if you if you screw up you pay the cost of cleanup and retribution to the locality that you fucked up it gets messy when they go bankrupt find a shell corporation yeah

yeah does bitcoin fix this maybe it helps no bitcoin doesn't i think it helps bitcoin helps everything uh bitcoin gives you a free market for energy which is a massive thing yeah um and competition is good it's a natural incentive to be as efficient as possible that energy extraction because it's potential sats that you're ruining and sats are the most precious thing in the world leak sats into the water supply yes which is but bitcoin doesn't fix this well let's get into the bitcoin fixes this meme it creates the incentive to fix the problem right like bitcoin itself like a utxo that is not going up and making sure that there aren't leaks happening but the economic incentive presented by bitcoin mining specifically does help certainly

helps humans are flawed we're flawed we're flawed creatures children i love that the freaks have just been arguing about russia for like the last are you okay i can't see what are they saying it's fine they're they're just having a good time they're just arguing ever since ever since we brought up russia what are they saying don't freaks don't get your news from cnn you know don't get your news from a single source mix them together from different places different locales different jurisdictions for different perspectives certainly don't trust us understand the bias of every single uh news source including us and and factor accordingly i'd like that advice next on the list moving on from energy it started with iran should we circle back to iran uh

talk about i forgot that's where it started yeah um so yeah they're shutting down i think that argument is what we've been talking about this whole year it's been a massive theme of rabbit recap this year political risk which is no off-grid versus on-grid mining yeah the political risk of all my on-grid binding is significantly high i would argue um we'll get into that though that's going to be part of the year in reviews the hash rate uh reduction and subsequent recovery but first we'll get to the log 4j uh exploit that was out it has been patched it was patched on the 28th second patch this is the second patch yeah there's a so have you done more research on this since when we first talked you're like oh i don't think this is a big idea no i mean i mostly

said i had no idea what the fuck was going on which i still to a degree do not um except that is really fucking bad um it's it's you know it's present in a lot of fucking things a lot of projects and one of the problems is it's present uh like four layers down so you have all this like technical dealt debt built on top that's like makes it really hard to patch it um but this is the second release when we first discussed it we talked about a denial of service capability which sucks you know it sucks if you can't access the service you want to access because it's down but it's not like the worst thing in the world um it turns out you can remotely control uh you can get remote access and control of of compromised systems yeah

yeah yeah this this patch specifically fixes that aspect which is significantly worse than denial of service yes like somebody can take over your machine and do what they want with it um this all has to do with java and the technical debt is specific to java and people building layers on top of that leaky code base and so this is the third okay even worse yeah and there's saying here as car has up on the screen right now if you're watching the live stream or on youtube or bitcoin tv uh after we record this is the fifth cve uh related to log 4j uh in under really bad yeah aws is chiefly affected apparently i mean some people are saying like this is you know one of the worst vulnerabilities that we've had exposed of all time at least in recent years

i think i read something too that like cars got cars got something out here so just real quick They talked about it at BitDevs in-depthly. I don't know if you remember Gentry was talking about it. Oh, I showed up late, so. Okay, yeah. Well, Gentry talked about it really in-depth. So I would say go to your local BitDevs. Car, you have nothing to add besides that?

I mean, like Super has been talking about it at Pleb Lab. What's your take? My take is like, listen to the smart guys in the room, right? And go to your local BitDevs. And yeah, from there. Yeah, I'm sure Jay has a lot of stuff. This is an instance where I am very jealous of not being at New York BitDevs

because New York BitDevs always starts off with exploits that exist in the wild that are tangential to the Bitcoin stack. So Jay is helping me with the... Our boy Jay is helping me with the BitDevs style event that we're going to do for Bitcoin 2022, which I'm very excited about. That's who you want giving you the advice.

Because I mean, New York rightfully gets a lot of shit, but I still stand behind that we have and continue to have the best BitDevs in the world. I will not argue that. I will not argue that. I'll give you a takeaway on this. This is just a perfect example to me about why, as an average Bitcoiner,

it is extremely important to keep your savings stash of Bitcoin offline in cold storage. Because vulnerabilities like this can be overhead, there's a million different ways an actor can compromise you if you're connected to the internet with a hot wallet but if you do the basic steps of generating your keys offline ideally with some source of of your own user-provided entropy but even if not uh then at least in 99 of situations an attacker needs to have physical access to your offline copies of those private keys whether that's in a hardware wallet and protected by a secure element with a pin code or if that's on

steel hidden somewhere multi-sig obviously adds a whole nother element there because they need physical access to multiple locations it just really goes to show that that simple value of just keeping that secret offline and never connecting it to the internet so you don't have to get expose yourself to potential vulnerabilities down the road that is sage advice cold card is my favorite way to produce a private public key pair especially with their easy dice entropy model you add entropy via rolling dice i like to do 100 rolls at least yeah i love cold card obviously and uh the seed signer project is uh one of the one of the real gems of of 2021 open source uh off the shelf hardware 50 to build it camera qr code support

screen boom boom boom shakalaka uh next we get into software updates but before we'll go to our loan shout out of the week let me let me refresh here make sure we haven't any since we started the show we haven't so we have one shout out this week reminder that it's easy to take ownership of your bitcoin across time and space and that's what makes it the best money it's also the only thing stops price suppression via the futures market uh i'll comment on that later we all know somebody who still uses a custodial service to hold their sats on january 3rd 2021 i suggest we ask them to make the following acknowledgement i acknowledge that all bitcoin belong to the holders and their respective private keys well they technically they do even if it's custodial it's just not yours

semantic here uh they acknowledge that all bitcoin belong to the holders of their respective private keys the the bitcoin would be held in the public address that your private key can access that's the semantic argument they make there and that if i only use a custodial service i own zero bitcoin and will not come crying for help when said service inevitably becomes insolvent corrupted or nationalized and disables withdrawals is called the pleb acknowledgement because you acknowledge that you will probably lose every Bitcoin that you entrust

to a custodian. If you have a following on social media, it is your duty as a pleb to post it and tag a person who thinks they own Bitcoin but actually does not. Stack on, Uncle Jim. Uncle Jim, thank you for this. Yeah, I mean... Every day is

proof of keys. Yeah, you don't have to wait until January 3rd. Front run. Especially if everybody isn't doing January 3rd, you should start doing it now because fees will go up you're not gonna get that one set per bite fee um but yeah like you should just practice moving coins to cold storage as often and as as possible was ever successful like the worst day for you to withdraw your funds would be proof of keys day yeah literally like really you should celebrate it the day before if you're gonna not yes yeah um and this is not to say the proof of key thing proof of keys day is a bad thing i think

it's a great symbolic day uh and a reminder for individuals that they should be securing their own bitcoin it's just not your keys not your coins always freaks yeah always do not have a self-custody do it slow and steady you know withdraw a little bit play around with it send it receive restore backups you know backup restored go through the whole process um yeah january 3rd every day is a good day to check your backups including january 3rd i just think like i don't know trace like had his own perspective he's obviously a trader someone rumor that he got absolutely wrecked in march 2020 um but uh his idea of proof of keys was like traders all withdraw on january 3rd and like on january 5th redeposit car let's pull

up a mimble wimble coin see what see how it's been faring let's see how it's been faring Did that happen this year? Yes. This has been such a long year. That feels like ages ago. No, it happened at the end of last year because Prover Keys last year was a dark day.

