TFTC: A Bitcoin Podcast - Rabbit Hole Recap 199: Bitcoin is dead, we're cancelling the show

Episode Date: May 12, 2022

This week Marty and Matt discuss: - terra "stablecoin" blows up - treasury sanctions custodial bitcoin mixer blender(.)io - cashapp $1.73B in bitcoin sales Q1, $43M profit - coinbase $309B volume Q1, $430M loss - chainalysis valued at $8.6B - joinmarket v0.9.6 - arti v0.3.0 Tor rust client - casa launches api - rusty russell releases alternative covenants proposal - conversation with rusty on his proposal on dispatch - spiral post on supporting open source - georgetown law research shows ICE tracks 75% of Americans - grayscale privately met with SEC trying to get GBTC approved as an etf - costa rica declares national emergency over ransomware attacks - CD64: BIP119, CTV, and the bitcoin development process with @rusty_twit and @brian_trollz - brian armstrong thread - ishares high yield Shoutout to our sponsors: Unchained Capital Braiins HodlHodl CrowdHealth

What's up, Freaks? It's your boy Marty here to introduce this rip of Rabbit Hole Recap. Rabbit Hole Recap 199. Approaching 200. 200 will be next week. We did not announce it in the show. We probably should have, but I think we're going to be fully transitioning over to the new dedicated Rabbit Hole Recap stream.

We're going to do it on rip 200. Clean break from the TFTC stream. stream so go search rabbit hole recap in your favorite podcasting app and please subscribe due to the fact that we are breaking it off into a separate stream that separate stream is brand new it's raw doesn't have a lot of attention doesn't have a lot of likes subscribers ratings reviews um so if you guys would be so kind if you do like the show and you want to support us as we make this transition to a dedicated stream. It would

mean a lot to us if you could give us a good rating, write some reviews, help get that dedicated stream off the ground so that it is on par with the TFTC stream in terms of ratings, reviews, attention and spot on the charts.

We love you guys. Thank you for the support. This was a great rip. A lot going on this week. I'm sure a lot of you are worried. I'm sure a lot of you are hardened And hodlers already are having a lot of enjoyment out of this chaos. There's a lot to talk about. It was a great rip. Thank you for your support.

Thank you for listening. Love all y'all. Okay. This rip was brought to you by our good friends at Unchained Capital. Unchained Capital is here to help you eliminate single points of failure in your custody model and also offer you financial services. They help you eliminate single points of failure, which are keeping your Bitcoin on an exchange. That's a single point of failure.

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Had a hell of a time. Okay. You've had a dynamic where money's become freer than free. if you talk about a fed just gone nuts all all the central banks going nuts so it's all acting like safe haven i believe that in a world where central bankers are tripping over themselves to devalue their currency bitcoin wins in the world of fiat currencies bitcoin is the victor i mean that's part of the bull case for bitcoin if you're not paying attention you probably should be it was a fun

was it 13 years bitcoin had a good run there dude but it's dead the bitcoin eulogy episode we're here to reminisce about the open source distributed project that was bitcoin had a nice run

it was fun while it lasted it's been fun doing the show but it's unfortunate that we're not going to have anything to talk about in the the coming weeks months years because bitcoin is dead i i love how we uh i mean like clockwork we dump and then boom bitcoin death mining spiral comes out it's just like it's always the same shit man it's constant it's always the same thing oh let me pull that tweet up yeah it's incredible it's well it's fine so it's that and then have you been getting

a bunch of tweets like i dumped all my shit coins for bitcoin i'm a bitcoin maximalist now i think most of those are bullshit right they're just trolls i know it's like easy easy engagement farming it's like bait yeah yeah so this like i i find that hard to believe here i'll put maybe definitely like obviously bear cycles mint mint uh bitcoiners right like people realize why bitcoin is different than everything else in the market oh certainly yeah but usually it takes a little i mean it takes a little bit longer like right now right now people are just like crying in a corner and then like it takes them a couple months to like come back in we were joking that spiral stuff is is clockwork bitcoin's not dead i just

hope you all know we're going to be here next week and the following in years even if even if bitcoin goes to zero we'll have a rabbit hole recap that that week yeah um no but it is funny how cyclical all this is and like exuberance i feel very calm in all this because it's just like hilarious to see it again but yes dirty texas hedge at hedge dirty on twitter tweeted out earlier this morning the truly interesting bitcoin failure case is not price falls paper hands get liquidated the intricate interesting bitcoin failure case is price falls for far below break-even mining costs becoming totally illiquid because there aren't enough miners to clear transactions is this an ari uh an ari paul or not ari paul what the hell is ari's last name is it

paul uh yeah yeah is this thing he's had me blocked he's had me blocked for three years now i forgot the guy existed until you just mentioned it this might be his burner account does he still tweet i don't know i think he might have blocked me too i forgot about that dude until you just mentioned him nostalgia yeah i'm pretty sure it's ari david paul right rd paul i think so i've had i had him on the tftc series back in like 2017 2018 and he told me b cash was going to flip in bitcoin i was like i should probably not have had you on the on the show but that was all fair that was all fair just leak some out for there but i think the it just leaks them out Well, four years later, Bcash is basically zero.

Well, actually, I saw that the Bcash BTC pair is at an all-time low. It's like 0.008. It's not even 1%. Insane. Well, if you're new to Bitcoin, quote-unquote crypto in the space, welcome to the chaos. I mean, it's funny. I was actually looking for the clip.

I didn't have time to clip it out yesterday, but we did have like a little reminiscing or not a remnant, you know, like a little powwow at some point in the episode or like, yeah, this consolidation is really weird. It's going to rip one way or the other. It ripped down.

Last, last week, right? Yeah. Yeah. We made a really bold call that the volatility was ending and the volatility was coming and we're just going to go one way or the other. Yeah.

It went down. Um, where, where is it right now? According to Clark's dashboard. Cause what were we at last week? were we at like 40 no we were at like 36 or something like that and then like what the bottom tick last night was like 25 or something 26 high 24s in some exchange we had i was literally

i was with 250 bitcoiners at uh nash bitcoiners last night i had none of us had any idea that that was happening while it was happening like i didn't even realize so the dump happened until this morning yeah well dump happened it was fun it was actually one of the more exciting twitter nights uh bitcoin twitter nights in a while everybody was going nuts uh obviously a lot of questions about what was driving the dumping we're going to talk about some of the theories i mean obviously the biggest one is that that luna stablecoin terror stablecoin uh was was the main driver which could be true but um there's a lot of other stuff going on in the world too i think it's contributing marty i got to yeah there's a ton of the macro scene like look at the stocks

like i haven't looked at cnbc but i imagine they're freaking out i mean there's like stocks that are down 90 95 yeah uh trading like coins marty i met i met your owl last night oh you did have you ever met marty's owl i did i met him in miami i believe that was pretty exciting i forget where i met him the first time i met him i met him in the last few it was either They're Miami or Austin. They're somewhere else. Where did I meet him? No, I met him at the, in Texas.

Did he call you? No, he didn't. He did, we shook hands. I believe I met him, one of the owls. There may be multiple Marty's owls. Oh, there's a Marty's pigeon too. Yeah, that guy's a pigeon. The pigeon is a far inferior bird to the owl, okay?

Sorry, Mike Tyson. The official price of Bitcoin, according to Clark's dashboard, we've come up from the lows that were hit last night. And who knows, this may not be a low for this cycle. The current price is $29,275. One Cuck Buck is going to get you 3,416 sats. First rabbit hole recap where it's been above 3,000 in quite some time.

we're currently at block height 736,092 we had a difficulty adjustment I believe it was yesterday it was an upwards adjustment of 4.9% that's because blocks were coming in at 9 minutes and 32 seconds on average we are 1,764 blocks away from the next free target which is estimated to be on May 24th

which is 12 days from today and that is right now estimated to be a 1.4% upward adjustment. Blocks are coming in at 9 minutes and 53 seconds since the last adjustment yesterday. A lot of transactions at Clark's Dashboard

or Mempool right now, as one would expect with all its volatility. It's currently sitting at 48,495 transactions. Fees have gone up. I was puked at my block clock yesterday when I was in here uh they're creeping up towards uh 10 million sats uh block 2016 blocks i'm like 95

sure that binance dumped a shit ton of utxos in mempools to just you know slow the dump down well i was talking to ryan gentry yesterday i believe and i think it is confirmed that it was Binance that did slam the mempool whether or not they're saying it's consolidation right but if people are having trouble sending Bitcoin to exchanges then it slows

down everything yeah that's a very good theory is that your theory? EZ is very fucking shrewd I mean that was what I first thought when I saw the Binance thing happen when I saw Binance

because they're saying it's consolidation which we talked about last uh we talked about last week because they did it last week as well so it could just be that um but uh forget someone said it on twitter too and it confirmed my bias now i'm saying it out loud well that was my first thought was that uh wouldn't shock me in the least bit ron said it on uh twitter it would not shock me the least bit um there are currently four thousand six hundred seventy four point five two bitcoin in samurai's whirlpool unspent capacity all-time high all-time high unspent value and cock buck terms is not at an all-time high it's at 137.9 million uh another interesting uh stat that i i want to bring up is hash price because that's been cratering as you would imagine price dumping

difficulty rising uh hash price is all the way down to 12 cents i believe that's uh the lowest point since november of 2020 which um had like a bitcoin price of like 16 000 but obviously difficulty was and hash rate was about half of where it is now or a little less than half of where it is now so we haven't had this low of a hash price since

October, November of 2020 so it's tough out there to be a miner luckily fees are going up which is nice to see if you're a miner and you're worried about revenue but price dumping, difficulty rising and hash rate continuing to rise as i mentioned on the dashboard it seems like as of

now we're gonna have another upward adjustment uh on may 24th so it's getting tighter out there for the mining industry which is um a lot on the streets a lot of blood on the streets we talk about stocks that are way down you see the mining stocks getting hammered microstrategy got hammered and then all the mining public mining stocks got hammered yeah coinbase what Coinbase IPO to like $400 a share and was trading at like $40 something today. Yeah, I think they're like something like 85% to 90% down from their IPO price, which was their all-time high. Brutal.

I think they may have had one up one day where their stock traded higher than their IPO price. And then did you see Coinbase change their wording about what happens to your your bitcoin with them if they go through bankruptcy yeah so that's no i mean that's on the list right so we start with that i mean what's on the list is that they lost a shit ton of money in quarter one they lost 430 million dollars in quarter one it's a lot of money to lose yeah but another i mean obviously i wrote about it in the bent on tuesday coinbase came out People were scouring their S-1 filings, their financial report, and a lot of analysts pointed out that they had changed a particular language in those reports that basically said, hey, just want to make all of our retail users aware if we go into bankruptcy proceedings, the bankruptcy court in a state may, and again, they're very specific with the language,

could there's a potential that they could have first rights to the bitcoin that you believe you own yeah i mean i think it's mostly a non-story i mean not your keys not your coins uh if one of these exchanges goes bankrupt you're fucked like it doesn't really matter what's in the like people still haven't gotten their mount got shit from 2014 um and then like every time these if these exchanges go belly up you just don't what's the other one like quadriga no one got anything from quadriga well that guy just fucking took all the coin around right or he died and they couldn't access it especially in like high volatility times like this it's more important than ever that you're you're not very exposed to custodial services this is where like services

really um where the ones that are being run poorly get exposed and and they don't have enough to cover their their their responsibilities their liabilities um so so during these chaotic periods it's even more important that you're you're using your own you're holding your own keys ideally using your own note but at least holding your own keys um yeah i mean if there was ever if you haven't been woken up to the fact that you should be getting your Bitcoin off the exchanges this week should be a jarring reminder hopefully

incite some action that gets you to spin up your own wallet control your own private keys and send that Bitcoin from an exchange to a wallet that you control but Carl I put Brian Armstrong's thread in that didn't

make me that shouldn't make anybody feel any better it's so much worse I mean you saw that you had to see the memes going around of it just to remind the people of Roger Ver when he got on camera and was everyone should go watch that if they haven't before their time

he had the gun to his head yeah he was trying to make calm markets and tell everybody that that Mt. Cox was not insolvent when in fact it was extremely insolvent as insolvent as something could be but in terms of

oh I put that in the wrong there's going to be people in telegram like why the hell did you send me brian armstrong's thread who'd you send it to a group of friends but brian armstrong basically took to twitter obviously there was a lot of speculation when these analysts sort of spilled the beans that they changed their wording in the 10q section of their financials and and brian basically came out and said, hey, we had to make this change due to SEC regulations that are forcing us to get more specific with our language.

We're not insolvent, which leads people to believe, like, all right, this is a Roger Ver moment. And then Brian Armstrong's claiming that prime and custody customers, which are more their cold storage custody solutions, are not affected by this particular language. Only the plebs get fucked. Yeah, only the retail traders.

But assuring all the retail traders is that Coinbase is working to bring those same security and ownership assurances to their retail clients, which I find extremely hard to believe considering the nature of the shitcoin casino that is Coinbase and trying to do that across hundreds of coins from an engineering perspective alone just doesn't seem viable. Maybe I'm wrong, but yeah, this is one of those canary in the coal mines that should

incite action in any individual who's holding Bitcoin, well you're technically not even holding, you have an IOU to Bitcoin on Coinbase and it shouldn't only be Coinbase if you have it on Cash App, River any of these exchanges

like I mean obviously I mean Coinbase can go fuck themselves people should learn self-custody especially now out of all moments um so they should like they should heed this as a warning if for whatever reason they're still holding funds on coinbase but i mean i i think we kind of have to talk about this this terror blow up and unwind the shit coin oh i can't wait to talk about it and if you're if we go down if we

go down that rabbit hole of this thing um there's a lot of other services that are not coinbase that are way more exposed like services that we've never talked about on air because i don't want anyone to ever use like celsius or nexo um even even stuff like block fi like a lot of these lending services and stuff are all in these yield schemes where they're um where they're like trying to harvest shit coin yield and that's what they pay you as your interest if you keep bitcoin with them um so there's a very good chance that a lot of those are completely underwater yeah yeah i would not be surprised i mean you see like a cascading unwinding of this intertwined risk that exists in crypto i mean and we'll talk about it from the macro perspective too

it's not only in crypto we're seeing it in traditional markets as well stock and real state specifically but i just don't understand how how there was so much fucking money in this like 20 shit coin yield scheme like what are these fucking people thinking they're fucking insane they're high time preference greedy they're trying to get the those gains bro yo doquan he said we were gonna get more coins than satoshi his tweets have aged so fucking poorly well let's get like so let's get into this because okay let's let's explain what the fuck happened so we've mentioned terra i remember the first time and like it popped on our radar i was like what because like udi and like some of the uh the interchain interoperable pushers shit coin apologists were all saying that

like we should as bitcoiners we should be rooting for terra yes and so basically we're buying a shit on a bitcoin yeah what tara tried to do i believe i tried i think they they tried to spin up an algorithmic stable coin ust so you as it's very confusing because tether's usdt but ust either yeah it's um yeah it's not treasuries either so they tried to create the stable coin in the way uh so there's three aspects to it you have the stable coin you have the bitcoin in the treasury and then you have this associated token luna yeah you have the shit coin attached to it yeah um so it's like there's three moving parts for the bitcoin and the the treasury the luna which is the associated staking token or whatever and then the stable coin that token that novo got

a tattoo of yes so let's yeah um so i believe it launched like fall of last year so i'm gonna come out and say it straight up i think this is like a government psyop it's like too perfect how this shit show i think it was dude so i mean look let crazy uncle marty marty jones go for a little bit here i mean it's just too perfect like it came out of nowhere developed all this crazy attention like people started fun started throwing money into it novo got a tattoo novo sits on the new york federal reserve uh financial open markets committee which is and then you had janet yellen come out on tuesday and name tara specifically as a reason why you need to thrush more regulation on this like the way it blew up or it came up and then blew up is just it's so

quickly and it's just it got too much attention too fast so your your your evidence for being a government psyop is that shit corners are greedy and short-sighted what and and then the fact that jenny yellen like she blew up magnificently like of course she's gonna fucking at that point it wasn't even like a terrible blow up yesterday it was a terrible blow or it went below like a dollar and below a cent um and she like i wouldn't be surprised if some people that are very well connected in the financial ecosystem blew it up but that doesn't mean they created it to blow it up i don't know it's like you have you have you have too perfect of a narrative for regulation to come in? You have greedy shitcoiners who, so the scheme, the way the scheme was set up

was that Luna, you could burn Luna, that you remove Luna from supply, the shitcoin, and you could get US, you could get the quote unquote stable coin, the Terra, right? So the way it was designed was if all things were going well, as more people use Terra, as more people switch to that as a stable coin luna pumps as a result because you have less and less supply also while you hold luna you get 20 yield on it so you get an insane yield so the shit corners fucking loved it it was this idea of creating they love stable coins quote-unquote stable coins and they could have an attached token to it that not only gave them yield but was designed to pump forever aggressively but what happened was they ended up in an extremely vulnerable position

and someone or a group of people that had this is my feeling here that had that had the bank rolled to do it borrowed a shit ton of bitcoin and they fucking blew this thing up and made billions of dollars well i mean so you want to get into like so the theory is that incentives actors like citadel and other wall street black rock officially denied it today yeah black rock and citadel officially denied so the citadel officially i just saw black rock did i thought i saw citadel that i could be wrong but the theory is that um these guys borrowed like something like 25 000 or 100 000 bitcoin 100 000 bitcoin from gemini was the rumor yeah and they use that to take large positions in this lunaterra algorithmic stablecoin and they basically collapsed