Chase is nowhere to be found. I'm going to blow through software updates just so we can get to... Go to the year and price it in Bitcoin, not in dollars. fuck man we went through the whole year without ever showing coin market cap on no god oh he's on coin gecko it's coin gecko i much prefer coin gecko

oh yeah actually it's better i've met i've met bobby ong he's a good dude um i haven't yeah a lot of demand for the minimal coin chart I just turned the car in the background and said it's a shit site. You don't have to look at that. Fuck that. No. And to all people saying that Trace did it as an exit, as like a OPSEC exit reason, like he did like a random Coindesk interview like six months, eight months afterwards with some

horrible other person. I forget who the other person was. I'm going to tell you. But anyway, like a video interview. so i mean i you're giving him too much credit i i did yeah yeah um we move on to better things which is updates in the space yeah people make mistakes but like trey should have at least you know admitted it and spoke to the community about it yeah and he was like doing so much like fucking privacy bitcoin fud yeah he came on this show and i didn't catch it but he came on this

i'm sorry i was he bamboozled me hey you just got to own it i got bamboo i was like well yeah it was like i did i was like where are you going with this where are you going with this yeah i mean like i'm not gonna yeah i don't want to blow up his spot but like one of our boys very known in the bitcoin community simply changed his twitter handle to a three-word phrase and now everyone's like where did he go i have no idea where he went that's good that's a good move you know what i'm talking about i know exactly you're talking about yeah yeah people are like i don't know who that person is yeah i uh the yeah that's the way to do it um on us all for our releases

ride the lightning at a very major release uh version 0.12.0 beta i think this might have won the bounty you think so for hrf the hrf strike open sats bounty let's go suheb fuck yeah i mean he integrated bolt 12 i was looking at the i was looking at the wording that we had for the bounty i mean like the spirit of it we were thinking i think everyone was thinking a mobile wallet um but you do need a full node regardless to really make this work because the receiver needs to be online for both they have a mobile app at ride the lightning you know i mean you can access it through a mobile website the mobile web client right like it's a web-based app um so i mean i'm one of nine votes at open sats it's got to be a unanimous vote but i'm

i'm pretty sure um pretty sure this qualifies for bounty number one which would be really fucking quick yeah you kind of love to see it yeah it's also sea lightning only car pull that comment back up because i think this is interesting there was a big discussion this week about the benefits of yeah we should talk about this l and url uh andre neves and jack mahler's got in the conversation yesterday uh basically l and url and bolt 12 do very similar things they allow users to use a static address to receive sats uh in a more private way uh l and url you need a web server running at all times bolt 12 you don't and there's uh some semantic arguments about the differences here so uh this conversation has been ongoing and i would say first off that it's not an

either or more options are better um it got re-triggered because i did a twitter spaces with gladstein mallers and rockstar yesterday uh we were talking about the bounties and one of the bounties is a one Bitcoin for both 12. Now, LNURL has many different types of LNURL aspects. You have LNURL receive, pay, withdraw, log in, and then, yeah, I called it log in, but off. You have lightning addresses, which is LNURL incorporated into like what looks like an email address, right? Like Marty, this is not a valid lightning address, but like marty.tftc.io or something would be that. Now, with LNURL, it is supported today by many wallets, but it does require an additional web server. And not only do you need that web server for both, not only do you need the web

server for the receiver, you need the web server for the sender. So it has this very big centralizing tendency where it is way easier for someone to use it in a custodial fashion or a semi-custodial fashion um then it isn't right if you're going to try and run it on your own node at home you need an people aren't going to run people aren't going to run a web server but it's it's it's specifically a clear net web server right so like you can't even you're not even doing it through tor if you do it through tor then then it's only accessible to people who use tor so it's it's very difficult to run it from home on your own node bolt 12 is native lightning, uses native lightning capabilities and onion routing in the lightning network.

So you can run your own Raspberry Blitz, Umbral, you know, whatever node, Noddle, whatever node you choose at home. And if you support Bolt 12, you can have just the static QR code or this static text string, because the QR code is just basically showing a text string in scannable format. And you can post it anywhere you want. And people can send you as many sets as they want and constantly reuse that without exposing your public key of your node, without exposing your channel capacities, how much channel balances you have, how much Bitcoin you have locked up in Lightning. So for that donation use case, and even for in stores where you can print this out and

keep it in physical paper next to your items and people can just scan that with their mobile phone and pay for it, it's extremely helpful. Right now, only Sea Lightning supports it. Now, Strike has gotten in the middle of this because Strike hasn't added Lightning Address support or LNURL support. And there's two interesting aspects here. First of all, they're not saying they're not going to add it. But it's interesting to me that people are giving Maulers and Strike shit here for basically the opposite of what they're actually doing. They're trying not to be a kingmaker.

Like, Strike could easily implement lightning addresses and LNURL support, and they would probably begin to dominate the lightning address space because it benefits custodians. It benefits centralized actors, and it could be in their short- to medium-term business interest to do that. But Jack Maulers and the Strike team would prefer to see this Bolt 12 support come out. And we really need L&D to add it because L&D is like 70% of the network. See, Lightning has already added it. Because if you have this Bolt 12, then we have a strong foundation for the future. It's the long-term best interest of both Bitcoin and Strike and the Lightning Network. if we have a lightning-native way of doing this

without that additional web server requirement for the sender. But the last thing I would say here, it is important to realize that in both LNURL cases and Bolt 12, the receiver always needs to be online. The key difference is the sender not needing a web server, but also I would say the receiver not needing a web server. Why have that additional requirement? Yeah, but with the options put forth at the moment,

have both online or just have one online, it's obvious the path of least resistance, least friction, is just have one online. It's pretty straightforward. Am I wrong? Yeah. And I think there's room for both. We'll have both, but it'd be really nice if we have both 12. I think it's a massive improvement. um and and like i said what does that look like that looks like a a person running a 300 node

250 to 300 node in their home office wherever running a tour only and they're able to accept both 12 payments from around the world with a fixed url a fixed qr code fixed text string which is a completely different requirement than a btc pay server or ln url where you both both of those you need to figure out a way to expose to clear net and it's not easy to fucking do there's a reason why people aren't running btz pay on home notes and it's the same reason they're not running ln url on home notes and then if you want a domain you also obviously need to like go out and kyc yourself basically to get a domain which is the way most people do it so if we're talking about people in adversarial environments we're talking about them trying to um receive

payments from around the world, it needs to be in a way that they can self-host it at a relatively cheap way, tour only, and be able to accept payments. And I really hope that L&D merges Bolt 12 support. And if they don't, I'm personally probably going to switch my nodes over to see Lightning. It'll be enough for me to move over. I just would say that to anyone who is, you know, going after Maulers personally, uh, there's, there's some things you can go after him and strike for logically in terms of like KYC and, and, you know, knowing payment flows and stuff on the lightning network. But in this case,

like, I am very grateful that someone, someone in his position, someone of his stature is actually going out of his way to take the harder path and, and try and do what's better for the long-term house of the lightning tower yes and if you're deep in the weeds of the competing lightning implementations you know that they're i don't want to say animosity they're very competitive and they're very proud of the solutions they put forward and i i would just put forth to the people working on these implementations getting caught in these temporal flame wars if you will this is bigger than all of us right what is best for the network for the the future adoption of bitcoin And again, I think Bolt 12, again, just pure logic.

Do you want two people running a server or one? What is easier? What is the path of least resistance? It's obvious that it's one. If I'm wrong on that, call me out. But to me, as a user, as somebody who runs a business that leverages the Lightning Network, I want the path of least resistance. This seems like that is the option.

Yeah, we have Cortic letting us know that RTL just released an update with Botox. That's what started this discussion. That's what we're talking about, Cortic. Car, I hate to be this... No, no, no. But would you mind running in and get me more ice? It's important money as a producer. Thank you, sir.

I would say that if all that fails, we can use BIP-47. Paynims. Yeah, no, that was... I don't know if you caught it, but Cortic asked. that earlier is this uh like pain ends for it's the same use case it's the same use case which is this idea to have a but pain is obviously on chain um so requires uh you know more on-chain transaction burden in terms of the notification transaction and the actual transactions which are happening on chain but it's the same goal which is this idea that we shouldn't like if if

you are deplatformed from patreon if you're deplatformed from gofundme if you live in an adversarial environment and you cannot accept fiat donations easily you shouldn't have to run something on a on a virtual private server you shouldn't have to use a cloud server to accept bitcoin payments you should be able to just just stay out just stay out of the camera i don't want people seeing your beautiful face my wife is delivering the ice now oh i love it oh you're calling car your wife now uh car handed it off i love you baby she's shaking you shouldn't have to run a you shouldn't have to run a dedicated server in order to accept bitcoin private payments in a relatively private way

period agreed agreed um happy hey shout out to suhab and uh ride the lightning team for getting this out there it seems like matt's gonna vote yes on the on the um bounty we've got eight other yeses that we're waiting on to be have you guys been discussing this at open sats at all yet or this is i know like i dropped a message in our in our group it's very fresh i retweeted this last night that's when they dropped it right uh no we we announced it december 20th i think so what is that 10 day turnaround the ride the lightning update last night yeah it's very raw yeah i think he was listening to the spaces and he was like i want this bounty which is the point of the spaces the whole point of the spaces was to to get people to

And I love Suheb. I love the ride to lightning. It's my favorite way of interacting with my lightning full nodes. It's fantastic. And we know him from the New York Bitcoin scene. He's a fucking great dude. Great dude.