the price and shorted it on the way down um yeah the borrow itself is the short then they buy the bitcoin back when it's down below and they end up making a couple billion dollars in the process they prop up their their other stable coins you know black rocks and usdc um and they bring in in a bunch of government regulation as a result but that like that that part makes sense to me i just think this guy duquan or whatever was a greedy shitcoiner and just put himself in a vulnerable situation like i don't think the government built this shitcoin just to blow it up that seems a little far-fetched to me shitcoiners are always doing this kind of shit i could see that theory but the way again the way it came up and blew up so quickly and novo tattoos

novo always gets stupid tattoos though like this is not evidence this is just no that seems too perfect for me hey i'll take my tinfoil hat off now i will concede that's a good theory as well you just play the incentives and yeah i mean what does that say if that's the case like how what's the market cap we didn't read the market cap so the market cap of bitcoin right now is $558.1 billion. And that's another reason, by the way, not to lend your coins with these services. Because then they lend them out

to people who just try and destroy Bitcoin. Yeah, exactly. If you are a moon boy and want the price to go up and you have your coins on exchange, you're playing yourself. You need to take that liquidity away away from these centralized providers who are re-hypothecating those coins to institutional players that seem to have entered the game again it's theory blackrock denied it i think citadel

denied it but yeah but if it wasn't them it was someone like that right like a smaller blackrock or citadel that they like they had had some quants they like looked at the shit they're like oh fuck they're super vulnerable like the macro climate is a mess right now like liquidity is is is not looking great and let's just fucking do it and they with minimal risk like what like if like the the real risk is they try and do this and then the bitcoin price rips to the upside but because of the macro situation they were pretty much insulated from bitcoin ripping hard to the upside so you just fucking do this trade you make and you make some easy easy billions yeah and i have to say like you know this is this is what free markets are about like this is an adversarial

environment like if if your project is vulnerable to this um that's not market manipulation that is just open market participation and and and you will be crushed if if that vulnerability is there a lot of people got crushed a lot of lunatics out there it's funny that that's the the word that they ran with too and it wasn't just like retail like there's fucking do you see like the list of crypto vcs it's like a who's who like polychain blockchain.com arrington capital block tower cacao pantera galaxy digital coinbase ventures high time preference yeah no i mean frank uh i forget his last name from the block he tweeted out last night that a few funds blew up because of this i don't know specifically i think

a lot there's gonna be like a lot of contagion or whatever like we're gonna see the after effects of this for months yeah there's people probably like scrambling right now in the background trying to do things to save themselves three arrows i think was super exposed and they've been notoriously resilient i mean it just goes back to like that this whole thing is just a massive gamer survival right yeah and i mean play most people don't make it play stupid games win stupid prizes this is why we've been preaching dca sweet to cold storage stay humble stack sats i mean it's comparative i mean bitcoin's at 558 billion it seems like a lot of money but compared to the overarching financial system that's a drop in the bucket and if these

institutional players are going to come in with all the capital they have and the leverage they have access to they don't even need that much capital per se they can use that leverage like they can fuck you and i mean i it just goes to show like how resilient bitcoin is i mean it's pretty impressive that like you know global markets are cratering everywhere um and then you have this massive quote-unquote stable coin shit coin blow up and Bitcoin is still

you know I just handled it pretty well all things considered the blocks still come in you know everything is I'm surprised we're 29 right now when I tweeted out yesterday that definitely jinxed it I knew as soon as I tweeted I was like we're dumping I was like yeah honestly I'm surprised about the reason

yeah but we're back about right at the price where I tweeted that so i mean march 2020 what happened we went from like 10k to 3300 or something i mean the one day move is like something like 775 to 32 or something like that um we're down i believe like 30 or we were at some point last night down like 35 percent this month um probably in the last week because it calls consolidation ensued or ensued or proceeded that's the right word um yeah so it's wild out there but it's funny like watching this from the sidelines and haven't seen it so many times i mean the luna terra charts are just like your your stereotypical 2013

pre-mined all coin pump and dump and if you're out there if you're listening to this you're new to tftc new to rhr or maybe you've been around for a while and you've been skeptical about what we've been preaching in terms of everything else being noise and extremely risky and you learn that lesson hopefully you only have to learn it once i believe it's the best way to learn the lesson free markets kicking your dick in um and if if you did learn a hard lesson over the last week lick your wounds sure it hurts but blocks are going to continue to be produced bitcoin's gonna still be here it's not dead and you have the ability to to learn from that move on we're not dead yet not yet are they gonna kill us who knows also the like i feel for

bitcoiners that have uh collateralized loans right now yeah hand up on one of them it's been i came pretty close to doing one near the top yeah my mind was like i'm gonna stay humble and rent i'm lucky i didn't do one near the top um but no i'm i'm i've got sufficient funds in the collateral but no it is for anybody who does not have a sufficiently collateralized loan that i can imagine how stressful the last couple days has been yeah and consider over collateralizing like extra amounts right now because like we are in that zone where like all of a sudden there's like a fifteen thousand dollar drop so like that is in the cards yeah yeah seriously try and drive it i would drive it down you don't want to go to bed and just have like a fucking massive massive dump

while you're sleeping yeah the um not financial advice but i would drive that margin down it's it's just life advice yeah what else what else I mean I will say that this it's that's what

this is one of the most exciting shitcoin collapses that I've ever witnessed and I've witnessed so many shitcoin collapses yeah I mean just because of the caliber of the assholes who are pumping it and just like the like this was like just the scale the sheer scale like a whole new paradigm of shit coinery that we've entered well that's that's actually interesting you bring that out a massive scale

they had what a hundred and they had hundreds of thousands of bitcoin right they get over 200,000 what yeah 50,000 50,000 oh we don't even know if they sold that bitcoin by the way the rumor is that they took collateralized loans on it on the otc markets and then used the dollars to try and defend the peg which means that they're going to get margin that means that we could go it could be worse yeah it could get worse but or they might have sold it i don't know like there obviously there's not that much transparency there but my understanding is that they might have just taken out collateralized loans yeah well due to the sheer scale let's run both assumptions assumption one being that they did liquidate their bitcoin to support the peg and that liquidation is behind us

you mentioned celsius and other types of lender like are they anywhere near the scale that this was at like what that's why i've been trying to think of like all right if celsius goes down if nexo goes down if a block fight goes down like dude i think way more people are using this shit we can comprehend like i just don't i just it's hard it's hard for me to it gets shilled all over the place i mean you know you have like people like bitboy crypto and shit who have like a million followers on youtube and he's just like pouring retail people into nexo and fucking shit um not only do i think a lot of retail are using them celsius and nexo and like crypto.com and but i think a lot of these so-called like financial professionals like venture funds

and hedge funds like how many hedge funds were in the 20 shit coin luna trade to get 20 yield like that's a straight d-gen trade like how how are you deploying you know tens of millions of dollars hundreds of millions of dollars into that fucking shit coin trade just blows my fucking mind So if you start like I like Celsius, they're trying to make yield for their customers so they can say to the customers, you know, you give us Bitcoin and we'll give you 10 percent on your Bitcoin or whatever. And then they need to go and get higher than 10 percent in order to give those people the 10 percent. So then they go to Luna and they get the 20 percent and then they take a 10 percent big off the top and then they give their customers the remaining 10 percent. and the whole thing just fucking cascades down

they're all the way out on the risk curve off the screen that's how far out they're going I put a tweet in our group chat GMI, I forget what it stands for but Raoul Pal is behind it the co-founder of that fund

no, he did not make it he did not make it no, but isn't that what GMI stands for? oh, yeah, but it's something else in the context of Raoul Pal's investment company. Pull up the screenshots. Yeah, it says dude, Remy Tetat. Like, it's crazy.

These people are institutional investors. They're supposed to be smart and risk averse and understand the intricacy of these financial, these products on these crypto chains. And he came out, and for those of you listening at home, he said, like many of you, I've been wiped out. I'm not going to lie, it hurts.

I lost 100% of my capital invested in crypto. I didn't sell one Luna on the way down to not add selling pressure in this stressful time. There was a lot to discuss, but I need to digest it all at first. I hope my fellow lunatics are doing okay. I truly feel for you. None of us deserve this, but here we are.

I mean, you did deserve it. Thank you. You guys got greedy. You got extremely risky with your capital. you caught the bug of a megalomaniac in this dude, Daiquan. You got caught up in a big clout chase and you got burned for it.

GMI stands for Global Macro Investor. Okay, there we go. Thank you, Jim F., for your contribution in the chat. These are your fiduciaries. I mean, it's indicative of just the insane environment. they should name their next fund ngmi but again this is indicative of it's the insane environment that we're in in 2022 not only in quote-unquote crypto but the broader financial system they get we've been mentioning the macro

landscape but that is extremely precarious as well and i would argue yes the luna blow up if they were selling bitcoin probably did put downward pressure on the price but i also think in traditional financial markets and in the stock market bond markets real estate markets with the fed raising rates inflation staying elevated gdp going negative you're you're finding traditional markets in a extremely precarious situation where people are selling assets to fill margin or simply selling assets to live because prices are going up so high and so that's what i wrote about yesterday in the bent um it was just the interconnected risk that exists in the system and crypto and then beyond and the traditional system is so

perverse and so large that it's going to be a tough summer i mean we've been posturing like that for months now but now the hens are coming home to roost and so tour demister uh found a couple of screenshots from reddit and facebook of individuals that are overexposed in the traditional system. And I think these aren't just two one-off anecdotes. I think a lot of this has happened over the last two years, specifically where you had the shutdown of the global economy in March, 2020, obviously the Fed and the treasury put on the money printers and the money helicopters dropped a bunch of money into people's bank accounts, lowered interest rates so they could get access to loans. You had

people buying a bunch of houses because they were moving out of the cities because of the lockdowns and they were able to work from home, didn't have to be in cities. Any excess disposable income that individuals had because they weren't able to spend money as they otherwise would. If the economy weren't under lockdown, they were pushing into stocks. The Fed was printing money. The Wall Street investors were playing that trend. And so you had obviously the stock markets go pair over the last two years. And the two anecdotes that Tor pulled up were individuals who had used their stock portfolios or equity in company, publicly traded companies as collateral for home loans. And so you have like this perfect shit storm that started in March of 2020, where

you had the economy shut down, money printer go on, interest rates go down, people buying real estate, dumping money into stocks. And at the same time, because of the lockdowns, you had the supply chains beginning to grind to a halt and the things that we actually need, fuel, food, raw materials to build and products that we use throughout the economy that started breaking down then. And so like over the course of the last two years, you've had these two trends moving in parallel where financial assets, real estate assets are having a shit ton of money poured into them. And then you have the supply chain disruptions, which is leading to less goods getting to market, which is economics 101, supply demand, less supply, static or increased demand is

going to increase prices. And so you have inflation running hot. And then the Fed earlier this year has to react to hot inflation by increasing interest rates. When you increase the federal funds rate, which is the rate at which banks trade their overnight reserves, they need to cover the cost of that interest rate going up. So then they go out into the products that they offer retail investors, mainly mortgages, and they adjust the rates there so that they can cover the rates that they're paying on their overnight reserves. And so you had all this money flowing into these assets, people thinking they were rich on paper. They were rich on paper. They're making significant gains in their real estate. They're people refreshing Zillow, seeing the

real estate value go up every day, refreshing the Robinhood, seeing their stock portfolio going up every day. They thought they were rich. Some people may have taken money off the table, but most people probably did not. And then you get to the point over the last three months where the Fed's raising rates because inflation's running hot. And that has an effect on mortgage prices and mortgage rates. If you have an adjustable rate mortgage, most of those lenders are going to increase that mortgage rate, which is going to make your monthly payment higher significantly depending on the price of your home. And at the same time, higher interest rates too means that the stock market game isn't going on so the stocks start dumping because of the interest

rates and then probably as well people taking money off the table to actually buy gas and food and then the stocks start dumping and you have those stocks as collateral for your house and the value of your collateral collapses and you don't own your house anymore the bank comes in and says your collateral is insufficient like you cannot keep this mortgage and so this is what's playing out right now we have this beautiful shit show of easy money supply chain crisis intertwining the financial assets of the stock market with the real estate assets people thinking they were rich and then as soon as interest rates go up markets go to shit commodities prices rise and stocks tank like it's all a fugazi it's fugazi fugazi it was a mirage

you did not have any of that wealth it evaporated over i think something like 40 trillion dollars of wealth has been evaporated in the last three weeks and like to bring it back to bitcoin when when people get into this situation whether it's with coins or whether with stocks or whatever other positions they have um they'll often sell bitcoin to cover those positions uh specifically in the crypto context like if if if a fund a major fund is taking massive shit coin losses um to cover their ass they will try and cover that with with bitcoin and sell some bitcoin um so you have this knock-on effect yes so um yeah i mean we're in the thick of it right now freaks like this is i don't think it's over by any stretch of the imagination i'm going to put

another um link in our chart here first marty's calling pete clown world but no i was actually had parker in here the other day we were talking about like all right what's the indicator that is going to signal to us that the fed is going to have to act in reverse course on interest rate hikes um actually i saved it on my google finance so you think they're going to keep raising well so that's what they will until something breaks and what's got to break is the credit markets and so parker um said to me that he's looking at this high yield corporate bond etf and car zoom out to the five year um the five year and then so all right so you pull that up we're looking at the i shares ibox high yield corporate bond etf which tracks high yield corporate debt

obviously and so looking at this chart you can see obviously in march of 2020 when this index where car is right now if you pull it away from the price car um it went straight down and so that this is an indicator that you should probably be watching closely not until it spikes down with that free fall that it did in march 2020 will the fed step in and reverse course because that signals that credit markets have completely broken lending is not happening money is not moving so as you can see if you're watching on the screen and you can see the chart of this index right it's certainly fallen precipitously over the last few weeks but it has not hit that free fall trajectory that that's not considered a free fall right not yet it's got

got to spike down so i would keep an eye on this i don't want to ski down that hill no um but i would keep a hot an eye on this index it looks like so honestly it looks like it's going to break in the next week or two if it continues like a fucking cliff yeah so i think i imagine the next week or two this will break credit markets will be completely defunct and the fed will have to reverse course probably intramuting um lower rates tell them i just don't think they have the balls to continue to crash the whole economy right now or like crash what's left of the economy which is like these shells of assets yeah that are heavily inflated yeah like people are watching there i know we keep laughing but like you gotta laugh in these situations uh but like people are losing their

entire retirements right like they're the one thing that we're keeping people going like small businesses got closed our rights were trampled on inflation was high but like the one people that one thing that kept people going was like number go up on the real estate and number go up on their stocks you know and you fuck with that and the whole charade just fucking well that's well so that's another thing i i said last night that's a scary part about this cascading doom loop that we find ourselves. And it starts with people selling stocks because the easy money trade has ended. Then it goes to people selling stocks because they need to cover margin. Then it goes to people having to liquidate stocks because they use it as collateral for

these real estate loans. And then you have a laggard effect of the boomers looking at their retirement accounts and saying, holy shit, this is evaporating. I'm going to liquidate into cash just to ensure that I have somewhat of a nest egg that I can depend on and that creates a further cascading of the doom loop and... Mandibles. Stack 10,000 sets.

Marty, have you read Mandibles yet? No, not yet. I haven't had time to read a book in a while. Kar, have you read Mandibles yet? I haven't downloaded it. Kar hasn't downloaded it. Get it done, Kar. I will. Yeah, I mean, everything is going to be okay in the long run, but it's going to be pretty fucked up in the short to medium term.

Did you see Coinbase's shareholder letter? They're like, we lost half a billion dollars, like yada, yada, yada. And they ended at the end with, we are going to make it. W-A-G-M-I. yeah they're not going to make it I wouldn't be surprised if Coinbase gets bust I'll just say that if I was a shareholder I'd be so fucking pissed off you lost a half a billion dollars your stock's in a fucking tank

and you end it with WAGMI yeah again indicative of the idiots running the show right now yeah somebody at Chris underscore Cethos just tagged me in a tweet from StackHoodler

stack coddler on twitter liquidity issues in repo and credit markets are the number one thing that can force the fed to reverse course in the short term recent reports said the risk of a sudden significant deterioration appears higher than normal something to watch so repo markets which makes sense because the repo markets are where it's another overnight trading desk where people try to get enough margin to support a lot of these high yield bond trades and stuff like that so yeah every repo market would be another indicator to look at um but yeah it's very hey god we're gonna laugh throughout all this because you have to laugh at the absurdity of it all but you have like diesel shortages on the east coast appearing you know food shortages baby formula

shortages it's shit is hitting the fan we're in the middle of it and that i guess that's one thing you can take solace in is that we're in the middle of it we're here we're breathing we're talking we're meeting um and things haven't gotten terribly bad yet but like i said many times in the past like we cannot keep doing the same thing over and over again like the fed will step in we'll begin printing money but that's again during a stagflationary environment where gdp's falling while inflation's still going up that is going to cause a hyperinflationary scenario Yeah, especially when you consider how bored supply chains are due to lockdowns of the economy

and the inability of our elected officials to inject sane energy policy globally. It's just the nature of the decisions that have been made over the last many decades. It seems like it's coming to a head now. Indeed. What else have we got on the list? I could talk about this for fucking hours

we've been talking about Coinbase Cash App also released their earnings what was the stat? 1.73 billion in Bitcoin sales in Q1 and they made a 43 million dollar profit off of that

and just like you look at two different strategies right where like Cash App stays super focused and Bitcoin focused long term building strong foundations and then Coinbase just builds like this ridiculous shit coin casino and just dumps on all their

users. And they don't even dump correctly. They can't even dump and make a profit. It's like it's embarrassing. Well, Coinbase doesn't make a profit, but their partners make it on that shit. I'd be embarrassed if I were working at Coinbase. Sorry to any of you freaks who are, but