Supposedly his wife does a ton of work on the project. It's a very wholesome team over there at RTL. Proper Bitcoin family over there. Yes, yes. moving on with the software updates Samurai Wallet version 0.99.98 has been released

open dime did you hear about this open dime thing? no I did not they merged a commit called fuck NVK and they removed open dime support from Samurai Wallet why? does the commit not explain it?

why? the flame wars, the coin join flame wars um well this is different this i would say is the open source yeah but don't they both have the same problem what like the licensing stuff no i mean what do you mean well wasabi wasab both wasabi and samurai are free open source software they have unrestricted licenses okay they both hate each other for coin join reasons uh nvk changed his license after foundation took his code and raised a bunch of vc money that he wasn't raising to a restrictive license and um they have their their they have beef over that licensing change is the main beef um so samurai was the

only mobile wallet that i know that had the feature where you could just plug in an open dime and sweep it to an android phone because iphones don't allow you to use usb drives they just fucking suck so on an android phone you could just plug in you can just plug in the open dime into a little usbc to usb adapter and you could have full functionality of the open dime load it set it up uh sweep from it all natively by just plugging it in yeah um now you have to you can still you can still sweep an open dime from using samurai but you have to you have to scan the qr code so you have to plug it into a computer you have to you have to stick you know the thumbtack through the hole plug it into a computer and then when you pull up the qr code of the private key

you can scan that with samurai and you can sweep yeah now you do that with green wallet blue wallet wait no this is a very uh this is petty it's petty no no no this hits me even closer uh for the christmas season so i've been telling the freaks just put dump dot cash in uh in your open dime gifts so people can redeem their open dimes right this goes for a youtube tutorial there was only there was two there was two ways i told people in the tutorial to redeem their open dimes green wallet and samurai samurai removed the native open dime support so you have to do it a different way with sweeping and green wallet pushed a fucking update to change their whole settings flow so like like the way i don't even pull it off car because it doesn't even work

anymore don't even pull it up i need a new guide i need a new guide and it all happened right before fucking christmas um yeah so it's been a problem i've had like a bunch of freaks text me i'm sorry freaks like i didn't know greenwall was going to push an update to change their sweep flow like right before christmas um again ones are safe funds are safe uh it looks like the easiest way now on iphone to sweep in open dime is with blue wallet um i think you press settings add can't check balance import why can't blue oh yeah it can't check the balance but it can sweep um so i'm gonna either make a new guide or twiddle my thumbs until bitcoin q a makes a guide and then i can just link dump.cash to that guide on bitcoin q a why don't we do that

I mean, just linking back to the Lightning implementation. Is it bigger than all of us? What do you think? We have Bitcoin in the comments saying, just use Tails OS with Electrum offline. It's very important that when you're gifting OpenDOMs to people, that we're not telling them to use Tails to fucking redeem it. Obviously, we can do that.

I think it's important that when people get their first Bitcoin on an OpenDOM because it's their wedding or something, that they can just easily sweep it on a mobile wallet like i think that's a very important functionality and keep in mind this sweep function is used for open dimes as we know but it's also like if you use bitcoin atm you have a choice you can either scan your phone to send it directly to an address or they'll print out a piece of paper and then you need to sweep on the piece of paper yeah yeah how many shaggery is like having fuck mvk and release notes i love the samurai team i love the the it wasn't even the release notes it was the name of the commit

i love everybody who's involved in this like this is bigger than all of us like a steel man this like is there uh an argument to be made that being this principled is important to get the best outcomes at the end of the day look i mean or is it petty or is it petty like what is what is it in your mind you know i you're in the middle of a lot of these flame wars too so yeah i like both i respect both of the teams uh and i recommend both their products uh so it is obviously difficult for me and i personally i mean marty like i i'm an android guy right so like this functionality specifically with the open dime and the and samurai was like my go-to way of funding and using open dimes and and redeeming open dimes um i would say that samurai

is open source so if people are really upset with it they can fork it and just react you know yeah you can just revert to a former version right right but i mean you really do want upgrades and stuff right but yeah you could right or not update if you don't want to update uh i wouldn't advise that but you could i mean they also released like an awesome whirlpool update yeah the ux is like so much better yeah um so i would say probably not revert you could fork it and put it back in if you wanted to um that's not easy for your layman yeah i mean look i'm surprised they didn't do this earlier they've been fighting for a while and mbk has not been pulling punches so yeah the samurai team doesn't either i think bitcoin is there any other let them

is there any other mobile wallet that supports open dime natively no right and you know hopefully another mobile wallet steps in and and add add support but like it's a perfect example where like the argument keeps coming up like samurai is good for nothing and it's a worthless wallet uh so they said fuck nbk and they removed they removed support for direct support for his product in their wallet like you can still scan the qr code yeah so i can see both sides of it yeah i can't do it i do as well i do as well the average user gets fucked though because you do see like on twitter and like people are messaging me they're like open dimes aren't working blah blah blah like it's it's not ideal yeah let's be clear here open

dimes still work it's just gonna be harder your funds are good yeah yeah i literally just got a text yesterday from a buddy uh i sent an open dime too it's like i got it i got it bad it's a great then you recommend samurai as well yeah i mean it is it's not petty a lot of you would you have preferred the putin strategy if they were like yeah something's broken we're working on fixing it or just the curtness is is much appreciated yeah yeah uh what a world we live in crypto Clydesdale don't worry as long as as long as they don't

glad I pointed people to the TFTC guide if I can get I'm going to try and get a guide up ASAP so as long as they're not trying to redeem the Bitcoin in this like two week period dump.cash will still link to a good guide a guide that works

hey let's be clear TFTC loves all you guys you guys are making Bitcoin better you're making usability better you have your differences you know it's personal between the individuals involved and we're just here to update you on on what's going on mercury wall version 0.5.3 has been released uh you have like a specific update voice that you switch into well yeah you got to transition somehow and sometimes inflection helps you do that casa key fest uh this is not

an update but this is a um is this your boys participating this is own your own keys own your bitcoin own the future castle welcomes you to the second annual key fest a virtual festival celebrating the past present and future of personal keys join the brightest minds of bitcoin for conversations and workshops as we unlock a future where everyone owns their wealth identity and data so this is going on january 5th to 7th as matt just mentioned he will be involved in this last year and i was like watching cars uh highlights of 2021 and i was like talking about how it was going to be on casa key fest last year um and i'm going to be doing it this year i'm doing it with with our lady janine super excited about it what are you guys talking about

specifically privacy hell yeah andrew yang's involved anthony roening there's our boy shout out to the casa team nick nauman jameson lopping crew providing people with with security for their keys multi-sig solution the more the merrier um so key fest what's the going rate good joint event is it free i think it's free but if you're obviously it's geared towards their um their users uh and there's like if you pay for the really expensive ones there's like a private session at the beginning boss whatever they call it like diamond and platinum and shit yeah so shout out and it's obviously all virtual yeah and then jameson came out too he's uh he's gonna be uh spreading some money around too towards uh vc funds in the big space no we should

even talk about that all right let's not talk about it because it just logically didn't make any sense he said several funds they don't even exist i wouldn't say that last but not least on Ronin Dojo Tonto has been released. I have one of these. Oh, hey, I just tried to click on the site, Dojo team. I know, they know. I told them their cert expired today. It's not secure, but this device looks in fuego.

Their SSL cert expired today. Shout out to Zelco, Lakewell, and all others working on this. I have a Ronin Dojo inside that I'm running. It is a great product. This new hardware is fucking fire. why uh what when your mind makes a fire just the the look the aesthetics the power the i think i have it storage there's a picture right there i don't have to go grab it um it is a single block of steel or aluminum it's a single block of metal

the site's sexy too the ux they have too and they have like command line ux that is better i've seen they obviously have the onion ui as well but like even the command line ux is uh in the terminal is very very very sexy so the box is just the hardware is just really nice it's it's fanless because the box is the heat sink because it's metal and the hardware is just really it's more powerful than a raspberry pi um so the metal they're using like has a very high conductive temperature threshold correct so that yeah not having a fan scares me but if they're using particular metal to make it so yeah no it's pretty cool yeah the hardware just feels really

amazing and heavy in your hand if that if that that means anything i had a joke there but i'm not gonna say when you're gonna like just like pick up your node it feels really good and they did this you see how they cut the corner that's like to brag that's one piece because you can't do that you can't do that on uh because it'd be connected yeah they are artists the car saying they're artists yeah and every every node that every node that ships that piece was cut with the samurai blade no no that didn't happen yeah no i mean again zelko i believe is the one working on their ux ui and he does an incredible job um shout out to the vernon dojo team love you guys anyway these ship these are pre-orders

ish they ship at the end of january is the plan um and i'm gonna have zelko on dispatch on the 18th boss he's a legend i had a pleasure meeting him in person a bit block boom and his wife and his kids yeah yeah uh great family that was it for the list how how how long you've been recording car about an hour and 20 minutes 118 yeah so we get now we got a year in review here um and i guess we just open up the comments too freaks let's let's have a fucking party what was your favorite moments of 2021 and worst yeah worst favorite moments i mean let's let's just go down the list we actually um did this yesterday i'll say for me somebody asked me yesterday in chat what were my highlights 2021 and i just rattled off off the top of my head no particular order

uh the growth of the lightning network el salvador adopting bitcoin as legal tender chami admin proposal coming to market snort taproot activation podcasting 2.0 getting to where it is the turkey currency collapse chinese mining ban the subsequent hash rate recovery and the bitcoin and energy sector theme getting louder um to me knows where um some of the topics that stuck out to me when i was put on the spot and asked to to highlight things personally um let's do that uh it was the 1031 chat uh all right um i'd read those um the what about tesla adding one and a half billion dollars with the bitcoin to balance you forgot about that that's cool too but then you have like so that guy now like elon can like go

fuck himself to a degree but i think that's still a big deal like a s&p 500 company adding one and a half billion dollars in bitcoin yeah it's a massive deal but with that like let's get our uh let's get our uh i don't want to call it hate but like our elon like hey elon like he went on lex freeman podcast it was like i didn't watch that i don't watch i saw like i don't i don't watch either i just saw like a two minute clip of him describing why he likes doge better than bitcoin it was just completely to watch it completely uneducated and then like even more surprising was peter teal he thought there was a million bitcoin mine in the genesis block like dude are you fucking kidding me that's bullish like it's bullish because it proves that like

people really don't understand bitcoin even peter teal like who many think like really understands like he went on i don't know where he was this is our edge marty he was he was interviewed recently and he somebody was asked like how did bitcoin come to be like how many bitcoin does the the founder have and he literally said satoshi mined a million bitcoin in the genesis block which is not true at all genesis block uh mined 50 bitcoin and they're not even spendable uh there was a a symbolic gesture there by satoshi like yes i will mine this first block but i'll make it so i can't spend it um to to make sure that this launch is as fair as possible which is shocking to me honestly everybody holds teal up and a lot of it is garnered or excuse me

it is what's the word I'm looking for it is it is his reputation is not garnered what is the word I'm looking for it is

earned the reputation that he has to a certain degree but the fact that many like to point him like oh Teal's bullish on Bitcoin like he understands it he doesn't understand it

he thought Satoshi mined a million Bitcoin in the Genesis block it's like whoa that's a it's a pretty big slip up there yeah um yeah like i said elon can go fuck himself to a degree but uh and he definitely thinks this shit doesn't stink um and he's like totally you know i just discovered bitcoin i'm here to fix it kind of vibe going on but still one and a half billion dollars with car pull up that meme on an s&p 500 company was a big deal i would say the biggest deal is obviously

i mean i i don't know if anyone even argues it is the el salvador legal tender and you know mauler's on stage announcing it yeah that's massive and it's like that in the chinese mining band going from like 50 hash rate back up boom yeah yeah i mean those are that that's 2021 in a nutshell yeah lightning network growth too on the down low so that's like underscored yeah i wouldn't even add that dude it's like half engagement tweet bullshit those fucking lightnings that lightning capacity stat it's such a bullshit stat you even said it yourself on twitter today yesterday yeah i read about it yesterday you're like you don't have to lock up that much yeah you get you get multiples on utxo

which people don't understand yeah it's the the increasing thing is such a gameable stat i mean i fucking did it with our node like it's you know you just add bitcoin to it you pay one sat per bite and you're like well that's the beauty so we've had the tftc and this is what i was trying to highlight in the newsletter in that tweet that i sent out late last night uh and probably should have articulated this newsletter specifically but like we set up our tftc node the company node that has everything running on the website for the shout outs dime bag uh just tipping us generally i set that up in may of 2019 i set those channels up and we've just been re i haven't added any bitcoin since then uh and we've just gotten to it yeah we've just gotten insane utility

why uh because we have a audience of ride or die freaks um that if they try and buy a shout out or something and they don't have enough channel capacity will then open a channel from their routing node to us um you know a lot of people don't have that like you know they don't have that luxury is the wrong word luxury yeah yeah um so like we have freaks that are just opening up channels because they you know they ride or die and they love us yeah and they know that we're not going to screw you over freaks we're not going to like force close or anything like that yeah um but yeah i mean in general i would say uh there's a reason that i've never posted the up into the right lightning capacity chart and that's because it's kind of a metric

and it doesn't really and it's only public capacity you can't even factor in right so it's not including private channels it's not talking about like what is the centralization of those channels i mean people were posting it when like alan big was 50 in the capacity you know it's like a really nice way of getting engagement on twitter and other social media yes yes it is engagement whores guilty sometimes but i like to think i'm less guilty than some others out there am i engagement whore we all are a little bit yeah yeah i think i think the important thing i think everyone to a certain level is a hypocrite uh my people are the ones who just acknowledge that they have hypocritical tendencies

and try and improve them as much as possible. Hand up. I think Bitcoin is a truth seeker. Hand up. Not all Bitcoiners care. Yeah. As Udi so thoughtfully likes to make known, if you own Bitcoin, you're a Bitcoiner.

And the whole world's going to own Bitcoin. So I'd be careful of saying that Bitcoiners have integrity or Bitcoiners are truth seekers. those kind of wide ranging statements are naturally invalidated because Bitcoin is for anyone and most people will be using it now we're going to get heady here

but Bitcoin does incentivize you to seek truth does it? yeah because the opportunity again going to the monetary economics what about Justin Sun? he's got way more Bitcoin than both of us that's true he does

is his incentive to seek truth in aggregate of individuals not bitcoin owned especially yeah I mean that's a different level yeah so that's a different level of like bitcoin

he's got an insane amount of bitcoin where maybe why do not freaks are truth seekers yes because the opportunity cost of not seeking truth if you have an amount of sats that is probably closer to the average of your average Bitcoin holder compared to Justin

Sun, not seeking the truth and living an untruthful life could lead you to losing out on sats or losing sats in the future. You sound like Kamala Harris explaining inflation. Kamala? Kamala?