get out. Some rosy valuation news. Chain analysis. rosy valuation fuck you Marty I'm fucking with you valuations are going up crypto forensic startup

chain analysis raises $170 million and $8.6 billion valuation as long as these surveillance firms are valued at anything over fucking sat

like our job is not done no we gotta keep working who who gave these guys money benchmark Singapore sovereign wealth fund interesting Benchmark, Excel, Paradigm

and CodeTwo they opened offices in Singapore and Tokyo in 2020 it was led by the Singapore Wealth Fund yeah, Sovereign Wealth Fund Series F, they're already on their Series F I mean it just goes to show

how important privacy is in this space if these surveillance firms are some of the most valuable, resilient companies in the space yeah yeah that that's a signal right there you'll know that we're winning the privacy battle when these guys start losing money because nobody wants to buy their services because they don't work that's also what was really interesting uh you know obviously this is a bitcoin show so we focus on bitcoin privacy when we talk about privacy um but a lot of these

other chains have even worse privacy situations and all the luna trading and stuff a lot of it happens on chain so there was a lot of uh there was a lot of like twitter accounts and stuff that were like tracking all of these purchases while they were happening like who was making them how much they were making um just goes to show like how much work needs to be done in this space on the privacy side and why aren't all the other chains are sort of i mean the chains that enable like ico token spinning because they're all they use the state model over the utxo model right so and that inherently is privacy fucked so like so they're so uh the block the block crypto for instance had this article right uh the quadriga co-founder

michael patron or patron traded the the terror crash for a seven hundred and sixty thousand dollar gain and like he didn't release a press release or anything they just knew his address on chain the ethereum address and they watched him make all the trades on chain and then they wrote an article about his personal transactions like that is crazy like that is not the financial future i want to live in um where some random news article can say what trades i i made and how much i made this fucking dystopian shit yeah hey the block they're gonna be tracking you on chain they're probably they're probably chain analysis customers you know um yeah it's it's funny because bitcoin is such a shining beacon on the hill like we can have

all this incredible freedom free markets sound money peer-to-peer markets and yet like it's it's it's coming of age at the end of this empire collapse and this collapse of our incumbent financial monetary political system and it's just very interesting seeing the dichotomy of the goal that Bitcoin puts forth and the mission of Bitcoin in the middle of the blow off top of all this excess

exuberance and bullshit fiat of which I would argue crypto is a part of. I just wanted to just touch on this article because this was pretty crazy to me. While some were cautious that the token could fall lower,

Patron's address took the bet that it would return towards parity according to our analysis by peck shield i guess that's like a coin surveillance firm he swapped 2.8 million dollars worth of tether for 3.88 million of ust of of terra when it was near its lowest and then at that point it rose it was it was rising back the peg was being defended to 94 cents and then he sold it back for three and a half million dollars worth of tether resulting in a 760 000 profit and then he bridged some of the funds over to the avalanche blockchain like they're like literally just you know some bloggers are just like watching this guy's fucking trades that's insane that

is fucking crazy yeah these are big numbers too right it's not like i don't know it's crazy it is very crazy but again like just think about like anybody who's like oh like crypto's got like a lot of utility listen to what matt just said the rigamaroo that that quadriga x guy what what is it it's rigamarole right rigamarole whatever you listen i'm gonna take coins here put them on this blockchain bridge them over here rehypothecate them here get my yield here it's all fucking ponzi i mean they they're pretty blatant with it they define it as ponzi and ponzi find that i mean you had sam blankenfein sbf from sftx on wait that's not his name sam bankman freed yeah that guy whatever his name is would you just mix it like lloyd blank blank yeah yeah i brought in

lloyd whatever the vegan with man tits who runs the chop shop out of the cayman islands that guy um he i mean he was on joe weisen he was on odd lots with joe weisenthal and i believe matt levine joined him for that episode and he was like openly like encouraging these ponzi schemes and acting like it's some novel financial structure that that crypto is enabling and it's nothing more than a casino and a game of russian roulette where you're gonna get absolutely most of you are gonna get your dicks pushed in you're gonna get shot in the fucking head you're gonna pull the trigger and it's gonna be loaded with a bullet like these people with big money are just throwing it around trying to get hype up i mean novo is one of those guys got a

fucking tattoo he's like yeah we're part of the luna community it's like no these people are fucking playing you they don't care about this shit at the end of the day they want to get their gains they don't care if you can't put gas in your car or you burn your your life savings they'll they'll act they'll posture like it's innovative it's decentralized finance it's the future really it's just a mechanism for them to take money from you and put it in their pockets so be aware you learn a lesson this week don't get tempted there's siren calls quite literally siren calls because they look sexy it's like oh look novo got a tattoo it looks cool he's dresses like a douche but i i sort of want to dress like a douche maybe i could do that

i mean these people need to be called out there's a lot of people with with major major uh pie on their face with this blow up yeah there's a lot of tweets a lot of podcasts a lot of public appearances um and just specifically with tara there was a lot of shit coin apologists that were like, if you're a Bitcoiner, you should be supporting this. This is good for the ecosystem. Hootie, Eric Wall, what's Dave's name? Pomp even got into it.

Novo. There's a lot. I mean, come on, people. Probably Ari Paul. I don't know. He's had me blocked for three years. I'm pretty sure BlockTower invested in it, so yeah, he's probably in there. Yeah, BlockTower

is probably neck deep in that shit. these people are not your friends they're not innovators either these people are building shit they're just like writing code that spins shit up it's nothing innovative it's a mechanism to take your money alright we'll get to shoutouts

we have one shoutout this week wait before we do shoutouts we can do shoutouts and we'll do it after it's fine long time first time I'm an avid listener and I have to say I don't agree with you two nerds trashing the US dollar and contributing to its demise as a 32nd district's us representative it's my duty to fight for the

people i'm here to protect the banks you guys are blatantly un-american by empathizing with the seven billion people outside our country you have to worry about the value of their money on a daily basis you push for decentralization but push ahead without thinking of what really matters here my cash flow so to those listening to this in southern california don't forget to vote for me in the primary this June to support the House of Representatives and the cleansing of the Bitcoin network. Ignore traders running against me

such as Erica Rhodes who value Bitcoin and what it can do for individuals in our country and throughout the world. Fucking gross. Keep up the lulz, Brad Sherman. What's up, Brad? Thanks, Brad. Appreciate the support.

Thanks for the sats, Brad. And you sent that on chain, so you're destroying the environment. you should have used lightning brad you hypocrite brad sherman man complaining about bitcoin's environmental impact and then sending an on-chain transaction it gets settled by miners how many whales die every on-chain transaction at least three at least small they're the smaller size whales they're not the not humpbacks yeah i had a bad like whaling joke there isn't there like yeah i'm not gonna say save the whales that's all i'll say

so you skip we skipped on the list one of like the biggest stories oh shit yeah i'm sorry that got kind of hidden with all this bullshit that blew up which is uh the u.s treasury sanctioned custodial mixing service called blender.io it is the first custodial mixing service to ever be put on the u.s sanctions list um in the past custodial mixing services had been treated like criminal entities but they haven't actually been officially sanctioned and just to be clear here custodial mixing service is is uh very different from using coinjoin custodial mixing service is you send someone Bitcoin and they take custody of it. And then they send you someone else's Bitcoin and on chain that gives you really good privacy. If you trust the actual mixing service,

um, because obviously the mixing service knows which Bitcoin you sent and which one came after which one they sent back. Coin join is a collaborative transaction. So it's a, it's a Bitcoin send transaction that multiple people do at the same time without giving custody up um and then they have a have a shared history going forward um so this is is i mean it's interesting from the point of view that the u.s treasury is paying attention here um that's not very surprising one thing people don't realize is you know in our little bubble or whatever you would think people don't use custodial mixes anymore that people just use collaborative transactions that people just use coin joints custodial mixing use is is still significantly

higher than any kind of collaborative transaction use it's the number one way that people use uh to try and have better privacy when using bitcoin or other chains um in this case blender was also based on on-chain analysis uh based on on on chain analysis like we're using wasabi right They were using Wasabi in the background for some of their stuff. So they would do the custodial mixing process, but also they would be putting funds through Wasabi as well. Just an interesting development that should be on people's radar. I would also add that as far as I'm aware, there have been multiple criminal prosecutions and cases on operating custodial mixing services. but i do not know of any times where the users are getting actually criminally prosecuted now

of course that could change um and also using a custodial mixing service is not your keys not your coins but i would say it's this also shows that there's a there's a huge educational element right that when we're talking about collaborative transactions that we're clear that that's not mixing right that is completely different um than custodial custodial mixing services yeah be aware of the nuances the differences and the risks that that come along do not use a custodial mixer you will definitely get fucked because that mixer will get shut down if you ever pick one on it that's gone potentially they begin going after customers down the road what's actually interesting because if you custodial mixers are give you more concrete