Oh, sorry. Vice President Harris. Kamala. She changed her name. she changed her name you're just doing the word vomit thing yeah i'm sorry all right i don't want to do it all right thanks for calling me out maybe i'm being a hypocrite i'm trying to trying to like say like i think this point i was trying to make is like bitcoin brings back real opportunity costs to the world where you have to weigh decisions and you know if you're allocating capital you have to seek out the truth because there are higher consequences to misallocating

capital i i think that's the point the truth part is is is is is the contention here because like i i think the one of the coolest parts about this space the coolest parts of the bitcoin industry is that you have true skin in the game and when i talked about the bitcoin industry i mean all the tokens and every other bullshit that's all attached to it right you have true skin in the game you can debate and argue on twitter all day long with b cashers and shit coiners at the end of the day, you know, the winners will be independent and, you know, financially well off and the losers will get wrecked, right? Now, the main issue there is some people's thesis, correctfully so, but ethically not great, is that you can trick retail and a greater fool

to stack more bitcoin now right so like the seeking the truth aspect is is where it's a little bit dicey right but the skin of the game is is is a hundred percent yeah yeah i i think that's a more accurate description of what i was trying to get out there thank you for knowing uh what i intended to say and saying it better than i ever could matt i mean i wouldn't say that i mean it's just so i'm just i'm like trying to think like right like it's because like the coolest part is the skin of the game but like i don't think like i don't think shitcoin promoters break that theory right it's just that they've correctfully diagnosed that you know they can accumulate more bitcoin and misleading people about trade-offs and stuff

can get them more bitcoin this is true speaking of the scammers another year passes and ethereum has not transitioned to prove a stake 2022 it's going to happen i don't even know why like why do people even use ethereum anymore if they could just use like other proof of stake chains that already exist network effects bro network effects developer network effects dude i mean but like half those chains like completely copied they like the ethereum like evm or whatever so you can just port those dApps over yeah i don't know i don't know i'm not i'm not working on that stuff so i can't can't speak to that personally got a burp coming excuse me wow right into ear drums worldwide i'm sorry i'm sorry freak sorry for attacking your ears with uh what else you

want to talk about this year you want to talk about the hash rate uh yeah i mean we've we've touched on it pretty consistently since uh the news of the you know at the time it was a pending china band came out in may went into effect in june hash rate came off the network and subsequently returned to the network we're at all-time highs i don't know right now but we have surpassed the hash rate all-time highs were hit earlier before the ban and we've been echoing this throughout the summer the fall and now into the winter like it is a underscore god damn it underappreciated stress test

that I don't think many... It's the exact opposite of underappreciated. Yeah, it's an underappreciated stress test that people will recognize in retrospect, but aren't recognizing as it's going on.

The magnitude of SegWit2x and Bcash nonsense, almost. Yes, the Bitcoin works, the difficulty adjustment works, what Satoshi designed works, and the loose economic incentives on the social layer of bitcoin work like the the if you have those miners unplugged your incentive is to find energy and plug them in so that you are able to produce sats as quickly as possible and that is the social layer of bitcoin china bans mining

forces chinese miners to unplug and then those chinese miners say hey i've got this physical option on future production of bitcoin that i'm missing out on like i am economically incentivized to plug this in as quickly as possible. And those Chinese miners, in coordination with other economic actors globally, figured out a way to produce electricity and get those plugged in. And that is just the beauty of, number one, the technical aspect of Bitcoin, specifically the difficulty adjustment, where it made sure that blocks were coming in at a reasonable pace

as hash rate fell off the network. And the social layer of Bitcoin, where you have individual greedy economic actors trying to stack as many sats as possible, moving as quickly as possible to get those machines plugged back in. It's a beautiful incentive mechanism and a technical implementation

of that incentive mechanism. It's one of the most beautiful things that has ever been designed in human history. We are very fortunate. That's what's so frustrating, right? it's like that is the innovation it's like one of the it's the key innovation here and like the the shit corners are like we need to solve proof of work that's the problem with the blockchain and like every time i hear that i'm like yes we're gonna make it yes you know like i love i love it i

don't i think bitcoiners get a little bit too triggered by it it's like more time for us you know like let them go be distracted let them go be distracted like you go over there you shield pos you shield transactions per second you shield like yeah whatever it's like that iran story and like bloomberg used the title crypto mining halted right and then you think in your head like are people mining anything but bitcoin like no even like a year and a half ago there was all these talks about these large eth miners that were going in and then like constant proof of stake you know bashing over there just resulted in basically like anyone who's anyone who's mining is mining bitcoin there's very few you have like monero with their you know they're they they think

that they they've they just they solved physics and they're going to have asic resistant mining but instead they're just going to have a centralized uh change to their mining algorithm when asics inevitably become obvious on the network um but like really you just have no other you have no other chains with established mining uh sectors so whenever you see a story about crypto mining it's really a journalist that's misinformed talking about bitcoin mining yes and that single fact is absolutely crazy and underpriced right now it's like not priced in at all people do not realize that no like piggybacking on this whole theme what i think this really drove home particularly for the north american mining industry was holy shit this is mining is very

much connected to the energy sector and again i highlighted earlier but that's another theme that probably got accelerated via the the forced uh exodus of chinese miners is the energy sector waking up and like holy shit like we can monetize our wasted energy with this bitcoin mining yeah it's also the easiest show ever my favorite is uh our buddy max uh i'm gonna talk energy podcast um like he came in as as an ong guy first an oil and gas guy first and then came into bitcoin and it's like a completely different perspective than how i came into bitcoin it's such an easy show it's like one of the easiest shows it's like the only people that are as easy to show that too is like people who got deplatformed from like every single platform

yeah um or like dissidents i'm gonna speak to max's perspective specifically max is a good friend of mine we talk quite often he was in the midstream business in oil and gas you have upstream where you extract the oil and gas and you try to get it to market and you have midstream which refines the oil and gas and then sends it down downstream to market where you where you have your utilities that are serving electricity but that midstream uh historically has been very competitive and the profit margins are are driven very down very to a point where it's like not extremely profitable and and bitcoin presents again another uh consumer of that energy at midstream that gives them some leverage and helps them better monetize those energy assets and

creates just like another consumer of that energy and so max being in midstream uh just salt immediately after like a few conversations with myself and a few others uh who are at great american mining at the time talking about this and he was like holy shit this completely flips my business model on its head and therefore i'm gonna try to be a trailblazer in this and so shout out to you max who's cheers max happy new year happy new year uh subscribe to his podcast talk energy talk dot energy is is the website if you want to go check that out um um who knows maybe neil made a great point what was that like we started this year and home mining was still the same bullshit you know where people were saying like every time you talked about mining at

home um people were saying like oh you're better off just going and kyc-ing yourself and buying on an exchange and and it is really just blossomed and developed into this whole little sub-niche ecosystem um where we have great guides from people like econoalchemist and diverter um and and and we have things like the black box you know coming out of upstream data dedicated directly to home miners like it is it is it is absolutely beautiful to watch uh this whole you know that that whole aspect of mining kind of of really like hit you know center stage this year yeah and there's a bunch of plebs getting into it um we've been getting more heavily into it ourselves and it's it's it's fun to watch once you get into it you have a couple miners plugged in

uh pointing them at whatever pool i point mine at slush pool you see the notifications coming in you're just like passively dcaing into bitcoin you're literally stacking every second yeah it's no kyc yeah it's a beautiful thing and yeah go get trashed at the bar while you just well that's very high time preference you know it's like a mix it's like medium time preference because you got the miners you're stacking in the background and then the drinking is the high time so they average themselves out yeah and then uh i had another theme in my mind 2021 was i mean the price alone has what gone up around 95 almost 100 and then everybody's like oh we're in a bear market like what's what was the price pull up the one-year chart on bitbo uh car

yeah bitbo bitbo is the best yeah because you can just press one year they can it's it's a hilarious chart i mean it's like it's not like a very appealing chart uh i mean it's nice because it's up but it just goes up and down and up yeah so we're um So where were we a year ago? We're up 63% on the year. We're like at 27 or something? 28.972 this date last year. So it's been a great return in terms of purchasing power measured against the US dollar.

And then pull up the hash rate chart. Marty, you think Marathon is going to get their 10x of hash online? Mr. Pro pre-orders? No comment. well this is my favorite part well here's a nuance here's a nuance of it like like you said mr pro pre-orders but it's not contingent on the pre-orders contingent on their ability to find the electricity to it's both right plug those pre-orders into it's both i mean there's massive supply chain issues yeah i guess it would be a two-sided bet like well i mean not that

two-sided prediction like will they receive the hardware well it's not even the supply like There's high execution risks, especially if you're doing an industrial-sized mine. You actually need to know how to control the airflow, how to set up the electrical infrastructure. Do you need to receive the miners, the ASICs? Yeah, I do. We have Ronan telling us it's 23x a hash. Yeah, it's insane. It's insane how much. They just spent like $879 million on S19s, I believe.

Like a billion dollars. Yeah. When are the ASICs supposed to come in? I can't recall at the top of my head you're thinking of the podcast with Glenn Greenwald and Alex Gladstein and you can find that on rumble.com

and you'll be able to see Glenn on TFTC at some point so Marty what's the current hash rate right now go back to the insights.brains.com brains with two i's just go to the far right

according to insights.brains.com it's 167 exahash okay and what was it last year 147 so we're up 20 exahash uh divided by 147 is 15 percent maybe um okay how much do you think it's going to increase this year i mean we're just going off again many factors here it depends on the price depends on the ability of those getting miners number one if the miners actually get delivered number two they do get delivered if the people that they're getting delivered to have electricity to plug it into then number three the price of bitcoin um or number four so that's four you have four fingers up here that's four uh i think it's

going to go up significantly but it depends on those four factors and how they they play uh with each other like so the price your prediction is the price is static significantly based on variables yeah i mean i mean yeah it's not a prediction marty it has to be um it has you were you were correct on that math by the way was that it was uh it's like 15 yeah um the over over under what are we at right now 167 according up over under 200 xh over easily so like so at the price day static miners get produced and delivered and miners have uh electricity to plug those into hash rate's going to go up s9s are going to fall off because the price day static they'll probably fall to a point where it's unprofitable potentially but 200x hash will be a bit larger increase than

last year percentage wise oh like oh a like 200x a hash added i thought you said over 200x a hash at the end of next year which is 33x a hash from where we are now yeah which is that's what i'm saying which is what like a 20 increase yeah i think it will be more so it's more than last year more than this year percentage wise yeah i think so you're going to go over 200x hash yeah i mean just pure orders over under 250 oh god now you put me on the spot uh it's the best part it's literally the best part of the new year push push so you think that's the line the 250 you like the 250 line yeah neil over under 250x ash okay we can continue he's going to answer in the comments curious i would say push to 250 goes under under yeah how far i think it's definitely

under two neil said less than 100x a hash will be added so one so that's 260 250 is under that 267 250 is about uh i'd be very surprised if we if we would like uh well like 250 would be like an 80% increase or something, right? If the price goes up and S19 XP's deliver on the TerraHash and the efficiency and they actually get delivered, like, that's going to be pretty massive in Q2, Q3, or Q3,

Q4 next year. This is like, we, my whole point of this exercise is like pre-orders are bullshit. I don't know, dude. Like, if you, like Austin Storms had a good tweet thread yesterday, like, if the price stays static and

the s19 xps deliver on their efficiency and their terahash per second delivered yeah what neil said i mean they have like they're only already like how many bents have how many how many bents have gone out about supply chain issues and how we're fucked on the supply chain but like bitcoin mining is like big bitcoiners are like everything is going to be fucked with the supply chain and it's only going to get worse from here except for asic deliveries those are magically all going to complete well you have to rent the space on the floor before you have to put the money up so if you put the money up you're going to get space on the floor the way i understand and they're only able to do these pre-orders if they had space on the

floor to then go produce it the question is are they so bitmain is acting ethically and they're making sure they can actually deliver these well that's that's another good point before they make the order apparently behind the scenes too there is a hitman and tsmc have some uh squabbles to figure out yeah yeah i could see it who knows who knows we don't know that's the beauty of it yeah neil's got it i mean i mean obviously the the black swan in the room is if something happens with taiwan like yeah and it's well dramatically under yeah and then you see but that's why another well that's another scene but 2021 that was actually very bullish to see is that You have Samsung, TSMC probably noticing, number one, the supply chain constraints.

Number two, specifically for TSMC, the looming threat of China taking over Taiwan, diversifying their operations outside of Southeast Asia. So hopefully, I mean, Samsung announced they're going to be building their foundry in Taylor, Texas. Hopefully, it'll be live by 2024, 2025. TSMC, 2030. tsmc's got their arizona foundry being spun up um and so that long term this is in 2022 but long term that should help the asic supply uh crunch supply chain crunch and these things are being worked on yeah who knows who knows look i'm going to operate under the assumption that every single supply chain that we interact with including bitcoin mining uh hardware is going to be

uh significantly affected going forward and it's going to get worse um and if that's not the case then awesome you know but like marty's complaining about like his like furniture getting delivered and like i just feel like prepare for the worst expect or uh be i feel 20x a hash of fucking brand new Bitmain miners that don't exist yet is going to be even more delayed than furniture.

This is why I'm a micro BT maximalist. Are you creator writer product number one and number two have less political risk due to the fact that their foundry is in South Korea and not Taiwan. Yeah. But they're all

Chinese, right? i believe microbt is re-domiciling outside of china like where is his family located i'm not i don't know and even if i did i would probably let me put it this way we might not know where his family's located but the chinese government does yeah yeah and i shouldn't be laughing about that but it's important to laugh about i mean and there is rumors i mean i feel comfortable saying this because uh chad from uh he's the ceo of winstone which is riot's largest facility uh hinted at the houston meetup in november that there are apparently and we've heard this throughout the last decade and change in bitcoin that asic producers on u.s soil that

are looking to bring asics to market whether or not that comes to fruition is yeah like foundation devices previous company that was fucking horrible obelisk but if you go listen to the episode with Zach he described the problems that happened there and that was just casually forked the algorithm wrecked a bunch of fucking bitmade miners

what was the coin that they were it was SIA look up the fork drama with SIA and Obelisk and the SIA team they made ASICs that were fucking shit and they were late they looked nice but they were late

and they were inefficient and so instead they had a backdoor algorithm that they switched to and they forked out all the Bitmain ASICs. Not an ideal situation for an ASIC provider. Then they closed down that company and then they moved down the street and created Foundation Devices.

Hey, you... That is exactly what happened. Was Zach the main decision maker there? No. He was on the top-ish. Well, you got, you got placed as the COO late in the game and I think he might've been used as a Patsy. Um, yeah, I mean, I would, I would, it's like, I, I think, you know, I had Steve Lee on dispatch. Uh, I mean, obviously block formerly square is working on a open source ASIC design. Um, that's going to have like a more of a retail focus as well as like an industrial product. It seems like they're going to go in like two ways. It should be interesting to see how that plays out. um in the comments we have some good uh obviously the more asic producers the better like literally

micro bt who we love is like he's a former s9 designer yeah so really it's just like bitmain one and two right it's just like it's you know it's and then obviously you have kanon kanon you have minerva you have those second third tier asic providers the more producers the better obviously yeah and like where it's a very low bar right now um marty 200k by conference day over on i'll ask you that question that's uh it's a question for you specifically sir uh april is four months it is under which is no we're not going to be over 200k by conference day but that doesn't preclude me from two months before the conference going all caps and saying 200k by my comments why repeat why repeat joe rogan on tftc in 2022 joe rogan doesn't go on many other

podcasts i will say no i will say i'm gonna go yes i will say no because let memes be reality you know have some positivity i mean i would love i mean i'm just going based i'm not even going to rehash my uh prediction from the last year's last rhr because it's too spicy that did not come true thank god what was that no i'm not i'm not gonna say pull the tapes i'm not gonna say i'm not gonna say it if you go back maybe the freaks in the comments in the comments if you know what his prediction was go check the prediction you're not gonna be happy if i if i rehash it um i'm happy to happen yes you why would i be happy because you gotta tell us you gotta tell the freeze i mean it was in the midst of like you said what is your prediction for 2021 i'm not