on-chain privacy guarantees if you trust the mixer but that's a big trust it's almost like a vpn model um like a hosted vpn model where you're putting complete trust and faith in the operator of the mixer and it could be a honeypot it could be run by you know a malicious individual or entity or government um but on chain like there is no there's no connection between the transaction you send them and the transaction they send you back it's completely different bitcoin um so there is there is uh uh there's privacy reasons to potentially use it um i think in general just use collaborative transactions it's not worth it but uh that's why there's a there's a huge contingent of bitcoin users that still rely on custodial mixers uh specifically in like the

dark market circles and stuff like that um yeah there was there was another point i wanted to make but yeah custodial mixers i don't know i mean the treasury is looking and actually talking i mean i was treasury looking people are like all right regulation coming uh i was having a conversation in here in the commons too about the coinbase thing specifically uh and some interesting conversations apparently going on behind the scenes with a lot of these large exchanges and institutional investors that want to get into the space from Wall Street

is that they're worried that Gary Gensler and the SEC is going to be instituting some crazy reserve requirements. We're talking like if you hold Bitcoin as an exchange or as a custodian, the rumor is that Gary Gensler and crew are going to try to mandate that you have a reserve that is 1250% above what you're holding, which is insane. That would grind the industry on the exchange custodial side to a halt. And so with that going on in the background as well, I would not be surprised if that

contributed to the fall in price that we've seen this week as people get hyper scared of regulation apparently behind the scenes there's a lot of talk of that coming soon too which would yeah i mean i don't think we've seen anything yet really in the form of regulatory attack like it's going to get a lot worse we're definitely not in the then they fight us stage yet like it's it's going to get significantly worse i think on that front um i remember the point i was going to say is that pretty much every any custodial wallet essentially operates as a naive uh bitcoin mixer yeah um and when i say naive i mean because most of the popular custodial mixers like have different schemes in place to to to disconnect which bitcoin you get from which

bitcoin you send but you know if you send into uh like a custodial wallet and then you wait like a couple days and you withdraw from the custodial wallet nine times out of ten you're getting someone else's bitcoin and the only people that can track that on chain is the custodial operator because you're trusting them fully in that situation um and that's why most custodial services end up being forced to add kyc um because regulators look at that and say you know you're you're allowing people to go in and out of your service and gain privacy out of that yeah be aware nuance trade-offs back to the regulatory tax they have not started yet that's the interesting thing that's the thing oh god the reserve requirements would be insane

like insane to the point where it's like untenable where if that does attempt to be thrust on the industry again going back to like corporate disobedience i think that's where the line should be drawn like this is why is that where the lines well how is that any more onerous than like the insane kyc requirements i agree but obviously they haven't drawn that line uh they they're they're willing to cede that ground like if this rumor is true behind the scenes and new people at these large custodians and institutions are having these discussions and you're worried about it like start speaking up like i shouldn't you shouldn't have fucking marty bent on and RHR leaking this to the market.

But also build your products so you're not taking custody. Yeah. If you're not a custodian, that doesn't affect you. No. But again, apparently people are freaking out

behind the scenes because it could have a chilling effect on the ability for a lot of these OTC desks to operate. And it could lead to a liquidity crunch. Who knows? Maybe it actually is good for the price because people can't move Bitcoin.

but i've long held that like if you're a regulated bitcoin custodian you're just a masochist like i don't know why i know they make a shit ton of money but that does not sound like a way i want to live my life yeah like they just get cucked left and right let's just fucking take it yeah well that's the other thing too like with with all this the calamity going on in energy markets food markets stock markets real estate the political crisis you have biden administration and the congress and senate both republican and democrats at a time where things are obviously hitting the fan here at home arguing over 40 billion dollars in weapons deals to ukraine and taking 40 billion dollars of taxpayer money and sending it over there when we

we have very big problems here at home financial system credit markets are beginning to seize up the emperor wears no clothes why would we listen to these people like they fucked up the energy they fucked up the food they fucked up the financial system they're fucking up people's lives materially like bitcoin is our best way out of this like as an industry as bitcoiners as individuals who want a better life, a better future for our children. This is where you draw the line in the sand. You say, no, you fucked everything up. Literally everything. You fucked up the energy, you fucked up the food, you fucked up money, you fucked up finance. We're not listening to you anymore. This regulation, we're just not going to abide by it because you are getting in

the way with all these regulations, with all these policies, with all these manipulations of monetary policy. You do not wear any clothes. These people are making things materially worse off like it is time to say no you can just say no it's that's the crazy thing you just say no and at the end of the day bitcoin specifically it's computer software like unless they come and you're probably afraid of this but i would i would argue maybe we have to force this issue and like really get the optics of it to the public at the end of the day they want to stop you from broadcasting a bitcoin transaction they have to come to your office and physically prevent you from hitting the enter button or hitting the click button to send transaction button maybe it does

get to that point but maybe that's what we need to do as an industry is let it get to that point and then blow it the fuck up on social media and get the optics of the state stepping in and trying to prevent people from interacting in a peer-to-peer fashion in a peaceful fashion most importantly in a very peaceful fashion because they don't like what we're doing because they don't have control of it like enough is enough these people are literally ruining the world like people are going to die because of the policies that have been implemented in the financial energy and food systems which are the three most important pillars of our society they've completely destroyed all of it like we're i'm people are babies are going to die

because there's not enough formula out there like it's going to happen people are dying in other parts of the world because they have food shortages jeep so dude just sent me a dm in sri lanka uh like the farmers like the crop yield this year was completely bunk because they implemented these esg policies that like didn't allow enough crops to grow they can't fucking feed people in sri lanka right now because the crops failed because of these stupid fucking policies it's not just here in the united states it's everywhere all these kleptocratic politicians who are completely disconnected and most of the time do not suffer the consequences of their policies are ruining the world you can get into the conspiracy if it's

world economic forum and like some like fucking puppet masters doing it who know i don't care if it's if it is that what we do know is that this is a situation this is happening right now it is here it is on our doorstep we're in the thick of it and it's time to stand up and say fuck you leave me alone I'm gonna go build a better future stop me from trying to do so I respect the sentiment thank you sir I like you channeled your inner Roger Ver with the babies

are dying more babies are dying I mean it's fucked up to say but I mean this may actually be like this may actually happen like because of fucked up policy. I will say though,

right in the beginning of your rant or whatever, I pretty much completely agree with the sentiment. But right in the beginning of your rant, you're like, they're going to have to come in your office and stop you from pressing the enter button. If they banned Bitcoin wallets from the App Store tomorrow, 99% of people in this space would be running around with their heads cut off.

that's a good point i mean we learn hopefully it'd be a learning lesson and people would figure it out but it would be a major setback like there there'd be a lot of people that'd be like i can't access my bitcoin i have no idea how to spend bitcoin or whatever write your seed phrase down freaks write your seed phrases down like there was a ledger bug there's there's like a ledger bug that's affecting the view the the balance view in the app on how much bitcoin you have and like I had a buddy who reached out yesterday two days ago

just like freaking out that his Bitcoin balance was incorrect like that was just a UI bug and he's been in the space for you know seven years or six years or something

yeah just responded back deep breath deep breath you're gonna find it I've had a lot of those situations do you have your seed phrase have your

write your seed phrases down for you and secure them properly they can take the apps off the app store as long as you have that seed freeze come to Uncle's Matt and Marty we'll tell you how to recover and get access to your Bitcoin

again all this will only make us stronger maybe it'll trip up in the short term and they're going to try to do this but again I will beat this drum all it takes is going back to what I said a month or two ago I'm smart, stand up and say no

you're not doing this no leave me the fuck alone um software updates as everything goes to shit and the chaos increases and the insanity escalates

people are still building join market version 0.9.6 has been released this is a new one RT version 0.3.0 tour rust client has been released so what is this it's a

just a Tor client written in Rust just a Tor client it's not it's like in beta it's testing but I thought it was cool

that they were building one from scratch in Rust Rust is hot these days talking a lot about Rust with Justin Moon I just feel like

Tor has been making a lot of moves lately which is good to see because we're heavily relying on it they cleared up their congestion last week right

their congestion problems I mean they at least seem to make the performance and the speed better last week with their change I think they called it congestion control yeah this is pretty cool Kasa announces a new API and a series A round

they raised 21 million not sure what the valuation was at they didn't announce what the valuation was but the API is the cool part of this press release so like basically app developers can have their users keep funds in a casa multi-sig and then

interact with it in their app or whatever yeah and the the user doesn't have to give up an xpub or anything they'd be very granular with the information they disclose so they're not just open kimono to to the apps interacting with this api it's pretty cool in general like i mean there's obviously trade-offs to Kasa's service like you don't have you don't use your own node you're trusting them with their privacy but I like the

idea of separating tasks you know where you have one project that's focused on actually securing your Bitcoin and other projects that are focused on letting you interact and use that Bitcoin without needing to like build a whole wallet stack

so I like that as a concept it's a cool concept Nick is going to come on the show in the next few weeks to talk about the API cool Rusty Russell released an alternative covenants proposal, OptiX way better name

I was talking to Buck about this yesterday Buck Purley here at Unchained what did he say? interesting, still diving into it It seemed to be, I think the way he prefaces it was an interesting compromise, I guess, over some of the debates going on with OptiX. Yeah, it seems really appealing. So what's funny is like, so two weeks ago on Rabbit Hole Recap, I said I was going to do a CTV episode on BIP-119 and CTV for Dispatch. And I reached out to Rusty and Shinobi and I was like, let's do this thing.