going to say oh i remember do not say that yes exactly that was really bad exactly because then it happened like six days later no it almost happened it almost almost but it didn't that was such a bad prediction yes yeah exactly exactly marty's grown tremendously going tremendously holy fucking shit that was a horrible prediction um one set per bite confirmed next block december 1 2022 yes or no confirmed next block or within 144 i would say within 144 ah it was a hard one i got i mean i was i had i went on sessions uh uh why we're bullish uh christmas special with pierre and francis and elise and we basically all agreed that the the fee thing this year completely caught us off guard

like i did not expect to spend this whole year being able to just do one sapper bite pretty much the next block on consistent well the guy was wrong we were wrong what is the main driver of that i think i have an idea i'm interested we were fucking wrong well why why were we wrong because we weren't factoring in the fact that blockchain.com accounts for one third of all the transactions yes dude they implemented segwit it's one third of every don't use blockchain no obvious but it's crazy it's still like one third of every transaction emanates from one of their wallets and they finally know it's like their api a lot of wallets use their api as well yeah but yeah still um like don't use a wallet that uses their api uh i want to be surprised

if jack comes on jack if you're listening the invite is always open yeah this is why it's dorsey and mallers i wouldn't be surprised if both both jacks well he's guy in his defense put at jack which is jack i know but the podcast streak's done now yeah um but uh look we were getting like kind of like a remblance of a fee market happening and then the chinese mining thing happened uh the chinese mining restrictions happened and all of a sudden uh all of a sudden the the fee market completely dropped off the cliff now there's two theories there uh pierre made a very interesting theory i like the pool i like the pool pushing fees up theory i like that one yeah so i my theory has always been that the that the miners were playing games and trying

to simulate a fee market to get paid more, because if they mine their own transactions, they don't have to pay the fee, regardless of how high the fee is. But what Pierre mentioned, which was interesting, is the Chinese OTC market got completely crushed during that mining ban. And that OTC market was always settling on-chain. So there could be an argument there, at least that there is some connection there of Chinese on-chain demand decreasing. um this also reminds me one of my favorite moments of of 2021 was when wang chun took a f2 pool 9 000 bitcoin utxo from a legacy address donated to uh luke dash jr's legacy address one of the guys who championed segwit but sent it to his legacy address paid zero fee because he

mined it to his own mind it with his own pool just like fucking a g move yeah fucking unreal that's great it's luke jasher dasher pair of jackson junior no it's luke dasher it's literally spelled luke that's how it's spelled but it's pronounced luke dasher like you know i don't play by nobody's rules you don't play by nobody's rules it's very uh what else uh i switch it back and forth luke dasher makes no sense though so i'm right now i'm gonna just hold the line okay All right. You hold the line. NYDIG.

NYDIG. We should, Carr, go back and just pull clips of just us pronouncing things differently. Another smaller theme,

but one that I'm very happy to see, the growth of Bitcoin meetups, particularly BitDev's meetups around the country. Massive. Yeah. It's been beautiful to see. It's been very big.

Yeah. What do you think about putting Sailor? I think we booked, hey, hey, do I not get an incredibly forbidden sailor on the spot too? He called me paranoid. Well, he said about key custody,

but yeah, you can go on the spot about the mining council that disappeared. It's still around. I know, but they like, they got scared and walked, you know, they like, they're hiding a little bit. Yeah. Does sailor self-custody in 2022? No. Yeah, it's hard.

It's hard for... I mean, definitely not micro-strategy. i mean square self square self-custodies every major exchange self-custodies like all these fucking new coiners out there that are like oh it's too difficult they have too much money like ftx fucking does it binance does it bitfinex does it coinbase does it fucking tether does it and the whole u.s government apparatus wants to fucking kill them you know they're all doing it it's very possible there's plenty of examples you know maybe like somewhere like once you pass like the 300 million dollar stack like it becomes like worth it to you know like invest a little

bit of time and money into doing it uh but you know if they want to get wrecked they can get wrecked i don't fucking care it's just going to be frustrating if the first country and the first company uh to adopt a bitcoin standard uh both end up getting fucked over by third party risk like i just don't feel like just like explaining it explaining the nuances of that situation but uh if they want to so be it hey it's your bitcoin i'm done on that point well it's not your bitcoin yet it's your exposure to bitcoin yeah bitmex has always done it the fall bitmex that happened this year too yeah that was rough it was rough shout out to bitmex shout out to arthur no it didn't happen this year it happened september of last year oh yeah that's true

it feels like it was this year hottest prediction for 2020 this is when Marty got in trouble last time I'm not going to get that hot I'm not going to get that hot I'm going to be optimistic this year it's literally like 6 days before the fucking epic day

now you're alluding to it I mean I know you didn't you weren't involved it just was horrible of course it was what the fuck just dodged a bullet on that one that's all yeah yeah i did i did um we did you're in this with me you're in the trenches here yeah hottest prediction of 2022 i mean i i wouldn't say it's like a hot prediction in that it's unforeseen or unpredictable but i think 2022 will be the year

that bitcoin really gets recognized as super collateral and it gets implemented into more traditional financial products as super collateral what does that mean there will be more products that sort of bridge the uh fiat world and the bitcoin world with bitcoin being an integral part of some sort of financial product as a form of like give me an example uh i mean it was what like unchained huddle huddle those use bitcoins more of that yes but from players outside of the bitcoin like santander or something yeah i'm not gonna say santander specifically but did you see the air dropped accidentally like fucking no hundreds of millions of pounds on on on user accounts during christmas and now they

have to claw it all back oh that's where you go right into bitcoin that's what i was thinking santander it just was like on my head um we get a second whatever santander don't lecture me on pronunciation oh i'm the last person to be able to do that don't worry uh it's really underscored how much you should not be I'm never going to get over that one is there a second country do we get a second legal tender country this year I wouldn't be surprised

I'm going to go with yes I'm going to go with yes too but with that being said I thought it was going to happen pretty quickly after El Salvador did it I was a bit surprised I thought another company was going to come after Tesla too I was all caps about that

yeah gradually then suddenly go like three comments back there was an interesting one there that escaped my mind it escaped my mind most dire prediction of 2022 I like the one by Ruud Eijgen 2022 a stealthy

whale will be exposed and it will be Oprah Winfrey you get a set and you get a set i mean jay-z's already out he already owns yeah um the most dire prediction of 2022 i don't even say it's dire but one um sort of course of events jay-z donated 250 bitcoin to african and indian development yeah um one course of events that i could see playing out in 2022 not saying this is going to happen we could stay flat for uh the the foreseeable future from a price perspective but

if the price does run let's say it runs to six figures let's say it runs above 100k to 200k by conference day or something like that i could see something like that i could see the u.s governments uh being very reactionary and coming down with some again reactionary regulations maybe like stop people from taking off exchanges um like if the price runs pretty hot i would not be surprised that we have registering addresses yeah some something like that syntaxes on on bitcoin holders specifically they tax you on bitcoin holdings yeah retroactively um like in addition to you know like some kind of unrealized capital gains kind of syntax type of thing we'll call it like for the good of the country tax or something yeah yeah exactly i forgot are

are you having lowry on not after this week's back and forth and it's not and it's because i mean describe for any of you freaks who may not be aware of what happened on twitter this week i just like jason lowry who is an individual who's part of the space force which is an extension of the U.S. military has come out with these theories and part of the Air Force and just putting these theories out there that I just want to combat. Like, hey, like Bitcoin holders

are not getting debased by the subsidy. Everybody knows that there's 21 million Bitcoin. And I'm actually happy you brought this up because I was having shower thoughts about this yesterday and like trying to steal, man. Like everybody knows there's 21 million Bitcoin. And we have examples of this in Bitcoin's history. When you're stacking Bitcoin,

And in my mind, at least, I'm like, all right, how much of the 21 million supply am I getting? And remember back in like 2013, 2014 through 16, there was a 21 club where like it was a goal of people to get 21 Bitcoin, knowing that you'd have 0.01% of the overall network. And that was like a goal in that cultural movement to get to the 21 club is a signal to me that most people understand that there's going to be 21 million Bitcoin in existence. Yes, there only may be 19 million that have been distributed to the market now, but everybody's stacking in mind that they're getting a portion of the 21 million. So Bitcoin being dispersed to the market via the subsidy that is still around and occurring every block is not a debasement of current holders because most current holders are understanding that they're trying to stack a portion of the overall 21 quadrillion sats that will ever be distributed. um and then beyond that like a hard transaction fees taxes no like it's voluntary and he's holding a gun to your head yeah and i regret bringing it up we shouldn't even i like i was having a good time i mean um i was just really i was just curious because i know that but the point i

was in place right he pulled out is that what happened well i think we came to a mutual agreement in dms and yeah i like jason i think he has good thoughts i think he's i mean i saw publicly on twitter like if you're gonna do this then i'm out yeah that's what i saw and you're like okay fine yeah i mean i'm not here to like i'm here to have intellectual conversations about this and that's what i wanted to engage in is like an earnest conversation about these topics and obviously he works for the u.s military the federal government and i mean he's literally a professional spook like linkedin like he's very qualified in that regard i mean he's just literally spooking that it works for the government and it's transparent.

But he's worked for every agency or whatever. I'd prefer a transparent spook versus a subversive. Yeah, he's super qualified. But my goal is to turn the spook into a Bitcoiner. Everybody's like, imagine if we could turn the spooks into Bitcoiners and the spooks turn around

to the spookmasters and say, fuck you. That's what I want. Okay. I mean, your terminology needs some work, but I mostly got it. that's why i have you here yeah i mean the freaks could help with that i think yeah i don't know like spook masters like who are they it sounds like the worst movie ever um fuck what was i what i don't even remember what i was gonna well i will wrap tie this

particular subject up with i like jason and we've had earnest conversations and dms and i will respect like yeah he's an individual who's got a job and um has certain things that he's allowed to talk about and i said it in that thread it's public so i feel comfortable saying it here it's like i like it is a tell that you can't have these open conversations about these differing political philosophies um if not i do not want somebody to come on the podcast that is trying to give me a very constricted framework of discussion that we're allowed to have i guess that's all i'll say yeah i mean yeah you brought it up you brought it up i yeah i guess i did i regret it um where can we go now in plain sight um

did i just it just to me it seems like it's an operation you know it seems like the most obvious operation and like on this airwaves like for better or worse we've talked about many different convoluted theories uh involved with uh attacking the average man and like guy on linkedin who's been in every single intelligence agency just coming out of the game just being like bitcoin is violent we as bitcoiners are violent individuals and just like tweeting it out just getting retweets and getting exposures just like come on man like really well that's like that's

what leads me to believe like either is a very sloppy or it's just naivety yeah but like why is that that gets a benefit of the doubt but not the convoluted theory you know it's like that one is like they're trying to control us but like this is yeah like like uh

would you have Klaus Schwab on the pod if it's just to berate him just literally be like you are evil yeah yeah okay klaus if you're listening the invite is open are you going to the wef sponsored consensus uh no coin desk in austin i'll be a bit block boom is it no it's a different time oh i thought they were going on parallel no he's doing like a side event during consensus that is like a bit of pocket side event i don't know maybe i'll go to sabotage like everybody everybody was shitting on jack mallers before he went to the imf event like oh what are you doing you watch him yeah he went and like shit on them it was great i haven't

watched it i mean obviously he was gonna shit on them we all knew that yeah i think even the haters knew that they were just like why would you enable them by shitting on them yeah like i think like i think everyone wanted to see if dude's good to shit on them yeah i mean i didn't realize there's a remote event but that actually makes a lot of sense i did not watch it i mean consensus i've never officially gone to consensus i've just poached people who go to consensus that are bitcoiners to go on the podcast and go to the events and shit on shit coiners and it's always been my consensus modus operandi yeah i mean usually it's like super expensive i went the only time i ever went was i i had a uh bitcoiner hand me a a pass that was in the

garbage uh and it like said it said that i was a uh that i worked for pwc so all the suits at consensus were like oh like do you want to hear about my blockchain well that's a good story did you go was pwc the uh the big four auditor that uh invited you and popper to an event where you guys both spoke was that pwc who was that no we spoke at a ge event ge ge really i Yeah, they were doing something for their young executives to tell them about the future of fintech. Yeah, tell that story for the freaks. It was like 2014 or something.

Tell that story for the freaks who haven't heard it. It's a good story. Oh, I was a young Bitcoiner, and I was just learning about knowing your audience. And I didn't know my audience, so I told them about how Iranians were going to use it to circumvent sensations and shit. And you called Popper out too, didn't you?

Yeah, he was shilling his book. he had his book digital gold i like digital gold it was good yeah except he didn't buy any digital gold and now he's salty as fuck because it was like 200 when he fucking published the published a book it was 200 bitcoin and now the rest is history so because the new york times you gotta be ethical yeah uh disclaimer be biased even though he only owns u.s dollars yeah disclaimer uh at one point at tftc we did own bitcoin but we lost it all the voting accident i actually lost it in a tragic goading accident. A goading accident?

You were riding goats? Was it? Did you see Gigi's post? No. He just posted a picture of a goat ramming a woman and he was like, lost my Bitcoin

in a tragic goading accident. Gigi. Yeah, I mean, I don't remember what I was going to bring up before we got on the spook conversation. 2022, dire predictions.

2022, let's give optimistic predictions. let's try to end this we're almost two hours in yeah let's be I'm happy to have you freaks here thank you for coming it was an incredible year of growth for TFTC

downloads wise audience wise maturity wise as Matt alluded to earlier I'm learning how to self not self censor but pick my battles on the airwaves I have my moments I'm trying my best here

I think it's low time preference yeah I do as well like trying not to say things that might be used against you in the court of law yeah you're freaking me out optimistic intentionally

yeah it's been a great year family wise I've got another one on the way it's been a good year it's been a good year for us tough year for others hopefully uh tough year for a lot of people man

yeah hopefully we can I think I think we're we should like try and focus on you know I don't know

I feel like recently the pod of the show has been a little bit uh gloomy yes

Bitcoin is optimistic like I'm super grateful like this this Christmas this New Year's like I'm just overwhelmed by

being grateful and happy and fortunate and it's uh i feel like we don't vocalize that enough i know we should we like open up the show and just like here's why you should be mad and why things are bad and shit yeah um 2022 the year that tftc focuses on the optimistic because that is it it's hope don't let uh 2019 was all hope 2019 rabbit hole was all hope 2020 like early 2020 it was like all hope and then like we let like the covid crazy bullshit like just derail the whole fucking thing yeah we're not gonna let 2022 to be like a back to the back to the hope a new hope a new hope 2022 sats wars i've definitely heard that isn't that like a star wars or something that was the original star wars it was a new hope a new hope yeah

marty's like yeah i thought of it it's like so unique just like tales from the crypt like i all by myself just in the shower one day i thought of the name yeah there's a 2022 is probably the year we move away from tales from the crypt just in case we get big enough where yeah it should be it's been tftc for a minute now yeah we're gonna get away uh just to prevent a cease and desist from hbo um so expect i still think it'd be great publicity yeah but sometimes wake up at night like what if hbo is like we need all the revenue that you've made off of tales from the crypt well tftc yeah tftc tftc don't don't say this shit on air marty i can't help it i love you hbo and it's it's an homage it's an at&t now are they

corporation in their at&t now yeah i didn't know that um we're gonna do more video we're tighten this up. We're going to have Tales from the Corn, T-A-I-L-S. The Why Bitcoin Podcast. It doesn't fit. We're going to have a rebrand too. We're working on an aesthetic rebrand. We're going to

turn it up here. Yeah, we got car. Car is a big deal. Thank you, car. Appreciate you. Thank God we didn't stop recording before. Thank God we got car to tell us that we got car. lay it out onto the team in 2021

2022 is going to be a big year we're going to up the production value we're going to up the focus on optimistic hope we're going to we're going to turn it up we're going to keep bringing you the content that we believe you freaks deserve should we wrap it up?

are we dying here? I love you guys I love you freaks happy new year to you all uh be grateful be appreciative treat your fellow human with love and respect don't stop stacking cheers i love you freaks peace and love okay