And Rusty was like, I would love to come on dispatch, but why do we have to talk about this topic? And it was like, because all the Bitcoiners were like, they're just kind of like, a lot of us were just like hoping that, you know, we just didn't have to deal with it. And like, there were just like, there was not any threshold and our hands have been kind of pushed in terms of having to discuss it and discuss the different trade-offs and everything, which is good. like open debate and discussions good but then rusty was like i've been delaying releasing my alternative proposal and i'll get it done so he released it the the morning of dispatch this week he like got it out at like the last minute submitted to the mailing list and then him and shinobi joined me on dispatch so if you're interested in the covenants discussion if you're interested in just bitcoin upgrades going forward we talked more generally about bitcoin

upgrades going forward and we talked about his proposal and we talked about jeremy's proposal for Covenants. Definitely go give that a listen. I think it's it was like an hour and a half episode. Pretty easy to digest. Just search Scylla Dispatch on your favorite podcast app.

It's the most recent episode. Go check it out. It was funny. I was looking at the Core Lightning GitHub repository yesterday and it's great. If you go into that

that repository it's insane how much work Rusty does on Core Lightning alone. Yeah, dude's a fucking legend. I mean, and the fact that he's able to do all that work on the Lightning implementation and then think about these Covenant shit and release it to the mailing list is extremely impressive. Shout out to Rusty, Shinobi, everybody discussing, working on, reviewing, writing code. You guys are extremely important to the space. And that's a beautiful thing.

There's a lot of people with competing views here, too. Not everybody that's building this stuff agrees 100% on everything within Bitcoin, outside of Bitcoin, in life, philosophically. But Bitcoin is this one common denominator where we can all, despite our differences, agree that this is something that the world needs. And you'll set aside those differences and work to bring about a better life for our children, grandchildren, and humans beyond. speaking of open source Spiral released a post on how they approach sustainable

open source Bitcoin development and their thoughts on the subject so they talk about identifying project community development multi-entity funding trying to partner with other people and how to do this in a sustainable fashion so it's a nice little blog post there

if you guys want to read about how they're viewing it and very interesting obviously matt has open sats uh where they're contributing to open source uh bitcoin development we've we've here at tfgc contributed to open source development i think it's a good segue should we make the announcements for 1031 yeah fuck yeah excited about this i am as well so at 1031 as some of you may know if you don't know we give up a lion's share of our management fee

for grants in the Bitcoin space supporting open source development and projects that are looking for funding to build out things that are value added to the Bitcoin stack and we recently gave a one Bitcoin

grant to the Fedament project which being run by Obi Nasso Eric Sverson and others who are working on I think it's Syrian. Syrian, yes. My bad. I'm terrible with names. Yeah, shout out to Obi and Eric and everyone else working on Fetamints.

Just a reminder, first of all, Obi had a great presentation and then there was a follow-up conversation ending off the open source stage. So if you haven't watched that at Bitcoin 2022, go check that out on bitcointv.com or YouTube. um but federated charming mints is this idea um that that that we could have a privacy preserving very user-friendly wallets um that that are semi-custodial so they're instead of a single custodian you can have a federated custodian so you have like 15 custodians and a threshold of them have to collude to steal your money and you have better privacy guarantees because the custodians, you have privacy from the custodians because you have multiple people using that federated custodial wallet with Charmin eCash built in. You have privacy when you interact

with Bitcoin in general. And in practice, what it could look like, what we hope it looks like is this idea that you just have a mobile lightning wallet that can interact with the greater lightning network, can pay with any lightning invoice, can receive from any lightning invoice you don't have any channel management you don't have any liquidity things to deal with you don't have to use your own node but you have extremely good privacy guarantees and it's all extremely easy to use and it's cheaper than you not using that as your process and the main trade off is you know if like 8 of 15 of the custodians collude they can take your money yeah so cool trade-off balance very cool trade-off balance and i'm very excited i mean eric is a top-notch

developer or building building out fediment the open source protocol in rust and just from people that i've heard who have worked with them really tout his ability to write really clean code and and think about this stuff uh very clearly on the development side and then you have ob who if you don't know ran coin floor which was a british bitcoin exchange bitcoin only was bitcoin only for years he was the first person to they were the first exchange to do proof of reserves they started in 2014 the first larger one yeah they started in 2014 and did it every month uh until uh coin coin floor got sold earlier this year last year um and obi's just stand-up gentleman incredible thinker really passionate about i mean he he explains it in his keynote at bitcoin 2022

too like he left coin floor because he felt like there was this problem like he was enabling the centralization of custody to third parties and really is passionate about making sure that people have better custody solutions obviously it's not full self-custody but this federated model is a step in the right way to to create better custody assurances for individuals and then the privacy benefits that matt mentioned are obviously something that we're very excited about as well so we have zach saying like isn't that similar to how liquid works with the federated model like the key difference here is first of all you have the charm unique cash component so you have privacy from the federated members and the second key thing is is that the idea is that

it that it's a lightning enabled federation so the beauty there is you never have to swap between chains like right now if you're using liquid you have to actually do a swap uh between bitcoin and liquid bitcoin or you can do a peg in and a peg out that whole process but there there's it's two distinct chains with this model like the idea is you could have bunch of local community what affects to be banks right so like maybe your local community or your region has a federation of 15 people running 15 you know people running their federated charmian wallet and then there's like a bunch of other ones and they can all interact with each other because it's just lightning native so you can just pay any lightning invoice uh and receive from any

lightning wallet or you could just be paying someone that has their is using their own full node or is using a light wallet or something um so it's fully interoperable with the lightning network is the plan um and that makes it very very powerful it's a very cool trade-off balance there's a good combination there it seems very practical yeah it's much more interoperable and then what like a liquid solution would be um and obviously block streams behind liquid they're also supporting eric and the build out of this so i mean i think there is a lot of signal behind these chummy events they may i mean i've been talking about them for over a year now or almost a year i think eric announced fedament last june or july um and it's just crazy to see how far

he's taken it so far we're extremely excited to be supporting them ob and eric as they work to build out Fetament. I also had Eric on Sill Dispatch. That was a really good conversation if you freaks are interested. But I'm very excited

that we got to support them in this. This is a big one. Really important project. I appreciate everyone who's working on it. Likewise.

This is pretty scary. I would expect that Georgetown Law wouldn't be over there. I feel like they're on the DC snitch side. But they're highlighting that...

Just going to do them like that? I'm sorry. They did a two-year research paper on this. Fucking rats. So they basically, the research paper found that ICE, I forget what it stands for, but it's like the Immigration... Customs Enforcement.

Customs Enforcement, which gets a lot of flack for harassing immigrants and stuff like that. And you would think that they're only focused on enforcing things going on at the border and finding illegal immigrants but what they found in their research the georgetown law center on privacy and technology they found that ice something that is supposed to be dedicated to immigration and focusing on the border and illegal entry into the united states they're actually surveilling 75 percent of united states citizens collecting data tracking 75 of all americans um there's 330 this should not be surprising

to you but this should be alarming and it should concern you should not be happening yeah over 200 over 200 million people i don't think there's 230 million illegal immigrants so you think two-thirds of the country is no i mean this study specifically is saying that it's american citizens marty yeah i know i know like that's not even including i was being those numbers that that those numbers aren't even including the illegal immigrants and those numbers yeah so again three-letter agency run amok they don't care about you they don't they don't stay in their lane they don't play by the letter of the law they don't care about you they're surveilling you fuck these people there's a couple takeaways here uh first of all we're

seeing the same trend where they're getting around the requirement for warrants when spying on americans by buying data uh from companies that are already collecting data on us because they monetize the data and it's their business model to basically treat us uh like data data cattle um and then they're also using driver's licenses right where you dock yourself to the government so they already have that information they're using license plates we see those license plate readers everywhere right as you drive around the country uh they are tracking your license plate and seeing where you go um and they're using utility records which you know pretty much every american that lives in a home has to pay utility records uh so they're using utility

records for tracking as well and i i can pretty much guarantee you it doesn't say specifically in here that you know credit card information is is part of that uh data purchasing that they're doing from buying data from private companies is you know you go you go on a trip or something and you know buy gas here buy a sandwich here and all that data is being used against us why like why why are they doing this they spent over 2.8 billion dollars between 2008 and 2020 2021 to spy on us that's just ice alone like we have intelligence agencies like we have we have the cia we have the nsa we have the fbi uh but now ice as well is is they're all being turned into surveillance agencies basically people hate you stop stop enabling them we need to defund

all these agencies people like defund the police was like the big like red herring you need to defund all these alphabet soup agencies and there's no better way to do that to bring a bitcoin standard to fruition a bitcoin standard which most people are holding their own keys using best privacy practices and standing up and saying no no ice you're supposed to be at the border stop tracking me why are you tracking me do you think i'm one of the 75 of americans being tracked or one of the 25 that's not being tracked i of course you're not being tried smarty it's good to know it's good to know um moving on i wouldn't be surprised if that number's higher than 75 it was like i like for most people they read 75

they're like oh that's alarming i'm like oh it's not as bad as i thought it was uh you you were you were nothing more than something to be controlled by three-letter agency freaks. That's how they view you. You need to be tracked. Your hand needs to be held. You need to be surveilled. Don't do this. Don't do that. Stop talking this way.

Stop purchasing these goods. Be a good citizen. Oh, Neil. Data cattle. On a positive note, I got to kick it with Neil for the last three days from getting trashed. How many white claws? I picked him up from the airport with a

a 24 ounce white claw and the couple were waiting for him you're an enabler he had never seen a white claw that large before you're an enabler and then we me him and my lady finished a whole bottle of tequila at ourselves

that was a fun night he's on your porch is he really on my fucking porch right now he might be hey the only podcast where we'll pick you up from the airport okay this is the RHR difference what do we got next

grayscale Barry going hat in hand to the SEC please please let us turn GBTC into an ETF

we need to unlock 8 billion dollars for our investors the GBTC discount is pretty significant

right now Clark still have it on the dashboard it's like 25% or something I think it's even more than that right now. I'm so glad they don't have an ETF yet. How much Bitcoin does it say they have?

3.5% of all Bitcoin? We have $8 billion. We're trading at $538. I hope they don't get the ETF anytime soon. We don't need them to scoop up much more of that. Please, sir, please let us convert this to an ETF. I mean now it's like hey

now you got like base SEC out base three letter agency no ETF we want people to custody their coins maybe that's why they're doing restrict reserve requirements they want to force the exchanges to force people to hold their own Bitcoin maybe our fifth pillar SEC

agent is really he's playing 5D chess up the reserve requirements so you're forced to force people to hold their keys and don't let an etf come to market because that would disincentivize people from holding keys maybe the sec is our fifth pillar agency here nope this is your worst conspiracy theory it's my favorite one it's the fifth pillar sec uh this doesn't seem very good costa rica declares a national emergency after

the Conti ransomware attacks. So a lot of Costa Rican infrastructure is getting ransomware attacked. I put this one in there for you. Why? For that Puerra Vida lifestyle? No, because this is like

I don't know, like the cyber pandemic or whatever. Yeah, that's sort of falling by the wayside. Nation states doing national emergencies, declaring national emergencies over ransomware that is requiring Bitcoin ransoms.

They denied the ransom. They said no to the ransom. There's a new president. He got sworn into office and the same day he declared a national emergency. And it's one of these new style ransomware attacks

where they also steal the data. So they dumped a bunch of data. 672 gigabytes worth. Yeah. When they declined to pay the ransom, the Conti ransomware group dumped all the data. I sort of like this.

They dumped 672 gigabytes worth of data belonging to the Costa Rican government agencies. So you don't think this is a PSYOP, but you think Terra is? Could be. I don't know. Maybe Costa Rica is the testbed. I see how.

It's weird that it's Costa Rica. I mean I don't think this is a psyop I think you know just these governments just have really insecure systems they're just going to get fucked left and right over and over again I agree there scapegoat, terror is definitely

a psyop though you can't convince me otherwise it's too perfect we're going to come full circle once again your whole evidence is just like shit corners are greedy greedy and short sighted The evidence, the signal of the evidence is Janet Yellen.

But that's different. If it's them taking advantage of a vulnerable shitcoin setup, that's a completely different story than them creating it from scratch just to do it. That's more believable.

I mean, how hard would it be to create this from scratch? Go spin up this ERC20 token to Quan. But the thing is, they don't need to, because the shit corners just do it for them, right? They set up this situation for them. This is like a classic shit coin thing. It's like the perfect shit coin setup.

They love this shit. It's like their ideal Rube Goldberg profit-making machine. And then it was just super vulnerable, and someone with capital fucking exploited it. And then the government always leans into these things. Well, let me believe it's a CIA sign-off for one day. one day you can believe whatever you want

Marty I'm fine with it I'm at peace I am too it was it probably was the most spectacular shitcoin

blow up I've I've witnessed there's gonna be even better ones in the future what would have been the best

to date I don't know it's hard to remember them now right trying to think you know like

Blackcoin Blakecoin back in the day I remember that dude I forget his fucking name oh what about Dogecoin Dark

that turned to Verge and then yep they had like the multiple mining algos and then remember Dash

god remember Dash but like Dash didn't have like a that was just a shitcoin pump and dump right there was no like spectacular

blow up i mean nano blew up that was just a shit going pumping up too right like there was no spectacular yeah ethereum is going to be the most spectacular one this one was like definitely a different beast right yeah i mean it just took the potency like the speed the speed that it happened yeah and the amount of like hands that were all you know burned on at the same time yeah i mean take names freaks remember who was pumping this telling you it was gonna be the next best thing and remember who gets paraded out on cnbc is is thought as a leader in this space people do not give a fuck about you well that's our list that's our list what should we riff on like an hour and 50 minutes

in on this no no i got a i have a long flight and drive after this i'm uh so my last three weekends have been the same like people you gotta stop traveling man you gotta you gotta you gotta pack it in bro friends and family man is there anything more important no no have them come to you that's what i would uh that's what we've had to happen last few weeks has been great yeah well i mean i don't think people are going to come to me for their wedding and their bachelor party so i think you'd be surprised okay i think you can you try have your wedding by me man like what what are you doing why do i have to travel to your wedding you should just call me here yeah i um i front ran the uh i'm front running the the beef initiative bone

broth challenge i started it tuesday night i have prior engagements tomorrow night so i couldn't do it tomorrow and saturday so i'm right now currently 41 hours into a 48 hour fast i really like it dude oh awesome i feel like actually i'm not that hungry yeah i feel i'm feeling the uh the juices are flowing up here it is true what they say if you fast water and bone broth and black coffee for the last 41 hours and I'm like in it right now. Feeling good. Fuck yeah.

Cheers to that. So you didn't go to what was like Lightning Bit Devs yesterday? What is it being called? The Lightning Devs meet up. Ben Woosley and Lisa were leading it last night. Michael Atwood gave a presentation.

I did not make it. I'm in nesting mode right now i can only be in here for the exact amount of time that i need to be then i get a gotta go home but i heard it was great awesome yeah we had a nash bitcoin was yesterday we had 250 people new venue really fucking vibes were extremely high we had yusuf came in from built with bitcoin he presented on on what they're building uh if you're not aware uh they've been building schools uh and other services uh for for people around the world uh using bitcoin and they're a 501c3 so um if you have i mean probably not this year but if you have bitcoin

gains you can offset them with donations there or with or to open sets um but it's just like i know it sounds i know it sounds super corny but uh uh the real bitcoin is like the friends you make along the way you had to go there i know it's true it's true it's it's just so like like i love these like grassroots bitcoin communities that are just popping up everywhere and just well this is how we win extremely bullish on that this is how we win i mean this is like literally these grassroots movements bitcoin is a grassroots movement moving into meat space with nash bitcoiners what's going on in here in austin there's startups here in texas or not startup meetups uh popping up in dallas san antonio we've got houston there's meetups in alabama

lisbon meetup on this saturday there's been meetup this saturday if you're in portugal and you're looking to get a bitcoin meetup there's one in lisbon i don't know where but it's going to be there start looking this is like this grassroots movement individuals like it i don't want to get corny but like it just harpens back to like it reminds me of like the founding fathers what they do they met in fucking pubs and bars and we're like how the fuck are we going to do this this is exactly what's happening now and on a bigger scale globally with these bitcoin meetups and all the tangential grassroots movements that are popping up alongside of like the beef initiative and and other stuff so keep it up start your bitcoin meet

up meet in the pub figure out how the hell are we going to do this yeah and before we wrap it up shitcoin email of the week. We might start this because I get so many of them. Hit us. I don't check my emails. I'm not going to name names. I'm blank. Community manager of We Run Crypto, a Web3 agency specializing in

marketing and consulting. We work with multiple projects at all times including successful projects like at MEE6 NFT and at part is IMPC. We were wondering what's the process to get featured in your podcast

for some of our projects? I'm looking forward to hearing from you. Well, dude, you're not going to hear from me. Please stop sending me these emails. I don't like this segment. No? I have no more of these segments. Okay. They just got too much promotion there. Yeah, that's a good point. And we just had like a nice, heartfelt Bitcoin

community conversation and you just... I ruined it. You just threw in a shitcoiner email. We're making fun of them. Yeah, fair enough. Stop emailing me, people. I think we let's wrap it here

I love you Freaks I love you Marty and you know stay humble and stack sets say no just say no

peace and love dicky